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HomeMy Public PortalAbout05 May 23, 2016 Budget & implementationCOMM-BI-00031 RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE MEETING AGENDA TIME: 9:30 a.m. DATE: Monday, May 23, 2016 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside kPa COMMITTEE MEMBERS ooi Bob Magee, Chair / Natasha Johnson, City of Lake Elsinore Jan Harnik, Vice Chair / Susan Marie Weber, City of Palm Desert Lloyd White / Mike Lara, City of Beaumont Ella Zanowic / Joyce McIntire, City of Calimesa Dawn Haggerty / Jordan Ehrenkranz, City of Canyon Lake Greg Pettis / Shelley Kaplan, City of Cathedral City Steven Hernandez / To Be Appointed, City of Coachella Scott Matas / Russell Betts, City of Desert Hot Springs Linda Krupa / Paul Raver, City of Hemet Dana Reed / Douglas Hanson, City of Indian Wells Rick Gibbs /Jonathan Ingram, City of Murrieta Rusty Bailey / Andy Melendrez, City of Riverside Michael Naggar / Michael McCracken, City of Temecula John F. Tavaglione, County of Riverside, District II Chuck Washington, County of Riverside, District III k?° STAFF °'A Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer kPa AREAS OF RESPONSIBILITY Go, 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 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: Tara Byerly Sent: Wednesday, May 18, 2016 3:15 PM To: Tara Byerly Cc: Jennifer Harmon Subject: RCTC: Budget and Implementation Committee Agenda - 05.23.2016 Importance: High Good afternoon Budget and Implementation Committee Members: Attached is the link to the Budget and Implementation Committee Agenda for the meeting scheduled @ 9:30 a.m. on Monday, May 23. http://www.rctc.org/uploads/media items/budget-and-implementation-committee-may-23-2016.original.pdf Please let me know if you have any questions. Thank you. Respectfully, Tara S. Byerty Deputy Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 (951)787-7141 1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE www. rctc. orq AGENDA* *Actions may be taken on any item listed on the agenda 9:30 a.m. Monday, May 23, 2016 BOARD ROOM 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.orq. In compliance with the Americans with Disabilities Act, Government Code Section 54954.2, and the Federal Transit Administration Title VI, please contact the Clerk of the Board at (951) 787-7141 if special assistance is needed to participate in a Commission meeting, including accessibility and translation services. Assistance is provided free of charge. Notification of at least 48 hours prior to the meeting time will assist staff in assuring reasonable arrangements can be made to provide assistance at the meeting. 1. CALL TO ORDER 2. PLEDGE OF ALLEGIANCE 3. ATTENDANCE / ROLL CALL 4. PUBLIC COMMENTS — Each individual speaker is limited to speak three (3) continuous minutes or less. 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. 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. Budget and Implementation Committee May 23, 2016 Page 2 5. APPROVAL OF MINUTES — APRIL 25, 2016 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. APPROPRIATIONS LIMIT FOR FISCAL YEAR 2016/17 Overview This item is for the Committee to: Page 1 1) Approve Resolution No. 16-013, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit", for Fiscal Year 2016/17; and 2) Forward to the Commission for final action. 7B. QUARTERLY FINANCIAL STATEMENTS Overview This item is for the Committee to: Page 8 1) Receive and file the Quarterly Financial Statements for the period ended March 31, 2016; and 2) Forward to the Commission for final action. 7C. QUARTERLY INVESTMENT REPORT Overview This item is for the Committee to: Page 16 1) Receive and file the Quarterly Investment Report for the quarter ended March 31, 2016; and 2) Forward to the Commission for final action. Budget and Implementation Committee May 23, 2016 Page 3 7D. QUARTERLY SALES TAX ANALYSIS Overview This item is for the Committee to: 1) Receive and file the sales tax analysis for Quarter 4, 2015 (4Q 2015); and 2) Forward to the Commission for final action. 8. PROPOSED BUDGET FOR FISCAL YEAR 2016/17 Overview This item is for the Committee to: Page 76 Page 85 1) Receive input on the proposed budget for FY 2016/17; 2) Approve the salary schedule effective July 7, 2016, located in Appendix B of the proposed budget; and 3) Forward to the Commission to close the public hearing regarding the proposed budget for FY 2016/17 on June 8, 2016, and for final adoption. 9. ADOPTION OF RESOLUTION REGARDING THE 2016 TITLE VI PROGRAM REPORT UPDATE, INCLUDING THE PUBLIC PARTICIPATION PLAN AND LANGUAGE ASSISTANCE PLAN Page 88 Overview This item is for the Committee to: 1) Approve Resolution No. 16-010, "Resolution of the Riverside County Transportation Commission Regarding the 2016 Title VI Program Report Update, Including the Public Participation Plan and Language Assistance Plan", in compliance with Federal Transit Administration (FTA) requirements; and 2) Forward to the Commission for final action. 10. CLINTON KEITH ROAD EXTENSION — MULTI FUNDING CALL FOR PROJECTS UTILIZATION OF PROJECT SAVINGS FOR PHASE III Overview This item is for the Committee to: Page 91 1) Approve the request by the county of Riverside (County) to utilize $2,717,000 in project savings from the Clinton Keith Road Extension Phase II project (Phase II) for the Clinton Keith Extension Phase III project (Phase III); Budget and Implementation Committee May 23, 2016 Page 4 2) Approve Agreement No. 14-72-099-01, Amendment No. 1 to Agreement No. 14-72-099-00 with the County to reprogram $2,717,000 from Phase II to Phase III and reduce 2009 Measure A Western County Regional Arterial (MARA) funding by $214,047; 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 4) Forward to the Commission for final action. 11. SURPLUS OF REAL PROPERTY Overview This item is for the Committee to: Page 95 1) Declare as surplus the eight real properties, comprised of 10 Assessor's Parcel Numbers (APN), adjacent to State Route 74, as described in this agenda item and attached maps; 2) Authorize the Executive Director to notify public agencies and contiguous land owners for seven of the properties, pursuant to Government Code 54220 et.seq, that the properties are available for purchase; 3) If no response is received from public agencies and contiguous land owners, authorize the Executive Director to offer the surplus property for sale to the public; and 4) Forward to the Commission for final action. 12. FISCAL YEARS 2016/17 — 2018/19 SHORT RANGE TRANSIT PLANS Overview This item is for the Committee to: Page 106 1) Approve the Fiscal Years 2016/17 — 2018/19 Short Range Transit Plans (SRTPs) for the cities of Banning, Beaumont, Corona, and Riverside; Palo Verde Valley Transit Agency (PVVTA); Riverside Transit Agency (RTA); SunLine Transit Agency (SunLine); and the Commission's Western Riverside County Rail Program and Coachella Valley Rail Program; and 2) Forward to the Commission for final action. Budget and Implementation Committee May 23, 2016 Page 5 13. STATE LEGISLATIVE UPDATE Overview This item is for the Committee to: Page 111 1) Receive and file an update on state legislation; and 2) Forward to the Commission for final action. 14. COMMISSIONERS / 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. 15. ADJOURNMENT AND THE NEXT MEETING The next Budget and Implementation Committee meeting is scheduled to be held at 9:30 a.m., Monday, June 27, 2016, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE ROLL CALL MAY 23, 2016 Present Absent County of Riverside, District II ¢ RwQd. 9 134 a.m County of Riverside, District III 0 q :33 a.m. City of Beaumont � 0 �'�-"'Q_� City of Calimesa � 0 City of Canyon Lake "du4ie Aa..a.:vo_.d•. 9 :4 ► a.m. City of Cathedral City � 0 City of Coachella 0 , "' City of Desert Hot Springs � 0 City of Hemet 0 City of Indian Wells � 0 City of Lake Elsinore City of Murrieta 0 City of Palm Desert 0 City of Riverside )71r...„ City of Temecula AGENDA ITEM 5 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE Monday, April 25, 2016 MINUTES 1. CALL TO ORDER The meeting of the Budget and Implementation Committee was called to order by Chair Bob Magee at 9:30 a.m., in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. 2. PLEDGE OF ALLEGIANCE At this time, Chair Magee led the Budget and Implementation Committee in a flag salute. 3. ROLL CALL Members/Alternates Present Members Absent Rusty Bailey Rick Gibbs Dawn Haggerty Jan Harnik Shelley Kaplan Linda Krupa Mike Lara Bob Magee Scott Matas Michael Naggar* Chuck Washington Ella Zanowic *Arrived after the meeting was called to order 4. PUBLIC COMMENTS Steven Hernandez Dana Reed John Tavaglione There were no requests to speak from the public. RCTC Budget and Implementation Committee Minutes April 25, 2016 Page 2 5. APPROVAL OF MINUTES — MARCH 28, 2016 M/S/C (Harnik/Krupa) to approve the minutes of March 28, 2016 meeting as submitted. Abstain: Kaplan and Washington 6. ADDITIONS / REVISIONS There was a revision to Agenda Item 11, "2016 State Transportation Improvement Program Update". 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. M/S/C (Harnik/Zanowic) to approve the following Consent Calendar item(s): 7A. SINGLE SIGNATURE AUTHORITY REPORT 1) Receive and file the Single Signature Authority report for the third quarter ended March 31, 2016; and 2) Forward to the Commission for final action. 8. PROPOSED BUDGET FOR FISCAL YEAR 2016/17 Michele Cisneros, Deputy Director of Finance, presented the proposed budget for FY 2016/17, and discussed the following areas: • Budget process; • FY 2016/17 Budget considerations and summary; • Sources and expenditure by breakdown and comparison; • Capital department expenditure highlights; • Functional expenditures breakdown and comparison; and • Next steps. At this time, Commissioner Michael Naggar joined the meeting. In response to Commissioner Dawn Haggerty's question about local streets and roads expenditures and how they relate to the state budget, Anne Mayer explained how local streets and roads funds are designated, which is a function of the Commission's Measure A receipts. She stated any proposal adopted in the Legislature will not change the Commission's Measure A receipts so the local streets and roads component will not see any impact. RCTC Budget and Implementation Committee Minutes April 25, 2016 Page 3 M/S/C (Gibbs/Zanowic) to: 1) Discuss, review, and provide guidance on the proposed Fiscal Year 2016/17 Budget; and 2) Forward to the Commission to open the public hearing in order to receive input and comments on the proposed FY 2016/17 Budget on May 11 and on June 8, 2016, and thereafter close the public hearing. At this time, Chair Magee welcomed and introduced Commission Alternates Shelley Kaplan and Mike Lara. 9. RECURRING CONTRACTS FOR FISCAL YEAR 2016/17 Marla Dye, Procurement Analyst, presented the Commission's recurring contracts for FY 2016/17. In response to Commissioner Haggerty's question concerning the BCA Watson Rice LLP (BCAWR) and the Orrick, Herrington & Sutcliffe LLP (Orrick) significant cost increases, Theresia Trevino, Chief Financial Officer, replied the Commission uses BCAWR for internal audit services as it relates to pre -award contracts. She explained in FY 2016/17 it is anticipated more pre -award audits will be needed as a result of the type of funds being received. She then discussed the Commission's pre -award audit process. Commissioner Haggerty expressed concern the Commission is digressing in the amount it is able to spend for project yet consulting fees are increasing. In response to Commissioner Haggerty's concern, Theresia Trevino discussed the need and costs for the anticipated pre -award audits as well as procurement consultation assistance related to the complexity of project financing. M/S/C (Harnik/Zanowic) to: 1) Approve the recurring contracts for Fiscal Year 2016/17; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission; and 3) Forward to the Commission for final action. Abstain: Bailey RCTC Budget and Implementation Committee Minutes April 25, 2016 Page 4 10. AGREEMENT FOR AUDIT SERVICES FOR THE MEASURE A RECIPIENTS AND TRANSPORTATION DEVELOPMENT ACT CLAIMANTS Theresia Trevino presented the scope of the agreements for audit services for the Eastern Riverside County and the Western Riverside County for the Measure A recipients and Transportation Development Act (TDA) claimants. M/S/C (Bailey/Zanowic) to: 1) Award Agreement No. 16-19-055-00 to Conrad LLP (Conrad) for the provision of audit services for the Eastern Riverside County (Eastern County) Measure A local streets and roads recipients and Transportation Development Act (TDA) claimants for a three-year term, and two one-year options to extend the agreement, in an amount of $274,225, plus a contingency amount of $27,775, for a total amount not to exceed $302,000; 2) Award Agreement No. 16-19-089-00 to Macias Gini & O'Connell LLP (MGO) for the provision of audit services for the Western Riverside County (Western County) Measure A local streets and roads recipients and TDA claimants for a three-year term, and two one-year options to extend the agreement, in an amount of $641,490, plus a contingency amount of $64,510, for a total amount not to exceed $706,000; 3) Award Agreement No. 16-19-090-00 to BCA Watson Rice LLP (BCAWR) for the provision of audit services for the Western County Measure A specialized transit recipients for a three-year term, and two one-year options to extend the agreement, in an amount of $235,140, plus a contingency amount of $23,860, for a total amount not to exceed $259,000; 4) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; 5) Authorize the Executive Director or designee to approve contingency work up to the total not to exceed amount as required for these services; and 6) Forward to the Commission for final action. 11. 2016 STATE TRANSPORTATION IMPROVEMENT PROGRAM UPDATE Aaron Hake, Government Relations Manager, provided an update on the 2016 State Transportation Improvement Program (STIP). He noted the revised attachment that was distributed includes an excerpt of the California Transportation Commission's (CTC) staff recommendations for deprogramming funds throughout the state for transportation projects, which was released on April 22. He summarized the CTC's staff recommendations related to Riverside County and the impacted projects. RCTC Budget and Implementation Committee Minutes April 25, 2016 Page 5 Anne Mayer provided an overview of the CTC staff recommendations and stated staff is evaluating the details of those recommendations. Ms. Mayer then provided an overview of the conversation with CTC Executive Director Susan Bransen regarding the recommendation process. In response to Commissioner Rusty Bailey's request for clarification regarding funding shifts between fiscal years, Anne Mayer replied the CTC looks at the cash flow for each year in the STIP and pushes out projects based on the expected cash flow. Aaron Hake stated there is a new STIP cycle every two years and the CTC does another fund estimate. He expressed if trends continue, the Commission could be in another difficult situation two years from now. In response to Commissioner Bailey's clarification the probability of that STIP funding set aside in FY 2019/20 for the I-15/French Valley Parkway interchange project and the CV Link could change, Aaron Hake replied it is unknown. At Commissioner Rick Gibbs' request, Anne Mayer's explained the purpose of the letter from the CTC to the Legislature. M/S/C (Gibbs/Zanowic) to: 1) Receive and file an update on the 2016 State Transportation Improvement Program (STIP); and 2) Forward to the Commission for final action. 12. AMENDMENT TO RIVERSIDE TRANSIT AGENCY'S FISCAL YEAR 2015/16 SHORT RANGE TRANSIT PLAN Fina Clemente, Transit Manager, presented the amendment to Riverside Transit Agency's (RTA) Fiscal Year 2015/16 Short Range Transit Plan (SRTP). Anne Mayer noted the state Low Carbon Transit Operations Program fund is cap and trade funding that is coming back to Riverside County. She explained this is formula funding that comes back to the transit agencies. M/S/C (Zanowic/Krupa) to: 1) Approve modification to Riverside Transit Agency's (RTA) Fiscal Year 2015/16 operating assistance funding to reflect an additional $460,410 in state Low Carbon Transit Operations Program (LCTOP) funds to cover anticipated operating expenses related to the Perris Valley Line (PVL); RCTC Budget and Implementation Committee Minutes April 25, 2016 Page 6 2) Reprogram the Local Transportation Fund (LTF) operating amount of $460,410 originally identified for the PVL operating expenses to capital funding to support the development of RTA's central operations and maintenance facility; 3) Approve modification to RTA's FY 2015/16 capital program to reflect an additional $911,498 in FY 2014/15 Proposition 1B California Transit Security Grant Program —California Transit Assistance Funds (CTSGP- CTAF) and $257,009 in Proposition 1B Public Transportation Modernization, Improvement and Service Enhancement Account (PTMISEA) program residual amount from the FYs 2008/09 and 2009/10 appropriations; 4) Approve amendments to RTA's Short Range Transit Plan (SRTP) to reflect the changes outlined above; and 5) Forward to the Commission for final action. 13. STATE LEGISLATIVE UPDATE Aaron Hake provided an update on state legislative activities. M/S/C (Krupa/Zanowic) to: 1) Receive and file an update on state legislation; 2) Adopt the following bill position: a) SB 885 (Wolk) — Oppose; and 3) Forward to the Commission for final action. 14. COMMISSIONERS / EXECUTIVE DIRECTOR REPORT 14A. Commissioner Jan Harnik announced Southern California Association of Governments' (SCAG) General Assembly is scheduled for May 5-6, at the La Quinta Resort. 1413. At Commissioner Washington's request related to Agenda Item 10, "State Legislative Update", Aaron Hake clarified the proposal is to prohibit the Commission from requiring that an engineering firm indemnify the Commission, however, it does not preclude a voluntary agreement. 14C. Anne Mayer announced the 1-15 Express Lanes DBE/SBE Summit is scheduled for April 28, from 9:00 a.m. — 12:00 p.m. at the Circle City Center in Corona. A flyer was distributed at the dais and emailed to the Commissioners by the Clerk of the Board. RCTC Budget and Implementation Committee Minutes April 25, 2016 Page 7 15. ADJOURNMENT There being no further business for consideration by the Budget and Implementation Committee, the meeting was adjourned at 10:23 a.m. Respectfully submitted, Jennifer Harmon Clerk of the Board AGENDA ITEM 7A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 23, 2016 TO: Budget and Implementation Committee FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Appropriations Limit for Fiscal Year 2016/17 STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve Resolution No. 16-013, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit", for Fiscal Year 2016/17; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: Section 7910 of the California Government Code implements Article XIIIB of the California Constitution by requiring each local jurisdiction to establish, by resolution, its appropriations limit for each fiscal year and to make documentation used to determine the appropriations limit available to the public 15 days prior to adoption of the resolution establishing the appropriations limit. Staff performed the calculations necessary to determine the limit. The resolution and documents supporting the calculation are attached. The Commission chose to use the percentage change in the California per capital personal income and population change within Riverside County as the factors in determining the appropriations limit. As required, the adoption of the Commission's FY 2016/17 Appropriations Limit was posted in the Press Enterprise. Attachments: 1) Resolution No. 16-013 2) California Per Capital Income and Population, Riverside County — California Department of Finance Agenda Item 7A 1 ATTACHMENT 1 RESOLUTION NO. 16-013 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION ESTABLISHING THE ANNUAL APPROPRIATIONS LIMIT WHEREAS, Article XIIIB of the California Constitution places an annual limitation upon appropriations from proceeds of taxes by each local government of the State of California; and WHEREAS, in 1988, pursuant to Article XIIIB, section 4 of the California Constitution, the Riverside County Transportation Commission established its appropriations limit at $75 million for Fiscal Year 1988-1989 under ordinance No. 88-1; and WHEREAS, Section 7910 of the California Government Code implements Article XIIIB of the California Constitution by requiring each local jurisdiction to establish, by resolution, its appropriations limit for each fiscal year and to make the documentation used in determining the appropriations limit available to the public fifteen days prior to adoption of the resolution establishing the appropriations limit; and WHEREAS, in accordance with Senate Constitutional Amendment No. 1 approved by the voters of the State effective June 6, 1990, beginning with fiscal year 1990-1991 and for each fiscal year thereafter, the Commission's Board of Commissioners is required to select either the percentage change in California per capita personal income or the percentage change in the local assessment roll due to the addition of local non-residential construction, and either the population change within the Commission or the population change within Riverside County, as the two factors to be applied in calculating the appropriations limit for each fiscal year; and WHEREAS, this Board wishes to select, as factors in determining the Commission's appropriation limit for Fiscal Year 2016-2017 the percentage change in California per capita personal income and also the population change within Riverside County; and WHEREAS, this Commission has documented its calculations of the Commission's appropriations limit for Fiscal Year 2016-2017 and said calculations have been made available to the public at least fifteen days prior to the adoption of this resolution. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Riverside County Transportation Commission as follows: 2 1. For Fiscal Year 2016-2017, the factors selected for calculating the appropriations limit are (a) the percentage change in California per capita personal income, and (b) the population change within the County of Riverside. 2. The appropriations limit applicable to this Agency pursuant to Article XIIIB of the California Constitution for Fiscal Year 2016-2017 are hereby established and determined to be $419,316,693. 3. A copy of the documentation used in the determination of the appropriations limit for Fiscal Year 2016-2017 shall be affixed hereto and shall be available for public inspection. 4. Pursuant to Section 7910 of the California Government Code, any judicial action or proceeding to attack, review, set aside, void, or annul the establishment of the appropriations limit as set forth herein must be commenced within 45 days of the adoption of this resolution. ADOPTED this 8th day of June, 2016. Scott Matas, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 3 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2016-2017 APPROPRIATIONS LIMIT 2015-2016 Appropriations Limit $ 392,995,203 2016-2017 adjustment: Change in California per capita personal income = 5.37% Change in Population, Riverside County = 1.26% Per Capita Cost of Living converted to a ratio: 5.37 + 100 = 1.0537 100 Population converted to a ratio: 1.26 + 100 = 1.0126 100 Calculation of factor for FY 2016-2017: 1.0537 x 1.0126 = 1.06697662 $392,995,203 x 1.06697662 = $419,316,693 2016-2017 Appropriations Limit $ 419,316,693 Source: California per capita income — California Department of Finance Population, Riverside County — California Department of Finance 4 ATTACHMENT 2 ets OA T a �I� Z w IIII n o M AL DEPARTMENT OF OFFICE OF THE DIRECTOR May 2016 Dear Fiscal Officer: EDMUND G. BROWN JR. • GOVERNOR STATE CAPITOL ■ ROOM 1145 ■ SACRAMENTO CA ■ 9581 4-4998 ■ WWW.DOF.CA.GOV Subject: Price Factor and Population Information Appropriations Limit The California Revenue and Taxation Code, section 2227, requires the Department of Finance (Finance) to transmit an estimate of the percentage change in population to local governments. Each local jurisdiction must use their percentage change in population factor for January 1, 2016, in conjunction with a change in the cost of living, or price factor, to calculate their appropriations limit for fiscal year 2016-17. Attachment A provides the change in California's per capita personal income and an example for utilizing the price factor and population percentage change factor to calculate the 2016-17 appropriations limit. Attachment B provides the city and unincorporated county population percentage change. Attachment C provides the population percentage change for counties and their summed incorporated areas. The population percentage change data excludes federal and state institutionalized populations and military populations. Population Percent Change for Special Districts Some special districts must establish an annual appropriations limit. The Revenue and Taxation Code, section 2228 provides additional information regarding the appropriations limit. Article XIII B, section 9(C) of the California Constitution exempts certain special districts from the appropriations limit calculation mandate. The Code and the California Constitution can be accessed at the following website: http://leginfo.legislature.ca.gov/faces/codes.xhtml. Special districts required by law to calculate their appropriations limit must present the calculation as part of their annual audit. Any questions special districts have on this requirement should be directed to their county, district legal counsel, or the law itself. No state agency reviews the local appropriations limits. Population Certification The population certification program applies only to cities and counties. Revenue and Taxation Code section 11005.6 mandates Finance to automatically certify any population estimate that exceeds the current certified population with the State Controller's Office. Finance will certify the higher estimate to the State Controller by June 1, 2016. Please Note: Prior year's city population estimates may be revised. If you have any questions regarding this data, please contact the Demographic Research Unit at (916) 323-4086. MICHAEL COHEN Director By: AMY COSTA Chief Deputy Director Attachment 5 May 2016 Attachment A A. Price Factor: Article XII I B specifies that local jurisdictions select their cost of living factor to compute their appropriation limit by a vote of their governing body. The cost of living factor provided here is per capita personal income. If the percentage change in per capita personal income is selected, the percentage change to be used in setting the fiscal year 2016-17 appropriation limit is: Per Capita Personal Income Fiscal Year (FY) Percentage change over prior year 2016-17 5.37 B. Following is an example using sample population change and the change in California per capita personal income as growth factors in computing a 2016-17 appropriation limit. 2016-17: Per Capita Cost of Living Change = 5.37 percent Population Change = 0.90 percent Per Capita Cost of Living converted to a ratio: Population converted to a ratio: Calculation of factor for FY 2016-17: 5.37 + 100 = 1.0537 100 0.90 + 100 = 1.0090 100 1.0537 x 1.0090 = 1.0632 6 Fiscal Year 2016-17 Attachment B Annual Percent Change in Population Minus Exclusions* January 1, 2015 to January 1, 2016 and Total Population, January 1, 2016 County Percent Change --- Population Minus Exclusions --- City 2015-2016 1-1-15 1-1-16 Riverside Total Population 1-1-2016 Banning 0.57 30,659 30,834 30,834 Beaumont 3.48 43,601 45,118 45,118 Blythe 0.70 13,937 14,034 19,813 Calimesa 1.86 8,138 8,289 8,289 Canyon Lake 0.69 10,608 10,681 10,681 Cathedral City 0.75 53,810 54,212 54,261 Coachella 0.90 45,001 45,407 45,407 Corona 0.82 163,317 164,659 164,659 Desert Hot Springs 0.88 28,794 29,048 29,048 Eastvale 3.84 60,825 63,162 63,162 Hemet 0.66 79,548 80,070 80,070 Indian Wells 1.42 5,336 5,412 5,412 Indio 1.59 86,683 88,058 88,058 Jurupa Valley 1.32 96,898 98,177 98,177 Lake Elsinore 3.16 58,997 60,861 61,006 La Quinta 1.69 39,311 39,977 39,977 Menifee 1.97 87,286 89,004 89,004 Moreno Valley 0.83 203,696 205,383 205,383 Murrieta 1.08 112,576 113,795 113,795 Norco 0.69 23,919 24,085 26,896 Palm Desert 1.02 48,835 49,335 49,335 Palm Springs 0.97 46,204 46,654 46,654 Perris 1.72 72,476 73,722 73,722 Rancho Mirage 0.84 17,920 18,070 18,070 Riverside 0.95 321,596 324,637 324,696 San Jacinto 1.21 47,087 47,656 47,656 Temecula 1.18 107,794 109,064 109,064 Wildomar 1.18 34,758 35,168 35,168 Unincorporated 1.16 359,889 364,054 364,413 County Total 1.26 2,309,499 2,338,626 2,347,828 "Exclusions include residents on federal military installations and group quarters residents in state mental institutions, state and federal correctional institutions and veteran homes. 7 AGENDA ITEM 7B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 23, 2016 TO: Budget and Implementation Committee FROM: Michele Cisneros, Deputy Director of Finance 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 ended March 31, 2016; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: During the last nine months of the fiscal year, staff monitored the revenues and expenditures of the Commission. The attached financial statements present the revenues and expenditures for the first nine months of the fiscal year. Period closing accrual adjustments are not included for revenues earned but not billed and expenditures incurred for goods and services received but not yet invoiced, as such adjustments are normally made during the year-end closing activities. The operating statement shows the sales tax revenues for the third quarter at 55 percent of the budget. This is a result of Governmental Accounting Standards Board (GASB) Statement No. 33. GASB 33 requires sales tax revenues to be accrued for the period in which it is collected at the point of sale. The State Board of Equalization (SBOE) collects the Measure A funds and remits these funds 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 January 2016. On a cash basis, the Measure A and Local Transportation Fund sales tax revenues are 2.46 and 2.82 percent higher, respectively than the same period last fiscal year. State Transit Assistance Fund receipts through the second quarter have been received as of March 2016. Staff will continue to monitor the trends in the sales tax receipts and report to the Commission any necessary adjustments. 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. Significant federal and state reimbursements to date are related to the Perris Valley Line (PVL) Agenda Item 7B 8 and Interstate 215 corridor improvement projects. The negative revenue amounts for local reimbursements reflect the reversal of the FY 2014/15 accrued revenues at the beginning of FY 2015/16 in excess of amounts billed through the third quarter. Staff expects billing these accrued revenues by the fourth quarter. During the FY 2015/16 budget process, the Commission took a conservative approach to estimate the Transportation Uniform Mitigation Fee (TUMF) revenues of $12 million passed through from the Western Riverside Council of Governments (WRCOG). At the January 13 Commission meeting, staff presented the revised FY 2015/16 revenue projections and increased the TUMF revenues to $18 million. The Commission received TUMF revenues through January 2016. The budgeted balance of $53,800 relates to TUMF zone reimbursements from WRCOG for the 74/215 interchange project. Other revenues include property management generated from properties acquired in connection with the State Route 91 Corridor Improvement Project (91 Project) and various rail properties as well as $3.9 million from the proceeds related to the sale of excess land related to rail properties. The Commission took a conservative approach in estimating investment income for FY 2015/16, as a result of flat interest rate yields on investment balances. Investment income is higher in the third quarter primarily as a result of the investment of sales tax and toll revenue bond proceeds. The expenditure and other financing sources/uses categories are in line overall with the expectations of the budget with the following exceptions. • Salaries and benefits expenditures are under budget due to unused full-time equivalents budget authority; • Professional services expenditures are under budget due to unused budget authority for rail and station development planning, financial advisory management, property management, and various projects' legal services. Staff anticipates using more budget authority by the fourth quarter; • Support costs are under budget due to unused budget authority for the marketing of new rail service, rail safety, 91 Project, and rideshare advertisements; rail operations and station maintenance; and motorist assistance call box upgrades. Staff anticipates using more budget authority by the fourth quarter; • Program operations are under budget due to unused budget authority for 91 Project permit activities, Freeway Service Patrol, Motorist and Commuter Assistance program operations; and rail program management and operations related to the PVL. Staff anticipates using a significant amount of the budget authority by the fourth quarter; • Engineering, construction, design -build, and right of way/land expenditures relate to various capital projects. The status of significant capital projects with budget exceeding $5 million is discussed in the attachment; Agenda Item 7B 9 " Operating and capital disbursements are made as claims are submitted to the Commission by transit operators; " Special studies are under budget due to unused budget authority for strategic assessment and other studies; " Local streets and roads are related to the timing of Measure A sales tax revenues as previously explained. These financial statements reflect expenditures made to the local jurisdictions related to collections through January 2016; " Regional arterial expenditures primarily represent expenditures for highways and regional arterial program administered by the Coachella Valley Association of Governments (CVAG). CVAG requests reimbursement from the Commission based on available funds and sufficient budget authority; " Debt service principal payments are made annually on June 1, while interest payments are made semiannually on December 1 and June 1, except for the 2009 Sales Tax Revenue Bonds (variable rate) as those interest payments are monthly; " Capital outlay expenditures are under budget due to unused budget authority for station security improvements and Commission network, hardware, and software improvements; " The Commission entered into a loan agreement with the U.S. Department of Transportation for a $421,054,409 Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to pay eligible 91 Project costs. The loan is a toll revenue bond (TIFIA bond) that is subordinate to the 2013 Toll Bonds. Proceeds of the TIFIA bond may be drawn upon after certain conditions have been met. During the third quarter, the Commission drew down $40.2 million for a cumulative inception to date total in TIFIA loan proceeds of $208.2 million. During construction of the 91 Project and for a period of up to five years following substantial completion, interest is compounded and added to the initial TIFIA loan. TIFIA debt service payments are expected to commence on December 1, 2021, which is approximately five years after substantial completion of the 91 Project, through June 1, 2051; and " The Commission issued $20 million in commercial paper notes during the third quarter for the I-15 Express Lanes project. Attachments: 1) Quarterly Project Status  March 2016 2) Quarterly Financial Statements  March 2016 Agenda Item 7B 10 ATTACHMENT 1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY PROJECT STATUS 3RD QUARTER FOR NINE MONTHS ENDED 3/31/2016 FY 2015/16 BUDGET Project Description 3RD QUARTER EXPENDITURES Project Status 91 Project (Design -Build) The project will connect with Orange County Transportation Authority's tolled express lanes at the Orange County/Riverside County line and continue approximately eight miles to the Interstate (1)- 15/State Route (SR)-91 interchange. The project involves widening pavement on the outside of the existing highway to reposition general purpose lanes and repurposing the existing High Occupancy Vehicle (HOV) lanes to accommodate two -tolled express lanes in the median in each direction. The SR-91 CIP also involves constructing one new general purpose lane in each direction from SR-71 to 1-15, ultimately providing two -tolled express lanes and five general purpose lanes in each direction. SR-91 CIP development activities began in September 2007, construction work related to roadway and structures began in July 2014, and the toll lanes are expected to open in January 2017. The total acquisition and construction cost of the SR-91 CIP is estimated at $1.4 billion, including capitalized interest, debt service reserves, and cost of issuance. 1-15 Express Lanes Project The project is currently in the preliminary engineering and environmental phase of work to add up to two -tolled express lanes in each direction from SR-60 to Cajalco Road in Corona. The project will use the design -build method of project delivery. Project development activities began in April 2008, and lanes are expected to open to traffic in 2020. $369,290,600 17,319,200 $193,548,997 6,720,729 The Design -Build contract is on schedule with actual reported progress of 75 percent as of March 31, 2016. The Commission has acquired and delivered all 197 Caltrans Parcel Numbers to the Design -Builder. Construction has begun on all 32 bridges (14 bridges are complete) and 67 walls (of 93, 20 walls are complete), while 86 utility relocations (of 90) are complete. The substantial completion date of January 2017 is unchanged. The under run of the FY 2015/16 budget at third quarter is due to under runs in right of way (ROW), including anticipated goodwill and negotiated settlement costs later in the fiscal year ($31.9 million), the Design -Build contract ($37.6 million), the project and construction management (PCM) contract ($5.5 million), the systems integration and installation contract ($4.8 million), and the Caltrans Cooperative Agreement ($3.1 million). Staff continues to advance the project report and environmental document, which is expected to be completed in FY 2015/16. Various methods of project delivery were analyzed in 2013, and ultimately staff received Commission approval in January 2014 to use the design -build method of project delivery and begin planning for the design -build phase of work. The PCM contract and the traffic and revenue study contract were both approved by the Commission in April 2015. The short list for the toll services provider and design -build contractor were announced in February 2016 and March 2016, respectively. The budget variance at the end of the third quarter is due to under runs in the PCM contract ($3.4 million), the preliminary engineering contract ($1.5 million), interagency support from Caltrans ($0.4 million), and special legal services ($0.3 million). The 2016 CAPEX forecast estimates the total project cost at $486 million, excluding finance costs. 11 FY 2015/16 BUDGET Project Description 3RD QUARTER EXPENDITURES Project Status 1-215 Corridor Improvements/Scott Road to Nuevo Road The project will add one mixed flow lane in each direction. Preliminary engineering began in 2007 and was completed in 2011. Final design began in 2011 and was completed in December 2012; construction began in 2013 and is expected to be completed in 2016. The estimated project cost is $120 million. Mid County Parkway A recirculated project report and environmental document is under development for a new corridor from 1-215 to SR-79. The environmental phase is anticipated to be completed in FY 2014/15. Construction of this new facility will be completed over many years as funding becomes available; the project cost is estimated at $1.3 to $1.6 billion. Perris Valley Line and other rail projects The project is in the construction phase with the extension of commuter rail services to the city of Perris. The project commenced in December 2007 when the Commission received approval from the Federal Transit Administration (FTA) to move into project development. Expected completion date is December 2015 for an estimated project cost of $248.3 million. Other rail projects include adding a fourth main track between the Riverside Downtown station to the connector to the San Jacinto Branch Line at Highgrove. 19,598,300 21,192,300 61,112,200 8,288,102 3,950,208 36,127,113 The notice to proceed for construction was issued in December 2012 and construction started in January 2013; construction work is substantially complete with all lanes opened to traffic in October 2015. Late starting aesthetic work alongside the freeway is underway and is approximately 33 percent complete. This work will extend the contract time to fourth quarter of 2016. The budget variance at the end of the third quarter is due to slow submittal of progress payments by the contractor. Staff completed the work on the Environmental Impact Report (EIR)/Environmental Impact Study (EIS). Major milestones have been met and the project's Record Of Decision was published in the Federal register in August 2015. A budget amendment was approved by the Commission in April 2014 to allocate additional funding for the completion of Phase II Final EIR/Supplemental EIS. In April 2015 the Commission approved the EIR. As directed by the Commission during the January 2016 workshop, staff started working on the preparation of the procurement package for plans, specifications, and estimates for the I-215/Placentia Interchange to be ready for advertisement when a resolution of the project's lawsuit is resolved. Staff has also been working with the Federal Highway Administration on approval of the New Connection Report, approval of the Habitat Mitigation and Monitoring Plan with the U.S. Army Corps of Engineers, and purchasing of the required land mitigations. Final design is complete and the FTA awarded the Small Starts Grant Agreement funds. ROW acquisition activities for the station and layover facility at south Perris have been completed. Following the settlement of a lawsuit challenging elements of the California Environmental Quality Act document in July 2013, the construction contract was given full notice to proceed in October 2013 following FTA approval of the Small Starts Grant Agreement. Active construction commenced in January 2014; construction delays have occurred due to various factors. The new expected completion date is July 2016. 12 This list discusses the significant capital projects (i.e., total budgeted costs in excess of $5 million) and related status. Capital project expenditures are generally affected by lags in invoices submitted by contractors and consultants, as well as issues encountered during certain phases of the projects. The capital projects budgets tend to be based on aggressive project schedules. 13 Revenues Sales tax Federal reimbursements State reimbursements Local reimbursements Transportation Uniform Mitigation Fee Other revenues Investment income Total revenues RIVERSIDE COUNTY TRANPORTATION COMMISSION QUARTERLY BUDGET TO ACTUAL 3RD QUARTER FOR NINE MONTHS ENDED 3/31/2016 ATTACHMENT 2 FY 2015/16 3RD QUARTER REMAINING PERCENT BUDGET ACTUAL BALANCE UTILIZATION $ 266,372,400 $ 147,312,713 $ (119,059,687) 50,595,800 4,177,872 (46,417,928) 55,721,600 28,979,590 (26,742,010) 4,636,300 1,639,986 (2,996,314) 18,053,800 10,715,018 (7,338,782) 235,000 4,858,603 4,623,603 2,456,300 4,537,525 2,081,225 398,071,200 55% 8% 52% 35% 59% 2067% 185% 202,221,307 (195,849,893) 51% Expenditures Salaries and benefits 9,514,800 6,271,423 3,243,377 66% Professional and support Professional services 17,023,100 7,688,597 9,334,503 45% Support costs 7,586,000 2,953,937 4,632,063 39% Total Professional and support costs 24,609,100 10,642,534 13,966,566 43% Projects and operations Program operations - general 21,754,800 9,238,589 12,516,211 42% Engineering 20,260,900 2,357,335 17,903,565 12% Construction 159,901,400 53,184,844 106,716,556 33% Design Build 284,681,200 164,530,851 120,150,349 58% Right of way/land 105,090,400 29,507,191 75,583,209 28% Operating and capital disbursements 149,700,800 78,213,364 71,487,436 52% Special studies 1,844,000 471,279 1,372,721 26% Local streets and roads 50,679,000 28,088,755 22,590,245 55% Regional arterials 30,600,000 7,657,341 22,942,659 25% Total projects and operations 824,512,500 373,249,549 451,262,951 45% Debt service Principal 7,800,000 - 7,800,000 N/A Interest 46,119,900 23,990,327 22,129,573 52% Total debt service 53,919,900 23,990,327 29,929,573 44% Capital outlay 3,601,500 530,692 3,070,808 15% Total Expenditures 916,157,800 414,684,525 501,473,275 45% Excess revenues over(under)expenditures (518,086,600) (212,463,218) 519,376,840 41% Other financing sources/(uses) Operating transfer in 136,735,500 69,745,536 (66,989,964) 51 % Operating transfer out (136,735,500) (69,745,536) 66,989,964 51 % TIFIA loan proceeds 261,277,900 159,465,855 (101,812,045) 61% Debt proceeds - 20,000,000 20,000,000 N/A Total financing sources/(uses) 261,277,900 179,465,855 81,812,045 69% Net change in fund balances (256,808,700) (32,997,363) 601,188,885 13% Fund balance July 1, 2015 831,809,600 803,802,444 (28,007,156) 97% Fund balance March 31, 2016 $ 575,000,900 $ 770,805,081 $ 573,181,729 134% 14 RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET TO ACTUAL BY FUND 3RD QUARTER FOR NINE MONTHS ENDED 3/31/2016 GENERAL FUND SPECIAL REVENUE FUNDS CAPITAL PROJECTS FUNDS MEASURE A SALES TAX TRANSPORTATION DEVELOPMENT ACT FSP/ WESTERN COACHELLA PALO VERDE LOCAL TRANSPORTATION STATE TRANSIT SAFE COUNTY VALLEY VALLEY FUND ASSISTANCE TRANSPORTATION UNIFORM MITIGATION FEE (TUMF) COACHELLA VALLEY RAIL AGENCY FUND COMMERCIAL SALES TAX TOLL REVENUE PAPER BONDS BONDS DEBT SERVICE COMBINED TOTAL Revenues Sales tax $ 2,100,000 $ - $ 71,149,104 $ 21,028,677 $ 629,405 $ 47,415,756 $ 4,989,771 $ $ $ $ - $ $ $ - $ 147,312,713 Federal reimbursements 2,788,208 - - 1,389,664 4,177,872 State reimbursements 92,748 1,913,889 26,972,953 - 28,979,590 Local reimbursements 129,798 535,442 983,457 (8,711) 1,639,986 Transportation Uniform Mitigation Fee - 5,328 10,709,690 - 10,715,018 Other revenues 453,038 412 4,398,153 7,000 - 4,858,603 Investment income 10,662 7,549 335,812 57,197 92,003 108,964 110,516 4,482 527 1,238,124 916,797 142,651 1,512,241 4,537,525 Total revenues 2,786,246 2,457,292 106,633,015 21,085,874 629,405 47,507,759 5,098,735 10,827,206 4,482 (8,184) 1,238,124 916,797 142,651 2,901,905 202,221,307 Expenditures Salaries and benefits 3,821,437 57,669 2,176,825 3,477 149,695 30,562 31,758 6,271,423 Professional and support Professional services 1,120,952 248,694 5,762,350 618 731 92,210 462,137 905 7,688,597 Support costs 2,382,528 157,808 411,938 73 - 645 86 859 2,953,937 Total Professional and support costs 3,503,480 406,502 6,174,288 691 731 92,855 462,223 1,764 10,642,534 Proiects and operations Program operations -general 1,143,735 2,148,779 5,716,580 9,038 216,529 3,928 9,238,589 Engineering 817,803 1,539,532 - 2,357,335 Construction 53,598,774 (413,930) 53,184,844 Design Build 164,530,851 164,530,851 Right of way/land 26,138,279 3,368,912 29,507,191 Operating and capital disbursements 8,708,648 6,861,109 4,723,501 56,313,085 1,607,021 78,213,364 Special studies 425,141 46,138 - - - 471,279 Local streets and roads 20,099,313 7,360,037 629,405 28,088,755 Regional arterials - 7,657,341 7,657,341 Total proiects and operations 10,277,524 2,148,779 277,808,847 19,749,917 629,405 56,313,085 1,607,021 4,711,043 3,928 373,249,549 Debt service Principal Interest Total debt service Capital outlay Total Expenditures Excess revenues over (under) expenditures Other financing sources/(uses) Operating transfer in Operating transfer out TIFIA loan proceeds Debt proceeds Total financing sources/(uses) Net change in fund balances Fund balance July 1, 2015 Fund balance March 31, 2016 23,990,327 23,990,327 23,990,327 23,990,327 62,572 468,120 530,692 17,665,013 2,612,950 286,628,080 19,754,085 629,405 56,313,085 1,607,752 4,953,593 492,785 37,450 23,990,327 414,684,525 (14,878,767) 18,570,471 (155,658) (179,995,065) 1,331,789 571,200 (571,200) 35,420,728 (15,914,503) 159,465,855 (8,805,326) 3,490,983 5,873,613 (488,303) (45,634) 1,238,124 916,797 142,651 (21,088,422) (212,463,218) (18,570,470) (189,439) 189,439 - - 14,993,698 69,745,536 (28,383,582) (4,726,678) (1,389,664) (69,745,536) - 159,465,855 20,000,000 - 20,000,000 18,570,471 178,972,080 (18,570,470) (189,439) 189,439 20,000,000 (28,383,582) (4,726,678) 13,604,034 179,465,855 3,691,704 (155,658) (1,022,985) 1,331,789 - (27,375,796) 3,301,544 5,873,613 (298,864) (45,634) 21,238,124 (27,466,785) (4,584,027) (7,484,388) (32,997,363) 10,182,797 7,988,086 248,871,517 35,713,138 556 112,103,274 60,580,753 61,486,038 4,054,106 500,041 26,830,382 87,921,226 41,370,827 106,199,703 803,802,444 $ 13 874 501 $ 7.832.428 $ 247.848.532 $ 37.044.927 $ 556 $ 84.727.478 $ 63.882.297 $ 67.359.651 $ 3.755.242 $ 454 407 $ 48.068.506 $ 60.454.441 $ 36.786.800 $ 98 715 315 $ 770,805,081 15 AGENDA ITEM 7C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 23, 2016 TO: Budget and Implementation Committee FROM: Megan Kavand, Accountant Michele Cisneros, Deputy Director of Finance 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 March 31, 2016; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: For many years and as a result of a low interest rate environment, the Commission's quarterly investment reports reflected investments primarily concentrated in the Riverside County Pooled Investment Fund (RCPIF). Other investments included the state Local Agency Investment Fund and mutual funds. In connection with the issuance of sales tax revenue bonds and toll revenue bonds and the execution of Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the State Route 91 Corridor Improvement Project (SR-91 CIP), the Commission anticipated the need to engage an investment manager for the bond proceeds and other required funds. Additionally, the Commission desired to engage an investment manager to provide investment advisory and management services related to the Commission's operating funds. Accordingly, at its May 2013 meeting, the Commission awarded two investment management services agreements to Logan Circle Partners, L.P. (Logan) for SR-91 CIP funds and to Payden & Rygel Investment Management (Payden & Rygel) for Commission operating funds. Logan invested the SR-91 CIP debt proceeds during the first quarter of FY 2013/14 in the Short -Term Actively Managed Program (STAMP). Payden & Rygel was authorized to make specific investments for the Commission's operating funds beginning with the third quarter of FY 2014/15. In June 2015 the Commission funded its FY 2014/15 SR-91 CIP equity contribution of approximately $35 million; the funds were invested by Logan in a separate STAMP account. Agenda Item 7C 16 The quarterly investment report for the third quarter of FY 2015/16 as required by state law and Commission policy reflects the increased investment activities resulting from the SR-91 CIP and available operating cash. The quarterly investment report includes the following information: • Investment Portfolio Report; • STAMP Portfolio by Investment Category; • STAMP Portfolio by Account; • STAMP Portfolio Transaction Report by Account; • STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of investments by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Project Sales Tax Revenue Fund Summary of investments by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of investments by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Project Capitalized Interest Fund Summary of investments by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of investment by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Sales Tax Equity Fund Summary of investment by credit rating, industry group, asset class, security type and market sector; • Logan Circle Partners, L.P. Short Duration First Quarter 2016 Review; • Payden & Rygel Operating Portfolio by Investment Category; • Payden & Rygel Operating Portfolio Transaction Report; • Payden & Rygel Operating Portfolio First Quarter 2016 Review; and • County of Riverside Investment Report for the Quarter Ended March 31, 2016. The Commission's investments were in full compliance with the Commission's investment policy adopted on September 10, 2014, and investments securities permitted under the Indenture for the Commission's Sales Tax Revenue Bonds and the Master Indenture for the Commission's Toll Revenue Bonds. Additionally, the Commission has adequate cash flows for the next six months. Attachments: 1) Investment Portfolio Report 2) STAMP Portfolio by Investment Category 3) STAMP Portfolio by Account 4) STAMP Portfolio Transaction Report by Account 5) STAMP Portfolio Summary of Investments 6) STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of Investments 7) STAMP Portfolio Toll Revenue Project Sales Tax Revenue Fund Summary of Investments Agenda Item 7C 17 8) STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of Investments 9) STAMP Portfolio Toll Revenue Project Capitalized Interest Fund Summary of Investments 10) STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of Investments 11) STAMP Portfolio Sales Tax Equity Fund Summary of Investments 12) Payden & Rygel Operating Portfolio by Investment Category 13) Payden & Rygel Operating Portfolio Transaction Report 14) Logan Circle Partners, L.P. Short Duration Quarterly Review 15) Payden & Rygel Operating Portfolio Quarterly Review 16) County of Riverside Investment Report Agenda Item 7C 18 ATTACHMENT 1 Riverside County Transportation Commission Investment Portfolio Report Period Ended: March 31, 2016 RATING COUPON PAR PURCHASE MATURITY YIELD TO PURCHASE MARKET UNREALIZED FAIR VALUE MOODYS/FITCH/S&P RATE VALUE DATE DATE MATURITY COST VALUE GAIN (LOSS) OPERATING FUNDS City National Bank Deposits 30,521,410 A3/BBB+ N/A N/A County Treasurer's Pooled Investment Fund 356,195,445 Aaa-bf/AAAN1 N/A 0.65% Local Agency Investment Fund (LAIF) 3,644,994 Not Rated N/A N/A Subtotal Operating Funds 390,361,849 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund Subtotal Funds Held in Trusl COMMISSION MANAGED PORTFOLIO US Bank Payden & Rygel Operating First American Government Obligation Fund Subtotal Commission Managed Portfolio STAMP PORTFOLIO for 91 CIP Toll Revenue Project Senior Lien Fund Toll Revenue Project Sales Tax Revenue Fund Series A & Series B Reserve Fund Toll Revenue Project Capitalized Interest Fund Sales Tax Revenue Capitalized Interest Fund Sales Tax Revenue Equity Fund Subtotal STAMP Portfolio TOTAL All Cash and Investment: 84,790,241 Aaa-bf/AAAN1 N/A 84,790,241 50,456,914 30,231,753 Aaa-mf/-/AAAm N/A 80,688,666 36,810,269 21,892,229 19,255,322 15,145,363 48,399,297 33,151,491 174,653,971 $ 730,494,727 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 53.54% - 8.02% 8.68% - 4.53 % 2.63 % 11.02% 11.58% Nature of Investments ■ STAMP Portfolio for 91 CIP Reserve ■ STAMP Portfolio for 91 CIP Project Fund ■ STAMP Portfolio for 91 CIP Capitalized Interest ■ STAMP Portfolio for 91 CIP Equity ■ Commission Managed Portfolio ■ Trust Funds ■ Operating Funds 0.65 See attached report for details N/A See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details 1.18% Money Market Funds 29.56% Fixed Income 0.50% IAIF 0.02%Cash 4.13% Mutual Funds 64.61%County Pool/Cash 19 ATTACHMENT 2 Riverside Coony ironsporfmion Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2016 Final .1 256350005 LC -Project Fund-Toll2 3130A6U88 Agency Federal Home Loan Banks Office of Finance 12/22/2017 01/28/2016 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 Agency 256350005 LC -Project Fund-Toll2 3I33EECD0 Agency Federal National Mortgage Association Fannie Mae 06/22/2020 05/06/2015 Federal Farm Credit Banks Consolidated Systemwide E 06/20/2017 06/15/2015 256350023 LC -Sr Lien Reserve Fund-1 3137EADR7 Agency Federal Home Loan Mortgage Corp 256350023 LC -Sr Lien Reserve Fund-1 3I37EACA5 Agency Federal Home Loan Mortgage Corp 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corp 205091001 LC-2013 A Capitalized Interest 3137EADQ9 Agency 205091001 LC-2013 A Capitalized Interest 31392HWL3 Agency CMG 05/01/2020 05/15/2015 03/27/2019 07/05/2013 O1/13/2022 150,000.00 600,000.00 500,000.00 Base Net Total Next Call Base Market Unrealized 150,487.50 06/22/2016 593,490.00 --- 500,308.15 475,000.00 471,527.75 800,000.00 875,900.00 750,000.00 737,385.50 Federal Home Loan Mortgage Corp 05/13/2016 02/29/2016 1,400,000.00 1,400,347.20 Federal National Mortgage Association Fannie Mae 02/25/2018 07/12/2013 24,074.11 25,413.23 256350023 LC -Sr Lien Reserve Fund-1 3137AEV77 Agency CMG Federal Home Loan Mortgage Corp 256350023 LC -Sr Lien Reserve Fund-1 3137AJMF8 Agency CMG Federal Home Loan Mortgage Corp 05/25/2018 07/03/2013 10/25/2021 08/05/2015 251,000.00 258,314.30 30,000.00 31,038.28 205091001 LC-2013 A Capitalized Interest 31392F6C6 Agency CMG Federal National Mortgage Association Fannie Mae 12/25/2017 07/09/2013 149,683.04 158,780.96 256350023 LC -Sr Lien Reserve Fund-1 383777Z89 Agency CMG The Government National Mortgage Association Guar: 10/20/2039 07/05/2013 130,966.95 134,972.69 205091001 LC-2013 A Capitalized Interest 3I393EXC8 Agency CMG 256350022 LC -Sr Lien Ob Fund -]Interest 31393EXC8 Agency CMG Federal National Mortgage Association Fannie Mae 09/25/2018 07/24/2013 217,425.95 229,860.00 Federal National Mortgage Association Fannie Mae 09/25/2018 07/24/2013 24,158.44 25,540.00 256350023 LC -Sr Lien Reserve Fund-1 313927783 Agency CMG Federal National Mortgage Association Fannie Mae 03/25/2018 07/08/2013 17,821.03 18,801.19 150,304.50 606,624.00 499,500.00 478,728.75 20.99 1.450 0.545 12,032.51 1.500 1.231 (686.57) 0.462 0.546 Summarized AAA AAA AAA 6,608.57 1.375 1.177 AAA 865,648.00 24,938.47 3.750 0.958 AAA 786,285.00 42,812.08 2.375 1.498 AAA 1,400,238.00 24,663.93 257,008.94 31,839.30 152,874.28 136,478.04 224,820.61 24,980.07 18,263.53 38.24 0.500 0.354 AAA 80.41 5.000 1.272 AAA 3,053.29 2.699 1.100 AAA 912.50 2.968 1.598 AAA (37.81) 5.000 1.067 AAA 2,090.90 3.500 1.484 AAA 2,062.23 4.500 1.099 AAA 229.14 4.500 1.099 AAA 75.13 5.000 1.088 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 Agency CMG The Government National Mortgage Association Guar: 10/16/2044 01/23/2015 339,935.62 348,932.11 345,269.21 (3,019.13) 3.500 2.133 AAA 256350005 LC -Project Fund -Toll 2 3I37A2AZ4 Agency CMG Federal Home Loan Mortgage Corp 256350023 LC -Sr Lien Reserve Fund-1 3137AUPE3 Agency CMG Federal Home Loan Mortgage Corp 205091001 LC-2013 A Capitalized Interest 3I392BVM5 Agency CMG 05/25/2020 07/01/2015 06/25/2022 07/03/2013 369,519.74 380,663.07 377,375.73 (220.94) 2.757 1.265 AAA 235,000.00 220,358.40 242,609.30 18,286.45 2.396 1.856 AAA Federal National Mortgage Association Fannie Mae 02/25/2017 07/11/2013 16,556.74 17,477.71 256350005 LC -Project Fund-Toll2 38378BR35 Agency CMG Government National Mortgage Association 11/16/2042 07/10/2015 340,506.32 332,844.93 256350023 LC -Sr Lien Reserve Fund-1 38378CRT6 Agency CMG The Government National Mortgage Association Guan 10/20/2040 05/22/2014 108,783.31 105,043.88 256350023 LC -Sr Lien Reserve Fund-1 3137A7E22 Agency CMG Federal Home Loan Mortgage Corp 256350023 LC -Sr Lien Reserve Fund-1 3I37B03 W2 Agency CMG Federal Home Loan Mortgage Corp 04/15/2028 07/08/2013 08/25/2017 07/31/2013 171,018.58 177,057.67 36,581.30 36,552.72 256350023 LC -Sr Lien Reserve Fund-1 38376T5Z1 Agency CMG The Government National Mortgage Association Guan O1/16/2039 01/26/2015 148,610.88 155,261.22 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 Agency CMG The Government National Mortgage Association Guan 06/16/2039 01/21/2015 55,102.04 58,397.64 256350005 LC -Project Fund -Toll 2 3136A8G38 Agency CMG Federal National Mortgage Association Fannie Mae 08/25/2017 07/02/2015 132,328.75 132,923.20 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 3137A85H7 Agency CMG Federal Home Loan Mortgage Corp 3137A1 LC5 Agency CMG Federal Home Loan Mortgage Corp 256350022 LC -Sr Lien Ob Fund-1 Interest 3I36A4M89 Agency CMG 12/15/2039 07/13/2015 08/15/2020 08/31/2015 Federal National Mortgage Association Fannie Mae O1/25/2019 07/05/2013 256350023 LC -Sr Lien Reserve Fund-1 38378BX20 Agency CMG Government National Mortgage Association 256350023 LC -Sr Lien Reserve Fund-1 38378B7E3 Agency CMG Government National Mortgage Association 06/16/2051 03/17/2015 05/16/2046 05/22/2015 147,929.61 154,216.62 90,931.43 165,902.45 65,670.71 227,121.73 92,380.65 166,958.78 64,210.01 218,303.02 16,696.81 (29.97) 5.500 0.810 AAA 333,737.06 108,344.91 175,613.85 36,690.68 154,969.94 57,674.75 132,229.50 154,919.29 91,949.86 168,102.32 63,919.27 219,967.39 919.27 1.333 2.173 AAA 3,028.14 2.000 1.877 AAA 2,791.48 3.500 1.100 AAA 145.22 1.426 1.522 AAA 256.72 3.000 1.648 AAA (656.38) 4.500 1.505 AAA (430.31) 1.246 1.380 AAA 525.81 3.500 1.653 AAA (211.95) 2.000 1.060 1,760.30 1.934 1.432 (219.77) 1.240 2.427 1,549.98 1.744 2.324 AAA AAA AAA AAA 256350005 LC -Project Fund-Toll2 3133XY2H7 Agency CMG Federal Home Loan Banks Office of Finance 04/20/2017 07/13/2015 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 Agency CMG The Government National Mortgage Association Guan 04/20/2039 256350023 LC -Sr Lien Reserve Fund-1 3136A7M78 Agency CMG Federal National Mortgage Association Fannie Mae 12/25/2019 08/20/2013 256350023 LC -Sr Lien Reserve Fund-1 3I37ASNH3 Agency CMG Federal Home Loan Mortgage Corp 09/25/2021 07/03/2013 267,477.02 171,681.52 127,715.19 274,749.05 176,523.47 125,819.42 328,357.39 320,879.56 256350023 LC -Sr Lien Reserve Fund-1 3136A72D3 Agency CMG Federal National Mortgage Association Fannie Mae 04/25/2022 07/03/2013 395,000.00 375,250.00 256350022 LC -Sr Lien Ob Fund-1 Interest 3I37ASNH3 Agency CMG Federal Home Loan Mortgage Corp 09/25/2021 08/15/2013 328,357.39 319,738.00 205091001 LC-2013 A Capitalized Interest 31392FPP6 Agency CMG Federal National Mortgage Association Fannie Mae 11/25/2017 07/15/2013 92,555.12 98,021.66 205091001 LC-2013 A Capitalized Interest 3136A8G38 Agency CMG 256350022 LC -Sr Lien Ob Fund-1 Interest 3136A8G38 Agency CMG Federal National Mortgage Association Fannie Mae 08/25/2017 07/08/2013 1,934,520.25 1,905,955.85 Federal National Mortgage Association Fannie Mae 08/25/2017 07/08/2013 586,027.31 577,374.25 256350023 LC -Sr Lien Reserve Fund-1 38379C2M7 Agency CMG The Government National Mortgage Association Guan 09/20/2041 07/11/2014 45,480.53 47,558.26 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 31394GH22 Agency CMG Federal Home Loan Mortgage Corp 3I37ANLP8 Agency CMG Federal Home Loan Mortgage Corp 07/15/2018 07/20/2015 11/25/2016 103,699.93 107,491.47 157,270.11 158,556.71 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 Agency CMG Government National Mortgage Association 12/16/2042 450,000.00 427,324.22 256350023 LC -Sr Lien Reserve Fund-1 3I37AQT24 Agency CMG Federal Home Loan Mortgage Corp O1/25/2019 10/21/2013 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 Agency CMG The Government National Mortgage Association Guar: 10/20/2039 01/21/2015 170,000.00 171,195.31 127,543.32 133,906.32 256350023 LC -Sr Lien Reserve Fund-1 38378TAF7 Agency CMG The Government National Mortgage Association Guan 07/20/2041 07/05/2013 220,241.07 220,274.27 256350022 LC -Sr Lien Ob Fund-1 Interest 31393 V2T7 Agency CMG Federal Home Loan Mortgage Corp 205091001 LC-2013 A Capitalized Interest 31393 V2T7 Agency CMG Federal Home Loan Mortgage Corp 256350005 LC -Project Fund -Toll 2 3137AH6B9 Agency CMG Federal Home Loan Mortgage Corp 06/15/2018 07/08/2013 06/15/2018 07/08/2013 10/25/2020 08/28/2015 123,990.76 131,139.61 408,232.96 431,770.14 155,602.66 159,006.46 256350023 LC -Sr Lien Reserve Fund-1 38377DPX8 Agency CMG The Government National Mortgage Association Guan 11/20/2036 12/31/2013 15,682.05 16,439.85 256350023 LC -Sr Lien Reserve Fund-1 31395EZP5 Agency CMG Federal Home Loan Mortgage Corp O8/15/2019 07/09/2013 73,606.42 77,873.29 256350023 LC -Sr Lien Reserve Fund-1 3I394DVM9 Agency CMG Federal National Mortgage Association Fannie Mae 02/25/2034 06/19/2014 141,801.63 149,933.06 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 Agency MBS The Government National Mortgage Association Guar: 02/16/2037 12/11/2014 256350005 LC -Project Fund -Toll 2 36225FGM5 Agency MBS Ginnie Mae II O8/20/2041 08/06/2015 193,980.53 193,040.94 108,989.66 112,804.30 272,056.22 179,034.64 128,392.08 328,761.26 (263.84) 2.900 1.299 3,310.40 3.000 1.443 1,595.41 1.520 1.204 AA AAA AAA 5,431.45 1.459 1.292 AAA 407,466.20 26,787.41 2.482 1.927 AAA 328,761.26 94,408.07 6,292.47 1.459 1.292 AAA (117.29) 5.000 1.037 AAA 1,933,069.36 10,093.71 1.246 1.380 AAA 585,587.79 46,972.29 106,467.68 157,392.79 436,162.50 173,519.00 135,232.91 227,570.69 127,834.48 420,888.17 158,174.77 15,757.64 76,089.90 148,016.79 192,515.98 113,009.20 3,057.70 1.246 1.380 AAA (733.26) 1.854 1.187 AAA 302.68 4.500 1.206 AAA (275.25) 1.655 1.I17 AAA 8,296.42 2.273 3.139 AAA 2,994.21 2.I30 1.350 AAA 1,005.88 4.000 1.555 AAA 7,439.93 2.500 1.926 AAA 890.65 4.500 1.021 AAA 2,932.41 4.500 1.021 AAA (266.76) 2.257 1.083 AAA (98.85) 2.500 0.871 AAA 334.29 4.500 1.339 AAA (43.24) 5.000 1.280 AAA (565.71) 1.705 2.144 AAA 294.17 1.875 1.060 AAA 256350023 LC -Sr Lien Reserve Fund-1 31413XVG5 Agency MBS Federal National Mortgage Association Fannie Mae 06/01/2019 08/04/2014 200,000.00 218,500.00 208,376.00 (3,911.41) 4.506 2.446 AAA 256350023 LC -Sr Lien Reserve Fund-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 192,197.24 187,287.20 256350023 LC -Sr Lien Reserve Fund-1 3136A4M48 Agency MBS Federal National Mortgage Association Fannie Mae O1/25/2022 07/05/2013 341,777.03 342,738.28 256350005 LC -Project Fund -Toll 2 38378NNA7 Agency MBS The Government National Mortgage Association Guan 05/16/2038 06/26/2015 580,625.68 584,594.80 192,076.16 347,696.61 585,607.44 4,608.99 2.099 2.635 AAA 5,502.42 2.098 1.538 AAA 1,167.83 2.250 2.018 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381PEB0 Agency MBS Federal National Mortgage Association Fannie Mae 11/O1/2020 09/26/2014 263,547.18 277,506.95 283,642.66 10,451.70 3.370 1.851 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I37A77U5 Agency MBS Federal Home Loan Mortgage Corp 11/25/2017 07/03/2013 325,000.00 351,203.13 336,807.25 2,801.76 3.882 1.507 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KRS0 Agency MBS The Government National Mortgage Association Guar: 07/16/2043 05/08/2015 450,000.00 434,460.94 447,552.00 12,685.46 2.389 2.650 AAA 256350005 LC -Project Fund -Toll 2 3I36AEYG6 Agency MBS Federal National Mortgage Association Fannie Mae 06/25/2018 07/02/2015 222,148.47 224,925.33 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guar: 11/16/2041 05/22/2015 256350005 LC -Project Fund-Toll2 36225FLU1 Agency MBS Ginnie Mae II 02/20/2042 08/06/2015 66,141.98 64,483.27 229,806.72 237,634.51 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guar: 05/16/2055 05/14/2015 457,866.02 463,517.80 256350005 LC -Project Fund -Toll 2 36225FLA5 Agency MBS Ginnie Mae II 224,116.71 (92.59) 1.825 1.225 AAA 64,344.91 (186.77) 1.400 2.385 AAA 236,870.98 467,929.91 (573.52) 1.750 1.050 AAA 4,582.56 2.500 2.022 AAA O1/20/2042 08/06/2015 0.01 0.01 0.01 0.00 1.750 1.050 AAA 256350005 LC -Project Fund -Toll 2 3138EKUP8 Agency MBS Federal National Mortgage Association Fannie Mae 03/01/2025 09/21/2015 222,484.78 234,460.72 231,230.66 (2,469.52) 5.000 1.860 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I404WTT3 Agency MBS Federal National Mortgage Association Fannie Mae 05/01/2019 12/31/2013 62,807.48 70,014.16 65,162.76 (1,676.10) 4.500 1.228 AAA 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association Fannie Mae O1/O1/2030 07/10/2013 131,783.22 139,031.30 143,297.12 4,253.25 4.500 1.926 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I385XBG1 Agency MBS Federal National Mortgage Association Fannie Mae 03/O1/2018 09/13/2013 9,587.59 10,210.79 20 9,775.60 (30.89) 6.000 1.556 AAA Page 2 of 32 Ringside County iron sportnlion Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2016 Source Account Account Security Type Identifier Cateoory Issuer Base Net Total Final Next Call Base Market Unrealized Summarized Maturitv Trade Date Current Face Value Orioinal Cost Date Value Gain/Loss Coupon Yield Credit Ratinc 256350023 256350022 205091001 256350005 256350022 256350023 256350023 256350005 256350023 256350023 205091001 256350023 205091001 205091001 205091001 205091001 205091001 205091001 205091001 205091001 256350023 205091001 205091001 205091001 256350023 256350005 256350005 256350005 256350005 256350005 256350005 256350005 LC -Sr Lien Reserve Fund-1 LC -Sr Lien Ob Fund -I Interest LC-2013 A Capitalized Interest LC -Project Fund -Toll 2 LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Reserve Fund-1 LC -Sr Lien Reserve Fund-1 LC -Project Fund -Toll 2 LC -Sr Lien Reserve Fund-1 LC -Sr Lien Reserve Fund -I LC-2013 A Capitalized Interest LC -Sr Lien Reserve Fund -I LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC -Sr Lien Reserve Fund-1 LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC-2013 A Capitalized Interest LC -Sr Lien Reserve Fund -I LC -Project Fund-Toll2 LC -Project Fund -Toll 2 LC -Project Fund-Toll2 LC -Project Fund -Toll 2 LC -Project Fund-Toll2 LC -Project Fund -Toll 2 LC -Project Fund -Toll 2 31416YXJ2 31402RBG3 31402RBG3 3138LITX7 31385JLF3 38378KSL4 3137B6ZL8 36225EUY6 31418AFW3 3138L33G8 31410GSQ7 38378B6A2 31294LPZ0 36200AFG9 3128MBTH0 36290WH47 3128H4NR6 31402QT68 3128PGLY7 3128GNR59 3128MMAK9 31401MWCI 3128PHVS7 3132FEAK7 3I36AEYG6 47787UAD5 16157IFK5 58768WADI 02582JGG9 58769AAD8 90290KAD7 16157IGJ7 Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Agency MBS Asset Backed Asset Backed Asset Backed Asset Backed Asset Backed Asset Backed Asset Backed Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae The Government National Mortgage Association Guar Federal Home Loan Mortgage Corp Ginnie Mae B Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Government National Mortgage Association Federal Home Loan Mortgage Corp Government National Mortgage Association Federal Home Loan Mortgage Corp Government National Mortgage Association Federal Home Loan Mortgage Corp Federal National Mortgage Association Fannie Mae Federal Home Loan Mortgage Corp Federal Home Loan Mortgage Corp Federal Home Loan Mortgage Corp Federal National Mortgage Association Fannie Mae Federal Home Loan Mortgage Corp Federal Home Loan Mortgage Corp Federal National Mortgage Association Fannie Mae John Deere Owner Trust 2015 Chase Issuance Trust Mercedes-Benz Auto Receivables Trust 2013-1 American Express Credit Account Master Trust Mercedes-Benz Auto Lease Trust 2015-B USAA Auto Owner Trust 2014-1 Chase Issuance Trust 08/01 /2026 09/01/2019 09/01/2019 11/01/2017 08/01/2017 12/16/2046 12/25/2019 09/20/2039 06/01/2022 06/01/2020 12/01/2017 11/16/2052 12/01/2016 11/15/2017 03/01/2019 09/15/2018 05/01/2018 10/01/2019 05/01/2017 10/01/2016 09/01/2019 06/01/2018 11/01/2019 12/01/2017 06/25/2018 06/17/2019 08/16/2021 11/15/2019 05/17/2021 07/16/2018 05/15/2019 01/15/2019 07/03/2013 06/18/2015 09/18/2013 01/07/2014 09/17/2015 07/10/2013 11/12/2015 07/05/2013 01/22/2015 07/05/2013 07/09/2013 07/26/2013 07/18/2013 07/16/2013 07/11/2013 07/17/2013 07/05/2013 07/08/2013 07/12/2013 07/16/2013 07/03/2013 11/20/2013 03/23/2016 12/10/2015 06/16/2015 02/26/2016 10/21/2015 06/12/2015 56,999.33 59,680.07 43,303.30 46,449.19 148,091.03 308,173.35 79,153.75 425,000.00 34,206.23 120,848.65 192,057.78 100,000.00 70,288.68 135,221.54 46,086.02 20,068.25 74,316.61 629,668.83 54,873.27 162,836.50 91,846.24 41,850.87 114,971.28 511,385.83 42,360.38 91,579.32 142,510.34 95,000.00 150,000.00 350,000.00 300,000.00 255,000.00 445,000.00 300,000.00 158,834.20 309,569.77 84,496.63 415,829.11 34,889.97 124,285.30 198,359.67 99,875.00 75,472.47 130,958.89 48,721.56 21,385.22 78,775.60 669,023.13 58,131.37 175,914.31 96,782.97 44,335.77 122,228.85 545,265.14 44,637.25 97,045.47 143,634.84 94,951.76 148,359.38 351,066.41 300,468.75 254,990.34 443,991.80 300,414.06 60,401.05 44,648.73 152,692.22 308,167.19 80,687.75 427,953.75 34,665.28 128,435.53 200,836.74 101,838.00 71,777.39 133,202.68 46,427.06 20,417.24 76,737.84 647,035.10 56,661.04 169,695.17 94,838.59 42,168.10 120,732.49 528,967.27 43,740.48 94,562.97 143,772.98 95,077.90 150,694.50 350,367.50 300,480.00 255,119.85 444,795.30 300,513.00 1,324.40 (241.20) (819.63) (844.32) (39592) 11,991.94 79.46 4,227.50 4,236.61 1,963.54 (554.75) 2,322.94 (163.34) (238.00) 73.88 (4,384.91) 245.42 (879.32) 1,440.61 (159.68) 1,349.72 2,928.93 299.63 536.55 760.71 125.86 2,206.99 (281.17) 25.78 128.33 308.86 172.36 3.500 6.000 6.000 1.660 6.000 2.791 2.075 1.875 3.000 2.010 6.000 1.826 6.000 5.500 5.000 4.500 5.000 6.000 5.000 6.000 5.000 4.500 5.000 5.000 1.825 1.320 1.580 1.130 0.856 1.340 0.940 1.150 1.401 1.675 1.675 1.998 1.598 3.046 1.488 1.120 0.828 1.724 2.052 2.686 1.921 2.453 1.305 1.477 0.737 1.559 -1.795 1.847 0.956 0.527 0.158 -0.078 1.225 1.251 1.442 1.176 0.740 1.279 1.216 0.932 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA 256350005 LC -Project Fund -Toll 2 58772PAC2 Asset Backed Mercedes-Benz Auto Receivables Trust 2015-1 06/15/2018 08/04/2015 360,851.74 360,894.02 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 16157IGQ1 Asset Backed Chase Issuance Trust 60689LAC9 Asset Backed MMAF EQUIP FIN LLC 2013-A 17305EFN0 Asset Backed Citibank Credit Card Issuance Trust 11/15/2019 10/28/2015 12/11/2017 08/05/2015 02/22/2019 02/26/2016 256350001 LC -Project Fund-2 Senior Lien 55314MAD8 Asset Backed MMAF Equipment Finance LLC 2011-A 07/15/2017 11/04/2015 256350005 LC -Project Fund -Toll 2 553I5GAC2 Asset Backed MMAF EQUIP FIN LLC 2015-A 256350001 LC -Project Fund-2 Senior Lien 161571GM0 Asset Backed Chase Issuance Trust 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 10/16/2019 04/16/2018 11/04/2015 120,000.00 120,510.94 82,137.88 82,176.38 300,000.00 299,976.56 56,888.78 57,022.11 282,000.00 281,080.94 130,000.00 129,903.52 02582JGS3 Asset Backed American Express Credit Account Master Trust 01/15/2020 07/13/2015 500,000.00 500,859.38 55315CAB3 Asset Backed MMAF EQUIP FIN LLC 2014-A 17305EFP5 Asset Backed Citibank Credit Card Issuance Trust 256350005 LC -Project Fund -Toll 2 62888YAA0 CMO 04/10/2017 01/12/2016 05/09/2018 02/26/2016 NCUA Guaranteed Notes Trust 2011-R1 01/08/2020 07/14/2015 88,053.56 87,933.17 155,000.00 155,000.00 213,200.61 214,233.30 256350001 LC -Project Fund-2 Senior Lien 74432JD57 CP Prudential Financial, Inc. 04/05/2016 02/22/2016 1,900,000.00 1,898,524.86 256350001 LC -Project Fund-2 Senior Lien 0255E2DC1 CP American Electric Power Company, Inc. 256350022 LC -Sr Lien Ob Fund-1 Interest 0255E2DC1 CP 256350004 LC-PF-2 Sales Tax Revenue Bond 88513AE57 CP 256350001 LC -Project Fund-2 Senior Lien 88513AE57 CP 04/12/2016 03/15/2016 2,000,000.00 1,998,864.44 American Electric Power Company, Inc. 04/12/2016 03/15/2016 550,000.00 549,687.72 Thomson Reuters Corporation 05/05/2016 03/07/2016 1,100,000.00 1,098,405.00 Thomson Reuters Corporation 05/05/2016 03/07/2016 1,900,000.00 1,897,245.00 256350001 LC -Project Fund-2 Senior Lien 78355AD84 CP Ryder System, Inc. 04/08/2016 03/07/2016 2,000,000.00 1,998,702.22 256350005 LC -Project Fund -Toll 2 65339MD45 CP 256350001 LC -Project Fund-2 Senior Lien 77434LDB0 CP 256350005 LC -Project Fund -Toll 2 NextEra Energy Capital Holdings, Inc. 04/04/2016 03/24/2016 250,000.00 249,968.40 Rockwell Collins, Inc. 04/11/2016 03/08/2016 1,100,000.00 1,099,272.78 92780JD73 CP Virginia Electric and Power Company 04/07/2016 03/23/2016 400,000.00 399,897.33 256350001 LC -Project Fund-2 Senior Lien 57163TDN6 CP Marriott International, Inc. 04/22/2016 03/14/2016 2,000,000.00 1,998,418.34 360,884.21 120,391.20 82,019.60 300,081.00 56,997.43 280,798.68 130,011.70 501,265.00 87,993.68 155,012.40 213,087.61 1,899,886.00 1,999,680.00 549,912.00 1,099,417.00 1,898,993.00 1,999,800.00 249,990.00 1,099,846.00 399,968.00 1,999,400.00 (152.83) 0.706 0.810 AAA (16.55) 1.380 1.178 AAA (189.48) 1.030 1.189 AAA 102.51 1.020 0.986 AAA 30.03 2.100 1.349 AAA (531.36) 1.390 1.660 AAA 20.25 0.752 0.670 AAA 722.04 1.260 1.049 AAA 2.83 0.520 1.078 AAA 12.40 0.641 0.870 AAA (982.00) 0.874 0.930 AAA 23.22 0.000 0.541 AA 126.11 0.000 0.524 AA 34.68 0.000 0.524 AA 352.00 0.000 0.562 AA 608.00 0.000 0.562 AA 83.89 0.000 0.515 AA 3.54 0.000 0.481 AA 59.89 0.000 0.505 AA 12.00 0.000 0.481 AAA 251.66 0.000 0.515 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 07274LDJ3 CP Bayerische Landesbank 04/18/2016 03/21/2016 500,000.00 499,748.75 256350001 LC -Project Fund-2 Senior Lien 07274LDJ3 CP Bayerische Landesbank 04/18/2016 03/21/2016 1,700,000.00 1,699,145.75 256350001 LC -Project Fund-2 Senior Lien 20279VD83 CP Commonwealth Edison Company 04/08/2016 03/09/2016 2,000,000.00 1,998,666.66 256350001 LC -Project Fund-2 Senior Lien 58507ADL4 CP Medtronic Global Holdings S.C.A. 256350004 LC-PF-2 Sales Tax Revenue Bond 42824EDB8 CP 04/20/2016 03/14/2016 2,000,000.00 1,998,499.44 Hewlett Packard Enterprise Company 04/11/2016 03/03/2016 1,200,000.00 1,198,739.00 256350001 LC -Project Fund-2 Senior Lien 42824EDB8 CP Hewlett Packard Enterprise Company 04/11/2016 03/03/2016 2,000,000.00 1,997,898.34 256350001 LC -Project Fund-2 Senior Lien 83700ED47 CP 256350004 LC-PF-2 Sales Tax Revenue Bond 07787PD47 CP South Carolina Electric & Gas Company 04/04/2016 03/08/2016 1,500,000.00 1,499,156.25 The Bell Telephone Company of Canada Or Bell Cana, 04/04/2016 03/07/2016 1,200,000.00 1,199,352.00 256350001 LC -Project Fund-2 Senior Lien 80686DDK7 CP Schlumberger Holdings Corporation 04/19/2016 03/15/2016 2,000,000.00 1,998,488.88 256350001 LC -Project Fund-2 Senior Lien 25737LDL1 CP Dominion Gas Holdings, LLC 256350001 LC -Project Fund-2 Senior Lien 60920VDL3 CP Mondelez International, Inc. 256350001 LC -Project Fund-2 Senior Lien 07787PD54 CP 256350022 LC -Sr Lien Ob Fund -I Interest 65475LDM1 CP 04/20/2016 03/17/2016 2,000,000.00 1,998,677.78 04/20/2016 03/10/2016 2,000,000.00 1,998,400.00 The Bell Telephone Company of Canada Or Bell Cana, 04/05/2016 03/04/2016 2,000,000.00 1,998,720.00 Nissan Motor Acceptance Corporation 04/21/2016 03/08/2016 600,000.00 599,435.33 256350001 LC -Project Fund-2 Senior Lien 61979JD61 CP Motiva Enterprises LLC 04/06/2016 03/04/2016 1,900,000.00 1,897,561.67 256350004 LC-PF-2 Sales Tax Revenue Bond 61979JD61 CP Motiva Enterprises LLC 04/06/2016 03/04/2016 1,100,000.00 1,098,588.34 499,880.00 1,699,592.00 1,999,800.00 1,999,460.00 1,199,832.00 1,999,720.00 1,499,940.00 1,199,952.00 1,999,500.00 1,999,460.00 1,999,460.00 1,999,880.00 599,832.00 1,899,867.00 1,099,923.00 38.19 0.000 0.509 AAA 129.86 0.000 0.509 AAA 111.11 0.000 0.515 AA 230.56 0.000 0.512 AA 155.33 0.000 0.505 AA 258.89 0.000 0.505 AA 33.75 0.000 0.481 AA 24.00 0.000 0.481 AA 300.00 0.000 0.501 AAA 198.89 0.000 0.512 AAA 220.00 0.000 0.512 AA 40.00 0.000 0.541 AA 88.67 0.000 0.505 AA 236.44 0.000 0.505 AAA 136.89 0.000 0.505 AAA 256350001 LC -Project Fund-2 Senior Lien 92780JDJ7 CP Virginia Electric and Power Company 04/18/2016 03/03/2016 1,750,000.00 1,748,390.00 1,749,580.00 175.00 0.000 0.509 AAA 256350004 LC-PF-2 Sales Tax Revenue Bond 92780JDJ7 CP Virginia Electric and Power Company 04/18/2016 03/03/2016 1,200,000.00 1,198,896.00 1,199,712.00 120.00 0.000 0.509 AAA 256350001 LC -Project Fund-2 Senior Lien 65475LD17 CP Nissan Motor Acceptance Corporation 04/01/2016 02/29/2016 425,000.00 424,724.22 425,000.00 0.00 0.000 0.000 AA 21 Page 3 of 32 Riverside Coany Jronsporrmion Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2016 Source Account Account Identifier Security Type Catelo Issuer Final Next Call Base Market Maturity Trade Date Current Face Value Original Cost Date Value Base Net Total Unrealized Summarized Gain/Loss Coupon Yield Credit Rating 256350022 LC -Sr Lien Ob Fund-1 Interest 44331BDF7 256350004 LC-PF-2 Sales Tax Revenue Bond 05333TDB6 256350004 LC-PF-2 Sales Tax Revenue Bond 04635PD71 256350001 LC -Project Fund-2 Senior Lien 04635PD71 CP CP CP CP 205091001 LC-2013 A Capitalized Interest 037833AJ9 Corporate 256350005 LC -Project Fund -Toll 2 00138CAA6 Corporate 256350022 LC -Sr Lien Ob Fund -I Interest 38144LAB6 Corporate 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Tall 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 553794AA6 Corporate 89153UAE1 Corporate 718172AA7 Corporate 865622CB8 Corporate 084664CG4 Corporate 822582AZ5 Corporate 166754AK7 Corporate 22546QAM9 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 05565QCC0 Corporate 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 26442CAD6 Corporate 25I52RVQ3 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest I66764AE0 Corporate 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 89352HAP4 Corporate 828807CM7 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 89I145TN4 Corporate 205091001 LC-2013 A Capitalized Interest 084664BE0 Corporate 256350005 LC -Project Fund-Toll2 0553IFAP8 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 48121CYK6 Corporate 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 446438RR6 Corporate 9026IXHJ4 Corporate 74153WCE7 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 89236TAY1 Corporate 205091001 LC-2013 A Capitalized Interest 89236TAY1 256350005 LC -Project Fund-Toll2 59562VAT4 Corporate Corporate HP Inc. AutoZone, Inc. AstraZeneca PLC AstraZeneca PLC Apple Inc. 04/15/2016 03/24/2016 04/11/2016 03/07/2016 04/07/2016 02/26/2016 04/07/2016 02/26/2016 05/03/2018 06/17/2015 AIG GLOBAL FDG SR SECD MEDRJMTERM NTS 12/15/2017 06/22/2015 The Goldman Sachs Group, Inc. MUFG Americas Holdings Corporation Total Capital Canada Ltd. Philip Moms International Inc. Sumitomo Mitsui Trust Bank (U.S.A.) Limited Berkshire Hathaway Finance Corporation Shell International Finance B.V. 09/01/2017 07/03/2013 02/09/2018 01/15/2018 06/10/2015 05/16/2018 06/23/2015 01/18/2019 01/13/2016 03/15/2019 03/08/2016 11/15/2016 06/12/2015 CHEVRON PHILLIPS CHEM CO LLC / CHEVRON 05/01/2018 06/11/2015 Credit Suisse AG BP Capital Markets P.L.C. Duke Energy Carolinas, LLC Deutsche Bank Aktiengesellschaft 05/26/2017 01/08/2016 11/06/2017 07/03/2013 04/15/2018 06/11/2015 02/13/2017 01/25/2016 Chevron Corporation 06/24/2018 06/17/2015 TransCanada PipeLines Limited Simon Property Group, L.P. The Toronto -Dominion Bank Berkshire Hathaway Finance Corporation BB&T Corporation JPMorgan Chase Bank, National Association The Huntington National Bank UBS AG Pricoa Global Funding I Toyota Motor Credit Corporation Toyota Motor Credit Corporation Berkshire Hathaway Energy Company 01/12/2018 02/03/2016 02/01/2018 11/03/2015 03/13/2017 05/21/2015 05/15/2018 06/17/2015 06/15/2018 02/12/2016 10/01/2017 07/03/2013 11/06/2018 11/03/2015 03/26/2018 01/12/2016 08/18/2017 06/10/2015 10/24/2018 06/17/2015 10/24/2018 06/17/2015 04/01/2018 10/15/2015 800,000.00 1,200,000.00 1,200,000.00 2,000,000.00 3,000,000.00 300,000.00 300,000.00 350,000.00 300,000.00 250,000.00 250,000.00 120,000.00 300,000.00 300,000.00 255,000.00 300,000.00 116,000.00 15,000.00 300,000.00 150,000.00 140,000.00 1,000,000.00 800,000.00 120,000.00 300,000.00 250,000.00 250,000.00 300,000.00 500,000.00 2,000,000.00 150,000.00 799,656.00 1,199,206.67 1,199,113.33 1,998,522.22 2,960,430.00 300,696.00 322,515.00 799,840.00 1,199,832.00 348,334.50 01/09/2018 300,000.00 277,717.50 250,000.00 119,908.80 300,429.00 299,631.00 254,280.90 292,194.00 127,422.52 14,971.05 301,848.00 05/24/2018 146,716.50 139,552.00 11/01/2017 1,010,240.00 890,632.00 120,003.60 05/15/2018 341,424.00 249,705.00 10/06/2018 249,745.00 299,511.00 505,870.00 2,023,480.00 165,180.00 1,199,904.00 1,999,840.00 3,006,180.00 299,574.00 319,308.00 348,824.00 301,035.00 273,325.00 250,285.00 121,665.60 300,429.00 297,861.00 254,291.10 299,031.00 125,017.84 14,957.70 302,838.00 147,684.00 140,260.40 1,004,190.00 872,184.00 119,953.20 318,498.00 250,410.00 249,605.00 298,788.00 509,020.00 2,036,080.00 161,581.50 107.56 0.000 0.515 58.67 0.000 0.505 44.00 73.33 0.000 0.481 0.000 0.481 35,180.43 1.000 0.900 (909.04) 1.650 1.734 11,168.06 6.250 1.634 103.23 1.625 1.810 1,035.00 1.450 1.254 2,818.26 5.650 1.190 285.00 1.560 1.531 1,755.43 1.700 1.220 239.53 0.900 0.669 (1,870.71) 1.700 2.051 (103.65) 1.125 1.375 1,988.97 1.375 1.580 741.78 5.100 1.227 (18.20) 1.228 1.581 1,472.78 1.718 1.270 724.62 1.411 2.296 628.30 1.500 1.381 (1,244.56) 1.500 1.055 5,481.58 5.400 1.087 (50.21) 1.494 1.512 3,288.49 6.000 1.815 665.43 2.200 2.133 (164.51) 1.330 1.409 (900.69) 1.350 1.647 4,482.93 2.000 1.282 17,931.73 2.000 1.282 (867.54) 5.750 1.802 AA AA AA AA AA A A A AA A A AA AA A A A AA BBB AA A A AAA AA A A A A AA AA AA A 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 928668AF9 Corporate 06050TLY6 Corporate 256350004 LC-PF-2 Sales Tax Revenue Bond 91324PCJ9 Corporate 256350001 LC -Project Fund-2 Senior Lien 9I324PCJ9 Corporate 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 233851BF0 Corporate 69353RET1 Corporate 02665WBB6 Corporate 863667AK7 Corporate 205091001 LC-2013 A Capitalized Interest 89114QAE8 Corporate 256350005 LC -Project Fund -Toll 2 037833BR0 Corporate 205091001 LC-2013 A Capitalized Interest 459200GX3 Corporate 256350005 LC -Project Fund -Toll 2 I740IQAC5 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 02580ECC5 Corporate 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 91I59HHD5 Corporate 46623EKD0 Corporate 89837LAA3 Corporate 40428HPQ9 Corporate 205091001 LC-2013 A Capitalized Interest 78008K5V 1 Corporate 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 3814IGRCO Corporate 06050TKX9 Corporate 89I14QBF4 Corporate 002799AX2 Corporate 205091001 LC-2013 A Capitalized Interest 44328MAL8 Corporate 205091001 LC-2013 A Capitalized Interest 3023IGAL6 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 30231GAL6 Corporate 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 55279HAH3 Corporate 09062XAB9 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 94974BGF1 Corporate 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 94988J5B9 Corporate 49327M2H6 Corporate 94974BFK1 Corporate 037833AM2 Corporate 205091001 LC-2013 A Capitalized Interest 89153VAC3 Corporate 256350005 LC -Project Fund-Toll2 532457BK3 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 46625HJL5 Corporate 205091001 LC-2013 A Capitalized Interest 90327QCW7 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 63307EAB3 Corporate 256350005 LC -Project Fund-Toll2 38147MAA3 Corporate 256350005 LC -Project Fund-Toll2 53944VAN9 Corporate Volkswagen Group of America Finance, LLC Bank of America, National Association UnitedHealth Group Incorporated UnitedHealth Group Incorporated Daimler Finance North America LLC PNC Realty Investors, Inc. American Honda Finance Corporation Stryker Corporation The Toronto -Dominion Bank Apple Inc. International Business Machines Corporation Citizens Bank, National Association American Express Bank, FSB. U.S. Bancorp JPMorgan Chase & Co. The Trustees of Princeton University HSBC USA Inc. Royal Bank of Canada The Goldman Sachs Group, Inc. Bank of America, National Association The Toronto -Dominion Bank Abbey National Treasury Services PLC HSBC Bank PLC Exxon Mobil Corporation Exxon Mobil Corporation Manufacturers and Traders Trust Company Biogen Inc. Wells Fargo & Company Wells Fargo Bank, National Association KeyBank National Association Wells Fargo & Company Apple Inc. Total Capital International Eli Lilly and Company JPMorgan Chase & Co. USAA Capital Corporation National Bank of Canada The Goldman Sachs Group, Inc. Lloyds Bank PLC 11/20/2017 06/11/2015 03/26/2018 06/10/2015 01/17/2017 08/03/2015 01/17/2017 08/03/2015 08/01/2017 06/12/2015 11/05/2018 10/29/2015 02/22/2019 02/18/2016 03/08/2019 03/03/2016 10/19/2016 07/08/2013 02/22/2019 02/16/2016 07/22/2016 07/10/2013 12/03/2018 11/30/2015 09/13/2017 07/08/2013 05/15/2017 06/11/2015 03/01/2018 03/01/2019 03/05/2018 08/17/2015 04/19/2016 07/08/2013 01/22/2018 06/10/2015 06/15/2017 01/20/2016 01/22/2019 01/14/2016 03/14/2019 03/07/2016 05/24/2016 03/06/2018 06/10/2015 03/06/2018 06/10/2015 07/25/2017 01/19/2016 03/01/2018 03/03/2016 01/30/2020 06/03/2015 01/22/2018 01/22/2016 06/01/2018 11/06/2015 04/23/2018 05/05/2017 06/10/2015 06/28/2017 07/08/2013 03/01/2018 06/10/2015 05/15/2018 06/03/2015 12/13/2016 07/11/2013 10/19/2016 05/21/2015 07/19/2018 12/02/2015 300,000.00 300,000.00 395,000.00 290,000.00 300,000.00 250,000.00 120,000.00 140,000.00 750,000.00 150,000.00 465,000.00 250,000.00 250,000.00 300,000.00 480,000.00 620,000.00 145,000.00 2,000,000.00 80,000.00 255,000.00 125,000.00 120,000.00 3,625,000.00 580,000.00 420,000.00 250,000.00 55,000.00 1,000,000.00 250,000.00 250,000.00 440,000.00 300,000.00 160,000.00 300,000.00 500,000.00 4,000,000.00 900,000.00 100,000.00 01/22/2019 01/19/2016 200,000.00 300,525.00 298,968.00 395,302.97 290,222.43 299,250.00 249,962.50 10/05/2018 120,000.00 139,837.60 776,452.50 150,000.00 477,936.30 249,675.00 11/03/2018 287,890.00 303,276.00 04/15/2017 479,194.80 02/01/2018 690,247.32 144,315.60 2,099,900.00 81,027.20 252,707.55 125,000.00 119,790.00 3,799,301.25 579,344.60 419,525.40 248,862.50 60,217.85 991,540.00 250,000.00 248,740.00 440,084.80 300,957.00 157,765.60 298,908.00 497,550.00 4,145,440.00 918,414.00 102,578.00 200,000.00 296,850.00 299,640.00 395,335.75 290,246.50 300,822.00 251,282.50 120,340.80 141,495.20 756,375.00 151,330.50 467,013.45 251,412.50 265,457.50 301,575.00 481,915.20 685,961.80 144,659.25 2,001,820.00 81,028.80 253,339.95 125,048.75 121,143.60 3,636,745.00 582,604.20 421,885.80 249,280.00 60,232.15 1,011,680.00 250,740.00 249,957.50 439,934.00 301,137.00 160,630.40 302,316.00 501,025.00 4,042,720.00 906,345.00 102,335.00 199,830.00 AA AA AA AAA AA AA AA AAA AAA AA AA AA AA AA AAA 256350005 LC -Project Fund-To112 46849LSL6 Corporate Jackson National Life Global Funding 22 149,922.00 150,384.00 Page 4 of 32 Riverside Couny Jronsporrniion Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2016 Source Security Type Final r, ■ Base Net Total Next Call Base Market Unrealized Summarized 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 209111ET6 Corporate 30231GAL6 Corporate 063679ZT4 Corporate 0258MODZ9 Corporate Consolidated Edison Company of New York, Inc. Exxon Mobil Corporation Bank of Montreal American Express Credit Corporation 59217GAY5 Corporate Metropolitan Life Global Funding I 80851 QDA9 Corporate The Charles Schwab Corporation 256350022 LC -Sr Lien Ob Fund-1 Interest 78011DAC8 Corporate Royal Bank of Canada 205091001 LC-2013 A Capitalized Interest 822582AC6 Corporate Shell International Finance B.V. 04/01/2018 06/22/2015 03/06/2018 06/11/2015 O1/30/2017 06/12/2015 11/05/2018 10/29/2015 O1/10/2018 06/12/2015 09/01/2017 10/27/2015 09/19/2017 05/21/2015 03/22/2017 07/08/2013 220,000.00 300,000.00 300,000.00 150,000.00 245,828.00 --- 237,859.60 299,583.00 --- 301,347.00 304,620.00 --- 302,331.00 149,986.50 10/05/2018 150,924.00 300,000.00 299,646.00 65,000.00 71,075.55 1,000,000.00 1,001,090.00 400,000.00 449,936.00 256350005 LC -Project Fund -Toll 2 842434CN0 Corporate Southem California Gas Company 06/15/2018 06/15/2015 250,000.00 249,992.50 256350005 LC -Project Fund -Toll 2 48121 CYK6 Corporate JPMorgan Chase Bank, National Association 10/O1/2017 03/09/2016 250,000.00 265,022.50 256350005 LC -Project Fund -Toll 2 59217GAZ2 Corporate Metropolitan Life Global Funding I 06/22/2018 11/10/2015 150,000.00 150,199.50 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 6174467V5 Corporate Morgan Stanley 62944BBC7 Non -US Gov N.V. Bank Nederlandse Gemeenten 04/25/2018 02/18/2016 07/14/2017 01/19/2016 70,000.00 70,403.69 275,000.00 274,395.00 256350005 LC -Project Fund -Toll 2 748148RV7 Non -US Gov Gouvernement de la Province de Quebec 09/04/2018 01/28/2016 125,000.00 124,532.50 256350005 LC -Project Fund -Toll 2 302154BL2 Non -US Gov The Export -Import Bank of Korea 256350023 LC -Sr Lien Reserve Fund-1 9AMMF05B2 MM Fund 256350022 LC -Sr Lien Ob Fund-1 Interest 9AMMF05B2 MM Fund 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 MM Fund 256350001 LC -Project Fund-2 Senior Lien 9AMMF05B2 MM Fund 256350004 LC-PF-2 Sales Tax Revenue Bond 9AMMF05B2 MM Fund 256350005 LC -Project Fund-Toll2 01/14/2017 02/04/2016 U.S. Bank Money Market Account Fund 03/31/2016 U.S. Bank Money Market Account Fund 03/31/2016 U.S. Bank Money Market Account Fund 03/31/2016 U.S. Bank Money Market Account Fund 03/31/2016 U.S. Bank Money Market Account Fund 03/31/2016 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 200,000.00 200,380.00 0.00 39,948.71 0.00 116,204.58 0.00 378,946.68 0.00 2,164,309.60 0.00 5,908,320.88 300,417.00 69,478.50 (922.29) 5.850 1.704 1,642.93 1.305 1.069 (45.01) 1950 1.011 935.71 1.875 1.624 662.79 1.500 1.420 A AAA_ AAA A AA (218.38) 6.375 1.443 A 999,010.00 (1,686.68) 1.200 1.268 AAA 416,332.00 250,150.00 265,415.00 150,996.00 70,425.60 274,485.75 124,672.50 200,324.00 39,948.71 116,204.58 378,946.68 2,164,309.60 5,908,320.88 2,886.67 5.200 0.982 AA 155.65 1.550 1.522 AA 840.92 6.000 1.815 A 823.93 1.875 1.570 AA 41.28 1.899 1.620 A 11.72 0.694 0.849 AAA I10.81 0.865 0.973 AA 2.12 1.374 1.185 AA 0.00 0.000 0.000 NA 0.00 0.000 0.000 NA 0.00 0.000 0.000 NA 0.00 0.000 0.000 NA 0.00 0.000 0.000 NA 03/31/2016 03/29/2016 0.00 501.96 501.96 0.00 0.000 0.000 NA 205091001 LC-2013 A Capitalized Interest 184I26YS3 Muni Clayton County Water Authority 05/01/2017 07/11/2013 770,000.00 755,939.80 777,014.70 11,126.05 1.300 0.456 AA 205091001 LC-2013 A Capitalized Interest 64966H4E7 Muni New York, City of 10/01/2017 07/12/2013 1,170,000.00 1,23 8,222.70 256350005 LC -Project Fund-To112 658I9WAC7 Muni North Carolina Eastern Municipal Power Agency 07/01/2018 160,000.00 160,404.60 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 544587B98 Muni Municipal Improvement Corporation of Los Angeles 11/01/2018 11/04/2015 160,000.00 160,000.00 180848HP1 Muni Clark, County of 20772JL59 Muni Connecticut, State of 07/01/2017 07/06/2015 08/01/2020 03/03/2016 120,000.00 126,764.40 130,000.00 132,577.90 1,213,231.50 18,333.44 3.140 0.660 AA 162,057.60 164,364.80 125,028.00 134,734.60 1,732.05 2.003 1.420 A 4,364.80 2.344 1.267 A 732.31 4.300 0.920 AA 2,193.26 2.500 1.626 AA 256350005 LC -Project Fund-Toll2 13063BFU1 Muni 256350005 LC -Project Fund -Toll 2 Califomia, State of 937308AZ7 Muni WBRP 3.2 WASHINGTON BIOMED RES 03/01/2019 03/01/2016 03/01/2018 09/25/2015 105,000.00 119,037.45 95,000.00 95,000.00 119,183.40 95,783.75 495.71 6.200 1.453 783.75 1 A85 1.049 AA AA 256350022 LC -Sr Lien Ob Fund-1 Interest 235219JS2 Muni 205091001 LC-2013 A Capitalized Interest 235219JS2 Muni 256350005 LC -Project Fund -Toll 2 49130TRY4 Muni Dallas, City of Dallas, City of Kentucky Housing Corporation 02/15/2017 07/10/2013 02/15/2017 07/10/2013 O1/01/2017 06/17/2015 650,000.00 650,000.00 2,135,000.00 2,135,000.00 275,000.00 274,634.25 656,350.50 2,155,858.95 275,569.25 6,350.50 1.589 0.465 20,858.95 1.589 0.465 749.69 0.937 0.660 AA AA AAA 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350023 LC -Sr Lien Reserve Fund-1 256350005 LC -Project Fund-Toll2 13063A5D2 Muni 91476PPG7 Muni 912828WU0 TIPS 9I2828K33 TIPS Califomia, State of University of Oklahoma Treasury, United States Department of Treasury, United States Department of 256350023 LC -Sr Lien Reserve Fund-1 912828B58 US Gov Treasury, United States Department of 256350005 LC -Project Fund-Toll2 912828TG5 US Gov 205091001 LC-2013 A Capitalized Interest 912828M23 US Gov 205091001 LC-2013 A Capitalized Interest 912828SY7 US Gov 04/01/2016 06/29/2015 07/01/2020 11/17/2015 07/15/2024 02/05/2016 04/15/2020 02/08/2016 O1/31/2021 Treasury, United States Department of 07/31/2017 315,000.00 80,000.00 598,632.00 327,521.25 79,544.00 582,391.10 1,011,630.00 1,013,943.22 1,540,000.00 1,573,283.21 725,000.00 720,030.27 Treasury, United States Department of 10/31/2017 12/28/2015 800,000.00 798,262.41 Treasury, United States Department of 05/31/2017 07/05/2013 205091001 LC-2013 A Capitalized Interest 912828UB4 US Gov Treasury, United States Department of 256350005 LC -Project Fund -Toll 2 912828KQ2 US Gov 256350023 LC -Sr Lien Reserve Fund-1 912828UF5 US Gov 256350005 LC -Project Fund -Toll 2 9128281CD1 US Gov 256350023 LC -Sr Lien Reserve Fund-1 912828VV9 US Gov 256350022 LC -Sr Lien Ob Fund-1 Interest 912828RX0 US Gov 256350005 LC -Project Fund -Toll 2 912828UA6 US Gov 256350005 LC -Project Fund-To112 3,900,000.00 3,828,550.78 315,000.00 82,268.80 600,691.29 1,032,833.76 0.00 5.950 0.000 2,691.18 2.349 1.655 18,035.06 0.125 0.083 AA A AAA 18,966.11 0.125 -0.389 AAA 1,605,804.20 35,790.99 2.125 1.212 AAA 723,216.50 799,944.00 2,292.53 0.500 0.685 AAA 1,431.61 0.468 0.480 AAA 3,897,699.00 19,359.01 0.625 0.676 AAA 11/30/2019 06/17/2015 2,500,000.00 2,433,398.44 2,498,925.00 54,087.41 1.000 1.012 AAA Treasury, United States Department of 05/15/2019 1,550,000.00 1,644,994.92 1,507,106.70 23,032.21 3.125 0.885 AAA Treasury, United States Department of 12/31/2019 1,250,000.00 1,231,787.31 1,253,712.50 19,593.69 1.125 1.044 AAA Treasury, United States Department of 02/15/2019 1,935,000.00 2,027,131.64 2,039,083.65 19,202.45 2.750 0.853 AAA Treasury, United States Department of 08/31/2020 235,000.00 241,525.78 Treasury, United States Department of 12/31/2016 09/13/2013 950,000.00 945,212.89 Treasury, United States Department of 11/30/2017 1,465,000.00 1,461,189.26 912828B58 US Gov Treasury, United States Department of O1/31/2021 03/16/2016 425,000.00 436,670.90 244,639.70 952,042.50 1,462,656.00 443,160.25 3,385.80 2.125 1.169 AAA 3,143.62 0.875 0.587 AAA 386.11 0.625 0.722 AAA 6,559.14 2.125 1.212 AAA 205091001 LC-2013 A Capitalized Interest 912828J84 US Gov Treasury, United States Department of 03/31/2020 06/03/2015 3,700,000.00 3,650,945.31 3,740,182.00 81,129.65 1.375 1.097 AAA 256350022 LC -Sr Lien Ob Fund -I Interest 912828784 US Gov Treasury, United States Department of 03/31/2020 600,000.00 591,146.48 606,516.00 13,955.39 1.375 1.097 AAA 256350023 LC -Sr Lien Reserve Fund -I 9I2828VB3 US Gov 256350023 LC -Sr Lien Reserve Fund -I 912828KQ2 US Gov 256350005 LC -Project Fund -Toll 2 9I2828UR9 US Gov 256350022 LC -Sr Lien Ob Fund -I Interest 912828UA6 US Gov 205091001 LC-2013 A Capitalized Interest 912828UA6 US Gov Treasury, United States Department of 05/15/2023 07/05/2013 1,600,000.00 1,487, I25.00 1,622,000.00 106,338.03 1.750 1.545 AAA Treasury, United States Department of 05/15/2019 07/05/2013 500,000.00 539,902.34 534,435.00 12,670.81 3.125 0.885 AAA Treasury, United States Department of 02/28/2018 10/02/2015 Treasury, United States Department of 11/30/2017 07/05/2013 Treasury, United States Department of 11/30/2017 07/05/2013 1,045,000.00 I,046, I58.40 1,250,000.00 1,214,648.44 1,750,000.00 1,700,507.81 256350022 LC -Sr Lien Ob Fund -I Interest 9I2828K41 US Gov Treasury, United States Department of 04/30/2017 07/30/2015 200,000.00 200,001.77 205091001 LC-2013 A Capitalized Interest 912828RU6 US Gov Treasury, United States Department of 256350023 LC -Sr Lien Reserve Fund -I 9I2828RC6 US Gov 256350005 LC -Project Fund -Toll 2 912828VK3 US Gov 11/30/2016 07/05/2013 3,500,000.00 3,496,855.47 Treasury, United States Department of 08/15/2021 1I/IO/2015 1,300,000.00 1,313,507.81 Treasury, United States Department of 06/30/2018 1,525,000.00 1,543,510.95 205091001 LC-2013 A Capitalized Interest 9I2828UZ1 US Gov Treasury, United States Department of 1,045,240.35 (683.91) 0.750 0.738 AAA 1,248,000.00 11,612.11 0.625 0.722 AAA 1,747,200.00 16,256.95 0.625 0.722 AAA 199,974.00 3,508,330.00 (27.09) 0.374 0.391 AAA 8,950.97 0.875 0.517 AAA 1,353,976.00 41,309.83 2.125 1.322 AAA 1,545,252.00 5,665.41 1.375 0.778 AAA 04/30/2018 06/03/2015 3,400,000.00 3,360,421.88 3,389,902.00 18,351.58 0.625 0.769 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828UZ1 US Gov Treasury, United States Department of 04/30/2018 07/14/2015 700,000.00 693,656.25 697,921.00 2,658.47 0.625 0.769 AAA 256350023 LC -Sr Lien Reserve Fund -I 9I2828TJ9 US Gov Treasury, United States Department of 08/15/2022 -- 1,120,000.00 1,086,086.92 1,128,624.00 33,211.26 1.625 1.498 AAA 256350004 LC-PF-2 Sales Tax Revenue Bond 64468EAY6 VRDN Labor, New Hampshire Department of 256350004 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 VRDN Labor, New Hampshire Department of 11/01/2020 11/04/2013 4,190,000.00 4,190,000.00 04/30/2016 4,190,000.00 0.00 0.600 0.600 AA 11/01/2020 07/03/2013 3,200,000.00 3,200,000.00 04/30/2016 3,200,000.00 0.00 0.600 0.600 AA 164,717,306.86 174,359,415.93 174,653,971.52 1,073,570.33 23 Page 5 of 32 ATTACHMENT 3 Riverside Cooly Trompo roriod Commission STAMP Portfolio by Account for quarter ended March 31, 2016 Source Account Account 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest Identifier 3137EADQ9 31392HWL3 31392F6C6 Security Type Category Agency Federal Home Loan Mortgage Corp Agency CMO Federal National Mortgage Association Fannie Mae Agency CMO Federal National Mortgage Association Fannie Mae Final Current Face Maturity Trade Date Value 05/13/2016 02/25/2018 12/25/2017 Next Call Base Net Total Summarized Original Cost Date Base Market Value Unrealized Gain/Loss Coupon Yield Credit Rating 02/29/2016 1,400,000.00 1,400,347.20 07/12/2013 24,074.11 25,413.23 07/09/2013 149,683.04 158,780.96 1,400,238.00 24,663.93 152,874.28 38.24 0.500 80.41 5.000 1.272 (37.81) 5.000 1 067 AAA AAA 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 31393EXC8 Agency CMO 31392BVM5 Agency CMO 31392FPP6 Agency CMO 3136A8G38 Agency CMO 31393V2T7 Agency CMO 31402RBG3 Agency MBS 31410GSQ7 Agency MBS 31294LPZA Agency MBS 36200AFG9 Agency MBS 3128MBTH0 Agency MBS 36290WH47 Agency MBS 3128H4NR6 Agency MBS 205091001 LC-2013 A Capitalized Interest 31402QT68 Agency MBS 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 3128PGLY7 Agency MBS 3128GNR59 Agency MBS 31401MWCI Agency MBS Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal Home Loan Mortgage Corp Federal National Mortgage Association Fannie Mae Federal National Mortgage Association Fannie Mae Federal Home Loan Mortgage Corp Government National Mortgage Association Federal Home Loan Mortgage Corp Government National Mortgage Association Federal Home Loan Mortgage Corp Federal National Mortgage Association Fannie Mae Federal Home Loan Mortgage Corp Federal Home Loan Mortgage Corp Federal National