Loading...
12 December 12, 2018 CommissionRIVERSIDE COUNTY TRANSPORTATION COMMISSION TIME/DATE: LOCATION: MEETING AGENDA 9:30 a.m. / Wednesday, December 12, 2018 BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside COMMISSIONERS Chair — Dana Reed Vice Chair— Chuck Washington Second Vice Chair — Ben J. Benoit Kevin Jeffries, County of Riverside, District 1 John F. Tavaglione, County of Riverside, District 2 Chuck Washington, County of Riverside, District 3 V. Manuel Perez, County of Riverside, District 4 Marion Ashley, County of Riverside, District 5 Deborah Franklin / Art Welch, City of Banning Lloyd White / Nancy Carroll, City of Beaumont Joseph DeConinck / Tim Wade, City of Blythe Jim Hyatt / Linda Molina, City of Calimesa Randall Bonner / Vicki Warren, City of Canyon Lake Greg Pettis / Shelley Kaplan, City of Cathedral City Steven Hernandez / To Be Appointed, City of Coachella Karen Spiegel / Randy Fox, City of Corona Scott Matas / Russell Betts, City of Desert Hot Springs Adam Rush / Clint Lorimore, City of Eastvale Linda Krupa / Russ Brown, City of Hemet Dana Reed / To Be Appointed, City of Indian Wells Michael Wilson / Glenn Miller, City of Indio Brian Berkson / Verne Lauritzen, City of Jurupa Valley Kathleen Fitzpatrick / Robert Radi, City of La Quinta Bob Magee / Natasha Johnson, City of Lake Elsinore Bill Zimmerman / John Denver, City of Menifee Victoria Baca / Ulises Cabrera, City of Moreno Valley Rick Gibbs / Jonathan Ingram, 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 / Scott Miller, City of San Jacinto Michael S. Naggar / Matt Rahn, City of Temecula Ben J. Benoit / Timothy Walker, City of Wildomar Janice Benton, 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 TO: Riverside County Transportation Commission FROM: Lisa Mobley, Clerk of the Board DATE: December 4, 2018 SUBJECT: G.C. 84308 Compliance — Potential Conflict of Interest California Government Code 84308 states a Commissioner may not participate in any discussion or action concerning a contract or amendment if a campaign contribution of more than $250 is received in the past 12 months or 3 months following the conclusion from a bidder or bidder's agent. This prohibition does not apply to the awarding of contracts that are competitively bid. The Commission's procurement division asks potential vendors to disclose any contributions made to the campaigns of any Commissioner as part of their submitted bid packets. As an additional precaution, those entities are included below in an effort to give Commissioners opportunity to review their campaign statements for potential conflicts. Please note the entities listed in this memo are not encompassing of all potential conflicts and are in addition to any personal conflicts of interest such as those disclosed on Statement of Economic Interests — Form 700 or prohibited by Government Code Section 1090. Please contact me should you have any questions. Agenda Item No 7F — Agreement with Falcon Engineering for Construction Management Services for the Construction of the State Route 60 Truck Lanes Project Consultant(s): Maha Faqih, President FALCON Engineering Services, Inc. 341 Corporate Terrace Circle, Suite 101 Corona, CA 92879 Agenda Item No. 7H — Agreement for Audit Services for the Transportation Development Act Triennial Audit Consultant(s): Michael Baker International, Inc. Thomas G. Tracy, Associate Vice President 2729 Prospect Park Drive Suite 220 Rancho Cordova, CA 95670 Tara B eri From: Tara Byerly Sent: Wednesday, December 05, 2018 3:29 PM To: Tara Byerly Cc: Anne Mayer; JOHN STANDIFORD; Lisa Mobley; Lupe Garibay Subject: RCTC: December Commission Meeting Agenda - December 12, 2018 Good afternoon Commissioners, The December Agenda for the Commission meeting schedule for Wednesday, December 12 @ 9:30 a.m. is available. Please copy the link: http://rctcdev.info/uploads/media items/december-commission-agenda-december-12-2018.original.pdf Also attached for your review and information is the conflict of interest memo and form. Conflict of Conflict of Interest Form.p-df Interest Merno.p... Let me know if you have any questions or concerns. Thank you. Respectfully, Tara Byerly Deputy Clerk of the Board Riverside County Transportation Commission 951.787.7141 W 1951.787.7906 F 4080 Lemon St. 3rd FI. l P.Q. Box 12008 Riverside, CA 92502 rctc.org f wr in 1 Tara Byerly From: Tara Byerly Sent: Wednesday, December 05, 2018 3:32 PM To: Tara Byerly Cc: Lisa Mobley Subject: RCTC: December Commission Meeting Agenda - December 12, 2018 Good Afternoon Commission Alternates, The December Agenda for the Commission meeting schedule for Wednesday, December 12 @ 9:30 a.m. is available. Please copy the link: http://rctcdev.info/uploads/media items/december-commission-agenda-december-12-2018.original.pdf Respectfully, Tara Byerly Deputy Clerk of the Board Riverside County Transportation Commission 951.787.7141 W 1951.787.7906 F 4080 Lemon St. 3rd FI. 1 P.O. Box 12008 Riverside, CA 92502 rctc.org '` in i Office: 951.736.2203 Fax: 951.736-2399 December 11, 2018 City of Corona city Clerk's Office 400 South Vicentia Avenue, Suite 155 Corona CA 92882 Riverside County Transportation Commission Attention: Lisa Mobley 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Dear Ms. Mobley: Please be advised that the Corona City Council at their December 10, 2018 meeting approved newly -elected Council Member Wes Speake represent the City of Corona for the next Riverside County Transportation Commission (RCTC) meeting. The Mayor will Y formalize appointments at our next scheduled City Council meeting on December 19, 2018. If you need further information or assistance, please contact me at (951) 738-2203. Sincerely, OFFICE OF THE CITY CLERK 3/31,Sylvia Edwards City Clerk Tara Bve rl From: Lisa Mobley Sent: Tuesday, December 04, 2018 3:25 PM To: Josie Meza Cc: Tara Byerly Subject: RE: RCTC Hi Josie, We will use this correspondence as our notice of Mr. Carnevale's appointment to represent Cathedral City at the December Commission meeting. Can you provide us his email address? If he would like a hard copy agenda mailed to him please provide his preferred address. If you or Mr. Carnevale have any questions, please feel free to reach out to me or to Tara Byerly, Deputy Clerk of the Board. Thank you, Lisa Mobley Clerk of the Board Riverside County Transportation Commission 951.787.7960 W 1951.787.7906 F 4080 Lemon St. 3rd FI. 1 P.O. Box 12008 Riverside, CA 92502 rctc.org Original Message From: Josie Meza <JMeza@cathedralcity.gov> Sent: Tuesday, December 04, 2018 3:03 PM To: Anne Mayer <AMayer@RCTC.org> Cc: Lisa Mobley <LMobley@RCTC.org> Subject: RE: RCTC Hi, Thank you very much for your prompt response Anne and for including Lisa. I look forward to hearing from her. Regards, Josie Meza Administrative Assistant to City Manager & Council Members City of Cathedral City 68700 Avenida Lalo Guerrero Cathedral City, CA 92234 1 Ph. (760) 770-0372 Fax (760) 770-0399 Original Message From: Anne Mayer <AMayer@RCTC.org> Sent: Tuesday, December 04, 2018 3:00 PM To: Josie Meza <JMeza@cathedralcity.gov> Cc: Lisa Mobley <LMobley@RCTC.org> Subject: Re: RCTC Hello Josie We appreciate you letting us know. Lisa Mobley is our Clerk and I've included her here. She can brief you on what's needed for his participation next week. Thank you. Anne > On Dec 4, 2018, at 2:56 PM, Josie Meza <JMeza@cathedralcity.gov> wrote: > > Good afternoon Anne, > > Council Member Mark Carnevale will be covering the Wednesday, December 12th meeting for Greg. Who's the Clerk of the Board and would you please provide me her / his email address, please? > > Regards, > > Josie Meza > Administrative Assistant to City Manager & Council Members City of > Cathedral City > 68700 Avenida Lalo Guerrero > Cathedral City, CA 92234 > Ph. (760) 770-0372 Fax (760) 770-0399 > > Original Message > From: Greg Pettis <greg@gregpettis.com> > Sent: Tuesday, December 04, 2018 2:38 PM > To: Josie Meza <J Meza @cathed ra lcity.gov> > Subject: Re: RCTC > > Send it to Anne Mayer and ask her to forward. I can't remember clerks > name > > Sent from my iPad > > Greg Pettis, MBA > Mayor Pro Tem > 68700 Avenida Lalo Guerrero > Cathedral City, CA 92234 > 760-408-8420 > >> On Dec 4, 2018, at 2:36 PM, Josie Meza <JMeza@cathedralcity.gov> wrote: 2 » t >> Ok. >> Who's your contact at RCTC? I haven't been in contact with anyone in a long time. I do know Jennifer is no longer with the agency. >> Josie Meza >> Administrative Assistant to City Manager & Council Members City of >> Cathedral City >> 68700 Avenida Lalo Guerrero >> Cathedral City, CA 92234 >> Ph. (760) 770-0372 Fax (760) 770-0399 >> Original Message >> From: Greg Pettis <greg@gregpettis.com> >> Sent: Tuesday, December 04, 2018 11:39 AM >> To: Josie Meza <JMeza@cathedralcity.gov> >> Subject: RCTC >> Mark is going to cover me this month. Please call him and give him >> details. I told him it was tomorrow but it's actually next week. He >> needs an agenda as well >> Also please email RCTC with authorization for him to vote >> Thanks >> Sent from my iPad >> Greg Pettis, MBA >> Mayor Pro Tem >> 68700 Avenida Lalo Guerrero >> Cathedral City, CA 92234 >> 760-408-8420 3 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 12, 2018 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. APPROVAL OF MINUTES — NOVEMBER 14, 2018 Riverside County Transportation Commission Meeting Agenda December 12, 2018 Page 2 6. ADDITIONS / REVISIONS — The Commission may add an item to the Agenda after making a finding that there is a need to take immediate action on the item and that the item came to the attention of the Commission subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Commission. If there are less than 2/3 of the Commission members present, adding an item to the agenda requires a unanimous vote. Added items will be placed for discussion at the end of the agenda. 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 2019 COMMISSION/COMMITTEE MEETING SCHEDULE Page 1 Overview This item is for the Commission to adopt its 2019 Commission/Committee Meeting Schedule. 7B. RESOLUTION TO AMEND THE APPENDIX OF THE CONFLICT OF INTEREST CODE Page 5 Overview This item is for the Commission to adopt Resolution No. 18-019, "Resolution of the Riverside County Transportation Commission Amending the Appendix of the Conflict of Interest Code Pursuant to the Political Reform Act of 1974". 7C. FISCAL YEAR 2017/18 COMMISSION AUDIT RESULTS Overview This item is for the Commission to: Page 14 1) Receive and file the Fiscal Year 2017/18 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; Riverside County Transportation Commission Meeting Agenda December 12, 2018 Page 3 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. 7D. QUARTERLY INVESTMENT REPORT Page 164 Overview This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended September 30, 2018. 7E. REVISED EXPRESS LANES PRIVACY POLICY Page 233 Overview This item is for the Commission to adopt Resolution No. 18-017, "Resolution of the Riverside County Transportation Commission Regarding the Revised Express Lanes Privacy Policy". 7F. AGREEMENT WITH FALCON ENGINEERING FOR CONSTRUCTION MANAGEMENT SERVICES FOR THE CONSTRUCTION OF THE STATE ROUTE 60 TRUCK LANES PROJECT Page 241 Overview This item is for the Commission to: 1) Award Agreement No. 18-31-164-00 to Falcon Engineering to provide construction management (CM), materials testing, construction surveying and environmental monitoring services for the State Route 60 Truck Climbing Lanes project, in the amount of $15,920,498, plus a contingency amount of $1,592,050, for a total amount not to exceed $17,512,548; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director, or designee, to approve contingency work as may be required for the project. Riverside County Transportation Commission Meeting Agenda December 12, 2018 Page 4 7G. COOPERATIVE AGREEMENT NO. 19-33-004-00 BETWEEN THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION AND SOUTHERN CALIFORNIA REGIONAL RAIL AUTHORITY FOR CONSTRUCTION OF THE RIVERSIDE LAYOVER FACILITY IMPROVEMENT PROJECT Page 319 Overview This item is for the Commission to: 1) Approve Cooperative Agreement No. 19-33-004-00 between the Commission and Southern California Regional Rail Authority (SCRRA) for the construction of the Riverside Layover Facility Improvement project (Project) for an amount not to exceed $156,200, plus a contingency amount of $15,800, for a total amount not to exceed $172,000; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the cooperative agreement on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve the use of a contingency, as may be required for these services. 7H. AGREEMENT FOR AUDIT SERVICES FOR THE TRANSPORTATION DEVELOPMENT ACT TRIENNIAL AUDIT Overview This item is for the Commission to: Page 345 1) Award Agreement No. 19-62-009-00 to Michael Baker International, Inc. for audit services for the Transportation Development Act (TDA) Triennial Audit for a three-year term, plus one two-year option, in an amount not to exceed $220,815; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. 8. ANNUAL INVESTMENT POLICY REVIEW Overview This item is for the Commission to: Page 366 1) Adopt Resolution No. 18-018, "Resolution of the Riverside County Transportation Commission Regarding the Revised Investment Policy"; and 2) Adopt the revised annual Investment Policy. Riverside County Transportation Commission Meeting Agenda December 12, 2018 Page 5 9. 91 EXPRESS LANES TRAFFIC AND REVENUE STUDY UPDATE Page 382 Overview This item is for the Commission to adopt the study results of the RCTC 91 Express Lanes Investment Grade Traffic and Revenue Study, Investment Grade Study Refresh 2018. 10. STATE ROUTE 91 CORRIDOR OPERATIONS PROJECT IMPROVEMENTS REPORTS AND REQUEST FOR VARIOUS AUTHORIZATIONS Overview This item is for the Commission to: Page 503 1) Receive a report on the implementation of the following State Route 91 Corridor Operations Project (91 COP) improvements previously approved by the Commission: a. Interstate 15 northbound 91 Express Lanes Ingress Improvement Option No. 1 (1-15 NB EL Option 1); and b. SR-91 westbound General Purpose Lane Improvement Option No. 3 (91 WB GP Option 3); 2) Receive a report on the Ramp Meter Study at the SR-91 westbound Green River Road On -Ramp; 3) Authorize implementation of the construction phase of the SR-91 westbound General Purpose Lane Improvement modified Option No. 4 (91 WB GP Option 4M) after completing environmental and design approvals; 4) Authorize the inclusion of the 91 WB GP Option 4 in the list of Commission projects for prioritization and funding determination; and 5) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute all necessary agency agreements or amendments to existing agency agreements for the Construction of the 91 WB GP Option 4 project. Riverside County Transportation Commission Meeting Agenda December 12, 2018 Page 6 11. AMENDMENT TO SUNLINE TRANSIT AGENCY'S FISCAL YEAR 2018/19 SHORT RANGE TRANSIT PLAN Overview This item is for the Commission to: Page 510 1) Approve a modification to SunLine Transit Agency's (SunLine) Fiscal Year 2018/19 operating assistance funding by amending the original amount of $38,900,991 to $39,654,404 to reflect additional operating expenses and revenues for the West Coast Center of Excellence funded with federal Section 5309 pass -through funds from the Center for Transportation and the Environment (CTE), the Buzz Service subsidized by the city of Palm Springs, and personnel costs for eight new full-time employees scheduled to start in January 2019 and funded with additional Local Transportation Funds (LTF); 2) Approve a modification to SunLine's FY 2018/19 capital improvement program to reflect an additional request of $2,982,000 in LTF to cover capital expenses related to various stations, facilities and building projects, and partial funding to purchase five trolleys for the new Buzz Service; 3) Approve a modification to SunLine's FY 2018/19 capital improvement program to reflect an increase of $178,239 in FY 2017/18 Federal Transit Administration (FTA) Section 5339 funds offset by a decrease of the same amount in State Transit Assistance (STA) funds for the fixed route bus replacement, information technology and transit enhancement projects; 4) Reprogram the STA capital amount of $418,000 originally identified in the FY 2014/15 Short Range Transit Plan (SRTP) for the operator breakroom project to the purchase of five trolleys for the Buzz Service; 5) Approve a $2,982,000 adjustment to the FY 2018/19 budget to increase LTF capital expenditures and a $178,239 adjustment to decrease STA expenditures; and 6) Approve an amendment to SunLine's FY 2018/19 SRTP to reflect these changes. 12. ELECTION OF RIVERSIDE COUNTY TRANSPORTATION COMMISSION OFFICERS AND APPOINTMENT OF EXECUTIVE COMMITTEE MEMBERS Overview This item is for the Commission to: Page 515 1) The Commission to conduct an election of officers for 2019 — Chair, Vice Chair, and Second Vice Chair; 2) The cities of Corona, Jurupa Valley, Moreno Valley, Murrieta, Riverside, and Temecula to appoint two representatives to the Executive Committee; 3) The cities of Banning, Beaumont, Calimesa, Canyon Lake, Eastvale, Hemet, Lake Elsinore, Menifee, Norco, Perris, San Jacinto, and Wildomar to appoint one representative to the Executive Committee; and Riverside County Transportation Commission Meeting Agenda December 12, 2018 Page 7 4) The cities of Blythe, Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage to appoint one representative to the Executive Committee. 13. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA 14. 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. 15. CLOSED SESSION 15A. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) Property Owner 1 102-250-056 Riverside County Transportation Commission 2 118-270-003 and 118-270-023 Riverside County Transportation Commission 3 118-260-015 Riverside County Transportation Commission 4 118-301-010 Riverside County Transportation Commission 5 118-302-001 Riverside County Transportation Commission 6 117-101-019 and 117-101-020 Riverside County Transportation Commission 7 117-101-013 Riverside County Transportation Commission 8 117-270-021 and 117-270-022 Riverside County Transportation Commission 16. ADJOURNMENT The next meeting of the Commission is scheduled to be held on Wednesday, January 9, 2019, Board Room, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMISSIONER SIGN -IN SHEET DECEMBER 12, 2018 NAME AGENCY EMAIL ADDRESS __ /--e" frtee,5/ -...5,,...../,,.. A ier 'e_ H 13 /44/4/7,t/6--- A 0-71_ Ii&itvitr 6-71/mi J4 07-0 m r_ .-'*,47i444-P•t/7 .-),.---. _ r/ ° rik i / MO " ' g°1/ OCZ)..A. AALA t'/3 1 tki Si ti r 1 t-T ri le-SCP-) 0-f f'11/64 0) � .� prof oo � -l�l s m m C ii-i �VOurrie*ot, .1 l i ow& 11'lUg left elk, 619✓ e.,,A—t., 1-1,7 e.--<7' /4---- ,2 AlV -Te. )1/\E C c iii'l 4._ .4.1„,a1.__ „fa, _2,--)..,,--/--- ii, /4-12401/1--5 Age-72041S ir ( /24.02,-,_ -----wA,,---) t.,_, 1:),‘ or 0 g- O--P��i; �dkJd ; c,, ,x, W -e I (S- (7/, (Da W/4.,/-((AM '72-', Aij R/ V (:?Z) //',,i; „, it,- ,,-3 /..:,----_/-' 1.4,/4.2,90,0,4 Ge-- 4 /4 1_7,--7/6,-i i.-.‘7--- r-1- AA.L6-At sfit._.\( r<1\Lco t?(..“--- uk (7 t afif/t / 1 Vt()", A. ,)(-(1,Spe/(-6,,,..,e'. 1,' / it. /ow) iviE/e/1/44-9,/ it 6-- AL LF- --t------5 - - - LA SAF �O O t£'tc.� pt�►.t,.N1 ;SYLt tJ6 S s, ausAA. +Zos sse, 1i `'g.e,-)-1--s bt-sc-r )- tea +- (Spri;Jy J `.TAI\i -1-1,4,2 t•A ( K \\.i---1-1,-)F6-: __.r--r- igai Mgr K- Cctrh eu ale Cm fi, edr4(, C,T y Mei) eN eual-e ecrirldkAtcfl RIVERSIDE COUNTY TRANSPORTATION COMMISSION ROLL CALL DECEMBER 12, 2018 County of Riverside, District County of Riverside, District II County of Riverside, District III County of Riverside, District IV County of Riverside, District V City of Banning City of Beaumont City of Blythe City of Calimesa City of Canyon Lake City of Cathedral City City of Coachella City of Corona City of Desert Hot Springs City of Eastvale City of Hemet City of Indian Wells City of Indio City of lurupa Valley City of La Quinta City of Lake Elsinore City of Menifee City of Moreno Valley City of Murrieta City of Norco City of Palm Desert City of Palm Springs City of Perris City of Rancho Mirage City of Riverside City of San Jacinto City of Temecula City of Wildomar Governor's Appointee, Caltrans District 8 Presen , Absent /j O 0 0 a O 0 0 0 O O DETACH AND SUBNIIT TO THE CLERK OF THE BOARD DATE: I Z 2I18 CHECK IF —/ SUBJECT OF PUBLIC COMMENTS: [� PUBLIC COMMENTS: AGENDA ITEM NO.: (AS LISTED ON THE AGENDA) SUBJECT OF AGENDA ITEM: 601 ere% 1 Pl4bi Cp th NAME: chael Witk alY'G ga r1 PHONE NO.: ADDRESS: IS16 614enijo0J STREET c0e-b-nd. ctleg CITY ZIP CODE REPRESENTING: 'r~ PHONE NO.: NAME OF AGENCY / ORGANIZATION / GROUP BUSINESS ADDRESS: STREET CITY ZIP CODE AGENDA ITEM 5 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION MEETING MINUTES Wednesday, November 14, 2018 1. CALL TO ORDER The Riverside County Transportation Commission was called to order by Chair Dana Reed at 9:30 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 Marion Ashley Victoria Baca Ben J. Benoit Brian Berkson Russell Betts Randall Bonner Joseph DeConinck Kathleen Fitzpatrick Deborah Franklin Jan Harnik Steven Hernandez Jim Hyatt Kevin Jeffries Shelley Kaplan Linda Krupa Bob Magee Lisa Middleton Michael Naggar V. Manuel Perez Dana Reed Adam Rush Karen Spiegel Michael M. Vargas Chuck Washington Ted Weill Lloyd White Bill Zimmerman Rusty Bailey Rick Gibbs Berwin Hanna Andrew Kotyuk John F. Tavaglione Michael Wilson 3. PLEDGE OF ALLEGIANCE Clerk of the Board Lisa Mobley led the Commission in a flag salute. 4. PUBLIC COMMENTS Executive Director Anne Mayer, Chair Reed, Vice Chair Chuck Washington, and Second Vice Chair Ben J. Benoit joined the departing Commissioners Marion Ashley, Deborah Franklin, Shelly Kaplan, and Adam Rush to honor and present them with an award. Arnold San Miguel, with Southern California Association of Governments (SCAG) announced the 9t" Annual Southern California Economic Summit will be held on December 6, 2018 at the L.A. Hotel Downtown. There is a new Future Communities Pilot Riverside County Transportation Commission Meeting Minutes November 14, 2018 Page 2 Grant Program in the amount of $2.7 million and the deadline for submittals are due by December 15 and a workshop will be held on December 4. Also, the Sustainable Communities Program deadline for submittals is November 15. 5. APPROVAL OF MINUTES — OCTOBER 10, 2018 M/S/C (Baca/Bonner) to approve the October 10, 2018 minutes as submitted. Abstain: Washington 6. ADDITIONS / REVISIONS Staff has requested to remove Agenda Item 9, "State Route 60 Truck Lanes Project Update", and bring it to the December Commission. 7. CONSENT CALENDAR M/S/C (Baca/Berkson) to approve the following Consent Calendar items. 7A. SINGLE SIGNATURE AUTHORITY REPORT Receive and file the Single Signature Authority report for the first quarter ended September 30, 2018. 7B. CALIFORNIA TRANSPORTATION COMMISSION'S ACTIVE TRANSPORTATION PROGRAM — METROPOLITAN PLANNING ORGANIZATION'S REGIONAL PROGRAM GUIDELINES AND PROJECT SCORING RECOMMENDATIONS FOR CYCLE 4 FUNDING Approve the Active Transportation Program (ATP) Metropolitan Planning Organization's (MPO) Regional Program Guidelines county share project scoring. 7C. AGREEMENTS FOR ON -CALL ENVIRONMENTAL CONSULTING SERVICES 1) Award the following agreements to provide on -call environmental consulting services for a three-year term, and one, two-year option to extend the agreements, in an amount not to exceed an aggregate value of $1.5 million; a) Agreement No. 19-31-015-00 to HDR Engineering, Inc.; b) Agreement No. 19-31-016-00 to LSA Associates, Inc.; and c) Agreement No. 19-31-017-00 to Stantec Consulting Services, Inc.; Riverside County Transportation Commission Meeting Minutes November 14, 2018 Page 3 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; and 3) Authorize the Executive Director, or designee, to execute task orders awarded to the consultants under the terms of the agreements. 7D. AGREEMENTS FOR ON -CALL RIGHT OF WAY PHASE I & PHASE II ENVIRONMENTAL ASSESSMENT SERVICES 1) Award the following agreements to provide on -call right of way phase I & phase II environmental assessment services for a three-year term, and two, one-year options to extend the agreements, in an amount not to exceed an aggregate value of $300,000; a) Agreement No. 18-31-098-00 to Leighton Consulting, Inc.; b) Agreement No. 18-31-099-00 to Ninyo & Moore; and c) Agreement No. 18-31-100-00 to Stantec Consulting Services, Inc.; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; and 3) Authorize the Executive Director, or designee, to execute task orders awarded to the consultants under the terms of the agreements. 7E. AMENDMENTS TO FREEWAY SERVICE PATROL AGREEMENTS 1) Approve Agreement No. 18-45-131-01, Amendment No. 1 to Agreement No. 18-45-131-00, with Coastal Pride Towing (Coastal) to provide construction freeway service patrol (CFSP) services on Beat No. 2, for an additional amount of $630,000, for a total amount not to exceed $4,181, 564; 2) Approve Agreement No. 15-45-060-02, Amendment No. 2 to Agreement No. 15-45-060-00, with Airport Mobil Towing (Airport) to provide CFSP services on Beat No. 25, for an additional amount of $628,000, for a total amount not to exceed $2,555,000; 3) Approve Agreement No. 15-45-061-04, Amendment No. 3 to Agreement No. 15-45-061-00, with Pepe's Towing (Pepe's) to provide CFSP services on Beat No. 26, for an additional amount of $310,000, for a total amount not to exceed $1,601,000; 4) Approve Agreement No. 16-45-082-02, Amendment No. 2 to Agreement No. 16-45-082-00, with Pepe's Towing to provide CFSP services on Beat No. 4, for an additional amount of $643,000, for a total amount not to exceed $1,973,000; and 5) 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 14, 2018 Page 4 7F. QUARTERLY PUBLIC ENGAGEMENT METRICS REPORT FOR JULY — SEPTEMBER 2018 Receive and file the Quarterly Public Engagement Metrics Report for July — September 2018. 8. QUARTERLY SALES TAX ANALYSIS Theresia Trevino, Chief Financial Officer, presented the sales tax update, highlighting the following areas: • Sales Tax Administration • Fiscal Year 2017/18 Sales Tax Revenues At this time, Theresia Trevino introduced Tracy Vesely with MuniServices to present additional information on what has happened and where the Commission is now. Tracy Vesely presented the following areas: • California Department of Tax and Fee Administration (CDFTA): What has happened: New Centralized Revenue Opportunity System implemented; System crashed in May on first day of operation; Data field changes and revised advance/clean-up timing; Cash to local agencies delayed in 1Q 2018 and 2Q 2018; and FY 2017/18 year-end cash low for some agencies • CDTFA: Where is the Commission is now: CDTFA staff responsive and committed to resolving issues; 1Q 2018 payments almost complete — progress on 2Q 2018 processing; North American Industry Classification Systems codes a positive change; and CDTFA creating updated cash distribution statement to reflect amounts related to prior tax periods At this time, Theresia Trevino presented the following areas: • What's ahead: Determination of "FY 2018 effect"; State auditor report recommendations related to Bradley -Burns Tax; and Wayfair Supreme Court decision and online sales taxes Anne Mayer expressed appreciation to Ms. Trevino and Ms. Vesely for their presentations and explained over the years the Commission's collection and distribution of sales tax revenues has been an automatic process. However, due to the changes occurring in the collection system, the administration of the program, as well as the potential impact of the Wayfair Supreme Court decision staff thought it was important to provide a preview of what is occurring with respect to sales tax receipts and distribution. She stated this would be particularly important for the Commissioners' member agency staff, as well as Riverside County Transportation Commission Meeting Minutes November 14, 2018 Page 5 the transit agency staff, which will be seeing a direct and immediate impact of the Commission not receiving the anticipated receipts. Overall, the change of administration from BOE to CDTFA will be good and there are opportunities for efficiencies for elimination of redundancies. She explained at the Self -Help County Coalition had its Focus on the Future Annual Conference the Director Nicolas Maduros of CDTFA attended and his responses and commitments were credible. She discussed why the Commission's policy and practices tend to be on the conservative side. She used annual transit allocations as an example for holding back 10 percent of the Commission's projected revenues for the year to keep a rainy day fund due to the fluctuations in sales tax revenues. Staff will be working through the Commission's Technical Advisory Committee and other communication avenues directly with staff so they are aware of why this year's sales tax receipts will show a lower balance and next year's will show a higher balance. In response to Commissioner Russell Betts's inquiry about the sales tax receipts and transit agencies such as SunLine Transit Agency (SunLine) will see less revenue for sales tax, Anne Mayer replied no and clarified for example SunLine repeatedly asked the Commission to abandon its process related to 10 percent withholding at the beginning of the fiscal year. She then discussed why the Commission holds the 10 percent from the transit agencies. In response to Commissioner Betts' clarification there is a situation now where SunLine and the other transit agencies can expect less revenue for sales tax this year but possibly more next year, Theresia Trevino replied the allocations to transit agencies in the past few years have not been solely from the revenues. She explained when it is determined what is available for the transit operators includes the current year estimate of revenues available, which is net of the 10 percent reserve plus the reserves from the prior fiscal year. The amount of revenues that will be available for FY 2020 is where staff has a dilemma on how to make that projection for next year. Commissioner Betts expressed if the Commission has reserves and the transit agencies will experience a shortage of funds as an anomaly this year he suggested to take down the reserve level down due to the problems it causes at the transit agencies. He concurred with the 10 percent reserve policy and being conservative but asked if the transit agencies going to see less funding this year. Anne Mayer replied it is uncertain and explained if the Commission uses the total revenues based on what is being seen from CDTFA and assume those low numbers are true and use those to distribute money the transit agencies would see a decrease amount. She stated what needs to be determined by January 2019, when the projection is made as there is the low number, which is wrong and a high number that would probably be projected and pick something in the middle so the agencies will not see such a significant cut. Riverside County Transportation Commission Meeting Minutes November 14, 2018 Page 6 Commissioner Betts stated having been on the receiving end of what the cuts do at the transit agency level such as SunLine if it is severe enough then routes and services have to be cut. He suggested if the Commission could take into account that if the 10 percent reserve is the target maybe there is a realistic idea that something is going to improve that subsequent year and be a little bit more liberal with that reserve. Anne Mayer clarified the transit agencies at their discretion may dip into their reserves on an annual basis so if that were the decision SunLine made the Commission would support that. In response to Commissioner Shelley Kaplan's inquiry regarding the state proposed changes on the Bradley -Burns Tax if there is any analysis by city, Theresia Trevino replied she does not have the analysis by city although she can see if there is any additional documentation provided by the State Auditor to the CDTFA. In response to Commissioner Lisa Middleton's clarification there was a computer crash and there were a few weeks of reporting loss of sales tax receipts in May and in June 2018, which will make projects for FY 2019/20 much more difficult and staff will come back to the Commission in January 2019, Theresia Trevino replied yes. However, the effect of the crash in May was that it was processing first calendar quarter and second quarter returns. At one point, there was an estimate of 80,000 unprocessed returns, which was early this summer. M/S/C to receive and file the sales tax analysis for the Quarter 1, 2018 (1Q 2018). 10. STATE FUNDING UPDATE Aaron Hake, External Affairs Director, presented an update for Senate Bill 1 and for the Commission's Legislative Platform. Commissioner Steven Hernandez referred to the scoring criteria, stated there has been emphasis in California to give credit to CalEnviroScreen 3.0, suggested getting creative, and work with SCAG and look at how that scoring criteria may or may not benefit this area. Aaron Hake replied staff will certainly do that. He noted that a pillar for the Commission's Legislative Platform and something that has been voiced to the CTC is that some of the criteria that are created at the state level are pretty coarse and do not take into account local considerations. Staff is asking for to the extent possible that decisions on where the funding goes should be pushed down to the most local level possible. M/S/C to receive an oral report on Senate Bill 1. Riverside County Transportation Commission Meeting Minutes November 14, 2018 Page 7 11. ITEM(S) PULLED FROM CONSENT CALENDAR FOR DISCUSSION There were no items pulled from the Consent Calendar. 12. COMMISSIONERS/EXECUTIVE DIRECTOR'S REPORT 12A. Anne Mayer announced: • After the results from the Proposition 6 vote count the Commission released request for proposals for the 1-15 Southerly extension project for the environmental work from Cajalco Road to SR-74 • The CTC will be meeting on December 5 and 6 in the CAC Board Room, with a CTC reception on the evening of December 5 in the Atrium • Update for the SR-91 COP as one of the final stages of that will be implemented this weekend; westbound 91 Express Lanes will be closed as well as some of the general purpose lanes for November 17-18; to restripe the express lanes ingress and egress, entrance and exit points at the County Line • There will be no work during Thanksgiving weekend, however there will be several closures on the weekends in December on SR-91 to upgrade the toll technology system to accommodate the implementation of the new 6C Transponders • Join staff on the 3rd Floor after the Commission meeting to honor the Commissioners that will be leaving service 12B. Commissioner Spiegel referred to the SR-91 fixes and as Anne Mayer mentioned one piece of it will begin. She expressed this 91 Express Lanes project is not a failure as it would have been worse if this project was not completed. This has been ongoing with the city of Corona residents and discussed the issues causing traffic on the 91 Express Lanes. Commissioner Spiegel expressed the Inland Empire is at its lowest unemployment rate and it is not just the housing causing traffic as some of those are being built. She requested the Commission finds the funding to fix the unintended consequence of the auxiliary lane is one of the key pieces that has been discussed and this should be put as a priority. 12C. Commissioner Debbie Franklin congratulated all the Commissioners that won their election races. She expressed gratitude for the opportunity to have been able to work with the Commissioners as she has learned a lot about transportation and has built many relationships. She is pleased to work together as a County to move transportation forward. 12D. Commissioner Jim Hyatt expressed gratitude to Deputy Executive Director John Standiford for coming to SCAG at the last meeting and provided a great report on Riverside County Transportation Commission Meeting Minutes November 14, 2018 Page 8 the logistics center fee for warehousing. He referred to the San Gorgonio Pass Area as there is a problem with traffic and back in the 90s there was discussion about a north/south route that runs from 1-10 through SR-60 going south. This report brought up the thought the Commission needs to do something with that in the future. Anne Mayer replied the Commission has the Annual Commission Workshop on January 31-February 1 and one of the discussion items that staff will be proposing is to provide the status and some recommendations of all the CETAP Corridors. Commissioner Hyatt replied if he is on the Commission during that time, he will attend and bring this issue forward, however right now is the time to start planning. At this time, Commissioner Manuel Perez left the meeting. 13. CLOSED SESSION 13A. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) CPN(s) Property Owner Buyer(s) 1 118-270-002, 118-270-003, 118-302-014 22219/22222/ 22223 Riverside County Transportation Commission City of Corona There were no announcements from the Closed Session Items. 14. ADJOURNMENT There being no further business for consideration by the Riverside County Transportation Commission, Chair Reed adjourned the meeting at 10:37 a.m. The next Commission meeting is scheduled to be held at 9:30 a.m., Wednesday, December 12, 2018, 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 12, 2018 TO: Riverside County Transportation Commission FROM: Lisa Mobley, Clerk of the Board THROUGH: Anne Mayer, Executive Director SUBJECT: Proposed 2019 Commission/Committee Meeting Schedule STAFF RECOMMENDATION: This item is for the Commission to adopt its 2019 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 October Commission meeting falling on Yom Kippur, the October Commission meeting is being scheduled for Thursday, October 17, 2019 at 9:30 a.m. For 2019, the annual Commission Workshop will be held on Thursday, January 31 and Friday, February 1 at the Temecula Creek Inn. 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. 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 2019 Commission/Committee Meetings Schedule Agenda Item 7A 1 RIVERSIDE ROTC COUNTY 5 �RTATION 2019 MEETING COMMISSION SCHEDULE Meeting Date (Wednesday) Commission Location Executive Committee Location January 9 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. January 31- February 1 Meeting / Workshop 1:30 p.m. (Thursday) 8:30 a.m. (Friday) Temecula Creek Inn N/A N/A February 13 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. March 13 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. April 10 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. May 8 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. June 12 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. July 10 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. August 14 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. September 11 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. October 17* 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. November 13 9:30 a.m. Board Room 9:00 a.m. RCTC March Field Conf. Rm. December 11 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. *This meeting is being held on an alternate day due to it falling on a holiday. 2019 RCTC Meeting Schedule — V1 Meeting Date (Monday) Budget and Implementation Committee Western Riverside County Programs and Projects Committee Location February 25 9:30 a.m. 1:30 p.m. Board Room March 25 9:30 a.m. 1:30 p.m. Board Room April 22 9:30 a.m. 1:30 p.m. Board Room June 24 9:30 a.m. 1:30 p.m. Board Room July 22 9:30 a.m. 1:30 p.m. Board Room August 26 9:30 a.m. 1:30 p.m. Board Room September 23 9:30 a.m. 1:30 p.m. Board Room October 28 9:30 a.m. 1:30 p.m. Board Room November 25 9:30 a.m. 1:30 p.m. Board Room December 23 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. 2019 RCTC Meeting Schedule — V1 Meeting Date (Thursday) Toll Policy and Operations Committee Location February 28 11:00 a.m. Riverside — RCTC March Field Conf. Rm. May 23 11:00 a.m. August 22 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 January 21 10:00 a.m. Riverside — RCTC March Field Conf. Rm. March 18 10:30 a.m. Palm Desert — CVAG Board Room May 20 10:00 a.m. Riverside — RCTC March Field Conf. Rm. July 15 10:30 a.m. Palm Desert — CVAG Board Room September 16 10:00 a.m. Riverside — RCTC March Field Conf. Rm. November 18 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, County Administrative Center, 4080 Lemon Street, 3rd Floor, Riverside, CA Coachella Valley Association of Governments — Board Room 73-710 Fred WaringDrive Palm Desert, CA 2019 RCTC Meeting Schedule — V1 AGENDA ITEM 7B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Lisa Mobley, Clerk of the Board THROUGH: Anne Mayer, Executive Director SUBJECT: Resolution to Amend the Appendix of the Conflict of Interest Code STAFF RECOMMENDATION: This item is for the Commission to adopt Resolution No. 18-019, "Resolution of the Riverside County Transportation Commission Amending the Appendix of the Conflict of Interest Code Pursuant to the Political Reform Act of 1974". BACKGROUND INFORMATION: As required, the Riverside County Transportation Commission regularly updates its Conflict of Interest Code (Code) to include new positions which must be designated, remove positions which have been abolished and update titles of positions which have changed. At this time, there is a need to amend the appendix to include a new position which must be designated, revise the disclosure requirements of an existing position based upon the change in the duties of the position and revise the title of another position to clarify its all -encompassing designation. The amended appendix shows the list of positions who manage public investments, and positions to be governed under the Code and their respective disclosure categories. A notice of intention to amend the appendix of the Code was publicly posted and provided to the affected designated employees. After the Commission adopts the amended appendix, it will be submitted to the Riverside County's Board of Supervisors for approval as it is the code -reviewing body for the Commission. In order to meet the requirements of the Code pursuant to the Political Reform Act of 1974, staff recommends that the Commission adopt Resolution No. 18-019 to make the appropriate changes to the Code. Attachments: 1) Resolution No. 18-019 2) Amended Appendix 3) Notice of Intention Agenda Item 7B 5 ATTACHMENT 1 RESOLUTION NO. 18-019 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION AMENDING THE CONFLICT OF INTEREST CODE PURSUANT TO THE POLITICAL REFORM ACT OF 1974 WHEREAS, the Legislature of the State of California enacted the Political Reform Act of 1974, Government Code Section 81000 et seq. (the "Act"), which contains provisions relating to conflicts of interest which potentially affect all officers, employees and consultants of the Riverside County Transportation Commission (the "Commission") and requires all public agencies to adopt and promulgate a conflict of interest code; and WHEREAS, the Commission adopted a Conflict of Interest Code (the "Code") which was amended on June 14, 2017, in compliance with the Act; and WHEREAS, subsequent changed circumstances within the Commission have made it advisable and necessary pursuant to Sections 87306 and 87307 of the Act to amend and update the Commission's Code; and WHEREAS, the potential penalties for violation of the provisions of the Act are substantial and may include criminal and civil liability, as well as equitable relief which could result in the Commission being restrained or prevented from acting in cases where the provisions of the Act may have been violated; and WHEREAS, notice of the time and place of a public meeting on, and of consideration by the Commission of, the proposed amended Code was provided each affected designated employee and publicly posted for review at the offices of the Commission; and WHEREAS, a public meeting was held upon the proposed amended Code at a regular meeting of the Members of the Board of the Commission on December 12, 2018, at which all present were given an opportunity to be heard on the proposed amended Code. NOW, THEREFORE, BE IT RESOLVED by the Members of the Board of the Commission of the Riverside County Transportation Commission that the Members of the Board of the Commission do hereby adopt the proposed amended Conflict of Interest Code, a copy of which is attached hereto and shall be on file with the Clerk of the Board and available to the public for inspection and copying; 17336.00019\31595750.1 6 BE IT FURTHER RESOLVED that the said amended Code shall be submitted to the Board of Supervisors of the County of Riverside for approval and said Code shall become effective upon approval by the Board of Supervisors. APPROVED AND ADOPTED this 12th day of December, 2018. ATTEST: Clerk, Riverside County Transportation Commission Chair, Riverside County Transportation Commission 17336.00019\31595750.1 2 7 ATTACHMENT 2 LAW OFFICES OF BEST BEST & KRIEGER LLP CONFLICT OF INTEREST CODE FOR THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION (Amended June 14, 2017December 12, 2018) The Political Reform Act (Gov. Code § 81000, et seq.) requires state and local government agencies to adopt and promulgate conflict of interest codes. The Fair Political Practices Commission has adopted a regulation (2 Cal. Code of Regs. § 18730) which contains the terms of a standard conflict of interest code, which can be incorporated by reference in an agency's code. After public notice and hearing it may be amended by the Fair Political Practices Commission to conform to amendments in the Political Reform Act. Therefore, the terms of 2 California Code of Regulations section 18730 and any amendments to it duly adopted by the Fair Political Practices Commission are hereby incorporated by reference. This regulation and the attached Appendix designating officials and positions and establishing disclosure categories, shall constitute the conflict of interest code of the Riverside County Transportation Commission (the "Commission"). All officials and designated employees required to submit a statement of economic interests shall file their statements with the Clerk of the Board as the Commission's Filing Officer. The Clerk of the Board shall make and retain a copy of all statements filed by Members of the Board of the Commission and the Executive Director, and forward the originals of such statements to the Clerk of the Board of Supervisors of the County of Riverside. The Commission's Clerk of the Board shall retain the originals of the statements filed by all other officials and designated positions and make all statements available for public inspection and reproduction during regular business hours. (Gov. Code § 81008.) -1- BBK June 2017November 2018 17336.00019\31595666.1 8 LAW OFFICES OF BEST BEST & KRIEGER LLP APPENDIX CONFLICT OF INTEREST CODE OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION (Amended .1-u„e1^;i�1?December 12, 2018) PART "A" OFFICIALS WHO MANAGE PUBLIC INVESTMENTS Commission Officials who manage public investments, as defined by 2 Cal. Code of Regs. § 18700.3(b), are NOT subject to the Commission's Code, but must file disclosure statements under Government Code Section 87200 et seq. [Regs. § 18730(b)(3)] These positions are listed here for informational purposes only. It has been determined that the positions listed below are officials who manage public investmentsl: Members of the Board of the Commission and their Alternates Executive Director Deputy Executive Director Chief Financial Officer Financial Consultants 1 Individuals holding one of the above -listed positions may contact the Fair Political Practices Commission for assistance or written advice regarding their filing obligations if they believe that their position has been categorized incorrectly. The Fair Political Practices Commission makes the final determination whether a position is covered by § 87200. 17336.00019\31595666.1 A.-1- BBK June 2017November 2018 9 LAW OFFICES OF BEST BEST & KRIEGER LLP DESIGNATED POSITIONS GOVERNED BY THE CONFLICT OF INTEREST CODE DESIGNATED POSITIONS' DISCLOSURE CATEGORIES TITLE OR FUNCTION ASSIGNED Capital Projects -Manager (ALL) 1, 2 Clerk of the Board 24 Commuter and Motorist Assistance Manager 5 Deputy Director of Finance 1 External Affairs Director 1, 2 Facilities Administrator 1, 2 General Counsel 1, 2 Goods Movement Manager 5 Government Relations Manager 1 Human Resources Administrator 4 IT Administrator 5 Management Analyst — Multimodal Services (ALL) 2, 3, 5 Management Analyst — Programming (ALL) 5 Management Analyst — Rail (ALL) 1, 2 Management Analyst — Right of Way (ALL) 1, 2 Multimodal Services Director 2, 3, 5 Planning and Programming Director 2, 3, 5 Planning and Programming Manager 2, 5, 6 Procurement Analyst 1, 2 A.-2- BBK June 2017November 2018 17336.00019\31595666.1 10 LAW OFFICES OF BEST BEST & KRIEGER LLP DESIGNATED POSITIONS' DISCLOSURE CATEGORIES TITLE OR FUNCTION ASSIGNED Procurement Manager 1, 2 Project Delivery Director 1, 2 Public Affairs Manager 5 Rail Manager 1, 2 Right of Way Manager 1, 2 Senior Administrative Assistant, Procurement 5 Senior Financial Analyst 5 Senior Management Analyst — External Affairs 1, 2 Senior Management Analyst — Legislative Affairs 1, 2 Senior Management Analyst — Toll Program 5 Toll Operations Manager 2, 3, 5 Toll Program Director 2, 3, 5 Toll Project Manager 2, 3, 5 Toll Technology Manager 3, 5 Transit Manager 2, 3, 5 Consultant and New Positions2 2 Individuals serving as a consultant as defined in FPPC Reg 18700.3(a) or in a new position created since this Code was last approved that makes or participates in making decisions must file under the broadest disclosure category in this Code subject to the following limitation: The Executive Director may determine that, due to the range of duties or contractual obligations, it is more appropriate to assign a limited disclosure requirement. described in this Section. A clear explanation of the duties and a statement of the extent of the disclosure requirements must be in a written document. (Gov. Code Sec. 82019; FPPC Regulations 18219 and 18734). The Executive Director's determination is a public record and shall be retained for public inspection in the same manner and location as this Conflict of Interest Code (Gov. Code Sec. 81008). 17336.00019\31595666.1 A.-3- BBK June 2017November 2018 11 LAW OFFICES OF BEST BEST & KRIEGER LLP Part "B" DISCLOSURE CATEGORIES The disclosure categories listed below identify the types of investments, business entities, sources of income, including gifts, loans and travel payments, or real property which the Designated Position must disclose for each disclosure category to which he or she is assigned.3 "Investment" means financial interest in any business entity (including a consulting business or other independent contracting business) and are reportable if they are either located in or doing business in the jurisdiction, are planning to do business in the jurisdiction, or have done business during the previous two years in the jurisdiction of the Commission. Category 1: All investments and business positions and sources of income, including gifts, loans and travel payments, that are located in, do business in, or own real property within the jurisdiction of the Commission. Category 2: All interests in real property which is located in whole or in part within, or not more than two (2) miles outside, the jurisdiction of the Commission. Category 3: All investments and business positions and sources of income, including gifts, loans and travel payments, that are engaged in land development, construction or the acquisition or sale of real property within the jurisdiction of the Commission. Category 4: All investments and business positions and sources of income, including gifts, loans and travel payments, that provide services, supplies, materials, machinery, vehicles or equipment of a type purchased or leased by the Commission. Category 5: All investments and business positions and sources of income, including gifts, loans and travel payments, that provide services, supplies, materials, machinery, vehicles or equipment of a type purchased or leased by the Designated Position's department, unit or division. Category 6: All investments and business positions and sources of income, including gifts, loans and travel payments, subject to the regulatory, permit, or licensing authority of the Designated Position's department, unit or division. 3 This Conflict of Interest Code does not require the reporting of gifts from outside this agency's jurisdiction if the source does not have some connection with or bearing upon the functions or duties of the position. (Reg. 18730.1) B.-1- BBK June 2017November 2018 17336.00019\31595666.1 12 ATTACHMENT 3 NOTICE OF INTENTION TO AMEND THE CONFLICT OF INTEREST CODE OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION NOTICE IS HEREBY GIVEN that the Riverside County Transportation Commission (the "Commission") intends to amend its Conflict of Interest Code (the "Code") pursuant to Government Code Section 87306. The Appendix of the Code designates those positions, members, officers, and consultants who make or participate in the making of decisions and are subject to the disclosure requirements of the Commission's Code. The Commission's proposed amendment includes a new position that must be designated, revises the disclosure requirement of an existing position based upon the change of the duties of the position and clarifies the commission —wide reach of the designation of a position. The proposed amended Code will be considered by the Board of Commissioners on December 12, 2018, at 9:30 a.m. at Riverside County Board Room, 4080 Lemon Street, Riverside, California. Any interested person may be present and comment at the public meeting or may submit written comments concerning the proposed amendment. Any comments or inquiries should be directed to the attention of Jennifer Harmon, Clerk of the Board, Riverside County Transportation Commission, 4080 Lemon Street, 3rd Floor, Riverside, CA 92501; (951) 787-7141. Written comments must be submitted no later than December 12, 2018, at 9:30 a.m. The proposed amended Code may be reviewed at, and copies obtained from, the office of the Clerk of the Board, during regular business hours. 17336.00019\31595817.1 13 AGENDA ITEM 7C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Audit Ad Hoc Committee Theresia Trevino, Chief Financial Officer Michele Cisneros, Deputy Director of Finance THROUGH: Anne Mayer, Executive Director SUBJECT: Fiscal Year 2017/18 Commission Audit Results AUDIT AD HOC COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Receive and file the Fiscal Year 2017/18 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. 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 1B 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 7C 14 procedures, and agreed -upon procedures for the fiscal year ended June 30, 2018, 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 matter of the basic financial statements include: • Net position of approximately $195.3 million at June 30, 2018, compared to approximately $141.5 million at June 30, 2017, reflects a net increase of approximately $53.8 million from governmental and business -type activities. • The net increase in net position consists of a net increase of approximately $37.9 million from governmental activities and a net increase of approximately $15.9 million from business -type activities. • Governmental fund balances of approximately $776 million at June 30, 2018, compared to approximately $706.4 million at June 30, 2017, represent an increase of approximately $69.6 million from the prior year. • In July 2017 in connection with the Interstate 15 Express Lanes project (1-15 ELP), the Commission: o Recorded approximately $158.8 million in 2017 Series A Sales Tax Revenue Bonds at a premium of approximately $28.9 million to fund a portion of the 1-15 ELP and complete the State Route 91 Corridor Improvement Project, retire $30 million of outstanding commercial paper notes, and pay costs of issuance; and o Executed a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of up to $152.5 million, which proceeds, when drawn upon, will finance a portion of the costs of the 1-15 ELP. There were no TIFIA loan amounts drawn down at June 30, 2018. • In December 2017, the Commission recorded approximately $392.7 million in 2017 Series B Sales Tax Revenue Refunding Bonds at a premium of $80 million to refund outstanding 2010 Series A Sales Tax Revenue Bonds and a portion of the outstanding 2013 Series A Agenda Item 7C 15 Sales Tax Revenue Bonds in the amounts of approximately $37.6 million and $372.4 million, respectively. The reacquisition price exceeded the net carrying amount of old debt by approximately $41.7 million. 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 2017 Series B Sales Tax Revenue Refunding Bonds obligation. The transaction also resulted in an economic gain (difference between the present value of the debt service payments on the old debt and the new debt) of approximately $39.9 million and a reduction in future debt payments of approximately $52 million. • In March 2018, the Commission recorded approximately $64.3 million in 2018 Series A Sales Tax Revenue Refunding Bonds at a premium of approximately $10.7 million to refund outstanding 2009 Sales Tax Revenue Bonds and finance a termination payment in connection with an interest rate swap agreement with Bank of America. • The sales tax revenue bonds and sales tax revenue refunding bonds are recorded as a liability on the government -wide financial statements as of June 30, 2018, and as other financing sources on the fund financial statements for the year ended June 30, 2018. • A passed reversal adjustment difference of $218,500 for accrued local reimbursements for the prior year was determined immaterial to the financial statements, and MGO's opinion was not modified with respect to this matter. 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 County Commuter Rail funds. These reports noted no matters considered to be a material weakness in internal control and no instances of noncompliance. The 2018 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 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 $277.8 million, which consisted of: • Net investment in capital assets of approximately ($286.3) million reflecting toll -supported debt in excess of capital assets; and • Restricted net position of approximately $8.6 million for toll operations in accordance with debt indentures and agreements. Agenda Item 7C 16 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 2017/18 conducted by MGO was completed in October 2018. 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. Attachments: 1) 2018 Comprehensive Annual Financial Report (Posted on Commission Website) 2) 2018 Local Transportation Fund Financial and Compliance Report 3) 2018 State Transit Assistance Fund Financial and Compliance Report 4) 2018 State of Good Repair Fund Financial and Compliance Report 5) 2018 Proposition 1B Rehabilitation and Security Project Accounts Financial and Compliance Reports 6) 2018 Low Carbon Transit Operations Program Account Financial and Compliance Reports 7) 2018 Single Audit Report 8) 2018 RCTC 91 Express Lanes Fund Financial Report 9) 2018 Commercial Paper Compliance Report 10) 2018 Report to the Audit Ad Hoc Committee 11) 2018 Agreed -Upon Procedures Report related to the Appropriations Limit Calculation 12) 2018 Agreed -Upon Procedures Report related to the Commuter Assistance Program incentives 13) 2018 Executive Director and Chief Financial Officer Certification 14) 2018 Director's Certification Agenda Item 7C 17 ATTACHMENT 1 Riverside County Transportation Commission Riverside County, California Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2018 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Intentionally left blank Riverside County Transportation Commission Riverside County, California Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2018 Submitted By: Theresia Trevino, Chief Financial Officer Michele Cisneros, Deputy Director of Finance RIVERSIDE COUNTY TRANSPORTATION COMMISSION Contents Introductory Section Letter of Transmittal Organization Chart List of Principal Officials and Management Staff Independent Auditors' Report 1 Management's Discussion and Analysis 3 Basic Financial Statements Government -wide Financial Statements Statement of Net Position Statement of Activities Fund Financial Statements Governmental Funds Balance Sheet —Governmental Funds 19 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 22 Statement of Revenues, Expenditures and Changes in Fund Balances —Governmental Funds 23 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 23 Proprietary Fund Statement of Fund Net Position 27 Statement of Revenues, Expenses and Changes in Fund Net Position 28 Statement of Cash Flows 29 Notes to Financial Statements 31 Required Supplementary Information Budgetary Comparison Schedules General Fund 68 Major Special Revenue Funds 69 Schedule of Proportionate Share of Net Pension Liability 71 Schedule of Pension Contributions 72 Schedule of Changes in the Net OPEB Liability and Related Ratios 73 Schedule of OPEB Contributions 74 Notes to Required Supplementary Information 75 Other Supplementary Information Nonmajor Governmental Funds 76 Combining Balance Sheet 77 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 79 Schedule of Revenues, Expenditures and Changes in Fund Balances —Budget and Actual: Nonmajor Special Revenue Funds 81 Capital Projects Funds 84 Debt Service Fund 85 Schedule of Expenditures for Local Streets and Roads by Geographic Area —All Special Revenue Funds 86 Schedule of Expenditures for Transit and Specialized Transportation by Geographic Area and Source —All Special Revenue Funds 87 Schedule of Uses of Debt Proceeds and Fund Balances 88 17 18 Contents, Continued Statistical Section Overview 89 Primary Government Net Position by Component 90 Changes in Primary Government Net Position 92 Fund Balances of Governmental Funds 96 Changes in Fund Balances of Governmental Funds 98 Sources of County of Riverside Taxable Sales by Business Type 100 Direct and Overlapping Sales Tax Rates 102 Principal Taxable Sales Generation by City 103 Measure A Sales Tax Revenues by Program and Geographic Area 104 Measure A Sales Tax by Economic Category 105 Measure A Revenues and Pledged Revenue Coverage 106 Ratios of Outstanding Debt by Type 108 Computation of Legal Debt Margin 110 Demographic and Economic Statistics for the County of Riverside 112 Employment Statistics by Industry for the County of Riverside 113 Full-time Equivalent Employees by Function/Program 114 Operating Indicators 116 Capital Asset Statistics by Program 118 Introductory Section BLANK - BACK OF INTRODUCTORY DIVIDER October 30, 2018 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, 2018. 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, 2018. 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 by the 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. i JURUPA VALLEY° RIVERSIDE EASTVALE MORENO VALLEY CAUMESA .Ra. Alessondro Blvd. BEAUMONT BANNING CORONA NORCO Van BUM Nitro Rood PERRIS ?9 Ramona Expressway. SAN JACINTO /17x `—�j HEMET CLAKEN NIENIFEE LAKE ELSINORE MURRIETA i WILDOMAR TEMECULA DESERT HOT SPRINGS PALM SPRINGS CATHEDRAL CITY RANOIO MIRAGE PALM DESERT INMAN WELLS y, BLYTHE z y�4 0 I 'I `r INDIONkf i LA QUINTA COACHELLA !ll uosa a The Commission also serves as the tax authority and implementation agency for the voter -approved Measure A Transportation 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. 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 (IE511) 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 prior to 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. ii 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). According to the 2018 Inland Empire Forecast issued by the Center for Economic Forecasting and Development at the University of California Riverside School of Business, "the Inland Empire economy showed resiliency through the first half of 2018." 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 2017/18. While the local economy is one of the fastest growing in California, the FY 2017/18 growth in sales tax revenues was lower than recent years due to the California Department of Tax and Fee Administration's (CDTFA) new automation system implementation in May 2018 and resulting delays in tax return processing. The CDTFA expects these issues to be corrected within the next few months. Transportation Uniform Mitigation Fee (TUMF) revenues increased 21 %, 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. In 2017 Governor Brown signed Senate Bill (SB) 1, which raises vehicle registrations fees and the state gas tax by 12 cents per gallon to fund transportation projects with a "Fix it First" and public transit orientation that stresses ongoing maintenance over capacity enhancement. As of this writing, the fate of SB 1 is in the hands of California's voters in November who will decide on whether or not to repeal the gas tax and registration fee hikes. If the repeal, which appears as Proposition 6 on the ballot, were to pass, it would reduce state transportation revenues immediately and would require voter approval of any increase in transportation -related fees in the future. No matter what happens in the upcoming election, another 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 1-15 Express Lanes. Construction has already begun on the I-15/Limonite Avenue interchange, 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 iii 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. 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 21st 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 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 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 climbing lanes safety project on SR-60 in the Badlands area in place of a similar nearby project on 1-10. 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 will begin in early 2019 now that litigation challenging the project has been successfully resolved. The project will add truck climbing and deceleration lanes, wider shoulders, and additional safety improvements to a 4.5-mile segment of the highway.. 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 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 STIP 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 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 first full year 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. While construction on the original 91 Project has been iv completed, the Commission is evaluating a number of operational improvements at the Riverside/Orange County line and at the entrances of the RCTC 91 Express Lanes to ease the transition from the mainline freeway corridor and reduce congestion at key "hot spots." 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 other toll facilities in the region by offering multiple access points to enter and exit the express lanes. The I-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. Building the Future — Placentia Interchange for Mid County Parkway to Break Ground in 2020 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 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. 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, 15 projects have been completed, six projects are under construction or in pre -construction, and two projects are in the development phase and remain to be programmed for future TUMF funds. 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 42,876 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 Transit Agency 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. 'v 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 4,059 riders. v 'v 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. Ridership on the IEOC line remained steady in the past year with an average daily ridership of 4,844. This line also provides weekend service. v 91/Perris Valley Line: Provides service from Perris to Los Angeles with stops in South Perris, Downtown Perris, Moreno Valley/March Field, Riverside —Hunter Park/UCR, La Sierra, North Main Corona, West Corona, Fullerton, Buena Park, Norwalk, and Commerce before terminating at Union Station. Daily patronage on the line averages 3,263. A part of this line between Riverside and Los Angeles offers weekend service. 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 A funds to 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.orq 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. Vanpool Subsidies: In May 2018, the Commission launched VanClub, which provides ongoing subsidies to eligible vanpools commuting to employer worksites in Western County. In its first five months of operation, VanClub ramped up to 69 vanpools resulting in the reduction of 30,440 trips, 1.1 million miles, and 1.8 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 2,800 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: Celebrating its 251h anniversary in Riverside County, the FSP program is a special team of 20 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. 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 2017/18, the FSP provided 41,417 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 vi 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. A cost effective backbone of 241 call box units 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 2017/18, call box operators answered approximately 1,598 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.ie511.org, or the 1E511 mobile app. To date, the 1E511 mobile app has been downloaded by over 64,000 users. 1E511 is funded with Riverside County SAFE funds in addition to SBCTA reimbursements. In FY 2017/18, 1E511 serviced approximately 408,000 web visits and 142,000 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 mobility of seniors, persons with disabilities and persons with low incomes. Along with support of 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. Following the Commission's approval and adoption of the Public Transit —Human Services Coordinated Plan for Riverside County in 2008, the Commission identified additional qualified populations as well as underserved areas of Riverside County in need of transit services. The 2015 Universal Call for Projects for Specialized Transit (Universal Call) provided funding awards in Western County approximating $8 million to 17 public and nonprofit agencies using Measure A funding over a three-year period through FY 2017/18. During FY 2017/18, public and nonprofit operators provided approximately 345,000 Measure A funded one-way trips in Western County. Developing a Countywide Plan Work is underway to develop a comprehensive countywide transportation plan for approval in 2019. Over the course of several months in 2015, the Commission conducted a strategic assessment to ascertain upcoming transportation needs and the Commission's ability to address them. The study was presented to the Commission in January 2016 and identified key funding and project gaps. In addition to the overall long range plan, special emphasis is being placed on studies of next generation rail services and toll facilities. vii 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, 2017. This was the 25th 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 GFOA to 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. G� Government Finance Ot ieers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Riverside County Transportation Commission California .For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017 Pu'u Executive Ureutor/CEO 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 Executive Director r �> THERESIA TREVINO Chief Financial Officer viii Riverside County Transportation Commission Organization Chart Human Resources Administrator Board of Commissioners Deputy feeeubrr hlrectce Chief Financial Officer Procurement Manager Procurement i Analyst Senior Administrative Assistant Senior Financial Analyst Accountant. Deputy Director of .l Accounting ` Finance 1 �I Technician (2) Accounting Assistant (2) Public Affairs I Senior Office Manager Assistant Legislative Affairs.. �a Administrative Manager Assistant External Affairs Director 1 Commuter & Motorist Management Assistance Analyst Mena,.] _ Senior Management I Analyst Clprfr of the Board Mulfimodaf Services Director Deputy Clerk of the Board l Records Technician f Information Technology Administrator Rail teenager Management . Analyst Transit Manager PFgram in Planning in Programming 'i�lr Programming Director l Manager Project Delivery Director Tall Program. Director Capital Prefects �. Manager (4) Right of Way Manager Facilities Manager Toff Project Manager (2) Toll Operations Manager Tall Senior 1 Management Analyst Management Analyst Senior Management Analyst Management Analyst Senior Management Analyst (2) l Management Analyst Tog Technologies Manager I ix Riverside County Transportation Commission List of Principal Officials �•a Kevin Jeffries Member John F. Tavaglione Member Chuck Washington Vice Chair (Commission) V. Manuel Perez Member Marion Ashley Member Deborah Franklin Member Lloyd White Member Joseph DeConinck Member Jim Hyatt Member Randall Bonner Member Greg Pettis Member Steven Hernandez Member Karen Spiegel Member Scott Matas Member Board of Commissioners - Title Agency Adam Rush Chair (Western Riverside County Programs and Projects Committee) Linda Krupa Vice Chair (Budget and Implementation Committee) Dana Reed Chair (Commission) Michael Wilson Member Brian Berkson Vice Chair (Western Riverside County Programs and Projects Committee) 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 Rick Gibbs Member City of Murrieta Berwin Hanna Member City of Norco Jan Harnik Member City of Palm Desert Lisa Middleton Member City of Palm Springs Michael M. Vargas Member City of Perris Ted Weill Member City of Rancho Mirage Rusty Bailey Chair (Budget and Implementation Committee) City of Riverside Andrew Kotyuk Member City of San Jacinto Michael S. Naggar Member City of Temecula Ben Benoit 2nd Vice Chair (Commission) City of Wildomar Janice Benton Governor's Appointee Caltrans, Interim District 8 Director 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, Interim Multimodal Services Director Theresia Trevino, Chief Financial Officer County of Riverside, District 1 County of Riverside, District 2 County of Riverside, District 3 County of Riverside, District 4 County of Riverside, District 5 City of Banning City of Beaumont City of Blythe City of Calimesa City of Canyon Lake City of Cathedral City City of Coachella City of Corona City of Desert Hot Springs City of Eastvale City of Hemet City of Indian Wells City of Indio City of Jurupa Valley x Financial Section BLANK - BACK OF FINANCIAL DIVIDER Certified Public 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, 2018, 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, 2018, 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 1 www.mgocpa.com Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparisons 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. oicias griti COM/ / Newport Beach, California October 30, 2018 2 Riverside County Transportation Commission Management's Discussion and Analysis Year Ended June 30, 2018 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, 2018. We encourage readers to consider the information on financial performance presented here in conjunction with the transmittal letter on pages i-x and the Commission's financial statements which begin on page 17. Financial Highlights • Total net position of the Commission was $195,326,943 and consisted of net investment in capital assets of $242,828,909; restricted net position of $809,983,609; and unrestricted net position (deficit) of ($857,485,575). • The governmental activities unrestricted net position (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 $53,838,450 during fiscal 2018. An increase in net position from governmental activities of $37,926,944 was primarily due to an increase in operating grants and contributions as well as Transportation Development Act sales taxes, offset by a decrease in governmental program expenses. An increase in net position from business -type activities of $15,911,506 was primarily due to an increase in charges for services offset by operating and interest expenses stemming from a full year of toll operations as well as internal transfers of capital and intangible assets. • Total capital and intangible assets, net of accumulated depreciation and amortization, were $725,578,757 and $244,045,820 at June 30, 2018, respectively, representing an increase of $97,354,686, or 11%, from June 30, 2017. The increase in capital assets was primarily related to land acquisition, construction in progress costs for the 1-15 Express Lanes project, and rail track costs related to the Perris Valley Line. The increase in intangible assets was related to the transfer of costs for the completed construction of tolled express lanes and direct connector from the governmental activities capital assets to business -type activities intangible assets. • The long-term liabilities net increase of $181,875,950 related to the issuance of the 2017A Sales Tax Revenue Bonds and the compounded and accreted interest on the 2013 TIFIA Loan and 2013 Toll Revenue Bonds. During 2018, the Commission also issued $457,015,000 of sales tax revenue bonds to refund $480,875,000 of outstanding sales tax bonds, resulting in a significant reduction in future debt payments of approximately $53 million over the life of the bonds. • The Commission's governmental funds reported combined ending fund balances of $776,037,540, an increase of $69,624,472 compared to fiscal 2017 primarily due to the proceeds from the issuance of debt to fund a portion of the I- 15 Express Lanes project and to refund outstanding sales tax revenue bonds. 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. 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. 3 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. Over time, 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 17-18 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. 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), and Local Transportation Fund (LTF) Special Revenue funds; Commercial Paper and Bonds Capital Projects funds; and Debt Service fund. Data from the other eight 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 4 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 19-24 of this report. The proprietary fund 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 27-30 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 32-67 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) liability and related ratios, and OPEB contributions. Required supplementary information can be found on pages 67-75 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 76-88 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, 2018, the Commission's assets exceeded liabilities by $195,326,943, a $53,838,450 increase from June 30, 2017. Our analysis below focuses on the net position and changes in net position of the Commission's governmental and business -type activities. Net Position Approximately 124%, compared to 53% in 2017, of the Commission's net position reflects its net investment in capital assets (i.e., construction in progress; land and improvements; toll infrastructure; buildings; construction and rail operating easements; rail stations; rail tracks; office improvements; 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. 5 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 169% and 137% of the total net position at June 30, 2018 and 2017, respectively. Restricted net position from governmental activities increased by $205,187,740, as a result of the issuance of sales tax revenue bonds and refunding bonds offset by decreased highways expenses and increased regional arterial and transit and specialized transportation revenues net of related program expenses 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 $538,356,445 deficit at June 30, 2017 to a $857,485,575 deficit at June 30, 2018. 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 2017 amounts to conform to the 2018 presentation. Such reclassifications had no effect on the previous reported change in net position. The following is condensed financial data related to net position at June 30, 2018 and June 30, 2017: Net Position Governmental -Activities Business -Type Activities Total 2010 2017 2010 2017° 2010 2017 Current and other assets Capital assets not being depreciated Capital assets, net of depreciation Intangible assets, net of amortization Total assets $ 844,630,845 $ 795,312,825 $ 89,085,530 $ 35,002,755 $ 933,716,375 $ 830,315,580 379,768,175 285,178,007 43,207,039 44,658,207 422,975,214 329,836,214 280,571,027 281,674,658 22,032,516 26,683,530 302,603,543 308,358,188 244,045,820 234,075,489 244,045,820 234,075,489 1,504,970,047 1,362,165,490 398,370,905 340,419,981 1,903,340,952 1,702,585,471 Deferred outflows of resources 42,863,182 15,870,375 310,156 84,567 43,173,338 15,954,942 Total assets and deferred outflows of resources 1,547,833,229 1,378,035,865 398,681,061 340,504,548 1,946,514,290 1,718,540,413 Long-term obligations 953,564,990 832,825,964 648,538,612 628,567,908 1,602,103,602 1,461,393,872 Other liabilities 120,668,602 109,496,846 27,877,895 5,613,197 148,546,497 115,110,043 Total liabilities 1,074,233,592 942,322,810 676,416,507 634,181,105 1,750,650,099 1,576,503,915 Deferred inflows of resources 505,360 545,722 31,888 2,283 537,248 548,005 Total liabilities and deferred inflows of resources 1,074,738,952 942,868,532 676,448,395 634,183,388 1,751,187,347 1,577,051,920 Net position: Net investment in capital assets 529,178,100 377,309,766 (286,349,191) (301,737,495) 242,828,909 75,572,271 Restricted 801,401,752 596,214,012 8,581,857 8,058,655 809,983,609 604,272,667 Unrestricted (deficit) (857,485,575) (538,356,445) — — (857,485,575) (538,356,445) Net position at end of year $ 473,094,277 $ 435,167,333 $ (277,767,334) $ (293,678,840) $ 195,326,943 $ 141,488,493 Changes in Net Position The Commission's total program and general revenues were $461,593,431, while the total cost of all programs was $407,754,981. Total revenues increased by 35%, and the total cost of all programs decreased by 24%. Those who directly benefited from the programs or other governments that subsidized certain programs with grants and contributions paid approximately 40% of the costs of the Commission's programs in 2018, compared to 12% of the costs in 2017. Sales taxes ultimately financed a significant portion of the programs' net costs. Governmental and business -type activities increased the Commission's net position by $53,838,450, 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: 6 • Charges for services increased by $39,747,900 or 361%, due to a full year of toll operations on the RCTC 91 Express Lanes; • Operating grants and contributions increased by $9,750,614, or 27%, primarily due to federal and state reimbursements related to the 1-15 Express Lanes and the 15/91 Express Lanes Connector projects; • Capital grants and contributions increased by $50,458,382, or 307%, primarily due to federal and state reimbursements related to the 1-15 Express Lanes and the 15/91 Express Lanes Connector projects; • Measure A sales tax revenues increased by $981,449, or less than 1%. This slight increase is not consistent with the positive economic indicators in the region. Based on correspondence from the California Department of Tax and Fee Administration (CDTFA), it implemented a new system in May 2018 and the CDTFA has experienced unusual delays in the processing of sales tax returns for the first two quarters of calendar year 2018. CDTFA anticipates resolving the backlog in the second quarter of FY 2018/19; • Transportation Development Act (TDA) sales taxes increased by $16,239,043, or 17%, as a result of an increase in State Transit Assistance (STA) revenues and the new State of Good Repair (SGR) revenues related to the Senate Bill 1 raise in vehicle registration fees and state gas tax for various transportation programs; • Unrestricted investment earnings increased $4,617,901, or 108%, as a result of higher cash and investment balances primarily due to the issuance of debt and rising interest rates and investment yields; • Other miscellaneous revenues decreased $3,361,877, or 57%, due to the sale of surplus highway property in the previous year; Changes in Net Posttion Governmental Activities Business -Type Activities 2018 2017 2018 2017 Total 2018 2017 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 Total revenues Expenses General govemment 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 $ 310,884 45,363,624 66,910,285 176,301,656 110,878,557 8,916,321 2,497,942 $ 886,236 35,611,287 16,451,903 175,320,207 94,639,514 4,262,323 5,859,819 $ 50,446,824 $ 10,123,572 $ 50,757,708 1,723 45,363,624 — — 66,910,285 176,301,656 — — 110,878,557 (32,662) 3,435 8,883,659 - 2,497,942 411,179,269 333,031,289 $ 11,009,808 35,613,010 16,451,903 175,320,207 94,639,514 4,265,758 5,859,819 50,414,162 10,128,730 461,593,431 343,160,019 3,654,628 7,258,051 1,142,306 1,314,932 22,285,913 2,489,440 3,668,307 2,658,782 36,578,920 38,964,217 79,234,802 264,283,974 53,639,698 51,864,011 3,835,612 4,164,892 4,758,503 3,141,759 12, 897, 557 19, 040, 012 90,185,227 80,724,591 46, 421, 211 49, 214, 579 358,302,684 525,119,240 52,876,585 (192,087,951) (14,949,641) 290,547,316 37,926,944 98,459,365 435,167,333 336,707,968 $ 473,094,277 $ 435,167,333 49, 452, 297 13, 260, 254 3,654,628 7,258,051 1,142,306 1,314,932 22,285,913 2,489,440 3,668,307 2,658,782 36,578,920 38,964,217 79,234,802 264,283,974 53,639,698 51,864,011 3,835,612 4,164,892 4,758,503 3,141,759 12,897,557 19,040, 012 49,452,297 13, 260,254 90,185,227 80,724,591 46,421,211 49,214,579 49,452,297 13,260,254 407,754,981 538,379,494 961,865 (3,131,524) 53,838,450 (195,219,475) 14,949,641 (290,547,316) 15,911,506 (293,678,840) (293,678,840) — $ (277,767,334) $ (293,678,840) $ 53,838,450 (195,219,475) 141,488,493 336,707,968 195,326,943 $ 141,488,493 • General government expenses decreased by $3,603,423, or 50%, primarily due to a new administrative cost allocation process, offset by debt issuance costs; 7 • Bicycle and pedestrian facilities expenses decreased by $172,626, or 13%, due to a decrease in claims submitted for approved projects; • CETAP expenses increased by $19,796,473, or 795%, primarily due to a settlement agreement on the Mid County Parkway project; • Commuter assistance expenses increased by $1,009,525 or 38%, due to the program management activities; • Commuter rail expenses decreased by $2,385,297, or 6%, as a result of completion of the Perris Valley Line extension project in the prior year offset by an increase in commuter rail station operating and rehabilitation costs; • Highway expenses decreased by $185,049,172, or 70%, due to substantial completion of the 91 Project in the prior year; • Local streets and roads expenses increased by $1,775,687 or 3%, because of distributions to a local jurisdiction that became eligible for these funds in FY 2017/18; • Motorist assistance expenses decreased by $329,280, or 8%, due to decreased construction freeway service patrol and call box maintenance; • Planning and programming expenses increased by $1,616,744, or 51%, primarily due to feasibility studies; • Regional arterial expenses decreased by $6,142,455, or 32%, as a result of a decrease in reimbursements to local jurisdictions for approved regional arterial projects; • Toll operations expenses increased by $36,192,043, or 273%, as a result of the first full year of operations for the RCTC 91 Express Lanes after opening to motorists in March 2017; • Transit and specialized transportation expenses increased by $9,460,636, or 12%, 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 $2,793,368 or 6%, primarily as a result of the impacts of the issuance of sales tax revenue refunding bonds; and • Internal transfers decreased $275,597,675, or 95%, due to the transfer of long-term debt, cash and investments, and capital and intangible assets from governmental activities to business -type activities in the prior year as a result of the substantial completion of the 91 Project and opening of the RCTC 91 Express Lanes in March 2017. 