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HomeMy Public PortalAbout12 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. 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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 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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 contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the Commission (if agreed to in a written contract or agreement) before the Commission's own insurance or self-insurance shall be called upon to protect it as a named insured. The umbrella/excess policy shall be provided on a "following form" basis with coverage at least as broad as provided on the underlying policy(ies). (iv) Consultant shall provide the Commission at least thirty (30) days prior written notice of cancellation of any policy required by this Agreement, except that the Consultant shall provide at least ten (10) days prior written notice of cancellation of any such policy due to non-payment of premium. If any of the required coverage is cancelled or expires during the term of this Agreement, the Consultant shall deliver renewal certificate(s) including the General Liability Additional Insured Endorsement to the Commission at least ten (10) days prior to the effective date of cancellation or expiration. (v) The retroactive date (if any) of each policy is to be no later than the effective date of this Agreement. Consultant shall maintain such coverage continuously for a period of at least three years after the completion of the work under this Agreement. Consultant shall purchase a one (1) year extended reporting period A) if the retroactive date is advanced past the effective date of this Agreement; B) if the 17336.03400\31233218.1 21 265 policy is cancelled or not renewed; or C) if the policy is replaced by another claims - made policy with a retroactive date subsequent to the effective date of this Agreement. (vi) The foregoing requirements as to the types and limits of insurance coverage to be maintained by Consultant, and any approval of said insurance by the Commission, is not intended to and shall not in any manner limit or qualify the liabilities and obligations otherwise assumed by the Consultant pursuant to this Agreement, including but not limited to, the provisions concerning indemnification. (vii) If at any time during the life of the Agreement, any policy of insurance required under this Agreement does not comply with these specifications or is canceled and not replaced, Commission has the right but not the duty to obtain the insurance it deems necessary and any premium paid by Commission will be promptly reimbursed by Consultant or Commission will withhold amounts sufficient to pay premium from Consultant payments. In the alternative, Commission may cancel this Agreement. The Commission may require the Consultant to provide complete copies of all insurance policies in effect for the duration of the Project. (viii) Neither the Commission nor any of its directors, officials, officers, employees or agents shall be personally responsible for any liability arising under or by virtue of this Agreement. Each insurance policy required by this Agreement shall be endorsed to state that: 30.6 Deductibles and Self -Insurance Retentions. Any deductibles or self - insured retentions must be declared to and approved by the Commission. If the Commission does not approve the deductibles or self -insured retentions as presented, Consultant shall guarantee that, at the option of the Commission, either: (1) the insurer shall reduce or eliminate such deductibles or self -insured retentions as respects the Commission, its directors, officials, officers, employees and agents; or, (2) the Consultant shall procure a bond guaranteeing payment of losses and related investigation costs, claims and administrative and defense expenses. 30.7 Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating no less than A:VIII, licensed to do business in California, and satisfactory to the Commission. 30.8 Verification of Coverage. Consultant shall furnish Commission with original certificates of insurance and endorsements effecting coverage required by this Agreement on forms satisfactory to the Commission. The certificates and endorsements for each insurance policy shall be signed by a person authorized by that insurer to bind coverage on its behalf. All certificates and endorsements must be received and approved by the Commission before work commences. The Commission reserves the right to require complete, certified copies of all required insurance policies, at any time. 17336.03400\31233218.1 22 266 30.9 Subconsultant Insurance Requirements. Consultant shall not allow any subcontractors or subconsultants to commence work on any subcontract until they have provided evidence satisfactory to the Commission that they have secured all insurance required under this Section. Policies of commercial general liability insurance provided by such subcontractors or subconsultants shall be endorsed to name the Commission as an additional insured using ISO form CG 20 38 04 13 or an endorsement providing the exact same coverage. If requested by Consultant, the Commission may approve different scopes or minimum limits of insurance for particular subcontractors or subconsultants. 30.10 Other Insurance. At its option, the Commission may require such additional coverage(s), limits and/or the reduction of deductibles or retentions it considers reasonable and prudent based upon risk factors that may directly or indirectly impact the Project. In retaining this option Commission does not warrant Consultant's insurance program to be adequate. Consultant shall have the right to purchase insurance in addition to the insurance required in this Section. 31. Safety. Consultant shall execute and maintain its work so as to avoid injury or damage to any person or property. In carrying out its Services, the Consultant shall at all times be in compliance with all applicable local, state and federal laws, rules and regulations, and shall exercise all necessary precautions for the safety of employees appropriate to the nature of the work and the conditions under which the work is to be performed. Safety precautions as applicable shall include, but shall not be limited to: (A) adequate life protection and life saving equipment and procedures; (B) instructions in accident prevention for all employees and subcontractors, such as safe walkways, scaffolds, fall protection ladders, bridges, gang planks, confined space procedures, trenching and shoring, equipment and other safety devices, equipment and wearing apparel as are necessary or lawfully required to prevent accidents or injuries; and (C) adequate facilities for the proper inspection and maintenance of all safety measures. As between Consultant and the construction contractors only, the construction contractors shall remain solely responsible for construction safety notwithstanding any safety obligations of Consultant at the jobsite. The foregoing sentence shall not impact nor in any way modify or alter Consultant's indemnity and defense obligations to the Commission, as set forth in Section 29 of this Agreement, not any of Consultant's duties or obligations set forth under this Agreement, including the attached exhibits. Pursuant to the authority contained in Section 591 of the Vehicle Code, the Commission has determined that the Project will contain areas that are open to public traffic. Consultant shall comply with all of the requirements set forth in Divisions 11, 12, 13, 14, and 15 of the Vehicle Code. Consultant shall take all reasonably necessary precautions for safe operation of its vehicles and the protection of the traveling public from injury and damage from such vehicles. 32. Additional Work. Any work or activities that are in addition to, or otherwise outside of, the Services to be performed pursuant to this Agreement shall only be 17336.03400\31233218.1 23 267 performed pursuant to a separate agreement between the parties. Notwithstanding the foregoing, the Commission's Executive Director may make a change to the Agreement, other than a Cardinal Change. For purposes of this Agreement, a Cardinal Change is a change which is "outside the scope" of the Agreement; in other words, work which should not be regarded as having been fairly and reasonably within the contemplation of the parties when the Agreement was entered into. An example of a change which is not a Cardinal Change would be where, in a contract to construct a building there are many changes in the materials used, but the size and layout of the building remains the same. Cardinal Changes are not within the authority of this provision to order, and shall be processed by the Commission as "sole source" procurements according to applicable law, including the requirements of FTA Circular 4220.1 D, paragraph 9(f). (a) In addition to the changes authorized above, a modification which is signed by Consultant and the Commission's Executive Director, other than a Cardinal Change, may be made in order to: (1) make a negotiated equitable adjustment to the Agreement price, delivery schedule and other terms resulting from the issuance of a Change Order, (2) reflect definitive letter contracts, and (3) reflect other agreements of the parties modifying the terms of this Agreement ("Bilateral Contract Modification"). (b) Consultant shall not perform, nor be compensated for any change, without written authorization from the Commission's Executive Director as set forth herein. In the event such a change authorization is not issued and signed by the Commission's Executive Director, Consultant shall not provide such change. 33. Prohibited Interests. 33.1 Solicitation. Consultant maintains and warrants that it has not employed nor retained any company or person, other than a bona fide employee working solely for Consultant, to solicit or secure this Agreement. Further, Consultant warrants that it has not paid nor has it agreed to pay any company or person, other than a bona fide employee working solely for Consultant, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. For breach or violation of this warranty, the Commission shall have the right to rescind this Agreement without liability. 33.2 Consultant Conflict of Interest (Construction Management/ Administration). (a) Consultant shall disclose any financial, business, or other relationship with Commission that may have an impact upon the outcome of this Agreement, or any ensuing Commission construction project. Consultant shall also list current clients who may have a financial interest in the outcome of this Agreement, or any ensuing Commission construction project, which will follow. (b) Consultant hereby certifies that it does not now have, nor shall it acquire any financial or business interest that would conflict with the performance of Services under this Agreement. 17336.03400\31233218.1 24 268 (c) Any subcontract in excess of $25,000 entered into as a result of this Agreement, shall contain all of the provisions of this Article. (d) Consultant hereby certifies that neither Consultant, nor any firm affiliated with Consultant will bid on any construction contract, or on any contract to provide construction inspection for any construction project resulting from this Agreement. An affiliated firm is one, which is subject to the control of the same persons through joint -ownership, or otherwise. (e) Except for subconsultants whose services are limited to providing surveying or materials testing information, no subconsultant who has provided design services in connection with this Agreement shall be eligible to bid on any construction contract, or on any contract to provide construction inspection for any construction project resulting from this Agreement. 33.3 Commission Conflict of Interest. For the term of this Agreement, no member, officer or employee of the Commission, during the term of his or her service with the Commission, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom. 33.4 Conflict of Employment. Employment by the Consultant of personnel currently on the payroll of the Commission shall not be permitted in the performance of this Agreement, even though such employment may occur outside of the employee's regular working hours or on weekends, holidays or vacation time. Further, the employment by the Consultant of personnel who have been on the Commission payroll within one year prior to the date of execution of this Agreement, where this employment is caused by and or dependent upon the Consultant securing this or related Agreements with the Commission, is prohibited. 33.5 Covenant Against Contingent Fees. As required in connection with federal funding, the Consultant warrants that he/she has not employed or retained any company or person, other than a bona fide employee working for the Consultant, to solicit or secure this Agreement, and that he/she has not paid or agreed to pay any company or person, other than a bona fide employee, any fee, commission, percentage, brokerage fee, gift, or any other consideration, contingent upon or resulting from the award or formation of this Agreement. For breach or violation of this warranty, the Commission shall have the right to terminate this Agreement without liability pursuant to the terms herein, or at its discretion to deduct from the Agreement price or consideration, or otherwise recover, the full amount of such fee, commission, percentage, brokerage fee, gift, or contingent fee. 33.6 Rebates, Kickbacks or Other Unlawful Consideration. Consultant warrants that this Agreement was not obtained or secured through rebates kickbacks or other unlawful consideration, either promised or paid to any Commission employee. For breach or violation of this warranty, Commission shall have the right in its discretion; to 17336.03400\31233218.1 25 269 terminate this Agreement without liability; to pay only for the value of the work actually performed; or to deduct from the contract price; or otherwise recover the full amount of such rebate, kickback or other unlawful consideration. 33.7 Covenant Against Expenditure of Commission, State or Federal Funds for Lobbying. The Consultant certifies that to the best of his/ her knowledge and belief no state, federal or local agency appropriated funds have been paid, or will be paid by or on behalf of the Consultant to any person for the purpose of influencing or attempting to influence an officer or employee of any state or federal agency; a Member of the State Legislature or United States Congress; an officer or employee of the Legislature or Congress; or any employee of a Member of the Legislature or Congress, in connection with the award of any state or federal contract, grant, loan, or cooperative agreement, or the extension, continuation, renewal, amendment, or modification of any state or federal contract, grant, loan, or cooperative agreement. (a) If any funds other than federal appropriated funds have been paid, or will be paid to any person for the purpose of influencing or attempting to influence an officer or employee of any federal agency; a Member of Congress; an officer or employee of Congress, or an employee of a Member of Congress; in connection with this Agreement, the Consultant shall complete and submit the attached Exhibit "F", Standard Form-LLL, "Disclosure Form to Report Lobbying," in accordance with the attached instructions. (b) The Consultant's certification provided in this Section is a material representation of fact upon which reliance was placed when this Agreement was entered into, and is a prerequisite for entering into this Agreement pursuant to Section 1352, Title 31, US. Code. Failure to comply with the restrictions on expenditures, or the disclosure and certification requirements set forth in Section 1352, Title 31, US. Code may result in a civil penalty of not less than $10,000 and not more than $100,000 for each such failure. (c) The Consultant also agrees by signing this Agreement that he/she shall require that the language set forth in this Section be included in all Consultant subcontracts which exceed $100,000, and that all such subcontractors shall certify and disclose accordingly. 33.8 Employment Adverse to the Commission. Consultant shall notify the Commission, and shall obtain the Commission's written consent, prior to accepting work to assist with or participate in a third -party lawsuit or other legal or administrative proceeding against the Commission during the term of this Agreement. 34. Equal Opportunity Employment. Consultant represents that it is an equal opportunity employer and it shall not discriminate against any subcontractor, employee or applicant for employment because of race, religion, color, national origin, ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities 17336.03400\31233218.1 26 270 related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination. 35. Right to Employ Other Consultants. Commission reserves the right to employ other consultants in connection with the Project. 36. Governing Law. This Agreement shall be governed by and construed with the laws of the State of California. Venue shall be in Riverside County. 37. Disputes; Attorneys' Fees. 37.1 Prior to commencing any action hereunder, the Parties shall attempt in good faith to resolve any dispute arising between them. The pendency of a dispute shall not excuse Consultant from full and timely performance of the Services. 37.2. If the Parties are unable to resolve a dispute after attempting in good faith to do so, the Parties may seek any other available remedy to resolve the dispute. If either Party commences an action against the other Party, either legal, administrative or otherwise, arising out of or in connection with this Agreement, the prevailing Party in such litigation shall be entitled to have and recover from the losing Party reasonable attorneys' fees and, all other costs of such actions. 38. Time of Essence. Time is of the essence for each and every provision of this Agreement. 39. Headings. Article and Section Headings, paragraph captions or marginal headings contained in this Agreement are for convenience only and shall have no effect in the construction or interpretation of any provision herein. 39.1 Notices. All notices permitted or required under this Agreement shall be given to the respective parties at the following address, or at such other address as the respective parties may provide in writing for this purpose: CONSULTANT: COMMISSION: Falcon Engineering Services, Inc. 341 Corporate Terrace Circle #101 Corona, CA 92879 Attn: Wael Faqih Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Attn: Executive Director Such notice shall be deemed made when personally delivered or when mailed, forty- eight (48) hours after deposit in the U.S. mail, first class postage prepaid, and addressed to the Party at its applicable address. Actual notice shall be deemed adequate notice on the date actual notice occurred, regardless of the method of service. 17336.03400\31233218.1 27 271 40. Conflicting Provisions. In the event that provisions of any attached exhibits conflict in any way with the provisions set forth in this Agreement, the language, terms and conditions contained in this Agreement shall control the actions and obligations of the Parties and the interpretation of the Parties' understanding concerning the performance of the Services. 41. Amendment or Modification. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing and signed by both Parties. 42. Entire Agreement. This Agreement contains the entire agreement of the Parties relating to the subject matter hereof and supersedes all prior negotiations, agreements or understandings. 43. Invalidity; Severability. If any portion of this Agreement is declared invalid, illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect. 44. Provisions Applicable When Federal Department of Transportation Funds Are Involved. When funding for the Services provided by this Agreement are provided, in whole or in part, from the United States Department of Transportation, Consultant shall also fully and adequately comply with the provisions included in Exhibit "D" (Federal Department of Transportation Requirements and California Department of Transportation (Caltrans) DBE program requirements) attached hereto and incorporated herein by reference. 45. Survival. All rights and obligations hereunder that by their nature are to continue after any expiration or termination of this Agreement, including, but not limited to, the indemnification and confidentiality obligations, shall survive any such expiration or termination. 46. No Third Party Beneficiaries. There are no intended third party beneficiaries of any right or obligation assumed by the Parties. 47. Labor Certification. By its signature hereunder, Consultant certifies that it is aware of the provisions of Section 3700 of the California Labor Code which require every employer to be insured against liability for Workers' Compensation or to undertake self-insurance in accordance with the provisions of that Code, and agrees to comply with such provisions before commencing the performance of the Services. 48. Counterparts. This Agreement may be signed in counterparts, each of which shall constitute an original. 49. Subpoenas or Court Orders. Should Consultant receive a subpoena or court order related to this Agreement, the Services or the Project, Consultant shall immediately provide written notice of the subpoena or court order to the Commission. Consultant shall not respond to any such subpoena or court order until notice to the 17336.03400\31233218.1 28 272 Commission is provided as required herein, and shall cooperate with the Commission in responding to the subpoena or court order. 50. Assignment or Transfer. Consultant shall not assign, hypothecate, or transfer, either directly or by operation of law, this Agreement or any interest herein, without the prior written consent of the Commission. Any attempt to do so shall be null and void, and any assignees, hypothecates or transferees shall acquire no right or interest by reason of such attempted assignment, hypothecation or transfer. 51. Successors and Assigns. This Agreement shall be binding on the successors and assigns of the parties, and shall not be assigned by Consultant without the prior written consent of Commission. 52. Incorporation of Recitals. The recitals set forth above are true and correct and are incorporated into this Agreement as though fully set forth herein. 53. No Waiver. Failure of Commission to insist on any one occasion upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any rights or powers hereunder at any one time or more times be deemed a waiver or relinquishment of such other right or power at any other time or times. [Signatures on following page] 17336.03400\31233218.1 29 273 SIGNATURE PAGE TO PROFESSIONAL SERVICES AGREEMENT WITH FHWA FUNDING/ASSISTANCE IN WITNESS WHEREOF, this Agreement was executed on the date first written above. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Dana W. Reed Chair Approved as to Form: By: Best, Best & Krieger LLP General Counsel FALCON ENGINEERING SERVICES, INC. By: Signature Name Title ATTEST: By: Its: * A corporation requires the signatures of two corporate officers. One signature shall be that of the chairman of board, the president or any vice president and the second signature (on the attest line) shall be that of the secretary, any assistant secretary, the chief financial officer or any assistant treasurer of such corporation. If the above persons are not the intended signators, evidence of signature authority shall be provided to RCTC. 17336.03400\31233218.1 30 274 EXHIBIT "A" SCOPE OF SERVICES [attached behind this page] 17336.03400\31233218.1 31 275 EXHIBIT "A" SCOPE OF SERVICES Commission is seeking proposals from qualified engineering professionals to provide Construction Management (CM), Materials Testing, Construction Surveying Public Outreach and Environmental services for construction of the SR-60 Truck Climbing Lane Project, from Gilman Springs Road Interchange, Post Mile (PM) 22.10 to approximately 1 mile West of Jack Rabbit Trail PM 26.61, in the County of Riverside, California. Services will include pre -construction constructability review, plan, specification, and estimate (PS&E) review, bid analysis, and award recommendation; construction inspection; preparation of progress payments and change orders, schedule and claim analysis; and project closeout tasks. Contractor interface and contract administration; office engineering; and other assorted duties as appropriate for construction management, as well as materials testing construction surveying and implementing, monitoring and documenting the progress and attainment of environmental commitments during construction and post construction, coordination with permitting agencies and project closeout tasks. Background Information The following information will be available: 1. 100% Plan set 2. 100% Standard Special Provisions 3. 10013/0 Engineer's estimate 4. Final Project Report 5. Final Environmental Document and Environmental Commitments Record 6. RCTC Quality Assurance Plan Construction Schedule (Tentative) The anticipated construction schedule for the project is shown below: Advertisement Date: Bids Due: Anticipated Commission Award: Notice to Proceed Anticipated Completion Date Complete Close -Out August 2018 October 2018 December 2018 January 2019 July 2021 July 2022 Exhibit A-1 276 CONSTRUCTION COST (TENTATIVE) $110 MILLION SCOPE OF SERVICES Selected Offeror shall assist COMMISSION in the procurement, management, and oversight of the Contractor. Selected Offeror will provide COMMISSION with the required staff, resources, and expertise to effectively manage the Contractor. The specific tasks and scope of work for the construction management services are described in the following sections. The construction management tasks and activities include, but are not limited to: • Review of PROJECT data and Information and perform a constructability review. • Preparation and implementation of a Construction Management Plan. • Assist with preparation of Bid and Contract Documents and assisting with the procurement of the construction contract. • Management and administration of construction contract. • Providing cost, schedule, and document control services. • Assist in Changes and Claims resolution • Providing project progress reports and meetings. • Monitoring construction contractor safety compliance. • Monitoring construction contractor labor code compliance. • Monitoring construction contractor maintenance obligations. • Monitoring construction contractor record drawing obligations. • Assist in the development and monitoring of the Project Traffic Management Plan. • Implementation of a partnering program. • Utility Coordination • SWPPP Preparation and Coordination • Assist with coordination with other relevant agencies including the California Department of Transportation (Caltrans), and County of Riverside Transportation Department, US Army Corps of Engineering, US Fish and Wildlife, California Fish and Wildlife, and the State Water and Resources Control Board. • Providing construction management services including coordination of acceptance testing and start-up, and monitoring of warranties. • Community and Government Relations. Exhibit A-2 277 " Implementing, monitoring, documenting and coordinating with contractor to comply with environmental commitments as outlined in the Environmental Commitments Record during construction and post construction. Performance Requirements Construction Management: OFFEROR shall furnish a Resident Engineer as a single point of contact for this agreement and to coordinate OFFEROR'S operations with COMMISSION. The single point of contact shall be responsible for all matters related to OFFEROR'S personnel and operations. The Resident Engineer shall be in responsible charge of construction activity within the Project. The Resident Engineer and Structures Representative shall be Civil Engineers, registered in the State of California. Other Assistant Resident Engineers may be assigned to each specific project responsibilities as needed. A qualified electrical engineer or inspector shall be provided to review electrical and traffic systems requirements as well as electrical utility arrangements. If the Resident Engineer is not also a registered Landscape Architect, a registered Landscape Architect shall be assigned to the project responsible for daily on -site inspections and decisions regarding highway planting and the irrigation systems that comprise a small portion of the Project. The number of OFFEROR personnel assigned to the project will vary throughout the duration of the agreement. OFFEROR personnel shall be assigned, in varying levels of responsibility, as needed by the OFFEROR to meet the project schedule, project requirements, and construction activities. Resumes of personnel shall be submitted to COMMISSION for review and approval prior to assignment to the Project. COMMISSION and OFFEROR will jointly determine the quality and quantity of services that are required by OFFEROR's personnel. Personnel selected for assignment by OFFEROR shall be made available for personal interviews prior to acceptance by COMMISSION. If, in the opinion of COMMISSION, an individual lacks adequate experience, the individual may be rejected or may be accepted on a trial basis until such time the individual's ability to perform the required services has been demonstrated. If, at any time, the performance of OFFEROR personnel is unsatisfactory to COMMISSION, COMMISSION may release him/her by written notice and may request another qualified person be assigned. If OFFEROR personnel are on leave of absence, the Project Manager shall provide approved, equally qualified replacement personnel until the assigned personnel returns to the Project. The typical workday includes all hours worked by the construction Contractor. If necessary, overtime for OFFEROR personnel may be required. The construction Contractor's operations may be restricted to specific hours during the week, which shall become the normal workday for OFFEROR personnel. The Project Manager, with concurrence from COMMISSION, shall have the authority to increase, decrease, or eliminate OFFEROR personnel work hours dependent on the schedule and requirements of the construction Contractor. All overtime Exhibit A-3 278 required by OFFEROR personnel shall be approved and authorized by COMMISSION prior to each occurrence. OFFEROR personnel shall be knowledgeable of and comply with all applicable local, state, and federal regulations related to construction and construction engineering. OFFEROR personnel shall cooperate and consult with COMMISSION, State, and City officials during the course of the Project. Offeror shall consult with and coordinate activities of third party agencies and utilities. OFFEROR personnel shall perform duties as may be required to assure that construction is being performed in accordance with the Project plans and specifications. OFFEROR personnel shall keep accurate and timely records and document all work performed by the Contractor and OFFEROR. OFFEROR shall monitor for Contractor's compliance with the labor standards provisions of the contract and the related wage determination decisions of the Secretary of Labor. OFFEROR personnel shall assist COMMISSION and local agencies in obtaining compliance with the safety and accident prevention provisions of the projects. Local agencies will retain jurisdictional control for traffic control. All services required hereunder shall be performed in accordance with California Department of T r a n s p o r t at i on guidelines, regulations, policies, procedures, manuals, and standards, except as noted in the special provisions or superseded/augmented by Commission's procedures Materials Testing: The number of field testing personnel assigned to the project will vary throughout the duration of the construction contract. OFFEROR personnel will be assigned as needed by the Resident Engineer to meet the schedule of the construction Contractor. A field technician will be required throughout the construction contract period. At times, additional technicians may be required to provide support for on -going construction activities. The duration of assignments could vary from a minimum of a few days to the full term of the project. OFFEROR personnel will be available within two (2) days of written notification by COMMISSION. It is the intent of COMMISSION to maintain a consistency of material testing quality throughout each phase of each project. OFFEROR is therefore encouraged to provide,wherever and whenever possible,the same field personnel for the duration of the project. On days when work is not performed by the construction contractor, such as rainy or unsuitable weather days, OFFEROR will not provide services unless authorized by the COMMISSION Construction Manager. Resumes of materials testing personnel shall be submitted to COMMISSION for review and approval prior to assignment to the Project. If, at any time, the level of Exhibit A-4 279 performance of any testing personnel is below expectations, COMMISSION may release that field person and request that another be assigned as needed. If a member of OFFEROR's personnel is on a leave of absence, OFFEROR's project manager will provide an equally qualified replacement employee until the original member returns to work. The replacement employee will meet all the requirements of a permanently assigned employee. All personnel will be knowledgeable of, and comply with, all applicable local, Caltrans, and federal regulations; cooperate and consult with COMMISSION and local agency officials during the course of the contract; and perform other duties as may be required to assure that the construction is being performed in accordance with permit requirements, the project plans and specifications. OFFEROR's personnel will keep records and document the work as directed by the Resident Engineer. OFFEROR personnel shall assist COMMISSION and local agencies in obtaining compliance with the safety and accident prevention provisions of the project. Local agencies will retain jurisdictional control for local traffic control. All services required hereunder will be performed in accordance with Caltrans regulations, policies, procedures, manuals, and standards as modified by the Commission's General Conditions and procedures. Construction Surveying: OFFEROR will furnish surveying crew(s) to perform construction surveys for the project. The number of survey crew(s) assigned to the project will vary throughout the duration of the construction contract. OFFEROR personnel will be assigned as needed by the Resident Engineer to meet the schedule of the construction contractor. It is the intent of COMMISSION to maintain a consistency of construction survey quality throughout each phase of each project. Therefore, OFFEROR is encouraged to provide the same field personnel for the duration of construction. It is important that the Field Party Chief(s) assigned to a project be completely familiar with the survey control and staking requirements established for the project. Construction surveying will not be performed when conditions such as weather, traffic, and other factors prevent safe and efficient operation. Resumes of OFFEROR personnel and certification must be submitted to COMMISSION for review. OFFEROR personnel must be approved by COMMISSION prior to assignment to a project. COMMISSION and OFFEROR will have the responsibility of determining the quality and quantity of work performed by OFFEROR personnel. If, at any time, the level of performance by OFFEROR personnel is below expectations, COMMISSION may release the survey crew member and request that another be assigned. If OFFEROR's survey crew personnel assigned to the project is on a leave of Exhibit A-5 280 absence, the Project Manager will provide an equally qualified replacement(s) until the original employee(s) returns to work. The replacement will be required to meet all the requirements of the permanently assigned employee. OFFEROR personnel will: • Be knowledgeable of, and comply with all, applicable local, Caltrans, state, and federal regulations. • Cooperate and consult with COMMISSION officials during the course of the contract. • Perform duties as may be required to assure construction is performed in accordance with the project plans and specifications. • Keep contemporaneous records and document work as directed by the Resident Engineer. All services required hereunder will be performed in accordance with Caltrans regulations, policies, procedures, manuals, and standards as modified by the Commission's General Conditions and procedures. Environmental Services: OFFERER will furnish environmental personnel to implement, monitor and document compliance throughout the duration of the construction contract and post construction. The number of environmental personnel assigned to the project will vary throughout the duration of the construction contract. OFFEROR personnel will be assigned as needed by the Resident Engineer to meet the schedule of the construction Contractor. A qualified biologist will be required throughout the construction contract period. At times, additional environmental personnel including but not limited to a biologist, cultural monitor, archeologist, and paleontologist may be required to provide support for on -going environmental commitment activities. The duration of assignments could vary from a minimum of a few days per month to the full term of the project and post construction. OFFEROR personnel will be available within two (2) days of written notification by COMMISSION. It is the intent of COMMISSION to maintain consistency of implementing, monitoring and documenting environmental commitments throughout the construction of the project. OFFEROR is therefore encouraged to provide, wherever and whenever p o s s i b l e, t h e same field personnel for the duration of the project. On days when work is not performed by the construction contractor, such as rainy or unsuitable weather days, OFFEROR will not provide services unless authorized by the COMMISSION Construction Manager. Resumes of materials for biologists, archeologists and associate personnel shall be submitted to COMMISSION for review and approval prior to assignment to the Project. If, at any time, the level of performance of any testing personnel is below expectations, COMMISSION may release that field person and request that another Exhibit A-6 281 be assigned as needed. If a member of OFFEROR's personnel is on a leave of absence, OFFEROR's project manager will provide an equally qualified replacement employee until the original member returns to work. The replacement employee will meet all the requirements of a permanently assigned employee. All personnel will be knowledgeable of, and comply with, all applicable local, Caltrans, and federal regulations; cooperate and consult with COMMISSION and local agency officials during the course of the contract; and perform other duties as may be required to assure that the construction is being performed in accordance with permit requirements, the project plans and specifications. OFFEROR's personnel will keep records and document the work as directed by the Resident Engineer. OFFEROR personnel shall assist COMMISSION and local agencies in obtaining compliance with the safety and accident prevention provisions of the project. Local agencies will retain jurisdictional control for local traffic control. All services required hereunder will be performed in accordance with Caltrans regulations, policies, procedures, manuals, and standards as modified by the Commission's General Conditions and procedures. Duties and Responsibilities 1. Pre -construction Services a. Plan Review OFFEROR shall review construction contract documents prior to construction. Tasks include review of plans, specifications, technical reports, Resident Engineer's pending files, and associated items in order to verify completeness and consistency throughout the Project. At a minimum, OFFEROR shall check for quantity discrepancies, potential conflicts, constructability, and consistency between plans, specifications and pay items. OFFEROR'S plan review shall include a review of various discipline plans (e.g., layout, drainage, bridge, landscaping, electrical, etc.) for conflicting or missing information. Exhibit A-7 282 b. Schedule OFFEROR shall review the proposed Project schedule, compare it to the Project plans and specifications, and provide recommendations to COMMISSION, as appropriate, to ensure efficiency of Contractor and OFFEROR operations and safe and expeditious completion of the Project. c. Budget OFFEROR shall review the Project estimate and provide recommendations to COMMISSION, as appropriate, to ensure efficient utilization of funds and control of project costs. 2. Bid Process a. Bid Documents OFFEROR shall assist COMMISSION, as requested, with the following tasks: 1) Review of bid documents 2) Review bid questions and draft responses 3) Prepare bid tabulations b. Pre -construction Meetings OFFEROR shall assist COMMISSION in conducting one or more, pre -construction meetings with all involved parties on the Project. Parties may include, but are not limited to, the Contractor, the design engineer, Caltrans, county, cities, utility companies, and developers. c. Contract Award OFFEROR shall assist COMMISSION, as requested, with the following tasks: 1) Review bids for completeness and responsiveness 2) Perform bid analysis 3) Check Contractor references, licenses, insurance, and sureties 4) Coordinate with prospective Contractor for award of construction contract. All processes will be consistent with procedures outlined by Caltrans for Special Funded Programs. Exhibit A-8 283 3. Project Administratiort a. OFFEROR shall administer the project construction contract using Caltrans Construction Manual as a guideline. b. OFFEROR shall conduct regular project coordination meetings with Contractor, COMMISSION, local agencies, and design engineer, as appropriate. c. OFFEROR shall prepare Contractor progress payments and maintain payment records and supporting documentation. All progress payments shall be reviewed by COMMISSION for approval. d. OFFEROR shall establish and maintain Project records. Project record keeping shall include, but are not limited to, RE and Assistant RE daily reports, correspondence, memoranda, contract documents, requests for information (RFIs), change orders, claims, COMMISSION and engineer directives, meeting minutes, shop drawings, supplementary drawings, review and approval of submittals, schedule reviews and preparation of weekly working day statements, quantity calculations and/or documented field measurement/count and Daily Extra Work Reports that support progress payments. OFFEROR shall maintain a record of the names, addresses, and telephone and fax numbers of the Contractors, subcontractors, and principal material suppliers. e. OFFEROR shall establish and maintain a filing system for each Project using the Caltrans Construction Manual as a guideline. OFFEROR shall transmit certain project records to the Commission using either e-Rooms or InfoWorks, an electronic transfer and collection system. (Commission will train OFFEROR in the requirements and use of the system.) f. OFFEROR shall monitor Contractors' construction schedules on an ongoing basis and alert COMMISSION to conditions that may lead to delays in completion of the Project. g. OFFEROR shall prepare and submit a Monthly Report for the project. The Monthly Report shall describe construction activity, accomplishments, issues and status of submittals, RFIs, Change Orders and the project budget and schedule status against approved Baseline Schedule. A minimum of four (4) construction photos shall be submitted. h. OFFEROR shall review and ensure compliance with environmental requirements. i. OFFEROR shall participate in partnering sessions with the Contractor, Exhibit A-9 284 j. COMMISSION, and Local Agencies, if required. COMMISSION has adopted a Quality Assurance Plan (QAP) for its Highway Capital Projects. Upon award, the successful OFFEROR shall request a copy of the COMMISSION's QAP to ensure compliance during the Project. The COMMISSION's QAP is incorporated herein by reference. OFFEROR shall also assure that the Project meets all provisions of the Caltrans Quality Assurance Program Manual. OFFEROR shall prepare and submit a project - specific Quality Assurance Plan (QAP) to the COMMISSION for review and approval. The QAP shall be reviewed quarterly and updated as necessary. All OFFEROR'S project personnel shall indicate their review of the QAP by signature. k. OFFEROR shall develop a Quality Management Plan (QMP) in accordance with the Construction Manual Supplement for Local Agency Resident Engineers and the Local Agency Structure Representative Guidelines. I. OFFEROR is responsible for source inspection. OFFEROR shall develop a Source Inspection Quality Management Plan (SIQMP). m. OFFEROR shall review Contractors' certified payroll records and other labor compliance records and assure the construction Contractor's compliance with Contract requirements n. OFFEROR shall monitor and maintain records to assure that the construction Contractor complies with all provisions of the Storm Water Pollution Prevention Plan (SWPPP). o. OFFEROR shall assure that the Project meets all applicable regulations of the Air Quality Management District (AQMD). 4. Construction Coordination a. OFFEROR shall provide a minimum of one qualified Senior Resident Engineer and other qualified Resident Engineers, as needed to effectively manage the Project. b. OFFEROR Resident Engineer shall act as the prime point of contact between Contractor, COMMISSION, OFFEROR's construction surveyor, OFFEROR's materials inspector, OFFEROR's public outreach, and utility companies. OFFEROR may, when requested by COMMISSION, act as point of contact between design engineers, cities, and the public. c. OFFEROR shall maintain regular contact with COMMISSION's Construction Manager. d. OFFEROR shall coordinate relocations and arrangements for power for the Exhibit A-10 285 site with utility companies and their designees. , e. OFFEROR shall review Project plans and special provisions for possible errors and deficiencies prior to construction of any specific element and report such findings to COMMISSION. Should COMMISSION determine that changes are necessary, OFFEROR shall process and implement change orders in accordance with contract documents. f. OFFEROR shall provide all required monitoring, coordination, and tracking of construction progress to ensure the Project proceeds on schedule and according to the order of work in the plans and special provisions. OFFEROR shall expedite work, as required, to maintain schedule in conjunction with the overall construction staging program. g. OFFEROR shall review shop drawings, coordinating with the Source Inspection Project Manager and Division of Structures as appropriate. OFFEROR shall coordinate resolution of Requests for Information (RFI) with the Commission's designer and communicate actions and status with the Commission's Construction Manager. OFFEROR shall log and track all submittals and requests. h. OFFEROR shall provide a qualified SWPPP coordinator who shall review Contractor -prepared Storm Water Pollution Prevention Plans (SWPPP) and coordinate approval with COMMISSION. OFFEROR shall cooperate with monitoring agency inspections and field reviews. i. OFFEROR shall coordinate the implementation of any changes with the Construction Manager and the design engineer. All change orders shall be prepared using Commission's format and procedures. All change orders will be submitted to Caltrans (on the State Highway System) and the Commission for approval. OFFEROR shall review and approve falsework, shoring and other temporary work plans. k. OFFEROR shall review and approve Traffic Control Plans and forward to local jurisdictions for approval as necessary. I. OFFEROR shall coordinate all Project construction activities with other on- going projects within and adjacent to the Project limits. OFFEROR shall review existing highway electrical and traffic systems arrangements with Caltrans and arrange, through the construction Contractor, any temporary facilities required during construction. Exhibit A-11 286 5. Construction Inspection a. OFFEROR shall coordinate all required inspections necessary for the Project. OFFEROR shall ensure that appropriate City and local agencies are notified and present as required throughout the Project. OFFEROR shall notify COMMISSION immediately regarding any directives, recommendations, notices, etc. received from agencies other than COMMISSION before taking action. b. OFFEROR shall perform and document daily on -site inspections of the progress and quality of construction to determine if the work being performed is in general conformance with the contract documents, permits, all applicable laws, codes, and ordinances. c. OFFEROR shall exercise reasonable care and diligence to discover and promptly report to COMMISSION any and all defects or deficiencies in the materials or workmanship used in the Project. d. OFFEROR personnel assigned to the Project shall be thoroughly familiar with Caltrans Standard Specifications, Caltrans Standard Plans, and Caltrans Erosion Control and Highway Planting requirements. OFFEROR personnel shall have the ability to read and interpret construction plans and specifications. OFFEROR personnel shall also have knowledge of State of California Construction Safety Orders (CaIOSHA) and traffic control practices as specified in the Work Area Traffic Control Handbook (WATCH),In addition, OFFEROR personnel shall be familiar with the construction requirements of Storm Water Pollution Prevention Program. e. Assignments to be performed by OFFEROR personnel shall include, but are not limited to, the following: 1) Earthwork inspection including source and quality of imported and/or fill material and compaction; subgrade and paving inspection including checking alignment and grade; structure work inspection including foundation construction [piling], structure element formwork, reinforcing and prestressing steel installation, concrete placement; prestressing; joint seal; and barrier layout and inspection; subsurface and finish drainage system inspection; signing and striping inspection; electrical and highway traffic system inspection; landscape hardscape, soil amendment, planting and irrigation installation inspection; fencing, temporary and permanent traffic barriers and device inspection; monitor construction traffic control and detours, and any other duties that may be required to determine that construction of the Project is being performed in accordance with the contract documents. 2) Identifying actual and potential problems associated with the Project Exhibit A-12 287 and recommending sound engineering solutions. 3) Arrange testing in accordance with Caltrans highway materials testing and planting procedures. Arrange for necessary corrective work, as required. Provide comprehensive materials records including materials sources, inspection & test results and documented compliance with specifications. 4) Maintaining awareness of safety and health requirements. Monitoring Contractors' compliance with applicable regulations and construction contract provisions for the protection of the public and Project personnel. 5) Preparing complete and accurate daily reports, calculations, project records, payment quantity documents, reports, and correspondence related to Project activities. Documents shall be sufficient to support actual cost of force account work. 6) Preparing construction sketches, drawings, and cross -sections, as necessary. 7) Keep records of all deviations from the approved plans to assist the Design Engineer in the preparation of as -built plans. Provide final clearance dimensions from roadways to bridge soffits. 8) Providing inspections for environmental compliance. Coordinate with third -party consultants or stake holders for special monitoring or inspections and disposal of hazardous material, if required. 9) Maintaining awareness of water discharge requirements. Monitoring Contractors' compliance with applicable regulations and construction contract provisions. 10)Monitoring Contractors' compliance with applicable regulations required by AQMD. 11)Coordinate Contractor's lane and/or freeway traffic closures with Caltrans and the CHP including, when necessary, the provision of CHP services for COZEEP operations. Maintain records of COZEEP participation to support the Commission's payment process for the CHP. 12)Monitorwork associated with Temporary Construction Easements and communicate with land owners through the Commission's representatives. 13)0ther duties as may be required or reasonably requested. Exhibit A-13 288 6. Project Support a. Construction Surveys OFFEROR shall perform construction surveying services, field calculations, and home office calculations to support construction of the projects. OFFEROR may be requested to review available survey data, construction plans, and right-of-way plans to confirm compatibility and to identify discrepancies prior to and during construction of proposed projects. The survey effort shall assist the Construction Management team in all phases of construction. The Resident Engineer will assign survey work by issuing a "Request for Survey Services". Requests may include, but not be limited to, the following types of surveys and related services: 1) Construction Surveys Survey calculations and adjustments shall be performed with established and computed coordinates based on the California Coordinate System. Cross-section data collection shall be performed by conventional and terrain line interpolation survey methods. Survey data will include topography, cross-section, and other survey data in computer formats compatible with the Caltrans computer survey and design systems. Prepare and maintain survey documents. Survey documents include survey field notes, maps, drawings, and other survey documents. Perform construction staking, including but not limited to: • Utility locations • Clearing limits • TCE and R/W limits • Slope staking • Storm drain, sanitary sewer, and irrigation systems • Drainage structures • Curbs, gutters, and sidewalk • Horizontal and vertical control for structures and portions of structures (bents, abutments, wingwalls, retaining walls, soundwalls, etc.) • Rough grade • Finish grade Monitor foundation embankments for settlement, if required Provide measurements to support earthwork quantity calculations Global Positioning Satellite (GPS) equipment shall be made available if required by the COMMISSION Exhibit A-14 289 2) Right of Way Lines Existing right of way will be established from Local Agency's record information and existing monumentation. • Right of way monumentation shall be renewed and restored in accordance with Section 10.4 of the Caltrans "Survey Manual" and the State of California Land Surveyor's Act. • Corner records and records of surveys shall be prepared and filed in accordance with the applicable standards and the State of California Land Surveyor's Act. • Perpetuate existing monumentation. Includes restoring, renewing, referencing, and resetting existing boundary related monumentation. In addition, stake areas where construction disturbs the existing right of way, preparing and filing required maps and records. • Right of Way Surveys. Includes research and preparation filing of required maps and records. In addition, locate and set monuments for right or way and staking for right of way fences. • Final monumentation. Includes setting of centerline points of control upon completion of construction. 3) Special Design — Data Surveys Includes drainage, utility, and surveys required for special field studies. b. Materials Testing and Geotechnical Services OFFEROR will provide experienced personnel, equipment, and facilities to perform various construction materials sampling and testing. Laboratory and field materials testing will be used to ensure that structure and roadway construction work conforms to California State Department of Transportation (Caltrans) standards, specifications, and special provisions for material quality and workmanship. All field and laboratory testing shall be performed in accordance with California Test Methods. OFFEROR will be responsible for the accuracy and completeness of all test data compilation and results. Exhibit A-15 290 c. Public Relations OFFEROR shall retain a public relations firm to implement a public outreach program for the project. OFFEROR shall coordinate public awareness for the project with COMMISSION in conjunction with the local agencies. The OFFEROR will manage all public awareness activities for this project. OFFEROR's public relations firm will be responsible for but not limited to the following outreach activities: • Attend construction meetings • Dissemination of traffic advisories in both English and Spanish • Identify and list key governmental officials, agencies, schools, hospitals, fire and law enforcement officials • Establish and maintain a public inquiry system • Respond to public inquiries/calls • Organize ground breaking and ribbon cutting ceremonies • Update project information bulletins at the completion of major project milestones • Develop and maintain project information on the Commission's website d. Permits OFFEROR shall review the project for permit compliance and coordinate with COMMISSION and the design engineer to ensure that necessary permits are obtained. OFFEROR shall assist COMMISSION in the coordination, timely processing and verification of approval for all permits. OFFEROR shall maintain permits and permit documentation on site. e. Environmental Commitments Record (ECR) OFFEROR shall review the project ECR and provide services to ensure that environmental commitments are implemented, monitored and documented. OFFERORs Environmental Service firm will be responsible but not limted to the following activities: • If buried cultural resources are encountered during construction, OFFEROR shall provide a qualified archaeologist to evaluate the significance of the find. • If required, provide coordination in preparation Native American monitoring agreements as well as implementation, coordination and scheduling of Native American monitors during construction. • A Paleontological Mitigation Report discussing findings and analysis will be prepared by a principal paleontologist upon completion of project earthmoving. The report will be included in the environmental project file and also submitted to a designated curation facility. • Prior to clearing or construction, a qualified biologist shall designate Environmentally Sensitive Areas (ESAs) as outlined in the ECR to be preserved. • A qualified biologist will monitor construction for the duration of the Exhibit A-16 291 project to ensure that vegetation removal, Best Management Practices (BMPs), Environmentally Sensitive Area (ESA) and all avoidance and minimization measures are properly implemented, constructed and followed. • A qualified Biologist shall prepare monthly reports documenting the monitoring activities. • Prior to construction, a qualified biologist will conduct a training session for all construction personnel to provide avoidance measures and identification of species of concern and its habitats as well as compliance with Multi Species Habitat Conservation Plan (MSHCP) and the Endangered Species Act. • Biological monitor personnel shall review limits of disturbance prior to initiation of construction activities. • Provide a focused survey and documentation and monitoring for plant species and animal species as outlined in the ECR prior to and during construction. • Perform focused preconstruction nesting bird surveys and monitor implementation of avoidance and mitigation measures as required in ECR. • Qualified biologist will monitor daytime and nighttime activities as required in ECR. • Qualified biologist will monitor all work performed in areas functioning or with potential function to wildlife crossing or linkage. • Provide a qualified agency approved bat biologist to perform detailed field review and surveys, monitoring and reporting as outlined in ECR. • Conduct pre -construction and pre -ground disturbance surveys and reporting for burrowing owls as outlined in MSHCP and ECR. • Provide protocol documentation and burrowing owl management plan and agency approval of plan for burrowing owl presence as outlined in ECR. • Conduct pre -construction focused Lease Bells Vario surveys • Follow all avoidance, mitigation or minimization measures of Threatened and Endangered species and Invasive species as outlined in the ECR. 7. Cost and Schedule a. OFFEROR shall prepare and track the following: 1. Contract p a y item quantities, materials -on -hand and progress payments 2. Extra work/Compensation adjustment payments 3. Contract change orders 4. Supplemental work items 5. Agency -furnished and/or State -furnished materials 6. Contingency balance Exhibit A-17 292 7. Project budget 8. Anticipated final cost b. OFFEROR shall review and monitor Contractor's schedule and inform COMMISSION of any significant changes or deviations in the schedule. c. OFFEROR shall provide and maintain a Project staffing plan of field office personnel. In cooperation with COMMISSION, the staffing plan shall be periodically updated to reflect Project progress and needs. 8. Contract Change Orders and Claims a. OFFEROR shall receive and evaluate requests for changes and/or substitutions by the Contractor. Contract Change Orders submitted to COMMISSION shall be accompanied by OFFEROR recommendations. Where applicable, OFFEROR shall convey proposed changes to design engineer, Caltrans Oversight Engineers or other project principals. If the requested changes are accepted, OFFEROR shall negotiate and prepare appropriate Contract Change Orders. b. OFFEROR shall attempt to avoid all unnecessary Contract Change Orders. When a Contract Change Order is necessary, OFFEROR shall consult with COMMISSION prior to its preparation. Unless directed otherwise by COMMISSION, the preferred method of payment for Contract Change Orders should be as follows: 1. Agreed Price 2. Adjustment in compensation to a bid item 3. Time and materials or Force Account c. OFFEROR shall attempt to identify all potential claims, track and monitor unresolved claims, and implement claims avoidance processes. d. OFFEROR shall assist COMMISSION, as requested, in the identification, resolution, and final disposition of claims filed by the Contractor or third parties against COMMISSION or the Project. 9. Safety In addition to the requirements specified elsewhere in this agreement, the following shall also apply: a. OFFEROR shall implement a comprehensive safety program including preparation of a project -specific Accident/Illness Prevention Plan and conduct regular tail -gate safety meetings for OFFEROR personnel. OFFEROR shall provide a monthly report of traffic and site safety incidents, accidents and issues to the COMMISSION as part of the Monthly Report. Exhibit A-18 293 b. OFFEROR shall comply with State of California Construction Safety Orders and provisions of the Caltrans Construction Manual. c. OFFEROR shall provide appropriate safety training for all OFFEROR field personnel. d. OFFEROR shall provide all necessary safety equipment as required for OFFEROR personnel. 10. Project Close Out a. OFFEROR shall prepare a list of items to be completed and/or corrected by the Contractor for final completion of the Project. b. OFFEROR shall collect and furnish as -built information to the design engineer for preparation of as -built drawings including utility locations, electrical system element locations and system requirements, prestressing drawings and pile logs, as applicable. c. OFFEROR shall review and verify completeness of as -built drawings. d. OFFEROR shall conduct a final walk-through with COMMISSION, Caltrans, Local Agencies, Contractors, and design engineers. e. OFFEROR shall prepare final construction reports including the Project Completion Report in the format and content requirements set forth by the COMMISSION. f. OFFEROR shall prepare and deliver to COMMISSION all project files in hard copy and/or electronic format. g. OFFEROR shall assist COMMISSION and Contractor in obtaining final release of all project permits. DELIVERABLES. NOTE: The OFFEROR shall maintain records as described below in the Construction Field Office. In addition, certain records shall be transmitted electronically as the work proceeds to the Commission using eRooms or InfoWorks per the Commissions procedures. a. Inspector daily reports, extra work diaries, Landscape Architect, and Resident Engineers' daily diaries environmental monitoring documentation. b. Monthly Project Activity Summary Reports. Exhibit A-19 294 c. Monthly Contractor progress payments, back-up documentation, and Contractor payment records. d. Contractor final payment documents, delivered to COMMISSION no later than ten (10) working days after acceptance by COMMISSION of the completed construction project. e. Project Completion Report. f. All project files, project reports, correspondence, memoranda, shop drawings, project logs, schedule analyses and weekly working day statements, change order data, claims and claim reports, and Contractor payment records. g. Certified payrolls and fringe benefit statements for all employees, OFFEROR and Contractor, who are subject to the State and/or Federal prevailing wage rates. h. All material test results shall be provided in accordance with the applicable Standard Specifications and Special Provisions, and test methods. Failing tests shall be immediately reported to the Resident Engineer or Structures Representative. All test results shall be recorded on the appropriate forms. The test documents will be legible and show the identity of the tester where appropriate. A notebook containing all results will be kept. All test equipment shall be calibrated per California Test requirements and regularly verified. i. Unless otherwise specified in the survey request, the deliverables shall conform to the following: 1. Survey points, lines, and monuments shall be established, marked, identified, and referenced as required by survey request and requirements herein. 2. Survey notes, drawings, calculations, and other survey documents and information shall be completed as required by the survey request and the requirements herein. All original survey documents resulting from this contract, including original field notes, adjustment calculations, final results, and appropriate intermediate documents, shall be delivered to the Resident Engineer and shall become the property of COMMISSION. A copy of all survey documents furnished by COMMISSION shall be retained by OFFEROR for future reference. Exhibit A-20 295 When the survey is performed with a total station survey system, the original field notes shall be a hard copy in a readable format of the data (observations) as originally collected and submitted by the survey party. The hard copy shall be signed by the Party Chief. If the Party Chief is not licensed, the person in "responsible charge" will be required to sign. k. Survey deliverables shall follow the format specified below: • Horizontal Control • Alpha numeric hard copy point listing with adjusted California Coordinate System northing and eastings and the appropriate descriptions. • Vertical Control • Alpha numeric hard copy benchmark listing with adjusted elevations compatible with the design datum. • Topography • Alpha numeric hard copy listing, hard copy drawing, and computer aided drawing and design (CADD) digital drawing. The CADD drawing shall be compatible with the systems utilized by Caltrans. Data collection method used to collect cross-section data and the coding (feature description) of terrain data for cross -sections shall conform to the survey request requirements. Deliverables shall depend on the data collection method as follows: • Conventional Cross — Sections (each cross — section): For each cross - section and alpha numeric listing, a hard copy drawing, and a computer formatted file compatible with the systems utilized by Caltrans. • Terrain Line Interpolation Cross — Section Data (each terrain line interpolation survey): Terrain line interpolation cross — sections shall include an alpha numeric listing, a hard copy plan view drawing of the terrain lines, and a computer input file. The computer input file shall be provided in a format compatible with the systems utilized by Caltrans. I. Data Collector Data If specified in the survey request, the raw data from the data collector shall be provided in a format conforming to the survey request requirements m. Other As specified in the survey request. Exhibit A-21 296 Equipment and Materials to be provided by Offeror 1. OFFEROR will provide office space, telephones, desks, chairs, computers, and appropriate office equipment. One (1) office with a desk, chair, telephone, and computer with software and a laser printer (81/2 x 11 & 11 x 17) will be reserved for the COMMISSION. 2. OFFEROR shall provide all necessary equipment including software, materials, supplies, miscellaneous tools, and safety equipment required for its personnel to perform the services accurately, efficiently, and safely. Only those items listed in Attachment B, OFFEROR Cost Proposal, shall be reimbursed by COMMISSION. 3. OFFEROR personnel shall provide vehicles for field personnel suitable for the location and nature of the work involved. Vehicles shall be equipped with flashing yellow lights, either permanently or temporarily affixed. 4. OFFEROR personnel shall be provided with a mobile radio, cellular phone, or other means to assure full-time communication. If a radio system is used, OFFEROR shall provide a base station at the field office. 5. OFFEROR personnel shall be provided with all applicable standard plans, specifications, and other standards as appropriate. 6. For Materials Testing, OFFEROR and its staff shall be fully equipped at all times to perform the services required, including but not limited to the following: a. An on -site mobile laboratory or laboratory in close proximity to the project will be required. The type and location of the lab should be such that it can meet the needs of the project in an efficient, time effective manner. The laboratory shall be fully staffed, equipped, and supplied to conduct all required soils, materials, and concrete breaking tests in a timely manner. b. OFFEROR's personnel will be provided with radios, mobile phones, or other means to assure full-time communication. OFFEROR vehicles will have flashing lights, visible from the rear, with a driver control switch. Vans without side windows will not be used. COMMISSION furnished magnetic logos will be affixed to each side of the vehicle at all times the vehicle is being used for the work under this agreement. Each vehicle shall be fully contained with all necessary equipment and supplies necessary to perform the field sampling and tests required. Exhibit A-22 297 c. Field personnel will be provided with all necessary safety equipment to permit work to be performed safely and efficiently within operating highway and construction zone environments. d. All equipment to be calibrated as per Section 3-10 and 3-11 of Caltrans' Quality Assurance Program Manual. 