Mortgage Association Fannie Mae 09/25/2018 07/24/2013 217,425.95 02/25/2017 07/11/2013 11/25/2017 07/15/2013 16,556.74 92,555.12 229,860.00 17,477.71 98,021.66 08/25/2017 07/08/2013 1,934,520.25 1,905,955.85 06/15/2018 07/08/2013 408,232.96 09/01/2019 148,091.03 12/01/2017 07/05/2013 70,288.68 12/01/2016 07/05/2013 46,086.02 11/15/2017 07/09/2013 20,068.25 03/01/2019 07/26/2013 74,316.61 09/15/2018 07/18/2013 629,668.83 05/01/2018 07/16/2013 54,873.27 10/01/2019 07/11/2013 162,836.50 05/01/2017 07/17/2013 10/01/2016 07/05/2013 06/01/2018 07/12/2013 91,846.24 41,850.87 511,385.83 Al 1,110 431,770.14 158,834.20 75,472.47 48,721.56 21,385.22 78,775.60 669,023.13 58,131.37 175,914.31 96,782.97 44,335.77 545,265.14 224,820.61 16,696.81 94,408.07 1,933,069.36 420,888.17 152,692.22 71,777.39 - 46,427.06 20,417.24 76,737.84 647,035.10 56,661.04 169,695.17 94,838.59 42,168.10 528,967.27 511 "All AR 2,062.23 4.500 1.099 (29.97) 5.500 0.810 (117.29) 5.000 1.037 10,093.71 1.246 1.380 2,932.41 4.500 1.021 (819.63) 6.000 1.675 (554.75) 6.000 2.052 (163.34) 6.000 1.921 (238.00) 5.500 2.453 73.88 5.000 1.305 (4,384.91) 4.500 1.477 245.42 5.000 0.737 (879.32) 6.000 1.559 1,440.61 5.000 -1.795 (159.68) 6.000 1.847 2,928.93 4.500 0.527 900 Al 5 non n 150 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA nnn 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 3132FEAK7 Agency MBS 037833AJ9 Corporate 084664BE0 Corporate 89236TAY1 Corporate 89114QAE8 Corporate 4592000X3 Corporate 78008K5V1 Corporate Federal Home Loan Mortgage Corp Apple Inc. Berkshire Hathaway Finance Corporation Toyota Motor Credit Corporation The Toronto -Dominion Bank International Business Machines Corporation Royal Bank of Canada 12/01/2017 07/03/2013 91,579.32 97,045.47 05/03/2018 06/17/2015 3,000,000.00 2,960,430.00 05/15/2018 06/17/2015 800,000.00 890,632.00 10/24/2018 06/17/2015 2,000,000.00 2,023,480.00 10/19/2016 07/08/2013 750,000.00 07/22/2016 07/10/2013 465,000.00 776,452.50 477,936.30 04/19/2016 07/08/2013 2,000,000.00 2,099,900.00 94,562.97 3,006,180.00 - 872,184.00 2,036,080.00 - 756,375.00 467,013.45 - 2,001,820.00 536.55 5.000 -0.078 35,180.43 1.000 0.900 5,481.58 5.400 1.087 17,931.73 2.000 1.282 1,858.48 2.375 0.822 678.33 1.950 0.541 26.41 2.875 1.041 AAA AA AA AA AA AA AA 205091001 LC-2013 A Capitalized Interest 44328MAL8 Corporate HSBC Bank PLC 05/24/2016 3,625,000.00 3,799,301.25 3,636,745.00 2,741.23 3.100 0.887 AA 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 30231GAL6 Corporate 89153VAC3 Corporate Exxon Mobil Corporation Total Capital International 03/06/2018 06/10/2015 580,000.00 06/28/2017 07/08/2013 160,000.00 579,344.60 157,765.60 - - 582,604.20 160,630.40 3,068.42 1.305 1.069 1,347.41 1.550 1.229 AAA AA 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 90327QCW7 Corporate 822582AC6 Corporate 9AMMF05B2 Mel Fund USAA Capital Corporation Shell International Finance B.V. U.S. Bank Money Market Account Fund 184126YS3 Muni Clayton County Water Authority 64966H4E7 Muni 2352191E2 Muni 912828M23 US Gov 912828SY7 US Gov 912828UB4 US Gov 912828J84 US Gov 912828UA6 US Gov 912828RU6 US Gov 912828UZ1 US Gov New York, City of Dallas, City of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of 12/13/2016 07/11/2013 4,000,000.00 4,145,444).00 03/22/2017 07/08/2013 400,000.00 03/31/2016 05/01/2017 07/11/2013 0.00 770,000.00 449,936.00 378,946.68 755,939.80 10/01/2017 07/12/2013 1,170,000.00 1,238,222.70 02/15/2017 07/10/2013 2,135,000.00 2,135,000.00 10/31/2017 12/28/2015 800,000.00 798,262.41 05/31/2017 07/05/2013 3,900,000.00 3,828,550.78 11/30/2019 06/17/2015 2,500,000.00 2,433,398.44 03/31/2020 06/03/2015 3,700,000.00 3,650,945.31 11/30/2017 07/05/2013 1,750,000.00 1,700,507.81 11/30/2016 07/05/2013 3,500,000.00 3,496,855.47 04/30/2018 06/03/2015 3,400,000.00 3,360,421.88 - 4,042,720.00 416,332.00 - - 378,946.68 777,014.70 - 1,213,231.50 2,155,858.95 - 799,944.00 3,897,699.00 2,498,925.00 3,740,182.00 1,747,200.00 3,508,330.00 - 3,389,902.00 48399.297.58 12,347.57 2.250 0.724 2,886.67 5.200 0.982 0.00 0.000 0.000 11,126.05 1.300 0.456 18,333.44 3.140 0.660 20,858.95 1,431.61 19,359.01 54,087.41 81,129.65 1.589 0.465 0.468 0.480 0.625 0.676 1.000 1.012 1.375 1.097 16,256.95 0.625 0.722 8,950.97 0.875 0.517 18,351.58 0.625 0.769 AA AA NA AA AA AA AAA AAA AAA AAA AAA AAA AAA 256350001 256350001 256350001 256350001 256350001 LC -Project Fund-2 Senior Lien LC -Project Fund-2 Senior Lien LC -Project Fund-2 Senior Lien LC -Project Fund-2 Senior Lien LC -Project Fund-2 Senior Lien 55314MAD8 161571GM0 91324PCJ9 74432JD57 0255E2DC1 Asset Backed Asset Backed Corporate CP CP MMAF Equipment Finance LLC 2011-A Chase Issuance Trust UnitedHealth Group Incorporated Prudential Financial, Inc. American Electric Power Company, Inc. 07/15/2017 04/16/2018 01/17/2017 04/05/2016 04/12/2016 11/04/2015 11/04/2015 08/03/2015 02/22/2016 03/15/2016 56,888.78 130,000.00 290,000.00 1,900,000.00 2,000,000.00 57,022.11 129,903.52 290,222.43 1,898,524.86 1,998,864.44 56,997.43 130,011.70 290,246.50 1,899,886.00 1,999,680.00 30.03 20.25 124.37 23.22 126.11 2.100 0.752 1.070 0.000 0.000 1.349 0.670 0.986 0.541 0.524 AAA AAA A AA AA 256350001 LC -Project Fund-2 Senior Lien 88513AE57 CP Thomson Reuters Corporation 05/05/2016 03/07/2016 1,900,000.00 1,897,245.00 1,898,993.00 608.00 0.000 0.562 AA 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 78355AD84 CP 77434LDB0 CP 57163TDN6 CP 07274LDJ3 CP Ryder System, Inc. Rockwell Collins, Inc. Marriott International, Inc. Bayerische Landesbank 20279VD83 CP Commonwealth Edison Company 58507ADL4 CP 42824EDB8 CP 83700ED47 CP 80686DDK7 CP 25737LDL1 CP 60920VDL3 CP 07787PD54 CP 61979JD61 CP 9278011/J7 CP 65475LD17 CP 04635PD71 CP 9AMMF05B2 Mel Fund Medtronic Global Holdings S.C.A. Hewlett Packard Enterprise Company South Carolina Electric & Gas Company Schlumberger Holdings Corporation Dominion Gas Holdings, LLC Mendel. International, Inc. The Bell Telephone Company of Canada Or Bell Canada Motive Enterprises LLC Virginia Electric and Power Company Nissan Motor Acceptance Corporation AstraZeneca PLC U.S. Bank Money Market Account Fund 04/08/2016 03/07/2016 2,000,000.00 1,998,702.22 04/11/2016 03/08/2016 1,100,000.00 1,099,272.78 04/22/2016 03/14/2016 2,000,000.00 1,998,418.34 04/18/2016 03/21/2016 1,700,000.00 1,699,145.75 04/08/2016 03/09/2016 2,000,000.00 1,998,666.66 04/20/2016 03/14/2016 2,000,000.00 1,998,499.44 04/11/2016 03/03/2016 2,000,000.00 1,997,898.34 04/04/2016 03/08/2016 1,500,000.00 1,499,156.25 04/19/2016 03/15/2016 2,000,000.00 1,998,488.88 04/20/2016 03/17/2016 2,000,000.00 1,998,677.78 04/20/2016 03/10/2016 2,000,000.00 1,998,400.00 04/05/2016 03/04/2016 2,000,000.00 1,998,720.00 04/06/2016 03/04/2016 1,900,000.00 1,897,561.67 04/18/2016 03/03/2016 1,750,000.00 1,748,390.00 04/01/2016 02/29/2016 425,000.00 424,724.22 04/07/2016 02/26/2016 2,000,000.00 1,998,522.22 03/31/2016 0.00 2,164,309.60 1,999,800.00 1,099,846.00 - 1,999,400.00 1,699,592.00 - 1,999,800.00 1,999,460.00 - 1,999,720.00 1,499,940.00 - 1,999,500.00 1,999,460.00 - 1,999,460.00 1,999,880.00 1,899,867.00 1,749,580.00 425,000.00 - - 1,999,840.00 - 2,164,309.60 36,810,269.23 83.89 0.000 0.515 59.89 0.000 0.505 251.66 0.000 0.515 129.86 0.000 0.509 111.11 0.000 0.515 230.56 0.000 0.512 258.89 0.000 0.505 33.75 0.000 0.481 300.00 0.000 0.501 198.89 0.000 0.512 220.00 0.000 0.512 40.00 0.000 0.541 236.44 0.000 0.505 175.00 0.000 0.509 0.00 0.000 0.000 73.33 0.000 0.481 0.00 0.000 0.000 AA AA AA AAA AA AA AA AA AAA AAA AA AA AAA AAA AA AA NA 256350004 LC-PF-2 Sales Tax Revenue Bond 91324PC19 Corporate 256350004 LC-PF-2 Sales T. Revenue Bond 88513AE57 CP 256350004 LC-PF-2 Sales Tax Revenue Bond 42824EDB8 CP 256350004 LC-PF-2 Sales Tax Revenue Bond 07787PD47 CP 256350004 LC-PF-2 Sales Tax Revenue Bond 61979JD61 CP 256350004 LC-PF-2 Sales Tax Revenue Bond 92780JDJ7 CP UnitedHealth Group Incorporated Thomson Reuters Corporation Hewlett Packard Enterprise Company The Bell Telephone Company of Canada Or Bell Canada Motive Enterprises LLC Virginia Electric and Power Compmy 395,302.97 04/11/2016 03/03/2016 1,200,000.00 1,198,739.00 04/18/2016 03/03/2016 1,200,000.00 1,198,896.00 - 395,335.75 1,099,417.00 - 1,199,832.00 1,199,952.00 - 1,099,923.00 1,199,712.00 155.33 0.000 0.505 24.00 0.000 0.481 136.89 0.000 0.505 120.00 0.000 0.509 AA AA AA AAA AAA 256350004 LC-PF-2 Sales Tax Revenue Bond 05333TDB6 CP AutoZone, Inc. 04/11/2016 03/07/2016 1,200,000.00 1,199,206.67 - 1,199,832.00 58.67 0.000 0.505 AA 256350004 LC-PF-2 Sales T. Revenue Bond 04635PD7I CP AstraZeneca PLC 1,199,904.00 44.00 0.000 0.481 AA 256350004 LC-PF-2 Sales T. Revenue Bond 9AMMFO5B2 MM Fund U.S. Bank Money Market Accomt Fund Labor, New Hampshire Department of 03/31/2016 24 0.00 5,908,320.88 - 5,908,320.88 4,190,000.00 0.00 0.000 0.000 NA 0.00 0.600 0.600 AA Page 6 of 32 Gireiside County Trompo rwion ammisthm STAMP Portfolio by Account for quarter ended March 31, 2016 Source Security Type Final Current Face Next Call Base Net Total Summarized 256350004 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 VRDN 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 3130A6U88 Agency 3133EECD0 Agency Labor, N Hampshire Department o 11/01/2020 07/03/2013 3,200,000.00 3,200,000.00 04/30/2016 3,200,000.00 0.00 0.600 0.600 21,892,228.63 Federal Home Loan Banks Office of Finance Federal Farm Credit Banks Consolidated Systemwide Bonds 3137A2AZ4 Agency CMG Federal Home Loan Mortgage Corp 38378BR35 Agency CMG Govemment National Mortgage Association 3136A8G38 Agency CMG Federal National Mortgage Association Fannie Mae 3137A85H7 Agency CMG Federal Home Loan Mortgage Corp 3137AILC5 Agency CMG Federal Home Loan Mortgage Corp 12/22/2017 01/28/2016 150,000.00 150,487.50 06/22/2016 O6/20/2017 06/15/2015 500,000.00 500,308.15 AA 150,304.50 20.99 1.450 0.545 499,500.00 (686.57) 0.462 0.546 AAA AAA 05/25/2020 07/O1/2015 369,519.74 380,663.07 -- 377,375.73 (220.94) 2.757 1.265 AAA 11/16/2042 07/10/2015 340,506.32 332,844.93 333,737.06 919.27 1.333 2.173 AAA 08/25/2017 07/02/2015 132,328.75 132,923.20 -- 132,229.50 (430.31) 1.246 1.380 AAA 12/15/2039 07/13/2015 147,929.61 154,216.62 -- 154,919.29 525.81 3.500 1.653 AAA 08/15/2020 08/31/2015 90,931.43 92,380.65 -- 91,949.86 (211.95) 2.000 1.060 AAA 3133XY2H7 Agency CMG Federal Home Loan Banks Office of Finance 04/20/2017 07/13/2015 267,477.02 274,749.05 -- 272,056.22 (263.84) 2.900 1.299 AA 31394GH22 Agency CMG Federal Home Loan Mortgage Corp 3137ANLP8 Agency CMG Federal Home Loan Mortgage Corp 3137AH6B9 Agency CMG Federal Home Loan Mortgage Corp 36225FGM5 Agency MBS Ginnie Mae II 07/15/2018 07/20/2015 103,699.93 107,491.47 -- 106,467.68 302.68 4.500 1.206 AAA 11/25/2016 --- 157,270.11 158,556.71 -- 157,392.79 (275.25) 1.655 1.117 AAA 10/25/2020 08/28/2015 155,602.66 159,006.46 -- 158,174.77 (266.76) 2.257 1.083 AAA 08/20/2041 08/06/2015 108,989.66 112,804.30 113,009.20 294.17 1.875 1.060 AAA 38378NNA7 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-T 05/16/2038 06/26/2015 580,625.68 584,594.80 -- 585,607.44 1,167.83 2.250 2.018 AAA 3136AEYG6 Agency MBS Federal National Mortgage Association Fannie Mae 06/25/2018 07/02/2015 222,148.47 224,925.33 36225FLU1 Agency MBS Ginnie Mae lI 36225FLA5 Agency MBS Ginnie Mae lI 02/20/2042 08/06/2015 229,806.72 237,634.51 224,116.71 236,870.98 (92.59) 1.825 1.225 AAA (573.521_1.750 1.050 AAA O1/20/2042 08/06/2015 0.01 0.01 --- 0.01 0.00 1.750 1.050 AAA 3138EKUP8 Agency MBS Federal National Mortgage Association Fannie Mae 03/O1/2025 09/21/2015 222,484.78 234,460.72 -- 231,230.66 (2,469.52) 5.000 1.860 AAA 3138L1TX7 Agency MBS Federal National Mortgage Association Fannie Mae 11/01/2017 06/18/2015 308,173.35 309,569.77 36225EUY6 Agency MBS Ginnie Mae II 47787UAD5 Asset Backed John Deere Owner Trust 2015 161571FK5 Asset Backed Chase Issuance Trust 58768 WADI Asset Backed Mercedes-Benz Auto Receivables Trust 2013-1 09/20/2039 09/17/2015 120,848.65 124,285.30 308,167.19 (844.32) 1.660 1.998 AAA 128,435.53 4,227.50 1.875 1.120 AAA O6/17/2019 03/23/2016 95,000.00 94,951.76 -- 95,077.90 125.86 1.320 1.251 AAA 08/16/2021 12/10/2015 150,000.00 148,359.38 -- 150,694.50 2,206.99 1.580 1.442 AAA 11/15/2019 06/16/2015 350,000.00 351,066.41 350,367.50 (281.17) 1.130 1.176 AAA 025821669 Asset Backed American Express Credit Account Master Trust 05/17/2021 02/26/2016 300,000.00 300,468.75 -- 300,480.00 25.78 0.856 0.740 AAA 58769AAD8 Asset Backed Mercedes-Benz Auto Lease Trust 2015-B 90290KAD7 Asset Backed USAA Auto Owner Trust 2014-1 161571677 Asset Backed Chase Issuance Trust 58772PAC2 Asset Backed Mercedes-Benz Auto Receivables Trust 2015-1 1615716Q1 Asset Backed Chase Issuance Trust 60689LAC9 Asset Backed MMAF EQUIP FIN LLC 2013-A 17305EFN0 Asset Backed Citibank Credit Card Issuance Trust 55315GAC2 Asset Backed MMAF EQUIP FIN LLC 2015-A 07/16/2018 10/21/2015 255,000.00 254,990.34 -- 255,119.85 128.33 1.340 1.279 AAA 05/15/2019 06/12/2015 445,000.00 443,991.80 -- 444,795.30 308.86 0.940 1.216 AAA 01/15/2019 --- 300,000.00 300,414.06 -- 300,513.00 172.36 1.150 0.932 AAA 06/15/2018 08/04/2015 360,851.74 360,894.02 11/15/2019 10/28/2015 120,000.00 120,510.94 360,884.21 (152.83) 0.706 0.810 AAA 120,391.20 (16.55) 1.380 1.178 AAA 12/11/2017 08/05/2015 82,137.88 82,176.38 -- 82,019.60 (189.48) 1.030 1.189 AAA 02/22/2019 02/26/2016 300,000.00 299,976.56 - 300,081.00 102.51 1.020 0.986 AAA 10/16/2019 282,000.00 281,080.94 -- 280,798.68 (531.36) 1.390 1.660 AAA 02582/653 Asset Backed American Express Credit Account Master Trust 01/15/2020 07/13/2015 500,000.00 500,859.38 -- 501,265.00 722.04 1.260 1.049 AAA 55315CAB3 Asset Backed MMAF EQUIP FIN LLC 2014-A 17305EFP5 Asset Backed Citibank Credit Card Issuance Trust 62888YAA0 CMG NCUA Guaranteed Notes Trust 2011-RI 256350005 LC -Project Fund-Toll2 00138CAA6 Corporate 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 04/10/2017 01/12/2016 88,053.56 87,933.17 05/09/2018 02/26/2016 155,000.00 155,000.00 87,993.68 155,012.40 2.83 0.520 1.078 AAA 12.40 0.641 0.870 AAA 01/08/2020 07/14/2015 213,200.61 214,233.30 -- 213,087.61 (982.00) 0.874 0.930 AAA AIG GLOBAL FDG SR SECD MEDIUMTERM NTS BOOK ENTRY 1441 12/15/2017 06/22/2015 300,000.00 300,696.00 553794AA6 Corporate MUFG Americas Holdings Corporation 89153UAE1 Corporate Total Capital Canada Ltd. 718172AA7 Corporate Philip Morris International Inc. 299,574.00 (909.04) 1.650 1.734 A 02/09/2018 350,000.00 348,334.50 01/09/2018 348,824.00 103.23 1.625 1.810 A O1/15/2018 06/10/2015 300,000.00 300,000.00 301,035.00 1,035.00 1.450 1.254 AA 05/16/2018 06/23/2015 250,000.00 277,717.50 -- 273,325.00 2,818.26 5.650 1.190 865622CB8 Corporate Sumitomo Mitsui Trust Bank (U.S.A.) Limited 01/18/2019 01/13/2016 250,000.00 250,000.00 250,285.00 285.00 1.560 1.531 A 084664CG4 Corporate Berkshire Hathaway Finance Corporation 03/15/2019 03/08/2016 120,000.00 119,908.80 -- 121,665.60 1,755.43 1.700 1.220 AA 822582AZ5 Corporate Shell International Finance B.V. 11/15/2016 06/12/2015 300,000.00 300,429.00 300,429.00 239.53 0.900 0.669 AA 256350005 LC -Project Fund -Toll 2 166754AK7 Corporate CHEVRON PHI LLIPS CHEM CO LLC / CHEVRON PHILLIPS CHEM C( 05/O1/2018 06/11/2015 300,000.00 299,631.00 -- 297,861.00 (1,870.7IL__ 1.700 2.051 A 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 22546QAM9 Corporate Credit Suisse AG 26442CAD6 Corporate Duke Energy Carolinas, LLC 25152RVQ3 Corporate Deutsche Bank Aktiengesellschaft 89352HAP4 Corporate TransCanada PipeLines Limited 828807CM7 Corporate Simon Property Group, L.P. 05531FAP8 Corporate BB&T Corporation 446438RR6 Corporate The Huntington National Bank 90261XH74 Corporate UBS AG 74153WCE7 Corporate Pricoa Global Funding I 59562VAT4 Corporate Berkshire Hathaway Energy Company 928668AF9 Corporate Volkswagen Group of America Finance, LLC 06050TLY6 Corporate Bank of America, National Association 233851BF0 Corporate Daimler Finance North America LLC 69353RET1 Corporate PNC Realty Investors, Inc. 02665WBB6 Corporate American Honda Finance Corporation 863667AK7 Corporate Stryker Corporation 037833BR0 Corporate Apple Inc. 17401QAC5 Corporate Citizens Bank, National Association 91159HHD5 Corporate U.S. Bancorp 46623EKD0 Corporate 7PMorgan Chase & Co. 89837LAA3 Corporate The Trustees of Princeton University 40428HPQ9 Corporate HSBC USA Inc. 38141GRC0 Corporate The Goldman Sachs Group, Inc. 06050TKX9 Corporate Bank of America, National Association 89114QBF4 Corporate The Toronto -Dominion Bank 002799AX2 Corpomte Abbey National Treasury Services PLC 05/26/2017 01/08/2016 255,000.00 254,280.90 04/15/2018 06/11/2015 116,000.00 127,422.52 02/13/2017 01/25/2016 15,000.00 14,971.05 254,291.10 125,017.84 (103.65) 1.125 1.375 A 741.78 5.100 1.227 AA 14,957.70 (18.20) 1.228 1.581 BBB O1/12/2018 02/03/2016 150,000.00 146,716.50 -- 147,684.00 724.62 1.411 2.296 A 02/01/2018 11/03/2015 140,000.00 139,552.00 11/O1/2017 140,260.40 628.30 1.500 1.381 A 06/15/2018 02/12/2016 120,000.00 120,003.60 05/15/2018 119,953.20 (50.21) 1.494 1.512 11/06/2018 11/03/2015 250,000.00 249,705.00 10/06/2018 250,410.00 665.43 2.200 2.133 A 03/26/2018 01/12/2016 250,000.00 249,745.00 08/18/2017 06/10/2015 300,000.00 299,511.00 249,605.00 298,788.00 (164.51) 1.330 1.409 (900.69) 1.350 1.647 AA 04/01/2018 10/15/2015 150,000.00 165,180.00 -- 161,581.50 (867.54) 5.750 1.802 A 11/20/2017 06/11/2015 300,000.00 300,525.00 296,850.00 (3,506.29) 1.600 2.257 A 03/26/2018 06/10/2015 300,000.00 298,968.00 -- 299,640.00 379.46 1.650 1.712 A 08/01/2017 06/12/2015 300,000.00 299,250.00 300,822.00 1,295.57 1.375 1.167 A 11/05/2018 10/29/2015 250,000.00 249,962.50 10/05/2018 251,282.50 1,314.90 1.800 1.591 A 02/22/2019 02/18/2016 120,000.00 120,000.00 -- 120,340.80 340.80 1.443 1.361 A 03/08/2019 03/03/2016 140,000.00 139,837.60 -- 141,495.20 1,370.53 2.000 1.697 02/22/2019 02/16/2016 150,000.00 150,000.00 151,330.50 1,330.50 1.438 1.147 AA 12/03/2018 11/30/2015 250,000.00 249,675.00 11/03/2018 251,412.50 1,703.01 2.300 2.074 05/15/2017 06/11/2015 300,000.00 303,276.00 04/15/2017 301,575.00 (289.98) 1.650 1.140 A 03/O1/2018 480,000.00 479,194.80 02/01/2018 481,915.20 2,498.41 1.700 1.488 A 03/O1/2019 --- 620,000.00 690,247.32 -- 685,961.80 9,898.28 4.950 1.225 AAA 03/05/2018 08/17/2015 145,000.00 144,315.60 01/22/2018 06/10/2015 80,000.00 81,027.20 144,659.25 81,028.80 180.61 1.700 1.824 309.84 2.375 1.650 A 06/15/2017 01/20/2016 255,000.00 252,707.55 -- 253,339.95 329.45 0.934 1.475 01/22/2019 01/14/2016 125,000.00 125,000.00 125,048.75 48.75 1.461 1.459 AA 03/14/2019 03/07/2016 120,000.00 119,790.00 -- 121,143.60 1,350.28 2.500 2.165 55279HAH3 Corporate Manufacturers and Traders Trust Company 07/25/2017 01/19/2016 250,000.00 248,862.50 -- 249,280.00 272.73 0.919 1.156 A 090623tAB9 Corpomte Biogen Inc. 9498815B9 Corporate Wells Fargo Bank, National Association 49327M2H6 Corpomte KeyBank National Association 94974BFK1 Corporate Wells Fargo & Company 03/01/2018 03/03/2016 55,000.00 60,217.85 -- 60,232.15 183.42 6.875 1.802 01/22/2018 01/22/2016 250,000.00 250,000.00 -- 250,740.00 740.00 1.358 1.212 AA 06/01/2018 11/06/2015 250,000.00 248,740.00 -- 249,957.50 1,029.00 1.700 1.708 A 04/23/2018 440,000.00 440,084.80 439,934.00 (142.58) 1.249 1.272 A 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fand-Toll2 037833AM2 Corporate Apple Inc. 532457BK3 Corporate Eli Lilly and Company 05/05/2017 06/10/2015 300,000.00 300,957.00 -- 301,137.00 580.85 1.050 0.702 AA 03/01/2018 06/10/2015 300,000.00 298,908.00 302,316.00 3,090.74 1.250 0.843 AA 25 Page 7 of 32 Girmside Cooly Ttnnsporrolioa Commission STAMP Portfolio by Account for quarter ended March 31, 2016 Source Security Type Account Account Identifier Category Issuer 256350005 LC -Project Fund -Toll 2 38147MAA3 Corporate The Goldman Sachs Group, Inc. 256350005 LC -Project Fund-Toll2 Final Current Face Next Call Base Net Total Summarized Maturity Trade Date Value Original Cost Date Base Market Value Unrealized Gain/Loss Coupon Yield Credit Rating 07/19/2018 12/02/2015 100,000.00 102,578.00 --- 102,335.00 62.30 2.900 1.858 A 53944VAN9 Corporate Lloyds Bank PLC 256350005 LC -Project Fund-Toll2 46849LSL6 Corporate Jackson National Life Global Funding 01/22/2019 01/19/2016 200000.00 200000.00 10/15/2018 10/07/2015 150,000.00 149,922.00 199830.00 (1170.00) 1.621 1.663 A 150,384.00 450.28 1.875 1.771 AA 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 209111ET6 Corporate 30231GAL6 Corporate 063679ZT4 Corporate 0258MODZ9 Corporate Consolidated Edison Company of New York, Inc. Exxon Mobil Corporation Bank of Montreal American Express Credit Corporation 59217GAY5 Corporate Metropolitan Life Global Funding I 80851QDA9 Corporate The Charles Schwab Corporation 842434CN0 Corporate Southern California Gas Company 04/01/2018 06/22/2015 220,000.00 03/06/2018 06/11/2015 300,000.00 01/30/2017 06/12/2015 300,000.00 245,828.00 299,583.00 304,620.00 237,859.60 301,347.00 302,331.00 11/05/2018 10/29/2015 150,000.00 149,986.50 10/05/2018 150,924.00 01/10/2018 06/12/2015 300,000.00 299,646.00 300,417.00 (922.29) 5.850 1.704 1,642.93 1.305 1.069 (45.01) 1.950 1.011 935.71 1.875 1.624 A AAA AAA A 662.79 1.500 1.420 AA 09/01/2017 10/27/2015 65,000.00 71,075.55 -- 69,478.50 (218.38) 6.375 1.443 A 06/15/2018 06/15/2015 250,000.00 249,992.50 -- 250,150.00 155.65 1.550 1.522 AA 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 48121CYK6 Corporate JPMorgan Chase Bank, National Association 59217GAZ2 Corporate Metropolitan Life Global Funding I 6174467V5 Corporate Morgan Stanley 65339MD45 CP NextEra Energy Capital Holdings, Inc. 10/01/2017 03/09/2016 250,000.00 265,022.50 -- 265,415.00 840.92 6.000 1.815 A 06/22/2018 11/10/2015 150,000.00 150,199.50 -- 150,996.00 823.93 1.875 1.570 AA 04/25/2018 02/18/2016 70,000.00 70,403.69 -- 70,425.60 41.28 1.899 1.620 A 04/04/2016 03/24/2016 250,000.00 249,968.40 -- 249,990.00 3.54 0.000 0.481 AA 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 92780JD73 CP Virginia Electric and Power Company 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 04/07/2016 03/23/2016 400,000.00 399,897.33 -- 399,968.00 12.00 0.000 0.481 AAA 03/31/2016 03/29/2016 0.00 501.96 -- 501.96 0.00 0.000 0.000 NA 256350005 LC -Project Fund-Toll2 65819WAC7 Muni North Carolina Eastern Municipal Power Agency 07/01/2018 --- 160,000.00 160,404.60 -- 162,057.60 1,732.05 2.003 1.420 A 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 544587B98 Muni Municipal Improvement Corporation of Los Angeles 11/01/2018 11/04/2015 160,000.00 160,000.00 -- 164,364.80 4,364.80 2.344 1.267 A 180848HP1 Muni Clark, County of 20772JL59 Muni Connecticut, State of 07/01/2017 07/06/2015 120,000.00 126,764.40 -- 125,028.00 732.31 4.300 0.920 AA 08/01/2020 03/03/2016 130,000.00 132,577.90 134,734.60 2,193.26 2.500 1.626 AA 256350005 LC -Project Fund-Toll2 13063BFU1 Muni California, State of 03/01/2019 03/01/2016 105,000.00 119,037.45 -- 119,183.40 495.71 6.200 1.453 AA 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 937308AZ7 Muni WBRP 3.2 WASHINGTON BIOMED RES 03/01/2018 09/25/2015 95,000.00 95,000.00 49130TRY4 Muni Kentucky Housing Corporation 13063A5D2 Muni California, State of 91476PPG7 Muni University of Oklahoma 62944BBC7 Non -US Gov N.V. Bank Nederlandse Gemeenten 748148RV7 Non -US Gov Gouvemement de la Province de Quebec 302154BL2 Non -US Gov The Export -Import Bank of Korea 912828K33 TIPS Treasury, United States Department of 912828TG5 US Gov Treasury, United States Department of 912828KQ2 US Gov Treasury, United States Department of 9128281CD1 US Gov Treasury, United States Department of 912828UA6 US Gov Treasury, United States Department of 912828B58 US Gov Treasury, United States Department of 912828UR9 US Gov Treasury, United States Department of 912828VK3 US Gov Treasury, United States Department of 95,783.75 783.75 1.485 1.049 AA 01/01/2017 06/17/2015 275,000.00 274,634.25 -- 275,569.25 749.69 0.937 0.660 AAA 04/01/2016 06/29/2015 315,000.00 327,521.25 -- 315,000.00 0.00 5.950 0.000 AA 07/01/2020 11/17/2015 80,000.00 79,544.00 -- 82,268.80 2,691.18 2.349 1.655 A 07/14/2017 01/19/2016 275,000.00 274,395.00 -- 274,485.75 11.72 0.694 0.849 AAA 09/04/2018 01/28/2016 125,000.00 124,532.50 -- 124,672.50 110.81 0.865 0.973 AA 01/14/2017 02/04/2016 200,000.00 200,380.00 -- 200,324.00 2.12 1.374 1.185 AA 04/15/2020 02/08/2016 1,011,630.00 1,013,943.22 -- 1,032,833.76 18,966.11 0.125 -0.389 AAA 07/31/2017 --- 725,000.00 720,030.27 -- 723,216.50 2,292.53 0.500 0.685 AAA 05/15/2019 1,550,000.00 1,644,994.92 - 1,507,106.70 23,032.21 3.125 0.885 AAA 02/15/2019 --- 1,935,000.00 2,027,131.64 -- 2,039,083.65 19,202.45 2.750 0.853 AAA 11/30/2017 1,465,000.00 1,461,189.26 -- 1,462,656.00 386.11 0.625 0.722 AAA 01/31/2021 03/16/2016 425,000.00 436,670.90 443,160.25 6,559.14 2.125 1.212 AAA 02/28/2018 10/02/2015 1,045,000.00 1,046,158.40 -- 1,045,240.35 (683.91) 0.750 0.738 AAA 06/30/2018 1,525,000.00 1,543,510.95 1,545,252.00 33,151,490.71 5,665.41 1.375 0.778 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 31393EXC8 Agency CMO Federal National Mortgage Association Fannie Mae 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 3136A4M89 Agency CMO Federal National Mortgage Association Fannie Mae 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corp 09/25/2018 07/24/2013 24,158.44 25,540.00 01/25/2019 07/05/2013 165,902.45 09/25/2021 08/15/2013 328,357.39 166,958.78 319,738.00 24,980.07 168,102.32 328,761.26 229.14 4.500 1.099 AAA 1,760.30 1.934 1.432 6,292.47 1.459 1.292 AAA AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 3136A8G38 Agency CMO 31393V2T7 Federal National Mortgage Association Fannie Mae 31402RBG3 Agency MBS Federal National Mortgage Association Fannie Mae 31385JLF3 Agency MBS Federal National Mortgage Association Fannie Mae 38144LAB6 Corporate The Goldman Sachs Group, Inc. 05565QCC0 Corporate BP Capital Markets P.L.C. 166764AE0 Corporate Chevron Corporation 891145TN4 Corporate The Toronto -Dominion Bank 48121CYK6 Corporate JPMorgan Chase Bank, National Association 08/25/2017 07/08/2013 Mmxnln c 09/01/2019 586,027.31 n 0nn 7A 577,374.25 I11 1 43,303.30 46,449.19 08/01/2017 09/18/2013 79,153.75 84,496.63 09/01/2017 07/03/2013 300,000.00 322,515.00 11/06/2017 07/03/2013 300,000.00 292,194.00 - - 585,587.79 3,057.70 1.246 1.380 R00 65 d 500 I MI AAA AAA 44,648.73 (241.20) 6.000 1.675 AAA 80,687.75 (395.92) 6.000 1.598 AAA 319,308.00 11,168.06 6.250 1.634 A 299,031.00 1,988.97 1.375 1.580 06/24/2018 06/17/2015 300,000.00 301,848.00 05/24/2018 302,838.00 1,472.78 1.718 1.270 AA 03/13/2017 05/21/2015 1,000,000.00 1,010,240.00 10/01/2017 07/03/2013 300,000.00 341,424.00 1,004,190.00 (1,244.56) 1.500 1.055 AAA 318,498.00 3,288.49 6.000 1.815 A 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 89236TAY1 Corporate 02580ECC5 Corporate 30231GAL6 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 94974BGF1 Corporate 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest ,A15009 I P.-Pr I. Dh Fnnd-1 intereat Toyota Motor Credit Corporation American Express Bank, FSB. Exxon Mobil Corporation Wells Fargo & Company 46625H1L5 Corporate JPMorgan Chase & Co. 63307EAB3 Corporate National Bank of Canada 78011DAC8 Corporate Royal Bank of Canada 0255E2DC1 CP American Electric Power Company, Inc. 07274LD73 CP Bayerische Landesbank 65475LDM1 CP Nissan Motor Acceptance Corporation Adll I BDF'1 CP HP I 10/24/2018 06/17/2015 500,000.00 09/13/2017 07/08/2013 250,000.00 03/06/2018 06/10/2015 420,000.00 505,870.00 287,890.00 419,525.40 01/30/2020 06/03/2015 1,000,000.00 991,540.00 05/15/2018 06/03/2015 500,000.00 497,550.00 509,020.00 265,457.50 421,88530 1,011,680.00 501,025.00 4,482.93 2.000 1.282 1,913.20 6.000 1.666 2,221.96 1.305 1.069 18,709.75 2.150 1.833 2,805.79 1.625 1.526 AA A AAA A 10/19/2016 05/21/2015 900,000.00 918,414.00 -- 906,345.00 (929.30) 2.200 0.912 AAA 09/19/2017 05/21/2015 1,000,000.00 1,001,090.00 999,010.00 (1,686.68) 1.200 1.268 AAA 04/12/2016 03/15/2016 550,000.00 549,687.72 -- 549,912.00 34.68 0.000 0.524 AA 04/18/2016 03/21/2016 500,000.00 499,748.75 -- 499,880.00 38.19 0.000 0.509 AAA 04/21/2016 03/08/2016 600,000.00 599,435.33 -- 599,832.00 88.67 0.000 0.505 AA ad/I5f7111A Illnd/7111 (. A00 000 as 700 A,SA, as 700 RA0 as 107 SA, 0 000 a 515 A A 256350022 LC -Sr Lien Ob Fund-1 Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2016 -- 0.00 116,204.58 -- 116,204.58 0.00 0.000 0.000 NA 256350022 LC -Sr Lien Ob Fund-1 Interest _ 2352197S2 Muni Dallas, City of 02/15/2017 07/10/2013 _ 650,000.00 650,000.00 -- 656,350.50 6,350.50 1.589 0.465 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828RX0 US Gov Treasury, United States Department of 12/31/2016 09/13/2013 950,000.00 945,212.89 -- 952,042.50 3,143.62 0.875 0.587 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest _ 912828784 US Gov Treasury, United States Department of _ 03/31/2020 _ 600,000.00 591,146.48 --- 606,516.00 13,955.39 1.375 1.097 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 1,250,000.00 1,214,648.44 -- 1,248,000.00 11,612.11 0.625 0.722 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 912828K41 US Gov Treasury, United States Department of 912828UZ1 US Gov Treasury, United States Department of 04/30/2017 07/30/2015 200,000.00 200,001.77 199,974.00 (27.09) 0.374 0.391 AAA 04/30/2018 07/14/2015 700,000.00 693,656.25 -- 697,921.00 2,658.47 0.625 0.769 AAA 15,145363.28 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 Agency Federal National Mortgage Association Fannie Mae 06/22/2020 05/06/2015 600,000.00 593,490.00 -- 606,624.00 12,032.51 1.500 1.231 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137EADR7 Agency Federal Home Loan Mortgage Corp 05/01/2020 05/15/2015 475,000.00 471,527.75 --- 478,728.75 6,608.57 1.375 1.177 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137EACA5 Agency Federal Home Loan Mortgage Corp 03/27/2019 07/05/2013 800,000.00 875,900.00 -- 865,648.00 24,938.47 3.750 0.958 AAA 256350023 LC -Sr Lien Reserve Fund-1 _ 3137EADB2 Agency Federal Home Loan Mortgage Corp 01/13/2022 - _ 750,000.00 737,385.50 --- 786,285.00 42,812.08 2.375 1.498 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137AEV77 Agency CMO Federal Home Loan Mortgage Corp 05/25/2018 07/03/2013 251,000.00 258,314.30 --- 257,008.94 3,053.29 2.699 1.100 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corp 10/25/2021 08/05/2015 30,000.00 31,038.28 31,839.30 91230 2.968 1.598 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38377JZ89 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -I 10/20/2039 07/05/2013 130,966.95 134,972.69 -- 136,478.04 2,090.90 3.500 1.484 AAA 31392J183 Agency CMO Federal National Mortgage Association Fannie Mae 03/25/2018 07/08/2013 17,821.03 18,801.19 18,263.53 75.13 5.000 1.088 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -I 10/16/2044 01/23/2015 339,935.62 348,932.11 -- 345,269.21 (3,019.13) 3.500 2.133 AAA 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corp 06/25/2022 07/03/2013 235,000.00 220,358.40 26 242,609.30 18,286.45 2.396 1.856 AAA Page 8 of 32 Girelside Cooly Trompo win Commission STAMP Portfolio by Account for quarter ended March 31, 2016 Source Account Account Identifier Security Type Category Issuer Final Current Face Maturity Trade Date Value Next Call Base Net Total Summarized Original Cost Date Base Market Value Unrealized Gain/Loss Coupon Yield Credit Rating 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378CRT6 CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 10/20/2040 05/22/2014 108,783.31 105,043.88 3137A7E22 Agency CMO Federal Home Loan Mortgage Corp 3137B03W2 Alen CMO Federal Home Loan Mort•a•e Co • 04/15/2028 07/08/2013 171,018.58 177,057.67 08/25/2017 07/31/2013 36,581.30 36,552.72 108,344.91 3,028.14 2.000 1.877 AAA 175,613.85 2,791.48 3.500 1.100 AAA 36,690.68 145.22 1.426 1.522 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376T5Z1 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T O1/16/2039 O1/26/2015 148,610.88 155,261.22 154,969.94 256.72 3.000 1.648 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -I 06/16/2039 01/21/2015 55,102.04 58,397.64 57,674.75 (656.38) 4.500 1.505 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378BX20 Agency CMO Government National Mortgage Association 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378B7E3 Agency CMO Government National Mortgage Association 06/ 16/20 51 03 / l 7/2015 65,670.71 64,210.01 05/16/2046 05/22/2015 227,121.73 218,303.02 38377RVK8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 04/20/2039 3136A7M18 Agency CMO Federal National Mortgage Association Fannie Mae 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corp 171,681.52 176,523.47 12/25/2019 08/20/2013 127,715.19 09/25/2021 07/03/2013 328,357.39 125,819.42 320,879.56 63,919.27 219,967.39 (219.77) 1.240 2.427 1,549.98 1.744 2.324 AAA AAA 179,034.64 3,310.40 3.000 1.443 AAA 128,392.08 328,761.26 1,595.41 1.520 1.204 5,431.45 1.459 1.292 AAA AAA 256350023 LC -Sr Lien Reserve Fund-1 essunma II' r R F rl_1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3136A72D3 Agency CMO 121711l 11a7 Agency rnan Federal National Mortgage Association Fannie Mae 04/25/2022 07/03/2013 Thr. (:nvrmmm* 10 fnnaI MnngagP Accnriarinn r ,aranrPM RFMrr Pacc_T norrn0ner 38378B7F0 Agency CMO Government National Mortgage Association 3137AQT24 Agency CMO Federal Home Loan Mortgage Corp fort I /9nl A 395,000.00 375,250.00 R 407,466.20 26,787.41 2.482 1.927 I RSA I IR7 AAA AAA 12/16/2042 450,000.00 427,324.22 -- 436,162.50 8,296.42 2.273 3.139 AAA 01/25/2019 10/21/2013 170,000.00 171,195.31 173,519.00 2,994.21 2.130 1.350 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -I 10/20/2039 01/21/2015 127,543.32 133,906.32 -- 135,232.91 1,005.88 4.000 1.555 AAA 38378TAF7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-T 07/20/2041 07/05/2013 220,241.07 220,274.27 38377DPX8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -I 11/20/2036 12/31/2013 15,682.05 31395EZP5 Agency CMO Federal Home Loan Mortgage Corp O8/15/2019 07/09/2013 73,606.42 16,439.85 77,873.29 227,570.69 7,439.93 2.500 1.926 AAA 15,757.64 76,089.90 (98.85) 2.500 0.871 334.29 4.500 1.339 AAA AAA 256350023 LC -Sr Lien Reserve Fund-1 31394DVM9 Agency CMO Federal National Mortgage Association Fannie Mae 02/25/2034 06/19/2014 141,801.63 149,933.06 148,016.79 (43.24) 5.000 1.280 AAA 256350023 LC -Sr Lien Reserve Fund-1 31413XVG5 Agency MBS Federal National Mortgage Association Fannie Mae 06/O1/2019 08/04/2014 200,000.00 218,500.00 208,376.00 (3,911.41) 4.506 2.446 AAA 256350023 LC -Sr Lien Reserve Fund-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 192,197.24 187,287.20 192,076.16 4,608.99 2.099 2.635 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3136A4M48 Agency MBS Federal National Mortgage Association Fannie Mae 31381 PEBO Agency MBS Federal National Mortgage Association Fannie Mae 3137A71U5 Agency MBS Federal Home Loan Mortgage Corp 01/25/2022 07/05/2013 341,777.03 342,738.28 11/01/2020 09/26/2014 263,547.18 277,506.95 347,696.61 5,502.42 2.098 1.538 AAA 283,642.66 10,451.70 3.370 1.851 AAA 11/25/2017 07/03/2013 325,000.00 351,203.13 -- 336,807.25 2,801.76 3.882 1.507 AAA 38378KRS0 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-T 07/16/2043 05/08/2015 450,000.00 434,460.94 447,552.00 12,685.46 2.389 2.650 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -I 11/16/2041 05/22/2015 66,141.98 64,483.27 -- 64,344.91 (186.77) 1.400 2.385 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-T 05/16/2055 05/14/2015 457,866.02 463,517.80 467,929.91 4,582.56 2.500 2.022 AAA 256350023 LC -Sr Lien Reserve Fund-1 31404WT13 Agency MBS Federal National Mortgage Association Fannie Mae 05/O1/2019 12/31/2013 62,807.48 70,014.16 65,162.76 (1,676.10) 4.500 1.228 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association Fannie Mae 31385XBG1 Agency MBS Federal National Mortgage Association Fannie Mae 31416YX12 Agency MBS Federal National Mortgage Association Fannie Mae O1/01/2030 07/10/2013 131,783.22 139,031.30 03/01/2018 09/13/2013 9,587.59 10,210.79 08/01/2026 07/03/2013 56,999.33 59,680.07 38378KSIA Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -I 12/16/2046 3137B6ZL8 Agency MBS Federal Home Loan Mortgage Corp 143,297.12 9,775.60 4,253.25 4.500 1.926 (30.89) 6.000 1.556 AAA AAA 60,401.05 1,324.40 3.500 1.401 AAA 425,000.00 415,829.11 -- 427,953.75 11,991.94 2.791 3.046 AAA 12/25/2019 01/07/2014 34,206.23 34,889.97 34,665.28 79.46 2.075 1.488 AAA 31418AFW3 Agency MBS Federal National Mortgage Association Fannie Mae 06/O1/2022 07/10/2013 192,057.78 198,359.67 -- 200,836.74 4,236.61 3.000 0.828 AAA 3138L33G8 Agency MBS Federal National Mortgage Association Fannie Mae 38378B6A2 Agency MBS Government National Mortgage Association 3128MMAK9 Agency MBS Federal Home Loan Mortgage Corp 06/01/2020 11/12/2015 100,000.00 99,875.00 101,838.00 1,963.54 2.010 1.724 AAA 11/16/2052 01/22/2015 135,221.54 130,958.89 -- 133,202.68 2,322.94 1.826 2.686 AAA 09/O1/2019 07/08/2013 114,971.28 122,228.85 120,732.49 1,349.72 5.000 0.956 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3136AEYG6 Agency MBS Federal National Mortgage Association Fannie Mae 06/25/2018 11/20/2013 142,510.34 143,634.84 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2016 0.00 39,948.71 143,772.98 39,948.71 760.71 1.825 1.225 AAA 0.00 0.000 0.000 NA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828WU0 T65 Treasury, United States Department of 9128281358 US Gov Treasury, United States Department of 07/15/2024 02/05/2016 598,632.00 582,391.10 -- 600,691.29 18,035.06 0.125 0.083 AAA O1/31/2021 1,540,000.00 1,573,283.21 1,605,804.20 35,790.99 2.125 1.212 AAA 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828UF5 US Gov Treasury, United States Department of 912828V V9 US Gov Treasury, United States Department of 912828VB3 US Gov Treasury, United States Department of 912828KQ2 US Gov Treasury, United States Department of 912828RC6 US Gov Treasury, United States Department of 912828TJ9 US Gov Treasury, United States Department of 12/31/2019 --- 1,250,000.00 1,231,787.31 -- 1,253,712.50 19,593.69 1.125 1.044 AAA 08/31/2020 235,000.00 241,525.78 05/15/2023 07/05/2013 1,600,000.00 1,487,125.00 05/15/2019 07/05/2013 500,000.00 539,902.34 O8/15/2021 11/10/2015 1,300,000.00 1,313,507.81 08/15/2022 1,120,000.00 1,086,086.92 244,639.70 1,622,000.00 3,385.80 2.125 1.169 AAA 106,338.03 1.750 1.545 AAA 534,435.00 12,670.81 3.125 0.885 AAA 1,353,976.00 1,128,624.00 41,309.83 2.125 1.322 AAA 33,211.26 1.625 1.498 AAA 19,255,322.09 27 Page 9 of 32 ATTACHMENT 4 Riverside Gnry ironsponolion (ammission STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2016 Source Account Account Beginning Base Identifier Descri Ben Market Value Base Purchases Base Base Change In Base Maturities Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued Base Sales and Redem lions Base Pa downs Gain/Loss ccretion Gain/Loss Market Value Income Balance 205091001 LC-2013 A Capitalized Interes 9AMMF05B2 U.S. Bank Money Market Accoun 205091001 LC-2013 A Capitalized Interest 31392HWL3 FN-033D-BC 205091001 LC-2013 A Capitalized Interes 31392F6C6 FN-0277C-CB 205091001 LC 2013 A Capitalized Interest 31393EXC8 FN-0388E-TH 83,344.15 29,766.27 189,864.45 267,595.04 205091001 LC-2013 A Capitalized Interest 912828UB4 UNITED STATES TREASURY 2,443,450.00 205091001 LC-2013 A Capitalized Interest 89236TAY1 TOYOTA MOTOR CREDIT CC 2,011,320.00 205091001 LC-2013 A Capitalized Interest 89114QAE8 TORONTO DOMINION BANK 757,867.50 205091001 LC-2013 A Capitalized Interest 912828UA6 UNITED STATES TREASURY 1,735,510.00 205091001 LC-2013 A Capitalized Interest 31402RBG3 FN 735439 205091001 LC-2013 A Capitalized Interest 31402RBG3 FN 735439 205091001 LC-2013 A Capitalized Interest 31402RBG3 FN 735439 71,854.19 8,011.7 3,250.9 205091001 LC-2013 A Capitalized Interest 44328MAL8 HSBC BANK PLC 1,008,500.00 205091001 LC-2013 A Capitalized Interest 44328MAL8 HSBC BANK PLC 2,647,312.50 205091001 LC-2013 A Capitalized Interest 30231GAL6 EXXON MOBIL CORP 579,077.80 205091001 LC-2013 A Capitalized Interest 3136ACGF2 FN-13M3-AQ2 209,002.52 205091001 LC-2013 A Capitalized Interest 31392FPP6 FN-0274C-PE 119,171.53 205091001 LC-2013 A Capitalized Interest 3136A8G38 FN-12M13A-A2 2,049,637.70 205091001 LC-2013 A Capitalized Interest 31410GSQ7 FN 888927 94,749.23 205091001 LC-2013 A Capitalized Interest 3128MBTH0 FH G13052 89,426.3 205091001 LC-2013 A Capitalized Interest 36290WH47 GN 619551 759,223.02 205091001 LC-2013 A Capitalized Interest 3128H4NR6 FH E96700 66,534.12 205091001 LC-2013 A Capitalized Interest 3128PGLY7 FH 704843 126,360.57 205091001 LC-2013 A Capitalized Interest 912828UZ1 UNITED STATES TREASURY 3,356,310.00 205091001 LC-2013 A Capitalized Interest 822582AC6 SHELL INTERNATIONAL FIN 418,964.00 205091001 LC-2013 A Capitalized Interest 184126YS3 CLAYTON CNTY & CLAYTOT 772,579.50 205091001 LC-2013 A Capitalized Interest 64966H4E7 NEW YORK N Y 1,207,826.10 205091001 LC-2013 A Capitalized Interest 037833A79 APPLE INC 2,975,640.00 205091001 LC-2013 A Capitalized Interest 912828M23 UNITED STATES TREASURY 799,272.00 205091001 LC-2013 A Capitalized Interest 912828SY7 UNITED STATES TREASURY 3,882,801.00 205091001 LC-2013 A Capitalized Interest 0846646E0 BERKSHIRE HATHAWAY FIN 868,328.00 205091001 LC-2013 A Capitalized Interest 31392BVM5 FN-023C-PG 29,889.13 205091001 LC-2013 A Capitalized Interest 912828784 UNITED STATES TREASURY 2,963,070.00 205091001 LC-2013 A Capitalized Interest 912828784 UNITED STATES TREASURY 1,283,997.00 205091001 LC-2013 A Capitalized Interest 459200GX3 INTERNATIONAL BUSINESS 467,780.70 205091001 LC-2013 A Capitalized Interest 78008K5 V 1 ROYAL BANK OF CANADA 2,012,320.00 205091001 LC 2013 A Capitalized Interest 89153 VAC3 TOTAL CAPITAL INTERNATli 160,409.60 205091001 LC-2013 A Capitalized Interest 90327QCW7 USAA CAPITAL CORP 4,047,320.00 205091001 LC-2013 A Capitalized Interest 31294LPZ0 FH E02240 76,236.48 205091001 LC-2013 A Capitalized Interest 3137EADQ9 FREDDIE MAC 205091001 LC-2013 A Capitalized Interest 912828RU6 UNITED STATES TREASURY 3,502,065.00 205091001 LC-2013 A Capitalized Interest 36200AFG9 GN 595167 205091001 LC-2013 A Capitalized Interest 235219752 DALLAS TEX 205091001 LC-2013 A Capitalized Interest 31393V2T7 FH-2627E-GY 205091001 LC 2013 A Capitalized Interest 31402QT68 FN 735073 205091001 LC-2013 A Capitalized Interest 3128GNR59 FH E85908 205091001 LC-2013 A Capitalized Interest 31401MWC1 FN 712643 205091001 LC-2013 A Capitalized Interest 3128PHVS7 FH 706025 205091001 LC-2013 A Capitalized Interest 3132FEAK7 FH Z50010 31.412.36 2,149,475.30 497,911.76 203,909.27 64,483.32 591,105.19 59,537.58 114,576.83 ,698,049.73 ,400,347.20 402 447.20) (4,895.21) (35,615.66) (41,357.51) (107.22) (808.70) (1 057.20) (39.06) (321.98) (400.86) 378,946.68 (60.85) (243.83) 41.14 24,663.93 152,874.28 224,820.6 100.31 623.68 815.35 3,628.95 51,846.05 2,498,925.00 8,401.64 (1,719.03) 26,479.03 2,036,080.00 17,444.44 (2,033.03) 540.53 756,375.00 8,015.63 2,814.75 8,875.25 1,747,200.00 3,675.72 (34,515.54) ,357.06) (591.25) 490.09 135,880.44 658.93 (1,609.09) (61.29) (26.74) 20.04 6,334.64 30.72 (2,661.34) (94.71) (41.43) 23.70 10,477.14 50.81 (4,506.01) (753.99) 1,003,240.00 10,936.11 (10,953.29) (2,854.21) 2,633,505.00 28,707.29 59.06 3,467.34 582,604.20 525.63 (209,161.49) 20.85 80.93 57.20 (23,925.70) (514.73) (117.57) (205.46) 94,408.07 385.65 (115,609.48) 804.05 2,061.50 (3,824.41) 1,933,069.36 2,008.68 (22,201.93) (12,149.96) (109,306.28) (9,458.76) (30,332.16) (731.00) (418.29) (4,013.92) (293.70) (594.05) (429.07) (303.97) (2,038.19) 390.17 71,777.39 351.44 83.75 76,737.84 309.65 3,170.47 647,035.10 2,361.26 (232.00) 111.38 56,661.04 228.64 (399.32) (196.44) 94,838.59 382.69 3,377.81 (3,410.25) 937.84 (4,057.74) 3,411.84 242.52 30,214.19 3,389,902.00 8,932.01 778.25 416,332.00 520.00 3,497.36 777,014.70 4,170.83 9,463.14 1,213,231.50 18,369.00 27,128.16 3,006,180.00 12,333.33 429.48 799,944.00 660.19 4,594.08 10,303.92 3,897,699.00 8,191.60 (7,734.43) 11,590.43 872,184.00 16,320.00 (12,979.14) (158.21) (55.92) 0.94 16,696.81 75.89 (609,257.81) - - 16,078.56 1,766.48 54,406.77 2,426,064.00 90.16 869.84 29,251.16 1,314,118.00 48.84 (1,080.82) (9,067.59) 42.07 313.57 467,013.45 1,737.94 (1,432.41) 2,001,820.00 25,875.00 78.74 160,630.40 640.67 (10,702.30) 6,102.30 4,042,720.00 250.00 (29,215.95) (431.73) (310.53) 148.79 46,427.06 230.43 (10,676.65) (75,223.44) (33,007.90) (21,877.27) (60,614.55) (15,206.67) (19,205.35) (147.44) 38.24 1,400,238.00 2,683.33 231.76 6,033.24 3,508,330.00 10,292.01 (348.18) (108.28) (1,865.42) (1,615.79) (335.06) (1,910.33) (430.90) (575.13) (730.64) (541.90) (286.06) (2,075.62) (175.34) (443.49) 37.98 20,417.24 91.98 6,383.65 2,155,858.95 4,334.88 795.92 951.49 420,888.17 69,695.17 1,530.87 814.18 83.17 42,168.10 209.25 2,462.58 15.82 210.12 528,967.27 43,740.48 94,562.97 47,998,049.64 3,098,396.93 (2,011,705.01) (930,807.03) (819.16) (40,861.73) 287,043.94 48,399,297.58 1,917.70 176.50 381.58 206,892.43 256350001 LC -Project Fund-2 Senior Lien 9AMMF05B2 U.S. Bank Money Market Accoun 256350001 LC -Project Fund-2 Senior Lien 744321D57 Prudential Financial, Inc. 256350001 LC -Project Fund-2 Senior Lien 25737LAK6 Dominion Gas Holdings, LLC 108,271.57 1,999,660.00 64,835,366.95 (62,779,328.92) 1,898,524.86 (2,000,000.00) 1,337.92 590.00 23.22 (250.00) 2,164,309.60 1,899,886.00 256350001 LC -Project Fund-2 Senior Lien 58507AC84 Medtronic Global Holdings S.C.) 256350001 LC -Project Fund-2 Senior Lien 23337SAB0 DTE Gas Company 256350001 LC -Project Fund-2 Senior Lien 0255E2DC1 American Electric Power Compan 256350001 LC -Project Fund-2 Senior Lien 88513AE57 Thomson Reuters Corporation 256350001 LC -Project Fund-2 Senior Lien 78355AD84 Ryder System, Inc. 1,999,840.00 256350001 LC -Project Fund-2 Senior Lien 65475LAU6 Nissan Motor Acceptance Corpor 1,999,460.00 256350001 LC -Project Fund-2 Senior Lien 2574POBH6 Dominion Resources, Inc. 256350001 LC -Project Fund-2 Senior Lien 05333TA52 AutoZone, Inc. 999,990.00 256350001 LC -Project Fund-2 Senior Lien 92780JAL5 Virginia Electric and Power Coml 1,999,640.00 256350001 LC -Project Fund-2 Senior Lien 77434LDB0 Rockwell Collins, Inc. 256350001 LC -Project Fund-2 Senior Lien 42824EA88 Hewlett Packard Enterprise Com] 1,999,900.00 256350001 LC -Project Fund-2 Senior Lien 42824EBS3 Hewlett Packard Enterprise Comp 256350001 LC -Project Fund-2 Senior Lien 65474VAG6 NMOTR-I3A-A 1,600,000.00 256350001 LC -Project Fund-2 Senior Lien 20279VD83 Commonwealth Edison Company 256350001 LC -Project Fund-2 Senior Lien 58507ADL4 Medtronic Global Holdings S.C.) 256350001 LC -Project Fund-2 Senior Lien 619791C21 Motiva Enterprises LLC 256350001 LC -Project Fund-2 Senior Lien 6821A2C47 Omnicom Capital Inc. 1,699,291.66 1,998,864.44 1,897,245.00 1,998,702.22 1,998,460.00 1,099,272.78 (1,700,000.00) (2,000,000.00) (2,000,000.00) (2,000,000.00) (1,000,000.00) (2,000,000.00) (2,000,000.00) 1,899,047.89 - (1,900,000.00) 1,998,666.66 1,998,499.44 708.34 333.34 689.45 1,140.00 1,013.89 (173.34) 126.11 1,999,680.00 608.00 1,898,993.00 83.89 1,999,800.00 1,155.00 (615.00) 1,540.00 55.56 (45.56) 496.11 (136.11) 513.33 59.89 1,099,846.00 241.11 (141.11) 952.11 (1,600,000.00) 222.02 13.99 (236.01) 1,022.23 730.00 1,998,618.88 - (2,000,000.00) - - 1,381.12 1,999,156.66 - (2,000,000.00) - - 843.34 256350001 LC -Project Fund-2 Senior Lien 42824EDB8 Hewlett Packard Enterprise Comp - 1,997,898.34 1,562.77 111.11 1,999,800.00 230.56 1,999,460.00 258.89 1,999,720.00 256350001 LC -Project Fund-2 Senior Lien 00287BA74 AbbVie Inc. 1,799,946.00 256350001 LC -Project Fund-2 Senior Lien 83700ED47 South Carolina Electric & Gas Cc - 1,499,156.25 28 (1,800,000.00) 180.00 (126.00) 750.00 33.75 1,499,940.00 Page 10 of 32 ��INEM. fro or,ide (Bonry ironsponolion is nrnission STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2016 Source Beginning Base Base Maturities Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base I I Ending Accrued 256350001 LC -Project Fund-2 Senior Lien 3016E2CF8 Exelon Generation Company, LLI - 1,998,300.00 - - (2,000,000.00) - - - - 1,700.00 - - - 256350001 LC -Project Fund-2 Senior Lien 89355PCB2 TransCanada PipeLines Limited - 1,998,500.00 (2,000,000.00) - 1,500.00 - - - 256350001 LC -Project Fund-2 Senior Lien 05634BA65 Bacardi U.S.A., Inc. 1,999,960.00 - - (2,000,000.00) - 141.67 (101.67) - - 256350001 LC -Project Fund-2 Senior Lien 80686DDK7 Schlumberger Holdings Corpomti - 1,998,488.88 - - - - 711.12 300.00 1,999,500.00 - 256350001 LC -Project Fund-2 Senior Lien 27805ACH8 Eaton Corporation - 1,999,000.00 - (2,000,000.00) - - 1,000.00 - - - 256350001 LC -Project Fund-2 Senior Lien 25156KA87 Deutsche Telekom AG 1,999,900.00 - - (2,000,000.00) - - 202.22 (102.22) - - 256350001 LC -Project Fund-2 Senior Lien 60920VDL3 Mondelez International, Inc. - 1,998,400.00 - - - - 840.00 220.00 1,999,460.00 - 256350001 LC -Project Fund-2 Senior Lien 07787PD54 The Bell Telephone Company of I - 1,998,720.00 - - - - 1,120.00 40.00 1,999,880.00 - 256350001 LC -Project Fund-2 Senior Lien 6362P2BA3 National Grid USA - 1,998,753.34 - (2,000,000.00) - - 1,246.66 - - - 256350001 LC -Project Fund-2 Senior Lien 65475LC75 Nissan Motor Acceptance Corpor - 1,149,065.63 - (1,150,000.00) - - 934.37 - - - 256350001 LC -Project Fund-2 Senior Lien 61979JD61 Motive Enterprises LLC - 1,897,561.67 - - - - 2,068.89 236.44 1,899,867.00 - 256350001 LC -Project Fund-2 Senior Lien 58507AB93 Medtronic Global Holdings S.C./ - 1,998,952.78 - (2,000,000.00) - - 1,047.22 - M- - 256350001 LC -Project Fund-2 Senior Lien 91058TAK2 United Healthcare Corporation 1,999,660.00 - - (2,000,000.00) - - 680.00 (340.00) - - 256350001 LC -Project Fund-2 Senior Lien 57163TB40 Marriott International, Inc. - 1,998,786.66 - (2,000,000.00) - - 1,213.34 - - - - 256350001 LC -Project Fund-2 Senior Lien 92780JDJ7 Virginia Electric and Power Comm - 1,748,390.00 - - - - 1,015.00 175.00 1,749,580.00 - 256350001 LC -Project Fund-2 Senior Lien 65475LD17 Nissan Motor Acceptance Corpor - 424,724.22 - - - - 275.78 - 425,000.00 - 256350001 LC -Project Fund-2 Senior Lien 28103AAF1 Edison International 1,999,740.00 - - (2,000,000.00) - - 458.89 (198.89) - - 256350001 LC -Project Fund-2 Senior Lien 61979JA72 Motive Enterprises LLC 1,999,940.00 - - (2,000,000.00) - - 166.67 (106.67)- - - 256350001 LC -Project Fund-2 Senior Lien 61979JB89 Motive Enterprises LLC - 1,998,916.66 - (2,000,000.00) - - 1,083.34 - - - 256350001 LC -Project Fund-2 Senior Lien 05634BCG1 Bacardi U.S.A., Inc. - 1,998,911.12 - (2,000,000.00) - - 1,088.88 - - - 256350001 LC -Project Fund-2 Senior Lien 04635PD71 AstraZeneca PLC - 1,998,522.22 - - - - 1,244.45 73.33 1,999,840.00 - 256350001 LC -Project Fund-2 Senior Lien 3016E2B85 Exelon Generation Company, LLI - 1,998,631.12 - (2,000,000.00) - - 1,368.88 - - - 256350001 LC -Project Fund-2 Senior Lien 68268TC73 ONEOK Partners, L.P. - 1,998,553.88 - (2,000,000.00) - - 1,446.12 - - - 256350001 LC -Project Fund-2 Senior Lien 02581RAM5 American Express Credit Corpora 1,999,620.00 - - (2,000,000.00) - - 555.56 (175.56) - - 256350001 LC -Project Fund-2 Senior Lien 91058TCJ3 United Healthcare Corporation - 1,797,854.00 - (1,800,000.00) - - 2,146.00 - - - 256350001 LC -Project Fund-2 Senior Lien 25737LC32 Dominion Gas Holdings, LLC - 1,798,488.00 - (1,800,000.00) - - 1,512.00 - - - 256350001 LC -Project Fund-2 Senior Lien 91324PCJ9 UNITEDHEALTH GROUP INC 290,194.30 - - - - - (38.19) 90.39 290,246.50 628.98 256350001 LC -Project Fund-2 Senior Lien 90213PC48 Tyco International Finance S.A. - 1,996,938.88 - (2,000,000.00) - - 3,061.12 - - - 256350001 LC -Project Fund-2 Senior Lien 74432JBN0 Prudential Financial, Inc. - 1,998,313.33 - (2,000,000.00) - - 1,686.67 - - - 256350001 LC -Project Fund-2 Senior Lien 88513AAE2 Thomson Reuters Corporation 1,999,780.00 - - (2,000,000.00) - - 433.33 (213.33) - - 256350001 LC -Project Fund-2 Senior Lien 27886LB87 Ecolab Inc. 1,999,040.00 - - (2,000,000.00) - - 1,118.89 (158.89) - - 256350001 LC -Project Fund-2 Senior Lien 27805ABG1 Eaton Corporation - 1,998,911.12 - (2,000,000.00) - - 1,088.88 - - - 256350001 LC -Project Fund-2 Senior Lien 57163TDN6 Marriott International, Inc. - 1,998,418.34 - - - - 730.00 251.66 1,999,400.00 - 256350001 LC -Project Fund-2 Senior Lien 58507AAB9 Medtronic Global Holdings S.C./ 1,999,840.00 - - (2,000,000.00) - - 294.44 (134.44) - - 256350001 LC -Project Fund-2 Senior Lien 07274LDJ3 Bayerische Landesbank - 1,699,145.75 - - - - 316.39 129.86 1,699,592.00 - 256350001 LC -Project Fund-2 Senior Lien 05634BBH0 Bacardi U.S.A., Inc. - 1,998,715.56 - (2,000,000.00) - - 1,284.44 - - - 256350001 LC -Project Fund-2 Senior Lien 85572ACE4 Starwood Hotels & Resorts Work - 1,998,890.00 - (2,000,000.00) - - 1,110.00 - - - 256350001 LC -Project Fund-2 Senior Lien 28103AB94 Edison International - 1,999,183.34 - (2,000,000.00) - - 816.66 - - - 256350001 LC -Project Fund-2 Senior Lien 85572ABC9 Starwood Hotels & Resorts Work - 1,999,004.44 - (2,000,000.00) - - 995.56 - - - 256350001 LC -Project Fund-2 Senior Lien 85572AAD8 Stanwood Hotels & Resorts Work 1,999,800.00 - - (2,000,000.00) - - 266.67 (66.67) - - 256350001 LC -Project Fund-2 Senior Lien 57163TCE7 Marriott International, Inc. - 1,998,742.78 - (2,000,000.00) - - 1,257.22 - - - 256350001 LC -Project Fund-2 Senior Lien 43357LCN0 Hitachi Capital America Corp. - 1,898,786.11 - (1,900,000.00) - - 1,213.89 - - - 256350001 LC -Project Fund-2 Senior Lien 91302CAC1 United Technologies Corporation 1,299,883.00 - - (1,300,000.00) - - 278.05 (161.05) - - 256350001 LC -Project Fund-2 Senior Lien 55314MAD8 MMAFEF-IIA-A4 129,177.12 - - - (71,985.50) (130.30) (66.70) 2.82 56,997.43 53.10 256350001 LC -Project Fund-2 Senior Lien 1248C2C87 CBS Corporation - 1,599,365.33 - (1,600,000.00) - - 634.67 - - - 256350001 LC -Project Fund-2 Senior Lien 05333TC92 AutoZone, Inc. - 1,998,872.22 - (2,000,000.00) - - 1,127.78 - - - 256350001 LC -Project Fund-2 Senior Lien 44890MBN1 Hyundai Capital America - 1,998,050.00 - (2,000,000.00) - - 1,950.00 - - - 256350001 LC -Project Fund-2 Senior Lien 25737LDL1 Dominion Gas Holdings, LLC - 1,998,677.78 - - - - 583.33 198.89 1,999,460.00 - 256350001 LC -Project Fund-2 Senior Lien 161571GM0 CHAIT 2014-A4 A4 129,942.80 - - - - - 55.58 13.32 130,011.70 209.10 256350001 LC -Project Fund-2 Senior Lien 07787PBV9 The Bell Telephone Company of I - 1,499,040.00 - (1,500,000.00) - - 960.00 - - - 256350001 LC -Project Fund-2 Senior Lien 78355ABC7 Ryder System, Inc. - 1,499,150.00 - (1,500,000.00) - - 850.00 - - - 256350001 LC -Project Fund-2 Senior Lien 41282JAB7 Harley-Davidson Financial Servic 1,999,840.00 - - (2,000,000.00) - - 288.89 (128.89) - - 256350001 LC -Project Fund-2 Senior Lien 63946DAC0 NBCUniversal Enterprise, Inc. 1,999,820.00 - - (2,000,000.00) - - 427.78 (247.78) - - 40,352,844.79 159,792,497.19 (62,779,328.92) (98,950,000.00) (1,671,985.50) 91.72 66,742.00 (592.04) 36,810,269.23 891.18 256350004 LC-PF-2 Sales Tax Revenue Bond 9AMMF0562 U.S. Bank Money Market Accoun 116,480.61 31,621,599.50 (25,829,759.23) - - - - - 5,908,320.88 - 256350004 LC-PF-2 Sales Tax Revenue Bond 88513AE57 Thomson Reuters Corporation - 1,098,405.00 - - - - 660.00 _ 352.00 1,099,417.00 - 256350004 LC-PF-2 Sales Tax Revenue Bond 2574POBH6 Dominion Resources, Inc. - 1,598,836.45 - (1,600,000.00) - - 1,163.55 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 05333TA52 AutoZone, Inc. 1,599,984.00 - - (1,600,000.00) - - 88.89 (72.89) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 65475LAU6 Nissan Motor Acceptance Corpor 699,811.00 - - (700,000.00) - - 404.25 (215.25) - - 256350004 LC-PF-2 Sales Tax Revenue Bond CCYUSD Cash (0.01) - _ - - - - - - (0.01) - 256350004 LC-PF-2 Sales Tax Revenue Bond 42824EA88 Hewlett Packard Enterprise Coml 1,799,910.00 - - (1,800,000.00) - - 217.00 (127.00) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 42824E653 Hewlett Packard Enterprise Comf - 1,499,248.34 - (1,500,000.00) - - 751.66 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 65474VAG6 NMOTR-I3A-A 1,400,000.00 - - - (1,400,000.00) 194.27 12.24 (206.51) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 42824EDB8 Hewlett Packard Enterprise Comf - 1,198,739.00 - - - - 937.67 155.33 1,199,832.00 - 256350004 LC-PF-2 Sales Tax Revenue Bond 00287BA74 AbbVie Inc. 649,980.50 - - (650,000.00) - - 65.00 (45.50) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 NEW HAMPSHIRE ST BUSINE 3,200,000.00 - - - - - - - 3,200,000.00 1,112.00 256350004 LC-PF-2 Sales Tax Revenue Bond 07787PD47 The Bell Telephone Company of I - 1,199,352.00 - - - - 576.00 24.00 1,199,952.00 - 256350004 LC-PF-2 Sales Tax Revenue Bond 05634BA65 Bacardi U.S.A., Inc. 1,799,964.00 - - (1,800,000.00) - - 127.50 (91.50) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 27805ACH8 Eaton Corporation - 399,800.00 - (400,000.00) - - 200.00 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 6362P2BA3 National Grid USA - 1,499,065.01 - (1,500,000.00) - - 934.99 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 61979JD61 Motive Enterprises LLC - 1,098,588.34 - - - - 1,197.77 136.89 1,099,923.00 - 256350004 LC-PF-2 Sales Tax Revenue Bond 91058TAK2 United Healthcare Corporation 1,599,728.00 - - (1,600,000.00) - - 543.99 (271.99) - - 29 Page 11 of 32 ��INEMi fro Bride Cooly ironsponolion Omission STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2016 Source Beginning Base Base Maturities Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base I Ending Accrued 256350004 LC-PF-2 Sales Tax Revenue Bond 57163TB40 Marriott International, Inc. - 1,599,168.00 - - (1,600,000.00) - - - - - 832.00 - - 1,199,712.00 - - 256350004 LC-PF-2 Sales Tax Revenue Bond 92780JDJ7 Virginia Electric and Power Comm - 1,198,896.00 - 696.00 120.00 - 256350004 LC-PF-2 Sales Tax Revenue Bond 28103AAF1 Edison International 1,599,792.00 - - (1,600,000.00) - 435.56 (227.56) - 256350004 LC-PF-2 Sales Tax Revenue Bond 61979JA72 Motiva Enterprises LLC 1,799,946.00 - - (1,800,000.00) - - 150.00 (96.00) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 6197911389 Motiva Enterprises LLC - 1,599,200.00 - (1,600,000.00) - - 800.00 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 05634BCG1 Bacardi U.S.A., Inc. - 1,399,237.78 - (1,400,000.00) - - 762.22 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 04635PD71 AstraZeneca PLC - 1,199,113.33 - - - - 746.67 44.00 1,199,904.00 - 256350004 LC-PF-2 Sales Tax Revenue Bond 61979JC39 Motiva Enterprises LLC - 1,399,329.16 - (1,400,000.00) - - 670.84 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 65475LCM2 Nissan Motor Acceptance Corpor - 1,399,237.78 - (1,400,000.00) - - 762.22 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 68268TC73 ONEOK Partners, L.P. - 1,398,987.72 - (1,400,000.00) - - 1,012.28 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 6362P2CM6 National Grid USA - 1,299,393.33 - (1,300,000.00) - - 606.67 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 02581RAM5 American Express Credit Corpora 949,819.50 - - (950,000.00) - - 263.89 (83.39) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 25737LC32 Dominion Gas Holdings, LLC - 1,498,740.00 - (1,500,000.00) - - 1,260.00 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 91324PCJ9 UNITEDHEALTH GROUP INC 395,264.65 - - - - - (52.02) 123.12 395,335.75 856.72 256350004 LC-PF-2 Sales Tax Revenue Bond 85572ABS4 Starwood Hotels & Resorts Wort - 1,449,240.77 - (1,450,000.00) - - 759.23 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 88513AAE2 Thomson Reuters Corporation 1,799,802.00 - - (1,800,000.00) - - 370.50 (172.50) - 256350004 LC-PF-2 Sales Tax Revenue Bond 90213PC48 Tyco International Finance S.A. - 1,298,181.81 - (1,300,000.00) - - 1,818.19 - -- - 256350004 LC-PF-2 Sales Tax Revenue Bond 65475LBJ0 Nissan Motor Acceptance Corpor - 999,280.56 - (1,000,000.00) - - 719.44 - 256350004 LC-PF-2 Sales Tax Revenue Bond 27886LB87 Ecolab Inc. 1,499,280.00 - - (1,500,000.00) - - 839.17 (119.17) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 58507AAB9 Medtronic Global Holdings S.C./ 1,499,880.00 - - (1,500,000.00) - - 220.83 (100.83) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 05634BBH0 Bacardi U.S.A., Inc. - 1,599,123.55 - (1,600,000.00) - - 876.45 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 85572AAD8 Starwood Hotels & Resorts Work 1,799,820.00 - - (1,800,000.00) - - 240.00 (60.00) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 43357LCN0 Hitachi Capital America Corp. - 1,299,169.44 - (1,300,000.00) - - 830.56 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 07588LA81 Becton, Dickinson and Company 1,249,937.50 - - (1,250,000.00) - - 121.53 (59.03) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 64468EAY6 NEW HAMPSHIRE ST BUSINF 4,190,000.00 - - - - - - - 4,190,000.00 1,456.03 256350004 LC-PF-2 Sales Tax Revenue Bond 3016E2BA0 Exelon Generation Company, LLI - 1,598,942.22 - (1,600,000.00) - - 1,057.78 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 1248C2C87 CBS Corporation - 1,399,444.66 - (1,400,000.00) - - 555.34 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 44890MBN1 Hyundai Capital America - 1,498,537.50 - (1,500,000.00) - - 1,462.50 - - - 256350004 LC-PF-2 Sales Tax Revenue Bond 25737LAM2 Dominion Gas Holdings, LLC 1,799,658.00 - - (1,800,000.00) - - 560.00 (218.00) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 41282JAB7 Harley-Davidson Financial Servic 1,599,872.00 - - (1,600,000.00) - - 231.11 (103.11) - - 256350004 LC-PF-2 Sales Tax Revenue Bond 05333TDB6 AutoZone, Inc. - 1,199,206.67 - - - - 566.66 58.67 1,199,832.00 - 33,048,929.75 67,546,063.92 (25,829,759.23) (51,500,000.00) (1,400,000.00) 194.27 28,056.13 (1,256.22) 21,892,228.62 3,424.74 256350005 LC -Project Fund-Toll2 9AMMF05B2 U.S. Bank Money Market Amour 88,697.68 9,512,345.48 (9,600,541.20) - - - - - 501.96 - 256350005 LC -Project Fund-Toll2 161571FK5 CHAIT 2012-A4 A4 147,729.00 - - - - - 108.37 2,857.13 150,694.50 105.33 256350005 LC -Project Fund -Toll 2 00138CAA6 AIG GLOBAL FUNDING 298,491.00 - - - - - (69.49) 1,152.49 299,574.00 1,457.50 256350005 LC -Project Fund-Toll2 912828TG5 UNITED STATES TREASURY 694,694.00 - - - - - 748.16 2,835.84 698,278.00 586.54 256350005 LC -Project Fund -Toll 2 912828TG5 UNITED STATES TREASURY 545,831.00 - (523,495.12) - - (306.12) 106.57 2,802.17 24,938.50 20.95 256350005 LC -Project Fund-Toll2 36225FGM5 G2 082903 118,821.16 - - - (5,811.18) (199.97) (37.56) 236.75 113,009.20 170.30 256350005 LC -Project Fund -Toll 2 89153UAE1 TOTAL CAPITAL CANADA Ll 298,146.00 - - - - - - 2,889.00 301,035.00 918.33 256350005 LC -Project Fund-Toll2 718172AA7 PHILIP MORRIS INIERNATIO 272,757.50 - - - - - (2,366.35) 2,933.85 273,325.00 5,296.88 256350005 LC -Project Fund-Toll2 _ 865622CB8 SUMITOMO MITSUI BANKINI - 250,000.00 - - - - - 285.00 250,285.00 790.63 256350005 LC -Project Fund -Toll 2 3133EFHX8 FEDERAL FARM CREDIT BAP - 349,447.00 (348,947.89) - - (541.18) 42.07 - - - 256350005 LC -Project Fund-Toll2 3h34G6FY4 FEDERAL HOME LOAN MOW - 500,030.00 - (500,000.00) - (27.60) (2.40) - - - 256350005 LC -Project Fund-Toll2 01854VBK1 Alliancebemstein Holding L.P. - 449,959.75 - (450,000.00) - - 40.25 - - - 256350005 LC -Project Fund -Toll 2 22546QAM9 CREDIT SUISSE AG (NEW YO - 254,280.90 - - - - 113.85 (103.65) 254,291.10 278.81 256350005 LC -Project Fund-Toll2 26442CAD6 DUKE ENERGY CAROLINAS: 124,328.80 - - - - - (990.80) 1,679.84 125,017.84 2,727.93 256350005 LC -Project Fund-Toll2 9h2828KQ2 UNITED STATES TREASURY 221,541.60 - - - - - (876.32) 3,797.42 224,462.70 2,487.98 256350005 LC -Project Fund -Toll 2 912828KQ2 UNITED STATES TREASURY 738,472.00 - - - - - (2,946.26) 12,683.26 748,209.00 8,293.27 256350005 LC -Project Fund -Toll 2 912828KQ2 UNITED STATES TREASURY 632,976.00 - (106,375.00) - - 960.14 (2,070.47) 8,944.32 534,435.00 5,923.76 256350005 LC -Project Fund-Toll2 43357LA51 Hitachi Capital America Corp. 474,995.25 - - (475,000.00) - - 58.58 (53.83) - - 256350005 LC -Project Fund-Toll2 02582JGG9 AXCMT-132-A - 300,468.75 - - - - (14.53) 25.78 300,480.00 121.30 256350005 LC -Project Fund -Toll 2 3130A6U88 FEDERAL HOME LOAN BAN1 - 150,487.50 - - - - (203.99) 20.99 150,304.50 598.13 256350005 LC -Project Fund-Toll2 38378NNA7 GN-13194-AB 586,598.23 - - - (4,591.45) (30.42) (49.96) 3,681.04 585,607.44 1,088.67 256350005 LC -Project Fund -Toll 2 828807CM7 SIMON PROPERTY GROUP LI 138,853.40 - - - - - 49.53 1,357.47 140,260.40 350.00 256350005 LC -Project Fund-Toll2 912828KD1 UNITED STATES TREASURY 416,796.00 - (422,703.12) - - 2,977.16 (699.87) 3,629.84 - - 256350005 LC -Project Fund-Toll2 9128281(D1 UNITED STATES TREASURY - 731,773.44 - - - - (325.64) 6,205.20 737,653.00 2,432.69 256350005 LC -Project Fund -Toll 2 912828KDh UNITED STATES TREASURY 833,592.00 - (185,240.24) - - 2,043.75 (2,681.45) 10,904.68 658,618.75 2,172.05 256350005 LC -Project Fund-Toll2 9128281(D1 UNITED STATES TREASURY 323,016.90 - - - - - (1,111.57) 4,769.57 326,674.90 1,077.34 256350005 LC -Project Fund-Toll2 912828KD1 UNITED STATES TREASURY 312,597.00 - - - - - (1,046.11) 4,586.11 316,137.00 1,042.58 256350005 LC -Project Fund-Toll2 084664CD1 BERKSHIRE HATHAWAY FIN 299,316.00 - (299,490.00) - - (634.71) (11.57) 820.29 - - 256350005 LC -Project Fund-Toll2 58769AAD8 MBALT-I5B-A3 253,816.80 - - - - - 0.72 1,302.33 255,119.85 151.87 256350005 LC -Project Fund-Toll2 74153WCE7 PRICOA GLOBAL FUNDING I 297,981.00 - - - - - 55.36 751.64 298,788.00 483.75 256350005 LC -Project Fund -Toll 2 _ 59562VAT4 MIDAMERICAN ENERGY HO- 162,049.50 - - - - - (1,515.35) _ 1,047.35 161,581.50 4,312.50 256350005 LC -Project Fund-Toll2 90290KAD7 USAOT-141-A4 443,242.25 - - - - - 154.61 1,398.44 444,795.30 185.91 256350005 LC -Project Fund-Toll2 38378BR35 GN-12142-AB 333,199.56 - - - (2,422.11) 55.05 76.80 2,827.76 333,737.06 378.25 256350005 LC -Project Fund-Toll2 928668AF9 VOLKSWAGEN GROUP OF Al 291,282.00 - - - - - (53.74) 5,621.74 296,850.00 1,746.67 256350005 LC -Project Fund-Toll2 36225FLU1 G2083038 250,273.31 - - - (13,986.56) (467.92) (75.73) 1,127.87 236,870.98 335.13 256350005 LC -Project Fund -Toll 2 912828M23 UNITED STATES TREASURY 424,613.25 - (424,298.78) - - 77.15 22.94 (414.57) - - 256350005 LC -Project Fund -Toll 2 037833BR0 APPLE INC - 150,000.00 - - - - - 1,330.50 151,330.50 227.72 256350005 LC -Project Fund-Toll2 3138EKUP8 FN AL3289 266,994.68 - - - (33,320.96) (1,723.43) (553.09) (166.55) 231,230.66 927.02 256350005 LC -Project Fund -Toll 2 9278011391 Virginia Electric and Power Com1 - 349,934.76 - (350,000.00) - - 65.24 - - - 256350005 LC -Project Fund-Toll2 92780JD73 Virginia Electric and Power Comb - 399,897.33 - - - - 58.67 12.00 399,968.00 - 30 Page 12 of 32 lirBrside Cooly ironsponolion (omission STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2016 Source Account Account Beginning Base Identifier Descri tion Market Value Base Purchases Base Base Change In Base Maturities Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued Base Sales and Redem tions Base Pa downs Gain/Loss ccretion Gain/Loss Market Value Income Balance 256350005 LC -Pr ject Fund -Toll 2 256350005 LC -Project Fund-To112 256350005 LC -Pr jest Fund-To112 256350005 LC -Project Fund -Toll 2 912828UR9 UNITED STATES TREASURY 912828UR9 UNITED STATES TREASURY 912828UR9 UNITED STATES TREASURY 40428HPQ9 HSBC USA INC 256350005 LC -Project Fund-Toll2 3137A85H7 FH-3820E-GJ 256350005 LC -Project Fund-ToB 2 38141GRC0 GOLDMAN SACHS GROUP IN 256350005 LC -Pr jest Fund-To112 06050TKX9 BANK OF AMERICA, N.A. 256350005 LC -Project Fund-To112 3137A1LC5 FH-3710E-AB 256350005 LC -Pr jest Fund-To112 89114QBF4 TORONTO-DOMINION BANK 256350005 LC -Project Fund-To112 002799AX2 ABBEY NATIONAL TREASUR 256350005 LC -Pr jest Fund-To112 20772JL59 CONNECTICUT ST 256350005 LC -Project Fund-Toll2 161571GQ1 CHAIT 2014-A7 A7 256350005 LC -Project Fund-Toll2 55279HAH3 MANUFACTURERS AND TRA 256350005 LC -Project Fund-Toll2 94988J5B9 WELLS FARGO BANK NA 256350005 LC -Pr jest Fund-To112 912828K33 UNITED STATES TREASURY 256350005 LC -Project Fund -Toll 2 912828K33 UNITED STATES TREASURY 256350005 LC -Pr ject Fund-To112 17305EFN0 CCCIT-14A2-A2 560,186.20 560,186.20 411,464.20 44,190.90 66,669.85 80,691.20 01,632.30 9,656.80 256350005 LC -Project Fund-ToB 2 002799AM6 ABBEY NATIONAL TREASUR 298,761.00 256350005 LC -Pr jest Fund-To112 14912L6Q9 CATERPILLAR FINANCIAL SI 256350005 LC -Project Fund -Toll 2 94974BFK1 WELLS FARGO & CO 256350005 LC -Project Fund-Toll2 94974BFK1 WELLS FARGO & CO 299,817.00 256350005 LC -Project Fund -Toll 2 3137ANLP8 FH-K501-A2 71,892.54 256350005 LC -Project Fund-To112 3137ANLP8 FH-K501-A2 95,856.72 256350005 LC -Project Fund -Toll 2 55315GAC2 MMAFEF-I5A-A3 256350005 LC -Project Fund-Toll2 55315GAC2 MMAFEF-I5A-A3 245,142.56 256350005 LC -Project Fund-To112 38377LN38 GN-10130A-LG 0.01 256350005 LC -Pr ject Fund -Toll 2 46849LSL6 JACKSON NATIONAL LIFE Gl 148,942.50 256350005 LC -Project Fund-Toll2 02582JGS3 AXCMT-142-A 498,985.00 256350005 LC -Project Fund -Toll 2 59217GAY5 METLIFE GLOBAL FUNDING 298,425.00 (85 166.02) (415,810.54) 252,707.55 125,000.00 119,790.00 132,577.90 248,862.50 250,000.00 507,385.58 507,207.64 299,976.56 81.04 423.29 (61.20) (62.52) (21.53) 66.01 5,004.95 5,071.69 3,944.59 402.34 565,129.95 480,110.40 44,659.25 368.48 313.04 78.03 (12,596.89) (526.52) 225.75 I,147.10 154,919.29 431.46 (97.45) 435.05 81.028.80 364.17 302.95 329.45 253,339.95 112.45 (9,579.18) (137.9 (102.27) 136.92 91,949.86 151.55 48.75 125,048.75 355.18 3.32 1,350.28 21,143.60 141.67 (36.56) 2,193.26 134,734.60 541.67 (62.21) 796.61 120,391.20 73.60 44.77 272.73 249,280.00 427.40 740.00 250,740.00 594.17 (365.70) 9,397.00 516,416.88 291.95 (359.87) 9,569.12 516,416.88 291.95 93 102.51 300,081.00 331.50 (299,580.00) - - (891.89) (87.92) 1,798.81 255,000.00 (255,900.15) 140,030.80 34,794.92 256350005 LC -Project Fund-Toll2 55315CAB3 MMAFEF-I4A-A2 - 179,040.04 256350005 LC -Pr jest Fund-To112 3137AH6B9 FH-K015-A1 167,381.90 256350005 LC -Project Fund-To112 17305EFP5 CCCIT-14A3-A3 - 155,000.00 900.15 (2.62) (49.18) 139,979.00 325.33 (5.60) 143.60 299,955.00 697.14 (4,367.61) (19.07) (131.16) 79.36 67,454.05 92.96 (5,823.49) (26.06) (178.29) 109.86 89,938.73 123.94 (0.01) 0.49 55.49 34,850.90 20.27 93.72 711.50 245,947.78 143.05 (0.00) 6.31 (111.78) 0.00 1,435.19 2,391.78 50,384.00 1,296.88 501,265.00 280.00 34.11 1,957.89 300,417.00 1,012.50 (91,231.60) 103.16 79.25 2.83 87,993.68 29.25 (9,797.75) (188.94) (251.54) 1,031.10 158,174.77 292.66 12.40 155,012.40 63.43 256350005 LC -Pr ject Fund -Toll 2 46625E1E8 JPMORGAN CHASE & CO 256350005 LC -Project Fund -Toll 2 912828RX0 UNITED STATES TREASURY 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund-ToB 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 912828RX0 UNITED STATES TREASURY 1,000,630.00 842434CN0 SOUTHERN CALIFORNIA GA 249,102.50 46623E1Z3 1PMORGAN CHASE & CO 91476PPG7 UNIVERSITY OKLA REVS 79,522.40 65,069.55 (65,071.50) - - 5.25 (3.30) (1,001,984.38) 254.69 (254.26) 1,353.95 0.63 1,046.87 250,150.00 1,140.97 64,998.05 (64966.20) - - (31.93) 0.08 23.57 2,722.83 82,268.80 469.80 256350005 LC -Project Fund-To112 863667AK7 STRYKER CORP - 139,837.60 - - - - 2.87 - 141,495.20 155.56 256350005 LC -Project Fund -Toll 2 62944BBC7 BANK NEDERLANDSE GEME - 274,395.00 256350005 LC -Pr jest Fund-To112 47787UAD5 JDOT-15-A3 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 58768WAD1 MBART-131-A4 349,695.50 553794AA6 MUFG AMERICAS HOLDING', 297,378.00 94,951.76 553794AA6 MUFG AMERICAS HOLDING', - 49,618.50 084664CG4 BERKSHIRE HATHAWAY FIN - 119,908.80 822582AZ5 SHELL INTERNATIONAL FIN 299,235.00 748148RV7 QUEBEC, PROVINCE OF - 124,532.50 912828UZ1 UNITED STATES TREASURY 296,145.00 912828UZ1 UNITED STATES TREASURY 1,628,797.50 66754A1C7 CHEVRON PHILLIPS CHEMIC 296,259.00 25152RVQ3 DEUTSCHE BANK AG(LOND - 14,971.05 65339MD45 NextEra Energy Capital Holdings - 249,968.40 89352HAP4 TRANSCANADA PIPELINES L - 146,716.50 302154BL2 EXPORT IMPORT BANK OF K - 200,380.00 912828UA6 UNITED STATES TREASURY 793,376.00 912828UA6 UNITED STATES TREASURY 168.592.40 912828UA6 UNITED STATES TREASURY 119,006.40 ( 79.03 11.72 274,485.75 413.27 0.28 125.86 95,077.90 55.73 (159.72) 19.11 7.59 831.72 350,367.50 175.78 1,494.89 205.91 298,992.00 704.17 49,832.00 117.36 .37 1,755.43 121,665.60 90.67 (76.05) 1,270.05 300,429.00 1,020.00 29.19 110.81 124,672.50 84.08 (298,406.25) - - 834.20 91.12 1,335.94 634 560.54) ,805.39 302.13 3,655.52 31.54 1,570.46 297,861.00 2,125.00 4.85 (18.20) 14,957.70 23.03 8.06 3.54 249,990.00 242.88 724.62 147,684.00 470.37 (58.12) 2.12 200,324.00 595.23 82.85 5,261.15 798,720.00 1,680.33 83.04 1,052.56 169,728.00 357.07 60.57 741.03 119,808.00 252.05 256350005 LC -Project Fund-Toll2 912828UA6 UNITED STATES TREASURY 371,895.00 - - - - - 178.60 2,326.40 374,400.00 787.65 256350005 LC -Pr ject Fund-To112 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jest Fund -Toll 2 05531FAP8 BB&T CORP 3137A2AZ4 FH-K009-A1 408,279.65 3136AEYG6 FN-13M9-AQ2 223,236.62 65819WAC7 NORTH CAROLINA EASTN M 35,121.80 65819WAC7 NORTH CAROLINA EASTN M 125,435.00 446438RR6 HUNTINGTON NATIONAL BP 249.310.00 120,003.60 90261XHJ4 UBS AG (STAMFORD BRANC - 249,745.00 912828B58 UNITED STATES TREASURY - 436,670.90 544587B98 LOS ANGELES CALIF MUN I6 161,545.60 06050TLY6 BANK OF AMERICA NA 297,744.00 233851BF0 DAIMLER FINANCE NORTH t 297,288.00 80848HP1 CLARK CNTY NEV 124,546.80 41283LAB1 HARLEY-DAVIDSON FINANC 253,330.00 (0.19) (50.21) 119,953.20 84.65 (30,864.34) (713.16) (894.22) 1,567.80 377,375.73 848.97 (967.68) (9.71) (264.22) 2,121.69 224,116.71 337.8 (35.54) 363.84 35,450.10 175.26 I,172.50 126,607.50 625.94 24.49 1075.51 250,410.00 2,215.28 24.51 (164.51) 249,605.00 27.71 (69.79) 6,559.14 443,160.25 1,513.48 2,819.20 164,364.80 1,375.15 91.13 1,804.87 299,640.00 68.75 87.39 3,446.61 300,822.00 687.50 (851.96) 1,333.16 125,028.00 1,290.00 (253,450.00) - - (219.62) (837.11) I,176.74 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 69353RET1 PNC BANK NA 249,360.00 02665WBB6 AMERICAN HONDA FINANCI - 120,000.00 31 3.10 I919.40 251,282.50 1.850.00 340.80 20,340.80 182.81 Page 13 of 32 ��INEMi girerside Caunry ironsponolion Cam ission STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2016 Source Beginning Base Base Maturities Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 256350005 LC -Project Fund-Toll2 3133EECD0 FEDERAL FARM CREDIT BAP 498,815.00 - - - - - - - - - - - - (6,906.57) - - - - (38.15) 723.15 499,500.00 77.02 256350005 LC -Project Fund-Toll2 36225FLA5 G2 083020 147,560.01 (140,615.70) (1,029.82) (35.85) 1,027.93 0.01 - 256350005 LC -Project Fund-Toll2 17401QAC5 CITIZENS BANK NA 249,705.00 - - 26.16 1,681.34 251,412.50 1,884.72 256350005 LC -Project Fund-Toll2 91159HHD5 US BANCORP 300,906.00 - - (446.23) 1,115.23 301,575.00 1,870.00 256350005 LC -Project Fund-Toll2 46623EKD0 JPMORGAN CHASE & CO 179,127.00 - - 12.83 1,578.37 180,718.20 255.00 256350005 LC -Project Fund-Toll2 46623EKD0 JPMORGAN CHASE & CO 298,545.00 - - - - - 62.33 2,589.67 301,197.00 425.00 256350005 LC -Project Fund-To112 89837LAA3 PRINCETON UNIVERSITY 191,693.25 - - - - - (1,272.61) 3,197.61 193,618.25 721.88 256350005 LC -Project Fund-Toll2 89837LAA3 PRINCETON UNIVERSITY 487,448.55 - - - - - (3,382.74) 8,277.74 492,343.55 1,835.63 256350005 LC -Project Fund-Toll2 3136A8G38 FN-12M13A-A2 140,203.23 - - - (7,908.14) (24.87) (91.92) 51.20 132,229.50 137.40 256350005 LC -Project Fund-Toll2 912828VV9 UNITED STATES TREASURY 162,580.80 - (166,913.28) - - 4,121.36 (55.04) 266.16 - - 256350005 LC -Project Fund-Toll2 912828VV9 UNITED STATES TREASURY 635,081.25 - (644,921.88) - - 3,015.01 (174.04) 6,999.66 - - 256350005 LC -Project Fund-Toll2 912828VV9 UNITED STATES TREASURY 330,242.25 - (340,716.80) - - 10,000.16 (137.78) 612.16 - - 256350005 LC -Project Fund-Toll2 161571GJ7 CHAIT 2014-AI Al - 200,312.50 - - - - (53.63) 83.13 200,342.00 102.22 256350005 LC -Project Fund-Toll2 161571GJ7 CHAIT 2014-AI Al - 100,101.56 - - - - (19.78) 89.22 100,171.00 51.11 256350005 LC -Project Fund -Toll 2 16677ABG9 Chevron Phillips Chemical Comp - 599,964.67 - (600,000.00) - - 35.33 - - - 256350005 LC -Project Fund-Toll2 58772PAC2 MBART-151-A2B 389,703.60 - - - (29,148.26) (74.13) (915.11) 1,318.11 360,884.21 120.34 256350005 LC -Project Fund -Toll 2 25737LC32 Dominion Gas Holdings, LLC - 399,898.89 - (400,000.00) - - 101.11 - - - 256350005 LC -Project Fund-Toll2 3138L1TX7 FN AM1465 311,416.71 - - - (1,727.94) (5.41) (179.60) (1,336.58) 308,167.19 426.31 256350005 LC -Project Fund-Toll2 3133XY2H7 FEDERAL HOME LOAN BANI 289,033.86 - - - (16,142.54) (320.19) (1,018.11) 503.21 272,056.22 237.01 256350005 LC -Project Fund-Toll2 13063BFU1 CALIFORNIA ST ECONOMIC - 119,037.45 - - - - (349.76) 495.71 119,183.40 542.50 256350005 LC -Project Fund-Toll2 61979JAN7 Motiva Enterprises LLC - 499,888.47 - (500,000.00) - - 111.53 - - - 256350005 LC -Project Fund -Toll 2 09062XAB9 BIOGEN IDEC INC - 60,217.85 - - - - (169.12) 183.42 60,232.15 315.10 256350005 LC -Project Fund-Toll2 49327M2H6 KEYBANK NA 248,250.00 - - - - - 120.86 1,586.64 249,957.50 1,416.67 256350005 LC -Project Fund -Toll 2 36225EUY6 G2 082398 136,908.95 - - - (8,175.62) (228.22) (37.51) (32.07) 128,435.53 188.83 256350005 LC -Project Fund-To112 60689LAC9 MMAFEF-I3A-A3 113,771.47 - - - (31,741.78) (13.95) (5.08) 8.94 82,019.60 51.70 256350005 LC -Project Fund-Toll2 90261XHH8 UBS AG (STAMFORD BRANC 249,582.50 - (250,362.50) - - 875.25 8.79 (104.05) - - 256350005 LC -Project Fund-Toll2 037833AM2 APPLE INC 300,177.00 - - - - - (126.40) 1,086.40 301,137.00 1,268.75 256350005 LC -Project Fund -Toll 2 31394GH22 FH-2649G-KA 126,689.18 - - - (19,298.08) (493.25) (304.42) (125.74) 106,467.68 388.87 256350005 LC -Project Fund -Toll 2 937308AZ7 WBRP 3.2 WASHINGTON BIO 94,468.00 - - - - - - 1,315.75 95,783.75 117.56 256350005 LC -Project Fund -Toll 2 532457BK3 ELI LILLY AND CO 299,262.00 - - - - - 99.19 2,954.81 302,316.00 312.50 256350005 LC -Project Fund-ToR 2 38147MAA3 GOLDMAN SACHS GROUP IN 101,955.00 - - - - - (240.71) 620.71 102,335.00 580.00 256350005 LC -Project Fund-Toll2 53944VAN9 LLOYDS BANK PLC - 200,000.00 - - - - - (170.00) 199,830.00 630.51 256350005 LC -Project Fund-Toll2 209111ET6 CONSOLIDATED EDISON CO 237,883.80 - - - - - (2,291.59) 2,267.39 237,859.60 6,435.00 256350005 LC -Project Fund-Toll2 48246TCG2 Kfw - 299,936.67 - (300,000.00) - - 63.33 - - - 256350005 LC -Project Fund-Toll2 30231GAL6 EXXON MOBIL CORP 299,523.00 - - - - - 37.64 1,786.36 301,347.00 271.88 256350005 LC -Project Fund-Toll2 063679ZT4 BANK OF MONTREAL 302,367.00 - - - - - (710.24) 674.24 302,331.00 991.25 256350005 LC -Project Fund-Toll2 0258MODZ9 AMERICAN EXPRESS CREDE 149,604.00 - - - - - 1.10 1,318.90 150,924.00 1,140.63 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 130,512.20 - - - - - (187.09) 1,401.29 131,726.40 451.79 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 130,512.20 - - - - - (188.02) 1,402.22 131,726.40 451.79 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 180,709.20 - - - - - (184.72) 1,865.92 182,390.40 625.55 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 130,512.20 - - - - - (189.87) 1,404.07 131,726.40 451.79 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 301,182.00 - - - - - (270.68) 3,072.68 303,984.00 1,042.58 256350005 LC -Project Fund-ToR 2 912828VK3 UNITED STATES TREASURY 55,216.70 - - - - - (48.36) 562.06 55,730.40 191.14 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 301,182.00 - - - - - (268.70) 3,070.70 303,984.00 1,042.58 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 301,182.00 - - - - - (268.70) 3,070.70 303,984.00 1,042.58 256350005 LC -Project Fund-Toll2 80851QDA9 CHARLES SCHWAB CORPOR 69,982.25 - - - - - (814.75) 311.00 69,478.50 345.31 256350005 LC -Project Fund-Toll2 62888YAA0 NCUAGN-11R1-NTS 223,817.58 - - - (9,727.49) (41.27) (58.51) (902.69) 213,087.61 124.15 256350005 LC -Project Fund -Toll 2 48121CYK6 JPMORGAN CHASE BANK N/ - 265,022.50 - - - - (448.42) 840.92 265,415.00 7,500.00 256350005 LC -Project Fund -Toll 2 49130TRY4 KENTUCKY HSG CORP HSG 1 273,957.75 - - - - - 59.94 1,551.56 275,569.25 644.19 256350005 LC -Project Fund-Toll2 17275RAZ5 CISCO SYSTEMS INC - 120,000.00 (120,344.40) - - 344.40 - - - - 256350005 LC -Project Fund-Toll2 91324PCF7 UMTEDHEALTH GROUP INC 299,118.00 - (300,042.00) - - (351.84) (32.46) 1,308.30 - - 256350005 LC -Project Fund-Toll2 13063A5D2 CALIFORNIA ST ECONOMIC 319,419.45 - - - - - (4,232.96) (186.49) 315,000.00 9,371.25 256350005 LC -Project Fund -Toll 2 59217GAZ2 METROPOLITAN LIFE GLOB/ 149,995.50 - - - - - (18.85) 1,019.35 150,996.00 773.44 256350005 LC -Project Fund -Toll 2 6174467V5 MORGAN STANLEY - 70,403.69 - - - - (19.37) 41.28 70,425.60 247.35 33,076,219.36 22,012,549.86 (18,249,903.49) (3,575,000.00) (356,137.22) 19,597.50 (37,441.42) 259,951.39 33,151,490.71 125,137.71 256350022 LC -Sr Lien Ob Fund-1 Interest 9AMMF05B2 U.S. Bank Money Market Amour 25,491.30 4,686,946.43 (4,596,233.15) - - - - - 116,204.58 256350022 LC -Sr Lien Ob Fund-1 Interest 38144LAB6 GOLDMAN SACHS GROUP IN 321,282.00 - - - - - (1,380.98) (593.02) 319,308.00 1,562.50 256350022 LC -Sr Lien Ob Fund-1 Interest 0255E2DC1 American Electric Power Compan - 549,687.72 - - - - 189.60 34.68 549,912.00 256350022 LC -Sr Lien Ob Fund-1 Interest 38143USC6 GOLDMAN SACHS GROUP IN 601,524.00 - - (600,000.00) - - (1,109.89) (414.11) - - 256350022 LC -Sr Lien Ob Fund-1 Interest 31393EXC8 FN-0388E-TH 29,732.78 - - - (4,595.28) (117.47) (44.54) 4.57 24,980.07 90.59 256350022 LC -Sr Lien Ob Fund-1 Interest 05565QCC0 BP CAPITAL MARKETS PLC 298,239.00 - - - - - 454.67 337.33 299,031.00 1,661.46 256350022 LC -Sr Lien Ob Fund-1 Interest 166764AE0 CHEVRON CORP 298,467.00 - - - - - (155.47) 4,526.47 302,838.00 1,388.72 256350022 LC -Sr Lien Ob Fund -I Interest 912828RX0 UNITED STATES TREASURY 950,598.50 - - - - - - (2,066.75) - - 256350022 LC -Sr Lien Ob Fund-1 Interest 912828RX0 UNITED STATES TREASURY - - - - - - 367.12 3,143.62 952,042.50 2,100.96 256350022 LC -Sr Lien Ob Fund-1 Interest 89236TAY1 TOYOTA MOTOR CREDIT CC 502,830.00 - - - - - (429.76) 6,619.76 509,020.00 4,361.11 256350022 LC -Sr Lien Ob Fund-1 Interest 912828UA6 UNITED STATES TREASURY 1,239,650.00 - - - - - 2,010.53 6,339.47 1,248,000.00 2,625.51 256350022 LC -Sr Lien Ob Fund-1 Interest 31402RBG3 FN 735439 4,077.21 - - - (818.87) (29.14) (12.75) 7.29 3,223.74 15.63 256350022 LC -Sr Lien Ob Fund-1 Interest 31402RBG3 FN 735439 52,392.09 - - - (10,522.53) (413.72) (180.25) 149.41 41,425.00 200.88 256350022 LC -Sr Lien Ob Fund-1 Interest 78355AAS3 Ryder System, Inc. 124,968.75 - - (125,000.00) - - 52.09 (20.84) - - 256350022 LC -Sr Lien Ob Fund-1 Interest 30231GAL6 EXXON MOBIL CORP 419,332.20 - - - - - 42.77 2,510.83 421,885.80 380.63 256350022 LC -Sr Lien Ob Fund-1 Interest 912828K41 UNITED STATES TREASURY 199,824.00 - - - - - (0.25) 150.25 199,974.00 133.19 256350022 LC -Sr Lien Ob Fund-1 Interest 31385JLF3 FN 545826 107,348.15 - - - (25,713.25) (727.57) (503.96) 284.38 80,687.75 395.77 32 Page 14 of 32 Riverside Gnry Tronsp IMIlion (omission STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2016 Source Account Account Identifier Descri tion Beginning Base Market Value Base Purchases Base Sales Base Base Change In Base Maturities Net Total Realized Amortization/A Net Unrealized Ending Base and Redem tions Base Pa downs Gain/Loss ccretion Gain/Loss Market Value Ending Accrued Income Balance 256350022 LC -Sr Lien Ob Fund-1 Interest 94974BGF1 WELLS FARGO & CO 991,240.00 436.50 20,003.50 1,011,680.00 3,643.06 256350022 LC -Sr Lien Ob Fund-1 Interest 3136A8G38 FN-12M13A-A2 256350022 256350022 256350022 256350022 256350022 256350022 LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest 61979JBV8 46625HJL5 63307EAB3 65475LDM1 912828UZ1 25737LC81 Motiva Enterprises LLC IPMORGAN CHASE & CO NATIONAL BANK OF CANAB Nissan Motor Acceptance Corpor UNITED STATES TREASURY Dominion Gas Holdings, LLC 620,900.02 496,290.00 907,947.00 691,005.00 724,332:40 599,435.33 599,664.00 (725,000.00) (35,021.76) (600,000.00) 243.57 624.49 667.60 (1,158.54) 585,587:79 608.49 205.52 (3,282.54) 308.00 563.01 336.00 4,529.48 1,680.54 88.67 6,352.99 501,025.00 906,345.00 599,832.00 697,921.00 3,069.44 8,910.00 1,838.94 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 02581RAM5 American Express Credit Corpora 891145TN4 TORONTO DOMINION BANK 724,862.25 1,001,610.00 (725,000.00) 201.39 (63.64) (1,420.69) 4,000.69 1,004,190.00 750.00 256350022 LC -Sr Lien Ob Fund-1 Interest 48121CYK6 JPMORGAN CHASE BANK Ni 320,748.00 (2,458.24) 208.24 318,498.00 9,000.00 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 66807MCQ8 NorthWestem Corporation 912828J84 UNITED STATES TREASURY 543,229.50 774,612.50 (775,000.00) 387.50 411.96 12,331.54 555,973.00 20.66 256350022 LC -Sr Lien Ob Fund-1 Interest 912828784 UNITED STATES TREASURY 395,076.00 (355,400.39) 9,435.06 141.53 1,290.80 50,543.00 1.88 256350022 LC -Sr Lien Ob Fund-1 Interest 02580ECC5 AMERICAN EXPRESS BANK I 267,785.00 (2,286.71) (40.79) 265,457.50 750.00 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 07274LDJ3 Bayerische Landesbank 44890MCB6 Hyundai Capital America 233851AT1 DABBLER FINANCE NORTH[ 500,020.00 499,748.75 499,339.45 (500,000.00) (500,000.00) 93.06 660.55 22.10 38.19 (42.10) 499,880.00 256350022 LC -Sr Lien Ob Fund-1 Interest 3136A4M89 FN-12M3B-2A1 172,439.26 (5,098.69) (14.63) (56.61) 832.99 168,102.32 267.38 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 43357LCN0 Hitachi Capital America Corp. 3137ASNH3 FH-K019-A1 371,397.51 574,603.25 (575,000.00) (49,086.79) 897.04 396.75 217.03 5,336.47 328,761.26 399.23 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 78355ABN3 Ryder System, Inc. 235219JS2 DALLAS TEX 654,407.00 199,902.50 (200,000.00) 97.50 1,943.50 656,350.50 1,319.75 256350022 LC -Sr Lien Ob Fund-1 Interest 31393V2T7 FH-2627E-GY 151,228.50 (22,847.28) (566.57) (221.92) 241.74 127,834.48 464.97 256350022 LC -Sr Lien Ob Fund-1 Interest 78011DAC8 ROYAL BANK OF CANADA 995,270.00 (117.45) 3,857.45 999,010.00 400.00 256350022 LC -Sr Lien Ob Fund-1 Interest 44331BDF7 HP Inc. 799,656.00 76.44 107.56 799,840.00 14,981,212.02 10,507,928.33 (4,951,633.54) (5,325,000.00) (153,704.45) 8,706.55 (4,698.30) 82,552.66 15,145,363.28 46,360.76 256350023 LC -Sr Lien Reserve Fund-1 9AMMF05B2 U.S. Bank Money Market Accoun 108,223.49 1,539,032.89 (1,607,307.67) 39,948.71 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 912828B58 UNITED STATES TREASURY 507,385.00 50.878.91 (530.89) (38.96) 14,510.89 1.296.55 521,365.00 52.136.50 1,780.56 178.06 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 912828B58 UNITED STATES TREASURY 912828B58 UNITED STATES TREASURY 3137AJMF8 FH-K016-A2 3135GOD75 FEDERAL NATIONAL MORT( 116,698.55 147,141.65 740,782.10 30,964.50 592,530.00 (102.54) (168.43) (636.11) (43.78) 306.86 3,317.94 4,222.63 21,046.91 918.58 13,787.14 119,913.95 151,195.85 761,192.90 31,839.30 606,624.00 409.53 516.36 2,599.62 74.19 2,475.00 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 GN-116-BA 3137A7JU5 FH-K701-A2 912828VV9 UNITED STATES TREASURY 912828VV9 UNITED STATES TREASURY 38378KRS0 GN-1378-AG 350,217.44 337,450.75 86,371.05 434,178.00 154,945.31 (5,187.80) (128.84) (135.67) (1,610.60) (80.03) (179.57) 116.92 504.08 967.10 2,195.68 1,387.26 13,257.08 345,269.21 336,807.25 88,486.70 156,153.00 447,552.00 991.48 1,051.38 157.07 277.17 895.72 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GN-1396-A 3138EJ6V5 FNAL2683 3137B03W2 FH-K502-A2 912828VB3 UNITED STATES TREASURY 3137EADB2 FREDDIE MAC 67,870.79 123,508.79 42,650.11 1,948,520.00 557,639.50 (117,823.14) (410,375.00) (4,253.91) (6,181.59) (6,043.67) 104.53 1,292.99 5.65 31,821.86 15.58 (73.82) (1.68) 3,002.34 578.99 607.91 (723.23) 80.26 49,030.80 18,390.51 64,344.91 36,690.68 1,622,000.00 576,609.00 77.17 43.47 10,615.38 2,830.21 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 38378B7E3 GN-1333-AC 38377RVK8 GN-10166F-GP 38377RVK8 GN-10166F-GP 912828WU0 UNITED STATES TREASURY 3136A7MJ8 FN-12M8-AQ2 38378KSL4 GN-1374-AL 220,066.30 116,211.67 69,727.00 131,643.18 193,528.00 208,082.00 582,847.10 (1,359.55) (5,435.07) (3,261.04) (3,565.65) 52.39 (99.31) (111.44) 27.43 (14.46) 70.47 (89.96) (77.90) (190.87) 109.02 26.61 1,608.46 1,137.77 1,309.32 861.37 18,035.06 178.11 7,835.39 209,676.00 219,967.39 111,896.65 67,137.99 600,691.29 128,392.08 201,390.00 1,029.17 330.08 268.25 160.95 158.29 161.82 465.09 256350023 LC -Sr Lien Reserve Fund-1 38378KSI4 GN-1374-AL 217,719.00 1.59 8,843.16 226,563.75 523.23 256350023 LC -Sr Lien Reserve Fund-1 3136A72D3 FN-12M9-A2 396,019.10 521.12 10,925.98 407,466.20 816.99 256350023 LC -Sr Lien Reserve Fund-1 38378B6A2 GN-1312A-AB 131,843.64 (720.75) 23.26 34.03 2,022.51 133,202.68 205.76 256350023 LC -Sr Lien Reserve Fund-1 3137AQT24 FH-K708-A2 171,433.10 (73.57) 2,159.47 173,519.00 301.75 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 GN-1015C-PD 912828RC6 UNITED STATES TREASURY 3128MMAK9 FH G18009 38377DPX8 GN-IO10lE-NC 31395E71'5 FH-2835G-MD 3136AEYG6 FN-13M9-AQ2 31394DVM9 FN-0543D-PB 3137AEV77 FH-K703-A2 383781IXW4 GN-13105-A 9I2828M23 UNITED STATES TREASURY 38377JZ89 GN-10117A-GK 314I3XVG5 FN 958815 38379KDN5 GN-1529-AD 3136A4M48 FN-12M3A-IAI 148,353.10 1,922,496.00 133,117.97 23,250.61 88,429.32 143,208.40 161,578.43 256,456.74 193,402.50 146,287.33 208,616.00 188,323.59 356,546.48 599,777.23 (624,140.63) (599,830.04) (13,378.95) (11,735.33) (7,441.38) (12 019.52) (620.76) (12,964.03) (1,856.22) (10,595.04) (753.30) (869.98) 18,144.90 (484.23) (5.13) (359.16) (2.41) (575.03) 8.66 48.87 (296.88) 18.72 (1,646.38) (650.90) (442.24) 133.76 (100.55) (76.27) (142.79) (408.70) 9.39 3.94 (269.90) (951.43) 70.98 2,775.12 38,126.63 276.33 (180.21) 139.81 1,264.02 120.21 960.90 951.64 1,352.52 711.43 4,416.17 135,232.91 1,353,976.00 120,732.49 15,757.64 76,089.90 143,772.98 148,016.79 257,008.94 192,515.98 136,478.04 208,376.00 192,076.16 425.14 3,491.07 256350023 LC -Sr Lien Reserve Fund-1 912828UF5 UNITED STATES TREASURY 171,678.50 256350023 LC -Sr Llen Reserve hund-1 93,196.90 1,963.20 95,282.15 33 Page 15 of 32 ��INEMi Riverside (Boni.? ironsponolion 0mmission STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2016 Source Beginning Base Base Maturities Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 256350023 LC -Sr Lien Reserve Fund-1 912828UF5 UNITED STATES TREASURY 225,634.60 - - - - - - - - - - - - - - - - - - - - - - - (82.52) 101.77 4,946.73 230,683.10 653.98 256350023 LC -Sr Lien Reserve Fund-1 912828UF5 UNITED STATES TREASURY 735,765.00 686.05 15,776.45 752,227.50 2,132.55 256350023 LC -Sr Lien Reserve Fund-1 313927783 FN-0317D-HC 22,328.13 - (3,892.59) (24.10) (65.38) 18,263.53 74.25 256350023 LC -Sr Lien Reserve Fund-1 31381PEB0 FN466430 277,013.02 - (1,083.76) (42.07) (668.22) 8,423.68 283,642.66 764.80 256350023 LC -Sr Lien Reserve Fund-1 3137AUPE3 FH-K021-A2 233,691.05 - - - 377.87 8,540.38 242,609.30 469.22 256350023 LC -Sr Lien Reserve Fund-1 38378CRT6 GN-1213E-EG 112,877.21 - (5,760.51) 189.68 121.05 917.49 108,344.91 181.31 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 GN-14166-PL 461,054.76 - (4,487.96) (54.09) (63.26) 11,480.46 467,929.91 953.89 256350023 LC -Sr Lien Reserve Fund-1 3137A7E22 FH-3804A-DA 195,951.34 - - (19,673.47) (232.07) (290.18) (141.77) 175,613.85 498.80 256350023 LC -Sr Lien Reserve Fund-1 38376T5Z1 GN-104A-PD 160,725.07 - - (7,272.45) (303.06) (135.33) 1,955.71 154,969.94 371.53 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 GN-10162D-PQ 64,921.03 - - (7,103.11) (434.40) (180.95) 472.18 57,674.75 206.63 256350023 LC -Sr Lien Reserve Fund-1 3137EADR7 FREDDIE MAC 467,670.75 - - - - - 170.50 10,887.50 478,728.75 2,721.35 256350023 LC -Sr Lien Reserve Fund-1 3137EACA5 FREDDIE MAC 856,528.00 - - - - - (3,291.00) 12,411.00 865,648.00 333.33 256350023 LC -Sr Lien Reserve Fund-1 912828KQ2 UNITED STATES TREASURY 527,480.00 - - - - - (1,694.66) 8,649.66 534,435.00 5,923.76 256350023 LC -Sr Lien Reserve Fund-1 31404WTT3 FN 780962 73,582.16 - - - (7,883.42) (535.41) (369.16) 368.59 65,162.76 235.53 256350023 LC -Sr Lien Reserve Fund-1 38378BX20 GN-12132-AB 67,770.00 - - - (4,665.88) 109.86 15.29 690.00 63,919.27 67.87 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 FN MA0293 150,266.01 - - - (7,348.11) (403.57) (0.73) 783.52 143,297.12 494.19 256350023 LC -Sr Lien Reserve Fund-1 31385XBG1 FN 555439 12,832.74 - - - (2,950.63) (78.64) (57.59) 29.72 9,775.60 47.94 256350023 LC -Sr Lien Reserve Fund-1 31416YXJ2 FN AB3380 62,937.96 - - - (2,930.18) (111.14) (91.69) 596.10 60,401.05 166.25 256350023 LC -Sr Lien Reserve Fund-1 3137ASNH3 FH-K019-Al 371,397.51 - - - (49,086.79) 767.05 192.56 5,490.92 328,761.26 399.23 256350023 LC -Se Lien Reserve Fund-1 3137B6ZL8 FH-K714-Al 45,951.44 - - - (11,335.78) (139.12) (43.17) 231.92 34,665.28 59.15 256350023 LC -Sr Lien Reserve Fund-1 31418AFW3 FN MA1080 213,736.30 - - - (15,107.26) (379.13) (339.34) 2,926.17 200,836.74 480.14 256350023 LC -Sr Lien Reserve Fund-1 38379C2M7 GN-1496E-WA 49,411.42 - - - (2,225.86) (112.42) (53.44) (47.40) 46,972.29 70.27 256350023 LC -Sr Lien Reserve Fund-1 3138L33G8 FN AM3498 99,572.00 - - - - - (0.47) 2,266.47 101,838.00 173.08 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 GN-1333-B 188,412.00 - - - - - 44.63 5,393.37 193,850.00 378.83 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 GN-1333-B 235,515.00 - - - - - 127.32 6,670.18 242,312.50 473.54 256350023 LC -Sr Lien Reserve Fund-1 38378TAF7 GN-1371A-GA 231,985.20 - - - (7,666.86) 3.46 (12.19) 3,261.07 227,570.69 458.84 256350023 LC -Sr Lien Reserve Fund-1 912828T79 UNITED STATES TREASURY 482,139.90 - - - - - 874.25 15,797.35 498,811.50 1,016.52 256350023 LC -Sr Lien Reserve Fund-1 912828T.19 UNITED STATES TREASURY - 624,731.45 - - - - 2.92 5,078.13 629,812.50 1,283.48 18,702,414.17 3,760,294.89 (3,359,476.48) - (280,329.13) 46,763.15 (8,133.35) 393,788.84 19,255,322.09 59,695.11 188 159 669.74 266 717 731.12 (117 181 806.67) (159 350 000.00) (4,792,963.33) 74,534.03 3,663.33 1,021,488.57 174 653 971.52 442,401.93 34 Page 16 of 32 `iMm Riverside Cm ry Trelnporlmion Commissioa STAMP Portfolio Summary of Investments for quarter ended March 31, 2016 ATTACHMENT 5 Credit Rating sa ago uue Asset Class Cala 4a414Y-1 w.r+nr w.w.1 err. N n6x4 �>♦ 'Fiwd.rt ern. 44029.1 *Negative cash reflects securities in transit at month end Industry Group 6.44114-kr11x, .04401 Rw res 15..r5=1 or..rne.e rwn s... t.-14asi osetrr rer1x1 ss.r.a.. 464e,04 ew.lsrs6exF u6 rem. 1{6a111. rF ai c1 Security Type POW n:+nw Market Sector Cimre warm. c..n ravltxl • 4 12.0662411 4.214 - ..446.e. B. 14.1 _ - -ISG26+x7 1.141.4 L11-.%7 a60•5404I1,02,16 6e4e.*e...r.411164x1 1111M imm— Riyersidiiiide County iranspaimion Commission ATTACHMENT 6 STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of Investments for quarter ended March 31, 2016 36 `NENE` Riverside Couniy ironsporioiion Commission ATTACHMENT 7 STAMP Portfolio Toll Revenue Project Sales Tax Revenue Fund Summary of Investments for quarter ended March 31, 2016 a OM 000 a 000 0O0 r WO 000 W 000 >ahh A0. - tip. Industry Group am.. st_tlutt,S1 B.arla ISAITSil s.n �. [aae,y Pnormac.wka4 [586%] T.Iec unr atrarr• rsiatcF cash Izz.saaxl US w•a�w�. i99 %bi••.