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12 December 11, 2019 CommissionRIVERSIDE COUNTY TRANSPORTATION COMMISSION MEETING AGENDA TIME/DATE: 9:30 a.m. / Wednesday, December 11, 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 / Linda Molina, 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 / Kimberly Muzik, 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 / To Be Appointed, 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. 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, December 11, 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. 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 Riverside County Transportation Commission Meeting Agenda December 11, 2019 Page 2 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 — NOVEMBER 13, 2019 7. 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. 7A. PROPOSED 2020 COMMISSION/COMMITTEE MEETING SCHEDULE Page 1 Overview This item is for the Commission to adopt its 2020 Commission/Committee Meeting Schedule. 7B. FISCAL YEAR 2018/19 COMMISSION AUDIT RESULTS Overview This item is for the Commission to: Page 6 1) Receive and file the Fiscal Year 2018/19 a) Comprehensive Annual Financial Report (CAFR); b) Local Transportation Fund (LTF) Financial and Compliance Report; c) State Transit Assistance (STA) Fund Financial and Compliance Report; d) State of Good Repair (SGR) Fund Financial and Compliance Report; e) Proposition 1B Rehabilitation and Security Project (Proposition 1B) Accounts Financial and Compliance Reports; f) Low Carbon Transit Operations Program (LCTOP) Account Financial and Compliance Reports; g) Single Audit Report; h) RCTC 91 Express Lanes Fund Financial Report; i) Auditor Required Communications Report; j) Agreed -Upon Procedures Report related to the Appropriations Limit Calculation; k) Agreed -Upon Procedures Report related to the Commuter Assistance Program (CAP) incentives; and I) Management certifications. Riverside County Transportation Commission Meeting Agenda December 11, 2019 Page 3 7C. APPOINTMENT OF UNDERWRITERS FOR COMMISSION FINANCINGS Overview This item is for the Commission to: Page 146 1) Approve the selection of the following firms to provide underwriting services to the Commission in connection with long-term debt financings for a three-year period, with an option to extend for an additional two one-year periods: a) BofA Securities, Inc. (BofA); b) Goldman Sachs & Co. LLC (Goldman Sachs); c) J.P. Morgan Chase (J.P. Morgan); d) Siebert Williams Shank & Co., LLC (Siebert); and e) Wells Fargo Securities (Wells Fargo). 7D. QUARTERLY INVESTMENT REPORT Page 150 Overview This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended September 30, 2019. 7E. COUNTY OF RIVERSIDE REQUEST FOR ADDITIONAL FUNDS FOR THE SALT CREEK TRAIL Page 236 Overview This item is for the Commission to approve federal Congestion Mitigation and Air Quality (CMAQ) funds in the additional amount of $594,203 for a total amount of $5,684,203 to fully fund construction of the Salt Creek Trail project. 7F. LONG RANGE TRANSPORTATION STUDY Page 239 Overview This item is for the Commission to receive and file the Riverside County Long Range Transportation Study (LRTS). Riverside County Transportation Commission Meeting Agenda December 11, 2019 Page 4 7G. TRANSIT AND INTERCITY RAIL CAPITAL PROGRAM MASTER AGREEMENT Overview This item is for the Commission to: Page 242 1) Approve Agreement No. 20-25-017-00 with the California Department of Transportation (Caltrans) for implementing projects when the Commission is the lead agency for transit projects funded by the Transit and Intercity Rail Capital Program (TIRCP); 2) Adopt Resolution No. 19-018, "Resolution of The Riverside County Transportation Commission Regarding Authorization for The Execution of A Master Agreement and Program Supplements For The State -Funded Projects"; and 3) Authorize the Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. 7H. BYLAWS OF THE CITIZENS AND SPECIALIZED TRANSIT ADVISORY COUNCIL Overview This item is for the Commission to: Page 302 1) Approve the revised bylaws of the Citizens Advisory Committee/Social Service Transportation Council (CAC/SSTAC); and 2) Rename the CAC/SSTAC to the Citizens and Specialized Transit Advisory Council (CSTAC). 71. APPROVAL OF AGREEMENTS WITH THE CITIES OF BANNING AND BEAUMONT, CALTRANS, AND WESTERN RIVERSIDE COUNCIL OF GOVERNMENTS FOR THE PREPARATION OF THE INTERSTATE 10/HIGHLAND SPRINGS INTERCHANGE PROJECT STUDY REPORT Page 314 Overview This item is for the Commission to: 1) Approve Cooperative Agreement No. 20-31-008-00 with the cities of Banning and Beaumont for the preparation of a Project Study Report (PSR) for the Interstate 10/Highland Springs Interchange project (Project); 2) Approve Cooperative Agreement No. 20-31-025-00 with Caltrans for its review and oversight of the Project in the amount of $190,000, plus a contingency of $25,000, for a total amount not to exceed $215,000; 3) Authorize the Executive Director or designee to approve contingency work up to the total amount not to exceed as required for the Project; Riverside County Transportation Commission Meeting Agenda December 11, 2019 Page 5 4) Approve Funding Agreement No. 20-72-018-00 with Western Riverside Council of Governments (WRCOG) for the allocation of Transportation Uniform Mitigation Fee (TUMF) Zone funding for the Project; 5) Approve an increase of $240,000 in the Fiscal Year 2019/20 budget for TUMF Zone revenues and Commission and consultant expenditures related to the Project; and 6) Authorize the Executive Director, pursuant to legal counsel review, to execute these agreements on behalf of the Commission. 7J. AMENDMENT WITH WKE, INC. FOR THE INTERSTATE 15/RAILROAD CANYON ROAD INTERCHANGE PROJECT IN THE CITY OF LAKE ELSINORE Overview This item is for the Commission to: Page 350 1) Approve Agreement Amendment No. 17-31-048-07 with WKE, Inc. (WKE) to finish final design services, prepare the project for Ready to List (RTL), and provide construction support related to the Interstate 15/Railroad Canyon Road interchange improvement project (Project) in the amount of $471,167, plus a contingency amount of $47,000, for an additional amount of $518,167, and a total amount not to exceed $4,070,438; 2) Approve Agreement No. 10-72-016-08, Amendment No. 8 to Agreement No. 10-72-016-00, with the city of Lake Elsinore (City) to reprogram $518,167 of Transportation Uniform Mitigation Fees (TUMF) right of way phase funds to the plans, specifications, and estimates (PS&E) phase for the Project; 3) Authorize the Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission; and 4) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required for the Project. 8. WESTERN RIVERSIDE COUNTY TRAFFIC RELIEF PLAN INVESTMENTS Page 370 Overview This item is for the Commission to approve a 30-year planning horizon and investments in projects and services to be included in a draft Western Riverside County component of the Traffic Relief Plan. Riverside County Transportation Commission Meeting Agenda December 11, 2019 Page 6 9. COUNTYWIDE TRAFFIC RELIEF PLAN DRAFT FRAMEWORK Page 386 Overview This item is for the Commission to provide recommendations and direction to staff on the draft framework of the Countywide Traffic Relief Plan (Plan) in preparation for public circulation of the Plan in January 2020. 10. PRESENTATION OF DRAFT CONNECT SOCAL Page 398 Overview This item is for the Commission to receive and file a presentation from the Southern California Association of Government (SCAG) regarding the Draft Connect SoCal. 11. ELECTION OF RIVERSIDE COUNTY TRANSPORTATION COMMISSION OFFICERS AND APPOINTMENT OF EXECUTIVE COMMITTEE MEMBERS Overview This item is for the Commission to conduct an election of officers for 2020 — Chair, Vice Chair, and Second Vice Chair. 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. ADJOURNMENT Page 399 The next meeting of the Commission is scheduled to be held on Wednesday, January 8, 2020, Board Room, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. AGENDA ITEM 6 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION MEETING MINUTES Wednesday, November 13, 2019 1. CALL TO ORDER The Riverside County Transportation Commission was called to order by Chair Chuck Washington at 9:34 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 Commissioners Absent Victoria Baca Rusty Bailey Mike Beauchamp Ben J. Benoit Brian Berkson Russell Betts Randall Bonner Joseph DeConinck Waymond Fermon Kathleen Fitzpatrick Raymond Gregory Berwin Hanna Jan Harnik Steven Hernandez Jeff Hewitt* Kevin Jeffries* Andrew Kotyuk Linda Krupa Clint Lorimore* Bob Magee Lisa Middleton Michael Naggar V. Manuel Perez Dana Reed Wes Speake Karen Spiegel Larry Smith Michael M. Vargas Scott Vinton Chuck Washington Ted Weill Art Welch Lloyd White Bill Zimmerman *Arrived after the meeting was called to order. 3. PLEDGE OF ALLEGIANCE Commissioner Ben J. Benoit led the Commission in a flag salute. 4. PUBLIC COMMENTS Arnold San Miguel, representing Southern California Association of Governments (SCAG), announced the Elected Official Briefings on the draft Connect SoCal, which includes several meetings throughout the six county area and was distributed to the Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 2 Commissioners. The draft agenda for the 10th Annual Southern California Economic Summit being held on December 5, 2019, at the L.A. Grand Hotel Downtown, which was distributed to the Commissioners. At this time, Commissioner Clint Lorimore joined the meeting. 5. ADDITIONS / REVISIONS There were no additions or revisions to the agenda. 6. APPROVAL OF MINUTES — OCTOBER 17, 2019 M/S/C (Benoit/Zimmerman) to approve the October 17, 2019 minutes as submitted. Abstain: Betts At this time, Commissioner Kevin Jeffries joined the meeting. 7. CONSENT CALENDAR M/S/C (Baca/Benoit) to approve the following Consent Calendar items. Abstain: Jeffries 7A. SINGLE SIGNATURE AUTHORITY REPORT Receive and file the Single Signature Authority report for the first quarter ended September 30, 2019. 7B. REVENUE ESTIMATE FOR COUNTYWIDE TRANSPORTATION IMPROVEMENT AND TRAFFIC RELIEF PLAN Approve a revenue estimate to guide development of the countywide Traffic Relief Plan (Plan). 7C. QUARTERLY PUBLIC ENGAGEMENT METRICS REPORT, JULY — SEPTEMBER 2019 Receive and file the Quarterly Public Engagement Metrics Report for July — September 2019. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 3 7D. AGREEMENT FOR EXPRESS LANES CONSULTING SERVICES 1) Award Agreement No. 20-31-001-00 to HNTB Corporation for express lanes consulting services for a five-year term, plus two one-year options to extend the agreement, in an amount of $10 million, plus a contingency amount of $500,000, for a total amount not to exceed of $10.5 million; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement, including option years, on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required for these services. 7E. PACHAPPA UNDERPASS CONSTRUCTION CONTRACT AWARD AND AMENDMENT FOR CONSTRUCTION SUPPORT SERVICES 1) Award Agreement No. 19-31-094-00 to SEMA Construction, Inc. (SEMA) to construct the Pachappa Underpass project (Project), in the amount of $8,237,419, plus a contingency amount of $862,581 for potential change orders and supplemental work during construction, for a total not to exceed contract authorization of $9.1 million; 2) Waive informalities and minor irregularities in the SEMA bid; 3) Approve Agreement No. 16-31-051-04, Amendment No. 4 to Agreement No. 16-31-051-00, with Jacobs Project Management Company (Jacobs) to provide construction management (CM), materials testing, and construction surveying services for the Project, for an additional amount of $1,245,509, and a total amount not to exceed $3,245,509; 4) Authorize the Executive Director, or designee, to approve contingency work as may be required for the Project; and 5) Authorize the Chair or the Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission. 7F. AGREEMENTS WITH THE CALIFORNIA DEPARTMENT OF TRANSPORTATION FOR STATE FUNDING AND SENATE BILL 1 FUNDING FOR THE OPERATION OF THE FREEWAY SERVICE PATROL PROGRAM IN RIVERSIDE COUNTY 1) Approve Agreement No. 20-45-013-00 with the California Department of Transportation (Caltrans) to provide state funding for Fiscal Year 2019/20 for the operation of the Riverside County Freeway Service Patrol (FSP) program in an amount not to exceed $1,702,145; 2) Approve Agreement No. 20-45-016-00 with Caltrans to provide SB 1 funding for FY 2019/20 for the operation of the Riverside County FSP program in an amount not to exceed $1,464,524; 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 Minutes November 13, 2019 Page 4 8. FRAMEWORK FOR IMPLEMENTATION OF THE STATE ROUTES 241/91 EXPRESS LANES CONNECTOR Anne Mayer, Executive Director, provided a detailed overview for the State Routes 241/91 Express Lanes Connector term sheet, the framework for implementation of the 241/91 Express Lanes Connector project, and the associated agreements for each respective governing board's consideration. She stated the term sheet when approved will confirm the priorities for improvements on the corridor. The first priority project is Interstate 15/SR-91 eastbound to northbound express lane connector; the second priority is the 91 westbound corridor operations project (COP), and the third priority is the 91/71 eastbound to northbound connector and then the 241/91 connector. Anne Mayer expressed gratitude to Mike Beauchamp, Caltrans District 8, Ryan Chamberlain, Caltrans District 12, Darrell Johnson, OCTA, and Mike Kraman, TCA for being an important part of the negotiations. Commissioner Wes Speake expressed gratitude to staff in working with all of the partners as the 91 is vital for the Western Riverside County and for other commuters that uses the 91. He expressed that having this project happen will aid commuters and provide less frustration in getting these projects sequenced and built in such away is tremendous. He then expressed appreciation to Anne Mayer for doing such a great job. He explained how the 241/91 connector will take out about 2,400 cars an hour off the general purpose lanes and the large component of the mixing bowl of commuters trying to get out of the toll lanes and get over to SR-241 will help that area work much better. Commissioner Larry Smith congratulated Anne Mayer for putting these three agencies together and doing all that can be done to mitigate a very difficult traffic situation. He inquired about what the state's funding component may be. Anne Mayer replied it was assumed in the RTP planning process that 25 percent of the project costs would be a good request of the state from a participation standpoint. She stated it is known that the congested corridor program is oversubscribed and there will be billions of dollars of projects coming in seeking funding. She explained from a strategic standpoint, it makes sense to request a feasible amount and staff will try to bring 25 percent of the project costs in through the congested corridor program. Commissioner Karen Spiegel expressed gratitude how the three entities worked together and the partnership that needed to happen. She expressed appreciation to Anne Mayer for the patience and professionalism it took to get to this point. Commissioner Spiegel explained at the same time with the Western Riverside County residents having some challenges with the congestion in that area hopefully this proves to have some significant pressure relief for the congestion there and it also helps with the transition into SR-71. She suggested at some point the Commission may need to consider the piece of SR-71 between Riverside and San Bernardino Counties. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 5 M/S/C (Vargas/Berkson) to: 1) Approve the State Routes 241/91 Express Lanes Connector term sheet as a framework for future agreements, contingent on all parties agreeing to the term sheet; and 2) Direct staff to work with agencies to prepare associated agreements for each respective governing board's consideration, consistent with the terms included in this report. 9. TRAFFIC RELIEF PLAN STRUCTURE: GEOGRAPHY AND EXPENDITURE CATEGORIES Aaron Hake, External Affairs Director, presented the Traffic Relief Plan structure in terms of geography and expenditure categories, highlighting the following: • Geography — Western County, Coachella Valley, and Palo Verde Valley and the Policy: return to source by sub -region • Expenditure Categories — Reducing congestion and connecting communities; improving safety and keeping infrastructure in good condition; and supporting seniors, veterans, students, and individuals with disabilities • Committee Direction: Local Streets/Roads o Traditional approach: Cities, County receive automatic formula share for local streets & roads; trade-off: benefits of local returns vs. benefits of impactful regional projects o For the Traffic Relief Plan: Call for projects instead of automatic return; and encourage collaboration between cities, leverage funding In response to Commissioner Spiegel's inquiry about the SB 1 providing the local streets and roads funding but with the funding that has been moved from SB 1 by the Governor is it known what the ultimate result is, Aaron Hake replied as of today the law has not changed and the Governor's proposals have not moved forward. The Governor did propose tying in some SB 1 funds to housing issues in the last session of the Legislature and ultimately that proposal did not advance. He stated SB 1 funds are still flowing as the Legislature passed it and each jurisdiction is receiving an annual formula allocation. In response to Commissioner Spiegel's inquiry that those numbers never changed with the incoming SB 1, as there are two pots of funding, Aaron Hake concurred. He stated the pre SB 1 Gas Tax funds that go to the cities and the counties that formula did not change and SB 1 was additive to that so as CPI increases the amount will increase. Commissioner Spiegel referred to the housing and the recent conversation of Regional Housing Needs Assessment and the number distribution and expressed gratitude to Commissioner Bailey for leading the Commission in standing up to other counties. She asked if those number have been looked at for the three areas where there is going to be Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 6 a significant increase in housing units over the next eight years. She suggested the Commission really has to focus on that. Anne Mayer replied this has not been done yet, the numbers have not been seen from Commissioner Bailey's proposal and looks forward to seeing those and appreciates the political effort that occurred last week at SCAG. She explained that the housing conversation is going to cut across every funding conversation that occurs in the coming year and she discussed the various funds that would be affected. A filter has not been placed for the housing allocation but in regards to the three categories that have been developed she expressed confidence that any project in any location in the County that is important for housing support and for job creation any project fits in at least one of those three categories if not multiple categories. Anne Mayer stated that is why having a flexible program that allows the Commission to be nimble as the state changes its focus on housing and other policy issues. Commissioner Rusty Bailey referred to the chart on page 130 of the agenda item and stated for Coachella Valley in terms of basis for distribution among jurisdictions 50/50 split, however it is dwelling units versus population. He noted Western and Palo Verde go with population and asked if the Commission should adjust. Anne Mayer replied those are the percentages for the existing sales tax measure, which is how the existing local streets and roads funding is distributed. The dwelling unit and revenue generated formula for the Coachella Valley was implemented decades ago at their request. She suggested if this Commission wants to add a local streets and roads component to the Measure that the Commission should consider what those metrics would be and if dwelling units is a part of it. Anne Mayer stated if the Commission does not carve out a portion for local streets and roads and do a competitive call for projects that the Commission should have dwelling units and population be part of the metric in those evaluations. She explained whether or not these could be changed for the existing Measure she referred to legal counsel to ask if these are in the ordinance. Steve DeBaun, Legal Counsel, replied yes and explained any change to the ordinance would require the Commission goes through the process of approving the ordinance change and having the voters approve it. Commissioner Kevin Jeffries suggested this is a better approach, however small cities are going to be hurt the most as coalitions build to do larger projects and tax payers will continue to pay but will not see any projects in their cities. There will be coalitions that will move all of the funds to some sub region within the County. He expressed if a mass coalition is built and things are going to be taken away from certain parts of the County how is the Commission going to protect those interests. Aaron Hake replied there could be a number of tools should the Commission choose to use them. He explained one would be to enact a local guarantee similar to what is in Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 7 Measure A currently according to a formula so that each community would have some sort of return to source on an annual basis that they could predict and program going forward. Aaron Hake stated the other approach is should the Commission choose to not do an automatic return to source formula and choose a call for projects approach the Commission would have to adopt the criteria with which that call for projects would go out. The other option is highlighting specific interregional projects that connect certain communities that are a high priority actually calling them out in the plan could be another way to ensure they receive funding. Anne Mayer replied to Commissioner Jeffries that he hit on a key point that has come up in conversations with city managers of smaller cities. In that, they are at a disadvantage from multiple perspectives even if smaller cities get a dedicated amount returned to their city the dollar amount is so small they cannot get some of their most basic projects built, as there is not enough of their resources. She explained in a competition some of the smallest cities will be competing against some of the largest cities. She suggested the Commission focus on criteria that ensures jurisdictions of all sizes has the opportunity to compete fairly and that there is flexibility in the program so that jurisdictions can focus on their priorities and the Commission would have to come up with a structure to allow this. In response to Chair Washington's inquiry if this is the place to do that, Anne Mayer replied that would be direction that is important for staff to know now so that in each layer of the Traffic Relief Plan that could be built in. She stated this is in terms of language and implementation that it is laid out as the expectation and implementation for approval later. Chair Washington clarified in order to give Commissioner Jeffries some certainty is that the Commission is voting on staff recommendation today. Going forward the Commissioners also provided direction to staff to follow up with an analysis that gives every city represented on the Commission the opportunity to compete for funds in order to allow them to complete some significant projects. Commissioner Jeffries concurred with Chair Washington's comments and expressed the Commission has to protect the County interests for those connection funds. He stated being uncertain if the weighted vote ability will still carry over in trying to change the formula if the Commission realizes abuses starting to occur due to a particular sub region become organized and was able to override everybody else. He then inquired if the Commission could weigh in then with the weighted vote and change that after this policy is adopted. Commissioner V. Manuel Perez suggested in the distribution on jurisdictions the population versus dwelling units there should be an analysis of that. He is uncertain if this makes sense today or if this was done years ago. He stated for example in unincorporated areas such as Mecca, Thermal, Oasis, and North Shore there are mobile Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 8 homes and multiple families live in one mobile home and wondered if this type formula makes sense today as they may be losing out. He reiterated doing further analysis to consider moving forward. Commissioner Raymond Gregory stated in speaking with his city manager and city engineer he understands a lot of their support for this additional tax measure at its core had to do with funds collected coming back locally. His city manager and city engineer's understanding was both locally to the region and some money to address not just the regional issues but also, which is called the last mile segment. Commissioner Gregory clarified what is being seen today is a suggestion is that those funds would not be included and when he goes back to his city to explain that they lose some luster on supporting the sales tax measure in general. Especially if those road segments are not included or guaranteed and expressed if this type of change at this juncture could actually erode some of the support for this and some of the things that would be used to sale an increased tax measure. Anne Mayer requested the slide with the three categories be put back up and expressed appreciation to the Commissioners for raising that issue. She stated at the Traffic Relief Strategy (TRS) Committee meeting CVAG's Executive Director Tom Kirk will be here to discuss how the Coachella Valley implements projects and determines prioritizes. She explained what is being heard from Coachella Valley is a keen interest not only in some of the transformative projects but also state of good repair not only for local road maintenance also to ensure that local roadways are accessible during flooding and other items. She referred to the second item on the slide about improving safety and keeping infrastructure in good condition and she discussed the conversations with CVAG staff regarding those priorities and the staff recommendation to the CVAG Board to decide what the local priorities are. In response to Commissioner Gregory's clarification this is not the final direction, Aaron Hake replied it is important direction and staff is trying to be iterative in this process and build one piece upon the other. Therefore, if staff is aware that they are going in a certain direction it helps and this is not the final there will be an agenda item going forward every month that builds the plan. Commissioner Andrew Kotyuk suggested for the Commission and the committees to take some thought for consideration, as it seems on geography for the Western County the Commission's focus is to be able to move residents in and out of the County to other counties for jobs. He stated Coachella Valley is to move internally around Coachella Valley in through that region but by having these two geographies, he suggested the Commission is missing to tie those two geographies together. There should be a harder artery internally in the County to continue to drive jobs here and connect those two regions and for easy movement between those two regions, which is being missed with how the geography is set up and suggested that be a part of the discussion. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 9 Anne Mayer replied this afternoon at the TRS Committee meeting and at the December Commission meeting, there will be discussion about some of the polling work. She stated what is interesting about the polling in Western County and asking people their opinion or in the Coachella Valley almost everyone brings up the 1-10 corridor and the connection within the County. She suggested in response to Commissioner Kotyuk's comment when items are brought forward related to projects and potential programs that connectivity is an important priority as oppose to exporting people to other counties. There is many internal project and program proposals within the County as well. Chair Washington clarified in Riverside County there are two exit entry points that are affected the most on the 91 its Corona in the southwest it is Temecula it is either the 91 or the 15 corridors. He explained when leaving Coachella Valley or going through Coachella Valley in the Pass Area, he suggested the concern for those communities that are greatly impacted by a large number of residents leaving and then coming back is primarily driven by the cost of living. He explained just by the nature of who everyone is as a County and how it has grown creates that issue that Commissioner Kotyuk brought up. Chair Washington concurred that the Commissioners wants to see more jobs come to Riverside County. Commissioner Kotyuk concurred it clearly has been the Commission's position, however as much as the Commissioners understands the history of California the growth moving eastward and has seen the Los Angeles Basin along the 1-215 of all the commercial distribution centers build out and the job growth that is happening. In looking at the real estate in the L.A. Basin for that sort of space, it is highly occupied, and much like the truck climbing lanes the Commission is feeling the need to allow trucks to move eastward. He expressed job growth is coming and pushing eastward as it was mentioned on Beaumont and Coachella Valley that is the next phase for that. Commissioner Kotyuk stated if the Commission owns that much such as real estate development and investment internally that should be part of the discussion. Commissioner Larry Smith referred to Commissioner Jeffries' comment about small cities and stated in the TRS Committee meeting was one that advocated for a call for projects. He explained this should be a competitive call as all the Commissioners have specific needs and coming from a small city, he assumed that would be considered. He suggested the city of Calimesa is a small city but with big city impact as people do make that movement from the east to west into San Bernardino County seeking jobs and affordable housing into through the Pass. Commissioner Smith stated with the continual impact on 1-10 on a daily basis growing and 40 — 60 year old overpasses there needs to be a focus over there along with the neighboring cities Banning and Beaumont, which is impacted by that continual increase of activity on 1-10. Commissioner Kathleen Fitzpatrick expressed appreciation for Commissioner Gregory's comments and explained the city of La Quinta relies heavily on Measure A funds as part of their Capital Improvement Program (CIP) to maintain their streets. She stated a Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 10 considerable sum is dedicated every year to ensure La Quinta's streets stay at a very high level. Commissioner Fitzpatrick expressed concern for part of that funding going to a larger pool for competitive projects while her city works very well with CVAG and their neighboring cities on large projects and appreciates that movement and being able to do those large projects. She suggested a set aside for local cities that allows them to continue with their CIPs. Anne Mayer clarified that the existing Measure A will not change except for the direction that staff received to look at the potential to reanalyze how the funds is allocated. The existing Measure money that is coming to each Commissioners jurisdictions will not change and as the Commissioners are providing direction on this the Coachella Valley and Western County can make different decisions about local streets and roads and staff would be interested in that feedback. In response to Commissioner Clint Lorimore's inquiry if there was a slide about the discussion of the sub regions and the percentages on page 130, Aaron Hake replied there is no slide with that. Commissioner Lorimore clarified what the Commission is discussing is the amount of sub regional funds for local streets and roads at least in Western County it is listed at 29 percent. He stated his understanding is that 29 percent is up for discussion. Aaron Hake clarified this is speaking to precedent and existing Measure A, this item is not proposing any changes to existing Measure A. He explained this item is about the Traffic Relief Plan the Commission is developing that could go to the voters for additional funding on top of existing Measure A. Mr. Hake stated the table Commissioner Rush referred to simply illustrative of the current scenario of what is happening as a reference point for whether the Commission wants to mimic that in the new plan or go in a different direction. Commissioner Lorimore inquired it is illustrative as to possibly how the Commission could move forward and just adopt what was done in 2009, so currently there is 29 percent that goes back to cities. He clarified there is a suggestion from the TRS Committee that it all goes towards regional as oppose to go back to the cities. Aaron Hake replied the direction that staff has heard from the TRS Committee is that rather than an automatic return to the cities for local street and roads type projects that there still be funding for those type of projects. He explained rather than be distributed by formula that there be a call for projects where cities would propose what types of local streets and roads projects they prefer to do and the committee emphasized wanting to have cities collaborate with each other or try to leverage other local funding to do more impactful local projects. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 11 In response to Commissioner Lorimore's inquiry that rather the cities receiving the funds it would be sent to a committee as to whether or not that specific project should be funded, Aaron Hake replied it would be this Commission. Commissioner Lorimore expressed concern he wants to have the funds return to source in some way as that is the position for the city of Eastvale. He expressed appreciation the fact the Commission is trying to address regional issues and regional plans and stated under the current plan his understanding is that 71 percent of the dollars are already going towards that. He stated going into the 29 percent if the Commission were to utilize the 2009 approach it is of concern that will even to dollars that are directly coming into the city to take care of maintenance of roads. Commissioner Jan Harnik assured her colleagues from the Coachella Valley the committee members evaluated the initial polling and it was very strong that there is a return to source in the Coachella Valley. She expressed certainly the Commissioners need to advocate for what they heard their community members say. Commissioner Harnik stated as a guiding principle discussed how Commissioner Bailey walked into the Board Room and received a hero's reception due to his work at SCAG about the Regional Housing Needs Assessment. She expressed how Commissioner Bailey came back to the Commission and discussed Riverside County, all the Commissioners thought regionally, and what was in the best interest of the entire region, which was successful. She explained how Anne Mayer discussed the growing and balance of jobs, housing and the Commission needs to determine what they are doing about it and what infrastructure and amenities are being put into place in these cities to attract jobs, also what education and training is being done. She expressed in regards to the smaller cities there is no question it has to be addressed, and she then discussed in the Coachella Valley how they work under CVAG for the needs, which is when they function the best. Commissioner Steven Hernandez concurred with the Commissioners comments that the Commission should have a small portion that looks at return to source but they can debate that and figure out the percentage at CVAG. He clarified in looking at the categories supporting seniors, veterans, students, and individuals with disabilities if disadvantaged communities could be added. He wanted to ensure some dollars will be set aside for areas that have historically lacked bus routes and access to transportation such as Oasis and Mecca. At this time, Commissioner Jeff Hewitt joined the meeting. Anne Mayer reviewed the requests from the Commissioners for staff to address, and stated the following: With respect to the existing Measure A allocations staff has been asked to look at the basis for distribution amongst jurisdictions in the different geographic areas. That is an existing Measure question so it would be an action item for staff to do that and to come back to this Commission for discussion. There was a concern about small cities being unable to develop their projects they need because they will be Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 12 competing against larger regional projects or coalitions. There needs to be assurances for small cities and in the unincorporated areas of the County. The Commission needs to look at connection between the different geographic areas within the County and that just because the Commission would be approving Western County, Coachella Valley, and Palo Verde Valley it does not mean the Commission should not be looking at the connection between those areas. Heard concern from multiple jurisdictions about the importance of local funding sources and the return to source and it will probably be a conversation in the Coachella Valley and heard some concerns in Western County as well so that will go back to the Traffic Relief Strategy Committee for discussion. Also heard a request to add in support for disadvantaged communities as well on the third bullet. Chair Washington stated along with staffs recommendation the Commission heard Anne Mayer's elaborate on the additional comments she inquired about and at this time Chair Washington requested a motion and would entertain additional comments. In response to Commissioner Perez's clarification if Anne Mayer mentioned the analysis between population versus dwelling units for today versus back when it was decided, Anne Mayer replied if this is approved by the Commission staff is taking that as an action item to analyze that and come back with a report to the Commission for consideration. Commissioner Spiegel referred to page 129, which was highlighted by Commissioner Harnik and is something she has always advocated for. She stated it is at the very top and it is about infrastructure supporting permanent local jobs and economic development to reduce commuting, which was not brought up in any of the discussions and she wanted to ensure the Commissioners knows it is in there and it needs to be a higher focus then it has been given. She explained regarding the local streets and roads, which several Commissioners commented on different sizes of cities and she inquired that maintaining local roads and transit system is how the Commission is going to look at those local roads dollars. Commissioner Michael Naggar explained the TRS Committee has a lot of work to do. He mentioned at their first committee meeting a couple of things came up and wanted to encourage the Commission to consider these. He expressed the Commission cannot continue to do things the old way the Commissioners has to make a sacrifice on their part as opposed to sitting here and the Commissioners making a grab for individual projects. That money spread out will not help countywide and it is essential that neighboring cities need to collaborate and do projects together. Commissioner Naggar stated that the TRS Committee wanted to encourage the Commissioners to go back to their city council and brainstorm along with their neighboring cities to come up with out of the box ideas. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 13 M/S/C (Berkson/Vargas) to approve geographic divisions and expenditure categories for the countywide Traffic Relief Plan (Plan). Abstain: Hewitt No: Bonner, Welch, White 10. ECONOMIC IMPACT STUDY John Standiford, Deputy Executive Director, presented the Economic Impact Study, highlighting the following areas: • The transportation and the economy connection — Analyze benefits and costs to implement Plan o Analysis to be conducted by credible, independent party with knowledge about Riverside County economy o UCR Center for Economic Forecasting & Development fits the criteria • Scope of work: o Phase 1 — Specific economic impacts; and examples of major capital projects and program categories o Phase 2 — Longer -term community impacts o Phase 3 — Impact on consumers and businesses of raising sales tax o Phase 4 — Public information Commissioner Hewitt expressed this still seems to be a one sided deal and is aware the people at UCR are smart but they want to see these things happen and it seems a little bit biased. He explained he prefers to put out to the reason validation or the heritage foundation that would show the actual effects of what a half -cent sales tax has on how businesses come here, stay here, or go. It has to be a balance thing as the Commission is walking a fine line and education has to be unbiased. He expressed voting no on this agenda item as this is very unbiased and going forward he requested equal sides from both sides of this issue. Commissioner Hernandez expressed appreciation for this study particularly in looking at the regressive tax issue when it comes to disadvantaged communities. He stated wanting to understand it in terms of how those taxes or going to benefit these areas where folks that are going to pay the tax in a regressive form, where are they located and what is going to be the impact potentially for them if this is done. He expressed concern that the folks on the low social economic ladder paying this regressive tax and will not get any benefit due to the lack of infrastructure. Commissioner Hernandez clarified it seems the Commission is trying to concentrate where a lot of the congestion is located on a regional basis and wanted to ensure they get something to be able to advance themselves and improve their areas. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 14 M/S/C (Perez/Benoit) to: 1) Approve Agreement No. 20-19-012-00 to University of California, Riverside (UCR) School of Business, Center for Economic Forecasting & Development (UCR Center) to perform an economic impacts analysis related to the investment of an additional sales tax for transportation improvements in Riverside County in an amount not to exceed $199,500; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. Abstain: Washington No: DeConinck, Hewitt, Jeffries, Welch, and White 11. AGREEMENT FOR BACK OFFICE SYSTEM AND CUSTOMER SERVICE CENTER OPERATIONS FOR THE 91 EXPRESS LANES IN ORANGE AND RIVERSIDE COUNTIES Jennifer Crosson, Toll Operations Manager, presented the agreement for back office system & customer service center operations for the 91 Express Lanes in Orange and Riverside Counties, highlighting the following: • 91 Express Lanes map for Orange and Riverside Counties • Cooperative agreement with OCTA: o Required by SB 1316 o Jointly operate the 91 Express Lanes — Economic of scale; seamless customer experience; and share staff responsibilities • 91 back office system & customer service center: o Back -office system — telephone and other customer contact systems; hardware and software maintenance; customer service; violations processing and collections; customer account management; payment and mail processing; revenue collection and transaction processing; traffic operations and incident management; emergency services coordination; and transponder inventory management • Current provider: o Cofiroute USA: Operating 91 Express Lanes for OCTA since 1995; added RCTC to agreement in 2013; began operating Riverside Express Lanes in 2017; agreement expires June 2021; and Commission approved extension to December 2021 (if needed for transition to new firm) • 18-month deployment — System design and development; data migration; system installation; and staff hiring & training • Procurement information — OCTA lead agency; RCTC and OCTA jointly develop RFP; competitively negotiated procurement method; and OCTA and RCTC both to approve Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 15 • Short-listed firms — Cofiroute USA and Conduent Transportation • Evaluation criterion • Evaluation scores — short-listed firms: o Cofiroute — Price score 15.56 — Technical score 66.83 — Total score 82.39 o Conduent — Price score 20.00 — Technical score 54.50 — Total score 74.50 • Cofiroute qualifications — 24 years experience; operator of the 91 since 1995; and positive project references • Cofiroute staffing & project organization — Cofiroute and Toll Plus working together for 10 years; key staff experienced; retaining current staff; and customer focused training • Back off system technical approach — New back office system; hybrid cloud and existing data center; schedule indicates delivery on -time; understand technical requirements; detailed quality assurance program; low data migration risk; and complete schedule with projected on -time delivery • Customer service center (0 & M) approach — Committed to customer service and accuracy of revenue processing; committed to quality assurance program; well - versed in California laws, 91 EL operating policies, and security requirements; established relationships with emergency responders; and favorable third party services identified • Agreement elements — Back office system implementation; initial O & M term (1 to 5 years); first O & M option (6 to 8 years); and second 0 & M option ( to 11 years) • RCTC cost — BOS implementation: $7,124,546; Initial O & M (1 to 5 years): $30,437,693; first option 0 & M (6 to 8 years): $23,662,037; second option O & M (9 to 11 years): $27,367,068 for a total price: $88,591,344 • Contingency — Back office system implementation - $350,000 o 5 year base O & M - $1.5 million o Increase in estimated transaction volumes o Changes in policy o Changes in law o Changes in technology • Pass through costs — postage; address location services; welcome kits; transponder shipping supplies; and website domains At this time, Jennifer Crosson requested Legal Counsel to provide additional information. Steve DeBaun, Legal Counsel, stated staff is asking the Commission to add one additional item to staff recommendations: Public Utilities Code Section 130238 allows the Commission to award a contract of this nature to the most advantageous firm with price only being one factor for consideration. Therefore, staff is asking the Commission to add the following to its motion, as follows: Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 16 Pursuant to Public Utilities Code Section 130238 the Commission finds that the award to Cofiroute is based upon the facts that are included in the staff report and the staff presentation supporting the award to Cofiroute. In response to Commissioner Spiegel inquiry since the Commission is doing partnerships with TCA who do they use, Jennifer Crosson replied they use Bric for their back office and use Faneiul as their operator and neither of them proposed. Commissioner Spiegel stated with SR-241, there is going to be that relationship, and San Bernardino and eventually Los Angeles will be coming on board. She expressed with all the different entities she wanted to ensure the Commission has that discussion when San Bernardino comes on with the extension of 1-15. She suggested it is much easier to have the same operator and hopefully making it more seamless but with the SR-241 there maybe some challenges. Jennifer Crosson replied that is a good point and of the 2,400 technical requirements some of those were related to setting the Commission up for the additional service of other facilities of the Commission or others if needed. Pricing is transaction based so it sets that up as well for pricing for others. Commissioner Dana Reed stated that he is in support of staff recommendation and has dealt with this company and are definitely top notch. He clarified as part of this contract the Commission continues to be concerned about those motorists that are evading the tolls by claiming that there are three or more people when just a visual indicates that is not the case. He understands this is a back end contract and not an enforcement contract and the Commission should be concerned as the Commission is losing an enormous amount of revenue from people that are evading the tolls. In response to Commissioner Lisa Middleton's inquiry as to what the Commission is actually purchasing, Jennifer Crosson replied the back office system includes the opening of FasTrak accounts for the 91 Express Lanes and the management of the express accounts. The Commission holds prepaid funds and they collect the transactions both from the Commission's in road system and from all the interoperable agencies bring those over post them to the customer accounts. She stated they also do all the account management for those accounts, issuing transponders, replenishing the accounts, intergrading with credit card processors, there is many credit card industry requirements and personally identifiable identity requirements and security requirements. They answers the Commission's phones to answer questions, issue violation notices, and manage the violation process, which is a multistep process of issuing timely notices according to vehicle code. Also escalating them to a collection agency and managing that whole process including administrative reviews with an outside third party. There are capital costs, which is what the $14 million proposed price is to design, develop that system according the Commission's policies and business rules, provide all the hardware Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 17 and stand that up, including licenses for software. She then discussed the services in terms of operation. In response to Commissioner Middleton's inquiry how many staff is there, Jennifer Crosson replied about 100 staff between the Anaheim and the Corona facility. In response to Commissioner Middleton's inquiry if they are operating out of the Commission's facilities and if they are paying rent, Jennifer Crosson replied the Anaheim facility is a leased building by OCTA for which the Commission and OCTA share the leased costs. The Commission owns the customer service center in Corona and OCTA pays the Commission a lease payment for that. Commissioner Speake clarified with the option years the Commission is talking about an 11-year contract, which concerns him as Commissioner Spiegel commented that there are other operators coming on board and people are going to get better at it. He wanted to know what the triggers those option years, as he understands it is a very complicated system. Jennifer Crosson replied as Commissioner Speake pointed out the Commission did make a decision during the based period as to whether the Commission will enter into the first option or not enter into it as it takes a few years to get these on board. The important part is even though staff separated them into three-year options they do not have to carry out the three-year options. She explained if staff decided in year three the Commission would prefer to have something different the Commission can enter in the first option for a portion of it and start the process. Anne Mayer explained Jennifer Crosson mentioned before that as a part of the procurement they had to prepare a quality plan so as an ongoing part of project management staff will be monitoring their performance against their quality plan, which will be done in conjunction with OCTA. The trigger would be that if OCTA and the Commission believes that there is a need to make a change in the vendor and/or believe there is a benefit to the Commission and the OCTA Board to do so then staff would recommend that the Commission would proceed with an additional procurement. This process is used on all of the Commission contracts with options. She stated all of those option extensions whatever durations that might be would need to be approved by the Commission as a part of the budget process in order to allocate the funds for it and subject to a subsequent agreement amendment. Commissioner Speake expressed the expectation is that people are going to perform and they are not going to perform he believes the Commission has a mechanism to either make them perform or get someone else. He clarified the Commission is entering into an 11 year contract that the Commission is not having any revisit on costs, five years, with options to year 11 and wanted to ensure he understood that correctly. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 18 Commissioner Brian Berkson clarified as far as the back office system he took a tour of the entire system including the facilities in Anaheim and it was extremely eye opening and it is open to all the Commissioners to take a tour. He stated the 100 employees were seen working day in and day out to keep things going and one of the biggest things is time consumption of those staff members that run this license plate reading. Each plate number has to read and input by two separate staff members to provide accuracy. Commissioner Berkson inquired if Cofiroute as they design this project will they be looking at away to use technology to their advantage and try to reduce the Commission's costs. As other Commissioners commented, the Commission is in this for up to 11 years and if they find new technology in year six or seven how does the Commission embrace those savings. Jennifer Crosson replied the image processing will no longer be done by Cofiroute by the time this contract comes in, as the Commission's new lanes system provider Kapsch is providing Cofiroute will a fully formed price transaction in six months when the 1-15 project comes on line, which is a more automated process. She discussed the cost savings in the current contract and reallocating those resources to another matter to the SR-60 transition and the performance requirement for Cofiroute to work with the Commission on efficiencies. Steven DeBaun reminded the Chair staff had the additional finding that is being requested as well. He stated pursuant to Public Utilities Code Section 130238 the Commission finds that the award to Cofiroute is based upon the facts that are included in the staff report and in staffs presentation supporting the award to Cofiroute. M/S/C (Berkson/White) to: 1) Award Agreement No. 19-31-059-00 among the Orange County Transportation Authority (OCTA), Riverside County Transportation Commission (RCTC), and Cofiroute USA, LLC (Cofiroute) to provide back - office system (BOS) and customer service center (CSC) operations services for the 91 Express Lanes (91EL) in Orange and Riverside Counties in an amount of $88,591,344, plus a contingency amount of $1,850,000, for a total amount not to exceed $90,441,344; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement, including options years, on behalf of the Commission; 3) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required by the project; 4) Authorize the payment of pass -through items in an amount not to exceed $10.5 million; and 5) Pursuant to Public Utilities Code Section 130238 the Commission finds that the award to Cofiroute is based upon the facts that are included in Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 19 the staff report and in staffs presentation supporting the award to Cofiroute. No: Jeffries and Speake At this time, Commissioner Jeffries left the meeting. 12. ITEM(S) PULLED FROM CONSENT CALENDAR FOR DISCUSSION There were no items pulled from the Consent Calendar. 13. COMMISSIONERS/EXECUTIVE DIRECTOR'S REPORT 13A. Commissioner Berkson announced there will be a video shown for the 2019 Jurupa Valley State of the City Address that he did and highlighted and show cased the hard work the men and women from the Commission and other agencies perform for this region every day. This is video is with Commissioner Berkson working alongside with Commission staff members on the 1-15 project. At this time, Commissioner Spiegel left the meeting. After the video was shown, Commissioner Berkson expressed appreciation to the Commission to allow the opportunity not only to serve on this Commission but to participate in such away the brings some highlights to people that deserve to be recognized for things they do that are not involved in that kind of business. He then came up to the podium and presented certificates of recognitions to John Tarascio, Bechtel staff and Cheryl Donahue, Public Affairs Manager. At this time, Commissioner Magee left the meeting. 13B. Anne Mayer announced: • December 4 and 5 the California Transportation Commission (CTC) will be in Riverside having their annual meeting in the Board Room. She expressed appreciation the Railroad Canyon/1-15 Interchange project will be receiving its allocation of state funding at the December CTC meeting. • Expressed appreciation to Caltrans District 8 District Director Mike Beauchamp for the work that his team has been doing along the 1-15 Corridor. They identified some auxiliary lanes in Temecula on the 1-15 for inclusion and funding. She expressed gratitude for receiving correspondence from Mike Beauchamp stating they are also going to analyze the possibility of auxiliary on 1-15 in the city of Corona from SR-91 to Weirick Road. Riverside County Transportation Commission Meeting Minutes November 13, 2019 Page 20 14. CLOSED SESSION 14A. 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) 1 102-092-030, 102-092-031, 102-101-002, 102-101-033, 102-101-035, 102-101-037 RCTC JDI Ventures Real Estate LLC 2 118-160-021 RCTC JDI Ventures Real Estate LLC 3 117-111-005 RCTC JDI Ventures Real Estate LLC 4 117-112-001 and 117-112-002 RCTC Cruz Ortega 5 117-112-014 and 117-112-015 RCTC JDI Ventures Real Estate LLC 6 117-122-001 and 117-122-002 RCTC JDI Ventures Real Estate LLC 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) 1 465-030-024 Lisa Li Ju Chen RCTC There were no announcements from the Closed Session Items. 15. ADJOURNMENT There being no further business for consideration by the Riverside County Transportation Commission, Chair Washington adjourned the meeting at 11:37 a.m. The next Commission meeting is scheduled to be held at 9:30 a.m., Wednesday, December 11, 2019, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. Respectfully submitted, Lisa Mobley Clerk of the Board AGENDA ITEM 7A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 11, 2019 TO: Riverside County Transportation Commission FROM: Lisa Mobley, Clerk of the Board THROUGH: Anne Mayer, Executive Director SUBJECT: Proposed 2020 Commission/Committee Meeting Schedule STAFF RECOMMENDATION: This item is for the Commission to adopt its 2020 Commission/Committee Meeting Schedule. BACKGROUND INFORMATION: The Commission is scheduled to meet on the second Wednesday of each month at 9:30 a.m. The Executive Committee is scheduled at 9:00 a.m. on the same day. Due to the February Commission meeting falling on Lincoln's Birthday, a holiday observed by the County of Riverside, the February Commission meeting will not be held. Due to the November Commission Meeting falling on Veteran's Day, the meeting will be rescheduled to a date to be determined. For 2020, the annual Commission Workshop will be held on Thursday, January 30 and Friday, January 31 at the Hilton Palm Springs. Due to the timing of the annual workshop, the January Budget and Implementation and Western Riverside County Programs and Projects Committees will not be scheduled. The Commission's policy committees — Budget and Implementation and Western Riverside County Programs and Projects — meet on the fourth Monday of each month at 9:30 a.m. and 1:30 p.m., respectively. For 2019, these Committees will not meet in May due to a holiday. In September 2019, the Commission approved the formation of the Traffic Relief Committee, which meets on the fourth Monday of the month at 11:30 a.m. through June 2020. Additionally, the Toll Policy and Operations Committee meets on the fourth Thursday of the months of February, May, August and November at 11:00 a.m., except when the fourth Thursday falls on a holiday. There are times when a committee meeting may be cancelled due to lack of substantive agenda items. When this occurs, the Commissioners will be notified and items are forwarded directly to the Commission for final action. Attachment: Proposed 2020 Commission/Committee Meetings Schedule Agenda Item 7A 1 RIVERSIDE RCTC COUNTY TRANSPORTATION 2020 MEETING COMMISSION SCHEDULE Meeting Date (Wednesday) Commission Location Executive Committee Location January 8 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. January 30- January 31 Meeting / Workshop 1:30 p.m. (Thursday)* 8:30 a.m. (Friday)* Hilton Palm Springs N/A N/A March 11 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. April 8 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. May 13 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. June 10 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. July 8 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. August 12 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. September 9 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. October 14 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. November** 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. December 9 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. The Commission and the Executive Committee meetings are held on the second Wednesday of each month. *Times are tentative, subject to change. **Date to be determined due to meeting falling on Veteran's Day Holiday. 2020 RCTC Meeting Schedule — V1 2 Meeting Date (Monday) Budget and Implementation Committee Western Riverside County Programs and Projects Committee Location February 24 9:30 a.m. 1:30 p.m. Board Room March 23 9:30 a.m. 1:30 p.m. Board Room April 27 9:30 a.m. 1:30 p.m. Board Room June 22 9:30 a.m. 1:30 p.m. Board Room July 27 9:30 a.m. 1:30 p.m. Board Room August 24 9:30 a.m. 1:30 p.m. Board Room September 28 9:30 a.m. 1:30 p.m. Board Room October 26 9:30 a.m. 1:30 p.m. Board Room November 23 9:30 a.m. 1:30 p.m. Board Room December 28 9:30 a.m. 1:30 p.m. Board Room The meetings of the Budget and Implementation Committee and the Western Riverside County Programs and Projects Committee are held on the fourth Monday of each month, except on holidays. 2020 RCTC Meeting Schedule — V1 3 Meeting Date (Thursday) Toll Policy and Operations Committee Location February 27 11:00 a.m. Riverside — RCTC March Field Conf. Rm. May 28 11:00 a.m. August 27 11:00 a.m. The meetings of the Toll Policy and Operations Committee are held quarterly on the fourth Friday of the months of February, May, August, and November, except when the fourth Thursday falls on a holiday. Meeting Date (Monday) Technical Advisory Committee Location March 16 10:30 a.m. Palm Desert — CVAG Board Room May 18 10:00 a.m. Riverside — RCTC March Field Conf. Rm. July 20 10:30 a.m. Palm Desert — CVAG Board Room September 21 10:00 a.m. Riverside — RCTC March Field Conf. Rm. November 16 10:30 a.m. Palm Desert — CVAG Board Room The meetings of the Technical Advisory Committee are held on the third Monday of every other month, except for holidays. If the meeting falls on a holiday, the meeting is moved to the fourth Monday. Riverside — Commission Office, rC ounty Administrative Center, 4080 Lemon Street, 3 Floor, Riverside, CA Coachella Valley Association of Governments — Board Room, 73-710 Fred Waring Drive, Palm Desert, CA 2020 RCTC Meeting Schedule — V1 4 RIVERSIDE ROTC COUNTY 5 �RTATIDN TRAFFIC COMMISSION RELIEF STRATEGY MEETING SCHEDULE COMMITTEE Meeting Date Time Location September 23, 2019 11:30 a.m. Board Room October 28, 2019 11:30 a.m. Board Room November 25, 2019 11:30 a.m. Board Room January 27, 2020 11:30 a.m. Board Room February 24, 2020 11:30 a.m. Board Room March 23, 2020 11:30 a.m. Board Room April 27, 2020 11:30 a.m. Board Room May 21, 2020* 11:30 a.m. Board Room June 22, 2020 11:30 a.m. Board Room *This meeting is being held on an alternate day due to it falling on a holiday. 2020 RCTC Meeting Schedule — V1 5 AGENDA ITEM 7B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 11, 2019 TO: Riverside County Transportation Commission FROM: Audit Ad Hoc Committee Michele Cisneros, Deputy Director of Finance Theresia, Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Fiscal Year 2018/19 Commission Audit Results AUDIT AD HOC COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Receive and file the Fiscal Year 2018/19 a) Comprehensive Annual Financial Report (CAFR); b) Local Transportation Fund (LTF) Financial and Compliance Report; c) State Transit Assistance (STA) Fund Financial and Compliance Report; d) State of Good Repair (SGR) Fund Financial and Compliance Report; e) Proposition 18 Rehabilitation and Security Project (Proposition 18) Accounts Financial and Compliance Reports; f) Low Carbon Transit Operations Program (LCTOP) Account Financial and Compliance Reports; g) Single Audit Report; h) RCTC 91 Express Lanes Fund Financial Report; i) Auditor Required Communications Report; j) Agreed -Upon Procedures Report related to the Appropriations Limit Calculation; k) Agreed -Upon Procedures Report related to the Commuter Assistance Program (CAP) incentives; and I) Management certifications. BACKGROUND INFORMATION: In April 2015, Macias Gini & O'Connell, LLP (MGO) was selected to perform the annual audit of the Commission's financial statements included in the CAFR, LTF, STA, RCTC 91 Express Lanes, and federal awards. As a result of receipt of SGR funds for transit infrastructure repair and service improvements and Proposition 18 and LCTOP funds for commuter rail rehabilitation and security projects, separate audits are required for these funds. Additionally, MGO performs agreed -upon procedures related to the annual Appropriations Limit Calculation and the CAP incentives and reports on compliance with commercial paper debt covenants. The audits, compliance Agenda Item 7B procedures, and agreed -upon procedures for the fiscal year ended June 30, 2019, have been completed, and MGO issued all reports. The Commission's CAFR consists of three sections: introductory, financial, and statistical. While the introductory and statistical sections were not audited by MGO, the basic financial statements included a financial section were audited by MGO. The Commission received an unmodified opinion on its basic financial statements from MGO, which is the highest form of assurance. Limited procedures were performed related to the required supplementary information, including Management's Discussion and Analysis section; such information was not audited. The other supplementary information was subject to the auditing procedures applied in the audit of the basic financial statements, and, in the opinion of the auditors, it is fairly stated in relation to the basic financial statements. The basic financial statements include government -wide financial statements, fund financial statements, and notes to the financial statements. Management's Discussion and Analysis section provides a narrative overview and analysis of the Commission's financial activities for the fiscal year. Financial highlights and significant matters of the basic financial statements include: • Net position of approximately $339.5 million at June 30, 2019, compared to approximately $195.3 million at June 30, 2018, reflects a net increase of approximately $144.2 million from governmental and business -type activities. • The net increase in net position consists of a net increase of approximately $141.0 million from governmental activities and a net increase of approximately $3.2 million from business -type activities. • Governmental fund balances of approximately $790.2 million at June 30, 2019, compared to approximately $776.0 million at June 30, 2018, represent an increase of approximately $14.2 million from the prior year. • During the year ended June 30, 2019, the Commission made its first draw of $14.9 million on the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan related to the Interstate 15 Express Lanes project (1-15 ELP). The amounts drawn on the $152.2 million TIFIA loan is recorded as a liability on the government -wide financial statements as of June 30, 2019, and as other financing sources on the fund financial statements for the year ended June 30, 2019. The audit reports related to the separately issued financial statements of the LTF, STA, SGR, Proposition 1B, and LCTOP also reflect unmodified opinions from MGO. These financial statements are required to be issued separately under the Transportation Development Act (TDA) and the provisions for Proposition 1B and LCTOP; however, the LTF, STA, and SGR financial position and operations are included in the fund financial statements in the CAFR. The Proposition 1B and LCTOP financial position are part of the General and Measure A Western Agenda Item 7B 7 County Commuter Rail funds. These reports noted no matters considered to be a material weakness in internal control and no instances of noncompliance. The 2019 Single Audit Report includes the reports on compliance and internal control over financial reporting and over federal awards. These reports noted no matters considered to be a material weakness in internal control and no instances of noncompliance. The RCTC 91 Express Lanes Financial Statements include the Independent Auditors' Report, Management's Discussion and Analysis, and Financial Statements, including Notes to Financial Statements. Financial highlights include net deficit of approximately $274.6 million, which consisted of: • Net investment in capital assets of approximately ($299.9) million reflecting toll -supported debt in excess of capital assets; and • Restricted net position of approximately $25.3 million for toll operations in accordance with debt indentures and agreements. The deficit in net investment in capital assets will be reduced by future toll revenues for the payment of outstanding toll debt obligations. As a result of the establishment of the commercial paper program in March 2005, the bank reimbursement agreement requires a report from the auditor regarding compliance with certain covenants. The report issued by MGO indicated that nothing came to the auditor's attention that caused the auditors to believe the Commission failed to comply with these covenants. A management letter usually includes recommendations for improvements and operational efficiencies related to the internal control and other matters notes during the audit. MGO did not have any recommendations or comments on other matters; therefore, it did not issue a management letter. The Appropriations Limit Calculations and CAP reports are based on specific procedures agreed to by the Commission. For the Appropriations Limit Calculation and CAP, the auditors noted no exceptions or findings related to the procedures performed. As required by American Institute of Certified Public Accountants Auditing Standards Board Statement No. 114, The Auditor's Communications With Those Charged with Governance, the Commission's auditor is required to make certain annual communications to the Commission's Audit Ad Hoc Committee, or its equivalent, regarding the audit of the Commission's financial statements following the completion of the audit. The annual audit for FY 2018/19 conducted by MGO was completed in October 2019. The report to the Audit Ad Hoc Committee from the auditor contains the required communications about the audit. As part of the development of the Commission's Accountability Program, the directors have completed certifications relating to financial reporting and operational disclosures. Agenda Item 7B 8 Attachments: 1) 2019 Comprehensive Annual Financial Report (Posted on Commission Website) 2) 2019 Local Transportation Fund Financial and Compliance Report 3) 2019 State Transit Assistance Fund Financial and Compliance Report 4) 2019 State of Good Repair Fund Financial and Compliance Report 5) 2019 Proposition 18 Rehabilitation and Security Project Accounts Financial and Compliance Reports 6) 2019 Low Carbon Transit Operations Program Account Financial and Compliance Reports 7) 2019 Single Audit Report 8) 2019 RCTC 91 Express Lanes Fund Financial Report 9) 2019 Commercial Paper Compliance Report 10) 2019 Report to the Audit Ad Hoc Committee 11) 2019 Agreed -Upon Procedures Report related to the Appropriations Limit Calculation 12) 2019 Agreed -Upon Procedures Report related to the Commuter Assistance Program incentives 13) 2019 Executive Director and Chief Financial Officer Certification 14) 2019 Director's Certification 15) Auditor's Presentation to the Audit Ad Hoc Committee Agenda Item 7B 9 ATTACHMENT 1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 Express Lanes SR-60 /1-215 FISCAL YEAR ENDED JUNE 30, 2019 EIWOMMIZEORT Riverside County Transportation Co • ission Riverside County, Califo, VanClub k City of Indio local streets and roads RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXPRESS LANES ENTRANCE RIVERSIDE COUNTY TRANSPORTATION COMMISSION RIVERSIDE COUNTY, CA COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2019 Submitted by: Theresia Trevino, Chief Financial Officer Michele Cisneros, Deputy Director of Finance 91 Express Lanes CONTENTS Introductory Section Letter of Transmittal i Organization Chart ix List of Principal Officials and Management Staff x Financial Section Independent Auditor's Report 1 Management's Discussion and Analysis 3 Basic Financial Statements Government -wide Financial Statements Statement of Net Position 20 Statement of Activities 21 Fund Financial Statements Governmental Funds Balance Sheet —Governmental Funds 22 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 25 Statement of Revenues, Expenditures and Changes in Fund Balances —Governmental Funds 26 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 29 Proprietary Fund Statement of Fund Net Position 30 Statement of Revenues, Expenses and Changes in Fund Net Position 31 Statement of Cash Flows 32 Notes to Financial Statements 34 Required Supplementary Information Budgetary Comparison Schedules General Fund 77 Major Special Revenue Funds 78 Schedule of Proportionate Share of Net Pension Liability 81 Schedule of Pension Contributions 82 Schedule of Changes in the Net OPEB Liability and Related Ratios 83 Schedule of OPEB Contributions 84 Notes to Required Supplementary Information 85 Other Supplementary Information Nonmajor Governmental Funds 89 Combining Balance Sheet 90 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 92 Contents, Continued Financial Section, Continued Schedule of Revenues, Expenditures and Changes in Fund Balances —Budget and Actual Nonmajor Special Revenue Funds 94 Capital Projects Funds 97 Debt Service Fund 98 Schedule of Expenditures for Local Streets and Roads by Geographic Area —All Special Revenue Funds 99 Schedule of Expenditures for Transit and Specialized Transportation by Geographic Area and Source —All Special Revenue Funds 100 Schedule of Uses of Debt Proceeds and Fund Balances 101 Statistical Section Statistical Section Overview 103 Primary Government Net Position by Component 104 Changes in Primary Government Net Position 106 Fund Balances of Governmental Funds 110 Changes in Fund Balances of Governmental Funds 112 Sources of County of Riverside Taxable Sales by Business Type 114 Direct and Overlapping Sales Tax Rates 116 Principal Taxable Sales Generation by City 117 Measure A Sales Tax Revenues by Program and Geographic Area 118 Measure A Sales Tax by Economic Category 119 Measure A Revenues and Pledged Revenue Coverage 120 Ratios of Outstanding Debt by Type 122 Computation of Legal Debt Margin 124 Demographic and Economic Statistics for the County of Riverside 126 Employment Statistics by Industry for the County of Riverside 127 Full-time Equivalent Employees by Function/Program 128 Operating Indicators 130 Capital Asset Statistics by Program 132 INTRODUCTORY SECTION RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 31, 2019 4080 Lemon Street, 3rd Floor • Riverside, CA Mailing Address: P. O. Box 12008 • Riverside, CA 92502-2208 (951) 787-7141 • Fax (951) 787-7920 • www.rctc.org To the Riverside County Transportation Commission Commissioners and Citizens of the County of Riverside: Letter of Transmittal State law requires that the Riverside County Transportation Commission (Commission or RCTC) publish within six months of the close of each fiscal year a complete set of financial statements presented in conformity with accounting principles generally accepted in the United States (GAAP) and audited in accordance with generally accepted auditing standards by independent certified public accountants. Pursuant to that requirement, we hereby issue the Comprehensive Annual Financial Report (CAFR) of the Commission for the fiscal year ended June 30, 2019. Management assumes full responsibility for the completeness and reliability of all of the information presented in this report, based upon the Commission's comprehensive framework of internal controls established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Macias Gini & O'Connell LLP has issued an unmodified opinion on the Commission's financial statements for the year ended June 30, 2019. The independent auditor's report is located at the front of the financial section of this report. Management's Discussion and Analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complement this letter of transmittal and should be read in conjunction with it. Profile of RCTC's Governance and Responsibilities State law established the Commission in 1976 to oversee the funding and coordination of all public transportation services within the county of Riverside (County). The Commission's mission is to assume a leadership role in improving mobility in Riverside County and to maximize the cost effectiveness of transportation dollars in the County. The governing body is the Board of Commissioners (Board), which consists of all five members of the County Board of Supervisors, one elected official from each of the County's 28 cities, and one non -voting member appointed bythe Governor. The Commission is responsible for setting policies, establishing priorities, and coordinating activities among the County's various transportation operators and agencies. 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 other transportation activities. The Commission has developed two express lanes projects; the RCTC 91 Express Lanes opened in March 2017 and the 15 Express Lanes are expected to open in mid 2020. The Commission also serves as the tax authority and implementation agency for the voter -approved Measure ATransportation Improvement Program, which imposes a half -cent sales tax to fund transportation improvements. Originally approved in 1988 (1989 Measure A), Riverside County's voters in 2002 approved a 30-year extension of Measure A commencing July 1, 2009 through June 30, 2039 (2009 Measure A). The Commission is also legally responsible for allocating Transportation Development Act (TDA) funds, the major source of funds for transit in the County. The TDA provides two major sources of funding: Local Transportation Fund (LTF), which is derived from a one -quarter cent state sales tax, and State Transit Assistance, which is derived from the statewide sales tax on gasoline and diesel fuel. Eastvale► ®Norco Corona t' ti Riverside Lek Nee 'Lake Elsinore Canyon Lake Wildomar Murrieta 74 Menke San Jacinto Hemet ake Temecula Desert Hot Springs Palm Springs Cathedral City Rancho Mirage Palm Desert Indian Wells La Duinta 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, and the Freeway Service Patrol (FSP), a roving tow truck service to assist motorists with disabled vehicles on the main highways of the County during peak rush hour traffic periods. The motorist aid program also includes the operation of the Inland Empire 511 (IE51 1) system which provides comprehensive real time traveler information for freeways, bus and rail transit, and rideshare services. All services are provided at no charge to motorists and are funded through a $1 surcharge on vehicle registrations; FSP also receives state allocations. The Commission is financially accountable for SAFE, a legally separate entity that is blended within the Commission's financial statements. Finally, the Commission has been designated as the Congestion Management Agency (CMA) for the County.As the CMA,the Commission coordinates with local jurisdictions in the establishment of congestion mitigation procedures for the County's roadway system. The Commission is required to adopt a budget priorto the beginning of each fiscal year. The annual budget, which includes all funds, serves as the foundation for the Commission's financial planning and control regarding staffing, operations, and capital plans. The budget is prepared by fund (financial responsibility unit), department, and function. Management has the discretion to transfer budgeted amounts within the financial responsibility unit according to function. During the fiscal year, all budget amendments requiring Board approval are presented to the Board for consideration and adoption. Local Economy Riverside County has specific competitive advantages over nearby coastal counties (Los Angeles, Orange, and San Diego) including housing that was (and remains) more available and affordable, lower commercial real estate lease and purchase costs, and land available for development at lesser costs. Riverside County's economy has thrived, reflecting those specific competitive advantages over its neighboring counties, largely as a result of the County's continuing ability to draw jobs, residents, and affordable housing away from the Los Angeles, Orange, and San Diego county areas. As a result, the County's employment and commercial base has become more diversified, and the County's share of the regional economy has increased. Riverside County's local economy is experiencing significant improvement since the nationwide recession, which had a significant impact on the Inland Empire (i.e., San Bernardino and Riverside counties). Notable areas of growth include employment, population, and a more diverse economic base. Sales tax revenues have rebounded from the economic downturn's low point in 2010, with Measure A and LTF growing each year through FY 2018/19. Transportation Uniform Mitigation Fee (TUMF) revenues increased 26%, reflecting a continued demand for residential single family and multi -family housing. While the foundation for continued economic growth is in place, the Commission faces formidable ongoing challenges in terms of providing needed infrastructure enhancements to support a population and an economy that has outgrown the capacity of its existing infrastructure. Fortunately, the foundation of the regional economy continues to retain many of the fundamental positive attributes that fueled its earlier growth, including lower priced real estate with proximity to coastal communities, a large pool of skilled workers, and increasing wealth and education levels. Long-term Financial Planning Proactive financial planning is a critical element for the success of the Commission as it builds for the future. Continually reviewing revenues and projecting expenditures and expenses ensures that the Commission's expectations are realistic and goals are achievable. Scarce resources, especially at the state and federal level, can be directed to projects of regional significance or, with additional funding, project priorities can be expanded to address unfunded project requirements or developing needs. At the state level, transportation funding is a source of continuing debate regarding future priorities. Sustainability has become a statewide priority and will likely impact the direction of state funding for many years into the future, and California's Cap and Trade program (which has been reauthorized) could prove to be a source of funding for transit services. Voters upheld recent legislation by rejecting Proposition 6, which would have reversed recent raises to vehicle registration fees and the state gas tax to fund transportation projects. Another bill, Senate Bill (SB) 132, provides $427 million from the state's budget to fund five important new transportation projects in Northwest Riverside County. This includes two grade separations in Jurupa Valley and Corona, a new bridge over the Santa Ana River at Hamner Avenue in Norco, improvements to the Interstate 15 (I-15)/Limonite Avenue interchange, and a new express lanes connector between the RCTC 91 Express Lanes and the future 15 Express Lanes. Construction on the I-15/Limonite Avenue interchange is nearing completion, and preliminary engineering work has commenced on the other projects. All of the SB 132 projects are required to be completed prior to 2023. The 15/91 express lanes connector will be especially important to the Commission and will provide a needed direct express lane to express lane connection between State Route 91 (SR-91) and the northern portion of 1-15. Additional legislation also provided the Commission with added flexibility in delivering the project by allowing for the use of the design -build or the construction manager general contractor method of procurement. A number of contract amendments and agreements are now in place to ensure timely delivery of the project and a design -build contract will be awarded in early 2020. The news on the federal level is somewhat less predictable. In December 2015, the comprehensive transportation bill known as Fixing America's Surface Transportation Act - or FAST Act - superseded Moving Ahead for Progress in the 21 st Century (MAP-21) which originally expired in June 2014.The federal government will continue to be a source of highway funding through the Surface Transportation Block Grant Program (formerly, Surface Transportation Program) and the Congestion Mitigation Air Quality program, since the FAST Act continues these programs at roughly the same funding level. The FAST Act expires in September 2020. The Commission's transit partners for capital programs also need federal dollars. Capital Project Delivery and Implementation —Completing Past Promises for a Better Future The Capital Project Development and Delivery Department is responsible for major highway and rail capital projects from initial environmental study through preliminary engineering, final design, right of way acquisition, and construction. The Commission is currently in the midst of an unprecedented era of transportation investment in Riverside County. The results can be seen with numerous projects under construction, increasingly popular and successful transit service, and promises of more on the way in the near future. There are also a number of iii notable completed projects - providing tangible examples of the Commission completing promises that were made to voters who approved Measure A. The Commission has developed a track record of success which is taking shape throughout the County as evidenced in the following project types. Highways: In February 2012 the Commission amended its Western Riverside County (Western County) Highway Delivery Plan to include a truck lanes safety project on SR-60 in the Badlands area in place of a similar nearby project on I-10. In partnership with Caltrans, the Commission is the project sponsor and Caltrans is the lead agency for preliminary engineering using federal funds. With a total project cost estimated at $122 million, construction of the project began in early 2019. The project adds truck climbing and deceleration lanes, wider shoulders, and additional safety improvements to a 4.5-mile segment of the highway. 2020 To Be A Big Year: In addition to the construction of the SR-60 truck lanes, a number of other highway projects will progress during 2020. Many of these projects are part of a new Western Riverside County Highway Delivery Plan, which was approved by the Commission in July 2019. 1-15 Express Lanes Southern Extension: Environmental work is already under way to extend the 15 Express Lanes an additional 14.5 miles to the city of Lake Elsinore. A series of public scoping meetings will be held in late 2019 that will be part of the comprehensive environmental review process. 1-15 Railroad Canyon Interchange: The Commission will serve as the lead agency to expand the 1-15 interchange at Railroad Canyon Road in the city of Lake Elsinore. The $45 million project will widen the street over the freeway and make a number of needed improvements to increase capacity of the on and off ramps and auxiliary lanes at the location. Placentia Interchange to link 1-215 and future Mid County Parkway: In early 2020, the Commission will start the very first component of the Mid County Parkway (MCP), a new 16 mile east -west corridor between the cities of San Jacinto and Perris.This project will add a new freeway interchange at Placentia Avenue that will link to the MCP and improve a segment of Placentia Avenue in the city of Perris. 71/91 Interchange: Funding for the construction of a new connector between the eastbound SR- 91 and northbound SR-71 in the city of Corona has been secured. This $121 million project has environmental clearance and could begin the construction phase in 2020. 91 Freeway Corridor Operations Project: The Commission, in partnership with Caltrans, the Orange County Transportation Authority, the Transportation Corridor Agencies, and the city of Corona, is conducting engineering and environmental studies to support the 91 Corridor Operations Project. The Commission is leading the development of the project. The proposed project would add an auxiliary lane on westbound SR-91 from the Green River Road on -ramp to the southbound SR-241 connector. The auxiliary lane, located next to the exterior shoulder, would help relieve westbound traffic congestion through this heavily traveled corridor. Pending project approvals and securing funding, work could begin in 2020 and would take about 15 months to complete. Commuter Rail: Since 1993 the Commission has held title to and managed the 38-mile San Jacinto Branch Line and several adjacent properties in anticipation of offering Metrolink commuter rail service to a wider area of the County, initially including Moreno Valley and Perris and ultimately to Hemet/San Jacinto. The completion of the Perris Valley Line project in June 2016 completed yet another promise made to voters in Measure A. The Perris Valley Line provides Riverside County with a foundation for better transit service involving a combination of commuter rail, local buses and active transportation improvements. It added 24 miles of commuter rail service in Riverside County Perris - South station iv with stops in Riverside -Hunter Park/University California Riverside (UCR), Moreno Valley/March Field, Perris -Downtown and Perris -South. The project used a combination of federal Small Starts Grant funding, Measure A and State Transportation Improvement Program dollars. Ridership on the new extension has increased with a targeted marketing campaign and rider discounts. Active Transportation: Non -motorized transportation options are becoming an increasingly important part of California's transportation infrastructure, and the Commission has taken a leadership role in assisting local jurisdictions by funding and advocating for projects vying for state funding. The Commission is also heading up project development for the Santa Ana River Trail - a multiuse facility that will provide a bike, pedestrian and equestrian trail to link San Bernardino, Riverside and Orange Counties for cyclists, pedestrians and equestrians. Toll Program Exceeding Expectations 91 Express Lanes Offer a New Choice: The SR-91 Corridor Improvement Project (91 Project) through Corona opened in March 2017. Since that opening, use of the 91 Express Lanes has far exceeded a conservative ramp -up period that was expected for the facility. During its two years of operation, use of the RCTC 91 Express Lanes exceeded expectations and traffic conditions on the corridor have improved with the addition of the new capacity. 1-15 Express Lanes Project 1-15 Express Lanes - The Next Project: The 1-15 Express Lanes Project is now under construction and will add two tolled express lanes of approximately 15 miles in length, in each direction in the median of 1-15. The facility is expected to open in mid 2020 and will operate somewhat differently from othertoll facilities in the region by offering multiple access points to enter and exit the express lanes. The 1-15 Express Lanes will also feature dynamic pricing, which is designed to adjust tolls throughout the day to reflect actual traffic conditions rather than being bound by a set time of day schedule. 79 Realignment Remains an Important Priority: Another large planning effort affecting the Hemet and San Jacinto communities is the realignment of SR-79. This 2009 Measure A project is undergoing early project development, which was partially funded through the TUMF program and federal earmarks. An environmental document was approved in January 2017 to allow the realignment of SR-79 between Domenigoni Parkway, south of SR-74, and Gilman Springs Road, north of San Jacinto. The project would realign the highway to provide a more direct route within the San Jacinto Valley. Current work on this project includes acquisition of right of way needed for mitigation and to protect cultural sites. TUMF Plays an Important Role In the Coachella Valley, a TUMF program was established shortly after the passage of the 1989 Measure A. The program requires developers to pay a fee on new development to fund arterial improvements. Cities are required to participate in the program or forfeit Measure A local dollars to Coachella Valley Association of Governments, which oversees the arterial program and has been successful in funding a number of important arterial and freeway interchange projects. With the passage of the 2009 Measure A, a TUMF program with participation requirements similar to that in the Coachella Valley is in place in Western County and administered by the Western Riverside Council of Governments. TUMF funds received by the Commission are split evenly between new corridors, including the MCP, and regional arterials, including local projects and the SR-79 realignment project. To date under the regional arterial program, 18 projects have been completed, one project will be under construction in 2020, and one project remains in pre -construction. v Rail Development, Operations and Support As one of five funding partners in the Southern California Regional Rail Authority, which operates the Metrolink commuter rail service, the Commission is engaged in a continual exercise of consensus building with its partners to provide effective regional service. Now consisting of seven lines serving six counties, the system carries an average of slightly more than 40,000 passengers each weekday. The Commission owns and operates nine stations served by the three Metrolink lines operating through the County, including four new stations along the Perris Valley Line that commenced carrying passengers in June 2016. The Commission's Perris -Downtown station is a multimodal facility also serving Riverside TransitAgency bus operations and providing park and ride spaces. It continues to serve as an important regional bus terminal. The Riverside Downtown Operations Control Center provides monitoring of closed circuit televisions at the stations as well as facilities for train crews. • Riverside Line: Originates in the Riverside -Downtown station and stops at the Jurupa Valley-Pedley station before proceeding through Ontario, Pomona, Industry, and Montebello to Los Angeles Union Station. Daily ridership averages 3,868 riders. • Inland Empire Orange County (IEOC) Line: Begins in nearby San Bernardino with stops at the Riverside -Downtown, Riverside -La Sierra, Corona -North Main, and Corona -West stations before entering Orange County with stops in Anaheim Canyon, Orange, Santa Ana, Tustin, Irvine, Laguna Niguel/Mission Viejo, San Juan Capistrano, San Clemente and Oceanside. When initiated, this service was described as the first suburb -to -suburb commuter rail service in the nation. Average daily ridership on the IEOC line was 4,656. This line also provides weekend service. • 91/Perris Valley Line: Provides service from Perris to Los Angeles with stops in Perris -South, Perris - Downtown, Moreno Valley/March Field, Riverside -Hunter Park/UCR, Riverside -La Sierra, Corona - North Main, Corona -West, Fullerton, Buena Park, Norwalk, and Commerce before terminating at Union Station. Daily patronage on the line averages 3,293. A part of this line between Riverside and Los Angeles offers weekend service, and new weekend service from Perris started in October 2019. Commuter Services Acting in its capacity as the regional transportation planning agency (RTPA) and the SAFE for Riverside County, the Commission provides a variety of commuter services to increase mobility, safety, and air quality throughout the region. As the RTPA, the Commission applies Measure Afundsto administer the Commuter Assistance Program (CAP) to ease congestion, maximize the efficiency of its transportation investments, and reduce emissions from single occupant vehicle trips with the following programs and services: Commuter/Employer Rideshare Services: In partnership with San Bernardino County Transportation Authority (SBCTA), the Commission helps Riverside and San Bernardino commuters discover their best commute through IE Commuter, the flagship of the CAP. In just a few clicks, www.iecommuter.org users can access all of their time and money saving transportation options (carpool partners, bus, and rail) and incentives available to them. Additionally, through IE Commuter, the Commission partners heavily with local employers to implement and maintain rideshare activities at work sites throughout Riverside and San Bernardino counties. IE Commuter continues to leverage technology to increase awareness, consideration, and use of alternative modes to improve mobility and air quality throughout the region. Rideshare Incentives: The most prominent commuter incentive continues to be the Rideshare Incentives, a short-term incentive that offers $2 per day for each day new ride sharers use an alternate mode of transportation in a three-month period. Long-term ride sharers are recognized and rewarded for their continuing commitment to use alternate modes of transportation to and from work with access to discounts at over 360,000 nationwide merchants through Rideshare Plus. vi Vanpool Subsidies: In May 2018,the Commission launched VanClub, which provides ongoing subsidies to eligible vanpools commuting to employer worksites in Western County. In FY 2018/19, VanClub supported an average of 67 vans per month resulting in the reduction of 128,060 trips, 4.7 million miles and 2,536 tons of emissions throughout the region. Park and Rides: Working in partnership with Caltrans, the Commission leases excess parking from business and civic institutional partners to facilitate ridesharing and to expand the system's park and ride capacity. There are approximately 2,900 park and ride spaces available in Riverside County. Motorist Assistance: As the SAFE, the Commission also administers the Motorist Assistance Program to provide the following services designed to promote mobility and safety for motorists traveling through Riverside County: Freeway Service Patrol: The FSP program is a special team of 26 tow trucks roving along 12 beats on portions of SR-60, SR-91, 1-15, and 1-215 within the County during peak, weekday commuter hours to assist drivers when their vehicles break down or experience other mechanical problems. Thanks in part to the approval of SB 1, which provided more funding to FSP programs, the Commission has been able to expand the service to additional areas along the 1-15 in southwestern Riverside County. The purpose of the FSP is to clear debris and remove disabled vehicles from the freeway as quickly as possible to help keep freeway traffic moving during rush hour periods. Another effort augments existing FSP service with additional tow trucks in construction areas as another means of construction - related congestion mitigation. The Riverside County SAFE and the State fund the FSP. During FY 2018/19, the FSP provided 44,607 assists. This includes incremental FSP weekend service, funded by the Southern California Air Quality Management District's Mobile Source Air Pollution Reduction and Review Committee, on segments of SR-91 and SR-60. Call Boxes: In cooperation with the California Highway Patrol and Caltrans, the Commission assists motorists who experience accidents, mechanical breakdowns, or other unforeseen problems by providing access to cellular call boxes with enhanced reception along the County's major highways. In response to the proliferation and continued growth of cell phone usage and declining demand and use of call boxes, the Commission approved a substantial reduction to the call box system in 2017 and 2019. A cost effective backbone of 156 call box units will remain in place and serve more than 346 centerline miles of highways. The call box program is funded by Riverside County SAFE revenue, an annual $1 surcharge added to vehicle registrations. In FY 2018/19, call box operators answered approximately 1,384 calls from motorists. Traveler Information: To further promote mobility, the Commission in partnership with the SBCTA, provides motorists with access to real-time freeway travel information and incident information on Southern California highways through its 1E511 Traveler Information system. 1E511 is designed to promote mobility by fostering more informed travel decisions to avoid congestion and is available via the telephone by dialing 511 from any landline or cell phone within Riverside or San Bernardino County, online at www.ie51 1.org, or the IE51 1 mobile app. To date, the 1E511 mobile app has been downloaded by more than 67,000 users. IE511 is funded with Riverside County SAFE funds in addition to SBCTA reimbursements. In FY 2018/19, 1E511 serviced approximately 214,000 web visits and 114,000 phone calls. Specialized Transit The Commission has maintained a long-term commitment to assist in the mobility of those with specialized transit needs. Through its Specialized Transit Program, the Commission has provided millions of dollars to public and nonprofit transit operators to assist in the provision of special transit services to improve the vii mobility of seniors, persons with disabilities and persons with low incomes. Along with traditional dial -a - ride services, the Commission supports innovative programs providing transit assistance in hard -to -serve rural areas or for riders having very special transit needs. The Commission develops a Public Transit -Human Services Coordinated Plan every four years. In the 2016 update, the Commission identified service gaps, additional qualified populations as well as underserved areas of Riverside County in need of transit services. To address these transit needs, a Universal Call for Projects for Specialized Transit (Universal Call) is held every three years and provides funding awards in Western County. The 2018 Universal Call awarded approximating $8.2 million to 18 public and nonprofit agencies using Measure A funding over a three-year period from FY 2018/19 through FY 2020/21. During FY 2018/19, public and nonprofit operators provided over 175,000 one-way trips funded by Measure A in Western County. Consideration of an Additional Sales Tax Program Work is underway to develop a comprehensive countywide transportation study for approval in 2019. This will help inform another effort to complete a countywide traffic relief plan, which could become the basis of a new expenditure plan for an additional half -cent sales tax. The Commission will consider whether to seek voter approval for the plan in mid-2020. Additional local revenue will help close a growing number of transportation gaps as the County continues to grow in population and employment. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Commission for its CAFR for the fiscal year ended June 30, 2018. This was the 26th consecutive year the Commission has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized CAFR. This report must satisfy both GAAP and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current CAFR continues to meet the Certificate of Achievement Program's requirements, and we are submitting it to the GFOAto determine its eligibility for another certificate. The CAFR each year is a collaborative effort by Commission staff and its independent auditors. The undersigned are grateful to all staff for their willingness to expend the effort necessary to ensure the financial information contained herein is informative and completed within established deadlines. Special thanks must be extended to the Finance staff, program management and staff, and Commission's auditors for the time, effort, and commitment so vital for the final completion of the CAFR. 6�9 � {�nl titi,�lti• 111. :tt ILIL ti i 11:L:111 11.1 1•.N.t1/4•1It uti !I: 1 111.51:::;II E�:Iw lrli 115 11. Pri•Ak l veil CrarnrrrINININ S •mmnomm, L .41.1•1 •1� 0 P In closing, without the leadership and the support of the Board, preparation of this report would not have been possible. Its prudent management must be credited for the strength of the Commission's fiscal condition, and its vision ensures that the Riverside County Transportation Commission will be on the move planning for and building a better future for Riverside County residents and commuters. Very truly yours, ANNE MAYER THERESIATREVINO Executive Director Chief Financial Officer viii Riverside County Transportation Commission Organizational Chart Board of Commissioners Legal Counsel Deputy Executive Director Human Resources Administrator Chief Financial Officer External Affairs Director Clerk of the Board Procurement Manager Deputy Director of Finance Public Affairs Manager Legislative Affairs Manager ommu er Motorist Assistance M.n..