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11 November 26, 2012 Budget & Implementation• TIME: DATE: lOCATION: • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE MEETING AGENDA 9:30a.m. Monday, November 26, 2012 BOARD ROOM County of Riverside Administrative Center 4080 lemon Street, First Floor, Riverside ~ COMMITTEE MEMBERS ~ Rick Gibbs, Chair/ Kelly Bennett, City of Murrieta Ella Zanowic Vice Chair I Jeff Hewitt, City of Calimesa Roger Berg I Jeff Fox, City of Beaumont Mary Craton I Barry Talbot, City of Canyon Lake Greg Pettis I Kathleen DeRosa, City of Cathedral City Steven Hernandez I Eduardo Garcia, City of Coachella Scott Matas I Yvonne Parks, City of Desert Hot Springs Larry Smith I Robert Youssef, City of Hemet Douglas Hanson I Patrick Mullany, City of Indian Wells Bob Magee I Melissa Melendez, City of Lake Elsinore Steve Adams I Andy Melendrez, City of Riverside Ron Roberts I Jeff Comerchero, City of Temecula John F. Tavaglione, County of Riverside, District II Jeff Stone, County of Riverside, District Ill ~STAFF~ Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer ~ AREAS OF RESPONSIBILITY ~ Annual Budget Development and Oversight Competitive Federal and State Grant Programs Countywide Communications and Outreach Programs Countywide Strategic Plan Legislation Public Communications and Outreach Programs Short Range Transit Plans RECORDS Comments are welcomed by the Committee. If you wish to provide comments to the Committee, please complete and submit a Speaker Card to the Clerk of the Board. Tara Byerly From: Sent: To: Cc: Subject: Importance: Tara Byerly Tuesday, November 20, 2012 8:42AM Tara Byerly Jennifer Harmon RCTC-Budget and Implementation Committee Agenda 11.26.2012 High Good Morning Budget and Implementation Committee Members: Attached below is the link to the Budget and Implementation Committee agenda for the meeting scheduled @ 9:30 a.m. on Monday, November 26. http://www.rctc.org/uploads/media items/budget-and-implementation-committee-november-26-2012.original.pdf Please let me know if you have any questions. Respectfully, TaraS. Byerly Senior Adrrlinistrative Assistant 4080 Lemon Street, 3rd Floor Riverside, CA 92501 (951) 787-7141 1 • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE www.rctc.org AGENDA* *Actions may be taken on any item listed on the agenda 9:30a.m. Monday, November 26, 2012 BOARDROOM County Administrative Center 4080 Lemon Street, First Floor Riverside, California In compliance with the Brown Act and Government Code Section 54957.5, agenda materials distributed 72 hours prior to the meeting, which are public records relating to open session agenda items, will be available for inspection by members of the public prior to the meeting at the Commission office, 4080 Lemon Street, Third Floor, Riverside, CA, and on the Commission's website, www.rctc.org. In compliance with the Americans with Disabilities Act and Government Code Section 54954.2, if you need special assistance to participate in a Committee meeting, please contact the Clerk of the Board at (951) 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. PLEDGE OF ALLEGIANCE 3. ROLL CALL 4. PUBLIC COMMENTS -Each individual speaker is limited to speak three (3) continuous minutes or Jess. The Committee may, either at the direction of the Chair or by majority vote of the Committee, waive this three minute time limitation. Depending on the number of items on the Agenda and the number of speakers, the Chair may, at his/her discretion, reduce the time of each speaker to two (2) continuous minutes. Also, the Committee may terminate public comments if such comments become repetitious. In addition, the maximum time for public comment for any individual item or topic is thirty (30) minutes. Speakers may not yield their time to others without the consent of the Chair. Any written documents to be distributed or presented to the Committee shall be submitted to the Clerk of the Board. This policy applies to Public Comments and comments on Agenda Items. Budget and Implementation Committee November 26, 2012 Page 2 Under the Brown Act, the Board should not take action on or discuss matters • raised during public comment portion of the agenda which are not listed on the agenda. Board members may refer such matters to staff for factual information or to be placed on the subsequent agenda for consideration. 5. APPROVAL OF MINUTES -AUGUST 27, 2012 6. 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.) 7 · CONSENT CALENDAR -All matters on the Consent Calendar will be approved in a single motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled from the Consent Calendar will be placed for discussion at the end of the agenda. 7A. QUARTERLY FINANCIAL STATEMENTS Page 1 Overview This item is for the Committee to: 1 ) Receive and file the Quarterly Financial Statements for the period ending September 30, 2012; and 2) Forward to the Commission for final action. 78. OUARTERL Y INVESTMENT REPORT Page5 Overview This item is for the Committee to: 1) Receive and file the Quarterly Investment Report for the quarter ended September 30, 2012; and 2) Forward to the Commission for final action. • • • • • Budget and Implementation Committee November 26, 2012 Page 3 8. QUARTERLY SALES TAX ANALYSIS Page 21 Overview This item is for the Committee to: 1) Receive and file the sales tax analysis for Quarter 2 (Q2) 2012; and 2) Forward to the Commission for final action. 9. REVISIONS TO PROCUREMENT POLICY MANUAL Page 29 Overview This item is for the Committee to: 1) Approve the revised Riverside County Transportation Commission Procurement Policy Manual for the procurement and contracting activities undertaken by the Commission, pursuant to legal counsel review, as to conformance to state and federal law; 2) Adopt Resolution No. 12-031, #Resolution of the Riverside County Transportation Commission Regarding the Revised Procurement Policy Manual"; and 3) Forward to the Commission for final action. 10. SUNSET AVENUE GRADE SEPARATION PROJECTS Page 86 Overview This item is for the Committee to: 1) Allocate $1 0 million in federal Congestion Mitigation Air Quality (CMAQ) funds to the city of Banning (Banning) in support of the Sunset Avenue grade separation project; and 2) Forward to the Commission for final action. 11 . COMMISSIONERS I STAFF REPORT Overview This item provides the opportunity for the Commissioners and staff to report on attended and upcoming meeting/conferences and issues related to Commission activities. Budget and Implementation Committee November 26, 2012 Page 4 12. ADJOURNMENT AND NEXT MEETING The next Budget and Implementation Committee meeting is scheduled to be held at 9:30 a.m., Monday, January 28, 2013, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE SIGN-IN SHEET NOVEMBER 26, 2012 NAME AGENCY E MAIL ADDRESS L~ll..R"I ~ Mrfh. HtfMtrr_ Ltt!:> l1~ V),.:;" eQ_ ~tefis-:~~ J7t .-L,U/ .. / (!~t--~trn 1/ ~· (;A~p-n ::)~ ')~u..c~c-~<1<::.4 -t= E '-'l-A k..u #!)~ I •• ~;~s. ~.:\..J..~~t\ ~--JG :TIL \..__)C_~ ( ~Jb.J---____., j_.? J#/~/.,1.-it ... ,.,<o'»Yl/n~ ~L~;?r;n kc:;;-, ~s (.{ 1< ~-'h -fi lfls ~(_~/l.EL crft flo .bi>YL /16J7___; ~ -1;-,h)) yYJ 7I~ l "-" T.t RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE ROLL CALL NOVEMBER 26, 2012 County of Riverside, District II County of Riverside, District Ill City of Beaumont City of Calimesa City of Canyon Lake City of Cathedral City City of Coachella City of Desert Hot Springs City of Hemet City of Indian Wells City of Lake Elsinore City of Murrieta City of Riverside City of Temecula Present ;[ ~ ~ * ~ JiY' D [] , Absent [] D [] D [] D [] CUUL-\'vci q .... 4 S ct. th. D [] ~ [] ~ D • • • AGENDA ITEM 5 MINUTES • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE Monday, August 27, 2012 MINUTES 1 . CAll TO ORDER The meeting of the Budget and Implementation Committee was called to order by Chair Rick Gibbs at 9:31 a.m., in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. 2. PlEDGE OF AlLEGIANCE 3. At this time, Commissioner Ron Roberts led the Budget and Implementation Committee in a flag salute . ROll CAll Members/ Alternates Present Steve Adams Roger Berg Mary Craton Rick Gibbs Douglas Hanson Steven Hernandez* Bob Magee Ron Roberts Larry Smith John Tavaglione Ella Zanowic Members Absent Scott Matas Greg Pettis Jeff Stone *Arrived after the meeting was called to order 4. PUBLIC COMMENTS There were no requests to speak from the public . RCTC Budget and Implementation Committee Minutes August 27, 2012 Page 2 5. APPROVAL OF MINUTES-JUNE 25, 2012 M/S/C (Adams/Smith) to approve the minutes of June 25, 2012 meeting as revised. 6. ADDITIONS I REVISIONS There were no additions or revisions to the agenda. 7. QUARTERLY FINANCIAL STATEMENTS Theresia Trevino, Chief Financial Officer, requested to present Agenda Items 7-10 concurrently. She then provided an update on the quarterly financial statements for the period ended June 30, 2012, the quarterly investment report, the single signature authority report, and the quarterly sales tax analysis for Quarter 1 (Q 1) 2012. M/S/C (Adams/Craton) to: 1) 2) Receive and file the Quarterly Financial Statements for the period ended June 30, 2012; and Forward to the Commission for final action. 8. QUARTERLY INVESTMENT REPORT M/S/C (Adams/Craton) to: 1) Receive and file the Quarterly Investment Report for the quarter ended June 30, 20 12; and 2) Forward to the Commission for final action. 9. SINGLE SIGNATURE AUTHORITY REPORT M/S/C (Adams/Craton) to: 1 ) Receive and file the Single Signature Authority report for the fourth quarter ended June 30, 20 12; and 2) Forward to the Commission for final action. • • • • • • RCTC Budget and Implementation Committee Minutes August 27, 2012 Page 3 10. QUARTERLY SALES TAX ANALYSIS M/S/C (Adams/Craton) to: 1) Receive and file the sales tax analysis for Quarter 1 (Q1) 2012; and 2) Forward to the Commission for final action. At this time, Commissioner Steven Hernandez arrived at the meeting. 11. FISCAL YEAR 2012/13 ANNUAL LOCAL TRANSPORTATION FUND PLANNING ALLOCATIONS TO WESTERN RIVERSIDE COUNCIL OF GOVERNMENTS AND COACHELLA VALLEY ASSOCIATION OF GOVERNMENTS Shirley Medina, Programming and Planning Manager, provided a brief overview for the FY 2012/13 Local Transportation Fund planning allocations to Western Riverside Council of Governments and Coachella Valley Association of Governments . M/S/C (Adams/Zanowic) to: 1) Approve an allocation of Local Transportation Fund (L TF) Planning funds in the amount of $503,250 to the Western Riverside Council of Governments (WRCOG) and $274,500 to the Coachella Valley Association of Governments (CVAG) to support transportation planning programs and functions as identified in each agency's FY 2012/13 L TF Program Objectives/Work Plan (Work Plan); and 2) Forward to the Commission for final action. 12. INTERAGENCY FIXED ROUTE TRANSFER AGREEMENT BETWEEN SUNLINE TRANSIT AGENCY, THE COMMISSION, AND METROLINK Henry Nickel, Staff Analyst, provided a detailed overview of the interagency fixed route transfer agreement between Sun line Transit Agency, the Commission, and Metrolink. M/S/C (Craton/Zanowic) to: 1) Approve Agreement No. 13-25-009-00 with Sunline Transit Agency (Sunline) and the Southern California Regional Rail Authority (SCRRA) for fixed route transfers; RCTC Budget and Implementation Committee Minutes August 27,2012 Page 4 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Forward to the Commission for final action. 13. COMMISSIONERS I EXECUTIVE DIRECTOR REPORT 13A. John Standiford, Deputy Executive Director, announced: • The Interstate 215 Central widening project procurement process continues; and • There is no legislative update since it was the last week of the Legislature. He noted there will be a detailed staff report of the happenings in Sacramento next month. 14. ADJOURNMENT AND NEXT MEETING There being no further business for consideration by the Budget and Implementation Committee, the meeting was adjourned at 9:46 a.m. The next meeting of the Budget and Implementation Committee is scheduled for September 24, 2012 at 9:30 a.m. Respectfully submitted, Jennifer Harmon Clerk of the Board • • • • AGENDA ITEM 7 A • • • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: November 26, 2012 TO: Budget and Implementation Committee FROM: Michele Cisneros, Accounting and Human Resources Manager THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Quarterly Financial Statements STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the Quarterly Financial Statements for the period ending September 30, 2012; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: During the. first three months of the fiscal year, staff monitored the revenues and expenditures of the Commission. The first quarter of the year is primarily directed toward completing fiscal year end closing activities. Staff expects most of the categories to present a more realistic outlook beginning in the second quarter. The operating statement shows the sales tax revenues for the first quarter at 7 percent of the budget. This is a result of Governmental Accounting Standards Board (GASB) Statement No. 33. GASB 33 requires sales tax revenue to be accrued for the period in which it is collected at the point of sale. The State Board of Equalization collects the Measure A funds and local Transportation Fund (L TF) funds and remits them to the Commission after the reporting period for the businesses. This creates a two-month lag in the receipt of revenues by the Commission. Accordingly, these financial statements reflect the revenues related to collections for July 2011. On a cash basis, the Measure A and L TF sales tax revenues are 5. 75 percent and 4.69 percent higher, respectively than the same period last fiscal year. Staff will continue to monitor the trends in the sales tax receipts and report to the Commission any necessary adjustments to the FY 201 2/1 3 budget for sales tax revenues . Agenda Item 7 A 1 Federal, state, and local revenues are on a reimbursement basis. The Commission will receive these revenues as eligible project costs are incurred and invoiced to the respective agencies. Invoices related to first quarter expenditures will be prepared and submitted in the second quarter. During the FY 2012/13 budget process, the Commission took a conservative approach in estimating the Transportation Uniform Mitigation Fee (TUMF) revenues of $4 million passed through from the Western Riverside Council of Governments (WRCOG) as a result of the housing sector. The budgeted balance of $1,25 7,000 relates to TUMF Zone reimbursements from WRCOG for the 74/215 interchange project. Staff will invoice WRCOG for TUMF zone reimbursements as eligible expenditures are incurred in the second quarter. The Commission took a conservative approach in estimating interest income for FY 2012/13 as a result of flat interest yields on invested balances. A significant portion of interest income related to the first quarter was recorded in the second quarter. The expenditure categories are in line overall with the expectations of the budget with the following exceptions: • • Salaries and benefits are slightly over as a result of a prepayment for the FY 2012/13 employer retirement contribution, which provides a discount of half a year's interest; and Regional arterials reports a negative actual amount as a result of the accounting reversal for estimated expenditure accruals for regional arterial act1v1t1es as of June 30, 2012, but not yet invoiced through September 30, 2012. Debt service interest expenditures on the 2010 Bonds are made in December and June, while interest expenditures on the 2009 Bonds are made monthly due to the variable rate nature of the bonds. Principal payments on the 2009 Bonds and 2010 Bonds are made in June. Debt proceeds consist of commercial paper and bond issuances. The Commission issued $20 million in commercial paper notes during the first quarter. A significant portion of the debt proceeds are expected to occur in the fourth quarter in connection with the State Route 91 Corridor Improvement Project financing. · Staff will continue to monitor the revenues and expenditures and will notify the Commission of any unusual events. Attachment: Quarterly Financial Statements -September 2012 Agenda Item 7 A 2 • • • RIVERSIDE COUNTY TRANPORTATION COMMISSION QUARTERLY BUDGET VS ACTUAL 1ST QUARTER • FOR THREE MONTHS ENDED 9/30/2012 FY 2012/13 1ST QUARTER REMAINING PERCENT BUDGET ACTUAL BALANCE UTILIZATION Revenues Sales tax $ 211,212,500 $ 14,314,100 $ (196,898,400) 7% Federal reimbursements 73,151,900 (73,151,900) N/A State reimbursements 17,917,800 247,896 (17,669,904} 1% Local reimbursements 2,688,700 28,014 (2,660,686) 1% Transportation Uniform Mitigation Fee 5,257,300 (5,257,300) N/A Other revenues 882,800 122,159 (760,641) 14% Interest 7,265,900 462,786 (6,803, 114) 6% Total revenues 318,376,900 15,174,955 (303,201 ,945) 5% Expenditures Salaries and benefits 6,971,100 2,061,271 4,909,829 30% Professional and support Professional services 14,474,800 828,123 13,646,677 6% Support costs 5,323 240 1 203,531 4,119,709 23% Total Professional and support costs 19,798,040 2,031,654 17,766,386 10% Projects and operations Program operations -general 16,576,500 927,792 15,648,708 6% Engineering 27,912,060 1,308,562 26,603,498 5% Construction 125,464,800 3,284,582 122,180,218 3% Design Build 29,050,000 2,668,100 26,381,900 9% Right of way/land 110,312,095 3,854,774 106,457,321 3% Operating and capital disbursements 97,710,490 21,603,245 76,107,245 22% Special studies 800,000 5,844 794,156 1% Local streets and roads 39,357,000 2,648,435 36,708,565 7% Regional arterials 20,400,400 (548,454) 20,948 854 -3% • Total projects and operations 467,583,345 35,752,880 431 ,830,465 8% Debt service Principal 126,800,000 126,800,000 N/A Interest 16,613,000 1,471,669 15,141,331 9% Total debt service 143,413,000 1,471,669 141,941,331 1% Capital outlay 447,700 5,452 442,248 1% Total Expenditures 638 213 185 41 322 926 596 890 259 So/o Excess revenues over (under) expenditures (319,836,285) (26,147,971) 623,493,757 8% Other financing sources/( uses) Operating transfer in 327,567,190 8,000,148 (319,567 ,042) 2% Operating transfer out· (327,567,190) (8,000,148) 319,567,042 2% Debt proceeds 1,220172,000 20 000 000 (1 ,200 172,000} 2% Total financing sources/(uses) 1,220,172,000 20,000,000 1 ,200,172,000 2% Net change in fund balances 900,335,715 (6,147,971) 1,823,665,757 -1% Fund balance July 1, 2012 556,693,300 575,578,619 18,885,319 103% Fund balance September 30, 2012 $ 1,457,029,015 $ 569,430,648 $ 1,842,551,076 39% • 3 • Revenues Sales tax State reimbursements Local reimbursements Other revenues Interest T a tal revenues Expenditures Salaries and benefits Professional and support Professional services Support costs Total Professional and support costs Projects and operations Program operations-general Engineermg Construction Design Build Right of way/land Operating and capital disbursements Special studies Local streets and roads Regional arterials Total projects and operations Debt service Interest Total debt service Capital outlay Total Expenditures Excess revenues over (under) expenditures Other financing sources/( uses) Operating transfer in Operating transfer out Debt proceeds Total financing sources/{uses) Net change in fund balances Fund balance July 1, 2012 Fund balance September 30, 2012 FSP/ GENERAL FUND SAFE 270,000 $ $ 594 4,100 298 274,694 298 1,425.997 23,028 (152,074) (38,884) 1,016,497 43,837 864.423 4,953 216,995 365,987 9,354 5,014.487 5,240,836 365,987 4.793 • RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET VS ACTUALS BY FUND 1ST QUARTER FOR THREE MONTHS ENDED 9130/2012 MEASURE A SALES TAX WESTERN PALO COACHELLA LOCAL STATE TRANSIT COUNTY VERDE VALLEY TRANSPORTATION ASSISTANCE VALLEY FUND 6,550,651 $ 61,510 $ 2,101,839 $ 4,414,300 $ 24(,896 27,420 117,761 6,943,728 61,510 2.101,839 4,414,300 589,304 671 969,075 143,139 1.112,214 325,416 1,018,084 2,099,058 2.668,100 4,080,285 988,674 1.125,000 14.428.134 46,950 5,844 1,851,281 61,510 735,644 548,454 13.036,742 61,510 1.312,190 14.428,134 46,950 659 TRANSPORTATION COMMERCIAL SALES TAX UNIFORM MITIGATION PAPER BONDS DEBT SERVICE FEE (TUMF) $ 915,800 $ $ $ 457,289 5,316 181 915,800 457,289 5,316 181 22,271 50,006 58 50,064 19,394 281,124 1,185,524 (999,214) 578,080 195,623 (698,696) 578,080 1,381.147 1,471,669 1,471,669 7,536,049 393,9§!_ ____ 14.738,919 61,510 1,312,861 14,428,13~ .. -46.1~--~J) ___ SI~.o_80 ___ 1,381,147 ____ L~71,669 (7,261.355) (393,670) (7,795,191) 788,978 (10,013,834) (46,950) 1,542,161 (120,791) (1,375,831) 5,799.814 1,576,060 (664,104) (5,799,814) (186,514) (1,349.716) 20,000,000 5,799,814 911,956 (5,799,814) ___ j9,813,486 (1 ,349,716) (1.461.541) (393,670) (6,883,235) 788,978 (15,813,648) (46,950) 13,685,227 7 255,419 240,237 824 556 17 346,594 92,088,969 43 854,533 12,223,686 $ 6,861,749 $ 233,354,589 $ 556 $ 18,135,572 $ 76,275,321 $ 43,807,583 4 1,542,161 73,224,071 74.766,232 19,692,695 31,143,594 50,836,289 (2,725,547) 5,651,884 2,926,337 (1,471.488) 624.274 624,274 (847.214) 51,089,948 50,242.734 $ • COMBINED TOTAL 14,314,100 247,896 28,014 122,159 462,786 15,174,955 2.061,271 828,123 1.203,531 2.031,654 927,792 1,308,562 3,284,582 2.668,100 3.854,774 21,603,245 5,844 2,648,435 548,454) 35.752,880 1.471,669 1,471,669 5.452 41,322,926 (26,147,971) 8,000,148 (8,000,148) 20,000,000 20,000,000 (6,147,971) 575,578,619 569,430,648 • AGENDA ITEM 78 • • • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: November 26, 2012 TO: Budget and Implementation Committee FROM: Anne Hallberg, Accounting Supervisor THROUGH: Theresia Trevino, Chief Financial Officer 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 September 30, 2012; 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 of Riverside's Investment Report for the month ended September 30, 2012, is also attached for review. Attachments: 1) Quarterly Investment Report for the quarter ended September 30, 2012 2) . County of Riverside Investment Report for the month ended September 30, 2012 Agenda Item 7B 5 • • • Operating Funds 80.30% Statement of Compliance Nature of Investments Debt Reserve .94% Portfolio _M_a_t_u_ri_ty ___ o to 90 Days 100% Portfolio Investment Type LA IF All of the above investments and any investment decisions made for the quarter ended September 30, 2012 were in full compliance with the Commission's investment policy as adopted on June 7, 2012. The Commission has adequate cash flows for six months of operations. Signedby:~~ Chief Financial Officer 6 • R1vers1de County Transportation Comm1ssion Investment Portfolio Report Period Ended· September 30. 2012 OPERATING FUNDS Ctty Nat1onal Bank Deposits County Treasurer's Pooled Investment Fund Local Agency Investment Fund (LA/F) AgencyfTreasury Securities: Subtotal Operating Funds FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund Local Transportation Fund Subtotal Funds Held In Trust COMMISSION BOND PROJECT FUNDS/DEBT RESERVE US Bank Money Market Investment Agreements County of Riverside Pool invostment First American Government Obligation Fund Subtotal Bond Project Funds/Oebt Reserve TOTAL All Cash and Investments Investment Transactions for the Quarter Ended September 30, 2012 Purchases: None Maturities: None $ RATING COUPON FAIR VALUE MOODYS/FITCH S&P RATE 3,980,432 A3/BBB• N/A 407,894,199 Aaa/MR1/AAAN1 N/A 3,609,649 Not Rated N/A N/A N/A 4 15, '484.'280 76,185,961 Aaa·MR1/AAAIV1 N/A 76,185,961 22 Aaa/AAAm N/A 1,763 Aaa/MR1/AAAN1 N/A 25,727,533 Aaa/AAAm N/A 25,729,318 517,399,559 Par Value at Matunty MatuntyDate Coupon Rate PAR VALUE • PURCHASE MATURITY DATE DATE N/A N/A N/A N/A YIELD TO MATURITY NIA 0.42% N/A 042% 042% N/A PURCHASE COST SUMMARIZED INVESTMENT TYPE Banks County Pool County Pool Investment LAIF Mutual Funds CNI Charter US Bank Monoy Market First American Government Obligation Fund Sub· Total Mutual Funds Federal Agencysecunties Certificates of Deposit U.S Treasury securit1es Corporate Note/Commercial Paper Investment Agreements 7 TOTAL MARKET VALUE 22 ~ UNREALIZED GAIN (LOSS) 3,980.432 484,080,159 1,763 3,609.649 25,727,555 517,399,559 • • • 2012 County of Riverside Septen1ber Treasurer's Pooled Invest1nent Fund ''QE3 to Infinity and Beyond" For the better part of this year, the capital markets have been expecting quantitative easing, part three (QE3) from the FED, from one meeting to the next, depending on the most cur- rent economic indicators. As we moved into August, our stock markets were rallying strongly on the hope of further balance sheet expansion programs based on their comments. At its regularly scheduled meeting on August 1'1• the FED stated, "Economic activity decelerated somewhat over the first half of this year. Despite some further signs of improve- ment, the housing sector remains depressed." The biggest surprise was the statement "The Committee will closely monitor incoming infor- mation on economic and financial developments and will provide additional acconm1odation as needed". This was the wind up before the pitch. Some thought Bemanke & Co. would wait a bit longer reasoning that they should keep the powder dry and for the dust to clear from the upcoming and contentious presidential election. Clearly, the FED felt differently and on Septem- ber 131h at its regularly scheduled meeting launched QE3, a $40 billion a month open-ended mortgage backed securities (MBS) bond buying program "to infinity and beyond." The FED stated, "The Conmuttee is concerned that, without further policy acconm10- dation, economic growth nlight not be strong enough to generate sustained improvement in labor market conditions." In other words, until employment begins to show signs of recovery. Furthermore, "To support continued progress toward maximum employment and price stabil- ity, the Comnuttee expects that a highly accom- modative stance of monetary policy will remain appropriate for a considerable time after the econonuc recovery strengthens." They've sug- gested through 2015. The FEDs' statement also suggests that with the QE3 launch, they have clearly shift- ed away from concern about inflation to a no- holds barred slugfest on maxinuzing employ- ment. However, many capital markets observers wonder, will buying MBS bonds promote real employment and econonuc growth? Moreover, will this program continue to support the emerg- ing housing recovery that we so desperately need, or was this politics at its finest a couple of months before a very important election? Only time will tell as the concern is that markets are too reliant and accustomed to FOMC interven- tion. Next up, cooler temperatures as we welcome the fall season that is upon us, the elec- tions, and, the loonung debate of the fiscal cliff prior to year-end. Stay tuned to your business news; you can be assured that we will in manag- ing the assets of the Pool on behalf of our deposi- tors. Don Kent Treasurer-Tax Collector Capital Markets Team Treasurer-Tax Collector Don Kent Asst. Treasurer-Tax Collector Jon Christensen Investment Manager Giovane Pizano Asst. Investment Manager Angela Tressler Investment Objectives The primary objective of the treasurer shall be to st~fe­ guard tlw principal of the funds under the treasurer's control, meet the li- quidity needs of the depositor, and achieve a return on the fuuds under his or her control. RIVERSIDE COUNTY TREASURER'S POOLED INVESTMENT FUND IS CURRENTLY RATED: Aaa-bf BY MOODY'S INVESTOR'S SERVICE AND AAAfV1 BY HTCH RATINGS 5,926,568,258.87 5,920,236,964.13 6,331,294.74 0.11 0.44 1.10 The Treasurer's Pooled Investment Fund is comprised of the County, Schools, Special Districts, and other Discretionary Depositors. 