� Municipal Iss."Fsi} 37 NM mom Riverside County Uunsporloiion Commission ATTACHMENT 8 STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended March 31, 2016 zs DX DX zn oan oon c u wo COO a ono oix A 5 COD OOV Credit Rating Industry Group cash to .1.7.14 rsea,c Apr, I. •[�ra +ss I. FH WI Gvl,atr-/ .0,mm..m..WU. — f -- ScrewrmisaJss, r$m1) M..,ap• Hoc/ad n.. 2%I. - cw. iosarci 4: r..... (4.1,6 of 38 1111 `� Riverside County Uansporloiion Commission ATTACHMENT 9 STAMP Portfolio Toll Revenue Project Capitalized Interest Fund Summary of Investments for quarter ended March 31, 2016 39 `INNEN` Riverside Couniy ironspormiion Commission ATTACHMENT 10 STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of Investments for quarter ended March 31, 2016 40 ��INNEN�� Riverside County iranspaiolion [ommission STAMP Portfolio Sales Tax Equity Fund Summary of Investments for quarter ended March 31, 2016 ATTACHMENT 11 Credit Rating u DX CO0 z6 EMI 000 S 15 WO COO F. 10 CPO- A 5 a0a CPO 1111111 i . . �% Asset Class Money Y Marken . run COAPS4 Cann lu p]Tx} ' 1900� a.Kuw.r 1.00,036,1 *Negative cash reflects securities in transit at month end Industry Group ou.P [z+ esa��c, la ABS tsir����l u5 11uniel6a. la-" TS��xY r5 aeEv Chnne" rstli. Foun sl`. tn.. Card 1B3 15.aaYY.1 L69]6tlra.Y YRS [lal��(0-1165Y1 uu Mc;.i 1e.6T RI 1T��r i.7394.1 Inalrmar C0*M1 - 6.6a6%} Garet 6a01re m.ae 2567 a6asnq. 4.4.24 a1d - 6an1a1S6.14,1 " ca.mn.rn 110.16,1 FinyKial In 6'/]KI 41 RCTC ATTACHMENT 12 Ilr tie amide {Aunty Tr,ntia,Comminion Payden & Rygel Operating Portfolio by Investment Category for Quarter ended March 31, 2016 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Cate l or Issuer Next Call Base Market Unrealized Final Maturi Trade Date Date Orb inal Cost Value Gain/Loss Accrued Credit Income Cou on Yield Ratin 037833AG5 Credit APPLE INC 0.59708% 5/03/18 05/03/2018 05/03/2013 250,524.21 249,552.50 -971.71 240.49 0.870 0.598 037833BB5 Credit APPLE INC 0.900% 5/12/17 05/12/2017 05/13/2015 119,917.20 120,186.00 268.80 414.00 0.900 0.898 1.291 1.673 1.341 AA+ 037833BN9 Credit APPLE INC 1.300% 2/23/18 02/23/2018 02/23/2016 29,987.10 30,232.80 245.70 41.17 1.300 AA+ 03783313Q2 Credit APPLE INC 1.700% 2/22/19 02/22/2019 02/23/2016 39,993.20 40,597.60 604.40 71.78 1.700 AA+ 05581RAD8 Asset -Backed BMW VEHICLE LEASE 1.340% 1/22/19 01/22/2019 02/17/2016 599,929.50 599,190.00 -739.50 245.67 1.340 N/A 06406HCK3 Credit BANK OF NY MTN 0.90191% 3/06/18 03/06/2018 03/06/2013 750,933.34 750,142.50 -790.84 488.54 1.080 0.902 A 084664CD1 Credit BERKSHIRE HATHAWAY 0.93133% 1/12/18 01/12/2018 01/15/2015 250,463.96 249,987.50 -476.46 344.25 0.920 0.932 AA 084670BH0 Credit BERKSHIRE HATHAWAY 1.550% 2/09/18 02/09/2018 02/11/2013 503,013.99 504,655.00 1,641.01 1,119.44 1.550 1.534 AA 13063CFD7 Taxable Muni CALIFORNIA ST 1.250% 11/01/16 11/01/2016 11/05/2013 351,450.46 351,641.50 191.04 1,822.92 1.250 1.245 AA- 161571GS7 Asset -Backed CHASE ISSUANCE TRU 0.78141% 2/18/20 02/18/2020 03/13/2015 750,065.66 750,517.50 451.84 246.93 0.760 0.781 AAA 166764AK6 Credit CHEVRON CORP 0.54341% 11/15/17 11/15/2017 11/18/2014 250,100.85 248,822.50 -1,278.35 166.04 0.790 0.546 AA- 166764AV2 Credit CHEVRON CORP 1.365% 3/02/18 03/02/2018 03/03/2015 499,970.00 501,780.00 1,810.00 549.79 1.370 1.358 AA- 17275RAU6 Credit CISCO SYSTEMS INC 1.650% 6/15/18 06/15/2018 06/17/2015 399,932.00 405,636.00 5,704.00 1,943.33 1.650 1.626 AA- 191216BR0 Credit COCA COLA CO THE 0.875% 10/27/17 10/27/2017 10/27/2015 35,984.16 36,063.36 79.20 134.75 0.880 0.873 AA- 19416QDU1 Credit COLGATE PALM MTN 2.625% 5/01/17 05/01/2017 05/04/2011 516,441.89 515,216.15 -1,225.74 5,523.44 2.630 2.575 AA- 263901AE0 Credit DUKE ENERGY INDIAN 0.97759% 7/11/16 07/11/2016 07/11/2013 750,386.08 750,225.00 -161.08 1,611.42 0.970 0.977 A 30231GAL6 Credit EXXON MOBIL 1.305% 3/06/18 03/06/2018 03/06/2015 460,000.00 462,065.40 2,065.40 416.88 1.310 1.297 AAA 30231GAP7 Credit EXXON MOBIL 1.708% 3/01/19 03/01/2019 03/03/2016 40,000.00 40,527.60 527.60 53.14 1.710 1.687 AAA 30231GAU6 Credit EXXON MOBIL 1.439% 3/01/18 03/01/2018 03/03/2016 40,000.00 40,285.60 285.60 44.77 1.440 1.428 AAA 3130A5EP0 Agencies F H L B 0.625% 5/30/17 05/30/2017 05/15/2015 999,170.00 999,370.00 200.00 2,100.69 0.630 0.625 AA+ 3130A62S5 Agencies F H L B 0.750% 8/28/17 08/28/2017 07/24/2015 1,027,692.80 1,030,453.20 2,760.40 708.13 0.750 0.750 AA+ 3130A6LZ8 Agencies F H L B DEB 0.625% 10/26/17 10/26/2017 10/09/2015 748,372.50 748,530.00 157.50 2,018.23 0.630 0.626 AA+ 3130A7CX1 Agencies F H L B 0.875% 3/19/18 03/19/2018 02/18/2016 519,838.80 520,884.00 1,045.20 151.67 0.880 0.874 AA+ 3133EEWS5 Agencies F F C B DEB 0.4805% 1/02/18 01/02/2018 04/02/2015 699,961.01 698,523.00 -1,438.01 271.25 0.480 0.482 AA+ 3134G72P5 Agencies F H L M C 1.200% 10/29/18 10/29/2018 10/29/2015 04/29/2016 500,000.00 500,055.00 55.00 2,533.33 1.200 1.201 AA+ 3134G8L98 Agencies F H L M C M T N 1.050% 2/26/18 02/26/2018 02/26/2016 05/26/2016 500,000.00 500,070.00 70.00 510.42 1.050 1.050 AA+ 3134G8NT2 Agencies F H L M C 1.125% 3/16/18 03/16/2018 03/16/2016 06/16/2016 559,972.00 560,459.20 487.20 262.50 1.130 1.125 AA+ 3135G0E58 Agencies FNMA DEB 1.125% 10/19/18 10/19/2018 09/01/2015 529,141.40 533,694.10 4,552.70 2,683.13 1.130 1.119 AA+ 3135G0J53 Agencies FNMA DEB 1.000% 2/26/19 02/26/2019 02/23/2016 498,820.00 501,105.00 2,285.00 486.11 1.000 0.999 AA+ 3136AMTM1 Mortgage -Backed F N M A GTD REMIC 0.3845% 9/25/18 09/25/2018 03/01/2015 464,485.95 462,565.40 -1,920.55 55.50 0.610 0.665 N/A 3137BLVY1 Mortgage -Backed F H L M C MLTCL MTG 1.639% 10/25/19 10/25/2019 11/01/2015 190,307.01 191,603.98 1,296.97 260.58 1.640 1.633 N/A 3137EADV8 Agencies F H L M C 0.750% 7/14/17 07/14/2017 05/29/2015 799,376.00 800,288.00 912.00 1,283.33 0.750 0.750 AA+ 3137EADX4 Agencies F H L M C 1.000% 12/15/17 12/15/2017 12/11/2015 819,155.40 823,214.40 4,059.00 2,505.56 1.000 0.997 AA+ 3137EADZ9 Agencies F H L MC M T N 1.125% 4/15/19 04/15/2019 03/21/2016 289,904.30 291,139.70 1,235.40 90.63 1.130 1.120 AA+ 31680GAB2 Asset -Backed FIFTH THIRD AUTO TRU 1.020% 5/15/18 05/15/2018 11/05/2015 159,995.63 159,969.60 -26.03 72.53 1.020 1.020 N/A 31846V203 Cash FIRST AMER GOVT OBLIG FUND CL Y 157,651.74 157,651.74 0.00 1.08 0.006 36159LCN4 Asset -Backed GE DEALER FLOORPLA 0.8232% 10/20/19 10/20/2019 10/21/2014 750,391.50 745,275.00 -5,116.50 205.80 0.880 0.827 N/A 36962G2G8 Credit GEN ELEC CAP CRP MTN 5.400% 2/15/17 02/15/2017 02/13/2007 108,560.35 108,126.72 -433.63 717.60 5.400 5.204 AA+ 36962G3H5 Credit GEN ELEC CAP CRP MTN 5.625% 9/15/17 09/15/2017 09/24/2007 532,531.80 533,915.00 1,383.20 1,250.00 5.630 5.284 AA+ 43814NAC9 Asset -Backed HONDA AUTO 1.570% 12/18/19 12/18/2019 02/25/2016 199,971.58 199,846.00 -125.58 113.39 1.570 1.569 AAA 47787UAB9 Asset -Backed JOHN DEERE OWNER 0.870% 2/15/18 02/15/2018 03/11/2015 344,680.68 344,565.01 -115.67 133.29 0.870 0.870 N/A 47787VAC5 Asset -Backed JOHN DEERE OWNER 0.920% 4/16/18 04/16/2018 04/09/2014 534,366.27 534,277.24 -89.03 218.56 0.920 0.920 N/A 478160BR4 Credit JOHNSON JOHNSON 1.125% 3/01/19 03/01/2019 03/01/2016 89,989.20 90,242.10 252.90 84.38 1.130 1.120 AAA 48125LRD6 Credit JP MORGAN CHASE MTN 0.902% 6/14/17 06/14/2017 06/19/2015 750,000.00 750,112.50 112.50 338.25 1.030 0.902 A+ 54473ERP1 Taxable Muni LOS ANGELES CNTY CA 1.507% 12/01/17 12/01/2017 09/02/2015 25,000.00 25,228.00 228.00 125.58 1.510 1.493 AA 54473ERQ9 Taxable Muni LOS ANGELES CNTY CA 2.036% 12/01/18 12/01/2018 09/02/2015 50,000.00 50,507.00 507.00 339.33 2.040 2.016 AA 58933YAH8 Credit MERCK CO INC 0.7241% 5/18/18 05/18/2018 05/20/2013 751,987.00 751,920.00 -67.00 648.67 0.980 0.722 AA 594918BF0 Credit MICROSOFT CORP 1.300% 11/03/18 11/03/2018 11/03/2015 249,750.00 252,430.00 2,680.00 1,336.11 1.300 1.287 AAA 6055806E1 Taxable Muni MISSISSIPPI ST SER D 3.381% 11/01/18 11/01/2018 11/10/2010 105,247.27 106,372.00 1,124.73 1,408.75 3.380 3.181 AA 650119AD2 Taxable Muni NEW YORK UNIVERSITY 0.898% 7/01/17 07/01/2017 04/16/2015 200,000.00 199,910.00 -90.00 449.00 0.900 0.898 AA- 650119AE0 Taxable Muni NEW YORK UNIVERSITY 1.315% 7/01/18 07/01/2018 04/16/2015 120,000.00 120,152.40 152.40 394.50 1.320 1.313 AA- 702282ND2 Taxable Muni PASADENA CA UNIF 1.861% 11/01/18 11/01/2018 03/20/2014 251,693.09 255,665.00 3,971.91 1,938.54 1.860 1.820 A+ 717081DD2 Credit PFIZER INC 0.900% 1/15/17 01/15/2017 06/03/2013 500,781.14 500,175.00 -606.14 950.00 0.900 0.899 AA 717081DP5 Credit PFIZER INC 0.46539% 5/15/17 05/15/2017 05/15/2014 250,010.86 249,240.00 -770.86 148.66 0.770 0.466 AA 89237CAD3 Asset -Backed TOYOTA AUTO RECEIV 1.270% 5/15/19 05/15/2019 06/17/2015 An 499,972.95 500,865.00 892.05 282.22 1.270 1.267 AAA -r c RCTC iiIIIIIIII� � itiewside 1r,atia,Cornminion Payden & Rygel Operating Portfolio by Investment Category for Quarter ended March 31, 2016 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Cate. on, Issuer Next Call Base Market Unrealized Final Maturity Trade Date Date Ori.inal Cost Value Gain/Loss Accrued Income Cou on Yield Credit Ratin ouzitivkuo Asset -backed I UYU I H HU I U I.LOU% 3/ Ib/ZU 1.13/l13/ZUZU U3/UZ/ZUI13 l`J`J,`J2HS.bb ZUU,UOZ.UU U3.34 CU I.3U I.ZOU 1.Z4`J HH/i 90331HMD2 Credit US BANK NA MTN 0.5519% 1/30/17 01/30/2017 01/30/2014 12/30/2016 250,101.65 250,110.00 8.35 237.62 0.850 0.552 AA- 90331HMO3 Credit US BANK NA MTN 1.350% 1/26/18 01/26/2018 01/27/2015 12/26/2017 500,663.93 501,235.00 571.07 1,218.75 1.350 1.345 AA- 912828D98 Treasuries U S TREASURY NT 1.000% 9/15/17 09/15/2017 09/15/2014 2,483,788.53 2,490,664.00 6,875.47 1,145.65 1.000 0.996 N/A 912828G20 Treasuries U S TREASURY NT 0.875% 11/15/17 11/15/2017 11/15/2014 813,058.01 817,037.50 3,979.49 2,703.61 0.880 0.873 N/A 912828G46 Treasuries U S TREASURY NT 0.500% 11/30/16 11/30/2016 12/01/2014 399,531.25 399,984.00 452.75 672.13 0.500 0.500 N/A 912828H37 Treasuries U S TREASURY NT 0.875% 1/15/18 01/15/2018 01/15/2015 2,005,797.27 2,020,118.10 14,320.83 3,729.69 0.880 0.873 N/A 912828H78 Treasuries U S TREASURY NT 0.500% 1/31/17 01/31/2017 02/02/2015 2,146,934.56 2,148,409.00 -247.25 1,801.51 0.500 0.500 N/A 912828H94 Treasuries U S TREASURY NT 1.000% 2/15/18 02/15/2018 02/17/2015 1,635,350.87 1,637,709.90 2,158.28 2,059.89 1.000 0.995 N/A 912828K25 Treasuries U S TREASURY NT 0.750% 4/15/18 04/15/2018 04/15/2015 1,241,556.92 1,249,562.50 8,005.58 4,328.89 0.750 0.750 N/A 912828L40 Treasuries U S TREASURY NT 1.000% 9/15/18 09/15/2018 09/15/2015 1,423,670.63 1,426,773.40 3,262.69 655.98 1.000 0.996 N/A 912828M72 Treasuries U S TREASURY NT 0.875% 11/30/17 11/30/2017 11/30/2015 1,759,262.56 1,764,329.60 5,067.04 5,175.41 0.880 0.873 N/A 912828N55 Treasuries U S TREASURY NT 1.000% 12/31/17 12/31/2017 12/31/2015 1,313,546.44 1,321,325.15 7,778.71 3,323.63 1.000 0.995 N/A 912828SS0 Treasuries U S TREASURY NT 0.875% 4/30/17 04/30/2017 04/30/2012 2,744,150.45 2,743,514.06 -636.39 10,066.37 0.880 0.872 N/A 912828TS9 Treasuries U S TREASURY NT 0.625% 9/30/17 09/30/2017 10/01/2012 2,499,152.40 2,495,776.29 -3,376.11 42.67 0.630 0.626 N/A 912828TW0 Treasuries U S TREASURY NT 0.750% 10/31/17 10/31/2017 10/31/2012 19,977.34 20,007.00 29.66 63.05 0.750 0.749 N/A 912828UA6 Treasuries U S TREASURY NT 0.625% 11/30/17 11/30/2017 11/30/2012 2,023,823.43 2,036,736.00 12,912.57 4,284.84 0.630 0.626 N/A 912828UR9 Treasuries U S TREASURY NT 0.750% 2/28/18 02/28/2018 02/28/2013 1,616,986.19 1,617,371.91 385.72 1,054.57 0.750 0.750 N/A 912828WT3 Treasuries U S TREASURY NT 0.875% 7/15/17 07/15/2017 07/15/2014 1,002,497.71 1,002,420.00 -77.71 1,850.96 0.880 0.872 N/A 91412GWU5 Taxable Muni UNIV CALIFORNIA CA 1.418% 5/15/18 05/15/2018 03/25/2015 250,000.00 253,077.50 3,077.50 1,339.22 1.420 1.405 AA 91412GWV3 Taxable Muni UNIV OF CA 2.003% 5/15/19 05/15/2019 03/25/2015 250,000.00 255,947.50 5,947.50 1,891.72 2.000 1.958 AA 92867VAB6 Asset -Backed VOLKSWAGEN AUTO 0.870% 6/20/17 06/20/2017 03/05/2015 142,160.70 142,003.35 -157.33 37.83 0.870 0.872 N/A 94974BFK1 Credit WELLS FARGO MTN 0.9464% 4/23/18 04/23/2018 04/23/2013 502,064.93 499,925.00 -2,139.93 906.97 1.250 0.947 A 94974BFW5 Credit WELLS FARGO COM MTN 1.150% 6/02/17 06/02/2017 06/03/2014 500,330.41 500,540.00 209.59 1,900.69 1.150 1.149 A 977100AU0 Taxable Muni WISCONSIN ST 5.050% 5/01/18 05/01/2018 04/01/2008 217,112.09 216,530.00 -582.09 4,208.33 5.050 4.671 AA 50,359,378.76 50,456,913.56 95,772.30 97,457.42 43 RCTC ATTACHMENT 13 I` Rirervde town-1r.sportolion Commission Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2016 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Federal Tax Cost Net Cash Amount Amount Short Term Long Term Gain/Loss Gain/Loss Amount Amount INTEREST EARNED ON F F C B DEB 0.283% 1/02/18 $1 PV ON 01/04/2016 3133EEWS5 700000.0000 SHARES DUE 1/2/2016 - - - - - 170.59 - - - - - - 01/04/2016 INTEREST EARNED ON FIRST AMER GOVT OBLIG FUND CL Y UNIT ON 31846V203 0.0000 SHARES DUE 12/31/2015 INTEREST FROM 12/1/15 TO 12/31/15 - - - - - 2.68 01/11/2016 AMORTIZED PREMIUM ON DUKE ENERGY INDIAN 0.68448 % 7/11/16 263901AE0 CURRENT YEAR AMORTIZATION - - - - - - (21.19) - - 01/11/2016 INTEREST EARNED ON DUKE ENERGY INDIAN 0.68448% 7/11/16 $1 PV 263901AE0 ON 750000.0000 SHARES DUE 1/11/2016 - - - - - 1,283.40 - - 01/12/2016 AMORTIZED PREMIUM ON BERKSHIRE HATHAWAY 0.6275% 1/12/18 084664CD1 CURRENT YEAR AMORTIZATION - - _ - - - "T" - (6.79) - - 01/12/2016 INTEREST EARNED ON BERKSHIRE HATHAWAY 0.6275% 1/12/18 $1 084664CD1 PV ON 250000.0000 SHARES DUE 1/12/2016 - - - - - 392.18 - - - 01/12/2016 INTEREST EARNED ON NEW YORK UNIVERSITY 0.898% 7/01/17 $1 PV 650119AD2 ON 200000.0000 SHARES DUE 1/1/2016 - - - - - 1,272.17 - - - 01/14/2016 INTEREST EARNED ON F H L M C 0.750% 7/14/17 $1 PV ON 3137EADV8 800000.0000 SHARES DUE 1/14/2016 - - - - - 3,750.00 - - - 01/14/2016 INTEREST EARNED ON NEW YORK UNIVERSITY 1.315% 7/01/18 $1 PV 650119AE0 ON 120000.0000 SHARES DUE 1/1/2016 - - - - - 1,117.75 - - - 01/15/2016 AMORTIZED PREMIUM ON CHASE ISSUANCE TRU 0.67218% 2/18/20 161571GS7 CURRENT YEAR AMORTIZATION - - - - - - (7.73) - - 01/15/2016 INTEREST EARNED ON CHASE ISSUANCE TRU 0.67218% 2/18/20 $1 PV ON 420.1100 SHARES DUE 1/15/2016 $0.00056/PV ON 750,000.00 PV 161571GS7 DUE 1/15/16 - - - - - 420.11 - - - 01/15/2016 INTEREST EARNED ON FIFTH THIRD AUTO TRU 1.020 % 5/15/18 $1 PV ON 136.0000 SHARES DUE 1/15/2016 $0.00085/PV ON 160,000.00 PV 31680GAB2 DUE 1/15/16 - - - - - 136.00 - - - 01/15/2016 INTEREST EARNED ON JOHN DEERE OWNER 0.870 % 2/15/18 $1 PV ON 329.1100 SHARES DUE 1/15/2016 $0.00073/PV ON 453,939.46 PV 47787UAB9 DUE 1/15/16 - - - 01/15/2016 INTEREST EARNED ON JOHN DEERE OWNER 0.920% 4/16/18 $1 PV ON 543.8100 SHARES DUE 1/15/2016 $0.00077/PV ON 709,320.43 PV 47787VAC5 DUE 1/15/16 - - - - - 543.81 - - - 01/15/2016 INTEREST EARNED ON PFIZER INC 0.900% 1/15/17 $1 PV ON 717081DD2 500000.0000 SHARES DUE 1/15/2016 - - - - - 2,250.00 01/15/2016 AMORTIZED PREMIUM ON PFIZER INC 0.900% 1/15/17 CURRENT 717081DD2 YEAR AMORTIZATION - - - - - - 29.45 - - 01/15/2016 INTEREST EARNED ON TOYOTA AUTO RECEIV 1.270% 5/15/19 $1 PV ON 529.1700 SHARES DUE 1/15/2016 $0.00106/PV ON 500,000.00 PV 89237CAD3 DUE 1/15/16 - - - - - 52• 01/15/2016 INTEREST EARNED ON U S TREASURY NT 0.875% 1/15/18 $1 PV ON 912828H37 2015000.0000 SHARES DUE 1/15/2016 - - - - - 8,815.63 - - - 01/15/2016 AMORTIZED PREMIUM ON U S TREASURY NT 0.875% 7/15/17 912828WT3 CURRENT YEAR AMORTIZATION - - - (62.46) - - 01/15/2016 INTEREST EARNED ON U S TREASURY NT 0.875% 7/15/17 $1 PV ON 912828WT3 1000000.0000 SHARES DUE 1/15/2016 - - - - - 4,375.00 - - - 01/20/2016 AMORTIZED PREMIUM ON GE DEALER FLOORPLA 0.8521% 10/20/19 36159LCN4 CURRENT YEAR AMORTIZATION - - (9.28) - - - - - 01/20/2016 INTEREST EARNED ON GE DEALER FLOORPLA 0.8521% 10/20/19 $1 36159LCN4 PV ON 750000.0000 SHARES DUE 1/20/2016 - - - - - 532.56 01/20/2016 INTEREST EARNED ON VOLKSWAGEN AUTO 0.870 % 6/20/17 $1 PV ON 133.9400 SHARES DUE 1/20/2016 $0.00073/PV ON 184,747.55 PV 92867VAB6 DUE 1/20/16 - - - - - 133.94 - - - 01/25/2016 INTEREST EARNED ON FNMA GTD REMIC 0.3845 % 9/25/18 $1 PV ON 164.2200 SHARES DUE 1/25/2016 $0.00035/PV ON 466,000.79 PV 3136AMTM1 DUE 1/25/16 - - - - - 164.22 01/25/2016 INTEREST EARNED ON F H L M C MLTCL MTG 1.639% 10/25/19 $1 PV ON 264.5900 SHARES DUE 1/25/2016 $0.00137/PV ON 193,718.17 PV 3137BLVY1 DUE 1/25/16 - - - - - 264.59 01/25/2016 AMORTIZED PREMIUM ON WELLS FARGO MTN 0.9464% 4/23/18 94974BFK1 CURRENT YEAR - - ON - - - - - - 01/25/2016 WELLS INTEREST EARNED ON WELLS FARGO MTN 0.9464 % 4/23/18 $1 PV EARNED 94974BFK1 ON 500000.0000 SHARES DUE 1/23/2016 - - - - - 1,235.58 - - 01/26/2016 TRUST FEES COLLECTED CHARGED FOR PERIOD 12/01/2015 THRU 12/31/2015 COLLECTED BY DISBURSEMENT 521.62 01/26/2016 AMORTIZED PREMIUM ON US BANK NA MTN 1.350% 1/26/18 90331HMQ3 CURRENT YEAR AMORTIZATION (21.44) 01/26/2016 INTEREST EARNED ON US BANK NA MTN 1.350% 1/26/18 $1 PV ON 90331HMQ3 500000.0000 SHARES DUE 1/26/2016 3,375.00 (8.25) 01/29/2016 AMORTIZED PREMIUM ON US BANK NA MTN 0.5519% 1/30/17 90331HMD2 CURRENT YEAR AMORTIZATION 44 Page 26 of 32 ROTC I` Riverside town- ir.sporhdion Commission Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2016 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Federal Tax Cost Net Cash Amount Amount Short Term Long Term Gain/Loss Gain/Loss Amount Amount 01/29/2016 INTEREST EARNED ON US BANK NA MTN 0.5519% 1/30/17 $1 PV ON 90331HMD2 250000.0000 SHARES DUE 1/29/2016 348.77 02/01/2016 13063BN73 AMORTIZED PREMIUM ON CALIFORNIA ST VAR 1.050% 2/01/16 CURRENT YEAR AMORTIZATION - - - - - - (282.28) - - 02/01/2016 13063BN73 INTEREST EARNED ON CALIFORNIA ST VAR 1.050% 2/01/16 $1 PV ON 500000.0000 SHARES DUE 2/1/2016 - - - - - 2,625.00 - - - 02/01/2016 31846V203 INTEREST EARNED ON FIRST AMER GOVT OBLIG FUND CL Y UNIT ON 0.0000 SHARES DUE 1/31/2016INTEREST FROM 1/1/16 TO 1/31/16 - - - - - 0.93 - - - 02/01/2016 912828H78 INTEREST EARNED ON U S TREASURY NT 0.500% 1/31/17 $1 PV ON 2150000.0000 SHARES DUE 1/31/2016 - - - - - 5,375.00 - - - 02/02/2016 INTEREST EARNED ON F F C B DEB 0.4675% 1/02/18 $1 PV ON 3133EEWS5 700000.0000 SHARES DUE 2/2/2016 - - - - - 281.80 = - - - 02/03/2016 AMORTIZED PREMIUM ON APPLE INC 0.59708% 5/03/18 037833AG5 CURRENT YEAR AMORTIZATION - - - - - - (20.64) - - 02/03/2016 037833AG5 INTEREST EARNED ON APPLE INC 0.59708% 5/03/18 $1 PV ON 250000.0000 SHARES DUE 2/3/2016 - - - - - 373.18 - - - 02/04/2016 62888UAB6 INTEREST EARNED ON NCUA GUARANTEED 0.602% 11/05/20 $1 PV ON 93.4200 SHARES DUE 2/4/2016 $0.00053/PV ON 139,412.02 PV DUE 2/4/16 - - - - - 93.42 - - - 02/09/2016 084670BH0 AMORTIZED PREMIUM ON BERKSHIRE HATHAWAY 1.550% 2/09/18 CURRENT YEAR AMORTIZATION - - - (155.00) - - 02/09/2016 084670BH0 INTEREST EARNED ON BERKSHIRE HATHAWAY 1.550% 2/09/18 $1 PV ON 500000.0000 SHARES DUE 2/9/2016 - - - 3,875.00 02/16/2016 161571GS7 AMORTIZED PREMIUM ON CHASE ISSUANCE TRU 0.7952% 2/18/20 CURRENT YEAR AMORTIZATION (14.42) 02/16/2016 161571GS7 INTEREST EARNED ON CHASE ISSUANCE TRU 0.7952% 2/18/20 $1 PV ON 497.0000 SHARES DUE 2/15/2016 $0.00066/PV ON 750,000.00 PV DUE 2/15/16 - - - 497.00 106 02/16/2016 31680GAB2 INTEREST EARNED ON FIFTH THIRD AUTO TRU 1.020% 5/15/18 $1 PV ON 136.0000 SHARES DUE 2/15/2016 $0.00085/PV ON 160,000.00 PV DUE 2/15/16 - - - - - 136.00 02/16/2016 36962G2G8 AMORTIZED PREMIUM ON GEN ELEC CAP CRP MTN 5.400% 2/15/17 CURRENT YEAR AMORTIZATION - - - - - - 552.93 02/16/2016 36962G2G8 INTEREST EARNED ON GEN ELEC CAP CRP MTN 5.400% 2/15/17 $1 PV ON 104000.0000 SHARES DUE 2/15/2016 - - - - - 2,808.00 - - - 02/16/2016 47787UAB9 INTEREST EARNED ON JOHN DEERE OWNER 0.870% 2/15/18 $1 PV ON 302.1900 SHARES DUE 2/15/2016 $0.00073/PV ON 416,813.27 PV DUE 2/15/16 - - - - - 302.19 02/16/2016 47787VAC5 INTEREST EARNED ON JOHN DEERE OWNER 0.920 % 4/16/18 $1 PVlir ON 498.2000 SHARES DUE 2/15/2016 $0.00077/PV ON 649,825.04 PV DUE 2/15/16 - - - - - 498.20 - - - 02/16/2016 717081DP5 AMORTIZED PREMIUM ON PFIZER INC 0.46539% 5/15/17 CURRENT YEAR AMORTIZATION - - - - - - (1.01) - - 02/16/2016 717081DP5 INTEREST EARNED ON PFIZER INC 0.46539% 5/15/17 $1 PV ON 250000.0000 SHARES DUE 2/15/2016 - - - - - 326.86 - - - 02/16/2016 89237CAD3 INTEREST EARNED ON TOYOTA AUTO RECEIV 1.270% 5/15/19 $1 PV ON 529.1700 SHARES DUE 2/15/2016 $0.00106/PV ON 500,000.00 PV DUE 2/15/16 - - - - - 529.17 - - - 02/16/2016 912828H94 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 2/15/18 CURRENT YEAR AMORTIZATION (655.11) 02/16/2016 912828H94 INTEREST EARNED ON U S TREASURY NT 1.000% 2/15/18 $1 PV ON 3260000.0000 SHARES DUE 2/15/2016 16,300.00 339.63 - - 1,387.86 (6.98) 113.01 02/17/2016 166764AK6 AMORTIZED PREMIUM ON CHEVRON CORP 0.45355% 11/15/17 CURRENT YEAR AMORTIZATION 02/17/2016 166764AK6 INTEREST EARNED ON CHEVRON CORP 0.45355% 11/15/17 $1 PV ON 250000.0000 SHARES DUE 2/17/2016 02/19/2016 58933YAH8 AMORTIZED PREMIUM ON MERCK CO INC 0.7241 % 5/18/18 CURRENT YEAR AMORTIZATION - - 02/19/2016 58933YAH8 INTEREST EARNED ON MERCK CO INC 0.7241 % 5/18/18 $1 PV ON 750000.0000 SHARES DUE 2/18/2016 - - 02/22/2016 36159LCN4 AMORTIZED PREMIUM ON GE DEALER FLOORPLA 0.8521 % 10/20/19 CURRENT YEAR AMORTIZATION - - - (14.77) 02/22/2016 36159LCN4 INTEREST EARNED ON GE DEALER FLOORPLA 0.8521% 10/20/19 $1 PV ON 750000.0000 SHARES DUE 2/20/2016 - - - - - 602.25 - - - lir 92867VAB6 INTEREST EARNED ON VOLKSWAGEN AUTO 0.870% 6/20/17 $1 PV ON 124.7500 SHARES DUE 2/20/2016 $0.00073/PV ON 172,061.82 PV DUE 2/20/16 - - - - - - - 02/22/2016 02/23/2016 20772JZR6 AMORTIZED PREMIUM ON CONNECTICUT ST SER 3.000% 3/15/17 CURRENT YEAR AMORTIZATION (1,531.99) 02/23/2016 912828L40 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 9/15/18 CURRENT YEAR AMORTIZATION (206.56) 45 Page 27 of 32 ROTC I` Riverside town- ir.sporhdion Commission Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2016 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Federal Tax Cost Net Cash Amount Amount Short Term Long Term Gain/Loss Gain/Loss Amount Amount TRUST FEES COLLECTED CHARGED FOR PERIOD 01/01/2016 THRU 02/25/2016 01/31/2016 COLLECTED BY DISBURSEMENT - - - - - (523.87 - - - 02/25/2016 INTEREST EARNED ON F N M A GTD REMIC 0.3845% 9/25/18 $1 PV ON 245.4000 SHARES DUE 2/25/2016 $0.00053/PV ON 465,572.71 PV 3136AMTM1 DUE 2/25/16 - - - - - 245.40 - - - 02/25/2016 INTEREST EARNED ON F H L M C MLTCL MTG 1.639% 10/25/19 $1 PV ON 263.3400 SHARES DUE 2/25/2016 $0.00137/PV ON 192,803.27 PV 3137BLVY1 DUE 2/25/16 - - - - - 263.34 - - - 02/26/2016 INTEREST EARNED ON F N M A 1.000% 2/26/19 $1 PV ON 3135G0J53 500000.0000 SHARES DUE 2/26/2016 - - - - - 41.67 - - - 02/29/2016 INTEREST EARNED ON F H L B 0.750% 8/28/17 $1 PV ON 3130A62S5 1030000.0000 SHARES DUE 2/28/2016 - - - - 3,862.50 - - - 02/29/2016 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 2/15/18 912828H94 CURRENT YEAR AMORTIZATION - - - - (210.55) - - 03/01/2016 INTEREST EARNED ON FIRST AMER GOVT OBLIG FUND CL Y UNIT ON 31846V203 0.0000 SHARES DUE 2/29/2016 INTEREST FROM 2/1/16 TO 2/29/16 - - - - - 3.97 - - - 03/02/2016 INTEREST EARNED ON CHEVRON CORP 1.365% 3/02/18 $1 PV ON 166764AV2 500000.0000 SHARES DUE 3/2/2016 - - - - - 3,412.50 - - - 03/02/2016 INTEREST EARNED ON F F C B DEB 0.465% 1/02/18 $1 PV ON 3133EEWS5 700000.0000 SHARES DUE 3/2/2016 - - - - - 262.21 - - - 03/03/2016 AMORTIZED PREMIUM ON APPLE INC 0.450% 5/03/16 CURRENT 037833AH3 YEAR AMORTIZATION - - - - - - (31.98) - - 03/03/2016 ACCREDITED DISCOUNT ON TORONTO DOMINION C D 0.740% 5/17/16 89113EX84 MARKET DISCOUNT - - - - - - 0.01 - - 03/03/2016 FED BASIS OF U S TREASURY NT 1.000% 9/15/18 ADJUSTED BY - 912828L40 451.17 FIXED FEDRL TX CST FROM $502363.56 TO $501912.39 - - - - - - (451.17) - - 03/03/2016 FED BASIS OF U S TREASURY NT 1.000% 9/15/18 ADJUSTED BY 912828L40 451.17 FIXED FEDRL TX CST FROM $501134.49 TO $501585.66 - - - - - - 451.17 - - 03/03/2016 AMORTIZED PREMIUM ON WAL MART STORES INC 0.600% 4/11/16 931142DE0 CURRENT YEAR AMORTIZATION - - - - - - (96.45) - - 03/07/2016 AMORTIZED PREMIUM ON BANK OF NY MTN 0.90191 % 3/06/18 06406HCK3 CURRENT YEAR AMORTIZATION - - - - - - (82.10) - - 03/07/2016 INTEREST EARNED ON BANK OF NY MTN 0.90191 % 3/06/18 $1 PV 06406HCK3 ON 750000.0000 SHARES DUE 3/6/2016 - - - - - 1,691.08 - - - 03/07/2016 INTEREST EARNED ON EXXON MOBIL 1.305% 3/06/18 $1 PV ON 30231GAL6 460000.0000 SHARES DUE 3/6/2016 - - - - - 3,001.50 - - - 03/14/2016 INTEREST EARNED ON JP MORGAN CHASE MTN 0.902% 6/14/17 $1 48125LRD6 PV ON 750000.0000 SHARES DUE 3/14/2016 - - - - - 1,710.04 03/15/2016 AMORTIZED PREMIUM ON CHASE ISSUANCE TRU 0.6972% 2/18/20 161571GS7 CURRENT YEAR AMORTIZATION - - - - - - 11.54 - - INTEREST EARNED ON CHASE ISSUANCE TRU 0.62/1 0 $t PV - - ON 435.7500 SHARES DUE 3/15/2016 $0.00058/PV ONN 750,00000.00 PV 161571GS7 DUE 3/15/16 - - - - - 03/15/2016 INTEREST EARNED ON FIFTH THIRD AUTO TRU 1.020% 5/15/18 $1 PV ON 136.0000 SHARES DUE 3/15/2016 $0.00085/PV ON 160,000.00 PV 31680GAB2 DUE 3/15/16 - - - - - 136.00 - - - 03/15/2016 AMORTIZED PREMIUM ON GEN ELEC CAP CRP MTN 5.625% 9/15/17 36962G3H5 CURRENT YEAR AMORTIZATION - - - - - - (4,400.13) - - 03/15/2016 INTEREST EARNED ON GEN ELEC CAP CRP MTN 5.625% 9/15/17 $1 PV 36962G3H5 ON 500000.0000 SHARES DUE 3/15/2016 - - - - - 14,062.50 - - - 03/15/2016 INTEREST EARNED ON JOHN DEERE OWNER 0.870% 2/15/18 $1 PV ON 269.0800 SHARES DUE 3/15/2016 $0.00073/PV ON 371,139.32 PV 47787UAB9 DUE 3/15/16 - - - - - 269.08 - - - 03/15/2016 INTEREST EARNED ON JOHN DEERE OWNER 0.920% 4/16/18 $1 PV ON 441.3300 SHARES DUE 3/15/2016 $0.00077/PV ON 575,653.38 PV 47787VAC5 DUE 3/15/16 - - - - - 441.33 - - - 03/15/2016 INTEREST EARNED ON TOYOTA AUTO RECEIV 1.270% 5/15/19 $1 PV ON 529.1700 SHARES DUE 3/15/2016 $0.00106/PV ON 500,000.00 PV 89237CAD3 DUE 3/15/16 - - - - - 529.17 . - - 03/15/2016 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 9/15/17 912828D98 CURRENT YEAR AMORTIZATION - - - - - 502.87 03/15/2016 INTEREST EARNED ON U S TREASURY NT 1.000% 9/15/17 $1 PV ON 912828D98 2480000.0000 SHARES DUE 3/15/2016 - - - - - 12,400.00 - 03/15/2016 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 9/15/18 912828L40 CURRENT YEAR AMORTIZATION - - - - - - (58.06) - - 03/15/2016 INTEREST EARNED ON U S TREASURY NT 1.000% 9/15/18 $1 PV ON 912828L40 1420000.0000 SHARES DUE 3/15/2016 - - - - - 7,100.00 - - - 03/18/2016 INTEREST EARNED ON HONDA AUTO 1.570% 12/18/19 $1 PV ON 155.8900 SHARES DUE 3/18/2016 $0.00078/PV ON 200,000.00 PV DUE 43814NAC9 3/18/16 - - - - - 155.89 - - - 46 Page 28 of 32 ROTC I` Rirer,ide town- ir.sportolion Commission Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2016 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Net Cash Amount Amount Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss Amount Amount INTEREST EARNED ON BMW VEHICLE LEASE 1.340% 1/22/19 $1 PV 03/21/2016 05581RAD8 n,n=o wC JILL"LV IV,DV.VV,LI II- V\J,. VVV,VVV.VV I-V DUE 3/20/16 - - - - - 759.33 - - - - - - - - - 03/21/2016 3130A7CX1 INTEREST EARNED ON F H L B 0.875% 3/19/18 $1 PV ON 520000.0000 SHARES DUE 3/19/2016 - - - - - 391.81 - 03/21/2016 36159LCN4 AMORTIZED PREMIUM ON GE DEALER FLOORPLA 0.8232% 10/20/19 CURRENT YEAR AMORTIZATION - - - - - - (13.50) 03/21/2016 36159LCN4 INTEREST EARNED ON GE DEALER FLOORPLA 0.8232% 10/20/19 $1 PV ON 750000.0000 SHARES DUE 3/20/2016 - - - - _ - 514.50 03/21/2016 92867VAB6 INTEREST EARNED ON VOLKSWAGEN AUTO 0.870% 6/20/17 $1 PV ON 112.6700 SHARES DUE 3/20/2016 $0.00073/PV ON 155,405.18 PV DUE 3/20/16 - - - - - 112.67 - 03/23/2016 62888UAB6 INTEREST EARNED ON NCUA GUARANTEED 0.602% 11/05/20 $1 PV ON 93.4200 SHARES DUE 2/4/2016 - - - - - (93.42) - - - 03/25/2016 TRUST FEES COLLECTED CHARGED FOR PERIOD 02/01/2016 THRU 02/29/2016 COLLECTED BY DISBURSEMENT - - - - - (524.28) - - - 03/25/2016 3136AMTM1 INTEREST EARNED ON F N M A GTD REMIC 0.3845% 9/25/18 $1 PV ON 238.1200 SHARES DUE 3/25/2016 $0.00051/PV ON 465,142.40 PV DUE 3/25/16 - - - - - 238.12 - - - 03/25/2016 3137BLVY1 INTEREST EARNED ON F H L M C MLTCL MTG 1.639% 10/25/19 $1 PV ON 262.0800 SHARES DUE 3/25/2016 $0.00137/PV ON 191,884.61 PV DUE 3/25/16 - - - - - - 262.08 - - - 03/31/2016 912828TS9 AMORTIZED PREMIUM ON U S TREASURY NT 0.625% 9/30/17 CURRENT YEAR AMORTIZATION - - - - - (21.83) - - 03/31/2016 912828TS9 ACCREDITED DISCOUNT ON U S TREASURY NT 0.625% 9/30/17 CURRENT YEAR ACQ. PREMIUM OID - - - - - - (133.60) - - 03/31/2016 912828TS9 ACCREDITED DISCOUNT ON U S TREASURY NT 0.625% 9/30/17 CURRENT YEAR OID - - - - - - 133.60 - - 03/31/2016 912828TS9 INTEREST EARNED ON U S TREASURY NT 0.625% 9/30/17 $1 PV ON 2499000.0000 SHARES DUE 3/31/2016 - - - - - 7,809.38 - - - 01/04/2016 01/04/2016 01/04/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 1,857.5900 1.000000 - - - (1,857.59) 1,857.59 - - 01/05/2016 01/05/2016 01/05/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT °BUG FUND CL Y 2.6800 1.000000 - - - (2.68) 2.68 - - 01/11/2016 01/11/2016 01/11/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 1,283.4000 1.000000 - - - (1,283.40) 1,283.40 - - 01/12/2016 01/12/2016 01/12/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 374.1700 1.000000 - - - (374.17) 374.17 - - 01/13/2016 01/13/2016 01/13/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 392.1800 1.000000 - - - (392.18) 392.18 - - 01/14/2016 01/14/2016 01/14/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 328.7500 1.000000 - - - (328.75) 328.75 - - 01/14/2016 01/14/2016 01/14/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 3,750.0000 1.000000 - - - (3,750.00) 3,750.00 - - 01/15/2016 01/15/2016 01/15/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 114,020.4100 1.000000 - - - (114,020.41) 114,020.41 - - 01/15/2016 01/15/2016 01/15/2016 47787UAB9 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.870% 2/15/18 (37,126.1900) - - - - 37,126.19 (37,123.80) 2.39 - 01/15/2016 01/15/2016 01/15/2016 47787VAC5 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.920% 4/16/18 (59,495.3900) - - - - 59,495.39 (59,479.12) 16.27 - 01/20/2016 01/20/2016 01/20/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 12,819.6700 1.000000 - - - (12,819.67) 12,819.67 - - 01/20/2016 01/20/2016 01/20/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 532.5600 1.000000 - - - (532.56) 532.56 - - 01/20/2016 01/20/2016 01/20/2016 92867VAB6 PAID DOWN PAR VALUE OF VOLKSWAGEN AUTO 0.870% 6/20/17 (12,685.7300) - - - - 12,685.73 (12,673.24) 12.49 - 01/25/2016 01/25/2016 01/25/2016 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 0.3845% 9/25/18 (428.0800) 51,110.449822 - - - 428.08 (427.97) 0.11 - 01/25/2016 01/25/2016 01/25/2016 3137BLVY1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.639% 10/25/19 (914.9000) 23,914.483944 - - - 914.90 (912.61) 2.29 - 01/25/2016 01/25/2016 01/25/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 3,007.3700 1.000000 - - - (3,007.37) 3,007.37 - - 01/26/2016 01/26/2016 01/26/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 2,853.3800 1.000000 - - - (2,853.38) 2,853.38 - - 01/29/2016 01/29/2016 01/29/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 348.7700 1.000000 - - - (348.77) 348.77 - - 01/29/2016 01/29/2016 01/29/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 130,085.3100 1.000000 - - - (130,085.31) 130,085.31 01/29/2016 01/29/2016 459200HZ7 RECEIVED ACCRUED INTEREST ON SALE OF IBM CORP 1.125% 2/06/18 - - - - - 702.81 - 01/29/2016 01/26/2016 01/29/2016 459200HZ7 SOLD PAR VALUE OF IBM CORP 1.125% 2/06/18 /BNP PARIBAS SECURITIES BOND/130,000 PAR VALUE AT 99.525 % (130,000.0000 0.995250 - - - 129,382.50 129,402.00 19.50 - 02/02/201 01/29/2016 62888UAB6 PAID ACCRUED INTEREST ON PURCHASE OF NCUA GUARANTEED 0.602% 11/05/20 - 72.66 - 02/02/2016 01/26/2016 01/29/2016 62888UAB6 PURCHASED PAR VALUE OF NCUA GUARANTEED 0.602% 11/05/20 /BARCLAYS CAPITAL INC. FIXED IN/139,412.02 PAR VALUE AT 99.6875 % 139,412.0200 0.996875 138,976.36 138,976.36 03/23/2016 01/29/2016 62888UAB6 RECEIVED ACCRUED INTEREST ON SALE OF NCUA GUARANTEED 0.602% 11/05/20 - - - 72.66 - - 03/23/2016 01/26/2016 01/29/2016 62888UAB6 SOLD PAR VALUE OF NCUA GUARANTEED 0.602% 11/05/20 /BARCLAYS CAPITAL INC. FIXED IN/OPP ENTRY REVS OF BUY 2/2/2016 ZY127 TR19924-25 (139,412.0200) 0.996875 - - - 138,976.36 (138,976.36) - - 02/01/2016 02/01/2016 02/01/2016 13063BN73 MATURED PAR VALUE OF CALIFORNIA ST VAR 1.050% 2/01/16 500,000 PAR VALUE AT 100 % (500,000.0000) 1.000000 - - - 500,000.00 (500,000.00) - - 02/01/2016 02/01/2016 02/01/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 638,146.7400 1.000000 - - - (638,146.74) 638,146.74 - - 02/01/2016 02/01/2016 459200HZ7 RECEIVED ACCRUED INTEREST ON SALE OF IBM CORP 1.125% 2/06/18 - - - - - 710.94 - - 02/01/2016 01/27/2016 02/01/2016 459200HZ7 i SOLD PAR VALUE OF IBM CORP 1.125% 2/06/18 /CREDIT SUISSE SECURITIES (USA)/130,000 PAR VALUE AT 99.566 % (130,000ymo) 0.995660 - - - 129,435.80 (129,402.00) 33.80 - Page 29 of 32 ROTC I` Rirervde town- trssportotion Commission Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2016 Account Number: 001050990415 Transaction Settlement Name: RIVERSIDE COUNTY TRANS COMM Miscellaneous • Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss 02/02/2016 02/02/2016 02/02/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 282.7300 1.000000 - - - (282.73) 282.73 - - 02/02/2016 02/02/2016 02/02/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (139,049.0200) 1.000000 - - - 139,049.02 (139,049.02) - - 02/03/2016 02/03/2016 02/03/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 373.1800 1.000000 - - - (373.18) 373.18 - - 02/04/2016 02/04/2016 02/04/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 1,933.4100 1.000000 - - - (1,933.41) 1,933.41 - - 02/04/2016 02/04/2016 02/04/2016 62888UAB6 PAID DOWN PAR VALUE OF NCUA GUARANTEED 0.602% 11/05/20 (1,839.9900) 1,413.051158 - - - 1,839.99 (1,834.24) 5.75 - 03/23/2016 02/04/2016 02/04/2016 62888UAB6 PAID DOWN -RV PAR VALUE OF NCUA GUARANTEED 0.602% 11/05/20 1,839.9900 1,413.051158 - - - (1,839.99) 1,834.24 (5.75) - 02/09/2016 02/09/2016 02/09/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 3,875.0000 1.000000 - - - (3,875.00) 3,875.00 - - 02/12/2016 02/12/2016 17305EFN0 RECEIVED ACCRUED INTEREST ON SALE OF CITIBANK CREDIT CARD 1.020% 2/22/19 - - - - - 3,371.67 - - - 02/12/2016 02/09/2016 11 02/12/2016 17305EFN0 SOLD PAR VALUE OF CITIBANK CREDIT CARD 1.020% 2/22/19 /CITIGROUP GLOBAL MARKETS INC./XOTC 700,000 PAR VALUE AT 100.046875 % (700,000.0000) 1.000469 - - - 700,328.13 (698,523.44) 1,804.69 - 02/12/2016 02/12/2016 02/12/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 703,699.8000 1.000000 - - - (703,699.80) 703,699.80 - - 02/16/2016 02/16/2016 02/16/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 141,243.0300 1.000000 - - - (141,243.03) 141,243.03 - - 02/16/2016 02/15/2016 02/16/2016 47787UAB9 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.870% 2/15/18 (45,673.9500) - - - - 45,673.95 (45,671.01) 2.94 - 02/16/2016 02/15/2016 02/16/2016 47787VAC5 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.920% 4/16/18 (74,171.6600) - - - - 74,171.66 (74,151.38) 20.28 - 02/17/2016 02/09/2016 02/17/2016 05581RAD8 PURCHASED PAR VALUE OF BMW VEHICLE LEASE 1.340% 1/22/19 /MLPFS INC/FIXED INCOME/600,000 PAR VALUE AT 99.98825 % 600,000.0000 0.999883 - - - (599,929.50) 599,929.50 - - 02/17/2016 02/17/2016 02/17/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (599,929.5000) 1.000000 - - - 599,929.50 (599,929.50) - - 02/18/2016 02/17/2016 02/18/2016 3130A7CX1 PURCHASED PAR VALUE OF F H L B 0.875% 3/19/18 /BARCLAYS CAPITAL INC. FIXED IN/520,000 PAR VALUE AT 99.969 % 520,000.0000 0.999690 - - - (519,838.80) 519,838.80 - - 02/18/2016 02/18/2016 02/18/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (519,499.1700) 1.000000 - - - 519,499.17 (519,499.17) - - 02/19/2016 02/19/2016 02/19/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 1,387.8600 1.000000 - - - (1,387.86) 1,387.86 - - 02/22/2016 02/22/2016 02/22/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 16,781.3900 1.000000 - - - (16,781.39) 16,781.39 - - 02/22/2016 02/22/2016 02/22/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 602.2500 1.000000 - - - (602.25) 602.25 - - 02/22/2016 02/20/2016 02/22/2016 92867VAB6 PAID DOWN PAR VALUE OF VOLKSWAGEN AUTO 0.870% 6/20/17 (16,656.6400) - - - - 16,656.64 (16,640.25) 16.39 - 02/23/2016 02/16/2016 02/23/2016 037833BN9 PURCHASED PAR VALUE OF APPLE INC 1.300% 2/23/18 /GOLDMAN, SACHS & CO./30,000 PAR VALUE AT 99.957 % 30,000.0000 0.999570 - - - (29,987.10) 29,987.10 - - 02/23/2016 02/16/2016 02/23/2016 037833BQ2 PURCHASED PAR VALUE OF APPLE INC 1.700% 2/22/19 /GOLDMAN, SACHS & CO./40,000 PAR VALUE AT 99.983 % 40,000.0000 0.999830 - - - (39,993.20) 39,993.20 - - 02/23/2016 02/23/2016 20772JZR6 RECEIVED ACCRUED INTEREST ON SALE OF CONNECTICUT ST SER 3.000% 3/15/17 - - - - - 5,925.00 - - - 02/23/2016 02/18/2016 02/23/2016 20772JZR6 SOLD PAR VALUE OF CONNECTICUT ST SER 3.000% 3/15/17 /NATIONAL FINANCIAL SERVICES CO/450,000 PAR VALUE AT 102.67 % (450,000.0000) 1.026700 - - - 462,015.00 (461,309.58) 705.42 - 02/23/2016 02/19/2016 02/23/2016 3135G0J53 PURCHASED PAR VALUE OF F N M A 1.000% 2/26/19 /J.P. MORGAN SECURITIES LLC/500,000 PAR VALUE AT 99.764 % 500,000.0000 0.997640 - - - (498,820.00) 498,820.00 - - 02/23/2016 02/23/2016 02/23/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (527,223.7800) 1.000000 - - - 527,223.78 (527,223.78) - - 02/23/2016 02/23/2016 02/23/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 467,940.0000 1.000000 - - - (467,940.00) 467,940.00 - - 02/23/2016 02/23/2016 912828L40 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.000% 9/15/18 l - - - - - 2,211.54 - - - 02/23/2016 02/19/2016 02/23/2016 912828L40 SOLD PAR VALUE OF U S TREASURY NT 1.000% 9/15/18 /BARCLAYS CAPITAL INC. FIXED IN/500,000 PAR VALUE AT 100.382478 % 500,000.0000 1.003825 - - - 501,912.39 501,912.39 - - 02/23/2016 02/23/2016 912828SS0 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 0.875% 4/30/17 - - - AWL - - 02/23/2016 02/18/2016 02/23/2016 912828SS0 PURCHASED PAR VALUE OF U S TREASURY NT 0.875% 4/30/17 /CITIGROUP GLOBAL MARKETS INC./460,000 PAR VALUE AT 100.27734348 % 460,000.0000 1.002773 - - - (461,275.78) 461,275.78 - - 02/24/2016 02/24/2016 02/24/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 15,078.4500 1.000000 - - - (15,078.45) 15,078.45 - - 02/24/2016 02/24/2016 912828G20 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.875% 11/15/17 - - - - - 1,978.73 - - - 02/24/2016 02/22/2016 02/24/2016 912828G20 SOLD PAR VALUE OF U S TREASURY NT 0.875% 11/15/17 /BMO CAPITAL MARKETS CORP./815,000 PAR VALUE AT 100.171875 % (815,000.0000) 1.001719 - - - 816,400.78 (813,058.01) 3,342.77 - 02/24/2016 02/24/2016 912828M72 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 0.875% 11/30/17 - - - - - (1,644.81) - - - 02/24/2016 02/22/2016 02/24/2016 912828M72 PURCHASED PAR VALUE OF U S TREASURY NT 0.875% 11/30/17 /BMO CAPITAL MARKETS CORP/BONDS/800,000 PAR VALUE AT 100.20703125 % 800,000.0000 1.002070 - - - (801,656.25) 801,656.25 - - 02/25/2016 02/25/2016 02/25/2016 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 0.3845% 9/25/18 (430.3100) 50,845.579605 - - - 430.31 (430.20) 0.11 - 02/25/2016 02/25/2016 02/25/2016 3137BLVY1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.639% 10/25/19 (918.6600) 23,816.603923 - - - 918.66 (916.36) 2.30 - 02/25/2016 02/25/2016 02/25/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 200,112.0300 1.000000 - - - (200,112.03) 200,112.03 - - 02/25/2016 02/25/2016 02/25/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (198,637.7400) 1.000000 - - - 198,637.74 (198,637.74) - - 02/25/2016 02/16/2016 02/25/2016 43814NAC9 PURCHASED PAR VALUE OF HONDA AUTO 1.570% 12/18/19 /J.P. MORGAN SECURITIES LLC/200,000 PAR VALUE AT 99.98579 % 200,000.0000 0.999858 - - - (199,971.58) 199,971.58 - - 02/25/2016 02/25/2016 912828G46 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.500% 11/30/16 - - - - - 237.70 - - - 48 Page 30 of 32 ROTC I` Rirervde town- ir.spartolion Comaicvon Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2016 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Net Cash Amount Amount Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss Amount Amount SOLD PAR VALUE OF U S TREASURY NT 0.500% 11/30/16 /RBS 199 874 33 108 71 �4/4.,r4V,o 02/26/2016 �4/4Yr4,,,o 02/05/2016 „4/4J/L„Io 02/26/2016 o14o40%2,J 3134G8L98 t4w,wo.ww/ PURCHASED PAR VALUE OF F H L M C M T N 1.050 % 2/26/18 /WELLS FARGO SECURITIES, LLC/500,000 PAR VALUE AT 100 % 500,000.0000 �.JUJJr4 1.000000 - - - - - - (500,000.00) t,00,r w.oL/ 500,000.00 - - - - - - - 02/26/2016 02/26/2016 02/26/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (499,958.3300) 1.000000 - - - 499,958.33 (499,958.33) 02/29/2016 02/29/2016 02/29/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 200,061.1300 1.000000 - - - (200,061.13) 200,061.13 02/29/2016 02/29/2016 02/29/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 25,016.5200 1.000000 - - 25,016.52 25,016.52 - 02/29/2016 02/29/2016 912828G46 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.500% 11/30/16 ' - - 248.63 - - 02/29/2016 02/26/2016 02/29/2016 912828G46 SOLD PAR VALUE OF U S TREASURY NT 0.500% 11/30/16 /CITIGROUP GLOBAL MARKETS INC./XOTC 200,000 PAR VALUE AT 99.90625 % 200,000.0000) 0.999063 - - - 199,812.50 199,765.63 46.87 - 02/29/2016 02/29/2016 912828H94 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.000% 2/15/18 - - 626.92 02/29/2016 02/23/2016 02/29/2016 912828H94 SOLD PAR VALUE OF U S TREASURY NT 1.000% 2/15/18 /BMO CAPITAL MARKETS CORP./1,630,000 PAR VALUE AT 100.460938 % (1,630,000.0000) 1.004609 - - - 1,637,513.29 1,635,150.13 2,363.16 02/29/2016 02/23/2016 02/29/2016 912828UR9 PURCHASED PAR VALUE OF U S TREASURY NT 0.750 % 2/28/18 /BMO CAPITAL MARKETS CORP/BONDS/1,617,000 PAR VALUE AT 99.99914595 % 1,617,000.0000 0.999991 - - - (1,616,986.19) 1,616,986.19 03/01/2016 03/01/2016 03/01/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (89,989.2000) 1.000000 - - - 89,989.20 (89,989.20 03/01/2016 02/25/2016 03/01/2016 478160BR4 PURCHASED PAR VALUE OF JOHNSON JOHNSON 1.125 % 3/01/19 /J.P. MORGAN SECURITIES LLC/90,000 PAR VALUE AT 99.988 % 90,000.0000 0.999880 - - - (89,989.20) 89,989.20 - 03/02/2016 03/02/2016 03/02/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (196,309.9800) 1.000000 - - - 196,309.98 (196,309.98) - - 03/02/2016 02/23/2016 03/02/2016 89237KAD5 PURCHASED PAR VALUE OF TOYOTA AUTO 1.250 % 3/16/20 /MLPFS INC/FIXED INCOME/200,000 PAR VALUE AT 99.99433 % 200,000.0000 0.999943 - - - (199,988.66) 199,988.66 - 03/03/2016 03/03/2016 037833AH3 RECEIVED ACCRUED INTEREST ON SALE OF APPLE INC 0.450 5/03/16 - - - - - 750.00 - - - 03/03/2016 03/02/2016 03/03/2016 037833AH3 SOLD PAR VALUE OF APPLE INC 0.450% 5/03/16 /GOLDMAN, SACHS & CO./XOTC 500,000 PAR VALUE AT 99.993 % (500,000.0000) 0.999930 - - - 499,965.00 (500,030.63) - (65.63) 03/03/2016 02/29/2016 03/03/2016 30231GAP7 PURCHASED PAR VALUE OF EXXON MOBIL 1.708 % 3/01/19 /MLPFS INC/FIXED INCOME/40,000 PAR VALUE AT 100 % 40,000.0000 1.000000 - - - (40,000.00) 40,000.00 - - 03/03/2016 02/29/2016 03/03/2016 30231GAU6 PURCHASED PAR VALUE OF EXXON MOBIL 1.439% 3/01/18 /CITIGROUP GLOBAL MARKETS INC./40,000 PAR VALUE AT 100 % ... 40,000.0000 1.000000 - - - (40,000.00) 40,000.00 - - 03/03/2016 03/03/2016 03/03/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 236,140.2400 1.000000 - - - (236,140.24) 236,140.24 - - 03/03/2016 03/03/2016 03/03/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y JME_ (11,708.5100) 1.000000 - - - 11,708.51 (11,708.51) - - 03/03/2016 03/03/2016 89113EX84 RECEIVED ACCRUED INTEREST ON SALE OF TORONTO DOMINION C D 0.740 % 5/17/16 - - - - - 781.11 - - - 03/03/2016 03/02/2016 03/03/2016 89113EX84 SOLD PAR VALUE OF TORONTO DOMINION C D 0.740% 5/17/16 /BONY/TORONTO DOMINION SECURITI/500,000 PAR VALUE AT 100.028935 % (500,000.0000) 1.000289 - - - 500,144.68 (499,999.98) 144.70 - 03/03/2016 03/03/2016 912828L40 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.000% 9/15/18 - - - - - (4,717.03) - - - 03/03/2016 03/01/2016 03/03/2016 912828L40 PURCHASED PAR VALUE OF U S TREASURY NT 1.000% 9/15/18 /BARCLAYS CAPITAL INC. FIXED IN/1,010,000 PAR VALUE AT 100.22689703 % 1,010,000.0000 1.002269 - - - (1,012,291.66) 1,012,291.66 - - 03/03/2016 03/03/2016 931142DE0 RECEIVED ACCRUED INTEREST ON SALE OF WAL MART STORES INC 0.600% 4/11/16 - - - - - 754.97 - - - 03/03/2016 03/02/2016 03/03/2016 931142DE0 SOLD PAR VALUE OF WAL MART STORES INC 0.600% 4/11/16 /GOLDMAN, SACHS & CO./XOTC 319,000 PAR VALUE AT 100.014 % (319,000.0000) 1.000140 - - - 319,044.66 (319,059.00) (14.34) - 03/07/2016 03/07/2016 03/07/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 4,692.5800 1.000000 - - - (4,692.58) 4,692.58 - - 03/08/2016 03/08/2016 03/08/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 1,513.8700 1.000000 - - - (1,513.87) 1,513.87 - - 03/14/2016 03/14/2016 03/14/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 1,710.0400 1.000000 - - - (1,710.04) 1,710.04 - - 03/15/2016 03/15/2016 03/15/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 26,705.5100 1.000000 - - - (26,705.51) 26,705.51 - - 03/15/2016 03/15/2016 03/15/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 76,245.7000 1.000000 - - - (76,245.70) 76,245.70 - - 03/15/2016 03/15/2016 03/15/2016 47787UAB9 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.870 % 2/15/18 (26,436.4300) 3.711734 - - - 26,436.43 (26,434.73) - 1.70 03/15/2016 03/15/2016 03/15/2016 47787VAC5 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.920% 4/16/18 (41,140.9500) - - - - 41,140.95 (41,129.70) - 11.25 03/18/2016 03/18/2016 03/18/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 155.8900 1.000000 - - - (155.89) 155.89 - - 03/21/2016 03/21/2016 3134G8NT2 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C 1.125 3/16/18 - - - - - (87.50) - - - 03/21/2016 03/17/2016 03/21/2016 3134G8NT2 PURCHASED PAR VALUE OF F H L M C 1.125 % 3/16/18 /NOMURA SECURITIES/FIX INCOME/560,000 PAR VALUE AT 99.995 % 560,000.0000 0.999950 - - - (559,972.00) 559,972.00 - - 03/21/2016 03/18/2016 03/21/2016 3137EADZ9 PURCHASED PAR VALUE OF F H L M C M T N 1.125% 4/15/19 /MORGAN STANLEY & CO. LLC/290,000 PAR VALUE AT 99.967 % 290,000.0000 0.999670 - - - (289,904.30) 289,904.30 03/21/2016 03/21/2016 03/21/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 12,593.8800 1.000000 - - (12,593.88) 12,593.88 i 03/21/2016 03/21/2016 03/21/2016 31846V203 SOLD UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (347,163.8300) 1.000000 - - - 347,163.83 (347,163.83) 03/21/2016 03/21/2016 912828G46 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.500% 11/30/16 �- 765.03 03/21/2016 03/18/2016 03/21/2016 912828G46 SOLD PAR VALUE OF U S TREASURY NT 0.500 % 11/30/16 /BARCLAYS CAPITAL INC. FIXED IN/500,000 PAR VALUE AT 99.949218 % (500,000.0000) 0.999492 - 499,746.09 (499,414.06) 332.03 03/21/2016 03/20/2016 03/21/2016 92867VAB6 PAID DOWN PAR VALUE OF VOLKSWAGEN AUTO 0.870% 6/20/17 (13,104.A4)) - 13,104.42 (13,091.52) -r Page 31 of 32 ROTC MEM RireNde (own- ir.spartolion Comai sion Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2016 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Description Units Short Term Long Term Miscellaneous Federal Tax Cost Gain/Loss Gain/Loss Price Commissions SEC Fees Fees Net Cash Amount Amount Amount Amount 03/23/2016 03/23/2016 03/23/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 135,601.7400 1.000000 03/25/2016 03/25/2016 03/25/2016 3136AMTM1 PAID DOWN PAR VALUE OF FNMA GTD REMIC 0.3845% 9/25/18 03/25/2016 03/25/2016 03/25/2016 3137BLVY1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.639 % 10/25/19 03/28/2016 03/28/2016 03/28/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y (537.3800) (1,099.1000) 1,032.094441 1,612.4000 1.000000 RECEIVED ACCRUED INTEREST ON SALE OF COCA COLA CO THE 03/29/2016 03/29/2016 191216BR0 0.875% 10/27/17 SOLD PAR VALUE OF COCA COLA CO THE 0.875 % 10/27/17 /HSBC 03/29/2016 03/23/2016 03/29/2016 191216BR0 SECURITIES, INC./20,000 PAR VALUE AT 99.998 % (20,000.0000) 0.999980 03/29/2016 03/29/2016 03/29/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 34.3400 1.000000 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 03/29/2016 03/29/2016 912828TW0 0.750% 10/31/17 PURCHASED PAR VALUE OF U S TREASURY NT 0.750 % 10/31/17 03/29/2016 03/23/2016 03/29/2016 912828TW0 /CITIGROUP GLOBAL MARKETS INC./20,000 PAR VALUE AT 99.8867 % 20,000.0000 0.998867 03/31/2016 03/31/2016 03/31/2016 31846V203 PURCHASED UNITS OF FIRST AMER GOVT OBLIG FUND CL Y 7,809.3800 1.000000 Total (135,601.74) 537.38 1,099.10 135,601.74 (537.24) (1,096.34) (1,612.40) 1,612.40 73.89 0.14 2.76 19,999.60 (19,991.20) 8.40 (34.34) 34.34 (61.81) (19,977.34) 19,977.34 (7,809.38) 7,809.38 137,414.75 8,935.04 (39.64) 50 Page 32 of 32 ATTACHMENT 14 LOGAN CIRCLE P A.R. T NE R S Riverside County Transportation Commission SHORT DURATION FIXED INCOME First Quarter 2016 Client Review Logan Circle Partners, L.P. ■ 25 Deforest Avenue Summit, NJ 07901 ■ 908-376-0550 51 MARKET REVIEW Outlook and Current Themes ➢ GDP - Moderating retail sales and personal consumption expenditures along with a drawdown in inventories lowers first-quarter growth. Stabilization of markets coupled with improving wages sets stage for a pickup in consumer spending going forward. Risks to our 2% growth expectation are skewed to the downside and include election year and geopolitical uncertainty which could weigh on consumer and business confidence. ➢ Consumer - Improvement in real personal income and average hourly earnings, combined with pass -through benefits of lower energy prices, reflected in higher savings rate. Rebound in consumer confidence needed in order to drive transmission from savings to spending. Sustained pace of student and auto loan debt growth represents a long-term demographic concern. ➢ Business - Persistent sluggish global growth hampers ability to grow revenues and earnings across many industrial sub -sectors (e.g. fourth-quarter 2015 U.S. corporate profits fell 7.8% qoq). Pressure on credit metrics intensifies as operating costs impact margins and continued share buybacks weaken balance sheets. Although financials continue to build capital and improve balance sheets, the strength and stability of earnings are negatively impacted by less diverse business models and reduced net interest margins due to prevailing low rate environment. Employment - Recent pace of monthly job gains remains healthy. Increase in labor force participation rate bears watching as a sustained uptick would signal further strength. Difference between U6 (highlighting the underemployed) and the headline unemployment rate has narrowed, indicating reduced slack in the labor markets. Average hourly earnings growth has firmed, paced by select service sector jobs. • Housing - A lack of inventory in the lower priced segment of the market limits the growth of overall home sales. Annual home price appreciation will remain in the mid -single digit range. Demographics —driven propensity to rent persists while moderate income growth reduces the ability of existing homeowners to trade up. Mortgage credit availability increasing as bank and non -bank lenders relax standards and continue to offer more financing options. ➢ Inflation - Core PCE moves closer to the Federal Reserve's long-term 2% target as rents, healthcare insurance and medical costs rise. Near -term, higher levels of headline inflation will be supported by tighter labor market and stabilization of energy prices. Growing trend towards minimum wage legislation lends support to further inflationary pressure. ➢ International - Uncertainty over the outcome of "Brexit" referendum raises concerns regarding both the UK economy and the long-term viability of the European Union. Stabilization of commodity and financial markets have diminished the need for Chinese government intervention. Interest rates will remain at historically low levels for foreseeable future. Ineffectiveness of central bank stimulus programs, including negative interest rates, underscores the limits of monetary policy in fostering economic growth and countering deflationary forces. ➢ Monetary and Fiscal Policy - Federal Reserve's articulated focus on global and financial market developments as a basis for their dovish stance conflicts with previously outlined domestic drivers of policy (inflation, labor) which, given current readings, would suggest a near -term rate increase. Central bank guidance and actions show mixed results in achieving unstated goal of driving currencies lower. ECB and BOJ intensify focus on QE tools in an effort to boost credit growth. The views pre,%nted above are Logan Qrde's and are subject to change over time. There can be no assurance that the views expressed above will prove accurate and should not be relied upon as a reliable indicator of future events LO GAIN] C I RC LE 52 I' AR TN F. R S 1 PORTFOLIO REVIEW — Construction Funds Portfolio Characteristics Asset Allocation As of December 31, 2015 Actual Portfolio Yield to Maturity 0.49% Duration 0.04 Years Average Quality (Moodys) Al As of March 31, 2016 Actual Portfolio Yield to Maturity 0.66% Duration 0.03 Years Average Quality (Nbodys) Al ABS 4% Municipal 10% Municipal 13% Corporate 1% Portfolio Performancel 1Q2016 Since Inception (Annualized) Total Construction Fund (Gross of Fees) 0.17% 0.46% Total Construction Fund (Net of Fees) 0.15% 0.38% Citigroup 3-Month Treasury Bill 0.05% 0.05% Past Perfonmance is not indicative of future results. Performance returns for periods greater than one year -are annualized. The performance benchmark shown for the Fdverside County Construction Find is the atigroup 3-IVbnth Treasury Bill, which tracks the retum of one three-month Treasury bill until maturity. LOGANCIRCLE 53 P A R TN ERS 2 PORTFOLIO REVIEW — Equity Contribution Portfolio Characteristics Asset Allocation As of December 31, 2015 Actual Portfolio Yield to Maturity 1.44% Duration 1.95 Years Average Quality (Moodys) Aa1 RMBS 6% Agency 2% Municipal 4% CMBS RMBS 7% As of March 31, 2016 Actual Portfolio Agency 5° ° Yield to Maturity 1.17% Duration 1.62 Years Average Quality (Moodys) Aa2 4% Municipal 4% 2% Portfolio Performance' 1Q 2016 Since Inception (7/1/2015) Equity Contribution Fund (Gross of Fees) 1.15% 1.36% Equity Contribution Fund (Net of Fees) 1.13% 1.28% BofA ML U.S. Treasury Index 1-3 Year 0.90% 0.77% Past Performance is not indicatiye of future results. Performance retums for periods greater than one year are annualized. The performance benchmark shown for the Ryerside County Construction Fiend is the Ea nk of America Manill Lynda 1-3 Year U.S. Treasury Index, which is a broad -based index consisting of US Treasury securities with an outstanding par greater than or equal to $250 Trillion and a maturity range from one to threeyearx reflecting total return. LOGANCIRCLE 54 P A R TN ERS 3 PORTFOLIO REVIEW — Capitalized Interest Funds Portfolio Characteristics Asset Allocation Municipal As of December 31, 2015 Actual Portfolio 8% Yield to Maturity 1.23% Duration 1.70 Years Average Quality (Moodys) Aa1 As of March 31, 2016 Actual Portfolio Yield to Maturity 0.90% Duration 1.41 Years Average Quality (Moodys) Aa1 Municipal 7% 1% Portfolio Performance' 1 Q 2016 Since Inception (Annualized) Total Capitalized Interest Fund (Gross of Fees) 0.95% 1.34% Total Capitalized Interest Fund (Net of Fees) 0.93% 1.24% BofA NL U.S. Treasury Index 1-3 Year 0.90% 0.88% Fast Performance ance is not indicative of future results Performance returns for periods greater than one year are annualized. The performance benchmark shown for the Faverside County Capitalized Interest Fund is the Bank ofArnerica Lynch 1-3 Year US Treasury Index, which is a broad -based index consisting of US Treasury securities with an outstanding par greater than or equal to $250 trillion and a maturity range from one to three years reflecting total return. LOGANCIRCLE 55 P A R TN ERS 4 PORTFOLIO REVIEW — Debt Reserve Fund Portfolio Characteristics As of December 31, 2015 Actual Portfolio Yield to Maturity 2.03% Duration 4.24 Years Average Quality (Moodys) Aaa As of March 31, 2016 Actual Portfolio Yield to Maturity 1.50% Duration 4.11 Years Average Quality (Moodys) Aaa Asset Allocation CP 1% CP 1% Portfolio Performance' 1Q2016 Since Inception (Annualized) Total Debt Service Fund (Gross of Fees) 2.87% 3.30% Total Debt Service Fund (Net of Fees) 2.85% 3.20% BofA ML U.S. Treasury Index 3-7 Year 2.89% 2.80% Fast Performance is not indicative of future results Performance retums for periods greater than one year are annualized. The performance benchmark shown for the F3verside County Capitalized Inter Fund is the Bank of America Nbrrill Lynch US TtPaa,ry 3-7 Year, which is a broacl-based index consisting of US Treasury securities with an outstanding par greater or equal to $25 trillion and a maturity range from three to seven years, indusive, teflecting total retum. LOGANCIRCLE 56 P A R TN ERS 5 PORTFOLIO REVIEW Portfolio Market Value Portfolio Market Value (7/3/2013) Net Outflows Market Value Change in (3/31/2016) Market Value Construction (Sales Tax) $332,687,595 S312,986,315 $21,894,692 +$2,193,412 Construction (Toll Revenue) $122,120,571 ,857,642 $36,808,002 +$545,073 Total Construction Funds $454,808,167 $398,843,957 $58,702,694 +$2,738,485 Portfolio Market Value (6/10/2015) Net Outflows Market Value Change in (3/31/2016) Market Value Equity Contribution $32,793,399 $0 $33,272,763 +$479,364 Portfolio Market Value (7/3/2013) Net Outflows Market Value Change in (3/31/2016) Market Value Capitalized Interest (Sales Tax) $103,683,353 7,965,793 S48,597,878 +$2,880,318 Capitalized Interest (Toll Revenue) S31,416,498 $17,166,960 $15,190,179 +$940,641 Total Capitalized Interest Funds $135,099,851 $75,132,753 $63,788,057 +$3,820,959 Portfolio Market Value (7/3/2013) Net Outflows Market Value Change in (3/31/2016) Market Value Debt Service Deserve Fund $17,667,869 $0 $19,315,017 +$1,647,148 LOGANCIRCLE 57 P A R TN E R 5 DISCLAIMERS In general. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Logan Circle Partners, L.P., a Fortress Investment Group LLC company, is referred to herein as "Logan Circle". No offer to purchase or sell securities. This Presentation is being provided to you at your specific request. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any security and may not be relied upon in connection with the purchase or sale of any security. Projections. Projections contained in this Presentation are based on a variety of estimates and assumptions by Logan Circle, including, among others, estimates of future operating results, the value of assets and market conditions at the time of disposition, and the timing and manner of disposition or other realization events. These estimates and assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, competitive and financial risks that are outside of Logan Circle's control. There can be no assurance that the assumptions made in connection with the projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of its invested capital. The inclusion of the projections herein should not be regarded as an indication that Logan Circle or any of its affiliates considers the projections to be a reliable prediction of future events and the projections should not be relied upon as such. Neither Logan Circle nor any of its affiliates or representatives has made or makes any representation to any person regarding the projections and none of them intends to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events, if any or all of the assumptions underlying the projections are later shown to be in error. For purposes of this paragraph, the term "projections" includes "targeted returns". Past performance. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. The information presented is only available for institutional client use and is presented for use only as a one-on-one presentation. No reliance, no update and use of information. You may not rely on this Presentation as the basis upon which to make an investment decision. To the extent that you rely on this Presentation in connection with any investment decision, you do so at your own risk. This Presentation is being provided in summary fashion and does not purport to be complete. The information in the Presentation is provided to you as of the dates indicated and Logan Circle does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in this Presentation, includes performance and characteristics of Logan Circle's strategies and any represented benchmarks, which may derive from calculations or figures that have been provided by independent third parties, or have been prepared internally and have not been audited or verified. Use of different methods for preparing, calculating or presenting information may lead to different results for the information presented, compared to publicly quoted information, and such differences may be material. Knowledge and experience. You acknowledge that you are knowledgeable and experienced with respect to the financial, tax and business aspects of this Presentation and that you will conduct your own independent financial, business, regulatory, accounting, legal and tax investigations with respect to the accuracy, completeness and suitability of this Presentation should you choose to use or rely on this Presentation, at your own risk, for any purpose. Risk of loss. An investment in the strategy will be highly speculative and there can be no assurance that the strategy's investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. Distribution of this Presentation. Logan Circle expressly prohibits any reproduction, in hard -copy, electronic or any other form, or any redistribution to any third party of this Presentation without the prior written consent of Logan Circle. This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation. No tax, legal or accounting advice. This Presentation is not intended to provide, and should not be relied upon for (and you shall not construe it as) accounting, legal, regulatory, financial or tax advice or investment recommendations. Any statements of U.S. federal tax consequences contained in this Presentation were not intended to be used and cannot be used to avoid penalties under the U.S. Internal Revenue Code or to promote, market or recommend to another party any tax -related matters addressed herein. Confidentiality. By accepting receipt or reading any portion of this Presentation, you agree that you will treat the Presentation confidentially. This reminder should not be read to limit, in any way, the terms of any confidentiality agreement you or your organization may have in place with Logan Circle. LOGANCIRCLE 58 P AR TN F. R S 7 ATTACHMENT 15 Payden&Rygel QUARTERLY PORTFOLIO REVIEW Riverside County Transportation Commission 1st Quarter 2016 PAYDEN.COM LOS ANGELES 1 BOSTON 1 LONDON 1 PARIS 59 LETTER FROM THE CEO April 2016 Dear Client, During the first quarter, investors weathered a squall in the credit and equity markets and awaited clues on the path of U.S. interest rates in 2016. Unfortunately, the Federal Reserve was not definitive about the timing of future rate increases, but focused on weaker global economic growth, deflation risk, and financial market volatility during the quarter. We would like to articulate our stance and how we have managed your portfolio in this environment. First, in terms of US economic data, we remain upbeat. With 632,000 jobs added during the first quarter and the unemployment rate now at 5%, wage growth is finally picking up. As a result of the strong job market, people who left the workforce are returning and finding employment. As far as inflation is concerned, core measures, which exclude volatile energy prices, are in the area of 2% year -over -year. Low inflation, yes. Deflation, no. Second, fears of a recession sparked by the decline in oil prices sent equity prices swooning and credit spreads wider in the first half of Q1. We think one of the most important roles of an investment manager is to stay calm when presented with market volatility —especially if the market moves contrary to our longer term views. We did not flinch, and given our fundamental view on the economy, we remain constructive on areas of the credit and equity markets unduly punished by fears of a recession. In the bond market, the 1/4 of a percent increase of the US federal funds rate in December had no impact on long term interest rates. While we anticipate one or two increases in short-term interest rates during the remainder of 2016, we do not foresee significant increases in longer term rates in the year ahead. Non -energy corporate balance sheets continue to be decently healthy and, in general, earnings expectations are favorable. What can derail this outlook? The geo-political situation is unpredictable. However, it is not practical to make investment decisions based on unpredictable events. As the history of the firm has shown, our emphasis on liquidity, diversification, and taking action when necessary has served us well. My very best wishes for the coming months. Joan A. Payden President & CEO 60 2812 ABJ AOC Riverside County Transportation Commission Portfolio Review and Market Update -1st Quarter 2016 PORTFOLIO CHARACTERISTICS (As of 3/31/2016) Portfolio Market Value Weighted Average Credit Quality Weighted Average Duration Weighted Average Yield to Maturity $50.5 million AA+ 1.4 years 0.8% SECTOR ALLOCATION MI 50% 40% 30% 20% 10% 0% • ey ay ��a co 6 dz) e G �e 0a P o'\' ,co P DURATION DISTRIBUTION 70% 60% 50% 40% 30% 20% 10% 0% 0-1 1-2 Years 2-3 3+ PORTFOLIO RETURNS - Periods Ending 3/31/2016 RCTC Operating Portfolio Bank of America Merrill Lynch 1-3 Treasury Periods over one year annualized Since 1st Trailing Inception Quarter 1 Yr (3/1/15) 0.71 % 0.88% 1.00% 0.90% 0.92% 1.06% pPayden & Rygel • 333 South Grand Avenue • Los Angel€61California goo7i • (213) 625-igoo • www.payden.com Portfolio Review and Market Update -1st Quarter 2016 MARKET THEMES The first quarter of 2016 was extremely volatile, although the ending total return does not convey the turbulent ride. The first six weeks of the year highlighted worries over the fragile state of the global economy. Continued focus on a "hard landing" in China and falling commodity prices gave investors much to fret over. Government bonds rallied as investors sought protection from volatility, while credit spreads widened — a lot — and equities fell. In mid -February, however, stronger economic data out of the US and further action out of the European Central Bank and the Bank of Japan gave investors new hope. As oil prices stabilized and began to rise, earlier trends reversed. The quarter ended with government bonds selling off, credit spreads tightening, and equity markets rallying. ■ The portfolio holds a diversified mix of credit sectors for income generation. ■ Corporate bond yield premiums remain attractive, and we expect to maintain our exposure through the purchase of bonds in the new issue market. ■ We maintain our allocation to high -quality asset -backed and mortgage -backed securities (ABS/MBS) with short duration profiles for their yield and diversification benefits. ■ Interest rates declined over the quarter, with the two year Treasury yield dropping 33 basis points from 1.05% to 0.72%. The US Treasury yield curve flattened, and the yield differential between two- and three-year maturities now stands at 13 basis points. ■ The portfolio had positive returns from the rally in Treasury yields but modestly underperformed the index. ■ Longer -maturity corporate holdings contributed positively due to their higher income and price appreciation from a flattening of the yield curve. ■ Credit yield premiums were volatile but ended the quarter unchanged. The overweight to credit added to performance as did individual security selection within corporates. ■ High -quality ABS spreads held steady and contributed positively to performance, benefiting from higher income returns. ■ There was minimal impact from MBS this quarter as spreads were volatile but ended the period only slightly wider, offsetting the return from yield. pPayden & Rygel • 333 South Grand Avenue • Los Angel€62California goo71 • (213) 625-igoo • www.payden.com MARKET PERSPECTIVE Negative Interest Rate Policy (NIRP): In Theory and In Practice In the first quarter of 2016, the Bank of Japan (BoJ) joined the Swiss National Bank, the Swedish Riksbank, the Danish Nationalbank, and the European Central Bank (ECB) as members of the NIRP brigade —the elite club of central banks with negative interest rate policies (see chart below). While NIRP grabbed headlines during the quarter, it remains to be seen whether such policy initiatives will boost economic activity. NIRP in theory and NIRP in practice are two very different things. In theory, NIRP is supposed to boost aggregate spending in two ways —imposing a cost to save and weakening the domestic currency. First, negative interest rates impose a cost on those who wish not to spend money. In Japan and the euro area, banks with deposits at the central bank are "taxed" a negative interest rate for holding reserves. However, the impact of these negative rates has been limited as household depositors (i.e. the "real economy") still receive positive yields. The second way NIRP supposedly stimulates spending is by weakening the currency, thereby making exporters' products cheaper versus global competitors. Just as traditional interest rate policy suggests lower interest rates weaken a domestic currency, negative interest rates theoretically have a more exaggerated effect on exchange rates. Unfortunately, for both the BofJ and the ECB, the yen and the euro have strengthened versus the dollar since their respective banks joined the NIRP brigade. The jury is still out on NIRP's effectiveness in practice, but the first quarter of 2016 left investors wondering: are central banks out of ammunition? Welcome to the NIRP Zone: Five Global Central Bank Policy Rates Are Below the Zero Lower Bound 4.0% 3.5% 3.0% 2.5% 1.0% Denmark: One -Week Certificate of Deposit 0.5% 0.0% - 0.5% J LiSweden: One -week Debt Certificates ECB: Overnight Deposit•Facility Switzerland: Overnight Sight Deposit Japan* r - 1.0% 2009 2010 2011 2012 2013 2014 2015 2016 Source: Bank for International Settlements, Bloomberg *On January 29, 2016 the BoJ put in place a three tiered structure of rates, with one policy rate negative at -0.10 63 OVER 30 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR CLIENTS' NEEDS. LOS ANGELES I BOSTON 1 LONDON I PARIS PAYDEN.COM US DOMICILED MUTUAL FUNDS CASH BALANCE Payden/Kravitz Cash Balance Plan Fund EQUITY Equity Income Fund GLOBAL FIXED INCOME Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Bond Fund Global Fixed Income Fund Global Low Duration Fund TAX-EXEMPT FIXED INCOME California Municipal Income Fund DUBLIN DOMICILED UCITS FUNDS US FIXED INCOME Absolute Return Bond Fund Cash Reserves Money Market Fund Core Bond Fund Corporate Bond Fund Floating Rate Fund GNMA Fund High Income Fund Limited Maturity Fund Low Duration Fund Strategic Income Fund US Government Fund EQUITY World Equity Fund FIXED INCOME Absolute Return Bond Fund Global Emerging Markets Bond Fund Global Emerging Markets Corporate Bond Fund Global Government Bond Index Fund Global High Yield Bond Fund Global Inflation -Linked Bond Fund Global Bond Fund Global Short Bond Fund Sterling Corporate Bond Fund — Investment Grade US Core Bond Fund USD Low Duration Credit Fund LIQUIDITY FUNDS Euro Liquidity Fund Sterling Reserve Fund US Dollar Liquidity Fund For more information about Payden & Rygel, contact us at a location listed below. Payden&Rygel LOS ANGELES 333 South Grand Avenue Los Angeles, California 90071 213 625-1900 BOSTON 265 Franklin Street Boston, Massachusetts 02110 617 807-1990 LONDON 1 Bartholmew Lane London EC2N 2AX United Kingdom + 44 (0) 20-7621-3000 PARIS Representative Office 54, 56 Avenue Noche 75008 Paris, France + 33-607-604-441 64 ATTACHMENT 16 March County of Riverside h.J16 Treasurer's Pooled Investment Fund "Thud" A big thud marked the sound of the iceberg as it struck the hull of the Titanic, similar it seems to that resonating through our (global) economy, continuing with the first quarter of the year as indicators at this juncture point to a tough remainder for 2016. For three years running now, economists have read the tea leaves and forecasted 2% + Financial distress in Europe continues, being U.S. GDP growth, only to back track and in- caused in part by deterioration of the balance creasingly revise estimates lower. Both 2014 sheets of its banks, several of which have loss - and 2015 had very similar starts and very weak es in the billions of euros. Furthermore, recent overall GDP numbers. This seems to be be- issues with ongoing terrorism, the endless refu- coming the norm and is hard to make a compel- gee crisis, and, the looming danger of the Grexit ling argument of the effects of weather and oth- (Greece), Brexit (Britain) and Dexit (Denmark) er esoteric excuses on overall GDP. Moreover, largely due to the aforementioned problems has actual growth has fallen by 50% from the Europe in real tight spot. The rest of the global 1990's, so it seems as if we simply remain in a economy, along with China and Japan in partic- low growth trend for the foreseeable future. ular, are slowing significantly and in a real eco- nomic conundrum. It turns out that other areas of the U.S. econ- omy are having a tough time as well; retail sales The FED, holding the view that "global devel- unexpectedly declined in March by -0.3% vs. a opments have increased risk," ended the March forecast of 0.1 %. Total business sales have 16th FOMC meeting as expected without any fallen again, and the inventory to sales ratio has change in monetary policy. This global econom- hit the highest level since the Great Recession. is weakness adds to market skepticism about Industrial Production figures have dropped year the number of additional FED hikes this year, over year for seven months in a row, without prolonging the pain to those such as institutional being in a recession. and retail fixed income investors alike seeking higher yields and interest income. creased 0.3% in March and durable goods or- ders were down 0.4%, the worst since 2008. Consumer confidence continued to abate, mark- ing its fourth consecutive monthly decline with the April report and concerns have risen about the resilience of consumer spending in the months ahead. The decline in factory output has driven a 1.6% reduction in vehicle production which had been a bright spot in the economy, minus the subprime financing. Manufacturing output de - Don Kent Treasurer -Tax Collector Capital Markets Team Don Kent Treasurer -Tax Collector Jon Christensen Asst. Treasurer -Tax Collector Giovane Pizano Investment Manager Isela Licea Asst. Investment Manager Investment Objectives The primary objective of the treasurer shall be to safeguard the principal of the funds under the treasurer's control, meet the liquidity needs of the depositor, and achieve a return on the funds under his or her control. COUNTY OF RIVERSIDE TREASURER'S POOLED INVESTMENT FUND IS CURRENTLY RATED: Aaa-bf BY MOODY'S INVESTOR'S SERVICE AND AAA/V1 BY FITCH RATINGS Month End Ma. Value ($)* Month End Book Value ($) Paper Gain or Loss ($) Paper Gain Boo. or Loss (%) Yield 1 March February January December November October 6,319,190,571.12 6,294,402,626.91 6,691,824,574.61 7,023,488,956.44 5,931,356,029.51 5,880,386,136.39 6,312,840,233.99 6,289,381,725.26 6,687,643,005.32 7,028,915,490.64 5,933,521,428.90 5,878,933,080.22 6,350,337.13 5,020,901.65 4,181,569.29 (5,426,534.20) (2,165,399.39) 1,453,056.17 0.10 0.65 1.07 1.04 0.08 0.66 1.15 1.12 0.06 0.62 1.10 1.08 (0.08) 0.55 1.03 1.00 (0.04) 0.50 1.03 1.01 0.02 0.46 0.98 0.95 The Treasurer's Pooled Inve155nent Fund is comprised of the County, Schools, Special Districts, and other Discretionary Depositors. Current Market Data Economic Indicators Release Date Indicator Consensus Actual 03/04/2016 Non -Farm Payrolls M/M change: Counts the number of paid employees working part-time or full-time in the nation's business and government establishments. 195,000 242,000 03/04/2016 Employment Situation: Measures the number of unemployed as a percentage of the labor 4.9% 4.9% 03/24/2016 Durable Goods Orders - M/M change: Reflects the new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods. -3.0% -2.8% 03/25/2016 Real Gross Domestic Product - Q/Q change: The broadest measure of aggregate economic activity and encompasses every sector of the economy. GDP is the country's most comprehensive economic scorecard. 0.9% 0.9% 03/29/2016 Consumer Confidence: Measures consumer attitudes on present economic conditions and 94.0 96.2 expectations of future conditions. 03/ 03/2016 Factory Orders M/M change: Represents the dollar level of new orders for both durable and 2.1 % 1.6% nondurable goods. 03/16/2016 Consumer Price Index - M/M change: The Consumer Price Index is a measure of the average -0.2% -0.2% price level of a fixed basket of goods and services purchased by consumers. 03/16/2016 CPI Ex Food and Energy - M/M change: CPI Ex Food and Energy excludes food and energy. 0.2% 0.3% Stock Indices Value Change Dow Jones (DJIA) $ 17,685.09 $ 1,168.59 S&P 500 Index $ 2,059.74 $ 127.51 Increase to 0.25% Fed Funds Target Rate Funds Rate: 0-0.25 % Fed Move Probability for FOMC Dates: 04/27/2016 06/15/2016 NASDAQ (NDX) $ 4,869.84 $ 311.89 Commodities Value Change Nymex Crude $ 38.34 $ 4.59 Gold (USD/OZ) 2.0 % 1.7% Increase to 0.50% 98.0 % 82.6 % Increase to 0.75 % 0.0 % 15.7% Increase to 1 % 0.0 % 0.0 % $ 1,232.71 $ (6.03) FOMC US Treasury Curve (M/M) Meeting Schedule Release Risk Assessment 27-Jan .25 - 0.5 % Growth 16-Mar .25 - 0.5 % Growth g37 hh • Ca'eJR oona 2-50 7.06 1.50 1_00 0.56 0-00 • ns us irmv,r na:.6os Gr+m or -WV. • I75 413 irwaRY •crircc G+.a 02114/16 s • 161 3M 6611 IV 2V 37 }Y 67 77 611 - 101. 157 Tenor Lurra id "J •125 Q3E31/16 :I 1.1I25 D2/29/16 21 I25 (03/31/16-02/24/10 31.1 0 Si:_ rA 776 COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR66 TIMMI 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 four 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 below. AAA Rated Prime Institutional Money -Market Funds Fund Symbol 7 DAymy.i.eld Fidelity Prime Institutional MMF Federated Prime Obligations Fund Wells Fargo Advantage Heritage JP Morgan Fidelity Gov Fund Wells Fargo Gov Fund Federated Gov Fund 1.00% ;Pool Yield �TIMMI FIPXX POIXX 0.43 % 0.39 % WFJXX 0.44% CJ PXX 0.42 % FRGXX 0.27% WFFXX 0.24% GOFXX 0.46% 0.50% 0.40% ° 0.42/0 0 0.44% 0.44% 0.5()% 0.43% 0.46% 0.50% V 0.08% 0.09% 0.08% 0.09% 0.10% 0.11% 0.12% 0.12% 0.14% 0.55% 0.25% 0.62% 0.23% 0.66% 0.31% 0.32% 0.65% 0.35% Mar-15 May-15 Cash Flows Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 Required Actual Available to Monthly Monthly Matured Investments Invest > 1 Month Receipts Disbursements Difference Investments B Maturing Year 04/2016 04/2016 1,611.36 970.00 641.36 05/2016 712.44 1,350.00 (637.56) 234.61 875.97 779.00 238.41 680.53 06/2016 1,150.00 1,550.00 (400.00) 161.59 646.00 07/2016 1,100.00 1,050.00 50.00 50.00 499.30 08/2016 720.00 950.00 (230.00) 180.00 441.00 09/2016 850.00 1,050.00 (200.00) 200.00 413.26 10/2016 1,040.00 1,175.00 (135.00) 135.00 375.00 11/2016 1,200.00 960.00 240.00 240.00 191.34 12/2016 2,110.00 1,030.00 1,080.00 01 / 2017 1,020.00 1,650.00 (630.00) 02/2017 810.00 1,200.00 (390.00) 03/2017 0.00 1,320.00 79.37 690.00 299.00 300.00 165.00 300.00 30.00 TOTALS 12,323.80 12,935.00 (611.20) 676.59 4,248.99 4,598.80 5,636.25 10.72% 72.85% 89.28% * All values reported in millions ($). The Pooled Investment Fund cash flow requirements are based upon a 12 month historical cash flow model. Based upon projected COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOI$7 3 Asset Allocation Assets (000's) MMKT CALTRUST FND DDA/PASSBK LOCAL AGCY OBLIG US TREAS BILLS US TREAS BONDS FHLMC DISC NOTES FHLMC BONDS FNMA DISC NOTES FNMA BONDS FHLB DISC NOTES FHLB BONDS FFCB DISC NOTES FFCB BONDS FMAC DISC NOTES FARMER MAC MUNI ZERO CPNS MUNI BONDS COMM PAPER Scheduled Par Scheduled Book Scheduled Market 490,000.001 54,000.00 165,000.00 335.00 50,000.00 825,000.00 315,000.00 886,751.00 428,717.00 341,279.00 702,783.00 382,539.72 483,500.00 536,506.00 120,000.00 108,850.00 53,800.00 180,165.00 195,000.00 490,000.00 54,000.00 165,000.00 335.00 49,862.24 824,916.44 313,875.32 886,833.22 427,447.45 341,315.31 700,550.69 382,558.09 481,814.93 536,608.47 119,483.36 108,850.00 53,738.96 181,336.32 194,314.44 Mkt/ Sch Book Yield WAL (Yr) Mat (Yr) 490,000.001 54,000.00 165,000.00 335.00 49,941.50 827,162.20 314,344.95 887,265.30 428,173.46 341,311.43 701,838.76 382,753.96 482,693.05 536,053.31 119,735.20 108,948.47 53,744.84 181,336.32 194,552.83 100.00% I 100.00% 100.00% 100.00% 100.16% 100.27% 100.15% 100.05% 100.17% 100.00% 100.18% 100.05% 100.18% 99.90% 100.21 % 100.09%1 100.01 % 100.00% 100.12% 0.42% 0.68 % 1 0.29 % 1.16 % 0.37% 0.68 % 0.43 % 1.18% 0.40 % 1.07% 0.46 % 0.77% 0.41 % 0.52% 0.55 % 0.68 % 0.49 % 0.72% 0.68 % .003I .003 .003 4.211 .384 1.101 .476 .990 .326 .578 .343 .542 .403 1.124 .490 1.137 .198 1.045 .368 .003 .003 .003 4.211 .384 1.101 .476 2.824 .326 2.835 .343 1.232 .403 1.162 .490 1.551 .198 1.045 .368 Totals (000's): 6,319,225.72 6,312,840.23 6,319,190.57 100.10% 0.65% .632 1.064 1,000.000.00 500,000.00 0.00 111111 ni T f N pr F h Z D am wn 0 z V h Q V Y. D m f 2 1r D z V Q f Z D le S 2: Scheduled Bonk Market f ct W t a. d f O V SCHEDULED PAR % - MMKT -8% CALTRUST FMD - 1% i Ln IY ALPASS8KAC.Cy Cat BLiCa - Wh - US TREAS BILLS - 1% im US TREAS BONDS - 13% O FHLMC DISC NOTES - S9h p FHLMC BONDS - 14% p FNMA DISC NOTES - 7% - FNMA BONDS- - FHLBDISC NOTES -11% FHLB BONDS -6% a FFCB DISC NOTES-!94 p FFCB BONDS-BiH ® FMAC DISC NOTES -2% o FARMER MAC - 2aifo mi MUNI ZERO CPNS-T9h - MUNI BONDS -3% - COMM PAPER - 34h COUNTY OF RIVERSIDE TREASURER -TAX COL- 68 Maturity Distribution M. Scheduled Par (000's 1-2 Yr 2-3 Yr >3 Yr Totals (000's) MMKT 490,000.00 CALTRUST FND 54,000.00 DDA/PASSBK 165,000.00 LOCAL AGCY OBLIG - US TREAS BILLS - 335.00 50,000.00 490,000.00 54,000.00 165,000.00 335.00 50,000.00 US TREAS BONDS 300,000.00 190,000.00 190,000.00 70,000.00 75,000.00 825,000.00 FHLMC DISC NOTES 25,000.00 290,000.00 315,000.00 FHLMC BONDS 115,366.00 124,625.00 50,000.00 174,400.00 422,360.00 886,751.00 FNMA DISC NOTES FNMA BONDS FHLB DISC NOTES FHLB BONDS FFCB DISC NOTES FFCB BONDS FMAC DISC NOTES MUNI ZERO CPNS FARMER MAC MUNI BONDS COMM PAPER - 163,000.00 265,717.00 109,604.00 25,000.00 240,000.00 437,783.00 - 105,000.00 110,070.00 57,000.00 426,500.00 10,000.00 131,296.00 169,000.00 10,000.00 25,000.00 15,000.00 30,800.00 12,070.00 52,000.00 110,000.00 50,000.00 23,000.00 98,960.00 118,000.00 428,717.00 60,000.00 171,675.00 341,279.00 702,783.00 65,000.00 72,469.72 30,000.00 382,539.72 483,500.00 125,900.00 50,310.00 50,000.00 536,506.00 120,000.00 8,850.00 10,000.00 25,000.00 108,850.00 53,800.00 29,600.00 34,535.00 5,000.00 180,165.00 - 195,000.00 12.33% 19.73% 40.72% 12.33% 32.05% 72.77% 469,350.00 471,714.72 779,370A b,d1Y,LL7./L 7.43% 7.46% 12.33% 80.20% 87.67% 100.00% tpooAas 0.1 Mo-, ��r►i _x IMP ►�� 1-2 Yr 2-3Y D3Yr - 3 Mos 3-12 Mot, YEAR IN MATURITY F� MMKT - Scheduled Par IBBi GILT RUST FND- Schedu4d Par DOA/ PASSIM{ - Scheduled Par LOGIL AGO' OBL IG - Scheduled Par - US TREAS&ILLS-Scheduled Par US TREAS BONDS • Scheduled Par FFILMC DISC NOTES • Scheduled Par rr ENING BONDS -Scheduled Par FNMA DISC NOTES -Scheduled Par FNMA BONDS -Scheduled Par FHLB oISC NOTES -Scheduled Par FHL8 BONDS -Scheduled Par FFCB DISC NOTES • Scheduled Par BBBB� FFCB BONDS -Scheduled Par hhhhhhhhhh■ FMAC DISC NOTES -Scheduled Pal a� FARMER MAC -Scheduled Per Bill MUNI ZERO CPNS-Scheduled Per MUNI BONDS -Scheduled Par hhhhhhhhh� COMM PAPER -Scheduled Par COUNTY OF RIVERSIDE TREASURER -TAX COLLECTO%9 5 Credit Quality Moody (000's) Market MKT/Book Aaa 5,521,460.72 5,515,167.16 5,520,922.91 100.10 % 0.66 % Aa1 18,750.00 18,865.90 18,865.90 100.00 % 0.84 % Aa2 115,870.00 115,725.40 115,762.60 100.03 % 0.49 % Aa3 268,960.00 269,413.42 269,620.49 100.08% 0.72% NR 394,185.00 393,668.36 394,018.67 100.09% 0.48% totals (000's): MOODY'S S & P BOOK °o BOOK °o • • MAN-17% Eika n El1M1.0% -MR•Pv Mik2.296 AA4-996 AAA -39Y AAA+-70% M101•196 INIA11-3% I I i AAA 566,500.00 566,495.00 566,500.50 100.00 % 0.47% AA+ 4,973,710.72 4,967,538.06 4,973,288.32 100.12 % 0.69 % AA 163,870.00 164,643.17 164,680.37 100.02 % 0.65 % AA- 220,960.00 220,495,.65 220,702.72 100.09% 0.65 % NR 394,185.00 393,668.36 394,018.67 100.09% 0.48% COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOP- L L 2I0.10ffTIOJ XVI-2I32If1SVINI aGISRIHARI 30 kthlf10J UST I0£1 00'0061 1,851' 99£1 00'00£ 5L51 5551 00'0Ob'ZI- b85'b I8£1' 00'0Ob'8 b85'b WO' 00'0Ob'8 b85'b 61,51 00'009'61 LZ8' 618' Ol'0£Z'£ LZ8618' 00'0001- LZZ'Z I8I7 00'000'98L LZZ'Z Z8iZ 00'009'5I OVVZ 9607 051£5'9I 8II' Kt 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00'000'000'06b 00.000'000'S 00'000'000'5 00'000'000'5Z 00'000'000'0Z 00'000'000'51Z 00'000'000'5U 00'000'000'50i £bZ' 8ZZ' S9Z' ETV 6£b' LZb' I£b' OZV £bZ 8ZZ' 59Z' CIF 65V LZb' I£b' QN3 ,LSR2I,L1tlJ 910Z IOW AOO Q3.LV2IHQH3 XX300 910Z/I0/b0 AOO OO2IV3 S11HM XX33M 9I0Z/I0/b0 AOO A,LIIHQI3 XXO2I3 9LOZ/10/b0 Hwnid NVO2IOIAI dI XXdLJ 9LOZ/I0/b0 3IAII2Id Q3IVII3Q3d XXIOd 9LOZ/l0/b0 31AII2Id A.LI13QI3 XXdI3 9IOZ/LO/b0 HOVLI2IHH.LSEINE D XXI3M Ixlala 0Nfli 100.1 I P�3 64p.M11 uoW.41 sso-Opp oI smai P.IPPoyl PazReamR an1eA � Jd an1eA PIMA! a, ,1%% loog red .Glnyeyl uodnop apa uoydpasaQ dIS'7:) oI PI.Li .GlJn/eIl aunnon ono}pod Pug Immix Month End Portfolio Holdings Maturity Yield To Par Book CUSIP Description Date Coupon Maturity Value. Value Market Market Unrealized Modified Years To Price Value Gain/Loss Duration Maturity 3134G7ZB0 FHLMC 5YrNc3MoB 10/15/2020 1.750 1.750 3134G7Z20 FHLMC 3YrNc3MoB 10/29/2018 1.250 1.250 3134G7V73 FHLMC 5YrNc3MoB 10/29/2020 1.600 1.600 3137EADU0 FHLMC 1.25Yr O1/27/2017 .500 .453 3134G72T7 FHLMC 3YrNc6MoB 10/29/2018 1.050 1.050 3134G72T7 FHLMC 3YrNc6MoB 10/29/2018 1.050 1.050 3134G73L3 FHLMC 2YrNc6MoE 11/16/2017 .750 .750 3134G7S77 FHLMC 5YrNc6MoB 10/29/2020 1.125 1.125 3134G7417 FHLMC 5YrNc3MoB 11/25/2020 1.600 1.600 3134G84E6 FHLMC 5YrNc3MoB 11/23/2020 1.500 1.500 3134G8DK2 FHLMC 3.5YrNc1YrE 06/17/2019 1.500 1.500 3134G8DD8 FHLMC 2.5YrNc6MoE 06/22/2018 1.250 1.250 3134G8EA3 FHLMC 3.5YrNc6MoE 06/28/2019 1.550 1.550 3137EADX4 FHLMC 2Yr 12/15/2017 1.000 1.051 3134G8EL9 FHLMC 3.25YrNc6MoE 03/29/2019 1.410 1.410 3134G8FH7 FHLMC 4YrNC6MoB 12/30/2019 1.500 1.500 3134G8F20 FHLMC 5YrNc3MoB O1/29/2021 2.000 2.000 3134G8FD6 FHLMC 5YrNc6MoB O1/28/2021 1.750 1.750 3134G8GU7 FHLMC 4YrNc6MoB O1/29/2020 1.500 1.500 3134G8GX1 FHLMC 5YrNc3MoB 02/19/2021 1.900 1.900 3134G8GX1 FHLMC 5YrNc3MoB 02/19/2021 1.900 1.900 3134G8HJ1 FHLMC 5YrNc3MoB O1/29/2021 1.625 1.625 3134G8HH5 FHLMC 5YrNc6MoB O1/29/2021 1.500 1.500 3134G8J26 FHLMC 3YrNc6MoB 02/19/2019 1.000 1.000 3134G8JW0 FHLMC 3.5YrNc3MoB 08/12/2019 1.500 1.500 3134G8JQ3 FHLMC 4YrNc3MoB 02/26/2020 1.625 1.625 3134G8K99 FHLMC 3.75YrNc6MoB 11/25/2019 1.500 1.500 3134G8LG2 FHLMC 13MoNc6MoE 03/09/2017 .750 .750 3134G8LG2 FHLMC 13MoNc6MoE 03/09/2017 .750 .750 3134G8LU1 FHLMC 5YrNc3MoB 02/26/2021 1.500 1.500 3134G8L49 FHLMC 1.5YrNc3Mob 08/25/2017 .800 .800 3134G8KU2 FHLMC 5YrNc6MoB 02/26/2021 1.250 1.250 3134G8L31 FHLMC 5YrNc6MoB 02/26/2021 1.250 1.250 3134G8LX5 FHLMC 3.5YrNc3MoB 11/15/2019 1.490 1.490 3134G8L64 FHLMC 2.5YrNc1YrE O8/24/2018 1.000 1.000 3134G8N70 FHLMC 5YrNc3MoB 03/30/2021 1.600 1.600 3134G8N62 FHLMC 3.75YrNc3MoB 11/26/2019 1.470 1.500 3134G8QE2 FHLMC 3YrNc1YrE 03/29/2019 1.300 1.300 3134G8QB8 FHLMC 3YrNc1YrE 03/29/2019 1.270 1.270 3134G8PW3 FHLMC 4YrNc3MoB 03/30/2020 1.350 1.350 3134G8QQ5 FHLMC 5YrNc6MoB 03/30/2021 1.500 1.500 3136G3FV2 FHLMC 5YrNc6MoB 03/30/2021 1.500 1.500 3134G8S75 FHLMC 5YrNc3MoB 03/30/2021 1.750 1.750 3130A7H40 FHLMC 2.75YrNc3MoB 12/28/2018 1.250 1.250 3134G8V97 FHLMC 2.25YrNc6MoB 06/29/2018 1.125 ..125 9,000,000.00 25,000,000.00 15,000,000.00 25,000,000.00 5,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 14,160,000.00 5,000,000.00 25,000,000.00 25,000,000.00 25,000,000.00 20,000,000.00 15,000,000.00 15,000,000.00 15,000,000.00 25,000,000.00 16,200,000.00 15,000,000.00 5,000,000.00 20,000,000.00 10,000,000.00 12,500,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 20,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 15,000,000.00 5,000,000.00 9,000,000.00 4,000,000.00 8,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 10,500,000.00 5,850,000.00 886,751,000.00 9,000,000.00 25,000,000.00 15,000,000.00 25,015,000.00 5,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 14,160,000.00 5,000,000.00 25,000,000.00 25,000,000.00 25,000,000.00 19,979,400.00 15,000,000.00 15,000,000.00 15,000,000.00 25,000,000.00 16,200,000.00 15,000,000.00 5,000,000.00 20,000,000.00 10,000,000.00 12,500,000.00 5,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 20,000,000.00 5,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 5,000,000.00 15,000,000.00 4,994,550.00 9,000,000.00 4,000,000.00 8,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 10,500,000.00 5,850,000.00 886,833,223.55 100.046000 100.027000 100.003000 99.889000 100.012000 100.012000 99.972000 100.009000 100.000000 100.000000 100.101000 100.000000 100.124000 100.392000 100.120000 100.113000 100.080000 100.120000 100.160000 100.106000 100.106000 100.028000 100.049000 100.055000 100.023000 100.019000 100.063000 99.935000 99.935000 99.848000 100.012000 100.000000 100.039000 99.430000 99.974000 100.031000 100.015000 100.257000 100.147000 100.000000 100.059000 100.000000 100.039000 100.012000 100.011000 100.057999 9,004,140.00 25,006,750.00 15,000,450.00 24,972,250.00 5,000,600.00 10,001,200.00 14,995,800.00 15,001,350.00 14,160,000.00 5,000,000.00 25,025,250.00 25,000,000.00 25,031,000.00 20,078,400.00 15,018,000.00 15,016,950.00 15,012,000.00 25,030,000.00 16,225,920.00 15,015,900.00 5,005,300.00 20,005,600.00 10,004,900.00 12,506,875.00 5,001,150.00 5,000,950.00 5,003,150.00 9,993,500.00 9,993,500.00 19,969,600.00 5,000,600.00 10,000,000.00 10,003,900.00 9,943,000.00 4,998,700.00 15,004,650.00 5,000,750.00 9,023,130.00 4,005,880.00 8,000,000.00 10,005,900.00 15,000,000.00 15,005,850.00 10,501,260.00 5,850,643.50 887,265,302.72 4,140.00 6,750.00 450.00 -42,750.00 600.00 1,200.00 - 4,200.00 1,350.00 0.00 0.00 25,250.00 0.00 31,000.00 99,000.00 18,000.00 16,950.00 12,000.00 30,000.00 25,920.00 15,900.00 5,300.00 5,600.00 4,900.00 6,875.00 1,150.00 950.00 3,150.00 - 6,500.00 - 6,500.00 „30,400.00 600.00 0.00 3,900.00 -57,000.00 -1,300.00 4,650.00 6,200.00 23,130.00 5,880.00 0.00 5,900.00 0.00 5,850.00 1,260.00 643.50 432,079.17 4.310 2.516 4.368 .819 2.542 2.542 1.608 4.429 4.440 4.447 3.111 2.181 3.159 1.690 2.922 3.620 4.565 4.594 3.697 4.633 4.633 4.613 4.629 2.832 3.262 3.761 3.534 .934 .934 4.703 1.388 4.736 4.736 3.507 2.361 4.787 3.581 2.927 2.929 3.881 4.800 4.800 4.768 2.705 2.204 2.722 4.545 2.581 4.584 .827 2.581 2.581 1.630 4.584 4.658 4.652 3.214 2.227 3.244 1.710 2.995 3.751 4.836 4.833 3.833 4.893 4.893 4.836 4.836 2.890 3.367 3.910 3.655 .940 .940 4.912 1.403 4.912 4.912 3.627 2.400 5.000 3.658 2.995 2.995 4.000 5.000 5.000 5.000 2.745 2.247 2A FNMA DISC NOTES 313588YB5 FNMA DISC NOTE 06/13/2016 .340 .341 25,000,000.00 24,926,333.33 99.937000 24,984,250.00 57,916.67 .202 .203 313588YB5 FNMA DISC NOTE 06/13/2016 .370 .371 15,000,000.00 14,952,670.83 99.937000 14,990,550.00 37,879.17 .202 .203 313588YB5 FNMA DISC NOTE 06/13/2016 .370 .371 25,000,000.00 24,921,118.06 99.937000 24,984,250.00 63,131.94 .202 .203 313588C29 FNMA DISC NOTE 08/15/2016 .400 .402 25,000,000.00 24,905,000.00 99.849000 24,962,250.00 57,250.00 .374 .375 313588C29 FNMA DISC NOTE O8/15/2016 .400 .401 25,000,000.00 24,907,500.00 99.849000 24,962,250.00 54,750.00 .374 .375 313588C45 FNMA DISC NOTE O8/17/2016 .270 .271 25,000,000.00 24,940,937.50 99.847000 24,961,750.00 20,812.50 .380 .381 313588ZN8 FNMA DISC NOTE 07/18/2016 .250 .250 25,000,000.00 24,950,520.83 99.892000 24,973,000.00 22,479.17 .298 .299 313588G90 FNMA DISC NOTE 09/23/2016 .300 .301 25,000,000.00 24,927,083.33 99.796000 24,949,000.00 21,916.67 .480 .482 313588C52 FNMA DISC NOTE O8/18/2016 .280 .281 25,000,000.00 24,939,916.67 99.846000 24,961,500.00 21,583.33 .382 .384 313588ZN8 FNMA DISC NOTE 07/18/2016 .265 .266 15,500,000.00 15,469,307.85 99.892000 15,483,260.00 13,952.15 .298 .299 313588ZS7 FNMA DISC NOTE 07/22/2016 .250 .250 25,000,000.00 24,953,645.83 99.888000 24,972,000.00 18,354.17 .309 .310 313588XG5 FNMA DISC NOTE O5/25/2016 .460 .461 25,000,000.00 24,944,736.11 99.961000 24,990,250.00 45,513.89 .150 .151 313588K38 FNMA DISC NOTE 10/11/2016 .660 .664 25,000,000.00 24,862,500.00 99.759000 24,939,750.00 77,250.00 .528 .532 313588K46 FNMA DISC NOTE 10/12/2016 .640 .643 25,000,000.00 24,871,555.56 99.758000 24,939,500.00 67,944.44 .530 .534 313588M28 FNMA DISC NOTE 10/26/2016 .610 .613 25,217,000.00 25,088,386.30 99.740000 25,151,435.80 63,049.50 .569 .573 313588XG5 FNMA DISC NOTE O5/25/2016 .390 .391 25,000,000.00 24,962,354.17 99.961000 24,990,250.00 27,895.83 .150 .151 313588YL3 FNMA DISC NOTE 06/22/2016 .500 .501 10,000,000.00 9,976,944.44 99.929000 9,992,900.00 15,955.56 .226 .227 313588XG5 FNMA DISC NOTE 05/25/2016 .380 .381 25,000,000.00 24,964,638.89 99.961000 24,990,250.00 25,611.11 .150 .151 313588XE0 FNMA DISC NOTE O5 23 2016 .380 1..381 13,000,000.00 12,982,298.33 99.962000 12,995,060.00 12,761.67 .145 .145 .397 428,717,000.00 = 427,447,448.03 99.873216 428,173,455.80 726,007.77 FNMA BONDS 3136G14F3 FNMA 3.5YrNc6MoB 12/27/2016 .680 .665 12,000,000.00 12,006,600.00 100.092000 12,011,040.00 4,440.00 .735 .742 3136G1LT4 FNMA 3.5YrNc1YrB 11/28/2016 .500 .512 10,000,000.00 9,996,000.00 100.038000 10,003,800.00 7,800.00 .655 .663 3136G1LT4 FNMA 3.5YrNc1YrB 11/28/2016 .500 1.009 752,000.00 739,216.00 100.038000 752,285.76 13,069.76 .654 .663 3135GOXP3 FNMA 1Yr 07/05/2016 .375 .405 25,000,000.00 24,991,750.00 99.974000 24,993,500.00 1,750.00 .262 .263 3133EESQ4 FNMA 1.25Yr 09/06/2016 .520 .479 20,255,000.00 20,265,390.82 99.993000 20,253,582.15-11,808.67 .434 .436 3135GOYE7 FNMA 1.25Yr 08/26/2016 .625 .477 25,000,000.00 25,044,750.00 100.065000 25,016,250.00-28,500.00 .404 .405 3135GOXP3 FNMA 10.5Mo 07/05/2016 .375 .375 16,597,000.00 16,597,000.00 99.974000 16,592,684.78-4,315.22 .262 .263 3136G2N94 FNMA 5YrNc6MoB 10/15/2020 1.500 1.500 10,550,000.00 10,550,000.00 100.027000 10,552,848.50 2,848.50 4.342 4.545 3136G2PM3 FNMA 5YrNc6MoB 10/29/2020 1.500 1.500 10,000,000.00 10,000,000.00 100.005000 10,000,500.00 500.00 4.381 4.584 3136G2QT7 FNMA 5YrNc6MoB 10/29/2020 1.500 1.500 15,855,000.00 15,855,000.00 100.017000 15,857,695.35 2,695.35 4.381 4.584 3136G2SX6 FNMA 3YrNc1YrE 11/28/2018 1.200 1.200 5,000,000.00 5,000,000.00 100.000000 5,000,000.00 0.00 2.598 2.663 3136G2SX6 FNMA 3YrNc1YrE 11/28/2018 1.200 1.200 5,000,000.00 5,000,000.00 100.000000 5,000,000.00 0.00 2.598 2.663 3136G2SX6 FNMA 3YrNc1YrE 11/28/2018 1.200 1.200 5,000,000.00 5,000,000.00 100.000000 5,000,000.00 0.00 2.598 2.663 3136G2TY3 FNMA 3YrNc6MoE 11/27/2018 1.250 1.250 15,000,000.00 15,000,000.00 100.065000 15,009,750.00 9,750.00 2.593 2.660 3136G2V61 FNMA 5YrNc6MoB 12/10/2020 1.800 1.800 15,000,000.00 15,000,000.00 100.000000 15,000,000.00 0.00 4.456 4.699 3135G0H30 FNMA 3YrNc5MoE 11/23/2018 1.450 1.451 10,000,000.00 9,999,600.00 99.996000 9,999,600.00 0.00 2.572 2.649 3136G2WL7 FNMA 4YrNc6MoB 04/29/2020 1.500 1.500 15,000,000.00 15,000,000.00 100.058000 15,008,700.00 8,700.00 3.917 4.082 3136G2W45 FNMA 5YrNc6MoB O1/29/2021 1.500 1.500 8,770,000.00 8,770,000.00 100.068000 8,775,963.60 5,963.60 4.629 4.836 3136G2X44 FNMA 5YrNc6MoB 02/19/2021 1.500 1.500 6,500,000.00 6,500,000.00 100.092000 6,505,980.00 5,980.00 4.684 4.893 3136G2XR3 FNMA 4YrNc6MoB 02/19/2020 1.350 1.350 15,000,000.00 15,000,000.00 100.000000 15,000,000.00 0.00 3.765 3.890 3136G2Y18 FNMA 5YrNc6MoB 02/26/2021 1.125 1.125 15,000,000.00 15,000,000.00 99.859000 14,978,850.00-21,150.00 4.752 4.912 3136G2ZB6 FNMA 4YrNC6MoB 03/09/2020 1.000 1.000 10,000,000.00 10,000,000.00 99.984000 9,998,400.00-1,600.00 3.851 3.942 3136G3BX2 FNMA 4YrNc6MoB 03/09/2020 1.300 1.300 15,000,000.00 15,000,000.00 100.000000 15,000,000.00 0.00 3.825 3.942 3136G3EH4 FNMA 4YrNc6MoB 03/30/2020 1.250 1.250 10,000,000.00 10,000,000.00 100.000000 10,000,000.00 0.00 3.890 4.000 3136G3EE1 FNMA 3YrNc6MoB 03/29/2019 1.000 1.000 20,000,000.00 20,000,000.00 100.000000 20,000,000.00 0.00 2.943 2.995 3136G3DV4 FNMA 5YrNc6MoB 03/30/2021 1.375 1.375 15,000,000.00 15,000,000.00 100.000000 15,000,000.00 0.00 4.816 5.000 3136G3EM3 FNMA 3.75YrNc6MoB 12/30/2019 1.510 1.510 5,000,000.00 5,000,000.00 100.000000 5,000,000.00 0.00 3.632 3.751 3136G3EM3 FNMA 3.75YrNc6MoB 12/30 2019 1.510 1.510 5,000,000.00 5,000,000.00 100.000000 5,000,000.00 0.00 3.632 3.751 �� 341,279,000.00 341,315,306.82 100.009503 _241,311,430.14 -3,876.68 2.739 2.835 FHLB DISC NOTES 313384XQ7 FHLB DISC NOTE 06/02/2016 .300 .301 25,000,000.00 24,923,958.33 99.953500 24,988,375.00 64,416.67 .172 .173 313384XR5 FHLB DISC NOTE 06/03/2016 .310 .311 25,000,000.00 24,921,423.61 99.952750 24,988,187.50 66,763.89 .175 .175 72 COUNTY OF RIVERISIDE TREASURER -TAX COLLECTOR 8 6 £L 1I0.10HTIOJ XVI-2I32If1SVINI HQISRIHARI 30 kthlflOD £EZ' Z£Z' OOTOSZ11 OOTOSL'600'SZ 0006E0'OOT 00'OOS'S661Z 00'000'000'SZ 99£' OS£' 9IOZ/VZ/90 JASZ1 flJ33 04J33£EIE £EZ' Z£Z' 00'08Z'8 00'089100'ZI 0006E0'OOT 00'00E966'a 00'000'000'ZI 9L£' OS£' 9TOZAVZ/90 JASZ1flJ33 04J33£EIE 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FFCB 2Yr FFCB 1.25Yr FFCB 1.5 Yr FFCB 1Yr FFCB 1.5Yr 3133EFNK9 FFCB 2Yr 05/08/2017 05/26/2016 06/20/2016 01/13/2017 08/11/2016 08/11/2016 08/11/2016 08/11/2016 02/06/2017 02/06/2017 02/06/2017 10/15/2018 09/25/2017 05/22/2017 01/13/2017 04/21/2017 11/28/2016 03/27/2017 02/09/2018 650 .300 .450 .500 .400 .400 .400 .400 .590 .590 .590 1.110 .900 .625 .430 .500 .450 .520 .521 .680 .300 .396 .500 .400 .400 .400 .400 .590 .590 .635 1.110 .650 .547 .449 .533 .450 .520 .521 15,000,000.00 15,000,000.00 7,000,000.00 10,000,000.00 25,000,000.00 15,000,000.00 15,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 5,000,000.00 25,250,000.00 15,650,000.00 24,000,000.00 25,000,000.00 15,000,000.00 10,000,000.00 15,000,000.00 14,991,000.00 15,000,000.00 7,003,780.00 10,000,000.00 25,000,000.00 15,000,000.00 15,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 14,989,950.00 5,000,000.00 25,371,578.75 15,669,343.40 23,994,480.00 24,987,765.25 15,000,000.00 10,000,000.00 100.064000 99.997000 100.045000 100.134000 100.019000 100.019000 100.019000 100.019000 99.964000 99.964000 99.964000 100.001000 100.319000 99.975000 99.994000 99.758000 99.892000 99.817000 15,000,000.00 99.843000 15,009,600.00 14,999,550.00 7,003,150.00 10,013,400.00 25,004,750.00 15,002,850.00 15,002,850.00 10,001,900.00 9,996,400.00 9,996,400.00 14,994,600.00 5,000,050.00 25,330,547.50 15,646,087.50 23,998,560.00 24,939,500.00 14,983,800.00 9,981,700.00 14,976,450.00 18,600.00 450.00 -630.00 13,400.00 4,750.00 2,850.00 2,850.00 1,900.00 -3,600.00 -3,600.00 4,650.00 50.00 41,031.25 -23,255.90 4,080.00 48,265.25 -16,200.00 -18,300.00 -23,550.00 1.094 .153 .221 .780 .363 .363 .363 .363 .843 .843 .843 2.484 1.472 1.134 .781 1.049 .656 .985 1.850 1.104 .153 .222 .789 .364 .364 .364 .364 .855 .855 .855 2.542 1.488 1.142 .789 1.058 .663 .989 1.863 3133EFNK9 FFCB 2Yr 02/09/2018 .521 .521 20,000,000.00 20,000,000.00 99.843000 19,968,600.00-31,400.00 1.850 1.863 3133EFQ19 FFCB 3Yr 11/23/2018 .552 .529 10,000,000.00 10,006,056.38 99.685000 9,968,500.00-37,556.38 2.631 2.649 3133EFE52 FFCB 3Yr 02/25/2019 .703 .703 15,000,000.00 15,000,000.00 100.001000 15,000,150.00 150.00 2.869 2.907 3133EFE52 FFCB 3Yr 02/25/2019 .703 .703 5,000,000.00 5,000,000.00 100.001000 5,000,050.00 50.00 2.869 2.907 3133EFM61 FFCB 2.5Yr 09/17/2018 .661 .661 5,000,000.00 5,000,000.00 100.000000 5,000,000.00 0.00 2.441 2.466 3133EFV38 FFCB 3YrNc1YrA 03 29 2019 1.250 1.250 10,310,000.00 10,310,000.00 100.005000 10,310,515.50 515.50 2.930 2.995 .523 536,506,000.00 536,608,471.74 99.915623 536,053,311.94-555,159.80 Illigirar FMAC DISC NOTES 31315KD49 FAMCA DISC NOTE 08/25/2016 .345 .346 40,000,000.00 39,882,316.67 99.838000 39,935,200.00 52,883.33 .401 .403 31315KK90 FAMCA DISC NOTE 10/17/2016 .720 .725 10,000,000.00 9,937,400.00 99.751000 9,975,100.00 37,700.00 .544 .548 31315KJ35 FAMCA DISC NOTE 10/03/2016 .700 .704 15,000,000.00 14,918,625.00 99.769000 14,965,350.00 46,725.00 .506 .510 31315KJ35 FAMCA DISC NOTE 10/03/2016 .700 .704 25,000,000.00 24,864,375.00 99.769000 24,942,250.00 77,875.00 .506 .510 31315KWB2 FAMCA DISC NOTE 04/26/2016 .290 .290 10,000,000.00 9,996,616.67 99.985000 9,998,500.00 1,883.33 .071 .071 31315LAT5 FAMCA DISC NOTE 01 18 2017 .680 .684 20,000,000.00 19 884 022.22 99.594000 19 918,800.00 34,777.78 .797 .803 120,000,000.00 119,483,355.56 99.779333 119,735,200.00 251,844.44 A86 FARMER MAC 31315P2K4 FAMCA 3Yr 09/05/2017 1.120 1.120 313151'133 FAMCA 1Yr 05/24/2016 .400 .400 3132X0AY7 FAMCA 1Yr 07/07/2016 .410 .410 3132X0CB5 FAMCA 5YrNc3MoB 10/05/2020 1.700 1.700 3132X0CY5 FAMCA 1Yr 02/23/2017 .500 .500 3132X0ED9 FAMCA 3Yr 03/19/2019 .693 .693 3132X0EV9 FAMCA 3Yr 07/26/2019 .759 .759 .680 MUNI ZERO CPNS 91411SEH9 UC REGENTS 91411SGF1 UC REGENTS 8,850,000.00 15,000,000.00 25,000,000.00 10,000,000.00 25,000,000.00 10,000,000.00 15,000,000.00 108,850,000.00 8,850,000.00 15,000,000.00 25,000,000.00 10,000,000.00 25,000,000.00 10,000,000.00 15,000,000.00 108,850,000.00 05/17/2016 .430 .430 30,800,000.00 30,777,926.67 07 15 2016 .570 .571 23 000 000.00 22,961,034.17 53,738,960.84 MUNI BONDS 546415L73 LOUISIANA STATE 05/15/2016 .540 .540 20772JL34 CONNECTICUT ST 08/01/2018 2.250 1.398 20772JK92 CONNECTICUT ST 08/01/2016 2.000 .600 93974DSZ2 WASHINGTON STATE 08/01/2017 .830 .830 882723A33 TEXAS ST 10/01/2019 1.497 1.497 882723ZZ5 TEXAS ST 10/01/2017 .723 .723 13063CXT2 CALIFORNIA STATE 11/01/2016 .500 .401 13063CFD7 CALIFORNIA STATE 11/01/2016 1.250 .642 13063CFD7 CALIFORNIA STATE 11/01/2016 1.250 .642 677522HV9 OHIO STATE 05/01/2017 1.250 .741 677522HW7 OHIO STATE 05/01/2018 1.250 .940 12,070,000.00 25,000,000.00 23,000,000.00 12,885,000.00 5,000,000.00 7,500,000.00 55,960,000.00 15,000,000.00 5,000,000.00 9,215,000.00 9,535,000.00 180,165,000.00 12,070,000.00 25,613,250.00 23,304,520.00 12,885,000.00 5,000,000.00 7,500,000.00 56,014,840.80 15,062,100.00 5,020,700.00 9,268,354.85 9,597,549.60 181,336,315.25 100.594000 100.036000 100.037000 100.012000 100.127000 99.995000 99.992000 100.090463 8,902,569.00 15,005,400.00 25,009,250.00 10,001,200.00 25,031,750.00 9,999,500.00 14,998,800.00 108,948,469.00 52,569.00 1.412 1.433 5,400.00 .148 .148 9,250.00 .268 .268 1,200.00 4.289 4.518 31,750.00 .891 .901 -500.00 2.937 2.967 -1,200.00 3.269 3.321 98,469.00 M 99.945056 30,783,077.11 5,150.44 99.833750 22,961,762.50 728.33 .289 .290 53,744,839.61 100.000000 102.453000 101.324000 100.000000 100.000000 100.000000 100.098000 100.414000 100.414000 100.579000 100.656000 100.650135 12,070,000.00 25,613,250.00 23,304,520.00 12,885,000.00 5,000,000.00 7,500,000.00 56,014,840.80 15,062,100.00 5,020,700.00 9,268,354.85 9,597,549.60 181,336,315.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .128 .123 2.265 .336 1.323 3.379 1.487 581 578 .578 1.070 2.043 .129 .123 2.337 .337 1.337 3.504 1.504 .589 .589 .589 1.085 2.085 COMM PAPER 89233GD86 TOYOTA MOTOR CORP 04/08/2016 .570 .571 25,000,000.00 24,952,500.00 99.992222 24,998,055.56 45,555.56 .022 .022 64105GEC4 NESTLE 05/12/2016 .450 .451 30,000,000.00 29,953,125.00 99.954444 29,986,333.33 33,208.33 .114 .115 89233GLM6 TOYOTA MOTOR CORP 11/21/2016 .910 .916 50,000,000.00 49,660,013.89 99.525500 49,762,750.00 102,736.11 .638 .644 89233G74 TOYOTA MOTOR CORP 09/27/2016 .783 .783 48,000,000.00 47,810,720.00 99.721556 47,866,346.67 55,626.67 .489 .493 64105GH31 NESTLE 08/03/2016 .520 .521 20,000,000.00 19,963,311.11 99.807111 19,961,422.22-1,888.89 .340 .342 89233GFQ4 TOYOTA MOTOR CORP 06/24/2016 .480 .481 22,000,000.00 21,974,773.33 99.899667 21,977,926.67 3,153.34 .232 .233 195,000,000.00 194,314,443.33 99.770684 194,552,834.45 238,391..12 .365 .368 6,319,225,720.08 6,312,840,233.99 99.999444 6,319,190,571.12 6,350,337.13 1.038 1.065 Grand Total .664 .651 6,319,225,720.08 6,312,840,233.99 99.999444 6,319,190,571.12 6,350,337.13 1.038 74 COUNTY OF RIVERISIDE TREASURER -TAX COLLECTOR 10 Full Compliance The Treasurer's Pooled Investment Fund was in FULL COMPLIANCE with the Treasurer's Statement of Investment Policy. The County's Investment Policy is more restrictive than the Califor- nia Government Code. This policy is reviewed annually by the County's Investment Oversight Committee and approved by the County Board of Supervisors. Investment Category MUNICIPAL BONDS (MUNI) U.S. TREASURIES LOCAL AGENCY OBLIGATIONS (LAO) FEDERAL AGENCIES COMMERCIAL PAPER (CP) CERTIFICATE & TIME DEPOSITS (NCD & TCD) REPURCHASE AGREEMENTS (REPO) REVERSE REPOS MEDIUM TERM NOTES (MTNO) CALTRUST SHORT TERM FUND MONEY MARKET MUTUAL FUNDS (MMF) LOCAL AGENCY INVESTMENT FUND (LAIF) CASH/DEPOSIT ACCOUNT GOVERNMENT CODE Maximum Authorized S&P/ Maturity % Limit Moody's NO LIMIT J ILL114J 1Vt1 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT AAA 270 DAYS 40% A1/P1 5 YEARS 30% NA 1 YEARS NO LIMIT NA 92 DAYS 20% NA 5 YEARS 30% A NA NA NA 60 DAYS (1) 20% AAA/Aaa (2) NA NA NA NA NA NA COUNTY INVESTMENT POLICY Maximum Maturity Authorized % Limit S&P/ Moody's 0 J 11LL114J 1J /o 100 % !i!i-/ r1Q0/ CIC1- 5 YEARS NA 3 YEARS 2.5% INVESTMENT GRADE 5 YEARS 100 % NA 270 DAYS 40% A1/P1/F1 1 YEAR 25% Combined A1/P1/F1 45 DAYS 40% max, 25% in term repo over 7 days A1/P1/F1 60 DAYS 10% NA 3 YEARS 20% AA/Aa2/AA DAILY LIQUIDITY 1.0% NA DAILY LIQUIDITY 20% AAA by 2 Of 3 RATINGS AGC. DAILY LIQUIDITY Max $50 million NA NA NA NA I Mutual Funds maturity may be interpreted as weighted average maturity not exceeding 60 days. 2 Or must have an investment advisor with not less than 5 years experience and with assets under management of $500,000,000. Actual 3.72% 6: i 000 0 :. # to 111111011111111FAIWThrlfer...- 1111111111Pliji THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT CODE 53646 COUNTY OF RIVERSIDE TREASURER -TAX COLLECTORS 13 AGENDA ITEM 7D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 23, 2016 TO: Budget and Implementation Committee FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Quarterly Sales Tax Analysis STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the sales tax analysis for Quarter 4, 2015 (4Q 2015); and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: At its December 2007 meeting, the Commission awarded an agreement with 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. As part of the recurring contracts process, the Commission approved a five-year extension through June 30, 2018. 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 generated and submitted to the State Board of Equalization (SBOE) for review and determination of errors in sales tax reporting related to 495 businesses. Through 3Q 2015, the SBOE approved corrections for 360 of these accounts for a total sales tax recovery of $6,249,182. Updated amounts for 4Q 2015 will be provided once received from MuniServices. If the SBOE concurs with the error(s) for the remaining claims, the Commission will 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 4Q 2015. Most of the 4Q 2015 Measure A sales tax revenues were received in the first quarter of calendar year 2016, during January 2016 through March 2016, due to a lag in the sales tax calendar. The summary section of the 4Q 2015 report is attached and includes an overview of California's economic outlook, local results, historical cash collections analysis by Agenda Item 7D 76 quarter, top 25 sales/use tax contributions, historical sales tax amounts, annual sales tax by business category, five-year economic trend for significant business category (general retail), and final results. Taxable transactions for the top 25 tax contributors in Riverside County generated 23.4 percent of taxable sales for the benchmark year ended 4Q 2015, slightly lower than the 23.7 percent for the benchmark year ended 4Q 2014. The top 100 tax contributors generated 38.6 percent of taxable sales for the benchmark year ended 4Q 2015, compared to the 39.8 percent for the benchmark year ended 4Q 2014. Interestingly, the 2 percent growth in taxable sales for the benchmark year ended 4Q 2015 was not driven by the top 100 tax contributors, who experienced a 0.9 percent decrease, but by all other tax contributors, who had a 3.8 percent increase. In the Economic Category Analysis below, three of the six categories (general retail, food products, transportation, and construction) experienced new highs in the 4Q 2015 benchmark year compared to the prior eight benchmark year quarters. Business to business was below the 4Q 2014 benchmark year by 5.4 percent due to completion of renewable energy developments in Riverside County. Miscellaneous was higher than the 4Q 2014 benchmark year by 7.5 percent. ECONOMIC CATEGORY ANALYSIS %of Total / %Change RCTC California Riverside Countywide San Bernardino Countywide Inland Empire South Coast S.F. Bay Area Sacramento Valley Central Valley North Coast Central Coast General Retail 28.8/3.4 28.4/3.1 28.4/3.3 25.0/5.8 26.6/4.5 29.2/3.0 26.8/2.2 27.7/3.8 30.8/3.4 28.2/3.2 31.5/1.7 Food Products 17.3 / 6.3 20.3/5.6 19.5/5.9 14.8/6.1 17.1/6.0 21.4/5.4 21.7/6.3 16.9/5.6 16.4/4.6 18.4/3.2 31.0/3.4 Transportation 25.9 / 0.4 24.2/0.2 27.5/0.8 28.1/3.2 27.8/2.0 23.9/-0.2 21.1/-0.3 28.1/2.5 26.3/-0.5 30.2/-0.8 20.9/-2.3 Construction 10.8 / 5.4 9.5/8.0 12.9/-1.4 10.7/33.5 11.8/12.5 8.3/6.1 9.5/8.1 11.3/9.2 12.1/8.1 13.6/11.5 9.3/3.8 Business to Business 15.0 / -5.4 16.5/-1.2 10.7/3.4 20.2/2.1 15.6/2.5 16.1/-3.7 19.7/2.3 14.4/7.3 13.0/-9.5 8.6/-3.0 6.2/20.5 Miscellaneous 2.1 / 7.5 1.2/2.7 1.0/9.6 1.2/2.7 1.1/4.6 1.1/6.9 1.2/-3.7 1.6/-1.2 1.4/2.7 1.0/-5.1 1.0/-6.5 Total 100.0 / 2.0 100.0/2.6 100.0/2.6 100.0/6.6 100.0/4.6 100.0/1.8 100.0/3.0 100.0/4.7 100.0/1.2 100.0/2.4 100.0/2.4 General Retail: Apparel Stores, Department Stores, urniture/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 An analysis of sales tax performance by quarter through 4Q 2015 is attached and illustrates fairly consistent cycles for sales tax performance for most of the economic categories since the economic recession in 2009. For 8 of the top 10 segments (auto sales -new, restaurants, department stores, miscellaneous retail, building materials -wholesale, apparel stores, food markets, and building materials -retail) during the past eight benchmark year quarters, sales tax receipts reached a new high point. The 8 segments represent 61.9 percent of the total sales tax receipts. Service stations and light industry, 2 of the top 10 segments representing 8.5 and 4.9 percent, respectively, of the total sales tax receipts, decreased to a new low point in the past two-year period during the 4Q 2015. This was due to lower fuel prices and completion of renewable energy developments Agenda Item 7D 77 in Riverside County. These top 10 segments represent 75.3 percent of the total sales tax receipts. For the other 19 segments representing 24.7 percent of the total sales tax receipts, 9 segments representing 12.2 percent of the total sales tax receipts reached new high points in the past two years during 4Q 2015. In the Economic Segment Analysis below, auto sales -new, restaurants, and departments stores represent the three largest segments for Riverside County, or 33.1 percent of total sales tax receipts. This is the thirteenth consecutive quarter since 3Q 2008 that department stores and auto sales -new have been in the top three economic segments. Growth seen in previous quarters for the service stations segment has been declining continuously from the high in the last four years due to lower fuel prices, and this segment reached a new low point in 4Q 2015. Restaurants replaced service stations in the top three economic segments beginning in 4Q 2014 and resulted from continued steady growth in restaurant prices with no decline in restaurant use. ECONOMIC SEGMENT ANALYSIS RCTC California Riverside Countywide San Bernardino Countywide Inland Empire South Coast S.F. Bay Area Sacramento Valley Central Valley North Coast Central Coast Largest Segment Auto Sales- New Restaurants Auto Sales- New Department Stores Restaurants Service Stations Restaurants Restaurants Department Stores Service Stations Restaurants %ofTotal /%Change 11.7 / 10.5 14.3/7.1 12.4/11.2 10.5/6.4 11.1/7.6 26.5/-7.1 15.4/7.4 15.6/6.7 13.7/1.8 11.4/-14.4 22.3/3.3 2nd Largest Segment Restaurants Auto Sales- New Restaurants Service Stations Auto Sales- New Restaurants Auto Sales- New Auto Sales- New Auto Sales- New Auto Sales - New Misc. Retail %ofTotal /%Change 11.0 / 7.2 11.1/8.8 12.4/7.4 9.9/-12.6 11.0/11.7 13.0/5.0 10.8/8.8 11.3/7.6 10.8/10.4 11.2/13.1 10.5/9.7 3rd Largest Segment Department Stores Department Stores Department Stores Restaurants Department Stores Food Markets Department Stores Department Stores Restaurants Department Stores Department Stores %ofTotal /%Change 10.4 / 2.2 9.6/1.0 10.8/-0.7 9.9/7.9 10.7/2.8 8.4/-0.7 8.0/-0.4 9.4/0.9 10.5/7.4 11.1/1.7 8.7/-1.7 During the review of the 4Q 2015 detailed report with MuniServices, information regarding sales tax comparison by city and change by economic segments (two highest gains and two highest losses) from 4Q 2015 to 4Q 2014 was provided. 