-r Deputy Clerk of the Board Information Technology Administrator Records Technician Senior Procurement Analyst Senior Administrative Assistant Senior Financial Analyst Accountant Accounting Technician (2) Accounting Assistant (2) Senior Office Assistant Senior Management Analyst Senior Administrative Assistant Management Analyst Rail Manager Management Analyst Multimodal Services Director r �� � Planning & Programming Director Project Delivery Director Toll Program Director Transit ManagerManagement Analyst Planning & Programming t Manager Capital Projects Manager(4) Senior Management Analyst Management Analyst Right of Way Senior Manager Management Analyst (3) Facilities Manager Toll Project Manager Toll Operations Manager Capital Projects Manager Toll Technology Manager Toll Senior Management Analyst IX Riverside County Transportation Commission List of Principal Officials Name Board of Commissioners 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 Lloyd White Vice Chair (Budget and Implementation Committee) City of Beaumont 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 Wes Speake Member City of Corona Scott Matas Member City of Desert Hot Springs Clint Lorimore Member City of Eastvale Linda Krupa Chair (Budget and Implementation Committee) City of Hemet Dana Reed Member City of Indian Wells Waymond Fermon Member City of Indio Brian Berkson Chair (Western Riverside County Programs and Projects Committee) City of Jurupa Valley Kathleen Fitzpatrick Member City of La Quinta Bob Magee Member City of Lake Elsinore Bill Zimmerman 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 Programs Ted Weill Rusty Bailey Andrew Kotyuk Michael S. Naggar Ben Benoit Mike Beauchamp and Projects Committee) Member Member Member Member Vice Chair (Commission) Governor's Appointee City of Perris City of Rancho Mirage City of Riverside City of San Jacinto City of Temecula City of Wildomar Caltrans, District 8 Director Management Staff Anne Mayer, Executive Director John Standiford, Deputy Executive Director Michael Blomquist, Toll Program Director Marlin Feenstra, Project Delivery Director Aaron Hake, External Affairs Director Shirley Medina, Planning and Programming Director Lorelle Moe -Luna, Multimodal Services Director Theresia Trevino, Chief Financial Officer x RIVERSIDE COUNTY TRANSPORTATION COMMISSION Financial HOMO I Ilk I CLIC ZMZ certuied mime: Accountants Independent Auditor's Report Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited the accompanying financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the Riverside County Transportation Commission (the Commission) as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the Commission's basic financial statements, as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Commission's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the Commission, as of June 30, 2019, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 www.mgocpa.com 1 Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparison schedules and information related to the pension and other postemployment benefit plans, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Commission's basic financial statements. The combining and individual nonmajor fund financial statements, budgetary comparison schedules, schedules of expenditures, and schedule of uses of debt proceeds and fund balances, as listed in the table of contents as other supplementary information, and other information, such as the introductory and statistical section, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements, budgetary comparison schedules, schedules of expenditures and schedule of uses of debt proceeds and fund balances are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements, budgetary comparison schedules, schedules of expenditures and schedule of uses of debt proceeds and fund balances are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. /10-ct•Ls 6)11+ if CketVid r Newport Beach, California October 31, 2019 2 Riverside County Transportation Commission Management's Discussion and Analysis Year Ended June 30, 2019 As management of the Riverside County Transportation Commission (Commission), we offer readers of the Commission's financial statements this narrative overview and analysis of the Commission's financial activities for the fiscal year ended June 30, 2019. We encourage readers to consider the information on financial performance presented here in conjunction with the transmittal letter on pages i-viii and the Commission's financial statements which begin on page 20. Financial Highlights • Total net position of the Commission was $339,545,929 and consisted of net investment in capital assets of $407,083,162; restricted net position of $820,131,347; and unrestricted net position (deficit) of ($887,668,580). • The governmental activities unrestricted net deficit results primarily from the recording of the debt issued for Measure A highway, local streets and roads, and regional arterial projects. As title to substantially most of those assets vests with the State of California (State) Department of Transportation (Caltrans) or local jurisdictions, there is no asset corresponding to the liability. Accordingly, the Commission does not have sufficient current resources on hand to cover current and long-term liabilities; however, future Measure A sales taxes are pledged to cover Measure A debt service payments when made. • Total net position increased by $144,218,986 during fiscal 2019. An increase in net position from governmental activities of $141,047,952 was primarily due to an increase in operating grants and contributions, capital grants and contributions, Measure A sales taxes, Transportation Development Act sales taxes, as well as unrestricted investment earnings; a decrease in general government and CETAP program expenses, as well as interest expense; and offset by an increase in commuter rail, highways, local streets and roads, regional arterials, and transit and specialized transportation program expenses. An increase in net position from business -type activities of $3,171,034 was primarily due to an increase in charges for services and investment earnings, offset by a slight increase in expenses, and internal transfers of surplus funds for the 91 Corridor Operations project and excess investment earnings. • Total capital and intangible assets, net of accumulated depreciation and amortization, were $819,810,293 and $239,801,144 at June 30, 2019, respectively, representing an increase of $89,986,860, or 9%, from June 30, 2018. The increase in capital assets was primarily related to construction in progress costs for the I-15 Express Lanes project and rail station improvement costs. The decrease in intangible assets was related to the current year amortization, offset by a transfer of costs for the completed construction of tolled express lanes from the governmental activities capital assets to business -type activities intangible assets. • The long-term liabilities net decrease of $5,886,137 related to principal payments on sales tax revenue bonds, amortization of sales tax revenue bonds premium, and payment for the MSHCP funding liability, offset by a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan drawn down on the I-15 Express Lanes project and compounded and accreted interest on the TIFIA loans and 2013 Toll Revenue Bonds, respectively. • The Commission's governmental funds reported combined ending fund balances of $790,214,073, an increase of $14,176,533 compared to fiscal 2018 primarily due to increased sales taxes and intergovernmental revenues, as well as investment income, offset by increased commuter rail, highways, local streets and roads, regional arterials, and transit and specialized transportation expenditures. Approximately 69% of the governmental fund balances represent amounts available for the Measure A program, including debt service and funding from the issuance of debt, and the TUMF program. 3 Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the Commission's basic financial statements, which are comprised of three components consisting of government -wide financial statements, fund financial statements, and notes to the financial statements. This report also contains required supplementary information and other supplementary information in addition to the basic financial statements. Government -wide Financial Statements The government -wide financial statements are designed to provide readers with a broad overview of the Commission's finances, in a manner similar to a private -sector business. The statement of net position presents information on all of the Commission's assets, liabilities, and deferred outflows/inflows of resources with the difference reported as net position. Overtime, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Commission is improving or deteriorating. The statement of activities presents information showing how the Commission's net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported for some items that will only result in cash flows in future fiscal periods. The government -wide financial statements report the functions of the Commission that are principally supported by sales taxes and intergovernmental revenues, or governmental activities, from other functions that are intended to recover all or a significant portion of its costs through user fees and charges, or business -type activities. The governmental activities of the Commission include general government, the Measure A program, Community and Environmental Transportation Acceptability Process (CETAP), commuter assistance, regional arterials, commuter rail, transit and specialized transportation services, planning and programming, bicycle and pedestrian facilities projects, and motorist assistance services. Measure A program services are divided within the three regions of Riverside County (County), namely Western County, Coachella Valley, and Palo Verde Valley. The business -type activities of the Commission include toll road operations. The government -wide financial statements include only the Commission and its blended component unit. The government -wide financial statements can be found on pages 20-21 of this report. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Fund accounting is used to ensure and demonstrate compliance with finance -related legal requirements. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements; however, governmental fund financial statements focus on near -term inflows and outflows of spendable resources and on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near - term financing requirements. Since the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government -wide financial statements. As a result, readers may better understand the long-term impact of the government's near -term financing decisions. Both the governmental fund balance sheet and related statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. 4 The Commission maintains 16 individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the related statement of revenues, expenditures and changes in fund balances for the Commission's major governmental funds comprised of the General fund; Measure A Western County, Measure A Coachella Valley, Transportation Uniform Mitigation Fee (TUMF), Local Transportation Fund (LTF), State Transit Assistance, and SB 132 Special Revenue funds; Commercial Paper and Bonds Capital Projects funds; and Debt Service fund. Data from the other six governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements in the other supplementary information section. The Commission adopts an annual appropriated budget for the General fund, all Special Revenue funds, all Capital Projects funds, and the Debt Service fund. Budgetary comparison schedules have been provided for the General fund and major Special Revenue funds as required supplementary information and for the nonmajor Special Revenue funds and the Capital Projects and Debt Service funds as other supplementary information to demonstrate compliance with these budgets. The governmental fund financial statements, including the reconciliation between the fund financial statements and the government -wide financial statements, can be found on pages 22-29 of this report. The proprietaryfund consists of an enterprise fund, which is used to report the same functions presented as business -type activities in the government -wide financial statements. The Commission uses an enterprise fund to account for its toll road operations. Proprietary fund financial statements provide the same type of information as the government -wide financial statements, only in more detail. The proprietary fund financial statements provide separate financial information of the RCTC 91 Express Lanes, which is a major enterprise fund of the Commission. The proprietary fund financial statements can be found on pages 30-33 of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to the financial statements can be found on pages 34-74 of this report. Other Information Other information is in addition to the basic financial statements and accompanying notes to the financial statements. This report also presents certain required supplementary information concerning the Commission's budgetary results for the General fund and major Special Revenue funds as well as the schedules of proportionate share of net pension liability, pension contributions, changes in the net other post -employment benefits (OPEB) asset and related ratios, and OPEB contributions. Required supplementary information can be found on pages 77-85 of this report. Other supplementary information is presented immediately following the required supplementary information. Other supplementary information includes the combining statements referred to earlier relating to nonmajor governmental funds; budgetary results for the nonmajor Special Revenue funds, all Capital Projects funds, and the Debt Service fund; schedules of expenditures for local streets and roads and expenditures for transit and specialized transportation; and schedule of uses of debt proceeds and fund balances. This other supplementary information can be found on pages 89-101 of this report. Government -wide Financial Analysis As noted previously, net position may serve over time as a useful indicator of a government's financial position. At June 30, 2019, the Commission's assets exceeded liabilities by $339,545,929, a $144,218,986 increase from June 30, 2018. Our analysis below focuses on the net position and changes in net position of the Commission's governmental and business -type activities. 5 Net Position Approximately 120%, compared to 124% in 2018, of the Commission's net position reflects its net investment in capital assets (i.e., intangibles, construction in progress; land and improvements; toll infrastructure; buildings; construction and rail operating easements; rail stations; rail tracks; office improvements; development in progress; transponders; and office furniture, equipment, and vehicles), less any related outstanding debt used to acquire those assets, primarily related to land and tolled express lane projects. The Commission uses these capital assets to provide transportation services to the residents and business community of the County. Although the Commission's investments in capital assets is reported net of related debt, the resources used to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. For business -type activities, the related debt for the RCTC 91 Express Lanes exceeded the capital assets, net of accumulated depreciation. The most significant portion of the Commission's net position represents resources subject to external restrictions on how they may be used. Restricted net position from governmental activities represented approximately 129% and 169% of the total governmental activities net position at June 30, 2019 and 2018, respectively. Restricted net position from governmental activities decreased by $6,526,530, as a result of the increased commuter rail, highways, local streets and roads, regional arterials, and transit and specialized transportation program expenses, offset by increased operating and capital grants and contributions, sales taxes, and unrestricted investment earnings. Unrestricted net position represents the portion of net position that can be used to finance day-to- day operations without constraints established by debt covenants, enabling legislation, or other legal requirements. Unrestricted net position from governmental activities changed from a $857,485,575 deficit at June 30, 2018 to a $887,668,580 deficit at June 30, 2019. The governmental activities deficit results primarily from the impact of recording of the Commission's long-term debt, consisting of bonds issued for Measure A highway, local street and road, and regional arterial projects. While a significant portion of the debt has been incurred to build these projects which are capital assets, upon completion most projects are transferred to Caltrans or the local jurisdiction. Accordingly, such projects are not assets of the Commission that offset the long-term debt in the statement of net position. Certain reclassifications have been made to 2018 amounts to conform to the 2019 presentation. Such reclassifications had no effect on the previous reported change in net position. 6 The following is condensed financial data related to net position at June 30, 2019 and June 30, 2018: Net Position Governmental -Activities 2019 2018 Business-T . e Activities Total 2019 2018 2019 2018 Current and other assets Capital assets not being depreciated Capital assets, net of depreciation Intangible assets, net of amortization Total assets Deferred outflows of resources Total assets and deferred outflows of resources Long-term obligations Other liabilities Total liabilities Deferred inflows of resources Total liabilities and deferred inflows of resources Net position: Net investment in capital assets Restrided Unrestricted (deficit) Net position at end of year $ 863,920,518 $ 844,630,845 $155,219,789 $ 89,085,530 $1,019,140,307 $ 933,716,375 484,129,864 379,768,175 38,736,133 43,207,039 522,865,997 422,975,214 279,626,359 280,571,027 17,317,937 22,032,516 296,944,296 302,603,543 - 239,801,144 244,045,820 239,801,144 244,045,820 1,627,676,741 1,504,970,047 451,075,003 398,370,905 2,078,751,744 1,903,340,952 40,172,143 42,863,182 277,686 310,156 40,449,829 43,173,338 1,667,848,884 1,547,833,229 451,352,689 398,681,061 2,119,201,573 1,946,514,290 926,889,816 953,564,990 669,327,649 648,538,612 1,596,217,465 1,602,103,602 126,193,666 120,668,602 56,578,412 27,877,895 182,772,078 148,546,497 1,053,083,482 1,074,233,592 725,906,061 676,416,507 1,778,989,543 1,750,650,099 623,173 505,360 42,928 31,888 666,101 537,248 1,053,706,655 1,074,738,952 725,948,989 676,448,395 1,779,655,644 1,751,187,347 706,935,587 529,178,100 (299,852,425) (286,349,191) 407,083,162 242,828,909 794,875,222 801,401,752 25,256,125 8,581,857 820,131,347 809,983,609 (887,668,580) (857,485,575) - - (887,668,580) (857,485,575) $ 614,142,229 $ 473,094,277 $ (274,596,300) $ (277,767,334) $ 339,545,929 $195,326,943 Changes in Net Position The Commission's total program and general revenues were $582,510,599, while the total cost of all programs was $438,291,613. Total revenues increased by 33%, and the total cost of all programs increased by 7%. Those who directly benefited from the programs or other governments that subsidized certain programs with grants and contributions paid approximately 51 % of the costs of the Commission's programs in 2019, compared to 40% of the costs in 2018. Sales taxes ultimately financed a significant portion of the programs' net costs. Governmental and business -type activities increased the Commission's net position by $144,218,986, and condensed financial data related to the change in net position is presented in the table below. Key elements of this increase are as follows: • Charges for services increased by $7,990,327 or 16%, due to toll operations on the RCTC 91 Express Lanes; • Operating grants and contributions increased by $47,721,181 or 105%, primarily due to state reimbursements related to the I-15/Limonite interchange and Jurupa and McKinley Avenue grade separation projects; • Capital grants and contributions increased by $7,648,154, or 11 %, primarily due to federal and state reimbursements related to the I-15 Express Lanes and the 15/91 Express Lanes Connector projects; • Measure A sales tax revenues increased by $24,903,339, or 14%. This increase is primarily a result of the California Department of Tax and Fee Administration (CDTFA) resolving the backlog of sales tax returns due to the implementation of a new system in May 2018; • Transportation Development Act (TDA) sales taxes increased by $20,142,673, or 18%, as a result of an increase in Local Transportation Fund (LTF) revenues related to the CDTFA backlog resolution and State Transit Assistance (STA) revenues; • Unrestricted investment earnings increased $15,011,435, or 169%, due to higher interest rates and unrealized gains on investments; 7 • Other miscellaneous revenues increased $763,931, or 31%, due primarily to the sale of rail and highway properties not included in capital assets; and • The net loss on sale of capital assets of $3,263,872, related to the sale of excess properties recorded as capital assets. Changes in Net Position Governmental -Activities Business-T .eActivities 2019 2018 2019 2018 2019 Total 2018 Revenues Program revenues: Charges for services Operating grants and contributions Capital grants and contributions General revenues: Measure A sales taxes TDA sales taxes Unrestricted investment earnings (loss) Other miscellaneous revenue Gain (loss) on sale of capital assets, net $ 324,574 93,084,805 74,558,439 $ 310,884 $ 58,423,461 $ 50,446,824 $ 58,748,035 $ 50,757,708 45,363,624 - - 93,084,805 45,363,624 66,910,285 - - 74,558,439 66,910,285 201,204,995 176,301,656 131,021,230 110,878,557 21,130,957 8,916,321 3,261,873 2,497,942 443,461 - 2,764,137 (3,707,333) - 201,204, 995 176,301,656 - 131,021,230 110,878,557 (32,662) 23,895,094 8,883,659 - 3,261,873 2,497,942 (3,263,872) Total revenues 525,030,334 411,179,269 57,480,265 Expenses General government Bicycle and pedestrian facilities CETAP Commuter assistance Commuter rail Highways Local streets and roads Motorist assistance Planning and programming Regional arterials Toll operations Transit and specialized transportation Interest expense Total expenses Excess (deficiency) of revenues over (under) expenses Transfers Increase (decrease) in net position Net position at beginning of year Net position at end of year 50,414,162 582,510,599 461,593,431 1,295,384 3,654,628 - - 2,319,895 1,142,306 - - 1,398,238 22,285,913 - - 3,612,855 3,668,307 - - 48,553,459 36,578,920 - - 91,086,623 79,234,802 61,470,359 53,639,698 4,403,671 3,835,612 - 4,340,660 4,758,503 - 17,048,413 12,897,557 - - - 51,331,835 49,452,297 117,766,548 90,185,227 - - 33,663,673 46,421,211 - 386,959,778 358,302,684 51,331,835 138,070,556 52,876,585 6,148,430 2,977,396 (14,949,641) (2,977,396) 49,452,297 961,865 144,218,986 53,838,450 14,949,641 1,295,384 3,654,628 2,319,895 1,142,306 1,398,238 22,285,913 3,612,855 3,668,307 48,553,459 36,578,920 90,474,639 79,234,802 61,470,359 53,639,698 4,403,671 3,835,612 4,340,660 4,758,503 17,048,413 12,897, 557 51,943,819 49,452,297 117,766,548 90,185,227 33,663,673 46,421,211 438,291,613 407,754,981 141,047,952 37,926,944 3,171,034 15,911,506 144,218,986 53,838,450 473,094,277 435,167,333 (277,767,334) (293,678,840) 195,326,943 141,488,493 $ 614,142,229 $ 473,094,277 $ (274,596,300) $ (277,767,334) $ 339,545,929 $ 195,326,943 • General government expenses decreased by $2,359,244, or 65%, primarily due to administrative cost allocations; • Bicycle and pedestrian facilities expenses increased by $1,177,589, or 103%, due to an increase in claims submitted for approved projects; • CETAP expenses decreased by $20,887,675, or 94%, primarily due to a settlement agreement on the Mid County Parkway project in the previous year; • Commuter rail expenses increased by $11,974,539, or 33%, as a result of commuter rail station operating and rehabilitation costs; 8 • Highway expenses increased by $11,851,821, or 15%, due to SR-60 Truck Lanes, I-15 Express Lanes, 15/91 Express Lanes Connector, I-15/Limonite interchange, and Jurupa and McKinley Avenue grade separation projects; • Local streets and roads expenses increased by $7,830,661 or 15%, because of an increase in the overall Measure A sales tax revenue which affects the local streets and road distributions to local jurisdictions; • Motorist assistance expenses increased by $568,059, or 15%, due primarily to new freeway service patrol beats in south Western County; • Planning and programming expenses decreased by $417,843, or 9%, due to feasibility studies in the previous year; • Regional arterial expenses increased by $4,150,856, or 32%, as a result of a net increase in reimbursements to local jurisdictions for approved regional arterial projects; • Toll operations expenses increased by $1,879,538, or 4%, as a result of a net increase in operating costs and increased depreciation and interest expense for the RCTC 91 Express Lanes; • Transit and specialized transportation expenses increased by $27,581,321, or 31%, due to an increase in bus transit operating and capital claims in all three geographic areas; and • Interest expenses related to governmental activities decreased by $12,757,538 or 27%, primarily as a result of the impacts of the issuance of sales tax revenue refunding bonds in the previous year; and • Internal transfers decreased $17,927,037, or 120%, due to the transfer of capital and intangible assets from governmental activities to business -type activities in the prior year as a result of the continued completion of the 91 Project. 9 The graphs below present the program and general revenues by source and program expenses for the Commission's governmental activities for the fiscal years ended June 30, 2019 and June 30, 2018: $200,000,000 $175,000,000 $150,000,000 $125,000,000 $100,000,000 $75,000,000 $50,000,000 $25,000,000 $0 ■ 2019 ■ 2018 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $- Revenues - Governmental Activities 1. Charges for services Operating Capital grants grants and and contributions contributions Measure A TDA sales sales taxes taxes $324,574 $93,084,805 $74,558,439 $201,204,995 $131,021,230 $310,884 $45,363,624 $66,910,285 $176,301,656 $110,878,557 Expenses - Governmental Activities Unrestricted investment earnings $21,130,957 $8,916,321 Other miscellaneous revenue $3,261,873 $2,497,942 Gain on sale of capital assets, net $443,461 $0 iliI l_r Bicycle and Transit and General Commuter Local streets Motorist Planning and Regional Interest government pedestrian CETAP assistance Commuter rail Highways and roads assistance programming arterials specialized expense facilities transportation ■ 2019 $1,295,384 $2,319,895 $1,398,238 $3,612,855 $48,553,459 $91,086,623 $61,470,359 $4,403,671 $4,340,660 $17,048,413 $117,766,548 $33,663,673 $3,654,628 $1,142,306 $22,285,913 $3,668,307 $36,578,920 $79,234,802 $53,639,698 $3,835,612 $4,758,503 $12,897,557 $90,185,227 $46,421,211 ■ 2018 10 The graphs below present the program and general revenues by source and program expenses for the Commission's business -type activities for the fiscal years ended June 30, 2019 and June 30, 2018: Expenses- Business -Type Activities $51,500,000 $51,000,000 $50,5 00,000 $50,000,000 $49,5 00,000 $49,000,000 $48,5 00,000 12019 2018 RCTC91 Express Lanes $51,331,835 $49,452,2 97 $61,000,000 $57,000,0 00 $53,000,0 00 $49 ,000,0 00 $45 ,000,0 00 $41,000,0 00 $37,000,0 00 $33,000,0 00 $29,000,0 00 $25 ,000,0 00 $21,000,0 00 $17,000,000 $13,000,000 $9,000,000 $5,000,000 $1,000,000 -$3,000,000 Revenue - Business -Type Activities 1 Chargesfor services Unrestricted investment earnings(loss) Loss on sale of capital assets ■ 2019 $58,423,461 $2,764,137-$3,707,333 ■ 2018 $50,446,824-$32,662 $0 Financial Analysis of the Commission's Funds Governmental Funds The focus of the Commission's governmental funds is to provide information on a near -term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Commission's financing requirements. As of June 30, 2019, the Commission's governmental funds reported combined ending fund balances of $790,214,073, an increase of$14,176,533 compared to 2018. Less than 1 %, or$4,020,972, is nonspendable fund balance related to prepaid amounts; $3,226,466 is assigned fund balance for general government administration activities; an unassigned deficit of $1,272,356 is related to a deficit fund balance in a major governmental fund. The remainder of the fund balance is restricted to indicate the following externally enforceable legal restrictions: • $7,474,877 in TDA funds that have been allocated to jurisdictions within the County for bicycle and pedestrian projects; • $52,262,879 of TUMF funds for new CETAP corridors in Western County; • $16,004,237 for Western County commuter assistance activities such as expansion of park -and -ride facilities and other projects and programs that encourage commuters to use alternative modes of transportation under the 2009 Measure A program; • $62,650,271 in TDA, Measure A, and Proposition 1 B funds for commuter rail operations and capital projects and $3,071,729 in TDA and Proposition 1 B funds for the Coachella Valley/San Gorgonio Pass rail corridor; 11 • $11,437,149 in 2009 Measure A funds available to pay sales tax revenue bonds debt service over the next year; • $303,581,330 for highway, economic development, and new corridor projects related to the 1989 Measure A and 2009 Measure A programs; • $3,185 for local streets and roads programs that are returned to the jurisdictions within the County for maintenance and construction of their roads and local arterials under the 2009 Measure A program; • $10,501,511 in state funds for motorist assistance services; • $5,250,405 ofTDAfundsfor planning and programming activities and $17,017 of intergovernmental revenues for other agency projects; • $44,482,685 and $57,390,453 for regional arterial projects in Western County related to the 2009 Measure A and TUMF programs, respectively; • $9,991,574 of Measure Afunds for transit and specialized transportation in the Western County and $1,903,246 for specialized transportation in the Coachella Valley; and • $198,216,443 in TDA funds available to the commuter rail and bus transit operations and capital in the County. The following table presents the changes in fund balances for the governmental funds for the fiscal years ended June 30, 2019 and 2018: Fund Balances Year Ended June 30 2019 2018 % Change General fund Special Revenue major funds: Measure A Western County Measure A Coachella Valley Transportation Uniform Mitigation Fee Local Transportation Fund State Transit Assistance SB132 Capital Projects major funds: Commercial Paper Bonds Debt Service fund Nonmajor governmental funds $ 29,124,269 $ 26,040,494 253,925,602 276,997,302 56,410,474 52,068,076 109,653,332 78,409,987 91,541,353 110,435,854 107,469,411 88,143,341 (1,272,356) (268,754) 12% (8)% 8% 40% (17)% 22% 373% 23,091,659 21,576,316 7% 88,561,805 95,343,644 (7)% 11,437,149 11,082,909 3% 20,271,375 16,208,371 25% Key elements for the changes in fund balances are as follows: • The 12% increase in the General fund resulted from increased transfers from the Local Transportation Fund and 2009 Measure A Western County Special Revenue Fund for commuter rail and related station operations; • The 8% decrease in the Measure A Western County Special Revenue fund was attributed to increased highway projects; • The 8% increase in the Measure A Coachella Valley Special Revenue fund was attributed to excess 2009 Measure A revenues over expenditures for Coachella Valley highway and regional arterial projects; • The 40% increase in the TUMF Special Revenue fund was primarily attributable to a settlement agreement on the Mid County Parkway project in the prior year; 12 • The 17% decrease in the Local Transportation Fund resulted from the excess of claims of allocations for transit operations and capital projects and for bicycle and pedestrian facility projects over sales tax revenues; • The 22% increase in the State Transit Assistance fund resulted from less claims for allocations for transit operations over sales tax revenues; • The 373% increase in the SB 132 fund deficit resulted from the reimbursements due from the Department of Transportation for eligible project reimbursements; • The 7% increase in the Commercial Paper Capital Projects fund was attributed to increased investment income; • The 7% decrease in the Bonds Capital Projects fund was attributed to transfers out for project costs; • The 3% increase in the Debt Service fund was attributable to increased investment income; and • The 25% increase in nonmajor governmental funds resulted primarily from the excess of sales tax revenues over claims of allocations for transit capital projects and an increase in motorist assistance revenues for freeway service patrol services. Proprietary Fund The Commission's proprietary fund provides the same type of information found in the government -wide financial statements. The net position of the proprietary fund totaled a deficit of $274,596,300 at June 30, 2019. The deficit is related to the RCTC 91 Express Lanes toll -supported debt in excess of capital and intangible assets. General Fund Budgetary Highlights The $413,300 increase in General Fund expenditure appropriations between the original budget and the final amended budget for the General fund was related to the following changes: • $298,500 increase to general government for various operations support services; • $22,300 increase to the commuter rail program for program management activities; • $85,900 increase to the planning and programming activities support costs; • $1,000 decrease for transit and specialized transportation activities support costs; • $17,600 increase for debt service for capital lease payments; and • $10,000 decrease to capital outlay for furniture and equipment. I-15/Railroad Canyon Road 13 During the year, General fund revenues were higher than budgetary estimates by $630,132; expenditures were less than budgetary estimates by $18,978,943. General fund budgetary variances between the final amended budget and actual amounts are as follows: Year Ended June 30, 2019 Final Amended General Fund Budgetary Variances Original Budget Budget Actual %Variance Revenues Intergovernmental Investment income Other Total revenues $ 7,959,700 $ 7,959,700 $ 8,184,187 98,600 98,600 642,815 313,100 313,100 174,530 8,371,400 8,371,400 9,001532 3% 552% (44)% 8% Expenditures Current General government 7,921,200 8,219,700 498,165 94% Commuter rail 31,435,100 31,457,400 25,728,469 18% Planning and programming 7,628,800 7,714,700 2,936,254 62% Transit and specialized transportation 645,600 644,600 408,757 37% Debt service 17,600 17,492 - Capital outlay 1,136,200 1,126,200 667,120 41% Total expenditures 48,766,900 49,180,200 30,256 257 38% Other financing sources (uses) Capital lease - 55,000 (100)% Transfers in 35,342,300 35,657,300 24,283,500 (32)% Transfers out (1,265,600) (1,265,600) - 100% Net change in fund balance $ (6,318,800) $ (6,417,100) $ 3,083,775 148% Significant budgetary variances between the final amended budget and actual amounts are as follows: • $224,487 positive variance for intergovernmental revenues primarily related to higher intergovernmental reimbursements for commuter rail expenditures; • $544,215 positive variance for increased investment income related to conservative investment yield estimates; • $138,570 negative variance for other revenues primarily related to lower commuter rail other revenues; • $7,721,535 positive variance for general government expenditures primarily related to administrative cost allocations process and lower professional services and other expenditures such as maintenance, training, and travel; • $5,728,931 positive variance for commuter rail expenditures related to lower station maintenance and repairs and Metrolink operations; • $4,778,446 positive variance for planning and programming expenditures related to lower grade separation project claims and engineering and construction costs for other agency projects; • $235,843 positive variance for transit and specialized transportation expenditures related to lower professional services and other expenditures such as training and travel; • $459,080 positive variance for capital outlay expenditures due to delayed acquisition of Commission hardware and software improvements; • $11,373,800 negative variance for transfers in related to the administrative cost allocation and lower planning and programming activities than anticipated; and • $1,265,600 positive variance for transfers out related to the administrative cost allocations process that affected commuter rail and planning and programming activities. 14 Capital and Intangible Assets Capital Assets As of June 30, 2019, the Commission had $819,810,293, net of accumulated depreciation, invested in a broad range of capital assets including development and construction in progress and easements; land and land improvements; construction rail operating easements, stations, and tracks; buildings; toll infrastructure; transponders; and office improvements, furniture, equipment, and vehicles. The total increase in the Commission's total capital assets, net for FY 2018/19 was 13%. Major capital asset additions during 2019 included construction in progress related to preliminary engineering, construction, and design -build costs for the I-15 Express Lanes and rail station improvements; development in progress; rail stations; construction easements; buildings; and office improvements, furniture, equipment and vehicles. The table below is a comparative summary of the Commission's capital assets, net of accumulated depreciation: Governmental Activities Business -Type Activities Total 2019 2018 2019 2018 2019 2018 Capital assets not being depreciated: Land and land improvements $ 169,894,576 $ 172,084,889 $ 38,736,133 $ 43,032,888 $ 208,630,709 $ 215,117,777 Construction easements 1,221,021 1,189,671 - - 1,221,021 1,189,671 Rail operating easements 63,846,199 63,846,199 - - 63,846,199 63,846,199 Construction in progress 249,061,099 142,647,416 - 174,151 249,061,099 142,821,567 Development in progress 106,969 - - 106,969 Total capital assets not being 484,129,864 379,768,175 38,736,133 43,207,039 522,865,997 422,975,214 depreciated Capital assets being depreciated, net of accumulated depreciation: Rail stations 136,390,623 132,656,945 - - 136,390,623 132,656,945 Rail tracks 139,272,770 144,341,460 - - 139,272,770 144,341,460 Temporary construction easements 289,076 - - - 289,076 Buildings 2,935,656 3,100,272 1,280,972 444,408 4,216,628 3,544,680 Toll infrastructure - - 15,729,648 21,211,466 15,729,648 21,211,466 Transponders - - 269,416 360,181 269,416 360,181 Office improvements, furniture, 738,234 472,350 37,901 16,461 776,135 488,811 equipment, and vehicles Total capital assets, net of 279,626,359 280,571,027 17,317,937 22,032,516 296,944,296 302,603,543 accumulated depreciation Total capital assets $ 763,756,223 $ 660,339,202 $ 56,054,070 $ 65,239,555 $ 819,810,293 $ 725,578,757 More detailed information about the Commission's capital assets is presented in Note 4 to the financial statements. Intangible Assets On March 20, 2017, the 91 Project was substantially completed and the RCTC 91 Express Lanes opened to motorists. In connection with a toll facilities agreement with Caltrans, or service concession agreement, the Commission may collect tolls and operate and maintain a toll facility on SR-91 from the Orange/Riverside County line to 1-15 for 50 years from opening. 15 The table below is a comparative summary of the Commission's intangible assets, net of accumulated amortization: Business -Type Activities 2019 2018 Toll facility franchise, net of accumulated amortization $ 239,801,144 $ 244,045,820 More detailed information about the intangible assets and service concession arrangements is presented in Note 5 to the financial statements. Debt Administration As of June 30, 2019, the Commission had $1,634,419,716 outstanding in sales tax and toll revenue bonds and TIFIA loans. The total debt decreased from the $1,636,313,303 outstanding as of June 30, 2018, primarily due to the following: • TIFIA loan draw of $14,946,136 and $175,603 compounded interest related to the 1-15 Express Lanes project; • Sales tax revenue bonds principal payments of $25,965,000; • Sales tax revenue bonds premium amortization of $11,841,861; • Toll revenue bonds capital appreciation bonds accretion of $4,828,668; • Toll revenue bonds discount amortization of $73,073; and • TIFIA compounded interest of $15,889,794 on the RCTC 91 Express Lanes. The Commission's sales tax revenue bonds received ratings of "AA+" from S&P Global Ratings (S&P), "Aa2" from Moody's Investors Service (Moody's), and "AA" from Fitch Ratings (Fitch), and the toll revenue bonds related to the 91 Project received ratings of "BBB" from S&P and Fitch. In August 2019, S&P upgraded its rating of the toll revenue bonds to "A-". The TIFIA loan related to the 91 Project received a rating of "BBB" from Fitch, and the TIFIA loan related to the I-15 Express Lanes project received ratings of "BBB" from Kroll Bond Rating Agency and "BBB-" from Fitch. In March 2005 the Commission established a commercial paper program, currently authorized at $60,000,000to provide advance funding for2009 Measure A capital projects. The commercial paper notes are rated "A1" by S&P and "P1" by Moody's. As of June 30, 2019, the Commission had $0 in commercial paper notes outstanding. The sales tax revenue debt limitation for the Commission under the 2009 Measure A program is $975,000,000 which exceeds the total outstanding debt of $833,055,000. The Commission has also authorized the issuance of toll revenue bonds, including a TIFIA loan, for the 91 Project not to exceed $900,000,000, which is in excess of the total outstanding debt of $669,294,571. TIFIA loans provided federal funding up to $421,054,409 for the 91 Project and $152,214,260 for the I-15 Express Lanes project on a subordinate lien basis and a senior lien basis, respectively. Additional information on the Commission's long-term debt can be found in Note 7 to the financial statements. Economic Factors and Other Factors During its March 2019 Commission meeting, the Commission adopted guiding principles for use in the preparation of the FY 2019/20 Budget. These principles have been incorporated in goals of the Commission and will continue to be updated annually in response to the ever -changing social, political, 16 and economic environment.The principles are a business planning tool designed to assist the Commission in implementing its strategic goals and objectives and lays the foundation for future financial planning for the annual budget process. The Commission adopted the FY 2019/20 annual budget on June 12, 2019. Approximately 46% of the $878,204,700 balanced budget is related to capital project expenditures, including: • $25,116,000 for completion of right of way acquisition, construction, and design -build activities related to the 91 Project consisting of tolled express and general purpose lanes and interchange improvements; • $97,925,000 for right of way support services, construction, and design -build activities related to the 1-15 Express Lanes project; • $43,266,000 for construction and design -build activities related to the 15/91 Express Lanes Connector project; • $47,757,000 for preliminary engineering, right of way acquisition/support services, and construction related to the Western County SB 132 projects for which the Commission is not the lead agency; • $69,000,000 for preliminary construction related to the SR-60 truck lanes project; • $16,175,000 for preliminary engineering, right of way acquisition/support services, and construction related to the Pachappa Underpass project; • $21,124,300 for various Western County Measure A and TUMF regional arterial projects; and • $45,100,000 for preliminary engineering, construction, and right of way acquisition/supportservices for the Mid County Parkway project. Distributions to the local jurisdictions for local streets and roads are budgeted at $58,642,300. Budgeted expenditures related to funding of public bus transit operations and capital projects in the County aggregate $161,431,400, and budgeted transfers out related to funding of commuter rail operations and capital are $24,269,100. Debt service costs are $76,657,400, or 9% of the budget. Leading economic indicators show that the local economic outlook is encouraging with the stabilization of sales tax revenues. However, the federal budget issues continue to affect funding of the Commission's capital projects and programs. These factors were considered in preparing the Commission's 2020 fiscal year budget, including the sales tax and TUMF fee revenue projections. There are obvious variables in terms of project financing available from federal and state funds. There is continuing uncertainty regarding long-term federal transportation funding. The Commission continues to study alternative financing alternatives such as tolled express lane facilities and federal financing programs to support the delivery of 2009 Measure A projects. Contacting the Commission's Management This financial report is designed to provide a general overview of the Commission's finances for all those with an interest in the government's finances and to show the Commission's accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Chief Financial Officer, Finance Department at the Riverside County Transportation Commission, 4080 Lemon Street, 3rd Floor, P.O. Box 12008, Riverside, California 92502-2208. 17 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 18 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Festival of Lights Event at the Riverside - Downtown Metrolink station Basic Financia Statements a Riverside County Transportation Commission Statement of Net Position June 30, 2019 Governmental Business -type Activities Activities Total Assets Cash and investments $ 541,655,819 $ 25,203,225 $ 566,859,044 Receivables: Accounts 181,826,349 55,326,930 237,153,279 Advances to other governments 45,019,273 45,019,273 Interest 3,436,149 444,261 3,880,410 Internal balances 2,338,641 (2,338,641) - Due from other governments 233,598 233,598 Prepaid expenses and other assets 4,020,972 201,302 4,222,274 Restricted investments held by trustee 85,352,295 76,380,134 161,732,429 Net other post -employment benefits assets 37,422 2,578 40,000 Capital assets not being depreciated 484,129,864 38,736,133 522,865,997 Capital assets, net of accumulated depreciation 279,626,359 17,317,937 296,944,296 Intangible asset, net of amortization - 239,801,144 239,801,144 Total assets 1,627,676,741 451,075,003 2,078,751,744 Deferred outflows of resources Loss on refunding of bonds 36,140,998 36,140,998 Pension changes in assumptions 889,607 61,281 950,888 Pension differences between contributions and proportionate share of contributions 407,257 28,054 435,311 Pension differences between expected and actual experiences 299,402 20,624 320,026 Pension changes in Commission's proportion 317,881 21,897 339,778 Pension contributions subsequent to measurement date 1,350,559 93,034 1,443,593 Pension net differences between projected and actual earnings on plan investments 38,578 2,657 41,235 Other post -employment benefits contributions subsequent to measurement date 727,861 50,139 778,000 Total assets and deferred outflows of resources 1,667,848,884 451,352,689 2,119,201,573 Liabilities Accounts payable 70,422,151 933,722 71,355,873 Interest payable 3,559,674 1,933,425 5,493,099 Other liabilities 2,291,392 53,151,954 55,443,346 Net pension liabilities 7,803,366 537,539 8,340,905 Long-term liabilities: Due within one year 42,117,083 21,772 42,138,855 Due in more than one year 926,889,816 669,327,649 1,596,217,465 Total liabilities 1,053,083,482 725,906,061 1,778,989,543 Deferred inflows of resources Pension changes in assumptions 218,025 15,019 233,044 Pension changes in Commission's proportion 138,606 9,548 148,154 Pension differences between expected and actual experiences 101,885 7,018 108,903 Other post -employment benefits net differences between projected and actual earnings on plan investments 164,657 11,343 176,000 Total liabilities and deferred inflows of resources 1,053,706,655 725,948,989 1,779,655,644 Net position Net investment in capital assets 706,935,587 (299,852,425) 407,083,162 Restricted for: Bicycle and pedestrian facilities 7,474,877 7,474,877 CETAP 52,262,879 52,262,879 Commuter assistance 16,006,440 16,006,440 Commuter rail 65,899,858 65,899,858 Debt service 11,437,149 11,437,149 Highways 314,036,844 314,036,844 Local streets and roads 3,185 3,185 Motorist assistance 10,501,511 10,501,511 Toll operations - 25,256,125 25,256,125 Planning and programming 5,268,078 5,268,078 Regional arterials 101,873,138 101,873,138 Transit and specialized transportation 210,111,263 210,111,263 Unrestricted (deficit) (887,668,580) (887,668,580) Total net position $ 614,142,229 $ (274,596,300) $ 339,545,929 See notes to basic financial statements 20 Functions/Programs Expenses Primary Government Govemmental Activities: General govemment Bicycle and pedestrian facilities CETAP Commuter assistance Commuter rail Highways Local streets ana roaas Motorist assistance Planning and programming Regional arterials Transit and specialized transportation Interest expense Total governmental activities Business -type Activities: RCTC 91 Express Lanes Total Primary Government $ 1,295,384 2,319,895 1,398,238 3,612,855 48,553,459 91,086,623 o1,4/U,soa 4,403,671 4,340,660 17,048,413 117,766,548 33,663,673 Riverside County Transportation Commission Statement of Activities Year Ended June 30, 2019 Program Revenues Charges for Operating Grants Capital Grants Services and Contributions and Contributions $ 326 $ $ 155,587 132,681 35,980 16,882,033 1,391,288 8,443,059 41,338,389 5,387,137 1,459,524 18,088,120 95,255 10,690,503 63,867,936 386,959,778 324,574 93,084,805 - 51,331,835 Net (Expense) Revenue and Changes in Net Position Governmental Activities Business -type Activities $ (1,295,058) $ (2,319,895) 15,483,795 (2,221,567) (29,264,310) 14,252,383 (t)1,4 /U,in) 1,019,446 (2,881,136) 1,039,707 (117,671,293) (33,663,673) 74,558,439 (218,991,960) 58,423,461 7,091,626 Total $ (1,295,058) (2,319,895) 15,483,795 (2,221,567) (29,264,310) 14,252,383 (b1,4 /U,JbU) 1,019,446 (2,881,136) 1,039,707 (117,671,293) (33,663,673) (218,991,960) 7,091,626 $ 438,291,613 $ 58,748,035 $ 93,084,805 $ 74,558,439 $ (218,991,960) $ 7,091,626 $ (211,900,334) General Revenues: Measure A sales taxes Transportation Development Act sales taxes Unrestricted investment earnings Other miscellaneous reveue Gain (loss) on sale of capital assets, net Transfers Total general revenues and transfers Change in net position Net position at beginning of year 201,204,995 131,021,230 21,130,957 3,261,873 443,461 2,977,396 360,039,912 141,047,952 2,764,137 (3,707,333) (2,977,396) 201,204,995 131,021,230 23,895,094 3,261,873 (3,263,872) (3,920,592) 356,119,320 3,171,034 144,218,986 473,094,277 (277,767,334) 195,326,943 Net position at end of year $ 614,142,229 $ (274,596,300) $ 339,545,929 21 Riverside County Transportation Commission Balance Sheet - Governmental Funds June 30, 2019 Major Funds General Special Revenue Transportation Measure A Measure A Uniform Local State Western Coachella Mitigation Transportation Transit County Valley Fee Fund Assistance SB 132 Assets Cash and investments $ 12,477,093 $ 178,101,021 $ 55,107,756 $ 105,825,270 $ 53,288,888 $ 101,048,031 $ Receivables Accounts 7,763,727 110,019,571 7,103,273 7,462,747 17,432,233 6,246,524 20,397,440 Advances 33,216 22,000,000 Interest 112,563 954,891 317,845 578,024 357,297 566,923 9 Due from other funds 9,869,943 2,340,015 151,098 148,108 - 1,213,732 Advances from other funds - 3,000,000 Prepaid expenditures and other assets 345,881 3,675,091 Restricted investments held by trustee - - Total assets $ 30,569,207 $ 298,123,805 $ 62,679,972 $ 114,014,149 $ 93,078,418 $ 107,861,478 $ 21,611,181 Liabilities and Fund Balances Liabilities Accounts payable $ 1,284,286 $ 40,837,130 $ 5,492,172 $ 4,132,388 $ 911,265 $ 337,867 $ 16,223,166 Due to other funds - 2,578,877 777,326 228,158 625,800 54,200 6,660,371 Advances to other funds - - Other liabilities 160,652 782,196 271 Total liabilities 1,444,938 44,198,203 6,269,498 4,360,817 1,537,065 392,067 22,883,537 Fund balances Nonspendable-prepaid amounts 345,881 3,675,091 Restricted for Bicycle and pedestrian facilities CETAP Commuter assistance 16,004,237 Commuter rail 20,301,517 42,348,754 Debt service Highways 137,421,977 54,505,889 Local streets and roads 1,284 1,339 Motorist assistance Planning and programming 5,250,405 Regional arterials 44,482,685 Transit and specialized transportation 9,991,574 1,903,246 Assigned General government 3,226,466 Unassigned Total fund balances 52,262,879 57,390,453 7,474,877 84,066,476 107,469,411 - (1,272,356) 29,124,269 253,925,602 56,410,474 109,653,332 91,541,353 107,469,411 (1,272,356) Total liabilities and fund balances $ 30,569,207 $ 298,123,805 $ 62,679,972 $ 114,014,149 $ 93,078,418 $ 107,861,478 $ 21,611,181 See notes to basic financial statements 22 Riverside County Transportation Commission Balance Sheet - Governmental Funds, Continued June 30, 2019 Major Funds Capital Projects Commercial Paper Bonds Other Nonmajor Debt Governmental Service Funds Total Assets Cash and investments $ 3,858,308 $ 9,310,279 $ 5,011,110 $ 17,628,063 $ 541,655,819 Receivables Accounts - 5,400,834 181,826,349 Advances 19,855,602 3,130,455 45,019,273 Interest 20,228 387,523 37,793 103,053 3,436,149 Due from other funds 585,744 67,894 14,376,534 Advances from other funds - 3,000,000 Prepaid expenditures and other assets 4,020,972 Restricted investments held by trustee 78,812,951 6,539,344 85,352,295 Total assets $ 24,319,882 $ 91,709,102 $ 11,588,247 $ 23,131,950 $ 878,687,391 Liabilities and Fund Balances Liabilities Accounts payable $ $ $ 1,203,877 $ 70,422,151 Due to other funds 151,098 962,063 12,037,893 Advances to other funds - 3,000,000 - 3,000,000 Other liabilities 1,228,223 147,297 694,635 3,013,274 Total liabilities 1,228,223 3,147,297 151,098 2,860,575 88,473,318 Fund balances Nonspendable-prepaid amounts 4,020,972 Restricted for Bicycle and pedestrian facilities 7,474,877 CETAP 52,262,879 Commuter assistance 16,004,237 Commuter rail 3,071,729 65,722,000 Debt service 11,437,149 11,437,149 Highways 23,091,659 88,561,805 303,581,330 Local streets and roads 562 3,185 Motorist assistance 10,501,511 10,501,511 Planning and programming 17,017 5,267,422 Regional arterials 101,873,138 Transit and specialized transportation 6,680,556 210,111,263 Assigned General govemment 3,226,466 Unassigned (1,272,356) Total fund balances 23,091,659 88,561,805 11,437,149 20,271,375 790,214,073 Total liabilities and fund balances $ 24,319,882 $ 91,709,102 $ 11,588,247 $ 23,131,950 $ 878,687,391 See notes to basic financial statements 23 N Riverside County Transportation Commission Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position June 30, 2019 Total fund balances - Governmental funds page 23 Amounts reported for governmental activities in the statement of net position page 20 are different because: Amounts due from other governments are not an available resource and therefore, are not reported in the funds. Deferred outflows of resources related to the pension contributions subsequent to the measurement date. Deferred outflows of pension resources related to the differences between contributions and proportionate share of contributions, net differences between projected and actual earnings on plan investments, differences between expected and actual experiences, changes in Commission's proportion, and changes in assumptions. $ 790,214,073 233,598 1,350,559 1,952,725 Deferred inflows of pension resources related to differences between expected and actual experiences, changes in Commission's proportion, and changes in assumptions. (458,516) Deferred outflows of other post -employment benefits resources related to contributions subsequent to the measurement date. 727,861 Deferred inflows of other post -employment benefits resources related to net differences between projected and actual earnings on plan investments. (164,657) Capital assets, less related accumulated depreciation, used in governmental activities are not financial resources and therefore are not reported in the funds. 763,756,223 Other long-term assets are not available to pay for current period expenditures and, therefore, are reported as unearned revenue in the funds. 721,882 Interest payable on bonds outstanding is not due and payable in the current period and therefore is not reported in the funds. (3,559,674) Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Those liabilities consist of: Net pension liability (7,803,366) Net other post -employment asset 37,422 Compensated absences (831,250) Capital lease obligation (50,504) Multi -Species Habitat Conservation Plan funding liability (3,000,000) Sales tax bonds payable (833,055,000) TIFIA loan (15,121,739) Loss on refunding of sales tax bonds 36,140,998 Premium on sales tax revenue bonds payable (116,948,406) Net adjustment (940,631,845) Net position of governmental activities page 21 $ 614,142,229 See notes to basic financial statements 25 Revenues Sales taxes Transportation Uniform Mitigation Fee Intergovernmental Investment income Other Total revenues Expenditures Current: General government Bicycle and pedestrian facilities CETAP Commuter assistance Commuter rail Highways Local streets and roads Motorist assistance Planning and programming Regional arterials Transit and specialized transportation Total programs Debt service: Principal Interest Total debt service Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Debt issuance Capital lease Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Fund balances at beginning of year Fund balances at end of year See notes to basic financial statements Riverside County Transportation Commission Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Year Ended June 30, 2019 Major Funds General Special Revenue Measure A Western County Measure A Coachella Valley Transportation Uniform Mitigation Fee Local Transportation Fund State Transit Assistance SB 132 8,184,187 642,815 174,530 $ 156,934,682 $ 61,692,336 5,812,430 6,169,581 43,238,756 $ 1,656,971 29,968,449 4,999,813 3,026,080 38,099 $ 103,819,440 $ 23,497,584 $ 53,666,786 2,118,450 2,866,174 (7,805) 9,001,532 230,609,029 44,895,727 38,032,441 498,165 534,238 3,603,353 25,728,469 13,218,370 128,995,061 19,392,762 45,305,238 15,133,565 2,936,254 12,533,037 408,757 6,927,390 6,178,100 1,394,120 4,509,338 105,937,890 26,363,758 53,658,981 12,000 2,319,895 784,000 97,432,996 6,687,688 55,274,567 29,571,645 12,461 5,031 211,116,687 40,704,427 5,903,458 100,548,891 6,687,688 55,274,567 17,492 667,120 4,995,989 30,256,257 216,112,676 40,704,427 5,903,458 100,548,891 6,687,688 55,274,567 (21,254,725) 14,496,353 55,000 24,283,500 24,338,500 14,946,136 17,176,236 (69,690,425) (37,568,053) 4,191,300 32,128,983 151,098 186,207 (1,071,845) 151,098 (885,638) 5,388,999 19,676,070 (1,615,586) (24,283,500) (24,283,500) 611,984 (350,000) 3,083,775 26,040,494 (23,071,700) 276,997,302 4,342,398 52,068,076 31,243,345 78,409,987 (18,894,501) 110,435,854 (350,000) 611,984 19,326,070 (1,003,602) 88,143,341 (268,754) $ 29,124,269 $ 253,925,602 $ 56,410,474 $ 109,653,332 $ 91,541,353 $ 107,469,411 $ (1,272,356) 26 Riverside County Transportation Commission Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Year Ended June 30, 2019 Major Funds Capital Projects Commercial Paper Bonds Other Nonmajor Debt Governmental Service Funds Total Revenues Sales taxes $ $ $ $ 4,735,763 $ 332,226,225 Transportation Uniform Mitigation Fee 29,968,449 Intergovernmental - 2,797,222 7,200,789 138,541,133 Investment income 1,515,343 2,642,461 556,853 482,196 21,311,968 Other - 35,980 6,418,190 Total revenues 1,515,343 2,642,461 3,354,075 12,454,728 528,465,965 Expenditures Current: General govemment 1,044,403 Bicycle and pedestrian facilities 2,319,895 CETAP 1,394,120 Commuter assistance - 3,603,353 Commuter rail 1,858,477 40,805,316 Highways 203,662,390 Local streets and roads 1,031,556 61,470,359 Motorist assistance 4,398,842 4,398,842 Planning and programming 587,605 4,307,859 Regional arterials 17,042,375 Transit and specialized transportation 113,160 117,748,091 Total programs 7,989,640 457,797,003 Debt service: Principal 25,965,000 25,977,461 Interest 43,590,738 43,595,769 Total debt service 69,555,738 69,573,230 Capital outlay 5,663,109 Total expenditures 69,555,738 - 7,989,640 533,033,342 Excess (deficiency) of revenues over (under) expenditures 1,515,343 2,642,461 (66,201,663) 4,465,088 (4,567,377) Other financing sources (uses): Debt issuance 14,946,136 Capital lease - - 55,000 Transfers in 500,000 69,504,223 3,950,000 116,363,248 Transfers out (9,924,300) (2,948,320) (4,352,084) (112,620,474) Total other financing sources (uses) (9,424,300) 66,555,903 (402,084) 18,743,910 Net change in fund balances 1,515,343 (6,781,839) 354,240 4,063,004 14,176,533 Fund balances at beginning of year 21,576,316 95,343,644 11,082,909 16,208,371 776,037,540 Fund balances at end of year $ 23,091,659 $ 88,561,805 $ 11,437,149 $ 20,271,375 $ 790,214,073 See notes to basic financial statements 27 28 Riverside County Transportation Commission Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended June 30, 2019 Net change in fund balances - Total governmental funds page 27 $ 14,176,533 Amounts reported for governmental activities in the statement of activities page 21 are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over its estimated useful lives and reported as depreciation expense. The adjustment combines the net changes of the following amounts: Capital outlay 116,195,014 Net gain on sale of assets 443,461 Depreciation expense (12,456,076) Net adjustments 104,182,399 The effect of transfers of capital assets between the Govemmental and Business -type activities do not require the use of current financial resources and are not reported as transfers in governmental funds. (765,378) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. (180,265) The issuance of long-term debt (e.g., bonds) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. The adjustment combines the net changes of the following amounts: Principal payments for sales tax revenue refunding bonds 4,465,000 Principal payment for sales tax revenue bonds 21,500,000 TIFIA loan proceeds (14,946,136) Change in TIFIA loan accrued interest (175,603) Amortization of sales tax revenue bonds premium 11,841,861 Amortization of loss on 2017B Refunding Bonds (1,807,050) Capital lease (55,000) Capital lease payments 12,461 Change in accrued interest 72,888 Change in Multi -Species Habitat Conservation Plan funding liability 3,000,000 Net pension liability 400,414 Pension change in deferred outflows of resources (812,492) Pension change in deferred inflows of resources (154,830) Net other post -employment benefits asset 265,058 Other post -employment benefits change in deferred outflows of resources (71,497) Other post -employment benefits change in deferred inflows of resources 37,017 Net adjustments 23,572,091 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. The adjustment combines the net changes of the compensated absences. 62,572 Change in net position of governmental activities page 21 $ 141,047,952 See notes to basic financial statements 29 Riverside County Transportation Commission Statement of Net Position Proprietary Fund June 30, 2019 RCTC 91 Express Lanes Enterprise Fund Assets Current assets: Cash and investments $ 25,203,225 Receivables Accounts 55,326,930 Interest 444,261 Prepaid expenses 201,302 Total current assets 81,175,718 Noncurrent assets: Restricted investments held by trustee 76,380,134 Other post -employment benefits assets 2,578 Capital assets, net: Nondepreciable 38,736,133 Depreciable 17,317,937 Intangible assets, net 239,801,144 Total noncurrent assets 372,237,926 Total assets 453,413,644 Deferred outflows of resources Pension benefits Other post -employment benefits Total deferred outflows of resources Total assets and deferred outflows of resources 227,547 50,139 277,686 453,691,330 Liabilities Current liabilities: Accounts payable 933,722 Interest payable 1,933,425 Due to governmental funds 2,338,641 Uneamed revenues 53,142,978 Other liabilities 8,976 Compensated absences liability 21,772 Total current liabilities 58,379,514 Noncurrent liabilities: Net pension liabilities 537,539 Compensated absences liability 33,078 Bonds payable - due in more than one year 669,294,571 Total noncurrent liabilities 669,865,188 Total liabilities 728,244,702 Deferred inflows of resources Pension benefits Other -post employment benefits Total deferred inflows of resources 31,585 11,343 42,928 Total liabilities and deferred inflows of resources 728,287,630 Net position Net investment in capital assets (299,852,425) Restricted for toll operations 25,256,125 Total net position (deficit) $ (274,596,300) See notes to basic financial statements 30 Riverside County Transportation Commission Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary Fund For the Year Ended June 30, 2019 Operating revenues Tolls, penalties, and fees RCTC 91 Express Lanes Enterprise Fund $ 58,423,461 Operating expenses Management and operational services 9,664,844 Administrative overhead 566,500 Other operating expenses 748,548 Professional services 1,089,555 General and administrative expenses 624,915 Depreciation and amortization 10,680,681 Total operating expenses 23,375,043 Operating income 35,048,418 Nonoperating revenues (expenses) Investment earnings 2,764,137 Interest expense (27,956,792) Loss on sale of capital assets (3,707,333) Total nonoperating revenues (expenses) (28,899,988) Income before transfers 6,148,430 Transfers in from governmental activities Transfers out to governmental funds Total Transfers 765,378 (3,742,774) (2,977,396) Change in net position 3,171,034 Net position at beginning of year (277,767,334) Net position at end of year $ (274,596,300) See notes to basic financial statements 31 Riverside County Transportation Commission Statement of Cash Flows Proprietary Fund For the Year Ended June 30, 2019 Cash flows from operating activities Receipts from customers and users Payments to vendors Payments to employees Payments for RCTC interfund services used Reimbursements received for shared costs Net cash provided by operating activities Cash flows from noncapital financing activities Transfer of excess investment earnings on debt service reserves Transfers of surplus funds to governmental activities Net cash used for noncapital financing activities Cash flows from capital and related financing activities Interest paid on long-term debt Acquisition of capital assets, net of reimbursements from other governments Proceeds from sale of capital assets Net cash used for capital and related financing activities Cash flows from investing activities Interest received Net cash provided by investing activities RCTC 91 Express Lanes Enterprise Fund 58,044,539 (11,583,755) (478,920) (821,305) 418,487 45,579,046 (500,000) (1,042,859) (1,542,859) (7,119,938) (1,911,279) 331,213 (8,700,004) 2,195,627 2,195,627 Net increase in cash and cash equivalents 37,531,810 Cash and cash equivalents at beginning of year 63,956,746 Cash and cash equivalents at end of year $ 101,488,556 Reconciliation of cash and cash equivalents to statement of net position Cash and investments $ 25,203,225 Less: fair value adjustment (94,803) 25,108,422 Restricted cash and investments 76,380,134 Total cash and cash equivalents $ 101,488,556 See notes to basic financial statements 32 Riverside County Transportation Commission Statement of Cash Flows, Continued Proprietary Fund For the Year Ended June 30, 2019 RCTC 91 Express Lanes Enterprise Fund Reconciliation of operating income (loss) to net cash provided by (used for) operating activities Operating income $ 35,048,418 Adjustments to reconcile operating income to net cash provided by (used for) operating activities Depreciation and amortization expense 10,680,681 (Increase) Decrease in violations receivables (29,599,777) (Increase) Decrease in other receivables, net 520,871 (Increase) Decrease in prepaid assets (34,336) Increase (Decrease) in pension and other -post employment benefits liabilities, net of deferred items 46,431 Increase (Decrease) in accounts payable (526,675) Increase (Decrease) in due to other funds (155,779) Increase (Decrease) in unearned revenue 29,597,087 Increase (Decrease) in deposits payable 2,007 Increase (Decrease) in compensated absences liability 118 Total adjustments 10,530,628 Net cash provided by operating activities $ 45,579,046 Noncash capital, financing and investing activities Amortization of bond discount Accreted and compounded interest Net increase in the fair value of investments See notes to basic financial statements 73,073 20,718,462 272,741 33 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies Reporting entity: The Riverside County Transportation Commission (Commission) was formed in 1976 under Division 12 (commencing with Section 130000) of the California Public Utilities Code (PUC). The Commission is a special district governed by a 34 member board of commissioners (Board) consisting of one representative from each city in the county, all five county supervisors, and one nonvoting state representative. The Commission provides short-range transportation planning and programming for Riverside County (County), which includes the administration of the Local Transportation Fund (LTF) and the State Transit Assistance (STA) programs created under the Transportation Development Act (TDA) by the State of California (State). The LTF is administered by the Commission on behalf of the County. The purpose of this program is to allocate funds for public transportation needs, local streets and roads, bicycle and pedestrian facilities, and multimodal transportation terminals. The STA program allocates funds for public transportation purposes to those geographic areas with special public transportation needs, which cannot be met otherwise. On November 8, 1988, the Commission was empowered by the voters of the County, under Ordinance No. 88-1 (1989 Measure A), to collect a one-half of one percent sales tax for the purpose of improving the transportation system of the County. Measure A was enacted, in part, pursuant to the provisions of Division 25 (commencing with Section 240000) of the California Public Utilities Code and Section 7252.22 of the Revenue and Taxation Code. On November 12, 2002 Riverside County's voters approved a 30-year renewal of Measure A under Ordinance No. 02 001 (2009 Measure A). The voter action ensured the replacement of the 1989 Measure A program when it expired in 2009 with a new 30-year program that continues funding transportation improvements until June 2039. In connection with the 2009 Measure A program, the County and cities in the Western County area implemented a Transportation Uniform Mitigation Fee (TUMF) program to fund a regional arterial system to handle the traffic demands in the Western Riverside County (Western County) area as a result of future development. Under the 2009 Measure A program, the Commission shall receive the first $400 million of TUMF revenues to fund the regional arterial projects and new Community Environmental Transportation Acceptability Process (CETAP) corridors included in the 2009 Measure ATransportation Improvement Plan. Under the Memorandum of Understanding (MOU), the majority of net revenues are allocated in equal amounts to the Commission for regional arterial projects and to Western Riverside Council of Governments (WRCOG) for local arterial projects; a small percentage is allocated for public transit. In September 2008, the Commission approved an amendment to the MOU whereby the $400 million cap was lifted and the Commission will continue to receive its share of TUMF revenues indefinitely. In August 2008, the State amended the Commission's authority under the PUCto include authorization to set, levy and collect tolls, user fees, or other similar charges, payable for use of the toll lanes and other facilities on the portion of State Highway Route 91 (SR-91) between the Orange County and Riverside County line to the west and Interstate 15 (1-15) to the east and to issue bonds or other obligations payable from the proceeds of such tolls and other revenues that are pledged. In March 2017, the Commission achieved substantial completion of the SR-91 corridor improvement project (91 Project) and opened the RCTC 91 Express Lanes. In September 2008, the State amended the Commission's authority under the State's Streets and Highways Code (Sections 149.7 through 149.8) to include authorization to set, levy and collect tolls, user fees, or other similar charges, payable for use of high -occupancy toll lanes and other facilities in the 1-15 corridor in Riverside County and to issue bonds or other obligations payable from the proceeds of such tolls and other revenues that are pledged. The Commission commenced the design -build phase of the 1-15 Express Lanes project in 2017 and anticipates substantial completion and opening of the 15 Express Lanes in 2020. 34 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued Accounting principles generally accepted in the United States require that the reporting entity include the primary government, organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete. The basic financial statements include all funds of the Commission including those of the Service Authority for Freeway Emergencies (SAFE), a component unit, for which the Commission is considered financially accountable. SAFE was created under Chapter 14 (commencing with Section 2550) of Division 3 of the California Streets and Highways Code and Sections 2421.5 and 9250.1 of the Vehicle Code. SAFE receives monies from fees levied on registered vehicles to be used to implement and maintain an emergency motorist aid system, as specified, on portions of the California Freeway and Expressway System in the County. The governing body of SAFE is substantially identical to that of the Commission, and management of the Commission has operational responsibility for SAFE. SAFE is presented as a special revenue fund. Separate financial statements are not issued for SAFE. There are many other governmental agencies, including the County of Riverside, providing services within the area served by the Commission. These other governmental agencies have independently elected governing boards and consequently are not under the direction of the Commission. Financial information for these agencies is not included in the accompanying financial statements. Basis of presentation: The Commission's basic financial statements consist of government -wide financial statements, including a statement of net position and a statement of activities, and fund financial statements which provide a more detailed level of financial information. Government -wide statements: The statement of net position and the statement of activities report information on all of the activities of the Commission.The effect of interfund activity has been removed from these statements; however, interfund services provided and used are not eliminated in consolidation.These statements report governmental activities, which normally are supported by taxes and intergovernmental revenues, and are reported separately from business -type activities, which rely to a significant extent on charges and fees for services. The statement of activities demonstrates the degree to which the program expenses of a given function are offset by program revenues. Program expenses include direct expenses, which are clearly identifiable with a specific function, and allocated indirect expenses. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other internally dedicated resources, which are properly not included among program revenues, are reported instead as general revenues. Fund financial statements: The fund financial statements provide information about the Commission's governmental and proprietary funds; the Commission has no fiduciary funds. The emphasis of fund financial statements is on major governmental and proprietary funds, each displayed in a separate column. The Commission has categorized the Commercial Paper Capital Projects fund and Debt Service fund as major funds for public interest reasons. The Commission believes that these judgmentally determined major funds are particularly important to the financial statement users. All remaining governmental funds not reported as major funds are aggregated and reported as nonmajor funds. 35 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued The Commission reports the following major governmental funds: General Fund: The General Fund is the general operating fund of the Commission and accounts for financial resources not required to be accounted for in another fund. Measure A Western County Special Revenue Fund: This fund accounts for the revenues from sales taxes which are restricted to expenditures for 1989 Measure A and 2009 Measure A Western County programs. Measure A Coachella Valley Special Revenue Fund: This fund accounts for the revenues from sales taxes which are restricted to expenditures for 2009 Measure A Coachella Valley programs. Transportation Uniform Mitigation Fee Special Revenue Fund: This fund accounts for TUMF revenues, which are restricted to expenditures for Western County regional arterial and CETAP projects. Local Transportation Fund: This special revenue fund accounts for the one -quarter percent of the state sales tax collected within the County under TDA for planning and programming, bicycle and pedestrian facilities, and transit operations including the Commission's commuter rail operations. State Transit Assistance Special Revenue Fund: This fund is used to account for revenues from sales taxes on diesel fuel restricted for transit projects. SB 132 Special Revenue Fund: This fund is used to account for program revenues allocated by the State for the Riverside County Transportation Efficiency Corridor. The program comprises five projects in northwest Riverside County. Commercial Paper Capital Projects Fund: This fund records proceeds from the issuance of commercial paper notes and the use of these proceeds for capital projects included in the 2009 Measure A. Bonds Capital Projects Fund: This fund records proceeds from the issuance of sales tax and toll revenue bonds and the use of these proceeds for capital projects included in the 2009 Measure A. Debt Service Fund: This fund accounts for the resources accumulated and payments made for principal and interest on the sales tax and toll revenue bonds. The Commission reports the following major proprietary fund: RCTC 91 Express Lanes Enterprise fund: This fund accounts for toll and non -toll revenues earned on the RCTC 91 Express lanes that extend on SR-91 from the Riverside/Orange County line to I-15. These revenues are restricted to pay operations and maintenance costs, repair and rehabilitation costs, debt service, and other in accordance with the toll bond indenture. Measurement focus and basis of accounting: The government -wide financial statements and proprietary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Toll revenues are recognized when customers utilize the toll road facility. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. 36 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Commission considers revenues to be available if they are collected within 180 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred; however, principal and interest expenditures on long-term debt as well as compensated absences and claims and judgments are recorded only when payment is due. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources. Those revenues susceptible to accrual include sales taxes collected and held by the State at year-end on behalf of the Commission, TUMF, intergovernmental revenues when all applicable eligibility requirements have been met, interest revenue, and vehicle registration user fees, charges for services, and fines and fees. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services in connection with a proprietary funds principal and ongoing operations. The principal operating revenues of the Commission's proprietary fund are charges for services. Operating expenses for the proprietary fund include the cost of services, administrative expenses, and depreciation and amortization on capital and intangible assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Cash and investments: The Commission maintains cash and investments in accordance with an investment policy adopted initially by the Board in September 1995, and most recently amended in March 2019. The investment policy complies with, or is more restrictive than, applicable state statutes. This investment policy requires the Commission's investment program to meet three criteria in the order of their importance: safety, liquidity, and return on investments. Investments of bond and commercial paper proceeds as permitted by the applicable debt documents are maintained by U.S. Bank, as trustee or custodial bank, and the earnings for each bond and commercial paper issue are accounted for separately. Cash from other Commission revenue sources is commingled for investment purposes, with investment earnings allocated to the different funds based on average monthly dollar balances in the funds. The Commission's investment policy is summarized in the table below; investments held by bond trustees are governed by the provisions of the Commission's bond indentures. Other investments permitted by the California Government Code (Code) are permitted but only with prior Board authorization; securities that could result in zero interest accrual if held to maturity are ineligible. 37 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued Authorized Investment Type United States (U.S.)Treasury obligations Federal agency securities State/Municipal obligations Mortgage and asset -backed securities Repurchase agreements U.S. corporate debt Commercial paper notes Banker's acceptances Money market mutual funds Riverside County Pooled Investment Fund (RCPIF) Local Agency Investment Fund (LAIF) Negotiable certificates of deposit Federally insured certificates of deposit Collateralized certificates of deposit Time deposits Maximum Effective Maturity 5 years 5 years 5 years 5 years 30 days 5 years 270 days 180 days Not applicable Not applicable Not applicable 180 days 1 year 1 year 5 years Maximum Percentage of Portfolio None None 25% 10% None 25% 25% 40% 20% None N/A 15% 20% 15% None Maximum Investment in One Issuer None None 10% 10% 10% 10% 10% 30% 10% Set by RCPIF Set by LAIF 10% 10% 10% 10% Minimum Ratings Not applicable Not applicable Al /A+ A3/A-/A- A Al /A+ A Not applicable Not applicable Not applicable Not applicable P-1 /A-1 /F-1 Not applicable Not applicable Not applicable LAIF is regulated by Code Section 16429 and is under the management of the State Treasurer with oversight provided by the Local Agency Investment Advisory Board. There is a $65 million deposit limit on regular LAIF accounts. Oversight of the RCPIF is conducted by the County Treasury Oversight Committee. All investments, except for those related to bond reserve funds, are subject to a maximum maturity of five years unless specific direction to exceed the limit is given by the Board. LTF moneys are legally required to be deposited in the RCPIF. The RCPIF and the LAIF are carried at fair value, or the value of each participating dollar as provided by the RCPIF and LAIF, respectively. The fair value of the Commission's position in the RCPIF and LAIF is the same as the value of the pool shares. The pooled funds are not subject to Level 1, 2, or 3 of the fair value hierarchy prescribed by Governmental Accounting Standards Board (GASB) Statement No. 72, Fair Value Measurement and Application. Investments in U.STreasury, federal agency, mortgage and asset -backed, municipal, corporate, negotiable certificates of deposit, and commercial paper securities are carried at fair value based on quoted market prices. Money market mutual funds are carried at fair value based on each fund's share price. Bank balances are secured by the pledging of a pool of eligible securities to collateralize the Commission's deposits with the bank in accordance with the Code. Cash and cash equivalents: For the purposes of the statement of cash flows, the Commission considers all short-term investments with an initial maturity of three months or less to be cash equivalents. All deposits, commercial paper, money market funds, certificates of deposit, and the share of RCIPF represent cash and cash equivalents for cash flow purposes. Accounts receivable: Accounts receivable consist primarily of Measure A and LTF sales tax revenues from the California Department of Tax and Fee Administration on all taxable sales within the County of Riverside, California through June 30, 2019 and an estimate for outstanding unpaid violations of the RCTC 91 Express Lanes that the Commission anticipates to collect. Unpaid violations of $53,146,325 as of June 30, 2019 are not recognized as revenue until payment is received and therefore are reflected as unearned revenue. Unpaid violations remain recorded for a period of four years in accordance with the statute of limitations, at which time, they will be deemed uncollectible. 38 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued Interfund transactions: During the course of operations, numerous transactions occur between individual funds involving goods provided or services rendered. There are also transfers of revenues from funds authorized to receive the revenue to funds authorized to expend it. Outstanding interfund balances are reported as due from/to other funds; internal financing balances are reported as advances to/from other funds. Any residual balances outstanding between the governmental activities and business -type activities are reported in the government wide financial statements as "internal balances". Prepaid expenditures/expenses and other assets: Certain payments to vendors and condemnation payments with the State, which are related primarily to the 91 Project, reflect costs applicable to future accounting periods and are recorded as prepaid expenditures/expenses using the consumption method in both the government -wide and fund financial statements. Restricted investments held by trustee: Restricted investments held by trustee represent unexpended bond proceeds, interest earnings thereon, and capitalized interest and reserve amounts for bonds. Under the related bond resolutions and indentures, any remaining bond proceeds are restricted for the use of future construction improvements to the respective projects, for debt service, or for reserve requirements in accordance with applicable debt covenants. Capital assets: Capital assets consisting of land and land improvements; construction in progress; construction and rail easements; buildings; rail stations; rail tracks; office improvements; office furniture, equipment, and vehicles; development in progress; toll infrastructure; and transponders are reported in applicable governmental or business -type activities in the government -wide financial statements. Capital assets are defined by the Commission as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of three years and are primarily included within the function of current expenditures in the fund financial statements. Such assets are recorded at historical costs or estimated historical costs if purchased or constructed. Donated capital assets excluding those received in a service concession arrangement are recorded at acquisition value at the date of donation. Donated capital assets and capital assets received in a service concession arrangement are reported at acquisition value. Highway construction and certain purchases of right of way property, for which title vests with the California Department of Transportation (Caltrans), are included in highway program expenditures. Infrastructure consisting primarily of highway construction and right of way acquisition is generally not recorded as a capital asset, because the Commission does not have title to such assets or rights of way. However, costs related to the development of tolled express lanes are recorded as land and land improvements and construction in progress. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the life of the asset are not capitalized. Rail stations, rail tracks, temporary construction easements, buildings, office improvements, furniture and equipment, vehicles, toll infrastructure, and transponders are depreciated using the straight-line method over the following estimated useful lives: 39 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued Asset Type Rail stations 10 to 30 years Rail tracks 30 years Temporary construction easements 1 to 3 years Buildings 10to20years Office improvements 7 to 10 years Furniture and equipment 3 to 5 years Vehicles 5 years Toll infrastructure 5 to 10 years Transponders 5 years Project costs that have been incurred for the tolled express lanes projects, consisting of the 91 Project and the 1-15 Express Lanes project, and are expected to remain the Commission's assets, are capitalized upon completion as intangible assets that will be amortized over the life of the service concession arrangement with Caltrans. These capitalizable costs have been accumulated in the capital assets as land and land improvements and construction in progress. The costs of the tolled express lanes projects that are not capitalized are expensed as incurred based on management's estimation which is generally based upon the allocation of Measure A and other funding sources, including toll -supported debt. As of June 30, 2019, the estimated project costs incurred but not capitalized related to the 91 Project is primarily right of way, or approximately $113.5 million. All costs related to the 1-15 Express Lanes project are considered capitalizable. Intangible assets: In May 2012 the Commission entered into a toll facility agreement with Caltrans and obtained authority to toll the State Route (SR) 91 from the Orange/Riverside County line to 1-15. The Commission's 91 Project included the RCTC 91 Express Lanes, which opened on March 20, 2017. The toll facility is amortized over the remaining life of the toll facility agreement through March 2067. Compensated absences: Vacation hours accumulated and not taken at year-end is reported as a long-term liability in the government -wide and proprietary fund financial statements. Sick leave is recorded as an expenditure or expense when taken by the employee. Employees with continuous five years of service have the option of being paid for sick leave accumulated in excess of 240 hours at a rate of 50% (i.e., one hour's pay for every two hours in excess of 240). Any sick leave in excess of 240 hours is accrued at fiscal year-end, and a liability is reported in the government -wide and proprietary fund financial statements. Sick leave that is due and payable at year-end is reported as an expenditure and a fund liability of the General fund. Pensions: For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions and pension expense, information about the fiduciary net position of the Commission's California Public Employees' Retirement System (CaIPERS) plans (Plans) and additions to/deduction from Plans' fiduciary net position have been determined on the same basis as they are reported by CaIPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value. Post -employment Benefits Other Than Pensions: For purposes of measuring the net other post - employment benefits (OPEB) asset, deferred outflows/inflows of resources related to the OPEB asset and OPEB expense, information about the fiduciary net position of the Commission's OPEB plan, and additions to/deductions from the OPEB fiduciary net position have been determined on the same basis as they are reported by California Employers' Retiree Benefit Trust (CERBT) administered by CaIPERS. For this 40 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued purpose, benefit payments are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value, except for money markets and participating interest -earning investment contracts that have a maturity at the time of purchase of one year or less, which is reported at cost. Risk management: The Commission is exposed to various risks of loss related to workers' compensation; torts; theft of, damage to, or destruction of assets; and errors or omissions. The Commission protects itself against such losses by a balanced program of risk retention, risk transfers, and the purchase of commercial insurance. Loss exposures retained by the Commission are treated as normal expenditures and include any loss contingency not covered by the Commission's purchased insurance policies. Construction projects and rail properties are protected through a combination of commercial insurance, insurance required of Commission consultants, and a self-insurance fund established by the Southern California Regional Rail Authority (SCRRA). Settled claims have not exceeded insurance coverage in any of the past three fiscal years. The RCTC 91 Express Lanes Enterprise fund has purchased commercial property insurance, including business interruption, earthquake and flood coverage related to the RCTC 91 Express Lanes. Deferred outflows of resources: In addition to assets, the statement of net position reports a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of net position that applies to a future period and will not be recognized as an outflow of resources, or expenditure, until then. The Commission has eight items —loss on refunding of bonds, changes in pension assumptions, pension contributions subsequent to measurement date, differences between expected and actual pension experiences, differences between Commission's pension contributions and the proportionate share of pension contributions, pension changes in Commission's proportion, net differences between projected and actual earnings on pension plan investments, and OPEB contributions subsequent to measurement date —which qualify for reporting in this category in the applicable column for governmental and business -type activities on the statement of net position. Deferred inflows of resources: In addition to liabilities, the statement of net position reports a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net position that applies to a future period and will not be recognized as an inflow of resources, or revenue, until then. The Commission has four items —changes in pension assumptions, pension changes in Commission's proportion, differences between expected and actual pension experiences, and net differences between projected and actual earnings on OPEB plan investments —which qualify for reporting in this category in the applicable governmental and business -type activities on the statement of net position. Fund equity: In the fund financial statements, the governmental funds report fund balances in various categories based on the nature of any limitations requiring the use of the resources for specific purposes: Nonspendable fund balances cannot be spent, because they are in nonspendable form such as prepaid expenditures or are required to be maintained intact. Restricted fund balances are restricted for specific purposes by third parties or enabling legislation. Committed fund balances include amounts that can be used only for specific purposes determined by adoption of a resolution of the Board. These committed amounts cannot be used for any other purpose unless the Commission removes or changes the specified use through the same type of formal action taken to establish the commitment. 41 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 1. Summary of Significant Accounting Policies, Continued Assigned fund balances comprise amounts intended to be used by the Commission for specific purposes but are not restricted or committed. The Board delegates the authority to assign amounts to be used for specific purposes to the Chief Financial Officer. Assignments generally only exist temporarily; an additional action does not have to be taken for the removal of an assignment. Unassigned fund balance is residual positive net resources of the General Fund in excess of what can properly be classified in one of the other four categories. In all other governmental funds, it is the negative residual fund balance of any other governmental fund that cannot be eliminated by offsetting assigned fund balance amounts. When both restricted and unrestricted resources are available for an incurred expenditure, it is the Commission's policy to spend restricted resources first and then unrestricted resources, as necessary. When unrestricted resources are available for an incurred expenditure, it is the Commission's policy to use committed amounts first, followed by assigned amounts, and then unassigned amounts. In June 2012, the Commission adopted a resolution to establish a policy on reporting and classifying fund balance in the General fund. Net position: In the government -wide and proprietary fund financial statements, net position represents the difference between assets and deferred outflows of resources and liabilities and deferred inflows and is classified into three categories: Net investment in capital assets consists of capital and intangible assets, net of accumulated depreciation and amortization, reduced by the outstanding balances of any borrowings used for the acquisition, construction, or improvement of those assets and excludes unspent debt proceeds. Restricted —net position represents restricted assets less liabilities and deferred inflows of resources related to those assets. Restricted assets are recorded when there are limitations imposed by creditors (such as through debt covenants), contributions, or laws and regulations of other governments or constraints imposed by law through constitutional provisions or through enabling legislation. Unrestricted —(deficit) represents the amount of unrestricted resources that will need to be provided for in future periods. When both restricted and unrestricted resources are available for use, it is the Commission's policy to use restricted —net position resources first and then unrestricted —net position resources, as they are needed. Administration expenditures: The Commission's staff and resources are used in the performance of its responsibilities relating to the activities of the Commission and its component unit. Accordingly, the Commission allocates salaries and benefits to each applicable fund on the basis of actual hours spent by activity, and other indirect overhead is allocated based on a systematic basis. Administrative salaries and benefits of $2,012,050 allocated to Measure A in 2019 were less than 1 % of revenues and in compliance with the law. Use of estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures during the reporting period. As such, actual results could differ from those estimates. 42 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 2. Cash and Investments Cash and investments at June 30, 2019 consist of the following: Cash ', Investments Total Restricted Investments Total Cash in bank $ 11,157,040 $ Petty cash 1,016 RCPIF - 498,780,344 Operations pooled investments - 53,113,466 LAIF - 3,807,178 Investments with fiscal agents - - $ 11,157,040 1,016 498,780,344 53,113,466 3,807,178 161,732,429 11,157,040 1,016 498,780,344 53,133,466 3,807,178 161,732,429 Total cash and investments $ 11,158,056 $ 555,700,988 $ 566,859,044 $ 161,732,429 $ 728,591,473 Total cash and investments are reported in the following funds: Unrestricted cash and investments Governmental funds $ 541,655,819 Enterprise fund 25,203,225 Subtotal 566,859,044 Restricted cash and investments Governmental funds 85,352,295 Enterprise fund 76,380,134 Subtotal 161,732,429 Total cash and investments $ 728,591,473 Restricted investments at June 30, 2019 represent investments held by bond trustees for project costs and debt service. FairValue Hierarchy: The Commission categorizes its fairvalue measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are based on similar observable assets either directly or indirectly, which may include inputs in markets that are not considered to be active; and Level 3 inputs are significant unobservable inputs (the Commission does not value any of its investments using Level 3 inputs). 43 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 2. Cash and Investments, Continued The following is a summary of the fair value hierarchy of the fair value of investments of the Commission as of June 30, 2019: Investments by fair value level: June 30,2018 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Investments subject to fair value hierarchy: U.S.Treasury obligations Mortgage and asset -backed securities Corporate notes Money market mutual funds U.S. agency securities Municipal bonds Commercial paper notes Negotiable certificates of deposit Total investments measured at fair value Investments not subject to fair value hierarchy: LAI F RCPIF Total investments $ 69,980,713 $ 35,088,991 34,267,921 27,775,997 22,328,247 9,985,088 9,268,707 6,150,231 42,316,690 $ 27,664,023 35,088,991 34,267,921 27,775,997 22,328,247 9,985,088 9,268,707 6,150 231 214,845,895 $ 42,316,690 $ 172,529,205 3,807,178 498,780,344 $ 717,433,417 Investments classified in Level 1 of the value hierarchy, valued at $42,316,690 are valued using quoted prices in active markets. U.S.Treasuryobligations totaling $27,664,023, mortgage and asset -backed securities totaling $35,088,991, corporate notes totaling $34,267,921, money market funds totaling $27,775,997, U.S. agency securities totaling $22,328,247, municipal bonds totaling $9,985,088, commercial paper totaling $9,268,707, and negotiable certificates of deposit totaling $6,150,231 in 2019, classified in Level 2 of the fair value hierarchy, are valued using matrix pricing techniques maintained by various pricing vendors. Matrix pricing is used to value securities based on the securities' relationship to benchmark quoted prices. Fair value is defined as the quoted market value on the last trading day of the period. These prices are obtained from various pricing sources by the custodian bank. 44 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 2. Cash and Investments, Continued As of June 30, 2019, the Commission had the following investments: Investments Fair Value Principal Interest Rate Range Maturity Range Weighted Average Maturity (Year) Unrestricted: RCPIF LAI F Operations pooled investments: Corporate notes Money market mutual funds Mortgage and asset -backed securities Municipal bonds U.S. agency securities U.S.Treasury obligations Total unrestricted investments Restrided: Negotiable certificates of deposit Commercial paper notes Corporate notes Money market mutual funds Mortgage and asset -backed securities Municipal bonds U.S. agency securities U.S. Treasury obligations Total restricted investments $ 498,780,344 $ 3,807,178 12,034,081 208,225 4,731,401 6,712,781 1,762,955 27,664,023 $ 555,700,988 $ $ 6,150,231 $ 9,268,707 22,233,840 27,567,772 30,357,590 3,272,307 20,565,292 42,316,690 $ 161,732,429 $ 496,867,386 1.000% - 3.330% 07/01 /19 - 06/21 /24 3,800,672 2.16%-2.57% 173days 11,942,288 208,225 4,696,057 6,666,284 1,729,317 27,459,618 1.300%- 3.630% 08/15/19 - 04/1/23 1.751% N/A 1.161 %- 3.560% 07/25/19 - 02/15/24 1.125% - 6.650% 09/01/19-08/15/23 2.100% - 3.000% 08/01/21 - 06/29/22 1.750% - 2.875% 05/15/21 - 03/31/24 553,369,847 Unrestricted investment portfolio weighted average 6,150,131 9,268,288 22,210,520 27,567,772 30,280,966 3,272,988 20,542,925 42,254,223 2.387%- 2.411 % 1.656%- 2.088% 2.061 %- 2.944% 0.000% - 1.860% -0.291 %- 3.885% 2.318%- 2.400% 2.318%- 2.457% 0.283%- 2.656% 07/03/19 - 07/09/19 07/08/19 - 07/23/19 07/02/19 - 05/20/22 N/A 08/15/19 - 09/16/55 07/15/19-11 /15/52 07/05/19 - 01 /13/22 08/31 /19 - 01 /15/29 1.104 173 days or 0.474 1.799 19 days or 0.052 3.213 1.518 2.677 2.322 1.645 0.0410 0.056 1.806 19 days or 0.052 13.084 26.281 2.845 3.340 161,547,813 Restricted investment portfolio weighted average 6.779 The weighted average maturity is calculated using the investment's effective duration weighted by the investment's fair value. As of June 30, 2019, mortgage and asset -backed securities totaled $35,088,991. The underlying assets are consumer receivables that include credit cards, auto/equipment, and home loans. The securities have a fixed interest rate and are rated AAA/Aaa by at least two of the three nationally recognized statistical rating organizations, except for $26,523,158 which is rated AA+/A1 + by S&P. Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the Commission's investment policy follows the Code as it relates to limits on investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. In accordance with the Commission's investment policy, restricted investments are invested in accordance with the maturity provisions of the specific bond indenture, which may extend beyond five years. Custodial credit risk: Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker -dealer) to a 45 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 2. Cash and Investments, Continued transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The Commission's investment policy requires that a third party bank trust department hold all securities owned by the Commission. All trades are settled on a delivery versus payment basis through the Commission's safekeeping agent. The Commission has deposits with a bank balance of $11,157,040 with a financial institution; bank balances over $5,000,000 are swept daily into a money market account. Of the bank balance, up to $250,000 is federally insured under the Federal Depository Insurance Corporation with balances in excess of $250,000 collateralized in accordance with the Code; however, the collateralized securities are not held in the name of the Commission. Credit risk: The Commission's investment policy as well as the specific bond indentures set minimum acceptable credit ratings for investments from any of the three nationally recognized statistical rating organizations. The following is a summary of the credit quality distribution and concentration of credit risk by investment type as a percentage of each category's fair value at June 30, 2019; securities denoted as NR are not rated by one of the nationally recognized statistical rating organizations. Investments Moody's S&P %of Portfolio RCPIF LAIF Negotiable certificates of deposit Deposit Deposit Commercial paper notes Various Various Various Corporate Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Money market mutual funds Funds Aaa bf NR P-1 P-1 P-1 P-1 P-2 AAAf/S1 NR A-1 A-1 + A-1 A-2 A-2 69.52% 0.53% 0.65% 0.21 % 0.17% 0.45% 0.67% Al A 0.27% Al A+ 0.06% Al AA- 0.47% A2 A 0.38% A2 A- 0.60% A2 A+ 0.03% A3 A 0.21 % A3 A- 0.24% A3 BBB+ 0.35% Aa1 AA- 0.17% Aa2 AA+ 0.19% AA1 AA+ 0.14% Aa3 A+ 0.12% AA2 A+ 0.22% AA2 AA 0.36% AA3 A+ 0.04% AA3 AA 0.06% AA3 AA 0.02% AAA AA+ 0.07% AAA AAA 0.10% Aaa NR 0.48% Baal A 0.20% Aaa AAAm 2.44% 46 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 2. Cash and Investments, Continued Investments Moody's S&P %of Portfolio Funds Mortgage and asset -backed securities Securities Securities Securities Securities Securities Securities Securities Securities Securities Municipal bonds NR Aaa Aaa AAA AAA Aaa NR NR NR P-1 NR AA+ AAA AAA NR NR AAA NR AAA A-1 + 1.43% 0.60% 0.12% 3.22% 0.35% 0.21 % 0.02% 0.14% 0.13% 0.11 % Alameda CountyJoint Powers Authority Lease AA1 AA+ 0.04% California State University AA2 AA- 0.02% Century Housing NR AA- 0.02% Commonwealth of Pennsylvania Aa3 NR 0.04% Greater Orlando Aviation Authority Aa3 AA- 0.10% Inland Valley Development Agency NR AA 0.03% Los Angeles Department of Airports AA2 AA 0.01% Los Angeles County Redevelopment AA2 AA 0.04% New York City Transitional Finance Authority Aa2 AA 0.09% Palo Alto Unified School District AAA AAA 0.05% Sacramento Suburban Water District NR AA+ 0.02% San Diego Public Health NR AA- 0.10% San Francisco Redevelopment Agency NR AA- 0.06% San Jose Development Agency NR AA 0.03% San Marcos Redevelopment Agency NR AA- 0.02% Santa Ana Redevelopment Agency NR AA 0.03% Santa Barbara County Solid Waste Al AA 0.02% Santa Clara Valley Water District AA1 NR 0.06% State of California Build America Bonds AA3 AA- 0.07% State of California AA3 AA- 0.07% State of California Department of Water Resources AA1 AA 0.01% State of Connecticut Al A 0.06% State of Hawaii AA1 AA+ 0.03% State of Maine Housing Authority Aa1 AA+ 0.01% State of New York AA1 AA+ 0.07% State of New York Housing Finance Agency Aa1 NR 0.20% State of North Dakota Housing Finance Agency Aa1 NR 0.01% State of Texas Water Financial AAA AAA 0.03% University of California AA3 AA- 0.07% U.S. agency notes Notes Aaa A-1+ 0.35% Notes Aaa AA+ 1.08% Notes AAA AA+ 1.30% Notes NR NR 0.25% Notes P-1 A-1+ 0.14% U.S.Treasuries Treasury NR NR 9.72% Total 100.00% 47 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 2. Cash and Investments, Continued Concentration of credit risk: The Commission's investment policy places a limit of 10% on the amount of investment holdings with any one non-U.S. Government or non-federal agency issuer. As of June 30, 2019, the Commission did not have investments in any one issuer that represent more than 5% of the Commission's total investments. Note 3. Advances The Commission has approved interest -bearing advances, which may be funded by debt proceeds, to the cities of Blythe, Canyon Lake, and Indio and the Coachella Valley Association of Governments (CVAG) in the amounts of $1,500,000, $600,000, $4,000,000, and $43,300,000, respectively. The cities have pledged their share of 2009 Measure A local streets and roads revenues, and CVAG has pledged its share of 2009 Measure A highway and regional road revenue allocations in accordance with repayment terms specified in each agreement for actual advances. Repayment amounts are withheld from revenue allocations on a monthly basis.The final maturities of the cities of Blythe and Indio advances are due on or before September 1, 2019; the final maturity of the city of Canyon Lake advance is due on or before December 1, 2019; and the final maturities of the CVAG advances are due on or before September 1, 2029. Interest rates range from .910%to 7.307%, excluding the portion of cash subsidy payments (as discussed in Note 7) that may be received by CVAG to reduce its repayment obligations. The outstanding interest -bearing advances, including capitalized interest of $721,979, as of June 30, 2019 were as follows: City of Blythe $ 39,101 City of Canyon Lake 33,216 City of Indio 111,469 Coachella Valley Associated Governments 22,835,487 Total interest -bearing advances receivable $ 23,019,273 Additionally, in February 2019 the Commission approved an advance loan of $22,000,000 from the Local Transportation Fund to the Riverside Transit Agency (RTA) in anticipation of programmed federal funding being awarded and available. Repayment of the advance loan will be remitted to the Commission within 10 days after programmed federal funds are accessible to RTA. 48 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 4. Capital Assets Capital assets activity for the year ended June 30, 2019 was as follows: Governmental activities Balanc June 30, 2018 Additions Deletions Balance Transfers June 30, 2019 Capital assets not being depreciated: Land and land improvements Construction in progress Rail operating easements Construction easements Development in progress Total capital assets not being depreciated Capital assets being depreciated: Rail stations Rail tracks Construction easements Buildings Office improvements Office furniture, equipment and vehicles Total capital assets being depreciated Less accumulated depreciation for: Rail stations Rail tracks Construction easements Buildings Office improvements Office furniture, equipment and vehicles Total accumulated depreciation Total capital assets being depreciated, net Governmental activities capital assets, net $ 172,084,889 142,647,416 63,846,199 1,189,671 $ 1,065,053 111,626,489 31,350 106,969 $ (3,255,366) $ - $ 169,894,576 (4,447,428) (765,378) 249,061,099 63,846,199 1,221,021 106,969 379,768,175 192,253,153 154,543,871 980,670 3,315,135 305,511 1,742,682 353,141,022 (59,596,208) (10,202,411) (980,670) (214,863) (99,957) (1,475,886) (72,569,995) 280,571,027 $ 660,339,202 112,829,861 (7,702,794) (765,378) 484,129,864 10,521,118 105,531 404,707 103,387 376,665 11,511,408 (6,787,440) (5,174,221) (115,631) (164,616) (37,246) (176,922) 115,080 (12,456,076) 115,080 (944,668) $ 111,885,193 $ (7,702,794) $ (115,080) (115,080) (765,378) 202,774,271 154,649,402 1,385,377 3,315,135 408,898 2,004,267 364,537,350 (66,383,648) (15,376,632) (1,096,301) (379,479) (137,203) (1,537,728) (84,910,991) 279,626,359 $ 763,756,223 Business -type activities Balance June 30, 2018 Additions Deletions Balance Transfers June 30, 2019 Capital assets not being depreciated: Land and land improvements Construction in progress Total capital assets not being depreciated Capital assets being depreciated: Toll infrastructure Transponders Buildings Equipment, furniture, and fixtures Total capital assets being depreciated Less accumulated depreciation for: Toll infrastructure Transponders Buildings Equipment, furniture, and fixtures Total accumulated depreciation Total capital assets being depreciated, net Business -type activities capital assets, net $ 43,032,888 174,151 43,207,039 27,899,996 453,819 686,813 25,460 29,066,088 (6,688,530) (93,638) (242,405) (8,999) (7,033,572) 22,032,516 $ 65,239,555 - $ (4,296,755) $ (174,151) (4,470,906) 920,813 35,235 956,048 (5,481,818) (90,764) (84,249) (13,796) (1) (1) 1 (5,670,627) 1 (4,714,579) $ (4,714,579) $ (4,470,906) $ - $ 38,736,133 - 38,736,133 27,899,996 453,818 1,607,626 60,695 - 30,022,135 (12,170,348) (184,402) (326,654) (22,794) - (12,704,198) - 17,317,937 - $ 56,054,070 49 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 4. Capital Assets, Continued Depreciation expense was charged to functions/programs of the Commission's governmental and business -type activities during the year ended June 30, 2019 as follows: Governmental activities: General government Commuter rail Highway Total depreciation expense -governmental activities $ 181,895 11,993,934 280,247 $ 12,456,076 Business -type activities: RCTC 91 Express Lanes Total depreciation expense - business -type activities Note 5. Intangible Assets and Service Concession Arrangements $ 5,670 627 $ 5,670,627 On May 14, 2012, the Commission entered into a toll facilities agreement with Caltrans providing the Commission with authorization to toll the SR-91 from Orange/Riverside County line to 1-15 for 50 years commencing as of the first day on which the RCTC 91 Express Lanes open for public use and toll operations. The agreement also set forth the Commission's leasehold rights to Caltrans' right of way and Caltrans' oversight role in the operations and maintenance of the RCTC 91 Express Lanes. Intangible asset activity for the year ended June 30, 2019 was as follows: Balance Balance June 30, 2018 Additions Transfers June 30, 2019 Toll facility franchise Less accumulated amortization Total toll facility franchise, net $ 249,927,114 $ - $ (5,881,294) (5,010,054) $ 244,045,820 $ (5,010,054) $ 765,378 $ 250,692,492 - (10,891,348) 765,378 $ 239,801,144 50 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 6. Interfund Transactions Due from/to other funds: The composition of balances related to due from other funds and due to other funds at June 30, 2019 is as follows: General fund General fund General fund General fund General fund General fund General fund General fund General fund General fund General fund General fund General fund General fund General fund Measure A Western County Special Revenue fund Measure A Western County Special Revenue fund Measure Coachella Valley Special Revenue fund Transportation Uniform Mitigation Fee Special Revenue fund SB132fund SB132fund Commercial Paper Capital Projects fund Commercial Paper Capital Projects fund Bonds Capital Projects fund Total duefrom/to other funds Nonmajor Governmental funds Nonmajor Governmental funds Transportation Uniform Mitigation Fee Special Revenue fund Measure A Western County Special Revenue fund Measure A Coachella Valley Special Revenue fund RCTC 91 Express Lanes Enterprise fund Local Transportation Fund State Transit Assistance fund SB132fund Transportation Uniform Mitigation Fee Special Revenue fund Measure AWestern County Special Revenue fund Measure Coachella Valley Special Revenue fund SB132fund RCTC 91 Express Lanes Enterprise fund SB132fund Nonmajor Governmental funds RCTC 91 Express Lanes Enterprise fund Debt Service fund Measure A Western County Special Revenue fund Measure A Western County Special Revenue fund RCTC 91 Express Lanes Enterprise fund Nonmajor Governmental funds Measure A Coachella Valley Special Revenue fund Measure Coachella Valley Special Revenue fund 1,587,931 151,098 148,108 29,011 141,600 183,300 1,289,300 162,800 39,700 625,800 54,200 333,100 44,858 539,721 256 44,273 99,026 6,282,998 Fringe benefits allocation Administrative cost allocation Administrative cost allocation Administrative cost allocation Administrative cost allocation Administrative cost allocation Administrative cost allocation Administrative cost allocation Administrative cost allocation Fringe benefits allocation Fringe benefits allocation Fringe benefits allocation Fringe benefits allocation Fringe benefits allocation Cash deficit 752,084 Commuter rail costs allocations Highway project costs allocations Advance loan payment adjustment Regional arterial project costs allocations 601,748 Administrative cost allocation reconciliation 611,984 Surplus funds use for administrative cost allocation related to 15191 Express Lanes project Advance loan payment adjustment Advance loan payment adjustment Advance loan payment adjustment 39,368 546,376 67,894 $ 14,376 534 51 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 6. Interfund Transactions, Continued Advancesto/from otherfunds: The Measu re AWestern County Special Revenue fund advanced $3,000,000 to the Bonds Capital Projects fund to establish an $18,000,000 Transportation Infrastructure Finance and Innovation Act (TIFIA) debt service reserve for the I-15 Express Lanes project as required no later than June 30, 2024. Capitalized interest as of June 30, 2019 was $33,216. Repayment of this initial Commission advance is subject to satisfying certain conditions under the related indenture, including the occurrence of the second anniversary of the TIFIA debt service payment commencement date. Interfund transfers: During 2019, interfund transfers were as follows: Transfers Out Transfers In Amount Explanation Measure A Western County Special Revenue fund Transportation Uniform Mitigation $ Fee Special Revenue fund Measure AWestern County Special Revenue fund Debt Service fund Transportation Uniform Mitigation Fee Special Revenue fund Local Transportation Fund State Transit Assistance Fund Bonds Capital Projects fund Bonds Capital Projects fund Debt Service fund Debt Service fund Nonmajor Governmental funds Nonmajor Governmental funds RCTC 91 Express Lanes Enterprise fund RCTC 91 Express Lanes Enterprise fund RCTC 91 Express Lanes Enterprise fund Total transfers Measure A Western County Special Revenue fund General fund Nonmajor Governmental funds Measure A Western County Special Revenue fund Debt Service fund Measure A Western County Special Revenue fund Measure A Coachella Valley Special Revenue fund Measure A Western County Special Revenue fund Nonmajor Governmental funds Measure A Western County Special Revenue fund SB 132 Special Revenue fund Bonds Capital Projects fund 186,207 Highway project costs allocations 69,504,218 Debt service funding related to highway projects for Western County and to advance agreements for Western County jurisdictions 1,071,845 Highway project costs allocations 24,283,500 Administration, planning and programming, commuter rail operating and station maintenance, and grade separation costs allocations 350,000 Coachella Valley commuter rail costs allocations 9,924,295 Highway project costs allocations 5 Debt service funding 2,797,222 Cash subsidies available after debt service payment 151,098 Share of cash subsidy related to CVAG advance agreement 752,084 Commuter rail costs allocations 3,600,000 Call box program augmentation of freeway service patrol operations 2,630,790 Surplus funds use for the 91 Corridor Operations project 611,984 Transfer of surplus funds to fund the15/91 Express Lanes Connector project 500,000 Excess investment earnings on toll debt service reserve fund to toll senior lien project bond fund $ 116,363,248 In connection with the substantial completion of the 91 Project in March 2017 and the commencement of toll operations on the RCTC 91 Express Lanes, the Commission transferred $765,378 of intangible asset costs from the governmental activities to the RCTC 91 Express Lanes Enterprise fund. 52 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations The following is a summary of the changes in long-term obligations for the year ended June 30, 2019: Governmental activities Balance June 30, 2018 Additions / Accretion Balance Reductions June 30, 2019 Due Within One Year Sales tax revenue bonds: 2010 Bonds 2013 Bonds 2016 Refunding Bonds 2017 Bonds, series 2017 Refunding Bonds, series B 2018 Refunding Bonds Total bonds payable Sales tax revenue bonds premium Total bonds payable, net TIFIA Loan MSHCP funding liability Capital lease Compensated absences liability Total long-term obligations $ 112,370,000 66,795,000 68,535,000 155,050,000 392,730,000 63,540,000 859,020,000 128,790,267 987,810,267 6,000,000 7,965 893,822 $ 994,712,054 $ $ $ (12,090,000) (4,940,000) (4,470,000) - (4,465,000) - (25,965,000) (11,841,861) (37,806,861) 15,121,739 - (3,000,000) 55,000 (12,461) 110,520 (173,092) 15,287,259 $ (40,992,414) $ 112,370,000 $ 54,705,000 63,595,000 150,580,000 392,730,000 59,075,000 833,055,000 12,690,000 5,185,000 4,690,000 4,680,000 27,245,000 116, 948, 406 11,511,679 950,003,406 38,756,679 15,121,739 3,000,000 50,504 831,250 $ 969,006,899 3,000,000 8,685 351,719 $ 42,117,083 Business -type activities Balance June 30, 2018 Additions / Accretion Reductions Balance Due Within June 30, 2019 One Year Toll revenue bonds: 2013 Bonds Toll revenue bonds discount Total bonds payable, net TIFIA loan Compensated absences liability Total long-term obligations $ 196,596,616 (2,074,446) 194,522,170 $ 4,828,668 $ 4,828,668 453,980,866 15, 889,794 54,732 326 $ 648,557,768 $ 20,718,788 $ - $ 201,425,284 $ 73,073 (2,001,373) 73,073 199,423 911 - 469,870,660 (208) 54,850 72,865 $ 669,349,421 $ 21,772 21,772 The Commission has pledged a portion of future sales tax revenues through maturities of the bonds to repay $833,055,000 in outstanding sales tax revenue bonds payable issued in November 2010 (2010 Bonds), July 2013 (2013 Sales Tax Bonds), September 2016 (2016 Refunding Bonds), July 2017 (2017A Sales Tax Bonds), December 2017 (2017B Refunding Bonds), and March 2018 (2018 Refunding Bonds) outstanding at June 30, 2019 plus related interest. The bonds are payable solely from the 2009 Measure A sales tax revenues on a senior and subordinate lien basis, respectively. Annual principal and interest payments on the bonds, are expected to require less than 36%of 2009 Measure revenues. For the current year, interest paid on the bonds was $43,590,738. Cash subsidies of $2,797,222 related to the bonds were received from the U.S. Treasury during the current year and were recorded as intergovernmental revenues. The toll revenue bonds issued in July 2013 (2013 Toll Bonds) are secured by a senior lien on the trust estate, which consists primarily of toll revenues and account revenues less operating and maintenance expenses of the RCTC 91 Express Lanes, which opened in March 2017. The Commission also executed a TIFIA loan agreement for up to $421,054,409 in July 2013 secured on a subordinate basis to the 2013 Toll Bonds, except in the case of any bankruptcy related event, as defined in the toll indenture and TIFIA loan agreement, when the TIFIA loan automatically becomes a senior lien obligation. The TIFIA loan is 53 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued evidenced by a toll revenue bond issued pursuant to the toll bond indentures; the amount outstanding under the TIFIA loan at June 30, 2019 is $469,870,660, including compounded interest of $48,816,251. Additionally, the Commission executed a TIFIA loan agreement for up to $152,214,260 in July 2017 as a senior toll revenue bond on the trust estate, which consists primarily of toll revenues and account revenues less operating and maintenance expenses of the 15 Express Lanes, which are expected to open in 2020. The amount outstanding under the TIFIA loan at June 30, 2019 is 15,121,739, including compounded interest of $175,603. Sales tax revenue bonds payable: Under the provisions of the 2009 Measure A, as amended by Measure K approved by the voters in November 2010, the Commission has the authority to issue bonds subject to a bond debt limitation of $975,000,000. The following is a summary of bonds issued and secured by 2009 Measure A revenues that are outstanding at June 30, 2019: 2010 Sales Tax Revenue Bonds (Limited ax Bonds), Series B (Taxable Build America Bonds): Outstanding In November 2010, the Commission issued sales tax revenue bonds consisting of the $37,630,000 SeriesA(2010A Bonds)and $112,370,000 Series B (2010B Bonds), for a total issuance of $150,000,000 (collectively, the 2010 Bonds). For the Series B Build America Bonds (BABs), $44,800,000 was designated as recovery zone economic development bonds (RZEDBs). A portion of the 2010 Bonds was used to retire $103,284,000 of the outstanding commercial paper notes with the remaining proceeds used to fund 2009 Measure A Western County and Coachella Valley capital projects and pay costs of issuance for the 2010 Bonds. In December 2017, the 2010A Bonds were refunded. The remaining 2010B Bonds mature in annual installments ranging from $530,000 to $17,980,000 on various dates from June 1, 2032 to June 1, 2039 at an interest rate of 6.807%. The Commission expects, but is not guaranteed, to receive a cash subsidy from the U.S. Treasury equal to 35% of the interest payable on the BABs or 45% of the interest payable on the 2010B Bonds additionally designated as RZEDBs. $ 112,370,000 During 2019 the cash subsidy related to the 2010 Bonds that was received from the U.S. Treasury was approximately $2,797,222, or $184,878 less than the amount anticipated. The subsidy reduction resulted from federal sequestration cuts of 6.3% for federal fiscal year ended September 30, 2019. The federal sequestration cuts may continue for an unknown duration. In accordance with the bond maturity schedule, and assuming no subsidy reduction, annual debt service requirements to maturity for the 2010B Bonds payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total Subsidy Total, net 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 $ - $ 7,649,000 7,649,000 7,649,000 7,649,000 7,649,000 - 38,245,200 29,170,000 37,219,300 83,200,000 17,452,200 $ 112,370,000 $ 131,161,700 $ 7,649,000 7,649,000 7,649,000 7,649,000 7,649,000 38,245,200 66,389,300 100,652,200 $ 243,531,700 (2,982,100) (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,500) (14,551,500) (7,386,200) $ (51,758,700) 4,666,900 4,666,900 4,666,900 4,666,900 4,666,900 23,334,700 51,837,800 93,266,000 $ 191,773,000 54 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued 2013 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A (Tax-exempt) Outstanding In July 2013, the Commission issued $462,200,000 principal amount of serial bonds at a premium of $38,328,775 to retire all, or $60,000,000, of the outstanding principal amount of commercial paper notes, fund a portion of the 91 Project costs, pay capitalized interest during construction, and pay cost of issuance. In December 2017, the Commission refunded the callable portion of the outstanding 2013 Sales Tax Bonds. The remaining 2013 Sales Tax Bonds mature in annual installments ranging from $12,690,000 to $14,695,000 on various dates from June 1, 2020 through June 1, 2023 at an interest rate of 5.00%. $ 54,705,000 In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2013 Sales Tax Bonds payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total 2020 2021 2022 2023 $ 12,690,000 13,325,000 13,995,000 14,695,000 $ 2,735,300 2,100,800 1,434,500 734,600 $ 15,425,300 15,425,800 15,429,500 15,429,600 $ 54,705,000 $ 7,005,200 $ 61,710,200 2016 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), Series A (Tax-exempt): Outstanding In October 2016, the Commission issued sales tax revenue bonds of $76,140,000. A portion of the 2016 Refunding Bonds was used to refund all of the outstanding Series A bonds issues in 2009, retire all of the outstanding commercial paper notes, finance a termination payment in connection with an interest rate swap agreement and pay costs of issuance. The outstanding 2016 Refunding Bonds mature in annual installments ranging from $5,185,000 to $7,305,000 on various dates from June 1, 2020 through June 1, 2029 at interest rates ranging from 2.00%to 5.00%. $ 63,595,000 In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2016 Refunding Bonds payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total 2020 2021 2022 2023 2024 2025-2029 $ 5,185,000 5,445,000 5,720,000 6,005,000 6,305,000 34,935,000 $ 2,266,100 2,006,900 1,734,600 1,448,600 1,148,300 2,333,000 $ 7,451,100 7,451,900 7,454,600 7,453,600 7,453,300 37,268,000 $ 63,595,000 $ 10,937,500 $ 74,532,500 55 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued 2017 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A (Tax-exempt): Outstanding In July 2017, the Commission issued sales tax revenue bonds of $158,760,000 at a premium of $28,931,909to fund a portion ofthe I-15 Express Lanes project and complete the 91 Project. The outstanding 2017A Bonds mature in annual installments ranging from $4,690,000 to $11,440,000 on various dates from June 1, 2020 to June 1, 2039 at interest rates ranging from 3.00%to 5.00%. $ 150,580,000 In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2017A Sales Tax Bonds payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 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 6,939,600 6,736,600 6,472,600 27,919,100 19,103,300 8,027,000 12,012,000 12,016,300 12,014,600 12,016,600 12,012,600 60,074,100 60,068,300 60,067,000 $ 150,580,000 $ 89,701,500 $ 240,281,500 In connection with the issuance of the 2017A Sales Tax Bonds, the Commission provided for the establishment of an 1-15 Trust Fund for deposits of sales tax revenues as required by the toll indenture for the 1-15 Express Lanes project. 2017 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), Series B (Tax-exempt): Outstanding In December 2017, the Commission issued sales tax revenue bonds of $392,730,000 at a premium of $80,058,109 to refund all of the outstanding 2010A Bonds and refund a portion of the 2013 Sales Tax Bonds. The 2017B Refunding Bonds mature in annual installments ranging from $15,045,000 to $30,980,000 on various dates from June 1, 2024 to June 1, 2039 at interest rates ranging from 4.00%to 5.00%. $ 392,730,000 In accordance with the bond maturity schedule, annual debt service requirements to maturity forthe 2017B Refunding Bonds payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 $ - $ 19,366,400 - 19,366,400 - 19,366,300 - 19,366,300 15,045,000 19,366,300 87,300,000 84,766,000 149,050,000 55,037,800 141,335,000 21,310,200 $ 392,730,000 $ 19,366,400 19,366,400 19,366,300 19,366,300 34,411,300 172,066,000 204,087,800 162,645,200 $ 257,945,700 $ 650,675,700 56 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued The refunding was undertaken to advance refund all of the outstanding 2010A Bonds and the callable portion of the outstanding 2013 Sales Tax Bonds in the amounts of $37,630,000 and $372,445,000, respectively, and reduce future debt service payments. The reacquisition price exceeded the net carrying amount of the old debt by approximately $41,742,900. This amount is reflected as a deferred outflow of resources and amortized over the life of the old debt, which is the same as the 2017B Refunding Bonds obligation. At June 30, 2019, the unamortized deferred amount on refunding was $36,140,998. The transaction also resulted in an economic gain (difference between the present values of the debt service payments on the old debt and the new debt) of approximately $39,936,000 and a reduction in future debt payments of approximately $52,013,000. 2018 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), Series A (Tax-exempt): Outstanding In April 2018, the Commission issued sales tax revenue bonds of $64,285,000 at a premium of $10,723,789 to refund all of the outstanding Series B and Series C bonds issued in 2009 and finance a termination payment in connection with an interest rate swap agreement with Bank of America. The outstanding 2018 Refunding Bonds mature in annual installments ranging from $4,680,000 to $7,290,000 on various dates from June 1, 2020 through June 1, 2029 at interest rates ranging from 4.00%to 5.00%. $ 59,075,000 In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2018 Refunding Bonds payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total 2020 2021 2022 2023 2024 2025-2029 4,680,000 4,890,000 5,205,000 5,425,000 5,745,000 33,130,000 $ 59,075,000 2,953,800 2,719,800 2,475,200 2,215,000 1,943,800 5,134,400 7,633,800 7,609,800 7,680,200 7,640,000 7,688,800 38,264,400 $ 17,442,000 $ 76,517,000 This refunding was undertaken to eliminate certain risks associated with managing the Commission's variable rate debt. The transaction resulted in a decrease in future debt payments of approximately $802,000 and an economic gain of approximately $746,000 (difference between the present value of the debt service payments on the old debt and the new debt). The reacquisition price and the net carrying amount of the old debt were the same. Toll revenue bonds payable: In July 2010, the Commission authorized the issuance and sale of not to exceed $900 million of toll revenue bonds related to the 91 Project. In May 2017, the Commission authorized the issuance and sale of not to exceed $165,000,000 of toll revenue bonds, including a TIFIA loan related to the I-15 Express Lanes project. 57 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued 2013 Toll Revenue Bonds, Series A (Current Interest Obligation): Outstanding In July 2013, the Commission issued $123,825,000 principal amount of serial current interest bonds (CIBs) at a discount of $2,433,315 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 costs of issuance. The CIBs consist 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%. $ 123,825,000 In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2013 Toll Bonds CIBs payable throughout the term of the bonds are as follows: Year Ending June 30 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 2040-2044 2045-2048 - $ 7,119,900 $ 7,119,900 39,315,000 84,510,000 $ 123,825,000 7,119,900 7,119,900 7,119,900 7,119,900 35,599,700 35,599,700 35,599,700 35,599,700 17,007,800 7,119,900 7,119,900 7,119,900 7,119,900 35,599,700 35,599,700 35,599,700 74,914,700 101,517,800 $ 195,006,100 $ 318,831,100 2013 Toll Revenue Bonds, Series B (Capital Appreciation Obligation): Outstanding In July 2013, the Commission issued $52,829,600 principal amount of serial capital appreciation bonds (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 costs of issuance. The CABs will not pay current interest as interest will be compounded commencing December 2013 semiannually and paid at maturity. Therefore, the CABs will 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%. During 2019, the accretion amount was $4,828,668; the aggregate accretion through June 30, 2019 is $24,770,681. $ 77,600,284 58 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2013 Toll Bonds CABS payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Accreted Interest Total 2022 2023 2024 2025-2029 2030-2034 2035-2039 2040-2043 2,396,700 3,098,000 3,739,200 20,311,000 11,492,900 11,791,800 $ 52,829,600 1,423,300 2,231,900 3,245,900 29,634,000 30,657,100 3,820,000 5,329,900 6,985,100 49,945,000 42,150,000 78,458,200 90,250,000 $ 145,650,400 $ 198,480,000 2013 TIFIA Loan Agreement - 91 Project: Outstanding In July 2013, the Commission executed a TIFIA loan of up to $421,054,409, which proceeds financed a portion of the costs for the 91 Project. During construction and for a period of up to five years following substantial completion, interest is compounded and added to the initial TIFIA loan. The TIFIA loan requires mandatory debt service payments at a minimum and scheduled debt service payments to the extent additional funds are available. TIFIA debt service payments are expected to commence on December 1, 2021, which is five years after substantial completion of the 91 Project, through June 1, 2051. The interest rate of the TIFIA loan is 3.47%. $ 469,870,660 The TIFIA loan is a toll revenue bond that is subordinate to the senior toll revenue bonds per the 91 Project indenture. In accordance with the TIFIA loan maturity schedule, the approximate annual mandatory debt service requirements to maturity for the TIFIA loan payable throughout the term of the loan are as follows: Year ending June 30 Principal Mandatory Interest Total 2022 2023 2024 2025-2029 2030-2034 2035-2039 2040-2044 2045-2049 2050-2051 $ 9,914,000 117,632,000 79,124,000 247,089,000 49,579,000 $ Total 503,338,000 Future compounded interest (33,467,340) Total TIFIA loan $ 469,870,660 1,921,000 1,921,000 1,924,000 25,570,000 87,312,000 78,402,000 57,931,000 35,110,000 2,050,000 $ 1,921,000 1,921,000 1,924,000 25,570,000 97,226,000 196,034,000 137,055,000 282,199,000 51,629,000 292,141,000 $ 795,479,000 59 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued Pursuant to the 91 Project toll indenture and TIFIA loan agreement, the Commission deposited with the trustee $136,451,515 through 2017 into an equity account for payment of 91 Project costs. In connection with the issuance ofthe2013To11 Bonds consisting of the ClBs and CABs, a debt service reserve of $17,665,460 and an operations and maintenance fund of $3,137,666 were established. Additionally, the toll indenture and TIFIA loan agreement require the Commission to establish a subordinate obligations reserve fund of $20,000,000 with Measure A sales tax revenues no later than July 1, 2019, to the extent that the proceeds from the sales of excess right of way acquired by the Commission in connection with the 91 Project are insufficient. The $20,000,000 reserve was funded in June 2019 from the proceeds of the sale of excess properties on the SR-91 and surplus funds. 2017 TIFIA Loan Agreement -1-15 Express Lanes: Outstanding In July 2017, the Commission executed a TIFIA loan of up to $152,214,260, which proceeds will finance a portion of the costs for the 1-15 Express Lanes project. During construction and for a period of up to five years following substantial completion, interest is compounded and added to the initial TIFIA loan. The TIFIA loan requires mandatory debt service payments at a minimum and scheduled debt service payments to the extent additional funds are available. TIFIA debt service payments are expected to commence on June 1, 2025, which is five years after substantial completion of the I-15 Express Lanes project, through June 1, 2055. The interest rate of the TIFIA loan is 2.84%. During 2019, $14,946,136 was drawn on the TIFIA loan and $175,603 in interest was compounded. $ 15,121,739 The TIFIA loan is a senior toll revenue bond per the 1-15 Express Lanes project indenture. In accordance with the TIFIA loan maturity schedule, the approximate annual mandatory debt service requirements to maturity for the TIFIA loan payable throughout the term of the loan are as follows: Mandatory Year ending June 30 Principal Interest Total 2025-2029 2030-2034 2035-2039 2040-2044 2045-2049 2050-2054 2055 24,622,700 28,323,500 32,576,600 37,480,600 43,109,900 9,370,300 $22,420,000 48,182,400 48,182,400 48,182,400 48,182,400 48,182,400 9,636,400 $22,420,000 72,805,100 76,505,900 80,759,000 85,663,000 91,292,300 19,006,700 Total 175,483,600 $ 272,968,400 $ 448,452,000 Future compounded interest (23,269,300) Total TIFIA loan $ 152,214,300 Pursuant to the 1-15 Express Lanes project toll indenture, the Commission will establish the following to support the 15 Express Lanes: • A $16.5 million ramp -up reserve prior to substantial completion and commencement of express lanes operations anticipated in 2020; 60 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued • An $18 million TIFIA loan reserve from an initial loan of Measure Asales tax revenues up to $3 million per year from 2019 through 2024 to the extent that 15 Express Lanes revenues are not sufficient to fund the TIFIA loan reserve; and • Up to a $38.5 million backstop loan from Measure A sales tax revenues of up to $3.85 million per year to the extent 15 Express Lanes revenues are not sufficient to cover operations and maintenance costs, TIFIA loan mandatory debt service, and TIFIA scheduled interest. During 2019, the Commission funded the initial $3,000,000 required for the TIFIA loan reserve with a loan of Measure A sales tax revenues. The loan is included in advances from the Measure A Western County Special Revenue fund to the Bonds Capital Projects fund. Commercial paper notes payable: In February 2005, the Commission authorized the issuance of tax- exempt commercial paper notes in an amount not to exceed $200,000,000 for the primary purpose of financing right of way and mitigation land acquisition and project development costs of capital projects under the 2009 Measure A. The Commission reduced the authorization to $60,000,000 in September 2013. As of June 30, 2019, $0 was outstanding in commercial paper notes. The source of revenue to repaythe commercial paper notes and any subsequent long-term debt refinancing is the 2009 Measure A sales tax. Interest is payable on the respective maturity dates of the commercial paper notes, which is up to 270 days from the date of issuance. The maximum allowable interest rate on the commercial paper notes is 12%. As a requirement for the issuance of the commercial paper notes, the Commission entered into a $60,750,000 irrevocable direct draw letter of credit and reimbursement agreement with State Street Bank and Trust Company (State Street) as credit and liquidity support for the commercial paper notes through October 2020. The commitment fees paid to State Street were $257,985 in 2019. Funds are drawn under the letter of credit to pay debt service on the commercial paper notes, and the Commission is required to reimburse the bank for such drawings. Amounts drawn on the letter of credit and not reimbursed within 30 days are not due until five years after the date of such draw. Accordingly, the commercial paper notes are classified as long-term liabilities in the Commission's government -wide financial statements. There were no unreimbursed draws by the Commission on the remaining letter of credit during the year ended June 30, 2019, nor were there any amounts outstanding under the remaining letter of credit agreement at June 30, 2019. The Commission's commercial paper program functions similar to bond anticipation notes for reporting purposes, as the commercial paper notes are issued and retired with long-term debt issuances. Commercial paper notes are classified as long-term debt as long as the Commission's letter of credit facility extends at least one year past its fiscal year end; otherwise, the commercial paper notes are classified as a fund liability. Capital lease obligation: The Commission has entered into a lease agreement for financing the acquisition of office equipment.This lease agreement qualifies as a capital leasefor accounting purposes and,therefore, has been recorded at the present value of its future minimum lease payments. The office equipment book value of $55,000 is recorded as a capital asset in the governmental activities. Total future minimum lease obligations and the net present value of these minimum lease payments as ofJune 30, 2019 are as follows: 61 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 7. Long-term Obligations, Continued Year Ending June 3 Total 2020 2021 2022 2023 2024 Total minimum lease payments Less amount representing interest Present value of minimum lease payments $ 15,762 15,762 15,762 15,762 6,567 69,615 (19,111) $ 50,504 Arbitrage rebate: The Tax Reform Act of 1986 instituted certain arbitrage restrictions with respect to the issuance of tax-exempt bonds and commercial paper notes after August 31, 1986. In general, arbitrage regulations deal with the investment of all tax-exempt bond and commercial paper note proceeds at an interest yield greater than the interest yield paid to bondholders or noteholders. Failure to follow the arbitrage regulations could result in all interest paid to bondholders or noteholders retroactively rendered taxable. In accordance with the arbitrage regulations, if excess earnings were calculated, 90%of the amount calculated would be due to the Internal Revenue Service at the end of each five-year period.The remaining 10%would be recorded as a liability and paid after all bonds had been redeemed. During the current year, the Commission performed calculations of excess investment earnings on all bond and commercial paper financings. There was no arbitrage liability at June 30, 2019. MSHCP funding liability: Under the 2009 Measure A, the Commission is required to provide $153,000,000 of Measure A funding under the Western County MSHCP. Through the current year, the Commission has fulfilled approximately $150,000,000 of the funding requirement. In March 2012, the Commission authorized a $24,000,000 commitment to the Western Riverside County Regional Conservation Authority (RCA) to provide funding for its remaining obligation to the MSHCP for its covered activities. Under the terms of the agreement, the commitment will be paid over eight years at $3,000,000 per year through December 2019. However, if, within the first two years of the agreement, the RCA received a federal loan guarantee related to the MSHCP or its revenues have returned to 2005 levels, the Commission may modify its commitment. The Commission did not modify its commitment within the first two-year period, and, accordingly, the remaining liability of $3,000,000 is recorded as a liability in the government -wide financial state m e nts. Note 8. Net Position and Fund Balances Net position: Net investment in capital assets of $407,083,162, as reported on the statement of net position, represents capital and intangible assets, net of accumulated depreciation and amortization, of $1,059,611,437 less the related debt of $652,528,275. The related debt includes the portion of the sales tax revenue and toll revenue bonds that was used for the development of tolled express lane capital assets. The deficit in business -type activities will be reduced by future toll revenues for the payment of outstanding toll obligations. Net Investment in Capital Assets Governmental Activities Business -Type Activities Total Capital assets, net Less: related debt Total $ 763,756,223 (56,820,636) $ 706,935,587 $ 295,855,214 (595,707,639) $ (299,852,425) $1,059,611,437 (652,528,275) $ 407,083,162 Additionally, the statement of net position reports $820,131,347 of restricted net position, of which $547,857,146 is restricted by enabling legislation. 62 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 8. Net Position and Fund Balances, Continued Fund balances: Measure A: Measure A sales tax revenues are allocated to the three defined geographic areas of Riverside County, consisting of Western County, Coachella Valley, and Palo Verde Valley in proportion to the funds generated within those areas. Revenues must then be allocated to the programs of the geographic areas according to percentages as defined by Measure A and are legally restricted for applicable program expenditures. Bond and commercial paper note proceeds are allocated to the geographic areas based on the estimated uses. Accordingly, the related fund balances are classified as follows: Highways: Funds are to be used for project costs including engineering, right of way acquisitions, and construction of the Western County highways and Coachella Valley highways and regional arterials. Funds for new corridors are to be used for environmental clearance, right of way acquisition, and construction of four new Western County transportation corridors identified through CETAP. In order to attract commercial and industrial development and jobs in the Western County, funds are expended 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. Funds are also provided to support bond financing costs. These program funds are intended to supplement existing federal, state, and local resources. Coachella Valley highway and regional arterial funds are matched by TUMF revenues generated in the Coachella Valley. Accordingly, funds for highways, Coachella Valley regional arterials, new corridors, economic development, and bond financing are reflected as restricted for these specific purposes as stipulated by the 1989 Measure A and 2009 Measure A. Commuter rail: Funds for rail operations and to match federal funds for capital are restricted as stipulated by the 2009 Measure A Western County public transit program. Certain state revenues are restricted for the planning and development of the new Coachella Valley/San Gorgonio Pass corridor rail service. Regional arterials: Funds for regional arterials are used to implement the planned Western County regional arterial system, as defined by WRCOG. Local streets and roads: Funds to be expended by local jurisdictions for the construction, repair, and maintenance of local streets and roads are reflected as restricted as stipulated by the 2009 Measure A. The County and local cities are required to supplement those expenditures with other previously dedicated revenue sources to maintain road improvements. Monies are disbursed to the jurisdictions which comply with the requirements to maintain the same level of funding for streets and roads as existed prior to the passage of the 2009 Measure A and participate in TUMF (as applicable in the Western County and Coachella Valley areas) and the MSHCP in Western County and which annually submit a five-year capital improvement plan. Commuter assistance and transit: Funds for publictransitare used to promote and subsidize commuter assistance programs such as ridesharing and telecommuting and specialized transportation to guarantee reduced transit fares, expand existing transit services, and implement new transit services for seniors and persons with disabilities. These funds are restricted as stipulated by the 2009 Measure A. Funds for intercity bus services in Western County and bus replacement and more frequent service in the Coachella Valley are restricted as stipulated by the 2009 Measure A. Debt service: Certain bond proceeds that have been used to make required sinking fund payments in the Debt Service fund as required by the bond agreements are classified as restricted. Amounts held by the trustee equal to the maximum annual debt service are recorded in the Debt Service fund as restricted. 63 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 8. Net Position and Fund Balances, Continued Transportation Development Act: Restricted fund balance for the LTF represents the apportionments related to transit programs by geographic area, bicycle and pedestrian facilities, and planning and programming services and unapportioned revenues. Restricted fund balance for the STA and State of Good Repair represents the apportionments for transit by geographic area. The TDA restrictions at June 30, 2019 are as follows: Local Transportation State Transit State of Good Fund Assistance Repair Total Bicycle and pedestrian facilities Transit and specialized transportation Western County: Bus transit: City of Banning City of Beaumont City of Corona City of Riverside Riverside Transit Agency Apportioned and unallocated Commuter rail: Commission Apportioned and unallocated Total Western County Coachella Valley: BusTransit SunLine Transit Agency Apportioned and unallocated Commuter Rail Commission Apportioned and unallocated Total Coachella Valley Palo Verde Valley: Palo Verde Valley Transit Agency Apportioned and unallocated for transit and local streets and roads Total Palo Verde Valley Unapportioned funds Total transit and specialized transportation $ 7,474,877 $ 7,474,877 - 799,506 76,050 875,556 4,362 1,458,221 116,392 1,578,975 898,069 196,244 1,094,313 278,030 193,714 471,744 3,126,866 26,868,008 3,711,831 33,706,705 46,975,393 31,541,015 85,892 78,602,300 2,000,000 - 799,813 2,799,813 6,402,854 27,844,427 24,523 34,271,804 58,509,475 89,687,276 5,204,459 153,401,210 2,934,027 14,492,959 1,412,176 18, 839,162 3,474,099 2,979,946 26,808 6,480,853 9,262 - 9,262 52,084 - 52,084 6,408,126 17,534,251 1,438,984 25,381,361 76,508 35,760 112,268 1,166,177 171,376 1,353 1,338,906 1,166,177 247,884 37,113 1,451,174 17,982,698 - - 17,982,698 $ 91,541,353 $ 107,469,411 $ 6,680,556 $ 205,691,320 Commuter rail: Restricted fund balances in the General fund and a nonmajor governmental fund represent TDA monies to be used for commuter rail operations and capital. Transportation Uniform Mitigation Fee: TUMF revenues to be received by the Commission are to be used for new CETAP corridors and the regional arterial system in Western County and are restricted as follows: CETAP: Funds for the development of new transportation corridors are used to provide congestion relief and mobility within the County and between the County and its neighboring Orange and San Bernardino counties. Funds will be matched by revenues of $370 million generated from the 2009 Measure A. 64 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 8. Net Position and Fund Balances, Continued Regional arterials: Funds for regional arterials are used to implement the planned Western County regional arterial system. Funds will be matched by revenues of $300 million generated from the 2009 Measure A. Prepaid amounts: Prepaid amounts are reported as nonspendable fund balance asthey are in nonspendable form. Motorist assistance: Funds in the Service Authority for Freeway Emergencies and Freeway Service Patrol Special Revenue funds, which are reported as nonmajor governmental funds of $6,825,688 and $3,675,823, respectively, to assist motorists on County roads are restricted as stipulated by the State. General government: Funds allocated by Measure A, TUMF, LTF, motorist assistance, STA, Coachella Valley Rail, and SB 132 programs to the General Fund have been assigned by the Commission for general government administration. RCTC 91 Express Lanes: Restricted net position for toll operations consists of net toll revenues from toll operations in the RCTC 91 Express Lanes Enterprise fund in accordance with the toll bond indenture. Unassigned: The SB 132 Special Revenuefund reported a negative unassigned fund balance of $1,272,356. The Commission anticipates future reimbursements from Caltrans will reduce the negative fund balance. Note 9. Commitments and Contingencies Operating lease: The Commission has entered into an operating lease agreement for office facilities. The term of the lease, as amended, is for a period of 10 years expiring in October 2027. Rental expenditures for the fiscal year ended June 30, 2019 were approximately $540,300. Year Ending June 30 Amount 2020 2021 2022 2023 2024 2025-2027 564,138 581,060 598,493 616,449 634,945 1,551,215 Total minimum rental commitment $ 4,546,300 Real property and project agreements: The Commission has entered into other agreements in the ordinary course of business with companies and other governmental agencies for the acquisition of real property as well as the engineering and construction of certain highway and commuter rail projects. These agreements, which are significant, are funded with available and future revenues and debt proceeds. Litigation: Certain claims involving disputed construction costs and property acquisition costs, including goodwill claims, have arisen in the ordinary course of business. Additionally, the Commission is a defendant in lawsuits. Although the outcome of these matters is not presently determinable, management does not expect that the resolution of these matters will have a material adverse impact on the financial condition of the Commission. 65 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 10. Joint Agreements Joint ventures: The Commission is one of five members of the SCRRA, an independent joint powers authority created in June 1992. The SCRRA's board consists of one member from the Ventura County Transportation Commission; two each from the Orange County Transportation Authority (OCTA), the San Bernardino Associated Governments, and the Commission; and four members from the Los Angeles County Metropolitan Transportation Authority. The SCRRA is responsible for implementing and operating a regional commuter rail system (Metrolink) in five southern California counties. As a member of SCRRA, the Commission makes capital and operating contributions for its pro rata share of rail lines servicing the County. The Commission expended $18,659,704 and $2,183,234 during 2019 for its share of Metrolink operating and capital costs, respectively. As of June 30, 2019, cumulative capital contributions were $53,364,720. Other funds for rail service are contributed to the SCRRA by the State from state rail bonds on behalf of the Commission. Separate financial statements are prepared by and available from the SCRRA, which is located at One Gateway Plaza, 12th Floor, Los Angeles, California 90012. In May 2013 the Commission became a full voting member of the Los Angeles —San Diego —San Luis Obispo (LOSSAN) Rail Corridor Agency with the intent to have greater involvement in regional rail issues because of its legal ownership rights regarding passenger rail service between Fullerton and Los Angeles. The LOSSAN Rail Corridor Agency is a locally governed joint powers authority comprised of 13 agencies created to oversee the intercity passenger rail service in the travel corridor between San Diego and San Luis Obispo County. The Commission's share of administration costs is subject to future negotiations; however, during 2019 the Commission contributed $0 for administration efforts. RCTC 91 Express Lanes cooperative agreements: The RCTC 91 Express Lanes are jointly operated with the existing OCTA 91 Express Lanes and collectively referred to as the 91 Express Lanes. Under the Orange -Riverside Cooperative Agreement, which was entered into in December 2011, the Commission and OCTA agreed on the use of the same initial toll operator, cost and revenue sharing, toll policies, business rules, interoperability of technology, and marketing activities as well as OCTA review of design plans and construction activities for the 91 Project. In May 2013 the Commission entered into a three -party agreement with OCTA and the third -party toll operator, for the operations of the 91 Express Lanes. This ensures a streamlined and consistent intercounty travel for motorists on the OCTA 91 Express Lanes in Orange County and RCTC 91 Express Lanes in Riverside County. The third -party toll operator provides operating services in the annual amount of $6,942,600 plus inflation for three initial years with two one-year extension options, subject to Board of Commissioners approval. The third -party toll operator is responsible for the day-to-day operations of the toll facility; another contractor is responsible for maintaining the roadside toll collection system under a separate agreement with the Commission. The three -party agreement expires on December 31, 2021, as amended in September 2019. Note 11. Employees' Pension Plans General Information about the CaIPERS Pension Plan: The Commission contracts with CaIPERS to provide its employees retirement as well as death and retirement disability benefits, which are paid by the CaIPERS under a cost sharing multiple -employer plan. CaIPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be obtained from its executive office located at 400 P Street, Sacramento, California 95814, or by visiting the CaIPERS website at www.calpers.ca.gov. All permanent Commission employees are eligible to participate in the Miscellaneous Employee Pension Plan, cost -sharing multiple employer defined benefit pension plan administered by CaIPERS. Benefit provisions under the Plan are established by State statute and Commission resolution. 66 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 11. Employees' Pension Plans, Continued Benefits Provided - CaIPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Employees hired prior to January 1, 2013 and attaining the age of 55 with five years of credited California service (service) are eligible for normal retirement and are entitled to a monthly benefit of 2.7% of their final compensation for each year of service. Final compensation is defined as the highest annual salary earned. Retirement may begin at age 50 with a reduced benefit rate. The plan also credits employees for unused sick leave. Employees hired on or after January 1, 2013 who are not "classic" members and attaining the age of 62 with five years of credited service are eligible for normal retirement and are entitled to a monthly benefit of 2% of their three-year final compensation for each year of service. Retirement may begin at age 52 with a reduced benefit rate. Upon separation from the plan prior to retirement, members' accumulated contributions are refundable with interest credited through the date of separation. All members are eligible for non -duty disability benefits after 10 years of service. The pre -retirement death benefit is one of the following: the 1957 Survivor Benefit - level 3 or the Optional Settlement 2W Death Benefit. The post -retirement death benefit is one of the following: lump sum or survivor allowance. The cost of living adjustments for each plan are applied as specified by the Public Employees' Retirement Law. The Plan provisions and benefits in effect at June 30, 2019, are summarized as follows: Hire date Miscellaneous Prior to January 1, 2013 On or after January 1, 2013 Benefit formula Benefit vesting schedule Benefit payments Retirement age Monthly benefits, as a %of eligible compensation Required employee contribution rates Required Commission contribution rates 2.7% @ 55 5 years of service Monthly for life 50-55 2.0%to 2.7% 8% 14.719% 2%@ 62 5 years of service Monthly for life 52 - 62 1.0%to 2.0% 7.25% 7.654% Contributions - Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in rate. Funding contributions for the Plan are determined annually on an actuarial basis as of June 30 by CaIPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The Commission is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended June 30, 2019, the contributions recognized as part of pension expense for the Plan were as follows: Miscellaneous Contributions - Commission Contributions - Employee $ 1,443,593 455,831 67 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 11. Employees' Pension Plans, Continued Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions: As of June 30, 2019, the Commission reported a net pension liability for its proportionate shares of the net pension liability of the Plan as follows: Proportionate Share of Net Pension Liability Miscellaneous $ 8,340,905 The Commission's net pension liability for the Plan is measured as the proportionate share of the net pension liability. The net pension liability of the Plan is measured as of June 30, 2018, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2017 rolled forward to June 30, 2018 using standard update procedures. The Commission's proportion of the net pension liability was based on a projection of the Commission's long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The Commission's proportionate share of the net pension liability for the Plan as of June 30, 2017 and 2018 is as follows: Miscellaneous Proportion -June 30, 2017 Proportion -June 30, 2018 Change - Increase (Decrease) 0.08794% 0.08656% (0.00138%) For the year ended June 30, 2019, the Commission recognized pension expense of $2,074,954. At June 30, 2019, the Commission reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows of Deferred Inflows Resources Resources Pension contributions subsequent to measurement date Differences between actual and expected experiences Changes in assumptions Differences between contributions and the proportionate share of contributions Changes in Commission's proportion Net differences between projected and actual earnings on plan investments Total $ 1,443,593 320,026 950,888 435,311 339,778 41,235 $ 108,903 233,044 148,154 $ 3,530,831 $ 490,101 The $1,443,593 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the subsequent fiscal years. Other amounts reported as deferred outflows of resources and deferred (inflows) of resources related to pensions will be recognized as pension expense as follows: Year Ending June 30 2020 2021 2022 2023 1,168,345 725,759 (221,946) (75,021) $ 1,597,137 68 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 11. Employees' Pension Plans, Continued Actuarial Methods and Assumptions - The total pension liability in the June 30, 2017 actuarial valuation was determined using the following actuarial assumptions: Miscellaneous Valuation Date Measurement Date Actuarial Cost Method Actuarial Assumptions: Discount Rate Inflation Projected Salary Increase Investment Rate of Return Mortality June 30, 2017 June 30, 2018 Entry -Age Normal Cost Method 7.15% 2.50% Varies by entry age and service 7.15% net of pension plan investment and administrative expenses, includes inflation Derived using CaIPERS' membership data for all funds The underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2017 valuation were based on the results of a December 2017 actuarial experience study report (based on demographic data for the period 1997 to 2015). Further details of the experience study can be found on the CaIPERS website. Discount Rate - The discount rate used to measure the total pension liability was 7.15% for the Plan. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Long Term Expected Rate of Return - The long-term expected rate of return on pension plan investments was determined using a building-block method in which best -estimate ranges of expected future real rates of return (expected returns, net pension plan investment expense and inflation) are developed for each major asset class. The long-term expected rate of return was 7.15% for the Plan. In determining the long-term expected rate of return, CaIPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all the funds' asset classes, expected compound returns were calculated over the short-term (first 10 years) and the long-term (10 years +) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long- term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses. 69 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 11. Employees' Pension Plans, Continued The table below reflects the real rates of return by asset class. Asset Class (a) Current Target Allocation Real Return Years 1 -10 (b) Real Return Years 11+ (c) Global Equity Fixed Income Inflation Assets Private Equity Real Estate Liquidity Total 50.0% 28.0% 8.0% 13.0% 1.0% 100% 4.80% 1.00% 0.77% 6.30% 3.75% 5.98% 2.62% 1.81 % 7.23% 4.93% (0.92%) (a) Fixed income is included in Global Debt Securities; Inflation Assets are included in both Global Equity Securities and Global Debt Securities; and Liquidity is included in short-term investments. (b) An expected inflation rate of 2.0% used for this period. (c) An expected inflation rate of 2.92% used for this period. Sensitivity of the Collective Net Pension Liability to Changes in the Discount Rate -The following presents the Commission's collective net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the Commission's collective net pension liability would be if it were calculated using a discount rate that is 1 % below or 1 % higher than the current rate: Miscellaneous 1 % Decrease Net Pension Liability Current Discount Rate Net Pension Liability 1 % Increase Net Pension Liability 6.15% $13,066,049 7.15% $8,340,905 8.15% $4,440,375 Pension Plan Fiduciary Net Position - Detailed information about the pension plan's fiduciary net position is available in the separately issued CaIPERS financial reports. Payable tothe Pension Plan-AtJune 30, 2019,the Commission reported a payable of $0forthe outstanding amount of contributions to the pension plan required for the year ended June 30, 2019. 401(a) plan: The Commission offers its employees a 401(a) single -employer defined contribution plan referred to as the Money Purchase Plan & Trust (Plan), which covers all permanent full-time employees. Employees are fully vested in the Plan after five years. The Plan, which is administered by the International City/County Management Association (ICMA), requires the Commission to make a contribution of 7.5% of the employees' earnings for the Plan year. Fiduciary responsibility and reporting of the Plan assets rests with ICMA. The Commission has the authority to amend the contribution requirements. Total payroll for covered employees for the current year was $5,870,876.The Commission's contributions to the Plan were $437,821 for the year ended June 30, 2019. 70 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 12. Post -employment Benefits Other Than Pensions (OPEB) Plan description -The Commission's OPEB plan through the CERBT, is a single -employer defined benefit plan for eligible retirees and their dependents. CERBT issues a publicly available financial report that can be obtained from its executive office or its website. Benefits provided - The Commission provides post -employment health benefits for eligible retirees and their dependents at retirement. For employees hired on or after January 1, 2007, retirees must have a minimum of 10 years of PERS service and no less than five years of Commission service in order to receive post -employment health benefits in accordance with PERS as per Government Code Section 22893. For employees hired prior to January 1, 2007, retirees are not required to meet the eligibility criteria and may receive post -employment health benefits at the monthly health benefit rate paid for active employees, which is currently at $600. The Commission's contributions toward premiums for retiree health insurance are coordinated with Medicare and other benefits provided by federal and state law, when available, to the extent it reduces the cost of insurance premiums. Employees covered by benefit terms at June 30, 2019 are as follows: Inactive employees or beneficiaries currently receiving benefit payments 18 Inactive employees entitled to but not yet receiving benefit payments 0 Active employees 43 Total 61 Contributions - The contribution requirements of plan members are established and may be amended by the Commission. The Commission has adopted a policy to fund 100% of the actuarially determined amount. For the year ended June 30, 2019, the Commission's average contribution rate was 15.2% of covered -employee payroll. Employees are not required to contribute to the plan. Net OPEB Liability - The Commission's net OPEB liability was measured as of June 30, 2018, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of that date. Actuarial assumptions - The total OPEB liability in the June 30, 2018 actuarial valuation was determined using the following assumptions, applied to all periods included in the measurement, unless otherwise specified: Actuarial Assumptions June 30, 2018 Measurement Date Inflation Salary increases Investment rate of return Healthcare cost trend rates 2.75%per annum 3.00% aggregate 6.00% Non -Medicare: 7.5% for 2019, decreasing to an ultimate rate of 4.0% in 2076 and later years Medicare: 6.5%for 2019, decreasing to an ultimate rate of 4.0% in 2076 and later years Mortality rates are based on projected fully generational with Scale MP-16. The actuarial assumptions used in the June 30, 2018 actuarial valuation were based on the results of an actuarial experience study for the period July 1, 2017 to June 30, 2018. 71 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 12. Postemployment Benefits Other Than Pensions (OPEB), Continued The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which best -estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce long-term expected rate of return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset Class Target Allocation Strategy 2 Expected Real Rate of Return Global equity Fixed income TIPS Commodities REITs Assumed long-term rate of inflation Expected long-term net rate of return 40% 39% 10% 3% 8% 4.82% 1.47% 1.29% 0.84% 3.76% 2.75% 6.00% Discount rate - The discount rate to measure the total OPEB liability was 6.00%. The projection of cash flows used to determine the discount rate assumed that contributions from the Commission will be made at contractually required rates, actuarially determined. Based on this assumption, the OPEB plan's fiduciary net position was projected to be available to make projected OPEB payments for current and inactive employees. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability. Changes in the Net OPEB Liability - The changes in the net OPEB liability (asset) from the measurement date of June 30, 2017 to June 30, 2018 are as follows: Increase Decrease Total OPEB Liability Plan Fiduciary Net Position Net OPEB Liability (Asset) Balances atJune 30, 2017 (measurement date) Changes for the year: Service cost Interest Changes in benefit terms Contributions- employer Net investment income Benefit payments Administrative expense Net changes Balances atJune 30, 2018 (measurement date) $ 6,565,000 463,000 416,000 74,000 $ 6,323,000 725,000 522,000 (192,000) (192,000) (12,000) 12,000 242,000 463,000 416,000 74,000 (725,000) (522,000) 761,000 1,043,000 (282,000) $ 7,326,000 $ 7,366,000 $ (40,000) 72 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 12. Postemployment Benefits Other Than Pensions (OPEB), Continued Sensitivity of the net OPEB liability to changes in the discount rate - The following table presents the Commission's net OPEB liability (asset), as well as what the Commission's net OPEB liability would be if it were calculated using a discount rate that is 1 % below or 1 % higher than the current discount rate: Changes in the Discount Rate 1 % Decrease Net OPEB Liability Current Discount Rate Net OPEB Liability 1 % Increase Net OPEB Asset 5.00% $1,064,000 6.00% ($40,000) 7.00% ($936,000) Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates - The following table presents the net OPEB liability (asset) as well as whatthe Commission's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 % below or 1 % higher than the current healthcare cost trend rates: Changes in the Healthcare Cost Trend Rate 1 % Decrease Net OPEB Asset Current Healthcare Trend Rate Net OPEB Liability 1 % Increase Net OPEB Liability 1 % Decrease ($1,076,000) Current Trend ($40,000) 1 % Increase $1,251,000 OPEB plan fiduciary net position - Detailed information about the OPEB plan's fiduciary net position is available in the separately issued CERBT financial reports at https://www.calpers.ca.gov/page/employers/ benefit-programs/cerbt. OPEB expense and deferred outflows of resources and deferred inflows of resources related to OPEB - For the year ended June 30, 2019, the Commission recognized OPEB expense of $529,400. At June 30, 2019 the Commission reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources. Deferred Outflows of Resources Deferred Inflows of Resources Contributions subsequent to measurement date Net differences between projected and actual earnings on plan investments Total 778,000 $ 778,000 176,000 $ 176,000 73 Riverside County Transportation Commission Notes to Basic Financial Statements June 30, 2019 Note 12. Postemployment Benefits Other Than Pensions (OPEB), Continued The $778,000 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the subsequent fiscal years. Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ending June 30 2020 2021 2022 2023 (37,000) (39,000) (77,000) (23,000) $ (176,000) Payable to the OPEB Plan -At June 30, 2019 the Commission reported a payable of $0 for the outstanding amount of contributions to CERBT required for the year ended June 30, 2019. Note 13. Measure A Conformance Requirements Measure A requires that the 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 expenditures for planning, environmental reviews, engineering and design costs, and related right of way acquisition. Note 14. Pronouncements Issued, Not Yet Effective The GASB pronouncements issued prior to June 30, 2019 that have an effective date that may impact future financial presentations include: • GASB Statement No. 87, Leases, effective for fiscal years beginning after December 15, 2019; • GASB Statement No. 89, Accounting for Interest Cost Incurred Before the End of a Construction Period, effective for fiscal years beginning after December 15, 2019; • GASB Statement No. 90, Majority Equity Interests -An Amendment of GASB Statement No. 14 and No. 61, effective for fiscal years beginning after December 15, 2018; and • GASB Statement No. 91, Conduit Debt Obligations, effective for fiscal years beginning after December 15, 2020. 74 RIVERSIDE COUNTY TRANSPORTATION COMMISSION SR-60 Truck Lanes Project 4 • %J � IPM.r+_ 5• �. ^4 nh , . li 1.— -#- • ...Pr.. •I�r K �V1.7 ' ,T {.•Ir. t11-5; i' Required Supplementary Information RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund Year Ended June 30, 2019 General Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Revenues Intergovernmental $ 7,959,700 $ 7,959,700 $ 8,184,187 $ 224,487 Investment income 98,600 98,600 642,815 544,215 Other 313,100 313,100 174,530 (138,570) Total revenues 8,371,400 8,371,400 9,001,532 630,132 Expenditures Current: General government 7,921,200 8,219,700 498,165 7,721,535 Commuter rail 31,435,100 31,457,400 25,728,469 5,728,931 Planning and programming 7,628,800 7,714,700 2,936,254 4,778,446 Transit and specialized transportation 645,600 644,600 408,757 235,843 Total programs 47,630,700 48,036,400 29,571,645 18,464,755 Debt service: Principal 12,500 12,461 39 Interest 5,100 5,031 69 Total debt service 17,600 17,492 108 Capital outlay 1,136,200 1,126,200 667,120 459,080 Total expenditures 48,766,900 49,180,200 30,256,257 18,923,943 Excess (deficiency) of revenues over (under) expenditures (40,395,500) (40,808,800) (21,254,725) 19,554,075 Other financing sources (uses) Capital lease - 55,000 55,000 Transfers in 35,342,300 35,657,300 24,283,500 (11,373,800) Transfers out (1,265,600) (1,265,600) 1,265,600 Total other financing sources (uses) 34,076,700 34,391,700 24,338,500 (10,053,200) Net change in fund balances Fund balances at beginning of year Fund balances at end of year See notes to required supplementary information $ (6,318,800) $ (6,417,100) 3,083,775 $ 9,500,875 26,040,494 $ 29,124,269 77 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - Major Special Revenue Funds Year Ended June 30, 2019 Measure A Western County Measure A Coachella Valley Variance with Variance with Final Budget Final Budget Original Final Positive Original Final Positive Budget Budget Actual (Negative) Budget Budget Actual (Negative) Revenues Sales taxes $ 145,158,000 $ 149,038,000 $ 156,934,682 $ 7,896,682 $ 40,849,000 $ 41,942,000 $ 43,238,756 $ 1,296,756 Transportation Uniform Mitigation Fee Intergovernmental 90,552,300 91,352,113 61,692,336 (29,659,777) Investment income 753,500 753,500 5,812,430 5,058,930 198,300 198,300 1,656,971 1,458,671 Other 1,297,900 1,297,900 6,169,581 4,871,681 Total revenues 237,761,700 242,441,513 230,609,029 (11,832,484) 41,047,300 42,140,300 44,895,727 2,755,427 Expenditures Current: General government 1,068,200 1,094,800 534,238 560,562 Bicycle and pedestrian facilities CETAP Commuter assistance 4,501,300 4,501,300 3,603,353 897,947 Commuter rail 31,345,200 31,010,700 13,218,370 17,792,330 Highways 277,275,100 271,663,346 128,995,061 142,668,285 30,052,800 29,885,800 19,392,762 10,493,038 Local streets and roads 41,824,300 45,305,300 45,305,238 62 14,215,300 15,134,300 15,133,565 735 Planning and programming Regional arterials 4,682,600 14,882,600 12,533,037 2,349,563 Transit and specialized transportation 7,647,700 7,097,200 6,927,390 169,810 5,501,800 6,178,800 6,178,100 700 Total programs 368,344,400 375,555,246 211,116,687 164,438,559 49,769,900 51,198,900 40,704,427 10,494,473 Capital outlay 3,550,000 7,061,767 4,995,989 2,065,778 Total expenditures 371,894,400 382,617,013 216,112,676 166,504,337 49,769,900 51,198,900 40,704,427 10,494,473 Excess (deficiency) of revenues over (under) expenditures (134,132,700) (140,175,500) 14,496,353 154,671,853 (8,722,600) (9,058,600) 4,191,300 13,249,900 Other financing sources (uses) Debt issuance 106,081,000 106,081,000 14,946,136 (91,134,864) Transfers in 69,284,700 67,919,800 17,176,236 (50,743,564) 151,100 151,098 (2) Transfers out (91,744,900) (91,071,800) (69,690,425) 21,381,375 (245,800) (245,800) 245,800 Total other financing sources (uses) 83,620,800 82,929,000 (37,568,053) (120,497,053) (245,800) (94,700) 151,098 245,798 Net change in fund balances Fund balances at beginning of year Fund balances at end of year See notes to required supplementary information $ (50,511,900) $ (57,246,500) (23,071,700) $ 34,174,800 $ (8,968,400) $ (9,153,300) 4,342,398 $ 13,495,698 276,997,302 52,068,076 $ 253,925,602 $ 56,410,474 78 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - Major Special Revenue Funds, Continued Year Ended June 30, 2019 Transportation Uniform Mitigation Fee Local Transportation Fund Variance with Variance with Final Budget Final Budget Original Final Positive Original Final Positive Budget Budget Actual (Negative) Budget Budget Actual (Negative) Revenues Sales taxes $ - $ - $ - $ $ 94,000,000 $ 96,000,000 $ 103,819,440 $ 7,819,440 Transportation Uniform Mitigation Fee 22,922,200 25,922,200 29,968,449 4,046,249 Intergovernmental 237,500 237,500 4,999,813 4,762,313 Investment income 414,400 414,400 3,026,080 2,611,680 375,600 375,600 2,118,450 1,742,850 Other 38,099 38,099 Total revenues 23,574,100 26,574,100 38,032,441 11,458,341 94,375,600 96,375,600 105,937,890 9,562,290 Expenditures Current: General government 12,000 12,000 12,000 Bicycle and pedestrian facilities 8,286,000 8,286,000 2,319,895 5,966,105 CETAP 8,355,100 8,355,100 1,394,120 6,960,980 Commuter assistance Commuter rail Highways Local streets and roads Planning and programming 705,000 784,000 784,000 Regional arterials 20,519,000 20,449,600 4,509,338 15,940,262 Transit and specialized transportation 84,900,000 111,906,924 97,432,996 14,473,928 Total programs 28,874,100 28,804,700 5,903,458 22,901,242 93,903,000 120,988,924 100,548,891 20,440,033 Capital outlay Total expenditures 28,874,100 28,804,700 5,903,458 22,901,242 93,903,000 120,988,924 100,548,891 20,440,033 Excess (deficiency) of revenues over (under) expenditures (5,300,000) (2,230,600) 32,128,983 34,359,583 472,600 (24,613,324) 5,388,999 30,002,323 Other financing sources (uses) Debt issuance Transfers in 300,000 300,000 186,207 (113,793) Transfers out (1,562,000) (1,562,000) (1,071,845) 490,155 (27,251,600) (26,821,400) (24,283,500) 2,537,900 Total other financing sources (uses) (1,262,000) (1,262,000) (885,638) 376,362 (27,251,600) (26,821,400) (24,283,500) 2,537,900 Net change in fund balances Fund balances at beginning of year Fund balances at end of year See notes to required supplementary information (6,562,000) $ (3,492,600) 31,243,345 $ 34,735,945 $ (26,779,000) $ (51,434,724) (18,894,501) $ 32,540,223 78,409,987 $ 109,653,332 110,435,854 $ 91,541,353 79 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - Major Special Revenue Funds, Continued Year Ended June 30, 2019 State Transit Assistance SB 132 Original Final Budget Budget Actual Variance with Variance with Final Budget Final Budget Positive Original Final Positive (Negative) Budget Budget Actual (Negative) Revenues Sales taxes $ 19,506,600 $ 19,506,600 $ 23,497,584 $ 3,990,984 $ - $ - $ - $ Transportation Uniform Mitigation Fee Intergovernmental 118,418,400 118,418,400 53,666,786 (64,751,614) Investment income 271,200 271,200 2,866,174 2,594,974 (7,805) (7,805) Other Total revenues 19,777,800 19,777,800 26,363,758 6,585,958 118,418,400 118,418,400 53,658,981 (64,759,419) Expenditures Current: General government Bicycle and pedestrian facilities CETAP Commuter assistance Commuter rail Highways 117,923,100 118,002,300 55,274,567 62,727,733 Local streets and roads Planning and programming Regional arterials Transit and specialized transportation 48,818,000 48,639,761 6,687,688 41,952,073 Total programs 48,818,000 48,639,761 6,687,688 41,952,073 117,923,100 118,002,300 55,274,567 62,727,733 Capital outlay Total expenditures 48,818,000 48,639,761 6,687,688 41,952,073 117,923,100 118,002,300 55,274,567 62,727,733 Excess (deficiency) of revenues over (under) expenditures (29,040,200) (28,861,961) 19,676,070 48,538,031 495,300 416,100 (1,615,586) (2,031,686) Other financing sources (uses) Debt issuance Transfers in 1,213,800 611,984 (601,816) Transfers out (431,700) (500,700) (350,000) 150,700 (495,300) (1,020,300) 1,020,300 Total other financing sources (uses) (431,700) (500,700) (350,000) 150,700 (495,300) 193,500 611,984 418,484 Net change in fund balances Fund balances at beginning of year Fund balances at end of year See notes to required supplementary information $ (29,471,900) $ (29,362,661) 19,326,070 $ 48,688,731 $ - $ 609,600 (1,003,602) $ (1,613,202 88,143,341 (268,754) $ 107,469,411 $ (1,272,356) 80 Riverside County Transportation Commission Schedule of Proportionate Share of Net Pension Liability Last Ten Fiscal Years' June 30, 2019 Fiscal Year 2019 2018 2017 2016 20151 Measurement Date 2018 2017 2016 2015 2014 Proportion of the net pension liability/(asset) Proportionate share of the net pension liability/(asset) Covered payroll (measurement year) Proportionate share of the net pension liability/(asset) as percentage of covered payroll Plan fiduciary net position as a percentage of the total pension liability See notes to required supplementary information 0.08656% 0.08794% 0.08829% 0.09176% 0.08559% $ 8,340,905 $ 8,721,456 $ 7,639,639 $ 6,298,052 $ 5,325,565 $ 5,653,205 $ 5,536,781 $ 5,287,151 $ 4,792,270 $ 4,316,567 147.54% 157.52% 144.49% 131.42% 123.38% 75.26% 73.31% 74.06% 78.40% 78.21% Fiscal year 2015 was the first year of implementation, therefore, only five years are shown. Represents most recent data available. 81 Contractually required contribution (actuarially determined) Contributions in relation to the actuarially determined contributions Contribution deficiency (excess) Covered payroll Contributions as a percentage of covered payroll Valuation date Actuarial cost method Amortizations method Remaining amortization period Asset valuation method Inflation Projected salary increases Discount rate Retirement age Mortality See notes to required supplementary information Riverside County Transportation Commission Schedule of Pension Contributions Last Ten Fiscal Years' June 30, 2019 Fiscal Year 2019 2018 2017 2016 2015 $ 1,507,484 $ 1,321,564 $ 1,222,802 $ 1,101,641 $ 1,044,018 (1,443,593) (1,308,877) (1,238,891) (1,132,393) (1,125,317) $ 63,891 $ 12,687 $ (16,089) $ (30,752) $ (81,299) $ 5,870,876 $ 5,653,205 $ 5,536,781 $ 5,287,151 $ 4,792,270 24.59% 23.15% 22.38% 21.42% 23.48% 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012 Entry age normal cost method Level of percentage of payroll 19 years as of valuation date 15 year smoothed market 2.50% 3.30% to 14.20% depending on age, service, and type of employment 7.15% (net of administrative expenses) 55 years RP-2000 Healthy Annuitant Mortality Table Fiscal year 2015 was the first year of implementation, therefore, only five years are shown. Represents most recent data available. 82 Riverside County Transportation Commission Schedule of Changes in the Net OPEB Liability (Asset) and Related Ratios Last Ten Fiscal Years' June 30, 2019 Fiscal Year 2019 2018 2017' Measurement date 2018 2017 2016 Total OPEB liability (asset) Service cost $ 463,000 $ 449,000 $ 437,000 Interest 416,000 377,000 338,000 Changes of benefit terms 74,000 - Benefit payments (192,000) (172,000) (155,000) Net change in total OPEB liability (asset) 761,000 654,000 620,000 Beginning total OPEB liability (asset) 6,565,000 5,911,000 5,291,000 Ending total OPEB liability (asset) $ 7,326,000 $ 6,565,000 $ 5,911,000 Plan fiduciary net position Employer contributions $ 725,000 $ 666,000 $ 634,000 Net invesment income 522,000 597,000 86,000 Benefit payments (192,000) (172,000) (155,000) Administrative expense (12,000) (3,000) (2,000) Net change in plan fiduciary net position 1,043,000 1,088,000 563,000 Beginning fiduciary net position 6,323,000 5,235,000 4,672,000 Ending fiduciary net position $ 7,366,000 $ 6,323,000 $ 5,235,000 Ending net OPEB liability (asset) $ (40,000) $ 242,000 $ 676,000 Plan fiduciary net position as a percentage of the total OPEB liability (asset) 100.55% 96.31 % 88.56% Covered payroll (measurement year) $ 5,653,205 $ 5,536,781 $ 5,287,151 Net OPEB liability (asset) as a percentage of covered payroll -0.71% 4.37% 12.79% See notes to required supplementary information ' Fiscal year 2017 was the first year of implementation, therefore, only three years are shown. Represents most recent data available. 83 Riverside County Transportation Commission Schedule of OPEB Contributions Last Ten Fiscal Years' June 30, 2019 Actuarially determined contribution Contributions in relation to the actuarially determined contribution Contribution deficiency (excess) Fiscal Year 2019 2018 2017' $ 549,000 $ 533,000 $ 494,000 778,000 725,000 666,000 $ (229,000) $ (192,000) $ (172,000) Covered payroll $ 5,870,876 $ 5,653,205 $ 5,536,781 Contributions as a percentage of covered -employee payroll Valuation date: 13.25% 12.82% 12.03% Actuarially determined contribution rates are calculated as of June 30, three years prior to the end of the fiscal year in which contributions are reported. Methods and assumptions used to determine contribution rates: Actuarial cost method Entry age normal - level percentage of payroll Amortization method Level percentage of payroll Amortization period Eight years Asset valuation method period Inflation 2.75% Healthcare cost trend rates Non -Medicare: 7.5% for 2019, decreasing to an ultimate rate of 4.0% in 2076 and later years Medicare: 6.5% for 2019, decreasing to an ultimate rate of 4.0% in 2076 and later years Salary increases 3.00% aggregate Investment rate of return 6.00% Retirement age Classic employees: 50 - 55 Public Employees' Pension Reform Act: 52 - 62 Mortality Mortality projected fully generational with Scale MP-16 See notes to required supplementary information ' Fiscal year 2017 was the first year of implementation, therefore, only three years are shown. Represents most recent data available. 84 Riverside County Transportation Commission Notes to Required Supplementary Information June 30, 2019 Budgetary Data In February of each year, department heads begin the process of compiling budget data for the upcoming fiscal year. Budget numbers along with supporting documentation are provided to the Chief Financial Officer by March 15. That budget data is compiled and presented to the Executive Director for review and approval and is submitted to the Budget and Implementation Committee at its April meeting. After review by the Budget and Implementation Committee, the proposed budget is scheduled for preliminary review and comment as well as public hearing atthe Commission's May meeting. The final budget forthe new fiscal year is then adopted by motion of the Board of Commissioners (Board) no later than June 15 of the current year.This appropriated budget covers substantially all Commission expenditures by financial responsibility unit [e.g., General fund and Measure A (for each of the three county areas), Local Transportation Fund, and Transportation Uniform Mitigation Fee special revenue funds] by fund. All appropriated amounts are as originally adopted or as amended by the Commission. Unexpended appropriations lapse at year-end. All budgets are adopted on a basis consistent with generally accepted accounting principles. As adopted by the Board, expenditure activities of the funds with adopted budgets are controlled at the budgetary unit, which is the financial responsibility level, for each function (i.e., administration, programs, intergovernmental distributions, and capital outlay). These functions provide the legal level of budgetary control (i.e., the level at which expenditures cannot legally exceed the appropriated amount). Management has the discretion to transfer the budgeted amounts within the financial responsibility unit according to function. Supplemental budget appropriations were necessary during the year. Pension Plan Schedule of Proportionate Share of Net Pension Liability - The schedule provides the proportion (percentage) of the collective net pension liability, proportionate share (amount) of the collective net pension liability, the Commission's covered payroll, proportionate share (amount) of the collective net pension liability as a percentage of Commission's covered payroll, and the pension plan's fiduciary net position as a percentage of the total pension liability. Schedule of Pension Contributions -The schedule provides the Commission's actuarially determined contributions to the pension plan, the Commission's actual contributions, the difference between the actual and actuarially determined contributions, and a ratio of the actual contributions divided by covered payroll. Postemployment Benefits Other Than Pensions Schedule of Changes in the Net OPEB Liability (Asset) and Related Ratios -The schedule provides the schedule of changes in the net OPEB liability (asset), the plan fiduciary net position as a percentage of the total OPEB liability (asset), the Commission's covered payroll, and the net OPEB liability (asset) as a percentage of coveredpayroll. Schedule of OPEB Contributions - The schedule provides the Commission's actuarially determined contributions to the OPEB plan, the Commission's actual contributions, the difference between the actual and actuarially determined contributions, and a ratio of the actual contributions divided by covered payroll. 85 RIVERSIDE COUNTY TRANSPORTATION COMMISSION I RIVERSIDE COUNTY TRANSPORTATION COMMISSION AIRIN:›A Other Supplementary Information RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission Nonmajor Governmental Funds Description Special Revenue Funds Measure A Palo Verde Valley: This fund is used to account for the revenues from sales taxes which are restricted to expenditures for Palo Verde Valley programs and activities. Freeway Service Patrol: This fund is used to record the revenues received from state funds for the purpose of implementing a freeway service patrol for motorists. Service Authority for Freeway Emergencies: This fund is used to record the revenues received from Department of Motor Vehicle user registration fees for the purpose of implementing an emergency call box system for motorists. State of Good Repair: This fund is used to account for revenues from sales taxes on gasoline and vehicle fee revenues restricted for transit projects. Coachella Valley Rail: This fund is used to account for revenues from state funds for the planning and development of the new Coachella Valley/San Gorgonio Pass corridor rail service. Other Agency Projects: This fund is used to account for revenues from the Riverside County Regional Park and Open Space District for the interagency cooperative planning and development of projects in the County. 89 Assets Riverside County Transportation Commission Combining Balance Sheet - Nonmajor Governmental Funds June 30, 2019 Special Revenue Service Measure A Freeway Authority State of Palo Verde Service for Freeway Good Valley Patrol Emergencies Repair Cash and investments $ 561 $ 1,094,412 $ 6,415,326 $ 6,812,002 Receivables: Accounts 169,464 3,166,863 457,241 617,249 Interest 1 8,975 36,308 37,347 Total assets $ 170,026 $ 4,270,250 $ 6,908,875 $ 7,466,598 Liabilities and fund balances Liabilities: Accounts payable $ 108,396 $ 510,683 $ 63,685 $ 28,158 Due to other funds 61,068 83,744 19,502 757,884 Other liabilities - Total liabilities 169,464 594,427 83,187 786,042 Fund balances: Restricted for: Commuter rail Local streets and roads 562 Motorist assistance 3,675,823 6,825,688 Planning and programming Transit and specialized transportation 6,680,556 Total fund balances 562 3,675,823 6,825,688 6,680,556 Total liabilities and fund balances $ 170,026 $ 4,270,250 $ 6,908,875 $ 7,466,598 90 Riverside County Transportation Commission Combining Balance Sheet - Nonmajor Governmental Funds, Continued June 30, 2019 Special Revenue Total Coachella Nonmajor Valley Other Governmental Rail Agency Projects Funds Assets Cash and investments $ 2,973,064 $ 332,698 $ 17,628,063 Receivables: Accounts 390,017 600,000 5,400,834 Interest 18,392 2,030 103,053 Total assets $ 3,381,473 $ 934,728 $ 23,131,950 Liabilities and fund balances Liabilities: Accounts payable $ 275,823 $ 217,132 $ 1,203,877 Due to other funds 33,921 5,944 962,063 Other liabilities 694,635 694,635 Total liabilities 309,744 917,711 2,860,575 Fund balances: Restricted for: Commuter rail 3,071,729 3,071,729 Local streets and roads 562 Motorist assistance 10,501,511 Planning and programming 17,017 17,017 Transit and specialized transportation 6,680,556 Total fund balances 3,071,729 17,017 20,271,375 Total liabilities and fund balances $ 3,381,473 $ 934,728 $ 23,131,950 91 Riverside County Transportation Commission Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds Year Ended June 30, 2019 Special Revenue Service Measure A Freeway Authority State of Palo Verde Service for Freeway Good Valley Patrol Emergencies Repair Revenues Sales taxes $ 1,031,557 $ - $ $ 3,704,206 Intergovernmental 3,173,296 2,213,841 Investment income (loss) 4 51,623 186,656 142,202 Other 34,895 1,085 Total revenues 1,031,561 3,259,814 2,401,582 3,846,408 Expenditures Current: Commuter rail Local streets and roads 1,031,556 Motorist assistance 3,924,046 474,796 Planning and programming Transit and specialized transportation 113,160 Total expenditures 1,031,556 3,924,046 474,796 113,160 Excess (deficiency) of revenues over (under) expenditures 5 (664,232) 1,926,786 3,733,248 Other financing sources (uses): Transfers in 3,600,000 Transfers out (3,600,000) (752,084) Total other financing sources (uses) 3,600,000 (3,600,000) (752,084) Net change in fund balances 5 2,935,768 (1,673,214) 2,981,164 Fund balances at beginning of year 557 740,055 8,498,902 3,699,392 Fund balances at end of year $ 562 $ 3,675,823 $ 6,825,688 $ 6,680,556 92 Riverside County Transportation Commission Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds, Continued Year Ended June 30, 2019 Special Revenue Coachella Other Valley Agency Rail Projects Total Total Nonmajor Governmental Funds Revenues Sales taxes $ Intergovernmental 1,224,943 Investment income (loss) 88,940 Other $ 4,735,763 $ 4,735,763 588,709 7,200,789 7,200,789 12,771 482,196 482,196 35,980 35,980 Total revenues 1,313,883 Expenditures Current: Commuter rail Local streets and roads Motorist assistance Planning and programming Transit and specialized transportation Total expenditures Excess (deficiency) of revenues over (under) expenditures 1,858,477 601,480 12,454,728 12,454,728 587,605 1,858,477 1,858,477 1,031,556 1,031,556 4,398,842 4,398,842 587,605 587,605 113,160 113,160 1,858,477 587,605 7,989,640 7,989,640 (544,594) 13,875 4,465,088 4,465,088 Other financing sources (uses): Transfers in 350,000 3,950,000 3,950,000 Transfers out (4,352,084) (4,352,084) Total other financing sources (uses) 350,000 (402,084) (402,084) Net change in fund balances (194,594) 13,875 4,063,004 4,063,004 Fund balances at beginning of year 3,266,323 3,142 16,208,371 16,208,371 Fund balances at end of year $ 3,071,729 $ 17,017 $ 20,271,375 $ 20,271,375 93 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual—Nonmajor Special Revenue Funds Year Ended June 30, 2019 Measure A Palo Verde Valley Freeway Service Patrol Variance with Variance with Final Budget Final Budget Original Final Positive Original Final Positive Budget Budget Actual (Negative) Budget Budget Actual (Negative) Revenues Sales taxes $ 993,000 $ 1,020,000 $ 1,031,557 $ 11,557 $ - $ - $ - $ Intergovernmental 2,909,000 3,256,900 3,173,296 (83,604) Investment income (loss) 4 4 9,500 9,500 51,623 42,123 Other 225,300 225,300 34,895 (190,405) Total revenues 993,000 1,020,000 1,031,561 11,561 3,143,800 3,491,700 3,259,814 (231,886) Expenditures Current: Commuter rail Local streets and roads 911,900 1,031,600 1,031,556 44 Motorist assistance 5,411,700 5,327,400 3,924,046 1,403,354 Planning and programming Transit and specialized transportation Total expenditures 911,900 1,031,600 1,031,556 44 5,411,700 5,327,400 3,924,046 1,403,354 Excess (deficiency) of revenues over (under) expenditures 81,100 (11,600) 5 11,605 (2,267,900) (1,835,700) (664,232) 1,171,468 Other financing sources (uses) Transfers in Transfers out Total other financing sources (uses) (81,100) (81,100) (81,100) (81,100) - 3,600,000 3,600,000 3,600,000 81,100 (146,400) (188,400) - 188,400 81,100 3,453,600 3,411,600 3,600,000 188,400 Net change in fund balances $ - $ (92,700) 5 $ 92,705 $ 1,185,700 $ 1,575,900 2,935,768 $ 1,359,868 Fund balances at beginning of year 557 740,055 Fund balances at end of year $ 562 $ 3,675,823 94 Revenues Sales taxes Intergovemmental Investment income (loss) Other Total revenues Expenditures Current: Commuter rail Local streets and roads Motorist assistance Planning and programming Transit and specialized transportation Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses) Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Fund balances at beginning of year Fund balances at end of year Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual—Nonmajor Special Revenue Funds, Continued Year Ended June 30, 2019 Service Authority for Freeway Emergencies State of Good Repair Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) $ - $ - $ 2,031,600 2,031,600 26,900 26,900 2,213,841 186,656 1,085 182,241 159,756 1,085 Original Final Budget Budget Actual $ 3,697,000 $ 3,697,000 $ 3,704,206 142,202 Variance with Final Budget Positive (Negative) $ 7,206 142,202 2,058,500 2,058,500 2,401,582 343,082 3,697,000 3,697,000 3,846,408 149,408 774,200 765,800 474,796 291,004 774,200 765,800 3,615,300 3,615,300 113,160 3,502,140 474,796 291,004 3,615,300 3,615,300 113,160 3,502,140 1,284,300 1,292,700 (3,674,100) (3,632,100) (3,674,100) (3,632,100) 1,926,786 634,086 81,700 81,700 3,733,248 3,651,548 (3,600,000) 32,100 (3,600,000) 32,100 (81,700) (757,900) (752,084) 5,816 (81,700) (757,900) (752,084) 5,816 $ (2,389,800) $ (2,339,400) (1,673,214) $ 666,186 $ - $ (676,200) 2,981,164 $ 3,657,364 8,498,902 3,699,392 $ 6,825,688 $ 6,680,556 95 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual—Nonmajor Special Revenue Funds, Continued Year Ended June 30, 2019 Coachella Valley Rail Other Agency Projects Variance with Variance with Final Budget Final Budget Original Final Positive Original Final Positive Budget Budget Actual (Negative) Budget Budget Actual (Negative) Revenues Sales taxes $ - $ - $ - $ - $ - $ - $ - $ Intergovernmental 2,000,000 2,000,000 1,224,943 (775,057) 11,880,000 11,880,000 588,709 (11,291,291) Investment income (loss) 200 200 88,940 88,740 200 200 12,771 12,571 Other - - - - Total revenues 2,000,200 2,000,200 1,313,883 (686,317) 11,880,200 11,880,200 601,480 (11,278,720) Expenditures Current: Commuter rail Local streets and roads Motorist assistance Planning and programming Transit and specialized transportation Total expenditures Excess (deficiency) of revenues over (under) expenditures 4,664,700 4,168,700 1,858,477 2,310,223 11,880,000 11,880,000 587,605 11,292,395 4,664,700 4,168,700 1,858,477 2,310,223 11,880,000 11,880,000 587,605 11,292,395 (2,664,500) (2,168,500) (544,594) 1,623,906 200 200 13,875 13,675 Other financing sources (uses) Transfers in 350,000 350,000 350,000 - 466,600 466,600 (466,600) Transfers out (300,600) (300,600) 300,600 (466,600) (466,600) 466,600 Total other financing sources (uses) 49,400 49,400 350,000 300,600 Net change in fund balances $ (2,615,100) $ (2,119,100) (194,594) $ 1,924,506 $ 200 $ 200 13,875 $ 13,675 Fund balances at beginning of year 3,266,323 3,142 Fund balances at end of year $ 3,071,729 $ 17,017 96 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual —Capital Projects Funds Year Ended June 30, 2019 Capital Projects Funds Commercial Paper Bonds Variance with Variance with Final Budget Final Budget Original Final Positive Original Final Positive Budget Budget Actual (Negative) Budget Budget Actual (Negative) Revenues Intergovernmental $ - $ - $ - $ $ - $ - $ - $ Investment income 310,000 310,000 1,515,343 1,205,343 645,400 645,400 2,642,461 1,997,061 Total revenues 310,000 310,000 1,515,343 1,205,343 645,400 645,400 2,642,461 1,997,061 Expenditures Debt service: Principal Interest Total debt service Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses) Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Fund balances at beginning of year Fund balances at end of year 310,000 310,000 1,515,343 1,205,343 645,400 645,400 2,642,461 1,997,061 - 500,000 500,000 (45,044,500) (45,044,500) (9,924,300) 35,120,200 (45,044,500) (44,544,500) (9,424,300) 35,120,200 $ 310,000 $ 310,000 1,515,343 $ 1,205,343 $ (44,399,100) $ (43,899,100) (6,781,839) $ 37,117,261 21,576,316 95,343,644 $ 23,091,659 $ 88,561,805 97 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual —Debt Service Fund Year Ended June 30, 2019 Debt Service Fund Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Revenues Intergovernmental $ 2,800,200 $ 2,800,200 $ 2,797,222 $ (2,978) Investment income 162,900 162,900 556,853 393,953 Total revenues 2,963,100 2,963,100 3,354,075 390,975 Expenditures Debt service: Principal 25,965,000 25,965,000 25,965,000 Interest 43,590,700 43,590,700 43,590,738 (38) Total debt service 69,555,700 69,555,700 69,555,738 (38) Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses) Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Fund balances at beginning of year Fund balances at end of year (66,592,600) (66,592,600) (66,201,663) 390,937 72,555,700 72,055,700 69,504,223 (2,551,477) (2,800,200) (2,948,300) (2,948,320) (20) 69,755,500 69,107,400 66,555,903 (2,551,497) $ 3,162,900 $ 2,514,800 354,240 $ (2,160,560) 11,082,909 $ 11,437,149 98 Riverside County Transportation Commission Schedule of Expenditures for Local Streets and Roads by Geographic Area - All Special Revenue Funds Year Ended June 30, 2019 Western County: City of Banning $ 650,939 City of Beaumont 1,038,267 City of Calimesa 188,686 City of Canyon Lake 204,962 City of Corona 4,658,115 City of Eastvale 1,491,268 City of Hemet 1,927,145 City of Jurupa Valley 2,306,472 City of Lake Elsinore 1,496,639 City of Menifee 1,918,407 City of Moreno Valley 4,411,279 City of Murrieta 2,675,677 City of Norco 740,527 City of Perris 2,079,994 City of Riverside 8,189,367 City of San Jacinto 962,807 City of Temecula 3,334,125 City of Wildomar 705,710 Riverside County 6,146,752 Other 178,100 45,305,238 Coachella Valley: City of Cathedral City 1,583,790 City of Coachella 646,744 City of Desert Hot Springs 522,385 City of Indian Wells 275,118 City of Indio 2,115,625 City of La Quinta - City of Palm Desert 2,928,433 City of Palm Springs 2,308,021 City of Rancho Mirage 994,079 Riverside County 1,943,396 Coachella Valley Association of Governments, including $818,937 due to City of La Quinta 1,637,874 Other 178,100 15,133,565 Palo Verde Valley: City of Blythe 779,891 Riverside County 206,765 Other 44,900 1,031,556 Total local streets and roads expenditures $ 61,470,359 99 Riverside County Transportation Commission Schedule of Expenditures for Transit and Specialized Transportation by Geographic Area and Source - All Special Revenue Funds Year Ended June 30, 2019 Sales Taxes Measure A Local State State Transportation Transit of Good Fund Assistance Repair Total Western County: Blindness Support Services, Inc. $ 72,000 $ $ $ $ 72,000 Boys and Girls Club of Menifee Valley 130,000 130,000 Boys and Girls Club of Southwest County 201,430 201,430 Care -A -Van 359,140 359,140 Care Connexxus 254,452 254,452 City of Banning - 1,417,294 1,417,294 City of Beaumont 2,402,209 710,210 3,112,419 City of Corona - 1,678,611 703,517 2,382,128 City of Norco 72,248 - 72,248 City of Riverside - 3,673,407 3,673,407 Community Connect 125,545 125,545 Exceed 57,000 57,000 Friends of Moreno Valley Center, Inc 91,213 91,213 Forest Folk 44,754 44,754 Independent Living Partnership 308,051 308,051 Michelle's Place 8,000 8,000 Operation Safehouse 37,995 37,995 Riverside University Health Systems 310,000 310,000 Riverside County Department of Mental Health 209,999 - 209,999 Riverside Transit Agency 3,998,457 65,199,572 1,559,458 70,757,487 United States Veterans Initiative 43,089 43,089 Voices for Children 99,754 99,754 Other 504,263 749,700 167,509 5,800 1,421,472 6,927,390 75,120,793 3,140,694 5,800 85,188,877 Coachella Valley: SunLine Transit Agency 6,000,000 21,358,945 3,385,433 71,850 30,744,378 Other 178,100 178,100 Palo Verde Valley: Palo Verde Valley Transit Agency 6,178,100 21,358,945 3,385,433 71,850 30,922,478 953,258 161,561 35,510 1,114,819 953,258 161,561 35,510 1,114,819 Total transit and specialized transportation expenditures $ 13,105,490 $ 97,432,996 $ 6,687,688 $ 113,160 $ 117,226,174 100 Riverside County Transportation Commission Schedule of Uses of Debt Proceeds and Fund Balances Year Ended June 30, 2019 Capital Projects Commercial Paper Notes 1.15 Express Lanes, advance agreements, and other Sales Tax Revenue Bonds 1.15 Express Lanes, 91 Project, advance agreements, and other Total Revenues Investment income $ 1,515,343 $ 2,642,461 $ 4,157,804 Total revenues 1,515,343 2,642,461 4,157,804 Other financing sources (uses) Transfers in Excess earnings 500,000 500,000 Transfers out Debt service offset (5) (5) Requisitions to reimburse Commission funds Salaries and benefits (175) (175) Professional services (216,685) (216,685) Support services (126,332) (126,332) Program operations (688,227) (688,227) Construction (1,426,849) (1,426,849) Right of way (620,138) (620,138) Design -build (5,272,174) (5,272,174) Building improvements (1,573,715) (1,573,715) Total other financing sources (uses) (9,424,300) (9,424,300) Net change in fund balance 1,515,343 (6,781,839) (5,266,496) Fund balances at beginning of year 21,576,316 95,343,644 116,919,960 Fund balances at end of year $ 23,091,659 $ 88,561,805 $ 111,653,464 101 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 102 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Statistical RTA bus at Perris - Downtown station ■ CC Fa Ili P 11 I:1 Riverside County Transportation Commission Statistical Section Overview This part of the Riverside County Transportation Commission's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Commission's overall financial health. Financial Trends: These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed over time. The schedules include: Net Position By Component Changes in Net Position Fund Balances of Governmental Funds Changes in Fund Balances of Governmental Funds Revenue Capacity: These schedules contain information to help the reader assess the government's most significant local revenue source, the Measure A sales tax. These schedules include: Sources of County of Riverside Taxable Sales by Business Type Direct and Overlapping Sales Tax Rates Principal Taxable Sales Generation by City Measure A Sales Tax Revenues by Program and Geographic Area Measure A Sales Tax by Economic Category Debt Capacity: These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government's ability to issue additional debt in the future. These schedules include: Pledged Revenue Coverage Ratios of Outstanding Debt by Type Computation of Legal Debt Margin Demographic and Economic Information: These schedules offer demographic and economic indicators to help the reader understand the environment within which the government's financial activities take place. These schedules include: Demographic and Economic Statistics for the County of Riverside Employment Statistics by Industry for the County of Riverside Operating Information: These schedules contain service and infrastructure data to help the reader understand how the information in the government's financial report relates to the services the government provides and the activities it performs. These schedules include: Full-time Equivalent Employees by Function/Program Operating Indicators Capital Asset Statistics by Program 103 Riverside County Transportation Commission Primary Government Net Position by Component Last Ten Fiscal Years (Accrual Basis) Fiscal Year 2019 2018 2017 2016 Governmental activities: 2015 Net Investment in capital assets $ 706,935,587 $ 529,178,100 $ 377,309,766 $ 389,646,370 $ 509,106,481 Restricted 794,875,222 801,401,752 596,214,012 615,457,192 578,207,942 Unrestricted (deficit) (887,668,580) (857,485,575) (538,356,445) (668,395,594) (623,769,876) Total governmental activities net position $ 614,142,229 $ 473,094,277 $ 435,167,333 $ 336,707,968 $ 463,544,547 4 Business -type activities: Net Investment in capital assets Restricted Unrestricted (deficit) Total business -type activities net position $ (299,852,425) $ (286,349,191) $ 25,256,125 8,581,857 6 _6 $ (274,596,300) $ (277,767,334) $ (301,737,495) 242,134,144 (234,075,489) (293,678,840) 5 Source: Finance Department 1 Net investment in capital assets increased in 2010 primarily as a result of the planning and construction of the Perris Transit Center and North Main Corona station parking structure. 2 Net investment in capital assets increased in 2011 primarily as a result of the planning and for the 91 Project and Perris Valley Line extension project. development of toll projects and the completion of development of toll projects and right of way acquisiton 3 Net investment in capital assets increased in 2014 primarily as a result of construction related to the Perris Valley Line project. 