8 1.08 Current Market Date Economic Indicators Released on: Indicator Definition Consensus Actual 10/5/2012 10/5/2012 9/27/2012 9/27/2012 Stock Indices Nonfarm Payrolls- M/M change Unemployment Rate Counts the number of paid employees working. part-time or full-time in the nation's business and government establishments. Measures the number of unemployed as a percentage of the labor force. Durable Goods Orders-Reflects the new orders placed with domestic MjM change manufacturers for immediate and future delivery of factory hard goods. Real Gross Domestic The broadest measure of aggregate economic Product-Q/Q change activity and en com passes every sector of the economy. GDP is the country's most Value Chan e P9~iJ:O~~(DJlii}~i>::,, :.J~ul3,.437f~l;,~, .. p4\6 .. Z9 .. S&P 500 Index 1,440.67 34.09 NASDAQ·,,. 2,799.~19 . . . Commodities Nyi!nexCtude:Z •. Gold (USD/OZ) ~~·> $ Value Chan e 92.19 $£. (4.28) 1,772.10 $ 80.09 RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 9 113~0'0' 8.1% ~5.0% 0.23 . .:(};g;" , ~\ ~"':L:' ._,.:j·,--'• O:Cc'+"'' •. · 114,0!)0. 7.8°li, 0.63 0.04 2 • • • • TIMMI AAA Rated Prime Institutional Money-Market Funds d ~~ ~~~~'S.:f&'t~'\~"''::fh1:]b~'" z;~zK@j7i$.:];g=Y£'~''*'\"'w""±&~% "i ~'\:oJ~">"1 fu'% ~~ ~~ ~J ~\ -~~!&~\\j\~'f~ 'M w ~~ iB x N~ ~-~ m \~ I Fidelity Prime Institutional MMF Federated Prime Obligations Fund Wells Fargo Advantage Heritage Morgan Stanley Institutional Prime Liquidity Fund BlackRock Prime Cash Fund 1.00% - 0.80% 0.60% 0.40% - 0.20% 0.00% FIP:XX 0.16% POIXX 0.15% WFJXX. 0;15% MPFXX 0.16% BPIXX 0.21% The Treasurer's Institutional Money Market Index (TIMMI) is compiled and reported by the Riverside County Treasurer's Capital Markets division. It is a composite index derived from five AAA rated prime institutional money market funds. Similar to the Treasurer's Office, prime money market funds invest in a diversified portfolio of U.S. dollar denominated money market instruments including U.S. Treasuries, government agencies, commercial paper, certificates of deposits, repurchase agreements, etc. TIMMI is currently comprised of the five multi billion dollar funds listed to the left. I -Pool Yield TIMMI I Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 ·~------------------~ • Cash Flows Required Actual Available to Monthly Monthly Matured Investments Invest> 1 Month Receipts Disbursements Difference Investments Balance Maturing Year 10/2012 237.47 10/2012 697.00 :812 .. 58 •· :(1~15 ,58~;;: 12).~9 '; ',f /'l~~:.so '::\' 11/2012 775.00 706.19 68.81 190.70 164.12 12/2012 1,459.00 :so9:S2 ~649.l8 839:8'8' 9o:oo 01/2013 695.00 1,259.52 (564.52) 275.36 433.11 2013 638.00 900.45. ·.(262.45) 12.91 ' 274.40 841.00 851.75 (10.75) 2.16 125.00 1,37?;!5,0 821.92 ··557:68 559.84; .. . .. 108.;3,0 663.29 1,199.59 (536.30) 23.54 477.99 58?~5'!.;, . . 12:'114.19 .: .;~ "f ·T (524.65) 501:11 364.63 868.06 913.40 (45.34) 45.34 175.09 .~b8.6~: .. 7~7:;29 '!8.67 2 12.1:56 . ~ ' -~;,. ''· ' (48.67) The Pooled Investment Fund cash flow requirements are based upon a 12 month historical cash flow model. Based upon projected cash receipts and maturing investments, there are sufficient funds to meet future cash flow disburse- ments over the next 12 months. RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 3 10 Asset Allocation 180,000.00 180,000.00 MMKT 10,000.00 10,000.00 CAL TRUST FND 54,000.00 54,000.00 LOCAL AGCY INVST 50,000.00 50,000.00 DDA/PASSBK 170,000.00 170,000.00 LOCALAGCY 535.00 535.00 US TREAS BILLS 50,000.00 49,915.47 US TREAS BONDS 255,000.00 255,415.62 FHLMC DISC NOTES 125,000.00 124,819.35 FHLMCBONDS 653,871.00 653,703.34 FNMA DISC NOTES 150,000.00. 149,787.15 FNMABONDS 804,420.00 804,860.41 ''"'~A '•"~N 'NN' ' FHLB DISC NOTES 302,000.00 301,478.18 1,480,140.00 1,480,423.46 285,000.00 284,534.61 196,000.00 196,099.16 52,500.00: 52,491.38 45,515.00 45,635.78 1,500,000.00 1,000,000.00 500,000.00 o.oo I n • ! D . n I Scheduled Book Market ----------·· RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 180,000.00 100.00% 0.13% .003 10,000.00 100.00% 0.03% .003 54,000.00 100.00% 0.41% .003 50,000.00 100.00% 0.36% .003 170,000.00 100.00% 0.08% .003 535.00 100.00% 0.92% 7.712 49,981.78 100.13% 0.19% .356 255,241.35 99.93% 0.21% .840 124,928.25 100.09% 0.18% .473 655,626.74 100.29% 0.63% 1.390 149,937.50 100.10% 0.15% .374 806,837.88 100.25% 0.80% .862 .. 301,785.34 100.10% 0.18% .526 . ·~ .• 1,481,860.62 100.10% 0.34% .657 284,903.45 100.13% 0.19% .401 196,479.72 100.19%. 0.51% .948 P'V 0 52,586.90 100.18% 0.61% .987 45,635.78 100.00% 0.47% ~~ II I SCHEDULED PAR Ofo 11 -REPOS • 4°/o -MMKT·O% -CALTRUST RID -1% ..., LOCAL AGCV INVST RIO-1 o/o -ODA/PASSBK • 3% -LoCAL AGCY 08UG • 0% = US TREAS BillS-lo/o mo US TREAS BONOS-5% t= FlllMC D15C MOTES • 2°/o -FlllMC BONOS-13o/o -FNMA DISC NOTES· 3% -FNMA BONOS· l6o/o aa FHlB DISC NOTES -6o/o t:::> Flll8 BONOS-30o/o ""' FFCB DISC NOTES • 6o/o c:1 FFC8 BONDS-4o/o -FARMERMAC·lo/o .. MUNIBONDS-1°/o -COMM PAPER-3% • .oo3· .003 .003 .003 .003 7.712 .356 .840 .473 2.033 .374 2.681 :526 .798 .401 1.145- 1.321 .813 • • 4 Maturity Distribution • REPOS 180,000.00 MMKT 10,000.00 CAL TRUST FND 54,000.00 LOCAL AGCY INVST 50,000.00 FND DDAjPASSBK 170,000.00 LOCAL AGCY OBLIG US TREAS BILLS 50,000.00 US TREAS BONDS 130,000.00 FHLMC DISC NOTES 25,000.00 100,000.00 FHLMCBONDS 24,121.00 FNMA DISC NOTES 50,000.00 FNMABONDS 55,000.00 FHLB DISC NOTES 37,000.00 50,000.00 215,000.00 FHLBBONDS 37,800.00 65,000.00 1,122,590.00 FFCB DISC NOTES 285,000.00 FFCB BONDS 30,000.00 80,000.00 FARMER MAC 37,500.00 • MUNIBONDS YEAR IN MATURITY • RIVERSIDE COUNTY TREASURER-TAX COLLEQOR 12 125,000.00 248,000.00 • 90,000.00 ' 162,000.00 51,000.00 ; 180,000.00 10,000.00 54,000.00 50,000.00 170,000.00 535.00 535.00 50,000.00 255,000.00 125,000.00 356,750.00 10,000.00 653,871.00 314,740.00 259,680.00 72,750.00 20,000.00 10,000.00 5,000.00 -RfPOS ·Scheduled Par -MMKT" Scheduled Par -CAL TRUST FNO ·Scheduled Pat LOCAL AGCY INVST FND • Scheduled Par -DDA/PASSBK ·Scheduled Par · LOCAl AGCY OBUG ·Scheduled Par -US TR£AS BillS· Scheduled Par -US TREAS BONDS· Scheduled Par -Fl-ILMC DISC NOTES · Scheduled Par -Fl-ILMC BONDS • Scl!edulod Par FNMA DISC NOTES· Scheduled PlOt -fNMA BONOS· Scheduled Par fHLB DISC NOTES • Scheduled Par -Fl-ILB BONDS· Scheduled Par -fFCB DISC NOT€S • Scheduled Par -fFCB BONDS· Scheduled Par -FARMER MAC· Scheduled Par -MUNI BONDS ·Scheduled Par -COMM PAPER· Scheduled Pat 5 Credit Quality 4,370,591.00 10,000.00 7,140.00 15,915.00 162,300.00 MOODY'S BOOK% IIIIIAaa-87% IIIIIAat-o•!o IIIIIAa3·3% IIIIIAa-0% -Aa2-0% IIIIIINR-9% 4,370,197.40 9,999.35 7,140.00 16,038.52 162,171.59 7,140.00 100.00% 16,038.52 100.00% 162,261.74 100.06% S&P BOOK Ofo llllliiiiAAA·ll% II!IIIIIIAA··O% lllllilll AA+ -79'!/o lllllilll NR-9% llllliiiiAA-0% ""~~----~~""~-~----~w·"'~--ili..·.·_~'Bl\«Jt:~£s •;'·---¥~~!<~~-:_1MK AA+ 571,621.00 3,966,110.00 572,593.40 574,899.78, 100.40% 3,964,617.67 3,968,955.19 100.11% 0.40% 0.23% 0.80% 0.38% AA 23,930.00 24,050.78 24,050.78, 100.00% 0.38% AA-4,285.00 4,285.00 4,285.00 100.00% 0.23% NR 448,035.00 448,026.38 448,114.05 100.02% 0.19% 'l'f1"'t··· ·t*"·'f-nntttTJ' -·· · '*"'£~~11·3· · ·9-ct'"'''Hii·:"·· ·····--·--"·''1:1···0·· 1--,BI!\73· ~3 ---·-.~±~--nJ:1''fiWt&ii!JtVo>i'ii'*'wrr(.c~'1P'~'o'··n"4>~1t-.illi'i' tf\;P--~ :~~\'!~~, ~t:f~~ii~~~lfi-V:L_~<:,~-v~~~~~;rliiil~:l)i~?a~ ,.-_," __ ;FlW''l--h;t~;,,)fJJ#Y~~~-~~vi~~~~q~:?§"t '-~-<~/;~~ .L ~f~~,~~ny:}1~~~~¥!i~ RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 13 • • • 6 Month End Portfolio Holdings Maturity Maturity Par Book .Market I\Iarket Unrealized Modified Years To CUSIP Description Date Coupon ToMat Value Value Price Value Gain/Loss Duration Matunty REPOS GO lXX MVRXX FEDERATEDGOV 10/01/2012 MORGAN STANLEY GOV 10/01/2012 c<.c: ,~,,·:~·· ; ,:. ::Y '· ,:~ti; .:~~\WT~';;, £~~~;·-'":.:>'' CALTRUST FND CLTR CALTRUSTSHTTERM FUND 10/01/2012 LOCAL AGCY JNVST FND LAIF LAIF 10/01/2012 DDA/PASSBK .017 .017 .050 .050 .410 410 .357 .357 CASH UBOC MANAGED RATE 10/01/2012 .083 .083 LOCALAGCY OBUG LAO US DIST COURTHOUS 06/15/2020 .917 .917 US TREAS BILLS 5,000,000 00 5,000,000.00 . • . 10,000;000.00 54,000,000.00 • .. 54,000,000.00 50,000,000 00 5,000,000.00 5,000,000.00 10,llO(I,OOO.oo 54))00,000;00 50,000,000.00 50,000,000.00 .· 100.000000 5,000,000.00 100.000000 5,000,000.00 100000000 54,000,000.00 100.000000 50,000,00000 ~00.000000 170,000,000.00 170,000,000.00 100000000 170,000,000.00 535,000.00 535,000.00 100.000000 535,000.00 .003 .003 .003 .003 .003 .003 .003 .003 .003 .003 3.956 7.712 912795520 U.S. TREASURY BILL 02/07/2013 .185 .185 50,000,000.00 49,915.465.28 99.963565 49,98].782.44 66,317.16 .355 .356 US TREAS BONDS 912828PR5 U.S. TREASURY BOND 912828QZ6 U.S. TREASURY BOND 912828QK9 U.S. TREASURY BOND 912828PR5 U.S. TREASURY BOND 912828QZ6 U.S. TREASURY BOND 912828QZ6 U.S. TREASURY BOND 912828QW3 U.S. TREASURY BOND 912828RK8 U.S. TREASURY BOND 912828RK8 U.S. TREASURY BOND 912828RK8 U.S. TREASURY BOND 912828SB7 U.S. TREASURY BOND 912828SB7 313397DU2 FHLMC DISC NOTE 313396K85 FHLMC DISC NOTE 313397GE5 FHLMC DISC NOTE ei~~r·~f~~~ 3134G1SCO FHLMC 3.5YrNc6Mo 3134G1 WT7 FH LMC 3137EACR8 FHLMC 3Yr 3137EACR8 FH LMC 3Yr 3134G1VG6 FHLMC 2Yr 3134G2CL4 FHLMC 3Yr 3137EACP2 FHLMC 2Yr 3137EACLJ FHLMC 3Yr 3134G2FT 4 FH LMC 2.25Y r 3134G2U42 FHLMC 2Yr 3134G2W73 FHLMC2YrNc1YrE 3134G2Y89 FHLMC 3.5YrNclYrB 3137EACZO FH LMC 2Yr 3134G3BQ2 FH LMC 5YrNcl YrB 3134G3BF6 FHLMC 2Yr 3134G3BS8 FHLMC2YrNc1YrE 3134G3BS8 FHLMC 2YrNc1YrE 3134G3BL3 FHLMC 3YrNc1YrB 3134G3BL3 FHLMC 3YrNc1 YrB 3134G3BL3 FHLMC 3YrNc1YrB 3134G3BL3 FHLMC 3YrNc1YrB 3134G3BL3 FHLMC 3YrNc1YrB 3134G3BA7 FHLMC 2YrNc1YrB 3134G3BL3 FH LMC 3YrNcl YrB 3134G3CVO FHLMC 3YrNc1YrB 3134G3DP2 FHLMC 3.5YrNclYrB 3134G3EB2 FHLMC 3.5YrNc2YrE 3134G3DY3 FHLMC 3YrNc1 YrB 3134G3EN6 FHLMC 3.5YrNc2YrE 3134G2U42 FHLMC 1.5Yr 3134G3GG9 FHLMC 3YrNc1YrB 3134G3GZ7 FHLMC 2YrNc1YrE 3134G3HD5 FHLMC 2YrNc1 YrB 3134G3HD5 FHLMC 2YrNclYrB 3134G3HD5 FHLMC 2YrNclYrB 3134G3HA1 FHLMC 3YrNc1YrB 3134G3HA1 FHLMC 3YrNc1 YrB 3134G3HA1 FHLMC 3YrNc1YrB 3134G3HA1 FH LMC 3YrNc1 YrB • G3MM9 FHLMC2YrNc1YrE G3MM9 FHLMC 2YrNc1YrE G3LA6 FHLMC 2Yr 3134G3LZ1 FHLMC 2YrNc1 YrB 01/31/2013 05/31/2013 02/28/2013 01/31/2013 05/31/2013 05/31/2013 07/31/2013 09/30/2013 09/30/2013 09/30/2013 01/31/2014 01/31/2014 10 31 2013 01/09/2013 10/28/2013 03/03/2014 11/26/2012 02/25/2014 02/25/2014 10/30/2012 04/29/2014 ll/30/2012 10/28/2013 08/13/2013 10/15/2013 10/18/2013 04/24/2015 11/27/2013 ll/28/2016 12/23/2013 12/06/2013 12/06/2013 12/05/2014 12/05/2014 12/05/2014 12/05/2014 12/05/2014 12/05/2013 12/05/2014 12/19/2014 06/19/2015 06/30/2015 12/19/2014 06/30/2015 10/15/2013 01/09/2015 01/03/2014 01/24/2014 01/24/2014 01/24/2014 01/23/2015 01/23/2015 01/23/2015 01/23/2015 02/27/2014 02/27/2014 02/27/2014 02/21/2014 .625 .500 .625 .625 .500 .500 .375 .125 .125 .125 .250 .250 .250 .210 .135 1.375 .875 1.250 .515 1.375 1.375 .625 1.350 .375 .875 .875 .375 .500 1.000 .375 1.375 .625 .700 .700 1.000 1.000 1.000 1.000 1.000 .700 1.000 1.000 1.020 1.000 .875 1.000 .375 .850 .500 .600 .600 .600 .875 .875 .875 .875 .400 .400 .375 .500 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR .151 .181 .176 .199 .243 .249 .251 .1% .196 .189 .225 .222 .211 .210 .135 1.407 .937 1.250 .470 1.375 1.465 .650 1.160 .385 .790 .6JJ .483 .516 1.007 .580 1.375 .626 .700 700 1.000 1.000 1.000 1.000 1.000 .700 1.000 1.000 1.020 1.000 .875 1.000 .400 .850 .500 .600 .600 .600 .875 .875 .875 .875 .400 .400 .394 .500 10,000,000.00 10,000,000.00 10,000,000.00 45,000,000.00 15,000,000.00 15,000,000.00 25,000,000.00 20.000,00000 20,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 14,121,000.00 11,000,000.00 5,000,000.00 15,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000 00 10,000,000.00 5,000,000.00 10,000,000 00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,00000 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 6,500,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 14 10,047,265.63 10,042,187.50 10,047,265.63 45,168,750.00 15,044.531.25 15,043,359.38 25,033,200.00 19,983,593.75 19,983,593.75 9,992,578.13 100.164000 100.215000 100199000 100.164000 100.215000 100.215000 100.164000 99.934000 99.934000 99.934000 100.047000 100.047000 49.894,416.67 99.944000 24,990,812.50 99.999000 49 934 125.00 9,990,300.00 100.330000 4,990,300.00 100.705000 5,000,000.00 101.200000 5,004.700.00 100.054000 5,000,000.00 101.570000 9,973,100.00 101.570000 4,998,000.00 100.037000 5,027,800.00 101.699000 14,118,881.85 100.045000 11,022,330.00 100.705000 5,028,775.00 100.506000 14,967,300.00 100.166000 4,998.437.50 100.DJ 1000 4,998.750.00 100.037000 9,958,700.00 100.171000 5,000,000.00 99.732000 9,999,800.00 100.449000 5,000,000.00 100.044000 5,000,000.00 100.044000 5,000,000 00 100.097000 5,000,000.00 100.097000 5,000,000.00 100.097000 5,000,000.00 100.097000 5,000,000.00 100.097000 5,000,000.00 100 052000 10,000,000.00 100.097000 5,000,000.00 100.109000 10,000,000.00 100.139000 5,000,000.00 100658000 5,000.000.00 100.155000 5,000,000.00 100.798000 4,997,700.00 100.166000 10,000,000.00 100.146000 5,000,000.00 100.008000 5,000,000.00 100097000 5,000,000.00 100.097000 5,000,000.00 100.097000 5,000,000.00 100.152000 5,000,000.00 100.152000 5,000,00000 100.152000 6,500,000.00 100.152000 5,000,000.00 100.089000 5,000,000.00 100.089000 9,996,000.00 100.185000 5,000,000.00 100.091000 10,016,400.00 10,021,500.00 10,019,900.00 45,073,800.00 15.002,250.00 15,032,250.00 25,041,000.00 19,986,800.00 19,986,800.00 9,993,400.00 (30,865.63) (20,687.50) (27,365.63) (94,950.00) (12.281.25) (11 '1 09.38) 7,800.00 3,206.25 3,206.25 821.87 25,011,750.00 2,960.94 25,011,750.00 1,984.37 25 013 750.00 3 007.81 j~1l;(l;iijl~-'2ll. 10,033,000.00 5,035,250.00 5,060,000.00 5,002,700.00 5,078,500.00 10,157,000.00 5,001,850.00 5,084,950.00 14,127,354.45 11,077,550.00 5,025,300.00 15,024,900 00 5,000,550 00 5,001,850.00 10,017,100.00 4,986,600.00 10,044,900.00 5,002,200.00 5,002,200.00 5,004,850 00 5,004,850.00 5,004,850.00 5,004,850.00 5,004,850.00 5,002,600.00 10,009,700.00 5,005.450.00 10,013,900.00 5,032,900.00 5,007,750.00 5,039,900.00 5,008,300.00 10,014,600.00 5,000.400.00 5,004,850.00 5,004,850.00 5,004,850.00 5,007,600.00 5,007,600.00 5,007,600.00 6,509,880.00 5,004,450.00 5,004,450.00 10,018.500.00 5,004,550.00 42,700.00 44,950.00 60,000.00 (2,000.00) 78,500.00 183,900.00 3,850.00 57,150.00 8,472.60 55,220.00 (3,475.00) 57,600.00 2,11250 3,100.00 58,400.00 (13.400.00) 45,100.00 2,200.00 2,200.00 4,850.00 4,850.00 4,850.00 4,850.00 4,850.00 2,600.00 9,700.00 5,450.00 13,900.00 32,900.00 7,750.00 39,900.00 10,600.00 14,600.00 400.00 4,850.00 4,850.00 4,850.00 7,600.00 7,600.00 7,600.00 9.880.00 4,450.00 4,450.00 22,500.00 4,550.00 .337 .665 .413 .336 .665 .665 .831 .999 .999 .999 1.330 1.330 1.080 .500 .044 .659 .275 1.066 1.407 .156 1.383 1.382· .082 1.552 .167 1.067 .865 1.036 1.044 2.517 1.152 4.013 1.222 1.174 1.174 2.145 2.145 2.145 2.145 2.145 1.171 2.145 2.184 2.668 2.699 2.188 2.699 1.037 2.244 1.251 1.308 1.308 1.308 2.282 2.282 2.282 2.282 1.403 1.403 1.403 1.384 .337 .666 .414 .337 .666 .666 .833 1.000 1.000 1.000 1.337 1.337 1.085 .501 .044 .660 .277 1.077 1.422 .156 1.405 1.405 .082 1.578 .167 1.077 .868 1.041 1.049 2564 1.159 4.164 1.230 1.184 1.184 2.181 2.181 2.181 2.181 2.181 1.181 2.181 2.219 2.718 2.748 2.219 2.748 1.041 2.277 1.260 1.318 1.318 1.318 2315 2.315 2.315 2.315 1.411 1.411 1.411 1.395 7 Month End Portfolio Holdings Maturity Maturity Par Book Market I\farket Unreahzed Modified Years To CUSIP Description Date Coupon To Mat Value Value Price Value Gain/Loss Duration Matunty 3134G3MY3 FHLMC 3 5YrNc2YrE 3134G3IYIY3 FHLMC 3.5YrNc2YrE 3134G3NCO FHLMC 3YrNc1YrB 3134G3NLO FHLMC 3YrNc2YrE 3134G3PD6 FHLMC 3YrNc2YrE 3134G3NS5 FHLMC 2Yr 3134G3QW3 FHLMC 3YrNc2YrE 3134G3QW3 FHLMC 3YrNc2YrE 3134G3RP7 FH LIYIC 3YrNc2YrE 3134G3SH4 FHLMC 5YrNc1YrB 3134G3SSO FHLMC 2.5YrNc1YrE 3134G3QW3 FHLMC 3YrNc2YrE 3134G3SB7 FHLMC 2Yr 3134G2U42 FHLMC 19Mo 3137EADD8 FH LMC 3Yr 3137EADD8 FHLMC 3Yr 3134G3SB7 FHLMC 2.16Yr 3134G3JX9 FHLMC3Yr 3134G3TL4 FHLMC 3 5YrNc2YrB 3134G3SB7 FHLMC 2Yr 3134G3SB7 FHLMC 2Yr 3134G3SB7 FHLMC 2Yr 3134G3SB7 FHLMC 2Yr 3134G3UU2 FHLMC 3YrNrlYrE 3134G3NS5 FHLMC 2Yr 3137EACX5 FHLMC2Yr 3137EACX5 FHLMC 2Yr 3134G3LA6 3134G3ZA1 3134G3ZA1 3134G3ZA1 3134G3H78 3134G3L24 3134G3)76 3134G3)76 3134G3)76 3134G3L24 3134G3)76 3134G3)76 3134G3ZA1 3134G3ZA1 3134G3 76 FHLMC2YrNc FH LMC 3.25YrNc FHLMC 3.25YrNc FHLMC 3.25Yr FH LMC 2.25Yr FHLMC 3YrNrJYrE FHLMC3Yr FHLMC3Yr FHLMC3Yr FHLMC 3YrNc1YrE FHLMC3Yr FHLMC3Yr FHLMC3Yr FHLMC3Yr FHLMC 3Yr FNMA DISC NOTES 313588M85 FNMA DISC NOTE 313589AC7 FNMA DISC NOTE 313589HP1 FNMA DISC NOTE 31398A3A8 FNMA 3136FPEL7 FNMA 3YrNc6Mo 3136FPEL7 FNMA 3YrNc6Mo 3136FPEL7 FNMA 3YrNc6Mo 3136FPEL7 FNMA 3YrNc6Mo 3136FPEL7 FNMA 3YrNc6Mo 31398A3L4 FNMA 3YrNc6Mo 31398A3L4 FNMA 3YrNc6Mo 31398A3L4 FNMA 3YrNc6Mo 31398A3L4 FNMA 3YrNc6Mo 31398A3L4 FNMA 3YrNc6Mo 3136FPEX1 FNMA 3.25YrNc6Mo 31398A3R1 FNMA 3.5YrNc6Mo 31398A4H2 FNMA 3YrNc6Mo 31398A4H2 FNMA 3YrNc6Mo 31398A4H2 FNMA 3YrNc6Mo 31398A5Z1 FNMA 3YrNc6Mo 31398A5Z1 FNMA 3YrNc6Mo 3136FPXXO FNMA 4Yr 3136FPZD2 FNMA 4YrNc2Mo 3136FP6XO FNMA 5Yr 3136FPUC9 FNMA 2Yr 3136FPUC9 FNMA 2Yr 31398A3K6 FNMA 4Yr 31398A5W8 FNMA 3Yr 3136FPUC9 FNMA 2Yr 31398AVZ2 FNMA 5Yr 31398A5ZI FNMA 3Yr 31398A6F4 FNMA 1.75 Yr 3135GOBR3 FNMA 2.25Yr 3135GOBR3 FNMA 2Yr 31398A5W8 FNMA 3Yr 3135GOCU5 FNMA 3YrNc2YrE 3135GOCU5 FNMA 3YrNc2YrE 31398A4T6 FNMA 2Yr 3136FTCX5 FNMA 5YrNciYrB 3136FTD)5 FNMA 5YrNciYrB 3136FTFT1 FNMA 5YrNc1YrB 3135GOEMI FNMA 3YrNciYrB 3135GOEQ2 FNMA 3YrNc3MoB 08/28/2015 08/28/2015 02/27/2015 ()2/24/2015 02/27/2015 03/21/2014 03/06/2015 03/06/2015 03/12/2015 03/28/2017 ()9/22/2014 03/06/2015 04/28/2014 10/15/2013 04/17/2015 04/17/2015 04/28/2014 01/30/2015 ()9j28/2015 04/28/2014 04/28/2014 04/28/2014 04/28/2014 05/22/2015 03/21/2014 10/30/2013 10/30/2013 02/27/2014 08/28/2015 08/28/2015 08/28/2015 12/05/2014 ()9/25/2015 ()9/04/2015 ()9/04/2015 ()9/04/2015 ()9/25/2015 ()9/04/2015 ()9/04/2015 08/28/2015 08/28/2015 ()9 04 2015 ()9/03/2013 ()9j09/2013 ()9/09/2013 ()9/09/2013 ()9/09/2013 ()9/09/2013 ()9/17/2013 09/17/2013 ()9/17/2013 ()9/17/2013 09/17/2013 12/17/2013 03/21/2014 10/08/2013 10/08/2013 10/08/2013 11/19/2013 ]] /19/2013 11/26/2014 12/03/2014 02/04/2016 10/30/2012 10/30/2012 03/14/2014 12/18/2013 10/30/2012 03/13/2014 11/19/2013 12/28/2012 08/09/2013 08/09/2013 12/18/2013 ()9/12/2014 09/12/2014 10/30/2012 10/26/2016 10/26/2016 ll/09/2016 11/07/2014 11/07/2014 650 .650 .550 .500 550 .300 .625 .625 .650 1.050 .540 .625 .375 375 .500 .500 .375 650 .900 .375 .375 .375 .375 600 .300 .375 .375 .375 .500 .500 .500 .350 .500 .450 .450 .450 .500 .450 .450 .500 .500 .450 .140 .140 .180 1.050 1.050 1.050 1.050 1.050 1.050 1.125 1.125 1.125 1.125 1.125 1.125 1.350 1.125 1.125 1.125 800 .800 1.050 1.125 .472 .500 .500 1.250 .750 .500 2.750 .800 .375 .500 .500 .750 .625 .625 .500 1.250 1.000 1.500 1.000 1.000 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 650 650 .567 .581 .594 .378 .625 .625 650 1.050 .540 .628 .427 .323 .611 .700 .460 .662 .900 .5()9 .440 .452 .437 .600 .345 .318 .320 .303 .500 .506 .519 .350 .500 .428 .420 .420 .500 .424 .440 .430 .425 .140 .140 .180 1.058 1.050 1.050 1.050 1.084 1.050 1132 1.125 1.125 1.125 1.125 1141 1.350 1.125 1.125 1.125 .800 .800 1.050 1.125 .501 .550 .557 1.278 1.194 .473 1.128 .870 .349 .580 .600 .480 .625 .625 .228 1.250 1.006 1.500 1.000 1.000 5,000,00000 5,000,00000 5,000,000 00 5,000,000.00 5,000,000.00 4,997,500.00 5,000,000.00 4,988,000.00 5,000,000.00 4,993,50000 10,000,000.00 9,984,000.00 5,000,000 00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 5,000,000 00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,999,500.00 5,000,000.00 4,994,400.00 5,000,000.00 5,004,183.00 10,000,000.00 9,966,500.00 10,000,000.00 9,939,900.00 5,000,000.00 4,991,050.00 5,000,000.00 4,998,250.00 5,000,000.00 5,000,000.00 10,000,000.00 9,972,500.00 5,000,000.00 4,993,250.00 5,000,000.00 4,992,015.05 12,000,000.00 .11 ,984,880.00 5,000,000.00 5,000,000.00 10,000,000.00 9,992,000.00 10,000,000.00 10,007,600.00 10,000,000.00 10,007,200.00 10,000,000.00 10,011,600.00 15,000,000.00 15,000,000.00 15,000,000.00 14,997,150.00 15,000,000.00 14,991,300.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,006,520.00 10,000,000.00 10,008,800.00 15,000,000.00 15,013,200.00 10,000,000.00 10,000,000.00 15,000,000.00 15,011,481.90 25,000,000.00 25,007,250.00 5,000,000.00 5,010,265.00 5,250,000.00 5,261,412.50 10 000 000.00 10 007 260.00 <," ':,,.qs3~871))00.~ ,:,~ ~ ,;,P$~;7P~~Jl0, ~,;·t; 100533000 100.533000 100.140000 100.148000 100.376000 100.135000 100.497000 100.497000 100.540000 100.478000 100.176000 100.497000 100.189000 100.166000 100.344000 100.344000 100.189000 100.494000 100.883000 100.189000 100.189000 100.189000 100.189000 100.189000 100.135000 100.158000 100.158000 100.185000 100.290000 100.290000 100.290000 100.()96000 100.128000 100.140000 100.140000 100.140000 100.128000 100.140000 100.140000 100.290000 100.290000 5,026,650.00 26,650.00 5,026,650.00 26,650_00 5,007,000.00 9,500.00 5,007,400.00 19,400.00 5,018,800.00 25,300.00 10,013,500.00 29,500.00 5,024,850.00 24,850.00 5,024,850.00 24,850.00 10,054,000.00 54,000.00 5,023,900.00 23,900.00 5,008,800.00 8,800.00 5,024,850.00 25,350.00 5,009,450.00 15,050.00 5,008,300.00 4,117.00 10,034,400.00 67,900.00 10,034,400.00 94,500.00 5,009,450.00 18,400.00 5,024,700.00 26,450.00 5,044,150.00 44,150.00 10,018,900.00 46,400.00 5,009,450.00 16,200.00 5,009,450.00 17,434.95 12,022,680.00 37,800.00 5,009,450.00 9,450.00 10,013,500.00 21,500.00 10,015,800.00 8,200.00 10,015,800.00 8,600.00 10,018,500.00 6,900.00 15,043,500.00 43,500.00 15,ll43,500.00 46,350.00 15,043,500.00 52,200.00 10,009,600.00 9,600.00 10,012,800.00 12,800.00 10,014,000.00 7,480.00 10,014,000.00 5,200.00 15,021,000.00 7,800.00 10,012,800.00 12,800.00 15,021,000.00 9,518.10 25,035,000.00 27,750.00 5,014,500.00 4,235.00 5,265,225.00 3,812.50 10 ()14 000.00 6 740.00 .• .,11li;li5.~Z6R~i'f i!%1!\i&~,$~7L.: 50,000,000.00 49,935,444.44 99.997000 49,998,500.00 63,055.56 50,000,000.00 49,930,583.33 99.987000 49,993,500.00 62,916.67 25,000,000.00 24,961,500.00 99.894000 24,973,500.00 12,000.00 25 000 000.00 24 959 625.00 99.888000 24 972 000.00 12 375.00 1Sll,QOO.Jl.W&or·i <:h\l.l4!/',781i1&1,'11~'99:9Sl!:)'MtJf/it4f:1!m1'Jill!l~'i{' ,S,;,·~·. ,, 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 20,000,000.00 10,000,000.00 5,000,000.00 12,685,000.00 10,000,000.00 10,000,000.00 15 4, 998,750.00 5,000,000.00 5,000,000.00 5,000,000.00 4,995,000.00 5,000,000.00 4,999,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,997,500.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 9,990,000.00 14,988,000.00 9,991,000.00 4,996,000.00 4,941,950.00 5,002,000.00 10,454,500.00 4,991,250.00 5,002,000.00 9,983,000.00 9,979,200.00 10,063,305.58 5,000,000.00 5,000,000.00 20,059,800.00 10,000,000.00 4,998,500.00 12,685,000.00 10,000,000.00 10,000,000.00 100.662000 100.637000 100.637000 100.637000 100.637000 100.637000 100.801000 100.801000 100.801000 100.801000 100.801000 100.256000 101.323000 100.929000 100.929000 100.929000 100.515000 100.515000 100.136000 100.154000 100.102000 100.019000 100.019000 101.441000 100.664000 100.019000 103.608000 100.515000 100.069000 100.248000 100.248000 100.664000 100.322000 100.322000 100.027000 100.073000 100.050000 100.150000 100.061000 100.059000 5,033,100.00 5,031,850.00 5,031,850.00 5,031,850.00 5,031,850.00 5,031,850.00 5,040,050.00 10,080,100.00 5,040,050.00 5,040,050.00 5,040,050.00 5,012,800.00 5,066,150.00 5,046,450.00 5,046,450.00 5,046,450.00 10,051,500.00 5,025,750.00 10,013,600.00 10,015,400.00 10,010,200.00 15,002,850.00 10,001,900.00 5,072,050.00 5,033,200.00 5,000,950.00 10,360,800.00 5,025,75().00 5,003,450.00 10,024,800.00 10,024,800.00 10,066,400.00 5,016, I 00.00 5,016,100.00 20,005,400.00 10,007,300.00 5,002,500.00 12,704,027.50 I 0,006,100.00 10,005,900.00 34,350.00 31,850.00 31,850.00 31,850.00 36,850.00 31,850.00 41,050.00 80,100.00 40,050.00 40,050.00 40,050.00 15,300.00 66,150.00 46,450.00 46,450.00 46,450.00 51,500.00 25,750.00 13,600.00 15,400.00 20,200.00 14,850.00 10,900.00 76,050.00 91,250.00 (1,050.00) (93,700.00) 34,500.00 1,450.00 41,800.00 45,600.00 3,094.42 16,100.00 16,100.00 (54,400.00) 7,300.00 4,000.00 19,027.50 6,100.00 5,900.00 2.883 2.883 2.388 2.381 2.388 1.470 2.410 2.410 2.426 4.379 1.964 2.410 1.567 1.037 2.521 2.520 1.567 2.310 2.948 1.566 1.567 1.567 1.567 2.614 1.470 1.079 1.079 1.403 2.891 2.891 2.891 2.172 2.960 2.904 2.905 2.905 2.960 2.904 2.904 2.892 2892 2.904 . 087 .260 .749 .793 "~%4llll!Z ; .918 .934 .934 .934 .934 .934 .956 .956 .956 .956 .956 1.199 1.455 1.008 1.008 1.008 1.126 1.126 2.118 2.135 3.321 .082 .082 1.437 1.2ll4 .082 1.425 1.125 .243 .855 .855 1.208 1.935 1.935 .082 3.937 3.964 3.947 2.068 2.068 2910 • 2.411 1.471 2.43() 2.430 2.447 4.493 1.978 2.430 1.575 1.041 2.545 2.545 1.575 2.334 2.995 1.575 1.575 1.575 1.575 2.641 1.471 1.082 1.082 1.411 2.910 2.910 2.910 2.181 2.986 2.929 2.929 2.929 2986 2.929 2.929 2.910 2.910 2.929 .~~ • .795 .i [t~i .926 .942 .942 .942 .942 .942 .964 .964 .964 .964 .964 1.214 1.471 1.022 1.022 1.022 1.137 1.137 2.156 2.175 3.348 .082 .082 1.452 1.216 .082 1.449 1.137 .244 .858 .858 1.216 1.951 1.951 .082 • 2.104 8 Month End Portfolio Holdings l\fatunty Maturity Par Book Market I\farket Unrealized Modified Years To CUSIP Description Dafe Coupon Tol\Iat Value Value Price Value Gain/Loss Duration Maturity 3135COET6 • COFFS COFFS COF57 3136FTQJ1 3136FTMT3 3136FTMP1 FNtvlA 3YrNc-1YrE FNtvlA 3YrNdYr6 FNMA 3YrNc1YrB FNr\lA 2YrNc1YrB FN~vlA 5YrNc1YrB FNMA 5YrNc1YrB FNMA 5YrNc1YrB 3135COCC1 FNMA 3YrNc2YrE 3136FTSB6 FNMA SYrNclYrB 3136FTSH3 FNMA5YrNc1YrB 3136FTTQ2 FNMA 5YrNc1YrB 3135COCM9 FNMA 3YrNc2YrE 3135COCM9 FN~IA 3YrNc2YrE 3136FTVW6 FNMA 5YrNc1YrB 3136FTZP7 FNMA 5YrNc1YrB 3136FTB65 FNMA 5YrNc1YrB 3136FTL23 FNMA 3YrNc1YrE 3136FTW62 FNMA 5YrNc1YrB 3136FT2DO FNMA 5YrNc1 YrB 3136FT2K4 FNMA 5YrNc1YrB 3136FT2K4 FNMA 5YrNc1YrB 3136FT2K4 FNMA 5YrNc1YrB 3135CO)BO FNMA 3YrNc1 YrB 3135COHC1 FNMA 3Yr 3135COBR3 FNMA 1.4Yr 3135C0))3 FNMA 3YrNc1YrB 3136COAV3 FNMA 3YrNc6MoB 3135GO)U8 FNMA 3YrNc1YrB 3135COKD4 FNMA 3YrNc1YrE 3135GOJT1 FNMA 3YrNc6MoB 3135GOJYO FNMA 3YrNc1YrE 3135GOKL6 FNMA 2.5YrNc1YrE 3135COKS1 FNMA 2.75YrNcl YrB 3135GOKM4 FNMA 3Yr 3135GOLG6 3135GOLX9 3135GOLX9 3136GOMZ1 3135GOLX9 3135GOLX9 3135GOLX9 3135GOLX9 3135GOLN1 • CORPS GOPU9 GOML4 5GOMQ3 3136CORTO FNMA 3YrNc1YrE FNMA 3YrNc6MoB FNMA 3YrNc6MoB FNMA 5YrNc1YrB FNMA 3YrNc6MoB FNMA 3YrNc6MoB FNMA 3YrNc6MoB FNMA 3YrNc6MoB FNMA 3Yr FNMA 5YrNc1YrB FNMA 5YrNc1YrB FNMA 3YrNc6MoB FNMA 2YrNc1YrB FNMA 5YrNc1YrB 3136CORW3 FNMA 5YrNc2YrB 3136GORP8 FNMA 5YrNc1YrB 3136GORP8 FNMA 5YrNc1YrB 3135GOML4 FNMA 3YrNc6MoB 3135GOML4 FNMA 3YrNc6MoB 3135GOML4 FNMA 3YrNc6MoB 3135COMP5 FNMA 3YrNcJYrE 3136GOUC3 FNMA 4YrNc1YrB 3136GOTZ4 FNMA 5YrNclYrB 3136GOVZ1 FNMA 5YrNc1YrB 313380863 FNMA 5YrNc3MoB 3J36GOUX7 FNMA 5YrNc1YrB 3J36GOVA6 FNMA 5YrNc1YrB 3135GOLN1 FNMA 2Yr 3135GOLN1 FNMA 3Yr 3135GONQ2 FNMA 3YcNc6Mo 3135GON)8 FNMA 4YrNc6MoB 3136GOUC3 FNMA 4YrNc1YrB 3135GONV1 FNMA 3Yr 3136COYU9 FNMA 5YrNc1YrB 3136GOA27 FNMA 5YrNc1YrB 3136GOA27 FNMA 5YrNc1YrB 3136GOB59 FNMA 5YrNc1YrB 3136GOE64 FNMA 5YrNc1YrB 3136GOE64 FNMA 5YrNc1YrB 3136COB59 FNMA 5YrNc1YrB 3135GONV1 FNMA 3Yr "' y:,, _:c->.t,:.J.',\;J'%h\: FHLB DISC NOTES 313384M71 FHLB DISC NOTE 313385BD7 FHLB DISC NOTE 313385CP5 FH LB DISC NOTE 313385HA7 FHLB DISC NOTE 313385H K5 FH LB DISC NOTE 313384L64 FHLB DISC NOTE 313384K24 FHLB DISC NOTE 313385LQ7 FHLB 1Yr 11/07/2014 11/14/2014 11/14/2014 11/21/2013 11/21/2016 11/21/2016 11/23/2016 12/05/2014 12/07/2016 12/20/2016 12/28/2016 12/23/2014 12/23/2014 12/28/2016 01/30/2017 01/30/2017 02/13/2015 03/08/2017 03/22/2017 03/20/2017 03/20/2017 03/20/2017 03/13/2015 03/16/2015 08/09/2013 03/26/2015 07/17/2015 04/17/2015 04/24/2015 04/23/2015 04/23/2015 10/30/2014 02/10/2015 05/27/2015 05/29/2015 06/26/2015 06/26/2015 06/28/2017 06/26/2015 06/26/2015 06/26/2015 06/26/2015 07/02/2015 07/26/2017 07/10/2017 07/16/2015 01/26/2015 07/26/2017 07/25/2017 07/26/2017 07/26/2017 07/16/2015 07/16/2015 07/16/2015 07/17/2015 08/16/2016 08/15/2017 08/14/2017 08/16/2017 08/16/2017 08/14/2017 07/02/2015 07/02/2015 08/20/2015 02/22/2016 08/16/2016 09/28/2015 08/28/2017 09/20/2017 09/20/2017 09/20/2017 09/27/2017 09/27/2017 09/20/2017 09 28 2015 .900 1.000. 