7. For construction surveying, OFFEROR and staff shall have adequate equipment and supplies to complete the required survey work. Equipment and supplies shall, include, but not be limited to: a. Survey vehicles Survey vehicles will be suitable to perform the required work in varying terrain and conditions encountered on the project. Vehicles shall be fully equipped with all necessary tools, instruments, supplies, and safety equipment required to perform the work accurately, efficiently, and safely. Vehicles shall be equipped with a flashing yellow beacon light. b. Data Processing Systems Data processing systems shall include hardware and software to: • Performing survey and staking calculations from the design plans and specifications; • Reduce survey data collected with conventional and total station survey systems; • Perform network adjustments for horizontal and vertical control surveys; • Format survey data to be compatible with the Caltrans computer survey and data system. c. Drafting equipment and supplies. d. Digital calculators. e. Hand tools as appropriate for the requested survey work. f. Traffic cones (minimum 25). Traffic cones shall be 28 inches in height (minimum). g. Traffic control devices as required to perform the requested survey work. Traffic control devices include signs, sign bases, flags, and hand held signs. h. Leveling instruments and equipment: Exhibit A-23 298 " Self -leveling level. Precision: standard deviation in one mile of double run leveling 0.005 feet or less. " Suitable level rods for the work to be performed. i. Distance measuring instruments and equipment: " Electronic distance measurer (EDM). Precision: standard deviation 3 mm plus 3 PPM, or less; Range: Minimum one mile under average atmospheric conditions. " Prisms, sufficient to perform the required work. " Tapes; steel, cloth. Angle measuring instruments and equipment: " Theodolite for non -control surveys; Precision: direct circle reading to three seconds, or equivalent, horizontal and vertical. " Targets as required to perform the work. k. When required for efficient survey operations, total station survey systems consisting of an electronic angle measuring instrument, EDM, and electronic data collector shall be provided. The angle measuring instruments and EDM shall conform to the requirements for the equipment previously listed. I. Radio or cellular communications equipment for communication between field office and field crews. m. Caltrans manuals, standards, forms, and other policies and procedures to be followed to perform the required work. Materials to be Furnished by Commission 1. COMMISSION will provide copies of all Project construction documents including plans, special provisions, reports, designer prepared resident engineer files, and contracts. 2. COMMISSION will provide copies of all previously secured permits and Project authorizations. 3. Magnetic COMMISSION logos to be affixed to OFFEROR vehicles. Exhibit A-24 299 Standards All construction inspection, surveys, materials sampling and testing, and contract administration shall be in accordance with the Contract documents and current Caltrans Manuals including: 1. Construction Manual and its revisions 2. Bridge Construction Records and Procedures Manual 3. Quality Assurance Program Manual 4. Manual of Traffic Controls for Construction and Maintenance Work Zones 5. Caltrans Standard Specifications and Standard Plans 6. Caltrans Storm Water Pollution Prevention Plan (SWPPP) and Water Pollution Control Program (WPCP) Preparation Manual 7. Manual of Test (3 volumes) 8. Survey Manual 9. District 8 Standard Staking Procedures Manual Work not covered by the manuals shall be performed in accordance with accepted professional standards. Surveys performed by OFFEROR shall conform to the requirements of the Land Surveyor's Act. In accordance with the Land Surveyor's Act, "responsible charge" for the work shall reside with the Licensed Land Surveyor or a pre -January 1, 1982, Registered Professional Civil Engineer in the State of California. Unless otherwise specified in the survey request, control surveys shall conform to second order (modified) accuracy standards as specified in the Caltrans "Survey Manual". Additional standards for specific survey work may be included in the applicable request for survey. Such standards supplement the standards specified herein. If additional standards conflict with the standards specified herein, the "Survey Request's" standard shall govern. The Resident Engineer and COMMISSION will decide all questions which may arise as to the quality or acceptability of deliverables furnished and work performed for this agreement. Any OFFEROR employee who does not perform adequately will be replaced if directed by the COMMISSION Construction Manager. Exhibit A-25 300 Availability and Work Hours The typical workday includes all hours worked by COMMISSION's construction Contractor. The construction Contractor's operations may be restricted to specific hours during the week, which will become the normal workday for OFFEROR's personnel. On days when work is not performed by the construction contractor, such as rainy or unsuitable weather days, OFFEROR services will not be provided unless authorized by the COMMISSION Construction Manager. Unless otherwise directed by COMMISSION, the normal work week will consist of 40 hours. From time to time, overtime may be required. However, overtime will be worked only when approved in writing by COMMISSION. Limitations to Authority OFFEROR does not have the authority to: 1. Authorize deviations from the contract documents. 2. Approve substitute materials or equipment; except as authorized in writing by COMMISSION. 3. Conduct or participate in tests or third party inspections; except as authorized in writing by COMMISSION. 4. Assume any of the responsibilities of the Contractors, Contractors' Superintendent, or subcontractors. 5. Exercise control over or be responsible for construction means, methods, techniques, sequences, procedures, or safety precautions. 6. Communicate directly with subcontractors or material suppliers without the prior consent of the Contractor. 7 Verbally authorize or approve change orders or extra work for the Project. 8. Offer or receive incentives, inducements, or other forms of enumeration to or from the Contractor to perform services or work outside the terms of any executed contracts for this Project. Third Party Relationships This Agreement is intended to provide unique services for a specific project. In the development of the Project, COMMISSION has worked closely with EXHIBIT A-26 various agencies and others in the preparation of the construction documents and other Project related materials. COMMISSION, however, is solely responsible for and will be the sole point of contact for all contractual matters related to the Project. OFFEROR shall take direction only from COMMISSION and shall regularly inform only COMMISSION of Project progress, outstanding issues, and all Project related matters. During the course of the Project, OFFEROR may find occasion to meet with City or County representatives, the design engineer, Project Offerors, or other third parties who have assisted with the Project. These entities may, from time to time, offer suggestions and/or recommendations regarding the Project or elements of the Project. While COMMISSION enjoys a close relationship with and has considerable confidence in the capabilities of these other parties, OFFEROR shall not act on any suggestions, solicited or unsolicited, without obtaining specific direction from COMMISSION. All oral and written communication with outside agencies or Offerors related to the project shall be directed only to COMMISSION. Distribution of Project related communication and information shall be at the sole discretion of COMMISSION representatives. Construction Site Safety In addition to the requirements specified elsewhere in this agreement, the following also will apply: 1. OFFEROR will conform to the safety provisions of the Caltrans Construction Manual. 2. OFFEROR's field personnel will wear white hard hats with proper suspension, orange vests with reflective tape, sleeved shirt, long pants, and leather boots with ankle support and rubber soles at all times while working in the field. 3. OFFEROR will provide appropriate safety training for all OFFEROR's personnel. 4. All safety equipment will be provided by OFFEROR. Basis for Survey and Monument Staking COMMISSION will designate the existing horizontal and vertical control monuments that are the basis of OFFEROR performed surveys. COMMISSION will provide the California Coordinate System values and/or elevation values for these monuments. OFFEROR shall adjust OFFEROR performed surveys to be the designated control monuments and the values. Monuments established by OFFEROR shall be marked by OFFEROR EXHIBIT A-27 with furnished disks, plugs, tags. In addition, OFFEROR shall identify OFFEROR established monuments by tagging or stamping the monuments with the license or registration number of OFFEROR'S surveyor who is in "responsible charge" of the work. Personnel Qualifications and Responsibilities The quantity and qualifications of field personnel to be assigned will be determined by the scope of the Project and the degree of difficulty of required tasks to be performed. All personnel and personnel assignments shall be subject to approval by COMMISSION. EXHIBIT A-28 EXHIBIT "B" SCHEDULE OF SERVICES [attached behind this page] 17336.03400\31233218.1 32 304 EXHIBIT "C COMPENSATION PROVISIONS [attached behind this page] 17336.03400\31233218.1 33 305 EXHIBIT "D" FEDERAL DEPARTMENT OF TRANSPORTATION FHWA AND CALTRANS REQUIREMENTS [attached behind this page] 17336.03400\31233218.1 34 1. STATEMENT OF COMPLIANCE. A. Consultant's signature affixed herein shall constitute a certification under penalty of perjury under the laws of the State of California that CONSULTANT has, unless exempt, complied with, the nondiscrimination program requirements of Government Code Section 12990 and Title 2, California Administrative Code, Section 8103. B. During the performance of this Agreement, Consultant and its subconsultants shall not unlawfully discriminate, harass, or allow harassment against any employee or applicant for employment because of sex, race, color, ancestry, religious creed, national origin, physical disability (including HIV and AIDS), mental disability, medical condition (e.g., cancer), age (over 40), marital status, and denial of family care leave. Consultant and subconsultants shall insure that the evaluation and treatment of their employees and applicants for employment are free from such discrimination and harassment. Consultant and subconsultants shall comply with the provisions of the Fair Employment and Housing Act (Gov. Code §12990 (a-f) et seq.) and the applicable regulations promulgated there under (California Code of Regulations, Title 2, Section 7285 et seq.). The applicable regulations of the Fair Employment and Housing Commission implementing Government Code Section 12990 (a-f), set forth in Chapter 5 of Division 4 of Title 2 of the California Code of Regulations, are incorporated into this Agreement by reference and made a part hereof as if set forth in full. Consultant and its subconsultants shall give written notice of their obligations under this clause to labor organizations with which they have a collective bargaining or other Agreement. C. If this Agreement is federally funded, the Consultant shall comply with regulations relative to Title VI (nondiscrimination in federally -assisted programs of the Department of Transportation — Title 49 Code of Federal Regulations, Part 21 - Effectuation of Title VI of the 1964 Civil Rights Act). Title VI provides that the recipients of federal assistance will implement and maintain a policy of nondiscrimination in which no person in the state of California shall, on the basis of race, color, national origin, religion, sex, age, disability, be excluded from participation in, denied the benefits of or subject to discrimination under any program or activity by the recipients of federal assistance or their assignees and successors in interest. D. If this Agreement is federally funded, the Consultant, with regard to the work performed by it during the Agreement shall act in accordance with Title VI. Specifically, the Consultant shall not discriminate on the basis of race, color, national origin, religion, sex, age, or disability in the selection and retention of Subconsultants, including procurement of materials and leases of equipment. The Consultant shall not participate either directly or indirectly in the discrimination prohibited by Section 21.5 of the U.S. DDT's Regulations, including employment practices when the Agreement covers a program whose goal is employment. 2. DEBARMENT AND SUSPENSION CERTIFICATION 17336.03400\31233218.1 35 307 CONSULTANT's signature affixed herein, shall constitute a certification under penalty of perjury under the laws of the State of California, that CONSULTANT has complied with Title 2 CFR, Part 180, "OMB Guidelines to Agencies on Government wide Debarment and Suspension (nonprocurement)", which certifies that he/she or any person associated therewith in the capacity of owner, partner, director, officer, or manager, is not currently under suspension, debarment, voluntary exclusion, or determination of ineligibility by any federal agency; has not been suspended, debarred, voluntarily excluded, or determined ineligible by any federal agency within the past three (3) years; does not have a proposed debarment pending; and has not been indicted, convicted, or had a civil judgment rendered against it by a court of competent jurisdiction in any matter involving fraud or official misconduct within the past three (3) years. Any exceptions to this certification must be disclosed to COMMISSION. B. Exceptions will not necessarily result in denial of recommendation for award, but will be considered in determining CONSULTANT responsibility. Disclosures must indicate to whom exceptions apply, initiating agency, and dates of action. C. Exceptions to the Federal Government Excluded Parties List System maintained by the General Services Administration are to be determined by the Federal highway Administration. 3. DISCRIMINATION The Commission shall not discriminate on the basis of race, color, national origin, or sex in the award and performance of any DOT -assisted contract or in the implementation of the Caltrans DBE program or the requirements of 49 CFR Part 26. The Commission shall take all necessary and reasonable steps under 49 CFR Part 26 to ensure nondiscrimination in the award and administration of DOT -assisted contracts. Consultant or subcontractor shall not discriminate on the basis of race, color, national origin, of sex in the performance of this Agreement. Consultant or subcontractor shall carry out applicable requirements of 49 CFR Part 26 and the Caltrans DBE program in the award and administration of DOT -assisted contracts, as further set forth below. Failure by the Consultant or subcontractor to carry out these requirements is a material breach of this Agreement, which may result in the termination of this Agreement or such other remedy, as the Commission deems appropriate. 17336.03400\31233218.1 36 308 4. PROMPT PAYMENT Consultant agrees to pay each subcontractor under this prime contract for satisfactory performance of its contract no later than 10 days from the receipt of each payment the prime contractor receives from the Commission. Any delay or postponement of payment from the above referenced time frame may occur only for good cause following written approval of the Commission. This clause applies to both DBE and non -DBE subcontractors. 5. RELEASE OF RETAINAGE No retainage will be withheld by the Agency from progress payments due the prime consultant. Retainage by the prime consultant or subconsultants is prohibited, and no retainage will be held by the prime consultant from progress due subconsultants. Any violation of this provision shall subject the violating prime consultant or subconsultants to the penalties, sanctions, and other remedies specified in Section 7108.5 of the California Business and Professions Code. This requirement shall not be construed to limit or impair any contractual, administrative, or judicial remedies, otherwise available to the prime consultant or subconsultant in the event of a dispute involving late payment or nonpayment by the prime consultant or deficient subconsultant performance, or noncompliance by a subconsultant. This provision applies to both DBE and non -DBE prime consultants and subconsultants. 6. LEGAL REMEDIES In addition to those contract remedies set forth under relevant provisions of California law, either Party to this Agreement may, where applicable, seek legal redress for violations of this Agreement pursuant to the relevant provisions of 49 C.F.R. Parts 23 and 26, to the relevant federal or state statutory provisions governing civil rights violations, and to the relevant federal and state provisions governing false claims or "whistleblower" actions, as well as any and all other applicable federal and state provisions of law. The Consultant shall include a provision to this effect in each of its agreements with its subcontractors. 7. DBE PARTICIPATION Caltrans has developed a statewide DBE program pursuant to 49 C.F.R. Part 26. The requirements and procedures, as applicable, of the Caltrans DBE program are hereby incorporated by reference into this Agreement. Even if no DBE participation will be reported, Consultant shall complete Exhibits "E" of this Agreement in compliance with the Caltrans DBE program, and a final utilization report in the form provided by the Commission. 17336.03400\31233218.1 37 309 A. This Agreement is subject to Title 49, Part 26 of the Code of Federal Regulations entitled "Participation by Disadvantaged Business Enterprises in Department of Transportation Financial Assistance Programs." By obtaining DBE participation on this Agreement, Consultant will assist Caltrans in meeting its federally mandated statewide overall DBE goal. B. This Agreement has a DBE goal. The Consultant must meet the goal by committing DBE participation or document a good faith effort to meet the goal. If a DBE subconsultant is unable to perform, the Consultant must make a good faith effort to replace him/her with another DBE subconsultant, if the goal is not otherwise met. A DBE is a firm meeting the definition of a DBE as specified in 49 CFR. C. DBE and other small businesses (SB), as defined in Title 49 CFR, Part 26 are encouraged to participate in the performance of agreements financed in whole or in part with federal funds. The Consultant, subrecipient or subconsultant shall not discriminate on the basis of race, color, national origin, or sex in the performance of this Agreement. The Consultant shall carry out applicable requirements of 49 CFR, Part 26 in the award and administration of US DOT- assisted agreements. Failure by the contractor to carry out these requirements is a material breach of this Agreement, which may result in the termination of this Agreement or such other remedy as the Commission, Caltrans or the Department of Transportation deems appropriate. D. Any subcontract entered into as a result of this Agreement shall contain all of the provisions of this section. E. A DBE may be terminated only with prior written approval from the Commission and only for the reasons specified in 49 CFR 26.53(f). Prior to requesting Commission consent for the termination, the prime consultant must meet the procedural requirements specified in 49 CFR 26.53(f). 8. DBE PARTICIPATION GENERAL INFORMATION It is Consultant's responsibility to be fully informed regarding the requirements of 49 CFR, Part 26, and the Caltrans DBE program. Particular attention is directed to the following: A. A DBE must be a small business firm defined pursuant to 13 CFR 121 and be certified through the California Unified Certification Program (CUCP). B. A certified DBE may participate as a prime contractor, subcontractor, joint venture partner, as a vendor of material or supplies, or as a trucking company. C. A DBE joint -venture partner must be responsible for specific contract items of work or clearly defined portions thereof. Responsibility means actually performing, managing and supervising the work with its own forces. The DBE joint venture partner 17336.03400\31233218.1 38 310 must share in the capital contribution, control, management, risks and profits of the joint -venture commensurate with its ownership interest. D. A DBE must perform a commercially useful function, pursuant to 49 CFR 26.55 that is, must be responsible for the execution of a distinct element of the work and must carry out its responsibility by actually performing, managing and supervising the work, as more fully described in section 8 below. E. The Consultant shall list only one subcontractor for each portion of work as defined in the Consultant's bid/proposal and all DBE subcontractors should be listed in the Consultant's bid/cost proposal list of subcontractors. F. A Consultant who is a certified DBE is eligible to claim all of the work in the Agreement toward the DBE participation except that portion of the work to be performed by non -DBE subcontractors. 9 . COMMERCIALLY USEFUL FUNCTION A. A DBE performs a commercially useful function when it is responsible for execution of the work of the Agreement and is carrying out its responsibilities by actually performing, managing, and supervising the work involved. To perform a commercially useful function, the DBE must also be responsible with respect to materials and supplies used on the Agreement, for negotiating price, determining quality and quantity, ordering the material, and installing (where applicable) and paying for the material itself. To determine whether a DBE is performing a commercially useful function, evaluate the amount of work subcontracted, industry practices; whether the amount the firm is to be paid under the Agreement is commensurate with the work it is actually performing, and other relevant factors. B. A DBE does not perform a commercially useful function if its role is limited to that of an extra participant in a transaction, Agreement, or project through which funds are passed in order to obtain the appearance of DBE participation. In determining whether a DBE is such an extra participant, examine similar transactions, particularly those in which DBEs do not participate. C. If a DBE does not perform or exercise responsibility for at least thirty percent of the total cost of its Agreement with its own work force, or the DBE subcontracts a greater portion of the work of the Agreement than would be expected on the basis of normal industry practice for the type of work involved, it will be presumed that it is not performing a commercially useful function. 10. DBE CERTIFICATION AND DE -CERTIFICATION STATUS If a DBE subcontractor is decertified during the life of the Agreement, the decertified subcontractor shall notify the Contractor in writing with the date of de -certification. If a 17336.03400\31233218.1 39 311 subcontractor becomes a certified DBE during the life of the Agreement, the subcontractor shall notify the Contractor in writing with the date of certification. Any changes should be reported to the Commission's Contract Administrator within 30 days. 11. DBE RECORDS A. The Contractor shall maintain records of materials purchased and/or supplied from all subcontracts entered into with certified DBEs. The records shall show the name and business address of each DBE or vendor and the total dollar amount actually paid each DBE or vendor, regardless of tier. The records shall show the date of payment and the total dollar figure paid to all firms. DBE prime Contractors shall also show the date of work performed by their own forces along with the corresponding dollar value of the work. In addition to all other requirements, Consultant shall complete and submit, on a monthly basis, the Monthly DBE Payment form (Caltrans Exhibit 9-F of Chapter 9 of the LAPM). B. Upon completion of the Agreement, a summary of these records shall be prepared and submitted on the most current version of the form entitled, "Final Report - Utilization of Disadvantaged Business Enterprises (DBE)," CEM- 2402F (Exhibit 17-F in Chapter 17 of the LAPM), certified correct by the Contractor or the Contractor's authorized representative and shall be furnished to the Commission's Contract Administrator with the final invoice. Failure to provide the summary of DBE payments with the final invoice will result in twenty-five percent (25%) of the dollar value of the invoice being withheld from payment until the form is submitted. The amount will be returned to the Contractor when a satisfactory "Final Report Utilization of Disadvantaged Business Enterprises (DBE)" is submitted to the Commission's Contract Administrator. a. Prior to the fifteenth of each month, the Contractor shall submit documentation to the Commission's Contract Administrator showing the amount paid to DBE trucking companies. The Contractor shall also obtain and submit documentation to the Commission's Contract Administrator showing the amount paid by DBE trucking companies to all firms, including owner -operators, for the leasing of trucks. If the DBE leases trucks from a non -DBE, the Contractor may count only the fee or commission the DBE receives as a result of the lease arrangement. b. The Contractor shall also submit to the Commission's Contract Administrator documentation showing the truck number, name of owner, California Highway Patrol CA number, and if applicable, the DBE certification number of the truck owner for all trucks used during that month. This documentation shall be submitted on the Caltrans "Monthly DBE Trucking Verification," CEM-2404(F) form provided to the Contractor by the Commission's Contract Administrator. 17336.03400\31233218.1 40 312 12. REPORTING MATERIAL OR SUPPLIES PURCHASED FROM DBEs When Reporting DBE Participation, Material or Supplies purchased from DBEs may count as follows: A. If the materials or supplies are obtained from a DBE manufacturer, 100 % of the cost of the materials or supplies will count toward the DBE participation. A DBE manufacturer is a firm that operates or maintains a factory or establishment that produces on the premises, the materials, supplies, articles, or equipment required under the Agreement and of the general character described by the specifications. B. If the materials or supplies purchased from a DBE regular dealer, count 60 % of the cost of the materials or supplies toward DBE goals. A DBE regular dealer is a firm that owns, operates or maintains a store, warehouse, or other establishment in which the materials, supplies, articles or equipment of the general character described by the specifications and required under the Agreement, are bought, kept in stock, and regularly sold or leased to the public in the usual course of business. To be a DBE regular dealer, the firm must be an established, regular business that engages, as its principal business and under its own name, in the purchase and sale or lease of the products in question. A person may be a DBE regular dealer in such bulk items as petroleum products, steel, cement, gravel, stone or asphalt without owning, operating or maintaining a place of business provided in this section. C. If the person both owns and operates distribution equipment for the products, any supplementing of regular dealers' own distribution equipment, shall be by a long-term lease agreement and not an ad hoc or Agreement -by -Agreement basis. Packagers, brokers, manufacturers' representatives, or other persons who arrange or expedite transactions are not DBE regular dealers within the meaning of this section. D. Materials or supplies purchased from a DBE, which is neither a manufacturer nor a regular dealer, will be limited to the entire amount of fees or commissions charged for assistance in the procurement of the materials and supplies, or fees or transportation charges for the delivery of materials or supplies required on the job site, provided the fees are reasonable and not excessive as compared with fees charged for similar services. 13. REPORTING PARTICIPATION OF DBE TRUCKING COMPANIES When Reporting DBE Participation, Participation of DBE trucking companies may count as follows: A. The DBE must be responsible for the management and supervision of the entire trucking operation for which it is responsible. 17336.03400\31233218.1 41 313 B. The DBE must itself own and operate at least one fully licensed, insure, and operational truck used on the Agreement. C. The DBE receives credit for the total value of the transportation services it provides on the Agreement using trucks it owns, insures, and operates using drivers it employs. D. The DBE may lease trucks from another DBE firm including an owner -operator who is certified as a DBE. The DBE who leases trucks from another DBE receives credit for the total value of the transportation services the lessee DBE provides on the Agreement. E. The DBE may also lease trucks from a non -DBE firm, including an owner - operator. The DBE who leases trucks from a non -DBE is entitled to credit only for the fee or commission it receives as a result of the lease arrangement. The DBE does not receive credit for the total value of the transportation services provided by the lessee, since these services are not provided by the DBE. F. For the purposes of this section, a lease must indicate that the DBE has exclusive use and control over the truck. This does not preclude the leased truck from working for others during the term of the lease with the consent of the DBE, as long as the lease gives the DBE absolute priority for use of the leased truck. Leased trucks must display the name and identification number of the DBE. 14. DEBARMENT, SUSPENSION AND OTHER INELIGIBILITY AND VOLUNTARY EXCLUSION In accordance with 49 CFR Part 29, which by this reference is incorporated herein, Consultant's subconsultants completed and submitted the Certificate of subconsultant Regarding Debarment, Suspension and Other Ineligibility and Voluntary Exclusion as part of the Consultant's proposal. If it is later determined that Consultant's subconsultants knowingly rendered an erroneous Certificate, the Commission may, among other remedies, terminate this Agreement. 15. ENVIRONMENTAL COMPLIANCE A. Compliance with all applicable standards, orders, or requirements issued under section 306 of the Clean Air Act (42 U.S.C. 1857(h)), section 508 of the Clean Water Act (33 U.S.C. 1368), Executive Order 11738, and Environmental Protection Agency regulations (40 CFR part 15). (Contracts, subcontracts, and subgrants of amounts in excess of $100,000). B. Mandatory standards and policies relating to energy efficiency which are contained in the state energy conservation plan issued in compliance with the Energy Policy and Conservation Act (Pub. L. 94-163, 89 Stat. 871). 17336.03400\31233218.1 42 314 16. NATIONAL LABOR RELATIONS BOARD CERTIFICATION In accordance with Public Contract Code Section 10296, and by signing this Agreement, Consultant certifies under penalty of perjury that no more than one final unappealable finding of contempt of court by a federal court has been issued against Consultant within the immediately preceding two-year period, because of Consultant's failure to comply with an order of a federal court that orders Consultant to comply with an order of the National Labor Relations Board. 17336.03400\31233218.1 43 315 17336.03400\31233218.1 EXHIBIT "E" CONSULTANT DBE COMMITMENT [attached behind this page] 44 Consultant to Complete this Section 1. Local Agency Name: 2. Project Location: 3. Project Description: 4. Consultant Name: 5. Contract DBE Goal %: DBE Commitment Information 6. Description of Services to be Provided 7. DBE Firm Contact Information 8. DBE Cert. Number 9. DBE % 17336.03400\31233218.1 45 317 17336.03400\31233218.1 EXHIBIT "F" DISCLOSURE OF LOBBYING ACTIVITIES [attached behind this page] 46 AGENDA ITEM 7G RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Marlin Feenstra, Project Delivery Director THROUGH: Anne Mayer, Executive Director SUBJECT: 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 STAFF RECOMMENDATION: This item is for the Committee 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. BACKGROUND INFORMATION: The Commission and SCRRA wish to work together and have defined the roles and responsibilities related to the construction of the Project, which includes expansion of the existing North Layover Facility in the city of Riverside to accommodate three storage tracks with an overall storage capacity of three, six -car train sets. The existing layover facility can only accommodate one six - car train set and has limited maintenance facilities. This increased layover capacity is required for the projected near term and future increase in Metrolink ridership. The Project is located at the north end of the existing Riverside -Downtown Station on right of way owned by the Commission. SCRRA was the lead agency on the design phase of the Project and requested that the Commission take the lead for the construction of the Project. The Commission will also be responsible for construction management and for funding construction of the Project. SCRRA will provide the following services related to the Project construction: a) Provide safety training to Project contractors and subcontractors; Agenda Item 7G 319 b) Locate and mark SCRRA signal and communications cables within the Project area; c) Provide railroad protective services, including flagging, as required for the Project; d) Provide project management support as necessary to assist the Commission in construction of the Project, including attendance at construction meetings, management of work windows, coordination with SCRRA's track and signal and communication maintenance contractors to support the Project, and coordination of all required SCRRA interdepartmental support; e) Review and process contractor's right -of -entry permit application; f) Provide used rail for contractor installation for the Project; and g) Provide inspection of the tracks and facilities prior to Commission acceptance of the Project. The Commission secured funding of $5,332,444 for the Project under a Federal Transit Administration (FTA) grant and intends to use the FTA funding to reimburse SCRRA for its services. Accordingly, the Commission and SCRRA will expend these federal funds in compliance with federal requirements, as applicable. The cost of the SCRRA services is estimated at $156,200. The total Project cost estimate of $5,330,000 includes the SCRRA costs. Staff recommends approval of Cooperative Agreement No. 19-33-004-00 between the Commission and SCRRA for SCRRA construction services required to support the construction of the 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. Staff also recommends authorization for the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission and for the Executive Director or designee to approve the use of a contingency, as may be required for these services. Financial Information In Fiscal Year Budget: Yes N/A Year: FY 2018/19 FY 2019/20+ Amount: $100,000 $ 72,000 Source of Funds: FTA grant Budget Adjustment: No N/A GL/Project Accounting No.: 653822 81304 265 33 81301 Fiscal Procedures Approved: \I"-e4.4dzeati Date: 11/15/2018 Attachment: Draft Cooperative Agreement No. 19-33-004-00 with SCRRA Agenda Item 7G 320 COOPERATIVE AGREEMENT NO. 19-33-004-00 BETWEEN RIVERSIDE COUNTY TRANSPORTATION COMMISSION AND SOUTHERN CALIFORNIA REGIONAL RAIL AUTHORITY FOR CONSTRUCTION OF THE RIVERSIDE LAYOVER FACILITY IMPROVEMENT PROJECT THIS COOPERATIVE AGREEMENT (Agreement) is effective this day of 2019, by and between the Riverside County Transportation Commission, a public agency, 4080 Lemon St, Riverside, California 92501 (hereinafter referred to as "COMMISSION" or "ROTC"), and the Southern California Regional Rail Authority, 900 Wilshire Blvd., Suite 1500, Los Angeles, CA 90017, a joint powers authority (hereinafter referred to as "SCRRA"), which are individually referred to as "Party", and collectively referred to as "Parties". RECITALS: WHEREAS, SCRRA is a five -county joint powers authority, created pursuant to California Public Utilities Code Section 130255 and California Government Code Section 6500 et seq., to build, maintain, administer, and operate the "METROLINK" commuter train system on railroad rights -of -way owned by the member agencies and through other shared use and joint operation agreements. The five -county member agencies are comprised of the following: Los Angeles County Metropolitan Transportation Authority (METRO), Ventura County Transportation Commission (VCTC), Orange County Transportation Authority (OCTA), San Bernardino San Bernardino County Transportation Authority (SBCTA), and Riverside County Transportation Commission (RCTC); and WHEREAS, COMMISSION, as a public transportation agency and a member agency of SCRRA, and SCRRA wish to work together to define the roles and responsibilities related to construction of the Riverside Layover Facility Improvement Project (hereinafter referred to as Revised 9-13-2018 Page 1 of 24 321 COOPERATIVE AGREEMENT NO. 19-33-004-00 "PROJECT") which includes expansion of the existing North Layover Facility in the City of Riverside to accommodate three storage tracks with an overall storage capacity of three, six -car train sets. The PROJECT is located at the north end of the existing Riverside -Downtown Station on right-of-way (ROW) owned by RCTC. The existing North Layover Facility is located between railroad mileposts (MP) 9.75 and 9.92 on Riverside Layover at Riverside Station; and WHEREAS, COMMISSION shall enter into a contract for construction of the PROJECT, and shall be responsible for construction management, and for funding construction of the PROJECT; and WHEREAS, COMMISSION requires certain services from SCRRA related to PROJECT construction, as detailed in the SCRRA Scope of Services, attached hereto as Exhibit "A" and the SCRRA Cost Estimate for Services, attached hereto as Exhibit "B" (hereinafter referred to as "SERVICES") and SCRRA agrees to provide the SERVICES; and WHEREAS, COMMISSION has secured funding for the PROJECT under Federal Transit Administration ("FTA") grant number CA-05-0268, and intends to use FTA funding to reimburse SCRRA for the SERVICES; and WHEREAS, COMMISSION and SCRRA mutually agree the available funding to perform the SERVICES for the PROJECT shall be expended efficiently in compliance with federal requirements, as applicable; and WHEREAS, SCRRA was the lead agency on the design phase of the PROJECT; and WHEREAS, COMMISSION agrees to be the lead agency on the construction phase of the PROJECT; and WHEREAS, SCRRA is responsible for the operation of the Metrolink system; and WHEREAS, COMMISSION will be responsible for the actual cost and expense required for SERVICES; and WHEREAS, SCRRA is granted the authority to establish the policies and rules governing the operations on the Metrolink system under the Joint Exercise of Powers Agreement. Page 2 of 24 322 COOPERATIVE AGREEMENT NO. 19-33-004-00 NOW, THEREFORE, it is mutually understood and agreed by COMMISSION and SCRRA as follows: ARTICLE 1. COMPLETE AGREEMENT A. This Agreement, including any attachments incorporated herein and made applicable by reference, constitutes the complete and exclusive statement of the term(s) and conditions(s) of this Agreement between COMMISSION and SCRRA and it supersedes all prior representations, understandings, and communications, written or oral. The invalidity in whole or in part of any term or condition of this Agreement shall not affect the validity of other term(s) or conditions(s) of this Agreement. The above referenced Recitals are true and correct and are incorporated by reference herein. B. COMMISSION's failure to insist on any instance(s) of SCRRA's performance of any term(s) or condition(s) of this Agreement shall not be construed as a waiver or relinquishment of COMMISSION's right to such performance or to future performance of such term(s) or condition(s), and SCRRA's obligation in respect thereto shall continue in full force and effect. Changes to any portion of this Agreement shall not be binding upon COMMISSION except when specifically confirmed in writing by an authorized representative of COMMISSION by way of a written amendment to this Agreement and issued in accordance with the provisions of this Agreement. C. SCRRA's failure to insist on any instance(s) of COMMISSION's performance of any term(s) or condition(s) of this Agreement shall not be construed as a waiver or relinquishment of SCRRA's right to such performance or to future performance of such term(s) or condition(s), and COMMISSION's obligation in respect thereto shall continue in full force and effect. Changes to any portion of this Agreement shall not be binding upon SCRRA except when specifically confirmed in writing by an authorized representative of SCRRA by way of a written amendment to this Agreement and issued in accordance with the provisions of this Agreement. ARTICLE 2. SCOPE OF AGREEMENT Page 3 of 24 323 COOPERATIVE AGREEMENT NO. 19-33-004-00 This Agreement specifies the roles and responsibilities of the Parties as they pertain to the subjects and projects addressed herein. Both COMMISSION and SCRRA agree that each will cooperate and coordinate with the other in all activities covered by this Agreement and any other supplemental agreements that may be required to facilitate purposes thereof. ARTICLE 3. DELEGATED AUTHORITY The actions required to be taken by SCRRA in the implementation of this Agreement are delegated to its Chief Executive Officer or his designee, and the actions required to be taken by COMMISSION in the implementation of this Agreement are delegated to its Executive Director or designee. ARTICLE 4. RESPONSIBILITIES OF COMMISSION COMMISSION agrees to the following responsibilities related to the PROJECT: A. To provide a Project Manager or designee as its single point of contact to coordinate with SCRRA on the PROJECT, and the SERVICES to be provided by SCRRA under this Agreement. B. To monitor and review SCRRA's invoices for SERVICES for compliance with obligations of COMMISSION under any grant, agreement, regulation, law, or other requirements. C. To comply with state and federal environmental requirements as necessary for the PROJECT. D. To provide construction management and construction of the PROJECT pursuant to consultant and contractor contracts. E. To fund the SERVICES, at its sole cost and expense, up to the not -to -exceed amount as specified in Article 6, subject to Article 5(H) below, and the following conditions. 1. Notwithstanding the amount of any estimate for services by SCRRA, the COMMISSION agrees to reimburse SCRRA only for approved SERVICES adequately performed by SCRRA or its consultants or contractors up to the not to exceed amount, which shall include direct and indirect overhead costs associated therewith. Page 4 of 24 324 COOPERATIVE AGREEMENT NO. 19-33-004-00 F. COMMISSION shall pay invoices within 30 days after receipt, provided that any indirect costs for which COMMISSION is invoiced are in compliance with FTA requirements as set forth in Exhibit "C". G. COMMISSION shall provide 180-day advance notice of any grant expiration impacting the projects funding. H. COMMISSION will obtain approval from SCRRA for any construction phasing proposals, associated schedules, work plans and expected operational impacts at least sixty (60) days before the commencement of any work that has the potential to affect SCRRA operations, services, equipment, infrastructure or safety procedures. All construction phasing plans, demolition and abandonment, track removal, replacement and new installation must also be submitted for approval sixty (60) days prior to the start of the work. If no response is received from SCRRA or BNSF within thirty (30) days following the submittal, the construction phasing proposals, associated schedules, work plans and expected operation impacts may be considered approved by SCRRA.. I. COMMISSION shall, unless otherwise specified as SCRRA's responsibility, be responsible for all coordination, permits, licenses and agreements required by Utility Companies, Third Parties and Statutory Authorities for the construction, testing and integration into operational service of the PROJECT. J. COMMISSION shall ensure that the contractor does not store materials or equipment upon the right-of-way in proximity of the track, that any material/equipment to be stored upon the right-of- way is first agreed with SCRRA and is secured, that a clear access path for maintenance or emergency vehicles is maintained at all times adjacent to tracks and that activities do not generate excessive dust. K. COMMISSION will ensure that all construction, materials, equipment and workmanship that are to become SCRRA's responsibility to operate or maintain upon Revenue Service are fully inspected with appropriate accompanying site or supplier test certification, records, warranties and guarantees to meet SCRRA, Industry, and Statutory Authority standards and requirements. L. COMMISSION or its contractor shall notify SCRRA's designated railroad safety provider a Page 5 of 24 325 COOPERATIVE AGREEMENT NO. 19-33-004-00 minimum of three (3) weeks in advance of the daily Employee in Charge (EIC) requirements for each week. Each EIC shift shall comprise of 8 hours of support with a period of up to one hour either end of the shift solely for the purpose of establishing or taking down protection as required. EIC support shall be required at all times for any work within the railroad right-of-way or with the potential to foul the railroad. COMMISSION shall reimburse SCRRA directly for all EIC costs. M. COMMISSION must advise the SCRRA Director of Engineering and Construction in writing of the proposed completion date of the PROJECT sixty (60) days in advance of such completion date, to allow for a meeting and punch list walkthrough a minimum of forty five (45) days prior to completion to be undertaken between COMMISSION, Contractor and SCRRA to inspect and record any outstanding work items, deficiencies or corrections required. All track, communication and station systems, and all supporting infrastructure are to be fully completed, tested and certified for functionality and operational compliance to FRA, SCRRA and other applicable standards and regulations. At completion and prior to SCRRA acceptance of the project into operational service, a further walkthrough will be arranged between all said parties to ensure all outstanding punch list items, defects, omissions, site clean-up and removal of materials/equipment with the potential to affect Railroad operations have been appropriately resolved. N. COMMISSION will provide to SCRRA within sixty (60) days of final completion, copies of all as -constructed documentation and records pertaining to the project, to include, but not necessarily limited to; 1. As -constructed plans and shop drawings 2. QA/QC records 3. Materials compliance certification tests 4. Fabrications tests 5. Warranties and Guarantees 6. O&M manuals 7. Permits Page 6 of 24 326 COOPERATIVE AGREEMENT NO. 19-33-004-00 8. Training materials for SCRRA Track and Communication staff as applicable 9. Bridge and Structures inspection records 10. Spare parts for track and communication systems ordered by the Contractor but not used in the PROJECT. 11. Spare parts for any components or systems installed by The City in completion of the track and communication systems that are technologically more advanced, or additional to, SCRRA current design criteria or maintenance standards. ARTICLE 5. RESPONSIBILITIES OF SCRRA SCRRA agrees to the following responsibilities for SERVICES: A. To designate a Project Manager as the point of contact and to coordinate with COMMISSION on the PROJECT, and to manage the SERVICES through completion. B. To provide SERVICES through final completion and close-out of the project at COMMISSION's cost, up to the not -to -exceed amount as specified in Article 6 in accordance with the Exhibits attached to this Agreement, and the terms contained herein. C. To provide timely review and responses to all requests and to not unreasonably withhold approval of any requests. D. To enter into agreements, as determined necessary by SCRRA, for the SERVICES. SCRRA shall be responsible for payment to its consultants and/or contractors for services rendered. SCRRA may then utilize funding provided by COMMISSION pursuant to the attached Exhibit "B" to fund such costs. SCRRA shall be responsible for reviewing consultant and/or contractor invoices for accuracy, reasonableness, terms, and completeness. E. If SCRRA uses SCRRA labor to accomplish the SERVICES, SCRRA must utilize its approved SCRRA Indirect Cost Allocation Plan ("ICAP") overhead rate for the corresponding fiscal year labor charges, as approved by FTA, when seeking reimbursement from COMMISSION. Page 7 of 24 327 COOPERATIVE AGREEMENT NO. 19-33-004-00 F. To submit to COMMISSION invoices, no less than once per quarter, for actual costs based on the prior three months' expenditures as well as any unbilled previous expenditures. G. To be responsible for submitting a quarterly SERVICES summary report, which shall include a line item for remaining funds, changes that must be pre -approved by COMMISSION and a line item for contingency within the summary budget amount for the SERVICES, in accordance with the attached Exhibit B. SCRRA must submit an electronic invoice for all SERVICES performed, to COMMISSION's Accounts Payable office. Each SCRRA invoice shall include the following information: 1. Agreement Number 19-33-004-00 and RCTC Project Number 62-38-22; 2. The time period covered by the invoice; 3. List of itemized expenses including support documentation for costs incurred during the billing period; 4. Invoice Certification containing language acceptable to COMMISSION and SCRRA signed by an authorized representative of SCRRA as presented in Exhibit "D"; 5. Such other information as reasonably requested by COMMISSION. H. The performance of any additional services beyond the SERVICES outlined in Exhibit A, shall require an amendment to this Agreement signed by both Parties. I. To notify COMMISSION in writing when seventy-five (75%) of the SERVICES costs have been exhausted and include an estimate of what, if any, additional funds are estimated to be needed to complete the SERVICES contemplated under this Agreement. J. Within one hundred and eighty (180) days from completion of SERVICES, SCRRA will provide final progress report, including final expenditures. K. To comply with all procurement and contracting laws and regulations, and FTA Requirements (defined below), as applicable to the SERVICES. L. To minimize rail service disruptions by reviewing the construction phasing plan and Page 8 of 24 328 COOPERATIVE AGREEMENT NO. 19-33-004-00 work windows necessary to complete the SERVICES and the PROJECT. M. To comply with all funding and grant requirements for those funds that will be used to pay for SERVICES. SCRRA shall comply with all contractual provisions required by the FTA and the FTA Master Agreement, including those provisions contained in Exhibit "C" attached to this Agreement and incorporated herein by reference. The requirements set forth in FTA Circular 4220.1 F, as may be amended, are hereby incorporated by reference into this Agreement. In the case of any conflict between the terms of this Agreement and any FTA mandated terms set forth in the FTA Master Agreement , FTA Circular 42201.F or the attached Exhibit "C" (collectively, "FTA Requirements") as may be amended, the FTA Requirements shall control. N. To include all applicable FTA Requirements in its contracts with its consultants providing SERVICES under this Agreement. O. To conduct the SERVICES and all of its activities in association with the PROJECT in a good and competent manner and in compliance with all applicable federal, state and local rules and regulations and SCRRA's standards, policies, practices and guidelines. R. To provide a right of entry agreement(s), as may be necessary for the PROJECT, upon request by COMMISSION or its contractor after completing SCRRA's generally applicable process. ARTICLE 6. MAXIMUM OBLIGATION Notwithstanding any provisions of this Agreement to the contrary, COMMISSION and SCRRA mutually agree that COMMISSION's maximum cumulative payment obligation to SCRRA for the SERVICES (including SCRRA'S direct and indirect costs) shall be One hundred fifty-six thousand two hundred Dollars ($156,200), unless otherwise agreed upon by the Parties pursuant to a written amendment to this Agreement. ARTICLE 7. AUDIT AND INSPECTION SCRRA shall maintain a complete set of records in accordance with generally accepted accounting principles. Upon reasonable notice, SCRRA shall permit the authorized representatives of COMMISSION to inspect and audit all work, materials, payroll, books, accounts Page 9 of 24 329 COOPERATIVE AGREEMENT NO. 19-33-004-00 and other data and records of SCRRA for a period of four (4) years after final payment, or until any on -going audit is completed. For purposes of audits, the date of completion of this Agreement shall be the date of COMMISSION's payment of SCRRA's final billing (so noted on the invoice) under this Agreement. COMMISSION shall have the right to reproduce at their cost any such books, records and accounts. The above provision with respect to audits shall extend to and/or be included in contracts with SCRRA's contractor. ARTICLE 8. INDEMNIFICATION A. SCRRA shall indemnify and hold harmless COMMISSION, its officers, directors, employees and agents from and against any and all claims (including attorney's fees and reasonable expenses for litigation or settlement) for any loss or damages, bodily injuries, including death, worker's compensation subrogation claims, damage to property to the extent a trier of fact determines same is actually caused by the negligent acts, omissions or willful misconduct of SCRRA, its officers, directors, employees or agents in the performance of this Agreement. B. COMMISSION shall indemnify, defend and hold harmless SCRRA, its officers, directors, employees and agents from and against any and all claims (including attorney's fees and reasonable expenses for litigation or settlement) for any loss or damages, bodily injuries, including death, worker's compensation subrogation claims, damage to property to the extent actually caused by the negligent acts, omissions or willful misconduct by COMMISSION, its officers, directors, employees or agents in connection with or arising out of the performance of this Agreement. ARTICLE 9. ADDITIONAL PROVISIONS: The COMMISSION and SCRRA agree to the following: A. Term of Agreement: This Agreement shall continue in full force and effect through January 1, 2022, unless terminated earlier by mutual written consent by both Parties. In the event ICAP charges have not been billed due to an unapproved rate and paid by COMMISSION, this agreement shall be extended for one year. Page 10 of 24 330 COOPERATIVE AGREEMENT NO. 19-33-004-00 B. Termination: In the event either Party defaults in the performance of their obligations, under this Agreement or breaches any of the provisions of this Agreement, the non -defaulting Party shall have the option to terminate this Agreement upon thirty (30) days' prior written notice to the other Party. C. Termination for Convenience: Either Party may terminate this Agreement by providing thirty (30) days written notice of its intent to terminate for convenience to the other Party; D. Effect of Termination. Upon termination by either Party, SCRRA shall be compensated for those SERVICES which have been adequately completed as of the effective date set forth in the notice of termination, E. Compliance: COMMISSION and SCRRA shall comply with all applicable federal, state, and local laws, statutes, ordinances, and regulations of any governmental authority having jurisdiction over the PROJECT. F. Legal Authority: COMMISSION and SCRRA hereto warrant that they are duly authorized to execute this Agreement on behalf of said Parties and that, by so executing this Agreement, the Parties hereto are formally bound to the provisions of this Agreement. G. Amendments: This Agreement may be amended in writing at any time by the mutual consent of both Parties. No amendment shall have any force or effect unless evidenced in a writing signed by both Parties. H. Severability: If any term, provision, covenant or condition of this Agreement is held to be invalid, void or otherwise unenforceable, to any extent, by any court of competent jurisdiction, the remainder of this Agreement shall not be affected thereby, and each term, provision, covenant or condition of this Agreement shall be valid and enforceable to the fullest extent permitted by law. I. Counterparts of Agreement: This Agreement may be executed and delivered in any number of counterparts, each of which, when executed and delivered shall be deemed an original and all of which together shall constitute the same agreement. Facsimile signatures will be Page 11 of 24 331 COOPERATIVE AGREEMENT NO. 19-33-004-00 permitted. J. Assignment: Neither this Agreement, nor any of the Parties' rights, obligations, duties, nor authority hereunder may be assigned in whole or in part by either Party without the prior written consent of the other Party. Any such attempt of assignment shall be deemed void and of no force and effect. Consent to one assignment shall not be deemed consent to any subsequent assignment, nor the waiver of any right to consent to such subsequent assignment. K. Obligations To Comply with Law: Nothing herein shall be deemed nor construed to authorize or require any Party to issue bonds, notes or other evidences of indebtedness under the terms, in amounts, or for purposes other than as authorized by local, state or federal law. L. Governing Law: The laws of the State of California and applicable local and federal laws, regulations and guidelines shall govern hereunder. Venue shall be in Riverside County. M. Litigation Fees: Should litigation arise out of this Agreement for the performance thereof, the court shall award costs and expenses, including attorney's fees, to the prevailing Party. N. Notices: Any notices, requests or demands made between the Parties pursuant to this Agreement are to be directed as followed: To SCRRA: Southern California Regional Authority 2558 Supply Street Pomona, CA 91767 Attention: Justin Fornelli, P.E. Director, Engineering & Construction Tel: (909) 593-4291 Email: fornellij@scrra.net To COMMISSION: Rail Riverside County Transportation Commission 4080 Lemon St Riverside, CA 92501 Attention: Marlin Feenstra Capital Project Manager Tel: (951) 787-7963 Email: mfeenstra@rctc.org O. Force Majeure: Either Party shall be excused from performing its obligations under this Agreement during the time and to the extent that it is prevented from performing by an Page 12 of 24 332 COOPERATIVE AGREEMENT NO. 19-33-004-00 unforeseeable cause beyond its control, including but not limited to; any incidence of fire, flood; acts of God; commandeering of material, products, plants or facilities by the federal, state or local government; national fuel shortage; or a material act or omission by the other Party; when satisfactory evidence of such cause is presented to the other Party, and provided further that such nonperformance is unforeseeable, beyond the control and is not due to the fault or negligence of the Party not performing. P. No Third Party Beneficiaries. There are no intended third party beneficiaries of any terms contained in or of any right or obligation assumed by the Parties under this Agreement. Q. Incorporation of Exhibits. The SCRRA Scope of Services, attached hereto as Exhibit "A". the Cost Estimate for SERVICES, attached hereto as Exhibit "B", the FTA Requirements, attached hereto as Exhibit "C", and the Invoice Certification Form Language, attached hereto as Exhibit "D", are incorporated into this Agreement by reference. This Agreement shall be made effective upon execution by both Parties. [Signatures on following page] Page 13 of 24 333 COOPERATIVE AGREEMENT NO. 19-33-004-00 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement No. 19-33-004- 00 to be executed on the date first written above. SOUTHERN CALIFORNIA REGIONAL RIVERSIDE COUNTY TRANSPORTATION RAIL AUTHORITY COMMISSION By: By: Ronnie Campbell Anne Mayer Interim Co -Chief Executive Officer Executive Director APPROVED AS TO FORM: APPROVED AS TO FORM: Best Best & Krieger, LLP By: By: Don O. Del Rio General Counsel General Counsel Page 14 of 24 334 COOPERATIVE AGREEMENT NO. 19-33-004-00 Exhibit A SCRRA Scope of Services Exhibit B SCRRA Cost Estimate for Services Exhibit C FTA Requirements Exhibit D Invoice Certification Form Exhibit E Coordination and Responsibilities for Construction Start and Work Windows Page 15 of 24 335 COOPERATIVE AGREEMENT NO 19-33-004-00 EXHIBIT A SCRRA SCOPE OF S E RV ICES RIVERSIDE LAYOVER FACILITY IMPROVEMENT PROJECT SCRRA will provide the following services to RCTC in support of the PROJECT through all construction phases necessary to complete construction of the PROJECT. This will include: a) Provide safety training to PROJECT contractors and sub -contractors as per Exhibit B. b) Locate and mark SCRRA signal and communications cables within PROJECT area for the contractors and sub -contractors. c) Provide Railroad protective services, including flagging to third party personnel working on SCRRA right-of-way as required for the PROJECT. d) Provide project management support as necessary to assist the RCTC in construction of the PROJECT including attendance at construction meetings, management of work windows, coordination with SCRRA's track and signal and communication maintenance contractors to support the PROJECT, and coordination of all required SCRRA interdepartmental support. Page 16 of 24 336 COOPERATIVE AGREEMENT NO 19-33-004-00 e) Review and process Contractor's right -of -entry permit application including, but not limited to, SCRRA required Forms, Insurance, Site Specific Work Plans, Plans, and Schedules. f) Provide used 133 RE Relay Rail for Contractor installation for the PROJECT. g) Provide inspection of the tracks and facilities prior to RCTC acceptance of the PROJECT. Page 17 of 24 337 COOPERATIVE AGREEMENT NO 19-33-004-00 EXHIBIT B SCRRA COST ESTIMATE FOR SERVICES METROLINK RIVERSIDE LAYOVER FACILITY EXPANSION PROJECT Date Cooperative Agreement SCRRA Project No. Project Name Schedule 30-Oct-18 19-33-004-006 TBD Riverside Layover Facility -Construction 8 Months Construction QUANTITY No. of Meeting Hours No. of Total onths per Persons Hours Month UNIT UNIT COST TOTAL COST A Project Management 1 Meetings/Admin 8 2 4 1 64 HR $250.00 $16,000.00 2 General Coordination / PM Work 8 1 6 1 48 HR $250.00 $12,000.00 Inter -Departmental Meetings 8 0.25 2 4 16 HR $250.00 $4,000.00 Document Reviews (Work Windows, 2 16 HR $250.00 $4,000.00 3 SSWP, Construction Staging) 4 Material Procurement (SCRRA Staff) _ Sub -Total 16 HR $250.00 $4,000.00 144 $40,000.00 Track Support Services 1 Track Inspection (track in/out service) Sub -Total 1 LS $5,000.00 $5,000.00 $5,000.00 Communication & Signal Support Services 1iC&S Maintenance Contractor Support Sub -Total 1 LS $5,000.00 $5,000.00 $5,000.00 D SCRRA Provided Material 133 RE Relay Rail (does not include 1 transport) Sub -Total 5,000 LF $10.00 $50,000.00 $50,000.00 E Permit Processing 1 Safety Training by SCRRA Consultant 2 SCRRA Cable Markings (includes refresh) 3 Flagging Services Sub -Total 4 EA $1,000.00 $4,000.00 6 EA $500.00 $3,000.00 20 Days $1,750.00 $35,000.00 $42,000.00 Sub -Total (ItemsA-F) Contingency(10%) TOTAL ESTIMATED COST $142,000.00 $14,200.00 $156,200.00 NOTES: 1. The cost of the SCRRA services shown is an estimate only and RCTC will reimburse SCRRA on the basis of actual costs and expenses. 2. Subject to the terms of this Agreement, RCTC shall reimburse SCRRA the actual costs and expenses incurred by SCRRA and its contractors and consultants for all services and work performed in connection with the PROJECT, including an allocated overhead representing SCRRA's costs for administration and management. Page 18 of 24 338 COOPERATIVE AGREEMENT NO 19-33-004-00 EXHIBIT "C" FEDERAL TRANSIT ADMINISTRATION REQUIREMENTS The following provisions shall apply to this Agreement: 1. COST PRINCIPLES (1) SCRRA 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. (2) SCRRA 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. (3) Any costs for which payment has been made to SCRRA that are determined by subsequent audit to be unallowable under 2 CFR, Part 200 and 48 CFR, Federal Acquisition Regulations System, Chapter 1, Part 31.000 et seq., are subject to repayment by SCRRA. (4) All subcontracts in excess of $25,000 shall contain the above provisions. 2. FEDERAL GOVERNMENT OBLIGATIONS TO THIRD -PARTIES BY USE OF A DISCLAIMER (1) RCTC and SCRRA acknowledge and agree that, notwithstanding any concurrence by the Federal Government in or approval of the solicitation or award of the underlying contract, absent the express written consent by the Federal Government ("Government"), the Federal Government is not a party to this contract and shall not be subject to any obligations or liabilities to RCTC, SCRRA, or any other party (whether or not a party to that contract) pertaining to any matter resulting from the underlying contract. (2) SCRRA agrees to include the above clause in each subcontract financed in whole or in part with Federal assistance provided by FTA. It is further agreed that the clause shall not be modified, except to identify the subconsultant who will be subject to its provisions. 3. PROGRAM FRAUD AND FALSE OR FRAUDULENT STATEMENTS AND RELATED ACTS (1) SCRRA acknowledges that the provisions of the Program Fraud Civil Remedies Act of 1986, as amended, 31 U.S.C. §§ 3801 et seq. and U.S. DOT regulations, "Program Fraud Civil Remedies," 49 C.F.R. Part 31, apply to its actions pertaining to this Project. Upon execution of the underlying contract, SCRRA certifies or affirms the truthfulness and accuracy of any statement it has made, it makes, it may make, or causes to be made, pertaining to the underlying contract or the FTA assisted project for which this contract work is being performed. In addition to other penalties that may be applicable, SCRRA further acknowledges that if it makes, or causes to be made, a false, fictitious, or fraudulent claim, statement, submission, or certification, the Federal Government reserves the right to impose the penalties of the Program Fraud Civil Remedies Act of 1986 on SCRRA to the extent the Federal Government deems appropriate. (2) SCRRA also acknowledges that if it makes, or causes to be made, a false, fictitious, or fraudulent claim, statement, submission, certification, assurance, or representation to the Federal Government under a contract connected with a project that is financed in whole Page 19 of 24 339 COOPERATIVE AGREEMENT NO 19-33-004-00 or in part with Federal assistance originally awarded by FTA under the authority of 49 U.S.C. chapter 53 or any other Federal law, the Government reserves the right to impose the penalties of 18 U.S.C. § 1001 and 49 U.S.C. § 5323 on SCRRA, to the extent the Federal Government deems appropriate. [Is SCRRA subject to this?] (3) SCRRA agrees to include the above two clauses in each subcontract financed in whole or in part with Federal assistance provided by FTA. It is further agreed that the clauses shall not be modified, except to identify the consultant who will be subject to the provisions. 4. ACCESS TO RECORDS 1. SCRRA agrees to provide RCTC, the FTA Administrator, the U.S. Secretary of Transportation, the Comptroller General of the United States or any of their authorized representatives access to all Project work, materials, payrolls, and other data of SCRRA which are directly pertinent to this contract as required by 49 U.S.C. § 5325(g). 2. SCRRA agrees to permit any of the foregoing parties to reproduce by any means whatsoever or to copy excerpts and transcriptions as reasonably needed. 3. SCRRA agrees to maintain all books, records, accounts and reports required under this contract for a period of not less than three years after the date of transmission of the final expenditure report, except in the event of litigation or settlement of claims arising from the performance of this contract, in which case SCRRA agrees to maintain same until RCTC, the FTA Administrator, the Comptroller General, or any of their duly authorized representatives, have disposed of all such litigation, appeals, claims or exceptions related thereto. 4. SCRRA agrees to require its contractors and third party contractors to provide the same. 5. FEDERAL CHANGES SCRRA shall at all times comply with all applicable FTA regulations, policies, procedures and directives, including without limitation those listed directly or by reference in the FTA Master Agreement, the terms of which are incorporated herein by reference, as they may be amended or promulgated from time to time during the term of this MOU. SCRRA's failure to so comply shall constitute a material breach of this contract. 6. CIVIL RIGHTS REQUIREMENTS (1) Nondiscrimination - In accordance with Title VI of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000d et seq., U.S. DOT regulations, "Nondiscrimination in Federally Assisted Programs of the Department of Transportation - Effectuation of Title VI of the Civil Rights Act," 49 C.F.R. Part 21, FTA Circular 4702.1A, "Title VI and Title VI - Dependent Guidelines for Federal Transit Administration Receipts," May 13, 2007, Federal transit law at 49 U.S.C. § 5332, SCRRA agrees that it will not discriminate against any employee or applicant for employment because of race, color, creed, national origin, sex, age, or disability. In addition, SCRRA agrees to comply with applicable Federal implementing regulations and other implementing requirements FTA may issue. (2) Equal Employment Opportunity - The following equal employment opportunity requirements apply to the underlying contract: (a) Race, Color, Creed, National Origin, Sex - SCRRA agrees to comply with Title VII of the Civil Rights Act, as amended, 42 U.S.C. § 2000e, and equal employment opportunity provisions of 49 U.S.C. § 5332, all applicable equal employment opportunity requirements of U.S. Department of Labor (U.S. DOL) regulations, "Office of Federal Contract Compliance Programs, Equal Employment Opportunity, Department of Labor," 41 C.F.R. Page 20 of 24 340 COOPERATIVE AGREEMENT NO 19-33-004-00 Parts 60 et seq., (which implement Executive Order No. 11246, "Equal Employment Opportunity," as amended by Executive Order No. 11375, "Amending Executive Order 11246 Relating to Equal Employment Opportunity," 42 U.S.C. § 2000e note), and with any applicable Federal statutes, executive orders, regulations, and Federal policies that may in the future affect construction activities undertaken in the course of the Project. SCRRA agrees to take affirmative action to ensure that applicants are employed, and that employees are treated during employment, without regard to their race, color, creed, national origin, sex, or age. Such action shall include, but not be limited to, the following: employment, upgrading, demotion or transfer, recruitment or recruitment advertising, layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. In addition, SCRRA agrees to comply with any implementing requirements FTA may issue. (b) Age - In accordance with the Age Discrimination in Employment Act, as amended, 29 U.S.C. §§ 621 through 634 and Federal transit law at 49 U.S.C. § 5332, SCRRA agrees to refrain from discrimination against present and prospective employees for reason of age. In addition, SCRRA agrees to comply with any implementing requirements FTA may issue. (c) Disabilities - In accordance with section 102 of the Americans with Disabilities Act, as amended, 42 U.S.C. § 12112, SCRRA agrees that it will comply with the requirements of U.S. Equal Employment Opportunity Commission, "Regulations to Implement the Equal Employment Provisions of the Americans with Disabilities Act," 29 C.F.R. Part 1630, pertaining to employment of persons with disabilities. In addition, SCRRA agrees to comply with any implementing requirements FTA may issue. (3) DBE Program Compliance - RCTC has established a DBE Program pursuant to 49 C.F.R. Part 26, which applies to FTA funded agreements. The requirements and procedures of RCTC's DBE Program are hereby incorporated by reference into this Agreement. (4) SCRRA also agrees to include these requirements in each subcontract financed in whole or in part with Federal assistance provided by FTA, modified only if necessary to identify the affected parties. 7. DEBARMENT AND SUSPENSION SCRRA shall include the following as part of the procurement documents for any consultant performing services under this MOU: "Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion" (1) Consultant certifies, by submission of this bid or proposal, that neither it nor its "principals" [as defined at 49 C.F.R. § 29.105(p)] is presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any Federal department or agency. (2) When the consultant is unable to certify to the statements in this certification, it shall attach an explanation to this proposal. 