4 In FY 2015, the Commission implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - An Amendment of GASB Statement No. 68. Prior year amounts in this presentation have not been revised to reflect this change. 5 In FY 2017, the Commission reached substantial completion on the 91 Project and in March 2017 the RCTC 91 Express Lanes opened to motorists. 5 In FY 2018, the Commission changed its presentation of net position related to intangible assets. $50,000,000 $(50,000,000) - $(100,000,000) $(150,000,000) $(200,000,000) $(250,000,000) $(300,000,000) $(350,000,000) Business -type Activities Net Position by Component 2019 2018 1 ■ Restricted ■ Net Investment in capital assets 104 Riverside County Transportation Commission Primary Government Net Position by Component, Continued Last Ten Fiscal Years (Accrual Basis) Fiscal Year 2014 2013 2012 2011 2010 Govemmental activities: Net Investment in capital assets $ 381,796,683 3 $ 336,834,025 $ 327,277,502 $ 341,912,094 2 $ 294,218,263 Restricted 642,385,244 619,089,707 572,183,941 587,098,179 549,781,414 Unrestricted (deficit) (470,327,554) (216,162,697) (215,929,362) (293,146,251) (229,888,408) Total govemmental activities net position $ 553,854,373 $ 739,761,035 $ 683,532,081 $ 635,864,022 $ 614,111,269 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $(500,000,000) $(1,000,000,000) $(1,500,000,000) Governmental Activities Net Position by Component mom 2017 2014 2013 2012 2011 2010 ■ Unrestricted (deficit) Restricted ',Net Investment in capital assets 105 Riverside County Transportation Commission Changes in Primary Government Net Position Last Ten Fiscal Years (Accrual Basis) Fiscal Year Ended June 30 2019 2018 z 2017 2016 2015 Expenses Governmental activities: General government $ 1,295,384 $ 3,654,628 $ 7,258,051 $ 6,614,285 $ 7,402,725 Bicycle and pedestrian projects 2,319,895 1,142,306 1,314,932 212,547 1,747,090 CETAP 1,398,238 22,285,913 2,489,440 1,871,426 4,130,374 Commuter assistance 3,612,855 3,668,307 2,658,782 2,615,610 2,914,990 Commuter rail 48,553,459 36,578,920 38,964,217 41,449,269 20,455,178 Highways 91,086,623 79,234,802 264,283,974 245,668,543 228,857,938 Local streets and roads 61,470,359 53,639,698 51,864,011 49,826,564 48,615,708 Motorist assistance 4,403,671 3,835,612 4,164,892 4,149,320 4,314,601 Planning and programming 4,340,660 4,758,503 3,141,759 3,965,071 3,064,115 Right of way management - - - - - Regional arterials 17,048,413 12,897,557 19,040,012 23,095,562 21,010,980 Transit and specialized transportation 117,766,548 90,185,227 80,724,591 70,611,967 86,712,958 Interest expense 33,663,673 46,421,211 49,214,579 53,558,472 50,037,270 Total governmental activities expenses 388,959,778 358,302,684 525,119,240 503,638,636 479,263,927 Business -type activities: RCTC 91 Express Lanes 51,331,835 49,452,297 13,260,254 Total primary government expenses $ 438,291,613 $ 407,754,981 $ 538,379,494 $ 503,638,636 $ 479,263,927 Program Revenues Govemmental activities: Charges for services Commuter assistance $ $ $ $ $ Commuter rail 155,587 254,627 250,416 255,847 786,869 Right of way management Highways 132,681 51,629 90,655 Motorist assistance 35,980 4,149 635,373 1,076,751 21,307 Other 326 479 447 421 450 Operating grants and contributions 93,084,805 45,363,624 35,611,287 42,568,860 57,784,238 Capital grants and contributions 74,558,439 66,910,285 16,451,903 54,062,314 70,133,121 Total governmental activities program revenues 167,967,818 112,584,793 52,949,426 97,964,193 128,816,640 Business -type activities: Charges for services RCTC 91 Express Lanes 58,423,461 50,446,824 10,123,572 Operating grants and contributions 1,723 Total business -type activities program revenues 58,423,461 50,446,824 10,125,295 Total primary government revenutes 226,391,279 163,031,617 63,074,721 97,964,193 128,816,640 Net Revenues (Expenses) Govemmental activities (218,991,960) (245,717,891) (472,169,814) (405,674,443) (350,447,287) Business -type activities 7,091,626 994,527 (3,134,959) Total primary government net expense $ (211,900,334) $ (244,723,364) $ (475,304,773) $ (405,674,443) $ (350,447,287) General Revenues and Other Changes in Net Position Govemmental activities: Measure A sales taxes $ 201,204,995 $ 176,301,656 $ 175,320,207 $ 167,630,239 $ 163,092,776 Transportation Development Act sales taxes 131,021,230 110,878,557 94,639,514 97,134,594 94,816,814 Unrestricted investment earnings 21,130,957 8,916,321 4,262,323 8,383,732 6,060,400 Other miscellaneous revenue 3,261,873 2,497,942 5,859,819 4,950,964 1,643,078 Gain on sale of capital assets 443,461 - 738,335 Transfers 2,977,396 (14,949,641) 290,547,316 - Total governmental activities 360,039,912 283,644,835 570,629,179 278,837,864 265,613,068 Business -type activities: Unrestricted investment earnings 2,764,137 (32,662) 3,435 Loss on sale of capital assets (3,707,333) Transfers (2,977,396) 14,949,641 (290,547,316) Total business -type activities (3,920,592) 14,916,979 (290,543,881) Total primary government $ 356,119,320 $ 298,561,814 $ 280,085,298 $ 278,837,864 $ 265,613,068 Changes in Net Position Govemmental activities $ 141,047,952 $ 37,926,944 $ 98,459,365 $ (126,836,579) $ (84,834,219) Business -type activities 3,171,034 15,911,506 (293,678,840) Total primary government $ 144,218,986 $ 53,838,450 $ (195,219,475) $ (126,836,579) $ (84,834,219) Source: Finance Department In FY 2015 the Commission implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - An Amendment of GASB Statement No. 68. Prior year amounts in this presentation have not been revised to reflect this change. 2 In FY 2017 the Commission reached substantial completion on the 91 Project and in March 2017 the RCTC 91 Express Lanes opened to motorists. Additionally, the Commission early implemented GASB Statement No. 75, Accounting and Financial Reporting for Post -Employment Benefits Other Than Pensions, and GASB Statement No. 85, Omnibus 2017. 106 Riverside County Transportation Commission Changes in Primary Government Net Position, Continued Last Ten Fiscal Years (Accrual Basis) Fiscal Year Ended June 30 2014 2013 2012 2011 2010 Expenses Governmental activities: General government $ 6,994,832 $ 6,959,827 $ 7,780,478 $ 8,453,876 $ 7,024,517 Bicycle and pedestrian projects 1,065,476 956,308 1,389,567 1,940,499 317,048 CETAP 2,195,074 954,700 4,464,387 5,490,993 2,362,393 Commuter assistance 3,171,842 2,904,048 3,193,172 2,868,630 3,266,834 Commuter rail 17,255,402 23,531,252 21,480,248 27,792,375 20,544,634 Highways 339,194,681 59,604,916 72,341,578 40,113,092 24,828,958 Local streets and roads 46,677,580 44,594,891 40,127,890 36,856,925 34,258,313 Motorist assistance 3,498,420 3,563,581 3,846,245 3,530,695 2,987,136 Planning and programming 3,216,441 3,725,703 3,924,413 4,683,272 5,321,121 Right of way management - - 3 1,270,487 1,428,066 Regional arterials 23,886,840 17,047,135 5,816,666 29,362,894 26,371,339 Transit and specialized transportation 78,723,898 55,659,188 51,221,772 44,699,650 43,820,225 Interest expense 52,939,762 15,364,677 15,221,031 11,799,586 7,099,038 Total governmental activities expenses 578,820,248 234,866,226 230,807,447 218,862,974 179,629,622 Business -type activities: RCTC 91 Express Lanes Total primary government expenses $ 578,820,248 $ 234,866,226 $ 230,807,447 $ 218,862,974 $ 179,629,622 Program Revenues Governmental activities: Charges for services Commuter assistance $ $ 1,500 $ $ $ Commuter rail 297,911 107,194 145,735 Right of way management - 184,010 196,527 Highways 412,535 796,385 Motorist assistance 15,026 13,915 Other 999 14,873 27,681 Operating grants and contributions 61,767,456 46,567,900 54,641,955 39,886,648 23,130,456 Capital grants and contributions 71,744,926 4,897,301 5,228,621 9,199,268 12,257,099 Total governmental activities program revenues 134,238,853 52,399,068 60,016,311 49,297,607 35,584,082 Business -type activities: Charges for services RCTC 91 Express Lanes Operating grants and contributions Total business -type activities program revenues Total primary government revenutes 134,238,853 52,399,068 60,016,311 49,297,607 35,584,082 Net Revenues (Expenses) Governmental activities (444,581,395) (182,467,158) (170,791,136) (169,565,367) (144,045,540) Business -type activities Total primary government net expense $ (444,581,395) $ (182,467,158) $ (170,791,136) $ (169,565,367) $ (144,045,540) General Revenues and Other Changes in Net Position Governmental activities: Measure A sales taxes $ 156,355,894 $ 149,428,124 $ 134,984,307 $ 123,439,833 $ 114,526,254 Transportation Development Act sales taxes 91,953,554 86,999,018 80,044,131 60,772,795 69,499,841 Unrestricted investment earnings 9,794,662 1,664,789 4,196,452 4,411,122 5,987,921 Other miscellaneous revenue 556,049 604,181 1,287,981 2,694,370 1,680,322 Gain on sale of capital assets 14,574 Transfers Total governmental activities 258,674,733 238,696,112 220,512,871 191,318,120 191,694,338 Business -type activities: Unrestricted investment earnings Loss on sale of capital assets Transfers Total business -type activities Total primary government $ 258,674,733 $ 238,696,112 $ 220,512,871 $ 191,318,120 $ 191,694,338 Changes in Net Position Governmental activities $ (185,906,662) $ 56,228,954 $ 49,721,735 $ 21,752,753 $ 47,648,798 Business -type activities Total primary government $ (185,906,662) $ 56,228,954 $ 49,721,735 $ 21,752,753 $ 47,648,798 Source: Finance Department 3 Right of way expenditures were classified as highways or commuter rail expenditures beginning in 2012. 4 In FY 2012 the Commission implemented GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Prior year amounts in this presentation have not been revised to reflect this change. 107 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 Riverside County Transportation Commission Changes in Primary Government Net Position (Continued) Last Ten Fiscal Years (Accrual Basis) Expenses by Function ■ • _l_ . • - 11114 $- 1 1 1 1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 ■ Toll operations ■ Interest expense ■ Transit and specialized transportation ■ Regional arterials ■ Right of way management ■ Planning and programming Motorist assistance ■ Local streets and roads ■ Highways ■ Commuter rail .:Commuter assistance ■ CETAP ■ Bicycle and pedestrian facilities ■ General government 108 $597,000,000 $497,000,000 $397,000,000 $297,000,000 $197,000,000 $97,000,000 $(3,000,000) Riverside County Transportation Commission Changes in Primary Government Net Position (Continued) Last Ten Fiscal Years (Accrual Basis) Revenues by Source 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 ■ Gain (loss) on sale of capital assets, net Other miscellaneous revenue ■ Unrestricted investment earnings ■ Transportation Development Act sales taxes ■ Measure A sales taxes ■ Capital grants and contributions ■ Operating grants and contributions ■ Charges for services 109 Riverside County Transportation Commission Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified Accrual Basis) Fiscal Year 2019 2018 2017 2016 2015 GENERAL FUND General fund: Nonspendable $ 345,881 $ 232,793 $ 232,759 $ 192,235 $ 255,446 Restricted 25,551,922 22,470,358 16,321,159 7,143,844 5,680,411 Committed - Assigned 3,226,466 3,337,343 2,572,182 3,456,111 4,246,940 Total general fund $ 29,124,269 $ 26,040,494 $ 19,126,100 $ 10,792,190 $ 10,182,797 ALL OTHER GOVERNMENTAL FUNDS All other govemmental funds: Nonspendable $ 3,675,091 $ 4,627,240 $ 9,162,068 $ 10,848,614 $ 21,510,571 Restricted 758,687,069 745,638,560 678,147,954 718,780,598 772,109,076 Unassigned (1,272,356) (268,754) (23,054) - Total all other govemmental funds $ 761,089,804 $ 749,997,046 $ 687,286,968 $ 729,629,212 $ 793,619,647 Source: Finance Department 110 Riverside County Transportation Commission Fund Balances of Governmental Funds, Continued Last Ten Fiscal Years (Modified Accrual Basis) Fiscal Year 2014 2013 2012 2011 2010 GENERAL FUND General fund: Nonspendable $ 257,721 $ 194,794 $ 157,957 $ 143,397 $ 253,819 Restricted 5,073,685 7,412,686 8,114,440 7,110,013 7,266,584 Committed - 1,606,976 Assigned 5,258,703 5,232,871 5,412,830 6,270,944 4,134,059 Total general fund $ 10,590,109 $ 12,840,351 $ 13,685,227 $ 13,524,354 $ 13,261,438 ALL OTHER GOVERNMENTAL FUNDS All other governmental funds: Nonspendable $ 31,978,235 $ 3,274,483 $ 1,481,019 $ 5,389,775 $ 2,554,136 Restricted 988,908,077 606,072,061 560,412,373 570,450,515 535,752,354 Unassigned - - Total all other governmental funds $ 1,020,886,312 $ 609,346,544 $ 561,893,392 $ 575,840,290 $ 538,306,490 Source: Finance Department 111 Revenues Sales taxes Transportation Uniform Mitigation Fee Intergovernmental Investment income Other Total revenues Expenditures Current: General Government Programs: Bicycle and pedestrian facilities CETAP Commuter assistance Commuter rail Highways Local streets and roads Motorist assistance Planning and programming Right of way management Regional arterials Transit and specialized transportation Debt service: Principal Interest Cost of Issuance Payment to escrow agent Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Refunding debt issuance Debt issuance Discount on debt issuance Premium on debt issuance Payment to refunded bond escrow agent Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Riverside County Transportation Commission Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified Accrual Basis) Fiscal Year 2019 2018 2017 $ 332,226,225 $ 287,180,213 $ 269,959,721 29,968,449 23,699,764 19,594,829 138,541,133 88,207,011 32,467,616 21,311,968 9,149,672 4,483,174 6,418,190 3,199,483 6,746,055 528,465,965 411,436,143 333,251,395 2016 $ 264,764,833 19,831,327 76,821,362 8,592,753 7,295,648 377,305,923 2015 $ 257,909,590 17,400,782 110,515,661 6,258,226 2,542,359 394,626,618 1,044,403 977,898 6,558,752 6,514,255 7,302,325 2,319,895 1,142,306 1,314,932 233,815 1,747,090 1,394,120 22,275,429 4,028,104 5,249,516 4,135,996 3,603,353 3,647,662 2,686,073 2,648,632 2,891,431 40,805,316 37,700,157 32,820,139 95,717,909 112,424,851 203,662,390 187,087,621 250,383,800 372,657,029 325,128,109 61,470,359 53,639,698 51,864,011 49,826,564 48,615,815 4,398,842 3,825,722 4,177,349 4,159,520 4,317,961 4,307,859 4,677,940 3,248,031 4,090,731 3,099,358 17,042,375 12,888,439 19,056,339 23,111,109 21,016,097 117,748,091 90,153,923 80,764,125 70,652,804 86,725,394 25,977,461 62,140,974 27,317,242 7,814,176 7,411,654 43,595,769 50,606,912 44,684,153 45,620,922 45,913,275 - 2,256,061 654,007 - 70,800,000 63,900,000 5,663,109 2,606,851 5,670,356 1,182,208 475,334 533,033,342 606,427,593 599,127,413 689,479,190 671,204,690 (4,567,377) (194,991,450) (265,876,018) (312,173,267) (276,578,072) 457,015,000 14,946,136 158,760,000 249,498,089 248,792,225 48,904,095 - 119,713,807 8,414,007 55,000 (471,089,840) 116,363,248 300,623,670 182,713,859 162,708,720 232,626,156 (112,620,474) (300,406,715) (208,758,271) (162,708,720) (232,626,156) 18,743,910 264,615,922 231,867,684 248,792,225 48,904,095 $ 14,176,533 $ 69,624,472 $ (34,008,334) $ (63,381,042) $ (227,673,977) Debt service as a percentage of noncapital expenditures 16.7% 23.7% 5 12.2% 10.6% 11.0% Source: Finance Department 1 Debt service as a percentage of noncapital expenditures in 2010 increased significantly as a result of the retirement of $53,716,000 of commercial paper, which is included in principal payments. 2 Debt service as a percentage of noncapital expenditures in 2011 increased significantly as a result of the retirement of $103,284,000 of commercial paper, which is included in principal payments. 3 Right of way management expenditures were classified as highways or commuter rail expenditures beginning in 2012. 4 Debt service as a percentage of noncapital expenditures in 2014 increased significantly as a result of the retirement of $60,000,000 of commercial paper, which is included in principal payments and interest payments and cost of issuance as a result of the issuance of $638,854,602 in debt. 5 Debt service as a percentage of noncapital expenditures in 2018 increased significantly as a result of the retirement of commercial paper and a current refunding of debt, which included a swap termination payment. 112 Riverside County Transportation Commission Changes in Fund Balances of Governmental Funds, Continued Last Ten Fiscal Years (Modified Accrual Basis) Revenues Sales taxes Transportation Uniform Mitigation Fee Intergovernmental Investment income Other Total revenues Expenditures Current: General Government Programs: Bicycle and pedestrian facilities CETAP Commuter assistance Commuter rail Highways Local streets and roads Motorist assistance Planning and programming Right of way management Regional arterials Transit and specialized transportation Debt service: Principal Interest Cost of Issuance Payment to escrow agent Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Refunding debt issuance Debt issuance Discount on debt issuance Premium on debt issuance Payment to refunded bond escrow agent Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Debt service as a percentage of noncapital expenditures Source: Finance Department Fiscal Year 2014 2013 2012 2011 2010 $ 248,309,448 $ 236,427,142 $ 215,028,438 $ 184,212,628 $ 184,026,095 11,284,394 12,421,110 8,116,420 9,157,863 8,618,231 122,486,605 38,817,347 51,516,775 40,012,488 26,769,324 9,979,912 1,769,709 4,308,395 4,524,219 5,663,178 1,282,520 1,540,542 1,430,195 2,878,380 1,853,641 393,342,879 290,975,850 280,400,223 240,785,578 226,930,469 6,991,303 6,692,187 7,586,207 8,340,263 6,920,479 1,065,476 956,308 1,389,567 1,940,499 317,048 6,509,915 954,700 4,464,387 5,490,993 2,362,393 3,136,150 2,868,356 3,157,480 2,816,392 3,228,709 68,072,414 27,118,480 39,870,670 35,482,511 33,733,888 299,398,122 118,750,336 111,049,502 75,011,698 45,698,211 46,677,580 44,594,891 40,127,890 36,856,925 34,258,313 3,498,420 3,563,581 3,846,245 3,530,695 2,987,136 3,204,073 3,712,596 3,913,520 4,674,397 5,312,246 - 3 1,270,487 1,428,066 23,886,840 17,047,135 5,816,666 29,362,894 26,371,339 78,723,898 55,659,188 51,221,772 44,699,650 43,820,225 67,112,884 6,824,654 46,523,931 109,607,230 57,738,548 43,410,203 15,404,719 15,008,695 11,296,268 5,240,307 7,050,855 1,493,196 675,464 143,888 220,443 209,716 147,297 124,080 658,882,021 304,367,574 334,186,248 372,021,395 270,216,452 (265,539,142) (13,391,724) (53,786,025) (131,235,817) (43,285,983) 638,854,602 (2,433,315) 38,328,775 60,000,000 40,000,000 170,000,000 268,284,000 (967,467) (278,685) (129,394,875) 481,987,735 133,065,312 123,977,167 185,354,839 104,833,227 (481,987,735) (133,065,312) (123,977,167) (185,354,839) (104,833,227) 674,750,062 60,000,000 40,000,000 169,032,533 138,610,440 $ 409,210,920 $ 46,608,276 $ (13,786,025) $ 37,796,716 $ 95,324,457 19.1 %' 9.3% 22.5% 32.5% 2 23.3% 113 Riverside County Transportation Commission Sources of County of Riverside Taxable Sales by Business Type Last Ten Calendar Years (In Thousands) 2017' 2016 2015 2014 2013 Apparel stores $ 2,199,511 $ 2,190,228 $ 2,136,728 $ 1,989,623 $ 1,771,603 General merchandise stores 3,101,256 3,052,409 3,040,244 3,289,057 3,298,920 Food stores 1,666,910 1,574,030 1,727,518 1,509,404 1,421,590 Eating & drinking 3,852,674 3,648,980 3,384,494 3,093,861 2,836,388 Household 1,730,702 1,386,985 1,135,235 1,030,455 996,484 Building materials 2,161,593 1,965,101 1,826,294 1,706,184 1,535,178 Automotive 8,282,532 7,751,812 7,693,173 7,844,773 7,421,523 Other retail sales 2,586,770 2,452,591 2,338,039 2,182,987 2,025,088 Total all other outlets 10,550,866 10,209,008 9,629,185 9,389,345 8,758,693 $ 36,132,814 $ 34,231,144 $ 32,910,910 $ 32,035,689 $ 30,065,467 Measure A direct sales tax rate (Ordinance 88-1 0.50% 0.50% 0.50% 0.50% 0.50% through 2009 and 02-001 thereafter) Source: State Board of Equalization 1 Year represents most recent data available. Sources of County of Riverside Taxable Sales by Business Type for 2017 Total all other outlets 29% Other retail sales 7% Apparel stores 6% General merchandise stores 8% Food stores 5% Eating & drinking 11% Household 5% Building materials Automotive 6% 23% 114 Riverside County Transportation Commission Sources of County of Riverside Taxable Sales by Business Type, Continued Last Ten Calendar Years (In Thousands) 2012 2011 2010 2009 2008 Apparel stores $ 1,672,482 $ 1,505,821 $ 1,391,174 $ 1,293,271 $ 1,121,543 General merchandise stores 3,174,022 3,051,709 2,947,905 2,855,733 3,389,936 Food stores 1,356,148 1,304,731 1,267,758 1,251,220 1,254,366 Eating & drinking 2,668,324 2,473,339 2,317,486 2,266,853 2,340,554 Household 930,068 914,888 412,325 858,098 816,379 Building materials 1,364,513 1,303,073 1,232,145 1,237,518 1,435,337 Automotive 7,009,138 6,311,272 5,306,408 4,749,994 6,126,512 Other retail sales 1,841,973 1,711,453 1,951,385 1,442,875 3,250,335 Total all other outlets 8,079,341 7,065,212 6,326,194 6,272,315 6,268,633 Measure A direct sales tax rate (Ordinance 88-1 through 2009 and 02-001 thereafter) Source: State Board of Equalization $ 28,096,009 $ 25,641,498 $ 23,152,780 $ 22,227,877 $ 26,003,595 0.50% 0.50% 0.50% 0.50% 0.50% 115 Fiscal Year Riverside County Transportation Commission Direct and Overlapping Sales Tax Rates Last Ten Fiscal Years Measure A Direct Rate' County of Riverside 2019 0.50% 7.75% 2018 0.50% 7.75% 2017 0.50% 7.75% 2016 0.50% 8.00% 2015 0.50% 8.00% 2014 0.50% 8.00% 2013 0.50% 8.00% 2012 0.50% 7.75% 2011 0.50% 8.75% 2010 0.50% 8.75% Source: Commission Finance Department and California State Board of Equalization. ' The Measure A sales tax rate may be changed only with the approval of 2l3 of the voters. 2 Effective July 1, 2011, the State of California decreased the state sales tax rate by 1 %. 3 Effective January 1, 2013, the State of California increased the state sales tax rate by 0.25%. 116 Riverside County Transportation Commission Principal Taxable Sales Generation by City Current Year and Nine Years Ago 2017 1 2008 Taxable Sales (in Taxable Sales (in Percentage of thousands) Rank Percentage of Total thousands) Rank Total City of Riverside $ 5,534,294 2 15.3% $ 4,093,218 2 15.7% City of Corona 3,663,277 3 10.1 % 2,994,438 3 11.5% City of Temecula 3,209,066 4 8.9% 2,307,072 4 8.9% City of Moreno Valley 1,652,123 5 4.6% 1,154,650 6 4.4% City of Palm Desert 1,624,653 6 4.5% 1,447,663 5 5.6% City of Murrieta 1,522,525 7 4.2% 972,575 7 3.7% City of Perris 1,462,211 8 4.0% 562,025 14 2.2% City of Palm Springs 1,149,888 9 3.2% 826,056 9 3.3% City of Hemet 1,042,103 10 2.9% 840,655 8 3.2% City of Indio 1,008,113 11 2.8% 673,527 11 2.6% City of Jurupa Valley' 968,336 12 2.7% - - NIA City of Lake Elsinore 821,250 13 2.3% 639,732 13 2.5% City of Cathedral City 809,572 14 2.2% 649,612 12 2.5% City of La Quinta 751,449 15 2.0% 731,831 10 2.9% City of Eastvale3 742,347 16 2.1 % NIA City of Menifee2 683,385 17 1.9% - N/A City of Norco 603,813 18 1.7% 436,753 16 1.7% City of Rancho Mirage 485,920 19 1.3% 438,400 15 1.7% City of Beaumont 429,064 20 1.2% 270,480 18 1.0% City of Coachella 307,443 21 0.9% 307,494 17 1.2% City of San Jacinto 258,202 22 0.7% 192,541 20 0.7% City of Banning 226,170 23 0.6% 193,333 19 0.7% City of Blythe 152,961 24 0.4% 160,476 21 0.6% City of Wildomar 152,142 25 0.4% 23,983 25 0.1 % City of Desert Hot Springs 138,947 26 0.4% 91,671 22 0.4% City of Indian Wells 102,766 27 0.3% 91,534 23 0.4% City of Calimesa 72,082 28 0.2% 54,285 24 0.2% City of Canyon Lake 20,912 29 0.1 % 12,300 26 0.0% Incorporated 29,595,014 81.9% 20,166,304 77.7% Unincorporated 6,537,800 1 18.1% 5,837,291 1 22.3% Countywide $ 36,132,814 100.0% $ 26,003,595 100.0% California $ 672,486,581 $ 531,653,540 Source: California State Board of Equalization for the calendar year indicated. Year represents most recent data available. 2 City of Menifee was incorporated on October 1, 2008. 3 City of Eastvale was incorporated on October 1, 2010. 4 City of Jurupa Valley was incorporated on July 1, 2011. Taxable Sales by City $6,000,000 - $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 Gc�ta�`¢°oJa\e�eyev�e'\96cQ��°�e�oy��aJae�S���G(1)- \z e+s,06:444aav�°are�ao��\9,bs\ tt`�e'tf•-�• A"°'eoo\a�e tclC,` .,cj° e-\"3 Q G °� (> 9 \ G o� � nova G rtcl° �c1°��,ac) G Qa��°\ ..,!'',A°�� �c1°fie �6\c,��c1°\ tGa�� G ��o G`� C,�o�'G�o G G G G�o� G� CG G`� o�e5�'r1 Gam° G0 -111.- 2017 t 2008 117 Highways Regional arterials Highways and regional arterials New corridors Economic development incentives Local streets and roads Public transit: Commuter assistance Commuter rail Bus Specialized transportation Bus and specialized transportation Bond financing Source: Finance Department $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $- Riverside County Transportation Commission Measure A Sales Tax Revenues by Program and Geographic Area Year Ended June 30, 2019 Special Revenue Funds Western County Coachella Valley 47,640,885 $ 14,012,025 17,281,498 1,868,270 45,305,548 2,335,338 9,528,177 3,374,563 2,977,555 12,610,823 21,619,378 15,133,565 6,485,813 156,934,682 $ Palo Verde 1,031,557 Total 47,640,885 14,012,025 21,619,378 17,281,498 1,868,270 61,470,670 2,335,338 9,528,177 3,374,563 2,977,555 6,485,813 12,610,823 43,238,756 $ 1,031,557 $ Sales Tax Revenues by Program and Geographic Area 201,204,995 1.11— • i - i - - . • r a05 �e\�s �ek�5 `aa°�s ,Z,�A �a �a 4c° Qea'°J ee \-> e , aJaAz \o ae, ° •A oo Jti\oc;oy eea�°aa5�5J Jtie<6° °e ti5aGoe e's-` °Ga a� G° Geographic Distribution by Area Coachella Valley 21% Palo Verde 1%\ otb °eQ �5Q as�o -'e ee 9°J c e9 a° 4tP Western County 78% ■ Palo Verde ■ Coachella Valley ■ Western County 118 Riverside County Transportation Commission Measure A Sales Tax by Economic Category Last Ten Calendar Years % of Total Economic Category 2018' 2017 2016 2015 2014 2013 2012 2011 2010 2009 General retail 28.9 28.3 28.9 28.8 28.4 28.7 28.8 29.8 30.9 30.9 Transportation 24.6 25.3 25.1 25.9 26.6 27.0 26.9 27.1 25.0 22.8 Food products 17.8 17.6 17.7 17.3 16.6 16.1 16.2 16.4 17.0 17.8 Business to business 16.3 15.6 15.3 15.0 14.4 14.5 15.0 14.1 14.5 15.2 Construction 10.8 10.8 10.8 10.8 12.0 11.8 11.1 10.5 10.5 11.1 Miscellaneous 1.6 2.4 2.2 2.2 2.0 1.9 2.0 2.1 2.1 2.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: MuniServices LLC. Prior years' information is not available. ' Year represents most recent data available. 119 Riverside County Transportation Commission Measure A Revenues and Pledged Revenue Coverage' Last Ten Fiscal Years Sales Tax Revenue Bonds Net Measure A Sales Tax Measure A Sales Tax Revenue Total Debt Service Fiscal Year Revenues2 Growth (Decline) Rate Total Debt Service Coverage Ratio 2019 $ 201,204,995 14.13% $ 69,555,738 2.89 2018 176,301,656 0.56% 75,159,543 2.35 2017 175,320,207 4.59% 51,889,982 3.38 2016 167,630,239 2.78% 53,400,019 3.14 2015 163,092,776 4.31 % 53,300,072 3.06 2014 156,355,894 4.64% 50,499,417 3.10 2013 149,428,124 10.70% 22,156,116 6.74 2012 134,984,307 9.35% 21,503,582 6.28 2011 123,439,833 7.78% 12,651,386 9.76 20103 114,526,254 -4.31 % 8,918,183 12.84 Source: Finance Department This schedule meets the requirements for Continuing Disclosure of historical Measure A sales tax revenues. 2 Sales tax revenue bonds are backed by the sales tax revenues, net of California Department of Tax and Fee Administration, as successor to Board of Equalization, administrative fees. In FY 2010 the 2008 bonds related to the 2009 Measure A program were current refunded. The payment to escrow agent is excluded from debt service. 120 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission Ratios of Outstanding Debt by Type Last Ten Fiscal Years Governmental Activities Sales Tax Revenue Bonds, Capital Year net of premium and discount Commercial Paper MSHCP Funding Liability Leases 2019 $ 950,003,406 $ - $ 3,000,000 $ 50,504 2018 987,810,267 6,000,000 7,965 2017 792,916,124 30,000,000 9,000,000 28,939 2016 782,532,106 20,000,000 12,000,000 46,181 2015 792,297,152 15,000,000 60,357 2014 801,782,659 18,000,000 72,011 2013 310,435,508 60,000,000 6,289 2012 317,138,111 30,943 2011 323,537,074 54,874 2010 180,731,699 83,284,000 78,104 Sources: Finance Department for outstanding debt for the fiscal year ended June 30 and California State Department of Finance for population as of January 1. 1 See the Schedule of Demographic and Economic Statistics on page 126 for personal income and population data. 122 Year Riverside County Transportation Commission Ratios of Outstanding Debt by Type, Continued Last Ten Fiscal Years Business -Type Activities Toll Revenue Bonds, net of discount and accretion TIFIA Loan Percentage of Debt per Total Primary Government Personal Income I Capita I 2019 $ 199,423,911 $ 469,870,660 $ 1,622,348,481 N/A $ 671.51 2018 194,522,170 453,980,866 $ 1,642,321,268 N/A 689.29 2017 189,923,251 438,628,419 $ 1,460,496,733 1.54% 612.42 2016 185,607,330 277,696,320 $ 1,277,881,937 1.45% 551.30 2015 181,557,045 48,904,095 $ 1,037,818,649 1.24% 436.30 2014 177,755,391 $ 997,610,061 1.28% 423.81 2013 - $ 370,441,797 0.49% 167.47 2012 $ 317,169,054 0.44% 142.38 2011 $ 323,591,948 0.48% 145.91 2010 $ 264,093,803 0.41 % 121.16 Sources: Finance Department for outstanding debt for the fiscal year ended June 30 and California State Department of Finance for population as of January 1. 123 Riverside County Transportation Commission Computation of Legal Debt Margin Last Ten Fiscal Years Fiscal Year 2019 2018 2017 2016 2015 Measure A Ordinance No. 02.001, as amended by Ordinance No. 10-0022 Total debt limit authorized $ 975,000,000 $ 975,000,000 $975,000,000 $ 975,000,000 $ 975,000,000 Amount of debt applicable to debt limit 833,055,000 859,020,000 786,240,000 771,300,000 759,100,000 Legal debt margin $ 141,945,000 $ 115,980,000 $188,760,000 $ 203,700,000 $ 215,900,000 % of debt to legal debt limit 85.4% 88.1 % 80.6% 79 1 % 77 9% Source: Finance Department 1 The Commission's debt limits were approved by the voters of Riverside County as part of the sales tax ordinances and are specific to the Commission; accordingly, there are no overlapping debt considerations. 2 Ordinance No. 02-001 was approved by a 2/3 majority of the voters in November 2002. In November 2010, a majority of the voters approved Ordinance No. 10-002 to increase the debt limit from $500 million to $975 million. $1,200,000, 000 $1,000,000, 000 $800,000,000 - Measure A Ordinance No. 02-001, as amended by Ordinance No.10-002 $600,000,000 — $400,000,000 — $200,000,000 — r 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 • Total debt limit authorized Am ou nt of de bt applicable to debt limit 124 Riverside County Transportation Commission Computation of Legal Debt Margin, Continued 1 Last Ten Fiscal Years Fiscal Year 2014 2013 2012 2011 2010 Measure A Ordinance No. 02-001, as amended by Ordinance No. 10.0022 Total debt limit authorized $ 975,000,000 $ 975,000,000 $ 975,000,000 $ 975,000,000 $ 500,000,000 Amount of debt applicable to debt limit 766,500,000 371,400,000 318,200,000 324,700,000 264,284,000 Legal debt margin $ 208,500,000 $ 603,600,000 $ 656,800,000 $ 650,300,000 $ 235,716,000 % of debt to legal debt limit 78.6% 38.1 % 32.6% 33.3% 52.9% Source: Finance Department 125 Riverside County Transportation Commission Demographic and Economic Statistics for the County of Riverside Last Ten Calendar Years Per Capita Personal Calendar Year Population' Personal Income (thousands)2 Income 2 Unemployment Rate3 2019 2,440,124 N/A N/A N/A 2018 2,415,955 N/A N/A 4.4% 2017 2,382,640 $ 95,140,992 $ 39,261 5.2% 2016 2,347,828 87,827,068 36,782 6.1 % 2015 2,317,924 84,025,987 35,589 6.7% 2014 2,329,271 78,239,388 33,590 8.2% 2013 2,255,059 76,289,477 33,278 10.3% 2012 2,227,577 72,015,057 31,742 12.2% 2011 2,217,778 67,024,780 29,927 12.4% 2010 2,179,692 64,376,498 29,222 14.7% Sources: ' California State Department of Finance as of January 1. 2 U.S. Department of Commerce Bureau of Economic Analysis. Represents most recent data available. 3 Riverside County Economic Development Agency. Represents most recent data available. 126 Riverside County Transportation Commission Employment Statistics by Industry for the County of Riverside Calendar Year 2018 and Nine Years Prior % of Total Industry Type 20181 Employment 2009 of Total Employment Agricultural services, forestry, fishing and other 12,500 1.7% 12,400 2.2% Mining 400 0.0% 500 0.1% Construction 67,300 9.1% 40,400 7.3% Manufacturing 44,400 6.0% 39,000 7.1% Transportation, warehousing, and public utilities 46,000 6.2% 19,700 3.6% Wholesale trade 24,900 3.4% 18,700 3.4% Retail trade 92,700 12.4% 78,800 14.3% Professional & business services 70,500 9.5% 53,700 9.7% Education & health services 115,000 15.5% 71,300 12.9% Leisure & hospitality 93,500 12.6% 68,700 12.5% Finance, insurance, and real estate 22,000 3.0% 20,700 3.7% Other services 22,600 3.0% 18,100 3.3% Federal government, civilian 7,200 1.0% 6,900 1.3% State government 17,700 2.4% 15,800 2.9% Local government 105,500 14.2% 86,600 15.7% Total employment 742,200 100.0% 551,300 100.0% Source: State of California Economic Development Department Year represents most recent data available. 127 Riverside County Transportation Commission Full-time Equivalent Employees by Function/Program Last Ten Fiscal Years As of June 30 Function/Program 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Management services and administration 18.0 19.2 17.1 14.7 16.2 13.8 14.1 13.9 12.7 8.9 Planning and programming 3.5 4.2 4.9 6.2 6.1 5.9 4.9 5.1 5.2 5.5 Rail operations and maintenance 3.4 4.1 4.3 4.5 4.0 3.1 2.9 3.3 3.1 3.3 Specialized transit/transportation 2.9 2.4 2.7 2.3 2.3 3.4 2.5 2.5 2.6 2.6 Commuter assistance 1.4 1.7 1.4 1.8 3.0 1.7 1.8 1.6 1.6 1.8 Motorist assistance 0.8 0.9 0.8 0.7 0.7 0.9 0.9 1.2 0.9 0.7 Capital project development and delivery 16.0 15.5 15.8 15.8 13.7 15.2 13.9 12.3 11.9 14.2 Total full-time equivalents 46.0 48.0 47.0 46.0 46.0 44.0 41.0 40.0 38.0 37.0 Source: Finance Department 128 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Toll operations: Gross trips Gross potential revenue Average gross potential revenue per trip Commuter rail operations: Growth of average daily ridership on commuter lines: Riverside line IEOC line 91 line Farebox recovery ratio: Riverside line IEOC line 91 line Specialized transit/transportation: Specialized transit grants awarded Commuter assistance: Rideshare Incentive members Rideshare Plus Rewards members Rideshare pledges Rideguides produced Van Club vanpools Commuter Exchange events Motorist assistance: Call boxes Calls made from call boxes Contracted Freeway Service Patrol vehicles Assists by Freeway Service Patrol 1E511 web visits 1E511 call volumes Transportation Uniform Mitigation Fee program: Approved regional arterial projects Measure A program: Highways Commuter rail Regional arterials Local streets and roads Specialized transit and commuter assistance Total program expenditures Source: Commission Departments Riverside County Transportation Commission Operating Indicators Last Ten Fiscal Years As of June 30 2019 2018 37,900,658 36,103,819 $ 140,085,903 $ 115,287,156 $ 3.78 $ 3.30 3,868 4,656 3,293 43.0% 27.5% 24.1 % 18 526 917 7,836 6,246 67 N/A 231 1,384 26 44,607 213,689 114,045 23 $ 148,387,823 13,218,370 12,533,037 61,470,359 16,708,843 3,863 4,874 3,109 45.4% 29.2% 26.5% 16 573 1,114 5,959 4,606 31 N/A 241 1,598 20 41,417 408,021 142,287 20 $ 180,565,301 14,118,997 6,158,736 53,639,698 15,197,859 2017 4,049,067 $ 9,618,429 $ 2.38 4,050 4,900 3,258 47.2% 31.8% 26.5% 17 505 792 4,886 5,219 N/A N/A 240 2,161 20 40,180 618,130 201,099 20 $ 250,360,723 8,528,984 14,739,703 51,864,011 13,826,624 2016 4,404 4,438 2,610 45.7% 33.4% 27.7% 17 597 1,142 4,249 8,607 N/A N/A 545 3,053 21 36,711 473,462 233,895 24 2015 4,651 4,613 2,419 49.6% 32.6% 38.6% 20 736 3,723 11,180 6,527 N/A 48 549 3,882 21 42,471 452,713 263,757 24 $ 372,657,029 $ 325,128,109 75,831,961 98,302,229 17,090,247 5,012,254 49,826,564 48,615,815 14,499,642 14,063,310 $ 252,318,432 $ 269,680,591 $ 339,320,045 $ 529,905,443 $ 491,121,717 130 Riverside County Transportation Commission Operating Indicators, Continued Last Ten Fiscal Years As of June 30 2014 2013 2012 2011 2010 Toll operations: Gross trips Gross potential revenue Average gross potential revenue per trip Commuter rail operations: Growth of average daily ridership on commuter lines: Riverside line 4,715 4,911 5,279 5,177 5,124 IEOC line 4,522 4,317 4,142 3,855 4,011 91line 2,340 2,407 2,254 2,289 2,205 Farebox recovery ratio: Riverside line 50.9% 57.0% 58.5% 59.8% 52.5% IEOC line 37.6% 34.9% 31.3% 31.1% 28.3% 91line 51.3% 42.2% 49.7% 54.6% 49.3% Specialized transit/transportation: Specialized transit grants awarded 22 22 21 22 22 Commuter assistance: Rideshare Incentive members 1,106 926 1,056 1,061 1,131 Rideshare Plus Rewards members 5,770 6,786 4,848 5,518 7,080 Rideshare pledges 11,661 12,765 11,635 11,189 11,383 Rideguides produced 10,059 14,813 15,628 29,052 43,319 Van Club vanpools N/A N/A N/A N/A N/A Commuter Exchange events 54 55 52 52 50 Motorist assistance: Call boxes 570 580 594 613 614 Calls made from call boxes 4,685 5,337 5,043 5,251 5,934 Contracted Freeway Service Patrol vehicles 21 21 21 22 22 Assists by Freeway Service Patrol 44,278 43,633 42,748 45,751 48,312 1E511 web visits 443,359 399,730 341,716 244,277 N/A 1E511 call volumes 306,108 351,161 362,957 489,036 N/A Transportation Uniform Mitigation Fee program: Approved regional arterial projects 24 24 24 24 24 Measure A program: Highways $ 299,398,122 $ 118,750,336 $ 111,049,502 $ 75,011,698 $ 45,698,211 Commuter rail 56,148,017 15,895,661 19,690,126 22,632,065 20,312,056 Regional arterials 1,441 1,787 124 8,638,637 11,920,846 Local streets and roads 46,677,580 44,594,891 40,127,890 36,856,925 34,258,313 Specialized transit and commuter assistance 13,378,223 11,927,634 11,930,437 11,262,588 10,161,780 Total program expenditures $ 415,603,383 $ 191,170,309 $ 182,798,079 $ 154,401,913 $ 122,351,206 Source: Commission Departments 131 Riverside County Transportation Commission Capital Asset Statistics by Program Last Ten Fiscal Years As of June 30 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Commuter rail: Transit centers owned and managed 1 1 1 1 1 1 1 1 Commuter rail stations owned and managed 9 9 9 9 5 5 5 5 5 5 Miles of commuter rail easements 104.6 104.6 104.6 104.6 104.6 104.6 104.6 104.6 104.6 104.6 Commuter Assistance: Commuter Exchange Vehicle Toll operations: Storage and maintenance building 1 1 1 Customer service center 1 Toll utility buildings 3 3 3 Regional operations center buildings 2 2 2 Miles of express lanes 36 36 36 Toll collection system 1 1 1 On -road closed circuit TV cameras 36 36 36 Traffic operations center system 1 1 1 Communications network 1 1 1 Changeable message signs 8 8 8 Source: Commission Departments 132 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission (951) 787-7141 • www.rctc.org 4080 Lemon Street, 3rd Floor P.O. Box 12008 • Riverside, CA 92502-2208 ATTACHMENT 2 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Financial and Compliance Reports Year Ended June 30, 2019 Certified Public Accountants Contents Independent Auditor's Report 1-2 Financial Statements Balance Sheet 3 Statement of Revenues, Expenditures and Change in Fund Balance 4 Notes to Financial Statements 5-7 Supplementary Information Schedule of Allocations and Disbursements Schedule of Unclaimed Apportionments (Article 3) Schedule of Unclaimed Apportionments (Articles 4 and 8) Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 8 9 10 11-12 11 Certified Public Accountants Independent Auditor's Report Board of Commissioners Riverside County Transportation Commission Riverside, California Report on the Financial Statements We have audited the accompanying financial statements of the Local Transportation Fund (the Fund) of the County of Riverside, California, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the Fund's financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Commission management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Commission's preparation and fair presentation of the Fund's financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the Fund. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by Commission management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the Fund of the County of Riverside, California, as administered by the Commission, as of June 30, 2019 and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 12 www.mgocpa.com Emphasis of Matter As discussed in Note 1 to the financial statements, the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the Commission or the County of Riverside, California, as of June 30, 2019 and the changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Management has omitted management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the financial statements. Such missing information, although not a part of the financial statements, is required by the Governmental Accounting Standards Board, which considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic or historical context. Our opinion on the financial statements is not affected by this missing information. Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Fund's financial statements. The schedules listed in the table of contents as supplementary information are presented for purposes of additional analysis and are not a required part of the financial statements. The supplementary information is the responsibility of Commission management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 31, 2019 on our consideration of the Commission's internal control over the Fund's financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control over financial reporting or on compliance related to the Fund. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control over the Fund's financial reporting and compliance. tlaciois grki C�O P�( 7_5) Newport Beach, California October 31, 2019 2 13 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Balance Sheet June 30, 2019 Assets Cash and investments in Riverside County Pooled Investment Fund Accounts receivable Advances receivable Interest receivable Total assets Liabilities and Fund Balance $ 53,288,888 17,432,233 22, 000, 000 357,297 $ 93,078,418 Liabilities: Accounts payable Due to other Commission funds Total liabilities $ 911,265 625,800 1,537,065 Restricted: Unapportioned Local Transportation Funds 17,982,698 Rail and bus transit and local streets and roads apportionments 66,083,778 Bicycle and pedestrian projects 7,474,877 Total fund balance 91,541,353 Total liabilities and fund balance $ 93,078,418 See Notes to Financial Statements. 3 14 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Statement of Revenues, Expenditures and Change in Fund Balance Year Ended June 30, 2019 Revenues: Sales taxes $ 103,819,440 Interest 2,118,450 Total revenues 105,937,890 Expenditures: Bicycle and pedestrian projects 2,319,895 Transit 117,831,796 Planning, programming, and administration 4,680,700 Total expenditures 124,832,391 Net change in fund balance (18,894,501) Fund balance, beginning of year 110,435,854 Fund balance, end of year $ 91,541,353 See Notes to Financial Statements. 4 15 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 1. Nature of Operations and Significant Accounting Policies The Riverside County Transportation Commission (the Commission), in its capacity as the transportation planning agency for the County of Riverside, California (the County), is responsible for administering funds provided through the Local Transportation Fund (the Fund), which was created in accordance with the provisions of the Transportation Development Act of 1971. The significant revenue to the Fund is derived from 0.25 percent of the 8.25 percent statewide sales tax collected in the County by the State Board of Equalization (State). The accounting policies of the Fund, a special revenue fund of the Commission, conform to accounting principles generally accepted in the United States as applicable to governmental units. Presentation: The accompanying financial statements of the Fund are intended to present the financial position and the changes in financial position of only that portion of the governmental activities of the Commission that is attributable to the transactions of the Fund of the Commission. They do not purport to, and do not, present fairly the financial position of the Commission or the County as of June 30, 2019 and the related changes in its financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual basis of accounting is followed in the Fund. Under the modified accrual basis of accounting, expenditures are recorded when they are expected to be liquidated with expendable available resources, and revenue is recorded when it becomes both measurable and available. "Measurable" means the amount of the transaction can be determined, and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Commission considers revenues to be available if they are collected within 180 days of the end of the current fiscal period. Those revenues susceptible to accrual include sales taxes collected and held by the State at year-end on behalf of the Commission and interest revenue. Funding: There is a three -step process for obtaining funds from the Fund: apportionment, allocation and payment. Annually, the Commission determines each area's share of the anticipated Fund. This share is the area apportionment. Once funds are apportioned to a given area, they are typically available only for allocation to claimants in that area. Allocation is the discretionary action by the Commission that designates funds for a specific claimant for a specific purpose. Payment is authorized by disbursement instructions issued by the Commission. Cash: It is the Commission's policy to deposit all funds received in the Riverside County Pooled Investment Fund (RCPIF), as legally required, until the funds are required for disbursement. Interest income is earned while these funds are deposited. Accounts receivable: Accounts receivable consist primarily of Fund sales tax revenues from the State on all taxable sales within the County of Riverside, California through June 30, 2019. Due from other governments: Due from other governments consists of Commission approved short-term non -interest bearing advances to other governments. Accounts payable: Accounts payable consist primarily of claims approved by the Commission, but not paid by the Commission, to the appropriate transit operators by June 30, 2019. 5 16 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 1. Nature of Operations and Significant Accounting Policies (Continued) Fund balance restrictions: The Fund reports restricted fund balances to show the level of constraint governing the use of the funds as set forth by enabling State legislation. Expenditures: Expenditures represent disbursements to the Commission, Southern California Association of Governments, cities, the County of Riverside and transit operators that have met the claimant eligibility requirements to receive Fund allocations that are approved by the Commission, per various Public Utilities Code Sections. All disbursements are to be used for transportation purposes. Note 2. Cash and Investments with County Treasurer The funds in the RCPIF are pooled with those of other entities and invested in accordance with the County's investment policy. These pooled funds are carried at fair value. Investments in U.S.Treasury, federal agency, mortgage and asset -backed, municipal, corporate, negotiable certificates of deposit, and commercial paper securities are carried at fair value based on quoted market prices. Money market mutual funds are carried at fair value based on each fund's share price. The pooled funds are not subject to level 1, 2 or 3 of the fair value hierarchy prescribed by Governmental Accounting Standards Board Statement No. 72, Fair Value Measurement and Application. An Investment Oversight Committee has been established by the County, which acts as a regulator of the pool. As of June 30, 2019, the Commission had $53,288,888 invested in the RCPIF, with an average maturity of 387 days. Additional information on investment types, fair value measurement and credit risk of the RCPIF may be obtained from the County of Riverside Treasurer -Tax Collector located at 4080 Lemon Street, 4t'' Floor, Riverside, California 92502 or by visiting the Treasurer -Tax Collector website at www.countytreasurer.org. Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the Commission's investment policy follows the California Government Code as it relates to limits on investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. Credit risk: As of June 30, 2019 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAAf/S1 by Fitch Ratings. The Commission's investment policy only requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper, bankers' acceptances, and certificates of deposit. 6 17 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 3. Fund Balance The restricted fund balance represents the apportionments related to transit programs by geographic area, bicycle and pedestrian projects, planning and programming, and unapportioned Local Transportation Funds. For Western County transit programs, commuter rail and bus allocations are in accordance with the Commission's policy. At June 30, 2019, amounts in fund balance are restricted as follows: Rail and bus transit and local streets and roads apportionments: Western County: Commuter rail: Allocated and unclaimed Apportioned and unallocated Bus transit: Allocated and unclaimed —City of Beaumont Allocated and unclaimed —Riverside Transit Agency Apportioned and unallocated Total rail and bus transit —Western County Coachella Valley: Allocated and unclaimed Apportioned and unallocated Total bus transit —Coachella Valley Palo Verde Valley: Allocated and unclaimed —Transit Apportioned and unallocated for transit and local streets and roads Total bus transit and local streets and roads —Palo Verde Valley Total for rail and bus transit and local streets and roads apportionments $ 2,000,000 6,402,854 4,362 3,126, 866 46, 975, 393 58,509,475 2,934,027 3,474, 099 6,408,126 281,141 885,036 1,166,177 $ 66, 083, 778 Bicycle and pedestrian projects: Allocated and unclaimed $ 3,748,229 Unallocated 3,726,648 Total for bicycle and pedestrian projects $ 7,474,877 Unapportioned Local Transportation Funds $ 17,982,698 Total fund balance $ 91,541,353 7 18 Supplementary Information 19 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Schedule of Allocations and Disbursements Year Ended June 30, 2019 Article 3 Planning, Programming SB 821 Article 3 Article 4 and Administrative Totals Allocations Disbursements Expirations Allocations Disbursements Allocations Disbursements Allocations Disbursements Expirations Unclaimed Amount Expenditures: City of Banning $ - $ - $ $ 1,417,294 $ 1,417,294 $ - $ $ 1,417,294 $ 1,417,294 $ - $ City of Beaumont 2,402,209 2,402,209 2,402,209 2,402,209 City of Coachella 2,200,000 2,200,000 2,200,000 City of Corona 1,678,611 1,678,611 1,678,611 1,678,611 City of Desert Hot Springs 293,000 293,000 - 293,000 293,000 City of Eastvale 262,200 138,500 262,200 138,500 123,700 City of Indio 306,148 217,400 306,148 217,400 88,748 City of Jurupa Valley 53,550 53,550 53,550 53,550 - City of Lake Elsinore 749,015 180,021 (2,013) 749,015 180,021 (2,013) 566,981 City of La Quinta 199,500 160,106 (39,394) 199,500 160,106 (39,394) City of Moreno Valley 49,000 48,991 (9) 49,000 48,991 (9) City of Palm Desert 85,000 - 85,000 85,000 City of Palm Springs 234,925 234,924 (1) - 234,925 234,924 (1) City of Riverside 3,673,407 3,673,407 3,673,407 3,673,407 City of San Jacinto 40,000 (40,000) - 40,000 (40,000) City of Temecula 132,300 132,300 - 132,300 City of Wildomar 710,000 663,403 (46,597) 710,000 663,403 (46,597) County of Riverside: Auditor/Controller - 12,000 12,000 12,000 12,000 Road Department 881,500 330,000 - 881,500 330,000 551,500 Palo Verde Valley Transit Agency - 953,258 953,258 - 953,258 953,258 Commission 21,148,500 21,148,500 3,884,700 3,884,700 25,033,200 25,033,200 Riverside Transit Agency - 65,199,572 65,199,572 65,199,572 65,199,572 SCAG - 784,000 784,000 784,000 784,000 Sunline Transit Agency 24,210,834 21,358,945 - 24,210,834 21,358,945 2,851,889 $ 6,196,138 $ 2,319,895 $ (128,014) $ 120,683,685 $ 117,831,796 $ 4,680,700 $ 4,680,700 $ 131,560,523 $ 124,832,391 $ (128,014) $ 6,600,118 8 20 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Schedule of Unclaimed Apportionments (Article 3) Year Ended June 30, 2019 Unclaimed Unclaimed Apportionment Interest Apportionment July 1, 2018 Apportionment Disbursements Allocations June 30, 2019 Bicycle and pedestrian projects $ 7,565,006 $ 1,988,000 $ 2,319,895 $ 241,766 $ 7,474,877 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Schedule of Unclaimed Apportionments (Articles 4 and 8) Year Ended June 30, 2019 Fiscal Year 2018/19 Prior Fiscal Year Apportionment Amounts Claimed Unclaimed Amounts Apportionment Apportionment Claimed Unclaimed Apportionment Total Unclaimed Interest Apportionment Allocation June 30, 2019 Western County: Rail $ 15,359,000 $ 21,148,500 $ (5,789,500) $ 13,985,261 $ - $ 13,985,261 $ 207,093 $ 8,402,854 Bus 54,454,000 52,273,483 2,180,517 68,504,208 22,097,610 46,406,598 1,519,506 50,106,621 Coachella Valley 16,923,000 21,335,255 (4,412,255) 10,731,705 23,690 10,708,015 112,366 6,408,126 Palo Verde Valley: Transit 948,000 953,258 (5,258) 861,668 - 861,668 28,626 885,036 Unallocated 272,048 - 272,048 9,093 281,141 Total transportation 87,684,000 95,710,496 (8,026,496) 94,354,890 22,121,300 72,233,590 1,876,684 66,083,778 Auditor/Controller 12,000 12,000 - - - Commission administration 749,700 749,700 Commission planning 3,135,000 3,135,000 - - SCAG planning 784,000 784,000 Total administration and planning 4,680,700 4,680,700 - - - - Total apportionments $ 92,364,700 $ 100,391,196 $ (8,026,496) $ 94,354,890 $ 22,121,300 $ 72,233,590 $ 1,876,684 $ 66,083,778 10 22 Certified Public Accountants Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the Local Transportation Fund (the Fund) of the County of Riverside, California, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, and have issued our report thereon dated October 31, 2019. Our report includes an emphasis of matter paragraph indicating that the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the Commission or the County of Riverside, California, as of June 30, 2019, and the changes in its financial position for the year ended in accordance with accounting principles generally accepted in the United States of America. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Commission's internal control over the Fund's financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the Fund. Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control related to the Fund. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Fund's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 11 23 www.mgocpa.com Compliance and Other Matters As part of obtaining reasonable assurance about whether the Fund's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control or on compliance as it relates to the Fund. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control and compliance related to the Fund. Accordingly, this communication is not suitable for any other purpose. del o4S ��! Onniteff Z5) i Newport Beach, California October 31, 2019 12 24 ATTACHMENT 3 State Transit Assistance Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Financial and Compliance Reports Year Ended June 30, 2019 Certified Public Accountants Contents Independent Auditor's Report 1-2 Financial Statements Balance Sheet Statement of Revenues, Expenditures and Change in Fund Balance Notes to Financial Statements 3 4 5-7 Supplementary Information Schedule of Allocations and Disbursements Approved During the Year 8 Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 9-10 26 Certified Public Accountants Independent Auditor's Report Board of Commissioners Riverside County Transportation Commission Riverside, California Report on the Financial Statements We have audited the accompanying financial statements of the State Transit Assistance Fund (the Fund) of the County of Riverside, California, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the Fund's financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Commission management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Commission's preparation and fair presentation of the Fund's financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the Fund. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by Commission management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the Fund of the County of Riverside, California, as administered by the Commission, as of June 30, 2019, and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 27 www.mgocpa.com Emphasis of Matter As discussed in Note 1, the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the Commission or the County of Riverside, California, as of June 30, 2019, and the changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the financial statements. Such missing information, although not a part of the financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic or historical context. Our opinion on the financial statements is not affected by this missing information. Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Fund's financial statements. The schedule listed in the table of contents as supplementary information is presented for purposes of additional analysis and is not a required part of the financial statements. The supplementary information is the responsibility of Commission management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 31, 2019 on our consideration of the Commission's internal control over the Fund's financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control over financial reporting or on compliance related to the Fund. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control over the Fund's financial reporting and compliance. itfoid.cs gikt Onmeff i Newport Beach, California October 31, 2019 2 28 State Transit Assistance Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Balance Sheet June 30, 2019 Assets Cash and investments Accounts receivable Interest receivable Total assets Liabilities and Fund Balance $ 101,048,031 6,246,524 566,923 $ 107,861,478 Liabilities Accounts payable Due to other Commission funds Total liabilities Fund Balance Restricted allocations available for programming Restricted for unclaimed allocations Total fund balance Total liabilities and fund balance See Notes to Financial Statements. $ 337,867 54,200 392,067 56,455,665 51, 013, 746 107,469,411 $ 107, 861,478 3 29 State Transit Assistance Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Statement of Revenues, Expenditures and Change in Fund Balance Year Ended June 30, 2019 Revenues: Sales taxes $ 23,497,584 Interest 2,866,174 Total revenues 26,363,758 Expenditures: Transit 6,886,988 Excess of revenues over (under) expenditures 19,476,770 Other financing sources (uses): Transfers to the Commission Total other financing sources (uses) (150, 700) (150, 700) Net change in fund balance 19,326,070 Fund balance, beginning of year 88,143,341 Fund balance, end of year $ 107,469,411 See Notes to Financial Statements. 4 30 State Transit Assistance Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 1. Nature of Operations and Significant Accounting Policies The Riverside County Transportation Commission (the Commission), in its capacity as the transportation planning agency for the County of Riverside, California (the County), is responsible for administering funds provided through the State Transit Assistance Program, which was created in 1979 under Chapter 161 (SB 620) of the California statutes to provide a second source of Transportation Development Act funding for the development of transit systems. The funds are derived from fuel sales tax revenue and are budgeted through legislation and appropriated to the State Controller's Office (the State) for allocation to local agencies. The accounting policies of the State Transit Assistance Fund (the Fund), a special revenue fund of the Commission, conform to accounting principles generally accepted in the United States as applicable to governmental units. A summary of the Commission's significant accounting policies is as follows: Presentation: The accompanying financial statements of the Fund are intended to present the financial position and the changes in financial position of only that portion of the governmental activities of the Commission that is attributable to the transactions of the Fund of the Commission. They do not purport to, and do not, present fairly the financial position of the Commission or the County as of June 30, 2019 and the related changes in its financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual basis of accounting and current resources measurement focus is followed in the Fund. Under this method of accounting, expenditures are recorded when they are expected to be liquidated with expendable available resources, and revenue is recorded when it becomes both measurable and available. "Measurable" means the amount of the transaction can be determined, and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Commission considers revenues to be available if they are collected within 180 days of the end of the fiscal year. Those revenues susceptible to accrual include fuel sales tax revenue and interest revenue. Allocations to local agencies: State transit assistance funds are allocated to the operators within the County. Public Utilities Code (PUC) Section 99313 allocates funds to regional transportation planning agencies based on the ratio of area population to state population. PUC Section 99314 allocates funds to public operators based on their share of fares and local support to other operators in the state. The allocations must be made in a resolution adopted by the Commission. Cash and investments: It is the Commission's policy to deposit all funds received in the Riverside County Pooled Investment Fund (RCPIF) or US Bank for investment until the funds are required for disbursement. Interest income is earned while these funds are deposited. Accounts receivable: Accounts receivable consist primarily of fuel sales tax revenues from the State of California not received as of June 30, 2019. 5 31 State Transit Assistance Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 1. Nature of Operations and Significant Accounting Policies (Continued) Fund balance restrictions: The Fund reports restricted fund balances to show the level of constraint governing the use of the funds as set forth by enabling State legislation. The restricted fund balance for allocations available for programming represents amounts apportioned but not allocated to claimants. The restricted fund balance for unclaimed allocations represents amounts allocated by the Commission and due to claimants but not yet paid, as claimants have not yet provided the appropriate claim documentation to the Commission as of June 30, 2019. Accounts payable: Accounts payable consist primarily of claims approved by the Commission, but not paid by the Commission, to the appropriate transit operators by June 30, 2019. Expenditures: Expenditures represent funds disbursed to transit operators that have met the eligibility requirements to receive State Transit Assistance Program funds per PUC Sections 99313 and 99314. All disbursements are to be used for transit purposes. Note 2. Cash and Investments Cash and investments at June 30, 2019 consist of the following: Cash and investments with RCPIF Commission operating investment pool Cash in bank $ 90, 300,136 10, 622, 693 125,202 $ 101,048,031 The funds in the RCPIF are pooled with those of other entities in the RCPIF and invested in accordance with the County's investment policy. The funds with the custodian are pooled with those of other Commission operating funds and invested in accordance with the Commission's investment policy. These pooled funds are carried at fair value. Investments in U.S.Treasury, federal agency, mortgage and asset - backed, municipal, corporate, negotiable certificates of deposit, and commercial paper securities are carried at fair value based on quoted market prices. Money market mutual funds are carried at fair value based on each fund's share price. The pooled funds are not subject to level 1, 2 or 3 of the fair value hierarchy prescribed by Governmental Accounting Standards Board Statement No. 72, Fair Value Measurement and Application. The Commission is a voluntary participant in the RCPIF. An Investment Oversight Committee has been established by the County, which acts as a regulator of the RCPIF. As of June 30, 2019, the Fund had $90,300,136 invested in the RCPIF, with a weighted average maturity of 387 days, and $10,622,693 invested in the Commission operating investment pool. Additional information on investment types, fair value measurement and credit risk of the RCPIF and the Commission operating investment pool may be obtained from the County of Riverside Treasurer -Tax Collector located at 4080 Lemon Street, 4th Floor, Riverside, California 92502 or by visiting the Treasurer -Tax Collector website at www.countvtreasurer.org. and the notes to the Commission's basic financial statements included in the Commission's Comprehensive Annual Financial Report, respectively. Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the Commission's investment policy follows the California Government Code as it relates to limits on investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. 6 32 State Transit Assistance Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 2. Cash and Investments (Continued) Credit risk: As of June 30, 2019 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAAf/S1 by Fitch Ratings. The Commission's investment policy only requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper, bankers' acceptances, and certificates of deposit. Note 3. Fund Balance At June 30, 2019, amounts are restricted for apportioned and unallocated amounts and for unpaid allocations by geographic area. For Western County transit programs, commuter rail and bus allocations are in accordance with the Commission's policy. Restricted for allocations available for programming: Western County: Commuter rail $ 21,711,244 Bus 31,541,015 Coachella Valley: Commuter rail 52,084 Bus 2,979,946 Palo Verde Valley 171,376 56,455,665 Restricted for unclaimed allocations: Western County: Commuter rail 6,133,183 City of Banning 799,506 City of Beaumont 1,458,221 City of Corona 898,069 City of Riverside 278,030 Riverside Transit Agency 26,868,008 Coachella Valley: SunLine Transit Agency 14,492,959 Rail 9,262 Palo Verde Valley: Palo Verde Valley Transit Agency 76,508 51, 013, 746 Total fund balance $ 107,469,411 7 33 Supplementary Information 34 State Transit Assistance Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Schedule of Allocations and Disbursements Approved During the Year Year Ended June 30, 2019 California Code of Regulations Current Year Amount Section No. Recipient Allocation Disbursed Reference Western County: City of Banning $ 475,000 $ 6731 City of Beaumont 475,000 710,210 6731 City of Corona 300,000 703,517 6731 City of Riverside 6731 Riverside Transit Agency 22,333,923 1,559,458 6730 Total Western County 23,583,923 2,973,185 Coachella Valley: SunLine Transit Agency 3,783,879 3,385,433 6730 Rail Program 350,000 350,000 6730 Total Coachella Valley 4,133,879 3,735,433 Palo Verde Valley Transit Agency 189,000 161,561 6730 Other - 16,809 $ 27, 906, 802 $ 6,886,988 8 35 Certified Public Accountants Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the State Transit Assistance Fund (the Fund) of the County of Riverside, California, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, and have issued our report thereon dated October 31, 2019. Our report includes an emphasis of matter paragraph indicating that the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the Commission or the County of Riverside, California, as of June 30, 2019, and the changes in its financial position for the year ended in accordance with accounting principles generally accepted in the United States of America. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Commission's internal control over the Fund's financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Commission's internal control related to the Fund. Accordingly, we do not express an opinion on the effectiveness of Commission's internal control related to the Fund. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Fund's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Fund's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 9 36 www.mgocpa.com Purpose of This Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control or on compliance as it relates to the Fund. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control and compliance related to the Fund. Accordingly, this communication is not suitable for any other purpose. /Y0&dais giki ( onmeff /1Y Newport Beach, California October 31, 2019 10 37 ATTACHMENT 4 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Financial and Compliance Reports Year Ended June 30, 2019 Certified Public Accountants Contents Independent Auditor's Report 1-2 Financial Statements Balance Sheet Statement of Revenues, Expenditures and Change in Fund Balance Notes to Financial Statements 3 4 5-7 Supplementary Information Schedule of Allocations and Disbursements Approved During the Year 8 Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 9-10 39 Certified Public Accountants Independent Auditor's Report Board of Commissioners Riverside County Transportation Commission Riverside, California Report on the Financial Statements We have audited the accompanying financial statements of the State of Good Repair Fund (the Fund) of the County of Riverside, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the Fund's financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Commission's preparation and fair presentation of the Fund's financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the Fund. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the Fund of the County of Riverside, California, as administered by the Commission, as of June 30, 2019, and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 40 www.mgocpa.com Emphasis of Matter As discussed in Note 1, the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the Commission or the County of Riverside, California, as of June 30, 2019, and the changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the financial statements. Such missing information, although not a part of the financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic or historical context. Our opinion on the financial statements is not affected by this missing information. Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Fund's financial statements. The schedule listed in the table of contents as supplementary information is presented for purposes of additional analysis and is not a required part of the financial statements. The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 31, 2019 on our consideration of the Commission's internal control over the Fund's financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control over financial reporting or on compliance related to the Fund. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control over the Fund's financial reporting and compliance. itfoid.cs gikt Onmeff i Newport Beach, California October 31, 2019 2 41 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Balance Sheet June 30, 2019 Assets Cash and investments Accounts receivable Interest receivable Total assets Liabilities and Fund Balance $ 6,812,002 617,249 37,347 $ 7,466,598 Liabilities Accounts payable Due to other Commission funds Total liabilities Fund Balance Restricted allocations available for programming Restricted for unclaimed allocations Total fund balance Total liabilities and fund balance See Notes to Financial Statements. $ 28,158 757,884 786,042 138,576 6,541,980 6,680,556 $ 7,466,598 3 42 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Statement of Revenues, Expenditures and Change in Fund Balance Year Ended June 30, 2019 Revenues: Sales taxes $ 3,704,206 Interest 142,202 Total revenues 3,846,408 Expenditures: Transit 859,444 Excess of revenues over (under) expenditures 2,986,964 Other financing sources (uses): Transfers to the Commission Total other financing sources (uses) (5,800) (5,800) Net change in fund balance 2,981,164 Fund balance, beginning of year 3,699,392 Fund balance, end of year $ 6,680,556 See Notes to Financial Statements. 4 43 State of Good Repair Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 1. Nature of Operations and Significant Accounting Policies The Riverside County Transportation Commission (the Commission), in its capacity as the transportation planning agency for the County of Riverside, California (the County), is responsible for administering funds provided through the State of Good Repair Program, which was created in 2017 under Chapter 5, (SB 1) of the California statutes to provide additional revenues for transit infrastructure repair and service improvements. The funds are derived from fuel sales tax and vehicle fee revenues and are budgeted through legislation and appropriated to the State Controller's Office (the State) for allocation to local agencies based on the State Transit Assistance formula. The accounting policies of the State of Good Repair Fund (the Fund), a special revenue fund of the Commission, conform to accounting principles generally accepted in the United States as applicable to governmental units. A summary of the Commission's significant accounting policies is as follows: Presentation: The accompanying financial statements of the Fund are intended to present the financial position and the changes in financial position of only that portion of the governmental activities of the Commission that is attributable to the transactions of the Fund of the Commission. They do not purport to, and do not, present fairly the financial position of the Commission or the County as of June 30, 2019 and the related changes in its financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual basis of accounting and current resources measurement focus is followed in the Fund. Under this method of accounting, expenditures are recorded when they are expected to be liquidated with expendable available resources, and revenue is recorded when it becomes both measurable and available. "Measurable" means the amount of the transaction can be determined, and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Commission considers revenues to be available if they are collected within 180 days of the end of the fiscal year. Those revenues susceptible to accrual include fuel sales tax, vehicle fee, and interest revenue. Allocations to local agencies: State of Good Repair funds are allocated to the operators within the County. Public Utilities Code (PUC) Section 99313 allocates funds to regional transportation planning agencies based on the ratio of area population to state population. PUC Section 99314 allocates funds to public operators based on their share of fares and local support to other operators in the state. The allocations must be made in a resolution adopted by the Commission. Cash and investments: It is the Commission's policy to deposit all funds received in the Riverside County Pooled Investment Fund (RCPIF) for investment until the funds are required for disbursement. Interest income is earned while these funds are deposited. Accounts receivable: Accounts receivable consist primarily of fuel sales tax and vehicle fee revenues from the State of California not received as of June 30, 2019. Due to other Commission funds: Due to other Commission funds represents payables from the State of Good Repair program to the Commission for commuter rail expenditures as of June 30, 2019. 5 44 State of Good Repair Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 1. Nature of Operations and Significant Accounting Policies (Continued) Fund balance restrictions: The Fund reports restricted fund balances to show the level of constraint governing the use of the funds as set forth by enabling State legislation. The restricted fund balance for allocations available for programming represents amounts apportioned but not allocated to claimants. The restricted fund balance for unclaimed allocations represents amounts allocated by the Commission and due to claimants but not yet paid, as claimants have not yet provided the appropriate claim documentation to the Commission as of June 30, 2019. Expenditures: Expenditures represent funds disbursed to transit operators that have met the eligibility requirements to receive State of Good Repair Program funds per PUC Sections 99313 and 99314. All disbursements are to be used for transit purposes. Note 2. Cash and Investments Cash and investments at June 30, 2019 consist of the following: Cash and investments with RCPIF Cash in bank $ 6,686,704 125,298 $ 6,812,002 The funds in the RCPIF are pooled with those of other entities in the RCPIF and invested in accordance with the County's investment policy. The funds with the custodian are pooled with those of other Commission operating funds and invested in accordance with the Commission's investment policy. These pooled funds are carried at fair value. Investments in U.S.Treasury, federal agency, mortgage and asset - backed, municipal, corporate, negotiable certificates of deposit, and commercial paper securities are carried at fair value based on quoted market prices. Money market mutual funds are carried at fair value based on each fund's share price. The pooled funds are not subject to level 1, 2 or 3 of the fair value hierarchy prescribed by Governmental Accounting Standards Board Statement No. 72, Fair Value Measurement and Application. The Commission is a voluntary participant in the RCPIF. An Investment Oversight Committee has been established by the County, which acts as a regulator of the RCPIF. As of June 30, 2019, the Fund had $6,686,704 invested in the RCPIF, with a weighted average maturity of 387 days. Additional information on investment types, fair value measurement and credit risk of the RCPIF may be obtained from the County of Riverside Treasurer -Tax Collector located at 4080 Lemon Street, 4t" Floor, Riverside, California 92502 or by visiting the Treasurer -Tax Collector website at www.countytreasurer.org. Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the Commission's investment policy follows the California Government Code as it relates to limits on investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. Credit risk: As of June 30, 2019 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAAf/S1 by Fitch Ratings. The Commission's investment policy only requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper, bankers' acceptances, and certificates of deposit. 6 45 State of Good Repair Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 Note 3. Fund Balance At June 30, 2019, amounts are restricted for apportioned and unallocated amounts and for unpaid allocations by geographic area. For Western County transit programs, commuter rail and bus allocations are in accordance with the Commission's policy. Restricted for allocations available for programming: Western County: Commuter rail $ 24,523 Bus 85,892 Coachella Valley 26,808 Palo Verde Valley 1,353 Restricted for unclaimed allocations: Western County: Commuter rail City of Banning City of Beaumont City of Corona City of Riverside Riverside Transit Agency Coachella Valley: SunLine Transit Agency Palo Verde Valley: Palo Verde Valley Transit Agency 138,576 799,813 76,050 116,392 196,244 193,714 3,711,831 1,412,176 35,760 6,541,980 Total fund balance $ 6,680,556 7 46 Supplementary Information 47 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Schedule of Allocations and Disbursements Approved During the Year Year Ended June 30, 2019 California Code of Regulations Current Year Amount Section No. Recipient Allocation Disbursed Reference Western County: City of Banning $ 37,740 $ - 6731 City of Beaumont 49,885 - 6731 City of Corona 98,198 - 6731 City of Riverside 96,914 - 6731 Riverside Transit Agency 1,855,495 - 6730 Commission Commuter Rail Program 799,813 752,084 6730 Total Western County 2,938,045 752,084 SunLine Transit Agency 730,403 71,850 6730 Palo Verde Valley Transit Agency 35,758 35,510 6730 $ 3,704,206 $ 859,444 8 48 Certified Public Accountants Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the State of Good Repair Fund (the Fund) of the County of Riverside, California, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, and have issued our report thereon dated October 31, 2019. Our report includes an emphasis of matter paragraph indicating that the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the Commission or the County of Riverside, California, as of June 30, 2019, and the respective changes in its financial position for the year ended in accordance with accounting principles generally accepted in the United States of America. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Commission's internal control over the Fund's financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the Fund. Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control related to the Fund. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Fund's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Fund's financial statements are free from material misstatement, we performed tests of the Commission's compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of the Fund's financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 9 49 www.mgocpa.com Purpose of This Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control or on compliance as it relates to the Fund. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control and compliance related to the Fund. Accordingly, this communication is not suitable for any other purpose. tlaciais giki ( onmeff /1Y Newport Beach, California October 31, 2019 10 50 ATTACHMENT 5 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Financial and Compliance Reports Years Ended June 30, 2019 and 2018 Certified Public Accountants Contents Independent Auditor's Report Financial Statements Balance Sheets Statements of Revenues, Expenditures and Change in Fund Balance Notes to Financial Statements 1-2 3 4 5-7 Supplementary Information Combining Balance Sheets —By Project 8-9 Combining Statements of Revenues, Expenditures and Change in Account Fund Balance —By Project 10-11 Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 12-13 52 Certified Public Accountants Independent Auditor's Report Board of Commissioners Riverside County Transportation Commission Riverside, California Report on the Financial Statements We have audited the accompanying financial statements of the Proposition 1 B Rehabilitation, Safety and Security Project Accounts (the Accounts), accounts of the Riverside County Transportation Commission (the Commission), as of and for the years ended June 30, 2019 and 2018, and the related notes to the financial statements, which collectively comprise the Accounts' financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Commission's preparation and fair presentation of the Accounts' financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission's' internal control related to the Accounts. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the Accounts of the Commission as of June 30, 2019 and 2018, and the respective changes in financial position for the years then ended, in accordance with accounting principles generally accepted in the United States of America. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 53 www.mgocpa.com Emphasis of Matter As discussed in Note 1 to the financial statements, the financial statements present only the Accounts and do not purport to, and do not, present fairly the financial position of the Commission as of June 30, 2019 and 2018, and the respective changes in financial position for the years then ended, in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the financial statements. Such missing information, although not a part of the financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic or historical context. Our opinion on the financial statements is not affected by this missing information. Other Information Our audits were conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Accounts' financial statements. The statements listed in the table of contents as supplementary information are presented for purposes of additional analysis and are not a required part of the financial statements. The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our reports dated October 31, 2019 and October 30, 2018 on our consideration of the Commission's internal control over the Accounts' financial reporting and on our tests of the Commission's compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters as it relates to the Accounts. The purpose of those reports is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control over the Accounts' financial reporting or on compliance. Those reports are an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control over the Accounts' financial reporting and compliance. /Y0&dais Ocouteff LZP' Newport Beach, California October 31, 2019 2 54 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Balance Sheets June 30, 2019 and 2018 2019 2018 Assets PTMISEA CTSGP-CTAF Total PTMISEA CTSGP-CTAF Total Cash and investments in Riverside County Pooled Investment Fund $ 2,940,856 $ - $ 2,940,856 $4,904,424 $ 176,132 $ 5,080,556 Interest receivable 17,211 - 17,211 20,505 25 20,530 Total assets $ 2,958,067 $ - $ 2,958,067 $4,924,929 $ 176,157 $ 5,101,086 Liabilities and Fund Balance Liabilities Accounts payable Total liabilities $ 17,256 $ $ 17,256 $ 13,450 $ - $ 13,450 17,256 17,256 13,450 - 13,450 Fund Balance Restricted: Rail projects 2,940,811 2,940,811 4,911,479 176,157 5,087,636 Total fund balance 2,940,811 2,940,811 4,911,479 176,157 5,087,636 Total liabilities and fund balance $ 2,958,067 $ - $ 2,958,067 $4,924,929 $ 176,157 $ 5,101,086 See Notes to Financial Statements. 3 55 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Statements of Revenues, Expenditures and Change in Fund Balance Years Ended June 30, 2019 and 2018 2019 2018 PTMISEA CTSGP-CTAF Total PTMISEA CTSGP-CTAF Total Revenues: State allocations $ $ $ $ $ 284,654 $ 284,654 Interest 72,619 1,129 73,748 76,774 1,929 78,703 Total revenues 72,619 1,129 73,748 76,774 286,583 363,357 Expenditures: Rail 2,043,287 177,286 2,220,573 1,721,415 577,077 2,298,492 Net change in account fund balance Fund balance, beginning of year Fund balance, end of year See Notes to Financial Statements. (1,970,668) (176,157) (2,146,825) (1,644,641) (290,494) (1,935,135) 4,911,479 176,157 5,087,636 6,556,120 466,651 7,022,771 $ 2,940,811 $ - $ 2,940,811 $ 4,911,479 $ 176,157 $ 5,087,636 4 56 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 and 2018 Note 1. Nature of Operations and Summary of Significant Accounting Policies Nature of operations: On November 7, 2006, the voters of California approved the Highway Safety, Traffic Reduction, Air Quality, and Port Security Bond Act of 2006 (Proposition 1 B). Proposition 1 B included a state program of funding in the amount of $4 billion and $1 billion to be deposited in the Public Transportation Modernization, Improvement, and Service Enhancement Account (PTMISEA) and Transit System Safety, Security, and Disaster Response Account (TSSSDRA), respectively. The California Transit Security Grant Program —California Transit Assistance Fund (CTSGP-CTAF) is a TSSSDRA program. The PTMISEA funds, which are administered by the California Department of Transportation (Caltrans), and the CTSGP-CTAF funds, which are administered by the California Emergency Management Agency (CaIEMA), are made available to project sponsors in California for eligible public transportation projects and related security and safety projects, respectively. The Riverside County Transportation Commission (the Commission) owns and operates nine commuter rail stations and a transit center in Riverside County (the County). As a project sponsor, the Commission has applied for and obtained approval for PTMISEA and CTSGP-CTAF funds for various projects related to its commuter rail stations. These funds are accounted for in the Measure A Western County Rail and Coachella Valley Station Development Special Revenue Funds in project accounts (the Accounts). The revenue to the Accounts is derived from allocations approved by the Controller of the State of California (the Controller). The accounting policies of the Commission conform to accounting principles generally accepted in the United States of America as applicable to governmental units. A summary of the Commission's significant accounting policies is as follows: Presentation: The accompanying financial statements of the Accounts are intended to present the financial position and the changes in financial position of only that portion of the governmental activities of the Commission that is attributable to the transactions of the PTMISEA and CTSGP-CTAF Accounts of the Commission. They do not purport to, and do not, present fairly the financial position of the Commission as of June 30, 2019 and 2018 and the changes in its financial position for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual basis of accounting is followed in the PTMISEA and CTSGP-CTAF Accounts. Under the modified accrual basis of accounting, expenditures are recorded when they are expected to be liquidated with expendable available resources, and revenue is recorded when it becomes both measurable and available. "Measurable" means the amount of the transaction can be determined, and "available" means collectible within the current period, or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Commission considers revenues to be available if they are collected within 180 days of the end of the current fiscal period. Those revenues susceptible to accrual include PTMISEA and CTSGP-CTAF allocations and interest revenue. For the years ended June 30, 2019 and 2018, the Commission recognized revenues related to an allocation of $0 and $284,654, respectively, for the Station Security project. 5 57 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 and 2018 Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued) Funding: Project sponsors may submit applications for funding of eligible transit capital projects to Ca!trans or CaIEMA, which approve projects for funding related to PTMISEA and CTSGP-CTAF, respectively. PTMISEA eligible projects include rehabilitation, safety or modernization improvements; capital service enhancements or expansions; new capital projects; bus rapid transit improvements; and rolling stock procurement, rehabilitation, expansion or replacement. CTSGP-CTAF eligible projects include capital projects that provide increased protection against a security or safety threat; increase the capacity of transit operators to prepare for disaster -response transportation systems to move people, goods, emergency personnel and equipment in the aftermath of a disaster; and other allowable costs under California Government Code 16727(a). The Controller will disburse funds upon receipt of the approved PTMISEA and CTSGP-CTAF projects. Funds must be encumbered within three years of receipt and must be expended within three years of being encumbered. Cash: It is the Commission's policy to deposit all funds received in the Riverside County Pooled Investment Fund (RCPIF) for investment until the funds are required for disbursement. Interest income is earned while these funds are deposited. Fund balance restrictions: The Accounts report restricted account fund balances to show the level of constraint governing the use of the funds. Restricted account fund balances are restricted for specific purposes by third parties. Expenditures: Expenditures represent rail capital projects as identified in PTMISEA and CTSGP-CTAF applications submitted by the Commission. For the year ended June 30, 2019, the Commission incurred qualifying expenditures of $2,043,287 for the Station Rehabilitation project and $177,286 for the Station Security project, for a total of $2,220,573. For the year ended June 30, 2018, the Commission incurred qualifying expenditures of $1,721,415 for the Station Rehabilitation project and $577,077 for the Station Security project, for a total of $2,298,492. Note 2. Cash and Investments With County Treasurer The funds in the RCPIF are pooled with those of other entities and invested in accordance with the County's investment policy. These pooled funds are carried at fair value. Investments in U.S.Treasury, federal agency, mortgage and asset -backed, municipal, corporate, negotiable certificates of deposit, and commercial paper securities are carried at fair value based on quoted market prices. Money market mutual funds are carried at fair value based on each fund's share price. The pooled funds are not subject to level 1, 2 or 3 of the fair value hierarchy prescribed by Governmental Accounting Standards Board Statement No. 72, Fair Value Measurement and Application. The Commission is a voluntary participant in the pool. An Investment Oversight Committee has been established by the County, which acts as a regulator of the pool. 6 58 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 and 2018 Note 2. Cash and Investments With County Treasurer (Continued) As of June 30, 2019 and 2018, the Account has $2,940,856 and $5,080,556, respectively, included in the Commission's investment with the RCPIF, with an average maturity of 387 days and 427 days, respectively. Additional information on investment types, fair value measurement and credit risk of the RCPIF may be obtained from the County of Riverside Treasurer -Tax Collector located at 4080 Lemon Street, 4th Floor, Riverside, California 92502 or by visiting the Treasurer -Tax Collector website at www.countytreasurer.org. Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the Commission's investment policy follows the California Government Code as it relates to limits on investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. Credit risk: As of June 30, 2019 and 2018 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAAf/S1 by Fitch Ratings. The Commission's investment policy only requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper, bankers' acceptances, and certificates of deposit. 7 59 Supplementary Information 60 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Combining Balance Sheet —By Project June 30, 2019 PTMISEA CTSGP-CTAF Station Coachella Valley Station Assets Rehabilitation Station Development Total Security Total Cash and investments in Riverside County Pooled Investment Fund $ 159,376 $ 2,781,480 $ 2,940,856 $ $ 2,940,856 Interest receivable 932 16,279 17,211 17,211 Total assets $ 160,308 $ 2,797,759 $ 2,958,067 $ $ 2,958,067 Liabilities and Fund Balance Liabilities Accounts payable Total liabilities Account Fund Balance $ 17,256 $ $ 17,256 $ $ 17,256 17,256 17,256 17,256 Fund Balance Restricted: Rail projects 143,052 2,797,759 2,940,811 2,940,811 Total fund balance 143,052 2,797,759 2,940,811 2,940,811 Total liabilities and fund balance $ 160,308 $ 2,797,759 $ 2,958,067 $ $ 2,958,067 8 61 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Combining Balance Sheet —By Project, Continued June 30, 2018 Assets Cash and investments in Riverside County Pooled Investment Fund Interest receivable Total assets Liabilities and Fund Balance PTMI SEA Station Rehabilitation $ 2,175, 607 9,065 Coachella Valley Station Development Total $ 2,728,817 $ 4,904,424 11,440 20,505 CTSGP-CTAF Station Security Total $ 176,132 $ 5,080,556 25 20,530 $ 2,184, 672 $ 2,740,257 $ 4,924,929 $ 176,157 $ 5,101, 086 Liabilities Accounts payable Total liabilities Fund Balance Restricted: Rail projects Total fund balance Total liabilities and fund balance $ 13,450 $ - $ 13,450 13,450 13,450 2,171, 222 2,171, 222 $ 2,184, 672 $ 2,740,257 4,911,479 2,740,257 4,911,479 2,740,257 $ 4,924,929 176,157 $ 13,450 13,450 5,087,636 176,157 5,087,636 $ 176,157 $ 5,101, 086 9 62 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Combining Statement of Revenues, Expenditures and Change in Fund Balance —By Project Year Ended June 30, 2019 PTMISEA CTSGP-CTAF Station Coachella Valley Station Rehabilitation Station Development Total Security Total Revenues: Interest $ 15,117 $ 57,502 $ 72,619 $ 1,129 $ 73,748 Total revenues 15,117 57,502 72,619 1,129 73,748 Expenditures: Rail 2,043,287 2,043,287 177,286 2,220,573 Net change in fund balance Fund balance, beginning of year Fund balance, end of year (2,028,170) 57,502 (1,970,668) (176,157) (2,146,825) 2,171, 222 2,740,257 4,911,479 176,157 5,087,636 $ 143,052 $ 2,797,759 $ 2,940,811 $ $ 2,940,811 10 63 Proposition 1B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Combining Statement of Revenues, Expenditures and Change in Fund Balance —By Project, Continued Year Ended June 30, 2018 PTMI SEA CTSGP-CTAF Station Coachella Valley Station Rehabilitation Station Development Total Security Total Revenues: State allocations $ $ - $ - $ 284,654 $ 284,654 Interest 40,271 36,503 76,774 1,929 78,703 Total revenues 40,271 36,503 76,774 286,583 363,357 Expenditures: Rail 1,721,415 1,721,415 577,077 2,298,492 Net change in account fund balance (1,681,144) 36,503 (1,644,641) (290,494) (1,935,135) Fund balance, beginning of year 3,852,366 2,703,754 6,556,120 466,651 7,022,771 Fund balance, end of year $ 2,171,222 $ 2,740,257 $ 4,911,479 $ 176,157 $ 5,087,636 11 64 Certified Public Accountants Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the Proposition 1 B Rehabilitation, Safety and Security Project Accounts (the Accounts), accounts of the Riverside Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, and have issued our report thereon dated October 31, 2019. Our report includes an emphasis of matter paragraph indicating that the financial statements present only the Accounts and do not purport to, and do not, present fairly the financial position of the Commission as of June 30, 2019, and the changes in its financial position for the year ended in accordance with accounting principles generally accepted in the United States of America. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Commission's internal control over the Accounts' financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the Accounts. Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control related to the Accounts. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Accounts' financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 12 65 www.mgocpa.com Compliance and Other Matters As part of obtaining reasonable assurance about whether the Accounts' financial statements are free from material misstatement, we performed tests of the Commission's compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of the Accounts' financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control or on compliance as it relates to the Accounts. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control and compliance related to the Accounts. Accordingly, this communication is not suitable for any other purpose. awl o4S ��! Onnitefi Z6) i Newport Beach, California October 31, 2019 13 66 ATTACHMENT 6 Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Financial and Compliance Reports Years Ended June 30, 2019 and 2018 Certified Public Accountants Contents Independent Auditor's Report Financial Statements Balance Sheets Statements of Revenues, Expenditures and Change in Fund Balance Notes to Financial Statements 1-2 3 4 5-6 Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 7-8 68 Certified Public Accountants Independent Auditor's Report Board of Commissioners Riverside County Transportation Commission Riverside, California Report on the Financial Statements We have audited the accompanying financial statements of the Low Carbon Transit Operations Program (LCTOP) Account, an Account of the Riverside County Transportation Commission (the Commission), as of and for the years ended June 30, 2019 and 2018, and the related notes to the financial statements, which collectively comprise the LCTOP Account financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Commission's preparation and fair presentation of the LCTOP Account's financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the LCTOP Account. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the LCTOP Account of the Commission as of June 30, 2019 and 2018 and the respective changes in financial position for the years then ended, in accordance with accounting principles generally accepted in the United States of America. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 69 www.mgocpa.com Emphasis of Matter As discussed in Note 1 to the financial statements, the financial statements present only the LCTOP Account and do not purport to, and do not, present fairly the financial position of the Commission as of June 30, 2019 and 2018 and the changes in financial position for the years then ended, in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 31, 2019 and October 30, 2018 on our consideration of the Commission's internal control over the LCTOP Account's financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control over financial reporting or on compliance related to the LCTOP Account. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control over the LCTOP Account's financial reporting and compliance. del o4S ��! Onia i Newport Beach, California October 31, 2019 2 70 Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash and investments in Riverside County Pooled Investment Fund $ $ 397,753 Accounts receivable 1,496,728 - Interest receivable - 1,668 Total assets $1,496,728 $ 399,421 Liabilities and Fund Balance Liabilities Accounts payable $ $ Total liabilities Fund Balance Restricted: Rail operations 1,496,728 399,421 Total fund balance 1,496,728 399,421 Total liabilities and fund balance $1,496,728 $ 399,421 See Notes to Financial Statements. Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Statements of Revenues, Expenditures and Change in Fund Balance Years Ended June 30, 2019 and 2018 2019 2018 Revenues: State allocations $ 2,357,834 $ Interest 5,297 Total revenues 2,363,131 Expenditures: Rail 1,265,824 Net change in fund balance Fund balance, beginning of year 5,823 5,823 175,471 1,097,307 (169,648) 399,421 569,069 Fund balance, end of year $ 1,496,728 $ 399,421 See Notes to Financial Statements. Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 and 2018 Note 1. Nature of Operations and Summary Significant Accounting Policies Nature of Operations: In 2014, the California Legislature established Senate Bill 862 (SB 862), Low Carbon Transit Operations Program (LCTOP), one of several programs that is part of the Transit, Affordable Housing, and Sustainable Communities Program. LCTOP was created to provide operating and capital assistance for transit agencies to reduce greenhouse gas emissions and improve mobility, with a priority on serving disadvantaged communities. For agencies whose service area includes disadvantaged communities, at least 50 percent of the total moneys received shall be expended on projects that will benefit disadvantaged communities. The accounting policies of the Riverside County Transportation Commission (Commission) conform to accounting principles generally accepted in the United States as applicable to governmental units. A summary of the Commission's significant accounting policies is as follows: Presentation: The accompanying financial statements of the LCTOP Account are intended to present the financial position and the changes in financial position of only that portion of the governmental activities of the Commission that is attributable to the transactions of the LCTOP Account of the Commission. They do not purport to, and do not, present fairly the financial position of the Commission as of June 30, 2019 and 2018 and the changes in its financial position for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual basis of accounting is followed in the LCTOP Account. Under the modified accrual basis of accounting, expenditures are recorded when they are expected to be liquidated with expendable available resources, and revenue is recorded when it becomes both measurable and available. "Measurable" means the amount of the transaction can be determined, and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Commission considers revenues to be available if they are collected within 180 days of the end of the current fiscal period. Those revenues susceptible to accrual include LCTOP Account allocations and interest revenue. For the years ended June 30, 2019 and 2018, the Commission recognized revenues related to an allocation of $2,357,834 and $0, respectively, for the Perris Valley Line station operations and rehabilitation. Funding: Project sponsors may submit expenditure proposals for funding of LCTOP to Caltrans and the California Air Resources Board to determine compliance with the requirements of SB 862 and the LCTOP guidelines. Caltrans submits a final list of approved expenditures to the State Controller's Office, and the approved amounts of funds will be available for release, not to exceed 75 percent of each eligible recipient's share of the full appropriation, with the remaining 25 percent available for release by fiscal year end. Cash: It is the Commission's policy to deposit all funds received in the Riverside County Pooled Investment Fund (RCPIF) for investment until the funds are required for disbursement. Interest income is earned while these funds are deposited. Fund balance restrictions: The LCTOP Account reports restricted account fund balance to show the level of constraint governing the use of the funds. Restricted account fund balances are restricted for specific purposes by third parties. Expenditures: Expenditures represent rail operations as identified in the LCTOP application submitted by the Commission. For the years ended June 30, 2019 and 2018, the Commission incurred qualifying expenditures of $1,265,824 and $175,471, respectively, for the Perris Valley Line station operations and rehabilitation. 5 73 Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Notes to Financial Statements June 30, 2019 and 2018 Note 2. Cash and Investments with County Treasurer The funds in the RCPIF are pooled with those of other entities and invested in accordance with the County's investment policy. These pooled funds are carried at fair value. Investments in U.S.Treasury, federal agency, mortgage and asset -backed, municipal, corporate, negotiable certificates of deposit, and commercial paper securities are carried at fair value based on quoted market prices. Money market mutual funds are carried at fair value based on each fund's share price. The pooled funds are not subject to level 1, 2 or 3 of the fair value hierarchy prescribed by Governmental Accounting Standards Board Statement No. 72, Fair Value Measurement and Application. The Commission is a voluntary participant in the pool. An Investment Oversight Committee has been established by the County, which acts as a regulator of the pool. As of June 30, 2019 and 2018, the LCTOP Account has $0 and $397,753, respectively, in the Commission's investment with the RCPIF, with an average maturity of 387 days and 427 days, respectively. Additional information on investment types, fair value measurement and credit risk of the RCPIF may be obtained from the County of Riverside Treasurer -Tax Collector located at 4080 Lemon Street, 4t" Floor, Riverside, California 92502 or by visiting the Treasurer -Tax Collector website at www.countytreasurer.org. Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the Commission's investment policy follows the California Government Code as it relates to limits on investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. Credit risk: As of June 30, 2019 and 2018 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAAf/S1 by Fitch Ratings. The Commission's investment policy only requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper, bankers' acceptances, and certificates of deposit. 6 74 Certified Public Accountants Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the Low Carbon Transit Operations Program (LCTOP) Account, account of the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, and have issued our report thereon dated October 31, 2019. Our report includes an emphasis of matter indicating that the financial statements present only the LCTOP Account, and do not purport to, and do not, present fairly the financial position of the Commission as of June 30, 2019 and the changes in its financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Commission's internal control over the LCTOP Account's financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control related to the LCTOP Account. Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control related to the LCTOP Account. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the LCTOP Account financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 7 75 www.mgocpa.com Compliance and Other Matters As part of obtaining reasonable assurance about whether the LCTOP Account financial statements are free from material misstatement, we performed tests of the Commission's compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of the LCTOP Account financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control or on compliance as it relates to the LCTOP Account. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control and compliance related to the LCTOP Account. Accordingly, this communication is not suitable for any other purpose. del o4S ��! Onniteff Z5) i Newport Beach, California October 31, 2019 8 76 ATTACHMENT 7 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Single Audit Reports For the Year Ended June 30, 2019 Certified Public Accountants Table of Contents Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Independent Auditor's Report on Compliance for Each Major Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance 1-2 3-4 Schedule of Expenditures of Federal Awards 5 Notes to Schedule of Expenditures of Federal Awards 6 Schedule of Findings and Questioned Costs 7-8 Summary Schedule of Prior Year Audit Findings 9 78 Certified Public Accountants Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the Riverside County Transportation Commission (the Commission) as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the Commission's basic financial statements, and have issued our report thereon dated October 31, 2019. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Commission's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Commission's internal control. Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Commission's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Commission's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 79 www.mgocpa.com Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. delo4S ��! Onmefi i Newport Beach, California October 31, 2019 2 80 Certified Public Accountants Independent Auditor's Report on Compliance for Each Major Federal Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by The Uniform Guidance Board of Commissioners Riverside County Transportation Commission Riverside, California Report on Compliance for Each Major Federal Program We have audited the Riverside County Transportation Commission's (the Commission) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Commission's major federal programs for the year ended June 30, 2019. The Commission's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with the federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. Auditor's Responsibility Our responsibility is to express an opinion on compliance for each of the Commission's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Commission's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Commission's compliance. Opinion on Each Major Federal Program In our opinion, the Commission complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2019. Report on Internal Control Over Compliance Management of the Commission is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Commission's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control over compliance. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 3 81 www.mgocpa.com A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance We have audited the financial statements of the governmental activities, the business -type activities, each major fund and the aggregate remaining fund information of the Commission as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the Commission's basic financial statements. We issued our report thereon dated October 31, 2019, which contained unmodified opinions on those financial statements. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated in all material respects in relation to the basic financial statements as a whole. /foiciois giti Onnitei Newport Beach, California October 31, 2019 4 82 Riverside County Transportation Commission Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2019 Federal Grantor/Program or Cluster Title/Pass-Through Grantor U.S. Department of Transportation: Highway Planning and Construction Program: Pass -through State Department of Transportation: State Route (SR) 91 Utilities SR60 Truck Lanes 1-15 Express Lanes 1-15 Express Lanes Downtown Riverside/Pedley Metrolink Stations Total Highway Planning and Construction Program Transportation Infrastructure Finance and Innovation Act (TIFIA) Program: Direct Program, TIFIA I-15 Express Lanes Project Direct Program, TIFIA 91 Project Total TIFIA Program High -Speed Rail Corridors and Intercity Passenger Rail Service - Capital Assistance Grants Program: Pass -through State Department of Transportation: Coachella Valley -San Gorgonio Pass Corridor Investment Plan Total High Speed Rail Corridors and Intercity Passenger Rail Service - Capital Assistance Grants Program Catalog of Federal Domestic Assistance Number (CFDA #) 20.205* 20.205* 20.205* 20.205* 20.205* Identifying Number 08-31-002-04 08-1675 18-62-062-00 08-1625 15-33-058-00 20.223* TIFIA-2017-1011A 20.223* TIFIA-2012-1006A Passed Total Through to Federal Subrecipients Expenditures $ 19,030 222,539 45,752,934 2,089,968 34,121 48,118,592 15,121,739 421,054,409 436,176,148 20.319 FR-HSR-0130-16-01-00 1,224,943 1,224,943 Federal Transit Cluster: Federal Transit Capital Investment Grant: Direct Program, Commuter Rail 5 Year Rehab 5309 20.500 CA-05-0268-00 599,364 599,364 Direct Program, Commuter Rail Rehab Final 5309 20.500 CA-05-0286-00 570,247 1,512,736 Direct Program, Rail State of Good Repair 20.500 CA-05-0033-00 732,144 742,506 Federal Transit Urbanized Area Formula Grant: Direct Program, Commuter Rail Pax Upgrades 20.507 CA-90-Z234-00 - 3,801,776 Direct Program, CMAQ Funds for Perris Valley Line Operations 20.507 CA-95-X339-00 3,080,417 4,860,283 State of Goods Repair Grants Program: Direct Program, FTA Commuter Rail 5 Year Rehab 5309 20.525 CA-2017-121-00 4,000,000 4,000,000 Total Federal Transit Cluster 8,982,172 15,516,665 Public Transportation Research: Direct Program, Blythe Wellness Express 20.514 CA-2017-115-00 86,070 95,255 Total Federal Expenditures $ 9,068,242 $ 501,131,603 * Denotes major program See Accompanying Notes to Schedule of Expenditures of Federal Awards 5 83 Riverside County Transportation Commission Notes to Schedule of Expenditures of Federal Awards Year Ended June 30, 2019 Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the activity of all federal award programs of the Riverside County Transportation Commission (the Commission) for the year ended June 30, 2019. The Schedule includes federal awards received directly from federal agencies, as well as federal awards passed through other agencies. The Commission's reporting entity is defined in Note 1 to the Commission's basic financial statements. Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not, present the financial position of the Commission. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Note 2. Summary of Significant Accounting Policies The accompanying Schedule is presented on the modified -accrual basis of accounting. Expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Note 3. Transportation Infrastructure Finance and Innovation Act (TIFIA) Program Loans In July 2013 and July 2017, the Commission executed TIFIA loan agreements with the United States Department of Transportation in an amount not to exceed $421,054,409 and $152,214,260, respectively, to finance a portion of the Commission's 91 Project and I-15 Express Lanes Project. The TIFIA loans are evidenced by toll revenue bonds of the Commission issued pursuant to the master indenture and a supplemental indenture. During construction and for a period of to five years following substantial completion, interest is compounded and added to each respective initial TIFIA loan. The TIFIA loans require mandatory debt service payments at a minimum and scheduled debt service payments to the extent additional funds are available. TIFIA debt service payments are expected to commence on December 1, 2021, and June 1, 2025, respectively, which is five years after substantial completion of the 91 Project and the 1-15 Express Lanes Project, through June 1, 2051 and June 1, 2055, respectively. The interest rate of each TIFIA loan is 3.47% and 2.84%, respectively. There were $0 and $15,121,739 of 91 Project and 1-15 Express Lanes Project TIFIA loan proceeds, respectively, expended during the fiscal year ended June 30, 2019, and the outstanding loans payable at June 30, 2019 are $469,870,660 (which includes accreted interest) and $15,121,739, respectively. Note 4: Indirect Cost Rates The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. There were no indirect costs charged to any of the Commission's Federal programs during the year ended June 30, 2019. 6 84 Riverside County Transportation Commission Schedule of Findings and Questioned Costs Year Ended June 30, 2019 I. Summary of Auditors' Results Financial Statements Type of report the auditors issued on whether the financial statements audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting: • Material weakness(es) identified? Yes X No • Significant deficiency(ies) identified? Yes X None Reported Noncompliance material to financial statements noted? Yes X No Federal Awards Internal control over major federal programs: • Material weakness(es) identified? Yes X No • Significant deficiency(ies) identified? Yes X None Reported Type of auditors' report issued on compliance for major federal programs: Unmodified • Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes X No Identification of major federal programs: CFDA Number(s) Name of Federal Program or Cluster 20.205 Highway Planning and Construction Program 20.223 Transportation Infrastructure Finance and Innovation Act (TIFIA) Program Dollar threshold used to distinguish between Type A and Type B programs: $1,948,664 Auditee qualified as low -risk auditee? X Yes No 7 85 Riverside County Transportation Commission Schedule of Findings and Questioned Costs (Continued) Year Ended June 30, 2019 Section II - Financial Statement Findings A. Internal Control Matters None reported. B. Compliance Findings None reported. Section III — Federal Award Findings and Questioned Costs A. Internal Control Matters None reported. B. Compliance Findings None reported. 8 86 Riverside County Transportation Commission Summary Schedule of Prior Year Audit Findings Year Ended June 30, 2019 There were no audit findings reported for the year ended June 30, 2018. ATTACHMENT 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 Express Lanes R EN.D JUNE 30, 20.1 ROTC 91 EXPRESS LANES FUND FINANCIAL STATEMENTS (Enterprise Fund of the Riverside County Transportation Commission) 88 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 89 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Financial Statements For the Year Ended June 30, 2019 CONTENTS Independent Auditor's Report Management's Discussion and Analysis 1 3 Financial Statements Statement of Net Position 9 Statement of Revenues, Expenses and Changes in Fund Net Position 10 Statement of Cash Flows 11 Notes to Financial Statements 13 90 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 92 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 93 Certified Public AC[Uu Rta nL5 Independent Auditor's Report Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited the accompanying financial statements of the RCTC 91 Express Lanes Fund (the Fund), an enterprise fund of the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2019, and the related notes to the financial statements, as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the RCTC 91 Express Lanes Fund of the Commission, as of June 30, 2019, and the changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. 1 Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 94 www.mgocpa.com Emphasis of Matter As discussed in Note 1, the financial statements present only the RCTC 91 Express Lanes Fund and do not purport to, and do not present fairly the financial position of the Commission as of June 30, 2019, the changes in its financial position, or, where applicable, its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, as listed in the table of contents, be presented to supplement the financial statements. Such information, although not a part of the financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Newport Beach, California October 31, 2019 2 95 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Management's Discussion &Analysis 96 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 97 RCTC 91 Express Lanes Fund Management's Discussion and Analysis For the Year Ended June 30, 2019 As management of the RCTC 91 Express Lanes Fund (the Fund), an enterprise fund of the Riverside County Transportation Commission, we offer readers of the Fund financial statements this narrative overview and analysis of the Fund's financial activities for the fiscal year ended June 30, 2019. We encourage readers to consider information on financial performance presented in conjunction with the financial statements that begin on page 9. Financial Highlights • Atthe end of fiscal year (FY) 2018/19, the total net position (deficit) of the Fund was ($274,596,300) and consisted of net investment in capital assets of ($299,852,425) and restricted net position of $25,256,125. • Net position of ($274,596,300) during FY 2018/19 reflects the second full year of toll operations. The eight -mile stretch between Interstate 15 and the Orange/Riverside County line and a tolled direct connector reached substantial completion and opened to motorists on March 20, 2017. • In FY2018/19,total operating revenues of $58,423,461 include toll, violation penalty, and account fee revenues and Orange County Transportation Authority (OCTA) reimbursements. Total operating expenses of $23,375,043 include roadway and toll systems maintenance, customer service, back office operations, other support costs, and depreciation and amortization. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Fund's financial statements. The financial statements are comprised of the Fund financial statements and notes to the financial statements. The statement of net position presents information on all of the Fund's assets, liabilities, and deferred outflows/inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Fund is improving or deteriorating. The statement of revenues, expenses and changes in fund net position presents information showing how the Fund's net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported for some items that will only result in cash flows in future fiscal periods. The statement of cash flows presents information on the cash flows related to operating, noncapital financing, capital and related financing, and investing activities. The Fund financial statements can be found on pages 9-12 of this report. Notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the financial statements. The notes to the financial statements can be found on pages 13-25 of this report. 91 Express Lanes Financial Analysis As noted previously, net position may serve overtime as a useful indicator of the Fund's financial position. At June 30, 2019, the Fund's net position reflected a deficit of $274,596,300. Our analysis below focuses on net position and changes in net position of the Fund's financial activities. 98 4 RCTC 91 Express Lanes Fund Management's Discussion and Analysis For the Year Ended June 30, 2019 RCTC 91 Express Lanes Fund Net Position 2019 2018 Current and other assets Restricted assets Capital assets, net Intangible assets, net Total assets Deferred outflows of resources Total assets and deferred outflows of resources Current liabilities Long-term liabilities Total liabilities 728,244,702 676,711,016 $ 81,178,296 $ 59,551,294 76,380,134 29,828,745 56,054,070 65,239,555 239,801,144 244,045,820 453,413,644 398,665,414 277,686 310,156 453,691,330 398,975,570 58,379,514 27,640,364 669,865,188 649,070,652 Deferred inflows of resources Total liabilities and deferred inflows of resources 42,928 31,888 728,287,630 676,742,904 Net position Net investment in capital assets (299,852,425) (286,349,191) Restricted 25,256,125 8,581,857 Total net position (deficit) $ (274,596,300) $ (277,767,334) FY 2 01 8/1 9 represents the second full year of toll operations for the Fund. Total assets and deferred outflows of resources increased $54,715,760, or 14%, due to increases in cash and investments and receivables. Total liabilities and deferred inflows of resources increased $51,544,726, or 8%, primarily due to increases in deferred violation revenues and toll supported long-term debt related to accreted and compounded interest. The Fund's net investment in capital assets reflects a deficit of $299,852,425 and represents (109.2%) of the total net position (deficit) in FY 2018/19. The Fund's net position reflects its investment in capital assets (i.e., land and land improvements; buildings; toll infrastructure; equipment, furniture and fixtures; transponders; and intangible assets), less any related outstanding debt used to acquire these assets. The Fund uses these capital and intangible assets to provide improved mobility for the Fund customers and commuters along the State Route (SR)-91 corridor. Restricted net position, representing resources subject to external restrictions on how they may be used, was $25,256,125 and represents 9.2% of the total net position at June 30, 2019. The analysis below focuses on the changes in net position. 99 RCTC 91 Express Lanes Fund Management's Discussion and Analysis For the Year Ended June 30, 2019 RCTC 91 Express Lanes Fund Changes in Net Position 2019 2018 Operating revenues Toll, penalties, and fees Total operating revenues Operating expenses Management and operational services Administrative overhead Other operating expenses Professional services General and administrative Depreciation and amortization $ 58,423,461 $ 50,446,824 58,423,461 50,446,824 9,664,844 9,136,307 566,500 532,600 748,548 464,119 1,089,555 815,345 624,915 826,558 10,680,681 10,185,622 Total operating expenses 23,375,043 21,960,551 Operating income 35,048,418 28,486,273 Nonoperating revenues (expenses) Investment income 2,764,137 (32,662) Interest expense (27,956,792) (27,115,090) Loss on sale of capital assets (3,707,333) (376,656) Total nonoperating revenues (expenses) (28,899,988) (27,524,408) Income before transfers 6,148,430 961,865 Transfers from (to) the Commission, net (2,977,396) 14,949,641 Change in net position 3,171,034 15,911,506 Total net position at beginning of year (277,767,334) (293,678,840) Total net position at end of year $ (274,596,300) $ (277,767,334) The Fund's total operating revenues increased $7,976,637, or 16%, due to an increase in trips and toll rate changes as well as non -toll revenues. Total operating expenses increased $1,414,492, or 6%, due to increases in operations costs, professional services, and depreciation. Nonoperating expenses increased $1,375,580, or 5%, primarily due to increased investment income offset by the loss on the sale of excess land purchased for the 91 Project. Net transfers from the Commission decreased by $17,927,037 as a result of the prior year's transfer of capital and intangible assets related to the 91 Project. Total traffic volume on the RCTC 91 Express Lanes Fund during FY 2018/19 was approximately 37,900,600 trips compared to 36,103,800 trips in FY 2017/18. 100 6 RCTC 91 Express Lanes Fund Management's Discussion and Analysis For the Year Ended June 30, 2019 Capital and Intangible Assets Capital Assets As of June 30, 2019, the Fund had $56,054,070, net of accumulated depreciation, invested in a broad range of capital assets including: land and land improvements; buildings; toll infrastructure comprised of communication equipment and computer hardware and software; equipment, furniture and fixtures; and transponders. The decrease of $9,185,485, or 14%, was primarily due to the sale of excess land and the depreciation of the Fund's toll infrastructure. RCTC 91 Express Lanes Fund Capital Assets, Net of Depreciation 2019 2018 Land and land improvements Construction in progress Toll infrastructure Transponders Buildings Equipment, furniture, and fixtures Total capital assets, net $ 38,736,133 $ 43,032,888 174,151 15,729,648 21,211,466 269,416 360,181 1,280,972 444,408 37,901 16,461 $ 56,054,070 $ 65,239,555 More detailed information about the Fund's capital assets is presented in note 4 to the financial statements. Intangible Assets The information below is a summary of the Commission's intangible assets, net of accumulated amortization: RCTC 91 Express Lanes Fund Intangible Assets, Net of Amortization 2019 2018 Total intangible asset, net $ 239,801,144 $ 244,045,820 The decrease of $4,244,676, or 2%, is primarily a result of the current year amortization. More detailed information about the Fund's intangible assets is presented in note 5 to the financial statements. Debt Administration As of June 30, 2019, the Fund had $669,294,571 outstanding in toll revenue bonds, including a toll revenue bond in the form of a Transportation Innovation Finance and Infrastructure Act (TIFIA) loan. The increase of $20,791,535, or 3%, is due to the compounded and accreted interest on the toll -supported long-term debt. 101 RCTC 91 Express Lanes Fund Management's Discussion and Analysis For the Year Ended June 30, 2019 RCTC 91 Express Lanes Fund Outstanding Debt 2019 2018 Toll revenue bonds TIFIA loan Total outstanding debt $ 199,423,911 469,870,660 $ 669,294,571 $ 648,503,036 194,522,170 453,980,866 Additional information on long-term debt can be found in note 7 to the financial statements. Economic and Other Factors The Fund makes up $41,869,400 or 6% of Commission's FY 2 01 9/2 0 revenue budget. In FY 2019/20, toll and non -toll revenues are forecasted to increase by 13% over the FY 2018/19 budget. This increase is based on estimated toll transactions and current traffic and revenue data. The RCTC 91 Express Lanes have exceeded initial expectations and the Commission's traffic consultant updated the investment grade and traffic and revenue study in December 2018. The average projected long-term rate of growth for toll road revenues beyond FY 201 9/2 0 is 4.8%. The majority of expenses related to the Fund within FY 2 01 9/2 0 budget are on -going general costs related to day-to-day operations of the toll facility. As a fully electronic toll facility, motorists pay tolls through the convenient use of FasTrak® transponders that automatically deduct toll charges from a prepaid account. Under a cooperative agreement entered into with OCTA in December 201 1, the RCTC 91 Express Lanes are jointly operated with the OCTA 91 Express Lanes and collectively referred to as the 91 Express Lanes. The Commission and OCTA agreed on the use of the same initial operator, cost and revenue sharing, toll policies, business rules, interoperability of technology, and shared marketing activities. The joint operation allows for the sharing of costs and a seamless customer experience. Contacting 91 Express Lane's Management This financial report is designed to provide a general overview of the Fund's finances for all those with an interest in the government's finances and to demonstrate the Fund's accountability for the money it receives. Questions concerning any of the information provide in this report or requests for additional information should be addressed to the Chief Financial Officer, Finance Department at the Riverside County Transportation Commission, 4080 Lemon Street, 3rd Floor, P.O. Box 12008, Riverside, CA 92502- 2208. 102 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 104 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 105 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Statement of Net Position June 30, 2019 Assets Current assets: Cash and investments $ 25,203,225 Receivables Accounts 2,180,605 Interest 444,261 Violations 53,146,325 Prepaid expenses 201,302 Total current assets 81,175,718 Noncurrent assets: Restricted cash and investments 76,380,134 Net other post -employment benefits assets 2,578 Capital assets, net Nondepreciable 38,736,133 Depreciable 17,317,937 Intangible assets, net 239,801,144 Total noncurrent assets 372,237,926 Total assets 453,413,644 Deferred outflows of resources Pension benefits Other post -employment benefits Total assets and deferred outflows of resources 227,547 50,139 453,691,330 Liabilities Current liabilities: Accounts payable 933,722 Interest payable 1,933,425 Due to other Commission funds 2,338,641 Unearned revenues 53,142,978 Other liabilities 8,976 Compensated absences liability 21,772 Total current liabilities 58,379,514 Noncurrent liabilities: Net pension liabilities 537,539 Compensated absences liability 33,078 Bonds payable - due in more than one year 669,294,571 Total noncurrent liabilities 669,865,188 Total liabilities 728,244,702 Deferred inflows of resources Pension benefits Other post -employment benefits Total liabilities and deferred inflows of resources 31,585 11,343 728,287,630 Net position Net investment in capital assets (299,852,425) Restricted for toll operations 25,256,125 Total net position (deficit) $ (274,596,300) See notes to financial statements 106 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Statement of Revenues, Expenses and Change in Fund Net Position For the Year Ended June 30, 2019 Operating revenues Tolls, penalties, and fees $ 58,423,461 Operating expenses Management and operational services 9,664,844 Administrative overhead 566,500 Other operating expenses 748,548 Professional services 1,089,555 General and administrative expenses 624,915 Depreciation and amortization 10,680,681 Total operating expenses 23,375,043 Operating income 35,048,418 Nonoperating revenues (expenses) Investment income 2,764,137 Interest expense (27,956,792) Loss on sale of capital assets (3,707,333) Total nonoperating revenues (expenses) (28,899,988) Income before transfers 6,148,430 Transfers Transfers in from Commission governmental activities Transfers out to Commission govemmental funds Total transfers 765,378 (3,742,774) (2,977,396) Change in net position 3,171,034 Net position at beginning of year (277,767,334) Net position at end of year $ (274,596,300) See notes to financial statements 10 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Statement of Cash Flows For the Year Ended June 30, 2019 Cash flows from operating activities Receipts from customers and users $ 58,044,539 Payments to vendors (11,583,755) Payments to employees (478,920) Payments for RCTC interfund services used (821,305) Reimbursements received for shared costs 418,487 Net cash provided by operating activities 45,579,046 Cash flows from noncapital financing activities Transfer of excess investment earnings on debt service reserves Transfers of surplus funds to governmental activities Net cash used for noncapital financing activities (500,000) (1,042,859) (1,542,859) Cash flows from capital and related financing activities Interest paid on long-term debt (7,119,938) Acquisition of capital assets, net of reimbursements from other governments (1,911,279) Proceeds from sale of capital assets 331,213 Net cash used for capital and related financing activities (8,700,004) Cash flows from investing activities Interest received Net cash provided by investing activities 2,195,627 2,195,627 Net increase in cash and cash equivalents 37,531,810 Cash and cash equivalents at beginning of year 63,956,746 Cash and cash equivalents at end of year $ 101,488,556 Reconciliation of cash and cash equivalents to statement of net position Cash and investments Less: fair value adjustment $ 25,203,225 (94,803) 25,108,422 Restricted cash and investments 76,380,134 Total cash and cash equivalents $ 101,488,556 See notes to financial statements 108 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Statement of Cash Flows, Continued For the Year Ended June 30, 2019 Reconciliation of operating income (loss) to net cash provided by (used for) operating activities Operating income $ 35,048,418 Adjustments to reconcile operating income to net cash provided by (used for) operating activities Depreciation and amortization expense 10,680,681 Change in assets and liabilities (Increase) Decrease in violations receivables (29,599,777) (Increase) Decrease in other receivables, net 520,871 (Increase) Decrease in prepaid assets (34,336) Increase (Decrease) in pension and post -employment benefit liabilities, net of deferred items 46,431 Increase (Decrease) in accounts payable (526,675) Increase (Decrease) in due to other funds (155,779) Increase (Decrease) in uneamed revenues 29,597,087 Increase (Decrease) in deposits payable 2,007 Increase (Decrease) in compensated absences liability 118 Total adjustments 10,530,628 Net cash provided by operating activities $ 45,579,046 Noncash capital, financing and investing activities Amortization of bond discount $ 73,073 Accreted and compounded interest 20,718,462 Net increase in the fair value of investments 272,741 See notes to financial statements 12 109 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 1. Reporting Entity After more than a decade of work, which includes approximately three years of construction, the Riverside County Transportation Commission (Commission) achieved substantial completion on the SR- 91 Corridor Improvement (91 Project) on March 20, 2017, including express lane and general purpose lane improvements. In achieving substantial completion, the RCTC 91 Express Lanes opened to traffic and tolling commenced. The RCTC 91 Express Lanes cover an eight -mile stretch on State Route 91 (SR- 91) between Interstate 15 (1-15) and the Orange/Riverside County line and a tolled direct connector. The RCTC 91 Express Lanes Fund (Fund) is reported as a major enterprise fund in the Commission's basic financial statements. The accompanying financial statements present the net position, changes in net position, and cash flows of the Fund only. They do not purport to, and do not, present the overall financial position of the Commission or its changes in net position as of June 30, 2019. Note 2. Summary of Significant Accounting Policies The accounting policies of the Fund are in conformity with generally accepted accounting principles applicable to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard -setting body for establishing accounting and financial reporting principles. Basis of Accounting: The financial statements of the Fund are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues consisting substantially of tolls and fees, are recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Toll revenue is recognized when the customers utilize the toll road facility. Enterprise funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services in connection with an enterprise fund's principal and ongoing operations.The principal operating revenues of the Fund are chargesto customers for use of the toll facility. Operating expenses for the Fund include the cost of services, administrative expenses, and depreciation and amortization on capital and intangible assets.All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Cash and investments: The Commission maintains cash and investments in accordance with the Investment Policy adopted by the Board of Commissioners in March 2019. The Investment Policy complies with the California Government Code (Code). Investments of bond proceeds as permitted by the applicable debt documents are maintained with U.S. Bank as trustee. Separate investment accounts are maintained for the proceeds of bond issues, with the earnings for each bond issue accounted for separately. The Fund participates in the Riverside County Pooled Investment Fund (RCPIF). Cash from other Commission revenue sources is commingled for investment purposes in the RCPIF, with investment earnings allocated to the different accounts based on average daily account balances. The Commission holds investments that are measured at fair value on a recurring basis. Investments in U.S. Treasury obligations, U.S. agency securities, corporate notes, mortgage and asset -backed securities, and municipal bonds are carried at fair value based on quoted market prices, except for money market investments, which are carried at amortized cost which approximates fair value. The RCPIF is carried at fair value based on the value of each participating dollar as provided by RCPIF. Cash and cash equivalents: For the purpose of the statement of cash flows, the Commission considers all short-term investments with an initial maturity of three months or less to be cash equivalents. All deposits, commercial paper notes, money market funds, negotiable certificates of deposit, and the Fund's share of the RCPIF represent cash and cash equivalents for cash flow purposes. 110 14 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 2. Summary of Significant Accounting Policies, Continued Restricted cash and investments: Investments set aside in the Senior Lien Obligations Reserve Fund, Senior Lien Capitalized Interest Fund, Residual Fund Scheduled Retained Balance Fund, and Toll Revenue Fund are pursuant to the terms of the 2013 Indenture and their use is limited by applicable debt terms and conditions. Permitted investments per the debt indentures include government obligations, State of California and local agency obligations, banker's acceptances, commercial paper notes, negotiable certificates of deposit, repurchase agreements, money market funds, other mutual funds, investment agreements, RCPIF, and variable and floating rate securities. Receivables: Violations receivables include uncollected violation tolls and penalties. Unpaid violations of $53,146,325 as ofJune 30, 2019 are not recognized as revenue until payment is received and therefore are reflected as unearned revenue. If violations and penalties remain owed for more than 90 days, they are turned over to the collection agency. Unpaid violations remain recorded for a period of four years in accordance with the statute of limitations, at which time, they will be deemed uncollectible. Accounts receivables include amounts due from other California toll road agencies related to their customers' use of the RCTC 91 Express Lanes, as well as amounts owed from the Orange County Transportation Authority (OCTA) in accordance with a cooperative agreement. Capital assets: Capital assets include land and land improvements; toll infrastructure; buildings; equipment, furniture and fixtures; and transponders. Capital assets are defined by the Fund as assets with an initial, individual cost of more than $5,000 and a useful life in excess of one year. It is also the Fund's policy to capitalize transponder purchases, as they are considered a significant class of assets even though individually under $5,000. Such assets are recorded at historical cost. The costs of normal maintenance and repairs that do not add value to the asset or materially extend asset lives are not capitalized. Capital assets are depreciated using the straight-line method over the following estimated useful lives: Asset Type Useful Life Buildings 10 years Equipment, furniture and fixtures 3 to 5 years Toll infrastructure 5 to 10 years Transponders 5 years Intangible assets: In May 2012 the Commission entered into a toll facility agreement with California's Department of Transportation (Caltrans) and obtained authority to toll the SR-91 from the Orange County/Riverside County line to 1-15 for 50 years commencing as of the first day on which the RCTC 91 Express Lanes open for public use and toll operations. The RCTC 91 Express Lanes opened on March 20, 2017. Deferred outflows of resources: In addition to assets, the statement of net position reports a separate section for deferred outflows of resources. This separate financial statement element, represents a consumption of net position that applies to a future period and so will not be recognized as an outflow of resources (expense) until then. As of June 30, 2019, the Fund has deferred outflows of resources related to pension and other post -employment benefits (OPEB). 111 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 2. Summary of Significant Accounting Policies, Continued Due to other Commission funds: During the course of operations, transactions occur between Commission governmental funds involving goods provided and services rendered. Compensated absences: Vacation hours accumulated and not taken at year-end is reported as a long- term liability, net of current portion, in the Fund. Sick leave is recorded as an expense when taken by the employee. Employees with continuous five years of service have the option of being paid for sick leave accumulated in excess of 240 hours at a rate of 50% (i.e., one hour's pay for every two hours in excess of 240). Any sick leave in excess of 240 hours is accrued at fiscal year-end, and a liability is reported in the Fund. Pensions: For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions and pension expense, information aboutthe fiduciary net position of the Commission's California Public Employees' Retirement System (CaIPERS) plans (Plans) and additions to/deduction from Plans' fiduciary net position have been determined on the same basis as they are reported by CaIPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value. Post -employment benefits other than pensions: For purposes of measuring the net OPEB asset, deferred outflows/inflows of resources related to the OPEB asset and OPEB expense, information about the fiduciary net position of the Commission's OPEB plan, and additions to/deductions from the OPEB fiduciary net position have been determined on the same basis as they are reported by California Employers' Retiree Benefit Trust administered by CaIPERS. For this purpose, benefit payments are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value, except for money markets and participating interest -earning investment contracts that have a maturity at the time of purchase of one year or less, which is reported at cost. Deferred inflows of resources: In addition to liabilities, the statement of net position reports a separate section for deferred inflows of resources. This separate financial statement element, represents an acquisition of net position that applies to a future period and will not be recognized as an inflow of resources, or revenue, until then. The Fund has deferred inflows of resources related to pension and other post -employment benefits. Risk management: The Fund purchases commercial property insurance including business interruption, earthquake, and flood coverage related to the toll facility. Net position: Net position represents the difference between assets plus deferred outflow of resources and liabilities plus deferred inflow of resources and is classified into two categories: • Net investment in capital assets consists of capital and intangible assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings used for the acquisition, construction, or improvement of those assets and excludes unspent debt proceeds. • Restricted net position represents restricted assets less liabilities related to those assets. Restricted assets are recorded when there are limitations imposed by creditors (such as through debt covenants). The statement of net position includes restricted net position for the portion of net toll revenues restricted by the 2013 Master Indenture for toll operations The deficit in net investment in capital assets will be reduced by future toll revenues for the payment of outstanding toll obligations. 112 16 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 2. Summary of Significant Accounting Policies, Continued Use of estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumption that affect certain reported amounts and disclosures during the reporting period. As such, actual results could differ from those estimates. Note 3. Cash and Investments Cash and investments are comprised of the following at June 30, 2019: Cash in bank Investments With RCPIF With Trustee Total investments Total cash and investments Total cash and investments are reported in the financial statements as: Unrestricted cash and investments Restricted cash and investments Total cash and investments $ 484,511 24,718,714 76,380,134 101,098,848 $ 101,583,359 $ 25,203,225 76,380,134 $ 101,583,359 Fair Value Hierarchy: The Commission categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are based on similar observable assets either directly or indirectly, which may include inputs in markets that are not considered to be active; and Level 3 inputs are significant unobservable inputs (the Commission does not value any of its investments using Level 3 inputs). 113 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 3. Cash and Investments, Continued The following is a summary of the fair value hierarchy of the fair value of investments of the Fund as of June 30, 2019: Investments by fair value level: June 30, 2019 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Investments subject to fair value hierarchy: Mortgage and asset -backed securities U.S.Treasury obligations Money market mutual funds U.S. agency securities Corporate notes Commercial paper notes Negotiable certificates of deposit Municipal bonds Total investments measured atfair value Investments not subject to fair value hierarchy: RCPIF Total investments $ 22,604,143 19,470,332 17,110,412 8,733,428 6,687,359 1,074,440 500,020 200,000 76,380,134 $ 24,718,714 $ 101,098,848 19,470,332 $ 22,604,143 17,110,412 8,733,428 6,687,359 1,074,440 500,020 200,000 19,470,332 $56,909,802 Investments classified in Level 1 of the value hierarchy, valued at $19,470,332 are valued using quoted prices in active markets. Mortgage and asset -backed securities totaling $22,604,143, money market mutual funds totaling $17,110,412, U.S. agency securitiestotaling $8,733,428, corporate notestotaling $6,687,359, commercial paper notes totaling $1,074,440, negotiable certificates of deposit totaling $500,020, and municipal bonds totaling $200,000, classified in Level 2 of the fair value hierarchy, are valued using matrix pricing techniques maintained by various pricing vendors. Matrix pricing is used to value securities based on the securities' relationship to benchmark quoted prices. Fair value is defined as the quoted market value on the last trading day of the period. These prices are obtained from various pricing sources by the custodian bank. 114 18 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 3. Cash and Investments, Continued As of June 30, 2 01 9, the Fund has the following investments: Investments Fair Value Principal Interest Rate Range Maturity Range Weighted Average Maturity (Years) RCPIF Held by Trustee Negotiable certificates of deposit Commercial paper notes Corporate notes Money market mutual funds Mortgage and asset -backed securities Municipal bonds U.S. agency securities U.S.Treasury obligations Total Investments Portfolio weighted average $ 24,718,714 $ 24,623,911 500,020 1,074,440 6,687,359 17,110,412 22,604,143 200,000 8,733,428 19,470,332 500,012 1,074,416 6,646,862 17,110,412 22,555,729 200,000 8,717,247 19,413,386 $101,098,848 $100,841,975 1.00%-3.330% 0.055% 1.656%.-1.828% 2.061 % - 2.944% 0.000%-1.860% -0.598%- 3.885% 2.360% - 2.400% 1.778%- 2.584% 0.283% - 2.656% 07/01 /19 - 06/21 /24 N/A 07/08/19 - 07/11 /19 07/02/19 - 05/20/22 N/A 08/15/19 - 09/16/55 07/01 /38 -11 /15/52 07/26/19 - 01 /13/22 08/31 /19 - 01 /15/29 1.104 0.022 0.024 1.213 0.000 9.077 26.210 1.447 2.361 5.044 The weighted average maturity is calculated using the investment's effective duration weighted by the investment's fair value. As of June 30, 2019, mortgage and asset -backed securities totaled $22,604,143. The underlying assets are consumer receivables that include credit cards, auto/equipment, and home loans. The securities have a fixed interest rate and are rated Aaa/AA+ at least two of the three nationally recognized statistical rating organizations. Deposits and withdrawals in the RCPIF are made on the basis of $1.00 (cost basis) and not fair value. Accordingly, the Fund's investment at June 30, 2019 is uncategorized, not defined as Level 1, Level 2, or Level 3 input. Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the Commission's investment policy follows the Code as it relates to limits on investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. In accordance with the Commission's investment policy, restricted investments are invested in accordance with the maturity provisions of the specific bond indenture, which may extend beyond five years. Custodial credit risk: Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker -dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The Commission's investment policy requires that a third party bank trust department hold all securities owned by the Commission. All trades are settled on a delivery versus payment basis through the Commission's safekeeping agent. The Fund has deposits with a bank balance of $484,511 with a financial institution; bank balances over $5,000,000 are swept daily into a money market account. Of the bank balance, up to $250,000 is federally insured under the Federal Depository Insurance Corporation with balances in excess of 115 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 3. Cash and Investments, Continued $250,000 collateralized in accordance with the Code; however, the collateralized securities are not held in the name of the Commission. Credit risk: The Commission's investment policy as well as the specific bond indentures set minimum acceptable credit ratings for investments from any of the three nationally recognized statistical rating organizations. The following table is a summary of the credit quality distribution and concentration of credit risk by investment type as a percentage of each category's fair value at June 30, 2019; securities denoted as NR are not rated by one of the nationally recognized statistical rating organizations. Investments Moody's S&P % of Portfolio RCPIF Aaa-bf AAA/f/S1 24.45% Negotiable certificates of deposit P1 Al 0.49% Commercial paper notes Notes P1 Al 0.37% Notes P1 A2 0.37% Notes P2 A2 0.32% Corporate Notes Al A 0.40% Notes Al A+ 0.20% Notes Al AA- 0.40% Notes A2 A 0.59% Notes A2 A- 1.25% Notes A2 A+ 0.22% Notes A3 A 0.52% Notes A3 A- 0.69% Notes A3 BBB+ 0.96% Notes Aa1 AA- 0.20% Notes Aa2 A+ 0.40% Notes Aaa NR 0.40% Notes Baal A- 0.40% Money market mutual funds Funds Aaa AAAm 16.92% Mortgage and asset backed securities Securities Aaa AA+ 21.22% Securities Aaa AAA 0.24% Securities Aaa NR 0.78% Securities NR AAA 0.11% Municipal bonds Maine State Housing Authority Aa1 AA+ 0.10% North Dakota Housing Finance Agency Aa1 NR 0.10% U.S. agency securities Notes Aaa AA+ 7.65% Notes P-1 A-1+ 0.99% U.S. Treasuries Treasury NR NR 19.26% Total 100.00% 116 20 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 3. Cash and Investments, Continued Concentration of credit risk: The Commission's investment policy places a limit of 10% on the amount of investment holdings with any one non-U.S. Government or non-federal agency issuer. As of June 30, 2019, the Commission did not have investments in any one issuer that represents more than 5% of the Commission's total investments. Note 4. Capital Assets Capital assets activity for the Fund for the year ended June 30, 2019 is as follows: Balance June 30, 2018 Additions Deletions Balance June 30, 2019 Capital assets not being depreciated: Land and land improvements Construction in progress Total capital assets not being depreciated Capital assets being depreciated: Toll infrastructure Transponders Buildings Equipment, furniture, and fixtures Total capital assets being depreciated Less accumulated depreciation for: Toll infrastructure Transponders Buildings Equipment, furniture, and fixtures Total accumulated depreciation Total capital assets being depreciated, net Capital assets, net $ 43,032,888 $ 174,151 43,207,039 27,899,996 453,819 686,813 25,460 29,066,088 (6,688,530) (93,638) (242,405) (8,999) (7,033,572) 22,032,516 $ 65,239,555 - $ (4,296,755) $ 38,736,133 (174,151) - (4,470,906) 38,736,133 920,813 35,235 956,048 (5,481,818) (90,764) (84,249) (13,796) (5,670,627) (4,714,579) $ (4,714,579) $ (4,470,906) - 27,899,996 (1) 453,818 - 1,607,626 - 60,695 (1) 30,022,135 1 1 (12,170,348) (184,402) (326,654) (22,794) (12,704,198) 17,317,937 $ 56,054,070 Note 5. Intangible Assets and Service Concession Arrangements On May 14, 2012, the Commission entered into a toll facilities agreement with Caltrans providing the Commission with authorization to toll the SR-91 from Orange/Riverside County line to 1-15 for 50 years commencing as of the first day on which the RCTC 91 Express Lanes open for public use and toll operations. The agreement also set forth the Commission's leasehold rights to Caltrans' right of way and Caltrans' oversight role in the operations and maintenance of the RCTC 91 Express Lanes. 117 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 5. Intangible Assets and Service Concession Arrangements, Continued Intangible asset activity for the year ended June 30, 2019 was as follows: Balance June 30, 2018 Balance Additions Deletions June 30, 2019 Toll facility franchise Less accumulated amortization Total toll facility franchise, net $ 249,927,114 $ 765,378 $ - $ 250,692,492 (5,881,294) - (5,010,054) (10,891,348) $ 244,045,820 $ 765,378 $ (5,010,054) $ 239,801,144 Note 6. Interfund Transactions Due from/to other Commission funds: The composition of balances related to due from other funds and due to other funds of the Commission at June 30, 2019 is as follows: I Payable Fund Receivable Fund Amount Explanation RCTC 91 Express Lanes Enterprise fund RCTC 91 Express Lanes Enterprise fund RCTC 91 Express Lanes Enterprise fund RCTC 91 Express Lanes Enterprise fund Total due to other Commission funds Commission's General fund Commission's General fund Commission's Special Revenue fund Commission's Special Revenue fund $ 39,700 99,026 611,984 1,587,931 $ 2,338,641 Administrative cost allocation Fringe benefits allocation Administrative cost allocation 91 Corridor Operations project Transfers to/from other Commission funds: During 2019, transfers to/from other Commission funds were as follows: Transfer Out Transfer In Amount Explanation RCTC 91 Express Lanes Enterprise fund RCTC 91 Express Lanes Enterprise fund RCTC 91 Express Lanes Enterprise fund Commission's Governmental activities Total transfers Commission's Special Revenue fund Commission's Special Revenue fund Commission's Capital Projects fund RCTC 91 Express Lanes Enterprise fund $ (2,630,790) (611,984) (500,000) 765,378 $ 2,977,396 Transfer of surplus funds to fund the 91 Corridor Operations project Transfer of surplus funds to fund the 15/91 Express Lanes Connector project Transfer of excess investment earnings to toll senior lien project bond fund Transfer of intangible assets 118 22 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 7. Long Term Obligations The following is a summary of changes in long-term debt obligations for the year ended June 30, 2019: Balance Additions / June 30, 2018 Accretion Reductions Balance Due Within June 30, 2019 One Year Toll revenue bonds: 2013 Bonds $ 196,596,616 $4,828,668 $ $ 201,425,284 $ Toll revenue bonds discount (2,074,446) - 73,073 (2,001,373) Total bonds payable, net 194,522,170 4,828,668 73,073 199,423,911 TIFIA loan 453,980,866 15,889,794 - 469,870,660 - Compensated absences liability 54,732 326 (208) 54,850 21,772 Total long-term obligations $ 648,557,768 $ 20,718,788 $ 72,865 $ 669,349,421 $ 21,772 In July 2010, the Commission authorized the issuance and sale of not to exceed $900 million of toll revenue bonds related to the 91 Project. 2013 Toll Revenue Bonds, Series A (Current Interest Obligation): Outstanding In July 2013, the Commission issued $123,825,000 principal amount of serial current interest bonds (CIBs) at a discount of $2,433,315 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 costs of issuance. The CIBs consist 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%. $123,825,000 In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2013 Toll Revenue Bonds CIBs payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total 2020 $ $ 7,119,900 $ 7,119,900 2021 7,119,900 7,119,900 2022 7,119,900 7,119,900 2023 - 7,119,900 7,119,900 2024 - 7,119,900 7,119,900 2025-2029 - 35,599,700 35,599,700 2030-2034 - 35,599,700 35,599,700 2035-2039 - 35,599,700 35,599,700 2040-2044 39,315,000 35,599,700 74,914,700 2045-2048 84,510,000 17,007,800 101,517,800 $ 123,825,000 $ 195,006,100 $ 318,831,100 119 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 7. Long Term Obligations, Continued 2013 Toll Revenue Bonds, Series B (Capital Appreciation Obligation): Outstanding Iln July 2013, the Commission issued $52,829,600 principal amount of serial capital appreciation bonds (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 costs of issuance. The CABs will not pay current interest as interest will be compounded commencing December 2013 semiannually and paid at maturity. Therefore, the CABs will 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%. During 2019, the accretion amount was $4,828,668. During 2019, the accretion amount was $4,828,668; the aggregate accretion through June 30, 2019 is $24,770,681. $ 77,600,284 In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2013 Toll Revenue Bonds CABs payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Accreted Interest Total 2022 2023 2024 2025-2029 2030-2034 2035-2039 2040-2043 $ 2,396,700 3,098,000 3,739,200 20,311,000 11,492,900 11,791,800 $1,423,300 2,231,900 3,245,900 29,634,000 30,657,100 78,458,200 $ $145 650 400 $ $ 3,820,000 5,329,900 6,985,100 49,945,000 42,150,000 52 829 600 90,250,000 198 480 000 TIFIA Loan Agreement: Outstanding In July 2013, the Commission executed a TIFIA loan of up to $421,054,409, which proceeds financed a portion of the costs for the 91 Project. During construction and for a period of up to five years following substantial completion, interest is compounded and added to the initial TIFIA loan. The TIFIA loan requires mandatory debt service payments at a minimum and scheduled debt service payments to the extent additional funds are available. TIFIA debt service payments are expected to commence on December 1, 2021, which is five years after substantial completion of the 91 Project, through June 1, 2051. The interest rate of the TIFIA loan is 3.47%. $ 469,870,660 The TIFIA loan is a toll revenue bond that is subordinate to the senior toll revenue bonds. In accordance with the TIFIA loan maturity schedule, the approximate mandatory annual debt service requirements to maturity for the TIFIA loan payable throughout the term of the loan are as follows: 120 24 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 7. Long Term Obligations, Continued ■ Year Ending June 30 Mandatory Principal Interest Total 2022 2023 2024 2025-2029 2030-2034 2035-2039 2040-2044 2045-2049 2050-2051 Total Future compounded interest Total TIFIA loan 9,914,000 117,632,000 79,124,000 247,089,000 49,579,000 503,338,000 (33,467,340) $ 469,870,660 $ 1,921,000 1,921,000 1,924,000 25,570,000 87,312,000 78,402,000 57,931,000 35,110,000 2,050,000 $ 292,141,000 $ 1,921,000 1,921,000 1,924,000 25,570,000 97,226,000 196,034,000 137,055,000 282,199,000 51,629,000 $ 795,479,000 In connection with the issuance of the 2013 Toll Revenue Bonds consisting of the CIBs and CABS, a debt service reserve of $17,665,460 and an operations and maintenance fund of $3,137,666 were established. Additionally, the toll indenture and TIFIA loan agreement require the Commission to establish a subordinate obligations reserve fund of $20,000,000 no later than July 1, 2019. The $20,000,000 reserve was funded in June 2019 from the proceeds of the sale of excess properties on the SR-91 and surplus revenues. Note 8. Commitments and Contingencies Cooperative agreements: The RCTC SR-91 Express lanes are jointly operated with the existing OCTA 91 Express Lanes and collectively referred to as the 91 Express Lanes. Under the Orange -Riverside Cooperative Agreement, which was entered into in December 2011, the Commission and OCTA agreed on the use of the same initial toll operator, cost and revenue sharing, toll policies, business rules, interoperability of technology, and marketing activities as well as OCTA review of design plans and construction activities for the 91 Project. In May 2013 the Commission entered into a three -party agreement with OCTA and the third -party toll operator, for the operations of the 91 Express Lanes. This will ensure streamlined and consistent intercounty travel for motorists on the OCTA 91 Express Lanes in Orange County and RCTC 91 Express Lanes in Riverside County. The third -party operator provides operating services to the Commission in the annual amount of $6,942,600 plus inflation for three initial years with two one-year extension options, subject to Board of Commissioners approval. The third -party operator is responsible for the day-to- day operations of the toll facility; another contractor is responsible for maintaining the roadside toll collection system under a separate agreement with the Commission. The agreement with the third -party operator expires on December 31, 2021, as amended in September 2019. Purchase commitments: The Fund has entered into other agreements in the ordinary course of business with companies and other governmental agencies related to operations and maintenance. These agreements, which are significant, are funded with available and future revenues. 121 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2019 Note 9. Pensions and Other Post -Employment Benefits Other Than Pensions The Fund participates in the Commission's cost -sharing multiple employer defined benefit pension plan administered by the California Public Employees' Retirement System and the Commission's OPEB. Employees of the Fund are employees of the Commission as a whole. The required note disclosures regarding pension plans and OPEB are included in the Commission's financial statements. Please see those financial statements for information about the pension plans and OPEB as a whole. The net pension liability of $537,539 and net OPEB asset of $2,578, reported by the Fund, represent the Fund's proportional share of the Commission's net pension liability of $8,340,905 and net OPEB asset of $40,000. The Fund's net pension liability and net OPEB asset each represent 6.44% of the Commission's net pension liability and net OPEB asset, respectively. Note 10. Pronouncements Issued, Not Yet Effective The GASB pronouncements issued prior to June 30, 2019 that have an effective date that may impact future financial presentations include: • GASB Statement No. 87, Leases, effective for fiscal years beginning after December 15, 2019; • GASB Statement No. 89, Accounting for Interest Cost Incurred Before the End of a Construction Period, effective for fiscal years beginning after December 15, 2019; • GASB Statement No. 90, Majority Equity Interests -An Amendment of GASB Statement No. 14 and No. 61, effective for fiscal years beginning after December 15, 2018; and • GASB Statement No. 91, Conduit Debt Obligations, effective for fiscal years beginning after December 15, 2020. 122 m N r-I RIVERSIDE COUNTY TRANSPORTATION COMMISSION 124 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission (951) 787-7141 • www.rctc.org 4080 Lemon Street, 3rd Floor P.O. Box 12008 • Riverside, CA 92502-2208 125 ATTACHMENT 9 MGO Certified Public Accountants Independent Auditor's Report on Compliance With Aspects of Contractual Agreements Board of Commissioners Riverside County Transportation Commission Riverside, California We have audited, in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the Riverside County Transportation Commission (the Commission) as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the Commission's basic financial statements, and have issued our report thereon dated October 31, 2019. In connection with our audit, nothing came to our attention that caused us to believe that the Commission failed to comply with the terms, covenants, provisions or conditions of Sections 6.2(g) and 6.2(1) contained in the Reimbursement Agreement, dated October 1, 2014, with State Street Bank and Trust Company, a wholly -owned subsidiary of State Street Corporation, related to the Commercial Paper Notes (Limited Tax Bonds) Series A, insofar as they relate to accounting matters. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures, other matters may have come to our attention regarding the Commission's noncompliance with the above -referenced terms, covenants, provisions or conditions of the Reimbursement Agreement, insofar as they relate to accounting matters. The report is intended solely for the information and use of the Board of Commissioners and management of the Commission and State Street Bank and Trust Company and is not intended to be, and should not be, used by anyone other than these specified parties. i itlatcfois 67eo' melt Z_N) Newport Beach, California October 31, 2019 Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1716 www.mgocpa.com ATTACHMENT 10 MGO Certified Public Accountants October 31, 2019 To the Audit Ad Hoc Committee Riverside County Transportation Commission Riverside, California We have audited the financial statements of Riverside County Transportation Commission (the Commission) as of and for the year ended June 30, 2019, and have issued our report thereon dated October 31, 2019. Professional standards require that we advise you of the following matters relating to our audit. Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated June 12, 2019, our responsibility, as described by professional standards, is to form and express an opinions about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities. Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the Commission solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you. Planned Scope and Timing of the Audit We conducted our audit consistent with the planned scope and timing we previously communicated to you. Compliance with All Ethics Requirements Regarding Independence The engagement team, others in our firm, as appropriate, our firm, and our network firms have complied with all relevant ethical requirements regarding independence. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1/7 www.mgocpa.com Qualitative Aspects of the Entity's Significant Accounting Practices' Significant Accounting Policies Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the Commission is included in Note 1 to the financial statements. As of July 1, 2018, the Commission implemented Governmental Accounting Standards Board (GASB) Statement No. 83, Certain Asset Retirement Obligations and GASB Statement No. 88, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements, however, implementation of these Standards did not materially impact the Commission's financial statements. The application of existing policies was not changed during the year. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. Significant Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management's current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ markedly from management's current judgments. The most sensitive accounting estimates affecting the financial statements and management's basis for the estimates were: • Fair values of investments are based on quoted market prices or significant other observable inputs from independent published sources; • Depreciation estimates for capital assets are based on estimated useful lives for capital assets; • Valuations of actuarially determined contributions, deferred outflows of resources, deferred inflows of resources and net other postemployment benefits (OPEB) asset for the OPEB plan are based on actuarial calculations, which incorporate actuarial methods and assumptions adopted by the Board of Commissioners; • Valuations of actuarially determined contributions, deferred outflows of resources, deferred inflows of resources and net pension liability for the pension plan are based on actuarial calculations, which incorporate actuarial methods and assumptions adopted by the Board of Commissioners; and • Costs of the SR-91 and the I-15 Corridor Improvement Project that are capitalized versus not capitalized are based upon management's allocation of the portion of the project costs that relate to the toll lanes that the Commission will own and operate and the general purpose lanes that will not be owned or operated by the Commission. We evaluated the key factors and assumptions used to develop the estimates described above and determined that they are reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units. 138 Financial Statement Disclosures Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the Commission's financial statements relate to: • The disclosure of net pension liability and OPEB benefits in Note 11 and 12 to the basic financial statements, respectively, are based on actuarial valuations. • The Commission's long term obligations disclosures in Note 7 to the basic financial statements. Significant Difficulties Encountered during the Audit We encountered no significant difficulties in dealing with management relating to the performance of the audit. Uncorrected and Corrected Misstatements For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole and each applicable opinion unit. Management has corrected all identified misstatements. In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. None of the misstatements identified by us as a result of our audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole or applicable opinion units. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Commission's financial statements or the auditor's report. No such disagreements arose during the course of the audit. Representations Requested from Management We have requested certain written representations from management, which are included in the attached letter dated October 31, 2019. Management's Consultations with Other Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters. 139 Other Significant Matters, Findings, or Issues In the normal course of our professional association with the Commission, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the Commission's auditors. Other Information in Documents Containing Audited Financial Statements (if applicable) Pursuant to professional standards, our responsibility as auditors for other information in documents containing the Commission's audited financial statements does not extend beyond the financial information identified in the audit report, and we are not required to perform any procedures to corroborate such other information. However, in accordance with such standards, we performed the following: We applied certain limited procedures to the management's discussion and analysis, budgetary comparison schedules and information related to the pension and other postemployment benefit plans which are required supplementary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the combining and individual nonmajor fund financial statements, budgetary comparison schedules, schedules of expenditures, and schedules of uses of debt proceeds and fund balances which accompany the financial statements but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory and statistical sections, which accompany the financial statements but are not RSI. We did not audit or perform other procedures on this other information and we do not express an opinion or provide any assurance on it. Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the financial statements. This report is intended solely for the information and use of the Board of Commissioners, the Audit Ad Hoc Committee, and management of the Commission and is not intended to be and should not be used by anyone other than these specified parties. i /YoLciois Onnitel Newport Beach, California October 31, 2019 1p ATTACHMENT 11 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Independent Accountant's Report on Applying Agreed -Upon Procedures for Appropriations Limit Calculation For the Year Ended June 30, 2019 Certified Public Accountants Certified Public Accountants Independent Accountant's Report on Applying Agreed -Upon Procedures Board of Commissioners Riverside County Transportation Commission Riverside, California We have performed the procedures enumerated below to the accompanying Appropriations Limit Calculation of the Riverside County Transportation Commission (the Commission) for the year ended June 30, 2019. These procedures, which were agreed to by the Commission and the League of California Cities (the League) as presented in the publication entitled Agreed -Upon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California Constitution, were performed solely to assist the Commission in meeting the requirements of Section 1.5 of Article XIII-B of the California Constitution. The Commission's management is responsible for the Appropriations Limit Calculation. The sufficiency of these procedures is solely the responsibility of the Commission and the League. Consequently, we make no representation regarding the sufficiency of the procedures described below, either for the purpose for which this report has been requested or for any other purpose. The procedures and associated findings are as follows: 1. We obtained the completed internal calculations from management and compared the limit and annual adjustment factors included in those calculations to the limit and annual adjustment factors that were adopted by resolution of the Board of Commissioners. We also compared the population and inflation options included in the aforementioned worksheets to those that were selected by a recorded vote of the Board of Commissioners. Finding: No exceptions were noted as a result of our procedures. 2. For the accompanying Appropriations Limit Calculation, we added line A, last year's limit, to line E, total adjustments, and compared the resulting amount to line F, current year's limit. Finding: No exceptions were noted as a result of our procedures. 3. We compared the current year information presented in the accompanying Appropriations Limit Calculation to the supporting calculations described in item 1 above. Finding: No exceptions were noted as result of our procedures. 4. We compared the prior year Appropriations limit presented in the accompanying Appropriations Limit Calculation to the prior year Appropriations Limit adopted by the Board of Commissioners during the prior year. Finding: No exceptions were noted as a result of our procedures. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 12 www.mgocpa.com This agreed -upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the accompanying Appropriations Limit Calculation of the Commission. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. No procedures have been performed with respect to the determination of the appropriations limit for the base year, as defined by Article XIII-B of the California Constitution. This report is intended solely for the information and use of the Board of Commissioners and management of the Commission, and is not intended to be, and should not be, used by anyone other than these specified parties. However, this report is a matter of public record and its distribution is not limited. tlacias git ? ��c4�1ii�1(i LA) Newport Beach, California October 31, 2019 13 Riverside County Transportation Commission Appropriations Limit Calculation Year Ended June 30, 2019 Amount Source A. Last year's limit B. Adjustment factors: 1. Population change 2. Per capita change 3. Total adjustments [(B.1 x B.2)-1.0] $ 441,572,195 1.014000000 State Finance 1.036700000 State Finance 0.051213800 C. Annual adjustment 22,614,590 (B.3 X A) D. Other adjustments: 1. Lost responsibility (-) 2. Transfer to private (-) 3. Transfer to fees (-) 4. Assumed responsibility (+) E. Total adjustments 22,614,590 (C+D) F. This year's limit $ 464,186,785 (A+E) 134 1'r1GO Certified Public Accountants Independent Accountant's Report on Applying Agreed -Upon Procedures Board of Commissioners Riverside County Transportation Commission Riverside, California ATTACHMENT 12 We have performed the procedures enumerated below, which were agreed to by management of the Riverside County Transportation Commission (the Commission), to assist the Commission's management in assessing vendor compliance with the requirements of the Commission's agreement with William Sale Partnership USA Inc. (WSP) to administer its Measure A Commuter Assistance Program (the Program) for the year ended June 30, 2019. The Commission is responsible for the administration and operation of the Program. The sufficiency of these procedures is solely the responsibility of the party specified in the report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. As background information for this engagement to perform agreed -upon procedures, we were provided with: Resolution No. 03-025, Resolution of the Commission Amending Guidelines for the administration of the Measure A funded Commuter Incentive Programs, and Agreement No.15-41-038-00, Agreement for Commuter Assistance Program Graphic Design and Program Administration Services between William Sale Partnership USA Inc. and the Commission, entered into as of June 1, 2015 for the period of June 1, 2015 to June 30, 2019, as amended per Amendments Nos. 1 to 4, and the Inland Empire (IE) Commuter Incentives Programs and Processes Standard Operating Procedures. In addition, we received an explanation of the WSP registration process with the employer and employee from staff at WSP. Our procedures and findings are as follows: 1) Obtain an understanding of the Administration of the Measure A Commuter Assistance Program by reading Resolution No. 03-025, Resolution of the Commission Amending Guidelines for the Administration of the Measure A Funded Commuter Incentive Program. Finding: No exceptions noted as a result of performing this procedure. 2) Obtain a listing of all disbursements to vendors and invoiced to the Commission for reimbursement by WSP for the purchase of gift cards for the year ending June 30, 2019, and haphazardly select a sample of 10 items for the year for the testing and report any findings (see Exhibit 1). Our procedures and findings related to Exhibit 1 are as follows: a) Agree the amount recorded as disbursed by WSP to cancelled checks. Finding: No exceptions noted as a result of performing this procedure. b) Agree the amount recorded as itemized in WSP invoices to the Commission's accounting records. Finding: No exceptions noted as a result of performing this procedure. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 15 www.mgocpa.com c) Agree the amount recorded and the payee on the Check Request Register to the log of requested gift cards maintained by WSP. Finding: No exceptions noted as a result of performing this procedure. 3) Obtain the "Commission Payments by Employer" reports that list recorded disbursements made to recipients by WSP for the year and haphazardly select a sample of 10 items for the year for testing and report any findings (see Exhibit 2). Our procedures and findings related to Exhibit 2 are as follows: a) Determine that the employer was registered by reviewing the Employer Partnership Agreement (EPA). Finding: No exceptions noted as a result of performing this procedure. b) Determine that the employee was registered by reviewing the Incentive Application Form. Finding: No exceptions noted as a result of performing this procedure. c) Agree WSP's disbursements to the Application and note proper approval of the Application. Finding: No exceptions noted as a result of performing this procedure. d) Recalculate the number of days the employee participated in each rideshare mode and the incentive earned for each rideshare mode and agree those totals to the amounts listed on the monthly incentive claim form in order to clerically test the monthly claim form. Finding: No exceptions noted as a result of performing this procedure. e) Agree the daily amount per mode of transportation to the amount approved in the EPA. Finding: No exceptions noted as a result of performing this procedure. 0 Agree the recorded disbursement amount per the WSP Incentive Payment Report to the employer transmittal letter. Finding: No exceptions noted as a result of performing this procedure. 4) Compare WSP's total gift card inventory balance as of June 30, 2019, to the inventory schedule which denotes the amount of gift cards on hand at that date and report the results. In addition, 100% of the gift cards as reported on the inventory schedule at June 30, 2019, will be selected for recounting. Finding: Disbursement of gift cards by WSP was stopped on June 29, 2019, and no disbursements were made until July 1, 2019, or later. As such, WSP took an inventory count on June 29, 2019, and we recounted the following on July 2, 2019, without exception: RCTC Advantage Rideshare Program SANBAG Option Rideshare Program Amazon Stater Bros. Target Walmart Total $ 7,060 $ 3,595 $ 6,740 $ 7,595 $ 24,990 4,135 6,930 7,370 7,605 26,040 $ 51,030 146 5) Confirm that the storage and security of gift cards by WSP is consistent with IE Commuter Standard Operating Procedures. Finding: No exceptions noted as a result of performing this procedure. This agreed -upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on assisting the Commission's management with assessing vendor compliance with the requirements of the Commission's agreement with WSP to administer the Program. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the Board of Commissioners and management of the Riverside County Transportation Commission, and is not intended to be and should not be used by anyone other than those specified parties. �oLS ( Ocola Newport Beach, California October 31, 2019 1�7 ATTACHMENT 13 RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 31, 2019 4080 Lemon Street, 3rd Floor . Riverside, CA Mailing Address: P.O. Box 12008 . Riverside, CA 92502-2208 951.787.7141 .951.787.7920 . www.rctc.org Board of Commissioners Riverside County Transportation Commission Riverside, California The Comprehensive Annual Financial Report (CAFR) of the Riverside County Transportation Commission (Commission) for the year ended June 30, 2019 is hereby submitted for your receipt and acceptance. The CAFR is presented in three sections consisting of Introductory, Financial, and Statistical. The Financial Section includes the audited financial statements and other supplementary information and the independent auditor's report on those financial statements. Management of the Commission is responsible for the financial statements and other information presented in the CAFR. As the Executive Director and Chief Financial Officer of the Commission, we have reviewed the CAFR for the year ended June 30, 2019. Based on our knowledge, the CAFR does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made in the CAFR not misleading with respect to the period covered by the CAFR. Additionally, based on our knowledge, the financial statements and other financial information included in the CAFR fairly present in all material respects the financial condition and results of operations of the Commission as of and for the year ended June 30, 2019. Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer 138 ATTACHMENT 14 RIVERSIDE COUNTY 4080 Lemon Street, 3rd Floor. Riverside, CA TRANSPORTATION Mailing Address: P.O. Box 12008. Riverside, CA 92502-2208 COMMISSION 951.787.7141. 951.787.7920. www.rctc.org October 31, 2019 Board of Commissioners Riverside County Transportation Commission Riverside, California In connection with the submission of the Comprehensive Annual Financial Report (CAFR) of the Riverside County Transportation Commission (Commission) for the year ended June 30, 2019, as the management and Directors of the Commission, we understand that we are responsible for the operations and activities of the Commission's programs, projects, and administration. Accordingly, we hereby make the following representations based upon our knowledge. We are responsible for establishing and maintaining controls and procedures related to these operations and activities. We have designed such controls and procedures to ensure that material information is made known to us, particularly during the year ended June 30, 2019. The controls and procedures have been effective for the year ended June 30, 2019 and through the date of this letter. There have been and are no significant deficiencies in the design or operation of internal controls regarding financial reporting for the same period which could adversely affect the Commission's ability to record, process, summarize and report financial data. There have been and are no material weaknesses in internal controls. There have been no significant changes in internal control or in other factors that could significantly affect internal controls subsequent to June 30, 2019. Management also recognizes its responsibility for fostering a strong ethical climate so that the Commission's affairs are conducted according to the highest standards of personal and organizational conduct. In connection with this responsibility, we are not aware of any fraud, whether or not material, that involves management or other employees who have a significant role in the Commission's internal controls. Anne Mayer, ExecutiDirector Michael Blomquist, Toll Shirley Medi ogram Director Aaron Hake, External Affairs Director ohn Standiford, De ty Ex- utive Director Mar in Feenstra, Project Delivery Director Director Theresia Trevino, Chief Financial Officer Lorelle Moe -Luna, Multimodal Services Director 139 LII FX•Inan 0 d- Agenda T�cnEA-rift2cAt- A new breed of professional services firm • Introductions • Our Audit Responsibilities • Deliverables • Required Communications to the Audit Ad Hoc Committee • Questions? ail44 141 Our Responsibilities linu,A,:ri{n`cAt. • Perform an audit of the Commission's governmental activities, business -type activities, each major fund and aggregate remaining fund information as of and for the year ended June 30, 2019. • The objective of an audit of financial statements is to express opinions that the financial statements are fairly stated in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP). • The audits are performed in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards. • Those standards require that we plan and perform the audit to obtain reasonable, rather than absolute, assurance about whether the Commission's financial statements are free of material misstatement whether caused by fraud or error. A new breed of professional services firm 142 Deliverables linu ,hcri{n`cAt. A new breed of professional services firm I. Unmodified opinion on the Commission's basic financial statements included in the Comprehensive Annual Financial Report — GFOA submission II. Unmodified opinion on the RCTC 91 Express Lanes Fund III. Unmodified opinions on the Commission's LTF, STAF, State of Good Repair, Prop 1B & LCTOP financial statements and compliance IV. Commercial Paper covenant compliance opinion V. Single Audit Opinions on: a. Internal control over financial reporting and on compliance and other matters, b. Compliance with requirements applicable to each federal major program and Uniform Guidance for the Commission. VI. GANN Limit Calculation agreed -upon procedures report VII. Commuter Assistance Program agreed -upon procedures report VIII. Communications to the Audit Ad Hoc Committee including summary of audit results for the Commission IX. Submission of the Data Collection Form to the Federal Audit Clearinghouse 143 Auditor's Communication with the Audit Ad Hoc Committee lieu ArietcAt. A new breed of professional services firm Auditor's responsibility under professional standards. Accounting practices — adoption of or changes in accounting policies, alternative treatments — no new significant accounting pronouncements implemented in FY 18/19. There were no auditor proposed adjustments or reclassifications made to the financial statements. • There were no uncorrected misstatements related to the current year. • There were no difficulties encountered in performing our audit. • There were no disagreements with management. • Management representations were provided to us. • There were no consultations with other accountants. • There were no major issues encountered during the fiscal year that were a condition to Al our retention as auditors. There were no material weaknesses or significant deficiencies noted for FY 18/19. 111 144 A new breed of professional services firm 145 AGENDA ITEM 7C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 11, 2019 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Appointment of Underwriters for Commission Financings BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Approve the selection of the following firms to provide underwriting services to the Commission in connection with long-term debt financings for a three-year period, with an option to extend for an additional two one-year periods: a) BofA Securities, Inc. (BofA); b) Goldman Sachs & Co. LLC (Goldman Sachs); c) J.P. Morgan Chase (J.P. Morgan); d) Siebert Williams Shank & Co., LLC (Siebert); and e) Wells Fargo Securities (Wells Fargo). BACKGROUND INFORMATION: Since approval of the 2009 Measure A, the Commission has periodically conducted procurements for the appointment of investment banking firms primarily to serve as underwriters related to the sale of debt securities. In connection with financings, underwriters may provide advice in the structure and timing of a transaction, rating agency and marketing strategy, disclosure and other matters. However, the underwriter does not assume an advisory or fiduciary responsibility other than as provided for in the bond purchase agreement executed following the sale of the debt securities. The Commission approved the most recent underwriter appointments in April 2015. These underwriters assisted the Commission in the financing of the Interstate 15 Express Lanes Project completed in July 2017, and two sales tax revenue bond refinancings in December 2017 and April 2018. At its July meeting, the Commission authorized staff to continue to develop a plan of finance for the 2019-2029 Western County Highway Delivery Plan (Plan) eligible projects that includes, but is not limited to, the issuance of RCTC 91 Express Lanes surplus toll revenue bonds. Further, current low interest rates and market conditions may provide opportunities to refinance the Agenda Item 7C 146 RCTC 91 Express Lanes toll revenue debt issued in July 2013, including $177 million of tax-exempt toll revenue bonds and a $421 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan. A refinancing of the toll debt related to the RCTC 91 Express Lanes could result in debt service savings, which could be used to fund projects in the State Route 91 corridor, and reduce the Commission's TIFIA loan administrative responsibilities. Since it has been almost five years since the last procurement for underwriting services, staff decided to solicit competitive proposals from investment banking firms to assist the Commission with future financings. Procurement Process Staff determined the weighted factor method of source selection to be the most appropriate for this procurement, as it allows the Commission to identify the most advantageous proposal with price and other factors considered. Non -price factors include elements such as qualifications of firm, qualifications of personnel, understanding and approach, and the ability to respond to the Commission's needs for underwriting services for Commission financings as set forth under the terms of Request for Proposals (RFP) No. 20-19-015-00. RFP No. 20-19-015-00 was released on September 30, 2019. A public notice was advertised in the Press Enterprise, and the RFP was posted on the Commission's PlanetBids website, which is accessible through the Commission's website. Utilizing PlanetBids, emails were sent to 26 firms, 1 of which is located in Riverside County. Through the PlanetBids site, 21 firms downloaded the RFP; 1 of these firms is located in Riverside County. Staff responded to all questions submitted by potential proposers prior to the October 7 clarification deadline date. Twelve firms — BofA (Los Angeles/New York); Barclays (San Francisco); Citigroup Global Markets (Los Angeles); Drexel Hamilton, LLC (Lincoln/New York); Goldman Sachs (San Francisco); J.P. Morgan (San Francisco); Morgan Stanley (Los Angeles/Austin/New York); RBC Capital Markets (San Francisco/New York); Siebert (Los Angeles); Sumitomo Mitsui Banking Corporation (New York); TD Securities (USA) LLC (New York); and Wells Fargo (Los Angeles) — submitted proposals prior to the 2:00 p.m. submittal deadline on October 16. All firms submitted responsive proposals, except for one firm's proposal, which was deemed non -responsive. Utilizing the evaluation criteria set forth in the RFP, the 11 firms were evaluated and scored by an evaluation committee comprised of Commission staff. The final rankings are summarized in the following table: Agenda Item 7C 147 Firm Ranking BofA Goldman Sachs J.P. Morgan Wells Fargo Siebert Citigroup Global Markets Barclays RBC Capital Markets Morgan Stanley Drexel Hamilton TD Securities 1 2 13 4 5 6 7 8 9 10 11 Based on the evaluation committee's assessment of the written proposals and calculated price, the evaluation committee recommends selection of five of the firms (BofA, Goldman Sachs, J.P. Morgan, Wells Fargo, and Siebert) to serve as senior and/or co -managing underwriters for Commission financings over the next three years with an option to extend for an additional two one-year periods, as these firms earned the highest total evaluation scores under the evaluation criteria terms of the RFP. Three of these firms (BofA, Goldman Sachs, and J.P. Morgan) served as underwriters for prior Commission financings. Purchase agreements with the senior managing underwriter(s) on behalf of the underwriting team will be part of the financing documents associated with each financing. Similar to prior financings, compensation will be negotiated prior to the issuance of any bonds based on the market conditions and consideration of RFP proposed costs and will be paid at the time of issuance of any bonds. Next Steps In connection with the proposals submitted, staff noted various financing features and opportunities recommended by the proposing firms as well as structuring ideas for Commission consideration. Staff will complete its review of these recommendations and ideas in consultation with the Commission's municipal advisor and begin the development of a plan(s) of finance for the refinancing of the RCTC 91 Express Lanes toll revenue debt and/or financing of Plan projects. For each plan of finance that is developed, staff will assign an underwriting team consisting of at least two of the appointed underwriters. In choosing the senior and co -managing underwriters for each plan of finance, staff will round out the underwriting syndicate with firms having complimentary attributes in order to obtain the broadest distribution of bonds to be sold. After the plan(s) of finance have been substantially developed, staff will present them to the Commission for consideration and approvals of the plan and the various financing documents. There is no current fiscal impact as underwriting compensation will be determined and paid in connection with the specific financings. Plans of finance to be approved by the Commission will contain an estimated cost of issuance, which will include underwriting compensation. Agenda Item 7C 148 Approved by the Budget and Implementation Committee on November 25, 2019 In Favor: 10 Abstain: 0 No: 0 Agenda Item 7C 149 AGENDA ITEM 7D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 11, 2019 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Mega n Kavand, Senior Financial Analyst Michele Cisneros, Deputy Finance Director THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Investment Report BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended September 30, 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 7D 150 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 were in accounts of a separate STAMP portfolio during the first quarter of FY 2017/18. The quarterly investment report for the first quarter of FY 2019/20, 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; • 91 CIP STAMP Portfolio TIFIA Reserve Fund 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 Third Quarter 2019 Review; • Payden & Rygel Operating Portfolio by Investment Category; • Payden & Rygel Operating Portfolio Transaction Report; • Payden & Rygel Operating Portfolio Third Quarter 2019 Review; and • County of Riverside Investment Report for the Quarter Ended September 30, 2019. The Commission's investments were in full compliance with the Commission's investment policy adopted on 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 7D 151 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) 91 CIP STAMP Portfolio TIFIA Reserve Fund Summary of Investments 9) 2017 Financing STAMP Portfolio by Investment Category 10) 2017 Financing STAMP Portfolio by Account 11) 2017 Financing STAMP Portfolio Transaction Report by Account 12) 2017 Financing STAMP Portfolio Summary of Investments 13) 2017 Financing STAMP Portfolio 1-15 ELP Sales Tax Senior Lien TIFIA Project Fund Summary of Investments 14) 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments 15) Payden & Rygel Operating Portfolio by Investment Category 16) Payden & Rygel Operating Portfolio Transaction Report 17) Logan Circle Partners, L.P. Short Duration Quarterly Review 18) Payden & Rygel Operating Portfolio Quarterly Review 19) County of Riverside Investment Report Approved by the Budget and Implementation Committee on November 25, 2019 In Favor: 9 Abstain: 0 No: 0 Agenda Item 7D 152 ATTACHMENT 1 Riverside County Transportation Commission Investment Portfolio Report Period Ended: September 30, 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 28,692,137 A3/BBB+ N/A N/A County Treasurer's Pooled Investment Fund 461,380,398 Aaa-bf/AAA-V1 N/A 2.22% Local Agency Investment Fund (LAIF) 3,824,959 N/A N/A N/A Subtotal Operating Funds 493,897,493 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund 71,989,976 Aaa-bf/AAA-V1 N/A 2.22 % Subtotal Funds Held in Trust 71,989,976 COMMISSION MANAGED PORTFOLIO US Bank Payden & Rygel Operating 53,461,309 See attached report for details First American Government Obligation Fund 42,621,783 N/A N/A N/A Subtotal Commission Managed Portfolio 96,083,093 STAMP PORTFOLIO for 91 CIP Series A & Series B Reserve Fund Residual Fund Required Retained Balance TIFIA Reserve Fund 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 $- 18,452,103 23,745,846 20,130,897 62,328,846 57,519,699 8,254,209 65,773,909 E 790,073,317 Nature of Investments ■ STAMP Portfolio for 91 CIP Reserve ■ STAMP Portfolio for 91 CIP Residual Fund ■ STAMP Portfolio for 91 CIP TIFIA Reserve 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 See attached report for details 0.43% Money Market Funds 22.56% Fixed Income 0.48% LAIF 5.39% Mutual Funds 71.14% County Pool/Cash 153 154 ATTACHMENT 2 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended September 30, 2019 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Next Call Original Cost Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating 256350023 MIM-Sr Lien Reserve Fund-1 3137EADB2 Agency Freddie Mac O1/13/2022 --- 950,000.00 942,921.50 --- 964,630.00 14,887.84 2.375 1.685 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137EADR7 Agency Freddie Mac 05/01/2020 05/15/2015 150,000.00 148,903.50 --- 149,559.00 (307.41) 1.375 1.881 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3135GOD75 Agency Federal National Mortgage Association 06/22/2020 05/06/2015 600,000.00 593,490.00 --- 598,326.00 (719.47) 1.500 1.887 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3130AFFX0 Agency Federal Home Loan Banks 11/16/2028 09/11/2019 185,000.00 205,766.25 --- 206,164.00 504.61 3.250 1.880 AAA 256350018 MIM-ROTC 91 TIFIA Reserve 3137EADB2 Agency Freddie Mac O1/13/2022 06/06/2019 500,000.00 505,766.50 --- 507,700.00 2,619.48 2.375 1.685 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADR7 Agency Freddie Mac 05/O1/2020 06/07/2019 175,000.00 173,909.75 --- 174,485.50 201.43 1.375 1.881 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3135GOD75 Agency Federal National Mortgage Association 06/22/2020 06/07/2019 650,000.00 646,269.00 --- 648,186.50 805.68 1.500 1.887 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136G4TH6 Agency Federal National Mortgage Association O1/30/2020 06/13/2019 300,000.00 300,289.38 --- 300,159.00 6.76 1.980 1.862 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3130AFFX0 Agency Federal Home Loan Banks 11/16/2028 09/11/2019 200,000.00 222,450.00 --- 222,880.00 545.53 3.250 1.880 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377REV3 Agency CMO Government National Mortgage Association 10/20/2039 07/01/2019 80,246.45 81,838.84 --- 81,905.94 112.26 3.500 2.351 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377RVK8 Agency CMO Government National Mortgage Association 04/20/2039 --- 96,801.84 98,733.12 --- 98,052.52 21.63 3.000 2.461 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137ABFH9 Agency CMO Freddie Mac 06/25/2021 07/22/2019 100,000.00 102,574.22 --- 102,637.00 321.34 3.989 2.054 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AJMF8 Agency CMO Freddie Mac 10/25/2021 --- 52,024.86 53,425.42 --- 52,768.81 68.72 2.968 2.084 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375XCM4 Agency CMO Govemment National Mortgage Association 11/16/2037 05/14/2019 64,050.08 65,864.00 --- 66,114.42 377.59 5.000 2.767 _AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376GB33 Agency CMO Government National Mortgage Association 10/16/2044 01/23/2015 18,597.48 19,089.67 --- 18,585.02 (21.21) 3.474 2.476 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Freddie Mac 09/25/2021 07/03/2013 17,060.27 16,671.75 --- 17,023.93 _ (0.36) 1.459 2.223 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137ATRW4 Agency CMO Freddie Mac 05/25/2022 --- 282,110.00 278,085.13 --- 284,567.18 5,282.71 2.373 1.961 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO Freddie Mac 06/25/2022 --- 150,000.00 151,611.80 --- 151,440.00 709.88 2.396 1.963 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO Government National Mortgage Association 06/16/2039 --- 32,788.02 33,817.20 --- 33,148.36 (30.03) 4.500 2.173 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A72D3 Agency CMO Federal National Mortgage Association 04/25/2022 07/03/2013 259,368.58 246,400.15 --- 262,237.19 6,202.80 2.482 1.824 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A5KR6 Agency CMO Federal National Mortgage Association 10/25/2022 01/25/2019 64,508.37 63,621.38 --- 64,210.99 439.10 1.750 2.115 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AXHPI Agency CMO Freddie Mac 09/25/2022 09/29/2017 140,000.00 142,089.06 --- 142,273.60 1,105.63 2.573 1.941 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378B7F0 Agency CMO Government National Mortgage Association 12/16/2042 --- 450,000.00 427,324.22 --- 447,277.50 10,026.56 2.273 2.399 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378CRT6 Agency CMO Government National Mortgage Association 10/20/2040 05/22/2014 44,082.12 42,566.80 --- 44,069.34 1,237.27 2.000 1.984 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378HXH4 Agency CMO Government National Mortgage Association 09/16/2027 03/08/2019 15,734.42 15,259.75 --- 15,445.22 157.73 1.250 2.067 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377JZ89 _ Agency CMO Government National Mortgage Association 10/20/2039 07/05/2013 42,075.87 43,362.80 --- 43,452.59 452.91 3.500 1.984 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378TAF7 Agency CMO Government National Mortgage Association 07/20/2041 07/05/2013 110,626.18 110,642.85 --- 111,682.66 1,108.05 2.500 2.128 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B4HDI Agency CMO Freddie Mac 12/15/2042 03/20/2019 40,195.99 41,514.93 --- 42,109.32 588.18 4.500 2.202 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376GY53 Agency CMO Government National Mortgage Association O1/16/2040 08/06/2019 63,186.07 63,385.99 --- 63,514.00 163.26 3.526 2.465 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377LQT8 Agency CMO Government National Mortgage Association 12/20/2037 --- 1,127.66 1,128.06 --- 1,126.55 (Lll) 3.000 1.919 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31398QTP2 Agency CMO Freddie Mac 05/15/2038 06/26/2018 45,832.37 46,729.33 --- 46,238.91 194.93 4.500 2.577 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137A5FP4 Agency CMO Freddie Mac O1/15/2021 --- 78,280.96 78,289.81 --- 78,529.89 281.27 2.500 2.070 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376T5Z1 Agency CMO Government National Mortgage Association O1/16/2039 01/26/2015 66,309.90 69,277.27 --- 67,778.00 (465.09) 3.000 2.041 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376WA62 Agency CMO Government National Mortgage Association 10/20/2039 --- 183,972.19 188,600.19 --- 190,195.97 841.79 4.000 2.922 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375CBH2 Agency CMO Government National Mortgage Association 03/16/2035 03/19/2019 14,449.57 14,361.51 --- 14,426.16 16.88 1.250 2.364 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377QKH9 Agency CMO Government National Mortgage Association 08/20/2040 08/20/2019 51,014.26 51,940.88 --- 52,085.55 135.31 3.000 2.258 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38380AZ34 Agency CMO Government National Mortgage Association 04/20/2046 11/28/2016 129,838.26 133,474.75 --- 133,994.39 991.54 3.000 2.388 AAA 256350023 MIM-Sr Lien Reserve Fund-1 _ 38378CDK0 Agency CMO Govemment National Mortgage Association 03/20/2035 03/16/2018 12,469.96 12,528.41 --- 12,504.25 16.68 3.000 2.171 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378AWX5 Agency CMO Government National Mortgage Associatiom O1/20/2036 03/28/2018 60,440.82 60,766.63 --- 60,805.28 202.02 3.000 2.140 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378DDC6 Agency CMO Govemment National Mortgage Association 04/20/2038 06/20/2018 71,461.31 71,944.23 --- 71,692.85 33.80 3.500 2.540 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38379HLE3 Agency CMO Government National Mortgage Association 05/20/2043 10/18/2018 98,296.94 98,158.71 --- 101,040.40 2,884.73 3.500 2.167 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378VC45 _ Agency CMO Government National Mortgage Association 12/16/2041 11/23/2018 _ 139,338.98 134,309.72 --- 139,136.93 4,607.26 2.250 2.275 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377JM59 Agency CMO Government National Mortgage Association 10/20/2039 11/21/2018 74,681.96 72,814.90 --- 74,563.21 1,603.82 2.500 2.525 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B5A60 Agency CMO Freddie Mac 10/15/2028 03/20/2019 _ 23,515.84 23,251.29 --- 23,652.70 389.08 2.500 2.177 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136ADFF1 Agency CMO Federal National Mortgage Association 04/25/2023 06/10/2019 128,213.03 126,369.97 --- 126,946.28 500.41 1.500 2.194 AAA 256350023 MIM-Sr Lien Reserve Fund-1 383797M99 _ Agency CMO Government National Mortgage Association 02/16/2041 08/28/2019 54,183.13 54,532.36 --- 54,907.01 379.64 2.500 1.812 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A1N90 Agency CMO Freddie Mac 06/25/2020 06/26/2018 63,881.49 64,465.41 --- 64,262.86 284.80 3.531 2.174 AAA 256350021 MIM-RCTC 2013 Residual Fund 38377REV3 Agency CMO Govemment National Mortgage Association 10/20/2039 07/01/2019 171,956.67 175,368.93 --- 175,512.73 240.57 3.500 2.351 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137ABFH9 Agency CMO Freddie Mac 06/25/2021 03/15/2019 206,000.00 209,846.41 --- 211,432.22 2,518.71 3.989 2.054 AAA 256350021 MIM-RCTC 2013 Residual Fund 31394GUX9 Agency CMO Freddie Mac 08/15/2023 07/02/2019 31,824.29 33,176.82 --- 33,412.64 298.83 5.500 2.125 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137APP53 Agency CMO Freddie Mac 10/25/2020 05/18/2018 1,683.65 1,662.94 --- 1,680.57 2.81 1.781 2.223 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378BXQ7 Agency CMO Government National Mortgage Association O1/16/2036 06/17/2019 _ 180,301.49 178,498.47 --- 178,868.09 (66.88) 1.537 3.096 AAA 256350021 MIM-RCTC 2013 Residual Fund 31397LUK3 Agency CMO Federal National Mortgage Association 06/25/2023 10/10/2018 138,053.44 140,836.08 --- 141,166.55 1,265.76 4.500 2.107 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137ATRW4 Agency CMO Freddie Mac 05/25/2022 08/19/2019 _ 100,000.00 101,109.38 --- 100,871.00 (187.33) 2.373 1.961 AAA 256350021 MIM-RCTC 2013 Residual Fund 3136A72D3 Agency CMO Federal National Mortgage Association 04/25/2022 