8 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, 2018 and June 30, 2017: $175,000,000 $149,000,000 $123,000,C00 $97,000, 000 $71,000, 000 $45,000,000 $19,000, 000 -$7,000,000 Revenues - Governmental Activities Transportation Measure A sales Development Act Unrestricted Operating grants Oilier Charges for Capital grants and taxes sales taxes investment earnings and contributions services contributions r2018 $176,301,666 $110,878,557 $8,916,321 S45,363,624 $2,497,942 $310,884 $66,910,265 I2017 $175,323,207 $94,639,514 $4,262,323 S35,611,287 $5,859,819 $886,2 6 $16,451,903 9 Expenses - Governmental Activities $300,000,000 $253,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $ Bicycle and Transit and General Commuter Local streets Motorist Planning and Regional Interest government Pedestrian CCTAP assistance Commuter rail Highwaysspecializedroads assistance programming arterials specialized expense facilities transportation *2018 $3,654,628 $1,142,306 $22,285,913 $3,658,307 $36,578,920 $79,234,802 $53,639,698 $3,835,612 $4,758,503 $12,897,557 $90,185,227 $46,421,211 It 2017 $7,258,051 $1,314,932 $2,489,440 $2,658,782 $38,964,217 $264,283,974 $51,864,011 $4,164,892 $3,141,759 $19040,012 $80,724,591 $49,214,579 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, 2018 and June 30, 2017: Expenses - Business -Type Activities $60, 000,000 $50, 000,000 $40, 000,000 $30,000,000 $20,000,000 $10,000,000 tot 2018 ■ 2017 RCTC 91 Express Lanes $49,452, 297 $13,260,254 555,000,000 050.000,000 040.000,000 isso.coo,000 s3s.coo.000 '.$30,000,000 s25,000,000 520,e00:o00 vs,coo= sto,o0o,coo Revenues • Business•Type Activities Unrestricted in4estnrentearnings Operatnggrartsand conbbutions Chapestor services • 2018. 432,062 50 $50,448.824 q 2017 53.435 $1,723 510,123572 10 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, 2018, the Commission's governmental funds reported combined ending fund balances of $776,037,540, an increase of $69,624,472 compared to 2017. Less than 1%, or $4,860,033, is nonspendable fund balance related to prepaid amounts; $3,337,343 is assigned fund balance for general government administration activities; an unassigned deficit of $268,754 is related to a deficit fund balance in a nonmajor governmental fund. The remainder of the fund balance is restricted to indicate the following externally enforceable legal restrictions: • $7,565,006 in TDA funds that have been allocated to jurisdictions within the County for bicycle and pedestrian projects; • $35,212,795 of TUMF funds for new CETAP corridors in Western County; • $16,515,124 for 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; • $50,499,542 in TDA, Measure A, and Proposition 1 B funds for commuter rail operations and capital projects and $3,266,323 in TDA and Proposition 1 B funds for the Coachella Valley/San Gorgonio Pass rail corridor; • $11,082,909 in 2009 Measure A funds available to pay sales tax revenue bonds debt service over the next year; • $338,871,951 for highway, economic development, and new corridor projects related to the 1989 Measure A and 2009 Measure A programs; • $2,831 for local streets and roads programs that are returned to the jurisdictions within the County for maintenance of their roads and local arterials under the 2009 Measure A program; • $9,238,957 in state funds for motorist assistance services; • $4,932,446 of TDA funds for planning and programming activities and $3,142 of intergovernmental revenues for other agency projects; • $42,288,115 and $43,197,192 for regional arterial projects in Western County related to the 2009 Measure A and TUMF programs, respectively; • $9,157,388 of Measure A funds for transit and specialized transportation in the Western County and $1,561,616 for specialized transportation in the Coachella Valley; and • $194,713,581 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, 2018 and 2017: Fund Balances Year Ended June 30 2018 2017 % Chan.e General fund Special Revenue major funds: Measure A Western County Measure A Coachella Valley Transportation Uniform Mitigation Fee Local Transportation Fund Capital Projects major funds: Commercial Paper Bonds Debt Service fund Nonmajor governmental funds $ 26,040,494 276,997,302 52,068,076 78,409,987 110,435,854 21,576,316 95,343,644 11,082,909 104,082,958 19,126,100 221,510,954 47,791,274 81,473,550 115,175, 281 46,951,913 (54)% 64,660,068 47% 21,982,515 (50)% 87,741,413 19% 36% 25% 9% (4)% (4)% 11 Key elements for the changes in fund balances are as follows: • The 36% increase in the General fund resulted from increased transfers from the Local Transportation Fund and 2009 Measure A Western County Special Revenue Fund for Perris Valley Line commuter rail and related station operations; • The 25% increase in Measure A Western County Special Revenue fund was attributed to transfers from capital project funds for highway and rail projects; • The 9% 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 4% decrease in the TUMF Special Revenue fund was attributable to increased reimbursements to local jurisdictions for approved projects; • The 4% 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 54% decrease in the Commercial Paper Capital Projects fund was attributed to the use of commercial paper notes proceeds for the 1-15 Express Lanes project costs; • The 47% increase in Bonds Capital Projects fund was attributed to $735,488,807 of debt proceeds from the issuance of sales tax bonds, including refunding bonds, net of transfers out for project costs; • The 50% decrease in the Debt Service fund was attributable to increased principal payments on sales tax revenue bonds; and • The 19% increase in nonmajor governmental funds resulted primarily from the excess of sales tax revenues over claims of allocations for transit capital projects. 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 $277,767,334 at June 30, 2018. The deficit is related to the RCTC 91 Express Lanes toll -supported debt in excess of capital and intangible assets. General Fund Budgetary Highlights General fund intergovernmental revenues in the original budget increased $73,587 for reimbursements for commuter rail and planning, programming, and monitoring expenditures. The $152,100 increase in expenditure appropriations between the original budget and the final amended budget for the General fund was related to the following changes: • $201,800 increase to general government for various operations support services; • $74,300 decrease to the commuter rail program for program management activities; • $600 decrease to the planning and programming activities support costs; • $42,800 increase for transit and specialized transportation activities support costs; • $25,000 increase for debt service for capital lease payments; and • $42,600 decrease to capital outlay for furniture and equipment. During the year, General fund revenues were below budgetary estimates by $3,045,680; expenditures were less than budgetary estimates by $21,467,212. General fund budgetary variances between the final amended budget and actual amounts are as follows: 12 General Fund Bud!etary Variances Year Ended June 30, 2018 Original Final Amended Budget Bud sat ... Actual % Varian. Revenues Intergovernmental Investment income Other Total revenues $ 8,702,400 $ 8,775,987 $ 5,674,843 (35)% 76,400 76,400 138,417 81 % _ 293,200 293,200 286,647 (2)% 9,072,000 9,145,587 6,099,907 (33)% Expenditures Current General government 7,554,400 7,756,200 11,699 100% Commuter rail 30,594,900 30,520,600 22,682,717 26% Planning and programming 8,690,400 8,689,800 3,433,172 60% Transit and specialized transportation 516,300 559,100 498,790 11% Debt service - 25,000 24,858 0% Capital outlay 1,040,000 997,400 429,652 57% Total expenditures 48,396,000 48,548,100 27,080,888 44% Other financing sources (uses) Transfers in 39,411,600 41,103,600 28,549,875 (31)% Transfers out (1,551,800) (1,551,800) (654,500) 58% Net change in fund balance $ (1,464,200) $ 149,287 $ 6,914,394 4532% Significant budgetary variances between the final amended budget and actual amounts are as follows: • $3,101,144 negative variance for intergovernmental revenues primarily related to lower intergovernmental reimbursements for commuter rail and planning, programming and monitoring expenditures; • $62,017 positive variance for increased investment income related to conservative investment yield estimates; • $7,744,501 positive variance for general government expenditures primarily related to a new administrative cost allocations process and lower professional services and other expenditures such as maintenance, training, and travel; • $7,837,883 positive variance for commuter rail expenditures related to lower station maintenance and repairs and Metrolink operations; • $5,256,628 positive variance for planning and programming expenditures related to lower special studies, grade separation project claims, and allocations to local jurisdictions for various projects; • $60,310 positive variance for transit and specialized transportation expenditures related to lower professional services and other expenditures such as training and travel; • $567,748 positive variance for capital outlay expenditures due to delayed acquisition of Commission hardware and software improvements and station improvements; • $12,553,725 negative variance for transfers in related to the change in the administrative cost allocations process as well as lower commuter rail and planning and programming activities than anticipated; and • $897,300 positive variance for transfers out related to the change in administrative cost allocations process that affected commuter rail and planning and programming activities. Capital and Intangible Assets Capital Assets As of June 30, 2018, the Commission had $725,578,757, 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 2017/18 was 14%. 13 Major capital asset additions during 2018 included land acquisition for the 91 Project; construction in progress related to preliminary engineering, construction, and design -build costs for the 1-15 Express Lanes and rail station improvements; rail track improvements; office improvements; furniture, equipment and vehicles; toll infrastructure; and transponders. The table below is a comparative summary of the Commission's capital assets, net of accumulated depreciation: Governmental Activities Business -Type Activities Total 2018 2017 Hi 2017 2018 2017 Capital assets not being depreciated: Land and land improvements Construction easements Rail operating easements Construction in progress Total capital assets not being depreciated Capital assets being depreciated, net of accumulated depreciation: Rail stations Rail tracks Temporary construction easements Buildings Toll infrastructure Transponders Office improvements, furniture, equipment, and vehicles Total capital assets, net of accumulated depreciation Total capital assets $ 172,084,889 $ 162,102,279 $ 43,032,888 1,189,671 1,167,671 — 63,846,199 63,846,199 — 142,647,416 58,061,858 174,151 379,768,175 285,178,007 43,207,039 $ 44,658,207 $ 215,117,777 1,189,671 63,846,199 142,821,567 44,658,207 422,975,214 $ 206,760,486 1,167,671 63,846,199 58,061,858 329, 836, 214 132, 656, 945 137, 929, 888 144,341,460 140,127, 881 — 63,365 3,100,272 3,287,508 472,350 444,408 21,211,466 360,181 266,016 16,461 — 132,656,945 137,929,888 — 144,341,460 140,127,881 — — 63,365 484,809 3,544,680 3,772,317 26,071,062 21,211,466 26,071,062 109,743 360,181 109,743 17,916 488,811 283,932 280,571,027 281,674,658 22,032,516 26,683,530 302,603,543 308,358,188 $ 660,339,202 $ 566,852,665 $ 65,239,555 $ 71,341,737 $ 725,578,757 $ 638,194,402 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. The table below is a comparative summary of the Commission's intangible assets, net of accumulated amortization: Business -Type Activities 2018 2017 Toll facility franchise, net of accumulated amortization $ 244,045,820 $ 234,075,489 More detailed information about the intangible assets and service concession arrangements is presented in Note 5 to the financial statements. 14 Debt Administration As of June 30, 2018, the Commission had $1,636,313,303 outstanding in sales tax and toll revenue bonds and TIFIA loans. The total debt increased from the $1,451,467,794 outstanding as of June 30, 2017, primarily due to the following: • Issuance of the 2017 Series A Sales Tax Revenue Bonds, including premium, of $187,691,909 for the 1-15 Express Lanes project, 91 Project completion, and retirement of the outstanding commercial paper notes of $30,000,000; • Issuance of the 2017 Series B Sales Tax Refunding Bonds, including premium, of $472,788,109 to refund all of the outstanding 2010 Series A Sales Tax Revenue Bonds of $37,630,000 and a portion of the 2013 Series A Sales Tax Revenue Bonds of $372,445,000; and • Issuance of the 2018 Sales Tax Refunding Bonds, including premium, of $75,008,789 to refund all of the outstanding 2009 Series B and Series C Bonds of $70,800,000. 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 received ratings of "BBB" from S&P and "BBB-" from Fitch. The TIFIA loan related to the 91 Project received a rating of "BBB-" from Fitch, and the TIFIA loan related to the 1-15 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 $60,000,000 to provide advance funding for 2009 Measure A capital projects. The commercial paper notes are rated "Ar by S&P and "P1" by Moody's. As of June 30, 2018, 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 $859,020,000. 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 $648,503,036. TIFIA loans provided federal funding up to $421,054,409 for the 91 Project and $152,214,260 for the 1-15 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 2018 Commission meeting, the Commission adopted guiding principles for use in the preparation of the FY 2018/19 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, 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. 15 The Commission adopted the FY 2018/19 annual budget on June 13, 2018. Approximately 50% of the $881,329,400 balanced budget is related to capital project expenditures, including: • $27,132,900 for 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; • $145,852,500 for preliminary engineering services, right of way support services, construction, and design -build activities related to the 1-15 Express Lanes project; • $53,754,600 for construction and design -build activities related to the 15/91 express lanes connector project; • $62,050,000 for preliminary engineering, right of way acquisition/support services, and construction related to the Western County SB 132 projects; • $26,200,000 for preliminary engineering services, right of way acquisition/support services, and construction related to the SR-60 truck climbing lanes project; • $13,473,000 preliminary engineering, right of way acquisition/support services, and construction related to the Pachappa Underpass project; • $17,742,300 for various Western County Measure A and TUMF regional arterial projects; and • $34,425,000 for preliminary engineering, construction, and right of way acquisition/support services for the Mid County Parkway project. Distributions to the local jurisdictions for local streets and roads are budgeted at $56,951,500. Budgeted expenditures related to funding of public bus transit operations and capital projects in the County aggregate $159,303,300, and budgeted transfers out related to funding of commuter rail operations and capital are $22,100,000. Debt service costs are $76,675,600, 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 state and federal budget issues continue to affect funding of the Commission's capital projects and programs. These factors were considered in preparing the Commission's 2019 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. 16 Basic Financial Statements Riverside County Transportation Commission Statement of Net Position June 30, 2018 Governmental Business -type Activities Activities Total Assets Cash and investments $ 579,904,612 $ 33,950,063 $ 613,854,675 Receivables: Accounts 132,796,176 25,285,773 158,081,949 Advances to other governments 25,559,386 25,559,386 Interest 2,727,963 148,492 2,876,455 Internal balances 294,509 (294,509) Due from other governments 232,853 232,853 Prepaid expenses and other assets 4,860,033 166,966 5,026,999 Restricted investments held by trustee 98,255,313 29,828,745 128,084,058 Capital assets not being depreciated 379,768,175 43,207,039 422,975,214 Capital assets, net of accumulated depreciation 280,571,027 22,032,516 302,603,543 Intangible asset, net of amortization 244,045,820 244,045,820 Total assets 1,504,970,047 398,370,905 1,903,340,952 Deferred outflows of resources Loss on refunding of bonds 37,948,048 - 37,948,048 Pension changes in assumptions 1,298,635 81,947 1,380,582 Pension differences between contributions and proportionate share of contributions 458,647 28,942 487,589 Pension differences between expected and actual experiences 10,467 660 11,127 Pension changes in Commission's proportion 823,142 51,942 875,084 Pension contributions subsequent to measurement date 1,231,187 77,690 1,308,877 Pension net differences between projected and actual earnings on plan investments 293,698 18,533 312,231 Other post -employment benefits net differences between projected and actual earnings on plan investments 117,392 7,408 124,800 Other post -employment benefits contributions subsequent to measurement date 681,966 43,034 725,000 Total assets and deferred outflows of resources 1,547,833,229 398,681,061 1,946,514,290 Liabilities Accounts payable 65,205,784 1,517,652 66,723,436 Interest payable 3,632,562 1,888,106 5,520,668 Other liabilities 2,251,776 23,920,941 26,172,717 Pension liabilities 8,203,780 517,676 8,721,456 Other post -employment benefits liabilities 227,636 14,364 242,000 Long-term liabilities: Due within one year 41,147,064 19,156 41,166,220 Due in more than one year 953,564,990 648,538,612 1,602,103,602 Total liabilities 1,074,233,592 676,416,507 1,750,650,099 Deferred inflows of resources Pension changes in assumptions 99,023 6,248 105,271 Pension changes in Commission's proportion 54,712 3,452 58,164 Pension differences between expected and actual experiences 149,951 9,462 159,413 Other post -employment benefits net differences between projected and actual earnings on plan investments 201,674 12,726 214,400 Total liabilities and deferred inflows of resources 1,074,738,952 676,448,395 1,751,187,347 Net position Net investment in capital assets 529,178,100 (286,349,191) 242,828,909 Restricted for: Bicycle and pedestrian facilities 7,565,006 7,565,006 CETAP 35,212,795 - 35,212,795 Commuter assistance 16,515,124 16,515,124 Commuter rail 53,938,592 53,938,592 Debt service 11,082,909 - 11,082,909 Highways 371,991,421 371,991,421 Local streets and roads 2,831 - 2,831 Motorist assistance 9,238,957 9,238,957 Toll operations 8,581,857 8,581,857 Planning and programming 4,935,588 - 4,935,588 Regional arterials 85,485,307 85,485,307 Transit and specialized transportation 205,433,222 205,433,222 Unrestricted (deficit) (857,485,575) (857,485,575) Total net position $ 473,094,277 $ (277,767,334) $ 195,326,943 See notes to financial statements 17 Functions/Programs Expenses Primary Government Govemmental Activities: 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 Interest expense Total governmental activities Business -type Activities: RCTC 91 Express Lanes Total Primary Government See notes to financial statements Riverside County Transportation Commission Statement of Activities Year Ended June 30, 2018 Program Revenues Charges for Operating Grants Services and Contributions Net (Expense) Revenue and Changes In Net Position Capital Grants Governmental Business -type and Contributions Activities Activities Total $ 3,654,628 $ 1,142,306 22,285,913 3,668,307 38,578,920 79,234,802 53,639,698 3,835,612 4,758,503 12,897,557 90,185,227 46421,211 358,302,684 479 $ $ 11,849,882 2,992,178 254,627 4,136,406 51,629 7,239,363 4,149 4,147,112 1,743,122 13,184,879 90,682 310,884 45,363,624 49,452,297 50,446,824 $ 407,754,981 ±. 50,757,708 $ 45,363,624 $ General Revenues: Measure A sales taxes Transportation Development Act sales tares Unrestricted investment earnings (loss) Other miscellaneous revenue Transfers Total general revenues and transfers Change in net position Net position at beginning of year Net position at end of year $ (3,654,149) $ (1,142,306) (10,436,031) (676,129) 7,639,680 (24,548,207) 59,270,605 (12,673,205) (53,639,698) 315,649 (3,015,381) 267,322 (90,094,645) (46,421,211) 66,910,285 (245,717,891) $ (3,654,149) (1,142,306) (10,436,031) (676,129) (24,548,207) (12,673,205) (53,639,698) 315,649 (3,015,381) 267,322 (90,094,545) (46,421,211) (245,717,891) 994,527 994,527 669, 10285� $ (245,717,8911 $ 994,527 $ (244223,3641 176,301,656 176,301,656 110,878,557 - 110,878,557 8,916,321 (32,662) 8,883,659 2,497,942 - 2,497,942 (14,949,641) 14,949,641 - 283,644,835 14,916,979 298,561,814 37,926,944 15,911,506 53,838,450 435,167,333 (293,678,840) 141,488,493 3 473,094,277 $ (277,767,3341 $ 195,3266943 18 Assets Cash and investments Receivables Accounts Advances Interest Due from other funds Prepaid expenditures and other assets Restricted investments held by trustee Total assets Liabilities and Fund Balances Liabilities Accounts payable Due to other funds Other liabilities Total liabilities Fund balances Nonspendable-prepaid amounts Restricted for Bicycle and pedestrian facilities CETAP Commuter assistance Commuter rail Debt service Highways Local streets and roads Motorist assistance Planning and programming Regional arterials Transit and specialized transportation Assigned General government Unassigned Total fund balances Total liabilities and fund balances See notes to financial statements General $ 18,214,884 3,597,828 66,953 6,358,347 232,793 Riverside County Transportation Commission Balance Sheet • Governmental Funds June 30, 2018 Measure A Western County Major Funds Special Revenue Measure A Coachella Valley $ 212,501,856 $ 50,085,596 6,442,274 197,603 159,403 87,391,368 116,503 996,019 9,171,454 4,627,240 Transportation Uniform Mitigation Fee Local Transportation Fund $ 93,309,795 $ 94,736,015 5,716,353 331,667 235,942 14,928,400 368,480 654,500 $ 28,470,805 $ 314,804,440 $ 56,884,876 $ 99,593,757 $ 110,687,395 $ 1,600,128 $ 35,189,953 $ 654,500 1,882,614 175,683 734,571 2,430,311 37,807,138 232,793 4,627,240 16,515,124 17,537,912 32,961,630 171,446,847 958 4,932,446 42,288,115 9,157,388 3,337,343 3,979,965 $ 20,861,633 $ 213,641 836,835 317,585 37,900 4,552 4,816,800 21,183,770 251,541 50,505,144 1,316 1,561,616 35,212,795 43,197,192 • 7,565,006 102,870,848 26,040,494 276,997,302 $ 28,470,805 $ 314,804,440 $ 52,068,076 56,884,876 $ 78,409,987 110,435,854 99,593,757 $ 110,687,395 Riverside County Transportation Commission Balance Sheet - Governmental Funds, Continued June 30, 2018 Major Funds Capital Projects Other Nonmajor Commercial Debt Govem mental Paper Bonds Service Funds Total Assets Cash and investments $ 295,696 $ 8,686,331 $ 5,030,583 $ 97,043,856 $ 579,904,612 Receivables Accounts - 14,719,953 132,796,176 Advances 22,091,372 3,351,511 - - 25,559,386 Interest 6,884 387,718 22,646 349,993 2,727,963 Due from other funds 585,744 67,894 1,426,800 18,660,084 Prepaid expenditures and other assets - 4,860,033 Restricted investments held by trustee 92,066,230 6,189,083 - 98,255,313 Total assets $ 22,979,696 $ 104,559,684 $ 11,242,312 $ 113,540,602 $ 862,763,567 Liabilities and Fund Balances Liabilities Accounts payable $ - $ - $ 3,360,464 $ 65,205,784 Due to other funds • 9,062,890 159,403 5,413,848 18,365,575 Other liabilities 1,403,380 153,150 683,332 3,154,668 Total liabilities 1,403,380 9,216,040 159,403 9,457,644 86,726,027 Fund balances Nonspendable-prepaid amounts 4,860,033 Restricted for Bicycle and pedestrian facilities - - 7,565,006 CETAP - - 35,212,795 Commuter assistance - 16,515,124 Commuter rail 3,266,323 53,765,865 Debt service - 11,082,909 11,082,909 Highways 21,576,316 95,343,644 - 338,871,951 Local streets and roads - 557 2,831 Motorist assistance - 9,238,957 9,238,957 Planning and programming 3,142 4,935,588 Regional arterials - 85,485,307 Transit and specialized transportation 91,842,733 205,432,585 Assigned General government - - 3,337,343 Unassigned (268,754) (268,754) Total fund balances 21,576,316 95,343,644 11,082,909 104,082,958 776,037,540 Total liabilities and fund balances $ 22,979,696 $ 104,559,684 $ 11,242,312 $ 113,540,602 $ 862,763,567 See notes to financial statements RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission Reconciliation of the Balance Sheet of Govemmental Funds to the Statement of Net Position June 30,2018 Total fund balances • Governmental funds page 19 $ 776,037,540 Amounts reported for governmental activities in the statement of net position page 16 are different because: Amounts due from other governments are not an available resource and therefore, are not reported in the funds. 232,853 Deferred outflows of resources related to the pension contributions subsequent to the measurement date. 1,231,187 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. 2,884,589 Deferred inflows of pension resources related to differences between expected and actual experinces, changes in Commission's proportion, and changes in assumptions. (303,686) Deferred outflows of other post -employment benefits resources related to the net differences between projected and actual earnings on plan investments and contributions subsequent to the measurement date. 799,358 Deferred inflows of resources related to net differences between projected and actual earnings on other post employment benefits investments. (201,674) Capital assets, less related accumulated depreciation, used in governmental activities are not financial resources and therefore are not reported in the funds. 660,339,202 Other long-term assets are not available to pay for current period expenditures and, therefore, are reported as unearned revenue in the funds. 902,892 Interest payable on bonds outstanding is not due and payable in the current period and therefore is not reported in the funds. (3,632,562) 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 (8,203,780) Net other post employment liability (227,636) Compensated absences (893,822) Capital lease obligation (7,965) Multi -Species Habitat Conservation Plan funding liability (6,000,000) Sales tax bonds payable (859,020,000) Loss on refunding of sales tax bonds 37,948,048 Premium on sales tax revenue bonds payable (128,790,267) Net adjustment (965,195,422) Net position of governmental activities page 16 $ 473,094,277 See notes to financial statements 22 Riverside County Transportation Commission Statement of Revenues, Expenditures and Changes in Fund Balances • Governmental Funds Year Ended June 30, 2018 Major Funds General Special Revenue Transportation Measure Measure Uniform Local Western Coachella Mitigation Transportation County Valley Fee Fund Revenues Sales taxes $ $ 136,852,833 $ 38,512,321 $ - $ 89,557,646 Transportation Uniform Mitigation Fee 23,699,764 Intergovernmental 5,674,843 68,412,271 1,314,998 185 Investment income 138,417 2,474,963 434,803 664,023 825,116 Other 286,647 2,515,887 25,155 Total revenues 6,099,907 210,255,954 38,947,124 25,703,940 90,382,947 Expenditures Current: General government 11,699 954,199 12,000 Bicycle and pedestrian facilities - 1,142,306 CETAP 1,687 22,273,742 Commuter assistance 3,647,662 Commuter rail 22,682,717 14,118,997 - Highways 164,579,201 15,984,413 Local streets and roads 39,223,884 13,479,312 Motorist assistance - - - - Planning and programming 3,433,172 773,000 Regional arterials - 6,158,736 - 6,729,703 - Transitandspecializedtransportation 498,790 6,184,197 5,366,000 72,799,693 Total programs 26,626,378 234,868,563 34,829,725 29,003,445 74,726,999 Debt service: Principal 20,974 Interest 3,884 Cost of issuance - - Payment to escrow agent Total debt service 24,858 Capital outlay 429,652 2,177,199 Total expenditures 27,080,888 237,045,762 34,829,725 29,003,445 74,726,999 Excess (deficiency) of revenues over (under) expenditures (20,980,981) (26,789,808) 4,117,399 (3,299,505) 15,655,948 Other financing sources (uses): Refunding debt issuance Debt issuance Premium on debt issuance Payment to refunded bonds escrow agent - - Transfers in 28,549,875 162,784,421 159,403 235,942 654,500 Transfers out (654,500) (80,508,265) (21,049,875) Total other financing sources (uses) 27,895,375 82,276,156 159,403 235,942 (20,395,375) Net change in fund balances Fund balances at beginning of year Fund balances at end of year See notes to financial statements 6,914,394 55,486,348 4,276,802 (3,063,563) (4,739,427) 19,126,100 221,510,954 47,791,274 81,473,550 115,175,281 26,040,494 $ 276,997,302 $ 52,068,076 $ 78,409,987 $ 110,435,854 23 Riverside County Transportation Commission Statement of Revenues, Expenditures and Changes in Fund Balances • Governmental Funds Year Ended June 30, 2018 Major Funds Capital Projects Commercial Paper Bonds Other Nonmajor Debt Govemmental Service Funds Total Revenues Sales taxes $ $ $ - $ 22,257,413 $ 287,180,213 Transportation Uniform Mitigation Fee - 23,699,764 Intergovernmental 2,785,292 10,019,422 88,207,011 Investment income 1,657,775 1,988,693 240,501 725,381 9,149,672 Other 371,794 3,199,483 Total revenues 1,657,775 1,988,693 3,025,793 33,374,010 411,436,143 Expenditures Current: General government - 977,898 Bicycle and pedestrian facilities - 1,142,306 CETAP - 22,275,429 Commuter assistance 3,647,662 Commuter rail 898,443 37,700,157 Highways 929,220 5,594,787 187,087,621 Local streets and roads 936,502 53,639,698 Motorist assistance - 3,825,722 3,825,722 Planning and programming 471,768 4,677,940 Regional arterials 12,888,439 Transit and specialized transportation 5,305,243 90,153,923 Total programs 929,220 17,032,465 418,016,795 Debt service: Principal 30,000,000 - 32,120,000 62,140,974 Interest 37,485 7,526,000 43,039,543 - 50,606,912 Cost of issuance - 2,256,061 - 2,256,061 Payment to escrow agent 66,966,667 3,833,333 70,800,000 Total debt service 30,037,485 76,748,728 78,992,876 - 185,803,947 Capital outlay - 2,606,851 Total expenditures 30,037,485 77,677,948 78,992,876 17,032,465 606,427,593 Excess (deficiency) of revenues over (under) expenditures (28,379,710) (75,689,255) (75,967,083) 16,341,545 (194,991,450) Other financing sources (uses): Refunding debt issuance 457,015,000 457,015,000 Debt issuance 158,760,000 158,760,000 Premium on debt issuance 119,713,807 119,713,807 Payment to refunded bonds escrow agent (471,089,840) - (471,089,840) Transfers in 30,000,000 8,916,955 68,012,174 1,310,400 300,623,670 Transfers out (26,995,887) (166,943,091) (2,944,697) (1,310,400) (300,406,715) Total other financing sources (uses) 3,004,113 106,372,831 65,067,477 264,615,922 Net change in fund balances (25,375,597) 30,683,576 (10,899,606) 16,341,545 69,624,472 Fund balances at beginning of year 46,951,913 64,660,068 21,982,515 87,741,413 706,413,068 Fund balances at end of year $ 21,576,316 $ 95,343,644 $ 11,082,909 $ 104 082 958 $ 776,037,540 See notes to financial statements 24 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 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, 2018 Net change in fund balances - Total governmental funds page 22 $ 69,624,472 Amounts reported for governmental activities in the statement of activities page 17 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 120,748,221 Net loss on sale of assets (13,278) Depreciation expense (12,081,810) Net adjustments 108,653,133 Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. (232,605) 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 commercial paper notes 30,000,000 Principal payments for sales tax revenue refunding bonds 5,450,000 Principal payment for sales tax revenue bonds 26,670,000 Redemption of 2009 Bonds series B and C 70,800,000 Redemption of 2010 Bonds series A 37,630,000 Redemption of 2013 Bonds series A 372,445,000 Issuance of sales tax revenue bonds (158,760,000) Issuance of sales tax revenue refunding bonds (457,015,000) Premium on sales tax revenue bonds (119,713,807) Write off of sales tax revenue bonds premium 19,743,316 Amortization of sales tax revenue bonds premium 8,363,510 Amortization of sales tax revenue bonds discount (35,833) Write off sales tax revenue bonds discount (471,329) Loss on 2017B Refunding Bonds 41,742,853 Amortization of loss on 2017E Refunding Bonds (3,794,805) Capital lease payments 20,974 Change in accrued interest (347,171) Change in Multi -Species Habitat Conservation Plan funding liability 3,000,000 Net pension liability (610,047) Pension change in deferred outflows of resources (514,444) Pension change in deferred inflows of resources 242,036 Net other post -employment benefits liability 435,857 Other post -employment benefits change in deferred outflows of resources (17,975) Other post -employment benefits change in deferred inflows of resources (201,674) Net adjustments (124,938,539) The effect of transfers of capital assets between the Governmental and Business -type activities do not require the use of current financial resources and are not reported as transfers in governmental funds. (15,166,596) 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. (12,921) Change in net position of governmental activities page 17 $ 37,926,944 See notes to financial statements 26 Riverside County Transportation Commission Statement of Net Position Proprietary Fund June 30, 2018 RCTC 91 Express Lanes Enterprise Fund Assets Current assets: Cash and investments $ 33,950,063 Receivables Accounts 25,285,773 Interest 148,492 Prepaid expenses 166,966 Total current assets 59,551,294 Noncurrent assets: Restricted investments held by trustee 29,828,745 Capital assets, net: Nondepreciable 43,207,039 Depreciable 22,032,516 Intangible assets, net 244,045,820 Total noncurrent assets 339,114,120 Total assets 398,665,414 Deferred outflows of resources Pension benefits Other post -employment benefits Total deferred outflows of resources Total assets and deferred outflows of resources 259,714 50,442 310,156 398,975,570 Liabilities Current liabilities: Accounts payable 1,517,652 Interest payable 1,888,106 Due to governmental funds 294,509 Unearned revenues 23,545,891 Other liabilities 375,050 Compensated absences liability 19,156 Total current liabilities 27,640,364 Noncurrent liabilities: Net pension liabilities 517,676 Other -post employment benefits liabilities 14,364 Compensated absences liability 35,576 Bonds payable - due in more than one year 648,503,036 Total noncurrent liabilities 649,070,652 Total liabilities 676,711,016 Deferred inflows of resources Pension benefits Other -post employment benefits Total deferred inflows of resources Total liabilities and deferred inflows of resources 19,162 12,726 31,888 676,742,904 Net position Net investment in capital assets (286,349,191) Restricted for toll operations 8,581,857 Total net position (deficit) $ (277,767,334) See notes to financial statements 27 Riverside County Transportation Commission Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary Fund For the Year Ended June 30, 2018 RCTC 91 Express Lanes Enterprise Fund Operating revenues Tolls, penalties, and fees $ 50,446,824 Operating expenses Management and operational services 9,136,307 Administrative overhead 532,600 Other operating expenses 464,119 Professional services 815,345 General and administrative expenses 826,558 Depreciation and amortization 10,185,622 Total operating expenses 21,960,551 Operating income 28,486,273 Nonoperating revenues (expenses) Investment earnings (loss) (32,662) Interest expense (27,115,090) Loss on sale of capital asset (376,656) Total nonoperating revenues (expenses) (27,524,408) Income before transfers 961,865 Transfers in from governmental activities 15,166,596 Transfers out to governmental funds (216,955) Total Transfers 14,949,641 Change in net position 15,911,506 Net position at beginning of year (293,678,840) Net position at end of year $ (277,767,334) See notes to financial statements Riverside County Transportation Commission Statement of Cash Flows Proprietary Fund For the Year Ended June 30, 2018 RCTC 91 Express Lanes Enterprise Fund Cash flows from operating activities Receipts from customers and users $ 49,702,640 Payments to vendors (10,087,808) Payments to employees (426,598) Payments for RCTC interfund services used (345,162) Reimbursements received for shared costs 255,756 Net cash provided by operating activities 39,098,828 Cash flows from noncapital financing activities Transfers to governmental activities for excess investment earnings Net cash used for capital and related financing activities (1,344,509) (1,344,509) 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 (553,487) Deposits received related to pending sale of land 250,756 Proceeds from sale of capital assets 1,248,662 Net cash used for capital and related financing activities (6,174,007) Cash flows from investing activities Interest received Net cash used for investing activities 87,051 87,051 Net increase in cash and cash equivalents 31,667,363 Cash and cash equivalents at beginning of year 32,289,383 Cash and cash equivalents at end of year $ 63,956,746 Reconciliation of cash and cash equivalents to statement of net position Cash and investments $ 33,950,063 Add: fair value adjustment 177,938 Restricted cash and investments Total cash and cash equivalents See notes to financial statements 34,128,001 29,828,745 $ 63,956,746 29 Riverside County Transportation Commission Statement of Cash Flows, Continued Proprietary Fund For the Year Ended June 30, 2018 RCTC 91 Express Lanes Enterprise Fund Reconciliation of operating income (loss) to net cash provided by (used for) operating activities Operating income $ 28,486,273 Adjustments to reconcile operating income to net cash provided by (used for) operating activities Depreciation and amortization expense 10,185,622 (Increase) Decrease in violations receivables (20,896,980) (Increase) Decrease in other receivables, net (496,995) (Increase) Decrease in prepaid assets (35,631) Increase (Decrease) in pension and other -post employment benefits liabilities, net of deferred items 277,643 Increase (Decrease) in accounts payable 373,186 Increase (Decrease) in due to other funds 270,843 Increase (Decrease) in unearned revenue 20,896,323 Increase (Decrease) in deposits payable 50 Increase (Decrease) in compensated absences liability 38,494 Total adjustments 10,612,555 Net cash provided by operating activities $ 39,098,828 Noncash capital, financing and investing activities Amortization of bond discount Accreted and compounded interest See notes to financial statements $ 73,073 19,878,293 30 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies '•a=1 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. 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 A Transportation 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. 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. 31 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies, Continued 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. 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. 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. 32 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies, Continued 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 from the Riverside/Orange County line to Interstate (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. 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 December 2017. 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. 33 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies, Continued Authorized investment Type Maximum Maximum Effective Percentage Maturity of Portfolio Maximum Investment in One Issuer Minimum Ratings_ 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 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 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 None None 25% 10% None 25% 25% 40% 20% None None 15% 20% 15% None None None 10% 10% 10% 10% 10% 30% 10% Set by RCPIF Set by LAIF 10% 10% 10% 10% Not applicable Not applicable Aa3/AA- A3/A-/A- A Aa3/AA- 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. 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.S. government, federal agency, mortgage and asset -backed, municipal, corporate, 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, 2018 and an estimate for outstanding unpaid violations of the RCTC 91 Express Lanes that the Commission anticipates to collect. Unpaid violations of $23,546,548 as of June 30, 2018 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. 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". 34 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies, Continued 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; and office furniture and equipment, vehicles, 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: Asse e „e- Rail stations Rail tracks Temporary construction easements Buildings Office improvements Furniture and equipment Vehicles Toll infrastructure Transponders Useful Life 10 to 30 years 30 years 1 to 3 years 10 to 20 years 7 to 10 years 3 to 5 years 5 years 5 to 10 years 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, 2018, 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. 35 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies, Continued 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. Postemployment Benefits Other Than Pensions: For purposes of measuring the net other post -employment benefits (OPEB) liability, deferred outflows/inflows of resources related to the OPEB liability 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 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. 36 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies, Continued 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 nine 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, net differences between projected and actual earnings on OPEB 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, and differences between actual and expected pension experience, 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. 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. 37 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 1. Summary of Significant Accounting Policies, Continued 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 $1,591,110 allocated to Measure A in 2018 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. Note 2. Cash and Investments Cash and investments at June 30, 2018 consist of the following: Unrestricted Restricted Cash Investments Total Investments Total Cash in bank Petty cash RCPIF Operations pooled investments LAIF Investments with fiscal agents Total cash and investments $ 14,901,566 $ 1,018 $ 14,901,566 1,018 544,244,040 544,244,040 50, 998, 641 50, 998, 641 3,709,410 3,709,410 128,084,058 14,901,566 1,018 544,244,040 50,998,641 3,709,410 128,084,058 $14,902,584 $ 598,952,091 $ 613,854,675 $ 128,084,058 $ 741,938,733 38 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 2. Cash and Investments, Continued Total cash and investments are reported in the following funds: Unrestricted cash and investments Governmental funds Enterprise fund Subtotal Restricted cash and investments Governmental funds Enterprise fund Subtotal Total cash and investments $ 579,904,612 33,950,063 613,854,675 98,255,313 29,828,745 128,084,058 $ 741,938,733 Restricted investments at June 30, 2018 represent investments held by bond trustees for project costs and debt service. Fair Value Hierarchy: The Commission categorizes its fair generally accepted accounting principles. The hierarchy is assets. Level 1 inputs are quoted prices in an active market inputs; and Level 3 inputs are significant unobservable inputs 3 inputs). value measurements within the fair value hierarchy established by based on the valuation inputs used to measure fair value of the for identical assets; Level 2 inputs are significant other observable (the Commission does not value any of its investments using Level The following is a summary of the fair value hierarchy of the fair value of investments of the Commission as of June 30, 2018: Investments by fair value level: June 30, 2018 Fair Value Measurements Using Quoted Prices in Active Markets Significant Other for Identical Observable Assets (Level 1) Inputs (Level 2) Investments subject to fair value hierarchy: U.S. Treasury obligations U.S. agency securities Commercial paper Corporate notes Money market mutual funds Mortgage and asset -backed securities Municipal bonds Total investments measured at fair value Investments not subject to fair value hierarchy: LAIF RCPIF Total investments $ 51,547,232 9,944,354 7,473,190 44,280,037 19,072,093 37,481,816 9,283,977 179,082,699 3,709,410 544,244,040 $ 727,036,149 $ 32,592,124 $ 18,955,108 9,944,354 7,473,190 44,280,037 19,072,093 37,481,816 — 9,283,977 $ 32,592,124 $ 146,490,575 Investments classified in Level 1 of the value hierarchy, valued at $32,592,124 are valued using quoted prices in active markets. 39 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 2. Cash and Investments, Continued U.S. Treasury obligations totaling $18,955,108, U.S. agency securities totaling $9,944,354, commercial paper totaling $7,473,190, corporate notes totaling $44,280,037, money market funds totaling $19,072,093, mortgage and asset -backed securities totaling $37,481,816, and municipal bonds totaling $9,283,977 in 2018, 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. As of June 30, 2018, the Commission had the following investments: Investments Fair Value Principal interest Rate Range Weighted Average Maturity Maturity Range (Year) Unrestricted: RCPIF LAIF 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 $ 544,244,040 3,709,410 12,701,450 247,009 4,906,830 6,764,433 7,423,811 18,955,108 $ 547,259,829 3,716,371 12,805,765 247,010 4,953,431 6,829,081 7,464,044 19,090,007 $ 598,952,091 $ 602,365,538 0.726% — 3.1 % 1.07% —1.90% 07/01/18 - 06/29/23 193 days 1.319% - 8.108% 01 /15/19 - 03/03/22 0.000%-1.502% N/A 1.169% - 3.519% 09/25/18 - 04/07/22 1.053% - 6.050% 11/01/18 - 03/01/22 0.889% - 2.914% 06/27/19 - 09/06/22 1.267% - 2.635% 08/31 /19 - 05/15/21 Unrestricted investment portfolio weighted average 1.173 193 days or 0.529 1.871 35 days or 0.096 2.742 1.688 2.176 1.665 1.493 Investments Fair Value Principal interest Rate Range Weighted Average Maturity Maturity Range (Year) Restricted: Commercial paper Corporate notes Money market mutual funds Mortgage and asset -backed securities Municipal bonds U.S. agency securities U.S. Treasury obligations Total restricted investments $ 7,473,190 31,578,587 18,825,084 32, 574, 986 2,519,546 2,520,541 32,592,124 $ 7,472,766 31,843,060 18,825,084 32,889,884 2,529,175 2,550,714 32, 870,190 $ 128,084,058 $ 128,980,873 0.000%—1.753% 07/02/18 — 07/13/18 2.493% — 3.405% 07/15/18 — 06/11 /21 0.000%—1.480% N/A -3.395% — 5.963% 07/06/18 — 09/16/55 1.800% — 2.862% 08/01/18—11/15/52 1.095% — 2.767% 07/02/18 — 01/13/22 0.613% — 2.809% 07/05/18 — 01/15/27 Restricted investment portfolio weighted average 0.017 2.334 35 days or 0.096 7.378 23.966 0.912 4.231 5.548 40 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 2. Cash and Investments, Continued The weighted average maturity is calculated using the investment's effective duration weighted by the investment's fair value. As of June 30, 2018, mortgage and asset -backed securities totaled $37,481,816. 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 $16,592,399 which is rated AA+ 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 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 $16,066,000 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, 2018; securities denoted as NR are not rated by one of the nationally recognized statistical rating organizations. RCPIF LAIF Commercial paper Various Various Various Various Corporate Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Mood 's S&P Aaa-of NR P-1 P-2 P-1 P-2 AAAVS1 NR A-1 A-1 A-2 A-2 % of Po" i,•rlE+ 74.86% 0.51 % 0.53% 0.19% 0.19% 0.11% Al A 0.53% A2 A 0.59% A3 A 0.37% Baal A 0.21 % Baal A 0.21 A2 A- 0.23% A3 A- 0.67% Baal A- 0.15% Al A+ 0.31 AA2 A+ 0.14% AA3 A+ 0.33% Al AA 0.14% AA2 AA 0.14% 41 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 2. Cash and Investments, Continued Investments Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Money market mutual funds Funds Funds Mortgage and asset -backed securities Securities Securities Securities Securities Securities Securities Securities Municipal bonds Alameda County AA1 AA 0.07% California State University AA2 AA- 0.02% Colorado Housing and Finance Authority Aaa AAA 0.01% City of Franklin Aa2 NR 0.05% Greater Orlando Aviation Authority AA3 AA- 0.10% Inland Valley California Development Agency Successor NR AA 0.03% Los Angeles Community College District Aa1 NR 0.11% Los Angeles County AA2 AA 0.01% Los Angeles County Department of Airports AA3 AA 0.03% Los Angeles County Redevelopment AA3 AA 0.04% Maine State Housing Authority Aa1 AA+ 0.01% North Dakota Housing Finance Agency Aa1 NR 0.01% Pasadena Unified School District AA3 A+ 0.03% Sacramento Suburban Water District NR AA+ 0.02% San Diego Public Facilities Financing Authority NR AA- 0.10% San Francisco Bay Area Rapid Transit District NR AA+ 0.01% San Francisco Redevelopment Agency NR AA- 0.04% San Jose Redevelopment Agency NR AA 0.07% San Marcos Redevelopment Agency NR AA- 0.01% State of California AA1 AA 0.01% State of California AA3 AA- 0.19% State of California High Speed Passenger Train AA3 AA- 0.05% State of Mississippi AA2 AA 0.01% State of Texas AAA AAA 0.03% State of New York AA1 AA+ 0.10% The Port Authority of New York and New Jersey AA3 AA- 0.03% University of California AA2 AA 0.05% University of California AA3 AA- 0.03% Wisconsin Housing and Economic Development Authority Aa2 AA 0.01% U.S. agency notes Notes 1.37% U.S. Treasuries Treasury 7.09% Moody's S&P AA3 Al AA2 AA3 AA1 AAA AAA A3 Baal Aaa AA AA- AA- AA - AA+ AA+ AAA BBB+ BBB+ NR of Portfolio. 0.06% 0.44% 0.35% 0.02% 0.13% 0.07% 0.10% 0.46% 0.21 % 0.23% Aaa AAAm 2.59% NR NR 0.03% Aaa AA+ 2.28% AAA AAA 0.98% NR AAA 0.17/0 NR AAA 0.80% AAA NR 0.70% NR NR 0.07% P-1 NR 0.16% Total 100.00% 42 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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, 2018, 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 to other governments, 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 available advances to CVAG are $0 as of June 30, 2018. The outstanding interest -bearing advances, including capitalized interest of $902,990, as of June 30, 2018 were as follows: City of Blythe $ 266,395 City of Canyon Lake 116,503 City of Indio 759,430 Coachella Valley Associated Governments 24,417,058 Total interest -bearing advances receivable $ 25,559,386 43 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 4, Capital Assets Capital assets activity for the year ended June 30, 2018 was as follows: Governmental activities Balance June 30, 2017 Balance Additions Deletions Transfers June 30, 2018 Capital assets not being depreciated: Land and land improvements Construction in progress Rail operating easements Construction easements 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 $ 162,102,279 58,061,858 63,846,199 1,167,671 285,178,007 $ 10,151,213 99,752,154 22,000 109,925,367 191,036,556 1,216,597 145,159,852 9,384,019 980,670 3,315,135 94,332 1,602,427 342,188,972 (53,106,668) (5,031,971) (917,305) (27,627) (85,949) (1,344,794) (60,514,314) 281,674,658 211,179 166,384 10,978,179 (6,489,540) (5,170,440) (63,365) — (187,236) — (14,008) (157,221) 26,129 (12,081,810) 26,129 (1,103,631) $ (168,603) $ — $ 172,084,889 - (15,166,596) 142,647,416 — — 63,846,199 1,189,671 (168,603) (15,166,596) 379,768,175 (26,129) (26,129) 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 $ 566,852,665 $108,821,736 $ (168,603) $ (15,166,596) $ 660,339,202 Business-t pe activities Balance June 30, 2017 Balance Additions Deletions Transfers June 30, 2018 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 Office furniture, equipment and vehicles Total capital assets being depreciated Less accumulated depreciation for: Toll infrastructure Transponders Buildings Office furniture, equipment and vehicles Total accumulated depreciation Total capital assets being depreciated, net Business -type activities capital assets, net $ 44,658,207 $ 44,658,207 27,408,768 122,506 686,813 18,428 — $ (1,625,319) $ 174,151 174,151 (1,625,319) 331,313 7,032 - $ 43,032,888 — 174,151 43,207,039 (2) 491,230 27,899,996 — — 453,819 — — 686,813 — — 25,460 28,236,515 (1,337,706) (12,763) (202,004) (512) (1,552,985) 26,683,530 $ 71,341,737 338,345 (2) 491,230 29,066,088 (5,350,824) (80,875) (40,401) (8,487) (5,480,587) (5,142,242) $ (4,968,091) (2) $ (1,625,321) $ 491,230 491,230 (6,688,530) (93,638) (242,405) (8,999) (7,033,572) 22,032,516 $ 65,239,555 44 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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, 2018 as follows: Governmental activities: General government $ 166,611 Commuter rail 11,664,598 Highway 250,601 Total depreciation expense — governmental activities $ 12,081,810 Business -type activities: RCTC 91 Express Lanes Total depreciation expense — business -type activities Note 5. Intangible Assets and Service Concession Arrangements $ 5,480,587 $ 5,480,587 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, 2018 was as follows: Toll facility franchise Less accumulated amortization Total toll facility franchise, net Balance June 30, 2017 $235,251,748 (1,176,259) $234,075,489 Additions (4,705,035) $ (4,705,035) Transfers $ 14,675,366 $ 14,675,366 Balance June 30, 2018 $ 249,927,114 (5,881,294) $ 244,045,820 45 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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, 2018 is as follows: Receivable Fund Payable Fund Amount Explanation General funa 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 A Coachella Valley Special Revenue fund Transportation Uniform Mitigation Fee Special Revenue fund Local Transportation Fund Commercial Paper Capital Projects fund Commercial Paper Capital Projects fund Bonds Capital Projects fund Nonmajor Governmental 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 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 Nonmajor Governmental funds Bonds Capital Projects fund Measure A Coachella Valley Special Revenue fund Debt Service fund Measure A Western County Special Revenue fund General fund Nonmajor Governmental funds Measure A Coachella Valley Special Revenue fund Measure A Coachella Valley Special Revenue fund Nonmajor Governmental funds 68,348 Fringe benefits allocation 290,900 Administrative cost allocation 277,900 Administrative cost allocation 1,152,301 Administrative cost allocation 113,700 Administrative cost allocation 211,100 Administrative cost allocation 37,900 Administrative cost allocation 39,685 Fringe benefits allocation 494,371 301 83,409 3,588,432 9,062,890 108,564 159,403 235,942 654,500 39,368 546,376 67,894 1,426,800 Total due from/to other funds $ 18,660,084 Fringe benefits allocation Fringe benefits allocation Fringe benefits allocation Cash deficit Highway project costs allocations Local streets and roads payment correction Advance loan payment adjustment Regional arterial project costs allocations Administrative cost allocation reconciliation Advance loan payment adjustment Advance loan payment adjustment Advance loan payment adjustment Call box program augmentation of freeway service patrol operations 46 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 6, Interfund Transactions, Continued Interfund transfers: Durin Transfers Out General fund Measure A Western County Special Revenue fund Measure A Western County Special Revenue fund Measure A Western County Special Revenue fund Measure A Western County Special Revenue fund Local Transportation Fund Commercial Paper Capital Projects fund Commercial Paper Capital Projects fund Bonds Capital Projects fund Bonds Capital Projects fund Bonds Capital Projects fund Bonds Capital Projects fund 2018, interfund transfers were as follows: Debt Service fund Debt Service fund Nonmajor Governmental funds Nonmajor Governmental funds RCTC 91 Express Lanes Enterprise fund Total transfers Transfers In Local Transportation Fund General fund Transportation Uniform Mitigation Fee Special Revenue fund Debt Service fund Bonds Capital Projects fund General fund Debt Service fund Measure A Western County Special Revenue fund Measure A Western County Special Revenue fund Measure A Western County Special Revenue fund Commercial Paper Capital Projects fund Debt Service fund Measure A Western County Special Revenue fund Measure A Coachella Valley Special Revenue fund Nonmajor Governmental funds Nonmajor Governmental funds Bonds Capital Projects fund Amount Explanation $ 654,500 Administrative cost allocation reconciliation 7,500,000 Commuter rail costs allocations 235,942 Highway project costs allocations 64,072,323 Debt service funding related to highway projects for Western County and to advance agreements for Western County jurisdictions 8,700,000 TIFIA ramp -up for 1-15 Express Lanes project 21,049,875 3,530,610 23,465,277 135,083,914 1,449,936 30,000,000 409,241 2,785,294 159,403 226,800 Administration, planning and programming, commuter rail operating and station maintenance, and grade separation costs allocations Debt service related to advance agreements for Coachella Valley and Palo Verde Valley jurisdictions Highway project costs allocations Highway project costs allocations Cost of issuance related to the 2017A Sales Tax Bonds and 2017B and 2018 Refunding Bonds Transfer of bond proceeds for retirement of outstanding commercial paper notes Debt service related to advance agreements for Coachella Valley and Palo Verde Valley jurisdictions Cash subsidies available after debt service payment Share of cash subsidy related to CVAG advance agreement Coachella Valley commuter rail costs allocations 1,083,600 Call box program augmentation of freeway service patrol operations 216,955 Excess interest earnings $ 300,623,670 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 $15,166,596 of capital and intangible costs from the governmental activities to the RCTC 91 Express Lanes Enterprise fund. 47 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations The following is a summary of the changes in long-term obligations for the year ended June 30, 2018: Governmental activities Balance Additions t June 30, 2017 Accretion Reductions Balance June 30, 2018 Due Within One Year Sales tax revenue bonds: 2009 Bonds 2010 Bonds 2013 Bonds 2016 Refunding Bonds 2017 Bonds, series A 2017 Refunding Bonds, series B 2018 Refunding Bonds Commercial Paper Total bonds payable Sales tax revenue bonds discount Sales tax revenue bonds premium Total bonds payable, net MSHCP funding liability Capital lease Compensated absences liability Total long-term obligations $ 70,800,000 $ 150,000,000 462,200,000 73,240,000 -- 158,760,000 392,730,000 64,285,000 30,000,000 786,240,000 (507,162) 37,183,286 822,916,124 9,000,000 28,939 880,901 $ 832,825,964 615,775,000 119,713,807 735,488,807 36,623 $ 735,525,430 $ (70,800,000) (37,630,000) (395,405,000) (4,705,000) (3,710,000) (745,000) (30,000,000) (542,995,000) 507,162 (28,106, 826) (570,594,664) (3,000,000) (20,974) (23,702) $ (573,639,340) 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 11,841,860 37,806,860 3,000,000 7,967 332,237 $ 41,147,064 Business -type activities Balance June 30, 2017 Additions 1 Accretion Reductions Balance June 30, 2018 Due Within One Year Toll revenue bonds: 2013 Bonds Toll revenue bonds discount Total bonds payable, net TIFIA loan Compensated absences liability Total long-term obligations $ 192,070,770 (2,147,519) 189,923,251 $ 4,525,846 $ 4,525,846 73,073 73,073 $ 196,596,616 $ (2,074,446) 194,522,170 438,628,419 15,352,447 — 453,980,866 16,238 109,110 (70,616) 54,732 19,156 $ 628,567,908 $ 19,987,403 $ 2,457 $ 648,557,768 $ 19,156 48 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations, Continued The Commission has pledged a portion of future sales tax revenues through maturities of the bonds to repay $859,020,000 in 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, 2018 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 38% of 2009 Measure A revenues. For the current year, interest paid on the bonds and commercial paper notes was $43,039,543 and $37,485, respectively. Cash subsidies of $2,785,292 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 Transportation Infrastructure Finance and Innovation Act (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 evidenced by a toll revenue bond issued pursuant to the toll bond indentures; the amount outstanding under the TIFIA loan at June 30, 2018 is $453,980,866, including compounded interest of $32,926,457. 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 1-15 Express Lanes, which are expected to open in 2020. No amounts are outstanding under the TIFIA loan at June 30, 2018. 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, 2018: 2010 Sales Tax Revenue Bonds (I:United Tax Bonds), Series R; (Taxable Build America Bands): Outstanding In November 2010, the Commission issued sales tax revenue bonds consisting of the $37,630,000 Series A (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 2010E 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 2018 the cash subsidy related to the 2010 Bonds that was received from the U.S. Treasury was approximately $2,785,300, or $196,800 less than the amount anticipated. The subsidy reduction resulted from federal sequestration cuts of 6.6% for federal fiscal year ended September 30, 2018. The federal sequestration cuts may continue for an unknown duration. 49 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations, Continued 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 2019 2020 2021 2022 2023 2024-2028 2029-2033 2034-2038 2039 Principal 14,540,000 79,850,000 17,980,000 $ 112,370,000 interest 7,649,000 7,649,000 7,649,000 7,649,000 7,649,000 38,245,200 38,209,100 22,887,500 1,223,900 $ 138,810,700 Total 7,649,000 7,649,000 7,649,000 7,649,000 7,649,000 38,245,200 52,749,100 102,737,500 19,203,900 $ 251,180,700 Subsidy (2,982,100) (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,500) (14,897,900) (9,470,700) (551,200) $ (54,740,800) Total, net 4,666,900 4,666,900 4,666,900 4,666,900 4,666,900 23,334,700 37,851,200 93,266,800 18,652,700 $ 196,439,900 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 $12,090,000 to $14,695,000 on various dates from June 1, 2019 through June 1, 2023 at an interest rate of 5.00%. $ 66,795,000 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 Endin • June 30 Principal Interest -- Total 2019 2020 2021 2022 2023 12,090,000 12,690,000 13,325,000 13,995,000 14,695,000 $ 3,339,800 2,735,300 2,100,800 1,434,500 734,600 15,429,800 15,425,300 15,425,800 15,429,500 15,429,600 $ 66,795,000 $ 10,345,000 $ 77,140,000 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 with Deutsche Bank AG (Deutsche Bank), and pay costs of issuance. The outstanding 2016 Refunding Bonds mature in annual installments ranging from $4,940,000 to $7,305,000 on various dates from June 1, 2019 through June 1, 2029 at interest rates ranging from 2.00% to 5.00%. $ 68,535,000 50 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7, Long-term Obligations, Continued 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 2019 2020 2021 2022 2023 2024-2028 2029 4,940,000 5,185, 000 5,445,000 5,720,000 6,005,000 33,935,000 7,305,000 $ 2,513,100 2,266,100 2,006,900 1,734,600 1,448,600 3,335,200 146,100 7,453,100 7,451,100 7,451, 900 7,454,600 7,453,600 37, 270, 200 7,451,100 $ 68,535,000 $ 13,450,600 $ 81,985,600 2017 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A {Tax-exem Outstandin In July 2017, the Commission issued sales tax revenue bonds of $158,760,000 at a premium of $28,931,909 to fund a portion of the 1-15 Express Lanes project and complete the 91 Project. The outstanding 2017A Bonds mature in annual installments ranging from $4,470,000 to $11,440,000 on various dates from June 1, 2019 to June 1, 2039 at interest rates ranging from 3.00% to 5.00%. $ 155,050,000 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 Endin. June 30 Principal Interest Total - 2019 2020 2021 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 4,470,000 4,690,000 4,835,000 5,075,000 5,280,000 30,620,000 39,050,000 49,590,000 11,440, 000 $ 7,545,500 7,322,000 7,181,300 6,939,600 6,736,600 29,450,100 21,022,800 10,477,100 572,000 $ 12,015,500 12,012,000 12,016,300 12,014,600 12,016,600 60,070,100 60,072,800 60,067,100 12,012,000 $ 155,050,000 $ 97,247,000 $ 252,297,000 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 2017E 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 for the 2017B Refunding Bonds payable throughout the term of the bonds are as follows: 51 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations, Continued Year Endin . June 30 Principal Interest Total 2019 2020 2021 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 83,140,000 143, 745, 000 134,865,000 30,980,000 $ 19,366,400 19,366,400 19,366,400 19, 366, 300 19, 366, 300 88,923,000 62,225,000 27,783,300 1,549,000 19,366,400 19,366,400 19,366,400 19,366,300 19,366,300 172,063,000 205,970,000 162,648,300 32,529,000 $ 392,730,000 $277,312,100 $ 670,042,100 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, 2018, the unamortized deferred amount on refunding was $37,948,048. 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 Sates 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 $4,465,000 to $7,290,000 on various dates from June 1, 2019 through June 1, 2029 at interest rates ranging from 4.00% to 5.00%. $ 63,540,000 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 2019 2020 2021 2022 2023 2024-2028 2029-2033 4,465,000 4,680,000 4,890,000 5,205,000 5,425,000 31,585,000 7,290,000 $ 3,177,000 2,953,800 2,719,800 2,475,200 2,215,000 6,713,700 364,500 7,642,000 7,633,800 7,609,800 7,680,200 7,640,000 38,298,700 7,654,500 $ 63,540,000 $ 20,619,000 $ 84,159,000 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. 52 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations, Continued 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 1-15 Express Lanes 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 Bonds CIBs payable throughout the term of the bonds are as follows: Year Ending June 30 2019 2020 2021 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 2044-2048 Principal interest 123,825,000 7,11 7,119, 900 7,119, 900 7,119, 900 7,119, 900 35,599,700 35,599,700 35,599,700 35,599,700 24,127,700 Total 9,900 $ 7,119,900 7,119,900 7,119,900 7,119,900 7,119,900 35,599,700 35,599,700 35,599,700 35,599,700 147,952,700 $ 123,825,000 $ 202,126,000 $ 325,951,000 2013 Toll Revenue Bonds, Series B (Capital Appreciation Obligation): 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 2018, the accretion amount was $4,525,846. Outstanding $ 72,771,616 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 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 Princi al Accreted Interest Total $ 2,396,700 3,098,000 18,364,800 15,215,000 1,963,300 11,791,800 $ 52,829,600 $ 1,423,300 2,231,900 22,490,300 34,850,000 6,196,700 78,458,200 $ 145,650,400 $ 3,820,000 5,329,900 40,855,100 50,065,000 8,160,000 90,250,000 $ 198,480,000 53 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations, Continued 2013 TIFIA Loan A! reement — 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%. $ 453,980,866 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: Mandatory Year ending June 30 Principal Interest Total 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 2044-2048 2049-2051 Total Future compounded interest Total TIFIA loan — $ 1,921,000 — 1,921,000 23,604,000 200,000 73,743,000 97,548,000 81,787,000 99,208,000 61,359,000 177,427,000 41,287,000 128,955,000 6,519,000 503,338,000 $ 292,141,000 $ (49,357,100) $ 453,980,900 1,921,000 1,921,000 23,604,000 73,943,000 179,335,000 160,567,000 218,714,000 135,474,000 795,479,000 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 of the 2013 Toll 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 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. 2017 TIFIA loan A reement -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 1-15 Express Lanes project, through June 1, 2053. The interest rate of the TIFIA loan is 2.84%. During 2018, there were no draws on the TIFIA loan. The TIFIA loan is a senior toll revenue bond per the 1-15 Express Lanes project indenture. 54 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations, Continued Pursuant to the 1-15 Express Lanes project toll indenture, the Commission will establish the following to support the 1-15 Express Lanes: • A $16.5 million ramp -up reserve prior to substantial completion and commencement of express lanes operations anticipated in 2020; • An $18 million TIFIA loan reserve from an initial loan of Measure A sales tax revenues up to $3 million per year from 2019 through 2024 to the extent that 1-15 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 I- 15 Express Lanes revenues are not sufficient to cover operations and maintenance costs, TIFIA loan mandatory debt service, and TIFIA scheduled interest. 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, 2018, $0 was outstanding in commercial paper notes. The source of revenue to repay the 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 2019. The commitment fees paid to State Street were $241,368 in 2018. 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, 2018; nor were there any amounts outstanding under the remaining letter of credit agreement at June 30, 2018. 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 lease for accounting purposes and, therefore, has been recorded at the present value of its future minimum lease payments. The office equipment book value of $78,606 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 of June 30, 2018 are as follows: Total minimum lease payments 8,298 Less amount representing interest (333) Present value of minimum lease payments $ 7,965 55 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 7. Long-term Obligations, Continued Interest rate swaps: As a means to achieve a greater level of interest rate stability, specifically rising interest rates that would negatively impact cash flows, the Commission entered into two forward -starting interest rate swaps in August 2006 for a total original notional amount of $185,000,000 whereby it swapped obligations to pay fixed rates for those that pay a floating rate. The swaps were part of a synthetic fixed rate financing with the Commission's 2009 Bonds. The floating rate receipts under the swaps corresponded to the floating rate payments on the 2009 Bonds. The fixed rate payment remained for the Commission as its primary interest obligation. The counterparty for the first swap ($100,000,000 original notional amount) was Bank of America, N.A. (Bank of America), and the counterparty for the second swap ($85,000,000 original notional amount) was Deutsche Bank. Under the swap agreements which became effective on October 1, 2009, the Commission paid Bank of America and Deutsche Bank (Counterparties or each a Counterparty) a fixed rate of 3.679% and 3.206%, respectively, for twenty years, the term of the 2009 Bonds; the Counterparties paid the Commission a floating rate equal to 67% of the one -month London Interbank Offer Rate (LIBOR). In September 2016, the Commission terminated the swap with Deutsche Bank and paid a termination payment of $10,292,000. In March 2018, the Commission terminated the swap with Bank of America and paid a termination payment of $7,526,000. 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, 2018. 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 $147,000,000 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 $6,000,000 is recorded as a liability in the government -wide financial statements. Note 8. Net Position and Fund Balances Net position: Net investment in capital assets of $242,828,909, as reported on the statement of net position, represents capital and intangible assets, net of accumulated depreciation and amortization, of $969,624,577 less the related debt of $726,795,668. 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. Net investment in Ca ital Assets Capital assets, net Less: related debt Total Governmental Activities 660,339,202 (131,161,102) $ 529,178,100 Bus ness-Type Activities 309,285,375 (595,634,566) 969,624,577 (726,795,668) $ (286,349,191) $ 242,828,909 Additionally, the statement of net position reports $809,983,609 of restricted net position, of which $485,734,398 is restricted by enabling legislation. 56 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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 public transit are 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. 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, 2018 are as follows: 57 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 8. Net Position and Fund Balances, Continued Local Transportation State Transit State of Good Fund Assistance Repair Total Bicycle and pedestrian facilities Transit and specialized transportation Western County: Bus transit: $ 7,565,006 $ 7,565,006 City of Banning — 324,506 2,328 326,834 City of Beaumont 4,221 1,693,431 19,122 1,716,774 City of Corona — 1,301,586 4,848 1,306,434 City of Riverside — 255,690 3,995 259,685 Riverside Transit Agency 3,126,866 6,093,543 159,505 9,379,914 Apportioned and unallocated 65,373,121 39,907,169 1,967,334 107,247,624 Commuter rail: Commission 2,000,000 197,812 2,197,812 Apportioned and unallocated 11,985,261 22,298,020 554,889 34,838,170 Total Western County 82,489,469 71,873,945 2,909,833 157,273,247 Coachella Valley: SunLine Transit Agency 82,138 14,094,513 141,155 14,317,806 Commuter Rail — (30,809) — (30,809) Apportioned and unallocated 10,649,567 2,051,934 612,966 13,314,467 Total Coachella Valley 10,731,705 16,115,638 754,121 27,601,464 Palo Verde Valley: Palo Verde Valley Transit Agency — 49,069 1,208 50,277 Apportioned and unallocated for transit and local streets and roads 1,133,716 104,689 34,230 1,272,635 Total Palo Verde Valley 1,133,716 153,758 35,438 1,322,912 Unapportioned funds 8,515,958 8,515,958 Total transit and specialized transportation $ 110,435,854 $ 88,143,341 $ 3,699,392 $ 202,278,587 Commuter rail: Restricted fund balance in the General fund represents 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. 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 as they 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 $740,055 and $8,498,902, respectively, to assist motorists on County roads are restricted as stipulated by the State. 58 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 8. Net Position and Fund Balances, Continued 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: A nonmajor governmental fund reported a negative unassigned fund balance of $268,754. 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, 2018 were approximately $423,700. 2019 $ 541,454 2020 557,698 2021 574,429 2022 591,662 2023 609,412 2024-2027 2,626,037 Total minimum rental commitment $ 5,500,692 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. 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 $15,405,400 and $3,313,388 during 2018 for its share of Metrolink operating and capital costs, respectively. As of June 30, 2018, cumulative capital contributions were $51,181,486. 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. 59 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 10. Joint Agreements, Continued 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 2018 the Commission contributed $0 for administration efforts. Riverside Orange Corridor Authority cooperative agreement: In May 2006 the Commission entered into a cooperative agreement, Riverside Orange Corridor Authority, with OCTA and the Transportation Corridor Agencies to jointly exercise the common powers of the parties to manage geotechnical studies regarding the Riverside Orange Corridor, which have been completed. The Commission was the recipient and administering entity of federal and state funds as necessary to accomplish this work, and the three agencies shared in meeting the local agency matching requirements. As of June 30, 2018, the Commission was not required to make any contributions. 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 Cofiroute USA, LLC (Cofiroute), as the operator, for the operations of the 91 Express Lanes. This will ensure 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. Cofiroute 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. Cofiroute is responsible for the day-to-day operations of the toll facility. The agreement with Cofiroute expires on June 30, 2021. Note 11. Employees' Pension Plans General Information about the CaIPERS Pension Plan: The Commission contracts with the 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. 60 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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, 2018, are summarized as follows: Benefit formula Benefit vesting schedule Benefit payments Retirement age Monthly benefits, as a % of eligible compensation Required employee contribution rates Required Commission contribution rates Miscellaneous Prior to January 1, 2013 On or after January 1, 2013 2.7% @ 55 5 years of service Monthly for life 50 — 55 2.0% to 2.7/0 8% 14.053% 2% @ 62 5 years of service Monthly for life 52 — 62 1.0% to 2.0% 7.25% 7.262% 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, 2018, the contributions recognized as part of pension expense for the Plan were as follows: Miscellaneous Contributions — Commission Contributions — Employee 1,308,877 440,294 Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions: As of June 30, 2018, 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 $ 8,721,456 61 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 11. Employees' Pension Plans, Continued 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, 2017, 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, 2016 rolled forward to June 30, 2017 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, 2016 and 2017 is as follows: 11111 )11 1 d Proportion — June 30, 2016 Proportion — June 30, 2017 Change — Increase (Decrease) 0.08829% 0.08794% (0.00035%) For the year ended June 30, 2018, the Commission recognized pension expense of $2,489,767. At June 30, 2018, the Commission reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows of Deferred Inflows of Resources Resources Pension contributions subsequent to measurement date $ 1,308,877 Differences between actual and expected experiences 11,127 Changes in assumptions 1,380,582 Differences between contributions and the proportionate share of contributions 487,589 Changes in Commission's proportion 875,084 Net differences between projected and actual earnings on plan investments 312,231 159,413 105,271 58,164 Total $ 4,375,490 $ 322,848 The $1,308,877 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 year ending June 30, 2018. Other amounts reported as deferred outflows of resources and deferred (inflows) of resources related to pensions will be recognized as pension expense as follows: d' g June 30 2019 2020 2021 2022 $ 1,106,312 1,121,208 701,623 (185,378) $ 2,743,765 Actuarial Assumptions — The total pension liability in the June 30, 2016 actuarial valuation was determined using the following actuarial assumptions: Valuation Date June 30, 2016 Measurement Date June 30, 2017 Actuarial Cost Method Entry -Age Normal Cost Method Actuarial Assumptions: Discount Rate Inflation Projected Salary Increase Investment Rate of Return Mortality Miscellaneous. 7,15% 2.75% 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 62 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 11. Employees' Pension Plans, Continued The underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2016 valuation were based on the results of a January 2016 actuarial experience study for the period 1998 to 2012. 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 compared to 7.65% in 2017 due to a decrease in the long-term expected rate of return. To determine whether the municipal bond rate should be used in the calculation of a discount rate for each plan, CaIPERS stress tested plans that would most likely result in a discount rate that would be different from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets. Therefore, the current 7.15% discount rate is adequate and the use of the municipal bond rate calculation is not necessary. The long-term expected rate of 7.15% will be applied to all plans in the Public Employees Retirement Fund. The stress test results are presented in a detailed report that can be obtained from the CaIPERS website. 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 compared to 7.50% in 2017. 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 (11-60 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 single equivalent expected rate 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 equivalent to the single equivalent rate calculated above and rounded down to the nearest one quarter of one percent. The table below reflects the long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate as asset allocation. These rates of return are net of administrative expenses. Asset Class Current Target Real Return Real Return Allocation Years 1-10,(a) Years 11+ (b) Global Equity Global Debt Securities Inflation Sensitive Private Equity Real Estate Infrastructure and Forestland Liquidity Total 47.0% 19.0% 6.0% 12,0% 11.0% 3.0% 2.0% 100% (a) An expected inflation rate of 2.5% used for this period. (b) An expected inflation rate of 3.0% used for this period. 