8. LOBBYING Lobbying Restrictions. To the extent applicable, SCRRA agrees to include the following in its subcontractor agreements: Page 21 of 24 341 COOPERATIVE AGREEMENT NO 19-33-004-00 (1) The consultant shall comply, and assure the compliance of each subcontractor at any tier, with U.S. DOT regulations, "New Restrictions on Lobbying," 49 C.F.R. Part 20, modified as necessary by 31 U.S.C. § 1352. (2) The consultant shall comply with Federal statutory provisions, to the extent applicable, prohibiting the use of Federal assistance funds for activities designed to influence Congress or a State legislature on legislation or appropriations, except through proper, official channels. Page 22 of 24 342 COOPERATIVE AGREEMENT NO 19-33-004-00 EXHIBIT "D" INVOICE CERTIFICATION FORM LANGUAGE I certify that to the best of my knowledge, the hours and salary rates charged in this invoice are the actual hours and rates worked and paid to the employees listed, and that indirect costs, if billed, are in accordance with an FTA approved SCRRA Indirect Cost Allocation Plan overhead rate. By: Title: Page 23 of 24 343 COOPERATIVE AGREEMENT NO 19-33-004-00 EXHIBIT E COORDINATION REQUIREMENTS AND RESPONSIBILITIES FOR CONSTRUCTION START & WORK WINDOWS 1 COMMISSION and its Contractor shall: a. Notify SCRRA sixty (60) days in advance for any work window that will require shut down or limit access or capacity at the Riverside Layover. b. Attend SCRRA operations work window planning meetings, as reasonably requested by SCRRA PM, to discuss scope of work within Work Window(s), details of Work Window time, dates and tracks affected, Work Windows schedule; c. Should the construction schedule change such that the planned Work Window cannot be met, advise SCRRA immediately when this is known so that a revised Work Window can be arranged; d. A minimum of 30 calendar days in advance of each planned Work Window, provide to SCRRA PM an hour by hour schedule detailing all activities to be performed by all parties within the Work Window; 2. SCRRA shall: a. Coordinate internally and with COMMISSION and its Contractor a date for proposed changes and associated Work Window to be undertaken; b. Issue in advance of implementation, bulletins to all affected railroads to detail physical and operational changes to the current timetable; and c. Revise track charts, composite maps, simulator graphics and KML files to reflect all physical changes made to the system resulting from the work in each window. Page 24 of 24 344 AGENDA ITEM 7H RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Monica Morales, Management Analyst Josefina Clemente, Transit Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Agreement for Audit Services for the Transportation Development Act Triennial Audit BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 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. BACKGROUND INFORMATION: In accordance with California Public Utilities Code Section 99246, the Commission is required every three years (triennial) to arrange for performance audits of its activities as well as the activities of the transit operators to which it allocates TDA funds. The Commission must send a certificate of completion to the California Department of Transportation (Caltrans) in order for the Commission to receive and allocate TDA funds for Riverside County. The audits are required to evaluate the efficiency, effectiveness, and economy of the Commission and the seven public operators: cities of Banning, Beaumont, Corona, and Riverside; Riverside Transit Agency; SunLine Transit Agency; and Palo Verde Valley Transit Agency. The first triennial audit cycle will cover Fiscal Years 2015/16, 2016/17, and 2017/18, and must be conducted in compliance with relevant sections of the TDA. The second audit cycle, upon exercising the agreement's option period, will cover FYs 2018/19, 2019/20, and 2020/21. Procurement Process Staff determined the weighted factor method of source selection to be the most appropriate for this procurement, as it allows the Commission to identify the most advantageous proposal with price and other factors considered. Non -price factors include elements such as qualifications of firm, qualifications of personnel, understanding and approach, and the ability to respond to the requirements set forth under the terms of the request for proposals (RFP) No. 19-62-009-00. Agenda Item 7H 345 RFP No. 19-62-009-00 was released on September 13, 2018. A public notice was advertised in the Press Enterprise, and the RFP was posted on the Commission's PlanetBids website, which is accessible through the Commission's website. Utilizing PlanetBids, emails were sent to 257 firms, 31 of which are located in Riverside County. Through the PlanetBids site, 14 firms downloaded the RFP; 1 of these firms is located in Riverside County. Staff responded to all questions submitted by potential proposers prior to the September 27 clarification deadline date. Two firms — Eadie + Payne LLP (Riverside) and Michael Baker International, Inc. (Rancho Cordova) — submitted proposals prior to the 2:00 p.m. submittal deadline on October 17. Both firms submitted responsive and responsible proposals. Utilizing the evaluation criteria set forth in the RFP, the two proposals were evaluated and scored by an evaluation committee comprised of the San Bernardino County Transportation Authority, Morongo Basin Transit Authority, and Commission staff. Based on the evaluation committee's assessment of the written proposals, the evaluation committee recommends contract award to Michael Baker International, Inc. The main project office is located in Rancho Cordova although they do have other offices within Riverside County. They will provide audit services for the TDA Triennial Audit for a three-year term, plus one two- year option, in an amount not to exceed $220,815, as this firm earned the highest total evaluation score. The overall evaluation ranking, based on highest to lowest total evaluation score, and the total price are presented in the following table. Firm Price Overall Ranking Michael Baker International, Inc. $220,815 1 Eadie + Payne LLP $200,000 2 The Commission's professional services agreement will be entered into with the consultant subject to any changes approved by the Executive Director and pursuant to legal counsel review. Staff oversight of the contract will maximize the effectiveness of the consultant and minimize costs to the Commission. Financial Information In Fiscal Year Budget: Yes N/A Year: FY 2018/19 FY 2019/20+ Amount: $100,000 $120,815 Source of Funds: Local Transportation Funds Budget Adjustment: No N/A GL/Project Accounting No.: 106 62 65401 Fiscal Procedures Approved: \jkw,e Date: 11/15/2018 Attachment: Draft Professional Services Agreement No. 19-62-009-00 Agenda Item 7H 346 Agreement No. 19-62-009-00 RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR AUDIT SERVICES FOR THE TRANSPORTATION DEVELOPMENT ACT (TDA) TRIENNIAL AUDIT WITH MICHAEL BAKER INTERNATIONAL, INC. 1. 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 MICHAEL BAKER INTERNATIONAL, INC. ("Consultant"), a CORPORATION. 2. RECITALS. 2.1 Consultant desires to perform and assume responsibility for the provision of certain professional consulting services required by Commission on the terms and conditions set forth in this Agreement. Consultant represents that it is a professional consultant, experienced in providing j INSERT TYPE OF SERVICES 1 services to public clients, is licensed in the State of California, and is familiar with the plans of Commission. 2.2 Commission desires to engage Consultant to render certain consulting services for audit services for the TDA triennial audit ("Project") as set forth herein. 3. TERMS. 3.1 General Scope of Services. Consultant promises and agrees to furnish to Commission all labor materials, tools, equipment, services, and incidental and customary work necessary to fully and adequately provide professional consulting services and advice on various issues affecting the decisions of Commission regarding the Project and on other programs and matters affecting Commission, hereinafter referred to as "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. 3.2 Term. The term of this Agreement shall be from the date first specified above to December 31, 2021, unless earlier terminated as provided herein. 17336.00000\8752982.2 APPENDIX B - 1 347 The Commission, at its sole discretion, may extend this Agreement for an additional two-year option. Consultant shall complete the Services within the term of this Agreement and shall meet any other established schedules and deadlines. 3.3 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 required 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 the Commission, Consultant shall provide a more detailed schedule of anticipated performance to meet the Schedule of Services. 3.4 Independent Contractor; Control and Payment of Subordinates. The Services shall be performed by Consultant under its supervision. Consultant will determine the means, method and details of performing the Services subject to the requirements of this Agreement. Commission retains Consultant on an independent contractor basis and Consultant is not an employee of 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 not be employees of Commission and 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 under this Agreement and as required by law. Consultant shall be responsible for all reports and obligations respecting such additional personnel, including, but not limited to: social security taxes, income tax withholding, unemployment insurance, and workers' compensation insurance. 3.5 Conformance to Applicable Requirements. All work prepared by Consultant shall be subject to the approval of Commission. 3.6 Substitution of Key Personnel. Consultant has represented to 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 and experience upon written approval of Commission. In the event that Commission and Consultant cannot agree as to the substitution of key personnel, Commission shall be entitled to terminate this Agreement for cause, pursuant to provisions of Section 3.16 of this Agreement. The key personnel for performance of this Agreement are as follows: 3.7 Commission's Representative. Commission hereby designates Executive Director, or his or her designee, to act as its representative for the performance of this Agreement ("Commission's Representative"). Commission's representative shall have the power to act on behalf of Commission for all purposes APPENDIX B - 2 17336.00000\8752982.2 348 under this Agreement. Consultant shall not accept direction from any person other than Commission's Representative or his or her designee. 3.8 Consultant's Representative. Consultant hereby designates [ INSERT NAME OR TITLE ], or his or her designee, to act as its representative for the performance of this Agreement ("Consultant's Representative"). Consultant's Representative shall have full authority to represent and act on behalf of the Consultant for all purposes under this Agreement. The Consultant's Representative shall supervise and direct the Services, using his or her best 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. 3.9 Coordination of Services. Consultant agrees to work closely with Commission staff in the performance of Services and shall be available to Commission's staff, consultants and other staff at all reasonable times. 3.10 Standard of Care; Licenses. Consultant shall perform the Services under this Agreement in a skillful and competent manner, consistent with the standard generally recognized as being employed by professionals in the same discipline in the State of California. Consultant represents and maintains that it is skilled in the professional calling necessary to perform the Services. Consultant warrants that all employees and subcontractors shall have sufficient skill and experience to perform the Services assigned to them. Finally, Consultant represents that it, 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 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. 3.11 Laws and Requlations. 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. 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 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. APPENDIX B - 3 17336.00000\8752982.2 349 3.12 Insurance. 3.12.1 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. 3.12.2 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 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; (2) Automobile Liability: $1,000,000 per accident for bodily injury and property damage; and (3) if Consultant has an employees, 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. 3.12.3 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. 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. APPENDIX B - 4 17336.00000\8752982.2 350 3.12.4Insurance 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. (0 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 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, its 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, its 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, its 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. APPENDIX B - 5 17336.00000\8752982.2 351 (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. (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. 0) Defense costs shall be payable in addition to the limits set forth hereunder. (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, its 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 contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the Commission (if agreed to in a written contract or agreement) before the Commission's own insurance or self-insurance shall be called upon to protect it as a named insured. The umbrella/excess policy shall be provided on a "following form" basis with coverage at least as broad as provided on the underlying policy(ies). (iv) Consultant shall provide the Commission at least thirty (30) days prior written notice of cancellation of any policy required by this Agreement, except that the Consultant shall provide at least ten (10) days prior written notice of cancellation of any such policy due to non-payment of premium. If any of the required coverage is cancelled or expires during the term of this Agreement, the Consultant shall deliver renewal certificate(s) including the General Liability Additional APPENDIX B - 6 17336.00000\8752982.2 352 Insured Endorsement to the Commission at least ten (10) days prior to the effective date of cancellation or expiration. (v) The retroactive date (if any) of each policy is to be no later than the effective date of this Agreement. Consultant shall maintain such coverage continuously for a period of at least three years after the completion of the work under this Agreement. Consultant shall purchase a one (1) year extended reporting period A) if the retroactive date is advanced past the effective date of this Agreement; B) if the policy is cancelled or not renewed; or C) if the policy is replaced by another claims -made policy with a retroactive date subsequent to the effective date of this Agreement. (vi) The foregoing requirements as to the types and limits of insurance coverage to be maintained by Consultant, and any approval of said insurance by the Commission, is not intended to and shall not in any manner limit or qualify the liabilities and obligations otherwise assumed by the Consultant pursuant to this Agreement, including but not limited to, the provisions concerning indemnification. (vii) If at any time during the life of the Agreement, any policy of insurance required under this Agreement does not comply with these specifications or is canceled and not replaced, Commission has the right but not the duty to obtain the insurance it deems necessary and any premium paid by Commission will be promptly reimbursed by Consultant or Commission will withhold amounts sufficient to pay premium from Consultant payments. In the alternative, Commission may cancel this Agreement. The Commission may require the Consultant to provide complete copies of all insurance policies in effect for the duration of the Project. (viii) Neither the Commission nor any of its directors, officials, officers, employees or agents shall be personally responsible for any liability arising under or by virtue of this Agreement. Each insurance policy required by this Agreement shall be endorsed to state that: 3.12.5 Deductibles and Self -Insurance Retentions. Any deductibles or self -insured retentions must be declared to and approved by the Commission. If the Commission does not approve the deductibles or self -insured retentions as presented, Consultant shall guarantee that, at the option of the Commission, either: (1) the insurer shall reduce or eliminate such deductibles or self -insured retentions as respects the Commission, its directors, officials, officers, employees and agents; or, (2) the Consultant shall procure a bond guaranteeing payment of losses and related investigation costs, claims and administrative and defense expenses. APPENDIX B - 7 17336.00000\8752982.2 353 3.12.6 Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating no less than A:VIII, licensed to do business in California, and satisfactory to the Commission. 3.12.7 Verification of Coverage. Consultant shall furnish Commission with original certificates of insurance and endorsements effecting coverage required by this Agreement on forms satisfactory to the Commission. The certificates and endorsements for each insurance policy shall be signed by a person authorized by that insurer to bind coverage on its behalf. All certificates and endorsements must be received and approved by the Commission before work commences. The Commission reserves the right to require complete, certified copies of all required insurance policies, at any time. 3.12.8 Subconsultant Insurance Requirements. Consultant shall not allow any subcontractors or subconsultants to commence work on any subcontract until they have provided evidence satisfactory to the Commission that they have secured all insurance required under this section. Policies of commercial general liability insurance provided by such subcontractors or subconsultants shall be endorsed to name the Commission as an additional insured using ISO form CG 20 38 04 13 or an endorsement providing the exact same coverage. If requested by Consultant, the Commission may approve different scopes or minimum limits of insurance for particular subcontractors or subconsultants. 3.13 Safety. Consultant shall execute and maintain its work so as to avoid injury or damage to any person or property. In carrying out its Services, the Consultant shall at all times be in compliance with all applicable local, state and federal laws, rules and regulations, and shall exercise all necessary precautions for the safety of employees appropriate to the nature of the work and the conditions under which the work is to be performed. Safety precautions as applicable shall include, but shall not be limited to: (A) adequate life protection and life saving equipment and procedures; (B) instructions in accident prevention for all employees and subcontractors, such as safe walkways, scaffolds, fall protection ladders, bridges, gang planks, confined space procedures, trenching and shoring, equipment and other safety devices, equipment and wearing apparel as are necessary or lawfully required to prevent accidents or injuries; and (C) adequate facilities for the proper inspection and maintenance of all safety measures. 3.14 Fees and Payment. 3.14.1 Compensation. Consultant shall receive compensation, including authorized reimbursements, for all Services rendered under this Agreement at the rates set forth in Exhibit "C" attached hereto. The total compensation shall not exceed [ INSERT WRITTEN DOLLAR AMOUNT ] ($j INSERT NUMERICAL DOLLAR AMOUNT ]) without written approval of Commission's Executive Director ("Total Compensation"). Extra Work may be authorized, as described below, and if authorized, will be compensated at the rates and manner set forth in this Agreement. APPENDIX B - 8 17336.00000\8752982.2 354 3.14.2 Payment of Compensation. Consultant shall submit to Commission a monthly statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. Commission shall, within 45 days of receiving such statement, review the statement and pay all approved charges thereon. 3.14.3 Reimbursement for Expenses. Consultant shall not be reimbursed for any expenses unless authorized in writing by Commission. 3.14.4 Extra Work. At any time during the term of this Agreement, Commission may request that Consultant perform Extra Work. As used herein, "Extra Work" means any work which is determined by Commission to be necessary for the proper completion of the Project, but which the parties did not reasonably anticipate would be necessary at the execution of this Agreement. Consultant shall not perform, nor be compensated for, Extra Work without written authorization from Commission's Executive Director. 3.15 Accounting Records. Consultant shall maintain complete and accurate records with respect to all costs and expenses incurred and fees charged under this Agreement. All such records shall be clearly identifiable. Consultant shall allow a representative of Commission during normal business hours to examine, audit, and make transcripts or copies of such records and any other documents created pursuant to this Agreement. Consultant shall allow inspection of all work, data, documents, proceedings, and activities related to the Agreement for a period of three (3) years from the date of final payment under this Agreement. 3.16 Termination of Agreement. 3.16.1 Grounds for Termination. Commission may, by written notice to Consultant, terminate the whole or any part of this Agreement at any time and without cause by giving written notice to Consultant of such termination, and specifying the effective date thereof. Upon termination, Consultant shall be compensated only for those services which have been fully and adequately rendered to Commission through the effective date of the termination, and Consultant shall be entitled to no further compensation. Consultant may not terminate this Agreement except for cause. 3.16.2 Effect of Termination. If this Agreement is terminated as provided herein, Commission may require Consultant to provide all finished or unfinished Documents and Data, as defined below, and other information of any kind prepared by Consultant in connection with the performance of Services under this Agreement. Consultant shall be required to provide such document and other information within fifteen (15) days of the request. APPENDIX B - 9 17336.00000\8752982.2 355 3.16.3 Additional Services. In the event this Agreement is terminated in whole or in part as provided herein, Commission may procure, upon such terms and in such manner as it may determine appropriate, services similar to those terminated. 3.17 Delivery of Notices. All notices permitted or required under this Agreement shall be given to the respective parties at the following address, or at such other address as the respective parties may provide in writing for this purpose: CONSULTANT: Attn : COMMISSION: Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Attn: Executive Director Such notice shall be deemed made when personally delivered or when mailed, forty-eight (48) hours after deposit in the U.S. Mail, first class postage prepaid and addressed to the party at its applicable address. Actual notice shall be deemed adequate notice on the date actual notice occurred, regardless of the method of service. 3.18 Ownership of Materials/Confidentiality. 3.18.1 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. APPENDIX B - 10 17336.00000\8752982.2 356 3.18.2Intellectual 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. 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. 3.18.3 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 APPENDIX B - 11 17336.00000\8752982.2 357 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. 3.18.4Infringement 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. 3.19 Cooperation; Further Acts. The Parties shall fully cooperate with one another, and shall take any additional acts or sign any additional documents as may be necessary, appropriate or convenient to attain the purposes of this Agreement. 3.20 Attorney's Fees. If either party commences an action against the other party, either legal, administrative or otherwise, arising out of or in connection with this Agreement, the prevailing party in such litigation shall be entitled to have and recover from the losing party reasonable attorney's fees and costs of such actions. 3.21 Indemnification. Consultant shall defend, indemnify and hold the Commission, its directors, officials, officers, agents, consultants, employees and volunteers free and harmless from any and all claims, demands, causes of action, costs, expenses, liabilities, losses, damages or injuries, in law or in equity, to property or persons, including wrongful death, in any manner arising out of or incident to any alleged negligent acts, omissions or willful misconduct of the 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 all consequential damages, attorneys fees and other related costs and 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 the Commission, its directors, officials, officers, agents, consultants, employees and volunteers. Consultant shall pay and satisfy any judgment, award or decree that may be rendered against the Commission or its directors, officials, officers, agents, consultants, employees and volunteers, in any such suit, action or other legal proceeding. Consultant shall reimburse the Commission and its directors, officials, officers, agents, consultants, employees and 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 indemnity shall not be restricted to insurance proceeds, if any, received by the Commission or its directors, officials, officers, agents, consultants, employees and volunteers. Notwithstanding the foregoing, to the extent Consultant's Services are subject to Civil Code Section 2782.8, the above indemnity shall be limited, to the extent required by Civil Code Section 2782.8, to claims that arise out of, pertain APPENDIX B - 12 17336.00000\8752982.2 358 to, or relate to the negligence, recklessness, or willful misconduct of the Consultant. This Section 3.21 shall survive any expiration or termination of this Agreement. 3.22 Entire Agreement. This Agreement contains the entire Agreement of the parties with respect to the subject matter hereof, and supersedes all prior negotiations, understandings or agreements. This Agreement may only be supplemented, amended, or modified by a writing signed by both parties. 3.23 Governing Law. This Agreement shall be governed by the laws of the State of California. Venue shall be in Riverside County. 3.24 Time of Essence. Time is of the essence for each and every provision of this Agreement. 3.25 Commission's Right to Employ Other Consultants. The Commission reserves the right to employ other consultants in connection with this Project. 3.26 Successors and Assigns. This Agreement shall be binding on the successors and assigns of the parties, and shall not be assigned by Consultant without the prior written consent of Commission. 3.27 Prohibited Interests and Conflicts. 3.27.1 Solicitation. Consultant maintains and warrants that it has not employed nor retained any company or person, other than a bona fide employee working solely for Consultant, to solicit or secure this Agreement. Further, Consultant warrants that it has not paid nor has it agreed to pay any company or person, other than a bona fide employee working solely for Consultant, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. For breach or violation of this warranty, Commission shall have the right to rescind this Agreement without liability. 3.27.2 Conflict of Interest. For the term of this Agreement, no member, officer or employee of Commission, during the term of his or her service with Commission, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom. 3.27.3 Conflict of Employment. Employment by the Consultant of personnel currently on the payroll of the Commission shall not be permitted in the performance of this Agreement, even though such employment may occur outside of the employee's regular working hours or on weekends, holidays or vacation time. Further, the employment by the Consultant of personnel who have been on the Commission payroll within one year prior to the date of execution of this Agreement, where this employment is caused by and or dependent upon the Consultant securing this or related Agreements with the Commission, is prohibited. APPENDIX B - 13 17336.00000\8752982.2 359 3.27.4 Employment Adverse to the Commission. Consultant shall notify the Commission, and shall obtain the Commission's written consent, prior to accepting work to assist with or participate in a third -party lawsuit or other legal or administrative proceeding against the Commission during the term of this Agreement. 3.28 Equal Opportunity Employment. Consultant represents that it is an equal opportunity employer and it shall not discriminate against any employee or applicant for employment because of race, religion, color, national origin, ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination. Consultant shall also comply with all relevant provi- sions of Commission's Disadvantaged Business Enterprise program, Affirmative Action Plan or other related Commission programs or guidelines currently in effect or hereinafter enacted. 3.29 Subcontracting. Consultant shall not subcontract any portion of the work or Services required by this Agreement, except as expressly stated herein, without prior written approval of the Commission. Subcontracts, if any, shall contain a provision making them subject to all provisions stipulated in this Agreement. 3.30 Prevailing Wages. By its execution of this Agreement, Consultant certified that it is aware of the requirements of California Labor Code Sections 1720 et seq. and 1770 et seq., as well as California Code of Regulations, Title 8, Section 16000 et seq. ("Prevailing Wage Laws"), which require the payment of prevailing wage rates and the performance of other requirements on certain "public works" and "maintenance" projects. If the Services are being performed as part of an applicable "public works" or "maintenance" project, as defined by the Prevailing Wage Laws, and if the total compensation is $1,000 or more, Consultant agrees to fully comply with such Prevailing Wage Laws. The Commission shall provide Consultant with a copy of the prevailing rate of per diem wages in effect at the commencement of this Agreement. 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. 3.30.1 DIR Registration. Effective March 1, 2015, 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 APPENDIX B - 14 17336.00000\8752982.2 360 shall be Consultant's sole responsibility to comply with all applicable registration and labor compliance requirements. 3.31 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. 3.32 No Waiver. Failure of Commission to insist on any one occasion upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any rights or powers hereunder at any one time or more times be deemed a waiver or relinquishment of such other right or power at any other time or times. 3.33 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. APPENDIX B - 15 17336.00000\8752982.2 361 3.34 Subpoenas or Court Orders. Should Consultant receive a subpoena or court order related to this Agreement, the Services or the Project, Consultant shall immediately provide written notice of the subpoena or court order to the Commission. Consultant shall not respond to any such subpoena or court order until notice to the Commission is provided as required herein, and shall cooperate with the Commission in responding to the subpoena or court order. 3.35 Survival. All rights and obligations hereunder that by their nature are to continue after any expiration or termination of this Agreement, including, but not limited to, the indemnification and confidentiality obligations, and the obligations related to receipt of subpoenas or court orders, shall survive any such expiration or termination. 3.36 No Third Party Beneficiaries. There are no intended third party beneficiaries of any right or obligation assumed by the Parties. 3.37 Labor Certification. By its signature hereunder, Consultant certifies that it is aware of the provisions of Section 3700 of the California Labor Code which require every employer to be insured against liability for Workers' Compensation or to undertake self-insurance in accordance with the provisions of that Code, and agrees to comply with such provisions before commencing the performance of the Services. 3.38 Counterparts. This Agreement may be signed in counterparts, each of which shall constitute an original. 3.39 Incorporation of Recitals. The recitals set forth above are true and correct and are incorporated into this Agreement as though fully set forth herein. 3.40 Invalidity; Severability. If any portion of this Agreement is declared invalid, illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect. 3.41 Conflicting Provisions. In the event that provisions of any attached exhibits conflict in any way with the provisions set forth in this Agreement, the language, terms and conditions contained in this Agreement shall control the actions and obligations of the Parties and the interpretation of the Parties' understanding concerning the performance of the Services. 3.42 Headings. Article and Section Headings, paragraph captions or marginal headings contained in this Agreement are for convenience only and shall have no effect in the construction or interpretation of any provision herein. 3.43 Assignment or Transfer. Consultant shall not assign, hypothecate, or transfer, either directly or by operation of law, this Agreement or any interest herein, without the prior written consent of the Commission. Any attempt to do so shall be null and void, and any assignees, hypothecates or transferees shall acquire no right or interest by reason of such attempted assignment, hypothecation or transfer. APPENDIX B - 16 17336.00000\8752982.2 362 3.44 Authority to Enter Agreement. Consultant has all requisite power and authority to conduct its business and to execute, deliver, and perform the Agreement. Each Party warrants that the individuals who have signed this Agreement have the legal power, right, and authority to make this Agreement and bind each respective Party. [SIGNATURES ON FOLLOWING PAGE] APPENDIX B - 17 17336.00000\8752982.2 363 SIGNATURE PAGE TO RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR AUDIT SERVICES FOR THE TRANSPORTATION DEVELOPMENT ACT (TDA) TRIENNIAL AUDIT WITH [ CONSULTANT ] IN WITNESS WHEREOF, this Agreement was executed on the date first written above. RIVERSIDE COUNTY CONSULTANT TRANSPORTATION COMMISSION [INSERT NAME OF CONSULTANT] By: By: [INSERT NAME] Signature Chairman [NOT NEEDED IF APPROVED BY COMMISSION] By: Anne Mayer Executive Director Name Title Approved as to Form: Attest: By: By: Best Best & Krieger LLP Its: Secretary General Counsel APPENDIX B - 18 17336.00000\8752982.2 364 EXHIBIT "A" - SCOPE OF SERVICES [ TO BE INSERTED] EXHIBIT "B" - SCHEDULE OF SERVICES [ TO BE INSERTED] EXHIBIT "C" - COMPENSATION [ TO BE INSERTED] APPENDIX B - 19 17336.00000\8752982.2 AGENDA ITEM 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Annual Investment Policy Review BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 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. BACKGROUND INFORMATION: Section XIV of the Investment Policy requires an annual investment policy review and specifically states that the "Chief Financial Officer shall annually render to the Board a statement of investment policy, which the Board must consider at a public meeting. Any changes to the policy shall also be considered by the Board at a public meeting." Staff reviewed the Investment Policy approved by the Commission in December 2017, considered changes to the California Government Code as of September 2018, and consulted with the Commission's investment managers as well as the County Treasurer's Office in order to determine an appropriate level of changes primarily affecting the Commission's operating investment portfolio. Accordingly, staff recommends the following changes to the Commission's investment policy: • Add supranational obligations as an eligible investment with specified diversification, purchase restrictions, maturity, and credit quality criteria; • Change in minimum credit quality for municipal bonds and U.S. corporate debt from "Aa3/AA-/ or AA-" to "A1/A+/or A+"; • Change maximum percentage of holdings in U.S. corporate debt (from 25 percent to 30 percent); • Change in maximum maturity of negotiable certificates of deposit from 180 days to 1 year; • Change in reference from "surplus funds" to "Commission's funds"; and • Change in Section III Delegation of Authority reference to Executive Director as gender neutral. Agenda Item 8 366 The principle underlying these proposed changes is increased flexibility for staff to enhance the return on investments without material sacrifice in safety or liquidity. Safety and liquidity are maintained by continuing to require stringent credit and rating standards and by maintaining diversification through the application of prudent limitations in the amount of any single investment type. The most significant change is the addition of a new eligible investment type, supranational obligations, which are international development institutions formed by two or more central governments. These supranational entities provide various financial services to their member countries, including issuing debt, to promote economic development. California Government Code (Code) Section 53601(q) permits local government investment in "United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), or Inter -American Development Bank, with a maximum remaining maturity of five years or less, and eligible for purchase or sale within the United States. Investments under this subdivision shall be rated "AA" or better by an NRSRO and shall not exceed 30 percent of the agency's moneys that may be invested pursuant to this section." While the Code permits "AA" supranational obligations, staff recommends eligible investment in more highly rated "AAA" supranational obligations, which are as liquid as federal agency securities such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation. Investment in supranational obligations provides another option to add value to the Commission's investment portfolio, especially considering a shrinking supply of federal agency or government -sponsored enterprise securities. Further, while the Code allows investments in obligations of three supranational institutions that do not exceed 30 percent of a local government's moneys, staff recommends eligible investment in IBRD and IFC and a lower maximum threshold of 20 percent and no more than 10 percent of funds invested in any one supranational institution. The requirements for supranational obligations as an eligible investment are consistent with the proposed changes to the County of Riverside's investment policy. The Code also permits investment in municipal bonds and U.S. corporate debt securities rated at least "A3/A-/A-". The Commission has required ratings of at least "Aa3/AA-/AA-", and staff proposes lowering the requirement one notch to "A1/A+/A+". Additionally, the Code permits investments in negotiable certificates of deposit with a maximum maturity of 5 years. Staff recommends an increase in the Commission's policy for the maximum maturity of negotiable certificates of deposit from 180 days to 2 years, which is still less than the Code. Staff believes that these recommendations continue to adhere to the Commission's investment objectives, in priority order, of safety, liquidity, and return on investment. A representative from the Commission's financial advisory firm will be available at the meeting to address staff's due diligence process to update the investment policy. Agenda Item 8 367 Attachments: 1) Resolution No. 18-018 2) Investment Policy (draft) Agenda Item 8 368 ATTACHMENT 1 RESOLUTION NO. 18-018 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION REGARDING THE REVISED INVESTMENT POLICY WHEREAS, the Riverside County Transportation Commission (the "Commission") currently retains the authority to add, delete or otherwise modify the Commission's policies and procedures. NOW, THEREFORE, the Riverside County Transportation Commission does hereby resolve as follows: Section 1. The Riverside County Transportation Commission hereby adopts the Investment Policy, as revised on December 12, 2018, and attached as Exhibit A. APPROVED AND ADOPTED this 12th day of December, 2018. Dana W. Reed, Chair Riverside County Transportation Commission ATTEST: Lisa Mobley Clerk of the Board 369 ATTACHMENT 2 Riverside [aunty iranspartniian Commis3inn INVESTMENT POLICY I. Introduction The purpose of this document is to identify policies and procedures that enhance opportunities for a prudent investment program and to organize and formalize investment -related activities. II. Scope It is intended that this Policy cover all funds (except retirement funds) and investment activities under the direction of the Commission. Investment activities may be classified between operating and bond/debt portfolios. III. Delegation of Authority Pursuant to the Commission's Administrative Code, the Board's management responsibility for the investment program is hereby delegated for a one-year period to the Executive Director who shall monitor and review all investments for consistency with this investment policy. Subject to review, the Board may renew the delegation of authority pursuant to this section each year. The Executive Director may delegate these duties to his designee ("Chief Financial Officer"). The Commission may delegate its investment decision making and execution authority to an investment advisor. The advisor shall follow this Policy and such other written instructions as are provided. IV. Prudence All persons authorized to make investment decisions on behalf of the Commission are subject to the prudent investor standard. Investments shall be made with care, skill, prudence and diligence under circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the Commission that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the Commission. Authorized individuals acting in accordance with this Policy and written procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion. Revised December -1-3-12, 204-72018 370 V. Objective The Commission's primary investment objectives, in priority order, shall be: 1. Safety. Safety of principal is the foremost objective of the investment program. Investments of the Commission shall be undertaken in a manner that seeks to ensure preservation of capital in the portfolio. 2. Liquidity. The investment portfolio of the Commission will remain sufficiently liquid to enable the Commission to meet its cash flow requirements. 3. Return on Investment. The investment portfolio of the Commission shall be designed with the objective of maximizing return on its investments, but only after ensuring safety and liquidity. The Commission may from time to time sell securities that it owns in order to better reposition its portfolio assets in accordance with updated cash flow schedules, yield opportunities existing between market sectors, or simply market timing. VI. Investments California Government Code Section 53601 governs the investments permitted for purchase by the Commission. Within the investments permitted by Code, the Commission seeks to further restrict eligible investments to the investments listed in Section V1.1 below. Percentage limitations, where indicated, apply at the time of purchase. Percentage holdings with any one non-U.S. Government issuer or non -Federal Agency issuer are further restricted to a maximum of 10% (direct and indirect commitments), except as otherwise noted. Rating requirements where indicated, apply at the time of purchase. In the event a security held by the Commission is subject to a rating change that brings it below the minimum specified rating requirement, the Chief Financial Officer shall be authorized to act immediately and to notify the Board of any actions taken in regards to the security. The course of action to be followed will then be decided on a case -by -case basis, considering such factors as the reason for the rate drop, prognosis for recovery or further rate drops, and the market price of the security. 1. Eligible Investments A. U.S. Government Issues. United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest. Revised December -1-3-12, 204-72018 371 B. Federal Agency Securities. Federal agency or United States government -sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government -sponsored enterprises. C. Supranational Obligations. Obligations issued, or unconditionally guaranteed, by the following supranational institutions: 1. International Bank for Reconstruction and Development; and 2. International Finance Corporation. Such securities must have a maximum maturity of four (4) years and ratings from at least one Nationally Recognized Statistical Rating Organization (NRSRO) as follows: at least "Aa/AA/or AA" which denotes "Aa2" by Moody's Investors Service (Moody's), or "AA" by S&P Global Ratings (S&P), or "AA" by Fitch Ratings (Fitch); or as otherwise approved by the Commission. Investments in supranational obligations are limited to a maximum of 20% of Commission funds with no more than 10% of funds invested in any one supranational institution. GD. Municipal Bonds. Registered treasury notes or bonds of any of the other 49 United States, in addition to California, payable solely out of the revenues from a revenue -producing property owned, controlled, or operated by a state or by a department, board, agency or authority of any of the other 49 United States, in addition to California. Such securities must have a maximum maturity of five (5) years and ratings from at least one Nationally Recognized Statistical Rating Organization (NRSRO) as follows: at least "Aa3/AA /or AA Al/A+/or A+"" which denotes `°Do�caX_by_ Ann�4nester_s_SeiwTnn /MnnrJ�i'c\by ta-n- Jar-d Q Dnnr`oCi�� Da�gs /Gi+�\• or as , c �cr c��rr 7, otherwise approved by the Commission. Registered general obligation treasury notes or bonds of any of the 50 United States. Such securities must have a maximum maturity of five (5) years and ratings from at least one NRSRO as follows: at least "Aa3/AA /or AA Al/A+/or A+"" or as otherwise approved by the Commission. Taxable or tax-exempt bonds, notes, warrants, or other evidences of indebtedness of any local agency within the State of California with a maximum maturity of five (5) years and ratings from at least one NRSRO as follows: at least "Aa3/AA /or AA Al/A+/or A+"`° (the Revised December -1-3-12, 204-72018 372 minimum rating shall apply to the local agency, irrespective of any credit enhancement), including bonds, notes, warrants, or other evidences of indebtedness payable solely out of the revenues from a revenue -producing property owned, controlled, or operated by either the local agency, a department, board, agency, or authority of the local agency, or of any local agency within this state. Investments in municipal bonds are further limited to 25% of surplus the Commission's funds. �E. Tri-Party Repurchase Agreements. Tri-party repurchase agreements are to be used solely as short-term investments not to exceed 30 days. The Commission may enter into tri-party repurchase agreements with primary government securities dealers rated "A" or better by two NRSROs. Counterparties should also have (i) a short-term credit rating of at least P-1/A-1/ or F-1; (ii) minimum assets and capital size of $25 billion in assets and $350 million in capital; (iii) five years of acceptable audited financial results; and (iv) a strong reputation among market participants. The following collateral restrictions will be observed: Only U.S. Treasury securities or Federal Agency securities, as described in V.1 A and B, will be acceptable collateral. All securities underlying tri- party repurchase agreements must be delivered to the Commission's custodian or fiscal agent bank versus payment or be handled under a properly executed tri-party repurchase agreement. The total market value of all collateral for each tri-party repurchase agreement must equal or exceed 102% of the total dollar value of the money invested by the Commission for the term of the investment. For any tri-party repurchase agreement with a term of more than one day, the value of the underlying securities must be reviewed on an on -going basis according to market conditions. Market value must be calculated each time there is a substitution of collateral. The Commission or its trustee shall have a perfected first security interest under the Uniform Commercial Code in all securities subject to tri-party repurchase agreement. The Commission shall have properly executed a PSA agreement with each counterparty with which it enters into tri-party repurchase agreements. EF. U.S. Corporate Debt. Medium -term notes, defined as all corporate and depository institution securities with a maximum remaining maturity of five (5) years or less, issued by corporations organized and operating within the United States or depository institutions licensed by the United States or any state and operating within the United States. Eligible investment shall be rated at least "Aa3/AA- Revised December -1-3-12, 204-72018 373 /or AA " or better by at least one NRSRO. Investments in U.S. Corporate Debt are further limited to 2530% of surplus the Commission's funds. �G. Commercial Paper. Commercial paper rated in the highest category by one or more nationally recognized statistical rating organization (NRSRO). The entity that issues the commercial paper shall meet all of the following conditions in either paragraph (1) or paragraph (2): (1) The entity meets the following criteria: (A) Is organized and operating in the United States as a general corporation. (B) Has total assets in excess of five hundred million dollars ($500,000,000). (C) Has debt other than commercial paper, if any, that is rated "A" or higher by at least one NRSRO. (2) The entity meets the following criteria: (A) Is organized within the United States as a special purpose corporation, trust, or limited liability company. (B) Has program -wide credit enhancements, including, but not limited to, over collateralization, letters of credit, or surety bond. (C) Has commercial paper that is rated at least "P-1/A-1/or F-1 ", or the equivalent, by at least one NRSRO. Purchases of eligible commercial paper may not exceed 270 days maturity nor represent more than 10% of the outstanding paper of an issuing corporation. Investments in commercial paper are limited to a maximum of 25% of surplus the Commission's funds. GrH. Banker's Acceptances. Banker's acceptances issued by domestic or foreign banks, which are eligible for purchase by the Federal Reserve System. Purchases of banker's acceptances may not exceed 180 days maturity. Eligible banker's acceptances are restricted to issuing financial institutions with short-term paper rated in the highest category by one or more nationally recognized rating service. Investments in banker's acceptances are further limited to 40% of surplus the Commission's funds with no more than 30% of surplus the Commission's funds invested in the banker's acceptances of any one commercial bank. #1,I. Money Market Mutual Funds. Shares of beneficial interest issued by diversified management companies that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1, et seq.) and that invest solely in U.S. treasuries, obligations of the U.S. Treasury, and repurchase agreements relating to such treasury obligations. Revised December -1-3-12, 204-72018 374 The Commission may invest in shares of beneficial interest issued by accompany shall have met either of the following criteria: (1) Attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized rating services. (2) Retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years' experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000). The purchase price of shares of beneficial interest purchased pursuant to this subdivision shall not include any commission that the companies may charge. Investments in Money Market Mutual Funds are further limited to 20% of surplus the Commission's funds. l„J. Riverside County Pooled Investment Fund ("RCPIF"). The Commission may invest in the Riverside County Pooled Investment Fund. As on -going due diligence, the Chief Financial Officer shall obtain the information listed below: • A description of eligible investment securities and a written statement of investment policy. • A description of the interest calculation, the frequency of interest distributions, and the treatment of gains and losses in the portfolio. • A description of how often the securities are priced, how the securities are safeguarded, and the audit arrangements. • A description of who may invest in the program, how often they may invest, and what size deposits and withdrawals are allowed. • A schedule for receiving statements and portfolio listings. • A fee schedule, and when and how fees are assessed. • The composition of the investment fund for each reporting period. J,K. State of California Local Agency Investment Fund ("LAIF"). The Commission may invest in LAIF. As on -going due diligence, the Chief Financial Officer shall obtain the information listed below: • A description of eligible investment securities and a written statement of investment policy. • A description of the interest calculation, the frequency of interest distributions, and the treatment of gains and losses in the portfolio. • A description of how often the securities are priced, how the securities are safeguarded, and the audit arrangements. Revised December -1-3-12, 204-72018 375 " A description of who may invest in the program, how often they may invest, and what size deposits and withdrawals are allowed. " A schedule for receiving statements and portfolio listings. " A fee schedule, and when and how fees are assessed. " The composition of the investment fund for each reporting period. ICL. Certificates of Deposit. Negotiable Certificates of Deposit (NCD's): NCDs are money market instruments issued by a bank. They specify that a sum of money has been deposited, payable with interest to the bearer of the certificates on a certain date. NCDs are issued by nationally or state chartered bank or state or federal savings and loan association. All purchases must be from institutions rated the highest letter and number rating (e.g., P-1/A-1/or F-1) as provided for by at least one NRSRO, as designated by the U.S. Securities and Exchange Commission. The maturity of NCDs shall not exceed 180 daysone (1) year to maturity, and purchases of NCDs shall not exceed 30% of the Commission's investment portfolio. NCDs shall be evaluated in terms of the credit worthiness of the issuing institution, as these deposits are uninsured and uncollateralized promissory notes. FDIC -insured Certificates of Deposit: The principal amount of the investment must be federally insured through the Federal Deposit Insurance Corporation (FDIC). No more than the prevailing FDIC insured coverage amount may be invested with any one deposit. Certificates of Deposit placed through the Certificate of Deposit Account Registry Service (CDARS) shall be considered fully insured, assuming that the total amount invested with any participating bank is limited to the prevailing FDIC insured coverage amount. Interest on the principal must be paid to the Commission at least annually. The placement of Certificates of Deposit with local banks that qualify in accordance with Government Code section 53601(h) is encouraged. The Commission, at its discretion, may invest a portion of its surplus funds in certificates of deposit at a commercial bank, savings bank, savings and loan association, or credit union using a private sector entity to assist in the placement of such certificates, provided that it complies with Government Code Section 53601.8. Such investments may not exceed in total 20% of the Commission's funds invested pursuant to Government Code Sections 53601.8, 53635.8 and 53601, and shall have a maximum maturity of one (1) year from the date of the deposit. Collateralized Certificates of Deposit: For investments exceeding $100,000, there will be a waiver of collateral for the first $100,000 deposited and protected by FDIC insurance. The remainder of the deposit shall be fully collateralized by U.S. Treasury and Federal Revised December -1-3-12, 204-72018 376 Agency securities having maturities less than five years. The District must receive written confirmation that these securities have been pledged in repayment of the time deposit. The securities pledged as collateral must have a current market value greater than the dollar amount of the deposit in keeping with the ratio requirements specified in Section 53652 of the Government Code. Additionally, a statement of the collateral shall be provided to the Commission on a monthly basis. Such investments may not exceed in total 15% of the Commission's funds invested pursuant to Government Code Sections 53601.8, 53635.8 and 53601, and shall have a maximum maturity of one (1) year from the date of the deposit. M. Time Deposits. Federal Deposit Insurance Corporation insured money market savings accounts or time deposits which are deposited through depository institutions which are participants of the Money Market Insured Deposit Account Service ("MMIDAS"). N,N. Mortgage and Asset -backed Securities. Any mortgage pass - through security, collateralized mortgage obligation, mortgage - backed or other pay -through bond, equipment lease -backed certificate, consumer receivable -backed bond of a maximum maturity of five (5) years. Securities eligible for investment under this subdivision shall be issued by an issuer and rated at least "A3/A-/or A-"`° for the issuer's debt as provided by at least one NRSRO and rated in the rating category of "AAA" or its equivalent (excluding U.S. Government/Agency-backed structured products which will be permitted with their prevailing ratings even if those ratings are below the rating category of "AAA") by at least one NRSRO. Purchase of these securities may not exceed 10% of the Commission's operating investment portfolio. 2. Eligible Investments for Bond Proceeds Bond proceeds shall be invested in securities permitted by the applicable bond documents. If the bond documents are silent as to permitted investments, bond proceeds will be invested in securities permitted by this Policy. With respect to maximum maturities, the Policy authorizes investing bond reserve fund proceeds beyond the five (5) years if prudent in the opinion of the Chief Financial Officer. 3. Ineligible Investments Revised December -1-3-12, 204-72018 377 As provided in California Government Code Section 53601.6, the Commission shall not invest any funds in inverse floaters, range notes, mortgage derived interest -only strips or in any security that could result in zero interest accrual if held to maturity. The purchase of any security not listed in Section V1.1 above, but permitted by the California Government Code, is prohibited unless the Board approves the investment either specifically or as a part of an investment program approved by the Board. VII. Maximum Maturities Maturities of investments will be selected to provide necessary liquidity, minimize interest rate risk, and maximize earnings. Current and expected yield curve analysis will be monitored and the portfolio will be invested accordingly. Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio should be continuously invested in readily available funds. Where this Policy does not specify a maximum remaining maturity at the time of the investment, no investment shall be made in any security, other than a security underlying a repurchase or reverse repurchase agreement authorized by this section, that at the time of the investment has a term remaining to maturity in excess of five (5) years. VIII. Performance Standards The Chief Financial Officer shall continually monitor and evaluate the portfolio's performance. IX. Reporting The Chief Financial Officer shall prepare and provide to the Board and the Executive Director, within 60 days following the end of the quarter, a portfolio report, which includes the following information: • Type of investment • Name of issuer • Date of maturity • Date of purchase • Par value • Original purchase cost • Call date (if applicable) • Current market value of securities • Unrealized market value gain/loss Revised December -1-3-12, 204-72018 378 " Coupon rate, if applicable " Yield to maturity " Credit quality, as determined by one or more NRSROs, of each investment " Average duration of portfolio " Listing of all investment transactions during the quarter " A statement that the portfolio complies with the investment policy, or the manner in which the portfolio is not in compliance " A statement denoting the ability of the Commission to meet its liquidity requirements for the next six months, or provide an explanation as to why sufficient money shall, or may not be, available. X. Investment Procedures The Chief Financial Officer, as the Board's designee, is responsible for ensuring compliance with the Commission's investment policies and establishing written procedures and internal controls for the operation of the investment program. No person may engage in investment transactions except as provided under the terms of this Policy and the written procedures established by the Chief Financial Officer. The written procedures should address: delegation of authority to subordinate staff members, control of collusion, separation of transaction authority from accounting and record keeping, written confirmations of transactions, reconciliation of custody statements, and wire transfer procedures and agreements. An independent analysis by an external auditor shall be conducted annually to review internal control, account activity, and compliance with policies and procedures. XI. Authorized Broker Dealers and Financial Institutions The Chief Financial Officer shall maintain a list of authorized broker/dealers and financial institutions which are approved for investment purposes. It shall be the Commission's policy to purchase securities only from those authorized institutions and firms. Separate lists shall be maintained for broker/dealers and financial institutions approved for repurchase agreements and those approved for the purchase of other securities. If an investment advisor is used, they may use their own list of approved broker/dealers and financial institutions for investment purposes. To be eligible, a firm must meet the following minimum criteria: (i) an institution licensed by the state as a broker -dealer, or from a member of a federally regulated securities exchange, from a national or state -chartered bank, from a federal or state association or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank; and (ii) all broker/dealer firms and individuals must be properly registered with the NASD and/or SEC to transact business in the relevant geographic locations and product sectors. In addition, counterparties for Repurchase Agreements shall be limited to primary government securities dealers rated "A" or better by two NRSROs. Counterparties shall also have (i) a short-term credit rating of at least P-1/A-1/or F-1; (ii) minimum assets and capital size of $25 Revised December -1-3-12, 204-72018 379 billion in assets and $350 million in capital; (iii) five years of acceptable audited financial results; and (iv) a strong reputation among market participants. The Chief Financial Officer shall select broker/dealers and other financial institutions on the basis of the firm's expertise and credit worthiness. The Commission shall annually send a copy of the current investment policy to all dealers approved to do business with the Commission. Each broker/dealer or financial institution that has been authorized by the Commission shall be required to submit and annually update a Broker/Dealer Questionnaire which includes the firm's most recent financial statements. The Chief Financial Officer shall maintain a file for each firm approved for investment purposes, which includes the most recent Broker/Dealer Questionnaire. XII. Safekeeping and Custody To protect the Commission's assets, all securities owned by the Commission shall be held in safekeeping in the Commission's name by a third party bank trust department, acting as agent for the Commission under the terms of a custody agreement executed by the bank and the Commission. All securities will be received and delivered using standard delivery versus payment (DVP) procedures; the Commission's safekeeping agent will only release payment for a security after the security has been properly delivered. Physical delivery securities shall be avoided whenever possible, as book entry securities are much easier to transfer and account for since actual delivery of a document never takes place. In addition, delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities. XIII. Ethics and Conflicts of Interest The Commission adopts the following policy concerning conflicts of interest: 1. Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program or which could impair their ability to make impartial investment decisions. 2. Officers and employees involved in the investment process shall disclose any material financial interest in any financial institution that conducts business with the Commission, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the Commission's portfolio. 