07/26/2019 36,114.60 36,325.97 --- 36,514.03 180.02 2.482 1.824 AAA 256350021 MIM-RCTC 2013 Residual Fund 3136A5KR6 Agency CMO Federal National Mortgage Association 10/25/2022 01/25/2019 99,094.19 97,731.64 --- 98,637.36 674.52 1.750 2.115 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137AYCE9 Agency CMO Freddie Mac 10/25/2022 08/13/2019 360,000.00 367,790.63 --- 367,196.40 (263.29) 2.682 1.934 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A2PV7 Agency CMO Freddie Mac 09/15/2022 06/03/2019 30,358.89 29,827.60 --- 30,458.46 590.16 1.500 1.273 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137GAUY1 Agency CMO Freddie Mac 10/15/2022 08/15/2019 162,560.24 160,883.83 --- 161,965.26 1,049.97 1.500 1.703 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A1LC5 _ Agency CMO Freddie Mac 08/15/2020 01/17/2018 3,380.35 3,369.26 --- 3,372.78 (2.32) 2.000 2.639 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A5FP4 Agency CMO Freddie Mac O1/15/2021 01/30/2018 27,983.91 28,053.87 --- 28,072.90 63.96 2.500 2.070 AAA 256350021 MIM-RCTC 2013 Residual Fund 38375CBH2 Agency CMO Government National Mortgage Association 03/16/2035 03/19/2019 25,348.79 25,194.33 --- 25,307.73 29.60 1.250 2.364 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378CDK0 Agency CMO Government National Mortgage Association 03/20/2035 01/30/2018 22,445.93 22,652.85 --- 22,507.65 (10.45) 3.000 2.171 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378AWX5 Agency CMO Government National Mortgage Association O1/20/2036 01/30/2018 20,146.94 20,342.11 --- 20,268.43 20.40 3.000 2.140 AAA 256350021 MIM-RCTC 2013 Residual Fund 31358TPC7 Agency CMO Federal National Mortgage Association 02/25/2023 02/11/2019 98,513.03 98,815.69 --- 98,813.49 218.17 2.868 2.647 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3837404J7 Agency CMO Government National Mortgage Association 07/20/2020 06/14/2019 71,389.49 72,237.25 --- 72,211.90 172.13 5.500 1.826 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38376PRM4 Agency CMO Government National Mortgage Association 05/20/2038 06/18/2019 36,548.90 36,731.64 --- 36,787.93 84.80 4.000 2.282 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38377REV3 Agency CMO Government National Mortgage Association 10/20/2039 07/O1/2019 85,978.34 87,684.47 --- 87,756.37 120.28 3.500 2.351 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137A6B27 Agency CMO Freddie Mac 10/25/2020 06/27/2019 248,008.62 253,472.55 --- 252,460.37 75.83 4.333 2.084 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137A2B26 Agency CMO Freddie Mac 08/25/2020 06/13/2019 219,325.01 221,929.49 --- 221,577.48 461.31 3.808 2.243 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137ABFH9 Agency CMO Freddie Mac 06/25/2021 --- 149,000.00 152,765.01 --- 152,929.13 726.47 3.989 2.054 AAA 155 Page 2 of 37 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended September 30, 2019 Source Account 256350018 Account MIM-RCTC 91 TIFIA Rcse e Identifier 3137AH6C7 Securi Category AgencyCMO e Issuer Freddie Mac Final Maturity 07/25/2021 Trade Date 06/07/2019 Current Face Value 337,679.59 Next Call Original Cost Date 343,654.94 Base Market Value 342,407.10 Base Net Total Unrealized Gain/Loss (363.48) Coupon 3.230 Summarized Yield Credit Rating 2.260 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38376V2E6 Agency CMO Government National Mortgage Association 07/16/2039 08/06/2019 124,473.02 129,529.74 --- 130,665.56 1,196.18 4.000 1.665 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AJMF8 Agency CMO Freddie Mac 10/25/2021 06/07/2019 331 067.26 336 291.92 --- 335 801.52 282.64 2.968 2.084 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BSZ3 Agency CMO Government National Mortgage Association 04/16/2040 06/25/2019 251,778.86 250,362.61 --- 250,779.30 291.97 2.141 2.361 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 243,407.01 240,972.94 --- 241,471.92 (90.30) 1.537 3.096 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137ATRW4 Agency CMO Freddie Mac 05/25/2022 06/28/2019 300,000.00 302,496.09 --- 302,613.00 373.98 2.373 1.961 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AUPE3 Agency CMO Freddie Mac 06/25/2022 06/28/2019 200,000.00 201,773.44 --- 201,920.00 321.33 2.396 1.963 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136A5KR6 Agency CMO Federal National Mortgage Association 10/25/2022 06/10/2019 194,302.33 192,845.06 --- 193,406.59 437.01 1.750 2.115 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AXHP1 Agency CMO Freddie Mac 09/25/2022 06/28/2019 150,000.00 152,232.42 --- 152,436.00 392.44 2.573 1.941 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BIUG5 Agency CMO Freddie Mac 01/25/2023 06/25/2019 200,000.00 204,101.56 --- 203,880.00 103.72 2.637 1.955 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378TAF7 Agency CMO Government National Mortgage Association 07/20/2041 07/05/2019 119,845.02 120,069.74 --- 120,989.54 930.29 2.500 2.128 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGFQ0 Agency CMO Federal National Mortgage Association 12/25/2038 06/18/2019 184,558.40 186,887.00 --- 187,040.71 242.05 3.500 2.466 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B6DF5 Agency CMO Freddie Mac 11/15/2026 06/18/2019 188,216.59 186,260.90 --- 188,728.54 2,413.45 2.000 1.847 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38376GY53 Agency CMO Government National Mortgage Association 01/16/2040 08/06/2019 70,016.99 70,238.53 --- 70,380.38 180.90 3.526 2.465 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BDICF2 Agency CMO Freddie Mac 09/15/2040 --- 76,152.70 77,748.55 --- 78,269.74 559.62 3.500 2.017 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38377YTIA Agency CMO Government National Mortgage Association 05/20/2040 06/17/2019 218,960.30 216,291.72 --- 216,400.65 104.04 2.000 2.419 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38377QICH9 Agency CMO Government National Mortgage Association 08/20/2040 08/20/2019 55,041.69 56,041.47 --- 56,197.56 145.98 3.000 2.258 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 38378BCG2 Agency CMO Government National Mortgage Association 03/16/2037 06/25/2019 65,874.90 65,463.18 --- 65,602.84 311.16 2.105 2.675 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378WUY7 Agency CMO Government National Mortgage Association 06/20/2041 06/12/2019 181,275.26 181,558.51 --- 182,299.47 754.01 2.500 2.096 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378CNY9 Agency CMO Government National Mortgage Association 11/20/2038 06/25/2019 200,000.00 202,593.75 --- 202,130.00 20.29 3.500 2.534 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31397ALNI Agency CMO Freddie Mac 04/15/2032 06/18/2019 190,544.63 190,425.55 --- 190,603.70 264.48 2.378 2.355 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136ADFFI Agency CMO Federal National Mortgage Association 04/25/2023 06/10/2019 135,754.97 133,803.49 --- 134,413.71 529.84 1.500 2.194 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AS7D0 Agency CMO Freddie Mac 04/15/2039 06/14/2019 197,536.20 196,054.68 --- 197,449.28 1,362.78 2.000 1.987 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B3HX9 Agency CMO Freddie Mac 07/15/2038 06/20/2019 101,165.62 100,849.48 --- 101,596.59 823.91 2.478 2.230 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGZA3 Agency CMO Federal National Mortgage Association 09/25/2030 06/25/2019 31,534.57 31,745.21 --- 31,883.97 148.95 3.000 2.257 AAA 256350018 MIIVI-RCTC 91 TIFIA Reserve 38379JM99 Agency CMO Government National Mortgage Association 02/16/2041 08/28/2019 58,351.06 58,727.15 --- 59,130.63 408.85 2.500 1.812 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381PEB0 Agency MBS Federal National Mortgage Association 11/01/2020 09/26/2014 247,264.94 260,362.26 --- 249,168.88 76.43 3.370 2.310 AAA 256350023 M1M-Sr Lien Reserve Fund-1 3138NJAE8 Agency MBS Federal National Mortgage Association 12/01/2020 09/13/2018 17,773.76 17,979.27 --- 17,757.23 (163.20) 3.630 3.779 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381N7G2 Agency MBS Federal National Mortgage Association 10/01/2020 09/25/2018 17,910.95 17,976.72 --- 18,013.04 33.42 3.270 2.369 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381SVJ8 Agency MBS Federal National Mortgage Association 11/01/2021 02/22/2019 106,270.34 106,801.70 --- 108,661.42 2,039.20 3.330 2.128 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31417YICF3 Agency MBS Federal National Mortgage Association 01/01/2030 --- 126,087.58 132,133.91 --- 135,184.80 3,742.55 4.500 2.165 AAA 256350023 MIM-Sr Lien Reserve Fund-1 36202F2H8 Agency MBS Government National Mortgage Association 01/20/2027 --- 143,521.14 147,929.02 --- 147,370.38 354.94 3.000 1.884 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381R5T7 Agency MBS Federal National Mortgage Association 09/01/2021 08/29/2018 130,000.00 132,747.27 --- 133,868.80 2,220.75 3.770 2.119 AAA 256350023 M1M-Sr Lien Reserve Fund-1 3136AC7J4 Agency MBS Federal National Mortgage Association 03/25/2023 02/21/2018 48,798.20 47,995.70 --- 49,772.70 1,521.64 2.605 1.880 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138L33G8 Agency MBS Federal National Mortgage Association 06/01/2020 11/12/2015 100,000.00 99,875.00 --- 99,707.00 (141.93) 2.010 2.238 AAA 256350023 M1M-Sr Lien Reserve Fund-1 3137BIU75 Agency MBS Freddie Mac 01/25/2023 08/29/2016 380,000.00 394,917.97 --- 384,643.60 (2,142.18) 2.522 1.997 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 Agency MBS Government National Mortgage Association 11/16/2041 --- 158,063.15 150,196.20 --- 154,805.47 2,305.22 1.400 2.388 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378ICXW4 Agency MBS Government National Mortgage Association 02/16/2037 12/11/2014 100,381.64 99,895.42 --- 99,430.02 (764.57) 1.705 2.464 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B IBSO Agency MBS Freddie Mac 11/25/2022 07/31/2019 360,000.00 363,360.94 --- 365,432.40 2,257.96 2.510 1.950 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138L1W62 Agency MBS Federal National Mortgage Association 12/01/2022 02/21/2019 164,661.70 163,684.02 --- 164,171.01 409.86 2.500 2.567 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138EICXL4 Agency MBS Federal National Mortgage Association 03/01/2023 --- 255,888.06 252,250.74 --- 258,853.80 5,030.06 2.353 1.915 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136AHAEO Agency MBS Federal National Mortgage Association 04/25/2023 10/28/2016 111,299.92 113,699.82 --- 113,799.71 951.26 2.707 1.331 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378B6A2 Agency MBS Government National Mortgage Association 11/16/2052 01/22/2015 112,395.85 108,852.74 --- 110,645.85 113.09 1.826 2.335 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A7MN9 Agency MBS Federal National Mortgage Association 05/25/2022 08/29/2016 287,465.86 295,685.59 --- 289,935.19 (738.12) 2.349 1.876 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KSL4 Agency MBS Government National Mortgage Association 12/16/2046 --- 425,000.00 415,829.11 --- 430,979.75 12,167.44 2.814 2.606 AAA 256350023 M1M-Sr Lien Reserve Fund-1 31381Q6B7 Agency MBS Federal National Mortgage Association 06/01/2021 07/15/2016 181,129.26 200,883.67 --- 187,477.84 (519.76) 4.295 2.032 AAA 256350023 MINI -Sr Lien Reserve Fund-1 38378KRS0 Agency MBS Government National Mortgage Association 07/16/2043 05/08/2015 450,000.00 434,460.94 --- 450,373.50 8,138.92 2.389 2.345 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378XP62 Agency MBS Government National Mortgage Association 05/16/2055 05/14/2015 256,145.07 259,306.86 --- 257,218.31 (1,498.64) 2.500 2.391 AAA 256350023 MIEVI-Sr Lien Reserve Fund-1 38379ICDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 138,439.67 134,902.96 --- 138,313.69 1,241.91 2.138 2.468 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381T4E7 Agency MBS Federal National Mortgage Association 03/01/2022 10/25/2016 256,449.34 267,939.49 --- 261,126.98 (210.05) 2.670 1.717 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138EJPZ5 Agency MBS Federal National Mortgage Association 07/01/2022 08/29/2016 198,405.16 210,735.73 --- 203,045.86 (2,169.26) 3.022 1.910 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 109,858.38 113,857.91 --- 114,273.59 564.86 4.000 1.944 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137FBAJ5 Agency MBS Freddie Mac 08/25/2027 06/26/2019 200,000.00 211,593.75 --- 216,298.00 5,039.19 3.281 2.137 AAA 256350023 M1M-Sr Lien Reserve Fund-1 3138LFGP7 Agency MBS Federal National Mortgage Association 10/01/2028 08/07/2019 275,000.00 284,356.45 --- 283,096.00 (1,118.38) 2.550 2.207 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137F4D41 Agency MBS Freddie Mac 01/25/2028 04/01/2019 35,000.00 36,714.84 --- 38,665.55 2,039.79 3.600 2.194 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381QB54 Agency MBS Federal National Mortgage Association 03/01/2021 11/07/2018 129,481.44 132,162.12 --- 132,510.02 1,485.28 4.410 2.251 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137FNAD2 Agency MBS Freddie Mac 11/25/2028 08/01/2019 134,874.69 137,566.52 --- 140,137.50 2,624.41 2.631 1.970 AAA 256350021 MIM-RCTC 2013 Residual Fund 31416BVR6 Agency MBS Federal National Mortgage Association 12/01/2020 01/17/2018 13,523.22 13,827.49 --- 13,948.66 331.50 5.000 -4.692 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381RLL6 Agency MBS Federal National Mortgage Association 07/01/2021 11/02/2018 52,475.83 53,254.78 --- 53,795.60 811.43 3.840 2.027 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381SVJ8 Agency MBS Federal National Mortgage Association 11/01/2021 02/22/2019 85,016.27 85,441.35 --- 86,929.13 1,631.36 3.330 2.128 AAA 256350021 MIM-RCTC 2013 Residual Fund 3128MMPP2 Agency MBS Freddie Mac 03/01/2027 05/10/2019 230,439.95 229,431.78 --- 232,843.44 3,405.45 2.500 2.098 AAA 256350021 M1M-RCTC 2013 Residual Fund 3128MMPY3 Agency MBS Freddie Mac 06/01/2027 05/10/2019 211,517.30 210,591.91 --- 213,736.12 3,125.06 2.500 2.103 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137B2GW4 Agency MBS Freddie Mac 03/25/2020 06/29/2018 91,913.95 91,317.94 --- 91,822.03 139.50 2.313 2.136 AAA 256350021 M1M-RCTC 2013 Residual Fund 3137APP6I Agency MBS Freddie Mac 01/25/2022 09/06/2019 15,000.00 15,244.92 --- 15,192.60 (45.30) 2.789 2.067 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378KW47 Agency MBS Government National Mortgage Association 08/16/2035 06/13/2019 118,848.71 118,180.18 --- 118,425.61 127.67 2.150 2.512 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L1W62 Agency MBS Federal National Mortgage Association 12/01/2022 02/21/2019 125,917.77 125,170.13 --- 125,542.53 313.42 2.500 2.567 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138EICXL4 Agency MBS Federal National Mortgage Association 03/01/2023 08/21/2019 55,327.15 55,949.58 --- 55,968.39 42.03 2.353 1.915 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381RZ23 Agency MBS Federal National Mortgage Association 08/01/2021 11/02/2018 60,517.77 61,416.08 --- 62,043.43 920.93 3.840 2.129 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137AXHN6 Agency MBS Freddie Mac 02/25/2022 01/25/2018 24,409.92 24,074.29 --- 24,345.24 152.77 1.749 1.877 AAA 256350021 MIM-RCTC 2013 Residual Fund 3136AMM48 Agency MBS Federal National Mortgage Association 07/25/2022 08/01/2019 353,246.70 355,233.71 --- 356,669.66 1,506.75 2.509 1.976 AAA 256350021 M1M-RCTC 2013 Residual Fund 3137AWQG3 Agency MBS Freddie Mac 04/25/2022 --- 48,375.91 47,476.42 --- 48,109.84 386.90 1.583 1.928 AAA 156 Page 3 of 37 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended September 30, 2019 Source Account Account Identifier Securi Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating 256350021 MIM-RCTC 2013 Residual Fund 3 397UPF0 Agency MBS Federal National Mortgage Association 06/25/2021 03/15/2019 150,092.08 152,249.65 --- 152,736.70 1,033.45 3.763 1.969 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137B IUF7 Agency MBS Freddie Mac 09/25/2022 01/25/2018 14,283.35 14,073.57 --- 14,259.36 117.44 1.785 1.827 AAA 256350021 MIM-RCTC 2013 Residual Fund 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 71 957.23 74 576.93 --- 74 849.20 369.98 4.000 1.944 AAA 256350021 MIM-RCTC 2013 Residual Fund 31418CQM9 Agency MBS Federal National Mortgage Association 10/01/2027 09/11/2019 60,052.01 61,581.47 --- 61,484.25 (101.42) 3.000 2.122 AAA 256350021 MIM-RCTC 2013 Residual Fund 3140J6DU8 Agency MBS Federal National Mortgage Association 08/01/2031 07/26/2019 212,125.44 213,550.65 --- 214,231.84 675.83 2.500 2.133 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L2GH4 Agency MBS Federal National Mortgage Association 07/01/2021 --- 125,307.97 122,654.63 --- 125,212.73 1,770.10 1.870 1.854 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381QB54 Agency MBS Federal National Mortgage Association 03/01/2021 11/07/2018 99,269.11 101,324.30 --- 101,591.02 1,138.72 4.410 2.251 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L8H23 Agency MBS Federal National Mortgage Association 12/01/2021 05/02/2019 68,303.62 68,090.24 --- 68,195.70 102.15 2.730 2.734 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 3620AFYR2 Agency MBS Government National Mortgage Association 12/15/2024 06/12/2019 104,521.85 107,922.90 --- 108,691.23 832.37 4.000 1.877 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 36297GCD0 Agency MBS Government National Mortgage Association 02/15/2025 06/12/2019 105,129.59 109,552.44 --- 108,351.82 (932.55) 4.500 2.877 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31381SVJ8 Agency MBS Federal National Mortgage Association 11/01/2021 07/22/2019 85,016.28 86,464.21 --- 86,929.14 593.34 3.330 2.128 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3138EJRP5 Agency MBS Federal National Mortgage Association 06/01/2021 06/18/2019 150,846.32 155,396.82 --- 155,435.07 808.66 4.356 1.961 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31381R5T7 Agency MBS Federal National Mortgage Association 09/01/2021 06/20/2019 101,000.00 103,840.63 --- 104,005.76 538.37 3.770 2.119 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B IU75 Agency MBS Freddie Mac 01/25/2023 06/27/2019 375,000.00 378,618.16 --- 379,582.50 1,313.61 2.522 1.997 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378KWU9 Agency MBS Government National Mortgage Association 11/16/2041 --- 96,993.30 92,739.18 --- 94,994.27 2,083.66 1.400 2.388 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378KW47 Agency MBS Government National Mortgage Association 08/16/2035 06/13/2019 307,521.03 305,791.23 --- 306,426.26 330.35 2.150 2.512 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 3137BIBS0 Agency MBS Freddie Mac 11/25/2022 --- 645,000.00 652,086.14 --- 654,733.05 3,129.85 2.510 1.950 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3138EKXL4 Agency MBS Federal National Mortgage Association 03/01/2023 08/21/2019 51,869.20 52,452.73 --- 52,470.37 39.40 2.353 1.915 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 3136AHAEO Agency MBS Federal National Mortgage Association 04/25/2023 06/28/2019 133,123.43 134,352.16 --- 136,113.38 1,937.18 2.707 1.331 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136A7MN9 Agency MBS Federal National Mortgage Association 05/25/2022 08/22/2019 158,106.21 159,384.66 --- 159,464.35 135.23 2.349 1.876 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AWQG3 Agency MBS Freddie Mac 04/25/2022 06/07/2019 309,605.82 306,171.12 --- 307,902.98 1,447.24 1.583 1.928 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31397UPF0 Agency MBS Federal National Mortgage Association 06/25/2021 06/10/2019 300,184.15 305,109.05 --- 305,473.39 1,213.55 3.763 1.969 AAA 256350018 MIEVI-RCTC 91 TIFIA Reserve 31381Q6B7 Agency MBS Federal National Mortgage Association 06/01/2021 07/01/2019 181,129.26 186,711.72 --- 187,477.84 1,506.95 4.295 2.032 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BM6P6 Agency MBS Freddie Mac 08/25/2022 06/28/2019 200,000.00 205,437.50 --- 204,542.00 (424.00) 3.090 2.157 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 3138EJPZ5 Agency MBS Federal National Mortgage Association 07/01/2022 07/22/2019 223,205.81 227,277.57 --- 228,426.59 62.54 3.022 1.910 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BSRZ8 Agency MBS Freddie Mac 09/25/2022 06/28/2019 183,972.07 187,601.21 --- 187,829.97 225.71 2.838 1.945 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 3138L2QG5 Agency MBS Federal National Mortgage Association 01/01/2028 09/09/2019 264,602.19 280,778.08 --- 280,213.72 (496.36) 3.010 2.223 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 219,716.76 227,715.83 --- 228,547.18 1,129.71 4.000 1.944 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378NWU3 Agency MBS Government National Mortgage Association 06/16/2048 06/27/2019 165,513.73 167,841.27 --- 169,985.91 2,000.74 2.542 2.358 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137FBAJ5 Agency MBS Freddie Mac 08/25/2027 06/26/2019 200,000.00 211,593.75 --- 216,298.00 5,039.19 3.281 2.137 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3138LFGP7 Agency MBS Federal National Mortgage Association 10/01/2028 08/07/2019 300,000.00 310,207.03 --- 308,832.00 (1,220.04) 2.550 2.207 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620C4SU5 Agency MBS Govemment National Mortgage Association 09/15/2025 06/12/2019 99,977.95 103,676.35 --- 103,996.06 412.38 4.000 2.107 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4D41 Agency MBS Freddie Mac 01/25/2028 06/27/2019 150,000.00 163,248.05 --- 165,709.50 2,817.88 3.600 2.194 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4CY6 Agency MBS Freddie Mac 09/25/2024 06/28/2019 190,000.00 195,907.81 --- 198,285.90 2,662.38 2.920 1.946 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 3137FGZN8 Agency MBS Freddie Mac 02/25/2023 06/18/2019 269,041.88 268,915.77 --- 268,985.38 292.84 2.424 2.312 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BP4K2 Agency MBS Freddie Mac 03/25/2026 09/09/2019 200,000.00 210,125.00 --- 209,302.00 (743.80) 2.849 2.060 AAA 256350018 M1M-RCTC 91 TIFIA Reserve 3620A9T35 Agency MBS Government National Mortgage Association 11/15/2024 06/13/2019 176,185.08 181,924.86 --- 183,207.82 1,288.38 4.000 1.850 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137FL6P4 Agency MBS Freddie Mac 01/25/2029 09/09/2019 275,000.00 307,108.40 --- 305,637.75 (1,303.64) 3.563 2.215 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31419AM53 Agency MBS Federal National Mortgage Association 08/01/2024 06/28/2019 119,294.27 123,693.24 --- 123,449.29 97.18 5.500 2.327 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137FNAD2 Agency MBS Freddie Mac 11/25/2028 08/01/2019 149,860.76 152,851.68 --- 155,708.33 2,916.01 2.631 1.970 AAA 256350018 MIEVI-RCTC 91 TIFIA Reserve 3138LFP51 Agency MBS Federal National Mortgage Association 10/01/2028 09/09/2019 200,000.00 207,601.56 --- 205,838.00 (1,715.56) 2.570 2.224 AAA 256350021 MIM-RCTC 2013 Residual Fund 87165LBB6 Asset Backed Synchrony Credit Card Master Note Trust 2016-2 05/17/2021 08/02/2019 160,000.00 160,387.50 --- 160,531.20 176.35 2.210 2.011 AAA 256350021 MIM-RCTC 2013 Residual Fund 02587AAJ3 Asset Backed American Express Credit Account Master Trust 02/18/2020 --- 221,000.00 218,887.00 --- 220,825.41 479.86 1.930 2.147 AAA 256350021 MIM-RCTC 2013 Residual Fund 43814TAD4 Asset Backed Honda Auto Receivables 2007-1 Owner Trust 06/21/2023 10/11/2018 200,000.00 196,375.00 --- 199,990.00 2,201.72 2.050 2.062 AAA 256350021 M1M-RCTC 2013 Residual Fund 05584PAD9 Asset Backed BMW Vehicle Lease Trust 2017-2 02/20/2020 10/11/2018 99,958.92 99,060.85 --- 99,950.92 183.44 2.070 2.117 AAA 256350021 MIM-RCTC 2013 Residual Fund 65478HAD0 Asset Backed NAROT_I7-C 04/18/2022 09/25/2018 70,000.00 68,908.98 --- 70,016.80 504.06 2.120 2.099 AAA 256350021 MIM-RCTC 2013 Residual Fund 17305EGK5 Asset Backed Citibank Credit Card Issuance Trust 01/20/2023 07/19/2019 100,000.00 100,625.00 --- 100,736.00 189.81 2.490 1.915 AAA 256350021 MIM-RCTC 2013 Residual Fund 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 85,000.00 84,561.72 --- 85,402.05 594.80 2.650 2.156 AAA 256350021 MIM-RCTC 2013 Residual Fund 38013FAD3 Asset Backed GM Financial Consumer Automobile Receivables Trust 2018-4 10/16/2023 07/24/2019 75,000.00 76,374.02 --- 76,327.50 80.94 3.210 2.174 AAA 256350021 MIM-RCTC 2013 Residual Fund 47789JAB2 Asset Backed John Deere Owner Trust 2019 10/15/2021 03/05/2019 105,000.00 104,995.21 --- 105,484.05 486.59 2.850 2.108 AAA 256350021 MIM-RCTC 2013 Residual Fund 31680YAB3 Asset Backed Fifth Third Auto Trust 2019-1 05/16/2022 04/30/2019 155,000.00 154,991.46 --- 155,601.40 606.84 2.660 2.123 AAA 256350021 MIM-RCTC 2013 Residual Fund 65478LAB5 Asset Backed Nissan Auto Lease Trust 2019-B 10/15/2021 07/16/2019 80,000.00 79,993.00 --- 80,126.40 131.94 2.270 2.016 AAA 256350021 M1M-RCTC 2013 Residual Fund 477870AB5 Asset Backed John Deere Owner Trust 2019-B 05/16/2022 07/16/2019 90,000.00 89,999.66 --- 90,207.00 207.12 2.280 2.046 AAA 256350021 MIM-RCTC 2013 Residual Fund 14315PAB1 Asset Backed Carmax Auto Owner Trust 2019-3 12/15/2022 07/24/2019 120,000.00 119,994.61 --- 120,254.40 259.14 2.210 2.028 AAA 256350021 M1M-RCTC 2013 Residual Fund 26209AAEI Asset Backed Drive Auto Receivables Trust 2019-4 01/16/2024 09/09/2019 80,000.00 79,989.10 --- 79,900.00 (89.26) 2.230 2.299 AA 256350023 MIM-Sr Lien Reserve Fund-1 62888VAA6 CMG NCUA Guaranteed Notes Trust 2010-RI 10/07/2020 01/22/2019 88,599.16 88,630.32 --- 88,637.26 19.52 2.679 2.551 AAA 256350021 MIM-RCTC 2013 Residual Fund 62888VAA6 CMG NCUA Guaranteed Notes Trust 2010-R1 10/07/2020 05/10/2019 0.01 0.01 --- 0.01 0.00 2.679 2.551 AAA 256350021 MIM-RCTC 2013 Residual Fund 62888UAB6 CMG NCUA Guaranteed Notes Trust 2010-R2 11/05/2020 03/15/2019 162,007.24 162,247.73 --- 162,263.21 94.44 2.699 2.112 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 62888VAA6 CMG NCUA Guaranteed Notes Trust 2010-R1 10/07/2020 06/24/2019 21,846.37 21,836.13 --- 21,855.76 17.52 2.679 2.551 AAA 256350021 MIM-RCTC 2013 Residual Fund 38141EA58 Corporate The Goldman Sachs Group, Inc. 03/15/2020 --- 200,000.00 208,651.00 --- 202,876.00 670.34 5.375 2.201 A 256350021 MIM-RCTC 2013 Residual Fund 06051GEC9 Corporate Bank of America Corporation 07/01/2020 --- 200,000.00 207,806.00 --- 205,330.00 1,863.13 5.625 2.035 A 256350021 MIM-RCTC 2013 Residual Fund 61747WAF6 Corporate Morgan Stanley 01/25/2021 --- 200,000.00 213,237.00 --- 209,276.00 1,864.63 5.750 2.163 A 256350021 M1M-RCTC 2013 Residual Fund 637432MU6 Corporate National Rural Utilities Cooperative Finance Corporation 06/15/2020 06/21/2019 200,000.00 199,972.00 05/15/2020 200,314.00 334.13 2.350 2.095 A 256350021 MIM-RCTC 2013 Residual Fund 254010AC5 Corporate Dignity Health 11/01/2019 03/15/2018 24,000.00 23,897.52 --- 24,000.48 5.88 2.637 2.586 BBB 256350021 MIM-RCTC 2013 Residual Fund 40428HPN6 Corporate HSBC USA Inc. 11/13/2019 06/29/2018 100,000.00 99,140.00 --- 100,022.00 96.64 2.375 2.171 A 256350021 MIM-RCTC 2013 Residual Fund 084659AB7 Corporate Berkshire Hathaway Energy Company 02/01/2020 04/22/2019 250,000.00 249,475.00 01/01/2020 250,185.00 411.71 2.400 2.097 A 256350021 MIM-RCTC 2013 Residual Fund 06051GFN4 Corporate Bank of America Corporation 04/21/2020 01/25/2018 100,000.00 99,537.00 --- 100,107.00 224.15 2.250 2.055 A 256350021 MIM-RCTC 2013 Residual Fund 05531FAU7 Corporate BB&T Corporation 06/29/2020 04/15/2019 250,000.00 249,642.50 05/29/2020 250,882.50 1,101.68 2.625 2.086 A 256350021 MIEVI-RCTC 2013 Residual Fund 94974BGM6 Corporate Wells Fargo & Company 07/22/2020 04/15/2019 200,000.00 199,590.00 --- 200,944.00 1,204.33 2.600 2.009 A 256350021 MIM-RCTC 2013 Residual Fund 375558BB8 Corporate Gilead Sciences, Inc. 09/01/2020 --- 135,000.00 133,439.10 --- 135,650.70 1,395.17 2.550 2.017 A 256350021 MIM-RCTC 2013 Residual Fund 780082AC7 Corporate Royal Bank of Canada 10/14/2020 --- 200,000.00 196,622.00 --- 200,130.00 1,747.96 2.100 2.036 AAA 157 Page 4 of 37 par RIVERSIDE COUNTY TRANSPORTATION COMMISSION 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 06416CAC2 06406FAB9 172967LC3 06367TPX2 86787EAS6 91 CIP STAMP Portfolio by Investment Category for quarter ended September 30, 2019 Corporate Corporate Corporate Corporate Corporate 256350021 MIM-RCTC 2013 Residual Fund 69353RFC7 Corporate 256350021 MIM-RCTC 2013 Residual Fund 55279HAN0 Corporate 256350021 MIM-RCTC 2013 Residual Fund 31677QBK4 Corporate 256350021 MIM-RCTC 2013 Residual Fund 17401QAN1 Corporate 256350021 MIM-RCTC 2013 Residual Fund 69353RFH6 Corporate 256350021 MIM-RCTC 2013 Residual Fund 90331HNP4 Corporate 256350021 MIM-RCTC 2013 Residual Fund 69371RP34 Corporate 256350021 MIM-RCTC 2013 Residual Fund 14913Q2X6 Corporate 256350021 MIM-RCTC 2013 Residual Fund 86787EBD8 Corporate 256350021 MIM-RCTC 2013 Residual Fund 025816CE7 Corporate 256350021 MIM-RCTC 2013 Residual Fund 05531FBJ1 Corporate 256350021 MIM-RCTC 2013 Residual Fund 23337UX79 CP 256350021 MIM-RCTC 2013 Residual Fund 50000EX33 CP The Bank of Nova Scotia The Bank of New York Mellon Corporation Citigroup Inc. Bank of Montreal SunTrust Bank PNC Bank, National Association Manufacturers & Traders Trust Company Fifth Third Bank Citizens Bank, National Association PNC Bank, National Association U.S. Bank National Association PACCAR Financial Corp. Caterpillar Financial Services Corporation SunTrust Bank American Express Company BB&T Corporation DTE Gas Company Koch Industries, Inc. 04/26/2021 -- 200,000.00 194,126.00 Neat Call 05/03/2021 10/11/2018 200,000.00 193,708.00 04/03/2021 199,970.00 200,150.00 12/08/2021 --- 450,000.00 449,617.50 11/08/2021 456,637.50 12/12/2019 --- 200,000.00 197,898.00 200,016.00 O1/31/2020 O1/25/2018 100,000.00 100,644.00 12/31/2019 100,116.00 05/19/2020 10/10/2018 08/17/2020 10/11/2018 10/30/2020 06/21/2019 10/30/2020 04/15/2019 O1/22/2021 04/22/2019 04/26/2021 10/11/2018 05/10/2021 04/30/2019 05/17/2021 05/14/2019 05/17/2022 05/14/2019 05/20/2022 05/15/2019 03/16/2023 09/09/2019 10/07/2019 09/06/2019 10/03/2019 09/09/2019 250,000.00 250,000.00 200,000.00 250,000.00 250,000.00 250,000.00 200,000.00 120,000.00 50,000.00 100,000.00 165,000.00 425,000.00 375,000.00 245,222.50 04/19/2020 244,707.50 07/17/2020 199,810.00 09/30/2020 247,950.00 249,005.00 12/22/2020 249,395.00 03/26/2021 200,250.00 120,000.00 50,000.00 04/17/2022 100,000.00 04/19/2022 164,877.90 02/13/2023 424,202.18 374,490.00 249,910.00 250,152.50 200,374.00 250,535.00 251,562.50 254,082.50 200,116.00 120,274.80 50,125.50 100,320.00 164,902.65 424,859.75 374,958.75 Base Net Total Unrealized ., 3,324.82 4,132.28 6,949.52 336.66 32.40 Summarized 1.875 1.884 AAA 2.050 1.999 A 2.900 2.179 A 2.100 2.047 AA 2.786 2.251 A 1,823.01 2.000 2.056 2,713.41 2.050 1.972 525.12 2.200 2.010 1,982.86 2.250 2.033 2,307.99 2.500 1.982 4,461.98 3.150 2.031 (82.58) 2.441 2.337 274.80 2.514 2.357 125.50 2.714 2.596 320.00 2.756 2.599 23.36 2.200 2.218 14.17 0.000 1.697 1.25 0.000 1.320 A A A A A AA A A A A A AA AAA 256350021 MIM-RCTC 2013 Residual Fund 69372BXU9 CP 256350021 MIM-RCTC 2013 Residual Fund 21687BXM8 CP 256350021 MIM-RCTC 2013 Residual Fund 93884FX98 CP 256350021 MIM-RCTC 2013 Residual Fund 53154MXH2 CP 256350021 MIM-RCTC 2013 Residual Fund 21201CX43 CP 256350021 MIM-RCTC 2013 Residual Fund 23336KXQ0 CP 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Currency 256350021 MIM-RCTC 2013 Residual Fond CCYUSD Currency 256350021 MIM-RCTC 2013 Residual Fund CCYUSD Currency 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency 256350023 MIM-Sr Lien Reserve Fund-1 31846V401 MM Fund 256350021 MIM-RCTC 2013 Residual Fund 31846V401 MM Fund PACCAR Financial Corp. Co6peratieve Rabobank U.A., New York Branch Washington Gas Light Company Liberty Utilities Co. Continental Rubber of America, Corp. DTE Electric Company UNITED STATES OF AMERICA UNITED STATES OF AMERICA UNITED STATES OF AMERICA UNITED STATES OF AMERICA First American Funds, Inc. - Government Obligations Fund 10/28/2019 09/25/2019 10/21/2019 09/25/2019 10/09/2019 09/25/2019 10/17/2019 09/26/2019 10/04/2019 09/27/2019 10/24/2019 09/27/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 First American Funds, Inc. - Government Obligations Fund 09/30/2019 425,000.00 425,000.00 425,000.00 475,000.00 475,000.00 400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 424,220.83 424,389.18 424,652.92 474,368.25 474,796.80 399,400.00 (199 798.78) (0.00) (651,917.62) 248,509.29 712,819.77 424,371.00 424,536.75 424,813.00 474,582.00 474,924.00 399,496.00 (199 798.78) (0.00) (651,917.62) (224,772.81) 248,509.29 712,819.77 8.50 0.000 1.903 6.61 0.000 1.869 11.33 0.000 1.760 63.33 0.000 1.864 11.09 0.000 1.440 7.11 0.000 1.890 0.00 0.000 0.000 0.00 0.000 0.000 0.00 0.000 0.000 0.00 0.000 0.000 0.00 1.520 1.370 0.00 1.520 1.520 AAA AAA AAA AA AA AAA AAA AAA AAA AAA AAA AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31846V401 MM Fund First American Funds, Inc. - Government Obligations Fund 09/30/2019 0.00 281,048.25 281,048.25 0.00 1.520 1.520 AAA 256350021 MIM-RCTC 2013 Residual Fund 072024W W8 Muni 256350021 MIM-RCTC 2013 Residual Fund 4581XOCZ9 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 Bay Area Toll Authority Non -US Gov Inter -American Development Bank Non -US Gov International Bank for Reconstruction and Development 256350023 MIM-Sr Lien Reserve Fund-1 912828SA9 TIPS 256350023 MIM-Sr Lien Reserve Fund-1 912828UH1 TIPS 256350023 MIM-Sr Lien Reserve Fund-1 912828V49 TIPS 256350023 MIM-Sr Lien Reserve Fund-1 9128285W6 TIPS 256350023 MIM-Sr Lien Reserve Fund-1 9128286N5 TIPS 256350021 MIM-RCTC 2013 Residual Fund 912828SA9 TIPS United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury 04/01/2022 09/20/2019 09/14/2022 09/30/2019 08/21/2020 O1/15/2022 O1/15/2023 02/05/2018 O1/15/2027 O1/15/2029 04/15/2024 O1/15/2022 06/29/2018 95,000.00 650,000.00 315,000.00 470,414.95 194,510.75 297,385.20 254,015.00 269,568.60 204,035.40 95,000.00 652,067.00 315,116.40 472,717.60 192,012.67 296,042.35 269,274.49 273,933.38 200,689.42 95,186.20 651,917.50 315,163.80 465,720.21 192,814.62 300,457.19 269,393.07 272,795.34 201,999.13 186.20 2.128 2.047 (149.50) 1.750 1.647 103.72 2.040 2.013 (5,879.32) 0.125 0.563 (26.85) 0.125 0.391 4,089.70 0.375 0.232 351.80 0.875 0.216 (1,016.49) 0.500 0.235 131.81 0.125 0.563 AA AAA AAA AAA AAA AAA AAA AAA AAA 256350021 MIM-RCTC 2013 Residual Fund 912828UH1 TIPS United States Department of The Treasury O1/15/2023 100,034.10 98,163.78 99,161.80 461.30 0.125 0.391 AAA 256350021 MIM-RCTC 2013 Residual Fund 9128286N5 TIPS 256350018 MIM-RCTC 91 TIFIA Reserve 912828UH1 TIPS 256350018 MIM-RCTC 91 TIFIA Reserve 912828V49 TIPS 256350018 MIM-RCTC 91 TIFIA Reserve 9128285W6 TIPS 256350018 MIM-RCTC 91 TIFIA Reserve 9128286N5 TIPS 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 US Gov 256350023 MIM-Sr Lien Reserve Fund-1 912828G38 US Gov 256350023 MIM-Sr Lien Reserve Fund-1 912828XB I US Gov 256350023 MINI -Sr Lien Reserve Fund-1 912828L57 US Gov 256350023 MIM-Sr Lien Reserve Fund-1 912828L99 US Gov 256350023 MINI -Sr Lien Reserve Fund-1 912828Y53 US Gov 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 US Gov 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 US Gov 256350021 MIM-RCTC 2013 Residual Fund 912828V V9 US Gov 256350021 MIM-RCTC 2013 Residual Fund 912828B58 US Gov 256350021 MIM-RCTC 2013 Residual Fund 912828L57 US Gov 256350021 MIM-RCTC 2013 Residual Fund 912828Y53 US Gov 256350021 MIM-RCTC 2013 Residual Fund 9128285H9 US Gov 256350018 MIM-RCTC 91 TIFIA Reserve 912828B58 US Gov 256350018 MIM-RCTC 91 TIFIA Reserve 912828XB 1 US Gov 256350018 MIM-RCTC 91 TIFIA Reserve 912828L57 US Gov 256350018 MIM-RCTC 91 TIFIA Reserve 912828L99 US Gov 256350018 MIM-RCTC 91 TIFIA Reserve 912828Y53 US Gov 256350021 MIM-RCTC 2013 Residual Fund 658886DZ6 VRDN 256350021 MIM-RCTC 2013 Residual Fund 56052FHZ1 VRDN United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury North Dakota Housing Finance Agency Maine State Housing Authority 04/15/2024 O1/15/2023 06/06/2019 O1/15/2027 06/25/2019 O1/15/2029 04/15/2024 08/01/2019 O1/31/2021 11/15/2024 04/18/2017 05/15/2025 09/30/2022 10/31/2020 07/31/2020 09/30/2019 12/31/2019 04/30/2020 08/31/2020 O1/31/2021 09/30/2022 07/31/2020 10/31/2020 O1/31/2021 06/26/2019 05/15/2025 09/11/2019 09/30/2022 09/10/2019 10/31/2020 06/25/2019 417,068.40 666,894.00 308,006.10 264,175.60 294,999.60 1,375,000.00 1,350,000.00 1,125,000.00 1,400,000.00 210,000.00 200,000.00 970,000.00 925,000.00 1,060,000.00 550,000.00 1,320,000.00 1,400,000.00 800,000.00 1,500,000.00 450,000.00 1,000,000.00 1,300,000.00 07/31/2020 09/30/2019 225,000.00 07/01/2038 06/29/2018 100,000.00 11/15/2052 06/29/2018 100,000.00 424,444.11 662,811.45 310,401.25 279,038.60 299,221.13 1,405,890.24 1,369,037.11 1,143,342.78 1,386,564.45 208,983.98 199,805.08 955,677.54 901,532.23 1,047,463.28 541,754.30 1,326,527.35 1,399,880.28 799,675.60 1,506,269.53 462,076.17 1,006,210.94 1,292,179.69 224,780.71 100,000.00 100,000.00 10/30/2019 422,060.71 661,078.68 311,187.80 280,168.79 298,530.75 1,381,283.75 1,394,145.00 1,156,815.00 1,406,944.00 209,031.90 199,798.00 968,030.90 921,059.50 1,062,607.60 552,513.50 1,326,547.20 1,398,586.00 798,736.00 1,506,855.00 462,726.00 1,004,960.00 1,294,007.00 224,772.75 100,000.00 100,000.00 (2,194.78) 0.500 0.235 (2,090.08) 0.125 0.391 868.75 0.375 0.232 1,441.53 0.875 0.216 (550.99) 0.500 0.235 (1,951.86) 2.125 1.776 30,942.76 2.250 1.583 21,154.09 2.125 1.597 14,660.03 1.750 1.580 (631.86) 1.375 1.806 (7.08) 1.957 2.110 1,374.73 1.125 1.935 4,523.43 1.125 1.861 8,481.78 2.125 1.853 7,135.98 2.125 1.776 (829.83) 1.750 1.580 (1,310.76) 1.957 2.110 (1,058.85) 1.959 2.140 1,597.53 2.125 1.776 748.20 2.125 1.597 (1,150.52) 1.750 1.580 316.39 1.375 1.806 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA (7.96) 1.957 2.110 AAA 0.00 2.050 2.050 AA 0.00 2.100 2.100 AA 62,328,846.39 297,195.03 158 Page 5 of 37 INFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 256350018 256350018 256350018 256350018 256350018 256350018 256350018 /5615001R MIM-ROTC 91 TIFIA Reserve MIM-RCTC 91 TIFIA Reserve MIM-RCTC 91 TIFIA Reserve MIM-RCTC 91 TIFIA Reserve MIM-RCTC 91 TIFIA Reserve MIM-RCTC 91 TIFIA Reserve MIM-RCTC 91 TIFIA Reserve MTV-RCTC 91 TIFIA Receive 3137EADB2 3137EADR7 3I35GOD75 3136G4TH6 3I30AFFX0 38374C417 38376PRM4 1R177RFV1 Agency Agency Agency Agency Agency Agency CMO Agency CMO 91 CIP STAMP Portfolio by Account for quarter ended September 30, 2019 Freddie Mac Freddie Mac Federal National Mortgage Association Federal National Mortgage Association Federal Home Loan Banks Government National Mortgage Association Government National Mortgage Association C..nv. ent Narinnal Mnrtvane A.ccnniarinn 01/13/2022 05/01/2020 06/22/2020 01/30/2020 11/16/2028 07/20/2020 05/20/2038 10/20/2010 06/06/2019 06/07/2019 06/07/2019 06/13/2019 09/11/2019 06/14/2019 06/18/2019 07/01n019 500,000.00 175,000.00 650 000.00 300,000.00 200,000.00 71,389.49 36,548.90 R5 07R 14 505,766.50 173,909.75 646 269.00 300,289.38 222,450.00 72,237.25 36,731.64 R7 fiR447 507,700.00 174,485.50 648 186.50 300,159.00 222,880.00 72,211.90 36,787.93 R7 756 17 2,619.48 201.43 805.68 6.76 545.53 172.13 84.80 12(12R 2.375 1.375 1.500 1.980 3.250 5.500 4.000 1.500 1.685 1.881 1.887 1.862 1.880 1.826 2.282 151 AAA AAA AAA AAA AAA AAA AAA AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3I37A6B27 Agency CMO Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3137A2B26 Agency CMO Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3I37ABFH9 Agency CMO Freddie Mac 10/25/2020 06/27/2019 248,008.62 253,472.55 252,460.37 75.83 4.333 2.084 AAA 08/25/2020 06/13/2019 219,325.01 221,929.49 --- 221,577.48 461.31 3.808 2.243 AAA 06/25/2021 --- 149,000.00 152,765.01 --- 152,929.13 726A7 3.989 2.054 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AH6C7 Agency CMO Freddie Mac 07/25/2021 06/07/2019 337,679.59 343,654.94 --- 342,407.10 (363.48) 3.230 2.260 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38376V2E6 Agency CMO Government National Mortgage Association 07/16/2039 08/06/2019 124,473.02 129,529.74 130,665.56 1,196.18 4.000 1.665 AAA 75615001 R MTM-RCTC 91 TTFIA Reserve 1117AIMFR Avencv CMO Freddie Mac 10/95/2021 06/07/9019 111.067.26 116 791.92 --- 115.R01.59 2R2.64 2.96R 2.OR4 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BSZ3 Agency CMO Government National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 38378BXQ7 Agency CMO Government National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3I37ATRW4 Agency CMO Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3137AUPE3 Agency CMO Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3I36A5KR6 Agency CMO Federal National Mortgage Association 04/16/2040 06/25/2019 251,778.86 250,362.61 250,779.30 291.97 2.141 2.361 AAA 01/16/2036 06/17/2019 243,407.01 240,972.94 --- 241,471.92 (90.30) 1.537 3.096 AAA 05/25/2022 06/28/2019 300,000.00 302,496.09 302,613.00 373.98 2.373 1.961 AAA 06/25/2022 06/28/2019 200,000.00 201,773.44 --- 201,920.00 321.33 2.396 1.963 AAA 10/25/2022 06/10/2019 194,302.33 192,845.06 193,406.59 437.01 1.750 2.115 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137A)CHP1 Agency CMO Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3I37B1UG5 Agency CMO Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 38378TAF7 Agency CMO Government National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3I36AGFQ0 Agency CMO Federal National Mortgage Association 25615001R MTM-RCTC 91 TTFIA Reserve 3137B6DF5 Avencv CMO Frelit M 09/25/2022 06/28/2019 150,000.00 152,232.42 --- 152,436.00 392.44 2.573 1.941 AAA 01/25/2023 06/25/2019 200,000.00 204,101.56 203,880.00 103.72 2.637 1.955 AAA 07/20/2041 07/05/2019 119,845.02 120,069.74 --- 120,989.54 930.29 2.500 2.128 AAA 12/25/2038 06/18/2019 184,558.40 186,887.00 187,040.71 242.05 3.500 2.466 AAA 11/15/7026 06/1R/9019 1RR 91659 1R6.760.90 --- 1RR .77R.54 941145 2.000 1.R47 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38376GY53 Agency CMO Government National Mortgage Association 01/16/2040 08/06/2019 70,016.99 70,238.53 70,380.38 180.90 3.526 2.465 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BDKF2 Agency CMO Freddie Mac 09/15/2040 --- 76,152.70 77,748.55 --- 78,269.74 559.62 3.500 2.017 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38377YTI4 Agency CMO Government National Mortgage Association 05/20/2040 06/17/2019 218,960.30 216,291.72 216,400.65 104.04 2.000 2.419 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38377QKH9 Agency CMO Government National Mortgage Association 08/20/2040 08/20/2019 55,041.69 56,041.47 --- 56,197.56 145.98 3.000 2.258 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BCG2 Agency CMO Government National Mortgage Association 03/16/2037 06/25/2019 65,874.90 65,463.18 --- 65,602.84 311.16 2.105 2.675 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378WUY7 Agency CMO Government National Mort gage Association 06/20/2041 06/12/2019 181,275.26 181,558.51 --- 182,299.47 754.01 2.500 2.096 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378CNY9 Agency CMO Government National Mortgage Association 11/20/2038 06/25/2019 200,000.00 202,593.75 202,130.00 20.29 3.500 2.534 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31397ALN1 Agency CMO Freddie Mac 04/15/2032 06/18/2019 190,544.63 190,425.55 --- 190,603.70 264.48 2.378 2.355 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3I36ADFF1 Agency CMO Federal National Mortgage Association 04/25/2023 06/10/2019 135,754.97 133,803.49 134,413.71 529.84 1.500 2.194 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AS7D0 Agency CMO Freddie Mac 04/15/2039 _ 06/14/2019 197,536.20 196,054.68 --- 197,449.28 1,362.78 2.000 1.987 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3I37B3HX9 Agency CMO Freddie Mac 07/15/2038 06/20/2019 101,165.62 100,849.48 101,596.59 823.91 2.478 2.230 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGZA3 Agency CMO Federal National Mortgage Association 09/25/2030 06/25/2019 31,534.57 31,745.21 --- 31,883.97 148.95 3.000 _ 2.257 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 383791M99 Agency CMO Government National Mortgage Association 02/16/2041 08/28/2019 58,351.06 58,727.15 59,130.63 408.85 2.500 1.812 AAA 95e15n01R TM_ROI, 01 TIFIA R 5.5515 1A2nAFVR2 12/15/202d 0,11,010 1nA 591 R5 1070, On __ 1,1R A0121 R1917 Anon 1477 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 36297GCD0 Agency MBS Government National Mortgage Association 02/15/2025 06/12/2019 105,129.59 109,552.44 --- 108,351.82 (932.55) 4.500 2.877 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31381SVJ8 Agency MBS Federal National Mortgage Association 11/01/2021 07/22/2019 85,016.28 86,464.21 --- 86,929.14 593.34 3.330 2.128 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3I38EJRP5 Agency MBS Federal National Mortgage Association 06/01/2021 06/18/2019 150,846.32 155,396.82 155,435.07 808.66 4.356 1.961 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31381R5T7 Agency MBS 256350018 MIM-RCTC 91 TIFIA Reserve 3I37B1U75 Agency MBS 25A15nn1R _RrTr 01 TIFIA Rcccrarc 1R17RICWI TO At-rpm-,nARR Federal National Mortgage Association Freddie Mac 09/01/2021 06/20/2019 101,000.00 103,840.63 --- 104,005.76 538.37 3.770 2.119 AAA 01/25/2023 06/27/2019 375,000.00 378,618.16 379,582.50 1,313.61 2.522 1.997 AAA 11 /1 A/2041 ___ 06 001 1n 02 710 14 ___ Od 00A 77 2 ARA AA 1 don 2 1RR A A A 256350018 MIM-RCTC 91 TIFIA Reserve 38378KW47 Agency MBS Government National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1BS0 Agency MBS Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3I38EKX14 Agency MBS Federal National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3136AHAE0 Agency MBS Federal National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3I36A7MN9 Agency MBS Federal National Mortgage Association 08/16/2035 06/13/2019 307,521.03 305,791.23 306,426.26 330.35 2.150 2.512 AAA 11/25/2022 --- 645,000.00 652,086.14 --- 654,733.05 3,129.85 2.510 1.950 AAA 03/01/2023 08/21/2019 51,869.20 52,452.73 --- 52,470.37 39A0 2.353 1.915 AAA 04/25/2023 06/28/2019 133,123.43 134,352.16 --- 136,113.38 1,937.18 2.707 1.331 AAA 05/25/2022 08/22/2019 158,106.21 159,384.66 159,464.35 135.23 2.349 1.876 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 256350018 MIM-RCTC 91 TIFIA Reserve 25A14001R MTAA 14,14'. 01 TTFIA R 3137AWQG3 Agency MBS 3I397UPF0 Agency MBS 111R1Q6B7 Agency MRR Freddie Mac Federal National Mortgage Association F1 Nnr;..,.n1 rr,.o,.a A 256350018 MIM-RCTC 91 TIFIA Reserve 3I37BM6P6 Agency MBS Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3138E1PZ5 Agency MBS Federal National Mortgage Association_ 256350018 MIM-RCTC 91 TIFIA Reserve 3I37BSRZ8 Agency MBS Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3138L2QG5 Agency MBS Federal National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3620ARB67 Agency MBS Government National Mortgage Association 04/25/2022 06/07/2019 309,605.82 306,171.12 06/25/2021 06/10/2019 300,184.15 305,109.05 nA/01/2021 07/01,010 .11/0/A 1RA 71172 307,902.98 305,473.39 I R7 d77 Rd 1,447.24 1,213.55 1 50A 05 1.583 1.928 3.763 1.969 A 205 WO AAA AAA AAA 08/25/2022 06/28/2019 200,000.00 205,437.50 204,542.00 (424.00) 3.090 2.157 AAA 07/01/2022 07/22/2019 223,205.81 227,277.57 --- 228,426.59 62.54 3.022 1.910 AAA 09/25/2022 06/28/2019 183,972.07 187,60121 --- 187,829.97 225.71 2.838 1.945 AAA 01/01/2028 09/09/2019 264,602.19 280,778.08 --- 280,213.72 (496.36) 3.010 2.223 AAA 05/15/2025 06/10/2019 219,716.76 227,715.83 228,547.18 1,129.71 4.000 1.944 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378NWU3 Agency MBS Government National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3I37FBAJ5 Agency MBS Freddie Mac 06/16/2048 06/27/2019 165,513.73 167,841.27 --- 169,985.91 2,000.74 2.542 2.358 AAA 08/25/2027 06/26/2019 200,000.00 211,593.75 216,298.00 5,039.19 3.281 2.137 AAA 7 7 Al104 All 00 l 4 CA 22n7 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620C4S1J5 Agency MBS Government National Mortgage Association 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4D41 Agency MBS Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3I37F4CY6 Agency MBS Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3137FGZN8 Agency MBS Freddie Mac 256350018 MIM-RCTC 91 TIFIA Reserve 3I37BP4K2 Agency MBS Freddie Mac 09/15/2025 06/12/2019 99,977.95 103,676.35 103,996.06 412.38 4.000 2.107 AAA 01/25/2028 06/27/2019 150,000.00 163,248.05 --- 165,709.50 2,817.88 3.600 2.194 AAA 09/25/2024 06/28/2019 190,000.00 195,907.81 198,285.90 2,662.38 2.920 1.946 AAA 02/25/2023 06/18/2019 269,041.88 268,915.77 --- 268,985.38 292.84 2.424 2.312 AAA 03/25/2026 09/09/2019 200,000.00 210,125.00 --- 209,302.00 (743.80) 2.849 2.060 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 256350018 MIM-RCTC 91 TIFIA Reserve 25A15nn1R _RrTr 01 TIFIA R 3620A9T35 Agency MBS Government National Mortgage Association 3I37FL6P4 Agency MBS Freddie Mac 11A10AAA41 AAARC FaA 110nNI narr,.o,.a A��,..InH 11/15/2024 06/13/2019 176,185.08 181,924.86 01/25/2029 09/09/2019 275,000.00 307,108.40 0R/01/202d ne/9R,r110 110204 27 1/1A012d 183,207.82 305,637.75 121 Ado 70 1,288.38 (1,303.64) 07 1 R 4.000 1.850 3.563 2.215 5 Sr. 127 AAA AAA AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3I37FNAD2 Agency MBS Freddie Mac 11/25/2028 08/01/2019 149,860.76 152,851.68 155,708.33 2,916.01 2.631 1.970 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3138LFP51 Agency MBS Federal National Mortgage Association 10/01/2028 09/09/2019 200,000.00 207,601.56 --- 205,838.00 (1,715.56) 2.570 2.224 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 62888VAA6 CMO NCUA Guaranteed Notes Trust 2010-R1 10/07/2020 06/24/2019 21,846.37 21,836.13 21,855.76 17.52 2.679 2.551 AAA 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency UNITED STATES OF AMERICA 09/30/2019 --- 0.00 --- (224,772.81) 0.00 0.000 0.000 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31846V401 MIA Fund First American F1mds Inc. - Government Obligations Fund 09/302019 --- 0.00 281 048.25 --- 281 048.25 0.00 1.520 1.520 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 256350018 MIM-RCTC 91 TIFIA Reserve 912828UH1 TIPS 9I2828V49 TIPS United States Department of The Treasury United States Department of The Treasury 01/15/2023 06/06/2019 666,894.00 662,811.45 --- 661,078.68 (2,090.08) 0.125 0.391 AAA 01/15/2027 06/252019 308,006.10 310,401.25 --- 311,187.80 868.75 0.375 0.232 AAA 159 Page 6 of 37 160 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Account for quarter ended September 30, 2019 ATTACHMENT 3 256350018 MIM-RCTC 91 TIFIA Reserve 9128285 6 TIPS 256350018 MIM-RCTC 91 TIFIA Reserve 9128286N5 TIPS 256350018 MIM-RCTC 9I TIFIA Reserve 912828B58 US Gov 256350018 MIM-RCTC 91 TIFIA Reserve 75A1cnn1R MIM-RCTC 91 TIFIA Receive 912828XB1 US Gov 912R7RI 57 iIR any United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury i InifeA Rfatec Denartment of Thn Trencnry 01/15/2029 04/15/2024 01/31/2021 05/15/2025 08/01/2019 06/26/2019 09/112019 n9/1n/2n22 n9/1n/2n19 264,175.60 294 999.60 1,500,000.00 450,000.00 1 OnQOnn Un 279,038.60 299 221.13 1,506,269.53 462,076.17 1 .fInA.21 Q94 280,168.79 298,530.75 1,506,855.00 462,726.00 1 on4.9An nn 1,441.53 0.875 (550.99) 0.500 1,597.53 2.125 748.20 2.125 11 150 521 1 75n 0.216 0.235 1.776 1.597 1 5Rn AAA AAA AAA AAA AAA 256350018 MIM-RCTC 91 TIFIA Reserve 256350018 MIM-RCTC 91 TIFIA Reserve 912828L99 US Gov 912828Y53 US Gov United States Department of The Treasury United States Department of The Treasury 10/31/2020 06/25/2019 1,300,000.00 07/31/2020 09/30/2019 225,000.00 19,765,125.93 1,292,179.69 224,780.71 20,318,496.62 1,294,007.00 224,772.75 20,130,897.26 316.39 (7.96) 47,174.91 1.375 1.806 1.957 2.110 AAA AAA 256350021 MIM-RCTC 2013 Residual Fund 75A15r11111 iM-RrTr 7n11 F..nr1 3137A1N90 Agency CMO 14177RF\I1 Freddie Mac 06/25/2020 06/26/2018 1n/0n/pn10 n7/n1/OnrO 63,881.49 171 05A A7 64,465.41 c 1AR 01 64,262.86 175 519 71 284.80 7dn 57 3.531 2.174 son 7 141 AAA AAA 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 3137ABFH9 31394GUX9 3137APP53 38378BXQ7 31397LUK3 Agency CMO Agency CMO Agency CMO Agency CMO Agency CMO Freddie Mac Freddie Mac Freddie Mac Government National Mortgage Association Federal National Mortgage Association 06/25/2021 08/15/2023 10/25/2020 01/16/2036 06/252023 03/15/2019 07/02/2019 05/18/2018 06/17/2019 10/102018 206,000.00 31,824.29 1,683.65 180,301.49 138,053.44 209,846.41 33,176.82 1,662.94 178,498.47 140.836.08 211,432.22 33,412.64 1,680.57 178,868.09 141,166.55 2,518.71 298.83 2.81 (66.88) 1,265.76 3.989 5.500 1.781 1.537 4.500 2.054 2.125 2.223 3.096 2.107 AAA AAA AAA AAA AAA 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 75A15(10/1 MiM-RCTC 7n11 ReciAnal Fnnd 3137ATRW4 Agency CMO 3136A72D3 Agency CMO 111AASKRA Avencv CMD Freddie Mac Federal National Mortgage Association Federal National IV rfvave A.ccnniafi 05/25/2022 08/19/2019 04252022 07262019 1n/25/2n22 n1/25/2119 100,000.00 36,114.60 99 n94 19 101,109.38 36,325.97 97 711 A4 100,871.00 36,514.03 9R 6171A (187.33) 180.02 674.52 2.373 1.961 2.482 1.824 1 75n 2115 AAA AAA AAA 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 3137AYCE9 3137A2PV7 3137GAUY1 3137A1LC5 3137A5FP4 Agency CMO Agency CMO Agency CMO Agency CMO Agency CMO Freddie Mac Freddie Mac Freddie Mac Freddie Mac Freddie Mac 1025/2022 08/132019 09/15/2022 06/03/2019 10/15/2022 08/152019 08/15/2020 01/17/2018 01/152021 01/302018 360,000.00 30,358.89 162,560.24 3,380.35 27.983.91 367,790.63 29,827.60 160,883.83 3,369.26 28.053.87 367,196.40 30,458.46 161,965.26 �372.78 28.072.90 (263.29) 590.16 1,049.97 (2.32) 63.96 2.682 1.500 1.500 2.000 2.500 1.934 1.273 1.703 2.639 2.070 AAA AAA AAA AAA AAA 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 7561511f J1 MIM-RCTC 7n11 Recidnal Ih,nd 38375CBH2 Agency CMO 38378CDK0 Agency CMO 1R17RAWX5 Aoenry CMD Government National Mortgage Association Government National Mortgage Association (;nvemment Nnfinnal Mnrtonoe A.c.cnninfinn 03/16/2035 03/19/2019 03202035 01/302018 nl/2n//A1A n1/1n/2nIR 25,348.79 22,445.93 NI I6A 94 25,194.33 22,652.85 ma4z.I1 225307.73 22,507.65 2 2AR 41 29.60 (10.45) 2n An 1.250 2.364 3.000 2.171 l non 214n AAA AAA AAA 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 31358TPC7 31416BVR6 31381RLL6 31381SVJ8 3128MMPP2 Agency CMO Agency MBS Agency MBS Agency MBS Agency MBS Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Freddie Mac 0225/2023 12/01/2020 07/01/2021 11/01/2021 03/01/2027 02/112019 01/17/2018 11/022018 02/22/2019 05/102019 98,513.03 13,523.22 52,475.83 85,016.27 230.439.95 98,815.69 13,827.49 53,254.78 85,441.35 229.431.78 98,813.49 13,948.66 53,795.60 86,929.13 232,843.44 218.17 2.868 2.647 331.50 5.000 -4.692 811.43 3.840 2.027 1,631.36 3.330 2.128 3,405.45 2.500 2.098 AAA AAA AAA AAA AAA 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 3128MMPY3 3137B2GW4 3137APP61 38378KW47 3138L1 W62 3138EKXL4 31381RZ23 3137AXHN6 Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS nAne Freddie Mac Freddie Mac Freddie Mac Government National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Freddie Mac 06/01/2027 0325/2020 01/25/2022 08/162035 12/01/2022 03/01/2023 08/01/2021 0225/2022 /17/14/11111 05/10/2019 06/292018 09/06/2019 06/132019 02/21/2019 08/212019 11/02/2018 01/252018 211,517.30 91,913.95 15,000.00 118,848.71 125,917.77 55,327.15 60,517.77 24,409.92 210,591.91 91,317.94 15,244.92 118,180.18 125,170.13 55,949.58 61,416.08 24,074.29 213,736.12 91,822.03 15,192.60 118,425.61 125,542.53 55,968.39 62,043.43 24,345.24 3,125.06 139.50 (45.30) 127.67 313.42 42.03 920.93 152.77 2.500 2.103 2.313 2.136 2.789 2.067 2.150 2.512 2.500 2.567 2.353 1.915 3.840 2.129 1.749 1.877 4114 75 7 coo 1 074 AAA AAA AAA AAA AAA AAA AAA AAA AAA 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 3137AWQG3 31397UPF0 3137BIUF7 3620ARB67 31418CQM9 Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Freddie Mac Federal National Mortgage Association Freddie Mac Government National Mortgage Association Federal National Mortgage Association 0425/2022 06/25/2021 0925/2022 05/15/2025 10/01/2027 03/15/2019 01/252018 06/10/2019 09/112019 48,375.91 150,092.08 14,283.35 71,957.23 60,052.01 47,476.42 152,249.65 14,073.57 74,576.93 61,581.47 48,109.84 152,736.70 14,259.36 74,849.20 61,484.25 386.90 1,033.45 117.44 369.98 (101.42) 1.583 3.763 1.785 4.000 3.000 1.928 1.969 1.827 1.944 2.122 AAA AAA AAA AAA AAA 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 75A15nlI11 MTV-RrTr 7nl l ReciAnal F..nr1 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 3140J6DU8 Agency MBS 3138L2GH4 Agency MBS 11141QRcd Ananr., WIC 3138L8H23 87165LBB6 02587AAJ3 43814TAD4 05584PAD9 Agency MBS Asset Backed Asset Backed Asset Backed Asset Backed Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Synchrony Credit Card Master Note Trust 2016-2 American Express Credit Account Master Trust Honda Auto Receivables 2007-1 Owner Trust BMW Vehicle Lease Trust 2017-2 08/01/2031 07/01/2021 n1/n1/pnpl 12/01/2021 05/17/2021 02/18/2020 06/21/2023 0220/2020 07/26/2019 11 /A7/9A1 R 05/022019 08/02/2019 10/11/2018 10/112018 212,125.44 125,307.97 009A011 68,303.62 160,000.00 221,000.00 200,000.00 99,958.92 213,550.65 122,654.63 If, 1,1A 68,090.24 160,387.50 218,887.00 196,375.00 99,060.85 214,231.84 125,212.73 1n1 col m 68,195.70 160,531.20 220,825.41 199,990.00 99,950.92 675.83 1,770.10 1 114 77 102.15 176.35 479.86 2,201.72 183A4 2.500 2.133 1.870 1.854 ddln /51 2.730 2.210 1.930 2.050 2.070 2.734 2.011 2.147 2.062 2.117 AAA AAA AAA AAA AAA AAA AAA AAA 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 65478HAD0 Asset Backed 17305EGK5 Asset Backed NAROT l7-C Citibank Credit Card Issuance Trust 04/18/2022 09/25/2018 0120/2023 07/192019 70,000.00 100,000.00 68,908.98 100,625.00 70,016.80 100,736.00 504.06 189.81 404 4/1 2.120 2.099 2.490 1.915 9 144 AAA AAA AAA 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 38013FAD3 477891AB2 31680YAB3 65478LAB5 477870AB5 Asset Backed Asset Backed Asset Backed Asset Backed Asset Backed GM Financial Consumer Automobile Receivables Trust 2018-, Jolm Deere Owner Trust 2019 Fifth Third Auto Trust 2019-1 Nissan Auto Lease Trust 2019-B John Deere Owner Trust 2019-B 10/16/2023 10/15/2021 05/16/2022 10/15/2021 05/16/2022 07/242019 03/05/2019 04/302019 07/16/2019 07/162019 75,000.00 105,000.00 155,000.00 80,000.00 90,000.00 76,374.02 104,995.21 154,991.46 79,993.00 89,999.66 76,327.50 105,484.05 155,601.40 80,126.40 90,207.00 80.94 486.59 606.84 131.94 207.12 3.210 2.174 2.850 2.108 2.660 2.123 2.270 2.016 2.280 2.046 AAA AAA AAA AAA AAA 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund MIM-RCTC 2013 Residual Fund 14315PAB1 26209AAE1 62888VAA6 62888UAB6 38141EA58 06051GEC9 61747WAF6 637432MU6 254010AC5 40428HPN6 084659AB7 06051GFN4 05531FAU7 Asset Backed Asset Backed CMO CMO Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Carmax Auto Owner Trust 2019-3 Drive Auto Receivables Trust 2019-4 NCUA Guaranteed Notes Trust 2010-R1 NCUA Guaranteed Notes Trust 2010-R2 The Goldman Sachs Group, Inc. Bank of America Corporation Morgan Stanley National Rural Utilities Cooperative Finance Corporation Dignity Health HSBC USA Inc. Berkshire Hathaway Energy Company Bank of America Corporation BB&T Corporation 12/15/2022 01/16/2024 10/07/2020 11/05/2020 03/15/2020 07/01/2020 01/25/2021 06/15/2020 11/01/2019 11/13/2019 02/01/2020 0421/2020 06/29/2020 07/24/2019 09/092019 05/10/2019 03/152019 06/212019 03/15/2018 06/292018 04/22/2019 01/252018 04/15/2019 120,000.00 80,000.00 0.01 162,007.24 200,000.00 200,000.00 200,000.00 200,000.00 24,000.00 100,000.00 250,000.00 100,000.00 250,000.00 119,994.61 --- 79,989.10 0.01 162,247.73 208,651.00 --- 207,806.00 213,237.00 --- 199,972.00 05/15/2020 23,897.52 --- 99,140.00 --- 249,475.00 01/01/2020 99,537.00 --- 249,642.50 05/29/2020 120,254.40 79,900.00 0.01 162,263.21 202,876.00 205,330.00 209,276.00 200,314.00 24,000.48 100,022.00 250,185.00 100,107.00 250,882.50 259.14 (89.26) 0.00 94.44 670.34 1,863.13 1,864.63 334.13 5.88 96.64 411.71 224.15 1,101.68 2.210 2.028 2.230 2.299 2.679 2.551 2.699 2.112 5.375 2.201 5.625 2.035 5.750 2.163 2.350 2.095 2.637 2.586 2.375 2.171 2.400 2.097 2.250 2.055 2.625 2.086 AAA AA AAA AAA A A A A BBB A A A A 161 Page 7 of 37 INFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Account for quarter ended September 30, 2019 25635002 MIM-RCTC 20 Residual Fund 94974BGM6 Corporate 256350021 MIM-RCTC 2013 Residual Fund 375558BB8 Corporate 256350021 MIM-RCTC 2013 Residual Fund 780082AC7 Corporate 256350021 MIM-RCTC 2013 Residual Fund 06416CAC2 Corporate 256350021 MIM-RCTC 2013 Residual Fund 06406FAB9 Corporate 256350021 MIM-RCTC 2013 Residual Fund 172967LC3 Corporate 256350021 MIM-RCTC 2013 Residual Fund Wells Fargo & Company Gilead Sciences, Inc. Royal Bank of Canada The Bank of Nova Sco The Bank of New York Mellon Corporation Cirigroup Inc. 06367TPX2 Corporate Bank of Montreal 256350021 MIM-RCTC 2013 Residual Fund 86787EAS6 Corporate SWTrnst B 07/22/2020 04/15/2019 200,000.00 199,590.00 --- 200,944.00 1,204.33 2.600 2.009 A 09/O1/2020 135,000.00 133439.10 --- 135,650.70 1,395.17 2.550 2.017 A 10/14/2020 --- 200,000.00 196,622.00 --- 200,130.00 1,747.96 2.100 2.036 AAA 04/26/2021 --- 200,000.00 194,126.00 --- 199,970.00 3,324.82 1.875 1.884 AAA 05/03/2021 10/11/2018 200,000.00 193,708.00 04/03/2021 200,150.00 4,132.28 2.050 1999 A 2/08/2021 450,000.00 449,617.50 11/08/2021 456,637.50 6,949.52 2.900 2.179 A 2/12/2019 --- 200,000.00 197,898.00 --- 200,016.00 336.66 2.100 2.047 AA 01/31/2020 0 /25/2018 100,000.00 ]00,644.00 12/31/2019 100,116.00 32.40 2.786 2.251 A 256350021 MIM-RCTC 2013 Residual Fund 69353RFC7 Corporate PNC Bank, National Association 05/19/2020 10/10/2018 250,000.00 245,222.50 04/19/2020 249,910.00 1,823.01 2.000 2.056 A 256350021 MIM-RCTC 2013 Residual Fund 55279HAN0 Corporate 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund Manufacturers & Traders Trust Company 31677QBK4 Corporate Fifth Third Bank 7401QAN1 Corporate Citizens Bank, National Association 256350021 MIM-RCTC 2013 Residual Fund 69353RFH6 Corporate 256350021 MIM-RCTC 2013 Residual Fund 90331HNP4 Corporate 256350021 MIM-RCTC 2013 Residual Fund 69371RP34 Corporate 256350021 MIM-RCTC 2013 Residual Fund 14913Q2X6 Corporate PNC Bank, National Association U.S. Bank National Assoc PACCAR Financial Corp. Caterpillar Financial Services Corporation 08/17/2020 ]0/11/2018 250,000.00 244,707.50 07/17/2020 250,152.50 2,713.41 2.050 1.972 A 0/30/2020 06/21/2019 200,000.00 199,810.00 09/30/2020 200.374.00 525.12 2.200 2.010 A 0/30/2020 04/15/2019 250,000.00 247,950.00 --- 250,535.00 1,982.86 2.250 2.033 A O1/22/2021 04/22/2019 250,000.00 249,005.00 12/22/2020 251,562.50 2,307.99 2.500 1.982 A 04/26/2021 ]0/11/2018 250,000.00 249,395.00 03/26/2021 254,082.50 4,461.98 3.150 2.031 AA 05/10/2021 04/30/2019 200,000.00 200,250.00 --- 200,116.00 (82.58) 2A41 2.337 A 05/17/2021 05/14/2019 120,000.00 120,000.00 --- 120,274.80 274.80 2.514 2.357 A 256350021 MIM-RCTC 2013 Residual Fund 86787EBD8 Corporate StmTrus[ Bank 05/17/2022 05/14/2019 50,000.00 50,000.00 04/17/2022 50,125.50 125.50 2.714 2.596 A 256350021 MINA-RCTC 2013 Residual Fund 025816CE7 Corporate 256350021 MIM-RCTC 2013 Residual Fund 05531FBI1 Corporate 256350021 MIM-RCTC 2013 Residual Fund 23337UX79 CP 256350021 MIM-RCTC 2013 Residual Fund 50000EX33 CP 256350021 MIM-RCTC 2013 Residual Fund 69372BXU9 CP 256350021 MIM-RCTC 2013 Residual Fund 21687BXM8 CP 256350021 MIM-RCTC 2013 Residual Fund 93884FX98 CP American Express Company BB&T Corporation DTE Gas Company Koch Industries, Inc PACCAR Financial Corp CoOperatieve Rabobank U.A., New York Branch Washington Gas Light Company 05/20/2022 05/15/2019 100,000.00 ]00,000.00 04/19/2022 100,320.00 320.00 2.756 2.599 A 03/16/2023 09/092019 165,000.00 164,877.90 02/13/2023 164,902.65 23.36 2.200 2.218 A 0/07/2019 09/06/2019 425,000.00 424,202.18 --- 424,859.75 14.17 0.000 1.697 AA 0/03/2019 09/09/2019 375,000.00 374,490.00 --- 374,958.75 1.25 0.000 I320 AAA 0/28/2019 09/25/2019 425,000.00 424,220.83 --- 424,371.00 8.50 0.000 1.903 AAA 0/21/2019 09/252019 425,000.00 424,389.18 --- 424,536.75 6.61 0.000 1.869 AAA 0/09/2019 09/25/2019 425,000.00 424,652.92 --- 424,813.00 11.33 0.000 1.760 AAA 256350021 MIM-RCTC 2013 Residual Fund 53154MXH2 CP Liberty Utilities Co. 0/17/2019 09/262019 475,000.00 474,368.25 --- 474,582.00 63.33 0.000 1.864 AA 256350021 MIM-RCTC 2013 Residual Fund 21201CX43 CP 256350021 MIM-RCTC 2013 Residual Fund 23336KXQ0 CP 256350021 MIM-RCTC 2013 Residual Fund Continental Rubber of America, Corp DTE Electric Company CCYUSD Currency UNITED STATES OF AMERICA 256350021 MIM-RCTC 2013 Residual Fund CCYUSD Currency 256350021 MIM-RCTC 2013 Residual Fund 31846V401 MIA Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund UNITED STATES OF AMERICA 0/04/2019 09/27/2019 475,000.00 474,796.80 --- 474,924.00 11.09 0.000 1.440 AA 024/2019 09/272019 400.000.00 399,400.00 --- 399,496.00 Zll 0.000 1.890 AAA 09/30/2019 09/30/2019 First American Funds, Inc. - Government Obligations Fund 09/30/2019 072024WW8 Muni Bay Area Toll Authority 4581XOCZ9 Non -US Gov Inter -American Development 0.00 (0.00) 0.00 (651,917.62) 0.00 712,819.77 04/O1/2022 09/202019 95,000.00 95,000.00 09/14/2022 09/30/2019 650,000.00 652,067.00 (0.00) (651,917.62) 712,819.77 95,186.20 651,917.50 0.00 0.000 0.000 AAA 0.00 0.000 0.000 AAA 0.00 1.520 1.520 AAA 86.20 2.128 2.047 AA (149.50) 1.750 1.647 AAA 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 Non US Gov International Bank for Reconstruction and Developmen 08212020 --- 315,000.00 315,116.40 315,163.80 03.72 2.040 2.013 AAA 256350021 MBA-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 25635002 1 MIN-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 912828SA9 TIPS United States Department of The Treasury 912828UH1 TrpS United States Department of The Treasury 9128286N5 TIPS 912828UF5 US Go 912828VA5 US Gov United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury 01/15/2022 06/29/2018 204,035.40 200,689.42 01/152023 --- 100,034.10 98,163.78 04/15/2024 417,068.40 424,444.1 2/31/2019 --- 970,000.00 955,677.54 04/30/2020 --- 925,000.00 901,532.23 201,999.13 99,161.80 31.81 O.125 0.563 AAA 461.30 0.125 0.391 AAA 422,060.71 (2,194.78) 0.500 0.235 AAA 968,030.90 1,374.73 L125 1935 AAA 921,059.50 4,523.43 1.125 1.86 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828V V9 US Gov United States Department of The Treasury O8/31/2020 --- 1,060,000.00 1,047,463.28 1,062,607.60 8,481.78 2.125 1.853 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828B58 US Gov 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund United States Department of The Treasury 912828L57 US Gov United States Department of The Treasury 912828Y53 US Gov 9128285H9 US Go United States Department of The Treasury United States Department of The Treasury 658886DZ6 VRDN North Dakota Housing Finance Agency 56052FHZ1 VRDN Maine State Housing Authority O]/31/2021 550,000.00 541,754.30 09/30/2022 --- 1,320,000.00 1,326,527.35 07/31/2020 1,400,000.00 1,399,880.28 0/31/2020 --- 800,000.00 799,675.60 552,513.50 7,135R8 2.125 1376 AAA 1,326,547.20 (829.83)___.750 1.580 AAA 398,586.00 (1,310.76) 1.957 2.110 AAA 798,736.00 (1,058.85L__ 959 2.140 AAA 07/O1/2038 06/29/2018 100,000.00 ]00,000.00 100,000.00 0.00 2.050 2.050 AA 1/152052 06/29/2018 100,000.00 100,000.00 10/30/2019 100,000.00 0.00 2.100 2.100 23,595,673.23 23,6 5,689. 9 23,745,846.47 88,121.03 256350023 MIM-Sr Lien Reserve Fund- 256350023 MIM-Sr Lien Reserve Fund- 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MINI -Sr Lien Reserve Fund- 256350023 MINA -Sr Lien Reserve Fund-1 256350023 MIM-SrLien Reserve Fund- 256350023 MBA -Sr Lien Reserve Fund-1 3137EADB2 Agency Freddie Mac 3137EADR7 Agency Freddie Mac 313500D75 Agency Federal National Mortgage Association 3130AFFX0 Agency Federal Home Loan Banks 38377REV3 Agency CMO Government National Mort gage Associatio 38377RVK8 Agency CMO Government National Mortgage Association 3137ABFH9 Agency CMO Freddie Mac 0l/13/2022 --- 950,000.00 942,921.50 --- 964,630.00 14,887.84 2.375 1.685 AAA 05/O1/2020 05/15/2015 150,000.00 148,903.50 --- 149,559.00 (307A1) 1.375 1.881 AAA 06/22/2020 05/06/2015 600,000.00 593,490.00 --- 598,326.00 (719.47) 1.500 1.887 AAA 1/16/2028 09/112019 185,000.00 205,766.25 --- 206,164.00 504.61 3250 1.880 AAA 0/20/2039 07/01/2019 80,246.45 81,838.84 --- 81,905.94 112.26 3.500 2.351 AAA 04202039 --- 96,801.84 98,733.12 --- 98,052.52 21.63 3.000 2.461 AAA 06/25/2021 07/22/2019 100,000.00 ]02,574.22 --- 102,637.00 321.34 3.989 2.054 AAA 256350023 MIM-SLLien Reserve Fund- 3137AIMF8 Agency CMO Freddie Mac 0252021 --- 52,024.86 53,425.42 --- 52,768.81 68.72 2.968 2.084 AAA 256350023 MBA -Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund- 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund- 256350023 MINA -Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund- 256350023 MIM-Sr Lien Reserve Fund-1 38375XCM4 Agency CMO Government National Mortgage Association 8376GB33 Agency CMO Government National Mortgage Association 3137ASNH3 Agency CMO Freddie 3137ATRW4 Agency CMO Freddie Mac 3137AUPE3 Agency CMO Freddie Mac 38377RSZ9 Agency CMO Government National Mortgage Association 3136A72D3 Agency CMO Federal National Mortgage Associatio 1/16/2037 05/14/2019 64,050.08 65,864.00 --- 66,114.42 377.59 5.000 2.767 AAA 0/16/2044 0 /23/2015 18,597.48 19,089.67 --- 18,585.02 (21.21) 3A74 2.476 AAA 09/25/2021 07/032013 17,060.27 16,671.75 --- 17,023.93 (0.36) 1.459 2.223 AAA 05/25/2022 --- 282,110.00 278,085.13 --- 284,567 8 5,282.71 2.373 1961 AAA 06/25/2022 150,000.00 151,611.80 --- 151,440.00 709.88 2.396 1.963 AAA 06/16/2039 --- 32,788.02 33,817.20 --- 33,148.36 (30.03) 4.500 2.173 AAA 04/25/2022 07/03/2013 259,368.58 246,400.15 --- 262,237.19 6,202.80 2.482 1.824 AAA 256350023 MBA -Sr Lien Reserve Fund- 3136A5KR6 Agency CMO Federal National Mortgage Association 10/25/2022 01/25/2019 64,508.37 63,621.38 --- 64,210.99 439.10 1.750 2.115 AAA 256350023 MINA -Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund- 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund- 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund- 256350023 MIM-Sr In Reserve Fund-1 3137AXHP1 Agency CMO Freddie Mac 38378B7F0 Agency CMO Government National Mortgage Association 38378CRT6 Agency CMO Government National Mortgage Associatio 38378HXH4 Agency CMO Government National Mortgage Association 383771Z89 Agency CMO 8378TAF7 Agency CMO Government National Mortgage Associatio Government National Mortgage Association 3137B4HD1 Agency CMO Freddie Mac 09/25/2022 09/29/2017 140,000.00 142,089.06 --- 142,273.60 1,105.63 2.573 1.941 AAA 2/16/2042 --- 450,000.00 427,324.22 --- 447,277.50 10,026.56 2.273 2.399 AAA 0/20/2040 05/22/2014 44,082.12 42,566.80 --- 44,069.34 1,237.27 2.000 1.984 AAA 09/16/2027 03/08/2019 15,734.42 15,259.75 --- 15,445.22 157.73 1.250 2.067 AAA 0/20/2039 07/05/2013 42,075.87 43,362.80 --- 43,452.59 452.91 3.500 1.984 AAA 0720/2041 07/052013 110,626.18 110,642.85 --- 111,682.66 1,108.05 2.500 2.128 AAA 2/15/2042 03/20/2019 40,195.99 41,514.93 --- 42,109.32 588.18 4.500 2.202 AAA 256350023 MIM-SLLien Reserve Fund- 38376GY53 Agency CMO Government National Mortgage Association 01/162040 08/062019 63,186.07 63,385.99 --- 63,514.00 163.26 3.526 2.465 AAA 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-SLLien Reserve Fund- 256350023 MIM-SrLien Reserve Fund- 256350023 MIM-Sr Lien Reserve Fund- 38377LQT8 Agency CMO Government National Mortgage Associatio 31398OTP2 Agency CMO Freddie Mac 3I37A5FP4 Agency CMO Freddie M 38376T5Z1 Agency CMO Government National Mortgage Association 2/20/2037 1,127.66 1,128.06 --- 1,126.55 (1.11) 3.000 1.919 AAA 05/152038 06262018 45,832.37 46,729.33 --- 46,238.91 194.93 4.500 2.577 AAA 01/15/2021 78,280.96 78289.81 --- 78,529.89 281.27 2.500 2.070 AAA O1/16/2039 0 /26/2015 66,309.90 69,27727 --- 67,778.00 (465.091 3.000 2.041 AAA 162 Page 8 of 37 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Account for quarter ended September 30, 2019 Source Account Account 256350023 MINI -Sr Lien Reserve Fund-1 256350023 MIM-Sr Lim Reserve Fund-1 7561500/1 MIM-Sr i.ien9 Security Type Identifier Category 38376WA62 Agency CMO 38375CBH2 Agency CMO H9 Aeencv CAM1 Issuer Government National Mortgage Association Government National Mortgage Association (;nvemment National IV rfvaveA en pace Nat Call Final Maturity Trade Date Value Original Cost Date 10/20/2039 --- 183,972.19 188,600.19 --- 051/70/7041 0R/7N7019 14 449.57 14 361.51 51 ALA 76 51 940 RR Base Net Total Base Market Value Unrealized Gain/Loss Coupon Yield 190.195.97 14,426.16 57 ORS 55 16.88 115.11 000 2.922 1.250 2.364 1 AM 7.75R Summarized Credit Rating AAA AAA AAA 256350023 256350023 256350023 256350023 256350023 MIM-Sr lien Reserve Fund-1 MINI -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 MINI -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 38380AZ34 38378CDK0 38378AWX5 38378DDC6 38379HLE3 Agency CMO Agency CMO Agency CMO Agency CMO Agency CMO Government National Mortgage Association Government National Mortgage Association Government National Mortgage Association Government National Mortgage Association Government National Mortgage Association 04/20/2046 03/20/2035 0120/2036 04/20/2038 05/20/2043 11/28/2016 03/16/2018 03/28/2018 06/20/2018 10/18/2018 129,838.26 12,469.96 60,440.82 71,461.31 98,296.94 133,474.75 12,528.41 60,766.63 71,944.23 98,158.71 133,994.39 12,504.25 60,805.28 71,692.85 101,040.40 991.54 16.68 202.02 33.80 2,884.73 3.000 2.388 3.000 2.171 3.000 2.140 3.500 2.540 3.500 2.167 AAA AAA AAA AAA AAA 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lim Reserve Fund-1 956150091 MIM-Sr Lien Reserve Fund-1 38378VC45 38377JM59 3137R5A60 Agency CMO Agency CMO Aeencv CMO Government National Mortgage Association Government National Mortgage Association Freddie Mac 12/16/2041 10/20/2039 1 nil 5/707R 11/23/2018 11/212018 01/70/9019 139,338.98 74,681.96 91 515.R4 134,309.72 72,814.90 91 751.99 139,136.93 74,563.21 91 659 70 4,607.26 1,603.82 189.OR 2.250 2.275 2.500 2.525 2.500 2.177 AAA AAA AAA 256350023 256350023 256350023 256350023 256350023 MIM-Sr Lien Reserve Fund-1 Mkt -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 Mkt -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 3136ADFF1 Agency CMO Federal National Mortgage Association 383791M99 Agency CMO Government National Mortgage Association 31381PEB0 Agency MBS Federal National Mortgage Association 3138NJAE8 Agency MBS Federal National Mortgage Association 3I381N7G2 Agency MBS Federal National Mortgage Association 04/25/2023 02/16/2041 11/01/2020 12/01/2020 10/01/2020 06/10/2019 08/28/2019 09/26/2014 09/13/2018 09/25/2018 128,213.03 54,183.13 247,264.94 17,773.76 17.910.95 126,369.97 54,532.36 260,362.26 17,979.27 17.976.72 126,946.28 54,907.01 249,168.88 17,757.23 18,013.04 500.41 379.64 76.43 (163.20) 33.42 1.500 2.500 3.370 3.630 3270 2.194 1.812 2.310 3.779 2.369 AAA AAA AAA AAA AAA 256350023 256350023 256350023 256350023 956150091 MINI -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 MINI -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 31381SVJ8 Agency MBS Federal National Mortgage Association 31417YKF3 Agency MBS Federal National Mortgage Association 36202F2H8 Agency MBS Government National Mortgage Association 31381R5T7 Agency MBS Federal National Mortgage Association 3136AC714 Aeencv MBS Federal Natinnal Mmrtvave Assnciation 11 /01 /2021 02/22/2019 01/01/2030 01/20/2027 --- 09/01/2021 08/29/2018 01/95/7071 07/71 /901 R 106,270.34 126,087.58 143,521.14 130,000.00 4R.79R.70 106,801.70 132,133.91 147,929.02 132,747.27 47.995.70 108,661.42 135,184.80 147,370.38 133,868.80 49.779 70 2,039.20 3,742.55 354.94 2,220.75 1.521.64 3.330 2.128 4.500 2.165 3.000 1.884 3.770 2.119 7 605 1.RR0 AAA AAA AAA AAA AAA 256350023 MIM-Sr Lim Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lim Reserve Fund-1 3I38L33G8 3137B1U75 38378KWU9 Agency MBS Agency MBS Agency MBS Federal National Mortgage Association Freddie Mac Government National Mortgage Association 06/01/2020 01/25/2023 11/16/2041 11/12/2015 08/29/2016 100,000.00 380,000.00 158,063.15 99,875.00 394,917.97 150,196.20 99,707.00 384,643.60 154,805.47 (141.93) (2,142.18) 2,305.22 2.010 2.238 2.522 1.997 1.400 2.388 AAA AAA AAA 256350023 256350023 256350023 256350023 756150091 Mkt -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 MINI -Sr Gen Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 38378KXW4 3137BIBS0 3138L1 W62 3138EKXIA 3136AHAE0 Agency MBS Agency MBS Agency MBS Agency MBS Aeencv MBS Government National Mortgage Association Freddie Mac Federal National Mortgage Association Federal National Mortgage Association Federal Natinnal MmO- Assmciati 02/16/2037 12/11/2014 11/252022 07/31/2019 12/01/2022 02/21/2019 03/012023 --- 04/25/2023 10/7R/9016 100,381.64 360,000.00 164,661.70 255,888.06 111 999.99 99,895.42 363,360.94 163,684.02 252,250.74 111 699.R2 99,430.02 365,432.40 164,171.01 258,853.80 111 799.71 (764.57) 1.705 2,257.96 2.510 409.86 2.500 5,030.06 2.353 951.26 2.707 2.464 1.950 2.567 1.915 1.10 AAA AAA AAA AAA AAA 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 38378B6A2 3136A7MN9 38378KSIA Agency MBS Agency MBS Agency MBS Government National Mortgage Association Federal National Mortgage Association Government National Mortgage Association 11/16/2052 05/25/2022 12/16/2046 01/222015 08/29/2016 112,395.85 287,465.86 425,000.00 108,852.74 295,685.59 415,829.11 110,645.85 289,935.19 430,979.75 113.09 (738.12) 12,167.44 1.826 2.335 2.349 1.876 2.814 2.606 AAA AAA AAA 256350023 256350023 256350023 256350023 256350023 256350023 256350023 256350023 1,41.1/111 MINI -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 Mkt -Sr Lien Reserve Fund-1 Mart -Sr Lim Reserve Fund-1 MINI -Sr Gen Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 MINI -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 31381Q6B7 38378KRS0 38378XP62 38379KDN5 31381T4E7 3138EJPZ5 3620ARB67 3137FBAJ5 Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Federal National Mortgage Association Government National Mortgage Association Government National Mortgage Association Government National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Government National Mortgage Association Freddie Mac 06/01/2021 07/16/2043 05/16/2055 09/162055 03/01/2022 07/01/2022 05/15/2025 0825/2027 07/15/2016 05/082015 05/14/2015 08/052015 10/25/2016 08/292016 06/10/2019 06/262019 181,129.26 450,000.00 256,145.07 138,439.67 256,449.34 198,405.16 109,858.38 200,000.00 200,883.67 434,460.94 259,306.86 134,902.96 267,939.49 210,735.73 113,857.91 211,593.75 187,477.84 450,373.50 257,218.31 138,313.69 261,126.98 203,045.86 114,273.59 216,298.00 1411104 (519.76) 8,138.92 (1,498.64) 1,241.91 (210. 5 (2,16926) 564.86 5,039.19 4.295 2.032 2.389 2.345 2.500 2.391 2.138 2.468 2.670 1.717 3.022 1.910 4.000 1.944 3281 2.137 CGA IA, AAA AAA AAA AAA AAA AAA AAA AAA eee 256350023 256350023 256350023 256350023 256350023 MIM-Sr Lim Reserve Fund-1 MINI -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 Mkt -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 3I37F4D41 31381QB54 3I37FNAD2 62888VAA6 CCYUSD Agency MBS Agency MBS Agency MBS CMO Currency Freddie Mac Federal National Mortgage Association Freddie Mac NCUA Guaranteed Notes Trust 2010-R1 UNITED STATES OF AMERICA 0125/2028 03/01/2021 1125/2028 10/07/2020 09/30/2019 04/012019 11/07/2018 08/012019 01/22/2019 35,000.00 129,481.44 134,874.69 88,599.16 0.00 36,714.84 132,162.12 137,566.52 88,630.32 (199,798.78) 38,665.55 132,510.02 140,137.50 88,637.26 (199,798.78) 2,039.79 1,485.28 2,624.41 19.52 0.00 3.600 4.410 2.631 2.679 0.000 2.194 2.251 1.970 2.551 0.000 AAA AAA AAA AAA AAA 256350023 MIM-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 31846V401 9I2828SA9 912828UH1 MM Fund TIPS Ti. First American Funds, Inc. - Government Obligations Fund United States Department of The Treasury 09/30/2019 01/15/2022 01/15/9099 07/05/701R 0.00 470,414.95 10451975 248,509.29 472,717.60 107 n17 67 248,509.29 465,720.21 107 R14 67 0.00 (5,879.32) !76 R51 1.520 1.370 0.125 0.563 0195 0301 AAA AAA AAA 256350023 256350023 256350023 256350023 256350023 MIM-Sr Lim Reserve Fund-1 Mkt -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 MIM-Sr Gen Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 9I2828V49 9128285W6 9I28286N5 912828B58 912828G38 TIPS TIPS TIPS US Gov US Gov United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury 01/15/2027 01/15/2029 04/15/2024 01/31/2021 11/152024 04/182017 297,385.20 254,015.00 269,568.60 1,375,000.00 1,350,000.00 296,042.35 269,274.49 273,933.38 1,405,890.24 1,369,037.11 300,457.19 269,393.07 272,795.34 1,381,283.75 1,394,145.00 4,089.70 351.80 (1,016.49) (1,951.86) 30,942.76 0.375 0.875 0.500 2.125 2.250 0.232 0.216 0.235 1.776 1.583 AAA AAA AAA AAA AAA 256350023 256350023 256350023 256350023 MIM-Sr Gen Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 Mkt -Sr Lien Reserve Fund-1 MIM-Sr Lim Reserve Fund-1 912828XB1 9I2828I57 912828L99 9I2828Y53 US Gov US Gov US Gov US Gov United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury 05/15/2025 09/30/2022 10/31/2020 07/31/2020 09/30/2019 1,125,000.00 1,400,000.00 210,000.00 200,000.00 18,133,943.46 1,143,342.78 1,386,564.45 208,983.98 199,805.08 18,329,03796 1,156,815.00 1,406,944.00 209,031.90 199,798.00 18,452,102.66 21,154.09 2.125 1.597 14,660.03 1.750 1.580 (631.86) 1.375 1.806 (7.08) 1.957 2.110 161,899.09 AAA AAA AAA AAA 61,494,742.63 62,263,223.77 62,328,846.39 297,195.03 163 Page 9 of 37 164 INRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended Se a tember 30, 2019 ATTACHMENT 4 Base Base Change In Source Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Account Account Identifier Description Markel Value Base Purchases Base Sales Redemptions Base Pas dossns Gain/Loss ceretion Gain/Loss 256350018 MIM-RCTC 91 TIFIA Reserve 3137A6B27 FI MS K010 A2 254.432.65 Ending Base Ending Accrued Market Value Income Balance (1,159.11) (22.99) (1,090.55) 300.38 252,460.37 895.52 256350018 MN4-RCTC 91 TIFIA Reserve 912828E58 UNITED STATES TREASURY 1,506,855.00 (970.45) 970.45 1,506,855.00 5,370.24 256350018 MIM-RCTC 91 TIFIA Reserve 3138E7RP5 FN AL2293 156,612.74 - - - (728.09) (20.83) (757.14) 328.38 155,435.07 547.57 256350018 MN4-RCTC 91 TIFIA Reserve 31397UPF0 FNA 1 lM1 A3 321,934.67 - - - (15,940.16) (248.36) (748.43) 475.67 305,473.39 941.33 256350018 MIM-RCTC 91 TIFIA Reserve 3137AH6C7 RIMS K015 A2 356,979.00 - - - (12,320.41) (203.00) (742.47) (1,306.02) 342,407.10 908.92 256350018 MN4-RCTC 91 TIFIA Reserve 31381Q6B7 FN 468066 - 187,289.55 - - (560.55) (16.27) (741.84) 1,506.95 187,477.84 648.29 256350018 MIM-RCTC 91 TIFIA Reserve 3137A2B26 FI MS K009 A2 224,443.60 - - - (2,672.18) (27.68) (718.36) 552.09 221,577.48 695.99 256350018 MN4-RCTC 91 TIFIA Reserve 3137AJMF8 FHMS K016 A2 338,656.28 - - - (1,806.99) (26.67) (643.70) (377.40) 335,801.52 818.73 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADB2 FREDDIE MAC 507,385.00 (544.53) 859.53 507,700.00 2,572.92 256350018 MN4-RCTC 91 TIFIA Reserve 3137BM6P6 FHMS K721 A2 205,234.00 (471.50) (220.50) 204,542.00 515.00 256350018 MIM-RCTC 91 TIFIA Reserve 38378CNY9 GNR 127E MD 202,582.00 (469.63) 17.63 202,130.00 583.33 256350018 MN4-RCTC 91 TIFIA Reserve 3137F4D41 FHMS K074 A2 162,687.00 (356.43) 3,378.93 165,709.50 450.00 256350018 MIM-RCTC 91 TIFIA Reserve 31419AM53 FN AE0379 133,932.53 - - - (9,925.90) (352.88) (354.27) 149.81 123,449.29 546.77 256350018 MN4-RCTC 91 TIFIA Reserve 31381R5T7 FN 468958 104,491.57 (350.71) (135.10) 104,005.76 317.31 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1U75 FIMS KS01 A2 378,063.75 (349.27) 1,868.02 379,582.50 788.13 256350018 MN4-RCTC 91 TIFIA Reserve 3620ARB67 GN 737261 247,093.93 - - - (18,374.92) (663.24) (340.45) 831.87 228,547.18 732.39 256350018 MIM-RCTC 91 TIFIA Reserve 3137FBAJ5 FI MS KIR3 A2 210,864.00 (334.94) 5,768.94 216,298.00 546.83 256350018 MN4-RCTC 91 TIFIA Reserve 3137B1UG5 FHMS K027 A2 203,668.00 (315.34) 527.34 203,880.00 439.50 256350018 MIM-RCTC 91 TIFIA Reserve 36297GCD0 GN 711168 113,861.41 - - - (5,391.86) (226.17) (312.94) 421.38 108,351.82 394.24 256350018 MN4-RCTC 91 TIFIA Reserve 3137F4CY6 FHMS KBX1 Al 195,933.70 (284.29) 2,636.49 198,285.90 462.33 256350018 MIM-RCTC 91 TIFIA Reserve 3137E1E50 RIMS K026 A2 253,647.50 (278.30) 403.30 253,772.50 522.92 256350018 MN4-RCTC 91 TIFIA Reserve 3137ABFH9 FHMS Kelly A2 83,131.11 (265.22) 270.08 83,135.97 269.26 256350018 MIM-RCTC 91 TIFIA Reserve 3137ATRW4 RIMS K020 A2 302,151.00 (257.07) 719.07 302,613.00 593.25 256350018 MN4-RCTC 91 TIFIA Reserve 38374C4J7 GNR 0385G TW 256350018 MIM-RCTC 91 TIFIA Reserve 3137FGZN8 FHMS KIO2 A 99,323.32 - - - (26,538.36) (298.39) (251.55) (23.12) 72,211.90 327.20 334,226.86 (65,864.84) 23.88 (220.02) 819.50 268,985.38 108.70 256350018 MN4-RCTC 91 TIFIA Reserve 3137ABFH9 FHMS Kelly A2 69,789.08 - - - - - (218.60) 222.68 69,793.16 226.04 256350018 MIM-RCTC 91 TIFIA Reserve 3137E1E50 FHMS K026 A2 398,687.70 (204.63) 2,477.48 400,960.55 826.21 256350018 MN4-RCTC 91 TIFIA Reserve 3137AXHPI FHMS K024 A2 152,214.00 (188.86) 410.86 152,436.00 321.63 256350018 MIM-RCTC 91 TIFIA Reserve 3130AG5X9 FEDERAL HOME LOAN BANKS 500,365.00 - (500,045.00) - - (26.79) (184.62) (108.59) 256350018 MN4-RCTC 91 TIFIA Reserve 3136AHAE0 FNA 13M14 APT 138,449.50 - - - (2,978.32) (25.11) (178.33) 845.65 136,113.38 300.30 256350018 MIM-RCTC 91 TIFIA Reserve 3137AUPE3 RIMS K021 A2 201,652.00 (174.77) 442.77 201,920.00 399.33 256350018 MN4-RCTC 91 TIFIA Reserve 3137FL6P4 FHMS K089 A2 307,108.40 (167.01) (1,303.64) 305,637.75 816.52 256350018 MIM-RCTC 91 TIFIA Reserve 3138LFGP7 FN AN2905 310,207.03 (154.99) (1,220.04) 308,832.00 637.50 256350018 MN4-RCTC 91 TIFIA Reserve 38378BCG2 GNR 122 AB 151,295.57 (86,524.04) 546.92 (149.57) 433.97 65,602.84 115.56 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGFQ0 FNR 1392B A 209,875.78 - - - (22,630.15) (284.04) (133.59) 212.71 187,040.71 538.30 256350018 MN4-RCTC 91 TIFIA Reserve 3620C4SU5 GN 748531 112,011.85 - - - (7,954.07) (295.38) (129.44) 363.10 103,996.06 333.26 256350018 MIM-RCTC 91 TIFIA Reserve 3138151(78 FN 469617 - 86,832.40 - - (362.03) (6.01) (128.55) 593.34 86,929.14 235.92 256350018 MN4-RCTC 91 TIFIA Reserve 3136G4TH6 FEDERAL NATIONAL MORTGAGE ASSOCIATION 300,276.00 - - - - - (115.75) (1.25) 300,159.00 1,224.33 256350018 MIM-RCTC 91 TIFIA Reserve 3130AFFX0 FEDERAL HOME LOAN BANKS 222,450.00 (115.53) 545.53 222,880.00 2,437.50 256350018 MN4-RCTC 91 TIFIA Reserve 3620AFYR2 GN 728920 119,731.77 - - - (10,887.82) (353.20) (101.65) 302.13 108,691.23 348.41 256350018 MIM-RCTC 91 TIFIA Reserve 912828L57 UNITED STATES TREASURY 1,006,210.94 - - - - (100.42) (1,150.52) 1,004,960.00 47.81 256350018 MN4-RCTC 91 TIFIA Reserve 912828XEI UNITED STATES TREASURY 462,076.17 (98.37) 748.20 462,726.00 3,611.92 256350018 MIM-RCTC 91 TIFIA Reserve 31397ALN1 FHR 3196C FA 224,725.74 (34,093.50) 19.85 (86.45) 38.07 190,603.70 201.34 256350018 MN4-RCTC 91 TIFIA Reserve 3137BP4K2 FHMS KIR1 A2 210,125.00 (79.20) (743.80) 209,302.00 474.83 256350018 MIM-RCTC 91 TIFIA Reserve 3137133FM FHR 4231C FB 120,684.25 (18,954.07) 58.02 (75.86) (115.76) 101,596.59 111.39 256350018 MN4-RCTC 91 TIFIA Reserve 3620A9T35 GN 723370 206,108.12 (22,477.18) (729.14) (71.58) 377.60 183,207.82 587.28 256350018 MIM-RCTC 91 TIFIA Reserve 3138L2QG5 FN AM2254 280,778.08 (68.00) (496.36) 280,213.72 663.71 256350018 MN4-RCTC 91 TIFIA Reserve 38376V2E6 GNR 1019B UA 132,881.64 - - (3,221.05) (130.72) (60.50) 1,196.18 130,665.56 41491 256350018 MIM-RCTC 91 TIFIA Reserve 3137FNAD2 FHMS K095 Al 152,993.70 - - (139.24) (2.75) (59.39) 2,916.01 155,708.33 328.57 256350018 MN4-RCTC 91 TIFIA Reserve 3136A7MN9 FNA 12M8 A2 159,703.96 - - (316.74) (2.58) (55.51) 135.23 159,464.35 309.54 256350018 MIM-RCTC 91 TIFIA Reserve 38377REV3 GNR 10158C HA 93,571.36 - - (5,772.35) (111.97) (50.95) 120.28 87,756.37 250.77 256350018 MN4-RCTC 91 TIFIA Reserve 3138LFP5l FN AN3143 207,601.56 (48.00) (1,715.56) 205,838.00 428.33 256350018 MIM-RCTC 91 TIFIA Reserve 38376PRM4 GNR 09118C YE 50,523.85 (13,587.40) (64.19) (46.60) (37.74) 36,787.93 121.83 256350018 MN4-RCTC 91 TIFIA Reserve 38376GY53 GNR 1195 C 70,929.52 - - (688.81) (2.10) (39.14) 180.90 70,380.38 205.73 256350018 MIM-RCTC 91 TIFIA Reserve 3137BDKF2 FHR 4384A LA 55,137.82 - - (1,330.15) (29.32) (26.85) 321.92 54,073.43 153.45 256350018 MN4-RCTC 91 TIFIA Reserve 313500022 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 227,610.00 (227,245.50) - - (338.41) (26.09) 256350018 MIM-RCTC 91 TIFIA Reserve 3137BDKF2 FHR 4384A LA 26,035.38 (1,821.40) (33.33) (21.84) 37.50 24,196.31 68.66 256350018 MN4-RCTC 91 TIFIA Reserve 3138EKXL4 FN AL3382 52,557.75 - - (103.85) (1.17) (21.77) 39.40 52,470.37 101.71 256350018 MIM-RCTC 91 TIFIA Reserve 38378WUY7 GNR 13124F CP 203,637.52 (21,039.12) (32.11) (19.93) (246.90) 182,299.47 377.66 256350018 MN4-RCTC 91 TIFIA Reserve 3136AGZA3 FNR 13101E A 34,541.61 (2,593.41) (17.51) (17.07) (29.65) 31,883.97 78.84 256350018 MIM-RCTC 91 TIFIA Reserve 38378TAF7 GNR 1371A GA 123,557.15 - - (3,480.88) (6.41) (10.61) 930.29 120,989.54 249.68 256350018 MN4-RCTC 91 TIFIA Reserve 3137BSRZ8 FHMS KJ09 A2 207,494.15 (20,015.53) (382.35) (9.44) 743.14 187,829.97 435.09 256350018 MIM-RCTC 91 TIFIA Reserve 383797M99 GNR 1545E AG 58,727.15 (5.37) 408.85 59,130.63 121.56 256350018 MN4-RCTC 91 TIFIA Reserve 31846V401 FIRST AMER:GVT OBLG D 5,093,730.60 4,878,844.09 (9,691,526.44) - - - - - 281,048.25 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Cash 489.16 256350018 MN4-RCTC 91 TIFIA Reserve CCYUSD Payable (5,029,416.31) - - - - - - - (224,772.81) 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Receivable 14,925.35 256350018 MN4-RCTC 91 TIFIA Reserve 3134GTED FEDERAL HOME LOAN MORTGAGE CORP 600,000.00 - - (600,000.00) 256350018 MIM-RCTC 91 TIFIA Reserve 912828Y53 UNITED STATES TREASURY - 224,780.71 - - - - - (7.96) 224,772.75 776.10 256350018 MN4-RCTC 91 TIFIA Reserve 62888VAA6 NGN 10R1 IA 24,478.11 (2,594.34) 1.12 2.09 (31.21) 21,855.76 40.64 256350018 MIM-RCTC 91 TIFIA Reserve 38377QKH9 GNR 1118A PG 57,418.44 - - (1,352.40) (24.86) 10.40 145.98 56,197.56 137.60 256350018 MN4-RCTC 91 TIFIA Reserve 912828Y53 UNITED STATES TREASURY - 349,618.21 (349,617.84) - - (16.18) 15.81 256350018 MIM-RCTC 91 TIFIA Reserve 912828Y53 UNITED STATES TREASURY 799,152.00 - (799,175.58) - - (598.59) 23.32 598.85 256350018 MN4-RCTC 91 TIFIA Reserve 3130AFEN3 FEDERAL HOME LOAN BANKS 599,712.00 - (599,646.00) - - (133.44) 31.51 35.93 256350018 MIM-RCTC 91 TIFIA Reserve 38378KWU9 GNR 1396 A 35,430.09 - - (1,170.06) 52.91 37.17 832.96 35,183.06 41.91 256350018 MN4-RCTC 91 TIFIA Reserve 38377YTL4 GNR 11136D GA 233,591.33 (18,077.56) 220.37 39.97 626.54 216,400.65 364.93 256350018 MIM-RCTC 91 TIFIA Reserve 3137AS7D0 FHR 4084A TC 221,223.40 (22,755.37) 169.58 46.76 (1,235.09) 197,449.28 329.23 256350018 MN4-RCTC 91 TIFIA Reserve 3137B6DF5 FHA 4272E YG 201,218.78 (13,040.43) 135.69 79.99 334.50 188,728.54 313.69 256350018 MIM-RCTC 91 TIFIA Reserve 3136ADFF1 FNR 1336D KC 153,491.76 (19,637.25) 280.34 97.17 181.69 134,413.71 169.69 256350018 MIM-RCTC 91 TIFIA Reserve 9128285W6 UNITED STATES TREASURY 150,352.36 119.20 388.55 150,860.12 263.82 256350018 MIM-RCTC 91 TIFIA Reserve 3136A5KR6 FNR 1231G AD 221,478.92 (28,654.81) 207.13 130.59 244.77 193,406.59 283.36 256350018 MN4-RCTC 91 TIFIA Reserve 38378KWU9 GNR 1396 A 60,513.90 (1,989.10) 84.24 135.67 1,066.50 59,811.21 71.25 256350018 MIM-RCTC 91 TIFIA Reserve 38378NWU3 GNR 1417A AM 170,070.80 (1,112.90) (15.76) 144.01 899.76 169,985.91 350.56 256350018 MN4-RCTC 91 TIFIA Reserve 38378BSZ3 GNR l253AA 253,558.95 (3,392.77) 19.19 157.51 436.43 250,779.30 449.26 165 Page 10 of 37 INRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended Se a tember 30, 2019 Source Account Account Identifier Description Beginning Base Markel Value Base Purchases Base Sales Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Redemptions Base Pa ',downs Gain/Loss eeretion Gain/Loss Ending Base Ending Accrued Market Value Income Balance 256350018 MIM-RCTC 91 TIFIA Reserve 256350018 MN4-RCTC 91 TIFIA Reserve 3137AWQG3 RIMS K023 Al 38378KW47 GNR 13138 A 334,613.06 313,379.37 (27,947.34) 300.09 (7,455.28) 40.78 269.67 323.78 667.50 137.61 307,902.98 306,426/6 408.42 550.98 256350018 MIM-RCTC 91 TIFIA Reserve 9128285W6 UNITED STATES TREASURY 127,807.73 333.27 1,167.68 129,308.67 226.13 256350018 MN4-RCTC 91 TIFIA Reserve 256350018 MIM-RCTC 91 TIFIA Reserve 9128286N5 UNITED STATES TREASURY 38378BXQ7 GNR 1289 A 262,155.22 298,693.33 (21,238.52) 211.64 388.41 653.13 (550.99) (309.54) 298,530.75 241,471.92 681.08 311.76 256350018 MN4-RCTC 91 TIFIA Reserve 3137EADR7 FREDDIE MAC 497,145.00 (323,880.38) 326.85 753.85 I40.18 174,485.50 1,002.60 256350018 MIM-RCTC 91 TIFIA Reserve 3135GOD75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 646,685.00 902.87 598.64 648,186.50 2,681.25 256350018 MN4-RCTC 91 TIFIA Reserve 3138EJPZ5 FN AL2239 308,302.03 (79,572.88) (1,453.06) 1,087.96 62.54 228,426.59 562.11 256350018 MIM-RCTC 91 TIFIA Reserve 912828V49 UNITED STATES TREASURY 308,833.83 1,188.57 1,165.41 311,187.80 244.81 256350018 MN4-RCTC 91 TIFIA Reserve 912828L99 UNITED STATES TREASURY 1,291,576.00 1,447.97 983.03 1,294,007.00 7,480.30 256350018 MIM-RCTC 91 TIFIA Reserve 3133841(N FEDERAL HOME LOAN BANKS 998,470.00 (1,000,000.00) 1,524.31 5.69 256350018 MN4-RCTC 91 TIFIA Reserve 912828276 UNITED STATES TREASURY 998,280.00 (1,000,000.00) 1,601.56 118.44 256350018 MIM-RCTC 91 TIFIA Reserve 912828UH1 UNITED STATES TREASURY 660,398.87 3,018.59 (2,338.77) 661,078.68 176.69 19,985,164.61 11,110,476.14 (12,491,136.74) (2,600,000.00) (692,245.49) (4,524.39) (1,049.10) 34,983.23 20,130,897.26 57,020.29 256350021 MN4-RCTC 2013 Residual Fund 61747WAF6 MORGAN STANLEY 105,033.00 (706.37) 311.37 104,638.00 1,054.17 256350021 MIM-RCTC 2013 Residual Fund 38141EA58 GOLDMAN SACHS GROUP INC 102,058.00 (680.43) 60.43 101,438.00 238.89 256350021 MN4-RCTC 2013 Residual Fund 61747WAF6 MORGAN STANLEY 105,033.00 (679.05) 284.05 104,638.00 1,054.17 256350021 MIM-RCTC 2013 Residual Fund 06051GEC9 BANK OF AMERICA CORP 103,238.00 (572.21) (0.79) 102,665.00 1,406.25 256350021 MN4-RCTC 2013 Residual Fund 06051GEC9 BANK OF AMERICA CORP 103,238.00 (570.98) (2.02) 102,665.00 1,406/5 256350021 MIM-RCTC 2013 Residual Fund 38141EA58 GOLDMAN SACHS GROUP INC 102,058.00 (516.84) (103.16) 101,438.00 238.89 256350021 MN4-RCTC 2013 Residual Fund 3137ABFH9 FHMS KAN A2 211,419.86 (440.14) 452.50 211,432.22 684.78 256350021 MIM-RCTC 2013 Residual Fund 3137AYCE9 FHMS K025 A2 367,790.63 (330.94) (263.29) 367,196.40 804.60 256350021 MN4-RCTC 2013 Residual Fund 31381QB54 FN 467260 102,627.69 (564.25) (7.72) (279.99) (184.71) 101,591.02 364.81 256350021 MIM-RCTC 2013 Residual Fund 31397UPF0 FNA 11M1 A3 160,967.34 (7,970.09) (96.36) (265.17) 100.98 152,736.70 470.66 256350021 MN4-RCTC 2013 Residual Fund 46625HHS2 1PMORGAN CHASE & CO 102,220.00 (102,220.00) 1,192.87 (174.80) (1,018.07) 256350021 MIM-RCTC 2013 Residual Fund 256350021 MN4-RCTC 2013 Residual Fund 31358TPC7 FNR G935 F 38013FAD3 GMCAR 184 A3 112,389.53 76,374.02 (13,525.82) (31.17) (155.73) (127.46) 136.68 80.94 98,813.49 76,327.50 47.10 100.31 256350021 MIM-RCTC 2013 Residual Fund 912828L57 UNITED STATES TREASURY 529,778.32 (114.36) (2,059.96) 527,604.00 25.10 256350021 MN4-RCTC 2013 Residual Fund 3620ARB67 GN 737261 80,923.26 (6,017.79) (217.21) (111.50) 272.44 74,849.20 239.86 256350021 MIM-RCTC 2013 Residual Fund 38377REV3 GNR 10158C HA 187,142.71 (11,544.69) (223.95) (10191) 240.57 175,512.73 501.54 256350021 MN4-RCTC 2013 Residual Fund 3134GTAE3 FEDERAL HOME LOAN MORTGAGE CORP 550,671.00 (550,000.00) (97.45) (573.55) 256350021 MIM-RCTC 2013 Residual Fund 256350021 MN4-RCTC 2013 Residual Fund 3137A1N90 FHMS K008 A2 86787EAS6 SUNTRUST BANK 65,514.15 100,179.00 (1,118.51) (2.21) (96.05) (84.52) (34.52) 21.52 64,262.86 100,116.00 187.97 479.73 256350021 MIM-RCTC 2013 Residual Fund 17305E.GK5 CCCIT 18A1 Al 100,625.00 (78.81) 189.81 100,736.00 491.08 256351)021 MIM-RCTC 2013 Residual Fund 31381RZ23 FN 468861 62.553.87 (335.851 (3.581 (78.381 (92.631 62.043.43 193.66 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 256350021 MIM-RCTC 2013 Residual Fund 46625HHS2 MN4-RCTC 2013 Residual Fund 3136AMM48 MIM-RCTC 2013 Residual Fund 31381RLL6 MN4-RCTC 2013 Residual Fund 912828L57 MIM-RCTC 2013 Residual Fund 31394GUX9 MN4-RCTC 2013 Residual Fund 31381SVJ8 MIM-RCTC 2013 Residual Fund 912828L57 MN4-RCTC 2013 Residual Fund 3137ATRW4 MIM-RCTC 2013 Residual Fund 31416BV11.6 MN4-RCTC 2013 Residual Fund 62888UAB6 MIM-RCTC 2013 Residual Fund 87165LBB6 MN4-RCTC 2013 Residual Fund 69371RP34 MIM-RCTC 2013 Residual Fund 86564FXA6 MN4-RCTC 2013 Residual Fund 3138EKXL4 MIM-RCTC 2013 Residual Fund 912828Y53 MN4-RCTC 2013 Residual Fund 51500VCC1 MIM-RCTC 2013 Residual Fund 459058GK3 MN4-RCTC 2013 Residual Fund 3137APP61 MIM-RCTC 2013 Residual Fund 912828Y53 MN4-RCTC 2013 Residual Fund 459058GK3 MIM-RCTC 2013 Residual Fund 3137A5FP4 MN4-RCTC 2013 Residual Fund 62888VAA6 MIM-RCTC 2013 Residual Fund 62888VAA6 MN4-RCTC 2013 Residual Fund 62888VAA6 MIM-RCTC 2013 Residual Fund 38378CDK0 MN4-RCTC 2013 Residual Fund 459058GK3 MIM-RCTC 2013 Residual Fund 3138L81123 MN4-RCTC 2013 Residual Fund 31846V401 MIM-RCTC 2013 Residual Fund CCYUSD MN4-RCTC 2013 Residual Fund CCYUSD MIM-RCTC 2013 Residual Fund CCYUSD MN4-RCTC 2013 Residual Fund 56052FHZ1 MIM-RCTC 2013 Residual Fund 658886DZ6 MN4-RCTC 2013 Residual Fund 459058GK3 MIM-RCTC 2013 Residual Fund 3134GTBJ1 MN4-RCTC 2013 Residual Fund 86787EBD8 MIM-RCTC 2013 Residual Fund 14913Q2X6 MN4-RCTC 2013 Residual Fund 025816CE7 MIM-RCTC 2013 Residual Fund 072024W W8 MN4-RCTC 2013 Residual Fund 4581XOCZ9 MIM-RCTC 2013 Residual Fund 26209AAE1 MN4-RCTC 2013 Residual Fund 477870AB5 MIM-RCTC 2013 Residual Fund 14315PAB1 MN4-RCTC 2013 Residual Fund 47789JAB2 MIM-RCTC 2013 Residual Fund 05531FBM MN4-RCTC 2013 Residual Fund 3136A72D3 MIM-RCTC 2013 Residual Fund 65478LAB5 JPMORGAN CHASE & CO FNA 15M4B AV2 FN 468431 UNITED STATES TREASURY FHR 2666B OD FN 469617 UNITED STATES TREASURY FHMS K020 A2 FN 995324 NGN 10R2 2A SYNCT 162 A PACCAR FINANCIAL CORP Sumitomo Mitsui Trust Bank LW. (New York Branch) FN AL3382 UNITED STATES TREASURY Landesbank Hessen -Thuringen Gimzentrale INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM FHMS K018 A2 UNITED STATES TREASURY INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM FHR 3791E DA NGN 10R1 IA _ NGN I0R1 IA NGN 10R1 IA GNR 111690 AK INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM FN AM7448 FIRST AMER:GVT OBLG D Cash Payable Receivable MAINE ST HSG AUTH MTG PUR NORTH DAKOTA ST HSG FIN AGY MTG REV INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM FEDERAL HOME LOAN MORTGAGE CORP SUNTRUST BANK CATERPILLAR FINANCIAL SERVICES CORP AMERICAN EXPRESS CO BAY AREA TOLL AUTH CALIF TOLL BRDG REV INTER-AMERICAN DEVELOPMENT BANK DRIVE 194 B 1DOT 19B A2 CARMX 193 A2A 1DOT 2019 A2 BB&T CORP FNA 12M9 A2 NALT 19B A2A 344,634.30 500,020.00 220,072.60 299,682.00 65,021.45 31,117.22 76,154.10 31,277.57 40,796.84 30,038.14 15,004.95 68,563.52 48,056.65 8,737.50 100,000.00 100,000.00 15,004.95 500,000.00 50,078.00 120,289.20 100,395.00 105,618.45 40,888.00 - (40,888.00) - - 452.32 (74.17) (378.14) 370,036.54 - - (14,720.03) (79.78) (73.82) 1,506.75 54,233.97 - - - (271.20) (2.84) (73.05) (91.29) 277,545.90 - - - - (69.44) (1,112.46) 35,450.43 - - (2,180.92) (91.49) (64.21) 298.83 87,595.32 - - - (551.95) (2.11) (57.52) (54.61) 423,035.16 - - - - (54.43) (897.53) 101,109.38 - - - - (51.05) (187.33) 20,953.19 - - - (6,955.27) (58.41) (39.02) 48.18 169,840.10 - - - (7,708.98) (8.74) (37.76) 178.59 160,387.50 - - - - (32.65) 176.35 200,264.00 - - - - (31.12) (116.88) 600,028.33 - (600,000.00) - - (28.33) 56,061.60 - - (110.77) (1.25) (23.22) - - - (18.53) (500,000.00) - - (11.87) (10.73) 15,244.92 - - - - (7.02) - - - - - (5.77) - - (5.52) - - - (3,063.45) (2.85) (3.34) (68,001.00) - (8,071.29) 17.54 (293) - (27,928.98) - (3,314.99) 3.02 (1.93) (_36429.10) - (432390) 8.66 (1.70) 12,312,905.75 (11,648,142.63) 95,000.00 652,067.00 79,989.10 89,999.66 119,994.61 164,877.90 7,354.83 79,993.00 (500,000.00) (7,517.32) (21.36) (1.26) (0.76) (379.40) 1.15 (0.70) (745.97) 43.88 (4.30) 0.16 0.22 0.65 0.98 1.39 1.41 1.46 42.03 35.78 (8.13) 52.53 (45.30) 20.77 17.87 25.32 (96.43) (34.69) (5099) 9.46 3.61 11.14 2.85 (43.88) 47.50 (14.40) (75.00) 186.20 (149.50) (89.26) 207.12 259.14 (135.38) 23.36 32.94 131.94 356,669.66 53,795.60 276,364.00 33,412.64 86,929.13 422,083.20 100,871.00 13,948.66 162,263.21 160,531.20 200,116.00 55,968.39 344,651.55 220,114.40 15,192.60 299,697.00 65,033.80 28,072.90 0.01 22,507.65 15,007.80 68,195.70 712,819.77 (0.00) (651,917.62) 100,000.00 100,000.00 15,007.80 50,125.50 120,274.80 100,320.00 95,186.20 651,917.50 79,900.00 90,207.00 120,254.40 105,484.05 164,902.65 6,638.91 80,126.40 738.58 167.92 13.15 145.86 235.92 20.08 197.75 56.35 303.59 157.16 678.06 108.49 1,190.02 598.34 34.86 1,034.80 176.78 58.30 56.11 40.80 155.39 869.04 558.70 40.80 162.07 360.30 321.53 28.08 568.75 64.42 91.20 117.87 133.00 151.25 13.58 80.71 256350021 MN4-RCTC 2013 Residual Fund 9128285H9 UNITED STATES TREASURY 499,265.00 (99,849.16) - - (148.99) 1.59 99.56 399,368.00 1,381.11 166 Page 11 of 37 INRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended Se a tember 30, 2019 Source Account Account Identifier ReSCHpllon Beginning Base Markel Value Base Purchases Base Sales Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Redemptions Base Pavdowns Gain/Loss ceretlon Gain/Loss Ending Base Ending Accrued Market Value Income Balance 256350021 MIM-RCTC 2013 Residual Fund 89114QAS7 TORONTO-DOMINION BANK 100,000.00 (100,000.00) 1.59 (1.59) 256350021 M1M-RCTC 2013 Residual Fund 89114QAS7 TORONTO-DOMINION BANK 100,000.00 (100,000.00) 1.63 (1.63) 256350021 MIM-RCTC 2013 Residual Fund 31680YAB3 FITAT 191 A2A 155,674.25 1.97 (74.82) 155,601.40 183.24 256350021 M1M-RCTC 2013 Residual Fund 3137A1LC5 FHB. 371OF AB 5,946.93 (2,587.53) 5.48 2.60 5.30 3,372.78 5.63 256350021 MIM-RCTC 2013 Residual Fund 65479AAD4 NALT 17A A3 17,994.27 (18 003.45) 4.85 2.65 1.68 256350021 M1M-RCTC 2013 Residual Fund 055657AC4 BMWLT 171 A3 24,510.99 (24,522.76) 2.45 3.88 5.44 256350021 MIM-RCTC 2013 Residual Fund 31418CQM9 FN MA3159 61,581.47 4.21 (101.42) 61,484.25 150.13 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 369550BA5 GENERAL DYNAMICS CORP 314016DU8 FN BM1914 3136A72D3 FNA 12M9 A2 25,124.00 218,109.17 33,098.00 (25,124.50) (4,528.09) (3,356.89) 158.88 (30.71) (19.47) 4.36 5.64 6.39 (162.74) 675.83 147.08 214,231.84 29,875.12 441.93 61.12 256350021 MIM-RCTC 2013 Residual Fund 637432MU6 NATIONAL RURAL UTRATIES COOP FINANCE CORP 200,118.00 7.39 188.61 200,314.00 1,383.89 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 04056BVF4 Arizona Public Service Company 3137APP53 RIMS K018 Al 6,988.16 124,992.43 (125,000.00) (5,334.62) 39.45 7.57 7.60 (20.02) 1,680.57 2.50 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 3130AGE68 FEDERAL HOME LOAN BANKS 31418AU48 FN MA1502 750,217.50 70,877.71 (63,483.94) (750,000.00) (7,292.07) 169.24 887.39 7.74 7.85 (394.48) (996.94) 256350021 M1M-RCTC 2013 Residual Fund 65479AAD4 NALT 17A A3 10,796.56 (10,802.07) 15.16 8.27 (17.92) 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 38378AWX5 GNR 11157E QA 3138L2GH4 FN AM1999 24,281.81 34,529.13 (4,005.18) (148.55) 0.79 8.47 10.16 0.44 149.92 20,268.43 34,541.45 50.37 53.87 256350021 MIM-RCTC 2013 Residual Fund 172967LC3 CITIGROUP INC 252,592.50 14.55 1,080.45 253,687.50 2,275.69 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 3137B1UF7 FHMS K027 Al 254010AC5 DIGNIFY HEALTH 15,408.00 23,974.08 (1,196.95) 12.86 16.00 16.04 19.45 10.36 14,259.36 24,000.48 21.25 263.70 256350021 M1M-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,979.00 (19,980.40) 76.39 16.09 (91.07) 256350021 MIM-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,979.00 (19,980.40) 77.04 16.20 (91.83) 256350021 M1M-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,979.00 (19,980.40) 77.47 16.27 (92.34) 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 31282/IMPP2 FH G18429 172967LC3 CITIGROUP INC 249,547.47 202,074.00 (16,781.17) 73.70 18.37 20.15 (14.94) 855.85 232,843.44 202,950.00 480.08 1,820.56 256350021 MIM-RCTC 2013 Residual Fund 31282/IMPY3 FH G18438 226,032.75 (12392.78) 54.00 22.10 20.05 213,736.12 440.66 256350021 M1M-RCTC 2013 Residual Fund 3137AWQG3 FHMS K023 Al 20,913.32 (1,746.71) 24.75 22.77 29.81 19,243.94 25.53 256350021 MIM-RCTC 2013 Residual Fund 04056BVC1 Arizona Public Service Company 139,974.33 (140,000.00) 25.67 256350021 M1M-RCTC 2013 Residual Fund 3137AXHN6 FHMS K024 Al 26,639.32 (2,375.11) 23.12 27.40 30.50 24,345/4 35.58 256350021 MIM-RCTC 2013 Residual Fund 3138L1W62 FN AM1568 126,096.02 (590.66) 3.32 30.10 3.75 125,542.53 262.33 256350021 M1M-RCTC 2013 Residual Fund 3137GAUY1 FHA 3737J MA 164,307.59 (3,459.44) 36.13 31.O1 1,049.97 161,965.26 203.20 256350021 MIM-RCTC 2013 Residual Fund 369550BA5 GENERAL DYNAMICS CORP 200,992.00 (200,996.00) 1,241.16 31.10 (1,268.26) 256350021 M1M-RCTC 2013 Residual Fund 05916SVE7 Baltimore Gas and Electric Company 499,968.75 (500,000.00) 31.25 256350021 MIM-RCTC 2013 Residual Fund 46625HKA7 JPMORGAN CHASE & CO 99,969.00 (100,055.00) 142.89 33.68 (90.56) 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 3136A5KR6 FNR 1231G AD 31677QBK4 FIFTH THIRD BANK (OHIO) 112,954.25 199,788.00 (14,613.94) 164.54 34.31 36.50 98.20 549.50 98,637.36 200,374.00 144.51 1,845.56 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 3137A2PV7 FHB. 3760D BA 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 32,676.99 99,895.00 (99,902.00) (2,265.26) 38.65 139.13 37.46 40.17 (29.37) (172.31) 30,458.46 37.95 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 3137AWQG3 FHMS K023 Al 9128285H9 UNITED STATES TREASURY 31,369.97 399,412.00 (2,620.06) 38.45 45.01 46.18 32.53 (90.18) 28,865.90 399,368.00 38.29 1,381.11 256350021 M1M-RCTC 2013 Residual Fund 375558BB8 GILEAD SCIENCES INC 35,102.90 48.60 17.20 35,168.70 74.38 256350021 MIM-RCTC 2013 Residual Fund 65478DAD9 NAROT 18A A3 85,443.70 50.42 (92.07) 85,402.05 100.11 256350021 M1M-RCTC 2013 Residual Fund 06051GFN4 BANK OF AMERICA CORP 99,983.00 52.51 71.49 100,107.00 1,000.00 256350021 MIM-RCTC 2013 Residual Fund 912828Y53 UNITED STATES TREASURY 754,199.70 55.53 (17.78) 754,237.45 2,604.25 256350021 M1M-RCTC 2013 Residual Fund 90331HNP4 US BANK NA 254,535.00 58.97 (511.47) 254,082.50 3,390.63 256350021 MIM-RCTC 2013 Residual Fund 31397LIJK3 FNR 0845C DB 166,093.41 (24,302.54) (302.71) 66.65 (388.26) 141,166.55 517.70 256350021 M1M-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 29,854.80 67.82 16.48 29,939.10 85.29 256350021 MIM-RCTC 2013 Residual Fund 05531FAU7 BB&T CORP 250,515.00 73.46 294.04 250,882.50 1,677.08 256350021 M1M-RCTC 2013 Residual Fund 3137B2GW4 FHMS K713 A2 96,255.99 (4,508.86) 13.21 77.96 (16.27) 91,822.03 177.16 256350021 MIM-RCTC 2013 Residual Fund 94974BGM6 WELLS FARGO & CO 200,658.00 80.95 205.05 200,944.00 996.67 256350021 M1M-RCTC 2013 Residual Fund 912828V V9 UNITED STATES TREASURY 50,117.00 85.82 (79.82) 50,123.00 90.49 256350021 MIM-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 99,895.00 (99,902.00) 426.31 87.84 (507.15) 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 2333610(Q° DTE Electric Company 38375CBH2 GNR 1257F LD 65,426.00 399,400.00 (40,324.14) 93.72 88.89 90.03 7.11 22.12 399,496.00 25,307.73 26.41 256350021 M1M-RCTC 2013 Residual Fund 161571FK5 CRAFT 124 A 