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 receipt trends in assessing such projections. Attachments: 1) Sales Tax Digest Summary 4Q 2015 2) Sales Tax Performance Analysis by Quarter 3) Quarterly Sales Tax Change Comparison by City for 4Q 2015 to 4Q 2014 Agenda Item 7D 78 Riverside County Transportation Commission Sales Tax Digest Summary Collections through March 2016 Sales through December 2015 (2015Q4) ATTACHMENT 1 CALIFORNIA'S ECONOMIC OUTLOOK California sales tax receipts increased by 3.5% over the same quarter from the previous year, with Northern California reporting a 4.2% increase compared to 2.9% for Southern California. Receipts for the RCTC changed by 2.7% over the same periods. How are fuel prices affecting Sales Tax Revenues? The average price for regular unleaded gasoline in California has tumbled by 50% from the peak of $ 4.66 per gallon in October of 2012 to a low of $ 2.29 per gallon in February of 2016. The current $ 2.60 per gallon price is expected to reach a peak for 2016 of $ 3.40 by May. Despite the increases, the 2016 California annual average price is forecasted to end up between 5 and 10 percent lower than it was in 2015. (CA Department of Finance, GasBuddy) Will the positive trend in statewide employment and personal income continue? U.S. gains in employment have averaged 228,000 over the past 3 months. (CA Bureau of Labor Statistics) In California the current forecast is for continued steady gains in employment through 2017. Total employment growth is expected to be 2.1% for 2016 and 1.4% for 2017. Real personal income growth is forecasted to be 3.4% for 2016 and 3.2% for 2017. (UCLA Anderson) 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 4Q2015 Receipts Net 4Q2014 Receipts Actual Percentage Change $44,603,855 0 0 44,603,855 .00 (496,230) 44,107, 625 42,965,073 2.7% Business Activity Performance Analysis Local Collections Less: Payments for Prior Periods Preliminary 4Q2015 Collections Projected 4Q2015 Late Payments Projected 4Q2015 Final Results Actual 4Q2014 Results Projected Percentage Change $44,603,855 (1,737,297) 42,866,558 1,028,770 43,895,328 43,397,538 1.1% www.MuniServices.com (80f1800-8181 Page 1 Riverside County Transportation Commission HISTORICAL CASH COLLECTIONS ANALYSIS BY QUARTER $50,000 $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 (in thousands of $) 3Q 2013 4Q 2013 $520 $510 I $500 $490 $480 $470 $460 $450 $440 $430 $420 $410 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 Net Receipts —tk—SBOE Admin Fees Due Admin Fees TOP 25 SALES/USE TAX CONTRIBUTORS The following list identifies RCTC's Top 25 Sales/Use Tax contributors. The list is in alphabetical order and represents sales from January 2015 to December 2015. The Top 25 Sales/Use Tax contributors generate 23.3% of RCTC's total AMAZON.COM ARCO AM/PM MINI MARTS BEST BUY STORES CHEVRON SERVICE STATIONS CIRCLE K FOOD STORES COACH CONSOLIDATED ELECTRICAL DSTRS. COSTCO WHOLESALE DEPT OF MOTOR VEHICLES EXXON SERVICE STATIONS FOOD 4 LESS HOME DEPOT 10HNSON MACHINERY COMPANY sales and use tax revenue. KOHL'S DEPARTMENT STORES LOWE'S HOME CENTERS MACY'S DEPARTMENT STORE PARADISE CHEVROLET CADILLAC RALPH'S GROCERY COMPANY ROSS STORES SAM'S CLUB SEARS ROEBUCK & COMPANY STATER BROS MARKETS TARGET STORES USA SERVICE STATIONS WAL MART STORES www.MuniServices.com (800) 800-8181 80 Page 2 Riverside County Transportation Commission HISTORICAL SALES TAX AMOUNTS The following chart shows the sales tax level from sales through December 2015, the highs, and the lows for each segment over the last two years. (in thousands of $) ■4Q2015 *High . L ow $25,000 $20,000 - $15,000 $10,000 � $5,000 AO Al IIli d S $0 4 tis s 05 � ♦e S N.% S� wti�e.' �, ��0�4' o�1%wt�¢o 5 �% S 10�O'' e- b �..' 5 eOi.,w, ANNUAL SALES TAX BY BUSINESS CATEGORY (in thousands of $) 4Q2015 3Q2015 2Q2015 1Q2015 4Q2014 3Q2014 2 Q 2 014 1Q2014 4 Q 2 0 13 3 Q 2 0 1 3 2 42,885 17,941 24,802 3441113 1 47,369 28,263 41 42,836 17,752 25,171 3483 46,951 27,833 1 42,608 17,537 25,539 3I340 46,640 27,357 I 42,579 17,323 25,979 3,300 I 46,099 26,919 I 42,717 17430 26,211 3�23u milk45,400 26,655 42,586 16,580 25,555 138 44,711 26,151 42,068 15,214 25,418 3,140 44,002 25,697 41,460 15,720 25,344 3,027 754 L 25,196 40,980 15,218 24,897 2,F99 40,382 14,989 3 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 =General R etail =Food Products MT ransportation =C onstruction =B usiness To Business =M iscellan eons www.MuniServices.com (800) 800-8181 81 Page 3 Riverside County Transportation Commission FIVE-YEAR ECONOMIC TREND: General Retail (in thousands of $) $16,000 $14,000 - $12,000 $10,000 $8,000 - $6,000 $4,000 $2,000 - J - - $0 O N N N N M on m M C 71. y R ,,, , N N O O O O O O O O O O O O O SOS OS O O O N N N N N N N N N N N N N N N N N N N N N a a a a a a a a a a a a a a a a a a a a a FINAL RESULTS: July -September 2015 Sales Local Net Cash Collections Less: Pool Amounts Less: Prior Quarter Payments Add: Late Payments Local Net Economic Collections after Adjustments Percent Change from July -September 2014 Sales MUNISERVICES' ON -GOING AUDIT RESULTS This Quarter $336,086 Total to Date $6,385,784 $40,077,762 ($-496,230) ($1,810,969) $1,392,769 $40,155,791 UP BY 2.7% www.MuniServices.com (800) 800-8181 82 Page 4 RCTC 1/2%: Sales Tax Performance Analysis by Quarter ATTACHMENT 2 TOTAL TOTAL $50,000,000 - $45,000,000 - $40, 000, 000 $35, 000, 000 $30, 000, 000 $25, 000, 000 $20, 000, 000 $15,000,000 - $10, 000, 000 $5, 000, 000 $0 d 0 0 N Q1 Efl 0 0 N N N M .--i N M .71- c-I N M � 7 Es} M c1 c1 CJ U c1 U U c1 c1 U U 0 U CJ NNNM M M M cr •71- � � � u1 V1 � % t � % •� % 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NNNNNNNNNNNNNNN Q2 Economic CATEGORY TOTAL $16,000,000 2015Q4 QoQ %A QoQ $A YoY %A YoY $A $43,894,915 1.1% $497,766 2.0% $3,176,028 $14, 000, 000 'GENERAL RETAIL 2015Q4 QoQ %A QoQ $A YoY %A YoY $A 14 224 107 2.2% $308,093 3.4% $1,578,040 $12, 000, 000 % 0f 2015Q4 Total: 32.4% FOOD PRODUCTS $10,000,000 2015Q4 QoQ %A QoQ $A YoY %A YoY $A $7,231,101 5.0% $341,593 6.3% $1,685,913 % of Total: 16.5% $8, 000, 000 'TRANSPORTATION $10,351,339 0 2015Q4 QoQ %A QoQ $A YoY %A YoY $A $6,000,000 .5% $48,289 0.4% $167,917 % of Total: 23.6% $4,000,000 CONSTRUCTION $2 000 000 2015Q4 QoQ %A QoQ $A YoY %A YoY $A $4,527,686 4.1% $178,841 5.4% $911,124 % of Total: 10.3 % BUSINESS TO BUSINESS $0 2015Q4 QoQ %A QoQ $A YoY %A YoY $A $6,665,412 -5.3%-$369,528 -5.4%-$1,409,458 % of Total: 15.2% QoQ = 15Q4 / 14Q4 YoY = YE 15Q4 / YE 14Q4 83 ATTACHMENT 3 INLAND EMPIRE: Quarterly Comparison of 2014Q4 and 2015Q4 ( October thru December Sales ) cc aw ce m a`) aa) m m Oct - Dec Oct - Dec u 2015 2014 (201504) (201404) % Chg Gain Gain Decline Decline L.A. MTA OCTA SANDAG Transnet BART VTA 2000 Measure A VTA 1976 Sales Tax RCTC Sacramento Transit Santa Clara VTA BART San Joaquin C.O.G. S.M.A.R.T. RIVERSIDE COUNTY BANNING BEAUMONT BLYTHE CORONA LAKE ELSINORE HEMET INDIO PERRIS SAN JACINTO RIVERSIDE COACHELLA PALM SPRINGS DESERT HOT SPRINGS NORCO INDIAN WELLS RANCHO MIRAGE PALM DESERT CATHEDRAL CITY LA QUINTA MORENO VALLEY TEMECULA CANYON LAKE CALIMESA MURRIETA WILDOMAR MENIFEE EASTVALE JURUPA VALLEY RIVERSIDE COUNTY 1.7% 2.4% 1.2 % 1.2 % 2.4% 2.3% 2.2% 4.1% 2.6% 8.1% 3.4% 4.4% 4.4% 4.4% 3.4% 4.8% 4.8% 5.0% 5.4% 5.4% 2.1% 4.4% 1.3% -0.9% 1.7% 2.4% -4.1% -4.1% 0.5% 5.4% -3.7% 2.1% 2.1% 7.9% 5.7% 2.4% 9.8% -0.2% 0.5% 4.1% 8.1% -1.4% 18.5% 13.7% -5.2% 2.3% -4.2% 1.6% 6.2% 6.0% -5.3% 2.3% 7.0% 3.4% 1.6% -3.1% -4.6% 7.6% 3.4% 10.7% 11.1 % -1.1% -10.2% -10.5 % -9.2 % -14.0% 398,190,278 78,111,917 71,761,173 64,140,642 54,867,577 54,865,693 43,894,915 394,227,542 76,441,721 70,947,877 62,430,986 53,423,074 53,425,061 43,397,148 1.0% 2.2% 1.1% 2.7% 2.7% 2.7% 1.1% 28,586,769 27,381,555 13,708,387 13, 352,481 13,520,875 12,829,813 9,399,660 9,056,856 4.4% 2.7% 5.4% 3.8% -9.1% -1.5% -3.9% -5.8% 18.1% -10.3% 431,029 445,826 -3.3% 3.8% 9.2% 0.5% 5.9% 29.4% 5.5% 1,089,272 1,013,783 7.4% 1.9% 5.3% 3.6% -1.6% -9.6% -56.4% 396,310 392,437 1.0% 2.5% 6.3% 0.2% 16.1% -10.8% -22.4% 8,711,589 8,390,334 3.8% 10.9% 0.4% 6.8% 7.9% 1.5% -43.8% 2,101,971 1,963,424 7.1% 25.0% 26.2% 50.6% 7.0% 18.0% 40.8% 2,547,315 1,924,067 32.4% -0.2% 0.8% 1.7% -0.8% -0.5% -30.9% 2,316,455 2,308,849 0.3% 18.2% 6.6% -13.1% -6.9% 2.3% -36.0% 1,916,382 2,042,223 -6.2% 5.7% 34.5% 0.4% 42.3% 9.3% -30.7% 621,335 547,197 13.5% 1.3% 5.3% 3.6% 5.9% 7.0% -16.7% 13,876,755 13,381,525 3.7% 4.4% 4.1% -11.5% -9.5% 39.0% -21.3% 781,186 809,867 -3.5% 0.8% 4.7% -4.7% -1.7% -18.0% -5.9% 2,644,379 2,693,551 -1.8% 3.4% 1.1% -11.6% -58.5% 8.9% -8.6% 313,088 335,585 -6.7% 1.5% 5.2% 6.7% 23.3% -2.4% -6.9% 1,386,906 1,315,035 5.5% -20.7% -2.0%-100.0% -96.6% 55.6% 13.5% 218,198 227,693 -4.2% 6.7% -5.6% 4.8% -9.5% 30.3% 1.0% 1,143,376 1,131,636 1.0% -2.7% -1.9% -2.1% 1.0% -16.0% 246.8% 4,618,547 4,645,326 -0.6% -5.8% 3.2% -0.1% 0.7% 21.9% 46.1% 1,984,323 1,957,279 1.4% 4.3% 4.0% -11.5% -12.9% -13.4% -5.8% 2,010,165 2,022,445 -0.6% 6.4% 12.2% -1.8% 15.1% 11.9% -10.5% 4,153,011 3,899,921 6.5% 7.1% 6.4% 12.7% 7.2% 10.7% 5.6% 8,174,951 7,508,652 8.9% -43.9% 5.6% 1.8% 59.0% 199.5% -42.5% 50,476 45,521 10.9% 0.1% 4.4% -2.2% -40.8% -9.8% 11.0% 158,368 157,650 0.5% 6.2% 5.8% 1.4% 8.6% -11.7% 21.2% 3,366,419 3,269,207 3.0% -28.8% 19.1% -8.2% -2.9% 7.7% 3.0% 345,301 343,117 0.6% 8.2% 7.2% 4.7% 60.9% 12.7% -20.7% 1,539,956 1,384,207 11.3% 5.1% 11.6% -6.1% 16.8% 42.0% -66.4% 1,828,265 1,594,068 14.7% 5.3% 4.8% -5.8% 5.4% 9.6% -3.7% 2,235,516 2,151,096 3.9% -3.8% 0.7% -8.8% -42.8% -5.3% 65.8% 6,691,771 7,856,396 -14.8% Restaurants Restaurants Auto Sales - New Auto Sales - New Office Equipment Office Equipment Auto Sales - New Auto Sales - New Office Equipment BIdg.Matls-Whsle BIdg.Matls-Whsle Auto Sales - New Miscellaneous Retail Restaurants BIdg.Matls-Whsle Restaurants Restaurants Department Stores Restaurants Electronic Equipment Auto Sales - New Auto Sales - New Service Stations Service Stations Service Stations Service Stations Business Services Business Services Service Stations Service Stations Service Stations Service Stations Service Stations Energy Sales Office Equipment Office Equipment Recreation Products Service Stations Service Stations Light Industry Business Services Auto Parts/Repair Closed Acct-Adjustmt Light Industry Auto Sales - New Light Industry Auto Sales - New BIdg.Matls-Whsle Miscellaneous Retail Auto Sales - New BIdg.Matls-Whsle Department Stores Food Markets Auto Sales - New Heavy Industry Restaurants Department Stores Auto Sales - New Light Industry Miscellaneous Retail Miscellaneous Other Auto Sales - New Miscellaneous Retail Food Markets Auto Sales - New Heavy Industry Restaurants Restaurants Food Markets BIdg.Matls-Retail Electronic Equipment Miscellaneous Retail Apparel Stores Auto Sales - Used Misc. Vehicle Sales Light Industry Auto Sales - New Auto Sales - New Department Stores Auto Sales - New Restaurants Department Stores Restaurants Department Stores Auto Sales - New Miscellaneous Retail BIdg.Matls-Whsle Food Markets Leasing BIdg.Matls-Whsle Leasing Restaurants Furniture/Appliance Miscellaneous Retail Leasing Department Stores Auto Sales - New Restaurants Restaurants BIdg.Matls-Whsle Furniture/Appliance Miscellaneous Other Department Stores Service Stations Heavy Industry Office Equipment Service Stations Service Stations Light Industry Miscellaneous Other Auto Parts/Repair Department Stores Service Stations Service Stations Service Stations Service Stations Restaurants Furniture/Appliance Apparel Stores Service Stations BIdg.Matls-Retail Service Stations Service Stations Recreation Products Service Stations Service Stations Service Stations Miscellaneous Other Service Stations Department Stores BIdg.Matls-Whsle Service Stations Energy Sales Energy Sales Service Stations Light Industry Office Equipment BIdg.Matls-Retail Service Stations Drug Stores Service Stations BIdg.Matls-Whsle Energy Sales BIdg.Matls-Whsle Office Equipment Miscellaneous Retail Food Markets Food Markets Furniture/Appliance Auto Sales - New Leasing Department Stores Miscellaneous Retail Miscellaneous Retail Leasing Miscellaneous Retail Misc. Vehicle Sales Miscellaneous Other Service Stations Miscellaneous Retail Non -Confidential 84 MuniServices AGENDA ITEM 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 23, 2016 TO: Budget and Implementation Committee FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Proposed Budget for Fiscal Year 2016/17 STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive input on the proposed budget for FY 2016/17; 2) Approve the salary schedule effective July 7, 2016, located in Appendix B of the proposed budget; and 3) Forward to the Commission to close the public hearing regarding the proposed budget for FY 2016/17 on June 8, 2016, and for final adoption. BACKGROUND INFORMATION: The annual fiscal budget is the result of staff determining the operating and capital needs for FY 2016/17 and identifying the resources to fund those needs. The budget process began in January 2016. The goals and objectives approved by the Commission on March 9 were the basis of this budget. The goals and objectives considered during the preparation of the budget relate to mobility initiatives, goods movement, improved system efficiencies, environmental stewardship, economic development, intermodalism and accessibility, public and agency communications, and financial and administrative policies. Staff presented the proposed budget to the Commission on May 11. Subsequent to that presentation, staff updated the document as a result of the following changes resulting in a net decrease of $8,087,600 to the projected fund balance at June 30, 2017. Adjustments to Fiscal Year 2015/16 Projected Amounts • An increase in debt service interest payments of $59,000 for the interest cost of outstanding commercial paper notes on the Interstate 15 Express Lanes project; and • A net increase of $9,500,700 in operating transfers related to reimbursement of Mid County Parkway project expenditures to the 2009 Measure A Western County highway fund from the 2009 Measure A Western County new corridor fund. Agenda Item 8 85 Adjustments to Fiscal Year 2016/17 Budgeted Amounts • A decrease of $4 million and $1.5 million in Measure A and Local Transportation Fund (LTF) sales tax revenues, respectively, based on current sales tax receipts and economic data; • A decrease of $3.7 million in local reimbursements due to the incorrect classification of sales tax funding after further review and analysis; • A decrease of $22,300 in investment income as a result of a decrease in sales tax revenues and local reimbursements; • A decrease of $316,900 in program management expenditures for Bechtel Infrastructure (Bechtel) services based on a reconciliation to the proposed Bechtel contract amount; • A decrease of $33,800 in operating and capital disbursements due to decreased LTF revenue projections; • A decrease of $1,229,000 in local streets and roads expenditures due to the decreased Measure A revenue projections; • An increase in debt service interest payments of $386,000 for the interest cost of outstanding commercial paper notes on the 1-15 Express Lanes project; and • A net decrease of $45,000 in operating transfers due to decreased LTF revenue projections. A public hearing to allow for public comment on the proposed budget, as revised, is required prior to the adoption of the proposed budget, including the proposed salary schedule. The public hearing was opened at the May 11 Commission meeting. After the public hearing is closed on June 8, adoption of the proposed budget for FY 2016/17 will follow. In accordance with the Commission's fiscal policies, the budget must be adopted no later than June 15 of each year. The proposed budget for FY 2016/17 is attached. This document contains the executive summary, as revised, that was presented at the May 11 Commission meeting; the Appropriations Limit; the guiding policies related to the preparation of the budget; a summary of the budget process; fund budgets, details of program revenues and other sources; debt; department budgets; a community profile; and appendices including a glossary of acronyms, salary schedule effective July 7, 2016, funding definitions, and program/general terms. A summary of the proposed budget for FY 2016/17 is as follows: Agenda Item 8 86 FY 2016/17 Budget Revenues and other financing sources: Sales taxes -Measure A, LTF, and STA $ 268,821,600 Reimbursements (federal, state, and other) 47,333,200 TUMF 18,520,000 Toll revenues 3,798,000 Other revenues 2,518,000 Interest on investments 1,849,000 Debt proceeds 128,269,200 Transfers in 241,687,700 Total revenues and other financing sources 712,796,700 Expenditures/Expenses and other financing uses: Personnel salary and fringe benefits 9,500,400 Professional services 22,053,700 Support services 10,053,400 Projects and operations 583,172,800 Capital outlay 1,916,000 Debt service (principal, interest and costs of issuance) 54,015,800 Transfers out 241,687,700 Total expenditures/expenses and other financing uses 922,399,800 Excess of expenditures/expenses and other financing uses over (209,603,100) revenues and other financing sources Beginning fund balance 741,082,700 Ending fund balance $ 531,479,600 Attachment: FY 2016/17 Proposed Budget (Posted on Commission Website) Agenda Item 8 87 MU Riverside County Transportation Commission FISCAL YEAR 2016/17 June 18, 2016 Honorable Commissioners Riverside County Transportation Commission Riverside, California FY 2016/17 Budget Introduction A County on the Move — Completed Projects and Active Construction Highlight a Busy Year Thank you for reviewing the Fiscal Year (FY) 2016/17 budget for the Riverside County Transportation Commission (Commission or RCTC). This document provides an opportunity to evaluate the financial backbone of an innovative and active public transportation agency. The upcoming fiscal year continues a concerted effort of unprecedented investment and construction in Riverside County's (County) transportation infrastructure. The results of the investment are becoming more obvious as a number of high -profile projects were completed in late 2015 and early 2016 and as work speeds ahead on the widening of State Route (SR) 91 in Corona. The completion of the projects will assure better mobility and provide a positive and ongoing boost for local businesses and employers. Projects to be Completed by FY 2016/17 In terms of high -profile project completion, the Perris Valley Line (PVL) Metrolink Extension project represents the first expansion of the five -county Metrolink train system since the mid-1990's. For the County, the PVL expands and revitalizes public transit service by establishing a transit backbone for Western Riverside County that includes more trains, enhanced bus service, new commuter options, and an allure for new employers to locate to the County. This major construction effort to extend Metrolink another 24 miles into the County wrapped up in spring 2016 with new service to new stations in South Perris, Downtown Perris, March Air Base/Moreno Valley, and Hunter Park in Riverside. In addition to funding new service, the Commission also invested in improved rail infrastructure by funding a number of railroad grade separations, many of which were completed in FY 2015/16. In September 2015, the city of Corona completed construction on the Auto Center Drive grade separation which was funded through a combination of funding sources including state of California (State) Proposition 1B funding allocated by the Commission. The city of Coachella soon followed in December with the opening of the Avenue 52 Grade Separation. The city of Riverside completed the Riverside Avenue and Streeter Avenue Grade Separations in February 2016, and the city of Banning soon followed with the opening of the Sunset Avenue Grade Separation in March. In May the Clay Street Grade Separation was completed in Jurupa Valley. All of these grade separations were made possible through productive partnerships with RCTC obtaining funding from a variety of sources to assist local governments with project delivery. The result is added safety and capacity for residents and motorists who are impacted by freight trains on a daily basis. Progress on freeway projects has also been notable; in downtown Riverside, the California Department of Transportation (Caltrans) completed work on the SR-91 high occupancy vehicles lane project which will dramatically improve mobility and circulation throughout areas of the city near the freeway. The six -mile project opened to traffic in March 2016. The only remaining work to be completed is to replace a railroad bridge which crosses the freeway. The Commission, in cooperation with Caltrans, will issue a procurement in mid-2016 to complete that work. Work to widen a 12.5-mile segment of the Interstate (I) 215 between Scott and Nuevo Roads has been completed easing access into the city of Perris, which is home to the Commission's largest public transit project —the PVL. Projects Moving Forward 91 Project in Corona: Full Speed Ahead In December 2013, the Commission broke ground on a $1.4 billion project to widen SR-91 through Corona. The project consists of two tolled express lanes and the addition of a general purpose lane in each direction of SR-91 between the Orange County line and 1-15. The work will create 16,000 new jobs and is the largest ever funded by the Commission. A total of 32 new bridges are to be constructed; 14 are complete and work is underway on the remaining bridges including the direct connector between the SR-91 and southbound 1-15. The eventual completion of the project will culminate in a transformation of Riverside County's transportation system with reduced congestion, toll lane options, and enhanced transit service. The overall economic effect for the County will be significant and will aid economic development opportunities throughout the region. One recent accomplishment which took place in February during the construction of the 91 Project was a 55-hour full freeway closure which enabled significant advancement of work at three key locations on the project including the installation of falsework at the westbound Maple Street flyover on -ramp, paving at the 1-15 interchange, and the demolition of half of the old Maple Street Bridge. The closure required close cooperation with a number of public safety and neighboring agencies and proved to be highly successful without resulting in major traffic problems during the weekend in which it took place. 1-10 Jefferson Interchange in Indio Breaks Ground Over the last few years, the Coachella Valley Association of Governments (CVAG), a key RCTC partner, has completed construction on a number of key interchanges along 1-10. Construction has been completed on rebuilt and expanded freeway interchanges at Palm Drive, Indian Canyon Drive, Bob Hope Drive, Date Palm Avenue, and Monterey Avenue. The attention now shifts slightly eastward to another 1-10 interchange at Jefferson Avenue in the city of Indio. The $42.3 million project to transform the interchange which connects the Coachella Valley's largest city to the freeway broke ground in early 2015 and is expected to be completed in early 2017. The project is being funded through a variety of state and local funding. Looking Forward to an Exciting Future Commission Approves Mid County Parkway Environmental Document On April 8, 2015, the Commission approved the California Environmental Quality Act portion of the final Environmental Impact Report (EIR)/Environmental Impact Summary (EIS) for the proposed Mid County Parkway (MCP) project. Later in the year, the Federal Highway Administration approved the federal EIS. Project development has now been sidetracked with a legal challenge to the state EIR, although the Commission has taken action to set aside funding to purchase needed right of way for the project. Work will continue to resolve the legal matter to allow for additional project development. When completed, the $1.7 billion MCP project will construct a 14.3-mile, six -lane freeway from 1-215 in the city of Perris to SR-79 in the city of San Jacinto. The project will also provide more convenient access to multimodal bus and rail facilities in the city of Perris, including the new PVL extension of Metrolink service. With the environmental document approved, design and engineering work will begin followed by property acquisition. Yet another new corridor is also undergoing environmental studies. The SR-79 realignment project continues to progress, and Commission action to approve the EIR is expected in 2017. Unlike much of urbanized California, Riverside County still has a need to develop new transportation corridors to provide added capacity for cars, trucks, public transit, and active transportation uses such as bicycling and walking. Developing new capacity can be done in a manner that is complementary in maintaining the environment and improving the quality of life for local residents. Transportation interacts with a variety of human needs including better air quality, a reduction in water runoff, reducing the creation of greenhouse gases, and transportation alternatives that promote better health through walking or bicycling. By taking a more holistic approach, the importance of transportation actually grows larger and is valued as a vital necessity, but that can only happen as long as capacity continues to grow. Is Enhanced Coachella Valley Rail Service in our Future? Added capacity includes more rail service in underserved corridors. RCTC, in coordination with Caltrans, the Federal Railroad Administration (FRA), and CVAG, is studying the expansion of Amtrak passenger rail service to the Coachella Valley and San Gorgonio Pass. The service is envisioned to provide an integrated, sustainable travel mode; promote economic opportunities; and foster more livable communities. Currently, there are very limited transit connections between Los Angeles and the Coachella Valley. This service would provide new travel options between job centers and Coachella Valley tourism destinations. The study took a big step forward in mid-2015 with the approval of a $2.98 million grant from the FRA which fully funds the Commission's efforts to complete a federally -required Alternatives Analysis and Preliminary Service Planning. While a number of steps are still required before the service can be added, the project offers an exciting opportunity to offer a new transportation option for those seeking to travel to and from the Coachella Valley from anywhere in southern California. People Working — Building a Better Future The Commission and its project partners at Caltrans, local jurisdictions, and transit agencies are investing in transportation using a variety of local, state, and federal sources to build projects, plan and design new improvements, and get people working and contributing to the local economy. A recent success story in early 2016 demonstrated how transportation investments can create jobs and economic opportunity. The Commission worked closely with a combination of public and private sector interests in a successful effort to convince the California Air Resources Board (CARB) to relocate its main scientific facility and headquarters to Riverside. While CARB's main reason for moving to Riverside was the opportunity for collaboration with the University of California at Riverside, transportation facilities — including the PVL Metrolink extension — were cited as important factors in bringing more than 500 high -paying, skilled jobs to the area. The Commission's Commuter Assistance Program will also provide support to CARB's current employees who will be changing their commute patterns when the facility opens in a few years. During FY 2016/17, the Commission will invest $444 million in capital projects that include highway, regional arterial, local streets and roads, and rail projects. The Commission's overall budget will exceed $680 million and also includes funding of transit operations, payments to cities and the County for street and road improvements, and management of smaller programs such as motorist and commuter assistance. The Commission's status has become somewhat unique in southern California. As many transportation agencies have consolidated functions and grown in size, the Commission remains true to the original intent of the State legislation that first created it —now operating with a staff of 49 budgeted positions. This maintains the original vision of the State Legislature when it created the Commission in 1976. By doing so, the Commission remains effective in its role as a transportation planning and funding agency by maintaining productive relationships with other agencies. For example, Measure A funds local transportation priorities and needs. In FY 2016/17, the Commission will return $51.4 million in funding to local cities and the County for local streets and roads needs. The Commission also receives and programs funding from state and federal sources. This includes the State's Transportation Development Act program dollars that are allocated primarily to the County's major public transit providers. Measure A also pays its share by funding transit fare discounts and programs for senior citizens, persons with disabilities, and individuals of limited means and by operating a commuter assistance program that provides traveler information and ridesharing assistance to employers and commuters. A Commitment to Riverside County Ensuring local funding for transportation will require ongoing outreach to the public and transparent oversight and management that ensures public confidence in the Commission's fiduciary, oversight, and visionary roles. This budget document is intended to demonstrate the Commission's commitment to the public as well as documenting the Commission's dedication to sound budget practices. This budget document is one of many ways the Commission works to ensure public accountability and full transparency of its actions. Yet another Commission priority is in customer service and is demonstrated in our investment in the Inland Empire 511 Traveler Information Service —known as IE511—and other motorist service programs such as outreach to employers for ridesharing assistance, the establishment and maintenance of freeway call boxes, and the Freeway Service Patrol program. As the Commission adds more responsibilities to become a toll facility operator, it will increase RCTC's interaction with the public that will only strengthen our commitment to communicating in an effective and proactive manner. We welcome public input and participation and invite you to visit our website at www.rctc.org or to follow us on Twitter @RCTC. GFOA Distinguished Budget Award The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to RCTC for its annual budget for the fiscal year beginning July 1, 2015. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, an operations guide, a financial plan, and a communications device. The award is valid for a period of one year only. The Commission believes this budget continues to conform to program requirements, and it will be submitted to GFOA to determine the Commission's eligibility for another award. Acknowledgements The preparation of this budget has been a collaborative effort of the Commission's staff. The budget reflects the Commission's desire to communicate the components of the budget in terms that are easily understandable and supportable for the general public. Staff acknowledges and appreciates the guidance and leadership of the Board of Commissioners and the sense of renewal and commitment it has and continues to inspire. Signature on file Signature on file Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer TABLE OF CONTENTS COMMISSION INTRODUCTION EXECUTIVE SUMMARY Introduction Budget Overview Commission Personnel Department Initiatives Fund Balances Budget Comparative Operating and Capital Budget Budget by Governmental Fund Type Highway, Regional Arterial, and Rail Programs GANN APPROPRIATIONS LIMIT Section 1: GUIDING POLICIES Commission Policy Goals and Objectives Financial and Administration Policies Policy Matrix Section 2: BUDGET PROCESS SUMMARY Budget Process Functional Organization Chart Staff Organization Chart Section 3: FUND BUDGETS Budgetary Basis and Funds Structure General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Section 4: REVENUES AND OTHER SOURCES Revenues and Other Sources Program Revenues and Other Sources Section 5: COMMISSION DEBT Debt Debt Capacity Analysis Aggregate Debt Service Schedule Outstanding Debt and Debt Service Requirements Program and Geographic Debt Outstanding Legal Debt Margin Section 6: DEPARTMENT BUDGETS Budget Comparison by Department 6.1: MANAGEMENT SERVICES Executive Management Administration Legislative Affairs and Communications Finance 6.2: REGIONAL PROGRAMS Planning and Programming Rail Public and Specialized Transit Commuter Assistance Motorist Assistance Narrative discussion of the history of the Commission and list of principal officers Narrative overview of the operational and financial factors considered Summarized narrative overview, charts, and tables of sources and uses Personnel expenditures and full-time equivalents Major initiatives and summarized uses by department Projected fund balances by governmental fund type and program Schedule of budget by summarized line item Schedule of budget classified by operating and capital purposes Schedule of budget by governmental fund type Listing of budgeted capital project expenditures by program Narrative discussion of the appropriations limit Narrative description of policy goals and objectives Description of financial policies Linkage of policy goals and departmental goals and objectives Narrative description of various budget stages Organization chart by Commission functions Organization chart of budgeted staff Narrative description of budgetary basis and funds structure Overview; narrative and charts of sources and uses Overview; narrative and charts of sources and uses by Measure A and non -Measure A special revenue funds Overview; narrative and charts of sources and uses Overview; narrative and charts of sources and uses Narrative description of various revenues and other sources; schedule of funding sources by department/program; definitions and background Narratives of revenues by program; revenue trends Narrative discussion of debt programs Charts and accompanying narrative demonstrating debt capacity Schedule of debt maturities by year for sales tax bonds Description of outstanding debt and related debt service requirements as of June 30, 2016 Charts of debt service by program and geographic area Schedule of calculation of legal debt margin Schedule of revenues, expenditures, and other financing sources (uses) by department Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses Goals and objectives, key assumptions and budgeted uses 6.3: CAPITAL PROJECTS Capital Project Development and Delivery Location of Capital Projects Capital Projects Summary Local Streets and Roads Summary 6.3: TOLL OPERATIONS 91 Express Lanes Section 7: COMMUNITY PROFILE Riverside County Demographics Statistical Information Commission Facts Section 8: APPENDICES A —Glossary of Acronyms B—Salary Schedule C—Funding Definitions D—Program Terms E—General Terms Goals and objectives, key assumptions and budgeted uses Local map of major capital projects for current year Narrative description of each capital project Schedule of local streets and roads disbursements by local agency Narrative discussion of Riverside County's community profile Charts of various demographic data Charts and tables of various statistical information Narrative overview of the Commission's programs and services Explanation of commonly used abbreviations Schedule of salaries in accordance with state law Narrative description of various funding sources Description of Commission programs and related terms Commonly used terms in governmental accounting and finance Commission Introduction State of California (State) law created the Riverside County Transportation Commission (Commission or RCTC) in 1976 to oversee the funding and coordination of all public transportation services within Riverside County (County). The Commission's mission is to assume a leadership role in improving mobility in the County. The governing body consists of all five members of the County Board of Supervisors, one elected official from each of the County's 28 cities, and one non -voting member appointed by the Governor of California. The Commission is responsible for setting policies, establishing priorities, and coordinating activities among the County's various transit operators and other agencies. The Commission also programs and/or reviews the allocation of federal, state, and local funds for highway, transit, rail, non -motorized travel (bicycle and pedestrian), and other transportation activities. The Commission serves as the tax authority and implementation agency for the voter approved Measure A Transportation Improvement Program (TIP). Measure A was originally approved by the County's electorate in 1988 and imposed a one-half of one cent transaction and use tax (sales tax) to fund specific programs that commenced in July 1989 (1989 Measure A). The 1989 Measure A was approved for 20 years and expired on June 30, 2009. On November 5, 2002, the voters of Riverside County approved the renewal of Measure A beginning in July 2009 through June 2039 (2009 Measure A). Additionally, the Commission provides motorist aid services designed to expedite traffic flow. These services include the Service Authority for Freeway Emergencies (SAFE), a program that provides call box service for motorists; the Freeway Service Patrol (FSP), a roving tow truck service to assist motorists with disabled vehicles on the main highways of the County during peak rush hour traffic periods; and Inland Empire 511 (IE511), a traveler information system. These services are provided at no charge to motorists and are funded through a $1 surcharge on vehicle registrations. The Commission is also legally responsible for allocating Transportation Development Act (TDA) funds, the major source of funds for transit in the County. The TDA provides two sources of funding: the Local Transportation Fund (LTF), which is derived from a one -quarter of one cent state sales tax, and State Transit Assistance (STA), which is now derived from the statewide sales tax on diesel fuel. Prior to 2010, STA revenues included the tax on gasoline. Finally, the Commission has been designated as the Congestion Management Agency (CMA) for the County. As the CMA, the Commission coordinates with local jurisdictions in the establishment of congestion mitigation procedures for the County's roadway system. Riverside County Transportation Commission List of Principal Officials Board of Commissioners Name Title Agency Kevin Jeffries Member County of Riverside, District 1 John F. Tavaglione Vice Chair (Commission) County of Riverside, District 2 Chuck Washington Member County of Riverside, District 3 John J. Benoit Member County of Riverside, District 4 Marion Ashley Member County of Riverside, District 5 Deborah Franklin Vice Chair (Western Riverside County Programs and City of Banning Projects Committee) Lloyd White Member City of Beaumont Joseph DeConinck Member City of Blythe Ella Zanowic Member City of Calimesa Dawn Haggerty Member City of Canyon Lake Greg Pettis Member City of Cathedral City Steven Hernandez Member City of Coachella Karen Spiegel Member City of Corona Scott Matas Chair (Commission) and Vice Chair (Eastern Riverside City of Desert Hot Springs County Programs and Projects Committee) Adam Rush Member City of Eastvale Linda Krupa Member City of Hemet Dana Reed 2nd Vice Chair (Commission) City of Indian Wells Michael Wilson Member City of Indio Frank Johnston Member City of Jurupa Valley Robert Radi Member City of La Quinta Bob Magee Chair (Budget and Implementation Committee) City of Lake Elsinore Scott Mann Member City of Menifee Yxstian Gutierrez Member City of Moreno Valley Rick Gibbs Member City of Murrieta Berwin Hanna Member City of Norco Jan Harnik Vice Chair (Budget and Implementation Committee) City of Palm Desert Ginny Foat Member City of Palm Springs Daryl Busch Member City of Perris Ted Weill Member City of Rancho Mirage Rusty Bailey Member City of Riverside Andrew Kotyuk Member City of San Jacinto Michael S. Naggar Member City of Temecula Ben Benoit Chair (Western Riverside County Programs and Projects City of Wildomar Committee) John Bulinski Interim Governor's Appointee Caltrans, District 8 Management Staff Anne Mayer, Executive Director John Standiford, Deputy Executive Director Michael Blomquist, Toll Program Director Marlin Feenstra, Project Delivery Director Shirley Medina, Planning and Programming Director Theresia Trevino, Chief Financial Officer Robert Yates, Multimodal Services Director Executive Summary Introduction The budget for Fiscal Year (FY) 2016/17 is presented to the Board of Commissioners (Board) and the citizens of Riverside County. The budget outlines the projects the Commission plans to undertake during the year and appropriates expenditures to accomplish these tasks. The budget also shows the funding sources and fund balances that will be used for these projects. This document will serve as the Commission's monetary guideline. To provide the reader a better understanding of the projects, staff has included descriptive information regarding each department and major projects. The discussion in each department includes a review of accomplishments, major initiatives, and key assumptions. Staff used the goals and objectives approved at the Commission meeting on March 9, 2016 to prepare this budget. In addition to the Commission's guiding principles, long-term goals, and strategic plan, the short-term factors listed below were used to guide the development of the budget. Operational • Aggressively pursue completion of the environmental, design, right of way, and construction processes on the State Route (SR) 91 project (91 Project), Interstate (I) 215 corridor improvement project, and 1-15 Express Lanes project included in the Western Riverside County Delivery Plan, as these projects create jobs and improve the economic base in the County. (Mobility, Economic Development) • Enhance corridor mobility and traveler choice by completing property acquisition and construction on the 91 Project and continuing to develop a plan of finance for tolled express lanes on 1-15. (Mobility) • Provide leadership in the planning and development of the Coachella Valley/San Gorgonio Pass corridor rail service. (Mobility) • Work closely with local jurisdictions to implement the Transportation Uniform Mitigation Fee (TUMF) Regional Arterial Program and facilitate the delivery of eligible arterial improvements in western Riverside County (Western County). (Mobility) • Work closely with partners in the Coachella Valley to ensure the implementation of Measure A funding priorities. (Mobility) • Complete projects and programs included in the 1989 Measure A ordinance and determine uses for any unexpended revenues. (Mobility) • Complete the environmental permitting, preliminary engineering, and environmental mitigation for the Mid County Parkway and SR-79 realignment projects. (Mobility) • Work with local and regional agencies in developing resources for preservation and maintenance of the highways and regional arterials. (Mobility) • Continue active engagement in state and federal efforts to streamline and reform the California Environmental Quality Act (CEQA) and the National Environmental Policy Act (NEPA). (Mobility, Environmental Stewardship) • Consider future rail expansion opportunities including the potential for extension of the Perris Valley Line to the Hemet/San Jacinto and Temecula areas. (Mobility) • Support innovative programs that provide transit assistance in hard to serve rural areas or for riders with special transit needs. (Intermodalism & Accessibility) • Support cost controls and promote operating efficiency for transit operators. (Intermodalism & Accessibility, System Efficiencies) • Maintain effective partnerships among commuters, employers, and government to increase the efficiency of our transportation system by encouraging and promoting motorized and non -motorized transportation alternatives. (Intermodalism & Accessibility, System Efficiencies) • Continue to provide a motorist aid system that ensures safety and convenience to freeway motorists. (System Efficiencies) • Maintain an active involvement in state and federal legislative matters to ensure that the Commission receives proper consideration for transportation projects and funding. (Communications) • Explore local options for sustainable funding in addressing long-term transportation and quality -of -life needs for the County. (Communications, Environmental Stewardship) " Commence the first ten-year update of the 2009 Measure A Expenditure Plan, as required by the ordinance and initiate the development of a county -wide transportation plan. (Mobility) " Develop and implement express lane marketing and promotion campaigns for the Commission's toll facilities to increase customer accounts and lane usage. (Communications, Mobility) " Maintain close communication with Commissioners and educate policy makers on all issues of importance to the Commission. (Communications) " Develop and execute a long-term communications and customer engagement strategy for the purposes of public education and customer service. (Communications) Financial " Fund administrative costs with allocations from Measure A, LTF, FSP, SAFE, and TUMF funds. (Financial Planning) " Maintain administrative program delivery costs below the policy threshold of 4% of Measure A revenues; the FY 2016/17 Management Services budget is 2.95% of Measure A revenues. (Financial Planning, Expenditures) " Maintain administrative salaries and benefits at less than 1% of Measure A revenues; the FY 2016/17 administrative salaries and benefits is .94% of Measure A revenues. (Financial Planning, Expenditures) " Continue to maintain prudent cash reserves to provide some level of insulation for unplanned expenditures. (Reserves, Cash Management & Investment) " Continue to maintain current strong bond ratings with rating agencies. (Debt Management) " Move forward on Measure A projects for highways and regional arterials using sales tax revenues, TUMF revenues, and state and federal funding as well as financing alternatives such as commercial paper, sales tax revenue bonds, toll revenue bonds, and federal loans. (Debt Management, Expenditures) " Establish and maintain revenues and reserves generated from toll operations to be available for debt service in accordance with toll supported debt agreements; maintenance, repair, rehabilitation, administration and operations; and capital projects within the corridor. (Reserves, Revenues) " Conduct enhanced outreach to businesses and contractors located in Riverside County regarding opportunities to provide competitive and qualified goods and/or services to the Commission. (Procurement) " Maintain the enterprise resource planning (ERP) system to integrate project accounting needs and improve accounting efficiency. (Auditing, Accounting & Financial Reporting) " Manage Commission projects and programs, including toll operations, with a small but effective staff by augmenting staff efforts with contract staff and consultants. (Human Resources Management) Budget Overview Total sources (Table 1) are budgeted at $712,796,700 which is a decrease of 18% over FY 2015/16 projected sources and a 10% decrease over the FY 2015/16 revised budget. Total sources are comprised of revenues of $342,839,800, transfers in of $241,687,700, and debt proceeds of $128,269,200. The projected fund balance at June 30, 2016 available for expenditures (excluding reserves for debt service of $81,845,500 and advances receivable of $30,245,500) is $628,991,700. Accordingly, total funding available for the FY 2016/17 budget totals $1, 341, 788,400. Table 1— Sources FY 2015-2017 FY 14/15 Actual FY 15/16 Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Measure A Sales Tax LTF Sales Tax STA Sales Tax Intergovernmental TUMF Revenue Toll Revenue Other Revenue Investment Income Transfers In Debt Proceeds TOTAL Sources 163,092,800 81,332,500 13,484,300 110,515,600 17,400,800 2,542,400 6,258,200 232,626,100 48,904,100 676,156,800 170,000,000 83,000,000 13,372,400 110,810,700 18,053,800 787,000 2,456,300 136,326,500 261,277,900 796,084,600 $ 170,000,000 83,000,000 13,372,400 110,307,400 18,041,000 185,000 5,663,000 181,186,600 291,880,700 $ 873,636,100 $ 173,000,000 85,000,000 10,821,600 47,333,200 18,520,000 3,798,000 2,518,000 1,849,000 241,687,700 128,269,200 $ 712,796,700 $ 3,000,000 2% 2,000,000 2% (2,550,800) -19% (63,477,500) -57% 466,200 3% 3,798,000 N/A 1,731,000 220% (607,300) -25% 105,361,200 77% (133,008,700) -51% $ (83,287,900) -10% Riverside County has specific competitive advantages over nearby coastal counties (Los Angeles, Orange, and San Diego) including housing that is more available and affordable as well as plentiful commercial real estate and land available for development at lower costs. Riverside County's economy is benefitting from employment gains that are a function of the County's ability to attract businesses with lower commercial rents and a skilled labor force. Population migration to the Inland Empire (i.e., Riverside and San Bernardino counties) has occurred due to these employment opportunities and a lower cost of living compared to the coastal counties; however, wage growth has been flat and centered on lower and moderate incomes. Nonetheless since the last recession, improvements in the local labor market combined with increased economic activity support stable sales tax revenue growth as noted on Chart 1. Chart 1—Sources: Five -Year Trend $700,000,000 $600,000,000 $5oo,000,000 $400,00o,00o $3oo,00o,00o $200,000,000 $100,000,000 FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 Measure A Sales Tax ilmLTF Sales Tax A. STASales Tax BTU M F a Federal, State, Local Revenues Toll Revenue u Transfers In Debt Proceeds Sales tax revenues have continued to rebound from the economic downturn's low point in 2010. The Commission's economic outlook for FY 2016/17 continues to be cautiously optimistic; however, the state and federal budget issues continue to affect funding of the Commission's capital projects and programs. Should Measure A and LTF sales tax revenues fluctuate and the availability of federal and state revenues continue to be uncertain, the timing and scope of the Commission's projects and programs may be impacted. While the Commission's primary revenues are the Measure A and LTF sales taxes, other revenues and financing sources are required to fund the Commission's programs and projects as illustrated in Chart 2. Chart 2 — Sources: Major Categories Investment Income 0% Other Revenue 0% LTF Sales Tax 12% Toll Revenue 1% STA Sales Tax 1% Intergovernmental 7% TUMF Revenue 3% The State Board of Equalization (SBOE) recently provided to cities and other agencies its projections that statewide taxable sales over the next fiscal year will increase 5.3%; however, the Commission is not basing its estimate of revenues solely on the SBOE's projection and will continue its conservative projection practices. After taking the state of the local economy and recent revenue trends into consideration, staff projects Measure A sales tax revenues of $173,000,000 for FY 2016/17. This is a 2% increase from the FY 2015/16 revised projection of $170,000,000. At midyear the Commission will reassess sales tax revenue projections based on the economy and revenue trends. On behalf of the County, the Commission administers the LTF for public transportation needs, local streets and roads, and bicycle and pedestrian facilities. The majority of LTF funding received by the County and available for allocation is distributed to all public transit operators in the County, and the Commission receives allocations for administration, planning, and programming in addition to funding for Western County rail operations included in the commuter rail Short Range Transit Plan (SRTP). The LTF sales tax revenue received from the State is budgeted at $85,000,000, an increase of 2% from the FY 2015/16 revised projection of $83,000,000. STA funds generated from the statewide sales tax on motor vehicle fuel are allocated by formula by the State Controller to the Commission for allocations to the County's public transit operators. The STA transit allocation, which is based on recent State estimates, for FY 2016/17 is $10,821,600. Intergovernmental revenues include reimbursement revenues from federal sources of $28,007,100, state sources of $8,830,000, and local agencies of $10,496,100 for highway and rail capital projects, rail operations and station maintenance, commuter assistance, and motorist assistance programs as well as planning and programming activities. The significant decrease of 57% in FY 2016/17 compared to the FY 2015/16 revised budget is due to substantial completion of the Perris Valley Line and 1-215 corridor improvement projects. Reimbursement revenues vary from year to year depending on project activities and funding levels. As a result of an amended Memorandum of Understanding (MOU) with the Western Riverside Council of Governments (WRCOG), the Commission will receive 48.7% of TUMF revenues (as updated by the most recent Nexus study). TUMF represents fees assessed on new residential and commercial development in Western County. FY 2016/17 TUMF fees are projected at $18,500,000 and are slightly higher than the FY 2015/16 revised projection of $18,000,000 and reflect the encouraging signs in the housing market in the Inland Empire. Additional TUMF zone reimbursements of $20,000 are expected for the 74/215 interchange project. FY 2016/17 will mark the initial year of toll operations for the Riverside 91 Express Lanes following substantial completion of the 91 Project anticipated in January 2017. Estimated toll revenues of $3,798,000 are derived from the Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Report and 2013 financing assumptions. Other revenue of $2,518,000 is projected to increase 220% from the prior year's budget of $787,000 and is related to miscellaneous non -toll revenues generated in connection with the Riverside 91 Express Lanes. Investment income in FY 2016/17 is anticipated to decrease by $607,300 or 25% compared to the FY 2015/16 budget due to substantial use of sales tax and toll revenue bond proceeds on the 91 Project. Staff continues to actively manage its resources and make appropriate investments to maximize the return to the Commission without sacrificing security and affecting short-term cash requirements. Transfers in of $241,687,700 relate primarily to the transfer of available debt proceeds for highway projects; LTF funding for general administration, planning and programming, rail operations and station maintenance, and grade separation project allocations; approved interfund allocations for specific projects; and debt service requirements from highway, regional arterial, and local streets and roads funds. Debt proceeds consist of draw downs of $100,269,200 from the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan related to the 91 Project and issuance of $28,000,000 in commercial paper notes related to the 1-15 Express Lanes project. Total uses (Table 2), including transfers out of $241,687,700, are budgeted at $922,399,800, a decrease of 12% from the prior year budget amount of $1,052,893,300. Program expenditures and transfers out totaling $849,077,500 represent 92% of total budgeted uses in FY 2016/17. Program costs have decreased by 13% from $980,951,900 in FY 2015/16 due to significant completion of several projects identified below. Table 2 — Uses FY 2015-2017 FY 14/15 FY 15/16 Actual Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Capital Highway, Rail, and Regional Arterials Capital Local Streets and Roads Commuter Assistance Debt Service Management Services Motorist Assistance Planning and Programming Public and Specialized Transit Rail Maintenance and Operations Toll Operations TOTAL Uses 663,672,400 48,612,900 3,050,900 53,325,000 7,660,700 5,323,400 2,419,000 105,643,900 14,122,600 $ 742,994,300 50,679,000 3,846,800 53,919,900 18,021,500 6,476,900 7,207,800 143,558,600 26,188,500 903,830,800 $ 1,052,893,300 660,292,900 50,679,000 3,896,700 53,671,800 17,952,600 6,478,300 4,460,400 117,614,400 21,309,700 936,355,800 599,803,700 51,358,000 3,579,900 54,015,800 19,306,500 6,851,900 12,037,100 134,796,600 34,097,200 6,553,100 922,399,800 (143,190,600) 679,000 (266,900) 95,900 1,285,000 375,000 4,829,300 (8,762,000) 7,908,700 6,553,100 (130,493,500) -19% 1% -7% 0% 7% 6% 67% -6% 30% N/A -12 % Note: Management Services includes Executive Management, Administration, Legislative Affairs and Communications, and Finance. Capital highway, rail, and regional arterials budgeted uses of $599,803,700 are 19% lower compared to the FY 2015/16 budget due to significant completion of the 60/215 East Junction high occupancy vehicle (HOV) lane connectors, SR-74 curve widening project, I-215 corridor improvement project, and Perris Valley Line project. Local streets and roads expenditures of $51,358,000 reflect an increase of 1% over the FY 2015/16 budget and represent the disbursements to local jurisdictions for the construction, repair, and maintenance of local streets and roads. Commuter Assistance budgeted expenditures of $3,579,900 are 7% lower than FY 2015/16 budget due to anticipated completion of 1E511 commuter system enhancements, contractor transition, and relief of funding Downtown Perris station security. Debt Service of $54,015,800 is comparable to the FY 2015/16 revised budget. Management Services expenditures have increased 7% or $1,285,000 from the FY 2015/16 budget due to information technology equipment upgrades, preparation for toll operations, financial advisory services, and debt service contribution. Motorist Assistance expenditures have increased 6% or $375,000 from the FY 2015/16 budget as a result of call box hardware upgrades and increased FSP construction service. Planning and Programming budgeted expenditures of $12,037,100 reflect a 67% increase from the FY 2015/16 budget due to increased projects and operations activities in connection with LTF disbursements for planning and programming, signal synchronization projects, and Fundtrak project database upgrades. Public and Specialized Transit budgeted expenditures of $134,796,600 are 6% lower than the FY 2015/16 budget due to decreased transit capital expenditures for public transit. The 30% increase in Rail Maintenance and Operation's budgeted expenditures of $34,097,200 is primarily due to commencement of Perris Valley Line operations, maintenance of four new stations along the Perris Valley Line, and additional consultant work needed to perform planning and modeling for rail projects including the Coachella Valley/San Gorgonio Pass corridor rail service. Toll operations expenses are budgeted at $6,553,100 and represent approximately six months in FY 2016/17 to manage the operations, maintenance, and capital support of the Riverside 91 Express Lanes. Total uses included in the FY 2016/17 budget by major categories are illustrated in Chart 3. Chart 3 — Uses: Major Categories Planning and Programming 1% Rail Maintenance Toll Operations and Operations r1% 4% Public and Motorist Assistance \ SpecializedTransit 10 � • �� Management Services "'" 2% �_: Commuter Assistance 0% Capital Local Streets and Roads 5% Commission Personnel Capital Highway, Rail, and ; Regional Arterials 65% The Commission's salaries and benefits total $9,500,400 for FY 2016/17. This is comparable to the FY 2015/16 revised budget of $9,499,800 (Chart 4) and includes a 4% pool for merit -based salary increases. The Commission's salary schedule for FY 2016/17 is included in Appendix B and complies with Government Code §20636 "Compensation Earnable" and California Code of Register §570.5, "Requirements for a Publicly Available Pay Schedule". Chart 4 - Salaries and Benefits Cost: Five -Year Comparison $10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 The FY 2016/17 full-time equivalents (FTE) of 49 positions are unchanged from the FY 2015/16 level (Table 3). As the Commission prepares for significant organization changes that include large transportation capital projects resulting in toll operations and the investment of billions of dollars requiring substantial attention at many staff levels, management continues to be firmly committed to the intent of the Commission's enabling legislation that called for a small staff. Staff will continue to be provided the tools needed to ensure an efficient and productive work environment. However, it must be recognized that small is not viewed in an absolute context; it is relative to the required tasks to be performed and the demands to be met. Table 3 - Full -Time Equivalents by Department FY 2015-2017 FY 14/15 FY 15/16 FY 16/17 Executive Management 0.6 0.4 0.4 Administration 4.9 5.0 4.7 Legislative Affairs and Communications 2.2 2.3 1.9 Finance 7.6 7.4 7.9 Planning and Programming 5.9 5.5 6.3 Rail Maintenance and Operations 4.0 4.1 4.6 Public and Specialized Transit 2.3 2.2 2.3 Commuter Assistance 2.0 1.9 1.5 Motorist Assistance 0.8 1.0 0.9 Capital Project Development and Delivery 13.7 19.2 17.4 Toll Operations 0.0 0.0 1.1 TOTAL 44.0 49.0 49.0 The Commission provides a comprehensive package of benefits to all permanent, salaried employees. The package includes: health, dental, vision, life insurance, short and long-term disability, workers' compensation, tuition assistance, sick and vacation leave, retirement benefits in the form of participation in the California Public Employees' Retirement System (CaIPERS), postretirement health care, deferred compensation, and employee assistance program. The compensation components are shown in Chart 5. Chart 5 — Personnel Salaries and Benefits Other Fringes 7% Health 12% Retirement 15% Department Initiatives Salaries 66% The preparation of each department's budget was based on key assumptions, accomplishments in FY 2015/16, major initiatives for FY 2016/17, and department goals and related objectives. Following are the key initiatives and summary of expenditures for each department (Tables 4 through 14). Executive Management • Continue project development and delivery as the key Measure A priority. • Serve as lead agency on two notable, high -profile projects: the 91 Project in Corona and the 1-15 Express Lanes project. • Continue planning efforts to advance passenger rail service in the Coachella Valley/San Gorgonio Pass corridor. • Advocate for state and federal investments in transportation to fund needed transportation priorities in the County and stimulate the local economy. • Initiate a Riverside County Transportation Plan for use in establishing an integrated transportation vision and priorities. • Maintain regional cooperation and collaboration as a significant effort consistent with the philosophy and mission of the Commission. • Enhance communication with the public by implementing a comprehensive social media effort focused on current projects and Commission activities. • Maintain an effective mid -sized transportation agency with a small and dedicated staff. Table 4 — Executive Management FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 171,500 $ 95,400 $ 95,400 Professional 246,300 360,000 300,000 Support 63,400 87,100 83,700 TOTAL $ 481,200 $ 542,500 $ 479,100 Administration $ 90,600 325,000 87,100 $ 502,700 $ (4,800) -5% (35,000) -10% 0% $ (39,800) -7% • Provide high quality support services to the Commission and to internal and external customers. • Continue to enhance the electronic records management system. " Continue to provide timely communications to Commissioners with continued emphasis on the utilization of electronic mail. " Continue to update technology to streamline processes and provide easier access to Commission records. " Support and develop a motivated workforce with a framework of activities and practices that comply with employment laws and regulations. " Continue to employ and recruit a dynamic and talented workforce. Table 5-Administration FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 586,600 $ 617,600 $ 617,600 Professional 271,700 448,500 271,000 Support 677,200 746,700 643,100 Capital Outlay 364,600 175,000 50,000 Debt Service 24,900 - - TOTAL $ 1,925,000 $ 1,987,800 $ 1,581,700 Legislative Affairs and Communications $ 590,700 398,000 734,800 175,000 $ 1,898,500 $ (26,900) -4% (50,500) -11% (11,900) -2% 0% N/A $ (89,300) -4% " Continue efforts to protect and seek greater state and federal investment in transportation infrastructure and goods movement. " Develop effective partnerships with transportation providers to communicate a unified message to Congress regarding mobility needs. " Advocate positions in the State Legislature and in Congress that advance the County's transportation interests and play an active role in the implementation of the Fixing America's Surface Transportation (FAST) Act. " Continue a leadership role in formulating a countywide direction on federal transportation policies. " Take a leadership role on the modernization of CEQA. " Engage in essential legislative negotiations to stabilize and increase transportation funding pursuant to Commission action on funding principles generated by the strategic assessment study. " Seek an active role to ensure the implementation of a road charge pilot program addresses the needs and concerns of County residents and businesses. " Continue to heighten Commission presence on matters pertaining to tolling policy. " Conduct a concerted outreach effort to new federal and state representatives on local transportation issues. " Continue to develop a broad public information program regarding the Commission's responsibilities and accomplishments through a variety of media formats and presentation opportunities, including expanding the use of social media and other emerging technologies. " Continue to place an emphasis on providing proactive public communications support related to major project development efforts. " Conduct a public outreach program, "Operation Lifesaver", targeting schools in close proximity to railroad tracks on rail safety education, engineering, and enforcement. " Provide new Commissioner -orientation meetings and other continuing education opportunities for Commissioners. Table 6 - Legislative Affairs and Communications FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 438,900 $ 600,500 $ 600,500 $ 537,000 $ (63,500) -11% Professional 439,600 728,200 608,000 751,000 22,800 3% Support 48,000 187,700 81,600 169,400 (18,300) -10% TOTAL $ 926,500 $ 1,516,400 $ 1,290,100 $ 1,457,400 $ (59,000) -4% Finance • Continue appropriate uses of long- and short-term financing to advance 2009 Measure A projects of the Commission. • Apply the sales tax revenue forecast update to update a financing plan to support the Western Riverside County Delivery Plan and Coachella Valley Association of Governments (CVAG) highway and regional arterial projects. • Work in partnership with the toll operations contractor's back office to develop and implement accounting and financial policies and processes. • Continue to keep abreast of Governmental Accounting Standards Board (GASB) technical activities affecting the Commission's accounting and financial reporting activities and implement new pronouncements. • Continue to strengthen the ERP system to benefit all staff in the management of accounting and project information and automation of a paperless workflow system. • Manage a centralized procurements process in order to strengthen controls and ensure consistency in the application of procurement policies and procedures and adherence to applicable laws and regulations. • Conduct outreach activities to encourage disadvantaged business enterprise (DBE) and small business enterprise (SBE) participation in various contracts. Table 7 — Finance FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 1,009,000 $ 1,077,900 $ 1,077,900 $ 1,085,200 $ 7,300 1% Professional 2,564,500 2,648,300 2,615,700 3,065,000 416,700 16% Support 773,700 1,190,700 903,100 1,247,700 57,000 5% Capital Outlay 3,000 50,000 5,000 50,000 0% Transfers Out 2,700 9,007,900 10,000,000 10,000,000 992,100 11% TOTAL $ 4,352,900 $ 13,974,800 $ 14,601,700 $ 15,447,900 $ 1,473,100 11% Planning and Programming • Monitor funding authority and responsibility related to the State Transportation Improvement Program (STIP) and impacts on the STIP caused by the state budget issues. • Ensure STIP/Regional Improvement Program (RIP), Active Transportation Program (ATP), and other funded projects are administered and implemented consistent with California Transportation Commission (CTC), California Department of Transportation (Caltrans), and Southern California Association of Governments (SCAG) policies. • Continue to strategically program projects and obligate funds in an expeditious manner for the maximum use of all available funding, including monitoring the use of such funding to prevent funds from lapsing. • Focus on interregional concerns and maintain effective working relationships involving various multi -county transportation issues, including goods movement. • Coordinate planning efforts with regional and local agencies relating to the development of regional transportation plans (RTP) and green house gas reduction (GHG) implementation guidelines. • Secure funding through the FAST Act for goods movement -related needs. • Monitor and track the TUMF regional arterial projects. • Work cooperatively with member agencies to continue the work efforts on the new Community Environmental Transportation Acceptability Process (CETAP) corridors. • Continue the Congestion Management Program (CMP) update and traffic monitoring along urban and rural highway systems. • Participate in the development of the ATP guidelines to represent the County's best interest in program funding. • Administer the SB821 Bicycle and Pedestrian Facilities Program (SB821). • Work with the Southern California Consensus Group regarding goods movement issues impacting the County. • Initiate the development of a countywide integrated long-range transportation plan and support next generation toll and rail feasibility studies. Table 8 — Planning and Programming FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 1,065,300 $ 1,149,000 $ 1,148,300 $ 1,264,000 $ 115,000 10% Professional 189,600 168,000 212,100 413,500 245,500 146% Support 20,800 23,300 16,000 20,900 (2,400) -10% Projects and Operations 1,143,300 5,817,500 3,084,000 10,338,700 4,521,200 78% Transfers Out - 50,000 - - (50,000) -100% TOTAL $ 2,419,000 $ 7,207,800 $ 4,460,400 $ 12,037,100 $ 4,829,300 67% Rail Maintenance and Operations • As a member of the Southern California Regional Rail Authority (SCRRA), continue active participation in the governance and operations of the Metrolink commuter rail system. • Continue the planning and implementation of capital improvements at the commuter rail stations in the County, including security and rehabilitation projects and parking requirements. • Continue to support and evaluate activities related to the implementation of Perris Valley Line service. • Establish best approach to build, maintain, and operate cost effective and environmentally sustainable facilities that meet the public's transportation needs. • Lead the service development process and actively coordinate with all stakeholders along the Coachella Valley/San Gorgonio Pass corridor for intercity passenger rail service. • Develop the next generation rail feasibility study to evaluate future growth opportunities for passenger rail in the County. Table 9 — Rail Maintenance and Operations FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 618,300 $ 760,600 $ 759,400 Professional 1,178,100 2,075,000 1,313,500 Support 1,346,400 2,936,200 1,906,600 Projects and Operations 10,979,800 20,256,300 17,293,000 Capital Outlay - 160,400 37,200 TOTAL $ 14,122,600 $ 26,188,500 $ 21,309,700 Public and Specialized Transit $ 852,800 4,691,000 3,054,100 25,458,300 41,000 $ 34,097,200 $ 92,200 12% 2,616,000 126% 117,900 4% 5,202,000 26% (119,400) -74% $ 7,908,700 30% • Support innovative programs that provide transit assistance in hard to serve rural areas or for riders having very special transit needs and monitor funding of these programs. • Continue long-range planning activities to ensure that anticipated revenues are in line with projected levels of service by transit operators. • Continue public transit operator oversight and fiduciary responsibilities to ensure that annual fiscal audits and state triennial performance audits are conducted in accordance with TDA regulations. • Provide availability for local matching funds to Western County applicants seeking Federal Transit Administration (FTA) Section 5310 federal capital grants. • Coordinate with operators on major capital purchases and investments into new rolling stock and other system improvements in order to maintain a viable on -hand reserve. • Coordinate with transit operators to provide connecting bus service to the new Perris Valley Line stations. Table 10 - Public and Specialized Transit FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 335,600 $ 353,600 $ 353,600 Professional 125,200 290,000 252,300 Support 9,900 30,100 57,400 Projects and Operations 88,694,100 117,455,800 93,722,000 Transfers Out 16,479,100 25,429,100 23,229,100 TOTAL $ 105,643,900 $ 143,558,600 $ 117,614,400 Commuter Assistance $ 387,500 181,800 54,200 110,658,100 23,515,000 $ 134,796,600 $ 33,900 10% (108,200) -37% 24,100 80% (6,797,700) -6% (1,914,100) -8% $ (8,762,000) -6% • Improve the suite of services and outreach to rideshare participants and employer partners, including personalized information and electronic access and distribution. • Maintain and grow employer partnerships through value-added services and tools for ridesharing programs. • Maintain long-term partnership with San Bernardino Associated Governments (SANBAG) to manage and implement a "sister" Commuter Assistance program for residents and employers in San Bernardino County. • Optimize park and ride facilities to support car/vanpool/buspool arrangements and facilitate transit connections. • Operate a cost-effective program within the County that results in reduction of single occupant vehicles. Table 11- Commuter Assistance FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 297,500 $ 341,000 $ 341,500 Professional 369,600 419,000 569,500 Support 300,300 209,300 193,200 Projects and Operations 1,924,000 2,718,000 2,633,000 Transfers Out 159,500 159,500 159,500 TOTAL $ 3,050,900 $ 3,846,800 $ 3,896,700 Motorist Assistance $ 273,100 457,400 204,400 2,645,000 $ 3,579,900 $ (67,900) -20% 38,400 9% (4,900) -2% (73,000) -3% (159,500) -100% $ (266,900) -7% • Assess opportunities for efficiency related to the call box program operations. • Maintain a high benefit -to -cost ratio related to the performance of the FSP program. • Operate and maintain the 1E511 system in accordance with national 511 implementation standards in partnership with SANBAG. • Implement a seamless service transition to call box hardware upgrades in anticipation of cellular technology migrations. • Utilize the opportunity to enhance coordination between California Highway Patrol (CHP) and Caltrans on traveler information. Table 12 - Motorist Assistance FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 90,700 $ 168,700 $ 166,900 Professional 668,500 739,900 738,900 Support 385,400 940,100 934,300 Projects and Operations 3,173,400 3,642,500 3,652,500 Transfers Out 1,005,400 985,700 985,700 TOTAL $ 5,323,400 $ 6,476,900 $ 6,478,300 Toll Operations $ 130,600 666,900 919,300 4,026,200 1,108,900 $ 6,851,900 (38,100) -23% (73,000) -10% (20,800) -2% 383,700 11 123,200 12 375,000 6% • Commence Riverside 91 Express Lanes operations on SR-91 between the Orange County line and 1-15 in early 2017. • Continue collaboration between the Orange County Transportation Authority (OCTA) and the Commission to jointly operate and maintain the 91 Express Lanes. • Manage toll operations using investment grade traffic and revenue studies and cost estimate assumptions specific to each express lane facility. " Continue 1-15 Express Lanes toll planning through development of toll policies, business rules, future contract requirements, and agency agreements. " Provide timely and effective reporting of toll operation metrics including revenue, transactions, carpool usage, and performance indicators. " Participate in the California Toll Operators Committee to advance regional and statewide tolling initiatives, technology, interoperability, and coordination among California toll agencies. Table 13  Toll Operations FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel Professional Support and Maintenance Projects and Operations Capital Outlay TOTAL $ $ $ Capital Project Development and Delivery $ 268,400 307,000 2,674,900 3,052,800 250,000 $ 6,553,100 268,400 N/A 307,000 N/A 2,674,900 N/A 3,052,800 N/A 250,000 N/A $ 6,553,100 N/A " Complete construction, right of way, and close-out activities on remaining 1989 Measure A projects. " Continue project work on the Western Riverside County Delivery Plan projects, including the 91/71 connectors; the 91 Project; 1-15 Express Lanes project; SR-60 truck climbing lanes; SR-79 realignment; and Mid County Parkway. " Provide Western County Measure A regional arterial TUMF funding and support to local jurisdictions for regional arterial project engineering, right of way acquisition, and construction. " Provide 2009 Measure A funding to the incorporated cities, CVAG, and the County for local streets and roads maintenance, repair, and construction. " Provide funding and support of 2009 Measure A highway and regional arterial projects. " Develop strategies to implement alternative financing structures including public toll roads. " Develop a next generation toll feasibility study to evaluate future opportunities for toll facilities in the County. " Maintain a right of way acquisition and management program in support of capital projects. " Manage right of way acquisition in the most cost effective manner and within project schedules, while adhering to federal and state regulations. " Maintain and manage the access, use, safety, and security of Commission -owned properties including commuter rail stations, properties in acquisition process, and income -generating properties. Table 14 Capital Project Development and Delivery FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 2,752,000 $ 4,335,500 $ 4,330,500 Professional 5,795,600 9,160,100 8,557,400 Support 397,700 918,100 675,400 Projects and Operations 488,252,800 674,991,700 549,996,300 Capital Outlay 107,800 3,573,600 600,000 Debt Service 53,300,100 53,919,900 53,671,800 Transfers Out 214,979,400 100,694,300 146,812,300 TOTAL $ 765,585,400 $ 847,593,200 $ 764,643,700 Fund Balances $ 4,020,500 10,797,100 886,600 426,993,700 1,400,000 54,015,800 207,063,800 $ 705,177,500 $ (315,000) -7% 1,637,000 18% (31,500) -3% (247,998,000) -37% (2,173,600) -61% 95,900 0% 106,369, 500 106 $ (142,415,700) -17% The total fund balance as of June 30, 2016 is projected at $741,082,700. The Commission's budgeted activities for FY 2016/17 are expected to result in a $209,603,100 decrease of total fund balance at June 30, 2017 to $531,479,600. The primary cause of the decrease is related to the project activities in FY 2016/17 related to the 91 Project, 1-15 Express Lanes project, 1-215 corridor improvement project, and Mid County Parkway. Table 15 presents the components of fund balance by fund type and program at June 30, 2017. Table 15 — Projected Fund Balances by Fund Type and Program at June 30, 2017 Riverside County Transportation Commission 5531,479,600 General Fund Special Revenue Funds Capital Projects Funds Debt Service Fund $6,548,200 $416,399,700 $59,315,200 $46,482,100 Enterprise Fund $2,734,400 Management Services $1,337,000 Planning and Programming 1,394,700 Rail Maintenance and Operations 3,816,500 Budget Summary Measure A Western County: Bond Financing $6,828,900 Commuter Assistance 14,564,700 Economic Development 5,557,800 Highways 99,633,300 Local Streets and Roads 900 New Corridors 19,098,700 Public and Specialized Transit 7,129,000 Rail 34,454,300 Regional Arterials 19,519,000 Measure A Coachella Valley: Highways and Regional Arterial 12,865,500 Local Streets and Roads 1,300 Specialized Transit 1,293,900 Measure A Palo Verde Valley Local Streets and Roads 600 Other Agency Projects Fund 501,300 Coachella Valley/San Gorgonio Pass 329,600 Motorist Assistance 6,114,800 State Transit Assistance 58,883,800 Local Transportation Fund 79,840,900 TUMF: CETAP Regional Arterials 22,943,100 26,838,300 Highways $59,315,200 Riverside 91 Express Lanes $2,734,400 The overall budget for FY 2016/17 is presented in Table 16 by summarized line items, Table 17 by operating and capital classifications, and Table 18 by fund type, and highway, rail, and regional arterial program expenditures by project are summarized in Table 19. Table 16 — Budget Comparative by Summarized Line Item FY 2015-2017 FY 14/15 Actual FY 15/16 FY 15/16 Revised Budget Projected FY 16/17 Budget Dollar Change Percent Change Revenues Measure A Sales Tax LTF Sales Tax STA Sales Tax Federal Reimbursements State Reimbursements Local Reimbursements TUMF Revenue Toll Revenue Other Revenue Investment Income TOTAL Revenues Expenditures/Expenses Personnel Salaries and Benefits Professional and Support Professional Services Support Costs TOTAL Professional and Support Costs Projects and Operations Program Operations Engineering 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 Principal Payments Interest Payments TOTAL Debt Service Capital Outlay TOTAL Expenditures/Expenses Excess (deficiency) of Revenues over (under) Expenditures/Expenses Other Financing Sources (Uses) Transfers In Transfers Out Debt Proceeds TIFIA Loan Proceeds Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures/Expenses and Other Financing Sources (Uses) Beginning Fund Balance ENDING FUND BALANCE $ 163,092,800 81,332,500 13,484,300 57,614,000 50,623,800 2,277,800 17,400,800 2,542,400 6,258,200 394,626,600 7,365,400 11,848,700 4,022,800 15,871,500 14,168,800 8,198,600 142,654,000 191,599,200 71,999,800 99,376,400 274,400 48,612,900 17,283,300 594,167,400 7,411,700 45,913,300 53,325,000 475,400 671,204,700 $ 170,000,000 83,000,000 13,372,400 50,595,800 56,130,600 4,084,300 18,053,800 787,000 2,456,300 398,480,200 9,499,800 17,037,000 7,269,300 24,306,300 23,474,900 20,260,900 158,550,600 284,681,200 105,090,400 149,700,800 1,844,000 50,679,000 30,600,000 824,881,800 7,800,000 46,119,900 53,919,900 3,959,000 916,566,800 $ 170,000,000 83,000,000 13,372,400 39,712,800 61,395,600 9,199,000 18,041,000 185,000 5,663,000 400,568,800 9,491,600 15,438,400 5,494,400 20,932,800 19,996,600 5,531,500 123,909,100 279,380,700 42,324,100 115,907,000 1,752,800 50,679,000 30,900,000 670,380,800 7,800,000 45,871,800 53,671,800 692,200 755,169,200 $ 173,000,000 85,000,000 10,821,600 28,007,100 8,830,000 10,496,100 18,520,000 3,798,000 2,518,000 1,849,000 342,839,800 9,500,400 22,053,700 10,053,400 32,107,100 20,550,700 17,671,200 87,389,000 146,955,600 84,587,900 141,178,800 2,965,000 51,358,000 30,516,600 583,172,800 8,100,000 45,915,800 54,015,800 1,916,000 680,712,100 $ 3,000,000 2,000,000 (2,550,800) (22,588,700) (47,300,600) 6,411,800 466,200 3,798,000 1,731,000 (607,300) (55,640,400) 600 5,016,700 2,784,100 7,800,800 (2,924,200) (2,589,700) (71,161,600) (137,725,600) (20,502,500) (8,522,000) 1,121,000 679,000 (83,400) (241,709,000) 300,000 (204,100) 95,900 (2,043,000) (235,854,700) 2% 2% -19% -45 % -84 % 157% 3% N/A 220% -25% -14% 0% 29 % 38% 32% -12% -13% -45 % -48% -20% -6% 61% 1% 0% -29% 4% 0% 0% -52% -26% (276,578,100) 232,626,100 (232,626,100) 48,904,100 48,904,100 (518,086,600) 136,326,500 (136,326,500) 261,277,900 261,277,900 (354,600,400) (337,872,300) 180,214,300 181,186,600 (181,186,600) 20,000,000 271,880,700 291,880,700 241, 687, 700 105,361,200 (241,687,700) (105,361,200) 28,000,000 28,000,000 100,269,200 (161,008,700) 128,269,200 (133,008,700) -35% 77% 77% N/A -62% -51 % (227,674,000) 1,031,476,400 $ 803,802,400 (256,808,700) 803,802,400 $ 546,993,700 $ (62,719,700) (209,603,100) 47,205,600 803,802,400 741,082,700 741,082,700 (62,719,700) $ 531,479,600 $ (15,514,100) -18% -8% -3% Table 17 — Operating and Capital Budget FY 2016/17 FY 16/17 Operating Budget FY 16/17 Capital Budget FY 16/17 TOTAL Budget Revenues Measure A Sales Tax LTF Sales Tax STA Sales Tax Federal Reimbursements State Reimbursements Local Reimbursements TUMF Revenue Toll Revenue Other Revenue Investment Income TOTAL Revenues Expenditures/Expenses Personnel Salaries and Benefits Professional and Support Professional Services Support Costs TOTAL Professional and Support Costs Projects and Operations Program Operations Engineering Construction Design Build Right of Way and Land Operating and Capital Disbursements Special Studies Local Streets and Roads Regional Arterials TOTAL Projects and Operations Debt Service Principal Payments Interest Payments TOTAL Debt Service Capital Outlay TOTAL Expenditures/Expenses Excess (deficiency) of Revenues over (under) Expenditures/Expenses Other Financing Sources (Uses) Transfers In Transfers Out TIFIA Loan Proceeds Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures/Expenses and Other Financing Sources (Uses) $ 16,224,000 85,000,000 10,821,600 3,132,500 4,832,000 4,025,500 435,600 $ 156,776,000 24,874,600 3,998,000 6,470,600 18,520,000 3,798,000 2,518,000 1,413,400 124,471,200 5,122,700 9,052,100 6,483,700 218,368,600 4,377,700 13,001,600 3,569,700 15,535,800 10,343,800 250,000 3,375,000 132,518,800 2,150,000 16,571,300 10,206,900 17,421,200 84,014,000 146,955,600 84,587,900 8,660,000 815,000 51,358,000 30,516,600 148,637,600 434,535,200 8,100,000 45,915,800 266,000 54,015,800 1,650,000 169,562,100 511,150,000 (45,090,900) (292,781,400) 32,881,800 208,805,900 (24,623,900) (217,063,800) 100,269,200 108,527,100 19,742,100 63,436,200 (273,039,300) Beginning Fund Balance 207,739,900 533,342,800 ENDING FUND BALANCE $ 271,176,100 $ 260,303,500 $ 173,000,000 85,000,000 10,821,600 28,007,100 8,830,000 10,496,100 18,520,000 3,798,000 2,518,000 1,849,000 342,839,800 9,500,400 22,053,700 10,053,400 32,107,100 20,550,700 17,671,200 87,389,000 146,955,600 84,587,900 141,178,800 2,965,000 51,358,000 30,516,600 583,172,800 8,100,000 45,915,800 54,015,800 1,916,000 680,712,100 (337,872,300) 241,687,700 (241,687,700) 100,269,200 128,269,200 (209,603,100) 741,082,700 $ 531,479,600 Table 18 — Budget by Fund Type FY 2016/17 FY 16/17 General Fund Special Revenue Capital Projects Debt Service Enterprise TOTAL Budget Revenues Measure A Sales Tax $ 3,250,000 $ 169,750,000 $ - $ LTF Sales Tax 85,000,000 STA Sales Tax 10,821,600 Federal Reimbursements 25,240,100 State Reimbursements 900,000 7,930,000 Local Reimbursements 1,632,500 8,863,600 TUMF Revenue 18,520,000 Toll Revenue Other Revenue 173,000 Investment Income 16,300 1,038,400 441,500 2,767,000 346,000 3,798,000 2,345,000 6,800 TOTAL Revenues 5,798,800 327,336,700 441,500 3,113,000 6,149,800 Expenditures/Expenses Personnel Salaries and Benefits 4,444,900 4,787,100 268,400 Professional and Support Professional Services 4,121,000 17,625,700 307,000 Support Costs 5,350,900 2,027,600 2,674,900 TOTAL Professional and Support Costs 9,471,900 19,653,300 2,981,900 Projects and Operations Program Operations 3,672,600 13,825,300 3,052,800 Engineering 17,671,200 Construction 1,175,000 86,214,000 Design Build 146,955,600 Right of Way/Land - 84,587,900 Operating and Capital Disbursements 21,860,700 119,318,100 Special Studies 2,150,000 815,000 Local Streets and Roads - 51,358,000 RegionaIArterials - 30,516,600 TOTAL Projects and Operations 28,858,300 551,261,700 3,052,800 Debt Service Principal Payments 8,100,000 Interest Payments 386,000 45,529,800 TOTAL Debt Service 386,000 53,629,800 Capital Outlay 266,000 1,400,000 - 250,000 TOTAL Expenditures/Expenses 43,041,100 577,102,100 386,000 53,629,800 6,553,100 Excess (deficiency) of Revenues over (under) Expenditures/Expenses (37,242,300) (249,765,400) 55,500 (50,516,800) (403,300) Other Financing Sources (Uses) Transfers In 35,800,100 150,591,100 29,501,900 22,656,900 3,137,700 Transfers Out (105,951,800) (132,780,900) (2,955,000) Debt Proceeds - 28,000,000 TIFIA Loan Proceeds - 100,269,200 Net Financing Sources (Uses) 35,800,100 144,908,500 (75,279,000) 19,701,900 3,137,700 Excess (deficiency) of Revenues over (under) Expenditures/Expenses and Other Financing Sources (Uses) (1,442,200) (104,856,900) (75,223,500) (30,814,900) 2,734,400 $ 173,000,000 85,000,000 10,821,600 28,007,100 8,830,000 10,496,100 18,520,000 3,798,000 2,518,000 1,849,000 342,839,800 9,500,400 22,053,700 10,053,400 32,107,100 20,550,700 17,671,200 87,389,000 146,955,600 84,587,900 141,178,800 2,965,000 51,358,000 30,516,600 583,172,800 8,100,000 45,915,800 54,015,800 1,916,000 680,712,100 (337,872,300) 241,687,700 (241,687,700) 28,000,000 100,269,200 128,269,200 (209,603,100) Beginning Fund Balance 7,990,400 521,256,600 134,538,700 77,297,000 741,082,700 ENDING FUND BALANCE $ 6,548,200 $ 416,399,700 $ 59,315,200 $ 46,482,100 $ 2,734,400 $ 531,479,600 Table 19 — Highway, Regional Arterial, and Rail Programs FY 2016/17 Description Highway engineering 91/7linterchange improvement 1-15 Express Lanes Mid County Parkway SR-91 HOV lanes/Adams Street to 60/91/215 interchange Riverside County - Santa Ana River Trail SUBTOTAL HIGHWAY ENGINEERING Regional arterial engineering Various Western County TUMF regional arterial projects, including SR-79 realignment SUBTOTAL REGIONAL ARTERIAL ENGINEERING Rail engineering Riverside Downtown/Pedley station improvements La Sierra station improvements Perris Valley Line and other rail projects Other - Coachella Valley/San Gorgonio Pass corridor (details presented in Section 6.2 Rail) SUBTOTAL RAIL ENGINEERING TOTAL HIGHWAY, REGIONAL ARTERIAL, AND RAIL ENGINEERING Highway construction 74/215interchange 1-215 corridor improvements (central segment)/Scott Road to Nuevo Road Pachappa underpass 91 Project SR-91 HOV lanes/Adams Street to 60/91/215 interchange Riverside County - Santa Ana River Trail General (details presented in Section 6.3 Planning and Programming) SUBTOTAL HIGHWAY CONSTRUCTION Regional arterial construction Various Western County TUMF regional arterial projects, including SR-79 realignment Various Western County Measure A regional arterial projects SUBTOTAL REGIONAL ARTERIAL CONSTRUCTION Rail construction Riverside Downtown/Pedley station improvements La Sierra station improvements Station rehabilitation Perris Valley Line and other rail projects Corona Auto Center Drive traffic signal Other - Coachella Valley/San Gorgonio Pass corridor (details presented in Section 6.2 Rail) SUBTOTAL RAIL CONSTRUCTION TOTAL HIGHWAY, REGIONAL ARTERIAL, AND RAIL CONSTRUCTION Highway design build 91 Project 1-15 Express Lanes TOTAL HIGHWAY DESIGN BUILD Highway right of way and land SR-60 truck climbing lanes 60/215 East Junction HOV lane connectors 1-215 corridor improvements (central segment)/Scott Road to Nuevo Road Pachappa underpass Mid County Parkway SR-74 curve widening 1-15 Express Lanes SR-74/1-15 to 7th Street 91/7linterchange improvement 91 Project SR-91 HOV lanes/Adams Street to 60/91/215 interchange MSHCP land acquisition in Western County Riverside County - Santa Ana River Trail General SUBTOTAL HIGHWAY RIGHT OF WAY AND LAND Regional arterial right of way and land Various Western County TUMF regional arterial projects, including SR-79 realignment SUBTOTAL REGIONAL ARTERIAL RIGHT OF WAY AND LAND Rail right of way and land Perris Valley Line and other rail projects La Sierra station improvements General SUBTOTAL RAIL RIGHT OF WAY AND LAND TOTAL HIGHWAY, REGIONAL ARTERIAL, AND RAIL RIGHT OF WAY AND LAND GRAND TOTAL HIGHWAY, REGIONAL ARTERIAL, AND RAIL PROGRAMS $ 50,000 750,000 11,000,000 15,000 490,000 12,305,000 4,976,200 4,976,200 65,000 55,000 20,000 250,000 390,000 $ 17,671,200 $ 20,000 5,300,000 11,070,000 16,471,200 803,000 3,800,000 1,175,000 38,639,200 381,400 33,848,700 34,230,100 1,417,800 2,709,900 2,000,000 5,942,000 250,000 2,200,000 14,519,700 $ 87,389,000 $ 125,955,600 21,000,000 $ 146,955,600 $ 1,700,000 22,000 170,000 450,000 19,500,000 337,000 4,000,000 700,000 1,552,000 46,931,100 1,700,000 3,000,000 85,000 50,500 80,197,600 2,765,300 2,765,300 1,365,000 10,000 250,000 1,625,000 $ 84,587,900 $ 336,603,700 Gann Appropriations Limit In November 1979, the voters of the State approved Proposition 4, commonly known as the Gann Initiative (Gann). The proposition created Article XIIIB of the State Constitution, placing limits on the amount of revenue that can be spent by public agencies from the "proceeds of taxes." In 1980, the State Legislature added Section 7910 to the Government Code, providing that the governing body of each local jurisdiction must establish, by resolution, an appropriations limit for the following year. The appropriations limit for any fiscal year is equal to the previous year's limit adjusted for population changes and changes in the California per capita income. The Commission is subject to the requirements of Article XIIIB. Gann appropriations limits are calculated for and applied to the Commission. In accordance with the requirements of Article XIIIB implementing legislation, the Board approved Resolution No. 16-013 on June 8, 2016, establishing appropriations limits for the Commission at $419,316,693. The FY 2016/17 budget appropriated $218,551,200 in taxes for the Commission, falling well within the limits set by the Gann. Based on historic trends and future projections, it appears the Commission's use of the proceeds of taxes, as defined by Article XIIIB, will continue to fall below the appropriations limit. The calculation for the FY 2016/17 appropriations limit is as follows: 2015-2016 Appropriations Limit $392,995,203 2016-2017 adjustment: Change in California per capita personal income Change in Population, Riverside County Per Capital Cost of Living converted to a ratio: 5.37 + 100 100 5.37% 1.26% 1.0537 Population converted to a ratio: 1.26 + 100 = 1.0126 100 Calculation of factor for FY 2016-2017: 1.0537 x 1.0126 = 1.06697662 $392,995,203 x 1.06697662 = $419,316,693 2016-2017 Appropriations Limit $419,316,693 Source: California per capita income —California Department of Finance Population, Riverside County —California Department of Finance Commission Policy Goals and Objectives The Commission's vision related to the future of the County's transportation system is stated in five guiding principles: • Together, we are implementing an efficient transportation system for the good of all in the County. • We are the people we serve. Economic prosperity and quality of life is enhanced with proper transportation. The public trust is vital to our mission. • We operate in a dynamic environment. We will remain flexible in order to respond to change and opportunity. We will focus on projects and allocate funds that support the quality of life in the County. We collaborate in partnerships to maximize our ability to get people where they want to go and when they want to get there. • Our priority is to serve the public need. We will invest in a transportation system that moves community members, visitors, and goods. This system will support our economy and our future prosperity and is vital to attract and retain quality jobs to our region. • We are dedicated to environmental stewardship. We will use existing regional and countywide plans, such as the Riverside County Integrated Plan, as a framework for our decisions. We know that goods moving to, within, and through the County are vital to our economy; however, we desire and will work toward a future where there is a balance between goods movement and our quality of life. In addition to financial and administration policies, the Commission has seven long-term policy goals that support the Commission's vision for transportation in the County: promote mobility, mitigate and address the impact of goods movement, encourage economic development, ensure improved system efficiencies, foster environmental stewardship, support transportation choices through intermodalism and accessibility, and prioritize public and agency communications. For each of these policy goals, the objectives and initiatives that were considered in the framework of the work plan for the FY 2016/17 budget are identified below. While the County's economic outlook is positive, the Commission remains cautious about revenue availability to support the funding and development of critical transportation projects and programs. The need for better transportation remains a top public priority as demonstrated in the Commission's vision statements, and the Commission is poised to address this challenge via the seven policy goals. In moving forward with an aggressive program of projects and services, the Commission may face fluctuating Measure A, TUMF, and TDA revenues and uncertainty regarding the availability of federal and state transportation revenues. Due to the long-term nature of many of the Commission's programs, many of the policy goals' objectives and initiatives are ongoing from year to year. Promote Mobility The Commission, in cooperation with local, state, and federal agencies, will strive to create a transportation system that promotes efficient mobility both within the County and region and accommodates and supports multiple travel choices. • Continue to aggressively pursue completion of the environmental, design, and construction processes on key components of the Western Riverside County Delivery Plan. • Commence the first ten-year update of the 2009 Measure A Expenditure Plan, as required by the ordinance, and initiate the development of a county -wide transportation plan. • Enhance corridor mobility and traveler choice with the continued development of tolled express lanes on SR-91 and 1-15. • Continue active engagement in state and federal efforts to streamline and reform CEQA and NEPA to improve the ability to deliver critical projects that enhance mobility within the County and the region. • Continue to provide leadership in the planning and development of the Coachella Valley/San Gorgonio Pass corridor rail service through the Alternatives Analysis Report and continue to seek out grant opportunities with federal and state agencies for project funding. Work closely with partners in the Coachella Valley, including CVAG and SunLine Transit Agency (SunLine) to ensure the implementation of Measure A funding priorities. " Complete projects and programs included in the 1989 Measure A ordinance and determine use(s) for any unexpended revenues. " Complete environmental permitting and develop an implementation plan for the Mid County Parkway project, including commencement of the design phase of the first project segment. " Complete the preliminary engineering and environmental clearance for the SR-79 realignment project. " Continue to collaborate with state and federal agencies and local partners to develop and fund projects programmed in the STIP, Federal Transportation Improvement Program (FTIP), Proposition 1B bond programs, ATP, Cap and Trade programs, and Measure A program as well as other high priority regional projects. " Maximize obtaining all available transportation funds and strategically program funds to meet funding and allocation deadlines and to prevent the lapse and loss of funds. " Leverage the effective application and use of Measure A Western County regional arterial funds with local, state and federal funds to deliver eligible regional arterial projects. " Work closely with local jurisdictions to implement TUMF Regional Arterial Program projects and facilitate the delivery of eligible arterial improvements in Western County. " Actively participate in the SR-91 Advisory Committee to facilitate near and long-term improvements to SR-91, enhance intercounty public transit options, and foster mobility