4.90% 0.80% 0.60% 6.60% 2.80% 3.90% (0.40%) 5.38% 2.27% 1.39% 6.63% 5.21 % 5.36% (0.90%) Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate — The following presents the Commission's proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the Commission's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 % below or 1 % higher than the current rate: 63 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 11. Employees' Pension Plans, Continued Miscellaneous 1 % Decrease Net Pension Liability Current Discount Rate Net Pension Liability 1 % Increase Net Pension Liability 6.15% $13, 272, 247 7.15% $8,721,456 8.15% $4,952,408 Pension Plan Fiduciary Net Position — Detailed information about the pension separately issued CaIPERS financial reports. Payable to the Pension Plan — At June 30, 2018, the Commission reported a contributions to the pension plan required for the year ended June 30, 2018. plan's fiduciary net position is available in the payable of $0 for the outstanding amount of 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 $5,653,205. The Commission's contributions to the Plan were $420,746 for the year ended June 30, 2018. 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, 2018 are as follows: Inactive employees or beneficiaries currently receiving benefit payments Inactive employees entitled to but not yet receiving benefit payments Active employees Total 16 0 47 63 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, 2018, the Commission's average contribution rate was 12.4% of covered -employee payroll. Employees are not required to contribute to the plan. 64 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 12, Postemployment Benefits Other Than Pensions (OPEB), Continued Net OPEB Liability — The Commission's net OPEB liability was measured as of June 30, 2017, 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, 2017 actuarial valuation was determined using the following assumptions, applied to all periods included in the measurement, unless otherwise specified: Actuarial, Assumptions Inflation Salary increases Investment rate of return Healthcare cost trend rates June 30, 2016 Measurement Date 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, 2017 valuation were based on the results of an actuarial experience study for the period July 1, 2016 to June 30, 2017. 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 Expected Real Allocation Rate of Return Strategy,2 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 from the measurement date of June 30, 2016 to June 30, 2017 are as follows: 65 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 12. Postemployment Benefits Other Than Pensions (OPEB), Continued Balances at June 30, 2016 (measurement date Changes for the year: Service cost Interest Contributions - employer Net investment income Benefit payments Administrative expense Net changes Balances at June 30, 2017 (measurement date) Increase (Decrease) Total OPEB Plan Fiduciary Net Net OPEB Liability Liability Position $ 5,235,000 5,911,000 449,000 377,000 (172,000) 654,000 666,000 597,000 (172,000) (3,000) 1,088,000 676,000 449,000 377,000 (666,000) (597,000) 3,000 (434,000) $ 6,565,000 $ 6,323,000 $ 242,000 Sensitivity of the net OPEB liability to changes in the discount rate - The following table presents the Commission's net OPEB liability, 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 5.00% $1,249,000 6.00% $242,000 1% Increase 7.00% Net OPEB Asset ($574,000) Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates - The following table presents the net OPEB liability as well as what the 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 ($655,000) Current Trend $242,000 1% Increase $1,346,000 OPEB plan fiduciary net position - Detailed information about the OPEB plan's fiduciary net position is available in the separately issued CERBT financial reports. OPEB expense and deferred outflows of resources and deferred inflows of resources related to OPEB - For the year ended June 30, 2018, the Commission recognized OPEB expense of $488,000. At June 30, 2018 the Commission reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources. 66 Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 12. Postemployment Benefits Other Than Pensions (OPEB), Continued Deferred Outflows of Deferred Inflows of Resources Resources Contributions subsequent to measurement date $ 725,000 $ Net differences between projected and actual earnings on plan investments 124,800 Total $ 849,800 $ 214,400 214,400 The $725,000 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 year ending June 30, 2019. 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 Ju ° 2019 2020 2021 2022 i $ (12,000) (12,000) (14,000) (51,600) $ (89,600) Payable to the OPEB Plan — At June 30, 2018 the Commission reported a payable of $0 for the outstanding amount of contributions to CERBT required for the year ended June 30, 2018. 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, 2018 that have an effective date that may impact future financial presentations include: • GASB Statement No. 83, Certain Assets Retirement Obligations, effective for fiscal years beginning after June 15, 2018; • GASB Statement No. 84, Fiduciary Activities, effective for fiscal years beginning after December 15, 2018; • GASB Statement No. 87, Leases, effective for fiscal years beginning after December 15, 2019; • GASB Statement No. 88, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements, effective for fiscal years beginning after June 15, 2018; and • 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. 67 Required Supplementary Information RIVERSIDE COUNTY TRANSPORTATION Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund Year Ended June 30, 2018 Revenues Intergovernmental Investment income Other Total revenues Expenditures Current: General government Commuter rail Planning and programming 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) 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 required supplementary information General Original Budget $ 8,702,400 $ 76,400 293,200 Final Budget 8,775,987 $ 76,400 293,200 Actual 5,674,843 $ 138,417 286,647 Variance with Final Budget Positive (Negative) (3,101,144) 62,017 (6,553) 9,072,000 7,554,400 30,594,900 8,690,400 516,300 9,145,587 6,099,907 7,756,200 30,520,600 8,689,800 559,100 11,699 22,682,717 3,433,172 498,790 (3,045,680) 7,744,501 7,837,883 5,256,628 60,310 47,356,000 47,525,700 26,626,378 21,000 4,000 20,974 3,884 20,899,322 26 116 25,000 24,858 1,040,000 997,400 429,652 48,396,000 48,548,100 27,080,888 (39,324,000) (39,402,513) (20,980,981) 39,411,600 41,103,600 28,549,875 (1,551,800) (1,551,800) (654,500) 37,859,800 39,551,800 27,895,375 $ (1,464,200) $ 149,287 6,914,394 $ 19,126,100 142 567,748 21,467,212 18,421,532 (12,553,725) 897,300 (11,656,425) 6,765,107 $ 26,040,494 68 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual • Major Special Revenue Funds Year Ended June 30, 2018 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 $ 136,042,000 $ 139,907,000 $ 136,852,833 $ (3,054,167) $ 38,923,000 $ 40,029,000 $ 38,512,321 $ (1,516,679) Transportation Uniform Mitigafion Fee Intergovernmental 74,012,900 74,912,900 68,412,271 (6,500,629) - - - - Investment income 623,300 623,300 2,474,963 1,851,663 112,300 112,300 434,803 322,503 Other 1,828,500 1,828,500 2,515,887 687,387 Total revenues 212,506,700 217,271,700 210,255,954 (7,015,746) 39,035,300 40,141,300 38,947,124 (1,194,176) Expenditures Current: General government 1,747,300 1,064,800 954,199 110,601 Bicycle and pedestrian facilities - CETAP - 1,487 1,687 (200) Commuter assistance 3,368,000 4,148,100 3,647,662 500,438 Commuter rail 46,308,500 46,715,300 14,118,997 32,596,303 - - Highways 304,134,400 294,074,713 164,579,201 129,495,512 30,008,500 30,464,500 15,984,413 14,480,087 Local streets and roads 38,311,500 39,150,500 39,223,884 (73,384) 13,589,300 13,880,300 13,479,312 400,988 Planning and programming Regional arterials 3,668,100 8,673,300 6,158,736 2,514,564 - Transit and specialized transportation 7,865,500 7,712,100 6,184,197 1,527,903 5,000,000 5,153,400 5,366,000 (212,600) Total programs 405,403,300 401,540,300 234,868,563 166,671,737 48,597,800 49,498,200 34,829,725 14,668,475 Capital outlay 3,940,000 5,221,300 2,177,199 3,044,101 Total expenditures 409,343,300 406,761,600 237,045,762 169,715,838 48,597,800 49,498,200 34,829,725 14,668,475 Excess (deficiency) of revenues over (under) expenditures (196,836,600) (189,489,900) (26,789,808) 162,700,092 (9,562,500) (9,356,900) 4,117,399 13,474,299 Other financing sources (uses) Debt issuance 88,000,000 81,810,000 - (81,810,000) - - - - Transfers in 156,715,900 157,305,900 162,784,421 5,478,521 188,000 188,000 159,403 (28,597) Transfers out (113,591,000) 114,551,100 (80,508,265) (195,059,365) (124,800) (399,400) 399,400 Total other financing sources(uses) 131,124,900 353,667,000 82,276,156 (271,390,844) 63,200 (211,400) 159,403 370,803 Net change in fund balances Fund balances at beginning of year Fund balances at end of year See notes to required supplementary information $ (65,711,700) $ 164,177,100 55,486,348 $ (108,690,752) $ (9,499,300) $ (9,568,300) 4,276,802 $ 13,845,102 221,510,954 47,791,274 $ 276,997,302 $ 52,068,076 Revenues Sales taxes Transportation Uniform Mitigation Fee Intergovernmental Investment Income Other Total revenues 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, 2018 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) $ - $ • $ - $ 88,000,000 $ 91,000,000 $ 89,557,646 $ (1,442,354) 21,250,000 22,250,000 23,699,764 1,449,764 - 1,314,998 1,314,998 185 185 390,600 390,600 664,023 273,423 435,300 435,300 825,116 389,816 25,155 25,155 • 21,640,600 22,640,600 25,703,940 3,063,340 88,435,300 91,435,300 90,382,947 (1,052,353) Expenditures Current General government 12,000 12,000 12,000 - Bicycle and pedestrian facilities - - - 4,000,000 5,063,600 1,142,306 3,921,294 CETAP 11,587,000 27,112,900 22,273,742 4,839,158 Commuter assistance Commuter rail Highways Local streets and roads • - - Planning and programming - - 660,000 1,433,000 773,000 660,000 Regional arterials 12,424,200 10,269,100 6,729,703 3,539,397 - Transit and specialized transportation 83,180,000 81,456,400 72,799,693 8,656,707 Total programs 24,011,200 37,382,000 29,003,445 8,378,555 87,852,000 87,965,000 74,726,999 13,238,001 Capital outlay Total expenditures 24,011,200 37,382,000 29,003,445 8,378,555 87,852,000 87,965,000 74,726,999 13,238,001- Excess (deficiency) of revenues over (under) expenditures (2,370,600) 04,741,400) (3,299,505) 11,441,895 583,300 3,470,300 15,655,948 12,185,648 Other financing sources (uses) Debt issuance - - • - - - - Transfers in 435,000 435,000 235,942 (199,058) 654,500 654,500 Transfers out (1,119,000) (1,709,000) 1,709,000 (23,783,300) (24,233,300) (21,049,875) 3,183,425 Total other financing sources (uses) (684,000) (1,274,000) 235,942 1,509,942 (23,783,300) (24,233,300) (20,395,375) 3,837,925 Net change in fund balances $. (3,054,600) $ (16,015,400) (3,063,563) $ 12,951,837 $ (23,200,000) $ (20,763,000) (4,739,427) $ 16,023,573 Fund balances at beginning of year 81,473,550 115,175,281 Fund balances at end of year $ 78,409,987 $ 110,435,854 See notes to required supplementary information Riverside County Transportation Commission Schedule of Proportionate Share of Net Pension Liability Last Ten Fiscal Years June 30, 2018 Fiscal Year 2018 2017 2016 20151 Measurement Date Fiscal Year 2017 2016 2015 2014 Proportion of the net pension liability/(asset) 0.08794% 0.08829% 0.09176% 0.08559% Proportionate share of the net pension liability/(asset) $ 8,721,456 $ 7,639,639 $ 6,298,052 $ 5,325,565 Covered payroll (measurement year) $ 5,536,781 $ 5,287,151 $ 4,792,270 $ 4,316,567 Proportionate share of the net pension liability/(asset) as percentage of covered payroll 157.52% 144.49% 131.42% 123.38% Plan fiduciary net position as a percentage of the total pension liability 73.31% 74.06% 78.40% 78,21% See notes to required supplementary information Fiscal year 2015 was the first year of implementation, therefore, only four years are shown. Represents most recent data available. 71 Riverside County Transportation Commission Schedule of Pension Contributions Last Ten Fiscal Years' June 30, 2018 Fiscal Year 2018 2017 2016 2015' Contractually required contribution (actuarially determined) $ 1,301,958 $ 1,211,922 $ 1,101,641 $ 1,044,018 Contributions in relation to the actuarially determined contributions (1,308,877) (1,238,891) (1,132,393) (1,125,317) Contribution deficiency (excess) $ (6,919) $ (26,969) $ (30,752) $ (81,299) Covered payroll $ 5,653,205 $ 5,536,781 $ 5,287,151 $ 4,792,270 Contributions as a percentage of covered payroll 23.15% 22.38% 21.42% 23.48% Valuation date 6/30/2015 6/30/2014 6/30/2013 6/30/2012 Actuarial cost method Entry age normal cost method Amortizations method Level of percentage of payroll Remaining amortization period 19 years as of valuation date Asset valuation method 15 year smoothed market Inflation 2.75% Projected salary increases 3.30% to 14.20% depending on age, service, and type of employment Discount rate 7.50% (net of administrative expenses) Retirement age 55 years Mortality RP-2000 Healthy Annuitant Mortality Table See notes to required supplementary information 'Fiscal year 2015 was the first year of implementation, therefore, only four years are shown. Represents most recent data available. 72 Riverside County Transportation Commission Schedule of Changes in the Net OPEB Liability and Related Ratios Last Ten Fiscal Years June 30, 2018 Measurement date fiscal year Total OPEB liability Service cost Interest Benefit payments Net change in total OPEB liability Beginning total OPEB liability Ending total OPEB liability Plan fiduciary net position Employer contributions Net invesment income Benefit payments Administrative expense Net change in plan fiduciary net position Beginning fiduciary net position Ending fiduciary net position Ending net OPEB liability Plan fiduciary net position as a percentage of the total OPEB liability Covered payroll (measurement year) Net OPEB liability as a percentage of covered -employee payroll See notes to required supplementary information Fiscal Year 2018 20171 2017 2016 $ 449,000 $ 437,000 377,000 338,000 (172,000) (155,000) 654,000 620,000 5,911,000 5,291,000 $ 6,565,000 $ 5,911,000 $ 666,000 597,000 (172,000) (3,000) 1,088,000 5,235,000 $ 634,000 86,000 (155,000) (2,000) 563,000 4,672,000 $ 6,323,000 $ 5,235,000 $ 242,000 $ 676,000 96.31 % 88.56% $ 5,536,781 $ 5,287,151 4.37% 12.79% Fiscal year 2017 was the first year of implementation, therefore, only two years are shown. Represents most recent data available. 73 Riverside County Transportation Commission Schedule of OPEB Contributions Last Ten Fiscal Years June 30, 2018 Fiscal Year 2018 20171 Actuarially determined contribution $ 533,000 $ 494,000 Contributions in relation to the actuarially determined contribution 725,000 666,000 Contribution deficiency (excess) $ (192,000) $ (172,000) Covered payroll $ 5,653,205 $ 5,536,781 Contributions as a percentage of covered -employee payroll 12.82% 12.03% Valuation date: Actuarially determined contribution rates are calculated as of June 30, two 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 Amortization method Amortization period Entry age normal - level percentage of payroll Level percentage of payroll Eight years Asset valuation method Investment gains and losses spread over five-year rolling period Inflation 3.00% Healthcare cost trend rates Non -Medicare: 7.0% for 2017, decreasing to an ultimate rate of 5.0% in 2021 and later years Medicare: 7.2% for 2017, decreasing to an ultimate rate of 5.0% in 2021 and later years Salary increases Investment rate of return Retirement age 3.00% aggregate 6.75% Classic employees: 50 - 55 Public Employees' Pension Reform Act: 52 - 62 Mortality Mortality projected fully generational with Scale MP-14 See notes to required supplementary information i Fiscal year 2017 was the first year of implementation, therefore, only two years are shown. Represents most recent data available. 74 Riverside County Transportation Commission Notes to Required Supplementary Information June 30, 2018 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 at the Commission's May meeting. The final budget for the 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 - employee payroll, proportionate share (amount) of the collective net pension liability as a percentage of Commission's covered -employee 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 -employee payroll. Postemployment Benefits Other Than Pensions Schedule of Changes in the Net OPEB Liability and Related Ratios — The schedule provides the schedule of changes in the net OPEB liability, the plan fiduciary net position as a percentage of the total OPEB liability, the Commission's covered - employee payroll, and the net OPEB liability as a percentage of covered -employee payroll. 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 -employee payroll. 75 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Other Supplementary Information 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 Transit Assistance: This fund is used to account for revenues from sales taxes on gasoline restricted for transit projects. 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. SB 132: 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. 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. 76 Riverside County Transportation Commission Combining Balance Sheet • Nonmajor Governmental Funds June 30, 2018 Special Revenue Service Measure Freeway Authority State State of Palo Verde Service for Freeway Transit Good Valley Patrol Emergencies Assistance Repair Assets Cash and investments $ 557 $ 1,370,698 $ 6,887,100 $ 83,044,463 $ 2,461,760 Receivables: Accounts 156,657 1,073,962 506,197 5,584,017 1,237,632 Interest 3,628 27,239 307,971 Due from other funds 1,200,000 Total assets $ 157,214 $ 2,448,288 $ 8,620,536 $ 88,936,451 $ 3,699,392 Liabilities and fund balances Liabilities: Accounts payable $ 104,989 $ 428,767 $ 109,382 $ 528,410 $ Due to other funds 51,668 1,279,466 12,252 264,700 Other liabilities Total liabilities 156,657 1,708,233 121,634 793,110 Fund balances: Restricted for: Commuter rail Local streets and roads 557 Motorist assistance 740,055 8,498,902 Planning and programming Transit and specialized transportation = 88,143,341 3,699,392 Unassigned: Total fund balances 557 740,055 8,498,902 88,143,341 3,699,392 Total liabilities and fund balances $ 157,214 $ 2,448,288 $ 8,620,536 $ 88,936,451 $ 3,699,392 Coachella Valley Rail Riverside County Transportation Commission Combining Balance Sheet • Nonmajor Governmental Funds, Continued June 30, 2018 Special Revenue Total Nonmajor Other Governmental SB 132 Agency Projects Funds Assets Cash and investments $ 2,914,464 $ $ 364,814 $ 97,043,856 Receivables: Accounts 320,195 5,341,293 500,000 14,719,953 Interest 10,877 278 349,993 Due from other funds 226,800 1,426,800 Total assets $ 3,472,336 $ 5,341,293 $ 865,092 $ 113,540,602 Liabilities and fund balances Liabilities: Accounts payable $ 186,468 $ 1,834,550 $ 167,898 $ 3,360,464 Due to other funds 19,545 3,775,497 10,720 5,413,848 Other liabilities 683,332 683,332 Total liabilities 206,013 5,610,047 861,950 9,457,644 Fund balances: Restricted for: Commuter rail 3,266,323 3,266,323 Local streets and roads 557 Motorist assistance 9,238,957 Planning and programming 3,142 3,142 Transit and specialized transportation • 91,842,733 Unassigned: • (268,754) (268,754) Total fund balances 3,266,323 (268,754) 3,142 104,082,958 Total liabilities and fund balances $ 3,472,336 $ 5,341,293 $ 865,092 i 113,540,602 Riverside County Transportation Commission Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds Year Ended June 30, 2018 Special Revenue Service Measure A Freeway Authority State State of Palo Verde Service for Freeway Transit Good Valley Patrol Emergencies Assistance Repair Revenues Sales taxes $ 936,502 $ - $ - $ 17,608,016 $ 3,712,895 Intergovernmental 1,613,144 2,167,579 Investment income (loss) 1 5,543 64,120 634,536 (13,503) Other - 366,776 5,018 Total revenues 936,503 1,985,463 2,236,717 18,242,552 3,699,392 Expenditures Current: Commuter rail Highways Local streets and roads 936,502 - - Motorist assistance 3,241,816 583,906 Planning and programming Transit and specialized transportation - - 5,305,243 - Total expenditures 936,502 3,241,816 583,906 5,305,243 Excess (deficiency) of revenues over (under) expenditures 1 (1,256,353) 1,652,811 12,937,309 3,699,392 Other financing sources (uses): Transfers in 1,083,600 • Transfers out (1,083,600) (226,800) Total other financing sources (uses) 1,083,600 (1,083,600) (226,800) Net change in fund balances 1 (172,753) 569,211 12,710,509 3,699,392 Fund balances at beginning of year 556 912,808 7,929,691 75,432,832 Fund balances at end of year $ 557 $ 740,055 $ 8,498,902 $ 88,143,341 $ 3,699,392 Riverside County Transportation Commission Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds, Continued Year Ended June 30, 2018 Special Revenue Total Coachella Nonmajor Valley Other Governmental Rail SB 132 Agency Projects Funds Revenues Sales taxes $ - $ - $ $ 22,257,413 Intergovernmental 602,224 5,341,294 295,181 10,019,422 Investment income (loss) 27,324 7,793 (433) 725,381 Other - - 371,794 Total revenues 629,548 5,349,087 294,748 33,374,010 Expenditures Current: Commuter rail 898,443 898,443 Highways 5,594,787 5,594,787 Local streets and roads • 936,502 Motorist assistance 3,825,722 Planning and programming 471,768 471,768 Transit and specialized transportation 5,305,243 Total expenditures 898,443 5,594,787 471,768 17,032,465 Excess (deficiency) of revenues over (under) expenditures (268,895) (245,700) (177,020) 16,341,545 Other financing sources (uses): Transfers in 226,800 1,310,400 Transfers out (1,310,400) Total other financing sources (uses) 226,800 Net change in fund balances (42,095) (245,700) (177,020) 16,341,545 Fund balances at beginning of year 3,308,418 (23,054) 180,162 87,741,413 Fund balances at end of year $ 3,266,323 $ (268,754) $ 3,142 $ 104,082,958 Revenues Sales lazes Intergovernmental Investment income (loss) Other Total revenues Expenditures Current: Commuter rail Highways Local streets and roads Motorist assistance Planning and programming Transit and specialized transportation Total programs 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—Nonma)or Special Revenue Funds Year Ended June 30, 2018 Measure A Palo Verde Valley Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Freeway Service Patrol Variance with Final Budget Original Final Positive Budget @Art Actual (Negative) $ 1,035,000 $ 1,064,000 $ 936,502 $ (127,498) $ - $ - $ - $ - • - 2,200,000 2,200,000 1,613,144 (586,856) • 1 1 - 5,543 5,543 675,000 675,000 366,776 (308,224) 1,035,000 1,064,000 936,503 (127,497) 2,875,000 2,875,000 1,985,463 (889,537) 1,032,200 1,054,200 936,502 117,698 3,934,800 3,929,800 3,241,816 687,984 1,032,200 1,054,200 936,502 117,698 3,934,800 3,929,800 3,241,816 2,800 9,800 1 (9,799) (1,059,800) (1,054,800) (1,256,353) (2,800) (10,100) (2,800) (10,100) $ •$ 1,083,600 1,083,600 1,083,600 10,100 (112,900) (112,900) - 10,100 970,700 970,700 1,083,600 687,984 (201,553) 112,900 112,900 (300) 1 $ 301 $ (89,100) $ (84,100). (172753) $ (8885; 556 22,008 $ 557 $ 740,055 Revenues Sales taxes Intergovernmental Investment Income (loss) Other Total revenues Expenditures Current: Commuter rail Highways Local streets and roads Motorist assistance Planning and programming Transit and specialized transportation Total programs 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 al end of year Service Authority f Original Final Budget Budget $ - $ 2,029,600 2,029,600 39,100 39,100 7,000 7,000 2,075,700 2,075,700 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, 2018 or Freeway Emergencies Variance with Final Budget Positive Actual (Negative) $ - $ 2,167,579 64,120 5,018 137,979 25,020 (1,982) 2,236,717 161,017 • 809,100 804,100 583,906 220,194 21,336,300 21,336,600 5,305,243 16,031,357 809,100 804,100 583,906 220,194 21,336,300 21,336,600 5,305,243 16,031,357 State Transit Assistance Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 10,469,000 $ 10,469,000 $ 17,608,016 $ 7,139,016 $ 327,900 327,900 634,536 306,636 10,796,900 10,796,900 18,242,552 7,445,652 1,266,600 1,271,600 1,652,811 381,211 (10,539,400) (10,539,700) 12,937,309 23,477,009 (1,144,600) (1,144,600) (1,083,600) 61,000 (272,900) (272,900) (226,800) (1,144,600) (1,144,600) (1,083,600) 61,000 (272,900) (272,900) (226,800) 46,100 46,100 Original Budget State of Good Repair Final Budget Variance with Final Budget Positive Actual (Negative) $ 3,712,895 $ 3,712,895 (13,503) (13,503) 3,699,392 3,699,392 3,699,392 3,699,392 $ 122,000 $ 127,000 56%211 $ 442,211 $ (10,812,330) (10,812,600) 12,710,509 $ 23,523,109 $ $ 3,699,392 $ 3,699,392 7,94691 75 432,832 - $ 8,498,902 $ 88143,341 $ 3,699,392 82 Revenues Sales taxes Intergovernmental Investment Income (loss) Other Total revenues Expenditures Current: Commuter rail Highways Local streets and roads Motorist assistance Planning and programming Transit and specialized transportation Total programs 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 Coachella Valley Rail Original Final Budget Budget Actual $ $ $ 2,400,000 2,400,000 602,224 27,324 Variance with Final Budget Positive (Negative) 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, 2018 SB 132 Variance with Final Budget Original Final Positive Beset Budget Actual (Negative) $ $ (1,797,776) 27,324 2,400,000 2,400,000 629,548 (1,770,452) 5,814,600 5,714,600 898,443 4,816,157 5,814,600 5,714,600 898,443 4,816,157 (3,414,600) (3,314,600) (268,895) 3,045,705 322,400 322,400 226,800 (95,600) (165,000) (165,000) - 165,000 157,400 157,400 226,800 69400 $ (3,257,200) $ (3,157,20% (42,095) $ 3,115,105 3,308.418 $ 3,266,323 - $ • - 8,756,970 • 5,341,294 7,793 (3,415,676) 7,793 • 8,756,970 5,3,19,087 (3,407,883) 10,763,570 5,594,787 5,168,783 - 10,763,570 5,594,787 5,1E8,783 - (2,006,600) (245,700) 1,760,900 Odginal Budget Other Agency Projects Final Budget Actual S $ • $ 4,001,000 4,001,000 295,181 1,000 1,000 (433) Variance with Final Budget Positive (Negative) • (3,705,819) (1,433) 4,002,000 4,002,000 3,873,500 4,438,300 294,748 471,768 (3,707,252) 3,966,532 3,873,500 4,438,300 471,768 128,500 (436,300) (177,020) 208,000 208,000 (208,000) (208,000) 3,966,532 259,280 (208,000) 208,000 $ (2,006,600) (245,700) 9 1,760,900 $ 128,500 $ (436,300), (177020).1 259,280 (23,054) 180,162 $ (268 754) 83 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual —Capital Projects Funds Year Ended June 30, 2018 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 105,800 105,800 1,657,775 1,551,975 1,028,700 1,028,700 1,988,693 959,993 Total revenues 105,800 105,800 1,657,775 1,551,975 1,028,700 1,028,700 1,988,693 959,993 Expenditures Current: Highways 400,000 1,287,000 929,220 357,780 Total programs 400,000 1,287,000 929,220 357,780 Debt service: Principal 30,000,000 30,000,000 30,000,000 - - Interest 172,500 172,500 37,485 135,015 7,526,000 7,526,000 Cost of issuance - - 5,500,000 5,057,016 2,256,061 2,800,955 Payment to escrow agent 66,966,708 66,966,667 41 Total debt service 30,172,500 30,172,500 30,037,485 135,015 5,500,000 79,549,724 76,748,728 2,800,996 Capital outlay Total expenditures 30,172,500 30,172,500 30,037,485 135,015 5,900,000 80,836,724 77,677,948 3,158,776 Excess (deficiency) of revenues over (under) expenditures (30,066,700) (30,066,700) (28,379,710) 1,686,990 (4,871,300) (79,808,024) (75,689,255) 4,118,769 Other financing sources (uses) Refunding debt issuance 20,000,000 20,000,000 - (20,000,000) • 457,490,000 457,015,000 (475,000) Debt issuance 158,760,000 158,760,000 158,760,000 - Premium on debt issuance 18,892,000 119,722,000 119,713,807 (8,193) Payment to refunded bonds escrow agent - (471,089,800) (471,089,840) (40) Transfers In 30,000,000 30,000,000 30,000,000 6,100,000 6,100,000 8,916,955 2,816,955 Transfers out (40,100,000) (40,100,000) (26,995,887) 13,104,113 (123,009,000) (123,009,000) (166,943,091) (43,934,091) Total other financing sources(uses) 9,900,000 9,900,000 3,004,113 (6,895,887) 60,743,000 147,973,200 106,372,831 (41,600,369) Net change In fund balances $ (20,166,700) $ (20,166,700) (25,375,597) $ (5,208,897) $ 55,871,700 $ 68,165,176 30,683,576 $ (37,481,600) Fund balances at beginning of year 46,951,913 64,660,068 Fund balances at end of year $ 21,576,316 $ 95,343,644 Riverside County Transportation Commission Schedule of Revenues, Expenditures and Changes In Fund Balances Budget and Actual —Debt Service Fund Year Ended June 30, 2018 Debt Service Fund Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Revenues Intergovernmental $ 2,746,500 $ 2,746,500 $ 2,785,292 $ 38,792 Investment income 206,600 206,600 240,501 33,901 Total revenues 2,953,100 2,953,100 3,025,793 72,693 Expenditures Current Highways Total programs Debt service: Principal 36,045,000 32,120,000 32,120,000 Interest 33,830,800 43,039,543 43,039,543 Cost of issuance Payment to escrow agent 3,833,333 3,833,333 Total debt service 69,875,800 78,992,876 78,992,876 Capital outlay Total expenditures 69,875,800 78,992,876 78,992,876 • Excess (deficiency) of revenues over (under) expenditures (66,922,700) (76,039,776) (75,967,083) 72,693 Other financing sources (uses) Refunding debt issuance Debt Issuance Premium on debt issuance Payment to refunded bonds escrow agent Transfers In 73,960,000 73,960,000 68,012,174 (5,947,826) Transfers out (2,746,500) (2,746,500) (2,944,697) (198,197) Total other financing sources (uses) 71,213,500 71,213,500 65,067,477 (6,146,023) Net change in fund balances Fund balances at beginning of year Fund balances at end of year $ 4,290,800 $ (4,826,276) (10,899,606) $ (6,073,330) 21,982,515 $ 11,082,909 85 Riverside County Transportation Commission Schedule of Expenditures for Local Streets and Roads by Geographic Area - All Special Revenue Funds Year Ended June 30, 2018 Western County: City of Banning $ 563,927 City of Beaumont 601,889 City of Calimesa 160,323 City of Canyon Lake 177,749 City of Corona 3,985,329 City of Eastvale 1,266,707 City of Hemet 1,700,088 City of Jurupa Valley 1,938,244 City of Lake Elsinore 1,303,137 City of Menifee 1,664,930 City of Moreno Valley 3,871,953 City of Murrieta 2,338,740 City of Norco 653,147 City of Perris 1,568,415 City of Riverside 7,372,116 City of San Jacinto 845,657 City of Temecula 3,062,870 City of Wildomar 616,835 Riverside County 5,313,428 Other 218,400 39,223,884 Coachella Valley: City of Cathedral City 1,418,893 City of Coachella 578,871 City of Desert Hot Springs 454,537 City of Indian Wells 253,043 City of Indio 1,864,232 City of La Quinta - City of Palm Desert 2,665,356 City of Palm Springs 2,017,700 City of Rancho Mirage 879,700 Riverside County 1,687,061 Coachella Valley Association of Governments, including $726,209 due to City of La Quinta 1,452,419 Other 207,500 13,479,312 Palo Verde Valley: City of Blythe 724,303 Riverside County 175,199 Other 37,000 936,502 Total local streets and roads expenditures $ 53,639,698 86 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, 2018 Sales Taxes Local State Transportation Transit Measure A Fund Assistance Total Western County: Blindness Support Services, Inc. $ 65,353 $ $ - $ 65,353 Boys and Girls Club of Southwest County 208,265 208,265 Care -A -Van 324,870 - 324,870 Care Connexxus 293,598 293,598 City of Banning 1,416,829 21,550 1,438,379 City of Beaumont 2,350,846 117,016 2,467,862 City of Corona 1,306,283 1,306,283 City of Norco 60,000 - 60,000 City of Riverside 3,334,851 23 3,334,874 Community Connect 46,723 46,723 Friends of Moreno Valley Center, Inc 66,262 66,262 Forest Folk 55,000 55,000 Independent Living Partnership 483,399 483,399 Operation Safehouse 29,304 29,304 Riverside University Health Systems 307,659 - 307,659 Riverside County Department of Mental Health 200,000 - 200,000 Riverside Transit Agency 3,423,973 44,665,663 2,936,764 51,026,400 United States Veterans Initiative 32,028 - 32,028 Voices for Children 95,478 - 95,478 Other 492,285 218,400 119,342 830,027 6,184,197 53,292,872 3,194,695 62,671,764 Coachella Valley: SunLine Transit Agency 5,153,400 18,630,403 1,996,420 25,780,223 Other 212,600 - 212,600 5,366,000 18,630,403 1,996,420 25,992,823 Palo Verde Valley: Palo Verde Valley Transit Agency 876,418 114,128 990,546 876,418 114,128 990,546 Total transit and specialized transportation expenditures $ 11,550,197 $ 72,799,693 $ 5,305,243 $ 89,655,133 87 Riverside County Transportation Commission Schedule of Uses of Debt Proceeds and Fund Balances Year Ended June 30, 2018 Capital Projects Commercial Paper Notes I.15 Express Lanes, advance agreements, and other Sales Tax Revenue Bonds I.15 Express Lanes, 91 Project, advance agreements, and other Toll Revenue Bonds 91 Project Total Revenues Investment income $ 1,657,775 $ 1,987,869 $ 824 $ 3,646,468 Total revenues 1,657,775 1,987,869 824 3,646,468 Expenditures Professional services Support services Highways — design -build Swap termination payment Debt service Total expenditures Excess (deficiency) of revenues over (under) expenditures 924,577 924,577 4,643 4,643 7,526,000 7,526,000 30,037,485 69,222,728 99,260,213 30,037,485 77,677,948 107,715,433 (28,379,710) (75,690,079) 824 (104,068,965) Other financing sources (uses) Refunding debt issuance 457,015,000 - 457,015,000 Debt issuance 158,760,000 158,760,000 Premium 119,713,807 - 119,713,807 Payment to refunded bonds escrow agent (471,089,840) (471,089,840) Transfers in Retirement of outstanding commercial paper notes 30,000,000 - 30,000,000 1-15 Express Lanes ramp -up reserve 8,700,000 - 8,700,000 Excess earnings 216,955 216,955 Transfers out Debt service on advance agreements (3,530,610) - (3,530,610) Debt service offset (409,240) (409,240) Retirement of commercial paper notes (30,000,000) - (30,000,000) Requisitions to reimburse Commission funds Salaries and benefits (1,465,519) (180,412) - (1,645,931) Professional services (2,408,789) (4,611,756) (7,020,545) Support services (27,301) (244,203) (132) (271,636) Program operations (966,816) (6,274,568) (7,241,384) Engineering (6,537,841) (20,483) - (6,558,324) Construction (4,450,546) - (4,450,546) Right of way (1,199,301) (20,699,211) (21,898,512) Design -build (7,544,575) (98,196,845) (1,345,201) (107,086,621) Other (3,315,135) (510,494) (3,825,629) Total other financing sources (uses) 3,004,113 107,501,209 (1,128,378) 109,376,944 Net change in fund balance (25,375,597) 31,811,130 (1,127,554) 5,307,979 Fund balances at beginning of year 46,951,913 63,532,514 1,127,554 111,611,981 Fund balances at end of year $ 21,576,316 $ 95,343,644 $ $ 116,919,960 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Statistical Section BLANK - BACK OF STATISTICAL DIVIDER 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 89 Riverside County Transportation Commission Primary Government Net Position by Component Last Ten Fiscal Years (Accrual Basis) Fiscal Year 2018 2017 2016 2015 2014 Governmental activities: Net Investment in capital assets $ 529,178,100 $ 377,309,766 $ 389,646,370 $ 509,106,481 $ 381,796,683 " Restricted 801,401,752 596,214,012 615,457,192 578,207,942 642,385,244 Unrestricted (deficit) (857,485,575) (538,356,445) (668,395,594) (623,769,876) (470,327,554) Total governmental activities net position $ 473,094,277 $ 435,167,333 $ 336,707,968 $ 463,544,547 5 $ 553,854,373 Business -type activities: Net Investment in capital assets $ (286,349,191) $ (301,737,495) Restricted 8,581,857 ' 242,134,144 Unrestricted (deficit) $ - ' $ (234,075,489) Total business -type activities net position $ (277,767,334) $ (293,678,840) 6 Source: Finance Department 1 Net investment in capital assets increased in 2009 primarily as a result of right of way purchases related to the Mid County Parkway project, the planning and development of toll projects, and the construction of a muitimodal transit facility and a commuter rail station parking structure. 2 Net investment in capital assets increased in 2010 primarily as a result of the planning and development of toll projects and the completion of construction of the Perris Transit Center and North Main Corona station parking structure. 3 Net investment in capital assets increased in 2011 primarily as a result of the planning and development of toll projects and right of way acquisiton for the 91 Project and Perris Valley Line extension project. Net investment in capital assets increased in 2014 primarily as a result of construction related to the Perris Valley Line project. 5 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. 6 In FY 2017, the Commission reached substantial completion on the 91 Project and in March 2017 the RCTC 91 Express Lanes opened to motorists. In FY 2018, the Commission changed its presentation of net position related to intangible assets. $300,000,000 $200,000,000 $100,000,000 $(100,000,000) $(200,000,000) $(300,000,000) $(400,000,000) Business -type Activities Net Position by Component ORestricted Net Investment in capital assets 90 Riverside County Transportation Commission Primary Government Net Position by Component, Continued Last Ten Fiscal Years (Accrual Basis) Fiscal Year 2013 2012 2011 2010 2009 Governmental activities: Net Investment in capital assets $ 336,834,025 $ 327,277,502 $ 341,912,094 3 $ 294,218,263 2 $ 266,647,382 Restricted 619,089,707 572,183,941 587,098,179 549,781,414 505,474,075 Unrestricted (deficit) (216,162,697) (215,929,362) (293,146,251) (229,888,408) (205,658,986) Total governmental activities net position $ 739,761,035 $ 683,532,081 $ 635,864,022 $ 614,111,269 $ 566,462,471 $1,500,000,000 $1,000,000,000 $500,000,000 $(500,000,000) $(1,000,000,000) Governmental Activities Net Position by Component ILO 201 201 201 POaA y y 2013 2012 2011 2010 2009 4Unrestricted (deficit) GRestricted /Net Investment in capital assets 91 Riverside County Transportation Commission Changes in Primary Government Net Position Last Ten Fiscal Years (Accrual Basis) Fiscal Year Ended June 30 2018 2017 2 2016 2015 2014 Expenses Govemmental activities: General govemment $ 3,654,628 $ 7,258,051 $ 6,614,285 $ 7,402,725 $ 6,994,832 Bicycle and pedestrian projects 1,142,306 1,314,932 212,647 1,747,090 1,065,476 CETAP 22,285,913 2,489,440 1,871,426 4,130,374 2,195,074 Commuter assistance 3,668,307 2,658,782 2,615,610 2,914,990 3,171,842 Commuter rail 36,578,920 38,964,217 41,449,269 20,455,178 17,255,402 Highways 79,234,802 264,283,974 245,668,543 228,857,938 339,194,681 Local streets and roads 53,639,698 51,864,011 49,826,564 48,615,708 46,677,580 Motorist assistance 3,835,612 4,164,892 4,149,320 4,314,601 3,498,420 Planning and programming 4,768,503 3,141,759 3,965,071 3,064,115 3,216,441 Regional arterials 12,897,557 19,040,012 23,095,562 21,010,980 23,886,840 Transit and specialized transportation 90,185,227 80,724,591 70,611,967 86,712,958 78,723,898 Interest expense 46,421,211 49,214,579 53,658,472 50,037,270 52,939,762 Total governmental activities expenses 358,302,684 525,119,240 503,638,636 479,263,927 578,820,248 Business -type activities: RCTC 91 Express Lanes 49,452,297 13,260,254 Total primary govemment expenses $ 407,754,981 $ 538,379,494 $ 503,638,636 $ 479,263,927 $ 578,820,248 Program Revenues Govemmental activities: Charges for services Commuter assistance $ - $ $ - $ $ - Commuter rail 254,627 250,416 255,847 786,869 297,911 Highways 51,629 - 90,655 412,535 Motorist assistance 4,149 635,373 1,076,751 21,307 15,026 Other 479 447 421 450 999 Operating grants and contributions 45,363,624 35,611,287 42,568,860 57,784,238 61,767,456 Capital grants and contributions 66,910,285 16,451,903 54,062,314 70,133,121 71,744,926 Total govemmental activities program revenues 112,584,793 52,949,426 97,964,193 128,816,640 134,238,853 Business -type activities: Charges for services RCTC 91 Express Lanes 50,446,824 10,123,572 Operating grants and contributions 1,723 Total business -type actNities program revenues 50,446,824 10,125,295 Total primary govemment revenutes 163,031,617 63,074,721 97,964,193 128,816,640 134,238,853 Net Revenues (Expenses) Govemmental activities (245,717,891) (472,169,814) (405,674,443) (350,447,287) (444,581,395) Business -type activities 994,527 (3,134,959) - - Total primary govemment net expense $ (244,723,364) $ (475,304,773) $ (405,674,443) $ (350,447,287) $ (444,581,3%) General Revenues and Other Changes in Net Position Govemmental activities: Measure A sales taxes $ 176,301,656 $ 175,320,207 $ 167,630,239 $ 163,092,776 $ 156,355,894 Transportation Devebpment Act sales taxes 110,878,557 94,639,514 97,134,594 94,816,814 91,953,554 Unrestricted investment eamings 8,916,321 4,262,323 8,383,732 6,060,400 9,794,662 Other miscellaneous revenue 2,497,942 5,1359,819 4,950,964 1,643,078 556,049 Gain on sale of capital assets - 738,335 - 14,674 Transfers (14,949,641) 290,547,316 - - Total govemmentalactivities 283,644,835 570,629,179 278,837,864 265,613,068 258,674,733 Business -type actNities: Unrestricted investment eamings (32,662) 3,435 Transfers 14,949,641 (290,547,316) - Total business -type actNities 14,916,979 (290,543,881) - Total primary govemment $ 2,38,561,814 $ 280,085,298 $ 278,837,864 $ 265,613,068 $ 258,674,733 Changes in Net Position Govemmental activities $ 37,926,944 $ 98,459,365 $ (126,836,579) $ (84,834,219) $ (185,906,662) Business -type activities 15,911,506 (293,678,840) - - - Totalprimarygovemment $ 53,838,450 $ (195,219,475) $ (126,836,579) $ (84,834,219) $ (185,906,662) Source: Finance Department r 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. 92 Riverside County Transportation Commission Changes in Primary Government Net Position, Continued Last Ten Fiscal Years (Accrual Basis) Fiscal Year Ended June 30 2013 2012 ° 2011 2010 2009 Expenses Govemmental activities: General govemment $ 6,959,827 $ 7,780,478 $ 8,453,876 $ 7,024,517 $ 5,525,963 Bicycle and pedestrian projects 956,308 1,389,567 1,940,499 317,048 2,747,151 CETAP 954,700 4,464,387 5,490,993 2,362,393 4,832,608 Commuter assistance 2,904,048 3,193,172 2,868,630 3,266,834 5,199,032 Commuter rail 23,531,252 21,480,248 27,792,375 20,544,634 16,038,028 Highways 59,604,916 72,341,578 40,113,092 24,828,958 143,532,009 Local streets and roads 44,594,891 40,127,890 36,856,925 34,258,313 45,661,155 Motorist assistance 3,563,581 3,846,245 3,530,695 2,987,136 2,623,184 Planning and programming 3,725,703 3,924,413 4,683,272 5,321,121 10,126,142 Right of way management - ' 1,270,487 1,428,066 1,399,316 Regional arterials 17,047,135 5,816,666 29,362,894 26,371,339 20,948,530 Transit and specialized transportation 55,659,188 51,221,772 44,69,3,650 43,820,225 77,417,741 Interest expense 15,364,677 15,221,031 11,799,586 7,099,038 9,515,282 Total govemmental activities expenses 234,866,226 . 230,807,447 218,862,974 179,629,622 345,565,541 Business -type activities: RCTC 91 Express Lanes Total primary govemment expenses $ 234,866,226 $ 230,807,447 $ 218,862,974 $ 179,629,622 $ 345,565,541 Program Revenues Govemmental activities: Charges for services Commuter assistance $ 1,500 $ - $ $ $ Commuter rail 107,194 145,735 2,525,314 Right of way management 184,010 196,527 421,738 Highways 796,385 - Motorist assistance 13,915 19,778 Planning and programming - - Other 14,873 - 27,681 - 46 Operating grants and contributions 46,567,900 54,641,955 39,886,648 23,130,456 90,280,426 Capital grants and contributions 4,897,301 5,228,621 9,199,268 12,257,099 25,321,886 Total govemmental activities program revenues 52,399,068 60,016,311 49,297,607 35,584,082 118,569,188 Business -type activities: Charges for services RCTC 91 Express Lanes Operating grants and contributions Capital grants and contributions - Total business -type activities program revenues Total primary govemment revenutes 52,399,068 60,016,311 49,297,607 35,584,082 118,569,188 Net Revenues (Expenses) Govemmental activities (182,467,158) (170,791,136) (169,565,367) (144,045,540) (226,996,353) Business -type activities Total primary govemment net expense $ (182,467,158) $ (170,791,136) $ (169,565,367) $ (144,045,540) $ (226,996,353) General Revenues and Other Changes In Net Position Govemmental activities: Measure A sales taxes $ 149,428,124 $ 134,984,307 $ 123,439,833 $ 114,526,254 $ 119,688,289 Transportation Development Act sales taxes 86,999,018 80,044,131 60,772,795 69,499,841 77,920,485 Unrestricted investment eamings 1,664,789 4,196,452 4,411,122 5,987,921 14,211,197 Other miscellaneous revenue 604,181 1,287,981 2,694,370 1,680,322 1,454,611 Gain on sale of capital assets - Transfers Total govemmental activities 238,696,112 220,512,871 191,318,120 191,694,338 213,274,582 Business -type activities: Unrestricted investment eamings Transfers Total business -type activities Total primarygovemment $ 238,696,112 $ 220,512,871 $ 191,318,120 $ 191,694,338 $ 213,274,582 Changes in Net Position Govemmental activities Business -type activities Total primary govemment $ 56,228,954 $ 49,721,735 $ 21,752,753 $ 47,648,798 $ (13,721,771) $ 56,228,954 $ 49,721,735 $ 21,752,753 $ 47,648,798 $ (13,721,771) Source: Finance Department 3 Right of way expenditures were classified as highways or commuter rail expenditures beginning in 2012. ° 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. 93 $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 • • 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 LiToll operations ■ Interest expense ®Transit and specialized transportation 3Regional arterials ® Right of way management ■ Planning and programming ❑ Motorist assistance ® Local streets and roads 13 Highways ■ Commuter rail ®Commuter assistance 0 CETAP ■ Bicycle and pedestrian facilities oGeneral government $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 $- Riverside County Transportation Commission Changes in Primary Government Net Position (Continued) Last Ten Fiscal Years (Accrual Basis) Au_ Revenues by Source 1 • 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 ■Gain on sale of capital assets, net D Other miscellaneous revenue al Unrestricted investment earnings ■Transportation Development Act sales taxes o Measure A sales taxes ElCapital grants and contributions ®Operating grants and contributions ❑ Charges for services 95 Riverside County Transportation Commission Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified Accrual Basis) Fiscal Year 2018 2017 2016 2015 2014 GENERAL FUND General fund: Nonspendable $ 232,793 $ 232,759 $ 192,235 $ 255,446 $ 257,721 Restricted 22,470,358 16,321,159 7,143,844 5,680,411 5,073,685 Committed - - - - - Assigned 3,337,343 2,572,182 3,456,111 4,246,940 5,258,703 Total general fund $ 26,040,494 $ 19,126,100 $ 10,792,190 $ 10,182,797 $ 10,590,109 General fund: Reserved Unreserved Total general fund ALL OTHER GOVERNMENTAL FUNDS All other governmental funds: Nonspendable $ 4,627,240 $ 9,162,068 $ 10,848,614 $ 21,510,571 $ 31,978,235 Restricted 745,638,560 678,147,954 718,780,598 772,109,076 988,908,077 Unassigned (268,754) (23,054) - Total all other governmental funds $ 749,997,046 $ 687,286,968 $ 729,629,212 $ 793,619,647 $ 1,020,886,312 Source: Finance Department 1 In FY 2010 the Commission implemented GASB Statement No. 54Fund Balance Reporting and Governmental Fund Type Definitions. Prior year amounts in this presentation have not been revised to reflect this change. 96 Riverside County Transportation Commission Fund Balances of Governmental Funds, Continued Last Ten Fiscal Years (Modified Accrual Basis) 2013 2012 2011 2010 GENERAL FUND General fund: Nonspendable $ 194,794 $ 157,957 $ 143,397 $ 253,819 Restricted 7,412,686 8,114,440 7,110,013 7,266,584 1 Committed - - 1,606,976 Assigned 5,232,871 5,412,830 6,270,944 4,134,059 Total general fund $ 12,840,351 $ 13,685,227 $ 13,524,354 $ 13,261,438 2009 General fund: Reserved $ 6,756,708 Unreserved 3,348,711 Total general fund $ 10,105,419 ALL OTHER GOVERNMENTAL FUNDS All other governmental funds: Nonspendable $ 3,274,483 $ 1,481,019 $ 5,389,775 $ 2,554,136 Restricted 606,072,061 560,412,373 570,450,515 535,752,354 Unassigned Total all other governmental funds $ 609,346,544 $ 561,893,392 $ 575,840,290 $ 538,306,490 All other governmental funds: Reserved $ 487,425,652 Unreserved, reported in: Special revenue funds 8,289,036 Capital projects funds (49,576,636) Total all other governmental funds $ 446,138,052 Source: Finance Department 97 Riverside County Transportation Commission Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified Accrual Basis) Fiscal Year 2018 2017 2016 2015 2014 Revenues Sales taxes $ 287,180,213 $ 269,959,721 $ 264,764,833 $ 257,909,590 $ 248,309,448 Transportation Uniform Mitigation Fee 23,699,764 19,594,829 19,831,327 17,400,782 11,284,394 Intergovernmental 88,207,011 32,467,616 76,821,362 110,515,661 122,486,605 Investment income 9,149,672 4,483,174 8,592,753 6,258,226 9,979,912 Vehicle registration user fees Other 3,199,483 6,746,055 7,295,648 2,542,359 1,282,520 Total revenues 411,436,143 333,251,395 377,305,923 394,626,618 393,342,879 Expenditures Current: General Government 977,898 6,558,752 6,514,255 7,302,325 6,991,303 Programs: Bicycle and pedestrian facilities 1,142,306 1,314,932 233,815 1,747,090 1,065,476 CETAP 22,275,429 4,028,104 5,249,516 4,135,996 6,509,915 Commuter assistance 3,647,662 2,686,073 2,648,632 2,891,431 3,136,150 Commuter rail 37,700,157 32,820,139 95,717,909 112,424,851 68,072,414 Highways 187,087,621 250,383,800 372,657,029 325,128,109 299,398,122 Local streets and roads 53,639,698 51,864,011 49,826,564 48,615,815 46,677,580 Motorist assistance 3,825,722 4,177,349 4,159,520 4,317,961 3,498,420 Planning and programming 4,677,940 3,248,031 4,090,731 3,099,358 3,204,073 Right of way management Regional arterials 12,888,439 19,056,339 23,111,109 21,016,097 23,886,840 Transit and specialized transportation 90,153,923 80,764,125 70,652,804 86,725,394 78,723,898 Debt service: Principal 62,140,974 27,317,242 7,814,176 7,411,654 67,112,884 Interest 50,606,912 44,684,153 45,620,922 45,913,275 43,410,203 Cost of Issuance 2,256,061 654,007 7,050,855 Payment to escrow agent 70,800,000 63,900,000 Intergovernmental distributions Capital outlay 2,606,851 5,670,356 1,182,208 475,334 143,888 Total expenditures 606,427,593 599,127,413 689,479,190 671,204,690 658,882,021 Excess (deficiency) of revenues over(under)expenditures (194,991,450) (265,876,018) (312,173,267) (276,578,072) (265,539,142) Other financing sources (uses): Sales of capital assets - Refunding debt issuance 457,015,000 Debt issuance 158,760,000 249,498,089 248,792,225 48,904,095 638,854,602 Discount on debt issuance - - (2,433,315) Premium on debt issuance 119,713,807 8,414,007 - 38,328,775 Payment to refunded bond escrow agent (471,089,840) - - Transfers in 300,623,670 182,713,859 162,708,720 232,626,156 481,987,735 Transfers out (300,406,715) (208,758,271) (162,708,720) (232,626,156) (481,987,735) Total other financing sources (uses) 264,615,922 231,867,684 248,792,225 48,904,095 674,750,062 Net change in fund balances $ 69,624,472 $ (34,008,334) $ (63,381,042) $ (227,673,977) $ 409,210,920 Debt service as a percentage of noncapital expenditures 23.7% 5 12.2% 10.6% 11.0% 19.1% Source: Finance Department 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. 98 Riverside County Transportation Commission Changes in Fund Balances of Governmental Funds, Continued Last Ten Fiscal Years (Modified Accrual Basis) Fiscal Year 2013 2012 2011 2010 2009 Revenues Sales taxes $ 236,427,142 $ 215,028,438 $ 184,212,628 $ 184,026,095 $ 197,608,774 Transportation Uniform Mitigation Fee 12,421,110 8,116,420 9,157,863 8,618,231 10,957,420 Intergovernmental 38,817,347 51,516,775 40,012,488 26,769,324 105,512,656 Investment income 1,769,709 4,308,395 4,524,219 5,663,178 13,567,938 Vehicle registration user fees - - 1,677,374 Other 1,540,542 1,430,195 2,878,380 1,853,641 1,876,349 Total revenues 290,975,850 280,400,223 240,785,578 226,930,469 331,200,511 Expenditures Current: General Government 6,692,187 7,586,207 8,340,263 6,920,479 5,368,677 Programs: Bicycle and pedestrian facilities 956,308 1,389,567 1,940,499 317,048 2,747,151 CETAP 954,700 4,464,387 5,490,993 2,362,393 35,809,396 Commuter assistance 2,868,356 3,157,480 2,816,392 3,228,709 5,155,263 Commuter rail 27,118,480 39,870,670 35,482,511 33,733,888 40,704,106 Highways 118,750,336 111,049,502 75,011,698 45,698,211 165,100,551 Local streets and roads 44,594,891 40,127,890 36,856,925 34,258,313 45,661,155 Motorist assistance 3,563,581 3,846,245 3,530,695 2,987,136 2,623,184 Planning and programming 3,712,596 3,913,520 4,674,397 5,312,246 9,193,944 Right of way management s 1,270,487 1,428,066 1,399,316 Regional arterials 17,047,135 5,816,666 29,362,894 26,371,339 20,948,530 Transit and specialized transportation 55,659,188 51,221,772 44,699,650 43,820,225 77,417,741 Debt service: Principal 6,824,654 46,523,931 109,607,230 57,738,548 33,646,475 Interest 15,404,719 15,008,695 11,296,268 5,240,307 12,026,942 Cost of Issuance 1,493,196 675,464 - Payment to escrow agent Intergovernmental distributions 975,833 Capital outlay 220,443 209,716 147,297 124,080 1,055,997 Total expenditures 304,367,574 334,186,248 372,021,395 270,216,452 459,834,261 Excess (deficiency) of revenues over (under) expenditures (13,391,724) (53,786,025) (131,235,817) (43,285,983) (128,633,750) Other financing sources (uses): Sales of capital assets 117,127 Refunding debt issuance - - Debt issuance 60,000,000 40,000,000 170,000,000 268,284,000 53,716,000 Discount on debt issuance (967,467) (278,685) Premium on debt issuance Payment to refunded bond escrow agent (129,394,875) Transfers in 133,065,312 123,977,167 185,354,839 104,833,227 33,466,298 Transfers out (133,065,312) (123,977,167) (185,354,839) (104,833,227) (33,466,298) Total other financing sources (uses) 60,000,000 40,000,000 169,032,533 138,610,440 53,833,127 Net change in fund balances $ 46,608,276 $ (13,786,025) $ 37,796,716 $ 95,324,457 $ (74,800,623) Debt service as a percentage of noncapital expenditures Source: Finance Department 9.3% 22.5% 32.5% 2 23.3% I 9.9% 99 Riverside County Transportation Commission Sources of County of Riverside Taxable Sales by Business Type Last Ten Calendar Years (In Thousands) Apparel stores General merchandise stores Food stores Eating & drinking Household Building materials Automotive Other retail sales Total all other outlets Measure A direct sales tax rate (Ordinance 88-1 through 2009 and 02-001 thereafter) 2016' 2015 2014 2013 2012 $ 2,190,228 $ 3,052,409 1,574,030 3,648,980 1,386,985 1,965,101 7,751,812 2,452,591 10,209,008 2,136,728 $ 3,040,244 1,727,518 3,384,494 1,135,235 1,826,294 7,693,173 2,338,039 9,629,185 34,231,144 $ 32,910,910 0.50% 0.50% 1,989,623 $ 1,771,603 $ 1,672,482 3,289,057 3,298,920 3,174,022 1,509,404 1,421,590 1,356,148 3,093,861 2,836,388 2,668,324 1,030,455 996,484 930,068 1,706,184 1,535,178 1,364,513 7,844,773 7,421,523 7,009,138 2,182,987 2,025,088 1,841,973 9,389,345 8,758,693 8,079,341 32,035,689 $ 30,065,467 $ 28,096,009 0.50% 0.50% Source: State Board of Equalization ' Year represents most recent data available. Sources of County of Riverside Taxable Sales by Business Type for 2016 Apparel stores General 1_6% Total all other outlets 30% Other retail sales ` 7% merchandise ..stores / 8% _ [CATEGORY NAME] 5% Eating & drinking 11% -,_Household 4% Building materials 6% 0.50% Riverside County Transportation Commission Sources of County of Riverside Taxable Sales by Business Type, Continued Last Ten Calendar Years (In Thousands) Apparel stores General merchandise stores Food stores Eating & drinking Household Building materials Automotive Other retail sales Total all other outlets Measure A direct sales tax rate (Ordinance 88-1 through 2009 and 02-001 thereafter) Source: State Board of Equalization 2011 2010 2009 2008 2007 $ 1,505,821 3,051,709 1,304,731 2,473,339 914,888 1,303,073 6,311,272 1,711,453 7,065,212 $ 1,391,174 2,947,905 1,267,758 2,317,486 412,325 1,232,145 5,306,408 1,951,385 6,326,194 $ 1,293,271 $ 1,121,543 $ 1,171,013 2,855,733 3,389,936 3,593,134 1,251,220 1,254,366 1,352,609 2,266,853 2,340,554 2,388,039 858,098 816,379 843,945 1,237,518 1,435,337 1,961,911 4,749,994 6,126,512 7,137,075 1,442,875 3,250,335 2,794,790 6,272,315 6,268,633 7,781,093 $ 25,641,498 $ 23,152,780 $ 22,227,877 $ 26,003,595 $ 29,023,609 0.50% 0.50% 0.50% 0.50% 0.50% Riverside County Transportation Commission Direct and Overlapping Sales Tax Rates Last Ten Fiscal Years County of Fiscal Year Measure A Direct Rate' Riverside 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% 2009 0.50% 8.75% Source: Commission Finance Department and California State Board of Equalization. 1 The Measure A sales tax rate may be changed only with the approval of 2/3 of the voters. 2 The State of California increased the state sales tax rate 1% in April 2009. 3 Effective July 1, 2011, the State of California decreased the state sales tax rate by 1%. 4 Effective January 1, 2013, the State of California increased the state sales tax rate by 0.25%. City of Riverside City of Corona City of Temecula City of Palm Desert City of Moreno Valley City of Murrieta City of Palm Springs City of Hemet City of Indio City of Perris City of Jurupa Valleys City of Lake Elsinore City of Cathedral City City of La Quinta City of Eastvale4 City of Menifee3 City of Norco City of Rancho Mirage City of Beaumont City of Coachella City of San Jacinto City of Banning City of Blythe City of Wildomar2 City of Desert Hot Springs City of Indian Wells City of Calimesa City of Canyon Lake Incorporated Unincorporated Countywide California Riverside County Transportation Commission Principal Taxable Sales Generation by City Current Year and Nine Years Ago 20161 2007 Taxable Sales (in Percentage of Taxable Sales (in Percentage of thousands) Rank Total thousands) Rank Total $ 5,507,805 2 16.1% $ 4,789,554 2 16.5% 3,396,905 3 9.9% 3,478,337 3 12.0% 3,208,193 4 9.4% 2,583,938 4 8.9% 1,618,078 5 4.7% 1,593,698 5 5.5% 1,571,730 6 4.6% 1,267,045 6 4.4% 1,340,131 7 3.9% 1,098,431 7 3.8% 1,067,028 8 3.1% 852,473 9 3.0% 1,015,877 9 3.0% 962,919 8 3.3% 986,137 10 2.9% 766,341 12 2.6% 980,763 11 2.9% 554,129 14 1.9% 888,190 12 2.6% - - N/A 791,622 13 2.3% 723,996 13 2.5% 790,202 14 2.3% 812,985 11 2.8% 724,252 15 2.0% 826,488 10 2.9% 633,526 16 1.9% N/A 628,923 17 1.8% N/A 565,886 18 1.7% 509,334 15 1.8% 459,544 19 1.3% 501,618 16 1.7% 414,906 20 1.2% 262,964 18 0.9% 299,236 21 0.9% 319,336 17 1.1% 244,673 22 0.7% 173,716 21 0.6% 192,449 23 0.6% 232,890 19 0.8% 150,104 24 0.4% 178,507 20 0.6% 146,087 25 0.4% - N/A 125,456 26 0.4% 94,617 22 0.3% 106,587 27 0.3% 94,073 23 0.3% 63,982 28 0.2% 51,047 24 0.2% 20,820 29 0.1 % 12,938 25 0.0% 27,939,092 81.6% 22,741,374 78.4% 6,292,052 1 18.4% 6,282,235 1 21.6% $ 34,231,144 100.0% $ 29,023,609 100.0% $ 649,079,371 Source: California State Board of Equalization for the calendar year indicated. Year represents most recent data available. 2 City of Wildomar was incorporated on July 1, 2008. 3 City of Menifee was incorporated on October 1, 2008. 4 City of Eastvale was incorporated on October 1, 2010. 5 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 $ 561,050,149 t 20161 N 2007 Riverside County Transportation Commission Measure A Sales Tax Revenues by Program and Geographic Area Year Ended June 30, 2018 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 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $- Special Revenue Funds Western County $ 41,544,610 $ 12,219,003 15,070,104 1,629,200 39,508,109 2,036,501 8,308,922 2,077,230 3,462,051 10,997,103 Coachella Valley 19,256,161 13,479,312 5,776,848 Palo Verde Total $ $ 41,544,610 12,219,003 19,256,161 15,070,104 1,629,200 936,502 53,923,923 2,036,501 8,308,922 2,077,230 3,462,051 5,776,848 10,997,103 $ 136,852,833 $ 38,512,321 $ 936,502 $ 176,301,656 Sales Tax Revenues by Program and Geographic Area T T • 4' aye a�5 °cy ,a5 a5 Ga I``°'r4a a\a‹,0 a\a�at� °<<�a �o°e��` a a�o� 5 eye U (� 5 ,40 CP 03 Q aa�a• c Je\°Q Ga �. Gaeye �° G see °�° �G '11p+0~•-• �gQ �gQ e ea4 eati�a �°o 5Q a5e a° 05 Geographic Distribution by Area Coachella Valley. k 22% Palo Verde 0% . Western County 78% + Palo Verde +Coachella Valley • Western County 104 Riverside County Transportation Commission Measure A Sales Tax by Economic Category Last Ten Calendar Years % of Total Economic Category 2017' 2016 2015 2014 2013 2012 2011 2010 2009 2008 General retail 28.3 28.9 28.8 28.4 28.7 28.8 29.8 30.9 30.9 28.2 Transportation 25.3 25.1 25.9 26.6 27.0 26.9 27.1 25.0 22.8 24.9 Food products 17.6 17.7 17.3 16.6 16.1 16.2 16.4 17.0 17.8 16.0 Business to business 15.6 15.3 15.0 14.4 14.5 15.0 14.1 14.5 15.2 16.4 Construction 10.8 10.8 10.8 12.0 11.8 11.1 10.5 10.5 11.1 12.3 Miscellaneous 2.4 2.2 2.2 2.0 1.9 2.0 2.1 2.1 2.2 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. 105 Riverside County Transportation Commission Measure A Revenues and Pledged Revenue Coverage' Last Ten Fiscal Years Sales Tax Revenue Bonds Net Measure A Measure A Sales Tax Senior Lien Subordinate Total Debt Sales Tax Revenue Growth Senior Lien Debt Coverage Lien Debt Total Debt Service Fiscal Year Revenues2 (Decline) Rate Service Ratio Service Service Coverage Ratio 2018 $ 176,301,656 0.56% $ 75,159,543 2.35 $ - $ 75,159,543 2.35 2017 175,320,207 4.59% 51,889,982 3.38 - 51,889,982 3.38 2016 167,630,239 2.78% 53,400,019 3.14 - 53,400,019 3.14 2015 163,092,776 4.31% 53,300,072 3.06 - 53,300,072 3.06 2014 156,355,894 4.64% 50,499,417 3.10 50,499,417 3.10 2013 149,428,124 10.70% 22,156,116 6.74 22,156,116 6.74 2012 134,984,307 9.35% 21,503,582 6.28 21,503,582 6.28 2011 123,439,833 7.78% 12,651,386 9.76 12,651,386 9.76 20103 114,526,254 -4.31% 8,918,183 12.84 - 8,918,183 12.84 20094 119,688,289-16.03% 34,020,724 3.52 1,452,634 35,473,358 3.37 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 Board of Equalization fees, during the fiscal year. 3 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. 4 In FY 2009 all bonds related to the 1989 Measure A program matured as the 1989 Measure A program expired on June 30, 2009. 106 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Year Riverside County Transportation Commission Ratios of Outstanding Debt by Type Last Ten Fiscal Years Governmental Activities Sales Tax Revenue Bonds, net of premium and Commercial MSHCP Funding Capital discount Paper Liability Leases 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 2009 127,538,888 110,000,000 100,652 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. See the Schedule of Demographic and Economic Statistics on page 112 for personal income and population data. 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 Total Primary Government Percentage of Personal Income 1 County of Riverside Population Debt per Capital 2018 $ 194,522,170 $ 453,980,866 $ 1,642,321,268 N/A 2,382,640 $ 689.29 2017 189,923,251 438,628,419 $ 1,460,496,733 N/A 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% 2,217,778 145.91 2010 $ 264,093,803 0.41% 2,179,692 121.16 2009 $ 237,639,540 0.38% 2,140,626 111.01 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. 109 Riverside County Transportation Commission Computation of Legal Debt Margin Last Ten Fiscal Years Measure A Ordinance No. 02-001, as amended by Ordinance No.10.0022 Total debt limit authorized Amount of debt applicable to debt limit Legal debt margin % of debt to legal debt limit Source: Finance Department Fiscal Year 2018 2017 2016 2015 2014 $ 975,000,000 $ 975,000,000 $ 975,000,000 $ 975,000,000 $ 975,000,000 859,020,000 786,240,000 771,300,000 759,100,000 766,500,000 $ 115,980,000 $ 188,760,000 $ 203,700,000 $ 215,900,000 $ 208,500,000 88.1% 80.6% 79.1% 77.9% 78.6% ' 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 213 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. 3 Ordinance No. 88-1 expired on June 30, 2009. All outstanding debt related to Ordinance 88-1 matured prior to the expiration date. Measure A Ordinance No. 02-001, as amended by Ordinance No. 10-002 $1, 200,000, 000 $1, 000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 S 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Total debt limit authorized LAmount of debt applicable to debt limit 110 Riverside County Transportation Commission Computation of Legal Debt Margin, Continued 1 Last Ten Fiscal Years Measure A Ordinance No. 02.001, as amended by Ordinance No.10.0022 Total debt limit authorized Amount of debt applicable to debt limit Legal debt margin % of debt to legal debt limit Fiscal Year 2013 2012 2011 2010 2009 $ 975,000,000 $ 975,000,000 $ 975,000,000 $ 500,000,000 $ 500,000,000 371,400,000 318,200,000 324,700,000 264,284,000 236,395,000 $ 603,600,000 $ 656,800,000 $ 650,300,000 $ 235,716,000 $ 263,605,000 38.1% 32.6% 33.3% 52.9% 47.3% Measure A Ordinance No. 88.1, as amended by Ordinance 92-13 Total debt limit authorized $ 525,000,000 Amount of debt applicable to debt limit - Legal debt margin $ 525,000,000 %d of debt to legal debt limit 0.0% Source: Finance Department $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $- Measure A Ordinance No. 88-1, as amended by Ordinance 92-1 2009 /Total debt limit authorized II1Amount of debt applicable to debt limit 111 Riverside County Transportation Commission Demographic and Economic Statistics for the County of Riverside Last Ten Calendar Years Per Capita Personal Income Personal Unemployment Calendar Year Population' (thousands)2 Income 2 Rate3 2018 2,415,955 N/A N/A 0.0% 2017 2,382,640 N/A N/A 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% 2009 2,140,626 63,228,086 29,748 13.4% Sources: i 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. 112 Riverside County Transportation Commission Employment Statistics by Industry for the County of Riverside Calendar Year 2017 and Nine Years Prior Industry Type % of Total % of Total 20171 Employment 2008 Employment Agricultural services, forestry, fishing and other 12,600 1.8% 13,100 2.2% Mining 400 0.1 % 500 0.1 % Construction 62,300 8.8% 54,700 9.2% Manufacturing 42,800 6.0% 48,400 8.1% Transportation, warehousing, and public utilities 42,100 5.9% 21,200 3.6% Wholesale trade 23,900 3.4% 20,400 3.4% Retail trade 92,800 13.1% 84,900 14.2% Professional & business services 67,000 9.4% 58,000 9.7% Education & health services 106,200 14.9% 70,100 11.8% Leisure & hospitality 90,800 12.8% 72,800 12.2% Finance, insurance, and real estate 21,900 3.1% 22,300 3.7% Other services 22,800 3.2% 19,400 3.3% Federal government, civilian 7,100 1.0% 6,600 1.1% State government 17,800 2.5% 15,700 2.6% Local government 100,500 14.0% 88,300 14.8% Total employment 711,000 100.0% 596,400 100.0% Source: State of California Economic Development Department i Year represents most recent data available. 113 Function/Program Riverside County Transportation Commission Full-time Equivalent Employees by Function/Program Last Ten Fiscal Years As of June 30 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Management services and administration 19.2 17.1 14.7 16.2 13.8 14.1 13.9 12.7 8.9 12.7 Planning and programming 4.2 4.9 6.2 6.1 5.9 4.9 5.1 5.2 5.5 5.1 Rail operations and maintenance 4.1 4.3 4.5 4.0 3.1 2.9 3.3 3.1 3.3 2.9 Specialized transit/transportation 2.4 2.7 2.3 2.3 3.4 2.5 2.5 2.6 2.6 2.2 Commuter assistance 1.7 1.4 1.8 3.0 1.7 1.8 1.6 1.6 1.8 1.2 Motorist assistance 0.9 0.8 0.7 0.7 0.9 0.9 1.2 0.9 0.7 0.8 Capital project development and delivery 15.5 15.8 15.8 13.7 15.2 13.9 12.3 11.9 14.2 11.1 Total full-time equivalents Source: Finance Department 48.0 47.0 46.0 46.0 44.0 41.0 40.0 38.0 37.0 36.0 114 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission Operating Indicators Last Ten Fiscal Years As of June 30 2018 2017 2016 2015 2014 Toll operations: Gross trips 14,518,302 4,049,067 Gross potential revenue $ 47,941,733 $ 9,618,429 Average gross potential revenue per trip $ 3.30 $ 2.38 Commuter rail operations: Growth of average daily ridership on commuter lines: Riverside line 3,863 4,050 4,404 4,651 4,715 IEOC line 4,874 4,900 4,438 4,613 4,522 91line 3,109 3,258 2,610 2,419 2,340 Farebox recovery ratio: Riverside line N/A 47.2% 45.7% 49.6% 50.9% IEOC line N/A 31.8% 33.4% 32.6% 37.6% 91line N/A 26.5% 27.7% 38.6% 51.3% Specialized transit/transportation: Specialized transit grants awarded 16 17 17 20 22 Commuter assistance: Club Ride members N/A N/A N/A N/A N/A Rideshare Incentive members 573 505 597 736 1,106 Rideshare Plus Rewards members 1,114 792 1,142 3,723 5,770 Incoming 1-866-RIDESHARE telephone calls 6,287 5,227 5,026 1,797 2,625 Rideshare Connection bulletins produced N/A N/A N/A 8 10 Rideguides produced 4,606 5,219 8,607 6,527 10,059 Commuter Exchange events N/A N/A N/A 48 54 Motorist assistance: Call boxes 241 240 545 549 570 Calls made from call boxes 1,598 2,161 3,053 3,882 4,685 Contracted Freeway Service Patrol vehicles 20 20 21 21 21 Assists by Freeway Service Patrol 41,417 40,180 36,711 42,471 44,278 1E511 web visits 408,021 618,130 473,462 452,713 443,359 1E511 call volumes 142,287 201,099 233,895 263,757 306,108 Transportation Uniform Mitigation Fee program: Approved regional arterial projects 20 20 24 24 24 Measure A program: Highways $ 180,565,301 $ 250,360,723 $ 372,657,029 $ 325,128,109 $ 299,398,122 Commuter rail 14,118,997 8,528,984 75,831,961 98,302,229 56,148,017 Regional arterials 6,158,736 14,739,703 17,090,247 5,012,254 1,441 Local streets and roads 53,639,698 51,864,011 49,826,564 48,615,815 46,677,580 Specialized transit and commuter assistance 15,197,859 13,826,624 14,499,642 14,063,310 13,378,223 Total program expenditures $ 269,680,591 $ 339,320,045 $ 529,905,443 $ 491,121,717 $ 415,603,383 Source: Commission Departments 116 Riverside County Transportation Commission Operating Indicators, Continued Last Ten Fiscal Years 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 As of June 30 2013 2012 2011 2010 2009 4,911 5,279 4,317 4,142 2,407 2,254 57.0% 58.5% 34.9% 31.3% 42.2% 49.7% 22 21 5,177 3,855 2,289 59.8% 31.1% 54.6% 5,124 4,011 2,205 52.5% 28.3% 49.3% 5,269 4,611 2,344 51.0% 37.3% 53.0% 22 22 22 Commuter assistance: Club Ride members N/A N/A N/A N/A 7,378 Rideshare Incentive members 926 1,056 1,061 1,131 N/A Rideshare Plus Rewards members 6,786 4,848 5,518 7,080 N/A Incoming 1-866-RIDESHARE telephone calls 2,527 1,531 1,257 2,145 2,423 Rideshare Connection bulletins produced 13 11 13 N/A N/A Rideguides produced 14,813 15,628 29,052 43,319 34,940 Commuter Exchange events 55 52 52 50 73 Motorist assistance: Call boxes 580 594 613 614 614 Calls made from call boxes 5,337 5,043 5,251 5,934 6,574 Contracted Freeway Service Patrol vehicles 21 21 22 22 20 Assists by Freeway Service Patrol 43,633 42,748 45,751 48,312 43,119 1E511 web visits 399,730 341,716 244,277 N/A N/A 1E511 call volumes 351,161 362,957 489,036 N/A N/A Transportation Uniform Mitigation Fee program: Approved regional arterial projects 24 24 24 24 24 Measure A program: Highways $118,750,336 $ 111,049,502 $ 75,011,698 $ 45,698,211 $ 165,100,551 Commuter rail 15,895,661 19,690,126 22,632,065 20,312,056 32,089,238 Regional arterials 1,787 124 8,638,637 11,920,846 12,645,090 Local streets and roads 44,594,891 40,127,890 36,856,925 34,258,313 45,661,155 Specialized transit and commuter assistance 11,927,634 11,930,437 11,262,588 10,161,780 9,838,990 Total program expenditures $ 191,170,309 $ 182,798,079 $ 154,401,913 $ 122,351,206 $ 265,335,024 Source: Commission Departments 117 Riverside County Transportation Commission Capital Asset Statistics by Program Last Ten Fiscal Years As of June 30 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Commuter rail: Transit centers owned and managed 1 1 1 1 1 1 1 - Commuter rail stations owned and managed 9 9 9 5 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 Toll utility buildings 3 3 Regional operations center buildings 2 2 Miles of express lanes 36 36 Toll collection system 1 1 On -road closed circuit TV cameras 36 36 Traffic operations center system 1 1 Communications network 1 1 Changeable message signs 8 8 Source: Commission Departments 118 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 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, 2018 Certified Public Accountants 19 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) 8 9 10 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 11-12 20 21 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, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2018, 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 Fund'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 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, as administered by the Commission, as of June 30, 2018 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 22 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, 2018, 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, 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 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 30, 2018 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. gint ceiljtei ll) Newport Beach, California October 30, 2018 2 23 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Balance Sheet June 30, 2018 Assets Cash and investments in Riverside County Pooled Investment Fund Accounts receivable Due from other Commission funds Interest receivable Total assets Liabilities and Fund Balance $ 94, 736, 015 14,928,400 616,600 368,480 $ 110, 649, 495 Liabilities: Accounts payable $ 213,641 Restricted: Unapportioned Local Transportation Funds Rail and bus transit and local streets and roads apportionments Bicycle and pedestrian projects Total fund balance Total liabilities and fund balance See Notes to Financial Statements. 8,515,958 94,354,890 7,565,006 110, 435, 854 $ 110,649,495 3 24 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, 2018 Revenues: Sales taxes $ 89,557,646 Other reimbursements 185 Interest 825,116 Total revenues 90,382,947 Expenditures: Bicycle and pedestrian projects 1,142,306 Transit 89, 399,168 Planning, programming, and administration 4,580,900 Total expenditures 95,122,374 Net change in fund balance (4,739,427) Fund balance, beginning of year 115,175,281 Fund balance, end of year $ 110,435,854 See Notes to Financial Statements. 4 25 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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 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 as of June 30, 2018 and the 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 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, 2018. Due from other Commission funds: Due from other Commission funds represents a receivable from the Commission's General fund for a reduction in the allocation of administrative costs as of June 30, 2018. 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, 2018. 5 26 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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. Fair value is based on quoted market prices and/or direct bids, when needed, from government dealers on some variable or floating rate items. 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, 2018, the Commission had $94,736,015 invested in the RCPIF, with a weighted average maturity of 427 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, 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, 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 27 Local Transportation Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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, 2018, 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 11,985,261 4,221 3,126, 866 65, 373,121 82, 489, 469 82,138 10, 649, 567 10,731,705 861,668 272,048 1,133,716 $ 94,354,890 Bicycle and pedestrian projects: Allocated and unclaimed $ 6,196,138 Unallocated 1,368,868 Total for bicycle and pedestrian projects $ 7,565,006 Unapportioned Local Transportation Funds $ 8,515,958 Total fund balance $ 110,435,854 7 28 29 Supplementary Information 30 31 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, 2018 Article 3 Planning, Programming SB 821 Article 3 Article 4 and Administrative (Allocations (Allocations Allocations Disbursements (Reimbursement) Allocations Disbursements Returned) Allocations Disbursements Returned) Expenditures: City of Banning $ - $ - $ City of Beaumont 204,000 204,000 City of Coachella 2,200,000 - City of Corona - City of Desert Hot Springs 293,000 City of Eastvale 262,200 - City of Hemet 75,000 75,000 City of Indio 306,148 - Qty of Jurupa Valley 53,550 City of Lake Elsinore 749,015 City of La Quinta 199,500 City of Moreno Valley 49,000 City of Palm Desert 85,000 City of Palm Springs 409,450 348,296 City of Perris 68,731 68,731 City of Rancho Mirage 234,925 City of Riverside 504,115 287,879 City of San Jacinto 40,000 City of Temecula 132,300 City of Wildomar 868,400 158,400 County of Riverside: Auditor/Controller Road Department 1,437,000 - Palo Verde Valley Transit Agency Commission Riverside Transit Agency SCAG Sunline Transit Agency Totals (Reimbursement / Unclaimed Amount Allocations Disbursements Allocations Returned) $ 1,416,829 $ 1,416,829 $ $ - $ - $ $ 1,416,829 $ 1,416,829 $ - $ 2,350,846 2,350,846 (52,994) 2,554,846 2,554,846 (52,994) (52,994) - - - - - 2,200,000 - - 2,200,000 (173) 1,306,283 1,306,283 1,306,283 1,306,283 (173) (173) - - 293,000 - - 293,000 262,200 - 262,200 - 75,000 75,000 - - (12) 306,148 - (12) 306,136 53,550 - 53,550 749,015 749,015 199,500 199,500 49,000 49,000 85,000 85,000 409,450 348,296 61,154 68,731 68,731 - - - - - - - - 234,925 - - 234,925 3,334,851 3,334,851 (28,278) 3,838,966 3,622,730 (28,278) 187,958 - 40,000 40,000 132,300 132,300 868,400 158,400 710,000 12,000 12,000 12,000 12,000 - 1,437,000 1,437,000 876,418 876,418 876,418 876,418 16,817,875 16,817,875 - 4,232,000 3,795,900 (436,100) 21,049,875 20,613,775 (436,100) 44,630,335 44,665,663 - - 44,630,335 44,665,663 - (35,328) 773, 000 773,000 773,000 773,000 - - - 18,571,956 18,630,403 - - - - 18,571,956 18,630,403 - (58,447) S 8,171.334 S 1.142,306 $ (185) $89,305,393 $ 89,399,168 $ (81,272) $ 5,017,000 $ 4,580,900 S (436.100) $ 102,493,727 $ 95,122,374 $ (517,557) $ 6,853,796 8 32 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, 2018 Unclaimed Unclaimed Apportionment Interest Apportionment July 1, 2017 Apportionment Reimbursements Disbursements Allocations June 30, 2018 Bicycle and pedestrian projects $ 6,682,584 $ 1,960,000 $ 185 $ 1,142,306 $ 64,543 $ 7,565,006 9 33 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, 2018 Fiscal Year 2017/18 Prior Fiscal Year Apportionment Amounts Claimed Amounts Returned Apportionment Apportionment Gaimed Unclaimed Amounts Amount Returned Total Unclaimed Apportionment Apportionment Allocation June 30, 2018 Unclaimed Interest Western County: Rail Bus Coachella Valley Palo Verde Valley: Transit Unallocated Total transportation $ 15,130,000 $16,817,875 $ 53,641,000 53,039,144 16,715,000 18,571,956 936,000 876,418 $ (1,687,875) $ 15,570,881 $ $ - $ 15,570,881 $ 102,255 $ 13,985,261 601,856 67,298,623 35,328 81,272 67,344,567 557,785 68,504,208 (1,856,956) 12,556,248 58,447 12,497,801 90,860 10,731,705 59,582 794,734 269,727 794,734 7,352 861,668 269,727 2,321 272,048 86,422,000 89,305,393 (2,883,393) 96,490,213 93,775 81,272 96,477,710 760,573 94,354,890 Auditor/Controller 12,000 12,000 - - - - Commission administration 1,142,000 705,900 436,100 - - Commission planning 3,090,000 3,090,000 - - - SCAG planning 773,000 773,000 - Total administration and planning 5,017,000 4,580,900 436,100 Total apportionm e nts $ 91,439,000 $93,886,293 $ 436,100 $(2,883,393) $96,490,213 $ 93,775 $ 81,272 $96,477,710 $760,573 $ 94,354,890 10 34 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 Local Transportation 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, 2018, and the related notes to the financial statements, and have issued our report thereon dated October 30, 2018. 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 as of June 30, 2018, 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. 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 11 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. aft o4S gitt.t/0Mg i Newport Beach, California October 30, 2018 12 37 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, 2018 Certified Public Accountants 39 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 40 41 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, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2018, 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 Fund'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 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, as administered by the Commission, as of June 30, 2018, 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 42 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, 2018, 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 30, 2018 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. a da-S gilt( ��C�Q�1.eif 1 i Newport Beach, California October 30, 2018 2 43 State Transit Assistance Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Balance Sheet June 30, 2018 Assets Cash and investments Accounts receivable Interest receivable Total assets Liabilities and Fund Balance $ 83,044,463 5,584,017 307,971 $ 88,936,451 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. $ 528,410 264,700 793,110 64,361,812 23, 781, 529 88,143, 341 $ 88,936,451 3 44 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, 2018 Revenues: Sales taxes $ 17,608,016 Interest 634,536 Total revenues 18,242,552 Expenditures: Transit Excess of revenues over (under) expenditures Other financing sources (uses): Transfers to the Commission Total other financing sources (uses) 5,429,243 12, 813, 309 (102, 800) Net change in fund balance 12,710,509 Fund balance, beginning of year 75,432,832 Fund balance, end of year $ 88,143,341 See Notes to Financial Statements. 4 45 State Transit Assistance Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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) 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 as of June 30, 2018 and the 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, 2018. 5 46 State Transit Assistance Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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, 2018. 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, 2018. 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, 2018 consist of the following: Cash and investments with RCPIF Commission operating investment pool Cash in bank $ 72, 701, 994 10,199, 728 142,741 $ 83,044,463 The funds in the County Treasury 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. Fair value is based on quoted market prices and/or direct bids, when needed, from government dealers on some variable or floating rate items. 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, 2018, the Fund had $72,701,994 invested in the RCPIF, with a weighted average maturity of 427 days, and $10,199,728 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.countytreasurer.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. Credit risk: As of June 30, 2018, the Commission's investment in its operating investment pool is not rated and 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 47 State Transit Assistance Fund of the County of Riverside as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 3. Fund Balance At June 30, 2018, 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 $ 22,298,020 Bus 39, 907,169 Coachella Valley: Bus 2,051,934 Palo Verde Valley 104,689 64, 361, 812 Restricted for unclaimed allocations: Western County: City of Banning 324,506 City of Beaumont 1,693,431 City of Corona 1,301,586 City of Riverside 255,690 Riverside Transit Agency 6,093,543 Coachella Valley: SunLine Transit Agency 14,094,513 Rail (30, 809) Palo Verde Valley: Palo Verde Valley Transit Agency 49,069 23, 781, 529 Total fund balance $ 88,143,341 7 48 49 Supplementary Information 50 51 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, 2018 Recipient California Code of Regulations Current Year Amount Section No. Allocation Disbursed Reference Western County: City of Banning $ 110,000 $ 21,550 6731 City of Beaumont 300,000 117,016 6731 City of Riverside - 23 6731 Riverside Transit Agency 1,245,576 2,936,764 6730 Total Western County 1,655,576 3,075,353 Coachella Valley: SunLine Transit Agency 3,450,718 1,996,420 6730 Rail Program 226,800 226,800 6730 Total Coachella Valley 3,677,518 2,223,220 Palo Verde Valley Transit Agency 115,000 114,128 6730 Other - 16,542 $ 5,448,094 $ 5,429,243 8 52 53 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, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2018, and the related notes to the financial statements, and have issued our report thereon dated October 30, 2018. 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 as of June 30, 2018, 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. 