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02 February 27, 2006 Budget & Implementation75999 • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE MEETING AGENDA TIME: DATE: 9:30 a.m. (PLEASE NOTE TIME CHANGE) Monday, February 27, 2006 LOCATION: Board Chambers County Administrative Center 4080 Lemon Street, 1" Floor Riverside, CA 92501 RECORDS ***COMMITTEE MEMBERS*** Jeff Stone, Chair / District Three / County of Riverside Barbara Hanna, Vice Chair / Art Welch, City of Banning Roger Berg / Jeff Fox, City of Beaumont Robert Crain / City of Blythe Gregory S. Pettis / Charles "Bud" England, City of Cathedral City Juan M. DeLara / Richard Macknicki, City of Coachella Alex Bias / Yvonne Parks, City of Desert Hot Springs Bob Magee / Robert L. Schiffner, City of Lake Elsinore Terry Henderson / Don Adolph, City of La Quinta Rick Gibbs / Douglas McAllister, City of Murrieta Ron Meepos / Alan Seman, City of Rancho Mirage Steve Adams, City of Riverside Chris Buydos / City of San Jacinto John F. Tavaglione, District Two / County of Riverside ***STAFF*** Eric Haley, Executive Director Theresia Trevino, Chief Financial Officer ***AREAS OF RESPONSIBILITY*** Annual Budget Development and Oversight Countywide Strategic Plan Legislation Measure A Implementation and Capital Programs Public Communications and Outreach Programs Competitive Grant Programs: TEA 21-CMAQ & STP, Transportation Enhancement and SB 821-Bicycle & Pedestrian Peoperty Management SAFE/Freeway Service Patrol TUMF Program and other areas as may be prescribed by the Commission Comments are welcomed by the Committee. if you wish to provide comments to the Committee, please complete and submit a Testimony Card to the Clerk of the Commission. 11.36.06 • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE www.rctc.org AGENDA * *Actions may be taken on any item listed on the agenda 9:30 a.m. (Please note time change) Monday, February 27, 2006 BOARD CHAMBERS County Administrative Center 4080 Lemon Street, 1s` Floor Riverside, California In compliance with the Americans with Disabilities Act and Government Code Section 54954.2, if you need special assistance to participate in a Committee meeting, please contact the Clerk of the Commission at 1951) 787-7141. Notification of at least 48 hours prior to meeting time will assist staff in assuring that reasonable arrangements can be made to provide accessibility at the meeting. 1. CALL TO ORDER 2. ROLL CALL 3. PUBLIC COMMENTS 4. APPROVAL OF MINUTES 5. ADDITIONS/REVISIONS (The Committee 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 Committee subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Committee. If there are less than 2/3 of the Committee 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.) • Budget and Implementation Committee February 27, 2006 Page 2 6. 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. 6A. QUARTERLY. INVESTMENT REPORT Overview This item is for the Committee to: Pg. 1 1) Receive and file the Quarterly Investment Report for the quarter ended December 31, 2005; and 2) Forward to, the Commission for final action. 7. AWARD AMENDMENT NO. 3, AGREEMENT NO. 02-31-043-03 TO CH2M HILL FOR THE PERFORMANCE OF PRELIMINARY ENGINEERING SERVICES FOR THE PREPARATION OF AN ADMINISTRATIVE DRAFT PROJECT REPORT AND ENVIRONMENTAL DOCUMENT FOR THE STATE ROUTE 79 REALIGNMENT PROJECT Pg. 11' Overview This item is for the Committee to: 1) Award of Agreement No. 02-31-043-03 (Amendment No. 3 to Master Agreement) to CH2M Hill based on the negotiated project scope, schedule and cost that is attached to this agenda item for the, Realignment of SR-79 in the vicinity of the cities of San Jacinto and Hemet for the development of an Administrative Draft Project Report and Environmental Document (PR/ED) (the Project). This Amendment will not increase the currently approved not to exceed amount for this consultant services contract. The revised scope of services will be funded by rescoping the Project back from the completion of a final PR/ED to the completion of the Administrative Draft PR/ED by taking the actions noted below in recommendations 2 and 3; 2) Authorize the use of the contingency funds in the amount of $1,807,873 that were established by Amendment No. 2 (Agreement No. 06-.31-516) to fund a portion of the attached newly defined scope of services that will be required to take the Project to the Administrative Draft level of the PR/ED; • s Budget and Implementation Committee February 27, 2006 Page 3 3) Authorize the reallocation of the existing scope of services that are currently valued at $1,428,639 from approved Amendment No. 1 (Agreement No. 05-31-532) to fund the remainder of the revised scope of services defined in Amendment No. 3 to take the Project to the Administrative Draft level of the PR/ED; 4) Authorize staff to work with the consultant team to develop a revised scope of work that will move the Project from the Administrative Draft level to the final PR/ED; 5) Authorize the Chairman, pursuant to legal counsel review, to execute Agreement No. 02-31-043-03 on behalf of the Commission; and 6) Forward to the Commission for final action. 8. ANNUAL INVESTMENT POLICY REVIEW Overview This item is for the Committee to: 1) Adopt the Investment Policy; and 2) Forward to the Commission for final action. 9. FISCAL YEAR 2004/05 TDA AND MEASURE A AUDIT RESULTS Overview This item is for the Committee to: 10. • Pg. 26 Pg. 38 1) Receive and file the Transportation Development Act (TDA) and Measure A audit results report for the Fiscal Year 2004/05; and 2) Forward to the Commission for final action. PROPOSED POLICY GOALS AND OBJECTIVES FOR FISCAL YEAR 2006/07 BUDGET Pg. 52 Overview This item is for the Committee to: 1) Approve the proposed Commission Policy Goals and Objectives for the Fiscal Year 2006/07 Budget; and 2) Forward to the Commission for final action. Budget and Implementation Committee February 27, 2006 Page 4 11. TRANSPORTATION UNIFORM MITIGATION FEE (TUMF) FINANCING THROUGH STATEWIDE COMMUNITY INFRASTRUCTURE PROGRAM Overview This item is for the Committee to: Pg. 60 1) Approve in -concept the Commission's participation in the Statewide Community Infrastructure Program (SCIP); and 2) Forward to the Commission for final action. 12. TRANSPORTATION UNIFORM MITIGATION FEE (TUMF) PROGRAMMING ADMINISTRATIVE POLICY 13. Overview This item is for the Committee to: 1) Approve the TUMF Programming Administrative Policy; and 2) Forward to the Commission for final action. STATE AND FEDERAL LEGISLATIVE UPDATE Overview This item is for the Committee to: 1) Approve the following bill positions: AB 2025 (Niello, R-Fair Oaks) — SUPPORT AB 2028 (Huff, R-Diamond Bar) — SUPPORT; 2) Receive and file as an information item; and 3) Forward to the Commission for final action. 14. ITEMS PULLED FROM CONSENT CALENDAR AGENDA Pg. 73 Pg. 75 • Budget and Implementation Committee February 27, 2006 Page 5 15. COMMISSIONERS / STAFF REPORT Overview 1) This item provides the opportunity for the Commissioners and staff to report on attended and upcoming meeting/conferences and issues related to Commission activities. 16. ADJOURNMENT AND NEXT MEETING The next Budget and Implementation Committee meeting is scheduled to be held at 9:30 A.M., Monday, March 27, 2006, Board Chambers, 1st Floor, County Administrative Center, 4080 Lemon Street, Riverside. ATTENDANCE ROSTER NAME BUDGET AND IMPLEMENTATION COMMITTEE MEETING MONDAY, FEBRUARY 27, 2006 9:30 A.M. B es t� REPRESENTING 4 Xle/eL.fi : �3 4-.&/ )� 0 r TELEPHONE OR E-MAIL # `t'ST-_ l .Cold, 4Ci v7 1fG- 6 0 / ci 5.5=-4 a t?„).4 N r ew e vkzS.v, C AGENDA ITEM 4 Minutes • • RIVERSIDE COUNTY TRANSPORTATION COMM/SS/ON BUDGET AND IMPLEMENTATION COMMITTEE Monday, January 23, 2006 MINUTES 1. CALL TO ORDER The meeting of the Budget and Implementation Committee was called to order by Vice Chair Jeff Stone at 8:36 a.m., in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. ROLL CALL Members/Alternates Present Members Absent Steve Adams Roger Berg Alex Bias Juan DeLara Barbara Hanna Terry Henderson Bob Magee John Tavaglione Jeff Stone Chris Buydos Robert Crain Rick Gibbs Ron Meepos Gregory Pettis 3. PUBLIC COMMENTS There were no requests from the public to speak. 4. ADDITIONS / REVISIONS There were no additions or revisions to the agenda. 5. APPROVAL OF MINUTES -October 28 and November 28, 2005 M/S/C (Henderson/Stone) to approve the minutes of October 28 and November 28, 2005 as submitted. • Budget and Implementation Committee Minutes January 23, 2006 Page 2 6. CONSENT CALENDAR M/S/C (Henderson/Stone) to approve the following Consent Calendar items: 6A. INTERFUND LOAN ACTIVITY REPORT 1) Receive and file the Interfund Loan Activity Report for the second quarter ended December 31, 2005; and 2) Forward to the Commission final action. 6B. QUARTERLY FINANCIAL STATEMENTS 1) Receive and file the Quarterly Financial Statements for the second quarter ended December 31, 2005; and 2) Forward to the Commission for final action. 6C. SINGLE SIGNATURE AUTHORITY REPORT 1) Receive and file the Single Signature Authority Report for the second quarter ended December 31, 2005; and 2) Forward to the Commission for final action. 7. MEMORANDUM OF UNDERSTANDING NO. 06-31-016-00 FOR FUNDING OF THE CANTU-GALLEANO RANCH ROAD INTERCHANGE Hideo Sugita, Deputy Executive Director, provided an overview of the funding for the interchange project. M/S/C (Henderson/Tavaglione) to: 1) Approve the Memorandum of Understanding (MOU) No. 06-31-016-00 for the Measure A balance amount for the Cantu-Galleano Road interchange project programmed for $2,734,000; 2) Authorize the Chair, pursuant to legal counsel review, to execute the MOU on behalf of the Commission; and 3) Forward to the Commission for final action. At this time, Chair Bob Magee assumed the Chair. • • Budget and Implementation Committee Minutes January 23, 2006 Page 3 8. MEMORANDUM OF UNDERSTANDING NO. 06-31-017 FOR THE FUNDING AND JOINT DEVELOPMENT OF STATE HIGHWAY 111 IMPROVEMENTS WITHIN THE CITY OF INDIO Hideo Sugita provided an overview of the funding for the Highway 111 improvement project between Jefferson and Madison Streets in the city of Indio. M/S/C (Henderson/Tavaglione) to: 1) Approve Memorandum of Understanding (MOU) No. 06-31-017-00 for the funding reimbursement of State Highway 111 Jefferson Street to Madison Street improvements within the city of Indio for a total amount not to exceed $3,200,000; 2) Authorize the Chair, pursuant to legal counsel review, to execute the MOU on behalf of the Commission; and 3) Forward to the Commission for final action. 9. MID -YEAR BUDGET ADJUSTMENTS Michele Cisneros, Accounting Manager, reviewed the mid -year budget adjustments related to additional staff and SAFE legal costs. M/S/C (Henderson/Tavaglione) to: 1) Approve a $306,000 increase in expenditures for recruitment, employment screening, office reconfiguration and office systems, and salaries and benefits; 2) Approve a $65,000 increase in Service Authority for Freeway Emergencies (SAFE) general legal costs related to litigation; and 3) Forward to the Commission for final action. 10. FISCAL YEAR 2004/05 COMMISSION AUDIT RESULTS Theresia Trevino, Chief Financial Officer, presented the results of the audit of the Commission's basic financial statements. There were no compliance finding or findings in the agreed upon procedures reports. She noted that the auditor's opinion includes an explanatory paragraph related to a restatement of capital assets and net assets based on staff's determination that certain rail easements and property had not been properly accounted for upon implementation of GASB 34. Budget and Implementation Committee Minutes January 23, 2006 Page 4 Commissioner Terry Henderson stated that the Audit Ad Hoc Committee spent significant time discussing the asset with staff and is satisfied with the safeguards that have been put into place since its discovery. Eric Haley, Executive Director, stated that the discovery of the asset came from staff's proactive review and knowledge of the rapidly changing accounting requirements. Theresia Trevino stated that the auditor noted that correction of capitals assets is common among government agencies since the adoption of GASB 34. M/S/C (Henderson/Stone) to receive and file the Fiscal Year 2004/05: 1) Comprehensive Annual Financial Report; 2) Local Transportation Fund Audited Financial Statements 3) State Transit Assistance Fund Audited Financial Statements; 4) Compliance Report; 5) Audit Results Report; S) Management Letter 7) Agreed -Upon Procedures Report related to the Commuter Assistance Program incentives; 8) Agreed -Upon Procedures Report related to the Appropriation Limit Calculation; and 9) Forward to the Commission for final action. 11. DEVELOPMENT OF ACCOUNTABILITY PROGRAM Theresia Trevino explained the need for developing policies that address fraud risk, ethical conduct, disclosure, and responsibilities. She noted that while the laws are not yet applicable to state and local governments, management staff proposes a proactive approach with the development of an accountability program. Commissioner Henderson commended management staff for its proactive approach and will be submitting the program to the city of La Quinta for review. • • • Budget and Implementation Committee Minutes January 23, 2006 Page 5 M/S/C (Henderson/Stone) to: 1) Approve the conceptual framework for a Commission Accountability Program; 2) Direct staff to develop specific accountability measures based on such framework and present such guidelines to the Commission for its future review and approval; 3) Receive and file the management certifications; and 4) Forward to the Commission for final action. 12. MID -YEAR REVENUE PROJECTIONS Michele Cisneros reviewed the mid -year Measure A and LTF revenue projections and related budget adjustments. Eric Haley provided a brief explanation of how LTF funds are utilized and noted that staff changed the budget discipline approximately four years ago to include mid -year adjustments due to unusually strong revenues. M/S/C (Stone/Henderson) to approve the: 1) Mid -Year Revenue Projections; 2) Budget adjustments to reflect the revised Measure A revenues of $14,376,000 and expenditures of $7,065,000; 3) Budget adjustments to reflect the revised Local Transportation Fund (LTF) Planning revenues of $747,728 and expenditures of $747,728; and 4) Forward to the Commission for final action. 13. FISCAL YEAR 2006/07 LOCAL TRANSPORTATION FUND AND` -MEASURE A REVENUE PROJECTIONS Michele Cisneros reviewed the projections for the LTF apportionment, Measure A and the related allocations. M/S/C (Tavaglione/Stone) to approve the projections for the: 1) Local Transportation Fund (LTF) apportionment for the Western Riverside County, Coachella Valley and Palo Verde Valley areas; 2) Measure A and the related allocations; and 3) Forward to the Commission for final action. Budget and Implementation Committee Minutes January 23, 2006 Page 6 14. AMENDMENT TO FISCAL YEAR 2005/06 MEASURE A CAPITAL IMPROVEMENT PLAN FOR LOCAL STREETS AND ROADS FOR THE CITY OF PALM SPRINGS Jerry Rivera, Program Manager, briefly reviewed the request from the city of Palm Springs to amend its FY 2005/06 Measure A Five -Year Capital Improvement Plan for Local Streets and Roads. M/S/C (Henderson/Stone) to: 1) Approve the amendment to the FY 2005/06 Measure A Capital Improvement Plan for Local Streets and Roads for the city of Palm Springs as submitted; and 2) Forward to the Commission for final action. 15. STATE AND FEDERAL LEGISLATIVE UPDATE John Standiford, Public Affairs Director, presented an overview of the State of the State Address including the bond proposal and projects that will benefit Riverside County, as well as SB 1165 and AB 1838. He updated the Committee on the status of Proposition 42 and the federal transportation bill related to goods movement. He then provided details for the Governor's press conference being held today on the infrastructure in the Inland Empire. M/S/C (Stone) to receive and file to the commission to: 1) Approve the following bill positions: SB 1165 (Dutton, R-Rancho Cucamonga) — SUPPORT AB 1838 (Oropeza, D-Long Beach) SUPPORT; 2) Receive and file the state and federal legislative update; and 3) Forward to the Commission for final action. 16. ITEMS PULLED FROM CONSENT CALENDAR No items were pulled from the consent calendar for discussion. 17. ELECTION OF OFFICERS Chair Bob Magee opened the nominations for the 2006 Budget and Implementation Committee Officers. Commissioner Henderson nominated Commissioner Stone as Chair and Commissioner Barbara Hanna as Vice Chair of the 2006 Budget and Implementation Committee. Budget and Implementation Committee Minutes January 23, 2006 Page 7 M/S/C (Henderson/Tavaglione) to elect Commissioner Jeff Stone as the Committee's Chair for 2006. M/S/C (Henderson/Magee) to elect Commissioner Barbara Hanna as the Committee's Vice Chair for 2006. At this time, newly elected Chair Jeff Stone assumed the chair. 18. COMMENTS BY COMMISSIONERS/STAFF • Eric Haley stated the importance of the Commissioners attendance for the special Commission meeting today involving funding for State Route 60 - Valley Way to Interstate 15 widening and the State Route 91 - Green River Road interchange improvement projects. • Commissioner Magee welcomed the two newest members to the Committee, Commissioners Alex Bias and Steve Adams. 18. ADJOURNMENT There being no further business for consideration by the Budget and Implementation Committee, the meeting was adjourned at 9:10 a.m. The next meeting of the Budget and Implementation Committee is scheduled for February 27, 2006 at 9:30 a.m. Respectfully submitted, Jennifer Harmon Acting Clerk of the Board • AGENDA ITEM 6A • • I RIVERSIDE COUNTY TRANSPORTATION COMM/SS/ON DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Programming and Administration Director SUBJECT: Quarterly Investment Report STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the Quarterly Investment Report for the quarter ended December 31, 2005; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: Attached are the quarterly investment and cash flow reports as required by state law and Commission policy. The County's Investment Report for the month ended December 31, 2005 is also attached for review. i Attachments: j 1) Quarterly Investment Report for the Quarter ended December 31, 2005 2) County of Riverside Investment Report for the Month ended December 31, { 2005 1 • Portfolio Investment Typa County PooV<:esn_. Statement of Compliance All of the above investments and any investment decisions made for the quarter ended December 31, 2005 were in full compliance with the Commission's investment policy as adopted on March 18, 2005. The Commission has adequate cash flows for six months of operations. 