114,881.55 (115,000.00) 94.26 24.19 256350021 MIM-RCTC 2013 Residual Fund 780082AC7 ROYAL BANK OF CANADA 100,048.00 105.73 (88.73) 100,065.00 974.17 256350021 M1M-RCTC 2013 Residual Fund 21201CX43 Continental Rubber of America, Corp. 474,796.80 116.11 11.09 474,924.00 256350021 MIM-RCTC 2013 Residual Fund 38378KW47 GNR 13138 A 121,112.80 (2,881.26) 15.75 125.13 53.18 118,425.61 212.94 256350021 M1M-RCTC 2013 Residual Fund 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 99,849.00 (100,000.00) 126.53 24.47 256350021 MIM-RCTC 2013 Residual Fund 05584PAD9 BMWLT 172 A3 144,071.39 (44,317.35) 98.87 136.76 (38.75) 99,950.92 63.22 256350021 M1M-RCTC 2013 Residual Fund 21687BXM8 Coaperatieve Rabobank U.A., New York Branch 424,389.18 140.96 6.61 424,536.75 256350021 MIM-RCTC 2013 Residual Fund 69353RFH6 PNC BANK NA 250,837.50 141.65 583.35 251,562.50 1,197.92 256350021 M1M-RCTC 2013 Residual Fund 69372BXU9 PACCAR Financial Corp. 424,220.83 141.67 8.50 424,371.00 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 39,706.40 141.82 (18.62) 39,829.60 188.32 256350021 M1M-RCTC 2013 Residual Fund 93884FX98 Washington Gas Light Company 424,652.92 148.75 11.33 424,813.00 256350021 M1M-RCTC 2013 Residual Fund 53154MXH2 Liberty Utilities Co. 474,368.25 474,582.00 256350021 M1M-RCTC 2013 Residual Fund 375558BB8 GILEAD SCIENCES INC 100,294.00 100,482.00 256350021 M1M-RCTC 2013 Residual Fund 69,980.40 70,016.80 256350021 M1M-RCTC 2013 Residual Fund 912828UH1 UNITED STATES TREASURY 33,019.94 33,053.93 256350021 M1M-RCTC 2013 Residual Fund 40428HPN6 HSBC USA INC (NEW) 99,973.00 100,022.00 256350021 M1M-RCTC 2013 Residual Fund 249,897.50 250,185.00 1,000.00 256350021 M1M-RCTC 2013 Residual Fund 46640QU82 J.P. Morgan Securities LLC 374,827.50 (375,000.00) 256350021 M1M-RCTC 2013 Residual Fund 97684HU82 Wisconsin Public Service Corporation 374,827.50 (375,000.00) 256350021 M1M-RCTC 2013 Residual Fund 06416CAC2 BANK OF NOVA SCOTIA 99,655.00 99,985.00 256350021 M1M-RCTC 2013 Residual Fund 120,753.16 120,904.41 256350021 M1M-RCTC 2013 Residual Fund 06367TPX2 BANK OF MONTREAL 99,888.00 100,008.00 256350021 M1M-RCTC 2013 Residual Fund 06367TPX2 BANK OF MONTREAL 99,888.00 256350021 M1M-RCTC 2013 Residual Fund 04056BVK3 Arizona Public Service Company 499,786.11 (500,000.00) 256350021 MISI-RCTC 2013 Residual Fund 912828L57 UNITED STATES TREASURY 100,070.00 256350021 M1M-RCTC 2013 Residual Fund 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 99,849.00 (100,000.00) 256350021 MIM-RCTC 2013 Residual Fund 02587AA.13 99,796.00 256350021 M1M-RCTC 2013 Residual Fund 69350BUBO PPG Industries, Inc. 324,785.50 (325,000.00) 256350021 MIM-RCTC 2013 Residual Fund 3138L2GH4 FN AM1999 91,168.11 167 Page 12 of 37 INRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended Se a tember 30, 2019 Source Account Account Identifier DCBcrlption Beginning Base Markel Value Base Purchases Base Sales Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Redemptions Base Pavdowns Gain/Loss ceretlon Gain/Loss Ending Base Ending Accrued Market Value Income Balance 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 92780KVD7 Virginia Electric and Power Company 9128286N5 UNITED STATES TREASURY 499,746.67 212,282.49 (500,000.00) 256350021 MIM-RCTC 2013 Residual Fund 9128286N5 UNITED STATES TREASURY 211,448.22 253.33 260.45 (1,512.58) 211,030.35 481.45 264.34 (682.20) 211,030.35 481A5 256350021 M1M-RCTC 2013 Residual Fund 780082AC7 ROYAL BANK OF CANADA 100,048.00 278.46 (261.46) 100,065.00 974.17 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 69,486.20 278.48 (62.88) 69,701.80 329.55 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 71112KUH2 The Peoples Gas Light and Coke Company 912828E58 UNITED STATES TREASURY 06416CAC2 BANK OF NOVA SCOTIA 266,211.05 99,655.00 474,709.06 (475,000.00) 290.94 304.33 329.80 (304.33) 0.20 266,211.05 99,985.00 948.74 807.29 256350021 MIM-RCTC 2013 Residual Fund 17401QAN1 Citizens Bk PA 249,512.50 330.76 691.74 250,535.00 2,359.38 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 50000EV84 Koch Industries, Inc. 912828UH1 UNITED STATES TREASURY 66,039.89 299,668.50 (300,000.00) 331.50 352.62 (284.63) 66,107.87 17.67 256350021 M1M-RCTC 2013 Residual Fund 17275REG6 CISCO SYSTEMS INC 149,677.50 (150,000.00) 387.00 (64.50) 256350021 MIM-RCTC 2013 Residual Fund 04056BUH1 Arizona Public Service Company 399,612.67 (400,000.00) 387.33 256350021 M1M-RCTC 2013 Residual Fund 43814TAD4 HARDT 171 A4 199,756.00 418.95 (184.95) 199,990.00 113.89 256350021 MIM-RCTC 2013 Residual Fund 49327M2P8 KEYBANK NA 249,695.00 (250,000.00) 445.15 (140.15) 256350021 M1M-RCTC 2013 Residual Fund 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 50000EX33 Koch Industries, Inc. 38378BXQ7 GNR 1289 A 912828V V9 UNITED STATES TREASURY 194,189.05 461,076.40 374,490.00 (15,732.24) 156.77 467.50 483.80 485.14 1.25 (229.29) (429.94) 374,958.75 178,868.09 461,131.60 230.94 832.49 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 134,009.10 496.33 (80.53) 134,424.90 635.56 256350021 M1M-RCTC 2013 Residual Fund 912828E58 UNITED STATES TREASURY 286,302A5 550.65 (550.65) 286,302.45 1,020.35 256350021 MIM-RCTC 2013 Residual Fund 06406FAB9 BANK OF NEW YORK MELLON CORP 199,596.00 606.89 (52.89) 200,150.00 1,685.56 256350021 M1M-RCTC 2013 Residual Fund 23337UX79 DTE Gas Company 424,202.18 643.40 14.17 424,859.75 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 55279HAN0 MANUFACTURERS AND TRADERS TRUST CO 198,532.00 249,537.50 676.67 722.87 (60.67) (107.87) 199,148.00 250,152.50 941.58 626.39 256350021 MIM-RCTC 2013 Residual Fund 69353RFC7 PNC BANK NA 249,335.00 745.83 (170.83) 249,910.00 1,833.33 256350021 M1M-RCTC 2013 Residual Fund 97684HV57 Wisconsin Public Service Corporation 399,244.00 (400,000.00) 756.00 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 233,862.60 790.59 (130.24) 234,522.95 668.12 256350021 M1M-RCTC 2013 Residual Fund 02360SW61 Ameren Corporation 499,050.00 (500,000.00) 950.00 256350021 MIM-RCTC 2013 Residual Fund 26055BW91 The Dow Chemical Company 499,009.72 (500,000.00) 990.28 256350021 M1M-RCTC 2013 Residual Fund 023605V70 Ameren Corporation 474,006.46 (475,000.00) 993.54 256350021 MIM-RCTC 2013 Residual Fund 256350021 M1M-RCTC 2013 Residual Fund 912828VV9 UNITED STATES TREASURY 912828SA9 UNITED STATES TREASURY 551,287.00 201,918.49 1,013.57 1,074.62 (947.57) (993.98) 551,353.00 201,999.13 995.36 54.06 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 278,644.80 1,130.86 (344.06) 279,431.60 796.06 256350021 M1M-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 422,943.00 1,391.30 (197.05) 424,137.25 1,208.31 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 476,476.80 2,003.12 (524.72) 477,955.20 2,259.78 21,071,577.68 26,068,437.22 (12,672,863.51) (9,590,000.00) (487,275.29) 4,669.20 21,442.76 (9,486.46) 23,745,846.47 70,999.81 256350023 M1M-Sr Lien Reserve Fund-1 31381Q6B7 FN 468066 189,089.28 (865.85) (36.15) (1,021.01) 311.57 187,477.84 648.29 256350023 MIM-Sr Lien Reserve Fund-1 912828E58 UNTIED STATES TREASURY 733,336.10 (684.89) 684.89 733,336.10 2,613.52 256350023 M1M-Sr Lien Reserve Fund-1 3137B1U75 FHMS KS01 A2 383,104.60 (668.29) 2,207.29 384,643.60 798.63 256350023 MIM-Sr Lien Reserve Fund-1 912828XB1 UNITED STATES TREASURY 991,458.00 (630.85) 11,745.85 1,002,573.00 7,825.83 256350023 M1M-Sr Lien Reserve Fund-1 38377UN20 GNR 1162A PA 0.56 614.85 (615.41) 256350023 MIM-Sr Lien Reserve Fund-1 912828G38 UNITED STATES TREASURY 256350023 M1M-Sr Lien Reserve Fund-1 31381PEB0 FN 466430 1,381,428.00 251,033.79 (1,226.78) (10.50) (609.78) (468.13) 13,326.78 (159.49) 1,394,145.00 249,168.88 11,473.17 694.40 256350023 MIM-Sr Lien Reserve Fund-1 31381QB54 FN 467260 133,862.20 (735.97) (10.08) (365.20) (240.93) 132,510.02 475.84 256350023 M1M-Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 202,954.00 (352.92) 478.92 203,080.00 1,029.17 256350023 MIM-Sr Lien Reserve Fund-1 31381T4E7 FN 470721 262,314.94 (1,671.14) (32.96) (351.48) 867.63 261,126.98 570.60 256350023 M1M-Sr Lien Reserve Fund-1 3137FBA15 FHMS KIR3 A2 210,864.00 (334.94) 5,768.94 216,298.00 546.83 256350023 MIM-Sr Lien Reserve Fund-1 3136A7MN9 FNA 12M8 A2 290,548.39 (1,755.01) (20.85) (328.41) 1,491.07 289,935.19 562.81 256350023 M1M-Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 202,954.00 (270.18) 396.18 203,080.00 1,029.17 256350023 MIM-Sr Lien Reserve Fund-1 31398QTP2 FHR 3747C HW 63,405.87 (16,917.75) (165.68) (270.02) 186.49 46,238.91 171.87 256350023 M1M-Sr Lien Reserve Fund-1 912828E58 UNITED STATES TREASURY 236,073.95 (266.77) 266.77 236,073.95 841.34 256350023 MIM-Sr Lien Reserve Fund-1 3137ABFH9 FHMS KAIV A2 102,574.22 (258.56) 321.34 102,637.00 33142 256350023 M1M-Sr Lien Reserve Fund-1 912828E58 UNITED STATES TREASURY 100,457.00 (249.92) 249.92 100,457.00 358.02 256350023 MIM-Sr Lien Reserve Fund-1 31381R5T7 FN 468958 134,494.10 (248.30) (377.00) 133,868.80 408.42 256350023 M1M-Sr Lien Reserve Fund-1 38378VC45 GNR 13116D MA 144,824.60 (6,191.45) 201.62 (235.95) 538.11 139,136.93 261.26 256350023 MIM-Sr Lien Reserve Fund-1 3137E1E50 FHMS K026 A2 363,360.94 (186.50) 2,257.96 365,432.40 753.00 256350023 M1M-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 912828E58 UNITED STATES TREASURY 3620ARB67 GN 737261 145,662.65 123,546.96 (9,187.46) (331.62) (180.22) (170.23) 180.22 415.93 145,662.65 114,273.59 519.12 366.19 256350023 M1M-Sr Lien Reserve Fund-1 38378CRT6 GNR 1213E EG 47,258.97 (3,023.28) 74.70 (150.62) (90.43) 44,069.34 73.47 256350023 MIM-Sr Lien Reserve Fund-1 36202F2H8 G2005276 128,320.89 (9,625.29) (297.53) (143.13) 739.78 118,994.72 289.72 256350023 M1M-Sr Lien Reserve Fund-1 3138LFGP7 FN AN2905 284,356.45 (142.07) (1,118.38) 283,096.00 584.38 256350023 MIM-Sr Lien Reserve Fund-1 3137AXHP1 FHMS K024 A2 142,066.40 (112.09) 319.29 142,273.60 300.18 256350023 M1M-Sr Lien Reserve Fund-1 38375XCM4 GNR 0847B PC 72,474.28 (6,068.23) (166.73) (110.78) (14.13) 66,114.42 266.88 256350023 MIM-Sr Lien Reserve Fund-1 912828E58 UNITED STATES TREASURY 115,525.55 (110.32) 110.32 115,525.55 411.72 256350023 M1M-Sr Lien Reserve Fund-1 3130AFFX0 FEDERAL HOME LOAN BANKS 205,766.25 (106.86) 504.61 206,164.00 2,254.69 256350023 MIM-Sr Lien Reserve Fund-1 256350023 M1M-Sr Lien Reserve Fund-1 38376GB33 GNR 116 BA 3137AUPE3 FHMS K021 A2 116,494.03 145,189.44 (97,661.70) (332.85) (104.91) (94.87) 190.45 287.83 18,585.02 145,382.40 53.84 287.52 256350023 MIM-Sr Lien Reserve Fund-1 3136AHAE0 FNA 13M14 APT 115,896.44 (2,631.21) (36.19) (82.48) 653.14 113,799.71 251.07 256350023 M1M-Sr Lien Reserve Fund-1 31381SV.18 FN 469617 109,494.16 (68993) (2.64) (71.90) (68.27) 108,661.42 256350023 M1M-Sr Lien Reserve Fund-1 38377JM59 GNR 10111F PE 80,819.67 140.27 114.69 74,563.21 256350023 M1M-Sr Lien Reserve Fund-1 72,654.97 454.73 69,279.09 256350023 M1M-Sr Lien Re.rve Fund-1 3137FNAD2 RIMS K095 Al 137,694.33 2,624.41 140,137.50 256350023 M1M-Sr Lien Reserve Fund-1 34,975.78 26,441.30 256350023 M1M-Sr Lien Re.rve Fund-1 38377REV3 GNR 10158C HA 87,333.27 81,905.94 256350023 M1M-Sr Lien Reserve Fund-1 256350023 M1M-Sr Lien Reserve Fund-1 912828VV9 UNITED STATES TREASURY 912828E58 UNITED STATES TREASURY 100,234.00 50,228.50 (100,246.09) 50,228.50 256350023 M1M-Sr Lien Reserve Fund-1 3137AIMF8 FHMS K016 A2 29,027.68 28,782.99 256350023 M1M-Sr Lien Reserve Fund-1 3137F4D41 RIMS K074 A2 32,537.40 33,141.90 256350023 M1M-Sr Lien Reserve Fund-1 64,009.56 63,514.00 256350023 M1M-Sr Lien Re.rve Fund-1 3137AJMF8 RIMS K016 A2 24,109.00 23,985.82 256350023 M1M-Sr Lien Reserve Fund-1 17,868.29 256350023 M1M-Sr Lien Re.rve Fund-1 72,547.98 216.38 256350023 M1M-Sr Lien Reserve Fund-1 8,871.91 168 Page 13 of 37 INRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended Se a tember 30, 2019 Source Account Account Identifier Description Beginning Base Markel Value Base Purchases Base Sales Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Redemptions Base Pas downs Gain/Loss ceretlon Gain/Loss Ending Base Ending Accrued Market Value Income Balance 256350023 MIM-Sr Lien Reserve Fund-1 313500022 FEDERAL NATIONAL MORTGAGE ASSOCIATION 202,320.00 (201,996.00) (300.81) (23.19) 256350023 M1M-Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 19,665.62 (957.18) 12.31 (11.22) 19.60 18,729.13 46.23 256350023 MIM-Sr Lien Reserve Fund-1 31417YKF3 FN MA0293 69,117.21 (3,453.79) (158.27) (8.14) 408.69 65,905.71 230.51 256350023 M1M-Sr Lien Reserve Fund-1 3137F4D41 FHMS K074 A2 5,422.90 (5.60) 106.35 5,523.65 15.00 256350023 MIM-Sr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 52,052.60 (5,124.52) (4.76) (5.58) 42.35 46,960.09 97.52 256350023 M1M-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 38379JM99 GNR 1545E AG 62888VAA6 NGN 10R11A 99,272.31 54,532.36 (10,521.49) (2.57) (4.99) (4.83) 379.64 (106.17) 54,907.01 88,637.26 112.88 164.80 256350023 M1M-Sr Lien Reserve Fund-1 31381N7G2 FN 466295 18,157.47 (101.88) (0.36) (2.84) (39.35) 18,013.04 48.81 256350023 MIM-Sr Lien Reserve Fund-1 3137AUPE3 FHMS K021 A2 236,941.10 (230,806.95) 7,135.07 (1.15) (7,210.47) 6,057.60 11.98 256350023 M1M-Sr Lien Reserve Fund-1 31846V401 FIRST AMER:GVT OBLGD 322,791.18 1,946,250.30 (2,020,532.19) 248,509.29 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Cash (231,218.46) 256350023 M1M-Sr Lien Reserve Fund-1 CCYUSD Payable (199,798.78) (199,798.78) 256350023 MIM-Sr Lien Reserve Fund-1 38377UN20 GNR 1162A PA 256350023 M1M-Sr Lien Reserve Fund-1 38375KCX8 GNR 0726C MA 881.41 (882.42) 1.01 256350023 MIM-Sr Lien Reserve Fund-1 256350023 M1M-Sr Lien Reserve Fund-1 38377F2N0 GNR 1073E LN 912828Y53 UNITED STATES TREASURY 77.97 199,805.08 (78.05) (0.02) 0.09 (7.08) 199,798.00 689.87 256350023 MIM-Sr Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 2,560.03 (2,293.17) 2.40 1.48 (3.42) 267.32 0.67 256350023 M1M-Sr Lien Reserve Fund-1 38378CDK0 GNR 11169G AK 16,687.86 (4,176.29) (4.24) 1.78 (4.85) 12,504.25 31.17 256350023 MIM-Sr Lien Reserve Fund-1 38377JZ89 GNR 10117A GK 46,892.51 (3,639.02) (78.56) 3.02 274.65 43,452.59 122.72 256350023 M1M-Sr Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 8,228.67 (7,370.89) 7.05 4.20 (9.80) 859.23 2.15 256350023 MIM-Sr Lien Reserve Fund-1 256350023 M1M-Sr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 36202F2H8 G2 005276 125,896.25 30,599.59 (2,295.26) (1.09) 6.02 6.04 186.48 66.38 126,088.75 28,375.66 247.19 69.09 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 14,280.87 (512.11) 4.61 6.43 293.42 14,073.23 16.76 256350023 M1M-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 31418AU48 FN MA1502 38378DDC6 GNR 1216E GB 63,209.66 98,435.05 (56,615.80) (6,503.16) (26,663.66) 791.38 (60.57) 7.00 7.37 (889.09) (25.35) 71,692.85 208.43 256350023 M1M-Sr Lien Reserve Fund-1 3137B5A60 FHR 4257G EK 25,185.78 (1,574.85) 17.33 8.80 15.65 23,652.70 48.99 256350023 MIM-Sr Lien Reserve Fund-1 3138L33G8 FN AM3498 99,656.00 9.15 41.85 99,707.00 167.50 256350023 M1M-Sr Lien Reserve Fund-1 38378HXH4 GNR 12119 KB 16,472.49 (1,100.35) 31.62 9.31 32.16 15,445.22 16.39 256350023 MIM-Sr Lien Reserve Fund-1 256350023 M1M-Sr Lien Reserve Fund-1 38377QKH9 GNR 1118A PG 38378KXW4 GNR 13105 A 101,024.94 53,217.09 (1,253.45) (1,660.66) (23.03) 3.29 9.64 15.50 135.31 46.96 52,085.55 99,430.02 127.54 142.63 256350023 MIM-Sr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 34,993.34 (3,445.06) 9.69 16.81 (4.98) 31,569.81 65.56 256350023 M1M-Sr Lien Reserve Fund-1 3137ASNH3 FHMS K019 Al 33,371.51 (16 445.26) 44.33 18.70 34.65 17,023.93 20.74 256350023 MIM-Sr Lien Reserve Fund-1 3137B4HD1 FHR 4247A AK 47,347.26 (4,842.17) (156.09) 19.26 (258.94) 42,109.32 150.74 256350023 M1M-Sr Lien Reserve Fund-1 3136A5KR6 FNR 1231G AD 73,531.00 (9,513.39) 107.12 22.33 63.93 64,210.99 94.07 256350023 MIM-Sr Lien Reserve Fund-1 38378AWX5 GNR 11157E QA 72,845.44 (12,015.53) (25.13) 23.75 (23.25) 60,805.28 151.10 256350023 M1M-Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 53,553.25 (1,920.40) 21.40 25.66 1,094.68 52,774.59 62.87 256350023 MIM-Sr Lien Reserve Fund-1 383791I.E3 GNR 14184H WK. 111,831.93 (10 857.45) 18.88 29.43 17.61 101,040.40 286.70 256350023 M1M-Sr Lien Reserve Fund-1 912828L99 UNITED STATES TREASURY 149,028.00 38.52 241.98 149,308.50 863.11 256350023 MIM-Sr Lien Reserve Fund-1 3138L1W62 FN AM1568 164,894.80 (772.41) 4.35 39.36 4.91 164,171.01 343.05 256350023 M1M-Sr Lien Reserve Fund-1 3136AC714 FNA 13M62A 50,982.66 (1 418 161 16.68 40.76 150.76 49,772.70 105.93 256350023 256350023 256350023 256350023 256350023 256350023 256350023 256350023 256350023 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 MIM-Sr Lien Reserve Fund-1 3138EKXL4 38378XP62 38378KSL4 38375CBH2 3138EKXL4 38378TAF7 38376WA62 38378B6A2 38376WA62 FN AL3382 GNR 14166 PL GNR 1374 AL GNR 1257F LD FN AL3382 GNR 1371A GA GNR 1015C PD GNR 1312A AB GNR 1015C PD 14,011.09 258,570.58 218,434.50 37,294.76 17,513.87 117,427.68 34,015.17 108,041.09 139,732.78 (84.26) (6,531.14) (22,985.96) (105.33) (5,875.32) (2,563.78) (679.34) (10,531.91) 2.59 (64.37) 53.43 2.66 5.82 (84.17) 11.56 (180.23) 45.34 46.15 47.61 51.32 52.40 57.60 67.39 69.18 83.82 17.34 5,197.09 9,683.64 12.61 26.52 66.87 (410.98) 3,203.36 (1,660.83) 13,992.10 257,218.31 228,165.75 14,426.16 17,490.12 111,682.66 31,023.62 110,645.85 127,443.64 27.12 533.64 527.70 15.05 33.90 230.47 100.03 171.03 410.91 256350023 M1M-Sr Lien Reserve Fund-1 3136ADFF1 FNR 1336D KC 144,964.44 (18,546.29) 264.76 91.77 171.60 126,946.28 160.27 256350023 MIM-Sr Lien Reserve Fund-1 3137EADR7 FREDDIE MAC 472,287.75 (323,258.00) (1,370.97) 98.25 1,801.97 149,559.00 859.38 256350023 M1M-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 38378KSL4 GNR 1374 AL 38378B7F0 GNR 1333 B 194,164.00 190,884.00 100.22 108.28 8,549.78 7,797.72 202,814.00 198,790.00 469.06 378.83 256350023 M1M-Sr Lien Reserve Fund-1 9128286N5 UNITED STATES TREASURY 93,218.61 112.86 (684.00) 92,647.47 211.37 256350023 MIM-Sr Lien Reserve Fund-1 9128285W6 UNITED STATES TREASURY 164,366.84 126.86 (2,857.86) 161,635.84 282.66 256350023 M1M-Sr Lien Reserve Fund-1 38379KDN5 GNR 1529 AD 145,921.74 (11,535.92) 122.93 154.61 3,650.32 138,313.69 246.65 256350023 MIM-Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 31,233.63 (1,520.23) (29.87) 174.71 (111.97) 29,746.27 73.42 256350023 M1M-Sr Lien Reserve Fund-1 3134G9V38 FEDERAL HOME LOAN MORTGAGE CORP 249,242.50 (249,865.00) 3,090.26 175.19 (2,642.95) 256350023 MIM-Sr Lien Reserve Fund-1 912828XB1 UNITED STATES TREASURY 152,532.00 177.27 1,532.73 154,242.00 1,203.97 256350023 M1M-Sr Lien Reserve Fund-1 38380AZ34 GNR 16147C DA 137,434.36 (5,063.99) (116.12) 178.32 1,561.82 133,994.39 324.60 256350023 MIM-Sr Lien Reserve Fund-1 256350023 M1M-Sr Lien Reserve Fund-1 256350023 MIM-Sr Lien Reserve Fund-1 912828L99 UNITED STATES TREASURY 3138EJPZ5 FN AL2239 38378KWU9 GNR 1396 A 645,788.00 274,41239 35,702.17 (587,121.10) (71,314.50) (1,280.27) (997.83) (2,278.15) 76.53 185.23 187.23 196.44 1,869.10 2,038.48 488.19 59,723.40 203,045.86 35,183.06 345.24 499.65 41.91 256350023 M1M-Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 550,385.00 209.77 2,133.23 552,728.00 26.30 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 53,553.25 (1,920.40) 106.84 211.08 823.82 52,774.59 62.87 256350023 M1M-Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 52,056.05 (2,533.71) (26.23) 212.27 (131.27) 49,577.12 122.36 256350023 MIM-Sr Lien Reserve Fund-1 912828V49 UNITED STATES TREASURY 58,571.93 226.43 220.02 59,018.38 46.43 256350023 M1M-Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 34,788.24 (2,622.05) (165.35) 230.31 (502.44) 31,728.71 102.30 256350023 MIM-Sr Lien Reserve Fund-1 158,236.48 8.37 158,478.43 256350023 M1M-Sr Lien Reserve Fund-1 9128286N5 UNITED STATES TREASURY 180,245.97 180,147.86 256350023 M1M-Sr Lien Reserve Fund-1 238,605.00 9,577.94 248,487.50 256350023 M1M-Sr Lien Reserve Fund-1 3135GOD75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 596,940.00 1,056.57 598,326.00 2,475.00 256350023 M1M-Sr Lien Reserve Fimd-1 9128285W6 UNITED STATES TREASURY 106,506.44 910.11 107,757.23 188.44 256350023 M1M-Sr Lien Reserve Fund-1 291,769.93 262,237.19 256350023 M1M-Sr Lien Reserve Fimd-1 3138EKXL4 FN AL3382 227,680.27 227,371.58 256350023 M1M-Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 850,595.00 3,205.22 854,216.00 256350023 M1M-Sr Lien Reserve Fund-1 38378KRSO GNR 1378 AG 437,323.50 12,595.01 450,373.50 256350023 M1M-Sr Lien Reserve Fund-1 558,123.50 558,470.00 2,830.21 256350023 M1M-Sr Lien Reserve Fund-1 912828SA9 UNITED STATES TREASURY 185,091.95 185,165.87 49.55 256350023 M1M-Sr Lien Reserve Fund-1 912828UH1 UNITED STATES TREASURY 192,616.34 256350023 M1M-Sr Lien Reserve Fimd-1 912828V49 UNITED STATES TREASURY 239,612.45 1,031.48 256350023 M1M-Sr Lien Reserve Fund-1 912828SA9 UNITED STATES TREASURY 280,442.35 1,095.92 18,241,276.78 169 Page 14 of 37 IVRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2019 Source Base Base Change In Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 59,298,019.07 41,342,074.19 (28,934,441.381 (12,190,000.00) (1,708,117.4M 5,115.21 21,279.30 135,125.12 62,328,846.39 188,460.20 170 Page 15 of 37 FirRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Summary of Investments for quarter ended September 30, 2019 ATTACHMENT 5 C rcda Rating Base Market Value + Accrued 60, 0 00 , 000 50.000.000 40.000,000 30.000,000 20.000.000 10.000.000 0 , AAA AA + AA F Al Asset Clas Cash (-1.727%) -. Money Market � Funds (1.387%) Fixed Income (99.739%) Chart calculated by: Base Market Value • Accrued *Negative cash reflects securities in transit at month end Industry Group Other (13.240%) Malty -National (1.549%) Agency Collet PAC CMO (2.702%] Agency Collet CMO _ (6.003%) Banks (6.620%) FNMA Collateral (7.940%). Commercial MBS (22.101 %1 --Sovereign (39.63896) Chart calculated by: Bane Market Value • Accrued Security Type AGCY BOND (6.067..5) FFILMC 17.363%) CORP (8.261%) FHLMC CMO (7.903%) Chart calculated by: Base Market Value • Accrued Market Sector Other (0.735%) AS3el Backed — Utility (3.139%) / Agency (6.067%] Financial IS.Ogg%) Government (35.321%) Mortgage Backed (41.134%1 Chart calculated by: Baae Markel Value 1- Accrued 171 172 rijr RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended September 30, 2019 ATTACHMENT 6 ti r Credit Rating Base Market Value t Accrued 20,000,000 15,000,000 10,000,000 5,000,000 r AAA 1� Asset Class 'Fixed Income (99.740.41 Chart Calculated 6y: Base Market value + Accrued *Negative cash reflects securities in transit at month end Industry Group Other (0.260%), GNMA Collates[ (0.619%) GNMA2 couateral (0.79a%) Agency Collet PAC CMO (3.415%) Agency Collet CMO (6.662%) FNMA Collateral'. (12.200%) 1 Commercial MBS' (25.009%) Sovereign (49.737%) Chart calculated 6y: Base Market Value + Accrued. Security Type AGCY BOND (70.421 %1 ONMA crop' t10.417%) Chart Calculated 6y: Base Market value + Accrued Market Secto Cash (0.26019 Agency (70.421%) Goren -Intent (39.316%) Mortgage Backed (50.003%) Chart Calculated 6y: Bats Market Value + ACCfued 173 174 rijr RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of Investments for quarter ended September 30, 2019 ATTACHMENT 7 Credit Rating Base Market Value t Accrued 17,500,000 15,000,000 _ 12,500,000 10,000,000 7,500,000 5,000,000 2,500,000 AA+ AA AA- A+ ' A A- BBB+ A-7+ A-2 ' Asset Class Cash (-2.740%)•, Money Market Funds i2.993%4 Fixed Income (99.747%) Chad calculated by: Base Market value + Accrued *Negative cash reflects securities in transit at month end Industry Group Other (26.610%) Electric (3.670%) Diversified Finan Dery (3.856%) Multi -National"-, , (4.067%) FNMA Collateral 14.076%) Commercial MI35 (7.500%) Soversipn (32.629%) Banks (17.378%) Chart calculated by: Base Market Value + Accrued. SUPRANATIONAL (4,067%) FHLMC CMG [4A(6.] FNMA {6222%)- ASS (6917%) Other A(12403050 • CP (14.371%); US GOV [29.588%} CORP (21A/35% ) Chad calculated by: Base Market value + Accrued Market Secto Other (0.253741 Municipal (1.24695] Asset Backed (6.917%) Industrial (7.373%) Utility I8.292%) Mortgage Backed (17908%) Government (36.696%) Financial (21.230%) Chart calculated 6y: Base Market Value + Accrued 175 176 rilE RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio TIFIA Reserve Fund Summary of Investments for quarter ended September 30, 2019 ATTACHMENT 8 Credit Rating Base Market Value t Accrued 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 AAA 1� Asset Class Cash (-1.117%y k9oncy Marke[ FIIndS (7.39210 `Fixed Income (90_725%) Chad calculated 6y: Base Market value + Accrued *Negative cash reflects securities in transit at month end Industry Group Cash (0.275%) Agency Collet PAC CM0 (3.507%) _ GNMA C0!litteral� (3.642%) FNMA Collate rat (6.606%) Agency Collet CMO (8.652%) f Commercial MBS (35.850%) -Sovereign 09265%) Chart calculated 6y: Base Market Value + Accrued. Security Type Other (9.57474 \ TIPS (7.691%) GNMA CMG e_9o1 %] ASCY BOND ■ (9230%) FNMA (11.393,79 US GOV (22-344%) (16.155%) FNLMC CMO {14.511%] Chad calculated 6y: Base Market value + Accrued Market Secto Cash (0.275%] Agency {9.230%) Government 00.035%) Mortgage Backed (60.460%) Chad calculated 6y: Bose Market Value + Accrued 177 178 COUNTY RIVERSIDEPlir TRANSPORTATION COMMISSION ATTACHMENT 9 2017 Financing STAMP Portfolio by Investment Category for quarter ended September 30, 2019 Source Account nt Identifier - Category Ma Maturity Trade Date 10/25/2018 Current Face Value 375,000.00 Original Cost 375,000.00 Neat Call Date --- Base Market Value 375,026.25 Base Net Total Unrealized Gain/Loss 26.25 Coupon 1.890 Summarized Yield Credit Rating 1.839 AAA 240907004 MIM-RCTC Toll Revenue: -1-15 3135G0U68 Agency Federal National Mortgage Association 10/30/2019 240907004 MIM-RCTC Toll Revenue: - I-15 3130AG5X9 Agency Federal Home Loan Banks 10/09/2020 06/13/2019 1,700,000.00 1,701,020.00 10/09/2019 1,700,255.00 185.26 2.520 1.897 AAA 240907004 MDA-RCTC Toll Revenue: - I-15 3130AH2K8 Agency Federal Home Loan Banks 09/10/2020 09/09/2019 2,075,000.00 2,075,000.00 12/10/2019 2,075,041.50 41.50 2.050 2.043 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137EADB2 Agency Freddie Mac 01/13/2022 09/30/2019 400,000.00 406,425.20 --- 406,160.00 (265.20) 2.375 1.685 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AECJ7 Agency Federal Home Loan Banks 05/28/2020 07/03/2018 350,000.00 350,150.50 --- 351,704.50 1,649.21 2.625 1.878 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377REV3 Agency CMO Government National Mortgage Association 10/20/2039 07/01/2019 37,257.28 37,996.60 --- 38,027.76 52.12 3.500 2.351 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AH6C7 Agency CMO Freddie Mac 07/25/2021 11/29/2018 96,479.88 96,653.25 --- 97,830.60 1,232.87 3.230 2.260 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376V2E6 Agency CMO Government National Mort gage Association 07/16/2039 08/06/2019 24,203.09 25,186.34 --- 25,407.19 232.59 4.000 1.665 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AJMF8 Agency CMO Freddie Mac ] 0/25/2021 11/29/2018 94,590.65 94,276.58 --- 95,943.29 1,632.01 2.968 2.084 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375XCM4 Agency CMO _ Government National Mort gage Association 11/16/2037 05/14/2019 _ 28,205.54 _ 29,004.33 --- 29,114.60_ 166.28 _ 5.000 2.767 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 383742C76 Agency CMO Government National Mortgage Association 08/16/2037 01/31/2018 65,565.61 67,204.75 --- 66,638.92 (221.18) 4.000 3.107 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375JCJ2 Agency CMO Government National Mort gage Association 12/16/2037 01/31/2018 6,099.76 6,118.82 --- 6,096.71 (3.98) 5.305 3.013 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 18,030.15 17,849.85 --- 17,886.81 (6.69) 1.537 3.096 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YPU9 Agency CMO _ Government National Mortgage Association 12/20/2038 05/10/2019 25,709.48 25,532.73 --- 25,735.19 189.08 2.500 2.267 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ATRW4 Agency CMO Freddie Mac 05/25/2022 09/26/2018 ] 00,000.00 97,238.28 --- 100,871.00 2,919.67 2.373 1.961 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ASR97 Agency CMO Freddie Mac 01/25/2022 02/27/2018 25,612.27 25,035.99 --- 25,494.96 249.29 1.573 1.865 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A72D3 Agency CMO Federal National Mortgage Association 04/25/2022 07/26/2019 16,415.73 16,511.79 --- 16,597.29 81.85 2.482 1.824 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AYCE9 Agency CMO Freddie Mac 10/25/2022 08/13/2019 100,000.00 102,164.06 --- 101,999.00 (73.13) 2.682 1.934 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31397QWZ7 Agency CMO Federal Natonal Mortgage Association 09/25/2029 09/28/2018 41,243.71 41,604.59 --- 41,517.98 213.69 4.000 2.439 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378HXH4 Agency CMO Government National Mortgage Association 09/16/2027 03/08/2019 7,152.01 6,780.38 --- 7,020.56 218.72 1.250 2.067 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3139216N4 Agency CMO Federal National Mortgage Association 04/25/2023 12/05/2017 371,294.88 403,924.59 --- 385,467.21 (8,750.97) 5.500 2.536 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B84S3 Agency CMO Freddie Mac 02/15/2029 01/31/2018 96,790.56 95,580.68 --- 96,860.25 1,089.19 _ 2.000 1.921 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137A5FP4 Agency CMO Freddie Mac 01/15/2021 01/30/2018 47,991.34 48,111.32 --- 48,143.95 109.68 2.500 2.070 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375CBH2 Agency CMO _ Government National Mort gage Association 03/16/2035 03/19/2019 6,41623 6,377.13 --- 6,405.84 7.49 1.250 2.364 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31398N2K9 Agency CMO Federal National Mortgage Association 11/25/2025 01/31/2018 60.71 60.94 --- 60.66 (0.10) 3.500 2.613 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377QKH9 Agency CMO Government National Mortgage Association 08/20/2040 08/20/2019 22,822.16 23,236.71 --- 23,301.42 60.52 3.000 2.258 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378CDK0 Agency CMO Government National Mortgage Association 03/20/2035 01/30/2018 52,373.83 52,856.65 --- 52,517.86 (24.40) 3.000 2.171 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378AWX5 Agency CMO Government National Mort gage Association 01/20/2036 01/30/2018 100,734.70 101,710.57 --- 101,342.13 101.98 3.000 2.140 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378DDC6 Agency CMO Government National Mortgage Association 04/20/2038 06/20/2018 42,876.79 43,166.54 --- 43,015.71 20.28 3.500 2.540 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376PJ35 Agency CMO Government National Mortgage Association 05/16/2037 10/30/2018 840.28 843.17 --- 839.46 (0.82) 4.000 2.440 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38379HLE3 Agency CMO Government National Mortgage Association 05/20/2043 ] 0/18/2018 70,212.10 70,113.37 --- 72,171.72 2,060.52 3.500 2.167 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378VC45 Agency CMO Government National Mort gage Association 12/16/2041 11/23/2018 62,462.30 60,207.80 --- 62,371.73 2,065.33 2.250 2.275 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 383771M59 Agency CMO Government National Mortgage Association ] 0/20/2039 11/21/2018 33,552.75 32,713.94 --- 33,499.40 720.55 2.500 2.525 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ARBX3 Agency CMO Freddie Mac 03/15/2039 03/14/2019 40,571.29 39,994.42 --- 40,490.96 535.85 2.378 2.476 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YFF3 Agency CMO Government National Mortgage Association 03/20/2039 06/03/2019 8,841.27 8,907.58 --- 8,951.70 52.42 4.000 2.432 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 383791M99 Agency CMO _ Government National Mortgage Association 02/16/2041 08/28/2019 23,618.29 _ 23,770.51 --- 23,933.83 165.49 2.500 1.812 AAA 240907004 MIM-RCTC Toll Revenue 31416BTW8 Agency MBS Federal National Mortgage Association 01/01/2024 09/03/2019 435,104.39 453,868.28 --- 454,644.93 577.34 5.500 2.050 AAA 240907004 M1M-RCTC Toll Revenue:-I-15 3137B2GW4 Agency MBS _ Freddie Mac _ 03/25/2020 06/29/2018 551,483.68 547,907.66 --- 550,932.20 837.01 2.313 2.136 AAA 240907004 MIM-RCTC Toll Revenue 3137B7YX1 Agency MBS Freddie Mac 04/25/2023 08/19/2019 556,699.82 563,745.55 --- 562,088.67 (1,514.67) 2.592 1.929 AAA 240907004 M1M-RCTC Toll Revenue:-I-15 3137FJXN4 Agency MBS Freddie Mac 02/25/2023 08/27/2019 362,890.25 362,550.05 --- 362,596.31 125.11 2.474 2.401 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283K5N4 Agency MBS Freddie Mac 08/01/2020 12/05/2017 209,955.42 214,684.46 --- 216,650.90 2,580.99 5.000 -4.139 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620A9W V9 Agency MBS Government National Mortgage Association 12/15/2024 05/23/2018 11,394.45 11,643.71 --- 11,881.68 287.06 4.000 1.734 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138NJAE8 Agency MBS Federal Natonal Mortgage Association 12/01/2020 09/13/2018 31,597.79 31,963.15 --- 31,568.41 (290.13) 3.630 3.779 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381N7G2 Agency MBS Federal National Mortgage Association 10/01/2020 09/25/2018 35,821.90 35,953.43 --- 36,026.08 66.85 3.270 2.369 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381RLL6 Agency MBS Federal Natonal Mortgage Association 07/01/2021 11/02/2018 45,237.78 45,909.30 --- 46,375.51 699.51 3.840 2.027 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381 SVJ8 Agency MBS Federal National Mortgage Association 11/01/2021 02/22/2019 42,508.14 42,720.68 --- 43,464.57 815.68 3.330 2.128 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AC7J4 Agency MBS Federal National Mortgage Association 03/25/2023 02/21/2018 40,665.16 39,996.42 --- 41,477.25 1,268.03 2.605 1.880 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418AU48 Agency MBS Federal National Mortgage Association 07/01/2023 05/21/2019 0.00 0.00 --- 0.00 (0.00) 2.500 1.356 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1U75 Agency MBS Freddie Mac 01/25/2023 02/27/2018 120,000.00 117,965.63 --- 121,466.40 2,845.96 2.522 1.997 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KWU9 Agency MBS Government National Mort gage Association 11/16/2041 05/03/2019 35,923.45 33,700.68 --- 35,183.06 1,257.16 1.400 2.388 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B3NW4 Agency MBS Freddie Mac 09/25/2022 09/26/2018 82,463.44 81,754.77 --- 83,356.52 1,474.04 2.778 1.938 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KW47 Agency MBS Government National Mort gage Association 08/16/2035 06/13/2019 59,424.35 59,090.09 --- 59,212.80 63.83 2.150 2.512 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXHN6 Agency MBS Freddie Mac 02/25/2022 01/25/2018 58,208.29 57,407.92 --- 58,054.03 364.30 1.749 1.877 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418ASD1 Agency MBS Federal National Mortgage Association 04/01/2023 01/31/2018 54,858.48 54,325.70 --- 54,795.39 358.92 2.000 1.996 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AMM48 Agency MBS Federal National Mortgage Association 07/25/2022 09/26/2018 84,106.36 82,849.42 --- 84,921.35 1,750.43 2.509 1.976 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B IUF7 Agency MBS Freddie Mac 09/25/2022 01/25/2018 30,607.20 30,157.65 --- 30,555.78 251.67 1.785 1.827 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137BQBY2 Agency MBS Freddie Mac 03/25/2022 08/16/2019 63,759.08 64,170.02 --- 63,966.93 (186.35) 2.183 1.968 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138EJPZ5 Agency MBS Federal National Mortgage Association 07/01/2022 07/22/2019 24,800.64 25,253.06 --- 25,380.73 6.94 3.022 1.910 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 05/23/2018 24,168.84 24,742.86 --- 25,140.18 511.25 4.000 1.944 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418CQM9 Agency MBS _ Federal National Mortgage Association 10/01/2027 09/11/2019 23,353.56 23,948.35 --- 23,910.54 (39.44) 3.000 2.122 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 314016DU8 Agency MBS Federal National Mortgage Association 08/01/2031 07/26/2019 82,113.07 82,664.77 --- 82,928.46 261.61 2.500 2.133 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138L2GH4 Agency MBS Federal National Mortgage Association 07/01/2021 07/26/2019 21,604.82 21,488.36 --- 21,588.40 93.70 1.870 _1.854 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A96F0 Agency MBS Federal National Mortgage Association 11/25/2022 02/27/2018 56,377.13 54,643.97 --- 56,820.25 1,643.19 2.184 1.817 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137FGZN8 Agency MBS Freddie Mac 02/25/2023 06/18/2019 40,356.28 40,337.36 --- 40,347.81 43.93 2.424 2.312 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381QB54 Agency MBS Federal National Mortgage Association 03/01/2021 11/07/2018 56,108.63 57,270.26 --- 57,421.01 643.62 4.410 2.251 AAA 240907004 M1M-RCTC Toll Revenue: - I-15 87165LBB6 Asset Backed Syncbrony Credit Card Master Note Trust 2016-2 05/17/2021 08/02/2019 525,000.00 526,271.48 --- 526,743.00 578.64 2.210 2.011 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 161571HJ6 Asset Backed Chase Issuance Trust 01/15/2020 03/23/2018 500,000.00 501,347.66 --- 500,275.00 331.47 2.328 2.165 AAA 240907004 M1M-RCTC Toll Revenue: - I-15 02587AAJ3 Asset Backed American Express Credit Account Master Trust 02/18/2020 06/29/2018 650,000.00 640,351.56 --- 649,486.50 1,786.39 1.930 2.147 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 05522RCW6 Asset Backed Ba Credit Card Trust - Series 2017-1 03/16/2020 09/04/2019 750,000.00 749,677.73 --- 749,550.00 (171.60) 1.950 2.090 AAA 240907004 M1M-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 --- 602,838.00 4,198.62 2.650 2.156 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 38013FAD3 Asset Backed GM Financial Consumer Automobile Receivables Trust 2018-, ]0/16/2023 07/24/2019 350,000.00 356,412.11 --- 356,195.00 377.68 3.210 2.174 AAA 240907004 M1M-RCTC Toll Revenue:-I-15 47789JAB2 Asset Backed Jobn Deere Owner Trust 2019 10/15/2021 03/05/2019 530,000.00 529,975.83 --- 532,443.30 2,456.11 2.850 2.108 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65479PAA7 Asset Backed Nissan Auto Lease Trust, 2019-A 04/15/2020 04/09/2019 162,233.65 162,233.65 --- 162,282.32 48.67 2.599 2.096 AAA 240907004 M1M-RCTC Toll Revenue: - I-15 31680YAA5 Asset Backed Fifth Third Auto Trust 2019-1 05/15/2020 04/30/2019 84,920.25 84,920.25 --- 84,934.68 14.44 2.576 2.343 AAA 179 Page 20 of 37 PIFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended September 30, 2019 Source Account Account Identifier Secu Type Category Issuer Ma Maturity Trade Date Current Face Value Original Cost Neat Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating 240907004 MIM-RCTC Toll Revenue: - I-15 65478LAB5 Asset Backed Nissan Auto Lease Trust 2019-B 10/15/2021 07/16/2019 260,000.00 259,977.25 --- 260,410.80 428.80 2.270 2.016 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 477870AB5 Asset Backed John Deere Owner Trust 2019-B 05/16/2022 07/16/2019 290,000.00 289,998.90 --- 290,667.00 667.40 2.280 2.046 AAA 240907004 M M-RCTC Toll Revenue: - I-15 14315PAB1 Asset Backed Carmax Auto Owner Trust 2019-3 12/15/2022 07/24/2019 380,000.00 379,982.94 --- 380,805.60 820.62 2.210 2.028 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 26209AAE1 Asset Backed Drive Auto Receivables Trust 2019-4 01/16/2024 09/09/2019 _260,000.00 _ 259,964.59 --- 259,675.00_ (290.12) 2.230 2.299 AA 240907004 MM-RCTC Toll Revenue: - I-15 63873NV99 CD Natixis, New York Branch 11/15/2019 08/16/2019 1,500,000.00 1,501,342.06 --- 1,500,735.00 71.34 2.530 2.125 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65602VMU7 CD Norinchukin Bank NY Branch 12/11/2019 09/04/2019 1,475,000.00 1,475,824.30 --- 1,475,575.25 (28.10) 2.300 2.089 AAA 240907004 M M-RCTC Toll Revenue: - I-15 83050PBF5 CD Skandinaviska Enskilda Banken AB (publ.) 10/07/2019 09/23/2019 850,000.00 850,093.95 --- 850,068.00 27.74 2.410 1.983 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 62888VAA6 CMO NCUA Guaranteed Notes Trust 2010-R1 10/07/2020 01/22/2019 341,046.10 341,166.00 --- 341,192.75 75.17 2.679 2.551 AAA 240907004 M M-RCTC Toll Revenue: - I-15 62888UAB6 CMO NCUA Guaranteed Notes Trust 2010-R2 11/05/2020 03/15/2019 243,010.87 243,371.59 --- 243,394.83 141.66 2.699 2.112 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE _ 62888 VAA6 CMO NCUA Guaranteed Notes Trust 2010-R1 10/07/2020 05/10/2019 _ 0.01 _ 0.01 --- 0.01 0.00 2.679 2.551 AAA 240907004 M M-RCTC Toll Revenue: - I-15 38141EA58 Corporate The Goldman Sachs Group, Inc. 03/15/2020 07/26/2017 500,000.00 540,800.00 --- 507,190.00 (128.62) 5.375 2.201 A 240907004 MIM-RCTC Toll Revenue: - I-15 40428HPN6 Corporate HSBC USA Inc. 11/13/2019 07/26/2017 1,000,000.00 _ 1,010,720.00 --- 1,000,220.00 (343.91) 2.375 2.171 A 240907004 M M-RCTC Toll Revenue: - I-15 17401QAB7 Corporate Citizens Bank, National Association 12/04/2019 07/26/2017 1,000,000.00 1,008,450.00 11/04/2019 1,000,130.00 (227.02) 2.450 2.294 A 240907004 MIM-RCTC Toll Revenue: - I-15 61747YDW2 Corporate Morgan Stanley 01/27/2020 07/25/2017 500,000.00 506,130.00 --- 500,750.00 (63.90) 2.650 2.175 A 240907004 MM-RCTC Toll Revenue: - I-15 780082AA1 Corporate Royal Bank of Canada 02/05/2020 07/26/2017 1,500,000.00 1,497,390.00 --- 1,498,440.00 (1,191.30) 1.875 2.171 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 172967JJ1 Corporate Citigroup Inc. 02/18/2020 07/25/2017 500,000.00 503,600.00 --- 500,435.00 (119.20) 2.400 2.165 A 240907004 MM-RCTC Toll Revenue: - I-15 06051GFN4 Corporate Bank of America Corporation 04/21/2020 12/04/2017 1,000,000.00 997,850.00 --- 1,001,070.00 1,579.61 2.250 2.055 A 240907004 MIM-RCTC Toll Revenue: - I-15 31677QBG3 Corporate Fifth Third Bank 06/14/2021 07/23/2019 500,000.00 500,110.00 05/14/2021 501,600.00 1,498.59 2.250 2.048 A 240907004 M M-RCTC Toll Revenue: - I-15 24422ETJ8 Corporate John Deere Capital Corporation 10/09/2019 07/26/2017 1,125,000.00 1,114,650.00 --- 1,124,786.25 (107.94) 1.250 1.999 A 240907004 MIM-RCTC Toll Revenue: - I-15 06367TPX2 Corporate Bank of Montreal 12/12/2019 07/26/2017 1,000,000.00 1,005,160.00 --- 1,000,080.00 (361.87) 2.100 2.047 AA 240907004 M M-RCTC Toll Revenue: - I-15 14912L6Y2 Corporate Caterpillar Financial Services Corporation 01/10/2020 07/26/2017 1,000,000.00 1,008,020.00 --- 1,000,150.00 (775.85) 2.100 2.036 A 240907004 MIM-RCTC Toll Revenue: - I-15 5148XIXA6 CP Landesbank Baden-Wurttemberg, New York Branch 10/10/2019 08/19/2019 1,500,000.00 1,495,320.00 --- 1,499,265.00 75.00 0.000 1.764 AAA 240907004 M M-RCTC Toll Revenue: - I-15 23337UX79 CP DTE Gas Company 10/07/2019 09/06/2019 1,500,000.00 1,497,184.17 --- 1,499,505.00 50.00 0.000 1.697 AA 240907004 MIM-RCTC Toll Revenue: - I-15 _ 50000EX33 CP Koch Industries, Inc. 10/03/2019 09/09/2019 1,500,000.00 _ 1,497,960.00 --- 1,499,835.00 5.00 _ 0.000 _1.320 AAA 240907004 M M-RCTC Toll Revenue: - I-15 02361LXG2 CP Ameren Illinois Company 10/16/2019 09/16/2019 1,200,000.00 1,197,740.00 --- 1,199,016.00 146.00 0.000 1.845 AA 240907004 MIM-RCTC Toll Revenue: - I-15 21201CX43 CP Continental Rubber of America, Corp. 10/04/2019 09/27/2019 1,000,000.00 999,572.22 --- 999,840.00 23.33 0.000 1.440 AA 240907004 M M-RCTC Toll Revenue: - I-15 23336KXQ0 CP DTE Electric Company 10/24/2019 09/27/2019 600,000.00 599,100.00 --- 599,244.00 10.67 0.000 1.890 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE CCYUSD Currency UNITED STATES OF AMERICA 09/30/2019 --- 0.00 (406,160.27) --- (406,160.27) 0.00 0.000 0.000 AAA 240907004 M M-RCTC Toll Revenue: - I-15 31846V203 MM Fund First American Funds, Inc. - Govemment Obligations Fund 09/30/2019 09/27/2019 0.00 208,396.50 --- 208,396.50 0.00 1.670 1.520 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31846V203 MM Fund First American Funds, Inc. - Government Obligations Fund 09/30/2019 --- 0.00 427,856.57 --- 427,856.57 0.00 1.670 1.670 AAA 240907004 M M-RCTC Toll Revenue: - I-15 392274A89 Muni Greater Orlando Aviation Authority 10/01/2019 07/26/2017 700,000.00 724,094.00 --- 700,000.00 0.00 3.483 3.424 AA 240907004 MIM-RCTC Toll Revenue: - I-15 048506DN6 Muni Atlantic County Improvement Authority 06/17/2020 07/05/2019 265,000.00 267,210.10 --- 267,011.35 340.93 3.250 2.170 NA 240907004 M M-RCTC Toll Revenue: - I-15 072024WU2 Muni Bay Area Toll Authority 04/01/2020 09/20/2019 425,000.00 425,000.00 --- 425,148.75 148.75 2.025 1.955 AA 240907004 MIM-RCTC Toll Revenue: - I-15 _ 459058GK3 Non -US Gov International Bank for Reconstruction and Development 08/21/2020 _ --- 1,510,000.00 _ 1,510,367.00 --- 1,510,785.20 614.84 2.040 2.013 AAA 240907004 MM-RCTC Toll Revenue: - I-15 45818WCP9 Non -US Gov Inter -American Development Bank 09/16/2022 09/10/2019 1,500,000.00 1,500,000.00 --- 1,500,435.00 435.00 2.282 2.219 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 TIPS United States Department of The Treasury 01/15/2022 --- 328,723.70 _ 326,362.68 --- 325,443.04 (1,918.36) 0.125 0.563 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UH1 TIPS United States Department of The Treasury 01/15/2023 02/05/2018 83,361.75 82,291.14 --- 82,634.84 (11.50) 0.125 0.391 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128286N5 TIPS United States Department of The Treasury 04/15/2024 --- 162,758.40 165,636.73 --- 164,706.62 (856.51) 0.500 0.235 AAA 240907004 M M-RCTC Toll Revenue: - I-15 912828UF5 US Gov United States Department of The Treasury 12/31/2019 06/29/2018 3,700,000.00 3,627,156.25 --- 3,692,489.00 4,623.16 1.125 1.935 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 912828Y53 US Gov United States Department of The Treasury 07/31/2020 --- 5,550,000.00 5,551,119.32 --- 5,544,394.50 (6,103.89) 1.957 2.110 AAA 240907004 M M-RCTC Toll Revenue: - I-15 9128285H9 US Gov United States Department of The Treasury 10/31/2020 12/06/2018 5,300,000.00 5,299,852.27 --- 5,291,626.00 (8,289.70) 1.959 2.140 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UF5 US Gov United States Department of The Treasury 12/31/2019 --- 335,000.00 328,527.73 --- 334,319.95 339.53 1.125 1.935 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VA5 US Gov United States Department of The Treasury 04/30/2020 - 665,000.00 648,627.54 --- 662,167.10 2,571.62 1.125 1.861 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VV9 US Gov United States Department of The Treasury 08/31/2020 --- 775,000.00 766,685.54 --- 776,906.50 5,670.59 2.125 1.853 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828B58 US Gov United States Department of The Treasury 01/31/2021 07/05/2018 320,000.00 316,212.50 --- 321,462.40 3,454.39 2.125 1.776 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828F62 US Gov United States Department of The Treasury 10/31/2019 02/20/2019 700,000.00 695,132.81 --- 699,657.00 234.29 1.500 2.070 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828L57 US Gov United States Department of The Treasury 09/30/2022 - 110,000.00 110,892.58 --- 110,545.60 (327.45) 1.750 1.580 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828Y53 US Gov United States Department of The Treasury 07/31/2020 --- 450,000.00 449,998.47 --- 449,545.50 (439.10) 1.957 2.110 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128285H9 US Gov United States Department of The Treasury 10/31/2020 12/06/2018 500,000.00 499,986.06 --- 499,210.00 (782.05) 1.959 2.140 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 _ 97689P2K3 VRDN Wisconsin Housing and Economic Development Authority 09/01/2037 07/18/2019 1,300,000.00 _ 1,300,000.00 10/30/2019 1,300,000.00 0.00 _ 2.080 _2.080 AA 240907004 M M-RCTC Toll Revenue: - I-15 64986U4H7 VRDN New York State Housing Finance Agency 11/01/2048 07/02/2018 1,400,000.00 1,400,000.00 10/15/2019 1,400,000.00 0.00 2.100 2.100 AA 240907004 MIM-RCTC Toll Revenue: - I-15 56052FHZ1 VRDN Maine State Housing Authority 11/15/2052 07/18/2019 1,400,000.00 1,400,000.00 10/30/2019 1,400,000.00 0.00 2.100 2.100 AA 240907004 M M-RCTC Toll Revenue: - I-15 196479G29 VRDN Colorado Housing and Finance Authority, Inc. 04/01/2040 07/18/2019 1,500,000.00 1,500,000.00 10/15/2019 1,500,000.00 0.00 2.100 2.100 AAA 65,465,671.78 65,725,863.59 65,773,908.55 34,838.82 180 Page 21 of 37 ATTACHMENT 10 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Account for quarter ended September 30, 2019 Source Account Account 240907004 MIM-RCTC Toll Revenue: - I-15 240907004 MIM-RCTC Toll Revenue: - I-15 240907004 MIM-RCTC Toll Revenue: - I-15 Identifier 3135G0U68 3130AG5X9 3130AH2K8 Security Typ Category Issuer Final Maturity Agency Agency Agency Federal National Mortgage Association Federal Homo Loan Banks Federal Home Loan Banks 10/30/2019 10/09/2020 09/10/2020 eat Call Base Net Total Summarized Trade Date Current Face Value Original Cost Date Base Market Value Unrealized Gain/Loss Coupon Yield Credit Rating 10/25/2018 06/13/2019 09/09/2019 375,000.00 1,700,000.00 2,075,000.00 375,000.00 --- 1,701,020.00 10/09/2019 2,075,000.00 12/10/2019 375,026.25 1,700,255.00 2,075,041.50 26.25 185.26 41.50 1.890 2.520 2.050 1.839 1.897 2.043 AAA AAA AAA 240907004 MIM-RCTC Toll Revenue:-I-15 31416BTW8 Agency MBS Federal National Mortgage Association 01/01/2024 09/03/2019 435,104.39 453,868.28 454,644.93 577.34 5.500 2.050 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3137B2GW4 Agency MBS Freddie Mac 03/25/2020 06/29/2018 551,483.68 547,907.66 550,932.20 837.01 2.313 2.136 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3137B7YX1 Agency MBS Freddie Mac 04/25/2023 08/19/2019 556,699.82 563,745.55 562,088.67 (1,514.67) 2.592 1.929 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3137FJXN4 AgencylOBS Freddie Mac 02/25/2023 08/27/2019 362,890.25 362,550.05 362,596.31 125.11 2.474 2.401 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 87165LBB6 Asset Backed Synchrony Credit Card Master Note Trust 2016-2 05/17/2021 08/02/2019 525,000.00 526,271.48 526,743.00 578.64 2.210 2.011 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 161571HJ6 Asset Backed Chase Issuance Trust 01/15/2020 03/23/2018 500,000.00 501,347.66 500,275.00 331A7 2.328 2.165 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 02587AAJ3 Asset Backed American Express Credit Accoart Master Trust 02/18/2020 06/29/2018 650,000.00 640,351.56 649,486.50 1,786.39 1.930 2.147 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 05522RCW6 Asset Backed Ba Credit Card Trust - Series 2017-1 03/16/2020 09/04/2019 750,000.00 749,677.73 749,550.00 (171.60) 1.950 2.090 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 600,000.00 596,906.25 602,838.00 4,198.62 2.650 2.156 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 38013FAD3 Asset Backed GM Financial Consumer Automobile Receivables Trust 2018-4 10/16/2023 07/24/2019 350,000.00 356,412.11 356,195.00 377.68 3.210 2.174 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 47789JAB2 Asset Backed John Deere Owner Trust 2019 10/15/2021 03/05/2019 530,000.00 529,975.83 532,443.30 240907004 MIM-RCTC Toll Revenue: - I-15 65479PAA7 Asset Backed Nissan Auto Lease Trust, 2019-A 04/15/2020 04/09/2019 162,233.65 162,233.65 162,282.32 240907004 MIM-RCTC Toll Revenue: - I-15 31680YAA5 Asset Backed Fifth Third Auto Trust 2019-1 05/15/2020 04/30/2019 84,920.25 84,920.25 84,934.68 2,456.11 2.850 2.108 48.67 2.599 2.096 AAA AAA 14.44 2.576 2.343 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65478LAB5 Asset Backed Nissan Auto Lease Trust 2019-B 10/15/2021 07/16/2019 260,000.00 259,977.25 260,410.80 428.80 2.270 2.016 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 477870AB5 Asset Backed John Deere Owner Trust 2019-B 05/16/2022 07/16/2019 290,000.00 289,998.90 290,667.00 667.40 2.280 2.046 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 14315PAB1 Asset Backed Carmax Auto Owner Trust 2019-3 12/15/2022 07/24/2019 380,000.00 379,982.94 380,805.60 820.62 2.210 2.028 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 26209AAE1 Asset Backed Drive Auto Receivables Trust 2019-4 01/16/2024 09/09/2019 260,000.00 259,964.59 259,675.00 (290.12) 2.230 2.299 AA 240907004 MIM-RCTC Toll Revenue: - I-15 63873NV99 CD Natxis, New York Branch 11/15/2019 08/16/2019 1,500,000.00 1,501,342.06 1,500,735.00 71.34 2.530 2.125 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65602VMU7 CD Norinchukin Bank NY Branch 12/11/2019 09/04/2019 1,475,000.00 1,475,824.30 1,475,575.25 (28.10) 2.300 2.089 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 83050PBF5 CD Skandinaviska Enskilda Harken AB (pub1J 10/07/2019 09/23/2019 850,000.00 850,093.95 850,068.00 27.74 2.410 1.983 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 62888VAA6 CMO NCUA Guaranteed Notes Trust 2010-R1 10/07/2020 01/22/2019 341,046.10 341,166.00 341,192.75 75.17 2.679 2.551 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 62888UAB6 CMO NCUA Guaranteed Notes Trust 2010-R2 11/05/2020 03/15/2019 243,010.87 243,371.59 243,394.83 141.66 2.699 2.112 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 38141EA58 Corporate The Goldman Sachs Group, Inc. 03/15/2020 07/26/2017 500,000.00 540,800.00 507,190.00 (128.62) 5.375 2.201 A 240907004 MIM-RCTC Toll Revenue: - I-15 40428HPN6 Corporate HSBC USA Inc. 11/13/2019 07/26/2017 1,000,000.00 1,010,720.00 1,000,220.00 (343.91) 2.375 2.171 A 240907004 MIM-RCTC Toll Revenue: - I-15 17401QAB7 Corporate Citizens Bank, National Association 12/04/2019 07/26/2017 1,000,000.00 1,008,450.00 11 /04/2019 1,000,130.00 (227.02) 2.450 2.294 A 240907004 MIM-RCTC Toll Revenue: - I-15 61747YDW2 Corporate Morgan Stanley 01/27/2020 07/25/2017 500,000.00 506,130.00 500,750.00 (63.90) 2.650 2.175 A 240907004 MIM-RCTC Toll Revenue: - I-15 780082AA1 Corporate Royal Bank of Canada 02/05/2020 07/26/2017 1,500,000.00 1,497,390.00 1,498,440.00 (1,191.30) 1.875 2.171 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 172967JJ1 Corporate Citlgroup Inc. 02/18/2020 07/25/2017 500,000.00 503,600.00 500,435.00 (119.20) 2.400 2.165 A 2499979114 MIM-RCTC Tnll RBvenlle: - I-15 n6n51GFN4 Cmmnratc Rank of America Cmmnmtinn 94/21 /211211 12/04/2017 1 909 0011.011 997 85(I.nn 1 991 979 00 1 579 Al 2759 2_ns5 A 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Toll Revenue: - I-15 MIM-RCTC Toll Revenue: - I-15 MIM-RCTC Toll Revenue: - I-15 MIM-RCTC Toll Revenue: - I-15 MIM-RCTC Toll Revenue: - I-15 31677QBG3 24422ETJ8 06367TPX2 14912L6Y2 5148XIXA6 Corporate Corporate Corporate Corporate CP Fifth Third Bank John Deere Capital Corporation Bank of Montreal Caterpillar Financial Services Corporation Landesbank Haden-WOrttemberg, New York Branch 06/14/2021 10/09/2019 12/12/2019 01/10/2020 10/10/2019 07/23/2019 07/26/2017 07/26/2017 07/26/2017 08/19/2019 500,000.00 1,125,000.00 1,000,000.00 1,000,000.00 1,500,000.00 500,110.00 05/14/2021 1,114,650.00 --- 1,005,160.00 --- 1,008,020.00 --- 1,495,320.00 --- 501,600.00 1,124,786.25 1,000,080.00 1,000,150.00 1,499,265.00 1,498.59 (107.94) (361.87) (775.85) 75.00 2.250 1.250 2.100 2.100 0.000 2.048 1.999 2.047 2.036 1.764 A A AA A AAA 240907004 MIM-RCTC Toll Revenue: - I-15 23337UX79 CP DTE Gas Company 10/07/2019 09/06/2019 1,500,000.00 1,497,184.17 1,499,505.00 50.00 0.000 1.697 AA 240907004 MIM-RCTC Toll Revenue: - I-15 50000EX33 CP Koch Industries, Inc. 10/03/2019 09/09/2019 1,500,000.00 1,497,960.00 1,499,835.00 5.00 0.000 1.320 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 02361LXG2 CP Ameren Illinois Company 10/16/2019 09/16/2019 1,200,000.00 1,197,740.00 1,199,016.00 146.00 0.000 1.845 AA 240907004 MIM-RCTC Toll Revenue: - I-15 2120ICX43 CP Continental Rubber of America, Corp. 10/04/2019 09/27/2019 1,000,000.00 999,572.22 999,840.00 23.33 0.000 1.440 AA 240907004 MIM-RCTC Toll Revenue: - I-15 2333610(00 CP DTE Electric Company 10/24/2019 09/27/2019 600,000.00 599,100.00 599,244.00 10.67 0.000 1.890 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 31846V203 MM Fund First American Funds, Inc. - Government Obligations Fund 09/30/2019 09/27/2019 208,396.50 208,396.50 1.670 1.520 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 392274A89 Muni Greater Orlando Aviation Authority 10/01/2019 07/26/2017 700,000.00 724,094.00 700,000.00 3A83 3.424 AA 240907004 MIM-RCTC Toll Revenue: - I-15 048506DN6 Muni Atlantic County Improvement Authority 06/17/2020 07/05/2019 265,000.00 267,210.10 267,011.35 340.93 3.250 2.170 NA 240907004 MIM-RCTC Toll Revenue: - I-15 072024WU2 Muni Bay Area Toll Authority 04/01/2020 09/20/2019 425,000.00 425,000.00 425,148.75 148.75 2.025 1.955 AA 240907004 MIM-RCTC Toll Revenue: - I-15 459058GK3 Non -US Gov International Bank for Reconstruction and Development 08/21/2020 1,510,000.00 1,510,367.00 1,510,785.20 614.84 2.040 2.013 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 45818WCP9 Non -US Gov Inter -American Development Bank 09/16/2022 09/10/2019 1,500,000.00 1,500,000.00 1,500,435.00 435.00 2.282 2.219 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 912828UF5 US Gov United States Department of The Treasury 12/31/2019 06/29/2018 3,700,000.00 3,627,156.25 3,692,489.00 4,623.16 1.125 1.935 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 912828Y53 US Gov United States Department of The Treasury 07/31/2020 5,550,000.00 5,551,119.32 5,544,394.50 (6,103.89) 1.957 2.110 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 9128285H9 US Gov United States Department of The Treasury 10/31/2020 12/06/2018 5,300,000.00 5,299,852.27 5,291,626.00 (8,289.70) 1.959 2.140 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 97689P2K3 VRDN Wisconsin Housing and Economic Development Authority 09/01/2037 07/18/2019 1,300,000.00 1,300,000.00 10/30/2019 1,300,000.00 2.080 2.080 AA 240907004 MIM-RCTC Toll Revenue: - I-15 64986U4H7 VRDN New York State Housing Finance Agency 11/01/2048 07/02/2018 1,400,000.00 1,400,000.00 10/15/2019 1,400,000.00 2.100 2.100 AA 240907004 MIM-RCTC Toll Revenue: - I-15 56052FHZ1 VRDN Maine State Housing Authority 11/15/2052 07/18/2019 1,400,000.00 1,400,000.00 10/30/2019 1,400,000.00 2.100 2.100 AA 240907004 MIM-RCTC Toll Revenue: - I-15 I96479G29 VRDN Colorado Housing and Finance Authority, Inc. 04/01/2040 07/18/2019 1,500,000.00 1,500,000.00 10/15/2019 1,500,000.00 2.100 2.100 AAA 57,282,389.01 57,521,861.48 57,519,699.44 3,650.40 240907020 RCTC I-15 Prl RAMP UP RESERVE 3137EADB2 Agency Freddie Mac 01/13/2022 09/30/2019 400,000.00 406,42520 406,160.00 AAA Federal Home Loan Banks 350,000.00 350,150.50 351,704.50 1,649.21 AAA Government Nafional Mortgage Associafion 37,257.28 37,996.60 38,027.76 52.12 AAA Freddie Mac 96,479.88 96,653.25 97,830.60 1,232.87 AAA Government Nafional Mortgage Association 24,203.09 25,186.34 25,407.19 AAA Freddie Mac 94,590.65 94,276.58 95,943.29 1,632.01 AAA Government Nafional Mortgage Association 28,205.54 29,004.33 29,114.60 166.28 AAA Government National Mortgage Association Government Nafional Mortgage Associafion 65,565.61 6,099.76 67,204.75 6,118.82 66,638.92 6,096.71 AAA AAA Govemment National Mortgage Association 18,030.15 17,849.85 17,886.81 AAA Government Nafional Mortgage Association 25,709.48 25,532.73 25,735.19 189.08 AAA Freddie Mac 100,000.00 97,238.28 100,871.00 AAA Freddie Mac 25,612.27 25,035.99 25,494.96 AAA Federal National Mortgage Association 16,415.73 16,511.79 16,597.29 AAA Freddie Mac 100,000.00 102,164.06 101,999.00 AAA Federal National Mortgage Association 41,243.71 41,604.59 41,517.98 AAA Government National Mortgage Association 7,152.01 6,780.38 7,020.56 218.72 AAA Federal National Mortgage Association 371,294.88 403,924.59 385,467.21 AAA Freddie Mac 96,790.56 95,580.68 96,860.25 AAA Freddie Mac Government National Mortgage Association Federal National Mortgage Association 181 Page 22 of 37 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Account for quarter ended September 30, 2019 Source Account Account Identifier Security Type Category Issuer �rt Call Base Net Total Summarized Final Maturity Trade Date Current Face Value Original Cost Date Base Market Value Unrealized Gain/Loss Coupon Yield Credit Rating 240907020 240907020 240907020 240907020 240907020 240907020 RCTC 1-15 Ph RAMP UP RESERVE RCTC I-15 Ph RAMP UP RESERVE RCTC I-15 Ph RAMP UP RESERVE RCTC I-15 Prj RAMP UP RESERVE RCTC 1-15 Ph RAMP UP RESERVE RCTC I-15 Prj RAMP UP RESERVE 38377QKH9 38378CDK0 38378AWX5 38378DDC6 38376P135 38379HLE3 Agency CMO Agency CMO Agency CMO Agency CMO Agency CMO Agency CMO Government National Mortgage Association Government National Mortgage Association Government National Mortgage Association Govemment National Mortgage Association Government National Mortgage Association Govemment National Mortgage Association 08/20/2040 03/20/2035 01/20/2036 04/20/2038 05/16/2037 05/20/2043 08/20/2019 01/30/2018 01/30/2018 06/20/2018 10/30/2018 10/18/2018 22,822.16 52,373.83 100,734.70 42,876.79 840.28 70,212.10 23,236.71 52,856.65 101,710.57 43,166.54 843.17 70,113.37 23,301.42 60.52 3.000 52,517.86 (24.40) 3.000 101,342.13 101.98 3.000 43,015.71 20.28 3.500 839.46 (0.82) 4.000 72,171.72 2,060.52 3.500 2.258 2.171 2.140 2.540 2.440 2.167 AAA AAA AAA AAA AAA AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 38378VC45 Agency CMO Government National Mortgage Association 12/16/2041 11/23/2018 62,462.30 60,207.80 62,371.73 2,065.33 2.250 2.275 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377JM59 Agency CMO Govemment National Mortgage Association 10/20/2039 1121/2018 33,552.75 32,713.94 33,499.40 720.55 2.500 2.525 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 3137ARBX3 Agency CMO Freddie Mac 03/15/2039 03/14/2019 40,571.29 39,994.42 40,490.96 535.85 2.378 2.476 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YFF3 Agency CMO Govemment National Mortgage Association 03/20/2039 06/03/2019 8,841.27 8,907.58 8,951.70 52A2 4.000 2.432 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 383797M99 Agency CMO Government National Mortgage Association 02/16/2041 08/28/2019 23,618.29 23,770.51 23,933.83 165.49 2.500 1.812 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283K5N4 Agency MBS Freddie Mac 08/01/2020 12/05/2017 209,955A2 214,684.46 216,650.90 2,580.99 5.000 -4.139 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 3620A9WV9 Agency MBS Government National Mortgage Association 12/15/2024 05/23/2018 11,394A5 11,643.71 11,881.68 287.06 4.000 1.734 AAA 240907020 RCTC I-15 Ph RAMP UP RESERVE 3138NJAE8 Agency MBS Federal National Mortgage Association 12/012020 09/13/2018 31,597.79 31,963.15 31,568.41 (290.13) 3.630 3.779 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 31381N7G2 Agency MBS Federal National Mortgage Association 10/01/2020 09/25/2018 35,821.90 35,953.43 36,026.08 66.85 3.270 2.369 AAA 240907020 RCTC I-15 Ph RAMP UP RESERVE 3138IRLL6 Agency MBS Federal National Mortgage Association 07/01/2021 11/02/2018 45,237.78 45,909.30 46,375.51 699.51 3.840 2.027 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 31381SV18 Agency MBS Federal National Mortgage Association 11/01/2021 02/22/2019 42,508.14 42,720.68 43,464.57 815.68 3.330 2.128 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AC7J4 Agency MBS Federal National Mortgage Association 03/25/2023 02/21/2018 40,665.16 39,996.42 41,477.25 1,268.03 2.605 1.880 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 31418AU48 Agency MBS Federal National Mortgage Association 07/01/2023 05/21/2019 0.00 0.00 (0.00) 2.500 1.356 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B11275 Agency MBS Freddie Mac 01/25/2023 02/27/2018 120,000.00 117,965.63 121,466.40 2,845.96 2.522 1.997 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 38378KWU9 Agency MBS Government National Mortgage Association 11/16/2041 05/03/2019 35,923.45 33,700.68 35,183.06 1,257.16 1.400 2.388 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B3NW4 Agency MBS Freddie Mac 09/25/2022 09/26/2018 82,463A4 81,754.77 83,356.52 1,474.04 2.778 1.938 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 38378KW47 Agency MBS Government National Mortgage Association 08/16/2035 06/13/2019 59,424.35 59,090.09 59,212.80 63.83 2.150 2.512 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXHN6 Agency MBS Freddie Mac 02/25/2022 0125/2018 58,208.29 57,407.92 58,054.03 364.30 1.749 1.877 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 31418ASD1 Agency MBS Federal National Mortgage Association 04/01/2023 01/31/2018 54,858.48 54,325.70 54,795.39 358.92 2.000 1.996 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AMM48 Agency MBS Federal National Mortgage Association 07/25/2022 09/26/2018 84,106.36 82,849.42 84,921.35 1,750.43 2.509 1.976 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 3137B1UF7 Agency MBS Freddie Mac 09/25/2022 01/25/2018 30,607.20 30,157.65 30,555.78 251.67 1.785 1.827 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137BQBY2 Agency MBS Freddie Mac 03/25/2022 08/16/2019 63,759.08 64,170.02 63,966.93 (186.35) 2.183 1.968 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 3138EJPZ5 Agency MBS Federal National Mortgage Association 07/01/2022 07/22/2019 24,800.64 25,253.06 25,380.73 6.94 3.022 1.910 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 05/23/2018 24,168.84 24,742.86 25,140.18 511.25 4.000 1.944 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 31418CQM9 Agency MBS Federal National Mortgage Association 10/01/2027 09/11/2019 23,353.56 23,948.35 23,910.54 (39.44) 3.000 2.122 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3140J6DU8 Agency MBS Federal National Mortgage Association 08/01/2031 07/26/2019 82,113.07 82,664.77 82,928.46 261.61 2.500 2.133 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 3138L2GH4 Agency MBS Federal National Mortgage Association 07/01 /2021 07/26/2019 21,604.82 21,488.36 21,588.40 93.70 1.870 1.854 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A96F0 Agency MBS Federal National Mortgage Association 11/25/2022 02/27/2018 56,377.13 54,643.97 56,820.25 1,643.19 2.184 1.817 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 3137FGZN8 Agency MBS Freddie Mac 02/25/2023 06/18/2019 40,356.28 40,337.36 40,347.81 43.93 2.424 2.312 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138IQB54 Agency MBS Federal National Mortgage Association 03/01/2021 11/07/2018 56,108.63 57,270.26 57,421.01 643.62 4.410 2.251 AAA 240907020 RCTC I-15 Ph RAMP UP RESERVE 62888VAA6 CMO NCUA Guaranteed Notes Trust 2010-R1 10/07/2020 05/10/2019 0.01 0.01 0.01 0.00 2.679 2.551 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE CCYUSD Currency UNITED STATES OF AMERICA 09/30/2019 (406,160.27) (406,160.27/ 0.000 0.000 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 31846V203 MM Fund First American Funds, Inc. - Government Obligations Fund 09/30/2019 427,856.57 427,856.57 1.670 1.670 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 TIPS United States Department of The Treasury 01/15/2022 328,723.70 326,362.68 325,443.04 (1,918.36) 0.125 0.563 AAA 240907020 RCTC 1-15 Ph RAMP UP RESERVE 912828UH1 TIPS United States Department of The Treasury 01/15/2023 02/05/2018 83,361.75 82,291.14 82,634.84 (11.50) 0.125 0.391 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128286N5 TIPS United States Deparuent of The Treasury 04/15/2024 162,758A0 165,636.73 164,706.62 (856.51) 0.500 0.235 AAA 240907020 RCTC I-15 Ph RAMP UP RESERVE 912828UF5 US Gov United States Department of The Treasury 12/31/2019 335,000.00 328,527.73 334,319.95 339.53 1.125 1.935 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 912828VA5 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828 V V9 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828B58 US Gov 240907020 RCTC I-15 Pri RAMP UP RESERVE 912828F62 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828L57 US Gov 240907020 RCTC 1-15 Pri RAMP UP RESERVE 912828Y53 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128285H9 US Gov United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury United States Department of The Treasury 04/30/2020 08/31/2020 01/31/2021 07/05/2018 10/31/2019 02/20/2019 665,000.00 775,000.00 320,000.00 700,000.00 09/302022 --- 110,000.00 07/31/2020 450,000.00 10/312020 12/062018 500,000.00 8,183,282.77 648,627.54 766,685.54 316,212.50 695,132.81 110,892.58 449,998A7 499,986.06 8,204,002.11 662,167.10 776,906.50 321,462.40 699,657.00 110,545.60 449,545.50 499,210.00 2,571.62 1.125 1.861 5,670.59 2.125 1.853 3,454.39 2.125 1.776 234.29 1.500 2.070 AAA AAA AAA AAA (327.45) 1.750 1.580 AAA (439.10) 1.957 2.110 AAA (782.05) 1.959 2.140 AAA 8,254,209.11 31,188.43 Total 65,465,671.78 65,725,863.59 65,773,908.55 34,838.82 127 182 Page 23 of 37 rir RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2019 ATTACHMENT 11 Source Beginning Base Base Maturities and Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 240907004 MIM-RCTC Ton Revere:-I-15 240907094 MIrI-RCTC Toll Revenue: 8141EA58 GOLDMAN SACHS GROUP INC I-15 392274A89 GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FAC 240907004 MIM-RCTC Ton Revere:-I-15 240907094 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revere:-I-15 240907004 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revenre:-I-15 40428HPN6 HSBC USA INC (NEW) 17401QAB7 CITIZENS BANK NA 14912L6Y2 CATERPILLAR FINANCIAL SERVICES CORP 615711116 CHAFE 171 A 3130AG5X9 FEDERAL HOME LOAN BANKS 510,290.00 701,911.00 999,730.00 999,950.09 998,880.00 509,575.09 1,701,241.00 240907004 MIrI-RCTC Toll Revenue:-I-15 63873NV99 Natizis, New York Branch 1,501,342.06 (3,984.74) (2,868.23) (1,206.51) (966.04) (843.98) 814.42) (802.05) (678.40) 884.74 957.2 1,696.51 146.04 2,113.98 514.42 (183.95) 507,190.00 709,000.09 1,000,220.00 1,099,130.09 1,000,150.00 509,275.09 1,700,255.00 1,509,735.09 71.34 94.44 12,190.50 9,104.17 7,962.50 4,725.00 484.90 20,468.00 14,652.92 240907004 240907004 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 61747YDW2 38013FAD3 06367TPX2 048506DN6 90261XHE5 172967/11 912828Y53 MORGAN STANLEY GMCAR 184 A3 BANK OF MONTREAL ATLANTIC CNTY N J IrIPT AUTH REV UBS AG (STAMFORD BRANCH) CTDGROUP INC UNTIED STATES TREASURY 500,570.00 998,880.00 849,881.00 509,000.09 4, 195.548.00 356,412.11 267,210A0 (499,433.10) (850,000.00) (671.15) (635.61) (594.79) (564.61) (539.68) (459.66) (365.32) (256.70) 815.61 377.68 1,764.61 340.93 578.66 800.32 1075.95 500,750.00 356,195.09 1,000,080.00 267,011.35 509,435.00 3,6%263.00 2,355.56 468.13 6,358.33 2,464.13 1,433.33 12,762.55 _40907004 MIM-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revenre:-I-15 240907004 MIM-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revenre:-I-15 240907004 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revere:-I-15 240907004 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revere:-I-15 240907004 MIrI-RCTC Toll Revenue:-I-15 65602VMU7 Normchulon Bank NY Branch 46625HKA7 WMORGAN CHASE & CO 3134GTAE3 FEDERAL HOME LOAN MORTGAGE CORP 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 70914PPD8 PENNSYLVANIA(COMMONWEALTH OF) 3137B7YX1 FHMS K037 Al 87165LBB6 SYNCT 162 A 3137MXN4 FHMS KI03 A 86564FXA6 Sumitomo Mitsui Trust Bank Ltd. (New York Branch) 499,845.00 1,091,220.09 499,475.00 305,222.65 1,475,824.30 575,469.34 526,271.48 418,012.21 1,509,070.83 (500,275.00) (499,510.00) (1,000,000.00) (305,000.00) (1,500,000.00) (11,577.26) (55,514.21) (140.13) (1,289:55) (147:62) 50.24 (220.95) (201.28) (177.18) (159.81) (146.50) (141.13) (107.12) (77.04) (70.83) (28.10) 1,475,575.25 771.41 (1,042.82) 1,484.36 (76.15) (1,514.67) 562,088.67 578.64 526,743.09 125.11 362,596.31 10,554.44 1,202.47 515.67 149.65 240907004 240907004 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 62888UAB6 NGN 10R22A 83050PBF5 Skandinaviska EnsIdIda Banken AB(publ.) 89114MC70 Toronto -Dominion Bally New York Branch 51500VCCI Landesbank Hessen -Thuringen Girozentrale 51500VCC1 Landesbank Hessen-Thiuingen Gnozerdale 912828Y53 UNITED STATES TREASURY 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 254,760.16 1,500,075.00 1,400,056.09 1,250,050.00 449,523.00 500.165.00 850,093.95 (1,500,000.00) (1,400,099.00) (1,250,000.00) (11,563.45) (13.13) (56.64) (53.69) (4590) (30.95) (29.68) (25.29) (24.28) 267.88 27.74 (29.10) (25.06) (20.32) 47.79 119.28 243,394.83 850,068.09 449,54530 500.260.00 455.39 6,71453 1,552/0 1,359.86 _40907004 MIrI-RCTC Toll Revenue:-I-15 62888VAA6 NGN IORI IA 382, 130.42 (40,500.57) (9.84) (18.58) (408.69) 341, 192.75 634.37 240907004 240907004 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revenue: -I-15 MIrI-RCTC Toll Revenue: - J-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 65602V1W7 Norinchukin Bank NY Branch 89114QAS7 TORONTO-DOMINION BANK 4590580K3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 31677QBG3 FIFTH THIRD BANK (OHIO) 3130ABQH2 FEDERAL HOME LOAN BANKS 58769DAD2 MBALT 17A A3 300,099.00 1,509,030.09 1,000,000.00 185,061.05 1,509,030.09 85.599.53 500,110.00 (1,500,099.00) (1,000,000.00) (1,500,000.00) (85,637.20) (0.01) (14.63) (12.33) (11.31) (9.31) (8.59) (4.41) (1.94) 71.63 (17.67) 11.31 44.46 1,498.59 (25.59) 39.62 300,156.00 185,096.20 501,600.00 815.92 503.15 3,343.75 240907004 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revere:-I-15 '40907004 MIrI-RCTC Toll Revenue:-I-15 65478GAC4 NAROT 17B A2B 31846V203 FIRST AMER:GVT OBLGY 4590580K3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 2,827.71 314,888.54 525, 173.25 68,389,772.62 (68,496,264.66) (2,827.63) (0.02) (0.02) (0.04) 99.75 208,396.50 525,273.09 1427.85 240907004 240907004 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 56052FHZ1 MAINE ST HSG AUTH MTG PUR 64986U4H7 NEW YORK ST HSG FM AGY REV 65479PAA7 NALT 19A Al 3130AH2K8 FEDERAL HOME LOAN BANKS 072024WU2 BAY AREA TOLL AUTH CALIF TOLL BRDG REV 97689P2K3 WISCONSIN HSG & ECONOMIC DEV AUTH HOME OWNERSHIP R 3135G0U68 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1,409,000.09 463,113.46 375,082.50 1,400,000.00 2,075,000.00 425,000.00 1,409,000.00 (100,000.00) (300,745.54) (0.00) (85.59) 41.50 148.75 (56.25) 1,400,000.00 1,409,000.09 162,282.32 2,075,041.50 425,148.75 1,309,000.09 375,026.25 12,166.58 2,169.42 175.67 2,481.35 119.53 2,123.33 1,471.35 240907004 MIrI-RCTC Toll Revenue:-I-15 3134GTB11 FEDERAL HOME LOAN MORTGAGE CORP 2,509,000.09 (2,500,000.00) 240907004 240907004 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 31680YAA5 3130AGHC2 196179G29 45818WCP9 26209AAE1 477870AB5 14315PAB1 MAT 191 Al FEDERAL HOME LOAN BANKS COLORADO HSG & FIN AUTH INTER-AMERICAN DEVELOPMENT BANK DRIVE 194 B JDOT 19B A2 CARMX 193 A2A 323,726.15 2,091,560.09 1,500,000.00 1,509,000.09 259,964.59 289,998.90 379,982.94 (2,000,000.00) (238,744.41) (0.00) 0.53 0.70 2.04 (47.06) (1,560.09) 435.09 (290.12) 667.40 820.62 84,934A8 1,500,000.00 1,509,435.09 259,675.00 290,667.09 380,805.60 91.13 17,428.36 1,189.67 209.37 293.87 373.24 240907094 MIrI-RCTC Toll Revenue:-I-15 65478LAB5 NALT 19B A2A 259,977.25 4.75 428.80 260,410.80 262.31 240907004 MIM-RCTC Ton Revenre:-I-15 240907004 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revenre:-I-15 240907004 MIrI-RCTC Toll Revenue: -I-15 240907004 MIM-RCTC Ton Revenre:-I-15 240907004 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revenre:-I-15 477891AB2 JDOT 2019 A2 58769DAD2 MBALT 17A A3 31416BTW8 FN 995265 9128285H9 UNITED STATES TREASURY I OAGE68 FEDERAL HOME LOAN BANKS 64972HV66 NEW YORK N Y CITY TRANSITIONAL FM AUTH BLDG AMR 05522RCW6 BACCT 171 A 533.121.70 5,322.25 5,292,209.00 2,000,580.00 665,172.90 19.355.73 749,677.73 (2,000,000.00) (665,099.00) (5,324.59) 451.30 4.96 7.58 8.50 9.58 20.64 26.20 43.87 (683.36) (5.24) 24.62 (602.58) (1,051.94) (199.10) (171.60) 532,443.30 19,388.85 5,291 A26.09 749,550.00 671 85.05 18,299.75 650.00 240907004 MIrI-RCTC Toll Revenue:-I-15 65479AAD4 NALT 17A A3 305,902.58 (306,058.67) 82.48 45.02 28.59 240907004 240907004 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 912828Y53 23336KXQ0 31416BTW8 06051GEN4 21201CX43 780o82AA1 04056BVK3 UNITED STATES TREASURY DTE Electric Company FN 995265 BANK OF AMERICA CORP Cominental Rubber of America, Corp. ROYAL BANK OF CANADA Arizona Public Service Company 1,398,516:00 999,830.09 1,496,190:00 599,100.09 434,512.55 999,572.22 1,499,728.76 (1,500,000.00) 102.67 133.33 190.81 228.54 244.45 267.78 271.24 (32.67) 10.67 552.72 1,011.46 23.33 1,982.22 1,398,586.00 599,244.09 435,256.08 1,001,070.00 999,840.00 1,498,440.00 4,829.07 1,909.18 10,099.00 4,375.00 '40907004 MIrI-RCTC Toll Revenue:-I-15 49327M2P8 KEYBANK NA 998,780.00 (1,000,000.00) 318.16 901.84 240907004 240907004 240907004 240907004 240907004 240907004 240907004 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 MIrI-RCTC Toll Revenue:- I-15 MIM-RCTC Ton Revere: -I-15 05916SUA6 65478DAD9 466400082 97684HVE8 3137B2GW4 97684HU82 02360SU89 Baltimore Gas and Electric Company NAROT 18A A3 LP. Morgan Securities LLC Wisconsin Public Service Corporation FHMS K713 A2 Wisconsin Public Service Corporation Ameren Corporation 603,132.09 849,609.00 577,535.95 1,499,310.09 1,499,310.00 674,670:56 1,199,566.00 (675,000.00) (850,000.00) (1,200,099.00) (1,500,099.00) (1,500,000.00) (27,053.14) 79.23 329.44 355.93 390.05 434.00 467.74 708.75 758.33 (649.93) 0.95 (97.59) (18.75) (68.33) 602,838.00 550,932.20 706.67 1,062.98 240907004 MIrI-RCTC Toll Revenue: -I-15 92780KYD7 Virginia Electric and Power Company 1,499,240.09 (1,500,099.00) 760.00 240907004 MIM-RCTC Ton Revere: -15 313384KM0 FEDERAL HOME LOAN BANKS 240907004 MIrI-RCTC Toll Revenue: -I-15 240907004 MIM-RCTC Ton Revenre:-I-15 240907004 MIrI-RCTC Toll Revenue: -I-15 92780KUA4 Virginia Electric and Power Company 71112KU112 The Peoples Gas Light and Coke Company 69350BUB0 PPG Inlustries, Inc. 1,349,203.50 1,499,010.00 ,834,180.37 499.081.25 (1,835,000.00) (1,350,099.00) (1,500,000.00) (1,500,099.00) 819.63 850.50 918.75 1,083.33 (54.00) (93.33) 240907004 MIM-RCTC Ton Revenre:-I-15 240907004 MIrI-RCTC Toll Revenue:-I-15 240907004 MIM-RCTC Ton Revenre:-I-15 240907094 MIrI-RCTC Toll Revenue:-I-15 43357MWT3 Hitachi Capital America Corp. 02361LX02 Armen Illinois Company 24422E1'18 JOHN DEERE CAPITAL CORP 1, 122,108.75 04056BUH1 Arizona Public Service Company 598,878.67 1,197,740.00 (600,000.00) 1,498,547.51 - (1,500,099.00) 1,121.33 1,130.00 1,216.82 1,452.49 146.00 1,199,016.00 1,460.68 1,124,786.25 6,718.75 183 Page 24 of 37 rir RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2019 Base Base Change In Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 240907004 MIM-RCTC Ton Revere:-I-15 02587AA13 AMXCA 171 A 240907004 MIM-RCTC Toll Revenue: - I-15 50000EX33 Koch Industries, Inc. 240907004 MRV1-RCTC Ton Revere:-I-15 50000EUN2 Koch Industries, Inc. 240907004 MIM-RCTC Toll Revenue: - I-15 06416CAA6 BANK OF NOVA SCOTIA 240907004 MRV1-RCTC Ton Revere:-I-15 23337UX79 DTE Gas Company 648,674.00 1,497,960.00 1,498,033.34 (1,500,000.00) 1,524,329.00 (1,525 000.00) 1,497.184.17 240907004 MIM-RCTC Toll Revenue: - I-15 240907004 MRV1-RCTC Ton Revere:-I-15 78355BUP5 Ryder System, Inc. 9127%V W6 UNTIED STATES TREASURY 1,497,825:00 - 1,996,925.00 (699,457.19) (1,300,000.00) (1,500 000.00) 1,497.33 1,870.00 1,966.66 (684.83) 5.00 649A86.50 1,499,835.00 557.56 2,206.79 2,270.83 2,337.50 (1,535.79) - 50.00 1,499,505.00 (162.50) 55.11 2,477.08 240907004 MIM-RCTC Toll Revenue: - I-15 240907004 MRV1-RCTC Ton Revere:-I-15 17275RBG6 CISCO SYSTEMS INC 63873KWD5 Natixis, New York Branch 1,047,742:50 1,497,287.51 (1,050,000.00) (1,500,000.00) 2,708.98 (451.48) 2,712.49 240907004 MIM-RCTC Toll Revenue: - I-15 97684HV65 Wisconsin Public Service Corporation 1,497,266/5 (1,500,000.00) 2,73335 240907004 MRV1-RCTC Ton Revere:-I-15 36960MW66 General Electric Company 1,497,162.50 - (1,500,000.00) 2,837.50 240907004 MIM-RCTC Toll Revenue: - I-15 02360SW61 Ameren Corporation 1,497,150.00 - (1,500,000.00) 2,850.00 240907004 MRV1-RCTC Ton Revere:-I-15 26055BW91 The Dow Chemical Company 1,497,029.16 - (1,500,000.00) 2,970.84 240907004 MIM-RCTC Toll Revenue: - I-15 97684HV57 Wisconsin Public Service Corporation 1,596,976.00 - (1,600,000.00) 3,024.00 240907004 MRV1-RCTC Ton Revere:-I-15 02360SV70 Ameren Corporation 1,4%,862.50 - (1,500,000.00) 3,137.50 240907004 MIM-RCTC Toll Revenue: - I-15 69350BV86 PPG Industries, Inc. 1,496,850.00 - (1,500,000.00) 3,150.00 240907004 MRV1-RCTC Ton Revere:-I-15 69350BW36 PPG Industries, Inc. 1,546,762.22 - (1,550,000.00) 3,237.78 240907004 MIM-RCTC Toll Revenue: - I-15 240907004 MIM-RCTC Ton Revere:-I-15 240907004 MIM-RCTC Toll Revenue: - I-15 5148X1XA6 Landesbank Baden-Wurttemberg New York Branch 26055BV84 The Dow Chemical Company 912796VY2 UNITED STATES TREASURY 1,495,320.00 1,4%,115.00 - (1,500,000.00) 4,992,222.20 (4,996,278.33) - 3,870.00 75.00 1,499,265.00 3,885.00 - - 167.23 3,888.90 - - 240907004 MRV1-RCTC Ton Revere:-I-15 9127%VX4 UNTIED STATES TREASURY 3,494,658.13 (3,498,706.94) 91.87 3,956.94 240907004 MIM-RCTC Toll Revenue: - I-15 9128282T6 UNITED STATES TREASURY 1,996,560.00 (2,000,000.00) 4,032.45 (592.45) 240907004 MRV1-RCTC Ton Revere:-I-15 313384KH1 FEDERAL HOME LOAN BANKS 2,195,583.50 (2,200,000.00) 4,416.50 240907004 MIM-RCTC Toll Revenue: - I-15 9128282T6 UNITED STATES TREASURY 2,995,546.88 (3,000,000.00) 4,453.12 240907004 MRV1-RCTC Ton Revere:-I-15 9127%VU0 UNTIED STATES TREASURY 3,993,619.12 (4,000,000.00) 6,380.88 240907004 MIM-RCTC Toll Revenue: - I-15 912828UF5 UNITED STATES TREASURY 3,682,092.00 12,267.50 (1,870.50) 3,692,489.00 10,519.36 67,069,23555 140930,87731 (79,189,925.22) (70,305,000.00) (1,085,546.67) (1,29399) 88,648.71 12,70356 57,519,699.44 226,793.61 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283KSN4 FH G11753 302,666.97 - - - (85,724.63) (2,105.77) (1,75895) 3,573.28 216,650.90 874.81 240907020 RCTC I-15 Pry RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pry RAMP UP RESERVE 3139216N4 FNR 0323B EQ 31381QB54 FN 467260 38378VC45 GNR 13116D MA 429,568.44 58,006.% 64,921.37 (42,376.18) (31892) (2,775.48) (2,671.01) (4.37) 90.38 (995.86) (158.26) (105.77) 1,941.82 (104.40) 241.22 385,467.21 57,421.01 62,371.73 1,701.77 206.20 117.12 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AYCE9 FHMS K025 A2 240907020 RCTC I-15 Pr1 RAMP UP RESERVE 31381RLL6 FN 468431 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381,11AE8 FN FN0004 240907020 RCTC I-15 Pry RAMP UP RESERVE 38375XCM4 GNR 0847B PC 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B84S3 FHR 4305A CT 46,753.43 31,765.84 31,915.28 107,109.05 102,164.06 (233.80) (199.53) (2,672.25) (10,466.51) (9193) (2.44) (62.97) (1.82) (51.64) (73.42) (48.78) 103.85 (47.80) (73.13) (78.70) 55.55 (6.22) 161.66 101,999.00 46,375.51 31,568.41 29,114.60 %,860.25 223.50 144.76 95.58 117.52 161.32 _40907020 RCTC I-15 Pr, RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE 240907020 RCTC I-15 Pd RAMP UP RESERVE 240907020 RCTC I-15 Prj RAMP UP RESERVE '40907020 RCTC I-15 Pd RAMP UP RESERVE 3137ARBX3 FHR 4061C CF 31397QWZ7 FNR 1115E VB 3137FGZN8 FHMS KIO2 A 3134GTAE3 FEDERAL HOME LOAN MORTGAGE CORP 383771M59 GNR IOI I IF PE 43,961.04 53,999.12 50,134.03 175,213.50 36,310.28 (175,000.00) (3,491.97) 48.10 (47.15) (12,368.33) (23.94) (4497) (9,879.73) 3.59 (33.00) (31.01) (2,894.57) 63.03 (30.86) 20.95 40,490.96 42.87 (43.89) 41,517.98 137.48 122.92 40,347.81 16.31 (182.49) - - 51.53 33,499.40 69.90 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381SV18 FN 469617 240907020 RCTC I-15 Pd RAMP UP RESERVE 38377REV3 GNR 10158C HA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AEC17 FEDERAL HOME LOAN BANKS 240907020 RCTC I-15 Pry RAMP UP RESERVE 912828Y53 UNITED STATES TREASURY 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AH6C7 FHMS K015 A2 240907020 RCTC I-15 Pry RAMP UP RESERVE 3137BQBY2 FHMS K722 Al 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620ARB67 GN 737261 43,797.67 - - - (275.97) (1.06) (28.76) (27.31) 43,464.57 117.96 40,547.59 - - (2,501.35) (48.52) (22.08) 52.12 38,027.76 108.67 351,858.50 - - - - - (20.81) (133.19) 351,704.50 3,139.06 399,576.00 (74,906.73) - - (107.67) (20.38) 130.54 324,671.75 1,121.04 101994.00 - - - (3,520.12) (4.70) (17.19) (621.40) 97,830.60 259.69 64,674.93 - - (501.68) (3.21) (16.76) (186.35) 63,966.93 115.99 27,180.32 - - - (2,021.24) (39.28) (16.29) 36.67 25,140.18 80.56 240907020 RCTC I-15 Pry RAMP UP RESERVE 38376V2E6 GNR 1019B UA 25,838.10 - - (626.31) (25.42) (11.76) 232.59 25,407.19 80.68 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620A9W V9 GN 723460 240907020 RCTC I-15 Pry RAMP UP RESERVE 912828L57 UNITED STATES TREASURY 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 NGN lOR11A 240907020 RCTC I-15 Pd RAMP UP RESERVE 38376YFF3 GNR 1046E CH 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828L57 UNTIED STATES TREASURY 240907020 RCTC I-15 Pd RAMP UP RESERVE 3137A5FP4 FHR 3791E DA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381N7G2 FN 466295 12,618.50 33,997.36 10,639.20 53,364.85 36,314.95 60,433.59 25,231.45 (30,357.59) (801.10) (14.48) (8.88) 87.64 11,881.68 3798 (7.78) (128.21) 60,297.60 2.87 (3,603.25) (27.32) (7.37) (1.83) - - (1,660.04) (11.34) (6.99) (9.13) 8,951.70 29.47 (6.31) (101.14) 25,124.00 1.20 (5,253.71) (4.88) (5.73) 43.42 48,143.95 99.98 (203.76) (0.72) (5.67) (78.71) 36,026.08 97.61 240907020 RCTC I-15 Pd RAMP UP RESERVE 912828L57 UNITED STATES TREASURY 25,227.54 (5.45) (98.09) 25, 124.00 1.20 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378CDK0 GNR 11169G 70,089.00 ( 7,540.38) (49.88) (2.94) 22.06 52,517.86 130.93 240907020 RCTC I-15 Pd RAMP UP RESERVE 383791M99 GNR 1545E AG 23,770.51 2.17) 165.49 23,933.83 49.20 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375/02 GNR 0668 D 10,283.33 - - - (4, 181.01) (0.70) (1.84) (3.08) 6,096.71 2697 240907020 RCTC I-15 Pd RAMP UP RESERVE 62888VAA6 NGN IORI ]A 43,516.63 - (38,857.72) - (4,612.16) 10.02 (1.67) (55.10) 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 NGN OR IA 14958.84 - (13,357.33) - (1,585.43) .18 (0.62) (18.63) 0.01 240907020 RCTC I-15 Pr1 RAMP UP RESERVE 31398N2K9 FNR 10123B DL 240907020 RCTC I-15 Prj RAMP UP RESERVE 31846V203 FIRST AMER:GVT OBLGY 484.22 - - - (424.14) 61,060.21 1,012,046.73 (645,250.37) - - 0.12 (0.05) 0.51 60.66 0.18 - - 427,856.57 - 240907020 RCTC I-15 Pry RAMP UP RESERVE 38377F2N0 GNR 1073E LN 389.86 - - - (390.311 (0.02) - 0.47 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GT1111 FEDERAL HOME LOAN MORTGAGE CORP 125,000.00 - - (125,000.00) - 10.97 - (10.97) 240907020 RCTC I-15 Pry RAMP UP RESERVE 3130AGHC2 FEDERAL HOME LOAN BANKS 100,078.00 - - (100,000.00) - - - (78.00) 240907020 RCTC I-15 Prj RAMP UP RESERVE CCYUSD Payable 240907020 RCTC I-15 Pry RAMP UP RESERVE CCYUSD Receivable 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137EADB2 FREDDIE MAC 240907020 RCTC I-15 Pry RAMP UP RESERVE 38375KCX8 GNR 0726C MA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A72D3 FNA 12M9 A2 '40907020 RCTC I-15 Pd RAMP UP RESERVE 31418ASD1 FN MA1415 (406,160.27) - 2,446.88 - - - - - - - - 406,425.20 - - - - (265.20) 406,160.00 2,058:33 2,896:07 - - - (2,899.38) - - 3.31 - 3,677.41 - - (372.98) (2.15) 0.71 16.48 3,319.46 6.79 951.92 - - - (97.88) 0.95 0.90 0.29 856.18 1.43 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376P135 GNR 09116C NH 27,621:93 - - - (26,776:96) 7.28 1.60 (14.39) 839.46 2.80 240907020 RCTC I-15 Pd RAMP UP RESERVE 31418CQM9 FN MA3159 23,948.35 - - - 1.64 (39.44) 23,910.54 58.38 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128285H9 UNTIED STATES TREASURY 499,265:00 - - - - - 1.85 (56.85) 499,210.00 1,726.39 240907020 RCTC I-15 Pd RAMP UP RESERVE 314016DU8 FN BM1914 84,429.36 - - (1,752.81) (11.89) 2.18 261.61 82,928.46 171.07 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A72D3 FNA 12M9 A2 - 14,710.22 - - (1,491.94) (8.67) 2.84 65.38 13,277.83 27.16 240907020 RCTC I-15 Pr1 RAMP UP RESERVE 31418AU48 FN MA1502 27,978.04 - (25,059.45) - (2,878.45) 350.29 3.10 (393.53) - - 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377QKH9 GNR 1118A PG - 23,807.65 - - (560.75) (10.31) 4.31 60.52 23,301.42 57.06 240907020 RCTC I-15 Pd RAMP UP RESERVE 38378DDC6 GNR 1216E GB 59,061.0 (15,998.20) (3 34) 4.42 (15.21) 43,015.71 125.06 240907020 RCTC I-15 Prj RAMP UP RESERVE 138L2GH4 FN AM1999 21,580.71 - - (92.85) 0.50 6.35 93.70 21,588.40 33.67 240907020 RCTC I-15 Pry RAMP UP RESERVE 38378HXH4 GNR 12119 KB 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YPU9 GNR 1050D EA 240907020 RCTC I-15 Pry RAMP UP RESERVE 7A1MF8 FHMS K016 A2 240907020 RCTC I-15 Prj RAMP UP RESERVE 38379HLE3 GNR 14184H WIC 240907020 RCTC I-15 Pry RAMP UP RESERVE 912828Y53 UNITED STATES TREASURY 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375CBH2 GNR 1257E LD 240907020 RCTC I-15 Pd RAMP UP RESERVE 3136AC714 FNA 13M6 2A 7,487.50 0,675.22 96,758.94 79,879.% 124,867.50 16,560.49 42,485.55 (500.15) 24.74 6.96 1.51 7,020.56 7.45 (4,991.22) 32.54 10.63 8.02 25,735.19 53.56 (516.29) 1.62 19.72 (320.69) 95,943.29 233.92 (7,755.33) 13.49 21.02 12.58 72,171.72 204.79 22.11 (15.86) 124,873.75 431.17 (10,206.76) 23.72 22.79 5.60 6,405.84 6.68 (1,181.80) 13.90 33.97 125.63 41,477.25 88.28 184 Page 25 of 37 rir RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2019 Beginning Base Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137B1UF7 FHMS K027 Al 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378AWX5 GNR 11157E QA 210907020 RCTC I-15 Pp RAMP UP RESERVE 3137ASR97 FHMS K020 Al 240907020 RCTC I-15 Pry RAMP UP RESERVE 383742C76 GNR 0832B PA 240907020 RCTC I-15 Pp RAMP UP RESERVE 38378BXQ7 GNR 1289 A 240907020 RCTC I-15 Pry RAMP UP RESERVE 31418ASD1 FN MA1415 240907020 RCTC I-15 Pp RAMP UP RESERVE 383781CW47 GNR 13138 A 240907020 RCTC I-15 Pry RAMP UP RESERVE 3137B3NW4 RIMS K031 Al 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137AXHN6 FHMS K024 Al 240907020 RCTC I-15 Pry RAMP UP RESERVE 3136A96F0 FNA 12M17 A2 33,017.16 121,409.06 27,827.30 72,747.88 19,418.91 59,970.72 60,556.39 89,767.14 63,524.55 63,695.30 240907020 RCTC I-15 Pp RAMP UP RESERVE 9128286N5 UNTIED STATES TREASURY 240907020 RCTC 1-15 Pry RAMP UP RESERVE 3136AMM48 FNA 15M4B AV2 240907020 RCTC I-15 Pp RAMP UP RESERVE 9128286N5 UNTIED STATES TREASURY 88,594.58 82,841.95 82,516.38 (3,776.38) 43.98 101.87 (2,564.88) (20,025.88) (2428.15) 27.54 (8558) 37.76 4.28 42.35 44.25 41.68 2.18 13.81 30,555.78 101,342.13 25,494.% 45.53 251.84 57 (5,120.37) (1,573.23) (6,166.14) (95.07) 15.68 52.17 47.07 48.38 51.52 (94039) 66,638.92 (22.93) 17,886.81 0.94 53,939/1 218.55 23.09 90.00 (1,440.64) 7.89 62.57 26.59 59,212.80 106A7 (6,447.49) 49.38 63.94 (76.45) 83,356.52 90.90 (5,663.73) 55.14 65.34 (7, 135.89) 152.83 66.17 72.74 58,054.03 41.85 56,820.25 101.64 (590.28) 82,353.31 (42.71) 84,921.35 103.16 (266.23) 82,353.31 84.84 02.60 187.88 75.85 187.88 240907020 RCTC 1-15 Pry RAMP UP RESERVE 3137B1U75 RIMS KS01 A2 120,980.40 42 374.58 121A66.40 252.20 240907020 RCTC I-15 Pp RAMP UP RESERVE 3138EJPZ5 FN AL2239 34,255.78 (8,841.43) ( 61.45) 120.89 6.94 25,380.73 62A6 240907020 RCTC I-15 Pry RAMP UP RESERVE 3137ATRW4 RIMS K020 A2 00,717.00 83.06 (29.06) 100,871.00 97.75 240907020 RCTC I-15 Pp RAMP UP RESERVE 38378KWU9 GNR 1396 A 5,702.17 (1,280.27) 76.54 196.44 488.19 35,183.06 41.9 240907020 RCTC I-15 Pry RAMP UP RESERVE 9128281JF5 UNITED STATES TREASURY 89,080.40 - (99,664.06) - - 30.82 334.57 35.57 89,817.30 255.88 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828B58 UNTIED STATES TREASURY 21,462.40 - - - - - 369.00 (369.00) 321,462.40 1, 145.65 240907020 RCTC I-15 PO RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 78,523.86 - - - - - 372.02 (340.66) 78,555.22 21.02 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828SA9 UNTIED STATES TREASURY 78,523.86 - - - - - 378.09 (346.73) 78,555.22 21.02 240907020 RCTC I-15 PO RAMP UP RESERVE 912828UH1 UNITED STATES TREASURY 82,549.86 - - - - - 396.17 (311.19) 82,634.84 22.09 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828V V9 UNTIED STATES TREASURY 476,111.50 - - - - - 500.96 (443.96) 476,168.50 859.6 240907020 RCTC I-15 PO RAMP UP RESERVE 912828V V9 UNITED STATES TREASURY 00,702.00 - - - - - 514.89 (478.89) 300,738.00 542.9 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828VA5 UNTIED STATES TREASURY 163,788.90 - - - - - 606.62 (98.42) 164,297.10 776.80 240907020 RCTC I-15 PO RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 68,265.41 - - - - - 749.93 (682.74) 168,332.61 45.05 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828UF5 UNTIED STATES TREASURY 243,814.20 - - - - - 812.31 (123.86) 244,502.65 6%.55 240907020 RCTC I-15 PO RAMP UP RESERVE 912828VA5 UNITED STATES TREASURY 496,330.00 - - - - - 1,691.67 (151.67) 497,870.00 2,353.94 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828E62 UNTIED STATES TREASURY 698,551.00 - - - - - 1,770.35 (664.35) 699,657.00 4,394.02 8,204,094.7E 2,158,127.51 (927,453.25) (400,000.00) (373,642.09) (4,281.44) 6,381.52 (410.72) 8,254,209.11 28,092.28 75,273,330/7 143,089,005.02 (80,117,378.47) (70,705,000.00) (1,459.188.76) (5,575.43) 95,030.23 12,292.84 65,773,90855 254,885.89 185 Page 26 of 37 186 FrRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Summary of Investments for quarter ended September 30, 2019 ATTACHMENT 12 Credit Rating Base Market Value + Accrued 50,000,000 40,000.000 _ 30,000.000 20,000 000 10.000.000 AA NA I A-1, A-2 Asset Class Cash(-0.512%) Money MarKet Funds (0.954%) Fixed Income (U9.545%) Chart calculated by: Base Market Value r Accrued `Negative cash reflects securities in transit at month end Other (17.559%) C9 15.843%) AGCY BONG" 17.478%] ABS (B.120%) VRON (8.532%) Security Type US GOV CP (11.05064) Industry Group Other (20.098%) Electric (2.729%) Credit Card ABS� (3.577%) Commercial MOS (3.965%) Multi -National (4.583%) US Municipals 00.663%) Sovereign (36.279%) BanKa [18.025%) Chart calculated by: Base Market Value r Accrued CORP (13.154%) Chart calculated by: Base Market Value r Accrued Market Sector Other (5.346%) Industrial (7.02170 Agency (7A75%)_' Asset Backed (5.120%) �• Mortgage Baelma (8.445%) Municipsl {10.663%) Government 03.370%] Financial (19.557%) Chart calculated by: Base Markel Value + Accrued 187 188 PERIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Sales Tax 115 ELP Project Revenue Fund Summary of Investments for quarter ended September 30, 2019 ATTACHMENT 13 t� Credit Rating Base Market Value + Accrued 40,000,000 30,000,000 20,000,000 10,000,000 0 AAA AA= AA AA- A 1 A - NA A-1+ A-2 Asset Class Cash (0.006%)., Money Market Funds 10.361%) Fixed Income (99.531%) Chart calculsted 6y: Base Market value + Accrued *Negative cash reflects securities in transit at month end Security Type Industry Group Other (19.2R5%) AulcmOh lie ASS (2.920%) Electric (3.174%)J Credit Card ABSr (4.205%) Multi -National (5.223%) US Municipal.. (12.192%) ----Sovereign (32.469%) Banks 003309%) Chart calculated 6y: Base Market Value . Accrued Market Secto Other (4.739%) Utility (5.710%) � Agency (7.229%) Industrial (8.028%)`- Asset Sacked (9.2a4%) Municipal (12.192%) Government (30.463..0) Financial (22.3131%) Chart calculated 6y: Base Market Value + Accrued 189 190 rijr RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments for quarter ended September 30, 2019 ATTACHMENT 14 Credit Rating Base Market Value + Accrued 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 1� Asset Class Cash (-4.933%) Money Market Funds 15.107%) ,-Fixed Income (99.766%) Chart Calculated 6y: Base Markel Value + Accnmd *Negative cash reflects securities in transit at month end Industry Group Other (0.234%) GNMA Collateral (0.449%) Agency Going PAC CMO (2.132%) FGLMC Collateral (2.827%) FNMA Collateral (5.i 27%) Agency Collet CMO/ (12.603%) Commercial MRS' (13.772%) Sovereign (62.858%) Chart calculated 6y: Base Market Value + Accrued. Security Type Other (9.264%) FNMA CMO (3.361%) TIPS {6.924%)— rsitagi rpormv. . FNMA (7.345Ye) FHLMC CMO (7.354%) GNMACMCV (7.801%) AGCY BOND (9218%) US GOV (46.717%) Chart Calculated 6y: Base Markel value + Accrued Market Sector Cash (0.234%) Agency (9.218%) Modge go Backed (36.910%) "Government (53.640%) Chart Calculated 6y: Base Market Value + AGCrued 191 192 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio by Investment Category for Quarter ended September 30, 2019 ATTACHMENT 15 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 Ul UdilUNZ I axaote Muni ALAMtUA l:N I Y l:A J I Z.bbb% b/U1/Z1 Ub/U1/ZUZI U4/Z4/ZUlif Z0b,000.UU Z0b,d4Z.i30 3,134Z.db Z,43b.1U Z.b/U ZA:SZ31 /Z4/4 HA+ AA+ 037833DL1 Credit APPLE INC 1.700% 9/11/22 09/11/2022 09/11/2019 524,910.75 524,181.00 (729.75) 495.83 1.700 1.703867780 053015AD5 Credit AUTOMATIC DATA 2.250% 9/15/20 09/15/2020 09/15/2015 08/15/2020 451,930.72 451,242.00 (688.72) 450.00 2.250 2.242688834 AA 05582QAD9 Asset -Backed BMW VEHICLE OWNER 1.160% 11/25/20 11/25/2020 07/20/2016 9,898.14 9,889.78 (8.36) 1.91 1.160 1.160034801 N/A 05584PAD9 Asset -Backed BMW VEHICLE LEASE 2.070% 10/20/20 10/20/2020 10/25/2017 66,639.23 66,633.95 (5.28) 42.15 2.070 2.070000000 N/A 05588CAC6 Asset -Backed BMW VEHICLE OWNER 1.920% 1/25/24 01/25/2024 09/18/2019 329,955.65 330,138.60 182.95 228.80 1.920 1.922653262 AAA 06050TMJ8 Credit BANK OF AMERICA MTN 3.335% 1/25/23 01/25/2023 01/25/2019 01/25/2022 520,000.00 533,842.40 13,842.40 3,179.37 3.340 3.254198257 A+ 06406FAA1 Credit BANK OF NY MTN 2.500% 4/15/21 04/15/2021 02/19/2016 03/15/2021 755,648.77 755,745.00 96.23 8,645.83 2.500 2.479101177 A 06406RAK3 Credit BANK OF NY MTN 1.950% 8/23/22 08/23/2022 08/23/2019 99,968.00 100,054.00 86.00 205.83 1.950 1.954319045 A 072024WN8 Taxable Muni BAY AREA CA TOLL 2.184% 4/01/23 04/01/2023 09/26/2019 680,000.00 682,910.40 2,910.40 206.27 2.180 2.177163706 AA 084670BQ0 Credit BERKSHIRE HATHAWAY 2.200% 3/15/21 03/15/2021 03/15/2016 02/15/2021 466,436.01 473,444.49 7,008.48 460.53 2.200 2.189141856 AA 13063BFS6 Taxable Muni CALIFORNIA ST BUILD 6.650% 3/01/22 03/01/2022 04/01/2010 466,154.70 463,492.25 (2,662.45) 2,355.21 6.650 6.147844094 AA- 13063DGA0 Taxable Muni CALIFORNIA ST 2.800% 4/01/21 04/01/2021 04/25/2018 500,008.42 507,275.00 7,266.58 7,000.00 2.800 2.767865086 AA- 13066YTY5 Taxable Muni CALIFORNIA ST DEPT 1.713% 5/01/21 05/01/2021 09/28/2016 102,868.78 103,862.21 993.43 741.69 1.710 1.712571857 AA 13077CT38 Taxable Muni CALIFORNIA ST 1.982% 11/01/19 11/01/2019 08/05/2015 130,110.80 130,014.30 (96.50) 1,073.58 1.980 1.981980180 AA- 144141 DC9 Credit PROG ENERGY CAROLINA 2.800% 5/15/22 05/15/2022 05/18/2012 02/15/2022 253,792.50 254,737.50 945.00 2,644.44 2.800 2.745447949 A 156549AA5 Taxable Muni CENTURY HOUSING CORP 3.824% 11/01/20 11/01/2020 02/07/2019 110,000.00 111,338.70 1,338.70 1,752.67 3.820 3.779888699 AA- 166764AU4 Credit CHEVRON CORP 3.05025% 3/03/22 03/03/2022 03/03/2015 503,177.62 502,770.00 (407.62) 1,186.21 2.660 3.031846591 AA 17325FAQ1 Credit CITIBANK NA 3.400% 7/23/21 07/23/2021 07/23/2018 06/23/2021 254,855.00 255,872.50 1,017.50 1,605.56 3.400 3.325313460 A+ 17325FAY4 Credit CITIBANK NA 2.844% 5/20/22 05/20/2022 05/22/2019 05/20/2021 511,772.50 515,202.00 3,429.50 5,197.41 2.840 2.812778162 A+ 20772JKP6 Taxable Muni CONNECTICUT ST 2.401% 10/15/21 10/15/2021 11/16/2012 120,216.00 120,663.60 447.60 1,328.55 2.400 2.389316244 A 20772KGM5 Taxable Muni CONNECTICUT ST SER A 2.921% 4/15/23 04/15/2023 04/11/2019 301,695.00 307,464.00 5,769.00 4,138.08 2.920 2.861116825 A 210518CT1 Credit CONSUMERS ENERGY CO 2.850% 5/15/22 05/15/2022 05/08/2012 02/15/2022 380,906.25 382,616.25 1,710.00 4,037.50 2.850 2.797243979 A 212204JC6 Taxable Muni CONTRA COSTA CA 1.652% 8/01/22 08/01/2022 09/12/2019 300,000.00 298,866.00 (1,134.00) 261.57 1.650 1.662072157 AA+ 30231GAV4 Credit EXXON MOBIL 2.222% 3/01/21 03/01/2021 03/03/2016 02/01/2021 495,685.00 502,620.00 6,935.00 925.83 2.220 2.211649480 AA+ 30231GBB7 Credit EXXON MOBIL 1.902% 8/16/22 08/16/2022 08/16/2019 300,000.00 301,305.00 1,305.00 713.25 1.900 1.897559710 AA+ 3130AF5B9 Agencies F H L B DEB 3.000% 10/12/21 10/12/2021 10/12/2018 619,597.00 636,436.20 16,839.20 8,731.67 3.000 2.926258291 AA+ 3130AGWK7 Agencies F H L B DEB 1.500% 8/15/24 08/15/2024 08/16/2019 149,647.50 149,190.00 (457.50) 281.25 1.500 1.513485153 AA+ 3134GBTL6 Agencies F H L M C M T N 2.100% 6/29/22 06/29/2022 06/29/2017 12/29/2019 484,720.00 500,440.00 15,720.00 2,683.33 2.100 2.099769025 AA+ 3135GOW33 Agencies FNMA 1.375% 9/06/22 09/06/2022 09/06/2019 597,912.00 595,746.00 (2,166.00) 572.92 1.380 1.386563943 AA+ 3136131XP4 Mortgage -Backed F N M A GTD REMIC 3.560% 9/25/21 09/25/2021 04/01/2018 157,075.96 158,136.64 1,060.68 460.61 3.560 3.497843324 N/A 3137ATRW4 Mortgage -Backed F H L M C MULTICLASS 2.373% 5/25/22 05/25/2022 09/01/2012 190,988.56 191,654.90 666.34 375.73 2.370 2.356715099 N/A 3137131U75 Mortgage -Backed F H L M C MLTCL MTG 2.522% 1/25/23 01/25/2023 05/07/2013 160,739.29 161,955.20 1,215.91 336.27 2.520 2.493154601 N/A 3137636J2 Mortgage -Backed F H L M C MLTCL MTG 3.320% 2/25/23 02/25/2023 07/01/2013 386,757.48 385,380.90 (1,376.58) 1,023.67 3.320 3.203149506 N/A 3137BQR90 Mortgage -Backed F H L M C MLTCL MTG 2.272% 1/25/23 01/25/2023 07/01/2016 250,784.87 252,027.50 1,242.63 473.33 2.270 2.256228960 N/A 3137FJYA1 Mortgage -Backed F H L M C MLTCL MT 9.43859% 5/25/23 05/25/2023 11/01/2018 247,284.87 254,660.85 7,375.98 711.79 3.450 9.178914120 N/A 31846V203 FIRST AM GOVT OB FD CL Y • 863,961.88 863,961.88 - 1,447.12 1.431238000 41284WAC4 Asset -Backed HARLEY DAVIDSON 2.340% 2/15/24 02/15/2024 06/26/2019 589,954.33 592,271.50 2,317.17 613.60 2.340 2.332838187 N/A 419792YL4 Taxable Muni HAWAII ST SER FX 2.770% 1/01/22 01/01/2022 02/21/2019 190,000.00 193,598.60 3,598.60 1,315.75 2.770 2.715766150 AA+ 43814PAC4 Asset -Backed HONDA AUTO 1.790% 9/20/21 09/20/2021 09/29/2017 102,669.74 102,594.61 (75.13) 66.37 1.790 1.791469405 AAA 43815NAC8 Asset -Backed HONDA AUTO 1.780% 8/15/23 08/15/2023 08/27/2019 249,997.93 249,470.00 (527.93) 197.78 1.780 1.787884571 AAA 45750TAG8 Taxable Muni INLAND VLY CA DEV 3.627% 3/01/20 03/01/2020 05/15/2014 230,767.35 231,426.00 658.65 695.18 3.630 3.606658446 AA 46647PBB1 Credit JPMORGAN CHASE CO 3.207% 4/01/23 04/01/2023 03/22/2019 04/01/2022 1,050,000.00 1,075,588.50 25,588.50 17,678.59 3.210 3.135970273 A- 47787XAC1 Asset -Backed JOHN DEERE OWNER 1.780% 4/15/21 04/15/2021 03/02/2017 95,820.71 95,744.27 (76.44) 75.82 1.780 1.780908263 N/A 47789JAD8 Asset -Backed JOHN DEERE OWNER 2.910% 7/17/23 07/17/2023 03/13/2019 259,968.05 264,648.80 4,680.75 336.27 2.910 2.864004094 N/A 478160CH5 Credit JOHNSON JOHNSON 1.950% 11/10/20 11/10/2020 11/10/2017 249,732.50 250,112.50 380.00 1,909.38 1.950 1.951697977 AAA 544445AZ2 Taxable Muni LOS ANGELES CA DEPT 2.092% 5/15/20 05/15/2020 12/06/2016 98,788.00 100,035.00 1,247.00 790.31 2.090 2.089450870 AA 58769TAD7 Asset -Backed MERCEDES BENZ 1.940% 3/15/24 03/15/2024 09/25/2019 269,962.82 270,307.80 344.98 87.30 1.940 1.942389139 AAA 65478BAD3 Asset -Backed NISSAN AUTO LEASE 3.250% 9/15/21 09/15/2021 10/24/2018 199,982.52 202,246.00 2,263.48 288.89 3.250 3.217216563 AAA 65478NAD7 Asset -Backed NISSAN AUTO 3.220% 6/15/23 06/15/2023 12/12/2018 449,913.78 460,138.50 10,224.72 644.00 3.220 3.159526660 AAA 65479KAD2 Asset -Backed NISSAN AUTO 2.900% 10/16/23 10/16/2023 02/13/2019 319,951.52 325,203.20 5,251.68 412.44 2.900 2.851496052 N/A 697379UD5 Taxable Muni PALO ALTO CA 2.291% 8/01/20 08/01/2020 08/14/2012 321,873.50 326,105.00 4,231.50 1,240.96 2.290 2.281190879 AAA 717081EM1 Credit PFIZER INC 3.000% 9/15/21 09/15/2021 09/07/2018 249,662.50 255,062.50 5,400.00 333.33 3.000 2.940657531 AA- 78607QAT2 Taxable Muni SACRAMENTO CA 2.712% 11/01/19 11/01/2019 05/30/2018 130,000.00 130,061.10 61.10 1,469.00 2.710 2.711945761 AA+ 797299LR3 Taxable Muni SAN DIEGO CA PUBLIC 2.698% 10/15/19 10/15/2019 06/21/2018 500,000.00 500,130.00 130.00 6,220.39 2.700 2.698000000 N/R 797299LT9 Taxable Muni SAN DIEGO CA PUBLIC 2.994% 10/15/21 10/15/2021 06/21/2018 200,000.00 204,544.00 4,544.00 2,761.13 2.990 2.931213409 AA- 797669XT0 Taxable Muni SAN FRANCISCO CA 2.169% 7/01/20 07/01/2020 12/28/2017 100,000.00 100,125.00 125.00 542.25 2.170 2.163353647 AA+ 79770GGM2 Taxable Muni SAN FRANCISCO CITY 2.000% 8/01/20 08/01/2020 11/30/2017 - - - 299,607.00 300,183.00 576.00 1,000.00 2.000 1.996486184 AA- OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio by Investment Category for Quarter ended September 30, 2019 Account Number: 001050990415 CUSIP Security Type Category Name: RIVERSIDE COUNTY TRANS COMM Issuer Next Call Final Maturity Trade Date Date Original Cost Base Market Value Unrealized Gain/Loss Accrued Income Coupon Yield Credit Rating /ViS1 NAUU laxame Muni WAN JVJt CA KtUtV Z.Z0U7o 2U01/LU Ub/Ul(LUZU 1Z/Z1/ZU1/ 1VO,Uuu.uU 1UU,033.VU 033.UU /10.30 Z.LbU L.2013yUS01 fiA AA- 79876CBQ0 Taxable Muni SAN MARCOS CA REDEV 2.000% 10/01/20 10/01/2020 12/14/2017 109,256.40 109,849.30 592.90 1,100.00 2.000 1.999720039 801096AP3 Taxable Muni SANTA ANA_CACMNTY 3.346% 9/01/21 09/01/2021 11/08/2018 240,000.00 246,338.40 6,338.40 669.20 3.350 3.263339608 AA 80136PCY7 Taxable Muni SANTA BARBARA CA 3.300% 12/01/21 12/01/2021 11/28/2018 125,000.00 128,393.75 3,393.75 1,375.00 3.300 3.218476003 AA 80168FMA1 Taxable Muni SANTA CLARA VLY CA 2.387% 6/01/21 06/01/2021 03/30/2016 397,756.00 403,432.00 5,676.00 3,182.67 2.390 2.365778963 N/A 857477AS2 Credit STATE STREET CORP 2.550% 8/18/20 08/18/2020 08/18/2015 790,887.90 791,719.36 831.46 2,400.12 2.550 2.537161960 A 882723UC1 Taxable Muni TEXAS ST REF WTR 2.036% 8/01/20 08/01/2020 02/05/2015 i 250,582.38 250,390.00 (192.38) 848.33 2.040 2.030679619 AAA 88579YBF7 Credit 3M COMPANY MTN 2.750% 3/01/22 03/01/2022 02/22/2019 02/01/2022 249,882.50 256,130.00 6,247.50 572.92 2.750 2.694044692 AA- 89238MAD0 Asset -Backed TOYOTA AUTO 1.730% 2/16/21 02/16/2021 03/15/2017 122,384.63 122,277.86 (106.77) 94.11 1.730 1.731281148 AAA 89238UAD2 Asset -Backed TOYOTA AUTO 1.910% 9/15/23 09/15/2023 08/14/2019 249,997.95 249,950.00 (47.95) 212.22 1.910 1.912352193 AAA 89239AAD5 Asset -Backed TOYOTA AUTO 2.910% 7/17/23 07/17/2023 02/13/2019 339,938.05 345,565.80 5,627.75 439.73 2.910 2.863722248 AAA 90290AAC1 Asset -Backed USAA AUTO OWNER 1.700% 5/17/21 05/17/2021 09/20/2017 48,577.43 48,527.17 (50.26) 36.71 1.700 1.701275957 AAA 90331 HNG4 Credit US BANK NA MTN 2.050% 10/23/20 10/23/2020 10/24/2017 09/23/2020 249,950.00 250,340.00 390.00 2,249.31 2.050 2.045255008 AA- 90331HPA5 Credit US BANK NA MTN 3.000% 2/04/21 02/04/2021 02/04/2019 01/04/2021 519,578.80 526,396.00 6,817.20 2,470.00 3.000 2.960594487 AA- 91159HHQ6 Credit US BANCORP MTN 2.92275% 1/24/22 01/24/2022 01/24/2017 12/23/2021 251,487.21 251,350.00 (137.21) 1,400.48 2.920 2.906791713 A+ 911759MU9 Agencies U S DEPT HSG & URB 2.570% 8/01/21 08/01/2021 03/28/2019 100,000.00 100,984.00 984.00 428.33 2.570 2.547556031 N/A 9128284T4 Treasuries U S TREASURY NT 2.625% 6/15/21 06/15/2021 06/15/2018 5,697,513.82 5,706,042.20 (462.42) 43,531.97 2.630 2.586997014 N/A 9128284W7 Treasuries U S TREASURY NT 2.750% 8/15/21 08/15/2021 08/15/2018 1,936,875.39 1,972,867.95 35,992.56 6,796.16 2.750 2.699810522 N/A 9128285A4 Treasuries U S TREASURY NT 2.750% 9/15/21 09/15/2021 09/15/2018 507,948.05 520,898.70 12,950.65 616.48 2.750 2.696395654 N/A 9128285F3 Treasuries U S TREASURY NT 2.875% 10/15/21 10/15/2021 10/15/2018 1,026,577.07 1,055,142.30 28,565.23 13,673.53 2.880 2.810444099 N/A 9128285L0 Treasuries U S TREASURY NT 2.875% 11/15/21 11/15/2021 11/15/2018 1,036,078.03 1,061,278.65 25,200.62 11,239.45 2.880 2.807452688 N/A 9128287C8 Treasuries U S TREASURY NT 1.750% 7/15/22 07/15/2022 07/15/2019 2,704,796.44 2,700,625.50 (4,170.94) 9,977.85 1.750 1.745844889 N/A 9128287F1 Treasuries U S TREASURY NT 1.750% 7/31/21 07/31/2021 07/31/2019 4,382,609.02 4,376,161.70 (7,259.78) 12,884.38 1.750 1.748024732 N/A 912828Y20 Treasuries U S TREASURY NT 2.625% 7/15/21 07/15/2021 07/16/2018 249,619.14 254,062.50 4,443.36 1,390.96 2.630 2.584602660 N/A 912828YA2 Treasuries U S TREASURY NT 1.500% 8/15/22 08/15/2022 08/15/2019 5,692,861.67 5,671,924.50 (20,937.17) 10,891.10 1.500 1.505933378 N/A 912828YC8 Treasuries U S TREASURY NT 1.500% 8/31/21 08/31/2021 09/03/2019 4,390,359.12 4,382,122.65 (8,879.49) 5,016.03 1.500 1.504755026 N/A 91412G2S3 Taxable Muni UNIV OF CALIFORNIA 2.112% 5/15/21 05/15/2021 09/28/2017 140,000.00 140,569.80 569.80 1,117.01 2.110 2.103543754 AA- 91412HDJ9 Taxable Muni UNIV OF CA 3.283% 5/15/22 05/15/2022 06/05/2018 285,890.41 295,097.55 9,207.14 3,534.70 3.280 3.180092216 AA- 931142EA7 Credit WALMART STORES INC 1.900% 12/15/20 12/15/2020 10/20/2017 489,760.00 501,110.00 11,350.00 2,797.22 1.900 1.898538126 AA 931142EJ8 Credit WALMART INC 3.125% 6/23/21 06/23/2021 06/27/2018 129,993.50 132,934.10 2,940.60 1,105.90 3.130 3.056683132 AA 94988J5T0 Credit WELLS FARGO MTN 3.625% 10/22/21 10/22/2021 10/23/2018 09/21/2021 529,941.70 545,348.80 15,407.10 8,485.52 3.630 3.516617838 A+ 94988J6A0 Credit WELLS FARGO MTN 2.082% 9/09/22 09/09/2022 09/11/2019 09/09/2021 550,000.00 548,735.00 (1,265.00) 636.17 2.080 2.085963330 A+ 1 1 - 1 � 53,145,854.11 53,461,309.17 305,008.78 258,979.51 194 lUir RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2019 ATTACHMENT 16 Transaction Settlement Date Trade Date Date Miscellaneous CUSIP Descri .tion Units Price Commissions SEC Fees Fees Net Cash Amount Amount O erm Federal Tax Cost Gain/Loss Amount ong erm Gain/Loss Amount of anoroo x� ov nni cn 0 nnnnnn _.._..