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 54 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. ac,as gikr 6" OCeNtell AP Newport Beach, California October 30, 2018 10 55 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, 2018 Certified Public Accountants 57 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 58 59 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, 2018, 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 Fund'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 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, as administered by the Commission, as of June 30, 2018, 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 60 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, 2018, 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 30, 2018 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. a da-S gilt( ��C�Q�1.eif 1 i Newport Beach, California October 30, 2018 2 61 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Balance Sheet June 30, 2018 Assets Cash and investments Accounts receivable Total assets Liabilities and Fund Balance $ 2,461,760 1,237,632 $ 3,699,392 Fund Balance Restricted allocations available for programming Restricted for unclaimed allocations Total fund balance Total liabilities and fund balance See Notes to Financial Statements. 3,169, 419 529,973 3,699,392 $ 3,699,392 3 62 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, 2018 Revenues: Sales taxes Investment income (loss) Total revenues Net change in fund balance Fund balance, beginning of year $ 3,712,895 (13, 503) 3,699,392 3,699,392 Fund balance, end of year $ 3,699,392 See Notes to Financial Statements. 4 63 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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) 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 as of June 30, 2018 and the 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, 2018. 5 64 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 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, 2018. 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. There were no expenditures incurred for the year ended June 30, 2018. Note 2. Cash and Investments Cash and investments at June 30, 2018 consist of the following: Cash and investments with RCPIF Cash in bank $ 2,436,760 25,000 $ 2,461,760 The funds in the County Treasury 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. Fair value is based on quoted market prices and/or direct bids, when needed, from government dealers on some variable or floating rate items. 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, 2018, the Fund had $2,436,760 invested in the RCPIF, with a weighted average maturity of 427 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, 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, 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 65 State of Good Repair Fund of the County of Riverside, as Administered by the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 3. Fund Balance At June 30, 2018, 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 $ 554,889 Bus 1,967,334 Coachella Valley 612,966 Palo Verde Valley 34,230 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 3,169,419 197,812 2,328 19,122 4,848 3,995 159,505 141,155 1,208 529,973 Total fund balance $ 3,699,392 7 66 67 Supplementary Information 68 69 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, 2018 Recipient California Code of Regulations Current Year Amount Section No. Allocation Disbursed Reference Western County: City of Banning $ 2,325 $ 6731 City of Beaumont 19,093 6731 City of Corona 4,841 6731 City of Riverside 3,989 6731 Riverside Transit Agency 159,264 6730 Western County Bus 1,966,201 6731 Commission Commuter Rail Program 752,084 6730 Total Western County 2,907,797 SunLine Transit Agency 753,623 6730 Palo Verde Valley Transit Agency 35,510 6730 $ 3,696,930 $ 8 70 71 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, as administered by the Riverside County Transportation Commission (the Commission), as of and for the year ended June 30, 2018, and the related notes to the financial statements, and have issued our report thereon dated October 30, 2018. 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 as of June 30, 2018, 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. 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 72 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. ac,as gikr 6" OCeNtell AP Newport Beach, California October 30, 2018 10 73 ATTACHMENT 5 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Financial and Compliance Reports Year Ended June 30, 2018 Certified Public Accountants 75 Contents Independent Auditor's Report 1-2 Financial Statements Balance Sheets Statements of Revenues, Expenditures and Change in Fund Balance Notes to Financial Statements 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 76 77 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, 2018 and 2017, 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 Accounts' 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 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, 2018 and 2017, 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 78 www.mgocpa.com Emphasis of Matter As discussed in Note 1, 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, 2018 and 2017, 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 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 30, 2018 and October 27, 2017 on our consideration of the Commission's internal control over the Accounts' 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 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. oi,otS glitt (ceN.ell ll) Newport Beach, California October 30, 2018 2 79 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Balance Sheets June 30, 2018 and 2017 2018 2017 Assets PTMISEA CTSGP-CTAF Total PTMISEA CTSGP-CTAF Total Cash and investments in Riverside County Pooled Investment Fund $ 4,904,424 $ 176,132 $ 5,080,556 $6,569,885 $ 504,584 $ 7,074,469 Interest receivable 20,505 25 20,530 15,082 765 15,847 Total assets $ 4,924,929 $ 176,157 $ 5,101, 086 $ 6, 584, 967 $ 505,349 $ 7,090,316 Liabilities and Fund Balance Liabilities Accounts payable $ 13,450 $ $ 13,450 $ 28,847 $ 38,698 $ 67,545 Total liabilities 13,450 13,450 28,847 38,698 67,545 Fund Balance Restricted: Rail projects 4,911,479 176,157 5,087,636 6,556,120 466,651 7,022,771 Total fund balance 4,911,479 176,157 5,087,636 6,556,120 466,651 7,022,771 Total liabilities and fund balance $ 4,924,929 $ 176,157 $ 5,101,086 $6,584,967 $ 505,349 $ 7,090,316 See Notes to Financial Statements. 3 80 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, 2018 and 2017 2018 2017 PTMISEA CTSGP-CTAF Total PTMISEA CTSGP-CTAF Total Revenues: State allocations Interest Total revenues $ $ 284,654 $ 284,654 $ 76,408 $ 355,763 $ 432,171 76,774 1,929 78,703 54,885 3,445 58,330 76,774 286,583 363,357 131,293 359,208 490,501 Evenditures: Rail 1,721,415 577,077 2,298,492 1,506,311 773,490 2,279,801 Net change in account fund balance (1,644,641) (290,494) (1,935,135) (1,375,018) (414,282) (1,789,300) Fund balance, beginning of year 6,556,120 466,651 7,022,771 7,931,138 880,933 8,812,071 Fund balance, end of year $ 4,911,479 $ 176,157 $ 5,087,636 $ 6,556,120 $ 466,651 $ 7,022,771 See Notes to Financial Statements. 4 81 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Notes to Financial Statements June 30, 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 (Ca!trans), 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, 2018 and 2017 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 and current resources measurement focus is followed in the PTMISEA and CTSGP- CTAF Accounts. 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 current fiscal period. Those revenues susceptible to accrual include PTMISEA and CTSGP-CTAF allocations and interest revenue. For the year ended June 30, 2018, the Commission recognized revenue related to an allocation of $284,654 for the Station Security project. For the year ended June 30, 2017, the Commission recognized revenues related to an allocation of $76,408 and $355,763 for the Station Rehabilitation and Station Security projects, respectively. 5 82 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Notes to Financial Statements June 30, 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 Caltrans 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 State 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 so 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 enabling legislation. Expenditures: Expenditures represent rail capital projects as identified in PTMISEA and CTSGP-CTAF applications submitted by the Commission. 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. For the year ended June 30, 2017, the Commission incurred qualifying expenditures of $1,515,298 for the Station Rehabilitation project, ($8,987) prior fiscal year accrual adjustments for the Coachella Valley Station Development project, and $773,490 for the Station Security project, for a total of $2,279,801. 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. Fair value is based on quoted market prices and/or direct bids, when needed, from government dealers on some variable or floating rate items. 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 83 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Notes to Financial Statements June 30, 2018 Note 2. Cash and Investments With County Treasurer (Continued) As of June 30, 2018 and 2017, the Account has $5,080,556 and $7,074,469, respectively, included in the Commission's investment with the RCPIF, with a weighted average maturity of 427 days and 412 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, 2018 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAAf/S1 by Fitch Ratings and as of June 30, 2017 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAA/V1 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 84 85 Supplementary Information 86 87 Proposition 1B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Combining Balance Sheet —By Project June 30, 2018 Assets Cash and investments in Riverside County Pooled Investment Fund Interest receivable Total assets Liabilities and Fund Balance PTMISEA Station Rehabilitation $ 2,175, 607 9,065 Coachella Valley Station Development Total $ 2,728,817 $ 4,904,424 11,440 20,505 $ 2,184, 672 $ 2,740,257 $ 4,924,929 Liabilities Accounts payable Total liabilities Account Fund Balance $ 13,450 $ CTSGP-CTAF Station Security $ 176,132 25 Total $ 5,080,556 20,530 $ 176,157 $ 5,101, 086 $ 13,450 $ 13,450 13,450 Fund Balance Restricted: Rail projects Total fund balance Total liabilities and fund balance 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 8 88 Proposition 1 B Rehabilitation, Safety and Security Project Accounts, Accounts of the Riverside County Transportation Commission Combining Balance Sheet —By Project, Continued June 30, 2017 PTMI SEA CTSGP-CTAF Station Coachella Valley Station Assets Rehabilitation Station Development Total Security Total Cash and investments in Riverside County Pooled Investment Fund $ 3,872,405 $ 2,697,480 $ 6,569,885 $ 504,584 $ 7,074,469 Interest receivable 8,808 6,274 15,082 765 15,847 Total assets $ 3,881,213 $ 2,703,754 $ 6,584,967 $ 505,349 $ 7,090,316 Liabilities and Fund Balance Liabilities Accounts payable Total liabilities Fund Balance Restricted: Rail projects Total fund balance Total liabilities and fund balance $ 28,847 $ $ 28,847 $ 38,698 $ 67,545 28,847 28,847 38,698 67,545 3,852,366 2,703,754 6,556,120 466,651 7,022,771 3,852,366 2,703,754 6,556,120 466,651 7,022,771 $ 3,881,213 $ 2,703,754 $ 6,584,967 $ 505,349 $ 7,090,316 9 89 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 Year Ended June 30, 2018 PTMISEA 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 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 10 90 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, 2017 PTMISEA CTSGP-CTAF Station Coachella Valley Station Rehabilitation Station Development Total Security Revenues: State allocations $ 76,408 $ Interest 34,414 20,471 Total $ 76,408 $ 355,763 $ 432,171 54,885 3,445 58,330 Total revenues 110,822 20,471 131,293 359,208 490,501 Expenditures: Rail 1,515,298 (8,987) 1,506,311 773,490 2,279,801 Net change in account fund balance (1,404,476) 29,458 (1,375,018) (414,282) (1,789,300) Fund balance, beginning of year 5,256,842 2,674,296 7,931,138 880,933 8,812,071 Fund balance, end of year $ 3,852,366 $ 2,703,754 $ 6,556,120 $ 466,651 $ 7,022,771 11 91 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, 2018, and the related notes to the financial statements, and have issued our report thereon dated October 30, 2018. 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, 2018, 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 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 Account. Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control related to the 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 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. 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 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 12 92 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 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. aft o4S gitt.t/0Mg i Newport Beach, California October 30, 2018 13 93 ATTACHMENT 6 Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Financial and Compliance Reports Year Ended June 30, 2018 Certified Public Accountants 95 Contents Independent Auditor's Report 1-2 Financial Statements Balance Sheets 3 Statements of Revenues, Expenditures and Change in Fund Balance 4 Notes to Financial Statements 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 96 97 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, 2018 and 2017, 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 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 LCTOP Account'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 over 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, 2018 and 2017 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 98 www.mgocpa.com Emphasis of Matter As discussed in Note 1, 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, 2018 and 2017 and the changes in its 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 30, 2018 and October 27, 2017 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 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 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. °LC,64-5 giti L 000MI l Newport Beach, California October 30, 2018 2 99 Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Balance Sheets June 30, 2018 and 2017 2018 2017 Assets Cash and investments in Riverside County Pooled Investment Fund $ 397,753 $ 576,272 Interest receivable 1,668 914 Total assets $ 399,421 $ 577,186 Liabilities and Fund Balance Liabilities Accounts payable $ $ 8,117 Total liabilities 8,117 Fund Balance Restricted: Rail operations Total fund balance Total liabilities and fund balance See Notes to Financial Statements. 399,421 569,069 $ 399,421 $ 569,069 $ 399,421 $ 577,186 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, 2018 and 2017 Revenues: State allocations Interest Total revenues 2018 2017 $ 5,823 $ 183,080 2,959 5,823 186,039 Expenditures: Rail 175,471 138,600 Net change in fund balance Fund balance, beginning of year Fund balance, end of year See Notes to Financial Statements. (169,648) 47,439 569,069 521,630 $ 399,421 $ 569,069 Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Notes to Financial Statements June 30, 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 a 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, 2018 and 2017 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 and the current financial resources measurement focus is followed in the LCTOP Account. 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 current fiscal period. Those revenues susceptible to accrual include LCTOP Account allocations and interest revenue. For the years ended June 30, 2018 and 2017, the Commission recognized revenues related to an allocation of $0 and $183,080, respectively, for the Perris Valley Line station operations. 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, 2018 and 2017, the Commission incurred qualifying expenditures of $175,471 and $138,600, respectively, for the Perris Valley Line station operations. 5 102 Low Carbon Transit Operations Program Account, an Account of the Riverside County Transportation Commission Notes to Financial Statements June 30, 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. Fair value is based on quoted market prices and/or direct bids, when needed, from government dealers on some variable or floating rate items. 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, 2018 and 2017, the LCTOP Account has $397,753 and $576,272, respectively, in the Commission's investment with the RCPIF, with a weighted average maturity of 427 days and 412 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, 2018 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAAf/S1 by Fitch Ratings and as of June 30, 2017 the Commission's investment in the RCPIF was rated Aaa/bf by Moody's Investors Service and AAA/V1 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. 6 103 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, 2018, and the related notes to the financial statements, and have issued our report thereon dated October 30, 2018. 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, 2018 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 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. 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 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 7 104 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 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. ada-S ge ( 0)C6Mei i 4 i Newport Beach, California October 30, 2018 8 105 ATTACHMENT 7 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Single Audit Reports For the Year Ended June 30, 2018 Certified Public Accountants 107 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 9 108 109 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, 2018, 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 30, 2018. 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 1 110 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. togs gliti 6 O'Conitell Newport Beach, California October 30, 2018 2 111 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, 2018. 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, 2018. 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 3 112 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, 2018, and the related notes to the financial statements, which collectively comprise the Commission's basic financial statements. We issued our report thereon dated October 30, 2018, which contained unmodified opinions on those 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 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 schedule of expenditures of federal awards is fairly stated in all material respects in relation to the basic financial statements as a whole. oLdas oce.el I 4) i Newport Beach, California October 30, 2018 4 113 Riverside County Transportation Commission Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2018 Federal Grantor/Program or Cluster Title/Pass-Through Grantor Catalog of Federal Domestic Assistance Number (CFDA #) Identifying Number Passed Total Through to Federal Subrecipients Expenditures U.S. Department of Transportation: Highway Planning and Construction Program: Pass -through State Department of Transportation: State Route (SR) 91 Utilities SR91/SR71 Junction Regional Rideshare 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 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 20.205 08-31-002-04 20.205 08-31-033-05 20.205 08-41-042-00 20.205 18-62-062-00 20.205 08-1625 20.205 15-33-058-00 $ (105,069) 1,072,918 1,847,777 52,665,018 1,579,375 1,186,721 58,246,740 20.223* TIFIA-2012-1006A 421,054,409 421,054,409 20.319 16-25-017-00 602,224 602,224 Federal Transit Cluster: Federal Transit Capital Investment Grant: Direct Program, Commuter Rail 5 Year Rehab 5309 20.500* CA-05-0268-00 693,652 693,652 Direct Program, Commuter Rail Rehab Final 5309 20.500* CA-05-0283-00 311,905 311,905 Direct Program, Rail State of Good Repair 20.500" CA-05-0033-00 2,299,999 2,299,999 Federal Transit Urbanized Area Formula Grant: Direct Program, Perris Valley Line Construction 20.507" CA-954202-00 - 2,301,372 Direct Program, Perris Valley Line Operations 20.507* CA-95-X339-00 3,425,149 4,136,406 Total Federal Transit Cluster 6,730,705 9,743,334 Public Transportation Research: Direct Program, Blythe Wellness Express 20.514 CA-2017-115-00 90,497 90,497 Total Federal Expenditures $ 6,730,705 $489,737,204 * Denotes major program See Accompanying Notes to Schedule of Expenditures of Federal Awards 5 114 Riverside County Transportation Commission Notes to Schedule of Expenditures of Federal Awards Year Ended June 30, 2018 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, 2018. 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 Loan In July 2013, the Commission executed a TIFIA loan agreement with the United States Department of Transportation in an amount not to exceed $421,054,409 to finance a portion of the Commission's 91 Project. The TIFIA loan is evidenced by a toll revenue bond of the Commission issued pursuant to the master indenture and the second supplemental indenture. There were no TIFIA loan proceeds expended during the fiscal year ended June 30, 2018, and the outstanding loan payable at June 30, 2018 is $453,980,866. 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, 2018. 6 115 Riverside County Transportation Commission Schedule of Findings and Questioned Costs Year Ended June 30, 2018 I. Summary of Auditor's 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 20.223 Transportation Infrastructure Finance and Innovation Act (TIFIA) Program 20.500 & 20.507 Federal Transit Cluster Dollar threshold used to distinguish between Type A and Type B programs: $2,060,484 Auditee qualified as low -risk auditee? X Yes No 7 116 Riverside County Transportation Commission Schedule of Findings and Questioned Costs (Continued) Year Ended June 30, 2018 II. Financial Statement Findings A. Internal Control Matters None reported. B. Compliance Findings None reported. III. Federal Award Findings and Questioned Costs A. Internal Control Matters None reported. B. Compliance Findings None reported. 8 117 Riverside County Transportation Commission Summary Schedule of Prior Year Audit Findings Year Ended June 30, 2018 Prior Year Federal Award Findings Finding No. Program CFDA No. Compliance Requirements Status of Corrective Action 2017-001 High Speed Rail Corridors and Intercity Passenger Rail Service — Capital Assistance Grants 20.319 Reporting The Commission has fully implemented the corrective action. 9 118 ATTACHMENT 8 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Financial Statements For the Year Bided June 30, 2018 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 119 120 RCTC 91 Bg3ress Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Financial Statements For the Year Ended June 30, 2018 Contents Independent Auditor's Report Management's Discussion and Analysis 1 3 Financial Statements Statement of Net Position 8 Statement of Revenues, Expenscs and Change in Fund Net Position 9 Statement of Cash Flows 10 Notes to Financial Statements 12 121 122 Certified Public Accountants 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, 2018, 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, 2018, 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. Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 123 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, 2018, 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. aims ��Ca�1 ei I4 Newport Beach, California October 30, 2018 2 124 RCTC 91 Bg3ress Lanes Fund Management Discussion and Analysis For the Year Ended June 30, 2018 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, 2018. VVe encourage readers to consider information on financial performance proscnted in conjunction with the financial statements that begin on page 8. Financial Highlights • At the end of fiscal year (FY) 2017/18, the total net position (deficit) of the Fund was ($277,767,334) and consisted of net investment in capital assets of ($286,349,191) and restricted net position of $8,581,857. • Net position of ($277,767,334) during FY 2017/18 reflects the first full year of toll operations. The eight -mile stretch between Interstate 15 and the Crange/Rverside County line and a tolled direct connector reached substantial completion and opened to motorists on March 20, 2017. • In FY 2017/18, total operating revenues of $50,446,824 include toll, violation penalty, and account fee revenues and Crange County Transportation Authority (OCTA) reimbursements. Total operating expenses of $21,960,551 include roadway and toll systems maintenance, customer service, back office operations, and other support costs. Overview of the Rnancial 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, deferred outflows of resources, and deferred 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 net position presents information sh0wing 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 oco x's, regardless of the timing of related crash flows. Thus, revenues and expend 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 8-11 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 12-22 of this report. 91 Express Lanes Financial Analysis As noted previously, net position may serve over time as a useful indicator of the Fund's financial position. At June 30, 2018, the Fund's net position reflected a deficit of $277,767,334. Cur analysis below focu,cs on net position and changes in net position of the Fund's financial activities. 3 125 RCTC 91 Bg3ress Lanes Fund Management Discussion and Analysis For the Year Ended June 30, 2018 RCTC 91 Express Lanes Fund Net Position 2018 2017 Current and other assets $ 59,551,294 $ 8,591,572 Restricted assets 29,828,745 27,562,399 Capital assets, net 65,239,555 71,341,737 Intangible assets, net 244,045,820 234,075,489 Total assets 398,665,414 341,571,197 Deferred outflows of resources Total assets and deferred outflows of resources 310,156 84,567 398,975,570 341,655,764 Current liabilities 27,640,364 6,770,239 Long-term liabilities 649,070,652 628,562,082 Total liabilities 676,711,016 635,332,321 Deferred inflows of resources Total liabilities and deferred inflows of resources 31,888 2,283 676,742,934 635,334,604 Net position Net investment incapital assets (286,349,191) (301,737,495) Restricted 8,581,857 8,058,655 Total net position (deficit) $ (277,767,334) $ (293,678,840) FY 2017/18 represents the first full year of toll operations for the Fund. As a result, total assets increased $57,094,217, or 17%, due to increases in cash and investments, receivables, and capital and intangible assets. Total liabilities increased $41,378,695, or 7%, 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 $286,349,191 and reprOcnts (103.1%) of the total net position (deficit) in FY 2017/18. The Fund's net position reflects its investment in oapital 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 u ;cs these capital and intangible assets to provide improved mobility for the Fund customers and commuters along the SR-91 corridor. Restricted net position, representing resources subject to external restrictions on how they may be used, was $8,581,857 and represents 3.1%of the total net position at June 30, 2018. The analysis belowfocukes on the changes in net position. 4 126 RCTC 91 Bg3ress Lanes Fund Management Discussion and Analysis For the Year Ended June 30, 2018 RCTC 91 Express Lanes Fund Changes in Net Position 2018 2017 Operating revenues Toll, penalties, and fees $ 50,446,824 $ 10,125,295 Total operating revenues 50,446,824 10,125,295 Cperating expenses Management and operational services 9,136,307 2,691,372 Administrative overhead 532,600 - Olher operating expenses 464,119 275,308 Profcscional services 815,345 117,772 General and administrative 826,558 219,932 Depredation and amortization 10,185,622 2,527,24-0 Total operating expenses 21,960,551 5,831,624 Operating inoome 28,486,273 4,293,671 Nonoperating revenues (expenses) Investment income (loss) (32,662) 3,435 Interest expense (27,115,090) (7,428,630) C hir (376,656) - Total nonoperatingexpenses (27,524,408) (7,425,195) Income (loss)bebretransfers %1,865 (3,131,524) Transfers from the Commission, net 14,949,641 (290,547,316) Changes in net position 15,911,506 (293,678,840) Total net position at beginning of year (293,678,840) Total net position at end of year $ (277,767,334) $ (293,678,840) The Fund's total operating revenues increased $40,321,529, or 398% and total operating expenses increased $16,128,927, or 277°/0, as a result of the first full year of toll operations. Nonoperating expenses increased $20,099,213, or 271 %, primarily due to a full year of interest expense. Net transfers from the Commission decreased by $305,496,957 as a result of the prior year's transfer of capital and intangible assets, offset by the transfer of toll - supported long-term debt related to the 91 Project. Total traffic volume on the RCTC 91 Express Lanes Fund during FY 2017/18 was appro dn ralely 14,518,000 trips compared to 4,049,000 trips in FY 2016/17. 5 127 RCTC 91 Bg3ress Lanes Fund Management Discussion and Analysis For the Year Ended June 30, 2018 Capital and Intangible Assets Capital Assets As of June 30, 2018, the Fund had $65,239,555, net of accumulated depredation, invested in a broad range of capital assets induding: land and land improvements; buildings; toll infrastructure corrprised of communication equipment and corrputer hardware and software; equipment, fumiture and fixtures; and transponders. The decrease of $6,102,182, or 9%, was primarily due to the sale of excess land and the depredation of the Fund's toll infrastructure. RCTC 91 Express Lanes Fund Capital Assets, Net of Depreciation 2018 2017 Land and land improvements Construdion in progress Tdl infrastructure Transponders Buildings Equipment, furniture, and vehides Trial capital assets, net $ 43,032,888 174,151 21,211,4.66 360,181 444,408 16,461 $ 65,239,555 $ 44,658,207 26,071,062 109,743 484,809 17,916 $ 71,341,737 More detailed information about the Fund's capital assets is presented in note 4 to the finandal statements. Intangible Assets The information below is a sur'futy of the Commission's intangible assets, net of accumulated amortization: RCTC 91 Express Lanes Fund Intangible Assets, Net of Amortization 2018 2017 Total intangible asset, net $ 244,045,820 $ 234,075,489 The increase of $9,970,331, or 4%, is a result of 91 Project completion costs, offset by 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, 2018, the Fund had $648,503,036 outstanding in tdl revenue bonds, including a toll revenue bond in the form of a Transportation Innovation Finance and Infrastructure Act (l1FIA) loan. The increase of $19,951,366, or 3%, is due to the compounded and accreted interest on the toll -supported lorxtterm debt. 6 128 RCTC 91 Bg3ress Lanes Fund Management Discussion and Analysis For the Year Ended June 30, 2018 RCTC 91 Express Lanes Fund Outstanding Debt 2018 2017 Toll revenue bonds $ 194,522,170 $ 189,923,251 11FIA loan 453,980,866 438,628,419 Total outstanding debt $ 648,503,036 $ 628,551,670 Additional information on long-term debt can be found in note 7 to the financial statements. Economic and Other Factors The Fund makes up $45,581,800 or 7%of Commission's FY 2018/19 revenue budget. In FY 2018/19, toll and non - toll revenues are forecasted to increase by 168% over the FY 2017/18 budget. This increase is based on estimated toll transactions and current traffic and revenue data. The RCTC 91 Express Lanes have exceeded initial expectations; accordingly, the Cornrnission traffic consultant is updating the investment grade and traffic and revenue study. The average projected longterm rate of growth for toll road revenues beyond FY 2018/19 is 6.9% The majority of expen.,cs related to the Fund within FY 2018/19 budget are on -gang 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 2011, 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 govemrrent's finances and to demonstrate the Fund's aocountability for the money it receives. Questions conceming 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, ad Floor, P.O. Box 12008, Riverside, CA 92502-2208. 7 129 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Corrrrission) Statenent of Net Position June 30, 2018 Assets Current : Cash and investments $ 33,950,063 Receivables Accounts 1,739,225 Interest 148,492 Mdations 23,546,548 Prepaid evenses 166,966 Total arrent nazi 59,551,294 Nonmarrent assets: Reslric ed cash and investments 29,828,745 Capital xcc i,, net Nondepredable 43,207,039 Depreciable 22,032,516 Intanjble assets, net 244,045,820 Total nu iu rrent aJuct 339,114,120 Total 398,665,414 Deferred outfloNs of resources Pension benefits Other post -employment benefits Tonal assets and deferred ou8oNs of resources 259,714 50,442 398,975,570 Liabilities Current liabilities: Amounts payable 1,517,W Interest payable 1,888,106 Due to other Commission funds 294,509 Urftrnrzt revenues 23,545,891 Ober liabilities 375,050 Compensated absences liability 19,156 Total arrent liabilities 27,640,364 Nonaarrent liabilities: Net pension liabilities 517,676 Clher post employment benefits liabilities 14,364 Compensated absences liability 35,576 Bands payable - due in more than one year 648,503,036 Total nonarreitt649,070,W Total liabilities 676,711,016 Deferred intions of resouces Pension benefits Ober post -employment benefits Total liabilities and deferred inflows of resources 19,162 12,/ 676,742,904 Net position Net invest -rent in capital assets (286,349,191) Resticied for toll operations 8,581,857 Total net position (deficit) $ (277,767,334) See notes to financial staterrs 8 130 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Corrrrission) Statement of Revenues, Expenses and Change in Fund Net Position For the Year Ended June 30, 2018 Operating revenues Tolls, penalties, and fees $ 50,446,824 Operating expenses Management and operational services 9,136,307 Administrative overhead 532,600 Other operating expenses 464,119 Professional services 815,345 General and administrative expenses 826,558 Depreciation and amortization 10,185,622 Total operating expenses 21,960,551 Operating inoome 28,486,273 Nonoperating revenues (expenses) Investment eamings (loss) (32,662) Interest expense (27,115,090) Loss on sale of capital assets (376,656) Total nonoperating revenues (expenses) (27,524,4-08) Inoome before transfers 961,865 Transfers Transfers in from Commission governmental adivities 15,166,5% Transfers out to Commission governmental funds (216,955) Total transfers 14,949,641 Change in net position 15,911,506 Net position at beginning of year Net position at end of year 9 (293,678,840) $ (277,767,334) 131 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Commission) Statement of Cash Flow For the Year Ended June 30, 2018 Cash flows from operating activities Reoeipts from customers and users $ 49,702,640 Payments to vendors (10,087,808) Payments to employe (426,598) Payments for RCTC interfund services used (345,162) Reimbursements received for shared oosts 255,756 Net cash provided by operating activities 39,098,828 Cash flows from noncapital financing activities Transfers to governmental activities for excess investment earnings Net cash provided by nonsepital financing activities (1,344,509) (1,344,509) 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 (553,487) Deposits received related to pending sale of land 250,756 Proceeds from sale of capital assets 1,248,662 Net cash provided by capital and related financing activities (6,174,007) Cash flows from investing activities Interest received Net cash used fa- investing activities 87,051 87,051 Net incrin cash and cash equivalents 31,667,363 Cash and rash equivalents at beginning of year 32,289,383 Cash and cash equivalents at end of year $ 63,956,746 Reconciliation of cash and cash equivalents to statement of net position Cash and investments $ 33,950,063 Add: fair value adjustment 177,938 Restricted cash and investments Total cash and cash equivalents See notes to financial statements 10 34,128,001 29,828,745 $ 63,956,74.6 132 RCTC 91 Express Lanes Fund (Enterprise Fund of the Riverside County Transportation Corrrrission) Statement of Cash Flows, Continued For the Year Ended June 30, 2018 Reoonoiliation of operating income (loss) to net cash provided by (used for) operating acts ities Operating income Adjustments to reconcile operating income b net cash provided by (used for) operating activities Depreciation and amortizaion expense Change in assets and liabilities (Increase) Decrease in violations receivables (Increase) Decrease in other receivables, net (Increase) Decrease in prepaid assets Increase (Decrease) in pension and post -employment benefit liabilities, net of deferred items Increase (Decrease) in accounts payable Increase (Decrease) in due to other funds Increase (Decrease) in unearned revenues Increase (Decrocrc) in deposits payable Increase (Decrease) in oompensated absenoes liability Total adjustments Net cash provided by operating activities Norxash capital, financing and investing acivities Amortization of bond discount Accreted and compounded interest See notes to financial statements 11 $ 28,486,273 10,185,622 (20,896,980) (496,995) (35,631) 277,643 373,186 270,843 20,895,323 50 38,494 10,612,555 $ 39,098,828 $ 73,073 19,878,293 133 134 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 1. Reporti • Enti 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, induding 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 tdled direct connector. The RCTC 91 Express Lanes Fund (Fund) is reported as a major enterprise fund in the Commission's basic finandal 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, 2018. Note 2. Summary of Significard Accounting Policies The accounting policies of the Fund are in conformity with generally acrppted accounting principles applicable to govemrrental units. The Governmental Accounting Standards Board (GASB) is the accepted standard -setting body for establishing accounting and financial reporting principles. Basis of Accounting: The finandal statements of the Fund are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues consisting substantially of tills and fcce, are recorded when earned, and expend are recorded when a liability is incurred, regardless of the tirring of related cash flows. Tdl revenue is recognized when the customers utilize the toil road facility. Enterprise funds distinguish operating revenues and expenses from nonoperating items. Cperating revenues and expen ;ce generally result from providing services in connection with an enterprise fund's principal and ongoing operations. The principal operating revenues of the Fund are charges to customers for use of the tdl fadlity. Operating expend for the Fund include the cost of services, administrative expend, and depredation and amortization on capital and intangible assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expend. Cash and investments: The Commission maintains rash and investments in accordance with the Investment Policy adopted by the Board of Commissioners in December 2017. The Investment Policy complies with the California Government Code (Code). Investments of bond proceeds as pemitted 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 eamings 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 purpos in the RCPIF, with investment eamings 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 munidpal bonds are carried at fair value based on quoted market prices, except for money market investments, which are carried at amortized oust 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, commerdal paper, money market funds, certificates of deposit, and the Fund's share of the RCPIF represent cash and cash equivalents for cash flow purposes. 12 135 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 2. Sumrary of Si • nificant Accounti • 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 ter rTb and conditions. Permitted investments per the debt indentures indude govemment obligations, State of Califomia and local agency obligations, banker's acceptances, corrn erdal paper, negotiable certificates of deposit, repurchase agreements, money market funds, other mutual funds, investment agreements, RCPIF, and variable and floating rate securities. Receivables: Violations receivables indude unoollected violation tolls and penalties. Unpaid violations of $23,546,248 as of June 30, 2018 are not recognized as revenue until payment is received and therefore are reflected as uneamed revenue. If violations and penalties remain owed for more than 90 days, they are tumed 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 uncolIectible. Other receivables indude amounts due from other Cal ifomia 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 indude land and land improvements; toll infrastructure; buildings; equipment, fumiture 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 loss 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, fumiture 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 Califomia'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 commendng 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, 2018, the Fund has two items which qualify for reporting in this category— pension and other post -employment benefits. Due to other Commission funds: During the course of operations, transactions occur between governmental funds involving goods provided and services rendered. 13 136 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 2. Sumrary of Significant Accounting Policies, Continued 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. Side leave is recorded as an expense wren taken by the employee. Employees with continuous five years of service have the option of being paid for side 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 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. Postemployment benefits other than pensions: For purposes of measuring the net other post -employment benefits (OPEB) liability, deferred outflows/inflows of resources related to the OPEB liability and OPEB expense, information about the fiduciary net position of the Commission's CPEB plan, and additions to/deductions from the OPEB fiduciary net position have been determined on the same basis as they are reported by California Err ployers' 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-eaming 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 had two items which qualifies for reporting in this category — pension and other post -employment benefits. Risk management: The Fund purchases commercial property insurance induding business interruption, earthquake, and flood coverage related to the tdl facility. Net position: Net position represents the difference between assets plus deferred outflow of resources and liabilities plus deferred inflow of resources and is dassifred into three categories: ■ IVet investrmnt in capital assets consists of capital and intangible assets, net of accumulated depredation, reduced by the outstanding balances of any borrowings used for the acquisition, construction, or improvement of those assets and excludes unspent debt prooeeds. ■ 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. 14 137 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 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 disdosures 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 fdlowing at June 30, 2018: Cash in bank $ 278,774 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 33,671,289 29,828,745 63,500,034 $ 63,778,808 $ 33,950,063 29,828,745 $ 63,778,808 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 significant other observable inputs; and Level 3 inputs are significant unobservable inputs (the Commission does not value any of its investments using Level 3 inputs). The following is a sure nary of the fair value hierarchy of the fair value of investments of the Fund as of June 30, 2018: 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. Trowury obligations U.S. agency securities Corporate notes Money market mutual funds Mortgage and asset -backed securities Municipal bonds Total investments measured at fair value Investments not subject to fair value hierarchy: RCPI F Total investments $ 10,163,335 $ 2,220,541 2,416,983 5,644,587 8,983,299 4-00,000 10,163,335 2,220,541 2,416,983 5,644,587 8,983,299 400,000 29,828,745 $ 33,671,289 $ 63,500,034 10,163,335 $ 19,665,410 Investments classified in Level 1 of the value hierarchy, valued at $10,163,3355 are valued using quoted prices in active markets. 15 138 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 3. Cash and Investments, Continued • U.S. agency securities totaling $2,220,541, corporate notes totaling $2,416,983, money market funds totaling $5,644,587, mortgage and asset -backed securities totaling $8,983,299, and municipal bonds totaling $400,000, dassified 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. As of June 30, 2018, the Fund has the following restricted investments: Investments Fair Value Principal Interest Rate Range Maturity Range Mighted Average Maturity (Years) RCPI F Held by Trustee Corporate notes Money market Mortgage and asset- backed stn lilies MLnicipal bonds U.S. agency securities U.S. Treasury obligations Total Investments Portfolio weighted average $ 33,671,289 $ 34,137,231 0.726%- 3.100% 2,416,983 5,644,587 8,983,299 2,426,463 5,644,587 9,212,189 400,000 400,000 2,220,541 2,250,729 10,163,335 10,436,052 $ 63,500,034 $ 64,507,251 2.493%- 3.405% 0.00%-1.330% -3.395%- 5.963% 1.800%- 2.050% 1.095%- 2.767% 0.613%- 2.809% 07/01/18 - 06/29/23 11/05/18 - 06/11/21 I�UA 11/01/18 - 09/16/55 09/01/37 - 11/15/52 07/06//18 - 01/13/22 07/15/18 - 01/15/27 1.173 1.352 0.000 12.482 23.468 2.407 3.904 7.464 The weighted average maturity is calculated using the investment's effective duration weighted by the investment's fair value. As of June 30, 2018, mortgage and asset-bad<ed securities totaled $8,983,299. The underlying assets are consumer receivables that include credit cards, auto/equipment, and home loans. The sen arities have a fixed interest rate and are rated MalAA+ 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, 2018 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. 16 139 RC:TC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 3. Cash and Investments, Continued The Fund has deposits with a bank balance of $278,774 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 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, 2018; securities denoted as NR are not rated by one of the nationally reoognized statistical rating organizations. Investments Moody's S&P % of Portfolio RCPIF Aaa bf AAAf/S1 53.02% Corporate Notes Al Ak 0.16% Notes A2 A- 3.18% Notes A3 BBB+ 0.31 % Notes Aaa NR 0.16% Money market mutual funds Funds NR NR 8.89% Mortgage and asset backed securities Securities Aaa AA+ 12.92% Securities Aaa AAA 0.35% Securities Aaa NR 0.46% Securities NR AAA 0.42% Municipal bonds Colorado Housing and Finance Authority Aaa AAA 0.16% Maine State Housing Authority Aa1 AA+ 0.16% North Dakota Housing Finance Agency Aa1 NR 0.16% Wisconsin Housing and Econonic Development Aa2 AA 0.16% U.S. agency securities Notes 3.49% U.S. Treasuries Treasury 16.00% Total 100.00% 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, 2018, the Commission did not have investments in any one issuer that represents more than 5%of the Commission's total investments. 17 140 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 4. Capital Assets Capital assets activity for the Fund for the year ended June 30, 2018 is as follows: Balance Balance June 30, 2017 Transfers Additions Deletions June 30, 2018 Capital assets not being depredated: Land and land improvements Construction in progress Total capital assets not being depredated Capital assets being depredated: Toll infrastructure Transponders Buildings Office fumiture, equipment and vehides Total capital assets being depredated Les accumulated depredation for: Toll infrastructure Transponders Buildings Office fumiture, equipment and vehides Total accumulated depredation Total capital assets being depredated, net Capital assets, net $ 44,658,207 $ — $ — $ (1,625,319) $ 43,032,888 174,151 174,151 44,658,207 27,408,768 122,506 686,813 18,428 491,230 174,151 (1,625,319) 43,207,039 331,313 7,032 (2) 27,899,996 453,819 686,813 25,4.60 28,236,515 491,230 338,345 (1,337,706) (12,763) (202,004) (512) (5,350,824) (80,875) (4-0,4-01) — (8,487) (1,552,985) — 26,683,530 4.91,230 $ 71,341,737 $ 4.91,230 (5,480,587) (5,142,242) $ (4,968,091) (2) 29,066,088 (2) $ (1,625,321) (6,688,530) (93,638) (242,405) (8,999) (7,033,572) 22,032,516 $ 65,239,555 Note 5. Intangible Assets and Service Concession Arrangements Cr) May 14, 2012, the Commission entered into a toll facilities agreement with Caltrans providing the Commission with authorization to toll the SR-91 from Crange/Riverside County line to 1-15 for 50 years corrrruncing as of the first day on Mich 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, 2018 was as follovvs: Balance June 30, 2017 Transfers Additions Balance June 30, 2018 Tdl fadlity franchise $ 235,251,748 $ 14,675,366 Less accumulated amortization (1,176,259) — Total toll facility franchise, net $ 234,075,489 $ 14,675,366 (4,705,035) $ (4,705,035) $ 249,927,114 (5,881,294) $ 244,045,820 18 141 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Due fronnfto other funds: The composition of balances related to due from other funds and due to other funds at June 30, 2018 is as follows: Payable Fund Receivable Fund Amount Explanation RCTC 91 Express Lanes Enterprise fund Commission's General fund $ 211,100 RCTC 91 Express Lanes Enterprise fund Commission's General fund 83,409 Total due to other Commission funds $ 294,509 Interfund transfers: During 2018, interfund transfers were as follows: Administrative cyst allocation Fringe benefits allocation Transfer Out Transfer In Amount Explanation RCTC 91 Express Lanes Enterprise fund Commission's Governmental activities Total transfers Commission's Capital Projects fund RCTC 91 Express Lanes Enterprise fund $ (216, 955) Transfer of excess interest eami ngs 15,166, 596 Transfer of capital and intangible assets $14,949,641 Nate 7. Long -Term Obligations Toll revenue bonds payable: In July 2010, the Commission authorized the issuance and sale of not to exceed $900 rrillion of toll revenue bonds related to the 91 Project. Balance Additions / Balance Due Within June 30, 2017 Accretion Reductions June 30, 2018 One Year Tdl revenue bonds: 2013 Bonds $ 192,070,770 $ 4,525,846 $ Tdl revenue bonds discount (2,147,519) Total bonds payable, net TT FIA loan Compensated absences liability Total long -temp obligations $ 196,5%,616 $ 73,073 (2,074,446) 189,923,251 4,525,846 73,073 194,522,170 438,628,419 15,352,447 — 453,980,866 — 16,238 109,110 (70,616) 54,732 19,156 $ 628,567,908 $19,987,403 $ 2,457 $ 648,557,768 $ 19,156 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 (GBs) at a discount of $2,433,315 to fund a portion of the 91 Project, pay capitalized interest during oonstruction, fund a debt service reserve fund, fund an initial amount for an operations and maintenance fund, and pay costs of issuance. The aBs 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%. 19 $ 123,825,000 142 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 7. Long -Term Obligations, Continued In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2013 Toll Bonds CI Bs payable throughout the term of the bonds are as follows: Year Ending June 30 Principal Interest Total 2019 2020 2021 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 2044-2048 123,825,000 - $ 7,119,900 7,119,900 7,119,900 7,119,900 7,119,900 35,599,700 35,599,700 35,599,700 35,599,700 24,127,700 $ 7,119,900 7,119,900 7,119,900 7,119,900 7,119,900 35,599,700 35,599,700 35,599,700 35,599,700 147,952,700 $ 123,825,000 $ 202,126,000 $ 325,951,000 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 CASs will not pay current interest as interest will be compounded commencing December2013 semiannually and paid at maturity. Therefore, the CABswill 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 2018, the accretion amount was $4,525,846. $ 72,771,616 In accordance with the bond maturity schedule, annual debt service requirements to nu u urity for the 2013 Toll Bonds CABs payable throughout the term of the bonds are as follows: Year Ending June 30 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 Principal $ 2,396,700 3,098,000 18,364,800 15,215,000 1,963,300 11,791,800 Accreted Interest Total $ 1,423,300 $ 3,820,000 2,231,900 5,329,900 22,490,300 40,855,100 34,850,000 50,065,000 6,196,700 8,160,000 78,458,200 90,250,000 $ 52,829,600 $ 145,650,400 $ 198,480,000 20 143 RC:TC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 7. Long -Term Obligations, Continued 71F1A 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 T1FIA loan. The 11FIA loan requires mandatory debt service payments at a minimum and scheduled debt service payments to the extent additional funds are available. 71FIA debt service payments are expected to cor r IT pence on December 1, 2021, which is five years after substantial completion of the 91 Project, through June 1, 2051. The interest rate of the T1FIA loan is 3.47/0. $ 453,980,866 The T1FIA loan is a tdl revenue bond that is subordinate to the senior tdl revenue bonds. In accordance with the 71FIA loan maturity schedule, the approxirrrele mandatory annual debt service requirements to maturity for the T1FIA loan payable throughout the term of the loan are as follows: Mandatory Year ending June 30 Principal Interest Total 2022 2023 2024-2028 2029-2033 2034-2038 2039-2043 2044-2048 2049-2051 Total Future compounded interest Total T1FIAloan 200,000 97,548,000 99,208,000 177,427,000 128,955,000 503,338,000 $ (49,357,100) $ 453,980,900 1,921,000 1,921,000 23,604,000 73,743,000 81,787,000 61,359,000 41,287,000 6,519,000 292,141,000 $ 1,921,000 1,921,000 23,604,000 73,943,000 179,335,000 160,567,000 218,714,000 135,474,000 $ 795,479,000 In connection with the issuance of the 2013 Toll Bonds oonsisting of the GBs 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 T1FIA loan agreement require the Comrission to establish a subordinate obligations resorve 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 oonnection with the 91 Project are insuffident. As of June 30, 2018, the Comrission accumulated $1,501,339 from the sale of excess land. 21 144 RCTC 91 Express Lanes Fund Notes to Financial Statements June 30, 2018 Note 8. Commitments and Contingencies Cooperative agreements: The RCTC SR-91 Express lanes are jointly operated with the existing CCTA 91 Express Lanes and collectively referred to as the 91 Express Lanes. Under the Crange-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 Cofiroute USA, LLC (Cofiroute), as the operator, for the operations of the 91 Express Lanes. This will ensure a streamlined and consistent intercounty travel for motorists on the OCTA 91 Express Lanes in Crange County and RCTC 91 Express Lanes in Riverside County. Cofiroute 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. Cofiroute is responsible for the day-to-day operations of the toll facility. The agreement with Cofiroute expires on June 30, 2021. Purchase commitments: The Fund has entered into other agreements in the ordinary course of business with corrpanies and other governmental agencies related to operations and maintenance. These agreements, which are significant, are funded with available and future revenues. Note 9. Pensions and Other Post -Employment Benefits Other Than Pensions (OPFB The Fund participates in the Commission's cost -sharing multiple employer defined benefit pension plan administered by the Cal ifomia Public Employees' Retirement System and the Commission's OPEB. Employees of the Fund are employees of the Commission as a whole. The required note disdosures regarding pension plans and OPEB are included in the Commission's financial statements. Please see those financial statements for inforr ation about the pension plans and CPEB as a whole. The net pension and CPEB liabilities of $517,676 and $14,364, respectively, reported by the Fund, represent the Fund's proportional share of the Commission's cost -sharing multiple employer defined benefit pension plan of $8,721,456 and CPEB liability of $242,000. The Fund's net pension liability and OPEB liability each represent 5.9% of the Commission's net pension liability and OPEB liability, respectively. Note 10. Pronouncements Issued, Not Yet Effective The GASB pronouncements issued prior to June 30, 2018 that have an effective date that may irrpact future financial presentations indude: • GASB Statement No. 83, Certain Assets Retirement Obligations, effective for fiscal years beginning after June 15, 2018; • GASB Statement No. 84, RduciatyActMties, effective for fiscal years beginning after December 15, 2018; • GASB Statement No. 87, Leases, effective for fiscal years beginning after December 15, 2019; • GASB Statement No. 88, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placerrunts, effective for fiscal years beginning after June 15, 2018; and • GASB Statement No. 89, Accounting for Interest Cast Incurred Before the End of a Construction Period, effective for fiscal years beginning after December 15, 2019. 22 145 ATTACHMENT 9 17'1GO 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, 2018, 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 30, 2018. 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(I) 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 oecIo4S gikr 6 0Conitei Z5) Newport Beach, California October 30, 2018 Macias Gini & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 146 www.mgocpa.com ATTACHMENT 10 MGO Certified Public Accountants November 5, 2018 To the Audit Ad Hoc Committee Riverside County Transportation Commission Riverside, California 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 Riverside County Transportation Commission (the Commission) for the year ended June 30, 2018. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, Government Auditing Standards and the Uniform Guidance, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated July 1, 2018. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Matters Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Commission are described in Note l to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the year. We noted no transactions entered into by the Commission during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management's 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 significantly from those expected. The most sensitive estimates affecting the Commission's financial statements 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 OPEB liability for the Commission's 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 Commission's employee pension plan are based on actuarial calculations, which incorporate actuarial methods and assumptions adopted by the Board of Commissioners; Macias Ginl & O'Connell LLP 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 1 147 www.mgocpa.com • Costs of 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 above mentioned estimates in determining that they are reasonable in relation to the financial statements taken as a whole. Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the financial statements were: • 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. The financial statement disclosures are neutral, consistent, and clear. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. There was a reversing passed adjustment of $218,500 to debit other aggregate remaining funds (Freeway Service Patrol Fund) revenue and credit accounts receivable for the prior year accrual of a South Coast Air Quality Management District reimbursement. Management has determined that the effect is immaterial, both individually and in the aggregate, to each opinion unit's financial statements taken as a whole. Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated October 30, 2018. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the Commission's financial statements or a determination of the type of auditor's opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. 2 148 Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the Commission's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other Matters 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 and schedules of expenditures, 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. Restriction on Use This information is intended solely for the use of Audit Ad Hoc Committee, 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. Very truly yours, i �� 6ht. ( Ocailitei LZP' Newport Beach, California 3 149 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, 2018 Certified Public Accountants 151 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, 2018. 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 Xlll-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 1 152 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. Sias �6ii 000M! l i Newport Beach, California October 30, 2018 2 153 Riverside County Transportation Commission Appropriations Limit Calculation Year Ended June 30, 2018 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] $ 419, 316, 693 1.015600000 State Finance 1.036900000 State Finance 0.053075640 C. Annual adjustment 22,255,502 (B.3 XA) D. Other adjustments: 1. Lost responsibility (-) 2. Transfer to private (-) 3. Transfer to fees (-) 4. Assumed responsibility (+) E. Total adjustments 22,255,502 (C+D) F. This year's limit $ 441,572,195 (A+E) 3 154 MGO 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), solely to assist you with respect to 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, 2018. 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, 2018, as amended per Amendment 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, 2018 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 the 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. 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 1 155 www.mgocpa.com c) Agree the amount recorded and the payee 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 (Application). Finding: No exceptions noted as a result of performing this procedure. c) Agree WSP's disbursements to the Application and noted 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. f) 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, 2018 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, 2018 will be selected for recounting. Finding: Disbursement of gift cards by WSP was stopped on June 29, 2018 and no disbursements were made until July 1, 2018 or later. As such, WSP took an inventory count on June 29, 2018 and we recounted the following on July 2, 2018, without exception: 2 156 RCTC Advantage Rideshare Program SANBAG Option Rideshare Program Amazon Stater Bros. Target Total $ 5,280 $ 8,195 $ 4,445 $ 17,920 5,610 8,965 6,025 20,600 $ 38,520 5) Confirmed 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 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. i I-/oicias gki Ca11a Z5) Newport Beach, California October 30, 2018 3 157 158 Riverside County Transportation Commission Schedule of Selected Purchases of Gift Cards by the Contractor For Fiscal Year Ended June 30, 2018 Project RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA RCTC,SBCTA Vendor Target Stater Bros Stater Bros Stater Bros Target Target Stater Bros Tango Card Target Stater Bros Voucher Date 2/14/2018 5/11/2018 2/9/2018 6/19/2018 8/14/2017 4/3/2018 1 /2/2018 11 /3/2017 12/8/2017 10/31 /2017 Amount $ 8,425.00 $ 10,152.00 $ 9,400.00 $ 10,105.00 $ 3,350.00 $ 14,025.00 $ 9,100.00 $ 300.00 $ 6,600.00 $ 9,564.50 Exhibit 1 Check # 1558843 1568963 1558141 1573113 1538660 1563798 1553052 1547585 1551178 1547136 4 159 160 Riverside County Transportation Commission Schedule of Selected Employee Incentive Payments Made by the Contractor For Fiscal Year Ended June 30, 2018 Employee Initials R.V. B.A. M.M. J.C. R.P. L.G. M.S. M.S. K. M R.H. Employer Name Anaco Superior Tank Amazon Ont8 Ashley Furniture County of San Bernardino Amazon Ont8 Anaco City of San Bernardino - Water Dept Fender Inland Empire Health Plan Incentive Type Stater Bros Stater Bros Amazon Stater Bros Stater Bros Amazon Stater Bros Amazon Stater Bros Target Commute Mode carpool carpool carpool carpool carpool carpool carpool carpool carpool carpool Disbursement Date 12/11/17 05/25/18 02/20/18 10/10/17 01 /16/18 04/30/18 12/11/17 04/26/18 01 /18/18 06/15/18 Exhibit 2 Amount $ 145 $ 130 $ 120 $ 160 $ 70 $ 115 $ 125 $ 90 $ 110 $ 115 5 161 ATTACHMENT 13 RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 30, 2018 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, 2018 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, 2018. 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, 2018. Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer 162 ATTACHMENT 14 RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 30, 2018 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 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, 2018, 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, 2018. The controls and procedures have been effective for the year ended June 30, 2018 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, 2018. 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. nne Mayer, Executive Director Michael Blomquist,l`oll Program Director .2110 �I C ecutive Director enstra, Project Delivery Director Shirley Me� �. jlanning & Programming Director f heria Trevino, Chief Financial Officer Aaron Hake, External Affairs Director Lrelle Moe -Luna, nterim Mu !modal Services Director 163 AGENDA ITEM 7D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Megan 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, 2018. 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 (RCPIF). 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. The Commission authorized Payden & Rygel to make Agenda Item 7D 164 specific investments for the Commission's operating funds beginning with the third quarter of FY 2014/15. In July 2017, the 1-15 ELP project and 91 Project completion financing (2017 Financing) was completed and sales tax bond proceeds approximating $154.6 million were received. Logan invested the 2017 Financing debt proceeds in accounts of a separate STAMP portfolio during the first quarter of FY 2017/18. The quarterly investment report for the first quarter of FY 2018/19, as required by state law and Commission policy, reflects the investment activities resulting from the 91 Project, 2017 Financing, and available operating cash. The quarterly investment report includes the following information: • Investment Portfolio Report; • 91 CIP STAMP Portfolio by Investment Category; • 91 CIP STAMP Portfolio by Account; • 91 CIP STAMP Portfolio Transaction Report by Account; • 91 CIP STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio by Investment Category; • 2017 Financing STAMP Portfolio by Account; • 2017 Financing STAMP Portfolio Transaction Report by Account; • 2017 Financing STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio Sales Tax Revenue Fund Summary of investment 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 investment by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio Ramp Up Fund Summary of investment by credit rating, industry group, asset class, security type, and market sector; • Logan Circle Partners, L.P. Short Duration Third Quarter 2018 Review; • Payden & Rygel Operating Portfolio by Investment Category; • Payden & Rygel Operating Portfolio Transaction Report; • Payden & Rygel Operating Portfolio Third Quarter 2018 Review; and • County of Riverside Investment Report for the Quarter Ended September 30, 2018. The Commission's investments were in full compliance with the Commission's investment policy adopted on December 13, 2017, and investments securities permitted under the indenture for Agenda Item 7D 165 the Commission's sales tax revenue bonds and the master indenture for the Commission's toll revenue bonds. Additionally, the Commission has adequate cash flows for the next six months. Attachments: 1) Investment Portfolio Report 2) 91 CIP STAMP Portfolio by Investment Category 3) 91 CIP STAMP Portfolio by Account 4) 91 CIP STAMP Portfolio Transaction Report by Account 5) 91 CIP STAMP Portfolio Summary of Investments 6) 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of Investments 7) 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of investments 8) 2017 Financing STAMP Portfolio by Investment Category 9) 2017 Financing STAMP Portfolio by Account 10) 2017 Financing STAMP Portfolio Transaction Report by Account 11) 2017 Financing STAMP Portfolio Summary of Investments 12) 2017 Financing STAMP Portfolio Sales Tax Revenue Fund 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 Agenda Item 7D 166 ATTACHMENT 1 Riverside County Transportation Commission Investment Portfolio Report Period Ended: September 30, 2018 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 13,301,488 A3/BBB+ N/A N/A County Treasurer's Pooled Investment Fund 466,126,803 Aaa-bf/AAA-V1 N/A 1.97% Local Agency Investment Fund (LAIF) 3,734,005 N/A N/A N/A Subtotal Operating Funds 483,162,297 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund 61,814,404 Aaa-bf/AAA-V1 N/A 1.97% Subtotal Funds Held in Trust 61,814,404 COMMISSION MANAGED PORTFOLIO US Bank Payden & Rygel Operating 51,195,893 See attached report for details First American Government Obligation Fund 43,269,360 N/A N/A N/A Subtotal Commission Managed Portfolio 94,465,253 STAMP PORTFOLIO for 91 CIP Series A & Series B Reserve Fund Residual Fund Required Retained Balance Subtotal STAMP Portfolio - 91 CIP STAMP PORTFOLIO for 2017 Financing Sales Tax 115 ELP Project Revenue Fund Sales Tax Revenue Fund Ramp Up Fund Subtotal STAMP Portfolio - 2017 Financing TOTAL All Cash and Investments $500,000,000 $45o,000,000 $400,000,000 $350,000,000 $3o0,000,000 $250,00o,000 $200,000,000 $1s0,000,000 $100,000,000 $50,000,000 17,766,209 6,587,335 24,353,543 See attached report for details See attached report for details 75,534,875 961 7,971,389 83,507,224 See attached report for details See attached report for details See attached report for details $ 747,302,722 Nature of Investments ■ STAMP Portfolio for 91 CIP Reserve ■ STAMP Portfolio for 91 CIP Residual Fund ■ STAMP Portfolio for 2017 Financing 115 ELP Project Revenue Fund ■ STAMP Portfolio for 2017 Financing Revenue Fund ■ STAMP Portfolio for 2017 Financing Ramp Up Fund ■ Commission Managed Portfolio ■ Trust Funds ■ Operating Funds 1.00% Money Market Funds 20.28% Fixed Income 0.50% LAIF 5.79% Mutual Funds 72.43% County Pool/Cash 167 ATTACHMENT 2 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended September 30, 2018 Source Account Account Identifier Security Type 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 256350023 LC -Sr Lien Reserve Fund -I 3I37EADB2 Agency Federal Home Loan Mortgage Corporation O1/13/2022 -- 950,000.00 942,921.50 --- 933,593.50 (16,086.77) 2.375 2.929 AAA 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 Agency Federal National Mortgage Association, Inc. _ 06/22/2020 05/06/2015 600,000.00 593,490.00 --- 587,190.00 (10,555.51) 1.500 2.769 AAA 256350023 LC -Sr Lien Reserve Fund -I 3137EADR7 Agency Federal Home Loan Mortgage Corporation 05/O1/2020 05/15/2015 475,000.00 471,527.75 --- 464,654.50 (9,206.76) 1.375 2.783 AAA 256350023 LC -Sr Lien Reserve Fund-1 3134GSTKI Agency Federal Home Loan Mortgage Corporation 08/23/2021 08/27/2018 200,000.00 200,100.00 11/23/2018 200,002.00 (58.92) 3.000 2.989 AAA 256350023 LC -Sr Lien Reserve Fund -I 3I34G9V38 Agency Federal Home Loan Mortgage Corporation 07/27/2021 08/28/2018 250,000.00 245,225.00 10/27/2018 244,725.00 (648.24) 1.500 2.962 AAA 256350021 LC-RCTC 2013 Residual Fund 3134GSTKI Agency Federal Home Loan Mortgage Corporation 08/23/2021 08/27/2018 100,000.00 100,050.00 11/23/2018 100,001.00 (29.46) 3.000 2.989 AAA 256350023 LC -Sr Lien Reserve Fund -I 3I36A72D3 Agency CMO Federal National Mortgage Association, Inc. 04/25/2022 07/03/2013 331,344.00 314,776.80 -- 323,229.38 (1,982.71) 2.482 3.564 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 07/03/2013 98,568.97 96,324.21 --- 97,480.76 (506.49) 1.459 2.787 AAA 256350023 LC -Sr Lien Reserve Fund -I 3I37AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 -- 379,000.00 366,344.03 -- 369,483.31 (4,059.11) 2.396 3.104 AAA 256350023 LC -Sr Lien Reserve Fund-1 31395EZP5 Agency CMO Federal Home Loan Mortgage Corporation 08/15/2019 07/09/2013 6,555.58 _ 6,935.59 --- 6,574.13 (27.18) 4.500 2.919 AAA 256350023 LC -Sr Lien Reserve Fund -I 38377JZ89 Agency CMO The Government National Mortgage Association Guarantt 10/20/2039 07/05/2013 55,512.01 57,209.90 -- 55,395.44 (1,233.94) 3.500 3.538 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 Agency CMO The Government National Mortgage Association Guarantt 04/20/2039 --- 121,075.07 123,490.63 --- 119,855.85 (2,633.47) 3.000 3.378 AAA 256350023 LC -Sr Lien Reserve Fund -I 38378TAF7 Agency CMO The Government National Mortgage Association Guarantt 07/20/2041 07/05/2013 137,146.93 137,167.60 -- 133,733.34 (3,289.57) 2.500 3.359 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378CRT6 Agency CMO The Government National Mortgage Association Guarantt 10/20/2040 05/22/2014 54,766.86 52,884.25 --- 52,197.75 (1,035.61) 2.000 3.677 AAA 256350023 LC -Sr Lien Reserve Fund -I 38376GB33 Agency CMO The Government National Mortgage Association Guarantt 10/16/2044 01/23/2015 164,831.26 169,193.56 -- 164,872.47 (888.84) 3.500 3.206 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376T5ZI Agency CMO The Government National Mortgage Association Guarantt O1/16/2039 01/26/2015 85,703.59 89,538.83 --- 84,586.02 (3,889.80) 3.000 3.475 AAA 256350023 LC -Sr Lien Reserve Fund -I 38376WA62 Agency CMO The Government National Mortgage Association Guarantt 10/20/2039 -- 81,028.25 84,352.17 -- 83,452.61 (1,485.28) 4.000 2.928 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO The Government National Mortgage Association Guarantt 06/16/2039 --- 69,218.05 71,390.72 --- 70,258.40 (369.24) 4.500 2.606 AAA 256350023 LC -Sr Lien Reserve Fund -I 38378B7F0 Agency CMO Government National Mortgage Association 12/16/2042 -- 450,000.00 427,324.22 -- 417,663.00 (17,956.12) 2.273 3.879 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 08/05/2015 30,000.00 31,038.28 --- 29,868.30 (610.70) 2.968 3.076 AAA 256350023 LC -Sr Lien Reserve Fund -I 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 -- 282,110.00 278,085.13 -- 274,995.19 (3,382.26) 2.373 3.103 AAA 256350023 LC -Sr Lien Reserve Fund-1 38380AZ34 Agency CMO The Government National Mortgage Association Guarantt _ 04/20/2046 11/28/2016 _ 150,339.60 154,550.29 --- 146,781.06 (7,206.26) 3.000 3.462 AAA 256350023 LC -Sr Lien Reserve Fund -I 3137AXHPI Agency CMO Federal Home Loan Mortgage Corporation 09/25/2022 09/29/2017 140,000.00 142,089.06 -- 136,914.40 (4,717.48) 2.573 3.149 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation O1/15/2021 --- 115,078.11 _ 115,091.12 --- 114,159.78 (888.12) _2.500 3.006 AAA 256350023 LC -Sr Lien Reserve Fund -I 38378CDK0 Agency CMO The Government National Mortgage Association Guarantt 03/20/2035 03/16/2018 27,461.46 27,590.19 -- 27,429.88 (122.99) 3.000 2.968 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377LQT8 Agency CMO The Government National Mortgage Association Guarantt 12/20/2037 --- 35,246.09 _ 35,258.69 --- 35,264.77 34.14 _3.000 2.567 AAA 256350023 LC -Sr Lien Reserve Fund -I 38378AWX5 Agency CMO The Government National Mortgage Association Guarantt O1/20/2036 03/28/2018 103,498.00 104,055.91 -- 103,181.29 (753.40) 3.000 3.149 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378DDC6 Agency CMO The Government National Mortgage Association Guarantt 04/20/2038 06/20/2018 161,866.50 _ 162,960.36 --- 162,264.69 (564.51) _3.500 3.017 AAA 256350023 LC -Sr Lien Reserve Fund -I 31398QTP2 Agency CMO Federal Home Loan Mortgage Corporation 05/15/2038 06/26/2018 90,000.00 91,761.33 -- 91,680.30 372.22 4.500 2.071 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377WL77 Agency CMO Government National Mortgage Association O1/20/2039 08/28/2018 45,487.87 45,288.86 --- 45,378.70 116.21 2.000 2.721 AAA 256350023 LC -Sr Lien Reserve Fund -I 38375KCX8 Agency CMO Government National Mortgage Association O1/20/2037 09/18/2018 59,872.05 60,311.74 -- 60,287.56 (47.44) 5.500 3.185 AAA 256350021 LC-RCTC 2013 Residual Fund 3137A1LC5 Agency CMO Federal Home Loan Mortgage Corporation _ 08/15/2020 01/17/2018 16,265.31 16,211.94 --- 16,162.02 (55.75) 2.000 2.916 _AAA 256350021 LC-RCTC 2013 Residual Fund 3I37A5FP4 Agency CMO Federal Home Loan Mortgage Corporation O1/15/2021 01/30/2018 41,138.17 41,241.01 -- 40,809.89 (401.29) 2.500 3.006 AAA 256350021 LC-RCTC 2013 Residual Fund 38378CDK0 Agency CMO The Government National Mortgage Association Guarantt 03/20/2035 01/30/2018 _ 49,430.63 49,886.31 --- 49,373.79 (375.52) 3.000 2.968 AAA 256350021 LC-RCTC 2013 Residual Fund 38378AWX5 Agency CMO The Government National Mortgage Association Guarantt O1/20/2036 01/30/2018 34,499.33 34,833.54 -- 34,393.76 (361.27) 3.000 3.149 AAA 256350021 LC-RCTC 2013 Residual Fund 3137APP53 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2020 05/18/2018 12,209.97 12,059.73 --- 12,076.27 (3.16) _1.781 2.972 AAA 256350021 LC-RCTC 2013 Residual Fund 3137A1N90 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2020 06/26/2018 65,000.00 65,594.14 -- 65,455.65 (38.26) 3.531 2.956 AAA 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association, Inc. O1/O1/2030 07/10/2013 75,149.97 79,283.22 --- 77,775.71 (1,245.79) _4.500 3.387 AAA 256350023 LC -Sr Lien Reserve Fund -I 3I36A4M48 Agency MBS Federal National Mortgage Association, Inc. O1/25/2022 07/05/2013 40,736.60 40,851.17 -- 40,582.62 (206.99) 2.098 7.257 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381PEB0 Agency MBS Federal National Mortgage Association, Inc. 11/O1/2020 09/26/2014 252,179.85 265,537.50 --- 253,213.78 (2,905.65) 3.370 3.145 AAA 256350023 LC -Sr Lien Reserve Fund -I 38378KXW4 Agency MBS The Government National Mortgage Association Guarantt 02/16/2037 12/11/2014 121,082.63 120,496.13 -- 117,373.86 (3,441.36) 1.705 4.024 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378B6A2 Agency MBS Government National Mortgage Association 11/16/2052 01/22/2015 115,089.39 111,461.37 --- 108,498.22 (4,438.63) 1.826 3.781 AAA 256350023 LC -Sr Lien Reserve Fund -I 38378KSL4 Agency MBS The Government National Mortgage Association Guarantt 12/16/2046 -- 425,000.00 415,829.11 -- 383,681.50 (34,572.31) 2.811 4.284 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KRS0 Agency MBS The Government National Mortgage Association Guarantt 07/16/2043 05/08/2015 450,000.00 434,460.94 --- 418,626.00 (21,917.61) 2.389 4.087 AAA 256350023 LC -Sr Lien Reserve Fund -I 38378XP62 Agency MBS The Government National Mortgage Association Guarantt 05/16/2055 05/14/2015 318,853.63 322,789.48 -- 301,661.04 (20,248.67) 2.500 3.841 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guarantt 11/16/2041 --- 129,823.38 123,824.12 --- 121,523.77 (3,318.10) 1.400 4.550 AAA 256350023 LC -Sr Lien Reserve Fund -I 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 167,300.11 163,026.11 -- 155,804.92 (9,341.76) 2.116 4.059 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138L33G8 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2020 11/12/2015 100,000.00 99,875.00 --- 98,181.00 (1,654.83) 2.010 3.023 AAA 256350023 LC -Sr Lien Reserve Fund -I 31381Q6B7 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2021 07/15/2016 184,602.41 204,735.61 -- 189,197.16 (6,575.70) 4.295 3.224 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136A7MN9 Agency MBS Federal National Mortgage Association, Inc. 05/25/2022 08/29/2016 300,000.00 308,578.13 --- 290,592.00 (14,305.07) 2.349 3.605 AAA 256350023 LC -Sr Lien Reserve Fund -I 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation O1/25/2023 08/29/2016 380,000.00 394,917.97 -- 369,850.20 (19,609.80) 2.522 3.266 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138EJPZ5 Agency MBS Federal National Mortgage Association, Inc. 07/O1/2022 08/29/2016 274,780.49 291,857.67 --- 270,897.84 (15,296.00) 2.973 3.553 AAA 256350023 LC -Sr Lien Reserve Fund -I 3I38L76A9 Agency MBS Federal National Mortgage Association, Inc. 11/O1/2021 10/04/2016 123,135.82 127,580.26 -- 122,706.08 (2,629.62) 2.590 2.703 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381T4E7 Agency MBS Federal National Mortgage Association, Inc. 03/O1/2022 10/25/2016 263,117.86 274,906.78 --- 257,916.02 (12,039.45) 2.670 3.456 AAA 256350023 LC -Sr Lien Reserve Fund -I 36202F2H8 Agency MBS Ginnie Maell O1/20/2027 -- 186,569.19 192,299.18 -- 185,227.76 (6,632.51) 3.000 3.211 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136AHAE0 Agency MBS Federal National Mortgage Association, Inc. 04/25/2023 10/28/2016 185,268.39 189,263.24 --- 180,379.16 (7,608.10) 2.603 4.094 AAA 256350023 LC -Sr Lien Reserve Fund -I 3138EKXL4 Agency MBS Federal National Mortgage Association, Inc. 03/O1/2023 -- 278,891.59 274,927.29 -- 269,886.18 (5,518.76) 2.350 3.405 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136AC7J4 Agency MBS Federal National Mortgage Association, Inc. 03/25/2023 02/21/2018 56,437.66 55,509.53 --- 54,936.98 (682.66) 2.570 3.560 AAA 256350023 LC -Sr Lien Reserve Fund -I 31381R5T7 Agency MBS Federal National Mortgage Association, Inc. 09/O1/2021 08/29/2018 130,000.00 132,747.27 -- 131,596.40 (1,077.80) 3.770 3.272 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138NJAE8 Agency MBS Federal National Mortgage Association, Inc. 12/O1/2020 09/13/2018 28,604.81 28,935.56 --- 28,878.56 (55.39) 3.619 3.101 AAA 256350023 LC -Sr Lien Reserve Fund -I 31381N7G2 Agency MBS Federal National Mortgage Association, Inc. 10/O1/2020 09/25/2018 45,271.88 45,438.12 -- 45,247.43 (196.53) 3.270 3.357 AAA 256350021 LC-RCTC 2013 Residual Fund 31416BVR6 Agency MBS Federal National Mortgage Association, Inc. 12/O1/2020 01/17/2018 49,043.38 50,146.86 --- 50,523.51 777.84 5.000 -0.144 AAA 256350021 LC-RCTC 2013 Residual Fund 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 19,069.65 18,789.56 -- 18,612.17 (208.33) 1.785 3.026 AAA 256350021 LC-RCTC 2013 Residual Fund 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation _ 02/25/2022 01/25/2018 33,904.53 33,438.35 --- 33,145.07 (349.73) 1.749 3.033 _AAA 256350021 LC-RCTC 2013 Residual Fund 3I294KUP8 Agency MBS Federal Home Loan Mortgage Corporation 11/O1/2018 02/O1/2018 1,120.64 1,131.85 -- 1,128.94 6.03 5.000 -5.593 AAA 256350021 LC-RCTC 2013 Residual Fund 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation _ 04/25/2022 01/30/2018 39,500.65 38,667.43 --- 38,460.60 (318.29) 1.583 3.011 AAA 256350021 LC-RCTC 2013 Residual Fund 3I37B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 03/25/2020 06/29/2018 98,064.40 97,428.51 -- 97,258.31 (243.29) 2.313 2.863 AAA 256350021 LC-RCTC 2013 Residual Fund 02582JGN4 Asset Backed American Express Credit Account Master Trust 05/15/2019 01/16/2018 100,000.00 100,351.56 --- 100,194.00 (61.37) 2.528 2.322 AAA 256350021 LC-RCTC 2013 Residual Fund 89236WAD0 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 06/15/2020 01/19/2018 20,408.22 20,353.22 -- 20,376.59 (9.39) 1.520 2.156 AAA 256350021 LC-RCTC 2013 Residual Fund 161571FK5 Asset Backed Chase Issuance Trust 08/15/2019 01/25/2018 115,000.00 113,827.54 --- 113,817.80 (515.07) 1.580 2.779 AAA 168 Page 2 of 32 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended September 30, 2018 Source Account 256350021 Account LC-RCTC 2013 Residual Fund Identifier 65479AAD4 Secun ype Category Asset Backed Issuer Nissan Auto Lease Trust 2017-A ma Maturity 04/15/2020 Trade Date 01/25/2018 Current Face Value 50,000.00 Original Cost 49,771.48 'e: al Date --- Base Market Value 49,706.50 Base Net Total Unrealized Coupon 1.910 Summarized Yield Credit Rating 2.785 AAA 256350021 LC-RCTC 2013 Residual Fund 055657AC4 Asset Backed Bmw Vehicle Lease Trust 2017-1 05/20/2020 01/29/2018 100,000.00 99,703.13 --- 99,602.00 (273.75) 1.980 2.795 AAA 256350021 LC-RCTC 2013 Residual Fund 65477XAE4 Asset Backed Nissan Auto Lease Trust 2016-B O1/18/2022 04/13/2018 45,000.00 44,637.89 --- 44,864.10 13.46 1.610 2.558 AAA 256350021 LC-RCTC 2013 Residual Fund 05522RCV8 Asset Backed BA Credit Card Trust 05/15/2019 06/29/2018 100,000.00 100,214.84 100,198.00 30.22 2.548 2.336 AAA 256350021 LC-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 -- 84,432.20 (173.68) 2.650 2.998 AAA 256350021 LC-RCTC 2013 Residual Fund 02587AAJ3 Asset Backed American Express Credit Account Master Trust 02/18/2020 06/29/2018 100,000.00 98,515.63 --- 98,614.00 (120.58) 1.930 2.968 AAA 256350021 LC-RCTC 2013 Residual Fund 65478HAD0 Asset Backed NAROT 17-C 04/18/2022 09/25/2018 70,000.00 68,908.98 -- 68,980.80 65.86 2.120 2.899 AAA 256350021 LC-RCTC 2013 Residual Fund 14912L6M8 Corporate Caterpillar Financial Services Corporation 11/13/2018 01/19/2018 100,000.00 99,809.00 --- 99,922.00 (50.37) 1.800 2.410 A 256350021 LC-RCTC 2013 Residual Fund 13607RAB6 Corporate Canadian Imperial Bank of Commerce 09/06/2019 01/19/2018 100,000.00 98,888.00 -- 98,864.00 (492.45) 1.600 2.834 AA 256350021 LC-RCTC 2013 Residual Fund 89114QBF4 Corporate The Toronto -Dominion Bank O1/22/2019 01/19/2018 50,000.00 50,366.50 --- 50,127.50 13.72 3.187 2.448 AA 256350021 LC-RCTC 2013 Residual Fund 05531FAQ6 Corporate BB&T Corporation 02/O1/2019 01/25/2018 100,000.00 100,106.00 01/02/2019 99,889.00 (140.01) 2.250 2.569 A 256350021 LC-RCTC 2013 Residual Fund 9115911HE3 Corporate U.S. Bancorp 11/15/2018 01/25/2018 100,000.00 100,035.00 10/15/2018 99,939.00 (62.91) 1.950 2.401 A 256350021 LC-RCTC 2013 Residual Fund 24422ESF7 Corporate John Deere Capital Corporation 12/13/2018 01/25/2018 100,000.00 99,980.00 -- 99,897.00 (98.62) 1.950 2.433 A 256350021 LC-RCTC 2013 Residual Fund 466251-KA7 Corporate JPMorgan Chase & Co. O1/23/2020 01/25/2018 100,000.00 99,577.00 12/23/2019 98,977.00 (741.65) 2.250 3.045 A 256350021 LC-RCTC 2013 Residual Fund 38141EA58 Corporate The Goldman Sachs Group, Inc. 03/15/2020 01/25/2018 100,000.00 105,718.00 -- 103,079.00 (868.53) 5.375 3.204 A 256350021 LC-RCTC 2013 Residual Fund 06406HCU1 Corporate The Bank of New York Mellon Corporation 05/15/2019 01/25/2018 100,000.00 99,974.00 04/15/2019 99,736.00 (252.13) 2.200 2.623 A 256350021 LC-RCTC 2013 Residual Fund 06051GFN4 Corporate Bank of America Corporation 04/21/2020 01/25/2018 100,000.00 99,537.00 -- 98,722.00 (953.51) 2.250 3.093 A 256350021 LC-RCTC 2013 Residual Fund 86787EAS6 Corporate SunTrust Bank O1/31/2020 01/25/2018 100,000.00 100,644.00 12/31/2019 100,348.00 (70.92) 2.872 2.645 A 256350021 LC-RCTC 2013 Residual Fund 0258MODZ9 Corporate American Express Credit Corporation 11/05/2018 01/25/2018 100,000.00 99,905.00 10/15/2018 99,980.00 (8.33) 1.875 2.282 A 256350021 LC-RCTC 2013 Residual Fund 780082AC7 Corporate Royal Bank of Canada 10/14/2020 01/25/2018 100,000.00 98,862.00 --- 97,845.00 (1,293.80) 2.100 3.197 AAA 256350021 LC-RCTC 2013 Residual Fund 6I747WAF6 Corporate Morgan Stanley O1/25/2021 01/29/2018 100,000.00 108,369.00 -- 105,112.00 (1,441.03) 5.750 3.441 A 256350021 LC-RCTC 2013 Residual Fund 06416CAC2 Corporate The Bank of Nova Scotia 04/26/2021 01/29/2018 100,000.00 97,511.00 --- 96,687.00 (1,321.74) 1.875 3.224 AAA 256350021 LC-RCTC 2013 Residual Fund 254010AC5 Corporate Dignity Health 11/O1/2019 03/15/2018 24,000.00 23,897.52 -- 23,850.48 (80.57) 2.637 3.221 A 256350021 LC-RCTC 2013 Residual Fund 369550BA5 Corporate General Dynamics Corporation 05/11/2020 05/08/2018 25,000.00 24,911.50 --- 24,939.50 11.19 2.875 3.028 A 256350021 LC-RCTC 2013 Residual Fund 46849LTA9 Corporate Jackson National Life Global Funding 06/11/2021 06/06/2018 30,000.00 30,000.00 -- 30,140.40 140.40 2.811 2.688 AA 256350021 LC-RCTC 2013 Residual Fund 31677QBB4 Corporate Fifth Third Bank 04/25/2019 06/29/2018 200,000.00 199,518.00 03/25/2019 199,652.00 (12.80) 2.375 2.680 A 256350021 LC-RCTC 2013 Residual Fund 61746BDM5 Corporate Morgan Stanley O1/24/2019 06/29/2018 100,000.00 99,869.00 -- 99,943.00 15.89 2.500 2.667 A 256350021 LC-RCTC 2013 Residual Fund 17275RBG6 Corporate Cisco Systems, Inc. 09/20/2019 06/29/2018 150,000.00 147,883.50 --- 148,041.00 (264.76) 1.400 2.763 AA 256350021 LC-RCTC 2013 Residual Fund 40428HPN6 Corporate HSBC USA Inc. 11/13/2019 06/29/2018 100,000.00 99,140.00 -- 99,338.00 45.06 2.375 2.976 A 256350021 LC-RCTC 2013 Residual Fund 89114QAS7 Corporate The Toronto -Dominion Bank 07/02/2019 06/29/2018 100,000.00 99,429.00 --- 99,562.00 (6.09) 2.125 2.708 AA 256350021 LC-RCTC 2013 Residual Fund 06367TPX2 Corporate Bank of Montreal 12/12/2019 06/29/2018 100,000.00 98,847.00 -- 99,045.00 4.30 2.100 2.910 AA 256350021 LC-RCTC 2013 Residual Fund 36164QMS4 Corporate GE Capital International Funding Company Unlimited Company 11/15/2020 07/02/2018 200,000.00 195,482.00 --- 195,424.00 (502.36) 2.342 3.464 A 256350021 LC-RCTC 2013 Residual Fund 375558BB8 Corporate Gilead Sciences, Inc. 09/O1/2020 07/03/2018 35,000.00 34,582.10 -- 34,648.25 21.00 2.550 3.091 A 256350021 LC-RCTC 2013 Residual Fund 46625HHS2 Corporate JPMorgan Chase & Co. 07/22/2020 07/03/2018 40,000.00 40,970.00 --- 40,843.20 (17.41) 4.400 3.194 A 256350021 LC-RCTC 2013 Residual Fund 902674XF2 Corporate UBS AG 06/08/2020 07/02/2018 200,000.00 196,114.00 05/08/2020 196,390.00 (197.34) 2.200 3.303 AA 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 Corporate American Express Credit Corporation 03/03/2020 07/17/2018 60,000.00 59,195.40 02/O1/2020 59,328.00 34.68 2.200 3.005 A 256350021 LC-RCTC 2013 Residual Fund 46849LSP7 Corporate Jackson National Life Global Funding 04/29/2021 09/17/2018 10,000.00 9,718.95 -- 9,721.60 (0.84) 2.250 3.383 AA 256350023 LC -Sr Lien Reserve Fund-1 31846V401 MM Fund First American Funds, Inc. 09/30/2018 --- 0.00 5,063.65 --- 5,063.65 0.00 1.580 1.530 AAA 256350021 LC-RCTC 2013 Residual Fund 31846V401 MM Fund First American Funds, Inc. 09/30/2018 -- 0.00 15,422.18 -- 15,422.18 0.00 1.580 1.530 AAA 256350021 LC-RCTC 2013 Residual Fund 459058GK3 Non -US Gov International Bank for Reconstruction and Development 08/21/2020 --- 30,000.00 30,006.00 --- 30,005.40 (0.26) 2.380 2.406 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828SA9 TIPS Treasury, United States Department of O1/15/2022 -- 462,069.30 464,371.95 -- 450,628.46 (13,142.50) 0.125 0.887 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828V49 TIPS Treasury, United States Department of O1/15/2027 --- 292,110.00 290,767.15 --- 278,839.44 (12,116.29) 0.375 0.945 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828UH1 TIPS Treasury, United States Department of O1/15/2023 02/05/2018 191,059.75 188,561.67 -- 184,959.21 (3,927.87) 0.125 0.883 AAA 256350021 LC-RCTC 2013 Residual Fund 912828UH1 TIPS Treasury, United States Department of O1/15/2023 --- 98,259.30 96,388.98 --- 95,121.88 (1,403.16) 0.125 0.883 AAA 256350021 LC-RCTC 2013 Residual Fund 9I2828SA9 TIPS Treasury, United States Department of O1/15/2022 06/29/2018 200,415.60 197,069.62 -- 195,453.31 (1,855.93) 0.125 0.887 AAA 256350023 LC -Sr Lien Reserve Fund-1 9128281358 US Gov Treasury, United States Department of 44227 -- 1375000 1405890.241 -- 1352340 -36968.1906 2.125 2.85747 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828XB1 US Gov Treasury, United States Department of 05/15/2025 05/24/2016 1,200,000.00 1,228,546.88 -- 1,136,208.00 (85,308.15) 2.125 3.015 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828G38 US Gov Treasury, United States Department of 11/15/2024 04/18/2017 1,350,000.00 1,369,037.11 --- 1,293,732.00 (71,890.99) 2.250 2.999 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828L99 US Gov Treasury, United States Department of 10/31/2020 -- 1,250,000.00 1,239,802.73 -- 1,213,237.50 (30,564.89) 1.375 2.834 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828L57 US Gov Treasury, United States Department of 09/30/2022 --- 1,400,000.00 1,386,564.45 --- 1,337,826.00 (51,981.53) 1.750 2.933 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828VV9 US Gov Treasury, United States Department of 08/31/2020 07/14/2017 305,000.00 310,087.30 -- 301,031.95 (7,117.73) 2.125 2.824 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828UN8 US Gov Treasury, United States Department of 02/15/2023 07/27/2018 105,000.00 101,300.39 --- 100,955.40 (475.54) 2.000 2.943 AAA 256350021 LC-RCTC 2013 Residual Fund 912828UF5 US Gov Treasury, United States Department of 12/31/2019 -- 265,000.00 259,842.78 -- 259,856.35 (901.88) 1.125 2.707 AAA 256350021 LC-RCTC 2013 Residual Fund 912828576 US Gov Treasury, United States Department of 07/31/2021 06/29/2018 95,000.00 90,769.53 --- 90,483.70 (626.24) 1.125 2.880 AAA 256350021 LC-RCTC 2013 Residual Fund 912828B58 US Gov Treasury, United States Department of O1/31/2021 06/29/2018 265,000.00 261,853.13 -- 260,632.80 (1,526.55) 2.125 2.857 AAA 256350021 LC-RCTC 2013 Residual Fund 912828Q37 US Gov Treasury, United States Department of 03/31/2021 06/29/2018 270,000.00 260,286.33 --- 259,591.50 (1,574.20) 1.250 2.855 AAA 256350021 LC-RCTC 2013 Residual Fund 9I2828V V9 US Gov Treasury, United States Department of 08/31/2020 -- 510,000.00 505,133.20 -- 503,364.90 (2,265.36) 2.125 2.824 AAA 256350021 LC-RCTC 2013 Residual Fund 912828L57 US Gov Treasury, United States Department of 09/30/2022 06/29/2018 100,000.00 96,167.97 --- 95,559.00 (829.50) 1.750 2.933 AAA 256350021 LC-RCTC 2013 Residual Fund 912828VA5 US Gov Treasury, United States Department of 04/30/2020 -- 445,000.00 434,000.98 -- 433,665.85 (1,264.35) 1.125 2.774 AAA 256350021 LC-RCTC 2013 Residual Fund 56052FHZ1 VRDN Maine State Housing Authority 11/15/2052 06/29/2018 100,000.00 100,000.00 10/30/2018 100,000.00 0.00 2.200 2.200 AA 256350021 LC-RCTC 2013 Residual Fund 658886DZ6 VRDN North Dakota Housing Finance Agency 07/O1/2038 06/29/2018 100,000.00 100,000.00 10/31/2018 100,000.00 0.00 2.120 2.120 AA 24,960,174.73 24,993,507.41 24,353,54396 (626,358.56) 169 Page 3 of 32 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Account for quarter ended September 30, 2018 ATTACHMENT 3 Source Security Ty pc Current ' . xt Call Base Net Total Unrealized Summarized 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 3134GSTK1 Agency Federal Home Loan Mortgage Corporation 3137A1LC5 Agency CMG Federal Home Loan Mortgage Corporation 3137A5FP4 Agency CMG Federal Home Loan Mortgage Corporation 38378CDK0 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 38378AWX5 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 3137APP53 Agency CMG Federal Home Loan Mortgage Corporation 3137A1N90 Agency CMG Federal Home Loan Mortgage Corporation 31416BVR6 Agency MBS Federal National Mortgage Association, Inc. 