3. Officers shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of the Revised December -1-3-12, 204-72018 380 Commission. XIV. Investment Policy Review The Chief Financial Officer shall annually render to the Board a statement of investment policy, which the Board must consider at a public meeting. Any changes to the policy shall also be considered by the Board at a public meeting. Revised December -1-3-12 2-04-72018 381 AGENDA ITEM 9 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Michael Blomquist, Toll Program Director THROUGH: Anne Mayer, Executive Director SUBJECT: 91 Express Lanes Traffic and Revenue Study Update WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: 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. BACKGROUND INFORMATION: Traffic and Revenue Study In 2012 the Commission, through its consultant Stantec Consulting Services, Inc. (Stantec), completed a "level 3" or investment grade traffic and revenue study. This traffic and revenue study was an integral part of the Commission's successful 2013 financing of the $1.4 billion 91 Project that opened to traffic in March 2017. Based on the traffic and revenue study estimates and the Commission's financing plan, the Commission borrowed about $1.06 billion to fully fund the 91 Project. Close to $598 million of this total borrowing is to be paid back by future tolls collected through the Commission's operation of the 91 Express Lanes. The 2012 traffic and revenue study assumptions were based on the Commission's adopted toll policy goals. At its June 2012 meeting, the Commission adopted the following toll policy goals: 1) Provide a safe, reliable, and predictable commute for 91 Express Lanes customers; 2) Optimize vehicle throughput at free flow speeds; 3) Pay debt service and maintain debt service coverage; 4) Increase average vehicle occupancy; 5) Balance capacity and demand to serve customers who pay tolls as well as carpoolers with three or more persons who are offered discounted tolls; 6) Generate sufficient revenue to sustain the financial viability of the Commission's 91 Express Lanes; 7) Ensure all covenants in the financing documents are met; and 8) Provide net revenues for Riverside Freeway/SR-91 corridor improvements. Agenda Item 9 382 At its May 2018 meeting, staff recommended the need to update the traffic and revenue study given the passage of six years since the original study, to analyze toll revenue impacts of potential SR-91 corridor projects being considered for implementation, and to inform future decisions related to project financing and project implementation. The Commission authorized staff to update the "level 3" 2012 SR-91 investment grade traffic and revenue study. DISCUSSION: Stantec has completed the work for the traffic and revenue study update. This update accounts for actual 91 Express Lanes opening results since March 2017; updated employment, population, and household data; updates to regional projects that affect the traffic network; updates to regional land development; actual express lane traffic capacities; and other relevant factors. The complete methodology and full results of the study are contained in the attached RCTC 91 Express Lanes Investment Grade Traffic and Revenue Study, Investment Grade Study Refresh 2018, dated November 12, 2018. Base Case Result Summary Annual gross potential toll revenue for the RCTC 91 Express Lanes is expected to increase to over $73 million by FY 2025 ($60.4 million in 2017 $'s), while annual toll transactions would grow to over 13 million. This represents a nominal dollar revenue increase of 54% or a real dollar increase of nearly 30% from FY 2018 levels ($48 million). Full toll transactions by FY 2025 would be nearly 16% above current levels. See Figure 1. Gross Potential Toll Revenue (Nominal $'s) RCTC 91 ELs Gross Potential Toll Revenue & Full Toll Transactions w $100 c $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Full Toll Transactions Revenue, Nominal $'s 50 45 $73.6 40 35 30 2017 2018 2019 2020 2021 2022 2023 2024 2025 (Actual) (Actual) Hscal Year Figure 1 Estimated Toll Revenue and Toll Transactions, FY 2019-FY 2025 25 20 15 10 5 0 c 0 Full Toll Transactions (Annual) Agenda Item 9 383 The increase in this estimated traffic and revenue is supported by the expectation that the Inland Empire will continue to be a desirable place for people to live while the coastal counties of Los Angeles and Orange County will remain significant employment centers. Population in the Inland Empire is expected to grow by 1.2% per year from now until 2025, an increase of over 427,000 people and 165,000 households. While the number of jobs in the Inland Empire would grow by 171,000, Los Angeles and Orange County employment would increase by over 423,000. A significant portion of this growth in trip making is expected to be made along the region's primary east -west corridors, SR-91, SR-60, and 1-10. Stantec's updated forecast of the RCTC 91 Express Lanes revenue shows more revenue than originally expected from the 2012 forecast. The 2018 forecast of RCTC 91 Express Lanes toll revenue from FY 2019 to FY 2066 is in the aggregate approximately $926 million higher than the original 2012 forecast, or an increase of approximately 10%. See Figure 2. N y} c 2 $500 .0 CO Z $400 OJ C Q1 7 CC $300 0 16 $200 v 0 N $100 N 0 l7 $600 RCTC 91 ELs - 2018 vs. 2012 Forecast -2012 Forecast 2018 Baseline 2022 2027 2032 2037 2042 Fiscal Year Figure 2 Toll Revenue Comparison, 2012 vs. 2018 Forecast Sensitivity Analyses Summary 2047 2052 I 2057 2062 In addition to the base case assumptions and results, staff directed that sensitivity analyses (i.e. what -if scenarios) be performed to forecast the likely traffic and revenue impact to the RCTC 91 Express Lanes if various corridor improvements or toll policy changes were implemented. Sensitivity cases consisted of: • Sensitivity Case #1: Construct 91 Option 4M WB lane (Green River Rd. to SR-241) by 2022 This case includes the addition of a westbound SR-91 general purpose (GP) lane from Green River Road to SR-241 by FY 2022 (91 Option 4M). This 91 Option 4M results in a forecasted reduction of 2018 base case toll revenue of $166 million from FY 2022 to Agenda Item 9 384 FY 2035, or 2% over the life of the facility. This reduction in toll revenue is attributed to the improvement in westbound GP lane throughput and operations which would reduce the attractiveness of the 91 Express Lanes. The toll revenues generated with 91 Option 4M are forecasted to be above the original 2012 forecasted toll revenues. • Sensitivity Case #2: Construct 91 Ultimate Project GP Lanes (SR-71 to SR-241) by 2028 This case includes the addition of a SR-91 GP lane in both directions between SR-241 and SR-71 by 2028 (vs. 2035 in the base case). This case results in a forecasted reduction of 2018 base case toll revenue of $76 million, from 2019 to 2066; however, the forecasted revenues are still above the original 2012 forecast levels. This toll revenue drop is attributed to a reduction in westbound toll revenue, comparable to the reduction expected due to 91 Option 4M, but are partially offset by an increase in eastbound toll revenue. The eastbound toll revenue increase is attributed to expected additional traffic crossing the county line via the new eastbound SR-91 GP lane. This additional county line traffic is expected to increase the queues in the eastbound SR-91 GP lanes in Riverside County thereby increasing the attractiveness of the eastbound 91 Express Lanes. • Sensitivity Case #3: Assess HOV3+ vehicles a 50% toll WB morning 5 a.m. to 8 a.m. This case assesses the impact of charging HOV3+ vehicles a 50% toll discount from 5 a.m. to 8 a.m. in the westbound direction. This case results in a forecasted increase of 2018 base case toll revenue of 0.2% in FY 2025 and 2.2% in FY 2040. HOV3+ traffic would decline approximately 40% from the base case and overall toll rates would drop. The decline in HOV3+ customers would be offset by full toll -paying customers with a net increase in HOV3+ and total revenue. This case is being studied in conjunction with other options to reduce the amount of carpool violators in the morning peak period. • Sensitivity Case #4: Do Not Construct the 241/91 Express Direct Connector (EDC) This case assesses the impact of not constructing the proposed 241/91 EDC. This case results in a forecasted decrease of 2018 base case toll revenue of 8.4% in FY 2025 and 9.5% in FY 2040. The revenue reduction is attributed to a reduction in eastbound 91 Express Lane demand. Study Use and Future Updates Staff intends to use the study results to help inform Commission decisions about proposed capital improvements in the SR-91 corridor, potential 91 Express Lanes toll policy changes, and potential project financing strategies. Staff may seek future updates to the study depending on changes in employment, housing, capital project implementation, economic changes, and other factors if warranted to provide realistic traffic and revenue forecasts for decision -making. Attachment: RCTC 91 Express Lanes Investment Grade Traffic and Revenue Study, Investment Grade Study Refresh 2018, dated November 27, 2018 Agenda Item 9 385 5 Stantec RCTC 91 Express Lanes Investment Grade Traffic and Revenue Study Investment Grade Study Refresh 2018 November 27, 2018 Prepared for: Riverside County Transportation Commission (RCTC) Prepared by: Stantec Consulting Services Inc. 386 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Table of Contents EXECUTIVE SUMMARY VI 1.0 INTRODUCTION 1.9 1.1 PURPOSE AND FOCUS OF THE STUDY 1.9 1.2 THE CONSULTANT TEAM 1.9 1.3 OVERVIEW OF THE REPORT 1.9 2.0 PROJECT DESCRIPTION 2.10 3.0 EXISTING CONDITIONS 3.12 3.1 RIVERSIDE COUNTY SR 91 EXPRESS LANES 3.12 3.1.1 Express Lane Utilization 3.13 3.1.2 Travel Time Savings 3.21 3.1.3 Express Lanes Traffic Composition 3.24 3.1.4 Frequency of Express Lanes Utilization 3.25 3.2 DATA COLLECTION PROGRAM 3.26 3.2.1 Screenline Traffic Volumes 3.26 3.2.2 Mainline Traffic Counts 3.27 3.2.3 Ramp Counts 3.28 3.2.4 Arterial Traffic Counts 3.29 3.3 SR 91 CORRIDOR DATA 3.31 3.3.1 Screenline Traffic Volumes 3.31 3.3.2 SR 91 Travel Speeds 3.34 3.3.3 Mainline Traffic by Hour 3.41 3.3.4 Ramp Volumes 3.43 3.3.5 Mainline Traffic - Demand Adjusted and Balanced Traffic by Hour 3.46 3.3.6 Balanced Traffic Network 3.46 3.3.7 SR 91 Mainline Traffic by Day of Week 3.50 3.3.8 Origin - Destination Patterns on SR 91 3.52 4.0 SOCIOECONOMIC VARIABLES AND LAND USE 4.54 4.1 SUMMARY CONCLUSIONS 4.54 4.1.1 Study Area Employment Survey 4.55 4.1.2 Study Area Household Summary 4.59 4.2 FORECAST METHODOLOGY 4.61 4.3 HISTORICAL DATA AND TRENDS IN THE STUDY AREA 4.62 4.3.1 Historical Study Area Employment Trends 4.62 4.3.2 Historical Study Area Household Trends 4.64 4.4 EMPLOYMENT FORECASTS 4.67 4.4.1 Comparative Third Party Forecasts: Long- Term 4.67 4.4.2 Study Area Employment Forecast 4.68 4.5 HOUSEHOLD FORECAST 4.70 4.5.1 Study Area Comparative Forecasts 4.70 4.5.2 Study Area Household Forecasts 4.72 4.5.3 Study Area Median Household Income Forecasts 4.73 387 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY 4.6 KEY DEVELOPMENTS IN THE STUDY AREA 4.74 4.6.1 1-15 Corridor - North of SR-91 4.75 4.6.2 1-15 Corridor - South of SR-91 4.77 4.6.3 Orange County Focus Areas 4.78 5.0 MODEL DEVELOPMENT AND CALIBRATION 5.81 5.1 TRAVEL DEMAND MODEL 5.81 5.1.1 Model Calibration 5.84 5.2 ROADWAY NETWORKS 5.94 5.3 MARKET SHARE MODEL 5.97 5.3.1 Model Structure and Development - Market Share Model 5.97 5.3.2 Model Implementation 5.98 6.0 TRAFFIC AND REVENUE FORECAST 6.101 6.1.1 T&R Forecast Details - Time of Day and Directional Distribution 6.103 6.1.2 Annualization of Traffic and Revenue 6.108 6.1.3 Tolling Assumptions 6.109 6.1.4 Long Term Traffic and Revenue Growth 6.110 6.1.5 Global Traffic Growth on the SR 91 Corridor 6.111 6.2 SENSITIVITY ANALYSES 6.112 6.2.1 Option 4M - Widen WB 91 from Green River Rd to SR 241 6.112 6.2.2 Accelerated Ultimate in 2028 6.114 6.2.3 Westbound Express Lanes 50 percent HOV-3+ Toll 6.116 6.2.4 Remove 241/91 Express Lane Direct Connector (EDC) 6.116 LIST OF TABLES Table 3-1: RCTC SR 91 Express Lanes - FY 2018 Traffic and Revenue 3.12 Table 3-2: Revenue Distribution by Direction, Time of Day, Day of Week 3.13 Table 3-3: Express Traffic Distribution by Direction, Time of Day and Day of Week 3.13 Table 3-4: Westbound RCTC 91 Express Tolls by Day of Week (May 2018) 3.17 Table 3-5: Eastbound RCTC 91 Express Tolls by Day of Week (May 2018) 3.20 Table 3-6: Traffic Volumes on North -South Screenlines 3.32 Table 3-7: Traffic Volumes on East-West Screenlines 3.33 Table 3-8: SR 91 Westbound AM GP Travel Speeds 3.38 Table 3-9: SR 91 Eastbound PM GP Travel Speeds 3.38 Table 3-10: SR 91 Westbound AM Express Lanes via McKinley Street Travel Speeds 3.39 Table 3-11: SR 91 Westbound AM Express Lanes via 1-15 Travel Speeds 3.39 Table 3-12: SR 91 Eastbound PM Express Lanes via McKinley Street Travel Speeds 3.40 Table 3-13: SR 91 Eastbound PM Express Lanes via I-15 SB Travel Speeds 3.40 Table 4-1: Base Case Study Area Employment and Household Forecast (thousands) 4.55 Table 4-2: Jobs per Household by County 4.59 Table 4-3: Total Employment Growth by County, 1995 to 2015 4.63 Table 4-4: Growth of Total Residential Building permits in the Study Area 4.65 Table 4-5: Annual Building Permits Issued in the Study Area, 2007 to 2017 4.66 Table 4-6: Comparisons of Long -Term Employment Projections (thousands) 4.68 Table 4-7: Base Case Employment Forecast by County (thousands) 4.69 Table 4-8: Comparison of Long -Term Household Projections (thousands) 4.71 388 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Table 4-9: Historical Study Area Median Home Prices 4.72 Table 4-10: Base Case Household Forecast by County (thousands) 4.73 Table 4-11: Base Case Median Household Income Forecast (2017 Dollars) 4.74 Table 5-1: Traffic Counts — Actual vs. Regional Model Forecast 5.85 Table 5-2 Traffic Count Comparison 5.87 Table 5-3 Screenline Summary 5.89 Table 5-4 Calibration Results — Speed Comparison by Corridor 5.90 Table 5-5 Calibration Results — SR 91 EB Traffic Comparison 5.91 Table 5-6 Calibration Results — SR 91 WB Traffic Comparison 5.91 Table 5-7 SR 91 Speed Comparison AM Peak Period 5.92 Table 5-8 SR 91 Speed Comparison PM Peak Period 5.93 Table 5-9: Key Network Changes: 2018-2040 5.96 Table 5-10: RCTC 91 Express Revenue — Actual vs. Market Share Model 5.99 Table 5-11: RCTC 91 Express Traffic — Actual vs. Market Share Model 5.99 Table 6-1: RCTC 91 Express Lanes Traffic and Revenue Forecast, Base Scenario 6.102 Table 6-2: Existing vs. Forecast Revenue Distribution by Day of Week 6.108 Table 6-3: Revenue Annualization Factor 6.108 Table 6-4: Existing vs. Forecast Full Toll Traffic Distribution by Day of Week 6.108 Table 6-5: Full Toll Transactions Annualization Factor 6.109 Table 6-6: Volume vs. Toll Buckets 6.109 Table 6-7: Single lane Segment Volume Thresholds 6.110 Table 6-8: Traffic and Revenue Growth beyond FY 2040 6.110 Table 6-9: SR 91 Global (GP & EL) Weekday Traffic, Existing vs. Forecast 6.111 Table 6-10: SR 91 Global Peak Period & Peak Direction Traffic, Existing vs. Forecast 6.111 Table 6-11: 91 Express Lanes Traffic and Revenue, Option 4M in FY 2022 6.113 Table 6-12: 91 Express Lanes Traffic and Revenue, Accelerated Ultimate in 2028 6.115 Table 6-13: HOV-3+ 50% Discounted Tolls, Westbound 5 AM to 8 AM, T&R Forecast 6.116 Table 6-14: 241/91 EDC Excluded, T&R Forecast 6.116 LIST OF FIGURES Figure 1-1: SR 91 Corridor and Express Lanes vii Figure 2-1: OCTA and RCTC 91 Express Lanes 2.11 Figure 3-1: Westbound 91 Express Lanes Traffic and Tolls - Average Monday -Thursday 3.14 Figure 3-2: Westbound SR 91 Express Lanes 2018 Traffic by Hour — Riverside County 3.15 Figure 3-3: Westbound 91 Express Hourly Volumes by Day of Week - 2018 3.16 Figure 3-4: Eastbound 91 Express Lanes Traffic and Tolls - Average Monday - Thursday 3.18 Figure 3-5: Eastbound SR 91 Express Lanes Traffic by Hour — Riverside County 3.18 Figure 3-6: Eastbound 91 Express Hourly Volumes by Day of Week - 2018 3.19 Figure 3-7: SR 91 Global Demand & Express Traffic by hour - Riverside - Orange County Line 3.21 Figure 3-8: Westbound Express Vs GP Travel Times - McKinley, Monday 8/28/2017 3.22 Figure 3-9: Westbound Express vs GP Speeds - McKinley, Monday 8/28/2017 3.22 Figure 3-10: Eastbound Express Vs GP Travel Times - McKinley, Tuesday 12/12/2017 3.23 Figure 3-11: Eastbound Express vs GP Speeds — McKinley, Tuesday 12/12/2017 3.23 Figure 3-12: RCTC 91 Express Lanes Composition 3.24 3-13: RCTC 91 Express Lanes - Free Vehicles Distribution 3.24 389 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Figure 3-14: Express Lane Trip Frequency - Westbound 4-10 AM 3.25 Figure 3-15: Express Lane Trip Frequency - Eastbound 2-8 PM 3.25 Figure 3-16: Screenline Map 3.27 Figure 3-17: Mainline Count Locations 3.28 Figure 3-18: Ramp Count Locations 3.29 Figure 3-19: Parallel Arterials to SR 91 3.30 Figure 3-20: Arterial Count Locations 3.31 Figure 3-21: SR 91 Westbound AM GP Travel Time Run 3.36 Figure 3-22: SR 91 Eastbound PM GP Travel Time Run 3.37 Figure 3-23: SR 91 Westbound AM Express Lane via McKinley Travel Time Run 3.39 Figure 3-24: SR 91 Eastbound PM Express Lane via McKinley Travel Time Run 3.40 Figure 3-25: SR 91 WB Weekday Traffic Profiles - at the County Line 3.41 Figure 3-26: SR 91 EB Weekday Traffic Profiles - at the County Line 3.42 Figure 3-27: Westbound Daily Ramp Volumes 3.44 Figure 3-28: Westbound AM (4-10 AM) Ramp Volumes 3.44 Figure 3-29: Eastbound Daily Ramp Volumes 3.45 Figure 3-30: Eastbound PM (2-8 PM) Ramp Volumes 3.45 Figure 3-31: Weekday Hourly Traffic Profile - at County Line Express Lane Weave 3.46 Figure 3-32: SR 91 Daily Traffic Stick Diagram 3.47 Figure 3-33: SR 91 Stick Diagram - 5 to 6 AM Travel Demand 3.48 Figure 3-34: SR 91 Stick Diagram - 2 to 3 PM Travel Demand 3.49 Figure 3-35: SR 91 Westbound Volumes by Day of Week - between Green River Road 3.50 Figure 3-36: SR 91 EB Volumes by Day of Week - at County Line Express Lane Weave 3.51 Figure 3-37: Origins and Destinations to/from Orange -Riverside County Line - WB 4 to 10 AM 3.53 Figure 3-38: Origins and Destinations to/from Orange -Riverside County Line - EB 2 to 8 PM 3.53 Figure 4-1: Historical and Forecast Study Area Employment Gains and Total Employment 4.56 Figure 4-2: Historical and Base Case Study Area Employment Forecasts 4.56 Figure 4-3: Historical and Forecast Area Households 4.59 Figure 4-4: Historical and Forecast Base Case Households 4.60 Figure 4-5: Map of the Study Area 4.61 Figure 4-6: Study Area Residential Building Permit Issuance, 2005 to 2015 4.66 Figure 5-1: Modeling Tool for SR 91 Toll Estimation 5.82 Figure 5-2: RIVTAM Regional Model Coverage 5.83 Figure 5-3: Subarea and Corridor Models Coverage 5.84 Figure 5-4: Locations of Traffic Counts for Regional Calibration 5.85 Figure 5-5: Screenlines for Sub -Area Model Calibration 5.88 Figure 5-6: Locations of Key Projects for 2025 Highway Network 5.96 Figure 5-7: SR 91 Westbound Global & Express Traffic, Riverside / Orange County Line 5.97 Figure 5-8: SR 91 Westbound Express Market Share Curves - Full Toll Traffic 5.98 Figure 6-1: RCTC 91 Express Gross Weekday Revenue Forecast by Time of Day 6.103 Figure 6-2: RCTC 91 Express, Revenue Split by Time of Day - Existing and Forecast 6.104 Figure 6-3: RCTC 91 Express Forecast Average Hourly Traffic Growth by Time of Day and Direction 6.104 Figure 6-4: Westbound 91 Express Tolls (2017$'s), via McKinley. Existing & Forecast 6.105 Figure 6-5: Eastbound 91 Express Tolls (2017$'s), via McKinley. Existing and Forecast 6.106 390 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Figure 6-6: Westbound 91 Express Traffic — Existing and Forecast by Time of Day 6.107 Figure 6-7: Eastbound 91 Express Traffic — Existing and Forecast by Time of Day 6.107 Figure 6-8: 91 Express Lanes Revenue, Base Scenario vs. Option 4M in FY 2022 6.112 Figure 6-9: 91 Express Lanes Revenue, Base Scenario vs. Accelerated Ultimate at County Line 6.114 391 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Executive Summary ES. 1 INTRODUCTION Stantec Consulting Services Inc. ("Stantec") was retained by the Riverside County Transportation Commission (RCTC) to update the long-term traffic and revenue forecast for the RCTC 91 Express Lanes in Riverside County, California. This study includes forecasts of likely toll traffic and revenue for the RCTC 91 Express Lanes from fiscal year 2019 (ending June 30, 2019) through 2066. This Investment Grade Traffic and Revenue study was developed as part of an effort to re -assess the near term and long-term revenue potential of the RCTC 91 Express Lanes, and to assess the revenue impacts of proposed corridor improvements. Our efforts included traffic data collection, the development and calibration of T&R forecasting models, and independent socioeconomic forecasts. Stantec had the overall lead for the Traffic and Revenue Investment Grade Study and was responsible for project management and coordination, data collection, calibrating and validating the T&R forecasting models, and ultimately forecasting traffic and gross toll revenues. WSP USA Inc. (WSP) provided the socioeconomic and land use review of employment, population, and household projections used in the T&R model. ES. 2 PROJECT DESCRIPTION When the RCTC 91 Express Lanes (ELs) opened in March 2017, it extended the existing 10-mile OCTA 91 Express Lanes from SR 55 to the Riverside/Orange County Line ("County Line") by 8 miles to the SR 91/1-15 interchange making a total of 18 miles of express lanes within the SR-91 corridor. The RCTC 91 Express Lanes were part of a broader expansion of the corridor consisting of a conversion and widening of the pre-existing HOV lane to a two-lane per direction Express Lane, and a widening of the adjacent 91 General Purpose lanes (GP) from 4 lanes per direction to 5 lanes per direction. Several other bridge reconstructions, ramp reconfigurations, and auxiliary lanes were added to the corridor as well. Since the early days of the RCTC 91 ELs operations in Spring of 2017, utilization of the lanes has outpaced expectations. The Express Lanes see daily utilization in excess of 42,000 vehicles per day, and in the past fiscal year (2018) achieved gross potential toll revenue of over $48 million. The RCTC 91 ELs high utilization is a function of several factors, but the primary factor is that the SR 91 corridor (GP and ELs) is heavily traveled, carrying over 300,000 vehicles per day through the County Line. vi 392 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Figure 1-1: SR 91 Corridor and Express Lanes Walnut C3 Jose Hills -. Diamond Bar Chinos Pubs I Brea If Yorha Linda lacenha im r a . 5 Villa Dark Orang 22 Santa Ana' TaSdn North Tustin I Chino Los SerrSnos Cnoi.4 ifX5 Store Pork OCTA 91 Express Lanes RCTC 91 ETress Lanes Silveradn Eastv.le No, o Mira Loma Glen Avon Jurupa Valley !i S�RRi I>Tti'�1!75 4fRR.1 Home Gardens I Cerrito v srmacc 'CO" Asifla Loki t!otlxirs Riverside vrCrnkit o.'ENN ioh, Wooacrest ES. 3 EXISTING TRAFFIC CONDITIONS The SR 91 corridor, defined as the SR 91 GP & Express Lanes between SR 55 in Orange County to Pierce Street in Riverside County, is characterized by high utilization of both the free GP lanes as well as the tolled Express Lanes. Over 300,000 vehicles traverse the SR 91 across the Riverside / Orange County Line on typical weekdays, with about 15 percent utilizing the Express Lanes. During the morning rush -hours, the westbound SR 91 general purpose lanes in Riverside County are heavily congested, with delays appearing before 5 AM and not resolved until past 10 AM. Speeds for much of the trip between 1-15 and the County Line are less than 20 miles per hour, which translate to delays of over 30 minutes. Express Lane utilization in Riverside County is high due to the heavy congestion seen in the adjacent free general purpose lanes. Continuing into Orange County, the WB GP lanes operate with fewer delays — traffic is metered at the County Line, which limits the amount of traffic that can reach the GP lanes in Orange County. PM peak period travel conditions on the eastbound (EB) 91 GP lanes mirror those in the morning rush hours. Delays can appear before 2 PM and persist until 8 PM. Unlike the morning rush hours, the heaviest delays on the EB 91 GP lanes are seen in Orange County approaching the County Line. Although traffic is also metered at the County Line, the EB SR 91 GP lanes in Riverside County still operate with heavy delays for 3 to 4 hours of the PM peak period due to high travel demand and limited capacity through the interchange with 1-15. The higher level of congestion seen in Orange County partly explains why OCTA 91 EB Express Lane utilization is greater than RCTC 91 EB Express Lane utilization during the afternoon and evening rush hours. ES. 4 SOCIOECONOMIC VARIABLES AND LAND USE Employment in the Study Area, defined for socioeconomic review purposes, as Los Angeles, Orange, Riverside, and San Bernardino Counties, is forecast to grow by 1.7 million jobs, from 7.2 to 8.9 million during the Forecast Period, a vii 393 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY compound annual growth rate of 0.9 percent per year. Households in the Study Area will grow by 1.2 million by 2040 from 5.6 to 6.8 million, a 0.8 percent per year compound annual growth rate. Housing growth will closely track job growth region -wide, although housing production will vary by market due to differing levels of developable land availability and housing affordability by submarket. For example, the Inland Empire is poised to grow at a more rapid pace as compared to Orange and Los Angeles counties due to higher levels of available land and lower housing prices relative to Orange County and other coastal areas. The relatively high cost of living in Orange County has caused many people with jobs there to seek lower cost housing options in places such as the Inland Empire. This relationship between coastal and inland communities results in strong traffic demand on linkages between the two areas, such as the SR 91. The Inland Empire is expected to realize the strongest percentage employment and household growth in the Study Area over the Forecast Period and the already robust (and growing) job market in Orange County will cause traffic demand on the SR 91 to continue rising. ES. 5 MODEL DEVELOPMENT AND CALIBRATION Stantec's traffic and revenue forecast was developed by utilizing three different but complementary modeling techniques: 1) regional travel demand modeling, 2) market share modeling, and 3) operational modeling. The regional travel demand modeling centers around a four -step modeling technique which is designed to predict the amount of future travel demand, and their regional route choice. This process incorporates Stantec's toll diversion modeling as well, and therefore is able to allocate traffic between free lanes and tolled facilities like the 91 Express Lanes. Stantec's market share model (MSM) is a spreadsheet -based technique that applies "market share curves" to traffic at a slice of an Express Lane corridor to forecast the allocation of traffic between GP and express lanes. The MSM was originally developed to reflect utilization of OCTA's 91 Express Lanes and has been updated to reflect RCTC 91 Express Lane behavior. Lastly, operational modeling, consisting of a mesoscopic (Cube Avenue) and a separate microscopic model (VISSIM) were developed and used to better understand how queuing and capacity changes in the corridor impact operations. Insights from each of the three models were used to develop the RCTC 91 Express Lanes traffic and revenue forecast. ES. 6 TRAFFIC AND REVENUE FORECASTS Annual traffic and gross potential toll revenue for the RCTC 91 Express Lanes is expected to increase to over $73 million by FY 2025 ($60.4 million in 2017 $'s), while full toll transactions would grow to over 13 million. This represents a nominal dollar revenue increase of 54 percent or a real dollar increase of nearly 30 percent from FY 2018 levels ($48 million). Full toll transactions by FY 2025 would be nearly 16 percent above current levels. Traffic and revenue would almost double in real dollar terms, to $99 million by 2040, or in nominal dollar terms, $175 million. RCTC 91 EL revenue from FY 2019 to FY 2040 would grow about 7 percent per year, while full toll traffic would grow around 1.7 percent per year. Full toll transactions would be near 15 million by 2040, an increase of 34 percent from today's levels. The increase in traffic and revenue is supported by the expectation that the Inland Empire will continue to be a desirable place for people to live, while the coastal counties of LA and Orange County will remain significant employment centers. Population in the Inland Empire is expected to grow by 1.2 percent per year from now until 2025, an increase of over 427,000 people and 165,000 households. While the number of jobs in the Inland Empire would grow by 171,000, LA and Orange County employment would increase by over 423,000. A significant portion of this growth in trip making is expected to be made along the region's primary east -west corridors, the SR 91, SR 60, and 1-10. viii 394 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Introduction Stantec Consulting Services Inc. ("Stantec") was retained by the Riverside County Transportation Commission (RCTC) to update the long term traffic and revenue forecast for the RCTC 91 Express Lanes in Riverside County, California. This study includes forecasts of likely toll traffic and revenue for the RCTC 91 Express Lanes from fiscal year 2019 (ending June 30, 2019) through 2066. 1.1 PURPOSE AND FOCUS OF THE STUDY This Investment Grade Traffic and Revenue study was developed as part of an effort to re -assess the near term and long-term revenue potential of the RCTC 91 Express Lanes, and to assess the revenue impacts of proposed corridor improvements. Our efforts included traffic data collection, the development and calibration of T&R forecasting models, and independent socioeconomic forecasts. 1.2 THE CONSULTANT TEAM Stantec had the overall lead for the Traffic and Revenue Investment Grade Study and was responsible for project management and coordination, data collection, calibrating and validating the T&R forecasting models, and ultimately forecasting traffic and gross toll revenues. WSP USA Inc. (WSP) provided the socioeconomic and land use review of employment, population, and household projections used in the T&R model. 1.3 OVERVIEW OF THE REPORT The following is a brief description of the contents of each chapter: • Chapter 2: Project Description and Setting — describes the RCTC 91 Express Lanes and its history. • Chapter 3: Existing Traffic Conditions — summarizes the traffic data collected throughout the study area including traffic volumes, travel speeds, and OD patterns. • Chapter 4: Socio-Economic Variables and Land Use — describes the assessment of the regional area's economy and the study area forecast of future year occupied households, population, and employment. • Chapter 5: Model Development and Calibration — explains the modeling methodology used to forecast RCTC 91 Express Lanes traffic and revenue. This includes a discussion of the regional travel demand modeling, market share modeling, and operational models. • Chapter 6: Traffic and Revenue Forecast — presents T&R assumptions and forecasts. 1.9 395 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Project Description 2.0 PROJECT DESCRIPTION When the RCTC 91 Express Lanes (ELs) opened in March 2017, they extended the existing 10-mile OCTA 91 Express Lanes from SR 55 to the Riverside/Orange County line by 8 miles to the SR 91/1-15 interchange making a total of 18 miles of express lanes on the SR 91 corridor. The RCTC 91 Express Lanes were part of a broader expansion of the corridor consisting of a conversion and widening of the pre-existing HOV lane to a two-lane per direction Express Lane, and a widening of the adjacent 91 General purpose lanes from four lanes per direction to five lanes per direction. Several other bridge reconstructions, ramp reconfigurations, and auxiliary lanes were added to the corridor as well. The western terminus of RCTC 91 ELs is located at the Riverside / Orange County Line between SR 241 and Green River Road. A mixing area permits full access to and from the SR 91 GP lanes; EL and GP lane traffic can get into or out of the ELs at this mixing area. This location reflects the mid -point of the 91 Express Lane corridor, with the OCTA 91 Express Lanes to the west, and the RCTC 91 Express Lanes to the east. The RCTC 91 ELs terminus at the east end serves two travel markets. One travel market are users of the 1-15 south of SR 91 — Express Lane users can connect to 1-15 via a direct -connector ramp whose terminus is between Ontario and Magnolia Avenue. The other travel market is users of SR 91 east of 1-15. The Express Lanes eastern terminus is located along SR 91 at 1-15. Eastbound EL users continue past 1-15 on the 91 GP lanes, with the first exit at McKinley Street. Figure 2-1 highlights the extents and locations of the OCTA and RCTC 91 Express Lanes. Users of the facility are required to mount a transponder on their windshield; video / pay -by -mail payment or cash are not options. Tolls for utilization are charged on a static variable basis, similar to the OCTA 91 Express Lanes. Tolls can vary hourly, but do not change in real-time. Instead, traffic and tolls are regularly reviewed and increased or decreased to both promote throughput and maintain reliable travel speeds, but on a set schedule. Since the early days of the RCTC 91 ELs operations in Spring of 2017, utilization of the lanes has far outpaced expectations. The Express Lanes see daily utilization in excess of 42,000 vehicles per day, and in the past fiscal year (2018) achieved gross potential toll revenue of over $48 million. The RCTC 91 ELs high utilization is a function of several factors, but the primary factor is that the SR 91 corridor (GP and ELs) is a heavily traveled corridor, carrying over 300,000 vehicles per day. The SR 91 is the primary, and for some, the only feasible east -west roadway that allows people to travel from their homes in the Inland Empire to employment centers in Orange County and Los Angeles. A critical commuter route, the SR 91 is also a feeder roadway which connects with other regionally significant roadways including the 1-15 and 1-215, thereby facilitating inter -state travel. The SR 91 carries over 300,000 vehicles per day through the Riverside / Orange County Line. Even after the SR 91 Project added GP and Express Lanes, strong corridor traffic growth meant recurring and heavy delays on the free SR 91 general purpose lanes, a rapid ramp -up of the RCTC 91 Express Lanes, and relatively low sensitivity to toll increases. 2.10 396 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Project Description Figure 2-1: OCTA and RCTC 91 Express Lanes Wainut l lose Hills Diamond Bar lanc"�r jhts .im r Santa An Eg +n Chino Chino ills t� Los Serranos CAino Hthrl SMCP fork OCTA 91 Express Lanes ti, • RCTC 91 Egress Lanes S,Iveea"o Glen Avon Mira Loma :a S..FURA r.C*cae.1.1 wi,CA 5 Home Gardens lake I Cerrito Mathews M • Sormacc Vic+ Arcilla AI iglu Woodc rest 2.11 397 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.0 EXISTING CONDITIONS The SR 91 corridor, defined as the SR 91 GP & Express Lanes between SR 55 in Orange County to Pierce Street in Riverside County, is characterized by high utilization of both the free GP lanes as well as the tolled Express Lanes. Over 300,000 vehicles traverse the SR 91 across the Riverside / Orange County Line on typical weekdays, with about 15 percent utilizing the Express Lanes. During the morning rush -hours, the westbound SR 91 general purpose lanes in Riverside County are heavily congested, with delays appearing before 5 AM and not resolved until past 10 AM. Speeds for much of the trip between 1-15 and the County Line are less than 20 miles per hour, which translate to delays of over 30 minutes. Express Lane utilization in Riverside County is high due to the heavy congestion seen in the adjacent free general purpose lanes. Continuing into Orange County, the WB GP lanes operate with fewer delays — traffic is metered at the County Line, which limits the amount of traffic that can reach the GP lanes in Orange County. PM peak period travel conditions on the eastbound (EB) 91 GP lanes mirror those in the morning rush hours. Delays can appear before 2 PM and persist until 8 PM. Unlike the morning rush hours, the heaviest delays on the EB 91 GP lanes are seen in Orange County approaching the County Line. Although traffic is also metered at the County Line, the EB SR 91 GP lanes in Riverside County still operate with heavy delays for 3 to 4 hours of the PM peak period due to high travel demand and limited capacity through the interchange with 1-15. The higher level of congestion seen in Orange County partly explains why OCTA 91 EB Express Lane utilization is greater than RCTC 91 EB Express Lane utilization during the afternoon and evening rush hours. 3.1 RIVERSIDE COUNTY SR 91 EXPRESS LANES The RCTC 91 Express Lanes extend the 10-mile OCTA 91 Express Lanes from SR 55 to Riverside/Orange County Line by 8 miles to the SR 91/1-15 interchange making a total of 18 miles of express lanes on SR 91 corridor. As shown in Table 3-1, an average of almost 43,000 vehicles per typical weekday use the SR 91 Express Lanes in either direction with about 35,000 of the vehicles (81 percent) paying a full toll. The remaining 19 percent are HOV-3+ carpools that are generally free but are charged a 50 percent discounted toll between 4 and 6 PM in the eastbound direction. Gross potential revenue in fiscal year 2018 was $48.6 million with over 60 percent attributable to the westbound express lanes. The average daily toll was $4.85 on the westbound lanes (Full toll traffic, excluding HOV) and $3.47 for travel on the eastbound lanes. Table 3-1: RCTC SR 91 Express Lanes - FY 2018 Traffic and Revenue FY 2018 Statistics Total Eastbound Westbound Gross Potential Toll Revenue (Annual, millions $) $48.6 $18.2 $29.4 Average Daily Traffic 39,800 18,500 21,300 Average Daily Full Toll Traffic 30,950 14,350 16,600 Average Toll (Full Toll Traffic Only) $4.23 $3.47 $4.85 Average Typical Weekday (Mon-Thurs) Traffic 42,950 18,900 24,050 Table 3-2 shows the revenue distribution by direction, time of day and day of week. More than 70 percent of the RCTC 91 ELs annual gross potential toll revenue comes from typical weekdays (Monday -Thursday), 16 percent comes from Fridays and the remaining 6 and 4 percent comes from Saturdays and Sundays, respectively. More than half of the 3.12 398 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions weekday revenue comes from the westbound ELs with the vast majority coming from the morning hours of 4 to 10 AM. Approximately 60 percent of traffic is coming from typical weekdays (Monday -Thursday), 16 percent comes from Fridays and the remaining 13 and 10 percent comes from Saturdays and Sundays, respectively. Unlike the revenue, the distribution of traffic is more evenly distributed between the morning and evening peak period and peak travel directions: 20 percent of the weekday traffic is coming from westbound in the morning and a comparable 15 percent of traffic is coming from eastbound in the late afternoon to evening hours. Table 3-2: Revenue Distribution by Direction, Time of Day, Day of Week WB EB Time MON-THURS FRI SAT SUN 4-10 am 46.8% 5.4% 0.5% 0.1 % 10 am-2 pm 3.1 % 0.7% 0.9% 0.9% 2-8 pm 2.7% 0.9% 1.2% 1.1 % 8 pm-4 am 0.4% 0.1 % 0.2% 0.2% 4-10 am 1.3% 0.4% 0.3% 0.1 % 10 am-2 pm 2.5% 1.9% 1.1 % 0.5% 2-8 pm 14.6% 6.7% 2.1 % 0.9% 8 pm-4 am 1.2% 0.5% 0.4% 0.3% Totals 72.6% 16.6% 6.6% 4.2% Table 3-3: Express Traffic Distribution by Direction, Time of Day and Day of Week WB EB Time MON-THURS FRI SAT SUN 4-10 am 20.7% 4.5% 1.3% 0.6% 10 am-2 pm 5.9% 1.5% 1.9% 1.9% 2-8 pm 6.1 % 2.0% 2.4% 2.4% 8 pm-4 am 1.1 % 0.4% 0.5% 0.6% 4-10 am 3.1 % 0.9% 0.7% 0.3% 10 am-2 pm 4.6% 2.0% 1.8% 1.1 % 2-8 pm 15.4% 4.1 % 3.1 % 2.3% 8 pm-4 am 3.4% 1.31% 1.3% 1.0% Totals 60.3% 16.5% 13.0% 10.1 % 3.1.1 Express Lane Utilization Usage of the Express Lanes is highest westbound during the morning and eastbound during the evening. Westbound express lane usage regularly peaks over 2,850 vehicles per hour during the 7-8 AM hour, with 1,400 vehicles coming from 1-15 northbound paying a peak toll of $11.40 and 1,450 vehicles coming from McKinley paying a peak toll of $12.65. Westbound tolls vary by day of week with the highest tolls charged on typical weekdays (Monday to Thursday). Tolls on Fridays are about half of the weekday's levels, while tolls on Saturdays and Sundays are at or near minimum levels. Figure 3-1 shows March to May 2018 Monday to Thursday average traffic and tolls on the westbound RCTC 91 Express Lanes. AM Peak hour traffic being is the range of 2,800 vehicles per hour and the average McKinley and Southern Direct Connector (SDC) (i.e. 1-15 Northbound to SR 91 Westbound express connector) tolls roughly peak at $16.50 and $14.50, respectively, during the 5-6 AM hour. Express lane usage drops significantly by 10 AM to less than 1,000 vehicles per hour in the midday hours before falling to less than 100 vehicles per hour during overnight hours. 3.13 399 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-2 shows the variation of westbound RCTC 91 Express Lanes traffic via the 25th, 50th (median) and 75th percentiles. The 50th percentile or median represents the average and is defined as the volumes below or above which 50 percent of the observed traffic falls. It is evident from the graph that there is modest variation, both the upper and lower bounds of traffic are within 100 vehicles of the median in the observed 2018 express lane volumes. Figure 3-2 also shows that HOV-3+ (and other toll -free EL traffic) peaks at approximately 750 vehicles per hour from the 5-6 AM hour, representing about one -quarter of all WB EL traffic. Figure 3-1: Westbound 91 Express Lanes Traffic and Tolls - Average Monday -Thursday 3,000 2,500 0 2,000 a 1,500 1,000 500 0 mm McKinley Toll SDC Toll Mon-Thurs Volume Q Q Q Q Q Q Q Q Q Q Q Q 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 0 0 0 0 0 O 0 0 0 0 0 0 0 0 0 O o 0 0 0 0 0 0 0 0 0 0 0 CV CV C6 V Cr) 66 O, o CV CV M 4 ,:ri CO 0, o $30.00 $27.50 $25.00 $22.50 $20.00 $17.50 $15.00 $12.50 $10.00 $7.50 $5.00 $2.50 $0.00 3.14 400 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-2: Westbound SR 91 Express Lanes 2018 Traffic by Hour — Riverside County 3,000 2,500 2,000 1,500 1,000 500 0 Q • Q Q Q Q Q Q Q Q Q Q Q 0_ 0_ 0_ 0_ 0_ 0_ o_ • 0- 0- 0- 0- 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N M 6 A: Cd 6 O N N M • Cri CO • 00 6 o - - - 25th percentile Median - - - 75th percentile HOV 3.15 401 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions While westbound RCTC 91 Express Lane utilization is relatively stable from week to week, day of week variations are more notable. While westbound EL 24-hour traffic volumes on typical Fridays is comparable to typical weekday levels of about 24,000 vehicles per day, the temporal distribution of traffic varies, as shown in Figure 3-3. From 7 to 9 AM, westbound EL traffic on Fridays is several hundred vehicles per hour lower than it is on typical weekdays. Reduced EL utilization during the late morning hours on Fridays is attributable to GP lane traffic operating with less delay than exists during typical weekdays. By 12 PM, westbound traffic on Fridays exceeds traffic observed on typical Monday to Thursdays. The elevated Express Lane volumes correspond with an increase in corridor demand seen on Fridays in the westbound direction. Westbound EL demand on weekends is concentrated during the late morning and early evening hours. Weekend demand peaks at just under 1,400 vehicles per hour, half of the peak weekday and Friday levels. Demand on Saturdays maintains a peak of 1,400 vehicles per hour for about 8 hours (10 AM to 6 PM), while the Sunday peak encompasses only 3 hours from 12 to 3 PM. Figure 3-3: Westbound 91 Express Hourly Volumes by Day of Week - 2018 3,000 2,500 a, 2,000 E 0 1,500 m uJ 1,000 500 0 Q • Q Q Q Q Q¢ Q Q Q Q Q a o_ o_ o_ o_ a o_ o_ o_ o_ a s 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 O o 0 o 0 0 o o 0 0 0 0 0 0 0 o o 0 o o 0 o 0 0 N N M 4 0 CO f-: W O O N N Ch V LC) CO f-: O O O Hour Beginning Mon-Thurs tFridays Saturdays •—•—Sundays The variation in Express Lane traffic by day of week results in a corresponding responses in westbound toll rates. As shown in Table 3-4, AM peak period tolls on Fridays are about one-half of typical weekday levels. Saturday and Sunday levels vary from $1.45 for the movement to McKinley during overnight hours to a high of $3.95 from 4 to 6 PM on Saturday for the movement to McKinley. Tolls during all other hours are below $3. 3.16 402 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Table 3-4: Westbound RCTC 91 Express Tolls by Day of Week (May 2018) WB AM Hourly Tolls From McKinley (WB) From SDC (WB) Hour Start Hour End Mon-Thurs Avg Friday Saturday Sunday Mon-Thurs Avg Friday Saturday Sunday 3:00 AM 4:00 AM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 4:00 AM 5:00 AM $6.55 $3.95 $1.45 $1.45 $5.05 $5.05 $1.85 $1.85 5:00 AM 6:00 AM $17.03 $7.90 $1.45 $1.45 $14.40 $6.50 $1.85 $1.85 6:00 AM 7:00 AM $15.75 $7.15 $1.45 $1.45 $13.90 $5.05 $1.85 $1.85 7:00 AM 8:00 AM $11.84 $5.05 $1.45 $1.45 $10.65 $5.05 $1.85 $1.85 8:00 AM 9:00 AM $7.34 $5.05 $2.15 $1.45 $5.78 $5.05 $1.85 $1.85 9:00 AM 10:00 AM $4.78 $3.95 $2.15 $2.15 $5.05 $2.80 $2.80 $1.85 10:00 AM 11:00 AM $2.15 $2.15 $2.15 $2.15 $2.80 $2.80 $2.80 $2.80 11:00 AM 12:00 PM $2.15 $2.15 $2.15 $2.15 $1.85 $2.80 $2.80 $2.80 12:00 PM 1:00 PM $2.15 $2.15 $2.15 $2.15 $1.85 $1.85 $2.80 $2.80 1:00 PM 2:00 PM $2.15 $2.15 $2.15 $2.15 $1.85 $1.85 $2.80 $2.80 2:00 PM 3:00 PM $2.15 $2.15 $2.15 $2.15 $1.85 $1.85 $2.80 $2.80 3:00 PM 4:00 PM $2.15 $2.15 $2.15 $2.15 $1.85 $2.80 $2.80 $2.80 4:00 PM 5:00 PM $2.15 $2.15 $3.95 $2.15 $1.85 $2.80 $2.80 $2.80 5:00 PM 6:00 PM $2.15 $2.15 $3.95 $2.15 $1.85 $1.85 $2.80 $1.85 6:00 PM 7:00 PM $1.63 $2.15 $2.15 $2.15 $1.85 $1.85 $2.80 $1.85 7:00 PM 8:00 PM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 8:00 PM 9:00 PM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 9:00 PM 10:00 PM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 Usage of the eastbound RCTC 91 Express Lanes is highest during the late afternoon hours. Eastbound express lane usage regularly exceeds 2,000 vehicles per hour during the 3-4 PM hour, with 800 vehicles destined to I-15 southbound paying a peak toll of $5.15 (Wednesday and Thursday) and 1,250 vehicles destined to McKinley paying a peak toll of $9.60 (Thursday). Outside of the peak period, eastbound 91 Express lane usage is below 100 vehicles per hour during early morning hours and increases to less than 500 vehicles per hour during the morning hours. Overnight volumes on the EB ELs fall below 500 vehicles per hour by 10 PM and maintains that level throughout the night. Figure 3-4 shows the March to May 2018 Monday to Thursday average traffic and tolls on the eastbound 91 express lanes. Figure 3-5 shows the variation of eastbound RCTC 91 Express Lanes traffic via 25th, 50th (median) and 75th percentiles. The 50th percentile or median represents the average and is defined as the volumes below or above which 50 percent of the observed traffic falls. It is evident from the graph that there is little variation, both the upper and lower bounds of traffic are within 100 vehicles of the median in the observed 2018 express lane volumes. HOV-3+ traffic which are toll - free except from 4-6 PM in the eastbound direction during weekdays does not exceed 500 vehicles per hour, representing approximately 20 percent of eastbound EL volume during the 3-4 PM hour. 3.17 403 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-4: Eastbound 91 Express Lanes Traffic and Tolls - Average Monday - Thursday 3,000 2,500 L 0 2,000 a 1,500 a) 3,000 2,500 2,000 1,500 1,000 500 0 1,000 500 0 Q 0 0 N McKinley Toll SDC Toll tMon-Thurs Volume d II II d II Q • Q Q¢ Q Q a a Q Q Q 0 0 0 0 0 0 0 0 0 0 0 0 o O o o o o 0 0 o 0 o o 0 0 N M cri r< Cd N o N 0 0 N M 0 0 V ■ d 0 0 0 0 0 o o o o 0 R a0 O: O Figure 3-5: Eastbound SR 91 Express Lanes Traffic by Hour - Riverside County $30.00 $27.50 $25.00 $22.50 $20.00 $17.50 $15.00 $12.50 $10.00 $7.50 $5.00 $2.50 $0.00 `r- - Q • Q Q Q Q a Q Q Q Q Q Q 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 M V O R W O O N N M 4 Lb O • 00 O O - - - 25th percentile —0—Median • - - 75th percentile HOV Eastbound RCTC 91 EL traffic varies significantly by day of week. Traffic on typical Fridays exceeds typical weekday traffic by several hundred vehicles per hour from 10 AM to 3 PM, and from 8 PM to midnight, as shown in Figure 3-6. The increased utilization of the EB ELs during Friday is attributable to the general increase in EB 91 corridor traffic and 3.18 404 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions increase in congestion on typical Fridays. EB EL traffic on Saturdays is in total comparable to typical weekday levels of about 20,000 vehicles per day, but the hourly distribution differs. Whereas weekday traffic rapidly increases in the hours leading up to the PM rush hours, Saturday traffic gradually rises throughout the morning hours and peaks during the mid -afternoon before gradually declining. The temporal distribution of Sunday traffic is comparable to Saturday traffic but peaks at approximately 1,000 vehicles per hour, 700 vehicles per hour lower than the Saturday peak volume of 1,700 vehicles per hour. 3,000 2,500 a) 2,000 E 0 N 1,500 a> L W 1,000 500 0 Figure 3-6: Eastbound 91 Express Hourly Volumes by Day of Week - 2018 Q¢¢ Q¢¢ Q o_ a a o_ EL a o_ o_ o_ o_ a s 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 M Cfl f� W O O (V N M Cfl I.: O O O Hour Beginning —0.Mon-Thurs Fridays ♦Saturdays ♦ Sun days Eastbound EL tolls vary by day of week with the lowest tolls on Mondays and the highest tolls on Fridays, as shown in Table 3-5. Toll rates are commensurate with the demand for each movement, as well as the relative congestion seen in the eastbound GP lanes. Express Lane tolls for the trip to 1-15 SB using the Southern Direct Connector (SDC) are at minimum levels for most of the day and only reach $5.15 during the 3-4 PM hour whereas tolls for the movement toward McKinley Street are generally higher than SDC tolls and reach a high of $16.40 on Fridays during the 3-4 PM hour. This stark difference in tolls exists because the demand for the movement toward McKinley Street is more than 50 percent greater than demand for the SDC. The spike in Friday tolls from Monday to Thursday levels is attributable to the increased GP lane demand, congestion, and potential time savings offered by the eastbound Express Lanes. The higher tolls on Fridays along with increased EL traffic explains why revenue generate on typical Fridays in the eastbound direction is twice as high as the average daily revenue generated by the eastbound lanes from Monday to Thursday (see Table 3-2). SDC tolls on Saturdays and Sundays are similar to weekday tolls during PM peak hours as well as the rest of the day whereas tolls for the movement to McKinley Street on Saturdays are only slightly lower than tolls on Mondays or Tuesdays. 3.19 405 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Table 3-5: Eastbound RCTC 91 Express Tolls by Day of Week (May 2018) EB PM Hourly Tolls To McKinley (EB) To SDC (EB) Hour Start Hour End Mon-Thurs Avg Friday Saturday Sunday Mon-Thurs Avg Friday Saturday Sunday 3:00 AM 4:00 AM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 4:00 AM 5:00 AM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 5:00 AM 6:00 AM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 6:00 AM 7:00 AM $1.45 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 7:00 AM 8:00 AM $1.80 $1.45 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 8:00 AM 9:00 AM $1.98 $2.15 $1.45 $1.45 $1.85 $1.85 $1.85 $1.85 9:00 AM 10:00 AM $1.63 $2.15 $2.15 $1.45 $1.85 $1.85 $1.85 $1.85 10:00 AM 11:00 AM $1.45 $2.15 $2.15 $1.45 $1.85 $1.85 $1.85 $1.85 11:00 AM 12:00 PM $1.80 $2.15 $2.15 $2.15 $1.85 $1.85 $2.80 $1.85 12:00 PM 1:00 PM $2.15 $3.95 $3.95 $2.15 $1.85 $2.80 $2.80 $1.85 1:00 PM 2:00 PM $3.05 $8.40 $3.95 $2.15 $2.80 $2.80 $2.80 $1.85 2:00 PM 3:00 PM $5.09 $15.40 $3.95 $2.15 $3.93 $5.05 $2.80 $1.85 3:00 PM 4:00 PM $6.14 $15.40 $3.95 $2.15 $5.05 $2.80 $2.80 $1.85 4:00 PM 5:00 PM $5.34 $10.40 $3.95 $2.15 $2.80 $2.80 $2.80 $1.85 5:00 PM 6:00 PM $3.95 $7.40 $3.95 $2.15 $2.80 $2.80 $2.80 $1.85 6:00 PM 7:00 PM $3.95 $3.95 $3.95 $2.15 $2.80 $2.80 $2.80 $1.85 7:00 PM 8:00 PM $3.50 $3.95 $2.15 $2.15 $2.80 $2.80 $2.80 $1.85 8:00 PM 9:00 PM $2.15 $2.15 $2.15 $2.15 $2.09 $2.80 $1.85 $1.85 9:00 PM 10:00 PM $1.63 $2.15 $2.15 $1.45 $1.85 $1.85 $1.85 $1.85 Figure 3-7 shows global demand and express lane usage by hour at the Riverside / Orange County Line. The dotted gray line represents the observed maximum global throughput of 10,700 vehicles per hour and the black and red dotted lines show the cumulative demand in excess of capacity during the most congested hours. Usage of the express lanes follows the trend of the cumulative demand in excess of available capacity. 3.20 406 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-7: SR 91 Global Demand & Express Traffic by hour - Riverside - Orange County Line 17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Westbound SR 91 f Eastbound 91 —e— WB EL Volume EB EL Volume • • • Capacity • _ _ _ =�=— i .., n..e e_e u u — ••V. Q Q Q Q Q Q Q Q Q Q Q Q 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 N x— N M 4 Cri O rz-: W 6) O N ••- N M 4 � O � W 6) O 3.1.2 Travel Time Savings The comparison of travel times on the ELs vs. GP lanes shows the amount of time saved from use of the ELs. Traveling westbound in the morning, the route from McKinley Street between the existing price sign and the Riverside / Orange County Line (7.6 miles) via the Express Lanes saves between 10 and 15 minutes on average during the AM peak period. Figure 3-8 shows the travel time comparison between express and general purpose lanes for a single travel time run conducted in August 2017. The majority of the delay on the general purpose lanes is concentrated between Lincoln Avenue and the County Line with speeds less than 20 mph whereas the delays in the express lanes are concentrated east of the express lane ingress. Figure 3-9 compares speeds between the ELs and WB 91 GP lanes during the 5 AM hour. These field observations demonstrate the delays exist on the approach to the WB ELs due to high EL demand. Once vehicles have entered the ELs, travel speeds improve. On this particular day, while the ELs saved only 9 minutes vs. the GP lanes, the trip once past the entrance of the ELs required only 10 minutes, i.e., time savings within the ELs would have been closer to 20 minutes were it not for the delays encountered near the EL entrance. 3.21 407 Figure 3-8: Westbound Express Vs GP Travel Times - McKinley, Monday 8/28/2017 31 35 133 32 28 ❑ 1 7 • 22 8 6 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 50 45 40 IT 35 •g 30 a) 25 20 a) > a 15 10 5 0 4:00 AM 4:30 AM 5:00 AM 5:30 AM 6:00 AM • • n • 15 • 11 I 6:30 AM 7:00 AM 7:30 AM 8:00 AM 8:30 AM 9:00 AM • Westbound Express Lanes - via McKinley - MONDAY OWestbound GP Lanes - via McKinley - MONDAY Figure 3-9: Westbound Express vs GP Speeds - McKinley, Monday 8/28/2017 ql:n L Q X W CL EL End 6:02 AM m Canyon Rd Green\for Rd 111 • f S Maple 51 _r • Sertas Club ❑r Start: 5:40 AM Travel Time: 22 mins Avg. Speed: 21 mph orc EL Start 5.52 AM Price Sign 5:41 AM M N nley St � Main/ .� f � N Lincoln Ave Magnolia Av1/2` A E Ontario Av S Maple St N Main St Green River Rd errs Canyon Rd '-e N L�ncoin AVE� • Serfas Club Dr Magnolia Av '• Start: 5:34 AM Travel Time: 31 mins Avg. Speed: 15 mph E Ontana Av McKinley St • ■ SPEED (MPH) • 0 - 20 20 - 35 35 - 50 50 - 60 60 - 90 3.22 408 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Traveling eastbound during the PM peak period, the route from the County Line to McKinley Street (-8 miles) via the Express Lanes consistently saves on average four to eight minutes between 3 to 6:30 PM. Figure 3-10 compares EB EL and GP travel times for a single travel time run conducted during a Tuesday in December of 2017. The travel time data shown in Figure 3-11 demonstrate that the EB EL trip via McKinley Street permits users to save time by bypassing the congested EB GP lanes between Lincoln Avenue and 1-15. While the EB EL movement to McKinley Street is operating with delay, queues are shorter and the ELs are moving faster than the GP. Figure 3-10: Eastbound Express Vs GP Travel Times - McKinley, Tuesday 12/12/2017 20 18 16 a) 14 .E— 12 a> 10 E i= 8 a� 6 4 2 0 14 13 �--� 17 El 7 8 tio 7 • 7 • 7 • 8 • 9 • 8 411 9 u 7 8 El 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 co o co o co o co o co o co o N (V M c16 i' V Cri Cri • :D K r\ 66 • Eastbound Express Lanes OEastbound GP Lanes Figure 3-11: Eastbound Express vs GP Speeds — McKinley, Tuesday 12/12/2017 cn Q X Cony a �f 'lir Start: 4:36 PM Travel Time to 1-15: 9 minutes Avq Speed: 49 mph S Maple St N Main St Green River Rd .40 -- Serfas Club Dr N Lincoln Ave Magnolia AvIk5. E Ontario Av McKinley St S e V Green River Rd canyon Rd • r ..1( ■ Start: 4:18 PM Travel Time to 1-15: 18 minutes McKinley St 5 Maple St N Main St r .� r ••=4.m.,1011V. SerFos Club Dr N Lincoln Ave Magnolia Av E Ontario Av • Speed • 0-20 20 - 35 35-50 • 50-60 • 60 - 90 3.23 409 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.1.3 Express Lanes Traffic Composition Figure 3-12 shows the composition of vehicle classes using the RCTC 91 Express Lanes. More than 78 percent of the total traffic are toll paying, 19 percent are High Occupancy Vehicles (HOVs), 1.6 percent are disabled persons and disabled veterans with special access plates and 0.8 percent are Zero -Emission Vehicles (ZEVs). Figure 3-12: RCTC 91 Express Lanes Composition ■ Tolled ■ HOV Disabled Persons ■ Disabled Vets ■ ZEVs Figure 3-13 shows the toll -free vehicle distribution on the RCTC 91 Express Lanes. Almost 89 percent of the toll -free vehicles are comprised of HOVs, 7.4 percent are comprised of disabled people and disabled veterans, and the remaining 3.9 percent are ZEVs. Figure 3-13: RCTC 91 Express Lanes - Free Vehicles Distribution 0.5% ■ HOV's ■ Disabled Persons ■ Disabled Vets ■ ZEVs 3.24 410 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.1.4 Frequency of Express Lanes Utilization Analyzing customer frequency data from February to July 2018 revealed that just over half of total trips using the westbound ELs on weekday mornings (4-10 AM) are from frequent users, defined as using the facility at least once per week whereas 44 percent of the trips are made by infrequent users using the facility less than three times per month. During weekday afternoons and evenings (2-8 PM), approximately two-thirds of EL trips are made by infrequent users using the facility less than three times per month. Only one-third of the trips are comprised of frequent users using the facility at least once per week. Figure 3-14 shows the trip frequency distribution of westbound EL traffic during the morning. Figure 3-15 shows the express lanes trip frequency distribution of EB EL traffic during the afternoon and evening. Figure 3-14: Express Lane Trip Frequency - Westbound 4-10 AM 70% 60% 50% 40% 30% 20% 10% 0% 70% 60% 50% 40% 30% 20% 10% 0% 22% 13% ■ 1-2x a year >1x/mo but 1-3x/mo 1-2x/wk 3 -4x/wk 5 or more x <2x/yr /wk ■ Trips 31% 23% 2% Figure 3-15: Express Lane Trip Frequency - Eastbound 2-8 PM 24% 25% 17% 20% 13% 1-2x a year >1x/mo but 1-3x/mo 1% 1-2x/wk 3 -4x/wk 5 or more x <2x/yr /wk ■ Trips 3.25 411 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.2 DATA COLLECTION PROGRAM Traffic data in the SR 91 corridor and study area were collected over a span of a week in mid -May 2018. Supplemental data were collected in December 2017, February 2018, and June 2018. The data collected includes traffic volumes, speeds, travel times, and origin -destination patterns. Supplemental traffic data collected for concurrent studies were also incorporated. The focus of the count program was to record typical weekday traffic along the SR 91 corridor and critical parallel and feeder routes. These data were used as a baseline to calibrate the travel demand, market share, and simulation models. Weekend traffic data were also collected at select locations along SR 91. In addition to the freeway mainlines, ramp traffic counts were collected along SR 91 between SR 55 to Gypsum Canyon Road in Orange County and Green River Road to Pierce Street in Riverside County. Traffic volumes on arterials in Downtown Corona and along I-15 between Cajalco Road and SR 60 were also recorded. Origin -Destination (OD) patterns along the SR 91 corridor were collected using Streetlight data to gain an understanding of the most popular trip pairs and trip lengths. Travel speeds along SR 91 on both General Purpose (GP) and Express Lanes (EL) were collected via a combination of numerous floating car travel time surveys and publicly available sources such as SigAlert. Traffic volume data is gathered from various sources including Stantec's independent count program, which consists of redundant counts on several location on SR 91, and third -party sources. These third -party sources include Caltrans Freeway Performance Measurement System (PeMs) for various mainline and locations in the region. Hourly traffic and toll information on SR 91 Express Lanes were provided by the Orange County Transportation Agency (OCTA) and the Riverside County Transportation Commission (RCTC). Hourly traffic and toll information on the Foothill and Eastern Toll Roads in Orange County were provided by the Transportation Corridor Agencies (TCA). 3.2.1 Screenline Traffic Volumes Eleven screenlines were identified to establish model calibration benchmarks in the corridor. The screenlines measure traffic traveling north and south or east and west across several parallel roadways. A critical element of travel demand model calibration is to ensure the model is assigning and distributing an appropriate amount of traffic to all the north -south and east -west roadways included in the screenline. The screenline analysis also provides insight to how the SR 91 corridor's traffic compares against other competing parallel roadways and how they relate to intersecting north -south roadways. Six screenlines were drawn across north -south roadways (numbers 1 through 5, 8), and five screenlines were drawn across east -west roadways (numbers 7,9,10 and letters P1, P2). Figure 3-16 shows the locations of the eleven screenlines. All five east -west screenlines include SR 91 and intersect SR 91 within Orange and Riverside County. All north -south screenlines are feeders of the SR 91 corridor and all east -west screenlines include competitors or alternatives to SR 91 corridor. Screenlines 1,2,3 and 4 compare north -south traffic volumes north of the SR 91 corridor from SR 57 to 1-215. Screenline 5 compares northwest -southeast traffic volumes from 1-15 to 1-10. Screenlines 7 and 10 compare east -west traffic volumes, east and west of 1-15, respectively. Screenline 8 compares north -south traffic volumes on SR 55, SR 57, and SR 241 in Orange County. Screenline 9 compares east -west traffic on SR 91 in Corona to arterial alternatives. Screenlines P1 and P2 compare east -west traffic east of SR 71 and west of 1-215, respectively. Screenline traffic data were largely collected via the project's independent count program, Caltrans' PeMs database, the TCA, the OCTA, and the RCTC. 3.26 412 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-16: Screenline Map Los Angeles County V SR-91 Corridor — Screen lines tir Riverside County 0 2.5 5 10 0 Miles 3.2.2 Mainline Traffic Counts Mainline traffic volumes along SR 91 in Riverside and Orange Counties were collected as part of the data collection program. In Riverside County, three westbound and four eastbound mainline traffic counts between 1-15 and the County Line were collected. In Orange County, westbound mainline counts between Weir Canyon Road and Imperial Highway and eastbound mainline counts between Lakeview Avenue and Imperial Highway were also collected as part of a concurrent study. Count locations are shown in Figure 3-17 and listed out below: • 1-15 and McKinley Street (eastbound and westbound) • Lincoln Avenue and Main Street (westbound) • SR 71 and Serfas Club Dr (eastbound) • Between Green River Road Ramps (westbound) • SR 91 at the Orange / Riverside County Line (eastbound) 4 413 3.27 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Additional mainline count data were provided by the RCTC and OCTA for their SR 91 Express Lanes and by the TCA for the Windy Ridge Toll Plaza on SR 241. Figure 3-17: Mainline Count Locations f v _ 'N Holt Pv, P Pomona J 1v10Y a w Memll.4z rmno.arrporr C� roar e Ocor Ewn Balm anunersr 'rank, Champan 2nas :anc9. . C O 1T d 8 ardatenkrt Roper Corner ror �, 'fir M1lsa;,� ImuVaArc Detlemlle Mira torn H,aeeo xuay wdak,:,Fo A5l?RPHIIL5 LAW. Home Gardens Ga lame Bloomington e 5 Jun pa nee g Crestmnre Ninon BlM llrnlySlp II[awn col Pedley Jumpa t�•c^ Val ley RSM1HML5 El Cerrito Rubidaux w Q River de Are aetnappa RUNG PR£NS1 ,rslw� Ccltirn Highgrov ,��re��aRiax remo a LAM.. afr. Woodcreol 044. Glen Valley Legend Q 91 Count program ® Other Source Other sources include OCTA and TCA 3.2.3 Ramp Counts Traffic volumes on all SR 91 ramps between and including Green River Road and Pierce Street except for the SR 91 Eastbound off -ramp to the Main Street collector -distributor (CD) road were collected as part of the count program. Only AM and PM peak period traffic volumes were available on the direct connectors to 1-15. The location of ramp counts is shown in Figure 3-18 and listed below: • Green River Road • SR 71 • Serfas Club Dr • Maple Street • Lincoln Avenue 3.28 414 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions • Main Street • 1-15 • McKinley Street • Pierce Street As part of a concurrent study, traffic volumes were collected on SR 91 ramps at Gypsum Canyon Road, SR 241, Weir Canyon Road, Imperial Highway, Lakeview Avenue and SR 55 in Orange County. Figure 3-18: Ramp Count Locations _ Y Montclair i { w Hon a.e : rbhelsd �_ Pomona w ath St x rullryeluv- Valley 61611 \ �V I!�C=YGI) Ontario rOarperl F P: 1{` +~ South Feniara =e.•,rax eacl. Imp. Sr f 1 E Fancisst ngho cnampagn Phtladelpha SI •. rawg,,.„ • Cop � EastvalG VOX(' ,tus Iu�hpJ A.r petlervllk a Q. B� Ms. Bl. �r Glen Avon Mira Loma vwar, muey w,raea <aa Home Gardens n Sunnyzlgpe Pedley Jurupa I.m° Valley Bloomington d Jun, aye E cicstmole HlighgrOve Rubidoux Santa Ark cr.«Jaa A.a w n.� crrna An Ar��yton Ave R4MCNS River de P-thappa SLANG, l ,47f,'L Leman 4M1VCN Oar Woodcresi AMP GAOL, I RMA Glen Valley Legend • 91 Count program • 15 Count program • Other Source Other sources include OCTA, TCA and RCTC via Parsons 3.2.4 Arterial Traffic Counts The SR 91 does not have any parallel local roads that allow travel through the Riverside/Orange County Line. There are however a handful of local roads, shown in Figure 3-19, that can be used to complete local trips or bypass portions of congested segments on SR 91. Understanding the balance between SR 91 mainline versus area arterials is an important part of the model calibration and forecasting process. Traffic counts along numerous regionally and locally significant arterial roadways were collected. Arterial Count locations are listed below and depicted in Figure 3-20. 3.29 415 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions • Green River Road, west of Palisades Drive • Magnolia Avenue, west of McKinley Street • Railroad Street, west of Smith Avenue • Railroad Street, west of Lincoln Avenue • E 6th Street, west of Promenade Avenue • Magnolia Avenue between Fullerton Avenue and Mason Place • W Ontario Avenue between Vicentia Avenue and Buena Vista Avenue As part of a concurrent study, arterials along the 1-15 corridor between Cajalco Road and SR 60 were also collected and analyzed for the study. Yorba Linda Figure 3-19: Parallel Arterials to SR 91 LDS Serran Cis La Palma Ave I ' • ,`^♦ ,,,.:_40" ,��r:��4'i�� I Santa Ana Canyon Rd '--. r Mere Yla Park z North Tustin I"' Y'y E,�i��• .. Aegivrro� Po-ir !mire yoke 5^n �l..gc fe °' Ttl EdAvale Railroad St G SrEARA w.25 k • m Lane-= r��- Ho gardens • i�0l ti-�.[lahY.i Foothill Pkwy e m kok • • ♦• ♦ Peppery ♦♦ corner 6th St Pedleyturupa r� Valley J� 3.30 416 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-20: Arterial Count Locations R Chino Hills Montclair wrt eme 111106 cm :, a,. Chino ©ntano d Airpnrr, wyws: a"�gS.o Chamoaq 3 b a Q o O o Cortina`--4' Q it Cernto • PANton Are Woodcrest Colton Ot4, G;.n Y<' cy Legend Q 91 Count program • 15 Count program 3.3 SR 91 CORRIDOR DATA 3.3.1 Screenline Traffic Volumes Traffic volumes from the north -south screenlines as shown in Table 3-6 show that the region's north -south freeways namely 1-15, 1-215, and SR 57 represent the largest share although some arterials capture a significant share of traffic. 1-15 captures a major share of all the north -south traveling traffic ranging from more than half to just about a third of traffic (150,000 to 230,000 daily traffic volume). Traffic on 1-15 is meaningful to SR 91 as it directly connects to the corridor and is a feeder route to the corridor. Traffic volumes from the east -west screenlines as shown in Table 3-7, is almost entirely comprised of region's east -west freeways, namely I-10, SR 60, and SR 91. SR 91 is a major part of each of the five screenlines traffic with approximately a third of all the traffic (212,000 to 310,000 daily traffic volume) traveling east -west in the region. 3.31 417 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Table 3-6: Traffic Volumes on North -South Screenlines DESCRIPTION DAILY VOLUME 1 NORTH OF 1-10 Volume % of Total SR 57 GP - Via Verde and W Covina Blvd 1-15 GP - 4th St and Foothill Blvd 1-215 GP&HOV - 1-10 and Orange Show rd 197,200 219,200 216,700 633,100 31 % 35% 34% 100% 2 NORTH OF SR 60 Volume % of Total SR 57 GP - Temple Ave and Pomona Blvd SR 71 GP - Rio Rancho rd and Old Pomona rd SR 83 GP - SR 60 and Philadelphia St 1-15 GP - SR 60 and Jurupa St 1-215 GP&HOV - SR 60 and Columbia Ave 162,400 91,900 37,600 231,200 196,400 719,500 23% 13% 5% 32% 27% 100% 3 SOUTH OF SR 60 Volume % of Total SR 71 GP&HOV - Pine Ave and Central Ave SR 83 GP - Pine Ave and Brickmore Ave Archibald Rd - 65th St and Limonite Ave Hamner Ave - Oakdale St and Limonite Ave 1-15 GP - 68th St and Limonite Ave Van Buren Blvd - Limonite Ave and 56th St 75,700 17,800 21,400 26,400 159,900 41,900 343,100 22% 5% 6% 8% 47% 12% 100% 4 NORTH OF SR 91 Volume % of Total SR 71 GP - SR 91 and Euclid Ave Main St - River Rd and Rincon 1-15 GP - SR 91 and Hidden Valley Pkwy 93,400 32,000 170,800 296,200 32% 11 58% 100% 5 SOUTH-EAST OF SR 91 Volume % of Total 1-15 GP - Weirick Rd and Cajalco Rd Temescal Canyon Rd - Old Butterfield and Cajalco Rd Van Buren Blvd - Mockingbird Canyon and Victoria Ave Central Ave - Nottingham Rd and Victoria Ave 1-215 GP&HOV - University Ave and Blaine St/3rd S. I-10 GP - bt Mountain View Ave ramps 149,600 22,900 60,800 43,700 275,300 207,200 759,500 20% 3% 8% 6% 36% 27% 100% 8 SOUTH OF SR 91 in Orange County Volume % of Total SR 57 GP&HOV - E Lincoln Ave and SR 91 SR 55 GP&HOV - E Lincoln Ave and SR 91 SR 241 GP - SR 91 and Santiago Canyon Rd 298,600 256,100 67,900 622,600 48% 41 % 11 100% 3.32 418 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Table 3-7: Traffic Volumes on East-West Screenlines DESCRIPTION DAILY VOLUME EAST OF 1-15 Volume % of Total 1-10 GP - Etiwanda Ave and 1-15 205,500 30% SR 60 GP&HOV - Mission Blvd and 1-15 199,700 29% 7 SR 91 Global - McKinley St and 1-15 254,300 37% Magnolia Ave - Mckinley St and I-15 18,800 3% 678,300 100% Through Santa Ana Mountains Volume % of Total I-10 GP&HOV - Fairplex Dr and SR 57 234,100 29% 9 SR 60 GP&HOV - Phillips Ranch and Diamond Bar SR 91 GP&EL - West of OC/RC County Line 250,700 309,700 31 % 38% SR-74 GP - Grand Ave and Antonio Pkwy 15,100 2% 809,600 100% Downtown Corona Volume % of Total 1-10 GP&HOV - Archibald Ave and Hamner Ave 277,700 31 % SR 60 GP&HOV - Archibald Ave and Hamner Ave 256,200 28% Railroad St - Lincoln Ave and Smith Ave 12,900 1 % 1 O SR 91 GP&EL - Lincoln Ave and Maple St 282,000 31 % W 6th St - Lincoln Ave and Sherman Ave 37,900 4% W Ontario Ave - Vicentia Ave and Buena Vista Ave 18,900 2% Foothill Parkway GP - Lincoln Ave to Elysia St 18,400 2% 904,000 100% EAST OF SR 71 Volume % of Total I-10 GP&HOV - SR-83 and San Antonio Ave 268,900 31 % P 1 SR 60 GP&HOV - San Antonio Ave and Mountain Ave SR 91 GP&EL - Serfas Club Dr and SR 71 261,400 300,400 30% 35% Green River Road wo Palisades Dr 26,900 3% 857,600 100% WEST OF 1-215 Volume % of Total I-10 GP - Sierra Ave and Alder Ave 208,800 33% P2 SR 60 GP&HOV - Armstrong Rd and Rudiboux Blvd 216,900 34% SR 91 GP&HOV - Mary St and Arlington Ave 212,000 33% 637,700 100% 3.33 419 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.3.2 SR 91 Travel Speeds Motorists using the SR 91 corridor between Pierce St in Riverside County and SR 55 in Orange County experience recurring and extensive delays during the morning and evening peak hours. The generally five -lane per direction freeway gets heavily congested in the westbound direction during the morning between Main Street and the Riverside/Orange County Line, and between Imperial Highway and SR 55. During the late afternoon and evening the EB 91 has two main hot spots, SR 91 at the County Line and SR 91 approaching 1-15. It takes less than 20 minutes to travel the approximately 18-mile SR 91 corridor during uncongested periods but 45 to 55 minutes to travel the same distance during the most congested times, representing delays of over 30 minutes. Stantec's observations of the corridor travel speeds included numerous travel time runs in the SR 91 corridor concurrent with the May 2018 count program. These travel time runs entail drivers traveling on SR 91 with GPS loggers in the vehicle. Figure 3-21 and Figure 3-22 show the speeds from travel time runs along SR 91 WB during the AM period and SR 91 EB during the PM period. AM Peak Period Travel Speeds Westbound SR 91 generally has two segments of delays during the morning, one in Riverside County between Lincoln Avenue and the County Line and another shorter segment in Orange County between Imperial Highway and SR 55. Westbound speeds in Riverside County start degrading from as early as 4:30 AM and by 5 AM drivers experience stop and go conditions with speeds below 20mph for about five hours. Speeds improve after 10 AM but congestion does not completely clear until after 11 AM. Westbound speeds in Orange County are free flow (70-75 mph) for most of the peak period between the County Line and Imperial Highway but experience some congestion from Imperial Highway to SR 55 for about three to four hours due to queueing from SR 55. The trip on the WB 91 GP lanes from McKinley Street to the County Line in the Riverside County takes 35-45 minutes in the most congested hours, representing a delay of over 25 minutes. A westbound trip in the Orange County SR 91 GP lanes from the County Line to SR 55 takes about 18 minutes during the most congested hours, representing a delay of approximately 10 minutes. The majority of the delays on westbound SR 91 during the morning hours are concentrated in Riverside County. Since westbound traffic is metered due to limited capacity at the County Line, the delays are not as significant on the Orange County 91 GP Lanes to the west. Figure 3-21 shows the travel time run conducted on May 16th, 2018 beginning at 5:44 AM traveling westbound on SR 91 GP lanes between McKinley Street and Lakeview Avenue. Table 3-8 show the aggregated average speeds by segment as well as the speed and travel time from McKinley Street to SR 55 westbound in the morning. Express Lanes speeds in the morning by approach and County are shown in Table 3-8. The majority of the westbound RCTC 91 Express Lanes delays are concentrated in the McKinley approach east of the Express Lanes ingress. Once this approach merges with express traffic coming from northbound 1-15, Express Lanes speeds are generally over 45 mph. The WB OCTA 91 Express Lanes are operating at free flow speeds throughout the morning peak period. PM Peak Period Travel Speeds There are generally four segments of delay eastbound in the evening, two in Orange County and two in Riverside County: • between Weir Canyon Road and the County Line (OC) • SR 241 approaching SR 91 (OC) 3.34 420 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions • I-15/SR91 Interchange (RC) • 1-15 southbound south of SR 91 (RC) Eastbound speeds in Orange County start degrading from 2 PM and drivers experience stop and go conditions with speeds below 20 mph for about six hours. Congestion does not completely clear until after 8 PM. Since traffic is metered at the County Line, speeds in Riverside County are free flow for most of the PM hours between the County Line and Lincoln Avenue before congestion occurs east of Lincoln Avenue. Queues spill back from the I-15/SR 91 interchange and extend as far as Main Street. Speeds in this section are often less than 20 mph and this condition usually lasts for three to four hours. The trip in Orange County from SR 55 to the County Line takes over 35 minutes in the most congested hour representing a delay of over 25 minutes. The trip on the eastbound SR 91 GP lanes from the County Line to McKinley Street in Riverside County takes just under 20 minutes in the most congested hour representing a delay of over 10 minutes. Figure 3-22 shows travel speeds from a travel time run conducted on May 16'h, 2018 beginning at 3:30 PM between SR 55 and east of 1-15 at McKinley Street as well as speeds on SR 241 between Santiago Canyon Road and SR 91.Table 3-9 shows the aggregated average speeds by segment as well as speed and travel time from SR 55 to McKinley eastbound in the evening. Express Lanes speeds in the evening by County are shown in Table 3-9. Speeds on the EB RCTC 91 ELs are free flow until the diverge at Main Street where the single lane east to McKinley operates below free flow speeds. Speeds on the SDC are generally greater than 45 mph throughout the evening peak hours. 3.35 421 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions i Date- 16 May (Wed) Start Time: 5:44 AM Travel Time: 54.2 Min Avg.Speed: 20.5 MPH Figure 3-21: SR 91 Westbound AM GP Travel Time Run ..a I.EMIIIEEE;W �11EEEIIE or Jib coin Ave �� � McKinle '' - _ df Speed (MPH) • 0-20 O 21-35 O 36-50 • 51-65 422 3.36 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Date - 16 May (Wed) Start Time: 3:35 PM Travel Time: 38.45 Min Avg.Speed: 29 MPH Figure 3-22: SR 91 Eastbound PM GP Travel Time Run EB EL Ingress Miles EB PM Run: SR 55 to McKinley Speed (MPH) • 0-20 O 21-35 O 36-50 O 51-65 • 65+ 423 3.37 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Table 3-8: SR 91 Westbound AM GP Travel Speeds County Orange Riverside End to End End to End T5 E N N C N N N N LO "' a� a� N a a o � C � C .0 � C Time ce a cL "' T C7 a� 3 C� � e o J _ - O > E - i= > � O E 4:15 - 4:30 AM 52 53 57 72 73 74 71 55 55 47 60 58 54 63 59 52 65 61 9 8 4:30 - 5 AM 43 52 56 64 59 70 7 62 46 55 43 60 58 54 63 59 48 40 36 43 54 59 58 53 10 10 5 - 6 AM 15 16 11 17 50 63 49 62 59 67 63 54 46 45 17 21 17 14 11 13 16 20 19 16 34 46 55 56 61 34 21 18 24 6 - 7 AM 36 36 28 42 45 47 s . 73 7 49 19 22 20 14 11 8 8 10 8 7 8 27 ■ 53 64 51 14 12 35 7 - 8 AM 49 53 57 55 '71 72 71 67 72 72 69 71 65 65 45 20 19 23 15 13 10 8 8 9 8 8 7 37 57 58 55 15 11 35 8- 9 AM 52 51 53 59 66 66 69 71 69 69 64 59 51 19 25 19 17 13 14 11 19 18 15 7 28 63 56 20 11 25 9 - 10 AM 46 40 42 48 63 66 67 73 71 71 65 62 49 21 32 26 23 16 22 25 35 35 42 55 51 65 54 33 11 15 10 - 11 AM 37 27 28 30 34 36 49 72 74 71 69 69 1.1 63 55 45 47 28 18 28 34 53 53 52 58 48 43 13 12 Table 3-9: SR 91 Eastbound PM GP Travel Speeds County Orange Riverside End to End End to End T:3 E N C_ ,,, N C a) N N 0 D % � t Time (, a m 2� CD rz ' � 0 o a) o f a� •E E (� / �l � (" � J O � O 1:15 - 1:30 PM 71 71 73 71 69 70 69 66 66 70 , 54 32 28 48 53 51 55 70 69 62 65 73 68 74 71 64 63 63 62 58 61 63 11 9 71 1:30 - 2 PM 68 71 73 64 58 57 64 66 66 - 54 32 28 48 53 51 53 69 62 65 73 64 63 63 62 58 58 63 11 9 2 - 3 PM biol. 69 71 7 • -• 56 33 13 23 18 14 20 36 32 52 64 7 6 57 57 47 43 36 38 42 43 43 40 47 17 12 3 - 4 PM 65 69 67 6 63 64 39 7 5 5 11 10 5 14 45 43 61 61 62 60 51 48 50 37 18 13 17 25 28 47 37 38 16 4 - 5 PM 64 70 69 6 63 65 37 5 5 6 10 11 6 15 34 44 58 63 llit 70 66 51 42 40 P29 14 10 16 20 20 39 32 40 18 5 - 6 PM 63 00 71 67 64 35 4 5 6 9 13 7 17 35 33 54 63 64 66 70J 62 48 50 25 14 10 14 15 19 42 30 40 19 6 - 7 PM 59 59 67 67 69 69 44 19 27 6 6 6 7 18 28 48 60 64 63 65 65 61 58 55 53 49 39 33 43 35 49 49 34 12 7 -8 PM 63 63 . 66 68 68 46 25 32 8 8 8 8 19 39 47 58 63 65 1167 66 57 55 ■ 54 63 62 61 47 42 45 25 55 26 11 424 3.38 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-23: SR 91 Westbound AM Express Lane via McKinley Travel Time Run SR 90 Lakeview Ave SR 9 N Tustin Ave SR 55 Imperial Hwy Gypsum Canyon Rd Yorba Linda Blvd SR 241 McKinley Si 5 Maple Si N Main Si Green River" � �r 'r•oy a Serfas Club Dr N Lincoln Ave ors Monday 10/30/17 Start at McKinley: 8:24 AM End at CL: 8:43 AM 2 3 4 5 MiEes I I I Magnolia Av E Ontario Av ` ■ Descupti on I♦ WB Pnce Sign 155 ▪ ND Price Sqn: AkKiN_y • WS Eypress Start F15 s A W8 Express Start: IAcKiNry • Nei-15.1XL Merge • We aawy ✓ We ac E.pRas End SPEED Table 3-10: SR 91 Westbound AM Express Lanes via McKinley Street Travel Speeds Time 4-5 AM 5-6 AM 6-7 AM 7-8 AM 8-9 AM Start EL to EL End (6.6 miles) E/O 15 to Entrance (1 mi) 52 37 40 46 12 3 3 7 Table 3-11: SR 91 Westbound AM Express Lanes via I-15 Travel Speeds Time 4-5 AM 5-6 AM 6-7 AM 7-8 AM 8-9 AM Start EL to EL End (8.3 miles) 49 48 41 47 Ontario Ave to Start EL (1 .1 miles) 65 54 20 18 33 425 3.39 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-24: SR 91 Eastbound PM Express Lane via McKinley Travel Time Run SR 90 SR 55 Green River Rd Gypsum Canyon Rd 4,54.,v,, SR 241 2 3 i l i l i Sodas Club Dr Tuesday 12/12/17 Start at CL: 4:36 PM End at 1-15: 4:46 PM 4 5 Miles i I McKinley St 5 Maple Si N Main St N Lincoln Ave Magnolia Av 1/2 E Ontono Av _ p Description 7 EB Express End: I-155 T EB Express End: McKinley • EB 1-155/91 XL Diverge A EB RC Express Start ELat430PM Everts Speed • B- 20 • 2D-35 35 -5n 50 -6D • 6e-90 Table 3-12: SR 91 Eastbound PM Express Lanes via McKinley Street Travel Speeds Time C.L. to Serfas (3.3 miles) Serfas to Main St (3.5 miles) to McK (0.7 mi) 2-3 PM 70 67 47 3-4 PM 67 62 39 4-5 PM 65 59 31 5-6 PM 61 61 30 6-7 PM 68 65 47 7-8 PM 75 69 53 Table 3-13: SR 91 Eastbound PM Express Lanes via 1-15 SB Travel Speeds Time C.L. to Serfas (3.3 miles) Serfas to Main St (3.5 miles) to 1-15 South (2 miles) 2-3 PM 70 67 63 3 4 PM 67 62 59 4-5 PM 65 59 44 5-6 PM 61 61 50 6-7 PM 68 65 52 7-8 PM 75 69 75 3.40 426 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.3.3 Mainline Traffic by Hour Westbound SR 91 traffic at the Riverside / Orange County Line is heaviest during the morning peak hours with demand increasing as early as 4:30 AM. Figure 3-25 shows average Tuesday through Thursday traffic volumes on westbound SR 91 by hour. Hourly global traffic for the majority of the day (4 AM to 6 PM) is between 7,500 to 10,600 vehicles per hour with a significant peak in the morning hours. The highest throughput is at 7 AM with about 10,600 vehicles per hour across five general purpose and two express lanes. This volume represents 6.9 percent of the average weekday daily volume. However, the drop in mainline travel speeds from 57 mph at 4 AM to less than 25 mph between 5 and 8 AM indicate that SR 91 traffic flow is constricted during that time due to a downstream bottleneck. The data show that although the traffic count/throughput is low in this area between 5 AM and 8 AM, travel demand is still high. During the rest of the day demand declines before increasing over 8,300 vehicles during evening rush hours and then rapidly declining throughout rest of the evening and night hours. The data demonstrated little variation in traffic on Monday, Tuesday, Wednesday or Thursday, but Friday travel demand is more evenly spread throughout the day. On Fridays, demand is higher than it is on other weekdays by late morning and continues to be elevated through midnight. Daily WB 91 traffic on Fridays is 5.7 percent higher than average WB 91 typical weekday traffic. Traffic Volume Figure 3-25: SR 91 WB Weekday Traffic Profiles — at the County Line 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 91 GP Speed (McKinley to CL, mph) GP+EL Volume (Tues-Thurs) 57 43 33 21 I 1 1 I I 14 15 20 Q • Q Q Q Q Q Q Q Q Q Q Q o_ o_ o_ o_ o_ o_ o_ o_ • o_ o_ o_ o_ 0 o 0 o o o o o 0 o o o o o o o o o o o o o o o 0 o o 0 o o 0 0 0 0 o 0 o o 0 0 0 0 0 o 0 0 0 0 N Cd • 6) O Hour Beginning In the eastbound direction, traffic at the Orange / Riverside County Line peaks during the PM peak period between 3 PM and 8 PM. The maximum average hourly volume of about 10,500 vehicles per hour across five general purpose and two express lanes is observed from 3 to 4 PM, which represents 6.9 percent of the average weekday daily volume. 3.41 427 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Traffic is maintained at or near these levels through 8 PM, and rapidly declines thereafter. Figure 3-26 shows average Tuesday through Thursday and Friday traffic volumes by hour at the County Line. Travel speeds from the County Line to 1-15 drop from 63 mph from 1-2 PM to as low as 30 mph from 5-6 PM. The lower travel speeds along with drop in traffic volumes between 3 to 7 PM indicates that travel demand is higher than the traffic throughput at this location. SR 241 approaching 91 eastbound is heavily congested and the queues can be as long as five miles. This high volume on -ramp is merging into the already densely packed 91 general purpose lanes causing delays and further queues. In addition, there is a significant volume of traffic egressing from the eastbound OCTA 91 Express Lanes to the 91 GP lanes. The merging of the GP lanes and the EL egress volumes adds to GP lane delay. The data demonstrated little variation in traffic on Monday, Tuesday, Wednesday or Thursday, but Friday travel demand starts to peak earlier in the day from 9 AM and is more evenly spread between 1 and 8 PM. On Fridays, demand is higher than it is on other weekdays by late morning and continues to be elevated through midnight. Daily traffic on Fridays is 8.9 percent higher than average weekday traffic. Figure 3-26: SR 91 EB Weekday Traffic Profiles — at the County Line 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Speed (CL to 1-15), mph Volume (Tues-Thurs) Volume (Fri) 63 55 I 47 49 37 32 30 I I Q • � et Q Q Ca Ca Ca Ca Ca Ca Ca Ca Ca Ca a C0a v v v v v v v v v v v v v v v v v v v v v v v v ✓ v v v v v v v v v v v v v v v v v v v v v v v N r N C7 4 CI7 6 r- eci 67 O N r N C7 4 CI7 6 r� � 67 O 3.42 428 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Ramp volumes were collected along the entire SR 91 corridor to identify the most heavily -used ramps and to create a balanced traffic volume network. The corridor is comprised of traffic traveling westbound in the morning away from Corona while traveling toward Corona eastbound in the evening. The most trafficked on -ramps in Riverside County in the AM period are from McKinley, 1-15 Northbound, SR 71, and Green River Road. These ramps are high volume and cause delays on the SR 91 mainline in the AM hours. The most trafficked off -ramp in Orange County in the morning is SR 241. Figure 3-27 and Figure 3-28 show the average weekday daily and AM ramp volumes on SR 91 westbound, respectively. The most trafficked on -ramps that are adding mainline traffic traveling toward Corona and east to Riverside County in the PM periods are from Gypsum Canyon, SR 241, and SR 71. The major destinations accessed via these off -ramps in the evening are to Green River Road, SR 71, 1-15 north, 1-15 south, and McKinley Street. Figure 3-29 and Figure 3-30 shows the average weekday daily and PM volumes on SR 91 corridor eastbound, respectively. 3.43 429 0 co w z w w ce 0 z a U LL w a cc w 0 a ce (9 z w 2 co w z_ co w z a J co co u) W c c .o a w 0 �U rn o U --, 1- re w Figure 3-27: Westbound Daily Ramp Volumes o o o o o o o o o o o o o o o oo O 6 O 6 O u5 O V co co N N N- r LC; O 9L9`17Z L9E'ZE 988` 6£ 8£17`ZZ 09s`6 L96`L 80L`L Z178 `9 ■ ■ 609`£ }S Ae1u!NoW 8N 96-1 uaa} EIS 81.1 wail }S upn any ulooun }S aldeW ad gnl° sepaS 6 L-2i S p� JeAN uaale 6 vZ-2I S uoAueo wnscIA0 AAAH leuedwl = malnawl Figure 3-28: Westbound AM (4-10 AM) Ramp Volumes 0 0 0 0 0 0 0 0 O O O O 0 0 0 0 CO � N O r 00 (. N O 69Z' 69V L 126`6 0179`9 00L' Z }S AelUNoiN = 8N 81.-1 WOJ4 = 8S 96-1 WOJJ. }S uleW EL6`t £EZ}`8 b66`L 88 any ulooull 9 6MiIS aldeiN 1788 1 ■ as Qn10 sepaS p� JeAN u88.19 617Z-HS ▪ uokeo wnscIAD AMH lelaadual = Melna/ei ■ Ons ■ Offs 0 N W Z W > w cc 0 z Q U LL Q cc w 0 ce f7 z w 2 co w z w z J N u we ce .o a� xc WU am a, i- .� �•w Figure 3-29: Eastbound Daily Ramp Volumes 8 b'£ L6E`9 6 0 0 0 0 o o o 0 o 0 o o 0 0 0 Lri o Ln o L o Li, M M N N 8S 91,-I 0; 8N 91.-1 0; �S u1eW and u1001-111 TS aldeW as qn1° sei-laS 6 L-H S 617Z-2:1 S uoAueo uanscIA0 uoAueo .lam bAH leuadwl MalnaNel ■ Offs ■ Ons Figure 3-30: Eastbound PM (2-8 PM) Ramp Volumes L81 `9 889`L L6V06 EL9`0 b £99'17 69E`9 9t0'� 6ZL`L 17EZ`6 9b 1, `9 IS ao_1a1d 3S AalioioW EIS 91•-1 01 8N 91.-1 01 �S uleW and u1001-111 � lS aldeW � as qnl� se�1aS 6 L-2i S p2 .18AN 1188.19 6ZL ■ 6bZ-2�S uokeo WnscIAD = uaueo JpAA = AMH leuadwl me!nevi 681. 0 0 O O 0 0 0 o 0 o o 0 0 o o 0 o (.6 C1 O 00 6 N ■ Offs ■ Ons ,e) RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.3.5 Mainline Traffic - Demand Adjusted and Balanced Traffic by Hour During periods of significant congestion, traffic counts reflect throughput and not demand. Adjustments need to be made to identify the travel demand for the corridor. These adjustments utilize speed and congestion information collected as part of the study, as well as mainline and ramp counts. Hourly traffic count data were adjusted to reflect demand and to balance with upstream and downstream ramp and mainline counts. These balanced and adjusted counts were used to calibrate the forecasting models. The adjusted data generally show higher volumes than counted during the most congested times of the day. The demand adjusted and balanced hourly traffic distribution for eastbound and westbound SR 91 between Green River Road and Express lane weave at Riverside/Orange County Line is shown in Figure 3-31. The highest demand westbound in the AM is around 12,500 vehicles across seven lanes at 6 AM and eastbound in the PM is around 11,400 across seven lanes at 3 PM. Figure 3-31: Weekday Hourly Traffic Profile - at County Line Express Lane Weave 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 I i i I I 7 i i i i a • Q a Q a Q a a Q Q Q Q 0_ 0_ 0_ 0_ a o_ 0_ 0_ 0_ a 0_ a O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 o o 0 o 0 o 0 0 0 0 0 a 0 o 0 o 0 0 o 0 0 0 N C i M • 6 6 rz-: M O C\i • In 6 O O ■EB ■WB 3.3.6 Balanced Traffic Network Using ramp volumes and the mainline volumes from the count program, Stantec created balanced networks for the SR 91 corridor. Figure 3-32,Figure 3-33,and Figure 3-34 show the balanced network for the entire day, 5 to 6 AM hour, and the 2 to 3 PM hour. 3.46 432 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-32: SR 91 Daily Traffic Stick Diagram Lake4i1W 14364 46223 E4,538 Imperial -0.183 4,491 14,912 weir C3ltyon 13,71E 9421 T, 559 SR241 Gypauln 74,01❑ 3,354 BAEZ 6 A42 _. Ca nyon County Line 1 9,145 I I 159 - 25.969 152,6151�52 73.229 139467 125,755 115,122 111,127 1545236 105,322 152.79e I 131,T4T I 12,7916 13124 10,975 2.438 25,741 24,704 2� I 19,27 39,592 26,209 9,71 192,645 126851 127,17 161,13 54,232 122,376 12820 I 1352E 7i Ed,414 1 3,121 d04 fi•�0 3,465 fi,6fi3 6,595 1.61 6.652 26,624 I g719 I I raR 3E.$ 24,094 MP: 31.5 19,545 MP: 35.9 MP: 38.8 5284 S I I MP: 40.6 I Green RNe1 SeF45 1 Gab 4r Maple St Unwln Ave Main St i.639 5.731 McKinley 2-0,675 S,Sdfi pierce ' 12,721 20251 9,063 29 726 b,fi55 11,4d0 42� 7,913 14,386 9,253/7 ,921 SA71 7,pJ2 5,744 3,439 11,65G 151,747 123,68E 128,530 � 116,933 125,4.) 7,342 r 'S,6W 13981 /// 12165E 41,551 88,464 5.5G4 24754 19,4I7 ell 24.TM 19�73 11,403 7,526 12,09E 135,33 12625 129,154 122.957 126,iL 70J302 4 82,901 125,128 121,251 103.50 13.429 41d$ Mb 7O5fi 5,961 1,023 8,�3 5,921 12,528 g7� 5043 3'�5 am8,651 25fiCd i 5,039 .79 24.934 11,4E9 30 124 MIMS 21,526 MP:Id.3 1APd5.3 10F46.4 MP:175 MP:19.7 MP;19.i 1E11 MP:ao.8 MP=52.6 MP:64.1 433 3.47 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-33: SR 91 Stick Diagram - 5 to 6 AM Travel Demand Lakeview d8! 3,559 Imperial �2 171 393 Weir Canaan �&1 r 2.19 232 8R241 Gypsum 544 319 175 26 Ca neon County Line 158 I I 3 2 726 54 4,133 4,135 7,965 7,393 7,255 7254 7,225 7,267 D.353 9,759 1,221 50 1,349 ,--�71 + 2,5757 Se39 i 9 2, 3,869 3,111 2•e37 2,557 2,551 5,965 5,275 3,297 3,19a s+s j ee.111:1 s 14s 44 133 o � 37a I MP' 33 4 42i MP: 34.5 367 MP: 35.9 MP MO 72 � S i MP' 40_d I GreenRHer lei Strides Clue CV Slept St uncolnAye Mein 1 St 735 71B7 McKinley 991 Pierce 1 .722.60 1,484 1,�4 595 94 479 97 635 1 m8 S� f 2,142 69E 597 750 919 9,756 6,155 7,546 � 1 5,e13 6452 3,484 1.ggi / 5,952 7�99 7,16511(4^1/409 2139 139 _ 159 ' 1.+� S2 1e7 giai 5�77 3,330 ib,---•-...„ 3,462 S,3ei 3,650 IAA A A� 1,536 5 295 2.577 2,765 122 `.2: 280 143 216 193 195 536 173 1,643 1.!]E � SOG 153 116 ifi9 659 111P: e4,3 MP: a,1'.3 MP: 46.9 MP: 47.5 MP-. 19.7 254 333 MOM MP; 19.7 ID° 597 MP:50.$ MP: 52.5 MP-.54.1 434 3.48 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-34: SR 91 Stick Diagram - 2 to 3 PM Travel Demand Lakeview 1690 999 5,374 Imperial 263 263 835 Weir Canyon 660 651 d60 SR241 Gypsum 964 164 d97 412 Canyon County Line 183 I Olio I 1.023 i 8,735 6,139 4159 8.064 6,973 6,356 6,014 5,602 Ali 5,620 4673 1 6,955 5842 1,329 1,213 ' l,wrs i eaa Z547 1,9Rs I Z370 9164 9,635 7,393 7,161 6,277 5r106 5,257 6,y5G 5,77G I 7.54e 1,i3fi 3,967 S76 187 -01 419 207 219 143 y Y,/ - 2,600 S0 I MR 83.6 1.304 MP: 34.5 1,364 MP: 35.3 LIP: 38.8 '75 h S I I MP: 40-5 I Green RMer Swiss al Club Dt Maple St Lin uln Ave Main St MufVrey 1,506 Plena MC 1'1 16d8 770 554 313 44S i53 5�7 318 701 jr 6 6,767 7,3415 7,926 7,32S Jf f 494 EM VAS ' � 944 1,9E3 4 550 760 1223 7,.946 0,578 I 6,776 6,135 &Xi 5.6243 7950 0.551 5,300 9,162 1,1137 i4 533 Milb 113 810 483 d-i0 07d &i 2' 578 1.7 11 1,343 Etc 3� 836 1 751 1,413 1,469 4OA ,256 MP:44.3 MP-65.3 MPT 46.9 MP:d7.5 MP:48.7 MP:44.7 � OPT 50.8 MP-52.5 MP:54.1 435 3.49 Traffic Volume RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.3.7 SR 91 Mainline Traffic by Day of Week Traffic volumes on the SR 91 corridor are typically higher on Fridays and Saturdays than traffic on an average Tuesday to Thursday while volumes on Sunday are typically lower than the rest of the week. In the westbound direction, daily traffic on Friday is six percent higher and Saturday is four percent higher than average Tuesday to Thursday traffic, while Sunday traffic is three percent lower. During the 4 AM to 10 AM hours traffic on the weekends is significantly lower than average Tuesday to Thursday and Friday due to a relative lack of commuter traffic. However, traffic on weekends is typically higher during the rest of the day compared to average Tuesday to Thursdays and Fridays. Specifically, traffic on weekends is 14 percent, 17 percent, and 56 percent higher than the average Tuesday to Thursday from 10 AM — 2 PM, 2PM — 8 PM and 8PM — 4 AM, respectively. Friday traffic is 2 percent higher in the morning than the average Tuesday to Thursday, 8 percent higher in the midday, 3 percent higher in the evening, and 17 percent higher during overnight night hours. Figure 3-35: SR 91 Westbound Volumes by Day of Week - between Green River Road 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 .1w, 0 Daily 4-10 AM 10AM - 2PM ■ Tue-Thu ■ Fri Sat Sun 2-8 PM 8PM-4AM 436 3.50 Traffic Volume ai RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions In the eastbound direction, daily traffic on Friday is nine percent higher and traffic on Saturday is six percent higher than average Tuesday to Thursday traffic, while Sunday is twelve percent lower. Traffic on Friday is similar in the morning and evening hours while it is 18 percent higher in the midday and 16 percent higher in the night hours compared to average Tuesday to Thursdays. Traffic on Saturday is 17 percent lower in the morning and 6 percent lower in the evening while it is 23 percent higher in midday and 26 percent higher in the night hours compared to average Tuesday to Thursdays. Traffic on Sunday is 45 percent lower in the morning and 16 percent lower in the evening hours while it is 5 percent higher in midday, and 7 percent higher in night hours compared to average Tuesday to Thursdays. Figure 3-36: SR 91 EB Volumes by Day of Week - at County Line Express Lane Weave 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 • Daily 4-10 AM 10AM - 2PM ■ Tue-Thu ■ Fri ■ Sat Sun 2-8 PM 8PM-4AM 437 3.51 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions 3.3.8 Origin - Destination Patterns on SR 91 Origin —Destination (OD) data on SR 91 trips show that a minority of trips (twelve percent) traverse the SR 91 corridor end to end (i.e. SR 91 east of 1-15 in Riverside County to/from SR 91 west of SR 55 in Orange County). When including trips originating from 1-15 north and south of SR 91 and destinations to both SR 55 and SR 91 west of SR 55 into this end to end tally, approximately 37 percent of the trips travel end to end. Figure 3-37 and Figure 3-38 show the OD patterns for traffic traveling to/from Riverside and Orange counties. • Major origins of traffic crossing the County Line westbound are SR 91, 1-15 South, SR-71, and Green River Road Ramps o Approximately half of the traffic originating from 1-15 South is destined to SR 91 west of SR 55, 20 percent is destined to SR 241 and 20 percent destined to SR 55 o Approximately half of the traffic originating from SR 71 is destined to SR 241, around 20 percent is destined to SR 55 and SR 91 west of SR 55 each o Approximately a third of traffic originating from Green River Road is destined to SR 91 west of SR 55, a third to SR 55 and 15 percent to SR 241 o Approximately 40 percent of traffic originating from east of 1-15 is destined to SR 91 west of SR 55 diverge, a quarter of traffic is destined to SR 55 and 20 percent is destined to SR 241 • Major destinations for traffic crossing the County Line westbound are SR 241, SR 55, and SR 91 • Major origins of traffic crossing the County Line eastbound are SR 91, SR 55, and SR 241 o Approximately a third of traffic originating at 241 is destined to SR 71, 20 percent of traffic is destined to 1-15 North and 15 percent is destined to SR 91 east of 1-15 o Approximately 15 percent of the traffic originating at SR 91 is destined to SR 71 and 1-15 South each. 18 percent of the traffic goes through to 91 east of 1-15 o Approximately 20 percent of traffic originating at SR 55 is destined to east of 1-15, 10 percent of traffic is destined to 1-15 South. • Major destinations for traffic crossing the County Line eastbound are SR 91, 1-15 South, Green River Road, and SR 71 3.52 438 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Existing Conditions Figure 3-37: Origins and Destinations to/from Orange -Riverside County Line — WB 4 to 10 AM East of County Line WB Trip Origins West of County Line WB Trip Destinations LAKEVIEW AVE 37% 25% IMPERIAL HWY WEIR CANYON RD GYPSUM CANYON RD 2% 13% 24% GREEN RIVER RD 12% Att ILI 14% SERFAS CLUB DR LINCOLN AVE MAPLE ST MAIN ST A 64,074 WB trips [1co 9G) 18% Orange County Riverside County Figure 3-38: Origins and Destinations to/from Orange -Riverside County Line — EB 2 to 8 PM 6% 19 91' West of County Line EB Trip Origins East of County Line EB Trip Destinations LAKEVIEW AVE 29% IMPERIAL HWY WEIR CANYON RD GYPSUM CANYON RD 1 12% 23% 241 ovrorm4 ?1 GREEN RIVER RD 62,765 EB trips (1C0%) 13% SERFAS CLUB DR MAPLE ST LINCOLN AVE MAIN ST 13% 16% Orange County Riverside County 12% 9f 32' 15% 439 3.53 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use 4.0 SOCIOECONOMIC VARIABLES AND LAND USE This section contains detailed forecasts and supporting commentary on socioeconomic trends in the four counties constituting the "Study Area" between 2015 and 2040 (the "Forecast Period"). The Forecast Period includes actual 2015 data for comparison and continuity from our previous forecasting efforts, though the Base Year of the forecast is 2017, as explained in more detail later. The Study Area consists of Los Angeles, Orange, Riverside, and San Bernardino counties. Imperial, San Diego, and Ventura counties are also part of the modeled area but are not considered significant with regard to the SR 91 Express Lanes, and the forecasts from SCAG and SANDAG were adopted for these counties. The forecast data developed by WSP for use in traffic modeling on the RCTC's roads are referred to throughout this section as the "Base Case" forecasts. 4.1 SUMMARY CONCLUSIONS Employment' in the Study Area is forecast to grow by 1.7 million jobs, from 7.2 to 8.9 million during the Forecast Period, a compound annual growth rate of 0.9 percent per year. Households2 in the Study Area will grow by 1.2 million over the Forecast Period from 5.6 to 6.8 million, a 0.8 percent per year compound annual growth rate. Housing growth will closely track job growth region -wide, although housing production will vary by market due to differing levels of developable land availability and housing affordability by submarket. For example, the Inland Empire3 is poised to grow at a more rapid pace as compared to Orange and Los Angeles counties due to higher levels of available land and lower housing prices relative to Orange County and other coastal areas. The relatively high cost of living in Orange County has caused many people with jobs there to seek lower cost housing options in places such as the Inland Empire. This relationship between coastal and inland communities results in strong traffic demand on linkages between the two areas, such as the SR 91. The Inland Empire is expected to realize the strongest percentage employment and household growth in the Study Area over the Forecast Period and the already robust (and growing) job market in Orange County will cause traffic demand on the SR 91 to continue rising. Table 4-1 presents a summary of the Base Case Study Area employment and household forecasts. "Employment," unless otherwise stated, refers to a comprehensive measure of non -farm, at -place wage and salary jobs plus government and agricultural workers. 2 "Households," unless otherwise stated, refers to occupied dwelling units. 3 For the purposes of this analysis, the "Inland Empire" is defined as the counties of Riverside and San Bernardino. 4.54 440 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Table 4-1: Base Case Study Area Employment and Household Forecast (thousands) Employment Total Employment Period Incremental Growth Average Annual Growth CAGR [1] Households 7,196 2015 2017 2025 7040 7,457 E,052 8,93E 2015-17 2017-25 2025-40 2015-45 261 595 8S6 1,742 131 74 17 69.67 1.S0t5 0.96% 0.70% 0.S7% 2015 2017 2025 .21:140 Total Households Period Incremental Growth Average Annual Growth CAGR 5,64E 5,734 6,17E 6,82E 2015-17 2017-25 2025-40 2015-45 E6 444 650 1,1E0 43 55 43 47.20 0.76E 0.94.,e; 0.67t5 0.76Y [1] Compound Annual Growth Rate 4.1.1 Study Area Employment Survey The California Economic Development Department (EDD) reports that the Study Area added approximately 73,000 nonfarm jobs annually (on average) between 1995 and 20154, a compound annual growth rate of 1.1 percent. Between 2007 and 2009, the Study Area lost approximately 640,000 jobs, equating to 9.1 percent of its total job base, bringing the total number of jobs down to approximately 6.4 million, a level not seen since the 1999 to 2000 period. Recovery from the Great Recession began slowly in 2010 and accelerated in 2011, sustaining an average of 2.6 percent job growth between 2011 and 2016, resulting in an average of about 175,000 jobs per year over that period. The four - county Study Area fully recovered the employment losses stemming from the Great Recession in 2015 and has surpassed the previous peak in employment in 2007 by about 500,000 jobs. Figure 4-1 shows historical and forecast employment changes in the Study Area as well as the overall level of Study Area employment at the end of each period. As shown by the green extension of the historical employment levels tapering off on the right side of the figure, the robust employment growth seen over the past seven years during the economic recovery is not expected to continue. The reduced expected growth shown between 2018 and 2020 reflects the average expected growth rate between 2017 and 2025. The Base Case forecast includes an average of 69,700 new jobs per year added to the Study Area between 2015 and 2040. This growth is due in part to the expected deceleration of growth following the relatively long recovery from the Great Recession. There are certain issues related to the cost of operating businesses in California that may hamper growth, but the highly educated workforce, industrial diversity, large established international trade industry, and population growth of the various urban cores within the Study Area will support job growth in the long term. Figure 4-2 shows historical Study Area employment and the Base Case employment forecast. The black line is the linear trend line of the historical data series from 1990 to 2015. The figure shows that the past four years of consistently strong growth have caused total employment to surpass the historical trend line as of 2015. 4 California Employment Development Department Labor Market Information Division 4.55 441 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Figure 4-1: Historical and Forecast Study Area Employment Gains and Total Employment SO0,004:1 3,0(10,OH w 300,000 - E m 2oo,oDo 1-2 100,000 C E ▪ - 4 a (100,000 - E w (200,000 - (3oo,ocio - E mpinyme ntChange Forecast �H istory N rw Cr. C. Cr. Cr. N N On C. On C. N N 1992-1993 1993-19s1 a7 a7 N a� s 1995-1996 1996-1997 1997-5996 2001-2002 2002-2003 2003-2004 0 0 0 2005-2006 2006-2007 2007-200E 0 �' o 0 ▪ fq o a ry rw 2010-2011 2 011- 2012 2 012- 2013 2 013- 2014 2 014- 2015 2 015- 2016 2 016- 2017 2 017- 201E 2 01E- 2019 2019-2020 7,000,000 E,000,o�o 5,000,000 4,000, OM 3,000,000 2,000, OM "otalYear End Employment [Line} Figure 4-2: Historical and Base Case Study Area Employment Forecasts 9,000,000 - 7,500,000 7,000,000 ❑ 1- 6,500,0E10 w 7 6,000,0E10 ✓ 5,500,000 5,000000 - 4,500,000 - 4,000,000 F ❑recast Histary— Linear 1History} 4.56 442 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Continued expansion is expected in the near term, with annual employment growth between 2017 and 2025 forecast to continue in the 0.8 percent to 1.6 percent range (depending on location), barring any major economic shocks. Near - term employment growth will be shaped by a number of factors, including: (i) Oil prices represent a double-edged sword in terms of economic impacts. On one hand, low oil prices hurt the oil -producing sectors of the economy. Businesses in this sector experience declining revenue and profits and increased credit risk, and as a result, the employment base can contract and capital investments may be halted. On the other hand, low prices benefit consumers and positively impact consumer expenditures, a critical component of the economy. Likewise, certain businesses benefiting from resulting energy costs savings may be better positioned to make capital investments during this period. The state is ranked third in the U.S. in crude oil production behind Texas and North Dakota, and half of the state's downstream activities, such as refinery operations, are located in the Study Area. After hitting a 15-year low in early 2016, oil prices have moderated into the $60/barrel range. At this level, oil prices do not appear to be a major factor in job and household formations but if oil prices inflate, as they did prior to the last recession, household location choices could be impacted, particularly in the Inland Empire where commuters often drive long distances to work in coastal areas and fuel costs are a more significant consideration. (ii) Construction is typically one of the leading growth sectors in economic recovery periods due to demand that is pent-up during recessions. Historically high vacancy rates in residential and non-residential properties have mostly been absorbed during the recovery from the Great Recession, and markets (prices and inventories) have stabilized across the Study Area. The Inland Empire was hit particularly hard by foreclosures, but the number of distressed mortgages has declined to normal levels and new construction activity has been strong in recent years. The number of construction jobs in the Study Area have yet to exceed the previous highs in 2007 but are close. (iii) The general trend of businesses doing more with less will continue. This includes sharing work space, reducing the square footage per employee provided by office end users, working from home, investments in computer technology and automation to reduce the number of workers, and outsourcing to reduce overhead and increase profits. Certain sectors, such as manufacturing, will continue to face employment headwinds due to these trends. Non-residential development in the Inland Empire continues to be led by industrial / distribution space users seeking cheap land and good highway access. While industrial / distribution business relocation to the Inland Empire is positive in general, these uses tend to require far fewer employees per square foot, limiting the job -generating impact of these moves. In December 2015, the Fed raised short-term borrowing rates for the first time in ten years. Citing job growth trends and healthy unemployment levels, this move signals confidence in the U.S. economy's near -term fundamentals and a departure from the monetary policy geared towards stemming the losses from the Great Recession. Most economists remain bullish on near term economic conditions with a few of the caveats cited above. In the longer -term, the Study Area forecast reflects several fundamental characteristics of Southern California that have impacted growth in the past. (I) The diverse mix of employment in the Study Area, including high-tech manufacturing (electronics, medical devices, defense equipment, etc.), leisure and hospitality jobs, retail jobs, medical services jobs to assist the aging population, and educational services jobs to fuel future innovation and economic growth. 443 4.57 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use (ii) Continued migration of certain manufacturing sector components, such as distribution, which is migrating within the Study Area to less expensive operating environments such as the Inland Empire, and others (mainly less advanced manufacturing processes) that could continue moving off shore. (iii) Continued strong growth in Los Angeles County employment. The County's growth in the most recent recovery is a significant departure from historical trends and suggests a structural shift in the role of Los Angeles County employment in the Study Area. The county has averaged over 2 percent job growth over the past six years, representing over 50 percent of Study Area job growth over the period. In previous expansionary periods, Los Angeles County's share of Study Area growth was 39 percent (1993 to 2001) and 30 percent (2002 to 2007). (iv) Continued housing / jobs imbalance in certain key parts of the Study Area, including Orange County, where the build -out of remaining vacant land is arguably within the forecast horizon (2040). Even under current plans where far more land will be dedicated for residential development than commercial, long commute times will be the norm for many Orange County workers seeking less expensive residential options outside the county. (v) The trend towards infill development in established areas may provide a counterbalancing effect to the issues noted above in (iv). Our previous analyses in the region identified underutilized coastal areas as candidates for redevelopment. In the past, these were generally considered longer -term opportunities most likely to take place near the end of the Forecast Period. However, research and field observations suggest that this trend is accelerating and will impact employment and household development patterns sooner rather than later. (vi) California has developed a reputation as a challenging location to operate a business, and some businesses have relocated to more business -friendly states such as Arizona, Nevada, Texas, and Utah to avoid higher taxes, costly regulations, and the cost of living for employees, resulting in higher wage demands. Despite this reputation, during the recovery from the Great Recession, the state had one of the strongest rebounds relative to other states and the U.S. as a whole. This trend suggests that the fundamentals of the California economy remain strong despite perceptions of an unfriendly business environment. Within the Study Area, the most significant long-term employment growth is expected in the Inland Empire where Riverside and San Bernardino counties' combined employment is expected to grow at an average annual rate of 1.2 percent over the Forecast Period, adding over 440,000 jobs by 2040. Inland Empire job growth will result from two broad trends; (i) The need for nearby "population serving" jobs to serve large numbers of new residents, and (ii) The high cost of doing business in established Orange and Los Angeles county locations, especially for companies with large land demands such as certain types of manufacturing and distribution. Transportation and trade related jobs have for years accounted for much of the job growth in the Inland Empire as many distribution facilities serving Ontario International Airport and the ports of Long Beach and Los Angeles are located there. Los Angeles and Orange county job growth, while at lower rates, will also be substantial, adding approximately 700,000 and 310,000 jobs, respectively between 2017 and 2040. These coastal counties are adding transit infrastructure and associated dense development, and will continue to be a preferred location for corporate headquarters other large regional office end users. 4.58 444 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use 4.1.2 Study Area Household Summary The Base Case forecast assumes that in the near -term, the ongoing strength of the economy will fuel continued household formations. Pent-up demand has largely been met, but continued strong residential growth in coastal areas and moderate expansion in inland areas between 2017 and 2020 is expected. Figure 4-3 shows historical and forecast household gains in the Study Area. 200,030 - 150,030 100,000 - 50,000 - N c7 c7 N c7 r-i Figure 4-3: Historical and Forecast Area Households �Hau:sehald Change - Forecast - History 1001-1002 1002-1003 1003-loaf 1001-1995 1005-1996 100G-1997 2003-2001 2001-2002 2002-2003 2003-2004 2001-2005 2005-2006 200G-2007 2007-200E 0 0 rw rw 00 4 4 2010-2011 2 011- 2012 2 012- 2013 2 013- 2014 201,1-2015 2 015- 2016 2 016- 2017 2 017- 201E 2 01E- 2019 2 019- 20 M b,000,, W4 5,000, OCI.D 4,000, 00'0 3,000, 000 2,000, 000 1,000, 000 TataIYea r End Hausehalds [Line} Overall, household formations reflect a higher number of employed persons per household in Orange and Los Angeles counties due to the higher proportion of dual income earning households and the daily in -migration of workers from surrounding counties. Table 4-2 shows historical and forecast jobs per household by county in the Study Area. As seen in the table, the average employment per household fell sharply between 2005 and 2010, reflecting the effect of the recession on employment in the Study Area. Employment per household is expected to return to the historical average over the Forecast Period. Table 4-2: Jobs per Household by County Dohs/ H H 1990 1995 2000 2fl05 2010 2015 2020 2025 2030 2035 2043 Los Angeles Orange San Bernardino Riverside 1.40 1.43 0.S9 0.79 1.25 1.34 0.90 0.7S 1.32 1.49 1.03 0.92 1.2S 1.55 1.10 0.97 1.21 1.3S 1.00 0.79 1.30 1.52 1.12 0.93 1.32 1.55 1.14 1.00 1.33 1.57 1.13 1.00 1.33 1.5S 1.13 1.00 1.33 1.59 1.12 1.00 1.34 1.60 1.12 1.00 Study Area Average 1.30 1.19 1.23 1.23 1.16 1.27 1.30 1.30 131 1.31 1.31 4.59 445 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Figure 4-4 shows the historical trend of household growth in the Study Area compared to the Base Case forecast. As seen in the figure, it is expected that household growth in the region will move beyond the historical trendline. This is due to an initial level of higher growth in the region between 2015 and 2020 resulting from a variety of factors. These include increased household formation resulting from continued economic growth, as adult children leave their parents' homes or leave roommates due to stronger financial situations, growth driven by the Millennial Generation, as well as positive net in -migration driven by local employment opportunities. Figure 4-4: Historical and Forecast Base Case Households Total Households 000, 000 6,500, 000 6, 0 D0, D0 0 5, 5ry0, 000 5, add, DOD 4, 5013;0D4 - 4,0011.0D0 —.Forecast —History =Linear (History) 1.11111111111111.11111111.11111.111111111111111.1111.1 ,v°o 0 e In the long term, the western portions of the Inland Empire will achieve the strongest percentage household growth, where price points are lower than most Orange and Los Angeles county markets and reasonable commutes to Orange and Los Angeles job centers remain possible, especially given current and planned expansion of tolled express lane options on SR-91 which links Inland Empire communities to the Foothill Eastern toll road and central Orange County employment centers. A significant component of residential growth in coastal areas (especially Los Angeles County and northern portions of Orange County) will be through redevelopment of older obsolete industrial properties and denser, multifamily infill projects. Recent permitting activity suggests that this is a growing trend. In 2015, 80 percent of Los Angeles County permits and 65 percent of Orange County permits were for multifamily units, compared to 24 percent and 28 percent for Riverside and San Bernardino Counties respectively. Another related trend in residential development is that cities are incentivizing developers to build multifamily developments near transit facilities, through tax breaks, density bonuses and other mechanisms. Concentration of new development near transit facilities and Millennial preference towards non -automotive travel is a factor that will reduce highway congestion. 4.60 446 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use 4.2 FORECAST METHODOLOGY Forecasts were developed using both the Riverside County Transportation Analysis Model (RivTAM), as well as the San Diego Association of Governments (SANDAG) traffic models. The combination of these two models includes the Study Area, San Diego, Ventura, and Imperial Counties, which, as noted earlier, are not expected to impact Riverside County to Orange County highway traffic in a material way. The Study Area forecast discussed above is the aggregation of 5,211 individual traffic analysis zone (TAZ) forecasts5. The disaggregated TAZ forecasts can be aggregated by county, city or Focus Area to aid in the analysis. The term "Focus Areas" refers to aggregations of TAZs assembled by WSP that represent major projects or development areas that received additional attention in the modeling process due to their expected impact on the RCTC's traffic. Figure 4-5 is a map of the Study Area, showing the core of the four counties relative to the SR-91 Express Lanes. Figure 4-5: Map of the Study Area tr % onaao .rr Nat e w 4.rd.r. ¢ra.en Apj Wool s I,#s Angel Mom - O itilal jOr 4M1a �} ino Dun L Wadi firma Tartar re4. Ails alk 4arcl 131 f� V a. Full Inn ,�•-•_•� t Fero hdnglon t BaaEh C i Meta SR-916rpress JLanceli T ¢ 7 ; t #Ir•p-V 1'6•+ 4»Wao 6arh "a0■ I Joni *elm Orange County tarn tat RweSaeR �hefi t!`rtrlo W a.b. ylle ■»Mer ton 67fIFMiM tld� Yopbrio rJ1Eoy r Riverside County rprau■ rawer f LW. Zoi. eCAThrkZ. hour 1. a } r• r•• f+rr.aink 'WAND('A.•.i e 4T•Fer.len* Is .trr W aM U-4 .r c 5 Traffic analysis zones are geographical areas, subsets of Census Tracts, established based on traffic levels and generally bound by roadways. 4.61 447 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use The forecast provides the socioeconomic inputs for 2,243 TAZs in Los Angeles County, 666 TAZs in Orange County, 1,900 TAZs in Riverside County, 402 TAZs in San Bernardino County. The specific analytical steps taken to undertake this update were: • Reviewed Metropolitan Planning Organization (MPO) demographic forecasts including revised Southern California Association of Governments (SCAG) data and incorporated this data into our model framework. • Incorporated the Base Case Forecasts into the RivTAM TAZ structure for use by Stantec, and performed standard tests to ensure that socioeconomic model outputs flowed seamlessly into the traffic model. • Reviewed economic reports and forecasts from the Los Angeles Economic Development Corporation (LAEDC), California Department of Finance, Moody's Analytics, and other third party data sources to understand current national, state, and local trends in the critical trip production and attraction variables of households and at -place employment. • Established 2017 values for the 53 socioeconomic data model parameters at the TAZ level for use by Stantec in calibrating the traffic model. • Conducted interviews with a limited number of developers and planning agencies where key real estate development projects were planned or underway to validate expectations for those areas. • Developed Study Area, county and Focus Area employment and household growth rates for the Forecast Period based on a review of historical trends from the California EDD, national and regional forecasts, economic reports, and first-hand information gathered through the interview process. • Using information generated through the preceding steps, prepared a Base Case forecast for the required variables (mainly households, jobs, and variations thereof) at the Study Area, county, Focus Area, and TAZ levels. As stated above, the Base Case has been developed using the RivTAM/TransCAD model structure and provides inputs to the traffic model for all 53 socioeconomic parameters. Some forecast parameters are directly related to, and were therefore derived from, the primary forecast parameters (total at -place employment and households) while others were adopted from the MPO base data. 4.3 HISTORICAL DATA AND TRENDS IN THE STUDY AREA 4.3.1 Historical Study Area Employment Trends Employment in the Study Area grew from 5.8 million in 1995 to 7.2 million in 2015, corresponding to an average of 73,000 new jobs per year and a compound annual growth rate of 1.1 percent6. This period takes into account several economic cycles including the Great Recession and the ongoing recovery that followed. Some portions of the Study Area, specifically Los Angeles County and parts of Orange County, are more mature job markets that have experienced relatively slower growth rates over the long term; but overall, the Study Area has exhibited resiliency in post recessionary periods, with the redevelopment of obsolete properties in mature areas and steady growth in emerging 6 Source: California EDD LMI 4.62 448 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use submarkets. Table 4-3 shows that job growth by county varied significantly by period, with strong percentage growth in the Inland Empire counties from 1995 to 2005 and the high level of absolute job growth in Los Angeles County from 2010 to 2015. Table 4-3: Total Employment Growth by County, 1995 to 2015 County 1995. 2000 2005 201_0 2015 Las Angeles 3,796,000 4,132,CCC 4,140,700 3,924,9CC 4,286,500 Period 1995-00 2000-05 2005-1.0 2010-15 1995-15 Incremental Growth 336,000 8,700 (215,800) 361,6430 490,5CC Average Annual Growth 67,200 1,740 (43,160) 72,320 25,816 CAGR 1.71% 0.04 -1.06% 1.78% C.613; Orange 1,1675CC 1,4C=,=CC =5CL',300 1,37L',9CC 1546,9CC Period 1995-00 2000-05 2005-10 2010-15 1995-15 Incremental Growth 233,6430 103,200 (129,400) 172,000 379,400 Average Annual Growth 46,720 20,640 (25,880) 34,400 19,968 CAGR 3.72% 1.43% -1.78% 239% 1.L'2% San Bernardino 451,000 545,600 655,000 616,500 7C5,6CC Period 1995-00 2000-05 2005-10 2010-15 1995-15 Incremental Growth 94,600 109,400 (38,500) 89,100 254,6CC Average Annual Growth 18,920 21,880 (7,700) 17,820 13,400 CAGR 3.88% 3.72% -1.20% 2.74% 2.263; Riverside .359,800 471,010 602,300 549,200 656,8CC Period 1995-00 2000-05 2005-10 2010-15 1995-15 Incremental Growth 111,2430 131,300 (53,100) 107,6430 297,CCC Average Annual Growth 22,240 26260 (10,620) 21520 •5,632 CAGR 5.53% 5.04% -1.83% 3.64% 3.C5% StudyArea 5,774,3430 6,549,700 6,902,3430 6,465,5430 7,195,8CC Period 1995-00 2000-05 2005-10 2010-15 1995-15 Incremental Growth 775,4130 352,600 (436,800) 730,3130 1,421,500 Average Annual Growth 155,080 70,520 (87,360) 146,060 74,816 CAGR 2.55% 1.05% -1.3038 2.16% 1.il% Job growth in the Inland Empire has been relatively healthy for the past 20 years, and compared to other parts of the Study Area, it has a very different employment composition stemming from fundamental characteristics of its specific stage of the socioeconomic lifecycle. While Los Angeles County and Orange County represent maturing job centers, the Inland Empire is a large, fast-growing formerly agricultural area that is now a center for industrial and distribution businesses. From the mid-1990s to the mid-2000s, it was one of the fastest growing metropolitan areas in the country. Sector specific trends reflect these distinct characteristics. Leading up to the Great Recession, the Inland Empire was undergoing an unprecedented housing boom, which led to strong but unsustainable growth in the construction sector. The Inland Empire experienced dramatic declines in housing market conditions, leading to significant job losses in the construction sector in 2008 and 2009. From 2010 to 2014, consistent with regional, state, and national trends, the Inland Empire gradually recovered from the losses of the Great Recession. The rebound from 2010 was driven by two of the Inland Empire's key industries: logistics and construction. The Inland Empire has a competitive advantage with respect to logistics, with large amounts 4.63 449 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use of affordable land with strong access to the west coast ports and interstate network as a whole, that are key site criteria for distribution users. These sites are also attractive for e-commerce and consumer goods businesses seeking distribution hubs. Amazon recently opened fulfillment centers in Moreno Valley and Redlands, and industrial development activity continues to drive commercial real estate in the region. The Inland Empire is considered one of the strongest industrial markets in the nation. Construction and leasing activity are both healthy, and vacancy rates are hovering at about four percent. End users continue to take down large leases, with five in the 2nd quarter of 2018 between 600,000 and 1.1 million square feet, according to CBRE Research. 4.3.2 Historical Study Area Household Trends Historical residential building permit data from 1996 to 2017 is shown in Table 4-4. During this period, the Study Area averaged approximately 45,000 residential units per year with 45 percent of these permit issuances occurring in the Inland Empire counties, 36 percent in Los Angeles County, and the remaining 19 percent taking place in Orange County. Residential permit issuance grew significantly each year between 1995 and 2004, even during the early 2000s when the short tech bubble -related recession occurred. Permit issuance in the Study Area peaked in 2004 at 87,000. During this year over half (59 percent) of the building permits issued were in Riverside and San Bernardino counties. The surge in housing production between 2002 and 2006, especially in Riverside and San Bernardino counties, was in large part attributable to favorable lending terms, most simply reflected in mortgage rates. After peaking in 1981, the average annual 30-year mortgage rate trended downward until reaching a 30 year low in 2003 at under 5.5 percent. This borrowing environment made homes more affordable despite robust annual price increases during the late 1990's through the mid 2000's. Annual permit issuance began to decline significantly in 2007 and reached a low in 2009 of 13,600 issuances. Activity has increased significantly since then, reaching 45,000 in 2017, which is significantly higher than the 2009 trough, but still far below the 2004 peak. The increase in activity has been driven primarily by permits in Los Angeles County. Geographically, trends in single and multifamily product types reflect the relative levels of maturity of each county, with more mature areas that are fully developed and space -constrained limited to higher density development. The split between single-family detached and multifamily units built between 2007 and 2017 in the Study Area was approximately 45 percent/55 percent respectively. Single-family detached homes represented approximately 76 percent of the homes built in Riverside and San Bernardino counties, an area rich with undeveloped land. Orange County, which is running out of vacant land for development, falls between Los Angeles and the Inland Empire counties with approximately 60 percent of new homes built as detached units. Table 4-5 presents actual annual residential building permit data from between 2007 and 2017. 4.64 450 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Table 4-4: Growth of Total Residential Building permits in the Study Area Year Los Angeles Orange Riverside San Bernardino Total Y.O.Y. % Change 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 7,731 9,829 11,226 14,060 16;968 18,294 16,454 20,903 26,529 23,948 25,202 19,244 11,810 5,138 7,260 9,895 11,365 14;77 6 17,659 23,263 2C,591 21,574 10,173 12,261 9,704 12,239 12,520 8,611 11,796 9,248 9,256 7,143 8,303 7,372 3,235 2,143 3,134 4,352 6,082 10,422 9,291 10,771 11,523 9,510 7,540 9,747 12,527 14,154 15,02 5 19,012 22,255 30� 53 33,446 34,373 24,765 12,334 5,763 4,072 4,547 3,264 4,052 5,924 6,761 6,158 6,996 8,001 4,822 5, 448 6,127 6,767 6, 471 8,405 10,219 11,899 18,017 16,635 13,324 7,752 3,183 2,263 1,789 1,472 1,897 3,424 3,405 3,768 3,925 6,675 30,266 37,285 39,584 47,220 50,984 54,322 60,724 72,41713 87,248 82,099 71,594 46,702 23,991 13,616 16,730 18,983 23,396 34,546 37,116 43,960 43,035 45,760 23.2% 6.2% 19,3% 8.0% 6.5% 113% 19.2% 20.5 - 348% - 48.6% - 43.2% 2 2.9% 13.5% 23.2% 47.7% 7.4% 18.4% -2.1% 6.3% Total 3 5 3, 719 189,089 291,069 147,687 981,564 Source: U.S. Census Bureau The increase in activity in recent years has been driven by increased multifamily development in Orange County and Los Angeles counties. This is a departure from historical trends in which the majority of permit issuances were for single-family detached units, as shown in Figure 4-6. 4.65 451 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Table 4-5: Annual Building Permits Issued in the Study Area, 2007 to 2017 Covnty 2007 2008 2009 2010 2011 2012 2013 2014 2015 201.6 2017 LosAngeles 5ingieFarnily F:1u1ti-Farni ly Total Orange SingleFamily Multi -Family Total li%eerside SIreleFamily f41u1[i-Fdrni ly Total San Bernard'no SingleFamily Multi -Farm ly Total Study Area SireleFamily Multi -Family Total 7,102 12,142 19,244 3,249 8,561 11,810 2,268 2,870 5,138 2,384 4,876 7.260 2 ..17 7 7,620 9,895 8.6 11,365 ~ zo 14,776 13;73 17.559 -,638 18,625 23,263 5,C 2 1556g 20591 5,683 15,391 21,574 2,279 1,330 1,541 1,624 1,822 2,271 3,570 3,714 3,809 4,357 4,904 5,093 1,905 802 1,510 2530 3,811 6,752 rs,sn 6,962 7,156 4,606 7,372 3,235 2,143 3,134 4,352 6,082 10,422 9291 10,771 11523 9,510 9,717 2,617 12,334 6,302 1,450 7,752 25,400 21,302 46,702 3,820 1,943 5,763 1,976 1,207 3,183 10,375 13,616 23,991 3,406 666 4,072 1,481 782 2,263 0,496 5,120 13,616 4,027 520 4,547 1,260 529 1,789 9,295 7,435 # 6,730 2,275 989 3,264 1,103 369 1,472 7,475 11,508 18,983 3,107 945 4,052 1,381 516 1,897 9,434 13,962 23,396 4,432 1,492 5,924 2,040 1,384 3,424 13,981 20,565 34,546 5,074 1.687 6,761 2,148 1,257 3,405 15,522 21,594 37,116 4,934 1,224 6.158 2,882 886 3,768 16263 27,697 43.960 5,987 1,009 6,996 6,703 1,298 8,001 2,850 4,252 1,075 2,423 3,925 6,675 18,216 24,819 43035 21,542 24,218 45,760 Figure 4-6: Study Area Residential Building Permit Issuance, 2005 to 2015 70,000 - 60,000 - 50,000 ▪ 40• a na 30,000 ca 20,000 -Sir�le-Family -Multi-Family 10,00'0 - 20)5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 4.66 452 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use 4.4 EMPLOYMENT FORECASTS This section provides detailed information on the Base Case Forecasts developed as inputs to the RivTAM model for the SR-91 Express Lanes traffic and revenue forecasting effort. As outlined in the methodology section above, WSP uses third -party forecasts to assist in developing its long-term forecasts at the county level. A presentation of these forecasts is provided first, along with commentary on current economic trends and expectations that resulted in the Base Case forecast. While household and population counts are somewhat standard across forecasting platforms, most of the forecasts reviewed have varying "definitions" of employment that are not directly comparable. As such, we offer the following terminology to help clarify the dialogue that follows: • Wage & Salary: A widely used definition of employment used by the Bureau of Labor Statistics (BLS) which reports payroll employment counts based on insurance claims. • Proprietors: Persons who own businesses but are paid by distributions from business revenue, and are not part of the payroll. • Self Employed: Persons who are contract employees operate businesses as individuals or partners and are therefore not part of company payrolls. May be some overlap with Proprietors. Because of the differences in employment definitions and when the individual forecasts were developed, compound annual growth rates (CAGR) are displayed in the data tables to better capture each forecast's spirit. 4.4.1 Comparative Third Party Forecasts: Long- Term California Department of Transportation (Caltrans) Caltrans provides long-term forecasts for various socioeconomic variables. The primary data gathering source for employment is the California EDD Labor Market Information (LMI), and for households and population, the California Department of Finance Demographic Research Unit. The Caltrans employment estimate for the Study Area totals 7.5 million jobs in 2017 and forecasts employment to increase to 8.9 million jobs by 2040, a 0.76 percent compound annual growth rate. The forecast predicts the strongest growth to occur between 2017 and 2025 at 0.9 percent annual growth, followed by 0.7 percent between 2025 and 2040. Moody's Analytics Moody's Analytics provides independent economic and demographic projections through 2045. Moody's gathers data from the U.S. Bureau of Labor Statistics (BLS), and forecasts total non -farm employment. The same BLS Current Employment Statistics ("CES") program is used as a base for Moody's forecasts, as well as the Quarterly Census of Employment and Wages (QCEW) produced by the BLS. 4.67 453 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use The Moody's employment forecast for the Study Area reports 7.5 million jobs in 2017 and forecasts employment to increase to 8.4 million jobs by 2040, a 0.5 percent compound annual growth rate. The forecast predicts the strongest growth to occur between 2017 and 2025 at 0.7 percent followed by periods of lower growth. Southern California Association of Governments (SCAG) The regional metropolitan planning organization, SCAG, develops detailed forecasts for the Study Area that the RIVTAM inputs are derived from. These forecasts are not updated regularly, therefore have somewhat limited value in short-term comparisons to other third party forecasts. However, SCAG forecast updates for 2016 were obtained by WSP for use in this exercise and given the somewhat recent update, were considered relevant to the county -level comparison. The SCAG employment forecast for the Study Area reports 7.7 million jobs in 2017 and forecasts employment to increase to 9.2 million jobs by 2040, a 0.75 percent compound annual growth rate. Table 4-6 shows each of the employment forecasts described above along with the Base Case Forecast for the Study Area. In addition to the long- term forecasts, data from the California EDD, both annual and monthly through 20177, along with third party forecasts, were used to establish 2017 base year employment numbers for each county. Table 4-6: Comparisons of Long -Term Employment Projections (thousands) Employment 2015 2017 2025 2040 Ca trans Moody's SCAG Base Case 7,196 7,173 7,413 7,196 7,517 7,509 7,720 7,457 8,072 7,905 8,370 8,052 8,941 8,403 9,166 8,938 Incremental Growth 2015-17 2017-25 2025- 0 2015-40 Ca trans Moody's SCAG Base Case 322 336 307 261 554 397 650 r 595 869 497 796 386 1,745 1,230 1,753 1,742 Average Annual Growth 2015-17 2017-25 2025- 0 2015-40 Ca Itra n s Mcody's SCAG Base Case 161 168 153 131 69 50 81 74 58 33 53 59 69.8 49.2 70.1 69.7 CAG R 2015-17 2017-25 2025-40 2015-40 Ca Itra n s Moody's SCAG Base Case 2.2 2.3% 2.0% 1.8% 0.9% 0.6% 1.0% 1.0% 0.7% 0.4% 0.6% 0.7% 0.6% Note: Moody's ref,efts total nonfarm employment; a others "no ude farm emp oyment 4.4.2 Study Area Employment Forecast Total employment growth in the Study Area between 2015 and 2040 is projected to be 1.7 million jobs or an average of approximately 69,700 jobs per year. Table 4-7 breaks this growth down by county. Initial analysis of employment took place prior to available year-end data for 2015 4.68 454 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use With an average annual rate of 1.7 percent, Riverside County is expected to see the strongest percentage growth, adding 13,600 jobs per year on average between 2015 and 2040. Table 4-7: Base Case Employment Forecast by County (thousands) Employment Los Ange es Orange R-verside San Bernardino - Study Area Incremental Growth r 2015 2017 2025 4,692 1,730 828 802 8,052 2015-17 2017-25 2025-40 4,287 1,547 657 706 7,196 4,401 1,598 726 732 7,457 2040 5,106 1,909 996 926 8,938 2015-04 Los Ange es Orange R verside San Bernardino - Study Area 114 51 70 27 261 291 132 101 70 595 414 820 179 362 169 339 124 220 886 1,742 Average Annual Growth Los Ange es Orange R-vers:de San Bernardino Study Area CAG R. 2015-17 2017-25 2025-40 28 12 11 8 59 2015-17 2017-25 2025-40 57 25 35 13 131 36 17 13 9 74 2015-04 32.8 14.5 13.6 8.8 69.7 2015-40 Los Ange es Orange R-vers-de San Bernardino Study Area LS% 1.6% 5.2% 1.9% 1.8% 0.6% 0.7% 1.2% 1.038 0.7% 0.738 0.838 1.738 1.138 0.9% The Inland Empire will experience the highest growth in jobs with a compound annual growth rate of 1.4 percent over the 25-year period. The Inland Empire counties are expected to add approximately 22,400 new jobs annually between 2015 and 2040. Between 2000 and 2015, the Inland Empire counties experienced employment growth of approximately 21,100 jobs per year. Los Angeles County will add approximately 33,000 jobs per year, though it will grow at the slowest rate of the four counties in the Study Area, at 0.7 percent annually. Between 2000 and 2015, Los Angeles county job growth was cyclical and averaged just 16,000 jobs on an annual average basis. However, from 2012 to 2017, the county averaged about 100,000 jobs per year. With more diversity in its job base and major investments in transportation infrastructure, specifically transit, positive but moderate job growth is expected in the future. The shortage of developable land in Los Angeles County will limit the rate of job growth there, though it will continue to have the largest employment base in the region due to the established industries and national headquarters, airport and port facilities, location relative to the coast, and diverse housing stock. Developers will continue to seek out underutilized sites to redevelop into higher density properties, both residential and commercial. Transit -oriented 4.69 455 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use development around the rapidly developing transit system is still a relatively new trend in Los Angeles that will house a significant percentage of new development. Still, some Los Angeles County residents are expected to migrate east to San Bernardino County seeking lower costs of living. The strongest growth industries in Los Angeles are expected to be educational and professional services, as well as arts and entertainment. Orange County will see most of its long-term job growth in the same three categories as Los Angeles County but the fourth largest industry will be Finance, Investment, and Real Estate services (FIRE). Redevelopment of older residential and industrial properties in Orange County will be geared towards new higher density residential space and reuse of industrial buildings as hybrid spaces for light manufacturing and office. Higher density office space will be developed in the medium and long-term, though there is a notable movement towards shared office space and working from home which will temper the demand for office space in Orange County and other parts of the Study Area. With relatively low real estate costs, lower wages, access to a growing international airport (Ontario), and available land for both commercial expansion and workforce housing options, certain types of businesses have blossomed in the Inland Empire or relocated there from more expensive coastal locations. Warehousing, manufacturing and distribution facilities have led Inland Empire job growth in the past decade as the ports in Los Angeles County created demand for major distribution facilities that could not be located near the ports due to high land costs. Because of the growth of population expected in the long-term, a more balanced mix of population serving (retail) employment is expected, though primary job growth will continue to be focused in the distribution, manufacturing, construction, and transportation sectors. 4.5 HOUSEHOLD FORECAST 4.5.1 Study Area Comparative Forecasts As in the employment forecast section, information on third -party forecasts examined by WSP to help guide its long- term county -level forecasts is presented first, followed by details of the Base Case Forecast. The same three third - party forecasts, SCAG, Moody's Analytics, and Caltrans, which were surveyed for employment, were also surveyed for household forecasting purposes. Table 4-8 compares the growth rates from each third -party forecast with the Base Case Forecast from 2015 to 2040. The forecasts reflect differing long-term annual growth rates over the Forecast Period, ranging from 0.6 percent (Caltrans) to 0.8 percent (Moody's) with significant variation between five-year periods as well. For instance, the Moody's view is one of strong early growth followed by declines in growth longer term that are still generally higher than the other forecasts. Caltrans and SCAG forecast more consistent growth over the Forecast Period, but both show lower overall growth rates than Moody's. The Great Recession was caused in large part by the overbuilding of residential real estate and speculative lending practices that together resulted in large inventories of empty new and resold homes. As is typical with economic models, when inventories build and demand declines, prices fall, as reflected in the Study Area from 2007 to 2011. Although all counties were hit by the recession, the most substantial percentage declines were realized in the Inland Empire from 2007 to 2009. In 2011, home prices began to rise and a major market correction occurred in 2013. 4.70 456 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Table 4-8: Comparison of Long -Term Household Projections (thousands) Households Ca trans Moody's SLAG Base Case 2015 2017 2025 2040 5,648 5,816 5,749 5,648 5,704 5,889 5,903 5,734 5,993 6,382 6,299 6,178 6,479 7,101 7,005 6,828 Incremental Growth 2015-17 2017-25 2 02 5-40 2017-44 Ca trans Moody's SCAG Base Case 56 74 154 86 289 492 397 444 485 719 705 650 331 1,285 1,256 1,180 Average Annual Growth 2015-17 2017-25 2025-40 2017-40 Ca trans Moody's SCAG Base Case 28 37 77 43 36 62 50 55 32 48 47 43 36 56 55 51 CAGE. 2015-17 2017-25 2025-40 2017-44 Ca trans Moody's SCAG Base Case C.5% C.6?� 1.3% C.8'� 0.6% 1.0% 0.8% 0.9% 0.5% 0.7% 0.7% 0.7% 0.6% 0.8% 0.7% 0.8% Strong price increases have continued over the past five years in each county, as the economy rebounded and the inventory of unsold homes and distressed mortgages unwound. Many families in the Study Area have been, and will continue to be, priced out of the coastal areas and are expected to seek more affordable living arrangements in other places such as the Inland Empire. 4.71 457 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use Table 4-9: Historical Study Area Median Home Prices Mon-Yr Las Angeles Orange Riverside San Bernardino f u n-1C Jun-11 hm-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 $310,871 $301,300 $315,390 $403,750 $43 5,9 50 $473, 290 $ 502,190 $548,220 $586,090 $566,508. $534,680 $ 5 67,910 $ 661,740 $ 695,680 $715,730 $754,000 $ 79 5,000 $835,500 $214,335 $ 202,910 $219,850 $ 298,470 $3212840 $337,380 $ 3 60,000 $ 3 8 5,000 $ 405,000 $141 ,895 $129,570 $138,110 $174,550 $ 204, 860 $ 231,300 $ 245,2 20 $ 270,OOD $ 293,2 50 10-11 -3% -6% -5% -9% 11-12 5% 6% 8% 7% 12-13 2 8% 17% 3 6% 2 696 13-14 8% 5% 8% 17% 14-15 9% 3% 5% 13% 15-16 6% 5% 7% 6% 16-17 9% 5% 7% /0% 17-18 7% 5% 5% 938 Source: California Association of Realtors 4.5.2 Study Area Household Forecasts Table 4-10 presents the Base Case Forecast of households. The Study Area is expected to add close to 1.2 million new households between 2015 and 2040, a compound annual rate of 0.8 percent over the Forecast Period. About 41 percent of the new dwelling units forecast to be built in the Study Area will be located in the Inland Empire. These 484,000 new households represent about 1.5 million people. Workers not employed in San Bernardino or Riverside counties will face heavy traffic while commuting to job centers outside the Inland Empire, choosing to commute in exchange for less expensive housing. Local development experts suggest that 1.5 to 2 hours is the maximum that commuters will regularly drive each way to get to work in this area. This limits the area in the Inland Empire that can reasonably serve the Orange County job markets to the western portions in the vicinity of Corona, Chino Hills, Ontario, and Riverside, depending on the use of tolled lanes, due to heavy congestion during rush hour. Faced with this tradeoff, many Orange County workers, especially those with higher incomes, will continue to seek housing options in Orange County, despite the higher cost. There is significant near -term residential growth in western portions of the Inland Empire in large master -planned communities such as Ontario Ranch and the Preserve, which are discussed in the Focus Area section below. The number of households within Orange County will grow at a compound annual rate of 0.63 percent during the Forecast Period. Because of the historic imbalance between residential and non-residential property development in Orange County, home prices have been driven up, as discussed above. This trend, coupled with the shortage of 4.72 458 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use developable land in Orange County, will cause developers to continue to build more multifamily structures and smaller detached units in jurisdictions less opposed to density. In south Orange County, which is comprised of more recently developed master -planned communities, covenants, conditions, and restrictions (CC&Rs) mandated by homeowners associations (HOAs) will hinder the potential for dense, infill development. Following this continuum, Los Angeles County, the most developed of the four Study Area counties, should see the vast majority of dwelling units forecast to be built there between 2017 and 2040 in high density multifamily structures, generally at infill and redevelopment sites. Table 4-10: Base Case Household Forecast by County (thousands) Households 2015 2017 2025 2040 Los Angeles Orange Riverside San Bernardino Study Area 3,293 3,331 3,536 1,019 1,033 1,105 708 728 827 629 643 710 5,648 5,734 r 6,178 3,816 1,191 996 825 6.828 Incremental Growth 2015-17 2017-25 2025-40 2015-40 Los Angeles Orange Riverside San Bernardino Study Area 38 14 20 15 86 206 72 99 67 444 280 524 r 86 173 169 288 r 114 196 r 650 1480 Average Annual Growth 2015-17 2017-25 2025-40 2015-40 Los Angeles Orange Riverside San Bernardino Study Area 19 7 10 7 43 26 9 12 8 55 19 6 11 8 43 20.9 6.9 11.5 7.8 47.2 C,AG, R 2015-17 2017-25 2025-40 2015-40 Los Angeles Orange Riverside San Bernardino Study Area 0.6% 0.7% 1.4% 1.1% 0.8% 0.8% 0.9% 1.6% 1 3% 0.91 0.5% 0.5% 1.3% 1.0% 0.7% 0.6% 0.6% 1.4% 1.1% 0.8% 4.5.3 Study Area Median Household Income Forecasts Median household incomes for the Study Area were based on a combination of SCAG's forecast data by TAZ, third - party estimates for median household incomes at the county level, and historical trends in real household income growth in the region. SCAG's income data are expressed in 2011 dollars. As such, WSP inflated these to 2017 dollars using regional CPI data. These adjustments were then applied to the TAZ-level median household income forecast data from SCAG to arrive at projections for median household income expressed in 2017 dollars over the Forecast Period. Incomes for input into the Stantec model were forecast by TAZ, but a weighted average by county is presented in Table 4-11. 4.73 459 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use The table shows that median household income growth in 2017 dollars is expected to grow by 0.45 percent annually in Orange County and 0.40 percent in the other counties in the Study Area over the Forecast Period. These rates are relatively conservative compared to the historical average growth in real incomes from 1996 to 2016, which ranged from 0.45 percent (San Bernardino) to 0.84 percent (Orange County) annually. Table 4-11: Base Case Median Household Income Forecast (2017 Dollars) Median Household Income 2017 2025 2040 Los Angel es Orange San Bernardino Riverside Los Angel es Orange San Bernardino Riverside 63,104 83,882 57,137 61,409 65,149 86,949 58,992 63 69,177 93,006 $62,632 1 67 315 2017-25 202540 2011-2040 0.40% 0.45% 0.40% OM% ° AO% OAS% 0 AO% 0 AO% 4.6 KEY DEVELOPMENTS IN THE STUDY AREA OAO% 0.45% 0.40% 0.40% A critical element of the WSP forecasting effort is to develop small area forecasts for groups of TAZs containing developments that will most directly impact traffic on the proposed SR-91 Express Lanes. This is done by reviewing specific plans and interviewing planning staff and developers of properties to collect the most recent data available on how and when projects will evolve. Guidance from previous land use work performed by WSP was combined with information acquired through current interviews and project plans to adjust TAZ-level job and household counts relative to those programmed in the base data. Jobs and households were adjusted upward or downward in some of the TAZs representing major projects such as the Preserve and Ontario Ranch in San Bernardino County, south in Lake Elsinore, Murrieta, and Temecula, and numerous large-scale developments throughout Orange County, however no major changes to development pace were observed during this review relative to our most recent previous focus area review performed at the end of 2015. Using this data, Focus Areas, representing projects, groups of projects or potential redevelopment areas were identified, though the data obtained for each Focus Area varied significantly. In some cases, data were complete and up to date while in other cases data were scarce. To further categorize the review process, the following five examples are offered to characterize the materials that were produced from our field research. 4.74 460 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use • Actual Specific Plans — In some cases actual development plans (quantities and types of development) by project area or TAZ were provided by developers along with expected timing of construction. This was the goal of each interview but few projects had this level of data available. • Partial or Dated Plans — For many of the projects surveyed, especially residential projects that had to some degree been put on hold due to the previous market downturn, current plans were not available. Rather, estimates of build -out and locations were the best data available and some reliance on multiple sources and professional judgment was required. • Professional Judgment — In some cases, no current development plans were available for parcels that, because of their location and eligibility for development, were expected to be developed in the more distant future. In these cases, the MPO forecasts for the underlying TAZs were considered and in some instances modified based on professional judgment alone. • MPO Forecast Adoption — As with most of the TAZs in the Study Area, WSP adopted the development allocations of some Focus Areas. In many cases, the development plans matched the data obtained in the field. However, there were instances where projects were planned or proposed but because limited information was available, no confirmation of the MPO's accuracy could be obtained. If the forecasts for these areas appeared reasonable, they were not adjusted. • Redevelopment Areas — In the long-term, certain areas that currently contain older, lower density industrial or commercial space are expected to be redeveloped as the owners of that land move their remaining operations to lower cost locations. These areas are anticipated to accommodate growth in jobs and households, after the remaining vacant and developable land is absorbed. Development scenarios were calculated for these areas based on professional judgment and allocated in the later years of the forecasts accordingly to help avoid development being allocated where there was clearly no capacity. Assumptions for redevelopment participation, current FAR, future FAR, and development mix were applied to yield a reasonable estimate of additional jobs and households that could develop, and were generally programmed between 2025 and 2040. Considering the levels of development review outlined above, details of certain Focus Areas are presented in the following sections. These project descriptions present the most probable project outcomes given the available data and WSP's understanding of development economics in the Study Area. While some of the Focus Area projects are ongoing, many were put on hold during the Great Recession and are anticipated to start in the near term. In many cases, overall development quantities have not changed, though the phasing of the projects and specific products built will be dictated by evolving market conditions. Focus Areas discussed in the following sections are divided into three groups: Inland Empire areas north of SR-91, south of SR-91, and major Orange County developments. Although there are numerous development plans located throughout San Bernardino and Riverside Counties, areas that are most expected to impact SR-91 traffic were prioritized and analyzed in greater detail. 4.6.1 1-15 Corridor - North of SR-91 There are numerous large-scale projects planned, proposed, or under construction in the areas of San Bernardino and Riverside Counties near 1-15 north of SR-91 that will have a significant impact on traffic SR-91 levels. Projects located 4.75 461 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use in cities such as Chino, Ontario, Fontana, and Rancho Cucamonga were researched further for more detailed information on timing and scale. Much of this area is established and built out, but significantly large development and redevelopment opportunities do still exist. These opportunities are more likely to capture demand in the near term of the forecast period due to their regional orientation, within close proximity to large job concentrations in Los Angeles and Orange Counties. Historical patterns suggest many homebuyers with jobs in these counties consider Inland Empire locations due to affordability and as such, those areas offering the shortest commutes to job concentrations in the west have a competitive advantage. Other cities researched, including Norco, Jurupa Valley, and Riverside, have development activity and plans that were confirmed to be captured in SCAG's forecast. 1. Eastvale Commercial — The City of Eastvale is situated along the border of San Bernardino County. The city's border extends in a panhandle to the north, bounded by Ontario Ranch to the west and 1-15 to the east. In this area, plans for approximately 200 acres of undeveloped land include up to 3.7 million square feet of commercial uses. Plans include a mix of medical uses, hospitality, office, and light industrial space, with the first phase of 2 million square feet of industrial under construction. Although the mix of uses is still being refined, an estimated 4,000 new employees will work in this small area located adjacent to 1-15 and north of SR 91. 2. Ontario Ranch - Located in Ontario along the Riverside County border, Ontario Ranch (formerly known as New Model Colony) is an 8,200-acre area poised for significant residential and commercial development throughout the Forecast Period. As of July 2017, there were eleven specific plans approved in the area, totaling 3,377 acres, 17,350 residential units, and 7.2 million square feet of non-residential development (mostly industrial). One of these specific plans, Edenglen, began delivering homes in 2007 prior to stalling during the Great Recession. The sections of Ontario Ranch with defined plans are oriented towards the eastern side of defined area, closer to the planned express lanes, while the western side remains undefined at this stage. 3. Given Ontario Ranch's proximity, this area is poised to have a dramatic impact on future traffic. Estimates of total future buildout include up to 46,000 total new residential units, of which 24,000 are anticipated to be in place by the end of the Forecast Period (2040). This pace is lower than SCAG's forecast but is consistent with current development patterns. By 2040, commercial development is estimated to result in approximately 18,000 jobs as well. 4. The Preserve - The Preserve is a partially developed master -planned community south of the Chino Airport and north of Pine Avenue in the City of Chino. Given its geographic orientation in the southwest corner of the county, this development is in an attractive location relative to Orange County access. The remaining portion of the project includes an additional 9,900 households by 2040 and non-residential space to house a total of 6,200 employees. A significant portion of new units in the near term include Homecoming at the Preserve, an 800-unit luxury apartment community, the first phases of which began lease up in 2014. 5. College Park - College Park is an existing development located centrally in the City of Chino, directly north of the Chino Stat Penitentiary. There are currently approximately 1,500 households, with 200 units under construction and another 500 planned. Full buildout of the 2,200 total units is expected to take place by 2020. College Park includes a small commercial component but is a primarily residentially driven development. College Park and the Preserve have combined to generate the vast majority of residential permitting activity in the city of Chino in recent years. 4.76 462 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use 6. Although not part of the College Park development, the Majestic Chino Gateway is an industrial development located to the southeast within the same TAZ. The project consists of 3.1 million square feet of industrial warehouse space and an additional 40,000 square feet of retail use. The project broke ground in 2014 and Wal-Mart has preleased 1.4 million square feet for an online fulfillment center. 4.6.2 1-15 Corridor - South of SR-91 Much of this area, particularly along 1-15, is somewhat constrained by mountain ranges and other geographic barriers. However, there is significant development activity in the southern portion of the 1-15 corridor, including in Temecula and Lake Elsinore, not entirely captured by SCAG's baseline forecast. These areas tend to offer new construction housing with more affordable price relative to northern locations. Although they are oriented further to the south and relatively distant from SR-91, the area is rapidly growing and affordability will fuel continued growth. In addition to affordability and access to Orange County via SR-91, this area also has good access to San Diego County. Also notable is that Route 74 (Ortega Highway) provides access to southern Orange County from Lake Elsinore, though this road is windy and has limited capacity, so is not a reliable commuting option for the large employment centers in central Orange County. 1. Arantine Hills - While most of the City of Corona is built to capacity, there are a few parcels along 1-15, south of SR-91 that remain for infill development. Many of these sites had been slated for development in the past decade but plans were abandoned at the outset of the Great Recession. Arantine Hills is a 276-acre planned community located adjacent to 1-15 at Cajalco Road, the southern terminus of the 1-15 Express Lanes project. Previous plans called for 1,600 new residential units and 750,000 square feet of office and retail development. However, recent plan revisions based on public feedback have scaled back the commercial component to a small-scale retail space. 2. Terramor — Terramor is a proposed master -planned community situated on a 900-acre property in an unincorporated area of Riverside County, located adjacent to 1-15 on the east and north of Temescal Canyon Road. Plans call for a low -density development, with 1,400 single-family detached residential units and no significant commercial component. The specific plan for the project has been approved and plan amendments and tentative tract maps are currently in process. 3. North Lake Elsinore — Further south down 1-15, the city of Lake Elsinore has numerous residential developments planned, proposed, and under construction, including 20 specific plans under review. Many of these projects are oriented on the north/northwest side of the city. Based on research of these projects and discussions with the city, WSP consolidated some of these projects into the North Lake Elsinore focus area and have incorporated these plans into the forecast accordingly. It is estimated that approximately 2,000 residential units will be delivered in this area between 2015 and 2025, and an additional 2,500 units built by 2040. 4. East Lake — Also located in the city of Lake Elsinore, the East Lake specific plan encompasses an area immediately adjacent to the lake. The plan calls for over 7,500 new residential units in a variety of formats. Lake Elsinore has been one of the fastest growing cities in California, due in part to successfully positioning the 3,300-acre lake as a hub for extreme sporting activities. However, recent drought issues are jeopardizing the viability of the lake, and the city has had to purchase reclaimed / recycled water from various locations to maintain adequate depths. 4.77 463 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use 5. Murrieta — The City of Murrieta has several specific plans, including two large developments totaling 1,700 units combined. The Vineyards is an area located in the foothills west of 1-15 that has the area to accommodate over 1,000 residential units which are expected to be delivered later in the Forecast Period. Murrieta Hills has plans for 750 units although it has been delayed due to archeological issues. There are several other smaller, infill projects located throughout the city as well. The city is also branding itself as a regional healthcare hub, with Loma Linda University adjacent to 1-215 and an 800,000 square foot Kaiser Permanente facility planned nearby. 6. Jefferson Redevelopment — The city of Temecula has several developments planned, proposed, and under construction. Two significant projects include the Jefferson Specific Plan and Altair. The Jefferson Specific Plan would be a redevelopment of currently lower density older/established commercial uses. The plan calls for rezoning and densification with a significant increase in higher -density residential uses, which will displace some of the older, lower -density commercial land uses. The rezoning allows for 3,700 new residential units at buildout. However, the redevelopment would result in a reduction in commercial space from 3.8 million square feet today down to 1.9 million in the future. 7. Altair is a specific plan currently under review, which includes 1,500 residential units comprised of a mix of attached and detached product. The 270-acre project is located within close proximity of 1-15 near the terminus of SR-79 in the foothills of the Santa Rosa Mountains. Preliminary plans indicate a small retail component but the project is primarily residentially driven. 4.6.3 Orange County Focus Areas There is significant development activity in Orange County that will impact traffic on the SR-91 Express Lanes. Many of these large-scale developments are concentrated in the cities of Irvine and Tustin. SR-91 provides access to these areas via the TCA toll roads, SR-241, branching off further to SR-261 and SR-133, as well as multiple freeways. These areas represent some of the last large-scale development opportunities in Orange County as well as some of the largest ongoing redevelopments in Southern California. 1. Tustin Legacy: Tustin Legacy, formally Marine Corps Air Station Tustin, is a 1,600-acre planned community located just west of where SR-261 terminates. Since 2006, various phases have been completed including four neighborhoods totaling 2,105 units and The District shopping center. Amalfi Apartments and Anton Legacy Apartments were completed in 2015, adding over 750 more homes. Standard Pacific Homes will finish 375 more units in Greenwood Park by the end of 2017, and two more neighborhoods, including one TOD neighborhood, are planned. Non-residential developments include approximately 1.6 million square feet of office space known as Cornerstone 1 and Cornerstone 11, 305,000 square feet of educational and supporting commercial space in the Advanced Technology & Education Park (ATEP) campus, and 248,000 square feet total of neighborhood commercial and Hoag acute care and skilled nursing facility. Ultimate build -out of the project is estimated at 20+ years and will total over 6,800 residential units with non-residential space housing over 13,000 employees. 2. Great Park: Great Park, referred to in previous reports as Heritage Fields at El Toro, is the redevelopment of former Marine Corps Air Station El Toro, located near SR-133. Great Park is a 688-acre redevelopment being delivered through a public -private partnership between the City of Irvine and developer FivePoint Communities. Residential sales began in 2013 and approximately 700 homes have been sold. Total buildout 4.78 464 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use of Great Park will include 9,500 total residential units. Commercial development plans include about 4.9 million square feet of retail, office, and R&D space, 2 million of which will be dedicated to 8 buildings for an Avago (previously Broadcom) Campus, the first phase of which is under construction now. 3. In addition to the land controlled by FivePoint Communities, Orange County owns 100 acres of land on the south end of Great Park. The county plans to build 2,000 residential units in 2019, 220,000 square feet of retail and entertainment by 2024, and 1.9 million square feet of office thereafter. The County also owns a parcel of land east of Great Park called Alton West. Plans include 970 units of multifamily housing at an average of 30 units per acre. Implementation of this project may be in phases starting in 2016. 4. Portola Springs: Located immediately adjacent to the Great Park on the northeast, Portola Springs is an ongoing master -planned community developed by the Irvine Company in an area referred to by the City of Irvine as Planning Area 6. As of 2015, there were over 2,200 existing units. Full buildout is anticipated by 2030 and will consist of a total of 5,200 units. The project is almost exclusively residential, with minimal commercial uses planned. At buildout, 40 percent of the residential units will consist of single-family detached product, with the remainder comprised of a mix of for -sale condominiums and apartments. 5. Orchard Hills: Orchard Hills, referred to as TIC Planning Area 1 in previous reports, land is located in the City of Irvine, east of the intersection of Portola Parkway and SR-261, just north of Portola Springs. It is planned for a total build -out of 4,100 residential units, with the majority of development taking place by 2025. As of the 3rd quarter 2015, 500 units had been built, 650 were under construction, and applications had been submitted by the Irvine Company for an additional 1,000 units. 6. Cypress Village / Stonegate: To the east of where SR-261 and Interstate 5 intersect, a collection of large Irvine Company projects have been under development, including Woodbury, Cypress Village, and Stonegate. Some of these communities are approaching buildout, with Woodbury's last unit sold in 2014. It is anticipated that residential development in this area will be primarily built out by 2020, with 2,800 new units delivered between 2015 and 2020. Commercial development is anticipated to house thousands of new employees, although the non-residential portion is expected to be delivered at a slower pace than the residential units, with development continuing through 2035. 7. Quail Hill Commercial: Quail Hill is adjacent to 1405 on the south, bound by Sand Canyon Avenue to the west and SR-133 to the east. The Irvine Company completed the residential components of this project in 2007, however, planned commercial development will include an additional 1.1 million square feet of commercial space by 2035. Given its adjacency to 1-405, it is considered a strong location to attract a large single user / corporate headquarters, although there are no development plans at this time. 8. The Irvine Company Spectrum 5: The Irvine Company has several projects planned for the area southwest of the interchange between Interstates 405 and 5, collectively known as Spectrum 5. This area, which was mostly vacant or used for agricultural and recreational purposes, has excellent highway exposure and is intended for a mix of higher -density residential and commercial development. The majority of new residential development is planned for rental apartment units. 1,750 apartment units have been completed as part of the first phase of multifamily construction in the area, known as Los Olivos Apartment Village. The second phase will consist of an additional 1,950 apartment units to be completed by 2025. These large-scale residential developments will result in total buildout of approximately 4,500 units by 2025. Non-residential buildout is 4.79 465 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Socioeconomic Variables and Land Use anticipated for completion by 2030 and is likely to house approximately 3,000 additional employees in the area. 9. The Irvine Company Spectrum 2 and 3 Redevelopment: These areas are located on the south side of the former El Toro Marine Base within close proximity to the 1-405 and 1-5 interchange. These two areas contain some underutilized industrial land uses and represent longer term candidates for redevelopment / infill development. The area has the potential to house additional non-residential space amounting to approximately 1.6 million square feet by 2035. 10. TIC Irvine Center: The triangular area formed by Interstate 405, SR-133, and Interstate 5 has several sizable vacant parcels that are planned for commercial building by various parties, most notably the Irvine Company. There is currently a regional mall, a collection of office buildings, and a large quantity of rental residential development. An additional 1,350 apartment units are anticipated to be developed by 2020. In addition to this area, undeveloped areas west of SR-133, between 1-5 and 1-405 have been planned by the Irvine Company to house over 30,000 new employees by 2035. Total non-residential build -out is expected to be approximately 9 million square feet of office and light industrial space with some retail space. Over a million square feet is under construction or recently approved. One 20-story office tower is under construction and slated for completion in early 2016 while a second 20-story office building and 205-room hotel were recently approved. 4.80 466 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration 5.0 MODEL DEVELOPMENT AND CALIBRATION Stantec's traffic and revenue forecast were developed by utilizing three different but complementary modeling techniques; 1) regional travel demand modeling, 2) market share modeling, and 3) operational modeling. The regional travel demand modeling centers around a four -step modeling technique which is designed to predict the amount of future travel demand, and their regional route choice. This process incorporates Stantec's toll diversion modeling as well, and therefore is able to allocate traffic between free lanes and tolled facilities like the 91 Express Lanes. Stantec's market share modeling (MSM) is a spreadsheet -based modeling technique that applies "market share curves" to traffic at a slice of an Express Lane corridor to forecast the allocation of traffic between GP and express lanes. The MSM was originally developed to reflect utilization of OCTA's 91 Express Lanes and has been updated to reflect RCTC 91 Express Lane behavior. Lastly, operational modeling, consisting of a mesoscopic (Cube Avenue), and a separate microscopic model (VISSIM) were developed and used to better understand how queuing and capacity changes in the corridor impact operations. Insights from each of the three models were used to develop the RCTC 91 Express Lanes traffic and revenue forecast. 5.1 TRAVEL DEMAND MODEL The objective of the travel demand modeling task was to develop a comprehensive forecasting tool to be used to forecast future demand along the SR 91 corridor, as well as the allocation of traffic to the SR 91 GP and Express Lanes. The forecasting tool includes a combination of a regional travel demand model, Stantec's toll diversion model, and a mesoscopic traffic model that were developed across various software platforms including TransCAD, Cube Voyager, and Cube Avenue. The Riverside County Traffic Analysis Model (RIVTAM) was selected as the regional model since it is the official model for Riverside County. The model was developed using TransCAD and estimates the generation and distribution of trips among traffic analysis zones (TAZs) and allocation of trips by travel modes (mode choice). The highway trips were then converted into Cube Voyager's format and used as an input for Stantec's Toll Diversion Model. The toll diversion model is a customized route choice / highway assignment model that was developed within the Cube Voyager platform. It is responsive to the likely range of tolling schemes and policy options. Stantec also developed a mesoscopic model to predict congestion and throughput for congested roadway segments. This mesoscopic model, developed with Cube Avenue, predicts the length of queues and the effective capacity of freeway links. These capacity estimates were then fed into the static Cube Voyager toll diversion model and the resulting model was used to predict GP and Express Lane travel demand. Figure 5-1 illustrates the travel demand model forecasting process used in this project. 5.81 467 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Figure 5-1: Modeling Tool for SR 91 Toll Estimation Socioeconomic Inputs Population Households Employment Income Transportation System Highway Network Transit Network RIVTAM Model (TransCAD) Tolling Assumptions Value of Time Payment Method Share Corridor Constraint Operational Characteristics Capacity (Cube Avenue) Revenue Assumptions Annualization Ramp -Up Forecast Refinements Traffic Demand by Trip Purpose by Vehicle Type by Time of Day Stantec Toll Diversion Model (Cube Voyager) ransac Ions Revenue Forecast Model development for the SR 91 Express Lanes project involved a three -tiered approach. The first tier focused on the regional coverage which includes the area covered by RIVTAM as depicted in Figure 5-1. The model encompasses Los Angeles, Orange, Riverside, San Bernardino, Ventura, and Imperial Counties. Within Riverside County, the model was refined to provide a more detailed zone structure. The regional model consists of 5,614 traffic analysis zones (TAZ's); 1,900 of them are within Riverside County. The highway -mode trip tables and the networks were then converted into Cube format as mentioned previously and used as inputs for Stantec's toll diversion model. The toll diversion model was first implemented and executed at the regional level. During the execution of the regional model, trip tables for the subsequent subarea modeling procedure were extracted from the regional model's highway assignment. The second tier focuses on a subarea model which covers a smaller geographic area. While both the regional and subarea models consist of four time periods: AM peak period (4 - 10AM), Midday period (10AM — 2PM), PM Peak Period (2-8PM), and a night period (8PM — 4AM), the subarea model's geographic coverage is only a fraction of the regional model's geographic coverage. The subarea model's coverage area is shown in Figure 5-3. The RIVTAM model 5.82 468 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration includes a large geographic area and includes places and roadways that would not significantly impact travel on the 91 Express Lanes. Portions of the model network far away from the RCTC 91 Express Lanes corridor and deemed to have little impact on SR 91 travel choices were removed. The remaining network comprises a subarea that becomes the basis for more detailed modeling. The geographically smaller sub -area model was developed to reduce the running time of the model while preserving the ability to route traffic between regionally significant roadways like 1-10, SR 60, and SR 91. The final tier focused on the SR 91 corridor itself including the RCTC 91 Express Lanes and SR 91 general purpose lanes. The corridor coverage also included sections of SR 241, SR 71, and 1-15, as well as limited segments of adjacent local roads. The corridor model's geographic coverage is also depicted in Figure 5-3. This corridor level model was designed to be a more accurate predictor of Express Lane traffic. Instead of modeling a 6-hour peak period, the AM and PM peak periods were broken down into hourly periods, resulting in twelve 1-hour models. In addition, Stantec employed Cube Avenue to provide capacity adjustment factors to mimic the SR 91 GP lanes queuing, congestion, and effective capacity. Express lane transactions and tolls were predicted via this corridor level model. oelo no Lost Hirls w co © Shaper Bunorowikw� Bakersfield os Padres ional Forest lta Barbara V, ntura ON:4ard annel lands nal Park Figure 5-2: RIVTAM Regional Model Coverage Vict orvil le °Apple Valley Hesperia San Bernardino Riverside � Temo eula Lane° ste r Palmdale Angeles National Forest P Los Angeles � Aaon eim Long 3earryc Irvine Catalina Island Essential 6, Fish Habitat... ® Cleveland '2' vista National Forest sea Carlsbad Anza-Borrego Desert State Park Tecopa GG0000d}yringe F� 1131 .. Eater ® Mojave National Preserve Kelso Sheephole vane), Wilderness 93, - Palm Springs Joshua Tree ° National Park San Inolo Bernardino .Ls quinta National Forest Brawley Imperial San Diego 0 El Centro 9 ChulaVista IAnr,m°ra:a Mexicali v 0 Searcolight 0 a �0 0 p Kingman °Bullhead city OForhave Needles rt HI Its ty ip rker Har 4uar�site Breo da ® elyt 4D a Eh r= berg Palo Ye CiudaE r.3, Morelos ° Kola Nati, 0 Wiid@f Refuge Tacna 0 469 5.83 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Figure 5-3: Subarea and Corridor Models Coverage El Monte @ Buena Park ern tos West Covina 0 Cny el (Mawr; Fullertsrl D Anaheim Rancho Cueernonga t) —fualtre— Fontana Gan Bernard lno — wghtand Subarea Coverage oufano ® alppmnglon rr ermrce t:_JIaIIJs Ve r1D3 :�••.� • r L_ GardenGroveT=,) Ncnh T481.11 Santa Ma Huntington Beach Costa Mesa N,wporl iea[71 d V Irvine f l t...-___ L Lake Forest Maryarlie Laguna seacr. Laguna at MI saran vl e;o Qr 1 CmC eula E Er Y Calm 5.1.1 Model Calibration The first level of calibration was performed at the regional level. The objective of this calibration was to capture the travel demand within the study area in preparation for the subarea analysis. As part of this regional level calibration, Stantec employed a limited Origin -Destination Matrix Estimated (ODME) technique to draw the modeled traffic volumes closer to the field observed traffic volumes. Traffic volume counts at the periphery of the subarea boundary were compared to the estimated traffic volumes. Figure 5-4 identifies the locations of these traffic counts and Table 5-1 shows the results of the regional calibration. At an aggregate level, the total estimated volumes nearly replicated the observed counts. This indicates that the traffic demand entering and/or leaving subarea is reasonably well estimated. 5.84 470 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Figure 5-4: Locations of Traffic Counts for Regional Calibration Alta =na urhank Glendale Monrovia • , Arcadia-- AFusa G3erdora "e t Pasadena Temple City ysncmt aaod © Alhambra Rosemead �r�n Park Charter 7- -- ErMon�Y-Vr,West-Covin Los ngeles South El t me Valinda -ieignts ark had Heights Nestm t DowneySouth Whittier r La Habra L i Lynwood Noi-wafk .Bsl rea La Mirada Yorba Linda Buena Park hllerton Placentia Lakewood �,a?din;a nce Larson -Cypress �heim Compton Barden Nest Carson —Los Aiamnos stanton Oran e Nnitd Signal Full—r� 9 RTsmoor M1tprth Tustin Estates Gard�_�n Grave Long Beach 47 W stminster Santa Ana Tustin imas upland Rancho Claremont Cucamo :ntclair Ontario na F[in Valley Chino • Los Montlo \la Puente waln/i An eies e9 Hacienda Heighn. ,.Diaddr Bar South Ga \ Whittier Rowland Chino HIUsJ Los Serra 161 24! Huntington Beach 55 Irvine 3-pgthdl Ra-c„ Rancho Santa Lake Forest Margarita Mission Viejo 73 Laguna Hills Lag Ladera Ranch Nigu Itor Laguna Beach o.r., Sr:erada ntana Glen ss; Highlarid San Bernardino olt Grand, Terra Eastdale turupa River Valley t loko Corona 4... . sas14 woodcrest Canyon Lake Lake Elatore ehrd Village Wil..mar Mum 3 Mmtore Loma Linda a no �Iley Perris suntitY Menifee Yu Cai Lakeview Nuevo Homeland Table 5-1: Traffic Counts — Actual vs. Regional Model Forecast LOC. NO LOCATION Actual Model DIFF %DIFF 1 1-5 at Avendia Aeropuerto 249,285 221,216 -28,069 -1 1% 2 1-5 W of N Euclid St 272,953 283,312 10,359 4% 3 1-10 W of Mountain View Ave 200,093 187,557 -12,535 -6% 4 1-15 at Baseline Rd 180,073 169,223 -10,850 -6% 5 1-15 N of Weirick Rd 152,301 167,456 15,155 10% 6 SR-57 S of S San Dimas Ave 183,280 192,147 8,867 5% 7 SR-60 E of Day St 151,936 156,703 4,767 3% 8 SR-71 N of Rio Rancho Rd 87,440 88,160 720 1 % 9 SR-91 E of S Gilbert St 270,144 259,070 -11,074 -4% 10 1-215 North of University Ave 275,266 275,045 -221 0% 11 1-405 E of Newland St 259,295 292,985 33,690 13% TOTAL 2,282,066 2,292,874 10,809 0% 5.85 471 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration The second level of calibration was performed at the subarea level. The subarea calibration included adjusting free -flow speed, the Volume -Delay Function (VDF), and capacity by facility type and area type. The more refined ODME technique using available traffic counts within the subarea was utilized as part of this calibration. Various statistics were compared and assessed. The comparison was carried out from the most aggregate level to the detail level. The initial focus of the subarea calibration was to ensure that the aggregate demand replicated the observed traffic. Table 5-2 compares observed and model estimated traffic volumes by facility type and area type for the 470 traffic counts available within the subarea region. The comparison shows that the estimated aggregate demand is within two percent of the observed traffic counts. Demand on limited -access facilities which includes toll facilities, was well estimated across different area types. The demand on other facility type / area type categories were also estimated reasonably well. The categories with higher variances between observed and modeled traffic generally are of lesser significance (minor arterials) or have less available traffic data to compare against. 5.86 472 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Table 5-2 Traffic Count Comparison TRAFFIC COUNTS / OBSERVED DATA FACILITY TYPE I AREA TYPE Urban Suburban Rural TOTAL Limited -Access Facility 12,394,320 6,434,185 67,859 18,896,364 Expressway 42,257 46,543 91,670 180,470 Principal Arterial Divided 56,426 185,539 241,965 Principal Arterial Undivided 37,923 68,034 - 105,957 Major Arterial Divided 125,375 123,449 - 248,824 Major Arterial Undivided 72,366 146,933 - 219,299 Minor Arterials -- 89,615 - 89,615 Ramp 948,081 853,281 - 1,801,362 TOTAL 13,676,748 7,947,579 159,529 21,783,856 ESTIMATED VOLUMES FACILITY TYPE AREA TYPE Urban Suburban Rural TOTAL Limited -Access Facility 12,222,004 6,521,425 69,007 18,812,436 Expressway 41,992 49,436 85,868 177,296 Principal Arterial Divided 66,997 182,819 - 249,816 Principal Arterial Undivided 38,269 66,365 - 104,634 Major Arterial Divided 131,853 117,194 249,047 Major Arterial Undivided 72,030 144,035 - 216,065 Minor Arterials -- 104,119 - 104,119 Ramp 849,134 687,083 - 1,536,217 TOTAL 13,422,279 7,872,476 154,875 21,449,630 ESTIMATED / OBSERVED RATIO FACILITY TYPE I AREA TYPE Urban Suburban Rural TOTAL Limited -Access Facility 0.99 1.01 1.02 1.00 Expressway 0.99 1.06 0.94 0.98 Principal Arterial Divided 1.19 0.99 1.03 Principal Arterial Undivided 1.01 0.98 0.99 Major Arterial Divided 1.05 0.95 1.00 Major Arterial Undivided 1.00 0.98 - 0.99 Minor Arterials 1.16 - 1.16 Ramp 0.90 0.81 - 0.85 TOTAL 0.98 0.99 0.97 0.98 TOTAL AVAILABLE COUNTS FACILITY TYPE AREA TYPE Urban Suburban Rural TOTAL Limited -Access Facility 149 99 2 250 Expressway 1 1 2 4 Principal Arterial Divided 4 8 - 12 Principal Arterial Undivided 2 8 - 10 Major Arterial Divided 12 10 22 Major Arterial Undivided 8 12 20 Minor Arterials 9 9 Ramp 78 65 143 TOTAL 254 212 4 470 5.87 473 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration The calibration process also involves ensuring that traffic is properly distributed across parallel roadways. Stantec developed screenlines, which identify a common line across which traffic data is collected and compared against modeled traffic. Figure 5-5 illustrates the ten screenlines that were developed to measure the model against. Five of the ten screenlines cross SR 91 and roadways parallel to the 91. The other five screenlines capture traffic moving north -south in the subarea. The calibrated subarea model produced traffic assignments that matched observed traffic volumes well. Modeled traffic was within five percent of the observed data, except for the northbound direction of Screenline 4, which is within ten percent of the observed data. Table 5-3 compares modeled screenline traffic against observed volumes. Figure 5-5: Screenlines for Sub -Area Model Calibration SR-91 Corridor — Screenlines ttr Riverside County 0 2.5 5 10 Miles 5.88 474 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Table 5-3 Screenline Summary DESCRIPTION Daily Volume Observed Estimated Obs-Est %Dill Screenline 2: North of SR 60 Northbound Total Southbound Total 355,474 364,082 365,560 371,362 10,086 7,280 3% 2% Screenline 3: South of SR 60 Northbound Total Southbound Total 174,689 168,411 180,598 173,452 5,909 5,041 3% 3% Screenline 4: North of SR 91 Northbound Total Southbound Total 150,489 145,682 163,860 145,688 13,370 5 9% 0% Screenline 5: Southeast of SR 91 Westbound Total Eastbound Total 381,932 377,503 393,215 368,476 11,283 (9,027) 3% -2% Screenline 7: East of 1-15 Westbound Total Eastbound Total 344,863 333,434 358,969 347,520 14,106 14,086 4% 4% Screenline 8: South of 91 in Orange Northbound Total Southbound Total 308,217 314,304 309,469 301,981 1,252 (12,323) 0% -4% Screenline 9: Santa Ana Mountains Westbound Total Eastbound Total 407,064 402,596 392,868 389,801 (14,197) (12,795) -39/0 -3% Screenline 10: Downtown Corona Westbound Total Eastbound Total 456,739 447,327 457,751 434,099 1,012 (13,228) 0% -3% Screenline P1: East of SR 71 Westbound Total Eastbound Total 434,595 422,992 427,450 413,239 (7,144) (9,752) -2% -2% Screenline P2: West of 1-215 Westbound Total Eastbound Total 324,113 313,534 327,105 316,737 2,992 3,203 1 % 1% In addition to the travel demand calibration, the subarea calibration attempted to improve the model's ability to replicate travel speeds. Improving the model's ability to match observed speeds included adjusting the free -flow speed of the various corridors and refining the volume -delay function. Table 5-4 compares modeled vs. observed average speed for the AM peak and PM peak periods. The data show that the modeled speeds are close to the observed speeds for most roadways. The eastbound SR 91's GP and EL speeds during the PM peak period were overestimated, while the WB PM Peak speeds were slightly underestimated. The subsequent corridor level modeling and calibration further improves on the calibration of the SR 91. 5.89 475 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Table 5-4 Calibration Results — Speed Comparison by Corridor FACILITY DIRECTION LIMIT DISTANCE AM PEAKD SPEED PM PEAK SPEED OBSERVED ESTIMATED OBSERVED ESTIMATED 15 GP NB Temescal Canyon Road to CA-60 20.2 35 53 39 51 SB CA-60 to Temescal Canyon Road 21.3 57 49 41 54 SR-91 GP EB SR-55 and McKinley Street 18.4 66 58 27 53 WB McKinley Street and SR-55 18.4 27 25 58 49 SR-91 EL EB SR-55 and McKinley Street 16.4 75 78 53 75 WB McKinley Street and SR-55 16.4 61 57 74 72 Magnolia / Ontario EB Paseo Grande and Cresta Road 7.0 26 30 26 28 WB Cresta Road and Paseo Grande 7.0 25 29 21 27 6TH / Magnolia EB Paseo Grande and SR-91 7.5 32 33 26 28 WB SR-91 to Paseo Grande 7.5 29 20 21 28 Railroad EB Frontage Road and Grand Blvd 3.8 33 30 30 29 WB Grand Blvd to Frontage Road 3.8 25 26 29 29 FHP / GRR EB 91 EB Ramp and E Ontario Ave 9.7 NA NA 30 34 WB E Ontario Ave and 91 EB Ramp 9.7 29 30 NA NA SR 71 NB SR-91 and Valley Blvd 16.8 55 47 56 40 SB Valley Blvd and SR 91 16.7 36 43 43 37 SR 241 NB SR 91 and Santiago Canyon Ave 6.7 69 70 60 56 SB Santiago Canyon Ave and SR 91 6.7 65 56 65 68 The final calibration was focused on the corridor level calibration. The calibration was performed on an hourly -basis for the two peak periods (AM and PM) to develop a more refined calibration process. The hourly analysis was particularly important in an express lane analysis, where toll rates vary by hour. The calibration involved the application of an ODME technique to replicate hourly travel patterns as indicated by hourly traffic counts, and an adjustment of GP lane capacity adjustments using the results from Cube Avenue and the VISSIM simulation model. Table 5-5 and Table 5-6 show the EB and WB traffic comparison along the RCTC SR 91 Corridor for each time period and daily. At the aggregate level, the difference is generally within five percent, except for the SR 91 WB express lane. However, the magnitude of this difference is very small compared to the overall market in the corridor. Table 5-7 and Table 5-8 compare observed and estimated average speed for AM and PM peak periods, respectively. At an aggregate level, the estimated average speed replicated the observed data well. The variations were more pronounced at the segment level. In general, the locations of congested roadway segments were estimated well as shown by the heat map in these tables. 5.90 476 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Table 5-5 Calibration Results - SR 91 EB Traffic Comparison LOCATION AM = DAILY SR 91 GP Eastbound OBS EST OBS EST OBS EST OBS EST OBS EST DIFF %DIFF OCTA 91 EB at CL 30,872 31,246 53,208 52,508 27,131 28,062 28,734 29,990 139,944 141,805 1,861 1% OCTA 91 EB before off ramp to Green River Rd 30,070 30,421 51,877 46,259 26,113 27,102 28,113 29,469 136,172 133,250 (2,922) -2% RCTC 91 EB at Green River Rd 28,820 29,070 43,949 38,129 24,303 25,157 25,673 26,950 122,744 119,306 (3,439) -3% RCTC 91 EB at SR 71 29,966 30,391 45,317 42,792 25,261 26,253 26,352 27,584 126,895 127,019 124 0% RCTC 91 EB at SR 71 btw on/off ramps 24,616 24,650 36,591 33,491 21,386 22,214 23,367 24,510 105,959 104,866 (1,094) -1% RCTC 91 EB btw SR 71 and Serfas Club Dr 28,208 28,674 47,049 40,538 27,095 27,108 27,648 28,767 129,999 125,087 (4,913) -4% RCTC 91 EB at Serfas Club Dr 26,262 26,540 43,834 37,338 25,580 25,473 26,668 27,746 122,343 117,097 (5,247) -4% RCTC 91 EB btw Serfas Club Dr and W 6th St 24,565 24,701 38,475 31,980 23,664 23,423 24,617 25,618 111,320 105,722 (5,598) -5% RCTC 91 EB at W 6th St 26,113 26,183 40,644 33,699 25,169 24,923 25,357 26,336 117,282 111,141 (6,141) -5% RCTC 91 EB btw W 6th St and Lincoln Ave 27,790 27,824 42,461 36,052 26,741 26,508 26,216 27,179 123,207 117,563 (5,644) -5% RCTC 91 EB at Lincoln Ave 26,168 26,115 38,914 30,860 25,185 24,842 24,843 25,748 115,110 107,565 (7,544) -7% RCTC 91 EB btw Lincoln Ave and Main St 30,145 29,953 42,780 34,837 28,209 27,786 26,502 27,377 127,636 119,953 (7,683) -6% RCTC 91 EB btw two off ramps at Main St 28,306 28,007 38,126 30,197 26,405 25,889 25,058 25,873 117,894 109,967 (7,928) -7% RCTC 91 EB before Main St on ramp 14,856 14,552 19,751 13,712 16,199 15,462 17,052 17,621 67,857 61,347 (6,510) -10% RCTC 91 EB east of 1-151C 28,762 29,219 44,809 41,346 29,407 29,630 27,446 27,769 130,424 127,964 (2,460) -2% TOTAL 405,514 407,545 627,782 543,736 377,845 379,833 383,648 398,539 1,794,790 1,729,653 (65,137) -4% LOCATION M PM DAILY EST DIFF %DIFF SR 91 EL Eastbound OBS EST OBS EST OBS EST OBS EST OBS RCTC 91 EB XL at SR 71 2,264 2,573 11,296 11,780 3,388 3,234 2,478 2,397 19,426 19,984 558 3% RCTC 91 EB XL to 1-15 South 594 911 4,481 4,398 1,188 958 1,065 966 7,328 7,233 (95) -1% RCTC 91 EB XL to Mckinley 1,672 1,662 6,814 7,382 2,200 2,277 1,413 1,431 12,099 12,751 652 5% TOTAL 5,992 6,894 38,962 34,638 10,662 11,180 8,005 7,023 38,853 39,969 1,116 3% Table 5-6 Calibration Results - SR 91 WB Traffic Comparison LOCATION SR 91 GP Westbound AM OBS EST P Y OBS EST NT OBS EST OBS DAILY EST DIFF %DIFF OBS EST RCTC 91 WB at CL 53,331 56,116 40,569 39,249 28,437 28,301 16,483 16,426 138,820 140,092 1,272 1% RCTC 91 WB west of Green River Rd 46,377 47,423 39,248 37,323 27,086 26,956 16,229 16,171 128,940 127,873 (1,067) -1% RCTC 91 WB at Green River Rd 38,452 38,782 37,197 35,283 25,035 24,897 15,535 15,493 116,219 114,454 (1,765) -2% RCTC 91 WB btw SR 71 and Green River Rd 39,371 42,546 39,188 40,075 26,065 25,995 16,256 16,232 120,880 124,849 3,969 3% RCTC 91 WB at SR 71 31,100 35,621 32,689 33,136 21,679 21,652 14,547 14,490 100,015 104,899 4,884 5% RCTC 91 WB btw Serfas Club Dr and SR 71 37,709 42,507 42,321 42,733 27,768 27,873 17,924 17,855 125,722 130,968 5,246 4% RCTC 91 WB at Serfas Club Dr after on ramp 32,795 39,014 40,040 40,463 26,392 26,522 17,430 17,371 116,657 123,370 6,713 6% RCTC 91 WB at Serfas Club Dr 27,409 34,161 37,077 37,255 24,313 24,412 16,418 16,374 105,217 112,203 6,985 7% RCTC 91 WB at W 6th St 28,323 35,984 38,818 39,049 25,595 25,720 17,135 17,091 109,871 117,845 7,974 7% RCTC 91 WB btw Lincoln Ave and W 6th St 28,802 36,643 39,976 40,188 26,283 26,428 17,851 17,796 112,912 121,055 8,143 7% RCTC 91 WB at Lincoln Ave 25,782 34,553 37,556 37,850 24,646 24,815 17,009 16,965 104,993 114,183 9,190 9% RCTC 91 WB btw Main St and Lincoln Ave 34,407 39,432 42,248 42,057 27,935 27,604 18,811 18,761 123,400 127,854 4,453 4% TOTAL 423,854 482,782 466,924 464,661 311,238 311,176 201,632 201,024 1,403,648 1,459,643 55,995 4% LOCATION SR 91 EL Westbound AM OBS EST PM OBS 111 EST MD OBS EST NT OBS EST OBS DAILY EST DIFF %DIFF RCTC 91 WB XL at SR 71 15,108 16,979 4,495 5,092 4,344 4,346 834 877 24,781 27,294 2,513 10% RCTC 91 WB XL from 1-15 South 7,347 7,481 1,739 2,301 1,876 1,812 441 429 11,403 12,022 619 5% RCTC 91 WB XL from Mckinley 7,761 9,499 2,756 2,792 2,468 2,534 393 448 13,378 15,272 1,894 14% TOTAL 42,264 45,125 14,758 15,861 13,764 13,837 2,516 2,648 49,562 54,588 5,026 10% 5.91 477 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Table 5-7 SR 91 Speed Comparison AM Peak Period DESCRIPTION sli DISTANCE AM PERIOD AM AVG (miles) Actual Model SR-91 EB GP bt SR-55 and Santa Ana 0.3 62 62 SR-91 EB GP bt Santa Ana and South Lake loop On 0.3 62 63 SR-91 EB GP bt South Lake loop On and On ramp 0.4 62 62 SR-91 EB GP bt South Lake On and Imperial Hwy 0.8 62 59 SR-91 EB GP bt Imperial Hwy Off and loop On 0.3 65 63 SR-91 EB GP bt Imperial Hwy loop On and On ramp 0.3 65 66 SR-91 EB GP bt Imperial Hwy On and Wei" Canyon 2.3 61 65 SR-91 EB GP bt Weir Canyon Off and loop On 0.4 63 70 SR-91 EB GP bt Weir Canyon loop On and On ramp 0.3 63 67 SR-91 EB GP bt Weir Canyon On and SR-241 SB DC 0.6 65 54 SR-91 EB GP bt SR-241 SB DC and Gypsum Off 0.7 65 57 SR-91 EB GP bt Gypsum Off and loop On 0.4 64 66 SR-91 EB rampsSR-91 EB GP bt Gypsum Canyon SR-91 EB GP bt Gypsum Canyon and SR 241 NB DC 0.3 63 64 SR-91 EB GP bt SR 241 NB DC and RCTC EL Ingress 2.2 66 64 SR-91 EB GP bt RCTC EL Ingress and GRR 0.5 68 62 SR-91 EB GP bt GRR ramps 0.6 69 64 SR-91 EB GP bt GRR and SR-71 0.8 68 63 SR-91 EB GP bt SR-71 ramps 0.7 66 59 SR-91 EB GP bt SR-71 and Serfas 1.3 68 61 SR-91 EB GP bt Serfas and Lincoln 1.3 72 58 SR-91 EB GP bt Lincoln ramps 0.4 74 60 SR-91 EB GP bt Lincoln and Main St 0.6 74 62 SR-91 EB GP bt Main St and 1-15 SB On 1.3 72 63 SR-91 EB GP bt 1-15 SB On and 1-15 NB On 0.3 65 51 SR-91 EB GP bt 1-15 NB On and McKinley 1.0 64 55 NB Total 18.4 66 61 Actual Model SR-91 WB GP bt South Lake On ramp and SR-55 0.3 32 14 SR-91 WB GP bt South Lake loop On and On ramp 0.3 33 35 SR-91 WB GP bt South Lake Off and loop On 0.4 27 41 SR-91 WB GP bt Imperial Hwy On ramp and South Lake 0.8 35 36 SR-91 WB GP bt Imperial Hwy loop On and On ramp 0.3 51 44 SR-91 WB GP bt Imperial Hwy Off and loop On 0.4 57 57 SR-91 WB GP bt Yorba Linda On ramp and Imperial Hwy 2.2 64 50 SR-91 WB GP bt Yorba Linda loop On and On ramp 0.3 69 59 SR-91 WB GP bt Yorba Linda Off and loop On 0.4 68 61 SR-91 WB GP bt SR-241 NB DC and Yorba Linda 0.6 67 53 SR-91 WB GP bt Gypsum Canyon and SR-241 NB DC 0.6 68 30 SR-91 WB GP bt Gypsum Canyon loop ramps 0.3 66 53 SR-91 WB GP bt Gypsum Canyon Off and loop On 0.3 64 53 SR-91 WB GP bt SR-241 SB DC and Gypsum Canyon 0.3 43 54 SR-91 WB SR-91 WB GP bt OCTA EL SR-91 WB GP bt GRR and IOCTA EL Ingress ngress and 41 SB DC 27 13 1.5 22 12 SR-91 WB GP bt GRR ramps 0.6 21 20 SR-91 WB GP bt SR-71 and GRR 0.5 I 16 17 SR-91 WB GP bt SR-71 ramps 0.6 14 30 SR-91 WB GP bt Serfas and SR-71 0.9 12 23 SR-91 WB GP bt 6th St On and Serfas On 0.3 12 32 SR-91 WB GP bt Serfas Club Dr and 6th St 0.5 13 34 SR-91 WB GP bt Maple St and Serfas Club Dr 0.3 13 26 SR-91 WB GP bt Lincoln Ave and Maple St 0.7 14 26 SR-91 WB GP bt Lincoln Ave ramps 0.4 15 29 SR-91 WB GP bt Main St and Lincoln Ave 0.6 20 36 SR-91 WB GP bt Main St CD On and Main St On 0.2 52 55 SR-91 WB GP bt ML On and CD On 1.1 55 45 SR-91 WB GP bt 1-15 and Main St CD 0.6 60 9 SR-91 WB GP bt McKinley and 1-15 0.9 48 8 SB Total 18.4 27 23 AM AVG Actual Model SR-91 EB EL bt SR-55 and Weir Canyon Rd 5.0 75 75 SR-91 EB EL bt Weir Canyon Rd and SR-241 NB DC On 2.9 75 77 91 EL EB SR-91 EB EL bt SR-241 NB DC On and County Line 1.7 75 79 3.3 75 78 SR-91 EB EL bt County Line and Serfas Club dr SR-91 EB EL bt Serfas Club dr and Diverge 3.5 75 77 SR-91 EB EL 16.4 75 77 Actual Model 91 EL WB SR-91 WB EL bt County Line and SR-55 SR-91 WB EL Mixing Area 8.5 75 66 1.4 50 73 6.5 51 46 SR-91 WB EL Merge to County Line SR-91 WB EL 16.4 61 56 5.92 478 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Table 5-8 SR 91 Speed Comparison PM Peak Period DESCRIPTION DISTANCE PM Period PM AVG OBS Actual Model SR-91 EB GP bt SR-55 and Santa Ana 0.3 54 SR-91 EB GP bt Santa Ana and South Lake loop On 0.3 52 57 SR-91 EB GP bt South Lake loop On and On ramp 0.4 59 56 SR-91 EB GP bt South Lake On and Imperial Hwy 0.8 58 56 SR-91 EB GP bt Imperial Hwy Off and loop On 0.3 48 58 SR-91 EB GP bt Imperial Hwy loop On and On ramp 0.3 53 63 SR-91 EB GP bt Imperial Hwy On and Weir Canyon 2.3 39 57 SR-91 EB GP bt Weir Canyon Off and loop On 0.4 16 61 SR-91 EB GP bt Weir Canyon loop On and On ramp 0.3 13 55 SR-91 EB GP bt Weir Canyon On and SR-241 SB DC 0.6 12 42 SR-91 EB GP bt SR-241 SB DC and Gypsum Off 0.7 14 25 SR-91 EB GP bt Gypsum Off and loop On 0.4 18 39 SR-91 EB GP bt Gypsum Canyon s 0.3 SR-91 EB SR-91 EB GP b} Gypsum Canyon wand 3R 241 NB DC 0.3 2 11 SR-91 EB GP bt SR 241 NB DC and RCTC EL Ingress 2.2 29 24 SR-91 EB GP bt RCTC EL Ingress and GRR 0.5 39 45 SR-91 EB GP bt GRR ramps 0.6 47 56 SR-91 EB GP bt GRR and SR-71 0.8 52 31 SR-91 EB GP bt SR-71 ramps 0.7 40 51 SR-91 EB GP bt SR-71 and Serfas 1.3 39 31 SR-91 EB GP bt Serfas and Lincoln 1.3 45 31 SR-91 EB GP bt Lincoln ramps 0.4 41 20 SR-91 EB GP bt Lincoln and Main St 0.6 21 13 SR-91 EB GP bt Main St and 1-15 SB On 1.3 15 14 SR-91 EB GP bt 1-15 SB On and 1-15 NB On 0.3 25 12 SR-91 EB GP bt 1-15 NB On and McKinley 1.0 46 14 NB Total 18.4 ' 27 26 Actual Model SR-91 WB GP bt South Lake On ramp and SR-55 0.3 56 32 SR-91 WB GP bt South Lake loop On and On ramp 0.3 45 44 SR-91 WB GP bt South Lake Off and loop On 0.4 45 47 SR-91 WB GP bt Imperial Hwy On ramp and South Lake 0.8 55 45 SR-91 WB GP bt Imperial Hwy loop On and On ramp 0.3 57 51 SR-91 WB GP bt Imperial Hwy Off and loop On 0.4 57 62 SR-91 WB GP bt Yorba Linda On ramp and Imperial Hwy 2.2 60 56 SR-91 WB GP bt Yorba Linda loop On and On ramp 0.3 61 61 SR-91 WB GP bt Yorba Linda Off and loop On 0.4 61 64 SR-91 WB GP bt SR-241 NB DC and Yorba Linda 0.6 63 50 SR-91 WB GP bt Gypsum Canyon and SR-241 NB DC 0.6 65 42 SR-91 WB GP bt Gypsum Canyon loop ramps 0.3 65 54 SR-91 WB GP bt Gypsum Canyon Off and loop On 0.3 65 54 pp SR-91 WSR-91 B SR-91 WB GP bt SR-241 SB DC and Gypsum Canyon WB GP bt SR-91 WB GP bt OGRR andCTA ELIngress OCTA EL l ingre s41 SB DC 0.3 60 53 61 49 1.1 61 53 SR-91 WB GP bt GRR ramps 0.6 53 55 SR-91 WB GP bt SR-71 and GRR 0.5 62 53 SR-91 WB GP bt SR-71 ramps 0.6 65 52 SR-91 WB GP bt Serfas and SR-71 0.9 61 39 SR-91 WB GP bt 6th St On and Serfas On 0.3 58 44 SR-91 WB GP bt Serfas Club Dr and 6th St 0.5 36 32 SR-91 WB GP bt Maple St and Serfas Club Dr 0.3 64 28 SR-91 WB GP bt Lincoln Ave and Maple St 0.7 56 22 SR-91 WB GP bt Lincoln Ave ramps 0.4 50 28 SR-91 WB GP bt Main St and Lincoln Ave 0.6 49 42 SR-91 WB GP bt Main St CD On and Main St On 0.2 51 52 SR-91 WB GP bt ML On and CD On 1.1 63 46 SR-91 WB GP bt 1-15 and Main St CD 0.6 69 46 SR-91 WB GP bt McKinley and 1-15 0.9 65 17 SB Total 18.4 58 42 PM AVG Actual Model SR-91 EB EL bt SR-55 and Weir Canyon Rd 5.0 40 64 SR-91 EB EL bt Weir Canyon Rd and SR-241 NB DC On 2.9 54 70 91 EL EB SR-91 EB EL bt SR-241 NB DC On and County Line 1.7 54 76 3.3 68 65 SR-91 EB EL bt County Line and Serfas Club dr SR-91 EB EL bt Serfas Club dr and Diverge 3.5 65 62 SR-91 EB EL 16.4 53 66 Actual Model SR-91 WB EL bt County Line and SR-55 8.5 ' 75 74 91 EL WB SR-91 WB EL Mixing Area 1.4 69 78 SR-91 WB EL Merge to County Line 6.5 75 74 SR-91 WB EL 16.4 74 75 5.93 479 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration 5.2 ROADWAY NETWORKS The highway networks used for this project were obtained and developed from a previous Stantec study in the region. Three future scenario years were developed in this project including 2017 (base year), 2025, and 2040. The 2017 highway network was developed from the 2015 highway networks from prior Stantec studies in the region but updated to reflect current conditions. The most notable additions were the SR 91 Express and GP lane widening within Riverside County, and the development of Foothill Parkway in Corona. The highway networks for the two forecast years included in this project, 2025 and 2040, were developed by including projects listed in the Southern California Association of Governments (SCAG) 2016 Regional Transportation Plan (RTP) and its Amendments, the 2018 SR 91 Implementation Plan, and project lists developed via discussions with the RCTC, OCTA, and TCA. Projects on or around the SR 91 corridor are of greatest significance because they are the most likely to impact RCTC 91 Express Lanes operations. Critical projects in the corridor include: • SR 91 COP, 1-15 NB Option 1, and SR 91 WB Option 3: consists of two projects, 1) the southerly extension of the 1-15 NB to SR 91 WB EL entrance by approximately 4,000 feet. The entrance to the WB 91 ELs along 1-15 NB was originally located between Ontario Avenue and Magnolia Avenue but was moved south to better allow more storage for vehicles that were queuing to enter the WB ELs. This project was completed during Fall 2018 and is not expected to significantly impact RCTC 91 EL T&R. SR 91 WB Option 3 would convert the access area to/from the WB RCTC 91 ELs from an egress only followed by an ingress only zone, to a full weaving area. The conversion is expected to be complete by mid -November 2018. • The Riverside County 1-15 Express Lanes (ELP): would be built in the median of the 1-15 between Cajalco Road and SR 60, a distance of almost 15-miles. The project would generally add two Express Lanes per direction and directly connect to the RCTC 91 Express Lanes. This project is under construction and expected to be completed by FY 2021. This project is included in the 2025 model. • The 15/91 Express Lanes Direct Connector: would provide a direct connection between the RCTC 91 Express Lanes to the RCTC 1-15 Express Lanes north of SR 91. This would allow EB EL users to travel directly to the northbound 1-15 Express Lanes, and southbound 1-15 ELP users to connect directly with the WB 91 ELs. A modification to the EB 91 GP and EL terminus at 1-15 would be constructed in conjunction with the 15/91 ELC. The EB 91 GP lane drop from 4 to 3 GP lanes between Main Street and 1-15 would be eliminated and upgraded to a full four GP lanes that would be carried through the 1-15 interchange. The EB 91 Express terminus would be shifted east by approximately a'/2 mile before merging with the GP lanes upstream of the Promenade over - crossing. The 1-15 NB to EB GP lane direct connector would merge with the EB 91 GP lanes instead of continuing as an auxiliary lane as it does today. East of the Promenade Avenue over -crossing the SR 91 EB lanes would be unchanged from the exiting condition (5 GP Lanes). This project is expected to be completed by FY 2022 and is included in the 2025 model. • The 241/91 Express Direct Connector (EDC): would directly connect the RCTC 91 Express Lanes with the SR 241 via an express -to -express direct connector. The direct connector would permit motorists to bypass some of the heavy congestion that currently exists on the NB 241 and directly connect with the EB RCTC 91 ELs. Motorists using the NB to EB EDC must continue to the EB RCTC 91 ELs and therefore are required to pay the EB RCTC 91 EL toll. The westbound to southbound movement is accessible from either the WB RCTC 91 ELs or the WB GP lanes. Travelers on the EDC would be subject to an additional dynamically priced toll (on 5.94 480 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration top of any toll charged on the RCTC 91 ELs and the SR 241 toll road, charged to all users regardless of occupancy or vehicle type. This project is assumed to be open in FY 2022 and is included in the 2025 model. • SR 71/91 Interchange: would be reconstructed by replacing the hairpin loop ramp from EB 91 to NB 71 with a high-speed direct -connector. The reconstruction would also re -position the EB on -ramp from Green River Road such that traffic from Green River Road destined for SR 71 would connect directly via a CD road rather than enter the 91. In addition, the off -ramp to SR 71 from EB 91 would be located west of the SR 91 EB on - ramp from Green River Road. This project is assumed to be open by 2026, but is included in the 2025 model. • The Riverside County 1-15 Express Lanes South of Cajalco (15 South ELs): would extend the 1-15 ELP from its terminus at Cajalco Road by another 15-miles to SR 74 to the south. This project is expected to be complete by 2028 and is included in the 2040 model. • San Bernardino County Express Lanes (1-15 and 1-10): would add approximately 30 miles of Express Lanes to 1-10 between SR 210 in Redlands to the east to the LA / San Bernardino County Line to the west and would add approximately 10 miles of Express Lanes to 1-15 north of SR 60. These projects are expected to be completed in phases, with the first phase of the 1-10 ELs complete in 2023, and the last completed in 2025. • The SR 91 Ultimate Project at the County Line: this widening of the SR 91 GP lanes from SR 71 in Riverside County to SR 241 in Orange County by one GP lane in each direction would upgrade the SR 91 to a 6-lane per direction freeway with 2-lanes per direction. This widening across 4-miles is expected to be a significant regional improvement and is assumed to open by year 2035. This project is included in the 2040 model. A sensitivity was run where the Ultimate Project was accelerated to year 2028. • HOV-3+ Regional HOV policy: is expected to be in effect by year 2040. Currently, HOV lanes are open to vehicles with 2 or more occupants. However, this has left many HOV lanes fully utilized during peak hours and operating with delays. The HOV policy is assumed to convert to a 3-or more person definition by year 2040. 5.95 481 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Other projects assumed in the 2025 and 2040 highway networks are shown in the following table and are depicted in Figure 5-6. Note that numerous other smaller scale projects listed in the SCAG RTP were also coded, but are not listed herein as they are of lesser significance to the SR 91 corridor. Table 5-9: Key Network Changes: 2018-2040 Roadway RTP ID Description County Completion Year SR 241 ORA050 Widen Eastern Transportation Corridor (SR 241/261/133) by adding 2 lanes in each direction. Orange 2025 ORA051 Widen Foothill Transportation Corridor -North by adding 2 lanes in each direction. Orange 2025 SR-71 1 M1001 Add 1 HOV lane and 1 mixed flow lane in each direction from Mission Boulevard to Rio Rancho. Los Angeles 2029 LAOB951 Add 1 HOV lane and 1 mixed flow lane in each direction from 1-10 to SR-60. Los Angeles 2028 3M01 MA09 Add 1 lane in each direction from SR-91 to San Bernardino County Line. Riverside 2035 1-15 3160002 Construct 2 HOV lanes from SR 74 to JCT 1-15/1-215. Riverside 2039 Figure 5-6: Locations of Key Projects for 2025 Highway Network Monrovia rzti2lendora npie CITY Vancent` Bal6win Park Sat mead Charter Oak Ermor6._ © West Covina ith El Nate Valinda itle#s� c kLa Puente `_�Walnuutt i Hacienda Heeightstan�6nd 'Whittier Rowland Heights nth Whittier La Habra Lwa I k La Mirada uena Park La Palm,:. Cypress v.ktn Park am:tos Stanton moCirank or�Garden Grove -rth Tus w�stmmster Santa Ana Bar Chino Hil 1 Yorba Linda Fullerton Placentia Anaheim Fount in Valley iuntington Beach Costa Mesa Newport Beach 261 Irvine He! Los Serranos F. Santa M. •anta La a Forest Mission Viejo L, Lagu�it'aJINIs Laguna Ladera Ranch Niguel Laguna Beach g _ j• Fontana ,M4 �259 Highland San Bernardino 210 kdentvne R• Grans "aiq a Loma Linda woodcrest Yucaipa 1 Calimesa oreno \1/4 Lakeview Nuevo Pe Hamerand Sun glty tianjon Lake Menefee Lakeland .Ynrl ag Murr 5.96 482 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration 5.3 MARKET SHARE MODEL Stantec has adapted its managed lane market share model to forecast SR 91 Express Lane usage. The adapted market share model was used to provide an alternative view of traffic and revenue and its results were used to post -process some travel demand model results and to develop traffic and revenue annualization factors. 5.3.1 Model Structure and Development - Market Share Model The market share curves are built from a compilation of traffic, speed, and income data collected in past studies to reflect the OCTA's 91 Express Lanes and recently updated to reflect RCTC 91 Express Lanes utilization. Stantec collected and analyzed traffic data from the RCTC 91 Express Lanes and the adjacent general purpose lanes in 2017 and 2018 and utilized these data to assess the relationship between corridor demand, congestion, and express lane usage. Capture rates on both the eastbound and westbound RCTC 91 Express Lanes formed the basis for the toll market share curves. Data from SR 91 at the Riverside / Orange County Line were used to derive market share capture rates for full -toll traffic (excluding HOV-3+ and other toll -free traffic). This location represents a major bottleneck on the 91 and is also the location of the greatest corridor demand. Figure 5-7 shows global, GP, and express traffic by hour in this section. The resulting market share curves are shown in Figure 5-8. The curves were derived based on data collected during the count program as well as historical traffic data. Figure 5-7: SR 91 Westbound Global & Express Traffic, Riverside / Orange County Line 17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 —0—Westbound SR 91 f Eastbound 91 —0— WB EL Volume EB EL Volume - - - Capacity 2 2 2 Q Q a o o o 0 0 o � N M • • �� a�- Q Q Q Q Q Q Q Q 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 00 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 4 Cri (O rz 00 (Esi O — N - N M 4 � (O r- 00 6 O 5.97 483 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Figure 5-8: SR 91 Westbound Express Market Share Curves — Full Toll Traffic Low Toll m ~g Q aH yadir II P11111111115:___...001101Pr Increasing Corridor Congestion Global V/C 5.3.2 Model Implementation The SR 91 market share curves were adapted to reflect the lane configuration of RCTC 91 Express Lanes. Curves were developed for 5 GP / 2 Express lane and 6 GP / 2 Express Lane configurations. The market share model was setup to model traffic on typical weekdays and weekends on a segment -by -segment basis by 15-minute period. Inputs used by the model include: • Global traffic forecast by the travel demand model by period • Traffic demand profile (15-minute distribution) • Ratio of Friday, Saturday, and Sunday traffic versus typical weekday traffic. • Global capacity of the 91 corridor (10,700 at the County line, increasing to 12,500 with the Ultimate Project) Before using the model to forecast traffic and revenue, existing global traffic, capacity, and tolls were input to the MSM to identify how well the model matched reality. As shown in the following table, typical weekday (Monday to Thursday) revenue were well matched, in total within 4 percent with eastbound revenue being underpredicted by 6 percent and westbound revenue over predicted by 7 percent. Eastbound Friday and weekends were underpredicted as well by a more significant amount. Westbound revenues were generally well predicted, within 10 percent of actual. Weekly modeled revenue matches the actual levels almost exactly. 5.98 484 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration Table 5-10: RCTC 91 Express Revenue - Actual vs. Market Share Model Potential Actual Mon-Thurs Friday Saturday Sunday Total Eastbound $200,295 $96,027 $39,026 $18,127 $353,475 Westbound $540,034 $73,229 $28,176 $24,704 $666,143 Total $740,328 $169,256 $67,202 $42,832 $1,019,618 Model2018 Mon-Thurs Friday Saturday Sunday Total Eastbound $188,642 $76,216 $30,482 $15,720 $311,059 Westbound $579,697 $78,445 $28,649 $22,307 $709,098 Total $768,338 $154,661 $59,131 $38,027 $1,020,158 Difference Mon-Thurs Friday Saturday Sunday Total Eastbound -6% -21% -22% -13% -12% Westbound 7% 7% 2% -10% 6% Total 4% -9% -12% -11 % 0% RCTC 91 Express Lane traffic predicted by the MSM were within 1 percent of actual levels. While eastbound traffic on Saturdays were underpredicted by 12 percent, traffic on other days of the week and directions were predicted within 10 percent of actual levels. Table 5-11: RCTC 91 Express Traffic - Actual vs. Market Share Model Actual2018 Mon-Thurs Friday Saturday Sunday Total Eastbound 19,354 24,093 20,037 13,544 77,028 Westbound 24,784 24,327 17,969 16,083 83,163 Total 44,138 48,420 38,006 29,627 160,191 Model2018 Mon-Thurs Friday Saturday Sunday Total Eastbound 18,062 22,515 17,727 13,209 71,513 Westbound 26,261 26,510 18,254 15,806 86,831 Total 44,323 49,025 35,981 29,015 158,344 % Difference Mon-Thurs Friday Saturday Sunday Total Eastbound -7% -7% -12% -2% -7% Westbound 6% 9% 2% -2% 4% Total 0% 1 % -50/0 -2% -1 % The traffic and revenue forecasts were developed by combining views of tolls and traffic from both the market share model and the corridor level travel demand model. In general, the market -share model's expectations for off-peak period or direction traffic and tolls were accepted for the T&R forecast. Peak period, peak direction traffic forecasts were influenced largely by the corridor level travel demand model and supplemented with information from the market - share model. Westbound express lane traffic for the 4-10 AM period and eastbound express lane traffic for the 2-8 PM period were developed from the corridor level travel demand model and post processed based on market -share model results. The market -share model based post -processing, in aggregate, reduced express lane capture, tolls, and revenue, although in some instances would increase the travel demand model predicted traffic levels. Express traffic 50 485 5.99 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Model Development and Calibration volumes were post processed upward for the eastbound ELs in scenarios where the EB 91 GP lanes were widened by an additional lane at the County Line. The upward post processing was implemented based on analysis of VISSIM micro -simulation modeling results for related studies of the SR 91 corridor. The micro -simulation modeling demonstrated that the widening of the EB GP lane from five to six GP lanes would permit additional traffic to flow into Riverside County which would then result in longer and more intense queues at the SR 91/I-15 interchange. The MSM predicts that the increased flow within Riverside would result in an increase in eastbound Express Lane traffic, while the travel demand model demonstrates that eastbound 91 Express traffic would drop. The MSM view of eastbound EL behavior was more consistent with how traffic would operate in the corridor given the widening, so its impacts on eastbound EL traffic were used at the basis for the impact of widening the EB GP lanes at the County Line. 5.100 486 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 6.0 TRAFFIC AND REVENUE FORECAST Annual traffic and gross potential toll revenue for the RCTC 91 Express Lanes is expected to increase to over $73 million by FY 2025 ($60.4 million in 2017 $'s), while full toll transactions would grow to over 13 million. This represents a nominal dollar revenue increase of 54 percent or a real dollar increase of nearly 30 percent from FY 2018 levels ($48 million). Full toll transactions by FY 2025 would be nearly 16 percent above current levels. Traffic and revenue would almost double in real dollar terms, to $99 million by 2040, or in nominal dollar terms, $175 million. RCTC 91 EL revenue from FY 2019 to FY 2040 would grow about 7 percent per year, while full toll traffic would grow around 1.7 percent per year. Full toll transactions would be near 15 million by 2040, an increase of 34 percent from today's levels. The increase in traffic and revenue is supported by the expectation that the Inland Empire will continue to be a desirable place for people to live, while the coastal counties of LA and Orange County will remain significant employment centers. Population in the Inland Empire is expected to grow by 1.2 percent per year from now until 2025, an increase of over 427,000 people and 165,000 households. While the number of jobs in the Inland Empire would grow by 171,000, LA and Orange County employment would increase by over 423,000. A significant portion of this growth in trip making is expected to be made along the region's primary east -west corridors, the SR 91, SR 60, and 1-10. Several network improvements impact RCTC 91 Express Lanes growth, some positively and some negatively. Changes that would improve Express Lane revenue include the addition of the 241/91 Express Lane Direct Connector ("EDC"), the 1-15/91 Express Lane Connector ("ELC"), and the widening of the eastbound 91 GP lanes between SR 241 and SR 71. Changes that would reduce 91 Express Lanes traffic and revenue include the conversion of the westbound 91 access area at the County Line to a full-length weave lane, the widening of the westbound 91 GP lanes between SR 71 and SR 241, and the widening of the eastbound 91 GP lanes in the vicinity of 1-15. Forecasts assume the SR 91 "Ultimate" project is built in year 2035. The Ultimate project would widen the SR 91 to a full six GP lanes from SR 71 to SR 241 and result in a meaningful addition of capacity to the corridor. As discussed previously, the westbound widening is expected to reduce congestion on the westbound GP lanes in Riverside County and therefore reduce westbound EL demand and revenue. The eastbound widening would decrease delays in Orange County, but result in more traffic reaching Riverside County, and thereby increasing eastbound RCTC 91 EL utilization and revenue. A portion of the Ultimate project also includes a widening of the SR 91 GP lanes between 1-15 and Pierce Street, while also extending the Express Lane terminus from 1-15 toward Pierce Street. This portion of the Ultimate Project east of 1-15 was not considered in this analysis, consistent with the approach taken in the original SR 91 Investment Grade Traffic and Revenue Study conducted in 2012. The eastern portion of the Ultimate project contains elements that can both degrade Express Lane revenue (reducing EB congestion and EB EL demand) and improve Express Lane revenue (extending the Express Lanes, and increasing throughput from the SR 91 westbound approach toward the Express Lanes). 6.101 487 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast Table 6-1: RCTC 91 Express Lanes Traffic and Revenue Forecast, Base Scenario Fiscal Year Revenue, 2017$'s Revenue, Nominal $'s % Change Year over Year Full Toll Transactions (Excluding HOV3+) % Change Year over Year Average Full Toll (2017 $'s) 2017 (Actual) $9,618,429 $9,618,429 - 3,270,243 - $2.94 2018 (Actual) $46,772,422 $47,941,733 398% 11,297,276 245% $4.14 2019 (1) $47,570,000 $49,980,000 4.3% 11,750,000 4.0% $4.05 2020 $44,260,000 $47,660,000 -4.6% 11,920,000 1.4% $3.71 2021 $47,710,000 $52,660,000 10.5% 12,180,000 2.2% $3.92 2022 (2) $50,600,000 $57,250,000 8.7% 12,390,000 1.7% $4.08 2023 $53,680,000 $62,250,000 8.7% 12,610,000 1.8% $4.26 2024 $56,950,000 $67,690,000 8.7% 12,830,000 1.7% $4.44 2025 $60,410,000 $73,600,000 8.7% 13,060,000 1.8% $4.63 2026 $63,450,000 $79,240,000 7.7% 13,290,000 1.8% $4.77 2027 $66,050,000 $84,550,000 6.7% 13,520,000 1.7% $4.89 2028 $68,750,000 $90,200,000 6.7% 13,750,000 1.7% $5.00 2029 $71,560,000 $96,240,000 6.7% 13,980,000 1.7% $5.12 2030 $74,490,000 $102,690,000 6.7% 14,220,000 1.7% $5.24 2031 $77,540,000 $109,560,000 6.7% 14,460,000 1.7% $5.36 2032 $80,710,000 $116,890,000 6.7% 14,710,000 1.7% $5.49 2033 $84,010,000 $124,710,000 6.7% 14,960,000 1.7% $5.62 2034 $87,450,000 $133,060,000 6.7% 15,220,000 1.7% $5.75 2035 (3) $86,290,000 $134,580,000 1.1% 14,780,000 -2.9% $5.84 2036 $85,130,000 $136,090,000 1.1% 14,320,000 -3.1% $5.94 2037 $88,480,000 $144,980,000 6.5% 14,530,000 1.5% $6.09 2038 $91,950,000 $154,440,000 6.5% 14,750,000 1.5% $6.23 2039 $95,560,000 $164,520,000 6.5% 14,970,000 1.5% $6.38 2040 $99,320,000 $175,260,000 6.5% 15,190,000 1.5% $6.54 2041 $101,980,000 $184,460,000 5.2% 15,330,000 0.9% $6.65 2042 $103,510,000 $191,910,000 4.0% 15,390,000 0.4% $6.73 2043 $105,070,000 $199,670,000 4.0% 15,450,000 0.4% $6.80 2044 $106,660,000 $207,750,000 4.0% 15,510,000 0.4% $6.88 2045 $108,260,000 $216,140,000 4.0% 15,570,000 0.4% $6.95 2046 $109,890,000 $224,880,000 4.0% 15,630,000 0.4% $7.03 2047 $111,540,000 $233,970,000 4.0% 15,680,000 0.3% $7.11 2048 $113,220,000 $243,430,000 4.0% 15,740,000 0.4% $7.19 2049 $114,930,000 $253,270,000 4.0% 15,800,000 0.4% $7.27 2050 $116,660,000 $263,510,000 4.0% 15,860,000 0.4% $7.36 2051 $118,110,000 $273,470,000 3.8% 15,920,000 0.4% $7.42 2052 $119,300,000 $283,120,000 3.5% 15,980,000 0.4% $7.47 2053 $120,490,000 $293,100,000 3.5% 16,040,000 0.4% $7.51 2054 $121,700,000 $303,440,000 3.5% 16,100,000 0.4% $7.56 2055 $122,920,000 $314,150,000 3.5% 16,160,000 0.4% $7.61 2056 $124,150,000 $325,230,000 3.5% 16,220,000 0.4% $7.65 2057 $125,400,000 $336,700,000 3.5% 16,290,000 0.4% $7.70 2058 $126,660,000 $348,580,000 3.5% 16,350,000 0.4% $7.75 2059 $127,930,000 $360,880,000 3.5% 16,410,000 0.4% $7.80 2060 $129,210,000 $373,610,000 3.5% 16,470,000 0.4% $7.85 2061 $130,500,000 $386,790,000 3.5% 16,530,000 0.4% $7.89 2062 $131,810,000 $400,430,000 3.5% 16,590,000 0.4% $7.95 2063 $133,130,000 $414,560,000 3.5% 16,660,000 0.4% $7.99 2064 $134,470,000 $429,180,000 3.5% 16,720,000 0.4% $8.04 2065 $135,820,000 $444,320,000 3.5% 16,780,000 0.4% $8.09 2066 $137,180,000 $459,990,000 3.5% 16,840,000 0.4% $8.15 (1) Westbound EL weave lane halfway in FY 2019 (2) 15/91 ELC, EB 91 Extension (to Promenade), 91 /241 EDC in FY 2022 (3) Widen SR 91 GP from SR 71 to SR 241, both directions. 6.102 488 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 6.1.1 T&R Forecast Details - Time of Day and Directional Distribution RCTC 91 Express Lanes weekday revenue is expected to grow from approximately $185,000 per day in 2018 to $237,000 per day in 2025, and to $386,000 per day by 2040. The growth rate on a constant dollar basis is 3.4 percent per year, with more rapid growth from 2018 to 2025 (3.6 percent per year), and slower growth from 2025 to 2040 (1.7 percent per year). The slower growth seen from 2025 to 2040 is attributable to a widening of the SR 91 GP lanes at the County Line from SR 241 to SR 71 in year 2035. From 2018 to 2025, revenue growth is expected to be greatest in the PM peak period — this period from 2-8 PM would account for over 90 percent of the Express Lanes' revenue increase. The AM peak period, in contrast, is expected to shrink by 2 percent versus existing levels. The decline is attributable to an expected reduction in full toll traffic, by about 10 percent and a reduction in tolls during the last two hours of the AM peak period (8-10 AM). The cut in full toll traffic and tolls is principally attributable to a capacity improvement project at the County Line (westbound weaving lane), and an increase in HOV-3+ free traffic from 3,400 to 5,100 vehicles during the 6-hour peak period. Tolls increase slightly, from an average of about $10.20 to about $11.45 per full toll transaction during the peak hours but would decline during the last two hours of the AM peak period (8-10 AM), reflecting the continued high demand and congestion during peak hours but improved conditions during shoulder peak hours. $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $o Figure 6-1: RCTC 91 Express Gross Weekday Revenue Forecast by Time of Day 4-10 AM o c.o ti o N CO f11 f0 n N 7 ■ 10AM-2 PM (MD) CO ti co 0 N 0 N u7 47 64 I ■ 2018 2025 ■ 2040 CO CO N 69 va 2-8 PM 8 PM - 4 AM (NT) 489 6.103 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 21 10 0 Figure 6-2: RCTC 91 Express, Revenue Split by Time of Day — Existing and Forecast 80 °/. 70% 60% 66% 51% 50% 42% 42 °io 40% 39% 30% 24% 20% PI 15% 10% g% 9% ' 2% 2% 1% 0% Ali 10AM-2PM 2PM-8PM 8PM-4AM ■ 2018 .2025 ■ 2040 Figure 6-3: RCTC 91 Express Forecast Average Hourly Traffic Growth by Time of Day and Direction 18 4-10 AM 15 51 48 49 60 31 41 10 AM - 2PM 2 PM - 8 PM ■ 2018-25 ■ 2025-40 ■ 2018-40 8 7 8PM-4AM 490 6.104 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast Tolls on the Express Lanes are expected to increase as demand in the corridor and demand for the Express Lanes increases. Current tolls on the westbound 91 Express Lanes on a typical weekday (Wednesday) are at a high of $17.15 (as of Mid -May 2018) from 5 AM to 6 AM, $15.15 from 6 AM to 7 AM, and $12.65 from 7 AM to 8 AM. If the westbound 91 GP lanes were not widened, tolls for the McKinley movement would grow to over $18 and be sustained at or near that level from 5 AM to 8 AM. Westbound Express Lane demand and toll rates are dampened by several factors: 1) a re -striping of the mixing area between the GP and Express Lanes at the Riverside/Orange County Line, 2) a re -striping at the westbound entrance which is expected to enhance Express Lane capacity and reduce the need for toll increases, and 3) the addition of the 91/241 EDC which is expected to reduce GP lane congestion and therefore reduce Express Lane demand. Westbound Express Lane demand and tolls are, however, expected to increase due to the addition of the 15/91 Express Lane Connector (ELC) in FY 2022 and from growth in corridor demand. By 2040, the westbound 91 Express Lanes toll for the movement from McKinley Street would increase to a high of $22.00 during the hours of 5 AM and 7 AM. This forecast assumes that the westbound 91 GP lanes are widened to 6 lanes from SR 71 to SR 241 by year 2035. If the WB GP lanes were not widened, westbound Express Lane demand would be higher and tolls would rise to nearly $24 (2017 $'s). Figure 6-4: Westbound 91 Express Tolls (2017$'s), via McKinley. Existing & Forecast $26.00 $24.00 $22.00 $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 FEEEREEEa ERE a a a 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N r N M Lt'J CD M1 W Q] O N r N M • ffl M1 W 6] O �2017-16 Wednesday f2025 No Widen f2040 No Widen 2040 Widen (Ultimate) Tolls for travel on the eastbound 91 Express Lanes via McKinley Street would be generally lower than the rates for travel on the westbound lanes in the morning, consistent with the existing condition. Today, tolls for travel on the eastbound 91 Express Lanes peak at just over $5.00 from 2 PM to 5 PM. By 2025 tolls would increase by $2.00 to $3.00, reaching a high of just over $8.00. The generally lower toll rates seen on the eastbound 91 Express Lanes in Riverside County are attributable to generally better operations on the eastbound GP lanes as compared to the eastbound GP lanes in Orange County and the westbound GP lanes in Riverside County during the morning. The 6.105 491 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast eastbound SR 91 GP lanes at the Riverside / Orange County Line is a local bottleneck which meters the amount of traffic that can reach the GP lanes in Riverside County. While the eastbound SR 91 GP lanes in Orange County see high demand and are heavily congested during the PM peak period, the GP lanes in Riverside County are not nearly as congested. This lower level of congestion is one cause of generally lower EB EL demand and tolls. EB express lane demand and tolls would still increase, albeit gradually, as demand from on -ramps within Riverside increase and the bottleneck at the SR 91/1-15 interchange worsens. By 2040, the widening of the 91 at the County Line to a full 6 GP lanes from SR 241 to SR 71 would alleviate the bottleneck at the Orange / Riverside County Line, and permit greater throughput, and result in increased flow and congestion on the eastbound GP lanes in Riverside County. Eastbound express lane demand is expected to grow, and tolls for the movement to McKinley Street would spike to a high of over $20.00. Figure 6-5: Eastbound 91 Express Tolls (2017$'s), via McKinley. Existing and Forecast $26 00 $24 00 $22 00 $20 00 $18 00 $16 00 $14 00 $12 00 $10 00 $8.00 $6.00 $4.00 $2.00 $0.00 Q Q Q FLPLEREE EKEE a a a a a a a a a a a a a a a a a a a a a a a a a a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o a o a . .. .. .. N r N M 4 6 6f� 661 a N r N M � Lf7 CO f� CO 6] O —8— 2017-18 Wednesday —8— 2025 No Widen —0— 2040 No Widen — 9 — 2040 Widen (Ultimate) 6.106 492 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast Figure 6-6: Westbound 91 Express Traffic — Existing and Forecast by Time of Day 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 N 1,600 1,400 w 1,200 1,000 800 600 400 200 0 Q Q Q Q¢ Q Q Q¢ Q a o_ a o_ a o_ o_ a s o_ a s 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 N M V l!7 (D R W m O N M V l!7 CO R O O O May-18 —0-2025 No Widen —0-2040 No Widen o••• 2040 Widen (Ultimate) Figure 6-7: Eastbound 91 Express Traffic — Existing and Forecast by Time of Day 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Q ¢ ¢ ¢ ¢ Q ¢ ¢ Q ¢ a o_ a o_ o_ a o_ o_ o_ a 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 0 0 o O 0 O o 0 o 0 0 0 0 o 0 0 0 N r N M V In O n W O O N M V 117 O n W O O May-18 2025 No Widen 2040 No Widen - o - 2040 Widen (Ultimate) 493 6.107 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 6.1.2 Annualization of Traffic and Revenue Annual traffic and revenue are forecast by multiplying weekday T&R forecasts by an annualization factor; 265 for revenue and 295 to 320 for toll traffic. The annualization factor represents the contribution of weekday revenue (typical Monday to Thursday), typical Friday revenue, typical Saturday and Sunday revenue, and holidays. The traffic and revenue annualization factor were developed from a bottom -up analysis of weekday, Friday, and weekend T&R via Stantec's Express Lane market -share model (MSM). The revenue annualization factor is conservatively assumed to be 265. Over the past 12-months, the RCTC 91 ELs revenue annualization factor was 285, about eight percent higher than the assumed value of 265. At current levels, 69 percent of annual revenue is derived from typical weekdays, 18 percent from Fridays, and 13 percent from weekends and federal holidays. Stantec's MSM shows a revenue annualization factor of 281 for the 2025 year, and 267 for the 2040 year. The declining annualization factor over time reflects an expectation that weekday revenue will grow more rapidly than Friday, Saturday, or Sunday revenue. The revenue annualization factor of 265 for the annual T&R forecast is assumed at the low end of the MSM predicted values and reflects a weekend revenue contribution that is less than six percent of annual revenue. Table 6-2: Existing vs. Forecast Revenue Distribution by Day of Week % of Year Monday -Thursday Friday Weekends 2017-18 Actual 69% 18% 13% 2025 MSM 71 % 17/0 12% 2040 MSM 75% 20% 6% Table 6-3: Revenue Annualization Factor Year Actual / MSM Model Forecast Assumption 2017-18 Actual 285 265 for all years 2025 281 2040 267 Annualization of typical weekday (Monday to Thursday) revenue Full toll transactions annualization factor was assumed to be 320 in year 2020 and gradually decline to 305 in 2040, and 295 by the last forecast year, 2066. Existing data demonstrate the annualization factor for full toll transactions is 325, slightly higher than the assumed value of 320 in 2020. By 2040, the MSM modeled annualization factor would be 297, reflecting smaller contributions from Fridays, weekends, and holidays. Table 6-4: Existing vs. Forecast Full Toll Traffic Distribution by Day of Week % of Year Monday -Thursday Friday Weekends & Holidays Total 2017-18 Actual 61 % 17% 22% 100% 2025 MSM 61 % 18% 21 % 100% 2040 MSM 67% 18% 15% 100% 6.108 494 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast Table 6-5: Full Toll Transactions Annualization Factor Year Actual / MSM Model Forecast Assumption 2017-18 Actual 325 320 in 2020, declining to 305 in 2040, 295 in 2066 2025 324 2040 297 6.1.3 Tolling Assumptions The RCTC 91 Express Lanes are assumed to be priced using a policy that differs from the current policy in a few ways. Tolls are assumed to be set to gradually increase as Express Lane volume increases and to maintain free -flow speeds. HOV-3+ traffic, zero emission vehicles (ZEVs), disabled veterans, and vehicles with disabled person license plates are assumed to maintain the current policy of being toll -free except from 4 PM to 6 PM on weekdays in the eastbound Express Lanes. A handful of changes are assumed to account for the addition of the 1-15/91 Express Lanes Connector (ELC) in FY 2022, and to reflect a lower expectation for Express Lane capacity. Prices for each Express Lane movement would be set at a minimum of $1.45 for the EB Express Lanes via McKinley Street. Prices would increase as Express Lane traffic increases. Prices are set according to the volume tiers shown in the following table. Table 6-6 demonstrates that as total directional EL volume passes a volume breakpoint (800 vph, 1,600 vph, 2,400 vph, etc.) tolls will increase to the next price level. The pricing policy would differ from the recently enacted policy (October 2018) in that the prices for the lanes are assumed to be set according to the combined 2-lane directional flow, as opposed to being priced based on flow in each movement. The forecast assumes this change in toll policy would be implemented to account for the addition of the ELC in FY 2022. Surcharges would be applied to any individual segment which operates with volumes exceeding the thresholds for that movement. The thresholds are shown in Table 6-7. The thresholds are set at volume levels that are expected to maintain free -flow speed on the segment, assuming there are no downstream constraints. Lastly, the forecasts assume that hours with two-lane flows in excess of 3,000 vehicles per hour are deemed to be at super -peak levels. Tolls would be regularly increased by $1.00 or $1.30 (2017$'s) until volumes are consistently lower than 3,000 vehicles per hour. Table 6-6: Volume vs. Toll Buckets 2-Lane Volume Range McKinley 1-15 South (SDC) 1-15 North (ELC) 0-800 vehs/hr $1.45 $1.85 $1.65 801-1600 vehs/hr $2.15 $2.80 $2.50 1601-2400 vehs/hr $3.95 $5.05 $4.55 2401-2700 vehs/hr $5.05 $6.50 $5.85 2701-3000 vehs/hr $6.55 $8.40 $7.60 6.109 495 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast Table 6-7: Single lane Segment Volume Thresholds Segment Hourly and Daily Traffic Volume Thresholds EB McKinley 1,300 EB 1-15 North (EB to NB) 1,400 EB 1-15 South (EB to SB) 1,400 WB McKinley 1,350 WB 1-15 North (SB to WB) 1,400 WB 1-15 South (NB to WB) 1,400 From year to year, tolls are assumed to be increased at the start of each fiscal year by the rate of inflation. This is assumed to be 2.5 percent per year for the duration of the forecast. The prices shown in the prior table are also assumed to escalate at the rate of inflation. Tolls paid by vehicles traveling on the ELC (EB 91 to NB 1-15 ELP, SB 1-15 ELP to WB 91) are shared between the 91 Express Lanes and 1-15 Express Lanes. The sharing of tolls reflects the fact that a trip on the ELC must utilize a portion of the 1-15 ELP and passes through an 1-15 ELP toll zone (north of 91 between Hidden Valley Parkway and 2nd Street). The toll for this trip is a combination of a toll on 1-15 and a toll on the 91 Express Lanes. The revenue sharing policy set by the RCTC distributes 70 percent of the ELC toll to the 91 Express Lanes revenue stream, and 30 percent to the 1-15 ELP revenue stream. Revenues in the T&R forecast are assumed to be distributed according to this policy. The 70/30 split is intended to be revenue neutral for the 91 Express Lanes and be revenue positive for the 1-15 ELP. 6.1.4 Long Term Traffic and Revenue Growth Beyond 2040, revenues on a nominal dollar basis are assumed to grow by 4 percent per year until 2050, and then slow to 3.5 percent per year growth rate thereafter. Full toll traffic is assumed to grow 0.4 percent per year while tolls, on average, grow at a rate of 3.5 percent per year from 2040 to 2050, and by 3 percent per year from 2050 to 2066. The increasing tolls are a combination of the underlying annual inflation adjustment, assumed at 2.5 percent per year, with the remainder attributable to real dollar toll increases. The long-term traffic and revenue growth rates are derived from a MSM analysis of traffic beyond 2040 assuming global traffic growth on SR 91 averages 0.25 percent per year. This rate of growth would translate to a nominal revenue growth rate of 3.6 percent per year with full toll transactions growing 0.4 percent per year. Table 6-8: Traffic and Revenue Growth beyond FY 2040 Fiscal years Full Toll Traffic Revenue, nominal $'s FY 2041 to 2051 0.4% 4.0% FY 2051 to 2066 0.4% 3.5% 6.110 496 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 6.1.5 Global Traffic Growth on the SR 91 Corridor SR 91 global traffic (Express and GP) crossing the Riverside / Orange County Line is forecast to grow at a rate of 1.4 percent per year from 2018 to 2040, or from 312,000 vehicles per day to 420,000 vehicles per day. Density in the corridor is expected to increase from their current levels of 22,000 vehicles per lane per day to 24,600 vehicles per lane per day by 2025. By 2040, the 91 corridor would be widened by one lane per direction. Despite this widening, the corridor's density in 2040 would continue to increase, reaching 26,300 vehicles per lane per day. In the near term, while daily traffic would grow at over 1 percent per year, traffic during the peak travel periods and directions, WB from 4-10 AM and EB from 2-8 PM, would grow at a slower rate of 0.6 percent per year. This slower rate of growth reflects the high demand and congestion that is already present on the SR 91. From 2025 to 2040, growth would increase to 1.5 percent per year. The increased growth rate is in part attributable to the planned widening of the SR 91 at the County Line from five to six GP lanes in each direction by year 2035. Growth during the AM and PM peak periods were derived from regional and corridor level forecasts of traffic along the 91. The forecasts take into account expected households, population, and employment growth discussed in Chapter 4, as well as congestion on competing regional roadways. Raw model forecasts demonstrated more aggressive rates of growth during AM and PM peak periods, but these forecasts were scaled down to reflect Stantec's expectations for less rapid growth during peak periods, as well as capacity constraints on feeder roadways including Green River Road and SR 71. Table 6-9: SR 91 Global (GP & EL) Weekday Traffic, Existing vs. Forecast Year EB 91 WB 91 Total 2018 155,000 157,000 312,000 2025 175,000 170,000 345,000 2040 212,000 208,000 420,000 2018-25 1.7% 1.1 % 1.4% 2025-40 1.3% 1.4% 1.3% 2018-40 1.4% 1.3% 1.4% Table 6-10: SR 91 Global Peak Period & Peak Direction Traffic, Existing vs. Forecast Year EB 91, 2-8 PM WB 91, 4-10 AM Total 2018 62,000 64,000 126,000 2025 66,000 65,000 131,000 2040 82,000 81,000 163,000 2018-25 0.9% 0.2% 0.6% 2025-40 1.5% 1.5% 1.5% 2018-40 1.3% 1.1 % 1.2% 6.111 497 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 6.2 SENSITIVITY ANALYSES The sensitivity of RCTC 91 Express Lane traffic and revenue to changes in corridor capacity, network changes, and tolling policy changes were assessed. Sensitivities included: 1) Option 4M: widening the westbound SR 91 GP lanes from Green River Road to SR 241 from 5 GP lanes to 6 GP lanes by FY 2022 2) Accelerated Ultimate at the County Line: changes the opening year of the planned widening of the SR 91 GP lanes from SR 241 to SR 71 from 5 to 6 GP lanes in both direction from 2035 to 2028. 3) Charge HOV-3+ (and other generally toll -free traffic) a 50 percent discounted toll for travel on the westbound 91 Express Lanes from 5-8 AM. 4) Assume the 241/91 Express Lanes Direct Connector (EDC) is never built. 6.2.1 Option 4M - Widen WB 91 from Green River Rd to SR 241 The widening of the westbound SR 91 GP lanes between Green River Road and SR 241 from the existing 5 GP to 6 GP lanes by FY 2022 is expected to improve GP lane capacity and travel speeds and reduces the attractiveness of the westbound RCTC 91 Express Lanes revenue. This improvement is expected to reduce revenue between FY 2022 and FY 2034 by 13 percent vs. the base scenario. The revenue losses are attributable entirely to a loss of westbound 91 Express traffic and tolls, totaling a revenue reduction of approximately 20 percent. The majority of the westbound revenue losses are concentrated during the heavily traveled and high toll AM peak hours. The revenue losses associated with Option 4M dissipate by year 2035 when the Ultimate Project, a widening of the EB and WB 91 GP lanes from 5 to 6 lanes between SR 241 and SR 71, is assumed to be completed. The Ultimate Project's improvements encompasses Option 4M's improvement, so by 2035, both the base and Option 4M scenarios assume identical roadway configurations, and therefore would have the same expected traffic and revenue. Figure 6-8 compares revenues under the base scenario vs. Option 4M, and Table 6-11 shows the expected traffic and revenue. Figure 6-8: 91 Express Lanes Revenue, Base Scenario vs. Option 4M in FY 2022 $200,000,000 co Zirk $180,000,000 $160,000,000 c $140,000,000 $120,000,000 a) u $100,000,000 o $80,000,000 $60,000,000 $40,000,000 0 a $20,000,000 0 0 C� -13%13%13%13%13%13%13%13%13%13%13°/s13%13%-7% $0 ,•,•,...i.,•,•,•1.1.1.1.1.1.1 Jae `�e oho oti� `tie o,3 e o�h oti� 0r1 0�� o�� 030 e o3ti e e `-e o-)� 03� 03� 03� oto 0`PG` 9N� eL `, act, � eL `L `, `t. `t, `L `L `i, `, `t, eL ,5h `, � `„ `L `L ti ti ti oN ti tBase Scenario Fiscal Year (ending June 30) —0—Widen WB GP between Green River Road and SR 241 • % Change 498 6.112 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast Table 6-11: 91 Express Lanes Traffic and Revenue, Option 4M in FY 2022 Fiscal Year Revenue, 2017$'s Revenue, Nominal $'s Change Year over Year Full Toll Transactions (Excluding HOV3+) % Change Year over Year Average Full Toll (2017 $'s) 2017 (Actual) $9,618,429 $9,618,429 - 3,270,243 - $2.94 2018 (Actual) $46,772,422 $47,941,733 398% 11,297,276 245% $4.14 2019 (1) $47,570,000 $49,980,000 4.3% 11,750,000 4.0% $4.05 2020 $44,260,000 $47,660,000 -4.6% 11,920,000 1.4% $3.71 2021 $47,710,000 $52,660,000 10.5% 12,180,000 2.2% $3.92 2022 (2) $43,950,000 $49,730,000 -5.6% 11,320,000 -7.1% $3.88 2023 $46,620,000 $54,070,000 8.7% 11,520,000 1.8% $4.05 2024 $49,460,000 $58,790,000 8.7% 11,720,000 1.7% $4.22 2025 $52,470,000 $63,930,000 8.7% 11,930,000 1.8% $4.40 2026 $55,120,000 $68,840,000 7.7% 12,130,000 1.7% $4.54 2027 $57,390,000 $73,460,000 6.7% 12,320,000 1.6% $4.66 2028 $59,740,000 $78,390,000 6.7% 12,510,000 1.5% $4.78 2029 $62,200,000 $83,650,000 6.7% 12,700,000 1.5% $4.90 2030 $64,760,000 $89,270,000 6.7% 12,900,000 1.6% $5.02 2031 $67,430,000 $95,270,000 6.7% 13,100,000 1.6% $5.15 2032 $70,190,000 $101,660,000 6.7% 13,310,000 1.6% $5.27 2033 $73,080,000 $108,490,000 6.7% 13,520,000 1.6% $5.41 2034 $76,080,000 $115,770,000 6.7% 13,730,000 1.6% $5.54 2035 (3) $80,570,000 $125,660,000 8.5% 14,020,000 2.1% $5.75 2036 $85,130,000 $136,090,000 8.3% 14,320,000 2.1% $5.94 2037 $88,480,000 $144,980,000 6.5% 14,530,000 1.5% $6.09 2038 $91,950,000 $154,440,000 6.5% 14,750,000 1.5% $6.23 2039 $95,560,000 $164,520,000 6.5% 14,970,000 1.5% $6.38 2040 $99,320,000 $175,260,000 6.5% 15,190,000 1.5% $6.54 2041 $101,980,000 $184,460,000 5.2% 15,330,000 0.9% $6.65 2042 $103,510,000 $191,910,000 4.0% 15,390,000 0.4% $6.73 2043 $105,070,000 $199,670,000 4.0% 15,450,000 0.4% $6.80 2044 $106,660,000 $207,750,000 4.0% 15,510,000 0.4% $6.88 2045 $108,260,000 $216,140,000 4.0% 15,570,000 0.4% $6.95 2046 $109,890,000 $224,880,000 4.0% 15,630,000 0.4% $7.03 2047 $111,540,000 $233,970,000 4.0% 15,680,000 0.3% $7.11 2048 $113,220,000 $243,430,000 4.0% 15,740,000 0.4% $7.19 2049 $114,930,000 $253,270,000 4.0% 15,800,000 0.4% $7.27 2050 $116,660,000 $263,510,000 4.0% 15,860,000 0.4% $7.36 2051 $118,110,000 $273,470,000 3.8% 15,920,000 0.4% $7.42 2052 $119,300,000 $283,120,000 3.5% 15,980,000 0.4% $7.47 2053 $120,490,000 $293,100,000 3.5% 16,040,000 0.4% $7.51 2054 $121,700,000 $303,440,000 3.5% 16,100,000 0.4% $7.56 2055 $122,920,000 $314,150,000 3.5% 16,160,000 0.4% $7.61 2056 $124,150,000 $325,230,000 3.5% 16,220,000 0.4% $7.65 2057 $125,400,000 $336,700,000 3.5% 16,290,000 0.4% $7.70 2058 $126,660,000 $348,580,000 3.5% 16,350,000 0.4% $7.75 2059 $127,930,000 $360,880,000 3.5% 16,410,000 0.4% $7.80 2060 $129,210,000 $373,610,000 3.5% 16,470,000 0.4% $7.85 2061 $130,500,000 $386,790,000 3.5% 16,530,000 0.4% $7.89 2062 $131,810,000 $400,430,000 3.5% 16,590,000 0.4% $7.95 2063 $133,130,000 $414,560,000 3.5% 16,660,000 0.4% $7.99 2064 $134,470,000 $429,180,000 3.5% 16,720,000 0.4% $8.04 2065 $135,820,000 $444,320,000 3.5% 16,780,000 0.4% $8.09 2066 $137,180,000 $459,990,000 3.5% 16,840,000 0.4% $8.15 (1) Westbound EL weave lane halfway in FY 2019 (2) Widen WB 91 GP from Green River Rd. to SR 241, 15/91 ELC, EB 91 Extension (to Promenade), 91 /241 EDC (3) Widen SR 91 GP from SR 71 to SR 241, both directions. 6.113 499 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 6.2.2 Accelerated Ultimate in 2028 Accelerating the opening of the Ultimate project at the County Line to FY 2028 reduces revenue vs. the base scenario by approximately 10 percent, but results in more express traffic and revenue than in Option 4M. The Ultimate Project widens the EB and WB 91 GP lanes between SR 241 to the west and SR 71 to the east. This adds a 6th GP lane in both directions. Modeling of a scenario where the widening of the SR 91 at the County Line is accelerated demonstrates a WB loss comparable to that in Option 4M, but an improvement in eastbound RCTC 91 EL T&R. The improvement is attributable to the ability of the EB 91 GP lanes to process more traffic at the County Line, thereby allowing more traffic to flow into Riverside County where it builds on the queue that currently exists at 1-15. By accelerating the Ultimate Project's widening of the EB GP lanes at the County Line, the bottleneck pushes into Riverside County. This results in increased GP Lane delay in Riverside County, a reduction in GP lane delay in Orange County, and an overall improvement in the SR 91 Corridor's operations. By 2035, revenues would be no different than those under the base scenario because the Ultimate Project was assumed to be completed by 2035. Figure 6-9 compares expected revenue under the base scenario and revenue assuming the Ultimate Project at the County Line is accelerated to year 2028. Table 6-12 presents the forecast of annual traffic and revenue with the accelerated Ultimate Project. Like the base scenario, the forecasts assuming the accelerated Ultimate Project do not assume any widening east of 1-15. While there are plans for the Ultimate Project to widen SR 91 from 1-15 to Pierce Street, this T&R forecast does not assume any widening east of 1-15, consistent with assumptions in the original 2012 Investment Grade Study. The widening to Pierce Street could be expected to do three things; 1) attract more travel demand to the westbound 91 in the morning, and increase flow toward the Express Lanes, 2) Improve eastbound 91 GP lane operations, and 3) improve eastbound 91 Express Lanes operations for the movement toward McKinley Street. The westbound impacts can be viewed as negative or neutral. Figure 6-9: 91 Express Lanes Revenue, Base Scenario vs. Accelerated Ultimate at County Line $200,000,000 te- $180,000,000 $160,000,000 0 S $140,000,000 0 c $120,000,000 CD k $100,000,000 $80,000,000 m $60,000,000 o $40,000,000 a cn $20,000,000 0 $0 -5% -9% -9%-9%-10%10%10%-5% .I.I.I.I.I.I.I. 066 000 001 000 00'' ono �`Poti 0.°'00`ti ti ti `t `L L `L `l `L `L L `L `t oo`' `L `L `L `t `L ti ti ti "o tBase Scenario Fiscal Year (ending June 30) t Widen WB GP between Green River Road and SR 241 • % Change csi 500 6.114 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast Table 6-12: 91 Express Lanes Traffic and Revenue, Accelerated Ultimate in 2028 Fiscal Year Revenue, i 2017$'s Revenue, Nominal $'s %Change Year over Year Full Toll Transactions (Excluding HOV3+) %Change Year over 1 Year Average Full Toll (2017 $'s) 2017 (Actual) 2018 (Actual) 2019 (1) 2020 2021 2022 (2) 2023 2024 $9,618,429 $46,772,422 $47,570,000 $44,260,000 $47,710,000 $50,600,000 $53,680,000 $56,950,000 $9,618,429 $47,941,733 $49,980,000 $47,660,000 $52,660,000 $57,250,000 $62,250,000 $67,690,000 - 398% 4.3% -4.6% 10.5% 8.7% 8.7% 8.7% 3,270,243 11,297,276 11,750,000 11,920,000 12,180,000 12,390,000 12,610,000 12,830,000 - 245% 4.0% 1.4% 2.2% 1.7% 1.8% 1.7% $2.94 $4.14 $4.05 $3.71 $3.92 $4.08 $4.26 $4.44 2025 $60,410,000 $73,600,000 8.7% 13,060,000 1.8% $4.63 2026 $63,450,000 $79,240,000 7.7% 13,290,000 1.8% $4.77 2027 $66,050,000 $84,550,000 6.7% 13,520,000 1.7% $4.89 2028 (3) $65,520,000 $85,970,000 1.7% 13,220,000 -2.2% $4.96 2029 $65,000,000 $87,420,000 1.7% 12,900,000 -2.4% $5.04 2030 $67,550,000 $93,120,000 6.5% 13,090,000 1.5% $5.16 2031 $70,210,000 $99,200,000 6.5% 13,290,000 1.5% $5.28 2032 $72,970,000 $105,680,000 6.5% 13,490,000 1.5% $5.41 2033 $75,840,000 $112,580,000 6.5% 13,690,000 1.5% $5.54 2034 $78,810,000 $119,920,000 6.5% 13,900,000 1.5% $5.67 2035 $81,910,000 $127,750,000 6.5% 14,110,000 1.5% $5.81 2036 $85,130,000 $136,090,000 6.5% 14,320,000 1.5% $5.94 2037 $88,480,000 $144,980,000 6.5% 14,530,000 1.5% $6.09 2038 $91,950,000 $154,440,000 6.5% 14,750,000 1.5% $6.23 2039 $95,560,000 $164,520,000 6.5% 14,970,000 1.5% $6.38 2040 $99,320,000 $175,260,000 6.5% 15,190,000 1.5% $6.54 2041 $101,980,000 $184,460,000 5.2% 15,330,000 0.9% $6.65 2042 $103,510,000 $191,910,000 4.0% 15,390,000 0.4% $6.73 2043 $105,070,000 $199,670,000 4.0% 15,450,000 0.4% $6.80 2044 $106,660,000 $207,750,000 4.0% 15,510,000 0.4% $6.88 2045 $108,260,000 $216,140,000 4.0% 15,570,000 0.4% $6.95 2046 $109,890,000 $224,880,000 4.0% 15,630,000 0.4% $7.03 2047 $111,540,000 $233,970,000 4.0% 15,680,000 0.3% $7.11 2048 $113,220,000 $243,430,000 4.0% 15,740,000 0.4% $7.19 2049 $114,930,000 $253,270,000 4.0% 15,800,000 0.4% $7.27 2050 $116,660,000 $263,510,000 4.0% 15,860,000 0.4% $7.36 2051 $118,110,000 $273,470,000 3.8% 15,920,000 0.4% $7.42 2052 $119,300,000 $283,120,000 3.5% 15,980,000 0.4% $7.47 2053 $120,490,000 $293,100,000 3.5% 16,040,000 0.4% $7.51 2054 $121,700,000 $303,440,000 3.5% 16,100,000 0.4% $7.56 2055 $122,920,000 $314,150,000 3.5% 16,160,000 0.4% $7.61 2056 $124,150,000 $325,230,000 3.5% 16,220,000 0.4% $7.65 2057 $125,400,000 $336,700,000 3.5% 16,290,000 0.4% $7.70 2058 $126,660,000 $348,580,000 3.5% 16,350,000 0.4% $7.75 2059 $127,930,000 $360,880,000 3.5% 16,410,000 0.4% $7.80 2060 $129,210,000 $373,610,000 3.5% 16,470,000 0.4% $7.85 2061 $130,500,000 $386,790,000 3.5% 16,530,000 0.4% $7.89 2062 $131,810,000 $400,430,000 3.5% 16,590,000 0.4% $7.95 2063 $133,130,000 $414,560,000 3.5% 16,660,000 0.4% $7.99 2064 $134,470,000 $429,180,000 3.5% 16,720,000 0.4% $8.04 2065 $135,820,000 $444,320,000 3.5% 16,780,000 0.4% $8.09 2066 $137,180,000 $459,990,000 3.5% 16,840,000 0.4% $8.15 (1) Westbound EL weave lane halfway in FY 2019 (2) Widen WB 91 GP from Green River Rd. to SR 241, 15/91 ELC, EB 91 Extension (to Promenade), 91 /241 EDC (3) Widen SR 91 GP from SR 71 to SR 241, both directions. 6.115 501 RCTC 91 EXPRESS LANES INVESTMENT GRADE TRAFFIC AND REVENUE STUDY Traffic and Revenue Forecast 6.2.3 Westbound Express Lanes 50 percent HOV-3+ Toll A sensitivity testing the impact of assessing HOV-3+ vehicles (and other toll free vehicles, i.e., zero -emission vehicles, disabled veterans, and vehicles with a disabled person license plate) a toll at a 50 percent discount from the current toll rate from 5 AM to 8 AM on weekdays shows that RCTC 91 Express Lanes' revenue would increase by 0.2 percent in 2025, and 2.2 percent in 2040. HOV-3+ (and other toll -free vehicles) traffic would decline approximately 40 percent from their baseline levels. Since HOV-3+ (and other toll -free vehicles) traffic declines, tolls would also decline, but then be compensated for with an increase in full toll paying vehicles. Table 6-13: HOV-3+ 50% Discounted Tolls, Westbound 5 AM to 8 AM, T&R Forecast Scenario* Annual Full Toll Transactions Annual Revenue (nominal $'s) Annual WB HOV Revenue Wkday Total Express Wkday F/T Txns Wkday HOV- 3+ Txns 2025 Base Case 13,170,000 $ 76,670,000 $ 53,570 41,643 11,928 2025 HOV3+ 50% Toll WB 5-8 AM 13,470,000 $ 76,860,000 $ 3,880,000 53,578 42,859 10,719 %Change 2.3% 0.2% 0.0% 2.9% -10.1% 2040 Base Case 15,300,000 $ 180,800,000 $ 69,868 50,180 19,689 2040 HOV3+ 50% Toll WB 5-8 AM 15,630,000 $ 184,760,000 $ 7,750,000 69,842 51,356 18,486 % Change 2.2% 2.2% _ 0.0% 2.3% -6.1 % 6.2.4 Remove 241/91 Express Lane Direct Connector (EDC) A sensitivity testing the impact of assuming the 241/91 EDC is never built shows that RCTC 91 Express Lanes revenue would decrease by 8.4 percent in 2025, and decrease by 9.5 percent in 2040 compared to the base case. The revenue loss in year 2025 is attributable to a reduction in eastbound Express Lane demand and toll rate reductions, while year 2040 revenue losses are attributable solely to toll rate reductions for travel in the eastbound direction. Table 6-14: 241/91 EDC Excluded, T&R Forecast Scenario* Annual Full Toll Transactions Annual Revenue (nominal $'s) Wkday Total Express Wkday F/T Txns Wkday HOV-3+ Txns 2025 Base Case 13,170,000 $ 76,670,000 53,570 41,643 11,928 2025, no 241/91 EDC 12,830,000 $ 70,240,000 52,487 40,560 11,928 Change -2.6% -8.4% -2.0% -2.6% 0.0% 2040 Base Case 15,300,000 $ 180,800,000 69,868 50,180 19,689 2040, no 241/91 EDC 15,300,000 $ 163,560,000 69,868 50,180 19,689 % Change 0.0% -9.5% 0.0% 0.0% 0.0% 6.116 502 91 EXPRESS LANES TRAFFIC AND REVENUE STUDY UPDATE Commission Meeting December 12, 2018 Michael Blomquist, Toll Program Director Sheldon Mar, Stantec Project Manager Today's Presentation • Background • Work since the May 2018 Commission meeting • Traffic and Revenue study update results • Use of Revenue • Staff Recommendation Background • 2012 Traffic and Revenue Study — Key element of successful 91 Project financing in 2013 — $1.06 billion total borrowing — $598 million paid back by tolls — Rating agencies and capital markets • 2018 Traffic and Revenue study update — Passage of six years — Need for current toll revenue impact analysis — Inform future Commission decisions — May 9, 2018 Commission approval Work since Mayperformed • Updated Data — Employment, population, household formation — Regional transportation projects — Regional land development — Updated corridor traffic volumes — Actual RCTC 91 Express Lanes traffic and revenue results — Actual RCTC 91 Express Lanes capacities • Base Case Results • Sensitivity Case Analyses (what -if scenarios) 91 Express Lanes Performance • Revenues are higher than originally anticipated o FY 2018 revenue, $48 million o FY 2019 revenue on pace for $50 million • Average Daily Traffic: 40,000 vehicles per day • More congestion than anticipated, Lower toll sensitivity Revenue Distribution by Day of Week and Time of Day Time VV B 4-10 am 10 am-2 pm 2-8 pm 8 pm-4 am MDN-THURS FRI 46.8% 3.1% 2.7% 0.4% SAT SUN 5.4% 0.7% 0.9°/a 0.1% 0.5% 0.90/0 1.2% 0.2% 0.1% 0.9% 1.1% 0.2% EB 4-10 am 10 am-2 pm 2-8 pm 8 pm-4 am 1.3% 2.5% 14.6010 1.2% 0.4% 1.9% 6.7% 0.5% 0.3% 1.1% 2.1% 0.4% 0.1% 0.5% 0.9% 0.3% Totals 72.60/0 16.6% 6.60/0 4.2% 91 Express Lanes Performance • Westbound lanes heavily utilized during morning. • Eastbound lanes see lower utilization than westbound lanes, but demand is strong. Eastbound Express Traffic 3000 2500 m 2000 E 0 m 1500 co m x w 1000 500 0 Q 0 r Q Q Q Q Q Q Q Q Q a Q a 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 C] V Li-) 6 r• di di di { a a a a a a a a a a O- M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N C] V 6 6 r< CO di O { Hour Beginning —0—Monday-Thursday Fridays —6—Saturdays —0—Sundays Westbound Express Traffic 3000 2500 a) 2000 E 0 co 1500 N a) Q X w 1000 500 0 Q Q ¢ Q ¢ ¢ Q ¢ ¢ a as as as as as as as as as as as as 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 r CV e'I V 6 6 W 6 O N r CV c'J V 6 6 W 6 O Hour Beginning r T —0—Monday-Thursday —6—Fridays —6—Saturdays —0—Sundays Existing Traffic • 312,000 vehicles per weekday cross the County Line (GP & Express) • Approximately 43,000 / day via RCTC 91 Express Lanes (14% of all traffic) • Travel time on 91 WB GP lanes in Riverside County 35 minutes (can be 50+ minutes), in Orange County, less than 20 minutes • EB GP Lanes in Orange County, over 35 minutes, in Riverside County approximately 20 minutes Westbound GP Lanes Eastbound GP Lanes County Orange County Riverside County End to End End to End Time Ls)N E a) O .C) N t�i E Q _ 0 � c i _ to N c C) 4) t` Q p .� d � 2 _ N C) .L co m O Lz N N .S 'iS .� c� E m E O LE 4:15 - 4:30 AM 4:30 - 5 AM 5- 6 AM 6- 7 AM 7- 8 AM 8-9 AM 9 - 10 AM 10-11 AM 52 53 57 68 71 72 71 77 74 72 73 74 71 70 55 55 43 52 56 64 68 66 59 66 70 il 66 I 62 46 55 15 16 11 17 50 63 49 62 66 59 67 63 54 46 45 17 36 36 28 42 45 47 70 77 74 70 73 7 49 19 47 43 60 58 54 60 58 54 63 59 52 70 68 66 71 71 67 63 59 48 40 36 43 54 - 59 65 61 58 53 34 21 51 55 56 54 33 48 43 9 8 10 10 18 24 12 35 11 35 11 25 11 15 13 12 21 17 14 11 13 16 20 19 16 34 46 55 56 61 22 20 14 11 8 8 10 8 7 8 27 ■ 53 64 19 23 15 13 10 8 8 9 8 8 7 37 57 58 25 19 17 13 14 11 19 18 15 7 28 63 1.1 67 32 26 23 16 22 25 35 35 42 55 51 65 71 66 47 28 18 28 34 53 53 52 E 68 66 71 67 58 49 53 57 55 � 71 67 72 72 6 65 65 45 20 52 51 53 59 66 66 69 71 69 69 64 59 51 19 46 40 42 48 63 66 67 73 71 71 65 62 49 21 37 27 28 30 34 36 49 72 74 71 69 69 67� 63 55 45 County Orange County Riverside County End to End End to End Timeca cg E a) N N N N o _ O L w m c C a) rN- O Q O � � aS pj j — a) °' c .E O i-. a)Lr) _ °' _ c— 'E C E E O a 1:15 - 1:30 PM 1:30 - 2 PM 2 - 3 PM 3- 4 PM 4 - 5 PM 5- 6 PM 6 - 7 PM 7 -8 PM 1171 71 73 71 69 70 69 66 66 70 54 32 28 48 53 51 68 71 73 64 58 57 64 .. .. 75 54 32 28 48 53 51 71 69 71 56 33 13 23 18 14 20 36 32 65 69 67 67 63 64 39 7 5 5 11 10 5 14 45 43 64 70 69 67 63 65 37 5 5 6 10 11 6 15 34 44 63 70 71 67 64 35 4 5 6 9 13 7 17 35 33 59 59 67 67 44 19 27 6 6 6 7 18 28 48 63 63 66 66 68 6: 46 25 32 8 8 8 8 19 39 47 55 70 69 62 65 73 68 74 71 67 53 69 62 65 73 68 74 71 6 64 63 63 62 58 64 63 63 62 58 61 63 58 63 40 47 37 32 30 49 25 55 11 9 11 9 17 12 38 16 40 18 40 19 34 12 26 11 52 64 7 69 72 57 57 47 43 36 38 42 43 43 61 61 62 60 51 48 50 37 18 13 17 25 28 47 58 63 70 66� 51 42 40 29 14 10 16 20 20 39 54 63 64 62 48 50 25 60 64 63 65 65 61 58 55 53 58 63 65 _ 57 55 . 54 14 10 14 15 19 42 49 39 33 43 35 49 63 62 61 47 42 45 Westbound 91 Eastbound 91 Existing Traffic: Origins and Destinations 4— Trip Origins F Trip Destinations IMPERIAL HWY LAKEVIEW AVE WEIR CANYON RD GYPSUM CANYON RD GREEN RIVER RD 12% 4 64,074 WB trips r1co%) 14°]v SERFAS CLUB DR LINCOLN AVE MAPLEST MAINST 5% 30% 13% 241 Orange County Riverside County p. �.FORH0q 5 5 2��a t Trip Origins Trip Destinations LAKEVIEW AVE IMPERIAL HWY WEIR CANYON RD GREEN RIVER RD GYPSUM CANYON RD 12% 23% 62,765MO trips 13% SERFAS CLUB DR LINCOLN AVE MAPLE5T MAIN ST Economic Growth Expectations • Inland Empire to continue 2,0 growing. By 2040: - 2 1.s + 450,000 households (+33%) + 1.18 million people (+26%) + 464,000 jobs (+32%) • A long term forecast • Tied to regional expectations • An in-depth view of the local economy 1.6 1.4 1,2 1,0 0,8 0,6 0,4 0.2 0,0 + 284k by 2040 +166k by 2025 Now: 1.37 million households +75k by 2040 +33k by 2025 Now: 312,000 vehs/ day Inland Empire Households SR91Traffic Traffic and Revenue Forecast • FY 2025 revenue $73.6 million • Revenue 54% higher than FY 2018 levels, +6.3% / yr. from 2018 • Revenue grows +6-7% / year through 2040, +4% / year through 2066 • 15/91 ELC, Eastbound Extension, 241/91 EDC, SR 71 improvements in near term (2022) • Assumes County Line widened by 1-lane per direction in 2035 • Revenue to continue exceeding prior forecast by approximately $30 million / year through 2035 - below original forecast by 2058. Gross Potential Toll Revenue (Nominal $'s) RCTC 91 ELs Gross Potential Toll Revenue & Full Toll Transactions Full Toll Transactions tRevenue, Nominal $'s N $100 — 50 C $90 $80 $7o $60 $so $40 $30 $2o $10 $o 2017 2018 2019 (Actual) (Actual) 2020 2021 2022 2023 2024 Fiscal Year 45 $73.6 40 35 30 C 0 3 Full Toll Transactions (Annual) RCTC 91 ELs - 2018 vs. 2012 Forecast —2012 Forecast —2018 Baseline 0 - $soo $60o $400 $300 $200 $100 $o 2017 2022 (Actual) Impact of Constructing Option 114M" • "Option 4M" — add WB General Purpose Lane o significant capacity addition, not in 2018 base case • Toll revenue loss compared to 2018 base case o 12 percent drop in revenue from FY 2022 to 2035 o Approximately $12 million loss / year o Entire revenue loss is from WB direction, EB revenue unaffected • Toll revenue gain compared to 2012 forecast o Exceeds 2012 forecast by 27% (22-35) Westbound Express Access Conversion (Completed Nov 19) 241 1 241 2 1 1 91 3 2 Gross Potential Toll Revenue (Nominal $'s) 0 2 $soo $40o $3oo $20o $too RCTC 91 ELs - Impact of Option 4M 2012 Forecast 2018 Baseline ---- Option 4M 2022 2027 2032 2037 2042 2047 2052 2057 2062 Fiscal Year 1 Green River Rd On Ramp Off Ramp 71 On } Aux 1 1 2 2 2 2 2 91 4 3 3 3 3 3 3 91 5 4 91 6 4 4 5 5 Weave Lane EL Egress EL I EL 1 4 4 4 EL I EL 2 EL 2 EL 2 Option 4M (Add Lane from Green River Road to SR 241) 241 1 241 2 91 3 91 4 91 5 91 3 4 5 6 6 EL Ingress Weave Lane EL Egress Green River Rd On Ramp Off Ramp Impact of Accelerating Ultimate Project to 2028 • "Ultimate Project" — add General Purpose Lanes o significant capacity addition, not in 2018 base case • Toll revenue loss compared to 2018 base case o 8 percent drop in revenue from FY 2028 to 2035 o Approximately $10 million loss / year o Entire revenue loss is from WB revenue, EB Revenue Increases • Toll revenue gain compared to 2012 forecast o Exceeds 2012 forecast by 27% (28-35) Ultimate - Westbound 241 1 Gross Potential Toll Revenue (Nominal Vs) $600 $500 $400 $300 $200 $100 $o RCTC 91 ELs - Impact of Option 4M 2012 Forecast 2018 Baseline Accelerated Ultimate 2017 2022 2027 2032 2037 2042 (Actual) Fiscal Year Green River Rd On Ramp Off Ramp 71On 1 241 2 91 91 91 91 Ultimate - Eastbound EL 2 2 2 1 3 3 3 2 4 4 4 3 5 5 5 4 6 6 6 5 Weave Lane EL Eli res EL EL EL 2 EL 2 EL 1 EL EL EL 2 EL 2 EL 2 EL 2 91 91 91 1 2 3 91 4 241 1 ON Ramp 2 EL Egress ELingress 2 2 3 3 4 4 5 5 6 6 5R 71 Off Ramp Off Ramp On Ramp Green River Road Impact of Charging HOV3+ Half -Toll on WB ELs, 5-8 am • OCTA and RCTC 91 Express Lanes are toll -free to HOV- 3+, Zero -Emission vehicles, Disabled Vets, and Disabled persons except 4-6 PM on EB Express (50% toll) • Premise — EB Express utilization is high, tolls needed to control traffic • RCTC WB Express traffic at or near EB Express Levels from 5-8 AM, tolls near $20 • Implementing a half toll from 5-8 AM would: o Reduce HOV utilization by 40% from 5-8 AM o Reduce full toll rates (up to -20%), and increase full toll traffic o Increase revenue by 0.2% in 2025, and +2.2% in 2040 o Charging HOV half -toll may reduce HOV violators 3,000 2,500 2,000 1,500 1,000 500 0 3,000 2,500 2,000 1,500 1,000 500 0 a a o o o 0 0 Westbound Express Traffic (EXISTING) ■ Express ■ HOV Eastbound Express Traffic (EXISTING) a a a a a a a a o o o o o o o o r N 6 V ,S-i 6 r~ W ■ Express ■HOV Summary of Findings • Base Case revenue would continue to exceed original expectations • Option 4M: Widening of the westbound 91 GP lanes would reduce 2018 base case revenue, but still exceed original 2012 expectations. • Accelerated Ultimate Project: Widening both the eastbound and westbound 91 GP lanes at the County Line would reduce revenue. • Implementing 50% discounted toll from 5-8 AM would reduce HOV-3+ traffic, reduce overall tolls, and increase revenue. Use of Revenue • Prescribed by 91 Project debt financing agreements (2013) - Annual operations and maintenance - Lifetime repair and replacement of pavement and toll technology - Toll bonds and TIFIA loan - Interest and principal payments - Reserve funds - Early payback of TIFIA loan • Any remaining funds (surplus) prescribed by California statute - Used for any transportation purpose - Spent within the corridor from which it was generated - RCTC Board to approve use of surplus funds Staff Recommendation • Adopt the study results Questions? Thank you 3a03 dIZ A113 1331113 3av3 dIZ =SS31JOO ► SMNISns dnoup / NOI1VZINVDIJO / A3N3DV A0 3WdN rON 3N0Hd 9N11N393bd3H A113 133111S rON 3Notid =IN311 VON33d A0133ranS 6AP �SS3saad =3INVN (VON3DV 3H1 No ausn sv) rON IIW311 VCIN3DV :Si-NM/WARM 311s nd 0=S1N3IN INO3 onend AO 133rens 3I33H3 =31da OliVOS 3H1 AO NUM 3H101Limns ONV H3V130 3003 dIZ A 1.13 133H.LS 3Ooo dIZ rON 3NOHd Atrk0 rON 3NOHd SS3SOOd SS3N19118 dnoao NOII ZINVDIJO / A3N3DV dO 31AIVN :DNI1N393}1d31:1 AlI3 133HIS (\90(31' •IN 11 VON3DV AO Iowans 6-1V4 =SS3aCICIV =31A1VN (VON3od MI NO O3ASn sv) ON 1N311 VaN3DV I 6 :siN3ww03 nand � :s1N3wwo3 nand AO 133rens di 3133H3 ORIVO8 3111 AO 311:1313 311101111NEMS aNv H311130 'Cf :31VC1 AGENDA ITEM 10 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: December 12, 2018 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee David Thomas, Toll Project Manager THROUGH: Anne Mayer, Executive Director SUBJECT: State Route 91 Corridor Operations Project Improvements Reports and Request for Various Authorizations WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 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. BACKGROUND INFORMATION: On March 20, 2017, the Commission opened general purpose and express lanes as part of the 91 Project. Since that time, staff has been gathering data related to traffic conditions both before and after the 91 Project opening to help evaluate the impact of the 91 Project on mobility in the SR-91 corridor. Since the opening, staff has managed demand for the express lanes through changing toll rates to match congestion levels throughout each day. Staff also made a number of minor operational improvements in the corridor since the 91 Project opening through changes in striping, signing, and channelizers. Agenda Item 10 503 In spite of the added general purpose and express lanes, toll rate changes, and additional operational improvements, key congestion areas remain during certain times and locations along the SR-91 corridor. Staff has taken a fact -based, data -driven approach to create and evaluate additional operational improvements at two locations along the corridor that would potentially result in reduced congestion and improved travel times. The data and potential improvements were presented through a series of Commission and Western Riverside County Programs and Projects (WRCPP) Committee meetings from February 2018 through April 2018. At its May 9 meeting, the Commission authorized staff to implement the 91 COP to include the following improvements: 1. All project development activities needed to complete environmental approvals, final design, and construction of: a. 1-15 NB EL Option 1; and b. 91 WB GP Option 3; 2. Work with Caltrans to perform a ramp meter study at the SR-91 Green River Road WB On -Ramp and to return in fall 2018 with the results of the study; and 3. All project development activities needed to complete environmental approvals and final design of 91 WB GP Option 4 and to return in fall 2018 with a recommendation regarding the construction of 91 WB GP Option 4. DISCUSSION: 1-15 NB EL Option 1 The 1-15 NB EL Option 1, see Figure 1, was implemented on September 16, 2018 via change order to the existing Skanska Ames Joint Venture 1-15 Express Lanes Project (ELP) contract for $101,857. 51 CO' J [L 11dICS LL-i ['-1 ['• 15 15 15 �s a Figure 1: 1-15 NB EL Option 1 Traffic Benefit 4 Reduces impact to General Purpose lanes from queuing in the 91 Express Lanes entrance lane. 91 WB GP Option 3 The 91 WB GP Option 3, see Figure 2, is scheduled to be implemented on November 16-19, 2018 via a maintenance contract with Skanska Ames Joint Venture, the Commission's existing contractor on the 1-15 ELP for $337,758. As part of this effort, striping improvements were also Agenda Item 10 504 made to the WB 91 Express Lanes McKinley entrance. Parsons performed the preliminary engineering and design at a cost of $100,000. Option 3 241 6 i Express Lanes Continuous Weave Lane Gown RivorRdfMRomp OR Ramp 247 71 On L 6 S 5 EL2 ELl 4 3 Y 1 6 2 i 2 4 2 2 1 1 620P fwt Figure 2: 91 WB GP Option 3 Traffic Benefits 4 As of the due date of this staff report this improvement had yet to be constructed but is scheduled for construction November 16-19, 2018. Staff will provide a construction update and initial observed traffic impacts, to the extent known, during the presentation of this item at the November 26, 2018 WRCPP Committee meeting. SR-91 Green River Ramp Meter Study At the May 9 Commission meeting, Commissioner Spiegel requested that Caltrans permit a study of the westbound SR-91 Green River Road onramp located in the city of Corona (City) to determine the impacts of turning off the ramp meter (signal) on this ramp. Caltrans agreed and the 91 COP authorization was modified to include performing this study. Commission staff and consultants, as well as Caltrans and City staff, participated in this study which included an extensive data collection effort for two trial periods over several weeks and was further expanded at Commissioner Spiegel's request to include a "2 car per green per lane" trial scenario. The total cost expended by the Commission for this effort is estimated at $115,000. On October 17, traffic engineers representing the Commission, Caltrans, and the City met to review the results of the ramp meter study. In general, the results indicated that turning off the ramp meter improved travel time along Green River Road to gain access to westbound SR-91 but degraded travel time along westbound SR-91. The net result considering all traffic is estimated at about 270 vehicle -hours of additional delay per day for the ramp meter off scenario based on the trial period. Other ramifications of turning off the ramp meter included increased traffic volumes on Green River Road and an increase in "gore jumping". "Gore jumping" refers to an Agenda Item 10 505 unsafe driving behavior where vehicles prematurely cut across the ramp gore area to enter the highway. The ramp meter study results are summarized as follows: • Travel time increase for SR-91 general purpose lanes: 1-3 minutes • Travel time decrease for Green River Road users: 5-10 minutes • Overall (net) vehicle delay increase: 270 vehicle -hours per weekday • SR-91 corridor vehicle throughput decrease: 600 vehicles per weekday peak period • Green River Road vehicle demand increase: 100-200 vehicles/hour • "Gore jumping" driver behavior increase: 170 vehicles/hour Regarding the "2 car per green per lane" scenario, this trial was abandoned after three days at the City's request, as many drivers were not making the transition to the new scenario which contributed to excessive delays on Green River Road. Although the full trial period did not occur, it can be concluded that the "2 car per green per lane" scenario would not likely ever reach the efficiency of the "1 car per green per lane" scenario. Based on the ramp meter study results, on November 15 Caltrans informed Commission staff of its decision to maintain operation of the ramp meter in the "1 car per green per lane" condition. 91 WB GP Option 4 This option provides a single general purpose lane from the Green River Road on -ramp to the SR-241 direct connector. As originally presented at the February 26, 2018 WRCPP Committee meeting, this additional general purpose lane will have a direct benefit for traffic entering the 91 freeway from Green River Road by increasing travel speeds to SR-241. The lane will also improve the corridor general purpose lanes by increasing travel speeds and traffic volume throughput. Based on the Commission's direction at its May 9 meeting, staff implemented an amendment to Agreement No. 09-31-081-00 with Parsons, as the 91 Project project and construction manager, for project development services, including implementation of the 91 WB GP Option 4 (see Figure 3), for an amount of $4,790,973. Agenda Item 10 506 Option 4 341 i 5+1 General Purpose to Green River On Ramp 91� 91 � Gmen Arcer Rd On Nmp Off Wmp 7: On 5 5 S p 1 4 f 91 3 1 2 2 2 1 1 1 1 AMMENWEL pin- Ami EL F EL 1 _....._....._....—. EL1 Figure 3: 91 WB GP Option 4 Staff and Parsons have been working with Caltrans, Orange County Transportation Authority, Transportation Corridor Agencies, and the City to gain concurrence on the scope of improvements and Caltrans on the scope of the environmental studies needed. Currently, environmental studies are underway, and it is anticipated that the revalidation of the 91 Project environmental document approving this project will be completed in fall 2019. Design efforts have also been initiated with completion of the design surveys. Design is expected to be completed by the end of 2019. The construction of this work is planned to be competitively bid. Contingent upon identification of project funding, the bid advertising could be conducted in early 2020 and staff would return with a recommended construction contract award for the Commission's consideration. Anticipated construction duration is 15 months with the earliest possible completion date in fall 2021. This construction phase work is contingent upon the Commission authorizing project construction as part of this agenda item and further dependent on funding priorities to be determined by the Commission in the future. The funding source and project delivery priority relative to other Commission projects will be determined by the Commission in 2019. Toll Revenue Impacts At the May 2018 Commission meeting, staff recommended updating the 2012 SR-91 Investment Grade traffic and revenue study. Staff recommended the update given the passage of six years since the original study, the current need to analyze toll revenue impacts of potential SR-91 corridor projects being considered for implementation, and to inform future decisions related to project financing and project implementation. The Commission authorized staff to update the 2012 SR-91 investment grade traffic and revenue study. Agenda Item 10 507 The traffic and revenue study update accounts for actual 91 Express Lanes opening results since March 2017, updated employment/population/household data, updates to regional projects that affect the traffic network, updates to regional land development, actual express lane traffic capacities, and other relevant factors. A staff report, draft study, and staff recommendation related to this traffic and revenue study update was presented at the November 26, 2018 WRCPP Committee. The traffic and revenue study update included the analysis of the toll revenue impact considering the 91 WB GP option 4 lane (new 91 westbound lane from Green River Road on -ramp to SR-241) would be constructed and opened in 2022. This lane addition is currently scheduled to be constructed in 2035 as part of the SR-91 "Ultimate Project" improvements at the county line area. The toll revenue loss due to constructing this lane addition 13 years earlier is $165.5 million detailed as follows: Year Baseline 91 WB Option 4M Revenue Loss 2022 Revenue Alik $ 57,250,000 Revenue $ 49,730,000 A $ 7,520,000 2023 62,250,000 54,070,000 8,180,000 2024 67,690,000 58,790,000 8,900,000 2025 73,600,000 63,930,000 9,670,000 2026 79,240,000 68,840,000 10,400,000 2027 84,550,000 73,460,000 11,090,000 2028 90,200,000 78,390,000 11,810,000 2029 96,240,000 83,650,000 12,590,000 2030 102,690,000 89,270,000 13,420,000 2031 109,560,000 95,270,000 14,290,000 2032 116,890,000 101,660,000 15,230,000 2033 124, 710,000 108,490,000 16, 220,000 2034 133,060,000 115,770,000 17,290,000 2035 134,580,000 125,660,000 8,920,000 _ Total $165,530,000 The toll revenue loss associated with 91 WB GP Option 4 does not impact the financial commitments for repayment of the 91 Project, however, it will result in less excess revenue funding available for investment in other SR-91 mobility projects and programs including rail service expansion and the 91 Ultimate Project improvements. 91 COP Cost Summary The table below summarizes the estimated values of the 91 COP Commission authorizations (May 9, 2018) compared to estimated actual costs. Agenda Item 10 508 Improvement/Activity Authorization 1-15 NB EL Option 1 91 WB GP Option 3 SR-91 Green River Ramp Meter Study 91 WB GP Option 4 Environmental and Design Totals L $ 284,000 386,000 No estimate previously provided 3,300,000 Estimated Actual Costs $ 106,326 437,758 115,000 4,890,973 $ 3,970,000 $ 5,550,057 STAFF RECOMMENDATION The 91 WB GP Option 4 construction is estimated to cost $36,150,000 for a total estimated cost of $43 million. Approximately half of this cost would be spent on elements of work that could be utilized for the SR-91 "Ultimate Project". Based on the projected traffic operational improvement to the general purpose lanes, the potential toll revenue impacts to the 91 Express Lanes, and the estimated total implementation cost, staff recommends proceeding with environmental approval, final design, and construction of 91 WB GP Option 4. In pursuing this recommendation, it should be reiterated that the toll revenue impacts of this option are significant and that recommending this project as a priority could impact the delivery of other nearby projects such as the 71/91 Interchange. Final direction on the exact funding mechanism and prioritization for this project would be required at a future meeting prior to the completion of the current environmental work and the beginning of the procurement process for construction. FINANCIAL IMPACT There is no current financial impact related to the approval of the staff recommendations; however, implementation of the construction phase of 91 WB GP Option 4 is dependent on future Commission actions to identify a funding source(s) and approve construction related agreements. Agenda Item 10 509 RIVERSIDE COUNTY TRANSPORTATION COMMISSION SR-91 CORRIDOROPERATONS PROJECTUPDATE Commission Meeting December 12, 2018 David Thomas, Toll Project Manager SR-91 Corridor Operations Project Update Today's Presentation • Background • Work since the May Commission meeting • Staff Recommendations — Construction of General Purpose Lane 91 Westbound near the County Line — Agency -to -agency agreements 2 SR-91 Corridor Operations Project Update Background • Opening of the 91 Express Lanes March 20, 2017 • Key congestion areas • Operational improvements evaluated • May 9, 2018 Commission meeting 3 SR-91 Corridor Operations Project Update Work Performed Since May • Green River Road Ramp Meter Study • 91 Express Lanes entrance at I-15 Northbound • Restriping 91 Westbound Express Lanes entrance/exit near the County Line • Environmental and Design of General Purpose Lane 91 Westbound near the County Line 4 o_ E 2 co O �0 U• I..L > "^ 4— W 44— >p 1 c L- a) a) 92 Z 0 2 .CO CO N L_ a) n3 6 Background nf the Green River Road Meter • 3-lane ramp meter at Green River • Cycle Length- 7.5 seconds • Heavy delays on Green River Road • Trial program schedule >Sep 10 Week: Meter On >Sep 17 Week: Meter Off >Sep 24 Week: Meter Off >Oct 1 Week: 2 cars / Green mammary of Findings Travel Time (91 GP) Change with meter off ■ +1-3 mins Travel Time (Green River Road) CL Throughput -5to 10 mins - 600 vehicle total reduction Green River Road Demand Gore Jumpers +100 to +200 vph 200 vph Base Case 40-50 35-50 11,000 vph 1,500 vph 30 vph minutes minutes base base • Improvement on Green River Road coupled with more traffic. • Degradation along 91 • Net change in delay 270 vehicle -hours • Increase in "gore jumping" 7 SR-91 Corridor Operations Project Update 91 Express Lanes entrance at I-15 Northbound • Extend express lane entrance south • Implemented on September 16, 2018 • Reduces impact to General Purpose lanes from queuing in the 91 Express Lanes m C •• j LL 141AL 5S L, I_ _ LL L_ I I i i 1 -15 - - - - - - - - - - - - - - - - - - - - - - - - - I 1 3 3 3 •I5. 4 # .4 ___ # _-___---- o- } r fi t I-15 NB EL Option 1 8 SR-91 Corridor Operations Project Update Restriping 91 Westbound Bcpress Lanes Entrance/licit near the County Line • Restripe the separated entrance and exit to a continuous access lane • Implemented November 16-19, 2018 • Expected to reduce congestion periods and improve travel times in the westbound 91 General Purpose lanes 241 6 "1"Igni...m. 241 5 91 5 4 4 5 91 3 3 5 4 Green River Rd On Ramp 5 4 Off Ramp 71 On 6 5 4 3 5 4 91 2 2 2 2 2 91 1 1 Weave Lane EL 2 EL 2 EL 1 SR-91 WB GP Option 3 EL 1 EL Egress 1 1 1 EL 2 EL 1 EL 2 EL 1 9 SR-91 Corridor Operations Project Update General Purpose Lane 91 Westbound near the County Line • Add one lane on SR-91 westbound from Green River Road to SR-241 • Expected to further reduce congestion periods and improve travel times in the westbound 91 general purpose lanes • Staff recommended implementing modified Option 4 in two steps • Amendment with Parsons for Environmental and Design for $ 4,790,973 241 241 41 V1 , ,, 5 4 91 2 2 13r1.con= 2 EL 1 ... 4 3 Gromn River Rd On Ranw 4 OFF Ramp 71 Ori 5 5 a 2 a 3 2 2 2 5 4 3 2 W•tom Li** EL E.9.r.ays EL 2 EL 1 EL 2 EL 2 EL 1 EL 1 SR-91 WB GP Option 4 10 SR-91 Corridor Operations Project Update General Purpose Lane 91 Westbound near the County Line Schedule • Environmental - Fall 2019 • Design -End of 2019 • Construction Award - Summer 2020 (dependent on funding priority) • Open to Traffic - Fall 2021 (dependent on funding priority) rt 241 241 5 Clromn River Rd On Ranw OFF Ramp 71 Ori 5 5 91 2 91 11. 4 2 EL ingrorkr EIL 2 EL1 4 3 W•tom Li** 2 a a 2 2 3 2 5 4 3 2 EL E9ns,sis EL 2 EL 2 EL 1 EL 1 EL 2 EL 1 SR-91 WB GP Option 4 11 "Heat Map" —Option 4 Add GP Green River to 241 EXISTING Approaching County Line County Line County Line w/o EL e/o EL Grn Riv Serfas- Maple- Lincoln - From To w/o 241 Off SR 241 Off SR 241 Aux 241 e/o EL Ing West Mid East Egress Egress Merge GrnRiv-71 SR 71 71-Serfas Maple Lincoln Main 4:30 AM 5:00 AM r 58 59 61 61 56 61 62 53 36 35 17 24 16 30 61 61 61 5:00 AM 5:30 AM 60 61 62 62 57 62 62 51 21 21 13 15 10 8 10 63 63 5:30 AM 6:00 AM 62 62 60 62 59 62 63 50 18 16 12 13 9 8 8 64 64 6:00 AM 6:30 AM 63 63 60 62 59 62 63 51 17 16 12 13 9 8 10 65 64 6:30 AM 7:00 AM 63 63 58 62 59 62 63 53 15 15 11 12 8 7 62 66 64 7:00 AM 7:30 AM 64 64 58 62 59 63 63 53 15 15 11 11 8 7 66 66 65 7:30 AM 8:00 AM 65 63 57 62 60 63 63 54 15 15 11 11 8 7 66 66 65 8:00 AM 8:30 AM 65 63 56 63 60 63 64 53 14 15 11 12 8 7 66 66 65 8:30 AM 9:00 AM 65 62 49 59 58 63 63 53 15 15 12 12 8 8 65 65 64 9:00 AM 9:30 AM 65 62 46 60 57 62 63 53 16 15 11 11 8 11 65 65 64 9:30 AM 10:00 AM 65 62 53 61 53 62 62 51 21 21 15 15 14 54 64 64 64 4:30 AM 5:00 AM 61 61 60 61 60 60 61 61 61 61 59 59 59 59 59 58 56 5:00 AM 5:30 AM 59 59 58 60 60 60 60 60 61 60 57 58 58 58 59 56 56 5:30 AM 6:00 AM 60 60 60 61 60 60 61 61 62 59 57 58 58 58 59 56 56 6:00 AM 6:30 AM 60 60 60 61 60 60 61 i 61 62 58 56 58 58 58 59 56 56 6:30 AM 7:00 AM 61 61 61 62 61 61 62 i 62 62 33 53 58 58 58 58 56 56 7:00 AM 7:30 AM 62 62 62 63 62 62 62 62 63 20 32 58 58 58 59 57 56 7:30 AM 8:00 AM 62 62 62 63 62 62 63 63 63 14 17 39 56 58 58 56 56 8:00 AM 8:30 AM 62 62 63 63 62 62 63 63 63 13 16 15 18 57 58 56 56 8:30 AM 9:00 AM 61 61 62 62 61 61 62 62 63 15 17 16 16 39 58 57 56 9:00 AM 9:30 AM 61 61 61 62 61 61 62 62 62 24 27 38 46 59 59 58 56 9:30 AM 10:00 AM 61 61 61 62 61 61 61 61 62 60 59 59 59 60 59 56 Build Condition -- SR 91 Option 4 (Add GP Aux Lane GrnRiv-241, Maintain EL Egress Area) W Z 5 H N W a X W From To Approaching e/o EL County Line w/o 241 Off SR 241 Off SR 241 Aux 241 Ingress West County Line Mid County Line East w/o EL Egress e/o EL Egress Grn Riv Merge GrnRiv-71 SR 71 71-Serfas Serfas- Maple Maple- Lincoln Lincoln - Main 4:30 AM 5:00 AM 51 32 21 42 48 62 60 63 62 62 37 18 29 59 61 61 5:00 AM 5:30 AM 49 31 16 16 15 18 23 26 28 38 42 43 16 12 15 63 63 5:30 AM 6:00 AM 54 39 23 21 21 21 24 39 18 18 19 21 11 11 64 64 64 6:00 AM 6:30 AM 55 49 27 22 22 41 57 51 18 18 20 a 12 10 65 65 64 6:30 AM 7:00 AM 63 58 40 58 64 63 51 17 17 20 23 16 49 66 66 64 7:00 AM 7:30 AM 64 51 53 63 63 64 64 56 39 42 44 66 66 66 66 64 7:30 AM 8:00 AM 65 59 62 64 64 64 64 62 64 66 65 65 66 66 66 66 65 8:00 AM 8:30 AM 65 50 61 64 64 64 64 63 64 66 64 65 66 66 66 66 65 8:30 AM 9:00 AM 65 43 61 64 64 64 64 63 64 65 64 65 65 66 65 65 64 9:00 AM 9:30 AM 65 62 63 64 64 64 64 63 65 66 64 65 65 65 65 65 64 9:30 AM 10:00 AM 65 63 64 64 64 65 64 64 65 65 64 64 64 65 64 65 64 4:30 AM 5:00 AM 61 61 61 62 60 60 61 61 62 60 59 58 60 59 60 58 56 5:00 AM 5:30 AM r 61 61 59 56 58 58 58 59 56 56 5:30 AM 6:00 AM f 61 62 59 57 57 57 58 59 57 56 6:00 AM 6:30 AM E Option 4:Improves GP operations. EL 61 62 57 57 58 58 58 59 56 56 6:30 AM 7:00 AM E improve due to GP 61 62 33 55 58 58 58 58 56 56 7:00 AM 7:30 AM E operations 62 63 21 27 58 58 58 58 56 56 7:30 AM 8:00 AM f improvements; not an inherent EL 62 63 33 21 58 58 58 58 56 56 8:00 AM 8:30 AM E i 62 63 32 24 58 58 58 58 57 56 8:30 AM 9:00 AM E improvement. i 62 62 49 56 58 58 58 58 57 55 9:00 AM 9:30 AM E i 61 62 60 59 59 59 59 59 58 56 9:30 AM 10:00 AM 6g1 61 62 61 61 1 i 61 62 60 59 59 59 59 59 59 56 General Purpose Lane 91 Westbound near the County Line —Toll Revenue Impacts Year Baseline Revenue 91 WB Option 4M Revenue Revenue Loss 2022 $ 57,250,000 2023 2024 62,250,000 67,690,000 2025 2026 73,600,000 79,240,000 2027 2028 84,550,000 90,200,000 2029 2030 96,240,000 102,690,000 2031 2032 109,560,000 116,890,000 2033 2034 124,710,000 133,060,000 2035 134,580,000 $ 49,730,000 54,070,000 58,790,000 63,930,000 68,840,000 73,460,000 78,390,000 83,650,000 89,270,000 95,270,000 101,660,000 108,490,000 115,770,000 $ 7,520,000 8,180,000 8,900,000 9,670,000 10,400,000 11,090,000 11,810,000 12,590,000 13,420,000 14,290,000 15,230,000 16,220,000 17,290,000 125,660,000 8,920,000 Total $ 165,530,000 ➢ Toll revenue loss does not impact the financial commitments for repayment of the 91 Project 13 SR-91 Corridor Operations Project Update General Purpose Lane 91 Westbound near the County Line Recommendations • Staff recommendation: Authorize implementation of the construction phase after completing environmental and design approvals • Staff recommendation: Authorize inclusion in the list of Commission projects for prioritization and funding determination • Staff recommendation: Authorize all necessary agency agreements for construction (potential agreements with Caltrans, OCTA, CHP, etc.) 241 241 5 Clromn River Rd On Ranw OFF Ramp 71 Ori 5 5 91 2 91 11. 4 3 2 EL ingrorkr El 2 EL1 4 3 2 W•tom Li** A a 2 3 3 2 2 2 5 4 3 2 EL E9ns,sis EL 2 EL 2 EL 1 EL 1 EL 2 EL 1 SR-91 WB GP Option 4 14 RIVERSIDE COUNTY TRANSPORTATION COMMISSION THANKYOU Tara Bye rly From: Jimmy <ajimmy19@yahoo.com> Sent: Thursday, December 06, 2018 9:19 PM To: Info Subject. "Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting" Hi, My name is Jimmy Ang. • condition Corona freeway everyday. It's getting me frustating everyday. The I am very upset with the condition of 91 Cor y . Especiallystart Gam to Sam and back from 4pm to 6pm from Weir traffic was very bad during school day Canyon Rd to 71. freeway in between Weir Canyon Rd & 91 to 71 freeway to avoid Please make necessary build a new fre y congestion 91 Corona. This is urgent.. People ! o le can't wait to 2035. People around us Corona and Riverside wi ll Channel also want governor come if our voice will get ignoring. IT be protest, chanting and invite all TV C g . � � ow this is frustatin ,but lease coordinate with OCTC. I heard MUST BUILD FREEWAY IN A YEAR.. I know g p Y that Santa Ana Canyon be heavytraffic too b use people from east side using this road. The toll road from McKinley is super duper • expensive. If ROTC has limited budget, then RCTC must expand 91 freeway to 10 lanes each direct ion between Lincoln exit to 241 exit, instead of building a new freeway. north have 3 freeway In South we onlyhave 91 freeway, but no Y210,10,60). It needs to be equal as north side. Please hear our voice and p • lease do not ignor y ignore!! Sony i can't attend the meeting in December 12 9am because I have work, but please hear our voice. VERY IMPORTANT! Thanks, Jimmy Ang Sent from Yahoo Mail for iPhone i Tara Byerly From: sharon carriedo <sharon505050@yahoo.com> Sent: Thursday, December 06, 2018 5:32 PM To: Info Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meetingr SUBJECT:Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting 91 "expansion" is a noose around the neck of my city. A slow moving death at the RCTC created chokeholds at Green River. This wa impacts us all the to the 15 S and many use the streets to get to the 91 and the 15. Construction at p Y Eagle Glen is severely impacted by what happens on the 91, and at Green River. It's a domino effect. g Y p The impact of your decision, has: # 1 impacted quality of life in a city of 170,000 residents #2 stolen time from commuters #3 caused excess wear & tear on our city's roads, thus many ratings of D & F #4 emergency our hampered services who cannot operate with the necessary timeliness to save lives p In addition as if this all isn't enough, we need you to stop delays. SPEND THE UNANTICIPATED TOLL REVENUE TO IMPROVE THE 91 CORRIDOR NOW not in 2035. Stop delays s & FIX Green River NOW — 2035 is too far away — a baby born today will be driving by the time you say the improvements would be done. Sharon Carried° Sent from Yahoo Mail on Android 1 Tara Byerly From: Cynthia Vincent <ckvincent@aoi.com> Sent: Thursday, December 06, 2018 6:13 PM To: Info Subject: Attention:Clerk: Pass Through My Email to Full Commission for 12/12 Meeting I have resided in Corona for 35 years and 5 years prior in El Cerrito. My 27 year M-F drive to Orange County employment became increasingly difficult with the population growth. It became intolerable when the congested on -ramps began earlier every day. . Green River has been a nightmare morning commute for years. Now, it is practically a parking lot. I always pray no one will need emergency attention while sitting in their car; blood pressure rising. Having endured, along p Y with everyone else, the recent lengthy 91 modifications and having now realized the outcomes are increased congestion, reduced mobility, and compromises to efficient and effective emergency response, I am baffled by the intent to Corona of the RCTC. I request they mitigate these debilitating actions by using the available funds for the auxiliary lanes without delay. 1 Tara Byerly From: Info Sent: Thursday, December 06, 2018 12:38 PM To: Aaron Hake; Cheryl Donahue; Marla Dye; Lisa Mobley Subject: FW: "Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting" From: Karen Alexander [mailto:0146retired@gmail.com] Sent: Thursday, December 06, 2018 12:02 PM To: Info <info@RCTC.org> Cc: Karen Alexander <0146retired@gmail.com> Subject: "Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting" RCTC Full Committee: As a Corona resident living near Green River for the last 33 years, it's been a heartbreak to see the negative impact to our community since early last year's 2017 "Grand" opening of the 91 Fwy construction project. The commuters' freeway improvements have been at the expense of our local folks - QOL in Corona has taken a terrific hit - and it's unacceptable to hear that toll surplus accounts are not being immediately earmarked to "undo" this disaster. We get that 2008 was unprecedented to the overall project funding - however, NOW is the time to dedicate funds to get that 241 AUX lane to completed; Dear God - not in 203 5 ! ! The RCTC is comprised of numerous local city representatives and if this was YOUR CITY, you'd be all over this and can certainly empathize with the immediacy of priority for the AUX Lane; PLEASE VOTE NOW to give us our City back and restore some sense of civility to our community. It's a double wammy for Corona due to our proximity to the OC line - non-resident commuters getting off your freeway projects, cutting through our local streets as an alternative to the backlog and ramming through to get to OC. Enough is enough...do the right thing - please and fund this project today! Thanks for your consideration. Karen Alexander 951-903-6952 i Tara Bye rly From: Info Sent: Thursday, December 06, 2018 5:15 PM To: Lisa Mobley Cc: Aaron Hake Subject: FW: "Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting" From: Rosemary CAPUANO [mailto:slysy@pacbell.net] Sent: Thursday, December 06, 2018 4:25 PM To: Info <info@RCTC.org> Subject: "Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting" Fund the 241 auxiliary lane, today. Waiting under 2035 is unacceptable. Rosemary Capuano 1 Tara Byerly From: Info Sent: Thursday, December 06, 2018 10:49 AM To: Aaron Hake; Cheryl Donahue, Lisa Mobley; Marla Dye Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting. Original Message From: Cathy [mailto:catherinejeanette@live.com] Sent: Thursday, December 06, 201810:31 AM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting. As commissioners of RCTC it would be inconceivable that you would not vote to immediately okthe funds for finishing the Green River debacle. It was you who chose not to complete this vital part of the project and now it is up to you to make it right. It would be the honorable thing to do . The is no shame in admitting that the decision was a complete fail. In fact, if it matters to you at all, the people who are affected daily would be appreciative of the gesture. Thank you for your consideration. Cathy Donaldson Corona, Ca. Sent from my iPad 1 Tara Bye rly From: Info Sent. Thursday, December 06, 2018 5:16 PM To: Lisa Mobley Cc: Aaron Hake Subject: FW. Attention. Clerk Pass Through My Email to Full Commission for 12/12 meeting From: Brian Mowcomber [mailto:mowcom@gmail.com] Sent: Thursday, December 06, 2018 4:28 PM To: Info <info@RCTC.org> Subject. Attention. C g Clerk Pass Through My Email to Full Commission for 12/12 meeting Dear RCTC Commission, Alliance I am asking that you approve and As a Corona resident and member of the Great Corona Traffic � River Road and • in the auxiliary lane on the 91 Corridor between Green Ri expedite immediate improvements including � t were removed from the original the 241 Tollway. Making Corona residents wait until 2035 for the improvements tha baseline measurement on Toll revenue project is unacceptable. Also changing the from the original 2012ected and we projections to the higher 2018 actual revenue is not acceptable. The toll revenue is higher than ex p . improve the 91 Corridor quickly. I support the addition of the appreciate commission using the excess revenue to p rovements. auxiliary lane and improvements to the Green River west bound on ramp. Please expedite these imp Thank you. Brian Mowcomber 813 Carolina Cir, Corona, CA 92882 Corona, CA 92882 909-208-4199 i Tara Byerly From: Info Sent: Thursday, December 06, 2018 2:53 PM To: Aaron Hake; Cheryl Donahue; Marla Dye; Lisa Mobley Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting From: lilledeshan Bose [mailto:lillitot@gmail.com] Sent: Thursday, December 06, 2018 2:19 PM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting I live on 1014 Via Vlento Ln, Corona, CA 92882. I work in Redlands, and my husband works in the City of Industry. My sister • , who lives with us, w g works in Orange. Because of the traffic, she has moved out of our home and deprived us of rent money. before the opening When we moved to Corona In early 2017, p g of Foothill, we were able to take the Green River WB in the mornings respective to head to our locations. We were able to carpool. ramp is intolerable, and it takes sometimes an hour to get from our home 1 mile Today, the Green River Westbound a p away from the freeway. Our neighborhoods are choked with morning traffic because Green River does not work. bottleneck in Green River and push RCTC to spend the excess toll revenue here, Please take responsibility for the on the deferred auxiliarylane. No more delays! We cannot wait until 2035 for the improvements. This is unacceptable. The toll revenue is g Y higher than the ever thought it would be and the commission's job is to use the revenue to impr ove the 91 Corridor. Please fix Green River now and not after we've retired! Lille Bose 714-326-5301 1 Tara Bye rly From: Info Sent: Thursday, December 06, 2018 2:52 PM To: Aaron Hake; Cheryl Donahue; Marla Dye; Lisa Mobley Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting From: Adam Lovinus [mailto:adam.lovinus@gmail.com] Sent: Thursday, December 06, 2018 2:01 PM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting It ism understanding that RCTC will discuss the situation with the on ramp at Green River Road in Corona at Y g the full commission meeting on December 12. I live in the Sierra Del Oro neighborhood and I am deeply impacted. The wait to get on US 91 regularly is 30- 45 minutes between 6-9 am weekday mornings. At nearby Serfas Club Rd. lines are usually backed up with an equivalent wait. Man motorists there disregard traffic laws there and cut the line with disregard to courtesy and eq y safetY p g . I suspect the high volume of traffic is due to commuters circumventing US91 westbound. I am trappedm in neighborhood b this morning traffic. This situation detracts valuable time that I should be Y g Y spending at home with my wife and children. I p urge you to lease consider immediate action. This community cannot wait decades for a solution. Until proper er infrastructure is completed please turn off the meters at Green River. Its the only thing th at seems to alleviate the backups. Best regards, Adam Lovinus 1014 Via Viento Ln Corona CA 92882 1 Tara Bye rly From: Info Sent: Thursday, December 06, 2018 1:25 PM To. Aaron Hake; Cheryl Donahue, Marla Dye; Lisa Mobley Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 Meeting From: dfuller1944@aol.com [mailto:dfuller1944@aol.com] Sent: Thursday, December 06, 2018 1:21 PM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 Meeting To whom it may concern: Regarding: 91 corridor improvement; auxiliary lane from Green River to 271: I am a citizen of Corona. Given that toll revenue as been vastly g originally greater than on inall expected, it is high time to use that revenue to do what is possible to improve the 91 corridor. Specifically, the auxiliary lane, originally planned to extend from the westbound Green River onramp to the 271, which unwisely eliminated, needs to be completed as quickly as humanly possible. This was part of the original project but was u Y should have been done with the original project and it is inexcusable that it is not in operation now. At the last ROTC meeting, a couple og f weeks ago, it was said that it might require a few months to have some meetings date for this lane could be in 2022. This is absurd. We are talking about and discussions and that the planned completionroblems of land acquisition. Over no one lane of traffic approximately two miles long, alongside an existing freeway with p three-quarters of a century ago th is nation went from the initiation of the Manhattan Project to the production of a functioning nuclear weapon in less time and it required building, from scratch, three complete cities, including movie theaters and barber shops. At the last meeting there was more dis cussion cussion of the financial windfalls than of the traffic issues. You people need to be ss. Your very purpose is transportation. If not the financial collections business. reminded that you are in the traffic business, few popcorn buckets and start passing you would refer to be in the revenue collection business, I suggest you grab a p p Y p them around at tent revival meetings. cannot start going into the ground within 30 days at the most. Instead, you want the There is no reason that shovels c g g citizens of Corona to put up with maddening commute times while the RCTC is holding meetings and discussions. utlined is for completion of all the necessary improvements by 2035. By that time The existing projection of ROTC, as o p my age will match the designation number of the 91 corridor. Get this done now. No more excuses. No more meetings. Fix it. Sincerely, Don Fuller 725 Huntley Drive Corona, CA 92882 Home/office: 951-817-8871 Cell: 714-271-8091 1 Tara Byerly From: Info Sent: Thursday, December 06, 2018 1:24 PM To: Aaron Hake; Cheryl Donahue; Marla Dye; Lisa Mobley Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting Importance: High From: Scott Thomas [mailto:scott@erdtsieck.com] Sent: Thursday, December 06, 2018 1:11 PM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting Importance: High To whom it may concern. I am writing in for my full support behind the Corona based GCTA group and their consistent messages to help the horrible traffic conditions in the city of corona. I have been a corona resident for the last 5 years, I purchased my home in Corona a few months before the 91 toll road project started. Unfortunately at the time I was not aware of the 91 toll road project and I would have purchased my home somewhere else had I known of the project beforehand. I had lived in Fontana at the time of the first 91 toll lane project and did a daily drive to Irvine and swore I would NEVER do that again. That being said I would like to point out that prior to the riverside county 91 toll road project my drive from the 91 & McKinley averaged 40 minutes to 1 hour from entry point on the freeway to exiting the 241 in Tustin on my way to costa mesa every morning. Ever since this project started, even after completion I have seen my daily commute average times going to work daily jump from 1 hour 15 minutes to 2 hours daily. The largest amount of this wasted time is stuck in corona. The backups normally start just prior to Main St., and continue to the curve just past Green River Road. I would really like to see the auxiliary lane from Green River road implemented as soon as possible to help alleviate this mess on the 91 corridor. The toll roads in their current state are absolutely unaffordable for many of your constituents and have placed a heavy burden on those who simply need to get to work and back on a daily basis. As it stands now, the majority of Corona residents are unable to get onto the 91express way even IF they wanted to use it. Alternatively the county should be investigating creating alternative routes to orange county as the populace and homebuilding continues to grow at ever increasing rates in riverside county. The 91 corridor in its current configuration is simply unable to handle the load necessary to facilitate timely movement of cars in and out of the region. I am very worried if there was a real emergency in corona if the citizens would be able to actually evacuate with the current road conditions. To summarize we need solutions now, not 15 to 20 years from now. RCTA is making a massive profit windfall of the 91 expressway tolls, and it is time to start making good on the commitments to improve the 91 corridor. Thank you. Scott Thomas 2973 Pembroke Cir Corona, CA 92879 1 Tara Byerly From: Info Sent: Thursday, December 06, 2018 1:24 PM To: Aaron Hake; Cheryl Donahue; Lisa Mobley; Marla Dye Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting From: Carol B. Samaan [mailto:cbotros@gmail.com] Sent: Thursday, December 06, 2018 12:44 PM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting Dear Commission: I have been a resident of Corona for almost 12 years; my husband has been a resident for almost 30 years. Our normal 91 WB ramp, which I used every day for almost 12 years, was Green River. Since the completion of the 91 project, Green River traffic has grown exponentially worse. I normally would sit in traffic on Green River for 30-40 minutes during peak morning commute (without accidents; if there is any accident, that wait time could increase to 2 hours). With the completion of the Foothill extension, coupled with taking away the carpool lanes and replacing them with expensive toll lanes, many neighbors from the South and East cut through Corona and use Green River. THIS IS UNACCEPTABLE. The Green River WB ramp was not meant to handle all the traffic coming through. Many residents who live close to Green River, such as myself and my extended family, are forced to backtrack miles east to take the 15N to the 91W express lanes. Imagine if you had to backtrack miles east, just to pay $7-$10 to drive the same way west in express lanes to get through your own city. It sounds like madness, but this is what residents are dealing with now, and the unexpected surplus in toll revenues is a testament to that. PLEASE FUND THE AUXILLARY LANE AT GREEN RIVER. We need relief now. The 91 project was supposed to imp rote traffic, not ruin quality of life. Your decisions on the 91 project have ruined quality of life for many residents and increased our commute times substantially. Please do the right thing. Use the surplus from the toll lanes if needed, Best regards, Carol Samaan Tara Byerly From: Info Sent: Thursday, December 06, 2018 10:58 AM To: Aaron Hake; Cheryl Donahue; Lisa Mobley; Marla Dye Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting From: Sarah Nelson[mailto:lysistrata117@gmail.com] Sent: Thursday, December 06, 2018 10:54 AM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting To Whom It May Concern, I am a Coronita resident off of Serfas Club. Since purchasing my home we have had to endure a significant amount traffic while the 91 freeway was expanded. The expansion negatively impacted our quality of life but we endured it because we were told by RCTC and our city council that it would improve our traffic problems. Unfortunately completion letion of the project traffic for us became worse than before construction. Green River p is so impacted that cars come to Serfas Club and clog up surface roads. Leaving our neighborhood can be difficult in the morning. I travel in the opposite direction but I still have to g multiple navigate through the mule hazards created by this traffic. This includes blocked intersections, people driving g g p on the wrong side of the road to cut around lines of cars, and people cutting in and out lanes without warning. There is little regard for pedestrians which is dangerous for the kids walking to the nearby elementary school. g It takes my husband 45 minutes to get on the freeway (we live a couple of blocks from the onramp). It takes him longer to get on the freeway than it does to get to his job in Claremont from the 71. Additionally,if there is a car accident at Green River the whole city of Corona seems to shut down. All of the surface streets become clogged because the freeway isn't moving. I am a nurse practitioner and I work in Corona. There have been occassions when a morning accident at Green River prevented my staff coming in from surrounding areas to arrive to work for over an hour. That is a big delay. If my business is affected in this way I can imagine others in Corona are as well. With these daily struggles les created by the failure at Green River it is disheartening to hear RCTC make claims that the 91 freeway expansion was a success. Our neighborhoods are suffering and fixing Green River can not wait any longer. We've been waiting and coping long enough, we are desperate for traffic relief. Sincerely, Sarah Nelson and Eric Freeman 2421 Northmoor Dr Corona 92882 1 Tara Bye rly From: Info Sent: Thursday, December 06, 2018 5:16 PM To: Lisa Mobley Cc: Aaron Hake Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting From: jeango360@gmail.com [mailto:jeango360@gmail.com] Sent: Thursday, December 06, 2018 5:04 PM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting As a long-time Corona resident living with your decision to not fully complete the 91 "expansion" is a noose around the neck of my city. A slow moving death at the RCTC created chokeholds at Green River. Can you hear us? The impact of your, in my opinion, capricious decision, has: #1 impacted quality of life in a city of 170,000 residents #2 stolen time from commuters #3 caused excess wear & tear on our city's roads, thus many ratings of D & F #4 hampered our emergency services who cannot operate with the necessary timeliness to save lives In addition, as if this all isn't enough, we need you to stop delays. SPEND THE UNANTICIPATED TOLL REVENUE TO IMPROVE THE 91 CORRIDOR NOW not in 2035. Stop delays & FIX Green River NOW — 2035 is too far away — a baby born today will be driving by the time you say the improvements would be done. Jean Ardaiz Gonzalez ROTC to spend the excess toll revenue here, on the deferred auxiliary lane. No more delays! Making Corona residents wait until 2035 for the improvements that were removed from the original project is unacceptable as ROTC scrambles to change their baseline measurement on .revenue from the original 2012 projections to the higher 2018 actual revenue. The toll revenue is higher than they ever thought it would be and the commission's job is to use the revenue to improve the 01 Corridor. Please send an email with your support to fix Green River and urge them to do it now and not after you've retired! 1 Tara Bye rly From: Info Sent: Thursday, December 06, 2018 5:22 PM To: Lisa Mobley Cc: Aaron Hake Subject: FW: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting � From: John Estep [mailto:john.estep@gmail.com] Sent: Thursday, December 06, 2018 5:18 PM To: Info <info@RCTC.org> Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting 1 "expans ion" is a noose around the neck of my city. A slow moving death at the RCTC created chokeholds at Green River. Can you hear us? The impact of your, in my opinion, capricious decision, has: #1 impacted quality of Fife in a city of 170,000 residents #2 stolen time from commuters #3 caused excess wear & tear on our city's roads, thus many ratings of D & F #4 hampered our emergencyservices who cannot operate with the necessary timeliness to save lives • ' i all isn't enough, we need you to stop delays. SPEND THE UNANTICIPATED TOLL REVENUE In addition, as if this g TO IMPROVE THE 91 CORRIDOR NOW not in 2035. y Stop delays & FIX Green River NOW — 2035 is too far away — a baby born today will be driving by the time you say the improvements would be done. Sincerely, John Estep Corona Resident Tara B e rl From: Info Sent: Thursday, December 06, 2018 10:49 AM To: Aaron Hake; Cheryl Donahue; Lisa Mobley; Marla Dye Subject: FW: Attention Clerk - Pass my e-mail to Full Commission for the 12/12/18 Meeting From: Minga MacNeil [mailto:minga2479@msn.com] Sent: Thursday, December 06, 2018 9:01 AM To: Info <info@RCTC.org> Cc: Minga MacNeil <minga2479@msn.com>; KSpiegel@CoronaCA.gov <KSpiegel@CoronaCA.gov> < KS p i ege I @ Co ro n a CA. gov> Subject: Attention Clerk - Pass my e-mail to Full Commission for the 12/12/18 Meeting Attention RCTC: My name is Mary MacNeil. I've lived in the same residence in Corona for 30 years. I live off Green River Rd and Ridgeline. Traffic has always been a challenge, now more so than ever. I live exactly 1 %2 miles from the Green River on ramp. It is now a night mare. How can you let this continue, because it's not "your commute?" the 91 Freeway project has been a total failure. Then the Foothill Extension ! We were told it had been planned since the 1980's and nothing that could be done to change it. How can that be when we get re -zoning in Corona all the time to the satisfaction of the developers and our Corona City Council. I feel so sorry for young mothers and fathers who live in our area. The time spent on the road could be time with their children. We have an expectation of a "good quality of life" as we continue to live in Corona. Can any of you say you travel Foothill to the Green River on -ramp daily? Do you know the frustration and how upsetting this is? 1 %2 miles can at times take up to one hour or more. Commuters getting off the 15 and traveling down Foothill to Green River has impacted everyone who lives in this area in a negative way why is there no compassion from this commission? Why can't they do the right thing? The only answer I can find is the members of RCTC do not commute to work and use Foothill to Green River to access the 91 Freeway going West Bound on a daily basis. Neither does any of our Corona City Council members....one member of our City Council and also on RCTC.. did make the drive...on a holiday weekend and didn't find any problems! I am asking for a solution NOW. Please advise what can be done to help elevate the problem. Surely with the experience all of you bring to the table this should not be hard to rectify. Thank You for your time, Mary MacNeil 951-264-3826 30 Year Corona Resident Sent from Mail for Windows 10 Tara Bye rly From: Info Sent: Thursday, December 06, 2018 2:52 PM To. Aaron Hake; Cheryl Donahue, Marla Dye; Lisa Mobley Subject: FW: Attn.0 Jerk Pass Through My Email To Full Commission for meeting 12/12/1 Original Message From: Barbara Young[mailto:beachwoodbrat@gmail.com] Sent: Thursday, December 06, 2018 1:47 PM To: Info <info@RCTC.org> Subject: Attn:Clerk Pass Through My Email To Full Commission for meeting 12/12/18 Please fix Green River. You have excess tolls to spend. Do it now please. Barbara Young Corona Citizen. Sent from my iPhone Tara Byerly From: Sent: To: Subject: To whom it may concern: james steiner <james.steiner@att.net> Friday, December 07, 2018 6:29 PM Info Attention: Clerk -please pass through my email to full commission meeting on 12/12 I'm writing this letter to encourage the commissoners to prioritize the funding of the auxiliary lane from Green River Rd o the 241. This aux lane was art of the original design plan of the 91 expansion project but was removed due to lack of t p funding g . Traffic engineers considered this a key component to improved traffic circulation when they originally designed the J ro'ect. Due to its removal, traffic circulation on the West end of Corona has actually become worse since the p expansion. Please find the funding to construct the aux lane. Thank you, Jim Steiner Citizen of Corona 1 Tara Byerly From: Dean Stamp <deanstamp@hotmail.com> Sent: Friday, December 07, 2018 7:48 PM To: Info Subject: Auxiliary Lane: Green River to the 241 ROTC, River to 241 Auxiliary Lane for construction as soon as possible 1) to help Please vote to approve the Green R � Maple, n on the 91 freeway near Green River, 2) to reduce the backup traffic at the p , relieve traffic congestion y Serfas Club, an d Green River westbound on ramps to the 91 freeway in Corona, and 3 ) to reduce the 91 freeway cut -through traffic on the surface streets in Corona. Thank you. Sincerely, Dean Stamp 1994 Via Del Rio Corona CA 92882 deanstamp@hotmail.com 951.734.8028 Tara Byerly From. ELIZABETH GILL <gnmv@comcast.net> Sent. Saturday, December 08, 2018 7:09 PM To: Info Subject: RCTC 12/12/18 meeting Attent ion Clerk: Please forward this email to all commissioners for 12/12/18 meeting: ' e auxiliary lane on the westbound 91 Freeway funding for the construction of an outside rY the I support fu g On toda 's action to move forward with River on -ram and the 241 Toll Road. Y between the Green p .The lane is needed now, not • documents, I urge you to vote in support of doing so environmental docume g Y later, and the excess toll rev enue can be used to fund the construction Elizabeth Gill Temescal Valley resident 1 Tara Byerly From: bob paul <bobnbarb01 @sbcglobal.net> Sent: Saturday, December 08, 2018 8:50 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway pp g between the Green River on -ram and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to vote in support of doing so. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Barbara Paul 25999 Glen Eden Road #147 Temescal Valley, CA 92883 i Tara Byerly From. LINDA HOLDWAY <yruhold@sbcglobal.net> Sent. Sunday, December 09, 2018 11:02 PM To: Info k Pass Throu h My Email to Full Commission for 12/12 meeting Subject: Attention. Cler g To Whom It May Concern: ' have been working tirelessly for FOR OVER A The members of the Greater Corona Traffic Alliance planed and ' Freeway Corridor was and still is a poorly plan et the point across to the committee that the 91 y he YEAR tog p ' Corona entering or even getting to the freeway going to t executed project. The wait times for the residents of C g to execu p � �� t times much longer. The same can be applied ' ies can take nearly an hour on a good day and most . beach cities y same highway. A large segment of this wasted rs trying to save those injured in accidents on the s first responders y g several lanes of traffic to access the toll time can be attributed to the Green River nightmare of either crossing . or the nearly impossible task of getting over the lanes, the hellish wait times getting off or on to Green River, y p . • • unacceptable as our residents sit and rot on this sorry Green River bridge. Waiting until for a solution is �� 'ions bein • from the "relevant traffic studies resulted in mill g excus e for an executed project. The data collected cut from the original project. r funding to create a adequate project should never had broken ground until the necessary g - That being said the p � he first lace then the Green River available because if it had been done correctly in t p and safe highway were � would not be the butt of the morning traffic wouldn't have flooded the first winter it was open and we • pass • is hellsca e is not a fix. It is not a solution to the of being called the Corona Crawl. Re -striping this p . . report yokes g • community would be too stupid to notice. Our families, on broken system put in, hoping that the blue collar com ty • b y p because of the short-sightedness of the RCTC spend nearly 3 hours a day on this nightmare average, p y . • • yours. The toll lanes are a luxury! No one can affordto co mmittees. Our families do not matter any less than Who in their right mind can afford these exorbitant spend, at peak hours, OVER $20 to go to McKinley!not rob p p RCTC Committees are hired to serve the community, vices? This is modern highway robbery. Theit fixing p take the move stolen from the community and out it g them blind. Do the morally correct thing and y m famil • be then you all can sleep comfortably at night, becausey y the nightmare that was caused by RCTC. May y . g three hours a day in the car just trying to earn a living. certainly cannot after spending y Sincerely, The Holdaway Family 29 year Corona Residents 1 Tara Bye rly From: Crystal Barney <crystalrbarney@gmail.com> Sent: Sunday, December 09, 2018 10:13 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the pp g Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Regards, Crystal Barney 1 Tara Byerly From. Danyell Gill <danyellgill@gmail.com> Sent. Sunday, December 09, 2018 9:25 PM . To: Info Subject: RCTC 12/12/18 meeting Attention Clerk. Please forward this ema il to all commissioners for 12/ 12/ 18 meeting: ' ' on the westbound 91 Freeway between the or the construction of an outside auxiliary lane I support funding f � move forward with the environmental on -ramp and the 241 Toll Road. On today s action to m Green River o p needed now, not later, and the excess toll u to also support funding of the lane. The lane is documents, I urge you pp revenue can be used to fund the construction. Danyell Gill Temescal Valley resident Danyell Gill 951-427-4279 Danyellgill@gmail.com i Tara Byerly From: Jeremy Colacchio <jc@yourgumba.com> Sent. Sunday, December 09, 2018 7:28 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk. Please forward this ema il to all commissioners for 12/ 12/ 18 meeting: • auxiliary eon the westbound 91 Freeway between the or the construction of an outside auxiliary lane I support funding f � move forward with the environmental on -ram and the 241 Toll Road. On today s action to mo Green River p needed now, not later, and the excess toll you to also support funding of the lane. The lane is documents, I urge y pp revenue can be used to fund the construction. Jeremy Colacchio Temescal Valley resident -- Jeremy Colacchio (714) 329-3727 As much as you want to, please do not kick the computer I am a trained computer technician ... and have much more experience kicking computers than you do. 1 Tara Byerly From: Erika Sahagun <erika_alejandra_@hotmail.com> Sent: Sunday, December 09, 2018 5:41 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Erika Marro Temescal Valley resident Sent from my iPhone 1 Tara Bye rly From: Eric Nay <ericnay@gmail.com> Sunday, December 09, 2018 4:31 PM Sent. To: Info Subject: RCTC 12/12/18 meeting his email to all commissioners for 12/12/18 meeting: Attention Clerk. Please forward t Freeway between of an outside auxiliary lane on y I vigorously support funding for the constructionthe westbound 91 and with the environmental g the 241 Toll Road. On today s action to move forty the Green River on -ramp and you t funding of the lane. The g lane is needed now, not later, and the excess toll I urge to also support documents, Y revenue can be used to fund the construction. Eric Nay Temescal Valley Ile resident in Wild Rose Community Association Eric Nay, CISSP #73370, GCIA # 1336 ! MBA ericnayOgmail.com I Phone: 951.667. 5170 1 " Tara Bve rl From: Evelyn Millen <esmillen@icloud.com> Sent: Sunday, December 09, 2018 2:23 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Mrs. Evelyn Millen Temescal Valley resident 1 Tara Bye rly From: Jeanelle <jeanelleheaston@sbcglobal. net> Sent: Sunday, December 09, 2018 2:11 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green pp g River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund pp g the construction. Jeanelle Heaston 8964 Arrowleaf Cir Corona, CA 92883 Temescal Valley resident 1 Tara Bye rly From: Sharon Koziel <koziel@outiook.com> Sent: Sunday, December 09, 2018 12:24 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Pl ease forward this email to all commissioners for 12/ 12/ 18 meeting: • outside auxiliary lane on the westbound 91 Freeway between the I support funding for the construction of an Y • Road. On toda 's action to move forward with the environmental Green River on -ramp and the 241 Toll y f the lane. The lane is needed now, not later, and the excess toll documents, I urge you to also support funding o revenue can be used to fund the construction. Sharon Koziel Temescal Valley resident i Tara Bye rly From: Jen & Scott Graham <jenandscottgraham@gmail.com> Sent: Sunday, December 09, 2018 11:51 AM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Thank you, Jennifer Graham Temescal Valley resident Pipit Dr. 92883 1 Tara Bve rl From: Veronica <veronica_her@msn.com> Sent: Sunday, December 09, 2018 11:44 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Veronica Keller Temescal Valley resident Sent from my iPhone Tara Bye rly From: Info Sent: Monday, December 10, 2018 12:16 PM To: Lisa Mobley; Aaron Hake Subject: FW: RCTC 12/12/18 meeting From: David Gray[mailto:marriedbythelake@gmail.com] Sent: Monday, December 10, 201812:05 PM To: Info <info@RCTC.org> Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I strongly suppor t fundingfor the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you t pp g o also support funding of the lane. The lane is needed NOW, not later, and the excess toll revenue can be used to fund the construction. Sayed Kibria Temescal Valley resident - Tara Bve rl From: Info Sent: Monday, December 10, 2018 12:15 PM To: Lisa Mobley; Aaron Hake Subject: FW: RCTC 12/12/18 meeting Original Message From: Joanna Riza Quiambao [mailto:joannarizaq@gmail.com] Sent: Monday, December 10, 201811:59 AM To: Info <info@RCTC.org> Subject: RCTC 12/12/18 meeting I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Joanna Riza Q. Quiambao Temescal Valley resident 11739 Silver Birch Rd, Corona, CA 92883 1 Tara Byerly From: Info Sent: Monday, December 10, 2018 12:15 PM To: Lisa Mobley; Aaron Hake Subject: FW: RCTC 12/12/18 meeting From: Shelly Ledesma[mailto:sincerelysexy13@hotmail.com] Sent: Monday, December 10, 2018 10:59 AM To: Info <i nfo @ RCTC.o rg> Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents I urge to also support funding of the lane. The lane is needed now, not later, and the excess g you pp toll revenue can be used to fund the construction. Shelly O'Brien Temescal Valley resident Get Outlook for Android 1 Tara Bve rl From: Info Sent: Monday, December 10, 2018 1:14 PM To: Lisa Mobley; Aaron Hake Subject: FW: RCTC 12/12/18 meeting From: Mary Witten [mailto:mary.l.witten@gmail.com] Sent: Monday, December 10, 2018 1:08 PM To: Info <info@RCTC.org> Cc: Mary Witten <mary.l.witten@gmail.com> Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for the 12/12/18 meeting. Thank you. As a Riverside County resident I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action (12/12/18) to move forward with the environmental documents, I urge you to vote in support of the action. The lane is urgently needed now, and current &future excess toll revenue can be used to fund the construction. Thank you for also approving the I-15 EIR funding for the Cajalco southbound Express Lanes earlier this year. I am deeply grateful that Proposition 6 failed so we can proceed with that project as well. Since I live off Indian Truck Trail and the 15 Freeway (and work part-time in Orange County), I am greatly affected by these routes and your continued support in developing them to optimum capacity is appreciated by all of my friends and family. Thank you for all you do to stretch our resources! It is deeply appreciated. Sincerely, Mary Witten Tara Bve rl From: Info Sent: Monday, December 10, 2018 12:15 PM To: Lisa Mobley; Aaron Hake Subject: FW: Subject line: RCTC 12/12/18 meeting From: Kimberly Kuckowicz [mailto:kmkuckowicz@att.net] Sent: Monday, December 10, 201812:01 PM To: Info <info@RCTC.org> Subject: Subject line: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Thank you, Kim Kuckowicz and Oliver Stone 949.356.3954 Temescal Valley Resident a Tara Byerly From: Terri <tverikakis@gmail.com> Sent: Monday, December 10, 2018 7:46 AM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is ABSOLUTELY needed now, not later, and the excess toll revenue can be used to fund the construction. Terri Lantzourakis Temescal Valley resident Sent from my iPhone i. Lisa Moble From: diane rea <dianerea@att.net> Sent: Tuesday, December 11, 2018 12:20 PM To: Info Subject: RCTC 12/12/18 Meeting Attention Clerk: Please forward this email to all commissioners for 12/ 12/ 18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the pp g Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents I pp you urge to also support funding of the lane. The lane is needed now, not later, and the excess toll y revenue can be used to fund the construction. Diane Rea Temescal Valley resident Sent from Yahoo Mail on Android 1 Lisa Moble From: Sent: To: Subject: Rehan Tahir (Rehan Tahir, CSCS) <therehantahir@gmail.com> Tuesday, December 11, 2018 6:12 AM Info RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Sincerely, Rehan Tahir Temescal Valley Resident 1 Lisa Moble From: nohemi garcia <triiniity007@gmail.com> Sent: Tuesday, December 11, 2018 11:11 AM To: Info Subject: RCTC 12/12/2018 Meeting Attention Cl erk: Please forward this email to all commissioners for 12/ 12/2018 meeting construction of an outside auxiliary lane on the westbound 91 Freeway between Green I support funding for the River on -ramp and the 2Y m 41 Toll Road. On toda 's action to move forward with the environmental documents, I g fundin of the lane. The lane is needed now, not later, and the excess toll revenue can urge you to also support be used to fund the construction. Nohemi Garcia Temescal Valley resident i Lisa Moble From: Brittany Pina <brittanypina5@gmail.com> Sent: Tuesday, December 11, 2018 9:48 AM To: Info Subject: Subject line: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Brittany Pina Temescal Valley resident Sent from my iPhone 1 Lisa Moble From: Terry Morairty <tpmora@sbcglobal.net> Sent: Tuesday, December 11, 2018 11:59 AM To: Info Subject: Westbound 91 freeway lane addition. I am writing in support of the Westbound lane addition to the 91 freeway. The funding for this lane needs to be done right now. This freeway is a mess and something needs to be done right now not in the future. Thank you. Terry Morairty Temescal Valley Lisa Moble From: Sent: To: Subject: Michelle <michelle.reynolds@att.net> Tuesday, December 11, 2018 12:25 PM Info attention:p Clerk ass through email to full commission for 12/12 meeting Hello, Corona in the SDO community. I am writing you to My name is Michelle Reynolds and I live in the city of 'n O tion 4 the addition of a general purpose lane between Green River urge you to continue developing p and the SR-241. This should have been done when th e construction was "completed" last time and was removed as the quality of life for people in Corona was not thought of. q y p lease turn off the hin sooner than later with this project. Until this can be completed, p Please do something lights at the ramps. . It should not take 45-60 minutes to get on the freeway. I live off I am a prisoner in my community chan e m morning shift Green River and all of our entrances are at a standstill every morning. I had to g y Chill opened even that time is filling up faster and faster. I used to be to start at Sam and ever since Foothill p able to leave at g 4:30 and et to my work in Brea within 20-30 minutes (worst case) and now I have to leave by the latest of 4:15 and I am lucky if I am on time. p m u daughter from Cesar Chavez at 2:11(being off at 1:30). For the past I used to also be able to pick y g year and a hal f she has had to walk home as it now takes extra -long for me to get home. All the / g congestion where the ingress/egress ress a points are for the fastrak has caused this. (along with everyone g getting ettin off at Green River as their new shortcut to the 15). husband wants to move as the traffic is driving him crazy and we can't Please ,Please ,Please help. My hu n't be the cause afford to move (which is of course my fault for picking this house). I love SDO, please do of my divorce!! (I'm kidding but also not). Thank you, Michelle Reynolds Lisa Moble From: Tejura, Krupali <ktejura@coh.org> Sent: Tuesday, December 11, 2018 9:27 AM To: Info Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting PLEASE FIX GREEN RIVER AND ADD AUXILLARY LANE. Delaying it is UNACCEPTABLE. Corona and that corridor is a PURE AND UTTER DISASTER! Thank you Krupali Tejura, M.D. Radiation Oncology Assistant Clinical Professor City of Hope San Antonio Regional Hospital 999 San Bernadino Road Upland, CA 91786 Ph: 909-920-4841 Fax: 909-920-4732 Email: ktejura@coh.org * SECURITY/CONFIDENTIALITY WARNING: This an message and attachments are intended solely for the individual or entity to which they are addressed. y This communication may contain information that is privileged, confidential, or exempt from disclosure under applicable(e.g.,personal health information, research data, financial information). Because this e-mail has pp law been sent without encryption, individuals other than the intended recipient may be able to view the information, forward it to others or tamper with the information without the knowledge or consent of the sender. If you are p recipient, or the employee not the intended ee or person responsible for delivering the message to the intended pto Y an dissemination distribution or copying of the communication is strictly prohibited. If you received recipient,y � p the communication in error, p Y lease notify the sender immediately by replying to this message and deleting the an message and accompanying files from your system. If, due to the security risks, you do not wish to receive y further communications via e-mail, please reply to this message and inform the sender that you do not wish to receive further e-mail from the sender. (LCP301) i Lisa Moble From: Gerry Geronimo <geronimo_gerry@yahoo.com> Sent: Tuesday, December 11, 2018 6:35 AM To: Info Subject: Attention: Clerk Pass Through My Email to Full Commission for 12/12 meeting My name is Gerry Geronimo. I have lived in Sierra Del Oro since 1988. Traffic in 1988 going west was bad. It's 2018 and the traffic going going west is like the end of the world! I suggest you sit in this hell for a day to see what we (residents and tax payers) go through daily! The money that was spent for your so called solutions has done nothing. We (residents and tax payers) need to take responsibility for Green River and push you (RCTC) to spend the excess toll revenue here, on the deferred auxiliary lane. No more delays! Making Corona residents wait until 2035 for the improvements that were removed from the original project is unacceptable as (you) RCTC scrambles to change your baseline measurement on revenue from the original 2012 projections to the higher 2018 actual revenue. The toll revenue is higher than they ever thought it would be and the commission's job is to use the revenue to improve the 91 Corridor. Work for your money! Gerry Geronimo i Lisa Moble From: Julie Trapp <jjtrappl@yahoo.com> Sent: Tuesday, December 11, 2018 1:28 AM To: Info Subject: Clerk, please pass to RCTC Commissioners Dear Commissioners, Trapp Our names are John and Julie and we live in the city of Corona. We use the 91 freeway daily. We are • • OPTION 4 and make another general purpose lane between Green River writing to you to urge you to continue , were patient as the 91 project began and we waited for some relief at the and the 241. As citizens of Corona we p p J completion of the project, but y unfortunatel that has never come. OPTION 4 appears to be one way that we can it really is the very best option! Please carefully consider it, and know that finally get some relief in our travels, y • Y p � � • • and, the power to do it is in our hands. Please don't make us wait any longer. citizens like us deserve relief a p Y Sincerely, Tax paying citizens, ExpressLane customers, Gas tax contributors, John and Julie Trapp 1 Lisa Mobie From: Lucy Mendez <Iucy.mendez09@gmail.com> Sent: Tuesday, December 11, 2018 12:04 PM To: Info Subject: Message for TCTC Commission Good Afternoon, MY name is Luc Mendez and I live in the City of Corona. I urge you to support OPTION 4, the additional GP Y lane between Green River and the 241. Since the construction I've had to endure many hours of sitting in traffic, which led me to purchase a second car to keep in OC and take Metrolink. This has caused additional financial burden to me and my family, let alone the away times spent from them. I only commute 11 miles and some days took more than 1 1 /2 hours due to p Y heavystreet traffic caused b the back up of the freeway. My daily routine is to look at Waze to figure out how Y I should get to work. That is not a good way to start your day. Any p g improvement to the 91 thoroughfare, including dedicated flyover toll ramps would be greatly appreciated. Thank you, Lucy Mendez i Lisa Moble From: tinazca@aol.com Sent: Tuesday, December 11, 2018 6:47 AM To: Info Subject: Option 4 at Green River Hello - MY name is Tina Zalanka. I live in the City of Corona. I am writing to urge you to continue developing OPTION 4, the addition of the general purpose lane between Green River and SR-241. This is a vital quality of life project. At this time, the Citizens of Corona will appreciate ANY new projects that will improve traffic in the 91 corridor to Orange County. Thank you for your consideration. Tina Zalanka 1 Lisa Moble From: Michelle Lucas <mldlucas@gmail.com> Sent: Tuesday, December 11, 2018 6:58 AM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/ 12/ 18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Michelle LD Lucas Temescal Valley resident 1 Lisa Moble From: Tracy Davis <tracycyto@yahoo.com> Sent: Tuesday, December 11, 2018 7:55 AM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to vote in support of doing so. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Tracy Davis Temescal Valley resident Sent from Yahoo Mail on Android 1 Lisa Moble From: Chad R. Campbell <chad@campbellvalve.com> Sent: Tuesday, December 11, 2018 8:16 AM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support the funding for the construction of an outside auxiliary lane on the westbound 91 Freeway between the Green River on -ramp and the 241 Toll Road. On Today's action to move forward with the environmental documents , I urge you to also support funding of the lane. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Chad R. Campbell Temescal Valley resident 1 Lisa Moble From: Amanda Hukkanen <Amanda.Hukkanen@hpcomminc.com> Sent: Monday, December 10, 2018 2:56 PM To: Info Subject: RCTC 12/12/18 meeting Attention Clerk: Please forward this email to all commissioners for 12/12/18 meeting: I support funding for the construction of an outside auxiliary lane on the westbound 91 Freeway pp 9 between the Green River on -ram and the 241 Toll Road. On today's action to move forward with the environmental documents, I urge you to vote in support of doing so. The lane is needed now, not later, and the excess toll revenue can be used to fund the construction. Amanda Hukkanen Temescal Valley resident Lisa Mobie From: Marti <marti4444@gmail.com> Sent: Monday, December 10, 2018 1:21 PM To: Info Subject: RCTC 12/12/18 Meeting Attenti on Clerk: Please forward this email to all commissioners for 12/ 12/ 18 meeting: construction of an outside auxiliary I support funding for the Y lane on the westbound 91 Freeway between the 's action to move forward with the environmental 241 Toll Road. On toda Green River on -ramp and the Y g fundin of the lane. The lane is needed now, not later, and the excess toll documents, I urge you to also support revenue can be used to fund the construction. Marti A. Castillo Temescal Valley resident i Lisa Moble From: Stan«sehi|Ur@gnnai|.corn> Sent: Tuesday, December 1I,2OI81:2IpM To: Info Subject: Subject: Attention: Clerk Pass Through My Email to Full Commission For12/l2/2OI8 MTG. Asolong time resident of Coronita.adjacent to Monterey Peninsula Dr. and the B1FWY,|want to express the urgency for installing a new lane from Green River to the 241on ramp. After all the improvements that have been completed traffic is still terrible through Corona and on adjacent side street's that feed the 01PW-Y. Making Corona residents wait until 2035 for the improvements that were removed from the original project is unacceptable. The RCTC has an obligation to perform a costbenefit analysis for delaying this project. The residents and commuters in traffic in Corona are spending 100's of the thousands of dollars while sitting and idling in traffic on the 91 FVVYand onCorona surface streets. I have put together a preliminary study that shows the significance of this cost in wasted gas and time and | did not even include the medical cost and impact onair pollution that this traffic flow causes. The RCTCneeds to give the Green River to241 new lane project the funds and top priority for completion. Stanley Hill, MSand BSMechanical Engineer 2374Monterey Peninsula Dr. Corona, Ca, 92882 951-733-6029 1 Lisa Moble From: McKemy,Vanessa <VMCKEMY@travelers.com> Sent: Tuesday, December 11, 2018 1:28 PM To: Info Subject: Greenriver Onramp Hi, My name is Vanessa McKemy. I live in Corona off of Greenriver and Ridgeline. I am writing to urge you to continue developing Option 4, the addition of a general purpose lane between Green River and SR 241. THIS IS A QUALITY OF LIFE ISSUE 1 < < 1 1 1 My children and I cannot sit in 30-45 minutes every day to get to the 71 freeway. We are leaving 1 hour+ to go 20 miles to Diamond Bar. Currently, half of that time is spent trying to get on the 91 E freeway. At this time, the Citizens of Corona will appreciate any new projects that will improve traffic in the 91 corridor to Orange County. Thank you, Vanessa L. McKemy, MBA, RPLU ( Account Executive Officer I Commercial Accounts Travelers 21688 Gateway Center Dr. 12nd Floor Diamond Bar, CA 91765 W: 909.612.3133 vmckemy@travelers.com This message (including any attachments) may contain confidential, proprietary, privileged and/or private information. The information is intended to be for the use of the individual or entity designated above. If you are not the intended recipient of this message, please notify the sender immediately, and delete the message and any attachments. Any disclosure, reproduction, distribution or other use of this message or any attachments by an individual or entity other than the intended recipient is prohibited. 1 Lisa Moble From: Annette LaCiliento <alacilento@outlook.com> Sent: Tuesday, December 11, 2018 2:44 PM To: Info Subject: Attention" Clerk Pass Through My Email to Full Commission for 12/12 Meeting MY name is Annette LaCilento and I have been a resident of Sierro Del Oro since January, 1995. I have lived off of Greenriver since before the original 91 Toll construction started and through its completion. I have lived through too many fixes and re -fixes on Greenriver/GR onramp.... We were told back in the mid 90's that the Toll prices would drop once the loans were paid off and the county took over control. Clearly, that never happened. I used to pay $1.50 during peak hours back then. I have to say that I am deeply disappointed in what our city representative allowed to happen to our beautiful neighborhood. Please explain why the auxiliary lane from Greenriver (91W) to the 241was NOT the FIRST improvement made to the 91 freeway? People lost their homes off the freeway and we lost our carpool lanes as well as being lied to about how AWESOME the improvements were going to make our lives. If there is any truth to the rumor that the Greenriver auxiliary lane was intentionally left out so that ROTC could make more money on the Toll Lanes, then whoever made that horrible decision should be fired immediately. We were lied to over and over again about Foothill and the benefit of a Toll Road through Corona. Corona residents have been completely overlooked by RCTC. The impact to our street has been worse than anywhere else in California. Please show me another onramp that has a 30-40 minute wait DAILY to get on a freeway, in CA. You won't find one anywhere in our country let alone county. Where are our TOLL entrance and exits at Main Street? Oh, right, RCTC decided against them. Just like deciding not to put in the ONE auxiliary lane that was the most needed on the 91 Fwy (W) at Greenriver. You are NOW obligated to fix this mess and fix it IMMEDIATELY and NOT in 2035. Do you even understand how crazy that sounds? It is 2018 that is 17 years1 1 1 1 1 Also, please get rid of the dangerous transition lanes...It is a horrible design and is very dangerous. If you were going to design it like San Diego then you should have done the job right and installed the zip movable tolls. Get rid of that lane immediately and paint in the auxiliary lane now. This whole construction has been very poorly designed and needs to be corrected now not years down the road. We are tired of being trapped in our neighborhoods and held hostage on a daily basis. Our quality of life revolves around getting on a traffic app in the morning and evening. It should not even be a questions as to IF you build the auxiliary lane.... but WHEN you start the construction. In the mean time, turn off the meters at Greenriver until you start and finish the construction. You owe us that! Thank you for your time. 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BACKGROUND INFORMATION: In June 2018, SunLine's Board of Directors adopted the FY 2018/19 operating and capital budget of $44,954,614 based on the agency's SRTP. Typically, the public operators' SRTPs for operating and capital needs are based on estimated amounts available, including projected revenues and Agenda Item 11 510 reserve balances. Subsequently, SunLine staff determined that modifications to the SRTP were necessary; the SunLine Board of Directors approved these modifications at its October 24, 2018 meeting. Operating Assistance Table 1a of Attachment 1 outlines the original funding structure for operating assistance while Table 1b shows the proposed modified funding distribution. SunLine requests approval to modify its operating funding as follows: • SunLine received FTA Section 5309 Federal Fiscal Year 2014/15 pass -through funds of $190,822 from the CTE to develop training programs for the West Coast Center of Excellence in Zero Emissions Technologies; • Beginning in mid -January 2019, SunLine will operate the city of Palm Springs Buzz Service on a 20-minute frequency on Fridays, Saturdays, and Sundays. An increase in other local revenues provided by the city of Palm Springs will subsidize the operating cost of $237,667 for the Buzz Service; and • Based on an analysis of the current number of employees per square mile of coverage for the Coachella Valley, SunLine staff determined that additional supervision will provide quicker response times to urgent situations and ensure more available personnel during the entire span of service. An increase in LTF operating funds of $324,924 will cover personnel expenses for the proposed additional four field supervisors to the Operations Department, two project manager assistants to the Performance Department, and two safety officers to the Safety Department. The combined increase in the operating funding plan for FY 2018/19 is $753,413, resulting in an increase of the original operating funding plan of $38,900,991 to $39,654,404. Capital Assistance Table 2a of Attachment 2 shows the original capital requests based on the currently approved SRTP capital funding plan and Table 2b outlines the modified capital funding plan. SunLine's modification requests are as follows: • An additional $2,982,000 in LTF capital funds will cover SunLine's capital expenses for the improvement of the Hydrogen Station, Thousand Palms Facilities, Indio Facility, and Phase 3 for the Operations Building and the partial cost for five trolleys for the Buzz Service; • SunLine received a grant award of $178,239 from FTA Section 5339 FFY 2017/18 funds for three fixed route buses, which were initially funded with STA and federal Section 5307 funds. As a result, FTA Section 5307 funds of $109,984 were available and reprogrammed to the transit enhancements and information technology projects that also were originally funded with STA funds. The net impact is an $178,239 increase in FTA Section 5339 funds and corresponding decrease in STA funds as well as no change in FTA Section 5307 funds; and Agenda Item 11 511 " SunLine reviewed its unexpended STA capital allocations and determined that $418,000 in STA unexpended FY 2014/15 funds from the operators' breakroom project can be reprogrammed to partially fund the five trolleys for the Buzz Service. Overall, these modifications increase SunLine's capital funding in the FY 2018/19 SRTP by $3,400,000. Financial Impact Commission staff reviewed SunLine's revised plans and recommends approval of its operating and capital funding modifications and related amendment to the FY 2018/19 SRTP. Since the FTA Sections 5309 and 5339 funds are directly allocated to SunLine, no Commission budget amendment is required to support these requests. The financial impact to the Commission is the allocation of LTF and STA funds. A budget adjustment to increase LTF operating expenditures by $324,924 and LTF capital expenditures by $2,982,000 is required. Additionally, a budget adjustment is required to decrease STA capital expenditures by $178,239. SunLine's operating cost increase of $753,413 will impact the agency's farebox recovery ratio slightly; however, SunLine's farebox recovery ratio remains compliant with the established farebox ratio target of 17.5 percent for FY 2018/19. Upon Commission approval, SunLine will initiate an update to the FY 2018 Federal Transportation Improvement Program to reflect the changes in FTA Sections 5339 and 5309 funding. Financial Information In Fiscal Year Budget: No Year: FY 2018/19 Amount: $3,128,685 (net) Source of Funds: Coachella Valley LTF and STA funds; Budget Adjustment: Yes FTA Sections 5309 and 5339 funds 002211 86101 601 62 86101 $ 324,924 Transit Operating GLA No.: 002211 86102 601 62 86102 $2,982,000 Transit Capital 002202 86102 241 62 86102 ($178,239) Transit Capital Fiscal Procedures Approved: \I-teitzdaviti Date: 11/15/2018 Attachments: 1) SunLine FY 2018/19 Operating Assistance by Funding Source 2) SunLine FY 2018/19 Capital Assistance by Funding Source Agenda Item 11 512 ATTACHMENT 1 SUNLINE TRANSIT AGENCY FY 2018/19 SRTP - TABLE 4 AMENDMENT # 1 OPERATING ASSISTANCE BY FUNDING SOURCE Table 1a: Currently Approved Operating Funding Plan Project Description Total (al Total Carryover Amount IN Total Without Carryover Funds lab) LTF STA (New) Measure A Section 5307 Indio/Cath C/Palm Springs(New) Carryover Section 5307 Indio/Cathedra I C/Palm Springs Section 5310 Section 5311 Section 5311 (f) LCTOP LCTOP Carryover Section 5309 CMAQ CMAQ Carryover State of Good Repair Other Revenue Fare Box Operating Assistance 36,201,539 935,963 35,265,576 20,621,864 6,000,000 3,437,436 935,963 352,874 250,000 250,000 1,709,574 2,643,828 Taxi Voucher 232 000 0 232 000 58 000 58 000 116 000 Commuter Link 220 296,170 0 296,170 91,449 204,721 Unplanned Maintenance Software 26 000 0 26 000 26 000 Vanpool Program 357,315 318,010 39,305 39,305 318,010 Line 80 81 95 400 467 400 467 0 400 467 Preventative Maintenance Revenue Veh 500,000 0 500,000 500,000 Quick Bus 490,000 0 490,000 53,900 436,100 SunRide Ride Share 397,500 0 397,500 39,392 358,108 Total: Operating $38,900,991 $1,654,440 $37,246,551 $ 20,903,910 $ - $ 6,000,000 $ 3,437,436 $ 935,963 $ 58,000 $ 352,874 $ 204,721 $ 250,000 $ 400,467 $ 250,000 $ 794,208 $ 318,010 $ 500,000 $ 1,851,574 $ 2,643,828 Table 1b: Modified Operating Fundina Plan Operating Assistance 36,526,463 935,963 35,590,500 20,946,788 6,000,000 3,437,436 935,963 352,874 250,000 250,000 1,709,574 2,643,828 Taxi Voucher 232,000 0 232,000 58,000 58,000 116,000 Commuter Link 220 296,170 0 296,170 91,449 204,721 Unplanned Maintenance Software 26 000 26 000 26 000 Vanpool Program 357,315 318,010 39,305 39,305 318,010 Line 80, 81, 95 400,467 400,467 0 400,467 Preventative Maintenance Revenue Veh 500,000 0 500,000 500,000 Quick Bus 490 000 0 490 000 53 900 436 100 SunRide Rideshare & Desert Recreation District Rec Route 397 500 0 397 500 39,392 358 108 The Buzz Service 237,667 237,667 237,667 Center of Excellence 190 822 190 822 190 822 Total: Operating $39,654,404 $1,654,440 $37,999,964 $ 21,228,834 $ • $ 6,000,000 $ 3,437,436 $ 935,963 $ 58,000 $ 352,874 $ 204,721 $ 250,000 $ 400,467 $ 440,822 $ 794,208 $ 318,010 $ 500,000 $2,089,241 $2,643,828 Net Change between Currently Approved and Modified Operating Plan $ 753,413 $ - $ 753,413 $ 324,924 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 190,822 $ - $ - $ - $ 237,667 $ - 11I14I2018 FY 2018119 SRTP Folder 513 ATTACHMENT 2 SUNLINE TRANSIT AGENCY FY 2018/19 SRTP - TABLE 4 AMENDMENT # 1 CAPITAL ASSISTANCE BY FUNDING SOURCE Table 1a: Currently Approved Capital Funding Plan Project Description oc i o a` Total (a) Total Carryover Amount 0:9 Total Without Carryover Funds (-b) LTF STA (New) Carryover STA Section 5307 Indio. Cathedral City- Palm Springs(New) Section 5339 State of Good Repair Replacement Fixed Route Buses(3) 19-1 2,100,000 0 2,100,000 488,255 1,145,812 465,933 Transit Enhancements 19-2 200,000 0 200,000 200,000 Information Technology (IT) Projects 19-3 350,000 0 350,000 123,863 226,137 Expansion of Inventory Warehouse 19-4 200,000 0 200,000 200,000 Radio System Replacement 19-5 1,000,000 0 1,000,000 1,000,000 Replacement of Paratransit Vans (10) 19-6 1,350,000 0 1,350,000 1,350,000 Roof Repair Division 1 and Division 2 19-7 125,000 0 125,000 125,000 Maintenance Tools and Equipment 19-8 50,000 0 50,000 50,000 Install Electric Charger for Buses in Division 2 19-9 78,623 0 78,623 78,623 Bus Simulator 19-10 600,000 0 600,000 600,000 Total: Capital $ 6,053,623 $ - $ 6,053,623 $ - $ 3,962,118 $ 1,371,949 $ 465,933 $ 253,623 Table 1b: Modified Capital Funding Plan Replacement Fixed Route Buses (3) 19-1 2,100,000 0 2,100,000 420,000 1,035,828 644,172 Transit Enhancements 19-2 200,000 0 200,000 143,879 56,121 Information Technology (IT) Projects 19-3 350,000 0 350,000 70,000 280,000 Expansion of Inventory Warehouse 19-4 200,000 0 200,000 200,000 Radio System Replacement 19-5 1,000,000 0 1,000,000 1,000,000 Replacement of Paratranslt Vans (10) 19-6 1,350,000 0 1,350,000 1,350,000 Roof Repair Division 1 and Division 2 19-7 125,000 0 125,000 125,000 Maintenance Tools and Equipment 19-8 50,000 0 50,000 50,000 Install Electric Charger for Buses in Division 2 19-9 78,623 0 78,623 78,623 Bus Simulator (2) 19-10 600,000 0 600,000 600,000 Hydrogen Station Program Improvements 19-11 1,000,000 0 1,000,000 r 1,000,000 Thousand Palms Facilities Improvements 19-12 500,000 0 500,000 500,000 Indio Facility Improvements 19-13 1,000,000 0 1,000,000 1.1 1,000,000 Operations Building Third Phase 19-14 450,000 0 450,000 450,000 Trolleys for Buzz Service (5) 19-15 450,000 418,000 32,000 32,000 418,000 Total: Capital $ 9,453,623 $ 418,000 $ 9,035,623 $ 2,982,000 $ 3,783,879 $ 418,000 $ 1,371,949 $ 644,172 $ 253,623 Net Change between Currently Approved and Modified Capital Plan $ 3,400,000 $ 418,000 $ 2,982,000 $ 2,982,000 $ (178,239) $ 418,000 $ - $ 178,239 $ - 11/142018 514 AGENDA ITEM 12 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: Election of Riverside County Transportation Appointment of Executive Committee Members Commission Officers and STAFF RECOMMENDATION: This item is for the Commission to: 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 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. BACKGROUND INFORMATION: Election of Officers In accordance with the Administrative Code, the Commission must annually hold an election of officers at its first meeting in December. The changes will be effective on January 1 of the following year. The officers of the Commission shall consist of the Chair, Vice Chair, and Second Vice Chair. At its October 9, 2013 meeting, the Commission adopted an amendment to the Administrative Code to modify the officer rotation procedure. Rather than requiring the city and county members alternate every year in the officer positions, the new policy requires there be at least one Supervisor and one city councilmember among the three officer positions at all times. For 2018, Dana Reed served as Chair, Chuck Washington as Vice Chair, and Ben J. Benoit as Second Vice Chair. For 2019, the Second Vice Chair shall be a regular member of the Commission representing either a city or the Riverside County Board of Supervisors. Agenda Item 12 515 Executive Committee Appointments In accordance with the Administrative Code, appointees to the Executive Committee serve for a two-year term. Appointments for the cities were made to the Executive Committee at the December 2016 Commission meeting as follows: • Commissioners Rick Gibbs and Karen Spiegel representing the cities of Corona, Moreno Valley, Murrieta, Riverside, and Temecula; • Commissioner Mike Wilson representing the cities of Blythe, Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage; and • Commissioner Ben Benoit representing the cities of Banning, Beaumont, Calimesa, Canyon Lake, Hemet, Jurupa Valley, Lake Elsinore, Menifee, Norco, Perris, San Jacinto, and Wildomar. Commissioner Ben Benoit was selected as second Vice Chair in 2017 and his vacancy was filled by Lloyd White in 2018. Therefore, it is time for the cities to select their next appointees to the Executive Committee. The term of the newly appointed Executive Committee members representing the cities will be for calendar years 2019 and 2020. Commission members will be given time to caucus prior to the election and appointments. With the retirement of Supervisors John Tavaglione and Marion Ashley, two newly elected Riverside County Supervisors will be sworn in on January 8, 2019. Once the Supervisors have been seated, they will select three members to represent the Supervisors on the Executive Committee. Attachments: 1) List of Past Commission Chairs 2) Administrative Code Excerpt Election of Chair, Vice Chair and Second Vice Chair Agenda Item 12 516 ATTACHMENT 1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMISSION CHAIRS 2018 Dana Reed City of Indian Wells 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 John F. Tavaglione Scott M atas Daryl R. Busch Marion Ashley Karen Spiegel John J. Benoit Greg Pettis Bob Buster Bob Magee Jeff Stone Terry Henderson Marion Ashley Robin Lowe Roy Wilson Ron Roberts John Tavaglione Will Kleindienst Tom Mullen Jack van Haaster County of Riverside — District 2 City of Desert Hot Springs City of Perris County of Riverside — District 5 City of Corona County of Riverside — District 4 City of Cathedral City County of Riverside — District 1 City of Lake Elsinore County of Riverside — District 3 City of La Quinta County of Riverside — District 5 City of Hemet County of Riverside — District 4 City of Temecula County of Riverside — District 2 City of Palm Springs County of Riverside — District 5 City of Murrieta 1998 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 Bob Buster Bob Buster Bob Buster Alex Clifford Alex Clifford Corky Larson Al Lopez Al Lopez Kay Ceniceros Kay Ceniceros Jack Clarke Don Baskett Melba Dunlap Jean Mansfield Susan Cornelison Susan Cornelison Roy Wilson Norton Younglove Jean Mansfield Donald Schroeder Donald Schroeder Russell Beirich Russell Beirich County of Riverside — District 1 County of Riverside — District 1 County of Riverside — District 1 City of Riverside City of Riverside County of Riverside — District 4 City of Corona City of Corona County of Riverside — District 3 County of Riverside — District 3 City of Riverside City of Hemet County of Riverside — District 2 City of Riverside Public Member Public Member City of Palm Desert County of Riverside — District 5 City of Riverside County of Riverside — District 2 County of Riverside — District 2 City of Palm Springs City of Palm Springs 517 ATTACHMENT 2 EXCERPT FROM THE COMMISSION'S ADMINISTRATIVE CODE, ARTICLE III, SECTION B B. ELECTION OF CHAIR, VICE CHAIR AND SECOND VICE CHAIR. The Commission annually, at its first meeting in December, and at such other times as there may be a vacancy in either office, shall elect a Chair who shall preside at all meetings, a Vice Chair who shall preside in the absence of the Chair, and a Second Vice Chair who shall preside in the absence of the Chair and the Vice Chair. The Chair, the Vice Chair, and the Second Vice Chair shall be elected by the Commission at its first meeting in December for a one-year term. The changes will be effective on January 1. The election for each position is as follows: 1. At the start of the agenda item, Commission Board members may nominate one or more regular members to fill the positions of Chair, Vice Chair, and Second Vice Chair. Each nomination must be seconded in order to qualify that member for the election. Only those members nominated and seconded shall be part of the selection process set forth below. 2. If no objections are made, the nominations will be closed when the Chair makes a formal announcement closing the nomination period. 3. If only one nomination is received for a position, the Chair shall call on the Commission's Board of Director's to approve the nomination. If more than fifty (50%) percent of the votes cast approve that nominee, the nominee shall be elected and the election for that position shall be consider complete. If the nominee fails to obtain more than fifty percent (50%) of votes cast by the Board, the process for electing a member to the desired position shall begin again from paragraph 1. 4. If two nominations are received for a position, the Chair shall call for the Commission's Board of Director's to cast votes for one of the nominees. Both nominees shall be voted on using a single written ballot. If one of the nominees receives more than fifty percent (50%) of the votes cast, that nominee shall be elected and the election for that position shall be considered complete. If the election fails to result in a nominee with more than fifty percent (50%) of the vote, the nominee with the most votes will be placed before the Commission's Board of Directors for approval. The nominee must be approved by more than fifty percent (50%) of the votes cast by the Board in order to be elected to the desired position. If the nominee fails to obtain more than fifty percent (50%) of the Board's vote, the process for electing a person to the desired position shall begin again from paragraph 1. 5. If there are more than two nominees, the following steps shall be followed in the order set forth below: (a) The Chair shall call for the Commission's Board of Directors to cast votes for one of the nominees. All nominees shall be voted on using a single written ballot. If one nominee receives more than fifty percent (50%) of the votes cast that nominee shall be elected and the election for that position shall be considered complete. If the vote fails to result in a nominee receiving more than fifty percent (50%) of the votes cast, the two nominees with the most votes will be placed in a runoff election. 518 (b) The winning nominee in the runoff election is selected if that nominee receives more than fifty percent (50%) of the votes cast. In that case, the election for that position shall be considered complete. (c) If the runoff election fails to result in a nominee with more than fifty percent (50%) of the vote, the nominee with the most votes will be placed before the Commission's Board of Directors for approval. (d) If the nominee receives more than fifty percent (50%) of the votes cast, the nominee shall be elected and the election for that position shall be considered complete. (e) If the nominee placed before the Commission's Board of Directors fails to obtain more than fifty percent (50%) of the votes cast, the process for electing a person to the desired position shall begin again from Paragraph 1, above (f) If there is a tie in any step in the election process and the next step of the process cannot proceed, then one or more tie -breaking votes will occur in which all members of the Commission's Board of Directors present at the meeting will be allowed to vote again. The winning nominee must receive more than fifty percent (50%) of the votes cast to be elected. At any point the Commission may vote to suspend the vote until a subsequent meeting. If the Chair has been selected prior to the vote to suspend, the new Chair shall be seated when his or her term commences, but shall relinquish his or her seat as the Vice Chair if applicable. If the Chair and Vice Chair have been selected prior to the vote to suspend, the new Vice Chair shall also seated when his or her term commences, but shall relinquish his or he seat as Second Vice Chair, if applicable. The tally of all votes taken by written ballot hereunder shall be read aloud by the Clerk of the Board immediately following the vote. The written ballots shall be retained by the Clerk of the Board as part of the public record of the meeting. The Chair, the Vice Chair, and the Second Vice Chair shall regularly alternate between regular members of the Commission representing a city and a regular member of the Commission who is a member of the Riverside County Board of Supervisors. At all times, at least one of three officer slots — Chair, Vice Chair, or Second Vice Chair — shall be held by a member of the Riverside County Board of Supervisors. During the time in which the Chair is a regular member of the Commission representing a city, either the Vice Chair or the Second Vice Chair, or both, shall be a regular member of the Commission who is a member of the Riverside County Board of Supervisors. During the time in which the Chair is a regular Commission member who is a member of the Riverside County Board of Supervisors, either the Vice Chair or the Second Vice Chair, or both, shall be a regular member of the Commission representing a city in order to ensure the participation of both city and county representatives in leadership positions. 519