__._ 07/01/2019 07/01/2019 07/01/2019 _._.__.__ 31846V203 .... _..__. _......__ _... .._... _ ...... _..--'- -' ___.. - -"-- PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y -'---- 8,235.0300 1.000000 - - _,___.-- - (8,235.03) 8,235.03 - - - - 07/01/2019 = 31846V203 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SI- 0.0000 0.000000 - - - 467.37 - 07/01/2019 419792YL4 INTEREST EARNED ON HAWAII ST SER FX 2.770 % 1/01/22 $1 PV ON 0.0000 0.000000 - - - 1,900.53 - - - 07/01/2019 797669XT0 INTEREST EARNED ON SAN FRANCISCO CA 2.169% 7/01/20 $1 PV OI 0.0000 0.000000 - - - 1,084.50 - - - 07/02/2019 07/02/2019 07/02/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 467.3700 1.000000 - - - (467.37) 467.37 - - 07/09/2019 07/09/2019 07/09/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 35,727.6500 1.000000 - - - (35,727.65) 35,727.65 - - 07/09/2019 07/08/2019 07/09/2019 9128284P2 SOLD PAR VALUE OF U S TREASURY NT 2.625% 5/15/21 /CITIGROUI -890,000.0000 1.013044 - - - 901,608.74 (889,376.96) - 12,231.78 07/09/2019 07/09/2019 9128284P2 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.6', 0.0000 0.000000 - - - 3,491.68 - - - 07/09/2019 9128286V7 AMORTIZED PREMIUM ON U S TREASURY NT 2.125% 5/31/21 CURRI 0.0000 0.000000 - - - - (1,166.61) - - 07/09/2019 07/08/2019 07/09/2019 9128286V7 SOLD PAR VALUE OF U S TREASURY NT 2.125% 5/31/21 /BOFA SEC -2,665,000.0000 1.004297 - - - 2,676,451.17 (2,676,499.90) (48.73) - 07/09/2019 07/09/2019 9128286V7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.1, 0.0000 0.000000 - - - 6,034.48 - - - 07/09/2019 07/08/2019 07/09/2019 9128286Y1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 6/15/22 /BM' 3,555,000.0000 0.997969 - - - (3,547,778.91) 3,547,778.91 - - 07/09/2019 07/09/2019 9128286Y1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - (4,079.51) - - - 07/15/2019 07/15/2019 07/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 115,689.8300 1.000000 - - - (115,689.83) 115,689.83 - - 07/15/2019 07/15/2019 07/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 33,563.6400 1.000000 - - - (33,563.64) 33,563.64 - - 07/15/2019 41284WAC4 INTEREST EARNED ON HARLEY DAVIDSON 2.340 % 2/15/24 $1 PV Of 0.0000 0.000000 - - - 728.65 - - - 07/15/2019 47787XAC1 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV I 0.0000 0.000000 - - - 215.78 - - - 07/15/2019 07/15/2019 07/15/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 -14,745.3500 26.463218 - - - 14,745.35 (14,743.25) - 2.10 07/15/2019 47789JAD8 INTEREST EARNED ON JOHN DEERE OWNER 2.910% 7/17/23 $1 PV I 0.0000 0.000000 - - - 630.50 - - - 07/15/2019 58769DAD2 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790 % 4/15/20 $1 PV 0.0000 0.000000 - - - 48.98 - - - 07/15/2019 07/15/2019 07/15/2019 58769DAD2 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.790 % 4/15/20 C -32,834.9900 0.000000 - - - 32,834.99 (32,834.24) - 0.75 07/15/2019 65478BAD3 INTEREST EARNED ON NISSAN AUTO LEASE 3.250 % 9/15/21 $1 PV O 0.0000 0.000000 - - - 541.67 - - - 07/15/2019 65478NAD7 INTEREST EARNED ON NISSAN AUTO 3.220 % 6/15/23 $1 PV ON 1: 0.0000 0.000000 - - - 1,207.50 - - - 07/15/2019 65479BAD2 INTEREST EARNED ON NISSAN AUTO LEASE 2.050 % 9/15/20 $1 PV O 0.0000 0.000000 - - - 375.83 - - - 07/15/2019 07/15/2019 07/15/2019 65479BAD2 PAID DOWN PAR VALUE OF NISSAN AUTO LEASE 2.050% 9/15/20 -31,343.8000 12.449333 - - - 31,343.80 (31,338.32) - 5.48 07/15/2019 65479KAD2 INTEREST EARNED ON NISSAN AUTO 2.900 % 10/16/23 $1 PV ON 7 0.0000 0.000000 - - - 773.33 - - - 07/15/2019 89190BAD0 INTEREST EARNED ON TOYOTA AUTO 1.760 % 7/15/21 $1 PV ON 5 0.0000 0.000000 - - - 556.16 - - - 07/15/2019 07/15/2019 07/15/2019 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760 % 7/15/21 -30,085.2100 12.970141 - - - 30,085.21 (30,082.90) - 2.31 07/15/2019 89238MAD0 INTEREST EARNED ON TOYOTA AUTO 1.730 % 2/16/21 $1 PV ON 2 0.0000 0.000000 - - - 271.06 - - - 07/15/2019 07/15/2019 07/15/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730% 2/16/21 -21,176.8500 18.426225 - - - 21,176.85 (21,174.36) - 2.49 07/15/2019 89239AAD5 INTEREST EARNED ON TOYOTA AUTO 2.910 % 7/17/23 $1 PV ON 8 0.0000 0.000000 - - - 824.50 - - - 07/15/2019 90290AAC1 INTEREST EARNED ON USAA AUTO OWNER 1.700 % 5/17/21 $1 PV C 0.0000 0.000000 - - - 111.09 - - - 07/15/2019 07/15/2019 07/15/2019 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 -9,500.9700 41.070481 - - - 9,500.97 (9,499.97) - 1.00 07/15/2019 912828Y20 INTEREST EARNED ON U S TREASURY NT 2.625 % 7/15/21 $1 PV ON 0.0000 0.000000 - - - 3,281.25 m- - - 07/17/2019 07/15/2019 07/17/2019 037833CS7 SOLD PAR VALUE OF APPLE INC 1.800% 5/11/20 /MORGAN STAP -485,000.0000 0.997500 - - - 483,787.50 (484,505.30) - (717.80) 07/17/2019 07/17/2019 037833CS7 RECEIVED ACCRUED INTEREST ON SALE OF APPLE INC 1.800% 0.0000 0.000000 - - - 1,600.50 - - - 07/17/2019 07/15/2019 07/17/2019 084664CK5 SOLD PAR VALUE OF BERKSHIRE HATHAWAY 1.300 % 8/15/19 /TD SE( -160,000.0000 0.999060 - - - 159,849.60 (159,844.80) - 4.80 07/17/2019 07/17/2019 084664CK5 RECEIVED ACCRUED INTEREST ON SALE OF BERKSHIRE HATHAWAY 0.0000 0.000000 - - - 878.22 - - - 07/17/2019 166764AN0 AMORTIZED PREMIUM ON CHEVRON CORP 2.193 % 11/15/19 CURF 0.0000 0.000000 - - - - (342.98) - - 07/17/2019 07/15/2019 07/17/2019 166764AN0 SOLD PAR VALUE OF CHEVRON CORP 2.193% 11/15/19 /TD SECUF -500,000.0000 0.999620 - - - 499,810.00 (500,626.74) - (816.74) 07/17/2019 07/17/2019 166764AN0 RECEIVED ACCRUED INTEREST ON SALE OF CHEVRON CORP 2.1 0.0000 0.000000 - - - 1,888.42 - - - 07/17/2019 07/15/2019 07/17/2019 17275RAX0 SOLD PAR VALUE OF CISCO SYSTEMS INC 2.450% 6/15/20/PERSHIN -600,000.0000 1.002410 - - - 601,446.00 (599,952.00) - 1,494.00 07/17/2019 07/17/2019 17275RAX0 RECEIVED ACCRUED INTEREST ON SALE OF CISCO SYSTEMS INC 2. 0.0000 0.000000 - - - 1,306.67 - - - 07/17/2019 07/15/2019 07/17/2019 17275RBG6 SOLD PAR VALUE OF CISCO SYSTEMS INC 1.400 % 9/20/19 /J.P. MOR, -40,000.0000 0.998080 - - - 39,923.20 (39,955.60) - (32.40) 07/17/2019 07/17/2019 17275RBG6 RECEIVED ACCRUED INTEREST ON SALE OF CISCO SYSTEMS INC 1. 0.0000 0.000000 - - - 182.00 - - - 07/17/2019 07/17/2019 07/17/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,740,289.5400 1.000000 - - - (2,740,289.54) 2,740,289.54 - - 07/17/2019 07/15/2019 07/17/2019 594918BV5 SOLD PAR VALUE OF MICROSOFT CORP 1.850 % 2/06/20 /MORGAN -500,000.0000 0.998160 - - - 499,080.00 (499,665.00) - (585.00) 07/17/2019 07/17/2019 594918BV5 RECEIVED ACCRUED INTEREST ON SALE OF MICROSOFT CORP 1 0.0000 0.000000 - - - 4,136.81 - - - 07/17/2019 07/15/2019 07/17/2019 742718EZ8 SOLD PAR VALUE OF PROCTER GAMBLE CO 1.750 % 10/25/19 /PERSF -150,000.0000 0.998480 - - - 149,772.00 (149,947.50) - (175.50) 07/17/2019 07/17/2019 07/17/2019 742718EZ8 931142DY6 RECEIVED ACCRUED INTEREST ON SALE OF PROCTER GAMBLE CO 0.0000 0.000000 - - - 597.92 - -- - 07/17/2019 07/15/2019 SOLD PAR VALUE OF WALMART STORES INC 1.750 % 10/09/19 /TD SE( -295,000.0000 0.998730 - - - 294,625.35 (294,994.10) (368.75) 07/17/2019 07/17/2019 931142DY6 31846V203 RECEIVED ACCRUED INTEREST ON SALE OF WALMART STORES INC ME 0.0000 0.000000 - - 1.000000 - - - 1,405.35 - 3,049,659.64 - (3,049,659.64) - - 07/18/2019 07/18/2019 07/18/2019 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -3,049,659.6400 07/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 1'' 0.0000 0.000000 - - - 194.94 - -- - 07/18/2019 07/18/2019 07/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790 % 9/20/21 -9,157.2100 0.000000 - - - 9,157.21 (9,156.22) - 0.99 07/18/2019 07/18/2019 07/16/2019 07/18/2019 9128286M7 9128286M7 AMORTIZED PREMIUM ON U S TREASURY NT 2.250 % 4/15/22 CURRI SOLD PAR VALUE OF U S TREASURY NT 2.250 % 4/15/22 /J.P. MORG 0.0000 0.000000 - - 1.010352 - - - - - 1,848,943.36 (61.64) - - -1,830,000.0000 (1,828,735.38) 20,207.98 - 07/18/2019 07/18/2019 9128286M7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.2 0.0000 0.000000 - - - 10,575.00 - - - 07/18/2019 9128286U9 AMORTIZED PREMIUM ON U S TREASURY NT 2.125% 5/15/22 CURRI 0.0000 0.000000 - - - - (798.93) - - 07/18/2019 07/16/2019 07/18/2019 9128286U9 SOLD PAR VALUE OF U S TREASURY NT 2.125% 5/15/22 /HSBC SEC -2,490,000.0000 1.007383 - - - 2,508,383.20 (2,512,070.97) (3,687.77) - 07/18/2019 07/18/2019 9128286U9 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.1, 0.0000 0.000000 - - - 9,202.17 - - - 07/18/2019 07/16/2019 07/18/2019 9128287A2 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 6/30/21 /CIT 3,730,000.0000 0.995391 - - - (3,712,807.03) 3,712,807.03 - - 07/18/2019 07/18/2019 9128287A2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.E 0.0000 0.000000 - - - (2,964.74) - - - 07/18/2019 07/16/2019 07/18/2019 912828WG1 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 4/30/21 /BOI 3,680,000.0000 1.006133 - - - (3,702,568.75) 3,702,568.75 - - 07/18/2019 07/18/2019 912828WG1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.2 0.0000 0.000000 - - - (17,775.00) - - - 07/22/2019 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ( 0.0000 0.000000 - - - 165.92 - - 07/22/2019 07/20/2019 07/22/2019 05584PAD9 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 2.070% 10/20/20 -6,262.4700 0.000000 - - - 6,262.47 (6,262.46) - 0.01 07/22/2019 07/22/2019 07/22/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 6,428.3900 1.000000 - - - (6,428.39) 6,428.39 - - 07/23/2019 07/23/2019 07/23/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,907.3100 1.000000 - - - (3,907.31) 3,907.31 - - 07/23/2019 N 94988J5Q6 INTEREST EARNED ON WELLS FARGO MTN 3.0915% 7/23/21 $1 PV C 0.0000 0.000000 - - - 3,907.31 - - - 07/24/2019 07/24/2019 07/24/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,03,5.500 1.000000 - - - (2,035.58) 2,035.58 - - Page 32 of 37 1051r RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2019 Transaction Settlement Date Trade Date Date CUSIP Descri•tion Units Price Miscellaneous Commissions SEC Fees Fees o erm Federal Tax Cost Gain/Loss Net Cash Amount Amount Amount ong erm Gain/Loss Amount 07/24/2019 07/24/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 07/25/2019 91159HHQ6 INTEREST EARNED ON US BANCORP MTN 3.22113% 1/24/22 $1 PV C 91159HHQ6 AMORTIZED PREMIUM ON US BANCORP MTN 3.22113% 1/24/22 CUR TRUST FEES COLLECTED CHARGED FOR PERIOD 06/01/2019 THRU OI 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 06050TMJ8 INTEREST EARNED ON BANK OF AMERICA MTN 3.335% 1/25/23 $1 PV 3136B1XP4 INTEREST EARNED ON FNMA GTD REMIC 3.560% 9/25/21 $1 PV ON 3136B1XP4 AMORTIZED PREMIUM ON FNMA GTD REMIC 3.560% 9/25/21 CURRI 3136B1XP4 PAID DOWN PAR VALUE OF FNMA GTD REMIC 3.560% 9/25/21 3136B1XP4 INTEREST EARNED ON FNMA GTD REMIC 3.560% 9/25/21 $1 PV ON 3137B1U75 INTEREST EARNED ON F H L M C MLTCL MTG 2.522% 1/25/23 $1 PV OI 3137131 U75 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 2.522% 1/25/23 CURE 0.0000 0.0000 0.0000 0.0000 -19,294.1000 0.0000 0.0000 0.0000 -319.1200 0.0000 0.0000 0.0000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 2,035.58 (553.27) (147.24) 65.11 19,294.10 (19,294.01) 0.09 8,671.00 482.56 (78.03) 319.12 0.03 (323.17) (4.05) 336.27 (23.07) 07/25/2019 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MT 1.77998% 7/25/19 $1 PV OI 0.0000 0.000000 1.60 07/25/2019 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MT 1.77998% 7/25/19 CURE 0.0000 0.000000 (0.28) 07/25/2019 07/25/2019 07/25/2019 3137BNN26 MATURED PAR VALUE OF F H L M C MLTCL MT 1.77998% 7/25/19 1,076,-1,076.1200 1.000000 1,076.12 (1,076.12) 07/25/2019 3137FGZN8 INTEREST EARNED ON F H L M C MLTCL 2.6305% 2/25/23 $1 PV ON 0.0000 0.000000 352.39 07/25/2019 3137FJXN4 INTEREST EARNED ON F H L M C MLTCL 2.6805% 2/25/23 $1 PV ON 4 0.0000 0.000000 401.35 07/25/2019 07/25/2019 07/25/2019 3137FJXN4 PAID DOWN PAR VALUE OF F H L M C MLTCL 2.6805% 2/25/23 -11,274.7600 0.000000 11,274.76 (11,274.76) 07/25/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV OI 0.0000 0.000000 1,252.92 07/25/2019 07/25/2019 07/25/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454 % 5/25/23 -17,321.4600 0.000000 17,321.46 (17,320.99) 0.47 07/25/2019 07/25/2019 07/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 30,940.7800 1.000000 (30,940.78) 30,940.78 07/25/2019 07/25/2019 07/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 33,012.7000 1.000000 (33,012.70) 33,012.70 07/25/2019 07/23/2019 07/25/2019 9128285Z9 SOLD PAR VALUE OF U S TREASURY NT 2.500% 1/31/24 /NATWEST-261,000.0000 1.029453 268,687.27 (260,898.05) 7,789.22 07/25/2019 07/25/2019 9128285Z9 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.51 0.0000 07/25/2019 07/23/2019 07/25/2019 9128287A2 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 6/30/21 /BM 535,000.0000 0.000000 0.996016 3,154.35 (532,868.36) 532,868.36 07/25/2019 07/25/2019 9128287A2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.E 0.0000 0.000000 (590.61) 07/25/2019 07/23/2019 07/25/2019 912828W71 SOLD PAR VALUE OF U S TREASURY NT 2.125% 3/31/24 /CITIGROUI-260,000.0000 1.013555 263,524.22 (257,623.44) 5,900.78 07/25/2019 07/25/2019 912828W71 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.1, 0.0000 0.000000 1,751.09 07/30/2019 07/26/2019 07/30/2019 144141 DC9 PURCHASED PAR VALUE OF PROG ENERGY CAROLINA 2.800% 5/15/2: 250,000.0000 1.015170 (253,792.50) 253,792.50 07/30/2019 07/30/2019 144141DC9 PAID ACCRUED INTEREST ON PURCHASE OF PROG ENERGY CAROLIf 0.0000 0.000000 (1,458.33) 07/30/2019 07/26/2019 07/30/2019 17325FAQ1 PURCHASED PAR VALUE OF CITIBANK NA 3.400% 7/23/21 /BMO C 250,000.0000 1.019420 (254,855.00) 254,855.00 07/30/2019 07/30/2019 17325FAQ1 PAID ACCRUED INTEREST ON PURCHASE OF CITIBANK NA 3.400° 0.0000 07/30/2019 07/26/2019 07/30/2019 17325FAY4 PURCHASED PAR VALUE OF CITIBANK NA 2.844 % 5/20/22 /BOFA 1 250,000.0000 0.000000 1.007090 (165.28) (251,772.50) 251,772.50 07/30/2019 07/30/2019 17325FAY4 PAID ACCRUED INTEREST ON PURCHASE OF CITIBANK NA 2.844° 0.0000 0.000000 (1,343.00) 07/30/2019 07/26/2019 07/30/2019 210518CT1 PURCHASED PAR VALUE OF CONSUMERS ENERGY CO 2.850% 5/15/2 375,000.0000 1.015750 (380,906.25) 380,906.25 07/30/2019 07/30/2019 210518CT1 PAID ACCRUED INTEREST ON PURCHASE OF CONSUMERS ENERGY C 0.0000 0.000000 (2,226.56) 07/30/2019 07/25/2019 07/30/2019 3137ATRW4 PURCHASED PAR VALUE OF F H L M C MULTICLASS 2.373% 5/25/22 AN 190,000.0000 1.005508 (191,046.48) 191,046.48 07/30/2019 07/30/2019 3137ATRW4 PAID ACCRUED INTEREST ON PURCHASE OF F H L MC MULTICLASS 2 0.0000 0.000000 (363.20) 07/30/2019 07/30/2019 07/30/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 12,931.0100 1.000000 (12,931.01) 12,931.01 07/30/2019 9128284T4 AMORTIZED PREMIUM ON U S TREASURY NT 2.625% 6/15/21 CURRI 0.0000 0.000000 (4,269.98) 07/30/2019 07/26/2019 07/30/2019 9128284T4 SOLD PAR VALUE OF U S TREASURY NT 2.625% 6/15/21 /CITIGROUI-615,000.0000 1.013786 623,478.21 (614,687.70) 8,790.51 07/30/2019 07/30/2019 9128284T4 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.6, 0.0000 0.000000 1,984.89 07/30/2019 9128286Y1 FED BASIS OF U S TREASURY NT 1.750% 6/15/22 ADJUSTED BY -411 0.0000 0.000000 (418.74) 07/30/2019 9128286Y1 FED BASIS OF U S TREASURY NT 1.750% 6/15/22 ADJUSTED BY 418 0.0000 0.000000 418.74 07/30/2019 9128286Y1 FED BASIS OF U S TREASURY NT 1.750% 6/15/22 ADJUSTED BY -111 0.0000 0.000000 (1,180.88) 07/30/2019 9128286Y1 FED BASIS OF U S TREASURY NT 1.750% 6/15/22 ADJUSTED BY 118 0.0000 0.000000 1,180.88 07/30/2019 9128286Y1 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 6/15/22 CURRI 0.0000 0.000000 (84.66) 07/30/2019 07/25/2019 07/30/2019 9128286Y1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 6/15/22 /HSBC SEC-190,000.0000 0.998398 189,695.70 (189,695.70) 07/30/2019 07/30/2019 9128286Y1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 408.81 07/30/2019 07/26/2019 07/30/2019 9128286Y1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 6/15/22 /NOMURA f-535,000.0000 0.998395 534,141.37 (534,141.37) 07/30/2019 07/30/2019 9128286Y1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 1,151.13 07/31/2019 07/31/2019 07/31/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 187,102.9300 1.000000 (187,102.93) 187,102.93 07/31/2019 912828WG1 AMORTIZED PREMIUM ON U S TREASURY NT 2.250% 4/30/21 CURRI 0.0000 07/31/2019 07/26/2019 07/31/2019 912828WG1 SOLD PAR VALUE OF U S TREASURY NT 2.250% 4/30/21 /BMO CAP--185,000.0000 0.000000 1.005742 (441.14) 186,062.30 (186,112.39) (50.09) 07/31/2019 07/31/2019 912828WG1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.2 0.0000 0.000000 1,040.63 08/01/2019 07/29/2019 08/01/2019 3137BQR90 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 2.272% 1/25/23 /PE 250,000.0000 1.003281 (250,820.31) 250,820.31 08/01/2019 08/01/2019 08/01/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 11,740.5500 1.000000 (11,740.55) 11,740.55 08/01/2019 31846V203 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SI- 0.0000 0.000000 501.93 08/01/2019 697379UD5 INTEREST EARNED ON PALO ALTO CA 2.291% 8/01/20 $1 PV ON 3; 0.0000 0.000000 3,722.88 08/01/2019 79770GGM2 INTEREST EARNED ON SAN FRANCISCO CITY 2.000% 8/01/20 $1 PV C 0.0000 0.000000 3,000.00 08/01/2019 798170AC0 INTEREST EARNED ON SAN JOSE CA REDEV 2.259% 8/01/20 $1 PV O 0.0000 0.000000 2,146.05 08/01/2019 882723UC1 INTEREST EARNED ON TEXAS ST REF WTR 2.036% 8/01/20 $1 PV OP 0.0000 0.000000 2,545.00 08/01/2019 882723UC1 AMORTIZED PREMIUM ON TEXAS ST REF WTR 2.036% 8/01/20 CURF 0.0000 0.000000 (287.29) 08/01/2019 911759MU9 INTEREST EARNED ON U S DEPT HSG & URB 2.570% 8/01/21 $1 PV OI 0.0000 0.000000 878.08 08/01/2019 9128286Y1 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 6/15/22 CURRI 0.0000 0.000000 (4.04) 08/01/2019 07/29/2019 08/01/2019 9128286Y1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 6/15/22 /BMO CAP--250,000.0000 0.998828 249,707.03 (250,044.00) (336.97) 08/01/2019 08/01/2019 9128286Y1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 561.82 08/02/2019 08/02/2019 08/02/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 501.9300 1.000000 (501.93) 501.93 08/05/2019 08/05/2019 08/05/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 7,800.0000 1.000000 (7,800.00) 7,800.00 08/05/2019 90331HPA5 INTEREST EARNED ON US BANK NA MTN 3.000% 2/04/21 $1 PV ON 0.0000 0.000000 7,800.00 08/07/2019 08/07/2019 08/07/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 91,606.3300 1.000000 (91,606.33) 91,606.33 08/07/2019 9128286V7 AMORTIZED PREMIUM ON U S TREASURY NT 2.125% 5/31/21 CURRI 0.000000 (711.01) Page 33 of 37 1051r RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2019 Transaction Settlement Date Trade Date Date CUSIP Descri•tion o erm ong erm Miscellaneous Federal Tax Cost Gain/Loss Gain/Loss Units Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount 08/07/2019 08/05/2019 08/07/2019 9128286V7 SOLD PAR VALUE OF U S TREASURY NT 2.125% 5/31/21 /NOMURA f-3,925,000.0000 1.008750 3,959,343.75 (3,941,225.99) 18,117.76 08/07/2019 08/07/2019 9128286V7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.1, 0.0000 0.000000 15,496.24 08/07/2019 08/05/2019 08/07/2019 9128287C8 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 7/15/22 /BOI 3,210,000.0000 1.005547 08/07/2019 08/07/2019 9128287C8 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.7 0.0000 0.000000 08/07/2019 08/05/2019 08/07/2019 9128287F1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /BOI 4,280,000.0000 1.002969 (3,227,805.47) 3,227,805.47 (3,510.94) (4,292,706.25) 4,292,706.25 08/07/2019 08/07/2019 9128287F1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.7 0.0000 0.000000 (1,424.73) 08/07/2019 912828WG1 AMORTIZED PREMIUM ON U S TREASURY NT 2.250 % 4/30/21 CURRI 0.0000 0.000000 08/07/2019 08/05/2019 08/07/2019 912828WG1 SOLD PAR VALUE OF U S TREASURY NT 2.250% 4/30/21 /CITIGROUI-3,495,000.0000 1.010234 08/07/2019 08/07/2019 912828WG1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.2 0.0000 0.000000 08/07/2019 08/05/2019 08/07/2019 91412G2R5 SOLD PAR VALUE OF UNIV OF CALIFORNIA 1.877 % 5/15/20 /JANNEY h-90.000.0000 0.998940 (224.94) 3,530,769.14 (3,515,790.28) 14,978.86 21,155.20 89,904.60 (90,000.00) - (95.40) 08/07/2019 ■ 08/07/2019 91412G2R5 RECEIVED ACCRUED INTEREST ON SALE OF UNIV OF CALIFORNIA 1., 0.0000 0.000000 384.79 - 08/08/2019 08/08/2019 08/08/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 135.457.4200 1.000000 (135,457.42) 135,457.42 08/08/2019 ■ 9128287F1 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 7/31/21 CURRI 0.0000 0.000000 1 (17.91) 08/08/2019 08/06/2019 08/08/2019 9128287F1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /BOFA SEC-135,000.0000 1.003008 135,406.06 (135,400.22) 5.84 08/08/2019 08/08/2019 9128287F1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 51.36 08/14/2019 08/14/2019 08/14/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -516,012.8600 1.000000 516,012.86 (516,012.86) 08/14/2019 08/06/2019 08/14/2019 89238UAD2 PURCHASED PAR VALUE OF TOYOTA AUTO 1.910 % 9/15/23 /J.P. r 250,000.0000 0.999992 (249,997.95) 249,997.95 08/14/2019 08/12/2019 08/14/2019 9128287F1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /BOI 265,000.0000 1.003164 - - - (265,838.48) 265,838.48 08/14/2019 08/14/2019 9128287F1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.7 0.0000 0.000000 (176.43) 08/15/2019 08/15/2019 08/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 431,037.5500 1.000000 (431,037.55) 431,037.55 08/15/2019 41284WAC4 INTEREST EARNED ON HARLEY DAVIDSON 2.340 % 2/15/24 $1 PV Or 0.0000 0.000000 1,150.50 08/15/2019 47787XAC1 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV I 0.0000 0.000000 193.91 08/15/2019 08/15/2019 08/15/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21-20.152.2800 20.571973 20,152.28 (20,149.41) - 2.87 08/15/2019 47789JAD8 INTEREST EARNED ON JOHN DEERE OWNER 2.910% 7/17/23 $1 PV I 0.0000 0.000000 - - - 630.50 08/15/2019 65478BAD3 INTEREST EARNED ON NISSAN AUTO LEASE 3.250 % 9/15/21 $1 PV O 0.0000 0.000000 - - - 541.67 08/15/2019 65478NAD7 INTEREST EARNED ON NISSAN AUTO 3.220 % 6/15/23 $1 PV ON 1: 0.0000 0.000000 - - - 1,207.50 08/15/2019 65479BAD2 INTEREST EARNED ON NISSAN AUTO LEASE 2.050 % 9/15/20 $1 PV O 0.0000 0.000000 322.29 08/15/2019 08/15/2019 08/15/2019 65479BAD2 PAID DOWN PAR VALUE OF NISSAN AUTO LEASE 2.050% 9/15/20-40,116.3000 10.334257 - - - 40,116.30 (40,109.29) - 7.01 08/15/2019 65479KAD2 INTEREST EARNED ON NISSAN AUTO 2.900 % 10/16/23 $1 PV ON 7 0.0000 0.000000 - - - 773.33 08/15/2019 89190BAD0 INTEREST EARNED ON TOYOTA AUTO 1.760 % 7/15/21 $1 PV ON 5 0.0000 0.000000 512.03 08/15/2019 08/15/2019 08/15/2019 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760 % 7/15/21 -33.073.9100 12.534719 33,073.91 (33,071.37) - 2.54 08/15/2019 89238MAD0 INTEREST EARNED ON TOYOTA AUTO 1.730 % 2/16/21 $1 PV ON 2 0.0000 0.000000 - - - 240.53 08/15/2019 08/15/2019 08/15/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730 % 2/16/21 -23.024.7000 18.005541 23,024.70 (23,021.99) - 2.71 08/15/2019 89239AAD5 INTEREST EARNED ON TOYOTA AUTO 2.910 % 7/17/23 $1 PV ON 8 0.0000 0.000000 - - - 824.50 08/15/2019 90290AAC1 INTEREST EARNED ON USAA AUTO OWNER 1.700 % 5/17/21 $1 PV C 0.0000 0.000000 97.63 08/15/2019 08/15/2019 08/15/2019 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21-10,535.6400 39.349500 - - - 10,535.64 (10,534.53) - 1.11 08/15/2019 9128284T4 AMORTIZED PREMIUM ON U S TREASURY NT 2.625% 6/15/21 CURRI 0.0000 0.000000 - - - - (2,129.69) 08/15/2019 08/14/2019 08/15/2019 9128284T4 SOLD PAR VALUE OF U S TREASURY NT 2.625% 6/15/21 /BOFA SEC-265,000.0000 1.018395 269,874.70 (268,681.45) 720.67 472.58 08/15/2019 08/15/2019 9128284T4 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.6', 0.0000 0.000000 - - - 1.159.38 08/15/2019 9128284W7 INTEREST EARNED ON U S TREASURY NT 2.750 % 8/15/21 $1 PV ON 0.0000 0.000000 - - - 26,606.25 08/15/2019 9128284W7 AMORTIZED PREMIUM ON U S TREASURY NT 2.750 % 8/15/21 CURRI 0.0000 0.000000 - - - - (569.16) 08/16/2019 08/13/2019 08/16/2019 30231GBB7 PURCHASED PAR VALUE OF EXXON MOBIL 1.902 % 8/16/22 /MORI 300,000.0000 1.000000 - - - (300,000.00) 300,000.00 08/16/2019 08/15/2019 08/16/2019 3130AGWK7 PURCHASED PAR VALUE OF F H L B DEB 1.500 % 8/15/24 /PERSHI 150,000.0000 0.997650 (149,647.50) 149,647.50 08/16/2019 08/16/2019 08/16/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y 08/16/2019 08/16/2019 08/16/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -107,213.4200 1.000000 - - - 107,213.42 (107,213.42) -149,647.5000 1.000000 - - - 149,647.50 (149,647.50) 08/16/2019 9128287C8 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 7/15/22 CURRI 0.0000 0.000000 (148.75) 08/16/2019 08/14/2019 08/16/2019 9128287C8 SOLD PAR VALUE OF U S TREASURY NT 1.750% 7/15/22 /NOMURA f-370.000.0000 1.006133 372,269.14 (372,035.20) 233.94 08/16/2019 08/16/2019 9128287C8 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - 563.04 08/16/2019 08/15/2019 08/16/2019 9128287C8 SOLD PAR VALUE OF U S TREASURY NT 1.750% 7/15/22 /HSBC SEC-150.000.0000 1.007067 151,060.04 (150,825.08) 234.96 08/16/2019 08/16/2019 9128287C8 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - 228.26 08/16/2019 08/14/2019 08/16/2019 9128287F1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /NO 330,000.0000 1.003281 (331,082.81) 331,082.81 08/16/2019 08/16/2019 9128287F1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - (251.09) 08/19/2019 08/14/2019 08/19/2019 3137B36J2 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 3.320 % 2/25/23 /MI 145,000.0000 1.046680 (151,768.55) 151,768.55 08/19/2019 08/19/2019 3137636J2 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 3, 0.0000 0.000000 (240.70) 08/19/2019 08/14/2019 08/19/2019 3137B36J2 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 3.320 % 2/25/23 /MI 225,000.0000 1.046602 - - - (235,485.35) 235,485.35 08/19/2019 08/19/2019 3137636J2 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 3, 0.0000 0.000000 - - - (373.50) 08/19/2019 08/14/2019 08/19/2019 3137FGZN8 SOLD PAR VALUE OF F H L M C MLTCL 2.6305% 2/25/23 /J.P. MORGA-160,755.2200 0.998594 - - - 160,529.16 (160,755.22) - (226.06) 08/19/2019 08/19/2019 3137FGZN8 RECEIVED ACCRUED INTEREST ON SALE OF F H L M C MLTCL 2.630 0.0000 0.000000 - - - 290.03 08/19/2019 08/14/2019 08/19/2019 3137FJXN4 SOLD PAR VALUE OF F H L M C MLTCL 2.6805 % 2/25/23 /J.P. MORGA-168.401.4300 0.998750 168,190.94 (168,401.43) (210.49) 08/19/2019 08/19/2019 3137FJXN4 RECEIVED ACCRUED INTEREST ON SALE OF F H L M C MLTCL 2.680: 0.0000 0.000000 - - - 309.67 08/19/2019 08/19/2019 08/19/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y 08/19/2019 08/19/2019 08/19/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y -274,166.9100 1.000000 274,166.91 (274,166.91) 235,399.3500 1.000000 (235,399.35) 235,399.35 08/19/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 10.0000 0.000000 - - - 181.28 08/19/2019 08/18/2019 08/19/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790 % 9/20/21-9.552.4600 0.000000 9,552.46 (9,551.43) - 1.03 08/19/2019 857477AS2 INTEREST EARNED ON STATE STREET CORP 2.550 % 8/18/20 $1 PV C 0.0000 0.000000 - - 10,047.00 08/19/2019 857477AS2 AMORTIZED PREMIUM ON STATE STREET CORP 2.550 % 8/18/20 CUP 0.0000 0.000000 - - - - (1,533.25) 08/20/2019 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ( 0.0000 0.000000 155.12 08/20/2019 08/20/2019 08/20/2019 05584PAD9 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 2.070% 10/20/20-11,231.1300 0.000000 - - - 11,231.13 (11,231.12) - 0.01 08/20/2019 08/20/2019 08/20/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 11,386.2500 1.000000 - - - (11,386.25) 11,386.25 08/21/2019 08/21/2019 08/21/2019 3137FJXN4 DISTRIBUTED PAR VALUE OF F H L M C MLTCL 2.6805% 2/25/23 VALI-0.0100 0.000000 (0.01) 08/22/2019 08/22/2019 08/22/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 251.423.6600 1.000000 (251,423.66) 251,423.66 08/22/2019 9128287F1 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 7/31/21 CURRI 17/ 0.000000 (260.64) Page 34 of 37 1051r RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 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 08/22/2019 08/20/2019 08/22/2019 9128287F1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /BOFA SEC -250,000.0000 1.004648 251,162.11 (250,726.55) 435.56 08/22/2019 08/22/2019 9128287F1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - 261.55 - - - 08/23/2019 037833BS8 INTEREST EARNED ON APPLE INC 2.250% 2/23/21 $1 PV ON 5001 0.0000 0.000000 - - - 5,625.00 - - - 08/23/2019 08/20/2019 08/23/2019 06406RAK3 PURCHASED PAR VALUE OF BANK OF NY MTN 1.950% 8/23/22 /CITI 100,000.0000 0.999680 - - - (99,968.00) 99,968.00 - - 08/23/2019 08/21/2019 08/23/2019 17305EGB5 SOLD PAR VALUE OF CITIBANK CREDIT 1.920% 4/07/22 /BARCLAYS -50,000.0000 0.999180 - - - 49,958.98 (49,985.60) - (26.62) 08/23/2019 08/23/2019 17305EGB5 RECEIVED ACCRUED INTEREST ON SALE OF CITIBANK CREDIT 1.92 0.0000 0.000000 - - - 362.67 - - - 08/23/2019 08/23/2019 08/23/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -44,021.3500 1.000000 - - - 44,021.35 (44,021.35) - - 08/26/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 07/01/2019 THRU 0 0.0000 0.000000 - - - (552.38) - - - 08/26/2019 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV 0.0000 0.000000 - - - 46.46 1.1 - - - 08/26/2019 08/25/2019 08/26/2019 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 -19,566.5800 0.000000 - - - 19,566.58 (19,566.49) - 0.09 08/26/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 0.0000 0.000000 - - - 481.62 - - - 08/26/2019 3136B1XP4 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRI 0.0000 0.000000 - - - - (80.47) - - 08/26/2019 08/25/2019 08/26/2019 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 -1,140.6700 0.000000 - - - 1,140.67 (1,154.57) - (13.90) 08/26/2019 313661XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 0.0000 0.000000 - - - 4.08 - - - 08/26/2019 3137ATRW4 INTEREST EARNED ON F H L M C MULTICLASS 2.373% 5/25/22 $1 PV O 0.0000 0.000000 - - - 375.73 - - - 08/26/2019 3137ATRW4 AMORTIZED PREMIUM ON F H L M C MULTICLASS 2.373% 5/25/22 CURI 0.0000 0.000000 - - - - (26.42) - - 08/26/2019 3137B1U75 INTEREST EARNED ON F H L M C MLTCL MTG 2.522% 1/25/23 $1 PV OI 0.0000 0.000000 - - - 336.27 - - - 08/26/2019 3137131 U75 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 2.522% 1/25/23 CUM 0.0000 0.000000 - - - - (18.82) - - 08/26/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV OI 0.0000 0.000000 - - - 1,203.06 - - - 08/26/2019 08/25/2019 08/26/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 -737.1400 0.000000 - - - 737.14 (737.12) 0.02 - 08/26/2019 08/26/2019 08/26/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 379.8100 1.000000 - - - (379.81) 379.81 - - 08/26/2019 08/26/2019 08/26/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 22,959.4200 1.000000 - - - (22,959.42) 22,959.42 - - 08/27/2019 08/27/2019 08/27/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -249,997.9300 1.000000 - - - 249,997.93 (249,997.93) - - 08/27/2019 08/20/2019 08/27/2019 43815NAC8 PURCHASED PAR VALUE OF HONDA AUTO 1.780% 8/15/23 /SG A 250,000.0000 0.999992 - - - (249,997.93) 249,997.93 - - 09/03/2019 13063BFS6 INTEREST EARNED ON CALIFORNIA ST BUILD 6.650% 3/01/22 $1 PV OI 0.0000 0.000000 - - - 14,131.25 - - - 09/03/2019 130636FS6 AMORTIZED PREMIUM ON CALIFORNIA ST BUILD 6.650% 3/01/22 CURT 0.0000 0.000000 - - - - (7,912.78) - - 09/03/2019 166764AU4 INTEREST EARNED ON CHEVRON CORP 3.05025% 3/03/22 $1 PV OI 0.0000 0.000000 - - - 3,897.54 - - - 09/03/2019 166764AU4 AMORTIZED PREMIUM ON CHEVRON CORP 3.05025% 3/03/22 CURI 0.0000 0.000000 - - - - (305.26) - - 09/03/2019 09/03/2019 09/03/2019 09/03/2019 30231GAV4 INTEREST EARNED ON EXXON MOBIL 2.222% 3/01/21 $1 PV ON 51 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 0.0000 0.000000 - - 1.000000 - - - 5,555.00 - (844,779.41) - 844,779.41 - - 844,779.4100 09/03/2019 09/03/2019 31846V203 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SI- 45750TAG8 INTEREST EARNED ON INLAND VLY CA DEV 3.627% 3/01/20 $1 PV ON 0.0000 0.000000 - - 0.000000 - - - 581.46 - - - 0.0000 - 4,171.05 - - - 09/03/2019 09/03/2019 45750TAG8 AMORTIZED PREMIUM ON INLAND VLY CA DEV 3.627% 3/01/20 CURR 54465AGK2 INTEREST EARNED ON LOS ANGELES CA 1.125% 9/01/19 $1 PV ON 0.0000 0.000000 - - - - (756.19) - - - 0.0000 0.000000 - - - 1,518.75 - - 09/03/2019 U. 54465AGK2 ACCREDITED DISCOUNT ON LOS ANGELES CA 1.125% 9/01/19 MAF 0.0000 0.000000 - - - - 3,132.00 - - 09/03/2019 09/01/2019 09/01/2019 54465AGK2 MATURED PAR VALUE OF LOS ANGELES CA 1.125% 9/01/19 270,001 -270,000.0000 1.000000 - - - 270,000.00 (270,000.00) - - 09/03/2019 649791EJ5 INTEREST EARNED ON NEW YORK ST REF SER 3.600% 9/01/19 $1 PV 0.0000 0.000000 - - - 9,000.00 - - - 09/03/2019 649791EJ5 AMORTIZED PREMIUM ON NEW YORK ST REF SER 3.600% 9/01/19 CU 0.0000 0.000000 - - - - (4,884.94) - - 09/03/2019 09/01/2019 09/01/2019 649791EJ5 MATURED PAR VALUE OF NEW YORK ST REF SER 3.600% 9/01/19 500 -500,000.0000 1.000000 - - - 500,000.00 (500,000.00) - - 09/03/2019 801096AP3 INTEREST EARNED ON SANTA ANA CA CMNTY 3.346% 9/01/21 $1 PV ( 0.0000 0.000000 - - - 4,015.20 - - - 09/03/2019 88579YBF7 INTEREST EARNED ON 3M COMPANY MTN 2.750% 3/01/22 $1 PV Ot 0.0000 0.000000 - - - 3,609.38 - - - 09/03/2019 9128286Y1 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 6/15/22 CURRI 0.0000 0.000000 - - - - (62.76) - - 09/03/2019 08/29/2019 09/03/2019 9128286Y1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 6/15/22 /NOMURA f -6,315,000.0000 1.008059 - - - 6,365,893.72 (6,311,080.76) 54,812.96 - 09/03/2019 09/03/2019 9128286Y1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - 24,155.74 - - - 09/03/2019 9128287A2 ACCREDITED DISCOUNT ON U S TREASURY NT 1.625% 6/30/21 MAF 0.0000 0.000000 - - - - 1,254.11 - - 09/03/2019 08/29/2019 09/03/2019 9128287A2 SOLD PAR VALUE OF U S TREASURY NT 1.625% 6/30/21 /CITIGROUI -4,265,000.0000 1.000742 - - - 4,268,165.43 (4,246,929.50) 21,235.93 - 09/03/2019 09/03/2019 9128287A2 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.6', 0.0000 0.000000 - - - 12,241.59 - - - 09/03/2019 08/29/2019 09/03/2019 912828YA2 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 8/15/22 /NO 6,365,000.0000 1.001406 - - - (6,373,950.78) 6,373,950.78 - - 09/03/2019 09/03/2019 912828YA2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 16 0.0000 0.000000 - - - (4,929.42) - 7. - - 09/03/2019 08/29/2019 09/03/2019 912828YC8 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 8/31/21 /CIT 4,265,000.0000 0.999336 - - - (4,262,167.77) 4,262,167.77 - - 09/03/2019 09/03/2019 912828YC8 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 16 0.0000 0.000000 - - - (527.27) - - - 09/04/2019 09/04/2019 09/04/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 581.4600 1.000000 - - - (581.46) 581.46 - - 09/06/2019 037833BS8 ACCREDITED DISCOUNT ON APPLE INC 2.250% 2/23/21 MARKET 0.0000 0.000000 - - - - 2,255.18 - - 09/06/2019 09/04/2019 09/06/2019 037833BS8 SOLD PAR VALUE OF APPLE INC 2.250% 2/23/21 /WELLS FARGO -500,000.0000 1.006680 - - - 503,340.00 (497,930.18) - 5,409.82 09/06/2019 N 09/06/2019 037833BS8 RECEIVED ACCRUED INTEREST ON SALE OF APPLE INC 2.250% 0.0000 0.000000 - - - 406.25 - - - 09/06/2019 09/06/2019 09/06/2019 3134GTRY1 FULL CALL PAR VALUE OF F H L M C M T N 2.625% 6/06/22 /CALLS/ -260,000.0000 1.000000 - - - 260,000.00 (260,000.00) - - 09/06/2019 J. 3134GTRY1 INTEREST EARNED ON F H L M C M T N 2.625% 6/06/22 $1 PV ON 26 0.0000 0.000000 - - - 1,706.25 - - - 09/06/2019 09/05/2019 09/06/2019 3135GOW33 PURCHASED PAR VALUE OF F N M A 1.375% 9/06/22 /BARCLAY 600,000.0000 0.996520 - - - (597,912.00) 597,912.00 - - 09/06/2019 09/06/2019 09/06/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,326,887.5600 1.000000 - - - (1,326,887.56) 1,326,887.56 - - 09/06/2019 09/06/2019 09/06/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -596,205.7500 1.000000 - - - 596,205.75 (596,205.75) - - 09/06/2019 09/05/2019 09/06/2019 9128287F1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /BOI 540,000.0000 1.003438 - - - (541,856.25) 541,856.25 - - 09/06/2019 09/06/2019 9128287F1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - (950.14) - - - 09/06/2019 9128287F1 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 7/31/21 CURRI 0.0000 0.000000 - - - - (282.58) - - 09/06/2019 09/05/2019 09/06/2019 9128287F1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /CITIGROUI -600,000.0000 1.004141 - - - 602,484.38 (601,706.43) 777.95 - 09/06/2019 09/06/2019 9128287F1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - 1,055.71 - - - 09/06/2019 09/04/2019 09/06/2019 94988J5Q6 SOLD PAR VALUE OF WELLS FARGO MTN 3.0915% 7/23/21 /J.P. MOF -500,000.0000 1.001366 - - - 500,683.00 (500,000.00) - 683.00 09/06/2019 09/06/2019 94988J5Q6 RECEIVED ACCRUED INTEREST ON SALE OF WELLS FARGO MTN 3.1 0.0000 0.000000 - - - 1,724.61 - - - 09/10/2019 09/10/2019 09/10/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -271,180.3400 1.000000 - - - 271,180.34 (271,180.34) - - 09/10/2019 09/09/2019 09/10/2019 9128287F1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /HSI 270,000.0000 1.002422 - - - (270,653.91) 270,653.91 - - 09/10/2019 09/10/2019 9128287F1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.7 0.0000 0.000000 - - - (526.43) - 09/11/2019 09/11/2019 09/04/2019 09/11/2019 08/25/2019 08/26/2019 037833DL1 PURCHASED PAR VALUE OF APPLE INC 1.700% 9/11/22 /GOLDM 525,000.0000 732.344Q 0.999830 - - 0.000000 - - - (524,910.75) - (737.14) 524,910.75 737.12 (0.02) - 3137FJYA1 PAID DOWN -RV PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 Page 35 of 37 1051r RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2019 Transaction Settlement Date Trade Date Date CUSIP Descri•tion o erm ong erm Miscellaneous Federal Tax Cost Gain/Loss Gain/Loss Units Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount 09/11/2019 09/11/2019 09/11/2019 09/11/2019 09/11/2019 09/11/2019 09/12/2019 09/12/2019 09/12/2019 09/12/2019 09/12/2019 09/12/2019 09/12/2019 09/12/2019 09/12/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/16/2019 09/17/2019 09/17/2019 09/17/2019 09/17/2019 09/17/2019 09/17/2019 09/18/2019 09/18/2019 09/18/2019 09/18/2019 09/18/2019 09/18/2019 09/18/2019 09/18/2019 09/18/2019 09/19/2019 09/19/2019 09/19/2019 09/19/2019 09/19/2019 09/20/2019 09/20/2019 09/20/2019 09/20/2019 09/20/2019 09/20/2019 09/20/2019 09/20/2019 09/20/2019 L09/20/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV OI 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV OI 08/25/2019 09/11/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 09/11/2019 09/11/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y 09/11/2019 09/11/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y 09/04/2019 09/11/2019 94988J6A0 PURCHASED PAR VALUE OF WELLS FARGO MTN 2.082% 9/09/22 /Vu 08/29/2019 09/12/2019 212204JC6 PURCHASED PAR VALUE OF CONTRA COSTA CA 1.652% 8/01/22 /M 09/12/2019 09/12/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 9128287F1 FED BASIS OF U S TREASURY NT 1.750% 7/31/21 ADJUSTED BY-58' 9128287F1 FED BASIS OF U S TREASURY NT 1.750% 7/31/21 ADJUSTED BY 581 9128287F1 FED BASIS OF U S TREASURY NT 1.750% 7/31/21 ADJUSTED BY-14: 9128287F1 FED BASIS OF U S TREASURY NT 1.750% 7/31/21 ADJUSTED BY 142 A 9128287F1 AMORTIZED PREMIUM ON U S TREASURY NT 1.750% 7/31/21 CURRI 09/10/2019 09/12/2019 9128287F1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 7/31/21 /HSBC SEC 09/12/2019 9128287F1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.7 053015AD5 INTEREST EARNED ON AUTOMATIC DATA 2.250% 9/15/20 $1 PV ON 053015AD5 AMORTIZED PREMIUM ON AUTOMATIC DATA 2.250% 9/15/20 CURR 084670600 INTEREST EARNED ON BERKSHIRE HATHAWAY 2.200% 3/15/21 $1 PV 09/12/2019 09/16/2019 17305EGB5 SOLD PAR VALUE OF CITIBANK CREDIT 1.920% 4/07/22 /CITIGROUP 09/16/2019 17305EGB5 RECEIVED ACCRUED INTEREST ON SALE OF CITIBANK CREDIT 1.92 09/16/2019 09/16/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 09/16/2019 09/16/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 41284WAC4 INTEREST EARNED ON HARLEY DAVIDSON 2.340% 2/15/24 $1 PV Of 43815NAC8 INTEREST EARNED ON HONDA AUTO 1.780% 8/15/23 $1 PV ON 2. 47787XAC1 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV 1 09/15/2019 09/16/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 47789JAD8 INTEREST EARNED ON JOHN DEERE OWNER 2.910% 7/17/23 $1 PV 1 65478BAD3 INTEREST EARNED ON NISSAN AUTO LEASE 3.250% 9/15/21 $1 PV O 65478NAD7 INTEREST EARNED ON NISSAN AUTO 3.220% 6/15/23 $1 PV ON 1: 65479BAD2 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV O 09/15/2019 09/16/2019 65479BAD2 PAID DOWN PAR VALUE OF NISSAN AUTO LEASE 2.050% 9/15/20 65479KAD2 INTEREST EARNED ON NISSAN AUTO 2.900% 10/16/23 $1 PV ON 7 717081EM1 INTEREST EARNED ON PFIZER INC 3.000% 9/15/21 $1 PV ON 2501 89190BAD0 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 4 09/15/2019 09/16/2019 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760% 7/15/21 89238MAD0 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 2 09/15/2019 09/16/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730% 2/16/21 89238UAD2 INTEREST EARNED ON TOYOTA AUTO 1.910% 9/15/23 $1 PV ON 4 89239AAD5 INTEREST EARNED ON TOYOTA AUTO 2.910% 7/17/23 $1 PV ON 8 90290AAC1 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV C 09/15/2019 09/16/2019 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 9128285A4 INTEREST EARNED ON U S TREASURY NT 2.750% 9/15/21 $1 PV ON 09/17/2019 09/17/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 09/17/2019 09/17/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y 09/12/2019 09/16/2019 65479BAD2 SOLD PAR VALUE OF NISSAN AUTO LEASE 2.050% 9/15/20 /BARCLAI 09/16/2019 65479BAD2 RECEIVED ACCRUED INTEREST ON SALE OF NISSAN AUTO LEASE 2. 09/16/2019 09/17/2019 912828YC8 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 8/31/21 /NO 09/17/2019 912828YC8 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.5 09/10/2019 09/18/2019 05588CAC6 PURCHASED PAR VALUE OF BMW VEHICLE OWNER 1.920% 1/25/24 i 09/18/2019 09/18/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y 09/18/2019 09/18/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 1, 09/18/2019 09/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 09/16/2019 65479BAD2 RECEIVED ACCRUED INTEREST ON SALE OF NISSAN AUTO LEASE 2. 09/12/2019 09/16/2019 65479BAD2 SOLD -REV PAR VALUE OF NISSAN AUTO LEASE 2.050% 9/15/20 /B/ 09/12/2019 09/16/2019 65479BAD2 SOLD PAR VALUE OF NISSAN AUTO LEASE 2.050% 9/15/20 /BARCLA) 09/16/2019 65479BAD2 RECEIVED ACCRUED INTEREST ON SALE OF NISSAN AUTO LEASE 2. 09/19/2019 09/19/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 912828YC8 FED BASIS OF U S TREASURY NT 1.500% 8/31/21 ADJUSTED BY-741 912828YC8 FED BASIS OF U S TREASURY NT 1.500% 8/31/21 ADJUSTED BY 748 09/18/2019 09/19/2019 912828YC8 SOLD PAR VALUE OF U S TREASURY NT 1.500% 8/31/21 /WELLS FAI 09/19/2019 912828YC8 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.5 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070% 10/20/20 $1 PV ( 09/20/2019 09/20/2019 05584PAD9 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 2.070% 10/20/20 09/20/2019 09/20/2019 3134GTVK6 FULL CALL PAR VALUE OF F H L M C 2.550% 6/20/22 /CALLS/ 3134GTVK6 INTEREST EARNED ON F H L M C 2.550% 6/20/22 $1 PV ON 2650( 09/20/2019 09/20/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 09/20/2019 09/20/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 09/18/2019 09/20/2019 89190BAD0 SOLD PAR VALUE OF TOYOTA AUTO 1.760% 7/15/21 /BOFA SECU 09/20/2019 89190BAD0 RECEIVED ACCRUED INTEREST ON SALE OF TOYOTA AUTO 1.76( 912828YA2 AMORTIZED PREMIUM ON U S TREASURY NT 1.500% 8/15/22 CURRI 09/19/2019 09/20/2019 912828YA2 SOLD PAR VALUE OF U S TREASURY NT 1.500% 8/15/22 /VVELLS FAI 0.0000 0.0000 -737.1400 -385.7200 -1,074,910.7500 550,000.0000 300,000.0000 30,881.0500 0.0000 0.0000 0.0000 0.0000 0.0000 -330,000.0000 0.0000 0.0000 0.0000 0.0000 -180,000.0000 0.0000 320,261.2100 149,102.4600 0.0000 0.0000 0.0000 -14,737.0700 0.0000 0.0000 0.0000 0.0000 -35,588.5100 0.0000 0.0000 0.0000 -30,058.8200 0.0000 -21,419.3400 0.0000 0.0000 0.0000 -9,794.4800 0.0000 112,887.2200 -546,641.9900 -112,951.3800 0.0000 400,000.0000 0.0000 330,000.0000 -329,955.6500 45,029.7600 0.0000 -9,294.4300 0.0000 112,951.3800 -112,951.3900 0.0000 269,283.2800 0.0000 0.0000 -270,000.0000 0.0000 0.0000 -12,051.3000 -265,000.0000 0.0000 1,689.3800 1,239,572.0700 -285,981.8700 0.0000 0.0000 -680,0031g 0.000000 0.000000 497.674607 1.000000 1.000000 1.000000 1.000000 1.000000 0.000000 0.000000 0.000000 0.000000 0.000000 1.000625 0.000000 0.000000 0.000000 0.000000 0.999063 0.000000 1.000000 1.000000 0.000000 0.000000 0.000000 0.436957 0.000000 0.000000 0.000000 0.000000 0.180942 0.000000 0.000000 0.000000 0.214229 0.000000 0.300638 0.000000 0.000000 0.000000 0.657458 0.000000 1.000000 1.000000 0.999375 0.000000 0.994766 0.000000 0.999866 1.000000 1.000000 0.000000 0.000000 0.000000 0.999375 1.314256 0.000000 1.000000 0.000000 0.000000 0.996563 0.000000 0.000000 0.000000 1.000000 0.000000 1.000000 1.000000 0.998086 0.000000 0.000000 0.993945 (1,203.06) 817.34 737.14 (737.12) 0.02 385.72 (385.72) 1,074,910.75 (1,074,910.75) (550,000.00) 550,000.00 (300,000.00) 300,000.00 (30,881.05) 30,881.05 (581.49) 581.49 (142.63) 142.63 (115.64) 330,206.25 (330,206.25) 674.80 5,062.50 (1,038.32) 5,181.00 179,831.25 (179,948.14) (116.89) 1,526.40 (320,261.21) 320,261.21 (149,102.46) 149,102.46 1,150.50 222.50 164.01 14,737.07 (14,734.97) 2.10 630.50 541.67 1,207.50 253.76 35,588.51 (35,582.30) 6.21 773.33 3,750.00 463.53 30,058.82 (30,056.52) 2.30 207.34 21,419.34 (21,416.82) 2.52 424.44 824.50 82.70 9,794.48 (9,793.45) 1.03 7,012.50 (112,887.22) 112,887.22 546,641.99 (546,641.99) - 112,880.79 (112,931.65) (50.86) 6.43 (397,906.25) 397,906.25 - (280.22) - - (329,955.65) 329,955.65 329,955.65 (329,955.65) (45,029.76) 45,029.76 167.03 9,294.43 (9,293.42) 1.01 (6.43) (112,880.79) 112,931.65 50.86 148,447.06 (112,931.66) 35,515.40 8.46 (269,283.28) 269,283.28 (748.82) 748.82 269,071.88 (269,071.88) 211.40 135.74 12,051.30 (12,051.29) 0.01 265,000.00 (265,000.00) 1,689.38 (1,689.38) 1,689.38 (1,239,572.07) 1,239,572.07 - 285,434.48 (285,959.94) - (525.46) 69.91 (148.75) - 675,882.81 (680,940.36) (5,057.55) Page 36 of 37 1051r RIVERSIDE COUNTY TRANSPORTATION COMMISSION Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COM Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 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 09/20/2019 09/20/2019 912828YA2 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.5 0.0000 0.000000 997.83 09/24/2019 09/24/2019 09/24/2019 89190BAD0 DISTRIBUTED PAR VALUE OF TOYOTA AUTO 1.760% 7/15/21 VALI -0.0100 0.000000 - - - - (0.01) - - 09/25/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 08/01/2019 THRU 07 0.0000 0.000000 - - - (556.82) - - - 09/25/2019 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV 0.0000 0.000000 - - - 27.55 - - - 09/25/2019 09/25/2019 09/25/2019 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 -18,598.5300 0.000000 - - - 18,598.53 (18,598.45) - 0.08 09/25/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 0.0000 0.000000 - - - 478.23 - - - 09/25/2019 El 3136B1XP4 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRI 0.0000 0.000000 - - - - (79.90) - - 09/25/2019 09/25/2019 09/25/2019 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 -5,940.4400 0.000000 - - - 5,940.44 (6,009.87) - (69.43) 09/25/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 0.0000 0.000000 - - - 17.46 - - - 09/25/2019 3137ATRW4 INTEREST EARNED ON F H L M C MULTICLASS 2.373% 5/25/22 $1 PV O 0.0000 0.000000 - - - 375.73 - - - 09/25/2019 09/25/2019 1= 3137ATRW4 AMORTIZED PREMIUM ON F H L M C MULTICLASS 2.373% 5/25/22 CURI 3137131 U75 INTEREST EARNED ON F H L M C MLTCL MTG 2.522% 1/25/23 $1 PV OI 0.0000 0.0000 0.000000 - - - - (31.50) - - 0.000000 - - - 336.27 - - - 09/25/2019 3137B1U75 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 2.522% 1/25/23 CURF 0.0000 0.000000 - - - - (18.82) - - 09/25/2019 3137636J2 INTEREST EARNED ON F H L M C MLTCL MTG 3.320% 2/25/23 $1 PV OI 0.0000 0.000000 - - - 1,023.67 - - - 09/25/2019 3137B36J2 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 3.320% 2/25/23 CURF 0.0000 0.000000 - - - - (496.42) - - 09/25/2019 3137BQR90 INTEREST EARNED ON F H L M C MLTCL MTG 2.272% 1/25/23 $1 PV OI 0.0000 0.000000 - - - 473.33 - - - 09/25/2019 3137BQR90 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 2.272% 1/25/23 CURF 0.0000 0.000000 - - - - (35.44) - - 09/25/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV OI 0.0000 0.000000 - - - 2,073.15 - - - 09/25/2019 09/25/2019 09/25/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 -35,933.2900 1.516478 - - - 35,933.29 (35,932.32) 0.97 - 09/25/2019 09/25/2019 09/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 44,818.3000 1.000000 - - - (44,818.30) 44,818.30 - - 09/25/2019 09/25/2019 09/25/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -250,060.2900 1.000000 - - - 250,060.29 (250,060.29) - - 09/25/2019 09/18/2019 09/25/2019 58769TAD7 PURCHASED PAR VALUE OF MERCEDES BENZ 1.940% 3/15/24 /Mf 270,000.0000 0.999862 - - - (269,962.82) 269,962.82 - - 09/26/2019 09/20/2019 09/26/2019 072024WN8 PURCHASED PAR VALUE OF BAY AREA CA TOLL 2.184% 4/01/23/BO 680,000.0000 1.000000 - - - (680,000.00) 680,000.00 - - 09/26/2019 09/26/2019 09/26/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -680,000.0000 1.000000 - - - 680,000.00 (680,000.00) - - Total - - - - 453,686.15 136,062.27 60,875.74 200 Page 37 of 37 ATTACHMENT 17 k MetLife ManagemeInvestmentnt Short & Intermediate Duration Fixed Income 3Q 2019 Themes, Outlook & Strategy MetLife Investment Management One MetLife Way Whippany, NJ 07981 metlife.com/investmentmanagement • GDP - Full -year U.S. real GDP growth will be above the 2% long-term trend, driven by the enduring strength of the U.S. consumer and firmness in the labor market. Trade frictions between the U.S./China/EU/Japan have negatively impacted business sentiment and have represented a drag on global growth, especially in Europe. Accordingly, in the U.S., business fixed investment has slowed but could rebound with substantive progress on the trade front. We expect government spending to increase as the 2020 election approaches, partially offsetting the waning impact of the 2017 stimulus package • Business - While indicators for global manufacturing and business fixed investment have shown weakness, the continued strength of the U.S. consumer has helped sustain revenue growth, especially for U.S.-centric companies. In our view, the Federal Reserve's efforts to sustain the U.S. economy's expansion by cutting its policy rate should serve to further extend the business cycle. The ongoing trade negotiation and tit -for -tat tariff escalations by the U.S. and China continue to raise manufacturing input costs and cause supply chains to be altered. Broad -based domestic labor market tightness is also serving to push up wage costs and pressure margins for service companies. We believe the lower interest rate environment is likely to reduce banks' net interest margins but their diversified business models, robust capital positions, steady fee -driven revenue, prudent asset growth, and sound asset quality continue to support strong credit fundamentals. • Consumer - We believe the U.S. consumer remains well -positioned to continue to underpin growth in the U.S. economy, driven by improved household balance sheets and sustained growth in wages. The decline in interest rates triggered by Federal Reserve policy shifts has reignited the housing market and is expected to feed into other measures of consumer spending. To date, the trade -related fits and starts between the U.S. and China have not translated into a meaningful decline in consumer confidence, especially the `present situation' component of the confidence indicator which has undoubtedly benefited from the stock market's return to near -record highs as well as a healthy labor market. • Employment - Despite a downshift in the pace of job creation in 2019 compared to 2018, the U.S. labor market remains tight at a nearly 50-year low in the unemployment rate. Average hourly earnings and the Employment Cost Index continue to offer evidence of growth in real wages. Employers remain somewhat challenged in finding qualified candidates to fill open positions while the quits rate remains at a post -recession high, exerting continued upward pressure on real wages. We are closely watching the General Motors strike negotiations as a barometer of future employment cost trends. We believe the unemployment rate will remain historically low as the replacement number of jobs needed to sustain the current unemployment rate is well below the YTD monthly average in net non -farm payroll jobs created. 1 201 2 MetLife Management • Central Banks / International - Global central banks have resumed a more dovish posture in reacting to subpar economic growth, weak inflation readings, trade -related concerns and macro uncertainties. Central bankers, including incoming ECB President Christine Lagarde, have acknowledged the limits of accommodative monetary policy and have begun to push more forcefully for increased take-up by fiscal policymakers, most clearly evident in the anemic eurozone. China, Brexit and Iran are key risks with Iran's apparent attack on Saudi Arabia's oil production facilities raising the prospect of an oil shock, although the recent spike in energy prices was quickly reversed. If global growth divergences do not close or trade disruptions persist with more lasting impact, dollar strength and the bid for safe haven assets should increase. • Residential / Commercial Real Estate - Sharply lower mortgage rates and a strong jobs market will support home sales going forward with the West and South seeing the greatest strength. House price appreciation may stabilize as improved affordability from lower rates supports prices, particularly for lower -end homes. Multi -family property rental vacancy rates remain near historic lows as rates and NOI growth in multi -family and industrial properties support commercial real estate valuations. Retail properties remain challenged by e-commerce and shifting consumer preferences. The administration's GSE reform plan sets the stage for the debate about the role of the government in the housing market but the lack of a timeframe for action and the approach of an election year make dramatic changes unlikely over the near term. • U.S. Monetary & Fiscal Policy - The Federal Reserve's policy shift toward easing as evidenced by two recent rate cuts against a reasonably solid growth backdrop and market expectations of more to come has created an uncharacteristic split within the FOMC. Recent communications from the Federal Reserve point to less dependency on domestic data in moving to a reaction function centered more on global developments. The recent spike in overnight funding markets driven by a shortage in excess bank reserves will lead to an "organic" balance sheet expansion by the Fed. Fiscal policy remains stimulative with the annual federal deficit climbing toward $1 trillion and will likely remain a source of support. We expect further talk of additional tax cut measures prior to the 2020 election which, if enacted, would represent another fiscal tailwind to growth. • Inflation - Inflation measures are close to the Federal Reserve's 2% symmetrical target, with Core PCE running at a 1.8% annual rate, above its two-year low of 1.5% posted this past spring. Its counterpart, Core CPI, is at a 10- year high of 2.4%, driven by increases in select sub- components within the goods and services sectors. We believe the tight labor market's bearing on wages as well as pass -through of tariffs will continue to exert upward pressure on inflation. Any additional monetary easing by the Fed, continued solid U.S. economic growth and/or increase in energy prices will support a move higher in our inflation expectations. Treasury/Rates/Curve Treasury yields moved lower and the yield curve flattened during a volatile third quarter, primarily due to a Federal Reserve rate cut in July followed by an escalation of the trade war with China and rising fears over global economic growth. Regarding the Fed, the FOMC's initial, cautious 25 basis point "insurance" cut on July 31 represented somewhat of a disappointment to markets, which expected more of a commitment to additional cuts in the future versus what was described as a "mid -cycle adjustment in policy" by Chair Powell. Early August's sudden ramp up in the U.S.-China trade war, triggered by President Trump's announcement of further tariffs on Chinese imports was behind the increased global growth concerns. In August alone Treasury yields were lower by 37 to 56 basis points across the curve, with 30-year yields hitting all-time lows. In early September, 10-year Treasury yields increased almost 50 basis points amid easing trade tensions and a rebound in risk assets. The European Central Bank's September 12 rate cut and announcement of a new round of bond purchases preceded another 25-basis point cut in the Fed -Funds rate at the September 18 meeting. Dovish foreign central bank actions along with low global yields against a backdrop of heightened macro concerns may serve to limit any meaningful rise in yields domestically over the near term, overall. Treasury yields closed the third quarter 13 to 42 basis points lower with the two-year Treasury yield finishing at 1.62% (-14 basis points), the five-year Treasury yield 1.54% (-23 basis points) and the 10-year Treasury yield at 1.67% (-34 basis points). The five-year less two-year Treasury interest rate differential ended the quarter at -8 basis points, 9 basis points flatter from the end of the second quarter. The longer dated ten-year less Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 202 3 MetLife Management two-year differential moved 21 basis points flatter to +4 basis points. In the very front end, the three-month Treasury bill rate declined 28 basis points to 1.81 % while 3-month Libor contracted 23 basis points to 2.09%. In the wake of the Fed's most recent rate cut delivered at the September FOMC meeting, it has clearly demonstrated a determination to not fall behind the curve in seeking to conduct monetary policy in an effort to sustain the current economic expansion. However, there is a growing split among the Fed members with a majority on one side supporting Chair Powell's consensus position to lower rates in July and September, but on the other side sit a number of members more willing to await clear evidence of a deterioration in economic conditions before continuing further down the easing path. This was highlighted by two Fed voters dissenting at September's FOMC meeting in favor of keeping rates on hold (plus one who supported a 50 basis point cut) while the full -member median dot plot forecast is for no further rate cuts this year and none in 2020, even as many more members collectively are lined up on the sides of either looking for a rate cut or even hiking the policy rate above the current target range. This has raised market uncertainty and been a source of increased interest rate volatility seen in the third quarter, in addition to greater uncertainty and noise around trade and other macro issues. As well, the market remains engaged in a bit of a tug-of- war as interest rate futures are pricing in at least three quarter -point rate cuts by the Fed through the end of 2020, which we continue to see as overly aggressive as we anticipate perhaps another cut at the upcoming October FOMC meeting and the Fed going on hold until clear evidence emerges of a drop in the pace of economic growth (which we do not envision at this juncture). On the economic data front, we continue to call for above -trend U.S. growth in the low-2% range driven by the enduring strength of the consumer, which accounts for more than two-thirds of economic activity. Readings on the manufacturing sector have turned down in recent months as uncertainties have grown, tariffs escalated, and supply chains disrupted, however, the U.S. remains much more insulated than many other developed economies. We also acknowledge that the labor market has been slowly decelerating this year, but it remains healthy by virtue of touching an all-time low in the unemployment in the September non -farm payrolls report. This has translated into steady strength in key measures like retail sales and housing market indicators, which have accelerated higher this year, bolstered by the decline in interest rates. While third-quarter real GDP growth may slip below 2% on weakness centered on the declines observed across manufacturing and business investment, weighed down by the trade war and weakness in non-U.S. economies, our outlook does not incorporate a U.S. recession over the near to intermediate -term horizon absent a shock to the economy. In the event the U.S. and China are able to craft a limited trade agreement or even call a truce, we could see that outcome spur a bit of a rebound in growth. In the meantime, while global economic headwinds remain, they are being actively countered by accommodative monetary policy with a potential turn toward more of the burden being shouldered by fiscal policy support. After the third quarter's drop in interest rates, reset in the market's view on the Federal Reserve's future policy rate path and U.S. economic growth remaining on a firm footing outside of the manufacturing sector, which we believe may be nearing an end in its weakening, we see Treasury yields as biased to move higher. Although we will continue to maintain our short duration bias, we took the opportunity to snug our durations closer to home over the third quarter on rate backups. Turning to our TIPS long positioning, we increased our weighting in August as break -evens reached new lows only to see break -evens climb a bit before turning lower again in September. We continue to view TIPS as `cheap' and maintain our holdings given their low break -evens paint a more depressed inflation picture than is warranted in our evaluation in looking at current inflation measures and the likelihood that steadily rising wages will eventually translate into an uptick in consumer prices. Performance Attribution: Negative Our overall duration underweight positioning and allocation to Treasury Inflation -Protected Securities (TIPS) detracted from performance in the third quarter as interest rates fell and break -evens declined. Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 203 4 MetLife Management Investment Grade Credit While market headlines continued to be focused on the back -and -forth developments in the U.S.-China trade dispute over the quarter, the investment grade credit market proved relatively resilient in the third quarter, especially as a risk - on July gave way to escalating tensions and tariffs in August with trade noise spilling over into September. This produced a sawtooth pattern as spreads alternately tightened and widened each month, ending the quarter tighter on September's improved sentiment for risk helped by news of U.S. and Chinese senior trade negotiators scheduled to meet in early October. The backdrop for risk assets, including investment grade credit, continues to be supported by dovish central bank policy attributed to heightened uncertainty, geopolitical concerns and flagging global economic growth even as the U.S. remains less affected. Corporate earnings growth has largely slowed as U.S.-based multinationals, most notably those generating a significant share of their revenues abroad, are seeing pressure on top -line revenues, margins and operating earnings, while domestically -oriented issuers continue to post solid results. This divergence has weakened credit metrics in the aggregate, especially corporate leverage measures. As interest rates once again declined, third-quarter excess and total returns for the BAML 1-5 Year U.S. Corporate Index were 0.43% and 1.23%, respectively, as the index's option -adjusted spread (OAS) tightened 8 basis points to 73 basis points. The summer lull and trade -related volatility kept the new issue market relatively quiet through Labor Day, but the drop in interest rates and global hunger for positive -yielding fixed -income assets (negative -yielding assets in the Bloomberg Barclays Global Aggregate Index totaled $14.8 trillion at quarter -end) brought issuers off the sidelines in sufficient numbers to produce a record -setting month for corporate new issuance with $148.0 billion in investment grade corporates coming to market. These new issues were readily absorbed by investors often at little or no spread concessions to existing secondary issues and were skewed to the longer end of the maturity spectrum as issuers sought to capitalize on the opportunity to lock in financing at near record low all -in yields. At a subsector level within front-end Credit, all subsectors generated positive excess returns in both July and September sandwiched around an August with negative excess returns. The best -performing subsectors over the quarter were Finance Companies (small index weight), Insurance and Technology. Lagging subsectors included Energy, Banking and Basic Industry. The second-quarter earnings season concluded with marginally positive EPS growth for the S&P 500 companies (+2.1 %), mainly driven by strength in Real Estate, Financials and Healthcare, offset in part by weakness across the Communications Services, Materials, Energy, Industrials and Utilities subsectors, chiefly due to commodity price declines, a slowdown in global growth as well as trade -related supply chain cost and margin pressures. Further growth in balance sheet debt coupled with weaker operating income in certain of these subsectors helped push aggregate leverage higher across the investment grade industrial issuer universe we track, warranting increased attention at this advanced stage of the credit cycle, although we do not see signs of an imminent end to the cycle or recession as the growth in leverage is somewhat mitigated by the decline in interest rates. We maintain our overweight in Banking, supported by historically high capital levels and the potential to generate decent operating profits in a low rate environment. We also favor selected, more U.S.-centric issuers in the Communications, Consumer Noncyclical, Midstream Energy/Pipelines, and Utilities subsectors, that are less exposed to tariff -related disruptions. We believe the resilience of the U.S. consumer can continue to support corporate fundamentals for many of these issuers. In terms of sector valuation, the tightening in credit spreads seen over the quarter has pushed spreads into the `rich' range in our view, especially given the deterioration observed in manufacturing indicators. We remain comfortable with our current defensive positioning in Credit historically, awaiting an opportunity to add exposure in our favored subsectors and issuers at wider spreads. We recognize that moderate economic growth environments like we foresee unfolding in the U.S. over the next few quarters are generally good for corporate fundamentals and returns in Credit, but the present `richness' of spreads and low all -in yields leave us content to maintain some dry powder. Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 204 5 MetLife Management Over the third quarter we reduced our Credit weightings and in turn sector duration contributions across strategies. Most of our trading activity was directed toward reducing our exposure in Credit, primarily by selling floating-rate and short -dated maturity fixed-rate bonds to fund purchases in other sectors. Despite the heavy new issue calendar, we were fairly selective given the preponderance of longer -dated issuance. Noteworthy new issue purchases included Occidental Petroleum fixed-rate 2021 and 2022's, whose proceeds were be used to help finance its purchase of Anadarko Petroleum. Additionally, we bought new issue Simon Property Group and Ameren Corp. 2024's as well as CVS Health 2024 and 2026's in some of our longer -dated portfolios. In the High Yield space, the ebbs and flows around trade headlines also generally drove risk appetite, spread movement and returns over the quarter, mirroring the investment grade credit market; however, the ICE BAML 1-5 Year U.S. Cash Pay High Yield Index saw its OAS increase 14 basis points to 426 from 412 over the period. High Yield has benefited from strong investor inflows this year but CCC's have meaningfully lagged of late, lifting the overall index OAS. In our accounts that allow High Yield, we remain very selective in evaluating opportunities, limiting our focus to shorter tenor issues in the BB space. Performance Attribution: Positive Our positioning in investment grade credit contributed positively to third-quarter portfolio performance across most strategies as credit spreads moved in a bit of a sawtooth pattern over the quarter, ending tighter. Our positioning in the Independent Energy and Technology subsectors and overweights to Banking and Health Care (including our Cigna and CVS Health positions plus hospital issues traded in the Municipals market but categorized as investment grade corporates) were positive contributors to portfolio excess return. Most other subsectors generated relatively modest, uneven excess returns with the notable exceptions of Insurance and Midstream, which weighed on performance, mainly in some of our longer -dated strategies. Agencies Government -sponsored enterprise (GSE) debt spreads were tighter by 1-2 basis points during the third quarter while U.S. dollar -denominated Supranational, Sovereign and Agency (SSA) fixed -maturity securities' spreads tightened by 4-5 basis points relative to comparable Treasuries. In addition, credit spreads on debt of Canadian provinces such as Ontario and Quebec were mostly unchanged to one basis point tighter over the quarter. We believe the tone across the various agency subsectors continues to be well supported. During the quarter, Fannie Mae (FNMA) and Freddie Mac (FHLMC) released second-quarter 2019 earnings, as both GSEs reported stronger results quarter -over -quarter. Net income for FNMA rose to $3.4 billion from $2.4 billion in the first-quarter while net income reported by FHLMC rose modestly to $1.5 billion from $1.4 billion. FNMA reported a net worth of $6.4 billion as of June 30 while FHLMC recorded $4.8 billion. As a result, FNMA will remit $3.4 billion in dividends to the U.S. Treasury, while FHLMC will distribute $1.8 billion. On the regulatory front, the Treasury released their long-awaited Housing Finance Reform Plan recommending a guarantor model with an explicit, paid for government guarantee which requires congressional legislation. The plan urged Congress to take legislative action but also encouraged the Federal Housing Finance Agency (FHFA) to continue pursuing administrative reforms. Given the 2020 presidential election is a little more than a year away, we believe any substantive legislative action will be muted as Congress will be less likely to take a vote on housing -related issues that could cause them to lose support from their constituents; however, we do expect some headway to be made on the administrative front, the path of least resistance. Senate Banking Committee chairman Mike Crapo (R-ID) stated that while his preference is to address Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 205 6 MetLife Management housing finance reform through legislation, the Trump administration should "begin moving forward on key administrative reforms". On the last day of the quarter the Treasury and FHFA announced they have altered the Preferred Stock Purchase Agreements (PSPAs) for FNMA and FHLMC to allow the companies to retain additional capital ($25 billion and $20 billion, respectively). This is the first significant change to the PSPAs since December 2017 when both GSEs were each allowed to retain $3 billion in capital. The new PSPAs effectively suspend the net worth sweep which has been in place since 2012 and mandated FNMA and FHLMC to remit all earnings above a small buffer to the Treasury. We view this as a positive starting point for GSE reform. At current valuations, we remain underweight the Agency sector overall. During the quarter we reduced our floating- rate exposure and sold bonds with low durations, in addition to reinvesting the proceeds from our called agency bond positions in fixed -maturity securities in other spread sectors. In terms of our outlook, against the backdrop of slowing global growth we feel any flight to quality will bode well for the Agency sector although spreads continue to offer only a small incremental yield pickup over Treasuries. We think supply/demand dynamics will continue into the fourth quarter as the pace of supply in the Agency space will lag demand, especially with the amount of debt trading at negative yields around the globe. We expect SSA supply to slow down in the fourth quarter with negative net issuance for the rest of the year. Low net supply in SSAs and GSEs could continue to keep spreads at tight levels. We will continue to look for opportunities to add to the Agency sector and expect to use major SSA issuers to target specific duration buckets across the yield curve. Performance Attribution: Neutral Our allocations to the various Agency subsectors and security selection generated mixed performance over the quarter across our strategies. Spreads in the Agency subsectors tightened over the quarter but conversely, our underweight in higher beta names, e.g. Petroleos Mexicanos (PEMEX), and Mexico government bonds that are in the benchmark indices that we did not own detracted from our performance. ABS Spreads on short -tenor asset -backed securities generally moved tighter over the course of the third quarter despite broader spread and rate volatility arising from trade tensions, concerns about global economic growth and Federal Reserve policy. Spreads on AAA -rated three-year credit card, prime auto and subprime auto tranches moved 8 basis points, 10 basis points, and 9 basis point tighter, respectively. Floating-rate Federal Family Education Loan Program (FFELP) student loan tranches underperformed with three-year FFELP tranches moving wider by 7 basis points quarter -over -quarter. The underperformance of FFELP tranches was asset -specific and likely driven by the tail risk given the longer average lives in this sector which is solely floating-rate as the market comes to grips with transition risks related to LIBOR. Short -tenor, high quality asset -backed bonds continued to see strong sponsorship amid solid U.S. consumer fundamentals and the inverted yield curve, resulting in a more attractive yield profile for short bonds relative to longer -tenor alternatives. The securitization industry gathered in September for the annual ABS East conference held in Miami. Market participants generally expressed confidence in U.S. consumer fundamentals and ABS collateral performance but were somewhat cautious given trade tensions and political uncertainty. The tone amongst CLO participants was mixed, with a focus on topics including loan fundamentals, CLO supply and idiosyncratic risks associated with underlying loan portfolios. New issue volume for third quarter was $51 billion, a 20.1% decrease compared to the prior quarter, but an 11 .0% increase compared to last year's pace of $46 billion. Issuance volume was led by the auto sector with $25 billion of new deals pricing during the quarter. Compared to the prior year, issuance in the auto and equipment sectors increased 9% and 13%, respectively. Issuance in credit card and student loan sectors was down 341)/0 and 27% year - Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 206 7 MetLife Management over -year, respectively. Although credit card issuance has trended downward during the year, volume has picked up as of late, with $8.3 billion of new issue deals pricing this quarter compared to $3.1 billion in the second quarter. On a year-to-date basis, new issue volume reached $173 billion, a slight decline compared to the $179 billion issued last year through the end of the third quarter. Credit card ABS continued to exhibit strong performance, supported by healthy U.S. consumer fundamentals. The quarter -over -quarter charge -off rate on the Wells Fargo index decreased 5 basis points to 2.30% and 60+ day delinquencies decreased 4 basis points to 1.00%. Wells Fargo noted that portfolio yields, excess spread and monthly payment rates are near all-time highs, while delinquency and charge -off rates are near all-time lows. Prime auto performance remained stable during the quarter, while the subprime auto sector saw an uptick in delinquencies and losses. The 60+-day delinquency rate on the Fitch Auto ABS indices for subprime delinquencies was 5.93% in August, an increase of 43 basis points since year-end and 104 basis points higher, year -over -year. In our view, the deterioration in subprime auto performance was driven by weaker lending standards and changes in the composition of issuers funding in the ABS market. While we focus on more established issuers that continue to perform within our expectations, we are also mindful of signs of weakness in the broader auto markets. New vehicle sales in August were up 11% year -over -year, for a 17.0 million Seasonally -Adjusted Annual Rate (SAAR), supported by the Labor Day weekend, strong fleet sales and dealer incentives. According to Cox Automotive, the annual pace of new vehicle sales remains steady and is forecasted to reach 16.9 million units in September, down slightly from August's 17.0 million level, but still reflecting a stable market. The Manheim Used Vehicle Index rose 0.62% month -over -month in August. The index value at 141.3 represents a 1.2% increase from a year ago and a record high for the index. During the quarter we modestly increased our ABS exposure given our favorable view on U.S. consumer fundamentals. We focused on high -quality, liquid benchmark subsectors like credit cards and prime autos given current trade tensions and global macro volatility. We were active in both the primary and secondary market, participating in new issue transactions from CarMax, Santander, Nissan, and Prestige. We also purchased the inaugural small and mid -sized equipment securitization issued by Hewlett Packard and new issue credit card transactions from Capital One and TD Bank. Going into the fourth quarter, we anticipate maintaining an overweight to the ABS sector while continuing to position our portfolios in high -quality, shorter duration bonds. Performance Attribution: Positive Benefiting from tighter spreads, our ABS portfolio positions contributed positive excess returns after adjusting for duration and yield curve exposure. Our fixed-rate holdings were the top performers with both prime and subprime auto bonds exhibiting the strongest performance. Our floating-rate exposure also performed positively, but more modestly than our fixed-rate holdings. CMBS Short tenor commercial mortgage -backed securities showed mixed performance over the course of the quarter. Compared to like -duration Treasuries, three-year AAA -rated conduit tranches ended the quarter at a spread of 39 basis points over Treasuries, 7 basis points tighter. In contrast, five-year AAA -rated conduit tranches ended the quarter at a spread of 60 basis points over Treasuries, 4 basis points wider. We attribute the relative outperformance of three-year conduit tranches to investor preference for the higher yields offered by shorter tenor tranches due to the current inversion of the yield curve. Agency CMBS generally performed well over the quarter. Three-year and five- year Freddie Mac "K-bond" tranches were essentially flat on spread over the quarter with three-year tranches at 34 basis points over Treasuries, unchanged on the quarter, and five-year tranches at 49 basis points over Treasuries, just 1 basis point tighter. In the third quarter, $23.6 billion of new private -label CMBS and $41.4 billion of new agency CMBS came to market. This compares to $20.9 billion and $38.8 billion, respectively, in the third quarter of last year. The month of September alone saw heavy non -agency issuance with almost $10 billion coming to market. This was the second Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 207 8 MetLife Management heaviest month so far this year, behind only $14.3 billion seen in May. Notably, this year's third-quarter issuance of new single -asset, single -borrower ("SASB") securitizations lagged last year's third quarter issuance with only $4.2 billion of new SASB deals coming to market, approximately half of last year's total for the period. Similar to the trend seen in the second quarter, agency CMBS issuance was fairly balanced between Freddie Mac and Fannie Mae, with Freddie K-bonds totaling $16.6 billion of new issuance, compared to Fannie Mae's issuance of $14.2 billion of "DUS" (single loan pools) and $4.2 billion of "GEMs" (multi -loan pool securitizations similar to K-bonds). CMBS delinquencies continued to trend lower after ticking upward slightly at the end of the second quarter. The Trepp 30+-day delinquency rate fell 3bps in September to 2.51 %, a record low. The rate has fallen 90 basis points year - over -year and has trended down since June 2017 when it was 5.75%. Over the course of the quarter, lodging properties surpassed both industrial and multifamily properties to become the best performing subsector with a 1.47% 30+-day delinquency rate, down 94 basis points over the quarter. Industrial properties finished second with a 2.0% delinquency rate, up 6 basis points over the quarter and multifamily came in third with a 2.43% delinquency rate, up 39 basis points over the quarter. Retail properties continued to remain the worst performing property type with a 4.15% 30+-day delinquency although the rate improved 29 basis points over the quarter. For post -crisis vintages ("CMBS 2.0+"), the 30+-day delinquency rate fell 2 basis points in September but rose 38 basis points over the course of the quarter to 0.87%. Supported by strength in the industrial and apartment sub -sectors, commercial property prices continued to climb during the quarter. The September release of the RCA CPPI National All -Property Index showed prices rising 0.8% in August, to end the quarter at 139.0, a record high and a year -over -year increase of 6.7%. Bolstered by the healthy domestic economy, industrial property prices increased 1.9% over the quarter and are up 12.5% year -over - year. Apartment properties have shown the second strongest annual gain of +7.1 % and were the best performing subsector in the third quarter, with prices rising 2.5%. Office properties are currently showing the slowest year -over - year growth, up only 2.0%, worse than even the challenged retail sector, which has seen prices rise 2.2%. RCA noted that weakness in suburban office properties, +0.7% year over year, dragged down the overall sector as central business district properties have shown 7.0% year -over -year price growth. At its current level, the index is now 31% above the prior August 2007 peak of 105.7 and is 103% higher than the post -crisis low of 68.4 in June 2010. We increased our exposure to the CMBS sector across the portfolios during the third quarter. We took advantage of wider spreads to add to our Freddie Mac K-bond holdings via secondary market purchases. For example, we purchased a 2.05-year WAL Freddie-K bond in the secondary market at a spread of 42 basis points over Treasuries. We also took advantage of attractive spreads in short conduit tranches and added to our holdings in that subsector. In the new issue space, we participated in a AAA -rated 1.90-year tranche of a floating-rate SASB deal collateralized by medical office and healthcare -related properties, at a spread of 112 basis points over one -month Libor. Over the course of the quarter agency CMBS outperformed agency RMBS as investors favored more stable prepayment profiles amid elevated interest rate volatility. In addition, agency CMBS generally outperformed non - agency CMBS over the quarter. In our view, September's volume of new issue supply weighed on non -agency spreads. Going forward, we anticipate being opportunistic in the non -agency CMBS space while sourcing agency CMBS as a core holding until volatility abates somewhat. We will also look to swap existing floating-rate assets into floating-rate SASB bonds. In our view SASB deals provide attractive opportunities to gain exposure to high -quality assets, provided that deal structures remain conservative and limit the number of extension options available to borrowers. Performance Attribution: Positive Our CMBS positions added to performance over the third quarter after accounting for duration and yield curve exposure. Our non -agency positions were the best performers although our agency holdings were also generally Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 208 9 MetLife Management positive. Within non -agencies, the positive performance was led by our fixed-rate conduit tranches although our floating-rate SASB holdings also performed well. RMBS The generic agency residential mortgage -backed sector underperformed relative to comparable Treasuries in the third quarter as the rally in interest rates triggered prepayment risks. On spread, shorter duration 15-year collateral outperformed on a relative basis 30-year collateral as the Treasury curve flattened into the rally. At the end of the quarter, bonds backed by 15-year collateral were 16 basis points wider to five-year Treasuries at a spread of 66 basis points and bonds backed by 30-year collateral were 27 basis points wider to ten-year Treasuries at a spread of 88 basis points. Non -agency spreads followed agency benchmarks wider over the quarter as faster prepayment speeds impacted the sector. Despite the overall weakness in the sector, our portfolio holdings provided positive excess returns due to our focus on owning well -structured bonds with lower prepayment risk profiles. The housing market showed some mixed signals as home price growth continued to decelerate while other metrics, fueled by low mortgage rates, showed signs of strength later in the quarter. The S&P Corelogic Case-Shiller 20-City Home Price Index increased only 2.0% year -over -year through July, the sixteenth straight month of slowing growth and the weakest since August 2012. For the twenty cities monitored in the index, Phoenix (+5.8%), Las Vegas (+4.7%) and Charlotte (+4.6%) showed the greatest year -over -year gains, while New York (+0.9%), San Francisco (+0.2%) and Seattle (-0.6%) showed the weakest performance. Notably, Seattle showed year -over -year declines for each month during the quarter. Despite a strong labor market and lower mortgage rates, higher home prices are creating affordability challenges for many borrowers with more expensive cities and pricier homes seeing the greatest slowdown in growth. Notably however, mortgage rates continued to fall over the quarter, with the Freddie Mac 30- year commitment rate dropping 8bps to 3.65%, a level were the majority of mortgage collateral is re-financeable. In comparison, one year ago Freddie's 30-year commitment rate stood at 4.72%. The primary -secondary mortgage spread widened 4bps over the quarter, as originators grappling with capacity constraints declined to pass the entire benefit of lower interest rates on to borrowers. With housing activity typically exhibiting a 1-3 month lagged reaction to changes in mortgage rates, September data releases saw home sales and homebuilder sentiment numbers coming in better than economist estimates as the impact of lower mortgage rates took hold. Existing home sales rose 1.3% in August to a 5.49 million annualized pace, ahead of estimates of a 5.38 million pace and the highest level in more than a year. Likewise, new home sales rose 7.1 % in August to a 713,000 annualized pace, also beating estimates. Homebuilder sentiment also rose to an 11-month high with the National Association of Home Builders ("NAHB") sentiment index rising to 68 in September from an upwardly revised 67 reading in August. In a statement, NAHB Chief Economist Robert Dietz stated that "Solid household formations and attractive mortgage rates are contributing to a positive builder outlook. However, builders are expressing growing concerns regarding uncertainty stemming from the trade dispute with China". Over the course of the quarter, as the sector weakened, we increased our allocation to RMBS across portfolios. We believe that the consumer is fundamentally in good shape and that the healthy jobs market and low interest rates can help support home prices and mortgage performance. However, we are mindful of heightened prepayment risk in the current rate environment and remain defensive regarding mortgage convexity. Accordingly, we continued to increase our exposure to short -tenor CMOs collateralized with very seasoned collateral which, at current spreads, we find more attractive than CMOs backed by more recent vintages. In non -agencies, our activity was more limited and consisted of several opportunistic secondary market purchases to add to our existing portfolio holdings. We did not participate in any new issue deals. Going forward, we believe the impact of prepayments on portfolios should be manageable given the defensive nature of our holdings. Nonetheless, we do anticipate an increase in prepayment speeds in the near term and would look to maintain or modestly increased RMBS exposure across portfolios. At current spreads, we are likely to continue to prefer seasoned short -tenor agency CMOs similar to those that we have recently purchased. We remain opportunistic Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 209 10 MetLife Management in non -agencies and would add to our holdings should we find securities that offer value relative to agencies. Absent that, we are content to reinvest the prepayments from our non -agency holdings into more liquid agency alternatives. Performance Attribution: Positive After accounting for duration and yield curve exposure, our RMBS positions added to portfolio performance over the third quarter. Our agency CMO positions were our top performers, although our non -agency holdings also performed well. Our specified pool positions were mostly negative, in line with wider spreads for benchmark collateral, and our agency ARM holdings were generally flat. Municipals Overall new issuance in the municipal market was up again in the third quarter, coming in at $103 billion, up from $75 billion and $92 billion in the first and second quarters, respectively. Taxable issuance of $17 billion, however, was up significantly in the third quarter, compared to the $15.2 billion issued during the first six months of 2019. Recall the glut of advance refunding issuance back in December 2017 just before tax reform, which would prohibit the use of tax-exempt bonds for advance refundings, went into effect. After January 1, 2018, outstanding tax-exempt bonds could only be advance refunded using taxable debt. While we eventually expected to see issuers use the taxable market to advance refund, the year -and -a -half following the tax reform implementation was light as many issuers planning to advance refund got their deals done by the end of 2017. However, given the decrease in interest rates during the second and third quarters, it made sense for certain issuers to utilize the taxable market to advance refund some outstanding debt. Despite the strong demand for tax-exempt bonds as evidenced by the $23 billion of inflows to municipal bond mutual funds over the third quarter, they underperformed Treasuries across the maturity spectrum for the quarter, according to the ICE BAML indices. On the taxable side, however, municipals outperformed similar - duration Treasuries in both the front end of the yield curve as well as across the broad market. News over the quarter included Jacksonville Electric Authority's (JEA) continued attempt to void their power purchase agreement (Project J PPA) with the Municipal Electric Authority of Georgia (MEAG). The Project J PPA is for offtake from the Vogtle nuclear reactors under construction in Georgia. Despite the legal challenge, MEAG issued $616 million Project J bonds via a private placement on July 19. We believe the issuance is a credit positive for the project, as it shows the market's continued support. The issuance also eliminated near -term lending risk, as Project J will only need immaterial additional financing for their share of the project, absent additional cost overruns. Interestingly, four days later, JEA's Board of Directors approved a resolution to grant authority for its CEO to explore privatization of the utility. We continue to follow these developments and expect a sale to take a considerable amount of time as it must be approved by voters. In September one of our analysts attended a site visit at the Vogtle nuclear reactors where it was clear that management views Vogtle as a high priority and is aggressively trying to meet the accelerated in- service schedule. Management anticipates the two reactors will be in service November of 2021 and 2022. We view this as a credit positive for the obligors of these projects, as the final costs and in-service dates are easier to project at this point in the construction process. Fitch upgraded the State of California to AA from AA- on August 16, reflecting improved fiscal management, tax increases and revenue growth that will allow the Golden State to better withstand econom is and revenue cycles. Building up its rainy -day fund has made California less vulnerable to future economic downturns and more prepared for a potential recession. While this is a credit positive for the State, California G.O. bonds were already trading at tight levels; we saw little spread movement in our holdings following this upgrade. Debt from issuers within California is widely held across our strategies. Our municipal trading activity picked up during the third quarter as the increase in taxable issuance resulted in opportunities in both the primary and secondary markets. While the primary market continued to be oversubscribed, spreads looked reasonably attractive for high -quality rated issuers. We purchased several airport, toll road, and higher Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 210 11 MetLife Management education bonds. Additionally, the combination of lower interest rates and the timing of various issuers' ability to refinance their debt, numerous California Community College Districts came to market, refinancing their tax-exempt debt with taxable debt, and we participated in several of these issues. Given the trajectory of interest rates and the timing of issuers needs to advance refund, we expect new issue municipal supply to remain healthy in the fourth quarter. While certain Transportation, Infrastructure and Utility issuers will need to raise money for maintenance and capital projects, we expect the lion's share of the taxable issuance in the fourth quarter to be advance refundings of outstanding debt. From a credit perspective, we still favor the Transportation and Utility subsectors and are comfortable with many Healthcare credits as well. Many of the states that have struggled with their finances recently such as Connecticut, New Jersey and Illinois have seen their revenue collections rebound in 2019, although underfunded pension liabilities still pose a long-term threat. Any potential economic recession would likely be felt to a larger degree in these states, as they would have less flexibility to address their financial struggles if revenues were to decline. We continue to view the Municipal market as a defensive sector and will look for opportunities in this sector to upgrade the average credit quality of our portfolios. Performance Attribution: Neutral Performance of our municipal holdings over the third quarter ranged from neutral to slightly positive across our strategies. On an excess return basis, some of our better -performing municipal subsectors included Transportation, Power and Local Government. The majority of our holdings, however, exhibited neutral performance. Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 211 12 MetLife Management Disclaimers This document is being provided to you at your specific request. This document has been prepared by Logan Circle Partners, L.P., a U.S. Securities Exchange Commission -registered investment adviser. Logan Circle Partners, L.P. is a subsidiary of MetLife, Inc. and part of MetLife Investment Management.1 For investors in the EEA, this document is being distributed by MetLife Investment Management Limited ("MIML"), authorised and regulated by the UK Financial Conduct Authority (FCA reference number 623761), registered address Level 34 1 Canada Square London E14 5AA United Kingdom. This document is approved by MIML as a financial promotion for distribution in the UK. This document is only intended for, and may only be distributed to, investors in the EEA who qualify as a Professional Client as defined under the EEA's Markets in Financial Instruments Directive, as implemented in the relevant EEA jurisdiction. The investment strategy described herein is intended to be structured as an investment management agreement between MIML (or its affiliates, as the case may be) and a client, although alternative structures more suitable for a particular client can be discussed. For investors in Japan, this document is being distributed by MetLife Asset Management Corp. (Japan) ("MAM"), a registered Financial Instruments Business Operator ("FIBO") conducting Investment Advisory Business, Investment Management Business and Type II Financial Instruments Business under the registration entry "Director General of the Kanto Local Finance Bureau (Financial Instruments Business Operator) No. 2414" pursuant to the Financial Instruments and Exchange Act of Japan ("FIEA"), and a regular member of the Japan Investment Advisers Association and the Type II Financial Instruments Firms Association of Japan. In its capacity as a discretionary investment manager registered under the FIEA, MAM provides investment management services and also sub -delegates a part of its investment management authority to other foreign investment management entities within MIM in accordance with the FIEA. This document is only being provided to investors in Japan who are Qualified Institutional Investors (tekikaku kikan toshika) as defined in Article 10 of Cabinet Office Ordinance on Definitions Provided in Article 2 of the FIEA. It is the responsibility of each prospective investor to satisfy themselves as to full compliance with the applicable laws and regulations of any relevant territory, including obtaining any requisite governmental or other consent and observing any other formality presented in such territory. MetLife, Inc. provides investment management services to affiliates and unaffiliated/third party clients through various subsidiaries.1 MetLife Investment Management ("MIM"), MetLife, Inc.'s institutional investment management business, has more than 900 investment professionals located around the globe. MIM is responsible for investments in a range of asset sectors, public and privately sourced, including corporate and infrastructure private placement debt, real estate equity, commercial mortgage loans, customized index strategies, structured finance, emerging market debt, and high yield debt. The information contained herein is intended to provide you with an understanding of the depth and breadth of MIM's investment management services and investment management experience. This document has been provided to you solely for informational purposes and does not constitute a recommendation regarding any investments or the provision of any investment advice, or constitute or form part of any advertisement of, offer for sale or subscription of, solicitation or invitation of any offer or recommendation to purchase or subscribe for any securities or investment advisory services. Unless otherwise specified, the information and opinions presented or contained in this document are provided as of the quarter end noted herein. It should be understood that subsequent developments may affect the information contained in this document materially, and MIM shall not have any obligation to update, revise or affirm. It is not MIM's intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of MIM's investment portfolio, investment strategies or investment recommendations. No money, securities or other consideration is being solicited. No invitation is made by this document or the information contained herein to enter into, or offer to enter into, any agreement to purchase, acquire, dispose of, subscribe for or underwrite any securities or structured products, and no offer is made of any shares in or debentures of a company for purchase or subscription. Prospective clients are encouraged to seek advice from their legal, tax and financial advisors prior to making any investment. Confidentiality. By accepting receipt or reading any portion of this Presentation, you agree that you will treat the Presentation confidentially. This reminder should not be read to limit, in any way, the terms of any confidentiality agreement you or your organization may have in place with Logan Circle. This document and the information contained herein is strictly confidential (and by receiving such information you agree to keep such information confidential) and are being furnished to you solely for your information and may not be used or relied upon by any other party, or for any other purpose, and may not, directly or indirectly, be forwarded, published, reproduced, disseminated or quoted to any other person for any purpose without the prior written consent of MIM. Any forwarding, publication, distribution or reproduction of this document in whole or in part is unauthorized. Any failure to comply with this restriction may constitute a violation of applicable securities laws. Past performance is not indicative of future results. No representation is being made that any investment will or is likely to achieve profits or losses or that significant losses will be avoided. There can be no assurance that investments similar to those described in this document will be available in the future and no representation is made that future investments managed by MIM will have similar returns to those presented herein. No offer to purchase or sell securities. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any security and may not be relied upon in connection with the purchase or sale of any security. No reliance, no update and use of information. You may not rely on this Presentation as the basis upon which to make an investment decision. To the extent that you rely on this Presentation in connection with any investment decision, you do so at your own risk. This Presentation is being provided in summary fashion and does not purport to be complete. The information in the Presentation is provided to you as of the dates indicated and MIM does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in this Presentation, includes performance and characteristics of MIM's by independent third parties, or have been prepared internally and have not been audited or verified. Use of different methods for preparing, calculating or presenting information may lead to different results for the information presented, compared to publicly quoted information, and such differences may be material. Risk of loss. An investment in the strategy described herein is speculative and there can be no assurance that the strategy's investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. No tax, legal or accounting advice. This Presentation is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Any statements of U.S. federal tax consequences contained in this Presentation were not intended to be used and cannot be used to avoid penalties under the U.S. Internal Revenue Code or to promote, market or recommend to another party any tax -related matters addressed herein. Forward -Looking Statements. This document may contain or incorporate by reference information that includes or is based upon forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward -looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words and terms such as Views expressed were current as of June 30, 2019, are subject to change, and may not reflect the manager's current views. Securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, or all of the securities held in client portfolios. The performance and portfolio holdings cited here were current as of June 30, 2019 and are subject to change. This document is only for distribution to, and the use of, current clients and consultants of MetLife Investment Management. 212 13 LMetLife Management "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will," and other words and terms of similar meaning, or are tied to future periods in connection with a discussion of future performance. Forward -looking statements are based on MIM's assumptions and current expectations, which may be inaccurate, and on the current economic environment which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward -looking statements. Risks, uncertainties and other factors that might cause such differences include, but are not limited to: (1) difficult conditions in the global capital markets; (2) changes in general economic conditions, including changes in interest rates or fiscal policies; (3) changes in the investment environment; (4) changed conditions in the securities or real estate markets; and (5) regulatory, tax and political changes. MIM does not undertake any obligation to publicly correct or update any forward -looking statement if it later becomes aware that such statement is not likely to be achieved. 1.Subsidiaries of MetLife, Inc. that provide investment management services include Metropolitan Life Insurance Company, MetLife Investment Advisors, LLC, MetLife Investment Management Limited, MetLife Investments Limited, MetLife Investments Asia Limited, MetLife Latin America Asesorias e Inversiones