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 31294KUP8 Agency MBS Federal Home Loan Mortgage Corporation 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 02582JGN4 Asset Backed American Express Credit Account Master Trust 89236WAD0 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 161571FK5 Asset Backed Chase Issuance Trust 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 055657AC4 Asset Backed Bmw Vehicle Lease Trust 2017-1 65477XAE4 Asset Backed Nissan Auto Lease Trust 2016-B 05522RCV8 Asset Backed BA Credit Card Trust 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 02587AAJ3 Asset Backed American Express Credit Account Master Trust 65478HAD0 Asset Backed 14912L6M8 Corporate 13607RAB6 Corporate NAROT 17-C Caterpillar Financial Services Corporation Canadian Imperial Bank of Commerce 89114QBF4 Corporate The Toronto -Dominion Bank 05531FAQ6 Corporate 91159HHE3 Corporate 24422ESF7 Corporate 46625HKA7 Corporate 38141E408 Corporate 06406HCU1 Corporate 06051GFN4 Corporate 86787EAS6 Corporate 0258MODZ9 Corporate BB&T Corporation U.S. Bancorp John Deere Capital Corporation JPMorgan Chase & Co. The Goldman Sachs Group, Inc. The Bank of New York Mellon Corporation Bank of America Corporation SunTmst Bank American Express Credit Corporation 780082AC7 Corporate Royal Bank of Canada 61747WAF6 Corporate 06416CAC2 Corporate 254010AC5 Corporate 369550BA5 Corporate 46849LTA9 Corporate 31677QBB4 Corporate 61746BDM5 Corporate 17275RBG6 Corporate 40428HPN6 Corporate 89114QAS7 Corporate 06367TPX2 Corporate 36164QMS4 Corporate 375558BB8 Corporate 46625HHS2 Corporate 902674XF2 Corporate Morgan Stanley The Bank of Nova Scotia Dignity Health General Dynamics Corporation Jackson National Life Global Funding Fifth Third Bank Morgan Stanley Cisco Systems, Inc. HSBC USA Inc. The Toronto -Dominion Bank Bank of Montreal GE Capital International Funding Company Unlimited Company Gilead Sciences, Inc. IPMorgan Chase Be Co. UBS AG 0258MOEE5 Corporate American Express Credit Corporation 46849LSP7 Corporate Jackson National Life Global Funding 31846V401 MM Fund First American Funds, Inc. 08/23/2021 08/27/2018 100,000.00 100,050.00 11/23/2018 100,001.00 (29.46) 3.000 2.989 O8/15/2020 01/17/2018 01/15/2021 01/30/2018 03/20/2035 01/30/2018 01/20/2036 01/30/2018 10/25/2020 05/18/2018 06/25/2020 06/26/2018 12/O1/2020 01/17/2018 09/25/2022 01/25/2018 02/25/2022 01/25/2018 11/O1/2018 02/O1/2018 04/25/2022 01/30/2018 03/25/2020 06/29/2018 05/15/2019 01/16/2018 06/15/2020 01/19/2018 O8/15/2019 01/25/2018 04/15/2020 01/25/2018 05/20/2020 01/29/2018 01/18/2022 04/13/2018 05/15/2019 06/29/2018 05/16/2022 06/29/2018 02/18/2020 06/29/2018 04/18/2022 09/25/2018 11/13/2018 01/19/2018 09/06/2019 01/19/2018 01/22/2019 01/19/2018 02/O1/2019 01/25/2018 11/15/2018 01/25/2018 12/13/2018 01/25/2018 01/23/2020 01/25/2018 03/15/2020 01/25/2018 05/15/2019 01/25/2018 04/21/2020 01/25/2018 01/31/2020 01/25/2018 11/05/2018 01/25/2018 10/14/2020 01/25/2018 01/25/2021 01/29/2018 04/26/2021 01/29/2018 11/O1/2019 03/15/2018 05/11/2020 05/08/2018 06/11/2021 06/06/2018 04/25/2019 06/29/2018 01/24/2019 06/29/2018 09/20/2019 06/29/2018 11/13/2019 06/29/2018 07/02/2019 06/29/2018 12/12/2019 06/29/2018 11/15/2020 07/02/2018 09/O1/2020 07/03/2018 07/22/2020 07/03/2018 06/08/2020 07/02/2018 03/03/2020 07/17/2018 04/29/2021 09/17/2018 09/30/2018 16,265.31 41,138.17 16,211.94 41,241.01 49,430.63 49,886.31 34,499.33 34,833.54 12,209.97 12,059.73 65,000.00 65,594.14 49,043.38 50,146.86 19,069.65 33,904.53 1,120.64 39,500.65 98,064.40 18,789.56 33,438.35 1,131.85 38,667.43 97,428.51 100,000.00 100,351.56 20,408.22 20,353.22 115,000.00 113,827.54 50,000.00 49,771.48 100,000.00 99,703.13 45,000.00 100,000.00 85,000.00 100,000.00 70,000.00 100,000.00 100,000.00 44,637.89 100,214.84 84,561.72 98,515.63 68,908.98 99,809.00 98,888.00 50,000.00 50,366.50 100,000.00 100,106.00 01/02/2019 100,000.00 100,035.00 10/15/2018 100,000.00 99,980.00 100,000.00 99,577.00 12/23/2019 100,000.00 100,000.00 100,000.00 105,718.00 99,974.00 04/15/2019 99,537.00 100,000.00 100,644.00 12/31/2019 100,000.00 99,905.00 10/15/2018 100,000.00 98,862.00 100,000.00 100,000.00 24 000.00 25,000.00 30,000.00 108,369.00 97,511.00 23 897.52 24,911.50 30,000.00 200,000.00 199,518.00 03/25/2019 100,000.00 150,000.00 100,000.00 100,000.00 100,000.00 200,000.00 35,000.00 40,000.00 200,000.00 60,000.00 10,000.00 99,869.00 147,883.50 99,140.00 99,429.00 98,847.00 195,482.00 34,582.10 40,970.00 196,114.00 05/08/2020 59,195.40 02/01/2020 9,718.95 15,422.18 16,162.02 40,809.89 49,37339 34,393.76 12,076.27 65,455.65 50,523.51 18,612.17 33,145.07 1,128.94 38,460.60 97,258.31 100,194.00 20,376.59 113,817.80 49,706.50 99,602.00 44,864.10 100,198.00 84,432.20 98,614.00 68,980.80 99,922.00 98,864.00 50,127.50 99,889.00 99,939.00 99,897.00 98,977.00 103,079.00 99,736.00 98,722.00 100,348.00 99,980.00 97,845.00 105,112.00 96,687.00 23 850.48 24,939.50 30,140.40 199,652.00 99,943.00 148,041.00 99,338.00 99,562.00 99,045.00 195,424.00 34,648.25 40,843.20 196,390.00 59,328.00 9,721.60 15,422.18 (55.75) 2.000 2.916 (401.29) 2.500 3.006 (375.52) 3.000 2.968 (361.27) 3.000 3.149 (3.16) 1.781 2.972 (38.26) 3.531 2.956 777.84 5.000 -0.144 (208.33) 1.785 3.026 (349.73) 1.749 3.033 6.03 5.000 -5.593 (318.29) 1.583 3.011 (243.29) 2.313 2.863 (61.37) 2.528 2.322 (9.39) 1.520 2.156 (515.07) 1.580 2.779 (177.51) 1.910 2.785 (273.75) 1.980 2.795 13.46 1.610 2.558 30.22 2.548 2.336 (173.68) 2.650 2.998 (120.58) 1.930 2.968 65.86 2.120 2.899 (50.37) 1.800 2.410 (492.45) 1.600 2.834 13.72 3.187 2.448 (140.01) 2.250 2.569 (62.91) 1.950 2.401 (98.62) 1.950 2.433 (741.65) 2.250 3.045 (868.53) 5.375 3.204 (252.13) 2.200 2.623 (953.51) 2.250 3.093 (70.92) 2.872 2.645 (8.33) 1.875 2.282 (1,293.80) 2.100 3.197 (1,441.03) 5.750 3.441 (1,321.74) 1.875 3.224 (80.57) 2.637 3.221 11.19 2.875 3.028 140.40 2.811 2.688 (12.80) 2.375 2.680 15.89 2.500 2.667 (264.76) 1.400 2.763 45.06 2.375 2.976 (6.09) 2.125 2.708 4.30 2.100 2.910 (502.36) 2.342 3.464 21.00 2.550 3.091 (17.41) 4.400 3.194 (197.34) 2.200 3.303 34.68 2.200 3.005 (0.84) 2.250 3.383 1.580 1.530 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA A AA AA A A A A A A A AAA AAA AA AA AA AAA 256350021 LC-RCTC 2013 Residual Fund 459058GK3 Non -US Gov International Bank for Reconstruction and Development 08/21/2020 30,000.00 30,006.00 30,005.40 (0.26) 2.380 2.406 AAA 256350021 LC-RCTC 2013 Residual Fund 912828UH1 TIPS Treasury, United States Department of 01/15/2023 98,259.30 96,388.98 95,121.88 (1,403.16) 0.125 0.883 AAA 256350021 LC-RCTC 2013 Residual Fund 912828SA9 TIPS Treasury, United States Department of 01/15/2022 06/29/2018 200,415.60 197,069.62 195,453.31 AAA 256350021 LC-RCTC 2013 Residual Fund 912828UF5 US Gov Treasury, United States Department of 12/31/2019 259,856.35 AAA 256350021 LC-RCTC 2013 Residual Fund 912828576 US Gov Treasury, United States Department of 07/31/2021 06/29/2018 95,000.00 90,769.53 90,483.70 AAA 256350021 LC-RCTC 2013 Residual Fund 912828B58 US Gov Treasury, United States Department of 01/31/2021 06/29/2018 260,632.80 AAA 256350021 LC-RCTC 2013 Residual Fund 912828Q37 US Gov Treasury, United States Department of 03/31/2021 06/29/2018 270,000.00 260,286.33 259,591.50 AAA 256350021 LC-RCTC 2013 Residual Fund 912828VV9 US Gov Treasury, United States Department of 08/31/2020 510,000.00 505,133.20 503,364.90 AAA 256350021 LC-RCTC 2013 Residual Fund 912828L57 US Gov Treasury, United States Department of 09/30/2022 06/29/2018 100,000.00 96,167.97 95,559.00 AAA 256350021 LC-RCTC 2013 Residual Fund 912828VA5 US Gov Treasury, United States Department of 04/30/2020 445,000.00 434,000.98 433,665.85 AAA 256350021 LC-RCTC 2013 Residual Fund Maine State Housing AuthoritY 11/15/2052 06/29/2018 100,000.00 100,000.00 10/30/2018 100,000.00 0.00 2.200 2.200 256350021 LC-RCTC 2013 Residual Fund North Dakota Housing Finance Agency 07/01/2038 06/29/2018 100,000.00 100,000.00 10/31/2018 100,000.00 AA 6,587,334.76 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 950,000.00 942,921.50 933,593.50 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 Agency 3137EADR7 Agency 3134GSTIC1 Agency 3134G9V38 Agency Federal National Mortgage Association, Inc. Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation 3136A72D3 Agency CMG Federal National Mortgage Association, Inc. 3137ASNH3 Agency CMG Federal Home Loan Mortgage Corporation 3137AUPE3 Agency CMG Federal Home Loan Mortgage Corporation 31395EZP5 Agency CMG Federal Home Loan Mortgage Corporation 38377JZ89 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 38377RVIC8 Agency CMG 38378TAF7 Agency CMG 38378CRT6 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 06/25/2022 04/20/2039 The Government National Mortgage Association Guaranteed REMIC Pass-T 07/20/2041 07/05/2013 The Government National Mortgage Association Guaranteed REMIC Pass-T 600,000.00 475,000.00 200,000.00 250,000.00 331,344.00 98,568.97 379,000.00 6,555.58 55,512.01 121,075.07 137,146.93 593,490.00 471,527.75 314,776.80 96,324.21 366,344.03 57,209.90 137,167.60 587,190.00 464,654.50 200,002.00 244,725.00 323,229.38 97,480.76 369,48331 6,574.13 55,395.44 119,855.85 133,73334 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 10/16/2044 01/23/2015 38376T5Z1 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 170 164,831.26 169,193.56 89538.83 164,872.47 Page 4 of 32 INFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Account for quarter ended September 30, 2018 Sour c _ Account Account Identifier Seco Ott T,vpc Cateaory Issuer Final NI urity Trade Date Cu omit Value xt Call Original Cost Date Base Market Value Base Net Total Unrealized Gain/Lass Coupon Vield Summarized Credit Bating 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 10/20/2039 --- 81,028.25 84,352.17 --- 83,452.61 (1,485.28) 4.000 2.928 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 06/16/2039 - 69,218.05 71,390.72 - 70 258.40 (369.24) 4.500 2.606 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 Agency CMO Government National Mortgage Association 12/16/2042 -- 450,000.00 427,324.22 -- 417,663.00 (17,956.12) 2.273 3.879 AAA 256350023 LC-S Lien Reserve Fund-1 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 08/05/2015 30,000.00 31,038.28 - 29,868.30 (610.70) 2.968 3.076 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 - 282,110.00 278,085.13 - 274,995.19 (3,382.26) 2. 73 3.103 AAA 256350023 LC -Sr Lien Reserve Fund-1 38380AZ34 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 04/20/2046 11/28/2016 150,339.60 154,550.29 - 146,781.06 (7,206.26) 3.000 3.462 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137AXEIPI Agency CMO Federal Home Loan Mortgage Corporation 09/25/2022 09/29/2017 140,000.00 142,089.06 - 136,914.40 (4,717.48) 2.573 3.149 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 - 115,078.11 115,091.12 - 114,159.78 (888.12) 2.500 3.006 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 03/20/2035 03/16/2018 27,461.46 27,590.19 - 27,429.88 (122.99) 3.000 2.968 AAA 256350023 LC-S Lien Reserve Fund-1 38377LQT8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 12/20/2037 - 35,246.09 35,258.69 - 35,264.77 34.14 3.000 2.567 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 01/20/2036 03/28/2018 103,498.00 104,055.91 --- 103,181.29 (753.40) 3.000 3.149 AAA 256350023 LC-S Lien Reserve Fund-1 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 04/20/2038 06/20/2018 161,866.50 162,960.36 - 162,264.69 (564.51) 3.500 3.017 AAA 256350023 LC -Sr Lien Reserve Fund-1 31398QTP2 Agency CMO Federal Home Loan Mortgage Corporation 05/15/2038 06/26/2018 90,000.00 91,761.33 - 91,680.30 372.22 4.500 2.071 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377WL77 Agency CMO Government National Mortgage Association 01/20/2039 08/28/2018 45 487.87 45 288.86 - 45 378.70 116.21 2.000 2.721 AAA 256350023 LC -Sr Lien Reserve Fund-1 38375KCX8 Agency CMO Government National Mortgage Association 01/20/2037 09/18/2018 59,872.05 60,311.74 - 60,287.56 (47.44) 5.500 3.185 AAA 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association, Inc. 01/0 /2030 07/10/2013 75,149.97 79,283.22 - 77,775.71 (1,245.79) 4.500 3.387 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136A4M48 Agency MBS Federal National Mortgage Association,Inc. 01/25/2022 07/05/2013 40,736.60 40,851.17 - 40,582.62 (206.99) 2.098 7.257 AAA 256350023 LC-S Lien Reserve Fund-1 31381PEH0 Agency MBS Federal National Mortgage Association, Inc. II/0 /2020 09/26/2014 252,179.85 265,537.50 - 253,213.78 (2,905.65) 3.370 3.145 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-T 02/16/2037 12/11/2014 121,082.63 120,496.13 --- 117,373.86 (3,441.36) 1.705 4.024 AAA 256350023 LC-S Lien Reserve Fund-1 38378H6A2 Agency MBS Government National Mortgage Association II/16/2052 01/22/2015 115,089.39 111,461.37 - 108,498.22 (4,438.63) 1.826 3.781 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KSL4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-T 12/16/2046 - 425,000.00 415,829.11 --- 383,681.50 (34,572.31) 2.811 4.284 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KRS0 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 07/16/2043 05/08/2015 450,000.00 434,460.94 -- 418,626.00 (21,917.61) 2.389 4.087 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 05/16/2055 05/14/2015 318,853.63 322,789.48 --- 301,661.04 (20,248.67) 2.500 3.841 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 11/16/2041 - 129,823.38 123,824.12 --- 121,523.77 (3,318.10) 1.400 4.550 AAA 256350023 LC -Sr Lien Reserve Fund-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 167,300.11 163,026.11 --- 155,804.92 (9,341.76) 2.116 4.059 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138L33G8 Agency MBS Federal National Mortgage Association,Inc. 06/01/2020 11/12/2015 100,000.00 99,875.00 - 98,181.00 (1,654.83) 2.010 3.023 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381Q6B7 Agency MBS Federal National Mortgage Association, Inc. 06/01/2021 07/15/2016 184,602.41 _ 204,735.61 -- 189,197.16 (6,575.70) 4.295 3.224 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136A7MN9 Agency MBS Federal National Mortgage Association, Inc. 05/25/2022 08/29/2016 300,000.00 308,578.13 - 290,592.00 (14,305.07) 2.349 3.605 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137B1U75 Agency MBS Federal Horne Loan Mortgage Corporation 01/25/2023 08/29/2016 380,000.00 394,917.97 - 369,850.20 (19,609.80) 2.522 3.266 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138EIPZ5 Agency MBS Federal National Mortgage Association, Inc. 07/01/2022 08/29/2016 274,780.49 291,857.67 - 270,897.84 (15,296.00) 2.973 3.553 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138L76A9 Agency MBS Federal National Mortgage Association, Inc. 11/01/2021 10/04/2016 123,135.82 127,580.26 -- 122,706.08 (2,629.62) 2.590 2.703 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381T4E7 Agency MBS Federal National Mortgage Association,Inc. 03/01/2022 10/25/2016 263,117.86 274,906.78 - 257,916.02 (12,039.45) 2.670 3.456 AAA 256350023 LC -Sr Lien Reserve Fund-1 36202F2H8 Agency MBS Ginnie Mae II 01/20/2027 --- 186,569.19 192,299.18 - 185,227.76 (6,632.51) 3.000 3.211 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136AHAE0 Agency MBS Federal National Mortgage Association, Inc. 04/25/2023 10/28/2016 185,268.39 189,263.24 - 180,379.16 (7,608.10) 2.603 4.094 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 Agency MBS Federal National Mortgage Association, Inc. 03/01/2023 --- 278,891.59 274,927.29 - 269,886.18 (5,518.76) 2.350 3.405 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136AC7J4 Agency MBS Federal National Mortgage Association, Inc. 03/25/2023 02/21/2018 56,437.66 55,509.53 - 54,936.98 (682.66) 2.570 3.560 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381R5T7 Agency MBS Federal National Mortgage Association,Inc. 09/01/2021 08/29/2018 130,000.00 132,747.27 - 131,596.40 (1,077.80) 3.770 3.272 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138NJAE8 Agency MBS Federal National Mortgage Association, Inc. 12/01/2020 09/13/2018 28,604.81 28,935.56 - 28,878.56 (55.39) 3.619 3.101 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381N7G2 Agency MBS Federal National Mortgage Association ,Inc. 10/01/2020 09/25/2018 45,271.88 45,438.12 - 45,247.43 (196.53) 3.270 3.357 AAA 256350023 LC -Sr Lien Reserve Fund-1 31846V401 MM Fund First American Funds, Inc. 09/30/2018 - - 5,063.65 - 5,063.65 - 1.580 1.530 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828SA9 TIPS Treasury, United States Department of 01/15/2022 - 462,069.30 464,371.95 -- 450,628.46 (13,142.50) 0.125 0.887 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828V49 T1PS Treasury, United States Department of 01/15/2027 - 292,110.00 290,767.15 - 278,839.44 (12,116.29) 0.375 0.945 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 191,059.75 188,561.67 -- 184,959.21 (3,927.87) 0.125 0.883 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828B58 US Gov Treasury, United States Department of 01/31/2021 - 1,375,000.00 1,405,890.24 - 1,352,340.00 (36,968.19) 2.125 2.857 AAA 256350023 LC -Sr Lien Reserve Fund-1 9128283(131 _ US Gov Treasury, United States Department of 05/15/2025 05/24/2016 1,200,000.00 1,228,546.88 - 1,136,208.00 (85,308.15) _2.125 3.015 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828G38 US Gov Treasury, United States Department of 45611 42843 1350000 1369037.11 -- 1293732 -71890.9895 2.25 2.99908 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828L99 US Gov Treasury, United States Department of 10/31/2020 - 1,250,000.00 1,239,802.73 --- 1,213,237.50 (30,564.89) 1.375 2.834 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828L57 US Gov Treasury, United States Department of 09/30/2022 - 1,400,000.00 1,386,564.45 - 1,337,826.00 (51,981.53) 1.750 2.933 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828VV9 US Gov Treasury, United States Department of 08/31/2020 07/14/2017 305,000.00 310,087.30 - 301,031.95 (7,117.73) 2.125 2.824 AAA 256350023 LC-S Lien Reserve Fund-1 912828UN8 US Gov Treasury, United States Department of 02/15/2023 07/27/2018 105,000.00 101,300.39 - 100,955.40 (475.54) 2.000 2.943 AAA 18,312,844.94 18,387,402.02 17,766,209.20 (602,696.91) 171 Page 5 of 32 ri 15 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2018 ATTACHMENT 4 Source Beginning Base Base Maturities and Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 256350021 L C-RCTC 20 3 Residual Fund 61747WAF6 MORGAN STANLEY 256350021 L C-RCTC 2013 Residual Fund 38141EA58 GOLDMAN SACHS GROUP INC 256350021 L C-RCTC 2013 Residual Fund 31416BVR6 FN 995324 256350021 L C-RCTC 2013 Residual Fund 46625HHS2 1PMORGAN CHASE & CO 105,725.00 103,574.00 62,007.15 40,970.00 (11,805.82) (213.97) (686.88) (663.77) (236.20) (109.39) 73.88 168.77 772.34 (17.41) 105,112.00 103,079.00 50,523.51 40,843.20 1,054.17 238.89 204.35 337.33 256350021 L C-RCTC 2013 Residual Fund 3137A1N90 FHMS K008 A2 65,711.75 (98.42) (157.68) 65,455.65 191.26 256350021 LC-RCTC 2013 Residual Fund 89114QBF4 TORONTO-DOMINION BANK 256350021 L C-RCTC 2013 Residual Fund 86787EAS6 SUNTRUST BANK 50,222.00 100,352.00 (92.63) (1.87) 50,127.50 309.85 (84.52) 80.52 100,348.00 494.69 256350021 L C-RCTC 2013 Residual Fund 02582JGN4 AMXCA 141 A 100,250.00 (56.86) 0.86 100,194.00 98.33 256350021 L C-RCTC 2013 Residual Fund 38378CDK0 GNR 111690 AK 58,206.06 (8,693.47) (61.16) (48.75) (28.89) 49,373.79 123.58 256350021 L C-RCTC 2013 Residual Fund 05522RCV8 BACCT 161 A 100,210.00 (47.06) 35.06 100,198.00 99.11 256350021 L C-RCTC 2013 Residual Fund 05531FAQ6 BB&T CORP 99,747.00 (28.86) 170.86 99,889.00 375.00 256350021 L C-RCTC 2013 Residual Fund 38378AWX5 GNR 11157E QA 39,160.45 (4,645.08) (36.61) (27.15) (57.85) 34,393.76 86.25 256350021 L C-RCTC 2013 Residual Fund 3134GSTK1 FEDERAL HOME LOAN MORTGAGE CORP 100,050.00 (19.54) (29.46) 100,001.00 316.67 256350021 LC-RCTC 2013 Residual Fund 3137A5FP4 FHA 3791E DA 44,858.33 (3,927.02) (7.98) (13.94) (99.51) 40,809.89 85.70 256350021 L C-RCTC 2013 Residual Fund 91159HHE3 U.S. BANCORP 99,788.00 (12.55) 163.55 99,939.00 736.67 256350021 LC-RCTC 2013 Residual Fund 31294KUP8 FH E01490 4,262.29 (3,090.23) (11.22) (7.05) (24.85) 1,128.94 4.67 256350021 L C-RCTC 2013 Residual Fund 375558BQ5 GILEAD SCIENCES INC 100,098.00 - (100,109.00) (24.09) (0.91) 36.00 256350021 LC-RCTC 2013 Residual Fund 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM - 15,006.00 (0.34) (2.96) 15,002.70 37.12 256350021 L C-RCTC 2013 Residual Fund 31846V401 1,684,762.14 558,947.33 (2,228,287.29) 15,422.18 256350021 LC-RCTC 2013 Residual Fund 97689P2K3 WISCONSIN HSG & ECONOMIC DEV AUTH HOME OWNERSHIP R 100,000.00 - (100,000.00) 256350021 L C-RCTC 2013 Residual Fund 136069XZ9 CANADIAN IMPERIAL BANK OF COMMERCE 44,987.85 - (45,065.25) - - 65.25 - 12.15 256350021 LC-RCTC 2013 Residual Fund 46849LTA9 JACKSON NATIONAL LIFE GLOBAL FUNDING 30,038.10 102.30 30,140.40 46.85 256350021 L C-RCTC 2013 Residual Fund 3137B2GW4 FBMS K713 A2 97,814.47 (97,955.03) 140.56 256350021 LC-RCTC 2013 Residual Fund 56052FHZ1 MAINE ST HSG AUTH MTG PUR 100,000.00 100,000.00 732.66 256350021 L C-RCTC 2013 Residual Fund 196479YN3 COLORADO HSG & FIN AUTH 100,000.00 - (100,000.00) 256350021 LC-RCTC 2013 Residual Fund 658886DZ6 NORTH DAKOTA ST HSG FIN AGY MTG REV 100,000.00 100,000.00 501.63 256350021 L C-RCTC 2013 Residual Fund 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM - 15,000.00 2.70 15,002.70 37.12 256350021 L C-RCTC 2013 Residual Fund 3136AC714 FNA 13M6 2A 19,236.50 - (19,135.71) - (120.39) (101.34) 2.63 118.31 256350021 L C-RCTC 2013 Residual Fund 46849LSP7 JACKSON NATIONAL LEE GLOBAL FUNDING 9,718.95 3.49 (0.84) 9,721.60 95.00 256350021 L C-RCTC 2013 Residual Fund 3137A1L.C5 FHA 3710F AB 21,818.62 (5,664.27) 16.94 3.72 (12.99) 16,162.02 27.11 256350021 L C-RCTC 2013 Residual Fund 912828V V9 UNITED STATES TREASURY 49,337.89 4.65 6.96 49,349.50 90.99 256350021 LC-RCTC 2013 Residual Fund 06406HCU1 BANK OF NEW YORK MELLON CORP 99,590.00 4.73 141.27 99,736.00 831.11 256350021 L C-RCTC 2013 Residual Fund 24422ESF7 JOHN DEERE CAPITAL CORP 99,691.00 5.52 200.48 99,897.00 585.00 256350021 L C-RCTC 2013 Residual Fund 65478HAD0 NAROT 17C A3 68,908.98 5.96 65.86 68,980.80 65.96 256350021 L C-RCTC 2013 Residual Fund 89236WAD0 TAOT 15A A4 36,835.17 (16,521.85) 17.25 7.28 38.74 20,376.59 13.79 256350021 LC-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 68,230.86 8.92 (22.68) 68,217.10 329.55 256350021 LC-RCTC 2013 Residual Fund 369550BA5 GENERAL DYNAMICS CORP 24,972.75 10.81 (44.06) 24,939.50 279.51 256350021 L C-RCTC 2013 Residual Fund 3137B1UF7 FHMS K027 Al 19,763.24 (1,152.22) 15.58 13.98 (28.41) 18,612.17 28.37 256350021 L C-RCTC 2013 Residual Fund 254010AC5 DIGNITY HEALTH 23,954.16 15.58 (119.26) 23,850.48 263.70 256350021 L C-RCTC 2013 Residual Fund 3137APP53 FHMS K018 Al 13,713.04 (1,654.19) 19.05 17.26 (18.89) 12,076.27 18.12 256350021 L C-RCTC 2013 Residual Fund 58769DAD2 MBALT 17A A3 14,909.25 - (14,937.89) - - (15.37) 23.18 20.84 256350021 L C-RCTC 2013 Residual Fund 3137AXHN6 FHMS K024 Al 35,431.42 (2,285.06) 28.69 25.80 (55.78) 33,145.07 49.42 256350021 L C-RCTC 2013 Residual Fund 0258MODZ9 AMERICAN EXPRESS CREDIT CORP 99,783.00 30.68 166.32 99,980.00 760.42 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,733.40 32.45 10.15 19,776.00 34.22 256350021 L C-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,731.60 32.66 11.74 19,776.00 34.22 256350021 LC-RCTC 2013 Residual Fund 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 19,730.40 32.81 12.79 19,776.00 34.22 256350021 L C-RCTC 2013 Residual Fund 58769DAD2 MEALT 17A A3 36,776.15 - (36,846.80) - - (79.58) 36.54 113.69 256350021 LC-RCTC 2013 Residual Fund 912828XK1 UNITED STATES TREASURY 294,902.65 (264,927.54) (30,000.00) (1.15) 39.83 (13.79) 256350021 L C-RCTC 2013 Residual Fund 65479AAD4 NALT 17A A3 49,586.00 41.88 78.62 49,706.50 42.44 256350021 LC-RCTC 2013 Residual Fund 65478DAD9 NAROT 18A A3 84,548.65 44.16 (160.61) 84,432.20 100.11 256350021 L C-RCTC 2013 Residual Fund 3137AWQG3 FHMS K023 Al 41,009.88 (2,517.24) 47.79 44.56 (124.39) 38,460.60 52.11 256350021 L C-RCTC 2013 Residual Fund 375558BB8 GILEAD SCIENCES INC 256350021 L C-RCTC 2013 Residual Fund 313385YZ3 FEDERAL HOME LOAN BANKS 34,582.10 45.15 21.00 34,648.25 74.38 229,951.70 - - (230,000.00) - - 45.74 2.56 256350021 LC-RCTC 2013 Residual Fund 06051GFN4 BANK OF AMERICA CORP 98,628.00 51.24 42.76 98,722.00 1,000.00 256350021 L C-RCTC 2013 Residual Fund 46625HKA7 JPMORGAN CHASE & CO 98,714.00 53.03 209.97 98,977.00 425.00 256350021 LC-RCTC 2013 Residual Fund 61746BDM5 MORGAN STANLEY 99,842.00 58.11 42.89 99,943.00 465.28 256350021 L C-RCTC 2013 Residual Fund 14912L6M8 CATERPILLAR FINANCIAL SERVICES CORP 99,727.00 59.12 135.88 99,922.00 690.00 256350021 LC-RCTC 2013 Residual Fund 055657AC4 BMWLT 171 A3 99,415.00 60.95 126.05 99,602.00 60.50 256350021 L C-RCTC 2013 Residual Fund 3137B2GW4 FBMS K713 A2 97,774.54 - - (348.29) 2.13 73.21 (243.29) 97,258.31 189.02 256350021 LC-RCTC 2013 Residual Fund 780082AC7 ROYAL BANK OF CANADA 97,910.00 256350021 L C-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 38,987.50 103.10 (168.10) 97,845.00 974.17 116.25 (122.55) 38,981.20 188.32 256350021 L C-RCTC 2013 Residual Fund 65477XAE4 NALT 16B A4 256350021 L C-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 44,725.05 131,735.74 118.40 20.65 44,864.10 32.20 127.17 (301.36) 131,561.55 635.56 256350021 LC-RCTC 2013 Residual Fund 89114QAS7 TORONTO-DOMINION BANK 99,407.00 139.09 15.91 99,562.00 525.35 256350021 L C-RCTC 2013 Residual Fund 31677QBB4 FIFTH THIRD BANK 199,212.00 146.80 293.20 199,652.00 2,058.33 256350021 LC-RCTC 2013 Residual Fund 40428HPN6 HSBC USA INC (NEW) 99,020.00 152.94 165.06 99,338.00 903.82 256350021 L C-RCTC 2013 Residual Fund 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 98,529.00 171.11 163.89 98,864.00 111.11 256350021 LC-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 112,723.00 - (83,406.25) - - (573.10) 185.18 488.88 29,417.70 85.29 256350021 L C-RCTC 2013 Residual Fund 06416CAC2 BANK OF NOVA SCOTIA 96,773.00 187.42 (273.42) 96,687.00 807.29 256350021 L C-RCTC 2013 Residual Fund 161571FK5 CHAIT 124 A 113,553.30 188.81 75.69 113,817.80 80.76 256350021 L C-RCTC 2013 Residual Fund 06367TPX2 BANK OF MONTREAL 98,810.00 193.70 41.30 99,045.00 635.83 256350021 LC-RCTC 2013 Residual Fund 912828UH1 UNITED STATES TREASURY 31,828.67 215.38 (336.76) 31,707.29 8.68 256350021 L C-RCTC 2013 Residual Fund 912828L57 UNITED STATES TREASURY 96,184.00 215.84 (840.84) 95,559.00 4.81 256350021 L C-RCTC 2013 Residual Fund 02587AAJ3 AMXCA 171 A 98,525.00 218.95 (129.95) 98,614.00 85.78 256350021 L C-RCTC 2013 Residual Fund 912828B58 UNITED STATES TREASURY 261,843.85 299.56 (1,510.61) 260,632.80 948.74 256350021 LC-RCTC 2013 Residual Fund 912828576 UNITED STATES TREASURY 100,332.75 - (9,552.34) - - (25.66) 355.64 (626.70) 90,483.70 180.06 256350021 L C-RCTC 2013 Residual Fund 17275RBG6 CISCO SYSTEMS INC 147,888.00 422.26 (269.26) 148,041.00 64.17 256350021 LC-RCTC 2013 Residual Fund 36164QMS4 GE CAPITAL INTERNATIONAL FUNDING CO 195,482.00 444.36 (502.36) 195,424.00 1,769.51 256350021 L C-RCTC 2013 Residual Fund 912828UH1 UNITED STATES TREASURY 63,657.34 466.15 (708.90) 63,414.59 17.36 256350021 LC-RCTC 2013 Residual Fund 902674XF2 UBS AG (LONDON BRANCH) 196,114.00 473.34 (197.34) 196,390.00 1,381.11 256350021 L C-RCTC 2013 Residual Fund 912828V V9 UNITED STATES TREASURY 455,795.60 481.94 (2,262.14) 454,015.40 837.09 256350021 LC-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 195,024.00 662.47 (780.47) 194,906.00 941.58 256350021 L C-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 230,364.26 - - - - 729.64 (655.25) 230,438.65 668.12 256350021 LC-RCTC 2013 Residual Fund 912828Q37 UNITED STATES TREASURY 260,317.80 0.00 0.00 0.00 0.00 0.00 860.67 (1,586.97) 259,591.50 9.27 172 Page 6 of 32 r/15 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2018 Source Base Base Change In Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 256350021 LGRCTC 2013 Residual Fund 912828SA9 UNITED STATES TREASURY 195,818.82 8,102,451.95 1,812,450.52 (3,002,268.07) (260,000.00) (62,425.13) 1,42146 (938.54) 7,799.47 (1,787.97) 195,453.31 53.10 (9,735.43) 6,587,334.76 26,758.82 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LGSr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3138EJPZ5 FN AL2239 31381Q6B7 FN 468066 31381T4E7 FN 470721 31381PEB0 FN 466430 912828XB1 UNITED STATES TREASURY 912828E58 UNITED STATES TREASURY 3137B1U75 FHMS KS01 A2 912828G38 UNITED STATES TREASURY 912828VV9 UNITED STATES TREASURY 31398QTP2 FHR 3747C HW 3136A7MN9 FNA 12M8 A2 3137EADB2 FREDDIE MAC 912828E58 UNITED STATES TREASURY 3138L76A9 FN AM7164 3137EADB2 FREDDIE MAC 3136AHAE0 FNA 13M14 APT 912828E58 UNITED STATES TREASURY 38378DDC6 GNR 1216E GB 912828E58 UNITED STATES TREASURY 912828VV9 UNITED STATES TREASURY 38377RSZ9 GNR 10162D PQ 38376GB33 GNR 116 BA 3137AXHP1 FHMS K024 A2 38377RSZ9 GNR 10162D PQ 912828E58 UNITED STATES TREASURY 3137AUPE3 RIMS K021 A2 38378XP62 GNR 14166 PL 36202F2H8 G2005276 38376T5Z1 GNR 104A PD 31381R5T7 FN 468958 38378AWX5 GNR 11157E QA 912828VV9 UNITED STATES TREASURY 38380AZ34 GNR 16147C DA 3137AJMF8 FHMS K016 A2 274,044.46 - - - (1,618.89) (72.86) (1,233.12) (221.75) 270,897.84 680.77 191,380.60 - - - (818.75) (52.72) (1,037.89) (274.08) 189,197.16 660.72 260,366.79 - - - (1,603.60) (45.90) (873.61) 72.34 257,916.02 585.44 255,591.48 - - - (1,174.52) (21.10) (781.89) (400.18) 253,213.78 708.21 1,148,292.00 - - - - - (762.36) (11,321.64) 1,136,208.00 9,631.79 721,305.70 - - - - (673.12) (2,662.98) 717,969.60 2,613.52 371,754.00 - - - - - (666.06) (1,237.74) 369,850.20 798.63 1,306,233.00 - - - - - (597.48) (11,903.52) 1,293,732.00 11,473.17 346,801.00 - (44,527.15) - - (958.09) (445.88) 162.07 301,031.95 555.02 92,242.80 - - - - (442.66) (119.84) 91,680.30 337.50 291,933.00 - - - (440.24) (900.76) 290,592.00 587.35 197,374.00 - - - - - (347.20) (480.80) 196,546.00 1,029.17 296,427.00 - (64,131.64) - - (1,581.50) (309.01) 722.34 231,127.20 841.34 123,459.72 - - - (55120) (10.79) (267.75) 80.10 122,706.08 265.77 197,374.00 - - - - (265.35) (562.65) 196,546.00 1,029.17 182,657.84 - - - (1,700.97) (26.12) (254.71) (296.89) 180,379.16 401.91 98,809.00 - - - - - (247.16) (209.84) 98,352.00 358.02 192,655.36 - - - (29,459.15) (199.08) (190.15) (542.29) 162,264.69 472.11 143,273.05 - - - - - (177.34) (485.31) 142,610.40 519.12 148,629.00 - (148,428.90) - - (3,769.48) (176.34) 3,745.72 - 69,150.42 - - - (12,569.07) (255.09) (148.37) (135.20) 56,042.69 207.05 170,035.51 - - - (5,029.30) (29.42) (118.78) 14.45 164,872.47 480.76 137,296.60 - - - - - (115.80) (266.40) 136,914.40 300.18 17,540.60 - - - (3,188.25) (114.80) (109.06) 87.23 14,215.71 52.52 113,630.35 - - - - - (108.43) (417.12) 113,104.80 411.72 140,641.92 - - - - - (99.70) (158.06) 140,384.16 287.52 311,125.97 - - - (7,925.05) (78.38) (88.30) (1,373.20) 301,661.04 664.28 162,533.26 - - - (12,012.57) (421.67) (82.20) (454.02) 149,562.79 376.61 90,448.25 - - - (5,385.01) (177.42) (77.60) (222.20) 84,586.02 214.26 - 132,747.27 - - (73.07) (1,077.80) 131,596.40 408.42 117,481.36 - - (13935.22) (64.35) (62.61) (237.89) 103,181.29 258.75 84,223.10 - (84,113.48) - - (1,576.72) (54.02) 1,521.11 - - 153,578.57 - - - (5,424.34) (132.94) (49.62) (1,190.61) 146,781.06 375.85 29.877.60 - - - - (45.79) 36.49 29.868.30 74.19 256350023 LGSr Lien Reserve Fund-1 31417YKF3 FN MA0293 256350023 LC -Sr Lien Reserve Fund-1 82,165.28 (3,466.56) (179.74) (44.81) (698.45) 77,775.71 281.81 912828B58 UNITED STATES TREASURY 49,404.50 256350023 LGSr Lien Reserve Fund-1 3134GSTK1 FEDERAL HOME LOAN MORTGAGE CORP 256350023 LC -Sr Lien Reserve Fund-1 38377WL77 GNR 1194A AB (43.68) (184.82) 49,176.00 179.01 200,100.00 256350023 LGSr Lien Reserve Fund-1 38378CRT6 GNR 1213E EG 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 256350023 LGSr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 256350023 LC -Sr Lien Reserve Fund-1 38378CDK0 GNR 111690 AK 256350023 LGSr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 55,952.49 (39.08) (58.92) 200,002.00 633.33 58,278.62 - - (13,046.84) 65.33 (34.62) 116.21 45,378.70 75.81 (3,585.68) 97.57 (31.40) (235.24) 52,197.75 91.28 46,531.94 (3,839.26) (243.82) (25.88) (227.83) 42,195.14 136.56 75,038.61 (6,569.08) (13.36) (23.32) (166.45) 68,266.40 143.37 32,336.69 (4,829.71) (18.30) (19.48) (39.32) 27,429.88 68.65 39,204.65 (2,691.23) (68.22) (17.90) (66.54) 36,360.76 91.83 256350023 LC -Sr Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 35,721.48 (8,748.73) (1.58) (17.07) (57.24) 26,896.86 67.21 256350023 LGSr Lien Reserve Fund-1 3136A4M48 FNA 12M3A 1A1 256350023 LC -Sr Lien Reserve Fund-1 31395EZP5 FHR 2835G MD 133,837.64 256350023 LGSr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP (94,433.82) (137.28) (15.15) 1,331.22 40,582.62 71.22 10,323.52 (3,710.56) (29.24) (14.82) 5.22 6,574.13 24.58 65,341.09 (4,485.38) (61.39) (14.11) (178.94) 60,601.27 153.04 256350023 LC -Sr Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 11,113.35 (2,721.83) 1.57 (3.38) (21.81) 8,367.91 20.91 256350023 LGSr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 256350023 LC -Sr Lien Reserve Fund-1 38378TAF7 GNR 1371A GA 256350023 LGSr Lien Reserve Fund-1 3138NJAE8 FN FN0004 45,497.89 (3,753.94) (125.21) (2.93) (358.34) 41,257.47 133.53 141,689.12 256350023 LC -Sr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 256350023 LGSr Lien Reserve Fund-1 31846V401 FIRST AMER:GVT OBLG D 122,055.00 256350023 LC -Sr Lien Reserve Fund-1 36202F2H8 G2 005276 (7,049.78) 6.28 (2.60) (909.68) 133,733.34 285.72 28,935.56 (1.61) (55.39) 28,878.56 86.27 (0.31) (207.19) 121,847.50 247.19 1,201.86 744,448.99 (740,587.20) - - - - - 5,063.65 256350023 LGSr Lien Reserve Fund-1 3138L33G8 FN AM3498 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 256350023 LGSr Lien Reserve Fund-1 31381E762 FN 466295 98,249.00 36,876.43 - - (918.63) (0.90) 0.02 (291.96) 35,664.96 89.81 3.59 (71.59) 98,181.00 167.50 24,684.40 256350023 LC -Sr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 256350023 LGSr Lien Reserve Fund-1 38377JZ89 GNR 10117A GK 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 50,446.12 (1,694.48) 25.22 4.99 (126.34) 22,893.81 57.82 45,438.12 5.84 (196.53) 45,247.43 123.37 (4,416.18) 14.84 6.09 (157.50) 45,893.38 96.38 60,414.03 256350023 LGSr Lien Reserve Fund-1 3138EKXI4 FN AL3382 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 GNR 13105 A 14,472.51 (4,662.51) (91.97) 7.36 (271.48) 55,395.44 161.91 (128.69) 1.40 8.21 (56.53) 14,296.92 17.82 239,788.65 256350023 LGSr Lien Reserve Fund-1 38375KCX8 GNR 0726C MA 165,848.54 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 256350023 LGSr Lien Reserve Fund-1 38378KSL4 GNR 1374 AL 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 FN AL3382 54,271.92 (1,401.89) 13.13 13.76 (1,351.47) 237,062.19 479.74 (50,754.43) 117.28 15.43 2,147.05 117,373.86 172.04 60,311.74 23.26 (47.44) 60,287.56 274.41 (482.58) 6.27 28.32 (210.51) 53,613.43 66.82 205,726.50 256350023 LGSr Lien Reserve Fund-1 3138EKXI4 FN AL3382 256350023 LC -Sr Lien Reserve Fund-1 18,445.28 30.87 (2,631.87) 203,125.50 527.00 (107.84) 3.48 34.31 (139.68) 18,235.55 36.90 14,756.22 912828L99 UNITED STATES TREASURY 145,921.50 256350023 LGSr Lien Reserve Fund-1 3136AC714 FNA 13M6 2A 256350023 LC -Sr Lien Reserve Fund-1 38378B6A2 GNR 1312A AB 256350023 LGSr Lien Reserve Fund-1 3137ASNH3 FHMS K019 Al 256350023 LC -Sr Lien Reserve Fund-1 38378KSI4 GNR 1374 AL 256350023 LGSr Lien Reserve Fund-1 912828VA5 UNITED STATES TREASURY 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 GNR 1333 B 256350023 LGSr Lien Reserve Fund-1 383791IDN5 GNR 1529 AD 256350023 LC -Sr Lien Reserve Fund-1 912828UN8 UNITED STATES TREASURY (86.27) 3.38 35.17 (120.06) 14,588.44 29.52 37.96 (370.96) 145,588.50 863.11 69,251.43 (14,323.82) 211.76 54.39 (256.77) 54,936.98 120.87 109,718.71 (663.52) 12.68 67.06 (636.71) 108,498.22 175.13 113,065.50 (15,817.70) 101.42 79.79 51.76 97,480.76 119.84 182,868.00 91.80 (2,403.80) 180,556.00 468.44 156,019.20 - (156,095.11) - - (2,907.23) 93.61 2,889.54 187,136.00 106.65 (1,614.65) 185,628.00 378.83 157,721.62 (773.14) 10.34 124.80 (1,278.70) 155,804.92 295.00 101,300.39 130.55 (475.54) 100,955.40 268.21 256350023 LGSr Lien Reserve Fund-1 3134G9V38 FEDERAL HOME LOAN MORTGAGE CORP 245,225.00 148.24 (648.24) 244,725.00 666.67 256350023 LC -Sr Lien Reserve Fund-1 3137EADR7 FREDDIE MAC 465,224.50 177.12 (747.12) 464,654.50 2,721.35 256350023 LGSr Lien Reserve Fund-1 38378KWU9 GNR 1396 A - 53,277.35 - - (322.12) 24.71 196.84 436.64 53,613.42 66.82 256350023 LC -Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 529,012.00 205.83 (3,643.33) 525,574.50 26.44 256350023 LGSr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 153,408.49 219.81 (480.61) 153,147.69 310.69 173 Page 7 of 32 r/15 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended Se•tember 30, 2018 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued Redemptions Base Pavdowns Gain/Loss cerelion Gain/Loss Markel Value Income Balance 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 GNR 1333 B 3135GOD75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 912828V49 UNITED STATES TREASURY 233,920.00 587,838.00 55,418.95 316.65 323.83 326.02 (2,201.65) (971.83) (972.93) 232,035.00 587,190.00 54,772.03 473.54 2,475.00 45.61 256350023 LGSr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 817,564.00 407.78 (5,720.28) 812,251.50 40.87 256350023 LC -Sr Lien Reserve Fund-1 3137AUPE3 FEMS K021 A2 229,519.80 412.54 (833.19) 229,099.15 469.22 256350023 LC -Sr Lien Reserve Fund-1 3136A72D3 FNA 12M9 A2 256350023 LC -Sr Lien Reserve Fund-1 38378KRS0 GNR 1378 AG 344,831.55 419,823.00 (20,499.80) 396.31 423.84 (1,922.52) 323,229.38 685.33 562.73 (1,759.73) 418,626.00 895.72 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137EADE2 FREDDIE MAC 912828L99 UNITED STATES TREASURY 542,778.50 1,070,091.00 624.06 692.00 (2,901.06) (3,134.00) 540,501.50 1,067,649.00 2,830.21 6,329.48 256350023 LC -Sr Lien Reserve Fund-1 912828SA9 UNITED STATES TREASURY 179.500.58 1028.13 (I 363.181 179.165.53 48.67 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828UH1 UNITED STATES TREASURY 912828V49 UNITED STATES TREASURY 912828SA9 UNITED STATES TREASURY 185,667.24 226,713.87 271,970.58 1,256.40 1,438.51 1,580.94 (1,964.42) (4,084.97) (2,088.58) 184,959.21 224,067.41 271,462.93 50.62 186.57 73.75 17,767,669.62 1,706,939.47 (1,237,883.481 0.00 (382,385.88) (12,353.701 (429.75) (75,347.09) 17,766,209.20 63,839.17 174 Page 8 of 32 FirRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Summary of Investments for quarter ended September 30, 2018 ATTACHMENT 5 Credit Rating 25, 000.000 a to g20,000,000 Q y 15,000,000 7 y 10,000 000 ro fro � 5,000,000 m m 0 AAA A k+ AA AA- I A+ A A- NA Asset Class Money Market Funds 13,223%1 Cash 1.0.002ai1 Flxad Income 06.779%) Chart calculated by: Base Market Value + Accrued *Negative cash reflects securities in transit at month end Industry Group Other (9.655%) Agency Collet PAC CMO Cash (3.221%) Agency Collat CMO (3.4%) Banks (6.766%) FNMA Collateral (7.131%) Commercial MRS (18.340%) Sovereign (49.204%) Chan calculated 6y: Baae Market Value + Accrued Security Type 7thcr (15.b9,J ..) FkILMC CMO (4.993%) GNMA s (7.113%) GNMA CMO 17.388%) FNMA (9.379%i AGCY BOND (10.Ofie%) US GOV (34.364%) CORP (i6.86654) Chart calculated 6y: Base Market Value + Accrued Market Sector Industrial (2.497% Aseel BaCked (3.095%)Gorernment (39.257%) Other 0.797%I Cash (3.221%) Financial + (5.704'S%) Agency 1 (10.066%) Mortgage Backed 132.303%1 Chart calculated 6y: Base Market Value + Accrued 175 Pir RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended September 30, 2018 20,000,000 e 15,000,000 Q t 7 10, 000.000 m M 5,000,000 m @rn m Credit Rating AAA Asset Class Money Madge) Funds - (0.0Z87 l Casl) (-0.0124E) Fixed Income (89"884%) Chart calculated by: Base Market Value + ACcnled *Negative cash reflects securities in transit at month end ATTACHMENT 6 Industry Group Cash {0 0 Vs GNMA2 Collateral 17 "o41 %1 Agency Collet PAC CMG (3.685%) ; Agency Collet CMG (4.022%) I FNMA r Collateral [9.608%) lj Commercial MBS {24.476%) Sovereign (56_732%) Chart ralculaied by: Base Market Value + Accrued Security Type TIPS F NLMC CMG (6.297%) GNMA CMG (9.905%F GNMA 0 0.067%) FNMA (72.06%) Omar (3.909%) ---- LIS GOV (37_84%1. 'AGCY SONh (7 3.604%) Chart calculated by: Base Market Value + Accrued Market Sector Government (43.06870 Cash (0.016%) - Mortgage Sacked (43.222%) Chart Calculated by: @BSI§ Market Value + AC -trued 176 IVRIVERSIDE COUNTY TRANSPORTATION COMMISSION ATTACHMENT 7 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of Investments for quarter ended September 30, 2018 Credit Rating 4,000,000 2 8 3,000,occi S k ku 7 2,000,000 77 M 1,000,000 m AAA AA+ AA AA- A+ ■ Asset Class Money Market Funds` {0.233%) Cash 0:92 %H Fixed Income (99.728%) Chart calculated lay: Base Market Value + ACM:led Industry Group Other (15.756%1 MISCellenoous M anufactur (2.98%) US Municipals (3.04 t!S) Commercial MBS 14.013%1 Credit Card ABS (6.245%) Diversified Fl nen Sery (9.229%) Sovereign (54.746%) Banks (23.99%) CM1art ralculaled by: Base Market Value + Accrued Security Type FNLMC CMG (2.038%) FNLMC (2.836%) VRCIN (3.041 %) r TIPS (4.393%) ABS (11A71%) Other (5.802%) —CORP (41.24%) us Gov ma.537ss) Chart calculated lay: Base Market Value + Accrued Market Sector Other (0.27 '6) Agency Municipal" � (3.041 %1 Mortgage Backed (6.929%) MduMrlal (9.52874 Asset Backed (17.51154 Financial (33-21a%) Government {33.685%) Chart calculated by: Bare Market Vacua + ACCrued 177 ATTACHMENT 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended September 30, 2018 Account Identifier Security Type Category Issuer Final Maturity Trade Date 07/03/2018 Current Face Value 350,000.00 Original Cost 350,150.50 eat Date --- Base Market Value 349,013.00 Base Net Total Unrealized Gain/Loss (1,122.07) Coupon 2.625 Summarized Yield Credit Ratin 2.798 AAA 240907020 240907020 RCTC I-15 Pri RAMP UP RESERVE 3130AECJ7 Agency Federal Home Loan Banks 05/28/2020 RCTC 1-15 Pri RAMP UP RESERVE 3134GSTK1 Agency Federal Home Loan Mortgage Corporation 08/23/2021 08/27/2018 150,000.00 150,075.00 11/23/2018 150,001.50 (44.19) 3.000 2.989 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137AL6V6 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2018 12/O1/2017 227,141.68 227,691.79 --- 226,760.08 (381.60) 2.323 2.511 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137ANMN2 Agency CMO Federal Home Loan Mortgage Corporation 12/25/2018 --- 666,568.64 666,115.76 --- 203,486.57 (206.76) 2.220 2.458 AAA 240907004 LC-RCTC Toll Revenue: - I-15 31398E2E3 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2019 01/03/2018 52,629.26 53,681.85 --- 52,661.37 (146.80) 5.053 2.457 AAA 240907004 LC-RCTC Toll Revenue: -I-15 _ 31397Q4Q8 Agency CMO Federal National Mortgage Association, Inc. 03/25/2035 01/10/2018 141,656.53 142,851.76 --- 141,775.52 (112.41) 4.000 2.223 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137FBUW4 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2019 01/23/2018 830,000.00 830,389.06 --- 830,091.30 (1,441.35) 2.281 2.490 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137ANMN2 Agency CMO Federal Home Loan Mortgage Corporation 12/25/2018 12/05/2017 1,164,877.24 1,167,269.89 --- 1,162,780.46 (1,037.94) 2.220 2.458 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 383742C76 Agency CMO Govemment National Mortgage Association 08/16/2037 01/31/2018 86,638.14 88,804.09 --- 88,032.15 (579.86) 4.000 3.203 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38375JCJ2 Agency CMO Government National Mortgage Association 12/16/2037 01/31/2018 31,209.83 31,307.36 --- 31,345.90 90.13 5.305 3.346 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2022 02/27/2018 35,320.03 34,525.33 --- 34,428.55 (197.66) 1.573 2.993 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38375KCX8 Agency CMO Government National Mortgage Association 01/20/2037 09/18/2018 196,722.45 198,167.13 --- 198,087.70 (155.85) 5.500 3.185 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31392J6N4 Agency CMO Federal National Mortgage Association, Inc. 04/25/2023 12/05/2017 557,127.46 606,088.30 --- 581,390.36 (18,631.79) 5.500 2.831 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137B84S3 Agency CMO Federal Home Loan Mortgage Corporation 02/15/2029 01/31/2018 141,852.61 140,079.45 --- 138,777.24 (1,374.87) 2.000 3.155 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31397SE83 Agency CMO Federal National Mortgage Association, Inc. 02/25/2039 01/30/2018 17,479.68 17,578.00 --- 17,475.31 (1.60) 4.000 2.121 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 70,550.40 70,726.78 --- 69,987.41 (688.20) 2.500 3.006 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31398N2K9 Agency CMO Federal National Mortgage Association, Inc. 11/25/2025 01/31/2018 13,153.54 13,202.87 --- 13,130.92 (33.05) 3.500 3.245 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 03/20/2035 01/30/2018 115,338.14 116,401.41 --- 115,205.50 (876.23) 3.000 2.968 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38378AWX5 Agency CMO The Government National Mortgage Association Guaranb O1/20/2036 01/30/2018 172,496.66 174,167.72 --- 171,968.82 (1,806.34) 3.000 3.149 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38378DDC6 Agency CMO The Govemment National Mortgage Association Guaranty 04/20/2038 06/20/2018 97,119.90 97,776.22 --- 97,358.82 (338.71) 3.500 3.017 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 38377WL77 Agency CMO Government National Mortgage Association 01/20/2039 08/28/2018 20,341.17 20,252.18 --- 20,292.35 51.96 2.000 2.721 AAA 240907004 LC-RCTC Toll Revenue: -I-15 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 03/25/2020 06/29/2018 588,386.39 584,571.08 --- 583,549.86 (1,459.75) 2.313 2.863 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3136AK2A0 Agency MBS Federal National Mortgage Association, Inc. 09/25/2019 01/08/2018 221,390.54 221,053.53 --- 219,889.51 (1,196.39) 2.171 2.955 AAA 240907004 LC-RCTC Toll Revenue: -I-15 3138155E8 Agency MBS Federal National Mortgage Association, Inc. 12/01/2018 12/01/2017 438,823.01 440,537.16 --- 438,134.06 (449.10) 2.640 2.568 AAA 240907004 LC-RCTC Toll Revenue: - I-15 36225B5Y0 Agency MBS Govemment National Mortgage Association 06/15/2019 12/21/2017 9,216.88 9,320.58 --- 9,216.42 (16.70) 5.500 3.864 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31283K5N4 Agency MBS Federal Home Loan Mortgage Corporation 08/01/2020 12/05/2017 628,765.70 642,928.01 --- 640,177.79 (18,808.40) 5.000 1.875 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3620A9WV9 Agency MBS Govemment National Mortgage Association 12/15/2024 05/23/2018 15,384.17 15,720.70 --- 15,697.69 (9.57) 4.000 3.052 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3138NJAE8 Agency MBS Federal National Mortgage Association, Inc. 12/01/2020 09/13/2018 50,853.00 51,441.00 --- 51,339.66 (98.46) 3.619 3.101 AAA 240907020 RCTC 1-15 Pri RAMP UP RESERVE 31381N7G2 Agency MBS Federal National Mortgage Association, Inc. 10/O1/2020 09/25/2018 90,543.77 90,876.24 --- 90,494.88 (393.04) 3.270 3.357 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3136AC7J4 Agency MBS Federal National Mortgage Association, Inc. 03/25/2023 02/21/2018 47,031.38 46,257.94 --- 45,780.82 (568.89) 2.570 3.560 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation O1/25/2023 02/27/2018 120,000.00 117,965.63 --- 116,794.80 (1,405.22) 2.522 3.266 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137B3NW4 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 09/26/2018 108,552.99 107,620.12 --- 107,839.80 230.55 2.778 3.038 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137AXIdN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 80,849.28 79,737.61 --- 79,038.26 (833.95) 1.749 3.033 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 31418ASD1 Agency MBS Federal National Mortgage Association, Inc. 04/01/2023 01/31/2018 83,196.56 82,388.57 --- 81,434.46 (981.36) 2.000 3.104 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 40,863.54 40,263.36 --- 39,883.23 (446.41) 1.785 3.026 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 05/23/2018 31,685.85 32,438.40 --- 32,314.50 (100.06) _ 4.000 3.116 AAA 240907020 RCTC 1-15 Pri RAMP UP RESERVE 3136A96F0 Agency MBS Federal National Mortgage Association, Inc. 11/25/2022 02/27/2018 75,000.00 72,694.34 --- 72,251.25 (810.02) 2.184 3.550 AAA 240907004 LC-RCTC Toll Revenue: -I-15 05522RCQ9 Asset Backed BA Credit Card Trust 01/15/2019 03/21/2018 1,100,000.00 1,102,406.25 --- 1,101,100.00 (115.74) 2.538 2.300 AAA 240907004 LC-RCTC Toll Revenue: - I-15 02582JGN4 Asset Backed American Express Credit Account Master Trust 05/15/2019 01/16/2018 252,000.00 252,885.94 --- 252,488.88 (154.67) 2.528 2.322 AAA 240907004 LC-RCTC Toll Revenue: - I-15 89236WAD0 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 06/15/2020 01/19/2018 223,674.14 223,071.26 --- 223,327.44 (102.96) 1.520 2.156 AAA 240907004 LC-RCTC Toll Revenue: - I-15 65478AAD5 Asset Backed Nissan Auto Receivables 2015-C Owner Trust 05/15/2020 12/21/2017 344,108.66 342,966.12 --- 342,904.28 (584.18) 1.370 2.416 AAA 240907004 LC-RCTC Toll Revenue: - I-15 43814LAC3 Asset Backed Honda Auto Receivables 2015-4 Owner Trust 09/23/2019 07/24/2017 0.02 0.02 --- 0.02 (0.00) 1.230 1.903 AAA 240907004 LC-RCTC Toll Revenue: - I-15 05522RCV8 Asset Backed BA Credit Card Trust 05/15/2019 06/29/2018 750,000.00 751,611.33 --- 751,485.00 226.59 2.548 2.336 AAA 240907004 LC-RCTC Toll Revenue: - I-15 161571HCI Asset Backed Chase Issuance Trust 06/17/2019 --- 763,000.00 758,373.05 --- 755,720.98 (5,455.83) 1.370 2.726 AAA 240907004 LC-RCTC Toll Revenue: - I-15 65477XAE4 Asset Backed Nissan Auto Lease Trust 2016-B O1/18/2022 04/13/2018 405,000.00 401,741.02 --- 403,776.90 121.16 1.610 2.558 AAA 240907004 LC-RCTC Toll Revenue: - I-15 05582XAD4 Asset Backed Bmw Vehicle Lease Trust 2016-2 09/20/2019 07/27/2017 579,883.03 578,682.49 --- 578,270.96 (1,407.20) 1.430 2.723 AAA 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 Asset Backed Mercedes-Benz Auto Lease Trust 2016-B 08/15/2019 - 683,403.04 681,459.93 --- 682,220.75 (870.83) 1.350 2.653 AAA 240907004 LC-RCTC Toll Revenue: - I-15 90290XAD9 Asset Backed USAA Auto Owner Trust 2005-1 11/16/2020 03/22/2018 0.01 0.01 --- 0.01 (0.00) 1.540 1.664 AAA 240907004 LC-RCTC Toll Revenue: - I-15 161571HJ6 Asset Backed Chase Issuance Trust 01/15/2020 03/23/2018 500,000.00 501,347.66 --- 501,490.00 212.20 2.458 2.320 AAA 240907004 LC-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 --- 640,991.00 (783.73) 1.930 2.968 AAA 240907004 LC-RCTC Toll Revenue: - I-15 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 03/16/2020 07/27/2017 965,000.00 965,942.38 --- 961,043.50 (4,177.58) 1.790 2.713 AAA 240907004 LC-RCTC Toll Revenue: -I-15 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 01/25/2018 850,000.00 846,115.23 --- 845,010.50 (3,017.77) 1.910 2.785 AAA 240907004 LC-RCTC Toll Revenue: - I-15 65478GAC4 Asset Backed Nissan Auto Receivables 2017-B Owner Trust 05/15/2020 06/29/2018 403,004.78 402,926.07 --- 403,004.78 0.28 2.258 2.394 AAA 240907004 LC-RCTC Toll Revenue: - I-15 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 600,000.00 596,906.25 --- 595,992.00 (1,225.98) 2.650 2.998 AAA 240907004 LC-RCTC Toll Revenue: - I-15 47788CAA0 Asset Backed John Deere Owner Trust 2018 03/15/2019 02/21/2018 472,280.81 472,280.81 --- 472,167.46 (113.35) 1.950 2.269 AAA 240907004 LC-RCTC Toll Revenue: - I-15 55379WKQ8 CD MUFG Bank, Ltd. 10/15/2018 09/26/2018 2,000,000.00 1,999,898.44 --- 1,999,900.00 (25.17) 2.110 2.216 AAA 240907020 RCTC I-15 Pri RAMP UP RESERVE 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 01/30/2018 44,836.65 44,976.77 --- 44,975.20 33.17 2.530 2.546 AAA 240907004 LC-RCTC Toll Revenue: - I-15 46625HHL7 Corporate JPMorgan Chase & Co. 04/23/2019 07/25/2017 1,000,000.00 1,075,520.00 --- 1,019,800.00 (5,254.32) 6.300 2.767 A 240907004 LC-RCTC Toll Revenue: - I-15 38141EA58 Corporate The Goldman Sachs Group, Inc. 03/15/2020 07/26/2017 500,000.00 540,800.00 --- 515,395.00 (7,729.73) 5.375 3.204 A 240907004 LC-RCTC Toll Revenue: - I-15 78011DAF1 Corporate Royal Bank of Canada 10/01/2018 08/08/2018 850,000.00 849,566.50 --- 850,000.00 - _ 2.000 1.981 AAA 240907004 LC-RCTC Toll Revenue: - I-15 718172BF5 Corporate Philip Morris International Inc. 01/15/2019 07/26/2017 1,000,000.00 1,003,040.00 --- 998,080.00 (2,536.54) 1.875 2.516 A 240907004 LC-RCTC Toll Revenue: - I-15 61746BDM5 _Corporate Morgan Stanley 01/24/2019 --- 1,500,000.00 1,508,405.00 --- 1,499,145.00 (2,450.26) _ 2.500 2.667 A 240907004 LC-RCTC Toll Revenue: - I-15 0258MODK2 Corporate American Express Credit Corporation 03/18/2019 07/25/2017 1,000,000.00 1,006,560.00 --- 997,820.00 (4,093.02) 2.125 2.591 A 240907004 LC-RCTC Toll Revenue: - I-15 172967HM6 Corporate Citigroup Inc. 04/08/2019 07/25/2017 1,000,000.00 1,010,110.00 --- 998,960.00 (4,232.72) 2.550 2.749 BBB 240907004 LC-RCTC Toll Revenue: - I-15 31677QBB4 Corporate Fifth Third Bank 04/25/2019 06/29/2018 1,000,000.00 997,590.00 03/25/2019 998,260.00 (63.99) 2.375 2.680 A 240907004 LC-RCTC Toll Revenue: - I-15 22546QAN7 Corporate Credit Suisse AG 05/28/2019 07/26/2017 1,000,000.00 1,009,340.00 --- 996,880.00 (6,563.42) 2.300 2.773 A 240907004 LC-RCTC Toll Revenue: - I-15 89114QAS7 Corporate The Toronto -Dominion Bank 07/02/2019 07/27/2017 1,000,000.00 1,007,670.00 --- 995,620.00 (7,453.57) 2.125 2.708 AA 240907004 LC-RCTC Toll Revenue: -I-15 90261XHE5 Corporate UBS AG 08/14/2019 07/25/2017 850,000.00 857,505.50 --- 846,515.00 (6,760.17) 2.375 2.849 AA 240907004 LC-RCTC Toll Revenue: - I-15 40428HPN6 Corporate HSBC USA Inc. 11/13/2019 07/26/2017 1,000,000.00 1,010,720.00 --- 993,380.00 (11,976.89) 2.375 2.976 A 240907004 LC-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 993,160.00 (11,022.54) 2.450 3.041 A 240907004 LC-RCTC Toll Revenue: - I-15 46625HKA7 Corporate JPMorgan Chase & Co. O1/23/2020 07/25/2017 500,000.00 503,005.00 12/23/2019 494,885.00 (6,688.50) 2.250 3.045 A 240907004 LC-RCTC Toll Revenue: -I-15 61747YDW2 Corporate Morgan Stanley 01/27/2020 07/25/2017 500,000.00 506,130.00 --- 496,795.00 (6,526.61) 2.650 3.144 A 240907004 LC-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 --- 1,476,900.00 (21,675.17) 1.875 3.045 AAA 240907004 LC-RCTC Toll Revenue: - I-15 172967.A1 Corporate Citigroup Inc. 02/18/2020 07/25/2017 500,000.00 503,600.00 --- 495,260.00 (6,731.86) 2.400 3.101 BBB 178 Page 12 of 32 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended September 30, 2018 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating 240907004 LC-RCTC Toll Revenue: -I-15 06051GFN4 Corporate Bank of America Corporation 04/21/2020 12/04/2017 1,000,000.00 997,850.00 --- 987,220.00 (11,367.59) 2.250 3.093 A 240907004 LC-RCTC Toll Revenue: -I-15 064159HC3 Corporate The Bank of Nova Scotia 01/15/2019 01/23/2018 400,000.00 399,504.00 --- 399,308.00 (544.65) 1.950 2.526 AA 240907004 LC-RCTC Toll Revenue: -I-15 89114QBE7 Corporate The Toronto-Domirdon Bank O1/22/2019 01/23/2018 370,000.00 369,463.50 --- 369,345.10 (488.02) 1.950 2.504 AA 240907004 LC-RCTC Toll Revenue: - I-15 69353REV6 Corporate PNC Bank, National Association 03/04/2019 07/26/2017 1,000,000.00 1,003,210.00 02/02/2019 997,260.00 (3,479.05) 1.950 2.586 A 240907004 LC-RCTC Toll Revenue: - I-15 07330NAL9 Corporate Branch Banking and Trust Company 05/10/2019 07/27/2017 1,000,000.00 995,340.00 04/10/2019 993,080.00 (5,289.51) 1.450 2.587 A 240907004 LC-RCTC Toll Revenue: - I-15 49327M2P8 Corporate KeyBank National Association 08/22/2019 07/24/2017 1,000,000.00 995,550.00 --- 989,260.00 (8,773.69) 1.600 2.816 A 240907004 LC-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 --- 1,106,887.50 (13,187.83) 1.250 2.846 A 240907004 LC-RCTC Toll Revenue: - I-15 17275RBG6 Corporate Cisco Systems, Inc. 09/20/2019 06/29/2018 1,050,000.00 1,035,184.50 --- 1,036,287.00 (1,853.33) 1.400 2.763 AA 240907004 LC-RCTC Toll Revenue: -I-15 06367TPX2 Corporate Bank of Montreal 12/12/2019 07/26/2017 1,000,000.00 1,005,160.00 --- 990,450.00 (12,219.43) 2.100 2.910 AA 240907004 LC-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 --- 989,270.00 (14,998.44) 2.100 2.957 A 240907004 LC-RCTC Toll Revenue: - I-15 0258MOEE5 Corporate American Express Credit Corporation 03/03/2020 07/25/2017 500,000.00 503,990.00 02/O1/2020 494,400.00 (7,773.44) 2.200 3.005 A 240907004 LC-RCTC Toll Revenue: - I-15 375558BQ5 Corporate Gilead Sciences, Inc. 09/20/2019 --- 1,495,000.00 1,496,206.00 --- 1,496,779.05 817.51 2.588 2.508 A 240907004 LC-RCTC Toll Revenue: -I-15 87019SKV5 CP Swedbank AB 10/29/2018 09/17/2018 2,000,000.00 1,995,053.34 --- 1,996,460.00 (242.23) 0.000 2.137 AAA 240907004 LC-RCTC Toll Revenue: - I-15 64105SK15 CP Nestle Finance International Ltd. 10/01/2018 09/17/2018 1,900,000.00 1,898,544.39 --- 1,900,000.00 - 0.000 0.000 AAA 240907004 LC-RCTC Toll Revenue: - I-15 26055BK94 CP The Dow Chemical Company 10/09/2018 09/26/2018 1,350,000.00 1,348,893.38 --- 1,349,325.00 6.00 0.000 1.809 AA 240907004 LC-RCTC Toll Revenue: -I-15 07274MKK0 CP Bayerische Landesbank 10/19/2018 09/28/2018 1,000,000.00 998,658.33 --- 998,870.00 20.00 0.000 2.046 AAA 240907004 LC-RCTC Toll Revenue: - I-15 50000E1(29 CP Koch Industries, Inc. 10/02/2018 09/11/2018 1,025,000.00 1,023,786.23 --- 1,024,938.50 (3.70) 0.000 0.721 AAA 240907004 LC-RCTC Toll Revenue: - I-15 43357MKJ8 CP Hitachi Capital America Corp. 10/18/2018 09/17/2018 2,000,000.00 1,995,952.78 --- 1,997,860.00 79.44 0.000 2.039 AA 240907004 LC-RCTC Toll Revenue: - I-15 78355BKH4 CP Ryder System, Inc. 10/17/2018 09/17/2018 2,000,000.00 1,996,250.00 --- 1,997,980.00 (20.00) 0.000 2.031 AA 240907004 LC-RCTC Toll Revenue: - I-15 711121(1(42 CP The Peoples Gas Light And Coke Company 10/04/2018 --- 1,625,000.00 1,623,805.89 --- 1,624,691.25 (1.58) 0.000 1.373 AAA 240907004 LC-RCTC Toll Revenue: - I-15 63743DKH3 CP National Rural Utilities Cooperative Finance Corporation 10/17/2018 09/27/2018 2,000,000.00 1,997,611.12 --- 1,997,980.00 (108.90) 0.000 2.031 AAA 240907004 LC-RCTC Toll Revenue: - I-15 927801(10(5 CP Virginia Electric and Power Company 10/31/2018 09/28/2018 2,000,000.00 1,995,545.00 --- 1,996,220.00 270.00 0.000 2.140 AAA 240907004 LC-RCTC Toll Revenue: - I-15 CCYUSD Currency UNITED STATES OF AMERICA 09/30/2018 - - 5,000,000.00 --- 5,000,000.00 - 0.000 0.000 AAA 240907020 RCTC I-15 Pq RAMP UP RESERVE CCYUSD Currency UNITED STATES OF AMERICA 09/30/2018 --- - 300,000.00 --- 300,000.00 - 0.000 0.000 AAA 245490001 LC-RCTC 2017 PILE Sales Tax 9AMMFO5B2 MM Fund U.S. Bank Money Market Account Fund 09/30/2018 09/26/2018 - 960.73 --- 960.73 - 0.200 0.000 NA 240907004 LC-RCTC Toll Revenue: - I-15 31846V203 MM Fund First American Funds, Inc. 09/30/2018 09/26/2018 - 718,035.82 --- 718,035.82 - 1.730 1.680 AAA 240907020 RCTC 1-15 Prj RAMP UP RESERVE 31846V203 MM Fund First American Funds, Inc. 09/30/2018 - - 227,097.56 --- 227,097.56 - 1.730 1.680 AAA 240907004 LC-RCTC Toll Revenue: - I-15 70914PPD8 Muni Pennsylvania, Commonwealth of 07/15/2019 09/18/2018 305,000.00 308,080.50 --- 307,958.50 (10.45) 4.050 2.807 AA 240907004 LC-RCTC Toll Revenue: - I-15 392274A89 Muni Greater Orlando Aviation Authority. 10/O1/2019 07/26/2017 700,000.00 724,094.00 --- 702,968.00 (8,390.62) 3.483 3.053 AA 240907004 LC-RCTC Toll Revenue: -I-15 355185PF0 Muni Franklin, City of 03/01/2019 04/18/2018 375,000.00 375,000.00 12/O1/2018 374,917.50 (82.50) 2.500 2.515 AA 240907004 LC-RCTC Toll Revenue: - I-15 459058GK3 Non -US Gov International Bank for Reconstruction and Development 08/21/2020 - 1,210,000.00 1,210,259.00 --- 1,210,217.80 (34.15) 2.380 2.406 AAA 240907020 RCTC I-15 Pq RAMP UP RESERVE 912828SA9 TIPS Treasury, United States Department of 01/15/2022 --- 322,891.80 320,530.78 --- 314,897.00 (6,040.36) 0.125 0.887 AAA 240907020 RCTC 1-15 Prj RAMP UP RESERVE 912828UH1 TIPS Treasury, United States Department of O1/15/2023 02/05/2018 81,882.75 80,812.14 --- 79,268.23 (1,683.37) 0.125 0.883 AAA 240907004 LC-RCTC Toll Revenue: - I-15 912828UF5 US Gov Treasury, United States Department of 12/31/2019 06/29/2018 3,700,000.00 3,627,156.25 --- 3,628,183.00 (11,205.82) 1.125 2.707 AAA 240907004 LC-RCTC Toll Revenue: - I-15 912828P53 US Gov Treasury, United States Department of 02/15/2019 07/16/2018 2,440,000.00 2,419,221.88 --- 2,425,408.80 (1,249.51) 0.750 2.334 AAA 240907020 RCTC I-15 Pq RAMP UP RESERVE 912828UF5 US Gov Treasury, United States Department of 12/31/2019 --- 435,000.00 426,695.70 --- 426,556.65 (2,147.88) 1.125 2.707 AAA 240907020 RCTC 1-15 Prj RAMP UP RESERVE 912828VA5 US Gov Treasury, United States Department of 04/30/2020 - 665,000.00 648,627.54 --- 648,062.45 (2,412.70) 1.125 2.774 AAA 240907020 RCTC I-15 Pq RAMP UP RESERVE 912828V V9 US Gov Treasury, United States Department of 08/31/2020 --- 775,000.00 766,685.54 --- 764,917.25 (2,304.68) 2.125 2.824 AAA 240907020 RCTC 1-15 Prj RAMP UP RESERVE 912828B58 US Gov Treasury, United States Department of O1/31/2021 07/05/2018 320,000.00 316,212.50 --- 314,726.40 (1,829.26) 2.125 2.857 AAA 240907020 RCTC I-15 Pq RAMP UP RESERVE 912828P53 US Gov Treasury, United States Department of 02/15/2019 07/16/2018 240,000.00 237,956.25 --- 238,564.80 (122.90) 0.750 2.334 AAA 240907004 LC-RCTC Toll Revenue: - I-15 97689P2K3 VRDN Wisconsin Housing and Economic Development Authont 09/O1/2037 07/02/2018 1,400,000.00 1,400,000.00 10/30/2018 1,400,000.00 - 2.050 2.050 AA 240907004 LC-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 10/15/2018 1,400,000.00 - 2.000 2.000 AA 240907004 LC-RCTC Toll Revenue: - I-15 196479YN3 VRDN Colorado Housing and Finance Authority 10/O1/2038 07/02/2018 750,000.00 750,000.00 10/15/2018 750,000.00 - 2.020 2.020 AAA 78,014,732.10 84,348,115.95 83,507,224.36 (302,255.47) 179 Page 13 of 32 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 3137AL6V6 3137ANMN2 31398E2E3 Agency CMO Agency CMO Agency CMO 31397Q4Q8 Agency CMO 3137FBUW4 Agency CMO 2017 Financing STAMP Portfolio by Account for quarter ended September 30, 2018 Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal National Mortgage Association, Inc. Federal Home Joan Mortgage Corporation 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 3136AK2A0 Agency MBS Federal National Mortgage Association, Inc. 3138155E8 Agency MBS Federal National Mortgage Association, hrc. 36225B5Y0 Agency MBS Government National Mortgage Association 05522RCQ9 Asset Backed BA Credit Card Trust 02582JGN4 Asset Backed American Express Credit Account Master Trust ATTACHMENT 9 Base Net Total Unrealized 10/25/2018 12/O1/2017 227,141.68 227,691.79 - 226,760.08 (381.60) 2.323 2.511 AAA 12/25/2018 --- 666,568.64 666,115.76 --- 203,486.57 (206.76) 2.220 2.458 AAA 01/25/2019 01/03/2018 52,629.26 53,681.85 - 52,661.37 (146.80) 5.053 2.457 AAA 03/25/2035 01/10/2018 _ 141,656.53 _ 142,851.76 - 141,775.52 (112.41) 4.000 2.223 AAA 10/25/2019 01/23/2018 830,000.00 830,389.06 - 830,091.30 (1,441.35) 2.281 2.490 AAA 03/25/2020 06/29/2018 588,386.39 584,571.08 - 583,549.86 (1,459.75) 2.313 2.863 AAA 09/25/2019 01/08/2018 221,390.54 221,053.53 - 219,889.51 (1,196.39) 2.171 2.955 AAA 12/01/2018 12/01/2017 438,823.01 440,537.16 - 438,134.06 (449.10) 2.640 2.568 06/15/2019 12/21/2017 AAA 9,216.88 9,320.58 - 9,216.42 (16.70) 5.500 3.864 AAA 01/15/2019 03/21/2018 1,100,000.00 1,102,406.25 - 1,101,100.00 (115.74) 2.538 2.300 AAA 05/15/2019 01/16/2018 252,000.00 252,885.94 - 252,488.88 (154.67) 2.528 2.322 AAA 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 89236WAD0 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 65478AAD5 Asset Backed Nissan Auto Receivables 2015-C Owner Trust 06/15/2020 01/19/2018 223,674.14 223,071.26 - 223,327.44 (102.96) 1.520 2.156 AAA 05/15/2020 12/21/2017 344,108.66 342,966.12 - 342,904.28 (584.18) 1.370 2.416 AAA 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 43814LAC3 Asset Backed Honda Auto Receivables 2015-4 Owner Trust 05522RCV8 Asset Backed BA Credit Card Trust 09/23/2019 07/24/2017 0.02 0.02 - 0.02 (0.00) 1.230 1.903 AAA 05/15/2019 06/29/2018 750,000.00 751,611.33 - 751,485.00 226.59 2.548 2.336 AAA 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 161571HC1 Asset Backed Chase Issuance Trust 65477XAE4 Asset Backed Nissan Auto Lease Trust 2016-B 05582XAD4 Asset Backed Bmw Vehicle Lease Trust 2016-2 58768MAC5 Asset Backed Mercedes-Benz Auto Lease Trust 2016-B 90290XAD9 Asset Backed USAA Auto Owner Trust 2005-1 161571E16 Asset Backed Chase Issuance Trust 02587AAJ3 Asset Backed American Express Credit Account Master Trust 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 65478GAC4 Asset Backed Nissan Auto Receivables 2017-B Owner Trust 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 47788CAA0 Asset Backed John Deere Owner Trust 2018 55379WKQ8 CD MUFG Bank, Ltd. 46625HHL7 Corporate 1PMorgan Chase & Co. 38141EA58 Corporate The Goldman Sachs Group, Inc. 78011DAF1 Corporate Royal Bank of Canada 718172BF5 Corporate Philip Morris International Inc. 61746BDM5 Corporate Morgan Stanley 0258MODK2 Corporate American Express Credit Corporation 172967HM6 Corporate Citigroup Inc. 31677QBB4 Corporate Fifth Third Bank 22546QAN7 Corporate Credit Suisse AG 89114QAS7 Corporate The Toronto -Dominion Bank 90261XHE5 Corporate UBS AG 40428HPN6 Corporate HSBC USA Inc. 17401QAB7 Corporate Citizens Bank, National Association 46625HKA7 Corporate JPMorgan Chase & Co. 61747YDW2 Corporate Morgan Stanley 780082AA1 Corporate Royal Bank of Canada 172967711 Corporate Citigroup Inc. 06051GFN4 Corporate Bank of America Corporation 064159HC3 Corporate The Bank of Nova Scotia 89114QBE7 Corporate The Toronto -Dominion Bank 69353REV6 Corporate PNC Bank, National Association 07330NAL9 Corporate Branch Banking and Trust Company 49327M2P8 Corporate KeyBank National Association 24422E1'18 Corporate John Deere Capital Corporation 17275RBG6 Corporate Cisco Systems, Inc. 06367TPX2 Corporate Bank of Montreal 1491216Y2 Corporate Caterpillar Financial Services Corporation 0258MOEE5 Corporate American Express Credit Corporation 375558BQ5 Corporate Gilead Sciences, Inc. 87019SKV5 CP Swedbank AB 64105SK15 CP Nestle Finance International Ltd. 26055BK94 CP The Dow Chemical Company 07274MKK0 CP Bayerische Landesbank 50000E1(29 CP Koch Industries, Inc. 43357MKJ8 CP Hitachi Capital America Corp. 78355BKH4 CP Ryder System, Inc. 711121(1(.42 CP The Peoples Gas Light And Coke Company 63743DKH3 CP National Rural Utilities Cooperative Finance Corporation 92780KKX5 CP Virginia Electric and Power Company 06/17/2019 763,000.00 758,373.05 - 755,720.98 (5,455.83) 1.370 2.726 AAA 01/18/2022 04/13/2018 405,000.00 401,741.02 - 403,776.90 121.16 1.610 2.558 AAA 09/20/2019 07/27/2017 579,883.03 578,682.49 - 578,270.96 (1,407.20) 1.430 2.723 AAA 08/15/2019 - 683,403.04 681,459.93 - 682,220.75 (870.83) 1.350 2.653 AAA 11/16/2020 03/22/2018 0.01 0.01 - 0.01 (0.00) 1.540 1.664 AAA 01/15/2020 03/23/2018 500,000.00 501,347.66 - 501,490.00 212.20 2.458 2.320 AAA 02/18/2020 06/29/2018 650,000.00 640,351.56 - 640,991.00 (783.73) 1.930 2.968 AAA 03/16/2020 07/27/2017 965,000.00 965,942.38 - 961,043.50 (4,177.58) 1.790 2.713 AAA 04/15/2020 01/25/2018 850,000.00 846,115.23 - 845,010.50 (3,017.77) 1.910 2.785 AAA 05/15/2020 06/29/2018 403,004.78 402,926.07 - 403,004.78 0.28 2.258 2.394 AAA 05/16/2022 06/29/2018 600,000.00 596,906.25 - 595,992.00 (1,225.98) 2.650 2.998 AAA 03/15/2019 02/21/2018 472,280.81 472,280.81 - 472,167.46 (113.35) 1.950 2.269 AAA 10/15/2018 09/26/2018 2,000,000.00 1,999,898.44 - 1,999,900.00 (25.17) 2.110 2.216 AAA 04/23/2019 07/25/2017 1,000,000.00 1,075,520.00 - 1,019,800.00 (5,254.32) 6.300 2.767 A 03/15/2020 07/26/2017 500,000.00 540,800.00 - 515,395.00 (7,729.73) 5.375 3.204 A 10/O1/2018 08/08/2018 850,000.00 849,566.50 - 850,000.00 - 2.000 1.981 AAA 01/15/2019 07/26/2017 1,000,000.00 1,003,040.00 - 998,080.00 (2,536.54) 1.875 2.516 A 01/24/2019 - 1,500,000.00 1,508,405.00 - 1,499,145.00 (2,450.26) 2.500 2.667 A 03/18/2019 07/25/2017 1,000,000.00 1,006,560.00 - 997,820.00 (4,093.02) 2.125 2.591 A 04/08/2019 07/25/2017 1,000,000.00 1,010,110.00 - 998,960.00 (4,232.72) 2.550 2.749 BBB 04/25/2019 06/29/2018 1,000,000.00 997,590.00 03/25/2019 998,260.00 (63.99) 2.375 2.680 A 05/28/2019 07/26/2017 1,000,000.00 1,009,340.00 - 996,880.00 (6,563.42) 2.300 2.773 A 07/02/2019 07/27/2017 1,000,000.00 1,007,670.00 - 995,620.00 (7,453.57) 2.125 2.708 AA 08/14/2019 07/25/2017 850,000.00 857,505.50 - 846,515.00 (6,760.17) 2.375 2.849 AA 11/13/2019 07/26/2017 1,000,000.00 1,010,720.00 - 993,380.00 (11,976.89) 2.375 2.976 A 12/04/2019 07/26/2017 1,000,000.00 1,008,450.00 11/04/2019 993,160.00 (11,022.54) 2.450 3.041 A 01/23/2020 07/25/2017 500,000.00 503,005.00 12/23/2019 494,885.00 (6,688.50) 2.250 3.045 A 01/27/2020 07/25/2017 500,000.00 506,130.00 - 496,795.00 (6,526.61) 2.650 3.144 A 02/05/2020 07/26/2017 1,500,000.00 1,497,390.00 - 1476,900.00 (21,675.17) 1.875 3.045 AAA 02/18/2020 07/25/2017 500,000.00 503,600.00 - 495,260.00 (6,731.86) 2.400 3.101 BBB 04/21/2020 12/04/2017 1,000,000.00 997,850.00 - 987,220.00 (11,367.59) 2.250 3.093 A 01/15/2019 01/23/2018 400,000.00 399,504.00 - 399,308.00 (544.65) 1.950 2.526 AA 01/22/2019 01/23/2018 370,000.00 369,463.50 - 369,345.10 (488.02) 1.950 2.504 AA 03/04/2019 07/26/2017 1,000,000.00 1,003,210.00 02/02/2019 997,260.00 (3,479.05) 1.950 2.586 A 05/10/2019 07/27/2017 1,000,000.00 995,340.00 04/10/2019 993,080.00 (5,289.51 1.450 2.587 A 08/22/2019 07/24/2017 1,000,000.00 995,550.00 - 989,260.00 (8,773.69) 1.600 2.816 A 10/09/2019 07/26/2017 1,125,000.00 1,114,650.00 - 1,106,887.50 (13,187.83) 1.250 2.846 A 09/20/2019 06/29/2018 1,050,000.00 1,035,184.50 - 1,036,287.00 (1,853.33) 1.400 2.763 AA 12/12/2019 07/26/2017 1,000,000.00 1,005,160.00 - 990,450.00 (12,219.43) 2.100 2.910 AA 01/10/2020 07/26/2017 1,000,000.00 1,008,020.00 - 989,270.00 (14,998.44) 2.100 2.957 A 03/03/2020 07/25/2017 500,000.00 09/20/2019 - 1,495,000.00 503,990.00 02/O1/2020 494,400.00 (7,773. 2.200 3.005 A 1,496,206.00 - 1 496,779.05 817.51 2.588 2.508 A 10/29/2018 09/17/2018 2,000,000.00 1,995,053.34 - 1,996,460.00 (242.23) 0.000 2.137 AAA 10/01/2018 09/17/2018 1,900,000.00 1,898,544.39 - 1,900,000.00 - 0.000 0.000 AAA 10/09/2018 09/26/2018 1,350,000.00 1,348,893.38 - 1,349,325.00 6.00 0.000 1.809 AA 10/19/2018 09/28/2018 1,000,000.00 998,658.33 - 998,870.00 20.00 0.000 2.046 AAA 10/02/2018 09/11/2018 1,025,000.00 1,023,786.23 - 1,024,938.50 (3.70) 0.000 0.721 AAA 10/18/2018 09/17/2018 2,000,000.00 1,995,952.78 - 1,997,860.00 79.44 0.000 2.039 AA 10/17/2018 09/17/2018 2,000,000.00 1,996,250.00 - 1,997,980.00 (20.00) 0.000 2.031 AA 10/04/2018 - 1,625,000.00 10/17/2018 09/27/2018 2,000,000.00 1,623,805.89 - 1,624,691.25 (1.58) 0.000 1.373 AAA 1,997,611.12 - 1,997,980.00 (108.90) 0.000 2.031 AAA 10/31/2018 09/28/2018 2,000,000.00 1,995,545.00 - 1,996,220.00 270.00 0.000 2.140 AAA 240907004 LC-RCTC Toll Revenue: - I-15 CCYUSD Currency UNITED STATES OF AMERICA 09/30/2018 - - 5,000,000.00 - 5,000,000.00 - 0.000 0.000 AAA 240907004 LC-RCTC Toll Revenue: -1-15 31846V203 MM Fund First American Funds, Inc. 09/30/2018 09/26/2018 - 718,035.82 - 718,035.82 - 1.730 1.680 AAA 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 70914PPD8 Muni Pennsylvania, Commonwealth of 07/15/2019 09/18/2018 305,000.00 308,080.50 - 307,958.50 (10.45) 4.050 2.807 AA 392274A89 Muni Greater Orlando Aviation Authority. 355185PF0 Muni Franklin, City of 459058GK3 Non -US Gov International Bank for Reconstruction and Development 912828UF5 US Gov Treasury, United States Department of 912828P53 US Gov Treasury, United States Department of 97689P2K3 VRDN Wisconsin Housing and Economic Development Authority 64986U4H7 VRDN New York State Housing Finance Agency 196479YN3 VRDN Colorado Housing and Finance Authority 10/O1/2019 07/26/2017 700,000.00 724,094.00 - 702,968.00 (8,390.62) 3.483 3.053 AA 03/O1/2019 04/18/2018 375,000.00 08/21/2020 - 1,210,000.00 375,000.00 12/O1/2018 374,917.50 (82.50) 2.500 2.515 AA 1,210,259.00 - 1210,217.80 (34.15) 2.380 2.406 AAA 12/31/2019 06/29/2018 3,700,000.00 3,627,156.25 - 3 628,183.00 (11,205.82) 1.125 2.707 AAA 02/15/2019 07/16/2018 2,440,000.00 2,419,221.88 - 2,425,408.80 (1,249.51) 0.750 2.334 AAA 09/O1/2037 07/02/2018 1,400,000.00 1,400,000.00 10/30/2018 1,400,000.00 - 2.050 2.050 AA 11/O1/2048 07/02/2018 1,400,000.00 1,400,000.00 10/15/2018 1,400,000.00 - 2.000 2.000 AA 10/O1/2038 07/02/2018 750,000.00 750,000.00 10/15/2018 750,000.00 - 2.020 2.020 AAA 70,537,167.42 76,320,656.29 75,534,874.97 (234,776.39) 240907020 RCTC 1-15 Prj RAMP UP RESERVE 3130AECI7 Agency Federal Home Loan Banks 05/28/2020 07/03/2018 350,000.00 350,150.50 - 349,013.00 (1,122.07) 2.625 2.798 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GSTKI Agency Federal Home Loan Mortgage Corporation 08/23/2021 08/27/2018 150,000.00 150,075.00 I I/23/2018 150,001.50 (44.19) 3.000 2.989 AAA 240907020 RCTC 1-15 Prj RAMP UP RESERVE 3137ANMN2 Agency CMO Federal Home Loan Mortgage Corporation 12/25/2018 12/05/2017 1,164,877.24 1,167,269.89 - 1,162,780.46 (1,037.94) 2.220 2.458 AAA 180 Page 14 of 32 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Account for quarter ended September 30, 2018 240907020 240907020 240907020 240907020 240907020 RCTC I-15 Prj RAMP UP RESERVE RCTC I-15 Pp RAMP UP RESERVE RCTC I-15 Prj RAMP UP RESERVE RCTC I-15 Pp RAMP UP RESERVE RCTC I-15 Prj RAMP UP RESERVE 383742C76 38375702 3137ASR97 38375KCX8 31392J6N4 Agency CMO Agency CMO Agency CMO Agency CMO Agency CMO 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137B84S3 Agency CMO 240907020 RCTC I-15 Ptj RAMP UP RESERVE 313975E83 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137A5FP4 Agency CMO 240907020 RCTC I-15 Ptj RAMP UP RESERVE 31398N2K9 Government National Mortgage Association Government National Mortgage Association Federal Home Loan Mortgage Corporation Government National Mortgage Association Federal National Mortgage Association, Inc. Federal Home Loan Mortgage Corporation Federal National Mortgage Association, Inc. Federal Home Loan Mortgage Corporation Agency CMO Federal National Mortgage Association, Inc. 