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Center Investment Objectives • Safety of Principal • Liquidity • Public Trust • Maximum Rate of Return COUNTY OF RIVERSIDE December 2005 Treasurer's Commentary LC It Was the Best of Times, It Was the Worst of Times" Looking back on the past year, we see that many of the economic gains made in 2004 continued: GDP and employment growth maintained solid, if unspectacular, paces; consumer confidence rebounded quickly from oil price shocks and the horrors of Hurricane Katrina; and a series of Fed Funds rate hikes appears to have kept inflation in check. These trends are expected to continue, boding well for economic prospects in 2006. There are ominous clouds on the horizon, however, because a num- ber etmonsters; some of which plagued the Americah economy in 2005, could rear their heads. The -price of energy skyrocketed last year and global demand continues to be insatiable; supply disruptions from natural disasters, conflict, or political instability in oil -producing regions could -therefore have negative eco- nomic impact. Another possible setback to the American economy could be the end of the housing boom that has provided much of the growth since the FOMC cut rates to historical lows a few years ago. The marked decrease in new home sales in November is the latest proverbial nail in the coffin, leading to speculation regarding the consequences. Other concerns revolve around the high level of US debt an increasing proportion of this debt is held by foreign central banks and any diversification by these parties could injure the U.S. economy. Also, an avian flu pandemic remains a possible economic and public health nightmare. Finally, the US Treasury yield curve inverted recently, with long term rates dropping below short term rates. While an inverted yield curve does not always indicate a recession, it has been a harbinger for each of the last six recessions, causing pessimism about what the market -thinks of the direction of the U.S. economy. Paul McDonnell Treasurer -Tax Collector V lIACautzge.-- t, Goods Orders -for vs. 1.2% survey A i4 Dec29th _k Durable 4.0% actual Gross Domestic Product (GDP) -for Decem- 4.1°% actual vs. 4.3°%survey ber 21st Consumer Confidence— Index -December 28th 103.6- actual vs. 103:Osurvey Factory Orders -January 4th 2.5% actual vs. 2.4°%survey Unemployment Rate- for December 2nd 5.0% actual vs. 5.0%survey At month's end, the Fed Funds rate was 4.25%, with a balanced bias. The 2 year T-Note was yielding 4.40% (down 1 bp.) while the 10 year T-Note was yielding 4.39% (down 9 bps.) For October, the Pool had anincreaseof 20 bps. in the average monthly yield. Portfolio Statistics .''December N6nth-Ind Book Value j $ 4,010,003,925 $ rpath-End Market Value a $ 3,991,492,902 $ raperr Gain(Loss) I $ (18,511,023) $ ;Percent of of Paper Gainor Loss 0.46°6�.�. %[ -� j Yieki Based Upon Book Value - �m 3.77 rWeghted Average Maturity (Yrs) I McdiFied Duration 0.68 'Market values does not include accrued interea1 November - October.. 3,357,203,054 ,208,631,129 l 3,337,385,542 : $- 3187,968,021 ; $ (19,817,512) ' $ (20 663,108)1$ D 59°70'._..�. -0 64%i 3.577 3.48 ......_...... 0.77 078i -. 0.73i 0.743 September- _ 3,292,113,524 3 $ 3,274,356,759 August -July 3,099,360,588 ( $ 3,067,073,774 (17,756,765) $ -0.54% 3.37` 0.79� 0.75, 3,086,651,772 I $ 3,049921,183 i 4� �. (12,708,816), $ (17,152,592)j -0.41% 0.56%i ....W 3.251_mmm 3.11; _....0 80 0.79 0.73 ........__. 0.75; THE RIVERSIDE COUNTY TREASURER'S POOLED INVESTMENT FUND IS CURRENTLY RATED: Aaa/MR1 BY MOODY'S INVESTOR SERVICES AAA/V1+ BY FITCH RATINGS 5 Portfolio Characteristics SECTOR Federal Agency Cash Equivalent & MMr Commercial Paper Negotiable CD's Medium Term Notes Municipal Bonds Certificates of Deposit Local Agency Obligation Total Cash Egwvalent 8 M 5.39% Market Value 2,656,831,626 215,000,000 590,328,359 400,002,206 20,027,900 82,547,811 25,000,000 1,755,000 3,991,492,902 30 days or Less[ 833,630,051.65 30 - 90 Days 959,158,843.31 90 Days - 1Year 1,054,253,398.30 1= 2 Hears..................................................5 727,775,244.8 414, 920, 363.80 1, 755, 000.00 3,991,492,902 24 Month Gross Yield Trends Page 2 CREDIT QUALITY Federal Agency AAA A-1/ P-1orbetter ( N/R 2.57% Market Value 2,656,831,626 102,575,711 1,030,330,565 201,755,000 3,991, 492,902 Federal Agency 66.56% 30 days 30 - 90 90 Days - 1 - 2 2 - 3 Over 3 ar Less Da s 1 Year Years Years Years 6 Market Data 12/30/05 11/30/05 Diff. 3 M 4.074 3.931 .1425 6 M 4.369 4.298 .0715 2 Y 4.400 4.407 -.0072 5 Y 4.350 4.411 -.0612 10 Y 4.391 4.484 -.0929 30 Y 4.535 4.693 -.1579 * Treasurer's Institutional Money Market Index (TIMM)) is compiled and reported by the Riverside County Treasurer's Capita! Markets division. It is a composite index derived from the average of three multi -billion dollar AAA rated Prime (funds that invest in a diversified portfolio of U.S. dollar denominated money market instruments includ- ing U.S. Treasuries, government agencies, bankers' acceptances, commercial paper, certificates of deposits, repurchase agreements, etc.) portfolios that the Treasurer tracks. Further details available upon request. Tress ur .e spooled Investment Fund , November 30,2005 Month End Portfolio Holdings Report CUSIP PAR DESCRIPTION CASH - UBOC DEPOSIT ACCOUNT 150,000,000.00 CLTR- CALTRUST SHORT TERM FUND COUPON MATURITI BOOK VALUE' 150,000,000.00 PRICE M. VALUE' 150,000,00600 GAIN/LOSS LD AT M Du 4.09 0.09 0.09 26,000.000.00 CPC.- COMMERCIAL PAPER - DISCOUNT ,t1Fi$ @€4 u;G'rA1 : '!'t '„Ot -" .i`sw 1667X1A48 50,00000000 CHEVRON AI+/Pi/Fi 4.00 1/4/2006 1.1 11 1]30]SAH5 50000.000 OD CITIGROUP M./Pt/Ft 415 1/1712006 49,648,402]8 90262DAK1 4400000000 UPS FINANCE AI+/60/61+ 4.21 1/19/2006 43277,16444 64105HAP7 50000000 OD NESTLE AI+/PIIF1+ 622 423/2006 06737J4%3 6080000000 BARCLAY'S 41+/P1161+ _ 428 1/3112006 49,70277778 1 49,702,77778 - 4.31 0.09 0.09 36959JC19 50,00000000 GENERAL ELECTRIC AI+IP1/Ft+ 4'96 y112006 49, 82,166 67 9916 49,582,16667 4.40 17 0.17 4 9 594,000,000.00 590328,958,89 590,328,358.09 4.27 0.08 0.08 FFCB - FED FARM CREDIT BANK westuffimonownv000tew 31331564/2 6,00000000 FED FARM CREDIT BANK 1.54 c 2,50 y612008 5,000.00000 10000 500000000 - 2.50 18 00 8 BBM",..-t=¢tea ,PB016�.W .... 1 31331TKP5 5000,000 OD FED FARM CREDIT BAN_K55YrNc6Mo 265 SI1912006 5,000,00000 313315255 10,000,000 OD FED FARM CREDIT BAN K14R4c li t 'A2 ; . cif 31331SKN2 5000000 OD FED FARM CREDR 9ANK1.54rN4 100 &272006 Ailtntte• tf 313315MX8 10000000.00 FED FARM CREDIT BAN K1124 ...�4 � �..,w.. ., .. 31331 7/F5 5,110,00000 FED FARM CREDIT BANK 24r4c6Ma 3.20 8192006 5,110,00000 9910 5066,8]160 4 7 .... 31331T6W6 5,000,000.00 FED FARM CREDIT BANK 2WNc 260 9!]/2006 4996,700.00 98.63 4931,25000 (6545000 r31331VAK2 3000000 DO FED FARM CREDIT BANK1254c ?4.0] 10/30/2008 500000000 9947 497345000 12655000407 0.82 083 31331T9N0 5000.00000 FEG FARM CREDIT BANI(3YrNc3Ma_ 3.02 11I212006� 5 000,000 00 9650 �4,927 ,000.00 91331SYH0 5.000,000'00 fED FARM CREDIT BANK15WN431/10 _ 3.78 12/1/2006 5.000.000.00 99.13 4,956.250.00 43,]50.00 3.78 313315A46 10000,000.00 FED FARM CREDIT BANK1.5YrNc 3.63 12/132006 10,000,000 OD 989] 9896,90_000 109,10000 313315KJ1 5,000.000.00 FED FARM CREDR BAN K2YrNc6Mal% 3.27 1/122007 5,000,000,00 98.50 4,925,000.00 31331SMY6 10,000,000 DO FED FARM CREDIT BANK2YMa3Mo 3.52 1/26/2007 10,00000020 98.72 9871,90000 313315ME0 5,000,000.00 FED FARM CREDR BAN K2.25YrNc3M 3.63 U1912007 5,000,00000 9056 4928,150.00 71,850.00 3 3.75 5I25/2007 4,996,87500 98.60 4,932800.00 64,075.00 z ..' 000 3 Mct 3.84 8R200] 5,000,00000 98.78 4939,05000 (6095000 418 020/2007 10,000,000,00 99.09 9,909,400.00 190,00000 4.18 3.65 8/10/2007 _ 5,000.000,00 66.31 4,915,650.00 84.35000 3.65 56 a 1.61 1331 SMNO 5,000,000.00 EEO FARMCREDIT BANK2.75444c9M 3.70 F 11//2007 600010000 98.19 4,90940000 90600_00 370 180 1.86 1331 VAE6 7,500.000.00 FED FANM CREDR BANK2.5•014v3Ma 4.54 3202008 7,495,31250 99.28 7,446,07.00 49237.50 4.57 2.13 224 13315X134 590000000 FED FARM CREDR BAN K3YMOkla ,4.34 5/192008 5D00.000.00 98.88 4,943,750 OD (5625D 00) 434 228 39 13315409 1331SZF3 5,000,000.00 FED FARM CREDR BANK2YINc 5000sio p FED FARM CREDR BANK211 331SR62 10.000,000.00 FED FARM CREDIT BANK2YMc3Ma 1331SM03 5.000.000.00 FED FARM CREDR BANK264 444.4.5 31VLG9 31331 SR39 loom 000.DO FED FARM CREDR BANK3Y4026Ma 313315263 10,000,000.00 FED FARM CREDR BAN 5.00000060 FED FARM CREDR BANK 2.44C YrN Yr 31331S4V2 0,860,00000 FED FARM CREDR BANK3YMc1YriX 0,000.00 FHLB -FED HOME LOAN BANK 3133XSWDE 5.000000.00 FED HOME LOAN BANK1.75YrNc6Ma 91339YF1_1 1D,000000.00 FED HOME LOAN BPNK 2.5 YB143Mo 3133k5ZA9 5,000,000.00 FED HOME LOAN BANK5.754 c9Mol 3133X3D59 5.000.000.00 FED HOME LOAN BANK21111Nc 3133X8VH8 S1100000.00 FED HOME LOAN BANKi.]5Yrt1c9M01 3133X4MF5 _ _. 10,000,000.00 FED HOME LOAN BANK2YrNc3MoStec 31339YJL7 10.000,000.00 FED HOME LOAN BANK 29144rNp3M X6MC7 10.000000.00 FED HOME LOAN BANK 2YrNc3Mo 25,000,000.00 49,86 49,75 11 3.54 6/ OD6 10.000.000.00 4 996. 60,00 99 32 99�0 9949 25,000,009 00 49,661,111 11 49 648,IO2 70 4 437P,164,44 99 51 49,753,8 99 4 9928 4964050.00 (35,950.00 265 - D.39 38 9 99.5 ss zs 3.90 W2012008 10,000,000.00 892 9953,10000 _146,90000 ;4: 4062,50000 ( 85000 9928.100.00 (71.90000 2840 (75,00000) 128 100.00 4.20 0.08 0.08 409 001 001 418 005 005 .. ... 4.28 _ 0.05 0.05 dew 4.24 0.06 0.06 54 05 3.20 2.63 .02 .27 52 0 45 0.49 6 0,60 0.06 0.86 0.91 0 94 1.01 0.89 0.92 0.95 03 05 0] 28 38 41 1.50 045 0.49 0.57 O61 0.69 0 40 1.55 470 SI23/2008 7,996.250,00 99.97 ],997.520.00 1,270.00 4.72 2.29 2.40 4.44 71182008 10,000.000.00 9894 455 008 9,987,500.00 99.16 4.62 9/8/2000 6,000.000 00 330805,344.97 99 25 327412,20475 3.68 t.]5 t/19/2006 5,000,00000 100.00 5,000.000.00 1.89 1/232006_ 10,000,00000 �10000 10,000,000,00 2.02 127/2006 5,000,00000 10000 5,000,00000 2.00 2/132006 4,990.550 DO 99.81 4.990.550.00 2.35 2/2212006 5,000.000.00 100.00 5,000,00000 3.00 y24Y2006 10 000 000.0 100,00 10,000,000 00 4/24/2006 10,000,060,40 99.22 9,921,900.00 2.10 2.44. 4/282006 10,000,000 00 99 9,931 300 00 9,893,800,00 (106,20000} 444 239 2.55 9,915,600.00 (71,900.00) 4.60 2,43 2.80 Jagn 4062,00000 (37,50000) 462 252 269 1.31 126 1.75 D.05 0.05 0.06 0.00 0.08 0.08 0.12 0.12 0. 2.34 0.23 0 (78.10000) 2.10 0.32 0.31 OD. 00 2.44 0.33 D32 1339X2L7 17.000,000.00 FED HOME LOAN BANK 3YrN43Mo 2.38 6J122006 17,000,000,00 99.00 16430.000.00 (170000.00) 238 045 0.45 133XE425 10,000,00000 FED HOME LOAN 13441(6M0Na 4.60 &202006 10,002.343.75 100.00 10,000,00000 2,34375 455 047 047 133)(ON6 25,000,000.00 FED HOME LOAN BPNK6MONc 4.45 6I202006 25,00000000 9996 2490/,500c00 1550000 4.45 0A4 049 1339XRJ5 20.000,000,00 FED HOME LOAN BANK3YrNc3Mo 2.11 6/ 02006 20,000.000,00 96.78 19,756.200.00 243,800.00 2.11 0.50 0.50 133X5PV4 5.000.000.00 FED HOME LOAN BANK225YrNc3Ma 2.03 61302006 4,991.40625 88,]2 4,935,95000 55,45625 211 a50 050 133XCG64 10000,000.00 FED HOME LOAN BANK1YrNc 3.88 7/7/2006 10,00000000 9963 9,962.50000 37,500.00 3.88 0.51 0.52 133X35G4 3.800,000.00 FED HOME LOAN BANK2.54Mc6Ma1% 3.00 ]I132006 3,BOO 000.00 99.16 3,767.928.00 (32,072.00) 2.69 0.53 DS9 313394FE7 13.0)0,000.00 FED HOME LOAN BANK 3YrNc3Mo 2.25 70242606 13,000,000.00 98.72 12893 7000 (166,53000) 2.26 056 046 7P>p I all Treasurer's Pooled Investment Fund November 30, 2005 Month End Portfolio Holdings Report CUSIP DESCRIPTION„ .. 33X5TG6 5800,000.00 FED HOME LOAN BANK225YMc3Mo 251 //g�728/2006 31339YP142 10,000,000,00 FED 140ME LOAN BANK3YrN43MoStep 2 75 7125/2006 664.34 @FIN7 5,066333136 A:-F tti CDUPO x4210illlElhesos 31339YR61 10.00000000 FED HOME LOAN BANK3YrNO3M05190 238 A •1:500, M 311K9W, mnem i 31.33X3HP1 10,00000000 FED HOME LOAN BANK25YrN03510 2.50 3133XA281 5.00000000 FED HOME LOAN BANK 151091c61210 338 31349948 066000000 FED HOME LOAN BANK 115YIN69Mr. 300 3141,041G{'frTE1,10kOMO LO.M96ANKay3Nr.10 • 313351YZJ9 15,00000000 FED HOME LOAN BANK325 YrN43161 250 ",IJAMO x:S. ,�.•,..1�1e� „.k�a.AMAXAMPAAat lSiE'Ei1)TA4110.A& MATUR BOOK VALUE' "r:2 E PRICE I kAt"` 1a ic, .6,008000 00 98 51 -714.(9734 06dt4-F`'I SttiJIC IIII I 1U UOO.OUO 00 7/282008 10.000.000 00 98 97 _ 9096,900 0O (103.100.00) 81112006 9995,31250 9632 9,571900 DO (12361250 M. VALUE' ' 8/18 813D/2006 9/112006 9/292006 YLO GAIN/LOSS -MAi' argsaarara ABM= PES.3 4.940 650 00 4.998,75000 9922 4,960,95000 (37,900.00 5000,000 00 98 94 4,946,900.00 •!ftG II OLI 4a5, 00C17-' 15 000,00U 00 98 53 14 779,65000 (220, L'FIMOI(OKKOLOIC7I-='- 140 .0.. fessomoisitintow P,aoio.\',twLu ..... - a > z4%Y'1' Ni .Fn Qs-$ASMeAl, 3133X42J5 5,000,00000 FED HOME LOAN BANK1]5YrN49M41 323 9/292006 5,000,00000 9897 4,948,450 DO LAR FED 3133XSSM1 5000000.00 FED HOME LOAN 8ANK2.SYrNc9M0 215 10/202006 5000,00000 9803 4,901,55000 (98.450.00) 2.15 0.80 0.80 00000�0 y0y0 pyFyEED�' HOME LOAN BANK25V Nr3Mo 242 10/272006 5,000,00000 9815 44,,940p7,,50000, ODDrg 9220000) 242 0.�8b2,,��yy R0.8822G irWMibAG/i"mEl}:c:Y.:l %'>1 �' 1f 'Y,. � 4 P x w ''/0DY.x :Y{i�`Do: '�=„°.'rt'Y�fFAA•400. . . TMI �r-�Gc41,7" +** 3i 33XBLP8 5,000,y0µ00.00 FEO HOME LOAN BANK1.5YrNc3MOSt 385 10/272006 500000000 9,96D 4.984,400.00 15500.00) 400 0.91 0.82 � d dIAA A-1.1,1%),I tt FYk«Ok�Yb'a'�at-='ISISMI'Oa &- ••1ti.omot oo=),1r'.9IA � `�"s,'''ii 0` i), h.. i 3133X9718 5,000,00000 FED HOME LOAN BANK 2YrN 3Mo 310 11182006 500800000 9866 1932,80000 67,20000 310 0.85 086 3133X6RE8 5,000,000.00 FED HOME LOAN BANK2.5Yr9141Mo 306 11/172006 5,000.00000 9855 4,928,150.00 (71,850.00) 3.06 0.87 0.88 )184.40000 251 0.58 052 05l 05] 0.5] 0.57 9Frtt-�'� O60.6 300 Ofifi Ofib 2.33 2.37 252 O61 frArlirrir 9 0.63 2.50 0.69 0.70 0.]5 (51,550.00, 22 OT4 0T5 „T: tivia amay#4Fii . 11..,s _ . CAMAIRAMAANAMAVONOCARANASMIANNEMOAMAIX 3133X22E4 5000 ODOM FED HOME LOAN BANK3YrN3MaStep_ 400 112012006 499531250 9934 4.96120000 (28,112.50 3.10 aas 089 3133X9D. ,4$�r i54 . W )ACME LOAN BANK 4?.�;1, 006 3133%9GD6 500000000 FED HOME LOAN BANK 2VMc1M0 3.23 111282006 S,000,OOO.OD 9866 4,932,800.00 (67,20000) 323 090 091 ` 529195 51m➢0'EHtH40N.E 2i , '� _ ..':`011Yr.�1 241 ... R:TIk� `i$7ir"1�0*}4144$1131VA ' E 309 12/1/2006 500000000 9853 4926,550.00 (73,450.00 3.09 0.91 0.92 (k` yt+}wff6 v46i.cacsra+-"-m.'-n:Va' 'nrii K�PigOtr ..A ?Bali 1011) 275 t I 4,995000.00 9931 4,965,650n 422N�KK 00 (25950.00) 2,80 095 096 . -ate01.a<rr.1IATIM I . 4 70 12129I2006 5,000.000 OD 9594 4.996,90500 (3100.001 4.70 1.00 1.00 3 20 2 csr a: 3 05 1 31337(9091] 5000000.00 FED HOME LOAN BANK2YrNc6Mc 33X99.923 6000000 CO FEDHOLOAN BANK239M431Aa AVIA 33XE3H0 5,000,000.00 FED HOME LOAN BANK1YMc E LOAN BANK2YrNc1Yr E LOAN BANK225YM63 3133X8SR4 5,000,000.00 FED HOME LOAN BANK 225YM46Mo 3133X95946 2,40000000 FED HOME LOAN BANK226YrNc3Mo ITT#4X10.1arklNl0l`ltil£d�".... 3133X8BEt 5000,000�TSFX/. 00 OW HOME LOA�Nq BANK25YrNc6MoS1 ':'[5zi4. •!A s.ku'sY % 104 - P 3133X02U4 5000.00000 FED HOME LOAN BANKI.5YMc1Yr1X 3133X4246 9,300000 OD FED HO 31 X13524 E LOAN BANK3YMc3M0Stap 10,000,00000 FED HOME LOAN BAN K2YMc6Mo1 3133X13JL0 500500000 FED HOME LOAN BANK 2YrNclYr ��tx 1t> -__ 3133X9203 5,000,00000 FED HOME LOAN BAANNK251'9146Mo 3133X5142 5000,000.00 FED HOME LOAN BANK309N43111oStep IMOSW.t.i .m...>a....++m�..� 3133X6228 10.000.000.00 FED HOME LOAN BANK3YMC3Mo5ter_ 3133X6H25 10,000,000.00 FED HOME LOAN BANK3YM 1M 3133X9HC7 5,000.000.00 FED HOME LOAN BANK25YrNc3Mo 3133XA3Bi 5000000.00 FED 9p.HO ttME LOAN BANK25YM46Mo 3133XCH0<. t0,OD0,000.00 FED HOME LOAN BANK2YMc1Mo St 1 8,1555000D FED HOME LOAN BANK 2.5YM41YrrieratiMEIRMINI XCY31 5,000,000 00 FED HOME LOAN BANK2YM410G1X Y27 v_w 10,000.000 OD FED HOME LOAN BANK2.5Y0c1Yr 3133XD6G1 5000,00000 ittAIMIrS AWN 3133XDGCE 5,000,00091:1 ttLIAMBEENME 3133XDGC5 AAA.Ao.im AIMArAtMire-_,M 3133XDGB1 1 000,000 D0 1 XCJS XD2D2 4A4VE8r XEIVA0 133 AYA9 FED HOME LOAN BANK2YMc1910 FED HOME LOAN BANK2YMC1YrlX FED HOME LOAN BANK2YrNc1YAX FED HOME LOAN BANK2YMc 5,000,000,00 FED HOME LOAN BPNK 2.25N40Mo . . 5.000.000.00 FED HOME LOAN BANK2.2514c3Mc 5'00000000 FED HOME LOAN BANK tYMc 5,000000.00 FED HOME LOAN BANK 2.5YM46M0 10.000.000.00 FED HOME LOAN BANK 2.75 YrNc1Y 3133X9T5O0 500000000 AN BANK D HOME FE LOAN 3YMc1 fail. =.:-,�" . , . 3133)14E66 18000000.00 FED HOME LOAN BANK 3YrN43Mo _ _A(89 3133XDVA6 5,000,000.00 FED HOME LOAN BA91K225YMc3Mo X11..".11iMPAPtEKSTOMMIAMPOWAYM 3133XASMO 10,00000000 FED HOME LOAN BANK3YMc3M0 3133XC225 5.000,000.00 FED HO E LOAN BPNK 2YM41Yr c 142006 2006 4 995,000 00 IMMOMAMKORL 12007 7,916,28750 inCiattantettiVW 3.;z no./200T 5moon 00 98.89 4. 350 1/18/2007 q p0.999180000 9875 987500000 {106,80000 3600 }' 102 105 +�- ../4t`i}b 0 Matti+:4iYb!i1u[bF'YYYT W«L�Gia�i-A 3DO 122/2007 5,000.000 DO 9819 9909400.00 (40600.00J 300 105 106 3.18 2/16/2007 2,399,625 00 98 25 2,358 000 00 41,625.00) 318 1 11 1 19 4.00 3/9/2007 5800,00000 99.66 4,982,80000 17,20000 338 116 i19 4.30 3/19/2007 5800.000.00 99.41 4.970.3071.00 (29,700.00) 30 119 122 ts1'r'.eititaM41.11.000 G -_:. 30,0 3/30/2007 9,300,00000 9884 9,19260200 10],508.00 208 123 125 wit I 02 126 4.00 4I51200] 9 31 50 9906 9900300.00 (89,01250 /02 123 26 415 MiT 200T 500000000 9922 4960950.00 39.05000) 15 1,27 1,28 j'-tom= 325 4_25/2007 5,000 000 00 9809 4904,700.00 95,30000 325 _ 130_ 132 3.25 4l2]/200] 500006800 9806 490315000 96,850 GO) 2.82 130 132 300 I130/2007 990843750 9869 9,868,80000 020,63750 3.07 021 sI1112007 10800,000.00 97.97 9 _ {2D3100.00) 321 134 136 Si BI112007 5.000.00050 98.28 360 2/13/2097 4.30 75 4 38 4.00 435 9847 4,92345000 T1,550.00 325 0.99 1.00 96.31 7,786, 129,597.90� 3 0T 0 99 1 02 ...:; 4,934,400.00 (65 fi00.00 00) 345 1:00 103 5,000,00000 9831 OVAIKKOVAIGt.e_2/20,07 10.000,000.00 9925 »e "Oa w 8/242007 8,15500000 98.44 9I1412007 5,900,000.00 99.34 9/242007 10.000,019500 9878 zOgrogitiffiGakiNirefttOr 9128/2007 5,000.000.00 9925 4,962,50000 89;60 4,914,05500 (85.950 OD 3.51 4915650.00 {84,35000 9.92500500 (75.00000)30 8.027518.90 (127.381.10) 4,96120000 32,800 00 4 38 9879A100.00 (121.900,00) 37 500.00) 1 9 42 ]60 148 15 15 .75 1,60 165 64 4.00 1.68 5 4,50T �10/122007 .._ 4.996,693.75� 99.38 988,250.00 21,34375 _ 1l 4S0 10I1212007 5,000,000.00 B9.38 4968.150.00 (3125000 4.50 1.7 0252007 i,000,00500�99.63 99531000 4,fi90.00 4.63 1.76 1.82 J 185 1119/2007 S,000,000.00 99.16 4957,000.00 j42,200.00) 430 • 1T8 186 1/162007 •4,996,875.00 99.28 4.984550.00 32.825.00 4.45 180 1.88 1/16/2007 4,989,950.00 99.31 4,957,200_00 22,750.001 4.48 1 1 1.88 12/7/2007 5.000,000.00 � 99.03 4,951 (45490.00) 426 187 i_94 4.63 4. • 6.30 4.42 4.20 05 4 00 4.00 4.02 4.00 1.T4 1i78 1 78 7 1.]8 2/24/2007 1000000D.00 9872 9871900.00 128.100;00 405 1.92 1.96 2f.82007 5000,00000 98.56 /92849.00 Tt 85000 400 194 193 21412009 10 000,000.00 98.50 9,850,000.00 150,000 OD 4 00 2 00 2 10 4tXi kip'ffit,'d I i0 '= era,Ny-2 m 2128/2008 5,000,00000 99_69 4984,400.00 15,600.00 500 2.07 216 31142908 1000000000 98.44 9543.80000 (156,200.00) 402 211 220 annune�wva navxarva£.vmm.z�..%tt.. 0/30/2008 5.000.000.00 98 4,906,250.00 (93,75000) 400 240 25D I I 3133X9X96 5,00000000 FED HOM 30, W • 3133%8541 7,920,00000 FED HOM M 3133XAAHD 5.000.000.00 FED HOME LOAN BANK2YrNc1YrIX_ 3133XAFD4 10005000 M FED HOME LOAN BANK2YrN1Y 1x XA026 Treasurer's Pooled Investment Fund Novem her 30, 200,5 Month End Portfolio Holdings Report CUSIP PAR DESCRIPTION OP 29Y.T7Zrr 3133XCIDF9 5.000.000.00 FE_c D HOME LOAN BANK3YrNc6M 3133XG346 5000,000.00 FED HOME LOAN BANK319Nc1Yr1X AtMiterraftW60000WKIVASMO201,M11 3133XCS61 5,000000.00 FED HOME LOAN BANK3YrNc6Mo xvuglssx<mrrt+-'sue �-'- uar ��' 3133XCVK3 6.000000.00 FED HOME LOAN RANN3YrNc6M0 3XOUN9 5,000000.00 FED HOME LOAN BANK3Y2101Yr1X 1,079,160,000.00 FHLC-FHLB- MORTG. CERT. FS6667019M6V16X69,221C 312122TU9 5000,000.00 FHLB -MORTG CERT2YrNC6Mc1x 3128X2ZV0 6,27900000 FHLB-MORTG CERT.2RNc3Mo 2]t 311512008 6.273,11 T.50 COUPON MATURITY BOOK VALUE` PRICE M. VALUE' 438 O11/2008 p y y { 5,000.000..000 Lyy.989 7/20/2008 5.000.000.00 99.06 4.75 8/16/2008 4,99750000 I.,SMO2DWATRANNO 69 9/9/2008 4,998E3790 �i,� a m 11/282006 500000000 D79,020,560.15 3126X3XEB 00000000 F 5 LB MORTG CERT. 1.5YrNc3Mo 3128X3A21 10,000,00000 FHLB- MORTG. CERT 2YrNc6M0 13 3128X3GT/�„„''a' 2 5.000.000.00 FHLB- MORTG. CERT¢YrNNc3Ma ,.�A+ 300 612/2006 5,00000000 9932 CIIr 3128X4CJ8 5,000,p0100 FHLB -MORTG CERT 1YrNc3Mo 3.70 020/2006 5000,000.00 99.5 3128X35U2 BeilliW 99.28 99. 99T5 2.15 2/t)2006 5,0p0000.00 100.00 99.9] 270 4/1212006 5,000,000.00 9947 2.22 4/27/2006 10,000.000.00 99.25 10000000.00 FHLB- MORTG. CE.RT3.15YrNc Lt 3.63 i0/118//2200L0Y6_ 999 3128X4UY5110.000000.00E FHLB-MORTG CERT 1YrNc3Mo 475 12/15/2006 UliSKOMMATARIAINISEIASSEKIW4 3128X3Z55 9000,000.00 FHLB- MORTG. 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CERT 2YrNc111 MORTG. CERT 2YrNc1Yr1X MORTG CERT 25VrNcbMo MORTG. CERT 31299-6Mo MORTG CERT 3YrNc3Mo5te MORTG. CERT 25YrNc6Mo1 MORTG. CERT 3YrNc6MoSle MORTG. CERT 3YrNc1Yr1X MORTG. CERT 3YrN61Yr1X MORTG. CERT 3YrNc1Yr1x MORTG. CERT 3YrNc1)2176 MORTG. CERT .3YMc1111X MORTG CERT 3YrNclVriX 128X4WY3 10,000,000 OD FHLB MORTG CERT 3YrNc1Yr1X 456,275,000.00 FNMA- FED NAT MORTG ASSOC. 36F3523 Z850,00000 FED NAT MORTG ASSOC. 25Yr8103M 36F45160 5.000000 OD FED NAT MORTG ASSOC 2YrNc6Mo 3597.1I1A9 5,000000 OD FED NAT MORTG ASSOC 2YR4c11D1x 36FSHO7 5,00000000 FED NAT MORTG ASSOC2Yr9191YrS10 5,000,00000 FED NAT MORTG ASSOC.2VrNciX 0.000,000 00 FED NAT MORTG ASSOC.2.25YrNc1Y 36F3T89 100000000D FED NAT MORTG ASSOC. 3YMc9Ma 359MYK3 ry 5,000.00000 FED NAT MORTG ASSOC .tYMc3Ma 36ft ¢4 10 000,000 00 FED NAT MORTG ASSOC. tYMc 36F5.R9 5,000000.00 FED NAT MORTG ASSOC.2.5Ye91619i 5,000.00000 FED NAT MORTG ASSOC_2.SYrNc6910 2/29/2006 355 22/2007 3.63 2/15/2007 4.01 21161200T 5,000.00600 99.15 4.25 2/28/2007 5,000,000.00 99.41 3.35 3l212007 10,000,00000 9840 250 4/5/2007 10,000,000.00 9).)3 5.000.000.00 99.19 9,986,852.00 5.000,000.00 5,000,000.00 OOO,000 00 4.00 9/2 2007 10.000.000.00 4.50 101112007 6,000,000.00 45D 007 _ 10r11nom 5,009,000.00 420 11/9/2004 5.000,000.00 4.18 3/28/2008 10,000,000.00 400 5/182008 5,000,000.00 500 6/16/2008 10000,000.00 99.9T 400 71112006 5,000,000.00 99.13 463 0/ 5/2008 5,000,000.00 99.49 4,90 11/3/2006 4,986,000.00 510 14/2008 2/ 5 05 12/82008 5 05 12/8/200E 5 05 1ZI152008 92640 9028 10,000,000.00 99.88 4.15 _ 4/25/200] 4 6/26/200. 4.00 >I131200T 4.00 8/ D/200) 440y 6/22/20,07 5,000,000.00 98.60 0 972 0,000,000.00 98.72 4.s94,750.00 9e36 GAINlLOSS YLD MAT' 045,30021 (54,700.00) 438 T.3] 4.953,15100 Avg. Life' (97ir4io 2.53 2 46.860.00) 4 40 2 42 2 58 4964,05100 (33,450000) 4)) 246 263 50.00 (32,787.50) 4,70 �252 2.99 4.987,50000 (12,50000) 5 1065,524,17605 5.000.000.00 6273,i tT 50 69]3550.00 (26450.00) 2)0 0.28 028 9.925.E 00.00 ]4,900 001 2 22 03 0 32 e� 42 4,966,i50.00 (33,850.00 300 0.42 042 .50 4976.550.00 23.450.00 970 0.50 40 9,928,10000 (63,82640) 3fi8 OTO 0 50 0 ]1 998)90000 (12100005 475 4,930,05D 00_ 69,20 00 3 35 0 99 1 DO c.... 9872300.00 (12],]0000)_- 355 1.06 _109 4,938,000.00 56,75000 369 it 10 1 U 4,95),)0000 42,30000d 01 4870.600.00 (29.400.00) 4,25 - 1.13 116 =' 9,840,300.00 169,T0000 289 116 .. _ _ :..�...2 9,))3,300.00 (226,]00.00) 211 49 4 126 4,959,350.00 4065000 415 129 132 9895 9,895,30100 90,552.00) 98.89 4.944,350.00 55,650.00 4.00 1.48 1b 98.76 62.20000 400 157 16 99.30 35.00.00 440 �1.98 1,6 98.54 99.299.2 96.87 99.74 99.61 4,937,800.00 4.905,000.00 9.854.000.00 t 960,600_00 4,960,600.00 39400.00 4,943.350.00 m (56,65000) 420 180� 186 0874000_00 12600000 418 2V14 224 4.901.050.00 (10950.00) 4,86 m086 �2,36 3.36 105 09 2,15 0.13 01 0 20 0 20 O 0.95 096 2 142 149 46,000.00 4 00 1.67 1-7 4 R 39,400.00) d 50 172 1 78 l8 1 9,996 500_00 4,950,400.00 4,974.350.00 99.66 4,982,85000 9,9960)500 9993 9,982,700.00 5,000,000.00 100.09 0 000.000.00 100.09 5000000.00 99.97 5,10 12/292008 10,000.000.00 100.19 456,180790.90 200 1/302006 7,846,t53.50 9995 217 2Ii12006 5,000.000.00 100.00 225 2/282006 6,000,000.00 100.00 300 329/2006 5,000,00000 10000 2.10 4/192006 5.000.00a.a0 99.28 2.13. &15/2006 9,998,137.50 96.91 225 7/28/2006 10,o00,00000 98.97 4.05 8/142000 A 5.000.000.00 99.66 4.00 8/ 82006 10,000,000.00 99.59 207 9/29/2006 5,000,000.00 98.13 2.13 1252006 5.000,000.00 98.13 3 00 00 55 00 v (43.60000 1.4] 2.5 2565000 463 2.46 263 3.150.00 600 2,67 285 (16,1 75.D01 511 2.69 Z88 5.0043D0.00 4,30000 505 0.93 294 0,008,60000 800000 5OS 0.93 294 1.998950.00 1,450.00) 5,05 2.78 296 10,011900.00 19,500 00 510 0 99 3 00 453,262,417.50 4.01 7,846,153.50 5,000,000.00 5,000,00000 2.25 016 016 5,000,000.00 2,19 0.24 0,24 4.964,050.00 35,960.0D 210 O.0 '030 9,89060000 1D7,83)50 213 046 0.46 it 9,886,80000 510310000)._ 233 657 4.962,800.0011,200.00 405 061 9,959 400.00 Sop 600.00) 4 00 0 62 0.6 4,906250.00 (92750.00 2.07 0.74 0.75 4,906,250.00 (93,750.0D) 2.13 0.76 0.76 124 1.57 2 02 0.08 21l 0.1 9929e4 T4 Treasurer's Pooled Investment Fund November 30, 2005 Month End Portfolio Holdings Report CUSIP I: PAR ^.-..:..'.. 3136F5MD0 10,00000000 FED NAT MORTG ASSOCW/Ncl YrSle ,.. ;:ITM000iUU601i$00a .445.2565 seeS`.•WKFT-O! 3136E7E139 5,00000000 FED NAT MORTG ASSOC2105133M0 3136F7LT2 5000000.00xFED NAT MORTG ASSOC210883Mo 4.75 10/25/2007 5,000.000.00 99.6 COUPON MATURITY -BOON VALUE' PRICE 250 4/12/2007 1000000000 97.69 44854547- 5:80079T 425 7/271200 r 4995,312 33122 50 _ _ 99.19 3155900Q 5,000.00000 FED NAT MORTG ASSOC2YNY1 1X 490 111/28/2007 500000000 9994 !kt#5,M9 .$ S.x.;SYa t csiti }..ate, 11V r 03M148Ta. 0 3136F7EE1 5,00000gq0ap.44 FED NAT MORTG ASSOG2YeNe1Yr1X 4.88 12/28/2007 5000,000.00 9994 �p 3136AFE2 1603000000 FED NAT MORTG ASS0025Yr71411.0 430 1/2812008 1000000000 99.06 '3`Y IMj6. 00 Yk irtk_.` .fib. , dIM.1Y31 MOWO O. 31365761TO 10,00060000 FED NAT MORTG ASSOC 3YrNc1191X 500 11/2E02008 10006000.00 9994 3136F7PP6 5,00000000 FED AT MORTG ASSOC 31051017r1% 510 12/19/2008 500000000 10009 5,0.. 5,000,000,00 FED NAT MORTG ASSOC 3YIN tY 1% SID 12119I2008 500000000 10009 _.n..,.., ......mow. ' 48701008532745PM50em�rw t 21>9I2008 10,000600.00 289,5O7.167162.5656 36F]PP6 =SWOT 3136F70510 10,000.000.00 FED NAT MORTG ASSOC. 37r561361% 289,625,000.00 FNMO FNMA DISCOUNT NOTES 313589SG9 50,000000.00 FNMA 01 313d 313589%E6 48000,000.00 FNMA DISCOUNT NOTES 106000,000.00 FRMC -FEDERAL HOME LOAN MORG CORP DI 4 _ . 313387RZ6 SO 900000.00FEDDE�RAL HOME LOAN 19 oRG CORP DI 313397302 50,000 000 00 FEDERAL HOME LOAN MORG CORP DI 154 31339]TR2 313397UG4 -- 20,000,90000 FEDERAL HOME004N MORO CORP DI 30,000.000.00 FEDERAL HOME LOAN MORG code m 326,000,000.00 LAO- LOCAL AGENCY OBLIGATIONg 826000.00 US OIESTRICT COURTHOUSE 1,755,000.00 MTNO - MEO TERM NOTES 931142088 10.000.000.00 20,000,000.00 MUNI- MUNICIPAL BONDS 99.91 GAIN7LOSS LD MAT' 9,768,800,00 (231,200 00) 2 4 959.400.00 (25 912.50) 4 4 982,800.00 26 28 300 151 1 5] 11,200.00) 475 1.75 182 4,996,900.00 (3 1 00110)4 90 1 84 1.91 4,996.900.00 (310000) 488 1.92 1 99 ODIT.5._'iT`&`.' 90630000 (9370000) 430 197 208 O UK 9,8003380000- h- 1620000) 500 273�22911 096 29T Yr .�4,,,7700ry00yV00y�-..� �+±!!���µµ510 096 297 OMM 9,990600.00 (940000) 510 2.82 300 288,048,821.81 3.58 1.14 1,32 004,700.00 470000 _.410 5.004 ]00.00 �419 1I26J2006 49714.647.22 9943 _ 49 ]1484722 421 007 ODT 4.36 5/24/2006 47,152.032.00 98.27 47,169,600.00 17,568.00 443 M0.40 040 166665,715.33 186,899,743.33 4.32 0.23 0.23 406 1/1922006 4963911111 9928 49539011.11 9 411 2I112006 495>239583 9914 dB 572,395.83 M y 441700467577, "W ,d 424 2/28/2006 29699,3,83.33 9900 29699,383.33 4.28 311512006 1919708809 98.99 392,284,25944 4.37 6/15/2020 820,000.00 103.00 1,755,001E00 19.797008.89 332,204,259.04 820,000.00 1,766,000.00 409 .. _-�6.6 a 009 009 429 0.16 016 he*IIMiro 632 020. 020' 4.10 0.10 0.10 0.37 MOMMAfg 1062 14.4T 7.90 1025 71 6/1/2006 10,182,400.00 100.26 10,027,900_00 (15450000) 3]2 043 U-42 20,182,400.00 20,027,90600 2.86 0.25 0.25 9873888C8 1,08000000 YOSEMITE CA CMNT COLLEGE AANA 3.72 01I2006 1980675.60 99.46 1674,I TB.BD (589680) 370 OST ,Coo 11/15/2006 19 000 000.00 99,38 18 881 820.00 118180.00 4.00 0.87 768903E88 1000.000.00 RIVERSIDE CNTY ASSET AaaIAAA 3.35 W1/2007 98 99D 34000 984 9016Fi000 (8,680.00 386 1.90 1.42 9873885106 1,35000000 YOSEMITE CA CMNTCOLLEGEAANPaa 393 8/11200T ,.__...1950,23600 86 1934.542.50 1567050) 392 152 159 p 1309t1D49 19.000000.00 CSCDA AAA/ 76886PAV5 1,545,000.00 ROO GO BONDS 200484A-/AD 83,035,000.00 NCO- NEGOTIABLE co 949TP4HWE T8010FH06 i88 780091/MA11 50000,00000 WELLS F_ARGO 5000000000 RBS GREENWICH 60,000.000.00 ROYAL BANK OF CANADA 8336P0JF0 �50,00600000 SOCIETE GENERALE 400,000,000.00 REPO- REPURCHASE AGREEMENT 40,000,000.00 TCD-TIME DEPOSITS 5,000 00000 CITA 25.000,000.00 4,018,710,000.00 1. I le nWMtl value aM „eN of shorue :unmey 044cet Ssaeikes 3rabace5m ON Wm' be Vim, 2. Aver OP Me eaMitl 15anumber of yeas UM ppel Is returned et:nVI9valU:iy. y1Ud by „eukel value. 3, LrcL Agency C4lytivrn have veneble rate coups. spread 10Fool. 4. MmaMeueun bBe peleenlpe qke rlwge as seall[y M a change n Veld. The Ague. Re nvphd burarm of security. Ne kN1CrIM risk 0.5D 0 88 63 811rz007 3,060.81100 9826 1647,810.90 (32,69220) 3.49 L53 159 83,OW,052.1D 82,SOT,Bt0.90 3.09 0.69 669 414 1/12/2006 50,0000000D 100.00 500/1060000 �� ,7 -S1 4 31 2/28/2006 50 000 000.00 100,00 50 000,000 00 d 40 3116/2006 50,000,831.79 100.00 50000,631 79 441 3/28/2000 50,000,7199 100.00 50600.719.92 400,002,206.44 26,000000.00 4,010,003.924.88 400,002,206.41 25,000,00000 3,991,492,901.01 414 �0.04 0.04 s _ r =' 431016 0.16 4.40 0.21 0.21 4.46 024 0.24 4.32 0.14 0.14 4,27 0.19 0.10 9.87 0.60 0.74 �pe4M1 • AGENDA ITEM 7 • • BUDGET AND IMPLEMENTATION COMMITTEE DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: Bill Hughes, Bechtel Project Manager Gustavo Quintero, Bechtel Project Coordinator THROUGH: Hideo Sugita, Deputy Executive Director SUBJECT: Award Amendment No. 3, Agreement No. 02-31-043-03 to CH2M Hill for the Performance of Preliminary Engineering Services for the Preparation of an Administrative Draft Project Report and Environmental Document for the State Route 79 Realignment Project STAFF RECOMMENDATION: This item is for the Committee to: 1) Award of Agreement No. 02-31-043-03 (Amendment No. 3 to Master Agreement) to CH2M Hill based on the negotiated project scope, schedule and cost that is attached to this agenda item for the Realignment of SR-79 in the vicinity of the cities of San Jacinto and Hemet for the development of an Administrative Draft Project Report and Environmental Document (PR/ED) (the Project). This Amendment will not increase the currently approved not to exceed amount for this consultant services contract. The revised scope of services will be funded by rescoping the Project back from the completion of a final PR/ED to the completion of the Administrative Draft PR/ED by taking the actions noted below in recommendations 2 and 3; 2) Authorize the use of the contingency funds in the amount of $1,807,873 that were established by Amendment No. 2 (Agreement No. 06-31-516) to fund a portion of the attached newly defined scope of services that will be required to take the Project to the Administrative Draft level of the PR/ED; 3) Authorize the reallocation of the existing scope of services that are currently valued at $1,428,639 from approved Amendment No. 1 (Agreement No. 05-31-532) to fund the remainder of the revised scope of services defined in Amendment No. 3 to take the Project to the Administrative Draft level of the PR/ED; 4) Authorize staff to work with the consultant team to develop a revised scope of work that will move the Project from the Administrative Draft level to the final PR/ED; 11 5) Authorize the Chairman, pursuant to legalcounsel review, to execute Agreement No. 02-31-043-03 on behalf of the Commission; and 6) Forward to the Commission for final action. BACKGROUND INFORMATION: At the February 13, 2002 Commission meeting; the Commission approved Agreement No. 02-31-043 to CH2M Hill. The scope of work for this contract included preliminary engineering services for the preparation of a Project Report and Environmental Document for the State Route 79 realignment project. The authorized amount for Agreement No. 02-31-043 was $1,994,497 and the anticipated contract duration was 24 months. A notice to proceed was issued on April 18, 2002. In December 2003, collectively, the resource agencies agreed to the final purpose and need- and in June 2004 they also agreed on the final project criteria and alternatives selection for preliminary agreement to finally move the SR-79 Realignment Project into the Project Report and Environmental Document (PR/ED) phase. Public involvement has been maintained through information meetings and the required scoping meetings that were held in both the cities of San Jacinto and Hemet as well as the community of Winchester. Riverside County residents within the project limits, but outside of the city limits were also invited to participate in the various meetings. Through the end of November 2004, CH2M Hill had expended approximately $1,400,000 of this contract over a period of 31 months. The project had achieved preliminary agreement from the resource agencies on the alternatives to be analyzed in the environmental document. However, significant work remained because of the intense development pressure that has impacted the project area and the fact that the locally preferred alternative impacts a sensitive vernal pool complex. Because of the above issues, changes to the alignments continued. To date, there is still no consensus on what would be acceptable to the resource agencies for the city of Hemet's locally preferred alternative that generally follows the east side of the San Diego canal. To address this issue, the Project has agreed to study a larger area along this portion of the alignment to allow for future adjustment without requiring additional technical studies to be performed. At the January 12, 2005 Commission meeting, the Commission approved Amendment No. 1 for $13,158,654 bringing the total contract value to $15,153,151. Amendment No. 1 included new tasks to be completed that were not contemplated after the completion of the Project Study Report (PSR). When the PSR was completed, only two alignment alternatives were anticipated to be studied and carried forward into the development of a PR/ED. When the technical studies • 12 • • were launched during the winter of 2001, the resource agencies requested that additional build alternative(s) be included in the environmental document such that several paths through each area would be evaluated. From this request, additional segments, alternatives and alignments were added to the project to create a more robust suite of alternatives to broaden the choices available in the alternative selection process and include several avoidance alternatives to the sensitive vernal pool area that would be impacted by the locally preferred alternative. Amendment No. 2 was approved on September 20, 2005 and authorized $331,100 from contingency to update aerial mapping and conduct cultural studies. Amendment No. 2 did not increase the contract's not to exceedvalue of $15,153,151. The project continues to conduct the requisite technical field studies and work with the local land use agencies to accommodate anticipated development. The early results of the technical studies and feedback from the cities and County of Riverside have provided assistance in fine-tuning the alignment alternatives. The result of this collaborative effort is shown in Attachment 1. A significant amount of alignment refinement has been required in order to address all of the project constraints, as we understand them to be today. The result is that the scope of service that was originally negotiated in Amendment No. 1 must now be adjusted to address the new alignments, as they are currently defined. This will require, additional field studies to be performed as well as additional engineering efforts to. be completed in order to be consistent with the current suite of alternatives. Due to the significant change in conditions that has occurred between the approved contract/amendment awards and the present, staff is bringing back the scope of work to the Commission for review and authorization to continue with the necessary engineering and environmental studies to keep the approval process moving forward. There are still uncertainties that may impact the final cost to deliver the final PR/ED. Because of these uncertainties, staff is recommending that the contract not be increased at this time. Instead, staff recommends use of the currently authorized funding and rescope the work back to the delivery of an Administrative Draft of the PR/ED. At a later date, staff will bring back an item that will carry the approval process to the delivery of the final PR/ED. It is unknown at this time what any additional effort will cost; but, it is likely to be approximately $3-4 million to replace the amounts that are being taken from items that are currently proposed to be funded. Taking the remaining work elements for the Project to the final PR/ED is estimated to take approximately two more years from February 2006 through December 2008. This time frame will be achievable if weather conditions are satisfactory in order to allow the consultant team to collect the right environmental and technical 13 information to take the project through completion of a Record of Decision and receipt of a Section 404 permit. In order to achieve this, sufficient rain is necessary so that staff will be able to perform much needed wet season surveys, soil Iithology surveys, plant surveys and additional general biological surveys. All of these surveys are necessary specifically in the areas of the new alignments throughout the city of Hemet and in the other subtle line shifts that have occurred on the current approved alignments (see attached map). While all of this crucial information is being gathered, staff will continue to work with the county of Riverside and both the cities of Hemet and San Jacinto with their locally preferred alternatives. Staff recommends that the Commission approve Amendment No. 3 to CH2M Hill for the continuation of .the engineering effort to obtain- a Project. Report and Environmental Document for the Realignment of SR-79 between Domenigoni Parkway and Gilman Springs Road. A Scope of Work Summary for the State Route 79 Realignment Project is attached that will take the project to the completion > of the Administrative Draft of the PR/ED. Amendment No. 3 will authorize the 'partial use of $1,807,873 that is currently identified as project contingency. This cost will be transferred from the contingency cost that the Commission has already approved as part of Amendment No. 1 for this project. In addition, staff recommends that the Commission also approve the reallocation of currently approved tasks in the amount of $1,438,279. The total request for reallocation of funds is for $3,246,152 (see attached spreadsheets). The total not to exceed contract amount that the Commission approved on January 12, 2005 for the project will remain the same at $15,153,151. After the winter season surveys are completed, staff will return with an update on the status and progress of the project. By that time, staff will be able to determine if sufficient wet season survey information was collected or if there will be a need to perform a dry season survey to complement the current available data. A final scope of work and cost will be brought back for Commission approval at that time. 14 • • The RCTC model consultant amendment will be used pursuant to legal counsel review. Financial Information In Fiscal Year Budget: Y Year: FY 2005/06 Amount: $5,000,000 Source of Funds: TUMF Regional Arterial $3,499,000 TEA-21 Demo funds $1,501,000 Budget Ad ustment: N GLA No.: 222 31 81101 P3003 Fiscal Procedures Approved: vl/ttude:4,1. Date: 2/27/06 Attachments: 1) SR 79 Current Realignment Map 2) SR 79 Realignment Project Scope of Work and Budget Transfers 3) SR 79 Realignment Project Cost Spreadsheets 15 Aerial Date: March 2005,AirPhaotoUSA 4lgaMgis2\rote1171146\2006\plots\pdmipdrr►com bo_b.mxd 2/10/2006 LEGEND - January 2006 CenterlineeH ---■ January 2006 Segment Match Line 11111 Utility Relocation AreaeH Borrow ImpactAreaeH mg Project Right-okWay February 2005 ma Project Right -all -Way January 2006 Shared Project ME Right -of -Way and Borrow Area February 2005 and January.2006eH 0 0 5,000 Feet 1,000 Meters Figure XX Comparison of Project Segments February 2006 and January 2006 State Route 79 Realignment Project 35% ORAFT DATA 95% DRAFT IVIAP • • State Route 79 Realignment Project: Domenigoni Parkway to Gilman Springs Road Budget Transfers for Project Report and Environmental Document Amendment No. 3 Prepared for Riverside County Transportation Commission February 2006 Submitted by 3550 Vine Street, Suite 320 Riverside, California 92 16 Amendment No. 3 The proposed Amendment 3 for the State Route 79 Realignment Project (Project) reallocates budgets from specific tasks (contingency tasks, completed tasks, and future tasks) to existing tasks that require additional budget. This budget is being allocated for out of scope work based on changes to the proposed Project. It is estimated that this funding will provide for a portion of the required work. A subsequent amendment (future Amendment 4) will also be required to complete this work. The specific reasons for this additional budget can be summarized based on the following items. 1) Change in the Project description: • The removal of the previous "Eastern Alternative' from the Project • The addition of a new Project alternative, described as the "Mid Western Alternative" • Shifts of existing Project alternatives to new locations not previously analyzed • New features have been added to the Project including a utility relocation corridor, construction haul routes, and detour locations for use during construction 2) Based on the changes in the Project description described in item #1, biological and cultural resource surveys need to be initiated immediately in the locations where previous survey were not conducted. 3) Tasks that support the field survey effort are also required. This includes coordination with the landowners (Task 1.8) to gain access to their property, as well as to our technical support for GPS and GIS tasks (Task 1.9). 4) Additional effort is required by the federal resource agencies to update the Project description in the Updated Preliminary Agreement document (Task 2.3). 5) Additional effort is required to coordinate with the public related to Project Scoping. 6) Additional effort is required to update the onsite drainage studies based upon the changes to the Project description. 7) Additional effort is required to update the existing utilities information and identify utility conflicts and relocations based upon the changes to the Project description. 8) Additional effort is required to convert the new aerial mapping from English units to metric units. We originally scoped to do the mapping in English units, which we will need later in the project, but have identified that we will also need the mapping in metric units to complete work that is already in progress. 9) Additional effort is required to update the right of way data sheets based upon the changes to the Project description. 17 • 10) A new task has been identified to perform field exploration work related to the Hemet Landfill near the intersection of Warren Road and Esplanade Avenue. This was requested by Caltrans at a recent meeting. This document will first describe the tasks from which budget is being taken, and then describe the tasks to which budget is being allocated. 18 Existing Budgets to be Transferred Contingency Tasks The following tasks were placed in Contingency in Amendment 1 and removed from the scope. Amendment 3 will move the budgets for these tasks from the Contingency and allocate these budgets to existing tasks. Task Number Task Name Existing Budget 1.9 GIS $567,316.11 3.13 Aerial Mapping $16,786.08 3.18 Geometric Approval Drawings $485,953.12 5.04 Cultural Resources Site Testing $372,000.00 6.03 Draft EIS/EIR Preparation $182,652.12 6.6.4 Final EIS/EIR Preparation $124,764.15 N/A Other contingency $58,401.42 TOTAL $1,807,873.00 Note 1: The Aerial Mapping task (3.13) originally had $122,886.08 assigned to contingency. Under Amendment 2, $106,100 of this was transferred from contingency to our contract, leaving $16,786.08 in contingency. Note 2: The Cultural Resources Site Testing task (5.04) originally had $597,000 assigned to contingency. Under Amendment 2, $225,000 of this was transferred from contingency to our contract, leaving $372,000 in contingency. Completed Tasks The tasks listed below are in our existing contract. These tasks have been completed and there is budget remaining that will not be needed. We are proposing to take the remaining budgets for these tasks and allocate it to other existing tasks that require additional budget. The completed tasks from which we propose to take budget are as follows: Task Number Task Name Existing Budget 3.11 Value Engineering $2,249.23 4.1 Development of Project Alternatives Description for Environmental Technical Reports $7,391.05 TOTAL $9,640.28 3 19 • Future Tasks The tasks listed below are in our existing contract, but will not need to be performed in 2006. We are proposing to take the existing budgets for these tasks and allocate it to other existing tasks that require additional budget. The future tasks from which we propose to take budget are as follows: Task Number Task Name Existing Budget 3.14 Final Engineering $163,542.94 3.15 Advance Planning Studies $162,656.54 3.19 Final Project Report $97,988.10 6.3 Draft EIS/EIR Preparation $180,426.94 6.4 Draft EIS/EIR Circulation $151,682.68 6.5.3 Draft EIS/EIR Public Noticing $24,767.34 6.5.4 Public Hearings $61,604.29 6.6.1 Response to Comments $272,713.53 6.6.4 Final EIS/EIR Preparation $125,511.26 6.6.5 Final EIS/EIR Circulation $143,034.59 6.8 Project Mitigation Monitoring & Reporting Plan $44,710.63 TOTAL $1,428,638.84 A summary of the budgets to be transferred for the three categories of tasks is as follows: Task Type Budgets to be Transferred Contingency Tasks $1,807,873.00 Completed Tasks $9,640.28 Future Tasks $1,428,638.84 TOTAL $3,246,152.12 4 20 Allocation of Budgets The following table lists the tasks that will have new or additional budget allocated to them under Amendment 3. Task Number Task Name Existing Budget 1.1 Project Management $30,000.00 1.8 Landowner Access $350,000.00 1.9 GIS $947,328.96 2.3 Updated Preliminary Agreement $82,663.16 3.2 Onsite Drainage Studies $60,000.00 3.4 Utility Coordination $137,815.00 3.6 Traffic Analysis $25,000.00 3.13 Aerial Mapping $7,000.00 3.17 Right of Way Data Sheets $30,000.00 3.20 (new) Hemet Landfill $56,345.00 4.2 Modification of Project Alternatives Description for Environmental Technical Reports $200,000.00 5.4 Cultural Resources $225,000.00 5.12.1 Wetland Delineation Report $215,000.00 512 2 Burrowing Owl Advanced Reconnaissance Survey Report $40,000.00 5.12.3 Rare Plant Advanced Reconnaissance Survey Report $495,000.00 5.12.4 Riparian Bird Focused Survey Report $40,000.00 5.12.5 Vernal Pool Fairy Shrimp Focused Survey Report $100,000.00 5.12.6 Mammal Focused Survey Report $60,000.00 6.2.2 Analysis of Cumulative Impacts $80,000.00 6.5.1 Scoping $65,000.00 TOTAL $3,246,152.12 5 21 • Summary There are two spreadsheets that accompany this Amendment 3 request. One spreadsheet lists all of the tasks on the project with the updated budget amounts shown. This spreadsheet incorporates all of the changes described in this document. It provides a breakdown by task of the budgets that will remain for each task. The second spreadsheet is a summary of our contract cost proposal. This spreadsheet incorporates the changes described in this document. It depicts the labor, overhead, and net fee changes as a result of Amendment 3. 22 COST PROPOSAL RCTC SR 79 2HILL LABOR Project Manager Senior Consultant Environmental Task Leader Senior Engineer Project Engineer Project Planner/Scientist Associate Engineer Associate Planner/Scientist Engineer Planner/Scientist Technical Editor Word Processor GIS/Graphics CARD Administration Reprographics Project Multiplier EXPENSE arid TRAVEL COSTS Expenses Travel/Per Diem Rate $71.16 $62.50 $56.77 $63.16 $47.05 $50.33 $52.97 $37.79 $39.57 $24.43 $36.46 $23.56 $36.78 $22.24 . $23.93 $24.31 SUBTOTAL. 2.896 Hours -85 842 1,858 -446 -527 587 174 121 -381 688 209 193 6,224 .. -817 370 658 9,668 Overhead Fee Total Burdened Labor SUBTOTAL SUBCONTRACTORS (includes Labor, Expenses, Travel, and Per Diem) David Bramlet (Rare Plants) Earthworks (Rare Plants) Engineering Resources Fred Roberts (Rare Plants) Dr: Herb Huddleston (Wetland Delineation) Michelle Balk Consulting (Rare Plants) Ninyo & Moore O'Farrell Biological Consulting Peter H.Bloom (Burrowing Owl) Scott White Biological Consulting SMJ Biological Consulting SUBTOTAL Labor Cost ($6,048.60) $52,625.00 $105,478.66 ($28,178.28) ($24,795.35) $29,543.71 $9,216.78 $4,572.59 ($15,076.17) $16,807.84 $7,620.14 $4,547.08 $228,900.18 ($18,170.08) $8,854.10 $15,995.98 163.3% 10% $43,743 $64,929 $70,000.00 $120,000.00 $135,815.00 $60,000.00 $15,000.00 $23,000.00 $48,345.00 ($40,000.00) $40,000.00 $22,000.00 $70,000.00 TOTAL REQUEST AMENDMENT 3 ORIGINAL CONTRACT AMOUNT AMENDMENT NO. 1 AMENDMENT NO. 2 $391894 $639,962 $103,186 $1,135,041 $108,672 $564,160 $1,807,873 GRAND TOTAL CONTRACT $1,994,497 $10,937,171 $331,100 $14,670,641 2/22/2006 10:10 AM 23 Z !p 6 900Z/ZZ/Z 00'0$ E9'S16313 -00.0$ -ES'9L6'Z9 L$-00.0$. - _. 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EluaulpuawV /ague pazuoyinV pug paaaa;sug 2a6png leuomppV Z d1N 46noayl tal pezpoylnV mo 1a6Png lelol Ise! _ 6L2IS 31�i1 • AGENDA ITEM 8 • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Director of Programming and Administration SUBJECT: Annual Investment Policy Review STAFF RECOMMENDATION: Thisitemis for the Committee to: 1) Adopt the Investment Policy; and 2) Forward to the Commission for final action. 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." Based on a review of the Investment Policy approved by the Commission on March 18, 2005 and consideration of changes to the California Government Code (Code) as of January 1, 2006, staff in consultation with the Investment Advisor hired by the Commission has determined that no technical changes are required; however, staff has made some administrative revisions to reporting requirements in Section IX. These changes relate to the deletion of information regarding amortized cost, accrued interest, and yield at market, as such information is not required to be reported under the Code. Staff is recommending adoption of the attached Investment Policy. Attachment: Investment Policy 26 • Ever side County nsportatfon Cvmntission INVESTMENT POLICY I. Introduction The purpose of this document is to identify policies and procedures that enhance opportunities for a prudent and systematic investment program and to organize and formalize investment -related activities. Scope It is intended that this Policy cover all funds (except retirement funds) and investment activities under the direction of the Commission. III. Delegation of Authority Pursuant to the Commission's Administrative Code, the Board'smanagement 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. 27 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. 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. In order to maximize return on its investments, the Commission seeks an active rather than passive management of portfolio assets. The Commission may fromtime to time sell securities that it owns in order to better reposition its portfolio assets in accordance with updated cash flow schedules, yield curve optimizations, yield opportunities existing between market sectors, or simply market timing. V I . 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 VI.1 below. Percentage limitations, where indicated, apply at the time of purchase. Percentage holdings with any one non -governmental issuer are further restricted to a maximum of 10%. 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 notify the Board of the change. The course of action to be followed will then be decided on a case -by -case basis, • 28 • 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. 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. Repurchase Agreements. Repurchase agreements are to be used solely as short-term investments not to exceed 30 days.. The Commission may enter into repurchase agreements with primary government securities dealers rated "A" or better by two nationally recognized rating services. Counterparties should also have (i) a short-term credit rating of at least A-1/P- 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 repurchase agreements must be delivered to the Commission's custodian bank versus payment or be handled under a properly executed tri-party repurchase agreement. The total market value of all collateral for each repurchase agreement must equal or exceed 102 percent of the total dollar value of the money invested by the Commission for the term of the investment. For any 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. 29 The Commission or its trustee shall have a perfected first security interest under the Uniform Commercial Code in all securities subject to repurchase agreement. The Commission shall have properly executed a PSA agreement with each counterparty with which it enters into repurchase agreements. D. U.S. Corporate Debt. Medium -term notes, defined as all corporate and depository institution securities with a maximum remaining maturity of five 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 "AA" or better by one or more nationally recognized rating service. Investments in U.S. Corporate Debt are further limited to 30% of surplus funds. E. 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 ($5OO,O0O,OOO). (C) Has debt other than commercial paper, if any, that is rated "A" or higher by a 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 "A-1" or higher, or the equivalent, by a NRSRO. Purchases of eligible commercial paper may not exceed 270 days maturity nor represent more than 10 percent of the outstanding paper of an issuing corporation. Investments in commercial paper are limited to a maximum of 25% of surplus funds. F. Banker's Acceptances. Banker's acceptances issued by domestic or foreign banks, which are eligible for purchase by • 30 • • 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 funds with no more than 30% of surplus invested in the banker's acceptances of any one commercial bank. G. 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. The Commission may invest in shares of beneficial interest issued by acompany 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 funds. H. 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. 31 • 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. I. State of California Local Agency Investment Fund ("LAIF"). The Commission may invest in LA_IF. 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. Certificates of Deposit. Federal Deposit Insurance Corporation (FDIC) insured or fully collateralized time certificates of deposit in financial institutions located in California. Eligible investments are restricted to those issuing institutions that have been in business at least five years and whose senior debt obligations are rated "AA" or better by one or more nationally recognized rating service. The maximum term for deposits shall be one year. Investments in certificates of deposit are further limited to 20% of surplus funds. All time deposits must be collateralized in accordance with California Government Code section 53561. The Commission, at its discretion, may waive • 32 • the collateralization requirements for any portion of the deposit that is covered by federal insurance. 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 years if prudent in the opinion of the Chief Financial Officer. 3. Ineligible Investments 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 VI.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 years, unless the Board has granted express authority to make that investment either specifically or as a part of an investment program approved by the Board no less than three months prior to the investment. 33 VIII. Performance Standards 0 The Chief Financial Officer shall continually monitor and evaluate the portfolio's performance. A comparison of the portfolio's performance against a performance benchmark shall be included in the Chief Financial Officer's quarterly report. The Chief Financial Officer shall select an appropriate, readily available market index to use as a performance benchmark. IX. Reporting The Chief Financial- Officer shall prepare and provide to the Board; and the Executive Director, within 30 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 • Coupon rate, if applicable • Yield to maturity • Credit quality, as determined by one or more nationally recognized credit rating services, 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. 34 • • 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, reconci►iation 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 approvedfor 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 nationally recognized rating services. Counterparties shall also have (i) a short-term credit rating of at least A-1/P-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 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 35 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 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 • 36 • • changes to the policy shall also be considered by the Board at a public meeting. 37 • AGENDA ITEM 9 • RIVERS/DE COUNTY TRANSPORTATION COMM/SS/ON DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Programming and Administration Director SUBJECT: Fiscal Year 2004/05 TDA and Measure A Audit Results STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the Transportation Development Act (TDA) and Measure A audit results report for the Fiscal Year 2004/05; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: In April 2003, Caporicci & Larson (C&L) was selected to perform the audits of Riverside County's TDA claimants and Measure A recipients, except for the Riverside Transit Agency which elected to select its audit firm. This is the third year that C&L has performed these audits for the Commission; however, it did not perform the audit for the city of Beaumont. In October 2005, the city of Beaumont was notified by the Commission to engage an audit firm to perform the financial and compliance audits of its transit and transportation funds for the fiscal years (FY) 2003/04 and 2004/05. C&L has completed the audits of and issued the audit reports for most of the local governments, non-profit agencies, and transit agencies that received TDA and Measure A funds. Professional auditing standards require the auditors to communicate to the audit committee, or an equivalent group, to ensure additional information is provided regarding the scope and results of the audit that may assist in overseeing management's financial reporting and disclosure process related to the TDA claimants and Measure A recipients. Such communications related to C&L's responsibilities and approach, summary of results, and preliminary findings were discussed by Caporicci & Larson with the Audit Ad Hoc Committee. Following are highlights from C&L's presentation: 38 • Of the $107,601,000 distributed related to Measure A, State Transit Assistance, and Transportation Development Act, $67,752,000, or 63%, was audited by C&L. This comprised 33 recipients who received funds for transit, local streets and roads, and bicycle and pedestrian project purposes. • $39,849,000*, or 37%, was not audited by C&L. The majority of these disbursements were related to TDA planning and administration funds to agencies, including the Commission, as well as Measure A and TDA funds to the city of Beaumont and the Riverside Transit Agency. • As of February 3, 2006, 26 reports were ' issued. Fieldwork was substantially completed for six additional recipients (Volunteer Center of America, San Jacinto, Riverside, SunLine Transit, Corona, and Palo Verde Valley Transit Agency); issuance of these final reports was pending resolution of open items and completion of quality review procedures. Fieldwork for one recipient (County of Riverside) has commenced but will not be completed until March 2006, and such fieldwork will include completion of the FY 2003/04 audit. • Findings and observations were discussed, and significant matters are presented below. There were three findings related to the Measure A Specialized Transit Program: • .Care-A-Van's matching funds included in -kind contributions which were not supported by third party documentation and were related to volunteer hours from a full-time, salaried manager. • Care Connexxus and Inland AIDS project obtained'' insurance from insurance companies which did not meet the Commission's minimum standard, and these agencies had not requested a waiver. As a result of the current and prior years' findings related- to the Measure A Specialized Transit Program, staff has considered these matters in the development of the Measure A Specialized Transit Call for Projects which was released February 10, 2006. Such changes include the following: • Qualifying in -kind contributions and acceptable supporting documentation were defined. • Exceptions to the model agreement, including insurance requirements which have been reduced to no less than A-:VII, must be noted in the proposal submitted. • Audits required by the Commission must be completed in a timely and cooperative manner or funding may be suspended. There were two findings and an observation related to TDA Article 4 Transit: • 39 • • City of Riverside Special Services Transit did not meet its required fare ratio of 1013/0. The actual fare ratio was 9.9%. This is the first year of noncompliance, and as a result this year is deemed a grace year. • City of Corona Transit received capital funds in FY 2004/05 in excess of amounts spent which was not in compliance with TDA regulations. • The auditors observed that some transit operators are excluding capital purchases which were not capitalized in accordance with agency accounting policies from operating expenses in the fare ratio calculation. Current TDA and Commission fare ratio policies have not addressed if this deduction is permitted; however, it has been done in past audits based on a review of audit reports. This issue was highlighted in the current year as one operator would not have met the fare ratio requirement if this deduction were not allowed. As a result of the discussion regarding these matters, staff was directed by the Audit Ad Hoc Committee to review best practices and applicable regulations to determine if any changes should be proposed to the Commission's transit capital grant funding process and fare ratio policy. Attached is the summary of transportation and transit fund operations and related audit results for the various types of TDA (Articles 3, 4, and 8) and Measure A (specialized transit and local streets and roads) funding. Each schedule provides information for each claimant and recipient regarding the revenues, expenditures/expenses, and change in fund balance/net assets for the year ended June 30, 2005; other financial and compliance information; summary of observations and findings; and other information pertaining to the, status or scope of work performed. Attachments: 1) Transportation Development Act Article 3 Schedule 2) Transportation Development Act Article 4 Schedule 3) Transportation Development Act Article 8 Schedule 4) Measure A Specialized Transit Schedule 5) Measure A Local Streets and Roads Schedule and Comments 40 • • • Revenues: Intergovernmental allocations: Article 3 Other revenues Interest income Total revenues Total expenditures Excess (deficiency) of revenues over (under) expenditures Transfers in (out) Excess (deficiency) of revenues and p transfers in over (under) expenditures Transportation Development Act Article 3 Schedule Year Ended June 30, 2005 (Note 1) Cathedral Desert Hot Moreno Palm County of San Banning Blythe City Springs Indio Valley Springs Perris Riverside Riverside Jacinto Temecula (Draft) (Draft) $ 11,418 $ 29,900 $ - $ 35,000 $ 730 12,148 29,900 35,000 25,332 29,900 35,000 $ 68,902 $ 30,426 $ 85,000 $313,338 $ - $ 52,000 $ 65,127 785 - - - (6,973) - 1,000 - 261 62,714 30,426 86,000 313,338 52,000 65,388 62,714 30,426 196,285 313,338 52,000 - (250,000) - (250,000) Fund balances at beginning of year 6,647 - 417,944 - 56,810 Fund balances at end of year $ 4,881 $ $ - $ - $ $167,944 $ - $ (53,475) $ - $ $ - $ Deferred revenues at end of year $ $ $ $ 30,000 $ 1,411 $ 10,218 $ - $ - $ 53,102 $ $ - $ 34,873 No activity - (110,285) 65,388 (13,184) 11,418 (1,766) - (110,285) - (65,388) Source: 2005 Financial Statements Note 1 2004 and 2005 audits have not been completed. Summary of Observations (Article 3 allocations are for specific bicycle and pedestrian protects approved by the Commission) 1 Cathedral City submitted a claim for $60,000 subsequent to year end for FY2004/05, which was accrued by RCTC as payable. Amount to be included in FY2005/06 audit. 2 Indio has not expended its deferred balance, which is a carryover from FY2004. 3 Desert Hot Springs has not expended its deferred balance, which was related to a claim submitted subsequent to year end for FY2005. 4 Temecula has not expended its deferred balance, which was received in FY2005. 5 Moreno Valley has not expended its deferred balance, which was received in FY2005. 6 Moreno Valley has recorded interest income in Measure A fund while unrealized gain (loss) on investments is recorded in Article 3 fund. Fund balance is related to transfers in primarily from Measure A fund. 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Summary of Observations (Article 8 allocations for Western County and Coachella Valley ended in 1993 and 1987, respectively, as available LTF funds are now used to meet transit needs. Article 8 allocations for Palo Verde Valley are subject to an annual unmet needs hearing.) 1 Blythe has significant negative fund balance. Expenditures were not budgeted for. No disbursements of Article 8 revenue to Blythe have been made in recent years due to unmet needs in PVV. Section 99400 (a) 2/22/2006 Measure A Specialized Transit Schedule Year Ended June 30, 2005 (Note 1A) (Note 1A) (Note 1A) (Note 1B) Partners for Friends of Care Inland Aids Independent Volunteer Moreno Blindness Beaumont Care -A -Van Connexxus Project Living Center Valley Support USD DPI Operating revenues: - - Measure A $ 195,500 $ 65,000 $ 89,000 $ 304,973 $ $ 44,800 $ 62,465 $ 45,977 N/A Interest income - - 467 Other revenue 99,958 Total operating revenues 195,500 164,958 89,000 305,440 Total operating expenses - 209,870 164,958 89,000 305,440 $.79,547 $ 62,470 $ 26,351 N/A Excess (deficiency) of operating revenues over (under) operating expenses (14,370) Nonoperating revenue: Transfers in (out) Change in net assets (14,370) Prior period adjustment - - Net assets at beginning of year 30,742 - 19,777 32,728 A Net assets at end of year $ 16,372 $ - $ 19,777 $ $ - 32,728 Deferred revenues $ $ $ - $ $ Match requirement $ 98,000 $ 65,000 $ 89,000 $ 393,410 $ Actual match $ S _ $ 99,958 $ 89,000 $ 641,994 $ Match requirement compliance status Source: 2005 Financial Statements $ 22,400 N/A $ 26,821 Requires Follow Up Met Met Met In Comp! N/A In Comp! Note 1A Full -scope audit was not performed due to grant amounts and/or purpose; however, agreed -upon procedures were performed related to the agreement and grant expenditures. Note 1 B DPI provided administration services for the taxi -demonstration program. Agreed -upon procedures were performed, related to the agreement. Note 2 Note 3 Summary of Observations (Measure A specialized transit grants are provided in two-year cycles, most recent cycle ended June.30, 2004) and Findings 1 Care-A-Van's in -kind match included volunteer time for full-time salaried program coordinator as well as potentially insufficient supporting documentation created internally. 2 Care Connexxus had two findings regarding general liability and automobile insurance placed with insurers not meeting RCTC requirement. 3 Inland Aids had current year finding regarding insurance with insurer not meeting RCTC minimum standards which was corrected as of 7/1/05. 4 Beaumont USD has unexpended balance which must have RCTC approval for carryover. into FY2006. Measure A Transit � 2/22®6 • • • Measure A Local Streets and Roads Schedule Year Ended June 30, 2005 Note 1 2004 and 2005 audits have not been completed. Summary of Observations and Findings 1 Indio has accumulated over 3 years of revenue in fund balance. 2 Norco has accumulated over 3 years of revenue in fund balance. 3 Calimesa has accumulated over 3 years of revenue in fund balance. 4 Coachella had not submitted 5 yr CIP until 12/05 and it was approved at 1/06 RCTC meeting. Additionally, city had not completed its state controllers street report required for MOE calculation and amount for MOE was shown as $0. City used excess MOE carryover, which was sufficient to meet current year requirement and will be sufficient through the end of Measure A. 5 Murrieta has accumulated over 3 years of revenue in fund balance. 6 Norco and San Jacinto have unexpended investments from 1997 bonds issued by RCTC for local projects. cn 7 Riverside has accumulated over 3 years of revenue in fund balance. 8 Perris has accumulated over 3 years of revenue in fund balance. Measure A LSR Comments 1 2/22/2006 ® • 900Z/ZZ/Z 910 4 LL6'96L'4$ ZZ8'£L4'9$ Z64'ES4'S $ ZOS'L86 $ 8Z8'Z£S'£ $ EE8`494'8 $ L9L'6S9$ 408'04S$ ZS6'1.S9 $ 99Z'OLS'b 904'9££'4 8L9'SS9'S 486'L617 999'£9Z'Z LLL'£04`9 ZSVS94 408'04S 6Z0'bbS EE6'L - llL'9ZZ 94L'LGL'l (984'Z09) 949'6817 Z44'69Z'4 950'9S0'Z Z99'99 £Z6'E44 000'OSZ (000`£84) - (8071_0 44L'9ZZ 94L'LLL'I. 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Z98'S6L 64G - 9Z9'4 - - son ueneiJayl0 - wei6ad leuepe ieuoi6eJ wag s;uewesmgwiaa 949'9ZL - swewesmgwiaa aWes8 s ZZO'o9l'Z$ 4£Z'Ll4'4 $ £OS'ZOZ'l $ 4Z9'448'4 $ bSL'06L'17 $ £8E'9L4$ - $ 94E'889 $ yainsem :suogeoope lewewwanobialul :senuanaa NeJa) Neu) (L 910N) oaoN elaumw AapeA ouaiow aiouiso aAe-1 laweH euao0 eseumeo wownees 6wuuee �lvnoa wa;sem I 1 SOOZ `O£ aunt• pepue meA alnpen os speoa pue maim leooi y emseew • • Measure A Local Streets and Roads Schedule Year ended June 30, 2005 I I r Western County T. Banning Beaumont Calimesa Corona Hemet Lake Elsinore Moreno Valley Murrieta Norco Components of fund balances: Reserved for encumbrances $ - $ - $ - $ 419,394 $ 104,495 $ 60,000 $ 1,495,902 $ $ Reserved for specific projects - 2,872,047 - - Reserved for continuing appropriations Reserved for advances - 797,810 Designated for specific/future projects or cont approp - - - 2,378,865 - Unreserved, undesignated 657,952 559,767 5,170,392 3,428,333 927,502 1,278,425 6,113,822 3,999,167 Total fund balances by component $ 657,952 $ $ 559,767 $ 8,461,833 $ 3,532,828 $ 987,502 $ 5,153,192 $ 6,113,822 $ 4,796,977 Fund balance by year received: 2005 $ 657,952 $ - $ 186,766 $ 4,938,527 $ 1,904,100 $ 987,502 $ 5,018,905 $ 2,260,225 $ 1,196,591 2004 - - 170,598 3,523,306 1,628,728 - 134,287 1,421,978 853,870 2003 175,306 - 1,504,995 1,117,103 ,p 2002 27,097 926,624 595,204 ✓ 2001 - - 657,521 1998 - - - 376,688 Total fund balances by year received $ 657,952 $ $ 559,767 $ 8,461,833 $ 3,532,828 $ 987,502 $ 5,153,192 $ 6,113,822 $ 4,796,977 Notes payable to RCTC at end of year $ $ - $ - $ 1,907,264 $ Pd off 2005 $ $ $ 797,810 Amount of Excess MOE at end of year $ 2,382,401 $ N/A $ 23,566,809 $ 4,957,906 $ 8,319,699 $18,511,398 N/A $ 2,904,550 MOE compliance status Met N/A Met Met w/use of Met Met N/A Met (Note 2) excess MOE (Note 2) Source: 2005 Financial Statements Measure A LSR 2 of 6 2/22/2006 Measure A Local Streets and Roads Schedule Year ended June 30, 2005 Revenues: Intergovernmental allocations: Measure A Reimbursements Reimbursements from regional arterial program Other revenues Interest income Total revenues Expenditures: Construction and maintenance Engineering and administration Land Regional arterial improvements Debt service: Principal Interest Total expenditures Excess (deficiency) of revenues over (under) expenditures Western Count Perris Riverside San Jacinto i I Temecula City Coachella Valley ZTesen-7: ' Coachella Springs Indian Wells (Draft) (Draft) $ 1,145,171 $ 8,827,615 $ 678,134 $ 3,155,455 $1,615,093 $ 84,336 1,229,507 128 680,759 9,508,502 21,915 115,599 56,646 700,049 3,271,054 1,671,739 254,007 12,034,932 1,682,952 171,663 43,692 469,362 12,034,932 760,145 (2,526,430) Transfers in (out) (10,000) Excess (deficiency) of revenues and transfers in over (under) expenditures 750,145 Prior period adjustment Fund balances at beginning of year 3,077,378 Fund balances at end of year $ 3,827,523 Measure A LSR • 4,975,000 117,416 29,885 2,030,253 (1,330,204) 2,448,570 (1,330,204) 37,208,703 $ 39,657,273 (1) 2,338,268 $ 1,008,063 - 1,579,210 45i,584 114,938 566,522 549,990 415,927 2,704,532 11,142 (201,126) (182,581) (2,546,000) 100,000 158,532 92,529 11,142 (101,126) (182,581) - $ 334,053 $ 215,025 11,142 11,142 14,811 348,864 18,321 233,346 549,990 415,927 4,555;084 $ 4,713,616 1,579,210 92,529 2,969,615 809,837 835,506 771,899 $3,062,144 $ 820,979 $ 734,380 $ 589,318 3 of 6 2/22/2006 • • Measure A Local Streets and Roads Schedule Year ended June 30, 2005 • • 1 Western County f Coachella Valley J 7.3tMeTraT —CfM 1-Mt" Perris Riverside San Jacinto Temecula City Coachella Springs Indian Wells Components of fund balances: Reserved for encumbrances $ - $ 5,757,075 $ 24,582 $ - $ - $ - $ - $ Reserved for specific projects Reserved for continuing appropriations Reserved for advances - Designated for specific/future projects or cont approp - 22,868,370 - - - - Unreserved, undesignated 3,827,523 11,031,828 983,481 4,713,616 3,062,144 820,979 734,380 589,318 Total fund balances by component $ 3,827,523 $ 39,657,273 $ 1,008,063 $ 4,713,616 $3,062,144 $ 820,979 $ 734,380 $ 589,318 Fund balance by year received 2005 $ 1,229,507 $ 9,508,502 $ 441,145 $ 3,271,054 $1,671,739 $ 11,142 $ 348,864 $ 233,346 2004 1,107,190 8,402,011 - 1,442,562 1,390,405 375,960 286,456 186,241 2003 1,235,464 9,308,641 433,877 99,060 169,731 A 2002 255,362 7,969,961 Cp 2001 - 4,468,158 - - 1998 - 566,918 - - - Total fund balances by year received $ 3,827,523 $ 39,657,273 $ 1,008,063 $ 4,713,616 $3,062,144 $ 820,979 $ 734,380 $ 589,318 Notes payable to RCTC at end of year Amount of Excess MOE at end of year MOE compliance status Source: 2005 Financial Statements $ 751,003 $ $ 514,335 $ 1,978,126 $ $ - $ - $ $ 12,750,688 $ 9,879,338 $ 9,122,140 N/A $1,625,992 $1,275,779 $ 295,467 $ 17,285,374 Met Mel w/use of Met N/A Met Met w/use of Met w/use of Met excess MOE (Note 2) excess MOE excess MOE Measure A LSR 4 of 6 2/22/2006 Measure A Local Streets and Roads Schedule Year ended June 30, 2005 rnr6Verde r____j Coachella Valley t Valley t l7&M° i f County of t Indio Palm Desert Palm Springs Mirage Blythe Riverside (Note 1) Revenues: Intergovernmental allocations: Measure A $ 1,361,672 $ 2,385,026 $ 1,698,369 $ 880,844 $ 894,487 $ Reimbursements 554,830 37,085 2,387,689 Reimbursements from regional arterial program 483,906 Other revenues 7,295 Interest income 92,144 76,519 122,256 50,336 26,382 Total revenues 1,453,816 3,023,670 2,341,616 3,318,869 920,869 Expenditures: Construction and maintenance 1,003,437 1,110,423 847,233 3,627,376 701,112 Engineering and administration Land Cn Regional arterial improvements 500,426 Debt service: Principal Interest Total expenditures 1,003,437 1,110,423 1,347,659 3,627,376 701,112 Excess (deficiency) of revenues over (under) expenditures 450,379 1,913,247 993,957 (308,507) 219,757 Transfers in (out) 753 Excess (deficiency) of revenues and transfers in over (under) expenditures 451,132 1,913,247 993,957 (308,507) 219,757 Prior period adjustment Fund balances at beginning of year 4,055,661 3,927,196 4,549,748 2,383,482 1,070,397 Fund balances at end of year $ 4,506,813 $ 5,840,443 $ 5,543,705 $ 2,074,975 $ 1,290,154 $ Measure A LSR 5 of 6 2/22/2006 ® • • ® • Measure A Local Streets and Roads Schedule Year ended June 30, 2005 Components of fund balances: Reserved for encumbrances Reserved for specific projects Reserved for continuing appropriations Reserved for advances Designated for specific/future projects or cont approp Unreserved, undesignated Total fund balances by component Fund balance by year received: Coachella Valley I Valley 'RanSho ` , County of I Indio Palm Desert Palm Springs Mirage Blythe j Riverside - $ 412,774 $ 1,282,166 $ 2,074,975 $ - $ 2,541,335 6,425,029 2,886,334 4,506,813 (2,163,490) 1,290,154 $ 4,506,813 $ 5,840,443 $ 5,543,705 $ 2,074,975 $ 1,290,154 $ 2005 $ 1,453,816 $ 3,023,670 $ 2,341,616 $ 2,074,975 $ 920,869 $ 2004 1,205,818 2,816,773 1,869,158 - 369,285 2003 1,315,046 - 1,332,931 - Ui 2002 532,133 —a. 2001 - 1998 - Total fund balances by year received $ 4,506,813 $ 5,840,443 $ 5,543,705 $ 2,074,975 $ -T;290,154 $ Notes payable to RCTC at end of year $ $ $ Amount of Excess MOE at end of year $ 18,234,908$ 61,899,569 $ 20,738,046 $ 26,305,581 $ 2,534,639 $ MOE compliance status Source: 2005 Financial Statements Met Mel Met Met Met w/use of excess MOE Measure A LSR 6 of 6 2/22/2006 • RIVERSIDE COUNTY TRANSPORTATION COMM/SS/ON DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: Michele Cisneros, Accounting Manager THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Proposed Policy Goals and Objectives for Fiscal Year Budget 2006/07 STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the proposed Commission Policy Goals and Objectives for the Fiscal Year 2006/07 Budget; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: The initial step in the budget process is to develop policy goals and objectives for , the fiscal year. These goals and objectives are to be consistent with the Commission's overall strategic direction. This year's goals and objectives reflect the continuation of the transition planning efforts related to the current and new Measure A and the delivery of promises made to the citizens of the County of Riverside. Using the Commission's guiding principles, staff has updated the attached Goals and Objectives for the Fiscal Year 2006/07 Budget. Attachments: 1) Proposed Goals and Objectives for FY 2006/07 Budget 2) Presentation 52 • Commission Policy Goals and Objectives The following material outlines the Commission's adopted policy goals, objectives and financial policies that serve as the framework for the work plan presented in the FY 2006/07 Budget. Mobility Initiatives The Commission, in cooperation with local, state, and federal agencies, will strive to create a transportation system that promotes efficient mobility both within the County and regionally. This effort will increase in its intensity in the upcoming fiscal year with the completion in early 2006 of a 10-year delivery plan program and updated Measure A revenue projections. With the new federal transportation act, Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU), in place and the state fundingpicture improving with the addition of Proposition 42 funding, the Commission faces a year of selective strategic opportunities as well as continuing challenges. • Complete the prioritization of Measure A highway projects covering the two expenditure plans from 2006 through 2019. • Maximize the use of innovative financing, including public/private partnerships, to support the 2009 Measure A 10-year delivery plan. • Continue to work with state and federal agencies to program and construct projects in the STIP, the Measure A program, and other high priority projects. • Maximize the effective application and use of TUMF funds to deliver eligible Commission priority projects. • Continue work on the project level environmental document for the Mid County Parkway, one of the CETAP corridors. • Initiate the next steps on the Riverside County -Orange County CETAP corridor as outlined in the MIS's Locally Preferred Strategy. • Actively participate in the SR-91 Advisory Committee to facilitate near and long- term improvements to SR-91; enhance intercounty public transit options and foster the development of a new corridor between the two counties. • Work closely with local jurisdictions to implement the FY2006-2009 TUMF Regional Arterial Program and facilitate the delivery of arterial improvements in Western County. • Advocate streamlining efforts at the state and federal levels to facilitate timely project reviews and approvals. • Coordinate and provide public access to commuter information to foster the use of alternate modes of transportation such as ridematching for car/vanpooling, transit through the provision of a regional trip planner, and real time traffic information for congestion avoidance. • Play an active role in shaping state infrastructure bond proposals that will likely be placed on the November 2006 ballot. 53 Goods Movement • The Commission will work with federal, state, and local governments to facilitate the movement of goods and services to, within, and through the County, recognizing the vital role mobility plays in the economic health of the County, the state, and the nation. • Seek funding and implement the Commission's approved, high -priority railroad grade separation priority list to mitigate the impact of increased goods movement demands on the transportation system. • Promote the use of rail corridors (including the Perris Valley Line within funding constraints) as an alternative to trucks for the movement of freight within the County and the region. • Work with county transportation commissions, local jurisdictions, SCRRA (or Metrolink), the Southern California Association of Governments (SCAG), and the private railroad companies toward the implementation of a coordinated regional approach to increase rail and highway capacity for goods movement that includes environmental and community impact mitigation. Improved System Efficiency The Commission will select projects and allocate funds in a manner that will improve safety and reduce congested traffic corridors. • Advocate the development and use of advanced technologies for transportation applications that are affordable and practical. • Work with public and private interests to apply real time technology to disseminate commuter information that will support the use of alternate modes and improve efficiency of the regional transportation system. • Assure the effectiveness of transit planning through the annual SRTP process with a goal toward promoting program efficiency and effectiveness. • Provide innovative commuter rideshare programs to reduce single occupant vehicle trips and coordinate with other regional rideshare service providers to address intercounty commute trips. • Through the use of technology, make real time traffic information available to commuters for the purpose of trip planning and congestion avoidance. • Work with Caltrans and the California Highway Patrol (CHP) to continue providing a motorist aid system which includes a call box program and an FSP program including temporary services in freeway construction zones. • Continue development, in partnership with Caltrans and SANBAG, of the Inland Empire TMC. Environmental Stewardship The Commission will achieve its mobility goals while promoting environmental stewardship and protecting the area's natural resources and quality of life. 54 i • Continue working with the Regional Conservation Authority to implement the MSHCP and provide funding to assist in the assembly of the reserve system. • Work with SCAG, the South Coast Air Quality Management District (SCAQMD), sub -regional agencies, and local jurisdictions to develop and implement an RTP that meets regional air quality goals and conformity guidelines. • Support outreach and educational programs that promote the benefits of ridesharing and availability of help through www.CommuteSmart.info and 1-800- COMMUTE. • Facilitate private/public use of clean fuels technology. Economic Development Transportation decisions will consider the economic benefits derived from any improvement, and, where feasible and practical, will pursue transportation alternatives that enhance or complement economic development. • Support local agencies in the design and construction of interchanges that are in proximity to regional economic centers and developments. • Support local projects, consistent with countywide transportation goals, which enhance business development, local employment, and area tourism. • Foster the development of transportation technology research, education, and training efforts of public institutions within the County. Intermodalism and Accessibility County residents will be served, where economically feasible, through the development of transportation alternatives that consider the needs of a wide range of citizens. • Work with transit providers and local social service agencies to provide specialized transit service to meet a broad spectrum of socio-economic transit needs. • Integrate commuter assistance programs and marketing with transit in order to foster the use of alternative commuting modes. • Implement the Commission's commuter rail SRTP and the SCRRA long-range strategic plan for expansion of the commuter rail system benefiting Riverside County constituents with an emphasis on the Perris Valley Line, an extension from Riverside to Perris via Moreno Valley. • Participate in the study of high-speed rail options and support efforts for eventual implementation of a statewide high-speed rail system with emphasis on the pilot project being in Southern California and including the integration of existing rail passenger services. Public and Agency Communications The Commission will provide timely, informative, and accurate information to encourage informed public and agency participation in the Commission's decision -making processes. 55 • • Promote a close working relationship with news and civic entities to increase interest in and understanding of transportation and related issues. • Enhance the provision of public information through various forms of communication (e.g., website, television, Speakers Bureau, print media, radio, etc). • Maintain an ongoing effort of informing Riverside County's Congressional and State Legislative delegations regarding County transportation issues. 56 • Financial and Administration Policies Operating Budget Policies • The Commission shall budget no more than one percent (1 %) of Measure A sales tax revenue for administrative salaries and benefits. • Administrative program delivery costs will be budgeted at whatever is reasonable and necessary, but not to exceed four percent (4%) of Measure A sales tax revenues (inclusive of the one -percent salary limitation). • Amounts will be budgeted by fiscal year for multi -year projects based on best available estimates with the understanding that, to the extent actuals vary from those estimates and: the project is ongoing, adjustments will be made on an ongoing basis. • The fiscal capital,budget should be consistent with the strategic plan and deviations appropriately noted, explained, and justified. Revenue Policies • Sales tax revenue projections will be revised semi-annually to ensure use of current and relevant data. Staff may adjust annual amounts to reflect the most current economic trends. • Federal and 'state matching funds will be used where possible and available to supplement the use of local funding sources. • Exercise fiduciary responsibility regarding TUMF revenues and allocate revenues pursuant to Commission direction and the approved 2009 Measure A. Debt Management Policies • The Commission will maintain 2.0x debt ratio coverage on all senior debt. • Debt issuance will be for major capital projects including engineering, construction, and right of way. Operating requirements must be from current ongoing revenues. • Costs of issuance including the standard underwriter's discount will not exceed two percent (2%). • While it is the intent of the Commission to establish a cash debt reserve for long term bond issuance, obtaining surety bonds can be obtained when beneficial to the Commission. • The commercial paper program will provide advance funding for projects included in the expenditure plan of the approved 2009 Measure A. • The Commission will consider actions to lessen the restriction of the $500 million 2009 Measure A bonding cap, which could include the possibility of a ballot measure in 2008 to increase the cap. 57 Auditing, Accounting, and Financial Reporting Policies • The Commission will issue a Comprehensive Annual Financial Report (CAFR) in accordance with the GASB Statement 34 new financial reporting model. • An audit is to be conducted annually on the Commission's accounting books and records. As long as the Commission has outstanding bonds, an independent accounting firm must conduct the audit. • The Commission is responsible for ensuring that audits of Measure A and TDA funding recipients are completed and reviewed for compliance and other matters in a timely manner. • An internal audit risk assessment program will .be implemented to identify improvements in controls and procedures as well as best practices. Capital Planning and Programming Policies • Established priorities will be reviewed annually via a series of workshops and/or policy maker workshop. Reserve Policies • The Commission will maintain a cash reserve at least equal to five percent (5%) of annual revenues (exclusive of reimbursements and matching funds). • The Commission will establish and maintain a transit operator's reserve of ten percent (10%) for the Coachella Valley and Palo Verde Valley. Additionally, a ten percent (10%) reserve will be established and maintained for each of the Western County transit operators (public bus and commuter rail). Cash Management/Investment Policies • Where possible, the Commission will encourage receipt of funds by wire transfer to its accounts. • Balances in the bank operating account will be maintained at the amount necessary to meet monthly expenditures. • Idle funds will be invested per the Commission's established investment policy emphasizing in order of priority: 1) safety, 2) liquidity, and 3) yield. • Cash disbursements to local jurisdictions and vendors/consultants will be completed in an expeditious and timely manner. Human Resources Management Policies • Commission staffing levels will be consistent with the intent of its enabling legislation, which envisioned a small, but effective staff. • Consultants will be used to augment staff efforts as much as possible to support programs or work loads, which do not appear to be of a permanent nature. 58 • Information Technology Policies • Significant effort will be made to maintain efficient and cost-effective technology infrastructure by continuously upgrading network equipment and software to ensure performance, productivity, and connectivity among staff, other agencies, and the public. Network security will continue to be a top priority to maintain the integrity of the Commission's network and information. 59 AGENDA ITEM 1 1 e • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Programming and Administration Director SUBJECT: Transportation Uniform Mitigation Fee (TUMF) Financing through Statewide Community Infrastructure Program STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve in -concept the Commission's participation in the Statewide; CommunityInfrastructure Program (SCIP); and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: At the Commission's June 2005 retreat, staff made a presentation regarding TUMF fee financing, as several developers have expressed an interest in tax-exempt financing of Western County TUMF fees. The proposed TUMF fee financing plan consisted of the issuance of debt by Riverside County (County); the transfer of debt proceeds to the Commission and the Western Riverside Council of Governments (WRCOG); and the administration, management, and expenditure of debt proceeds by the Commission and WRCOG. As a result of various issues and concerns discussed during the presentation, there was a lack of support for this TUMF fee financing proposal. The Commission's response was reported at a working group meeting of Commission staff, WRCOG staff, County staff, developers and consultants in June 2005. At subsequent meetings of the working group in November 2005 and December 2005, County staff and its consultants presented a new proposal whereby the County would apply for participation in the California Statewide Communities Development Authority's SCIP for development impact fee financing in unincorporated County areas utilizing 1913/1915 Act special assessment obligations. TUMF fees would be financed through SCIP, the issuer of the debt, under a reimbursement program or prefunding program. Based on a building permit survey of 21 developers interested in participating in the SCIP program, it appears that SCIP revenues available to the Commission for Western County regional arterial expenditures could approximate $56 million over a three year period. The 60 County's formal request for the Commission's participation in the SCIP program is included as an attachment. The issuance and administration of debt would be the responsibility of SCIP. As eligible infrastructure expenditures are incurred, the Commission would submit to SCIP a requisition for disbursement. The Commission would have no administrative responsibilities other than submitting such requisitions to pay expenditures. Accordingly, no additional costs for the Commission are associated with the SCIP. In order to participate in the SCIP program, the County would need to adopt a resolution to join the SCIP, and the Commission and WRCQG would need to enter into a fee collection and disbursement agreement. The proposed agreement, which is subject to legal counsel review by all parties, as welt a§ a process flowchart regarding the County's proposed SCIP are included as attachments to the County's letter. Staff is requesting that the Committee approve in -concept the Commission's participation in the SCIP as it relates to the financing of TUMF fees in the unincorporated areas of Western County. Attachment: County Request for RCTC's Participation in SCIP 61 • • Executive Office County of Riverside Eric Haley Executive Director Riverside County Transportation Commission 4080 Lemon Street, 3`d Floor Riverside, CA 92501 Dear Eric, Larry Parrish County Executive Officer February 16, 2006 As you are aware, Riverside County is experiencing unprecedented population growth. With that growth comes the need to provide necessary infrastructure in a timely manner, particularly in the area of transportation. The County is addressing this growth through forming community facilities districts and developing an area plan implementation program that will address growth on a community -wide basis. A third option the County is considering, is to allow developers, whose development is not eligible for a CFD, or not in an area plan implementation program, to participate in the Statewide Community Infrastructure Program ("SCIP") to finance of their TUMF obligations. This program would only be offered to developments in the unincorporated areas of the county. Because the TUMF is collected by the County on behalf of RCTC and WRCOG, it is necessary for both agencies to formally acknowledge their participation in the program. As such, the County is formally requesting RCTC's consideration to participate in the SCIP program. For your review, I have attached sample documents that must be approved by the County, RCTC and WRCOG, and a flowchart on how the program would work. An action by your Board to approve the program in -concept would be sufficient for the County to formally approve the program, followed by your Board formally approving participation in the program. Thank you in advance for your willingness to participate. The SCIP informational material, provided to you at previous meetings, should have adequately explained the SCIP program. If not, please feel free to contact myself at 955-1127, or Adam Bauer with Fieldman, Rolapp and Associates, our financial advisor, at (949) 660-8500. Sincerely, Dean Deines Deputy County Executive Officer Riverside County Executive Office Robert T. Andersen Administrative Center 4080 Lemon Street • 4th Floor • Riverside, California 92501 • (951) 955-1100 • Fax (951) 955-1105 62 attachments • cc: Supervisor John Tavaglione, 2'1 District Supervisor Marion Ashley, 5th District John Field, 2'1 District Darcy Kuenzi, 5th District. Rick Bishop, WRCOG Ruthanne Taylor -Berger, WRCOG Hideo Sugita, RCTC Theresia Trevino, RCTC Robert T. Andersen Administrative Center 4080 Lemon Street • 411' Floor • Riverside, California 92501 • (951) 955-1100 • Fax (951) 955-1105 63 • Riverside County Statewide Community Infrastructure Program Initial Procedures To Participate In SCIP: SCIP Attorneys Prepare Fee and Collection Agreements and Resolution 1 RCTC In -concept Approves Fee and Collection Agreement County Executive Office Prepare SCIP I Approval Standards and Manual and j jResolutions Required for Board Approval WRCOG In -concept Approves Fee and Collection Agreement Riverside County Board of Supervisors Approves Resolution to Participate in SCIP RCTC Approves Fee and Collection Agreement Procedures Required After Board Approval: l: WRCOG Approves Fee and Collection Agreement Developer Submits Application County Executive Office Reviews Application for Completeness and Minimum Standards , 1 RCTC Concurs with Developer Application and verifies that it can spend funds within 3 Years Actions Required Key IICounty of Riverside ® SCIP ■ RCTC/WRCOG I1 Riverside County Executive Office ®Developer Who Wishes To Participate l WRCOG Concurs with Developer Application and verifies that it can spend funds within 3 Years County Executive Office Accepted Application is Sent to SCIP SCIP Processes, Forms District and Issues Bonds i �• Fieldtnan, Rolapp Il & Associates NOEPENOFNI MANCNLAND INVESTMENT ADVISORS 64 ® 2006 FEE COLLECTION AND DISBURSEMENT AGREEMENT This FEE COLLECTION AND DISBURSEMENT AGREEMENT (this "Agreement"), dated as of February 1, 2006, by and among the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("Fee Recipient"), a California , RIVERSIDE COUNTY, a political subdivision of the State of California ("County") and the CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY ("CSCDA"); WITNESSETH: WHEREAS, the Fee Recipient is entitled to receive from time to time certain amounts paid by developers of real property (each a "Developer") within the jurisdiction of County as impact fees, connection fees or other capital charges; WHEREAS, the County is a participant in CSCDA's Statewide Community Infrastructure Program ("SCIP"); WHEREAS, as a participant in SCIP, the County has established an account with CSCDA held by Wells Fargo Bank, National Association, as trustee (the "SCIP Trustee") and administered by Bond Logistix LLC (the "SCIP Program Administrator") in which certain amounts collected on behalf of the County in connection with SCIP are held (the "County SCIP Account"); WHEREAS, certain fees or capital charges collected by Fee Recipient are eligible for financing through SCIP, subject to approval by Bond Counsel (the "Fees"); WHEREAS, the Fees may be paid to Fee Recipient by Developers, for subsequent reimbursement from the proceeds of bonds (the `Bonds") issued through SCIP, or the Fees may be paid directly to Fee Recipient from proceeds of the Bonds; WHEREAS, in order to allow the Fees to be financed through SCIP, Fee Recipient has requested that for any parcel which applies for SCIP financing, County collect the Fees and remit them to CSCDA for deposit in a separate subaccount within the County'SCIP Account; WHEREAS, in accordance with Fee Recipient's request, and in order to allow the Fees to be financed through SCIP, the County has determined to collect the Fees on Fee Recipient's behalf and to remit the Fees to CSCDA to be held in a separate subaccount within the County SCIP Account, and to make or cause to be made disbursements from such subaccount in accordance with properly executed requisitions of the Fee Recipient in the form attached as Exhibit B hereto; FOLLOWS: DOCSSF1:799240.2 40929-317J78 NOW, THEREFORE, THE PARTIES HERETO MUTUALLY AGREE AS • 65 • • • Section 1. Definitions. As used herein, the following capitalized terms shall have the meanings ascribed to them below: "Authorized Officer" means (a) when used with respect to CSCDA, any member of the governing board of CSCDA and such additional person or persons, if any, duly designated by CSCDA in writing to act on its behalf, and (b) when used with respect to Fee Recipient, any person or persons duly designated by Fee Recipient in writing to act on its behalf,. "Bond Counsel" means Orrick, Herrington & Sutcliffe LLP, or any other nationally recognized firm appointed by CSCDA to serve as bond counsel in connection with the issuance of Bonds. "Bonds" means bonds issued by CSCDA to finance development impact fees, including the Fees, in connection with SCIP. "Capital Improvements" has the meaning given to that term in Section 4. "County" means the County of Riverside, California. "County SCIP Account" means the County's account with CSCDA held by the SLIP Trustee and administered by the SCIP Program Administrator in which certain amounts collected on behalf of the County in connection with SCIP are held. "CSCDA" means the California Statewide Communities Development Authority, its successors and assigns. California "Fee Recipient" means the Riverside County Transportation Commission, a "Fees" means those certain development impact fees to be financed through SCIP, approved by Bond Counsel and payable from time to time to Fee Recipient. "SCIP" means the Statewide Community Infrastructure Program, a program of CSCDA. "SCIP Funds" means payments of Fees received by Fee Recipient, as more fully described in Section 3, together with all of the investment earnings on such Fees. "SCIP Program Administrator" means Bond Logistix LLC, its successors and assigns or any other administrator appointed by CSCDA as the administrator of SCIP. assigns. "SCIP Trustee" means Well Fargo Bank, National Association, its successors and Section 2. Collection of Fees; SLIP Financing. (a) Fee Recipient acknowledges that it has the authority to collect and use the Fees for its own benefit. Fee Recipient acknowledges that, subject to approval as set forth in DOCSS141:799240.2 40929-317)78 2 66 Section 3, the Fees may be financed through SCIP, and agrees to allow the County to collect the Fees from time to time with respect to properties applying for SCIP financing on the Fee Recipient's behalf (i) from Developers prior to the issuance of a particular series of Bonds, or (ii) from proceeds of a particular series of Bonds following the issuance of such Bonds. (b) For any property applying for SCIP financing of the Fees, the County agrees to collect the Fees from time to time for the Fee Recipient's benefit. Upon collection, the County shall remit the Fees to CSCDA, to be deposited as set forth in Section 4. Section 3. Approval of Fees. The Authorized Officers of Fee Recipient, or their designees, are authorized under this Agreement to approve the financing of Fees. No Fee may be financed through SCIP except with the written approval of an Authorized Officer of Fee Recipient or his designee, which approval shall be evidenced by the signature of such Authorized Officer next to each such Fee shown on Exhibit A attached hereto. Section 4. Agreement to Hold Fees in SCIP Account. CSCDA agrees to receive or cause to be received by the SCIP Trustee the Fees collected by the County on behalf of the Fee Recipient. CSCDA shall establish or cause to be established within the County SCIP Account a separate subaccount (the "Riverside County Transportation Commission Subaccount"). The Fees shall be deposited in the Riverside County. Transportation Commission Subaccount and held there by the SCIP Trustee and segregated from all other funds within the County SCIP Account, and except for investment purposes, shall not be commingled with any other funds held by the SCIP Trustee. Investment earnings on the Riverside County Transportation Commission Subaccount shall be retained in the such subaccount for the benefit of the Fee Recipient except to the extent a portion of such earnings are requested to pay rebate or yield reduction payments to the U.S. Treasury pursuant to the Internal Revenue Code. Amounts on deposit in the Riverside County Transportation Commission Subaccount shall be disbursed only in accordance with Section 5 of this Agreement. Section 5. Disbursements from SCIP Account. CSCDA shall disburse or cause to be disbursed moneys on deposit in the Riverside County Transportation Commission Subaccount only as provided herein. Moneys on deposit in the Riverside County Transportation Commission Subaccount shall be disbursed pursuant to written requisitions of the Fee Recipient, in substantially the foram attached hereto as Exhibit B and executed by an Authorized Officer of the Fee Recipient. CSCDA, the SCIP Program Administrator and the SCIP Trustee may conclusively rely on such requisitions for purposes of making such disbursements. All disbursements from the Riverside County Transportation Commission Subaccount to the Fee Recipient shall be made by [wire transfer of immediately available fimds/check payable] to the Fee Recipient's bank account number at a bank located within the United States on file with the SCIP Trustee, unless another method of payment is requested in writing by the Fee Recipient. Section 6. Notice of Proposed SCIP Financings. CSCDA agrees that it will cause Fee Recipient to be provided with the following notices at the following times: DOCSSFE799240.2 40929-317.178 3 • • • 67 411 (a) promptly upon receipt of an application for SCIP financing of any Fees payable to Fee Recipient, a description of the affected property and the Fees to be financed; and (b) upon request, an inventory of all Fees payable to Fee Recipient and all properties for which such Fees are payable. Section 7. Tenn of this Agreement. This Agreement shall be in full force and effect from this date to and including its termination by mutual written agreement of the parties hereto. The Authority agrees to terminate this agreement upon request of Fee Recipient upon delivery to CSCDA of an opinion Bond Counsel to the effect that the termination of this Agreement will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes. Section 8. Amendment of this Agreement. This Agreement may be amended only by a written instrument executed by the parties hereto; provided that any such amendment shall be conditioned upon delivery to CSCDA of an opinion of Bond Counsel to the effect that such amendment will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes. Section 9. Successors in Interest. This Agreement and all of the provisions hereof shall be binding on the parties hereto and their successors and assigns. Section 1O.Third Party Beneficiaries. The SCIP Program Administrator is expressly declared to be a third party beneficiary of this Agreement. Section 11.Severability. If any section, paragraph, sentence, clause or provision of this Agreement shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, sentence, clause or provision shall not affect any of the remaining provisions of this Agreement. Section 12.Choice of Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of California. Section 13.Execution. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all together shall constitute but one and the same agreement. Section 14.Notices. Any notice, request, complaint, demand, communication or other paper required or permitted to be delivered to this Agreement shall be addressed to the appropriate party at the addresses set forth below. Fee Recipient: Attention: DOCSSF1:799240.2 40929-317 )78 4 68 County: CSCDA: Attention: California Statewide Communities Development Authority 1100 K Street, Suite 101 Sacramento, CA 95814 Attention: Treasurer • • DOCSSP1:799240.2 40929-317378 5 69 • • IN WITNESS WHEREOF, the RIVERSIDE COUNTY TRANSPORTATION COMMISSION, RIVERSIDE COUNTY and THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY have caused this Agreement to be executed each on its behalf by an authorized representative as of the day and year first above written. RIVERSIDE COUNTY TRANSPORTATION COMMISSION Authorized Officer RIVERSIDE COUNTY Authorized Officer CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY COMMUNITY DOCSSF1:799240.2 40929-317J78 6 70 Member I-d 944 nttZ699 IdSSD00 aalea Jaamo pazpotipw A panoiddy ;nnouwy palaadxa pafoaa aag saag panoaddv V IIMHXa • • EXHIBIT B SCIP Disbursement Form To: Bond Logistix LLC 777 S. Figueroa St., Suite 3200 Los Angeles, California 90017 Attention: Daniel Chang Fax: 213-612-2499 Phone: 213-612-2205 Re: Statewide Community Infrastructure Program The undersigned, a duly authorized officer of Riverside County Transportation Commission hereby requests a withdrawal from the Riverside County Transportation Commission Subaccount, as follows: Request Date: Fee Sub -account to be drawn from: Withdrawal Amount: The undersigned hereby certifies as follows: 1. The Withdrawal is being made in accordance with a permitted use of such monies pursuant to the SCIP program documents, and the Withdrawal is not being made for the purpose of reinvestment. 2. None of the items for which payment is requested have been reimbursed previously from other sources of funds. 3. If the Withdrawal Amount is greater than the funds held in SOF on behalf of the Riverside County Transportation Commission, the Program Administrator is authorized to amend the amount requested to be equal to the amount of such funds. 4_ To the extent the Withdrawal is being made prior to the date bonds have been issued on behalf of SCIP, this withdrawal form serves as the declaration of official intent of the Riverside County Transportation Commission, pursuant to Treasury Regulations 1.150-2, to reimburse with respect expenditures made from the Fee Sub -account listed above in the amount listed above. Unless amended by prior written notice to the Program Administrator, the Withdrawal Amount shall be forwarded to the financial institution and account provided to the Program Administrator as part of the County's SCIP enrollment materials. Dated: [DATE] RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Title: DOCSSF1:669246.2 40929-317 J78 B-1 72 • AGENDA ITEM 12 • RIVERS/DE COUNTY TRANSPORTATION COMM/SS/ON DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: Shirley Medina, Program Manager THROUGH: Anne Mayer, Programming and Administration Director SUBJECT: Transportation Uniform Mitigation Fee (TUMF) Programming Administrative Policy STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the TUMF Programming Administrative Policy; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: At the September 8, 2004 Commission meeting, the Commission approved a five- year Transportation Uniform Mitigation Fee (TUMF) Regional Arterial program that covers FY 2005 to FY 2009. A total of $71.3 million was allocated to 23 projects for various project phases. In addition to the above, the Commission directed staff to administratively amend the project status, cost and revenue figures based on actions taken by Western Riverside Council of Governments (WRCOG) in amending' the TUMF 10-Year Strategic Plan and Nexus Study. As with other funding programs, staff has identified additional administrative actions and is seeking approval to implement an administrative policy to cover such actions that may not require Commission approval. These actions include: 1) the reprogramming of funds; and 2) cost increases up to 10% for the construction phase only (the Commission's September 2004 approval did not include contingency). The proposed policy will allow staff the flexibility to work with the cities and in assisting with project delivery. TUMF Programming Administrative Policy Per the TUMF Project Implementation Administrative Policy, RCTC staff may approve project amendments within the following parameters: 73 1) Updates to the approved project status, cost and ;revenue figures pursuant to any actions or amendments taken by WRCOG regarding updates to the TUMF 10-year Strategic Plan and Nexus Study. 2) Reprogramming of funds, not to exceed the allocated amount, including: a. Programming funds from one phase to another b. Advancing funds from one phase to another c. Delaying funds from one phase to another 3) Allowance of an additional 10% increase for the construction phase if requested. Staff anticipates reprogramming requests in the near -term and the proposed policy would result in timely processing and implementation of TUMF projects. Programming requests outside of the above parameters will be brought forward to the Commission for approval. • 74 • AGENDA ITEM 13 • RIVERS/DE COUNTY TRANSPORTATION COMMISSION DATE: February 27, 2006 TO: Budget and Implementation Committee FROM: John Standiford, Public Affairs Director THROUGH: Eric Haley, Executive Director SUBJECT: State and Federal Legislative Update STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the following bill positions: AB 2025 (Niello, R-Fair Oaks) — SUPPORT AB 2028 (Huff, R-Diamond Bar) — SUPPORT; 2) Receive and file as an information item; and 3) Forward to the Commission for final action BACKGROUND INFORMATION: Federal Update — Washington Visits The months of February and March tend to be quite busy in Washington with the release of the federal budget and the subsequent appropriations request process. For that reason, RCTC Commissioners recently made visits to Washington. Chairman Marion Ashley, Second Vice Chairman Jeff Stone, Executive Director Eric Haley and Anne Mayer, Programming and Administration Director visited Washington on the week of February 13 and held a number of productive meetings with every member of the Riverside County Congressional Delegation, Senator Feinstein and the staff of Senator Boxer. The trip took place during the same time that Riverside's Monday Morning Group and the City of Lake Elsinore (with Commissioner Magee) were also making Capitol visits. Due to ongoing budget constraints and the ongoing lobbying scandal that has enveloped Washington, the issue of Congressional earmarking of projects has come under close scrutiny. Unlike in past years, there will be less money available to individual members for local projects. Projects that are a high priority, ready for construction and of regional importance will be favored. One subject area with significant needs and that has widespread support is investment in goods movement -related infrastructure such as railroad grade 75 separations. Last year, Congress approved funding for the Alameda Corridor East and for specific grade crossing projects in Riverside and Banning. Commission staff is working with Congressional offices to obtain additional funding for goods movement projects and will also provide support to local jurisdictions seeking funding for local projects such as the I-15/Railroad Canyon Interchange in Lake Elsinore and the I-15/Cajalco Interchange in Corona. Another rail project that is continuing to advance through the federal process is the Perris Valley Line extension of Metrolink in Riverside County. The issue of goods movement was the main topic of conversation during a Washington trip organized by the Southern California Association of Governments (SCAG) during the week of February 6. The SCAG contingent included RCTC representation by Commissioner Ron Roberts. Commissioner Roberts was joined by SCAG President Toni Young of Port Hueneme and additional elected representatives from Los Angeles, Orange, Ventura and Imperial counties. Meetings were held with the Chairmen and staff of both the House Transportation and Infrastructure Committee and the Senate Environment and Public Works Committee as well as with Congressman Jerry Lewis and representatives from the United States Department of Transportation and the ports industry. One message heard in the SCAG meetings was that now might be the time to start talking about the next major federal transportation bill. SAFETEA-LU was passed during the latter half of 2005 but it actually expires in 2009. These multi -year authorization bills take years to take shape, and the message regarding goods movement infrastructure is gaining traction. Should the state make a major investment on goods movement as part of a bond measure, it will also send a clear message to Washington regarding California's commitment to the issue. Another message that was sounded repeatedly during the SCAG trip is there will need to be an increase in federal revenue for transportation. This wasn't seriously considered in the deliberations for SAFETEA-LU but will need to be in 2009 because the federal trust fund is bound to run out of money about that time. State Update: Infrastructure Bond — March? November? March 10 is considered the practical deadline for the Legislature and Governor Schwarzenegger to reach agreement on a bond proposal to appear in time for the June 2006 ballot. At the time of the writing of this staff report, it's not clear whether that deadline will be met which could push the issue back to the November ballot. 76 • As part of the Legislative process, a number of hearings have been scheduled to consider the details of the Governor's proposal as well as other infrastructure proposals introduced by Senate President Pro Tempore Don Perata and Assembly Speaker Fabian Nunez. RCTC has been well -represented at these hearings by its Sacramento lobbyist Mark Watts and in two cases, RCTC representatives have actively participated by providing testimony. One such example occurred on February 15 when First Vice Chair Terry Henderson appeared before a hearing of the Senate Transportation and Housing Committee. The hearing was held at Chula Vista City Hall and focused on the issue of infrastructure needs in the state's border area with Mexico. Commissioner Henderson provided information on goods movement issues in the Coachella Valley with special emphasis on impacts to State Route 86S and Interstate 10 that are affected by trucks that cross the border and that also travel east from the Ports of Long Beach and Los Angeles. CVAG Executive Director John Wohlmuth also testified and provided details on growth in the eastern portion of the Coachella Valley and the need for additional truck capacity. Executive Director Eric Haley also testified at another hearing of the same committee that was held in Sacramento on February 7. The focus of the Sacramento hearing was on how projects should be selected for state funding. The key policy issue that has emerged that separates the Administration and the legislative proposals is how to select projects. The Governor's Strategic Growth, Plan relies on guidelines and criteria to be developed over the next several months' and which are based on the principles of the GoCalifornia template of making smart, targeted investments, while the legislative authors tend to rely on the existing allocation approaches the transportation community is comfortable with. There is a- lot of legislative staff work under way at the present focusing on developing allocation approaches for the Goods Movement and the Corridor Improvement/Focus Route categories. It would appear that, for both of the Governor's new major expenditure categories, the goal of the staff is to elevate the standing of regional and county agencies to a level on a par with the state in making allocation requests and recommendations, with the likely role for the ultimate determination to be at the California Transportation Commission. Senator Bob Dutton of Rancho Cucamonga is the Senate sponsor of the Governor's proposal and has actively sought out local input on the particulars of the legislation. The Senator has had regular meetings of the local business and transportation community which has included participation from RCTC staff. The Senator represents a significant part of Riverside County and has been successful in communicating local transportation needs to many other legislators. Staff will keep the Commissioners apprised of ongoing developments regarding this legislation. 77 Assembly Republicans have also added a number of bills to the infrastructure deliberation process with some opposed to a major bond effort. Two bills of interest to RCTC are AB 2025 authored by Roger Niello and AB 2028 by Robert Huff. AB 2025 would broaden the state's authority to use design -build contracting and is similar to other bills that RCTC has already supported. AB 2028 is likely to be amended but would enact into law that it would be the state's intention to repay previously -diverted Proposition 42 dollars by FY 2007-08. The current budget proposed by the Governor would repay $920 million of previously diverted Proposition 42 funds and it is unclear how it will fare during the legislative process. Proposition 42 Fix An important component of the Governor's Strategic Growth Plan is reform. This includes reform of the state's contracting procedures to allow for Design Build contracting, greater flexibility for private sector investment and greater protection for Proposition 42. The Governor's call to fix Proposition 42 is embodied in ACA 4 (Plescia) which eliminates the suspension clause presently in the constitution. RCTC has already taken a SUPPORT position on this bill. There is growing support in the legislature to support this approach, although there are rumors floating out of the Assembly that the leadership there would like to see an approach that would combine a Proposition 42 "fix" with elimination of the suspension clause in Proposition 98. In recognition of the long-standing goal that addressing Proposition 42 is critical to stabilizing transportation funding, the California Alliance for Jobs, Transportation California and the League of California Cities are sponsoring an initiative that eliminates the suspension clause and calls for repayment of outstanding General Fund loans over a 10-year period. This initiative is in the signature gathering phase and is on target to submit the necessary signatures in a timely manner to qualify for the November 2006 ballot. Attachment: Legislative Matrix 78 • • • NTY TRANSPORTATION COMMISSION - POSITIONS ON STATE AND FEDERAL LEGISLATION — UPDATED February 17, 2006 � 1 A[It e r` y . AB 426 (Bogh) This bill would require Caltrans to convert all HOV lanes on state highways in Riverside County that currently operate on a 24-hour basis into part-time HOV lanes that operate as mixed -flow lanes except during peak periods, subject to any required approvals of the federal government. Bill is dead. SUPPORT IN CONCEPT 4/13/05 AB 453 (Benoit) This bill would extend the time limit that is currently in place under state law for state funding of railroad grade crossings. 9/22/05 — Signed by Governor. SUPPORT 4/13/05 AB 850 (Canciamilla) This bill would authorize the Department of Transportation to enter into comprehensive development franchise agreements with public and private entities for specified types of transportation projects subject to certain requirements and conditions. The bill would require a franchise agreement to allow the department to acquire by condemnation or negotiation the financial value of a competing toll facility if it opens a competitive state facility in the same corridor. Bill is dead. SUPPORT WITH AMENDMENTS 4/13/05 AB 1266 (Niello) This bill would generally authorize the Department of Transportation to award contracts for projects using the design -sequencing contract method, if certain requirements are met. Bill is dead. SUPPORT 4/13/05 AB 1699 (Frommer) This bill would state the intent of the Legislature to authorize certain transportation authorities to use a design -build process for bidding on one highway construction project within the jurisdiction of the applicable transportation authority. 7/5/05 Hearing postponed by Senate Trans & Housing Committee. SUPPORT IN CONCEPT 5/1 1 /05 AB 1714 (Plescia) This bill would require the construction of the more affordable skyway structure and would limit the use of additional toll revenue to seismic retrofit projects such as the Bay Bridge repair. The state's responsibility of $300 million will be for the demolition of the old bridge. The rest of the money needed to complete the new bridge would have to be raised from a combination of increased tolls, local bond sales and existing state and federal highway appropriations. AB 1714 reflects the Governor's position on the Bridge issue. Bill is dead. SUPPORT 5/1 1 /05 AB 2025 (Niello) This bill would authorize the department to contract using the design- build process, as defined, for the design and construction of transportation projects. 2/15/06 From Printer. May be heard in Committee 3/17/06. STAFF RECOMMENDS: SUPPORT AB 2028 (Huff) This bill would state the intent of the Legislature to provide an appropriation in the Budget Act of 2007 or in related legislation during the 2007-08 fiscal year to repay fully all funds which would have been transferred to the Transportation Investment Fund in previous fiscal years. -- - - 2/15/06 From Printer. May be heard in Committee 3/17/06. STAFF RECOMMENDS: SUPPORT F:\users\preprint\js\ egmat.doc M` ACA 4 (Plescia) This measure would delete the provision authorizing the Governor and the Legislature to suspend the transfer of revenues from the General Fund to the Transportation Investment Fund for a fiscal year during a fiscal emergency, specific to Proposition 42. Approved by Assembly Transportation Committee on 1`/10/06 and referred to Appropriations. SUPPORT 1 /12/05 ACA 9 (Bogh) This measure would change the vote requirement to 4/5 of the membership of each house of the Legislature in order to enact a statute suspending in whole or in part the transfer of motor vehicle tax revenue from the General Fund to the Transportation Investment Fund, specific to Proposition 42. Approved by Assembly Transportation Committee on 1/10/06 and referred to Appropriations. SUPPORT 3/18/05 ACA 11 (Oropeza) This measure would delete the provisions authorizing the transfer of revenues from the General Fund to the Transportation Investment Fund to be suspended. The measure would authorize the Legislature to loan funds in the Transportation Investment Fund to the General Fund or any other state fund or account, or to local agencies, under conditions that are similar to conditions applicable to loans of revenues under Article XIX of the California Constitution, and would require interest to be paid on a loan that is not repaid within the same fiscal year as it was made, specific to Proposition 42. Approved by Assembly Transportation Committee on 1 /10/06 and referred to Appropriations. SUPPORT 3/18/05 ACA 22 (LaMalfa) Proposed Constitutional Amendment would severely restrict the use of eminent domain. 1/31/06 Re -referred to Committee on Housing and Community Development. SEEK AMENDMENTS 9/14/05 ACA X 1 4 (Keene) This measure would, on and after July 1, 2006, prohibit the transfer of funds from a special fund to the General Fund as a loan, with specified exceptions. Any funds that were transferred prior to that date from a special fund for the purpose of making a loan to the General Fund and that have not been repaid would be required to be repaid over the next 15 years. In exchange,. Proposition 42 would be permanently protected in the future. Amended. Re -referred to Committee on Budget Process 4/12/05. WATCH 4/13/05 SB 371 (Torlakson) This bill would allow state, regional, and local transportation authorities to try design -build contracting under specific criteria and for these projects to be audited to determine the success or failure of use of design -build by these transportation entities. 1 /31 /06 In Assembly. 'Read first time. Held. SUPPORT IN CONCEPT 5/1 1 /05 SB 427 (Hollingsworth) Originally, this bill would exempt from CEQA requirements the construction of any overpass, onramp, or offramp that is built -on an existing State Department of Transportation (CALTRANS) right -of- way. It has now been amended to make changes to the environmental scoping process and additional amendments are likely. 2/16/06 To Committee on Natural Resources. SUPPORT 4/13/05 FAusers\pre rint\js\ egmat.doc • • 1 y ' k '¢T ..ii $ p9 y..`��rPP -f _ .: III SB 561 (Runner & Torlakson) This bill would provide additional transportation options in allowing for toll facilities, but does so in a manner that eliminates the inherent unfairness to the public from the imposition of non -compete clauses. 1/31/06 Returned to Secretary of Senate. SUPPORT 7/13/05 SB 705 (Runner) This bill would authorize the Department of Transportation to contract using the design -build process for the design and construction of transportation projects. The bill would require the director of the department to establish a prequalification and selection process. 2/1 /06 Returned to Secretary of Senate. SUPPORT 4/13/05 SB 1024 Torlakson & Perata) This bill would enact the Safe Facilities, Improved Mobility, and Clean Air Bond Act of 2005 to authorize $7,688,000,000 in state general obligation bonds for specified purposes, including the seismic retrofit of toll bridges, levee improvements, restoration of Proposition 42 transportation funds, port infrastructure and security projects, trade corridors of significance, emissions reduction projects, environmental enhancement projects, and transportation needs in cities, counties, and cities and counties that meet certain requirements relative to provisions of housing needs in their communities, subject to voter approval. 1/31/06 In Assembly. Read first time. Held. SUPPORT WITH AMENDMENTS 12/14/05 SCA 15 (McClintock) Proposed Constitutional Amendment would severely restrict the use of eminent domain. 8/30/05 Set first hearing. Failed passage in Committee 3-2. Reconsideration granted. SEEK AMENDMENTS 9/14/05 FEDERAL LEGISLATION H.R. 3 (Young) The U.S. House of Representatives approved H.R. 3 authored by Alaska Republican Don Young which provides a six -year renewal of the Federal Transportation Act. Known as SAFETEA-LU (Transportation Equity Act: A Legacy for Users), H.R. 3 authorizes the expenditure of $284 billion over six years on federal transportation programs and also sets a number of federal transportation policies. Signed by the President on Aug. 10 SUPPORT 4/13/05 F:\users\preprint\js\legmatdoc