1.000 .600 1.625 1.125 1.125 .850 1.000 1.250 1.500 .825 .825 1.125 1.000 1.000 .300 1.000 1.000 1.100 1.100 1.100 .700 .375 .500 .700 .850 .750 .750 .760 .700 .500 .560 .500 .650 .700 .700 .750 .700 .700 .700 .700 .500 .875 .850 .650 .500 1.150 .750 .875 .875 .650 .650 .650 .600 .500 .750 .625 .625 .750 .625 .500 .500 .600 .600 .500 .500 .750 .750 .750 .700 .700 .700 .700 .500 900 1000 1.000 .600 1.625 1.125 1.125 .850 1.000 1.250 1.500 825 .825 1.125 1.000 1.000 .300 1.000 1.000 1.100 1.104 1.100 .700 .550 .330 .725 .850 .750 .750 .777 .700 .500 .560 .533 .660 .700 .700 .750 .700 .700 .700 .703 .540 .875 .850 .650 .500 1.150 .750 .875 .875 .650 .650 650 .600 .500 750 .625 .625 .750 .635 .420 .449 600 .600 .500 .528 .750 .750 .750 .700 .700 .700 .700 .440 10,000,00000 10,000,000 00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 12,000,000.00 12,000,000.00 5,000,000 00 5,000,000.00 5,000,000 00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,740,000.00 4,740,000.00 5,425,000.00 5,425,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,600,000.00 5,600,000.00 5,000,000.00 4,999,000.00 4,400,000.00 4,400,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,973,800.00 5,000,000.00 5,01 1,850.00 5,000,000.00 4,996,250.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,997,500.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,00000 4,995,000.00 5,000,000.00 4,998,500.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,00000 10,000,000.00 15,000,000.00 14,998,500.00 10,000,000.00 9,988,000.00 5,000,000.00 5,000,000.00 4,980,000.00 4,980,000.00 5,000,000.00 5,000,000.00 20,000,000.00 20,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10;000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,740,000.00 4,740,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,850,000.00 4,850,000.00 5,000,000.00 5,000,000.00 10,000,000.00 9,995,000.00 10,000,000.00 10,023,000.00 10,000,000.00 10,014,700.00 5,000,000.00 5,000,000.00 5,000,000 00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 9,991,400.00 10,000,00000 10,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000 00 5,000,000.00 15000000.00 15027150.00 10/31/2012 .170 .170 50,000,000.00 49,914,291.67 01/28/2013 .140 .140 25,000,000.00 24,964,805.56 06/07/2013 .200 .200 50,000,000.00 49,898,888.89 06/18/2013 .200 .200 50,000,000.00 49,898,888.89 06/27/2013 .220 .220 50,000,000.00 49,890,000.00 10/22/2012 .135 .135 12,000,000.00 11,995,005.00 10/10/2012 .130 .130 25,000,000.00 24,991,875.00 09/12/2013 .190 .190 40,000,000.00 39,924,422.40 12/14/2012 06/14/2013 08/28/2013 1.750 1.612 1.625 1.198 .875 .851 5,000,000.00 15,000,000.00 5,000,000.00 5,020,050.00 15,185,100.00 5,003,500.00 RIVERJSIDE COUNTY TREASURER-TAX COLLECTOR 16 100.056000 100.069000 100.069000 100.030000 100.181000 100.118000 10,005,600.00 5,003,450.00 10,006,900.00 5,001,500.00 5,009,050.00 5,005,900.00 5,600.00 3,450.00 6,900.00 1,500.00 9,050.00 5,900.00 100.126000 12,015,120.00 15,120.00 100.471000 5,023,550.00 23,550 00 100.104000 5,005,200.00 5,200.00 100.222000 10,022,200.00 22,200.00 100.287000 10,028,700.00 28,700.00 100.445000 5,022,250.00 22,250.00 100.445000 5,022,250.00 22,250.00 100.233000 5,011,650.00 11,650.00 100.345000 4,756:353.00 16,353.00 100.116000 5,431,293.00 6,293.00 100.037000 10,003,700.00 3,700.00 100.287000 5,014,350.00 14,350.00 100.392000 5,019,600.00 19,600.00 100.214000 5,611,984.00 11,984.00 100.214000 5,010,700.00 11,700.00 100.214000 4,409,416.00 9,416.00 100.139000 5,006,950.00 6,950.00 100.050000 5,002,500.00 28,700.00 100.248000 5,012,400.00 550.00 100.291000 5,014,550.00 18,300.00 100.029000 10,002,900.00 2,900.00 100.231000 5,011,550.00 11,550.00 100.139000 5,006,950.00 6,950.00 100.029000 5,001,450.00 3,950.00 100.197000 5,009,850.00 9,850.00 100.056000 10,005,600.00 5,600.00 100.116000 5,005,800.00 5,800.00 100.310000 5,015,500.00 20,500.00 100.140000 5,007,000.00 8,500.00 100.105000 10,010,500.00 10,500.00 100.105000 5,005,250.00 5,250.00 100.299000 5,014,950.00 14,950.00 100.105000 5,005,250.00 5,250.00 100.105000 5,005,250.00 5,250.00 100.105000 10,010,500.00 10,500.00 100.105000 15,015,750.00 17,250.00 100.299000 10,029,900.00 41,900.00 100.410000 5,020,500.00 20,500.00 100.414000 5,000,617.20 20,617.20 100.067000 5,003,350.00 3,350.00 99.951000 19,990,200.00 (9,800.00) 100.407000 5,020,350.00 20,350.00 100.484000 10,048,400.00 48,400.00 100.410000 10,041,000.00 41,000.00 100.410000 5,020,500.00 20,500.00 100.067000 5,003,350.00 3,350.00 100.067000 5,003,350.00 3,350.00 100.067000 4,743,175.80 3,175.80 100.171000 5,008,550.00 8,550.00 100.109000 5,005,450.00 5,450.00 100.137000 5,006,850.00 6,850.00 100.182000 5,009,100.00 9,100.00 100.036000 4,851,746.00 1,746.00 100.083000 5,004,150.00 4,150.00 100.115000 10,011,500.00 16,500.00 100.299000 10,029,900.00 6,900.00 100.299000 10,029,90000 15,200.00 100 061000 5,003,050.00 3,050.00 100.059000 5,002,950.00 2,950.00 100.109000 5,005,450.00 5,450.00 100.268000 10,026,800.00 35,400.00 100.567000 10,056,700.00 56,700.00 100.241000 5,012,050.00 12,050.00 100.241000 10,024,100.00 24,100.00 100.152000 5,007,600.00 7,600.00 100.106000 5,005,300.00 5,300.00 100.106000 5,005,300.00 5,300.00 100.152000 5,007,600.00 7,600.00 100.268000 15 040 200.00 13 050.00 99.997500 49,998,750.00 84,458.33 99.983472 24,995,868.06 31,062.50 99.903167 49,951,583.33 52,694.44 99.898889 49,949,444.44 50,555.55 99.895389 49,947,694.44 57,694.44 99.998250 11,999,790.00 4,785.00 99.999250 24,999,812.50 7,937.50 99.856000 39,942,400.00 17,977.60 100.308000 101.000000 100.615000 5,015,400.00 15,150,000.00 5,030,750.00 (4,650.00) (35,100.00) 27,250.00 2.071 2.087 2.087 1134 3.%7 4.020 4.025 2.150 4.077 4.086 4.082 2.201 2.201 4.122 4.224 4 224 2.358 4.329 4.367 4.351 4.351 4.351 2427 2.445 .856 2.463 2.754 2.510 2.529 2.526 2.529 2.066 2.343 2.633 2.631 2.703 2.703 4.644 2.703 2.703 2.703 2.703 2.730 4.705 4.664 2.761 2.304 4.669 4.719 4.705 4.705 2.761 2.761 2.761 2.767 3.833 4.774 4.788 4.793 4.777 4.787 2.731 2.731 2858 3.353 3.833 2.968 4.815 4.871 4.871 4.877 4.897 4.897 4.877 2.%9 2104 2.123 2123 1.142 4.145 4.145 4.151 2.181 4.189 4.225 4_247 2.230 2230 4.247 4.337 4.337 2.373 4.438 4.477 4.471 4.471 4.471 2.449 2.458 ~858 2.485 2.795 2.545 2.564 2.562 2.562 2.082 2.364 2.655 2.660 2.737 2.737 4.745 2.737 2.737 2.737 2.737 2.753 4.822 4.778 2.792 2.323 4.822 4.819 4.822 4.822 2.792 2.792 2.792 2.795 3.879 4877 4.874 4.879 4.879 4.874 2.753 2.753 2.888 3397 3879 2.995 4.912 4.975 4.975 4.975 4.995 4.995 4.975 2.995 .085 .085 .328 .329 .683 .685 .713 .715 .738 .740 .060 .060 .027 .027 .948 .951 .204 .205 .697 .704 .911 .910 9 Month End Portfolio Holdings Maturity Maturitv Par Book Market 1\tlarket Unrealized Modified Years To CUSIP Description Date Coupon To Mai Value Value Price Value Gain/loss Duration l\faturity 313370TB4 FHL8 3Yr 313371 PM2 FHL8 2.6Yr 31337JUC8 FH L8 3.2Yr 313372KE3 FHL8 4Yr 3133XYVC6 FHL8 5Yr 3133XWKVO FHL8 3Yr 3133736HO FHL8 2.5Yr 313373CZ3 FHL8 3Yr 313373F98 FHLB 2.25Yr 313373537 FHLB 2.25Yr 313374FU9 FHLB 3Yr 313374N63 FHLB 2Yr 313374Y61 FHLB 2Yr 313374YY3 FHL8 1.5Yr 313374VY3 FHLB 1.2Yr 313374VY3 FHL8 1.2Yr 313375XH5 FHLB 1Yr 313374YY3 FHLB 1.2Yr 313375X51 FHL8 lYr 313375R33 FHL8 1YrNc3MoE 31337670 FHL8 1Yr 313376A47 FHL8 2Yr 3133768U8 FHLB 1Yr 313376CW3 FHL8 1.5Yr 313376CW3 FHL8 1.5Yr 313376CW3 FHL8 1.5Yr 3133760W2 FHLB 1Yr 313376CW3 FHLB 1.5Yr 313376CW3 FHLB 1.5Yr 313376CW3 FHLB 1.5Yr 3133760E2 FHLB 1.5Yr 313376085 FHLB 18Mo 313376GK5 FHLB 1.5Yr 313376C86 FH LB 1.5Yr 313376)E6 FHLB 1.5Yr 313376)08 FHLB 1Yr 313376)55 FHLB L5Yr 313376)Y2 FHLB 1.5Yr 313376)55 FHLB 1.5Yr 313376)08 FHLB 1Yr 313376K)3 FH LB 18Mo 313376)08 FHL8 1Yr 313376)08 FHLB 1Yr 313376K)3 FH LB 18Mo 313376GT6 FHLB 1.5Yr 313376GT6 FHLB 1.5Yr 313376)08 FHL8 1Yr 313376)08 FHL8 1Yr 313376K)3 FHLB 1.5Yr 313376)08 FHLB 1Yr 313376K)3 FHLB 1.5Yr 313376LR4 FHLB 1Yr 313376G5B FHLB 1Yr 313376G66 FHLB 13Mo 313374VY3 FHLB 13Mo 313376GT6 FH LB 1.5Yr 313376LW3 FHLB 1Yr 313376KL8 FHLB 1.5Yr 313376MP7 FHLB 1Yr 313376036 FH LB 1.5Yr 313376MP7 FHLB 1Yr 313376MP7 FHLB 1Yr 313376P58 FHLB 1.5Yr 313376MZ5 FHLB 1Yr 313376)55 FHLB 1.5Yr 313376A96 FHLB 1.5Yr 313376QN8 FHLB 1YrNc9MoE 313376QN8 FHLB 1YrNc9MoE 313376RHO FHLB L25Yr 313376UFO FHLB 2Yr 313376V88 FHLB 2Yr 313376UY9 FHL8 1.5Yr 313376V51 FHL8 13MoNc9MoE 313376U78 FHL8 1Yr 313376TQ8 FHL8 1Yr 313376WM3 FHL8 1Yr 313376V88 FHLB 1.5Yr 313376WM3 FHL8 1Yr 313376550 FHL81.75YrNc9Mo8 313376XA8 FHL8 1Yr 313376UY9 FH LB 1.5Yr 313378484 FHL8 1Yr 313376UY9 FHLB 1.5Yr 3133784T5 FHL8 1.5Yr 313376VB8 FHL8 1.5Yr 313378457 FHLB 1Yr 313378AC5 FHL8 3Yr 313378CE9 FHLB 1.2Yr 313378859 FHL8 1Yr 3133788T7 FHL8 1Yr 07/29/2013 06/26/2013 12/27/2013 02/04/2015 06/18/2015 03/14/2014 09/26/2013 05/27/2014 08/15/2013 08/28/2013 07/07/2014 05/30/2013 08/28/2013 01/29/2013 01/29/2013 01/29/2013 10/24/2012 01/29/2013 10/24/2012 10/03/2012 11/07/2012 11/29/2013 11/15/2012 05/21/2013 05/21/2013 05/21/2013 11/29/2012 05/21/2013 05/21/2013 05/21/2013 05/28/2013 05/16/2013 06/03/2013 05/07/2013 05/30/2013 01/11/2013 07/09/2013 06/19/2013 07/09/2013 01/11/2013 06/21/2013 01/11/2013 01/11/2013 06/21/2013 05/30/2013 05/30/2013 01/11/2013 01/11/2013 06/21/2013 01/11/2013 06/21/2013 12/13/2012 12/28/2012 12/21/2012 01/29/2013 05/30/2013 01/04/2013 06/21/2013 01/03/2013 05/16/2013 01/03/2013 01/03/2013 06/28/2013 01/18/2013 07/09/2013 05/03/2013 01/18/2013 01/18/2013 04/12/2013 01/29/2014 07/30/2013 08/05/2013 02/20/2013 02/01/2013 02/06/2013 02/08/2013 07/30/2013 02/08/2013 10/25/2013 02/15/2013 08/05/2013 02/08/2013 08/05/2013 08/09/2013 07/30/2013 02/11/2013 05/22/2015 05/07/2013 02/28/2013 02/15/2013 .850 .500 .875 .382 .885 2.375 1.000 1.500 1.000 .750 .910 .500 .500 .375 .375 .375 .230 .375 .220 .350 .200 .450 .200 .340 .340 .340 .200 .340 .340 .340 .310 .340 .320 .300 .375 .210 .375 .400 .375 .210 .400 .210 .210 .400 .350 .350 .210 .210 .400 .210 .400 .200 .200 .190 .375 .350 .200 .400 .210 .300 .210 .210 .350 .200 .375 .370 .300 .300 .240 .375 .250 .250 .200 .180 .170 .170 .250 .170 .550 .170 .250 .170 .250 .250 .250 .170 .500 .260 .190 .190 RIVERISIDE COUNlY TREASURER-TAX COLLECTOR 840 .590 .934 .382 .219 1.404 1.000 1.500 1.000 .671 .910 .500 .567 .250 .315 .310 .259 .315 .220 .350 .203 .470 .213 .343 .343 .340 .203 .340 .340 .340 .310 .340 .320 .340 .375 .249 .375 .400 .375 .244 .400 .239 .214 .380 .344 .344 .229 .210 .348 .215 .371 .208 .203 .198 .203 .330 .200 .361 .210 .290 .204 .204 .350 .203 .350 .293 .300 .300 243 .375 .268 .250 .200 .180 .183 .183 .288 .165 .508 .173 .285 .170 .250 .250 .266 .170 .500 .260 .219 .219 5,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 5,000,000.00 5,000,000.00 5,000,000,00 5,000,000.00 7,500,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 20,000,000.00 7,750,000.00 20,000,000.00 10,000,000.00 15,000,000.00 2,800,000.00 5,000,000.00 5,000,000.00 20,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 5,000,000.00 15,000,000.00 10,000,000.00 5,000,000.00 15,000,000.00 15,000,000.00 15,000,000.00 10,000,000.00 15,000,000.00 25,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 8,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,355,000.00 5,000,000.00 25,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,085,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 15,000,000.00 5,000,000.00 5,000,000.00 17 5,001,442.61 9,976,500.00 9,982,000.00 15,000,000.00 5,091,325.00 5.]40,20000 5,000,000 00 5,000,000.00 7,500,000 00 5,008,850.00 10,000,000.00 10,000,000.00 9,986,100 00 5,008,800.00 20,015,866.20 7.756,634.00 19,994,200.00 10,007,870.00 15,000,000.00 2,800,000.00 4, 999,830.00 4,997,944.55 19,997,400.00 9,999,500.00 9,999,500.00 15,000,000.00 4,999,850.00 15,000,000.00 10,000,000.00 5,000,000.00 15,000,000.00 15,000,000.00 15,000,000.00 9,994,300.00 15,000,000.00 24,989,425.00 10,000,000.00 10,000,000.00 10,000,000.00 9,996,359.34 10,000,000.00 9,996,900.00 4,999,800.00 10,002,988.60 15,001,381.80 15,001,350.00 9,998,000.00 10,000,000.00 15,011,550.00 14,999,250.00 8,003,520.00 9,999,200.00 9,999,700.00 9,999,168.10 10,375,399.35 5,001,450.00 25,000,000.00 10,005,900.00 10,000,000.00 10,001,400.00 5,000,330.00 5,000,330.00 10,000,000.00 9,999,670.00 10,088,810.82 10,010,200 00 10,000,000.00 10,000,000.00 9,999,629.90 5,000,000.00 4,998,690.00 5,000,000.00 5,000,000.00 5,000,000.00 4,999,350.00 4,999,355.00 4,997,191.10 5,000,250.00 2,001,460.00 9,999,700.00 4, 997,372.7 4 5,000,000.00 5,000,000 00 5,000,000.00 4,998,800.00 5,000,000.00 5,000,000.00 15,000,000.00 4,998,550.00 4,998,550.00 100.537000 100.220000 100.798000 100.016000 101.512000 103.085000 100.778000 102.048000 100.697000 100.499000 101.134000 100.199000 100.273000 100.064000 100.064000 100.064000 100.003000 100.064000 100.002000 100.001000 100.002000 100.262000 100.002000 100.089000 100.089000 100.089000 100.003000 100.089000 100.089000 100.089000 100.072000 100.087000 100.081000 100.060000 100.116000 100.008000 100.135000 100.107000 100.135000 100.008000 100.123000 100.008000 100.008000 100.123000 100.099000 100.099000 100.008000 100.008000 100.123000 100.008000 100.123000 100.004000 100.005000 100.002000 100.064000 100.099000 100.005000 100.144000 100.008000 100.062000 100.008000 100.008000 100.111000 100.006000 100.135000 100.100000 100.006000 100.006000 100.030000 100.183000 100041000 100.042000 100.002000 100.000000 99.996000 99.9%000 100.041000 99.9%000 100.019000 99.9%000 100.042000 99.996000 100.042000 100.043000 100.041000 99.996000 100.348000 100.036000 100.004000 100.004000 5,026,850 00 10,022,000.00 10,079,800.00 15,002,400 00 5,075,600.00 5,154,250.00 5,038,900.00 5,102,400.00 7,552,275.00 5,024,950.00 10,113,400.00 10,019,900.00 10,027,300.00 5,003,200 00 20,012,800.00 7,754,960.00 20,000,600.00 10,006,400.00 15,000,300.00 2,800,028.00 5,000,1 00.00 5,013,100.00 20,000,400.00 10,008,900.00 10,008,900.00 15,013,350.00 5,000,150.00 15,013,350.00 10,008,900.00 5,004,450.00 15,010,800.00 15,013,050.00 15,012,150.00 10,006,000.00 15,017,400.00 25,002,000.00 10,013,500.00 10,010,700.00 10,013,500.00 10,000,800.00 10,012,300.00 10,000,800.00 5,000,400.00 10,012,300.00 15,014,850.00 15,014,850.00 10,000,800.00 10,000,800.00 15,018,450.00 15,001,200.00 8,009,840.00 10,000,400.00 10,000,500.00 10,000,200.00 10,361,627.20 5,()()4,950.00 25,001,250.00 10,014,400.00 10,000,800.00 10,006,200.00 5,000,400.00 5,000,400.00 10,011,100.00 10,000,600.00 10,098,614.75 10,010,000.00 10,000,600.00 10,000,600.00 10,003,000.00 5,009,150.00 5,002,050.00 5,002,100.00 5,000,100.00 5,000,000.00 4,999,800.00 4,999,800.00 5,002,050.00 4,999,800.00 2,000,380.00 9,999,600.00 5,002,100.00 4,999,800.00 5,002,100.00 5,002,150.00 5,002,050.00 4,999,800.00 5,017,400.00 15,005,400.00 5,000,200.00 5,000,200.00 25,407.39 45,500.00 97,800.00 2,400.00 (15,725.00) 14,050.00 38,900.00 102,400.00 52,275.00 16,100.00 113,400.00 19,900.00 41,200.00 (5,600.00) (3,066.20) (1,674.00) 6,400.00 (1,470.00) 300.00 28.00 270.00 15,155.45 3,000.00 9,400.00 9,400.00 13,350.00 300.00 13,350.00 8,900.00 4,450.00 10,800.00 13,050.00 12,150.00 11,700.00 17,400.00 12,575.00 13,500.00 10,700.00 13,500.00 4,440.66 12,300.00 3,900.00 600.00 9,311.40 13,468.20 13,500.00 2,800.00 800.00 6,900.00 1,950.00 6.320.00 1,200.00 800.00 1,031.90 (13,772.15) 3,500.00 1,250.00 8,500.00 800.00 4,800.00 70.00 70.00 11,100.00 930.00 9,803.93 (200.00) 600.00 600.00 3,370.10 9,150.00 3,360.00 2,100.00 100.00 450.00 445.00 4,858.90 (450.00) (1,080.00) (100.00) 4,727.26 (200.00) 2,100.00 2,150.00 3,250.00 (200.00) 17,400.00 5,400.00 1,650.00 1,650.00 .825 .735 1.229 2.335 2.688 1.428 .981 1.624 .868 .912 1.748 .664 .913 .331 .331 331 .066 .331 .066 .008 .104 1.158 126 .640 .640 .640 .164 .640 .640 .640 .659 .626 .673 .601 .664 .282 .773 .717 .773 .282 .723 .282 .282 . 723 .665 .665 .282 .282 .723 .282 .723 .202 .243 .224 .331 .665 .263 .723 .260 .626 .260 .260 .742 .301 773 .590 .301 .301 .532 1.325 .832 .846 .391 .339 .353 .358 .832 .358 1.063 .377 .845 .358 .846 .857 .832 .367 2.619 .601 .413 .377 .827 • 1.452 .989 1.655 .874 .910 1.767 .663 .910 .332 .332 332 .066 .332 .066 .008 .104 1.164 .126 .638 .638 .638 .164 .638 .638 .638 .658 .625 .674 .600 .663 .282 .773 .718 .773 .282 .723 .282 .282 • .282 .723 .282 .723 .203 .244 .225 .332 .663 .263 .723 260 .625 .260 .260 .742 .301 773 .589 .301 .301 .532 1.332 .830 .847 .392 .340 .353 .359 .830 .359 1.068 .378 .847 .359 847 858 .830 • .378 10 Month End Portfolio Holdings Maturity Maturity Par Book 1\larket 1\farket Unrealized Modified Years To CUSIP Description Date Coupon ToMat Value Value Price Value Gain/Loss Duration Matunty 313378ED9 • 783D1 78H79 76ZQ1 313378ED9 313378JN2 3133781N2 313376ZQ1 313376YC3 313378LW9 313378FY2 313376 TZS 313378BF7 3133781N2 313378TF8 313378TT8 313378U58 313376XWO 313376DE2 313378Kj9 313378X30 313378YL9 313378YN5 313378YX3 313378LH2 313378ZU8 313378X55 313376TZ8 313379A90 313379A66 313379A66 313379A82 3J3379A82 313379A82 313379A82 313379AK5 3133796U8 313376D36 313378F71 313378BT7 3133796L8 313379BZ1 313379BZ1 • 79GB9 79FU8 79FKO 379G37 313379FLB 313379JJ9 313379)02 313379PX1 313379QW2 313379Q85 313379VF3 3135GOLX9 3135GOLX9 313379YQ6 313379YR4 313379YZ6 313379YZ6 3133803M7 3133803E5 3133803E5 313380JU2 313380L54 313380HF7 313380F)1 313380648 313380F44 313380HU4 313378LH2 3J3380QX8 FHLB 1.5Yr FHLB 2YrNr FHLB1.5Yr FHLB 3Yr FHLB 1.5Yr FHLB 1Yr FHLB 1Yr FHLB 3Yr FHLB 1Yr FHLB1.5Yr FH LB 2 25Yr FHLB 1Yr FHLB1Yr FHLB 1Yr FHL61Yr FHLB1.5Yr FHLB 3Yr FH LB 1.3Yr FHLB 1.5Yr FHLB 1Yr FHLB 1Yr FHLB 1.5Yr FHLB 1YrNc9MoE FHLB 1.5Yr FHLB 1.5Yr FHLB 1Yr FHLB 3YrNc2YrE FHLB 1Yr FHLB 1Yr FHLB 1Yr FHLB 1Yr FH LB 1 YrNc9MoE FHLB 1YrNc9MoE FHLB 1YrNc9MoE FHLB 1YrNc9MoE FHLB 2Yr FHLB 1.5Yr FHLB 1Yr FHLB9Mo FHLB9Mo FHLB 18Mo FHLB 1Yr FHLB 12Mo FHLB 1.5YrNc6MoB FHLB 2Yr FHLB 18Mo FHLB 1Yr FHLB 2Yr FHLB 1 YrNc6MoE FHLB 1YrNc9MoE FHLB 1Yr FHLB 1Yr FHLB 1Yr FHLB 5YrNc3MoB FHLB 3YrNc6MoB FHLB 3YrNc6MoB FHLB 1Yr FHLB 1Yr FHLB 1Yr FHLB 1Yr FHLB 1.5YrNc FHLB 1Yr FHLB 1Yr FHLB 5YrNr3MoB FHLB 1Yr FHLB 2YrNr6MoB FHLB 1 75YrNc9MoB FHLB 1Yr FHLB 2.5YrNc6MoB FHLB1Yr FHLB 1Yr FHLB9Mo :r:,: FFCB DISC NOTES 313313BD9 FFCB DlSC NOTE 313313BA5 FFCB DISC NOTE 313313BX5 FFCB DlSC NOTE 313313BX5 FFCB DISC NOTE 313313CQ9 FFCB DISC NOTE 313313CQ9 FFCB DlSC NOTE 313313CH9 FFCB DlSC NOTE 313313CQ9 FFCB DISC NOTE 313313LA4 FFCB DISC NOTE ":ii&'li:·' .•. , .. FFCii'BONDS 31331JQUO FFCB 3Yr • 1jY56 FFCB 2Yr 1)6A6 FFCB 3Yr 31j6A6 FFCB 3Yr 31331)6A6 FFCB 3Yr 09/09/2013 02/13/2014 09/09/2013 03/13/2015 09/09/2013 03/05/2013 03/05/2013 03/13/2015 02/06/2013 09/12/2013 05/30/2014 02/27/2013 02/28/2013 03/05/2013 03/l7/2013 10/09/2013 05/04/2015 05/10/2013 05/28/2013 04/05/2013 04/16/2013 10/11/2013 05/07/2013 10/15/2013 09/16/2013 04/18/2013 04/30/2015 02/27/2013 05/03/2013 05/03/2013 05/03/2013 05/22/2013 05/22/2013 05/22/2013 05/22/2013 04/30/2014 12/03/2013 05/16/2013 02/22/2013 02/15/2013 12/03/2013 05/17/2013 05/17/2013 11/26/2013 05/19/2014 11/15/2013 05/17/2013 05/19/2014 06/14/2013 06/13/2013 05/29/-2013 06/14/2013 06/04/2013 07/05/2017 06/26/2015 06/26/2015 07/01/2013 07/02/2013 07/03/2013 07/03/2013 01/23/2014 07/17/2013 07/17/2013 09/12/2017 08/28/2013 OB/28/2014 05/28/2014 07/25/2013 02/27/2015 08/20/2013 09/16/2013 06(17/2013 01/28/2013 01/25/2013 02/15/2013 02/15/2013 03/04/2013 03/04/2013 02/25/2013 03/04/2013 08/29/2013 06/03/2013 11/02/2012 12/23/2013 12/23/2013 12/23/2013 .310 310 300 .379 .300 .300 .375 551 .310 .291 .125 .228 .125 .213 .375 .689 .150 250 280 .348 375 .468 170 .240 180 .240 125 .254 .250 258 .400 .400 .700 .700 .200 .268 .310 .262 .230 .243 .250 250 .350 .350 .280 .280 350 .350 .280 .310 .230 .253 .650 .650 .170 .204 .230 .230 .220 .233 .220 .233 .250 .250 .250 .250 .250 .250 .250 .250 .340 .340 .290 .290 .300 .233 .190 .190 .190 .204 .290 .300 .220 .233 .220 .233 .330 .330 .350 .350 .300 .302 .230 .235 .350 .350 .290 .290 .280 .280 .240 .240 .240 .240 .230 .233 .850 .850 .700 .700 .700 .700 .250 .284 .250 .258 .270 .270 .270 .270 .300 .316 .250 .250 .250 .250 750 .750 .230 .230 .380 .385 300 .300 .125 .202 .400 .404 .125 .197 .280 .213 .180 .182 .140 .140 .200 .200 .180 180 .190 .190 .190 .190 .190 .190 .180 .180 .190 .190 .190 .190 1.600 .400 1.300 1.300 1.300 .752 .540 1.300 1.300 1.184 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 10,000,000.00 10,000,000.00 5,000,000.00 4,992,300.00 5,000,000.00 5,000,000.00 5,000,000.00 4,973,550.00 5,000,000.00 5,001,450.00 5,000,000.00 4,994,955.00 5,000,000.00 4,995,700.00 5,000,000.00 4, 953,525.00 10,000,000.00 9,991,100.00 5,000,000.00 4,994,950.00 5,000,000.00 4,990,014.15 9,900,000.00 9,893,565.00 10,000,000.00 9,994,400.00 5,000,000.00 4,993,850.00 10,000,000.00 9,999,164.00 15,000,000.00 15,000,000.00 15,000,000.00 15,000,000.00 20,000,000.00 19,985,000.00 14,500,000.00 14,507,830.00 5,000,000.00 4,999,350.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,997,850.00 5,000,000.00 4,998,850.00 5,000,000.00 5,000,000.00 7,000,000.00 6,997,970.00' 5,000,000.00 5,000,000.00 10,000,000.00 9,998,680.00 5,000,000.00 4,999,340.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,006,980.00 15,000,000.00 15,000,000.00 7,500,000.00 7,499,158.95 5,000,000.00 4,999,250.00 20,000,000.00 19,997,400.00 5,000,000.00 4,999,345.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,999,850.00 15,000,000.00 14,999,250.00 5,000,000.00 5,000,000.00 30,000,000.00 30,000,000.00 20,000,000.00 20,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 4,999,850.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 9, 996,620.00 5,000,000.00 4,999,580.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 25,000,000.00 24,994,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 9,999,000.00 10,000,000.00 10,000,000.00 10,000,000.00 9,992,980.00 7,750,000.00 7,749,225.00 10,000,000.00 9,993,130.00 10,000,000.00 10,006,780.00 5,000,000.00 4,999,925 00 25,000,000.00 50,000,000.00 25,000,000.00 50,000,000.00 25,000,000.00 25,000,000.00 25,000,000.00 50,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 18 24,964,805.56 49,913,611 11 24,960,500.00 49,917,930.56 24,956,854.17 24,956,854.17 24,960,000.00 49,922,944.44 9,981,105.56 10,2ll,890.00 9,972,900.00 5,000,000.00 5,000,000.00 5,015,550.00 100.100000 100.082000 100.090000 100.077000 100.100000 99.977000 99.977000 100 077000 99.990000 100.071000 100.191000 99 996000 100.000000 99.977000 100.039000 100.191000 100.872000 100.000000 100.072000 100.027000 100.034000 100.141000 100.017000 100.141000 100.071000 100.022000 100.552000 99.996000 100.018000 100.012000 100.012000 100.028000 100.028000 100.028000 100.028000 100.134000 100.077000 100.062000 100.004000 100.004000 100.077000 100.012000 100.012000 100.019000 100.149000 100.089000 100.019000 100.149000 100.013000 100.026000 100.026000 100.028000 100.020000 100.007000 100.105000 100.105000 100.037000 100.038000 100.053000 100.053000 100.058000 100.040000 100.040000 99.886000 100.027000 100.045000 100.048000 99.939000 99.974000 99.934000 100.071000 99.986000 99.983000 99.984000 99.973000 99.973000 99.957000 99.957000 99.971000 99.957000 99.862000 100.933000 100.021000 101.294000 101.294000 101.294000 10,010,000 00 5,004,100.00 5,004,500.00 5,003,850.00 5,005,000.00 4,998,850.00 4,998,850.00 5,003,850.00 9,999,000.00 5,003,550.00 5,009,550.00 9,899,604 00 10,000,000.00 4,998,850.00 10,003,900.00 15,028,650.00 15,130,800.00 20,000,000.00 14,510,440.00 5,001,350.00 5,001,700.00 5,007,050.00 10,001,700.00 5,007,050.00 5,003,550.00 5,001,100.00 5,027,600.00 6,999,720.00 5,000,900.00 10,001,200.00 5,000,600.00 5,001,400.00 5,001,400.00 I 0,002,800.00 5,001,400.00 5,006,700.00 10,007,700.00 10,006,200.00 15,000,600.00 7,500,300.00 5,003,850.00 20,002,400.00 5,000,600.00 5,000,950.00 5,007,450.00 5,004,450.00 15,002,850.00 5,007,450.00 30,003,900.00 20,005,200.00 10,002,600.00 10,002,800.00 5,001,000.00 10,000,700.00 5,005,250.00 5,005,250.00 10,003,700.00 5,001,900.00 10,005,300.00 5,002,650.00 25,014,500.00 5,002,000.00 5,002,000.00 9, 988,600.00 10,002,700.00 10,004,500.00 10,004,800 00 9,993,900.00 7,747,985.00 9,993,400.00 10,00000 11,800.00 4,500.00 30,30000 3,550.00 3,895.00 3,150.00 50,325.00 7,900.00 8,600.00 19,535.85 6,039.00 5,600.00 5,000.00 4,736.00 28,650.00 130,800.00 15,000.00 2,610.00 2,000.00 1,700.00 7,050.00 1,70000 7,050.00 5,700.00 2,250.00 27,600.00 1,750.00 900.00 2,520.00 1,260.00 1,400.00 1,400.00 2,800.00 1,400.00 6,700.00 7,700.00 (780.00) 600.00 1,141.05 4,600.00 5,000.00 1,255.00 950.00 7,450.00 4,600.00 3,600.00 7,450.00 3,900.00 5,200.00 2,600.00 2,800.00 1,150.00 700.00 5,250.00 5,250.00 7,080.00 2,320.00 5,300.00 2,650.00 20,500.00 2,000.00 2,000.00 (11,400.00) 2,700.00 5,500.00 4,800.00 920.00 (1,240.00) 270.00 .939 1.365 .940 2.437 .940 .427 .427 2.435 .353 .948 1.657 .410 .413 .427 .487 1.020 2.559 .610 .659 .513 .543 1.026 .601 1.037 959 .549 2.551 .410 .590 .590 .590 .643 .643 .643 .643 1.576 1.172 .626 .397 .377 1.172 .629 .629 1.153 1.628 1.121 .629 1.628 .704 .701 .662 .704 .676 4.650 2.703 2.703 .751 .754 .757 .757 1.310 .796 796 4.849 .915 1.907 1.655 818 2.394 .888 .942 1.373 .942 2.449 .942 .427 .427 2.449 .353 951 1.663 .411 . .414 .427 .488 1.025 2.592 .608 .658 .512 .542 1.030 .600 1.041 .962 .548 2.581 .411 .589 .589 .589 .641 .641 .641 .641 1.581 1.175 .625 .397 .378 1.175 .627 .627 1.156 1.633 1.126 .627 1.633 .704 .701 .660 .704 .677 4.764 2.737 2.737 .751 .753 .756 .756 1.315 .795 .795 4.953 .910 1.910 1.658 .816 2.411 .888 10,007,100.00 320.00 .959 .962 4,999,300 00 (625.00) .713 .712 24,995,750.00 30,944.44 49,992,000.00 78,388.89 24,993,250.00 32,7s0.00 49,986,500.00 68,569.44 24,989,250.00 32,395.83 24,989,250.00 32,395.83 24,992,750.00 32,750.00 49,978,500.00 55,555.56 9,986,200.00 5,094.44 10,093,300.00 10,002,100.00 5,064,700.00 5,064,700.00 5,064,700.00 (1 1 8,590.00) 29,200.00 64,700.00 64,700.00 49,150.00 .328 .329 .320 .321 .377 .378 .377 .378 .424 .425 .424 .425 .404 .405 .424 .425 .910 .912 .669 .090 1.213 1.213 1.214 .674 .090 1.230 1.230 1.230 11 Month End Portfolio Holdings Maturity Maturity Par Book Market Market Unreahzed 1\lodified Years To CUSIP Description Date Coupon To Mat Value Value Price Value Gain/Loss Duration Maturity 31331 KET3 FFCB 2.5Yr 31331KHV5 FFCB5Yr 31331KQU7 FFCB1.5Yr 31331KPD6 FFCB2.5Yr 31331KMM9 FFCB 1.5Yr 31331KMM9 FFCB 1.5Yr 31331 KZ)2 FFCB 2Yr 31331 KB82 FFCB 2Yr 31331 KZK9 FFCB 1.25Yr 31331KK74 FFCB3YrNc1YrA 31331 KK74 FFCB 3YrNc1YrA 31331 K5K2 FFCB 2Yr 3133EAC)5 FFCB 1.5YrNc3MoE 3133EADY1 FFCB2YrNc1YrA 3133EAHP6 FFCB3Yr 3133EALT3 FFCB 1.5Yr 3J33EALN6 FFCB 1Yr 3133EALN6 FFCB 1Yr 3133EAC)5 FFCB 1 .5YrNc3MoA 3133EAC)5 FFCB 1 .5YrNc3MoA 3133EAKT4 FFCB J.75Yr 3133EAN)3 FFCB3Yr 3J33EAPK8 FFCB 16MoNc3MoA 3133EASH2 FFCB 1Yr 3133EATQ1 FFCB 1 Yr 3133EA2K3 FFCB 3YrNc3MoA FARMER MAC 31315PVUO 3J315PVUO 31315PVUO 313.15PSH3 FARMER MAC GTD FARMER MAC GTD FARMER MAC GTD FARMER MAC GTD FARMER MAC GTD 677521 LG9 OHIO STATE GO 677521LH7 OHIO STATE GO 68608UNXO OREGON STATE 68608UNZ5 OREGON STATE 56052AXC5 5946107P6 20772)EDO 20772)EE8 20772)EC2 56052AXC5 56052AXE1 MAINSTGO MICHIGAN STGO CONNECTICUT ST CONNECTICUT ST CONNECTICUTST MAINSTGO MAINSTGO 36959HLE5 GECAPITALCORP 36959HK30 GECAPITALCORP 36959HKH9 GE CAPITAL CORP 09/23/2013 04/20/2016 01/07/2013 11/20/2013 12/03/2012 12/03/2012 09/23/2013 10/03/2013 ll/23/2012 11/07/2014 11/07/2014 01/03/2014 . 