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378CDK0 Agency CMO 240907020 RCTC I -IS Prj RAMP UP RESERVE 38378AWX5 Agency CMO 240907020 RCTC I-15 Pp RAMP UP RESERVE 38378DDC6 Agency CMO 240907020 RCTC I -IS Prj RAMP UP RESERVE 38377WL77 Agency CMO 240907020 RCTC I-15 Pp RAMP UP RESERVE 31283K5N4 Agency MBS 240907020 RCTC I -IS Prj RAMP UP RESERVE 3620A9WV9 Agency MBS 240907020 RCTC I-15 Pp RAMP UP RESERVE 3138NJAE8 Agency MBS 240907020 RCTC I -IS Prj RAMP UP RESERVE 31381N7G2 Agency MBS 240907020 RCTC I-15 Pp RAMP UP RESERVE 3136AC7J4 Agency MBS 240907020 RCTC I -IS Prj RAMP UP RESERVE 3137B1U75 Agency MBS 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137B3NW4 Agency MBS 240907020 RCTC I-1 S Prj RAMP UP RESERVE 3137AXHN6 Agency MBS 240907020 RCTC I-15 Pp RAMP UP RESERVE 31418ASD1 Agency MBS 240907020 RCTC I -IS Prj RAMP UP RESERVE 3137B1UF7 Agency MBS 240907020 RCTC I-15 Pp RAMP UP RESERVE 3620ARB67 Agency MBS 240907020 RCTC I-1 S Prj RAMP UP RESERVE 3136A96F0 Agency MBS 240907020 RCTC I-15 Pp RAMP UP RESERVE 62888VAA6 CMO 240907020 RCTC I-1 S Prj RAMP UP RESERVE CCYUSD Currency 240907020 RCTC I-15 Pp RAMP UP RESERVE 31846V203 MM Fund 240907020 RCTC I-1 S Prj RAMP UP RESERVE 912828SA9 TIPS 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828UH1 TIPS 240907020 RCTC I-1 S Prj RAMP UP RESERVE 912828UF5 US Gov 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828VA5 US Gov 240907020 RCTC I-1 S Prj RAMP UP RESERVE 912828V V9 US Gov 240907020 RCTC I-15 Pp RAMP UP RESERVE 912828B58 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828P53 US Gov 08/16/2037 01/31/2018 12/16/2037 01/31/2018 86,638.14 88,804.09 --- 88,032.15 (579.86) 4.000 3.203 31,209.83 31,307.36 - 31,345.90 90.13 5.305 3.346 AAA The Government National Mortgage Association Guaranteed REMIC Pass - The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass-T Government National Mortgage Association Federal Home Loan Mortgage Corporation Government National Mortgage Association Federal National Mortgage Association, Inc. Federal National Mortgage Association, Inc. Federal National Mortgage Association, Inc. Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal National Mortgage Association, Inc. Federal Home Loan Mortgage Corporation Government National Mortgage Association Federal National Mortgage Association, Inc. NCUA Guaranteed Notes Trust 2011-R1 UNITED STATES OF AMERICA First American Funds, Inc. Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of 01/25/2022 02/27/2018 01/20/2037 09/18/2018 04/25/2023 12/05/2017 02/15/2029 01/31/2018 35,320.03 34,525.33 --- 34,428.55 (197.66) 1.573 2.993 AAA 196,722.45 198,167.13 - 198,087.70 (155.85) 5.500 3.185 AAA 557,127.46 606,088.30 - 581,390.36 08,631.79) 5.500 2.831 AAA 141,852.61 02/25/2039 01/30/2018 17,479.68 01/15/2021 01/30/2018 11/25/2025 01/31/2018 03/20/2035 01/30/2018 01/20/2036 01/30/2018 04/20/2038 06/20/2018 01/20/2039 08/28/2018 08/01/2020 12/05/2017 12/15/2024 05/23/2018 12/01/2020 09/13/2018 10/01/2020 09/25/2018 03/25/2023 02/21/2018 01/25/2023 02/27/2018 09/25/2022 09/26/2018 02/25/2022 01/25/2018 04/01/2023 01/31/2018 09/25/2022 01/25/2018 05/15/2025 05/23/2018 11/25/2022 02/27/2018 10/07/2020 01/30/2018 09/30/2018 09/30/2018 01/15/2022 01/15/2023 02/05/2018 12/31/2019 04/30/2020 08/31/2020 01/31/2021 07/05/2018 02/15/2019 07/16/2018 70,550.40 13,153.54 115,338.14 172,496.66 97,119.90 20,341.17 628,765.70 15,384.17 50,853.00 90,543.77 47,031.38 120,000.00 108,552.99 80,849.28 83,196.56 40,863.54 31,685.85 75,000.00 44,836.65 322,891.80 81,882.75 435,000.00 665,000.00 775,000.00 320,000.00 240,000.00 140,079.45 17,578.00 70,726.78 13,202.87 116,401.41 174,167.72 97,776.22 20,252.18 642,928.01 15,720.70 51,441.00 90,876.24 46,257.94 117,965.63 107,620.12 79,737.61 82,388.57 40,263.36 32,438.40 72,694.34 44,976.77 300,000.00 227,097.56 320,530.78 80,812.14 426,695.70 648,627.54 766,685.54 316,212.50 237,956.25 138,777.24 17,475.31 69,987.41 13,130.92 115,205.50 171,968.82 97,358.82 20,292.35 640,177.79 15,697.69 51,339.66 90,494.88 45,780.82 116,794.80 107,839.80 79,038.26 81,434.46 39,883.23 32,314.50 72,251.25 44,975.20 300,000.00 227,097.56 314,897.00 79,268.23 426,556.65 648,062.45 764,917.25 314,726.40 238,564.80 (1,374.87) 2.000 3.155 (1.60) 4.000 2.121 (688.20) 2.500 3.006 (33.05) 3.500 3.245 (876.23) 3.000 2.968 (1,806.34) 3.000 3.149 (338.71) 3.500 3.017 51.96 2.000 2.721 08,808.40) 5.000 1.875 (9.57) 4.000 3.052 (98.46) 3.619 3.101 (393.04) 3.270 3.357 (568.89) 2.570 3.560 (1,405.22) 2.522 3.266 230.55 2.778 3.038 (833.95) 1.749 3.033 (981.36) 2.000 3.104 (446.41) 1.785 3.026 (100.06) 4.000 3.116 (810.02) 2.184 3.550 33.17 2.530 2.546 0.000 0.000 1.730 1.680 (6,040.36) 0.125 0.887 (1,683.37) 0.125 0.883 (2,147.88) 1.125 2.707 (2,412.70) 1.125 2.774 (2,304.68) 2.125 2.824 (1,829.26) 2.125 2.857 (122.90) 0.750 2.334 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA 7,477,564.68 8,026,498.93 7,971,388.66 (67,479.09) 245490001 LC-RCTC 2017 PR.!: Sales Tax 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 09/30/2018 09/26/2018 - 960.73 960.73 - 0.200 0.000 NA 181 Page 15 of 32 illgRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2018 ATTACHMENT 10 Source Base Base Change In Net Beginning Base Base Maturities and Net Total Realized AmortizatioNAc Unrealized Ending Base Ending Accrued 240907004 LC-RCTC Toll Revenue:-I-15 38141EA25 GOLDMAN SACHS GROUP INC 027,620.00 (1,019,750.00) (1,805.86) (13,504.16) 7,440.02 240907004 LC-RCTC Toll Revenue:-I-15 46625HHL7 1PMORGAN CHASE &CO 240907004 LC-RCTC Toll Revenue:-I-15 38141EA58 GOLDMAN SACHS GROUP INC 1,028,130.00 517,870.00 (11,155.13) 2,825.13 (3,904.97) 1,429.97 1,019,800.00 515,395.00 27,650.00 1,194.44 240907004 LC-RCTC Toll Revenue:-I-15 392274A89 GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FAC 705,306.00 (2,816.23) 478.23 702,968.00 12,190.50 240907004 LC-RCTC Toll Revenue:-I-15 61746BDM5 MORGAN STANLEY 998,420.00 (1,570.57) 2,580.57 999,430.00 4,652.78 240907004 LC-RCTC Toll Revenue: - I-15 172967HM6 CITIGROUP INC 998,290.00 (1,531.72) 2,201.72 998,960.00 12254.17 240907004 LC-RCTC Toll Revenue:-I-15 74432QBW4 PRUDENTIAL FINANCIAL INC 1,499,580A0 (1,500,000.00) (1,340.89) 1,760.89 240907004 LC-RCTC Toll Revenue: - I-15 22546QAN7 CREDIT SUISSE AG (NEW YORK BRANCH) 995,190.00 (1,300.32) 2,990.32 996,880.00 7,858.33 240907004 LC-RCTC Toll Revenue:-I-15 40428HPN6 HSBC USA INC (NEW) 990,200.00 (1,184.05) 4,364.05 993,380.00 9,038.19 240907004 LC-RCTC Toll Revenue:-I-15 0258MODK2 AMERICAN EXPRESS CREDIT CORP 996,160.00 (1,025.44) 2,685.44 997,820.00 767.36 240907004 LC-RCTC Toll Revenue: - I-15 89114QAS7 TORONTO-DOMINION BANK 994,070.00 (1,015.14) 2,565.14 995,620.00 5,253.47 240907004 LC-RCTC Toll Revenue: - I-15 17401QAB7 CITIZENS BANK NA 990,820.00 (949.50) 3,289.50 993,160.00 7,962.50 240907004 LC-RCTC Toll Revenue:-I-15 90261XHE5 UBS AG(STAMFORD BRANCH) 844,687.50 (939.51) 2,767.01 846,515.00 2,635.59 240907004 LC-RCTC Toll Revenue:-I-15 14912L6Y2 CATERPILLAR FINANCIAL SERVICES CORP 989,510.00 (829.32) 589.32 989270.00 4,725.00 240907004 LC-RCTC Toll Revenue: - I-15 05522RCQ9 BACCT 141 A 1,101,760.00 (669.24) 9.24 1,101,100.00 1,085.89 240907004 LC-RCTC Toll Revenue:-I-15 61747YDW2 MORGAN STANLEY 496,370A0 (622.24) 1,047.24 496,795.00 2,355.56 240907004 LC-RCTC Toll Revenue:-I-15 06367TPX2 BANK OF MONTREAL 988,100.00 (554.18) 2,904.18 990,450.00 6,358.33 240907004 LC-RCTC Toll Revenue:-I-15 69353REV6 PNC BANK NA 994,510A0 (546.17) 3,296.17 997260.00 1,462.50 240907004 LC-RCTC Toll Revenue:-I-15 718172BF5 PHILIP MORRIS INTERNATIONAL INC 995,530.00 (535.78) 3,085.78 998,080.00 3,958.33 240907004 LC-RCTC Toll Revenue:-I-15 3138155E8 FN 469845 440,792.88 (2,570.16) (0.85) (528.35) 440.55 438,134.06 965.41 240907004 LC-RCTC Toll Revenue:-I-15 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 493,440.00 (402.49) 1,362.49 494,400.00 855.56 240907004 LC-RCTC Toll Revenue:-I-15 31397Q4Q8 FNR 10155B JA 272,927.76 - - - (130,227.20) (413.29) (401.20) (110.54) 141,775.52 472.19 240907004 LC-RCTC Toll Revenue: - I-15 31398E2E3 FIIMS K003 A4 81,582.13 (30,297.55) 1,668.13 (384.70) 93.36 52,661.37 221.61 240907004 LC-RCTC Toll Revenue:-I-15 94973VBE6 ANTHEM INC 1,499,805.00 - - (1,500,000.00) - - (37895) 57395 240907004 LC-RCTC Toll Revenue:-I-15 172967JJ1 CITIGROUP INC 493,625.00 (357.75) 1,992.75 495260.00 1,433.33 240907004 LC-RCTC Toll Revenue:-I-15 05522RCV8 BACCT 161A 751,575A0 (352.92) 262.92 751,485.00 743.30 240907004 LC-RCTC Toll Revenue:-I-15 46625HKA7 1PMORGAN CHASE & CO 493,570.00 (317.11) 1,632.11 494,885.00 2,125.00 240907004 LC-RCTC Toll Revenue:-I-15 37555813Q5 GILEAD SCIENCES INC 900,882.00 (244.46) 433.46 901,071.00 711.56 240907004 LC-RCTC Toll Revenue: - I-15 3137ANMN2 FIIMS K707 A2 314,316.45 (111,146.49) 55.16 (187.17) 448.63 203,486.58 377.13 240907004 LC-RCTC Toll Revenue: - I-15 58769DAD2 MBALT 17A A3 959,161.75 (158.82) 2,040.57 961,043.50 767.71 240907004 LC-RCTC Toll Revenue: - I-15 025821GN4 AMXCA 141 A 252,630A0 (143.28) 2.16 252,488.88 247.79 240907004 LC-RCTC Toll Revenue:-I-15 70914PPD8 PENNSYLVANIA(COMMONWEALTH OF) 308,080.50 (111.55) (10.45) 307,958.50 2,607.75 240907004 LC-RCTC Toll Revenue:-I-15 3137AL6V6 FIIMS K706 A2 657,394.44 - - - (431,840.91) 230.78 (85.73) 1,061.50 226,760.08 439.71 240907004 LC-RCTC Toll Revenue:-I-15 36225B5Y0 GN 781763 32,820.38 (23,509.26) (102.94) (64.51) 72.74 9,216.42 42.24 240907004 LC-RCTC Toll Revenue:-I-15 16157111.16 CHAIT 171A 501,140.00 (33.47) 383A7 501,490.00 478.03 240907004 LC-RCTC Toll Revenue: - I-15 47787UAE3 MOT 15 A4 729,706.86 (729,962.35) (35.63) (796) 299.08 240907004 LC-RCTC Toll Revenue:-I-15 459058G1(3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM - 185,074.00 (4.15) (36.55) 185,033.30 457.77 240907004 LC-RCTC Toll Revenue: - I-15 3136AK2A0 FNA 14M10 AS2 220,945.19 (1,34994) 1.86 (396) 296.36 219,889.51 400.60 240907004 LC-RCTC Toll Revenue: - I-15 3137B6ZL8 FIIMS K714 Al 88,283.95 (88,574.47) 101.31 (3.74) 192.95 240907004 LC-RCTC Toll Revenue:-I-15 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM - 500,185.00 (2.90) (92.10) 500,090.00 1,237.22 240907004 LC-RCTC Toll Revenue:-I-15 31398NG99 FNR 10112H AE (0.00) 0.00 240907004 LC-RCTC Toll Revenue:-I-15 31846V203 FIRST AMER:GVT OBLG Y 4,977,553.72 138,976,450.27 (143,235,968.17) 718,035.82 240907004 LC-RCTC Toll Revenue:-I-15 CCYUSD Receivable 6,598,581.28 5,000,000.00 240907004 LC-RCTC Toll Revenue:-I-15 97689P2K3 WISCONSIN HSG& ECONOMIC DEV AUTH HOME OWNERSHIP R - 1,400,000.00 1,400,000.00 2,063.06 240907004 LC-RCTC Toll Revenue: - I-15 3137A7NT3 FIIMS K011 Al 2,630.39 - - - (2,634.47) (0.00) - 4.08 240907004 LC-RCTC Toll Revenue:-I-15 3137B2GW4 FHMS K713 A2 586,886.84 (587,730.19) 843.35 240907004 LC-RCTC Toll Revenue:-I-15 64986U4H7 NEW YORK ST HSG FIN AGY REV 1,400,000.00 1,400,000.00 1,962.30 240907004 LC-RCTC Toll Revenue: - I-15 196479YN3 COLORADO HSG & FIN AUTH 750,000.00 750,000.00 7,028.22 240907004 LC-RCTC Toll Revenue:-I-15 375558BQ5 GILEAD SCIENCES INC 595,583.10 124.95 595,708.05 470.42 240907004 LC-RCTC Toll Revenue:-I-15 54438CWT5 LOS ANGELES CALIF CMNTY COLLEGE DIST 544,809.25 - - (545,000.00) - - - 190.75 240907004 LC-RCTC Toll Revenue:-I-15 73358WT46 PORT AUTH NY&NJ 219,755.80 - - (220,000.00) - - - 244.20 240907004 LC-RCTC Toll Revenue: - I-15 47788CAA0 MOT 2018 Al 1,177,504A6 (705,930.20) 0.02 593.58 472,167.46 358.15 240907004 LC-RCTC Toll Revenue:-I-15 355185PF0 FRANKLINWIS 374,771.25 146.25 374,917.50 781.25 240907004 LC-RCTC Toll Revenue:-I-15 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM - 525,000.00 94.50 525,094.50 1,299.08 240907004 LC-RCTC Toll Revenue: - I-15 31398E2E3 FIIMS K003 A4 1,542.85 2.88 8.60 240907004 LC-RCTC Toll Revenue: - I-15 05581RAD8 BMWLT 161 A3 21,726.48 (21,739.51) (0.02) 5.61 7.44 240907004 LC-RCTC Toll Revenue:-I-15 65477UAC4 NAROT 15A A3 54,267.63 (54,327.93) 22.04 8.12 30.14 240907004 LC-RCTC Toll Revenue: - I-15 3137AKKC4 FHMS K705 A2 144,226.41 (144,500.96) 54.55 18.10 201.91 240907004 LC-RCTC Toll Revenue:-I-15 55379WKQ8 MUFG Bank, Ltd. - 1,999,898.44 - - - - 26.73 (25.17) 1,999,900.00 6,330.00 240907004 LC-RCTC Toll Revenue:-I-15 161571HC1 CHAIT 162A 12,837.76 38.71 (0.49) 12,875.98 7.92 240907004 LC-RCTC Toll Revenue:-I-15 22533UG23 Credit Agricole Corporate and Investment Bank 1,075,000.00 - - (1,075,000.00) - - 55.24 (55.24) 240907004 LC-RCTC Toll Revenue:-I-15 22533UH14 Credit Agrlcole Corporate and Investment Bank 1,399,927.28 - (1,400,000.00) - - 72.72 240907004 LC-RCTC Toll Revenue: - I-15 46640QG21 J.P. Morgan Securities LLC 1,400,000.00 - - (1,400,000.00) - - 73.89 (73.89) 240907004 LC-RCTC Toll Revenue: - I-15 14912EH18 Caterpillar Financial Services Corporation 1,399,926.11 - (1,400,000.00) - - 73.89 240907004 LC-RCTC Toll Revenue:-I-15 89236WAD0 TAOT 15A A4 403,713.43 - - - (181,079.52) 189.14 79.81 424.58 223,327.44 151.10 240907004 LC-RCTC Toll Revenue:-I-15 65478GAC4 NAROT 17B A2B 572,369.13 (0.00) - - (169,364.35) 30.84 80.66 (111.50) 403,004.78 353.95 240907004 LC-RCTC Toll Revenue:-I-15 04056BG20 Arizona Public Service Company 1,400,000.00 - - (1,400,000.00) - - 82.45 (82.45) 240907004 LC-RCTC Toll Revenue:-I-15 161571HA5 CHAIT 157A 1,499,535.00 - - - (1,500,000.00) - 101.10 36390 240907004 LC-RCTC Toll Revenue: - I-15 43814LAC3 HAROT 154 A3 520,310.66 - (261,948.86) - (259,950.98) 6.46 116.82 1,465.92 0.02 240907004 LC-RCTC Toll Revenue:-I-15 064159HC3 BANK OF NOVA SCOTIA 398,548.00 128.10 631.90 399,308A0 1,646.67 240907004 LC-RCTC Toll Revenue:-I-15 89114QBE7 TORONTO-DOMINION BANK 368,508.90 136.09 700.11 369,345.10 1,382.88 240907004 LC-RCTC Toll Revenue: - I-15 7111210K42 The Peoples Gas Light And Coke Company - 424,780.89 - - - - 136.94 1.42 424,919.25 240907004 LC-RCTC Toll Revenue: - I-15 90290XAD9 USAOT 151 A4 566223.91 - (456,178.61) - (110,554.64) 1,131.38 160.36 (782.40) 0.01 240907004 LC-RCTC Toll Revenue: - I-15 05582XAD4 BMWLT 162 A3 878,262.85 (301,827.31) 132.04 165.06 1,538.31 578270.96 253.38 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 MBALT 16B A3 777,696.34 - - - (351,309.62) 137.57 172.07 1,296.58 427,992.94 257.24 240907004 LC-RCTC Toll Revenue: - I-15 07274MKK0 Bayerische Landesbank - 998,658.33 - - - - 191.67 20.00 998,870.00 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 MBALT 16B A3 461,951.63 - - - (208,677.92) 227.24 215.99 510.86 254227.81 152.80 240907004 LC-RCTC Toll Revenue:-I-15 06051GFN4 BANK OF AMERICA CORP 986280.00 223.28 716.72 987220.00 10,000.00 240907004 LC-RCTC Toll Revenue: - I-15 65478AAD5 NAROT 15C A3 499,302.31 (157,632.10) 338.82 232.95 662.30 342,904.28 209.52 240907004 LC-RCTC Toll Revenue:-I-15 74456DGP4 Public Service Electric and Gas Company 1,399,755.00 - (1,400,000.00) - - 245.00 240907004 LC-RCTC Toll Revenue: - I-15 23336KGP1 DTE Electric Company 1,399,752.68 - (1,400,000.00) - - 247.32 240907004 LC-RCTC Toll Revenue:-I-15 04056BG53 Arizona Public Service Company 1,399,751.50 - (1,400,000.00) - - 248.50 240907004 LC-RCTC Toll Revenue:-I-15 780082AA1 ROYAL BANK OF CANADA 1,476,375.00 262.64 262.36 1,476,900.00 4,375.00 240907004 LC-RCTC Toll Revenue: - I-15 61746BDM5 MORGAN STANLEY 499,345.00 290.56 79.44 499,715.00 2,326.39 240907004 LC-RCTC Toll Revenue: - I-15 07274MGQ2 Bayerische Landesbank 1,399,688.89 - (1,400,000.00) - - 311.11 240907004 LC-RCTC Toll Revenue:-I-15 65478DAD9 NAROT 18A A3 596,814.00 - - - - - 311.73 (1,133.73) 595,992.00 706.67 240907004 LC-RCTC Toll Revenue: - I-15 313385B21 FEDERAL HOME LOAN BANKS 799,672.89 - (800,000.00) - - 327.11 240907004 LC-RCTC Toll Revenue: - I-15 9278010KX5 Virginia Electric and Power Company - 1,995,545.00 - - - - 405.00 270.00 1,996220.00 182 Page 16 of 32 illgRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2018 Source Beginning Base Base Maturities and Base Base Change In Net Net Total Realized AmortizatioNAc Unrealized Ending Bast) Ending Accrued 240907004 240907004 240907004 240907004 240907004 LC-RCTC Toll Revenue: - I-15 LC-RCTC Toll Revenue: - I-15 LC-RCTC Toll Revenue: - I-15 LC-RCTC Toll Revenue: - I-15 LC-RCTC Toll Revenue: - I-15 313385ZU3 26055BK94 78011DAF1 3137B2GW4 3137FBUW4 FEDERAL HONE LOAN BANKS The Dow Chemical Company ROYAL BANK OF CANADA FHMS K713 A2 FHMS 1004 AG2 830,000.00 3,999,593.32 1,348,893.38 849,566.50 586,647.28 (4,000,000.00) (2,089:75) 12.80 406.68 425.62 433.50 439.27 446.73 6.00 (1,459.75) (355.43) 1,349,325.00 850,000.00 583,549.86 830,091.30 8,500.00 1,134.11 315.59 240907004 LC-RCTC Toll Revenue:-I-15 78355BGA4 Ryder System, Inc. 799,632.00 (800,000.00) 450.00 (82.00) 240907004 LC-RCTC Toll Revenue:-I-15 14912EGP6 Caterpillar Financial Services Corporation 1,399,542.66 (1,400,000.00) 457.34 240907004 LC-RCTC Toll Revenue:-I-15 313385ZZ2 FEDERAL HOME LOAN BANKS 899,537.50 (900,000.00) 462.50 240907004 LC-RCTC Toll Revenue:-I-15 63743DKH3 National Rural Utilities Cooperative Finance Corpo 1,997,611.12 477.78 (108.90) 1,997,980.00 240907004 LC-RCTC Toll Revenue:-I-15 07274MH32 Bayerische Landesbank 1,449,450.20 (1,450,000.00) 549.80 240907004 LC-RCTC Toll Revenue:-I-15 49327M2P8 KEYBANK NA 985,260.00 551.01 3,448.99 989,260.00 1,733.33 240907004 LC-RCTC Toll Revenue:-I-15 04056BGQ7 Arizona Public Service Company 1,399,425.61 (1,400,000.00) 574.39 240907004 LC-RCTC Toll Revenue:-I-15 04056BGX2 Arizona Public Service Company 1,424,418.13 (1,425,000.00) 581.87 240907004 LC-RCTC Toll Revenue:-I-15 04056BGG9 Arizona Public Service Company 1,399,417.45 (1,400,000.00) 582.55 240907004 LC-RCTC Toll Revenue:-I-15 04056BH94 Arizona Public Service Company 1,449,413.56 (1,450,000.00) 586.44 240907004 LC-RCTC Toll Revenue:-I-15 313385ZN9 FEDERAL HOME LOAN BANKS 1,699,405.00 (1,700,000.00) 595.00 240907004 LC-RCTC Toll Revenue:-I-15 161571HC1 CHAIT 162A 740,640.00 596.96 1,608.04 742,845.00 456.67 240907004 LC-RCTC Toll Revenue:-I-15 63743DG96 National Rural Utilities Cooperative Finance Como 1,399,440.00 (1,400,000.00) 616.00 (56.00) 240907004 LC-RCTC Toll Revenue:-I-15 14912E.JR9 Caterpillar Financial Services Corporation 1,399,359.11 (1,400,000.00) 640.89 240907004 LC-RCTC Toll Revenue:-I-15 05916SH29 Baltimore Gas and Electric Company 1,499,358.33 (1,500,000.00) 641.67 240907004 LC-RCTC Toll Revenue:-I-15 23336KGL0 DTE Electric Company 1,399,346.66 (1,400,000.00) 653.34 240907004 LC-RCTC Toll Revenue:-I-15 07330NAL9 BRANCH BANKING AND TRUST CO 989,150.00 664.97 3,265.03 993,080.00 5,679.17 240907004 LC-RCTC Toll Revenue:-I-15 69372BGC8 PACCAR Financial Corp. 1,399,335.00 (1,400,000.00) 665.00 240907004 LC-RCTC Toll Revenue:-I-15 313385621 FEDERAL HOME LOAN BANKS 2,199,321.67 (2,200,000.00) 678.33 240907004 LC-RCTC Toll Revenue:-I-15 65479AAD4 NALT 17A A3 842,962.00 711.91 1,336.59 845,010.50 721.56 240907004 LC-RCTC Toll Revenue:-I-15 31677QBB4 FIFTH THIRD BANK 996,060.00 733.99 1,466.01 998,260.00 10,291.67 240907004 LC-RCTC Toll Revenue:-I-15 67021KGL7 NSTAR Electric Company 1,399,261.11 (1,400,000.00) 738.89 240907004 LC-RCTC Toll Revenue:-I-15 711121(1(42 The Peoples Gas Light And Coke Company 1,199,025.00 750.00 (3.00) 1,199,772.00 240907004 LC-RCTC Toll Revenue:-I-15 313385A97 FEDERAL HONE LOAN BANKS 2,999,229.18 (3,000,000.00) 770.82 240907004 LC-RCTC Toll Revenue:-I-15 43357MGB0 Hitachi Capital America Corp. 1,399,188.00 (1,400,000.00) 812.00 240907004 LC-RCTC Toll Revenue:-I-15 92780K1K5 Virginia Electric and Power Company 1,854,113.72 (1,855,000.00) 886.28 240907004 LC-RCTC Toll Revenue:-I-15 69372BGQ7 PACCAR Financial Corp. 1,399,099.34 (1,400,000.00) 900.66 240907004 LC-RCTC Toll Revenue:-I-15 87030KH17 Aktiebolaget Svensk Exportkredit 1,399,090.00 (1,400,000.00) 910.00 240907004 LC-RCTC Toll Revenue:-I-15 23336KH62 DTE Electric Company 1,424,085.62 (1,425,000.00) 914.38 240907004 LC-RCTC Toll Revenue:-I-15 14912EGD3 Caterpillar Financial Services Corporation 1,399,118.00 (1,400,000.00) 956.67 (74.67) 240907004 LC-RCTC Toll Revenue:-I-15 22533UHT3 Credit Agrlcole Corporate and Investment Bank 1,499,035.01 (1,500,000.00) 964.99 240907004 LC-RCTC Toll Revenue:-I-15 740051GG7 Praxah, Inc. 1,398,960.11 (1,400,000.00) 1,039.89 240907004 LC-RCTC Toll Revenue:-I-15 313385ZP4 FEDERAL HOME LOAN BANKS 6,998,958.75 (7,000,000.00) 1,041.25 240907004 LC-RCTC Toll Revenue:-I-15 64587BJS2 New Jersey Natural Gas Company 1,998,940.00 (2,000,000.00) 1,060.00 240907004 LC-RCTC Toll Revevue• I-15 87019SHP2 Swedbank AB 1 98.938.34 (1.400.000.001 1.061.66 240907004 LC-RCTC Toll Revenue:-I-15 67021KH36 NSTAR Electric Company 1,398,938.34 (1,400,000.00) 1,061.66 240907004 LC-RCTC Toll Revenue:-I-15 65477XAE4 NALT 16B A4 402,525.45 1,065.64 185.81 403,776.90 289.80 240907004 LC-RCTC Toll Revenue:-I-15 912796PZ6 UNITED STATES TREASURY 6,998,897.50 (7,000,000.00) 1,102.50 240907004 LC-RCTC Toll Revenue:-I-15 09659KHF0 BNP Paribas Fortis 1,398,862.50 (1,400,000.00) 1,137.50 240907004 LC-RCTC Toll Revenue:-I-15 50000E1(.29 Koch Industries, Inc. 1,023,786.23 1,155.97 (3.70) 1,024,938.50 240907004 LC-RCTC Toll Revenue:-I-15 63873KH26 Natixis 1,398,811.55 (1,400,000.00) 1,188.45 240907004 LC-RCTC Toll Revenue:-I-15 24422ET18 JOHN DEERE CAPITAL CORP 1,104,243.75 1,196.59 1,447.17 1,106,887.50 6,718.75 240907004 LC-RCTC Toll Revenue:-I-15 46640QH79 J.P. Morgan Securities LLC 848,801.74 (850,000.00) 1,198.26 240907004 LC-RCTC Toll Revenue:-I-15 912828L40 UNITED STATES TREASURY 1,998,671.88 (2,000,000.00) 1,328.12 240907004 LC-RCTC Toll Revenue:-I-15 21687BGW5 Cooperatieve Rabobank U.A. 1,398,663.00 (1,400,000.00) 1,337.00 240907004 LC-RCTC Toll Revenue:-I-15 29878SHA7 Banque europeenne dinvestissement(BEI) 1,398,635.00 (1,400,000.00) 1,365.00 240907004 LC-RCTC Toll Revenue:-I-15 02587AA13 AMXCA 171 A 640,412.50 1.423.17 (844.67) 640,991.00 557.56 240907004 LC-RCTC Toll Revenue:-I-15 64105SK15 Nestle Finance International Ltd. 1,898,544.39 1,455.61 1,900,000.00 240907004 LC-RCTC Toll Revenue:-I-15 14912EHU4 Caterpillar Financial Services Corporation 1,398,407.50 (1,400,000.00) 1,592.50 240907004 LC-RCTC Toll Revenue:-I-15 87019SKV5 Swedbank AB 1,995,053.34 1,648.89 (242.23) 1,996,460.00 240907004 LC-RCTC Toll Revenue:-I-15 912828L40 UNITED STATES TREASURY 3,198,250.00 (3,200,000.00) 1,750.00 240907004 LC-RCTC Toll Revenue:-I-15 78355BKH4 Ryder System, Inc. 1,996,250.00 1,750.00 (20.00) 1,997,980.00 240907004 LC-RCTC Toll Revenue:-I-15 43357MKJ8 Hitachi Capital America Corp. 1,995,952.78 1,827.78 79.44 1,997,860E0 240907004 LC-RCTC Toll Revenue:-I-15 912828L40 UNITED STATES TREASURY 2498,144.53 (2,500,000.00) 1,855.47 240907004 LC-RCTC Toll Revenue:-I-15 313385H25 FEDERAL HOME LOAN BANKS 7,033,133.77 (7,035,000.00) 1,866.23 240907004 LC-RCTC Toll Revenue:-I-15 912828XK1 UNITED STATES TREASURY 5,998,020.00 (6,000,000.00) 2,260.42 (280.42) 240907004 LC-RCTC Toll Revenue:-I-15 912796PQ6 UNITED STATES TREASURY 4,282,986.05 (4,285,000.00) 2,343.66 (329.71) 240907004 LC-RCTC Toll Revenue:-I-15 63743DH18 National Rural Utilities Cooperative Finance Corpo 1,397,588.89 (1,400,000.00) 2,411.11 240907004 LC-RCTC Toll Revenue:-I-15 97684HH95 Wisconsin Public Service Corporation 1,397,550.00 (1,400,000.00) 2,450.00 240907004 LC-RCTC Toll Revenue:-I-15 912828L40 UNITED STATES TREASURY 7,347,416.02 (7,350,000.00) 2,583.98 240907004 LC-RCTC Toll Revenue:-I-15 50000EJB1 Koch Industries, Inc. 1,397,277.78 (1,400,000.00) 2,722.22 240907004 LC-RCTC Toll Revenue:-I-15 912828RE2 UNITED STATES TREASURY 3,997280.00 (4,000,000.00) 2,723.21 (3.21) 240907004 LC-RCTC Toll Revenue:-I-15 26055BHM9 The Dow Chemical Company 1,397,228.00 (1,400,000.00) 2,772.00 240907004 LC-RCTC Toll Revenue:-I-15 69372BJA9 PACCAR Financial Corp. 1,997,197.78 (2,000,000.00) 2,802.22 240907004 LC-RCTC Toll Revenue:-I-15 43357MHX1 Hitachi Capital America Corp. 1,397,16695 (1,400,000.00) 2,833.05 240907004 LC-RCTC Toll Revenue:-I-15 62479MJ46 MUFG Bank, Ltd 1,997,111.12 (2,000,000.00) 2,888.88 240907004 LC-RCTC Toll Revenue:-I-15 17275RBG6 CISCO SYSTEMS INC 1,035,216.00 2,955.83 (1,884.83) 1,036287.00 449.17 240907004 LC-RCTC Toll Revenue:-I-15 26055B.JH8 The Dow Chemical Company 1,396,484.45 (1,400,000.00) 3,515.55 240907004 LC-RCTC Toll Revenue:-I-15 02665K1Q1 American Honda Finance Corporation 2,493,472.23 (2,500,000.00) 6,527.77 240907004 LC-RCTC Toll Revenue:-I-15 912828P53 UNITED STATES TREASURY 2,419,221.88 7,436.43 (1,249.51) 2,425,408.80 2,337.23 240907004 LC-RCTC Toll Revenue:-I-15 9128281'42 UNITED STATES TREASURY 4.991.210.94 (5.000.000.00) 8.789.06 240907004 LC-RCTC Toll Revenue: I-15 912828UF5 UNITED STATES TREASURY 3,626,740.00 86,599,976.00 282,248,058.34 (144,973,845.64) (141,165,000.00) (5,721,097.59) 11,970.30 1,981.56 80,801.52 (10,527.30) 3,628,183.00 64,136.39 75,534,87498 10,519.36 217,806.81 1240907020 RCTC 115 Pri RAMP UP RESERVE 240907020 RCTC I-15 Pj RAMP UP RESERVE 31283K5N4 FH C11753 3139216N4 FNR 0323B EQ 793.428.40 643,999.52 (143.773.25) (56,217.10) (7.548.461 (4.800.831 (4,440.66) (1,857.90) 2.871.93 (93.50) 640.177.79 581,390.36 2.619.86 2,553.50 240907020 RCTC 1-15 P j RAMP UP RESERVE 3137ANMN2 FHMS K707 A2 1,796,094.00 (635,122.77) 241.03 (1,19595) 2,764.15 1,162,780.46 2,155.02 240907020 RCTC I-15 Pj RAMP UP RESERVE 1240907020 RCTC I-15 Pn RAMP UP RESERVE 38378AWX5 GNR 11157E QA 38378DDC6 GNR 1216E GB 195,802.27 115.59322 (23,225.37) (17.675.49) (183.081 (119.451 (135.77) (114.09) (289.23) (325.37) 171,968.82 97.358.82 431.24 28327 240907020 RCTC I-15 Pj RAMP UP RESERVE 38378CDK0 GNR 11169G AK 135,814.13 (20,284.77) (142.70) (113.75) (67.41) 115,205.50 288.35 240907020 RCTC 1-15 Pj RAMP UP RESERVE 383742C76 GNR 0832B PA 94,712E3 (6,118.58) (143.06) (74.14) (344.10) 88,032.15 288.79 240907020 RCTC I-15 Pj RAMP UP RESERVE 31397SE83 FNR 1136C PA 37,582.62 (20,106.34) (16.46) (48.93) 64.41 17,475.31 58.27 240907020 RCTC 1-15 Pj RAMP UP RESERVE 3134GSTK1 FEDERAL HOME LOAN MORTGAGE CORP 150,075.00 (29.31) (44.19) 150,001.50 475.00 183 Page 17 of 32 illgRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended September 30, 2018 Source Beginning Base 1. Base Maturities and Base Base Change In Net Net Total Realized AmortizatloNAc Unrealized Ending Base Ending Accrued 240907020 RCTC I-15 Pj RAMP UP RESERVE 3620ARB67 GN 737261 240907020 RCTC I-15 P j RAMP UP RESERVE 240907020 RCTC I-15 Pj RAMP UP RESERVE 240907020 RCTC I-15 P j RAMP UP RESERVE 240907020 RCTC I-15 Pj RAMP UP RESERVE 3137A5FP4 FHA 3791 E DA 313788453 FHA 4305ACT 38375/02 GNR 0668 D 31398N2K9 FNR 10123B DL 34,966.49 76,930.34 153,308.28 35,454.88 33,497.25 240907020 RCTC I-15 P j RAMP UP RESERVE 240907020 RCTC I-15 Pj RAMP UP RESERVE 240907020 RCTC I-15 P j RAMP UP RESERVE 38377WL77 GNR 1194A AB 3130AEC17 FEDERAL HOME LOAN BANKS 3620A9WV9 GN 723460 16,784.70 26,060.92 350,150.50 (2,099.51) (6,734.68) (14,712.23) (4,053.23) (20,371.20) (5,834.26) (976.15) (49.65) (13.70) 172.51 (7.31) (26.22) 29.21 (21.17) (28.41) (23.91) (21.29) (18.62) (18.26) (15A8) (15.43) (15.33) (474.43) (170.65) 29.97 (29.81) 49.35 51.96 (1,122.07) (74.37) 32,314.50 69,987.41 138,777.24 31,345.90 13,130.92 20,292.35 349,013.00 15,697.69 05.62 14648 236.42 137.97 38.36 33.90 3,317.71 5128 240907020 RCTC I-15 Pj RAMP UP RESERVE 62888VAA6 NGN 10R1 IA 49,514.42 (4,511.97) (11.42) (13.72) (2.12) 44,975.20 78.78 240907020 RCTC I-15 Pj RAMP UP RESERVE 3137B3NW4 FHMS K031 Al 107,620.12 (10.87) 230.55 107,839.80 251.30 240907020 RCTC I-15 Pj RAMP UP RESERVE 3138NME8 FN FN0004 51,441.00 (2.87) (98.46) 51,339.66 153.36 240907020 RCTC I-15 Pj RAMP UP RESERVE 31846V203 - 34,894.31 4483,446.60 (4,291,243.35) 227,097.56 240907020 RCTC I-15 Pj RAMP UP RESERVE CCYUSD Receivable 712,293.75 300,000.00 240907020 RCTC I-15 Pj RAMP UP RESERVE 31418ASD1 FN MA1415 1,396.83 (121.25) 1.32 0.35 (4.85) 1272.41 2.17 240907020 RCTC I-15 Pj RAMP UP RESERVE 31381N7G2 FN 466295 90,876.24 11.68 (393.04) 90,494.88 246.73 240907020 RCTC I-15 Pj RAMP UP RESERVE 31418ASD1 FN MA1415 88,000.48 (7,638.50) 72.05 17.50 (289.48) 80,162.05 136.49 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828VV9 UNITED STATES TREASURY 296,027.34 27.93 41.73 296,097.00 545.93 240907020 RCTC I-15 P j RAMP UP RESERVE 3137B IUF7 FHMS K027 Al 42,349.81 (2,469.05) 33.39 29.96 (60.88) 39,883.23 60.78 240907020 RCTC I-15 Pj RAMP UP RESERVE 3137ASR97 FHMS K020 Al 36,763.62 (2,326.01) 47.58 45.26 (10190) 34,428.55 46.30 240907020 RCTC I-15 P j RAMP UP RESERVE 3136AC714 FNA 13M6 2A 57,709.52 (11,936.51) 176.46 45.33 (213.98) 45,780.82 100.73 240907020 RCTC I-15 Pj RAMP UP RESERVE 3137AXHN6 FHMS K024 Al 84,490.33 (5,449.00) 68.43 61.51 (133.02) 79,038.26 117.84 240907020 RCTC I-15 P j RAMP UP RESERVE 912796PN3 UNITED STATES TREASURY 719,928.00 (720,000.00) 72.00 240907020 RCTC I-15 Pj RAMP UP RESERVE 38375KCX8 GNR 0726C MA 198,167.13 76A3 (155.85) 198,087.70 901.64 240907020 RCTC I-15 Pj RAMP UP RESERVE 3137B1U75 FHMS KS01 A2 117,396.00 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828VA5 UNITED STATES TREASURY 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828L40 UNITED STATES TREASURY 101.37 (702.57) 116,794.80 25220 161,010.35 155.43 (368.33) 160,797.45 776.80 374,838.87 (375,000.00) 161.13 240907020 RCTC I-15 Pj RAMP UP RESERVE 3136A96F0 FNA 12M17 A2 72,495.00 168.71 (412.46) 72,251.25 136.50 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828L40 UNITED STATES TREASURY 474,777.34 (174,938.48) (300 000.00) (8.44) 169.58 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828RE2 UNITED STATES TREASURY 394,783.98 (395,000.00) 216.02 240907020 RCTC I-15 P j RAMP UP RESERVE 313385C38 FEDERAL HOME LOAN BANKS 299,733.67 (300,000.00) 266.33 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828XK1 UNITED STATES TREASURY 709,765.70 (710,000.00) 267A8 (33.18) 240907020 RCTC I-15 P j RAMP UP RESERVE 9128281358 UNITED STATES TREASURY 316,212.50 343.16 (1,829.26) 314,726.40 1,145.65 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828T42 UNITED STATES TREASURY 299,554.69 (300,000.00) 445.31 240907020 RCTC I-15 P j RAMP UP RESERVE 912828UF5 UNITED STATES TREASURY 186,238.00 451.66 (377.56) 186,312.10 540.18 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828VV9 UNITED STATES TREASURY 470,658.50 497.65 (2,335.90) 468,820.25 864.38 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 76,151.76 507.65 (649.80) 76,009.62 20.65 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 76,151.76 513.68 (655.82) 76,009.62 20.65 240907020 RCTC I-15 P j RAMP UP RESERVE 912828UHI UNITED STATES TREASURY 79,571.67 538.46 (841.90) 79,268.23 21.69 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828P53 UNITED STATES TREASURY 237,956.25 731.45 (122.90) 238,564.80 229.89 240907020 RCTC I-15 P i RAMP UP RESERVE 912828UF5 UNITED STATES TREASURY 240907020 RCTC I-15 Pj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 240907020 RCTC I-15 P j RAMP UP RESERVE 912828VA5 UNITED STATES TREASURY 240,149.00 163,182.35 487,560.00 792.63 1,040.80 1,656.17 (697.08) (1,345.39) (1,951.17) 240,244.55 162,877.76 487,265.00 696.55 4425 2,353.94 7,950,700.95 9,032,660.50 (4,466,181.83) 245490001 LC-RCTC 2017 PRI: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND CCYUSD Cash 17,568.39 0.03 14,617,398:53 (14,634,006:19) (3,100,000.00) (1,011,757.22) (11,889.79) 857.78 (10,70797) 7,971,388.66 22,966.94 960.73 245490001 LC-RCTC 2017 PRI: Sales Tax CCYUSD Receivable 778,093.18 245490001 LC-RCTC 2017 PRJ: Sales Tax 31398NG99 FNR 10112H AE 0.01 (0.01) 245490001 LC-RCTC 2017 PRI: Sales Tax 54438CWT5 LOS ANGELES CALIF CMNTY COLLEGE DIST 274,903.75 (275,000.00) 96.25 245490001 LC-RCTC 2017 PRJ: Sales Tax 41284CAD6 HDMOT 152 A3 874.44 (874.87) (0.00) 0.19 0.24 245490001 LC-RCTC 2017 PRI: Sales Tax 65477UAC4 NAROT 15A A3 18,089.21 (18,109.30) 7.33 2.71 10.05 245490001 LC-RCTC 2017 PRJ: Sales Tax 313589YV9 FEDERAL NATIONAL MORTGAGE ASSOCIATION 300,000.00 (300,000.00) 15.01 (15.01) 245490001 LC-RCTC 2017 PRI: Sales Tax 313589A45 FEDERAL NATIONAL MORTGAGE ASSOCIATION 324,983.93 (325,000.00) 16.07 245490001 LC-RCTC 2017 PRJ: Sales Tax 43814LAC3 HAROT 154 A3 52,724.81 (26,544.15) (26,341.69) 21.57 18.39 121.07 245490001 LC-RCTC 2017 PRI: Sales Tax 90290XAD9 USAOT 151 A4 166,536.45 (134,170.18) (32,516.07) 332.76 47.17 (230.12) 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385ZE9 FEDERAL HOME LOAN BANKS 599,939.33 (600,000.00) 60.67 245490001 LC-RCTC 2017 PRI: Sales Tax 313385ZG4 FEDERAL HOME LOAN BANKS 399,939.00 (400,000.00) 61.00 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385ZU3 FEDERAL HOME LOAN BANKS 599,939.00 (600,000.00) 61.00 245490001 LC-RCTC 2017 PRI: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRI: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385ZG4 FEDERAL HOME LOAN BANKS 313385ZL3 FEDERAL HOME LOAN BANKS 313385ZM1 FEDERAL HOME LOAN BANKS 313385ZM1 FEDERAL HOME LOAN BANKS 299,938.67 349 930.78 249,924.79 299,922.92 (300,000.00) (350 000.00) (250,000.00) (300,000.00) 61.33 69.22 75.21 77.08 245490001 LC-RCTC 2017 PRI: Sales Tax 313385ZK5 FEDERAL HOME LOAN BANKS 299,910.00 (300.000.00) 90.00 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385YZ3 FEDERAL HOME LOAN BANKS 599,907.50 (600,000.00) 92.50 245490001 LC-RCTC 2017 PRI: Sales Tax 313385ZL3 FEDERAL HOME LOAN BANKS 400,897.52 (401.000.00) 102.48 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385ZP4 FEDERAL HOME LOAN BANKS 699,895.88 (700,000.00) 104.12 245490001 LC-RCTC 2017 PRI: Sales Tax 912796PN3 UNITED STATES TREASURY 649.909.00 (650.000.00) 128.05 (37.05) 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385ZT6 FEDERAL HOME LOAN BANKS 699,858.83 (700,000.00) 141.17 245490001 LC-RCTC 2017 PRI: Sales Tax 313385ZD1 FEDERAL HOME LOAN BANKS 399.855.33 (400.000.00) 144.67 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385ZS8 FEDERAL HOME LOAN BANKS 599,847.50 (600,000.00) 152.50 245490001 LC-RCTC 2017 PRI: Sales Tax 912828XK1 UNITED STATES TREASURY 544.820.15 (545.000.00) 204.91 (25.06) 245490001 LC-RCTC 2017 PRJ: Sales Tax 912796MK2 UNITED STATES TREASURY 849,704.15 (850,000.00) 295.85 245490001 LC-RCTC 2017 PRI: Sales Tax 313385A30 FEDERAL HOME LOAN BANKS 799,669.34 (800.000.00) 330.66 245490001 LC-RCTC 2017 PRJ: Sales Tax 912796PR4 UNITED STATES TREASURY 849,612.72 (850,000.00) 387.28 245490001 LC-RCTC 2017 PRI: Sales Tax 313385A48 FEDERAL HOME LOAN BANKS 1,149,584.08 (1.150.000.001 415.92 245490001 LC-RCTC 2017 PRJ: Sales Tax 912796PQ6 UNITED STATES TREASURY 839,605.20 - - (840,000.00) 245490001 LC-RCTC 2017 PRI: Sales Tax 912796PS2 UNITED STATES TREASURY 849A14.92 (850,000.00) 3,643,124.61 25,940,074.72 (14,794,720.521 (13,936,000.001 423.50 (28.70) 585.08 (77,84192) 361.65 4,163.73 (108.33) 960.73 98,193,801.56 317,220,793.56 (164,234,747.99) (158,201,000.00) (6,810,696.73) (9,54638) 85,823.03 53,320.09 83,507,22437 240,773.75 184 Page 18 of 32 FirRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Summary of Investments for quarter ended September 30, 2018 ATTACHMENT 11 • Base Market Value + Accrued Credit Rating 40, 000.000 30,000,000 20,000,000 10,000,000 _ ■■_ ■ I AAA AA, AA r AA- A+ A I A- BBB. r A-1+ r A-2 Other 1 Asset Class Money Market Funds Cash I5.ZSSLiS) Fired Income [93.683%] Chart calculated 6y: Base Market Value + Accrued Industry Group Other [30.52%] Credit Card ABS (4.783t6] Commercial M63 (5.335%) US _ Hun lclpalf [5.924%] casn (6.417%) Banks (25.OS6%) 'Sovereign (11.17a%] Diversified Fine se, [t 0.758%1 Chan calculated 6y: Baae Market Value + Accrued Security Type Other (14.267%) FHLMC CM° (3.918%) VRON (4.251rf.1 —� CASH (S.2t16%) US GOV p ri.197%] ABS (11.363%) �`CORP 00.051 %j \ CP [20.155%] Chart calculaled 6y: Base Market Value + Accrued Market Secto Other 14.92.170 Municipal [5.924Y � Casil [9.417%] Mortgage Backed (9.279%] I AYaet Backed (11.353%) GOVernnlsRS (12.028%) -Financial (35.843%) Industrial (14.225%1 Chart calculated 6y: Base Market Value + Accrued 185 RIFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Sales Tax Revenue Fund Summary of Investments for quarter ended September 30, 2018 ATTACHMENT 12 1,250 'i 1.000 U U Q w 750 7 y 500 m m 250 N m 0 Credit Rating NA Asset Class • l Money Market Funds(100%) Chart calculated hy: Base Markel Value + Accrued Industry Group 410 Cash (100%) Chart calculated by: Base Markel Value. Accrued Security Type M ■1 FUND (100%) Chart calculated hy: Base Markel Value + Accrued Market Sector Cash [100%) Chart calculated by: Base Market Value + AGtrued 186 IVRIVERSIDE COUNTY TRANSPORTATION COMMISSION ATTACHMENT 13 2017 Financing STAMP Portfolio Sales Tax 115 ELP Project Revenue Fund Summary of Investments for quarter ended September 30, 2018 Credit Rating 30,000,000 25,000,000 Q 20,000.000 ,35 as 15,000,000 m @ 10,000,000 • 5,000,000 AAA 1 AA-1- AA AA- 1 A+ A A- 1 BBB+ A-7+ A-2 1 Asset Class Money Market Funus (0,940%) Cash (6.017%) Flied Income (93.035%) Chart calculated by: Base Market Value + ACcnied Industry Group Other (28.96311/ ] Auto Lease Loans 14.583%) Credit Card ARS(5288%)� VS �- Munleipels (6.54954a) Cash (6.995%) Banks (27,735%] 'Diversified Flnan Sere (11.591%) Sovereign (8.0(6%) Chart ralculaied by: Base Market Value + Accrued Security Type co (2140%) VRDN (4.7%) CASH (6.017%) LS GOV (6.696%) ABS (12.502%) Other (9.9%) \ 'CP (22.283%) -CORP 133.986%1 Chart calculated by: Base Market Value + Accrued Market Sector Other (4.1116%) uuuey (4.779%)-- Municipal_ (6.549%) Cash (6.96556] Government (9.607'.6) Asset Backed (12.562%) Financial (39.626%) Industrial (10.727%) Chart calculated by: Bate Market Valua + AC -Cued 187 rirRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments for quarter ended September 30, 2018 Credit Rating 10,000,000 78 8,o0o,o00 U Q 6,000,000 ro 4,000,000 co m 2,000,000 @H m Asset Class Money Market Funds (2.84%) Cash 0.825%] Fused Income (96.785%) Chart calculated by: Base Market Value + ACcnied `Negative cash reflects securities in transit at month end ATTACHMENT 14 Industry Group Other (0.602%) Cash (1.215:6 Agency Collar PAC CMO (1.44%) FNMA Collateral (2.799%) FGLMC Collateral (6.039%) Agency Collar CMO (21.067%) Commercial MBS (23.011 %) 'Sovereign (41.2359,4 Chart ralculeled by: Base Market Value + Accrued Security Type Other (11.916%) FNMA (3.482%] AGCY BONO-- Ie.206%f FGLMC (8-039%I FNMA CMO (8.633%j 'US GOV (30.016%) FIILMC CMO (16.635%) GNMA CMO (11.079%) Chart calculated by: Base Market Value + Accrued Market Sector Agency (6.266%) Government (34.947%) Ceah 0.215W 1 —Mortgage Backed'.(57.55%) Chart calculated by: Bess Market Value + ACCrued 188 PirRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio b Investment Cate • o for Quarter ended Se • tember 30, 2018 ATTACHMENT 15 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Next Call Base Market Unrealized Accrued Credit Final Maturity Trade Date Date Original Cost Value Gain/Loss Income Coupon Yield Rating 3133EH2J1 Agencies 3133EHRD7 Agencies FFCB 2.141%12/11/20 12/11/2020 12/11/2017 510,000.00 510,030.60 30.60 588.57 2.140 2.141 AA+ AA+ F F C B DEB 2.22794 % 7/13/22 07/13/2022 07/13/2017 310,000.00 310,387.50 387.50 332.83 2.230 2.227 3133EHRZ8 Agencies F F C B DEB 2.06475% 6/25/20 06/25/2020 07/25/2017 510,000.00 510,260.10 260.10 175.50 2.220 2.064 AA+ 3133EHTJ2 Agencies F F C B DEB 2.326% 8/01/22 08/01/2022 08/01/2017 230,000.00 230,200.10 200.10 416.64 2.170 2.326 AA+ 3133EHVR1 Agencies F F C B DEB 2.22219% 8/24/20 08/24/2020 08/24/2017 130,000.00 130,097.50 97.50 52.48 2.220 2.221 AA+ 3133EHXH1 Agencies F F C B 2.20031 % 9/06/22 09/06/2022 09/06/2017 260,000.00 260,135.20 135.20 390.03 2.200 2.199 AA+ 3133EJZD4 Agencies F F C B DEB 2.960% 9/13/21 09/13/2021 09/13/2018 12/13/2018 258,921.00 259,123.80 202.80 384.80 2.960 2.974 AA+ 3134GBTL6 Agencies F H L M C M T N 2.100% 6/29/22 06/29/2022 06/29/2017 12/29/2018 484,720.00 481,910.00 (2,810.00) 2,683.33 2.100 2.183 AA+ 3134GSWC5 Agencies F H L M C M T N 2.900% 8/27/21 08/27/2021 08/27/2018 11/27/2018 510,000.00 507,577.50 (2,422.50) 1,396.83 2.900 2.919 AA+ 3135GOT29 Agencies F N M A DEB 1.500 % 2/28/20 02/28/2020 02/28/2017 299,808.00 294,870.00 (4,938.00) 412.50 1.500 1.526 AA+ 3136G4SW4 Agencies F N M A M T N 2.900% 6/28/21 06/28/2021 06/28/2018 12/28/2018 259,870.00 258,125.40 (1,744.60) 1,947.83 2.900 2.916 AA+ 3137EAEL9 Agencies F H L M C M T N 2.375% 2/16/21 02/16/2021 02/16/2018 508,653.60 504,135.00 (4,518.60) 1,514.06 2.380 2.408 AA+ 02582JHG8 Asset -Backed AMERICAN EXPRESS 1.640% 12/15/21 12/15/2021 05/30/2017 419,932.72 417,337.20 (2,595.52) 306.13 1.640 1.650 AAA 05582QAD9 Asset -Backed BMW VEHICLE OWNER 1.160% 11/25/20 11/25/2020 07/20/2016 287,565.82 285,597.28 (1,968.54) 55.60 1.160 1.168 N/A 05584PAD9 Asset -Backed BMW VEHICLE LEASE 2.070% 10/20/20 10/20/2020 10/25/2017 99,999.92 99,107.00 (892.92) 63.25 2.070 2.089 N/A 161571HC1 Asset -Backed CHASE ISSUANCE TRUST 1.370% 6/15/21 06/15/2021 06/17/2016 750,013.80 742,845.00 (7,168.80) 456.67 1.370 1.383 AAA 17305EGA7 Asset -Backed CITIBANK CREDIT CARD 1.740% 1/19/21 01/19/2021 01/26/2017 379,927.23 379,164.00 (763.23) 1,359.13 1.740 1.743 AAA 17305EGB5 Asset -Backed CITIBANK CREDIT 1.920% 4/07/22 04/07/2022 04/11/2017 229,933.74 226,366.00 (3,567.74) 2,134.40 1.920 1.953 AAA 31846V203 Asset -Backed FIRST AM GOVT OB FD CL Y 1,234,510.52 1,234,510.52 - 435.01 1.790 1.778 45750TAG8 Asset -Backed INLAND VLY CA DEV 3.627% 3/01/20 03/01/2020 05/15/2014 232,268.07 232,219.50 (48.57) 695.18 1.780 3.596 AA 54473ERQ9 Asset -Backed LOS ANGELES CNTY CA 2.036% 12/01/18 12/01/2018 09/02/2015 i 50,000.00 49,961.50 (38.50) 339.33 1.790 2.037 AA 649791EV8 Asset -Backed NEW YORK ST SER B 3.600% 2/15/19 02/15/2019 03/30/2011 252,392.65 250,945.00 (1,447.65) 1,150.00 2.050 3.590 AA+ 79876CBQ0 Asset -Backed SAN MARCOS CA REDEV 2.000% 10/01/20 10/01/2020 12/14/2017= 109,256.40 107,449.10 (1,807.30) 1,100.00 1.770 2.048 AA- 88579YBA8 Asset -Backed 3M COMPANY MTN 3.000 % 9/14/21 09/14/2021 09/14/2018 08/14/2021 249,487.50 249,575.00 87.50 354.17 1.760 3.010 AA- 89190BAD0 Asset -Backed TOYOTA AUTO 1.760% 7/15/21 07/15/2021 05/17/2017= 519,960.12 514,217.60 (5,742.52) 406.76 1.730 1.782 AAA 89238MAD0 Asset -Backed TOYOTA AUTO 1.730% 2/16/21 02/16/2021 03/15/2017 375,955.74 373,337.92 (2,617.82) 289.10 1.700 1.743 AAA 037833BS8 Credit APPLE INC 2.250% 2/23/21 02/23/2021 02/23/2016 01/23/2021 495,675.00 491,090.00 (4,585.00) 1,187.50 2.250 2.299 AA+ 037833CS7 Credit APPLE INC 1.800% 5/11/20 05/11/2020 05/11/2017 484,505.30 476,881.10 (7,624.20) 3,395.00 1.800 1.832 AA+ 053015AD5 Credit AUTOMATIC DATA 2.250% 9/15/20 09/15/2020 09/15/2015 08/15/2020 453,997.38 444,262.50 (9,734.88) 450.00 2.250 2.284 AA 06050TMH2 Credit BANK OF AMERICA NA 25.6138 % 8/28/20 08/28/2020 08/28/2018 08/28/2019 410,000.00 410,188.60 188.60 2.560 25.596 A+ 06406FAA1 Credit BANK OF NY MTN 2.500% 4/15/21 04/15/2021 02/19/2016 03/15/2021 758,499.79 736,410.00 (22,089.79) 8,645.83 2.500 2.552 A 06406HBM0 Credit BANK NY MELLON MTN 5.450% 5/15/19 05/15/2019 05/12/2009 250,647.01 246,058.34 (4,588.67) 4,982.51 5.450 5.373 A 084664CK5 Credit BERKSHIRE HATHAWAY 1.300% 8/15/19 08/15/2019 08/15/2016 159,844.80 158,070.40 (1,774.40) 265.78 1.300 1.315 AA 084670BQ0 Credit BERKSHIREHATHAWAY 2.200% 3/15/21 03/15/2021 03/15/2016 02/15/2021 466,436.01 461,834.34 (4,601.67) 460.53 2.200 2.247 AA 166764AN0 Credit CHEVRON CORP 2.193% 11/15/19 11/15/2019 11/18/2014 502,883.11 496,440.00 (6,443.11) 4,142.33 2.190 2.211 AA- 166764AU4 Credit CHEVRON CORP 2.91461 % 3/03/22 03/03/2022 03/03/2015 504,383.40 505,785.00 1,401.60 1,133.46 2.850 2.882 AA- 17275RAE2 Credit CISCO SYSTEMS INC 4.950% 2/15/19 02/15/2019 02/17/2009 365,931.86 363,117.60 (2,814.26) 2,277.00 4.950 4.917 AA- 17275RAX0 Credit CISCO SYSTEMS INC 2.450% 6/15/20 06/15/2020 06/17/2015 599,952.00 595,242.00 (4,710.00) 4,328.33 2.450 2.473 AA- 17275RBG6 Credit CISCO SYSTEMS INC 1.400% 9/20/19 09/20/2019 09/20/2016 39,955.60 39,477.60 (478.00) 17.11 1.400 1.419 AA- 30231GAV4 Credit EXXON MOBIL 2.222% 3/01/21 03/01/2021 03/03/2016 02/01/2021 495,685.00 490,065.00 (5,620.00) 925.83 2.220 2.271 AA+ 47787XAC1 Credit JOHN DEERE OWNER 1.780% 4/15/21 04/15/2021 03/02/2017 309,955.86 307,594.40 (2,361.46) 245.24 1.950 1.794 N/A 478160CH5 Credit JOHNSON JOHNSON 1.950% 11/10/20 11/10/2020 11/10/2017 249,732.50 244,947.50 (4,785.00) 1,909.38 2.960 1.990 AAA 58769DAD2 Credit MERCEDES BENZ AUTO 1.790% 4/15/20 04/15/2020 04/26/2017 369,991.56 368,483.00 (1,508.56) 294.36 5.000 1.797 AAA 589331AN7 Credit MERCKCOINC 5.000% 6/30/19 06/30/2019 06/25/2009 516,323.34 509,025.00 (7,298.34) 6,319.44 1.850 4.930 AA 702282ND2 Credit PASADENA CA UNIF 1.861% 11/01/18 11/01/2018 03/20/2014 T 250,305.29 249,857.50 (447.79) 1,938.54 1.450 1.861 A+ 717081DU4 Credit PFIZER INC 1.450% 6/03/19 06/03/2019 06/03/2016 249,715.00 247,970.00 (1,745.00) 1,188.19 3.000 1.462 AA 717081EM1 Credit PFIZER INC 3.000% 9/15/21 09/15/2021 09/07/2018 249,662.50 249,945.00 282.50 500.00 1.750 3.011 AA 80284TAF2 Credit SANTANDER DRIVE 1.770% 9/15/20 09/15/2020 02/28/2017 50,146.82 50,106.05 (40.77) 39.45 2.550 1.771 AAA 882723UC1 Credit TEXAS ST REF WTR 2.036% 8/01/20 08/01/2020 02/05/2015 251,154.41 246,245.00 (4,909.41) 848.33 3.000 2.068 AAA 90290AAC1 Credit USAA AUTO OWNER 1.700% 5/17/21 05/17/2021 09/20/2017 139,985.24 138,776.40 (1,208.84) 105.78 2.050 1.715 AAA 90331 HNG4 Credit US BANK NA MTN 2.050% 10/23/20 10/23/2020 10/24/2017 09/23/2020 249,950.00 244,847.50 (5,102.50) 2,249.31 2.350 2.100 AA- 90331HNJ8 Credit US BANK NA MTN 2.350% 1/23/20 01/23/2020 01/23/2018 12/23/2019 254,885.25 252,896.25 (1,989.00) 1,131.92 2.980 2.372 AA- 931142DY6 Credit WALMART STORES INC 1.750% 10/09/19 10/09/2019 10/20/2017 . 294,994.10 292,339.10 (2,655.00) 2,466.53 1.750 1.767 AA 931142EA7 Credit WALMART STORES INC 1.900 % 12/15/20 12/15/2020 10/20/2017 489,760.00 489,360.00 (400.00) 2,797.22 1.900 1.947 AA 931142EJ8 Credit WALMART INC 3.125% 6/23/21 06/23/2021 06/27/2018 129,993.50 130,261.30 267.80 1,060.76 3.130 3.126 AA 94988J5D5 Credit WELLS FARGO BANK MTN 1.750% 5/24/19 05/24/2019 06/02/2016 503,793.05 501,879.10 (1,913.95) 3,117.67 1.750 1.762 A+ 94988J5Q6 Credit WELLS FARGO MTN 2.84706% 7/23/21 07/23/2021 07/23/2018 07/23/2020 500,000.00 501,205.00 1,205.00 2,767.98 2.850 2.845 A+ 3136131XP4 Mortgage -Backed F N M A GTD REMIC 3.560% 9/25/21 09/25/2021 04/01/2018 211,342.15 209,660.88 (1,681.27) 616.18 3.560 3.534 N/A 3137BNN26 Mortgage -Backed F H L M C MLTCL MTG 1.780% 7/25/19 07/25/2019 04/01/2016 31,156.74 30,846.43 (310.31) 46.10 1.780 1.793 N/A 3137BPCF4 Mortgage -Backed F H L M C MLTCL MTG 1.376 % 10/25/20 10/25/2020 05/01/2016 62,939.60 62,663.79 (275.81) 14.43 1.380 1.381 N/A 3137FGZN8 Mortgage -Backed F H L M C MLTCL 3.19393% 2/25/23 02/25/2023 08/14/2018 235,500.22 235,500.22 - 125.36 2.310 3.194 N/A 189 PirRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio b Investment Cate • o for Quarter ended Se • tember 30, 2018 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Next Call Base Market Unrealized Accrued Credit CUS1P Security Type Category Issuer Final Maturity Trade Date Date Original Cost Value Gain/Loss Income Coupon Yield Rating 010831 DL6 Taxable Muni ALAMEDA CNTY CA JT 2.485 % 6/01/19 06/01/2019 04/24/2018 260,000.00 259,584.00 (416.00) 2,153.67 2.490 2.490 AA+ 010831DN2 Taxable Muni ALAMEDA CNTY CA JT 2.866% 6/01/21 06/01/2021 04/24/2018 255,000.00 253,059.45 (1,940.55) 2,436.10 2.870 2.895 AA+ 13063BFS6 Taxable Muni CALIFORNIA ST BUILD 6.650% 3/01/22 03/01/2022 04/01/2010 481,875.84 463,679.25 (18,196.59) 2,355.21 6.650 6.073 AA- 13063C4V9 Taxable Muni CALIFORNIA ST 1.050% 11/01/18 11/01/2018 11/03/2016 149,887.50 149,838.00 (49.50) 656.25 1.050 1.050 AA- 13063DAB4 Taxable Muni CALIFORNIA ST HIGH 1.593% 4/01/19 04/01/2019 04/27/2017 350,020.28 348,082.00 (1,938.28) 2,787.75 1.590 1.600 AA- 13063DGA0 Taxable Muni CALIFORNIA ST 2.800% 4/01/21 04/01/2021 04/25/2018 500,020.00 498,340.00 (1,680.00) 6,066.67 2.800 2.824 AA- 13066YTY5 Taxable Muni CALIFORNIA ST DEPT 1.713% 5/01/21 05/01/2021 09/28/2016 105,052.47 102,875.93 (2,176.54) 757.44 1.710 1.768 AA 13077CT38 Taxable Muni CALIFORNIA ST 1.982% 11/01/19 11/01/2019 08/05/2015 130,329.23 128,593.40 (1,735.83) 1,073.58 1.980 2.003 AA- 43814PAC4 Taxable Muni HONDA AUTO 1.790% 9/20/21 09/20/2021 09/29/2017 149,983.76 147,861.00 (2,122.76) 96.96 3.630 1.817 AAA 48125LRJ3 Taxable Muni JP MORGAN MTN 2.92506% 9/23/19 43731 42636 848,631.79 848,810.95 179.16 549.26 1.750 2.915 A+ 544445AY5 Taxable Muni LOS ANGELES CA DEPT 1.750% 5/15/19 05/15/2019 12/06/2016 100,000.00 99,507.00 (493.00) 661.11 2.090 1.758 AA 544445AZ2 Taxable Muni LOS ANGELES CA DEPT 2.092 % 5/15/20 05/15/2020 12/06/2016 98,788.00 98,647.00 (141.00) 790.31 1.130 2.121 AA 54465AGK2 Taxable Muni LOS ANGELES CA 1.125% 9/01/19 09/01/2019 08/25/2016 266,868.00 266,093.10 (774.90) 253.13 2.040 1.141 AA 594918BV5 Taxable Muni MICROSOFT CORP 1.850% 2/06/20 02/06/2020 02/06/2017 499,665.00 493,935.00 (5,730.00) 1,413.19 3.380 1.873 AAA 6055806F1 Taxable Muni MISSISSIPPI ST SER D 3.381% 11/01/18 11/01/2018 11/10/2010 100,942.57 100,079.00 (863.57) 1,408.75 3.600 3.381 AA 649791EJ5 Taxable Muni NEW YORK ST REF SER 3.600% 9/01/19 09/01/2019 03/30/2011 509,729.38 503,130.00 (6,599.38) 1,500.00 3.600 3.581 AA+ 65479BAD2 Taxable Muni NISSAN AUTO LEASE 2.050% 9/15/20 09/15/2020 10/10/2017 219,961.57 218,167.40 (1,794.17) 200.44 2.290 2.067 N/A 697379UD5 Taxable Muni PALO ALTO CA 2.291 % 8/01/20 08/01/2020 08/14/2012 321,873.50 321,243.00 (630.50) 1,240.96 1.860 2.319 AAA 742718EZ8 Taxable Muni PROCTER GAMBLE CO 1.750% 10/25/19 10/25/2019 10/25/2017 149,947.50 148,450.50 (1,497.00) 1,137.50 2.710 1.770 AA- 78607QAT2 Taxable Muni SACRAMENTO CA 2.712% 11/01/19 11/01/2019 05/30/2018 130,000.00 129,649.00 (351.00) 1,184.99 2.700 2.720 AA+ 797299LR3 Taxable Muni SAN DIEGO CA PUBLIC 2.698% 10/15/19 10/15/2019 06/21/2018 500,000.00 498,765.00 (1,235.00) 3,747.22 2.990 2.705 AA- 797299LT9 Taxable Muni SAN DIEGO CA PUBLIC 2.994% 10/15/21 10/15/2021 06/21/2018 200,000.00 198,044.00 (1,956.00) 1,663.33 2.170 3.028 AA- 797669XT0 Taxable Muni SAN FRANCISCO CA 2.169% 7/01/20 07/01/2020 12/28/2017 100,000.00 98,814.00 (1,186.00) 542.25 2.000 2.196 AA+ 79770GGM2 Taxable Muni SAN FRANCISCO CITY 2.000% 8/01/20 08/01/2020 11/30/2017 299,607.00 294,723.00 (4,884.00) 1,000.00 2.100 2.036 AA- 798170AB2 Taxable Muni SAN JOSE CA 2.098% 8/01/19 08/01/2019 12/21/2017 320,000.00 318,275.20 (1,724.80) 1,118.93 2.260 2.110 AA 798170AC0 Taxable Muni SAN JOSE CA REDEV 2.259% 8/01/20 08/01/2020 12/21/2017 190,000.00 187,695.30 (2,304.70) 715.35 2.000 2.288 AA 857477AS2 Taxable Muni STATE STREET CORP 2.550% 8/18/20 08/18/2020 08/18/2015 793,939.50 781,924.52 (12,014.98) 2,400.12 2.040 2.577 A 91412G2R5 Taxable Muni UNIV OF CALIFORNIA 1.877% 5/15/20 05/15/2020 09/28/2017 90,000.00 88,436.70 (1,563.30) 638.18 1.880 1.910 AA- 91412G2S3 Taxable Muni UNIV OF CALIFORNIA 2.112 % 5/15/21 05/15/2021 09/28/2017 140,000.00 136,325.00 (3,675.00) 1,117.01 2.110 2.171 AA- 91412GD36 Taxable Muni UNIV OF CA 1.169% 5/15/19 05/15/2019 04/20/2016 140,000.00 138,770.80 (1,229.20) 618.27 1.170 1.179 AA 91412GWV3 Taxable Muni UNIV OF CA 2.003% 5/15/19 05/15/2019 03/25/2015 250,000.00 249,077.50 (922.50) 1,891.72 2.000 2.010 AA 91159HHQ6 Treasuries US BANCORP MTN 2.98156% 1/24/22 01/24/2022 01/24/2017 12/23/2021 504,139.09 504,385.00 245.91 2,857.33 1.500 2.956 A+ 912828202 Treasuries U S TREASURY NT 1.500% 8/15/20 08/15/2020 08/15/2017 1,457,105.41 1,423,372.50 (33,732.91) 2,793.18 2.000 1.537 N/A 9128283S7 Treasuries U S TREASURY NT 2.000% 1/31/20 01/31/2020 01/31/2018 1,536,510.93 1,525,323.80 (11,187.14) 5,189.13 2.250 2.020 N/A 9128284C1 Treasuries U S TREASURY NT 2.250% 3/31/20 03/31/2020 04/02/2018 1,659,092.19 1,647,483.60 (11,608.59) 18,473.69 2.380 2.268 N/A 9128284J6 Treasuries U S TREASURY NT 2.375 % 4/30/20 04/30/2020 04/30/2018 2,287,937.69 2,280,564.45 (7,373.24) 22,809.68 2.380 2.391 N/A 9128284P2 Treasuries U S TREASURY NT 2.625% 5/15/21 05/15/2021 05/15/2018 1,277,916.02 1,271,948.80 (5,967.22) 12,691.30 2.630 2.645 N/A 912828400 Treasuries U S TREASURY NT 2.500% 5/31/20 05/31/2020 05/31/2018 509,741.02 507,567.30 (2,173.72) 4,284.84 2.500 2.514 N/A 9128284T4 Treasuries U S TREASURY NT 2.625% 6/15/21 06/15/2021 06/15/2018 639,675.00 635,750.40 (3,924.60) 4,957.38 2.630 2.646 N/A 9128284W7 Treasuries U S TREASURY NT 2.750% 8/15/21 08/15/2021 08/15/2018 1,937,973.44 1,927,821.15 (10,152.29) 6,796.16 2.750 2.765 N/A 9128284Y3 Treasuries U S TREASURY NT 2.625% 8/31/20 08/31/2020 08/31/2018 6,671,143.75 6,656,018.80 (15,124.95) 14,771.33 2.630 2.637 N/A 9128285A4 Treasuries U S TREASURY NT 2.750 % 9/15/21 09/15/2021 09/15/2018 507,948.05 508,067.10 119.05 619.89 2.750 2.765 N/A 912828XY1 Treasuries U S TREASURY NT 2.500% 6/30/20 06/30/2020 06/30/2018 769,187.89 766,026.80 (3,161.09) 4,864.81 2.500 2.515 N/A 912828Y20 Treasuries U S TREASURY NT 2.625% 7/15/21 07/15/2021 07/16/2018 249,619.14 248,272.50 (1,346.64) 1,373.13 2.630 2.647 N/A 912828Y46 Treasuries U S TREASURY NT 2.625% 7/31/20 07/31/2020 07/31/2018 1,828,355.86 1,823,997.60 (4,358.26) 8,093.27 2.630 2.636 N/A 51,541,328.59 51,195,893.02 (345,435.58) 236,184.28 15111Pr RIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 ATTACHMENT 16 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Net Cash Amount Amount Short Term Federal Tax Cost Gain/Loss Amount Long Term Gain/Loss Amount INTEREST EARNED ON F F C B DEB 2.05246% 8/01/22 $1 PV ON 230000.0000 7/2/2018 3133EHTJ2 SHARES DUE 7/1/2018 7/2/2018 7/2/2018 3134GBTL6 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C M T N 2.100 % 6/29/22 PURCHASED PAR VALUE OF F H L M C M T N 2.100 % 6/29/22 /SUNTRUST 7/2/2018 6/29/2018 7/2/2018 3134GBTL6 ROBINSON HUMPHREY, IN/500,000 PAR VALUE AT 96.944 7/2/2018 7/2/2018 7/2/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 7/2/2018 7/2/2018 7/2/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 393.39 500,000.00 30,724.87 99,063.90 0.97 1.00 1.00 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 7/2/2018 31846V203 6/30/2018 INTEREST FROM 6/1/18 TO 6/30/18 (87.50) (484,720.00) 484,720.00 (30,724.87) 30,724.87 (99,063.90) 99,063.90 207.73 7/2/2018 AMORTIZED PREMIUM ON MERCK CO INC 5.000% 6/30/19 CURRENT YEAR 589331AN7 AMORTIZATION 8,014.13 7/2/2018 589331AN7 INTEREST EARNED ON MERCK CO INC 5.000 % 6/30/19 $1 PV ON 500000.0000 SHARES DUE 6/30/2018 12,500.00 7/2/2018 797669X1-0 INTEREST EARNED ON SAN FRANCISCO CA 2.169% 7/01/20 $1 PV ON 100000.0000 SHARES DUE 7/1/2018 - - - - - 1,102.58 - - - 7/2/2018 7/2/2018 9128282X7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 9/30/19 - - - - - 349.39 - - - 7/2/2018 6/29/2018 7/2/2018 9128282X7 SOLD PAR VALUE OF U S TREASURY NT 1.375% 9/30/19 /HSBC SECURITIES, INC./100,000 PAR VALUE AT 98.71451 % (100,000.00) 0.99 - - - 98,714.51 (99,847.15) (1,132.64) - 7/2/2018 7/2/2018 9128283T5 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.67343% 1/31/20 - - - - - 1,657.27 - - - 7/2/2018 6/29/2018 7/2/2018 9128283T5 SOLD PAR VALUE OF U S TREASURY NT 1.67343% 1/31/20 /DEUTSCHE BANK SECURITIES, INC./500,000 PAR VALUE AT 99.975826 % (500,000.00) 1.00 - - - 499,879.13 (499,585.26) 293.87 - 7/3/2018 7/3/2018 7/3/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (324,809.53) 1.00 - - - 324,809.53 (324,809.53) - - 7/3/2018 7/3/2018 697379UD5 PAID ACCRUED INTEREST ON PURCHASE OF PALO ALTO CA 2.291 h 8/01/20 - - - - (3,143.76) - - - 7/3/2018 6/29/2018 7/3/2018 697379UD5 PURCHASED PAR VALUE OF PALO ALTO CA 2.291 % 8/01/20 /PERSHING LLC/325,000 PAR VALUE AT 99.038 % 325,000.00 0.99 - - 321,873.50) 321,873.50 - - 7/6/2018 3133EHXH1 INTEREST EARNED ON F F C B 2.0027 % 9/06/22 $1 PV ON 260000.0000 SHARES DUE 7/6/2018 i f - - - - 453.48 7/6/2018 7/6/2018 7/6/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 34,256.96 1.00 - - - (34,256.96) 34,256.96 - - 7/6/2018 7/6/2018 7/6/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y 7 (51,988.75) 1.00 - - - 51,988.75 (51,988.75) - - 7/6/2018 7/6/2018 9128282T6 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.250 % 8/31/19 - - - - - 17.39 - - - 7/6/2018 7/5/2018 7/6/2018 9128282T6 SOLD PAR VALUE OF U S TREASURY NT 1.250 % 8/31/19 /NATWEST MARKETS SECURITIES INC/4,000 PAR VALUE AT 98.672 % (4,000.00) 0.99 - - - 3,946.88 (3,993.44) (46.56) - 7/6/2018 7/6/2018 9128282X7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 9/30/19 - - - - - 4,664.48 - - - 7/6/2018 7/5/2018 7/6/2018 9128282X7 SOLD PAR VALUE OF U S TREASURY NT 1.375% 9/30/19 /NOMURA SECURITIES INTL., FIXED/1,280,000 PAR VALUE AT 98.703125 % (1,280,000.00) 0.99 - - - 1,263,400.00 (1,278,043.55) (14,643.55) - 7/6/2018 7/6/2018 9128283X6 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.250 % 2/15/21 - - - - - 1,051.66 - - - 7/6/2018 7/5/2018 7/6/2018 9128283X6 SOLD PAR VALUE OF U S TREASURY NT 2.250 % 2/15/21 /CITIGROUP GLOBAL MARKETS INC./XOTC 120,000 PAR VALUE AT 99.0625 % = (120,000.00) 0.99 - - - 118,875.00 (119,446.88) (571.88) - 7/6/2018 7/6/2018 9128284T4 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625 % 6/15/21 - - - - - (963.93) - - - 7/6/2018 7/5/2018 7/6/2018 9128284T4 PURCHASED PAR VALUE OF U S TREASURY NT 2.625 % 6/15/21 /MLPFS INC/FIXED INCOME/640,000 PAR VALUE AT 99.94921875 % 640,000.00 1.00 - - - (639,675.00) 639,675.00 - - 7/6/2018 7/6/2018 912828XY1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.500% 6/30/20 - - - - - (313.86) - - - 7/6/2018 7/5/2018 7/6/2018 912828XY1 PURCHASED PAR VALUE OF U S TREASURY NT 2.500 % 6/30/20 /NOMURA SECURITIES/FIX INCOME/770,000 PAR VALUE AT 99.89453117 % 770,000.00 1.00 - - - (769,187.89) 769,187.89 - - 7/11/2018 3133EH2J1 INTEREST EARNED ON F F C B 2.05638 % 12/11/20 $1 PV ON 510000.0000 SHARES DUE 7/11/2018 - - - - - 873.96 - 7/11/2018 7/11/2018 7/11/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y = 1 873.96 1.00 - - - (873.96) 873.96 7/12/2018 7/12/2018 7/12/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 247,734.96 1.00 - - - (247,734.96) 247,734.96 7/12/2018 7/12/2018 9128282X7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 9/30/19 i - - - - - 967.38 - - 7/12/2018 7/11/2018 7/12/2018 9128282X7 SOLD PAR VALUE OF U S TREASURY NT 1.375% 9/30/19 /NATWEST MARKETS SECURITIES INC/250,000 PAR VALUE AT 98.707032 % (250,000.00) 0.99 - - - 246,767.58 249,617.88 2,850.30 - 7/13/2018 INTEREST EARNED ON F F C B DEB 2.12738% 7/13/22 $1 PV ON 310000.0000 3 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 549.57 1.00 - - - (549.57) 549.57 7/16/2018 02582JHG8 INTEREST EARNED ON AMERICAN EXPRESS 1.640% 12/15/21 $1 PV ON 420000.0000 SHARES DUE 7/15/2018 - - - - - 574.00 - - 7/16/2018 161571HC1 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 CURRENT YEAR AMORTIZATION - - - - - - (3.79) 7/16/2018 , 161571HC1 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370 % 6/15/21 $1 PV ON 750000.0000 SHARES DUE 7/15/2018 _ - - - - - 856.25 - - - 7/16/2018 7/16/2018 7/16/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,430.25 1.00 - - - (1,430.25) 1,430.25 - - 7/16/2018 7/16/2018 7/16/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (226,782.98) 1.00 - - - 226,782.98 (226,782.98) - - 7/16/2018 47787XAC1 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 459.8300 SHARES DUE 7/15/2018 $0.00148/PV ON 310,000.00 PV DUE 7/15/18 - - - - - 459.83 - - - 7/16/2018 58769DAD2 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 551.9200 SHARES DUE 7/15/2018 $0.00149/PV ON 370,000.00 PV DUE 7/15/18 - - - - - 551.92 - - - 191 Page 25 of 32 15111Pr RIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Description Units Short Term Long Term Miscellaneous Federal Tax Cost Gain/Loss Gain/Loss Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 7/16/2018 65479BAD2 SHARES DUE 7/15/2018 $0.00171/PV ON 220,000.00 PV DUE 7/15/18 AMORTIZED PREMIUM ON ORACLE CORP 2.375 % 1/15/19 CURRENT YEAR 7/16/2018 68389XAQ8 AMORTIZATION INTEREST EARNED ON ORACLE CORP 2.375% 1/15/19 $1 PV ON 500000.0000 7/16/2018 68389XAQ8 SHARES DUE 7/15/2018 - - 7/16/2018 7/15/2018 7/16/2018 80284TAF2 PAID DOWN PAR VALUE OF SANTANDER DRIVE 1.770% 9/15/20 j (13,863.59) 7.08 INTEREST EARNED ON SANTANDER DRIVE 1.770 % 9/15/20 $1 PV ON 162.2500 7/16/2018 80284TAF2 SHARES DUE 7/15/2018 $0.00148/PV ON 110,000.00 PV DUE 7/15/18 INTEREST EARNED ON TOYOTA AUTO 1.760 % 7/15/21 $1 PV ON 762.6700 T 7/16/2018 89190BAD0 SHARES DUE 7/15/2018 $0.00147/PV ON 520,000.00 PV DUE 7/15/18 INTEREST EARNED ON TOYOTA AUTO 1.730 % 2/16/21 $1 PV ON 542.0700 7/16/2018 89238MAD0 SHARES DUE 7/15/2018 $0.00144/PV ON 376,000.00 PV DUE 7/15/18 - INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 198.3300 7/16/2018 90290AAC1 SHARES DUE 7/15/2018 $0.00142/PV ON 140,000.00 PV DUE 7/15/18 375.83 (2,043.45) 5,937.50 13,863.59 (13,863.49) 162.25 762.67 542.07 198.33 0.10 7/16/2018 7/16/2018 912828Y20 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625 % 7/15/21 - - - - - (17.83) - - - 7/16/2018 7/11/2018 7/16/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 7/15/21 /CITADEL 912828Y20 SECURITIES LLC/250,000 PAR VALUE AT 99.847656 % 250,000.00 1.00 - - - (249,619.14) 249,619.14 - - 7/17/2018 INTEREST EARNED ON CITIBANK CREDIT CARD 1.740 % 1/19/21 $1 PV ON 17305EGA7 380000.0000 SHARES DUE 7/17/2018 - - - - - 3,306.00 - - - 7/17/2018 7/17/2018 7/17/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,306.00 1.00 - - - (3,306.00) 3,306.00 - - 7/18/2018 7/18/2018 7/18/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 505,097.64 1.00 - - - (505,097.64) 505,097.64 - - 7/18/2018 INTEREST EARNED ON HONDA AUTO 1.790 % 9/20/21 $1 PV ON 223.7500 43814PAC4 SHARES DUE 7/18/2018 $0.00149/PV ON 150,000.00 PV DUE 7/18/18 - - - - - 223.75 - - - 7/18/2018 7/16/2018 7/18/2018 SOLD PAR VALUE OF WELLS FARGO MTN 2.67519% 12/06/19 /DAIWA CAPITAL 94988J5J2 MARKETS AMERICA/XOTC 500,000 PAR VALUE AT 100.629 % (500,000.00) 1.01 - - - 503,145.00 (503,280.56) (135.56) - 7/18/2018 AMORTIZED PREMIUM ON WELLS FARGO MTN 2.67519% 12/06/19 CURRENT 94988J5J2 YEAR AMORTIZATION ■ - - - - - - (268.21) - - 7/18/2018 7/18/2018 RECEIVED ACCRUED INTEREST ON SALE OF WELLS FARGO MTN 2.67519% 94988J5J2 12/06/19 - - - - - 1,728.89 - - - 7/20/2018 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ON 172.5000 05584PAD9 SHARES DUE 7/20/2018 $0.00173/PV ON 100,000.00 PV DUE 7/20/18 - - - - - 172.50 - - - 7/20/2018 7/20/2018 7/20/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 172.50 1.00 - - - (172.50) 172.50 - - 7/23/2018 7/23/2018 7/23/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (497,003.75) 1.00 - - - 497,003.75 (497,003.75) - - 7/23/2018 INTEREST EARNED ON US BANK NA MTN 2.350 % 1/23/20 $1 PV ON 255000.0000 90331HNJ8 SHARES DUE 7/23/2018 - - - - - 2,996.25 - - - 7/23/2018 7/16/2018 7/23/2018 PURCHASED PAR VALUE OF WELLS FARGO MTN 2.84706% 7/23/21 /WELLS 94988J5Q6 FARGO SECURITIES, LLC/500,000 PAR VALUE AT 100 h 500,000.00 1.00 - - -r - (500,000.00) 500,000.00 - - 7/24/2018 INTEREST EARNED ON F F C B DEB 2.10113% 8/24/20 $1 PV ON 130000.0000 3133EHVR1 SHARES DUE 7/24/2018 - - - - - 227.62 - - - 7/24/2018 7/24/2018 7/24/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 227.62 1.00 - - - (227.62) 227.62 - - 7/24/2018 7/24/2018 7/24/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,790.69 1.00 - - - (3,790.69) 3,790.69 - - 7/24/2018 AMORTIZED PREMIUM ON US BANCORP MTN 3.000% 1/24/22 CURRENT YEAR 91159HHQ6 AMORTIZATION - - - - - - (286.61) - - 7/24/2018 INTEREST EARNED ON US BANCORP MTN 3.000% 1/24/22 $1 PV ON 91159HHQ6 500000.0000 SHARES DUE 7/24/2018 - - - - - 3,790.69 - - - 7/25/2018 7/25/2018 7/25/2018 7/25/2018 TRUST FEES COLLECTED CHARGED FOR PERIOD 06/01/2018 THRU 06/30/2018 COLLECTED BY DISBURSEMENT - - - - - (531.24) - - - 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 (32,796.59) - - - - 32,796.59 (32,796.44) - 0.15 7/25/2018 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 05582QAD9 371.0700 SHARES DUE 7/25/2018 $0.00097/PV ON 383,866.93 PV DUE 7/25/18 - - - - - 371.07 - - - 7/25/2018 INTEREST EARNED ON F F C B DEB 2.09113% 6/25/20 $1 PV ON 510000.0000 3133EHRZ8 SHARES DUE 7/25/2018 - - - - - 888.73 - - - 7/25/2018 7/25/2018 7/25/2018 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.858% 9/25/18 (30,346.23) - - - - 30,346.23 (30,338.46) - 7.77 7/25/2018 INTEREST EARNED ON F N M A GTD REMIC 1.858 % 9/25/18 $1 PV ON 77.5500 3136AMTM1 SHARES DUE 7/25/2018 $0.00180/PV ON 43,130.07 PV DUE 7/25/18 - - - 77.55 - - - 7/25/2018 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560 % 9/25/21 CURRENT YEAR 3136B1XP4 AMORTIZATION - - - - (105.53) - - 7/25/2018 INTEREST EARNED ON F N M A GTD REMIC 3.560 % 9/25/21 $1 PV ON 652.6700 3136B1XP4 SHARES DUE 7/25/2018 $0.00297/PV ON 220,000.00 PV DUE 7/25/18 - - - - - 652.67 - - - 7/25/2018 7/25/2018 7/25/2018 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780 % 7/25/19 (104.51) - - - - 104.51 (104.83) - (0.32) 7/25/2018 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780 % 7/25/19 CURRENT YEAR 3137BNN26 AMORTIZATION - - - - - - (13.80) - - 7/25/2018 _ INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 80.9100 3137BNN26 SHARES DUE 7/25/2018 $0.00148/PV ON 54,544.21 PV DUE 7/25/18 - - - - - 80.91 7/25/2018 7/25/2018 7/25/2018 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376 % 10/25/20 (36,610.47) - - - - 36,610.47 (36,610.18) - 0.29 7/25/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.376% 10/25/20 $1 PV ON 197.1500 3137BPCF4 SHARES DUE 7/25/2018 $0.00115/PV ON 171,932.94 PV DUE 7/25/18 - - - - - 197.15 - - 7/25/2018 7/25/2018 7/25/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 101,594.64 1.00 - - - (101,594.64) 101,594.64 - 7/26/2018 7/26/2018 7/26/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,814,096.48 1.00 - - - (1,814,096.48) 1,814,096.48 - - 7/26/2018 7/26/2018 9128282X7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 9/30/19 - - - - - 8,043.75 - - 7/26/2018 7/25/2018 7/26/2018 SOLD PAR VALUE OF U S TREASURY NT 1.375 % 9/30/19 /CITIGROUP GLOBAL 9128282X7 MARKETS INC./XOTC 1,830,000 PAR VALUE AT 98.691406% (1,830,000.00) 0.99 - - - 1,806,052.73 (1,827,191.74) (21,139.01) 7/31/2018 7/31/2018 7/31/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (1,800,055.86) 1.00 - - - 1,800,055.86 (1,800,055.86) - - 192 Page 26 of 32 RIFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Description Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Federal Tax Cost Gain/Loss Amount Long Term Gain/Loss Amount INTEREST EARNED ON U S TREASURY NT 2.000 % 1/31/20 $1 PV ON //31/LU16 7/31/2018 7/25/2018 7/31/2018 UIL6LOJJ/ • PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 7/31/20 /CITIGROUP 912828Y46 GLOBAL MARKETS INC./1,830,000 PAR VALUE AT 99.91015628 % - 1,830,000.00 - - - 1.00 - LB,JUU.UU - (1,828,355.86) - 1,828,355.86 - - - - - - - - - - 8/1/2018 INTEREST EARNED ON F F C B DEB 2.16213% 8/01/22 $1 PV ON 230000.0000 3133EHTJ2 SHARES DUE 8/1/2018 - - - - - 428.22 L - - 8/1/2018 8/1/2018 8/1/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 15,198.95 1.00 - (15,198.95) 15,198.95 8/1/2018 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DU 31846V203 7/31/2018 INTEREST FROM 7/1/18 TO 7/31/18 638.60 8/1/2018 INTEREST EARNED ON PALO ALTO CA 2.291 % 8/01/20 $1 PV ON 325000.0000 697379UD5 SHARES DUE 8/1/2018 - 3,722.88 8/1/2018 INTEREST EARNED ON SAN FRANCISCO CITY 2.000 % 8/01/20 $1 PV ON 79770GGM2 300000.0000 SHARES DUE 8/1/2018 3,000.00 8/1/2018 INTEREST EARNED ON SAN JOSE CA 2.098% 8/01/19 $1 PV ON 320000.0000 798170AB2 SHARES DUE 8/1/2018 - - - - - 3,356.80 - - 8/1/2018 INTEREST EARNED ON SAN JOSE CA REDEV 2.259% 8/01/20 $1 PV ON 798170AC0 190000.0000 SHARES DUE 8/1/2018 - - - - - 2,146.05 8/1/2018 AMORTIZED PREMIUM ON TEXAS ST REF WTR 2.036 % 8/01/20 CURRENT YEAR 882723UC1 AMORTIZATION - - - - - - 59) - - 8/1/2018 INTEREST EARNED ON TEXAS ST REF WTR 2.036 % 8/01/20 $1 PV ON 882723UC1 250000.0000 SHARES DUE 8/1/2018 - - - - - 2,545.00 - - 8/2/2018 INTEREST EARNED ON F N M A 0.875 % 8/02/19 $1 PV ON 530000.0000 3135GON33 SHARES DUE 8/2/2018 - - - - - 2,318.75 - - - 8/2/2018 8/2/2018 8/2/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,957.35 1.00 - - - (2,957.35) 2,957.35 - - 8/6/2018 INTEREST EARNED ON F F C B 2.16725% 9/06/22 $1 PV ON 260000.0000 3133EHXH1 SHARES DUE 8/6/2018 - - - - - 485.22 - - - 8/6/2018 8/6/2018 8/6/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 5, 110.22 1.00 - - - (5, 110.22) 5, 110.22 - - 8/6/2018 INTEREST EARNED ON MICROSOFT CORP 1.850 % 2/06/20 $1 PV ON 594918BV5 500000.0000 SHARES DUE 8/6/2018 - - - - - 4,625.00 - - - 8/13/2018 INTEREST EARNED ON F H L B DEB 2.125% 2/11/20 $1 PV ON 800000.0000 3130ADN32 SHARES DUE 8/11/2018 - - - - - 8,594.44 - - - 8/13/2018 INTEREST EARNED ON F F C B 2.0875 % 12/11/20 $1 PV ON 510000.0000 3133EH2J1 SHARES DUE 8/11/2018 - - - - - 916.76 - - - 8/13/2018 INTEREST EARNED ON F F C B DEB 2.15425% 7/13/22 $1 PV ON 310000.0000 3133EHRD7 SHARES DUE 8/13/2018 - - - - - 575.07 - - - 8/13/2018 8/13/2018 8/13/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 916.76 1.00 - - - (916.76) 916.76 - - 8/13/2018 8/13/2018 8/13/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 128,220.20 1.00 - - - (128,220.20) 128,220.20 - - 8/13/2018 8/13/2018 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500 % 912828F62 10/31/19 - - - - - 513.59 - - - 8/13/2018 8/10/2018 8/13/2018 SOLD PAR VALUE OF U S TREASURY NT 1.500 % 10/31/19 /HSBC SECURITIES, 912828F62 INC./120,000 PAR VALUE AT 98.780917 % _ (120,000.00) 0.99 - - - 118,537.10 (119,821.14) (1,284.04) - 8/14/2018 8/1/2018 8/14/2018 PURCHASED PAR VALUE OF F H L M C MLTCL 2.28138 % 2/25/23 /J.P. MORGAN 3137FGZN8 SECURITIES LLC/240,000 PAR VALUE AT 100 % 240,000.00 1.00 - - - (240,000.00) 240,000.00 - - 8/14/2018 8/14/2018 8/14/2018 _ 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y ` (240,000.00) 1.00 - - - 240,000.00 (240,000.00) - - 8/15/2018 INTEREST EARNED ON AMERICAN EXPRESS 1.640 % 12/15/21 $1 PV ON 02582JHG8 420000.0000 SHARES DUE 8/15/2018 - - - - - 574.00 - - - 8/15/2018 INTEREST EARNED ON BERKSHIRE HATHAWAY 1.300% 8/15/19 $1 PV ON 084664CK5 160000.0000 SHARES DUE 8/15/2018 _ _ - - - - - 1,040.00 - - - 8/15/2018 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 CURRENT 161571HC1 YEAR AMORTIZATION - - - - - - (3.29) - - 8/15/2018 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370% 6/15/21 $1 PV ON 161571HC1 750000.0000 SHARES DUE 8/15/2018 856.25 - - 8/15/2018 AMORTIZED PREMIUM ON CISCO SYSTEMS INC 4.950% 2/15/19 CURRENT YEAR 17275RAE2 AMORTIZATION - - - - - - 5,883.98) - - 8/15/2018 INTEREST EARNED ON CISCO SYSTEMS INC 4.950% 2/15/19 $1 PV ON I 17275RAE2 360000.0000 SHARES DUE 8/15/2018 8,910.00 - - 8/15/2018 8/15/2018 8/15/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,430.25 1.00 - - - (1,430.25) 1,430.25 - - 8/15/2018 8/15/2018 8/15/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 50,669.72 1.00 - - - (50,669.72) 50,669.72 - - 8/15/2018 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 459.8300 47787XAC1 SHARES DUE 8/15/2018 $0.00148/PV ON 310,000.00 PV DUE 8/15/18 - - - - - 459.83 - - 8/15/2018 r INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 58769DAD2 551.9200 SHARES DUE 8/15/2018 $0.00149/PV ON 370,000.00 PV DUE 8/15/18 - - - - - 551.92 - - 8/15/2018 AMORTIZED PREMIUM ON NEW YORK ST SER B 3.600% 2/15/19 CURRENT YEAR 649791EV8 AMORTIZATION - - - - - - 2,372.83 8/15/2018 INTEREST EARNED ON NEW YORK ST SER B 3.600% 2/15/19 $1 PV ON 649791EV8 250000.0000 SHARES DUE 8/15/2018 - - - - - 4,500.00 - 8/15/2018 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 65479BAD2 SHARES DUE 8/15/2018 $0.00171/PV ON 220,000.00 PV DUE 8/15/18 375.83 8/15/2018 8/15/2018 8/15/2018 80284TAF2 PAID DOWN PAR VALUE OF SANTANDER DRIVE 1.770% 9/15/20 (22,252.27) - - - - 22,252.27 (22,252.12) - 0.15 8/15/2018 INTEREST EARNED ON SANTANDER DRIVE 1.770% 9/15/20 $1 PV ON 141.8000 80284TAF2 SHARES DUE 8/15/2018 $0.00148/PV ON 96,136.41 PV DUE 8/15/18 - - - - - 141.80 - - - 8/15/2018 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 762.6700 89190BAD0 SHARES DUE 8/15/2018 $0.00147/PV ON 520,000.00 PV DUE 8/15/18 - - - - - 762.67 - - - 8/15/2018 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 542.0700 89238MAD0 SHARES DUE 8/15/2018 $0.00144/PV ON 376,000.00 PV DUE 8/15/18 - - - - - 542.07 - - - 193 Page 27 of 32 RIFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Net Cash Amount Amount Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss Amount Amount INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 198.3300 6/ IJ/LU 10 8/15/2018 9 9U0.. LOUIVl U O 41U.014e/ry V INTEREST EARNED ON U S TREASURY NT 1.500% 8/15/20 $1 PV ON 9128282Q2 1458000.0000 SHARES DUE 8/15/2018 - - - - - - - I VOd.3 - 10,935.00 - - - - - - - - - - - 8/16/2018 INTEREST EARNED ON F H L M C M T N 2.375% 2/16/21 $1 PV ON 510000.0000 3137EAEL9 SHARES DUE 8/16/2018 - - - - - 6,056.25 - 8/16/2018 8/16/2018 8/16/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 6,056.25 1.00 - - - (6,056.25) 6,056.25 - 8/20/2018 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ON 172.5000 05584PAD9 SHARES DUE 8/20/2018 $0.00173/PV ON 100,000.00 PV DUE 8/20/18 - - - - - 172.50 lir - 8/20/2018 8/20/2018 8/20/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 10,443.25 1.00 - - - (10,443.25) 10,443.25 - 8/20/2018 INTEREST EARNED ON HONDA AUTO 1.790 % 9/20/21 $1 PV ON 223.7500 43814PAC4 SHARES DUE 8/18/2018 $0.00149/PV ON 150,000.00 PV DUE 8/18/18 - - - - - 223.75 - - 8/20/2018 AMORTIZED PREMIUM ON STATE STREET CORP 2.550% 8/18/20 CURRENT YEAR 857477AS2 AMORTIZATION - - - - - - 1,502.93 - - 8/20/2018 INTEREST EARNED ON STATE STREET CORP 2.550% 8/18/20 $1 PV ON 857477AS2 788000.0000 SHARES DUE 8/18/2018 - - - - - - - - - 10,047.00 - 472.22 - - - - - 8/21/2018 8/21/2018 3130ADN32 RECEIVED ACCRUED INTEREST ON SALE OF F H L B DEB 2.125% 2/11/20 8/21/2018 8/20/2018 8/21/2018 SOLD PAR VALUE OF F H L B DEB 2.125 % 2/11/20 /J.P. MORGAN SECURITIES 3130ADN32 LLC/800,000 PAR VALUE AT 99.34 % (800,000.00) 0.99 - - - 794,720.00 (798,536.00) (3,816.00) - 8/21/2018 8/21/2018 8/21/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (170,291.63) 1.00 - - - 170,291.63 (170,291.63) - - 8/21/2018 8/21/2018 8/21/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 162,937.65 1.00 - - - (162,937.65) 162,937.65 - - 8/21/2018 8/21/2018 9128284W7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.750% 8/15/21 - - - - - (358.70) - - - 8/21/2018 8/20/2018 8/21/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.750% 8/15/21 /J.P. MORGAN 9128284W7 SECURITIES LLC/800,000 PAR VALUE AT 100.2734375 % 800,000.00 1.00 - - - (802,187.50) 802,187.50 - - 8/22/2018 8/22/2018 3130ACE26 RECEIVED ACCRUED INTEREST ON SALE OF F H L B 1.375% 9/28/20 - - - - - 1,980.00 - - - 8/22/2018 8/21/2018 8/22/2018 SOLD PAR VALUE OF F H L B 1.375% 9/28/20 /DEUTSCHE BANK 3130ACE26 SECURITIES, INC./360,000 PAR VALUE AT 97.426003 % (360,000.00) 0.97 - - - 350,733.61 (358,844.40) (8,110.79) - 8/22/2018 8/22/2018 8/22/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 154,605.13 1.00 - - - (154,605.13) 154,605.13 - - 8/22/2018 8/22/2018 8/22/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (162,937.65) 1.00 - - - 162,937.65 (162,937.65) - - 8/22/2018 8/22/2018 9128284W7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.750% 8/15/21 - - - - - (188.32) - - - 8/22/2018 8/21/2018 8/22/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.750% 8/15/21 /NATW EST 9128284W7 MKTS SECS/FIXED INCOME/360,000 PAR VALUE AT 100.23828056 % 360,000.00 1.00 - - - (360,857.81) 360,857.81 - - 8/23/2018 INTEREST EARNED ON APPLE INC 2.250% 2/23/21 $1 PV ON 500000.0000 037833BS8 SHARES DUE 8/23/2018 - - - - - 5,625.00 - - - 8/23/2018 8/23/2018 8/23/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 5,625.00 1.00 - - - (5,625.00) 5,625.00 - - 8/24/2018 INTEREST EARNED ON F F C B DEB 2.079% 8/24/20 $1 PV ON 130000.0000 3133EHVR1 SHARES DUE 8/24/2018 - - - - - 232.73 - - - 8/24/2018 8/24/2018 8/24/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 501,559.19 1.00 - - - (501,559.19) 501,559.19 - - 8/24/2018 8/24/2018 68389XAQ8 RECEIVED ACCRUED INTEREST ON SALE OF ORACLE CORP 2.375% 1/15/19 - - - - - 1,286.46 - - - 8/24/2018 8/22/2018 8/24/2018 SOLD PAR VALUE OF ORACLE CORP 2.375% 1/15/19 /MARKETAXESS 68389XAQ8 CORP/500,000 PAR VALUE AT 100.008 % (500,000.00) 1.00 - - - 500,040.00 (501,608.39) - (1,568.39) 8/24/2018 AMORTIZED PREMIUM ON ORACLE CORP 2.375% 1/15/19 CURRENT YEAR 68389XAQ8 AMORTIZATION - - - - - - (451.33) - - 8/27/2018 TRUST FEES COLLECTED CHARGED FOR PERIOD 07/01/2018 THRU 07/31/2018 COLLECTED BY DISBURSEMENT - - - - - (531.58) - - - 8/27/2018 8/25/2018 8/27/2018 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 (32,920.50) - - - - 32,920.50 (32,920.35) - 0.15 8/27/2018 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 05582QAD9 339.3700 SHARES DUE 8/25/2018 $0.00097/PV ON 351,070.34 PV DUE 8/25/18 ill - - - - - 339.37 - - 8/27/2018 8/27/2018 3130ADUJ9 RECEIVED ACCRUED INTEREST ON SALE OF F H L B DEB 2.375% 3/30/20 - - - - - 9,878.02 - - - 8/27/2018 8/23/2018 8/27/2018 SOLD PAR VALUE OF F H L B DEB 2.375% 3/30/20 /CITIGROUP GLOBAL 3130ADUJ9 MARKETS INC./930,000 PAR VALUE AT 99.653 % (930,000.00) 1.00 - - - 926,772.90 (929,832.60) (3,059.70) - 8/27/2018 INTEREST EARNED ON F F C B DEB 2.06363% 6/25/20 $1 PV ON 510000.0000 3133EHRZ8 SHARES DUE 8/25/2018 - - - - - 906.28 - - - 8/27/2018 8/22/2018 8/27/2018 PURCHASED PAR VALUE OF F H L M C M T N 2.900% 8/27/21 /CITIGROUP 3134GSWC5 GLOBAL MARKETS INC./510,000 PAR VALUE AT 100 % 510,000.00 1.00 - - - (510,000.00) 510,000.00 - - 8/27/2018 8/25/2018 8/27/2018 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.858% 9/25/18 (6,021.61) - - - - 6,021.61 (6,020.07) - 1.54 8/27/2018• INTEREST EARNED ON F N M A GTD REMIC 1.858% 9/25/18 $1 PV ON 25.2600 3136AMTM1 SHARES DUE 8/25/2018 $0.00198/PV ON 12,783.84 PV DUE 8/25/18 1.1.• - - - - - 25.26 - 8/27/2018 8/25/2018 8/27/2018 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 8/25/18 PRIN AND 3136B1XP4 INT PYMT (6,285.97 85.43 - - - 6,285.97 6,399.24 113.27 - 8/27/2018 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 652.6700 3136B1XP4 SHARES DUE 8/25/2018 $0.00297/PV ON 220,000.00 PV DUE 8/25/18 - - - - 652.67 - 8/27/2018 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRENT YEAR 3136B1XP4 AMORTIZATION - - - - - - - - 8/27/2018 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 3 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 - (3,083.93) - - - - - - - - 3,083.93 - (3,092.62) - - (8.69) 8/27/2018 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR 3137BNN26 AMORTIZATION - - - - - - (14.23) - - 8/27/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 80.7500 3137BNN26 SHARES DUE 8/25/2018 $0.00148/PV ON 54,439.70 PV DUE 8/25/18 - - - 80.75 - - - 8/27/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.376% 10/25/20 $1 PV ON 155.1700 3137BPCF4 SHARES DUE 8/25/2018 $0.00115/PV ON 135,322.47 PV DUE 8/25/18 - 155.17 194 Page 28 of 32 15111Pr RIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 Account Number: 001050990415 Transaction Settlement Name: RIVERSIDE COUNTY TRANS COMM Miscellaneous Federal Tax Cost Short Term Gain/Loss Long Term Gain/Loss 8/27/2018 8/25/2018 8/27/2018 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376 % 10/25/20 (50,296.29) - - - - 50,296.29 (50,295.89) 60,577.04 - 0.40 8/27/2018 8/27/2018 8/27/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 60,577.04 1.00 - - - (60,577.04) - - 8/27/2018 8/27/2018 8/27/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 466,332.36 1.00 - - - (466,332.36) 466,332.36 - - 8/28/2018 8/22/2018 8/28/2018 06050TMH2 PURCHASED PAR VALUE OF BANK OF AMERICA NA 25.6138 % 8/28/20 /MLPFS INC/FIXED INCOME/410,000 PAR VALUE AT 100 % 410,000.00 1.00 - - - (410,000.00) 410,000.00 - - 8/28/2018 3135GOT29 INTEREST EARNED ON F N M A DEB 1.500 % 2/28/20 $1 PV ON 300000.0000 SHARES DUE 8/28/2018 - - - - - 2,250.00 - - - 8/28/2018 8/28/2018 8/28/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (407,750.00) 1.00 - - - 407,750.00 (407,750.00) - - 8/31/2018 8/31/2018 8/31/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (716,315.63) 1.00 - - 716,315.63 (716,315.63) - - 8/31/2018 9128283Y4 AMORTIZED PREMIUM ON U S TREASURY NT 2.250 % 2/29/20 CURRENT YEAR AMORTIZATION - - - - (4.56) - - 8/31/2018 9128283Y4 INTEREST EARNED ON U S TREASURY NT 2.250 % 2/29/20 $1 PV ON 265000.0000 SHARES DUE 8/31/2018 - - - - - 2,981.25 - - - 8/31/2018 8/29/2018 8/31/2018 9128284Y3 PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 M.P. MORGAN SECURITIES LLC/720,000 PAR VALUE AT 99.90234444 % 720,000.00 1.00 - - - (719,296.88) 719,296.88 - - 9/4/2018 13063BFS6 AMORTIZED PREMIUM ON CALIFORNIA ST BUILD 6.650 % 3/01/22 CURRENT YEAR AMORTIZATION - - - - - - (7,709.84) - - 9/4/2018 13063BFS6 INTEREST EARNED ON CALIFORNIA ST BUILD 6.650% 3/01/22 $1 PV ON 425000.0000 SHARES DUE 9/1/2018 - - - - - 14,131.25 - - - 9/4/2018 166764AU4 AMORTIZED PREMIUM ON CHEVRON CORP 2.91461 % 3/03/22 CURRENT YEAR AMORTIZATION - - - - - - (296.74) - - 9/4/2018 166764AU4 INTEREST EARNED ON CHEVRON CORP 2.91461% 3/03/22 $1 PV ON 500000.0000 SHARES DUE 9/3/2018 - - - - - 3,643.26 - - - 9/4/2018 30231GAV4 INTEREST EARNED ON EXXON MOBIL 2.222 % 3/01/21 $1 PV ON 500000.0000 SHARES DUE 9/1/2018 - - - - - 5,555.00 - - - 9/4/2018 3133EHTJ2 INTEREST EARNED ON F F C B DEB 2.1515% 8/01/22 $1 PV ON 230000.0000 SHARES DUE 9/1/2018 - - - - - 426.12 - - - 9/4/2018 9/4/2018 9/4/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 38,445.43 1.00 - - - (38,445.43) 38,445.43 - - 9/4/2018 31846V203 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 8/31/2018 INTEREST FROM 8/1/18 TO 8/31/18 - - - - - 416.20 - 9/4/2018 45750TAG8 • AMORTIZED PREMIUM ON INLAND VLY CA DEV 3.627% 3/01/20 CURRENT YEAR AMORTIZATION - - - - - 413.73 9/4/2018 45750TAG8 INTEREST EARNED ON INLAND VLY CA DEV 3.627 % 3/01/20 $1 PV ON 230000.0000 SHARES DUE 9/1/2018 - - - - - 4,171.05 9/4/2018 54465AGK2 INTEREST EARNED ON LOS ANGELES CA 1.125% 9/01/19 $1 PV ON 270000.0000 SHARES DUE 9/1/2018 - - - - - 1,518.75 - - - 9/4/2018 649791EJ5 AMORTIZED PREMIUM ON NEW YORK ST REF SER 3.600 % 9/01/19 CURRENT YEAR AMORTIZATION - - - - - - (4,805.76) - - 9/4/2018 649791EJ5 INTEREST EARNED ON NEW YORK ST REF SER 3.600% 9/01/19 $1 PV ON 500000.0000 SHARES DUE 9/1/2018 - - - - - 9,000.00 - - - 9/5/2018 9/5/2018 9/5/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y Me (103,078.52) 1.00 - - - 103,078.52 (103,078.52) - - 9/5/2018 9/5/2018 9/5/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 118,844.72 1.00 - - - (118,844.72) 118,844.72 - - 9/5/2018 9/5/2018 9128284W7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.750 % 8/15/21 - - - - (816.03) ` - - - 9/5/2018 9/4/2018 9/5/2018 9128284W7 PURCHASED PAR VALUE OF U S TREASURY NT 2.750 % 8/15/21 /BMO CAPITAL MARKETS CORP/BONDS/520,000 PAR VALUE AT 100.078125 % 520,000.00 1.00 520,406.25 520,406.25 9/5/2018 9/5/2018 9128284Y3 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625% 8/31/20 - - - - - (561.98) - 9/5/2018 9/4/2018 9/5/2018 9128284Y3 PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /CITIGROUP GLOBAL MARKETS INC./1,550,000 PAR VALUE AT 99.94921871 % 1,550,000.00 1.00 - - - (1,549,212.89) 1,549,212.89 - - 9/5/2018 9/5/2018 912828F62 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500 % 10/31/19 - �- 10,956.52 9/5/2018 9/4/2018 9/5/2018 912828F62 SOLD PAR VALUE OF U S TREASURY NT 1.500 % 10/31/19 /BMO CAPITAL MARKETS CORP./2,100,000 PAR VALUE AT 98.828125 % 2,100,000.00) 0.99 - - - 2,075,390.63 2,095,532.58) 20,141.95 - 9/6/2018 3133EHXH1 INTEREST EARNED ON F F C B 2.16019% 9/06/22 $1 PV ON 260000.0000 SHARES DUE 9/6/2018 483.64 - 9/6/2018 9/6/2018 9/6/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 243,719.09 1.00 - - - (243,719.09) 243,719.09 9/6/2018 9/6/2018 9/4/2018 9/6/2018 9/6/2018 717081DL4 717081DL4 RECEIVED ACCRUED INTEREST ON SALE OF PFIZER INC 2.100% 5/15/19 =- - - - - 1,618.75 - - SOLD PAR VALUE OF PFIZER INC 2.100 % 5/15/19 /CREDIT SUISSE SECURITIES (USA)/250,000 PAR VALUE AT 99.719 % 250,000.00 1.00 - - - 249,297.50 250,759.75 - 1,462.25 9/6/2018 717081DL4 AMORTIZED PREMIUM ON PFIZER INC 2.100 % 5/15/19 CURRENT YEAR AMORTIZATION - - - - - - 339.34 - 9/6/2018 9/6/2018 9128283H1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.750 % 11/30/19 - - - - - 7,239.55 - - 9/6/2018 9/5/2018 9/6/2018 9128283H1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 11/30/19 /CITIGROUP GLOBAL MARKETS INC./XOTC 1,545,000 PAR VALUE AT 99.034821 % (1,545,000.00) 0.99 - - - 1,530,087.98 (1,542,887.70) (12,799.72) . 9/6/2018 9/6/2018 9128284Y3 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625% 8/31/20 - - - - - (672.20) - - 9/6/2018 9/5/2018 9/6/2018 9128284Y3 PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /NATWEST MKTS SECS/FIXED INCOME/1,545,000 PAR VALUE AT 99.95703107 % 1,545,000.00 1.00 - - - (1,544,336.13) 1,544,336.13 - . 