improvements between the two counties. " Advocate streamlining efforts at the state and federal levels that will reduce costs, time, and delays currently associated with project delivery including, but not limited to, timely project reviews and approvals. " Continue to coordinate and provide public access to commuter information via the 511 system and focus commuter assistance and 511 outreach efforts under the IE Commuter brand. " Continue cooperation with the FTA regarding the Small Starts process to support the new Perris Valley Line commuter rail service. " Continue to work with the public transit operators to control costs and increase system efficiencies in order to accommodate and adjust to fluctuating revenues from local, state and federal sources. " Continue to develop transit service to further promote seamless intracity, intercity and regional transit connectivity for County residents. " Consider future rail expansion opportunities including the potential for extension of the Perris Valley Line to the Hemet/San Jacinto and Temecula areas. " Consider future opportunities to implement tolling. " Work with transit operators, cities, and the County to review funding opportunities for Cap and Trade funding. Mitigate and Address the Impact of Goods Movement The Commission will work with federal, state, and local governments to facilitate the movement of goods and services to, within, and through the County, recognizing the vital role goods movement mobility plays in the economic health of the County, the State, and the nation. " Seek funding and local agency concurrence to implement the Commission's approved, high -priority railroad grade separation list to mitigate the impact of increased goods movement demands on the transportation system. Work with federal and state agencies regarding the nomination and implementation of projects for FAST Act funding. " Encourage Congress to aggressively fund projects to develop the nation's multimodal national goods movement network. " Remain committed to a regional approach regarding goods movement issues in order to maximize funding from state and federal sources to goods movement needs in southern California. " Continue working with the Port of Los Angeles and Port of Long Beach (Ports) and regional transportation commissions to develop a funding mechanism for needed projects and mitigation on a regional basis. " Continue to provide input to the National Freight Advisory Committee regarding the establishment of a national freight network and California State Freight Advisory Committee regarding regional freight priorities. Encourage Economic Development Transportation decisions will consider the economic benefits derived from any improvement, and, where feasible and practical, will pursue transportation alternatives that enhance or complement economic development. • Commit to seek opportunities related to transportation projects that will create jobs and improve the economic base in the County. • Support local agencies in the design and construction of interchanges that are in proximity to operating and planned regional economic centers and developments. • Support local projects, consistent with countywide transportation goals and Commission commitments, which enhance business development, local employment, educational institutions, and area tourism. Ensure Improved System Efficiencies The Commission will select projects and allocate funds in a manner that will improve safety, reduce congested traffic corridors, and provide travel choices. • Advocate the development and use of advanced technologies for transportation applications that are affordable and practical. • In partnership with SANBAG, continue to explore alternatives to 1E511 for improved deployment of real- time traffic information, real-time bus and rail transit trip planning information, and rideshare information available to commuters for the purpose of trip planning and reducing congestion on a regional scale. • Assure the effectiveness of transit planning through coordination with the County's eight transit operators, Citizens' Advisory Committee, and annual SRTP process with a goal toward promoting program productivity, efficiency, and effectiveness. • Provide innovative commuter rideshare programs to reduce single occupant vehicle trips. • Collaborate with local jurisdictions, Caltrans, and the CHP to continue efficient delivery of a comprehensive motorist aid system which includes a 511 traveler information service, a call box program, and a FSP program, including temporary services in freeway construction zones. • Leverage resources to incorporate park and ride facilities and additional connecting bus service at Metrolink stations that may have available capacity. • Continue working with Caltrans to monitor traffic conditions for the purpose of focusing transportation funds on congested corridors and system deficiencies. • Collaborate with Caltrans and regional agencies in developing resources for preservation and maintenance of the highways and regional arterials. • Support the implementation of active transportation facilities that support transportation alternatives and enhance the transportation system. • Continue to deliver the "Annual State of Public Transit Report" to the Commission in order to assess accomplishments and potential improvements. Foster Environmental Stewardship The Commission will achieve its mobility goals while promoting environmental stewardship and protecting the area's natural resources and quality of life. • Continue working with the Western Riverside County Regional Conservation Authority (RCA), Caltrans, and state/federal resource agencies to implement the Multi -Species Habitat Conservation Plan (MSHCP). • Collaborate with SCAG, South Coast Air Quality Management District (SCAQMD), sub -regional agencies, and local jurisdictions to implement the current RTP and sustainable communities' strategy that meets regional air quality goals, conformity guidelines, and SB375 California's Sustainable Communities and Climate Protection Act (SB375) GHG reduction targets for the SCAG region. " Support a variety of outreach channels and educational programs that promote the benefits of ridesharing, public and specialized transit, rail, and availability of commuter resources for the purposes of reducing vehicle trips, vehicle miles traveled, and emissions. " Facilitate private/public use of clean fuels technology. " Continue to develop sustainable and green commuter rail stations and provide upgrades and rehabilitation projects to reduce the environmental impact of the existing stations. Support Transportation Choices through Intermodalism and Accessibility County residents will be served, where economically feasible, through the development of transportation alternatives and travel options that consider the needs of a wide range of citizens. " Work with transit providers and local social service agencies to provide specialized transit service to meet a broad spectrum of socio-economic transit needs of seniors, veterans, persons with disabilities, and low income residents. " Leverage commuter and motorist assistance outreach channels in order to increase the awareness and use of alternative commuting modes. " Implement the Commission's commuter rail SRTPs and SCRRA's plan for Metrolink commuter rail services. " Implement an update to and continue to pursue the goals and objectives as outlined in the Coordinated Public Transit -Human Services Transportation Plan (Coordinated Plan) for the County related to a unified, comprehensive but flexible strategy for transportation service delivery to address transportation gaps between current services and needs of elderly individuals, persons with disabilities, and individuals of limited income. " Enhance security, surveillance, and emergency response capabilities of County transit facilities and roadway infrastructure through proactive planning, interagency coordination, and investment. " Collaborate with public transit operators to ensure connecting bus service to new Perris Valley Line stations. Prioritize Public and Agency Communications The Commission will provide timely, informative, and accurate reporting to encourage informed public and agency participation in the Commission's decision -making processes. " Promote a close working relationship with news and civic entities to increase interest and understanding of transportation and related issues. " Enhance the provision of public information through various forms of communication (e.g., website, social media, annual report, monthly newsletter, television, Speakers Bureau, print media, radio, etc.). " Maintain an ongoing effort of informing the County's Congressional and State Legislative delegations regarding transportation issues. " Develop an effective long-range legislative strategy regarding state and federal funding and policy. " Protect and enhance flexibility in the Commission's use of state and federal transportation revenue in addressing regional priorities and needs. " Explore local options for sustainable funding in addressing long-term transportation and quality -of -life needs for the County. " Seek legislative flexibility for innovation in financing, construction, and maintenance of regional transportation projects. " Pursue policy objectives contained in the Commission's comprehensive adopted legislative platforms. " Maintain ongoing efforts to educate commuters, businesses, and the public regarding the Commission's toll planning efforts and specific project development efforts underway. " Keep the public informed about construction -related impacts from projects. " Develop and execute a long-term communications and customer engagement strategy for the purposes of public education and customer service. " Develop and implement express lane marketing and promotion campaigns for the Commission's toll facilities to increase customer accounts and lane usage. Financial and Administration Policies Financial Planning Policies • Administrative costs, including salaries and benefits, shall be funded by allocations from Measure A, LTF, FSP, SAFE, and TUMF funds. • The Commission shall budget no more than one percent (1%) of Measure A sales tax revenues for administrative salaries and benefits. • Administrative program delivery costs will be budgeted at whatever is reasonable and necessary, but not to exceed four percent (4%) of Measure A sales tax revenues (inclusive of the one -percent salary limitation). • The Commission shall budget 100 percent of the annual required contribution related to the postretirement health care benefits. • The Commission shall utilize unexpended 1989 Measure A funds only for projects and programs included in the 1989 Measure A. Sales tax revenues from the 2009 Measure A shall be expended only for projects and programs included in the 2009 Measure A. • Amounts will be budgeted by fiscal year for multi -year projects, based on best available estimates, with the understanding that, to the extent actuals vary from those estimates and the project is ongoing, adjustments will be made on a continual basis. • The fiscal capital budget should be consistent with the strategic plan and deviations appropriately noted, explained, and justified. • A balanced budget shall be adopted annually with operating and capital expenditures and other financing uses equal to or less than identified revenues and other financing sources as well as available fund balances. Revenue Policies • Sales tax revenue projections will be revised semi-annually to ensure use of current and relevant data. Staff may adjust annual amounts during the budget preparation process to reflect the most current economic trends. • A strategic application of local funding sources will be used to maximize federal and state funding of projects. • Fiduciary responsibility regarding Western County TUMF revenues shall be exercised, and revenues will be allocated pursuant to Commission direction and the approved 2009 Measure A. • Adopted toll revenue policies will establish congestion pricing in order to maximize throughput on toll facilities. Such pricing will be adjusted periodically by pre -defined formulas. • Revenues generated from the operation of toll facilities will be available for expenses related to: o Debt issued to construct or repair any portion of the toll facility, payment of debt service, and satisfaction of other covenants and obligations related to indebtedness of the toll facility, including applicable reserves; o Development, maintenance, repair, rehabilitation, improvement, reconstruction, administration, and operation of the toll facilities, including toll collection and enforcement and applicable reserves; and o Projects within the corridor from which the revenue was generated. • Proceeds from the disposition, in accordance with federal, state and local regulations, of excess properties owned by the Commission will be returned to the programs which provided the funding sources for the property acquisition. Debt Management Policies • The Debt Management Policy, as revised on April 10, 2013, and the Interest Rate Swap Policy, as adopted July 12, 2006, shall be updated as necessary for matters related to sales tax revenue and toll -supported indebtedness. • Outstanding sales tax revenue debt shall not exceed $975 million, in accordance with Measure K approved by a majority of the voters in November 2010. • Toll revenue supported debt may be issued for specific highway projects and may comprise toll revenue bonds and federal loans. • The Commission will maintain 2.0x debt ratio coverage on all senior sales tax revenue debt and 1.3x debt ratio coverage on all toll revenue debt. • Debt issuance will be for major capital projects including engineering, right of way, and construction. Operating requirements, if any, must be paid from current ongoing revenues and may not be financed except for initial toll operations. • Costs of issuance, including the standard underwriter's discount, will not exceed two percent (2%). • The Commission may enter into interest rate swaps to better manage assets and liabilities and take advantage of market conditions to lower overall costs and reduce interest rate risk. • While it is the intent of the Commission to establish a cash debt reserve for long term bond issuance, as necessary, surety bonds can be obtained when beneficial to the Commission. • All sales tax revenue debt must mature prior to the termination of 2009 Measure A on June 30, 2039. • All toll revenue supported debt must mature prior to the expiration of toll facility agreements. Expenditure/Expense Accountability Policies • Established priorities for planning and programming of capital projects will be reviewed annually with the Commission. • Actual expenditures/expenses will be compared to the budget on at least a quarterly basis, and significant deviations will be appropriately noted, explained, and justified. • Operations and maintenance agreements for toll operations will be implemented, and related costs will be compared to toll financing assumptions. Reserve Policies • The Commission will maintain program reserves in accordance with Measure A and TDA policies and guidelines. • The Commission will establish and maintain a transit operator's reserve of ten percent (10%) for the Coachella Valley and Palo Verde Valley. Additionally, a ten percent (10%) reserve will be established and maintained for each of the Western County transit operators (public bus and commuter rail). • The Commission will establish and maintain reserves for toll operations, capital improvements, and debt service in accordance with toll supported debt agreements. Cash Management and Investment Policies • Where possible, the Commission will encourage receipt of funds by wire transfer to its accounts. • Balances in the bank operating account will be maintained at the amount necessary to meet monthly expenditures. • Construction and operating funds will be invested per the Commission's established Investment Policy, as revised on April 13, 2016, emphasizing in order of priority: 1) safety, 2) liquidity, and 3) yield. • Cash disbursements to local jurisdictions and vendors/consultants will be completed in an expeditious and timely manner. Procurement Policies • The Commission will conduct enhanced outreach to businesses and contractors located in the County regarding opportunities to provide the Commission with competitive and qualified goods and/or services. • The Commission will continuously evaluate its procurement program and policies to ensure competitive, transparent, objective, and fair selection processes. • The Commission will continue to expand and improve vendor access to contracting opportunities. Auditing, Accounting, and Financial Reporting Policies • The Commission will maintain its ERP system in order to integrate project and toll operations accounting needs and improve accounting efficiency. • The Commission will issue a Comprehensive Annual Financial Report (CAFR); separate financial reports for the LTF, STA, Proposition 1B Rehabilitation and Security Project Accounts, and toll operations; and State Controller's Transportation Planning Agency Financial Transactions Report as well as Government Compensation in California Report. • An audit is to be conducted annually on the Commission's accounting books and records. As long as the Commission has outstanding bonds and federal loans, an independent accounting firm must conduct the audit. • The Commission is responsible for ensuring that audits of Measure A and TDA funding recipients are completed and reviewed for compliance and other matters in a timely manner. Human Resources Management Policies • While accommodating the assumption of toll operation responsibilities, Commission staffing levels will be consistent with the intent of its enabling legislation, which envisioned a small, but effective staff. • Contract staff and consultants will be used to augment staff efforts as much as necessary to support programs or workloads, which do not appear to be of a permanent nature. Information Technology Management Policy • Significant effort will be made to maintain efficient and cost-effective technology infrastructure by continuously upgrading network equipment and software to ensure quality performance, productivity, and connectivity among staff, other agencies, toll operator, and the public. Network security will continue to be a top priority to maintain the integrity of the Commission's network and information. Linking Commission Policy Goals and Departmental Goals and Objectives The following matrix (Table 20) illustrates the linkage of the Commission's overall policy goals described in this section to the individual departmental goals and objectives included in Section 6. Table 20 — Relationship between Commission and Departmental Goals Department Goods System Environmental Economic Intermodalism & Financial & Mobility Movement Efficiencies Stewardship Development Accessibility Communications Administration Management Services Executive Management X X X X X X X X Administration X X Legislative Affairs & Communications X X X X X Finance X Regional Programs Planning and Programming X X X X X X X X Rail Maintenance and Operations X X X X X Public and Specialized Transit X X X X X Commuter Assistance X X X X X X Motorist Assistance X X X X X X Toll Operations X X X X X X X X Capital Project Development & Delivery X X X X X X X X Budget Process Summary The budget is the primary performance tool used to measure and control accountability of public agencies for taxpayer dollars. The budget communicates to all stakeholders (i.e., elected officials, regional agencies, and citizens) how the investment they made will be put to use by providing detailed information on the specifics of resource allocation and expenditures. Progress is monitored on a monthly basis, and revisions and updates are made as deemed necessary to reflect changing dynamics and accommodate unplanned requests. This results in a budget document that is useful and meaningful as a benchmark against which to evaluate government accomplishments and/or challenges and to assess compliance with fiscal accountability. Unlike many governments that provide direct services to the general public, the Commission has the overall responsibility of managing transportation planning and funding for the County. As a result its budget, in terms of dollars, is comprised primarily of capital -related programs and projects; the operating component of the budget is related to multimodal programs (commuter and motorist assistance services, rail operations, toll operations, and transit planning). Management services, which consist of executive management, administration, legislative affairs and communications, and finance, provide support to both capital and operating programs and projects. Chart 7 depicts the organization of the Commission's oversight and management functions. The budget process consists of six primary tasks conducted in phases throughout the fiscal year. Chart 6 illustrates the budget process for the development of the FY 2016/17 budget and monitoring of the FY 2015/16 budget. A summary of each task is described below. Chart 6 — Budget Process ID Task Name Short Term Strategic Direction Phase Resource Identification and Allocation Phase Needs Assessment Phase Development and Review Phase Adoption and Implementation Phase Budget Roles and Responsibilities Duration 140 days 200 days 120 days 150 days 60 days 365 days Short -Term Strategic Direction Phase 2015 2016 The first phase of the budget process is to determine the direction of the Commission in the short-term and to integrate this with the Commission's long-term goals and objectives, including the Western Riverside County Delivery Plan as discussed in Section 6.4. Annually a workshop is held for the Board to evaluate and determine where the Commission plans to be and what it desires to accomplish over the next five to ten years. Annual reviews allow for timely responsiveness to any significant political, legislative, or economic developments that may occur locally, statewide, or nationally. Staff then adjusts its course based on the long-term strategic direction of the policy makers. Staff convenes in early January to both assess actual results, compared to the current year budget, and map changes in strategy for the ensuing fiscal year by reviewing and, if necessary, redefining departmental mission statements and setting goals. Those goals, upon review by the Board, become the Commission's short-term strategic direction. Chart 7 — Functional Organization Chart FY 2016/17 Board of Commissioners Policy Committees • WRC Programs & Projects • ERC Programs & Projects • Budget& Implementation Advisory Committees • Technical Advisory • Citizens Advisory Executive Committee I I Administration Clerk of the Board & Board Relations Claims Administration Human Resources Office & Records Management Finance Budget Development Contract Management & Procurement Disadvantaged Business Enterprise Financial Management Insurance Administration Legislative Affairs & Communications Goods Movement Legislative Advocacy & Analysis Media Relations Public Information & Communications Resource Identification and Allocation Phase I Multimodal Programs — Call Box Program — Commuter Assistance — Freeway Service Patrol Rail Operations Transit Planning Capital Project Development & Delivery — Congestion Management _ Highway & Rail Capital Programs New Corridors ' Property Management Regional Transportation Plan State Transportation Improvement Program TUMF Program Toll System - Development Financing Operations Simultaneous with the short-term strategic direction phase, staff focuses on what funding sources are available and what monies are estimated as carryover from the current year. Additionally, the Commission's fund balances, that are the excess of fund assets over fund liabilities, are analyzed for available appropriation in the following fiscal year. In actuality, resource identification occurs throughout the year, but it is finalized in the upcoming fiscal year budget. Amounts to be borrowed are determined as parts of the long-term strategic planning process, but such amounts are adjusted in the annual budget to reflect more current information. Needs Assessment Phase Staff and consultants evaluate what projects and studies need to be accomplished. Project priority and sequencing set in the long-term strategic plan are the top candidates for budget submission. However, priorities may have changed due to economic necessities or political realities, resulting in projects being rescheduled by acceleration or postponement. New projects may be added or existing priorities deleted based on Commission direction. Development and Review Phase Using all the data and information gathered from the previously mentioned stages, department managers submit their desired budgets to the Finance Department. The information, along with staff and overhead allocations, is compiled into a preliminary or draft budget. After review by the Executive Director and inclusion of the desired changes, the draft budget is presented to the Board for input. Adoption and Implementation Phase The proposed budget is submitted to the Commission at its May meeting. A hearing is scheduled to allow for public comment on the proposed budget. The Commission may choose, after public hearing, to adopt the budget or to request additional information and/or changes to the budget. The budget must be adopted no later than June 15 of each year. Upon adoption by the Commission, the budget is entered into the ERP system effective July 1 for the next fiscal year. Budget Roles and Responsibilities Involvement in the budget permeates all staffing levels, as presented in Chart 8, at the Commission from clerical support staff to policy makers. Each program manager develops a detailed line item budget that consists of the operating and/or capital components. Those budgets, by program, are submitted to the department director for review and concurrence. The department managers submit their budgets to the Chief Financial Officer by mid -March. The Finance Department compiles the department budgets. Both the capital and operating budgets are combined into the draft budget for the entire Commission. The Chief Financial Officer and Executive Director review the entire budget for overall consistency with both the short- and long-term strategic direction of the Commission, appropriateness of funding sources for the identified projects and programs, and reasonableness of the operating and capital budget expenditures/expenses. Expenditure/expense activities of the funds are controlled at the budgetary unit, which is the financial responsibility level (General, Measure A, Motorist Assistance, LTF, STA, TUMF, Other Agency Projects, Capital Projects, Debt Service Funds, and Enterprise Fund) for each function (i.e., administration, operations, programs, intergovernmental distributions, debt service, capital outlay, and other financing uses). These functions provide the legal level of budgetary control (i.e., the level at which expenditures/expenses cannot legally exceed the appropriated amount). Budget -to -actual reports are available to program managers and directors on a real-time basis through the ERP system for informational and management purposes, including identification and evaluation of any significant budget variations. During the fiscal year management has the discretion to transfer budgeted amounts within the financial responsibility unit according to function or may provide support for supplemental budget appropriations requests. Supplemental budget appropriation requests require the authorization of the Commission. The Commission may take action at any monthly meeting to amend the budget. In some years, the Finance Department may compile miscellaneous requests and submit a budget appropriations adjustment at mid -year to the Commission for approval. Those budget amendments approved by the Commission are incorporated into the budget, as they occur, and are reflected in the CAFR in the final budget amounts reported in the budgetary schedules. Chart 8 — Staff Organization Chart FY 2016/17 Procurement Analyst Senior Administrative Assistant — Accountant (2) — Senior Financial Analyst — Accounting Technician (2) — Accounting Assistant — Senior Office Government Relatl Manager Administrative Assistant Legal Counsel Board of Commissioners Human Resources Administrator Deputy Clerk of the Board Records Technician Deputy Executive Director Moltimodal Services Director Management Management Management Analyst Planning & Programming Director Senior Management Analyst Management Analyst Project Deli ery Director Toll Progr m Director Senior Management Analyst (2) Management Analyst Facilities Administrator Toll Technology Manager Toll Senior Management Analyst Fund Budgets Budgetary Basis The Commission accounts for its budgeted funds using the modified and current financial resources measurement focus for governmental funds and the accrual basis of accounting and the economic resources measurement focus for enterprise funds. The basis of accounting is the same as the basis of budgeting. Governmental fund revenues are recognized as soon as they are both measurable and available to meet current year obligations. Such revenues are considered to be available when they are guaranteed as to receipt, based on expenditure of funds (i.e., government matching funds), or certain to be received within 180 days of the end of the fiscal year. Governmental expenditures are generally recorded when a liability is incurred; however, debt service expenditures are recorded when the payment is due. Enterprise fund revenues are recognized when earned, and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Total sources and uses by fund type for the FY 2016/17 budget are shown in Chart 9. Chart 9 — Total Sources and Uses by Fund Type FY 2016/17 90% 1 80% 70% 60% 50% 40% 30% 20% 10% 0% 70Z 5% 78% 74% 14% 9% 'MAW 2% 1% General Fund Special Revenue Capital Projects Debt Service Fund Enterprise Fund Funds Funds Fund Structure oTotal Sources 1/Total Uses There are 32 funds (Chart 10) that account for the Commission's budgeted resources and are categorized into five fund types: General fund, special revenue funds, capital projects funds, debt service, and enterprise funds. All of the Commission's funds are budgeted. There are three funds reported in the General fund and 23 in the special revenue funds. Three capital projects funds are used to account for capital project expenditures financed with short- or long-term debt proceeds. The Commission has two debt service funds to account for debt -related activity. In addition, the Commission has one enterprise fund to record operational activity for the Riverside 91 Express Lanes. Chart 10 — Budgeted Funds Structure FY 2016/17 General Fund *Administration *Rail Operations & Maintenance •Planning& Programming i Special Revenue Funds '1989 Measure • Western County • Highway • Rail 2009 Measure • Western County • H ighways • Local Streets & Roads • Public Transit •Specialized Transit • Bus Transit •Rail Transit •Commuter Assistance • New Corridors •Bond Financing • Regional Arterials • Economic Development • Coachella Valley • Highway&Regional Arterials • Local Streets & Roads • Specialized Transit • Palo Verde Valley • Local Streets & Roads 1 J r • FSP •SAFE • Local Transportation Funds • State Transit Assistance •TUMF • Coachella Valley Rail • Other Agency Projects Fund Capital Projects Funds • Commercial Paper • Sales Tax Bonds • Toll Revenue Bonds Debt Service Funds L • Sales Tax Bonds • Toll Revenue Bonds Enterprise Fund • Riverside 91 Express Lanes General Fund Overview The General fund of the Commission is used to account for all activities not legally required or designated by Board action to be accounted for separately. For many public agencies, the General fund is the largest fund; however, it is less significant for the Commission. The Commission's largest revenue source is Measure A, a locally levied sales tax that legally must be accounted for separately in special revenue funds. In addition to Commission administration and general operations, other General fund activities include commuter rail maintenance and operations as well as planning and programming. The FY 2016/17 budget for the General fund is presented in Table 22, followed by a discussion of significant components of the budget. Table 22 - General Fund FY 2015 - 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Measure A Sales Tax $ 2,900,000 $ Federal Reimbursements 13,500 State Reimbursements 436,400 Local Reimbursements 107,200 Other Revenue 1,311,800 Investment Income 44,300 TOTAL Revenues 4,813,200 Expenditures Personnel Salaries and Benefits Professional and Support Professional Services Support Costs TOTAL Professional and Support Costs Projects and Operations Program Operations Construction Operating and Capital Disbursements Special Studies TOTAL Projects and Operations Debt Service Principal Payments Interest Payments TOTAL Debt Service Capital Outlay TOTAL Expenditures 4,024,100 2,136,300 2,929,900 3,000,000 $ 4,000,000 841,200 500,000 375,000 11,100 3,000,000 664,000 984,900 5,100 8,727,300 4,654,000 4,433,200 4,391,600 3,905,000 5,171,700 3,021,400 3,667,600 5,066,200 1,889,800 10,129,100 102,100 9,076,700 6,689,000 2,546,300 1,793,000 500,000 75,000 19,245,000 16,495,000 1,764,000 1,704,000 12,121,000 11,700 13,200 24,055,300 20,067,000 24,900 367,600 385,400 92,200 21,603,800 37,950,600 31,239,800 Excess (deficiency) of Revenues over (under) Expenditures (16,790,600) (29,223,300) (26,585,800) Other Financing Sources (Uses) Transfers In Transfers Out Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) 16,386,000 (2,700) 26,593,400 (57,900) 24,393,400 16,383,300 26,535,500 24,393,400 (407,300) Beginning Fund Balance 10,590,100 (2,687,800) (2,192,400) 10,182,800 10,182,800 ENDING FUND BALANCE $ 10,182,800 $ 7,495,000 $ 7,990,400 $ 3,250,000 900,000 1,632,500 16,300 5,798,800 4,444,900 4,121,000 5,350,900 9,471,900 3,672,600 1,175,000 21,860,700 2,150,000 28,858,300 266,000 43,041,100 (37,242,300) 35,800,100 35,800,100 (1,442,200) 7,990,400 $ 6,548,200 $ 250,000 8% (4,000,000) -100% 58,800 7% 1,132,500 227% (375,000) -100% 5,200 47% (2,928,500) -34% 11,700 0% 216,000 6% 179,200 3% 395,200 4% 1,126,300 44% 675,000 135% 2,615,700 14% 386,000 22% 4,803,000 20% N/A N/A N/A (119,400) -31% 5,090,500 13 (8,019,000) 27% 9,206,700 35% 57,900 -100% 9,264,600 35% 1,245,600 -46% (2,192,400) -22% $ (946,800) -13% The sources for the General fund (Chart 11) consist of allocations from Measure A sales tax revenues; various other federal, state and local reimbursements for planning activities and commuter rail station operations and maintenance; investment income; transfers from LTF, TUMF, and motorist assistance for administration; transfers of LTF sales tax revenues for planning, programming, and monitoring (PPM) activities; and transfers of LTF Article 4 allocations for commuter rail transit operations and capital. Chart 11— General Fund Sources FY 2016/17 MeasureA Sales Tax 8% *_ State Reimbursements 2% Transfers In 86% Local Reimbursements 4% Measure A sales tax revenues allocated for administration of $3,250,000 has increased 8% compared to the prior year to offset increased expenditures. The administrative allocation may be adjusted at mid -year based on required expenditures, but in no event will exceed four percent (4%) of total Measure A revenues (including administrative salaries and benefits). Federal reimbursements in the previous fiscal year anticipated federal start-up funding for Perris Valley Line operations. State reimbursements include STIP funds for PPM activities. Local reimbursements and other revenues from local agencies are related to rail station security and traffic signal synchronization projects. LTF sales tax revenues from the Local Transportation Fund, a special revenue fund, are allocated and transferred to the General fund for administration, planning and programming, and rail transit operations and capital for the following purposes: • Administration allocations from LTF sales tax revenues of $1,000,000 in FY 2016/17 have increased $100,000 compared to the prior year to offset increased expenditures. • Planning allocations are set by law at three percent (3%) of estimated LTF sales tax revenues. The FY 2015/16 revised budget of $2,739,100 includes the effect of the mid -year projection adjustment. This adjustment usually includes the unapportioned carryover amount, which is not determined until after the prior year's fiscal year end, and revised revenue projections. The FY 2016/17 budget for planning allocations is $2,550,000. • Transit funding for commuter rail, which is tied to sales tax revenues, is based on operating and capital needs to the extent that revenues and reserved fund balance are available. The FY 2016/17 budget includes $17,800,000 in LTF allocations primarily to fund operating contribution expenditures to SCRRA, r and rail studies. • The FY 2016/17 budget includes LTF allocations of $2,000,000 for grade separation projects. The 2009 Measure A Western County rail fund will transfer in $11,355,800 in FY 2016/17 for rail station maintenance and operations; in prior years, LTF allocations funded rail stations. Administrative transfers in from TUMF and motorist assistance of $1,094,300 in FY 2016/17 decreased slightly from $1,194,800 in FY 2015/16. Chart 12 — General Fund Uses FY 2016/17 Capital Outlay Personnel Salaries 1% and Benefits 10% Support Costs 12% Professional Services 10% General fund uses are depicted in Chart 12. Personnel salaries and benefits expenditures increased $11,700 because of a change in the allocation of FTEs and a 4% pool for merit -based salary increases. Professional costs increased 6% due to increased professional services for information technology consultants and rail planning and station development in the Coachella Valley. Support costs increased 3% due to increased station maintenance and operations, utilities, and security at the four new Perris Valley Line stations. Projects and operations expenditures increased 20% because of increased program operations expenditures related to new Perris Valley Line station operations, increased operating contribution to SCRRA for Perris Valley Line operations, development of a countywide integrated long-range transportation plan, and construction for signal synchronization projects. The FY 2016/17 operating and capital disbursements budget includes no allocation for rail capital contributions and $2,000,000 for grade separation projects. Capital outlay expenditures decreased 31% due to cyclical station maintenance improvements. Special Revenue Funds Overview The Commission's special revenue funds are legally restricted as to use for Measure A projects and programs, TUMF projects, motorist assistance services, other agency project coordination, and funding transit operations and capital in the County. The special revenue funds' budgets are summarized in Table 23, and individual budgets are presented in Tables 24 through 32 along with respective discussions. Table 23 — Special Revenue Funds FY 2015 — 2017 FY 14/15 FY 15/16 Actual Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Revenues Measure A Sales Tax LTF Sales Tax STA Sales Tax Federal Reimbursements State Reimbursements Local Reimbursements TUMF Revenue Other Revenue Investment Income TOTAL Revenues Expenditures Personnel Salaries and Benefits Professional and Support Professional Services Support Costs TOTAL Professional and Support Costs Projects and Operations Program Operations Engineering Construction Design Build Right of Way/Land Operating and Capital Disbursements Special Studies Local Streets and Roads Regional Arterials TOTAL Projects and Operations Capital Outlay TOTAL Expenditures $ 160,192,800 81,332,500 13,484,300 54,836,100 50,187,400 2,170,600 17,400,800 1,230,600 2,196,300 $ 167,000,000 83,000,000 13,372,400 43,828,800 55,289,400 3,584,300 18,053,800 412,000 897,400 $ 167,000,000 83,000,000 13,372,400 36,945,800 60,731,600 8,214,100 18,041,000 185,000 720,000 383,031,400 385,438,100 388,209,900 3,341,300 5,066,600 5,100,000 9,712,400 13,132,000 12,417,000 1,092,900 2,097,600 1,826,800 10,805,300 15, 229, 600 14, 243, 800 12,279,000 8,198,600 142,654,000 191,599,200 71,999,800 89,247,300 172,300 48,612,900 17,283,300 20,928,600 20,260,900 158,050,600 284,681,200 105,090,400 130,455,800 80,000 50,679,000 30,600,000 18,203,600 5,531,500 123,834,100 279,380,700 42,324,100 99,412,000 48,800 50,679,000 30,900,000 582,046,400 107,800 800,826,500 3,573,600 650,313,800 600,000 596,300,800 824,696,300 670,257,600 Excess (deficiency) of Revenues over (under) Expenditures (213,269,400) (439,258,200) (282,047,700) Other Financing Sources (Uses) Transfers In Transfers Out TIFIA Loan Proceeds Net Financing Sources (Uses) 161,261,800 (76,583,500) 48,904,100 54,504,700 (89,791,600) 261,277,900 106,376,700 (106,250,600) 271,880,700 133,582,400 225,991,000 272,006,800 Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) (79,687,000) (213,267,200) (10,040,900) Beginning Fund Balance 610,984,500 531,297,500 531,297,500 ENDING FUND BALANCE $ 531,297,500 $ 318,030,300 $ 521,256,600 $ 169,750,000 85,000,000 10,821,600 25,240,100 7,930,000 8,863,600 18,520,000 173,000 1,038,400 327,336,700 4,787,100 17,625,700 2,027,600 19,653,300 13,825,300 17,671,200 86,214,000 146,955,600 84,587,900 119,318,100 815,000 51,358,000 30,516,600 551,261,700 1,400,000 577,102,100 (249,765,400) 150,591,100 (105,951,800) 100,269,200 144,908,500 (104,856,900) 521,256,600 $ 416.399.700 $ 2,750,000 2,000,000 (2,550,800) (18,588,700) (47,359,400) 5,279,300 466,200 (239,000) 141,000 2% 2% -19% - 42% -86% 147% 3% - 58% 16% (58,101,400) -15% (279,500) -6% 4,493,700 34% (70,000) -3% 4,423,700 29% (7,103,300) -34% (2,589,700) -13% (71,836,600) -45% (137,725,600) -48% (20,502,500) -20% (11,137,700) -9% 735,000 919% 679,000 1% (83,400) 0% (249,564,800) -31% (2,173,600) -61% (247,594,200) -30% 189,492,800 -43% 96,086,400 176% (16,160,200) 18% (161,008,700) -62% (81,082,500) -36% 108,410,300 -51% (10,040,900) -2% $ 98,369,400 31% Measure A and LTF sales taxes, STA allocations, Western County TUMF, state budgetary allocations, and vehicle registration fees are all accounted for in the 23 special revenue funds. Federal, state, and local reimbursements and transfers in consisting principally of debt proceeds are used to supplement the Measure A sales tax revenues. Chart 13 illustrates the various special revenue fund sources. Chart 13 — Special Revenue Funds Sources FY 2016/17 Transfers In 26% TUMF Revenue \ \ `STA Sales Tax 3% Stated 2% Local Reimbursements Reimbursements L Federal Reimbursements 0 ° 1% 4% The special revenue funds' resources are expended on County highway, rail, regional arterial, and new corridors engineering, right of way acquisition, construction, and design build; local streets and roads maintenance, repair, and construction; economic development incentives; bond financing; bicycle and pedestrian facilities; education and incentive programs to encourage use of alternate modes of transportation; special social service transportation programs; public transit operations and capital needs; and motorist towing and freeway call box assistance. As shown in Chart 14, projects and operations expenditures represent the primary use of special revenue fund resources. Chart 14 — Special Revenue Funds Uses FY 2016/17 Personnel Salaries and Benefits 1% Transfers Out r 15% F Measure A Special Revenue Funds Professional Services 3% Support Costs 0% Of the special revenue funds, 16 are funded primarily with Measure A sales tax revenue, which is allocated to the three geographic areas of the County (Chart 15). The Measure A funds are comprised of two 1989 Measure A and ten 2009 Measure A Western County funds, three 2009 Measure A Coachella Valley funds, and one 2009 Measure A Palo Verde Valley fund. Chart 15 — Measure A Sales Tax Revenues by Geographic Area Palo Verde Valley 1% I Since the 1989 Measure A terminated on June 30, 2009, the remaining 1989 Measure A Western County funds will be closed upon the completion of the specific highway and rail projects. With the commencement of the 2009 Measure A on July 1, 2009, 14 funds will be in existence for the 30-year term. These funds account for all Measure A project and program expenditures and transfers of debt service for capital projects. The Measure A special revenue funds expend monies on capital construction and improvements to highways, commuter rail, regional arterials, new corridors, and local streets and roads. Funding is also reserved for commuter assistance, public and specialized transit, and economic development incentives programs as well as bond financing costs. The Commission is a self-help county, and, as such on major highway projects, the Commission supplements the State's spending. Upon completion of most highway projects, Caltrans takes over the maintenance and operations of the projects. All revenues from the Measure A sales tax have been pledged as security for the Commission's senior sales tax revenue bonds and commercial paper notes. Debt service on the bonds is recorded in the Sales Tax Bonds debt service fund, and most of the resources for the cash payments are provided through transfers out by the Measure A special revenue funds for the 2009 Measure A bonds. Western County Measure A Funds The Western County Measure A special revenue funds account for Western County's approximately 77% share of the Measure A sales tax compared to 76% share in FY 2015/16. As demonstrated in Table 24, most of the Commission's reimbursements flow through these funds, since the sales tax leverages state and federal dollars. Table 24 — Western County Measure A Funds FY 2015 — 2017 FY 14/15 FY 15/16 Actual Revised Budget FY 15/16 Projected FY 16/17 Budget Dollar Change Percent Change Sources Measure A Sales Tax Bond Financing Commuter Assistance Economic Development Incentives Highways Local Streets and Roads New Corridors Public Bus Transit Rail Regional Arterials Specialized Transit Total Measure A Federal Reimbursements State Reimbursements Local Reimbursements TUMF Revenue Other Revenue Investment Income Transfers In TIFIA Loan Proceeds TOTAL Sources $ 9,751,900 1,805,900 1,444,700 36,840,400 35,034,500 13,363,700 1,842,000 7,368,100 10,835,400 3,070,000 $ 10,166,000 1,883,000 1,506,000 38,406,000 36,524,000 13,932,000 1,920,000 7,681,000 11,296,000 3,200,000 10,166,000 1,883,000 1,506,000 38,406,000 36,524,000 13,932,000 1,920,000 7,681,000 11,296,000 3,200,000 121,356,600 54,836,100 46,077,900 1,335,000 823,200 1,079,600 152,689,900 48,904,100 126,514,000 43,828,800 51,547,400 1,471,900 53,800 405,000 406,400 47,306,900 261,277,900 126,514,000 36,945,800 56,942,100 6,379,200 41,000 185,000 232,700 103,414,200 271,880,700 427,102,400 Uses Personnel Salaries and Benefits 2,903,800 Professional Services 7,970,700 Support Costs 700,800 Projects and Operations Program Operations 8,619,900 Engineering 3,618,600 Construction 131,251,800 Design Build 191,599,200 Right of Way/Land 69,431,600 Operating and Capital Disbursements 5,707,500 Special Studies 172,300 Local Streets and Roads 34,294,400 532,812,100 602,534,700 4,451,500 4,367,300 10,635,300 10,832,700 1,141,800 876,700 16, 692, 600 14, 253, 200 13,513,500 2,417,700 145, 917, 300 114, 442, 900 284,681,200 279,380,700 84,140,800 37,914,100 18, 950, 000 11, 290, 000 80,000 48,800 35,752,000 35,752,000 TOTAL Projects and Operations 444,695,300 Capital Outlay 107,800 Transfers Out 58,678,700 TOTAL Uses 599,727,400 3,573,600 56,159,900 495,499,400 600,000 80,452,200 515,057,100 675,689,500 592,628,300 Excess (deficiency) of Sources over (under) Uses $ (87,954,700) $ (142,877,400) $ 9,906,400 10,457,000 1,937,000 1,549,000 39,506,000 37,569,000 14,330,000 1,975,000 7,901,000 11,619,000 3,293,000 130,136,000 22,340,100 3,998,000 3,282,800 20,000 173,000 515,700 147,289,300 100,269,200 408,024,100 4,277,400 12,662,700 1,092,300 9,406,900 10,955,000 79,832,600 146,955,600 62,237,600 14,792,600 815,000 36,744,000 361,739,300 1,400,000 78,843,700 460,015,400 $ (51,991,300) $ 291,000 54,000 43,000 1,100,000 1,045,000 398,000 55,000 220,000 323,000 93,000 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3,622,000 (21,488,700) (47,549,400) 1,810,900 (33,800) (232,000) 109,300 99,982,400 (161,008,700) (124,788,000) 3% - 49 % -92% 123% - 63 % -57% 27% 211% - 62% - 23 % (174,100) -4% 2,027,400 19% (49,500) -4% (7,285,700) -44% (2,558,500) -19% (66,084,700) -45% (137,725,600) -48% (21,903,200) -26% (4,157,400) -22% 735,000 919% 992,000 3% (237,988,100) -40% (2,173,600) -61% 22,683,800 40% (215,674,100) -32% $ 90,886,100 -64% The budgeted Western County Measure A sales tax revenues reflect a 3% increase compared to the prior year due to Measure A sales tax projections. Taxable sales changes between jurisdictions within the County also periodically affect the geographic allocation formula from year to year. Federal reimbursements for highway and rail projects and the commuter assistance program, are significantly lower in the FY 2016/17 budget and relate to funding from the FTA, Congestion Mitigation and Air Quality (CMAQ), Surface Transportation Program (STP), and earmarks. The 49% decrease in federal reimbursements is primarily attributable to allocations of federal funding for project activity on the Perris Valley Line project in the previous fiscal year. State reimbursements are lower by 92% compared to the FY 2015/16 budget and reflect funding from STIP and Proposition 1B funding for various highway and rail projects, particularly the 1-215 corridor improvement project, rail station rehabilitation, and the Perris Valley Line, in the previous fiscal year. The local reimbursement increase of 123% is attributable to the Riverside County Regional Park and Open Space District's (District) Santa Ana River Trail project, traffic signal synchronization projects, and 91 Project betterments. TUMF revenue represents reimbursements from TUMF zone funds administered by WRCOG for the 74/215 interchange construction, and the decrease in these TUMF reimbursements reflects the substantial completion of the project. Other revenue is related to property management lease revenues, which reflects a decrease from the prior year and is related to properties acquired in connection with the 91 Project. Investment income is slightly higher compared to the previous year's budget due to higher investment yields. As in prior years, a significant portion of transfers in consists of debt proceeds of $125,721,300 from sales tax revenue bonds, toll revenue bonds, and commercial paper notes to fund the 91 Project and 1-15 Express Lanes project. Other significant transfers in include $7,976,000 from the 2009 Measure A Western County rail fund for the Perris Valley Line; $10,000,000 from the 2009 Measure A bond financing fund for to fund a portion of Western County debt service; $2,767,000 for the build America bonds' (BABs) subsidy payment from the Debt Service fund; and $825,000 for regional arterials in accordance with the 2009 Measure A related to a city not eligible to receive the local street and roads funds. TIFIA loan proceeds of $100,269,200 will be used to pay eligible 91 Project expenditures. Personnel salaries and benefits expenditures decreased 4% resulting from the allocation of FTEs offset by a 4% pool for merit -based salary increases. Measure A Western County professional services expenditures in FY 2016/17 consist of general legal services for the various programs and capital projects, specialized legal and financial advisory services related to the 91 Project and 1-15 Express Lanes project, other professional services for rail capital and commuter assistance projects, and professional fees related to the Commission's debt programs. The increase of 19% in FY 2016/17 reflects the current year activity in advisory services and legal services related to the 1-15 Express Lanes project. Support costs decreased 4% due to restructuring of printing, communications, and vehicle maintenance for the commuter assistance program and to completion of the Perris Valley Line. Support costs comprise operations for the highway and rail capital, commuter assistance program, and property management services. General program operations comprise the program management with outside consultants for the highway and rail capital and commuter assistance programs, permits required for capital projects, and subsidies and certificates for the commuter assistance program. Such levels of operations typically fluctuate as project activities transition to another phase. Many of the Commission's Western County rail and highway projects funded by Measure A have been in the various phases of engineering, right of way, construction, and design -build activity. These activities are expected to decrease 19%, 26%, 45%, and 48%, respectively, due to significant completion of the 60/215 East Junction HOV lane connectors, SR-74 curve widening, 1-215 corridor improvement, and Perris Valley Line projects in FY 2015/16 and substantial completion of the 91 Project expected in FY 2016/17. A major project still in the design -build and right of way phase but at a decreased level of costs is the 91 Project. Several Western County TUMF regional arterial projects will be under construction in FY 2016/17. In addition to the design -build and construction activities of the 91 Project, other related activities during FY 2016/17 include utility and railroad relocations and the interagency, legal, financial, and other consultant staff to support these activities. Right of way acquisition is another major project activity for which the process can be lengthy. Significant right of way acquisitions will benefit the 91 Project and Mid County Parkway project. Operating and capital disbursements are lower by 22% compared to the FY 2015/16 budget and relate to Western County intercity bus service and specialized transit expenditures funded by Measure A. Special studies increased 919%, or $735,000 compared to the FY 2015/16 budget and relates to the toll feasibility study. Local streets and roads comprise turn back payments to local jurisdictions and increased because of the higher Measure A sales tax revenues. Capital outlay includes equipment and improvements for the rail program and reflects a 61% decrease due to a change in the classification of station rehabilitation and improvement expenditures. Significant transfers out include funding for debt service payments of $28,735,000; contribution of $29,501,900 from the 2009 Measure A Western County new corridors fund to the Sales Tax Bonds capital projects fund for the 91 Project equity contribution; funding for rail operating and maintenance needs of $11,355,800 from 2009 Measure A Western County rail fund; $7,976,000 from the 2009 Measure A Western County rail fund for the Perris Valley Line; funding for TUMF regional arterial projects of $450,000 from the 2009 Measure A Western County highway fund; and 2009 Measure A Western County local streets and roads fund allocation of $825,000 to 2009 Measure A Western County regional arterials fund. Coachella Valley Measure A Funds These special revenue funds account for Coachella Valley's 22% share of the Measure A sales tax compared to a 23% share in FY 2015/16. Table 25 — Coachella Valley Measure A Funds FY 2015 — 2017 FY 14/15 Actual FY 15/16 Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Sources Highways & Regional Arterials Local Streets and Roads Specialized Transit Total Measure A Investment Income Transfers In TOTAL Sources Uses Personnel Salaries and Benefits Professional Services Projects and Operations Program Operations Operating and Capital Disbursements Local Streets and Roads Regional Arterials TOTAL Projects and Operations TOTAL Uses $ 18,859,800 $ 13,201,800 5,657,900 19,661,000 $ 13,763,000 5,898,000 19,661,000 13,763,000 5,898,000 37,719,500 139,200 188,200 39,322,000 39,322,000 51,000 43,600 188,000 38,046,900 39,373,000 39,553,600 4,200 3,200 7,900 4,000 24,000 7,800 5,846,000 6,493,000 13, 201, 800 13, 763, 000 16,683,300 30,000,000 6,300 1,400 9,000 6,492,100 13,763,000 30,000,000 35, 755,100 50,263,800 50,264,100 35,767,200 50,271,000 50,271,800 Excess (deficiency) of Sources over (under) Uses $ 2,279,700 $ (10,898,000) $ (10,718,200) $ 19,231,000 13,462,000 5,769,000 38,462,000 35,300 188,000 38,685,300 1,400 6,100 6,050,000 13,462,000 30,000,000 49, 518,100 49,519,500 $ (10,834,200) $ (430,000) (301,000) (129,000) (860,000) (15,700) 188,000 -2% -2% -2% -2% -31 % N/A (687,700) -2% (3,200) -100% (2,600) -65% (1,700) -22% (443,000) -7% (301,000) -2% O% (745,700) -1% (751,500) -1% 63,800 -1% As shown in Table 23, overall budgeted Coachella Valley Measure A sales tax revenues decreased 2%. Although total Measure A sales tax revenues increased 2%, taxable sales changes among the geographic areas also impact the geographic allocation formula from year to year. The Coachella Valley operating and capital disbursements represent specialized transit funds distributed to SunLine for transit operations. Local streets and roads comprise turn back payments to local jurisdictions and are directly affected by changes in Measure A sales tax revenues. Regional arterial projects are highway and regional arterial projects managed by CVAG. Debt service funding for CVAG highway and regional arterial and the city of Indio local streets and roads projects under advance funding agreements is reflected in projects and operations in order to be consistent with the accounting in the ERP system. Palo Verde Valley Measure A Fund This special revenue fund accounts for Palo Verde Valley's 1% share of the Measure A sales tax. Table 26 — Palo Verde Valley Measure A Fund FY 2015 — 2017 FY 14/15 FY 15/16 Actual Revised Budget Sources Measure A Sales Tax Local Streets and Roads TOTAL Sources Uses Projects and Operations Local Streets and Roads TOTAL Uses $ 1,116,700 $ 1,116, 700 FY 15/16 FY 16/17 Projected Budget 1,164,000 $ 1,164,000 $ 1,152,000 $ 1,164,000 1,164,000 1,152, 000 1,116,700 1,164,000 1,164,000 1,152,000 Dollar Change Percent Change (12,000) -1% (12,000) -1% (12,000) -1% 1,116,700 1,164,000 1,164,000 1,152,000 (12,000) -1% Excess (deficiency) of Sources over (under) Uses $ - $ N/A The Measure A sales tax revenues are affected by the impact of shifts in taxable sales changes on the geographic allocation formula as well as revenue projections. In the Palo Verde Valley as noted in Table 26, expenditures are for local streets and roads. Debt service funding for the city of Blythe local streets and roads projects under an advance funding agreement is reflected in projects and operations in order to be consistent with the accounting in the ERP system. Non -Measure A Special Revenue Funds The non -Measure A special revenue funds account for LTF disbursements; TUMF Western County project costs; motorist assistance expenditures for towing service, freeway call boxes, and 1E511 system operations; transit disbursements from STA; Coachella Valley rail planning and development, and interagency activities. These activities are budgeted in the LTF, TUMF, FSP, SAFE, STA, Coachella Valley Rail, and Other Agency Projects special revenue funds, respectively. Local Transportation Fund The LTF special revenue fund derives its revenue from one quarter of one cent of the state sales tax that is returned to source and provides for funding of public transit operations in the County, bicycle and pedestrian facility projects, planning, and administration (Table 27). Table 27 — Local Transportation Fund FY 2015 — 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources LTF Sales Tax Other Revenue Investment Income TOTAL Sources Uses Projects and Operations Operating and Capital Disbursements Transfers Out TOTAL Uses $ 81,332,500 $ 83,000,000 $ 83,000,000 3,100 385,700 243,200 184,000 81,721,300 83,243,200 83,184,000 69,482,200 82,732,800 76,995,900 16,013,100 25,239,100 23,039,100 85,495, 300 107,971,900 100,035,000 Excess (deficiency) of Sources over (under) Uses $ (3,774,000) $ (24,728,700) $ (16,851,000) $ 85,000,000 199,100 85,199,100 77,260,500 23,350,000 100,610,500 $ (15,411,400) $ 2,000,000 2% N/A (44,100) -18% 1,955,900 2% (5,472,300) -7% (1,889,100) -7% (7,361,400) -7% $ 9,317,300 -38% The LTF sales tax revenue in FY 2016/17 is projected to increase 2% from the prior year. Investment income is expected to decrease slightly due to decreased cash balances. In FY 2016/17, approximately 92% and 8% of the LTF transit expenditures of $74,810,000 are for operating and capital purposes, respectively. LTF operating allocations are comprised of 76% to Western County, 22% to Coachella Valley, and 2% to Palo Verde Valley public bus operators. The actual allocations will not be approved until July 2016. Other operating and capital disbursements include allocations for SB821 bicycle and pedestrian projects of $1,801,000 and planning and administration allocations of $649,500 to the County Auditor -Controller and SCAG. Transfers out include allocations to the Commission's General fund for planning and administration of $3,550,000, rail operations of $17,800,000, and grade separation projects of $2,000,000. Transportation Uniform Mitigation Fee Fund The TUMF fund accounts for the Commission's share of developer fee assessments on new residential and commercial developments in Western County for regional arterials and CETAP corridors (Table 28). TUMF revenue is projected to increase slightly based on the recovering housing market. The transfers in for FY 2016/17 relate to funding from TUMF CETAP of $2,234,100 for the city of Temecula's regional arterial projects along 1-15. Table 28 - Transportation Uniform Mitigation Fee Fund FY 2015 - 2017 FY 14/15 FY 15/16 Actual Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Sources TUMF Revenue Investment Income Transfers In TOTAL Sources Uses Personnel Salaries and Benefits Professional Services Support Costs Projects and Operations Program Operations Engineering Construction Right of Way/Land Regional Arterials TOTAL Projects and Operations Transfers Out TOTAL Uses $ 17,400,800 $ 271,100 7,055,500 18,000,000 $ 39,800 6,436,600 18,000,000 85,400 2,013,300 24,727,400 24,476,400 20,098,700 289,800 347,700 424,300 239,100 592,800 128,700 1,000 12,000 12,100 459,500 520,200 268,900 4,580,000 6,407,400 2,823,800 11,402,200 10,683,300 9,391,200 2,568,200 20,786,600 4,410,000 600,000 600,000 900,000 19,609,900 38,997,500 17,793,900 420,300 7,216,900 1,583,600 20,560,100 47,166, 900 19,942, 600 Excess (deficiency) of Sources over (under) Uses $ 4,167,300 $ (22,690,500) $ 156,100 $ 18,500,000 124,100 2,234,100 20,858,200 250,100 560,400 12,300 272,400 5,976,200 381,400 22,265,300 516,600 29,411,900 2,484,200 32,718,900 $ (11,860,700) $ 500,000 84,300 (4,202,500) 3% 212% -65 % (3,618,200) -15% (97,600) (32,400) 300 (247,800) (431,200) (10,301,900) 1,478,700 (83,400) -28% -5 % 2% -48 % -7 % -96% 7% -14% (9,585,600) -25% (4,732,700) -66% (14,448,000) -31% $ 10,829,800 -48% Personnel salaries and benefits have decreased 28% due to allocation of FTEs offset by a 4% pool for merit -based salary increases. Professional services have decreased 5% due to legal services activities on the Mid County Parkway project. Projects and operations costs decreased 25%, as many regional arterial projects move into various stages of engineering, right of way acquisition and construction. Approximately 29% of the projects and operations costs are attributable to programmed regional arterial projects. The remaining 71% relates to CETAP projects such as the Mid County Parkway preliminary engineering and right of way acquisitions. Transfers out represent administrative allocations of $700,100 to the General fund and CETAP funding of $1,784,100 for two city of Temecula regional arterial projects along 1-15, which are within the CETAP Winchester to Temecula corridor limits. Freeway Service Patrol Fund The FSP fund accounts for the state and local resources provided to cover the costs of servicing stranded motorists in covered service areas and construction zones by means of towing, changing tires, and providing fuel (Table 27). The State's funding share of $2,232,000 has increased 9% from the FY 2015/16 budget due to increased CHP support needed for highway construction projects. Local reimbursements of $675,000 include construction freeway service patrol for the 91 Project. Transfers in represent Commission match funds of $714,700 from the SAFE special revenue fund. Table 29 - Freeway Service Patrol Fund FY 2015 - 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources State Reimbursements $ 2,264,700 $ 2,042,000 $ 2,089,500 Local Reimbursements 1,178,100 1,060,000 Other Revenue 383,000 Investment Income 2,800 1,800 300 Transfers In 548,700 571,200 571,200 TOTAL Sources 3,199,200 3,793,100 3,721,000 Uses Personnel Salaries and Benefits Professional Services Support Costs Projects and Operations Program Operations TOTAL Projects and Operations Transfers Out TOTAL Uses 56,500 86,900 86,900 70,700 66,000 65,000 39,900 59,300 53,500 3,095,100 3,547,500 3,557,500 3,095,100 3,547,500 3,557,500 159,800 248,300 248,300 3,422,000 4,008,000 4,011,200 Excess (deficiency) of Sources over (under) Uses $ (222,800) $ (214,900) $ (290,200) 2,232,000 675,000 600 714,700 3,622,300 97,100 66,000 53,500 3,931,200 3,931,200 232,700 4,380,500 $ (758,200) $ 190,000 9% (503,100) -43% N/A (1,200) -67% 143,500 25% (170,800) -5% 10,200 12% 0% (5,800) -10% 383,700 11% 383,700 11% (15,600) -6% 372,500 9% $ (543,300) 253% Personnel salaries and benefits have increased 12% due to the allocation of FTEs and a 4% pool for merit -based salary increases. Professional services and support costs are comparable to the prior year's budget. Operating costs for towing services in FY 2016/17 are higher than the FY 2015/16 budget due to increased support levels needed on the 91 Project. Transfers out are administrative allocations to the General fund. Service Authority for Freeway Emergencies Fund The SAFE fund accounts for the $1 per vehicle registration fee levied by the State on all registered vehicles within the County. It funds the installation and implementation of emergency aid call boxes located strategically on the highways throughout the County as well as the operations of the 1E511 system (Table 30). Table 30 - Service Authority for Freeway Emergencies Fund FY 2015 - 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources State Reimbursements Local Reimbursements Other Revenue Investment Income TOTAL Sources Uses Personnel Salaries and Benefits Professional Services Support Costs Projects and Operations Program Operations Transfers Out TOTAL Uses 1,844,800 $ 1,700,000 $ 1,700,000 326,900 371,300 378,300 21,300 7,000 28,400 15,200 3,100 2,221,400 2,093,500 2,081,400 34,200 81,800 80,000 597,800 673,900 673,900 345,500 880,800 880,800 78,400 845,600 95,000 737,400 95,000 737,400 1,901,500 2,468,900 2,467,100 Excess (deficiency) of Sources over (under) Uses $ $ 1,700,000 317,500 14,700 2,032,200 33,500 600,900 865,800 95,000 876,200 2,471,400 0% (53,800) -14% (7,000) -100% (500) -3% (61,300) -3% (48,300) -59% (73,000) -11% (15,000) -2% O% 138,800 19% 2,500 0% 319,900 $ (375,400) $ (385,700) $ (439.200) $ (63,800) 17% Local reimbursements represent the pass -through funds from SANBAG as its share of the 1E511 system operating costs and the recoveries from call box knockdowns, which service is provided by a collection agency. Personnel salaries and benefits have decreased 59% due to the allocation of FTEs. Professional services and support costs have decreased due to 1E511 system enhancements completed in the previous year. Projects and operations costs are comparable to the previous year's budget. The transfers out reflect a matching contribution to the State's contribution for towing services of $714,700 to the FSP special revenue fund and administrative allocations to the General fund of $161,500. State Transit Assistance Fund The STA fund accounts for the state budgetary allocation of gas tax revenues designated for rail and bus transit operations and capital requirements (Table 31). The allocation is based on estimates of diesel fuel sales tax revenues provided by the Controller of the State, subject to an annual state budget appropriation. Table 31- State Transit Assistance Fund FY 2015 - 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources STA Sales Tax Investment Income TOTAL Sources Uses Professional Services Projects and Operations Operating and Capital Disbursements Transfers Out TOTAL Uses $ 13,484,300 $ 13,372,400 $ 13,372,400 2 71, 000 13 5, 400 167,800 13,755,300 13, 507, 800 13, 540, 200 8,211,600 22,280,000 800 4,634,000 46 6, 000 19 0, 000 19 0, 000 8,677,600 22,470,000 4,824,800 Excess (deficiency) of Sources over (under) Uses $ 5,077,700 $ (8,962,200) $ 8,715,400 $ 10,821,600 146,800 10,968,400 800 21,215,000 165,000 21,380,800 $ (10,412,400) $ (2,550,800) -19% 11,400 8% (2,539,400) -19% 800 N/A (1,065,000) -5% (25,000) -13% (1,089,200) -5% $ (1,450,200) 16% Investment income is expected to increase because of an increase in projected cash balances. The operating and capital disbursements consist of allocations for bus capital purposes. In FY 2016/17, 54% of the allocations are in Western County, 45% in Coachella Valley, and 1% in Palo Verde Valley. Transfers out represent rail capital allocations to the Coachella Valley Rail fund. Similar to the LTF allocations, the actual STA allocations will not be approved until July 2016. Coachella Valley Rail Fund The Coachella Valley Rail fund accounts for state funding for the planning and development of the new Coachella Valley/San Gorgonio Pass corridor rail service (Table 32). Table 32 - Coachella Valley Rail Fund FY 2015 - 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Federal Reimbursements $ - $ - $ Investment Income 18,500 4,500 3,100 Transfers In 779,500 190,000 190,000 TOTAL Sources 798,000 194,500 193,100 Uses Personnel Salaries and Benefits 46,200 60,600 60,600 Professional Services 826,200 1,160,000 702,500 Support Costs 5,700 3,700 3,700 Projects and Operations Program Operations 10,000 Engineering 250,000 Construction 1,200,000 TOTAL Projects and Operations 1,460,000 TOTAL Uses 878,100 2,684,300 766,800 Excess (deficiency) of Sources over (under) Uses $ (80,100) $ (2,489,800) $ (573,700) $ 2,900,000 800 165,000 3,065,800 56,900 3,706,000 3,700 250,000 2,200,000 2,450,000 6,216,600 $ (3,150,800) $ 2,900,000 N/A (3,700) -82% (25,000) -13% 2,871,300 1476% (3,700) -6% 2,546,000 219% O% (10,000) -100% O% 1,000,000 83% 990,000 68% 3,532,300 132% $ (661,000) 27% Federal reimbursements represent a Federal Rail Administration (FRA) grant of $2,900,000 for rail station planning and development. Transfers in of $165,000 reflect STA allocations. Personnel salaries and benefits decreased 6% due to allocation of FTEs. Professional services and projects and operations increased 219% and 68%, respectively, and represent exploring passenger rail options, conducting detailed studies, and station construction planning and development on the Coachella Valley/San Gorgonio Pass rail corridor. Other Agency Projects Fund The fund accounts for interagency cooperative planning and development of projects in the County. The Commission entered into a MOU with the District for the Santa Ana River Trail projects. The projects are a joint effort with several public and private agencies including the counties of Orange and San Bernardino. The District is the lead agency for environmental compliance for NEPA and CEQA, and the Commission will be responsible for project oversight and approval, final design, and construction. Table 33 - Other Agency Projects Fund FY 2015 - 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Local Reimbursements Investment Income TOTAL Sources Uses Personnel Salaries and Benefits Professional Services Projects and Operations Program Operations Engineering Construction Right of Way/Land TOTAL Projects and Operations TOTAL Uses $ 508,700 $ 508,700 6,600 2,100 563,000 $ 396,600 100 563,100 396,600 34,900 74,600 12,000 55,500 20,000 90,000 290,000 250,000 163,000 2,100 558,500 310,000 8,700 593,400 396,600 Excess (deficiency) of Sources over (under) Uses $ 500,000 $ (30,300) $ 4,588,300 1,300 4,589,600 72,100 27,500 113,700 490,000 3,800,000 85,000 4,488,700 4,588,300 $ 1,300 $ 4,025,300 715% 1,200 1200% 4,026,500 715% 37,200 107% 27,500 N/A 58,200 105% 400,000 444% 3,550,000 1420% (78,000) -48% 3,930,200 704% 3,994,900 673% $ 31,600 -104% The District is responsible for 100% of the Santa Ana River Trail project costs. It will reimburse the Commission, including providing an advance deposit, for all salaries and benefits, project management, engineering, and construction costs. Capital Projects Funds Overview The capital projects funds account for all debt proceeds from commercial paper notes, sales tax, and toll revenue bonds (Table 34). Table 34 - Capital Projects Funds FY 2015 — 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Investment Income TOTAL Revenues Expenditures Debt Service Interest Payments TOTAL Expenditures $ 2,833,700 $ 879,500 $ 2,679,700 2,833,700 879,500 2,679,700 59,000 59,000 Excess (deficiency) of Revenues over (under) Expenditures 2,833,700 879,500 2,620,700 Other Financing Sources (Uses) Transfers In 32,793,400 27,776,600 27,776,600 Transfers Out (153,094,200) (46,477,000) (71,981,000) Debt Proceeds 20,000,000 Net Financing Sources (Uses) (120,300,800) (18,700,400) (24,204,400) Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) (117,467,100) Beginning Fund Balance 273,589,500 ENDING FUND BALANCE (17,820,900) (21,583,700) 156,122,400 156,122,400 $ 156,122,400 $ 138,301,500 $ 134,538,700 $ 441,500 441,500 386,000 386,000 55,500 29,501,900 (132,780,900) 28,000,000 (75,279,000) (75,223,500) 134,538,700 $ 59,315,200 $ (438,000) -50% (438,000) -50% 386,000 N/A 386,000 N/A (824,000) -94% 1,725,300 6% (86,303,900) 186% 28,000,000 N/A (56,578,600) 303% (57,402,600) 322% (21,583,700) -14% $ (78,986,300) -57% As illustrated in the following charts, capital projects funds sources primarily consist of transfers in (Chart 16), and the significant uses of the capital projects funds are transfers out (Chart 17). In 2005, a commercial paper program was established to advance project development and land and right of way acquisition related to the 2009 Measure A projects. In FY 2013/14, the Commission issued $462.2 million in sales tax revenue bonds (2013 Sales Tax Bonds) and $176.7 million in toll revenue bonds (2013 Toll Bonds) and executed a $421.1 million federal TIFIA loan to finance the 91 Project. A significant portion of the remaining proceeds of the 2013 Sales Tax Bonds along with the 2013 Toll Bonds has been and will continue to be drawn upon to pay a portion of costs of the 91 Project. During FY 2015/16 the Commission issued $20,000,000 in commercial paper notes for the I-15 Express Lanes project, and in FY 2016/17 the Commission expects to issue another $28,000,000 in commercial paper notes. Chart 16 — Capital Projects Funds Sources FY 2016/17 Investment Income 1% Debt Proceeds 48% Transfers In i 51% Transfers in of $29,501,900 represent a portion of the required equity contribution for the 91 Project. It will be funded from the 2009 Measure A Western County new corridor fund in FY 2016/17. Chart 17 — Capital Projects Funds Uses FY 2016/17 Debt Service 0% Transfers Out 100 % _Or In FY 2016/17, sales tax and toll revenue bond proceeds of $94,049,300 will be transferred out to the 2009 Measure A Western County Highway special revenue fund for the 91 Project; commercial paper proceeds of $31,672,000 will be transferred out to the 2009 Measure A Western County Highway special revenue fund for the I-15 Express Lanes project; $3,921,900 of annual debt service payments received under advance funding agreements recorded in the capital projects funds will be transferred out to the Debt Service fund for the payment of debt service; and $3,137,700 of 2013 Toll Bond proceeds will be transferred out to the Enterprise fund for operations and maintenance upon substantial completion of the 91 Project. Debt Service Funds Overview Under the 2009 Measure A program, as amended by Measure K in November 2010, the Commission has the authority to issue sales tax revenue bonds subject to a debt limitation of $975,000,000. The Sales Tax Bonds debt service fund of the Commission is used to account for all activities related to the sales tax revenue bonds debt incurred by the Commission (Table 33). The Commission's largest single expenditure is debt service. The debt agreements require the trustees to hold all debt proceeds, a portion of the sales tax revenues and, upon commencement of toll operations in FY 2016/17, the toll revenues from the Riverside 91 Express Lanes and to segregate all funds into separate amounts. These monies are included in the restricted investments held by trustee in the capital projects funds and the debt service funds. Under the sales tax indentures, the Commission may use sales tax revenues for any lawful purpose related to the Riverside County TIP after the trustee has satisfied debt service requirements. Under the toll indentures, which include the TIFIA loan, the use of toll revenues is prescribed by a flow of funds to be administered by the trustee. In order to advance project development activities, the Commission established a commercial paper program in 2005. Periodically a portion of the commercial paper notes issued has been retired with sales tax revenue bonds including those bonds issued in 2009 (2009 Bonds), 2010 (2010 Bonds), and 2013 Sales Tax Bonds. Table 35 — Debt Service Funds FY 2015 — 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Federal Reimbursements $ 2,764,400 $ 2,767,000 $ 2,767,000 Investment Income 1,183,900 668,300 2,258,200 TOTAL Revenues 3,948,300 3,435,300 5,025,200 Expenditures Debt Service Principal Payments Interest Payments TOTAL Debt Service TOTAL Expenditures Excess (deficiency) of Revenues over (under) Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) Beginning Fund Balance ENDING FUND BALANCE 7,400,000 45,900,100 7,800,000 7,800,000 46,119,900 45,812,800 53,300,100 53,919,900 53,612,800 53,300,100 53,919,900 53,612,800 (49,351,800) (50,484,600) (48,587,600) 22,184,900 27,451,800 22,639,900 (2,945,700) (2,955,000) 19,239,200 27,451,800 19, 684, 900 (30,112,600) (23,032,800) (28,902,700) 136,312,300 106,199,700 106,199,700 $ 106,199,700 $ 83,166,900 $ 77,297,000 $ 2,767,000 346,000 3,113,000 8,100,000 45,529,800 53,629,800 53,629,800 (50,516,800) 22,656,900 (2,955,000) 19,701,900 (30,814,900) 77,297,000 $ 46,482,100 0% (322,300) -48% (322,300) -9% 300,000 4% (590,100) -1% (290,100) -1% (290,100) -1% (32,200) 0% (4,794,900) -17% (2,955,000) N/A (7,749,900) -28% (7,782,100) 34% (28,902,700) -27% $ (36,684,800) -44% Reimbursements consist of federal cash subsidy payments related to the 2010 Bonds Series B designated as BABs. The BABs subsidy payments reflect a reduction due to federal sequestration cuts. Investment income is significantly lower than the previous fiscal year due to lower investment balances resulting from the use of sales tax and toll revenue bonds through FY 2016/17 for the 91 Project. Transfers in represent the primary source of funding for the debt service funds (Chart 18) and consist of funds from the 2009 Measure A Western County Highways and Bond Financing special revenue funds. Chart 18 — Debt Service Funds Sources FY 2016/17 Federal Reimbursements 11% Transfers In 88% yny r Investment Income 1% Debt Service fund uses (Chart 19) consist of debt service on the sales tax and toll revenue bonds and transfer of the BABs subsidy payments to the 2009 Measure A Western County Highways and 2009 Measure A Coachella Valley Highway funds. Chart 19 — Debt Service Funds Uses FY 2016/17 Transfers Out 5% Debt Service 95% i Enterprise Fund Overview The Riverside 91 Express Lanes is a four -lane, eight -mile toll road in the median of the SR-91 that extends the OCTA 91 Express Lanes at the Orange County/Riverside County line to the SR-91/I-15 interchange. Toll operation revenues generated will fund maintenance and operating costs, rehabilitation, capital expenses, and debt service. The Riverside 91 Express Lanes toll collection system is all electronic transactions, with no toll collection booths. Commuters on SR-91 in Corona will have a choice of using either the express lanes or the general purpose lanes. Table 36 — Enterprise Fund FY 2015 — 2017 FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Toll Revenue Other Revenue Investment Income TOTAL Revenues Expenses Personnel Salaries and Benefits Professional and Support Professional Services Support Costs TOTAL Professional and Support Costs Program and Operations Program and Operations Capital Outlay TOTAL Expenses Excess (deficiency) of Revenues over (under) Expenses Other Financing Sources (Uses) Transfers In Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenses and Other Financing Sources (Uses) Beginning Fund Balance ENDING FUND BALANCE $ - $ - $ $ 3,798,000 2,345,000 6,800 6,149, 800 268,400 307,000 2,674,900 2,981,900 3,052,800 250,000 6,553,100 (403,300) 3,137, 700 3,137, 700 2,734,400 $ 2,734,400 $ 3,798,000 N/A 2,345,000 N/A 6,800 N/A 6,149,800 N/A 268,400 N/A 307,000 N/A 2,674,900 N/A 2,981,900 N/A 3,052,800 N/A 250,000 N/A 6,553,100 N/A (403,300) N/A 3,137,700 N/A 3,137,700 N/A 2,734,400 N/A N/A $ 2,734,400 N/A Toll revenues of $3,798,000 are based on a half year of estimated toll transactions derived from the Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Report and 2013 financing assumptions. Other revenue of $2,345,000 consists of violations and other non -toll transactions. Interest income represents earnings on funds held for operations. Transfers in of $3,137,700 consist of 2013 Toll Bond proceeds from the Capital Projects fund for operations and maintenance upon substantial completion of the 91 Project. Chart 20 — Enterprise Fund Sources FY 2016/17 Toll Revenue 41% i Toll operations expenses represent approximately six months in FY 2016/17 to manage the operations, maintenance, and capital support of the Riverside 91 Express Lanes. Personnel salaries and benefits represent 4% of the total budget. Professional and support costs is 45% of total expenses and includes system, equipment, and road maintenance; insurance; violation enforcement; consulting services; and marketing. Program and operations of $3,052,800 consist of the contracted operator's expenses related to operating and maintaining the toll lane hardware and software and customer service center, toll processing, and violation collection processing. Chart 21— Enterprise Fund Uses FY 2016/17 Capital Outlay 4% .",m.. Personnel Salaries and Benefits 4% Professional and Support 45% Revenues and Other Sources Total revenues and other sources are budgeted at $712,796,700, and consist of Measure A sales tax of $173,000,000, (or 24% of total sources); LTF sales tax of $85,000,000 (or 12% of total sources); STA revenues of $10,821,600 (or less than 2% of total sources); federal revenues of $28,007,100 (or 4% of total sources); state revenues, including vehicle registration fees, of $8,830,000 (or 1% of total sources); TUMF of $18,520,000 (or 2% of total sources); debt proceeds of $128,269,200 (or 18% of total sources); transfers in of $241,687,700 (or 34% of total sources); toll revenues of $3,798,000 (or less than 1% of total sources); and other revenues of $14,863,100 (or 2% of total sources). The specific revenue funding sources are shown in Table 37. Table 37 — Revenues and Other Sources FY 2016/17 Department/Program Sales Tax Measure A LTF STA Federal State Local/Toll/Other Funding Sources Management Services $ 3,250,000 $ - $ - $ $ $ 3,700 MEASURE A AND OTHER CAPITAL PROGRAMS Bond Financing 10,457,000 - - - 17,000 CETAP - - - 9,307,200 Economic Development 1,549,000 - - 13,900 Highways 58,737,000 - - 15,390,600 3,250,000 2,958,600 Local Streets and Roads 52,183,000 - - New Corridors 14,330,000 - - 47,600 Rail 7,901,000 - - 12,384,000 748,000 271,500 Regional Arterials 11,619,000 - - 9,365,600 REGIONAL PROGRAMS Public and Specialized Transit Planning and Programming Rail Station Maintenance/Operations Commuter Assistance Motorist Assistance 11,037,000 1,937,000 85,000,000 10,821,600 232,500 366,900 900,000 5,768,100 466,600 1,436,800 3,932,000 1,007,800 Toll Operations - - - - - 6,149,800 OTHER FINANCING SOURCES Debt Proceeds Transfers In 128,269,200 241,687,700 TOTAL Funding Sources $ 173,000,000 $ 85,000,000 $ 10,821,600 $ 28,007,100 $ 8,830,000 $ 407,138,000 Revenues —Definitions and Background $ 3,253,700 10,474,000 9,307,200 1,562,900 80,336,200 52,183,000 14,377,600 21,304,500 20,984,600 107,225,500 6,668,100 466,600 3,606,300 4,939,800 6,149,800 128,269,200 241,687,700 $ 712,796,700 Measure A: Measure A is a one-half of one percent transactions and use tax that was first approved by Riverside County voters in 1988 and expired on June 30, 2009 after a 20-year term. On November 5, 2002, the voters of Riverside County approved the renewal of Measure A through 2039. The 2009 Measure A is expected to raise approximately $10 billion (in nominal dollars) during its lifespan. The amount raised by the Measure A levy has increased as the County and its economic base have grown during the past two decades, peaking in FY 2014/15 at $163 million. Measure A revenues are projected to approximate $170,000,000 and $173,000,000 in FY 2015/16 and FY 2016/17, respectively. Measure A requires that all sales taxes collected may only be used for transportation purposes including administration and the construction, capital acquisition, maintenance, and operation of streets, roads, highways, including state highways and public transit systems and for related purposes. These purposes include expenditures for planning, environmental reviews, engineering and design costs, and related right of way acquisition. The Commission historically has obtained and updated Measure A revenue projections through a consultant for budget and strategic project planning purposes. The most recent economic forecast was completed in May 2016, and the Commission's sales tax services consultant provides Measure A revenue projections in connection with its quarterly sales tax analysis. Measure A revenue projections, based on such updates and other factors, for the next five fiscal years are presented in Chart 22 below. Chart 22 — Forecasted Measure A Sales Tax Revenues 2013 — 2021 $250,000,000 $200,000,000 $150, 000, 000 $100, 000, 000 $50, 000, 000 $- 1 2013 2014 2015 2016 2017 2018 2019 2020 2021 Actual Actual Actual Projected Projected Projected Projected Projected Projected The following additional assumptions were used in the development of the Commission's revenue forecast for FY 2016/17: • The Inland Empire economy will continue to expand through FY 2016/17 due to steady gains in the Inland Empire's labor market, population growth, and increased consumer and business spending. • The State does not change mix of items subject to the sales tax from what has been included historically. • The relative sales and property tax rates of Riverside and surrounding counties do not change from historical levels. • Internet sales will have minimal impact on revenue. The Measure A sales tax revenue projections are considered in the Western Riverside County Delivery Plan financing strategy. Geographic Allocation - Riverside County is comprised of three geographic areas: Western County, Coachella Valley, and Palo Verde Valley. The percentage of Measure A revenues allocated to each of these areas based on return to source is approximately 77% for Western County, 22% for Coachella Valley, and 1% for Palo Verde Valley (Chart 23). These percentages will experience some slight variations from year to year based on changes in levels of taxable sales among the geographic areas. For example, in FY 2014/15, the actual allocations were approximately 76% for Western County, 23% for Coachella Valley, and 1% for Palo Verde Valley. Chart 23 — Geographic Allocation of Measure A Revenues Palo Verde Valley 1% Program Allocation - The 2009 Measure A TIP defines the manner in which the sales tax revenues are to be spent, as presented in the Table 38. In Western County, public transit includes funding for specialized transit, commuter rail, intercity bus service, and commuter assistance. For the Coachella Valley, public transit includes specialized transit and public bus services. Table 38 - Program Allocation of 2009 Measure A Revenues Western County *Bond Financing -8% *Economic Development Incentives -1% *Highways - 30 % *Local Streets and Roads - 29% *New Corridors -11% *Public Transit -12% *Regional Arterials -9% Coachella Valley *Highways and Regional Arterials -50% *Local Streets and Roads -35% *Public Transit -15% Palo Verde Valley *Local Streets and Roads -100% Local streets and roads allocations to the local jurisdictions within each geographic area are based on population (in Western County and Palo Verde Valley) or dwelling units (in Coachella Valley) and taxable sales. Based on the projected Measure A sales tax revenues of $173,000,000 for FY 2016/17, the geographic and program allocations are presented in Table 39. Table 39 - Geographic Allocation of Measure A Revenues by Program FY 2016/17 Program Administration Western Administration $ 3,250,000 $ $ $ Bond Financing 10,457,000 Economic Development Incentives 1,549,000 Highways 39,506,000 Highways and Regional Arterials 19,231,000 Local Streets and Roads 37,569,000 13,462,000 1,152,000 New Corridors 14,330,000 Public Transit 15,106,000 5,769,000 Regional Arterials 11,619,000 TOTAL $ 3,250,000 $ 130,136,000 $ 38,462,000 $ 1,152,000 County Coachella Valley Palo Verde Valley Total $ 3,250,000 10,457,000 1,549,000 39,506,000 19,231,000 52,183,000 14,330,000 20,875,000 11,619,000 $ 173,000,000 Local Transportation Fund: LTF, established in state law by the TDA, is funded through a one -quarter of one cent of the State's 8.00% sales tax. The intent of the legislation was to provide a dependable revenue stream for public transportation operations. Based upon an annual projection of LTF sales taxes that considers economic forecast revenue projections prepared by a consultant, local economic factors, and monthly receipt trends, the vast majority of LTF revenue in the County is allocated to the eight public transit operators, including the Commission for its share of Metrolink operations costs. Much like Measure A revenue, LTF had increased with the growth of the County and its economy until the recent economic recession and has stabilized in recent years (Chart 24). Revenues received from LTF are allocated for regional and local transportation planning, program administration, SB821 bicycle and pedestrian facilities projects, public bus transit, and rail transit, including the Commission for its share related to commuter rail operations in Western County. The Commission administers these funds on behalf of the County in a special revenue fund. Chart 24 - Local Transportation Fund Sales Tax Revenue Trend 2013 - 2017 90, 000, 000 88, 000, 000 86, 000, 000 84, 000, 000 82, 000, 000 80, 000, 000 78, 000, 000 76, 000, 000 74, 000, 000 72, 000, 000 70, 000, 000 FY 12/13 Actual FY 13/14 Actual FY 14/15 Actual FY 15/16 Projected FY 16/17 Projected State Transit Assistance: STA provides additional TDA state funding of transit operations and capital for urban counties, including the County's eight public transit operators. Sales taxes on gasoline and diesel fuels have historically generated the STA funding; however, recent legislation eliminated the tax on gasoline (Chart 25). Chart 25 - State Transit Assitance Sales Tax Revenue Trend 2013 - 2017 15, 000, 000 14, 000, 000 13, 000, 000 12, 000, 000 11, 000, 000 10, 000, 000 9,000,000 FY 12/13 Actual FY 13/14 Actual FY 14/15 Actual FY 15/16 Projected FY 16/17 Projected State Transportation Improvement Program: Administered by Ca!trans, the STIP is funded through state and federal gas tax dollars and is California's primary transportation fund. The State's revenues are generated by a price -based excise tax on gasoline. Dollars are allocated to each county based on a formula that takes into consideration population and highway centerline miles. Actual programming decisions for 75% of STIP dollars are made by local transportation agencies such as the Commission. As a result of alternative fuel vehicles, overall vehicle fuel efficiency, and lower gas prices, STIP revenues have steadily declined. STIP reimbursement estimates are based on budgeted expenditures for specific projects with STIP allocations approved by the CTC. Due to decreased funding levels, the CTC recently reduced programming for and deleted or delayed projects statewide in order to stay within available funding. Cap and Trade Program: State legislation in 2006 requires GHG emissions in the State to be reduced. A key element of the GHG reduction program is the Cap and Trade Program in which entities regulated under the program can "trade" or buy and sell a portion of emission allowances issued by the California Air Resources Board (CARB) at auctions held during the year. The revenues generated for the State through these auctions are appropriated for infrastructure investments that include low carbon transit operations programs (LCTOP) and road programs, high speed rail projects, and transit and intercity rail projects. LCTOP revenues for commuter rail operations are included in state reimbursement revenues. Department of Motor Vehicles (DMV) Registration Fees: State law allows county SAFE agencies to impose a $1 surcharge on vehicle registrations within the County to pay for call box purchases and operations; excess SAFE revenues may be used for 511 operations and as a match for FSP operations. The call boxes enable motorists to summon help should they encounter mechanical or emergency problems while on the road, whereas the 1E511 system provides real-time traffic and transit trip information available via the internet or telephone. Caltrans Freeway Service Patrol Allocations: Caltrans is the primary sponsor of the FSP and provides the majority of funding for the program, including towing services in construction zones. The State provides nearly 80% of the funding for the FSP program based on population, freeway miles, and level of congestion throughout the State. The Commission administers and implements the program along with the CHP and Caltrans. Congestion Mitigation and Air Quality: The CMAQ program is federally funded and is targeted for transportation improvements in areas with air quality problems. This program pays for improvements that reduce congestion while improving air quality. The Commission has also used CMAQ dollars to include commuter assistance programs, signal interconnects, HOV lanes, and transit projects. CMAQ reimbursement estimates are based on budgeted expenditures for specific projects with CMAQ allocations. Federal Transit Administration: FTA funding is generally allocated annually by the federal government to urbanized areas and is based on calculated miles of service. On a reimbursement basis, the federal government provides funding for qualified capital investments in rail facilities, track, and vehicles. Transportation Uniform Mitigation Fee: In connection with the 2009 Measure A, the TUMF program was established in the Western County to provide additional funding for regional arterial projects. TUMF is administered by WRCOG. As a result of a MOU with WRCOG, the Commission will receive 48.7% of the TUMF revenues, which are divided equally between the regional arterial and CETAP programs. TUMF revenues maintained by WRCOG are allocated for regional arterial zone improvements and regional transit facilities. TUMF revenue (Chart 26) estimates are based on monthly receipt trends and consideration of local housing and commercial construction activity in the County. Chart 26 — Transportation Uniform Mitigation Fee Revenue Trend 2013 — 2017 19, 000, 000 18, 000, 000 17, 000, 000 16, 000, 000 15, 000, 000 14, 000, 000 13, 000, 000 12, 000, 000 11, 000, 000 10, 000, 000 9,000,000 FY 12/13 Actual FY 13/14 Actual FY 14/15 Actual FY 15/16 Projected FY 16/17 Projected Rail and Highway Licenses: The Commission owns parcels of land and right of way for highway, rail, and regional arterial projects in selected areas throughout the County. The ownership provides licensing and leasing opportunities for fiber-optic cable, advertising signs, and business tenants. The amount of funding received from the licenses and leases provides revenue to partially support the cost of owning and maintaining the Commission's land and facilities. Toll Revenue: In 2011 the Commission and OCTA entered into a cooperative agreement for the Riverside 91 Express Lanes and OCTA 91 Express Lanes to be interoperable and operated by the same toll operator. In 2013 a subsequent agreement among the Commission, OCTA, and the operator results in a single operator providing most operations and first line maintenance services for a single 91 Express Lanes system in Riverside and Orange counties. Notwithstanding their physical connection and use of the same toll operator, the Riverside 91 Express Lanes and OCTA 91 Express Lanes are independent enterprises, and tolls on each agency's express lanes will be charged independently. FY 2016/17 toll revenues represent a half year of projected toll transactions for the Riverside 91 Express Lanes based on the Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Report and 2013 financing assumptions. Non -toll Revenues: The 2011 cooperative agreement between the Commission and OCTA regarding the 91 Express Lanes also included cost and revenue sharing among other provisions. Non -toll revenues are sources of revenues not attributable directly to toll transactions and are derived through administration by the operator of transaction -based fees and account -based fees in addition to interest revenues on customer balances, net of uncollectible tolls. FY 2016/17 non -toll revenues, which are reported as other revenue, are based on historical information provided by OCTA related to the OCTA 91 Express Lanes. Investment Income: The Commission has established a prudent investment policy for cash on hand that is intended to maximize return while providing absolute safeguards on principal and liquidity, as noted in Section 1. Interest earnings on the State and County investment pools are estimated at an interest rate of 0.25%. The earnings on funds held by the trustee for debt service and projects are assumed to be at 0.75%. Program Revenues and Other Sources Revenues and other financing sources for FY 2016/17 are allocated to the various Commission programs as follows: Management Services The primary funding sources for management services are Measure A allocations of $3,250,000 as well as LTF allocation transfers in of $1,000,000 and administration funding transfers in of $1,094,300 from TUMF, SAFE, and FSP. Other revenues include $400 for administrative activities. Interest revenues in FY 2016/17 are $3,300. Bond Financing Measure A Western County revenues of $10,457,000 will be used to support bond financing costs. Interest revenues are $17,000. CETAP The Western County CETAP program will receive $9,250,000 from TUMF for development of new CETAP corridors. Additionally, other local revenues include $57,200 representing investment income. Economic Development In order to attract commercial and industrial development and jobs to locate in the Western County area, Measure A Western County revenues of $1,549,000 will be used to create an infrastructure improvement bank to improve and construct interchanges, provide public transit linkages or stations, and make other improvements to the transportation system. Interest earnings are $13,900. Highways Funding for the highway program includes 2009 Measure A sales tax revenues of $58,737,000 for Western County highways and Coachella Valley highways and regional arterial programs. The 2009 Measure A Western County sales tax revenues will be used primarily for the 91 Project, 1-15 Express Lanes project, and 1-215 corridor improvements. Unexpended 1989 Measure A Western County revenues from prior years will be used on remaining projects such as SR-74 widening from 1-15 to 7th Street and curve realignment, SR-91 HOV lanes, and Pachappa underpass project. Federal funds for highway projects include $1,416,500 and $9,738,300 in CMAQ funds for the SR-91 HOV lanes and Pachappa underpass, respectively, and $1,468,800 in demonstration funds for the 91/71 interchange improvements. Other federal funds include $2,767,000 for BABs subsidy payments related to the 2010 Bonds. State funds include STIP funding of $2,900,000 will be used on the 1-215 corridor improvements, SR-60 truck climbing lanes, and toll feasibility study. Other state revenues include $350,000 for the 91 Project. Additional local funding includes $20,000 in TUMF zone reimbursements from WRCOG for the 74/215 interchange, $5,000 in lease revenues, $60,000 in carpool violations, $1,805,500 in 91 Project reimbursements, and interest revenue of $1,068,100. In FY 2016/17, the Commission anticipates $100,269,200 in a federal TIFIA loan drawdown to fund the 91 Project and the issuance of $28,000,000 in commercial paper notes for the 1-15 Express Lanes project. Transfers in include $94,049,300 in sales tax and toll revenue bond proceeds to fund the 91 Project; $31,672,000 from commercial paper proceeds to fund the 1-15 Express Lanes project; $22,656,900 to the Sales Tax Bonds debt service fund for Measure A Western County and Coachella Valley highways debt service; $29,501,900 to the Sales Tax Bonds capital projects fund for the 91 Project equity contribution from the 2009 Measure A Western County new corridors fund; $10,000,000 to the 2009 Measure A Western County highways fund from the 2009 Measure A Western County bond financing fund for debt service; and $2,955,000 to the 2009 Measure A Western County highways and 2009 Measure A Coachella Valley highways funds from the Sales Tax Bonds debt service fund for BABs subsidy payments on the 2010 Sales Tax Bonds. Local Streets and Roads Measure A allocations of $52,183,000 for the local streets and roads program are distributed to the cities and the County for local street repairs, maintenance, and construction. New Corridors To leverage local, state, and federal funding for four new transportation corridors identified through CETAP, Measure A Western County revenues of $14,330,000 will be available for environmental clearance, right of way acquisition, and construction of these new corridors. Interest revenues of $47,600 are included in local revenues. Rail Unexpended 1989 Measure A Western County revenues will be used for the Perris Valley Line. The 2009 Measure A Western County's public transit program allocated $7,901,000 for rail. Federal FTA funding consists of $9,484,000 for station rehabilitation and security projects and $2,900,000 for the development of Coachella Valley/San Gorgonio Pass corridor rail service. State Transportation Enhancement revenues of $748,000 will fund station rehabilitation and security projects. Local revenues include investment income of $86,700, reimbursements of $16,800 related to the Downtown Perris rail station, and property management revenues of $168,000. Transfers in of $165,000 are from STA for the development of Coachella Valley/San Gorgonio Pass corridor rail service and $7,976,000 from the 2009 Measure A Western County rail fund for the Perris Valley Line. Regional Arterials The Western County regional arterial program will receive funds from Measure A and TUMF in the amounts of $11,619,000 and $9,250,000, respectively. The new TUMF revenues along with unexpended TUMF revenues from prior years will be the primary source of funding TUMF regional arterial projects. Other local revenues also consist of investment income of $115,600. Transfers in consist of $2,234,100 from TUMF CETAP as a match for TUMF regional arterial projects and $825,000 from 2009 Measure A Western County local streets and roads, in accordance with the 2009 Measure A, related to a city not eligible to receive those funds. Public and Specialized Transit LTF sales tax revenues of $85,000,000 are allocated primarily for public bus and rail transit operations and capital in the County. A small portion of these revenues is used for LTF planning and administration allocations as well as SB821 bicycle and pedestrian facilities grants. STA allocations of $10,821,600 are allocated to the County's public transit operators. For the FY 2016/17 budget, unexpended LTF and STA revenues from prior years will also be used to fund transit operations as well as bicycle and pedestrian facilities grants. Under the 2009 Measure A, public transit funding of $11,037,000 has been allocated for Western County specialized transit and intercity bus services and Coachella Valley specialized and public transit services. Local revenues represent investment income of $366,900. Planning and Programming Transportation planning studies are funded with a LTF off -the -top allocation transfer in of $2,550,000, or three percent of estimated LTF revenues. A LTF allocation transfer in of $2,000,000 will fund grade separation projects for the city of Corona. STIP in the amount of $900,000 will fund PPM activities of the Commission and CVAG. Local revenues consist of $1,175,000 for a traffic signal synchronization coordination project, $4,588,300 for the District's projects, and investment income of $4,800. Rail Station Maintenance and Operations Rail operations, which include Metrolink operating and capital contributions, station maintenance, and support, will be funded with LTF allocation transfers in of $17,800,000 and $11,355,800 in 2009 Measure A Western County rail funds. In addition to interest revenues of $9,500, local revenues include $434,400 in reimbursements primarily from SCRRA for security costs, $4,000 for Metrolink violator citations, and $18,700 for miscellaneous vending machine revenues. Commuter Assistance The Commuter Assistance program will receive funding of $1,937,000 from 2009 Measure A Western County public transit to assist in implementing services to commuters and employers in promoting use of alternate modes of transportation in Western County. The Commission will also receive federal funds of $232,500 to support the commuter assistance program. Local revenues consist of other agency reimbursements of $1,400,500 for support of the San Bernardino commuter assistance program and regional ridematching as well as investment income of $36,300. Motorist Assistance SAFE is funded from $1,700,000 in revenues received through DMV registration fees, while Caltrans will allocate $2,232,000 in State highway account funds to cover FSP services. The Commission will also receive local revenues of $310,500 to support SANBAG's share of the 1E511 system operations, $675,000 in 91 Project reimbursements, investment income of $15,300, and cost recoveries of $7,000 from responsible parties related to call box knockdowns. The State's FSP contribution is matched with an operating transfer in from SAFE of $714,700. Toll Operations Toll operations for the Riverside 91 Express Lanes are funded from toll revenues of $3,798,000 and represent one- half year of operations. The Riverside 91 Express Lanes will also receive $2,345,000 from miscellaneous non -toll revenue and $6,800 investment income. Transfers in of $3,137,700 consist of 2013 Toll Bond proceeds from the Capital Projects fund for operations and maintenance upon substantial completion of the 91 Project. Commission Debt The Commission's current debt under the 2009 Measure A has been incurred for highway, new corridor, regional arterial, and local streets and roads projects for which title usually vests or, upon completion, will vest with Caltrans or local jurisdictions for ongoing operations and maintenance. Future Measure A sales taxes are pledged to cover Measure A debt service payments on the sales tax revenue bonds and commercial paper notes. Future toll revenues generated on the Riverside 91 Express Lanes, which is part of the 91 Project, are pledged to pay debt service on the 2013 Toll Bonds and federal TIFIA loan. The Commission may also issue commercial paper notes for other 2009 Measure A projects. Since the financed projects are not assets of the Commission for which the Commission will have operating responsibilities, except for the intangible rights to operate the express lanes on SR-91 and 1-15, future operating costs related to these projects cannot be determined and are not applicable. However, for toll and rail assets, operating budget impacts are considered in future project development. Table 40 presents a summary of the anticipated changes in the Commission's debt during FY 2016/17. Accretion amounts related to capital appreciation bonds and the TIFIA loan are excluded, as they do not affect the annual budget activities. Table 40 — Changes in Commission Debt Projected Balance Projected Balance July 1, 2016 Additions (Reductions) June 30, 2017 Commercial Paper 2009 Sales Tax Bonds 2010 Sales Tax Bonds 2013 Sales Tax Bonds 2013 Toll Bonds TIFIA Loan Commercial Paper $ 20,000,000 139,100,000 150,000,000 462, 200, 000 176,654,600 320, 785, 200 $ 28,000,000 100,269,200 (8,100,000) $ 1,268,739,800 $ 128,269,200 $ (8,100, 000) $ 48,000,000 131,000,000 150,000,000 462, 200,000 176,654,600 421,054,400 $ 1,388,909,000 In March 2005 the Commission established a commercial paper program to advance project development and land and right of way acquisition under the 2009 Measure A TIP. In September 2013 the Commission reduced the commercial paper program from $120,000,000 to $60,000,000. Maturities of commercial paper notes are rolled over to new issuances of commercial paper. Regarding the commercial paper notes, the Commission currently maintains a P-1 and an A-1+ rating from Moody's Investors Service (Moody's) and Standard and Poor's Rating Service (S&P), respectively. Interest payments are made from available commercial paper proceeds or sales tax revenues. The Commission issued $20,000,000 of commercial paper notes in FY 2015/16 and anticipates the issuance of $28,000,000 of commercial paper notes in FY 2016/17 related to the funding for the 1-15 Express Lanes project. The projected outstanding amount of commercial paper at June 30, 2017 is $48,000,000. The Commission projects commercial paper interest payments of $59,000 and $386,000 in FY 2015/16 and FY 2016/17, respectively. The commercial paper debt service expenditures are reflected in the Commercial Paper capital projects fund. The Commission has an irrevocable direct draw letter of credit in the amount of $60,750,000 and reimbursement agreement with State Street Bank and Trust Company (State Street Bank), which expires in October 2017, as credit and liquidity support for the commercial paper notes. The costs for the liquidity support are reflected in the 2009 Measure A Western County Bond Financing special revenue fund. Sales Tax Revenue Bonds Under the provisions of the 2009 Measure A, the Commission has the authority to issue bonds subject to a bond debt limitation of $975,000,000, reflecting an increase from the original authorization of $500,000,000 as a result of the voter approval of Measure K in November 2010. The sales tax bonds are secured by a pledge of the 2009 Measure A revenues. All sales tax revenue bonds mature on or before June 2039, prior to the expiration of the 2009 Measure A. As a means to achieve a greater level of interest rate stability, the Commission entered into two interest rate swaps for a total notional amount of $185,000,000 at a fixed rate for 20 years effective October 2009; the counterparties pay the Commission a floating rate equal to 67% of the one -month London Interbank Offer Rate, or LIBOR. The counterparty for the first swap ($100,000,000 notional amount) at a fixed rate of 3.679% is Bank of America, N.A. (Bank of America), and the counterparty for the second swap ($85,000,000 notional amount) at a fixed of 3.206% is Deutsche Bank AG (Deutsche Bank). As of June 30, 2017, the projected notional amounts for the Bank of America and Deutsche Bank swaps are $70,800,000 and $60,200,000, respectively. In connection with the commencement of the interest rate swaps in October 2009, the Commission issued $185,000,000 in variable rate sales tax revenue bonds to retire outstanding commercial paper notes, refund bonds issued in 2008, fund a portion of the debt service reserve, and pay costs of issuance. The 2009 Bonds are secured by standby bond purchase agreements (SBPAs) with The Bank of Tokyo -Mitsubishi UFJ, Ltd. (BTMU), which expire in March 2019. The costs for these liquidity facilities are accounted for in the 2009 Measure A Western County Bond Financing special revenue fund. For FY 2016/17, the Commission has budgeted debt service principal and interest payments of $8,100,000 and $4,838,300 respectively. In November 2010 the Commission issued $37,630,000 in fixed rate tax-exempt bonds (Series A Tax -Exempt) and $112,370,000 in fixed rate taxable bonds (Series B Taxable) designated as BABs under the American Recovery and Reinvestment Act (ARRA). The aggregate amount issued of $150,000,000 for the 2010 Bonds was used to retire outstanding commercial paper notes, provide funds for 2009 Measure A Western County capital projects, and pay costs of issuance. A portion of the BABs was designated as recovery zone economic development bonds (RZEDBs). The Commission expects to receive a cash subsidy from the United States Treasury equal to 35% of the interest payable on the BABs or 45% of the interest payable on the Series B Taxable bonds additionally designated as RZEDBs; however, in FY 2015/16, the BABs subsidy was reduced approximately 6.8% due to federal sequestration cuts, similar to the prior year. If sequestration continues, the FY 2016/17 BABs subsidy is expected to be reduced by approximately 7.2%. Estimated net debt service payments for the 2010 Bonds in FY 2016/17 are $0 for principal and $9,530,500 for interest payments. The $2,767,000 projected cash subsidy payment is reflected as federal reimbursements. In July 2013 the Commission issued $462,200,000 in fixed rate sales tax revenue bonds, at a premium, in connection with the 91 Project. The proceeds of the 2013 Sales Tax Bonds were used to fund a portion of the costs of the 91 Project, retire outstanding commercial paper notes, pay capitalized interest through December 2017, and pay costs of issuance. Estimated debt service payments for the 2013 Sales Tax Bonds in FY 2016/17 are $0 for principal and $24,041,100 for interest payments. The Commission has received long-term debt ratings of Aa2, AA+, and AA from Moody's, S&P, and Fitch Ratings (Fitch), respectively on its currently outstanding sales tax revenue bonds. Toll Revenue Bonds and TIFIA Loan In July 2010 the Commission authorized the issuance of up to $900,000,000 in toll revenue bonds in anticipation of the financing requirements for the 91 Project. In July 2013 the Commission issued $176,654,600 in toll revenue bonds, at a discount, that consist of $123,825,000 in current interest bonds (CIBs) and $52,829,600 in capital appreciation bonds (CABS). The CIBs have maturity dates through June 2048, while the CABS have maturity dates commencing June 2022 through June 2043 at the accreted value. Estimated debt service payments for the 2013 Toll Bonds in FY 2016/17 are $0 for principal and $7,119,900 for interest payments. The 2013 Toll Bonds are secured by a lien on the trust estate, which consists primarily of toll revenues and account revenues less operating and maintenance expenses of the RCTC 91 Express Lanes. In July 2013 the Commission executed a federal TIFIA loan with the United States Department of Transportation (U.S. DOT) in an amount up to $421,054,400, which provided the final puzzle piece needed for the full funding of the 91 Project. The TIFIA loan is a toll revenue bond that is subordinate to the 2013 Toll Bonds unless and until the occurrence of a bankruptcy related event. Proceeds of the TIFIA loan may be drawn upon after certain conditions have been met. Interest on outstanding disbursements is 3.47% and is compounded semiannually. The TIFIA loan matures on the earlier of June 2051 and the date that is 35 years after the substantial completion date of the 91 Project, which is anticipated in January 2017. Interest payments commence on the fifth anniversary of the substantial completion date or the first interest payment date occurring prior to the fifth anniversary date. Accordingly, semiannual interest payments are anticipated to commence December 2021; principal payments commence annually in June 2030. The Commission is required to fund a $20,000,000 TIFIA debt service reserve no later than July 2019 from sale proceeds of excess land acquired for the 91 Project. The TIFIA loan is also secured by the trust estate, similar to the 2013 Toll Bonds. The 2013 Toll Bonds and the TIFIA loan received long-term ratings from S&P and Fitch of BBB-. Debt Capacity Analysis The Commission is legally prohibited from issuing additional sales tax revenue debt if its debt coverage ratio is less than 1.5 to 1 on all senior sales tax revenue debt. The Commission has adopted a higher standard of 2 to 1 as part of its debt management policy. As Chart 27 and Table 41 indicate, the Commission has successfully met its policy standard for sales tax revenue debt issued under the 2009 Measure A, even in a fluctuating sales tax revenue environment. The 1989 Measure A related debt consistently exceeded the Commission's standard, and coverage for the 2009 Measure A related debt of 3.9 is anticipated for FY 2016/17. Any coverage less than 2 to 1 would necessitate using other program funding to cover all debt service expenditures. Chart 27 — Measure A Debt Capacity Analysis $200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $- FY 2015/16 Table 41— Measure A Debt Capacity Analysis FY 2016/17 u Senior Debt Service NI Available Revenues FY 15/16 FY 16/17 Sales Tax Revenues Senior Debt Service Coverage Ratio - Senior Debt Long -Term Debt Rating Commercial Paper Rating 170,000,000 $ 173,000,000 43,817,900 $ 44,430,600 3.9 3.9 Aa2/AA+/AA Aa2/AA+/AA P-1/A-1+ P-1/A-1+ The toll -supported debt consists of the 2013 Toll Bonds as senior debt and the TIFIA loan as subordinate debt. Beginning in the first full fiscal year following substantial completion, the Commission is required to establish and collect tolls in connection with the toll road to produce net revenues equal to or in excess of the following ratios: • 150% on senior lien debt; • 130% on senior lien, second lien, and subordinate debt; and • 100% on outstanding debt plus reserve deposits and certain other funds established under the indenture. Toll operations are anticipated to commence in January 2017 upon substantial completion of the 91 Project. Proceeds from the 2013 Bonds related to capitalized interest will be used to pay interest on the 2013 Bonds through and including December 2017. Accordingly, the toll coverage ratio requirements will be applicable commencing in FY 2017/18. Aggregate Debt Service Schedule for Sales Tax Bonds Debt service requirements for the sales tax revenue bonds are based on amortization schedules for the 2009 Bonds; 2010 Bonds, including the BABs cash subsidy payments; and the 2013 Sales Tax Bonds. Since commercial paper is expected to be refinanced with sales tax revenue bonds, debt service requirements for commercial paper are not included in Table 42; however, the debt service interest expenditures in FY 2016/17 for the commercial paper notes are estimated at $386,000. Table 42 — Commission Sales Tax Revenue Bonds Net Debt Service Requirements Fiscal Year 2017 2018 2019 2020 2021 2022-2026 2027-2031 2032-2036 2037-2039 Total Principal $ 8,100,000 31,460,000 20,990,000 21,990,000 22,925,000 132,740,000 164,095,000 202,210,000 146,790,000 Interest $ 39,077,600 38,759,300 37, 277,400 36,334,000 35,323,200 159,770,600 125,330,100 78,747,600 17,290,700 Subsidy Payments $ (2,747,000) (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,600) (14,910,600) (12,797,700) (3,175,500) Net Debt Service $ 751,300,000 $ 567,910,500 $ (60,469,800) Outstanding Debt and Debt Service Requirements as of June 30, 2017 $ 44,430,600 67,237,200 55,285,300 55,341,900 55,266,100 277,600,000 274,514,500 268,159,900 160,905,200 $ 1,258,740,700 The following is a summary of debt issued and secured by 2009 Measure A revenues, receipt of which began in FY 2009/10: 2005 Commercial Paper Notes (Limited Tax Bonds), Series A: In February 2005, the Commission authorized a $200,000,000 commercial paper program. In March 2005, the Commission established the program for $185,000,000 Commercial Paper Notes (Limited Tax Bonds), Series A and B. In October 2010, the program was reduced to $120,000,000; in September 2013, the program was further reduced to $60,000,000. The repayment of principal and interest on the commercial paper notes is secured by an irrevocable direct draw letter of credit issued by State Street Bank, and the Measure A sales tax revenues secure such repayment. Maturities of the commercial paper notes may range from one to 270 days, and interest rates are variable and dependent on current market conditions. The note agreements require the trustee to hold all note proceeds and a portion of sales tax revenues and to segregate all funds into separate accounts as required by the indentures. 2009 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A, B, and C: In October 2009, the Commission issued $185,000,000 principal amount of serial bonds to refinance the 2008 bonds, retire a portion of the outstanding principal amount of the commercial paper notes and a portion of accrued interest on the notes, and fund a reserve fund. In September 2011, the reserve fund was released to fund project costs in connection with an extension of the SBPAs. The repayment of principal and interest on the 2009 Bonds is secured by the SBPAs with BTMU, and the Measure A revenues secure such repayment. The bonds mature in annual installments ranging from $6,500,000 to $13,700,000 on various dates through June 1, 2029 with variable interest rates set on a weekly basis. The 2009 Bonds are integrated with the interest rate swaps, thereby creating synthetic fixed rate debt. The 2009 Bond agreements require the trustee to hold all bond proceeds and a portion of sales tax revenues and to segregate all funds into separate accounts as required by the indentures. Debt service requirements for the 2009 Bonds are summarized in Table 43. Table 43 — 2009 Sales Tax Revenue Bonds Debt Service Requirements Fiscal Year 2017 2018 2019 2020 2021 2022-2026 2027-2029 Total Principal $ 8,100,000 8,500,000 8,900,000 9,300,000 9,600,000 55,300,000 39,400, 000 Interest $ 5,506,000 5,187, 700 4,853,800 4,514,900 4,138,600 14,653,900 3,264,100 Total Debt Service 139,100,000 $ 42,119,000 $ 13,606,000 13, 687, 700 13,753,800 13,814,900 13,738,600 69,953,900 42, 664,100 $ 181,219,000 2010 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A Tax -Exempt and Series B Taxable: In November 2010, the Commission issued $150,000,000 principal amount of serial bonds to retire all of the outstanding principal amount of the commercial paper notes and fund project costs. The bonds mature in annual installments ranging from $12,105,000 to $17,980,000 on various dates from June 1, 2030 through June 1, 2039. Interest rates for the Series A Tax -Exempt and Series B Taxable bonds are 5% and 6.807%, respectively. The Commission expects to receive cash subsidies from the U.S. Treasury related to the Series B Taxable bonds. The 2010 Bond agreements require the trustee to hold all bond proceeds and a portion of sales tax revenues and to segregate all funds into separate accounts as required by the indentures. Debt service requirements, net of subsidy payments for the 2010 Bonds are summarized in Table 44. Table 44 — 2010 Sales Tax Revenue Bonds Net Debt Service Requirements Fiscal Year Principal Interest 2017 $ 2018 2019 2020 2021 2022-2026 2027-2031 24,815,000 2032-2036 73,215,000 2037-2039 51,970,000 - $ 9,530,500 9,530,500 9,530,500 9,530,500 9,530,500 47, 652, 600 47,047,400 32,849,100 7,165, 000 Subsidy (2,747,000) (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,600) (14, 910, 600) (12,797,700) (3,175,500) Net Debt Service Total $ 150,000,000 $ 182,366,600 $ (60,469, 800) $ 6,783,500 6,548,400 6,548,400 6,548,400 6,548,400 32,742,000 56,951,800 93,266,400 55,959,500 $ 271,896,800 2013 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A Tax -Exempt: In July 2013, the Commission issued $462,200,000 principal amount of serial bonds at a premium of $38,328,800 to retire all of the outstanding principal amount of commercial paper notes, fund a portion of the 91 Project costs, pay capitalized interest during construction, and pay costs of issuance. The $286,065,000 of serial bonds mature in annual installments ranging from $12,090,000 to $24,450,000 on various dates from June 1, 2018 through June 1, 2033 at interest rates ranging from 5.00 to 5.25%. The $176,135,000 of term bonds are due on June 1, 2039 with annual sinking fund payments ranging from $25,735,000 to $33,235,000 on June 1, 2034 through June 1, 2039 at an interest rate of 5.25%. The 2013 Sales Tax Bond agreements require the trustee to hold all bond proceeds and a portion of sales tax revenues and to segregate all funds into separate accounts as required by the indentures. Debt service requirements for the 2013 Sales Tax Bonds are summarized in Table 45. Table 45 — 2013 Sales Tax Revenue Bonds Debt Service Requirements Fiscal Year Principal Interest Total Debt Service 2017 $ - $ 24,041,100 2018 22,960,000 24,041,100 2019 12,090,000 22,893,100 2020 12,690,000 22,288,600 2021 13,325,000 21,654,100 2022-2026 77,440,000 97,464,100 2027-2031 99,880,000 75,018,600 2032-2036 128,995,000 45,898,500 2037-2039 94,820,000 10,125,700 Total $ 462,200,000 $ 343,424,900 $ 24,041,100 47,001,100 34,983,100 34,978,600 34,979,100 174, 904,100 174,898,600 174,893,500 104,945,700 $ 805,624,900 2013 Toll Revenue Bonds, Series A (Current Interest Obligations): In July 2013, the Commission issued $123,825,000 principal amount of serial CIBs to fund a portion of the 91 Project, pay capitalized interest during construction, fund a debt service reserve fund, fund an initial amount for an Operations and Maintenance Fund, and pay costs of issuance. The CIBs consist of a serial bond maturing on June 1, 2044 in the amount of $39,315,000 at an interest rate of 5.75% and a term bond due on June 1, 2048 in the amount of $84,510,000 with annual sinking funds payments of $42,255,000 on June 1, 2047 and June 1, 2048 at an interest rate of 5.75%. The Toll Revenue Bond agreements require the trustee to hold all bond proceeds and segregate funds into separate accounts as required by the indentures. Debt service requirements for the 2013 Toll Revenue CIBS are summarized in Table 46. Table 46 — 2013 Toll Revenue Current Interest Obligation Bonds Debt Service Requirements Fiscal Year 2017 2018 2019 2020 2021 2022-2026 2027-2031 2032-2036 2037-2041 2042-2046 2047-2048 Total Principal Interest Total Debt Service $ $ 7,119,900 7,119,900 - 7,119,900 7,119,900 - 7,119,900 35,599,700 - 35,599,700 35,599,700 - 35,599,700 39,315,000 31,078,500 84,510,000 7,289,000 $ 123,825,000 $ 216,365,800 $ 7,119,900 7,119,900 7,119,900 7,119,900 7,119,900 35,599,700 35,599,700 35,599,700 35,599,700 70,393,500 91,799,000 $ 340,190,800 2013 Toll Revenue Bonds, Series A (Capital Appreciation Obligations): In July 2013, the Commission issued $52,829,600 principal amount of serial CABS to fund a portion of the 91 Project, pay capitalized interest during construction, fund a debt service reserve fund, fund an initial amount for an Operations and Maintenance Fund, and pay costs of issuance. The CABS will not pay current interest as interest will be compounded commencing December 2013 semiannually and paid at maturity. Therefore, the CABS will increase in value, or accrete, by the accumulation of such compounded interest from its initial principal amount to the maturity value in installments ranging from $3,440,000 to $34,220,000 on various dates from June 1, 2022 through June 1, 2043. Interest rates and yield to maturity range from 5.30% to 7.15%. The Toll Revenue Bond agreements require the trustee to hold all bond proceeds and segregate funds into separate accounts as required by the indentures. Debt service requirements for the 2013 Toll Revenue CABS are summarized in Table 47. Table 47 — 2013 Toll Revenue Capital Appreciation Obligation Bonds Debt Service Requirements Fiscal Year Principal Accreted Interest Total Debt Service 2022-2023 $ 5,494,800 $ 3,655,200 2024-2028 18,364,700 22,490,300 2029-2033 15,215,000 34,850,000 2034-2038 1,963,300 6,196,700 2039-2041 11,791,800 78,458,200 Total $ 52,829,600 $ 145,650,400 9,150,000 40,855,000 50,065,000 8,160,000 90,250,000 $ 198,480,000 TIFIA Loan Agreement: In July 2013, the Commission executed a TIFIA loan of up to $421,054,400 for the 91 Project. In FY 2016/17, the Commission is expected to draw the balance of the TIFIA loan, or $100,269,200 principal amount of TIFIA loan proceeds, for the 91 Project. During construction and for a period of up to five years following substantial completion, interest is compounded and added to the initial TIFIA loan. The TIFIA loan requires mandatory debt service payments at a minimum and scheduled debt service payments to the extent additional funds are available. TIFIA debt service payments are expected to commence on December 1, 2021, which is five years after substantial completion of the 91 Project, through June 1, 2051. The interest rate of the TIFIA loan is 3.47%. Based on a projected draw schedule, the following is an estimate of mandatory and scheduled debt service. Table 48 —TIFIA Debt Service Requirements Mandatory Scheduled Fiscal Year Principal Interest Total Principal Interest 2019-2023 2024-2028 2029-2033 2034-2038 2039-2043 2044-2048 2049-2051 Total Accretion Initial Loan $ - $ 3,855,300 $ 3,855,300 $ - $ 31,193,000 - 23,682,500 23,682,500 - 63,962,300 202,000 73,988,700 74,190,700 - 13,597,600 97,873,700 82,059,600 179,933,300 - - 99,539,200 61,564,000 161,103,200 - - 178,019,200 41,424,700 219,443,900 - - 129,385,500 6,542,600 135,928,100 400 - 505,019,600 $ 293,117,400 $ 798,137,000 $ 108,752,900 (83,965,200) $ 421,054,400 In connection with the 2013 financing for the 91 Project, the Commission covenanted to deposit amounts with the toll trustee as an equity contribution to the 91 Project. The FY 2015/16 equity contribution is funded by transfers from the 1989 Measure A Western County highway fund and 2009 Measure A Western County new corridors fund, and the FY 2016/17 equity contribution is funded by a transfer from the 2009 Measure A Western County new corridors fund. The allocation of the sales tax revenue bonds to the 2009 Measure A programs is presented in Chart 28. A significant portion of the sales tax revenue bonds were allocated for highway and regional arterial projects in the Western County and Coachella Valley; however, less than 1% was allocated for local streets and roads projects in the Coachella Valley and Palo Verde Valley. Chart 28 — Program Long -Term Debt Highways and Regional Arterials 100% •iNgionwP4( The allocation of the sales tax revenue bonds by the benefiting geographic area is presented in Chart 29. Chart 29 — Long -Term Debt by Geographic Area Coachella Valley 2% Western County` • 98% ! Outstanding Debt and Legal Debt Margin at June 30, 2017 A summary of the Commission's outstanding debt secured by Measure A sales tax revenues and related legal debt margin projected at June 30, 2017 is presented in Table 49: Table 49 — Legal Debt Margin Authorized Sales Tax Revenue Debt 2005 Commercial Paper Notes 2009 Bonds 2010 Bonds 2013 Sales Tax Bonds Total Outstanding Debt Legal Debt Margin 2009 Measure A $ 975,000,000 48,000,000 131,000,000 150,000,000 462,200,000 791,200,000 $ 183,800,000 Table 50 — Budget Comparison by Department FY 2015 — 2017 FY 14/15 Actual FY 15/16 Revised Budget FY 15/16 Projected FY 16/17 Budget Dollar Change Percent Change Revenues Measure A Sales Tax LTF Sales Tax STA Sales Tax Federal Reimbursements State Reimbursements Local Reimbursements TUMF Revenue Toll Revenue Other Revenue Investment Income Total Revenues Expenditures Management Services: Executive Management Administration Legislative Affairs and Communications Finance Total Management Services Regional Programs: Planning and Programming Services Rail Maintenance and Operations Public and Specialized Transit Commuter Assistance Motorist Assistance Total Regional Programs Capital Project Development and Delivery Toll Operations Debt Service: Principal Payments Interest Payments Total Debt Service Total Expenditures Excess (deficiency) of Revenues over (under) Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Debt Proceeds TIFIA Loan Proceeds Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) Beginning Fund Balance $ 163,092,800 81,332,500 13,484,300 57,614,000 50,623,800 2,277,800 17,400,800 2,542,400 6,258,200 $ 170,000,000 83,000,000 13,372,400 50,595,800 56,130,600 4,084,300 18,053,800 787,000 2,456,300 $ 170,000,000 83,000,000 13,372,400 39,712,800 61,395,600 9,199,000 18,041,000 185,000 5,663,000 394,626,600 481,200 1,900,100 926,500 4,350,200 7,658,000 2,419,000 14,122,600 89,164,800 2,891,400 4,318,000 112,915,800 497,305,900 7,411,700 45,913,300 53,325,000 671,204,700 398,480,200 400,568,800 542,500 479,100 1,987,800 1,581,700 1,516,400 1,290,100 4,966,900 4,601,700 9,013,600 7,157,800 26,188,500 118,129,500 3,687,300 5,491,200 160,654,300 692,979,000 7,800,000 46,119,900 53,919,900 916,566,800 7,952,600 4,460,400 21,309,700 94,385,300 3,737,200 5,492,600 129,385,200 564,159,600 7,800,000 45,871,800 53,671,800 755,169,200 (276,578,100) 232,626,100 (232,626,100) 48,904,100 48,904,100 (518,086,600) (354,600,400) 136,326,500 (136,326,500) 261,277,900 261,277,900 181,186,600 (181,186,600) 20,000,000 271,880,700 291,880,700 (227,674,000) (256,808,700) (62,719,700) 1,031,476,400 803,802,400 803,802,400 Ending Fund Balance $ 803,802,400 $ 546,993,700 $ 741,082,700 $ 173,000,000 85,000,000 10,821,600 28,007,100 8,830,000 10,496,100 18,520,000 3,798,000 2,518,000 1,849,000 342,839,800 502,700 1,898,500 1,457,400 5,447,900 9,306,500 12,037,100 34,097,200 111,281,600 3,579,900 5,743,000 166,738,800 444,097,900 6,553,100 8,100,000 45,915,800 54,015,800 680,712,100 (337,872,300) 241,687,700 (241,687,700) 28,000,000 100,269,200 128,269,200 (209,603,100) 741,082,700 $ 531,479,600 $ 3,000,000 2,000,000 (2,550,800) (22,588,700) (47,300,600) 6,411,800 466,200 3,798,000 1,731,000 (607,300) (55,640,400) (39,800) (89,300) (59,000) 481,000 292,900 4,879,300 7,908,700 (6,847,900) (107,400) 251,800 6,084,500 (248,881,100) 6,553,100 300,000 (204,100) 95,900 (235,854,700) 2% 2% -19 % -45% -84 % 157% 3% N/A 220% -25% -14% -7 % -4% -4% 10% 3% 68% 30% -6% -3% 5% 4% -36% N/A 4% 0% 0% -26% 180,214,300 105,361,200 (105,361,200) 28,000,000 (161,008,700) (133,008,700) -35% 77% 77% N/A -62 % -51% 47,205,600 -18% (62,719,700) -8% $ (15,514,100) -3% Executive Management Mission Statement: "To maintain the highest level of achievement and professionalism possible while managing the activities of the Commission with a small staff complemented with consultants; to effectuate sound transportation policies and legislation compatible with environmental standards." Chart 30 — Executive Management F Expenditures Support Costs 17% Salaries and Benefits 18% .40 f Professional Costs 65% Executive Management has a budget of $502,700 (Table 51) for oversight of all Commission functions. The 5% net decrease in salaries and benefits reflects the allocation of FTEs to other programs and a 4% pool for merit -based salary increases. Professional costs of $325,000 include legal fees to defend recently enacted design -build legislation and other matters and consulting services for organizational training. Support costs include various membership dues and staff -related travel costs of $87,100. Table 51— Executive Management Expenditure Detail FY 14/15 FY 15/16 Actual Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Salaries and Benefits Professional Costs Legal Services Professional Services - General Total Professional Costs Support Costs TOTAL Executive Management $ 171,500 $ 95,400 $ 95,400 202,900 210,000 43,400 150,000 246,300 63,400 $ 481,200 $ 360,000 87,100 542,500 $ 150,000 150,000 300,000 83,700 479,100 $ 90,600 175,000 150,000 325,000 87,100 $ 502,700 $ (4,800) -5% (35,000) -17% O% (35,000) -10% 0% $ (39,800) -7% Executive Management Staffing Summary Position FY 14/15 FY 15/16 Administrative Assistant 0.01 0.01 Deputy Executive Director 0.07 0.05 Executive Director 0.28 0.14 Senior Administrative Assistant 0.01 0.01 Senior Office Assistant 0.19 0.15 FTE 0.56 0.36 Department Budget Overview Department Description FY 16/17 0.00 0.06 0.10 0.01 0.26 0.43 The Executive Director is responsible for and provides strong leadership in developing and implementing new strategies at the local, regional, and statewide levels to assure delivery of transportation improvements and programs throughout the County. Furthermore, Executive Management is committed to fostering a positive and supportive work environment for staff that emphasizes quality work and encourages teamwork and open communication, with a commitment to serving the public. This is accomplished through a productive and collaborative effort with the members of the Commission and the oversight of the Commission's Executive Committee. Key Assumptions • The Executive Director will play a prominent role with external audiences with an emphasis on working with Congress, the California Legislature, Riverside County business organizations, Southern California transportation agencies, and local governments regarding advancing transportation policy in California. Policy concerns include the need for ongoing transportation investment, flexibility in project delivery methods, streamlining of environmental processes, and a renewed focus of the connection between transportation projects and the overall quality of life in the County. • Project delivery will be a top priority in FY 2016/17 with construction proceeding on a number of capital projects. The Commission is serving as the lead agency on two notable, high -profile projects: the 91 Project in Corona and the 1-15 Express Lanes project. The combined budget for these projects is approximately $2 billion. In addition to serving as the lead agency for the above -mentioned projects, the Commission is the primary funding agency of many other projects including the 1-10 Jefferson interchange in the Coachella Valley and the SR-60 truck climbing lanes. • Another component of project delivery will include the need to complete the environmental review process on the SR-79 realignment project. • There will be a continued focus on enhanced cost-effective Metrolink and Los Angeles -San Diego -San Luis Obispo (LOSSAN) Rail Corridor service along with continuing development of a Service Development Plan (SDP) and environmental document for intercity rail service for the Coachella Valley/San Gorgonio Pass Corridor. • The advancement of construction on a number of projects will require a requisite increase in public outreach to the media and local governments. • A renewed emphasis, as part of a regionwide effort, will be placed on working with local governments and stakeholders to advance active transportation projects such as bicycling, walking, and transit use. • The Commission will remain an active participant as part of a concerted statewide effort to seek additional transportation funding while advocating for process improvements to ease project development. • Enhanced communication with the public will result from the implementation of a comprehensive social media effort focused on current projects and Commission activities. Accomplishments FY 2015/16 saw extraordinary accomplishments at the Commission, placing it in the top tier of California transportation organizations. In several areas, the Commission stood by itself in successful advocacy, innovation, and leadership. " Substantially completed construction on the Perris Valley Line with regular service scheduled to begin in June 2016. " Continued construction on the widening of 91 Project in Corona which also includes the extension of the 91 Express Lanes from the Orange County Line to 1-15. " Continued to implement components of the Western Riverside County Delivery Plan. " Continued progress on project development for the Mid County Parkway and SR-79 realignment projects. " Funded the completion of the SR-91 HOV lane project in Downtown Riverside. " Continued a successful partnership with SANBAG to complete the 1-215 bi-county project which adds a HOV lane in each direction of the 1-215 from SR-60 to 1-10. " Continued to fund the acquisition of needed habitat for the Western Riverside County MSHCP as outlined in the 2009 Measure A Expenditure Plan. " Completed project work to ensure the allocation of Proposition 1B TCIF funding for a number of railroad grade separation and trade corridor projects. During the past fiscal year, construction was completed on the Auto Center Drive, Avenue 52, Avenue 56/Airport Boulevard, Magnolia Avenue, Riverside Avenue, and Sunset Avenue grade separation projects. " Advanced the Coachella Valley/San Gorgonio Corridor Pass rail study garnering regional, state, and federal support for the planning process. Major Initiatives FY 2016/17 will be a year of constant activity and will feature efforts to manage a number of high profile projects. Chief among them will be the 91 Project through Corona, a $1.4 billion dollar effort that will add general purpose and express lanes to a 10-mile stretch of one of southern California's most congested freeways. This will be the County's largest transportation project and one of the most valuable, in terms of project cost, in the entire state. Along with the 91 Project, the Commission will continue to serve as the lead agency on preliminary engineering and design -build phases on the 1-15 Express Lanes project. Caltrans and the Commission continue to partner on developing a truck climbing lanes and shoulder widening project on SR-60 to improve safety and provide congestion relief. The Commission has approved significant state funding for the 1-10/Jefferson Street interchange which began construction in FY 2014/15. While the focus will certainly be on construction, project development work continues for the Mid County Parkway and SR-79 realignment projects. The Commission will continue alternatives analysis and planning efforts to advance the goal of additional passenger rail service to serve the Coachella Valley/San Gorgonio Pass rail corridor. A federal grant from the FRA has been received to fund the second phase of the project which includes the development of an environmental impact report and conceptual service plan. The Commission is taking an active role throughout the County to advance active transportation projects for bicyclists and pedestrians. Working in partnership with the District, the Commission will provide project delivery support services for Santa Ana River Trail projects. The focus on these type of projects remains consistent with Southern California's RTP which seeks to limit GHG emissions. In terms of advancing policy, a major concern in moving forward is the state of California's financial position and commitment to funding infrastructure and transportation. The Commission will continue to take an aggressive and active role in protecting existing transportation funding and advocating for State investments in transportation. The Commission is an active member of the Self -Help Counties Coalition (SHCC), California Association of Councils of Governments (CALCOG), and Mobility 21, and a major focus will be placed on advocacy for transportation in the State budget. Federal funding is also an important factor for the Commission's future, and the Commission will play an active role in allocating and competing for funding which has been made available with the approval of a new federal transportation bill known as FAST Act. The success of many of these efforts will rely on proactive external communications. Media relations will continue to be a priority, and press releases will remain a major effort along with social media and the Commission's On the Move monthly newsletter and annual report. An expanding and systematic outreach to business and civic groups, focusing on Commission efforts in terms of funding, construction, and services, will be the central feature of the communications program. Riverside County has also seen a major change in its state legislative delegation which will require a concerted outreach effort to new representatives on local transportation issues. While actively participating in all of these major endeavors, the Executive Director will maintain and improve administrative efficiency and fiscally sound practices characteristic of the Commission. With a total of 49 budgeted staff positions, the Commission's organization remains consistent with the Commission's direction. The Commission must continue to be competitive in the employment market and retain capable staff as well as attract high quality applicants. Staff training and development will continue, enabling our small and dedicated staff to enhance skills, productivity, and value. Our goal is to maintain the most effective mid -sized transportation agency in California. Department Goals Focus on timely and effective completion of capital projects and implementation of needed transportation services. (Policy Goals: Mobility, Goods Movement, Intermodalism & Accessibility) Objectives: • Successfully manage financial responsibilities and investments for the 91 Project. • Continue with implementation of Toll Program Management Strategy. • Complete Perris Valley Line project construction and provide successful service on the new line. • Continue progress and outreach for Coachella Valley/San Gorgonio Corridor Pass rail study. • Initiate a Riverside County Transportation Plan for use in establishing integrated transportation visions and priorities. • Continue project development on SR-79 and Mid County Parkway projects. • Continue progress on 1-15 Express Lanes and SR-60 truck climbing lanes projects. • Maintain Metrolink coordination and engage in collaborative efforts to address significant funding and organizational challenges. • Continue engagement in rail discussions regarding Metrolink, the LOSSAN rail corridor, and high-speed rail to ensure protection of Riverside service and the Commission's rights. • Support CVAG's transportation initiatives and projects. • Continue coordination with the Riverside Transit Agency (RTA) on integration of express bus service into its operational plans. • Continue collaboration with other agencies on planning, funding, and construction of local and regional bike, trail and pedestrian facilities. • Implement Commission's adopted state and federal legislative platforms. • Pursue all funding opportunities to keep projects funded. • Ensure the Commission's active participation in RTP implementation. • Maintain strong and effective regtional partnership with neighboring transportation agencies. • Continue collaborative efforts with local agencies regarding priorities. • Communicate effectively and timely with community groups and leaders. Maximize funding for transportation improvements in Riverside County through legislative advocacy. (Policy Goals: Mobility, Goods Movement) Objectives: • Place an emphasis on implementing federally authorized and funded projects and services that are consistent with the new federal transportation bill and the Commission's ongoing project priorities. " Continue to advocate for federal investment in freight and goods movement infrastructure with the goal of mitigating community impacts while increasing capacity and local job creation and economic development. " Advocate for additional funding for the State's Cap and Trade program for project in Riverside County. Support regional transportation solutions in cooperation with surrounding counties that are of benefit to Riverside County. (Policy Goals: Mobility, Goods Movement, System Efficiencies) Objectives: " Work with neighboring counties regarding corridor improvements on SR-91, 1-15, and 1-215. " Maintain an effective working relationship with the agencies that comprise Metrolink to ensure that the County commuter rail needs are served in an efficient, effective, and safe manner. " Partner with SANBAG to enhance and publicize the 1E511 system and work with agencies in San Diego, Orange, and Los Angeles counties to provide effective, regional 511 traveler information services. " Play an active role in the implementation of revamping the implementation of intercity rail and commuter rail service in the LOSSAN rail corridor. " Be an active participant in discussions involving high-speed rail, especially concerning connectivity investments in the overall rail system in southern California. " Advocate for and take an active effort for additional intercity rail service to the Coachella Valley/San Gorgonio Pass corridor. Maintain effective working relationships with Commissioners to strengthen and expand the Commission's leadership in transportation policy decision -making at all levels of government. (Policy Goal: Communications) Objectives: " Facilitate Commissioner participation at the regional, state, and federal levels to raise the interests of the Commission and seek favorable action. " Continue regular communication between the Executive Director, senior staff, and the Board. " Continue collaborative efforts with member agency staff regarding local priorities and funding challenges. " Work with other levels of local government such as the County Transportation Department, County Health Department, District, and local universities on quality of life issues that are connected to transportation such as air quality and the environment. " Provide assistance to Commissioners who serve on outside boards such as SCAG, Metrolink, LOSSAN, and the Mobile Sources Air Pollution Review Committee (MSRC) to assist their efforts to represent the County. While maintaining a relatively small staff, promote the Commission's effectiveness by improving and developing staff skills, using state-of-the-art working tools, and fostering an environment that encourages and rewards individual and team effort. (Policy Goal: Financial & Administration) Objectives: " Continue to maintain a well -documented employee appraisal process that provides clear, understandable, and measurable performance criteria for all employees. " Maintain and encourage staff morale and effectiveness. " Retain quality staff and evaluate staff retention strategies and options. " Complete and implement organizational initiatives. " Seek continuous improvement of staff effectiveness. Develop the framework for a Commission culture that enhances productivity, encourages regular and open communication among staff, and promotes the mutual achievement of individual and organizational goals and objectives. (Policy Goal: Financial & Administration) Objective: • Facilitate open communications and coordination between management, professional staff, and support staff through regular meetings. Executive Management Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Expenditures $727,201,200 $671,204,900 $755,169,200 $680,712,100 Staffing levels 46 44 49 49 Administration costs as percentage of expenditures 1.16% 85% 1.92/ ° 2.09/0 Administration Mission Statement: "To provide quality and efficient services to the Board of Commissioners, staff, and external customers and to comply with applicable federal and state requirements." Chart 31- Administration Capital Outlay 9%-\ Support Costs 39% Expenditures Salaries and Benefits 31% Professional Costs 21% As noted in Table 52, the Administration Department's total budget is $1,898,500 for office operations including management of office space, lease, and equipment; records; Commission and committee meetings; and special events as well as for the clerk of the board and human resources functions. Salaries and benefits expenditures of $590,700 reflect a net decrease of 4% related to the allocation of FTEs and a 4% pool for merit -based salary increases. Professional costs of $398,000 cover various services including, but not limited to, Commissioners' per diem, legal fees, and consultant and other professional services and reflects a decrease of 11%. Support costs of $734,800 cover administrative overhead including office maintenance; information technology updates, support, and maintenance; and recruitments. Capital outlay of $175,000 covers information technology support services and equipment upgrades. Table 52-Administration Expenditure Detail FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 586,600 $ 617,600 $ 617,600 Professional Costs Commissioner Per Diem 52,700 65,000 60,000 Legal Services 28,000 37,000 11,000 Professional Services - General 191,000 346,500 200,000 Total Professional Costs 271,700 448,500 271,000 Support Costs 677,200 746,700 643,100 Capital Outlay 364,600 175,000 50,000 Debt Service 24,900 TOTAL Administration $ 1,925,000 $ 1,987,800 $ 1,581,700 $ 590,700 65,000 37,000 296,000 398,000 734,800 175,000 $ 1,898,500 $ (26,900) -4% 0% 0% (50,500) -15% (50,500) -11% (11,900) -2% 0% N/A $ (89,300) -4% Administration Staffing Summary Position FY 14/15 FY 15/16 Administrative Assistant 0.11 0.11 Clerk of the Board 1.00 1.00 Deputy Clerk of the Board 1.00 1.00 Deputy Executive Director 0.00 0.01 Executive Director 0.00 0.01 Human Resources Administrator 1.00 1.00 Procurement Analyst 0.03 0.06 Procurement Manager 0.00 0.02 Records Technician 1.00 1.00 Senior Administrative Assistant 0.26 0.26 Senior Office Assistant 0.51 0.53 FTE 4.91 5.00 Department Budget Overview - Office Operations Department Description FY 16/17 0.17 1.00 1.00 0.01 0.02 1.00 0.00 0.00 1.00 0.01 0.47 4.68 Office Operations oversees the daily maintenance needs of the Commission's office facility and staff; manages information technology and records management systems; oversees the office lease; purchases office supplies and equipment; posts public notices on the website and local newspaper and notices of project completion; maintains a safe working environment for Commission board members, staff, and consultants; and provides support services. Key Assumptions • Support is provided to 49 full-time Commission staff. • Requests for proposals and project notices of completion are posted in accordance with applicable federal, state, and local regulations. • Information technology systems are upgraded and maintained to ensure efficiency. • An accurate and efficient records management system is maintained. • Requests for public records are responded to in accordance with the California Public Records Act. Accomplishments • Updated the Commission's web page in a timely manner for the postings of public notices. • Upgraded the information technology infrastructure. • Maintained the electronic records management system to ensure accurate and efficient processing of incoming and outgoing correspondence and documents. • Maintained a disaster recovery plan to ensure uninterrupted Commission operations. • Responded to public records requests in accordance with the California Public Records Act. Major Initiatives The Commission will work to enhance its electronic records management system in order to achieve greater efficiencies and strengthen the Commission's records management processes and procedures. The system pertains to the management, storage, and accessibility of the Commission's actions and documents and the retention capability for incoming and internally created records. Office Operations will continue to provide high quality support services to the Board and to internal and external customers by providing a work environment that enhances the overall mission of the Commission. Department Goal — Office Operations Ensure quality service that demonstrates responsiveness and flexibility and provides services at the most reasonable cost. (Policy Goals: Communications, Financial & Administration) Objectives: • Support 49 full-time Commission staff. • Provide accessibility to meeting agendas, legal notices, requests for proposal, and employment opportunities through the Commission's web page. • Continue to improve administrative efficiency through automation of records processing. • Post legal notices and requests for proposals on the Commission's web page and in the newspapers on a timely basis. • Provide office supplies, equipment, and services consistent with intended quality and capabilities at the most advantageous price afforded in the market. • Manage the Commission's information technology systems. Department Budget Overview — Clerk of the Board Department Description The Clerk of the Board provides support services to the Board of Commissioners and its alternates and for Commission and committee meetings. It serves as an important resource for the Commission and has the responsibility for recording, publishing, preserving, and filing meeting proceedings of documents acted upon by the Commission and its committees; posting legal notices; processing claims against the Commission; fulfilling requirements of the Commission and the committees as it relates to the Conflict of Interest Code; serving as the Filing Officer for Economic Interest and Campaign Disclosure statements and legal claims against the Commission; coordinating Commission special events and meetings; and performing all duties required by law, rules, or order of the Board. As such, this department has a direct link and responsibility to serving local taxpayers and the public while supporting the actions of the Commission. The need to be accountable to the public at large is further amplified by the need to comply with federal and state law requiring prompt responses to California Public Records Act requests. Key Assumptions • Staff support and meeting services are provided to 34 Commissioners and their alternates, the Commission, four established committees, and a number of ad hoc committees. • Monthly agenda packets and supporting documents are published and distributed in accordance with the Brown Act. • Officers and members of the Commission are kept informed by providing them with the most current and accurate data to assist them and facilitate their decision making responsibilities. • Frequent communication with Commissioners continues to provide news and updates on Commission items and transportation -related meetings. • Available technology is used to provide simplified access of agenda items and Commission actions to the public, local agencies, and staff. Accomplishments • Updated the web page and the bulletin board for the agenda, minutes, and supporting documents. • Posted legal notices in local newspapers and on the Commission's web page. • Regularly advised officers and members of the Commission and their staff on changes to Commission meetings and other transportation -related meetings. • Arranged Commission and committee meetings and special events of the Commission. • Processed and transmitted Commission -approved resolutions to appropriate agencies in a timely manner. • Responded to 72 California Public Records Act requests in FY 2015/16 compared to 67 in FY 2014/15. Major Initiatives Each year, local agencies make changes to their appointments regarding their representation on the Commission. Staff will continue to make every effort to ensure that the newly appointed representatives, as well as their respective staff, are aware of operational policies of the Commission and other transportation -related meetings. There will be continued emphasis on the utilization of electronic mail with Commissioners for more efficient communications. Clerk of the Board staff will continue to provide high quality support services to the Board. Staff will also continue to update technology to streamline processes and procedures for easier access to Commission actions, minutes, resolutions, and ordinances, including electronic agenda distribution. Department Goals — Clerk of the Board Ensure coordination and documentation of Commission and committee meetings and provide public accessibility to agenda items as required by state regulations. (Policy Goals: Communications, Financial & Administration) Objectives: • Provide accurate, high quality agenda packets for Commission and committee meetings. • Continue to provide support to Commission members, staff, and attendees of Commission and committee meetings. • Post meeting agendas and supporting documents in compliance with Brown Act requirements. • Maintain an accurate list of Commissioners and alternates and submit membership roster changes to the Secretary of State. • Maintain and file all Commission and committee meetings and official records of the Commission. • Perform all duties within mandated deadlines. • Maintain and promote good Commission and staff relations. Facilitate access of information to Commission records. (Policy Goal: Communications) Objectives: • Continue to respond to requests for records and information on a timely basis and in accordance with state law. • Continue to improve the Commission's recordkeeping practices by updating the electronic records management system. • Maintain Commission agreements, amendments, MOUs, resolutions, and ordinances. • Maintain a centralized database for Commissioners, agencies, and consultant contact information. • Coordinate special activities, meetings, events, and conferences as requested by the Executive Director and the Commission. Department Budget Overview — Human Resources Department Description Human Resources responsibilities include planning, administering, and implementing human resources programs, including the recruitment, selection, and appraisal process; employee training and development; classification and compensation studies; benefits administration; employee relations; and recommending, implementing and maintaining personnel policies, procedures, and practices. Key Assumptions • Quality service levels will be maintained in all human resources programs. • The assessment of Human Resources policies, practices and procedures will continue. • Continuous improvement in communication with employees regarding Human Resources information will be an ongoing process. • Compliance with state and federal labor law regulations is achieved. Accomplishments • Updated and maintained the new employee performance appraisal system. • Provided the annual Benefit Statement to all employees. • Regularly provided information to employees on changes to health insurance, 401(a) defined contribution, and 457 deferred compensation plans and the personnel policies and procedures manual through the Commission's intranet and quarterly employee newsletter. • Recruited and filled four interns and three full-time positions • Held mandatory harassment -training for supervisors. • Conducted training sessions on business writing, intermediate and advanced Microsoft Excel, CEQA/NEPA laws, sexual harassment, and public interaction. • Disclosed employees' compensation on the Commission's website in compliance with the State Controller's Office and CaIPERS. • Participated with Cambria consultants on the Toll Operations Study in preparing for the recruitment of three new Toll Operations staff members including a Toll Operations Manager, Toll Technology Manager, and Toll Senior Management Analyst. • Coordinated, facilitated, and implemented the Classification and Compensation Study which identified 11 title changes and five reclassifications. Major Initiatives Human Resources focuses on managing employees and consists of a framework of activities and practices that support and develop a motivated workforce while at the same time complying with legislation and regulations that govern the employer/employee relationship and ensuring parameters for fair and consistent decision -making and good workplace practices. Staff use written position descriptions and performance expectations in order to obtain a clear and consistent understanding of what is expected. Department Goals — Human Resources Administer human resources policies, procedures, and programs in order to align personnel laws and the Commission's policies with continuous improvement principles. (Policy Goal: Financial & Administration) Objectives: • Review and update personnel policies and procedures to comply with federal and state requirements. • Provide information to enhance the employee's knowledge of current personnel policies and procedures in various forms including electronic access, workshops, and printed information. • Ensure that employee personnel records are documented and updated timely for various personnel actions. Continue to employ and recruit a dynamic and talented workforce. (Policy Goal: Financial & Administration) Objectives: • Maintain a compensation program that ensures internal equity and external competitiveness within the pay structure for Commission employees. " Exercise care in making high -quality, diverse appointments. Develop and implement a comprehensive new employee orientation program. Develop people to be their best in order to meet the needs of the organization. (Policy Goal: Financial & Administration) Objectives: " Build and maintain an effective performance system to include timely performance evaluations, personal development, and a supportive work environment. " Provide appropriate and timely training to meet the demands of the organization and professional growth and development of all staff members. " Foster teamwork through cooperative efforts and support for shared success. Understand and consistently deliver excellent customer service to all employees. (Policy Goal: Financial & Administration) Objectives: " Focus on "employee as customer" and consistently strive to exceed expectations by supporting and maintaining individual respect, appreciation, management accessibility, and communication. " Determine system requirements and identify options for an employee intranet " Assist employees in utilizing employer -provided benefits to enhance their health, wellness, and quality of life. Improve the quality of the work culture. (Policy Goal: Financial & Administration) Objectives: " Develop and maintain a safe and healthy working environment by retaining open lines of communication throughout the organization, compliance with established federal, state, and local regulations, and best practices in preventing safety and legal risk. " Provide a safe working environment with the maintenance of an injury and illness prevention program. " Maintain a proactive employee relations process by facilitating a collaborative, professional working environment with all staff members. " Promote a work/family balance. " Recognize and reward individual contributions, innovation, and learning from experience. Administration Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Employee rules/Benefits review sessions held 5 2 2 2 Recruitments 9 2 3 3 Positions filled 10 2 3 3 Legal notices 24 19 22 20 Commission/Committee/Ad Hoc meetings 42 43 50 45 Commissioners supported (including alternates) 62 62 62 62 Staff supported: Regular full-time 46 44 49 49 Temporary/Seasonal 4 0 0 0 Legislative Affairs and Communications Mission Statement: "To improve the mobility of Riverside County residents by working through the public policy process and by strengthening effective community outreach." Chart 32 — Legislative Affairs and Communications Support Costs 11% \\44401.../Professional Costs 52% Expenditures The Legislative Affairs and Communications Department has a total budget of $1,457,400 (Table 53). Salaries and benefits reflect a net decrease of 11% related to a change in FTEs and a 4% pool for merit -based salary increases. Professional costs of $751,000 include legislative advocacy, graphic design, and website updates and reflect an increase of 3% due to public outreach and marketing efforts related to the commencement of Perris Valley Line commuter rail operations and education regarding rail safety. Support costs of $169,400 include publications and advertising, various membership dues, and staff -related travel costs and reflect a 10% decrease primarily due to the reduction of printed collateral material and moving toward electronic media and outreach. Table 53 — Legislative Affairs and Communications Expenditure Detail FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 438,900 $ 600,500 $ 600,500 $ 537,000 $ (63,500) -11% Professional Costs Legal Services 14,100 12,000 10,500 11,000 (1,000) -8% Professional Services - General 425,500 716,200 597,500 740,000 23,800 3% Total Professional Costs 439,600 728,200 608,000 751,000 22,800 3% Support Costs 48,000 187,700 81,600 169,400 (18,300) -10% TOTAL Legislative Affairs and Communicatio $ 926,500 $ 1,516,400 $ 1,290,100 $ 1,457,400 $ (59,000) -4% Legislative Affairs and Communications Staffing Summary Position FY 14/15 FY 15/16 Administrative Assistant 0.26 0.25 Deputy Executive Director 0.81 0.84 Executive Director 0.02 0.00 Goods Movement Manager 0.01 0.10 Government Relations Manager 0.91 0.93 Procurement Analyst 0.02 0.04 Public Affairs Manager 0.15 0.15 FTE 2.18 2.31 Department Budget Overview Department Description Legislative Affairs FY 16/17 0.22 0.73 0.03 0.00 0.75 0.00 0.15 1.88 Improved mobility for Riverside County residents requires the financial resources and public policy to implement transportation projects and programs. Through proactive advocacy at all levels of government (state, federal, and local), the Commission plays a strong influential leadership role to advance the interests of Riverside County taxpayers and constituents. The importance of legislative engagement is magnified when the Commission seeks: • Specific items in the state or federal budgets; • Changes in law; or • Legislative authorization, acceleration, clarification, or removal of policy barriers for a specific project or program. The Commission's Legislative Affairs efforts aim to take full advantage of opportunities at both the federal and state levels when there is a potential impact to Commission programs and projects. Professional and skilled execution of an advocacy program requires ongoing communication with the County's legislative delegations in Washington D.C. and Sacramento. The Commission accomplishes this via a team effort that includes Commissioners, staff, and legislative consultants in the two capitals. The Commission retains three legislative consultants who are under contract through the end of the 2016 calendar year. Two consultants are based in Washington, D.C. and one is in Sacramento. All are paid on a monthly retainer and the FY 2016/17 budget does not contemplate any budget increases for these legislative consultants. Advocacy by staff is primarily carried out by the Government Relations Manager with frequent engagement by the Executive and Deputy Executive Directors. The Commission has yielded significant results with this small and effective team, especially considering that other Southern California transportation agencies commit comparatively greater staff and consultant resources to legislative advocacy. The Commission's advocacy also requires working with other transportation agencies throughout the State in order to collaborate on issues of mutual concern. This cooperation takes place in a number of forums including a monthly meeting of transportation commission chief executive officers; a legislative roundtable of regional transportation advocates; Mobility 21; SHCC; CALCOG; California Toll Operators Committee; and International Bridge, Tunnel and Turnpike Association. Four State Assembly Members representing the County legislators serve on the Assembly Transportation Committee and one State Senator from the County is on the Senate Transportation and Housing Committee. These appointments place Riverside County in a prominent policy -making role on transportation issues in the State Legislature. Also, the new Assembly Republican Leader represents portions of Riverside County. The Commission will need to engage these elected officials to ensure that our region is represented in state policy. An emerging issue that the Commission must take a lead role is how the State will implement provisions of the new federal transportation bill known as the FAST Act. The approval of the five-year transportation legislation is welcome news; but implementation of new provisions will require legislative action in Sacramento as well. An ongoing issue is the development of a road charge pilot program that could replace the excise tax on gasoline. A pilot program will be launched by the State in 2016 and the Commission will closely track how this kind of funding scheme will affect Riverside County residents as well as how it might impact state transportation revenue. The Commission's Executive Director will continue to serve as the Chair of an advisory committee for this statewide program. A continuing concern through FY 2016/17 is modernization of CEQA. In 2015, the Legislature approved Senate Bill 743 which places a higher priority on vehicle miles traveled rather than measures of congestion. The changes to this law could have significant benefits to the Commission's ability to deliver needed projects that improve mobility and benefit the environment. In terms of federal action on specific projects, the Commission will seek a TIFIA loan for the 1-15 Express Lanes project, similar to the TIFIA loan executed for the 91 Project in 2013. In November 2015, the Commission submitted a letter of interest for a TIFIA loan for the 1-15 Express Lanes project and in January 2016 advanced to the creditworthiness review phase. The I-15 Express Lanes project has also been accepted into the White House's Building America Transportation Investment Center for enhanced assistance from the U.S. DOT for achieving timely federal approvals. The Commission will continue to heighten its policy presence on matters pertaining to tolling policy. In recent years, federal and state legislators have given significant attention to how tolling on highways is regulated. With the 91 Project under construction and 1-15 Express Lanes project on the near -term horizon, the Commission will be impacted by these policy discussions. The Commission must also continue to monitor legislation governing how these projects are procured. Moreover, the Commission voted as part of the RCTC Strategic Assessment to initiate a "next generation" toll feasibility study of potential future toll projects. Finally, funding will be a fundamental focus of the Legislative Affairs program at the Commission. The State Board of Equalization reduced the price -based fuels excise tax in 2015 and is expected to do so again in 2016, resulting in significant revenue losses to cities and the County and to the Commission's funding capacity to program projects in the STIP. In 2015, led by the Commission's Government Relations Manager, the Commission addressed this issue with the completion of the RCTC Strategic Assessment. The strategic assessment examined a wide variety of existing transportation plans, analyzed economic and demographic growth trends, conducted extensive public outreach, and identified an ongoing multi -billion funding gap for transportation projects in Riverside County over the next 20 years. Communications The Commission is committed to communicating with and educating a broad arena of interested parties on the roles and responsibilities of the agency. An emphasis will continue to be placed on informing the County residents and businesses about transportation projects and services and maintaining open communication with other transportation stakeholders. Various forms of media and communication tools are used in these outreach efforts with the overall objectives to provide accurate, informative, and easily accessible information; facilitate public participation in the Commission processes; and maintain effective relationships. The Deputy Executive Director is responsible for communications with the news media and prepares text for Commission materials, presentations, and speeches. Along with the Executive Director, the Deputy Executive Director, Public Affairs Manager, and individual project managers actively participate in public presentations at the local, regional, and state levels to represent the Commission's interests. Strong relationships with the news media are very important to ensure that the public is well informed regarding the Commission's progress in determining funding priorities, designing infrastructure improvements, and constructing projects. There are many points throughout these processes in which the public can and should play a role in shaping the future of the County's transportation network. The RCTC Strategic Assessment identified a gap in public awareness of the Commission and its work. Communications will continue to expand its use of social media and utilize other emerging technologies that can be incorporated into the overall outreach efforts of the Commission. Key Assumptions • The Government Relations Manager will oversee and implement legislative advocacy with guidance from the Executive Director and the Deputy Executive Director. • Communications will oversee the annual report to the public and will post it on the Commission's website in a printable format. • The On the Move monthly newsletter will be published and distributed electronically and posted on the Commission's website. • The Speakers Bureau effort will continue to seek local community opportunities to expand outreach regarding the Commission's activities. • The Commission's website will be updated and refreshed on a regular basis. • Additional communications tools and opportunities will be explored for incorporation into the ongoing program to help build public awareness of Commission activities including radio, television, and social media outlets such as Twitter, Facebook, and other emerging technologies. • The Commission will continue to take a leadership role in formulating a countywide direction on state and federal transportation policy. • Goods movement will continue as a policy priority for the Commission. • The Commission will play an active role in the implementation of the FAST Act. • The Commission will advocate for the State to approve new funding for transportation projects, pursuant to previous Commission actions on funding principles and the RCTC Strategic Assessment. • Government Relations will assist the Commission in taking a leadership role in Sacramento on reforms to reduce project delivery costs and delays, including the modernization of CEQA. Accomplishments • Assisted with the passage of AB 194 (Frazier) to create a unified approach to approving toll projects in California. • Established the Commission as a leader in statewide advocacy to bring more equity in how State Cap and Trade revenues are distributed. • Testified at Senate Transportation & Housing Committee hearings on the transportation funding crisis. • Assisted in drafting and championing amendments to the FAST Act sponsored by U.S. Representatives Ken Calvert, Mark Takano, and Pete Aguilar, in addition to providing legislative language regarding goods movement that was written into proposed legislation by the U.S. Senate Committee on Environment and Public Works. • Successfully advocated for the Commission to receive a $3 million FRA grant for the Coachella Valley/San Gorgonio Corridor Pass rail study. • Developed a four -page annual report and posted it on the Commission's website in a printable format. • Provided project tours of the 91 Project, Perris Valley Line, and other projects for legislators and their staff. • Hosted U.S. Deputy Secretary of Transportation Victor Mendez for a tour of the 91 Project and a discussion with Inland Empire transportation leaders. " Held five public Transportation Summits around Riverside County and one Transportation Workshop in Blythe to directly engage citizens and stakeholders in visioning the future of transportation in the County. " Completed the RCTC Strategic Assessment, which was presented at the Board workshop in January; several recommendations related to the future of transportation in Riverside County were approved by the Board for implementation in the FY 2016/17 budget. " Continued to update the functionality of the Commission's website. " Continued effective relationships with the news media resulting in informative coverage regarding local and regional transportation issues and Measure A project delivery. " Provided extensive public outreach support for the Mid County Parkway, Perris Valley Line, 91 Project, and 1-215 corridor improvement (central segment) projects. " Conducted multiple public meetings as part of the environmental review process for a number of projects including the Mid County Parkway and SR-79 realignment projects. " Conducted an aggressive speaking outreach campaign on the active and preconstruction projects totaling over 30 presentations delivered to council meetings, community service groups, and transportation oriented groups. " Supported the Rail Department in the development of various marketing materials and advertisements including weekend and holiday train services. " Developed a new marketing campaign to encourage Metrolink ridership during the SR-91 construction projects and the impending completion of the Perris Valley Line. " Continued to take a leadership role and collaborate with neighboring counties, local business leaders, Mobility 21, SHCC, and CALCOG on many transportation policy issues in Sacramento and Washington D.C. " Continued work with the Southern California National Freight Gateway collaboration to foster cooperation, coordination, and collaboration to facilitate the movement of goods through southern California. " Revised collateral materials, which are often distributed at public events, for an overview of the Commission's programs and projects as well as construction projects planned for Western County. " Improved and maintained the Commission's photo library to assist with documenting the project delivery progress of the voter -approved Measure A sales tax programs. The photo library has been used to develop PowerPoint presentations, information brochures, TIFIA loan submissions, and capital project collateral material. " Maintained a presence on the social networking site Twitter which can be accessed at http://twitter.com/RCTC. " Took an active role in providing comments and ensuring that Riverside County projects were included in the RTP. Major Initiatives Legislative Affairs The Commission will continue to advocate strategically and effectively on the policy issues described above in Washington D.C. and Sacramento, utilizing its contract advocacy teams, coalitions, and partnerships. The Commission will seek to build on its recent successes in both capitals and continue to maintain a strong presence as a respected, knowledgeable, and effective resource to policy leaders and decision -makers. Communications The Commission provides information to the public through various channels including: 1) participation at public meetings, chambers of commerce, industry associations, and service clubs; 2) production and provision of resource materials and fact sheets; 3) maintenance and enhancement of the Commission's website; and 4) development of newspaper press releases, radio and television interviews, cable television spots, social media outreach and project videos. The Commission's largest publication effort to provide widespread understanding of its projects and expenditures is its four -page annual report which is posted on the Commission's website in a printable format. A continuing emphasis will be placed on providing communications support to major project development efforts including the Mid County Parkway, 91 Project, and 1-15 Express Lanes, and the 1-215 corridor improvement (central segment) projects. The need for proactive public communication and outreach remains important, as the Commission continues to move forward with the delivery of the Measure A work program. This is an area of emphasis, as the Western Riverside County Delivery Plan places the Commission in a high - profile role to deliver large-scale highway projects. This will require continued contact with the public by the Public Affairs Manager. As the Commission commences operations on the Perris Valley Line, there is a need for community outreach in two areas: rail safety and marketing. A pilot program has begun for community education in rail safety known as Operation Lifesaver. The Communications Department has developed an outreach program that has targeted the schools along the Perris Valley Line and other areas in the County where schools are in close proximity to the railroad tracks. Additionally, staff is working with Metrolink to develop a marketing strategy focusing on the areas along the Perris Valley Line in order to prepare the communities for this expanded service. The overall goal is to bring awareness to the communities of the new transit option of the extended Metrolink service and educate them on how to behave in a safe manner around an active rail line. The Commission's outreach will include a proactive effort to work closely with various media formats such as print, radio, internet, social media, and television to increase their understanding and interest in transportation issues and to generate a higher level of media coverage. Toward that end, opportunities will be identified for live or taped interviews and presentations that speak to local residents and employers and their questions concerning transportation issues. Appropriate forums may include city council meetings, local cable television, radio, and regular 91 Project videos posted to the project website via YouTube. Broad distribution of On the Move, an e-mail newsletter highlighting actions of the Commission and emerging topics, will continue as part of the Commission's communications. Efforts will continue to update and expand the Commission's contact database including e-mail addresses in order to support distribution of the Commission's public information materials. New Commissioner -orientation meetings will be provided by the Executive Director, Deputy Executive Director, and Clerk of the Board in individualized settings. To supplement individual Commissioner meeting's with the Executive Director, continuing education opportunities at the small group level will also be provided to Commissioners that focus on timely issues. Department Goals Foster the Commission's full involvement and input in a broad range of local, regional, state, and federal government settings. (Policy Goals: Mobility, Goods Movement, System Efficiencies) Objectives: • Participate in the SHCC; California Transit Association; Southern California Legislative Roundtable; League of Cities; CALCOG; Mobility 21; Southern California National Freight Gateway Collaboration; regional, state and federal transportation agencies; and community/business organizations to influence funding and policy decisions that impact the County. • Maintain a leadership role in local and regional transportation venues related to project development efforts and current and emerging issues. • Provide leadership to the Technical Advisory Committee (TAC) of the MSRC to ensure that funding for air quality -related transportation improvements is fully distributed to the County jurisdictions. • Work with SCAG, WRCOG, and CVAG to monitor and respond to transportation issues involving the implementation of SB375 on smart growth planning and the State's Cap and Trade program. " Coordinate with other local agencies and business interests to modernize and reform CEQA to improve project delivery and deter frivolous lawsuits and challenges that delay projects. " Continue regular meetings at the Executive Director/Chief Executive Officer level with transportation agencies throughout the region. " Conduct ongoing meetings and communication with transit providers in the County. Implement the Commission's state and federal legislative program to maximize flexibility in the use of existing transportation revenues by supporting legislation to protect and increase current funding levels, ensuring an equitable distribution of available resources, streamlining administrative procedures to reduce costs and time of project development, and accelerating the allocation and use of existing resources. (Policy Goals: Mobility, Goods Movement) Objectives: " Coordinate legislative activities of federal and state legislative consultants and obtain monthly reports on activities performed. " Work with Board members to establish policy positions, review and analyze legislation, visit with elected representatives in Sacramento and Washington D.C., draft legislation, and maintain strong relationships with key decision -makers. " Provide regular updates to the Commission regarding state and federal government issues. " Effectively represent the Commission before the state and federal legislative bodies, CTC, and other agencies in funding, programming, and policy matters. " Convene meetings with state, federal, and legislative staff members. Support the continuing education of Commissioners to increase their understanding of transportation -related issues at local, state, and federal levels to maximize the effectiveness of the Commission in affecting policy and funding actions. (Policy Goal: Communications) Objectives: " Provide orientation training for new Commissioners. " Produce and distribute a monthly e-mail newsletter, On the Move, highlighting actions and activities of the Commission. " Provide periodic educational workshops or study sessions for Commissioners. " Provide on -going updates to Commissioners, via e-mail, on topical issues including projects, funding and newsworthy events impacting the Commission. Develop and maintain an information program which educates the public and other stakeholders on the roles and responsibilities of the Commission as it relates to accomplishments achieved through Measure A or other funding sources controlled or administered by the Commission. (Policy Goals: Communications, Financial & Administration) Objectives: " Increase awareness of the Commission and the services and benefits it provides to taxpayers and its new toll customers. " Build public and stakeholder engagement around Riverside County's transportation challenges. " Expand, maintain, and update information on the Commission's website including individual project websites and social media. " Annually produce a report that informs the public regarding Measure A progress and other Commission programs. " Issue news releases to the local media announcing significant achievements and providing information on Commission actions and activities. " Develop and maintain open lines of communication with news reporters to facilitate adequate and accurate news coverage. " Schedule periodic media information briefings or news conferences when a particular issue warrants it. " Expand the stock of video footage for use in production of cable television spots that feature transportation projects funded and/or implemented by the Commission. " Periodically use cable television and other forms of media such as internet sites and blogs, if appropriate, to communicate information to the public regarding the Commission's activities and services. " Coordinate and oversee message content of all Commission publications and communications to provide uniformity of message and direction. " Support the development and planning of projects in regard to public outreach and communication efforts. " Require the use of Measure A project/program signage by funding recipients to increase public awareness of Measure A accomplishments. " Continue to administer and expand the use of the Speakers Bureau to reach community members in service and other organizations. " Provide oversight and coordination to Commission departments in the development of communications' materials. " Expand the use of social media to better inform the public and encourage interaction between the Commission, taxpayers, stakeholders, and customers. Foster and maintain effective communications with other agencies to heighten their understanding of the roles and responsibilities of the Commission and increase interagency coordination and cooperation. (Policy Goal: Communications) Objective: " Assign designated staff members to attend other agency meetings and require staff to provide written/verbal communication on topics of discussion during regular staff meetings. Legislative Affairs and Communications Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Speakers bureau presentations/events 130 148 196 150 Legislative action submittals to Commission 7 6 8 8 Items of state or federal legislation sponsored by the Commission 9 2 4 4 Finance Mission Statement: "To safeguard the Commission's assets and maintain strong and prudent fiscal controls in accounting, budgeting, procurements, debt financing, investing, and financial reporting including ongoing disclosure to all interested parties. To seek financing alternatives that complement the Commission's strategic direction." Chart 33 — Finance Transfers Out 65% Expenditures Salaries and Benefits 7% Professional Costs - 20% Support Costs 8% The Finance Department's total budget is $15,447,900 (Table 54) and reflects an 11% increase over the prior year's budget. Department staffing costs will total $1,085,200, reflecting an increase due to FTE allocations and a 4% pool for merit -based salary increases. Professional costs of $3,065,000 include various services related to general and specialized legal, financial and investment advisory, external and internal audits, debt management, CAFR and annual budget graphic design, and procurement. Support costs of $1,247,700 include insurance, printing, and staff training. Capital outlay of $50,000 includes ERP updates. A transfer out of $10,000,000 is related to funding a portion of the debt service interest payments from the 2009 Measure A Western County bond financing program. Table 54 — Finance Expenditure Detail FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 1,009,000 $ 1,077,900 $ 1,077,900 $ 1,085,200 $ 7,300 1% Professional Costs Legal Services 335,800 110,000 50,700 185,000 75,000 68% Audit Services 345,300 500,000 425,000 500,000 0% Financial Advisory 366,400 550,000 780,000 910,000 360,000 65% Professional Services - General 1,517,000 1,488,300 1,360,000 1,470,000 (18,300) -1% Total Professional Costs 2,564,500 2,648,300 2,615,700 3,065,000 416,700 16% Support Costs 773,700 1,190,700 903,100 1,247,700 57,000 5% Capital Outlay 3,000 50,000 5,000 50,000 0% Transfers Out 2,700 9,007,900 10,000,000 10,000,000 992,100 11% TOTAL Finance $ 4,352,900 $ 13,974,800 $ 14,601,700 $ 15,447,900 $ 1,473,100 11% Finance Staffing Summary Position FY 14/15 FY 15/16 Accountant 2.00 2.00 Accounting Assistant 1.00 1.00 Accounting Technician 2.00 2.00 Administrative Assistant 0.00 0.01 Chief Financial Officer 0.65 0.65 Deputy Director of Finance 0.97 1.00 Executive Director 0.01 0.00 Procurement Analyst 0.25 0.10 Procurement Manager 0.11 0.03 Senior Administrative Assistant 0.30 0.31 Senior Office Assistant 0.30 0.32 Toll Financial Analyst 0.00 0.00 Toll Program Director 0.01 0.00 FTE 7.60 7.42 Department Budget Overview Department Description Finance and Accounting FY 16/17 2.00 1.00 2.00 0.00 0.45 0.88 0.00 0.15 0.10 0.69 0.27 0.30 0.00 7.84 Commission resources are allocated to assure financial stability and fiscal accountability. Finance activities include investing the Commission's cash resources, planning and directing financial transactions, and subsequent monitoring of legal and regulatory requirements. Adequate cash flow must be maintained while at the same time prudently investing operating and capital funds. Borrowing needs are carefully planned using both short- and long- term debt. Once debt is issued, there are ongoing responsibilities including interaction with financial advisors, bankers, dealers and remarketing agents, underwriters, bond counsel, bond insurers, trustees, issuing and paying agents, arbitrage consultants, investment managers, and rating agencies as well as providing regular and consistent information disclosure to investors. Fiscal accountability involves receiving all funds due the Commission, paying all Commission obligations, maintaining the general ledger, reporting regularly on the Commission's fiscal results, and preparing and monitoring the budget. Fiscal accountability requires the coordination of budget planning and monitoring and the accurate and timely accounting for all funding sources, including compliance with all applicable laws and regulations governing those funds. Accounting encompasses cash receipt and disbursement functions, maintenance of the general ledger including project cost accounting, payroll processing, debt and investment management, quarterly and annual financial reporting, and retention of and coordination with independent auditors. The Commission also recognizes the importance of accountability for the organization. As a result, the Commission is highly regarded by individuals, peers, other organizations, and government officials at a local, regional, state, and national basis. A formal organizational accountability program was approved in January 2006 to address fraud risk, ethical conduct, financial and operational disclosure, and maintaining the public's confidence in the Commission. Accordingly, measures have been implemented based on a conceptual framework related to oversight, reporting, fraud, internal control, and ethics. Procurement Management In the management of the procurements and contracts process, the responsibility of the procurement management function is to ensure that the procurement policies approved by the Commission are followed and procurement procedures are updated as required. The function is responsible for the purchase of all goods and services, except for real property acquisition, in accordance with Commission policies and federal and state funding requirements to ensure the implementation of the Commission's projects and programs. This includes the administration of the Commission's DBE and SBE programs. Procuring goods and services for the Commission is a cooperative effort. All Commission staff involved in procurements for their projects and programs are responsible to employ sound judgment and appropriate standards of ethics and fairness to procure in a manner most advantageous to the Commission. The Procurement division also conducts a review of and updates insurance coverage for the Commission and its properties. Key Assumptions • The commercial paper letter of credit and sales tax revenue bond SBPAs facilities will be maintained with strong short-term ratings. • The Commission will maintain strong AA category long-term credit ratings related to its sales tax bonds and investment grade ratings related to its toll bonds and TIFIA loan. • Proceeds from the 2013 Sales Tax Bonds, 2013 Toll Bonds, TIFIA loan, and equity contributions will be used to fund the 91 Project. • The financing plan for the I-15 Express Lanes project will include federal funds, sales tax contributions, issuance of toll revenue bonds, and a TIFIA loan. • Arbitrage calculations related to the outstanding debt issues will be performed by a consultant on an annual basis. • The Commission will pay 100% of the actuarially determined contribution related to postretirement health care benefits based on a current actuarial valuation. • Directors and program managers will continue to have adequate project budget and accounting information to make informed decisions. • Toll operations accounting information will be processed and provided by the toll operations contractor's back office, and a service organization report, or SOC1-Type 2 report, will be obtained annually. • Construction fund bond proceeds will be invested in mid-term securities that mature in accordance with the construction draw schedule. Operating funds will be invested in state and local agency investment pools for short-term liquidity purposes and in mid-term treasury and federal agency securities as available funds are identified. The overall interest rate is conservatively projected to be 0.25% for operating funds managed by state and County investment pools as well as an investment management firm and 0.75% for debt service and construction funds managed by an investment management firm. • Procurements will be conducted in accordance with the Commission's procurement policy manual. • Procurement will continue to maintain a standardized procurement filing system and centralized procurement files. • Procurement will conduct outreach activities to encourage DBE and SBE participation in various contracts and projects. Accomplishments • Implemented GASB Statement No. 68 related to the accounting and financial reporting for pensions. • Prepared and submitted to TIFIA the Financial Plan Annual Update for the 91 Project. • Prepared and submitted required continuing disclosure reports related to the 91 Project financing to TIFIA and/or the Municipal Securities Rulemaking Board's Electronic Municipal Market Access System, including the monthly construction progress report. • In coordination with OCTA staff, developed a master custodian agreement for the deposit and distribution of funds related to the use of the 91 Express Lanes. • Supported the development of a financing plan for the 1-15 Express Lanes project, including submittal of a letter of interest for TIFIA credit assistance and a presentation and tour to Fitch for an indicative rating assessment of a TIFIA loan. • Presented an update to the rating agencies of the Commission's sales tax and toll financing programs. • Updated the Commission's investment policy in April 2016. • Issued a request for proposals and awarded a contract for the Commission's annual TDA claimant and Measure A recipient audits. " Obtained financial reporting excellence award from the Government Finance Officers Association (GFOA) (23rd year) related to the CAFR for the fiscal year ended June 30, 2015. " Obtained GFOA distinguished budget award (20th year) for annual budget for the fiscal year beginning July 1, 2015. " Generated approximately $5.7 million in additional Measure A sales tax revenue since the engagement of a firm in January 2008 to provide sales tax audit services in order to detect and correct sales tax reporting errors. " Revised the procurement policies manual, which was adopted by the Commission in September 2015. " Implemented the outsourcing of automated administration of the insurance certificate tracking process related to agreements. " Participated in small business networking activities and met with potential DBE and SBE vendors. " Held 1-15 Express Lanes project DBE/SBE summit event for shortlisted toll services provider and design -builder proposers to network and identify subcontracting opportunities. Major Initiatives Finance and Accounting The commercial paper program has been in place for 11 years and has provided short-term, advance funding for projects included in the 2009 Measure A and related Western Riverside County Delivery Plan. Commission management will continue to utilize the commercial paper program in FY 2016/17 to fund the 1-15 Express Lanes project through financial close. The current credit and liquidity support for the commercial paper program is $60,000,000, and the existing letter of credit and reimbursement agreement with State Street Bank expires in October 2017. In connection with the 2009 variable rate bonds, the Commission's current SBPAs with BTMU expire in March 2019. The Commission will monitor the credit quality of the banks providing these liquidity facilities for any actions which may affect the short-term ratings of the commercial paper program and 2009 Bonds. Staff maintains a comprehensive financing plan to support the highway and rail capital projects to be delivered through 2019 and to assess future financing requirements. This financing plan incorporates revised sales tax revenue forecasts as well as other potential federal, state, and local revenue sources, including tolls. Based on the updated cost estimates for these projects and identified revenues, potential project funding shortfalls may result in project deferrals or require alternative financing strategies. Financing alternatives to be considered include commercial paper, long-term bond issues to finance Measure A and toll projects, and federal loan programs. Similar to the 91 Project financing, the Commission's financial team is developing a plan of finance for the 1-15 Express Lanes project considering such financing alternatives. A letter of interest for a TIFIA loan was submitted in November 2015, and the Commission has advanced to the creditworthiness stage. The Commission anticipates an invitation from TIFIA in early FY 2016/17 to submit an application for the loan. Prior to financial close related to the issuance of bonds and a TIFIA loan for the 1-15 Express Lanes project, Finance staff will conduct a procurement for an investment manager of the 1-15 Express Lanes debt proceeds. In connection with the 91 Project financing, a master custodian agreement for the collection of toll and other revenues related to the 91 Express Lanes operations has been developed together with OCTA, the owner of the OCTA 91 Express Lanes. Upon selection of the master custodian and execution of the agreement, the Commission will continue to plan and coordinate the implementation of the master custodian function in advance of the beginning of toll operations on the Riverside 91 Express Lanes. As a result of the significant financing proceeds received in connection with the 91 Project plan of finance, the Commission has invested such funds with the advice and assistance of an investment management and advisory firm. Operating funds available for investment are coordinated with the assistance of a second investment management and advisory firm. Investments are made in accordance with the Commission's priorities of safety, liquidity, and then yield. The investment managers and advisors will continuously review the Commission's investment policy for any required updates and other recommendations. To ensure that the Commission receives the proper amount of Measure A sales taxes, the Commission will continue to engage a firm to conduct sales tax audit services. The firm will also provide quarterly sales tax analysis and reporting services, of which a summary report is presented to the Commission on a quarterly basis. The Commission will also continue to engage a consultant to provide semi-annual sales tax forecasts for use in the development of revenue projections for the annual budget process and comprehensive financing plan updates. The Finance Department will continue to keep abreast of GASB technical activities affecting the Commission's accounting and financial reporting activities. Various new standards, including other postemployment benefits accounting and financial reporting standards, will be considered for implementation as part of the preparation of the CAFR for the year ended June 30, 2018, unless implemented earlier. The Finance Department will also continue to consider changes to accounting and financial reporting related to the commencement of toll operations in FY 2016/17 and will continue to assess financial policies, procedures, and reporting and ensure proper internal control. Consultants may be engaged to assist staff in the development of efficient accounting and reporting processes, administrative cost allocation alternatives, and development of an investor relations page on the Commission's website. The Finance Department will continue to update its ERP system that integrates data processing across the Commission, automate administrative processes, and embrace data integration. The continued ERP efficiency gains include an automated paperless workflow system, advanced project accounting, budgeting, multi -year contract management, grant tracking, and readily available scanned images that can be retrieved by all users. In order to improve automation and efficiencies during the annual budget process, during FY 2016/17 the Finance Department may develop a procurement for a comprehensive budget application that can be integrated with the ERP system. Procurement Management A centralized procurements process will continue to be maintained to manage requests for proposals, qualifications, invitations for bids, small purchases, and related contract administration issues. The Procurement Policy Manual reflects best practices and applicable federal, state, and local laws and regulations. The procurement system has strengthened controls to ensure consistency in the development and application of procurement policies and procedures and adherence to applicable laws and regulations, especially those related to federal and state grants. Procurement utilizes PlanetBids to assist staff in its efforts to administer and manage an efficient procurement process and conduct outreach to small businesses and DBEs for Commission projects and programs. PlanetBids is a web -based vendor and bid management software. The PlanetBids e-procurement application helps streamline the complete bidding process and enables the collection and analysis of all aspects of vendor data, purchasing activities, and corresponding history. PlanetBids has provided a better service and convenience to vendors and automatically notifies potential vendors of bid alerts. In order to improve the efficiency and productivity of resources, the Commission will continue to outsource the administration of the insurance certificate tracking process related to agreements. Procurement Management is responsible for developing, implementing, and monitoring DBE and SBE program requirements in coordination with contractors and other appropriate officials. Duties and responsibilities include establishing DBE attainment goals, monitoring reporting and utilization by contractors, gathering and reporting statistical data and other information as required, reviewing third party contracts and purchase requisitions for compliance with the program, ensuring that bid notices and requests for proposals are made available to DBEs and SBEs in a timely manner, reporting to and advising the Executive Director and Commission on DBE and SBE matters, and providing outreach to DBEs and SBEs to fully advise them of contracting opportunities. Additionally, the Commission recognizes the vital role that local businesses play in the County, and it strongly encourages, supports, and promotes the participation of local businesses in providing goods and services to the Commission. Procurement is committed to providing contracting opportunities to local businesses to strengthen the County's local economy and to promote the development of the small, local business community. During FY 2016/17 the Commission will jointly participate in other outreach events in order to acquaint potential local, small, and disadvantaged businesses with the Commission's procurement procedures and opportunities. Staff also consults with the Commission's insurance broker in procuring competitive quotes, on an annual basis, for various insurance coverages secured by the Commission in order to provide cost effective solutions to meet its diverse insurance needs. Department Goals Protect the Commission's cash resources by regular monitoring of investment practices to ensure consistency with established investment policy. (Policy Goal: Financial & Administration) Objectives: • Utilize investment management and advisory services to prudently invest operating and capital funds in accordance with the Commission's investment policies. • Achieve a rate of return at least equal to the County of Riverside Treasury Pool rate for operating funds. • Establish an appropriate benchmark for the investment of debt proceeds and excess operating funds. Manage the Commission's outstanding debt ensuring compliance with applicable laws and regulations and continued investor awareness and receptivity to the Commission's program. (Policy Goal: Financial & Administration) Objectives: • Provide an annual update and review of the debt programs with one or more of the rating agencies no later than June 30, 2017. • Meet continuing disclosure requirements of the sales tax and toll revenue debt programs and comply with the TIFIA loan reporting requirements. • Enhance the Commission's website to provide timely and useful information to investors. • Prepare arbitrage calculations as required. Ensure the Commission and funding recipients comply with Measure A and TDA laws and regulations as they relate to the annual financial and compliance audits as well as close cooperation and coordination with independent auditors. (Policy Goal: Financial & Administration) Objectives: • Minimize the number of audit adjustment, substantive management letter comments, and compliance findings requiring corrective action by the Commission. • Maintain appropriate fiduciary review and monitoring procedures for Measure A recipient and TDA claimant audits. Maintain fiscal and budgetary control through monitoring of periodic results and ensuring consistency with the Commission's strategic direction. (Policy Goal: Financial & Administration) Objectives: • Obtain the GFOA Distinguished Budget Award for the FY 2016/17 budget. • Facilitate a comprehensive budgeting approach that effectively involves management staff, requiring full accountability for all department expenditures. • Fund 100% of the actuarially determined contribution related to the postretirement health care benefits. Assure fiscal accountability for Commission funds with general ledger accounting and financial reporting consistent with generally accepted accounting principles. (Policy Goal: Financial & Administration) Objectives: • Ensure proactive communication and timely responses to any noted errors, corrections, and budget transfers related to program and project management reviews of accounting and budget information. • Obtain an unmodified opinion on the basic financial statements. • Receive financial reporting excellence award from the GFOA related to the preparation and issuance of the CAFR. • Stay abreast of finance, accounting, and financial reporting developments by attending training and conferences in these general areas or in specialized areas applicable to job duties. • Update and maintain the fiscal policies and procedures manual. " Update and maintain complete accounting desk procedures manual for ERP system to facilitate cross training. " Support staff and consultants with training opportunities in order to effectively utilize the ERP system capabilities. " Assist local governments with Measure A funding by providing timely allocation of funds for eligible projects and programs. " Maintain ERP system to reflect technical updates and current technology. " Develop and implement accounting and financial processes with the operator of the 91 Express Lanes and OCTA for start of toll operations on the Riverside 91 Express Lanes in 2017. Develop and maintain an organizational accountability program encompassing financial and operational functions. (Policy Goal: Financial & Administration) Objectives: " Establish and implement measures related to oversight, fraud, internal control, and ethics. " Issue annual disclosure statements related to financial and operational responsibilities. " Continue to revise and develop finance and accounting policies and procedures that reflect the requirements of federal, state, and local requirements and the Commission's operating practices. Procure goods and services from qualified consultants, contractors, and other vendors in accordance with laws and regulations at a competitive price. (Policy Goal: Financial & Administration) Objectives: " Assist departments and programs to procure and obtain goods and services in a cost effective and efficient manner. " Ensure that procurements are conducted in accordance with the Procurement Policy Manual. " Ensure that agreements, amendments, and MOUs are entered into with appropriate legal considerations. " Process agreements, amendments, and MOUs in a timely and efficient manner. " Ensure that consistent procedures, processes, and tools are used for procurements. Review existing procurement policies and procedures. (Policy Goal: Financial & Administration) Objectives: " Ensure that the procurement polices reflect Commission requirements and practices. " Segregate policies and procedures so that procedures can be easily updated without Commission approval. " Ensure that procurement policies and procedures reflect the requirements of the Commission's federal, state, and other funding sources. " Continue to provide an easy to read desktop quick procurement policies reference guide for use by Commission staff. " Maximize the value received for the Commission's expenditure of public funds. " Provide all vendors an equal opportunity to provide needed goods and/or services. Finance Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Sales tax revenue bond rating Aa2/AA+/AA Aa2/AA+/AA Aa2/AA+/AA Aa2/AA+/AA Toll revenue bond rating BBB -/BBB- BBB -/BBB- BBB -/BBB- BBB-/BBB- TIFIA loan rating BBB- BBB- BBB- BBB - Commercial paper rating P-1/A-1+ P-1/A-1+ P-1/A-1+ P-1/A-1+ GFOA Certificate of Achievement Awarded Awarded Awarded Awarded GFOA Distinguished Budget Award Proficient Proficient Proficient Proficient Invoices processed 6,200 6,710 7,000 7,500 Checks processed 4,200 4,342 4,400 4,600 Audit adjustments 0 0 0 0 Average yield on investments 0.25% operating/0.75% debt proceeds 0.70% operating/0.63% debt proceeds 0.25% operating/0.75% debt proceeds 0.25% operating/ 0.75% debt proceeds Payroll hours processed 86,900 92,961 96,500 105,000 Accounts receivable invoices processed 200 241 250 250 Agreements processed 370 310 275 325 Planning and Programming Mission Statement: "To exert leadership in transportation planning and the programming of funds to improve mobility, foster environmental stewardship, expedite project delivery, and form partnerships with local regional, state, and federal agencies resulting in maximum returns on local investment. Support a coordinated regional approach to solving transportation funding issues." Chart 34 — Planning and Programming Projects and Operations 86% Expenditures Professional Costs 3% Support Costs of Planning and Programming expenditures of $12,037,100 have increased 67% from last year's budget (Table 55). Salaries and benefits represent 10% of total expenditures and reflect a change in FTE allocations and a 4% pool for merit -based salary increases. Professional services totaling $413,500 have increased 146% due to Fundtrack project database upgrades. Professional services include CMP implementation efforts, air quality analysis, project database management, local and regional planning activities, on -call goods movement consultants, and legal services. Support costs decreased by 10% or $2,400 and include various membership dues and staff -related travel costs. Projects and operations costs have increased 78% primarily due to signal synchronization projects. Special studies include development of a countywide integrated long-range transportation plan, the CMP update, and database modeling. Table 55 - Planning and Programming Expenditure Detail FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits Professional Costs Legal Services Audit Services Professional Services - General Total Professional Costs Support Costs Projects and Operations Program Operations Engineering Construction Right of Way Special Studies Operating and Capital Disbursements Total Projects and Operations Transfers Out TOTAL Planning and Programming $ 1,065,300 $ 1,149,000 $ 1,148,300 8,900 13,000 180,700 155,000 189,600 168,000 20,800 23,300 147,100 65,000 212,100 16,000 2,100 55,500 20,000 90,000 290,000 750,000 75,000 163,000 102,100 1,514,000 1,454,000 1,039,100 3,245,000 1,245,000 1,143,300 5,817,500 3,084,000 - 50,000 - $ 2,419,000 $ 7,207,800 $ 4,460,400 $ 1,264,000 33,500 10,000 370,000 413,500 20,900 113,700 490,000 4,975,000 85,000 1,400,000 3,275,000 10,338,700 $ 12,037,100 Planning and Programming Staffing Summary Position FY 14/15 FY 15/16 Administrative Assista nt 0.13 0.13 Capital Projects Manager 0.06 0.00 Chief Financial Officer 0.02 0.00 Commuter and Motorist Assistance Manager 0.00 0.01 Deputy Executive Director 0.02 0.00 Executive Director 0.47 0.48 Goods Movement Manager 0.99 0.90 Government Relations Manager 0.05 0.00 Management Analyst 1.01 1.04 Multimodal Services Director 0.04 0.00 Planning and Programming Director 0.90 0.90 Planning and Programming Manager 0.99 0.82 Procurement Analyst 0.01 0.00 Procurement Manager 0.02 0.03 Project Delivery Director 0.01 0.00 Public Affairs Manager 0.00 0.05 Senior Administrative Assistant 0.24 0.23 Senior Management Analyst 1.00 0.99 Toll Program Director 0.02 0.00 FTE 5.98 5.58 Department Budget Overview Department Description $ 115,000 10% 20,500 158 10,000 N/A 215,000 139% 245,500 146 (2,400) -10% 58,200 105 400,000 444% 4,225,000 563% (78,000) -48% (114,000) -8% 30,000 1% 4,521,200 78% (50,000) -100% $ 4,829,300 67% FY 16/17 0.21 0.30 0.03 0.00 0.08 0.38 0.95 0.20 1.06 0.03 0.90 0.99 0.00 0.00 0.00 0.00 0.17 1.02 0.00 6.32 The Commission is responsible for short- and long-range transportation planning and programming. Short-range planning and programming involves the development of the five-year STIP and preparation of the five-year FTIP for the County. These programming documents identify projects, including those identified in the short-range transportation plan, and their respective funding and schedules. The Commission's involvement with long-range planning efforts includes the coordination and input into planning efforts throughout the County and southern California region. These efforts involve participation in local, bi- county, and regional corridor studies, including the continued development of the CETAP corridors. Regional planning efforts are incorporated in the RTP (a 30-year transportation plan) developed by SCAG in conjunction with county transportation commissions, sub -regional agencies, local agencies, transit operators, and other interested parties. The SCAG 2016 RTP incorporates a Sustainable Communities Strategy (SCS) required under SB375. The SCS component establishes goals for projects, programs, and land -use designed to reduce GHG emissions. The Commission is responsible for approving projects for RIP funds in Western County and coordinating with Caltrans on the selection of Interregional Improvement Program (IIP) funds as part of the STIP approved by the CTC every two years. The Commission has delegated the authority to nominate projects for RIP funds in the Coachella Valley to CVAG. A MOU between the city of Blythe, representing Palo Verde Valley, and the Commission allows the city to trade RIP funds for local Measure A sales tax funds. In November 2006, Proposition 1B was approved by the voters of California, which provided $20 billion in transportation infrastructure funding. Various program categories were established including a $2 billion infusion into the STIP. Other competitive program categories included CMIA and TCIF; the County was successful in receiving CMIA funding for the SR-91 HOV lanes and 1-215 widening projects, which have recently substantially completed construction, with the exception of the Pachappa underpass portion of the SR-91 HOV lanes project that was split off as a separate project and will be funded with non-CMIA funding. TCIF funding was approved for 11 grade separation projects and a ground access improvement project at the I-215/Van Buren interchange. The Commission is a member of the Southern California Consensus Group that developed and submitted project proposals for the TCIF program. As with the RIP and IIP funds, Proposition 1B funds are administered and allocated by the CTC. Proposition 1B funds were instrumental during the economic recession as they became the most reliable state funding source for transportation projects. The deadline to award Proposition 1B CMIA projects expired at the end of 2013. The TCIF program was originally set to expire in December 2014, but was extended indefinitely by statute in 2014, (SB 1228 — Hueso), to allow receipt of funds from non -Proposition 1B sources to fund California's freight and goods movement infrastructure. Although the TCIF program was extended by statute, the CTC adopted a deadline of December 2016 for all TCIF projects to start construction and, at its March 2016 meeting, extended the savings utilization policy to December 2019. Programming specifically involves the development, review, and approval of projects for various funding programs. Additionally, programming involves the monitoring of projects from project selection through construction close- out. In order to receive federal funds and approvals, all projects funded with federal and state dollars, or local projects that are regionally significant, must be included in the RTP and FTIP. SCAG, as the metropolitan planning organization (MPO), is responsible for incorporating all six county (Imperial, Los Angeles, Orange, Riverside, San Bernardino, and Ventura) transportation improvement programs into one regional programming document and conducting a conformity analysis with the adopted air plans to ensure compliance with the National Ambient Air Quality Standards and GHG reduction targets adopted by CARB. The RTP/SCS is updated every four years, and the FTIP update effort is performed every 18 to 24 months. Multiple amendments occur within each FTIP cycle; RTP amendments are less frequent as they require air quality conformity analyses. FTIP amendments can occur for minor project changes that do not affect the conformity determination. The Commission is responsible for allocating the following local, state, and federal funding sources: Local Sources: • 1989 and 2009 Measure A sales tax • Western County TUMF regional arterial program State Sources: • SB821 bicycle and pedestrian projects • RIP • ATP MPO share Federal Sources: • STP • CMAQ • Transportation Alternatives Program (TAP) The Commission also serves as the CMA for the County and is responsible for developing and updating the CMP. The CMP was developed to meet state legislation and federal Congestion Management System (CMS) requirements, which includes an enhanced traffic monitoring system. The CMP's highways and regional arterials are regularly monitored to ensure that they are operating at acceptable levels (above Level of Service (LOS) "F"). If a deficiency occurs along the CMP system, a deficiency plan must be prepared that identifies mitigation measures and/or projects that will improve the LOS to "E" or higher. It is anticipated that the next CMP update will occur in 2017. Partnership development, public and private, is critical to the Commission's continued success in affecting positive transportation decisions to meet future demands. Commission staff works in close coordination with its partners to advocate for federal, state, and local funding to improve mobility and mitigate the impacts of goods movement. Key Assumptions • The Commission will continue its efforts in working with transportation partners to streamline and improve project delivery. • Consultant contracts are maintained to provide assistance with the CMP, air quality analysis, project database management, and other related planning activities. • The Commission will utilize all available funding sources on transportation projects identified in the 1989 Measure A and the 2009 Measure A as well as other regional high priority projects, including TUMF regional arterial projects and grade separation projects. • The Commission will continue participation in local, bi-county, and regional planning efforts representing the interests of the County. • The Commission will work with the CTC, Caltrans, SCAG, and local project sponsors to implement projects funded with STIP/RIP, ATP, or other available fund sources to ensure that the programming and allocations are consistent with project schedules. • The Commission will continue to assist local project sponsors with the processing of state and federal funding approvals/obligations/allocations and overall project delivery. Accomplishments • Processed 28 STIP actions that consisted of, but were not limited to: ATP Cycle 1 awards, financial allocations, extensions of time, request of Proposition 1B Traffic Congestion Relief Program payment for a completed County project, and addition of TCIF projects to Proposition 1B program. • Completed four local agency agreements and/or amendments for the implementation of TUMF regional arterial projects. • Processed over 85 project amendments into the 2015 FTIP. • Submitted the 2017 FTIP Update consisting of 385 projects. • Submitted the 2016 RTP/SCS consisting of 584 projects. • Coordinated with Caltrans and project sponsors regarding the obligation of federal and state funding, met obligation deadlines, and prevented loss of funding to the County. • Monitored federal funding expenditures of inactive projects to ensure funds were not deobligated. • Advised local agencies and coordinated the use of toll credits and local match waiver for federally funded projects funded at the maximum reimbursement level, saving the Commission and local agencies up to $901,000 in local match funds programmed in FY 2015/16. • Reviewed and approved the Measure A five-year capital improvement plans (CIP) for each local agency in the County. • Worked with SCAG and southern California agencies to develop ATP Cycle 2 funding distribution recommendations for the MPO region. • Monitored TCIF project development to ensure timely completion of the 11 grade separations and a ground access improvement project to improve the I-215/Van Buren interchange as required for the $162.7 million Proposition 1B TCIF funds. TCIF projects completed to date include grade separations at Auto Center Drive, Avenue 52, Clay Street, Columbia Avenue, Iowa Avenue, Magnolia Avenue/Union Pacific (UP), Riverside Avenue, Streeter Avenue, and Sunset Avenue and the I-215/Van Buren interchange. Two additional grade separation projects are under construction: Avenue 56/Airport Boulevard and Magnolia Avenue/BNSF Railway (BNSF). • Developed a successful application for the Avenue 66/Union Pacific Railroad Grade Separation Bypass project under the TCIF program. • Continued to take a leadership role and work collaboratively with the five -county consensus working group, Mobility-21, and SCAG's Southern California National Freight Gateway Collaboration on goods movement issues. Major Initiatives Each county transportation commission throughout the State is responsible for programming RIP funds, which represents 75% of the total STIP funding available statewide for capital enhancement projects. The 75% funding level is then further distributed with 60% of the funds allocated to southern California and 40% to northern California. A population formula is then applied to determine county funding levels called "county shares." The Commission is responsible for ensuring that projects funded with STIP funding are administered and implemented consistent with CTC and Caltrans policies. It is the Commission's policy to set aside 2% off the top of new programming capacity for staff support to carry out STIP PPM activities. The remaining RIP funds are further distributed geographically among Western County, Coachella Valley, and Palo Verde Valley per the Commission's intra-county STIP formula. The Commission also may consider a call for projects for RIP discretionary funds when sufficient programming capacity is available. Federal TAP funds will be administered through the CTC similar to STIP funds under the State's new ATP that was created by SB99 and AB101 to encourage increased use of active modes of transportation, such as biking and walking. Federal TAP funds are not subject to general fund diversions; however, TAP funds are authorized each year by the passage of the state budget. TUMF funds are collected and administered by WRCOG. Approximately half of the TUMF funds collected are set aside for WRCOG's zone arterial projects and regional transit facilities. After the deduction of an administrative fee, WRCOG provides the other half of the TUMF revenues to the Commission. These funds are further distributed to the Commission's TUMF CETAP corridors and regional arterial programs. In September 2004, the Commission established a five-year program and approved the programming of 23 regional arterial projects. To date, $135 million has been programmed for TUMF regional arterial projects. Due to fluctuating TUMF revenues over the past few years, $14.5 million in 2009 Measure A Western County Regional Arterial (MARA) funds and $25.5 million in TUMF CETAP funds were programmed on two projects to fulfill the TUMF commitment. Of the 23 TUMF regional arterial projects, 15 projects have completed construction, five projects are currently under construction or in pre - construction, and three projects are in the development phase and remain to be programmed for future TUMF funds. Planning and Programming also manages the 2009 Western County MARA program and to date approximately $40 million has been programmed. The expenditures for these regional arterial capital projects are included in the Capital Project Development and Delivery Department budget. Transportation Planning The Commission's role in planning throughout the year will involve working with Federal Highway Administration (FHWA), FTA, Caltrans, SCAG, sub -regional agencies, local agencies, and the other county transportation commissions in the region on various planning efforts relative to the implementation of the 2016 RTP/SCS, corridor and goods movement studies, and efforts to update transportation computer models and project databases. In addition, at its January 2016 workshop the Commission approved moving forward with the development of a countywide integrated long-range transportation plan as well as "next generation" toll and rail feasibility studies. These planning efforts will be supported through consultant contracts in FY 2016/17 using LTF planning and STIP PPM funds. In FY 2016/17 the Commission will continue its work efforts on the intra-county CETAP corridors. An updated environmental document and project report has been prepared for the Mid County Parkway project to address changes made to the project limits, which are now between SR-79 and 1-215. The recirculated/supplemental draft environmental document was released for public review and comment in January 2013. Additional quantitative analysis for air quality, GHG emissions, and climate change effects for Mid County Parkway was released for public review in January 2014. Federal NEPA/MOU signatory agency concurrence for the least environmentally damaging practicable alternative for Alternative 9 Modified was received in February 2014. Final project approval and conclusion of the environmental phase was obtained in summer 2015, and final design will begin in summer 2016. Work on a portion of the north -south CETAP corridor and 1-215 south widening project was completed in November 2012. The 1-215 central widening project was completed in October 2015, and an improvement to the French Valley Parkway interchange is being led by the city of Temecula. Given funding constraints, work on the two inter -county CETAP corridors by the Commission is not expected in this fiscal year. The CMP update will involve the procurement of a consultant to assist in the preparation of a CMP that addresses state and/or federal regulations and aligning requirements for consistency with the RTP/SCS. Transportation Programming As mentioned above, the Commission is responsible for allocating various local, state and federal funds. These funds are monitored to ensure that regulations are adhered to in order to prevent funds from lapsing. The following summarizes the status of these funding programs: Local Funding Western County TUMF Regional Arterial Program Project monitoring of TUMF regional arterial projects by Planning and Programming staff will occur based on the agreements between local agencies and the Commission. In addition, Commission staff will work with local agencies regarding amendments to agreements and any issues regarding project delivery. To date, project agreements with local agencies have been executed for CETAP TUMF and regional arterial funds totaling approximately $135 million. By the end of FY 2016/17 the majority of expenditures will have been reimbursed to local agencies for TUMF regional arterial projects. These project expenditures are included in the Capital Projects Development and Delivery Department. Project programming for the remaining projects will be forwarded to the Commission and will be based on project readiness and funding availability. Staff will coordinate future programming of additional TUMF regional arterial projects with WRCOG and local agency staff. 2009 Measure A Western County Regional Arterial Program During the 2014 multi -funding call for projects, an additional $24 million of MARA funds were approved for five projects in Western Riverside County. Prior to the call, $40 million of MARA funds were programmed on six projects. Of the 11 MARA funded projects, six are under construction and three have been completed; two will begin construction by end of FY 2015/16. 2009 Measure A Local Streets and Roads In order to receive Measure A local streets and roads funding, each year local jurisdictions are required to submit their five-year CIP based on Measure A revenue projections. Additionally, the local jurisdictions are required to submit a Maintenance of Effort (MOE) certification consistent with adopted MOE guidelines and participate in the MSHCP and in the local agency's respective TUMF program, as applicable. Amendments to CIPs are processed administratively for minor changes that do not affect the total programmed amount or are within budget levels. Significant changes require Commission approval. State Funding STI P/RIP/II P Proposition 1B provided funding for STIP projects and other bond program categories such as CMIA, TCIF, and State Local Partnership Program (SLPP). However, with the expiration of these Proposition 1B programs, the STIP remains unsteady without the identification of a new fund source dedicated to transportation improvements or an increase in the gasoline tax. This year Commission staff will continue to deliver projects programmed in the STIP and work with local agencies to ensure that bond funds are allocated and expended by the respective deadlines. Staff will also be involved with the development and implementation of current and future ATP cycles, working with the CTC, Caltrans, SCAG, and regional transportation planning agencies to ensure projects in the County are successful in this funding program. 58821 SB821 projects are funded by 2% of LTF revenues; the expenditures under this program are included in the LTF special revenue fund, which is reflected in the Public and Specialized Transit Department since this fund's activities related primarily to transit funding. Call for projects are held on a biennial basis. Federal Funding CMAQ, STP, and TAP/ATP The Commission is responsible for allocating CMAQ and STP funds to transportation projects in the County. The Commission selects and approves CMAQ funds and STP funds through a call for projects in addition to programming funds for Measure A projects. The Commission delegates the selection of projects for CMAQ funds apportioned to the Salton Sea Air Basin to CVAG. In January 2014, the Commission approved projects through a multi -funding call for projects, which included 18 CMAQ projects in Western County totaling $56 million and 10 STP projects countywide totaling $63 million. Through SB99 and AB101 the State developed the ATP, which consolidated federal TAP and state funding that traditionally funded bicycle and pedestrian projects. The ATP is administered by the CTC and is designed to encourage increased use of active modes of transportation such as biking and walking. Staff has been involved with the development of the guidelines and participates in workshops and through the Regional Transportation Planning Agencies group to represent the County's best interest in this funding program. Project Monitoring The high demand for reporting and monitoring the progress of projects is essential to prevent funds from lapsing. The department's project database, Fundtrack, allows for efficient monitoring of project schedules and funding. Local agencies have been provided access to project information as well as the capability to update their respective project information in a timely manner. During FY 2016/17 Fundtrack will be updated to improve functionality, compatibility with other external databases, and reporting capabilities. The Planning and Programming Department provides assistance to the Capital Project Development and Delivery Department and local agencies by participating in regular project delivery team meetings and preparing and submitting requests for authorization (RFA)/allocation of federal and state funding. In addition, staff monitors allocation and award deadlines, expenditures, project closeouts, and inactive projects of federal and state funded projects to prevent loss of funds. Regional Issues The Commission's work effort will remain focused on facilitating ongoing commitments as well as being responsive to various emerging issues. These include bi-county issues, such as goods movement, with the counties of San Bernardino, Orange, Imperial, and San Diego. Issues regarding funding are addressed through various working groups, including SCAG region chief executive officers, legislative, and programming. The Commission will continue working with partners from the Southern California Consensus Group (Ports, Alameda Corridor Transportation Authority, Alameda Corridor East Construction Authority, SANBAG, OCTA, Los Angeles County Metropolitan Transportation Authority, Ventura County Transportation Commission, SCAG, and SCRRA) regarding goods movement issues. Recently the Commission coordinated with legislative staff and advocacy groups such as Mobility-21, and SHCC to secure funding through the FAST Act for goods movement - related needs such as the funding of Alameda Corridor East grade separations in the County. A direct result of this effort nationally was authorization of $10.8 billion in funding dedicated to freight and goods movement; $6.3 billion will be available through an existing formula based on current apportionment data and $4.5 billion will be allocated pursuant to a merit -based, multi -modal competitive grant program. Department Goals Build upon relationships with local, state, and federal agencies to coordinate short- and long-range planning to ensure that transportation projects receive funding and approvals. (Policy Goals: Mobility, Environmental Stewardship, Intermodalism & Accessibility) Objectives: • Work with CVAG, WRCOG, Caltrans, transit operators, local agencies, and SCAG to coordinate project amendments to the RTP and/or FTIP. • Provide the Commissioners information to assist in advocating Commission projects. • Continue CETAP intra-county corridor work. • Continue working with the RCA to implement the MSHCP. • Maintain maximum flexibility in project selection for FAST Act or state fund sources to serve the diverse needs of the County. Continue to seek a stronger role for county transportation commissions in state and regional transportation and air quality programs in order to direct funding for programs and projects that will improve air quality and mobility in the County. (Policy Goals: Mobility, Environmental Stewardship) Objectives: • Support efforts to seek additional funding at the local, state, and federal levels for projects that improve air quality. • Support ongoing efforts to regulate federal emission sources. • Support efforts that allow more flexibility in funding transit operating and capital costs. Continue implementation of the CMP in cooperation with SCAG, WRCOG, CVAG, Caltrans, and local agencies and maintain federal certification for the CMP. (Policy Goal: Mobility, Environmental Stewardship) Objectives: • Implement the CMP to meet federal CMS requirements cited under the MPO (i.e., SCAG) planning regulations and consistency with the RTP/SCS. • Provide data collected on the CMP system to SCAG and Caltrans for reporting on the Highway Performance Monitoring System. • Provide data collected on the CMP system to local agencies and other interested parties. • Continue monitoring the CMP system to ensure the minimum adopted LOS threshold is met. Continue working with Caltrans to monitor traffic conditions for the purpose of focusing transportation funds on congested corridors and system deficiencies. (Policy Goal: System Efficiencies) Objectives: • Review Caltrans' Performance Monitoring System count data to infill CMP segments that currently do not have smart call boxes or loop detectors to monitor traffic. • Identify congested corridors for potential funding opportunities. • Work with Caltrans and local agencies to review project alternatives that include travel demand management or integration of mode choices. Continue to advocate for jobs/housing balance and attracting high income jobs to the County in addition to addressing intercounty congestion. (Policy Goal: Economic Development) Objectives: • Participate in ongoing studies and activities to improve the job market and housing demand in Riverside County. • Support the County interests pertaining to transportation planning as population, job, and housing forecasts are developed by SCAG and the State. Maintain Fundtrack project database and support of SCAG regional database to allow for efficient monitoring of projects and funding obligations with the ability to share project information with local jurisdictions. (Policy Goals: Communications, Financial & Administration) Objectives: • Maintain a consultant contract to update, manage and host the Commission's web -based project management database. • Work with SCAG and other county transportation commissions to refine and maintain the SCAG regional FTIP database including updates to the regional transportation model. • Coordinate with Caltrans to assure database compatibility and promote information sharing including timely reporting of fund obligation information. Ensure maximum funding and flexibility for projects funded with STIP-RIP, Proposition 1B, ATP, and federal FAST Act funds. (Policy Goals: Mobility, Goods Movement) Objectives: • Participate in statewide efforts to implement projects and fully utilize all available state funds. • Advocate that regions that program local and federal funds to replace state funding or advance an allocation due to state budget issues (or limited allocation capacity) be given high priority for repayment when funds are available, or in future programming in the next STIP programming cycle. • Participate in various state and federal forums to increase funding levels, streamline programming and allocation processes, and provide flexibility in obligating funds. • Support efforts advocating the continuation and protection of state transportation funding and the payback of loans taken from state transportation accounts. • Advocate that RIP county share reserves receive priority programming over counties that advance shares. • Continue to strategically program and fund projects to meet local, state, and federal goals and to obligate and/or allocate funds in an expeditious manner for the maximum use of all available funding. • Participate in Southern California Programming Roundtable meetings to ensure that 100 percent of federal obligation authority (OA) for CMAQ and STP funding is obligated within the SCAG region. • Participate at CTC and Caltrans forums in preparing and evaluating ATP projects for the statewide and MPO funding programs. • Continue to monitor project implementation through the use of milestone reporting on a quarterly basis to maintain maximum funding levels for projects and prevent loss of funds to the County. • Monitor and influence the development of the National Freight Network required under FAST Act. • Advocate to increase funding to regions based on FAST Act distribution language. Provide support to the Commission's Capital Project Development and Delivery and Finance departments to maintain project funding and schedules and minimize programming issues. (Policy Goals: Mobility, Financial & Administration) Objectives: • Provide input to the budget development process. • Attend regular meetings with the Capital Projects Development and Delivery Department. • Serve in an oversight role regarding project reporting, invoicing, and close-outs. • Coordinate project RFA/OA packages. • Monitor progress of project milestones and RFAs as they are processed through Caltrans headquarters and FHWA. • Prepare CTC allocation requests, extensions, and amendments for STIP and Proposition 1B funded projects. Provide assistance to local agencies in reviewing funding guidelines and grant applications, and facilitate allocation and obligation processes required for project delivery. (Policy Goals: Mobility & Communications) Objectives: • Continue coordination of TAC meetings. • Provide information regarding project programming data, including funding status, to project sponsors on a quarterly basis. • Provide local agencies with recommendations on project programming to minimize unnecessary requirements and delays. • Upon request, attend local agency project delivery team meetings to provide advice on programming issues. • Meet regularly with Caltrans local assistance staff to monitor project submittals and resolve project implementation and obligation issues. • Assist local agencies in reviewing and preparing grant applications, air quality conformity, RFAs, STIP submittals, and inactive reporting justifications. Continue to work with state and federal agencies to streamline processes for funding and project approvals. (Policy Goals: Mobility, Environmental Stewardship & Communications) Objectives: • Maintain relationships with key staff at regional, state, and federal agencies. • Participate in SCAG's National Freight Gateway Collaboration to define a system that meets the region's long- term mobility, safety, environmental, and energy needs including developing a brand specific to goods movement projects in southern California. • Identify problematic areas with project delivery and/or programming and work with state/federal lobbyists to develop solutions for streamlining and clarifying processes under FAST Act. • Participate in regional, state, and federal forums addressing issues related to project programming, implementation, and air quality conformity. Facilitate development of regional transportation solutions that benefit the County, including implementation of Proposition 1B TCIF projects and the Commission's Grade Separation Plan. (Policy Goals: Goods Movement, Intermodalism & Accessibility) Objective: • Monitor progress made in constructing the TCIF-funded projects through discussions with staff from partner agencies. Timely completion of the TCIF projects is required to demonstrate the region's ability to deliver projects consistent with the CTC's direction when the Proposition 1B funding was allocated. As a result of goods movement funding available under the FAST Act, determine where future efforts regarding addressing the County goods movement issues would prove most effective. (Policy Goal: Goods Movement). Objectives: • Identify drivers of demand for goods movement services and performance of modal systems and services as well as public benefits, specific areas of inefficiency, and the impacts of goods movement on communities. • Update the Commission's 2012 Grade Separation Priority Update Study for remaining at -grade crossings through coordination of advocacy efforts with the Legislative Affairs and Communications departments. Facilitate public and private investments in clean air technology in support of the broader air quality programs for SCAG, SCAQMD, and the County local entities. (Policy Goal: Environmental Stewardship) Objectives: • Monitor the impact of AB32/56375 GHG emission reduction from light trucks and automobiles through the implementation of the 2016 RTP/SCS. • Actively participate on the MSRCs TAC to ensure equitable funding is available in support of capital projects within the County. • Work with local agencies in identifying projects that can compete for state Cap and Trade funding programs. Submit grant applications for Cap and Trade funding for three grade separation projects at McKinley, Jurupa Road, and Hargrave. Planning and Programming Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Federal projects monitored for obligation authority delivery 21 42 34 36 Active Transportation Program projects monitored for allocation 0 17 23 20 TUMF Regional Arterial projects monitored for implementation/expenditures 23 11 11 11 TUMF agreements/amendments 4 4 2 4 MARA projects monitored for implementation/expenditures 16 9 6 6 MARA agreements/amendments 5 5 3 3 FTIP amended projects 165 227 85 180 STIP/Proposition 16 programming, allocations, amendments, and extensions for Commission projects/local agency projects 15 5 5 5 Rail Mission Statement: "To develop and support passenger rail transportation options for increased mobility within Riverside County and the region." Chart 35 — Rail Salaries and Benefits Capital Outlay 2% 0% Expenditures Professional Costs 14% Rail expenditures of $34,097,200 include Metrolink operations and capital support as well as maintenance and operations of the nine Commission -owned and operated commuter rail stations (Table 56). Salaries and benefits reflect a 12% increase due to the allocation of FTEs and a 4% pool for merit -based salary increases. Professional costs, which include legal and consultant services, have increased 126% due to on -call rail consultants who will be used to support rail grants applications, management and oversight and perform service planning and modeling for the Coachella Valley/San Gorgonio Pass corridor service. Support costs include station maintenance, media ads, printing services, and marketing incentives. Projects and operations expenditures of $25,458,300 increased 26% compared to the previous year's budget and includes station construction planning and development for the Coachella Valley/San Gorgonio Pass corridor service and an operating contribution of up to $18,400,000 to SCRRA for Metrolink operations, which includes new Perris Valley Line service. The Commission's commuter rail program intends to utilize existing mechanisms within Metrolink to assess and monitor operations and budget performance. Program operations relate primarily to station operations, and engineering and construction expenditures relate to the Coachella Valley/San Gorgonio Pass corridor. The "next generation" rail feasibility study is included in special studies. Capital outlay reflects a 74% decrease and is due to a change in classification of station rehabilitation and improvement expenditures. Table 56 - Rail Expenditure Detail FY 14/15 FY 15/16 Actual Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Salaries and Benefits Professional Costs Legal Services 58,600 Professional Services- General 1,119,500 $ 618,300 $ 760,600 $ 759,400 170,000 93,500 1,905,000 1,220,000 Total Professional Costs 1,178,100 Support Costs 1,346,400 Projects and Operations Program Operations Engineering Construction Special Studies Operating and Capital Disbursements 2,075,000 1,313,500 2,936,200 1,906,600 1,889,800 2,556,300 1,793,000 250,000 1,200,000 250,000 250,000 9,090,000 16,000,000 15, 250,000 Total Projects and Operations 10,979,800 Capital Outlay TOTAL Rail Maintenance and Operations $ 14,122,600 20,256,300 160,400 $ 26,188,500 17,293,000 37,200 $ 21,309,700 Rail Staffing Summary Position Administrative Assistant Capital Projects Manager Chief Financial Officer Deputy Executive Director Executive Director Facilities Administrator Government Relations Manager Management Analyst Multimodal Services Director Procurement Analyst Procurement Manager Project Delivery Director Public Affairs Manager Rail Manager Senior Administrative Assistant FTE Department Budget Overview -Rail Operations Department Description FY 14/15 0.05 0.12 0.04 0.03 0.03 1.00 0.03 0.99 0.34 0.08 0.20 0.02 0.01 1.00 0.02 $ 852,800 171,000 4,520,000 4,691,000 3,054,100 3,672,600 250,000 2,200,000 750,000 18,585,700 25,458,300 41,000 $ 34,097,200 FY 15/16 0.05 0.00 0.03 0.04 0.04 1.00 0.05 1.00 0.30 0.14 0.25 0.03 0.10 1.00 0.02 3.96 4.05 $ 92,200 12% 1,000 1% 2,615,000 137 2,616,000 126% 117,900 4% 1,116,300 44% 0% 1,000,000 83% 500,000 200% 2,585,700 16 5,202,000 26% (119,400) -74% $ 7,908,700 30% FY 16/17 0.11 0.00 0.03 0.01 0.01 1.00 0.00 1.00 0.45 0.45 0.25 0.20 0.10 1.00 0.02 4.63 The Commission has directed efforts in the areas of regional commuter rail, intercity passenger rail, high speed rail, and capital improvements to support enhanced passenger and freight rail service. The entire program includes elements of planning, programming, commuter and intercity rail development and support, station and corridor management, mitigation of community and environmental impacts, legislative and regulatory advocacy, and construction of capital projects. Many elements are managed or supported by other Commission departments, legal counsel, and consultants. Departmental efforts contributing to the rail program are found throughout the budget document. Coordination and consultation also occur with a variety of public and private entities including the California State Transportation Agency, CTC, Caltrans, California Public Utilities Commission, California High Speed Rail Authority (CHSRA), FRA, FTA, Amtrak, environmental agencies, the University of California, transit providers, SCAG, WRCOG, CVAG, San Diego Association of Governments, LOSSAN Rail Corridor Agency, local governments, private freight railroads, businesses, and property owners. The Commission participates in the ongoing funding and governance of Metrolink through SCRRA, a joint powers authority consisting of the county transportation commission's of Riverside, San Bernardino, Orange, Los Angeles, and Ventura counties. The Commission holds two voting positions on SCRRA's eleven member board. Commission staff serves on the five -county TAC which negotiates service and funding levels, based upon the County's established priorities. The TAC provides technical assistance, coordination between various SCRRA and Commission departments, and linkages to local communities. Of the seven commuter rail lines operated by Metrolink, three routes consisting of the Riverside, Inland Empire - Orange County (IE0C), and 91/Perris Valley Lines directly serve Western County. Unlike the other SCRRA member agencies, the Commission owns and operates the commuter rail stations serving the County: Riverside Downtown, Pedley, La Sierra, West Corona, North Main Corona, Riverside —Hunter Park/UCR, Moreno Valley/March Field, Downtown Perris, and South Perris (Chart 36). The Riverside Downtown Operations Control Center (RDOCC), located at the west end of the Riverside Downtown station, provides monitoring of closed circuit televisions (CCTV) at the stations as well as facilities for train crews. Layover track facilities are located at the Riverside Downtown and South Perris stations; however, the layover facilities are maintained by SCRRA. Station operation and maintenance costs are included in the Rail Department budget with services currently coordinated by the Capital Projects Development and Delivery Department through the Facilities Administrator. New and ongoing construction projects at these stations are described in the capital budget managed by the Capital Project Development and Delivery Department. Chart 36 — Riverside County Metrolink Station Locations Riverside County Metrolink Service 9 NY 116RT* N COROHASTATION WEST CORO - STATION IL J. — ow.r� EXISTING STATIONS * +* METROLINK LINE SA N AERXARRIH9 MINTY PEOLEY STATION RIVERSIDE DOWNTOWN STATION HUMS PARK] t1CR STATION MORENO VALIBI STA ION CH FIELD • V A RIVERSIDE . a.. RIVERSIDE- . ,„, ,,, LA SIERRA STATIOR it +' t awa Lake 1101ucews Lake Parris �1 DOWNTOWN PERRIS STATION MORENO VALLEY PERRIS SOLIDI PERRIS STATION In addition to Metrolink, the Commission participates in the governance of the LOSSAN Rail Corridor which is a 351-mile network through a six -county coastal region in southern California and is the second busiest intercity passenger rail corridor in the United States (Chart 37). The LOSSAN Rail Corridor Agency is a joint powers authority originally formed in 1989 that works to increase ridership, revenue, capacity, reliability, coordination, and safety on the coastal rail line between San Diego, Los Angeles, and San Luis Obispo. The Commission is the newest voting member of the 11-member Board of Directors composed of elected officials representing rail owners, operators, and planning agencies along the rail corridor. The LOSSAN has benefited from recent legislative action to establish more local control over the service. The LOSSAN Rail Corridor Agency has recently completed negotiations of a transfer agreement with Caltrans that allowed LOSSAN to take a broader role in the management and coordination of the southern California rail services. The Commission is involved to promote travel options and connections for our residents and to be engaged in decisions impacting the rail track rights the Commission purchased for commuter rail service. Commission staff also participates in the TAC that provides technical assistance, service planning, and coordination between various agencies to improve customer service. Chart 37 — Southern California Passenger Rail System Map Passenger Roil Ski -lion Amtrak Pacific Surfiner © Metallnk Q COASTER 0 SPRINTER {Light Railj Passenger Rail Service - Amuuk Pacific SUrRiner Malraiink Vonrora Countyy Line - Menolink Arnlelopis Voiley line - McMnlink San Remardina line - Melralink Riverside line Menalink 41 line - Mehra nk Orange Crony line Menolink Inland Envier - Orange County Line - COASTER - SPRINTER Right Rullj AlMTiiArr LSO. RS 1 L1� ME TR ❑ LINK Arnrd[dBmMocum GMCl6.run rnarolinknama mm Southern California Passenger Rail SYSTEM MAP LOS ANGELES CC_MJNTI Y MY O{�Y4 M Y AI Y M 114 1 ▪ 1 Ali NI C'64 w 'r Q OY DM *gtf O* N 0 5 10 15 20 30 40 lalilEe SAN PIE -GO COUNTY Key Assumptions • Metrolink's preliminary FY 2016/17 budget is adopted by the Commission and SCRRA. In the event that additional funds are needed during the budget year, a mid -year budget adjustment will be presented to the Commission for approval. • Ridership and fare revenues continue to grow slightly on the Riverside, IEOC, and 91/Perris Valley Lines. • The 91/Perris Valley Line extension will be operational for its first full year and provide new options for the County's commuters. • LOSSAN will demonstrate its effectiveness with local control, and the Commission will be an active voting member in the process. Accomplishments • Developed detailed operating plans and implemented an optimized 91 Line service to maximize the benefit of the nine available train slots to Los Angeles. • Initiated early marketing efforts to establish a ridership base for the Perris Valley Line and expanded Metrolink service. " Actively participated as voting membership on the LOSSAN board. " Continued to implement the recommendations of the comprehensive safety and security assessment and emergency response plan at the Metrolink stations. This includes the construction of the RDOCC and establishment of a back up control center at the North Main Corona station. " Continued efforts to manage the security guard contractor to provide protection of Commission assets and a sense of safety and security for riders. Major Initiatives Over the last 23 years, more than $125 million in capital improvements have been made in developing stations and securing access to support the Commission's commuter rail services operations. The Perris Valley Line project and related projects will add over $250 million more in local investment in commuter rail. The Perris Valley Line construction, including four new commuter rail stations, is substantially completed, and regular service is scheduled to begin in June 2016. Unlike the other SCRRA member agencies, the Commission owns and maintains the commuter rail stations serving the County. A general description of each of the Commission -owned rail station facilities is presented in Chart 38. Chart 38  Commission -Owned Rail Station Facilities Location In Service Date Size Transit Services Primary Features Riverside Downtown 4066 Vine Street Riverside (P244001) June 1993 26.5 acres Rail: 91/Perris Valley Line 2 platforms with 4 boarding tracks 1E0CLine 4 parking lots (1,240 spaces) Riverside Line Enclosed pedestrian bridge, elevators, stairwells Amtrak Bus: RTA SunLine Amtrak MegaBus ^' Pedley(P244002) 6001 Pedley Road, Jurupa 4 7 Valley June 1993 4.5 acres Rail: Riverside Line Platform with boarding track Bus: RTA Parking lot (288spaces) La Sierra (P244003) 109011ndiana Avenue, Riverside October 1995 24.69 acres Rail: 91/Perris Valley Line Platform with 2 boarding tracks 1E0CLine Parking lot (1,065 spaces) Bus: RTA Enclosed pedestrian bridge, elevators, stairwells " �� i1 _ ok iF 4: West Corona (P244004) 155 S. Auto Center Drive, Corona October 1995 5.49 acres Rail: 91/Perris Valley Line Platform with 2 boarding tracks IEOC Line Parking lot (564spaces) Bus: RTA Enclosed pedestrian bridge, elevators, stairwells Corona Cruiser �� " .411100 North Main Corona 250 E. Blaine Street, (P244006) Corona November 2002 6.72 acres Rail: 91/Perris Valley Line Platform with 2 boarding tracks IEOC Line Parking lot (579 spaces) Bus: RTA Parking structure (1,000 spaces) Corona Cruiser Enclosed pedestrian bridge, elevators, stairwells ,4��-.-. t' ` �� Location In Service Size Date Transit Services Primary Features Perris Downtown (P244010) 121 South C Street, Perris June 2016 5.5 Rail: 91/Perris Valley Line Platform with boarding track 4 (bus transit acres Bus: RTA Parking lot (444 spaces) center opened PtlW! 2010) Hunter Park/UCR(P244020) 1101 Marlborough Avenue, Riverside June 2016 9.35 Rail: 91/Perris Valley Line Platform with boarding track �`�--`lI acres Bus: RTA Parking lot (528 spaces) HUNTER PARK YCR Moreno Valley/March Field (P244021) 14160Meridian Parkway, Riverside June 2016 14.47 Rail: 91/Perris Valley Line Platform with boarding track — acres Bus: RTA Parking lot (476 spaces) --_ � E s �:__' ! Amtrak Stairwell !LE- i M VALLEY/ MAKGA *IELO South Perris (P244022) 1304Case Road, Perris June 2016 40.57 Rail: 91/Perris Valley Line Platform with boarding track MI �a1�� snurll PERIII! acres Bus: RTA Parking lot (907 spaces) Amtrak Riverside Downtown Operations Control Center (P244024) 4344Vine Street, Riverside April 2016 3,000 N/A CCTV operations center square Offices and meeting rooms feet Station maintenance includes property management, utilities, grounds maintenance, repairs, cleaning, and security services at the Commission -owned commuter rail station facilities, including adjacent parking areas. Through FY 2015/16 station operating costs were primarily funded with LTF Western County rail allocations. As a result of the new Perris Valley Line service, the LTF allocations will be used for Metrolink operating contributions, and 2009 Measure A Western County rail funds will be used for station maintenance. Table 57 summarizes the station maintenance costs, which are included in the Rail Operations support costs. Table 57 - Rail Station Maintenance Summary FY 14/15 FY 15/16 FY 15/16 FY 16/17 Actual Budget Projected Budget Equipment Maintenance $ 140,700 $ 342,000 $ 451,600 and Repairs Grounds Maintenance 431,300 535,400 604,200 and Repairs Utilities and Support 284,800 304,000 301,200 Property Management 336,400 380,500 210,400 and Operations Security 1,115,400 1,275,800 1,331,200 Improvements 13,100 — 37,200 $ 728,800 1,137, 600 602,400 336,500 2,367,300 Total Expenditures $ 2,321,700 $ 2,837,700 $ 2,935,800 $ 5,172,600 Department Goals —Rail Operations Improve utilization and increase efficiency of commuter rail lines serving the County. (Policy Goals: System Efficiencies, Intermodalism & Accessibility) Objectives: • Support improved Metrolink system safety and security initiatives. • Implement enhanced safety and security features at all stations. • Work with Metrolink staff to increase patronage on the County lines, including the new 91/Perris Valley Line. • Continue to expand service on Metrolink lines with increased train frequencies. • Coordinate with Metrolink staff to develop future service plans that best meet the needs of the County's residents. • Continue to monitor Metrolink's financial performance to ensure the County's transportation funds are used efficiently and responsibly. Maximize opportunities for public use of rail -related investment. (Policy Goal: Intermodalism & Accessibility) Objectives: • Support transit operator efforts to expand availability and use of connecting transit in order to improve access and reduce demand on parking capacity; costs associated with transfers are currently reimbursed to the transit operators by the Commission and are budgeted. • Build out the La Sierra Station with additional bus bays and parking to allow for more commuter buses and park and ride opportunities. • Explore track rights opportunities. • Expand opportunities with the Commuter Assistance Program's park and ride operations for the designation of specific car/vanpool/buspool parking at commuter rail stations with available capacity. The South Perris Station is a new example of this coordination. • Expand opportunities for interline travel through coordination of schedules with LOSSAN and Amtrak intercity trains, such as the Sunset Limited, and other Metrolink lines, including encouraging joint ticketing options. Implement energy efficient systems and generate revenue to offset maintenance costs of rail properties. (Policy Goals: Environmental Stewardship, Financial & Administration) Objectives: • Explore track rights opportunities and potential for joint development opportunities at stations. • Explore the installation of cell phone towers as a revenue source to offset operating costs, including the development of the Pedley station cell tower project. • Explore additional revenue potential at the rail stations. • Evaluate alternative and emergency power systems. Department Budget Overview — Rail Development In order to expand passenger rail options throughout the County, the Commission conducts feasibility studies to assess the viability of commuter rail expansion. In the past, the Commission completed the commuter rail feasibility study that examined the viability of extending Metrolink commuter rail service largely within existing rail right of way. The Commission approved the study and recommended advanced study of extensions on the San Jacinto Branch Line (SJBL) to Hemet/San Jacinto and Murrieta/Temecula. The next phase of Alternatives Analysis for these corridors will be pursued in future years. The Commission's strategic assessment was completed in January 2016 and provides a path forward that will require the development of a "next generation" rail feasibility study in the coming year. Significant planning efforts are also underway to explore intercity passenger rail service to the Coachella Valley/San Gorgonio Pass Corridor. San Jacinto Branch Line The Commission holds title to and manages the 38-mile SJBL (Chart 39) and several adjacent properties, preserved for future passenger rail service. BNSF holds the freight rights in the corridor, providing service to local shippers, and performs maintenance on the line. Chart 39 — San Jacinto Branch Line Perris Valley Line Project The Perris Valley Line was substantially completed in May 2016, and operations commenced in June 2016. The construction project was a 24-mile extension of the 512-mile of Metrolink commuter rail system. It extended the existing Metrolink 91 Line, which provides service between Riverside and Downtown Los Angeles via Fullerton. There are timed connections to the other routes out of the Riverside Downtown station. The project included the construction of four passenger stations at Riverside —Hunter Park/UCR, Moreno Valley/March Field, Downtown Perris, and South Perris; construction of a park -and -ride lot at each of the four new stations, totaling approximately 2,250 parking spaces; and a layover facility at South Perris for vehicle storage and servicing. The hours of operation are from 4:30 a.m. to 8:00 p.m. on weekdays with no scheduled service yet on weekends. The service will have 12 trains a day between South Perris and Riverside Downtown with connections to IE0C and Riverside Line trains as well. Coachella Valley — San Gorgonio Pass Corridor Rail Service Chart 40 — Passenger Rail to the Coachella Valley/San Gorgonio Pass Corridor 1 COACH ELLA VALLEY— SAN GORGONIO PASS CORRIDOR RAIL SERVICE In recent years the Commission has also focused attention on the creation of intercity passenger rail service between the Coachella Valley, the Pass Area, Riverside, and the Los Angeles basin through advocacy efforts with state, federal, and local government entities and negotiation with the freight railroads. The Commission was able to ensure the corridor was prominently featured in the updated 2013 California State Rail Plan. In May 2013 the Caltrans Division of Rail completed the first phase of a planning study and initial alternatives analysis for the rail corridor. This planning study was very supportive of the potential for a viable service, and future studies can expand on this by determining ridership demand and better cost estimates. Caltrans also included an updated project description and analysis of the Coachella Valley/San Gorgonio Pass corridor rail service in the latest state rail plan, which was approved by the California State Transportation Agency on September 5, 2013; the next update will take place in 2018. Since its inclusion of the project into the State Rail Plan, the Commission has taken the lead on the planning elements required of the project in order to secure additional funding and project approvals at various state and federal levels. The Commission has finalized a MOU with CVAG for its cooperation on the planning as well as funding through a new TDA bus/rail split for the Coachella Valley. This agreement also included the application of Proposition 18 funds toward the initial phase 1 analysis which includes public outreach, development of the project Purpose and Need Statement and the development of the Preliminary Alternatives Analysis Report. As part of this effort, the Commission secured a letter of agreement with Caltrans for its cooperation and modeling support. In the July 1, 2010 Federal Register notice on High -Speed Intercity Passenger Rail (HSIPR) program, it clearly outlines the planning process needed to be eligible for HSIPR funds. This process identifies the need for a SDP with the following requirements: • Clearly demonstrate the purpose and need; • Analyze alternatives for the proposed passenger rail service; • Identify the alternative that best meets the purpose and need; • Identify the discrete capital projects required; and • Demonstrate the operational and financial feasibility. This past year in partnership with Caltrans, the Commission successfully applied for and was awarded a $2,900,000 FRA grant to complete the corridor study's SDP. This was the only rail corridor in the country that was awarded these planning grant funds. Staff has worked through the multiple agreements needed in order to utilize this funding in coordination with the FRA and Caltrans. The environmental process needed for the NEPA documentation will be led by a highly qualified consulting firm capable of conducting both the SDP and the NEPA documentation in order to expedite project development. This project will be ongoing and is incorporated in the FY 2016/17 budget. The Commission has created an annual SRTP for the Coachella Valley/San Gorgonio Pass Corridor Rail Service project. As the result of the studies performed to date by both CVAG and the Commission, it was determined that using state -supported intercity trains presents the best alternative for developing service along the corridor. The 141- mile trip between Los Angeles and the Coachella Valley would cross four counties (Chart 41). Stops and station locations are yet to be determined. Due to the trip length and time of approximately three hours, Amtrak -style service with larger seats and food service would be more appealing to the riders. In addition, the service would operate over UP and BNSF tracks, and, in general, Amtrak has a greater ability to initiate service over freight railroads based on a national agreement. The initial service plan would be for two daily round trips along the corridor. The Preliminary Alternatives Analysis recommended a preferred alignment. Chart 41— Coachella Valley/San Gorgonio Pass Corridor Rail Service — Proposed Alternative SJ�:1;19iSj� S 9 Uilf J K Amite San 4V Bonsai Fontana Calton 3 S'1 �311 G1 l 4 qi,J Ff`— w Bake :duowfiud --81ym�11npe, ma Linda aedlantls rp`rmzlw t fr" rside Moreno W valley m .96 miln4° arer, nlnonl eaaning Cabal J tf t17� iiU3 S!J!fi171 LEGEND �-Alternative 1 •�-PotentialStations ihnnsand Nana Desest nol Springs Cathedral City Rancho Palm Oese In an effort to provide earlier rail service to the area, the Commission pursued and was awarded a $1,200,000 MSRC grant for charter passenger rail service for the April 2017 and April 2018 Coachella Music Festivals in Indio. High Speed Rail The Commission continues to play a proactive role in the development of a statewide, high speed passenger rail system, including routing of the backbone corridor through the Inland Empire with possible stations in the Riverside/Corona and Murrieta/Temecula areas. With the passage of Proposition 1A in November 2008, there is a proposed funding mechanism to move the state high speed rail project forward. The CHSRA has begun work on a project level environmental assessment and corridor alignment study for the section between Los Angeles and San Diego via the Inland Empire. The Commission has directed the review to include an alignment alternative along I- 15 for analysis. The Commission has entered into a MOU to be supportive in the development of this high speed rail project and is participating in the Southern California Inland Corridor Group meetings. The Commission actively contributed to the development of the supplemental Alternatives Analysis released in spring 2012 and continues to coordinate local participation at Technical Working Group meetings attended by local stakeholders. Work on this effort has slowed down with the release of the latest business plan that extends the development of this Phase II section from Los Angeles to San Diego via the Inland Empire to beyond 2030. The Commission signed a MOU along with the other southern California transportation entities and SCAG to commit $1 billion in unallocated Proposition 1A funds for early investment to be spent locally for rail transportation improvement projects. Key Assumptions • The 91/Perris Valley Line will be operational for the full year in FY 2016/17. • Progress on the development of the Coachella Valley/San Gorgonio Pass Corridor rail service will continue. Accomplishments • Completed the Perris Valley Line project. • Completed the Alternatives Analysis for the Coachella Valley/San Gorgonio Pass Corridor rail SDP. • Successfully awarded an FRA grant for Phase II of the Coachella Valley/San Gorgonio Pass Corridor rail project and environmental efforts. • Conducted public outreach and alternatives analysis for the Coachella Valley/San Gorgonio Pass Corridor rail project. • Successfully awarded an MSRC Grant of $1,200,000 for Coachella Music Festival charter train service in April 2017 and April 2018. Major Initiatives During FY 2016/17, the Commission will continue progress on the Coachella Valley/San Gorgonio Pass Corridor rail project's SDP and environmental work. Additionally, the Commission will develop the "next generation" rail feasibility study to evaluate future growth opportunities for passenger rail service in Riverside County. Department Goals —Rail Development Identify and plan for capital improvements necessary to increase the scope, appeal, and reliability of commuter rail operations. (Policy Goals: Mobility, Intermodalism & Accessibility, Financial & Administration) Objectives: • Build ridership on the 91/Perris Valley Line. • Explore passenger rail options and conduct detailed studies on the Coachella Valley/San Gorgonio Pass Corridor. • Evaluate high speed rail plans and programs and look for opportunities for early investment that benefit existing passenger rail services. • Evaluate future rail needs as part of the "next generation" rail feasibility study. Maintain efforts with local agencies, other southern California counties, and the state and federal governments to expand intercity passenger rail service into the County and the Coachella Valley. (Policy Goals: Mobility, Intermodalism & Accessibility) Continue to monitor the state efforts in the creation of a high speed passenger rail system along an Inland Empire alignment through coordination with state and local agencies. In addition, continue to identify and advocate for high speed rail funding to be spent on beneficial local rail projects in the County. (Policy Goals: Mobility, Intermodalism & Accessibility) Rail Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Average daily ridership on existing commuter lines • Riverside Line 5,193 Information Information Information • IEOC Line 5,101 Not Available Not Available Not Available • 91/Perris Valley Line 3,169 Farebox recovery ratio • Riverside Line 55.5% Information Information Information • IEOC Line 33.7% Not Available Not Available Not Available • 91/Perris Valley Line 44.5% Public and Specialized Transit Mission Statement: "To coordinate the operation of all public transportation services within the County with a goal toward promoting compliance and improving mobility as well as program efficiency and effectiveness between transit operators. To maintain and improve, as resources allow, mobility options to meet travel needs of seniors, persons with disabilities, and persons of limited means to enhance quality of life through innovative solutions and better coordination of existing services." Chart 42 — Public and Specialized Transit Salaries and Benefits 0% Projects and Operations 82 Expenditures Public and specialized transit uses are budgeted at $134,796,600 for FY 2016/17, as presented in Table 58, and consist primarily of capital projects and operations costs as well as transfers out to Commission funds for administration, planning, and rail purposes. LTF disbursements consist of transit operating and capital allocations to public transit operators of $74,810,000; bicycle and pedestrian facilities allocations to cities and the County of $1,801,000; and planning and administration allocations to other agencies of $649,500. STA disbursements of $21,215,000 are for bus capital purposes in Western County, Coachella Valley, and Palo Verde Valley. Transfers out comprise $17,800,000 for rail operation; $2,000,000 for grade separations; $2,550,000 for planning; $1,000,000 for administration; and $165,000 for Coachella Valley rail operations and capital. The LTF and STA transit allocations reflect the use of $15,411,400 and $10,412,400 in fund balances, respectively. Measure A disbursements include $2,800,000 for Western County specialized transit funding of the second year of the 2015 three-year call for projects. The majority of other Measure A disbursements relates to other Measure A public transit programs: $842,000 for Western County Consolidated Transportation Service Agency (CTSA) allocations, $6,050,000 for Coachella Valley public and specialized transit, and $2,490,600 for Western County intercity bus services. The Western County allocations are disbursed monthly to RTA, the major transit provider in the Western County, while the Coachella Valley allocation is disbursed monthly to SunLine, the major transit provider in the Coachella Valley. Table 58 — Public and Specialized Transit Expenditure Detail FY 14/15 FY 15/16 Actual Revised Budget FY 15/16 FY 16/17 Projected Budget Dollar Change Percent Change Salaries and Benefits Professional Costs Legal Services Audit Services Professional Services - General Total Professional Costs Support Costs Projects and Operations Operating and Capital Disbursements Transfers Out TOTAL Public and Specialized Transit $ 335,600 $ 353,600 $ 353,600 $ 387,500 $ 33,900 10% 5,200 120,000 125,200 9,900 19,000 111,000 160,000 290,000 30,100 500 111,000 140,800 252,300 57,400 1,000 20,000 160,800 181,800 54,200 88,694,100 117,455,800 93,722,000 110,658,100 16,479,100 25,429,100 23,229,100 23,515,000 105,643,900 $ 143,558,600 $ 117,614,400 $ 134,796,600 $ (18,000) (91,000) 800 (108,200) 24,100 (6,797,700) (1,914,100) (8,762,000) -95% -82% 0% -37% 80% -6% -8% -6% Public and Specialized Transit Staffing Summary Position Administrative Assistant Chief Financial Officer Executive Director Management Analyst MultimodaI Services Director Procurement Analyst Senior Administrative Assistant Transit Manager FY 14/15 0.09 0.05 0.02 1.00 0.13 0.02 0.01 1.00 FY 15/16 0.09 0.04 0.00 1.00 0.10 0.00 0.00 1.00 FTE 2.32 2.23 Department Budget Overview Department Description FY 16/17 0.06 0.02 0.00 1.00 0.25 0.00 0.00 1.00 2.33 The Measure A specialized transit program provides a valuable service to the community by serving the needs of residents, mainly seniors and persons with disabilities, whose transportation needs are not met by traditional services. Specialized transit operations are typically administered by social service and nonprofit agencies. The Commission awards Measure A funds for specialized transit through a competitive call for projects. In addition, federal grant funds from Jobs Access Reverse Commute (JARC) and New Freedom were approved by the Commission through the 2013 Universal Call for Projects and were utilized for projects until June 30, 2016. In July 2012, Congress passed the Moving Ahead for Progress in the 21st Century (MAP-21) two-year reauthorization bill which authorized federal funding for public transportation programs. This legislation restructured prior funding by consolidating several grant programs, revising project eligibility, and amending funding allocation requirements from discretionary to a formula -based process. Significant changes in MAP-21 included the end of both JARC and New Freedom as distinct programs. JARC-type projects are now eligible activities under the rural (Section 5311) and urban (Section 5307) funding provisions. New Freedom type projects for seniors and people with disabilities are now allowable under the Section 5310 program. Under the new long-term transportation bill, FAST Act, signed into law on December 4, 2015, JARC and New Freedom type projects will continue to be eligible activities that can be supported with the Section 5311 and 5310 funding. Following a competitive call for projects, funding through the consolidated FTA Section 5310 program administered by Caltrans was provided to nonprofit transportation and social service agencies and public operators (under special circumstances) for the purchase of capital equipment as well as operations. Eligible activities include transportation projects for finance planning, capital, and operating costs that support the development and maintenance of transportation services designed to transport welfare recipients and eligible low-income individuals to and from jobs and activities related to their employment. These activities also include transportation projects that facilitate the provision of public transportation services from urbanized areas and rural areas to suburban employment locations including vanpool programs. Additional activities include: • Former New Freedom activities — improvements that exceed the requirements of the Americans with Disabilities Act (ADA); • Public transportation projects to improve access to fixed -route transit; • Public transit projects expressly designed for seniors and people with disabilities, where transit is insufficient, inappropriate or unavailable; and • Alternatives to public transportation that assist seniors and people with disabilities. Eligibility for the above federal funds requires recipients to comply with all federal coordinated planning requirements in accordance with MAP-21 and the new FAST Act provisions. Projects selected for funding must be derived from a locally -developed Coordinated Plan and must be developed through a process that includes representatives of the public, private, and nonprofit transportation and human service providers. In January 2015, the Commission approved 18 large urbanized area projects and four small urbanized projects using federal FY 2012/13 and 2013/14 Section 5310 program funds. A total of $2.6 million was approved for large urban areas and $287,000 was approved for small urban areas. Caltrans released the award recommendations in May 2015, and CTC adopted the final list of funded projects in June 2015. Caltrans is expected to issue a new call for projects soon using the FY 2014/15 and FY 2015/16 available funding. The Commission is responsible for short-range transportation planning and programming. Planning includes the development of the countywide SRTPs for eight public transit operators consisting of the cities of Banning, Beaumont, Corona, and Riverside; SCRRA's Metrolink commuter rail; Palo Verde Valley Transit Agency; RTA; and SunLine. The Commission assists in coordinating the annual development, review, and approval of the operator SRTPs and allocates Measure A, LTF, STA, and FTA Sections 5307, 5311 transit funding resources to public transit programs. New federal funds, 5337 (State of Good Repair grant program), and 5339 (bus and bus facilities) are administered directly by SCAG with the sub -allocation to individual agencies determined by the Commission through the SRTP process. The Commission is responsible for the disbursement of Measure A, LTF, and STA funds, while federal transit funds are administered by the FTA. In partnership with the County's transit operators, the Commission coordinates the allocation of available Proposition 1B transit (capital and security) funding and ensures that proposed projects meet the mobility needs of the County. Proposition 1B funds are annually appropriated by the legislature and used for transit related capital purchases, infrastructure/facility improvements, and security enhancements. The County's operators annually have applied for Proposition 1B funds since FY 2007/08; however, the release of funds is contingent upon available proceeds from bond sales. The 10-year state bond program in the amount of $4 billion deposited in the Public Transportation, Modernization, Improvement and Service Enhancement Account (PTMISEA) and $1 billion deposited in the Transit System Safety, Security and Disaster Response Account (TSSSDRA) has provided significant revenue for major construction and capital transit projects in the county. However, this bond funding will be available only through the end of FY 2016/17. In June 2015, first year of LCTOP funding allocations under the CARB's Cap and Trade Program were awarded to Riverside County transit operators. The Commission coordinated the preparation and submission of transit projects to Caltrans which administers this program to support operating and capital transit projects that reduce carbon emissions and improve mobility with a priority on serving disadvantaged communities. The State Controller's Office appropriated $25 million statewide to the LCTOP in FY 2014/15 and is expected to appropriate $75 million annually beginning FY 2015/16. Riverside County's share of approximately $2.7 million in FY 2015/16 will support the construction of RTA's University of California at Riverside Mobility Hub, station upgrades for the Commission's new Perris Valley Line to encourage active transportation, and installation and operation of a solar energy system in Palo Verde Valley. Funds will also be used to increase service frequency on selected bus routes that operate in disadvantaged communities in the Coachella Valley and city of Beaumont. The Commission has public transit operator oversight and fiduciary responsibilities to ensure that annual fiscal audits and a state triennial performance audit are conducted in accordance with TDA regulations. The Commission is also charged with annually reviewing public transit operator activities and recommending potential productivity improvements to lower operating costs. To ensure that specialized transit allocations are expended and required service goals are met in accordance with funding agreements, the Commission engages audit firms to perform certain agreed -upon procedures for the Measure A specialized transit funding recipients, some of which also received Section 5310, JARC, and New Freedom funds. Key Assumptions • LTF, STA, and Measure A disbursements are based on projected budgetary allocations but may be adjusted after the Commission approves actual allocations in July 2016. • Fluctuating LTF and Measure A sales tax revenues will continue to require efforts to streamline operating expenses by all operators while maintaining efficiency and quality of service. • Transit Vision, adopted by the Commission in June 2008, established a 25% allocation of 2009 Measure A Western County specialized transit funds to the RTA as the CTSA for Western County. Accomplishments • Oversaw the successful first -year implementation of the ongoing specialized transit services resulting from the 2015 3-year Measure A Call for Projects funding allocation process. • Received approval notification of 29 capital projects awarded to ten successful County recipients of funding under the federal FY 2012/13 and FY 2013/14 FTA Section 5310 program. Projects were derived from a locally - developed Coordinated Plan. • Incorporated the FY 2014/15 Proposition 1B PTMISEA account funds with transit capital funding sources following Caltrans' release of program funding covering a three-year period for FY 2014/15 through FY 2016/17. • Approved allocation of FY 2015/16 Proposition 1B TSSSDRA funds for eligible transit safety and security projects identified by transit operators following release of program funding and guidelines by the California Office of Emergency Services. • Completed the 2016 Coordinated Plan Update that reflects new service plans and opportunities resulting from five workshops and one transit needs public hearing held in different areas of the County including unincorporated areas of Mecca and North Shore in eastern Riverside County. • Incorporated FY 2014/15 and FY 2015/16 LCTOP formula funds with transit operating and capital funding sources following the Caltrans release of program funding. • Contracted an outside auditor to conduct the Transit Development Act Triennial Performance Audit of the Commission and seven County transit operators covering FY 2012/13 through FY 2014/15. Major Initiatives The Commission has long demonstrated a strong commitment to assist in the mobility of those with specialized transit needs. Through its 1989 Measure A specialized transit program, the Commission provided millions of dollars to public and nonprofit transit operators for the provision of special transit services to improve the mobility of seniors and persons with disabilities. Along with support of traditional dial -a -ride services, the Commission supports innovative programs that provide transit assistance in hard to serve rural areas or for riders having very special transit needs. The riders, many frail and elderly, have come to depend on these services that provide a higher level of assistance than can be provided by the public transit providers and/or operate in areas not served by public transit. As a result of the 2009 Measure A, these specialized transit programs will continue through 2039. In June 2016, 17 programs in Western County completed their first year of specialized transit services under the 2015 Measure A Call for Projects. As identified in the Coordinated Plan, the specialized transit projects approved for funding will require implementation and continuous performance monitoring through June 2018. Department Goals Provide timely information to the public regarding Commission -implemented projects and support public relations activities of Measure A funded programs by grant recipients. (Policy Goal: Communications) Objective: • Produce and distribute public information materials as needed including press releases, flyers, brochures, marketing materials, and newspaper ads. In addition, staff will also leverage the 1E511 traveler information system in order to more fully market the availability of specialized transit programs. Allocate Measure A Specialized Transit and federal funds to support services that will maintain and/or enhance mobility by alleviating transportation barriers for seniors, persons with disabilities, and the truly needy. (Policy Goals: Mobility, Intermodalism & Accessibility, Financial & Administration) Objectives: • Monitor performance of specialized transit grant recipients through analysis of their monthly performance reports. • Support the consolidated FTA Section 5310 and 5307 (under MAP-21 and FAST Act) grant processes to improve mobility for seniors, persons with disabilities and individuals of limited means by working with Caltrans, public operators, and social service agencies to ensure a competitive process statewide for the allocation of federal transportation dollars for social service programs. • Provide technical assistance and program support to agencies offering specialized transit programs to ensure the maximum benefit of funding for improved mobility for seniors, persons with disabilities, and individuals of limited means. Coordinate the operation of all public transportation services within the County with a goal toward promoting program efficiency and harmony between transit operators as outlined in state law. (Policy Goals: Mobility, System Efficiencies, Intermodalism & Accessibility, Financial & Administration) Objectives: • Review transit planning, resource allocation, and service implementation policy requirements including appropriate coordination of commuter rail, intercounty and intercity bus, local bus and paratransit, and social service transportation services to ensure convenient service for passengers. • Implement recommendations resulting from the TDA-mandated triennial performance audits of the Commission and the seven County bus transit operators. • Assure the ongoing effectiveness of the SRTP process and work with the County's eight transit operators to assure productivity and efficiency as well as compliance with the productivity improvement program. • Coordinate regional transit connections among commuter rail, buses, and paratransit services to ensure convenient service for passengers. • Monitor transit operators' quarterly capital grants reports. • Monitor transit operators' performance through analysis of their quarterly performance reports using the TransTrack computer -based tracking program. • Continue initiative working with the transit operator partners in providing connecting bus services to the new Perris Valley Line stations. Continue to provide staff resources to assist and support the coordination of transit services within the County and throughout the State. (Policy Goals: Mobility, System Efficiencies, Intermodalism & Accessibility, Communications) Objectives: • Participate and influence intercounty discussions between Riverside, Orange, San Diego, and San Bernardino counties regarding the enhancement of intermodal options. This includes additional transit services (rail and express bus) and rideshare services. • Regularly participate in meetings that focus on the coordination of transit services, such as the California Association for Coordinated Transportation, SunLine's Access Committee, RTA's ADA Committee, the Riverside County Foundation on Aging Board of Directors, Riverside Regional Coalition, and the Commission's Citizens Advisory Committee/Social Service Transportation Advisory Council. • Continue the development of a marketing and distribution network for communicating specialized transit mobility options to seniors, the disabled, and persons of limited means. Public and Specialized Transit Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected SRTPs submitted by operators and reviewed 9 9 9 9 SRTP amendments 2 2 2 2 Specialized Transit grants awarded 21 21 17 17 One-way trips provided by Measure A funded projects 135,000 124,350 115,000 117,000 One-way trips provided by JARC & New Freedom funded agencies 230,000 242,100 160,000 50,000 One-way trips reimbursed through the Western County Transportation Reimbursement and Information Project 92,000 89,830 100,000 101,000 Transit tickets provided through the Transportation Access Program 66,000 71,400 65,000 66,000 Clients served through Blindness Support Services 50 70 34 35 Unique persons served through Vetlink 211 Services 2,900 2,545 1,590 1,600 Commuter Assistance Mission Statement: "To actively work to improve the commuter experience by promoting multimodal transportation options through the use of continually advancing technology, employer partnerships, user incentives, and meaningful community engagement." Chart 43 — Commuter Assistance Salaries and Benefits 7% Professional Costs 13% Support Costs 6% Expenditures Commuter Assistance expenditures total $3,579,900, which represents a 7% decrease from last year's budget (Table 59) due to anticipated completion of Inland Empire Commuter (IE Commuter) system enhancements, program management consultant transition, and relief of funding Perris Transit Center security. Salaries and benefits of $273,100 reflect a 20% net decrease due to a change in FTE allocations and a 4% pool for merit -based salary increases. Professional costs of $457,500 have increased 9% over the prior year due to assessment and/or potential implementation of service enhancements such as a new incentive structure. Support costs of $204,400, which include mail and printing services, communications, and other office expenditures, have decreased 2%. Projects and operations expenditures of $2,645,000 consist of park and ride lease payments of $150,000; regional transportation consultant services totaling $2,105,000 to manage and implement the program; and merchant vouchers valued at $390,000. Reimbursements from SANBAG for rideshare services provided by the Commission are included in revenues to offset a portion of these expenditures. Table 59 — Commuter Assistance Uses Detail FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 297,500 $ 341,000 $ 341,500 Professional Costs Legal Services 47,700 25,000 25,100 Professional Services- General 321,900 394,000 544,400 Total Professional Costs 369,600 419,000 569,500 Support Costs 300,300 209,300 193,200 Projects and Operations Program Operations 1,924,000 2,718,000 2,633,000 Total Projects and Operations 1,924,000 2,718,000 2,633,000 Transfers Out 159,500 159,500 159,500 TOTAL Commuter Assistance $ 3,050,900 $ 3,846,800 $ 3,896,700 $ 273,100 25,000 432,400 457,400 204,400 2,645,000 2,645,000 $ 3.579.900 Commuter Assistance Staffing Summary Position FY 14/15 FY 15/16 Chief Financial Officer 0.01 0.00 Commuter and Motorist Assistance Manager 0.72 0.59 Deputy Executive Director 0.04 0.03 Management Analyst 0.57 0.55 Multimodal Services Director 0.46 0.55 Procurement Analyst 0.08 0.02 Procurement Manager 0.03 0.03 Senior Administrative Assistant 0.10 0.10 FTE 2.01 1.87 Department Budget Overview Department Description $ (67,900) -20% 0% 38,400 10% 38,400 9% (4,900) -2% (73,000) -3% (73,000) -3% (159,500) -100% $ (266,900) -7% FY 16/17 0.00 0.90 0.00 0.25 0.20 0.05 0.02 0.05 1.47 While much of the Commission's work is focused on increasing transportation infrastructure and capacity, there is significant value in ensuring that the transportation systems are used efficiently. To help foster more efficient use of these systems, the Commission's Commuter Assistance Program seeks to encourage the County constituents and commuters to make a mode -shift decision away from single occupancy vehicle commuting and into alternative modes of transportation such as a carpool, vanpool, buspool, public bus, Metrolink, walking, bicycling, or telecommuting. The Commuter Assistance Program seeks to efficiently influence driver behavior by fostering a mode -shifting decision at both the employer and commuter levels via the following methods: • The provision of employer services to foster the implementation of employer -based mode -shift and rideshare programs; • The use of incentives both for beginning and then maintaining a mode-shift/rideshare arrangement; • Public information services including the dissemination of personalized commute options and traveler information to educate commuters of all travel options available and to foster congestion avoidance behavior when traveling; and • Leverage technology to deliver easy -to -use online resources and tools to more efficiently serve employer partners, their employees, and all other commuters. The Commission's Commuter Assistance Program was implemented as a specific requirement under Measure A to address congestion mitigation. While ridesharing has a beneficial impact on air quality, first and foremost, it is a strategy to improve mobility through increased use of alternative travel modes. Key Assumptions • The Commission will continue to contract with a consulting firm to administer an Inland Empire Commuter Assistance Program with regional reach. • Maintaining its long-term partnership with the Commission, SANBAG will contract with the Commission to manage and implement a "sister" Commuter Assistance Program for its residents and employers in San Bernardino County. Accomplishments • Restructured the program structure and transitioned the Commuter Assistance Program management to a new consultant following a competitive procurement in FY 2014/15. The new contract scope consolidates the program administration function and marketing communications element establishing a more cost effective and efficient operation. • Enhanced the IE Commuter rideshare system with new on-line resources and tools for employers to more effectively manage and market their organizations' rideshare programs. • Continued to operate the report card program for both program participants and employer partners which translates individual or worksite rideshare participation into money saved, congestion reduced, and emissions reduced. This outreach is intended to recognize rideshare efforts and to motivate participants to continue ridesharing and/or grow employer program participation. • Continued leases for park and ride facilities with the following locations: Canyon Community Church of the Nazarene (Corona), Living Truth Christian Fellowship (Corona), Corona Friends Church (Corona), Tom's Farms (Corona), Elsinore Naval Military School (Lake Elsinore), Lake Elsinore Outlets (Lake Elsinore), Shepherd of Life (Lake Elsinore), First Church of Christ Scientist (Menifee), United Church of Christ (Menifee), Promise Lutheran Church (Murrieta), Orchard Christian Fellowship (Temecula), and the United Methodist Church (Temecula). Major Initiatives A cornerstone of the Commuter Assistance Program is its continued partnership among commuters, employers, and government. The partnership, based on voluntary efforts, makes a collective difference in increasing the efficiency of the County's transportation system —local roads, freeways, commuter rail, and public bus. The combined effort results in less congestion, decreased vehicle miles traveled, and improved air quality. The major initiatives to continue these partnerships and efforts in FY 2016/17 are described below. Maximize Employer Partnerships: Given that the highest percentage of rideshare arrangements is formed at work sites, voluntary employer participation is critical to address congestion and air quality goals; employers are the conduit to directly influence their employees' personal transportation choices. The ongoing success of the core Western County rideshare program is a testament to the significance of employer partnerships in the program's success. However, the prior economic downturn created a corporate culture of doing more with less. Many Employer Transportation Coordinators (ETCs) feel spread too thin to commit to offering a rideshare program. Delivery of value-added services and tools to make the ETC's job easier will be a critical motivation to continue the partnerships and develop new ones. Expand with New Market Development: As previously stated, the primary go -to -market strategy has been to leverage employer partnerships with larger employers (250+) to cost effectively access commuters or end -user employees. While this channel has historically proven to be efficient over the years, it results in a rather limited base of commuters compared to the potential. Therefore, in addition to maximizing the number of employer partners and maximizing rideshare participation within those employers, a Business to Consumer strategy will be phased in to expand the awareness and consideration of rideshare options. Additionally, an assessment of new incentives and incentive delivery with a focus on increasing transit (bus/rail) specifically will be explored. Support Multimodal Travel: In addition to ridematching, information services, and incentives to facilitate ridesharing, the Commuter Assistance Program also provides park and ride facilities to support ridesharing efforts. The last Caltrans park and ride facility in the County was built in 1999. The Commission leases park and ride spaces from property owners to supplement the network of park and ride spaces in the County. A continued focus for FY 2016/17 will be to increase the number of spaces leased and coordinate with ridesharers and transit and rail partners to identify areas where the lease program can help support car/vanpool/buspool arrangements as well as facilitate transit connections. Department Goals Operate a cost-effective Commuter Assistance Program within the County that results in a demonstrable reduction in single occupant vehicle trips, thus assisting with congestion mitigation and improving air quality. (Policy Goals: Mobility, System Efficiencies, Environmental Stewardship) Objectives: • Leverage Commuter Assistance Program resources to support outreach and transportation demand management objectives of major Commission projects, including but not limited to, the Riverside Express Lanes and Perris Valley Line. • Continue to enhance the IE Commuter user experience with ongoing improvements in functionality and services offered. • Continue to offer short-term incentives for commuters to try a transportation mode other than driving alone. • Continue to provide a rewards program for long-term ridesharers to encourage their continued use of alternative modes of transportation. • Ensure the effectiveness of the Commuter Assistance Program through program analysis and recurring assessments of participation and retention of ridesharers. The Commission will continue to look for ways to pare program costs without impacting service delivery or participation. • Increase participation and use of on-line service by employer partners to reduce administrative costs. • Optimize the number of park and ride spaces leased and address park and ride gaps in the system. Ensure the coordination of ridesharing programs throughout the Inland Empire and the southern California region. (Policy Goals: System Efficiencies, Intermodalism & Accessibility, Financial & Administration) Objectives: • Continue to administer a "sister" Commuter Assistance Program in San Bernardino County on a contract basis, thus expanding the reach and effectiveness of commuter programs throughout the Inland Empire area. • Continue to provide leadership with regard to the ongoing operation, maintenance, and enhancement of the bi-county ridematching system with regional reach. • Assess the feasibility of implementing and maintaining a regional National Transit Database vanpool incentive program. Strategically broaden the reach of the program to encourage the use of alternative transportation modes amongst all travelers and continue to grow the core target base of employers and their employees. (Policy Goals: System Efficiencies, Communications) Objectives: • Develop and support on-line resources and tools for employers to more effectively manage and market their organizations' rideshare programs. • Continue the dissemination of the report card program for both program participants and employer partners that translate individual or worksite rideshare participation into money saved, congestion reduced, and emissions reduced. • Publicize the participation of local employers in the Commuter Assistance Program through various media options. Commuter Assistance Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Number of one-way single occupant vehicle trips reduced as a result of Rideshare Incentives 74,900 65,827 70,000 85,000 Number of Rideshare Plus Rewards Members 6,000 3,723 4,200 5,000 Number of incoming 1-866-RIDESHARE telephone calls 2,600 1,797 1,900 2,300 Number of services provided by Inland Empire Commuter Services to support employer trip reduction efforts at worksites: • Employer's requesting survey services 145 104 125 150 • RideGuides produced 15,500 6,527 18,000 21,000 Motorist Assistance Mission Statement: "To improve safety, reduce congestion, and enhance access to traveler information for motorists through the provision of a comprehensive motorist aid system." Chart 44 — Motorist Assistance Salaries and Benefits 2% Professional Costs _10% Transfers Out 16% Projects and Operations 59% Expenditures Support Costs 13% 1 Motorist Assistance expenditures and uses are budgeted at $6,851,900, an increase of 6% compared to the prior year budget (Table 60) due to increases in FSP expenditures and call box upgrades. Salaries and benefits reflect a net decrease of 23% due to FTE allocations and a 4% pool for merit -based salary increases. Professional costs of $666,900 reflect a decrease of 10% due to reductions in 1E511 operational costs, and support costs of $919,300 decreased $20,800, or 2%, due to implementation of call box hardware upgrades to maintain compatibility with evolving cellular technology and optimization of the call box network. Reimbursement from SANBAG for half of all 1E511 related expenditures is included in revenues. Budgeted expenditures for program operations include $3,432,000 in towing contract costs for the FSP program. Projects and operations costs have increased 11% due to increased FSP service supporting construction activity and anticipated increases in tow operator expenditures. Transfers out represent SAFE matching funds of $714,700 for FSP services and a $394,200 allocation for administrative costs. Table 60 — Motorist Assistance Uses Detail FY 14/15 FY 15/16 FY 15/16 FY 16/17 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 90,700 $ 168,700 $ 166,900 $ 130,600 $ (38,100) -23% Professional Costs Legal Services 42,800 31,000 31,000 32,500 1,500 5% Professional Services - General 625,700 708,900 707,900 634,400 (74,500) -11% Total Professional Costs 668,500 739,900 738,900 666,900 (73,000) -10% Support Costs 385,400 940,100 934,300 919,300 (20,800) -2% Projects and Operations Program Operations 3,173,400 3,642,500 3,652,500 4,026,200 383,700 11% Transfers Out 1,005,400 985,700 985,700 1,108,900 123,200 12% TOTAL Motorist Assistance $ 5,323,400 $ 6,476,900 $ 6,478,300 $ 6,851,900 $ 375,000 6% Motorist Assistance Staffing Summary Position FY 14/15 FY 15/16 Commuter and Motorist Assistance Manager 0.28 0.40 Management Analyst 0.43 0.40 Multimodal Services Director 0.03 0.05 Procurement Analyst 0.05 0.08 Procurement Manager 0.01 0.10 FTE Department Budget Overview Department Description 0.80 1.03 FY 16/17 0.10 0.69 0.07 0.05 0.01 0.92 As a SAFE, the Commission is responsible for providing a motorist aid system for the County. This system is comprised of three components: 1) the 1E511 traveler information system, 2) FSP, and 3) call boxes. The 1E511 system is a telephone, website, and mobile app-based service that delivers real-time traffic information, including incidents and travel times, bus and rail trip planning, and rideshare information. The FSP program clears debris in freeway lanes and assists stranded motorists on the most congested Riverside County freeways by towing, changing flat tires, and temporarily taping cooling system hoses at no charge to the motorists. FSP service is also provided in construction zones through separate funding agreements with Caltrans and Commission -funded construction projects to help mitigate congestion. The call box system allows motorists to call for assistance in the event of a mechanical breakdown, accident, or other emergency on the freeway. Key Assumptions • In partnership with SANBAG, the Commission will maintain and operate the 1E511 system in accordance with national 511 implementation standards. • The Commission will maintain and operate an 1E511 system to be funded 50% by the Commission and 50% by SANBAG. The Commission's share of operating costs will be funded with SAFE revenues. • The FSP will continue as long as state funding support is available. • Tow truck contractor costs for the nine existing FSP beats are based on Commission -approved contracts. • Annual maintenance costs are based on a flat -fee contract based on the number of call boxes. • Current percentage levels of vandalism, knockdowns, and miscellaneous repairs to call boxes will remain consistent with the past year. Accomplishments • Provided traveler information service through the 1E511 system to support over 37,000 monthly IE511.org web visits and over 21,000 monthly 1E511 phone calls. • Implemented a service optimization change to five of the nine FSP service areas and increased the overall center -lane miles of freeway covered by nearly seven miles without additional cost. • Achieved the highest benefit -to -cost ratio statewide for FSP in the latest statewide FSP Management Information System Report. • Continued the "cost recovery" program for call box knockdowns in an effort to collect reimbursements from motorists involved in accidents that damage Commission property. • Upgraded the FSP fleet vehicle tracking system from a 2G platform to a 3G platform at a net savings over the next three years. Major Initiatives The Commission, along with its partner, SANBAG, will continue to operate, maintain, and enhance the 1E511 system. This system includes a website interface and an interactive voice response (IVR) telephone system that serves Riverside and San Bernardino counties residents and commuters. While several enhancements have been made to the system since its launch, new enhancements will focus on the development of serving more personalized traffic information services specific to a commuter's location, route, and time of travel. Major Motorist Assistance initiatives will also focus on system efficiencies and evaluating and/or implementing enhanced program services or coverage. The call box system program has served as a "safety -net" for stranded motorists in the County since 1991. However, call box usage has declined over the years with the proliferation of mobile phone use. In response, call box reductions have been made, and additional reductions will be made based on call box removals identified in the call box reduction planning assessment. Another call box initiative will be to plan for a seamless service transition requiring call box hardware upgrades in anticipation of cellular technology migrations that will impact the call box network. Lastly, staff will focus on maintaining a high benefit -to -cost ratio and seek opportunities to maximize funding to not only improve the level of service but to potentially expand FSP coverage as well. Department Goals Provide efficient delivery of a comprehensive motorist aid system (IE511, FSP, Call Box) and an outstanding level of service to the traveling public. (Policy Goals: Mobility, System Efficiencies, Financial & Administration) Objectives: • Research new technologies to streamline FSP processes and develop new tools to automate the production of reports that track the performance of FSP tow operators. • Continue to evaluate opportunities to provide more efficient FSP coverage through changes in service days, service hours, or number of vehicles assigned to each beat; perform budget assessments to identify potential service expansion (i.e., holiday service, weekend service on select beats) opportunities that can be supported. • Review proposed construction projects with Commission, Caltrans, and local cities and coordinate the use of temporary construction tow service to mitigate congestion. • Work in coordination with CHP and Caltrans to implement call box reductions identified in the planning assessment. Continue coordination with San Bernardino SAFE to monitor the operation of the call answering center contractor. Enhance access to real-time traveler information. (Policy Goals: System Efficiencies, Communications) Objectives: • Develop access to, or delivery of, more personalized traffic information services specific to a commuter's location, route, and time of travel. • Grow the number of users with more personalized offerings, services, and cost-effective marketing efforts. • Continue to refine and enhance 1E511 web content, applications, and outreach. • Continue to leverage existing resources, such as traffic data, provided by Caltrans District 8, existing IVR software, and Google Transit to minimize costs. • Continue coordination with Caltrans on expanding traffic detection and feeding that traffic data into the 1E511 system. • Utilize the opportunity at the Caltrans District 8 Traffic Management Center to enhance coordination between CHP and Caltrans on traveler information. • Anticipate, plan, and implement an effective hardware solution to anticipated cellular technology migrations that will affect the call box network. Motorist Assistance Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Number of call boxes 500 549 547 425 Number of call box calls 4,200 3,882 3,880 3,300 Number of vehicle assists 46,500 42,485 46,394 46,500 Number of 1E511 phone calls 288,000 263,757 264,442 250,000 Number of 1E511 web visits 425,000 452,713 518,520 545,000 Toll Operations Mission Statement: "To efficiently operate express lanes with high customer satisfaction to reduce congestion, improve mobility, and manage demand." Chart 45 — Toll Operations Capital Outlay 4% Expenditures Salaries and Benefits 4% Professional Costs 5% Support and Maintenance Costs 41% Toll operations expenses of $6,553,100 represent approximately one-half year of operating expenses for the Riverside 91 Express Lanes following substantial completion of the 91 Project (Table 61). The 91 Project expenditures are included in the Capital Project Development and Delivery Department. Approximately 87% of the expenses are comprised of operations, maintenance, and support costs. Salaries and benefits reflect 1.08 FTEs and represent 4% of total expenses. Professional costs of $307,000, or 5% of expenses, consist of traffic and revenue and financial advisory consultants, general and specialized legal counsel, audit and financial services, and rating agency and TIFIA loan servicing fees. Support and maintenance costs of $2,674,900 include road and systems maintenance, insurance, credit card processing fees, violations enforcement, marketing, lease, travel, and other support costs. Toll services represent a substantial portion of the program operations costs of $3,052,800. Transponder costs of $250,000 are reflected in capital outlay. Table 61—Toll Operations Uses Detail FY 14/15 FY 15/16 FY 15/16 FY 16/17 Actual Revised Budget Projected Budget Dollar Percent Change Change Salaries and Benefits $ - $ Professional Costs Legal Services Audit Services Professional Services - General Total Professional Costs Support and Maintenance Costs Projects and Operations Program Operations Capital Outlay TOTAL Toll Operations Toll Operations Staffing Summary Position Chief Financial Officer Deputy Director of Finance Executive Director Toll Financial Analyst Toll Operations Manager Toll Program Director Toll Senior Management Analyst Toll Technology Manager FT E Department Budget Overview Department Description $ 268,400 25,000 19,000 263,000 307,000 2,674,900 3,052,800 250,000 S 6.553.100 FY 14/15 FY 15/16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ 268,400 N/A 25,000 N/A 19,000 N/A 263,000 N/A 307,000 N/A 2,674,900 N/A 3,052,800 N/A 250,000 N/A $ 6,553,100 N/A FY 16/17 0.10 0.10 0.03 0.30 0.10 0.20 0.15 0.10 1.08 In December 2006, the Commission adopted the Western Riverside County Delivery Plan which serves as a 10-year capital improvement plan from 2009-2019 for Western County freeways and highways. To address unprecedented population, economic, and travel demand growth in Western County, the Commission desired to provide freeway corridor improvements beyond what traditional funding sources would be able to provide. Alternative funding sources were studied in advance of the adoption of the Western Riverside County Delivery Plan including consideration of tolling as a means to provide more transportation improvements. A toll feasibility study was conducted and it was determined that SR-91 and 1-15 were both feasible corridors to introduce tolling via high occupancy toll lanes (now often referred to as tolled express lanes or, simply, express lanes). The Western Riverside County Delivery Plan detailed ambitious improvements to the SR-91 and 1-15 corridors including the addition of two tolled express lanes in each direction and the ability to operate and maintain these tolled express lanes for a long-term period. The Commission's commitment in 2006 to toll also indicated its future intent to become an operating toll agency and establish the Toll Operations Department. The Commission plans to complete in FY 2016/17 the design and construction of the 91 Project, which includes the extension of the existing 91 Express Lanes into Riverside County. The 91 Project will connect the OCTA 91 Express Lanes with the Riverside Express Lanes using a two-mile long mixing area, which allows vehicles to use either or both sections of the 91 Express Lanes. The Riverside 91 Express Lanes continue approximately eight miles to the I- 15 interchange in Riverside County. A two-lane (one lane in each direction) direct tolled connector approximately 2.8 miles in distance will provide the Riverside 91 Express Lanes with access/egress to 1-15 South. The Commission has the authority to charge tolls on the Riverside 91 Express Lanes for 50 years following the opening of the express lanes, based on a Toll Facility Agreement between the Commission and Caltrans. This milestone for the 91 Project will result in the Commission becoming an operating toll agency responsible for daily operations and maintenance of its portion of the 91 Express Lanes. The Orange County portion of the 91 Express Lanes are owned and operated by OCTA. Under a cooperative agreement entered into in December 2011, the Commission and OCTA agree on use of the same operator (Cofiroute USA, LLC), cost and revenue sharing, toll policies, business rules, interoperability of technology, sharing marketing activities, and OCTA review of design plans and construction activities. Commission staff, as supported by the operator, will operate and maintain the Riverside 91 Express Lanes from the existing Toll Operations Center in Anaheim and Customer Service Center in Corona. Both facilities have been expanded or improved to accommodate the Commission's extension of the 91 Express Lanes; such capital costs related to the 91 Project are included in the Capital Project Development and Delivery Department. The operator's management responsibilities for the Riverside 91 Express Lanes are the same as for the OCTA 91 Express Lanes and will include revenue collection, customer accounts, violation enforcement, violation processing, incident management and response, and first line maintenance of tolling and traffic equipment. While the Commission and OCTA will jointly operate and maintain the 91 Express Lanes, tolls on each of the Riverside 91 Express Lanes and the OCTA 91 Express Lanes will be charged independently. When travelling along SR-91, vehicles will be able to use either or both of such tolled express lanes, or may use the general purpose lanes (which are free of charge). In connection with an agreement among the Commission, OCTA, and a master custodian, tolls related to the Riverside 91 Express Lanes and the Commission's portion of non -toll revenues will be deposited with the Commission's trustee for the 2013 Toll Bonds and TIFIA loan. These revenues will be used to pay for operation and maintenance expenses, debt service related to the 2013 Toll Bonds and TIFIA loan, and fund repair and rehabilitation reserves. The Commission is also currently developing express lanes on 1-15. Toll Operations staff is supporting this project development effort by providing comprehensive input to procurements, project financing, agency agreements, cost estimates, creation of toll policies and business rules, and other support. The costs for the development of the 1-15 Express Lanes project are included in the Capital Project Development and Delivery Department. The Commission's 1-15 Express Lanes are scheduled to open in 2020, at which time the daily operations and maintenance and related costs will become the responsibility of the Toll Operations Department. Under a toll facility agreement similar to the Riverside 91 Express Lanes, the Commission will have the authority to charge tolls on the 1-15 Express Lanes for a 50-year period. Toll Operations staff is also working on several important efforts related to tolling. Coordination is occurring with the Transportation Corridor Agencies in Orange County regarding its development of the SR-241/SR-91 express lane connector project which will directly connect the SR-241 toll road with the 91 Express Lanes near the Orange County line. Similarly, coordination is occurring with SANBAG regarding its development of express lanes on the I- 15 corridor near the San Bernardino County line. Staff is actively involved in the California Toll Operators Committee which addresses many statewide toll issues including toll technology to improve the customer experience across the state, create synergy among toll agencies, and comply with national toll technology interoperability standards. Key Assumptions • The Riverside 91 Express Lanes will open in early 2017, and the Commission will commence its role as a toll operator. • The 1-15 Express Lanes will continue to be expedited through the project development process via concurrent work in procurements, agreements, project financing, design, and construction to be open by 2020. • General purpose lanes and other non -toll facility improvements will be transferred upon completion to Caltrans who will be responsible for operation and maintenance; tolled express lane facilities, when completed, will be operated and maintained by the Commission for the term agreed to by Caltrans and the Commission. " The Commission and OCTA will jointly operate and maintain the 91 Express Lanes; the Commission will operate and maintain the 1-15 Express Lanes. " Toll revenue budget projections are based on financing assumptions derived from investment grade traffic and revenue studies. " Toll operation costs are based on detailed assumptions and estimates specific to each express lane facility. " The Commission will have a small toll operations staff and contract for the majority of the toll operation services. Accomplishments " Completed a toll operations planning effort focused on future toll operations department staffing, information technology needs, and toll operations best practices. " Established the Toll Operations Department with the hiring of a Toll Operations Manager and Toll Technology Manager. " Developed 91 Express Lanes agreements with Caltrans for express lane roadway maintenance, CHP for enforcement services, and OCTA for toll facility payments. " Participated in the California Toll Operators Committee efforts to establish a statewide plan for transition to the 6C transponder technology and began planning for its eventual implementation on the Commission's express lane facilities. " Worked to ensure success of the 91 Express Lanes toll system deployment including the roadside tolling equipment, necessary software and hardware modifications, and improvements to the existing toll operations and customer service centers. " Developed a marketing and business promotion effort jointly with OCTA in advance of the 91 Express Lanes opening to build brand awareness as well as express lane use and create customer accounts. " Significantly contributed to the 1-15 Express Lanes project development in all areas related to tolling procurements, agreements, project financing, design, and construction. Major Initiatives During FY 2016/17, the Commission will continue building its Toll Operations team with the hiring of a senior management analyst and a senior financial analyst, consistent with the long-range toll operations staffing plan. The Toll Operations team will support the ongoing toll system implementation work and successful opening of the Riverside 91 Express Lanes on time and within budget. Once the Riverside 91 Express Lanes are open, Toll Operations staff will manage the operations of the express lanes in a manner which adheres to the RCTC 91 Express Lanes Toll Policy adopted in June 2012: " Provide a safe, reliable, and predictable commute for 91 Express Lanes customers; " Optimize vehicle throughput at free flow speeds; " Pay debt service and maintain debt service coverage; " Increase average vehicle occupancy; " Balance capacity and demand to serve customers who pay tolls as well as carpoolers with three or more persons who are offered discounted tolls; " Generate sufficient revenue to sustain the financial viability of the RCTC [Riverside] 91 Express Lanes; " Ensure all covenants in the financing documents are met; and " Provide net revenues for Riverside Freeway/State Route 91 corridor improvements, as allowable under Senate Bill 1316. Monitoring toll transactions and related toll revenues will be a primary responsibility for Toll Operations, and it will utilize the Riverside County 91 Express Lanes Extension Investment Grade Study prepared by Stantec Consulting Services Inc. (Stantec) in May 2012 and supplement by a supplemental letter in June 2013. While the Commission relied on this study for its projection of gross revenues generated by the 91 Project over the 50-year toll authorization period, the financial model for the 91 Project assumed more conservative toll revenues. Accordingly, for this partial year of initial operations of the Riverside 91 Express Lanes and due to lack of operational history, the Commission's budgeted toll revenues for FY 2016/17 represent conservative revenue estimates for fiscal control purposes. The differences between the toll transaction and revenue estimates approximate 33%, as summarized below: Toll Transactions' Revenues' Stantec estimate 2,078,300 $ 5,660,600 Financing case estimate 1,400,000 3,798,000 Difference 678,300 $ 1,862,600 Amounts rounded to nearest hundred The development of Toll Operations budgeted expenses also considered the operating cost estimates for the Riverside 91 Express Lanes included in Engineer's Technical Report prepared by Parson Transportation Group, Inc. in June 2013. As the project and construction manager for the 91 Project, Parsons Transportation Group, Inc. analyzed the 91 Project operations which included projections of non -toll revenue and operation and maintenance expenses for the express lanes. The Commission relied on the Engineer's Technical Report in projecting non -toll revenues and operation and maintenance expenses for the purpose of determining projected cash flow and debt service coverage for the 2013 Toll Bonds and TIFIA loan. For the initial year of operations, the Engineer's Technical Report assumed costs of $5,563,300 for a five -month period, whereas the Commission used costs of $6,553,100 for a six-month period in the FY 2016/17 budget. While the budgeted expenses are 18% above the amount in the financing assumptions, the budgeted costs on an annualized basis are 2% lower than the annualized projected costs in the Engineer's Technical Report. In addition to monitoring toll revenues during FY 2016/17, Toll Operations will analyze these operation and maintenance costs during the fiscal year. While the Commission prepares to commence toll operations on the Riverside 91 Express Lanes in FY 2016/17, Toll Operations will also continue to support the procurement of a toll systems provider to implement a toll system and to ultimately operate the 1-15 Express Lanes. Toll planning for the 1-15 Express Lanes will consist of development of toll policies, business rules, future contract requirements, agency agreements, and other elements. Toll Operations will also consider future tolling opportunities by supporting the development of a "next generation" toll feasibility study that will be initiated. The costs for this feasibility study are included in the Capital Project Development and Delivery Department. Cash Flows from Toll Operations As a result of the issuance of the 2013 Toll Bonds, proceeds included amounts for initial operations and maintenance of $3,137,700 and capitalized interest through December 2017. The $3,137,700 will be transferred to an operations and maintenance fund held by the trustee upon substantial completion of the 91 Project and commencement of toll operations. Additional information regarding the 2013 Toll Bonds and TIFIA loan is included in Section 5, Commission Debt. During the initial year of toll operations for the Riverside 91 Express Lanes, the Commission does not anticipate any deposits to the repair and rehabilitation fund nor does it expected any repair and rehabilitation expenditures permitted under the master indenture and TIFIA loan agreement. The financial model for the 91 Project also did not assume such funding or expenditures. The projected cash flows for the Riverside 91 Express Lanes for the year ending June 30, 2017 are as follows: Cash balance at July 1, 2016 $ Cash flows from operating activities: Sources of operating funds: Toll revenue Other revenue Total sources of operating funds Uses of funds for operations and maintenance: Salaries and benefits Professional costs Support and maintenance costs Projects and operations Capital outlay Total uses of funds for operations and maintenance Net cash provided by operations Cash flows from non -capital financing activities: Cash flows from capital and related financing activities: Proceeds from 2013 Toll Bonds for operations and maintenance Proceeds from 2013 Toll Bonds for capitalized interest Interest paid on 2013 Toll Bonds Net cash provided by capital and related financing activities Cash flows from investing activities: Interest on investments Net cash provided by investing activities 3,798,000 2,345,000 6,143,000 268,400 307,000 2,674,900 3,052,800 250,000 6,553,100 (410,100) 3,137,700 7,119,900 (7,119,900) 3,137,700 6,800 6,800 Net increase in cash 2,734,400 Available cash at June 30, 2017, as projected Department Goals $ 2,734,400 Provide effective communication of project progress and toll operations to the Commission Board members, city councils, County Board of Supervisors, Caltrans, CTC, FHWA, TIFIA, and bondholders. (Policy Goal: Communications, Financial and Administration) Objectives: • Provide timely and effective reporting of toll operation metrics including revenue, transactions, carpool usage, and other performance indicators. • Share certain express lane traffic information with Caltrans and other agencies as requested. • Comply with continuing disclosure requirements to bondholders and TIFIA regarding express lanes development and operations. Focus on timely and effective completion of toll -related capital projects and implementation of needed transportation services. (Policy Goals: Mobility, Goods Movement, Intermodalism & Accessibility) Objectives: • Support the development of the Commission's toll capital projects in all areas of planning, financing, design, and construction. " Provide opportunity for expansion of express bus services to employment centers, as this will contribute to congestion relief on impacted corridors. Support regional transportation solutions in cooperation with toll operators in surrounding counties that are of benefit to Riverside County. (Policy Goals: Mobility, Goods Movement, System Efficiencies) Objectives: " Coordinate with surrounding counties in their development of toll facilities in general and those toll facilities that impact the Commission's toll operations in particular. " Participate in the California Toll Operators Committee to advance regional and statewide tolling initiatives, technology interoperability, and coordination among California toll agencies. Toll Operations Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Toll transactions N/A N/A N/A 1,400,000 Capital Project Development and Delivery Mission Statement: "To keep the Commission's contract with the voters of the County by accelerating the planning, programming, and implementation of projects and programs in the Measure A Transportation Improvement Plan, as enhanced by the Toll Program, to the extent that funds are available. To ensure that capital projects are environmentally acceptable, expertly designed, and implemented in a cost effective manner. To acquire and manage required right of way in the most economical, efficient, and timely manner." Chart 46 — Capital Project Development and Delivery Transfers Out 29%� Debt Service 8% Capital Outlay 0% Expenditures Salaries and Benefits Professional Costs 1% 1% The budgeted expenditures and transfers out total $705,177,500 to cover all of the Commission's major capital projects (Table 62). Personnel costs represent less than 1% of the budgeted uses. Salaries and benefits reflect a net decrease of 7% due to the allocation of FTEs and a 4% pool for merit -based salary increases. Professional costs of $10,797,100 are primarily related to general legal costs, specialized legal and financial advisory services related to the toll program, public communications, and property management services. Support costs of $886,600 consist primarily of services needed to maintain the Commission's real properties in a condition that complies with all local codes and regulations governing property maintenance. General project costs of $7,040,400 are related to program management provided by Bechtel Infrastructure (Bechtel) and permits for highway and rail capital projects. Significant projects included in engineering expenditures of $16,931,200 are the Mid County Parkway and various Western County TUMF regional arterial projects. Construction expenditures of $80,214,000 are primarily related to the 1-215 corridor improvements, 91 Project, Pachappa underpass, various Western County Measure A and TUMF regional arterial projects, Santa Ana River Trail, La Sierra station improvements; Perris Valley Line, and other rail improvement and rehabilitation projects. Design -build costs of $146,955,600 pertain to the 91 Project and 1-15 Express Lanes project. Right of way expenditures of $84,502,900 on significant projects include the 91 Project, 1-15 Express Lanes, 91/71 interchange improvements, Mid County Parkway, SR-60 truck climbing lanes, various Western County TUMF regional arterial projects, and Perris Valley Line projects. Funding will also be provided for MSHCP land mitigation. Local turn back payments to jurisdictions and the County for local streets and roads repair, maintenance, and construction amount to $51,358,000, net of an allocation of $825,000 to the 2009 Measure A Western County Regional Arterial special revenue fund related to the ineligibility of the city of Beaumont for its local streets and roads allocation. Disbursements to CVAG for the 2009 Measure A Coachella Valley highway and regional arterial program comprise substantially all of the regional arterial expenditures. Special studies of $815,000 are related to a "next generation" toll feasibility study. Operating and capital disbursements of $8,660,000 are related to RTA SR-91 express bus service capital funding and Metrolink station rehabilitation costs. Rail capital purchases for station rehabilitation projects represent 100% of the capital outlay expenditures. Interest payments on outstanding 2009 Bonds, 2010 Bonds, 2013 Sales Tax Bonds, 2013 Toll Bonds, and commercial paper notes are approximately $45,915,800. Principal payments of $8,100,000 are related to the 2009 Bonds. Significant transfers out consist of the following: • $94,049,300 in sales tax and toll revenue bond proceeds to fund the 91 Project; • $31,672,000 in commercial paper notes proceeds to fund the 1-15 Express Lanes project; • $1,784,100 from the TUMF CETAP reserves for two city of Temecula regional arterial projects along 1-15; • $22,656,900 from 2009 Measure A Western County highway fund and Capital Projects fund to the Debt Service fund for sales tax bonds debt service; • $700,100 from TUMF for administrative allocations to the General fund; • $825,000 from 2009 Measure A Western County local streets and roads fund to the 2009 Measure A Western County regional arterial fund for the city of Beaumont's local streets and roads allocation; • $450,000 from 2009 Measure A Western County highway fund to the TUMF regional arterial fund for the SR-79 realignment project; • $11,355,800 from 2009 Measure A Western County rail fund to the general fund for rail station maintenance and operation expenditures; • $7,976,000 from 2009 Measure A Western County rail fund to the 1989 Measure A Western County rail fund for the Perris Valley Line; • $3,137,700 from Capital Projects fund to the Enterprise fund for operations and maintenance upon substantial completion of the 91 Project; • $2,955,000 from the Debt Service fund to the 2009 Measure A Western County highway and Coachella Valley highway funds of $2,767,000 and $188,000, respectively, for BABs subsidy reimbursements; and • $29,501,900 from 2009 Measure A Western County new corridor fund reserves to the Capital Projects fund for an equity contribution to the 91 Project per the plan of finance. Table 62 - Capital Project Development and Delivery Uses Detail FY 14/15 Actual FY 15/16 FY 15/16 Revised Budget Projected FY 16/17 Budget Dollar Change Percent Change Salaries and Benefits Professional Costs Legal Services Audit Services Financial Advisory Professional Services- General Total Professional Costs Support Costs Projects and Operations Program Operations Engineering Construction Design Build Right of Way and Land Local Streets and Roads Regional Arterials Special Studies Operating and Capital Disbursements Total Projects and Operations Capital Outlay Debt Service Transfers Out TOTAL Capital Project Development and Delivery $ 2,752,000 $ 4,335,500 $ 4,330,500 4,186,100 36,900 80,500 1,492,100 5,956,400 46,500 347,000 2,810,200 5,831,200 31,500 274,400 2,420,300 5,795,600 397,700 7,179,500 8,198,600 142,654,000 191,599,200 71,999,800 48,612,900 17,283,300 172,300 553,200 488,252,800 107,800 53,300,100 214,979,400 $ 765,585,400 9,160,100 8,557,400 918,100 675,400 14,502,600 19,920,900 156,600,600 284,681,200 104,927,400 50,679,000 30,600,000 80,000 13,000,000 674,991,700 3,573,600 53,919,900 100,694,300 $ 847,593,200 11,898,100 5,241,500 123,834,100 279,380,700 42,324,100 50,679,000 30,900,000 48,800 5,690,000 549,996,300 600,000 53,671,800 146,812,300 $ 764,643,700 Capital Project Development and Position Administrative Assistant Capital Projects Manager Chief Financial Officer Deputy Director of Finance Deputy Executive Director Executive Director Government Relations Manager Goods Movement Manager Management Analyst Planning and Programming Director Planning and Programming Manager Procurement Analyst Procurement Manager Program Manager Project Delivery Director Public Affairs Manager Right of Way Manager Senior Administrative Assistant Senior Management Analyst Toll Financial Analyst Toll Operations Manager Toll Program Director Toll Project Manager Toll Senior Management Analyst Toll Technology Manager FTE Delivery Staffing Summary FY 14/15 0.35 2.82 0.23 0.03 0.03 0.17 0.01 0.00 1.00 0.10 0.01 0.46 0.63 0.00 0.97 0.84 1.00 0.06 2.00 0.00 0.00 0.97 2.00 0.00 0.00 $ 4,020,500 7,863,700 56,500 349,100 2,527,800 10,797,100 886,600 7,040,400 16,931,200 80,214,000 146,955,600 84,502,900 51,358,000 30,516,600 815,000 8,660,000 426,993,700 1,400,000 54,015,800 207,063,800 S 7ns 177.son FY 15/16 0.35 4.00 0.28 0.00 0.03 0.33 0.02 0.00 1.01 0.10 0.18 0.56 0.54 1.00 0.97 0.70 1.00 0.07 2.01 0.00 1.00 1.00 2.00 1.00 1.00 13.68 19.15 $ (315,000) -7% 1,907,300 32% 10,000 22% 2,100 1% (282,400) -10% 1,637,000 18% (31,500) -3% (7,462,200) -51% (2,989,700) -15% (76,386,600) -49% (137,725,600) -48% (20,424,500) -19% 679,000 1% (83,400) 0% 735,000 919% (4,340,000) -33% (247,998,000) -37% (2,173,600) -61% 95,900 0% 106,369,500 106% $ (142,415,700) -17% FY 16/17 0.23 2.70 0.37 0.02 0.11 0.43 0.05 0.05 1.00 0.10 0.01 0.30 0.62 1.00 0.80 0.75 1.00 0.05 1.98 0.40 0.90 0.80 2.00 0.85 0.90 17.42 Department Budget Overview Department Description The primary responsibility of Capital Projects is the development and delivery of major highway and rail capital projects where the Commission is identified as the lead agency. The delivery of a capital project can include tasks such as feasibility studies, preliminary engineering, environmental clearance, final design, right of way acquisition, utility relocation, construction, and construction management. Funding is also provided through Capital Projects for local jurisdiction highway and regional arterial projects based on funding agreements with the Commission. Approximately 73% of the Commission's FY 2016/17 budgeted expenditures originates in this department managed by the Toll Program and Project Delivery Directors responsible for the capital program. Capital Projects accelerates delivery of the Measure A, toll, state, and federally funded highway, regional arterial, and rail capital improvement projects throughout the County. Highway improvements currently in progress include the addition of mixed flow, carpool, truck climbing, and tolled express lanes; widening and realignment projects; and interchange improvements as well as a new CETAP corridor. Regional arterial capital improvements include funding for Western County TUMF and Measure A regional arterial projects. Commuter rail capital improvements include the expansion of commuter rail service in Western County and related station improvement and rehabilitation projects. This department also provides the necessary coordination between the Commission and Caltrans for the development of scope, cost, and project delivery schedules for Measure A projects that are funded by the STIP. The 2009 Measure A program includes funding to the incorporated cities and the County for local streets and roads maintenance, repair, and construction. The budgeted amount is set by formula established in the Measure A TIP. To be eligible to receive these Measure A funds, each city in the Western County and Coachella Valley areas and the County must participate in the TUMF program, which is administered by WRCOG in Western County and by CVAG in Coachella Valley. Additionally, for Western County jurisdictions, they must also participate in the MSHCP. Annually all cities and the County are required to submit a five-year CIP and meet a MOE requirement. Each jurisdiction's respective allocation is based on population (Western County and Palo Verde Valley) or dwelling units (Coachella Valley) and the amount of sales tax generated. The city of La Quinta had not participated in the Coachella Valley TUMF Program prior to February 2013 when the city adopted the TUMF ordinance and entered into an agreement with CVAG to reimburse CVAG for the shortfall of prior TUMF. Accordingly, the city of La Quinta began to receive 50% of its allocation in late FY 2012/13 until the shortfall is repaid and CVAG the remaining 50%. The city of Beaumont was determined to be in noncompliance with the Western County TUMF program. As a result, Beaumont's Measure A allocation is transferred to the Commission's MARA program. Given the support required to oversee and participate in the project development work, costs for Commission staff and related support have been included in this department budget. The projects identified in the FY 2016/17 budget funded by Measure A, TUMF, state, or federal funds as well as future toll revenues require the continued support of the Bechtel program management team which includes program managers, project engineers, construction engineers, inspectors, contracts administration, and support staff. Right of Way Acquisition and Support Services The primary goal of the Right of Way Management Division is to deliver right of way in the most cost-effective manner and within project schedules, while adhering to federal and state regulations. Commission staff required to supervise and manage right of way services and related support for individual projects are included in the Capital Project Development and Delivery Department budget. The Commission authorized the development of a Right of Way Acquisition Program in 2006. To implement the Commission's directive, staff procured the services of on -call right of way consultant services in the fields of right of way engineering and surveying, environmental assessment, appraisal and appraisal review, acquisition and relocation, feasibility studies and cost estimates, property management, and utility relocation. These consultants are managed and supervised by the Right of Way Management Division. Property Management The Commission strives to manage its real property with the objective of maximizing existing and future public transportation benefits, safety, and income by means of professional property management policies and procedures. This includes issuing licenses and rights of entry for authorized third -party uses, as well as investigating and resolving issues regarding uses that are not authorized by the Commission. During FY 2014/15 a comprehensive analysis was performed on existing licenses and encroachments. The Perris Valley Line portion of the SJBL has been completed, resulting in an increase of licenses. Work will continue to identify and, if necessary, enter into new licenses or eliminate encroachments on the SJBL remainder. In certain limited situations, the Commission may also grant easements. General maintenance activities and security measures are also part of the property management scope of work on all Commission -owned properties. The demolition and clearance of structures and other improvements on acquired property, excluding commuter rail stations, is included in the property management function. Additionally, the Commission must manage real property acquired for a project until it is required for construction. Since 1990, the Commission has acquired property assets in the course of rail and highway project implementation. To date, the rail properties number over 225 parcels. The Commission acquired approximately 500 parcels for the SR-74 widening project (Segments 1 and 2), and most of these parcels, which were related to Segment 1, have been transferred to Caltrans. In addition, approximately 130 properties have been acquired for the SR-91 HOV lanes, Mid County Parkway, SR-79 realignment, SR-74 curve widening, SR 60/1215 East Junction HOV Connectors, Perris Valley Line, 1-215 corridor improvements (central segment), and SR-60 HOV lanes/I-215 to Redlands Boulevard projects. Property acquisition for the 91 Project began in 2010 with all of the 197 required parcels acquired to date; 99 of the parcels have been acquired through eminent domain and approximately 25 parcels are in active litigation. Fee and permanent easement rights were acquired and will be transferred primarily to Caltrans, the County of Riverside, and the city of Corona upon completion of the project. Upon project completion, all remaining portions of properties within every project are reassessed and deemed surplus when it has been determined that the continued retention of the property no longer supports the Commission's policy goals and objectives. In connection with the federal TIFIA loan for the 91 Project, the Commission is required to establish a $20,000,000 TIFIA debt service reserve by June 2019. The Commission anticipates that proceeds from the sales of excess properties related to the project will be sufficient to fund the reserve. Long -Term Strategic Planning Several years ago, the strategic plan for the 1989 Measure A highway program was updated and provided the guidance for completion of the 1989 Measure A highway projects. A significant effort was completed in December 2006 to develop an implementation plan strategy for the 2009 Measure A state highway program, with a focus on the first 10 years of the program through 2019. An objective -based assessment of the Western County portion of the 2009 Measure A TIP was completed along with the prioritization of the program of projects. Four highway corridors, 1-215, 1-15, 1-10, and SR-91, were selected as the priority focus for the first 10 years of the 2009 Measure A program, and long-term development work was approved for large scale projects such as the development of the Mid County Parkway, realignment of SR-79, and the bi-county widening of 1-215 to San Bernardino County. Project development activities for these projects have been ongoing since an update and reprioritization was completed in January 2010. Since 2010, a scope reevaluation was completed on the 1-15 Express Lanes project and the Commission adopted a new scope of work which entails tolled express lanes on the northern 14 miles of 1-15 in the County. The 1-10 truck climbing lanes project was deferred several years and has been replaced with added safety improvements on SR-60. For the strategic projects, preliminary engineering and environmental clearance will be completed for the Mid County Parkway, SR-79 realignment and the SR-60 truck climbing lanes; right of way acquisition for Mid County Parkway will be considered for extraordinary acquisitions on a pay-as-you-go basis. Project costs and anticipated funding for these projects have been updated annually, and a status update has been included in each of the annual Commission workshops since 2011. Updated capital project implementation strategic plans are expected in 2019 and 2029, as required by the 2009 Measure A. CVAG has developed a strategic plan for Coachella Valley highway and regional arterial projects based upon a transportation project prioritization study that is updated periodically. The Perris Valley Line is the most significant rail capital project, and it was included in the 1989 and 2009 Measure A programs. The Perris Valley Line is substantially complete and service commenced in June 2016. Other rail capital projects are developed in coordination with SCRRA or are based on a rail station plan that is updated periodically. Station operation costs are included in Rail Operations in section 6.2 of this document. Four new Western County transportation corridors were identified through CETAP and are eligible for 2009 Measure A Western County new corridor and TUMF CETAP funding. Given the size and anticipated cost of these new corridors, they are moving forward on varied schedules with the work on the internal corridors, the Mid County Parkway and 1-215 corridor improvement project (south segment completed in 2013 and central segment scheduled substantially completed fall 2015) being the most advanced. Western County TUMF regional arterial projects were approved in 2004 based on a call for projects, which is discussed in the Planning and Programming Department in section 6.2 of this document. Additionally, the Commission will participate in the improvement of a wildlife corridor crossing under SR-91, B Canyon, in collaboration with Caltrans, U.S. Fish and Wildlife, U.S. National Forest, California Department of Fish and Wildlife, and the Department of Parks and Recreation. The actual construction of this enhancement will be done subsequent to the construction on the 91 Project as a separate project. These strategic planning activities play a significant part of the Commission's annual budget process, in particular the capital budget. Key Assumptions • The Commission will continue its emphasis on the closeout of the 1989 Measure A Western County highway and rail programs. • The Western Riverside County Delivery Plan serves as the basis for defining the 2009 Measure A project selection and prioritization. • Western County TUMF regional arterial projects are based on the list approved by the Commission in 2004. • Agreements for the advancement of 2009 Measure A funds have been obtained from CVAG and cities participating in the debt programs. The annual principal and interest payments for these loans will be deducted by the Commission from each agency's respective disbursements based on the terms of the loan agreements. • Highway project costs are based on engineers' estimates and scope agreements with Caltrans. • Construction projects are competitively bid to minimize costs. • Design -build projects are competitively procured using a best value selection process to maximize value to the Commission. • All projects will be built to required federal and state standards. • All highway projects, with the exception of tolled express lane facilities, are transferred upon completion to Caltrans; operation of these facilities is the responsibility of Caltrans. Tolled express lane facilities, when completed, will be operated and maintained by the Commission for the term agreed to by Caltrans and the Commission. Toll operations costs are included in section 6.3 of this document. • The Commission will develop strategies to implement alternative financing structures including public toll roads. • MARA projects had been selected and programmed in previous years when revenues were at a level that could sustain reasonable cash flow to fund the construction projects selected for this program, and a call for projects that combined available MARA funds with federal revenues was completed and approved in FY 2013/14. • Design and right of way acquisition for the Mid County Parkway will commence in 2016. Accomplishments • Continued implementation of the Western Riverside County Delivery Plan. • Completed construction and right of way support for the SR-91 HOV lanes. • Initiated design and environmental revalidation for the Pachappa underpass project. • Continued to advance the development of the 91 Project in numerous areas: • Completed approximately 74% of construction and maintained a planned 2017 opening of all traffic lanes; • Completed the final design of the Electronic Toll and Traffic Management system for the Riverside 91 Express Lanes and began the facility modifications to the existing Toll Operations Center in Anaheim; and • Completed the second Financial Plan annual update and reaffirmed the Commission's toll revenue bond ratings. • Continued right of way acquisition and securing utility relocation agreements for the 91/71 interchange improvement project. • Completed preliminary engineering and environmental studies work on the 1-15 Express Lanes project, commenced procurements for a design -build contractor and toll services provider, and commenced project financing activities. • Obtained environmental approval of the Mid County Parkway project with issuance of a Record of Decision in fall 2015. • Completed technical studies and recirculation of the environmental document for public review related to the SR-79 realignment project. • Completed construction of the SR-60/I-215 east junction, SR-74 curve widening, and 1-215 Bi-county HOV gap closure projects. • Substantially completed construction for the Perris Valley Line project and began service in June 2016. • Completed construction on the RDOCC. • Completed preliminary engineering and technical studies and circulated the environmental document for the La Sierra station parking lot expansion project. • Completed environmental clearance and commenced design of the Riverside Downtown Station Pedestrian Improvements project. • Supported public outreach activities by providing graphics from the right of way project management database for Commission presentations to facilitate public understanding of project issues. • Continued to declare property no longer needed for transportation purposes as surplus and sold several surplus properties. Major Initiatives FY 2016/17 will mark the eighth year as the Commission closes out the 1989 Measure A programs and continues project activities related to the 2009 Measure A programs, of which the highway, rail, regional arterial, and local streets and roads programs represent the majority of the funding allocations. While most of the 1989 Measure A highway projects have been completed, the construction close-out activities will continue on the SR-91 HOV lanes from Adams Street to 60/91/215 interchange and the Perris Valley Line rail projects. Various stages of project development work for projects included in the Western County Highway Delivery Plan will continue in FY 2016/17. Detailed descriptions of the capital projects, including local streets and roads funding, that are included in the FY 2016/17 budget follow the Performance/Workload Indicators. Department Goals Build upon and strengthen the partnership with Caltrans toward timely delivery of identified Measure A, toll program, and STIP projects. (Policy Goals: Mobility, Environmental Stewardship, Economic Development) Objectives: • Develop agreements with Caltrans and FHWA, as may be required, to finalize project scoping and cost issues for the STIP, federal demonstration, toll, and Measure A funded highway projects in the County. • Meet the project milestones identified in agreements between Commission, Caltrans, and the CTC. To the extent permitted by law, pursue reasonable involvement of local DBE and SBE firms in contract work. (Policy Goal: Communications) Objective: • Maintain and monitor goal for a minimum DBE participation in all federally funded contracts. Provide effective communication of project progress to the Commission board members, city councils, the County Board of Supervisors, Caltrans, CTC, FTA and FHWA. (Policy Goal: Communications) Objectives: • Develop a strategy with Caltrans District 8 that would allow the Commission to advance specific projects identified in the Western Riverside County Delivery Plan to take advantage of any unexpected state or federal funding which may become available through increased state or federal budget authorizations, federal stimulus, or potential loan programs to advance construction. • Conduct quarterly meetings with FTA and report on progress of Perris Valley Line project. Work with Caltrans and other agencies toward completion of preliminary engineering and environmental clearance of all projects. (Policy Goal: Mobility) Objective: • Work with Caltrans, the County, and the cities in the County to complete preliminary design and environmental clearance for Measure A projects that could be eligible to receive additional or early funding from various sources that could become available if a project is sufficiently developed. Construct the highway projects identified in the budget. (Policy Goals: Mobility, Economic Development, Financial & Administration) Objectives: • Achieve closeout of completed highway construction projects. • Substantially complete construction of the 91 Project. In coordination with the Rail Program Manager, construct capital improvements at existing commuter rail stations as identified in the budget. (Policy Goals: Mobility, System Efficiencies, Environmental Stewardship, Intermodalism & Accessibility, Financial & Administration) Objectives: • Complete closeout activities related to the Perris Valley Line. • Commence or continue construction of rail station capital improvements and rehabilitation projects. Acquire right of way for rail and highway projects identified in the budget. (Policy Goals: Mobility, Financial & Administration) Objectives: • Acquire right of way for the following projects: 91 Project, Perris Valley Line, Mid County Parkway, 91/71 interchange improvements, Pachappa underpass, and SR-60 truck climbing lanes. • Protect and maintain properties acquired for future projects. • Dispose of Commission -approved excess land in a timely manner. Identify alternative financing strategies in order to fully fund projects identified in the Western Riverside County Delivery Plan. (Policy Goal: Mobility) Objectives: • Commence a "next generation" toll feasibility study to identify potential toll projects. • Continue the assessment and evaluation of available financing strategies, including federal credit assistance. Location of FY 2015/16 Major Capital Projects within Riverside County INSERT MAP HERE 1) SR-79 Environmental work for realignment between Gilman Springs Road and Domenigoni Parkway. 2) SR-91 (A) Construction of the Pachappa underpass (B) Right of way acquisition and utility agreement work for the 91/71 interchange improvements. (C) Construction of toll and mixed flow lanes from the Orange County line to Pierce Street including tolled express lanes connectivity to 1-15 and improvements to the 15/91 interchange. 3) Mid County Parkway Design and right of way related to new corridor from 1-215 to SR-79. 4) Perris Valley Line Completion of construction and closeout of the Metrolink extension (Riverside -Moreno Valley -Perris) along the SJBL. 5) 1-15 Express Lanes Design -build, toll system, and toll operation procurement development and project financing activities for the addition of tolled express lanes from SR-60 to Cajalco Road in Corona. 6) SR-60 Truck Climbing Lanes Preliminary engineering and environmental document, right of way acquisition, and design for the truck climbing lanes project. 7) Local Streets and Roads Allocation of Measure A revenues to each city and the County to improve, maintain, and repair high priority local streets and roads. Capital Project Development & Delivery Performance/Workload Indicators FY 14/15 Estimated FY 14/15 Actual FY 15/16 Estimated FY 16/17 Projected Preliminary engineering (project reports and environmental documentation) contracts awarded 1 0 0 0 Plans, specifications, and estimate contracts awarded 1 1 1 2 Number of projects with active right of way acquisition 2 2 2 6 Construction, design -build, and toll system awards 1 1 0 5 Highway and Rail project close-outs N/A N/A N/A N/A License agreements managed 180 368 490 301 Appraisal and appraisal reviews completed 40 56 52 195 Capital Projects Summary The following is a summary of the capital projects included in the FY 2016/17 budget. Costs are generally categorized by preliminary engineering, final design, right of way, construction, and design -build phases in addition to other project -related costs such as salaries and benefits, Bechtel project management, and legal fees. Western County Highway and Regional Arterial Projects SR-60 Truck Climbing Lanes (PO03029) Provide funding and support to begin right of way acquisition for eastbound climbing and westbound descending truck climbing lanes from Gilman Springs Road to west of Jack Rabbit Trail and upgrade existing shoulders to standard widths. Construction of the project is expected to be completed by 2020. The total project cost is estimated at $138 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 1,700,000 Right of way acquisition/support services $ 240,700 Other project -related costs Costs will be funded with CMAQ, STIP/RIP, State Highway Operation and Protection Program, and 2009 Measure A highway funds. Caltrans is the lead agency for preliminary engineering and construction; the Commission is the lead agency for right of way acquisition. N/A; state highway operations are the responsibility of Caltrans. 60/215 East Junction HOV Lane Connectors (PO03017) Complete project closeout. Preliminary engineering began in 2006. Final design and right of way acquisition were completed in 2010. The total project cost is estimated at $42 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 22,000 Right of way support services $ 51,900 Other project -related costs STP and CMAQ with STIP-RIP and STIP-IIP for local match funds, will be used for construction. Caltrans is the lead agency for construction. N/A; state highway operations are the responsibility of Caltrans. SR-74/1-15 to 7th Street (PO03001) Complete right of way acquisition closeout for segment II related to the realignment and widening of four -lane roadway between Wasson Canyon Road in the city of Lake Elsinore and 7th Street in the city of Perris. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 700,000 Right of way support services $ 77,300 Other project -related costs Costs will be funded using 1989 Measure A. N/A; state highway operations are the responsibility of Caltrans. 74/215 Interchange (PO03015) Complete project closeout by summer 2016. Preliminary engineering began in 2006 and was completed in 2009. Final design was completed in 2009. Construction began in mid-2010 and was completed in 2013. The total project cost is estimated at $30 million. FY 2016/17 Cost $ 20,000 Construction management $ 4,500 Other project -related costs Measure A Budget Impact Costs will be funded using 1989 Measure A highway funds, TUMF zone contributions, ARRA funds, and a federal earmark. Operating Budget Impact N/A; state highway operations are the responsibility of Caltrans. SR-74 Curve Widening (P003009) Complete project closeout. Construction of the project began in May 2014 and was completed in May 2015. The total estimated project cost is $4.2 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 337,000 Right of way acquisition/support services $ 28,000 Other project -related costs Costs will be funded using 1989 Measure A highway funds. N/A; state highway operations are the responsibility of Caltrans. SR-79 Realignment (P003003) Complete environmental phase for realignment from Gilman Springs Road to Domenigoni Parkway. The total estimated project cost is $1.2 billion. Initiation of subsequent phases will be dependent upon the availability of funding. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 450,000 Preliminary engineering $ 133,500 Other project -related costs Costs have been funded using TUMF regional arterial, 2009 Measure A highway, and federal funds. N/A; state highway operations are the responsibility of Caltrans. 91 Project (P003028) Continue design -build activities for the tolled express and mixed flow lanes project from the Orange County line to Pierce Street, including tolled express lanes connectivity to 1-15 and improvements to the 15/91 interchange. Project development activities began in September 2007 and lanes are expected to be open to traffic in 2017. The 91 Project cost is estimated at $1.4 billion, including financing costs. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact 16,471,200 46,931,100 125,955,600 Construction/support services Right of way acquisition/support services Design -build 7,118,500 Other project -related costs Costs will be funded using 2009 Measure A highway and new corridor funds including sales tax revenue bonds, toll revenue bonds, a federal TIFIA loan, STIP and SLPP funds, and 1989 Measure A contribution. Operation and maintenance of future tolled express lanes facilities are the responsibility of the Commission, while all other state highway operations are the responsibility of Caltrans. Current estimates of annual operating and maintenance costs are $11,200,000. Such costs will be paid from the collection of toll revenues beginning in 2017. Toll operating costs are included in Toll Operations, as discussed in section 6.3. 91/71 Interchange Improvements (P003021) Continue right of way acquisition and utility agreement work for interchange improvements to the 91/71 interchange. Final design began in March 2012. The total estimated project cost is $118 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 50,000 $ 1,552,000 $ 86,800 Final design Right of way acquisition/support services Other project -related costs Costs for right of way acquisition and utility agreement work are primarily funded using Congressionally -designated federal funding remaining from previous area projects. The balance of funding will come from 2009 Measure A highway funds. N/A; state highway operations are the responsibility of Caltrans. SR-91 HOV Lanes/Adams Street to 60/91/215 Interchange (PO03005) Complete construction and utility relocations in FY 2016/17 and finalize close out during FY 2016/17. Preliminary engineering began in 2001. Construction of the project was completed in spring 2016. The estimated total project cost is $273 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 15,000 Final design $ 803,000 Construction $ 1,700,000 Right of way acquisition/support services $ 174,400 Other project -related costs Final design costs will be funded using Letter of No Prejudice funds received and CMAQ with 1989 Measure A highway funds for local match. Right of way costs will be funded using STIP-RIP, Traffic Congestion Relief Program, CMAQ, and 1989 Measure A highway funds. CMAQ and Proposition 1B CMIA funds will be used for construction activities. Caltrans is the lead agency. N/A; state highway operations are the responsibility of Caltrans. 1-15 Express Lanes (PO03027) Continue design -build, toll system, and toll operation procurement work and project financing activities to add generally two tolled express lanes in each direction from SR-60 to Cajalco Road in Corona. The project will use the design -build method of project delivery. Project development activities began in April 2008, and lanes are expected to be open to traffic in 2020. The estimated total project cost is $561 million, including financing costs. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 750,000 Preliminary engineering $ 4,000,000 Right of way support services $ 21,000,000 Design -build $ 7,082,300 Other project -related costs Project development costs and a portion of construction will be funded using 2009 Measure A highway funds. It is anticipated that federal CMAQ and STP funds will be used, toll revenue bonds will be issued, and the Commission will secure a federal TIFIA loan to complete the project financing plan. Operation and maintenance of future tolled express lanes facilities are the responsibility of the Commission, while all other federal and state highway operations are the responsibility of Caltrans. Preliminary estimates of annual operating and maintenance costs are $13 million. Such costs will be paid from the collection of toll revenues. 1-215 Corridor Improvements/Scott Road to Nuevo Road (Central Segment) (PO03023) Complete construction and begin three-year plant establishment period. Project added one mixed flow lane in each direction. Preliminary engineering began in 2007 and was completed in 2011. Final design began in 2011 and was completed in December 2012; construction began in 2013 and was substantially completed in 2016. The total project cost is estimated at $120 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 5,300,000 Construction/construction management/support services $ 170,000 Right of way acquisition/support services $ 158,400 Other project -related costs Costs will be funded using CMIA, STIP-RIP, and 2009 Measure A highway funds. N/A; federal highway operations are the responsibility of Caltrans. Mid County Parkway (P002302 & P612302) Perform activities related to the design and right of way phase for a new corridor from 1-215 to SR-79, which is anticipated to be completed in FY 2019/20. Construction of this new facility will be completed over many years as funding becomes available and is estimated to cost $1.7 to $1.9 billion. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 11,000,000 Preliminary engineering/final design $ 19,500,000 Right of way acquisition/support services $ 1,020,100 Other project -related costs Costs will be funded with TUMF CETAP funds and 2009 Measure A new corridor funds. N/A; responsibility for highway operations has not been determined. Pachappa Underpass (P003038) Perform activities related to the right of way and construction phase. Design and environmental revalidation will be performed by Caltrans. Project will remove the Pachappa shoofly activities and construct the retaining wall, drainage, and trackwork for the permanent Pachappa underpass. The total project cost is estimated at $12 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 11,070,000 Construction/construction management/support services $ 450,000 Right of way acquisition/support services $ 413,500 Other project -related costs Costs will be funded with CMAQ. N/A; responsibility for highway operations has not been determined. Santa Ana River Trail (P007201 & P007202) Provide support to the District for the Santa Ana River Trail project under a cooperative planning and development agreement. The District is the lead agency for environmental compliance for NEPA and CEQA, and the Commission will be responsible for project oversight and approval, final design, and construction. The District is responsible for 100% of costs. FY 2016/17 Cost $ 490,000 Preliminary engineering/final design $ 3,800,000 Construction/construction support services $ 85,000 Right of way acquisition/support costs $ 213,300 Other project -related costs Measure A Budget Impact None; costs will be funded by the District. Operating Budget Impact N/A; operations are the responsibility of the District. Various Western County Highway Projects (P623999, P629199, P613999, P383999 & P622402) Provide funding and support for the engineering, construction, and right of way activities related to various Western County highway and grade separation projects. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 50,500 Right of way support services $ 2,840,500 Other project -related costs Costs will be funded using primarily 2009 Measure A highway funds. N/A; federal highway operations are the responsibility of Caltrans. Various Western County Measure A and TUMF Regional Arterial Projects (P005206, P005205, P005204, P005203, P005201, P005102, P005104, P005105, P005107, P005116, P005119, P005127, P005132, P725000, P665102 & P005200) Provide Western County Measure A and TUMF funding and support for the engineering, right of way, and construction activities related to various Western County Measure A and TUMF regional arterial projects approved by the Commission. Total project costs approved for MARA and TUMF regional arterial projects approximate $143 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 4,526,200 $ 34,230,100 $ 2,765,300 $ 710,800 Engineering and final design Construction Right of way acquisition Other project -related costs Costs will be funded using TUMF regional arterial and 2009 Measure A regional arterial funds with various local jurisdictions as lead agency for their respective projects. N/A; regional arterial operations are the responsibility of the local jurisdictions. MSHCP Land Acquisition in Western County (P002800) Provide funding and support for the acquisition of land as mitigation for the cumulative and indirect impacts associated with construction of future highway projects as required by 2009 Measure A. The annual commitment through December 2019 is $3 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact Rail Projects $ 3,000,000 Land acquisition Costs will be funded using 2009 Measure A highway funds. N/A; land mitigation operations are the responsibility of RCA. Perris Valley Line and Other Rail Projects (P003800, P003823, P003827, P003829, P003830, P003832 & P003834) Complete construction of extension of commuter rail services to Perris. Project commenced in December 2007 when the Commission received approval from FTA to move into project development. Other rail projects include adding a fourth main track between the Riverside Downtown station to the connector to the SJBL branch line at Highgrove. Project was substantially completed in May 2016 for a total project cost of $248.3 million, excluding other rail project costs. Revenue service commenced in June 2016. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact Engineering support services Construction/construction management/support services $ 1,365,000 Right of way acquisition/support services $ 716,900 Other project -related costs Costs will be funded using FTA, CMAQ, STP, STIP, and 1989 Measure A Western County and 2009 Measure A Western County rail funds as well as proceeds from sales of surplus properties. Rail station operations related to this project, which will be the responsibility of the Commission upon completion of the project, will be funded with LTF and property management fees. Rail service and capital operations will be the responsibility of Metrolink and will be funded by the Commission with LTF and STA based on an allocation determined by Metrolink. Annual operating costs for nine stations and the RDOCC approximate $5,200,000 and are included in Rail Operations as discussed in section 6.2. Station operations costs will be funded by the Commission with 2009 Measure A Western County rail funds. $ 20,000 $ 5,942,000 La Sierra Station Improvements (P653826) Improve the multimodal benefits of the station to serve the express bus network being implemented upon completion of the 91 Project and to provide a dedicated park and ride facility for carpools and vanpools along SR- 91. Facility improvements include the addition of 500 parking spaces, five new bus bays, a new street entrance, and dedicated bus stops and passenger loading area. Construction is estimated at $3 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 55,000 Preliminary engineering/final design $ 2,709,900 Construction/construction management $ 10,000 Right of way support services $ 212,000 Other project -related costs Costs will be funded with FTA Section 5309 funds. Operations of all commuter rail stations are the responsibility of the Commission and are funded using 2009 Measure A Western County rail funds. Riverside Downtown/Pedley Station Improvements (P004023) Provide funding and support for improvements at the Riverside Downtown and Pedley stations to include ticket vending machine relocation, passenger waiting area shelters, ADA improvements, and landscaping. Project will commence in fall 2016 and is expected to be completed by spring 2017. Total project cost is $1.5 million. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 65,000 Final design $ 1,417,800 Construction/construction management $ 183,600 Other project -related costs Costs will be funded using federal STP and 2009 Measure A Western County rail funds. Operations will be the responsibility of the Commission and are funded using 2009 Measure A Western County rail funds. Station Rehabilitation and Security (P004011 & P004012) Provide funding and support for station rehabilitation and security at the Riverside Downtown, La Sierra, North Main Corona, West Corona, and Pedley stations. Improvements include lighting, parking lot repavement and restriping, security camera replacements, and deck coating. Construction is expected to begin in FY 2016/17. FY 2016/17 Cost $ 2,000,000 Construction/construction management $ 1,400,000 Property improvements Measure A Budget Impact Costs will be funded using FTA, Proposition 1B TSSSDRA funds, and 2009 Measure A Western County rail funds. Operating Budget Impact Operations will be the responsibility of the Commission and are funded using 2009 Measure A Western County rail funds. Various Western County Rail Projects (P214199, P454199, P654199, P336000, P652402 & P652404) Provide Measure A funding and support for right of way activities related to various rail projects. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 250,000 Construction $ 250,000 Right of way support services $ 2,649,600 Other project -related costs Costs will be funded using 2009 Measure A Western County Commuter Rail funds. N/A; these rail projects may be improvements beyond the rail station boundaries that benefit local jurisdictions who are responsible for operations in those areas. Local Streets and Roads Western County Area Distribute local return funding for local streets and roads projects in Western County. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 544,000 Banning - Beaumont 156,000 Calimesa 174,000 Canyon Lake 3,837,000 Corona 1,183,000 Eastvale 1,677,000 Hemet 1,874,000 Jurupa Valley 1,205,000 Lake Elsinore 1,528,000 Menifee 3,703,000 Moreno Valley 2,176,000 Murrieta 611,000 Norco 1,446,000 Perris 7,006,000 Riverside 797,000 San Jacinto 2,834,000 Temecula 584,000 Wildomar 5,409,000 Riverside County 825,000 Commission (MARA) 37,569,000 Total Western County (825,000) Less: Beaumont Allocation to MARA $ 36,744,000 Total Western County, net All costs will be distributed in accordance with 2009 Measure A local streets and roads funds. N/A; local streets and roads operations are the responsibility of the local jurisdiction. Coachella Valley Distribute local return funding for local streets and roads projects in Coachella Valley. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 1,409,000 Cathedral City 612,000 Coachella 472,000 Desert Hot Springs 267,000 Indian Wells 1,809,000 Indio 1,470,000 La Quinta 2,666,000 Palm Desert 2,006,000 Palm Springs 870,000 Rancho Mirage 1,881,000 Riverside County $ 13,462,000 Total Coachella Valley All costs will be distributed in accordance with 2009 Measure A local streets and roads funds. N/A; local streets and roads operations are the responsibility of the local jurisdiction. Palo Verde Valley Area Distribute local return funding for local streets and roads projects in Palo Verde Valley. FY 2016/17 Cost Measure A Budget Impact Operating Budget Impact $ 921,000 Blythe 231,000 Riverside County $ 1,152,000 Total Palo Verde Valley All costs will be distributed in accordance with 2009 Measure A local streets and roads funds. N/A; local streets and roads operations are the responsibility of the local jurisdiction. Community Profile Riverside County is the fourth largest county in California, stretching westward nearly 200 miles from the Colorado River and comprising more than 7200 square miles that include 28 incorporated cities. The County can trace its beginning back to 1893 when voters approved the formation of a new county. The area was carved from parts of San Bernardino and San Diego counties. In its 124 years of existence, the County's economy has diversified and prospered. Originally, the County was a very agricultural area, known for a wide variety of crops grown on its fertile soils. The County remains a strong agricultural area, but it is increasingly becoming a leader in manufacturing, transportation, construction, and tourism. Demographics The success of the area has brought dramatic population growth to the County (Chart 47). Since the 1980's, the County has been one of the fastest growing counties in the State. Chart 47 — Population — Last Ten Years 2,400,000 2,300,000 2, 200,000 2, 100,000 2,000,000 1,900,000 1,800,000 1, 700,000 ■ Source: California Department of Finance The available and affordable housing in the County has attracted many people to the County (Chart 48); however, housing is gradually recovering from a slowdown due to the effect of the subprime mortgages, ensuing credit crisis, and recession. Chart 48 — Home Price Advantage $800, 000 $700,000 $600, 000 $500, 000 $400, 000 $300, 000 $200, 000 $100, 000 $- Home Value Advantage Riverside County and Southern California Markets ( February, 2016) ❑ Median Home Values ❑ Riverside County Advantage $334,400 $445,000 110,600 $537,600 $203,200 $610,800 $276,40 $712,600 $378,20 Riverside Los Angeles San Diego Ventura Orange Source: California Association of Realtors County During the growth period, jobs also increased as many firms relocated to the area and moved away from older communities. During the recent economic slowdown, the County's unemployment rate rose to an all-time high; however, the unemployment rate has decreased significantly during the recovery period (Chart 49). Chart 49 — Unemployment Rate (%) — Last Ten Years 16.0% 14.0% 12.0 % 10.0 % 8.0% 6.0% 4.0% 2.0% 0.0% Source: California Employment Development Department h The area is preparing for its future as well in supporting better education. The County is home to a number of colleges and universities including University of California, Riverside. Riverside County's economy is benefitting from employment gains. Population migration to the Inland Empire has occurred due to the area's employment opportunities and a lower cost of living compared to the coastal counties. Although wage growth has been flat and centered on lower and moderate income, improvements in the local labor market with increased economic activity support stable sales tax revenue growth. Statistical Information Retail Sales As a result of demographic changes and growth, retail sales (Chart 50 and Table 63) in the County have shown continued improvements following the recent recession. Chart 50 — Retail Sales (%) - $ Billion — 2014 Data State Taxable Sales Data for County to be Updated Table 63 —Riverside County Taxable Sales by Business Type (in 000's) — Last Five Years State Taxable Sales Data for County to be Updated 2014 2013 2012 2011 2010 Apparel Stores $ $ 1,771,603 $ 1,672,482 $ 1,505,821 $ 1,391,174 General Merchandise 3,298,920 3,174,022 3,051,709 2,947,905 Food Stores 1,421,590 1,356,148 1,304,731 1,267,758 Eating & Drinking 2,836,388 2,668,324 2,473,339 2,317,486 Household & Electronics 996,484 930,068 914,888 883,109 Building Materials 1,535,178 1,364,513 1,303,073 1,232,145 Automotive 7,421,523 7,009,138 6,311,272 5,306,408 Other Retail Sales 1,781,754 1,841,973 1,711,453 1,480,601 Total all other services & outlets 9,002,027 8,079,341 7,065,212 6,326,196 Source: State Board of Equalization $ 30,065,467 $ 28,096,009 $ 25,641,498 $ 23,152,782 The 2014 taxable sales generation by jurisdiction in the County, including ranking compared to 2005, is presented in Table 64. Table 64 —Taxable Sales Generation by Jurisdiction in Riverside County for 20131 State Taxable Sales Data for County to be Updated Taxable Sales (in 000's) % of Total 2014 Rank 2005 Rank City of Riverside #DIV/0! 2 City of Corona #DIV/0! 3 City of Temecula #DIV/0! 4 City of Palm Desert #DIV/0! 5 City of Moreno Valley #DIV/0! 6 City of Murrieta #DIV/0! 7 City of Palm Springs #DIV/0! 8 City of Hemet #DIV/0! 9 City of Indio #DIV/0! 10 City of Jurupa Valley #DIV/0! 11 City of Perris #DIV/0! 12 City of La Quinta #DIV/0! 13 City of Cathedral City #DIV/0! 14 City of Lake Elsinore #DIV/0! 15 City of Eastvale #DIV/0! 16 City of Menifee #DIV/0! 17 City of Norco #DIV/0! 18 City of Rancho Mirage #DIV/0! 19 City of Beaumont #DIV/0! 20 City of Coachella #DIV/0! 21 City of San Jacinto #DIV/0! 22 City of Banning #DIV/0! 23 City of Blythe #DIV/0! 24 City of Desert Hot Springs #DIV/0! 25 City of Wildomar #DIV/0! 26 City of Indian Wells #DIV/0! 27 City of Calimesa #DIV/0! 28 City of Canyon Lake #DIV/0! 29 Incorporated #DIV/0! Unincorporated county area #DIV/0! 1 1 Countywide $ #DIV/0! California $ Source: California State Board of Equalization i Year represents most recent data available Measure A Sales Taxes Measure A is a one-half of one cent transaction and use tax for transportation improvements in the County. The County had an 8.75% sales tax rate including the Measure A rate through June 2011, 7.75% from July 2011 through December 2012, and 8.00% thereafter (Table 65). Table 65 — Direct and Overlapping Sales Tax Rates — Last Five Years Fiscal Year Measure A Direct Rate County of Riverside 2016 0.50% 8.00% 2015 0.50% 8.00% 2014 0.50% 8.00% 2013 0.50% 8.00% 2012 0.50% 7.75% Source: Commission Finance Department and California State Board of Equalization Since the end of the recent economic slowdown, changes have occurred in the economic categories in which the Measure A sales tax was generated (Table 66). General retail and transportation represent the two highest economic categories and approximately 55% of sales taxes generated. Transportation has decreased in recent years due to lower fuel prices offset by increases in new auto purchases. Table 66 - Sales Tax by Economic Category Economic Category 2012/4 2013/4 2014/4 2015/4 % of Total % of Total % of Total % of Total General Retail 29.0% 28.7% 28.4% 28.8% Transportation 27.0% 27.0% 26.6% 25.9% Food Products 16.4% 16.1% 16.6% 17.3% Business to Business 14.7% 14.5% 14.4% 15.1% Construction 10.9% 11.8% 12.0% 10.8% Miscellaneous 2.0% 1.9% 2.0% 2.1% Total 100.0% 100.0% 100.0% 100.0% Source: MuniServices, LLC Each economic category consists of several economic segments, which provide additional information regarding economic activity in the County. In 2012 the top six economic segments consisted of service stations, department stores, auto sales -new, restaurants, building materials -wholesale, and miscellaneous retail. Over the next three calendar years, auto sales -new, restaurants, and department stores moved into the top three economic segments. The top six economic segments in 2015 with comparisons to previous years are presented in Table 67. Table 67 - Sales Tax by Economic Segment Top Six Economic Segments (Category) 2012/4 2013/4 2014/4 2015/4 % of Total % of Total % of Total % of Total Auto Sales - New (Transportation) Restaurants (Food Products) Department Stores (General Retail) Service Stations (Transportation) Miscellaneous Retail (Miscellaneous) Building Materials - Wholesale (Construction) 10.0% 10.0% 11.2% 11.9% 6.3% 6.5% 10.7% 9.9% 10.8% 11.1% 6.8% 7.3% 10.9 % 10.4 % 10.4 % 10.3 % 7.0 % 7.5 % 11.7% 11.0% 10.4% 8.5% 7.2% 6.2% Source: MuniServices, LLC Commission Facts Programs and Services Measure A: The Commission administers Measure A, the local half -cent sales tax for new transportation projects in the County. Under Measure A, funding is used to improve highways, commuter rail, regional arterials, local streets and roads, transit and specialized transportation services including commuter assistance, economic development, new corridors, and Commission administration. Measure A expires in 2039. Transportation Development Act: The TDA is comprised of two elements: Local Transportation Fund and State Transit Assistance funding. The Commission administers the LTF one -quarter of one cent of the state sales tax on behalf of the County. STA is generated from the statewide sales tax on diesel fuel and is allocated by the State to the Commission on the basis of population and as a percentage of transit fare revenues. TDA funding is allocated primarily to bus and rail transit operators for transit operating and capital needs. Additionally, LTF funding is available for bicycle and pedestrian facilities, planning, and administration and allocated to the Commission and local jurisdictions in the County. Highways: The Commission assists with the planning and funding for highway improvements. Major current projects include: 91 Project, 1-15 Express Lanes project, and Mid County Parkway. State highway maintenance is generally the responsibility of Ca!trans; however, the Commission will be responsible for the operations and maintenance of toll facilities during a 50-year term upon commencement of toll operations for each facility. Local Streets and Roads: The Commission administers funding to local jurisdictions to improve streets, intersections, signal coordination, and pavement. Local streets and roads maintenance is the responsibility of the local jurisdictions. Commuter Rail: The Commission funds and oversees Metrolink rail services within the County. The Commission's three Metrolink lines are the Riverside, IE0C, and 91/Perris Valley lines. The Commission owns and maintains nine Metrolink stations and an operations control center located at: ➢ Riverside Downtown operations control center, 4344 Vine Street, Riverside ➢ South Perris, 1304 Case Road, Perris ➢ Downtown Perris, 121 South C Street, Perris ➢ Moreno Valley/March Field, 14160 Meridian Parkway, Riverside ➢ Riverside —Hunter Park, 1101 Marlborough Avenue, Riverside ➢ Riverside Downtown station, 4066 Vine Street, Riverside ➢ La Sierra station, 10901 Indiana Avenue, Riverside ➢ Pedley station, 6001 Pedley Road, Riverside ➢ North Main Corona station, 250 E. Blaine Street, Corona ➢ West Corona station, 155 S. Auto Center Drive, Corona Motorist Assistance: The Commission provides emergency call boxes and the 1E511 traveler information system through the SAFE and offers emergency towing services through the FSP. Commuter Assistance: The Commission provides a variety of rideshare services both to employers and commuters. Through voluntary participation, commuters and employers receive a direct benefit from their sales tax dollars, and the entire region benefits from reduced traffic congestion and improved air quality. Specialized Transit: The Commission maintains a strong commitment to assist in the mobility of those with specialized transit needs. Through its Specialized Transit Program, the Commission has provided millions of dollars to public and nonprofit transit operators to assist in the provisions of special transit services to improve the mobility of seniors and persons with disabilities. Appendix A — Glossary of Acronyms ADA — Americans with Disabilities Act ARRA* — American Recovery and Reinvestment Act ATP — Active Transportation Program BABs — Build America Bonds Bank of America — Bank of America, N.A. BTMU — The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch Bechtel — Bechtel Infrastructure BNSF — BNSF Railway Board — Board of Commissioners for the Riverside County Transportation Commission CABS — Capitalized Appreciation Bonds CAFR — Comprehensive Annual Financial Report CALCOG — California Association of Councils of Governments CaIPERS — California Public Employees Retirement System Ca!trans — California Department of Transportation CARB — California Air Resources Board CEQA — California Environmental Quality Act CETAP — Community Environmental Transportation Acceptability Process CHP — California Highway Patrol CHSRA — California High Speed Rail Authority CIBs — Current Interest Bonds CIP — Capital Improvement Plan CMA — Congestion Management Agency CMAQ* — Congestion Mitigation and Air Quality CMIA* — Corridor Mobility Improvement Account (Proposition 1B funding category) CMP — Congestion Management Program CMS — Congestion Management System Commission — Riverside County Transportation Commission Coordinated Plan — Coordinated Public Transit —Human Services Transportation Plan County — County of Riverside CTC — California Transportation Commission CTSA — Consolidated Transportation Service Agency CVAG — Coachella Valley Association of Governments Deutsche Bank — Deutsche Bank AG District — Riverside County Regional Park and Open Space District DBE — Disadvantaged Business Enterprise DMV — Department of Motor Vehicles EIR — Environmental Impact Report EIS — Environmental Impact Summary ERP — Enterprise Resource Planning ETC — Employer Transportation Coordinators FAST Act — Fixing America's Surface Transportation Act FHWA* — Federal Highway Administration Fitch — Fitch Ratings FRA — Federal Railroad Administration FSP — Freeway Service Patrol FTA* — Federal Transit Administration FTE — Full-time Equivalent FTIP — Federal Transportation Improvement Program FY — Fiscal Year Gann — Gann Initiative approved by California voters in 1979 GASB — Governmental Accounting Standards Board GFOA — Government Finance Officers Association GHG — Greenhouse Gas HOV — High Occupancy Vehicle (Carpool Lane) HSIPR — High Speed Intercity Passenger Rail 1 — Interstate 1E511 — Inland Empire 511 IECommuter — Inland Empire Commuter rideshare system IEOC — Inland Empire —Orange County Metrolink Service IIP* — Interregional Improvement Program Inland Empire — Region covering Riverside and San Bernardino counties IVR — Interactive Voice Response JARC — Jobs Access Reverse Commute LCTOP — Low Carbon Transit Operations Programs LIBOR — London Interbank Offer Rate Limited Tax Bonds — Indebtedness secured by a specified tax or group of taxes LOS — Level of Service LOSSAN — Los Angeles -San Diego -San Luis Obispo, a rail corridor LTF* — Local Transportation Fund MAP-21 — Moving Ahead for Progress in the 21st Century MARA — 2009 Measure A Regional Arterial funding for Western County MCP — Mid County Parkway Measure K — Increase of sales tax revenue bonds debt limit to $975 million approved by voters in November 2010 Metrolink — Operating Name for SCRRA (see SCRRA) Moody's — Moody's Investors Service MOE — Maintenance of Effort MOU — Memorandum of Understanding MPO — Metropolitan Planning Organization MSHCP — Multi -Species Habitat Conservation Plan MSRC — Mobile Source Air Pollution Reduction Review Committee (AB2766) NEPA — National Environmental Policy Act OA — Obligation Authority OCTA — Orange County Transportation Authority PVL/Perris Valley Line — Perris Valley Line Metrolink Extension Project Ports — Port of Los Angeles and Port of Long Beach PPM — Planning, Programming, and Monitoring PTMISEA — Public Transportation, Modernization, Improvement and Service Enhancement Account (Proposition 1B funding category) RCA — Western Riverside County Regional Conservation Authority RCTC — Riverside County Transportation Commission RDOCC — Riverside Downtown Operations Control Center RFA — Request for Authorization RIP* — Regional Improvement Program RTA — Riverside Transit Agency RTP — Regional Transportation Plan RZEDBs — Recovery Zone Economic Development Bonds S&P — Standard & Poor's Rating Service SAFE — Service Authority for Freeway Emergencies Sales Tax — Reference including transaction and use tax such as Measure A SANBAG — San Bernardino Associated Governments SB375 — Senate Bill 375 (Steinberg) California's Sustainable Communities and Climate Protection Act SB821 — Senate Bill 821 LTF Bicycle and Pedestrian Funds SBE — Small Business Enterprise SBOE — State Board of Equalization SBPAs — Standby Bond Purchase Agreements SCAG — Southern California Association of Governments SCAQMD — South Coast Air Quality Management District SCRRA — Southern California Regional Rail Authority SCS — Sustainable Communities Strategy SDP — Service Development Plan Series A Tax -Exempt — Series of tax-exempt bonds issued under 2010 Bonds Series B Taxable — Series of taxable Build America Bonds issued under 2010 Bonds SHCC — Self -Help Counties Coalition SJBL — San Jacinto Branch Line SLPP* — State Local Partnership Program SR — State Route SRTP — Short Range Transit Plan STA* — State Transit Assistance Stantec — Stantec Consulting Services Inc. State — State of California State Street Bank — State Street Bank and Trust Company STIP* — State Transportation Improvement Program STP* — Surface Transportation Program SunLine — SunLine Transit Agency TAC — Technical Advisory Committee TAP — Transportation Alternatives Program TCIF* — Trade Corridors Improvement Fund (Proposition 1B funding category) TDA* — Transportation Development Act TIFIA* — Transportation Infrastructure Finance and Innovation Act TIP — Transportation Improvement Plan TSSSDRA — Transit System Safety, Security and Disaster Response Account (Proposition 1B funding category) TUMF* — Transportation/Traffic Uniform Mitigation Fee (Western County/Coachella Valley) UP — Union Pacific Railroad U.S. DOT — United States Department of Transportation Western County — Western area of Riverside County WRCOG — Western Riverside Council of Governments 91 Express Lanes — Tolled express lanes on SR-91 in Orange County operated by OCTA and in Riverside County by the Commission upon completion of the 91 Project 91 Project — SR-91 corridor improvement project consisting of two tolled express lanes in each direction of SR-91 between the Orange County line and I- 15, the addition of a general purpose lane between SR-71 and 1-15, and other improvements 1989 Measure A* — Original 1/2 cent transportation sales tax measure approved by voters in November 1988 that expired in June 2009 2009 Measure A* — Extension of sales tax measure approved by voters in November 2002 which became effective upon expiration of original sales tax measure on July 1, 2009 2009 Bonds — Sales Tax Revenue Bonds, Series A, B and C issued in October 2009 2010 Bonds — Sales Tax Revenue Bonds, Series A Tax-exempt and Series B Taxable issued in November 2010 2013 Sales Tax Bonds — Sales Tax Revenue Bonds anticipated to be issued in July 2013 2013 Toll Bonds — Toll Revenue Bonds anticipated to be issued in July 2013 * Additional information provided in Funding Definitions. Appendix B - Salary Schedule Effective 7/7/2016 Authorized Salary Schedule - FY 16/17 Department/Position Range Monthly Monthly Exempt/Non- FTE No. Minimum Maximum Exempt ADMINISTRATION Administrative Assistant 1.0 17 $ 3,869 $ 5,223 NE Clerk of the Board 1.0 45 $ 7,660 $ 10,340 E Deputy Clerk of the Board 1.0 25 $ 4,702 $ 6,348 NE Human Resources Administrator 1.0 45 $ 7,660 $ 10,340 E Records T