08/07/2013 02/21/2014 03/16/2015 ]] /18/2013 04/16/2013 04/16/2013 08/07/2013 08/07/2013 12/23/2013 05/01/2015 09/09/2013 06/04/2013 06/11/2013 09 28 2015 980 1.029 .289 .303 .400 .400 .625 .700 .350 .376 .350 .340 .350 .400 .350 .400 .240 254 .850 .850 .850 .850 400 .420 .180 .240 .330 .380 .520 .598 .300 300 220 .228 .220 .253 .180 .302 .180 .271 .300 .302 .500 .520 .270 .270 .220 .233 .220 .228 .450 .484 10,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 6,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5000000.00 9,988,000.00. 9,995,000.00 5,000,000.00 4,991,100.00 9,996,600.00 5,000,650.00 9,990,100.00 4,995,050.00 4,999,200.00 5,000,000.00 5,000,000.00 5, 997,600.00 4,995,500.00 4,995,000.00 4,988,430.00 5,000,000.00 4,999,600.00 4,998,337.45 9,984,000.00 4,994,100.00 9,999,600.00 4,997,000.00 5,000,000.00 4,999,350.00 4,999,600.00 4 995000.00 100.744000 100.016000 100.064000 100.443000 100033000 100.033000 100.129000 100.129000 100.012000 100.063000 100.063000 100192000 99.973000 100.047000 100.378000 100.075000 100.012000 100.012000 99.973000 99.973000 100.069000 100.316000 100.001000 100.007000 100.007000 100.038000 10,074.400.00 10,001,600.00 5,003,200.00 5,022,150.00 10,003,300.00 5,001,650.00 10,012,900.00 5,006,450.00 5,000,600.00 5,003,150.00 5,003,150.00 6,011,520.00 4,998,650.00 5,002,350.00 5,018,900.00 5,003,750.00 5,000,600.00 5,000,600.00 9,997.300.00 4,998,650.00 10,006,900.00 5,015,800.00 5,000,050.00 5,000,350.00 5,000,350.00 5 001900.00 86,400.00 6,600.00 3,200.00 31,050.00 6,700.00 1,000.00 22,800.00 ]],400.00 1,400.00 3,150.00 3,150.00 13,920.00 3,150.00 7,350.00 30.470.00 3,750.00 1,000.00 2,262.55 13,300.00 4,550.00 7,300.00 18,800.00 50.00 1,000.00 750.00 6900.00 ,. . .. , -~<:t+¥vi,4-lt~t;;? 1.9G~Jllllt~ ~96~?;1~"'~~~~;,~ qp_100~1~: <=-:~~fl.%,.47,?;-?~l!lSfu'~;.: <±.~-- 05/10/2013 .760 .760 05/10/2013 .760 .760 05/10/2013 .760 .750 04/25/2013 .400 .400 07/02/2015 .550 587 09 01 2016 .600 .600 5,000,000.00 5,000,000.00 12,500,000.00 15,000,000.00 10,000,000.00 5 000000.00 5,000,000.00 100.206000 5,010,300.00 5,000,000.00 100.206000 5,010,300.00 12,502,375.00 100.206000 12,525,750.00 15,000,000.00 100.110000 15,016,500.00 9,989,000.00 100.162000 10,016,200.00 5 000 000.00 100.157000 5 007 850.00 05/01/2013 .740 .740 5,140,000.00 5,140,000.00 100.000000 5,140,000.00 05/01/2014 1.190 1.190 2,000,000.00 2,000,000.00 100.000000 2,000,000.00 11/01/2013 .480 .480 3,595,000.00 3,595,000.00 100.000000 3,595,000.00 05/01/2013 .380 .380 6,565,000.00 6,565,000.00 100.000000 6,565,000.00 06/01/2013 2.000 .401 1,500,000.00 1,526,895.00 101.793000 1,526,895.00 05/15/2013 .450 .450 4,285,000.00 4,285,000.00 100.000000 4,285,000.00 04/15/2014 .448 .448 2,000,000.00 2,000,000.00 100.000000 2,000,000.00 04/15/2015 .672 .672 2,000,000.00 2,000,000.00 100.000000 2,000,000.00 04/15/2013 .250 .284 8,300,000.00 8,297,261.00 99.967000 8,297,261.00 06/01/2013 2.000 .370 3,500,000.00 3,556,980.00 101.628000 3.556,980.00 06 OJ 2013 1.000 .390 6630000.00 6669647.40 100.598000 6669647.40 10,300.00 10,300.00 23,375.00 16,500.00 27,200.00 7850.00 r.· eN:;kK!IiZ}'{~;,: ,,,L. A10f-)4i;i(;~gl5,'fiMIJIJ<j';i£iJ\?Jii>~J90~~':\ftF'iV;4$}>31;;78314p't'ti4PJY.jl , .• ll/14/2012 10/03/2012 10/17/2012 .320 .170 .170 .321 .170 .170 50,000,000.00 50.000.000.00 15,000,000.00 49,918,666.67 49,978,041.67 14,992,491.67 99.971889 99.998722 99.989778 49,985,944.44 49,999,361.11 14,998,466.67 67,277.77 21,319.44 5,975.00 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 19 .973 3.536 .271 1.130 .175 .175 .978 1.004 .148 2.073 2.073 1.253 .851 1.387 2.441 1.131 .543 .543 .851 .851 1.227 2.561 .940 .676 .6% .981 • .175 .175 .981 1.008 .148 2.104 2.104 1.260 .852 1.395 2.458 1.134 .542 .542 .852 .852 1.230 2.584 .942 .677 .696 2.970 2.995 ' '~JltJ;~;~~t-; :~<~;!~ .607 .608 .607 .608 .607 .608 .567 .567 2.727 2.753 3.866 3.923 'Jch'l~~~ .582 1.559 1.082 .584 .663 .622 1.532 2.509 .540 .663 .666 .123 .008 .046 .584 1.584 1.088 .584 .668 .622 1.540 • z, .123 .008 .047 • 12 • • • Full Compliance The Treasurer's Pooled Investment Fund was m FULL COMPLIANCE with the Treasurer's Statement of Investment Policy. The County's Investment Policy is more restrictive than the California Government Code. This policy is reviewed annually by the County's Investment Oversight Committee and approved by the County Board of Supervisors. 40% Al/Pl 270DAYS '40% "v' ~:·: 30% NA 1 YEAR 25% Combined ,· .. •'ttlr~4,ritax,· ·· 25%~:{ilt tetln r~p~'hver 7 10% ·3~%' 3YEARS 20% NA NA NA DAILY 1.0% LIQUIDITY 60DAYS(IJ 20% AAA/Aaa DAILY 20% (2) LIQUIDITY NA NA NA DAILY Max $50 LIQUIDITY million . NA 1 Muhwl Funds maturihJ may be interpreted as weighted average maturihJ not exceeding 60 days. Al/Pl{Fl ~ " A1/P1/F1 AAjAa2J. AA NA MAby2 Of3 1\ATINGS NA 2 Or must have an inveshnent advisor with not less than 5 years experience and with assets under management of $500,000,000 . .0:06% ;, 1.08% 0.20% 0.01% THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT CODE 53646 ---·-·-·-----···--·--·-··-·-·····-·----RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 13 20 • AGENDA ITEM 8 • • • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: November 26, 2012 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: John Standiford, Deputy Executive Director SUBJECT: Quarterly Sales Tax Analysis STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the sales tax analysis for Quarter 2 (Q2) 2012; and 2) Forward to the Commission for final action. BACKGROUND INFORMA T/ON: At its December 2007 meeting, the Commission awarded an agreement to MuniServices, LLC (MuniServices) for quarterly sales tax reporting services plus additional fees contingent on additional sales tax revenue generated from the transactions and use tax (sales tax) audit services. The services performed under this agreement pertain to only the Measure A sales tax revenues. Since the commencement of these services, MuniServices submitted an audit update, which reported findings that have been generated and submitted to the State Board of Equalization (SBOE) for review and determination of errors in sales tax reporting related to 240 businesses. Through Q2 2012 for April through June 2012 (Q2 2012), the SBOE approved corrections for 168 of these accounts for a total sales tax revenue recovery of $2,391,886. If the SBOE concurs with the error(s) for the remaining claims, the Commission would receive additional revenues; however, the magnitude of the value of the remaining findings was not available. It is important to note that while the recoveries of additional revenues will be tangible, it will not be sufficient to alter the overall trend of sales tax revenues. Additionally, MuniServices provided the Commission with the quarterly sales tax summary report for the second quarter of calendar year 2012 for Q2 2012. Most of the Q2 2012 Measure A sales tax revenues were received by the Commission in the third quarter of calendar 2012, during July through September 2012, due to a lag in the sales tax calendar. The summary section of the Q2 2012 report is attached and includes an overview of California sales tax receipts, local results, Agenda Item 8 21 historical cash collections analysis, summary of the top 25 sales tax contributors, historical sales tax amounts, sales tax by business category, economic trends for significant business category (business to business), and results. The following observations were noted in the 02 2012 report: • Sales tax receipts for Riverside County were 9.5 percent higher compared to the 02 2011, and higher compared to the state's rate of 6.8 percent. This supports the previous quarterly reports' analyses that an economic recovery statewide and locally is occurring; however, the Commission should continue to be cautious as service stations is one of the top three economic segments throughout the state leading this recovery. A significant portion of this growth in this segment is attributable to the high fuel prices. • Taxable transactions for the top 25 tax contributors in Riverside County, which generated 23 percent of the taxable sales for the year ended 02 2012, were slightly higher than the year ended 02 2011. The top 100 tax contributors generated 37 percent of the taxable sales in 02 2012 and 022011. • Five of the six economic categories experienced increases in the 02 2012 benchmark year comparison to 02 2011. Transportation had the largest increase at 13.0 percent, which was primarily related to increases in the auto sales-new, auto parts/repair, and auto-sales-used segments. The other top five economic categories had increases ranging from 5.1 percent to 10.8 percent. General Retail: Apparel Stores, Department Stores, Furniture/ Appliances, Drug Stores, Recreation Products, Florist/Nursery, and Misc. Retail Food Products: Restaurants, Food Markets, Liquor Stores, and Food Processing Equipment Construction: Building Materials Retail and Building Materials Wholesale Transportation: Auto Parts/Repair, Auto Sales-New, Auto Sales-Used, Service Stations, and Misc. Vehicle Sales Business to Business: Office Equip., Electronic Equip., Business Services, Energy Sales, Chemical Products, Heavy Industry, Light Industry, and Leasing Miscellaneous: Health & Government, Miscellaneous Other, and Closed Account Adjustments Agenda Item 8 22 • • • • • • • Nine of the top ten segments (service stations, department stores, restaurants, auto sales-new, miscellaneous retail, apparel stores, food markets, light industry, and building material-retail) sales taxes reached a new high point during 02 2012. These nine segments represent 71 percent of the total sales tax receipts. • Service stations, department stores, and restaurants continue to represent the three largest economic segments for Riverside County, or 34 percent of total sales taxes, which is comparable to the 01 2012 benchmark year. Auto sales -new represents the fourth largest economic segment at 9. 7 percent of total sales taxes, which is also comparable to the 01 2012 benchmark year . During the review of the 02 2012 detailed report with MuniServices, information regarding sales tax comparisons by city and change by economic category from 02 2011 to 02 2012 was provided, and is attached. Newly incorporated cities such as Eastvale and Jurupa Valley will be listed when sufficient comparative information is available. Staff continues to monitor monthly sales tax receipts and other available economic data to determine the need for any adjustment to the revenue projections. Staff will utilize the forecast scenarios included with the complete report and recent trends in assessing such projections. Attachments: 1) Sales Tax Analysis 02 2012 2) Sales Tax Comparison by City for 02 2011 to 02 2012 Agenda Item 8 23 • • • ATTACHMENT 1 FIN-RPT-00007 Riverside County Transportation Commission Sales Tax Digest Summary Collections through September 2012 Sales through June 2012 (2012Q2) CALIFORNIA'S ECONOMIC OUTLOOK California sales tax receipts increased by 6.8% over the same quarter from the previous year, with Northern California reporting a 7.1% increase compared to 6.6% for Southern California. Receipts for the Riverside County Transportation Commission changed by 9.5% over the same periods. A statewide look at economic performance continues to indicate upward movement. Construction and Business to Business showed increases in employment of 5% over the prior year. Transportation shows continued growth. Sales of new vehicles are up 27.4% over the prior year, fueled by 'baby boomers' purchasing cars as they enter retirement. Gasoline prices also continue to climb. The residential real estate market shows signs of beginning to come back. The number of single family homes sold was up 8.5% from last year. The median price rose 8.1%. While improvements show positive signs, California is still years away from a complete recovery. Overall statewide job growth was only 2% and there remains a troubling gap between the number of jobs being created and the number of people entering and remaining in the workforce. LOCAL RESULTS Net Cash Receipts Analysis Local Collections Share of County Pool 0.0% Share of State Pool 0.0% SBE Net Collections Less: Amount Due County 0.0% Less: Cost of Administration Net 2Q2012 Receipts Net 2Q2011 Receipts Actual Percentage Change Business Activity Performance Analysis Local Collections Less: Payments for Prior Periods Preliminary 2Q2012 Collections Projected 2Q2012 Late Payments Projected 2Q2012 Final Results Actual 2Q2011 Results Projected Percentage Change www.MuniServices.com (800]800-8181 24 $36,025,925 0 0 36,025,925 .00 (347,710) 35,678,215 32,584,252 9.5% $36,025,925 (2,197,841) 33,828,085 1,120,430 34,948,515 32,212,068 8.5% Pagel Riverside County Transportation Commission HISTORICAl CASH COLLECTIONS ANAlYSIS BY QUARTER ______ , __________ .............. ---·-···-···· .. ---------- (In thouunds ofS) $40,000 r-----------------------------.-$400 TOP 25 SAlES/USE TAX CONTRIBUlQRJ SHO $300 .. S250 .. .. '"' S2 00 ., s SISO :. uoo so The following listidentifr~s ·RCTC'; fop''25' Sales/Use Tax contributors: The IJSt is· in alphabetical order and represents sales from Juty: .4Ull to June 2012. The Top 25 Sales/Use Tax contrib+!tprs generate 22.5% of RCTC's total salesar1t!Ailsetaxrevenue. J:'EST .llUY.S!OR~-·····M··-·P·······•·•··'•"'····-~~··*'···*"·' ... '"'"'"'' '"''··-~·~"-~,!S~:(l\r1.§l)tT ST.ORE., .•• <."··•·-·•·•·.•· ··~.o•·• •·>• .. CARMAX THE AUTO SUPERSTORE RALPH'S GROCERY CHEVRON SERVICE STATIONS CIRCLE K FOOD STORES COSTCO WHOLESALE DEPT OF MOTOR VEHICLES DESERT SUNLIGHT EDISON MATERIAL SUPPLY GE PACKAGED POWER HOME DEPOT K MART STORES KOHL'S DEPARTMENT STORES LOWE'S HOME IMPROVEMENT www.MuniServices.corn RITE ~IDDRUGSTOR'ES ROSSS'iOR£5 SAM'SCLUS SHELL SERVtCE.STAiiONS STATERBRCSMARKETS TARGETSTORI::S VERlZON WIRELESS VONSSERVICE STATIONS WAL MART STOllE$ WALGREEN'S IJRUG STORES (800) 800-81.$1. 25 PageZ • • • • • • Riverside County Transportation Commission HISTORICAl SALES TAX AMOUNTS The following chart shows the sales .tax level from sales through June 2012, the highs, and the lows for each segment over the last two years. (in thousands ofS) iii2Q2on : •tllgll ' j •Lo~ _ _j Sl8,000 ·-~~--------~--------~--------~----~~--~--~~----~------------------, $16,000 $14,006 Sl2,000 $10,000 $8,000 $6,000 $4,000 s 2,000 $0 ANNUAl SALES TAX BY BUSJNE$S.CAmEGOlltf lQl0l1 !Q20!Z 4 Q 2 0 II JQ2011 ZQ20ll l Q l 0 II • Q 21) l 0 3Q2010 2Q2010 lQlOlO $0 $20,011'0 www.MuniServices.com $40,000 --''c;.,;·' ''"""' ~·. ~~--·--·--···-··---.. -· .. ····~"~· ...;.....__ _____ ·-----'l $,0,000 $80,000 (800) 800~8181 26 SIOO,OOO $llll,OOO $140,000 $160,000 Page3 Riverside County Transportation Commission FIVE-YEAR ECONOMIC TREND: Business To Business (lo lbousands oCS) 57,000 .-------------------------------------------------------------------~ $6 ,oo 0 55,00 0 S4 ,00 0 $3,00 0 Sl ,00 0 SJ,OOO so s ..... s !!! .. .. !!! C> 8 :;: 0 8 8 :;: ... s ... s ... 0' ~ go ~ ~ ... ... ... FINAL RESULTS: January-March 2012 Sales local Net Cash Collections less: Pool Amounts less: Prior Quarter Payments Add: Late Payments "' "' ~ "' ~ 8 8 0 8 C> ~ s ... s s ~ ... ... local Net Economic Collections after Adjustments Percent Change from January-March 2011 Sales MUNISERVICES' ON-GOING AUDIT RESULTS This Quarter $201,516 Total to Date $1,761,818 www.MuniServices.com {800) 800-8181 27 ~ ~ C> C> C> s ... ... s ~ ~ ... $33,087,093 ($-299,350) ($1,504,195) $1,708,775 $33,591,023 UP B¥7.6% .. ~ ~ .. .. ::l ... C> s :;: s s ... s ~ go ... ... Page4 • • • ATTACHMENT 2 28 MuniServices, LLC • AGENDA ITEM 9 • • • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: November 26, 2012 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer Matthew Wallace, Procurement Manager THROUGH: John Standiford, Deputy Executive Director SUBJECT: Revisions to Procurement Policy Manual STAFF RECOMMENDATION: This item is for the Committee to: 1) 2) 3) Approve the revised Riverside County Transportation Commission Procurement Policy Manual for the procurement and contracting activities undertaken by the Commission, pursuant to legal counsel review, as to conformance to state and federal law; Adopt Resolution No. 1 2-031, "Resolution of the Riverside County Transportation Commission Regarding the Revised Procurement Policy Manual"; and Forward to the Commission for final action. BACKGROUND /NFORMA TION: The Commission's initial Procurement Policy Manual was adopted in April 2007, in response to the Federal Transit Administration's (FTA) 2006 Triennial Review. At its July 2012 meeting, the Commission adopted a revised Procurement Policy Manual that was comprehensive and incorporated key elements to comply with FTA, Federal Highway Administration, Caltrans, other state and federal, and Commission regulations. As a result of the FT A's Procurement Systems Review of the Commission completed in October 2012, FTA and its contractor identified 14 areas with corrective action recommendations consisting primarily of revisions to procurement policies and procedures. Procurement Policies Manual Highlights The primary revisions to the Procurement Policy Manual include the following areas: 1) Procurement Standards: a. Contract Administration System; Agenda Item 9 29 b. Procurement Records; c. Specifications; d. Brand Name or Equal; and e. Violations or Breach of Contract. 2) Types of Contracts: a. Time-and-Materials Contracts. 3) Independent Cost Estimate. 4) Duties of Commission Staff Regarding Procurements: a. Construction Change Orders. 5) Determination of Fair and Reasonable Price: a. Single Offer/Lack of Adequate Competition. 6) Protest Procedures. 7) Simplified Purchase Procedures: a. Requirements for Micropurchases; and b. Use of Small Purchases. 8) Geographical Preferences. 9) Revenue Contracts. 1 0) Statutory and Regulatory Requirements. 11) Disputes, Claims and Changes -General. 12) Termination. 13) Bonds, Other Securities and Insurance. 14) Progress Payments. The revised Procurement Policy Manual continues to provide the Commission with a comprehensive, formal set of policies and procedures that assists all aspects of the organization with guidance regarding best procurement practices. With the increasing number of projects using federal funding sources, the Procurement Policy Manual provides a framework to ensure compliance with federal regulations. Staff is reviewing and assessing existing forms and detailed procedures to determine any changes that could improve procurement processes and compliance with the revised Procurement Policy Manual. Attachments: 1 ) Procurement Policy Manual 2) Resolution No. 1 2-031 Agenda Item 9 30 • • • • • • ATTACHMENT 1 CHAPTER 1 -PROCUREMENT PROCESS 1.0 PURPOSE AND SCOPE 2.0 A. The Riverside County Transportation Commission (hereinafter "RCTC" or "Commission") procures goods and services using public funds. It has a responsibility to uphold the public trust and maximize the value of public funds by using them as efficiently and cost-effectively as possible. B. This Procurement Policy Manual (Manual) sets forth a general procurement policy and set of standards that will govern the conduct of Commission procurement activities and of Commission personnel engaged in those activities. The policies contained herein are advisory, not mandatory, and any deviation therefrom shall not render any contract of the Commission void or voidable. This manual is for Commission internal purposes only and shall not create any rights in any third parties. C. This Manual is intended to supersede, in its entirety, the Commission's Procurement Policies Manual which was adopted on April 11, 2007, and Resolution No. 98-013, adopted December 9, 1998, entitled Resolution of the Riverside County Transportation Commission Authorizing the Executive Director to Sign Certain Commission Contracts. PROCUREMENT POLICY STATEMENT A. The Commission procurement policies establish the guidelines and policies for procuring the goods and services necessary for the Commission to carry out its responsibilities and duties. The policies are intended to maintain the integrity of the Commission's procurement process, while ensuring that purchases are made in a cost effective, timely manner; with fair and open competition; and in accordance with all applicable laws and regulations. B. The objectives of the Commission's Procurement Policy Manual are to: 1. Maximize the value received for the Commission's expenditure of public funds. 2. Protect assets and/or services purchased with public funds and ensure their application in the Commission's interests. 3. Provide all vendors an equal opportunity to provide needed goods and/or services. 4. Protect the integrity and reputation of the Commission, its officers, and its employees. 3.0 PROCUREMENT STANDARDS A. GENERAL 1. Contract Administration System. The Commission will maintain a contract administration system that helps ensure that contractors perform 31 in accordance with the terms, conditions, and specifications of their respective contracts. a. Contract administration activities mav include the following: 1. Receive. evaluate, and act on value engineering and other change proposals. 11. Negotiate cost and s~hedule impact related to change orders and other contract modifications. 111. Process disputes under the Disputes Clause. JV. Review and approve pavmcnts under the Pro2:ress Pavments Clause. v. Monitor progress and ensure timely notification of anticipated overrun. VL Monitor financial status and advise if contract performance is jeopardized. VII. Issue task orders. viii. Perform property administration. IX. Ensure contractor compliance with quality assurance reg uirements. • x. r:.:valuate, fix adequacy, the contractor's engineering efl{xts and • management svstems that relate to design, development, production and testing. XL Evaluate and make recommendations on contractor requests for waivers and deviations. xii. Monitor contractor's small and disadvantaged business subcontractin2. Xlll. Ensure timelv submission of required reports. XIV. Administer special clauses such as drug and alcohol testing. xv. Receive. inspect and accept or reject partial deliveries and final deliveries of all contract deliverables. xv1. Assist in contract close out. b. ·rhe administration of construction contracts may be further supplemented bv the Caltrans Construction Manual or other manual developed for a specific project. as required. 2. A void Duplicative Purchases. Commission staff should regularly review proposed and planned procurements to avoid purchase of unnecessary or duplicative items. 2 32 • • • • 3. 4. 5. ~6. Lease vs. Purchase Analysis. Where appropriate, an analysis should be made of lease versus purchase alternatives and any other appropriate analysis to determine the most economical procurement approach. Value Engineering. When appropriate and in the Commission's best interests, the Commission will encourage the use of value engineering by including applicable clauses in contracts for appropriate equipment purchases and construction projects. Award to Responsive and Responsible Contractors. The Commission will make awards only to responsive and responsible contractors, as determined by the Commission, possessing the ability to perform successfully under the terms and conditions of a proposed contract. Consideration will be given to such matters as contractor integrity, compliance with public policy as implemented by applicable laws and regulations, record of past performance, and financial and technical resources. a. Tn connection with the responsibilitv determination tor federally tlmded procurements. a check of debarment and suspension must be performed and documented in the procurement records. Commission Rejection ofBids, Quotes, and/or Proposals. The Commission, to the extent permitted by applicable laws, may reject any and all bids, quotes and/or proposals and re-advertise at its sole discretion . The Commission should ensure that such rights are clearly stated in all Commission bid documents. 6-:]. Procurement Records. Records sufficient to document the significant history of each procurement activity should be maintained and retained by the Commission in accordance with the Commission's records retention policy. At a minimum, these records should include: a. The rationale fiJr the method of procurement; b. Selection of contract tvpe: c. Reasons tor contractor selection or rejection: and d. ·rhe basis for the contract price. +-::8. Specifications. The Commission will have clear and accurate contract specifications or statements of work that identify all requirements that offerors must fulfill. Additionallv. written selection procedures for formal procurements tf!:.atshall be prepared to help ensure fair, unbiased evaluation of competing proposals. a. For F'T'A-funded procurements. the Commission is prohibited !rom undulv restricting competition or placing unreasonable requirements on firms in order for them to qualify to do business (e.g .. unnecessary experience and excessive bonding requirements) . 3 33 9. Brand Name or Equal. The usc of''brand name or equal'' purchase descriptions mav be permitted: a. Only when an adequate specification cannot be provided without performing an inspection and analvsis in time for the acquisition under consideration: and b. When minimum needs are carefullv identified and those salient phvsical and functional characteristics of the brand name product are clearlv set forth in the solicitation. c. For non-federally funded procurements. as otherwise permitted bv state lavv. This section is not intended to impose limitations on the Commission's abilitv to require a brand name when the procurement is not Jederallv funded and is not a "public work"' subject to the requirements contained in the California Public Utilities Code. • -8; I 0. Conflicts oflnterest. All Commission Members, employees and other agents must conduct the procurement process so as to avoid conflicts of interest, real or apparent. To maintain full and open competition, no Commission member, employee or other agent is permitted to give preferential treatment to any contractor, nor to influence or participate in any Commission transaction in which such person has a financial interest. All procurements must be conducted in accordance with the Commission's Resolution No. 10-038, "Resolution of the Riverside • County Transportation Commission Amending the Appendix of the Conflict oflnterest Code Pursuant to the Political Reform Act of 1974 (as amended)," as may be amended. -9-;-JJ_, _____ Lobbying and Gifts. Commission officers, employees, agents and Commission members must comply with applicable state and federal law regarding acceptance of gifts, gratuities, or favors from contractors, potential contractors, or parties to subcontractor agreements. -l4L:;, __ Audit Provisions. Every Commission contract wherein contractor or other entity is receiving Commission funds in excess of $10,000 should include a provision allowing examination and audit of records related to the contract by the Commission's auditor for a period of three years after final payment under the terms of the contract. 13. Violations or Breach of Contract. All contracts exceeding $100.000 should include administrative. contractual, or legal remedies for violations or breach of the contract bv the contractor. +-h-_Lt __ Termination Clause. All contracts in excess of $25,000, and public works contracts in excess of$2,000, should provide for the termination of the contract for the Commission's convenience, and all contracts should provide for the termination of the contract for default in cases of contractor breach or non-performance. 4 34 • • 4.0 • • 5. Issues not Included in the Procurement Policy Manual. If a policy, procedure or particular strategy or practice is in the best interest of the Commission and is not specifically addressed, nor prohibited by statute or case law, users ofthis Manual should not assume it is prohibited. Rather, the absence of direction should be interpreted as permitting the Executive Director to innovate and use sound business judgment that is otherwise consistent with law and within the limits of his or her authority. TYPES OF CONTRACTS A. General Provisions 1. The Procurement Officer should use the types of contracts described in this Chapter for most types of procurement, except as otherwise provided for certain small purchases described hereunder in Chapter 6. Innovative contracting arrangements are not prohibited, but require the advance approval ofthe Executive Director or the Commission, as specified herein. 2. The "cost-plus-percentage-of-cost" method of contracting shall not be used for state or federally funded contracts. 3. The Procur~ment Officer, in consultation with the Project Manager, should select the type of contract that is most appropriate to the circumstances of each procurement, in accordance with the provisions of this Chapter . 4. In procurements by other than competitive sealed bidding, the Procurement Officer may negotiate a contract type and price (or estimated cost and fee) that will result in reasonable contractor risk and provide the contractor with the greatest incentive for efficient and economical performance. B. Selecting Contract Types 1. The type of contract to be used should be determined prior to the solicitation, and the solicitation should inform bidders of the type of contract that will be used. 2. When procurement is by competitive sealed bidding, the Procurement Officer must use a firm fixed-price contract. 3. Except when procurement is by competitive sealed bidding as required by law, the Procurement Officer should select the most effective contract type and should consider contract type together with the issues of price, risk, uncertainty, and responsibility for costs. The type of contract used should reflect the cost risk and responsibility assumed by the contractor or supplier. 4. The Procurement Officer should avoid the continued use of a cost reimbursement or time-and-materials contract after experience provides a basis for firmer pricing . 5 35 5. The Procurement Officer should include documentation in each oontract file to show why the particular contract type was selected, except for purchase orders under the small purchase threshold. C. Fixed-Price Contracts 1. Fixed-price contracts may provide for a firm price or, in appropriate cases, an adjustable price. 2. Fixed-price contracts providing for an adjustable price may include a ceiling price, a target price (including target cost), or both. Unless otherwise specified in the contract, the ceiling price or target price will be subject to adjustment only by operation of contract clauses providing for equitable adjustment or other revision of the contract price under stated circumstances. 3. A firm-fixed-price contract should provide for a price that is not subject to any adjustment on the basis of the contractor's cost experience in performing the contract. 4. A firm-fixed-price contract should be used for acquiring commercial products or commercial-type products, or for acquiring other supplies or services, on the basis of reasonably definite functional or detailed specifications if the Procurement Officer can establish fair and reasonable prices at the outset, including the following circumstances: a. When there is adequate price competition; b. When there are reasonable price comparisons with prior purchases of the same or similar supplies or services made on a competitive basis; c. When available cost or pricing information permits realistic estimates of the probable costs of performance; d. When performance uncertainties can be identified and reasonable estimates of their cost impact can be made, and the contractor is willing to accept a firm-fixed-price contract; or e. When required by law unless a sole source exception applies. D. Cost Reimbursement/Cost Plus Fixed Fee Contracts 1. Cost reimbursement contracts provide for payment of the contractor's reasonable, allocable and allowable incurred costs plus a negotiated fixed fee, to the extent prescribed in the underlying contract and Federal Acquisition Regulation Part 31. 2. A cost reimbursement contract establishes an estimate of total cost for the purpose of obligating funds and establishing a ceiling on expenditures that the contractor may not exceed without the approval of the Commission. 3. Cost reimbursement contracts are suitable for use when the uncertainties of performance do not permit costs to be estimated with sufficient accuracy to use a fixed-price contract. 6 36 • • • • • • 4. The Commission must determine the adequacy of the contractor's accounting system for cost-type contracts before awarding such a contract. E. Time-And-Materials Contracts I. A time-and-materials contract should be used only after the Procurement Officer determines;_ a. In writing. that no other tvpe of contract is suitable: and b. A ceiling price to be included in the contract that the contractor shall not exceed except at its own risk. 2. A time-and-materials contract should be used only when it is not possible at the time of executing the contract to estimate accurately the extent or duration of the work or to anticipate costs with any reasonable degree of certainty or confidence. 3. A time-and-materials contract should include direct labor hours at specified fixed hourly rates that include wages, overhead, general and administrative expenses, profit, and materials required at cost. 4. The user department/project manager should ensure that there is adequate surveillance of contractor performance when a time-and-materials type contract is used. F. Labor-Hour Contracts 1. When materials are not required, the Procurement Officer may use a labor- hour contract, a variation of the time-and-materials contract. 2. The use of a labor-hour contract should be in accordance with the above- referenced provisions related to time-and-materials contracts. G. Letter Contracts (Letter Of Intent Contracts) I. A letter contract is an interim type of contractual agreement that gives the contractor a limited Notice of Award for the delivery of the required goods/supplies or the performance of services. 2. The Procurement Officer may use a letter contract when the Commission's interests demand that the contractor be given a binding commitment so that work can start immediately and executing a definitive contract is not possible in sufficient time to meet the requirement. Each letter contract should be as complete and definitive as possible under the circumstances and should include clauses approved and required by the Procurement Officer. 3. The estimated cost of the definitive contract should determine the type and level of review and approval required for approval of a letter contract. 4. A letter contract may not be entered into without competition except as provided for under Non-Competitive and/or Emergency Procurements provisions of this Manual. 7 37 H. 5. A letter contract may not be amended to satisfy a new requirement unless the new requirement is inseparable from the existing contract. Any amendment should be subject to the same requirements as a new letter contract. 6. The total value of the letter contract should be the estimated sum necessary to cover the contractor's requirement for funds before execution ofthe definitive contract. However, the total value of a letter contract should not, under any circumstances, exceed fifty percent (50%) <;>fthe overall price ceiling for the term of the final negotiated (i.e., definitive) contract. 7. A letter contract should contain a negotiated schedule for execution ofthe definitive contract, including dates for submission of the contractor's price proposal, cost or pricing data (if required), a date for start of negotiations, and a target for execution of the definitive contract. 8. The letter contract should provide that if the Procurement Officer and the contractor cannot negotiate a definitive contract because of failure to reach agreement regarding price or fee: 1) the Procurement Officer may terminate the letter contract; or 2) if a "contract definitization" clause is included in the letter contract, the Commission may unilaterally require the contractor to continue the work and the Procurement Officer may, with the approval of the Executive Director, determine a reasonable price or fee. Multiple Year Contracts Multiple year contracts may be used with competitive sealed bids, competitive proposals, or by non-competitive procurement. Multiple year contracting is a method by which the Commission awards a contract for a base period of one or more years, with option provisions for future years' requirements. The option provision in the contract should provide for unilateral exercise at the discretion of the user department/project manager, as additional requirements and funding become available. See below under Section 5.0 of this Chapter for further information regarding Options. I. Indefinite Delivery/Indefinite Quantity (ID/IQ) Contracts 1. The Procurement Officer may use an ID/IQ type of contract when the Commission anticipates a recurring requirement, but cannot predetermine the precise quantities of supplies or services at the time of contract award. 2. ID/IQ contracts should specify maximum or minimum estimated quantities that the Commission may require during the term of the agreement. An IDIIQ contract should make no promise of exclusivity and may in fact be one of several (multiple) contracts awarded for the same item or service. 3. There are several types ofiDIIQ contracts, including: a. Definite-quantity contracts 8 38 • • • • • • b. Requirements contracts c. Indefinite quantity (IQ) contracts (commodities) d. Task order contracts (services) 4. If possible under the circumstances, the Procurement Officer should ensure that original solicitation and resultant ID/IQ contract contain both a minimum and a maximum quantities, which represent the reasonably foreseeable needs of the parties to the solicitation, and a clause stating that the estimate is not a representation to a bidder, offeror, or consultant that the estimated quantity or dollar amount above the estimated minimum will actually be required or ordered by the Commission. 5.0 OPTIONS A. General I. When it is in the best interest of the Commission, a contract option may be included providing the Commission the unilateral right to extend the term of the contract and/or to purchase additional supplies or services called for by the contract. 2. Any written findings required for a contract option shall specify both the base requirement(s) and the increase permitted by subsequent options. Contract provisions setting forth the cost of the option may include, but are not limited to, the following: a. A specific dollar amount; b. An amount to be determined by applying provisions (or a formula) provided in the basic contract, but not including renegotiation of the price for work in a fixed-price type contract; c. In a cost-type contract, a stated fixed or maximum fee, or a fixed or maximum fee amount determinable by applying a formula contained in the basic contract; d. A specific price that is subject to an economic price adjustment provision; or e. A specific price that is subject to change as a result of changes to the prevailing labor rates provided by the U.S. Department of Labor (DOL) or the California Department oflndustrial Relations (DIR) prevailing rates, whichever is applicable. B. Solicitation of Contracts with Options I. If a contract provides for an option, the solicitation should include appropriate option clauses. 2, Each contract should state the period within which an option may be exercised . 9 39 3. In order to meet the requirements of this Manual for full and open competition, the option should be evaluated as part of the initial competition and be exercisable at an amount specified from the terms of the basic contract. When options have not been evaluated as part of the award, the exercise of such options will be considered a non-competitive procurement and must comply with the non-competitive procurement policies in described in this Manual. C. Exercise of Options 1. The user department/project manager, in cooperation with the Procurement Officer, should initiate the exercise of an option only after determining the following: a. That sufficient budget authority is available; b. That the requirement covered by the option fulfills an existing Commission need; and c. That the exercise of the option will be the most advantageous method of fulfi11ing the Commission's needs, when price and other factors are considered. 2. The Procurement Officer, after considering price and other factors, should make the determination whether to recommend exercising the option on the basis of one of the following: • a. A new solicitation fails to produce a better price or a more • advantageous offer than that offered by the option; provided, that if it is anticipated that the best price available is the option price (or that the option provides the more advantageous offer), the Procurement Officer should not use this method to test the market; b. An informal analysis of prices or an examination of the market indicates that the option price is better than prices available in the market or that the option is the most advantageous offer; or c. The short time between the award of the contract containing the option and the exercise of the option indicates that the option price is the lowest price obtainable or the most advantageous. 3. The contract modification or other written document, which notifies the contractor of the exercise of the option, shall cite the option provision as authority for the action and should be issued within the time period specified in the contract. 6.0 COOPERATIVE AGREEMENTS A. Memorandum of Understanding A memorandum of understanding (MOU) is a contract document describing a bilateral or multilateral agreement outlining the terms and details of an arrangement between the parties to the MOU, including each party's requirements and responsibilities. An MOU is used when substantial involvement is expected 10 40 • • • 7.0 • B. c. between the Commission and another agency or entity when carrying out the activity contemplated in the MOU, and there exists some public or mutually beneficial purpose in carrying out this activity. Piggybacking 1. Piggybacking is the post-award use of an acceptable contract/solicitation process that allows an entity not contemplated in the original procurement to purchase the same supplies or equipment under the original contract/solicitation process. 2. Piggybacking is permissible when: a. The underlying solicitation document and the resultant contract contain an assignability clause that provides for the assignment of all or part of the specified deliverables as originally advertised, competed, evaluated, and awarded; and b. For federally funded agreements, the original solicitation and resultant contract contain a minimum and a maximum quantity, which represent the reasonably foreseeable needs of the parties to the solicitation. California Multiple Award Schedule and State Master Agreements 1. A California Multiple Award Schedule (CMAS) and State Master Agreements are agreements established between the California Department of General Services (DGS) and multiple vendors who agree to the State of California terms and conditions, and may be used by the Commission. 2. Acquisitions based on CMAS or State Master Agreements shall be competitively bid so as to result in offers from three or more vendors including one small business, if available. If less than three offers are received, documentation of solicitation methods must be included with the contract documentation. 3. Three offers are not required for CMAS and State Master Agreements based on competition, such as Cal-Store, the Master Rental Agreement, Western States Contracting Alliance (WSCA), etc. Information on specific CMAS and State Master Agreements are available on DGS-PD's website at: www.dgs.ca.gov/pd. RECURRING CONTRACTS The Commission may, on an annual basis, evaluate existing contracts for professional services that are due to expire within the next fiscal year. While some of these contracts may be placed on the calendar for a new procurement solicitation or allowed to expire because they are no longer required, notwithstanding any other provision herein, some contracts may be included in an annual recurring contracts list that must be approved by the Commission. Most contracts for professional services should be subject to a competitive process; however, there may be limited circumstances in which staff believes it is more efficient and cost effective to retain such consultants on the recurring contracts list rather than rebidding the services. Those circumstances generally are due to the 11 41 consultant's historical knowledge, unique experience, and understanding of the Commission and/or specific Commission projects. Approval ofthe recurring contracts list allows the Commission to continue work on existing projects without interruptions and maintain consistency. A. FTA-fundcd contracts mav not be included in the annual recurring contracts Jist. 12 42 • • • • • • CHAPTER2-PROCUREMENTGENERALLY 1.0 IMPLEMENTATION BY EXECUTIVE DIRECTOR; COMMISSION CONTROLS AND LIMITATIONS A. Final authority for purchasing actions and decisions rests with the Commission, except as delegated by the Commission to the Executive Director. B. The Commission authorizes the Executive Director to execute contracts approved by the Commission. The Executive Director may designate the Deputy Executive Director, Chief Financial Officer or Directors to execute contracts under his or her signature authority on his/her behalf. C. The policies set forth herein will be implemented by the Chief Financial Officer. The ChiefFinancial Officer has primary responsibility for ensuring that the Commission's procurement process is in accordance with applicable laws and regulations, as interpreted by the General Counsel and Commission policy. D. The Executive Director is authorized to approve and enter into contracts on behalf of the Commission under his/her single signature authority as follows: I. When the expenditure is less than fifty thousand dollars ($50,000) for the purchase of all supplies, equipment, materials and for the construction of all facilities and works in accordance with California PUC § 130232; and 2 . Wheri the expenditure is less than one hundred thousand dollars ($1 00,000) for the purchase of services; however, (i) the aggregate amount of contracts executed under the single signature authority shall not exceed $1,000,000 in any given fiscal year; (ii) the aggregate value of all contracts awarded to any one entity under the Executive Director's single signature authority shall not exceed $150,000 in any fiscal year; and (iii) the Executive Director may execute contract amendments for existing contracts that do not exceed $100,000. Such authority however, may not be exercised more than once during the life of any contract and may not be used to amend contracts originally executed under the Executive Director's single signature authority. The Commission's fiscal year is from July 1 to June 30. E. The powers of the Executive Director pursuant to Paragraph "D" above are subject to: (i) the existence and provisions of a Commission approved budget; and (ii) applicable laws and regulations. F. The Executive Director must provide the Commission with a regular report of all contracts entered into pursuant to the single signature authority provided in Paragraph "D" above, and must report to the Commission at its next regularly scheduled meeting each new contract awarded on an emergency basis or other contracts in excess of the Executive Director's single signature authority . 13 43 • G. APPROVAL LIMITS AND SOLICITATION TYPES 1. Supplies, Equipment, and Materials (California PUC § 130232) PURCHASE SOLICITATION SOLICITATION PROCESS APPROVER AMOUNT TYPE Less than $1,000 Micro-purchase Informal: Commercial availability, Procurement Rotate Vendors Officer* $1,000 to $25,000 Small Purchase Informal: Three (3) Quotes Procurement Officer* $25,001 to $50,000 Formal Procurement Formal: Advertisement, Clauses, Executive Competitive Sealed Bids Director Greater than $50,000 Formal Procurement Formal: Advertisement, Clauses, Commission Competitive Sealed Bids 2. Public Works (California PUC § 130232) PURCHASE SOLICITATION SOLICITATION PROCESS APPROVER AMOUNT TYPE Less than $1,000 Micro-purchase Informal: Commercial availability, Procurement Rotate Vendors, Non-Collusion Officer* Declaration, Insurance $1,000 to $25,000 Small Purchase Informal: Three (3) Quotes, Procurement • Prevailing Wage, Clauses, Insurance, Officer* License, Non-Collusion Declaration $25,001 to $50,000 Formal Procurement Formal: Advertisement, Clauses, Executive Prevailing Wage, Insurance, License, Director Competitive Sealed Bids, Payment Bond, Non-Collusion Declaration Greater than $50,000 Formal Procurement Formal: Advertisement, Clauses, Commission Prevailing Wage, Insurance, License, Competitive Sealed Bids, Payment Bond, Non-Collusion Declaration * As delegated by the Executive Director • 14 44 • • • H. 3. Services PURCHASE SOLICITATION SOLICITATION PROCESS APPROVER AMOUNT TYPE Less than $3,000 Micro-purchase Informal: Commercial availability, Procurement Rotate Vendors, Insurance Officer $3,000 to $50,000 Small Purchase Informal: Three (3) Quotes, Clauses, Procurement Insurance Officer $50,001 to $100,000 Small Purchase Informal: Three (3) Quotes, Clauses, Executive Insurance; or Director Formal: Advertisement, Clauses, Insurance, and Negotiated Agreement, or Competitive Sealed Bids, or AlE Contract procedures Greater than Formal Procurement Formal: Advertisement, Clauses, Commission $100,000 Insurance, Certifications, and Negotiated Agreement, or Competitive Sealed Bids, or AlE Contract procedures In addition to the authority granted above, and except as otherwise prohibited by applicable state or federal law, the Executive Director is authorized to approve and enter into contracts on behalf of the Commission, under his/her single signature authority, where the relevant contract is directly related to and necessary to implement a project that has been approved by the Commission, the contract is within the approved project budget and, based on the circumstances, exercise of this authority is in the best interest of the Commission. 2.0 PROCUREMENT OFFICER-DESIGNATION AND DELEGATION The Chief Financial Officer is the designated "Procurement Officer" for the Commission. The Chief Financial Officer may delegate all or part of the Procurement Officer duties described in this Manual. 3.0 PROCUREMENT OFFICER-DUTIES A. The Procurement Officer has the duty to oversee all procurement activitiesofthe Commission, and to implement the policies and standards set forth in this Manual, subject to the limitations of the authority that has been delegated to the Procurement Officer by the Commission or the Executive Director. B. The Procurement Officer may issue instructions for the implementation of Commission procurement policies. C. The Procurement Officer has the duty to ensure Commission contracts, purchase orders, modifications, and supplemental agreements are executed in accordance with established thresholds and delegated authority . 15 45 4.0 D. E. The Procurement Officer, subject to the review of the Commission's General Counsel, has the authority to draft and determine the final form of the contract to be used for each procurement. The Procurement Officer should ensure that a complete record of each procurement action is maintained in accordance with the Commission's records retention policy by establishing files containing the records of all major procurements and contractual actions pertinent to that office's responsibilities. I. The Procurement Officer is responsible for maintaining the original contract file pursuant to applicable state and/or federal records retention policies. 2. The documentation in each contract file maintained by the Procurement Officer should be sufficient to constitute a complete history of the transaction for the following purposes: a. Providing a complete background as a basis for informed decisions at each step of the procurement process; b. Supporting actions taken; c. Providing information for reviews, audits, and investigations; and d. Furnishing essential facts in the event oflitigation. IMPLEMENTATION OF PROCUREMENT PROCEDURES AND GUIDELINES The Procurement Officer, in his or her discretion and subject to the review and concurrence of the Commission's General Counsel, may adopt procurement and materials management procedures and guidelines needed to implement and supplement the policies and standards set forth in this Manual. Any such procedures and guidelines should provide for timely review and processing of all procurement actions, and should ensure that procurements proceed timely, efficiently and economically, while adhering to principles of good public policy practices and sound business judgment. 5.0 AUTHORIZED METHODS OF PROCUREMENT; SELECTION A. Selection. As part of the procurement initiation process, the Procurement Officer will determine which method of procurement is appropriate. B. Authorized Methods. The following methods of procurement may be used, as appropriate, in accordance with the policies and procedures included in the Procurement Manual: 1. Competitive Sealed Bid ("Low Bid"), pursuant to Chapter 3 of this Manual; 2. Design-build, pursuant to Chapter 4 of this Manual; 3. Competitively Negotiated Procurement, pursuant to Chapter 5 of this Manual; 16 46 • • • • • • 4. Small Purchase Procedures, pursuant to Chapter 6 ofthis Manual; and 5. Non-Competitive and Emergency Procurement, pursuant to Chapter 7 of this Manual. 6.0 INDEPENDENT COST ESTIMATE A. AAn independent cost estimate is a determination of price reasonableness. The- €B-5t estimate should be completed prior to the receipt of bids or proposals. B. The method and means of establishing the estimate may vary based on the circumstances and can range from checking historical records or published price guides to a detailed estimate in the same level of detail that is required for contractors submitting proposals. Estimates can be obtained from a design firm or in-house technical personnel for construction work or from independent third- partv staff (not impacted by final procurement). C. The estimate provides the Procurement Officer with essential input during the solicitation process. Ge-stlndependent cost estimates may be used by the Commission to: I. 2. 3 . 4. 5. 6. 7. 8. Provide a determination of value (i.e., do benefits warrant the cost); Support procurement planning; Determine the appropriate solicitation type and process based on the approval limits set forth in Chapter 2, l.O(G); Establish the competitive range and supplement the evaluation process; Provide a basis for a price analysis, which may eliminate the need for a more burdensome cost analysis; Provide a basis for development of a pre-negotiation objective; Support the Commission's negotiation position with contractor; and/or After contract award, provide essential input with respect to contract amendments, change orders and claims. 7.0 COST/PRICE ANALYSIS A. The Procurement Officer should perform a cost/price analysis in connection with every procurement action, including contract modifications. The method and degree of analysis is dependent on the facts surrounding the particular procurement situation. B. If the contract being awarded is a cost-reimbursement type, the cost/price analysis should address the realism of the various cost elements proposed, and where the costs are unrealistically low, an adjustment should be made to reflect what the Commission believes the effort will actually cost given that offeror's specific technical approach as well as its direct and indirect cost rates . 17 47 I. The Commission should, when applicable, or must, if required by law, utilize the guidelines provided in the Federal Acquisition Regulations Part 31 to determine whether of the contractor's proposed costs are reasonable, allowable and allocable. 8.0 VENDOR CONTACTS PRIOR TO ISSUANCE OF A SOLICITATION Informational and market research contacts with prospective contractors/vendors should be circumscribed based upon legitimate, identifiable business purposes and guided by the exercise of sound judgment. The primary pitfalls to be avoided are promises or implications from Commission staff of a future contract, development by a vendor of a specification or scope of services to be used as part of a Commission solicitation that vendor intends to participate in, requests from Commission staff for complimentary services or supplies, and other activities that may create a real or apparent conflict of interest or the impression of an obligation on the part of the Commission. 9.0 ADVERTISING I PUBLICIZING PROCUREMENTS A. The Procurement Officer should use the most efficient and effective means to publicize contract actions to increase competition in accordance with the requirements of the specific procurement. B. California PUC § 130232, applicable to the purchase of all supplies, equipment, materials and for the construction of all facilities and works when the expenditure exceeds twenty-five thousand dollars ($25,000), requires that notice requesting bids shall be published at least once in a newspaper of general circulation. The publication must be made at least 10 days before the date for the receipt of the bids. The Commission, at its discretion, may reject any and all bids andre- advertise. C. California PUC § 130238 for the purchase of computers, telecommunications equipment, microwave equipment, and other related electronic equipment and apparatus that is not available in substantial quantities to the general public requires (i) the procurement be conducted through competitive negotiation, after a finding by the Commission by a two-thirds vote that this particular procurement qualifies under California PUC § 130238, and (ii) notice of the request for proposals be published at least twice in a newspaper of general circulation, at least 1 0 days before the date for receipt of the proposals. D. Federal Transit Administration (FTA). Section 9.c ofFTA Circular 4220.IF requires that invitations for bids are to be "publicly'; advertised, and Section 9.d of FT A Circular 4220.1 F requires that requests for proposals are to be publicized. E. Caltrans and Federal Highway Administration (FHW A). Chapter 15, paragraph 15.3 Project Advertisement, of the Caltrans Local Assistance Procedures Manual provides detailed guidance regarding advertising ofFHWA-and/or Caltrans- funded projects. 18 48 • • • • • • F. Pre-solicitation advertising prescribed in this section is not required for non- competitive, sole source, or emergency procurements processed in accordance with this Manual. 10.0 NON-DISCRIMINATION IN PROCUREMENT All formal contracts entered into by the Commission should contain appropriate clauses prohibiting discrimination by the contractor against any person or group of persons on account of race, color, religion, creed, national origin, ancestry, physical handicap, medical condition, age, marital status, sex or sexual orientation in the performance of the contract. 11.0 ORGANIZATIONAL CONFLICTS OF INTEREST 12.0 An unfair competitive advantage could result if a contractor were allowed to submit a bid or proposal for work described in a specification or statement of work that the contractor itself developed. For the purpose of eliminating a potential unfair competitive advantage, and in compliance with applicable state and federal laws and regulations, a contractor that develops or assists in developing specifications, requirements, statements of work, invitation for bids, and/or request for proposals for a Commission procurement is excluded from competing for the resultant procurement, unless an appropriate waiver is issued by the Commission. All waivers will be assessed by the Commission on a case- by-case basis. DUTIES OF COMMISSION STAFF REGARDING PROCUREMENTS A. General Procuring goods, services, and contracts for the Commission must be a cooperative effort, and it will be the responsibility of all Commission staff involved in procurement to employ sound business judgment and appropriate standards of ethics and fairness to procure goods and services in a manner most advantageous to the Commission. All employees and departments are instructed to follow the procedures set forth in the Procurement Policy Manual, as well as any instructions issued by the Procurement Officer regarding procurements. B. In order to initiate a procurement action (including amendments, procurements, exercising of available options, etc.), the user department/project manager should, at a minimum, provide the Procurement Officer with the following items, as applicable: 1. Specification, Scope of Services, or Statement of Work For a new procurement, a complete and clearly written specification, purchase description, or statement of work suitable for either competition or for negotiation with a sole source contractor, if justified. a. Amendments If a contract amendment has been negotiated based upon an existing advanced pricing arrangement or labor rates/categories included in the underlying agreement, the user department/project manager should 19 49 provide the Procurement Officer with a copy ofthe final negotiated scope of services for the extra work, associated pricing terms, and/or schedule. b. Construction Change Orders Construction change orders should follovv the procedures established bv the Capital Projects Department and contract specifications. If a construction change order has been negotiated based upon an existing advanced pricing arrangement or labor rates/categories included in the underlying agreement, the user department/project manager should maintain a record of the change order and supporting documentation in the eroject files includin£ an independent cost estimate and cost and/or price analvsis. as applicable. l. All change orders must be signed by a Commission employee who is a registered Civil Engineer. 11. Anv change order in excess of $100,000 also requires approval bv the Executive Director. iii. Anv change order that will increase the total contract value to an amount that exceeds the contractual authoritv approved by the Commission mav not be executed until additional contractual authority has been obtained through the Commission. 1v. The Capital Projects Director is responsible for determining that change orders are processed and approved in accordance with departmental and contractual requirements. 2. Agreement Summary Sheet The user department/project manager must provide a complete and executed Agreement Summary Sheet for all procurement actions, including applicable small purchases, formal procurements, MOUs, agreements, change order modifications and the like. The Agreement Summary Sheet identifies the nature of funding for the subject goods/services, provides a record that the requirement was budgeted and properly approved before the procurement process began, and ensures that the procurement action is assigned a unique agreement number for purposes of contract administration, payment, and recordkeeping. 3. Cost Estimate The user department/project manager should provide the Procurement Officer with a cost estimate for the anticipated procurement of goods/services. See paragraph 6.0 above for additional guidance regarding the development of a cost estimate. 4. Justification for Sole Source/Non-competitive Procurement (if applicable) The user department/project manager must prepare and submit to the Procurement Officer a written statement recording all the facts that 20 50 • • • • 13.0 • • provide justification for avoiding mandated competitive procurement practices explicitly defined in this Manual and/or required by relevant state and federal law in favor of a non-competitive/sole source award. The Procurement Officer must approve the sole source procurement methodology before the procurement can proceed. INSURANCE A. Contractors providing goods and services should be required to carry sufficient insurance to protect the Commission from third party lawsuits for personal injury (including death) and property damage. Insurance may also be required for damage to Commission property and for errors and omissions in the provision of professional services. B. The following types of procurement actions should be reviewed by the Procurement Officer for appropriate levels, types and limits of coverage on a case-by-case basis: 1. 2. 3. 4. 5 . 6. All Operations and Non-Operational Construction Contracts. All Professional Services Contracts. All contracts where work will be performed within "50 feet" of railroad. All Environmental Contracts, including engineering services. All procurement contracts and/or purchase agreements where outside vendors will be conducting work or performing installation services on Commission premises. All procurement contracts and/or purchase agreements where outside vendors will be delivering products to a Commission facility. C. The contract documents should ensure that Commission contractors will be required to comply with insurance requirements imposed by state and local governments. D. At a minimum, the contract documents should require the contractor and subcontractor to carry general liability, workmen's compensation, and automobile insurance coverages for public works contracts. E. In certain limited cases, the Procurement Officer may permit the contractor to substitute an approved program of self-insurance in order to obtain such approval. The contractor will have to demonstrate that it can sustain the potential losses being self-insured. F. The Procurement Officer should include insurance and indemnification provisions in equipment, supply, and services contracts in accordance with Commission policies described herein . 21 51 14.0 SUBCONTRACTING A. The Commission may consider requiring a prime contractor to perform certain tasks or a minimum percentage of the work, in order to ensure that the prime contractor maintains a specified degree of control over the project. B. Approval of contractor proposed subcontractors usually involves an evaluation of three primary areas: I. Assurance that the prime contractor has included the required "flow- down" provisions (clauses) from the prime contract in the subcontract. 2. The prime contractor's compliance with the Disadvantaged Business Enterprise (DBE) requirements in its prime contract. 3. Assurance that the prime contractor has selected its critical subcontractors in a prudent fashion, so as to protect the Commission's interests. 15.0. DETERMINATION OF FAIR AND REASONABLE PRICE A. The Procurement Officer should determine, in writing, that the price to be paid to the successful offeror is fair and reasonable. Typically, adequate price competition is sufficient to establish price reasonableness; however, price reasonableness may also be established through: 1. Prices established by law or regulation; 2. Published catalog or market price for commercial product sold to the public in substantial quantities; 3. Previous or relevant historical pricing for same or similar terms; 4. Valid cost estimate; 5. Value analysis; or 6. Cost/price analysis. B. Single Offer/Lack of Adequate Competition 1. Upon receiving a single bid or single proposal in response to a solicitation,_ the Procurement Officer should determine if competition was adequate. a.. Such determination should include a review ofthe specifications for offers orundue restrictiveness and may include a survey of potential sources that chose not to submit a bid or proposal. b. If the results of the revie\v arc that the scope of work was so restrictive that only one tirm could have responded. then there is a lack of competition. The Procurement Ofticer should (1) cancel and re-procure the solicitation or {2) treat the solicitation as a sole source procurement if it meets the requirements of Chapter 7 of this Manual. . c. If the results ofthe review are that the scope ohvork was not restrictive and more than one firm could have responded. then 22 52 • • • • • • there is adequate competition. The Procurement Officer mav recommend an award ofthe agreement to the single otleror. as determined bv the Commission. in accordance with this Manual and in accordance with applicable le!z:al requirements. 2. When the price variance between multiple responses reflects a lack of adequate competition, the Procurement Officer may re:-;olicitre-solicit quotes or, if appropriate, recommend an award of the agreement to the single offeror, or to the lowest or best offeror, as determined by the Commission, in accordance with this Manual and in accordance with applicable legal requirements. Cl7-3. A recommendation for award under either of the above circumstances should include a statement in the contract file giving the basis for the determination (e.2: .. that there was adequate competition and/or the pricing terms are fair and reasonable.,.1 16.0 CONTRACT APPROVAL,AWARDANDEXECUTION A. Following authorization for contract award by the Commission, the following actions should be taken: 1. The Procurement Officer requests all Commission required documents and contract contingency requirement (e.g., bonds, proof of insurance) from the successful contractor. 2. 3. The Procurement Officer conforms and sends copies of the final contract or amendment to the contractor for signature, and obtains the appropriate Commission authorization by ensuring full execution of the contract. After full execution of the contract and the contractor's submittal of the required contract contingency items, unless otherwise agreed, the Procurement Officer coordinates with the user department/project manager to prepare a "Notice to Proceed" letter, if required. 4. The Procurement Officer transmits a fully executed original copy of the contract to the contractor. Conformed copies should be sent to the project manager for use in the administration of the contract. 5. Contract Administration Responsibilities a. The user department/project manager conducts all further coordination on technical issues between the contractor and the Commission, subsequent to the issuance of the "Notice to Proceed" letter. b. Issues affecting the business or legal terms in the contract and/or requests for modification or supplemental agreements to the contract should immediately be brought to the attention of the Procurement Officer. c. The contract and all documents pertaining thereto should be maintained by the Procurement Officer, except for construction change orders which will be maintained by the project management team . 23 53 17.0 PROTEST PROCEDURES A. Under formal procurement processes described under this Manual, an interested party that has timely submitted a bid or proposal in response to any procurement ofthe Commission may file a protest objecting to the award of a contract. B. In order for a protest to be considered properly and timely filed, the protest must: 1. Be filed in writing with the Executive Director of the Commission, within seven (7) calendar days after (i) all requests for clarifications and requests for approved equals have been answered by the Commission or, if no requests for clarification or approved equals are received, after the period for requests for clarifications or approved equals has closed; (ii) after the Commission takes action, or such other time period as may be specified in the solicitation document; or (iii) the date certain contained in the solicitation for any solicitation for which a contract award is not made by the Commission. 2. Be filed by an actual bidder or proposer responding to the procurement and signed by a properly authorized representative. No other party has standing to protest or is considered an interested party. 3. Identify the specific procurement number involved. 4. 5. Identify the specific recommended action or decision being protested. Specify in detail the grounds for the protest, the facts supporting the protest and the status of the protester. 6. Include all relevant supporting documentation with the protest at the time of submittal. 7. Describe the resolution to the protest desired by the protesting party. If a protest does not comply with each of the seven (7) requirements listed above, the protest will not be considered and will be returned to the protester. C. The Procurement Officer will attempt to resolve a properly filed protest or perform additional fact-finding, including establishing a protest evaluation team to evaluate the merits of the protest. The Procurement Officer, in consultation with the Commission's General Counsel, will prepare a recommended resolution of the protest for consideration by the Executive Director. The Executive Director will review the r~commendation of the evaluation team and will render a determination to uphold or deny the protest. D. If the Executive Director's decision is to deny the protest, the solicitation may be continued without further delay or the contract will be recommended to the Commission for award, or executed, if previously awarded by the Commission subject to resolution ofthe protest. If the Executive Director's decision is to uphold the protest, a recommendation will be made to the Commission to amend the solicitation and the date for receipt of proposals or bids, reject all proposals or bids, cancel the Request for Proposals or Invitation for Bids and solicit new 24 54 • • • • 18.0 • • E. F. proposals or bids, award the contract to another proposer, or other such actions as he/she deems appropriate. The Executive Director's decision shall be final, and there shall be no further administrative recourse at the local level, except for protests related to federally ' funded procurements. The procedures set forth in this Chapter 2, Section 17.0 are not intended to reduce or restrict protest rights specifically provided under applicable funding agreements, or state or federal laws authorizing the use of money funding applicable contracts. 1. In any procurement involvina FTA funds, the Procur.::ment Officer shall disclose information regarding the protest to FTA and shall keep FTA informed about the status of the protest. 2. An interested party that has filed a protest must exhaust all administrative remedies with the Commission before pursuing a protest with FTA. PUBLIC RECORDS REQUESTS All requests for procurement related records and/or information must be submitted to the Commission's Office and Board Services Manager for appropriate action. Procurement related records should not be disclosed as public information until staff recommendation for award has been forwarded to all interested parties or as otherwise appropriate under the California Public Records Act and applicable state and federal laws, guidelines and requirements . 25 55 • • • CHAPTER 3-COMPETITIVE SEALED BIDS ("LOW BID") A. Public Utilities Code Section I30232 requires that the purchase of all supplies, equipment, and materials, and the construction of all facilities and works, when the expenditure required exceeds twenty-five thousand dollars ($25,000), must be by competitive sealed bidding, also known as "low bid", contracting, with the contract let to the lowest responsive, responsible bidder. Notice requesting bids must be published in at least one newspaper of general circulation. The publication must be made at least ten (I 0) days before the date for receipt of bids. The resulting contract will be a fixed price contract. B. In order for competitive sealed bidding to be most effective, the following conditions should be present in the development of an Invitation for Bids (IFB): 1. A complete, adequate and sufficiently generic specification is developed; 2. Adequate competition is available in the marketplace (two or more responsive and responsible bidders will compete); and 3. The procurement lends itselfto a firm-fixed price contract. C. Discussions and Communications I. Bids shall be evaluated without discussions with bidders. 2. Information concerning proposed procurements should not be released outside the Commission before an Invitation for Bids is released, except for pre-solicitation notices and publicly available general project information. D. Pre-Bid Conferences 1. The Contracting Officer may use pre-bid conferences to explain procurement requirements. 2. Ifthe Commission requires any type of mandatory pre-bid conference, site visit, or meeting, the IFB should include the time, date, and location of the mandatory pre-bid site visit, conference or meeting, and when and where project documents, including final plans and specifications are available. Any mandatory pre-bid site visit, conference or meeting should be no sooner than a minimum of five (5) calendar days following the publication ofthe IFB. E. Bid Addenda I. If it becomes necessary to make changes in quantity, specifications, delivery schedules, opening dates, or other items, or to correct a defective or ambiguous IFB, the change should be accomplished by addendum of the IFB. 2. Addenda to an IFB should be identified as such and should require the bidder to acknowledge receipt of all addenda issued . 26 56 F. Time OfBid Receipt The IFB should specify a time for receipt of bids. Bids must be received in the office designated in the IFB not later than the time identified in the IFB. G. Late Bids Unless otherwise specified in a particular bid solicitation, bids are considered late based on the time clock at the 3rd floor Commission Receptionist Desk, located at 4080 Lemon Street, Riverside, CA 92501. Bids are considered late ifthe time stamped by the Commission upon receipt ofthe bid is later than the deadline/time identified in the IFB. Late bids will not be accepted by the Commission, unless a bid is late owing solely to Commission mishandling or some other legitimate extenuating factor, as determined in the Commission's sole discretion. H. Receipt Of Bids As bids are received, the Procurement Officer should secure and safeguard the bids until the established time for bid opening. I. Opening Of Bids The Procurement Officer will coordinate the bid opening. All bids over $25,000 for construction received prior to the bid opening will be publicly opened, read aloud to the persons present, and recorded. Bid opening documentation should include the date. time, and place of bid opening and a tabulation of bidder names and related bid amount. Such bid opening documentation should include the signature of at least one witness. J. Recording OfBids Construction bids over the small purchase threshold of$25,000 that are publicly opened will be recorded on a Bid Summary or Bid Tabulation sheet. The Procurement Officer should certify the accuracy of the Bid Summary Sheet by placing his/her signature thereon. The Commission's Procurement Officer should ensure that these results are posted on the Commission internet site within a reasonable time after bid opening. K. Tie Bids If two or more responsible and responsive bids are received for the same total or unit price, quality and service being equal, the Commission may, at its discretion, do any of the following: 1. Accept the one it chooses; 2. Accept the lowest bid made by negotiation with the tied bidders; ~r. 3. Establish a date and time to draw lots, which may be accomplished by tossing a coin or pulling bidder names out of a hat, to determine the winner. If this process is selected, the Commission should: a. Advise the tied bidders in writing that a tie has occurred, advise them a winner will be determined by drawing lots, and invite them to attend the drawing. 27 57 • • • • • • b. Conduct the drawing of lots on the date and time previously established with at least two individuals as witnesses. The procurement file should reflect the names, titles, and departments of the witnesses. If the witnesses are not Commission staff, the name, organization, address, and telephone number of the individuals should be listed . 28 58 • • • CHAPTER 4 -DESIGN-BUILD CONTRACTS 1.0 PURPOSE A. As set forth in Public Contract Code (PCC) Section 6800 et seq., the legislature has determined that the design-build method of procurement should be evaluated for the purposes of exploring whether the potential exists for reduced project costs, expedited project completion, or design features that are not achievable through the traditional design-bid-build method. The Commission has been selected, as one of a limited number of participants, to participate in the Design- Build demonstration program with the SR-91 Corridor Improvement Project (SR- 91 CIP). B. For the purposes of this Chapter, "Design-Build" means a method of procuring design and construction from a single source. The selection of the single source occurs before the development of complete plans and specifications. 2.0 PROCEDURES FOR DESIGN-BUILD CONTRACTS A. The Executive Director may adopt any lawful methods, procedures and criteria that he or she determines are in the best interest of the Commission. B. c. The Toll Program Director, through coordination with the Procurement Officer, will prepare documents for the solicitation ofproposals for the SR-91 CIP design- build procurement . The documents prepared for the SR-91 CIP design-build procurement shall control over any conflicting provisions contained herein . 29 59 • • • CHAPTER 5-COMPETITIVELY NEGOTIATED PROCUREMENTS 1.0 NEGOTIATED PROCUREMENTS -GENERAL A. This Chapter outlines the Commission's procedures for competitively negotiated procurements for contracts: 1. Not legally required to be procured through the low-bid competitive procurement method pursuant to Public Utilities Code Section 130232; and 2. Intended to be awarded on the basis of both price and non-price factors. B. A procurement is "negotiated" if discussions, negotiations, or other exchanges between the Commission and the offerors are anticipated and planned in order to maximize the Commission's ability to communicate, understand, and obtain the best value for contract award. c. I. The exchanges involve bargaining, persuasion, alteration of assumptions and positions, and give-and-take applied to price, schedule, technical requirements, type of contract, and other proposed terms. 2. The exchanges after establishment of the competitive range of price and terms are done with the intent of allowing the offeror to revise its proposal, once and potentially several times . Though not an all-inclusive listing, competitively negotiated procurements can be used for the following types of procurements: 1. Professional services contracts for non-architect-engineer related services; . miscellaneous service contracts; 2. Architect-Engineer and related services contracts as further defined and subject to the limitations specified in Section 6.0 of this Chapter; 3. Specialized equipment, computers, telecommunications equipment, microwave equipment and other related electronic equipment and apparatus; or 4. Best Value, Design-build contracts described in Chapter 4. 2.0 SOURCE SELECTION TECHNIQUES A. The Procurement Officer can choose from a range of source selection techniques for the competitively negotiated process based on: 1. What is suitable for the specific circumstances of a requirement, and 2. Which technique provides the best opportunity to tradeoff price/cost and qualitative benefits in order to gain the best value for the Commission. B. In acquisitions where the requirement is clearly definable and the risk of unsuccessful contract performance is minimal, and excluding contracts for 30 60 Architect-Engineer and related services, cost or price may play a dominant role as a significantly important evaluation factor for award. C. On the other hand, the less definitive the requirement, a requirement for technical superiority, more development work required, or the greater the performance risk, then the technical or past performance considerations play a more dominant role as significantly important evaluation factors for award. D. The Commission obtains best value in negotiated acquisitions by using any one or a combination of selection approaches wherein the relative importance of cost or price may vary with other non-cost or price factor(s). The Procurement Officer and user department/project manager should select an approach that will provide the Commission with the best offer based on the requirements, and on applicable legal requirements. E. All evaluation factors associated with a particular proposal should be identified along with their relative importance. The Procurement Officer, in cooperation with the user department/project manager, may utilize explicit factors, price performance trade off, technically qualified/lowest price or other reasonable and appropriate means of evaluating proposers. F. Proposals will be solicited from an adequate number of qualified sources. In determining sources to solicit, the Procurement Officer should use all reasonable means available to ensure that an adequate number of potential qualified proposers receive the solicitation in order to obtain maximum fair and open competition. 3.0 PROPOSAL EVALUATION A. The evaluation factors that will be considered in evaluating proposals should be tailored to each procurement and should include only those factors that will have an impact on the source selection decision. The evaluation factors that apply to a particular procurement and the relative importance of those factors are within the broad discretion of the Procurement Officer and/or the user department/project manager. B. The Procurement Officer may establish a formal evaluation committee, referred to as the "Evaluation Committee," which will be charged with responsibility for evaluating proposals, short listing firms, establishing a competitive range, and/or recommending a firm or firms for contract award. c. 1. Personnel engaged in the evaluation process should not discuss or reveal information concerning the evaluations except to those individuals participating in the same proceedings and only to the extent that information is required in connection with such proceedings. 2. Divulging information during the evaluation, selection, and negotiation phases to offerors or to personnel not having a need to know is prohibited as it could jeopardize the evaluation process and resultant award. The Evaluation Committee will evaluate each proposal in accordance with the evaluation criteria in the solicitation. The Evaluation Committee's selection 31 61 • • • • 4.0 5.0 • 6.0 • decision is subject to the final approval of the Commission or the Executive Director, as required under this Manual. REJECTION OF PROPOSALS A. The Evaluation Committee may reject all proposals received that are determined not to be in the competitive range, including those proposals made by offerors who refuse to execute any reasonably required representations and/or certifications. B. The Commission, based upon the recommendation of the Evaluation Committee or the Executive Director, may reject any or all proposals received. The Evaluation Committee or Executive Director may recommend rejection by the Commission because: 1. All otherwise acceptable proposals received are at unreasonable prices; 2. The proposals were not independently arrived at in open competition, were collusive or were submitted in bad faith; or 3. For other reasons, rejection is clearly in the Commission's best interest. NEGOTIATION; SELECTION The methods and procedures for selection and negotiation will be determined by the Procurement Officer, in coordination with the user department/project manager, and set forth in the request for proposals . SPECIAL PROVISIONS APPLICABLE TO ARCHITECT-ENGINEER AND RELATED SERVICES A. This Section prescribes guidelines and requirements for the procurement of Architectural-Engineering ("A-E") and related services. A-E Services are defined as professional services of an architectural or engineering nature that are required by law to be performed by a registered or licensed architect or engineer. Related services include: land surveying and construction project management. For the procurement of A-E and related services, the Procurement Officer should follow the procedures set forth in this Section 6.0, in addition to the pertinent procedures set forth elsewhere in this Chapter. B. If the procurement is for A-E and related services, the selection must be based on the demonstrated competence and qualifications of prospective contractors, and should follow the procedures set forth in Government Code 4525, et seq., and, when applicable, the laws and regulations that govern the procurement of design- related services with federal funds (see e.g., Title 23 U.S.C. 112, Letting of Contracts and 23 CFR 172, Administration of Engineering and Design Related Service Contracts). These services should be acquired based on a two-step, sealed bidding procedure, whereby qualifications are presented in a separate sealed envelope from a firm's price proposal. The proposals should be initially evaluated based on qualifications only, and price negotiations should be commenced with the proposer determined by the Commission to be most 32 62 • • • qualified. If the Commission is unable to negotiate satisfactory terms, at a fair and reasonable price, with the proposer considered to be most qualified, then negotiations should be terminated with that proposer and commenced with the next most qualified proposer. 33 63 • • • CHAPTER 6-SIMPLIFIED PURCHASE PROCEDURES 1.0 GENERAL A. Procurement of materials, supplies, or services by the Commission should adhere to the procedures in this Manual, as described in Chapter 2, Section l.G. The procedures ensure that the appropriate authorizations are secured for the type of procurement made, and that the minimum requirements associated with the materials, equipment, supplies or services requested are procured in a fair and open manner. B. This Chapter sets forth the procedures for small purchases and other simplified purchase procedures. These purchases should be made competitively except where it is in the best interests of the Commission to accomplish such purchases non-competitively. Justification for such non-competitive procurement should be made, in writing, and maintained in the procurement record. 2.0 REQUIREMENTS FOR MICROPURCHASES A. B. If the purchase price for required supplies, equipment, services and/or materials is considered a micropurchase as defined in Chapter 2, Section l.G, then multiple quotes are not required; however, such purchases should be fairly priced using a purchase technique that best serves the needs of the Commission, and rotated among commercial vendors offering competitive pricing . Micropurchases may be accomplished by securing one proposal or quotation from a commercial vendor offering supplies, equipment or materials to the public in substantial quantities and the price is deemed to be fair and reasonable. a. For FTA-funded procurements, the determination that the price is fair and reasonable and how the determination was derived must be included as documentation in the procurement file. C. If oral quotes are obtained, written record of the quotes should be retained. The record should include, at a minimum, vendor name, telephone number and address, name of person providing the quote, and terms. 3.0 USE OF SMALL PURCHASE PROCEDURES A. For small purchases as defined in Chapter 2, Section l.G, staff should obtain a minimum of three (3) written quotations with reasonable efforts to include at least one Disadvantaged Business Enterprise (DBE) vendor and, when practicable and appropriate, an award should be made on the basis of lowest price. B. For public works projects (i.e., maintenance, repair or construction work) and planned solicitations for services defined as small purchases in accordance with Chapter 2, Section I .G, review by the Procurement Officer prior to the solicitation of quotes is required in order to ensure compliance with relevant insurance requirements, applicable legal mandates, e.g., insurance, bonding, prevailing wage, and payroll records . 34 64 c. The Procurement Officer should use and/or authorize the Small Purchase Procedures that are most suitable, efficient, and economical based on the circumstances of each procurement and determine that the price is fair and reasonable. 4.0 PROHIBITED USE OF SMALL PURCHASE PROCEDURES The Procurement Officer and or Commission staff may not divide, split or fragment a procurement totaling more than the Commission's small purchase limitation into several purchases that are less than the limit in order to use the Small Purchase Procedures. 35 65 • • • • • • CHAPTER 7-NON-COMPETITIVE AND EMERGENCY PROCUREMENTS AND REMEDIAL MEASURES 1.0 NON-COMPETITIVE PROCUREMENTS A. The non-competitive procurement of goods and services, which otherwise require competitive procurement may be authorized under one or more of the following circumstances, subject to any minimum Commission vote required by applicable law: 1. The Commission has advertised the contract as required by this Manual and has undertaken reasonable efforts to solicit potential contractors, but has determined that competition is inadequate; 2. There is only a single source of supply available, or only one contractor is qualified to provide the service or product; 3. The goods or services are to be provided by a government or other public entity; 4. The goods or services are to be provided pursuant to an amendment of an existing contract that does not materially alter the terms and conditions of the contract (other than to extend the term and/or increase compensation to provide for the extended term or for additional goods/services to be provided under substantially the same terms of the original contract), provided that such renewal, extension or amendment is authorized or permitted by the contract; 5. The equipment to be purchased is of a technical nature and the procurement thereof without advertising is necessary in order to assure standardization of equipment and interchangeability of parts; 6. The item to be purchased is a capital maintenance item that is available only from the original manufacturer or supplier or is required to maintain system operational compatibility and connectivity with the existing system(s); · 7. The contract is for employment services; 8. The contract is one for which only per diem and travel expenses are paid and there is no payment for services rendered; and 9. The Commission is piggybacking on an existing agreement between a contractor and any public agency or entity within the County of Riverside and/or the County of San Bernardino, or other public entities if: (a) the proposed Commission contract is for the same material scope of work as the other contract; (b) the proposed Commission contract contains substantially the same terms as the other contract; and (c) the other contract was competitively procured in accordance with requirements applicable to such other agency's procurements; or 36 66 10. The provisions listed under Chapter 8, Section 3.0 regarding federally funded sole source, non-competitive, sole source procurements are applicable. 11. Except as may otherwise be limited by applicable law, the Commission determines that a non-competitive procurement is in the public interest and in the best interest of the Commission. C. Except as limited by applicable law, the Executive Director shall have authority to determine that non-competitive procurements are permitted under paragraph A, subparagraphs ( 1) through ( 11) for contracts for amounts less than or equal to $100,000. Commission approval is required for contracts over $100,000. Each decision to proceed with a non-competitive procurement must be supported by a written justification that is approved by the Executive Director or Procurement Officer, as required under this Manual. D. The Procurement Officer will take action, whenever possible and in coordination with the user department/project manager, to avoid the need to continue to procure the same ·supply, service, or construction without competition. E. A non-competitive or sole source procurement, where competition is legally required, should not be justified on the basis of any of the following circumstances: 1. 2. The lack of adequate advance planning for the procurement of the required commodities, services, or other items; Delays in the procurement caused by administrative delays, lack of sufficient procurement personnel, or improper handling of procurement requests or competitive procedures; or 3. Pending expiration of budget authority. F. The Procurement Officer should ensure that each non-competitive contract contains all of the required clauses, representations, and certifications, in accordance with the applicable laws, regulations, or Commission adopted policy. G. The Procurement Officer should ensure that proper records of each non- competitive procurement are maintained. 2.0 EMERGENCY PROCUREMENTS; REMEDIAL MEASURES A. The Commission may award a contract on an emergency basis if the requirement is essential to deal with an existing emergency condition, as defined below in Paragraph "B", and the Executive Director may award a contract when necessary as a remedial measure as defined below in Paragraph "C". The emergency procurement of supplies or services and procurements as a remedial measure should be limited to quantities and time periods sufficient to meet the immediate threat and should not be used to meet long-term requirements. B. For purposes of an emergency procurement under this Chapter, an "emergency condition" is a situation (such as a flood, epidemic, riot, equipment failure, or any other reason declared by the Commission) which creates an immediate threat to 37 67 • • • • • • the public health, welfare, or safety. The existence of an emergency condition creates an immediate need for supplies, services, or construction which cannot be met through normal procurement methods, and the lack of which would seriously threaten one (1) or more ofthe following: I. The health or safety of any person; 2. The preservation or protection of property; 3. The continuation of necessary Commission functions; or 4. Contract delays that could result in an increase to the cost ofthe project. In the case of contracts for services, the Executive Director may declare the emergency condition. C. The Executive Director may authorize th expenditure of funds previously appropriated by the Commission for the direct purchases of goods and services, without following bid requirements (i) when a finding is made that immediate remedial measures are necessary to avert or alleviate damage to property, or to replace, repair, or restore damaged or destroyed property, of the Commission and are necessary in order to ensure that the facilities of the Commission are available to serve the transportation needs of the general public, and upon determining that available remedial measures, including procurement or construction in compliance with Public Utilities Code Sections 130232, 130233, and 130234, are inadequate . D. A contract procured on an emergency basis or as a remedial measure should not be modified to expand the scope or extend the time of the procurement unless a limited number of additional commodities, services, or other items are needed to fill an ongoing emergency requirement until regular procurement action procedures initiated under other Chapters in this Manual can be completed. E. The Executive Director must, after an emergency expenditure in excess of his/her delegated signature authority, and after an expenditure necessary as a remedial measure, submit to the Commission a procurement summary explaining the necessity for the expenditure. F. The Procurement Officer should ensure that each emergency procurement contract and/or contract entered into as a remedial measure contains the required clauses, representations, and certifications, in accordance with the requirements of this Manual. G. The Procurement Officer should ensure that proper records of each non- competitive procurement are maintained in accordance with the requirements of this Manual. 3.0 WRITTEN JUSTIFICATION FOR EMERGENCY AND OTHER NON- COMPETITIVE PROCUREMENTS A. In each instance where the non-competitive procurement procedures set forth in this Chapter are used, the user department/project manager is required to prepare 38 68 B. a written statement recording all of the facts that provide justification for proceeding with the non-competitive or emergency procurement. The Procurement Officer must approve the justification for all non-competitive procurements described under this chapter before such a procurement can proceed. 39 69 • • • • • • CHAPTER 8-REFERENCES TO APPLICABLE LAWS !REGULATIONS 1.0 GENERAL A. This Manual lists references to the various federal, state, and local regulations, to which the Manual was written to conform and/or comply. B. The Procurement Officer will be responsible, in cooperation with the Commission's General Counsel, for reviewing these references from time to time in order to review new requirements and to note updates to the existing regulations. 2.0 REFERENCES A. B. For the Commission's capital projects and contracts for goods and services utilizing Federal Transit Administration's (FT A) or Federal Highway Administration (FHW A) funds, the provisions included in the Manual will apply only to the extent that they do not conflict with FTA or FHW A requirements, including the standards ofFTA Circular 4220.1 F, or the most current version thereof, entitled "Third Party Contracting Requirements" or FHW A Form FHWA-1273 entitled "Required Contract Provisions Federal-Aid Construction Contracts." In case of any conflict, the applicable federal standards shall govern. The foregoing documents, though not all-inclusive, set forth requirements that the Commission must comply with in the solicitation, selection and administration of contracts funded by the FT A and FHW A, respectively. For projects funded by Caltrans and/or FHW A, the selection process shall be in accordance with Chapter 10 ofCaltrans' Local Assistance Procedures Manual. http://www .dot.ca.gov /hg/LocaiPrograms/lam/prog p/p 1 Oconsl.pdf. C. FT A Circular 4220.1 F (or the most current version thereof) sets forth the requirements the Commission must adhere to in the solicitation, award, and administration of its third party contracts. FT A Circular 4220.1 F applies to all FT A grantees and subgrantees that contract with third parties under FT A assistance programs. a. In addition to the requirements set forth in this Chapter 8, the FT A standards for competition are set forth generally in Chapter 1 hereof and the FT A procedures for competitive sealed bid ("low bid") procurements and competitively negotiated procurements are set forth in Chapters 3 and 5 hereof, respectively. D. Some of the requirements include the following: 1. Pre-Award Audits. A pre-award (pre-negotiation) audit shall be completed, as required based on the participating state or federal funds, for each consultant contract, including those contracts where the consultant was previously identified as a "high-risk" recipient as described in 49 CFR Part 18.12 . 40 70 2. Brooks Act Provisions. The provisions ofthe Brooks Act (40 USC 544) require local agencies to award federally funded engineering and design contracts on the basis of fair and open competitive negotiations, demonstrated competence, and professional qualifications (23 CFR, Section 172). 3. Required Contract Provisions/Forms include: a. Disadvantaged Business Enterprise • Notice to Proposers Disadvantaged Business Enterprise Information • Standard Agreement for Subcontractor/DEE Participation • Local Agency Proposer UDBE Commitment (Consultant Contracts) • Local Agency Proposer DBE Information (Consultant Contract) • Final Report-Utilization of Disadvantaged Business Enterprises (DBE), First-Tier • Subcontractor Listing b. Federal Lobbying Restrictions, Title 31 U.S.C. Section 1352 • Non-lobbying Certification for Federal-aid Contracts • Disclosure of Lobbying 4. Caltrans/FWHA Authorization to Proceed. FHW A or Caltrans acting in FHWA's behalf must give the local agency an "Authorization to Proceed" with a project prior to the performance of any work for which federal reimbursement is to be requested, including the pre-award audit. Copies of the "Authorization to Proceed" and the consultant contract must be retained in the project files for future audit purposes. 5. Certification of Consultant and Local Agency. The Procurement Officer will be responsible for ensuring that, when required, the certifications shown in Exhibits I 0-F, "Certification of Consultant," and I 0-G, "Certification of Local Agency" of the Caltrans Local Assistance Procedures Manual are incorporated into the solicitation and executed by the appropriate signatories. a. The certifications must be executed by a principal or authorized corporate official of the consultant, and by a principal administrative officer of the governmental agency responsible for the selection of the consultant. It is essential that these certifications be preserved in the project files. 9_£. Though not an all-inclusive listing, the following laws, regulations and code sections are applicable to Commission contracts: 41 71 • • • • Federal Statute, Regulations, Policies, and Agreements Subject 49 CFR Part 18 49 CFR Part 26 FTA Circular 4220.1 x FTA Circular 5010.1 x Master Agreement TFederal Acquisition Regulation 23 U.S.C. 114 / 23 CFR 633 23 U.S.C. 315 / 49 CFR 1.48 Administrative Requirements for Grants & Cooperative Agreements Participation by Minority Business Enterprises; Disadvantage Business Enterprise (DBE) Program Third Party Contracting Requirements Grant Management Guidelines Terms & Conditions of Grantee Administration of Projects Supported &Funded by the FTA Federal Acquisition Regulation (FAR) Part 31 — Contract Cost Principles and Procedures Form FHWA-1273 entitled "Required Contract Provisions Federal -Aid Construction Contracts." CA State Codes Section(s) I Civil Code Civil Code_ Subject Code of Civil Procedure Government Code 4525 et seq. Government Code i 6250 - 6270 Government Code Labor Code Labor Code --- 3247 -3248 ��— Payment Bond 3320 Payments to Prime Design Professionals 995.311 4 Bond Issuer Requirements Architect & Engineering Services Public Records Disclosure 5956 et seq_ Infrastructure. Projects i I 4 1777.1_ _Debarm_ent by California Labor Commissioner I 1770-1780 — -Prevailing Wage, Work Hours, Certified Payroll Records, Apprentices Public Contract Code 1103 Public Contract Code 1104 Public Contract Code 3300 Public. Contract Code 3400 Public Contract Code 4100 - 4114 Public Contract Code 5100 - 5107 Responsibility on Public Works Contracts I Plans and Specifications Contractor's License Brand Name OR Equal; Restrictive Clauses_ Subcontracting Relief of Bidders Public Contract Code 6100 - 6610 Awarding of Contracts Public Contract Code 6800-6813 Design/Build Demonstration Program Public Contract Code 7100 - 7200 Contract Clauses, Non -Collusion Affidavit Public Contract Code Public Contract Code Public Contract Code 7103 Payment Bond for Public Works >$25,000 9201 - 9203 Claims and Disputes_- 10335 et seq. Service Contracts Public Contract Code 20l Ol Prequalification — -- -- _ --- Public Contract Code 20103.6 Limitation on Architect's Indemnity Obligation Public Contract Code 20103.8 Alternative Bids Public Contract Code 20104 Resolution of Construction Claims Public Contract Code 20104.50 Progress Payments on Public Works 42 72 I CA State Codes I Section(s) I Subject ,. i Public Contract Code ! 22300 l Substitution of Securities i ~--J>~t;-ii~--uiifi1·i·~-~--c~d~·-·····t··T3o22·i································t···c:~~i;~~ii~g-··v;·;·i·h··oih·e;···6~~-~;~;;·~;;i··A:g~~c-;-e·~-·~~-d-··"! i ' t Other Persons i r·r~t;ii"c .. uiiii"tf~·;··c:~d~---····r-~~~-~-~--~·-···············-······---~-;:~a~~~~~~i~~-;~~~~;~~~~t!-~j;~~~~;·;~~--a·~·d······-···1 l , t Procurements; Advertising; Immediate Remedial . I I I Measures; Rejecting Bids I r·r~t;"ii-~uiiiTt·i~~-c~d~·-····:···"i"3o2"3.2("~)·······················1···A-~th~~i~~ii~;;··~r-·E:·;ze~-~1-i~e-·nf~e~t~~-i~i-·i3"fd·-····················l i i i Expenditures <$50,000. i Lf~~_!.i_~:Q!Iil!:t~~~~~~:~::II~.O.~I~I~Y:::::::.:.::.::::::~I:~.i_4:::$..~~~~di~I~i::~~~~!i.~~f{~~::~~i.~::~~?.~$.~2:~Q::~:~.:::.~.J 3.0 FTA/FHWA-FUNDED PROCUREMENT BY NON-COMPETITIVE (SOLE SOURCE) PROPOSALS A. Notwithstanding any other provision herein, federally funded contracts must comply with the federal requirements for non-competitive or sole source procurements. Non-competitive or sole source procurements are accomplished through solicitation of a proposal from only one source, or after solicitation of a number of sources, competition is determined inadequate. A contract change that amounts to a "cardinal change" as defined in FTA Circular 4220.lfthat involves a major deviation from the original purpose is considered a sole source procurement on a federally funded contract that must comply with this paragraph. 1. Procurement by noncompetitive proposals may be used only when the award of a contract is infeasible under small purchase procedures, competitive sealed bids, or competitive proposals and at least one of the following circumstances applies: a. The item is available only from a single source; b. The public exigency or emergency for the requirement will not permit a delay resulting from competitive solicitation; c. FTA/FHW A, as applicable, authorizes noncompetitive negotiations- e.g., if FT A/FHW A, as applicable, provides a joint procurement grant or a research project grant with a particular firm or combination of firms, the grant agreement is the sole source approval; d. After solicitation of a number of sources, competition is determined inadequate; e. The item is an associated capital maintenance item as defined in 49 U.S.C. §5307(a)(l) that is procured directly from the original manufacturer or supplier of the item to be replaced. The grantee must first certify in writing to FT A: 1. that such manufacturer or supplier is the only source for such item; and 43 73 • • • • • ii. that the price of such item is no higher than the price paid for such item by like customers; or f. Any other circumstance justifying sole source procurement set forth in the applicable federal rules and regulations. 2. A cost analysis, i.e., verifying the proposed cost data, the projections of the data, and the evaluation of the specific elements of costs and profit, is required. 4.0 DISADVANTAGED BUSINESS ENTERPRISE A. In order to ensure the Commission's compliance with the federal Disadvantaged Business Enterprise (DBE) Program on all applicable procurements funded with United States Department ofTransportation (DOT) dollars, the Commission will make reasonable efforts to utilize disadvantaged business enterprises in compliance with applicable federal regulations. B. The Commission's procurement process is structured to ensure that its DBE Program supports the Commission's commitment to promote, foster and utilize disadvantaged business enterprises as required and defined by applicable federal regulations. c. As a condition of funding assistance, and in accordance with DOT Disadvantaged Business Enterprise regulations published in applicable federal regulations, the Commission is required to submit for approval a Disadvantaged Business Enterprise Program and regular DBE goals, which it will make good faith efforts to achieve through procurement actions carried out under this Manual. ~5.0 GEOGRAPHICAL PREFERENCES A. For anv FfA-funded contracts. except when procuring A-E services. the Commission is prohibited from using statutorily or administratively imposed in- state or local geographical preferences in the evaluation of bids or proposals unless federal statutes expressly mandate or encourage geographic preference. 6.0 REVENUE CONTRACTS 1.0 A. The Commission may enter into revenue contracts with a third partv whereby the primarv purpose is to either generate revenues in connection with a transit-related activitv or create business opportunities utilizim~ an FTA-fundcd asset. The FfA requires such third partv revenue contracts to be awarded utilizing competitive selection procedures and principles. ·rhc extent of and type of competition required is within the discretionary judgment of the Commission. STATUTORY AND REGULATORY REQUIREMENTS The Commission shall comply with applicable federal statutory and regulatory requirements (such as Davis-Bacon Act, Disadvantaged Business Enterprise, Debarment and Suspension, Clean Air, Environmental and Conservation Requirements, Buy America and Cargo Preference) in carrying out federally-funded procurement actions 44 74 under this Manual. Below is a contract clause matrix that is applicable to third-partv contract provisions for tederal!v funded contracts, excluding micropurchases and except for Davis-Bacon requirements which applv to contracts exceeding $2.000. The matrix should be revieYved at least annuallv f(w anv rce.ulaton-' changes. TYPE OF PROCUREMENT Professional Ol!erations/ Ro.lling Materials& PROVISION Stock Construction Services/A&E Management Suru!fies ,, ,,'': Purchase '~-: ·: ;";, No Federal Government Obligations to Third Parties All :\11 All All /\II lbv Use of a Disclaimer) False Statements or Claims Civil and Criminal Fraud All All All All All <\ccess to Third Partv Contract All All All All All !Records Changes to Federal Reauirements All All All All All Termination >$10.000 if >SHLOOO if >$10,000 if >$10,000 if >$10.000 if 49 CF,R Part 18 49 CFR Part 18 49 CFR Part 18 49 CFR Part 18 49 CFR Part applies. applies. applies. applies. 18 applies. Civil Rights !Title VI. 1\D/\. EEO /\H Ml All>$1 0.000 /\ll All except Special DOL EEO clause j'<._,r construction oroiccts) Special DOL EEO clause f(,r >$10,000 construction oroiccts Disadvantaged Business All All All All All Ent~mris.~s._(J)J}I~'J Incorporation ofFTA Terms All All All All All Debarment and Suspension >$25.000 >$75.000 >$25.000 >$25.000 >$25.000 Buv America >$100.000 >$100.000 >SJOO.OOO A> of Feb. 2iJ 1 1. As of Feb. 2011 As of Feb. 2011. FTA bas nl.'t FTA has not FTA has not adooted ;he I A R adogtcd the FAR adogted the FAR 2.101 $!50 (I(J(J ;;Jjl.UJ 50. ()(l(J 2.101 $150_()00 standard standard. standard. Resolution <)fDisputes. Breaches. >$1on.nnn >$100.000 >$100.000 >SJOO.OOO >$100.000 or Other I ,itigntion Lobbving >$1 00.000 >$100.000 >$100.000 >$1 00.000 >$100,000 Clean Air >$100.000 >S 100.000 >SlOO.OOO >SJOOJJOO >SJOO 000 Clean Water >$ J 00.000 >S 100.000 >S l 00.000 >S l no.ooo >$100.000 Cargo Preference Transport hv Transport bv TranSQOrt bv ocean vessel. ocean vessel. ocean vesseL Flv America Foreign air Foreign air Foreign air Foreign air Foreign air ti~.ll2l2.!\IH.Y_t:L t.I£.1.1~P-J.iE!.Y5e.\, U:£m:?M!E.Y..t:L tf<\.!:1?.P_,.1rav~L-tramr)travel~ 45 75 • • • • • • PROVISION DJvis-Bacon Act C('lllract Work Hours and Sal(:tv Standard~ Act Copeland Anti-Kickback Act Sel'iion I Section 2 Bonding Seismic Safetv Transit Employee Protective Arrmw.ements School Bus Operations Drug Use and Testing Alcohol l'vlisuse <lnd Testing Patent Rights Rights in Data and Copvriehts Energv Conservation Recvclcd Products ConJ()rmance with JTS National Architecture ADA Access Noti ficatiun of Federal Participation k!l· States TYPE OF.PROClJREMENT Professional Scrvices/A&E A&E for new !:?.tJll<iings_lt_ additions. R&D R&D i\11 rrs projects. A&E .Liiniied to States . Operations/ Rolling Stock Management Purchase >$100.000 (transportation 2~.f.YJ~g~ .. excepted). rransit operations. All ·rransit operatiom. Transit' operations. All EPA -selected items $10.000 Pr more annuallv. ITS projects. /\I] Limited to States. 46 76 >$1 00.000 All ITS projects. All I.imited to States. Construction >S' .000 ( Jlso terries l. >$! 00.000 (also ferries). All > $2.0UO (also terries). $100.000 New l:)yj I dtng:'L~i;:_ additions. All EPA-selected items $ ]().()()() or more annuallv. rrs projects. All l.imitcd to States. .Materials & Supplies· All EPA-selected items $10.000 or more annuallY. ITS projects. All .Limited to States. •• • • CHAPTER 9 -DISPOSAL OF SURPLUS PROPERTY 1.0 DEFINITIONS "Surplus personal property" shall mean personal property of the Commission which is no longer needed or fit for its intended purpose or has exceeded its useful life. "Surplus real property" shall mean real property of the Commission which is no longer needed for a specified project. 2.0 DISPOSAL OF SURPLUS REAL PROPERTY A. Upon recommendation by the Executive Director, designated Commission staff may dispose of surplus real property in accordance with the RCTC Right of Way Policies and Procedures Manual, Section 8.5, Disposal of Surplus Properties. 3.0 DISPOSAL OF PERSONAL PROPERTY A. Upon recommendation by the Executive Director and in accordance with applicable state or federal funding requirements, designated Commission staff may dispose of all surplus and obsolete personal property by donation, bid, auction, negotiated sale or exchange. If the disposal of such items is conducted by bid, the sale shall be conducted in accordance with generally accepted best practices and applicable laws and regulations. The Commission staff shall attempt to obtain the best value for the property that can reasonably be obtained . 47 77 • • • CHAPTER 10 -OTHER PROCUREMENT MATTERS 1.0 DISPUTES, CLAIMS AND CHANGES-DEFINITIONS A. Change Orders-the commercial and technical resolution of a contract modification. The change order document can be unilateral or bilateral in execution. B. Potential Claim -written notice provided to the Commission by the contractor when the: 1. Parties are unable to reach bilateral agreement on a change and the contractor is provided a unilateral change order ("protest"); or, 2. Contractor perceives that it is entitled to additional compensation (time or money) for something it believes to constitute extra work performed or to be performed. C. Claim -differences that have developed during the contract, under protest or under notice of potential claim, which are not resolved at the time the contractor returns the proposed final pay estimate. D. Dispute - a disagreement between the parties as to the merits, amount or remedy arising out of an issue in controversy, including a disagreement regarding a Claim or asserted default. E . Amendment-a modification considered outside the original contract scope or terms and formalized with a written agreement signed by both parties. 2.0 DISPUTES, CLAIMS AND CHANGES -GENERAL A. The Procurement Officer is responsible for documenting negotiation activities for the record, and should be present at all professional services and construction contract negotiations. B. The Procurement Officer or project manager, as required, prepares the appropriate documentation (e.g., Change Order Forms) for review and approval by the Commission's Executive Director or Commission, prior to issuance to the consultant/contractor for signature. This document includes full definition of work scope, impact on DBE goals, definition of time and schedule impacts, and price. The change order language stipulates that the agreed-upon terms are all inclusive, and no other relief will be available regarding this work. 1. For FTA-f\mdcd contracts. any damages recovered must be credited to the project involved unless the FTA permits otherwise. 3.0 TERMINATION A. All Commission contracts exceeding $25,000 should contain provisions enabling the Commission to terminate such contracts for the convenience of the Commission, and all federally funded contracts must contain such provisions. These provisions should specify the manner in which such termination will be effected and the basis for settlement. There should also be included in such 48 78 contracts appropriate provisions specifying causes for which the contracts may be terminated for default. B. Terminations for Convenience of the Commission 1. Commission contracts will be terminated for convenience only when this is determined to be in the best interests of the Commission. In lieu of issuing a notice of termination for convenience, the Procurement Officer will effect a no-cost settlement agreement where possible and appropriate. 2. Formal written notice to the contractor is necessary to terminate a contract for convenience. Such notice will state that the contract is being terminated pursuant to the termination for convenience provision of the contract, the effective date, the extent of termination and instructions to the contractor to cease performance under the contract. 3. The Procurement Officer will negotiate a no-cost settlement with the contractor if possible. Otherwise, the Procurement Officer will negotiate an appropriate settlement agreement with the contractor pursuant to the provisions ofthe termination for convenience clause of the contract. C. Terminations For Default 1. If a contractor's right to proceed is terminated for default, the Commission may take over and complete the work or cause it to be completed, and the contractor and his sureties, if any, shall be liable to the Commission for any increased costs caused thereby. The contractor and his sureties should, in addition to increased costs in completing the work, be liable for liquidated damages, if liquidated damages are provided in the contract, or for actual damages, if liquidated damages are not soprovided. 2. If the Procurement Officer determines that the contractor's failure to perform arises from causes which are excusable under the terms of the contract, the Procurement Officer shall not terminate the contractor's right to proceed, nor shall he/she charge the contractor with liquidated damages (or if no liquidated damages, then actual damages) because of any delays occasioned by such causes. 3. Where the surety does not complete performance ofthe contract, the Procurement Officer normally will complete the performance of work by awarding a new contract based on the same plans and specifications. Such award may be the result of competitive bidding or negotiation; whichever procedure is most appropriate under the circumstances. The Procurement Officer must use reasonable diligence to obtain the lowest price available for completion. 4. If, after due consideration, the Procurement Officer determines that termination is not in the best interest ofthe Commission although the contractor is in default, the Procurement Officer may permit the contractor to continue the work, and the contractor and his sureties shall be liable to the Commission for liquidated damages, as specified in the contract, or if liquidated damages are not so specified, for any actual damages 49 79 • • • • • • 5. occasioned by the failure of the contractor to complete the work in accordance with the terms of the contract. Anv provision for a liquidated damages assessment must be at a specific rate per dav tor each dav of overrun and must be specified in the contract. a. For FTA-funded contracts. anv dama~es recovered must be credited to the project involved unless the FTA permits otherwise. 4.0 BONDS, OTHER SECURITIES AND INSURANCE A. The Commission should specify bonding, in compliance with applicable federal and state requirements for all public works contracts. B. 1. ln generaL all construction cont.racts over $25.000 require a pavment bond in the amount of I 00% of the contract value. 2. All FTA-funded construction contracts over $100.000 require a performance bond in the amount of 100%1 of the contract value and a bid guarantee in the amount of no less than 5% of the contract value. 3. Bids tor construction of facilities where the work is anticipated to exceed $25.000 require bid security as set forth in California Public Utilities Code § 130232. The Procurement Officer may require any of the following types of security for any solicitation or contract subject to this Manual, other than a small purchase, regardless of the estimated amount of the contract: 1. Bid bonds; 2. Other bid or proposal security; 3. Construction performance and payment bonds; and 4. Performance or payment bonds or other security on non-construction contracts. C. Requirement for Bonds To Be Executed By An Admitted Surety Insurer 1. California Code of Civil Procedure§ 995.311 calls for any bond required on a public works contract to be executed by an admitted surety insurer. 2. The Commission has a duty to verify that an admitted surety insurer executes the bond. The Procurement Officer should print out information from the website of the California Department oflnsurance (http://www .insurance.ca.gov /docs/FS-CompanyProfiles.htm) confirming that the surety is an admitted surety insurer and attach it to the bond. 5.0 CONTRACT CLOSEOUT A. A completed contract is one which is both physically and administratively complete and in which all aspects of contractual performance have been accomplished, terminated, or otherwise disposed of by contract modification. A contract is physically complete only after all articles and services called for under 50 80 B. the contract, including such related items as reports, spare parts, and exhibits, have been delivered to and accepted by the Commission, including those articles and services for which no specific compensation may have been stipulated. A contract is administratively complete when all payments have been made and administrative actions accomplished. The project manager, in cooperation with the Procurement Officer, is responsible for review of the contract file and obtaining all necessary documentation to ensure that: (1) all deliverables and/or services (including any reports) required under the contract have been received and accepted; (2) the terms and conditions of the contract have been complied with; (3) disposition of accountable property under the contract has been accomplished; all necessary actions including final payment and releases required to close the contract are completed and documented. C. Small purchase files should be considered closed when the Procurement Officer receives evidence of receipt of property and final payment. D. A contract file should not be closed in any of the following situations: 1. If the contract is the subject of a claim or dispute; 2. If the contract is in litigation or under appeal; or 3. In the case of a termination, if all termination actions have not been completed. 4. If state or federal approval is required and has not been received. 51 81 • • • • • • CHAPTERll-PAYMENT 1.0 COMMISSION PAYMENT PROCESS A. The Commission will promptly process all contract payments with necessary controls to assure compliance with all contract terms and conditions in accordance with internal procedures recommended by the Chief Financial Officer and authorized by the Executive Director. B. The Procurement Officer should clearly specify in solicitations and contracts the form and content of an acceptable invoice, including a requirement that invoices be sequentially numbered, that they contain a date and contract number and the services for which they are invoicing, the period of performance being invoiced, and to whom invoices are to be sent. 2.0 PROGRESS PAYMENTS A. The Commission may provide for progress payments under contracts that require long time periods to complete contract performance or ifthe use of progress payments contributes to the effective and efficient administration of consultant/contractor work. Progress payments will be made on the basis of allowable costs incurred by the consultant/contractor, and the stage of completion of the contract. 1. Criteria-Contract clauses providing for progress payments should be used when the investment in work and progress is expected to be great enough to add substantial costs to the contract or strain the consultant/contractor's cash flow or ability to obtain financing. Under no circumstances should payments exceed the consultant/contractor's physical completion of the Work, nor should they amount to advance payments. Progress payments can be based on a periodic voucher for expenditures, a milestone, or the Commission's estimate of work accomplished as defined in the contract. 2. For Federally funded procurements, the Commission must obtain adequate security (i.e., title to work in progress; letter of credit) for any progress payments made . .3. F'or !·"fA-funded procurements. advance pavments are prohibited unless prior written concurrence is obtained fi·om the FTA. B. Progress Payments on Public Works In accordance with California Public Contract Code§ 20104.50, the Commission must make progress payments within 30 days after receipt of an undisputed and properly submitted payment request from a contractor on a construction contract. If the Commission fails to make timely payment, the Commission may be required to pay interest to the contractor equivalent to the legal rate set forth in subdivision (s) of Section 685.010 ofthe Code ofCivil Procedure . 52 82 C. Progress Payments and Retentions on Architect, Engineer, and Land Surveyor Contracts Pursuant to California Civil Code §3320, for any contract for public works or improvement, the Commission shall pay to the prime design professional any progress payment within 30 days of receipt of a written demand for payment in accordance with the contract, and the final retention payment, if applicable, within 45 days of receipt of a written demand for payment in accordance with the contract. If any amount is wrongfully withheld or is not timely paid, the prime design professional should be entitled to a penalty of 1 ~ percent for the improperly withheld amount, in lieu of any interest otherwise due, per month for every month that payment is not made. 3.0 PROMPT PAYMENT TO SUBCONTRACTORS-FEDERALLY FUNDED AGREEMENTS A. In accordance with 49 CFR part 26, Commission contracts above the small purchase threshold must require that the prime contractor or subcontractor shall pay to any subcontractor, not later than 7 days of receipt of each progress payment from the Commission, unless otherwise agreed to in writing, the respective amounts paid to the contractor on account for the work performed by the subcontractors, to the extent of each subcontractor's interest therein. The Commission contract may provide that, in the event that there is a good faith dispute over all or any portion of the amount due on a progress payment from the prime contractor or subcontractor to a subcontractor, then the prime contractor or subcontractor may withhold no more than 150 percent of the disputed amount. B. The Commission must also require the prompt return of retainage payments from the prime contractor to the subcontractor within 7 days after the subcontractor's work is satisfactorily completed. 4.0 PAYMENT OF RETENTION ON PUBLIC WORKS CONTRACTS Pursuant to California Public Contract Code§ 7107, within 60 days after the date of completion of the work of improvement, the Commission must release any retention withheld except funds withheld to satisfy outstanding stop notices or otherwise properly withheld. In the event of a dispute between the Commission and the original contractor, the Commission may withhold from the final payment an amount not to exceed 1 50 percent of the disputed amount. 5.0 REQUEST FOR PAYMENT CERTIFICATION A. All contracts above the small purchase threshold may contain a clause, which requires the contractor to submit with each request for payment, a certification that the claim for payment is true, correct, and for services rendered and/or supplies delivered in accordance with the contract. B. The user department/project manager will disapprove and Accounts Payable will return unpaid any request for payment which does not contain the certification when required. 53 83 • • • • REVISION HISTORY: Revision Revisions Adopted No. 0 Adopted by the Commission 7111112 I 1 Ado(lted bv the Commission TBD (12/12/12) • • 54 84 • • • ATTACHMENT 2 RESOLUTION NO. 12-031 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION REGARDING THE REVISED PROCUREMENT POLICY MANUAL WHEREAS, the Commission previously adopted Resolution No. 12-018, "Resolution of the Riverside County Transportation Commission Regarding the Revised Procurement Policy Manual"; and WHEREAS, the Commission received corrective action recommendations from the Federal Transit Administration as a result of a procurement systems review completed in October 2012; and WHEREAS, the Commission wishes to update its procurement policies and procedures to continue to be a comprehensive, useful framework for the Commission's procurements. NOW, THEREFORE, the Riverside County Transportation Commission does hereby resolve as follows: Section 1 . The Procurement Policies Manual previously adopted on July 11, 2012 is hereby replaced 1n its entirety by the revised Procurement Policies Manual, set forth in Attachment A, attached hereto and incorporated herein. Section 3. The Riverside County Transportation Commission hereby approves and adopts the Procurement Policies Manual, as revised, to be effective immediately. APPROVED AND ADOPTED this 12'h day of December, 2012. ATTEST: Jennifer Ha,rmon Clerk of the Board John J. Benoit, Chair Riverside County Transportation Commission 85 • AGENDA ITEM 1 0 • • • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: November 26, 2012 TO: Budget and Implementation Committee FROM: Tanya Love, Goods Movement Manager THROUGH: John Standiford, Deputy Executive Director SUBJECT: Sunset Avenue Grade Separation Projects STAFF RECOMMENDATION: This item is for the Committee to: 1) Allocate $1 0 million in federal Congestion Mitigation Air Quality (CMAQ) funds to the city of Banning (Banning) in support of the Sunset Avenue grade separation project; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: In April 2008, the California Transportation Commission (CTC) allocated $10 million in Proposition 1 B Trade Corridor Improvement Funds (TCIF) to the Sunset Avenue grade separation project. Under the terms of the TCIF program, the project must start construction no later than December 31, 2013, in order to qualify for the Proposition 1 B funding. The project is located on Sunset Avenue and the Union Pacific Railroad (UPRR) adjacent to Interstate 10 in Banning. The project has been on the transportation planning network for many years and recently Banning partnered with the county of Riverside to expedite the project through the State Department of Transportation and UPRR's development processes. Design for the Sunset Avenue at-grade crossing is 95 percent complete, and the project is currently in the final review phase with Caltrans. The project obtained environmental clearance and right of way agreements have been made with impacted property owners. The Sunset Avenue railroad crossing is currently at street level and causes significant traffic delays. The grade separation is being proposed to enhance safety and improve both traffic circulation and emergency access north and south of 1-1 0 and the UPRR tracks. The project cost is estimated at $36 million; approximately $26 million is secured from various local, state, and federal funding sources . Agenda Item 1 0 86 Banning is requesting $1 0 million to cover the funding shortfall in order to move the project forward. If approved, the project is scheduled to start construction in the summer of 2013. In April 2007, the Commission approved an off the top allocation of 25 percent of CMAQ federal funds for grade separation projects. As shown on the following table, staff projects that approximately $3.7 million in CMAQ funding will be available for additional grade separation projects after approval of the $1 0 million CMAQ allocation for the Sunset Avenue project: CMAQ ESTIMATED BEGINNING BALANCE $48,070,041 Grade Separation/ Date Goods Approved by Movement Amount Commission Estimated Projects Allocated Action Balance Magnolia Avenue $15,000,000 12/2007 $33,070,041 Iowa Avenue. 3,550,000 6/2011 29,520,041 Clay Street 7,500,000 6/2011 22,020,041 Avenue 66 350,000 9/2011 21,670,041 Iowa Avenue 500,000 6/2012 21,170,041 Clay Street 5,328,510 9/2012 15,841,531 Iowa Avenue 2,126,968 10/2012 13,714,563 Sunset Avenue 10,000,000 Pending 3,714,563 There is no impact to the Commission's budget as CMAQ funding does not flow through the Commission. Attachment: City of Banning's Letter Dated November 1, 2012 Agenda Item 1 0 87 • • • • • • Ci1y of Banning STAGECOACH TOWN USA ESTABLISHED 1913 Office of the City Manager November 1, 2012 Anne Mayer Executive Director Riverside County Transportation Commission 4080 Lemon Street Riverside, CA 92501 RE: Request for Additional Funding for Sunset Avenue Underpass Project Dem-Anne: As you may know the design for the Sunset A venue Grade Underpass Project in Banning is 95% complete, and is currently in its final review with Caltrans. This project has been on the transpmtation network for many years and recently the County of Riverside has teamed up to be the lead pmtner to move this project forward and help make it a reality . Cunent engineering cost estimate for the project is $36,000,000.00. The city has secured approximately $26,000,000.00 from various funding sources such as TUMF, Demo SAFETEA- LU, HR 4818 and TCIF lB. Unf01iunately, based on these current funding sources there is a projected shortfall of available funding. Therefore, at this time the city is seeking your support in securing additional funding for this project in the amount of approximately $10,000,000.00. Based on the current schedule, it is anticipated the project should start on or before June 2013. Thank you for all your support. If you have any questions or require additional information, please contact me or Duane Burk at 951-922-3130. m:ou~, Andy~:a City~~ger Cc: Duane Burk, Director Public Works Kahono Oei, City Engineer Don Robinson, Mayor Debbie Franklin, Mayor Pro-Tern Barbara Hanna, Council Member Bob Botts, Council Member John Machisic, Council Member 99 E. Ramsey St. • P.O. Box 998 • Banning, CA 92220-0998 • {951) 922-3101 • Fax (951) 922-3128 88