9/7/2018 9/7/2018 9/7/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (249,662.50) 1.00 - - - 249,662.50 (249,662.50) - 9/7/2018 9/4/2018 9/7/2018 717081EM1 PURCHASED PAR VALUE OF PFIZER INC 3.000% 9/15/21 /CREDIT SUISSE SECURITIES (USA)/250,000 PAR VALUE AT 99.865 % 250,000.00 1.00 - - - (249,662.50) 249,662.50 - 9/11/2018 9/11/2018 191216BT6 RECEIVED ACCRUED INTEREST ON SALE OF COCA COLA CO THE 1.875% 10/27/20 - - - - - 3,489.58 - - - 195 Page 29 of 32 15111Pr RIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss Amount Amount SOLD PAR VALUE OF COCA COLA CO THE 1.875 % 10/27/20 /GOLDMAN SACHS & 9/11/2018 9/7/2018 9/11/2018 191216BT6 CO. LLC/XOTC 500,000 PAR VALUE AT 97.882 % (500,000.00) 0.98 - - - 489,410.00 (500,143.32) - (10,733.32) 9/11/2018 AMORTIZED PREMIUM ON COCA COLA CO THE 1.875 % 10/27/20 CURRENT YEAR 191216BT6 AMORTIZATION - - - - - - (29.33) - - 9/11/2018 INTEREST EARNED ON F F C B 2.07731 % 12/11/20 $1 PV ON 510000.0000 3133EH2J1 SHARES DUE 9/11/2018 - - - - - 912.29 - - - 9/11/2018 9/11/2018 3135GON33 RECEIVED ACCRUED INTEREST ON SALE OF F N M A 0.875 % 8/02/19 - - - - - 502.40 - - - 9/11/2018 9/10/2018 9/11/2018 SOLD PAR VALUE OF F N M A 0.875 % 8/02/19 /MORGAN STANLEY & CO. 3135GON33 LLC/530,000 PAR VALUE AT 98.551 % (530,000.00) 0.99 - - - 522,320.30 (529,109.60) - (6,789.30) 9/11/2018 9/11/2018 9/11/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 442,731.48 1.00 - - - (442,731.48) 442,731.48 - - 9/11/2018 9/11/2018 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.750% 9128283H1 11/30/19 - - - - - 4,801.74 9/11/2018 9/7/2018 9/11/2018 SOLD PAR VALUE OF U S TREASURY NT 1.750% 11/30/19 /NATWEST MARKETS 9128283H1 SECURITIES INC/975,000 PAR VALUE AT 98.992188 % 975,000.00 0.99 965,173.83 973,666.99 8,493.16 9/11/2018 9/11/2018 9128284Y3 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625% 8/31/20 (1,232.37) 9/11/2018 9/7/2018 9/11/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.625 % 8/31/20 /MLPFS 9128284Y3 INC/FIXED INCOME/1,545,000 PAR VALUE AT 99.84765631 % 1,545,000.00 1.00 - - - (1,542,646.29) 1,542,646.29 - - 9/12/2018 9/12/2018 191216BV1 RECEIVED ACCRUED INTEREST ON SALE OF COCA COLA CO 1.375 % 5/30/19 - - - - - 973.96 - 9/12/2018 9/10/2018 9/12/2018 SOLD PAR VALUE OF COCA COLA CO 1.375% 5/30/19 /MILLENNIUM 191216BV1 ADVISORS, LLC/250,000 PAR VALUE AT 99.215 % (250,000.00) 0.99 - - - 248,037.50 (249,825.00) - 1,787.50 9/12/2018 9/12/2018 9/12/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (243,044.37) 1.00 - - - 243,044.37 (243,044.37) - 9/12/2018 9/12/2018 PAID ACCRUED INTEREST ON PURCHASE OF WALMART STORES INC 1.900 % 931142EA7 12/15/20 - - - - - (2,295.83) - - 9/12/2018 9/10/2018 9/12/2018 PURCHASED PAR VALUE OF WALMART STORES INC 1.900 % 12/15/20 /US 931142EA7 BANCORP INVESTMENTS INC./500,000 PAR VALUE AT 97.952 % 500,000.00 0.98 - - - (489,760.00) 489,760.00 9/13/2018 INTEREST EARNED ON F F C B DEB 2.14731 % 7/13/22 $1 PV ON 310000.0000 3133EHRD7 SHARES DUE 9/13/2018 - - - - - 573.21 - - 9/13/2018 9/13/2018 9/13/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y M. (254,501.29) 1.00 - - - 254,501.29 (254,501.29) - 9/13/2018 9/13/2018 9128284W7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.750% 8/15/21 - - - - - (552.62) - - 9/13/2018 9/11/2018 9/13/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.750% 8/15/21 /NATWEST 9128284W7 MKTS SECS/FIXED INCOME/255,000 PAR VALUE AT 99.81250196 % 255,000.00 1.00 - - - (254,521.88) 254,521.88 - 9/14/2018 9/14/2018 9/14/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 72,152.38 1.00 - - - (72,152.38) 72,152.38 9/14/2018 9/14/2018 9/14/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (58,087.13) 250,000.00 1.00 - - 1.00 - - - 58,087.13 (58,087.13) 9/14/2018 9/11/2018 9/14/2018 PURCHASED PAR VALUE OF 3M COMPANY MTN 3.000 % 9/14/21 /CITIGROUP 88579YBA8 GLOBAL MARKETS INC./250,000 PAR VALUE AT 99.795 % - (249,487.50) 249,487.50 9/14/2018 9/14/2018 9128283Y4 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.250% 2/29/20 - - - - - 230.59 - 9/14/2018 9/13/2018 9/14/2018 SOLD PAR VALUE OF U S TREASURY NT 2.250% 2/29/20 /BMO CAPITAL 9128283Y4 MARKETS CORP./265,000 PAR VALUE AT 99.366853 % 265,000.00 0.99 - - - 263,322.16 265,014.54 1,692.38 - 9/14/2018 AMORTIZED PREMIUM ON U S TREASURY NT 2.250% 2/29/20 CURRENT YEAR 9128283Y4 AMORTIZATION - 1.60 9/17/2018 INTEREST EARNED ON AMERICAN EXPRESS 1.640% 12/15/21 $1 PV ON 02582JHG8 420000.0000 SHARES DUE 9/15/2018 - - - - - - 574.00 - - - 1,019.89 - - - 9/17/2018 AMORTIZED PREMIUM ON AUTOMATIC DATA 2.250% 9/15/20 CURRENT YEAR 053015AD5 AMORTIZATION 9/17/2018 INTEREST EARNED ON AUTOMATIC DATA 2.250% 9/15/20 $1 PV ON 053015AD5 450000.0000 SHARES DUE 9/15/2018 - - - - - 5,062.50 - - 9/17/2018 INTEREST EARNED ON BERKSHIRE HATHAWAY 2.200% 3/15/21 $1 PV ON 084670BQ0 471000.0000 SHARES DUE 9/15/2018 - - - - - 5,181.00 - - - 9/17/2018 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 CURRENT 161571HC1 YEAR AMORTIZATION - - - - - - (2.76) - - 9/17/2018 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370% 6/15/21 $1 PV ON 161571HC1 750000.0000 SHARES DUE 9/15/2018 PP-- - - - - 856.25 - - - 9/17/2018 9/17/2018 9/17/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 36,980.10 1.00 - - - (36,980.10) 36,980.10 - - 9/17/2018 9/17/2018 9/17/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,430.25 1.00 - - - (1,430.25) 1,430.25 - - 9/17/2018 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 459.8300 47787XAC1 SHARES DUE 9/15/2018 $0.00148/PV ON 310,000.00 PV DUE 9/15/18 - - - - - 459.83 - - - 9/17/2018 r INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 58769DAD2 551.9200 SHARES DUE 9/15/2018 $0.00149/PV ON 370,000.00 PV DUE 9/15/18 - - - - - 551.92 - - - 9/17/2018 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 65479BAD2 SHARES DUE 9/15/2018 $0.00171/PV ON 220,000.00 PV DUE 9/15/18 - - - - - 375.83 - - - 9/17/2018 9/15/2018 9/17/2018 80284TAF2 PAID DOWN PAR VALUE OF SANTANDER DRIVE 1.770% 9/15/20 (23,736.97) 42.73 - - - 23,736.97 (23,736.81) - 0.16 9/17/2018 INTEREST EARNED ON SANTANDER DRIVE 1.770% 9/15/20 $1 PV ON 108.9800 80284TAF2 SHARES DUE 9/15/2018 $0.00148/PV ON 73,884.14 PV DUE 9/15/18 - - - - - 108.98 - - - 9/17/2018 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 762.6700 89190BAD0 SHARES DUE 9/15/2018 $0.00147/PV ON 520,000.00 PV DUE 9/15/18 - - - - - 762.67 - - - 9/17/2018 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 542.0700 89238MAD0 SHARES DUE 9/15/2018 $0.00144/PV ON 376,000.00 PV DUE 9/15/18 - - - - - 542.07 - - - 9/17/2018 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 198.3300 90290AAC1 SHARES DUE 9/15/2018 $0.00142/PV ON 140,000.00 PV DUE 9/15/18 - - - - 198.33 - - - 9/18/2018 9/18/2018 9/18/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 223.75 1.00 - - (223.75) 223.75 - - 9/18/2018 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 223.7500 43814PAC4 SHARES DUE 9/18/2018 $0.00149/PV ON 150,000.00 PV DUE 9/18/18 223.75 196 Page 30 of 32 15111Pr RIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 Account Number: 001050990415 Transaction Settlement Name: RIVERSIDE COUNTY TRANS COMM Miscellaneous Federal Tax Cost Short Term Gain/Loss Long Term Gain/Loss 9/19/2018 9/19/2018 3130ABMP8 - (769,912.61) - - RECEIVED ACCRUED INTEREST ON SALE OF F H L B DEB 2.132 % 6/27/19 - - - - - 3,911.34 9/19/2018 9/18/2018 9/19/2018 3130ABMP8 SOLD PAR VALUE OF F H L B DEB 2.132% 6/27/19 /MORGAN STANLEY & CO. LLC/770,000 PAR VALUE AT 100.0097 % (770,000.00) 1.00 - - - 770,074.69 - 162.08 09/19/2018 43362 43362 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -110,786.4800 1.000000 - - - 110,786.48 (110,786.48) - - 09/19/2018 43362 43362 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 116,147.9600 1.000000 - - - (116,147.96) 116,147.96 - - 09/19/2018 43362 9128284Y3 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625% 8/31/20 0.0000 0.000000 - - - (1,060.88) - - - 09/19/2018 09/18/2018 09/19/2018 -r 9128284Y3 PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /MLPFS INC/FIXED INCOME/770,000 PAR VALUE AT 99.68359351 % 770,000.0000 0.996836 - - - (767,563.67) 767,563.67 - - 09/20/2018 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070% 10/20/20 $1 PV ON 172.5000 SHARES DUE 9/20/2018 $0.00173/PV ON 100,000.00 PV DUE 9/20/18 0.0000 0.000000 - - - 172.50 - - - 09/20/2018 17275RBG6 INTEREST EARNED ON CISCO SYSTEMS INC 1.400 % 9/20/19 $1 PV ON 40000.0000 SHARES DUE 9/20/2018 0.0000 0.000000 - - - 280.00 - 09/20/2018 09/20/2018 09/20/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 452.5000 1.000000 - - - (452.50) 452.50 09/21/2018 09/21/2018 3133EJJD2 3133EJJD2 RECEIVED ACCRUED INTEREST ON SALE OF F F C B DEB 2.540% 4/05/21 0.0000 0.000000 - - 0.990930 - - - 5,973.23 - 505,374.30 - S10,001.40) 4,627.10 - 09/21/2018 09/20/2018 09/21/2018 SOLD PAR VALUE OF F F C B DEB 2.540% 4/05/21 /HSBC SECURTTIES (USA) FXD INC/510,000 PAR VALUE AT 99.093% -510,000.0000 09/21/2018 3133EJJD2 AMORTIZED PREMIUM ON F F C B DEB 2.540% 4/05/21 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - 1 (3.70) - 09/21/2018 09/21/2018 3137EAEK1 RECEIVED ACCRUED INTEREST ON SALE OF F H L M C M T N 1.875% 11/17/20 0.0000 0.000000 - - - 3,552.08 - - - 09/21/2018 09/20/2018 09/21/2018 3137EAEK1 SOLD PAR VALUE OF F H L M C M T N 1.875% 1 I/17/20 /MORGAN STANLEY & CO. LLC/550,000 PAR VALUE AT 97.986 % -550,000.0000 0.979860 - - - 538,923.00 (549,472.00) (10,549.00) - 09/21/2018 09/21/2018 09/21/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -3,283.3200 1.000000 - - - 3,283.32 (3,283.32) - - 09/21/2018 09/21/2018 9128284Y3 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625% 8/31/20 0.0000 0.000000 - - - (837.53) - - - 09/21/2018 09/20/2018 09/21/2018 9128284Y3 PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /MLPFS INC/FIXED INCOME/550,000 PAR VALUE AT 99.65234364 % 550,000.0000 0.996523 - - - (548,087.89) 548,087.89 - - 09/21/2018 09/21/2018 9128285A4 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.750% 9/15/21 0.0000 0.000000 - - - (232.46) - - - 09/21/2018 09/20/2018 09/21/2018 9128285A4 PURCHASED PAR VALUE OF U S TREASURY NT 2.750% 9/15/21 /MLPFS INC/FIXED INCOME/510,000 PAR VALUE AT 99.59765686% 510,000.0000 0.995977 - - - (507,948.05) 507,948.05 - - 09/24/2018 3133EHVR1 INTEREST EARNED ON F F C B DEB 2.076% 8/24/20 $1 PV ON 130000.0000 SHARES DUE 9/24/2018 0.0000 0.000000 - - - 232.40 - - - 09/24/2018 09/24/2018 09/24/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 6,480.2500 1.000000 - - - (6,480.25) 6,480.25 - - 09/24/2018 48I25LRJ3 AMORTIZED PREMIUM ON JP MORGAN MTN 2.92506% 9/23/19 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (905.68) - - 09/24/2018 48I25LRJ3 INTEREST EARNED ON JP MORGAN MTN 2.92506% 9/23/19 $1 PV ON 845000.0000 SHARES DUE 9/24/2018 0.0000 0.000000 - - - 6,247.85 - - - 09/25/2018 TRUST FEES COLLECTED CHARGED FOR PERIOD 08/01/2018 THRU 08/31/2018 COLLECTED BY DISBURSEMENT 0.0000 0.000000 (533.28) 09/25/2018 09/25/2018 09/25/2018 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.I60% 11/25/20 -30,582.7300 0.000000 30,582.73 (30,582.59) 0.14 09/25/2018 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 307.5400 SHARES DUE 9/25/2018 $0.00097/PV ON 318,149.84 PV DUE 9/25/18 0.0000 0.000000 - - - 307.54 - 09/25/2018 3133EHRZ8 INTEREST EARNED ON F F C B DEB 2.06475% 6/25/20 $ l PV ON 510000.0000 SHARES DUE 9/25/2018 0.0000 0.000000 - - - 906.77 - - - 09/25/2018 09/25/2018 09/25/2018 3136AMTM1 PAID DOWN PAR VALUE OF F NM A GTD REMIC 1.858% 9/25/18 -6,762.2300 7,691.397842 - - - 6,762.23 (6,760.49) - 1.74 09/25/2018 INTEREST EARNED ON F N M A GTD REMIC 1.858 % 9/25/18 $1 PV ON 13.3500 SHARES 3136AMTM1 DUE 9/25/2018 $0.00197/PV ON 6,762.23 PV DUE 9/25/18 0.0000 0.000000 - - - 13.35 - - - 09/25/2018 09/25/2018 09/25/2018 3136E IXP4 PAID DOWN PAR VALUE OF F NM A GTD REMIC 3.560% 9/25/21 -6,011.7800 0.000000 - - - 6,011.78 (6, I17.13) (105.35) - 09/25/2018 3136B1XP4 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (105.93) - - 09/25/2018 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 634.0200 SHARES DUE 9/25/2018 $0.00297/PV ON 213,714.03 PV DUE 9/25/18 0.0000 0.000000 - - - 634.02 - - - 09/25/2018 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 213714.0300 SHARES DUE 9/25/2018 0.0000 0.000000 - - - 11.45 - - - 09/25/2018 09/25/2018 09/25/2018 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 -20,278.4400 0.000000 - - - 20,278.44 (20,330.25) - (51.81) 09/25/2018 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (13.42) - - 09/25/2018 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $ I PV ON 76.1800 SHARES DUE 9/25/2018 $0.00148/PV ON 51,355.77 PV DUE 9/25/18 0.0000 0.000000 - - - 76.18 - - - 09/25/2018 09/25/2018 09/25/2018 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376% 10/25/20 -22,086.0800 0.000000 - - 22,086.08 (22,085.90) - 0.18 e 09/25/2018 3137BPCF4 INTEREST EARNED ON F H L M C MLTCL MTG 1.376% 10/25/20 $ I PV ON 97.5000 SHARES DUE 9/25/2018 $0.00115/PV ON 85,026.18 PV DUE 9/25/18 0.0000 0.000000 - - 97.50 - - - 09/25/2018 09/25/2018 09/25/2018 3137FGZN8 PAID DOWN PAR VALUE OF F H L M C MLTCL 3.19393% 2/25/23 -4,499.7800 0.000000 - - - 4,499.78 (4,499.78) - - 09/25/2018 3137FGZN8 INTEREST EARNED ON F H L M C MLTCL 3.19393% 2/25/23 $1 PV ON 638.7900 SHARES DUE 9/25/2018 $0.00266/PV ON 240,000.00 PV DUE 9/25/18 0.0000 0.000000 - - - 638.79 - - - 09/25/2018 09/25/2018 09/25/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 6,787.0300 1.000000 - - - (6,787.03) 6,787.03 - - 09/25/2018 09/25/2018 09/25/2018 31846V203 PURCHASED UNJJS OF FIRST AM GOVT OB FD CL Y 85,586.3300 1.000000 - - - (85,586.33) 85,586.33 - - 09/26/2018 09/26/2018 3133EJZD4 PAID ACCRUED INTEREST ON PURCHASE OF F F C B DEB 2.960% 9/13/21 0.0000 0.000000 - - - (277.91) - - - 09/26/2018 09/25/2018 09/26/2018 3133EJZD4 PURCHASED PAR VALUE OF F F C B DEB 2.960% 9/13/21 /NOMURA SECURTTIES/FIX INCOME/260,000 PAR VALUE AT 99.585 % 260,000.0000 0.995850 - - - (258,921.00) 258,921.00 - - 09/26/2018 09/26/2018 09/26/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,022,339.7700 1.000000 - - - (1,022,339.77) 1,022,339.77 - 09/26/2018 09/26/2018 9128283S7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 - - - 805.43 - - ea 09/26/2018 09/25/2018 09/26/2018 9128283$7 SOLD PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /RBC CAPITAL MARKETS, LLC/260,000 PAR VALUE AT 99.03091538 % -260,000.0000 0.990309 - - - 257,480.38 (259,410.94) (1,930.56) 09/26/2018 ; 09/26/2018 9128283S7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 - - - 3,190.76 - - _ 09/26/2018 09/25/2018 09/26/2018 9128283S7 SOLD PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /BMO CAPITAL MARKETS CORP./1,030,000 PAR VALUE AT 99.035156 % -1,030,000.0000 0.990352 - - - 1,020,062.11 (1,027,666.40) (7,604.29) - 197 Page 31 of 32 RIFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended September 30, 2018 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Short Term Long Tenn I Transaction Settlement Miscellaneous Federal Tax Cost Gain/Loss Gain/Loss Date Trade Date Date CUSIP Description Units Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount Total 106,963.15 (124,552.94) (22,226.73) 198 Page 32 of 32 ATTACHMENT 17 LoGANCIRCLE P A R T NERS A MetLife Affiliate Riverside County Transportation Commission SHORT DURATION FIXED INCOME November 5, 2018 Logan Circle Partners, L.P. ■ MetLife Investment Management One MetLife Way ■ Whippany, NJ 07981 199 GLOBAL PRESENCE ➢ Logan Circle Partners, L.P. ("Logan Circle" or "LCP") is a MetLife, Inc. company and is part of MetLife Investment Management ("MIM"), MetLife Inc.'s Institutional Investment Management Business. ➢ MetLife has 49,000 employees worldwide with offices in more than 40 countries. • • • Philadelphia • r� Whippany ltegional Investment Offices Additional Investment Offices LOGANCIRCLE P A R TNER S A MetLife Affiliate 200 1 FIRM HIGHLIGHTS Business Structure MetLife Insurance LCP Employees Investment Management (MIM) I Logan Circle Partners 107 Employees (as of 9/30/2018) Portfolio Management 10 Research 39 Trading 18 Risk Management / Portfolio Analytics 3 Client Services 16 Legal / Compliance 5 Administration / Operations 16 ➢ Logan Circle is dedicated solely to the institutional marketplace and have $38.8 billions in total assets under management. ➢ The senior members of our Investment team have worked together on fixed income portfolios for 20 years. ➢ Suite of fixed income investment strategies includes broad coverage of both the risk spectrum (Enhanced Cash to High Yield) and the term structure (Short - Term to Long Duration). LCP Institutional Clients Assets by Client Type' (Millions as of 9/30/2018) Corporate $16,431 Sub -Advisory $15,452 Public $3,616 Insurance $543 Other $2,777 TOTAL: $38,818 Based on unaudited estimates and are subject to change. Fee paying assets under management as of 9/30Y18 LOGANCIRCLE P A R TNERS A MetLife Affiliate 201 FIXED INCOME TEAM Fundamental RESEARCH Credit Brian Funk, CFA Park Benjamin, CFA Zach Bauer, CFA Kevin Bowles, CFA Ian Bowman RA . o.omberg, 0E5 David Caras, CFA Jack Chan, CFA Rick Corbit Richard Davis, CFA Joseph Di Carlo, CFA Stephen Driscoll Michael Frey Brent Garrels Elyse Goldschmidt Matthew Higgins, CFA John Jennings, CFA Leo Keiser, CFA Brian Kish, CFA Kevin Kloeblen, CFA Richard 1 ee Jack Maine Christopher Meyer Hcicnc Mochlmaa, CFA Scott O'Donnell Michael Recchiuti Thomas Sarkis, CFA Yahyin Shen, CFA Joel Trujilo Scott Wancier Susan young Short Term Credit David Wheeler, CFA Municipal Sharon Carroll Joseph Gan kiewicz, CFA Robert Moore, CFA Trevor O'Connell, CFA William Schramm, CFA' Kimberley Slough' Structured Products* Kevin Hendrickson, CFA John Palphreyrran, CFA Joseph Watkins Sovereign Neev Wanvan Risk Management PORTFOLIO MANAGEMENT Jude Driscoll, CIO Todd Howard, CFA Andy Kronschnabel, CFA Al Leone, CFA Josh Lofgren, CFA Peter Mahoney Scott Moses, CFA Stephen Mullin, CFA Scott Pavlak, CFA Timothy Rabe, CFA RISK MANAGEMENT 1 PORTFOLIO ANALYTICS Ryan Dougherty Jordan Marron, CFA OirstrucnrodprontrIssndrmrldpaissrialySsime0eVi naseerthsrmitradr.gnasccoartalties Technical TRADING High Grade Dana Cottrell Anthony DeMana Steve Kelly, CFA Lou Petriello, CFA High Yield Tom McClintic Robb Barrett Ameera Besspiaa James Grace Spencer Tull° Sovereign Carrie Biemer, CFA Mike DeFazio Chns Magnus Structured Products* Kevin Hendrickson, CFA John Palphreyman, CFA Joseph Watk ns Money Markets I Rates Phillip Tran Municipal Vino2,ntDel Vecchio Kimberley Slough' William Schramm, CFA' LOGANCIRCLE P A R TNERS A Met Life Affiliate 202 3 CREDIT RESEARCH TEAM Brian Funk, CFA Managing Director, Head of Credit Research 35 Professionals Covering Corporate and Municipal Credit Consumer& Enerav&Basic Financials Industrials Municipals Telecom, Media& Utilities & Healthcare Materials Scott O'Donnell John Jennings, CFA Joe Gankiewicz, CFA Technology Midstream Ian Bowman Brent Gerais Zech Bauer, CFA Leo Keiser, CFA Elyse Goldschmidt Brian Kish, CFA Kevin Kloeblen, CFA Yahyin Shen. CFA Park Benjamin, CFA Rick Corbit Stephen Driscoll Michael Recchiuti Joel Trujillo Joseph DI Carlo, CFA Jack Maine Helene Moeh!man, CFA Rich Davis, CFA Matthew Higgins, CFA Richard Lee Tom Sarkis. CFA Sharon Carroll RobertMoore, CFA Trevor O'Connell, CFA Kevin Bowles, CFA David Caras, CFA Jack Chan, CFA Chris Meyer Scott Wancier, CFA Marc Bromberg. CFA Michael Frey Susan Young Regional Credit Teams LONDON CEEMEA Credit Jean-Luo Eberlln 10 profeomionsle covering EMU. 16 evg_ years experience+ BONG KONG Axis Credit Bel Fu 16 proreealonela covering Pals 16 avg. pars assonance+ SANTIAGO Latin America Credit Marto Cartes 12 proreaalonsia covering Win Americo 12 eery. years experience+ LOGANCIRCLE P A R TNERS A Met Life Affiliate 203 MARKET REVIEW Outlook and Current Themes ➢ GDP - Global growth diverges with the U.S. economy's momentum continuing to be driven by the strong labor market and stimulative fiscal policy, whose impact is expected to slightly diminish over the next year. Pace of domestic growth will fade in 2019 but will remain in the 2.5% to 3% range, well above the post -crisis average. Business and government spending assume greater importance in sustaining higher real GDP growth while consumer spending component remains stable. Impact of tariffs, other trade -related issues and a slowdown in the housing market could weigh on the positive growth outlook. ➢ Employment - Unemployment rate expected to drift lower barring a substantial upward move in the labor force participation rate. U.S. labor market remains historically tight by most indicators. The number of job openings exceeds the amount of job seekers for the first time, which has translated into higher wages given the shallow job pool of qualified job applicants. The seasonally - adjusted U.S. Quits Rate has reached 17-year highs, further evidence of employee confidence. Average hourly earnings data understates strength in weekly earnings growth data for non -supervisory and production workers. ➢ Consumer - Strength of consumer spending sustained by the increased pace of wage growth and low unemployment. Consumer confidence, which is highly correlated with the stock market, continues to rise, reaching multi -decades highs. U.S. real medium household income has reached a record level. Should energy prices spike higher or tariffs begin to push prices of consumer goods up significantly, the pace of spending growth may ease. ➢ Business - Corporate fundamentals continue to benefit from solid economic growth, which has produced stronger revenue growth, expanded operating margins and generated higher pre-tax earnings. Readings from confidence measures like the NFIB Small Business Optimism Index and CEO Confidence signal business cycle is likely to extend further. Potential for adverse outcomes arising from the unfolding trade and tariff actions supports our preference for U.S.-centric issuers. Late -cycle corporate behavior evident in selected non -financial subsectors as companies ramp up M&A activity and seek to increase shareholder returns through share buybacks and increased dividend payouts, which supports our more defensive approach in underweighting or avoiding selected non -financial sub -sectors. Production bottlenecks and supply chain disruptions coupled with selected labor shortages could pressure operating margins in coming quarters. ➢ U.S. Monetary & Fiscal Policy - Strength in the economy and financial markets as well as firming inflation will enable the Fed to carry on with its normalization program. The rates market has become more closely aligned with the Fed's dot plot forecast for rate hikes through the end of 2019. Recent and prospective changes in the makeup of the Fed as well as among member regional bank presidents is not expected to tilt the hawk/dove balance over the near term. Continued gradual removal of monetary policy accommodation combined with stimulative fiscal policy remains positive for the U.S. dollar despite forthcoming growth in federal deficits and looming ramp -up in Treasury issuance. ➢ Inflation - Despite late -summer dip in core CPI, U.S. inflation is expected to remain on a gradual upward path due to mounting wage pressures, higher energy prices and eventual flow -through impact of tariffs on imported consumer goods. Year -over -year core PCE has reached the Fed's 2% target. University of Michigan one-year consumer inflation expectations have risen from 2016-2017 levels. Changing costs for shelter, medical and education remain key factors of core service inflation, components which are not expected to decline. ➢ Residential / Commercial Real Estate - With the inventory of existing homes available for sale remaining at low levels, housing prices should continue to move higher, albeit at a slower pace. Consumers continue to benefit from rising take home pay via higher wages and reduced tax rates, although tax law changes create affordability challenges for higher priced homeowners in those states with higher income and property tax rates. Overall housing starts have slowed, with notable weakness in the multi- family sector. We do not see this as a reversal of the trend toward rental housing, as current levels of starts are in line with longer -term averages and vacancies remain near historic lows. With new supply peaking, commercial property vacancy rates should remain stable for most subsectors although lower quality retail properties may face challenges. ➢ Central Banks / International - Central banks are moving in the direction of less accommodation. The ECB's plan to finally halt QE at year-end and potentially undertake its first rate hike next summer is a precursor of higher global interest rates. Uncertainty over Brexit is likely to persist and foster market volatility but its ultimate impact is expected to be minor. Favorable developments on the trade front in terms of their relationship with the U.S. for North America and South Korea contrast with others such as China and the E.U. which could lead to adverse outcomes impacting currency valuations or the willingness to hold U.S. Treasuries. Emerging market volatility experienced in particular by Argentina and Turkey has subsided, stalling contagion into the broader EM market. The views presented above are Logan Qrde's and are subject to change over titre. There can be no anti prance that the views expressed above will prone accurate and should not be relied upon as a reliable indicator of future events. LOGANCIRCLE P A R T NE R S A Met Life Affiliate 204 PORTFOLIO REVIEW — Debt Reserve Fund Portfolio Characteristics As of June 30, 2018 Actual Portfolio Yield to Maturity 2.93% Duration 3.51 Years Average Quality (Moodys) Aaa Portfolio Market Value $17,831,499 As of September 30, 2018 Actual Portfolio Yield to Maturity 3.14% Duration 3.39 Years Average Quality (Moodys) Aaa Portfolio Market Value $17,842,317 Asset Allocation RMBS 9% Portfolio Performance' 3Q 2018 YTD Since Inception (8/1/2013) Total Debt Service Fund (Gross of Fees) 0.06% -0.66% 1.71 Total Debt Service Fund (Net of Fees) 0.04% -0.73% 1.61 % ICE BofAML U.S. Troasury Index 3-7 Year -0.23% -1.17% 1.18% Excess Retum +29 +51 +53 Past Performance is not indicative of fixture results. R fort ante returns for periods greater than one year are annualized. The performance benchmark shown for the Rverside County Debt Reserve Fund is the ICE BofAINL US TraaRr try 3-7 Year, which is a broad -based index consisting of U.S. Trregglry securities with an outstanding par greater or equal to $25 trillion and a maturity range from three to seven years, inclusive, reflecting total retum. LOGANCIRCLE P A R TNERS A Met Life Affiliate 205 6 PORTFOLIO REVIEW — 2017 Toll Revenue 1-15 Project Fund Portfolio Characteristics As of June 30, 2018 Actual Portfolio Yield to Maturity 2.263/0 Duration 0.55 Years Average Quality (Mood's) Aa3 Portfolio Market value $80,762,416 As of September 30, 2018 Actual Portfolio Yield to Maturity 2.42% Duration 0.45 Years Average Quality (Moody's) Aa3 Portfolio Market Value $75,772,308 Asset Allocation cnBs oP 22% Portfolio Performance' Since 3Q2018 YTD Inception (8/1/2017) 2017 Toll Revenue I-15 Project Fund (Gross of Fees) 0.59% 1.31% 1.50% 2017 Toll Revenue 1-15 Project Fund (Net of Fees) 0.56% 1.24% 1.40% ICE BofAML U.S. Troasury Index 0-2 Year 0.39% 0.95% 0.93% FTSE 6-Month Treasury Bill2 0.52% Fxo ss Rletum vs 0-2 Year +20 +36 +57 'Past performance is not indicative of future results. The Since Inception performance retums of the portfolio is as of the first full month following the funding date. The performance benchmark shown for the Rversrde County 115 Express Lanes 2017 Toll Revenue Project Portfolio is the ICE BofAIYL 0-2 Year U.S. Trans toy Index, which is a broad -based index consisting of US. Treasury securities with an outstanding par greater than or equal to $250 Trillion and a rrdurity range from zero to two years, reflecting total retum. LOGANCIRCLE P A R TNERS A Met Life Affiliate 206 7 PORTFOLIO REVIEW — 2013 SR-91 Project Residual Portfolio Characteristics Asset Allocation CMPS RIVES4% As of June 30, 2018 Actual Portfolio 4% Yield to Maturity 2.54% Duration 1.25 Years Average Quality (Moodys) Aa2 Portfolio Market Value $6,585,837 CIVBS Agency RIVES 4% 2% 3% As of September 30, 2018 Municipal Actual Portfolio 3% Yield to Maturity 2.81% Duration 1.37 Years Average Quality (Moodys) Aa2 Portfolio Market Value $6,616,646 Money Markets 1% Portfolio Performance' 3Q2018 Since Inception (2/1/2018) Riverside County 2013 SR 91 Project Residual Fund (Gross of Fees) 0.47% 1.04% Riverside County 2013 SR 91 Project Residual Fund (Net of Fees) 0.44% 0.97% ICE BofAML U.S. Tronalry Index 1-3 Year 0.19% 0.58% Lxc:Pqs Retum +28 +46 'Past perforrrance is not indicative of future results. Inception date 1/4/18. Perfam ance returns are calculated as of the first full month following the funeting date. The performance benchmark shown for the Rverside Carly 2013 Residual Fund Patfolio is the ICE BofAIvL 1-3 Year US Treasury Index, which is a broad -based index insisting of US Treasury securities with an outstandng par greater than or equal to $250 million and a maturity range from one to three years, reflecting total retum. LOGANCIRCLE P A R TNERS A Met Life Affiliate 207 8 PORTFOLIO REVIEW — 2017 Toll Revenue 1-15 Ramp Up Reserve Portfolio Characteristics As of June 30, 2018 Actual Portfolio Yield to Maturity 2.26% Duration 1.10 Years Average Quality (Moodys) Aaa Portfolio Market Value $7,970,925 As of September 30, 2018 Actual Portfolio Yield to Maturity 2.73% Duration 1.41 Years Average Quality (Moodys) Aaa Portfolio Market Value $7,995,779 Asset Allocation CM3S 25% Agency 6% Portfolio Performance' 3Q2018 Since Inception (1/1/2018) 2017 Toll Revenue 1-15 Ramp Up Reserve (Gross of Fees) 0.31% 1.25% 2017 Toll Revenue 1-15 Ramp Up Reserve (Net of Fees) 0.29% 1.18% ICE BofAIVL U.S. Troa.,ury Index 1-3 Year 0.19% 0.29% Excess Retum +12 +96 'Past performance is not indicative of future results. Inception date 12/5117. Performance retums are calculated as of the first full month following the funding date. The perforance benchmark shown for the Riverside County 115 Express Lanes Toll Revenue Reserve Portfolio is the ICE BofANL 1-3 Year U.S Treasury Index, which is a broad -based index consisting of U.S Treasury securities with an outstanding par greater than or equal to $250 million and a nalurity range from one to three years, reflecting total retum. LOGANCIRCLE P A R TNERS A Met Life Affiliate 208 g RCTC PORTFOLIOS 2013 SR 91 Reserve and Residual Funds Portfolio Beginning Market value Net Flows (7/3/2013) Market Value Change in (9/30/2018) Market Value Debt Service Reserve Fund $17,667,869 ($1,274,770) $17,842,317 +$1,449,218 Portfolio Beginning Market value Net Flows (1/16/2018) Market Value Change in (9/30/2018) Market Value 2013 SR 91 Project Residual Fund $3,292,782 $3,276,000 $6,616,646 +$47,864 2017 1-15 Project Portfolio Beginning Market Value Net Flows (7/24/2017) Market value Change in (9/30/2018) Market Value 2017 Toll Revenue 1-15 Project Fund $98,562,718 ($24,314,075) $75,772,308 +$1,523,665 1-15 Express 2017 Project Sales Tax Revenue $56 043,134 ($56,4.80,618) $961 +$438,445 Beginning Market Value (12/5/2017) 2017 Toll Revenue 1-15 Ramp Up Reserve $7,723,487 $166,500 $7,995,779 +$105,792 Total Project $162,329,339 ($80,628,193) $83,769,048 +$2,067,902 LOGANCIRCLE P A R TNERS A Met Life Affiliate 209 DISCLAIMERS In general. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Logan Circle Partners, L.P., a MetLife, Inc. company, is referred to herein as "Logan Circle" and is part of MetLife, Inc.'s institutional investment management business. No offer to purchase or sell securities. This Presentation is being provided to you, at your specific request. 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. Projections. Projections contained in this Presentation are based on a variety of estimates and assumptions by Logan Circle, including, among others, estimates of future operating results, the value of assets and market conditions at the time of disposition, and the timing and manner of disposition or other realization events. These estimates and assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, competitive and financial risks that are outside of Logan Circle's control. There can be no assurance that the assumptions made in connection with the projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of its invested capital. The inclusion of the projections herein should not be regarded as an indication that Logan Circle or any of its affiliates considers the projections to be a reliable prediction of future events and the projections should not be relied upon as such. Neither Logan Circle nor any of its affiliates or representatives has made or makes any representation to any person regarding the projections and none of them intends to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events, if any or all of the assumptions underlying the projections are later shown to be in error. For purposes of this paragraph, the term "projections" includes "targeted returns". Past performance. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. The information presented is only available for institutional client use. 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 Logan Circle 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 Logan Circle's strategies and any represented benchmarks, which may derive from calculations or figures that have been provided 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. Knowledge and experience. You acknowledge that you are knowledgeable and experienced with respect to the financial, tax and business aspects of this Presentation and that you will conduct your own independent financial, business, regulatory, accounting, legal and tax investigations with respect to the accuracy, completeness and suitability of this Presentation should you choose to use or rely on this Presentation, at your own risk, for any purpose. Risk of loss. An investment in the strategy will be highly 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. Distribution of this Presentation. Logan Circle expressly prohibits any reproduction, in hard -copy, electronic or any other form, or any redistribution to any third party of this Presentation without the prior written consent of Logan Circle. This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation. No tax, legal or accounting advice. This Presentation is not intended to provide, and should not be relied upon for (and you shall not construe it as) accounting, legal, regulatory, financial 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. 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. LOGANCIRCLE P A R T NE R S A MetLife Affiliate 210 L1018509623[exp0319][All States] 11 ATTACHMENT 18 Payden&Rygel QUARTERLY PORTFOLIO REVIEW Riverside County Transportation Commission 3rd Quarter 2018 I li PAYDEN.COM LOS ANGELES I BOSTON I LONDON I MILAN 211 LETTER FROM THE CEO October 2018 As we are now in the fourth quarter of the year, investors are focused on "what the future will bring." Will it be a continuation of the last 12 months? The future obviously won't resemble the past. However, there are some important trends today that we would like to explore in a positive vein. The U.S. economy shows great strength. We think the business cycle is far from over. The consumer is strong and corporate balance sheets look healthy. Meanwhile, inflation is still under control. The big question everyone is asking is: where are interest rates going? Higher interest rates are a good thing if they're rising for the right reasons. And we think the right reasons are driving both higher rates and higher equity prices: strong economic growth and corporate profits. Further abroad, we see more challenges. Global economic growth has slowed somewhat this year, and higher interest rates and a stronger U.S. dollar may prove challenging for some economies. Brexit still looms, unfinished and uncertain, and European politics are as vexing as ever. Challenges and risks remain. September was a reflective month for Payden & Rygel. We opened our doors 35 years ago on September 12, 1983. We've grown globally, opening an office in London 20 years ago, in September 1998. More recently we opened a new office in continental Europe in Milan. Despite the changes and expansion, our ownership, governance structure and culture remain the same —quite extraordinary. My best wishes to you and your family for the coming holiday season. Health and happiness, Joan A. Payden President & CEO 212 2812 Riverside County Transportation Commission Portfolio Review and Market Update - 3rd Quarter 2018 PORTFOLIO CHARACTERISTICS (As of 9/30/2018) Portfolio Market Value Weighted Average Credit Quality Weighted Average Duration Weighted Average Yield to Maturity $51.4 million AA+ 1.52 years 2.79% SECTOR ALLOCATION 45% 40% 35% 30% 25% 20% 15% 10% 5%■■■■■-� 0% a buoy ��� Go Syr G ���m Po'oe �-o�o C.) a° ,S(2' �o 5� P DURATION DISTRIBUTION 60% 50% 40% 30% 20% 10% 0% 0-1 1-2 2-3 3+ Years PORTFOLIO RETURNS - Periods Ending 9/30/2018 RCTC Operating Portfolio ICE BofAML 1-3 Year US Treasury Index Periods over one year are annualized Since 3rd 2018 Trailing Inception Quarter YTD 1 Yr (3/1/15) 0.40% 0.73% 0.60% 0.19% 0.29% 0.03% 0.80% 0.51 % pPayden & Rygel • 333 South Grand Avenue • Los Angeles, California goo71 • (213) 625-igoo • www.payden.com 213 Portfolio Review and Market Update - 3rd Quarter 2018 2812 MARKET THEMES The third quarter was a tug-of-war between robust economic data and persistent geopolitical risk across the globe. The U.S. economy remained the anchor for global growth, with tailwinds coming from strong employment figures and corporate profits. Consequently, the Federal Reserve continued to raise interest rates, notching its eighth hike since the end of 2015. Headwinds outside the U.S. included volatility in emerging markets, overhang regarding Italian politics and the forthcoming departure of the UK from the euro zone. All in all, the tone across risk assets was broadly positive despite volatility in select sectors. Yields moved higher, but corporate credit risk premiums declined and equity prices increased globally. We believe the front end of the yield curve is the most attractive it has been in a decade as yields move up and provide higher total return potential and low return volatility. ■ The portfolio holds a diversified mix of credit sectors for income generation. ■ Corporate and securitized bonds outperformed Treasuries over the quarter as yield premiums fell. We view short credit as attractive given strong fundamentals and yield levels that we have not seen since 2009. ■ We remain active in both secondary and primary markets when pricing is supportive. ■ We continue to utilize floating-rate coupon bonds across a range of sectors in anticipation of higher front-end rates driven by an active Fed. ■ Short U.S. Treasury yields moved higher by 20 to 30 basis points, with the two-year maturity rising 0.29% to 2.82%. The slope between two- and five-year maturities continued its flattening trend, falling 0.08% to end the quarter at 13 basis points. ■ Our underweight duration position was additive to performance as Treasury yields increased. ■ Floating-rate positions contributed positively to performance as Treasury yields rose and LIBOR remained range bound. One -month LIBOR rose 0.17% to 2.26% and 3-month LIBOR rose 0.06% to 2.40%. ■ Corporate securities outperformed Treasuries during the quarter, benefiting from spread compression and yield advantage. ■ High -quality asset -backed securities outperformed Treasuries while providing diversification and flexible reinvestment opportunities. pPayden & Rygel • 333 South Grand Avenue • Los Angeles, California goo71 • (213) 625-igoo • www.payden.com 214 MARKET PERSPECTIVE With three quarters of the year in the books, one theme has driven the global economy and financial markets in 2018: divergence. U.S. economic growth has accelerated in 2018, while Chinese growth has decelerated (see Chart 1). With the two largest economies in the world moving in different directions, ripple effects were felt around the world. Higher U.S. interest rates, justified by stronger U.S. economic growth, produced knock -on effects in emerging markets. Weaker economic activity out of China also exerted a drag on global activity, from the emerging world to European exports. As a result, the market implications of global divergence appeared most clearly in equity returns. While the U.S. has returned almost 10% year-to-date (see Chart 2), the rest of the world has registered declines (except for Japan). As the U.S. con- tinues to grow above trend for the rest of the year, we will closely watch whether the global divergence theme continues. Chart 1: Divergence in 2018 — U.S. Nominal GDP Growth Accelerates as China Slows % Change Year -Over -Year 8% 7% 6% 5% 4% 3% 2% 1% 0% -1 % -2% -3 % -4% '06 — U.S. Nominal GDP YoY (LHS) — China Nominal GDP YoY (RHS) '07 '08 '09 '10 '11 '1 2 '13 '14 '15 '16 '17 '18 26% 24% 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% aeakian0-RaA a6ueu oh Source: Bureau of Economic Analysis, National Bureau of Statistics of China Chart 2: Stock Returns Reflect The Divergence Theme — Major Index Total Returns Year -to -Date* Total Returns Year -to -Date 12% 9% 6% 3% U.S. S&P 500 MSCI Japan Index Index EURO STOXX MSCI Emerging Shanghai Stock Markets Index Exchange Composite Index Source: Standard and Poor's, MSCI, STOXX, Shanghai Stock Exchange, Bloomberg "As of 9/28/2018 215 9 fq Payden&Rygel LOS ANGELES I BOSTON I LONDON I MILAN PAYDEN.COM US DOMICILED MUTUAL FUNDS CASH BALANCE Payden/Kravitz Cash Balance Plan Fund EQUITY Equity Income Fund GLOBAL FIXED INCOME Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Bond Fund Global Fixed Income Fund Global Low Duration Fund TAX-EXEMPT FIXED INCOME California Municipal Income Fund U.S. FIXED INCOME Absolute Return Bond Fund Cash Reserves Money Market Fund Core Bond Fund Corporate Bond Fund Floating Rate Fund GNMA Fund High Income Fund Limited Maturity Fund Low Duration Fund Strategic Income Fund U.S. Government Fund DUBLIN DOMICILED UCITS FUNDS EQUITY Global Equity Income Fund US Equity Income Fund LIQUIDITY FUNDS Euro Liquidity Fund Sterling Reserve Fund U.S. Dollar Liquidity Fund FIXED INCOME Absolute Return Bond Fund Global Bond Fund Global Emerging Markets Bond Fund Global Emerging Markets Corporate Bond Fund Global Government Bond Index Fund Global High Yield Bond Fund Global Inflation -Linked Bond Fund Global Short Bond Fund Sterling Corporate Bond Fund U.S. Core Bond Fund USD Low Duration Credit Fund For more information about Payden & Rygel's funds, contact us at a location listed below. Payden&Rygel LOS ANGELES 333 South Grand Avenue Los Angeles, California 90071 213 625-1900 BOSTON 265 Franklin Street Boston, Massachusetts 02110 617 807-1990 LONDON 1 Bartholmew Lane London EC2N 2AX United Kingdom + 44 (0) 20-7621-3000 MILAN Corso Matteotti, 1 20121 Milan, Italy +39 02 76067111 216 ATTACHMENT 19 County of Riverside Treasurer's Pooled Investment Fund Se•tember ^018 Contents Treasurer's Pooled Investment Fund Economy Market Data Portfolio Data Compliance Report Month End Holdings Hot air balloons over Lake Skinner in Temecula, Southwest Riverside County, CA. Digital Image. NBC San Diego. http://www.nbcsandiepo.com/news/local/temecula-vallev-2014-balloon-wine-festival-north-san-dieao-9l,11429.51 html COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 218 1 Treasurer's Pooled Investment Fund Quarterly Commentary We are proud to announce that we are unveiling a new, more interactive way to read the monthly Treasurer's Pooled Investment Fund (TPIF) report. Follow the link on the Treasurer's website to see it for yourself. We hope you enjoy. This month, the stock market and the economy continued to show resilience in the face of the US -China trade war and some turbulence in domestic politics. The Federal Reserve (FED) hiked short-term interest rates as expected and the S&P 500 reached another record -high of 2,930. Fitch has once again affirmed the TPIF's AAA rating, Fitch's highest possible rating. On September 24, the U.S. implement- ed another round of tariffs on imports from China, a 10 percent tax on $200bn worth of Chinese imports; this is on top of the $50bn worth already taxed earlier this year. China immediately retaliated with 5 to 10 percent tariffs on $60bn worth of U.S. goods. Emerging market fears over Brazil, Ar- gentina, Turkey, and South Africa contin- ue this month; however, the U.S. equity market continues to strengthen. Treasurer's Statement Higher Rates Begin to Sting Despite the trade war between the world's two largest economies, the U.S. economy is coasting into its tenth consec- utive year of expansion. In recent months, job gains have been strong, the unem- ployment rate has remained low and measures of inflation have been in -line with the FED's long-term goal. Improving consumer confidence, strong retail sales and steady household spending are signs that the economy should continue on its path for at least the short-term. Citing a strong job market and stable inflation during their September 26 meet- ing, the Federal Open Market Committee (FOMC) raised the target range for the federal funds rate from 1.75-2.00% to 2.00 -2.25%. This rate hike marks the third of the calendar year, sixth since 2017, and brings FED funds within 75 basis points of its projected neutral FED funds rate of 3.00%. Reaching the FED's neutral rate increases the chances for the end of the FED's current rate hike cycle. The housing sector remains strong, evidenced by the annual growth in house prices remaining above 6 percent since October 2017. However, there have been The Treasurer's Pooled Investment Fund is comprised of contributions from the county, schools, special districts, and other discretionary depositors throughout the County of Riverside. The primary objective of the treasurer shall be to safeguard the principal of the funds under the treasurer's control, meet the liquidity needs of the depositor, and to maximize a return on the funds within the given parameters. The Treasurer -Tax Collector and the Capital Markets team are committed to maintaining the highest credit ratings. The Treasurer's Pooled Investment Fund is currently rated Aaa-bf by Moody's Investor Service and AAAf/S1 by Fitch Ratings, two of the nation's most trusted bond credit rating services. Since its inception, the Treasurer's Pooled Investment Fund has been in full compliance with the Treasurer's Statement of Investment Policy, which is more restrictive than California Government Code 53646. 6-Month Pool Performance some early signs of the housing market beginning to cool off, such as recent downward trends in house price indices, housing starts, construction permits for new houses, new home sales, and lumber prices. September saw steady increases in intermediate Treasury yields. The 2-year yield started the month at 2.63% and rose to finish at 2.82% and the 5-year yield started the month at 2.74% and rose to finish at 2.96%. The Treasury curve steep- ened slightly, with the 2-year-to-5-year spread starting the month at +11 and rising to finish the month at +14. General- ly, curve steepening is a sign of investors' confidence that the economy is strength- ening and that the risk of inflation is in- creasing. In the face of negative headlines, in- vestors continue to drive stock prices and bond yields higher. Thanks to these higher yields in the fixed income market, our TPIF yield now exceeds 2.00% for the first time since 2009! Jon Christensen Treasurer -Tax Collector Capital Markets Team Jon Christensen Treasurer -Tax Collector Giovane Pizano Chief Investment Manager Steve Faeth Sr. Investment Manager Isela Licea Assistant Investment Manager Jake Nieto Administrative Services Assistant Month End Market Month End Book Value ($)* Value ($) Paper Gain or Loss ($) Paper Gain or Book Yield Loss (%) (%) WAM (Yrs) 18-Sep 18-Aug 18-Jul 18-Jun 18-May 18-Apr 6,010,617,673.04 5,91 1,098,915.70 5,978,974,759.31 6,488,967,672.40 7,108,808,189.85 7,705,324,013.51 6,046,972,952.10 5,941,969,016.43 6,015,426,250.42 6,525,613,476.09 7,140,053,875.23 7,744,877,200.23 (36,355,279.06) (30,870,100.73) (36,451,491.11) (36,645,803.69) (31,245,685.38) (39,553,186.72) - 0.60% -0.52% - 0.61 % -0.56% - 0.44% -0.51 % 2.01 1.96 1.92 1.88 1.82 1.75 1.16 1.20 1.24 1.17 1.11 1.04 *Market values do not include accrued interest. COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 219 2 Economy National Economy The US housing market slows as rising prices continue to out- pace wage growth and interest rises. [NY Times; 10/02/2018] • U of M Consumer Sentiment Index nears highest in fourteen years in September. [FRED/Tradina Economics; 10/02/2018] • Real annual growth of advanced retail and food service sales exceeds 3.5% in last three of four months. (FRED. 10/02/2018] • The seasonally adjusted annualized rate (SAAR) of car sales is expected to fall four percent in September, owing to Hurricane Florence and rising interest rates. Reuters* 10/02/2018]. U of M: Consumer Sentiment Index 103.8 98.1 100.0 90.0 80.0 70.0 60.0 101.4 100.1 100.7 50.0 00 Ob 05 00 O� 00 61 \O `\ \� \5 \� \5 \b \� \'b 55�� 5�� 5�� 5° 5° 5° 5° 5° 5° 5° 5° 5° 5° 5° 5° Case-Shiller Nat'l Home Price Index - Y/Y 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% \‘'D \<*) \b `, 4' p� \b \b ,J\ 0 a�\1 Key Economic Indicators \1 \� \O \`b State Economy Annual employment growth in California of 2.0% exceed- ed the national pace of 1.6% in July, led by gains in the construction sector (4.7%). [Bank of the West* 10/03/2018]. • 287k workers in California are exposed to China's initial round of $50bn in retaliatory tariffs. [Marketwatch/BLS. 10/03/2018] • Single family home (SFH) sales SAAR statewide and in River- side County fell 6.6% in August from the same month last year; SFH prices rose 5.5% statewide and 3.3% in Riverside County over the same period. [CAR* 10/03/2018] Adv. Real Retail and Food Service Sales - Y/Y 4.0% - 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% \5 G\`D POD Oe i 7.0% 6.0% 5.0% 4.0% 3.0% i b P i \b \b ;‹ \\ PJ0 OeG Q�` PJ� OeG QQ` POD U3 Unemployment Rate - US - CA Riverside County NNNN 4 G P O P P O Q P O Q P 3.9% Release Date Indicator Actual Consensus Difference 09/27/2018 09/07/2018 09/07/2018 09/13/2018 09/13/2018 09/06/2018 09/26/2018 09/06/2018 09/27/2018 Real GDP - Q/Q Change - 2Q18 (3rd estimate) Unemployment Rate - Seasonally Adjusted Non -Farm Payrolls - M/M Change CPI - Y/Y Change CPI Ex Food and Energy - Y/Y Change Non -Manufacturing Index (> 50 indicates growth) New Home Sales - SAAR Factory Orders - M/M Change Durable Goods Orders - M/M Change 4.20% 3.90% 201,000 2.70% 2.20% 58.5 629,000 -0.80% 4.50% 4.30% 3.80% 195,000 2.80% 2.30% 56.8 630,000 -0.70% 2.20% - 0.10% 0.10% 6,000 - 0.10% - 0.10% 1.70 - 1,000 - 0.10% 2.30% COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 220 3 Market Data FOMC Meeting 09/26/2018 • The FOMC stated data received from their last meeting in August "indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate." • The Federal Reserve raised the Fed Funds Target Rate to 2.00-2.25% from 1.75-2.00%. • "Risks to the economic outlook appear roughly balanced", stated the FOMC in their August 1, 2018 press release. • The next FOMC policy statement meeting is scheduled for November 8, 2018. Fed Funds Target Rate (Upper Limit) 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 1 1 N� N$ N� N2 �$ N5b \� Nb ^\9' cpY OGv �oJ Qec ,d• Few �o� P9s001 , J,� SJ� PJ� Se9 US Treasury Curve 3.50 3.00 2.50 r 2.00 1.50 + 08/31/2018 t 09/28/2018 0 5 10 15 Years 20 25 30 Treasury Curve Differentials 3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr 09/28/2018 - 08/31/2018 09/28/2018 08/31 /2018 2.11 2.28 2.46 2.62 2.70 2.74 2.86 3.02 The US Treasury Curve and its forecasted values are subject to frequent change and will be updated monthly with each issued TPIF report. 0.08 0.08 0.13 0.19 0.18 0.20 0.19 0.17 2.19 2.36 2.59 2.81 2.88 2.94 3.05 3.19 COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 221 4 Market Data cont'd 79.00 74.00 69.00 64.00 59.00 54.00 49.00 Nymex Crude (left) Ethanol (right) Commodities Nymex Nat Gas (right) 44.00 .\1 �� �� S°e ÷o roc °� 28,000.00 26,000.00 24,000.00 22,000.00 Dow Jones �b \b S0q Industrial Metals (left) Precious Metals (left) Iron Ore (right) 95.00 210.00 4.00 90.00 190.00 3.50 85.00 170.00 *** 80.00 3.00 150.00 - 75.00 2.50 \ _ �� \ - 70.00 130.00 2.00 \ / 65.00 110.00 60.00 1.50 90.00 55.00 1.00 70.00 50.00 ,\1 �� \cb Ng) \``b S°e' �°�' �a� ' �a�' ��� Sep Stocks 8,000.00 NASDAQ 100 3,000.00 (Left) S&P 500 (right) 7,500.00 2,800.00 700000 6,50000 2,600.00 2,400.00 6,000.00 2,200.00 20,000.00 5,500.00 �1 11 \q' N`b 1b <b \c6 1 1 �0 �0 <b <b 509 Sep °'��� 2,000.00 *Values listed on this page are in US dollars and are based on the final business day of each month. COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 5 222 Portfolio Data The County of Riverside's Treasurer's Pooled Investment Fund is currently rated AAA-bf by Moody's Investor Service and AAAf/S1 by Fitch Ratings. Moody's Asset Rating (000's) Book MKT/Book % Book Yield Aaa Aal Aa2 Aa3 Al NR Totals: 3,651,716.24 98.90% 60.39% 1.88% 349,017.81 100.41 % 5.77% 2.23% 281,820.70 100.31 % 4.66% 2.41 % 774,253.70 100.28% 12.80% 2.27% 10,000.00 100.00% 0.17% 2.59% 980,164.50 99.95% 16.21 % 2.12% 6,046,972.95 99.40% 100.00% 2.01 % S&P Asset Rating (000's) Book MKT/Book % Book Yield AAA AA+ AA AA- A+ NR Totals: 331,168.90 100.21 % 5.48% 2.27% 3,667,565.02 98.96% 60.65% 1.87% 126,905.46 100.48% 2.10% 2.33% 866,169.07 100.1 1 % 14.32% 2.31 % 75,000.00 100.00% 1.24% 2.50% 980,164.50 99.95% 16.21 % 2.12% 6,046,972.95 99.40% 100.00% 2.01% 12-Month Projected Cash Flow AA AA_ A+ 2% 14% 1 % NR 16% AAA Al <1 % Required Monthly Monthly Matured Month Receipts Disbursements Difference Investments Balance Actual Investments Available to Maturing Invest> 1 Year 10/2018 10/2018 1,051 .06 1,100.00 (48.94) 1 1 /2018 1,125.00 1,100.00 25.00 12/2018 2,350.00 1,100.00 1,250.00 82.50 33.56 1,406.82 58.56 384.50 1,308.56 01 /2019 1,000.00 2,100.00 (1,100.00) 208.56 558.66 02/2019 850.00 1,050.00 (200.00) 8.56 255.34 03/2019 1,350.00 1,200.00 150.00 158.56 158.31 04/2019 2,000.00 1,300.00 700.00 858.56 16.10 05/2019 1,200.00 2,050.00 (850.00) 8.56 184.46 06/2019 1,050.00 1,850.00 (800.00) 791.44 154.09 07/2019 969.28 1,250.00 (280.72) 280.72 08/2019 900.00 1,200.00 (300.00) 300.00 09/2019 1,100.00 1,200.00 (100.00) 100.00 166.58 166.24 68.75 TOTALS 1 4,945.34 16,500.00 (1,554.66) 1,472.16 24.35% 2,725.98 3,519.85 58.21 % 4,574.81 75.65% * Values listed in Cash Flow Table are in millions of USD. Based on historic and current financial conditions within the County, the Pool is expected to maintain sufficient liquidity of funds to cover County expenses for the next twelve months. COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 223 6 Portfolio Data cont' d Asset Maturity Distribution (Par Value, 000's) 2,000,000 1,500,000 1,000,000 500,000 22.50% 1,364,819.04 0-1 Mos 7.37% 447,128.00 Asset Allocation (000's) 1-3 Mos 28.99% 1,758,518.00 3-12 Mos 16.19% 982,074.00 1-2 Yr 13.85% 840,254.00 2-3 Yr 11.09% 672,960.00 3-5 Yr Assets Scheduled Book Scheduled Market Mkt/ Sch Book Yield WAL (Yr.) Mat (Yr.) TREAS AGENCIES MMKT CASH CALTRUST FND COMM PAPER NCDS MEDIUM TERM NOTES MUNI LOCAL AGCY OBLIG 193,953.58 3,059,637.48 88,994.51 770,000.00 24,000.00 767,139.82 723,931.28 212,505.21 206,651.08 160.00 193,726.97 3,017,593.26 88,994.51 770,000.00 24,000.00 773,109.40 723,931.28 212,451.18 206, 651.08 160.00 99.88% 98.63% 100.00% 100.00% 100.00% 100.78% 100.00% 99.97% 100.00% 100.00% 1.84% 1.80% 2.05% 2.11% 2.19% 2.37% 2.39% 2.47% 1.73% 2.46% 0.47 1.93 0.00 0.00 0.00 0.26 0.28 1.27 1.16 1.71 0.47 1.99 0.00 0.00 0.00 0.26 0.28 1.29 1.16 1.71 Totals: 6,046,972.95 6,010,617.67 99.407. 2.017. 1.14 1.17 * For details on the Pool's composition see Month End Portfolio Holdings, pages 9 to 13. TIMMI 2.50% 2.00% - 1.50% - 1.00% 1.25% 1.22% Pool Yield TIMMI 1.27% 1.23% 1.39% 1.32% 1.45% 1.25% 1.88% 1.92% 1.47% 1.51 % 1.53% 1.54% 1.63% 1.75% 1.80% 1.88% 1.96% 2.01 % 1.82% 2.08% 2.07% 2.06% 2.17% 1.93% \1 �$ ��� of �� t,\� \� �� J\\$ ' \� �� SeP Oo\" �o 9eG�3 �a Fe � pQ OC' )�() PJ�Sep The Treasurer's Institutional Money Market Index (TIMMI) is a composite index of four AAA rated prime institutional money market funds. Their aggregate yield is compared to the yield of the Treasurer's Pooled Investment Fund in the above graph. COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 224 7 Compliance Report Compliance Status: Full Compliance The Treasurer's Pooled Investment Fund was in full compliance with the County of Riverside's Treasurer's State- ment of Investment Policy. The County's Statement of Investment Policy is more restrictive than California Gov- ernment Code 53646. The County's Investment Policy is reviewed annually by the County of Riverside's Over- sight Committee and approved by the Board of Supervisors. Investment Category MUNICIPAL BONDS U.S. TREASURIES LOCAL AGENCY OBLIGATIONS (LAO) FEDERAL AGENCIES COMMERCIAL PAPER (CP) CERTIFICATE & TIME DEPOSITS (NCD & TCD) REPURCHASE AGREEMENTS (REPO) REVERSE REPOS MEDIUM TERM NOTES (MTNO) CALTRUST SHORT TERM FUND MONEY MARKET MUTUAL FUNDS (MMF) LOCAL AGENCY INVESTMENT FUND (LAIF) CASH/DEPOSIT ACCOUNT GOVERNMENT CODE Maximum Authorized S&P/ Maturity % Limit Moody's 5 YEARS 5 YEARS 5 YEARS NO LIMIT NA NO LIMIT NA NO LIMIT NA 5 YEARS NO LIMIT AAA 270 DAYS 40% Al/P1 5 YEARS 30% NA 1 YEARS NO LIMIT NA 92 DAYS 20% NA COUNTY INVESTMENT POLICY Maximum Maturity Authorized % S&P/ Moody's Limit 4 YEARS 5 YEARS 3 YEARS 5 YEARS 270 DAYS 1 YEAR 45 DAYS 60 DAYS 5 YEARS 30% A 3 YEARS NA NA 60 DAYS (i) 20% NA NA NA NA NA NA NA AAA/Aaa (2) NA DAILY LIQUIDITY DAILY LIQUIDITY DAILY LIQUIDITY Actual % 15% AA-/Aa3/AA- 3.42% 100% 2.50% 100% 40% 25% Combined NA INVESTMENT GRADE NA Al/Pl/F1 Al/Pl/Fl 40% max, 25% in term repo Al/P1/F1 over 7 days 10% NA 3.21 <0.1 % 50.60% 12.69% 11.97% 0.00% 0.00% 20% AA/Aa2/AA 3.51% 1.00% NA 0.40% AAA by 2 Of 3 20% RATINGS 1.47% AGC. Max $50 million NA NA NA 1 Money Market Mutual Funds maturity may be interpreted as a weighted average maturity not exceeding 60 days. 2 0 r must have an investment advisor with no fewer than 5 years experience and with assets under management of $500,000,000 USD. 0.00% 12.73% THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT CODE 53646. COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 8 225 CD Month End Portfolio Holdings Fund:1 POOL FUND O O O N h O G O C O � � [V O O O O O O O O 00000 N O_O_ 0 0 0 O O O 0 0 0 0 o m o 0 O O O O O M O O O O O O O O O O O O O C M N N O O O O O O O O 88888888 O O O O O N N 8 tJ C tJ C tJ h N g O O O O O m m O O O O O O m m O O N N N 8 G OO O 8 OO G tJ O O O Nth M gggrign o i N N N MoornmMmc`�o rnrnrnw0000 V E O n m OM o o o o N N N N ........ 33333333 00000000 O O O O O O O O LL LL 22 O LL 22 m> E LL W W 8 U QEE W E E e O LLO ORP8VAo a a f !"Wag LL 88, 994, 505.65 100.024156 88,973,013.10 1 a 30, 000, 000.00 100.0000 m N 06/15/2020 rMM invNr M M M M N M M M O � l0 th to a v a m M M tD N N M O M �- M aD O C t0 M 6NJ T tD r n O G N eG M E M O m M t0 M M N O M N V O M O h N W N r M N N V N N M M M N N 6N N J m 00000 G C O C O O O O O O O O O O N O O N t0 M O m 0 0 o 0 0 0 0 o O O O y O O o O ct t00 O N N M W Mooma o too m OMi m m m m m m m 23 G G O C O C G O G O G O G O G O G O G O G O O O G O G O O O C G O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N N gg No N .5,5 4 N tJ G N gdd N N ggggg,56 N NtM N N N N N N N �� r � � � � � N � � � N N N N N � � � r M e V e A M m r M r N 0 O N V V W YOJ b �nmrn�o'm iu m m M M M ro N 0 m o m M v M O M m N N M O M N m O m M N N oe r M 4 M N M a o a rn M o N r rn rn f m coo 4 mmOONC iMM iMMM NMMMOO N r rM0 r r m m M r o � M N r O w M M v m r N 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 t0 O O O O O O O O O O O O O O O O O O O O O m 0 C G C O O G C G C G C n C G C O C G C G C 4) O N O N M O O O O O O O M N O N t0 O O N O O EOM N M V O N O N M m V M V r� M 0 e N in v cpg N W O N gg.i N M eiq N M 4 W N W W (O M O O O O O O O O O O O O O 00 00 00 0 0 0 0 0 0 0 C 8 C tJ C 8 C 8 C 8 C N C 8 C 8 C 8 C 8 C h o N O M N O O O O O O O N 0 0 0 0 0 0 0 0 ,0 O e mMMOMOm N V M MtOO V OiMN em t0M N n N M& M N O fp M O 7 O N M N M M r T N r 4 tp tp tM r e� W M4 m M' N� M t0 eT N T15 7415 Tci' V 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 T m N aOD O a N O� N O O M M O y Oy � O O y�y O N E OOi O T m 0 M 1 M N N 1 O N aMD 5 1 e N 1 1 M O N N W Nmmmmmmmmmmmmmmmmmmmmmmmm 888888888888888888888888 666666666666666666666466 88888888Gt 8L,E28 JN MMNGNOi ^C 8 O O O O O O O O O O O ri O O e M N C N m M M O O O O O O O O O O O O O N O O OO�> W O� OT) M M r M O O a MMMNm o M r M E N O C O v g m N N 0 0 0 0 0 0 0 0 0 0 o m o o N o o a m n o 0 N N O r O N N O r C N O O O O M N N M O N N O O O O M N N N N N M C M N M M M r M M r M e r O M oloim 000000000000000000000000 O N N N M V M O V M O fV MM M m m M m m ml M M m m m m O O O O m m m O O O m m m m O N M 3,933333 O O O O N N O O O O O O O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N N N N N N N N N N ❑ 9 9 9 9 O m Z Z Z Z Z Z Z 2222222 �L LM RR@R !MOM mmmurvsMm 7 NN N • � � O N N m N m m m m m 33333:3323,93M.9333 O O M O M O 00 0 r N N�0m0m r 0M O M 0 O � 0 0 0 O 0 0 0 0M� 0 0 0 W m 0 o w m m m m o m-� w o g m m g m m w o 0 0 0 0�� g o}} o w g to 0 o N o 0 0� g g w w Ito} Yor�i' �Y �r�i r�i � u�i tom M rM N R000000o0o0o0o0o0o0o0o00o m ▪ E E E I E I E I E I E I E I E I E I E I E I E E LL $J. F• �il �� rS�9 E w=�N 2222r E5 n n m cJ P '6 ¢¢ Q Q Q� }m g� E 2 2 rn rn rn OJ 51 000°6'Ml 000006000000000 N M M M M M M M M M M M M M M r M M M M M M M M M a.mmmwwwMMMMMMMMMMMMMMMMMM 6 307,050,369.54 e O 14.916.750.00 10/24/2019 O N � � M M N N m n M M M e C V N M M M M r r r m o a v mo °r° m ro m ro rn rn rn r' rn rn o 0 0 0 0 0 0 0 0 r O r r N M N N N N O M M C N C M M M N N M M N W M W N N N N C N N r M r M r M m m M m N N M F, M r N N N r r MMM m O OMMMNcO tOMMNI� rrMrmMm MMmmmmmOmmm 14,916,750.00 O A W O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N O O O O O O O O O O O O O O O O O O O O O O O O tM 0 0 0 0 M O C G O O _ O N O O O O O M iM O O tM O 0 0 tM N O r O tM O O M 0 0 0 0 m N M M V r M r m m M M M M M O N M M t0 M M e V m MMM e M M m � r M � lV Oi W V O tV V Oi O W � M O W lV t0 W tV tN � V 8888888888888888888888888.98888 O C O C O C O C O C O C O C O C O C O C N C O C O M O C O O O O O g O O O O O tM g O O tM 0 0 0 g 0 0 N O iM O O M 0 0 0 0 N N M M V M O M N r M r M M M N M e t0 M t0 O N r r M V 1 t W g rs1 V V V V tO Lg W V 5 1 V� OOi N N g 6 Ef W O N fO t0 m r f0 V N f0 V O V V V m N O V tp V r O 000000000000000000000000000000 O N N y Oy M N� N O y Oy O OM OM N O yp O � O N O� O O yM O �� N OM OM � T O r M T M M N M M N O V M W M� O� N� O M M M O r� E N O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 066666666666666666666666666666 060606060606060606060606060606 060606060606060606060606060606 O G O G O h O G O G O C O C O G O G O G O G O C O N O C 0 0 O O O O O m O O O O O O O O O O O O O O O O O O O O O O O O 0 0 0 0 o m o 0 0 0 0 0 0 0 0 0 0 0 0 o n o 0 0 o r o 0 0 0 888888888888888888888888888888 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 00000000060606060606.6060,0606 r o000o r0000000000o in000000�n tn0000 t0 N O O O O N O O O O N O O O O O O r n O O O. Orr N O O N N N N M N r N M N O r M N M N N N M N N N N C N M M N e C N O N N O O N. N M N. t N N N N N N N N N N O N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N M O N (O . N N N N M N O N N r 0 0 0 0 0 0 0 0,-0 0 0 0 0 0 0 0,-0 0 0 0 0 0 0 0 0 0 m O m m m m m m m m m o m m m m m m m m m m m m m m m m m m m 0 0 0 0 0 0 0 0 o g o 0 0 0 0 0 0 0m 0 0 0 0 0 0 0 0 0 0 0 m w m M M M M. M M m. M w MMM M . M w m w MMM . m. REEEEEEEEMEMEEEMEEEEEEEEEE 0g0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggogg0ggog U r W5923z» r M M m m m m m m m m m m m m m m m¢ Q¢ Q¢¢¢¢¢¢¢ Q c�Oc�O:�Oc�Oc�i�c�Oc�i�c�i�c�Oc�i�c�Oc�i�c�i�c�i�c�i� tm0 M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M -MMMMMMMMMtoMM—mmmmm„0 MMMMMMM W N N 19,693,816.95 0 O r r r � r N N ONi O N N O N r r r C CON V N N� N N N N 0 0 0 � 0 � � N N C O O N N M M V � r r r M M N M N M M M M M M M M M M 4 N N 4 4 4 4 N N M M M N M M V M N N N M N M N M M r W M O O M O C M N N M C W W W O W O O O O M O O N N M M M O N N N N M M M M N N M N M M M M M M 4 (V N« « N N M M M N M M V M 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O N O 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O � O O G C G C G C G C G C G O O N o O V O O O N O O O O O O O O N O O N O 0 0 0 _ M tt�h i0 M O M O O V N N M O O O O O O M O O O V O N O W V N n r O N W O N N g Mg N N W V W O N N M TL91 N N N�"" v 7 9 v v 7 i No 0 0 0 0 0 0 0 0 0 0 � o 0 0 0 0 0 0 0 0 0 0 0 o c o N O M M O O O O O O O O O O O O O N O O N O 0 0 0^ O W W r M M V M r MOO M N O O M 0 0 0 M M O 0 0 M V V O N V N N N N O W a N N N fn W M M W N M N N N O V V V N M V M N N V�� W O M N W W a N M V V r e v of :6 M v of of of of of of r v of of of of v v of v of of of of v N !!!!!!!!!!!!!!!M!!!!!!!! 0000 0 0 0 000000000OOOO O O O OOOOOOOOOOOOO O O O OOOOOOOOON�NOarD N V N NMNNNORNV 888888000000n000000888888888 O O O O O O O O O O O O M O G O G O G O G O G O G O C o O O O O O N O O O O O O.2O O O O O O O O O O O O O°2 N " N F N F F N .,2 N,2 N N N.2N N� N 8888888888888888888888888888 0000000000000000000000000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .5 N G r.4 C G O G O G O, N G O G O N N G N G O G O h M N � N N N � N N � N � N N O O O O O O O O O O O O r O 0 0 0 0 0 0 0 0 0 0 0 0 W N O O O N O O N O E 0 0 0 N N O N O 0§ 0§ 0 0 0§ 0 W M N N O N O N N N M W W O M r N M N M M M 0 0 0 N O N M r 0000000000000000000000000000 N V N V N O N n O O O O"2N fV N N N 4 N N 4 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N r N N N N O O N M N N N r N N N N N O N m m 030303030303030303030303 .0303030303 m m m m o m m m m 0 0 0 0 0 0 0 0 0 0 0 0 g 0 0 0 0 0 0 0 0 0, 0 0 0 0 M M M M M M M M A M A g M A A A m� m A g A g M N � � � � � � � � � � � � } � � � � � � � z z z � � � z z }}}}}}}}}}}}u?u?}}}}}�}, }}}'n} }u}iu}i N N N N N N N N N N N M M V N N N M N N U U U U U U U U U U U U U U U U U U U U U U U U U U U U {v {v a a Q p m ¢ mr a � Z cj a N j q i 2 A p. Q¢¢ l¢ Q Q¢ ¢��� 2 I E$ d a6 � hO � 5 g c rn g 0000000000000000000000000000y M M M M M M M M M M M M M M M A M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M a la`! 0 M A W N W M M W N N N M O O O N O eD O W O r rn M m M m ao o � r W M M a N a r o 000 N O O O O N O 0 0 0 0 0 NOON O O O O N O O O M N N M M M W N O M M V n N O N N N O N V V O W V W N 7f M' O O O O O O O O O O O O O O o 0^ 0 0 0 0 0 0 o i o 0 0 0 0 0 0 0 0 o r o 0 N O O O O N O O O O O O O O N N N O O W M O O O O N N W r v N W V N N M r N N M M N O N O n O N N W W N N V O W V r v of ry voi of of oiv oia v ov of � N N � � � N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M O O O O O O O O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 W ti N y Oy O O a ra N� O r N O N N n r O N W N N N cp r r N r M N N r O N N O N M � C W 88$$$$$$$$$$$$$$4$o M1 ................... I O N O N N W I` G O G O G N G O M O T O) M N o O N N C O O O O O W O N r O M M N r Vd&RddM C O O N O O r O O_W O W O W W r T r W O V W N a 7 a W 813,830,000.00 0000000000000000000 0000000000000000000 0000000000000000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _O N O 0000000000000000woo 000000000000000000 N O r o o r N N G O G O N O N N o N C O O O O O O O N O V O O M = M N N O N N O O O N N W O O O O M M N W N M N O O W O 7 O wt M M r W W M V N N gaggsgsgsgsgsgsgsgg M N O O V N . N N W N W W W W W W W W N W N W W N N N N O O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N 4 N N N N N N N N N N M O O O O O O O,2.-O O O O O O O.2O m o w o o w, w w o Lp m m 2 0. o o 2 1} o o 2 2 } 2 m U O M C } N! } } MM } N }` }` M M M fV M M M N N N N C N m Q a a a a a Q a Q a a a Q a Q a Q a Q o 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 N E K E K E K E K E K E K E K E K E K E LLK • NMN W jo M(7M �'3 Ma E M m M O O M M M O C 0 0 0.-0 0 0 0 0 0000000000000000000 N M M M N M M N MMMM M M M M m M M M M M M M M M M M M M m M M M 5 F, W W M N N M AI F, • N N N N N vv4,oNNcoroo 88888888 NNNNNNNNG O G O G O C O N v4 10 N N N n • vvv��v 00000000 0 0 0 0 0 0 0 0 O O O O O O N N N N N N N r r FiLHEM e m e v m v d4 N M M r M W C N N O M M N M M M W M M W N � M N CV,� M V M o 0 N N N W HEF2g W W W C V M OtMOn V (OM W CC W C' NMMNCn0 ONN { V N 44 MN N N 4 M 4 N N O N N V V ii M O r M M a M O r c0 N O O M N� CN,� N M r O M M O, N y W a v o r o r r o M W o N 0 a �n �� a v m� N N 4 � n) O N h ,o m ao rn v a M o M !� V N N fD W N V N N N N N r V V fp N MN N N 4 M 4 N N O N N M y O O O O O O O O O O O O O O O O O O EigHVE N W W W W W W W W a 000000 0000000 00000000 N O N N O N C N N � N r N OMMOMNN 0000.004 m m m m m m m m o o o o 0 22222222 M M M M M M M M M V R N N V N N V =aaaaa«.‹ E K E K E K E E gEgaPV“s M m MMMM m 00000000 N M N M N M N .g M M M m MMM M 125,000,000.00 O O O O O O O O O O O O O O O O O O N O O O O O O O n O 0 0 N O N O O N 0 O O C O C O C O G O G O G N of O i() O O O O C O C O M O O G fV G 1� G G � V O O yy O O O O O O N N O O r O O r N M O 0 0 0 0 0 0 0 0 0 0 0 M O O S N M V M W M N W O W N M M M� N M M W O W V N r f0 V O m 0 N N N M _ N 71 M M M O _ N W _ M N M 7 N 7 ' N o v '' N 7 �' N N N W V v N OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOMNO0000 0000000000000 00o vio oi0000000� 000viov oc M N O N g M O N N W N ONi O 8 N O O 8 N N N O N 8 8 N O C V N N O N� N N O W N M^ V M O O W M N W V O O N W n n OMN1 W W H N W� YNl M N Z m� N V O of V GoidV d4O d Ng Oi NCr C d Oi Oi C Oi Oi MOi Oi g Or OiN V co 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N O M M N O M N r W W r V 0 M N O M M O C V M m C V C M M i0 V N M O N 3 N C W M M W M O N M M M M O O r,� N N O N N O W M M M M V W M H MO M N O O O r O M O M 0 0 0 �O O C N M m N N r C V 1� M W NNN W M rn m W W W W W W W W W W W W W W W m W m W W W W W W W ZS m rn 0000000000000000Non0000000a000NNoo0o0 MENNIANN N O O N O Or1 V ON1 O; m O N N O V O (WO N N N (NO cG �O G S M �O N O o 0 0 N � � 0 0 � O N C � N (D O V d cc M W M lV O V Oi IV O V W W O r W M W O M O O N O W M N N N N W N M M O N O m M N N M M V W W V O 4 rn o rn o rn d 0 0 0 0 0 0 v r rn M rn r rn d orn m O m o W m m M a o r m o W N V W W a W W W - - W N r a W W W N W O N O) W h W o V Cl 0000000000000000000000000000000000000 00000000000000000000008.Ug 0000000oo Oooro 000 ONNNO ONO N O d N G O G N O N N O O N G O N N r N O O C M C O M O C O 7 O r O V1 N O O O O M i M O 0 0 0 O O M M M N N N V W O W N v M N W O C O M O W N N N N O. M^ M N N N N N M N N O r MNO W W V M r M NMM V V MM N� V V fpM �!� N!� rM 14 N � N N N N N N N N N N N N N N N N ONN NN�VNONO.00NNNNNN_NOO�NO m V N N- M M M M N M M N N M N 1� r M M M fV � � � - - N N M W m W W N N N W W W W m N N W N N W N N N N N W N N W N W N N W N O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N M N N 'GN N O:2 N N N:2 N N:2 � N O O W O o 7 011' 0 0 0 O O O O O O.-O O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 N V V a W W a W Oi V N V W i w m ”- LP 0 o o m N rn o M } } } M M Z Z N Yrl } W N} M }}M 2 MN Om� 2 r }}}}} N} }}}} N N} N N N M m N 0} O M r g W M M O N C N M N lV N lV N N � V N V N � N N W V , V V N Lt a �� N r N r �� M $k2INiD945 � ,U1'gain-��"� g'iiM a<' .‹°2aaaa�aa ”'I' aaaaa`Nealaa1g L¢' as N M M M M M N M N M M M M M N M tM M M M N M M M M M N M N M N M M M N M M M N N Month End Po nfolio Holdings CUSP Description Maturity Date Coupon Yield To Mat Par Value Book Market Market Unrealized Modified Years To Value Price Value Gain/Loss Duration Maturity 1760: FHLB-SIEP%-Q 30/360 3130A8UH4 FHLB 3YrNc M oB 08/15/2019 2.000 2.000 25,000,000.00 25,000,000.00 1765: FHLB-STEP'A-S 30/360 3130A9DH1 FHLB SYrNc 3M oB 3130A9DA6 FHLB SYrNc 3M oB 3130AA2T4 FHLB SYrNc 6M oB 3130AA274 FHLB SYrNc 6M oB 3130AA5A2 FHLB SYrNc 1YrB 3130ABQV1 FHLB SYrNc 6M oB 3130ABVZ6 FHLB SYrNc 6M oB 3130ABZW9 FHLB SYrNc 3M oB 3130AC6H2 FHLB SYrNc 3M oB 3130AC418 FHLB SYrNc 3M oB 3130A9N3 FHLB 3.4YrNc 2M oB 3130AA5Y0 FHLB 4.16YrNc 2M oB 09/ 30/ 2021 09/ 30/ 2021 12/09/2021 12/09/2021 12/08/2021 07/ 26/ 2022 02/09/2022 08/24/2022 08/24/2022 05/24/2022 11/08/2021 11/25/2022 1.500 1.500 1.600 1.600 1.700 2.000 1.750 2.000 2.000 1.800 1.250 1.375 1.500 1.500 1.600 1.600 1.700 2.000 1.750 2.000 2.000 1.800 2.210 2.023 15,000,000.00 15,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 20,000,000.00 10,000,000.00 15,000,000.00 20,000,000.00 10,000,000.00 5,100,000.00 160,100,000.00 25,000,000.00 99.849000 24,962,250.00 25,000,000.00 99.849000 24,962,250.00 15,000,000.00 97.129000 14,569,350.00 15,000,000.00 97.103000 14,565,450.00 10,000,000.00 96.642000 9,664,200.00 10,000,000.00 96.642000 9,664,200.00 15,000,000.00 97.472000 14,620,800.00 15,000,000.00 97.460000 14,619,000.00 20,000,000.00 97.796000 19,559,200.00 10,000,000.00 96.724000 9,672,400.00 15,000,000.00 96.521000 14,478,150.00 20,000,000.00 97.581000 19,516,200.00 9,690,500.00 96.668000 9,666,800.00 4,967,400.00 97.266000 4,960,566.00 159,657,900.00 97.161971 155,556,316.00 -37,750.00 -37,750.00 -430,650.00 -434,550.00 -335,800.00 -335,800.00 -379,200.00 -381,000.00 -440,800.00 -327,600.00 -521,850.00 -483,800.00 -23,700.00 -6,834.00 -4,101,584.00 1767: FHLB-Var--M A/360 3130A9FU0 FHLB 4Yr 09/22/2020 2.362 2.362 10,000,000.00 10,000,000.00 100.341000 10,034,100.00 34,100.00 3130A9FM8 FHLB 4Yr 09/22/2020 2.362 2.362 15,000,000.00 15,000,000.00 100.341000 15,051,150.00 51,150.00 3130A9FR7 FHLB 4Yr 09/28/2020 2.392 2.392 10,000,000.00 10,000,000.00 100.366000 10,036,600.00 36,600.00 3130A9FR7 FHLB 4Yr 09/28/2020 2.392 2.392 15,000,000.00 15,000,000.00 100.366000 15,054,900.00 54,900.00 2.377 50,000,000.00 50,000,000.00 100.353500 50,176,750.00 176,750.00 1770: FHLB-Var-Q A/360 3130A8N F6 FHLB 3Yr 07/01/2020 2.462 2.462 25,000,000.00 25,000,000.00 100.448000 25,112,000.00 112,000.00 _ 2.462 25,000,000.00 25,000,000.00 100.448000 25,112,000.00 112,000.00 1900: FFCB•DISC NOTE 313313L71 FFCB DISC NOTE 10/24/2018 1.620 1.644 20,000,000.00 20,000,000.00 19,705,700.00 99.865000 19,973,000.00 19,772,700.00 99.865000 19,973,000.00 267,300.00 2STa00.00 868 .874 .868 .874 2.928 3.003 2.928 3.003 3.085 3.195 3.085 3.195 3.075 3.192 3.650 3.822 3.240 3.364 3.727 3.901 3.727 3.901 3.496 3.649 3.006 3.110 3.987 4.156 1.961 1.981 1.961 1.981 1.983 1.997 1.983 1.997 Mir Al 1.728 1.753 1.728 1.753 .065 .066 O6 IM 1925: FFC& Fxd-S 30/ 360 3133EFHH3 FFCB 3YrNc 3M oA 10/15/2018 1.110 1.110 5,000,000.00 5,000,000.00 99.952000 4,997,600.00-2,400.00 .041 .041 3133ER/38 FFCB 3YrNc 1YrA 03/29/2019 1.250 1.250 10,310,000.00 10,310,000.00 99.385000 10,246,593.50-63,406.50 .490 .493 3133EF5D5 FFCB 4YrNc 1YrA 04/27/2020 1.420 1.420 7,700,000.00 7,700,000.00 97.889000 7,537,453.00-162,547.00 1.543 1.575 3133EG NY7 FFCB 2.5YrNc 3M oA 01/28/2019 1.110 1.110 25,000,000.00 25,000,000.00 99.497000 24,874,250.00-125,750.00 .327 .329 3133EG SA4 FFCB 4YrNc 1YrA 08/24/2020 1.320 1.320 10,000,000.00 10,000,000.00 97.223000 9,722,300.00-277,700.00 1.868 1.901 3133EGVK8 FFCB 4YrNc 1YrA 09/21/2020 1.350 1.350 10,000,000.00 10,000,000.00 97.160000 9,716,000.00-284,000.00 1.942 1.978 3133EGXX8 FFCB 4YrNc 1YrA 10/13/2020 1.340 1.340 15,000,000.00 15,000,000.00 97.043000 14,556,450.00-443,550.00 1.990 2.038 3133EG C94 FFCB 4YrNc 3M oA 11/02/2020 1.380 1.380 10,000,000.00 10,000,000.00 97.038000 9,703,800.00-296,200.00 2.041 2.093 3133EG R49 FFCB 4YrNc 1YrA 12/07/2020 1.770 1.770 10,000,000.00 10,000,000.00 97.705000 9,770,500.00-229,500.00 2.124 2.189 3133EHAJ2 FFCB 3YrNc 1YrE 02/27/2020 1.710 1.710 10,000,000.00 10,000,000.00 98.557000 9,855,700.00-144,300.00 1.384 1.411 3133EHNY5 FFCB 1.5Yr 11/21/2018 1.250 1.342 10,000,000.00 9,987,200.00 99.874000 9,987,400.00 200.00 .141 .142 3133EHNY5 FFCB 1.5Yr 11/21/2018 1.250 1.322 10,000,000.00 9,990,000.00 99.874000 9,987,400.00-2,600.00 .141 .142 3133EHFX1 FFCB 2.5Yr 01/17/2020 1.520 1.520 10,000,000.00 10,000,000.00 98.484000 9,848,400.00-151,600.00 1.276 1.299 3133EHUL5 FFCB 3Yr 08/10/2020 1.550 1.550 5,000,000.00 5,000,000.00 97.699000 4,884,950.00-115,050.00 1.824 1.863 3133EHWN9 FFCB 2Yr 08/28/2019 1.400 1.400 5,000,000.00 5,000,000.00 98.936000 4,946,800.00-53,200.00 .907 .910 3133EE260 FFCB 2Yr 06/24/2019 1.520 1.400 5,000,000.00 5,010,640.00 99.276000 4,963,800.00-46,840.00 .724 .732 3133EHWN9 FFCB 2Yr 08/28/2019 1.400 1.410 10,000,000.00 9,998,000.00 98.936000 9,893,600.00-104,400.00 .907 .910 3133EHZN6 FFCB 3Yr 03/20/2020 1.450 1.511 20,000,000.00 19,970,400.00 98.088000 19,617,600.00-352,800.00 1.450 1.471 3133EHJ95 FFCB 3Yr 10/26/2020 1.750 1.760 20,000,000.00 19,994,000.00 97.804000 19,560,800.00-433,200.00 2.012 2.074 3133EHP98 FFCB 2Yr 11/06/2019 1.600 1.667 25,000,000.00 24,967,247.50 98.880000 24,720,000.00-247,247.50 1.079 1.101 3133EH6X6 FFCB 4Yr 01/12/2022 2.200 2.365 10,000,000.00 9,938,000.00 97.685000 9,768,500.00-169,500.00 3.134 3.288 3133EJEM7 FFCB 3Yr 03/01/2021 2.500 2.501 10,000,000.00 9,999,700.00 99.133000 9,913,300.00-86,400.00 2.329 2.419 3133EJCE7 FFCB 2.8Yr 02/12/2021 2.350 2.474 15,000,000.00 14,948,670.00 98.759000 14,813,850.00-134,820.00 2.281 2.373 3133EJKN8 FFCB 5Yr 04/11/2023 2.700 2.721 10,000,000.00 9,990,300.00 98.669000 9,866,900.00-123,400.00 4.184 4.532 3133EJNS4 FFCB 3Yr 05/10/2021 2.700 2.747 10,000,000.00 9,986,600.00 99.518000 9,951,800.00-34,800.00 2.479 2.611 3133EHFD0 FFCB 4.5Yr 04/11/2023 2.400 3.160 5,000,000.00 4,839,900.00 96.936000 4,846,800.00 6,900.00 4.200 4.532 1.684 293,010,000.00 292,630,657.50 98.47873A_ 288,552,546.50-4,078,111.00 1930: FFCB.Var-M A/360 3133EDXQO FFCB 5Yr 10/10/2019 2.203 2.203 15,000,000.00 15,000,000.00 100.154000 15,023,100.00 23,100.00 1.025 1.027 3133EDXQ0 FFCB 5Yr 10/10/2019 2.203 2.203 25,000,000.00 25,000,000.00 100.154000 25,038,500.00 38,500.00 1.025 1.027 3133EDX00 FFCB 5Yr 10/10/2019 2.203 2.225 10,000,000.00 9,997,560.00 100.154000 10,015,400.00 17,840.00 1.025 1.027 3133EFI56 FFCB4Yr 04/01/2020 2.339 2.339 25,000,000.00 25,000,000.00 100.395000 25,098,750.00 98,750.00 1.492 1.504 3133EF229 FFCB 4Yr 04/13/2020 2.393 2.393 50,000,000.00 50,000,000.00 100.416000 50,208,000.00 208,000.00 1.525 1.537 3133EGCE3 FIB5Yr 05/25/2021 2.486 2.486 10,000,000.00 10,000,000.00 100.654000 10,065,400.00 65,400.00 2.622 2.652 3133EGCE3 FFCB 5Yr 05/25/2021 2.486 2.486 10,000,000.00 10,000,000.00 100.654000 10,065,400.00 65,400.00 2.622 2.652 3133EGYA7 Fl B3Yr 10/11/2019 2.311 2.311 15,000,000.00 15,000,000.00 100.266000 15,039,900.00 39,900.00 1.025 1.030 3133EGZ37 FFCB 3Yr 10/24/2019 2.392 2.392 15,000,000.00 15,000,000.00 100.247000 15,037,050.00 37,050.00 1.061 1.066 3133EG F67 FFCB 3Yr 11/14/2019 2.304 2.304 15,000,000.00 15,000,000.00 100.241000 15,036,150.00 36,150.00 1.115 1.123 3133EG F67 FFCB 3Yr 11/14/2019 2.304 2.304 15,000,000.00 15,000,000.00 100.241000 15,036,150.00 36,150.00 1.115 1.123 3133EG4C6 FFCB3.9Yr 01/18/2022 2.405 2.116 15,000,000.00 15,139,095.00 100.680000 15,102,000.00-37,095.00 3.195 3.304 3133EJDG1 FFCB 5Yr 02/21/2023 2.252 2.252 15,000,000.00 15,000,000.00 99.948000 14,992,200.00-7,800.00 4.222 4.397 3133EIFS3 FFCB 3Yr 03/12/2021 2.149 2.149 15,000,000.00 15,000,000.00 99.974000 14,996,100.00-3,900.00 2.392 2.449 3133EJJ133 FFCB 3.5Yr 10/04/2021 2.139 2.139 25,000,000.00 25,000,000.00 99.913000 24,978,250.00-21,750.00 2.917 3.014 3133EIFS3 FFCB 3Yr 03/12/2021 2.149 2.149 22,500,000.00 22,500,000.00 99.974000 22,494,150.00-5,850.00 2.392 2.449 3133EJ1G4 FFCB 3Yr 06/28/2021 2.252 2.252 5,000,000.00 5,000,000.00 99.994000 4,999,700.00-300.00 2.667 2.745 3133EI1G4 FFCB 3Yr 06/28/2021 2.252 2.252 5,000,000.00 5,000,000.00 99.994000 4,999,700.00-300.00 2.667 2.745 3133EJZP7 FFCB 3Yr 09/17/2021 2.178 2.178 5,000,000.00 5,000,000.00 99.914000 4,995,700.00-4,300.00 2.864 2.967 3133EJZP7 FFCB 3Yr 09/17/2021 2.178 2.178 5,000,000.00 5,000,000.00 99.914000 4,995,700.00 -4,300.00 2.864 2.967 3133EJZP7 FFCB 3Yr 09/17/2021 2.178 2.178 5,000,000.00 5,000,000.00 99.914000 4,995,700.00-4,300.00 2.864 2.967 3133EJZP7 FFCB 3Yr 09/17/2021 2.178 2.178 5,000,000.00 5,000,000.00 99.914000 4,995,700.00-4,300.00 2.864 2.967 2.271 327,500,000.00 327,636,655.00 100.216397R 328,208,700.00 572,045.00 1.953 1950: FMAC-Fxd-S 30/360 3132X0WK3 FAM CA 2Yr 3132XOWY3 FAM CA 2Yr 3132X0A50 FAM CA 1.4Yr 3132X0C41 FAM CA 1.5Yr 3132X0074 FAM CA 2.08Yr 3132X0F97 FAM CA 1Yr 3132X02Y6 FAM CA 1.58Yr 3132X03B5 FAM CA 4.9Yr 3132X04F5 FAM CA 2.91Yr 08/20/2019 09/26/2019 05/ 15/ 2019 O6/24/2019 02/ 03/ 2020 01/29/2019 01/02/2020 O6/ 30/ 2023 07/23/2021 1.440 1.420 1.810 1.860 1.970 1.900 2.530 2.850 2.840 1.442 1.420 1.810 1.860 1.970 1.900 2.530 2.964 2.864 2.09 1965: FMAC-Var-M A/360 3132X0A18 FAMCA 2.5 Yr 3132X007 FAM CA 3Yr 3132X0U90 FAM CA 3Yr 5,000,000.00 10,000,000.00 10,000,000.00 20,000,000.00 15,000,000.00 25,000,000.00 20,000,000.00 10,000,000.00 10,000,000.00 125,000,000.00 4,999,800.00 99.010000 4,950,500.00-49,300.00 10,000,000.00 98.902000 9,890,200.00-109,800.00 10,000,000.00 99.590000 9,959,000.00-41,000.00 20,000,000.00 99.526000 19,905,200.00-94,800.00 15,000,000.00 99.143000 14,871,450.00-128,550.00 25,000,000.00 99.816000 24,954,000.00-46,000.00 20,000,000.00 99.904000 19,980,800.00-19,200.00 9,947,900.00 99.111000 9,911,100.00-36,800.00 9,993,300.00 99.889000 9,988,900.00-4,400.00 941,000.00 99.528920 124,411,150.00-529,850.00 06/02/2020 2.244 2.096 25,000,000.00 25,063,500.00 100.269000 25,067,250.00 3,750.00 04/23/2021 2.266 2.266 25,000,000.00 25,000,000.00 100.091000 25,022,750.00 22,750.00 05/10/2021 2.153 2.153 10,000,000.00 10,000,000.00 100.008000 10,000,800.00 800.00 60,000,000.00 60,063,500.00 100.151333 60,090,800.00 27,300.00 879 388 978 389 .615 B22 722 .732 1.314 1.345 328 .332 1.233 1.258 4.385 4.751 2.674 2.814 1.649 1.674 2.496 2.564 2.540 2.611 C 0 UNTY OF RIVERSIDE 1REASJRER TAX COLLECTOR 228 11 N F ,g r Y 2 L 2 O 'o E O � E C A9 E n 7o d > C pO � 20 Month End Portfolio Holdings 25,000,000.00 100.193600 25,000,000.00 O O O N M N N N O 0 0 N M O M O M O O O O 8 O 8 N M O'n m'n Mr r MOOOO otq. tnM 0M'n M m m N N N N N M N W m N N" m Q M O E N M N T N� N n N N n r M T N N O Q Q M N M r M O m Oi O N m M r Q, M th M V N r m N« N N N MN 88888888888888888888888888 66666666666666666666666666 0 oonmrM Q NMMO�O� r roMor o�M mm o tii N V V M M M Q N V M - - O O N N O Om1 V N N V NNN r t0 N V N fV O� � o> C r N lV N N E cG � Oi G 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O O O O O N O 0 0 0 0 0 0 0 0 0 D O O M n O M Q M N r 0> W M O r M C Q V M O M 0 0 0 0 0 m T MW§ W N O O N r M O O Q N O O O OOQQ N Mr O>O�O>O O NNO V Q T N O O O O aOD N N N N N 'On 2 8 ,(2 2 N N O N W N N W A N N 0 Figg2. . . . . . . . . . . . . . . . . . . . . . . . . . O n N M O V NMN Om1 M E O W O O O NONCC'irmciv W Oi Oi NaDONGI�GCG aD0 M O O) m r M M Q M r M N W N Q M m O M W MOM 8 M O m O T O M m N Ot M m N N_ O M r r f0 N O M To O h W V N O N V N N (V n co V N � W V n N N 00000000000000000000000000 00000000000000000000000000 0 0000000ti oti0000000ti oti oti o0 0 o O o O O O O O O O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EEEEEMEEEEEMEEPEHEEE N v NNNNNm v NNN.-.-of v � oSNoie.- rr .-m o r 0 0 0 0 0 0 Q � O 0 0 � N M W O 0 0> O O m m N N r F N O M N y m M M M W M M M M Q M m m N M 0 O M W Q N O m Q N M cN m M T O M � N N N N N N N N N N N O N i o O O OOmOm V O m N NO No N M nMOtM0O V M OOOV Nt0 NONtO N M M M N O lV N lV 'N lV lV lV lV V lV Ci O' O O Ct O Ot W M W O M O W 0 O O W O N O N N � N � � N � � N N N � N N N � N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N N N N N N N O O O O O O O O O O O O O O O Q Q 0 'n r r M 0 0 0 'n a M Q M Q Q Q Q Q Q Q O) O O O O O O O � 0 0 0 0 0 0 0 0 0 0 0 0 0 0 AO WW ww �z�n�n�nzeazeaZ �WazZgagWWW�1 ¢ggng�°zzzUti��Nz a� M�� a a C M /6 M Z Z U' I L a TJ E L O I L O l l O 2 cCQoo&&fg/a¢a2°i3 MaS00000aZ M N zM"�1,32�oale> f)MCcijsPl acNiao;5 �a to to zzzQ >a oaa a EM RRavvm 0 �moo�0000�o N M 01 N o m M M 0) V M h V MN M01N On1M01O O V M M V M N m vv Nn MMov vv �MNrn`r'oNN Ntr'�� � in rn N N N O N . N 8 8 O g N N"9W O N O v N N oQi " O 7 O 7 O O N N N M O 7 O M Q Q Q m M V M r II r M Q N r � r c M T N N M O N O N Omi M N i N O� O� O O N N N N O � O M Q � Q M m M V th n tp O O O N M M y Vy M N O N M y F.y V$ 0 n N N O N N nm M M T M A M 'On N M N�� N O M N m Q M M Q M � r M r n N � Q � m M n� Q n N N M M V M N N M m A N N n M V M n W V V W M M NNN N N N N� V N N N � ' M O n 0 0 0 tn0 fO 4-: (nO M ,r. O M f0 := 8 := Vg ITN g N N NNN Q N M N N Q O r E N E M yy 3 r e M M N ____ _NN W V V V m N OV W O N N V 4 N N N .c. 7- V 4 M M M A N N V M N c.l M 206,651,082.35 100.918632 O M Q m O M r N M M m r M m N m n 0T) N N N� M N m r y Ny M N N n rn 'tMi a M ro � N n N N o Q Q N r Q m m W N W N M NMN r n N 1� n O) m MNNO N:=MOM�NN'mn N'mnN mr tnONNNN 0 . . . . . . . . . . . . . . . . . . . . . . . co co Lo co m N N N O N N N O N N OtJ.-.-woo, m o.-mo NN V Oia NtJOcl co > M Q A O m r N N M O M Q N N r M N O W MMQ o�corrnto corQ M(D CIV r oco otor m M N N V V N N N'5' V V M M M M N N V M N M 00000000000000000000000 00000000000000000000000 o oti oti00000ti oti oti oti oti olio 0 O O O O O O O O O O O O O O O O O O O O O O o o o O O o O O O o o O O O O O O O O O O O O o G O N N N N i c tJ ' G N tJ O tJ a ih N O O N' to M M Q Q N NMN N N Q Q C Q N N N Q N M m m r Q rn r N r r m m m r r m M m m N Oi O N m M' N r M M M O O m Q T n� Q N O m M M M N M N N m N M N Q N N Q Q M Q Q m N N N N N N N N N N N N N N N N N N N N N N N O O O O g N o M M M M N V V N N N V M N N V V M V M tp N N N N N N N fV N N N fV N N N N N lV N lV N lV N M M M m M m O M M M M m M M O M Ot M O M M M O N N N N N N N N N N N N N N N N N N N N N N N N N n,20 0 M :I V N N N N N O N N N O M N 0 0 0 0 0 0 .2.-F 0 0 � 0 0 0 0 0 0 0 0000 E0 Ek&O 0 0 0 oc�oc� o0 000 `z z 0 `z 0 z z z z z z 0 z `z 0 0 z zz mz m sEsEza:azo:a:a 7 Z 2= Z 2 7 U U U U S 2 U S 2 2 U [ s &F"& go MWOWsgg g�8� 51n49n1 aaaagPlpFn_a 0 0 0 a U F 0 U z F o a a Z Z Z Z 0 R z O F R Z "� m ?N m F p Ot� c0iii��=�=��m0OOC7'axOS°x=o . V V N Mvn toM V NAM MVMMVM N NNN tn0 N N rnNA-COM 0 NmM M N N O � M N � M M N O O M M M tM0 N m M N M M M N' OMi M N M N N N'- N 7p N N O N M N M Mo c>MMMMMa Ma MmM maom r M O M O r O r N M M N M N Q N N N M N N Q N Q N Q Q Q M Q N Q O l"! th l"! M M M C'! M M M M M M M W c O O O O V W O 0 0 0 0 01 N O V n O m N ti oti MOi oti oti o of $tio Noa n M M M M M 0 0 0 M m O M O r M O m N r M N M r r N N N � M T M O n � M M c n W N W m N q N V M N - yy N 2888.7288888S88 O n O N V C tJ G tJ Q 8 8 8 O 8 8 <G N 8 � N O C g r N 0 N O M O N O O n N 0 N O S n rnN nm v_M rnMrnore Moto min I` N t0 V O W N m n !n Q W V A N M� io N '()N NN V rOi'' T' 4Oi NO'a O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O r r o r r r m r o r o M M Q m m M N N N N N N N h N m N m n n r r P r 828222822222828288 N O N N N N N N N N N Q W N W N N W . . . . . . . . . . . . . . . . . . M _O N V N O O O N O M rg Oi� g g Nth rr rr C g cG N M Q r m O N M M m m N A M O M N W f0 W MOT W N m N m N M f0 O M W o ti oti oti oti oti oti olio tioc O O O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 n O _ _ M O O W O O Om1 I` O N� N m Nro N ai N v of ciN oof vN Nt3'a M n M Q M m m Q m W N O Q O m r r R m M r m M Q M N m O§ i r M N N l'9 N M M N Q M Q m Q Q M Q M N N N N N N N N N N N N N N N N N N N N N O N N N N N N N ... ,P77 000 000 O O O O T O O W O O T W O W W W N N N N � N N � N N N N � � N O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 :1' 0 0 0 0 0.-0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0000 00000000000 0 UFUFUFUF FUFUFUFU�U�UFUFUFUF FUF LL� LL LL� LL� M� M� LL� LL LL M&&&& &&&&2&2&&&& & iggggtuggg=o=o0ggtu y 2 2 2 2 a 2 2 2 2 O' 2 O' 2 2 2 2 a 2 2 kt o t o m i o m t o t o M m M mm p M v M U M m M m m m m m m m M V V V V n V V V V m V m V V V V n V M Oltmo h N O N N N N V N V NNN N O N O umi a 212,505,206.63 OOi NN N�MNN 00lHNNOOilrON WNO MAN W N 000 000Mc>oMMooMMco co MM rM co W M Q m � O M N m O O M m Q r m O M Q m m m M M O m m H M N I m M m r N 0 0 m C 000 000tn i+ioMMooc>c�co co MM r M co 8888888888888888888888 6666666666666666666666 8888888888828888888888 O C G C O O O O O C O o> 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O r O O O O O O O O O o O O O O O O O O O O O N O O O O O O O O O O O O O O O O N N O C V C N g O C 0 0' O O N O g O C o Ci M M M N N N M m N M N N M N N M M N 0 0 0 0 0 0 0 0 0 0 0' 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 88888888888,78888888888 O O O O O O O O O O O O O O O O O O O N O O 0 0 0 0 0 0 0 0 0 0 o r o 0 0 0 0 0 0 0 0 0 8888888888828888888888 8888888888828888888888 ggggggggggPsigggggggggg O C O 6 O 6 O 6 O C O- 0 0 0 0 O C O C O C O O O O O O O O O O O M O O O O O O O O O O O O O O O O O O O O O A O O O O O O O O O O M N fM M N N N M M N M N N tOo s N d N M M N 8888888888888888888888 o d o 8 8 8 8 J 8 8 8 8 8 8 8 8 8 8 8 8 8 o O O O O O O O O O O O O O O O O O O O O O o .0.0.....0...a........ 8888888888888888888888 M tJ O ctgggsggg,etJ O t(i 0 0 sgLg 0 N M M N N N M M N M N N M N N M M N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 m O m M r r M M N N O Q O m T r M O M of cmc MQ of Qm'n thM rtC to N N N N N N N N N N N N N N N N N N NNN N .0 0.M MOM V io M V Vo tM V.7N YMl M M 1� 00 N lV N lV fV fV lV fV lV fV N fV � lV N lV lV fV lV fV lV lV fV m M M M M M M O m M M M M O M M m M M M O M N N N N N N N N N N N N N N N N N N N N N N 8c71A882AA882:=28:=V; O M N O O O O O O O O O O O N N O O O N O Y Y Y Z Z Z 0 0 0 Eko 0 0 ozozza 0 7 Z�2 Z Z UaUU ZamYYmY%OQOZma5 5E0 0 0E) QnQnQnnOFg a A R8&®&4&& 0 274 Ll OE Z � gp E F c�� 3 S� t�o oM� No�� q S� S M N Z `lPN K rnav aaxima m~, m.> NMN P n N N O N O N O M E N§ n NON § n to n Q O) O m m M m M m m M M 01 W O M n W M 0 0) b tN+l m m tm+l r N A b to V {V 1 N N Month End Portfolio Holdings CUSP Description Maturity Date Coupon Yield To Mat Par Value Book Value Market Rite Market Unrealized Value Gain/loss Modified Years To Duration Maturity 4540: NC D-A A/ 360 05252WNR0 AUSTRALIA NZ BK GRP 65590AXW1 NORDEA BK 4541: NCD-VAR-M A/360 9612116P8 WESIPAC BANK NY 10/ 10/ 2018 01/ 16/ 2019 2.130 2.130 30,000,000.00 2.420 2.420 25,000,000.00 2.262W2.26M 55,000,000.00 11/06/2018 2.320 2.320 2.320 2.320 30,000,000.00 100.000000 25,000,000.00 100.000000 30,000,000.00 25,000,000.00 55,000,000.00 100.000000 55,000,000.00 25,000,000.00 25,000,000.00 100.000000 25,000,000.00 25,000,000.00 25,000,000.00 100.000000 25,000,000.00 0.00 0.00 0.00 0.00 0.00 .027 .289 .146 .100 .100 .027 .296 .149 .101 .101 Total Fund 1.923 2.015 6,065,753,037.08 6,046,972,952.10 99.091038 6,010,617,673.04-36,355,279.06 1.128 1.163 Grand Total 1.923 2.015 6,065,753,037.08 6,046,972,952.10 99.091038 6,010,617,673.04-36,355,279.06 1.128 1.163 C 0 UNTY 0 F RIVERSIDE 1REASJRER TAX C 0 LLEC TO R 230 13 The Mission Inn, Downtown Riverside. Digital Image. The Mission Inn. http://www.missioninn.com/about-en.html. COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 231 COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR CAPITAL MARKETS COUNTY ADMINISTRATIVE CENTER 4080 LEMON STREET, 4TH FLOOR, RIVERSIDE, CA 92502-2205 WWW.COUNTYTREASURER.ORG AGENDA ITEM 7E RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Jennifer Crosson, Toll Operations Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Revised Express Lanes Privacy Policy WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to adopt Resolution No. 18-017, "Resolution of the Riverside County Transportation Commission Regarding the Revised Express Lanes Privacy Policy". BACKGROUND INFORMATION: In May 2016, the Commission adopted Resolution No. 16-008 establishing a privacy policy for the Commission's express lanes as required by Section 31490 of the Streets and Highways Code. During the operation of the express lanes, the Commission and its contractors are in possession of personally identifiable information (PII) for people that use the express lanes toll facilities. In order to protect the privacy of express lanes customer data and to comply with current law, the Commission adopted the current privacy policy prior to the opening of the 91 Express Lanes. Since the adoption of the privacy policy, changes to the operation and the California Toll Operator Committee Interoperability data exchange have occurred. Staff recommends that the attached revised policy be adopted to ensure the Commission remains compliant with the current law and takes measures to protect itself regarding disclosure of PII required for toll enforcement and related purposes. The proposed revisions to the privacy policy are consistent with revisions adopted or anticipated to be adopted by the Orange County Transportation Authority, with whom the Commission jointly operates the 91 Express Lanes. The May 2016 resolution was developed to allow the use of the privacy policy for future express lanes. The revised policy continues to be intended for use on future Commission operated express lanes. The privacy policy, as drafted, complies with current law and will serve to inform users of Commission -operated toll facilities of the privacy policy as it relates to their PII. The policy will serve to guide the processes and actions of the Commission and its contractors while working with PII. Agenda Item 7E 233 The revised policy will go into effect at the same time the account policy changes approved by the Commission in July 2018 go into effect. As a part of the transition to the 6C transponder technology, existing 91 Express Lanes customers will be notified of the revised privacy policy and customer account agreement by mail. The mailed notification is scheduled to begin in early January 2019. The revised privacy policy will be made available on the 91 Express Lanes website on January 1, 2019. Resolution No. 18-017 provides for proposed updates to the existing privacy policy to address changes in law, interoperability data exchange practices, and changes in operational conditions. There is no fiscal impact related to the privacy policy. Attachment: Resolution No. 18-017 Agenda Item 7E 234 RESOLUTION NO. 18-017 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION REGARDING THE REVISED RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXPRESS LANES PRIVACY POLICY WHEREAS, in May of 2016, the Riverside County Transportation Commission (the "Commission") adopted Resolution 16-008 establishing a Privacy Policy for the Express Lanes as required by Section 31490 of the Streets and Highways Code (the "Privacy Policy"); WHEREAS, the Privacy Policy addresses issues related to the possession and use by the Commission of personally identifiable information ("Pr) for people that use the 91 Express Lanes facility; WHEREAS, the Commission, in conjunction with Orange County Transportation Authority ("OCTA"), now proposes certain revisions to the Privacy Policy to address legal challenges that have occurred related to PII, changes to the California Toll Operator Committee ("CTOC") Interoperability data exchange, and changes related to operation of the Express Lanes; WHEREAS, the proposed revised Privacy Policy is attached to this resolution as Exhibit "A", and is incorporated herein by reference ("Revised Privacy Policy"); WHEREAS, the Commission and its contractors shall be required to adhere to the procedures included in the Revised Privacy Policy; WHEREAS, the Executive Director shall retain the authority to amend the Revised Privacy Policy as necessary to respond to any changes in law, or to address changes in CTOC Interoperability standards; WHEREAS, operation of the 91 Express Lanes is in cooperation with OCTA, and thus the Revised Privacy Policy is proposed as a joint policy with OCTA; WHEREAS, the Commission anticipates the future operation of the 1-15 Express Lanes, and it is the intent that the Revised Privacy Policy will be amended, prior to opening of the I-15 Express Lanes, to include said lanes. The Executive Director shall retain the authority to amend the Revised Privacy Policy to address operation of the 1-15 Express Lanes, and/or to remove references to OCTA, as necessary or appropriate. NOW, THEREFORE, be it resolved by the Commissioners of the Riverside County Transportation Commission as follows: 1. The recitals set forth above are true and correct and are incorporated into this resolution by reference as though fully set forth herein. 2. The Board of Commissioners hereby adopts the Revised Privacy Policy. The Revised Privacy Policy amends and restates, in its entirety, the original Privacy Policy, which, as of the date of adoption of the Revised Privacy Policy, shall have no further force or effect. 235 3. The Revised Privacy Policy shall govern the collection and use of personally identifiable information collected by the Commission and its contractor(s) as part of the operation of 91 Express Lanes, and the I- 15 Express Lanes, if constructed. 4. The Revised Privacy Policy may, as directed by the Executive Director of the Commission, and without further action of the Board of Commissioners, be amended to include specific reference to the I-15 Express Lanes prior to opening of such lanes. 5. The Revised Privacy Policy may, as directed by the Executive Director of the Commission, and without further action of the Board of Commissioners, be revised to eliminate reference to OCTA. 6. The Revised Privacy Policy may, as directed by the Executive Director of the Commission, and without further action of the Board of Commissioners, be amended to respond to any changes in law, to address changes in CTOC Interoperability standards, and/or to make any minor changes jointly identified by RCTC and OCTA. 7. The Board of Commissioners declares its intent that should any court of competent jurisdiction declare any part or provision of the Revised Privacy Policy illegal or unenforceable, then such part or provision shall be severed from the Revised Privacy Policy and the remaining parts and provisions shall be enforced in accordance with their terms. 8. This resolution shall be effective as of the date of its adoption by the Board of Commissioners. As of the effective date, the Revised Privacy Policy shall be known and referred to as the "Express Lanes Privacy Policy". Passed, approved and adopted this day of December, 2018. ATTEST: Lisa Mobley Clerk of the Board Dana W. Reed, Chair Riverside County Transportation Commissioner 236 EXHIBIT "A" EXPRESS LANES PRIVACY POLICY [ATTACHED BEHIND THIS PAGE] 237 Privacy Policy The Orange County Transportation Authority (OCTA) and the Riverside County Transportation Commission (RCTC)are committed to safeguarding the integrity and confidentiality of the personally identifiable information of the people who use the 91 Express Lanes. Personally identifiable information is any information that identifies or describes a person, including, but not limited to, your name, address, telephone number, billing address, e-mail address, credit card number and expiration date, bank account information, tracking information for checks or money orders, license plate numbers, photographs of license plates, and travel data, including the date, time and location of toll transactions (referred to in this Privacy Policy as "Personal Information"). OCTA and RCTC recognize the need for reasonable control of Personal Information. As used in this Privacy Policy, "we" and "our" refers to OCTA and RCTC. We will not sell, rent, lease, trade, market, exchange, distribute or disclose your Personal Information to, or with, third parties other than as disclosed in this Privacy Policy. This Privacy Policy is incorporated into the terms of your account agreement with OCTA. Certain Instances of Permitted Disclosure of Your Information: We may use third party service providers to facilitate our services, and, to the extent necessary for that purpose, we may disclose your Personal Information to them. For example, we will be disclosing your credit card information and credit card payments to our credit card processing providers. Personal Information will also be provided to contractors and subcontractors who process toll violation notices and enforce toll requirements. Information disclosed may include your name, address, account number, license plate number, phone number, email address, the date, time and location of toll transactions, the amount of unpaid toll and toll evasion penalties, and other similar information. To facilitate enforcement of unpaid tolls and associated penalties, we may disclose information about you to third parties to confirm your address and/or phone number or to obtain an updated address and/or phone number. We may also obtain and use your social security number during the collection and enforcement process. We share some Personal Information with operators of other toll facilities to facilitate the use of a single FasTrak transponder on multiple toll facilities — referred to as "interoperability." We provide other toll facility operators with, among other things, transponder identification numbers, account numbers and license plate numbers associated with valid 91 Express Lanes FasTrak accounts. Those other toll facility operator provide similar information to us about their FasTrak account holders. This allows participating toll facility operators to easily recognize valid FasTrak accounts. If you have a FasTrak account with an entity other than OCTA and you use your transponder to drive on the 91 Express Lanes, we will send the agency managing your account basic information about your use of the 91 Express Lanes so that those transactions can be included on your account statement. That information may include, but is not limited to, your transponder identification number, your account number, your license plate number, the toll amounts owed and/or other charges, and the date, time and 238 location of each toll transaction. If you are a 91 Express Lanes FasTrak account holder and you use other toll facilities, the operators of those other facilities will provide us with similar information about your use of their toll facilities. If you drive a rental car or fleet vehicle on the 91 Express Lanes without a valid FasTrak transponder, we will notify the company to whom the vehicle is registered, or the company's third party contracted processing agency. We may provide, among other things, the plate number, image of the vehicle plate, toll and penalty amounts owed, and the date, time and location of each trip. The company to whom the vehicle is registered or its third -party processing agency may provide us with your contact information, including your name and address, as well as your rental contract. We will use that information for collection and enforcement purposes. We may have to disclose Personal Information if we are required to do so by law, such as to the government or third parties pursuant to a court order or other similar circumstances. Absent a written certification that waiting for a warrant would be detrimental to an investigation or expose a law enforcement officer to danger, we will not provide Personal Information requested by a law enforcement agency without a search warrant or other similar court order. We may disclose information about you to our service providers, as we believe necessary or appropriate in connection with investigations of activities that could expose us to liability, including investigation of fraud, intellectual property infringement, piracy, or other similar activities. We may aggregate information about you and your use of our services with information about others, and we may disclose such information in the aggregate to the companies that provide our funding, technology and corporate expertise, or our advertisers, analysts, alliance partners, or service providers. Aggregate information may also be publically released in reports presented to the board of directors of the Orange County Transportation Authority ("OCTA") and/or Riverside County Transportation Commission ("RCTC") or their operating partners, who ultimately oversee the operations of the 91 Express Lanes. For our records, we may retain original and updated information for business reasons related to our services. These business reasons include technical constraints, dispute resolution, troubleshooting, agreement enforcement, and standard record keeping. Except for basic account information such as your name, credit card number or other payment information, billing address, and vehicle information which is required to perform account functions such as billing, account settlement, or enforcement activities, we will not retain your Personal Information for more than four years and six months after the closure of each billing cycle, provided that all tolls and/or toll violations assessed during that billing cycle have been paid or otherwise resolved. We will take every effort, within practical business and cost constraints, to purge your Personal Information within four years and six months after the date that your account with the Express Lanes is closed or terminated. Information deemed reasonably necessary 239 for collection and/or enforcement of unpaid tolls and/or toll violation penalties will not be purged unless and until those issues are resolved. We may also disclose and transfer your Personal Information in the event that some or all of the assets of the 91 Express Lanes are sold or otherwise transferred, or in the unlikely event of a reorganization of OCTA or RCTC or their operating partners. Changes in the Privacy Policy: OCTA and RCTC reserve the right to update, modify, or rescind this Privacy Policy from time to time and in a manner consistent with state law. We will notify you in writing via e-mail, in our quarterly newsletter, or in one or more of your account statements of any material change in this Privacy Policy before that change goes into effect. If there is a material change in this Privacy Policy, the change will be reflected in the policy posted on our website. How to Contact Us: If you have any questions about this Privacy Policy, please write to: 91Express Lanes 180 N. Riverview Drive, Suite 200 Anaheim, CA 92808 Or contact us online. Changing Your Personal Information: If you wish to review your Personal Information, you may do so by contacting the 91 Express Lanes Customer Service Center at 1(800) 600-9191 or by logging onto your account at www.91expresslanes.com. You may request changes to your Personal Information by contacting the Customer Service Center. Effective Date of Privacy Policy: This policy shall be effective as of January 1, 2019. 240 AGENDA ITEM 7F RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Patti Castillo, Capital Projects Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Agreement with Falcon Engineering for Construction Management Services for the Construction of the State Route 60 Truck Lanes Project WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Award Agreement No. 18-31-164-00 to Falcon Engineering to provide construction management (CM), materials testing, construction surveying and environmental monitoring services for the State Route 60 Truck Climbing Lanes project, in the amount of $15,920,498, plus a contingency amount of $1,592,050, for a total amount not to exceed $17,512,548; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director, or designee, to approve contingency work as may be required for the project. BACKGROUND INFORMATION: The SR-60 Truck Climbing Lanes project is located east of Moreno Valley from Gilman Springs Road to Jack Rabbit Trail (Figure 1). The project scope includes an eastbound truck climbing lane and a westbound truck descending lane plus inside and outside standard shoulders along a 4.5-mile stretch of SR-60. The project is designed to enhance safety and improve operations. The project is a combination of a Caltrans-sponsored safety project to construct shoulders and the Commission's project to construct the truck lanes, as well as a Caltrans-sponsored pavement rehabilitation project. Agenda Item 7F 241 Figure 1: Project Location Map The CM services will be paid for with $27.6 million in State Transportation Improvement Program (STIP) funds approved by the Commission in November 2013 and Measure A funds as needed. Total construction funding is $122 million. The environmental document was approved in May 2016, and right of way was certified in June 2018. The lawsuit that was the final impediment to construction was resolved this summer, and the final plans and specifications were approved in August 2018. The current cost estimate for construction, excluding CM, is $105 million. Procurement Process: Pursuant to Government Code 4525 et seq, the selection of architect, engineer, and related services shall be on the basis of demonstrated competence and on professional qualifications necessary for the satisfactory performance of the services required. Therefore, staff used the qualification method of selection for the procurement of these services. Evaluation criteria included elements such as qualifications of firm, qualifications of personnel, project understanding and approach, understanding of materials testing and construction surveying services, and the ability to respond to the requirements set forth under the terms of a request for qualifications (RFQ). RFQ No. 18-31-164-00 for CM, materials testing, and construction surveying services for the project was released on June 28, 2018. A public notice was advertised in the Press Enterprise, and the RFQ was posted on the Commission's PlanetBids website, which is accessible through Agenda Item 7F 242 the Commission's website. Through PlanetBids, 97 firms downloaded the RFQ, 23 of these firms are located in Riverside County. A pre -proposal conference was held on July 12, 2018 and attended by 20 firms. Staff responded to all questions submitted by potential proposers prior to the July 26 clarification deadline date. Four firms — Arcadis U.S., Inc. (Arcadis); Falcon Engineering Services (Falcon); Jacobs Project Management Co. (Jacobs); and S2 Engineering, Inc. — submitted responsive and responsible statements of qualifications (SOQ) prior to the 2:00 p.m. submittal deadline on August 23. Three of the four firms are located in Riverside County. Based on the evaluation criteria set forth in the RFQ, the firms were evaluated and scored by an evaluation committee comprised of Commission, Bechtel, and Caltrans staff. Based on the evaluation committee's assessment of the written SOQs and pursuant to the terms of the RFQ, the evaluation committee shortlisted and invited three firms (Arcadis, Falcon, and Jacobs) to the interview phase of the evaluation and selection process. Interviews were conducted on September 20, 2018. The evaluation committee conducted a subsequent evaluation of each firm, based on both written and interview components presented to the evaluation committee by each proposer. Accordingly, the evaluation committee recommends contract award to Falcon to provide CM, materials testing, and construction surveying services for the project, as it earned the highest total evaluation scores. Subsequently, staff negotiated the scope (including the appropriate level of effort, labor categories/mix, etc.), cost, and schedule proposal received from Falcon for the project services and established a fair and reasonable price. As part of the federal procurement process for architectural and engineering services, the contract is subject to a pre -award audit by Caltrans Audits and Investigations Unit. The proposed cost is $15,920,498 and may change slightly as a result of the pre -award audit and is expected to be finalized prior to Commission approval in December. Recommendation Staff recommends award of Agreement No. 18-31-164-00 to Falcon to perform CM services, materials testing, construction surveying services and environmental monitoring services for the SR-60 Truck Climbing Lanes project, based on the final project scope and cost included with the attachment, in the amount of $15,920,498, plus a contingency amount of $1,592,050 for unanticipated changes, for a total amount not to exceed $17,512,548. The Commission's model professional services agreement will be entered into with Falcon, subject to any changes approved by the Executive Director and pursuant to legal counsel review. Further, staff recommends authorization for the Chair or Executive Director to execute the agreement on behalf of the Commission and for the Executive Director or designee to approve contingency work up to the total not to exceed amount as required for the project. Agenda Item 7F 243 Financial Information In Fiscal Year Budget: Yes N/A Year: FY 2018/19 FY 2019/20+ Amount: $ 500,000 $17,012,548 Source of Funds: STIP Budget Adjustment: No N/A GL/Project Accounting No.: 003029 81302 00000 0000 262 31 81301 Fiscal Procedures Approved: \)4 dati Date: 11/15/2018 Attachment: Draft Agreement No. 18-31-164-00 Agenda Item 7F 244 Agreement No. 18-31-164-00 PROFESSIONAL SERVICES AGREEMENT WITH FHWA FUNDING/ASSISTANCE RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT WITH FALCON ENGINEERING SERVICES, INC. FOR CONSTRUCTION MANAGEMENT SERVICES FOR THE STATE ROUTE 60 TRUCK LANE PROJECT Parties and Date. This Agreement is made and entered into this day of , 2018, by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("the Commission") and FALCON ENGINEERING SERVICES, INC. ("Consultant"), a [_INSERT TYPE OF LEGAL ENTITY_]. The Commission and Consultant are sometimes referred to herein individually as "Party", and collectively as the "Parties". Recitals. A. On November 8, 1988 the Voters of Riverside County approved Measure A authorizing the collection of a one-half percent (1/2 %) retail transactions and use tax (the "tax") to fund transportation programs and improvements within the County of Riverside, and adopting the Riverside County Transportation Improvement Plan (the "Plan"). B. Pursuant to Public Utility Code Sections 240000 et seq., the Commission is authorized to allocate the proceeds of the Tax in furtherance of the Plan. C. On November 5, 2002, the voters of Riverside County approved an extension of the Measure A tax for an additional thirty (30) years for the continued funding of transportation and improvements within the County of Riverside. D. A source of funding for payment for professional services provided under this Agreement is federal funds administered by the California Department of Transportation ("Caltrans") from the United States Department of Transportation pursuant to the following project/program: [ INSERT FUNDING SOURCE_]. 17336.03400\31233218.1 1 245 E. Consultant desires to perform and assume responsibility for the provision of certain professional services required by the Commission on the terms and conditions set forth in this Agreement. Consultant represents that it is experienced in providing INSERT TYPE OF SERVICES 1 services to public clients, is licensed in the State of California (if necessary), and is familiar with the plans of the Commission. F. The Commission desires to engage Consultant to render such services for the INSERT PROJECT j ("Project"), as set forth in this Agreement. Terms. 1. General Scope of Services. Consultant shall furnish all technical and professional services, including labor, material, equipment, transportation, supervision and expertise, and incidental and customary work necessary to fully and adequately supply the professional j INSERT GENERAL DESCRIPTION OF SERVICES j services necessary for the Project ("Services"). The Services are more particularly described in Exhibit "A" attached hereto and incorporated herein by reference. All Services shall be subject to, and performed in accordance with, this Agreement, the exhibits attached hereto and incorporated herein by reference, and all applicable local, state and federal laws, rules and regulations. 2. Commencement of Services. [ USE THIS PARAGRAPH IF NOTICE TO PROCEED OR LIMITED NOTICE TO PROCEED HAS BEEN ISSUED j Commission has authorized Consultant to commence performance of the Services by a "Notice to Proceed" or "Limited Notice to Proceed" dated . Consultant agrees that Services already performed pursuant to the "Notice to Proceed" or "Limited Notice to Proceed" shall be governed by all the provisions of this Agreement, including all indemnification and insurance provisions. f USE THIS SENTENCE IF NO NOTICE TO PROCEED OR LIMITED NOTICE TO PROCEED HAS BEEN ISSUED j The Consultant shall commence work upon receipt of a written "Notice to Proceed" or "Limited Notice to Proceed" from Commission. 3. Pre -Award Audit. As a result of the federal funding for this Project, and to the extent Caltrans procedures apply in connection therewith, issuance of a "Notice to Proceed" may be contingent upon completion and approval of a pre -award audit. Any questions raised during the pre -award audit shall be resolved before the Commission will consider approval of this Agreement. The federal aid provided under this Agreement is contingent on meeting all Federal requirements and could be withdrawn, thereby entitling the Commission to terminate this Agreement, if the procedures are not completed. The Consultant's files shall be maintained in a manner to facilitate Federal and State process reviews. In addition, the applicable federal agency, or Caltrans acting in behalf of a federal agency, may require that prior to performance of any work for which Federal reimbursement is requested and provided, that said federal agency or Caltrans must give to Commission an "Authorization to Proceed". 17336.03400\31233218.1 2 246 4. Caltrans Audit Procedures. Consultant and subconsultant contracts, including cost proposals and ICR, are subject to audits or reviews such as, but not limited to, a contract audit, an incurred cost audit, an Independent Cost Review (ICR) Audit, or a CPA ICR audit work paper review. If selected for audit or review, this Agreement, Consultant's cost proposal and ICR and related work papers, if applicable, will be reviewed to verify compliance with 48 CFR, Part 31 and other related laws and regulations. In the instances of a CPA ICR audit work paper review it is Consultant's responsibility to ensure federal, state, or local government officials are allowed full access to the CPA's work papers including making copies as necessary. This Agreement, Consultant's cost proposal, and ICR shall be adjusted by Consultant and approved by the Commission's contract manager to conform to the audit or review recommendations. Consultant agrees that individual terms of costs identified in the audit report shall be incorporated into this Agreement by this reference if directed by Commission at its sole discretion. Refusal by Consultant to incorporate audit or review recommendations, or to ensure that the federal, state or local governments have access to CPA work papers, will be considered a breach of the Agreement terms and cause for termination of this Agreement and disallowance of prior reimbursed costs. Additional audit provisions applicable to this Agreement are set forth in Sections 23 and 24 of this Agreement. 5. Term. 5.1 This Agreement shall go into effect on the date first set forth above, contingent upon approval by Commission, and Consultant shall commence work after notification to proceed by Commission's Contract Administrator. This Agreement shall end on j INSERT END DATE j, unless extended by contract amendment. 5.2 Consultant is advised that any recommendation for Agreement award is not binding on Commission until this Agreement is fully executed and approved by the Commission. 5.3 This Agreement shall remain in effect until the date set forth above, unless earlier terminated as provided herein. Consultant shall complete the Services within the term of this Agreement, and shall meet any other established schedules and deadlines. All applicable indemnification provisions of this Agreement shall remain in effect following the termination of this Agreement. 6. Commission's Contract Administrator. The Commission hereby designates the Commission's Executive Director, or his or her designee, to act as its Contract Administrator for the performance of this Agreement ("Commission's Contract Administrator"). Commission's Contract Administrator shall have the authority to act on behalf of the Commission for all purposes under this Agreement. Commission's Contract Administrator shall also review and give approval, as needed, to the details of Consultant's work as it progresses. Consultant shall not accept direction or orders from any person other than the Commission's Contract Administrator or his or her designee. 17336.03400\31233218.1 3 247 7. Consultant's Representative. Consultant hereby designates [ INSERT NAME OR TITLE j to act as its Representative for the performance of this Agreement ("Consultant's Representative"). Consultant's Representative shall have full authority to act on behalf of Consultant for all purposes under this Agreement. The Consultant's Representative shall supervise and direct the Services, using his or her professional skill and attention, and shall be responsible for all means, methods, techniques, sequences and procedures and for the satisfactory coordination of all portions of the Services under this Agreement. Consultant shall work closely and cooperate fully with Commission's Contract Administrator and any other agencies which may have jurisdiction over, or an interest in, the Services. Consultant's Representative shall be available to the Commission staff at all reasonable times. Any substitution in Consultant's Representative shall be approved in writing by Commission's Contract Administrator. 8. Substitution of Key Personnel. Consultant has represented to the Commission that certain key personnel will perform and coordinate the Services under this Agreement. Should one or more of such personnel become unavailable, Consultant may substitute other personnel of at least equal competence upon written approval by the Commission. In the event that the Commission and Consultant cannot agree as to the substitution of the key personnel, the Commission shall be entitled to terminate this Agreement for cause, pursuant to the provisions herein. The key personnel for performance of this Agreement are as follows: j INSERT NAMES OF KEY PERSONNEL 1. 9. Standard of Care; Licenses. Consultant represents and maintains that it is skilled in the professional calling necessary to perform all Services, duties and obligations required by this Agreement to fully and adequately complete the Project. Consultant shall perform the Services and duties in conformance to and consistent with the standards generally recognized as being employed by professionals in the same discipline in the State of California. Consultant warrants that all employees and subcontractors shall have sufficient skill and experience to perform the Services assigned to them. Consultant further represents and warrants to the Commission that its employees and subcontractors have all licenses, permits, qualifications and approvals of whatever nature that are legally required to perform the Services, and that such licenses and approvals shall be maintained throughout the term of this Agreement. Consultant shall perform, at its own cost and expense and without reimbursement from the Commission, any services necessary to correct errors or omissions which are caused by the Consultant's failure to comply with the standard of care provided for herein, and shall be fully responsible to the Commission for all damages and other liabilities provided for in the indemnification provisions of this Agreement arising from the Consultant's errors and omissions. Any employee of Consultant or its sub - consultants who is determined by the Commission to be uncooperative, incompetent, a threat to the adequate or timely completion of the Project, a threat to the safety of persons or property, or any employee who fails or refuses to perform the Services in a manner acceptable to the Commission, shall be promptly removed from the Project by 17336.03400\31233218.1 4 248 the Consultant and shall not be re-employed to perform any of the Services or to work on the Project. 10. Independent Contractor. The Services shall be performed by Consultant or under its supervision. Consultant will determine the means, methods and details of performing the Services subject to the requirements of this Agreement. Commission retains Consultant on an independent contractor basis and not as an employee, agent or representative of the Commission. Consultant retains the right to perform similar or different services for others during the term of this Agreement. Any additional personnel performing the Services under this Agreement on behalf of Consultant shall at all times be under Consultant's exclusive direction and control. Consultant shall pay all wages, salaries and other amounts due such personnel in connection with their performance of Services and as required by law. Consultant shall be responsible for all reports and obligations respecting such personnel, including but not limited to, social security taxes, income tax withholdings, unemployment insurance, disability insurance, and workers' compensation insurance. 11. Schedule of Services. Consultant shall perform the Services expeditiously, within the term of this Agreement, and in accordance with the Schedule of Services set forth in Exhibit "B" attached hereto and incorporated herein by reference. Consultant represents that it has the professional and technical personnel to perform the Services in conformance with such conditions. In order to facilitate Consultant's conformance with the Schedule, the Commission shall respond to Consultant's submittals in a timely manner. Upon request of Commission's Contract Administrator, Consultant shall provide a more detailed schedule of anticipated performance to meet the Schedule of Services. 11.1 Modification of the Schedule. Consultant shall regularly report to the Commission, through correspondence or progress reports, its progress in providing required Services within the scheduled time periods. Commission shall be promptly informed of all anticipated delays. In the event that Consultant determines that a schedule modification is necessary, Consultant shall promptly submit a revised Schedule of Services for approval by Commission's Contract Administrator. 11.2 Trend Meetings. Consultant shall conduct trend meetings with the Commission's Contract Administrator and other interested parties, as requested by the Commission, on a bi weekly basis or as may be mutually scheduled by the Parties at a standard day and time. These trend meetings will encompass focused and informal discussions concerning scope, schedule, and current progress of Services, relevant cost issues, and future Project objectives. Consultant shall be responsible for the preparation and distribution of meeting agendas to be received by the Commission and other attendees no later than three (3) working days prior to the meeting. 11.3 Progress Reports. As part of its monthly invoice, Consultant shall submit a progress report, in a form determined by the Commission, which will indicate the progress achieved during the previous month in relation to the Schedule of Services. 17336.03400\31233218.1 5 249 Submission of such progress report by Consultant shall be a condition precedent to receipt of payment from the Commission for each monthly invoice submitted. 12. Delay in Performance. 12.1 Excusable Delays. Should Consultant be delayed or prevented from the timely performance of any act or Services required by the terms of the Agreement by reason of acts of God or of the public enemy, acts or omissions of the Commission or other governmental agencies in either their sovereign or contractual capacities, fires, floods, epidemics, quarantine restrictions, strikes, freight embargoes or unusually severe weather, performance of such act shall be excused for the period of such delay. 12.2 Written Notice. If Consultant believes it is entitled to an extension of time due to conditions set forth in subsection 12.1, Consultant shall provide written notice to the Commission within seven (7) working days from the time Consultant knows, or reasonably should have known, that performance of the Services will be delayed due to such conditions. Failure of Consultant to provide such timely notice shall constitute a waiver by Consultant of any right to an excusable delay in time of performance. 12.3 Mutual Agreement. Performance of any Services under this Agreement may be delayed upon mutual agreement of the Parties. Upon such agreement, Consultant's Schedule of Services shall be extended as necessary by the Commission. Consultant shall take all reasonable steps to minimize delay in completion, and additional costs, resulting from any such extension. 13. Preliminary Review of Work. All reports, working papers, and similar work products prepared for submission in the course of providing Services under this Agreement shall be submitted to the Commission's Contract Administrator in draft form, and the Commission may require revisions of such drafts prior to formal submission and approval. In the event plans and designs are to be developed as part of the Project, final detailed plans and designs shall be contingent upon obtaining environmental clearance as may be required in connection with Federal funding. In the event that Commission's Contract Administrator, in his or her sole discretion, determines the formally submitted work product to be not in accordance with the standard of care established under this Agreement, Commission's Contract Administrator may require Consultant to revise and resubmit the work at no cost to the Commission. 14. Appearance at Hearings. If and when required by the Commission, Consultant shall render assistance at public hearings or other meetings related to the Project or necessary to the performance of the Services. However, Consultant shall not be required to, and will not, render any decision, interpretation or recommendation regarding questions of a legal nature or which may be construed as constituting a legal opinion. 15. Opportunity to Cure; Inspection of Work. Commission may provide Consultant an opportunity to cure, at Consultant's expense, all errors and omissions which may be 17336.03400\31233218.1 6 250 disclosed during Project implementation. Should Consultant fail to make such correction in a timely manner, such correction may be made by the Commission, and the cost thereof charged to Consultant. Consultant shall allow the Commission's Contract Administrator, Caltrans and FHWA to inspect or review Consultant's work in progress at any reasonable time. 16. Claims Filed by Contractor. 16.1 If claims are filed by the Commission's contractor for the Project ("Contractor") relating to work performed by Consultant's personnel, and additional information or assistance from the Consultant's personnel is required by the Commission in order to evaluate or defend against such claims; Consultant agrees to make reasonable efforts to make its personnel available for consultation with the Commission's construction contract administration and legal staff and for testimony, if necessary, at depositions and at trial or arbitration proceedings. 16.2 Consultant's personnel that the Commission considers essential to assist in defending against Contractor claims will be made available on reasonable notice from the Commission. Consultation or testimony will be reimbursed at the same rates, including travel costs that are being paid for the Consultant's personnel services under this Agreement. 16.3 Services of the Consultant's personnel and other support staff in connection with Contractor claims will be performed pursuant to a written contract amendment, if necessary, extending the termination date of this Agreement in order to finally resolve the claims. 16.4 Nothing contained in this Section shall be construed to in any way limit Consultant's indemnification obligations contained in Section 29. In the case of any conflict between this Section and Section 29, Section 29 shall govern. This Section is not intended to obligate the Commission to reimburse Consultant for time spent by its personnel related to Contractor claims for which Consultant is required to indemnify and defend the Commission pursuant to Section 29 of this Agreement. 17. Final Acceptance. Upon determination by the Commission that Consultant has satisfactorily completed the Services required under this Agreement and within the term herein, the Commission shall give Consultant a written Notice of Final Acceptance. Upon receipt of such notice, Consultant shall incur no further costs hereunder, unless otherwise specified in the Notice of Final Acceptance. Consultant may request issuance of a Notice of Final Acceptance when, in its opinion, it has satisfactorily completed all Services required under the terms of this Agreement. In the event copyrights are permitted under this Agreement, then in connection with Federal funding, it is hereby acknowledged and agreed that the United States Department of Transportation shall have the royalty -free non-exclusive and irrevocable right to reproduce, publish, or otherwise use, and to authorize others to use, the work for governmental purposes. 17336.03400\31233218.1 7 251 18. Laws and Regulations. Consultant shall keep itself fully informed of and in compliance with all local, state and federal laws, rules and regulations in any manner affecting the performance of the Project or the Services, including all Cal/OSHA requirements, and shall give all notices required by law. For example, and not by way of limitation, Consultant shall keep itself fully informed of and in compliance with all implementing regulations, design standards, specifications, previous commitments that must be incorporated in the design of the Project, and administrative controls including those of the United States Department of Transportation. Compliance with Federal procedures may include completion of the applicable environmental documents and approved by the United States Department of Transportation. For example, and not by way of limitation, a signed Categorical Exclusion, Finding of No Significant Impact, or published Record of Decision may be required to be approved and/or completed by the United States Department of Transportation. Consultant shall be liable for all violations of such laws and regulations in connection with Services. If the Consultant performs any work knowing it to be contrary to such laws, rules and regulations and without giving written notice to the Commission, Consultant shall be solely responsible for all costs arising therefrom. Consultant shall defend, indemnify and hold Commission, its officials, directors, officers, employees and agents free and harmless, pursuant to the indemnification provisions of this Agreement, from any claim or liability arising out of any failure or alleged failure to comply with such laws, rules or regulations. 19. Fees and Payment. 19.1 The method of payment for this Agreement will be based on actual cost plus a fixed fee. Commission shall reimburse Consultant for actual costs (including labor costs, employee benefits, travel, equipment rental costs, overhead and other direct costs) incurred by Consultant in performance of the Services. Consultant shall not be reimbursed for actual costs that exceed the estimated wage rates, employee benefits, travel, equipment rental, overhead, and other estimated costs set forth in the approved Consultant cost proposal attached hereto as Exhibit "C" and incorporated herein by reference ("Cost Proposal") unless additional reimbursement is provided for by a written amendment. In no event shall Consultant be reimbursed for overhead costs at a rate that exceeds Commission's approved overhead rate set forth in the Cost Proposal. The overhead rates included in the attached Exhibit "C" shall be fixed for the term of the Master Agreement, and shall not be subject to adjustment. In the event that Commission determines that a change to the Services from that specified in the Cost Proposal and this Agreement is required, the contract time or actual costs reimbursable by Commission shall be adjusted by contract amendment to accommodate the changed work. The maximum total cost as specified in Section 19.8 shall not be exceeded, unless authorized by a written amendment. 19.2 In addition to the allowable incurred costs, Commission shall pay Consultant a fixed fee of [ INSERT DOLLAR AMOUNT j. The fixed fee is nonadjustable for the term of this Agreement, except in the event of a significant change in the Scope of Services, and such adjustment is made by written amendment. 17336.03400\31233218.1 8 252 19.3 Reimbursement for transportation and subsistence costs shall not exceed the rates specified in the approved Cost Proposal. In addition, payments to Consultant for travel and subsistence expenses claimed for reimbursement or applied as local match credit shall not exceed rates authorized to be paid exempt non -represented State employees under current State Department of Personnel Administration (DPA) rules, unless otherwise authorized by Commission. If the rates invoiced are in excess of those authorized DPA rates, and Commission has not otherwise approved said rates, then Consultant is responsible for the cost difference and any overpayments shall be reimbursed to the Commission on demand. 19.4 When milestone cost estimates are included in the approved Cost Proposal, Consultant shall obtain prior written approval for a revised milestone cost estimate from the Contract Administrator before exceeding such cost estimate. 19.5 Progress payments shall be made monthly in arrears based on Services provided and allowable incurred costs. A pro rata portion of Consultant's fixed fee shall be included in the monthly progress payments. If Consultant fails to submit the required deliverable items according to the schedule set forth in the Scope of Services, Commission shall have the right to delay payment or terminate this Agreement in accordance with the provisions of Section 21 Termination. 19.6 No payment shall be made prior to approval of any Services, nor for any Services performed prior to approval of this Agreement. 19.7 Consultant shall be reimbursed, as promptly as fiscal procedures will permit upon receipt by Commission's Contract Administrator of itemized invoices in triplicate. Invoices shall be submitted no later than 45 calendar days after the performance of work for which Consultant is billing. Invoices shall detail the work performed on each milestone and each project as applicable. Invoices shall follow the format stipulated for the approved Cost Proposal and shall reference this Agreement number and project title. Final invoice must contain the final cost and all credits due Commission including any equipment purchased under the Equipment Purchase provisions of this Agreement. The final invoice should be submitted within 60 calendar days after completion of Consultant's work. Invoices shall be mailed to Commission's Contract Administrator at the following address: Riverside County Transportation Commission Attention: Accounts Payable P.O. 12008 Riverside, CA 92502 19.8 The total amount payable by Commission including the fixed fee shall not exceed [ INSERT DOLLAR AMOUNT j. 17336.03400\31233218.1 9 253 19.9 Salary increases shall be reimbursable if the new salary is within the salary range identified in the approved Cost Proposal and is approved by Commission's Contract Administrator. For personnel subject to prevailing wage rates as described in the California Labor Code, all salary increases, which are the direct result of changes in the prevailing wage rates are reimbursable. 19.10 Consultant shall not be reimbursed for any expenses unless authorized in writing by the Commission's Contract Administrator. 19.11 All subcontracts in excess of $25,000 shall contain the above provisions. 20. Disputes. 20.1 Any dispute, other than audit, concerning a question of fact arising under this Agreement that is not disposed of by mutual agreement of the Parties shall be decided by a committee consisting of RCTC's Contract Administrator and the Director of Capital Projects, who may consider written or verbal information submitted by Consultant. 20.2 Not later than 30 days after completion of all Services under this Agreement, Consultant may request review by the Commission's Executive Director of unresolved claims or disputes, other than audit. The request for review will be submitted in writing. 20.3 Neither the pendency of a dispute, nor its consideration by the committee will excuse Consultant from full and timely performance in accordance with the terms of this Agreement. 21. Termination. 21.1 Commission reserves the right to terminate this Agreement for any or no reason upon thirty (30) calendar days written notice to Consultant with the reasons for termination stated in the notice. 21.2 Commission may terminate this Agreement with Consultant should Consultant fail to perform the covenants herein contained at the time and in the manner herein provided. In the event of such termination, Commission may proceed with the work in any manner deemed proper by Commission. If Commission terminates this Agreement with Consultant, Commission shall pay Consultant the sum due to Consultant under this Agreement for Services completed and accepted prior to termination, unless the cost of completion to Commission exceeds the funds remaining in this Agreement. In such case, the overage shall be deducted from any sum due Consultant under this Agreement and the balance, if any, shall be paid to Consultant upon demand. 17336.03400\31233218.1 10 254 21.3 In addition to the above, payment upon termination shall include a prorated amount of profit, if applicable, but no amount shall be paid for anticipated profit on unperformed Services. Consultant shall provide documentation deemed adequate by Commission's Contract Administrator to show the Services actually completed by Consultant prior to the effective date of termination. This Agreement shall terminate on the effective date of the Notice of Termination. 21.4 Discontinuance of Services. Upon receipt of the written Notice of Termination, Consultant shall discontinue all affected Services as directed in the Notice or as otherwise provided herein, and deliver to the Commission all Documents and Data, as defined in this Agreement, as may have been prepared or accumulated by Consultant in performance of the Services, whether completed or in progress. 21.5 Effect of Termination for Cause. In addition to the above, Consultant shall be liable to the Commission for any reasonable additional costs incurred by the Commission to revise work for which the Commission has compensated Consultant under this Agreement, but which the Commission has determined in its sole discretion needs to be revised, in part or whole, to complete the Project because it did not meet the standard of care established herein. Termination of this Agreement for cause may be considered by the Commission in determining whether to enter into future agreements with Consultant. 21.6 Cumulative Remedies. The rights and remedies of the Parties provided in this Section are in addition to any other rights and remedies provided by law or under this Agreement. 21.7 Waivers. Consultant, in executing this Agreement, shall be deemed to have waived any and all claims for damages which may otherwise arise from the Commission's termination of this Agreement, for convenience or cause, as provided in this Section. 21.8 Consultant may not terminate this Agreement except for cause. 22. Cost Principles and Administrative Requirements. 22.1 Consultant agrees that the Contract Cost Principles and Procedures, 48 CFR, Federal Acquisition Regulations System, Chapter 1, Part 31.000 et seq., shall be used to determine the cost allowability of individual items. 22.2 Consultant also agrees to comply with federal procedures in accordance with 2 CFR, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 22.3 Any costs for which payment has been made to Consultant that are determined by subsequent audit to be unallowable under 2 CFR, Part 200 and 48 CFR, 17336.03400\31233218.1 11 255 Federal Acquisition Regulations System, Chapter 1, Part 31.000 et seq., are subject to repayment by Consultant to Commission. 22.4 All subcontracts in excess of $25,000 shall contain the above provisions. 23. Retention of Records/Audit. For the purpose of determining compliance with Public Contract Code 10115, et seq. and Title 21, California Code of Regulations, Chapter 21, Section 2500 et seq., when applicable and other matters connected with the performance of this Agreement pursuant to Government Code 8546.7; Consultant, subconsultants, and Commission shall maintain and make available for inspection all books, documents, papers, accounting records, and other evidence pertaining to the performance of this Agreement, including but not limited to, the costs of administering this Agreement. All parties shall make such materials available at their respective offices at all reasonable times during this Agreement period and for three years from the date of final payment under this Agreement. The state, State Auditor, Commission, FHWA, or any duly authorized representative of the Federal Government shall have access to any books, records, and documents of Consultant and it's certified public accountants (CPA) work papers that are pertinent to this Agreement and indirect cost rates (ICR) for audit, examinations, excerpts, and transactions, and copies thereof shall be furnished if requested. Subcontracts in excess of $25,000 shall contain this provision. 23.1 Accounting System. Consultant and its subcontractors shall establish and maintain an accounting system and records that properly accumulate and segregate expenditures by line item for the Services. The accounting system of Consultant and its subcontractors shall conform to Generally Accepted Accounting Principles (GAAP), enable the determination of incurred costs at interim points of completion, and provide support for reimbursement payment vouchers or invoices. 24. Audit Review Procedures. 24.1 Any dispute concerning a question of fact arising under an interim or post audit of this Agreement that is not disposed of by agreement, shall be reviewed by Commission's Chief Financial Officer. 24.2 Not later than 30 days after issuance of the final audit report, Consultant may request a review by Commission's Chief Financial Officer of unresolved audit issues. The request for review shall be submitted in writing. 24.3 Neither the pendency of a dispute nor its consideration by Commission shall excuse Consultant from full and timely performance, in accordance with the terms of this Agreement. 25. Subcontracting. 17336.03400\31233218.1 12 256 25.1 Nothing contained in this Agreement or otherwise, shall create any contractual relation between Commission and any subconsultant(s), and no subcontract shall relieve Consultant of its responsibilities and obligations hereunder. Consultant agrees to be as fully responsible to Commission for the acts and omissions of its subconsultant(s) and of persons either directly or indirectly employed by any of them as it is for the acts and omissions of persons directly employed by Consultant. Consultant's obligation to pay its subconsultant(s) is an independent obligation from Commission's obligation to make payments to the Consultant. 25.2 Consultant shall perform the Services with resources available within its own organization and no portion of the Services shall be subcontracted without written authorization by Commission's Contract Administrator, except that, which is expressly identified in the approved Cost Proposal. 25.3 Consultant shall pay its subconsultants within ten (10) calendar days from receipt of each payment made to Consultant by Commission. 25.4 Any subcontract in excess of $25,000 entered into as a result of this Agreement shall contain all the provisions stipulated in this Agreement to be applicable to subconsultants. 25.5 Any substitution of subconsultant(s) must be approved in writing by Commission's Contract Administrator prior to the start of work by the subconsultant(s). 25.6 Exhibit "C" may also set forth the rates at which each subconsultant shall bill the Consultant for Services and that are subject to reimbursement by the Commission to Consultant. Additional Direct Costs, as defined in Exhibit "C" shall be the same for both the Consultant and all subconsultants, unless otherwise identified in Exhibit "C". The subconsultant rate schedules and cost proposals contained herein are for accounting purposes only. 26. Equipment Purchase 26.1 Prior authorization, in writing, by Commission's Contract Administrator shall be required before Consultant enters into any unbudgeted purchase order, or subcontract for supplies, equipment, or Consultant services. Consultant shall provide an evaluation of the necessity or desirability of incurring such costs. 26.2 For purchase of any item, service or consulting work not covered in Consultant's Cost Proposal and exceeding $5,000 prior authorization by Commission's Contract Administrator is required. Three competitive quotations must be submitted with the request for such purchase, or the absence of bidding must be adequately justified. 26.3 Any equipment purchased as a result of this Agreement is subject to the following: 17336.03400\31233218.1 13 257 Consultant shall maintain an inventory of all nonexpendable property. Nonexpendable property is defined as having a useful life of at least two years and an acquisition cost of $5,000 or more. If the purchased equipment needs replacement and is sold or traded in, Commission shall receive a proper refund or credit at the conclusion of this Agreement, or if this Agreement is terminated, Consultant may either keep the equipment and credit Commission in an amount equal to its fair market value, or sell such equipment at the best price obtainable at a public or private sale, in accordance with established Commission procedures; and credit Commission in an amount equal to the sales price. If Consultant elects to keep the equipment, fair market value shall be determined at Consultant's expense, on the basis of a competent independent appraisal of such equipment. Appraisals shall be obtained from an appraiser mutually agreeable to Commission and Consultant. If Consultant determines to sell the equipment, the terms and conditions of such sale must be approved in advance by Commission. 2 CFR, Part 200 requires a credit to Federal funds when participating equipment with a fair market value greater than $5,000 is credited to the project. 26.4 All subcontracts in excess $25,000 shall contain the above provisions. 27. Labor Code Requirements. 27.1 Prevailing Wages. (a) Consultant shall comply with the State of California's General Prevailing Wage Rate requirements in accordance with California Labor Code, Section 1770, and all Federal, State, and local laws and ordinances applicable to the Services. (b) Any subcontract entered into as a result of this Agreement, if for more than $25,000 for public works construction or more than $15,000 for the alteration, demolition, repair, or maintenance of public works, shall contain all of the provisions of this Section. (c) When prevailing wages apply to the Services described in the Scope of Services, transportation and subsistence costs shall be reimbursed at the minimum rates set by the Department of Industrial Relations (DIR) as outlined in the applicable Prevailing Wage Determination. See http://www.dir.ca.gov. (d) Copies of the prevailing rate of per diem wages in effect at commencement of this Agreement are on file at the Commission's offices. Consultant shall make copies of the prevailing rates of per diem wages for each craft, classification or type of worker needed to execute the Services available to interested parties upon request, and shall post copies at the Consultant's principal place of business and at the project site. Consultant shall defend, indemnify and hold the Commission, its elected officials, officers, employees and agents free and harmless from any claims, liabilities, costs, penalties or interest arising out of any failure or alleged failure to comply with the Prevailing Wage Laws. 17336.03400\31233218.1 14 258 27.2 DIR Registration. If the Services are being performed as part of an applicable "public works" or "maintenance" project, then pursuant to Labor Code Sections 1725.5 and 1771.1, the Consultant and all subconsultants must be registered with the Department of Industrial Relations. If applicable, Consultant shall maintain registration for the duration of the Project and require the same of any subconsultants. This Project may also be subject to compliance monitoring and enforcement by the Department of Industrial Relations. It shall be Consultant's sole responsibility to comply with all applicable registration and labor compliance requirements. 27.3 Eight -Hour Law. Pursuant to the provisions of the California Labor Code, eight hours of labor shall constitute a legal day's work, and the time of service of any worker employed on the work shall be limited and restricted to eight hours during any one calendar day, and forty hours in any one calendar week, except when payment for overtime is made at not less than one and one-half the basic rate for all hours worked in excess of eight hours per day ("Eight -Hour Law"), unless Consultant or the Services are not subject to the Eight -Hour Law. Consultant shall forfeit to Commission as a penalty, $50.00 for each worker employed in the execution of this Agreement by him, or by any sub -consultant under him, for each calendar day during which such workman is required or permitted to work more than eight hours in any calendar day and forty hours in any one calendar week without such compensation for overtime violation of the provisions of the California Labor Code, unless Consultant or the Services are not subject to the Eight -Hour Law. 27.4 Employment of Apprentices. This Agreement shall not prevent the employment of properly indentured apprentices in accordance with the California Labor Code, and no employer or labor union shall refuse to accept otherwise qualified employees as indentured apprentices on the work performed hereunder solely on the ground of race, creed, national origin, ancestry, color or sex. Every qualified apprentice shall be paid the standard wage paid to apprentices under the regulations of the craft or trade in which he or she is employed and shall be employed only in the craft or trade to which he or she is registered. If California Labor Code Section 1777.5 applies to the Services, Consultant and any subcontractor hereunder who employs workers in any apprenticeable craft or trade shall apply to the joint apprenticeship council administering applicable standards for a certificate approving Consultant or any sub -consultant for the employment and training of apprentices. Upon issuance of this certificate, Consultant and any sub -consultant shall employ the number of apprentices provided for therein, as well as contribute to the fund to administer the apprenticeship program in each craft or trade in the area of the work hereunder. The parties expressly understand that the responsibility for compliance with provisions of this Section and with Sections 1777.5, 1777.6 and 1777.7 of the California Labor Code in regard to all apprenticeable occupations lies with Consultant 17336.03400\31233218.1 15 259 28. Ownership of Materials/Confidentiality. 28.1 Documents & Data. This Agreement creates an exclusive and perpetual license for Commission to copy, use, modify, reuse, or sub -license any and all copyrights and designs embodied in plans, specifications, studies, drawings, estimates, materials, data and other documents or works of authorship fixed in any tangible medium of expression, including but not limited to, physical drawings or data magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be prepared by Consultant under this Agreement ("Documents & Data"). Consultant shall require all subcontractors to agree in writing that Commission is granted an exclusive and perpetual license for any Documents & Data the subcontractor prepares under this Agreement. Consultant represents and warrants that Consultant has the legal right to grant the exclusive and perpetual license for all such Documents & Data. Consultant makes no such representation and warranty in regard to Documents & Data which were prepared by design professionals other than Consultant or provided to Consultant by the Commission. Commission shall not be limited in any way in its use of the Documents & Data at any time, provided that any such use not within the purposes intended by this Agreement shall be at Commission's sole risk. 28.2 Intellectual Property. In addition, Commission shall have and retain all right, title and interest (including copyright, patent, trade secret and other proprietary rights) in all plans, specifications, studies, drawings, estimates, materials, data, computer programs or software and source code, enhancements, documents, and any and all works of authorship fixed in any tangible medium or expression, including but not limited to, physical drawings or other data magnetically or otherwise recorded on computer media ("Intellectual Property") prepared or developed by or on behalf of Consultant under this Agreement as well as any other such Intellectual Property prepared or developed by or on behalf of Consultant under this Agreement. The Commission shall have and retain all right, title and interest in Intellectual Property developed or modified under this Agreement whether or not paid for wholly or in part by Commission, whether or not developed in conjunction with Consultant, and whether or not developed by Consultant. Consultant will execute separate written assignments of any and all rights to the above referenced Intellectual Property upon request of Commission. Consultant shall also be responsible to obtain in writing separate written assignments from any subcontractors or agents of Consultant of any and all right to the above referenced Intellectual Property. Should Consultant, either during or following termination of this Agreement, desire to use any of the above -referenced Intellectual Property, it shall first obtain the written approval of the Commission. 17336.03400\31233218.1 16 260 All materials and documents which were developed or prepared by the Consultant for general use prior to the execution of this Agreement and which are not the copyright of any other party or publicly available and any other computer applications, shall continue to be the property of the Consultant. However, unless otherwise identified and stated prior to execution of this Agreement, Consultant represents and warrants that it has the right to grant the exclusive and perpetual license for all such Intellectual Property as provided herein. Commission further is granted by Consultant a non-exclusive and perpetual license to copy, use, modify or sub -license any and all Intellectual Property otherwise owned by Consultant which is the basis or foundation for any derivative, collective, insurrectional, or supplemental work created under this Agreement. 28.3 Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents and Data either created by or provided to Consultant in connection with the performance of this Agreement shall be held confidential by Consultant. Such materials shall not, without the prior written consent of Commission, be used by Consultant for any purposes other than the performance of the Services. Nor shall such materials be disclosed to any person or entity not connected with the performance of the Services or the Project. Nothing furnished to Consultant which is otherwise known to Consultant or is generally known, or has become known, to the related industry shall be deemed confidential. Consultant shall not use Commission's name or insignia, photographs of the Project, or any publicity pertaining to the Services or the Project in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of Commission. 28.4 Infringement Indemnification. Consultant shall defend, indemnify and hold the Commission, its directors, officials, officers, employees, volunteers and agents free and harmless, pursuant to the indemnification provisions of this Agreement, for any alleged infringement of any patent, copyright, trade secret, trade name, trademark, or any other proprietary right of any person or entity in consequence of the use on the Project by Commission of the Documents & Data, including any method, process, product, or concept specified or depicted. 29. Indemnification. To the fullest extent permitted by law, Consultant shall defend (with counsel of Commission's choosing), indemnify and hold Commission, its directors, officials, officers, employees, consultants, volunteers, and agents free and harmless from any and all claims, demands, causes of action, costs, expenses, liability, loss, damage or injury, in law or equity, to property or persons, including wrongful death, in any manner arising out of or incident to alleged negligent acts, omissions, or willful misconduct of Consultant, its officials, officers, employees, agents, consultants, and contractors arising out of or in connection with the performance of the Services, the Project or this Agreement, including without limitation the payment of consequential damages, expert witness fees, and attorneys fees and other related costs and 17336.03400\31233218.1 17 261 expenses. Consultant shall defend, at Consultant's own cost, expense and risk, any and all such aforesaid suits, actions or other legal proceedings of every kind that may be brought or instituted against Commission, its directors, officials, officers, employees, consultants, agents, or volunteers. Consultant shall pay and satisfy any judgment, award or decree that may be rendered against Commission or its directors, officials, officers, employees, consultants, agents, or volunteers, in any such suit, action or other legal proceeding. Consultant shall reimburse Commission and its directors, officials, officers, employees, consultants, agents, and/or volunteers, for any and all legal expenses and costs, including reasonable attorney's fees, incurred by each of them in connection therewith or in enforcing the indemnity herein provided. Consultant's obligation to indemnify shall not be restricted to insurance proceeds, if any, received by Commission, its directors, officials officers, employees, consultants, agents, or volunteers. If Consultant's obligation to defend, indemnify, and/or hold harmless arises out of Consultant's performance as a "design professional" (as that term is defined under Civil Code section 2782.8), then, and only to the extent required by Civil Code section 2782.8, which is fully incorporated herein, Consultant's indemnification obligation shall be limited to claims that arise out of, pertain to, or relate to the negligence, recklessness, or willful misconduct of the Consultant, and, upon Consultant obtaining a final adjudication by a court of competent jurisdiction, Consultant's liability for such claim, including the cost to defend, shall not exceed the Consultant's proportionate percentage of fault. Consultant's obligations as set forth in this Section shall survive expiration or termination of this Agreement. 30. Insurance. 30.1 Time for Compliance. Consultant shall not commence work under this Agreement until it has provided evidence satisfactory to the Commission that it has secured all insurance required under this Section, in a form and with insurance companies acceptable to the Commission. In addition, Consultant shall not allow any subcontractor to commence work on any subcontract until it has secured all insurance required under this Section. 30.2 Minimum Requirements. Consultant shall, at its expense, procure and maintain for the duration of the Agreement insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Agreement by the Consultant, its agents, representatives, employees or subcontractors. Consultant shall also require all of its subcontractors to procure and maintain the same insurance for the duration of the Agreement. Such insurance shall meet at least the following minimum levels of coverage: (a) Minimum Scope of Insurance. Coverage shall be at least as broad as the latest version of the following: (1) General Liability: Insurance Services Office 17336.03400\31233218.1 18 262 Commercial General Liability coverage (occurrence form CG 0001 or exact equivalent); (2) Automobile Liability: Insurance Services Office Business Auto Coverage (form CA 0001, code 1 (any auto) or exact equivalent); and (3) Workers' Compensation and Employer's Liability: Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance. (b) Minimum Limits of Insurance. Consultant shall maintain limits no less than: (1) General Liability: $2,000,000 per occurrence for bodily injury, personal injury and property damage. If Commercial General Liability Insurance or other form with general aggregate limit is used, either the general aggregate limit shall apply separately to this Agreement/location or the general aggregate limit shall be twice the required occurrence limit. Limits may be achieved by any combination of primary and excess or umbrella liability insurance; (2) Automobile Liability: $2,000,000 per accident for bodily injury and property damage. Limits may be achieved by any combination of primary and excess or umbrella liability insurance; and (3) Workers' Compensation and Employer's Liability: Workers' Compensation limits as required by the Labor Code of the State of California. Employer's Practices Liability limits of $1,000,000 per accident. 30.3 Professional Liability. Consultant shall procure and maintain, and require its sub -consultants to procure and maintain, for a period of five (5) years following completion of the Project, errors and omissions liability insurance appropriate to their profession. For Consultant, such insurance shall be in an amount not less than $1,000,000 per claim. This insurance shall be endorsed to include contractual liability applicable to this Agreement and shall be written on a policy form coverage specifically designed to protect against acts, errors or omissions of the Consultant. "Covered Professional Services" as designated in the policy must specifically include work performed under this Agreement. The policy must "pay on behalf of the insured and must include a provision establishing the insurer's duty to defend. Subconsultants of Consultant shall obtain such insurance in an amount not less than $1,000,000 per claim. Notwithstanding the foregoing, the Commission may consider written requests to lower or dispense with the errors and omissions liability insurance requirement contained in this Section for certain subconsultants of Consultant, on a case -by -case basis, depending on the nature and scope of the Services to be provided by the subconsultant. Approval of such request shall be in writing, signed by the Commission's Contract Administrator. 30.4 Aircraft Liability Insurance. Prior to conducting any Services requiring use of aircraft, Consultant shall procure and maintain, or cause to be procured and maintained, aircraft liability insurance or equivalent form, with a single limit as shall be required by the Commission. Such insurance shall include coverage for owned, hired and non -owned aircraft and passengers, and shall name, or be endorsed to name, the Commission, Caltrans and their directors, officials, officers, employees and agents as additional insureds with respect to the Services or operations performed by or on behalf of the Consultant. 17336.03400\31233218.1 19 263 30.5 Insurance Endorsements. The insurance policies shall contain the following provisions, or Consultant shall provide endorsements on forms approved by the Commission to add the following provisions to the insurance policies: (a) General Liability. (i) Commercial General Liability Insurance must include coverage for (1) bodily Injury and property damage; (2) personal Injury/advertising Injury; (3) premises/operations liability; (4) products/completed operations liability; (5) aggregate limits that apply per Project; (6) explosion, collapse and underground (UCX) exclusion deleted; (7) contractual liability with respect to this Agreement; (8) broad form property damage; and (9) independent consultants coverage. (ii) The policy shall contain no endorsements or provisions limiting coverage for (1) contractual liability; (2) cross liability exclusion for claims or suits by one insured against another; or (3) contain any other exclusion contrary to this Agreement. (iii) The policy shall give the Commission, its directors, officials, officers, employees, and agents insured status using ISO endorsement forms 20 10 10 01 and 20 37 10 01, or endorsements providing the exact same coverage. (iv) The additional insured coverage under the policy shall be "primary and non-contributory" and will not seek contribution from the Commission's or Caltrans' insurance or self-insurance and shall be at least as broad as CG 20 01 04 13, or endorsements providing the exact same coverage. (b) Automobile Liability. The automobile liability policy shall be endorsed to state that: (1) the Commission, Caltrans and their directors, officials, officers, employees and agents shall be covered as additional insureds with respect to the ownership, operation, maintenance, use, loading or unloading of any auto owned, leased, hired or borrowed by the Consultant or for which the Consultant is responsible; and (2) the insurance coverage shall be primary insurance as respects the Commission, Caltrans and their directors, officials, officers, employees and agents, or if excess, shall stand in an unbroken chain of coverage excess of the Consultant's scheduled underlying coverage. Any insurance or self-insurance maintained by the Commission, Caltrans and their directors, officials, officers, employees and agents shall be excess of the Consultant's insurance and shall not be called upon to contribute with it in any way. (c) Workers' Compensation and Employers Liability Coverage. (0 Consultant certifies that he/she is aware of the provisions of Section 3700 of the California Labor Code which requires every employer to be insured against liability for workers' compensation or to undertake self-insurance in accordance with the provisions of that code, and he/she will comply with such provisions before commencing work under this Agreement. 17336.03400\31233218.1 20 264 (ii) The insurer shall agree to waive all rights of subrogation against the Commission, its directors, officials, officers, employees and agents for losses paid under the terms of the insurance policy which arise from work performed by the Consultant. (d) All Coverages. (i) forth hereunder. Defense costs shall be payable in addition to the limits set (ii) Requirements of specific coverage or limits contained in this Section are not intended as a limitation on coverage, limits, or other requirement, or a waiver of any coverage normally provided by any insurance. It shall be a requirement under this Agreement that any available insurance proceeds broader than or in excess of the specified minimum insurance coverage requirements and/or limits set forth herein shall be available to the Commission, Ca!trans and their directors, officials, officers, employees and agents as additional insureds under said policies. Furthermore, the requirements for coverage and limits shall be (1) the minimum coverage and limits specified in this Agreement; or (2) the broader coverage and maximum limits of coverage of any insurance policy or proceeds available to the named insured; whichever is greater. (iii) The limits of insurance required in this Agreement may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall