Loading...
05 May 22, 2017 Budget & implementationCOMM-BI-00040 RECORDS RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE MEETING AGENDA TIME: 9:30 a.m. DATE: Monday, May 22, 2017 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside 4P. COMMITTEE MEMBERS sod Jan Harnik, Chair / Susan Marie Weber, City of Palm Desert Rusty Bailey, Vice Chair / Andy Melendrez, City of Riverside Nancy Carroll / Lloyd White, City of Beaumont Jim Hyatt / Jeff Hewitt, 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 / Michael Perciful, City of Hemet Dana Reed / To Be Appointed, City of Indian Wells Bob Magee / Natasha Johnson, City of Lake Elsinore Rick Gibbs / Jonathan Ingram, City of Murrieta Michael Naggar / To Be Appointed, City of Temecula John F. Tavaglione, County of Riverside, District II Chuck Washington, County of Riverside, District III 4P. STAFF 0W Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer 420 AREAS OF RESPONSIBILITY 0V 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. Alexandra Rackerby From: Alexandra Rackerby Sent: Thursday, May 18, 2017 8:18 AM To: Alexandra Rackerby Subject: RCTC Budget and Implementation Committee - !pad compatible users Attachments: Conflict of Interest Form.pdf; Conflict of Interest Memo.Bl_05.17.17.pdf Good morning Commissioners, The Budget and Implementation Committee agenda for Monday, May 22, 2017 is posted on our Website at http://www.rctcdev.info/uploads/media items/budget-and-implementation-committee-may-22-2017.original.pdf Also, attached is the Conflict of Interest Memo and Form for your information. Let me know if you have any questions or concerns. Thank you. Respectfully, Allie Rackerby Records Technician Riverside County Transportation Commission PO Box 12008, Riverside, CA 92502-2208 4080 Lemon Street, 314 Floor, Riverside, CA 92501 (951) 787.7141 I rctc.org 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 22, 2017 BOARD ROOM County of Riverside 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 / ROLL CALL 2. PLEDGE OF ALLEGIANCE 3. 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. 4. APPROVAL OF MINUTES — APRIL 24, 2017 Budget and Implementation Committee April 24, 2017 Page 2 5. ADDITIONS/REVISIONS (The Committee may add an item to the Agenda after making a finding that there is a need to take immediate action on the item and that the item came to the attention of the Committee subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Committee. If there are less than 2/3 of the Committee members present, adding an item to the agenda requires a unanimous vote. Added items will be placed for discussion at the end of the agenda.) 6. CONSENT CALENDAR - All matters on the Consent Calendar will be approved in a single motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled from the Consent Calendar will be placed for discussion at the end of the agenda. 6A. APPROPRIATIONS LIMIT FOR FISCAL YEAR 2017/18 Overview This item is for the Committee to: Page 1 1) This item is for the Committee to approve Resolution No. 17-010, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit", for Fiscal Year 2017/18; and 2) Forward to the Commission for final action. 6B. 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, 2017; and 2) Forward to the Commission for final action. 6C. QUARTERLY INVESTMENT REPORT Overview This item is for the Committee to: Page 15 1) Receive and file the Quarterly Investment Report for the quarter ended March 31, 2017; and 2) Forward to the Commission for final action. Budget and Implementation Committee April 24, 2017 Page 3 6D. QUARTERLY SALES TAX ANALYSIS Overview This item is for the Committee to: 1) Receive and file the sales tax analysis for Quarter 4, 2016 (4Q 2016); and 2) Forward to the Commission for final action. 7. PROPOSED BUDGET FOR FISCAL YEAR 2017/18 Overview This item is for the Committee to: Page 76 Page 85 1) Receive input on the proposed budget for FY 2017/18; 2) Close the public hearing on the proposed Budget for FY 2017/18; 3) Approve the salary schedule effective July 6, 2017, located in Appendix B of the proposed budget; 4) Adopt the proposed Budget for FY 2017/18; and 5) Forward to the Commission for final action. 8. RECURRING CONTRACTS FOR FISCAL YEAR 2017/18 Overview This item is for the Committee to: Page 88 1) Approve the recurring contracts in an amount not to exceed $12,814,500 for FY 2017/18 and $178,100 for FYs 2018/19 — 2021/22; 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. Budget and Implementation Committee April 24, 2017 Page 4 9. AGREEMENTS FOR ON -CALL GRANT WRITING SERVICES Overview This item is for the Committee to: Page 97 1) Award the following agreements to provide on -call grant writing services for a two-year term, and two, two-year options to extend the agreements, in an amount not to exceed an aggregate value of $1.1 million; a) Agreement No. 17-14-067-00 to Blais & Associates, Inc.; b) Agreement No. 17-14-068-00 to HDR Engineering, Inc.; c) Agreement No. 17-14-069-00 to Stantec Consulting Services, Inc.; and d) Agreement No. 17-14-070-00 to WSP USA Inc. 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; 3) Authorize the Executive Director, or designee, to execute task orders awarded to the consultants under the terms of the agreements; and 4) Forward to the Commission for final action. 10. STATE AND FEDERAL LEGISLATIVE UPDATE Overview This item is for the Committee to: 1) Adopt the following bill positions: a) AB 686 (Santiago) — Oppose; b) SB 768 (Allen, Wiener) — Support; c) H.R. 100 (Brownley) — Support; and 2) Receive and file an update on state and federal legislation; and 3) Forward to the Commission for final action. Page 122 11. AGREEMENT FOR OPERATION LIFESAVER OUTREACH AND MARKETING SERVICES Page 127 Overview This item is for the Committee to: 1) Award Agreement No. 17-15-072-00 to Arellano Associates for the provision of Operation Lifesaver, Inc. (OLI) program outreach and marketing services for a three-year term, and one, two-year option to extend the agreement, in an amount not to exceed $500,000; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement, including option years, on behalf of the Commission; and 3) Forward to the Commission for final action. Budget and Implementation Committee April 24, 2017 Page 5 12. FISCAL YEARS 2017/18 — 2019/20 SHORT RANGE TRANSIT PLANS Overview This item is for the Committee to: Page 152 1) Approve the Fiscal Years 2017/18-2019/20 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 Commuter Rail Program; and 2) Forward to the Commission for final action. 13. FISCAL YEAR 2017/18 SB 821 BICYCLE AND PEDESTRIAN FACILITIES PROGRAM FUNDING RECOMMENDATIONS Overview This item is for the Committee to: Page 158 1) Approve the FY 2017/18 SB 821 Bicycle and Pedestrian Facilities program recommended projects (Attachment 1) in the amount of $3,620,514; 2) Direct staff to prepare and execute memorandums of understanding (MOUs) with the project sponsors to outline the project schedule and local funding commitments; 3) Authorize the Chair or Executive Director to execute the MOUs with the project sponsors, pursuant to legal counsel review; and 4) Forward to the Commission for final action. 14. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA 15. 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. 16. ADJOURNMENT AND THE NEXT MEETING The next Budget and Implementation Committee meeting is scheduled to be held at 9:30 a.m., Monday, June 26, 2017, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE ROLL CALL MAY 22, 2017 Present Absent County of Riverside, District II ,r310 County of Riverside, District III ,6 0 City of Beaumont '0` 0 City of Calimesa , 2 0 City of Canyon Lake ,21 0 City of Cathedral City 0 City of Coachella % City of Desert Hot Springs ,A( 0 City of Hemet City of Indian Wells City of Lake Elsinore City of Murrieta City of Palm Desert City of Riverside City of Temecula RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE Monday, April 24, 2017 MINUTES 1. CALL TO ORDER / ROLL CALL The meeting of the Budget and Implementation Committee was called to order by Chair Jan Harnik at 9:37 a.m., in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. Members/Alternates Present Members Absent Rusty Bailey Nancy Carroll Dawn Haggerty Jan Harnik Jim Hyatt Rick Gibbs Linda Krupa Bob Magee Michael Naggar Steven Hernandez Scott Matas Greg Pettis Dana Reed John Tavaglione Chuck Washington 2. PLEDGE OF ALLEGIANCE At this time, Commissioner Rusty Bailey led the Budget and Implementation Committee in a flag salute. 3. PUBLIC COMMENTS There were no requests to speak from the public. 4. APPROVAL OF MINUTES — MARCH 27, 2017 M/S/C (Krupa/Gibbs) to approve the minutes of March 27, 2017 meeting as submitted. Abstain: Harnik RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 2 5. ADDITIONS / REVISIONS There were no additions or revisions to the agenda. 6. CONSENT CALENDAR - All matters on the Consent Calendar will be approved in a single motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled from the Consent Calendar will be placed for discussion at the end of the agenda. M/S/C (Gibbs/Bailey) to approve the following Consent Calendar item(s): 6A. SINGLE SIGNATURE AUTHORITY REPORT 1) Receive and file the Single Signature Authority report for the third quarter ended March 31, 2017; and 2) Forward to the Commission for final action. 7. PROPOSED BUDGET FOR FISCAL YEAR 2017/18 Michele Cisneros, Deputy Director of Finance, presented the details of the proposed budget for fiscal year 2017/18. M/S/C (Gibbs/Haggerty) to: 1) Discuss, review, and provide guidance on the proposed Fiscal Year 2017/18 Budget; and 2) Forward to the Commission to open the public hearing in order to receive input and comments on the proposed FY 2017/18 Budget on May 10 and on June 14, 2017, and thereafter close the public hearing. 8. INTERSTATE 15 EXPRESS LANES PROJECT AND 91 PROJECT COMPLETION PLANS OF FINANCE Michael Blomquist, Toll Program Director, presented the details of the Interstate 15 Express Lanes project and 91 Project plans of finance. At Commissioner Rick Gibbs' request, Anna Sarabian with Fieldman Rolapp clarified the financing alternatives if the Commission does not receive the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan. Anne Mayer, Executive Director, added there are several other agencies requesting TIFIA loans ahead of the Commission; however, the Commission cannot keep a contract on hold so an alternative plan of finance maybe necessary to keep the project from being delayed. RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 3 Commissioner Bailey requested staff explain the two paragraphs highlighted for the Commissioners' attention. Anne Mayer replied there are portions of the official statement that reference the Commission as an organization and references basic information about the organization. As a Commissioner, if there is information that is a misrepresentation of the Commission, it is the Commissioner's duty to bring it to staffs attention. At Commissioner Dawn Haggerty's request, Michael Blomquist discussed the toll trust estate flow of funds for how toll revenues are distributed. M/S/C (Gibbs/Bailey) to: 1) Approve the State Route 91 Corridor Improvement Project Completion Plan of Finance; 2) Approve the Interstate 15 Express Lanes Project Plan of Finance regarding the issuance of the 2017 Series A Sales Tax Revenue Bonds (2017 Bonds) and receipt of a TIFIA loan from the USDOT or, in the alternative to a TIFIA loan, the issuance of toll revenue bonds; 3) Adopt Resolution No. 17-006, "Resolution Authorizing the Issuance and Sale of Not to Exceed $218,760,000 Aggregate Principal Amount of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds) in One or More Series, Including the Execution and Delivery of a Seventh Supplemental Indenture, a Purchase Contract, an Official Statement, and a Continuing Disclosure Agreement, and the Authorization of a Toll Revenue Bond Financing of the 1-15 Express Lanes Project in an Amount Not To Exceed $165,000,000, Including the Execution and Delivery of a Master Indenture, a First Supplemental Indenture and a Loan Agreement Relating to Transportation Infrastructure Finance and Innovation Act Program Credit Assistance, and the Taking of All Other Actions Necessary in Connection Therewith"; 4) Approve the draft form of the Official Statement for the issuance of 2017 Bonds for the 1-15 Express Lanes project and 91 Project in a not to exceed amount of $218,760,000 and authorize the Executive Director to revise, approve, and execute the printing and distribution of the Official Statement; 5) Approve the draft form of the Continuing Disclosure Agreement related to the 2017 Bonds between the Riverside County Transportation Commission and Digital Assurance Certification, L.L.C., as dissemination agent, and authorize the Executive Director to revise, approve, and execute the final Continuing Disclosure Agreement; RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 4 6) Approve the draft form of the Seventh Supplemental Indenture for the 2017 Bonds between the Riverside County Transportation Commission and U.S. Bank National Association (US Bank), as Trustee, and authorize the Executive Director to revise, approve, and execute the final Seventh Supplemental Indenture; 7) Approve the draft form of the Bond Purchase Agreement between the Riverside County Transportation Commission and Bank of America Merrill Lynch (BofAML) and Goldman, Sachs & Co. (Goldman), as Underwriter Representative acting on behalf of itself and Barclays Capital Inc. (Barclays), Academy Securities (Academy), and Fidelity Capital Markets. (Fidelity), (collectively the Underwriters), for the 2017 Bonds and authorize the Chief Financial Officer to revise, approve, and execute the final Bond Purchase Agreement; 8) Approve the draft form of the Master Indenture between the Riverside County Transportation Commission and US Bank, as Trustee, related to the Toll Revenue Bonds for the 1-15 EXPRESS LANES PROJECT and authorize the Executive Director to revise, approve, and execute the final Indenture; 9) Approve the draft form of the First Supplemental Indenture for the 1-15 Express Lanes project TIFIA loan between the Riverside County Transportation Commission and US Bank, as Trustee, and authorize the Executive Director to revise, approve, and execute the final First Supplemental Indenture; 10) Approve the draft form of the TIFIA Loan Agreement between the Riverside County Transportation Commission and the USDOT for an amount not to exceed $165 million and authorize the Executive Director to revise, approve, and execute the final TIFIA Loan Agreement; 11) Approve the estimated costs of issuance to be paid from the bond proceeds and execution of related agreements, as required; and 12) Forward to the Commission for final action. 9. STATE LEGISLATIVE UPDATE Jillian Guizado, Senior Legislative Affairs Analyst, presented an update on state legislation, including four recommended bill positions. M/S/C (Gibbs/Bailey) to: 1) Adopt the following bill positions: a) AB 1523 (Obernolte) — Support; b) SB 150 (Allen) — Oppose; c) SB 264 (Nguyen) — Oppose; d) SB 477 (Cannella) — Support; RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 5 2) Receive and file an update on state legislation; and 3) Forward to the Commission for final action. 10. AGREEMENT FOR THE DEVELOPMENT OF A COUNTYWIDE LONG RANGE TRANSPORTATION PLAN Shirley Medina, Planning and Programming Director, presented the scope of the agreement for the development of a countywide long range transportation plan. Commissioner Bob Magee requested the Commission take into consideration the Multiple Species Habitat Conservation Plan (MSHCP) and make recommendations to amend that document as it needs to better reflect the goal of a balance between jobs, housing, transportation, and the environment. Shirley Medina concurred with Commissioner Magee's request. Commissioner Magee then discussed the funding provided by the Commission to the Western Riverside County Regional Conservation Authority (RCA) for the MSHCP and stated the MSHCP partners should be respectful of the goals and deliverables of the Commission as part of that partnership, noting partners have not been flexible and other areas of development have been stymied. Anne Mayer discussed the need for the LRTP to better articulate the Commission's vision, document plans and programs already in place, emphasize accomplishments, and provide opportunities for refinement. Commissioner Gibbs stated there needs to be a cross correlation on the progress made on the MSHCP and reach a date certain for when MSHCP terms and conditions are fulfilled and Riverside County is no longer penalized. Commissioner Michael Naggar discussed the history of the Riverside County Integrated Plan and the MSHCP including concerns that have come to fruition. He expressed his current concerns and the need to revisit the plan to make it flexible to accomplish its original goal of balance between jobs, housing, transportation, and the environment. Chair Harnik stated the discussion is off topic for this agenda item. Anne Mayer stated the LRTP will have a component related to the MSHCP. At the Commission's direction, staff can agendize an item about the MSHCP as it relates to the Commission for further discussion. Commissioner Magee discussed the nexus between developer issues and transportation improvements. RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 6 Commissioner Naggar concurred with Commissioner Magee's comments. Chair Harnik reiterated her concern the discussion is off topic for this agenda item. Anne Mayer confirmed staff will bring an item to the Commission for discussion regarding the habitat conversation plans in Western Riverside County and the Coachella Valley and the impacts to transportation projects. M/S/C (Gibbs/Krupa) to: 1) Award Agreement No. 17-65-071-00 to VRPA Technologies, Inc. for the development of a long range transportation plan (LRTP) for a two-year term, in an amount of $963,002, plus a contingency amount of $96,300, for a total amount not to exceed $1,059,302; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; 3) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required for these services; and 4) Forward to the Commission for final action. 11. AMENDMENT TO COMMISSION'S RAIL PROGRAM SHORT RANGE TRANSIT PLANS Sheldon Peterson, Rail Manager, presented the scope of the amendment to the Commission's Rail Program Short Range Transit Plans. M/S/C (Gibbs/Haggerty) to: 1) Amend the Commission's Commuter Rail Program's FY 2016/17 Short Range Transit Plan (SRTP), as follows: a) Allocate $16,956,682 of Federal Transit Administration (FTA) Section 5307 Grant funds to the 2017 Riverside County Rail Passenger Efficiency Upgrades project; and b) Allocate $16,816,916 of FTA Section 5337 Grant funds to the 2017 Commuter Rail State of Good Repair project; and 2) Forward to the Commission for final action. 12. SHORT RANGE TRANSIT PLAN AMENDMENT TO RIVERSIDE TRANSIT AGENCY'S FISCAL YEAR 2016/2017 CAPITAL ASSISTANCE PROGRAM Josefina Clemente, Transit Manager, presented the scope of the Short Range Transit Plan amendment to Riverside Transit Agency's FY 2016/17 capital assistance program. RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 7 M/S/C (Gibbs/Krupa) to: 1) Approve modification to Riverside Transit Agency's (RTA) FY 2016/17 capital assistance program to reflect an additional $688,570 in FY 2013/14 and FY 2014/15 Federal Transit Administration (FTA) Section 5339 Hemet urbanized area (UZA) funds to cover capital expenses related to the Hemet Facility Rehabilitation project and allocate $172,143 in State Transit Assistance (STA) funds to provide required match for the FTA Section 5339 funds; 2) Amend RTA's FY 2016/17 capital assistance program to reflect an additional $1,492,532 in FY 2015/16 California Low Carbon Transit Operation Program (LCTOP) funds received for the UCR Mobility Hub; 3) Reprogram the Local Transportation Fund (LTF) capital amount of $2,400,000 originally identified for the Twin Cities Transit Center and move the funds to RTA's new Operations and Maintenance Facility project; 4) Approve amendments to RTA's Short Range Transit Plans (SRTP) to reflect the changes outlined above; and 5) Forward to the Commission for final action. 13. REQUEST TO JOIN THE CALIFORNIA VANPOOL AUTHORITY Robert Yates, Multimodal Services Director, presented the details of the request to join the California Vanpool Authority (CalVans). Commissioner Nancy Carroll discussed her support of the staff recommendation and commended staff for its efforts to find a solution to provide safe and reliable transportation for an underserved area. Chair Harnik expressed her support for the CalVans program. M/S/C (Bailey/Gibbs) to: 1) Adopt Resolution No. 17-009, "Resolution of the Riverside County Transportation Commission Resolving to Join the California Vanpool Authority"; 2) Authorize the Executive Director or designee to transmit a request to the California Vanpool Authority (CalVans) board to approve the Commission to join the joint powers authority; 3) Authorize the Executive Director, pursuant to legal counsel review, to execute an addendum to the joint powers agreement to form CalVans to memorialize the Commission's membership; RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 8 4) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute Agreement No. 17-45-089-00 with SunLine Transit Agency (SunLine) to approve the operation of the SunLine Vanpool Program (SolVan) under the terms and conditions of the Commission's membership in CalVans; 5) Authorize the Chair to appoint one member and one alternate to serve on the CalVans board; and 6) Forward to the Commission for final action. Abstain: Naggar 14. CITIZENS ADVISORY COMMITTEE/SOCIAL SERVICES TRANSPORTATION ADVISORY COMMITTEE MEMBERSHIP NOMINATIONS Monica Morales, Management Analyst, presented the Citizens Advisory Committee/Social Services Transportation Advisory Committee membership nominations. M/S/C (Bailey/Gibbs) to: 1) Approve member reappointments to the Citizens Advisory Committee/Social Services Transportation Advisory Committee (CAC/SSTAC) effective May 10, 2017; and 2) Forward to the Commission for final action. 15. FISCAL YEAR 2017/18 SAN BERNARDINO COUNTY TRANSPORTATION AUTHORITY AGREEMENT FOR INLAND EMPIRE RIDESHARE AND 511 SERVICES Brian Cunanan, Commuter and Motorist Assistance Manager, presented the details of the Fiscal Year 2017/18 San Bernardino County Transportation Authority Agreement for Inland Empire Rideshare and 511 Services programs. M/S/C (Gibbs/Krupa) to: 1) Approve Agreement No. 17-45-088-00 with the San Bernardino County Transportation Authority (SBCTA) to reimburse the Commission in an amount not to exceed $1.3 million for Fiscal Year 2017/18 commuter/employer rideshare and Inland Empire 511 (1E511) programs administered by the Commission, on behalf of both agencies, as part of an ongoing bi-county partnership; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Forward to the Commission for final action. RCTC Budget and Implementation Committee Minutes April 24, 2017 Page 9 16. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA There were no items pulled from the consent calendar. 17. COMMISSIONERS / EXECUTIVE DIRECTOR REPORT There were no reports from Commissioners or the Executive Director. 18. ADJOURNMENT There being no further business for consideration by the Budget and Implementation Committee, the meeting was adjourned at 11:10 a.m. Respectfully submitted, • Jennifer Harmon Clerk of the Board AGENDA ITEM 6A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 22, 2017 TO: Budget and Implementation Committee FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Appropriations Limit for Fiscal Year 2017/18 STAFF RECOMMENDATION: 1) This item is for the Committee to approve Resolution No. 17-010, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit", for Fiscal Year 2017/18; 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 capita 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 2017/18 Appropriations Limit was posted in the Press Enterprise, and the Desert Sun. Attachments: 1) Resolution No. 17-010 2) California Per Capita Income and Population, Riverside County— California Department of Finance Agenda Item 6A 1 ATTACHMENT 1 RESOLUTION NO. 17-010 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 1988/89 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 2017/18 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 2017/18 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 2017/18, 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 2017/18 are hereby established and determined to be $441,572,195. 3. A copy of the documentation used in the determination of the appropriations limit for Fiscal Year 2017/18 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 14th day of June, 2017. John F. Tavaglione, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 3 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017/18 APPROPRIATIONS LIMIT 2016/17 Appropriations Limit $ 419,316,693 2017/18 adjustment: Change in California per capita personal income = 3.69% Change in Population, Riverside County = 1.56% Per Capita Cost of Living converted to a ratio: 3.69 + 100 = 1.0369 100 Population converted to a ratio: 1.56 + 100 = 1.0156 100 Calculation of factor for FY 2017/18: 1.0369 x 1.0156 = 1.05307564 $419,316,693 x 1.05307564 = $441,572,195 2017/18 Appropriations Limit $441,572,195 Source: California per capita income — California Department of Finance Population, Riverside County — California Department of Finance 4 ATTACHMENT 2 ��r7 op. .c � ^ z b II^ Z to IIII n a DEPARTMENT OF Qa,-1F0.-,P F I N A N C E OFFICE OF THE DIRECTOR May 2017 Dear Fiscal Officer: EDMUND G. BROWN JR. • GOVERNOR STATE CAPITOL ■ ROOM 1 1 45 SACRAMENTO CA ■ 95814-4996 ■ 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, 2017, in conjunction with a change in the cost of living, or price factor, to calculate their appropriations limit for fiscal year 2017-18. 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 2017-18 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, 2017. 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 M. COSTA Chief Deputy Director Attachment 5 May 2017 Attachment A A. Price Factor: Article XIII 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 2017-18 appropriation limit is: Per Capita Personal Income Fiscal Year (FY) Percentage change over prior year 2017-18 3.69 B. Following is an example using sample population change and the change in California per capita personal income as growth factors in computing a 2017-18 appropriation limit. 2017-18: Per Capita Cost of Living Change = 3.69 percent Population Change = 0.85 percent Per Capita Cost of Living converted to a ratio: Population converted to a ratio: 3.69 + 100 = 1.0369 100 0.85 + 100 = 1.0085 100 Calculation of factor for FY 2017-18: 1.0369 x 1.0085 = 1.0457 6 Fiscal Year 2017-18 Attachment B Annual Percent Change in Population Minus Exclusions" January 1, 2016 to January 1, 2017 and Total Population, January 1, 2017 County Percent Change --- Population Minus Exclusions --- City 2016-2017 1-1-16 1-1-17 Riverside Total Population 1-1-2017 Banning 0.75 30,836 31,068 31,068 Beaumont 3.03 44,821 46,179 46,179 Blythe -0.46 14,114 14,049 19,660 Calimesa 3.09 8,378 8,637 8,637 Canyon Lake 0.85 10,799 10,891 10,891 Cathedral City 0.96 53,994 54,511 54,557 Coachella 0.92 45,135 45,551 45,551 Corona 2.34 163,931 167,759 167,759 Desert Hot Springs 0.78 28,885 29,111 29,111 Eastvale 2.21 63,214 64,613 64,613 Hemet 0.94 81,109 81,868 81,868 Indian Wells 1.40 5,375 5,450 5,450 Indio 1.53 87,382 88,718 88,718 Jurupa Valley 2.42 98,920 101,315 101,315 Lake Elsinore 2.00 60,731 61,947 62,092 La Quinta 1.25 40,176 40,677 40,677 Menifee 2.41 88,524 90,660 90,660 Moreno Valley 1.00 204,712 206,750 206,750 Murrieta 2.39 112,232 114,914 114,914 Norco 0.44 24,063 24,169 26,882 Palm Desert 1.17 50,154 50,740 50,740 Palm Springs 1.09 46,866 47,379 47,379 Perris 2.34 74,005 75,739 75,739 Rancho Mirage 1.12 18,093 18,295 18,295 Riverside 0.97 323,607 326,733 326,792 San Jacinto 1.22 47,348 47,925 47,925 Temecula 1.27 109,635 111,024 111,024 Wildomar 2.14 35,034 35,782 35,782 Unincorporated 1.69 367,208 373,397 373,755 County Total 1.56 2,339,281 2,375,851 2,384,783 "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 6B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 22, 2017 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, 2017; 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 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 process. The operating statement shows the sales tax revenues for the third quarter at 56 percent of the budget. This is a result of Governmental Accounting Standards Board (GASB) Statement No. 33. GASB No. 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 2017. On a cash basis, the Measure A and Local Transportation Fund sales tax revenues are 3.66 and 4.47 percent higher, respectively than the same period last year. State Transit Assistance Fund receipts through the second quarter have been received as of March 2017. 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. Agenda Item 6B 8 During FY 2016/17 budget process, the Commission took a conservative approach to estimate the Transportation Uniform Mitigation Fee (TUMF) revenues of $18.5 million passed through from the Western Riverside Council of Governments (WRCOG). The Commission received TUMF receipts through January 2017. The budgeted balance of $20,000 relates to the TUMF zone reimbursements from WRCOG for the Interstate 215 interchange project. Toll revenues budgeted at $3.8 million represent a half year of projected toll transactions for the RCTC 91 Express Lanes based on the Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Report and 2013 financing assumptions. Substantial completion and commencement of toll operations occurred in March 2017. Toll revenue transactions of $657,163 reflect 12 days of toll operations. Other revenues budgeted include $2.34 million of non -toll source of revenues not attributable directly to toll transactions and derived from the Commission's share of 91 Express Lanes' transaction -based fees and account -based fees, net of uncollectable tolls. The budgeted balance of $173,000 relates to property management revenues generated from various Commission - owned properties. The Commission took a conservative approach in estimating investment income for FY 2016/17, as a result of flat interest yields on investment balances. Investment income is slightly higher in the third quarter primarily as a result of the investment of sales tax and toll revenue bond proceeds and rising investment yields. The expenditures/expenses and other financing sources/uses categories are in line overall with the expectations of the budget with the following exceptions: • Professional services include a swap termination payment of $10.3 million to Deutsche Bank (DB). Due to Moody's Investor Service lowering DB's long-term rating to Baal, the downgrade resulted in the occurrence of a termination event under the swap agreement. At its September 2016 meeting, the Commission approved the termination of the forward interest rate swap with DB in the outstanding notional amount of $63.9 million and a termination cost of $10.3 million, resulting in the refunding of the 2009 Series A Sales Tax Revenue Variable Rate Demand Bonds (2009 A Bonds); • Support costs are under budget due to unused budget authority for rail station and motorist assistance maintenance and repairs and toll operations support; • Program operations are under budget due to unused budget authority for the 91 Project activities, motorist and commuter assistance program operations, and highway and rail program management; • Capital project expenditures are generally affected by lags in invoices submitted by contractors and consultants, as well as other issues encountered during certain phases of the projects. The status of significant capital projects with budget exceeding $5 million is discussed in the attachment; • Operating and capital disbursements are made as claims are submitted to the Commission by transit operators; Agenda Item 6B 9 • Special studies unused budget authority related to feasibility 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 2017; • Regional arterial expenditures primarily represent expenditures for the highways and regional arterial program administered by the Coachella Valley Association of Governments (CVAG). CVAG requests reimbursements 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. The Commission approved the issuance of the 2016 Refunding Bonds primarily to refund all of the outstanding 2009 A Bonds and to retire all of the $20 million outstanding commercial paper notes, which proceeds were applied to finance a termination payment in connection with the interest rate swap agreement with DB; • Cost of issuance and payment to escrow agent relate to the 2016 Series A Sales Tax Revenue Refunding Bonds (2016 Refunding Bonds) resulting from the termination of the DB interest rate swap and refunding of the 2009 A Bonds. The financial closing of the issuance of the 2016 Refunding Bonds and payment of the cost of issuance and payment to escrow agent occurred in October 2016; • Capital outlay expenditures are under budget due to unused budget authority for station security improvements, toll operations equipment, and Commission network, hardware, and software improvements; • The Commission entered into a loan agreement with the U.S. Department of Transportation in July 2013 for a $421,054,409 Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to pay eligible State Route 91 Corridor Improvement Project (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. Through the third quarter, the Commission drew down $121.5 million in TIFIA loan proceeds. 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 • At its September 2016 meeting, the Commission approved the issuance of the 2016 Refunding Bonds of $76.1 million to refund all of the outstanding 2009 A Bonds, retire all of the outstanding commercial paper notes which have been applied to finance a termination payment in connection with an interest rate swap agreement with DB, and pay cost of issuance. In March, $20 million of commercial paper notes were issued, representing half of the amount included in the FY 2016/17 budget. The Commission's plan of finance for the I-15 Express Lanes project anticipates the issuance of an additional $10 million in late June. Agenda Item 6B 10 Attachments: 1) Quarterly Project Status — March 2017 2) Quarterly Financial Statements— March 2017 Agenda Item 6B 11 ATTACHMENT 1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY PROJECT STATUS 3RD QUARTER FOR NINE MONTHS ENDED 3/31/2017 FY 2016/17 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 (I)-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 early 2017. The total acquisition and construction cost of the SR- 91 CIP is estimated at $1.4 billion, including capitalized interest, debt service reserves, contingency, and cost of issuance. 1-15 Express Lanes Project The project will generally add two tolled express lanes in each direction from SR-60 to Cajalco Road in Corona. Project development activities began in April 2008, and lanes are expected to open to traffic in 2020. The 2016 CAPEX forecast estimates the total project cost at $486 million, which includes $46 million of contingency. $ 186,176,400 31,832,300 $114,803,875 9,036,297 The Design -Build contract has an actual reported progress of 97 percent as of March 31, 2017, with substantial completion occurring on March 20, 2017. The Commission has acquired and delivered all 197 Caltrans Parcel Numbers to the Design -Builder. Construction is complete on all 32 bridges and 90 of 92 walls. All 90 utility relocations are complete. The under run of the FY 2016/17 budget at the third quarter is due to under runs in right of way, including anticipated goodwill and negotiated settlement costs later in the fiscal year ($38.3 million), the Design -Build contract ($10.4 million), the project and construction management (PCM) contract ($2.7 million), and the Caltrans Cooperative Agreement ($1.9 million). Staff completed the project report and environmental document phase of work in May 2016. Procurement shortlists for both toll services and Design -Build were announced in the first quarter of 2016. The tolling services contract was awarded in January 2017 and the Design -Build contract was awarded in April 2017. The under run of the FY 2016/17 budget at the third quarter is due to under runs in the PCM contract ($2.2 million) and special legal services for completion of the Toll Services Provider and Design - Build procurement documents ($0.7 million). The 2017 CAPEX forecast, which included the awards of the two major contracts, resulted in a decrease of the estimated project cost to $455 million, including $42 million of contingency. 12 FY 2016/17 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 The environmental document for a new corridor from I- 215 to SR-79 was approved in April 2015. The first design package is anticipated to be completed in FY 2018/2019. 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. Pachappa Underpass Project The project will remove the Pachappa shoofly activities and construct the retaining wall, drainage, and track work for the permanent Pachappa underpass; the project cost is estimated at $12 million. Perris Valley Line and other rail projects The project extends 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. 5,588,728 11,764,300 12,183,600 8,043,900 2,126,819 3,005,151 The notice to proceed for construction was issued in December 2012 and construction started in January 2013. Aesthetic work along the freeway has been completed and the project is substantially complete. Caltrans punch -list items work continues. Final project accounting is underway. 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. The Commission approved the procurement for final design of the 1-215 Placentia Interchange in November 2016. Staff has 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. Staff started the work on the Cultural Landscape Study for cultural resources mitigation. The Commission acquired some of the mitigation land needed for the project. Staff continues to work on identifying the remaining mitigation land needed. 70,687 Right of way needs have been determined and acquisition has started; design matters continue; and the option to retain the shoofly and adjoining walls has been discontinued. -4,928,082 The FTA awarded 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 limited notice to proceed in October 2013 and full notice following FTA approval of the Small Starts Grant Agreement. Active construction commenced in January 2014. Metrolink operations commenced in June 2016. Substantial completion was reached in September 2016. Final completion is expected in May 2017. The negative expenditures amounts through the third quarter represents the impact of an overaccrual of expenditures in FY 2015/16. 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 ATTACHMENT 2 Revenues Sales tax Federal reimbursements State reimbursements Local reimbursements Transportation Uniform Mitigation Fee Toll revenues Other revenues Investment income Total revenues Expenditures Salaries and benefits Professional and support Professional services Support costs Total Professional and support costs RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET TO ACTUAL 3RD QUARTER FOR NINE MONTHS ENDED 3/31/2017 FY 2016/17 3RD QUARTER REMAINING PERCENT BUDGET ACTUAL BALANCE UTILIZATION $ 268,821,600 $ 149,755,041 $ (119,066,559) 56% 37,187,953 3,947,915 (33,240,038) 11% 11,589,241 2,651,078 (8,938,163) 23% 10,496,100 6,250,690 (4,245,410) 60% 18,520,000 8,702,921 (9,817,079) 47% 3,798,000 657,163 (3,140,837) 17% 2,518,000 258,846 (2,259,154) 10% 1,849,000 2,774,090 925,090 150% 354,779,894 174,997,744 (179,782,150) 49% 9,505,100 6,611,756 2,893,344 70% 33,596,100 18,950,077 14,646,023 56% 10,089,000 3,918,612 6,170,388 39% 43,685,100 22,868,689 20,816,411 52% Projects and operations Program operations - general 20,408,900 8,274,558 12,134,342 41% Engineering 18,732,900 1,384,924 17,347,976 7% Construction 89,863,279 19,019,789 70,843,490 21% Design Build 145,010,600 110,780,736 34,229,864 76% Right of way/land 74,289,713 1,561,056 72,728,657 2% Operating and capital disbursements 151,020,792 85,644,343 65,376,449 57% Special studies 2,965,000 763 2,964,237 0% Local streets and roads 51,358,000 29,111,545 22,246,455 57% Regional arterials 30,516,600 6,019,859 24,496,741 20% Total projects and operations 584,165,784 261,797,573 322,368,211 45% Debt service Principal 28,100,000 20,000,000 8,100,000 71% Interest 56,615,800 23,167,425 33,448,375 41% Cost of issuance 645,000 654,006 (9,006) 101% Payment to escrow agent 63,900,000 63,900,000 100% Total debt service 149,260,800 107,721,431 41,539,369 72% Capital outlay Total Expenditures Excess revenues over(under)expenditures 3,801,000 1,372,749 790,417,784 (435,637,890) 2,428,251 36% 400,372,198 390,045,586 51% (225,374,454) 407,384,556 52% Other financing sources/(uses) Transfer in 241,966,700 107,692,854 (134,273,846) 45% Transfer out (241,966,700) (107,692,854) 134,273,846 45% TIFIA loan proceeds 100,269,200 121,550,549 21,281,349 121% Debt proceeds 103,225,000 96,140,000 (7,085,000) 93% Bond premium - 8,414,006 8,414,006 N/A Total financing sources/(uses) 203,494,200 226,104,555 (22,610,355) 111% Net change in fund balances (232,143,690) 730,101 384,774,201 0% Fund balance July 1, 2016 741,082,700 740,421,402 (661,298) 100% Fund balance March 31, 2017 $ 508,939,010 $ 741,151,503 $ 384,112,903 146% 14 AGENDA ITEM 6C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 22, 2017 TO: Budget and Implementation Committee FROM: Megan Kavand, Senior Financial Analyst 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, 2017; 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 (91 Project), 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 91 Project funds and to Payden & Rygel Investment Management (Payden & Rygel) for Commission operating funds. Logan invested the 91 Project 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. Since June 2015, the Commission funded its annual 91 Project equity contributions approximating $67.8 million; the funds were invested by Logan in a separate STAMP account. Agenda Item 6C 15 The quarterly investment report for the third quarter of FY 2016/17 as required by state law and Commission policy reflects the increased investment activities resulting from the 91 Project 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 2017 Review; • Payden & Rygel Operating Portfolio by Investment Category; • Payden & Rygel Operating Portfolio Transaction Report; • Payden & Rygel Operating Portfolio First Quarter 2017 Review; and • County of Riverside Investment Report for the Quarter Ended March 31, 2017. The Commission's investments were in full compliance with the Commission's investment policy adopted on April 13, 2016, 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 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 Agenda Item 6C 16 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 6C 17 ATTACHMENT 1 Riverside County Transportation Commission Investment Portfolio Report Period Ended: March 31, 2017 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 27,184,681 A3/BBB+ N/A N/A County Treasurer's Pooled Investment Fund 410,895,393 Aaa-bf/AAA/V1 N/A 0.90% Local Agency Investment Fund (LAIF) 3,665,952 Not Rated N/A N/A Subtotal Operating Funds 441,746,026 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund Subtotal Funds Held in Trust 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 Investments 85,307,435 Aaa-bf/AAA/V1 N/A 85,307,435 50,720,727 31,191,769 Aaa-mf/-/AAAm N/A 81,912,496 3,970,166 57 17,762,469 8,135,459 24,636,684 52,315,683 106,820,518 $ 715,786,474 $500,000,000 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $- 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 0.90 % 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 0.16% Money 4.36% Mutual Market Funds Funds 21.85% Fixed Income 0.51% LAIF 73.12% County Pool/Cash 18 ATTACHMENT 2 Riverside County Lnnsportotian Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2017 Source Account Account Identifier Security Type Category Issuer ma Maturity Trade Date 02/22/2017 Current Face Value 241,000.00 ext Call Original Cost Date 240,853.79 --- Base Market Value 240,990.36 Base Net Total Unrealized Gain/Loss 4.29 Coupon 0.000 Yield 0.292 Summarized Credit Rating AAA 256350001 LC -Project Fund-2 Senior Lien 3I3313DY1 Agency Farm Credit Banks Consolidated Systemwide Bonds And Discount Notes 04/05/2017 256350005 LC -Project Fund-Toll2 3133EECD0 Agency Faun Credit Banks Consolidated Systemwide Bonds And Discount Notes 06/20/2017 06/15/2015 500,000.00 500,308.15 --- 500,290.00 256.46 1.008 0.756 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137EADR7 Agency Federal Home Loan Mortgage Corporation 05/O1/2020 05/15/2015 475,000.00 471,527.75 -- 471,238.00 (1,570.86) 1.375 1.639 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation O1/13/2022 --- 950,000.00 942,921.50 --- 967,176.00 17,533.74 2.375 1.977 AAA 256350001 LC -Project Fund-2 Senior Lien 3135GOZB2 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 200,000.00 199,998.60 -- 199,996.00 (2.84) 0.750 0.785 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3135GOZB2 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 325,000.00 324,997.73 --- 324,993.50 (4.62) 0.750 0.785 AAA 205091001 LC-20I3 A Capitalized Interest 3135GOZB2 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 575,000.00 574,995.98 -- 574,988.50 (8.18) 0.750 0.785 AAA 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 Agency Federal National Mortgage Association, Inc. 06/22/2020 05/06/2015 600,000.00 593,490.00 --- 597,372.00 1,536.65 1.500 1.640 AAA 256350005 LC -Project Fund-Toll2 3135GOZB2 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 1,400,000.00 1,399,990.20 -- 1,399,972.00 (19.90) 0.750 0.785 AAA 256350001 LC -Project Fund-2 Senior Lien 3130A7Q24 Agency FHLBanks Office of Finance 04/05/2017 03/29/2017 75,000.00 _ 74,996.70 --- 75,000.00 2.20 0.625 0.623 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3I3385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 150,000.00 149,932.17 -- 149,953.50 9.00 0.000 0.596 AAA 256350001 LC -Project Fund-2 Senior Lien 313385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 200,000.00 199,909.56 --- 199,938.00 12.00 0.000 0.596 _ AAA 205091001 LC-20I3 A Capitalized Interest 313385E1,6 Agency FHLBanks Office of Finance 04/17/2017 03/27/2017 400,000.00 399,833.33 -- 399,892.00 25.34 0.000 0.580 AAA 205091001 LC-2013 A Capitalized Interest 313385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 1,000,000.00 999,547.78 --- 999,690.00 60.01 0.000 0.596 AAA 256350005 LC -Project Fund-Toll2 3I3385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 2,075,000.00 2,074,061.64 -- 2,074,356.75 124.53 0.000 0.596 AAA 256350001 LC -Project Fund-2 Senior Lien 3137A7JT8 Agency CMO Federal Home Loan Mortgage Corp. 06/25/2017 03/08/2017 12,201.97 12,201.97 --- 12,206.24 4.27 2.776 1.289 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 -- 30,869.40 119.02 2.968 2.227 AAA 256350023 LC -Sr Lien Reserve Fund-1 31395EZP5 Agency CMO Federal Home Loan Mortgage Corp. 08/15/2019 07/09/2013 39,382.79 41,665.76 --- 40,355.94 183.57 4.500 1.219 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3I393V2T7 Agency CMO Federal Home Loan Mortgage Coro. 06/15/2018 07/08/2013 49,470.70 52,322.99 -- 50,532.34 418.51 4.500 -0.392 AAA 256350005 LC -Project Fund-Toll2 3137A1LC5 Agency CMO Federal Home Loan Mortgage Corp. 08/15/2020 08/31/2015 53,063.04 53,908.73 --- 53,303.95 (291.55) 2.000 1.526 AAA 256350005 LC -Project Fund-Toll2 3137A85H7 Agency CMO Federal Home Loan Mortgage Corp. 12/15/2039 07/13/2015 103,850.69 108,264.35 -- 107,172.88 (701.05) 3.500 2.122 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corp. 05/25/2022 12/21/2016 125,000.00 124,804.69 --- 125,465.00 661.17 2.373 2.270 AAA 205091001 LC-20I3 A Capitalized Interest 3 I393V2T7 Agency CMO Federal Home Loan Mortgage Corp. 06/15/2018 07/08/2013 162,879.62 172,270.65 -- 166,375.02 1,377.93 4.500 -0.392 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corp. 09/25/2021 08/15/2013 273,399.99 266,223.24 --- 269,673.55 224.38 1.459 2.087 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corp. 09/25/2021 07/03/2013 273,399.99 267,173.73 -- 269,673.55 (345.49) 1.459 2.087 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corp. 06/25/2022 --- 379,000.00 366,344.03 --- 380,163.53 8,448.00 2.396 2.309 AAA 256350005 LC -Project Fund-Toll2 3136A2HB2 Agency CMO Federal National Mortgage Association, Inc. 03/25/2040 O8/17/2016 0.01 0.01 -- 0.01 (0.00) 2.250 2.380 AAA 256350023 LC -Sr Lien Reserve Fund-1 313921183 Agency CMO Federal National Mortgage Association, Inc. 03/25/2018 07/08/2013 5,774.16 6,091.74 --- 5,889.82 59.59 5.000 -1.112 _ AAA 205091001 LC-20I3 A Capitalized Interest 3I392HWL3 Agency CMO Federal National Mortgage Association, Inc. 02/25/2018 07/12/2013 7,724.59 8,154.27 -- 7,895.92 95.01 5.000 -1.849 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 31393EXC8 Agency CMO Federal National Mortgage Association, Inc. 09/25/2018 07/24/2013 9,876.45 10,441.26 --- 10,115.26 92.91 4.500 -0.411 AAA 205091001 LC-20I3 A Capitalized Interest 31392FPP6 Agency CMO Federal National Mortgage Association, Inc. 11/25/2017 07/15/2013 22,508.64 23,838.06 -- 22,867.43 169.47 5.000 -2.236 AAA 205091001 LC-2013 A Capitalized Interest 31392F6C6 Agency CMO Federal National Mortgage Association, Inc. 12/25/2017 07/09/2013 39,487.52 41,887.62 --- 40,164.73 301.99 5.000 -1.848 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3I36A4M89 Agency CMO Federal National Mortgage Association, Inc. O1/25/2019 07/05/2013 89,783.47 90,355.14 -- 89,884.93 (7.51) 1.934 1.945 AAA 205091001 LC-2013 A Capitalized Interest 31393EXC8 Agency CMO Federal National Mortgage Association, Inc. 09/25/2018 07/24/2013 88,888.05 93,971.34 --- 91,037.36 836.16 4.500 -0.411 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I36A72D3 Agency CMO Federal National Mortgage Association, Inc. 04/25/2022 07/03/2013 _ 395,000.00 375,250.00 -- 398,002.00 15,197.64 2.482 2.272 AAA 256350005 LC -Project Fund-Toll2 3133XY2H7 Agency CMO FHLBanks Office ofFinance 04/20/2017 07/13/2015 205,745.87 211,339.59 --- 205,937.22 (14.46) 2.900 1.079 AA 256350023 LC -Sr Lien Reserve Fund-1 38378BX20 Agency CMO Government National Mortgage Association 06/16/2051 03/17/2015 52,166.77 51,006.44 -- 50,929.37 (69.03) 1.240 2.657 AAA 256350005 LC -Project Fund-Toll2 38378BR35 Agency CMO Government National Mortgage Association 11/16/2042 07/10/2015 312,215.56 305,190.71 --- 304,684.92 (762.34) 1.333 2.711 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 Agency CM() Government National Mortgage Association 12/16/2042 -- 450,000.00 427,324.22 -- 432,535.50 3,970.38 2.273 3.088 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 Agency CM() The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 06/16/2039 01/21/2015 30,856.26 32,701.74 --- 31,886.24 (321.85) 4.500 1.289 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378CRT6 Agency CM() The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 10/20/2040 05/22/2014 80,030.02 77,278.99 -- 79,191.31 1,368.31 2.000 2.368 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 10/20/2039 01/21/2015 79,294.20 83,250.11 --- 84,OO1.I1 371.35 4.000 1.633 AAA 256350023 LC -Sr Lien Reserve Fund-1 383777Z89 Agency CM() The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 10/20/2039 07/05/2013 90,221.96 92,981.48 -- 92,619.16 515.09 3.500 2.144 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376T5Z1 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities O1/16/2039 01/26/2015 121,524.52 126,962.74 --- 124,635.55 (1,488.30) 3.000 2.144 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 Agency CM() The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 04/20/2039 -- 140,037.82 143,987.32 -- 143,386.12 368.20 3.000 2.094 AAA The Govemment National Mortgage Association 256350023 LC -Sr Lien Reserve Fund-1 38380AZ34 Agency CM() Guaranteed REMIC Pass -Through Securities 04/20/2046 11/28/2016 171,892.50 176,706.84 --- 174,752.79 (1,753.52) 3.000 2.656 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378TAF7 Agency CM() The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 07/20/2041 07/05/2013 186 261.86 186 289.94 -- 188 830.41 2 697.73 2.500 2.052 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 Agency CM() The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 10/16/2044 01/23/2015 310,976.21 319,206.28 --- 315,115.30 (3,006.75) 3.500 2.728 AAA 205091001 LC-20I3 A Capitalized Interest 3I28PGLY7 Agency MBS Federal Home Loan Mortgage Corp. 05/O1/2017 07/17/2013 6,207.33 6,540.98 -- 6,387.72 166.39 5.000 -29.572 AAA 205091001 LC-2013 A Capitalized Interest 3128PHVS7 Agency MBS Federal Home Loan Mortgage Corp. 11/O1/2019 07/16/2013 11,591.12 12,214.14 --- 11,927.96 161.71 5.000 -2.184 AAA 205091001 LC-20I3 A Capitalized Interest 3I28H4NR6 Agency MBS Federal Home Loan Mortgage Corp. 05/O1/2018 07/16/2013 20,137.95 21,333.64 -- 20,723.16 267.35 5.000 -1.638 AAA 205091001 LC-2013 A Capitalized Interest 3132FEAK7 Agency MBS Federal Home Loan Mortgage Corp. 12/O1/2017 07/03/2013 23,944.18 25,373.35 --- 24,640.00 438.20 5.000 -5.894 AAA 205091001 LC-20I3 A Capitalized Interest 3I28MBTH0 Agency MBS Federal Home Loan Mortgage Corp. 03/O1/2019 07/26/2013 33,003.00 34,983.18 -- 33,962.07 298.42 5.000 -0.126 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137B1U75 Agency MBS Federal Home Loan Mortgage Corp. O1/25/2023 08/29/2016 380,000.00 394,917.97 --- 383,150.20 (10,258.94) 2.522 2.327 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I385XBG1 Agency MBS Federal National Mortgage Association, Inc. 03/O1/2018 09/13/2013 779.56 830.23 -- 780.85 (2.47) 6.000 2.142 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 31385JLF3 Agency MBS Federal National Mortgage Association, Inc. 08/O1/2017 09/18/2013 7,312.50 7,806.09 --- 7,324.86 (26.56) 6.000 2.115 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3I402RBG3 Agency MBS Federal National Mortgage Association, Inc. 09/O1/2019 -- 12,131.19 13,012.49 -- 12,426.95 (I01.83) 6.000 2.097 AAA 205091001 LC-2013 A Capitalized Interest 31410GSQ7 Agency MBS Federal National Mortgage Association, Inc. 12/O1/2017 07/05/2013 13,113.49 14,080.61 --- 13,169.62 (62.32) 6.000 2.329 AAA 205091001 LC-20I3 A Capitalized Interest 3I402RBG3 Agency MBS Federal National Mortgage Association, Inc. 09/O1/2019 -- 41,486.91 44,496.55 -- 42,498.36 (346.90) 6.000 2.097 AAA 205091001 LC-2013 A Capitalized Interest 31402QT68 Agency MBS Federal National Mortgage Association, Inc. 10/O1/2019 07/11/2013 67,677.70 73,113.07 --- 69,666.07 (548.59) 6.000 1.950 AAA 19 Page 2 of 31 Riverside County Lnnsportolian Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2017 Source Account Account Identifier Security Type Category Issuer Ina Maturity Trade Date Current Face Value Original Cost `ext Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating 256350023 LC -Sr Lien Reserve Fund-1 3138L33G8 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2020 11/12/2015 100,000.00 99,875.00 --- 99,736.00 (109.69) 2.010 2.062 AAA 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association, Inc. O1/O1/2030 07/10/2013 102,164.46 107,783.51 --- 109,794.11 2,050.75 4.500 2.398 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I38L76A9 Agency MBS Federal National Mortgage Association, Inc. 11/O1/2021 10/04/2016 125,000.00 129,511.72 --- 126,305.00 (2,758.70) 2.890 2.311 AAA 256350005 LC -Project Fund-Toll2 3138ELY64 Agency MBS Federal National Mortgage Association, Inc. 02/O1/2023 07/07/2016 186,347.61 204,924.13 --- 201,076.52 (1,894.47) 6.000 1.332 AAA 256350023 LC -Sr Lien Reserve Fund-1 31413XVG5 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2019 08/04/2014 200,000.00 218,500.00 -- 202,682.00 (5,578.60) 4.506 3.769 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381Q6B7 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2021 07/15/2016 189,430.03 210,089.74 202,822.73 (4,404.45) 4.295 2.394 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I36AHAE0 Agency MBS Federal National Mortgage Association, Inc. 04/25/2023 10/28/2016 215,754.44 220,406.65 -- 215,650.88 (4,466.50) 2.533 2.442 AAA 205091001 LC-2013 A Capitalized Interest 31401MWC1 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2018 07/12/2013 215,357.48 229,624.91 --- 220,866.32 2,195.33 4.500 -0.878 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381PEB0 Agency MBS Federal National Mortgage Association, Inc. 11/O1/2020 09/26/2014 259,127.44 272,853.10 --- 268,969.10 1,911.69 3.370 2.178 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138114E7 Agency MBS Federal National Mortgage Association, Inc. 03/O1/2022 10/25/2016 272,584.15 284,797.21 --- 277,575.17 (6,305.80) 2.670 2.227 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I36A4M48 Agency MBS Federal National Mortgage Association, Inc. O1/25/2022 07/05/2013 290,459.70 291,276.62 -- 289,408.23 (1,277.56) 2.098 2.122 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 Agency MBS Federal National Mortgage Association, Inc. 03/O1/2023 12/21/2016 290,418.53 287,151.33 --- 289,564.70 2,296.01 2.356 2.408 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I36A7MN9 Agency MBS Federal National Mortgage Association, Inc. 05/25/2022 08/29/2016 300,000.00 308,578.13 -- 295,332.00 (12,356.36) 2.349 2.265 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138EJPZ5 Agency MBS Federal National Mortgage Association, Inc. 07/O1/2022 08/29/2016 335,290.26 356,128.02 --- 343,551.81 (10,163.59) 2.973 2.261 AAA 256350005 LC -Project Fund-Toll2 36225EUY6 Agency MBS Ginnie Mae II 09/20/2039 09/17/2015 85,440.66 87,870.39 -- 88,173.05 459.02 2.125 1.410 AAA 256350023 LC -Sr Lien Reserve Fund-1 36202F2H8 Agency MBS Ginnie Mae II O1/20/2027 11/14/2016 225,708.78 234,243.40 --- 232,899.86 (1,232.36) 3.000 2.039 AAA 205091001 LC-20I3 A Capitalized Interest 36200AFG9 Agency MBS Government National Mortgage Association 11/15/2017 07/09/2013 4,798.66 5,113.57 -- 4,823.56 (26.18) 5.500 2.400 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378B6A2 Agency MBS Government National Mortgage Association 11/16/2052 01/22/2015 128,795.23 124,735.15 --- 123,653.72 (1,136.45) 1.826 2.136 AAA 256350023 LC -Sr Lien Reserve Fund-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 178,684.76 174,119.91 -- 172,076.99 (2,473.88) 2.104 2.814 AAA 205091001 LC-2013 A Capitalized Interest 36290WH47 Agency MBS Government National Mortgage Association 09/15/2018 07/18/2013 309,112.30 328,431.82 --- 312,902.02 (2,396.32) 4.500 2.029 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 11/16/2041 -- 76,148.57 74,360.39 -- 72,994.49 (1,473.68) 1.400 2.374 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 Agency MBS The Goverment National Mortgage Association Guaranteed REMIC Pass -Through Securities _ 02/16/2037 12/11/2014 186,026.64 185,125.58 --- 182,676.30 (2,524.36) 1.705 2.403 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 05/16/2055 05/14/2015 375,007.53 379,636.53 -- 369,243.66 (10,045.94) 2.500 2.782 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KSL4 Agency MBS The Goverment National Mortgage Association Guaranteed REMIC Pass -Through Securities 12/16/2046 --- 425,000.00 415,829.11 --- 404,523.50 (11,554.61) 2.785 3.218 AAA 256350005 LC -Project Fund-Toll2 38378NNA7 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass -Through Securities 05/16/2038 06/26/2015 428,974.91 431,907.36 -- 427,439.18 (4,205.78) 2.250 2.473 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KRS0 Agency MBS The Goverment National Mortgage Association Guaranteed REMIC Pass -Through Securities _ 07/16/2043 05/08/2015 450,000.00 434,460.94 --- 434,866.50 (475.31) 2.389 3.380 AAA 256350005 LC -Project Fund -Toll 2 02582JGG9 Asset Backed American Express Credit Account Master Trust 05/17/2021 02/26/2016 300,000.00 300,468.75 -- 301,302.00 321.12 1.332 1.125 AAA 256350005 LC -Project Fund-Toll2 05582XAD4 Asset Backed Bmw Vehicle Lease Trust 2016-2 09/20/2019 10/04/2016 545,000.00 544,927.95 --- 543,179.70 (1,766.67) 1.430 1.682 AAA 256350005 LC -Project Fund-Toll2 16157IGQ1 Asset Backed Chase Issuance Trust 11/15/2019 10/28/2015 120,000.00 120,510.94 -- 120,056.40 (100.71) 1.380 1.302 AAA 256350005 LC -Project Fund-Toll2 161571FK5 Asset Backed Chase Issuance Trust 08/16/2021 12/10/2015 150,000.00 148,359.38 --- 149,413.50 487.33 1.580 1.753 AAA 256350005 LC -Project Fund-Toll2 16157IHB3 Asset Backed Chase Issuance Trust 05/17/2021 06/07/2016 500,000.00 500,878.91 -- 502,760.00 1,167.70 1.322 1.136 AAA 256350005 LC -Project Fund-Toll2 36159LCR5 Asset Backed GE Dealer Floorplan Master Not O1/20/2020 06/07/2016 110,000.00 109,759.38 --- 110,140.80 89.86 1.478 1.339 AAA 256350005 LC -Project Fund-Toll2 36159LBW5 Asset Backed GE Dealer Floorplan Master Not 04/22/2019 -- 500,000.00 501,164.06 -- 500,165.00 79.79 1.728 1.151 AAA 256350005 LC -Project Fund-Toll2 43814KAC5 Asset Backed Honda Auto Receivables 2015-1 Owner Trust 10/15/2018 06/02/2016 323,412.43 323,462.96 --- 323,118.13 (319.18) 1.050 1.266 AAA 256350005 LC -Project Fund-Toll2 477877AD6 Asset Backed John Deere Owner Trust 2014-B 11/15/2018 -- 180,338.73 180,326.05 -- 180,252.17 (79.71) 1.070 1.199 AAA 256350005 LC -Project Fund-Toll2 47787UAD5 Asset Backed John Deere Owner Trust 2015 06/17/2019 --- 538,989.55 539,725.93 --- 538,849.41 (419.91) 1.320 1.377 AAA 256350005 LC -Project Fund -Toll 2 58769AAD8 Asset Backed Mercedes-Benz Auto Lease Trust 2015-B 07/16/2018 -- 600,000.00 600,906.74 -- 600,006.00 (283.58) 1.340 1.330 AAA 256350005 LC -Project Fund-Toll2 58768MAD3 Asset Backed Mercedes-Benz Auto Lease Trust 2016-B 06/15/2022 10/18/2016 190,000.00 189,983.00 --- 189,281.80 (704.53) 1.520 1.745 AAA 256350005 LC -Project Fund -Toll 2 58772PAC2 Asset Backed Mercedes-Benz Auto Receivables Trust 2015-1 06/15/2018 08/04/2015 0.00 0.00 -- 0.00 0.00 1.182 1.234 AAA 256350005 LC -Project Fund-Toll2 55315GAC2 Asset Backed MMAF Equipment Finance LLC 2015-A 10/16/2019 --- 220,780.66 220,061.12 --- 220,528.97 (11.60) 1.390 1.576 AAA 256350005 LC -Project Fund-Toll2 553I5FAB6 Asset Backed Mmaf Equipment Finance Lk 2016-A 12/17/2018 05/03/2016 237,574.41 237,571.68 -- 237,650.44 77.12 1.390 1.320 AAA 256350005 LC -Project Fund -Toll 2 65478QAD0 Asset Backed Nissan Auto Lease Trust 2016-A 03/15/2019 05/17/2016 155,000.00 154,992.99 --- 154,910.10 (85.94) 1.490 1.545 AAA 256350005 LC -Project Fund-Toll2 90290KAD7 Asset Backed USAA Auto Owner Trust 2014-1 05/15/2019 06/12/2015 244,439.42 243,885.61 -- 244,400.30 97.95 0.940 0.972 AAA 256350005 LC -Project Fund-Toll2 62888YAA0 CMO NCUA Guaranteed Notes Trust 2011-R1 01/08/2020 07/14/2015 168,695.06 169,512.18 --- 168,953.16 (246.97) 1.284 1.334 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 02580ECC5 Corporate American Express Bank, FSB 09/13/2017 07/08/2013 250,000.00 287,890.00 -- 254,965.00 728.23 6.000 1.551 A 256350005 LC -Project Fund-Toll2 0258MODZ9 Corporate American Express Credit Corporation 11/05/2018 --- 450,000.00 453,007.50 43,378.00 450,769.50 (1,203.22) 1.875 1.760 _ A 256350005 LC -Project Fund-Toll2 037833BR0 Corporate Apple Inc. 02/22/2019 -- 450,000.00 454,432.50 -- 456,817.50 3,719.23 1.873 1.179 AA 205091001 LC-2013 A Capitalized Interest 037833AJ9 Corporate Apple Inc. 05/03/2018 06/17/2015 3,000,000.00 2,960,430.00 --- 2,990,940.00 6,166.47 1.000 1.280 AA 256350005 LC -Project Fund-Toll2 06050TLY6 Corporate Bank of America, National Association 03/26/2018 06/10/2015 300,000.00 298,968.00 -- 300,117.00 486.92 1.650 1.610 A 256350005 LC -Project Fund-Toll2 06367XF30 Corporate Bank of Montreal 06/15/2021 08/17/2016 500,000.00 500,975.00 --- 487,930.00 (12,929.96) 1.750 2.356 AAA 256350005 LC -Project Fund-Toll2 05531FAQ6 Corporate BB&T Corporation 02/O1/2019 08/23/2016 200,000.00 204,374.00 43,467.00 201,368.00 (1,914.06) 2.250 1.851 A 256350005 LC -Project Fund-Toll2 05531FAP8 Corporate BB&T Corporation 06/15/2018 --- 380,000.00 381,823.60 43,235.00 382,838.60 1,783.93 1.991 1.361 A 205091001 LC-20I3 A Capitalized Interest 084664BE0 Corporate Berkshire Hathaway Finance Corporation 05/15/2018 06/17/2015 800,000.00 890,632.00 -- 835,440.00 (73.37) 5.400 1.406 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 05565QCC0 Corporate BP Capital Markets P.L.C. _ 11/06/2017 07/03/2013 300,000.00 _ 292,194.00 --- 299,724.00 840.36 1.375_ 1.530 A 256350022 LC -Sr Lien Ob Fund-1 Interest 166764AE0 Corporate Chevron Corporation 06/24/2018 06/17/2015 300,000.00 301,848.00 43,244.00 300,963.00 227.16 1.718 1.435 AA 256350005 LC -Project Fund-Toll2 202795HU7 Corporate Commonwealth Edison Company _ 03/15/2018 08/05/2016 255,000.00 273,819.00 --- 265,120.95 (1,158.15) 5.800 1.597 A 256350005 LC -Project Fund-Toll2 20911IET6 Corporate Consolidated Edison Company of New York Inc. 04/O1/2018 06/22/2015 220,000.00 245,828.00 -- 229,163.00 (298.16) 5.850 1.634 A 256350005 LC -Project Fund-Toll2 22546QAM9 Corporate Credit Suisse AG 05/26/2017 --- 555,000.00 554,149.80 --- 555,360.75 460.55 1.542 1.122 A 256350005 LC -Project Fund-Toll2 23385ICF9 Corporate Daimler Finance North America LLC 07/05/2019 06/30/2016 370,000.00 369,448.70 -- 364,775.60 (4,805.95) 1.500 2.143 A 256350005 LC -Project Fund-Toll2 26442CAD6 Corporate Duke Energy Carolinas, LLC 04/15/2018 06/11/2015 116,000.00 127,422.52 --- 120,065.80 (182.62) 5.100 1.682 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 30231GAL6 Corporate Exxon Mobil Corporation 03/06/2018 06/10/2015 420,000.00 419,525.40 -- 419,664.00 (173.01) 1.305 1.392 AAA 205091001 LC-2013 A Capitalized Interest 30231GAL6 Corporate Exxon Mobil Corporation 03/06/2018 06/10/2015 580,000.00 579,344.60 --- 579,536.00 (238.91) 1.305 1.392 AAA 256350005 LC -Project Fund-Toll2 31677QAV1 Corporate Fifth Third Bank 02/28/2018 06/08/2016 400,000.00 400,544.00 43,128.00 399,580.00 (700.37) 1.450 1.566 A 256350005 LC -Project Fund-Toll2 46849LSL6 Corporate Jackson National Life Global Funding 10/15/2018 --- 650,000.00 655,151.00 --- 651,261.00 (2,272.45) 1.875 1.746 AA 256350005 LC -Project Fund-Toll2 46625HJF8 Corporate IPMorgan Chase &Co. O1/25/2018 08/03/2016 265,000.00 266,831.15 -- 266,592.65 569.26 1.938 1.328 A 20 Page 3 of 31 Riverside County Lnnsportolian Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2017 Source Account 256350022 Account LC -Sr Lien Ob Fund-1 Interest Identifier 46625HJL5 ecun ype Category Corporate Issuer JPMorgan Chase & Co. ma Maturity 05/15/2018 Trade Date 06/03/2015 Current Face Value 500,000.00 Original Cost 497,550.00 ext Call Date --- Base Market Value 499,845.00 Base Net Total Unrealized _Gain/Loss 794.95 Coupon 1.625 Summarized Yield Credit Rating 1.652 A 256350005 LC -Project Fund-Toll2 46623EKD0 Corporate JPMorgan Chase &Co. 03/01/2018 -- 730,000.00 729,894.80 43,132.00 730,160.60 85.16 1.700 1.673 A 256350005 LC -Project Fund-Toll2 48121CYK6 Corporate JPMorgan Chase Bank, National Association 10/O1/2017 03/09/2016 250,000.00 _ 265,022.50 --- 255,237.50 330.23 6.000 1.773 A 256350022 LC -Sr Lien Ob Fund-1 Interest 48121CYK6 Corporate JPMorgan Chase Bank, National Association 10/O1/2017 07/03/2013 300,000.00 341,424.00 -- 306,285.00 1,I51.20 6.000 1.773 A 256350005 LC -Project Fund-Toll2 55279HAA8 Corporate Manufacturers and Traders Trust Company 03/07/2018 06/06/2016 400,000.00 400,012.00 43,136.00 399,424.00 (584.02) 1.450 1.606 A 256350005 LC -Project Fund-Toll2 55279HAH3 Corporate Manufacturers and Traders Trust Company 07/25/2017 -- 550,000.00 549,163.10 -- 550,407.00 559.90 1.338 1.236 A 256350005 LC -Project Fund-Toll2 59217GAY5 Corporate Metropolitan Life Global Funding I O1/10/2018 --- 550,000.00 550,406.00 --- 549,037.50 (1,227.08) 1.500 1.727 AA 256350005 LC -Project Fund -Toll 2 69353RET1 Corporate PNC Bank, National Association 11/05/2018 -- 600,000.00 606,243.00 43,379.00 600,612.00 (3,732.34) 1.800 1.731 A 256350005 LC -Project Fund-Toll2 74153WCE7 Corporate Pricoa Global Funding I 08/18/2017 --- 500,000.00 499,977.00 --- 499,275.00 (813.55) 1.350 1.731 AA 256350005 LC -Project Fund-Toll2 74256LAT6 Corporate Principal Life Global Funding II 12/O1/2017 08/22/2016 360,000.00 361,533.60 -- 361,155.60 347.40 1.555 1.183 A 256350022 LC -Sr Lien Ob Fund-1 Interest 78011DAC8 Corporate Royal Bank of Canada 09/19/2017 05/21/2015 700,000.00 700,763.00 --- 699,867.00 (288.58) 1.200 1.240 AAA 256350005 LC -Project Fund-Toll2 780082AA1 Corporate Royal Bank of Canada 02/05/2020 06/24/2016 990,000.00 1,002,941.55 -- 985,119.30 (15,179.40) 1.875 2.054 AAA 256350005 LC -Project Fund-Toll2 842434CN0 Corporate Southern Califomia Gas Company 06/15/2018 06/15/2015 250,000.00 249,992.50 --- 250,002.50 5.61 1.550 1.549 AA 256350005 LC -Project Fund-Toll2 865622CB8 Corporate Sumitomo Mitsui Banking Corporation O1/18/2019 O1/13/2016 250,000.00 250,000.00 -- 252,285.00 2,285.00 1.964 1.585 A 256350005 LC -Project Fund-Toll2 06416CAA6 Corporate The Bank of Nova Scotia 09/11/2019 06/29/2016 425,000.00 434,974.75 --- 426,989.00 (5,713.03) 2.125 1.928 AAA 256350005 LC -Project Fund -Toll 2 80851QDA9 Corporate The Charles Schwab Corporation 09/O1/2017 10/27/2015 65,000.00 71,075.55 -- 66,291.55 (95.60) 6.375 1.567 A 256350005 LC -Project Fund-Toll2 38147MAA3 Corporate The Goldman Sachs Group, Inc. 07/19/2018 12/02/2015 100,000.00 102,578.00 --- 101,295.00 (2.76) 2.900 1.886 A 256350022 LC -Sr Lien Ob Fund-1 Interest 38144LAB6 Corporate The Goldman Sachs Group, Inc. 09/O1/2017 07/03/2013 300,000.00 322,515.00 -- 305,772.00 3,334.14 6.250 1.593 A 256350005 LC -Project Fund-Toll2 891145W59 Corporate The Toronto -Dominion Bank 09/25/2019 08/16/2016 450,000.00 461,686.50 --- 453,078.00 (6,316.86) 2.250 1.966 AAA 256350005 LC -Project Fund-Toll2 891I4QBF4 Corporate The Toronto -Dominion Bank O1/22/2019 -- 525,000.00 528,126.80 -- 530,512.50 3,357.32 1.881 1.416 AA 256350005 LC -Project Fund-Toll2 89837LAA3 Corporate The Trustees of Princeton University 03/O1/2019 --- 255,000.00 281,113.75 --- 270,623.85 200.15 4.950 1.687 AAA 205091001 LC-20I3 A Capitalized Interest 89153VAC3 Corporate Total Capital International 06/28/2017 07/08/2013 160,000.00 157,765.60 -- 160,116.80 257.60 1.550 1.242 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 89236TAY1 Corporate Toyota Motor Credit Corporation 10/24/2018 06/17/2015 500,000.00 505,870.00 --- 502,470.00 (319.71) 2.000 1.678 AA 205091001 LC-20I3 A Capitalized Interest 89236TAYl Corporate Toyota Motor Credit Corporation 10/24/2018 06/17/2015 2,000,000.00 2,023,480.00 -- 2,009,880.00 (1,278.84) 2.000 1.678 AA 256350005 LC -Project Fund-Toll2 89352HAP4 Corporate TransCanada PipeLines Limited O1/12/2018 02/03/2016 150,000.00 146,716.50 --- 150,694.50 2,030.32 1.808 1.358 A 256350005 LC -Project Fund-Toll2 911591111135 Corporate U.S. Bancorp 05/15/2017 -- 550,000.00 554,566.00 42,840.00 550,049.50 (78.58) 1.650 1.410 A 256350022 LC -Sr Lien Ob Fund-1 Interest 94974BGF1 Corporate Wells Fargo & Company O1/30/2020 06/03/2015 600,000.00 594,924.00 --- 601,266.00 4,420.30 2.150 2.072 A 256350005 LC -Project Fund-Toll2 9498875E3 Corporate Wells Fargo Bank, National Association 05/24/2019 08/03/2016 255,000.00 255,731.85 -- 256,680.45 1,123.08 1.654 1.447 AA 256350005 LC -Project Fund-Toll2 9498875B9 Corporate Wells Fargo Bank, National Association O1/22/2018 --- 500,000.00 501,314.25 --- 502,545.00 1,885.40 1.781 1.278 AA 256350001 LC -Project Fund-2 Senior Lien 87030JRH4 CP Aktiebolaget Svensk ExportlQedit 04/17/2017 03/03/2017 200,000.00 199,790.00 -- 199,924.00 4.00 0.000 0.857 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 87030JRH4 CP_ Aktiebolaget Svensk Exportkredit _ 04/17/2017 03/03/2017 200,000.00 _ 199,790.00 --- 199,924.00 4.00 0.000 0.857 AAA 256350005 LC -Project Fund-Toll2 87030JRH4 CP Aktiebolaget Svensk ExportlQedit 04/17/2017 03/03/2017 1,300,000.00 1,298,635.00 -- 1,299,506.00 26.00 0.000 0.857 AAA 256350001 LC -Project Fund-2 Senior Lien 02360RRA0 CP Ameren Corporation 04/10/2017 03/13/2017 100,000.00 99,914.45 --- 99,981.00 8.50 0.000 0.762 AA 256350001 LC -Project Fund-2 Senior Lien 149I2DRH4 CP Caterpillar Financial Services Corporation 04/17/2017 02/22/2017 200,000.00 199,718.00 -- 199,924.00 7.56 0.000 0.857 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 14912DR35 CP Caterpillar Financial Services Corporation 04/03/2017 03/20/2017 200,000.00 199,920.56 --- 200,000.00 12.22 0.000 0.000 AA 256350001 LC -Project Fund-2 Senior Lien 34108ARRO CP Florida Power' &Light Company 04/25/2017 03/13/2017 200,000.00 199,756.33 -- 199,882.00 18.00 0.000 0.887 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 34108ARR0 CP Florida Power & Light Company 04/25/2017 03/13/2017 200,000.00 199,756.33 --- 199,882.00 18.00 0.000 0.887 AAA 256350005 LC -Project Fund-Toll2 34108ARRO CP Florida Power' &Light Company 04/25/2017 03/13/2017 1,100,000.00 1,098,659.84 -- 1,099,351.00 99.00 0.000 0.887 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 43357LRC8 CP Hitachi Capital America Corp. 04/12/2017 03/27/2017 200,000.00 199,900.00 --- 199,952.00 25.33 0.000 0.787 AA 256350005 LC -Project Fund -Toll 2 43357LRC8 CP Hitachi Capital America Corp. 04/12/2017 03/27/2017 1,300,000.00 1,299,350.00 -- 1,299,688.00 164.67 0.000 0.787 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 61979JR33 CP Motiva Enterprises LLC 04/03/2017 03/16/2017 200,000.00 199,880.00 --- 200,000.00 13.33 0.000 0.000 AAA 256350001 LC -Project Fund-2 Senior Lien 63873JRC6 CP Natixis 04/12/2017 02/22/2017 200,000.00 199,768.61 -- 199,952.00 3.94 0.000 0.787 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 63873JRC6 CP Natpus 04/12/2017 02/22/2017 200,000.00 199,768.61 --- 199,952.00 3.94 0.000 0.787 AAA 256350005 LC -Project Fund-Toll2 63873JRC6 CP Natixis 04/12/2017 02/22/2017 1,100,000.00 1,098,727.37 -- 1,099,736.00 21.69 0.000 0.787 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 83700ER75 CP South Carolina Electric & Gas Company 04/07/2017 03/14/2017 200,000.00 _ 199,842.83 --- 199,978.00 19.00 0.000 0.661 AA 256350005 LC -Project Fund-Toll2 06538BR70 CP The Bank of Tokyo -Mitsubishi UFJ, Ltd. 04/07/2017 03/31/2017 1,100,000.00 1,099,811.78 -- 1,099,879.00 40.33 0.000 0.661 AAA 256350005 LC -Project Fund-Toll2 93884ER72 CP Washington Gas Light Company 04/07/2017 03/13/2017 600,000.00 599,640.00 --- 599,934.00 24.00 0.000 0.661 AAA 256350004 LC-PF-2 Sales Tax Revenue Bond CCYUSD Currency UNITED STATES OF AMERICA 03/31/2017 -- - (0.01) -- (0.01) - 0.000 0.000 AAA 256350005 LC -Project Fund-Toll2 CCYUSD Currency UNITED STATES OF AMERICA 03/31/2017 --- - 0.00 --- 0.00 - 0.000 0.000 AAA 256350004 LC-PF-2 Sales Tax Revenue Bond 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 -- - 57.14 -- 57.14 - 0.000 0.000 NA 256350001 LC -Project Fund-2 Senior Lien 9AMME05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 03/28/2017 - 16,142.50 --- 16,142.50 - 0.000 0.000 NA 256350022 LC -Sr Lien Ob Fund-1 Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 -- - 57,740.33 -- 57,740.33 - 0.000 0.000 NA 256350023 LC -Sr Lien Reserve Fund-1 9AMME05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 --- - 95,400.29 --- 95,400.29 - 0.000 0.000 NA 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 -- - 158,327.93 -- 158,327.93 - 0.000 0.000 NA 256350005 LC -Project Fund -Toll 2 9AMME05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 03/31/2017 - 295,328.43 --- 295,328.43 - 0.000 0.000 NA 205091001 LC-20I3 A Capitalized Interest 184I26YS3 Muni Clayton County Water Authority 05/O1/2017 07/11/2013 770,000.00 755,939.80 -- 770,392.70 709.21 1.300 0.684 AA 205091001 LC-2013 A Capitalized Interest 64966H4E7 Muni New York, City of 10/O1/2017 07/12/2013 1,170,000.00 1,238,222.70 --- 1,181,723.40 3,353.82 3.140 1.125 AA 256350005 LC -Project Fund-Toll2 658I9WAC7 Muni North Carolina Eastern Municipal Power Agency 07/O1/2018 -- 190,000.00 190,625.40 --- 191,318.60 1,006.26 2.003 1.440 A 256350005 LC -Project Fund-Toll2 937308AZ7 Muni WBRP 3.2 03/O1/2018 09/25/2015 95,000.00 95,000.00 --- 94,924.00 (76.00) 1.485 1.573 AA 256350005 LC -Project Fund-Toll2 955I16AZl Muni West Palm Beach, City of 10/O1/2017 06/09/2016 230,000.00 229,857.40 -- 229,834.40 (107.44) 1.100 1.245 AA 256350005 LC -Project Fund -Toll 2 298785GK6 Non -US Gov Banque Europe D'investissement (BEI) 04/18/2017 --- 575,000.00 575,503.50 --- 574,994.25 (30.75) 0.875 0.893 AAA 256350005 LC -Project Fund-Toll2 62944BBC7 Non -US Gov N.V. Bank Nederlandse Gemeenten 07/14/2017 -- 575,000.00 574,335.00 -- 575,005.75 143.59 1.093 1.229 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828WU0 TIPS Treasury, United States Department of 07/15/2024 02/05/2016 219,841.80 214,022.14 --- 217,790.68 2,995.22 0.125 0.254 _ AAA 256350023 LC -Sr Lien Reserve Fund-1 9I2828K33 TIPS Treasury, United States Department of 04/15/2020 02/13/2017 388,792.50 395,224.93 -- 394,589.40 (384.92) 0.125 -0.362 AAA 256350005 LC -Project Fund-Toll2 912828K33 TIPS Treasury, United States Department of 04/15/2020 06/02/2016 984,941.00 _ 997,359.86 --- 999,626.47 4,922.77 0.125 -0.362 AAA 256350023 LC -Sr Lien Reserve Fund-1 9I2828UF5 US Gov Treasury, United States Department of 12/31/2019 11/16/2015 75,000.00 73,839.84 --- 74,355.75 137.47 1.125 1.444 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828VA5 US Gov Treasury, United States Department of 04/30/2020 02/28/2017 160,000.00 _ 158,131.25 --- _ 157,974.40 (206.64) 1.125 1.547 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 9I2828UZ1 US Gov Treasury, United States Department of 04/30/2018 07/14/2015 200,000.00 198,187.50 -- 198,962.00 (331.71) 0.625 1.108 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828784 US Gov Treasury, United States Department of 03/31/2020 06/17/2015 200,000.00 197,023.44 --- 199,132.00 1,024.01 1.375 1.524 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 9I2828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 200,000.00 194,343.75 -- 199,532.00 407.52 0.625 0.977 AAA 256350001 LC -Project Fund-2 Senior Lien 912796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 200,000.00 199,909.28 --- 199,932.00 6.94 0.000 0.621 AAA 21 Page 4 of 31 Riverside Couay Lonsportotian Commission STAMP Portfolio by Investment Category for quarter ended March 31, 2017 Source Account Account Identifier Security Type Category Issuer Ina Maturity Trade Date Current Face Value ext Call Original Cost Date Base Market Value Base Net Total Unrealized Coupon Yield Summarized Credit Rating 256350022 LC -Sr Lien Ob Fund-1 Interest 912828K41 US Gov Treasury, United States Department of 04/30/2017 07/30/2015 200,000.00 200,001.77 --- 200,014.00 _Gain/Loss 13.92 0.856 0.762 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828V V9 US Gov Treasury, United States Department of 08/31/2020 --- 235,000.00 241,525.78 --- 238,698.90 (1,172.73) 2.125 1.649 AAA 256350001 LC -Project Fund-2 Senior Lien 912796JP5 US Gov Treasury, United States Department of 04/27/2017 03/27/2017 300,000.00 299,826.17 --- 299,853.00 14.41 0.000 0.663 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 300,000.00 299,863.92 --- 299,898.00 10.41 0.000 0.621 AAA 256350001 LC -Project Fund-2 Senior Lien 912796KY4 US Gov Treasury, United States Department of 05/11/2017 03/28/2017 350,000.00 349,694.82 -- 349,734.00 17.89 0.000 0.677 AAA 256350001 LC -Project Fund-2 Senior Lien 912796KS7 US Gov Treasury, United States Department of 04/13/2017 03/28/2017 350,000.00 349,898.65 --- 349,930.00 11.08 0.000 0.562 AAA 256350001 LC -Project Fund-2 Senior Lien 9I2828C73 US Gov Treasury, United States Department of 04/15/2017 03/28/2017 375,000.00 375,014.65 -- 375,030.00 17.94 0.875 0.678 AAA 256350001 LC -Project Fund-2 Senior Lien 912828WH9 US Gov Treasury, United States Department of 05/15/2017 03/28/2017 375,000.00 375,058.59 --- 375,090.00 35.15 0.875 0.680 AAA 256350001 LC -Project Fund-2 Senior Lien 9I2828GS3 US Gov Treasury, United States Department of 05/15/2017 03/28/2017 375,000.00 376,816.41 -- 376,661.25 (39.22) 4.500 0.917 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912796JP5 US Gov Treasury, United States Department of 04/27/2017 03/27/2017 475,000.00 474,724.77 --- 474,767.25 22.82 0.000 0.663 AAA 256350005 LC -Project Fund -Toll 2 9I2828C73 US Gov Treasury, United States Department of 04/15/2017 03/31/2017 525,000.00 525,000.00 -- 525,042.00 42.00 0.875 0.678 AAA 205091001 LC-2013 A Capitalized Interest 912828M23 US Gov Treasury, United States Department of 10/31/2017 12/28/2015 800,000.00 798,262.41 --- 800,832.00 1,377.32 0.950 0.787 AAA 205091001 LC-20I3 A Capitalized Interest 912796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 925,000.00 924,580.41 -- 924,685.50 32.12 0.000 0.621 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828XB1 US Gov Treasury, United States Department of 05/15/2025 05/24/2016 1,200,000.00 1,228,546.88 1,181,904.00 (44,132.56) 2.125 2.330 AAA 205091001 LC-20I3 A Capitalized Interest 912828UB4 US Gov Treasury, United States Department of 11/30/2019 06/17/2015 1,250,000.00 1,216,699.22 1,236,425.00 6,645.53 1.000 1.416 AAA 256350005 LC -Project Fund-Toll2 912828TG5 US Gov Treasury, United States Department of 07/31/2017 --- 1,600,000.00 1,592,193.36 1,598,496.00 342.44 0.500 0.779 AAA 256350023 LC -Sr Lien Reserve Fund-1 9I2828VB3 US Gov Treasury, United States Department of 05/15/2023 -- 1,675,000.00 1,560,027.34 1,638,686.00 39,130.43 1.750 2.129 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828B58 US Gov Treasury, United States Department of 01/31/2021 --- 1,640,000.00 1,677,556.65 - 1,662,418.80 (5,384.93) 2.125 1.755 AAA 205091001 LC-20I3 A Capitalized Interest 9I2828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 1,750,000.00 1,700,507.81 -- 1,745,905.00 3,565.76 0.625 0.977 AAA 256350005 LC -Project Fund-Toll2 912828KD1 US Gov Treasury, United States Department of 02/15/2019 --- 1,935,000.00 2,027,131.64 --- 1,989,199.35 (1,530.78) 2.750 1.236 AAA 205091001 LC-20I3 A Capitalized Interest 912828784 US Gov Treasury, United States Department of 03/31/2020 06/03/2015 2,000,000.00 1,973,390.62 -- 1,991,320.00 8,123.18 1.375 1.524 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828RC6 US Gov Treasury, United States Department of 08/15/2021 --- 1,975,000.00 2,006,091.79 --- 1,998,305.00 (2,144.21) 2.125 1.843 AAA 256350005 LC -Project Fund -Toll 2 9I2796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 2,000,000.00 1,999,092.78 -- 1,999,320.00 69.44 0.000 0.621 AAA 205091001 LC-2013 A Capitalized Interest 912828UZ1 US Gov Treasury, United States Department of 04/30/2018 06/03/2015 2,100,000.00 _ 2,075,554.69 2,089,101.00 (1,726.53) 0.625 1.108 _ AAA 256350005 LC -Project Fund-Toll2 912828VK3 US Gov Treasury, United States Department of 06/30/2018 -- 2,475,000.00 2,500,920.91 -- 2,482,152.75 (7,361.76) 1.375 1.141 AAA 256350005 LC -Project Fund -Toll 2 912828UR9 US Gov Treasury, United States Department of 02/28/2018 --- 2,750,000.00 2,747,428.71 --- 2,742,272.50 (6,210.20) 0.750 1.059 AAA 256350005 LC -Project Fund-Toll2 9I2828UA6 US Gov Treasury, United States Department of 11/30/2017 -- 3,465,000.00 3,454,861.14 -- 3,456,891.90 (4,184.31) 0.625 0.977 AAA 256350005 LC -Project Fund-Toll2 912828UF5 US Gov Treasury, United States Department of 12/31/2019 --- 3,775,000.00 3,776,018.56 --- 3,742,572.75 (33,167.26) 1.125 1.444 AAA 205091001 LC-20I3 A Capitalized Interest 9I2796KU2 US Gov Treasury, United States Department of 05/04/2017 12/20/2016 4,100,000.00 4,091,056.99 -- 4,097,581.00 (216.62) 0.000 0.634 AAA 106,049,737.86 107,146,833.22 106,820,519.42 (101,131.76) 22 Page 5 of 31 ATTACHMENT 3 ``� Riverside County Tronsportorion Commission STAMP Portfolio by Account for quarter ended March 31, 2017 Source Account I= Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Next Call Original Cost Date Base \lrket Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 205091001 LC-2013 A Capitalized Interest 3135GOZ132 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 575,000.00 574,995.98 -- 574.988.50 (8.18) 0.750 0.785 AAA 205091001 LC-2013 A Capitalized Interest 313385EL6 Agency FHLBanks Office of Finance 04/17/2017 03/27/2017 400,000.00 399,833.33 --- 399,892.00 25.34 0.000 0.580 AAA 205091001 LC-2013 A Capitalized Interest 313385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 1,000,000.00 999,547.78 -- 999.690.00 60.01 0.000 0.596 AAA 205091001 LC-2013 A Capitalized Interest 31393V2T7 Agency CMO Federal Home Loan Mortgage Corp. 06/15/2018 07/08/2013 162,879.62 172,270.65 --- 166,375.02 1,377.93 4.500 -0.392 AAA 205091001 LC-2013 A Capitalized Interest 31392HWL3 Agency CMO Federal National Mortgage Association, Inc. 02/25/2018 07/12/2013 7,724.59 8,154.27 -- 7.895.92 95.01 5.000 -1.849 AAA 205091001 LC-2013 A Capitalized Interest 31392FPP6 Agency CMO Federal National Mortgage Association, Inc. 11/25/2017 07/15/2013 22,508.64 23,838.06 --- 22,867.43 169.47 5.000 -2.236 AAA 205091001 LC-2013 A Capitalized Interest 31392F6C6 Agency CMO Federal National Mortgage Association, Inc. 12/25/2017 07/09/2013 39,487.52 41,887.62 -- 40,164.73 301.99 5.000 -1.848 AAA 205091001 LC-2013 A Capitalized Interest 31393EXC8 Agency CMO Federal National Mortgage Association, Inc. 09/25/2018 07/24/2013 88,888.05 93,971.34 --- 91,037.36 836.16 4.500 -0.411 AAA 205091001 LC-2013 A Capitalized Interest 3128PGLY7 Agency MBS Federal Home Loan Mortgage Corti. 05/O1/2017 07/17/2013 6,207.33 6,540.98 -- 6.387.72 166.39 5.000 -29.572 AAA 205091001 LC-2013 A Capitalized Interest 3128PHVS7 Agency MBS Federal Home Loan Mortgage Corp. 11/O1/2019 07/16/2013 11,591.12 12,214.14 --- 11,927.96 161.71 5.000 -2.184 AAA 205091001 LC-2013 A Capitalized Interest 3128H4NR6 Agency MBS Federal Home Loan Mortgage Corti. 05/O1/2018 07/16/2013 20,137.95 21,333.64 -- 20.723.16 267.35 5.000 -1.638 AAA 205091001 LC-2013 A Capitalized Interest 3132FEAK7 Agency MBS Federal Home Loan Mortgage Corp. 12/O1/2017 07/03/2013 23,944.18 25,373.35 --- 24,640.00 438.20 5.000 -5.894 AAA 205091001 LC-2013 A Capitalized Interest 3128MBTH0 Agency MBS Federal Home Loan Mortgage Com. 03/O1/2019 07/26/2013 33,003.00 34,983.18 -- 33.962.07 298.42 5.000 -0.126 AAA 205091001 LC-2013 A Capitalized Interest 31410GSQ7 Agency MBS Federal National Mortgage Association, Inc. 12/O1/2017 07/05/2013 13,113.49 14,080.61 --- 13,169.62 (62.32) 6.000 2.329 AAA 205091001 LC-2013 A Capitalized Interest 31402RBG3 Agency MBS Federal National Mortgage Association, Inc. 09/01/2019 -- 41,486.91 44,496.55 -- 42,498.36 (346.90) 6.000 2.097 AAA 205091001 LC-2013 A Capitalized Interest 31402QT68 Agency MBS Federal National Mortgage Association, Inc. 10/O1/2019 07/11/2013 67,677.70 73,113.07 --- 69,666.07 (548.59) 6.000 1.950 AAA 205091001 LC-2013 A Capitalized Interest 31401MWC1 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2018 07/12/2013 215,357.48 229,624.91 -- 220.866.32 2,195.33 4.500 -0.878 AAA 205091001 LC-2013 A Capitalized Interest 36200AFG9 Agency MBS Government National Mortgage Association 11/15/2017 07/09/2013 4,798.66 5,113.57 --- 4,823.56 (26.18) 5.500 2.400 AAA 205091001 LC-2013 A Capitalized Interest 36290WH47 Agency MBS Government National Mortgage Association 09/15/2018 07/18/2013 309,112.30 328,431.82 -- 312.902.02 (2,396.32) 4.500 2.029 AAA 205091001 LC-2013 A Capitalized Interest 037833A19 Corporate Apple Inc. 05/03/2018 06/17/2015 3,000,000.00 2,960,430.00 --- 2,990,940.00 6,166.47 1.000 1.280 AA 205091001 LC-2013 A Capitalized Interest 084664BE0 Corporate Berkshire Hathaway Finance Corporation 05/15/2018 06/17/2015 800,000.00 890,632.00 -- 835.440.00 (73.37) 5.400 1.406 AA 205091001 LC-2013 A Capitalized Interest 30231GAL6 Corporate Exxon Mobil Corporation 03/06/2018 06/10/2015 580,000.00 579,344.60 --- 579,536.00 (238.91) 1.305 1.392 AAA 205091001 LC-2013 A Capitalized Interest 89153VAC3 Corporate Total Capital International 06/28/2017 07/08/2013 160,000.00 157,765.60 -- 160.116.80 257.60 1.550 1.242 AA 205091001 LC-2013 A Capitalized Interest 89236TAY1 Corporate Toyota Motor Credit Corporation 10/24/2018 06/17/2015 2,000,000.00 2,023,480.00 --- 2,009,880.00 (1,278.84) 2.000 1.678 AA 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 -- - 158,327.93 -- 158.327.93 - 0.000 0.000 NA 205091001 LC-2013 A Capitalized Interest 184126YS3 Muni Clayton County Water Authority 05/O1/2017 07/11/2013 770,000.00 755,939.80 --- 770,392.70 709.21 1.300 0.684 AA 205091001 LC-2013 A Capitalized Interest 64966H4E7 Muni New York, City of 10/O1/2017 07/12/2013 1,170,000.00 1238,222.70 -- 1,181,723.40 3,353.82 3.140 1.125 AA 205091001 LC-2013 A Capitalized Interest 912828M23 US Gov Treasury, United States Department of 10/31/2017 12/28/2015 800,000.00 798,262.41 --- 800,832.00 1,377.32 0.950 0.787 AAA 205091001 LC-2013 A Capitalized Interest 912796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 925,000.00 924,580.41 -- 924.685.50 32.12 0.000 0.621 AAA 205091001 LC-2013 A Capitalized Interest 912828UB4 US Gov Treasury, United States Department of 11/30/2019 06/17/2015 1,250,000.00 1,216,699.22 --- 1,236,425.00 6,645.53 1.000 1.416 AAA 205091001 LC-2013 A Capitalized Interest 912828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 1,750,000.00 1,700,507.81 -- 1,745.905.00 3,565.76 0.625 0.977 AAA 205091001 LC-2013 A Capitalized Interest 912828J84 US Gov Treasury, United States Department of 03/31/2020 06/03/2015 2,000,000.00 1,973,390.62 --- 1,991,320.00 8,123.18 1.375 1.524 AAA 205091001 LC-2013 A Capitalized Interest 912828UZ1 US Gov Treasury, United States Department of 04/30/2018 06/03/2015 2.100,000.00 2,075,554.69 -- 2.089.101.00 (1,726.53) 0.625 1.108 AAA 205091001 LC-2013 A Capitalized Interest 912796KU2 US Gov Treasury, United States Department of 05/04/2017 12/20/2016 4,100,000.00 4,091,056.99 --- 4,097,581.00 (216.62) 0.000 0.634 AAA 24,636,684.15 256350001 LC -Project Fund-2 Senior Lien 313313DY1 Agency Farm Credit Banks Consolidated Systemwide Bonds And Discount Notes 04/05/2017 02/22/2017 241,000.00 240,853.79 --- 240,990.36 4.29 0.000 0.292 AAA 256350001 LC -Project Fmd-2 Senior Lien 3135GOZB2 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 200,000.00 199,998.60 --- 199.996.00 (2.84) 0.750 0.785 AAA 256350001 LC -Project Fund-2 Senior Lien 3130A7Q24 Agency FHLBanks Office of Finance 04/05/2017 03/29/2017 75,000.00 74,996.70 -- 75,000.00 2.20 0.625 0.623 AAA 256350001 LC-Pmiect Fmd-2 Senior Lien 313385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 200,000.00 199,909.56 --- 199.938.00 12.00 0.000 0.596 AAA 256350001 LC -Project Fund-2 Senior Lien 3137A71T8 Agency CMO Federal Home Loan Mortgage Corp. 06/25/2017 03/08/2017 12,201.97 12,201.97 -- 12,206.24 4.27 2.776 1.289 AAA 256350001 LC -Project Fmd-2 Senior Lien 87030JAH4 CP Aktiebolaget Svensk ExporOQedit 04/17/2017 03/03/2017 200,000.00 199,790.00 --- 199.924.00 4.00 0.000 0.857 AAA 256350001 LC -Project Fund-2 Senior Lien 02360RRA0 CP Ameren Corporation 04/10/2017 03/13/2017 100,000.00 99,914.45 -- 99,981.00 8.50 0.000 0.762 AA 256350001 LC -Project Fmd-2 Senior Lien 14912DRH4 CP Catemillar Financial Services Corporation 04/17/2017 02/22/2017 200,000.00 199,718.00 --- 199.924.00 7.56 0.000 0.857 AA 256350001 LC -Project Fund-2 Senior Lien 34108ARR0 CP Florida Power & Light Company 04/25/2017 03/13/2017 200,000.00 199,756.33 --- 199,882.00 18.00 0.000 0.887 AAA 256350001 LC -Project Fmd-2 Senior Lien 63873JRC6 CP Natixis 04/12/2017 02/22/2017 200,000.00 199,768.61 --- 199.952.00 3.94 0.000 0.787 AAA 256350001 LC -Project Fund-2 Senior Lien 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 03/28/2017 - 16,142.50 --- 16,142.50 - 0.000 0.000 NA 256350001 LC-Pmiect Fmd-2 Senior Lien 912796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 200,000.00 199,909.28 --- 199.932.00 6.94 0.000 0.621 AAA 256350001 LC -Project Fund-2 Senior Lien 912796JP5 US Gov Treasury, United States Department of 04/27/2017 03/27/2017 300,000.00 299,826.17 --- 299,853.00 14.41 0.000 0.663 AAA 256350001 LC-Pmiect Fund-2 Senior Lien 912796KY4 US Gov Treasury, United States Department of 05/11/2017 03/28/2017 350,000.00 349,694.82 --- 349.734.00 17.89 0.000 0.677 AAA 256350001 LC -Project Fund-2 Senior Lien 912796KS7 US Gov Treasury, United States Department of 04/13/2017 03/28/2017 350,000.00 349,898.65 --- 349,930.00 11.08 0.000 0.562 AAA 256350001 LC-Pmiect Fmd-2 Senior Lien 912828C73 US Gov Treasury, United States Department of 04/15/2017 03/28/2017 375,000.00 375,014.65 --- 375.030.00 17.94 0.875 0.678 AAA 256350001 LC -Project Fund-2 Senior Lien 912828WH9 US Gov Treasury, United States Department of 05/15/2017 03/28/2017 375,000.00 375,058.59 --- 375,090.00 35.15 0.875 0.680 AAA 256350001 LC -Project Fund-2 Senior Lien 912828GS3 US Gov Treasury, United States Department of 05/15/2017 03/28/2017 375,000.00 376,816.41 --- 376,661.25 (39.22) 4.500 0.917 AAA 3,970,166.35 256350004 LC-PF-2 Sales Tax Revenue Bond CCYUSD Currency UNITED STATES OF AMERICA 03/31/2017 -- - (0.01) -- (0.01) - 0.000 0.000 AAA 256350004 LC-PF-2 Sales Tax Revenue Bond 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 --- - 57.14 --- 57.14 - 0.000 0.000 NA 256350005 LC -Project Fund -Toll 2 3133EECD0 Agency Farm Credit Banks Consolidated Systemwide Bonds And Discount Notes 06/20/2017 06/15/2015 500,000.00 500,308.15 -- 500.290.00 256.46 1.008 0.756 AAA 256350005 LC -Project Fund-Toll2 3135GOZ32 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 1,400,000.00 1,399,990.20 --- 1,399,972.00 (19.90) 0.750 0.785 AAA 256350005 LC -Project Fund-Toll2 313385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 2,075,000.00 2,074,061.64 -- 2,074.356.75 124.53 0.000 0.596 AAA 256350005 LC -Project Fund-Toll2 3137AILC5 Agency CMO Federal Home Loan Mortgage Corp. 08/15/2020 08/31/2015 53,063.04 53,908.73 --- 53,303.95 (291.55) 2.000 1.526 AAA 256350005 LC -Project Fund-Toll2 3137A85H7 Agency CMO Federal Home Loan Mortgage Coro. 12/15/2039 07/13/2015 103,850.69 108,264.35 -- 107.172.88 (701.05) 3.500 2.122 AAA 256350005 LC -Project Fund -Toll 2 3136A2HB2 Agency CMO Federal National Mortgage Association, Inc. 03/25/2040 08/17/2016 0.01 0.01 --- 0.01 (0.00) 2.250 2.380 AAA 256350005 LC -Project Fund -Toll 2 3133XY2H7 Agency CMO FHLBanks Office of Finance 04/20/2017 07/13/2015 205,745.87 211,339.59 -- 205.937.22 (14.46) 2.900 1.079 AA 256350005 LC -Project Fund-Toll2 38378BR35 Agency CMO Government National Mortgage Association 11/16/2042 07/10/2015 312,215.56 305,190.71 --- 304,684.92 (762.34) 1.333 2.711 AAA 256350005 LC -Project Fund -Toll 2 3138ELY64 Agency MBS Federal National Mortgage Association, Inc. 02/O1/2023 07/07/2016 186,347.61 204,924.13 -- 201.076.52 (1.894.47) 6.000 1.332 AAA 256350005 LC -Project Fund-Toll2 36225EUY6 Agency MBS Ginnie Mae lI 09/20/2039 09/17/2015 85,440.66 87,870.39 --- 88,173.05 459.02 2.125 1.410 AAA 256350005 LC -Project Fund -Toll 2 38378NNA7 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 05/16/2038 06/26/2015 428,974.91 431,907.36 -- 427,439.18 (4,205.) 2.250 2.473 AAA 256350005 LC -Project Fund -Toll 2 02582JGG9 Asset Backed American Express Credit Account Master Trust 05/17/2021 02/26/2016 300,000.00 300,468.75 --- 301,302.00 321.12 1.332 1.125 AAA 256350005 LC -Project Fund -Toll 2 05582XAD4 Asset Backed Bmw Vehicle Lease Trost 2016-2 09/20/2019 10/04/2016 545,000.00 544,927.95 -- 543.179.70 (1,766.67) 1.430 1.682 AAA 256350005 LC -Project Fund-Toll2 161571GQ1 Asset Backed Chase Issuance Trost 11/15/2019 10/28/2015 120,000.00 120,510.94 --- 120,056.40 (100.70 1.380 1.302 AAA 256350005 LC -Project Fund -Toll 2 161571FK5 Asset Backed Chase Issuance Trost 08/16/2021 12/10/2015 150,000.00 148,359.38 -- 149,413.50 487.33 1.580 1.753 AAA 256350005 LC -Project Fund-Toll2 161571HB3 Asset Backed Chase Issuance Trost 05/17/2021 06/07/2016 500,000.00 500,878.91 --- 502,760.00 1,167.70 1.322 1.136 AAA 256350005 LC -Project Fund -Toll 2 36159LCR5 Asset Backed GE Dealer Floomlun Master Not 01/20/2020 06/07/2016 110,000.00 109,759.38 -- 110,140.80 89.86 1.478 1.339 AAA 23 Page 6 of 31 ``� Riverside County'Freesportorion Cemmissk m STAMP Portfolio by Account for quarter ended March 31, 2017 Source Account Account Identilier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 256350005 LC -Project Fad-Toll2 36159LBW5 Asset Backed GE Dealer Floomlan Master Not 04/22/2019 --- 500,000.00 501,164.06 - --- -- 500,165.00 79.79 1.728 1.151 AAA AAA AAA 256350005 LC -Project Fmd-Toll2 43814KAC5 Asset Backed Honda Auto Receivables 2015-1 Owner Trust 10/15/2018 06/02/2016 323,412.43 323,462.96 323,118.13 (319.18) 1.050 1.266 256350005 LC -Project Fmd-Toll2 477877AD6 Asset Backed John Deere Owner Trust 2014-B 11/15/2018 --- 180,338.73 180,326.05 180.252.17 (79.71) 1.070 1.199 256350005 LC -Project Fmd-Toll2 47787UAD5 Asset Backed John Deere Owner Trust 2015 06/17/2019 -- 538,989.55 539,725.93 --- 538,849.41 (419.91) 1.320 1.377 AAA 256350005 LC -Project Fmd-Toll2 58769AAD8 Asset Backed Mercedes-Benz Auto Lease Trust 2015-B 07/16/2018 --- 600,000.00 600,906.74 --- 600.006.00 (283.58) 1.340 1.330 AAA 256350005 LC -Project Fmd-Toll 2 58768MAD3 Asset Backed Mercedes-Benz Auto Cease Trust 2016-B 06/15/2022 10/18/2016 190,000.00 189,983.00 --- 189,281.80 (704.53) 1.520 1.745 AAA 256350005 LC -Project Fmd-Toll2 58772PAC2 Asset Backed Mercedes-Benz Auto Receivables Trust 2015-1 06/15/2018 08/04/2015 0.00 0.00 -- 0.00 0.00 1.182 1.234 AAA 256350005 LC -Project Fmd-Toll 2 55315GAC2 Asset Backed MMAF Equipment Finance LLC 2015-A 10/16/2019 -- 220,780.66 220,061.12 --- 220,528.97 (11.60) 1.390 1.576 AAA 256350005 LC -Project Fmd-Toll2 55315FAB6 Asset Backed Mmaf Equipment Finance Llc 2016-A 12/17/2018 05/03/2016 237,574.41 237,571.68 --- 237.650.44 77.12 1.390 1.320 AAA 256350005 LC -Project Fmd-Toll2 65478QAD0 Asset Backed Nissan Auto Lease Trust 2016-A 03/15/2019 05/17/2016 155,000.00 154,992.99 -- 154,910.10 (85.94) 1.490 1.545 AAA 256350005 LC -Project Fmd-Toll2 90290KAD7 Asset Backed USAA Auto Owner Trust 2014-1 05/15/2019 06/12/2015 244,439.42 243,885.61 --- 244,400.30 97.95 _ 0.940 0.972 AAA 256350005 LC -Project Fmd-Toll2 62888YAA0 CM() NCUA Guaranteed Notes Trust 2011-RI 01/08/2020 07/14/2015 168,695.06 169,512.18 -- 168,953.16 (246.97) 1.284 1.334 AAA 256350005 LC -Project Fmd-Toll 2 0258MODZ9 Corporate American Express Credit Corporation 11/05/2018 --- 450,000.00 453,007.50 43.378.00 450.769.50 (1,203.22) 1.875 1.760 A 256350005 LC -Project Fmd-Toll 2 037833BR0 Corporate Apple Inc. 02/22/2019 -- 450,000.00 454,432.50 -- 456,817.50 3,719.23 1.873 1.179 AA 256350005 LC -Project Fmd-Toll2 06050TLY6 Corporate Bank of America, National Association 03/26/2018 06/10/2015 300,000.00 298,968.00 --- 300.117.00 486.92 1.650 1.610 A 256350005 LC -Project Fmd-Toll2 06367XF30 Corporate Bank of Montreal 06/15/2021 08/17/2016 500,000.00 500,975.00 -- 487,930.00 (12,929.96) 1.750 2.356 AAA 256350005 LC -Project Fmd-Toll2 05531FAQ6 Corporate BB&T Corporation 02/O1/2019 08/23/2016 200,000.00 204,374.00 43.467.00 201.368.00 (1,914.06) 2.250 1.851 A 256350005 LC -Project Fmd-Toll2 05531FAP8 Corporate BB&T Corporation 06/15/2018 -- 380,000.00 381,823.60 43,235.00 382,838.60 1,783.93 1.991 1.361 A 256350005 LC -Project Fmd-Toll2 202795HU7 Corporate Commonwealth Edison Company 03/15/2018 08/05/2016 255,000.00 273,819.00 --- 265.120.95 (1,158.15) 5.800 1.597 A 256350005 LC -Project Fmd-Toll2 209111E76 Corporate Consolidated Edison Company of New York, Inc. 04/O1/2018 06/22/2015 220,000.00 245,828.00 -- 229,163.00 (298.16) 5.850 1.634 A 256350005 LC -Project Fmd-Toll2 22546QAM9 Corporate Credit Suisse AG 05/26/2017 --- 555,000.00 554,149.80 --- 555.360.75 460.55 1.542 1.122 A 256350005 LC -Project Fmd-Toll2 233851CF9 Corporate Daimler Finance North America LLC 07/05/2019 06/30/2016 370,000.00 369,448.70 -- 364,775.60 (4,805.95) 1.500 2.143 A 256350005 LC -Project Fmd-Toll2 26442CAD6 Corporate Duke Energy Carolinas, LLC 04/15/2018 06/11/2015 116,000.00 127,422.52 --- 120.065.80 (182.62) 5.100 1.682 AA 256350005 LC -Project Fmd-Toll2 31677QAV1 Corporate Fifth Third Bank 02/28/2018 06/08/2016 400,000.00 400,544.00 43,128.00 399,580.00 (700.37) 1.450 1.566 A 256350005 LC -Project Fmd-Toll 2 46849LSL6 Corporate Jackson National Life Global Farding 10/15/2018 --- 650,000.00 655,151.00 --- 651.261.00 (2,272.45) 1.875 1.746 AA 256350005 LC -Project Fmd-Toll 2 46625HJF8 Corporate JPMorgan Chase & Co. 01/25/2018 08/03/2016 265,000.00 266,831.15 -- 266,592.65 569.26 1.938 1.328 A 256350005 LC -Project Fad-Toll2 46623EKD0 Corporate JPMorgan Chase&Co. 03/O1/2018 --- 730,000.00 729,894.80 43.132.00 730.160.60 85.16 1.700 1.673 A 256350005 LC -Project Fmd-Toll2 48121CYK6 Corporate JPMorgan Chase Bank, National Association 10/O1/2017 03/09/2016 250,000.00 265,022.50 -- 255,237.50 330.23 6.000 1.773 A 256350005 LC -Project Fmd-Toll 2 55279HAA8 Corporate Manufacturers and Traders Trust Company 03/07/2018 06/06/2016 400,000.00 400,012.00 43.136.00 399.424.00 (584.02) 1.450 1.606 A 256350005 LC -Project Fmd-Toll 2 55279HAH3 Corporate Manufacturers and Traders Trust Company 07/25/2017 -- 550,000.00 549,163.10 -- 550,407.00 559.90 1.338 1.236 A 256350005 LC -Project Fmd-Toll2 59217GAY5 Corporate Metropolitan Life Global Fmding l 01/10/2018 --- 550,000.00 550,406.00 --- 549,037.50 (1,227.08) 1.500 1.727 AA 256350005 LC -Project Fmd-Toll 2 69353RET1 Corporate PNC Bank, National Association 11/05/2018 -- 600,000.00 606,243.00 43,379.00 600,612.00 (3,732.34) 1.800 1.731 A 256350005 LC -Project Fad-Toll2 74153WCE7 Corporate Pricoa Global Funding l 08/18/2017 _ --- 500,000.00 499,977.00 --- 499.275.00 (813.55) _ 1.350 1.731 AA 256350005 LC -Project Fmd-Toll 2 74256LAT6 Corporate Principal Life Global Funding B 12/O1/2017 08/22/2016 360,000.00 361,533.60 -- 361,155.60 347.40 1.555 1.183 A 256350005 LC -Project Fmd-Toll2 780082AA1 Corporate Royal Bank of Canada 02/05/2020 _ 06/24/2016 990,000.00 1,002,941.55 --- 985.119.30 (15,179.40) _ 1.875 2.054 AAA 256350005 LC -Project Fmd-Toll2 842434CN0 Corporate Southem California Gas Company 06/15/2018 06/15/2015 250,000.00 249,992.50 -- 250,002.50 5.61 1.550 1.549 AA 256350005 LC -Project Fmd-Toll2 865622CB8 Corporate Sumitomo Mitsui Banking Corporation 01/18/2019 01/13/2016 250,000.00 250,000.00 --- 252,285.00 2,285.00 1.964 1.585 A 256350005 LC -Project Fmd-Toll2 06416CAA6 Corporate The Bank of Nova Scotia 09/11/2019 06/29/2016 425,000.00 434,974.75 -- 426,989.00 (5,713.03) 2.125 1.928 AAA 256350005 LC -Project Fad-Toll2 80851QDA9 Corporate The Charles Schwab Corporation 09/O1/2017 10/27/2015 65,000.00 71,075.55 --- 66.291.55 (95.60) 6.375 1.567 A 256350005 LC -Project Fmd-Toll 2 38147MAA3 Corporate The Goldman Sachs Group, Inc. 07/19/2018 12/02/2015 100,000.00 102,578.00 -- 101,295.00 (2.76) 2.900 1.886 A 256350005 LC -Project Fmd-Toll2 891145W59 Corporate The Toronto -Dominion Bank 09/25/2019 08/16/2016 450,000.00 461,686.50 --- 453.078.00 (6,316.86) 2.250 1.966 AAA 256350005 LC -Project Fmd-Toll2 89114QBF4 Corporate The Toronto -Dominion Bank 01/22/2019 -- 525,000.00 528,126.80 -- 530,512.50 3,357.32 1.881 1.416 AA 256350005 LC -Project Fmd-Toll2 89837LAA3 Corporate The Trustees of Princeton University 03/O1/2019 --- 255,000.00 281,113.75 --- 270.623.85 200.15 4.950 1.687 AAA 256350005 LC -Project Fmd-Toll2 89352HAP4 Corporate TransCanada PipeLines Limited 01/12/2018 02/03/2016 150,000.00 146,716.50 -- 150,694.50 2,030.32 1.808 1.358 A 256350005 LC -Project Fmd-Toll2 91159HHD5 Corporate U.S. Bancorp 05/15/2017 --- _ 550,000.00 554,566.00 42.840.00 550.049.50 (78.58) _ 1.650 1.410 A 256350005 LC -Project Fmd-Toll 2 9498815E3 Corporate Wells Fargo Bank, National Association 05/24/2019 08/03/2016 255,000.00 255,731.85 -- 256,680.45 1,123.08 1.654 1.447 AA 256350005 LC -Project Fmd-Toll2 94988J5B9 Corporate Wells Fargo Bank, National Association 01/22/2018 --- 500,000.00 501,314.25 --- 502.545.00 1,885.40 1.781 1.278 AA 256350005 LC -Project Fmd-Toll2 870301RH4 CP Aktiebolaget Svensk Exportkredit 04/17/2017 03/03/2017 1,300,000.00 1,298,635.00 -- 1,299,506.00 26.00 0.000 0.857 AAA 256350005 LC -Project Fmd-Toll2 34108ARR0 CP Florida Power &Light Company 04/25/2017 03/13/2017 1,100,000.00 1,098,659.84 --- 1.099.351.00 99.00 0.000 0.887 AAA 256350005 LC -Project Fmd-Toll2 43357LRC8 CP Hitachi Capital America Corp. 04/12/2017 03/27/2017 1,300,000.00 1,299,350.00 -- 1,299,688.00 164.67 0.000 0.787 AA 256350005 LC -Project Fad-Toll2 63873JRC6 CP Natixis 04/12/2017 02/22/2017 1,100,000.00 1,098,727.37 --- 1.099.736.00 21.69 0.000 0.787 AAA 256350005 LC -Project Fmd-Toll2 06538BR70 CP The Bank of Tokyo -Mitsubishi UFJ, Ltd. 04/07/2017 03/31/2017 1,100,000.00 1,099,811.78 -- 1,099,879.00 40.33 0.000 0.661 AAA 256350005 LC -Project Fmd-Toll2 93884ER72 CP Washington Gas Light Company 04/07/2017 03/13/2017 600,000.00 599,640.00 --- 599.934.00 24.00 0.000 0.661 AAA 256350005 LC -Project Fmd-Toll 2 CCYUSD Currency UNITED STATES OF AMERICA 03/31/2017 -- - 0.00 -- 0.00 - 0.000 0.000 AAA 256350005 LC -Project Fmd-Toll2 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fard 03/31/2017 03/31/2017 0.00 295,328.43 --- 295.328.43 0.00 0.000 0.000 NA 256350005 LC -Project Fmd-Toll2 65819WAC7 Muni North Carolina Eastem Municipal Power Agency 07/O1/2018 -- 190,000.00 190,625.40 -- 191,318.60 1,006.26 2.003 1.440 A 256350005 LC -Project Fad-Toll2 937308AZ7 Muni WBRP 3.2 03/O1/2018 09/25/2015 95,000.00 95,000.00 --- 94,924.00 (76.00) 1.485 1.573 AA 256350005 LC -Project Fmd-Toll2 955116AZ1 Muni West Palm Beach, City of 10/O1/2017 06/09/2016 230,000.00 229,857.40 -- 229,834.40 (107.44) 1.100 1.245 AA 256350005 LC -Project Fad-Toll2 298785GK6 Non -US Gov Banque European. D'investissemwt BED 04/18/2017 --- 575,000.00 575,503.50 --- 574.994.25 (30.75) 0.875 0.893 AAA 256350005 LC -Project Fmd-Toll2 62944BBC7 Non -US Gov N.V. Bank Nederlandse Gemeenten 07/14/2017 -- 575,000.00 574,335.00 -- 575,005.75 143.59 1.093 1.229 AAA 256350005 LC -Project Fmd-Toll 2 912828K33 _TIPS Treasury, United States Department of 04/15/2020 06/02/2016 984,941.00 997,359.86 --- 999.626.47 4,922.77 _ 0.125 -0.362 AAA 256350005 LC -Project Fmd-Toll 2 912828C73 US Gov Treasury, United States Department of 04/15/2017 03/31/2017 525,000.00 525,000.00 -- 525,042.00 42.00 0.875 0.678 AAA 256350005 LC -Project Fmd-Toll 2 912828TG5 US Gov Treasury, United States Department of 07/31/2017 _ 1,600,000.00 1,592,193.36 --- 1.598.496.00 342.44 _ 0.500 0.779 AAA 256350005 LC -Project Fmd-Toll2 912828KD1 US Gov Treasury, United States Department of 02/15/2019 -- 1,935,000.00 2,027,131.64 -- 1,989,199.35 (1,530.78) 2.750 1.236 AAA 256350005 LC -Project Fmd-Toll 2 912796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 2,000,000.00 1,999,092.78 --- 1.999.320.00 69.44 0.000 0.621 AAA 256350005 LC -Project Fmd-Toll2 912828VK3 US Gov Treasury, United States Department of 06/30/2018 -- 2,475,000.00 2,500,920.91 -- 2,482,152.75 (7,361.76) 1.375 1.141 AAA 256350005 LC -Project Fmd-Toll 2 912828UR9 US Gov Treasury, United States Department of 02/28/2018 --- 2,750,000.00 2,747,428.71 --- 2,742,272.50 (6,210.20) 0.750 1.059 AAA 256350005 LC -Project Fmd-Toll 2 912828UA6 US Gov Treasury, United States Department of 11/30/2017 -- 3,465,000.00 3,454,861.14 -- 3,456,891.90 (4,184.31) 0.625 0.977 AAA 256350005 LC -Project Fmd-Toll 2 912828UF5 US Gov Treasury, United States Department of 12/31/2019 --- 3,775,000.00 3,776,018.56 --- 3,742,572.75 (33,167.26) 1.125 1.444 AAA 52,315,683.21 256350022 LC -Sr Lien Ob Fund-1 Interest 3135GOZB2 Agency Federal National Mortgage Association, Inc. 04/20/2017 03/27/2017 325,000.00 324,997.73 -- 324.993.50 (4.62) 0.750 0.785 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 313385EN2 Agency FHLBanks Office of Finance 04/19/2017 03/27/2017 150,000.00 149,932.17 --- 149,953.50 9.00 0.000 0.596 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 31393V2T7 Agency CMO Federal Home Loan Mortgage Coro. 06/15/2018 07/08/2013 49,470.70 52,322.99 -- 50.532.34 418.51 4.500 -0.392 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corp. 09/25/2021 08/15/2013 273,399.99 266,223.24 --- 269,673.55 224.38 1.459 2.087 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 31393EXC8 Agency CMO Federal National Mortgage Association, Inc. 09/25/2018 07/24/2013 9,876.45 10,441.26 -- 10,115.26 92.91 4.500 -0.411 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 3136A4M89 Agency CMO Federal National Mortgage Association, Inc. 01/25/2019 07/05/2013 89,783.47 90,355.14 --- 89,884.93 (7.51) 1.934 1.945 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 31385JLF3 Agency MBS Federal National Mortgage Association, Inc. 08/O1/2017 09/18/2013 7,312.50 7,806.09 -- 7.324.86 (26.56) 6.000 2.115 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 31402RBG3 Agency MBS Federal National Mortgage Association, Inc. 09/O1/2019 --- 12,131.19 13,012.49 --- 12,426.95 (101.83) 6.000 2.097 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 02580ECC5 Corporate American Express Bank, FSB 09/13/2017 07/08/2013 250,000.00 287,890.00 -- 254.965.00 728.23 6.000 1.551 A 256350022 LC -Sr Lien Ob Fund-1 Interest 05565QCC0 Corporate BP Capital Markets P.L.C. 11/06/2017 07/03/2013 300,000.00 292,194.00 --- 299,724.00 840.36 1.375 1.530 A 24 Page 7 of 31 Mini `� Riverside [minty'Freespmrtmrimn Commission STAMP Portfolio by Account for quarter ended March 31, 2017 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 256350022 LC -Sr Lien Ob Fund-1 Interest 166764AE0 Corporate Chevron Corporation 06/24/2018 06/17/2015 300,000.00 301,848.00 43,244.00 --- --- 300.963.00 227.16 1.718 1.435 AA AAA A 256350022 LC -Sr Lien Ob Fund-1 Interest 30231GAL6 Corporate Exxon Mobil Corporation 03/06/2018 06/10/2015 420,000.00 419,525.40 419,664.00 (173.01) 1.305 1.392 256350022 LC -Sr Lien Ob Fund-1 Interest 46625H1L5 Corporate 1PMorgan Chase & Co. 05/15/2018 06/03/2015 500,000.00 497,550.00 499.845.00 794.95 1.625 1.652 256350022 LC -Sr Lien Ob Fund-1 Interest 48121CYK6 Corporate JPMorgan Chase Bank, National Association 10/O1/2017 07/03/2013 300,000.00 341,424.00 --- 306,285.00 1,151.20 6.000 1.773 A 256350022 LC -Sr Lien Ob Fund-1 Interest 78011DAC8 Corporate Royal Bank of Canada 09/19/2017 05/21/2015 700,000.00 700,763.00 --- 699.867.00 (288.58) 1.200 1.240 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 38144LAB6 Corporate The Goldman Sachs Group, Inc. 09/O1/2017 07/03/2013 300,000.00 322,515.00 --- 305,772.00 3,334.14 6.250 1.593 A 256350022 LC -Sr Lien Ob Fund-1 Interest 89236TAY1 Corporate Toyota Motor Credit Corporation 10/24/2018 06/17/2015 500,000.00 505,870.00 -- 502.470.00 (319.71) 2.000 1.678 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 94974BGF1 Corporate Wells Fargo & Company 01/30/2020 06/03/2015 600,000.00 594,924.00 --- 601,266.00 4,420.30 2.150 2.072 A 256350022 LC -Sr Lien Ob Fund-1 Interest 870301RH4 CP Aktiebolaget Svensk Exportkredit 04/17/2017 03/03/2017 200,000.00 199,790.00 -- 199.924.00 4.00 0.000 0.857 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 14912DR35 CP Caterpillar Financial Services Corporation 04/03/2017 03/20/2017 200,000.00 199,920.56 --- 200,000.00 12.22 0.000 0.000 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 34108ARR0 CP Florida Power & Light Company 04/25/2017 03/13/2017 200,000.00 199,756.33 -- 199.882.00 18.00 0.000 0.887 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 43357LRC8 CP Hitachi Capital America Corp. 04/12/2017 03/27/2017 200,000.00 199,900.00 --- 199,952.00 25.33 0.000 0.787 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 619791R33 CP Motiva Enterprises LLC 04/03/2017 03/16/2017 200,000.00 199,880.00 -- 200.000.00 13.33 0.000 0.000 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 63873JRC6 CP Natixis 04/12/2017 02/22/2017 200,000.00 199,768.61 --- 199,952.00 3.94 0.000 0.787 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 83700ER75 CP South Carolina Electric & Gas Company 04/07/2017 03/14/2017 200,000.00 199,842.83 -- 199.978.00 19.00 0.000 0.661 AA 256350022 LC -Sr Lien Ob Fund-1 Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2017 --- - 57,740.33 --- 57,740.33 - 0.000 0.000 NA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828UZ1 US Gov Treasurv, United States Department of 04/30/2018 07/14/2015 200,000.00 198,187.50 -- 198.962.00 (331.71) 0.625 1.108 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828184 US Gov Treasury, United States Department of 03/31/2020 06/17/2015 200,000.00 197,023.44 --- 199,132.00 1,024.01 1.375 1.524 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 200,000.00 194,343.75 -- 199.532.00 407.52 0.625 0.977 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912828K41 US Gov Treasury, United States Department of 04/30/2017 07/30/2015 200,000.00 200,001.77 --- 200,014.00 13.92 0.856 0.762 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 912796KT5 US Gov Treasury, United States Department of 04/20/2017 03/27/2017 300,000.00 299,863.92 -- 299.898.00 10.41 0.000 0.621 AAA 256350022 LC -Sr Lien Ob Fund-1 Interest 9127961P5 US Gov Treasury, Unted States Department of 04/27/2017 03/27/2017 475,000.00 474,724.77 --- 474,767.25 22.82 0.000 0.663 AAA 8,135,459.46 256350023 LC -Sr Lien Reserve Fund-1 3137EADR7 Agency Federal Home Loan Mortgage Corporation 05/01/2020 05/15/2015 475,000.00 471,527.75 -- 471,238.00 (1,570.86) 1.375 1.639 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 --- 950,000.00 942,921.50 --- 967.176.00 17,533.74 2.375 1.977 AAA 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 Agency Federal National Mortgage Association, Inc. 06/22/2020 05/06/2015 600,000.00 593,490.00 -- 597,372.00 1,536.65 1.500 1.640 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3137A1MF8 Agency CMO Federal Home Loan Mortgage Corp. 10/25/2021 08/05/2015 30,000.00 31,038.28 --- 30.869.40 119.02 2.968 2.227 AAA 256350023 LC -Sr Lien Reserve Fund-1 31395EZP5 Agency CMO Federal Home Loan Mortgage Corp. 08/15/2019 07/09/2013 39,382.79 41,665.76 -- 40,355.94 183.57 4.500 1.219 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3137A1RW4 Agency CMO Federal Home Loan Mortgage Corp. 05/25/2022 12/21/2016 125,000.00 124,804.69 --- 125,465.00 661.17 2.373 2.270 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corp. 09/25/2021 07/03/2013 273,399.99 267,173.73 -- 269,673.55 (345.49) 1.459 2.087 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corp. 06/25/2022 --- 379,000.00 366,344.03 --- 380.163.53 8,448.00 2.396 2.309 AAA 256350023 LC -Sr Lien Reserve Fund-1 313921183 Agency CMO Federal National Mortgage Association, Inc. 03/25/2018 07/08/2013 5,774.16 6,091.74 -- 5,889.82 59.59 5.000 -1.112 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3136A72D3 Agency CMO Federal National Mortgage Association, Inc. 04/25/2022 07/03/2013 395,000.00 375,250.00 --- 398.002.00 15,197.64 2.482 2.272 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378BX20 Agency CMO Government National Mortgage Association 06/16/2051 03/17/2015 52,166.77 51,006.44 -- 50,929.37 (69.03) 1.240 2.657 AAA 256350023 LC -Sr Lien Reserve Fmd-1 38378B7F0 Agency CMO Government National Mortgage Association 12/16/2042 --- 450,000.00 427,324.22 --- 432.535.50 3,970.38 2.273 3.088 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 06/16/2039 01/21/2015 30,856.26 32,701.74 -- 31,886.24 (321.85) 4.500 1.289 AAA 256350023 LC -Sr Lien Reserve Fmd-1 38378CRT6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 10/20/2040 05/22/2014 80030.02 77278.99 --- 79191.31 1,368.31 2.000 2.368 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 10/20/2039 01/21/2015 79,294.20 83,250.11 -- 84,001.11 371.35 4.000 1.633 AAA 256350023 LC -Sr Lien Reserve Fmd-1 383771Z89 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 10/20/2039 07/05/2013 90,221.96 92,981.48 --- 92,619.16 515.09 3.500 2.144 AAA 256350023 LC -Sr Clen Reserve Fund-1 38376T5Z1 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 01/16/2039 01/26/2015 121,524.52 126,962.74 -- 124,635.55 (1,488.30) 3.000 2.144 AAA 256350023 LC -Sr Lien Reserve Fmd-1 38377RVK8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 04/20/2039 --- 140037.82 143987.32 --- 143386.12 368.20 3.000 2.094 AAA 256350023 LC -Sr Lien Reserve Fund-1 38380AZ34 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 04/20/2046 11/28/2016 171,892.50 176,706.84 -- 174,752.79 (1,753.52) 3.000 2.656 AAA 256350023 LC -Sr Lien Reserve Fmd-1 38378TAF7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 07/20/2041 07/05/2013 186261.86 186289.94 --- 188,830.41 2697.73 2.500 2.052 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 10/16/2044 01/23/2015 310,976.21 319,206.28 -- 315,115.30 (3,006.75) 3.500 2.728 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3137B1U75 Agency MBS Federal Home Loan Mortgage Corp. 01/25/2023 08/29/2016 380,000.00 394,917.97 --- 383.150.20 (10,258.94) 2.522 2.327 AAA 256350023 LC -Sr Lien Reserve Fund-1 31385XBG1 Agency MBS Federal National Mortgage Association, Inc. 03/O1/2018 09/13/2013 779.56 830.23 -- 780.85 (2.47) 6.000 2.142 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3138L33G8 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2020 11/12/2015 100,000.00 99,875.00 --- 99.736.00 (109.69) 2.010 2.062 AAA 256350023 LC -Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association, Inc. 01/O1/2030 07/10/2013 102,164.46 107,783.51 -- 109,794.11 2,050.75 4.500 2.398 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3138L76A9 Agency MBS Federal National Mortgage Association, Inc. 11/O1/2021 10/04/2016 125,000.00 129,511.72 --- 126.305.00 (2,758.70) 2.590 2.311 AAA 256350023 LC -Sr Lien Reserve Fund-1 31413XVG5 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2019 08/04/2014 200,000.00 218,500.00 -- 202,682.00 (5,578.60) 4.506 3.769 AAA 256350023 LC -Sr Lien Reserve Fmd-1 31381Q6B7 Agency MBS Federal National Mortgage Association, Inc. 06/O1/2021 07/15/2016 189,430.03 210,089.74 --- 202,822.73 (4,404.45) 4.295 2.394 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136AHAE0 Agency MBS Federal National Mortgage Association, Inc. 04/25/2023 10/28/2016 215,754.44 220,406.65 -- 215,650.88 (4,466.50) 2.533 2.442 AAA 256350023 LC -Sr Lien Reserve Fmd-1 31381PEB0 Agency MBS Federal National Mortgage Association, Inc. 11/O1/2020 09/26/2014 259,127.44 272,853.10 --- 268.969.10 1,911.69 3.370 2.178 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381T4E7 Agency MBS Federal National Mortgage Association, Inc. 03/O1/2022 10/25/2016 272,584.15 284,797.21 -- 277,575.17 (6,305.80) 2.670 2.227 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3136A4M48 Agency MBS Federal National Mortgage Association, Inc. 01/25/2022 07/05/2013 290,459.70 291,276.62 --- 289.408.23 (1,277.56) 2.098 2.122 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138EKXIA Agency MBS Federal National Mortgage Association, Inc. 03/O1/2023 12/21/2016 290,418.53 287,151.33 -- 289,564.70 2,296.01 2.356 2.408 AAA 256350023 LC -Sr Lien Reserve Fmd-1 3136A7MN9 Agency MBS Federal National Mortgage Association, Inc. 05/25/2022 08/29/2016 300,000.00 308,578.13 --- 295.332.00 (12,356.36) 2.349 2.265 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138E1PZ5 Agency MBS Federal National Mortgage Association, Inc. 07/O1/2022 08/29/2016 335,290.26 356,128.02 -- 343,551.81 (10,163.59) 2.973 2.261 AAA 256350023 LC -Sr Lien Reserve Fmd-1 36202F2H8 Agency MBS Ginnie Mae ll 01/20/2027 11/14/2016 225,708.78 234,243.40 --- 232.899.86 (1,232.36) 3.000 2.039 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378B6A2 Agency MBS Government National Mortgage Association 11/16/2052 01/22/2015 128,795.23 124,735.15 -- 123,653.72 (1,136.45) 1.826 2.136 AAA 256350023 LC -Sr Lien Reserve Fmd-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 178,684.76 174,119.91 --- 172.076.99 (2,473.88) 2.104 2.814 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 11/16/2041 -- 76,148.57 74,360.39 -- 72,994.49 (1,473.68) 1.400 2.374 AAA 256350023 LC -Sr Lien Reserve Fmd-1 38378KXW4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 02/16/2037 12/11/2014 186026.64 185125.58 --- 182676.30 (2524.36) 1.705 2.403 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 05/16/2055 05/14/2015 375,007.53 379,636.53 -- 369,243.66 (10,045.94) 2.500 2.782 AAA 256350023 LC -Sr Lien Reserve Fmd-1 38378KSL4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass- Through Securities 12/16/2046 --- 425,000.00 415,829.11 --- 404,523.50 (11,554.61) 2.785 3.218 AAA 25 Page 8 of 31 ``� Riverside County Tronsportorion Commission STAMP Portfolio by Account for quarter ended March 31, 2017 Source Security Type Account Account Identifier Category Issuer Current Face Next Call Base Net Total Summarized Final Maturity Trade Date Value Original Cost Date Base Market Value Unrealized Gain/Loss Coupon Yield Credit Rating 256350023 LC -Sr Lien Reserve Fund-1 38378KR80 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass - Through Securities 07/16/2043 05/08/2015 450000.00 434,460.94 434.866.50 (475.31) 2.389 3.380 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 9AMMF05B2 MM Fund 912828WU0 TIPS 912828K33 TIPS 912828UF5 US Gov U.S. Bank Money Market Account Fund Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of 03/31/2017 --- - 07/15/2024 02/05/2016 219,841.80 04/15/2020 02/13/2017 388,792.50 12/31/2019 11/16/2015 75,000.00 95,400.29 214,022.14 395,224.93 73,839.84 95,400.29 217.790.68 394,589.40 74.355.75 0.000 0.000 2,995.22 0.125 0.254 (384.92) 0.125 -0.362 137.47 1.125 1.444 NA AAA AAA AAA 256350023 LC -Sr Lien Reserve Fund-1 912828VA5 US Gov Treasury, United States Department of 04/30/2020 02/28/2017 160,000.00 158,131.25 157,974.40 (206.64) 1.125 1.547 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828V V9 US Gov Treasury, United States Department of 08/31/2020 235,000.00 241,525.78 238.698.90 (1,172.73) 2.125 1.649 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828XB1 US Gov Treasury, United States Department of 05/15/2025 05/24/2016 1,200,000.00 1,228,546.88 1,181,904.00 (44,132.56) 2.125 2.330 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828VB3 US Gov Treasury, United States Department of 05/15/2023 1,675,000.00 1,560,027.34 1.638.686.00 39,130.43 1.750 2.129 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828B58 US Gov Treasury, United States Department of 256350023 LC -Sr Lien Reserve Fmd-1 912828RC6 US Gov lreasury, Umted States Department of 01/31/2021 08/15/2021 1,640,000.00 1,677,556.65 -- 1,975,000.00 1,662,418.80 (5,384.93) 2.125 1.755 AAA 2,006,091.79 -- 1,998,305.00 (2,144.21) 2.125 1.843 AAA 17 762 469.12 26 Page 9 of 31 ATTACHMENT 4 IMMM M- erside County Tromp .lion (ornnirssion STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2017 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Redemptions Base Par florins Gain/Loss ceretion Gain/Loss Ending Base Ending Accrued Market Value Income Balance 205091001 LC-2013 ACa. italized Interest 084664BE0 BERKSHIRE HATHAWAY FINANCE CORP 841,952.00 7,799.45 1,287.45 835,440.00 16,320.00 t 0101 r 03A a.it: ize. iterest 8 8 A •r I• dq•A a.. •0 4t3, .rt 40,'t.0 3,066.91 205.09 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 89236TAY1 TOYOTA MOTOR CREDIT CORP 36290WH47 GN 619551 2,011,840.00 392,566.39 (75 078.73) (1,73757) (1,715.81) ](,340.38) (222.43) (1,529.45) 2,009,880.00 312,902.02 17,444.44 1,159.17 205091(101 LC-2013 A Capitalized ]merest 313933 277 FHA 2627E GY 219.936.61 /52.002.951 (914.171 0 052391 428.12 1.175.(12 610.80 205091001 205091001 205091001 205091001 205091001 LC-20 LC-20 LC-20 LC-20 LC-20 3 A Capitalized Interest 3 A Capitalized Interest 3 A Capitalized Interest 3 A Capitalized Interest 3 A Capitalized Interest 31401MWC1 31393EXC8 31402QT68 31392F6C6 3132FEAK7 FN 712643 FNR 0388E TH FN 735073 FNR 0277C CB FH Z50010 274,783.15 121,141.10 87,285.41 63,036.01 38,649.35 (52,006.33) (29,157.89) (16 776.80) (22,812.72) (13,780.90) (932.65) (541.72) (669.62) (276.63) (193.92) (860.51) (464.76) (289.67) (18527) (129.04) (117.35) 60.62 116.75 403.35 94.50 220,866.32 91,037.36 69,666.07 40,164.73 24,640.00 807.59 333.33 338.39 164.53 99.77 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 ACapitalized Interest 205091001 LC-2013 AC ' I d In 31392FPP6 FNR 0274C PE 3128MBTH0 FH G13052 31410GSO7 FN 888927 37,045.14 42,959.33 24.563.99 (14,147.94) (8,929.00) (11.210.40 (158.49) _ (111.74) (192.71) (100.92) (144.741 (95161 240.46 225.37 55.94 22,867.43 33,962.07 13. 169.62 93.79 137.51 65.57 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 3128H4NR6 FH E96700 31402RBG3 FN 735439 27,372.62 55,087.12 (6,580.08) (16,715.61) (113.65) (535.833) (64.52) (46_47) 108.78 29.97 20,723.16 37,819.19 83.91 184.60 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 3128PHVS7 FH106025 3128PGLY7 FH 104843 31392HWL3 FNR 033D BC 19,143.33 23,270.48 11,429.93 (7,094.40) (16,506.66) (3,515.94) (117.81) (61.94) (45.71) (41.87) (38.45) (37.48) 38.71 (275.70) 65.12 11,927.96 6,387.72 7,895.92 48.30 25.86 32.19 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 36200AFG9 GN 595167 31402RBG3 FN 735439 7,997.19 4,247.52 (3,121.23) 1(,288.87) 144.53) (37.31) (31.00) (3.25) 23.13 (2.03) 4,823.56 2,916.07 21.99 14.23 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 ACapitalized Interest 31402RBG3 FN 735439 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 23521922 DALLAS TEX 3135GOZB2 FEDERAL NATIONAL MORTGAGE ASSOCIATION 313385854 FEDERAL HOME LOAN BANKS 313385EL6 FEDERAL HOME LOAN BANKS 30231GAL6 EXXON MOBIL CORP 912796KT5 UNITED STATES TREASURY 2,568.12 109,877.53 2,136,323.70 579,860.80 5,483,423.10 574,995.98 199,971.11 399,833.33 924,580.41 (5,434,972.70) (2,135,000.00) (200,000.00) (77927) (24.18) (2.10) 0.70 28.89 33.33 59.43 72.97 0.53 (1,323.70) (8.18) 25.34 (38423) 32.12 1,763.10 158,327.93 574,988.50 399,892.00 579,536.00 924,685.50 8.61 1,928.65 525.63 205091001 LC-2013 A Capitalized I 313385FN2 FEDERAL HOME LOAN BANKS 999.547.7R 82.21 6(101 999.690.00 205091001 205091001 205091001 205091001 205091001 205091001 205091001 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 89153 VAC3 TOTAL CAPITAL INTERNATIONAL SA 912828M23 UNITED STATES TREASURY 912796QG7 UNITED STATES TREASURY 912828184 UNITED STATES TREASURY 313385DP8 FEDERAL HOME LOAN BANKS 912828/84 UNITED STATES TREASURY 184126YS3 CLAYTON CNTY & CLAYTON CNTY GA WTR AUTH WTR & SEW 160,264.00 801,072.00 696.339.00 1,293,201.00 770,438.90 1,234,670.67 1,099,480.71 (1,235,000.00) (1,100,000:00) 144.00 249.21 329.33 467.00 519.29 879.42 949.53 (291.20) (489.21) 156.00 277.58 (995.73) 160,116.80 800,832.00 696,962.00 1,294,358.00 770,392.70 640.67 1,059.93 26.30 48.84 4,170.83 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 912828UB4 UNITED STATES TREASURY 912828UZ1 UNITED STATES TREASURY 1,234,962.50 2,089,752.00 1,833.80 2,096.25 (371.30) (2,747.25) 1,236,425.00 2,089,101.00 4,189.56 5,511.05 205091001 LC-2013 A Capitalized Interest 912828UA6 UNITED STATES TREASURY 1,745,905.00 2,835.30 (2,83530) 1,745,905.00 3,665.87 205091001 LC-2013 A Capitalized Interest 205091001 LC-2013 A Capitalized Interest 037833A19 APPLE INC 912796KU2 UNITED STATES TREASURY 2,988,750.00 4,091,882.00 24,595,272.23 10,916,503.09 (5,434,972.70) (5,070,000.00) (351,505.72) 3,443.12 6,006.50 (6,741.63) (1,572.62) (1,253.12) 2,990,940.00 (307.50) 4,097,581.00 (10,298.51) 24,636,684.15 12,333.33 90,464.21 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 912828GS3 UNITED STATES TREASURY 91324PCJ9 UNITEDHEALTH GROUP INC 290,049.30 376,816.41 (290,000.00) (115.94) (6.71) (39.22) (4259) 376,661.25 6,386.40 256350001 LC -Project Fund-2 Senior Lien IC_Prniwr FnnA/C ' Li 912828WH9 UNITED STATES TREASURY 919898C73 UNITED STATFC 172 ACI IR V 375,058.59 1, 014 65 (3.74) im 35.15 17 94 375,090.00 175 6111011 1,241.80 1.11442 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 3137A7JI8 FHMS K701 Al 72,392.91 22,415,951.25 12,201.97 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 3135GOZB2 FEDERAL NATIONAL MORTGAGE ASSOCIATION 3130A7Q24 FEDERAL HOME LOAN BANKS 912796JP5 UNITED STATES TREASURY (22,472,201.66) 4.27 199,998.60 74,996.70 299,826.17 0.24 1.10 12.42 (2.84) 2.20 14.41 16,142.50 12,206.24 28.23 199,996.00 75,000.00 299,853.00 670.83 229.17 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 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 313385AD8 FEDERAL HOME LOAN BANKS 912796KT5 UNITED STATES TREASURY 313385EN2 FEDERAL HOME LOAN BANKS 313385AD8 FEDERAL HOME LOAN BANKS 912796KS7 UNITED STATES TREASURY 912796KY4 UNITED STATES TREASURY 313385AF3 FEDERAL HOME LOAN BANKS 34108APD3 Florida Power & Light Company 313385AF3 FEDERAL HOME LOAN BANKS 97670RQ65 Wisconsin Gas LLC 313397AJ0 FEDERAL HOME LOAN MORTGAGE CORP 61979227 Motiva Enterprises LLC 313385AN6 FEDERAL HOME LOAN BANKS 92780262 Virginia Electric and Power Company 313385AT3 FEDERAL HOME LOAN BANKS 93884ER72 Washington Gas Light Company 02581RQ14 American Express Credit Corporation 06538BN58 The Bank of Tokyo -Mitsubishi UFJ, Ltd. 313385AN6 FEDERAL HOME LOAN BANKS 313385AV8 FEDERAL HOME LOAN BANKS 69511282 PacifiCorp 02360RP95 Ameren Corporation 74005HQ13 Praxair, Inc. 711121PA6 The Peoples Gas Light And Coke Company 02360RRA0 Ameren Corporation 57708LPE2 Mattel, Inc. 459053DD3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 399,996.00 599,994.00 349,989.50 499,985.00 399,976.00 324,964.25 299,952.00 999,960.00 499,945.00 299,946.00 199,909.28 199,909.56 349,898.65 349,694.82 99,972.56 274,967.00 274,951.88 199,937.89 199,880.00 144,928.23 224,921.25 249,918.75 249,913.89 249,907.29 199,828.89 249,895.77 (199,950.00) (99,955.58) (400,000.00) (600 000.00) (350 000.00) (100,000.00) (500,000.00) (275,000.00) (400,000.00) (275,000.00) (325,000.00) (200,000.00) (300,000.00) (145,000.00) (1,000 000.00) (500,000.00) (300,000.00) (225,000.00) (250,000.00) (250,000.00) (250,000.00) (250,000.00) 354,894.39 - (355,000.00) 14.83 15.78 16.44 18.00 20.27 21.29 24.31 (10.83) 6.94 12.00 (12.00) 11.08 17.89 (13.81) 199,932.00 199,938.00 349,930.00 349,734.00 27.44 30.90 33.00 39.55 48.12 48.75 62.11 68.00 70.00 71.77 72.22 74.17 76.00 78.75 (15.90) (15.55) (13.00) (20.00) (32.22) (19.17) (22.00) 81.25 (4.70) 86.11 92.71 103.89 104.23 105.61 8.50 99,981.00 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 34108ARR0 Florida Power & Light Company 63743CQP1 National Rural Utilities Cooperative Finance Corpo 199,756.33 - - - - 107.67 249,890.00 - (250,000.00) 27 110.00 18.00 199,882.00 Page 10 of 31 M- erside County Tromp/Wiwi Corn*6ari STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2017 Source Base Base Change In Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued I ',tion Market Value Base Purchases Base Sales Redem i tions Base Pavdmms Gain/Loss ccretion Gain/Loss Market Value Income Balance 25635000 LC -Project ject Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr jeer Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr ject Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr jecl Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr jest Fund -2 Senior Lien 256350001 LC -Pr jeer Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC-P of Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 L C-Pr ject Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr ject Fund-2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr jest Fund -2 Senior Lien 256350001 LC -Project Fund-2 Senior Lien 256350001 LC -Pr ject Fund-2 Senior Lien 256350001 LC -Pr jec[Fund-2 Senior Lien 256350001 LC -Pr jecl Fund-2 Senior Lien 256350001 LC -Pr jeer 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 -Pr jest Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Protect Fund-2 Senior Lien 256350001 LC -Pr jest Fund-2 Senior Lien 256350001 LC -Pr jec[Fund-2 Senior Lien 06538BPE7 The B of Tokyo -Mitsubishi UFJ, Ltd 4497 W0Q19 ING (U.S.) Funding LLC 313385DD5 FEDERAL HOME LOAN BANKS 43357LPN6 Hitachi Capital America Corp 313385CW4 FEDERAL HOME LOAN BANKS 69372APN6 PACCAR Financial Corp. 870301R1-14 Aktiebolaget Svensk Exportkredit 22533TPH3 Credit Agricole Corporate and Investment Bank 93884EQ65 Washington Gas Light Company 83700ER42 South Caoolina Electric & Gas Company 313313DY1 FEDERAL FARM CREDIT BANKS 9I2796QG7 UNITED STATES TREASURY 313385CU8 FEDERAL HOME LOAN BANKS 02665JPM6 American Honda Finance Corporation 313385CW4 FEDERAL HOME LOAN BANKS 3385DP8 FEDERAL HOME LOAN BANKS 06538BQH9 The Bank of Tokyo -Mitsubishi UFJ 3385CU8 FEDERAL HOME LOAN BANKS 34108AQE0 Florida Power & Light Company 83700EQ35 South Carolina Electric & Gas Company 3135891M9 FEDERAL NATIONAL MORTGAGE ASSOCIATION 63743CPU7 National Rural Utilities Cooperative Finance Corpo 38480JQL4 W. W. Grainger, Inc 09659BPQ7 BNP Parib 927807Q61 Virginia Electric and Power Comp 638737RC6 Nat 249,888.89 249,883.40 354,883.19 249,881.11 299,876.75 249,872.50 199,790.00 274,869.99 249,869.72 199,831.11 240,853.79 499,866.67 349,866.13 274,859.75 299,858.67 299,858.38 249,854.17 329,852.33 249,850.28 249,848.27 274,847.22 249,835.00 249,832.08 (250,000.00) (250,000.00) (355,000.00) (250,000.00) (300,000.00) (250,000.00) (275,000.00) 250,000.00 99,953.3 111.11 116.60 116.81 118.89 123.25 127.50 130.00 4.00 199,924.00 130.01 130.28 500,000.00) 350,000.00 (9.73) 13195 132.28 33.33 133.87 4.29 240,990.36 (275,000.00) (300,000.00) (300,000.00) (250,000.00) (330,000.00) (250,000.00) (250,000.00) (275,000.00) (250,000.00) (250,000.00) 140.25 141.33 41.62 145.83 47.67 149.72 151.73 152.78 65.00 167.92 249,827.78 - (250,000.00) - - 172.22 249,821.11 - (250,000.00) - - 178.89 912796QG7 UNITED STATES TREASURY 313385DL7 FEDERAL HOME LOAN BANKS 4912DRH4 Caterpillar Financial Services Corporation 74433GNB8 Prudential Funding LLC 23336GP62 DTE Electric Company 43357LP30 Hitachi Capital America Corp 92780E162 Virginia Electric and Power Company 46640PQW6 J.P. Morgan Securities LLC 83700EP85 South Carolina Electric & Gas Company 06538BNH2 The Bank of Tokyo -Mitsubishi UFJ, Ltd 22533TNH5 Credit Agricole Corporate and Investment Bank 638731NH9 Nat 46640PNL3 J.P. Morgan Securities LLC 4912DPM5 Caterpillaz Financial Services Corporation 99,768.61 - - - - 179.45 399,804.50 - (400,000.00) - - 195.50 299,803.13 - (300,000.00) - - 196.87 99,718.00 198.44 3.94 199,952.00 7.56 199,924.00 999,840.00 - - (1,000,000J10) - - 20833 (48.33) 999,720.00 999,720.00 999,720.00 809,724.60 799,744.89 - (800,000.00) - - 255.11 799,738.45 - (800,000.00) 799,735.55 - (800,000.00) 249,730.83 - (250,000.00) 799,680.00 - (800,000.00) (1,000,000.00) 799,432.89 (1,000,000.00) (1,000,000.00) (810,000.00) (800,000.00) 261.55 264.45 269.17 320.00 377.78 386.67 400.00 410.40 567.11 (97.78) (106.67) (120.00) (135.00) 9,845,874.56 40,897,375.91 (22,972,060.57) (23,810,000.00) (14.42) 9,589.61 (598.74) 3,970,166.35 10,070.84 256350004 LC-PF-2 Sales Tax Revenue Bond 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 57.12 0.02 57.14 256350005 LC -Pr jec[ Fund -Toll 2 256350005 LC -Project Fund-Toll2 956156965 IC ect Dmd-Toll 2 202795HU7 COMMONWEALTH EDISON CO 912828KD1 UNITED STATES TREASURY 48121CY. JPMORGANCHASF RANK NA 267,778.05 721,987.00 957 995 00 (2,909.06) (2,681.50) (240/ 941 251.96 301.50 1155 961 265,120.95 719,607.00 955 237.56 657.33 2,392.96 7 506 06 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund-Toll2 912828KD1 UNITED STATES TREASURY 61747YDT9 MORGAN STANLEY 644,631.25 (2,385.89) 260.89 642,506.25 2,136.57 302,259.00 - - (300,000.00) - - (2,362.03) 103.03 209111ET6 CONSOLIDATED EDISON COMPANY OF NEW YORK INC 231,530.20 912828VK3 UNITED STATES TREASURY 1,959,145.50 (2,313.19) (54.01) 229,163.00 6,435.00 (2,169.19) (1,340.81) 1,955,635.50 6,740.16 256350005 LC -Project Fund-Toll2 898371AG1 TRUSTEES OF PRINCETON UNIVERSITY 186,796.75 (1,286.61) 212.11 185,722.25 721.88 256350005 LC -Project Fund -Toll 2 256350005 L C-Pr jest Fund-Toll2 256150005 LC-Proiect Fund -Toll 2 912828KD1 3138ELY64 912828KD1 UNITED STATES TREASURY FN AL4332 UNITED STATES TREASURY 319,737.10 218,069.05 709.42'7 00 (15,219.18) (1,427.97) (1,116.83) (1,058.09) (1.051.791 62.83 712.71 31.79 318,683.10 201,076.52 309 4010(1 1,059.74 931.74 1025.55 256350005 LC -Project ject Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 3133XY2H7 FEDERAL HOME LOAN BANKS 912828B58 UNITED STATES TREASURY 26442CAD6 DUKE ENERGY CAROLINAS LLC 891145W59 TORONTO DOMINION BANK 3137AH6Q6 MIMS K704 A2 219,303.54 709,324.00 121,222.32 453,582.00 473,993.84 707 328.12) (472,023.88) (12,L99.85) (1,509.44) (43.71) (1,030.82) (12,832.73_1 (1,027.16) - (1000.44) (92127) (2,340.98) (867.84) (91.94) 205,937.22 11,864.02 - (156.08) 120 065.80 41727 453,078.00 2,748.30 182.31 2,727.93 168.75 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 13063BFU7 CALIFORNIA ST 80851QDA9 CHARLES SCHWAB CORPORATION (THE) 115,193.40 67,171.00 ( 4,348.15) (831.71) (821.56) 20.82 (57.89) 66,291.55 345.31 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 89837L.AA3 TRUSTEES OF PRINCETON UNIVERSITY 94974BGR5 WELLS FARGO & CO 85,392.80 440,501.60 (441,368.40) (666.21) 175.01 84,901.60 330.00 (9,940.10) (655.45) 11,46235 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 780082AA1 ROYAL BANK OF CANADA 912828858 UNITED STATES TREASURY 671,679.00 430,661.00 (429,449.22) (600.83) 594.08 671,672.25 1,968.75 (4,931.06) (476.22) 4,195.49 256350005 LC -Project Fund -Toll 2 05531FAQ6 BB&T CORP 201,558.00 (455.53) 265.53 201,368.00 750.00 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 25675ann5 IC_prniect Fond -Toll 2 911591IHD5 U.S. BANCORP 037833BR0 APPLE INC 91159{iF1D5 11 S. RANCORP 300,429.00 304,143.00 276157.56 (447.93) (40295) 117_5_421 45.93 804.95 4842 300,027.00 304,545.00 950 1127 511 1,870.00 577.64 155P 31 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 69353RET1 PNC BANK NA 69353RET7 PNC BANK NA 300,546.00 300,546.00 (354.99) 114.99 300,306.00 2,190.00 (34994) 109.94 300,306.00 2,190.00 256350005 LC -Project Fund-Toll2 256350905 LC -Project Fund -Toll 2 0258MODZ9 AMERICAN EXPRESS CREDIT CORP 6174467V5 MORGAN STANLEY 300,435.00 243,523.27 (243,619.67) (321.49) 399.49 300,513.00 2,281.25 1,058.89 (308.25) (654.24) 256350005 LC -Project Fund-Toll2 46625HJF8 JPMORGAN CHASE & CO 266,733.10 (308.04) 167.59 266,592.65 941.49 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 27675a n15 1C_prniectDmd-To112 74256LAT6 46849LSL6 R9114ORF4 PRINCIPAL LIFE GLOBAL FUNDING ❑ JACKSON NATIONAL LIFE GLOBAL FUNDING TORONTO-DOMINION RANK 361,454.40 300,621.00 ant 2611.00 (298.11) (297.40) r2s7 441 (0.69) 258.40 21144 361,155.60 300,582.00 464./01100 481.91 2,593.75 1491 37 256350005 LC -Project Fund-Toll2 13063BFU1 CALIFORNIA ST 38,397.80 (38,116.05) (87.01) (284.29) 89.56 256350005 LC -Project Fund -Toll 2 780082AA1 ROYAL BANK OF CANADA 313,45020 28 (272.49) 269.34 313,447.05 918.75 Page 11 of 31 M- erside County Trompo/91k n Cornni bars IMMM STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2017 Source Account Account 256350005 LC -Project ject Fund -Toll 2 Identifier Description 46849LSL6 JACKSON NATIONAL LIFE GLOBAL FUNDING 256350005 LC -Project Fund-Toll2 38147MAA3 GOLDMAN SACHS GROUP INC 256350005 LC -Project Fund-Toll2 36159LBW5 GEDFT 122A Beginning Base Market Value Base Purchases 200,414.00 - Base Sales 101.381.00 200,230.00 Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued Redemptions Base Pavdonns Gain/Loss ccretion Gain/Loss Market Value Income Balance (269.27) 243.27 200,388.00 1,729.17 (244.05) 158.05 101,295.00 580.00 (234.37) 70.37 200,066.00 115.22 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund-Toll2 256350005 LC-Proiect Fund-To112 05531FAP8 063679ZT4 912828UF5 BB&T CORP BANK OF MONTREAL UNITED STATES TREASURY 261,443.00 300,183.00 643.675.50 (300 000.00) (231.68) (226.12) (214.911 730.88 43.12 955.91 261,942.20 644.416.50 244.48 1-83823 256350005 LC -Project ject Fund-Toll2 3137A85H7 FHR 3820F G7 256350005 LC -Project Fund -Toll 2 949887569 WELLS FARGO BANK NA 256350005 LC -Project Fund-Toll2 912828VK3 UNITED STATES TREASURY 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund-Toll2 912828VK3 UNITED STATES TREASURY 912828VK3 UNITED STATES TREASURY 115,813.16 (8,243.20) (333.05) (201.45) 137.42 107,172.88 302.90 251,217.50 - - - - - (191.89) 246.89 251,272.50 841.13 130,609.70 130,609.70 130,609.70 (190.30) (43.70) 130,375.70 449.34 (188.45) (187.53) (4555) 130,375.70 (46.47) 130,375.70 449.34 449.34 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund-Toll2 256350005 LC-Proiecl Fund-To112 36159LBW5 31394GH22 912828VK3 GEDFT 122 A FHR 2649G KA UNITED STATES TREASURY 300,345.00 54,703.99 135 633.15 (40 698.23) (13,553.62) (169.23) (353.64) (149.37) /139.101 (76.77) 50.87 003901 300,099.00 135390.15 172.83 466.63 256350005 LC -Project Fund-Toll2 3136A2HB2 FNR I1111B PC 256350005 LC -Project Fund -Toll 2 59217GAY5 METROPOLITAN LIFE GLOBAL FUNDING I 256350005 LC -Project Fund-Toll2 74153WCE7 PRICOA GLOBAL FUNDINGI 256350005 LC -Project Fund -Toll 2 2077271.59 CONNECTICUT ST 516,373.36 - (495,429.99) - (22,290.99) (11,711.19) (137.18) 13,196.00 250,040.00 200,104.00 131,433.90 (131,206.40) 0.01 (118.65) (358.85) 249,562.50 843.75 (112.39) (281.61) 199,710.00 322.50 (801.53) (11131) 68534 256350005 LC -Project Fund-Toll2 47787UAD5 JDOT 15 A3 505,126.25 (51,350.45) (35.63) (105.53) (103.05) 453,531.59 266.14 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund-Toll2 256350005 LC-Proiect Fund -Toll 2 46623EKD0 58769AAD8 58769AAD8 1PMORGAN CHASE & CO MBALT 15B A3 MBALT 15B A3 249,977.50 175,133.00 170, 129.20 (104.91) (103.81) (100.851 182.41 (27.44) (26.651 250,055.00 175,001.75 170.001.70 354.17 104.22 101.24 256350005 LC -Project ject Fund-Toll2 912828UF5 UNITED STATES TREASURY 256350005 LC -Project Fund-Toll2 298785GK6 EUROPEAN INVESTMENT BANK 767,459.25 274,818.50 (84.87) 968.37 768,342.75 2,191.73 (84.05) 262.80 274,997.25 1,089.50 256350005 LC -Project Fund-Toll2 3137A1LC5 FFIR 3710F AB 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund-Toll2 31677QAV 1 FIFTH THIRD BANK 55279HAH3 MANUFACTURERS AND TRADERS TRUST CO 62,254.43 399,088.00 300,231.00 (8,772.16) (98.44) (82.83) 2.94 53,303.95 88.44 (82.54) (66.47) 574.54 399,580.00 57.47 300,222.00 531.67 735.84 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC-Proiec[ Fund-To112 161571GQ1 912828UR9 9498875E3 CHAR 147 A UNITED STATES TREASURY WELLS FARGO BANK NA 120,104.40 563,677.90 255.851.70 (6293) (6139) (60511 14.93 (204.16) 889.26 120,056.40 563,412.35 256.680.45 73.60 368.48 421.77 256350005 LC -Project ject Fund -Toll 2 912828UR9 UNITED STATES TREASURY 256350005 LC -Project Fund-Toll2 62888WAA4 NGN 10R3 lA 478,876.80 (57.94) (167.66) 478651.20 273,892.30 - (261,673.58) - (11,163.16) (1,258.49) (53.52) 256.46 313.04 256350005 LC -Project Fund -Toll 2 06367XF30 BANK OF MONTREAL 256350005 LC -Project Fund -Toll 2 298785GK6 EUROPEAN INVESTMENT BANK 256350005 LC -Project Fund -Toll 2 62888YAA0 NGN I1R1 NTS 256350005 LC -Project Fund -Toll 2 6174467V5 MORGAN STANLEY 486,685.00 299,802.00 180,730.10 70,73290 (70,760.90) (48.74) 1,293.74 487,930.00 2,576.39 (48.30) 243.30 299,997.00 1,188.54 (11,675.74) (37.30) (46.14) (17.76) 168,953.16 150.47 557.02 (4027) (488.75) 256350005 LC -Project Fund-Toll2 38378NNA7 GNR 13194 AB 458,746.79 (30 194.32) (189.53) (38.0 (885.75) 427,439.18 804.33 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256150005 IC-Prniect FnnA-Tn11 2 3133EECD0 62888WAA4 65A19WAC" FEDERAL FARM CREDIT BANKS FUNDING CORP NGN IOR3 IA NORTH CAROL MIA FASTN MINI PWR AGV RFV 500,325.00 202,883.18 15 971. R5 (193,832.29) (8,269.00) (868.59) (3773) (3598) (15 011 2.73 122.68 204.06 509,290.00 15 242 011 168.06 175.26 256350005 LC -Project Fund-Toll2 65819WAC7 NORTH CAROLINA EASTN MUN PWR AGY REV 256350005 LC -Project Fund -Toll 2 36225EUY6 G2 082398 256350005 LC -Project ject Fund -Toll 2 302154BL2 EXPORT IMPORT BANK OF KOREA 256350005 LC -Project Fund -Toll 2 302154BL2 EXPORT IMPORT BANK OF KOREA 256350005 LC -Project ject Fund-Toll2 43814KAC5 HAROT 151 A3 30,063.30 88,787.56 200,022.00 200,022.00 (200,000.00) (200,000.00) (25.55) 170.45 30,208.20 150.23 (76420) (20.48) (25.16) 195.34 88,173.05 151.30 (16.44) (5.56) (14.53) (7.47) 439,904.32 - - - (116,747.18) (10.17) (6.92) (21.93) 323,118.13 150.93 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 55279HAA8 MANUFACTURERS AND TRADERS TRUST CO 05531FAP8 BB&T CORP 399,464.00 120,666.00 (2.16) (0.40) (37.84) 230.80 399,424.00 120,896.40 386.67 112.84 256350005 LC -Project Fund -Toll 2 60689LAC9 MMAF 13A A3 4,508.32 (4,508.71) (0.01) (0.07) 0.48 256350005 LC -Project ject Fund-Toll2 36225FGM5 G2082903 256350005 LC -Project Fund -Toll 2 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 256350005 LC -Project ject Fund-Toll2 256350005 LC -Project Fund -Toll 2 CCYUSD Cash CCYUSD Receivable 256350005 LC -Project ject Fund-Toll2 3137AH6B9 FILMS K015 Al 256350005 LC -Project Fund -Toll 2 3137AH6B9 FHMS K015 Al 256350005 LC -Project Fund-Toll2 912828C73 UNITED STATES TREASURY 256159005 LC-Proiect Fund -Toll 2 477877AD6 1110T 14R Al (0.00) 363,096.77 33,939,648.39 (34,007,416.73) 0.00 43,800.39 224.782.91 525,000.00 (0.00) 0.02 (0.02) 0.00 (0.00) NO.527.661 0.90 (0.00) 0.01 295,328.43 0.00 42.00 525,042.00 2,120.19 (53511 144.201.74 68.61 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-Toll2 49130TRY4 KENTUCKY HSG CORP HSG REV 58772PAC2 MBART 151 A2B 65819WAC7 NORTH CAROLINA EASTN MUN PWR AGY REV 937308AZ7 WBRP 3.2 WASHINGTON BIOMEDICAL RESH PPTYS WASH LEA 865622CB8 SUMITOMO MITSUI BANKING CORP 179,998.20 0.01 125,263.75 94,837.55 251,330.00 (180,000.00) 1.80 - (0.01) - 0.00 0.00 - - - 603.75 125,867.50 625.94 86.45 94,924.00 117.56 - - 955.00 252,285.00 995.50 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund-Toll2 89114QBF4 TORONTO-DOMINION BANK 949887589 WELLS FARGO BANK NA 126,025.00 251,217.50 287.50 126,312.50 444.18 55.00 251,272.50 841.13 256350005 LC -Project ject Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 55315FAB6 MMAF 16A A2 842434CN0 SOUTHERN CALIFORNIA GAS CO 65478QAD0 NALT 16A A3 0258MODZ9 AMERICAN EXPRESS CREDIT CORP 58769AAD8 MBALT 15B A3 275,099.00 250,187.50 155,106.95 150,217.50 255,193.80 (37 425:59) 0.16 0.15 0.63 0.95 1.11 1.36 (23.28) (185.63) (197.80) 37.89 (192.61) 237,650.44 250,002.50 154,910.10 150,256.50 255,002.55 146.77 1,140.97 102.64 1,140.63 151.87 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund-Toll2 256150005 LC-Proiect Fund-To112 3135GOZB2 FEDERAL NATIONAL MORTGAGE ASSOCIATION 477877AD6 JDOT 14B A3 5876/IMAM MBALT 16R A4 56,195.73 188.70R 00 1,399,990.20 (20,131.92) 4.29 1.70 1.95 1.98 (19.90) (19.62) 571.R2 1,399,972.00 36,050.43 1892RI RO 4,695.83 17.15 12836 256350005 LC -Project ject Fund -Toll 2 47787UAD5 JDOT 15 A3 256350005 LC -Project Fund -Toll 2 256350005 LC -Project ject Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 46849LSL6 JACKSON NATIONAL LIFE GLOBAL FUNDING 912828VA5 UNITED STATES TREASURY 912828TG5 UNITED STATES TREASURY 05582XAD4 BMWLT 162 A3 95,023.75 150,310.50 24,974.50 545,223.45 147,310.55 (147,580.08) (9,659.99) 1.70 4.95 (52.59) 85,317.82 262.55 6.40 (25.90) 150,291.00 6.98 9.67 10.13 (7.67) (2,053.88) 24,976.50 543,179.70 50.07 1,296.88 20.72 238.13 256350005 LC -Project Fund -Toll 2 313385AD8 FEDERAL HOME LOAN BANKS 299,997.00 (300,000.00) 10.25 (7.25) 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 46623EKD0 JPMORGAN CHASE & CO 912828VA5 UNITED STATES TREASURY 179,983.80 98,371.09 (98,386.72) 3.01 12.13 12.62 43.67 180,039.60 255.00 256350005 LC -Project Fund-Toll2 313397AD3 FEDERAL HOME LOAN MORTGAGE CORP 256350005 LC -Project Fund-Toll2 55315GAC2 MMAF 15A A3 449,995.50 33,693.49 29 (450,000.00) 16.87 (12.37) (6349.01) 19.37 17.77 (11.00) 27370.62 15.87 Page 12 of 31 M" nvde County Transported.% (ornnirt%ro IMMM STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2017 Base Base Change In Source Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued Account Account Identifier Description Market Value Base Purchases Base Sales Redemptions Base Pavdowns Gain/Loss ccretion Gain/Loss Market Value Income Balance 256350005 LC -Project Fund-Toll2 62944BBC7 BANK NEDERLANDSE GEMEENTEN NV 300,018.00 - - - - 18.82 (33.82) 300,003.00 674.12 256350005 LC -Project Fund-Toll2 91476PPG7 UNIVERSITY OKLA REVS 79,864.00 - (80,212.00) 542.26 20.82 (215.08) 256350005 LC -Project Fund-Toll2 65474VAL5 NMOTR 16A A2 223,575.75 - (222,811.52) (2,187.65) 21.29 1,402.13 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC-Proiect Fund -Toll 2 06538BR70 The Bank of Tokyo -Mitsubishi UFJ, Ltd. 955116AZI WEST PALM BEACH FLA SPL OBLIG 90290KAD7 USAOT 141 A4 229,277.80 337 406.77 1,099,811.78 (93.061.851 55.81 26.89 28.60 28.90 4033 528.00 (29321 1,099,879.00 229,834.40 244 400 30 1,265.00 102.12 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 22546QAM9 CREDIT SUISSE AG (NEW YORK BRANCH) 59217GAY5 METROPOLITAN LIFE GLOBAL FUNDING I 233851CF9 DAIMLER FINANCE NORTH AMERICA LLC 55315GAC2 _ MMAF 15A A3 74153 WCE7 PRICOA GLOBAL FUNDING I 300,231.00 300,048.00 364,035.60 237,779.79 300,156.00 44,805.90 47.19 33.62 34.43 45.15 45.93 55.67 (69.62) (607.43) 694.85 91.34 (646.67) 300,195.00 299,475.00 364,775.60 193,158.36 299,565.00 424.14 1,012.50 1,325.83 112.00 483.75 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 2561611006 LC -Project Fund -Toll 2 912828UA6 46623EKD0 71112IN42 UNITED STATES TREASURY JPMORGAN CHASE & CO The Peoolee Gaa Light And Coke C 119,719.20 299,973.00 724.9% 60 (725.000.OM 60.73 62.98 64.04 (60.73) 30.02 (49.541 119,719.20 300,066.00 251.37 425.00 256350005 LC -Project Fund-Toll2 34108APD3 Florida Power & Light Company 256350005 LC -Project Fund -Toll 2 38378BR35 GNR 12142 AB 318,558.99 249,931.39 (250,000.00) (17,132.88) 374.55 68.61 71.15 2,813.11 304,684.92 346.82 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 912828UA6 UNITED STATES TREASURY 912828UA6 UNITED STATES TREASURY 798,128.00 169,602.20 82.94 83.26 (82.94) (83.26) 798,128.00 169,602.20 1,675.82 356.11 256350005 LC -Project Fund -Toll 2 06050TLY6 BANK OF AMERICA NA 300,279.00 92.21 (254.21) 300,117.00 68.75 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 62944BBC7 BANK NEDERLANDSE GEMEENTEN NV 161571FK5 CHAIT 124 A 36159LCR5 GEDFT 151 A 275,016.50 149,020.50 110,162.80 106.72 110.44 114.55 (120.47) 282.56 (136.55) 275,002.75 149,413.50 110,140.80 617.94 105.33 54.21 256350005 LC -Project Fund -Toll 2 22546QAM9 CREDIT SUISSE AG (NEW YORK BRANCH) 256350005 LC -Project Fund -Toll 2 83700ERQ3 South Carolina Electric & Gas Company 256350005 LC -Project Fund-Toll2 912796KT5 UNITED STATES TREASURY 256350005 LC -Project Fund -Toll 2 313385EN2 FEDERAL HOME LOAN BANKS 256350005 LC -Pr jest Fund-Toll2 43357LRC8 Hitachi Capital America Corp. 256350005 LC -Project Fund -Toll 2 06050TKX9 BANK OF AMERICA, N.A. 255,196.35 249,862.50 1,298,791.00 (1,298,890.67) 1,999,092.78 2,074,061.64 1,299,350.00 129.70 (34.66) 134.33 157.78 (160.30) 255,165.75 170.58 173.33 (250,017.50) 209.10 69.44 1,999,320.00 124.53 2,074,356.75 164.67 1,299,688.00 176.00 (230.10) 360.52 256350005 LC -Project Fund-Toll2 912828UA6 UNITED STATES TREASURY 256350005 LC -Project Fund -Toll 2 55279HAH3 MANUFACTURERS AND TRADERS TRUST CO 374,122.50 250,192.50 179.07 (179.07) 374,122.50 785.54 186.14 (193.64) 250,185.00 613.20 256350005 LC -Project Fund -Toll 2 912828UF5 UNITED STATES TREASURY 256350005 LC -Project Fund -Toll 2 71112JPA6 The Peoples Gas Light And Coke Company 2,327,134.50 233.28 2,445.72 2,329,813.50 6,645.89 1,449,751.89 - (1,450,000.00) - 0.00 248.11 256350005 LC -Project Fund-Toll2 02582JGG9 AMXCA 132 A 256350005 LC -Project Fund -Toll 2 06538BN58 The Bank of Tokyo -Mitsubishi UFJ, Ltd. 256350005 LC -Project Fund-Toll2 93884ER72 Washington Gas Light Company 256350005 LC -Project Fund -Toll 2 06050TKX9 BANK OF AMERICA, N.A. 300,921.00 248.52 132.48 301,302.00 188.73 3,499,860.00 - - (3,509,000.00) - (0.00) 252.78 (112.78) 599,640.00 254,859.75 - (255,017.85) 406.71 270.00 24.00 599,934.00 357.21 (605.81) 256350005 LC -Project Fund-Toll2 34108AQM2 Florida Power & Light Company 599,640.00 - (600,000.00) 360.00 256350005 LC -Project Fund -Toll 2 161571HB3 CHAIT 161 A 256350005 LC -Project Fund-Toll2 89352HAP4 TRANSCANADA PIPELINES LTD 256350005 LC -Project Fund -Toll 2 63743CQP1 National Rural Utilities Cooperative Finance Corpo 256350005 LC -Project Fund-Toll2 4497W0Q19 ING(U.S.) Funding LLC 256350005 LC -Project Fund -Toll 2 912828UR9 UNITED STATES TREASURY 256350005 LC -Project Fund -Toll 2 06538BQH9 The Bank of Tokyo -Mitsubishi UFJ, Ltd. 256350005 LC -Project Fund -Toll 2 34108ARR0 Florida Power & Light Company 501,560.00 150,585.00 1,701,010.30 999,560.00 999,533.61 999,416.67 1,098,659.84 (1,000,000.00) (1,000,000.00) (1,000,000.00) 402.65 797.35 502,760.00 312.19 420.36 (310.86) 150,694.50 595.10 440.00 466.39 527.82 (1,329.17) 1,700,20895 1,11196 583.33 592.16 99.00 1,099,351.00 256350005 LC -Project Fund-Toll2 912828TG5 UNITED STATES TREASURY 874,107.50 605.64 (535.64) 874,177.50 725.14 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 43357LPN6 Hitachi Capital America Corp. 83700EP85 South Carolina Electric & Gas Company 1,299,381.77 1,824,270.00 (1,300,000.00) (1,825,000.00) 618.23 730.00 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 23336GP62 DTE Electric Company 87030JRH4 Aktiebolaget Svensk Exportkredit 43357LP30 Hitachi Capital America Corp. 63873JRC6 Natixis 927801Q61 Virginia Electric and Power Company 2,599,170.89 1,298,635.00 2,599,149.96 1,098,727.37 1,448,962.44 (2,600,000.00) (2,600,000.00) (1,450,000.00) (0.00) (0.00) 829.11 845.00 850.04 986.94 1,037.56 26.00 21.69 1,299,506.00 1,099,736.00 256350005 LC -Project Fund -Toll 2 256350005 LC -Project Fund-Toll2 912828UA6 UNITED STATES TREASURY 83700EQA9 South Carolina Electric & Gas Company 1,995,320.00 1,448,906.06 (1,450,000.00) 1,048.75 1,093.94 (1,048.75) 1,995,320.00 4,189.56 256350005 LC -Project Fund -Toll 2 256350005 LC -Pr jea Fund-Toll2 14912DQE2 Caterpillar Financial Services Corporation 43357L.ND0 Hitachi Capital America Corp. 256350005 LC -Project Fund -Toll 2 83700ENK0 South Carolina Electric & Gas Company 256350005 LC -Project Fund-Toll2 912828K33 UNITED STATES TREASURY 1,448,865.78 3,499,300.00 3,099,008.00 990,768.73 (1,450,000.00) (3,500,000.00) (3,100,000.00) 1,134.22 1,306.66 (606.66) 0.00 1,550.01 (558.01) 3,568.93 5,288.81 999,626.47 568.24 57,773,137.20 65,943,630.10 (40,000,187.95) (30,730,000.00) (625,555.98) (46,035.70) (15,%5.32) 60,461.26 52,315,683.21 115,939.73 256350022 LC -Sr Lien Ob Fund-1 Interest 48121CYK6 JPMORGAN CHASE BANK NA 256350022 LC -Sr Lien Ob Fund-1 Interest 02580ECC5 AMERICAN EXPRESS BANK LTD. 309,594.00 257,727.50 (2,506.93) 2,321.21) (802.07) (441.29) 306,285.00 254,965.00 9,000.00 750.00 256350022 LC -Sr Lien Ob Fund-1 Interest 891145TN4 TORONTO DOMINION BANK 256350922 LC -Sr Lien Ob Fund-1 Interest 89236TAY1 TOYOTA MOTOR CREDIT CORP 700,546.00 502,960.00 (700 000.00) (788.46) (434.39) 242.46 (55.60 502,470.00 4,361.11 256350022 LC -Sr Lien Ob Fund -I Interest 31393V2T7 FHR 2627E GY 25635%22 LC -Sr Lien Ob Fund-1 Interest 166764AE0 CHEVRON CORP 66,800.36 300,918.00 (15,794.62) (283.80) (319.64) (156.93) 130.03 201.93 50,532.34 300,963.00 185.52 1,388.72 256350022 LC -Sr Lien Ob Fund -I Interest 78011DAC8 ROYAL BANK OF CANADA 699,062.00 (82.64) 887.64 699,867.00 280.00 256350/)22 LC -Sr Lien Ob Fund-1 Interest 31385ILF3 FN 545826 256350022 LC -Sr Lien Ob Fund -I Interest 31393EXC8 FNR 0388E TH 20,950.74 13,460.12 (13,519.50) (3,239.77) 510133) (60.19) (52.94) (51.64) 47.89 6.74 7,324.86 10,115.26 36.56 37.04 25635%22 LC -Sr Lien Ob Fund-1 Interest 3136A4M89 FN 12M3B 2Al 138,914.38 (48,705.75) (71.08) (39.39) (213.24) 89,884.93 144.70 256350022 LC -Sr Lien Ob Fund-1 Interest 31402RBG3 FN 735439 256350922 LC -Sr Lien Ob Fund-1 Interest 31402RBG3 FN 735439 256350022 LC -Sr Lien Ob Fund -I Interest 912828K41 UNITED STATES TREASURY 256350022 LC -Sr Lien Ob Fund-1 Interest 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 16,794.06 1,306.93 200,068.00 54,212.93 5,178,402.84 (5,174,875.44) (5,095.98) (396.57) (163.36) (14.17) (11.48) (1.00) 9.14 11,529.69 (0.62) 897.25 56.28 4.38 (0.25) (53.75) 200,014.00 233.65 57,740.33 256350022 LC -Sr Lien Ob Fund -I Interest CCYUSD Receivable 954,156.25 256350022 LC -Sr Lien Ob Fund-1 Interest 235219/52 DALLAS TEX 650,403.00 (650,000.00) 256350022 LC -Sr Lien Ob Fund-1 Interest 3135GOZB2 FEDERAL NATIONAL MORTGAGE ASSOCIATION 324,997.73 256350022 LC -Sr Lien Ob Fund-1 Interest 313385EN2 FEDERAL HOME LOAN BANKS 149,932.17 (403.00) 0.39 (4.62) 324,993.50 1,090.10 12.33 9.00 149,953.50 256350022 LC -Sr Lien Ob Fund-1 Interest 912796JP5 UNITED STATES TREASURY 474,724.77 19.66 22.82 474,767.25 256350022 LC -Sr Lien Ob Fund-1 Interest 912796KT5 UNITED STATES TREASURY 299,863.92 23.67 10.41 299,898.00 30 Page 13 of 31 M- n-i6 (ounry Tromp -Few (ornlliision iMMM STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2017 Source Account Account Identifier Description 256350022 LC -Sr Lien Ob Fund-1 Interest 43357LRC8 Hitachi Capital America Corp. Base Base Change In Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued Market Value Base Purchases Base Sales Redemptions Base Pavdowns Gain/Loss ccretion Gain/Loss Market Value Income Balance 199,900.00 - - - 26.67 256350022 LC -Sr Lien Ob Fund-1 Interest 30231GAL6 EXXON MOBIL CORP 419.89920 256350022 LC -Sr Lien Ob Fund -I Interest stem ar Financial Services Corporation - 199,920.56 • 43.04 (27824) 419,664.00 67.22 12.22 200,000.00 380.63 256350022 256350022 LC -Sr Lien Ob Fund -I lntere 256350022 LC -Sr Lien Ob Fund Intere 256350022 LC -Sr Lien Ob Fund Intere LC -Sr Lien Ob Fund Intere 92780JP62 Virginia Electric and Power Company 43357LND0 Hitachi Capital America Co. 459053DD3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOP 695111P82 PaciSCorp 256350022 LC -Sr Lien Ob Fund Interest 93884EQG3 Washington Gas Light Company 256350022 LC -Sr Lien Ob Fund -I Interest 61979JR33 Motiva Enterprises LLC 256350022 LC -Sr Lien Ob Fund-1 Interest 34108ARR0 Florida Power & Light Company 256350022 LC -Sr Lien Ob Fund-1 Interest 83700ER75 South Carolina Electric & Gas Company 256350022 LC -Sr Lien Ob Fund-1 Interest 313385DP8 FEDERAL HOME LOAN BANKS 256350022 LC -Sr Lien Ob Fund-1 Interest 43357LPN6 Hitachi Capital America Corp. 256350022 LC -Sr Lien Ob Fund-t [mere 87030JRH4 Aktiebolaget Sven Exportkredi 256350022 LC -Sr Lien Ob Fund-1 Interest 06538BPE7 The Bank of Tokyo -Mitsubishi UPS, Ltd 256350022 LC -Sr Lien Ob Fund-1 Interest 34108AQE0 Florida Power & Light Company 256350022 LC -Sr Lien Ob Fund-1 Interest 06538BQH9 The Bank of Tokyo -Mitsubishi UFJ, Ltd 256350022 LC -Sr Lien Ob Fund-1 Interest 912828/84 UNITED STATES TREASURY 99,960.00 98,954.00 224,930.12 259,922.65 249,912.50 249,903.75 199,880.00 199,756.33 199,842.83 249,881.98 249,881.11 199,790.00 299,866.67 249,866.32 249,854.17 (225,000.00) (200 000.00) (260,000.00) (250,000.00) (250,000.00) (250,000.00) (250,000.00) (300,000.00) (250,000.00) (250,000.00) 69.88 74.67 77.35 87.50 (34.67) 96.25 106.67 07.67 3.33 8.00 200,000.00 99,882.00 116.17 19.00 199,978.00 118.02 118.89 30.00 4.00 199,924.00 133.33 33.68 145.83 51.51 26.49 199.132.00 7.5 256350022 LC -Sr Lien Ob Fund -I Interest 912828UZ1 UNITED STATES TREASURY 99,024.00 161.50 (223.50) 198,962.00 524.86 256350022 LC -Sr Lien Ob Fund-t Interest 09659BPQ7 BNP Parib 249,827.78 99,768.61 74.R1139 256350022 LC -Sr Lien Ob Fund -I Interest 638737RC6 Natixis 256150922 Ir Lien Oh Fund Inte,st. R3700EO68 South Carolina Electric &Gas Comoanv (250,000.00) 72.22 (175.MO 001 179.45 3.94 199,952.00 88.61 256350022 LC -Sr Lien Ob Fund -I Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund -I Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-1 Interest 256350022 LC -Sr Lien Ob Fund-t Interest 14912DQL6 Caterpillar Financial Services Corporation 46625H1L5 JPMORGAN CHASE & CO 3137ASNH3 FHMS K019 AI 94974BGF1 WELLS FARGO & CO 912828UA6 UNITED STATES TREASURY 05565QCC0 BP CAPITAL MARKETS PLC 499,360.00 285,290.55 597,168.00 199,532.00 299,829.00 249,810.56 (250,000.00) 189.44 208.07 (14,815.96) 221.92 232.74 266.10 324.03 461.27 276.93 (1,255.70) 3,831.90 (324.03) (56627) 499,845.00 269,673.55 601,266.00 199,532.00 299,724.00 3,069.44 332.41 2,185.83 418.96 1,661.46 8,0%,107.02 10,785,248.76 (5,174,875.44) (4,510,000.00) (101,568.15) (469.30) (3,955.48) (871.70) 8,135,459.46 27,711.65 256350023 LC -Sr Lien Reserve Fund-1 3138EJPZ5 FN AL2239 256350023 LC -Sr Lien Reserve Fund-1 31381Q6B7 FN 468066 348,010.33 205,743.12 (1,863.72) (106.97) (1,065.90) (1,421.93) 343,551.81 858.37 (808.64) (78.77) (1,029.19) 0,003.80) 202,822.73 700.60 256350023 LC -Sr Lien Reserve Fund-1 31413XVG5 FN 958815 256350023 LC -Sr Lien Reserve Fund-1 9I2828XB I UNITED STATES TREASURY 203,028.00 1,176,372.00 (981.06) 635.06 202,682.00 776.03 (737.65) 6,269.65 1,181,904.00 9,650.55 256350023 LC -Sr Lien Reserve Fund-1 912828RC6 UNITED STATES TREASURY 256350023 LC -Sr Lien Reserve Fund-1 3137BIU75 FHMS KS01 A2 479,507.75 380,364.80 (731.06) 1,828.31 480,605.00 1,254.75 (651.88) 3,437.28 383,150.20 798.63 256350023 LC -Sr Lien Reserve Fund-1 912828E58 UNITED STATES TREASURY 739,723.60 (645.19) 900.69 739,979.10 2,571.13 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256150923 LC -Sr Lien Reserve Fund-1 31381PEB0 912828RC6 313R1T4E7 FN 466430 UNITED STATES TREASURY FN 470721 272,992.22 1,312,337.00 27R 705.16 (1,160.14) (1.567351 (37.14) (67 OH (568.65) (561.14) (557.601 (2,257.18) 3,564.14 1.062.00 268,969.10 1,315,340.00 277.575.17 751.97 3,434.05 626.72 256350023 LC -Sr Lien Reserve Fund-1 912828E58 UNITED STATES TREASURY 256350023 LC -Sr Lien Reserve Fund-1 3I36A7MN9 FN 12M8 A2 506,660.00 296,244.00 (535.75) 710.75 506,835.00 1,761.05 (382.46) (529.54) 295,332.00 587.35 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 FEDERAL HOME LOAN MORTGAGE CORP 256350023 LC -Sr Lien Reserve Fund-t 912828V V9 UNITED STATES TREASURY 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 FEDERAL HOME LOAN MORTGAGE CORP 203,282.00 152,425.50 203,282.00 (335.47) 669.47 203,616.00 1,029.17 (261.93) (255.52) 197.43 152,361.00 589.52 203,616.00 277.17 1,029.17 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3I38L76A9 FN AM7164 912828E58 UNITED STATES TREASURY 126,515.00 101,332.00 (241.14) (239.05) 31.14 274.05 126,305.00 101,367.00 278.78 352.21 256350023 LC -Sr Lien Reserve Fund-1 38380AZ34 GNR 16147C DA 256350023 LC -Sr Lien Reserve Fund-1 3136AHAE0 FN 13M14 APT 256350023 LC -Sr Lien Reserve Fund-1 912828E58 UNITED STATES TREASURY 256350023 LC -Sr Lien Reserve Fund-1 36202F2H8 G2 005276 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 GNR 10162D PQ 232,715.73 146,931.40 178,787.83 - - (2,024.30) (55.36) (201.86) (1,753.52) 174,752.79 429.73 (19,642.45) (408.60) (185.91) 3,172.11 215,650.88 455.34 (170.30) 221.05 146,982.15 510.70 245,184.80 - - - (11,760.63) (444.20) (156.49) 76.38 232,899.86 564.27 37,278.49 (5,155.33) (245.90) (153.12) 162.11 31,886.24 115.71 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256150023 LC -Sr Lien Reserve Fund-1 38376GB33 GNR 116 BA 912828E58 UNITED STATES TREASURY 3137611PE3 FHMS K021 A2 320,040.62 116,531.80 144.16412 (5,344.48) (124.20) (122.83) (10395) (97.211 666.20 144.20 174.97 315,115.30 116,572.05 144.442.0R 907.01 405.04 287.52 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 38376T5Z1 GNR 104A PD 912828VV9 UNITED STATES TREASURY 31417YKF3 FN MA0293 38378XP62 GNR 14166 PL 3137AJMF8 FHMS K016 A2 131,639.23 86,374.45 117,497.91 379,510.86 30,909.30 (6,566.59) 080.01) (9,299.49) (252.01) (389.79) (107.09) (97.02) (81.42) (64.05) (52.36) (44.50) (88.05) 44.87 (169.95) (808.27) 4.60 124,635.55 86,33790 109,794.11 369,243.66 30,869.40 303.81 157.07 383.12 781.27 74.19 256350023 LC -Sr Lien Reserve Fund-1 38377JZ89 GNR 10117A GK 256350023 LC -Sr Lien Reserve Fund-1 912828RC6 UNITED STATES TREASURY 100,772.46 201,664.06 (7,945.15) (167.63) (44.31) 3.78 92,619.16 263.15 (42.28) 738.22 202,360.00 528.31 256350023 LC -Sr Lien Reserve Fund-1 9128281358 UNITED STATES TREASURY 50,666.00 (41.86) 59.36 50,683.50 176.11 256350023 LC -Sr Lien Reserve Fund-1 3136A4M48 FN 12M3A IA1 256350023 LC -Sr Lien Reserve Fund-1 313927183 FNR 0317D HC 304,389.65 8,508.07 (13,659.30) (11.56) (31.49) (1,279.07) 289,408.23 507.82 (2,610.57) (33.51) (27.07) 52.90 5,889.82 24.06 256350023 LC -Sr Lien Reserve Fund-1 38378TAF7 GNR 1371A GA 256350023 LC -Sr Lien Reserve Fund-1 3138L3308 FN AM3498 194,903.36 100,184.00 (5,956.21) 3.90 (7.97) (112.67) 188,830.41 388.05 (6.22) (441.78) 99,736.00 173.08 256350023 LC -Sr Lien Reserve Fund-1 31385XBG1 FN 555439 2,427.62 (1,634.98) (11.18) (5.72) 5.10 780.85 3.90 256350023 LC -Sr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 256350023 LC -Sr Lien Reserve Fund-1 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 125,220.00 19,523.51 706,022.83 (630,146.05) (1.22) 246.22 125,465.00 247.19 95,400.29 256350023 LC -Sr Lien Reserve Fund-1 CCYUSD Receivable 1,432.76 256350023 LC -Sr Lien Reserve Fund-1 31404WTT3 FN 780962 256350023 LC -Sr Lien Reserve Fund-1 3128MMAK9 FH GI8009 0.01 0.01 (0.01) (0.01) 0.00 0.00 0.00 0.00 256350023 LC -Sr Lien Reserve Fund-1 38378KSL4 GNR 1374 AL 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 GNR 10166E GP 215,178.75 56,517.24 1.94 (1,021.19) 214,159.50 522.11 (2,588.57) (76.40) 2.02 (84.50) 53,769.80 13129 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 16,535.04 (1,156.73) 19.92 2.75 (33.71) 15,367.26 18.70 256350023 LC -Sr Lien Reserve Fund-1 3837867E3 GNR 1333 AC 62,702.42 - (63,075.75) - (278.19) (1,499.70) 5.65 2,145.57 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 GNR 13105 A 185,130.58 (1,909.83) 8.54 9.05 (562.04) 182,676.30 264.31 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 62,006.38 (4,337.74) 102.51 14.21 (158.13) 57,627.23 70.14 256350023 LC -Sr Lien Reserve Fund-1 38378KSL4 GNR 1374 AL 191,270.00 31 27.67 (933.67) 190,364.00 464.09 Page 14 of 31 M- nn& County TromporrvFan (ornninion IMMM STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2017 Source Account Account 256350023 LC -Sr Lien Reserve Fund-1 Identifier 38378B6A2 GNR 1312A AB Description 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 256350023 LC -Sr Lien Reserve Fund-1 38378B7E3 GNR 1333 AC Beginning Base Market Value Base Purchases 125,564.75 - Base Sales 95,354.94 209,008.07 Base Base Maturities and Net Total Realized Amortization/A Redemptions Base Pavdonns Gain/Loss ccretion (1,38439) 43.23 32.91 (110 50234) (571.755) 33.08 (210,252.52) - (927.32) (1,122.72) 35.88 Base Change In Net Unrealized Gain/Loss (602.79) Ending Base Market Value 123,653.72 Ending Accrued Income Balance (312 82) 84,001.11 195.98 264.31 3,258.61 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256150023 LC -Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 38378B7F0 GNR 1333 B 912828VA5 UNITED STATES TREASURY 94,195.41 193,102.00 158.13125 (4,31429) (66.62) 42.51 45.72 49.79 (240.68) (909.72) /206.641 89,61633 192,238.00 157.974.40 218.81 378.83 755.80 256350023 LC -Sr Lien Reserve Fund-1 912828VB3 UNITED STATES TREASURY 72,902.34 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund-1 8380AZ34 GNR 16147C DA 38379KDN5 GNR 1529 AD 8378KRS0 GNR 1378 AG 38378B7F0 GNR 1333 B 177,296.00 178,481.72 436,653.00 241,377.50 (179,372,14) 57.22 59.25 (5,832.52) 135.97 67.03 9.97 130.74 414.44 2,016.89 (775.20) (1,906.47) (1,210.74) 73,374.00 172,076.99 434,866.50 240,297.50 496.72 313.29 895.72 473.54 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256150023 LC -Sr Lien Reserve Fund-1 3138E10{IA EN AL3382 912828UF5 UNITED STATES TREASURY 3137EADR7 FEDERAL HOME LOAN MORTGAGE CORP 292,072.26 247,567.50 471.318.75 (173,332.03) 1,566.14 17.67 238.63 138.70 148.27 172.16 (1,097.78) (266.63) /252.911 289,564.70 74,355.75 471.23890 589.19 212.10 2.721.35 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137ASNH3 RIMS K019 AI 38378CRT6 GNR 1213E EG 285,290.55 84,824.97 (14,815.96) (5,570.50) 189.83 167.30 196.79 209.28 (1,187.66) (439.75) 269,673.55 79,191.31 332.41 133.38 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 3137AUPE3 FHMS K021 A2 3136A72D3 FN 12M9 A2 597,204.00 235,594.55 395,983.55 310.44 390.41 537.62 (142.44) (263.51) 1,480.83 597,372.00 235,721.45 398,002.00 2,475.00 469.22 816.99 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 FEDERAL HOME LOAN MORTGAGE CORP 912828WU0 UNITED STATES TREASURY 559.025.50 390,032.45 (176,530.75) 2,801.93 592.02 964.35 326.48 522.70 559.944.00 217,790.68 2,830.21 57.69 256350023 LC -Sr Lien Reserve Fund-1 9128281(33 UNITED STATES TREASURY 392,982.43 1,991.89 (384.92) 394,589.40 224.30 256350023 LC -Sr Lien Reserve Fund-1 912828VB3 UNITED STATES TREASURY 1,558,368.00 2,745.98 4,198.02 1,565,312.00 10,596.69 17,643,572.09 1,531,118.60 (1,253,337.10) (170,860.79) (2,231.51) (2,593.48) 18,234.08 17,762,469.12 61,547.95 117,954,020.22 130,073,876.48 (74,835,433.76) (64,120,000.00) (1,249,490.64) (55,492.57) (14,497.30) 66,926.39 106,820,519.43 305,734.38 32 Page 15 of 31 ATTACHMENT 5 MEM`� Riverside Coenly Transportolion Commission STAMP Portfolio Summary of Investments for quarter ended March 31, 2017 Credit Rating Base Market Value + Argued 70 000 000 60 000 000 50 000 000 40 000 000 30 000 000 20 000 000 10 000 000 0 AAA AA+ AA AA- A+ A A- NA A-1+ A-2 Other Asset Class Money Market Funds [0.582%) Cash (04%) Fixed Income (99.418%' ) Char) ca lculaled by: Base Markel Vohs. Industry Group Other {15.59%] FNMA Collateral (2.33%) Auto Manufacturers (3-087%j)_ Computer6 (3.231%) DivaYSlRetl Finan San {4.995%) Commercial MBs (5.859%) Banks (13.159%1 —Sovereign (51.956%) ::r'•t iT f.A i:ll �l lt� ITV: Bruin. Market VAllle Ai:. i. Other 115.935%) AGCY DISC (3.754%) ABS-, (4.592%) AGCY BOND (4.789%) CP (8.212%) TILL (8.397%) Security Type US GOV (31.153%) 1 CORP (23-124%) ,..ilculaled by: Fla Re t:1•:i ✓ it Utility 13.198fs Asset Batketl (4.592%) Industrial (8.399%) Age rlty (9.313%) Mortgage Backed{10.255%) Market Sector Omer (2.909%) Government 143.181961 33 MEI Riverside County Transportation Commission ATTACHMENT 6 STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of Investments for quarter ended March 31, 2017 Asset Money Market Fund (0.406%) Fixed Income (90.594%) •.larket Value+Accruetl Industry Group Cash (0.406 Multiline Utilities (2.572%) Electric (5.022%) Auto Manufacture.* (5.023%). Banks (5.024%) Sovereign 031.707%t Security Type MMFUNO (D. 06%) AGCY BOND (6.632%) AGCY DISC (77.070%) CP (22.603 %) VS GOV (26.539%) T-BILL (30.135%) Industrial (5.023%) Financial (5.024%) Utility 17 534%) Agency (76.07 %) Market Sector Mortgage Backed [0.3D75b]� Cash (0.4067; Government (63.697%) Chart ca Cnlated by: fuse Markel Value. -0- A.- I 34 ATTACHMENT 7 STAMP Portfolio Riverside County Transportation[ammissioly Toll Revenue Project Sales Tax Revenue Fund Summary of Investments for quarter ended March 31, 2017 Asset Class Cash (•0.012%) Mon ay Ma rho Funds (100.012%) Industry Group Cash (100-0%1 •:.11.1.1 .i Security Type CASH (-0.012%) • [MMFl1NO (100.012%) Chart [alaulated by: Base. Market Value . Market Sector 'Cash [700.0%) 35 Riverside County Transportation Commission MEI STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended March 31, 2017 ATTACHMENT 8 20 000 000 2 Q 15 000 000 t 3 10 000 O00 1� m 5 000 000 r� tE m Money Market Funds 10.535%) 'Fixed Income 09.465%) Industry Group Gaon (0.53544) G NMA2 Collateral -• (1.311%) Agency Collet CMO (1.79546) Agency Collet PAC CMG (3.636%), FNMA Collateral (10.3111%) Commercial MSG (27.80T%) •::h•vl :.•d[:dl Sovereign (54.10746) Security Type TIPS (2.437%� FHLMC CMO (4.758%1 / GNMA CMO (9.661 %) GNMA (11.204%) AGCY BOND (11.47a%I Other (4.96%) FNMA 115.31 %1 US GOV (29.191%1 Market Sector Cabe — Mortgage Backed (45.358%) . 3•ase Markel Valk. +A-i 36 ATTACHMENT 9 STAMP Portfolio Riverside[uuntytmnsportotlon[omossion Toll Revenue Project Capitalized Interest Fund Summary of Investments for quarter ended March 31, 2017 a Credi[ Rating 3 000 000 2 2 500 000 41 d 2 000 000 7 1 500 000 W 1 Ooo 000 m 500 000 CO 0 AAA AA AA- ■ 11 ■ NA A-1, A-1 A-2 Asset Class Money Market Funds (0.707%) 'Fixed Income (99.293%) Industry Group other {7.696%I Commercial MRS (4,41 %y Electric- (4.898%)f Diversified Flnanjj Bery (6.214%) Auto Manufacturer* (8-659%) ❑118Gas (14.992%) • 'banks Sovereign (27.556%). •::I1•,fl :.•, I[:.lL item (31.574%) Security Type AGCY DISC 0.637%) FHLMC GM (3.929%) AGCY BON (3.995%) T-BILL (9.49%) US GOY 0.786%) CP (17.149%) Other [2.178%) -CORP 151.64%) Chart calculated bV: Base Market Value T Aff.r.lr : Market Sector Cash a.7o7% VIIlIty (4.698 Mortgage Backed (5.399%) Agency 15.832%) Government (21.72S%) • -Financial (37.769%1 Industrial (23.65%) Char[ calculated by: fuse. Market Val•.IP. ff-"I 37 ATTACHMENT 10 `mommi STAMP Portfolio Riverside County TransportationCommissdaly Sales Tax Revenue Capitalized Interest Fund Summary of Investments for quarter ended March 31, 2017 Credit Rating 12 500 000 10 000 OQO Q al + 7 500 000 n 5 000 000 N 2 500 000 co m AAA AA+ AA AA- NA A-1+ Asset Class Money Market Funds (0.64%) 'Fixed Income (99-36%) Industry Group FNMA Collateral (1 Apt%) 0 il&G as (2.996%},/ Diversified Flnan/ Sono (3.445%) US Municipals (2-980%) • Auto Manufacturers (SAW%) Computers (12.t46%) Sovereign (60.164%) •:.I1•trl :.•tl[:. n•ileefl :if: Mark,. • Security Type °their (3.659%) FNMAA¢/ (1 / AGGY BON {2.333'S) AGCY [MSC [5.66%) MVNI {7.988%1 T-BILL (20.311%) CORP (28.785%) US GOV (31.26%) Market Sector Caen o-. Financla (3A455S) Mortgage Backed (4.425%) Municipal (7.986%) Agency (7.033%) Industrial (23.34%) I Government (52.171%) . 3•ase Markel Valk. + A I 38 Riverside County Transportation Commission MEI STAMP Portfolio Sales Tax Equity Fund Summary of Investments for quarter ended March 31, 2017 ATTACHMENT 11 Credit Rating 35 000 000 -10 • 30 000 000 Q25 000 000 t _co 20 000 000 m • 15 000 000 • 10 000 000 aII 5 000 000 0 AAA AA+ AA AA- A+ A A- NA A-1+ A-2 Cash (0.0%) Money Market Fw1de (0"563%) 'Fixed Income (99.437%) Industry Group Other (11.933%) Credit Gard ABS (2"049 ), Equipment Hacked f Loan (2247%) Electric (2.838%) Sovereign (48.694%) Auto Lease ( Loans (2_639%) Diversified Flnen Sand (7.614%) Banks (27 "5&e%). Security Type Other (8.634%) AGCY BOND (3.634%) T-BILL � (3.873%) AGCY O]SC (3.956%) ABS (9"3e7%1 CP (12.393%) \CORP (26.575%( US GOV (3t.613%) Market Sector Industrial (2.06 Mortgage Backed (2.582%' Utility 15.199%) Agency I 19.062%) i Asset Batk9d (9.381%) Other , (152x) Financial (29.202%) Government (40.913%) Chan fra•mlaten bv: Base. Market Valk P. +ff-"I 39 ATTACHMENT 12 shemsa° mw,ly limspoglalim s°rnm Payden & Rygel Operating Portfolio by Investment Category for Quarter ended March 31, 2017 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Final Next Call Maturity Trade Date Date Original Cost Base Market Value Unrealized Gain/Loss Accrued Credit Income Coupon Yield Rating Credit 1 15607% 5/03118 5/3/2013 250 812 50 457 61 1 1523 037833665 Credit APPLE INC 0.900% 5/12/17 5/12/2017 5/13/2015 119,917.20 119,985.60 V68.40 414.00 0.9000 0.9001 AA+ 0378336N9 Credit APPLE INC 1.300% 2/23/18 2/23/2018 2/23/2016 29,987.10 30,011.70 24.60 41.17 1.3000 1.2988 AA+ 037833BQ2 Credit APPLE INC 1.700% 2/22/19 2/22/2019 2/23/2016 39,993.20 40,158.40 165.20 71.78 1.7000 1.6937 AA+ 037833C64 Credit APPLE INC 1.100% 8/02/19 8/2/2019 8/4/2016 59,940.00 59,287.20 (652.80) 104.50 1.1000 1.1137 AA+ 037833CE8 Credit APPLE INC 1.550% 2/08/19 2/8/2019 2/9/2017 139,893.60 140,253.40 359.80 313.44 1.5500 1.5478 AA+ 05582QAD9 Asset -Backed BMW VEHICLE OWNER 1.160°/u 11/25/20 11/25/2020 7/20/2016 454,997.95 450,809.45 (4,188.50) 87.97 1.1600 1.1701 N/A 06406HCK3 Credit BANK OF NY MTN 1.38639% 3/06/18 3/6/2018 3/6/2013 750,470.78 752,070.00 1,599.22 750.96 1.5400 1.3819 A 084664CD1 Credit BERKSHIRE HATHAWAY 1.19998% 1/12/18 1/12/2018 1/15/2015 250,234.34 250,535.00 300.66 649.99 1.3200 1.1972 AA 084664CK5 Credit BERKSHIRE HATHAWAY 1.300% 8/15/19 8/15/2019 8/15/2016 159,844.80 158,468.80 (1,376.00) 265.78 1.3000 1.3123 AA 13063C4V9 Taxable Muni CALIFORNIA ST 1.050% 11/01/18 11/1/2018 11/3/2016 149,887.50 149,757.00 (130.50) 647.50 1.0500 1.0515 AA- 161571 HC1 Asset -Backed CHASE ISSUANCE TRUST 1.370% 6/15/21 6/15/2021 6/17/2016 750,314.07 745,005.00 (5,309.07) 456.67 1.3700 1.3792 AAA 166764AV2 Credit CHEVRON CORP 1.365% 3/02/18 3/2/2018 3/3/2015 499,970.00 499,710.00 (260.00) 549.79 1.3700 1.3650 AA- 1667646A7 Credit CHEVRON CORP 1.790% 11/16/18 11/16/2018 11/17/2015 252,264.73 250,700.00 (1,564.73) 1,665.69 1.7900 1.7840 AA- 17275RAU6 Credit CISCO SYSTEMS INC 1.650% 6/15/18 6/15/2018 6/17/2015 399,932.00 401,284.00 1,352.00 1,943.33 1.6500 1.6449 AA- 17275R6G6 Credit CISCO SYSTEMS INC 1.400% 9/20/19 9/20/2019 9/20/2016 109,877.90 109,156.30 (721.60) 47.06 1.4000 1.4117 AA- 17305EGA7 Asset -Backed CITIBANK CREDIT CARD 1.740% 1/19/21 1/19/2021 1/26/2017 479,908.08 480,763.20 855.12 1,508.00 1.7400 1.7361 AAA 191216BR0 Credit COCA COLA CO THE 0.875% 10/27/17 10/27/2017 10/27/2015 35,984.16 35,944.20 (39.96) 134.75 0.8800 0.8763 AA- 1912166V1 Credit COCA COLA CO 1.375% 5/30/19 5/30/2019 5/31/2016 249,825.00 248,882.50 (942.50) 1,155.38 1.3800 1.3799 AA- 19416QDU1 Credit COLGATE PALM MTN 2.625% 5/01/17 5/1/2017 5/4/2011 507,870.15 505,535.30 (2,334.85) 5,523.44 2.6300 2.6224 AA- 30231GAL6 Credit EXXON MOBIL 1.305% 3/06/18 3/6/2018 3/6/2015 460,000.00 459,632.00 (368.00) 416.88 1.3100 1.3057 AA+ 30231GAP7 Credit EXXON MOBIL 1.708% 3/01/19 3/1/2019 3/3/2016 40,000.00 40,068.80 68.80 56.93 1.7100 1.7046 AA+ 30231GAU6 Credit EXXON MOBIL 1.439% 3/01/18 3/1/2018 3/3/2016 40,000.00 40,036.80 36.80 47.97 1.4400 1.4375 AA+ 3130A9AE1 Agencies F H L B 0.875% 10/01/18 10/1/2018 8/26/2016 509,653.20 506,955.30 (2,697.90) 2,231.25 0.8800 0.8795 AA+ 3130AAE46 Agencies F H L B 1.250°/u 1/16/19 1/16/2019 12/8/2016 1,009,959.60 1,009,030.40 (929.20) 2,630.21 1.2500 1.2521 AA+ 3130AAXX1 Agencies F H L B DEB 1.375% 3/18/19 3/18/2019 3/10/2017 518,793.60 520,150.80 1,357.20 417.08 1.3800 1.3741 AA+ 3134G9UY1 Agencies F H L M C M T N 1.000% 6/29/18 6/29/2018 6/29/2016 510,000.00 508,903.50 (1,096.50) 1,303.33 1.0000 1.0020 AA+ 3134GAJQ8 Agencies F H L M C M T N 1.150% 9/14/18 9/14/2018 9/14/2016 6/14/2017 510,000.00 509,153.40 (846.60) 276.96 1.1500 1.1518 AA+ 3135G0E58 Agencies F N MA DEB 1.125% 10/19/18 10/19/2018 9/1/2015 529,141.40 529,141.40 2,683.13 1.1300 1.1268 AA+ 3135G0J53 Agencies F N M A DEB 1.000% 2/26/19 2/26/2019 2/23/2016 498,820.00 496,730.00 (2,090.00) 486.11 1.0000 1.0060 AA+ 3135GOK77 Agencies F N M A DEB 1.250% 6/13/19 6/13/2019 6/13/2016 6/13/2017 490,000.00 486,545.50 (3,454.50) 1,837.50 1.2500 1.2569 AA+ 3135GOL68 Agencies F N M A DEB 0.750% 7/27/18 7/27/2018 7/27/2016 7/27/2017 509,235.00 506,730.90 (2,504.10) 680.00 0.7500 0.7554 AA+ 3135GON33 Agencies F N M A 0.875°/u 8/02/19 8/2/2019 8/2/2016 529,109.60 523,120.60 (5,989.00) 760.03 0.8800 0.8862 AA+ 3135G0P49 Agencies F N M A 1.000% 8/28/19 8/28/2019 9/2/2016 509,204.40 504,583.80 (4,620.60) 439.17 1.0000 1.0108 AA+ 3135GOT29 Agencies F N M A 1.500% 2/28/20 2/28/2020 2/28/2017 299,808.00 299,277.00 (531.00) 387.50 1.5000 1.5022 AA+ 3136AMTM1 Mortgage -Backed F N M A GTD REMIC 0.980% 9/25/18 9/25/2018 3/1/2015 410,066.88 410,188.40 121.52 72.91 0.9800 0.9143 N/A 31376NN26 Mortgage -Backed F H L M C MLTCL MTG 1.780% 7/25/19 7/25/2019 4/1/2016 216,544.73 213,626.15 (2,918.58) 318.92 1.7800 1.7896 N/A 31376PCF4 Mortgage -Backed F H L M C MLTCL MTG 1.376% 10/25/20 10/25/2020 5/1/2016 358,758.87 355,611.81 (3,147.06) 82.28 1.3800 1.3873 N/A 3137EAEB1 Agencies F H L M C M T N 0.875°/n 7/19/19 7/19/2019 7/20/2016 350,150.58 346,735.35 (3,415.23) 614.25 0.8800 0.8854 AA+ 3137EAED7 Agencies F H L M C M T N 0.875% 10/12/18 10/12/2018 9/16/2016 1,509,720.70 1,501,815.80 (7,904.90) 7,156.77 0.8800 0.8797 AA+ 31846V203 Agencies FIRST AMERICAN GOVT OBLIG FUND CL Y . 526,198.70 526,198.70 108.20 0.8800 0.3424 36159LCN4 Asset -Backed GE DEALER FLO_ORPLA 1.1065% 10/20/19 10/20/2019 10/21/2014 475,155.41 475,318.25 162.84 175.20 1.4300 1.1058 N/A 36962G3H5 Credit GEN ELEC CAP CRP MTN 5.625% 9/15/17 9/15/2017 9/24/2007 510,910.95 509,720.00 (1,190.95) 1,250.00 5.6300 5.5201 AA- 47787XAC1 Asset -Backed JOHN DEERE OWNER 1.780% 4/15/21 4/15/2021 3/2/2017 309,955.86 309,882.20 (73.66) 444.51 1.7800 1.7792 N/A 47788NAC2 Asset -Backed JOHN DEERE OWNER 1.250% 6/15/20 6/15/2020 7/27/2016 274,978.11 273,292.25 (1,685.86) 152.78 1.2500 1.2572 N/A 48125LRD6 Credit JP MORGAN CHASE MT 1.35872% 6/14/17 6/14/2017 6/19/2015 750,000.00 750,465.00 465.00 509.52 1.5200 1.3579 A+ 544445AY5 Taxable Muni LOS ANGELES CA DEPT 1.750% 5/15/19 5/15/2019 12/6/2016 100,000.00 99,877.00 (123.00) 559.03 1.7500 1.7518 AA 54473ERP1 Taxable Muni LOS ANGELES CNTY CA 1.507% 12/01/17 12/1/2017 9/2/2015 25,000.00 25,005.00 5.00 125.58 1.5100 1.5066 AA 54473ERQ9 Taxable Muni LOS ANGELES CNTY CA 2.036% 12/01/18 12/1/2018 9/2/2015 50,000.00 50,249.50 249.50 339.33 2.0400 2.0256 AA 5949186F0 Credit MICROSOFT CORP 1.300% 11/03/18 11/3/2018 11/3/2015 250,628.75 249,945.00 (1,123.12) 1,336.11 1.3000 1.3008 AAA 5949186V5 Credit MICROSOFT CORP 1.850% 2/06/20 2/6/2020 2/6/2017 499,665.00 501,550.00 1,885.00 1,413.19 1.8500 1.8435 AAA 6055806F1 Taxable Muni MISSISSIPPIST SER D 3.381% 11/01/18 11/1/2018 11/10/2010 103,420.38 103,266.00 (154.38) 1,408.75 3.3800 3.2741 AA 650119AD2 Taxable Muni NEW YORK UNIVERSITY 0.898% 7/01/17 7/1/2017 4/16/2015 200,000.00 199,694.00 (306.00) 449.00 0.9000 0.8994 AA- 650119AE0 Taxable Muni NEW YORK UNIVERSITY 1.315% 7/01/18 7/1/2018 4/16/2015 120,000.00 119,462.40 (537.60) 394.50 1.3200 1.3208 AA- 66989HAL2 Credit NOVARTIS CAPITAL 1.800% 2/14/20 2/14/2020 2/17/2017 129,491.70 130,127.40 635.70 286.00 1.8000 1.8000 AA- 686096VE4 Tax -Exempt OREGON ST TANS SER A 2.000% 6/30/17 6/30/2017 7/21/2016 472,822.74 471,438.20 (1,384.54) 6,527.78 2.0000 1.9941 SP-1+ 702282ND2 Taxable Muni PASADENA CA UNIF 1.861% 11/01/18 1 11/1/2018 3/20/2014 251,104.05 252,032.50 928.45 1,938.54 1.8600 1.8458 A+ 717081DP5 Credit PFIZER INC 1.05567% 5/15/17 5/15/2017 5/15/2014 250,002.29 250,050.00 47.71 329.90 1.1900 1.0555 AA 717081DU4 Credit PFIZER INC 1.450% 6/03/19 6/3/2019 6/3/2016 249,715.00 248,800.00 (915.00) 1,188.19 1.4500 1.4568 AA 80284TAF2 Asset -Backed SANTANDER DRIVE 1.770% 9/15/20 9/15/2020 2/28/2017 109,999.24 109,915.30 (83.94) 86.53 1.7700 1.7705 AAA 89236TAY1 Credit TOYOTA MOTOR MTN 2.000% 10/24/18 10/24/2018 10/24/2013 344,980.97 341,679.60 (3,301.37) 2,965.56 2.0000 1.9882 AA- 89236TCX1 Credit TOYOTA MOTOR MTN 1.200% 4/06/18 4/6/2018 4/8/2016 249,940.00 249,322.50 (617.50) 1,458.33 1.2000 1.2026 AA- 89237CAD3 Asset -Backed TOYOTA AUTO RECEIV 1.270% 5/15/19 5/15/2019 6/17/2015 435,242.07 435,030.58 (211.49) 245.68 1.2700 1.2706 AAA 40 sivm,r° mu.iv r.a,,,oda s°mn,iyMr. Payden & Rygel Operating Portfolio by Investment Category for Quarter ended March 31, 2017 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Tv e Cate _ory Issuer Final Next Call Base Market Maturity Trade Date Date Ori_inal Cost Value Unrealized Gain/Loss Accrued Credit Income Cou ion Yield Rating 89237KAD5 Asset -Backed TOYOTA AUTO 1.250% 3/16/20 3/16/2020 3/2/2016 199,988.66 199,488.00 600.66 111.11 1.2500 1.2529 AAA 89238MAD0 Asset -Backed TOYOTA AUTO 1.730% 2/16/21 2/16/2021 3/15/2017 375,955.74 375,954.88 (0.86) 289.10 1.7300 1.7302 AAA 90331HMQ3 Credit US BANK NA MTN 1.350% 1/26/18 1/26/2018 1/27/2015 12/26/2017 500,320.34 499,390.00 (930.34) 1,218.75 1.3500 1.3519 AA- 91159HHE3 Credit US BANCORP MTN 1.950% 11/15/18 11/15/2018 11/7/2013 10/15/2018 253,427.94 251,497.50 (1,930.44) 1,841.67 1.9500 1.9397 A+ 912828L40 Treasuries U S TREASURY NT 1.000% 9/15/18 9/15/2018 9/15/2015 385,866.72 384,022.10 (1,778.32) 177.85 1.0000 1.0027 N/A 912828N22 Treasuries U S TREASURY NT 1.250% 12/15/18 12/15/2018 12/15/2015 1,243,924.19 1,230,676.50 (13,247.69) 4,519.57 1.2500 1.2495 N/A 912828N63 Treasuries U S TREASURY NT 1.125% 1/15/19 1/15/2019 1/15/2016 965,440.48 958,166.40 (8,309.80) 2,267.40 1.1300 1.1272 N/A 912828P95 Treasuries U S TREASURY NT 1.000% 3/15/19 3/15/2019 3/15/2016 2,833,840.03 2,815,510.40 (18,447.34) 1,307.34 1.0000 1.0050 N/A 912828R51 Treasuries U S TREASURY NT 0.875% 5/31/18 5/31/2018 5/31/2016 3,712,703.66 3,706,109.19 (6,359.52) 10,961.04 0.8800 0.8773 N/A 912828R85 Treasuries U S TREASURY NT 0.875% 6/15/19 6/15/2019 6/15/2016 1,278,531.28 1,271,558.04 (6,973.24) 3,302.60 0.8800 0.8835 N/A 912828S43 Treasuries U S TREASURY NT 0.750% 7/15/19 7/15/2019 7/15/2016 3,535,162.11 3,503,282.00 (31,880.11) 5,589.78 0.7500 0.7599 N/A 912828T83 Treasuries U S TREASURY NT 0.750% 10/31/18 10/31/2018 10/31/2016 1,293,348.31 1,295,825.85 2,477.54 4,109.67 0.7500 0.7554 N/A 912828U40 Treasuries U S TREASURY NT 1.000% 11/30/18 11/30/2018 11/30/2016 781,755.09 782,299.60 544.51 2,631.04 1.0000 1.0035 N/A 912828U99 Treasuries U S TREASURY NT 1.250% 12/31/18 12/31/2018 1/3/2017 4,542,837.50 4,542,315.40 (522.10) 13,719.78 1.2500 1.2496 N/A 912828W22 Treasuries U S TREASURY NT 1.375% 2/15/20 2/15/2020 2/15/2017 2,089,267.98 2,093,364.00 4,096.02 3,589.43 1.3800 1.3781 N/A 912828W63 Treasuries U S TREASURY NT 1.500% 3/15/20 3/15/2020 3/15/2017 2,831,854.41 2,843,170.47 11,316.06 1,963.08 1.6300 1.4930 N/A 91412GD36 Taxable Muni UNIV OF CA 1.169% 5/15/19 5/15/2019 4/20/2016 140,000.00 138,863.20 (1,136.80) 618.27 1.1700 1.1783 AA 91412GPZ2 Taxable Muni UNIV OF CA 1.296% 5/15/18 5/15/2018 3/14/2013 250,900.96 250,005.00 (895.96) 1,224.00 1.3000 1.2958 AA 91412GWU5 Taxable Muni UNIV CALIFORNIA CA 1.418% 5/15/18 5/15/2018 3/25/2015 250,000.00 250,342.50 342.50 1,339.22 1.4200 1.4159 AA 91412GWV3 Taxable Muni UNIV OF CA 2.003% 5/15/19 5/15/2019 3/25/2015 250,000.00 252,305.00 2,305.00 1,891.72 2.0000 1.9844 AA 949746SP7 Credit WELLS FARGO 0.00001% 2/11/22 2/11/2022 2/13/2017 2/11/2021 125,000.00 125,722.50 722.50 1.9600 0.0000 A 94974BFK1 Credit WELLS FARGO MTN 1.51178% 4/23/18 4/23/2018 4/23/2013 320,711.34 321,494.40 783.06 913.79 1.6700 1.5052 A 94974BFW5 Credit WELLS FARGO COM MTN 1.150% 6/02/17 6/2/2017 6/3/2014 500,096.82 499,875.00 (221.82) 1,900.69 1.1500 1.1504 A 50,850,516.79 50,720,726.57 (131,081.77) 128,867.10 41 ATTACHMENT 13 Riverside county Ironspertofon Commissiea Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2017 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Descri•tion Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Federal Tax Cost Gain/Loss Amount Long Term Gain/Loss Amount 1/3/2017 IIV I CRCS I C/ARIVCU VIV r r l• D UCO U.0000, %o Inl. IO.n 1 rV VIV 3133EEWS5 700000.0000 SHARES DUE 1/2/2017 0.0000 0.000000 - - - 400.05 - - - 1/3/2017 1/3/2017 1/3/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 10,762.0500 1.000000 - - - (10,762.05) 10,762.05 1/3/2017 INTEREST EARNED ON FIRST AMERICAN GOVT OBLIG FUND CL Y UNIT ON 0.0000 SHARES DUE 12/31/2016 INTEREST FROM 12/1/16 TO 31846V203 12/31/16 0.0000 0.000000 - 15.61 I - 1/3/2017 INTEREST EARNED ON NEW YORK UNIVERSITY 0.898% 7/01/17 $1 650119AD2 PV ON 200000.0000 SHARES DUE 1/1/2017 0.0000 0.000000 - - - 898.00 - - - 1/3/2017 INTEREST EARNED ON NEW YORK UNIVERSITY 1.315% 7/01/18 $1 650119AE0 PV ON 120000.0000 SHARES DUE 1/1/2017 0.0000 0.000000 - - - 789.00 - - - 1/3/2017 INTEREST EARNED ON U S TREASURY NT 1.000% 12/31/17 $1 PV 912828N55 ON 1735000.0000 SHARES DUE 12/31/2016 0.0000 0.000000 - - - 8,675.00 - - - 1/4/2017 1/4/2017 1/4/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 15.6100 1.000000 - - - (15.61) 15.61 - - 1/12/2017 INTEREST EARNED ON BERKSHIRE HATHAWAY 1.19998 % 1/12/18 $1 084664CD1 PV ON 250000.0000 SHARES DUE 1/12/2017 0.0000 0.000000 - - 749.99 - - - 1/12/2017 AMORTIZED PREMIUM ON BERKSHIRE HATHAWAY 1.19998 % 1/12/18 084664CD1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (6.86) - - 1/13/2017 1/13/2017 1/13/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 749.9900 1.000000 - - - (749.99) 749.99 - - 1/17/2017 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370 % 6/15/21 $1 161571 HC1 PV ON 750000.0000 SHARES DUE 1/15/2017 0.0000 0.000000 - - - 856.25 - - - 1/17/2017 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370 % 6/15/21 161571HC1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - 36.17 - 1/17/2017 INTEREST EARNED ON F H L B 1.250 % 1/16/19 $1 PV ON 3130AAE46 1010000.0000 SHARES DUE 1/16/2017 0.0000 0.000000 - - - 1,332.64 1/17/2017 INTEREST EARNED ON FIFTH THIRD AUTO TRU 1.020 % 5/15/18 $1 PV ON 45.5100 SHARES DUE 1/15/2017 $0.00085/PV ON 53,542.68 PV 31680GAB2 DUE 1/15/17 0.0000 0.000000 - - - 45.51 - - - 1/17/2017 1/15/2017 1/17/2017 31680GAB2 PAID DOWN PAR VALUE OF FIFTH THIRD AUTO TRU 1.020% 5/15/18 -14,113.7000 0.000000 - - - 14,113.70 (14,113.32) - 0.38 1/17/2017 1/17/2017 1/17/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 34,733.5200 1.000000 - - - (34,733.52) 34,733.52 - - 1/17/2017 1/17/2017 1/17/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 30,273.6900 1.000000 - - - (30,273.69) 30,273.69 - - 1/17/2017 INTEREST EARNED ON JOHN DEERE OWNER 0.870% 2/15/18 $1 PV ON 36.8200 SHARES DUE 1/15/2017 $0.00072/PV ON 50,783.09 PV 47787UAB9 DUE 1/15/17 0.0000 0.000000 - - - 36.82 - - - 1/17/2017 1/15/2017 1/17/2017 47787UAB9 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.870% 2/15/18 -28,888.4100 33.827873 - - - 28,888.41 (28,886.55) - 1.86 1/17/2017 INTEREST EARNED ON TOYOTA AUTO RECEIV 1.270 % 5/15/19 $1 PV ON 529.1700 SHARES DUE 1/15/2017 $0.00106/PV ON 500,000.00 PV 89237CAD3 DUE 1/15/17 0.0000 0.000000 - 529.17 - - - 1/17/2017 INTEREST EARNED ON TOYOTA AUTO 1.250% 3/16/20 $1 PV ON 89237KAD5 200000.0000 SHARES DUE 1/15/2017 0.0000 0.000000 - - - 208.33 - - - 1/17/2017 INTEREST EARNED ON U S TREASURY NT 1.125 % 1/15/19 $1 PV 912828N63 ON 960000.0000 SHARES DUE 1/15/2017 0.0000 0.000000 - - - 5,400.00 - - - 1/17/2017 AMORTIZED PREMIUM ON U S TREASURY NT 1.125 % 1/15/19 912828N63 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (101.81) - - 1/17/2017 INTEREST EARNED ON U S TREASURY NT 0.750 % 7/15/19 $1 PV 912828S43 ON 3550000.0000 SHARES DUE 1/15/2017 0.0000 0.000000 - - - 13,312.50 - - - 1/19/2017 INTEREST EARNED ON F H L M C M T N 0.875 % 7/19/19 $1 PV ON 3137EAEB1 351000.0000 SHARES DUE 1/19/2017 0.0000 0.000000 - - - 1,527.09 - - - 1/19/2017 1/19/2017 1/19/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 286,620.1300 1.000000 - - - (286,620.13) 286,620.13 - - 1/19/2017 1/19/2017 1/19/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -281,196.6400 1.000000 - - - 281,196.64 (281,196.64) - - 1/19/2017 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 2/15/18 912828H94 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (52.59) - - 1/19/2017 1/18/2017 SOLD PAR VALUE OF U S TREASURY NT 1.000% 2/15/18 BMO 1/19/2017 912828H94 CAPITAL MARKETS CORP./545,000 PAR VALUE AT 100.097656 % -545,000.0000 1.000977 - - - 545,532.23 (546,165.57) - (633.34) 1/19/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1/19/2017 912828H94 1.000% 2/15/18 0.0000 0.000000 - - 2,325.14 - - - 1/19/2017 AMORTIZED PREMIUM ON U S TREASURY NT 0.875 % 11/30/17 912828M72 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - (93.66) 1/19/2017 ACCREDITED DISCOUNT ON U S TREASURY NT 0.875 % 11/30/17 912828M72 MARKET DISCOUNT 0.0000 0.000000 - - - - 207.98 - - 1/19/2017 1/18/2017 SOLD PAR VALUE OF U S TREASURY NT 0.875 % 11/30/17 /BMO 1/19/2017 912828M72 CAPITAL MARKETS CORP./2,260,000 PAR VALUE AT 100.046875 % -2,260,000.0000 1.000469 - - - 2,261,059.38 (2,259,962.90) (922.03) 2,018.51 1/19/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1/19/2017 912828M72 0.875% 11/30/17 0.0000 0.000000 - - - 2,716.35 - - - 1/19/2017 1/18/2017 4. SOLD PAR VALUE OF U S TREASURY NT 1.000% 12/31/17 /CITIGROUP GLOBAL MARKETS INC./XOTC 1,735,000 PAR VALUE AT 1/19/2017 912828N55 100.125 % M -1,735,000.0000 1.001250 - - - 1,737,168.75 (1,734,770.94) (581.73) 2,979.54 1/19/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1/19/2017 912828N55 1.000% 12/31/17 0.0000 0.000000 - - - 910.64 - - - 1/19/2017 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 12/31/17 912828N55 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (61.54) - - 42 Page 25 of 31 Riverside county Ironsportoiion Commissiore Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2017 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date 1/19/2017 Settlement Trade Date Date CUSIP Description Units Price Commissions 1.000625 - Miscellaneous SEC Fees Fees - - Net Cash Amount 4,542,837.50 Federal Tax Cost Amount 4,542,837.50 Short Term Gain/Loss Amount - Long Term Gain/Loss Amount - PURCHASED PAR VALUE OF U S TREASURY NT 1.125 % 12/31/18 /CITIGROUP GLOBAL MARKETS INC./4,540,000 PAR VALUE AT 1/18/2017 1/19/2017 912828U99 100.0625 % 4,540,000.0000 1/19/2017 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT Mi1/19/2017 912828U99 1.125% 12/31/18 0.0000 0.000000 - + - - (2,978.59) - - 1/20/2017 1/20/2017 1/20/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 486.3300 1.000000 - - - (486.33) 486.33 - - 1/20/2017 INTEREST EARNED ON GE DEALER FLOORPLA 1.22863 % 10/20/19 $1 PV ON 486.3300 SHARES DUE 1/20/2017 $0.00102/PV ON 475,000.00 36159LCN4 PV DUE 1/20/17 0.0000 0.000000 - - 486.33 - - - 1/20/2017 AMORTIZED PREMIUM ON GE DEALER FLOORPLA 1.22863 % 10/20/19 36159LCN4 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (4.41) - - 1/23/2017 1/23/2017 1/23/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 2.5800 1.000000 - - - (2.58) 2.58 - - 1/23/2017 1/23/2017 1/23/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 402,371.1000 1.000000 - - - (402,371.10) 402,371.10 - - 1/23/2017 INTEREST EARNED ON JOHN DEERE OWNER 1.250% 6/15/20 $1 PV 47788NAC2 ON 275000.0000 SHARES DUE 1/15/2017 0.0000 0.000000 - - - 286.46 - - - 1/23/2017 ACCREDITED DISCOUNT ON U S TREASURY NT 0.625% 9/30/17 912828TS9 CURRENT YEAR OID 0.0000 0.000000 - - - - 13.71 - - 1/23/2017 ACCREDITED DISCOUNT ON U S TREASURY NT 0.625% 9/30/17 912828TS9 CURRENT YEAR ACQ. PREMIUM OID 0.0000 0.000000 - - - - (13.71) - - 1/23/2017 AMORTIZED PREMIUM ON U S TREASURY NT 0.625% 9/30/17 912828TS9 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (2.49) - - 1/23/2017 SOLD PAR VALUE OF U S TREASURY NT 0.625% 9/30/17 /BMO 1/20/2017 1/23/2017 912828TS9 CAPITAL MARKETS CORP./400,000 PAR VALUE AT 99.917634 % -400,000.0000 0.999176 - - - 399,670.54 (400,010.70) - (340.16) 1/23/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1/23/2017 912828TS9 0.625% 9/30/17 0.0000 0.000000 - - - 789.84 - - - 1/23/2017 INTEREST EARNED ON WELLS FARGO MTN 1.51178% 4/23/18 $1 PV 94974BFK1 ON 500000.0000 SHARES DUE 1/23/2017 0.0000 0.000000 - - - 1,910.72 - - - 1/23/2017 AMORTIZED PREMIUM ON WELLS FARGO MTN 1.51178% 4/23/18 94974BFK1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (54.09) - - 1/25/2017 TRUST FEES COLLECTED CHARGED FOR PERIOD 12/01/2016 THRU 12/31/2016 COLLECTED BY DISBURSEMENT 0.0000 0.000000 - - - (526.74) - - - 1/25/2017 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 439.8300 SHARES DUE 1/25/2017 $0.00097/PV ON 455,000.00 05582QAD9 PV DUE 1/25/17 0.0000 0.000000 - - - 439.83 - - - 1/25/2017 INTEREST EARNED ON F N M A GTD REMIC 0.3845 % 9/25/18 $1 PV ON 279.3400 SHARES DUE 1/25/2017 $0.00066/PV ON 424,297.80 PV 3136AMTM1 DUE 1/25/17 0.0000 0.000000 - - - 279.34 - - - 1/25/2017 1/25/2017 1/25/2017 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 0.3845 % 9/25/18 -417.6600 50.534837 - - - 417.66 (417.55) - 0.11 1/25/2017 INTEREST EARNED ON F H L M C MLTCL MTG 1.780 % 7/25/19 $1 PV ON 318.9200 SHARES DUE 1/25/2017 $0.00148/PV ON 215,000.00 PV 3137BNN26 DUE 1/25/17 0.0000 0.000000 - - - 318.92 - - - 1/25/2017 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780 % 7/25/19 3137BNN26 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (43.51) - - 1/25/2017 INTEREST EARNED ON F H L M C MLTCL MTG 1.376 % 10/25/20 $1 PV ON 428.2600 SHARES DUE 1/25/2017 $0.00115/PV ON 373,484.22 PV 3137BPCF4 DUE 1/25/17 0.0000 0.000000 - - - 428.26 - - - 1/25/2017 1/25/2017 1/25/2017 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376% 10/25/20 -5,585.5800 3.778727 - - - 5,585.58 (5,585.54) 0.04 - 1/25/2017 1/25/2017 1/25/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 6,942.8500 1.000000 - - - (6,942.85) 6,942.85 - - 1/26/2017 PURCHASED PAR VALUE OF CITIBANK CREDIT CARD 1.740 % 1/19/21 /CITIGROUP GLOBAL MARKETS INC./480,000 PAR VALUE AT 99.98085 1/19/2017 1/26/201717305EGA7 % 480,000.0000 0.999809 (479,908.08) 479,908.08 1/26/2017 1/26/2017 1/26/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -476,533.0800 1.000000 - - - 476,533.08 (476,533.08) - - 1/26/2017 AMORTIZED PREMIUM ON US BANK NA MTN 1.350 % 1/26/18 90331HMQ3 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (22.71) - - 1/26/2017 INTEREST EARNED ON US BANK NA MTN 1.350 % 1/26/18 $1 PV 90331HMQ3 ON 500000.0000 SHARES DUE 1/26/2017 0.0000 0.000000 - - - 3,375.00 - - - 1/27/2017 INTEREST EARNED ON F N M A DEB 0.750 % 7/27/18 $1 PV ON 3135GOL68 510000.0000 SHARES DUE 1/27/2017 0.0000 0.000000 - - - 1,912.50 - - - 1/27/2017 1/27/2017 1/27/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -219,889.9100 1.000000 - - - 219,889.91 (219,889.91) - - 1/27/2017 1/27/2017 1/27/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 221,762.2900 1.000000 - - - (221,762.29) 221,762.29 - - 1/27/2017 PURCHASED PAR VALUE OF U S TREASURY NT 0.875 % 5/31/18 1/26/2017 1/27/2017 912828R51 /MLPFS INC/FIXED INCOME/2,689,000 PAR VALUE AT 99.85937486 % 2,689,000.0000 0.998594 - - - (2,685,218.59) 2,685,218.59 - - 1/27/2017 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1/27/2017 912828R51 0.875% 5/31/18 0.0000 0.000000 - - - (3,749.09) - - - 1/27/2017 ACCREDITED DISCOUNT ON U S TREASURY NT 0.625% 9/30/17 912828TS9 CURRENT YEAR OID 0.0000 0.000000 - - - - 1.54 - - 1/27/2017 ACCREDITED DISCOUNT ON U S TREASURY NT 0.625% 9/30/17 912828TS9 CURRENT YEAR ACQ. PREMIUM OID 0.0000 0.000000 - - - - (1.54) - - 1/27/2017 AMORTIZED PREMIUM ON U S TREASURY NT 0.625% 9/30/17 912828TS9 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (0.27) - - 43 Page 26 of 31 Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2017 Riverside county Ironsportofon Commissiore Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date 1/27/2017 Trade Date 1/26/2017 Settlement Date CUSP Description Units Miscellaneous Price Commissions SEC Fees Fees 0.999258 - - - Net Cash Amount 648,518.32 Federal Tax Cost Amount (649,01710 Short Term Gain/Loss Amount - Long Term Gain/Loss Amount (498.78) SOLD PAR VALUE OF U S TREASURY NT 0.625% 9/30/17 /MLPFS 1/27/2017 912828TS9 INC/FIXED INCOME/XOTC 649,000 PAR VALUE AT 99.925781 % -649,000.0000 1/27/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1/27/2017 912828TS9 0.625% 9/30/17 0.0000 0.000000 - - - 1,326.08 1/27/2017 ACCREDITED DISCOUNT ON U S TREASURY NT 0.625% 11/30/17 912828UA6 MARKET DISCOUNT 0.0000 0.000000 - - - - 9,181.91 - 1/27/2017 1/26/2017 SOLD PAR VALUE OF U S TREASURY NT 0.625% 11/30/17 /MLPFS 1/27/2017 912828UA6 INC/FIXED INCOME/XOTC 2,040,000 PAR VALUE AT 99.855469 % -2,040,000.0000 0.998555 - - - 2,037,051.57 (2,033,005.34) - 4,046.2 1/27/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1/27/2017 912828UA6 0.625% 11/30/17 0.0000 0.000000 - - - 2,031.59 - - - 2/1/2017 2/1/2017 2/1/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 319,096.8100 1.000000 - - - (319,096.81) 319,096.81 - 2/1/2017 INTEREST EARNED ON FIRST AMERICAN GOVT OBLIG FUND CL Y UNIT ON 0.0000 SHARES DUE 1/31/2017 INTEREST FROM 1/1/17 TO 31846V203 1/31/17 0.0000 0.000000 41.99 2/1/2017 FED BASIS OF U S TREASURY NT 0.875% 5/31/18 ADJUSTED BY- 912828R51 102.46 FIXED FEDRL TX CST FROM $318716.17 TO $318613.71 0.0000 0.000000 - - - - (102.46) - 2/1/2017 FED BASIS OF U S TREASURY NT 0.875% 5/31/18 ADJUSTED BY 912828R51 102.46 FIXED FEDRL TX CST FROM $318551.41 TO $318653.87 0.0000 0.000000 - - - - 102.46 - - 2/1/2017 1/31/2017 SOLD PAR VALUE OF U S TREASURY NT 0.875% 5/31/18 /CITIGROUP GLOBAL MARKETS INC./XOTC 319,000 PAR VALUE AT 2/1/2017 912828R51 99.878906 % -319,000.0000 0.998789 - - - 318,613.71 (318,613.71) - - 2/1/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2/1/2017 912828R51 0.875% 5/31/18 0.0000 0.000000 - - - 483.10 - - - 2/2/2017 2/1/2017 SOLD PAR VALUE OF F F C B DEB 0.81111 % 1/02/18 /JEFFERIES 2/2/2017 3133EEWS5 LLC/XASE 700,000 PAR VALUE AT 100.189 % -700,000.0000 1.001890 - - - 701,323.00 (699,961.01) - 1,361.99 2/2/2017 INTEREST EARNED ON F F C B DEB 0.81111 % 1/02/18 $1 PV ON 3133EEWS5 700000.0000 SHARES DUE 2/2/2017 0.0000 0.000000 - - - 488.92 - - - 2/2/2017 2/1/2017 SOLD PAR VALUE OF F H L M C M T N 1.050 % 2/26/18 /MLPFS 2/2/2017 3134G8L98 INC/FIXED INCOME/XOTC 500,000 PAR VALUE AT 100.007 % -500,000.0000 1.000070 - - - 500,035.00 (500,000.00) 35.00 - 2/2/2017 RECEIVED ACCRUED INTEREST ON SALE OF F H L M C M T N 2/2/2017 3134G8L98 1.050 % 2/26/18 0.0000 0.000000 - - - 2,275.00 - - - 2/2/2017 INTEREST EARNED ON F N M A 0.875% 8/02/19 $1 PV ON 1 3135GON33 530000.0000 SHARES DUE 2/2/2017 i 0.0000 0.000000 - - - 2,318.75 - - - 2/2/2017 2/2/2017 2/2/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 504,021.6000 1.000000 - - - (504,021.60) 504,021.60 - - 2/2/2017 2/2/2017 2/2/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 2,105,809.9800 1.000000 - - - (2,105,809.98) 2,105,809.98 - - 2/2/2017 AMORTIZED PREMIUM ON MICROSOFT CORP 1.300% 11/03/18 594918BF0 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (104.31) - - 2/2/2017 1/30/2017 SOLD PAR VALUE OF MICROSOFT CORP 1.300% 11/03/18 2/2/2017 594918BF0 /GOLDMAN, SACHS & CO./XOTC 500,000 PAR VALUE AT 99.913 % -500,000.0000 0.999130 - - - 499,565.00 (500,818.13) (1,285.63) 32.50 2/2/2017 RECEIVED ACCRUED INTEREST ON SALE OF MICROSOFT CORP 2/2/2017 594918BF0 1.300% 11/03/18 0.0000 0.000000 - - - 1,606.94 - - - 2/2/2017 AMORTIZED PREMIUM ON U S TREASURY NT 0.875% 3/31/18 912828Q45 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (73.05) - - 2/2/2017 2/1/2017 SOLD PAR VALUE OF U S TREASURY NT 0.875% 3/31/18 /CITIGROUP GLOBAL MARKETS INC./XOTC 900,000 PAR VALUE AT 2/2/2017 912828Q45 99.941406 % -900,000.0000 0.999414 - - - 899,472.65 900,928.69 1,456.04 - 2/2/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2/2/2017 912828Q45 0.875% 3/31/18 0.0000 0.000000 - - - 2,704.33 2/3/2017 INTEREST EARNED ON APPLE INC 1.15607 % 5/03/18 $1 PV ON 037833AG5 250000.0000 SHARES DUE 2/3/2017 0.0000 0.000000 - - - 722.55 - - - 2/3/2017 AMORTIZED PREMIUM ON APPLE INC 1.15607 % 5/03/18 037833AG5 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (20.51) - - 2/3/2017 2/2/2017 PURCHASED PAR VALUE OF F H L B DISC NTS 2/15/17 2/3/2017 313385BX3 /JEFFERIES LLC/2,100,000 PAR VALUE AT 99.98433333 % 2,100,000.0000 0.999843 - - - (2,099,671.00) 2,099,671.00 - - 2/3/2017 2/3/2017 2/3/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -2,098,948.4500 1.000000 - - - 2,098,948.45 (2,098,948.45) - - 2/6/2017 INTEREST EARNED ON APPLE INC 1.100 % 8/02/19 $1 PV ON 037833CB4 60000.0000 SHARES DUE 2/4/2017 0.0000 0.000000 - - - 330.00 - - - 2/6/2017 1/30/2017 PURCHASED PAR VALUE OF CHASE ISSUANCE TRUST 2.000 2/6/2017 161571 HJ6 1/18/22 /J.P. MORGAN SECURITIES LLC/470,000 PAR VALUE AT 100 % 470,000.0000 1.000000 - - - (470,000.00) 470,000.00 - - 2/6/2017 2/6/2017 2/6/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -829,549.1800 1.000000 - - - 829,549.18 (829,549.18) - - 2/6/2017 1/30/2017 PURCHASED PAR VALUE OF MICROSOFT CORP 1.850 % 2/06/20 2/6/2017 594918BV5 /JP MORGAN CHASE BANK/HSBCSI/500,000 PAR VALUE AT 99.933 % 500,000.0000 0.999330 - - - (499,665.00) 499,665.00 - - 2/6/2017 AMORTIZED PREMIUM ON U S TREASURY NT 1.000 % 3/15/19 912828P95 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (195.93) - - 2/6/2017 2/2/2017 SOLD PAR VALUE OF U S TREASURY NT 1.000 % 3/15/19 /MLPFS 2/6/2017 912828P95 INC/FIXED INCOME/XOTC 140,000 PAR VALUE AT 99.449219 % -140,000.0000 0.994492 - - - 139,228.91 (140,081.90) (852.99) - 44 Page 27 of 31 Riverside county Ironspertufon Commissiere Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2017 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date 2/6/2017 Trade Date Settlement Date CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees 0.000000 - - - Net Cash Amount 556.91 Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount - RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2/6/2017 912828P95 1.000% 3/15/19 0.0000 - - 2/9/2017 2/2/2017 PURCHASED PAR VALUE OF APPLE INC 1.550% 2/08/19 2/9/2017 037833CE8 /GOLDMAN, SACHS & CO./140,000 PAR VALUE AT 99.924 % 140,000.0000 0.999240 - - - (139,893.60) 139,893.60 - - 2/9/2017 2/9/2017 2/9/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 40,918.0500 1.000000 - - - (40,918.05) 40,918.05 - - 2/9/2017 AMORTIZED PREMIUM ON WELLS FARGO MTN 1.51178% 4/23/18 94974BFK1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (43.77) - - 2/9/2017 2/6/2017 SOLD PAR VALUE OF WELLS FARGO MTN 1.51178% 4/23/18 /DEUTSCHE BANK SECURITIES, INC./180,000 PAR VALUE AT 100.372 2/9/2017 94974BFK1 % 180,000.0000 1.003720 180,669.60 (180,400.13) 269.47 2/9/2017 RECEIVED ACCRUED INTEREST ON SALE OF WELLS FARGO MTN 2/9/2017 94974BFK1 1.51178% 4/23/18 0.0000 0.000000 - - - 142.05 - - - 2/13/2017 2/13/2017 2/13/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -125,000.0000 1.000000 - - 125,000.00 (125,000.00) - - 2/13/2017 2/6/2017 PURCHASED PAR VALUE OF WELLS FARGO 0.00001 % 2/11/22 2/13/2017 949746SP7 /WELLS FARGO SECURITIES, LLC/125,000 PAR VALUE AT 100 % 125,000.0000 1.000000 - - - (125,000.00) 125,000.00 - - 2/14/2017 2/14/2017 2/14/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 125,700.0000 1.000000 - - - (125,700.00) 125,700.00 2/14/2017 AMORTIZED PREMIUM ON NEW YORK ST DORM 3.000% 2/15/19 64990E4L8 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (276.36) 2/14/2017 2/9/2017 SOLD PAR VALUE OF NEW YORK ST DORM 3.000% 2/15/19 2/14/2017 64990E4L8 /MORGAN STANLEY & CO. LLC/120,000 PAR VALUE AT 103.8 % -120,000.0000 1.038000 - - - 124,560.00 (124,698.21) (138.21 2/14/2017 . RECEIVED ACCRUED INTEREST ON SALE OF NEW YORK ST DORM 2/14/2017 64990E4L8 3.000% 2/15/19 0.0000 0.000000 - - - 1,140.00 - 2/15/2017 INTEREST EARNED ON BERKSHIRE HATHAWAY 1.300% 8/15/19 $1 084664CK5 PV ON 160000.0000 SHARES DUE 2/15/2017 0.0000 0.000000 - - - 1,040.00 - 2/15/2017 INTEREST EARNED CHASE ISSUANCE TRUST 1.370 % 1 ES DUE 2/15/2017 $0.00114/PV ON 750,000.00 PV ON 856.2500 SHARES 750,0 161571HC1 PV DUE 2/15/17 0.0000 0.000000 - - - 856.25 - 2/15/2017 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 161571HC1 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (67.61) - - 2/15/2017 2/15/2017 MATURED PAR VALUE OF F H L B DISC NTS 2/15/17 2,100,000 2/15/2017 313385BX3 PAR VALUE AT 100 % ' -2,100,000.0000 1.000000 - - - 2,099,671.00 (2,099,671.00) - - 2/15/2017 INTEREST EARNED ON F H L B DISC NTS 2/15/17 $1 PV ON 313385BX3 2100000.0000 SHARES DUE 2/15/2017 2,100,000 PAR VALUE AT 100 % 0.0000 0.000000 - - 329.00 - - - 2/15/2017 INTEREST EARNED ON FIFTH THIRD AUTO TRU 1.020% 5/15/18 $1 PV ON 33.5100 SHARES DUE 2/15/2017 $0.00085/PV ON 39,428.98 PV 31680GAB2 DUE 2/15/17 0.0000 0.000000 - - 33.51 - - I 2/15/2017 2/15/2017 2/15/2017 31680GAB2 PAID DOWN PAR VALUE OF FIFTH THIRD AUTO TRU 1.020% 5/15/18 -13,593.0100 0.000000 - - - 13,593.01 (13,592.64) - 0.37 2/15/2017 2/15/2017 2/15/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 55,912.3800 1.000000 - - - (55,912.38) 55,912.38 - 2/15/2017 2/15/2017 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.870% 2/15/18 2/15/2017 47787UAB9 CMO FINAL PAYDOWN -21,894.6800 0.000046 - - - 21,894.68 (21,893.27) - 1.41 2/15/2017 INTEREST EARNED ON JOHN DEERE OWNER 0.870% 2/15/18 $1 PV ON 15.8700 SHARES DUE 2/15/2017 $0.00072/PV ON 21,894.68 PV 47787UAB9 DUE 2/15/17 0.0000 0.000000 - - - 15.87 - - , 2/15/2017 INTEREST EARNED ON PFIZER INC 1.05567% 5/15/17 $1 PV ON 717081 DP5 250000.0000 SHARES DUE 2/15/2017 0.0000 0.000000 - - - 674.46 - - 2/15/2017 AMORTIZED PREMIUM ON PFIZER INC 1.05567% 5/15/17 ' 717081 DP5 CURRENT YEAR AMORTIZATION �e 0.0000 0.000000 - - - - (0.87) - 2/15/2017 INTEREST EARNED ON TOYOTA AUTO RECEIV 1.270% 5/15/19 $1 PV ON 529.1700 SHARES DUE 2/15/2017 $0.00106/PV ON 500,000.00 PV 89237CAD3 DUE 2/15/17 0.0000 0.000000 - - - 529.17 - - - 2/15/2017 2/15/2017 2/15/2017 89237CAD3 PAID DOWN PAR VALUE OF TOYOTA AUTO RECEIV 1.270% 5/15/19 -27,945.8800 0.000000 - - - 27,945.88 (27,944.37) - 1.51 2/15/2017 INTEREST EARNED ON TOYOTA AUTO 1.250% 3/16/20 $1 PV ON 208.3300 SHARES DUE 2/15/2017 $0.00104/PV ON 200,000.00 PV 89237KAD5 DUE 2/15/17 0.0000 0.000000 - - - 208.33 - - - 2/15/2017 2/1/2017 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 2/15/20 /JPMORGAN CHASE BANK/RBS SECURI/2,100,000 PAR VALUE AT 2/15/2017 912828W22 99.48895143 % 2,100,000.0000 0.994890 - - - (2,089,267.98) 2,089,267.98 - - 2/16/2017 2/16/2017 2/16/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 21,894.6800 1.000000 - - - (21,894.68) 21,894.68 - - 2/17/2017 2/17/2017 2/17/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -129,491.7000 1.000000 - - - 129,491.70 (129,491.70) - - 2/17/2017 2/14/2017 PURCHASED PAR VALUE OF NOVARTIS CAPITAL 1.800% 2/14/20 2/17/2017 66989HAL2 /J.P. MORGAN SECURITIES LLC/130,000 PAR VALUE AT 99.609 % 130,000.0000 0.996090 - - - (129,491.70) 129,491.70 - - 2/21/2017 2/21/2017 2/21/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -1,890.0200 1.000000 - - - 1,890.02 (1,890.02) - - 2/21/2017 2/21/2017 2/21/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 2,407.9500 1.000000 - - - (2,407.95) 2,407.95 - - 2/21/ INTEREST EARNED ON GE DEALER FLOORPLA 1.30845% 10/20/19 $1 PV ON 517.9300 SHARES DUE 2/20/2017 $0.00109/PV ON 475,000.00 36159LCN4 PV DUE 2/20/17 0.0000 0.000000 - - - 517.93 - - - 45 Page 28 of 31 Riverside county Ironspertofon Commissiere Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2017 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date 2/21/2017 Trade Date Settlement Date CUSIP Description Units Miscellaneous Price Commissions SEC Fees Fees Net Cash Amount _ - Federal Tax Cost Amount (7.04) Short Term Gain/Loss Amount - Long Term Gain/Loss Amount - AMORTIZED PREMIUM ON GE DEALER FLOORPLA 1.30845% 10/20/19 36159LCN4 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - 2/22/2017 2/22/2017 2/22/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 2,434.2900 1.000000 - - - (2,434.29) 2,434.29 - - 2/22/2017 INTEREST EARNED ON JOHN DEERE OWNER 1.250% 6/15/20 $1 PV 47788NAC2 ON 275000.0000 SHARES DUE 2/15/2017 0.0000 0.000000 - - - 286.46 - - - 2/22/2017 INTEREST EARNED ON MERCK CO INC 0.9861 % 5/18/18 $1 PV ON 58933YAH8 750000.0000 SHARES DUE 2/18/2017 0.0000 0.000000 - - - 2,431.71 - - - 2/22/2017 AMORTIZED PREMIUM ON MERCK CO INC 0.9861 % 5/18/18 58933YAH8 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (114.40) - - 2/23/2017 INTEREST EARNED ON APPLE INC 1.300% 2/23/18 $1 PV ON 037833BN9 30000.0000 SHARES DUE 2/23/2017 0.0000 0.000000 - - - 195.00 - - - 2/23/2017 INTEREST EARNED ON APPLE INC 1.700% 2/22/19 $1 PV ON 03783313Q2 40000.0000 SHARES DUE 2/23/2017 0.0000 0.000000 - - - 340.00 - - - 2/23/2017 2/17/2017 SOLD PAR VALUE OF FIFTH THIRD AUTO TRU 1.020% 5/15/18 /MLPFS 2/23/2017 31680GAB2 INC/FIXED INCOME/25,835.97 PAR VALUE AT 100 % -25,835.9700 1.000000 - - - 25,835.97 (25,835.26) - 0.71 2/23/2017 RECEIVED ACCRUED INTEREST ON SALE OF FIFTH THIRD AUTO TRU 2/23/2017 31680GAB2 1.020% 5/15/18 0.0000 0.000000 - - - 5.86 - - - 2/23/2017 2/23/2017 2/23/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 26,376.8300 1.000000 - - - (26,376.83) 26,376.83 - - 2/24/2017 TRUST FEES COLLECTED CHARGED FOR PERIOD 01/01/2017 THRU 01/31/2017 COLLECTED BY DISBURSEMENT 0.0000 0.000000 - - - (527.42) - - - 2/24/2017 2/24/2017 2/24/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 200,097.9800 1.000000 - - - (200,097.98) 200,097.98 - - 2/24/2017 2/24/2017 2/24/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -527.4200 1.000000 527.42 (527.42) 2/24/2017 ACCREDITED DISCOUNT ON U S TREASURY NT 0.750% 4/15/18 9128281(25 MARKET DISCOUNT 0.0000 0.000000 - - - - 819.50 - - 2/24/2017 2/23/2017 SOLD PAR VALUE OF U S TREASURY NT 0.750% 4/15/18 /HSBC 2/24/2017 912828K25 SECURITIES, INC./200,000 PAR VALUE AT 99.777009 % -200,000.0000 0.997770 - - - 199,554.02 (199,468.61) - 85.41 2/24/2017 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2/24/2017 9128281(25 0.750% 4/15/18 0.0000 0.000000 - - - 543.96 - - - 2/27/2017 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 439.8300 SHARES DUE 2/25/2017 $0.00097/PV ON 455,000.00 05582QAD9 PV DUE 2/25/17 0.0000 0.000000 439.83 2/27/2017 INTEREST EARNED ON F N M A DEB 1.000% 2/26/19 $1 PV ON 3135G0J53 500000.0000 SHARES DUE 2/26/2017 m 0.0000 0.000000 - - - 2,500.00 - - - 2/27/2017 INTEREST EARNED ON F N M A GTD REMIC 0.980% 9/25/18 $1 PV ON 346.3900 SHARES DUE 2/25/2017 $0.00082/PV ON 423,880.14 PV 3136AMTM1 DUE 2/25/17 0.0000 0.000000 - - - 346.39 - - - 2/27/2017 2/25/2017 2/27/2017 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 0.980% 9/25/18 -419.8400 0.000000 - - - 419.84 (419.73) - 0.11 2/27/2017 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 318.9200 SHARES DUE 2/25/2017 $0.00148/PV ON 215,000.00 PV 3137BNN26 DUE 2/25/17 0.0000 0.000000 - - - 318.92 - - - 2/27/2017 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 3137BNN26 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - (56.21) - - 2/27/2017 INTEREST EARNED ON F H L M C MLTCL MTG 1.376% 10/25/20 $1 PV ON 429.6100 SHARES DUE 2/25/2017 $0.00117/PV ON 367,898.64 PV 3137BPCF4 DUE 2/25/17 0.0000 0.000000 - - - 429.61 - - - 2/27/2017 2/25/2017 2/27/2017 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376% 10/25/20 -7,938.9000 0.000000 - - - 7,938.90 (7,938.84) 0.06 - 2/27/2017 2/27/2017 2/27/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 766.2300 1.000000 - - - (766.23) 766.23 - - 2/27/2017 2/27/2017 2/27/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 2,939.8300 1.000000 - - - (2,939.83) 2,939.83 - - 2/28/2017 INTEREST EARNED ON F N M A 1.000% 8/28/19 $1 PV ON 3135G0P49 510000.0000 SHARES DUE 2/28/2017 0.0000 0.000000 - - - 2,493.33 - - 2/28/2017 2/24/2017 PURCHASED PAR VALUE OF F N M A 1.500% 2/28/20 /J.P. 2/28/2017 3135GOT29 MORGAN SECURITIES LLC/300,000 PAR VALUE AT 99.936 % 300,000.0000 0.999360 - - - (299,808.00) 299,808.00 - 2/28/2017 2/28/2017 2/28/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 355,604.7300 1.000000 - - - (355,604.73) 355,604.73 2/28/2017 AMORTIZED PREMIUM ON MERCK CO INC 1.26872% 5/18/18 58933YAH8 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (24.81) - 2/28/2017 2/28/2017 2/23/2017 SOLD PAR VALUE OF MERCK CO INC 1.26872% 5/18/18 /DEUTSCHE BANK SECURITIES, INC./750,000 PAR VALUE AT 100.5367 2/28/2017 58933YAH8 % -750,000.0000 1.005367 - - - 754,025.25 751,086.12 2,939.13 RECEIVED ACCRUED INTEREST ON SALE OF MERCK CO INC 2/28/2017 58933YAH8 1.26872% 5/18/18 0.0000 0.000000 - - 205.96 2/28/2017 2123/2017 PURCHASED PAR VALUE OF SANTANDER DRIVE 1.770% 9/15/20 /CITIGROUP GLOBAL MARKETS INC./110,000 PAR VALUE AT 2128/2017 80284TAF2 % 110,000.0000 0.999993 - - 109 9,999.24 3/1/2017 _ E INTEREST EARNED ON EXXON MOBIL 1.708 % 3/01/19 $1 PV ON INTEREST 30231GAP7 40000.0000 SHARES DUE 3/1/2017 ' 0.0000 0.000000 - - 341.60) - - - 3/1/2017 INTEREST EARNED ON EXXON MOBIL 1.439% 3/01/18 $1 PV ON 30231GAU6 40000.0000 SHARES DUE 3/1/2017 0.0000 0.000000 - - - 287.80 - - 3/1/2017 3/1/2017 3/1/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 629.4000 0.0000 1.000000 - - - 0.000000 - - (629.40) 69.16 629.40 - - - 7 - 3/1/2017 INTEREST EARNED ON FIRST AMERICAN GOVT OBLIG FUND CL Y UNIT ON 0.0000 SHARES DUE 2/28/2017 INTEREST FROM 2/1/17 TO 31846V203 2/28/17 46 Page 29 of 31 Riverside county Ironspertofon Commissiea Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2017 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Descri•tion Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Federal Tax Cost Gain/Loss Amount Long Term Gain/Loss Amount 3/2/2017 166764AV2 IIV ICRCSI C/ARIVCU UPI,rICVRVIV I'VRr I.J00%o J/VL/10yl rV ON 500000.0000 SHARES DUE 3/2/2017 0.0000 0.000000 - - - 3,412.50 - - - 3/2/2017 3/2/2017 3/2/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -306,474.2000 1.000000 - - - 306,474.20 (306,474.20) - 3/2/2017 2/22/2017 3/2/2017 47787XAC1 PURCHASED PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 /MLPFS INC/FIXED INCOME/310,000 PAR VALUE AT 99.98576129 % 310,000.0000 0.999858 - - - (309,955.86) 309,955.86 - - 3/6/2017 INTEREST EARNED ON BANK OF NY MTN 1.38639% 3/06/18 $1 PV 06406HCK3 ON 750000.0000 SHARES DUE 3/6/2017 0.0000 0.000000 - - - 2,599.48 - - - 3/6/2017 AMORTIZED PREMIUM ON BANK OF NY MTN 1.38639% 3/06/18 06406HCK3 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (81.68) - 3/6/2017 30231GAL6 INTEREST EARNED ON EXXON MOBIL 1.305% 3/06/18 $1 PV ON 460000.0000 SHARES DUE 3/6/2017 0.0000 0.000000 - - 3,001.50 - - - 3/6/2017 3/6/2017 3/6/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y • -354,542.2400 1.000000 - - 0.999905 - 354,542.24 2,299,780.93) (354,542.24) 2,299,780.93 - - 3/6/2017 3/3/2017 3/6/2017 912796QG7 PURCHASED PAR VALUE OF U S TREASURY BILL 3/15/17 /CITIGROUP GLOBAL MARKETS INC./2,300,000 PAR VALUE AT 99.99047522 % 2,300,000.0000 3/6/2017 912828K25 ACCREDITED DISCOUNT ON U S TREASURY NT 0.750% 4/15/18 MARKET DISCOUNT 0.0000 0.000000 - - - 3,192.19 - - 3/6/2017 3/3/2017 3/6/2017 912828K25 SOLD PAR VALUE OF U S TREASURY NT 0.750% 4/15/18 /CITIGROUP GLOBAL MARKETS INC./XOTC 1,050,000 PAR VALUE AT 99.628571 % -1,050,000.0000 0.996286 - - - 1,046,100.00 (1,046,100.00) - - 3/6/2017 3/6/2017 9128281(25 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.750% 4/15/18 0.0000 0.000000 3,072.12 - 3/6/2017 912828Q45 AMORTIZED PREMIUM ON U S TREASURY NT 0.875% 3/31/18 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (23.76) - - 3/6/2017 3/3/2017 3/6/2017 912828Q45 SOLD PAR VALUE OF U S TREASURY NT 0.875% 3/31/18 BMO CAPITAL MARKETS CORP./440,000 PAR VALUE AT 99.804353 % -440,000.0000 0.998044 - - - 439,139.15 (440,430.27) (1,291.12) - 3/6/2017 3/6/2017 912828Q45 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.875% 3/31/18 0.0000 0.000000 - - - 1,660.58 - - - 3/6/2017 3/3/2017 3/6/2017 912828R51 SOLD PAR VALUE OF U S TREASURY NT 0.875% 5/31/18 BMO CAPITAL MARKETS CORP./450,000 PAR VALUE AT 99.694978 % -450,000.0000 0.996950 - - - 448,627.40 (449,537.31) (909.91) - 3/6/2017 3/6/2017 912828R51 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.875% 5/31/18 0.0000 0.000000 - - - 1,038.46 - - - 3/9/2017 3/9/2017 3/9/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 199,710.3400 1.000000 - - - (199,710.34) 199,710.34 - - 3/9/2017 3/8/2017 3/9/2017 912828R51 SOLD PAR VALUE OF U S TREASURY NT 0.875% 5/31/18 /CITIGROUP GLOBAL MARKETS INC./XOTC 200,000 PAR VALUE AT 99.617188 % -200,000.0000 0.996172 199,234.38 (199,822.05 587.67 - 3/9/2017 PimRECEIVED 3/9/2017 912828R51 ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.875% 5/31/18 0.0000 0.000000 - - - 475.96 7 - 3/10/2017 3/9/2017 3/10/2017 3130AAXX1 PURCHASED PAR VALUE OF F H L B DEB 1.375% 3/18/19 /CANTOR CLEARING SERV/520,000 PAR VALUE AT 99.768 % 520,000.0000 0.997680 - - - (518,793.60) 518,793.60 3/10/2017 3/10/2017 3/10/2017 3/9/2017 3/10/2017 31846V203 3/10/2017 912828U40 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y SOLD PAR VALUE OF U S TREASURY NT 1.000% 11/30/18 /RBC CAPITAL MARKETS, LLC/520,000 PAR VALUE AT 99.472656 % -107.2200 -520,000.0000 1.000000 - - 0.994727 - - - 107.22 - 517,257.81 m.. (107.22) 592.70 - 517,850.51) 3/10/2017 3/10/2017 912828U40 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY N 1.000% 11/30/18 0.0000 0.000000 - - - 1,428.57 - 3/13/2017 3/8/2017 3/13/2017 161571HJ6 SOLD PAR VALUE OF CHASE ISSUANCE TRUST 2.000% 1/18/22 /SG AMERICAS SECURITIES, LLC/XOTC 470,000 PAR VALUE AT 100.140625 % -470,000.0000 1.001406 - - - 470,660.94 (470,000.00) 660.94 3/13/2017 3/13/2017 161571HJ6 RECEIVED ACCRUED INTEREST ON SALE OF CHASE ISSUANCE TRUST2.000% 1/18/22 0.0000 0.000000 - - - 493.50 - 3/13/2017 3/13/2017 3/13/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 471,154.4400 1.000000 - - - (471,154.44) 471,154.44 3/14/2017 INTEREST EARNED ON F H L M C M T N 1.150% 9/14/18 $1 PV ON 3134GAJQ8 510000.0000 SHARES DUE 3/14/2017 0.0000 0.000000 - - - 2,932.50 - 3/14/2017 3/14/2017 3/14/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 5,480.1000 1.000000 - - - (5,480.10) 5,480.10 - 3/14/2017 48125LRD6 INTEREST EARNED ON JP MORGAN CHASE MT 1.35872% 6/14/17 $1 PV ON 750000.0000 SHARES DUE 3/14/2017 0.0000 0.000000 - - - 2,547.60 - - - 3/15/2017 161571HC1 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370% 6/15/21 $1 PV ON 856.2500 SHARES DUE 3/15/2017 $0.00114/PV ON 750,000.00 PV DUE 3/15/17 0.0000 0.000000 - - - 856.25 - - - 3/15/2017 161571HC1 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (52.34) - - 3/15/2017 3/15/2017 3/15/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 1,223.8400 1.000000 - - - (1,223.84) 1,223.84 - - 3/15/2017 3/15/2017 3/15/2017 31846V203 SOLD UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y -307,873.0900 1.000000 - - - 307,873.09 (307,873.09) - - 3/15/2017 36962G3H5 INTEREST EARNED ON GEN ELEC CAP CRP MTN 5.625% 9/15/17 $1 PV ON 500000.0000 SHARES DUE 3/15/2017 0.0000 0.000000 - - - 14,062.50 - - - 3/15/2017 36962G3H5 AMORTIZED PREMIUM ON GEN ELEC CAP CRP MTN 5.625% 9/15/17 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (4,455.71) - - 3/15/2017 47788NAC2 INTEREST EARNED ON JOHN DEERE OWNER 1.250% 6/15/20 $1 PV ON 275000.0000 SHARES DUE 3/15/2017 0.0000 0.000000 - - - 286.46 - - - 3/15/2017 80284TAF2 INTEREST EARNED ON SANTANDER DRIVE 1.770% 9/15/20 $1 PV r ON 110000.0000 SHARES DUE 3/15/2017 0.0000 0.000000 - - 1.13 47 Page 30 of 31 Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2017 Riverside county rrnnspnrtoron Commissiere Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date 3/15/2017 Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees 0.000000 - Miscellaneous Fees Net Cash Amount 499.59 Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount - INTEREST EARNED ON TOYOTA AUTO RECEIV 1.270 % 5/15/19 $1 PV ON 499.5900 SHARES DUE 3/15/2017 $0.00106/PV ON 472,054.12 PV 89237CAD3 DUE 3/15/17 0.0000 - - 3/15/2017 3/15/2017 3/15/2017 89237CAD3 PAID DOWN PAR VALUE OF TOYOTA AUTO RECEIV 1.270% 5/15/19 -36,788.5000 1.365173 - - - 36,788.50 (36,786.51) - 1.99 3/15/2017 INTEREST EARNED ON TOYOTA AUTO 1.250 % 3/16/20 $1 PV ON 208.3300 SHARES DUE 3/15/2017 $0.00104/PV ON 200,000.00 PV 89237KAD5 DUE 3/15/17 0.0000 0.000000 - - - 208.33 - - - 3/15/2017 3[7/2017 PURCHASED PAR VALUE OF TOYOTA AUTO 1.730 % 2/16/21 3/15/2017 89238MAD0 /MLPFS INC/FIXED INCOME/376,000 PAR VALUE AT 99.98822872 % 376,000.0000 0.999882 - - - (375,955.74) 375,955.74 - - 3/15/2017 3/15/2017 MATURED PAR VALUE OF U S TREASURY BILL 3/15/17 3/15/2017 912796QG7 2,300,000 PAR VALUE AT 100 % -2,300,000.0000 1.000000 - - 2,299,780.93 2,299,780.93 3/15/2017 INTEREST EARNED ON U S TREASURY BILL 3/15/17 $1 PV ON 912796QG7 2300000.0000 SHARES DUE 3/15/2017 2,300,000 PAR VALUE AT 100 % 0.0000 0.000000 - - - 219.07 3/15/2017 INTEREST EARNED ON U S TREASURY NT 1.000 % 9/15/18 $1 PV 912828L40 ON 385000.0000 SHARES DUE 3/15/2017 0.0000 0.000000 - - - 1,925.00 - - - 3/15/2017 AMORTIZED PREMIUM ON U S TREASURY NT 1.000 % 9/15/18 912828L40 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (105.84) - - 3/15/2017 INTEREST EARNED ON U S TREASURY NT 1.000 % 3/15/19 $1 PV 912828P95 ON 2830000.0000 SHARES DUE 3/15/2017 0.0000 0.000000 - - - 14,150.00 - - - 3/15/2017 AMORTIZED PREMIUM ON U S TREASURY NT 1.000 % 3/15/19 912828P95 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - = - - 111.(195.02) - - 3/15/2017 3/8/2017 SOLD PAR VALUE OF U S TREASURY NT 0.875 % 5/31/18 /NOMURA 3/15/2017 912828R51 SECURITIES INTL., FIXED/533,000 PAR VALUE AT 99.616853 % -533,000.0000 0.996169 - - - 530,957.83 532,525.77) (1,567.94) - 3/15/2017 , RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3/15/2017 912828R51 0.875% 5/31/18 0.0000 0.000000 - - - 1,345.31 - - - 3/15/2017 3/2/2017 PURCHASED PAR VALUE OF U S TREASURY NT 1.500 % 3/15/20 3/15/2017 912828W63 /MLPFS INC/FIXED INCOME/2,300,000 PAR VALUE AT 99.98541826 % 2,300,000.0000 0.999854 - - (2,299,664.62) 2,299,664.62 - - 3/15/2017 3/8/2017 PURCHASED PAR VALUE OF U S TREASURY NT 1.500 % 3/15/20 3/15/2017 912828W63 /MLPFS INC/FIXED INCOME/533,000 PAR VALUE AT 99.84799062 % 533,000.0000 0.998480 - - - (532,189.79) 532,189.79 - - 3/20/2017 INTEREST EARNED ON CISCO SYSTEMS INC 1.400 % 9/20/19 $1 PV 17275RBG6 ON 110000.0000 SHARES DUE 3/20/2017 0.0000 0.000000 - - - 770.00 - - - 3/20/2017 3/20/2017 3/20/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 1,207.9900 1.000000 - - - (1,207.99) 1,207.99 - - 3/20/2017 INTEREST EARNED ON GE DEALER FLOORPLA 1.1065 % 10/20/19 $1 PV ON 437.9900 SHARES DUE 3/20/2017 $0.00092/PV ON 475,000.00 36159LCN4 PV DUE 3/20/17 0.0000 0.000000 437.99 - 3/20/2017 AMORTIZED PREMIUM ON GE DEALER FLOORPLA 1.1065% 10/20/19 36159LCN4 CURRENT YEAR AMORTIZATION 0.0000 0.0000 0.000000 - - 0.000000 - - - - 527.91 (6.25) - - - 3/27/2017 TRUST FEES COLLECTED CHARGED FOR PERIOD 02/01/2017 THRU 02/28/2017 COLLECTED BY DISBURSEMENT 3/27/2017 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 439.8300 SHARES DUE 3/25/2017 $0.00097/PV ON 455,000.00 05582QAD9 PV DUE 3/25/17 0.0000 0.000000 - - 439.83 - - - 3/27/2017 INTEREST EARNED ON F N M A GTD REMIC 0.980 % 9/25/18 $1 PV ON 322.5800 SHARES DUE 3/25/2017 $0.00076/PV ON 423,460.30 PV 3136AMTM1 DUE 3/25/17 0.0000 0.000000 - - - 322.58 - - - 3/27/2017 3/25/2017 3/27/2017 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 0.980 % 9/25/18 -13,288.3100 0.000000 - - - 13,288.31 (13,284.90) - 3.41 3/27/2017 INTEREST EARNED ON F H L M C MLTCL MTG 1.780 % 7/25/19 $1 PV ON 318.9200 SHARES DUE 3/25/2017 $0.00148/PV ON 215,000.00 PV 3137BNN26 DUE 3/25/17 0.0000 0.000000 - - - 318.92 - - - 3/27/2017 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 3137BNN26 CURRENT YEAR AMORTIZATION 0.0000 0.000000 - - - - (50.77) - - 3/27/2017 INTEREST EARNED ON F H L M C MLTCL MTG 1.376 % 10/25/20 $1 PV ON 412.7500 SHARES DUE 3/25/2017 $0.00115/PV ON 359,959.74 PV 3137BPCF4 DUE 3/25/17 0.0000 0.000000 - - - 412.75 - - - 3/27/2017 3/25/2017 3/27/2017 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376% 10/25/20 -1,198.0000 0.000000 - - - 1,198.00 (1,197.99) 0.01 - 3/27/2017 3/27/2017 3/27/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 758.7500 1.000000 - - - (758.75) 758.75 - - 3/27/2017 3/27/2017 3/27/2017 31846V203 PURCHASED UNITS OF FIRST AMERICAN GOVT OBLIG FUND CL Y 14,693.7300 1.000000 - - - (14,693.73) 14,693.73 - - Total - - - - 143,000.01 (9,489.92) 12,272.36 48 Page 31 Of 31 LOGAN CIRCLE l TNERS Riverside County Transportation Commission SHORT DURATION FIXED INCOME First Quarter 2017 Client Review Logan Circle Partners, L.P. ■ 25 Deforest Avenue Summit, NJ 07901 ■ 908-376-0550 49 FIRM HIGHLIGHTS Ownership Structure Fortress Investment Group LLC Private Equity coat Funds LCP Employees Logan Cirde Partners 80 Employees (as of 3/31/2017) Portfolio Management 10 Research 20 Trading 14 Risk Management / Portfolio Analytics 4 Client Services 14 Legal / Compliance 4 Administration / Operations 14 Logan Circle Partners ("Logan Circle" or "LCP") is a Fortress Investment Group LLC company. ➢ Fortress is a diversified asset manager with assets under management of $70 billion'. Logan Circle is dedicated solely to the institutional marketplace. Deep team of highly experienced - Portfolio Managers - Traders - Research Analysts - Client Services LCP Institutional Clients Assets by Client Type"' (Millions as of 12/31/2016) Sub -Advisory $12,616 Corporate $12,666 Public $3,586 Insurance $1,477 Other $3,090 TOTAL: $33,435 ' Based on unaudited estirnates and are subject to change. Fee paying assets underrmnagement as of 12/31/2016.. LOGANCZRCLE S 50 MARKET REVIEW Outlook and Current Themes ➢ GDP - First-half growth will remain in the 2% area as the new administration's fiscal stimulus agenda encounters resistance. Full -year growth largely dependent on scope and timing of implementation of tax reform initiatives. Disconnect exists between "soft" sentiment and "hard" economic data. Potential trade battles loom and represent headwinds to net exports while shifting government spending priorities have limited near -term impact. Personal consumption, which has been the primary driver of GDP growth, will need help from business fixed investment to propel GDP higher. ➢ Consumer - Most measures of consumer confidence at new highs, reflecting financial market strength, continued labor market stability and potential tax reform. Healthcare costs continue to represent an increasing share of consumer spending and disposable income, a trend that could be exacerbated absent meaningful healthcare reform. Other consumer indicators including retail and auto sales show signs of moderating. ➢ Business - Prospect of corporate tax and regulatory reform has lifted confidence but policy enactment needed to move business fixed investment higher and extend the business cycle. Recent improvement in revenue trends could mitigate late -cycle stress in credit metrics. Small business confidence at post -recession highs. A less stringent regulatory environment should improve business profitability. Relaxation of Dodd -Frank provisions to benefit the financial sector. ➢ Employment - Recent pickup in participation rate signals healthier employment picture. Further improvement could result in an uptick in the unemployment rate as more workers re-enter the labor force. Recent increase in manufacturing and construction employment bears watching. Average hourly earnings in the service sector continue to rise with the biggest gainers at the lower end of the earnings spectrum. ➢ Residential / Commercial Real Estate - Home price appreciation will remain in the low to mid -single digits with large geographic divergences. Multi decade low inventories in lower priced homes hamper first-time home buyer participation while demand for higher priced homes continues to trend lower. Refinancing of fixed-rate loans will remain weak at the current level of interest rates. Commercial property prices in most markets remain firm despite some weakness within the retail sub -sector. Foreign capital flows into commercial real estate continue to moderate. Risk retention requirements and competitive bank portfolio lending environment constrain CMBS securitization. ➢ Inflation - Core PCE continues to edge higher as rents, healthcare insurance and medical costs escalate. Firmer wage growth underpins headline inflation while the Fed signals tolerance regarding inflation temporarily exceeding target. Domestic fiscal stimulus success expected to have negative (higher) long-term inflation implications if free trade policies are tested. Five-year and ten-year inflation expectations have converged. • U.S. Monetary Policy - Market and Federal Reserve expectations have converged around two additional federal funds rate increases for the remainder of the year. Fed less data dependent in quest to achieve monetary policy normalization. Discussion regarding the reduction of the Federal Reserve's on -balance sheet assets will lead to heighted market volatility. New administration to fill three Board of Governors seats this year. • Central Banks / International - Central bank policies continue to diverge as ECB and BOJ stimulus persists. Brexit negotiation window opens with significant implications for longer term viability of the European Union. New administration's more confrontational style fosters less stable geopolitical environment. U.S./China relations take center stage on multiple fronts including trade, currency, and regional security. 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 LOGAN(f l l.(r , I' 1 R T \ 51 2 PORTFOLIO REVIEW — Construction Funds Portfolio Characteristics As of December 31, 2016 Actual Portfolio Yield to Maturity 0.58% Duration 0.04 Years Average Quality (Moodys) Aa2 As of March 31, 2017 Actual Portfolio Yield to Maturity 0.74% Duration 0.07 Years Average Quality (Nbodys) Aa1 Asset Allocation Cash 1% Corporate 3% Discount Notes 11% Portfolio Performance) 1Q2017 Since Inception (8/1/2013) Total Construction Fund (Gross of Fees) 0.14% 0.52% Total Construction Fund (Net of Fees) 0.12% 0.43% Citigroup 3-Month Treasury Bill 0.12% 0.13% 'Past Perforrrence is not indicative of future results. Perforrrence retums for periods greater than one year are annualized. The performance benchmark shown for the Fkerside Caxrty Construction Find is the Qtigroup 3-I1/bnth Treasury Bill, which tracks the retum of one three-month Treasury bill until maturity. LOGANCIRCLE P A R TNERS 52 3 PORTFOLIO REVIEW — Equity Contribution Portfolio Characteristics Asset Allocation As of December 31, 2016 Actual Portfolio Yield to Maturity 1.24% Duration 1.11 Years Average Quality (Moodys) Aa2 CMBS 2% RMBS 3% Agency 4% Municipal 2% As of March 31, 2017 Actual Portfolio CMBS 1% Yield to Maturity 1.24% Duration 0.88 Years Average Quality (Moodys) Aa1 Municipal 1% Discount Notes 1% Discount Notes 4% Portfolio Performance' 1Q 2017 Since Inception (7/1/2015) Equity Contribution Fund (Gross of Fees) 0.33% 1.25% Equity Contribution Fund (Net of Fees) 0.30% 1.15% BofA Mt- U.S. Treasury Index 1-3 Year 0.26% 0.58% 1 Past performance is not indicatiye of future results. Performance returns for periods greater than one year are annualized. The performance benchmark shown for the Fade County Equity Contribution Fund is the Bank of America Ntrrill Lynch 1-3 Year US Treasury Index, which is a broad -based index consisting of U.S. Treasury secu ities with an outstancling par greater than or equal to $250 trillion and a maturity range from one to three year reflecting total return. LOGANCIRCLE PAR TNPRS 53 4 PORTFOLIO REVIEW — Capitalized Interest Funds Portfolio Characteristics Asset Allocation As of December 31, 2016 Actual Portfolio Yield to Maturity 1.15% Duration 1.08 Years Average Quality (Moodys) Aa1 As of March 31, 2017 Actual Portfolio Yield to Maturity 1.12% Duration 0.87 Years Average Quality (Moodys) Aa1 Municipal 15% RMBS 4% Agency 3% Municipal 6% CMBS 1% Treasury 44% \ Corporate 33% Discount Notes 5% CP 4% Portfolio Performance' 1Q2017 Since Inception (8/1/2013) Total Capitalized Interest Fund (Gross of Fees) 0.28% 1.16% Total Capitalized Interest Fund (Net of Fees) 0.25% 1.06% BofA M_ U.S. Treasury Index 1-3 Year 0.26% 0.71 'Fast Performance is not indicative of future results Performance returns for periods greaterthan one year are annualized. The performance benchmark shown for the Rverside County Capitalized Interest Fund is the Bank ofA ierica Merrill Lyres 1-3 Year US Treasury Index, which is a (road -laced index consisting of U.S Treasury securities with an outsfandingpar greater than or equal to $250 trillion and maturity range from one to three years reflecting total return. LOGANCIRCLE PA R TNERS 54 5 PORTFOLIO REVIEW — Debt Reserve Fund Portfolio Characteristics Asset Allocation As of December 31, 2016 Actual Portfolio Yield to Maturity 2.24% Duration 4.42 Years Average Quality (IVbod's) Aaa As of March 31, 2017 Actual Portfolio Yield to Maturity 2.19% Duration 4.27 Years Average Quality (Mood's) Aaa Portfolio Performance) 1Q2017 Since Inception (8/1/2013) Total Debt Service Fund (Gross of Fees) 0.63% 2.30% Total Debt Service Fund (Net of Fees) 0.61 % 2.21 BofA ML U.S. Treasury Index 3-7 Year 0.63% 1.80% 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 Debt Reserve Find is the Bank of America IV,brrill Lynch US Treasury 3-7 Year, which is a broad -based index consisting of U.S. TrPaa rry securities with an outstanding par greater or equal to $25 rrillion and a maturity range from three to seven years indusive, reflecting total return. LOGANCIRCLE PAR TNERS 55 6 PORTFOLIO REVIEW Portfolio Market Value Portfolio Market Value (7/3/2013) Net Flows Market Value Change in (3/31/2017) Market Value Construction (Sales Tax) $332,687,595 ($334,894,805) +$2,207,210 Construction (Toll Revenue) $122,120,571 ($118,826,135) $3,980,127 +$685,691 Total Construction Funds $454,808,167 ($453,720,940) $3,980,127 +$2,892,901 Portfolio Market Value (6/10/2015) Net Flows Market Value Change in (3/31/2017) Market Value Equity Contribution $32,793,399 $18,682,452 $52,430,770 +$954,919 Portfolio Market Value (7/3/2013) Net Flows Market Value Change in (3/31/2017) Market Value Capitalized Interest (Sales Tax) $103,683,353 ($82,006,905) $24,725,711 +$3,049,263 Capitalized Interest (Toll Revenue) S31,416,498 ($24,286,898) $8,163,038 +$1,033,438 Total Capitalized Interest Funds $135,099,851 ($106,293,803) $32,888,749 +$4,082,701 Portfolio Market Value (7/3/2013) Net Flows Market Value Change in (3/31/2017) Market Value Debt Service Reserve Fund $17,667,869 ($1,398,088) $17,824,033 +$1,554,252 LOCArCIRCLE P 1 R TNERS 56 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. LOGANC I RC I' 1 R T is ti 57 8 ATTACHMENT 15 Payden&Rygel QUARTERLY PORTFOLIO REVIEW Riverside County Transportation Commission 1st Quarter 2017 I 1' PAYDEN.COM LOS ANGELES 1 BOSTON 1 LONDON 1 PARIS 58 LETTER FROM THE CEO April 2017 Dear Client, Having completed the first quarter of 2017, it is interesting to note how things have changed from just a year ago. Looking back twelve months, there were major concerns over depressed commodity prices, a possible slowdown for China, as well as a weakness in the global manufacturing sector which could impact the U.S. economy. As a result of these concerns and predictions, stocks were down more than 10% during the first quarter of 2016 and there was a great deal of anxiety about the Fed increasing interest rates rapidly. Things changed as investors took a more positive view and realized that the U.S. economy was on the right track, showing wage growth and future GDP targeting toward 2% to 2.5%, and the fact that the Fed would take a more realistic and practical approach toward rate hikes. Fast forward to today and there are different concerns. A degree of uncertainty as to domestic and global policies has increased volatility in all markets. The political uncertainties focus around the pending elections in Europe. We will have to wait to see if the results in the Netherlands carry through to the French and German elections. We continue to focus on the U.S. and believe it is on track for moderate wage growth and increased economic activity. The recent increase of 25 basis points by the Fed on March 15th was actually received without any disruption in the marketplace. The one thing we believe we can take from the past twelve months is that a certain degree of volatility will continue, and the most important focus should be diversification of portfolios and keeping an eye on liquidity. These characteristics are at the core of our strategies, and we will continue to focus on them. For 34 years we have worked with our clients to find the best solutions in a changing global investment landscape. As the firm continues to grow, we seek attractive risk -adjusted return opportunities and remain in as strong a position today as ever. My very best wishes, Sincerely, Joan A. Payden President & CEO 59 2812 ABJ VCL Riverside County Transportation Commission Portfolio Review and Market Update -1st Quarter 2017 PORTFOLIO CHARACTERISTICS (As of 3/31/2017) Portfolio Market Value Weighted Average Credit Quality Weighted Average Duration Weighted Average Yield to Maturity $50.8 million AA+ 1.6 years 1.4% SECTOR ALLOCATION r 60% 50% 40% 30% 20% 10% 0% oy oa� • y ya `a oa 0,xGGGaroS �HQ h yo J. P��a� •S(oou y �� a �`ot` Py DURATION DISTRIBUTION 60% 50% 40% 30% 20% 10% 0% 0-1 1-2 Years 2-3 PORTFOLIO RETURNS - Periods Ending 3/31/2017 RCTC Operating Portfolio BofA Merrill Lynch 1-3 Year US Treasury Index Periods over one year annualized Since 1st Trailing Inception Quarter 1 Yr (3/1/15) 0.34% 0.60% 0.81 % 0.26% 0.25% 0.67/0 pPayden & Rygel • 333 South Grand Avenue • Los Angeles, California goo71 • (213) 625-igoo • www.payden.com 60 Portfolio Review and Market Update -1st Quarter 2017 MARKET THEMES Politics moved front and center to start 2017. Donald Trump was inaugurated as the 45th President and quickly took action on deregulation, a controversial immigration ban and currency manipulators. The wave of positive market sentiment seen after his election began to falter as the failure to repeal the Affordable Care Act highlighted difficulties that lie ahead for the new president in delivering some of his promises, particularly those on tax reform. Anti-establishment parties in Europe took a hit as the Dutch election concluded with the defeat of the far right, anti-EU party, and focus has now turned to the French elections in April. In the UK, Prime Minister Teresa May triggered Article 50, officially starting the clock on Brexit. Economic data in most major developed markets showed continued signs of improvement, and most central banks took a "wait -and -see" approach to see if the recovery in their respective economies would accelerate. Emerging markets also recovered, resulting in a much improved outlook for overall global growth. Accordingly, Federal Reserve chairwoman Janet Yellen took the opportunity to strike a more hawkish tone in her testimony to Congress in February, and the Fed hiked interest rates 0.25% at their March meeting, setting the overnight target policy interest rate corridor at 0.75-1.00%. ■ 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 have continued to participate selectively in high -quality asset -backed and mortgage -backed security deals (ABS/MBS) with short duration profiles. ■ Front end Treasury rates were higher with shorter maturities outpacing the longer end. Two-year maturity yields were higher by 0.06% to end the month at 1.25%, while the yield difference between one- and two-year maturities fell from 0.38% to 0.23%. ■ The added performance relative to the index from the portfolio's defensive duration posture was offset by the flattening bias along the yield curve. ■ Floating-rate credit and securitized holdings were positive contributors to performance as the securities had minimal price impact from higher rates. ■ The overweight allocation to credit securities was additive to outperformance. The yield difference between credit and government securities fell 0.13% during the quarter. ■ High -quality ABS continued to add positively to performance while providing reinvestment opportunities. ■ The MBS allocation was additive to performance as floating-rate exposure benefited from yields resetting at higher rates. pPayden & Rygel • 333 South Grand Avenue • Los Angeles, California goo71 • (213) 625-igoo • www.payden.com 61 MARKET PERSPECTIVE The global economy has changed immensely in recent decades. Where once developed economies accounted for nearly 60% of total global economic activity, by 2020, estimates from the International Monetary Fund suggest that emerging economies will account for more than 60% of global economic activity. In U.S. fixed income markets, international investors play an increasingly important role. At the turn of the 21 st century, foreign inves- tors owned only $1 trillion in U.S. corporate debt. Today, foreign investors hold more than $3 trillion of U.S. corporate debt. While some might worry, the powerful demand for dollar -denominated U.S. corporate debt provides American companies with advanta- geous borrowing terms and lower interest costs. The same is true for the U.S. government. Currently foreign investors own just under 40% of all U.S. Treasury debt. Do foreigners buy U.S. assets out of the goodness of their hearts? We doubt it. Foreigner investors hold large quantities of dollars which need to be invested. The desire for safety and liquidity feature prominently in the investment decisions made by these foreign central banks, retirement funds and corporations, therefore guiding their savings into high quality, liquid U.S. Treasury debt. Total U.S. Corporate Debt 10 9 8 c • 7 O 6 it 5 2 1 0 U.S. Corporate Debt Outstanding Foreign Holdings of U.S. Corportate Debt 2002 2004 2006 2008 2010 2012 2014 2016 Total U.S. Treasury Debt 18 16 14 12 c 10 0 8 ~ 6 c 4• 2 0 U.S. Treasury Debt Outstanding Foreign Holdings of U.S.Treasury Debt 2002 2004 2006 2008 2010 2012 2014 2016 Source: SIFMA, U.S. Treasury 62 OVER 30 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR CLIENTS' NEEDS. LOS ANGELES I BOSTON 1 LONDON 1 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 Hoche 75008 Paris, France + 33-607-604-441 63 TTACHMENT 16 Marcn County of Riverside y1117 Treasurer's Pooled Investment "FED UP" Since our last commentary in December, we've had two FOMC meetings; the first on February 1st in which they decided to telegraph raising fed funds and stated "the Committee expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, labor market conditions will strengthen somewhat further, and inflation will rise to 2 percent over the medium term. Near -term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments. In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1/2 to 3/4 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation." A very similar statement was released after the second meeting on March 15, in which the FED did raise by another 25 bps., bringing the fed funds rate to .75 - 1%. They stated in December of 2016 that it expected to do so at least three times in 2017, so that's one down and how many more to come? Based on the FED meeting minutes, this is where things start to get interesting. The gist of the minutes carried these themes: the FED's balance sheet will begin to shrink this year, and, some members saw stock prices as "quite high." The path of the rate hikes, which the FED said it can change its assessment "if warranted" and, the future of its balance sheet, where they also stated a reinvestment shift was warranted, suggested that a reduction would likely begin later this year. The FED stated, "provided that the economy continues to perform about as expected, most participants anticipate that gradual increases in the federal funds rate would continue and judged that a change to the Committee's reinvestment policy would likely be appropriate later this year." This was hardly the news bond traders wanted to hear as the debt market sold off following the FED's latest warning that they may begin shrinking its own balance sheet, which is somewhere in the neighborhood of $4.5 trillion in Treasury and federal agency securities. The FED emphasized that they stood ready to change their stance about the appropriate path for short-term rates in response to unanticipated developments, such as the Atlanta Federal Reserve slashing Q1 GDP to just 0.6%, the lowest in three years. If Atlanta is right, the FOMC will have hiked the federal funds rate twice in a quarter in which GDP has grown by an insignificant 0.6%, down from its last estimate of 1.2%. Interestingly, only two months ago, the same forecast stood at 3.4%. No surprise in Washington that it appears we are headed for another budget standoff at the federal level. Congressional appropriations expire on April 28th and if Congress does not pass an extension, the federal government will partially shut down. The economic consequences are minor in themselves, however, it would send another signal to markets that Congress may not be able to enact its tax cutting agenda causing a huge ripple effect into the financial markets and likely causing a selloff in equities as investors have so widely anticipated it. This is what the FED was signaling. These issues along with geopolitical events such as missile strikes in Syria and saber rattling in North Korea will definitely cause further consternation. We'll continue to monitor and take advantage of opportunities as they present themselves. Don Kent Treasurer -Tax Collector Capital Markets Team Don Kent Treasurer -Tax Collector Jon Christensen Asst. Treasurer -Tax Collector Giovane Pizano Investment Manager Isela Licea Asst. Investment Manager Investment Objectives The primary objective of the treasurer shall be to safeguard the principal of the funds under the treasurer's control, meet the liquidity needs of the depositor, and achieve a return on the funds under his or her control. COUNTY OF RIVERSIDE TREASURER'S POOLED INVESTMENT FUND IS CURRENTLY RATED: Aaa-bf BY MOODY'S INVESTOR'S SERVICE AND AAA/V1 BY FITCH RATINGS Month End Market Value ($)* Month End Book Value ($) Paper Gain or Paper Gain Book Yrs to Modified Loss ($) or Loss (%) Yield (%) Maturity Duration March 6,833,805,197.25 6,846,497,352.55 (12,692,155.31) (0.19) 0.95 February January December November October 6,692,173,247.08 6,807,339,004.02 6,704,345,453.07 6,820,287,408.45 7,535,408,708.47 7,551,196,851.23 (15,788,142.76) 1.18 1.15 (12,172,205.99) (0.18) 0.90 1.26 1.23 (12,948,404.43) (0.19) 0.85 1.24 1.21 (0.21) 0.78 1.15 1.12 6,033,009,890.44 6,046,622,157.21 (13,612,266.77) (0.23) 5,928,768,948.80 5,927,146,578.70 0.77 1.29 1.26 1,622,370.10 0.03 0.73 1.23 1.21 The Treasurer's Pooled Investment Fund is comprised of the 64 County, Schools, Special Districts, and other Discretionary Depositors. Current Market Data Economic Indicators Release Date Indicator Consensus Actual 03/10/2017 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. 03/10/2017 Employment Situation: Measures the number of unemployed as a percentage of the labor force. 200,000 235,000 4.7% 4.7/0 03/24/2017 Durable Goods Orders - M/M change: Reflects the new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods. 1.4% 1.7% 03/30/2017 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. 2.0% 2.1% 03/28/2017 Consumer Confidence: Measures consumer attitudes on present economic conditions and expectations of future conditions. 114.0 125.6 03/06/2017 Factory Orders M/M change: Represents the dollar level of new orders for both durable and nondurable goods. 1.0% 1.2% 03/15/2017 Consumer Price Index - M/M change: The Consumer Price Index is a measure of the average price level of a fixed basket of goods and services purchased by consumers. 0.0% 0.1% 03/15/2017 CPI Ex Food and Energy - M/M change: CPI Ex Food and Energy excludes food and energy. Stock Indices Value Change Dow Jones (DJIA) S&P 500 Index NASDAQ (NDX) Commodities 20,663.22 2,362.72 5,436.23 $ (149.02) $ (0.92) $ 105.93 Value Change Nymex Crude Gold (USD/OZ) US Treasury Curve (M/M) 50.60 1,249.35 $ (3.41) Fed Funds Target Rate Fed Move Stay at 0.75%-1.00% Increase to 1.25% 0.2% 0.2% Current Fed Funds Rate: 0.75 % - 1.00 % Probability for FOMC Dates: 05/03/2017 06/14/2017 86.7 % 13.3 % Increase to 1.50% 0.0 % 36.8 % 55.6 % 7.7% Increase to 1.75% 0.0 % 1.02 FOMC Meeting Schedule 0.0 % Release Risk Assessment 01-Feb 0.5-0.75 % 15-Mar 0.75-1 % Balanced Balanced ¢s US rrea wv Arrives Gore 02/28/11 Ask.. rrM 3.00 • 125 I7S Treenos Actives Gov. WM/17 Ask Y1N Z.50 zoo LSO 1..00 0.S0 a' Li 19 29 39 sY CUeut Id Di I25 03l31/17 Rf <I25 02f20/17 111 I25 (03/11/17-02/28/17) 6 8v 9Y 109 3M 0 752 0.404 14.7 1Y 1 016 0 321 15 6 ]SY f enor 2Y' 1.254 1.260 -0_b 3Y 1.439 1.518 -2.9 20t, Ali Tenors SY 1 921 1 »29 ` -0.8 o Key Tenors 10Y 2 .3$ 7 2.390 j -0.3 30Y 3.909 2.995 1.4 COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 65 2 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 four multi billion dollar funds listed below. AAA Rated Prime Institutional Money -Market Funds Fidelity Prime Institutional MMF Symbol FIPXX 1.01 % Federated Prime Obligations Fund Wells Fargo Advantage Heritage JP Morgan 1.00% - 0.80% - 0.60% - 0.40% - 0.20% - 0.00% ..•Pooly' Id �TIMMI 0.65% 0.65% 0.42% 0.42% 0.67% 0.41 % 0.69% 0.42% 0.72% 0.73% PO IXX 0.91 % WFJXX 0.97% CJPXX 0.73% 0.73% 1.03 % 0.98% 0.90% 0.95% 0.77% 0.78% 0.85% 0. Mar-16 Cash Flows May-16 Jul-16 Sep-16 Nov-16 la n-17 Mar-17 Required Monthly Monthly Matured Month Receipts Disbursements Difference Investments •,e Actual Available to Investments Invest > 1 Maturing Year 04/2017 04/2017 1,800.00 950.00 850.00 05/2017 850.00 1,500.00 (650.00) 301.21 1,151.21 1,799.03 501.21 814.90 06/2017 1,400.00 1,850.00 (450.00) 51.21 734.00 07/2017 1,256.11 1,450.00 (193.89) 142.68 - 201.11 08/2017 1,017.89 1,200.00 (182.11) 182.11 127.05 09/2017 1,004.10 1,110.00 (105.90) 105.90 179.10 10/2017 1,127.50 1,200.00 (72.50) 72.50 - 77.50 11/2017 1,165.00 1,050.00 115.00 115.00 254.48 12/2017 990.00 2,250.00 (1,260.00) 1,145.00 140.70 01/2018 1,050.00 1,710.00 (660.00) 660.00 125.00 02/2018 03/2018 860.00 1,000.00 (140.00) 140.00 1,200.00 1,000.00 200.00 200.00 87.59 25.00 TOTALS 13,720.60 16,270.00 (2,549.40) 2,448.19 2,319.84 4,565.46 4,398.30 35.76% 66.68% 64.24% The Pooled Investment Fund cash flow requirements are based upon a 12 month historical cash flow model. Based upon projected cash receipts and maturing investments, there are sufficient funds to meet future cash flow disbursements over the next 12 months. COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 66 3 Asset Allocation Assets (000's) Schedule Scheduled Scheduled Market Mkt/ Sch Book Yield WAL (Yr) Mat (Yr) MMICT CALTRUST FND DDA/PASSBK LOCAL AGCY OBLIG US TREAS BILLS US TREAS BONDS FHLMC DISC NOTES FHLMC BONDS FNMA BONDS FHLB DISC NOTES FHLB BONDS FFCB DISC NOTES FFCB BONDS FMAC DISC NOTES FARMER MAC MUNI ZERO CPNS MUNI BONDS COMM PAPER 919,835.07 54,000.00 150,000.00 265.00 250,000.00 345,000.00 125,000.00 1,127,225.00 290,000.00 478,000.00 535,359.72 125,000.00 523,910.00 75,000.00 83,850.00 72,450.00 376,035.00 1,320,059.00 920,000.00 54,000.00 150,000.00 265.00 249,146.27 344,830.27 124,638.73 1,127,197.03 289,968.55 476,106.58 535,242.30 124,259.88 524,021.30 74,731.58 83,850.00 72,340.45 378,921.92 1,316,977.48 920,000.00 100.00 % 1 0.78 % 54,000.00 100.00% 150,000.00 100.00% 265.00 249,696.25 1.02% 0.64 % 100.00% 1.40% 100.22% 0.52% 344,743.10 99.97% 124,888.25 100.20 % 1,115,868.95 99.00% 286,284.30 98.73 % 476,916.45 100.17% 533,373.51 124,639.25 524,256.95 99.65 % 100.31 % 100.04 % 74,881.75 0.98% 0.49% 1.29% 1.21 % 0.70% 1.16% 0.67% 1.04% 100.20% 0.68% 84,052.80 100.24% 1.05% 72,412.05 378,921.92 100.10 % 100.00% 1,318,604.68 100.12% 0.76% 0.98% 0.85% .003 .003 .003 3.211 .174 1.020 .129 2.501 2.735 .290 1.849 .341 1.752 .215 1.134 .070 1.098 .116 .003' .003 .003 3.211 .174 1.020 .129 3.146 3.098 .290 2.464 .341 2.093 .2151 1.134 .070 1.098 .116 Totals (000's): 6,850,988.79 6,846,497.35 6,833,805.20 r 99.81% 0.95% .993 1.188 00.000.00 1.000,000.00 el 500.000.00 0.00 1 CALTRUST FND 1 n 11. m 11.1...1 aa m Lei a 1 0 0 LOCAL AGCY OBLIG US TREAS BILLS US TREAS BONDS FHLMC DISC NOTES FHLMC BONDS FNMA BONDS FHLB DISC NOTES IM Scheduled Book IM1 Market FHLB BONDS FFCB BONDS FARMER MAC MUNI ZERO CPNS MUNI BONDS COMM PAPER SCHEDULED PAR Wo ▪ MOLT -13% - GALTRUST FND-1% DDA! PASSON - 23ia = LOCAL AGCY(MLIG -0% o USTREAS BILLS -4% p US TREAS BONDS - PA) o FHLMC DISC NOTES - 2% o FHLMCBONDS -16% o FNMABONDS -*Ye ▪ FHL8DISC NOTES -T% FHL8PONDS •8% F F C 8 DISC NOTES • 2% p FFCBBONDS -8% O FMAC DISC NOTES -1% p FARMER MAC -1% o MUNI IEROCPNS-1% ▪ MUNIBONDS -S% COMM PAPER -19% COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 4 67 Maturity Distribution iliteduled Par (000's) 0-1 Mos 1-3 Mos 3-12 Mos MMKT 919,835.07 - - - CALTRUST FND 54,000.00 - DDA/PASSBK 150,000.00 - LOCAL AGCY OBLIG 265.00 US TREAS BILLS - 200,000.00 50,000.00 - - US TREAS BONDS 270,000.00 25,000.00 50,000.00 FHLMC DISC NOTES - 125,000.00 - - FHLMC BONDS 195,645.00 123,850.00 124,025.00 683,705.00 FNMA BONDS - - 22,500.00 117,500.00 150,000.00 FHLB DISC NOTES 236,000.00 242,000.00 FHLB BONDS 35,000.00 137,640.00 77,719.72 40,000.00 245,000.00 FFCB DISC NOTES - 50,000.00 75,000.00 - - FFCB BONDS 35,000.00 30,650.00 75,250.00 75,310.00 150,000.00 157,700.00 FMAC DISC NOTES - 75,000.00 - - FARMER MAC 58,850.00 10,000.00 15,000.00 MUNI ZERO CPNS 25,000.00 47,450.00 - - - MUNI BONDS 13,135.00 13,810.00 133,140.00 160,665.00 38,495.00 16,790.00 COMM PAPER 602,059.00 583,000.00 135,000.00 - - Totals (000's): 1,799,029.07 1,395,910.00 1,372,525.00 495,044M35,020.00 Mr 1,253,460.00 26.26% 20.38% 20.03% 7.23% 7.81% 18.30% Cumulative % 26.26% 46.63% 66.67% 73.89% 81.70% 100.00% SCHLDII L LD PAR{900V YEAR IN MATURITY MMXT - Scheduled Par CALTRUST FNO- Scheduled Par DOA!PASSBN- Scheduled Par ha LOCAL AGCT OBLIG •Scheduled Par US TREAS sous- Scheduled Par Ii US TREL.S BONDS -Scheduled Par FNLMC DISC NOTES -Scheduled Par FHLMC BONDS - Scheduled Par FNMA BONDS - SC heduled Par FHLB DISC NOTES • Scheduled Par a FHLB BONDS -Scheduled Par FFCB DISC NOTES • Scheduled Par rM FFCB BONDS• Scheduled Par - FMAC DISC NOTES - Scheduled Par FARMER MAC - 5eheduled Par MUNI ZERO CPNS- Scheduled Par MUNI BONDS - Scheduled Par COMM PAPER - Sdudsde4 Par COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 5 68 Credit Quality Moody (000's) Par Book ■ Mark MKT/Book Aaa 4,749,574.79 4,746,656.41 4,731,945.28 99.69% 0.99% Aal 505,455.00 505,399.91 505,957.90 100.11% 0.84% Aa2 262,770.00 261,985.44 262,560.87 100.22% 0.82% Aa3 724,574.00 724,121.01 724,649.69 100.07% 0.94% A2 99,500.00 99,488.00 99,491.91 100.00% 0.83% NR 509,115.00 508,846.58 509,199.55 100.07% 0.77% Totals (000's): 6,850,988.79 6,846,497.35 6,833,805.20 99.81% 0.95% MOODY'S S & P BOOK 4fo -6S, 1.1Ae2-3':0 =A2.1% ■Ael-7?a 1014e3-11,6 ■MR•7% BOOK 010 ■AAA44:-. ■AA-7^, pA-1% A.A. SS`; 714A- 11,, HR-7% (000's) ook AAA 965,490.07 AA+ 4,054,539.72 AA 487,770.00 AA- 734,574.00 A 99,500.00 NR 509,115.00 967,376.29 4,050,111.55 487,404.82 733,270.12 99,488.00 508,846.58 967,409.08 4,035,734.02 488,087.74 733,882.90 99,491.91 509,199.55 100.00% 99.65 % 100.14% 100.08 % 100.00% 100.07% 0.81 % 1.02% 0.88 % 0.89 % 0.83 % 0.77% Totals (000's): 6,850,988.79 6,846,497.35 6,833,805.20 99.81% 0.95% COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 69 6 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 Fund:1 POOL FUND MMKT FRGXX FIDELITY GOV 04/01/2017 .554 .554 10,000,000.00 WFFXX WELLS FARGO GOV 04/01/2017 .579 .579 75,000,000.00 GOFXX FEDERATED GOV 04/01/2017 .575 .575 145,000,000.00 CASH BANK OF THE WEST 04/01/2017 .780 .780 200,000,000.00 FGTXX GOLDMAN SACHS GOV 04/01/2017 .553 .553 90,000,000.00 CJPXX JP MORGAN PRIME MMF 04/01/2017 .976 .974 149,947,518.75 FIPXX FIDELITY PRIME MMF 04/01/2017 .938 .936 99,957,518.25 WFJXX HERITAGE PRIME MMF 04/01/2017 .886 .884 49,980,008.00 TMPXX BLACKROCK PRIME 04/01/2017 .972 .969 99,950,025.00 R .782 .781 919,835,070.00 10,000,000.00 100.000000 10,000,000.00 0.00 .003 .003 75,000,000.00 100.000000 75,000,000.00 0.00 .003 .003 145,000,000.00 100.000000 145,000,000.00 0.00 .003 .003 200,000,000.00 100.000000 200,000,000.00 0.00 .003 .003 90,000,000.00 100.000000 90,000,000.00 0.00 .003 .003 150,000,000.00 100.035000 150,000,000.00 0.00 .003 .003 100,000,000.00 100.042500 100,000,000.00 0.00 .003 .003 50,000,000.00 100.040000 50,000,000.00 0.00 .003 .003 100,000,000.00 100.050000 100,000,000.00 0.00 .003 .003 920,000,000.00 100.017930 920,000,000.00 .003 .003 CALTRUST FND CLTR CALTRUST SHT TERM 04/01/2017 1.023 1.023 54,000,000.00 54,000,000.00 100.000000 54,000,000.00 0.00 .003 .003 1.023 1.023 54,000,000.00 54,000,000.00 100.000000 54,000,000.00 0.00 .003 .003 DDA/PASSBK CASH UB MANAGED RATE 04/01/2017 .637 .637 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00 .003 .003 .637 .637 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00 .003 .003 LOCAL AGCY OBLIG LAO US DIST COURTHOUSE 06/15/2020 1.397 1.397 265,000.00 265,000.00 100.000000 265,000.00 0.00 1.487 3.211 1.397 1.397 _m_ 265,000.00 265,000.00 100.000000 265,000.00 0.00 1.487 3.211 US TREAS BILLS 91279677 U.S. TREASURY BILL 05/25/2017 .510 .512 50,000,000.00 49,761,291.67 99.897000 49,948,500.00 187,208.33 .150 .151 91279677 U.S. TREASURY BILL 05/25/2017 .440 .442 50,000,000.00 49,828,277.78 99.897000 49,948,500.00 120,222.22 .150 .151 91279677 U.S. TREASURY BILL 05/25/2017 .428 .429 50,000,000.00 49,859,116.67 99.897000 49,948,500.00 89,383.33 .150 .151 91279677 U.S. TREASURY BILL 05/25/2017 .600 .602 25,000,000.00 24,925,833.33 99.897000 24,974,250.00 48,416.67 .150 .151 912796LD9 U.S. TREASURY BILL 06/08/2017 .620 .612 25,000,000.00 24,922,839.58 99.870000 24,967,500.00 44,660.42 .188 .189 912796LF4 U.S. TREASURY BILL 06/29/2017 .600 .603 50,000,000.00 49,848,915.28 99.818000 49,909,000.00 60,084.72 .245 .247 .519 250,000,000.00 249,146,274.31 99.878500 249,696,250.00 549,975.69 .173 US TREAS BONDS 912828TB6 U.S. TREASURY BOND 06/30/2017 .750 .932 5,000,000.00 4,971,875.00 99.977000 4,998,850.00 26,975.00 .248 .249 912828TS9 U.S. TREASURY BOND 09/30/2017 .625 .723 10,000,000.00 9,981,250.00 99.859000 9,985,900.00 4,650.00 .499 .501 912828H94 U.S. TREASURY BOND 02/15/2018 1.000 .920 10,000,000.00 10,017,968.75 99.949000 9,994,900.00-23,068.75 .866 .879 912828UJ7 U.S. TREASURY BOND 01/31/2018 .875 .990 25,000,000.00 24,936,523.44 99.859000 24,964,750.00 28,226.56 .827 .838 912828WL0 U.S. TREASURY BOND 05/31/2019 1.500 1.370 25,000,000.00 25,110,351.56 100.434000 25,108,500.00-1,851.56 2.115 2.167 912828F62 U.S. TREASURY BOND 10/31/2019 1.500 1.470 25,000,000.00 25,028,320.31 100.203000 25,050,750.00 22,429.69 2.510 2.586 912828G20 U.S. TREASURY BOND 11/15/2017 .875 .846 25,000,000.00 25,006,835.94 99.953000 24,988,250.00-18,585.94 .617 .627 912828G20 U.S. TREASURY BOND 11/15/2017 .875 .855 25,000,000.00 25,004,882.81 99.953000 24,988,250.00-16,632.81 .617 .627 912828U40 U.S. TREASURY BOND 11/30/2018 1.000 1.115 25,000,000.00 24,943,359.38 99.656000 24,914,000.00-29,359.38 1.643 1.668 912828M72 U.S. TREASURY BOND 11/30/2017 .875 .851 20,000,000.00 20,004,687.50 99.926000 19,985,200.00-19,487.50 .662 .668 912828UA6 U.S. TREASURY BOND 11/30/2017 .625 .868 25,000,000.00 24,940,429.69 99.766000 24,941,500.00 1,070.31 .662 .668 912828UA6 U.S. TREASURY BOND 11/30/2017 .625 .919 25,000,000.00 24,929,687.50 99.766000 24,941,500.00 11,812.50 .662 .668 912828TS9 U.S. TREASURY BOND 09/30/2017 .625 .792 25,000,000.00 24,968,750.00 99.859000 24,964,750.00 -4,000.00 .499 .501 912828UJ7 U.S. TREASURY BOND 01/31/2018 .875 .883 25,000,000.00 24,998,046.88 99.859000 24,964,750.00 33,296.88 .828 .838 912828H37 U.S. TREASURY BOND 01/15/2018 .875 .883 25,000,000.00 24,998,046.88 99.879000 24,969,750.00-28,296.88 .783 .795 912828 68 U.S. TREASURY BOND 03 15 2018 1.000 1.042 25,000 000.00 24,989,257.81 99.926000 24,981 500.00 -7 757.81 .948 .956 FHLMC DISC NOTES 313397FU0 FHLMC DISC NOTE 313397FQ9 FHLMC DISC NOTE 313397FT3 FHLMC DISC NOTE 05/19/2017 .480 .481 50,000,000.00 05/ 15/2017 .490 .491 50,000,000.00 05 18 2017 .520 .516 25,000,000.00 125,000,000.00 49,848,666.67 99.907000 49,953,500.00 104,833.33 .134 .134 49,859,805.56 99.915000 49,957,500.00 97,694.44 .123 .123 24,930,260.42 99.909000 24,977,250.00 46,989.58 .131 .132 124,638,732.65 99.910600 124,888,250.00 ='7.35 .129 .129 FHLMC BONDS 3134G7AE1 FHLMC 3YrNc1.5YrE 06/22/2018 1.200 1.230 15,000,000.00 14,986,800.00 99.818000 14,972,700.00-14,100.00 1.209 1.227 3134G66M0 FHLMC 3YrNc6MoE 06/22/2018 1.250 1.259 25,000,000.00 24,993,750.00 100.060000 25,015,000.00 21,250.00 1.208 1.227 3134G7V24 FHLMC 2YrNc6MoB 10/27/2017 .750 .750 10,000,000.00 10,000,000.00 99.891000 9,989,100.00-10,900.00 .568 .575 3134G72T7 FHLMC 3YrNc6MoB 10/29/2018 1.050 1.050 5,000,000.00 5,000,000.00 99.624000 4,981,200.00-18,800.00 1.554 1.581 3134G72T7 FHLMC 3YrNc6MoB 10/29/2018 1.050 1.050 10,000,000.00 10,000,000.00 99.624000 9,962,400.00-37,600.00 1.554 1.581 3134G73L3 FHLMC 2YrNc6MoE 11/16/2017 .750 .750 15,000,000.00 15,000,000.00 99.852000 14,977,800.00-22,200.00 .621 .630 3134G7S77 FHLMC 5YrNc6MoB 10/29/2020 1.125 1.125 15,000,000.00 15,000,000.00 99.360000 14,904,000.00-96,000.00 3.481 3.584 3137EADX4 FHLMC 2Yr 12/15/2017 1.000 1.052 20,000,000.00 19,979,400.00 99.988000 19,997,600.00 18,200.00 .699 .710 3134G8L49 FHLMC 1.5YrNc3Mob 08/25/2017 .800 .800 5,000,000.00 5,000,000.00 99.943000 4,997,150.00-2,850.00 .401 .403 3134G8KU2 FHLMC 5YrNc6MoB 02/26/2021 1.250 1.250 10,000,000.00 10,000,000.00 98.869000 9,886,900.00-113,100.00 3.793 3.912 3134G8L31 FHLMC 5YrNc6MoB 02/26/2021 1.250 1.250 10,000,000.00 10,000,000.00 99.093000 9,909,300.00-90,700.00 3.793 3.912 3134G8L64 FHLMC 2.5YrNc1YrE 08/24/2018 1.000 1.000 5,000,000.00 5,000,000.00 99.546000 4,977,300.00-22,700.00 1.383 1.400 3134G8QE2 FHLMC 3YrNc1YrE 03/29/2019 1.300 1.300 9,000,000.00 9,000,000.00 99.926000 8,993,340.00-6,660.00 1.962 1.995 3134G8QB8 FHLMC 3YrNc1YrE 03/29/2019 1.270 1.270 4,000,000.00 4,000,000.00 99.624000 3,984,960.00-15,040.00 1.963 1.995 3134G8TG4 FHLMC 3.5YrNc6MoE 10/11/2019 1.500 1.500 15,000,000.00 15,000,000.00 99.532000 14,929,800.00-70,200.00 2.454 2.532 3134G8V97 FHLMC 2.25YrNc6MoB 06/29/2018 1.125 1.125 5,850,000.00 5,850,000.00 99.698000 5,832,333.00-17,667.00 1.229 1.247 3134G8WC9 FHLMC 1.5YrNc6MoB 10/13/2017 .850 .850 15,000,000.00 15,000,000.00 100.001000 15,000,150.00 150.00 .529 .537 3134G8WC9 FHLMC 1.5YrNc6MoB 10/13/2017 .850 .850 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 .529 .537 3134G8YS2 FHLMC 1.5YrNc3MoB 10/27/2017 .825 .825 25,000,000.00 25,000,000.00 100.000000 25,000,000.00 0.00 .568 .575 3134G9JX6 FHLMC 5YrNc3MoB 06/09/2021 1.600 1.600 15,000,000.00 15,000,000.00 98.285000 14,742,750.00-257,250.00 4.017 4.195 3134G9JW8 FHLMC 5YrNc3MoB 05/25/2021 1.500 1.500 20,000,000.00 20,000,000.00 98.157000 19,631,400.00 368,600.00 3.988 4.153 3134G9NU7 FHLMC 5YrNc3MoB 06/16/2021 1.500 1.504 15,000,000.00 14,997,000.00 98.903000 14,835,450.00-161,550.00 4.046 4.214 3134G9PC5 FHLMC 3YrNc3MoB 06/20/2019 1.000 1.000 15,000,000.00 15,000,000.00 99.766000 14,964,900.00-35,100.00 2.184 2.222 3134G9UM7 FHLMC 5YrNc3MoB 06/30/2021 1.500 1.500 15,000,000.00 15,000,000.00 98.251000 14,737,650.00-262,350.00 4.088 4.252 3134G9VA2 FHLMC 5YrNc6MoB 06/30/2021 1.300 1.300 15,000,000.00 15,000,000.00 98.287000 14,743,050.00-256,950.00 4.109 4.252 3134G9UX3 FHLMC 5YrNc3MoB 06/30/2021 1.500 1.500 10,000,000.00 10,000,000.00 98.210000 9,821,000.00-179,000.00 4.088 4.252 3134G9UH8 FHLMC 3.5YrNc3MoB 12/30/2019 1.000 1.000 15,000,000.00 15,000,000.00 99.577000 14,936,550.00-63,450.00 2.699 2.751 3134G9XA0 FHLMC 5YrNc6MoB 07/13/2021 1.250 1.250 15,000,000.00 15,000,000.00 98.910000 14,836,500.00-163,500.00 4.147 4.288 3134G9B55 FHLMC 2YrNc6MoE 07/20/2018 1.000 1.000 25,000,000.00 25,000,000.00 99.349000 24,837,250.00-162,750.00 1.289 1.304 3134G9C70 FHLMC 2YrNc6MoE 07/20/2018 .820 .820 10,000,000.00 10,000,000.00 99.349000 9,934,900.00-65,100.00 1.291 1.304 3134G9M38 FHLMC 1.25YrNc3MoB 10/27/2017 .700 .700 10,000,000.00 10,000,000.00 99.905000 9,990,500.00-9,500.00 .568 .575 3134G9Q75 FHLMC 3YrNc3MoB 07/26/2019 1.250 1.250 10,000,000.00 10,000,000.00 99.397000 9,939,700.00-60,300.00 2.274 2.321 3134G9Q67 FHLMC 2YrNc3MoB 07/27/2018 1.050 1.050 10,000,000.00 10,000,000.00 99.808000 9,980,800.00-19,200.00 1.308 1.323 3134G9S40 FHLMC 4YrNc6MoB 07/27/2020 1.150 1.150 15,000,000.00 15,000,000.00 98.244000 14,736,600.00-263,400.00 3.244 3.326 3134G9R66 FHLMC 5YrNc3MoB 08/10/2021 1.250 1.250 15,000,000.00 15,000,000.00 98.106000 14,715,900.00-284,100.00 4.222 4.364 3134G9S57 FHLMC 4YrNc6MoB 08/10/2020 1.150 1.150 15,000,000.00 15,000,000.00 98.211000 14,731,650.00-268,350.00 3.280 3.364 3134G9T23 FHLMC 5YrNc3MoB 08/10/2021 1.250 1.250 10,000,000.00 10,000,000.00 98.168000 9,816,800.00-183,200.00 4.222 4.364 3134G9U47 FHLMC 5YrNc3MoB 08/25/2021 1.500 1.500 15,000,000.00 15,000,000.00 98.549000 14,782,350.00-217,650.00 4.237 4.405 3134G95W3 FHLMC 5YrNc3MoB 08/25/2021 1.500 1.500 10,000,000.00 10,000,000.00 97.595000 9,759,500.00-240,500.00 4.237 4.405 3134G96A0 FHLMC 5YrNc3MoB 08/25/2021 1.375 1.375 15,000,000.00 15,000,000.00 97.894000 14,684,100.00-315,900.00 4.250 4.405 3134GABZ6 FHLMC 3.5YrNc1YrE 02/25/2020 1.250 1.250 10,000,000.00 10,000,000.00 98.475000 9,847,500.00-152,500.00 2.836 2.907 3134GAEB6 FHLMC 4.25YrNc3MoB 12/08/2020 1.250 1.250 20,000,000.00 20,000,000.00 98.112000 19,622,400.00-377,600.00 3.578 3.693 3134GAEG5 FHLMC 5YrNc6MoB 08/24/2021 1.250 1.250 20,000,000.00 20,000,000.00 98.411000 19,682,200.00-317,800.00 4.260 4.403 3134GADP6 FHLMC 5YrNc3MoB 09/13/2021 1.500 1.500 16,500,000.00 16,500,000.00 98.433000 16,241,445.00-258,555.00 4.286 4.458 3134GAET7 FHLMC 5YrNc3MoB 09/30/2021 1.500 1.500 20,000,000.00 20,000,000.00 98.268000 19,653,600.00-346,400.00 4.336 4.504 3134GAKY9 FHLMC 5YrNc6MoB 09/30/2021 1.450 1.450 15,000,000.00 15,000,000.00 98.105000 14,715,750.00-284,250.00 4.341 4.504 COUNTY OF RIVERISIDE TREASURER -TAX COLLECTOR 70 7 8 IL NOIDHTIOJ XVI-2I32IfISVINI HQISRIHARI 30 kthlffOJ VIVE 99£Z 99£Z 17067 Ii8't L95Z OE8't 9Z£' £SL't £SL't Su't Olf 9691 9691 09917 LL9'E 859'£ LOVE IL917 SL5 7 91917 SZ517 SL5' SL5' I857 S6L' SfiL' SLS'fi 8LS'fi 8LS'E £LS'6 £L5'6 405 ' SZZ' 59Z' 00'00T6Z7 00'00I'LL6'6 0001LL'66 00'00Z'900'0I 00'000'000'0i 809' 059' 8IOZ/80/I0 =AS'L fl11-13 ZZNSVO£I£ SZZ' 59Z' 00'05511- 00'059'59611 000LLC66 00'00Z'LOO'SL 00'000'000'ST 819' 059' 8IOZ/80/I0 =7‘51 fl11-13 ZZN8V0£I£ £5£1 OKI 00'00L'557 00'00I$Z6'6 000TH'66 00.00V6L6'6 00'000'000'0T 9ZZ' SZ9' SIOZ/L0/80 1AZ fl11-13 ENd8V0£I£ £5£1 OKI 00'05L'L£I7 00'05VOI8'TZ 000L5Z'66 00'000'8/'6'5Z 00'000'000'5Z 9ZZ' SZ9' 8i0Z/L0/80 1AZ fl11-13 £>Id8V0£I£ £5£1 OKI 00'055'LZ7 00'050'Z96'B 000ITZ'66 00'009'686'B 00'000'000'S 9ZZ' 529' SIOZ/LO/80 zAZ fl1143 £>Id8V0£I£ 55Z'£ 917V£ 00.0051LZ 00.0051TZ'SZ 000958'00I 00'000'000'5Z 00'000'000'5Z MI EZI1 OZOZ/LO/LO JA£fl1H3 93NSV0£I£ 6/Z' SW' 00'000'ZZ7 00'000'8L6'617 000956'66 00'000'000'05 00'000'000'05 059' 059' LIOZ/0£/90 fl01/£0MAL RUE 52I18VO£IE 6T0'£ B£67 00'000'9II7 00'000'I88'6 000018'86 00'000'966'6 00'000'000'0T OIZL OOZI OZOZ/9040 =Ah RUE £RdLvO£TE 9T01' £98'£ 00'00111i- 00'05Z'Z88'17 0005179'L6 00'05V96617 00'000'000'S 06E1 SL£I IZOZ/5040 =AS fl11-13 IAdLVOEIE 96171 Sal 00'09L'ZI7 00'05Z'L86'S 0005SL'66 00'000'000'S 00'000'000'5 00.11 00I1 810Z/8Z/60 HIAT01\121,92 fl11-13 LSHLVOEIE 8BL' Li I' 00'09Z'£17- 00'000'£00'5Z OOOZIO'OOI 00'05Z'9TV5Z 00'000'000'5Z SZZ' 5L8' LLOZ/hZ/SO z1,51 fl1H3 /NNIVOEIE LL9' 199' 00'00E17 00'009'866'6 000986'66 00'000'000'0T 00'000'000'0T OZO1 OZO1 LIOZ/IO/ZI =AZ fl1H3 56A9VOEIE ZZZT £0Z1 ZZ'SIVOI- 98'60£'60L'£ 0000ZL'66 80'OZL'61L'£ 8C'OZL'61L'£ OSZT 05Z1 8I0Z/OZ/90 floW£0NMAS fl'IH3 ZdH£8£EIE SQNOR fl1H3 ZO'OLS'608 6CZW9I6'9LE 91££LL'66 LL'Z85'90T9LE 00'000'00000C ITV LEV 6£1SI'9Z 00'000'0161Z 000069'66 L9'868'£881Z 00'000'000'SZ £76' 0£6' LLOZ/80/60 H.LON JSIa 61111d 81158££L£ 9Eb' WV' IIII9'£Z 00'SZVIL6'6Z 00S669'66 68'£IS'L881Z 00'000'000'SZ 668' Z06' LLOZ/90/60 ZION JSIa ff11-13 £1158££I£ 9E17' IEV IL1L9'EZ 00'SZI1I617Z 005669'66 68'£IS'L8817Z 00'000'000'5Z 668' Z06' LIOZ/90/60 ZION JSIa£IH3 £f1S8££L£ 6Zi' STU IL'9£Z'17i li'9£Z'6L617Z 666916'66 00'000'596'n 00'000'000'5Z IOL' ILL LIOZ/LI/SO ZION JSIa £I1-13 OS3SS£EI£ 65£' 95£' 6££6517 L9'99L'5961I Zat'IL'66 £££LI1961I 00'000'000'Z' Z69' 069' LIOZ/60/80 ZION JSIa £I1-13 SH>ISS££I£ 65£' 95£' 56'695'6 95'089'8Z617Z Zat'IL'66 li'LIL'6ICTZ 00'000'000'5Z Z69' 069' LIOZ/60/80 ILON JSIa £I1-13 SH>ISS££I£ 89Z' L9Z' 95'50Z'ZZ 95'505'856'6I 8ZSZ6L'66 00'00£'9£6'6I 00'000'000'0Z Z£9' 0£9' LIOZ/LO/LO ILON JSIa £IHd IAHSS£EI£ 89Z' L9Z' 66'95L'LZ 661£L'86617Z 8Z5Z6L'66 00'SL£'OZCTZ 00'000'000'5Z Z£9' 0£9' LIOZ/LO/LO ZION JSIa £IHd IAHSS£EIE TSZ' ZTZ' £Z'LLS'OI L9'99I'L86'9 L999IS'66 66'68V9L6'9 00'000'000'Z ZL9' OL9' LIOZ/8Z/90 ZION JSIa£IHd £1058££I£ TSZ' ZTZ' 66175L1Z ££'E£E17L6'£I Z99918'66 68'8LS'ZSCEI 00'000'000'K ZL9' OL9' LIOZ/8Z/90 ZION JSIa fl'IHd £1H58££I£ OCT SZZ' 6££IT'£ L9165'9661 £SOLZS'66 8L'LZ6'£661 00'000'000'Z Z59' 059' LIOZ/£Z/90 ZION JSIa fl'IHd 93H58££I£ OEZ' SZZ' £8'0L917 05 .1066'Z £SOLZS'66 L9117t066'Z 00'000'000'E Z59' 059' LIOZ/£Z/90 ZION JSIa fl'IHd 93H58££I£ SZZ' EZZ' 00.085'6£ 00'005'656'a 05ZIES'66 00'0Z6'6ICEZ 00'000'000'n Z99' 099' LIOZ/LZ/90 ZION JSIa fl'IHd IaHSB£EIE SZZ' EZZ' LL'6T91 05ZI£'S66 05ZIE£66 E£E99'966 00'000'000'T Z99' 099' LIOZ/LZ/90 ZION JSIa fl'IHd IaHSB£EIE SZZ' EZZ' LL'6T91 05'ZI£'S66 05ZIE£66 E£E99'966 00'000'000'T Z99' 099' LIOZ/LZ/90 ZION JSIa fl'IHd IaHSB£EIE SZZ' EZZ' LL'6T91 05'ZI£'S66 05ZIES'66 £££99'966 00'000'000'T Z99' 099' LIOZ/LZ/90 ZION JSIa fl'IHd IaH58££I£ SZZ' EZZ' £E'86Z'£ 00.5Z9'9661 05ZIES'66 L9'9ZE'£661 00'000'000'Z Z99' 099' LIOZ/LZ/90 ZION JSIa fl'IHd IaHSS££I£ £L£' 69£' 1717'61£'9IL 00'5L8158'6/' 05L£OL'66 95'555'5EL'617 00'000'000'05 TOR 008' LIOZ/M/80 ZION JSIa fl'IHd I>3I58££L£ 50Z' TOZ' £E'£LO1I 00'05L'066'5 ££85T'S'66 L9'9L9'6L6'S 00'000'000'9 ZL9' OL9' LIOZ/b1/90 ZION JSIa fl'IHd 0M058££L£ 50Z' TOZ' SCLLZ'Z6 L9'916'ZZ6'6/' ££85fi8'66 68'8E9'0E8'617 00'000'000'05 ZL9' OL9' LIOZ/6I/90 ZION JSIa fl'IHd 0M058££L£ 981' SSI' £Z'L60'171' LITOt5961Z LI17098'66 T'6'9001Z61Z 00'000'000'5Z LZ9' OZ9' LIOZ/L0/90 ZION JSIa fl'IHd SdOSB££i£ ttz. ZVZ' ££'££8'£6 ££'£££'806'66 L99918'66 00'00S1718'66 00'000'000'05 Z£9' 0£9' LIOZ/8Z/90 ZION JSIa fl'IHd £IHSS££I£ 5Z9' 619' L916Z'LZ 8L'Z01'9176'6 8Z0191'66 LI'LIL'616'6 00'000'000'0T LOW OTT LIOZ/M/LI ZION JSIa fl'IHd L3dS8££I£ SOZ' LOZ' 6£'9Z£'Z6 09'L£6'0961Z 05L£78'66 LI'LI9'898'tZ 00'000'000'5Z £SS' 055' LIOZ/51/90 ZION JSIa fl'IHd SX058££I£ LK' ShZ' I9'£L9'Z6 £S'5179'£561Z £S517IS'66 ZZ'ZL6'0981Z 00'000'000'5Z £59' 055' LIOZ/6Z/90 ZION JSIa fl'IHd IWHSS££T£ SH.LON JSIa 01H3 MOT £TA'£ 00'05Z199'£- 00'00£1,11V98Z EZL8IL'86 00'0SS'896'68Z 00'000'000'06Z 90Z1 599"Z 0857 00'009'05- 00'006'666'6 000161'66 00'000'000'0i 00'000'000'0T 00171 0061 6LOZ 5Z/II HoW931\6�A£ VWN3 1110609£1.£ L95Z £ISZ 00'000'567 00'00Z'SLS'6 000Z8L'86 00'00VEL6'6 00'000'000'0i T601 0001 6LOZ/17Z/OI =A£ VIAINd 6£2I005£I£ 559'£ 055'£ 00.05£1££7 00'059'899'N 000I6CL6 00'000'000'5I 00'000'000'5I SZI1 SZI1 OZOZ/hZ/Li flo1/90NIM VIAINd 17LA£09£I£ IZ£'Z 6LZZ 00'005'0IZ7 00.005%8Z1Z 00085I'66 00'000'000'5Z 00'000'000'5Z SZI1 SZI1 610Z/9Z/L0 11AL01\1•1A5'£ VIAINd SZd£O9£I£ LZ£Z ISZZ 00'008'Z0Z7 00'00Z'L6L11 00080'86 00'000'000'5I 00'000'000'5I 0501 0501 610Z/9Z/L0 H=AI01\1=A£ VIAINd Z9V£09£I£ 9Z£7 WIT 00'00171'6177 00'009'505'6I 0008Z5'L6 00'000'000'0Z 00'000'000'0Z 0E1 OSZI IZOZ/LZ/LO So1/00 MAS VIAINd SMZ£09£I£ ZZ81 96CI 00.00VOL7 00'05L'5ZVZ 000Z00'66 00'05V561'L 00'000'005'Z 006' 5L8' 6I0Z/SZ/LO Ho1A190MASZ VWN3 6SX£09£I£ IZ£'Z £SZZ 00'006'L£T7 00'009'Z98'6 0009Z9'86 00'000'000'0i 00'000'000'0i 0001 0001 6LOZ/9Z/LO HoWpN..A£ VWN3 9ZWOO5£I£ IZ£'Z £8Z7 00'006'L£T7 00'009'Z98'6 0009Z9'86 00'000'000'0i 00'000'000'0i 0001 0001 6WZ/9Z/LO HoWpN..A£ VWN3 9ZWOOSEIE 9Z£'S 981'6 00'00''68E- 00'006'01911 00090VL6 00'000'000'SL 00'000'000'SL OSZ'I OSZ1 IZOZ/LZ/LO floIAIPN.AS VIAN3 LIX£99£I£ £Z£T li£I 00'000'E6- 00'000'L0611 000088'66 00'000'000'Si 00'000'000'SI 00£ 008' SLOZ/LZ/LO HolADDN=AZ VWN3 OHX£O9EIE IOS'Z vsvz OOA00'sL- 00'000'SZVZ 000000'66 00'000'005'Z 00'000'005'Z 0E1 OSZI 610Z/0£/60 So1/00 MASZ£ VWN3 ZAS£09EIE 88Z'E Z6L'£ OOAOL'Z£Z- 00'00£'L9L'6 000£L9'L6 00'000'000'0T 00'000'000'0i OS£I OS£I OZOZ/£I/LO Ho1/00NIM VIAINd SJMEO9£I£ ZSZ'E ZLI'£ 00'0017'08Z7 00'009'6LL'6I 000865'86 00'000'000'0Z 00'000'000'0Z 05.11 OM OZOZ/0E/90 So1/901\I=AB VIAINd 00.1.£09£I£ LIVE 64££ 00'008'95Z7 00'00Z'£7L'6I 00088Z'86 00'000'000'5I 00'000'000'Si 00t1 00t1 OZOZ/60/60 So1/00 MASZB VIAINd IOS£09EIE ZILZ E£9Z 00'059'51r 00'05E17561 000L80'66 00'000'000'5 00'000'000'S 0051 0051 610Z/91/ZI flo1A1901\1•1A5'£ VIAINd I12I£09EIE 56I1 ' ZZ014 00'09Z'60Z7 00'05L'06L11 000509'86 00'000'000'5T 00'000'000'5i 0551 0551 IZOZ/60/90 So1/00 MAS VIAINd SfldEO9£I£ 0001' 6L8'£ 00'096'Z£Z7 00'050'L9Z11 000ZTS'86 00'000'000'5T 00'000'000'5i SL£I SL£I IZOZ/OE/£0 So1/90N0A5 VIAINd TAa£O9EI£ 000'E 5£6Z 00'005'L7 00'009'Z66'6 000E6'66 00'000'000'0T 00'000'000'0i 05ZI 0E1 OZOZ/0E/£0 So1/00M h VIAINd 4HH£09£I£ Z667 ZL8Z 00'05097 00'05£'5£6'6I 000695'66 00'000'000'5T 00'000'000'5I 00£I 00£I OZOZ/60/£0 So1/00 MAh VWN3 ZXfl£09£I£ Z667 L88Z 00'00L'67 00'00£'066'6 000E06'66 00'000'000'0T 00'000'000'0i 0001 0001 OZOZ/60/£0 fl01/0JNMM VIAINd 9flZZO9£I£ ZI6'E 96C£ 00'006'L57 001101'Z66$I 0001719'66 00'000'000'5I 00'000'000'5I 0051 0051 IZOZ/9Z/Z0 flo1/901\lIA5 VIAINd 8IAZ09£I£ SQNOfl VWN3 £ZO'£ 081,80'8Z£'LI- OZ'91,6'898'SLI'L S95766'86WEI£0'L6T'LM 016' S68' 059LS'6I- OS'£Z6'0£01Z 000L06'66 00'000'0501Z 00.00V86- 00'008106'6i 00060S'66 00'000'000'0Z SL'S6Z'6- SZ60L'SLO'6 000L68'66 00'000'SZO% 00'056'5I- 00'OSS'686'11 000L68'66 00'000'000'Si 00'006'0I- 00'009'686'61 000866'66 066000'000'0Z 00'008'Z- 00'00Z'L66% 000ZL6'66 00'000'000'0i 00'051'SL- 00'009'S56171 00060(66 00'0SL'EL61,1 00.0001 00'000100'0Z 000S00'00I 00'000'000'0Z 0010SL'L£- 00'000'600'57 000980'00i 00'0SL'960'57 00'00I1Z- 001106'8L6'6 00068f66 00'000'000'0i 00'00I1Z- 001106'8L6'6 00068f66 00'000'000'0i 00100S1717- 00'005'SS6% 000SSS'66 00'000'000'0i 00'008'98- 00'00Z'£I6'6I 00099S'66 00'000'000'0Z 00'008'9L- 00'00Z'£Z6'6I 000919'66 00'000'000'0Z OOAOS'OOI- 00'00S'668% 000S66'86 00'000'000'0i 00'00Z'Z£1- 00'008'L9S'61 0006E£L6 00'000'000'0Z 001:108'6Zi- 00'00Z'0L8'6 000ZOC86 00'000'000'0i OOASL'89E- 00'0SZ1£9'6Z 000SZS'86 00'000'000'E 00'006'06Z- 00.00V6SL'4L 000i6£'86 00'000'000'SI 01:1S6V6L- 00'SOL'SZVV 00066£'86 00'000'00S'6 01:106CVS£- 00'099'09'U 00069VL6 00'000'00M 00'0£S'8S£- 00'0a/169'9T 000L68'L6 00'000'000'LL 00.00VESZ- 00'006'96L'6 00069VL6 00'000'000'0T 00'000'86E- 00'000'ZS9'61 000089'L6 00'000'000'SL 00'000'86E- 00'000'ZS9'61 000089'L6 00'000'000'SL 001006'E6- 00'001'906'6 000190'66 00'000'000'0T 09'0091Z- OVOSVOLS'6I 000ZE8'66 00180'Z6S11 00'005'68- 00'000'8S6'6Z 000ZE8'66 00'00S'L661Z 00'000'96E- 00'00009'K 00009£'L6 00'000'000'SI 00'000'96£- 00'00000i 000098'L6 00'000'000'SI 00'008t6I- 00.00VLSS'6 000ZLS'86 00'000'000'0T S67ZI'05I- SO'SLOSS'9 00019fL6 00'000'SOL'9 00'006'£ZZ7 00'00T'9L26 000I9CL6 00'000'000'0i 00'00£1Z£7 00'00L'SL9'17I 000S58'L6 00'000'000'5I 96Z'£ ZSZZ ZSZZ E£SZ SZ57 TZSZ 9£57 SZE' I057 I057 8ZT17 09T17 ZLIih I6T17 CISTT Zh9'£ Z£S'£ £ZO'£ 691717 8S£7 50fi'h 88£h SL£'h SL£h OIV17 L£L' L£L' 88£h 88£ 7 99V£ 98£ 7 98£4 Z5E1' 00'000'SZZ'LZYL 00'000'0501Z 00'000'000'0Z 00'000'SZO% 00'000'000'51 00'000'000'0Z 00'000'000'0T 00'000'000'5T 00'000'000'0Z 00'000'000'5Z 00'000'000'0i 00'000'000'0i 00'000'000'0i 00'000'000'0Z 00'000'000'0Z 00'000'000'0i 00'000'000'0Z 00'000'000'0i 00.000'000'5Z 00'000'000'5i 00'000'005'V 00'000'00011 00'000'000'LI 00'000'000'0T 00'000'000'ST 00'000'000'ST 00'000'000'0T 00'000'565'K 00'000'000'5Z 00'000'000'5T 00'000'000'5T 00'000'000'0T 00'000'50L'9 00'000'000'0i 00'000'000'ST 0501 0591 0051 0051 0E1 SZIZ 0176' 00ZZ OIL' 0061 0061 OSCI OS£L 0591 0051 0551 Ottl OL£T OOZT 005I 00t1 0551 00t1 0051 0051 0E1 LI£ 808' 00t1 00t1 OSZI SL£I SLE'I O5£I L6Z1 OSOI OS9'I 0051. 0051 OSZi SZIZ SL8' OOZZ 0001 0061 0061 OSLI OSSI 0991 005i 0551 OfiY'T OL£T OOZT 0051 COVE 0551 ON'L 0051 0051 O5ZL 008' 008' 00t1 00t1 OSZI SL£I 5L£I O5£I SIOZ 9Z/ZO OZOZ/8Z/80 OZOZ/OL/ZO OZOZ/OL/ZO OZOZ/6Z/ZO ZZOZ/OZ/IO 6I0Z/5Z/OL ZZOZ/LZ/IO LTOZ/8Z/LO IZOZ/0£/ZL IZOZ/0£/ZL IZOZ/9I/ZI IZOZ/VI/ZI IZOZ/60/ZI LZOZ/60/ZI LZOZ/9Z/ii OZOZ/0£/ii OZOZ/SZ/li OZOZ/80/SO IZOZ/0£/II IZOZ/LZ/OI IZOZ/OT/li LZOZ/LZ/OT LZOZ/LZ/OT LZOZ/LZ/OT LZOZ/8Z/OT LIOZ/8Z/ZI LIOZ/8Z/ZI LZOZ/LZ/OI IZOZ/LZ/OI OZOZ/LZ/OI IZOZ/SZ/OI IZOZ/SZ/OI IZOZ/0£/60 floN8DN,AI JW1Hd floW9DNIA£ JW1H3 fl0W9DN1A£ JW1H3 fl0W9DN1A£ JW1H3 fl0W90N1A£ JW1H3 fl0W£DN1AS JW1H3 fl0WLDN1AZ JW1H3 fl0W£DN1AS JW1H3 OWL JWIH3 flOW£oN=AS JW1H3 floW£DI\ITAS JW1I-I3 flOW£DN=AS JW1I-I3 flOW£DN=AS JW1Hd fl01ANDWAS JW1H3 flOW£DI\ITAS JW1Hd flOW£NNTAS JW1H3 &TAIDN=A4 JW1H3 HouT9DN=7,4 JW1H3 &TAIDNJASE JW1H3 floIANDWAS JW1H3 flOW£DI\ITAS JW1H3 flOW£DNIXS JW1H3 flOW£DNzAS JW1H3 floW£DNzAS JW1H3 flOW£DNITAS JW16-13 99619DWIS JW1113 fl061901\6IAS1 JW11-13 fl061901\6TASi JW11-13 1101A19DNJAS JW1H3 110W9DNTAS JW1H3 flOW£DNITAS JW1H3 flOWEDNJAS JW'IH3 flOWEDWAS JW'IH3 floW9DNzAS JW'IH3 8618OY£I£ 83LVOh£I£ ENZVOKIE ENZVOKIE 662VOh£LE IVIVOh£IE LSdVOh£IE SINVOKI£ SIavHLELE L8V VOh£LE L8V VOh£LE ESvvOh£LE ZdZvotac 62IAVOh£LE £OAVO4£LE 93AV017£I£ h>IAVOh£I£ ZZXVOfi£I£ 83AVOfi£I£ OVIIVDV£I£ ZVIVOKI£ Ofl,LVOfi£I£ ZVIVOKI£ Z3SVOfi£I£ ZISVOKIE 012IVOh£IE LI1M6Oh£IE LI1M6Oh£IE 6AZWOh£IE 6AZWOh£IE 9VdvO4£IE OWdE+O4£IE OWdE+O4£IE 9flNVO4£I£ Slpnlew uoptuna ssolfulea oI...A pal;,po[n[ pazl[eamn an�eA ,uci an[eA 401.1 % WWI% T[oug an[eA Slpnlely uodnop alea uogdpasaa dISI1J +ed of PlalC A4PWISI giunnoil 011034.0d Pug wow 6 ZL NOIDHTIOJ XVI-2I32If1SVINI HQISRIHARI 30 kthlfIOJ £00' E00' 00'0 09'6ZI'96V8 000809'OO1 09'6ZI'96V8 00'000'51V8 L9G 0091 LIOZ/L0/40 HIAALS VIN2I03I1VJ I9dJE90£I £001 166' 00'0 001WOZI117 000069'66 001WOZI117 00'000'06Z14 LZI1 006' 8I0Z/L0/40 HIAALS VIN2IO3I1VJ 6L3JE90£I S807 8£OZ 00'0 SL'8£8'9£9'Z OOOIS4'OOI SL'8£8'9E9'Z 00'000'SZ9'Z OZZ'I Sal 6IOZ/L0/90 H.LVIS ONVISI HO01-12I 41f12IZZZ9L 880.E 6L6Z 00'0 OS'6IL'OL9'Z 000£O4'OOI O8'6IL'OL9'Z 00'000'099'Z OZS'I SZ91 OZOZ/L0/90 H.LVIS ONVISI HO01-12I ZWf12IZZZ9L S80' 980' 00'0 OZ'84L'085'Z 0006Z0'OOI OZ'84L'085'Z 00'000'08S'Z OZL' OSL' LIOZ/L0/90 ILVIS ONVISI HO01-12I 6If12IZZZ9L S801 6901 00'0 091f i'L09'Z 000894'OOI 0914L'L09'Z 00'000'S6S'Z OI01 OSZ1 8IOZ/L0/90 HIVZS ONVISI HO01-12I 9NII9ZZZ9L £001 886' 00'0 OS'699'£E61 0004LI'OOL O5'699'£E61 00'000'5761 0911 0571 9L0Z/I040 ILV.LS IIVMVH 4dIZ6L6i4 £00' E00' 00'0 OG766'9681 000E1.1'OOi OG766'9691 00'000'0691 IS8' 0001 LIOZ/I040 ILV.LS IIVMVH LHIZ6L6I4 S00'E 968Z 00'0 00'000'5'90'9 000000'OOT 00'000'SSO'S 00'000'SSO'S 0991 0991 OZOZ/I040 H.LV.LS IIVMVH O1-IIZ6L6I4 £OOZ 9961 00'0 00'000'0661 000000'OOT 00'000'0661 00'000'0661 08E1 O8E1 6.10Z/I040 H.LV.LS IIVMVH ZOIZ6L6I4 9801 6901 00'0 09'649'L65'6 000999'OO1 09'649'L65'6 00'000'SES'6 046' 0571 8I0Z/IO/50 ILVIS 01HO LMHZZSLL9 S80' 980' 00'0 99 T'SVS9Z'6 0006L5"OOI 981 SVS9V6 00'000'SIV6 I4G 0571 LIOZ/LO/SO ILVIS 01HO 6AHZZ9LL9 405' 66V 00'0 00'000'005'L 000000'OOi 00'000'OOS'L 00'000'OOS'L EZG EZG LIOZ/LO/OL IS SVXHZ SZZ£ZLZ88 4057 6Z4Z 00'0 00'000'000'9 000000'OOi 00'000'000'9 00'000'000'S L6VI L6VI 6IOZ/L0/0I IS SVXHZ £EV£ZLZ88 LEE' SEE' 00'0 00'000'988'Z' 000000'OOi 00'000'998'U 00'000'998'U 0£8' 0£S' LIOZ/I0/80 H.LV.LS NOIDNII-ISVM ZZSGU6£6 LE£'L 80E1 00'0 00'OSZ'£I9'SZ 000£S4ZOI 00'O57'£I9'92 00'000'000'9Z 86E1 OSZZ 8I0Z/L0/80 ZS 3f1JLLJHNNOJ 4£IIZLLOZ SUNOS IN[L11I - 690' SL'96S'IL 60'940'ZI4'ZL 419L46'66 I£'644'04£'ZL 00'000'096'U 880' L80' L9"S£Z'S4 ZV6ZINIVL4 ££8Z£6.66 SG£68'ZL£'L4 00.000'0S4'L4 ISL' OSG LIOZ/ZO/SO S3NHOH2I Jfl LZSSII4I6 9E0' S£0' IL'I9£'9Z L9'9I6'£661Z L99SL6'66 9S'SSS'L961Z 00.000'000'9Z I£G 0£L' LIOZ/£I/40 SINHODI afl 4Q2ISIII16 SNdJ 0113Z INI1W 00'L6L'ZOZ 00'L6L'ZS0'011r- LSSITZ'OOI 00'000'OSS'£S 00'000'0S8'£8 aLEEL ' 00'OOS'OI- OO.009'6861Z OOO996.66 00.000'000'9Z 00.000'000'9Z 946' S46' LLOZ LZ ZL IAI VJWVd ZJWOXZ£I£ 6ZL' EZG 00'006'S£ OO.009'S£0'SZ OOOZVE00I 00'000'000'9Z 00'000'000'SZ L86' L86' LLOZ/ZZ/ZL , L VJWV3 LXIOXZEIE IZ£'Z I6ZZ 00'006'90T 00'006'SOVSI 00090GOOL 00'000'000'SI 00'000'000'SI ZLI1 ZLI1 6L0Z/9Z/L0 JA£ VJWV3 6A30XZEIE L96I 096I 00'OO119 00'OO.1'190'0T OOOII9'OOI 00'000'000'0i 00'000'000'0i ZZZ1 ZZZ1 6L0Z/6L/£0 JA£ VJWV3 6Q30XZEIE £E4' 0£4' 00'L6L'OI 00'L6L'098'8 OOOZZL'OOL 00'000'099'8 00'000'098'8 OUT OZL1 LLOZ/90/60 JA£ VJWV3 INZdSIEIE JVW 2IHWNVd S 4LZ' L9'99L'OSL 00'0SL'LSSI'L £££Z48'66 ££'£8S'L£LI'L 00'000'000'SL 80Z' LOZ' 00'SL£'66 00'0001Z6'66 000868'66 00'SZ91Z8'64 00'000'000'0S Z69' 069' LLOZ/SL/90 H.LON JSIQ tlJWV3 OXOISI£IE OEZ' 8ZZ' L9'I6L'OS 00'OSL'L561Z 000I£8'66 ££'896'9061Z 00'000'000'SZ Z99' 099' LLOZ/£7/90 H.LON JSIQ VJWV3 831-11SIEIE MON JSIQ WW1 I907 Z9'S49VEZ 0V646'9SZ'DZS EZZ990'OOLW3L'£0£'LZOIZS 00'000'016'£ZS ZI6Z 6I87 OO.00L 00'OOI'000'OL OOOL00'OOi 00'000'000'0T 00'000'000'0i OIL'I OIL OZOZ LZ/ZO HJAIDNa.I£ flJdd ZIVHH££I£ 069'£ L£S'£ 00'OOE'66- 00'OOL'006'6 OOOL00'66 00'000'000'0i 00'000'000'0i OLGI OLL1 OZOZ/LO/ZL VJAPNxx4 Sall 642IO3££I£ 5797 Z69'Z 00'099'08 00'OSS'E80'9L OOOLSBOOI 00'000'000'SI 00'000'000'SI L901 I901 6I0Z/M/li JAC Sall L910H££I£ SZ9'Z Z6S'Z 00'OSS'£8 00'OSS'£SO'SI OOOLSBOOI 00'000'000'SI 00'000'000'SI I901 1901 6I0Z/M/li lx£flJ33 L9d0H£EIE S6S'£ 894.E 00'OOVI9Z- 00'OOL'8£L% OOOL8VL6 00'000'000'0T 00'000'000'0i 09E1 08£'I OZOZ/ZO/IL VoW£DNlx4 flJ33 %DOH££L£ L957 6£47 00'OSI'L8 00'09I'L80'5I OOOLBS'OOT 00'000'000'SI 00'000'000'51 49I1 49I1 610Z/1,Z/0i lx£ Sall LSZOH£EIE 04S'£ 8I4'£ 00'OSV99£- 00'094'E£91I OOOLSBL6 00'000'000'SI 00'000'000'SI 04E1 04£'I OZOZ/EL/OL WAIDNIAt Sall BXXOH££I£ Z£S'Z £OS'Z 00'000'L8 00'000'L80'SL 000089'OOI 00'000'000'SI 00'000'000'51 1901 1901 6IOZ/li/OI JAE Sall LVAOH£EIE 6L4'£ OSE'£ 00'009'99I- 00'005'£48% 0009E1'96 00'000'000'0i 00'000'000'0i 0581 09£1 OZOZ/IZ/60 VJAIDN1A4 Sall 8NAOH££IE 6ZG 'EL' 00.099'OZ- 00'OSVL9611 000£8L'66 00'000'89611 00'000'000'9T 99G OOG LIOZ/ZZ/ZI JASZ1 flJ33 4WA0H£EIE COVE LO£'£ 00'OO9'08T- 00'005'6L8% OOO961'86 00'000'000'0i 00'000'000'0i OZE'I OZ£'L OZOZA4Z/80 VIAIDNJA4 flJ33 4VSOH£EIE OE81 66GI 00'OO9'06- 00'009'6061Z 0008E9'66 00'000'000'9Z 00'000'000'9Z Nil OII'I 610Z/8Z/I0 VoWEaNJASZ flJ33 LANOH£EIE 06Z7 69ZZ 00'OS9'6Z 00'OS9'6Z0'S 000£69'OOI 00'000'000'S 00'000'000'S ZOI'I ZOL'L 6LOZ/SI/LO JAE Gadd SAIOH££IE £SI'4 98014 00'0041L 00004'4L0'OL 00044L'OOI 00'000'000'0T 00'000'000'0T ZSZ'I ZSZ1 LZOZ/SZ/SO JA99033 EHJOH£EIE £SI'4 98014 00'00VE 00'004$L0'0L 000 E'OOi 00'000'000'0T 00'000'000'0T ZSZ1 ZSZ1 LZOZ/SZ/SO JA9 9033 EHJOH£EIE LLO'E 8L6Z 00'L9VZ8- 00'E£S'LI9'L OOO6Z6'86 00'000'OOL'L 00'000'OOL'L OZVI OZVI OZOZ/LZ/40 VIAIDNlx49033 5O933£EIE SEO'E 866Z 00'009'08C 00'009'08£'OS OOOL9L'OOI 00.000'000'0S 00.000'000'0S 9ZI'I 9ZI1 OZOZ/£I/40 ix4 fladd 6ZZ3H£EIE S661 496'I O1'606'9Z- 06'060'£8Z'O1 0006£L'66 00'000'OL£'OI 00'000'OI£'OI 0571 09Z1 6IOZ/6Z/EO VJAIDNIAC flail 8£A33£EIE S00'E 640.E 00'000'M 00'000'£8L'SZ OOOZEL'OOI 00'000'000'9Z 00'000'000'9Z 6I0'I 6L01 OZOZ/L0/40 =x4 flail 9913H£EIE IIO'Z E66'I 00'000'941 00'000'94L'SZ 0001,85'OOi 00'000'000'9Z 00'000'000'9Z 0£01 0£01 6IOZ/40/40 JA C 0011 48d3H£EIE 9941 ESVI 00'009'SZ 00'009'SZO'S OOOZIS'OOI 00'000'000'S 00'000'000'S E9I1 E9.11 SIOZ/LI/60 JAS'Z flail I91/933£EIE L061 9981 00'000'9£ 00'000'9EO'S 00000f 00I 00'000'000'S 00'000'000'S ZSZ'I Z5 1 6IOZ/SZ/Z0 JAE flail Z9333£EIE L061 9981 00'000'90i 00'000'90I'SI 00000f00I 00'000'000'9I 00'000'000'ST ZSZ1 Z9Z1 6IOZ/57/Z0 JAE flail Z9333£EIE 6491 8£91 Z9'£49'E£ 00'OOL'6E0'0I OOOL6£'OOI 8£'990'900'01 00'000'000'0T I90'I L601 SIOZ/£Z/LI JAE flail 6033£EIE £98' 4S8' 00'000117 00'00011'0'0Z OOOOZZ'OOI 00'000'000'0Z 00'000'000'0Z 4£6' 4£6' 810Z/60/Z0 JAZ flail 63INdH£EIE £98' 4S8' 00'000'££ 00'000'£EO'SI OOOOZZ'OOI 00'000'000'9T 00'000'000'ST 4£6' 4£6' SIOZ/60/Z0 JAZ flail 63INdH£EIE 890' LSO' 9G484'OI 00'O5Z'8661Z 000E66'66 SZ'S9L'L861Z 00'000'000'9Z E£S' 009' LIOZ/IZ/40 iA SI flail L2ffi3H£EIE UT ZIT 0VO9I'ZZ- 00'ESI'L49'9I OOOZ86'66 O4'£4£'699'9I 00'000'099'ST LK' SZ9' LIOZ/ZZ/SO JAZ flail 84N3H££IE 884' 984' 57'9£Z'ZII- OS'Z4£'6SZ'SZ OOOL£0'OOL 9L'8L9'IL£'SZ 00'000'09Z'9Z 099' 006' LIOZ/57/60 JAZ flail SWH3H£EIE Z451 4IS1 00'OSVEZ- 00'O9L'9L61 OOO9E9'66 00'000'000'9 00'000'000'S 01.11 OII'I 8I0Z/SI/OI VoWEDNzAE flail £1-11-133£EIE WI' 40L' 00'005'L 00'009'8661T 000066'66 00'000'1661T 00'000'000'9T 089' 059' LIOZ/80/S0 JAZ flail E4IHH£EIE 890' LSO' 00'OOZ1- 00'008'866'6 000886'66 00'000'000'0T 00'000'000'0T 009' 009' LIOZ/IZ/40 JAZ flail 42IZHH£EIE 6ZS'Z 9IS'Z 00'040'££ 00'009'0E0'0T 00090£'OOI 00'09S'L66% 00'000'000'0T L£6' 8Z6' 6IOZ/OI/OI JAS flail OaXQH££IE 6ZSZ 9IS'Z 00'005'9L 00'OO9'9L0'SZ 00090£'OOI 00'000'000'9Z 00'000'000'9Z 8Z6' 8Z6' 6L0Z/OL/OI JAS flail OaXOH£EIE 6ZS'Z 9IS'Z 00'006'S4 00'006'540'ST 00090E'OOL 00'000'000'ST 00'000'000'SI 8Z6' 8Z6' 6IOZ/OI/OI JAS flail OaXOH£EIE SUNOS flJ33 8E£' 00'SL£'6L£ 00'0SZ'6£9$ZI OOKIL'66 00'SL8'6SZIZI 00'000'000'SZI 4 6I8' OI8' L9'914'61 OO O9L'ZO81Z OOOILZ 66 ££ £££'£8L14Z 00 000'000'SZ an Z901 810Z/4Z/L0 HZON JSIQ flail 6HS£L££L£ 99Z' L9Z' OS'L£619 00 009'9161Z 00046G66 09 Z9S'9981Z 00 000'000'9Z £I9' OI9' LIOZ/LO/LO HZON JSIQ Hall £AH£L££I£ 6IZ' 8IZ' ££'£80'L8 00'000'0961Z 000048'66 L9'9I6'ZLS$Z 00'000'000'9Z £09' 009' LIOZ/61/90 H,LON JSIQ fladd L9H£L£EIE CST' £SI' 00'005'Z6 00'05Z'£L61Z 000E68'66 00'OSL'0881Z 00'000'000'9Z ££S' 0£9' LIOZ/9Z/S0 H,LON JSIQ flail S TO£I££IE L4Z' SIZ' O9'L£4'86 00'OSL1961Z 000618'66 OSZIV9991Z 00'000'000'9Z ELS' OLT LIOZ/6Z/90 H,LON JSIQ flail EWH£I£EIE SILON JSIQ flJ33 094'Z OLII L06' SL£'Z £SL'4 Z6I' £SL1 £SL'4 £SL1 £SL1 069' ££9' £691 9691 9691 664.E 664.E Z84'£ Z84'E 4091 40917 4091 84£Z 649 L LS£'Z L601 888' S4£Z 884'4 161' Z8414 88414 Z51'4 88VP L89' £Z9' £94'4 8L414 8L414 644.E 644.E I£4'£ I£4'£ ZS£'4 ZSE'4 £8VI ZIEZ LZ9'I L4'L6L'898'L- 005401- 09'£98'8Z- 00'000'69- 00'008'I- 00'I4£'lI- 00'OSS'OIL- 00'OOL'6Z- 00'009'8S- 00'OOZ'6£- S9'ZL8'£- 00'OOS1I- 00'095'86- 00'009'ELI- 00'009'ELI- 00'OOZ'94 00.008'0£ 00'090'94 00'OOL'0£ 00'095'69Z- 00'00L'E9Z- 00'006tS- 00'09819i- 00'09919- 9Z'LOS'£L£'E£S 00'5O8'Z81'6 OVEN/T.09'1Z 00.0001E61Z 00'OOZ'866'6I 00'008'Z00'0L 00'OSI'6881,1 00'00£'OL61I 00'OOVI46'6L 00'008'096'61 00VIV980'9 00'009'6961Z 00'OS410611 00'00V9Z8'6 00'00V9Z8'6 00'OOZ'940'9L 00'008'0E0'0T 00'0S0'940'SI 00'OOL'OE0'0I 00'054'OEL1I 00'OOV9EL$I 00'00£'046'6 00'05£'90811 00'044'8£4'6 S668Z9'66 000618'66 OOO-28'66 0004ZL'66 OOO166'66 0008Z0'OOI OOO19V66 OOOZ08'66 OOOL0G66 000408'66 0004LL'66 0008E8'66 000£4£'66 00049V86 00049Z'86 00080£'OOI 00080£'OOI OOOLO£'OOI OOOLO£'OOI 000£0Z'86 OOOZ1V86 000£OV66 00060f86 OOOZS£'66 ELTOE'ZDZ'S£S 00'098'£81'6 00'LO£'0£S'IZ 00'000'000'SZ 00'000'000'0Z 001T11I0'0I 00'000'000'51 00'000'000'51 00'000'000'0Z 00'000'000'0Z S9'980'060'9 00'0001L61Z 00'000'000'ST 00'000'000'0T 00'000'000'0T 00'000'000'ST 00'000'000'0T 00'000'000'ST 00'000'000'0T 00'000'000'ST 00'000'000'ST 00'OOZ'£66% 00'OOVIL611 00'000'005'6 80'0ZL'69£'S£SL'L 00"000'009'6 45I'I 000'I BIOZ OI/SO So1V9DNziSZ' L 91113 LHXSVO£I£ 00'000'049'IZ OZ6' SL8' 8LOZ/£Z/ZO zli fl1H3 £LIIVVO£I£ 00'000'000'SZ 000'I 000'1 6I0Z/SL/80 flOWPNJAS fl1Hd 41-108VOEI£ 00'000'000'0Z 000'Z 000'Z IZOZ/0£/ZL 991N93NJAS fllHd 4Q0VVOEIE 00'000'000'0T 80L' 000'I LIOZ/60/90 °W9 911-13 4M36L££I£ 00'000'000'51 OSO'Z 090'Z IZOZ/0£/ZI fl9W9aNJAS 91H3 8L3VVOEIE 00'000'000'51 000'Z 000'Z IZOZ/0£/ZI fl91N9NJAS 911-13 OZ3VVOEIE 00'000'000'0Z OSO'Z 090'Z IZOZ/0£/ZI floWEaNJAS 91H3 SHOVVOEIE 00'000'000'0Z 000'Z 000'Z IZOZ/0£/ZI floWEaNJAS 91H3 DIJVVOEI£ 00'000'00.1'9 O16' OSG LIOZ/80/ZI JAE 91H3 ()MISCUE 00'000'000'SZ IL8' OSL' LIOZ/LIAI JAL 91H3 6f14VV0EI£ 00'000'000'9I OOL'I OOL'I IZOZ/80/ZI flzxloNJAS 91H3 ZVSVVOEI£ 00'000'000'0T 009'I 009'I IZOZ/60/ZI fl91/993NJAS 91141 4.I2VVO£I£ 00'000'000'0T 009'I 009'I IZOZ/60/ZI fl91/993NJAS 91143 4.I2VVO£I£ 00'000'000'SI ££I'I at OZOZ/8Z/60 'A4 fllHd L2I36V0£L£ 00'000'000'0T ££L'I at OZOZ/8Z/60 Jx4 911-13 L2I36V0£I£ 00'000'000'SI LTC LZI'I OZOZ/ZZ/60 JAI' 911-11 81/936VOEI£ 00'000'000'0T at LZI'I OZOZ/ZZ/60 Ix4 S11-13 Of116V0EIE 00'000'000'9L OS£'I OSE'L LZOZ/OE/60 floW£oNJAS fllfid 9VO6VOEI£ 00'000'000'9L 09E'I OSE'L LZ0Z/OE/60 floW£oNIAS fl'IHd IHO6VOEIE 00'000'000'OI 806' 9L8' SLOZ/I0/0I JAZ fl1H1 IHV6VOEtE 00'000'000'91 046' SLR ' 610Z ISO /80 Ix£fl'IHd ZLx8VOEIE 00'000'005'6 000'I 000"I SIOZ/£Z/LI HJAIDNJAZ fIlHd SSM8V0£I£ A/pnlew uopeina sso-l/uleo .�n le;1 �u,� anleA anleA oy sreax P.IPPoW Paz1leazu1 a.`P,Iv 40`Pe vog red A/pnleW uodnop alea uopdgasaa dISI1J PI PPP LLpnleW sBunnoil 01103p0d }ma wow of £L 2I0.LJHTI0J XV.L-2I32If1SV32I.L HQISRIHARI 30 kthlflOD Z8I'I Ott I£'SSI'Z69'ZI- SZ'L6I'S08'££8'9 I8I617L'66 SS'ZS£'L6V968'9 80'06L'886'0S8'9 S66' b96' Ie4o.L puei0 MI WE I I£'SSI'Z69'ZI- SVL6I'908'£E8'9 I8I6EG66 SS'ZS£'L6V9178'9 80'06L'886'09r9 SD6' pun31eToy 9II' SW 8Z'90Z'LZ91 9VI89'609'8T£'I 6Z8688'66 LI'SLVLL6'9I£'I 00'000'650'I58' ILOILO' 6Z'9LZ'£- £9'5LV6Z5'Lh 005L£6'66 I6'ISS'Z£S'Lb 00'000'655'Lb Oa' ZbL' LIOZ 9Z/170 HIHWV0 2IH,LJ02I1 TS2IIILZIL II0' II0' 69'000'£ OS'ZIVt6Y% OO5Z66'66 IS'IIVI6t1L 00'000O0L OM 0W LIOZ/60/60 SIHINVQ xal-DuV Lb2I08b6£0 KO' KO' L9'9I6 00'005'L60Z 000066'66 ££'£85'966'iZ 00'000'000'SZ OZ8' OW LIOZ/50/60 SIHINVQ xaDlIV 5S2I08b6£0 9£0' 5£0' ££'£££'8 00'00096'611 OOOOL6'66 L9'999'956'61I 00'000'000'0Z' O56' OS6' LIOZ/£I/I0 (HH.LNV2IVII0) VIXHO OQ9d6IZSZ 06V WY LL'ZOL'EZ 56'69E'II0£ 950I96'66 L9'999'L8L$£ 00'000'000'S£ LOZ'I LOZ1 LIOZ/9Z/60 d2I0J 2I0,101AIVLOAOL ISM0££Z68 OLI' 891' 00'0SV6 II19VOZ6'66 ZZL058'66 lilli'IT6'66 00'000'000'0S IOW 008' LIOZ/I0/90 d2I0J,L30502I3I1A1 ELIW5I565 I9I' £91' L9'916'ZI 00'0SZ'9Z6'66 OO5Z58'66 E£'£££'£I6'66 00'000'000'0S I08' 008' LIOZ/005O aloe L30502I3I1A1 9MSW5T565 iT0' IT0' 00'5Z9'0I 00'5ZT'860Z OO5Z66'66 00'005'L80Z 00'000'000'5Z OZL' OZL' LIOZ/170/TO 12I0D Id0S02IJIW 61,2I1AISIS65 8£Z' KV ZZ'ZZL'LI ZZ'ZZL'L88'6b 1717175LL'66 00'000'0L8'6b 00'000'000'05 Z08' Z08' LIOZ/9Z/90 H1ddV SS.L058L£0 96Z' £6Z' 17£'££6'617 95.55V9L8'6£ 688069'66 ZZ'ZZB'9Z8'6£ 00'000'000'017 5L01 OLO1 LIOZ/LI/LO d2I0J 2I0101AI V107,01 LHR0££Z68 88Z' NV 5V695'S£ 68'88817Z6'W 955669'66 IV6IV0681Z 00'000'000'5Z 590'i 0901 LIOZ/bi/LO 12I0J 2I0.101AI V.10101 V3110££Z68 9£0' 5£0' ££'£E£'9£ 00'000'886'6£ OOOOL6'66 L9'999'156'6£ 00'00000 17 ISL. OSL' LUZ/£IAO N0INIW00011\102I01 LQ2IH91168 00Z' 961' 00'0178'6I 00'091'996'LT OOOZI8'66 00'OZ£'9176'LI 00'000'000'8I £88' 088' LIOZ/ZI/90 OD V10J-VJ0J 5JIVIZI6I POI' COI' 00'8Z5'T5 00'05L'£56'617 OO5L06'66 007ZZ'Z06'617 00'000'000'05 Z08' 008' LIOZ/80/5O N0INIW00011\102I01 L8S391168 ILO' ILO' ££'85L'5£ 00'5ZL'8L61£ OO5L£6'66 L9'99£'Z1761£ 00'000'000'5£ I9L' 09f LIOZ/9Z/50 H1ddV LS2I058L£0 99Z' NZ' 6£'9LET7I ££'££6'Z06'17£ L99ZZL'66 176'951/880£ 00'000'000'5£ ZLL' Oa' LIOZ/90/L0 HILSHN 69I1D501T9 981' SWF 00'5LZ'95 00'5LVIZ017 9505Z8'66 00'000'598'f 0000'000'517 £06' 006' LIOZ/L0/90 N0INIW0Q011PI02I01 8/1291168 £LI' ILI' 99'99L'6Z ZZ'ZZ9'L96'6I lii8£8'66 95'558'L£6'6I 0000'000'0Z £P6' OB6' LiOZ/ZO/90 (HH.LNV2IVII0) VTXHQ 9AMTIZSZ 9£0' 5£0' 00 01'69 00'00086'65 OOOOL6'66 00'009'Z16'65 00'000'000'09 I9L' 09L' LIOZ/£I/h0 (HH.LNVlwriD) VIXHQ axvoiZSZ UT' ILI' 17E'807'69 95'55016'61 1118E8'66 ZZ'L65'668'65 0000'000'05 £I6' O16' LIOZ/Z0/90 NOINIWOQ 01NO2I0L 6Z1H9I168 SIT' Kt 95'0£1'LL 00'05nP6'617 OO5L68'66 W6IE'IL8'617 00'000'000'05 Z58' O58' LiOZ/Zi/SO OD V10J-VJ0J 9JSVIZI6I II0' II0' ZZ'ZL6'8L 00'05Z'966'66 005Z66'66 SL'LLL'LI6'6b 00'000'000'05 I08' 008' LIOZ/b000 H1da' OKH058L£0 ZIT' III' £8'OZ5'O17 00'000'5L0Z 000006'66 LI'6Lb'6£0Z 00'000'000'5Z Z58' 058' LIOZ/II/50 OD V10J-VJ0J SHSVIZI6I £ZI' UV IVIII'S6 00'000'556'6f 000068'66 68'888'058'a 00'000'000'05 £88' 088' LIOZ/SI/SO H1ddV HS058L£0 Z50' ZSO' 00'OO5'60T 00'OOS'LL6'61, OOO556'66 00'000'898'61 00'00000'O5 £96' 056' LIOZ/6I/i0 <NOD 2I0,101AI VLO)COL 17>11I0££Z68 9£0' 5£0' £E'£E£'8II 00'000'586'6f OOOOL6'66 L9'999'998'6b 00'000'000'05 Z08' 008' LIM/£IAO H1ddV OUTI058L£0 ££0' ££0' £E'856'89 00'5ZI'£60Z OOSZL6'66 L9'99I'17Z0Z 00'000'000'SZ £I6' O16' LIN/U/10 d2I03 2I0,101AI VLOAOL ZJ2I0££Z68 OTT' 601' 00'5L£'051 00'5ZT'95017 OO5Z06'66 00'05L'508'1717 00'000'000'07 CIE OYL' LIOZ/OI/50 H sal.' £VS0501179 ZIT' III' £E'£89'9ZI 00'000L6'6Z 000006'66 L9'9LE'£B8'6Z 00'000'000'0£ 176f O6L' LIOZ/li/SO =SRN IOS0SOIV9 SIT' iII L916Z'ZIZ 00'05L'856'6Y OO5L68'66 E£'85V9EL'617 00'000'000'05 T,SL' OSL' LiOZ/ZIA0 =SRN 6JS05O1179 NHddd NINIOJ ZOT'I 580 I £001 £00 580 L££' 6851 685' 685' L0S'£ P057 WEI OLI' OLI'Z OLI'I ZSZ'Z ZSZ'I SSZ'£ Z5Z 8L0'T OLO1 066' £561 ££0Z S££' 095'i 6LS' LLS' 88£'£ 8f7 Z Z8VI 691' KIT 6bI'T 89TZ £ZZ'I 580'£ ISZ' 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 00'0 00'0 SO'LI61Z6'8L£ 061786'695'T 59786'17£L'T O5786'6K1 OL'186'6Z8'1 56'5Z0'ITZ'ZZ 00'005'860'05 00'05L'9E0'SL 0910V695'6 00'0Z0SZ'Z O579Z'£SZ'Z O8'ELV8L81' OL'6£1'6E0 OZ'Z6I'LES'EI OZ'ELV6EVEI 00.K8'£i 6'9 O1'08-n09'9 SZ'OLL'175n 06'£IT/LIV9 9ZLL9L'OOI 000666'66 000666'66 000666'66 000666'66 000£fi£'OOI OOOL6I'OOI OOOZ66'OOI OOOZ6I'OOI OOOSfii'OOI 0006LI'OOI 00086I'101 0009ZL'ZOI OOOZLS'ZOI 0000E5'50i 000850'IOI OOOL6Z'90I 00061 Z0i SO'LT.61Z6'8L£ O17178059'i S9'Z80£L'i 05786'6BL'I OL'186'6Z8'1 56'5Z0'ITZ'ZZ 00'005'860'0S 00'05L'9E0'5L 09'10V695'6 00'0Z£175Z'Z 0579Z'£SZ'Z O8'ELV8L0 OL'6£1'6E0 OZ'Z6I'LES'EI OZ'ELV6EVEI 00LS'£56'9 OI'08-n09'9 SZ'OLL'bSZ'L 06'EIT/LT7V9 00'000'S£0'9L£ 00'000'095'I 00'000'5£L'i 00'000'05L'I 00'000'0£8'I 00'000'69I'ZZ 00'000'000'0S 00'000'000'SL 00'00081/6 00'000'05Z'Z 00'0005Z'Z 00'000'0L0 00'000'SIO'Z 00'000'0a/el 00'000'0I8V 00'000'085'9 00'000'55£'9 00'000'5Z8'9 00'000'011'9 0£01 .201 Ihb1 04171 ILL' 056' 008' OZ8' 6T£'T IOI'i 116' ZLS' bZO'I Ob8' OIT'I 0£6' OL£'I IOL' £S£'I Oa/ 1 OZO'I OWL OSB'I 'LEVI OSO'I O58' OSL'I °a i TST'I 000'I 000 000 OSZZ 000'£ 000'£ 000'£ 000'£ 8TOZ/IO/50 d.LVZS N0032I0 SiOZ/TO/fi0 H.LV.LS NO032I0 6i0Z/IO/t0 ILV.LS N0032I0 6i0Z/IO/S0 ILV.LS N0032I0 LIOZ/I0/80 HINTS IIVMVH 8IOZ/IO/II H,LVLS VIN2I03I1VJ LTOZ/I0/li HIVLS VIN2I03I11VJ LIOZ/TO/II H,LVLS VIN2I03I1VJ OZOZ/IO/OI HINIS IIVMVH 610Z/I0/01 HIV.LS IIVMVH 8I0Z/I0/0I anus IIVMVH LTOZ/IO/90 awls SVSNV>IHV 6WZ/IO/90 awls SVSNV>mv SIOZ/TO/90 1LVLS SVSNV>I2IV 6I0Z/I0/L0 H.LV,LS VI02I0H0 H.LV,LS VI02I0H0 H.LV,LS VI02I0H0 H.LV.LS VI02I030 STOZ/IO/LO OZOZ/IO/LO LTOZ/TO/LO IIX860989 LOM160989 5J iH60989 82IX860989 Id5I6L6ifi 6/00£90£1 iRfi0£90£I 6J3J£90£I 63NZ6L6It ZHNZ6L6It 50NZ6L6Ii 92IZZ60I170 ZIZZ50I170 17SZZ60I170 8>I5b8££L£ II5b8££L£ 915b8££L£ SH5b8££L£ Slpnlew uopeina ssoi/ule0 77OI amen amen SlpnleTN uodnop Neu uol;dpasaa dISI1J oy sreax P.IPP01A1 Pazlleazun 401, \ WW1% along zed QT. PIaIC A4PWISI giunnoil 01103P0d Pug wow 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 California Government Code. This policy is reviewed annually by the County's Investment Oversight Committee and approved by the County Board of Supervisors. 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/ o Milkilifilliiit IMAM 5 YEARS NO LIMIT NA 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 iligaik Authorized % Limit 4 YEARS 15% AA-/Aa3/AA- 5 YEARS 100% 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 AA/Aa2/AA NA 3 YEARS 20% DAILY LIQUIDITY 1.0% DAILY LIQUIDITY 20% AAA by 2 Of 3 RATINGS AGC. DAILY LIQUIDITY Max $50 million NA NA NA NA 1 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. 6.59% 8.68% 0.00% 49.08% 19.24% 0.00% 0.00% 0.00% 0.00% 0.78% 10.52% 0.00% 5.11% 1#� THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT CODE 53646 COUNTY OF RIVERSIDE TREASURER -TAX COLLECTOR 11 74 County of Riverside Treasurer -Tax Collector Capital Markets 4080 Lemon Street, 4th Floor Riverside, CA 92502-2205 (951) 955-3979 75 AGENDA ITEM 6D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 22, 2017 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, 2016 (4Q 2016); 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, 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 630 businesses. Through 3Q 2016, the SBOE approved corrections for 445 of these accounts for a total sales tax recovery of $7,350,191. Updated amounts for 4Q 2016 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 2016. Most of the 4Q 2016 Measure A sales tax revenues were received in the first quarter of calendar year 2017, during January through March 2017, due to a lag in the sales tax calendar. The summary section of 4Q 2016 report is attached and includes an overview of California's economic outlook, local results, historical cash collections analysis by quarter, top 25 sales/use tax contributors, historical sales tax amounts for the top ten segments, annual sales tax by Agenda Item 6D 76 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 20.2 percent of taxable sales for the benchmark year ended 4Q 2016 — unchanged from the benchmark year ended 4Q 2015. The top 100 tax contributors generated 33.1 percent taxable sales for the benchmark year ended 4Q 2016, compared to 32.5 percent for the benchmark year ended 4Q 2015. In the Economic Category Analysis below, five of the six categories (general retail, food products, construction, business to business, and miscellaneous) experienced new highs in the 4Q 2016 benchmark year compared to the prior six benchmark years. Transportation was slightly below the 4Q 2015 benchmark year due to continued lower fuel prices. %of Total / % Change ROTC State Wide Riverside County ECONOMIC San Bernardino County CATEGORY Inland Empire ANALYSIS South Coast S.F. Bay Area Sacramento Valley Central Valley North Coast Central Coast General Retail 28.9 / 3.4 28.3/1.3 28.4/2.7 26/7.9 27.2/5.2 28.9/0.4 26.5/-0.2 27.9/2.9 31.3/4.5 28.7/2.9 31.0/-1.0 Food Products 17.7 / 4.8 21.0/4.6 20.1/5.6 15/4.7 17.5/5.2 22.3/5.1 22.3/3.9 17.1/3.8 16.9/4.1 18.8/4.2 31.0/0.6 Transportation 25.1 / -0.4 23.5/-0.6 26.4/-0.9 27.6/1.8 27.0/0.5 23.0/-1.9 20.7/0.4 28.3/3.5 25.9/0.0 29.8/0.1 21.0/0.1 Construction 10.8 / 3.1 9.5/1.6 12.8/0.5 9.8/-5.7 11.3/-2.5 8.3/2.3 9.6/1.8 11.7/5.6 12.2/2.5 13.5/3.6 9.5/3.1 Business to Business 15.3 / 4.8 16.4/0.4 11.2/6 19.9/1.6 15.7/3.0 16.2/0.5 19.7/0.8 13.6/-1.6 12.3/-4.5 8.1/-3.7 6.4/2.8 Miscellaneous 2.2 / 8.3 1.3/6.5 1.1/14.7 1.6/38.4 1.4/27.9 1.2/9.3 1.2/-0.8 1.3/-18.4 1.5/7.1 1.0/4.5 1.0/-11.0 Total 100.0 / 2.9 100.0/1.5 100.0/2.5 100/3.3 100.0/2.9 100.0/1.1 100.0/1.2 100.0/2.5 100.0/1.9 100.0/1.8 100.0/0.2 General Retail: Apparel Stores, Department Stores, Furniture/Appliances, Drug Stores, Recreation Products, Florist/Nursery, and Misc. Retail Food Products: Restaurants, Food Markets, Liquor Stores, and Food Processing Equipment Construction: Building Materials Retail and Building Materials Wholesale Transportation: Auto Parts/Repair, Auto Sales - New, Auto Sales - Used, Service Stations, and Misc. Vehicle Sales Business to Business: Office Equip., Electronic Equip., Business Services, Energy Sales, Chemical Products, Heavy Industry, Light Industry, and Leasing Miscellaneous: Health & Government, Miscellaneous Other, and Closed Account Adjustments An analysis of sales tax performance by quarter through 4Q 2016 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 62.3 percent of total sales tax receipts. Light industry, one of the top 10 segments representing 4.4 percent of the total sales tax receipts for benchmark year 4Q 2016, was lower than 3Q 2016 benchmark year due to completion of renewable energy developments in Riverside County. Service stations reached a new low point in 4Q 2016. These top 10 segments represent 73.9 percent of the total sales tax receipts. For the other 19 segments representing 26.1 percent of the total sales tax receipts, 16 segments representing 25.1 percent of the total sales tax receipts reached new high points in the benchmark year 4Q 2016. Agenda Item 6D 77 In the Economic Segment Analysis below, auto sales -new, restaurants, and department stores represent the three largest segments for Riverside County, or 33.3 percent of total sales tax receipts. This is the seventeenth consecutive quarter since 4Q 2008, that department stores and auto sales -new have been in the top three economic segments. Growth seen in previous quarters for service stations segment has been declining continuously from the high in the last five years due to lower fuel prices, and this segment reached a new low point in 4Q 2016. Restaurants replaced service stations in the top three economic segments beginning in 4Q 2014. ROTC State Wide Riverside County ECONOMIC San Bernardino County SEGMENT Inland Empire ANALYSIS South Coast S.F. Bay Area Sacramento Valley Central Valley North Coast Central Coast Largest Segment Auto Sales- New Restaurants Restaurants Department Stores Restaurants Service Stations Restaurants Restaurants Department Stores AutoSales- New Restaurants %ofTotal /%Change 11.8 / 4.2 14.9/5.4 12.9/6.4 10.2/1.4 11.5/6.3 18.1/-57.5 15.9/4.5 16.4/5.8 13.5/1.5 12.0/9.4 22.4/-0.5 2nd Largest Segment Restaurants Auto Sales- New Auto Sales- New Restaurants Auto Sales- New Restaurants Auto Sales- New Auto Sales- New Auto Sales - New Restaurants Misc. Retail %ofTotal /%Change 11.4 / 6.1 11.4/4.3 12.4/3.3 10.1/6.1 11.1/5.3 14.3/-31.8 11.2/5.0 11.4/3.1 11.0/5.6 10.9/4.8 10.4/-1.2 3rd Largest Segment Department Stores Department Stores Department Stores Auto Sales- New Department Stores Auto Sales- New Department Stores Department Stores Restaurants Department Stores Auto Sales - New %ofTotal /%Change 10.1 / 1.0 9.3/-0.9 10.5/0.0 9.9/7.8 10.3/0.7 11.6/12.2 7.6/-2.8 9.1/-1.4 10.9/5.6 10.8/-0.5 9.3/13.6 During the review of the 4Q 2016 detailed report with MuniServices, information regarding sales tax comparison by city and change in economic segments (two highest gains and two highest losses) from 4Q 2016 to 4Q 2015 was provided and is attached. 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 2016 2) Sales Tax Performance Analysis by Quarter 3) Quarterly Sales Tax Change Comparison by City for 4Q 2016 to 4Q 2015 Agenda Item 6D 78 ATTACHMENT 1 Riverside County Transportation Commission Sales Tax Digest Summary Collections through March 2016 Sales through December 2016 (2016Q4) CALIFORNIA'S ECONOMIC OUTLOOK California sales tax receipts increased by 2.8% over the same quarter from the previous year, with Northern California reporting a 2.7% increase compared to 2.9% for Southern California. Receipts for the RCTC changed by 4.6% over the same periods. • Employment in California continues to grow. Quarter over quarter employment growth for 2016Q4 is 1.7%, while the total California labor force grew by just 1.1%. The difference comes from the unemployment rate which declined by 0.6% from 5.6% in 2015Q4 to 5% in 2016Q4. (EDD) • International tourism in California could be impacted by the travel ban. After the January 27 travel ban was announced by the President, bookings searches were reportedly down by 6 to 17 percent on aggregator websites. International tourist spending in 2015 was estimated at $15.9 billion, of which 19.2% was on retail. (UCLA Anderson) • Gas prices in California may rise significantly in 2017. Several OPEC nations have agreed to reduce crude oil production by 1.2 million barrels a day, while Russia and other non -OPEC countries are planning cuts of 600,000 barrels a day. Limited supply of crude oil will drive up its price per barrel, which may consequently affect gas prices. GasBuddy.com analyst Allison Mac, predicts a gas jump of 50 to 80 cents by Memorial Day. (Mercury News) 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 4Q2016 Receipts Net 4Q2015 Receipts Actual Percentage Change $46,654,551 0 0 46,654,551 .00 (507,340) 46,147, 211 44,107,625 4.6% Business Activity Performance Analysis Local Collections Less: Payments for Prior Periods Preliminary 4Q2016 Collections Projected 4Q2016 Late Payments Projected 4Q2016 Final Results Actual 4Q2015 Results Projected Percentage Change $46,654,551 (2,109,695) 44,544,856 1,021,720 45,566,576 44,466,496 2.5% www.MuniServices.com (800) 800-8181 Page 1 79 Riverside County Transportation Commission HISTORICAL CASH COLLECTIONS ANALYSIS BY QUARTER $48,000 $46,000 $44,000 Q $42,000 m cc z $40,000 $38,000 $36,000 $34,000 (in thousands of $) 302014 402014 1Q2015 2Q2015 3Q2015 402015 1Q2016 20,2016 3Q2016 40,2016 Net Receipts +SBOE Admin Fees Due $540 $530 $ 5 2 0 $510 $500 $490 $480 $470 $460 $450 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 2016 to December 2016. The Top 25 Sales/Use Tax contributors generate 20.2% of RCTC's total sales and use tax revenue. ALBERTSON'S FOOD CENTERS LOWE'S HOME CENTERS AMAZON.COM MACY'S DEPARTMENT STORE BEST BUY STORES RALPH'S GROCERY COMPANY CARMAX THE AUTO SUPERSTORE ROSS STORES CHEVRON SERVICE STATIONS SAM'S CLUB CIRCLE K FOOD STORES STATER BROS MARKETS COSTCO WHOLESALE TARGET STORES DEPT OF MOTOR VEHICLES USA SERVICE STATIONS FERGUSON WATERWORKS VERIZON WIRELESS FOOD 4 LESS WAL MART STORES HOME DEPOT WALGREEN'S DRUG STORES JOHNSON MACHINERY COMPANY WHIRLPOOL KOHL'S DEPARTMENT STORES N m G1 LL c -o a 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 2016, the highs, and the lows for each segment over the last two years. $25,000 $20,000 $15,000 $10,000 $ 5, 000 $0 (in thousands of $) 442016 n • ■ High Low s, -.5 z`' 5 �e e w5 a �e J�a� �w°t fe�a awe°� �°� roc •at�� �,2, a.JS�� a\e`' e`,'" e�� °�� e � `,, �e�y a� a,5 c.., c� Q `„, \a°e `��• c �a QQa °° 40, �\$r v- ' a `ems Se a� P <b O Q�5 •�� ANNUAL SALES TAX BY BUSINESS CATEGORY (in thousands of $) 30,311 30,068 29,710 29,395 442016 342016 202016 102015 442015 302015 242015 142015 402014 302014 47,905 47,520 47,083 46,757 46,184 28,912 28,417 43,162 43,087 17,983 27,937 42,852 17.441 27,415 26,957 26,689 42,795 17,217 42,934 16,913 42,800 16,496 26,236 3,713 25,702 3,624 25,311 3,578 24,985 3,503 I 25,305 3,474 25,629 3,335 I 26,065 3,269 I 26,297 3,207 I 25,421 3,112 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 5160,000 $180,000 ■ General Retail ■ Food Products ' Transportation ■ Construction ■ Business To Business ■ Miscellaneous www.MuniServices.com (800) 800-8181 81 Page 3 Riverside County Transportation Commission FIVE-YEAR ECONOMIC TREND: General Retail $16,000 $14,000 $12,000 $10,000 Ss,000 $6,000 $4,000 $2,000 $a (in thousands of $) n-ri nTi iiiiiiiiiiii iiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiii .-I N N N N m m m m V V V V L/1 ill Ln 1.11 l0 l0 CO CO ,-I ti I-1 t-I I-1 t-I .i-I ti .i-I ti ti I-1 .i-I I-1 t-I ti ti .i-I ti I-1 t-I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � .� ry m � .� ry m � .� ry m � .� ry m � .� ry m � FINAL RESULTS: July - September 2016 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 2015 Sales MUNISERVICES' ON -GOING AUDIT RESULTS This Quarter $283,777 Total to Date $7,490,534 $41,650,714 ($-501,550) ($1,882,793) $1,615,941 $41,885,412 UP BY 3.7% www.MuniServices.com (800) 800-8181 82 Page 4 ATTACHMENT 2 RCTC 1/2%: Sales Tax Performance Analysis by Quarter 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 a d al Ca g aU � d g d C d d d d d d d al� d c-I N N N N en M en M d- d- d- d- Li-) in Ln Ln lD lD lD lD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N N Q1 Q2 I Q3 Q4 Economic CATEGORY TOTAL $16,000,000 2016Q4 Q0Q %A QoQ $A YoY %A YoY $A $45,565,985 2.5% $1,099,902 2.9% $4,889,121 $14, 000, 000 (GENERAL RETAIL 2016Q4 QoQ %A QoQ $A YoY %A YoY $A $14,834,423 3.4% $482,759 3.4% $1,630,982 $12,000,000 % of 2016Q4 Total: 32.6% FOOD PRODUCTS $10,000,000 2016Q4 QoQ %A QoQ $A YoY %A YoY $A $7,651,946 3.3% $243,069 4.8% $1,399,776 % of Total: 16.8% $8, 000, 000 'TRANSPORTATION $10,820,045 3 2016Q4 QoQ %A QoQ $A YoY %A YoY $A $6,000,000 .7% $385,069 -0.4%-$191,141 % of Total: 23.7% $4,000,000 CONSTRUCTION $2 000 000 % of Total $0 2016Q4 Q0Q %A QoQ $A YoY %A YoY $A $4,565,676 -1.0%-$45,580 3.1% $553,334 10.0 % 'BUSINESS TO BUSINESS 2016Q4 Q0Q %A QoQ $A YoY %A YoY $A $6,687,098 -0.7%-$45,475 4.8% $1,205,806 % of Total: 14.7% Q0Q = 16Q4 / 15Q4 YoY = YE 16Q4 / YE 15Q4 83 INLAND EMPIRE: Quarterly Comparison of 2015Q4 and 2016Q4 ( October thru December Sales ) ATTACHMENT 3 c m a c v Y V 2 ss c u° m m Oct - Dec 0 2016 (2016Q4) Oct - Dec 2015 (2015Q4) % Chg Gain Gain Decline Decline RIVERSIDE COUNTY N. BANNING 73.3% 1.6% 5.9% -0.8% 9.6% 52.9% 528,334 466,946 13.1% Miscellaneous Retail Auto Sales - New Auto Sales - Used Closed Acct-Adjustmt BEAUMONT -1.1% 6.8% 5.1% -68.2% 15.9% -10.3% 1,028,052 1,072,060 -4.1% Heavy Industry Misc. Vehicle Sales BIdg.Matls-Retail Apparel Stores BLYTHE -14.5% -3.5% -7.1% -4.0% -15.1% -21.3% 368,159 400,720 -8.1% Business Services BIdg.Matls-Retail Department Stores Light Industry CALIMESA 1.9% -3.5% 2.5% -32.7% -4.8% 675.4% 163,878 159,669 2.6% Miscellaneous Other Service Stations Restaurants Misc. Vehicle Sales CANYON LAKE -7.7% 9.1% 31.7% 31.0% -62.5% -21.0% 51,551 53,690 -4.0% Misc. Vehicle Sales Auto Sales - Used Heavy Industry Leasing CATHEDRAL CITY -5.7% 1.4% 2.7% -10.0% -7.7% -15.2% 1,993,119 1,992,595 0.0% Auto Sales - New Misc. Vehicle Sales Heavy Industry Service Stations COACHELLA -0.3% 2.7% -0.7% -14.4% -16.4% 8.2% 763,717 775,916 -1.6% Restaurants Energy Sales Leasing BIdg.Matls-Retail CORONA -3.1% 0.2% 0.5% -11.9% 24.9% 11.8% 8,698,962 8,727,565 -0.3% Office Equipment Light Industry BIdg.Matls-Retail BIdg.Matls-Whsle DESERT HOT SPRINGS 1.2% 5.2% -8.1% 9.8% 23.7% 25.6% 312,023 312,561 -0.2% Restaurants Drug Stores Service Stations Department Stores EASTVALE -13.1% 2.8% -1.5% -34.8% -4.7% 11.5% 1,680,056 1,886,237 -10.9% Electronic Equipment Food Processing Eqp BIdg.Matls-Retail Miscellaneous Retail HEMET 4.9% 0.9% -0.7% -78.0% -1.4% -8.2% 2,466,147 2,823,048 -12.6% Apparel Stores Auto Sales - New BIdg.Matls-Whsle BIdg.Matls-Retail INDIAN WELLS -0.7% 7.0% -100.0% 1053.8% 23.0% -55.0% 236,910 223,771 5.9% Restaurants Furniture/Appliance Food Markets Miscellaneous Retail INDIO 2.7% 4.7% 5.6% -31.9% 19.5% 5.7% 2,373,051 2,358,855 0.6% Auto Sales - New Light Industry BIdg.Matls-Retail BIdg.Matls-Whsle JURUPA VALLEY 8.3% 2.7% 2.6% 2.7% 4.9% -2.1% 2,333,570 2,235,014 4.4% Heavy Industry Furniture/Appliance Miscellaneous Retail Leasing LA QUINTA 0.0% 5.3% -1.8% -57.8% -7.9% -34.5% 1,934,755 2,043,025 -5.3% Restaurants Apparel Stores BIdg.Matls-Retail Miscellaneous Retail LAKE ELSINORE -4.1% 1.9% 7.0% -33.0% 3.3% -56.2% 2,066,642 2,136,799 -3.3% Auto Sales - New Business Services BIdg.Matls-Retail Miscellaneous Retail MENIFEE 8.7% 10.2% 11.2% 7.3% 7.5% -20.6% 1,675,177 1,537,979 8.9% Restaurants Furniture/Appliance Recreation Products Miscellaneous Other MORENO VALLEY 1.1% 2.8% 6.5% -40.4% -1.1% 23.3% 4,137,083 4,176,629 -0.9% Auto Sales - New Restaurants BIdg.Matls-Retail Heavy Industry MURRIETA 2.8% 3.0% 4.2% -36.9% -3.4% -11.6% 3,371,259 3,418,311 -1.4% Auto Sales - Used Misc. Vehicle Sales BIdg.Matls-Retail BIdg.Matls-Whsle NORCO 2.6% 4.1% 10.1% -18.8% -3.4% -4.7% 1,468,130 1,404,135 4.6% Auto Sales - New Auto Sales - Used BIdg.Matls-Whsle Leasing PALM DESERT -1.0% 7.0% 25.2% -25.4% 8.4% -79.5% 4,592,689 4,683,436 -1.9% Auto Sales - New Restaurants Miscellaneous Other BIdg.Matls-Retail PALM SPRINGS 1.7% 8.7% 5.6% -1.0% 11.4% -6.8% 2,852,968 2,711,833 5.2% Restaurants Leasing Furniture/Appliance Light Industry PERRIS 95.4% 3.6% -3.8% -53.1% 17.1% 9.5% 2,245,990 2,142,928 4.8% Furniture/Appliance BIdg.Matls-Whsle BIdg.Matls-Retail Auto Sales - New RANCHO MIRAGE -4.9% 2.7% 20.2% -74.8% 21.5% 7.6% 1,122,915 1,159,976 -3.2% Auto Sales - New Restaurants BIdg.Matls-Retail Furniture/Appliance RIVERSIDE 1.1% 2.0% 1.0% -14.2% -2.9% 40.1% 14,057,618 14,149,703 -0.7% Department Stores Misc. Vehicle Sales BIdg.Matls-Retail Auto Sales - New SAN JACINTO 1.0% 3.4% 4.1% -8.3% -26.5% 10.9% 630,880 622,750 1.3% Florist/Nursery Service Stations Light Industry Department Stores TEMECULA -23.0% 2.2% 5.5% -28.4% 81.6% -4.8% 8,132,146 8,263,949 -1.6% Office Equipment Auto Sales - New Miscellaneous Retail BIdg.Matls-Retail WILDOMAR 21.2% 5.0% 3.7% 54.8% 21.6% -18.8% 372,536 346,412 7.5% Misc. Vehicle Sales Restaurants Service Stations Miscellaneous Other RIVERSIDE COUNTY -0.6% 4.8% -0.8% -26.7% 7.3% -0.5% 6,581,372 6,855,967 -4.0% Auto Parts/Repair Heavy Industry BIdg.Matls-Whsle Miscellaneous Retail Non -Confidential 84 MuniServices AGENDA ITEM 7 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 22, 2017 TO: Budget and Implementation Committee FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Proposed Budget for Fiscal Year 2017/18 STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive input on the proposed budget for FY 2017/18; 2) Close the public hearing on the proposed Budget for FY 2017/18; 3) Approve the salary schedule effective July 6, 2017, located in Appendix B of the proposed budget, 4) Adopt the proposed Budget for FY 2017/18; and 5) Forward to the Commission for final action. BACKGROUND INFORMATION: The annual fiscal budget is the result of staff determining the operating and capital needs for FY 2017/18 and identifying the resources to fund those needs. The budget process began in January 2017. The goals and objectives approved by the Commission on March 8 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 10. Subsequent to that presentation, staff updated the document as a result of the following changes resulting in a net decrease of $1,431,300 to the projected fund balance at June 30, 2018. Adjustments to Fiscal Year 2016/17 Projected Amounts • A $500,000 decrease in engineering expenditures for the Mid County Parkway project; • A $1,582,000 increase in construction expenditures for the Limonite Avenue widening project in Jurupa Valley; and • A $10 million increase in debt proceeds for the issuance of commercial paper notes related to the Interstate 15 Express Lanes project. Agenda Item 7 85 Adjustments to Fiscal Year 2017/18 Budgeted Amounts • A $7,300 decrease in investment income as a result of the net decrease in fund balance; • A $645,000 increase in professional expenditures due to an increase in transportation funding audits, financing counsel and consultants, and communication services; • A $200,000 increase in toll credit card fees; • A $500,000 increase in toll service provider expenses; • A $500,000 increase in engineering expenditures for the Mid County Parkway project; • A $1.5 million decrease in construction expenditures for the Limonite Avenue widening project in Jurupa Valley; • A $3,000 decrease in allocation of administrative expenditures; • A $10 million increase in debt service principal payments for outstanding commercial paper notes; and • A $16,349,600 increase in operating transfers due to financing for the 1-15 Express Lanes project and completion of the 91 Project. 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 10 Commission meeting. After the public hearing is closed on June 14, adoption of the proposed budget for FY 2017/18 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 2017/18 is attached. This document contains the executive summary, as revised, that was presented at the May 10 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; community profile; and appendices including a glossary of acronyms, salary schedule effective July 6, 2017, funding definitions, and program/general terms. A summary of the proposed budget for FY 2017/18 is as follows: Agenda Item 7 86 FY 2017/18 Budget Revenues and other financing sources: Sales taxes -Measure A, LTF, and STA $ 274,469,000 Reimbursements (federal, state, and other) 98,648,100 TU M F 21,250,000 Toll revenues 16,835,800 Other revenues 248,000 Interest on investments 3,509,400 Debt proceeds 285,652,000 Transfers in 311,984,500 Total revenues and other financing sources 1,012,596,800 Expenditures/Expenses and other financing uses: Personnel salary and fringe benefits 9,554,200 Professional services 18,516,100 Support services 11,843,200 Projects and operations 624,694,700 Capital outlay 5,380,000 Debt service (principal, interest and costs of issuance) 112,668,200 Transfers out 311,984,500 Total expenditures/expenses and other financing uses 1,094,640,900 Excess of expenditures/expenses and other financing uses over (82,044,100) revenues and other financing sources Beginning fund balance 687,463,600 Ending fund balance Attachment: FY 2017/18 Proposed Budget (Enclosed on CD) $ 605,419,500 Agenda Item 7 87 vir 40 YEARS 1976-2016 Al lliii 11111m Riverside County Transportation Commission FISCAL YEAR 2017/18 June 14, 2017 Honorable Commissioners Riverside County Transportation Commission Riverside, California FY 2017/18 Budget Introduction A County on the Move — Completed Projects and Active Construction Highlight a Busy Year Thank you for reviewing the Fiscal Year (FY) 2017/18 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. Significant accomplishments have marked the Commission's last two years with the opening of the Perris Valley Line and the 91 Express Lanes in Corona. The upcoming fiscal year continues a concerted effort of investment and construction in Riverside County's (County) transportation infrastructure and results in new responsibilities that will shape the Commission's direction into the future. The completion of these projects have created additional travel options and improved mobility for residents and commuters while providing a positive and ongoing boost for local businesses and employers. People Working — Building a Better Future The Commission and its project partners at Ca!trans, 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. During FY 2017/18, the Commission will invest $465 million in capital projects that include highway, regional arterial, local streets and roads, and rail projects. The Commission's overall budget will exceed $780 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 50 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 2017/18, the Commission will return $52.9 million in funding to local cities and the County for local street and road 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. Toll Facilities Becoming a Larger Part of Riverside County's Transportation Solution On March 20, 2017, the Commission opened a $1.4 billion project consisting 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 in the City of Corona. The Express Lanes are an extension of the existing 91 Express Lanes in Orange County, and the Commission and the Orange County Transportation Authority are working jointly to ensure ongoing maintenance and operations of the bi-county facility. The construction project to build the extension and adjacent freeway improvements created 16,000 new jobs and is the largest ever funded by the Commission. The work results 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. The completion of the project also creates new responsibilities for the Commission as a toll facility operator. This year's budget reflects the new revenues and expenses generated by the new 91 Express Lanes. The transition into toll operations also serves as a precursor into a much broader role as a toll operator as the Commission begins construction on the 1-15 Express Lanes project in early 2018. This $455 million project will add two tolled express lanes along a distance of approximately 15 miles between State Route 60 and Cajalco Road. The facility will travel through the cities of Corona, Eastvale, Norco, and Jurupa Valley. Additional Projects Perris Valley Line Serving More Riders In addition to funding highway construction projects, the Commission places a high priority on funding public transit. The Commission allocates federal, state and Measure A funding for services provided by local transit operators and Metrolink. The Commission's Perris Valley Line project will enter its second year of operation and is beginning to build its popularity thanks to aggressive marketing and promotions to build ridership. Ongoing residential and business growth, along with the upcoming move of a California Air Resources Board facility will continue to create demand for new ridership along the route. 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 I-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 State Creates Riverside County Transportation Efficiency Corridor to Speed Riverside County Projects The California Legislature and Governor Edmund G. Brown have approved a comprehensive transportation funding bill that increases the gas tax and assesses other fees to fund needed improvements throughout the state. The added funding is focused primarily on maintenance priorities but will also leverage local funding sources such as the Commission's Measure A program to fund additional projects. In and of itself, the increase in funding is welcome news for the Commission; however, another added benefit in the legislation placed a special priority and appropriates $427 million in state funding for five projects in Northwest Riverside County. All five have been on hold pending funding. The state's action ensures the funding need to go forward. The five projects include another toll lane connector between the 91 Freeway and the Northern portion of 1-15, railroad grade separations at Jurupa Avenue and McKinley Street, an expanded freeway interchange at 1-15 and Limonite Avenue and the replacement of the Hamner Avenue bridge over the Santa Ana River. The Commission will likely play some role in the delivery of the projects, with a special emphasis on the construction of the toll connector in that it will benefit both the existing 91 Express Lanes as well as the future 1-15 Express Lanes. Commission Approves State Route 79 Environmental Document On January 27, 2017, the Commission approved the final Environmental Impact Report (EIR)/Environmental Impact Summary (EIS) for the proposed State Route 79 project. The project will provide better mobility for the Hemet/San Jacinto area which is rapidly growing and poorly served by the current State Route 79 which travels a circuitous route and impacts residential area. Funding for the project is included in the Measure A Expenditure Plan although unlikely to become available in the near future. 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. 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. The Commission has also expanded its commitment in communicating with the public 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, 2016. 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 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: TOLL OPERATIONS Riverside 91 Express Lanes 6.4: CAPITAL PROJECTS Capital Project Development and Delivery Location of Capital Projects Capital Projects Summary Local Streets and Roads Summary 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 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 511, 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 Chair (Commission) County of Riverside, District 2 Chuck Washington 2"d Vice Chair (Commission) County of Riverside, District 3 To Be Appointed Member County of Riverside, District 4 Marion Ashley Member County of Riverside, District 5 Deborah Franklin Chair (Western Riverside County Programs and Projects City of Banning Committee) Nancy Carroll Member City of Beaumont Joseph DeConinck Member City of Blythe Jim Hyatt 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 Member City of Desert Hot Springs Adam Rush Vice Chair (Western Riverside County Programs and Projects City of Eastvale Committee) Linda Krupa Member City of Hemet Dana Reed Vice Chair (Commission) City of Indian Wells Michael Wilson Member City of Indio Brian Berkson Member City of Jurupa Valley Robert Radi Member City of La Quinta Bob Magee Member City of Lake Elsinore Neil Winter Member City of Menifee Victoria Baca Member City of Moreno Valley Rick Gibbs Member City of Murrieta Berwin Hanna Member City of Norco Jan Harnik Chair (Budget and Implementation Committee) City of Palm Desert Ginny Foat Member City of Palm Springs Michael Vargas Member City of Perris Ted Weil Member City of Rancho Mirage Rusty Bailey Vice Chair (Budget and Implementation Committee) City of Riverside Andrew Kotyuk Member City of San Jacinto Michael S. Naggar Member City of Temecula Ben Benoit Member City of Wildomar John Bulinski Interim Governor's Appointee Ca!trans, 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 Aaron Hake, External Affairs Director Executive Summary Introduction The budget for Fiscal Year (FY) 2017/18 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 8, 2017 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 State Route (SR) 91 project (91 Project) and development of the Interstate (1) 15 Express Lanes, Mid County Parkway, and SR-79 realignment projects 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 with the operation of the tolled 91 Express Lanes and the continued development of 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 projects 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) • Work with local and regional agencies in developing resources for preservation and maintenance of the highways and regional arterials. (System Efficiencies) • Continue active engagement in state and federal efforts to streamline and modernize the California Environmental Quality Act (CEQA) and the National Environmental Policy Act (NEPA) to improve the Commission's ability to deliver critical projects. (Mobility, Environmental Stewardship) • 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 91 Express Lanes 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 communications and public engagement strategy for the purposes of education, information, and customer service. (Communications) Financial • Fund administrative costs with allocations from program funding sources. (Financial Planning) • Maintain administrative program delivery costs below the policy threshold of 4% of Measure A revenues; the FY 2017/18 Management Services budget is 1.15% of Measure A revenues. (Financial Planning, Expenditures) • Maintain administrative salaries and benefits at less than 1% of Measure A revenues; the FY 2017/18 administrative salaries and benefits is .55% 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 the 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 $1,012,596,800 which is an increase of 36% over FY 2016/17 projected sources and a 27% increase over the FY 2016/17 revised budget. Total sources are comprised of revenues of $414,960,300, transfers in of $311,984,500, and debt proceeds of $285,652,000. The projected fund balance at June 30, 2017 available for expenditures/expenses (excluding reserves for debt service of $48,151,000 and advances receivable of $28,476,500) is $610,836,100. Accordingly, total funding available for the FY 2017/18 budget totals $1,623,432,900. Table 1— Sources FY 2016-2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Measure A Sales Tax $ 167,630,300 $ 173,000,000 $ 173,000,000 $ 176,000,000 $ 3,000,000 2% LTF Sales Tax 83,776,500 85,000,000 85,000,000 88,000,000 3,000,000 4% STASales Tax 13,358,000 10,821,600 10,821,600 10,469,000 (352,600) -3% Intergovernmental 76,821,400 59,242,300 33,985,900 98,648,100 39,405,800 67% TUMF Revenue 19,831,300 18,520,000 18,850,000 21,250,000 2,730,000 15% Toll Revenue 6,143,000 3,239,700 16,835,800 10,692,800 174% Other Revenue 7,295,600 173,000 268,500 248,000 75,000 43% Investment Income 8,592,800 1,849,000 4,715,600 3,509,400 1,660,400 90% Transfers In 162,708,700 241,966,700 192,895,500 311,984,500 70,017,800 29% Debt Proceeds 248,792,200 203,494,200 222,500,200 285,652,000 82,157,800 40% TOTAL Sources $ 788,806,800 $ 800,209,800 $ 745,277,000 $ 1,012,596,800 $ 212,387,000 27% 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. Improvements in the local labor market and resurgence in home sales has increased economic activity contributing to stable sales tax revenue growth as noted on Chart 1. Chart 1— Sources: Five -Year Trend $700,000,000 $600,000,000 $soo,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $o FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 Measure A Sales Tax mEml_TF Sales Tax mip.STA Sales Tax mO•TUMF mi•Federal, State, Local Revenues Toll Revenue milmTransfe In Debt Proceeds Sales tax revenues have continued to remain stable during the last five fiscal years. The Commission's economic outlook for FY 2017/18 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 Local Transportation Fund (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 Debt Proceeds 8% Transfers In 31% Measure A Sales Tax 17 % LTF Sales Tax 9 % STA Sales Tax 1% Intergovernmental 10 % TUMF Revenue 2% Toll Revenue 2% Investment Income 0% The State Board of Equalization (SBOE or State) recently provided to cities and other agencies its projections that statewide taxable sales over the next fiscal year will increase 4.4%; 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 $176,000,000 for FY 2017/18. This is a 2% increase from the FY 2016/17 revised projection of $173,000,000. 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 $88,000,000, an increase of 4% from the FY 2016/17 revised projection of $85,000,000. State Transit Assistance (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 2017/18 is $10,469,000. Intergovernmental revenues include reimbursement revenues from federal sources of $77,877,100, state sources of $11,500,200, and local agencies of $9,270,800 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 increase of 67% in FY 2017/18 compared to the FY 2016/17 revised budget is related to federal reimbursements for the 1-15 Express Lanes and Pachappa Underpass 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 2017/18 TUMF fees are projected at $20,000,000 and are slightly higher than the FY 2016/17 revised projection of $18,850,000 and reflect the resurgence in the housing market in the Inland Empire. Additional TUMF zone reimbursements of $1,250,000 are expected for the Lake Elsinore Railroad Canyon project. FY 2016/17 marked the initial year of toll operations for the Riverside 91 Express Lanes following substantial completion of the 91 Project in March 2017. Estimated toll revenues of $16,835,800 for FY 2017/18 are derived from the Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Report and 2013 financing assumptions. Other revenue of $248,000 is related to property management generated from properties acquired in connection with the 91 Project and various rail properties. Investment income in FY 2017/18 is anticipated to increase by $1,660,400 or 90% compared to the FY 2016/17 budget as the result of higher cash balances in connection with the 1-15 Express Lanes project financing. Transfers in of $311,984,500 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 administrative cost allocations; and debt service requirements from highway, regional arterial, and local streets and roads funds. Debt proceeds consist of draw downs of $88,000,000 from the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and issuance of $178,760,000 in sales tax revenue bonds and commercial paper notes and associated bond premium of $18,892,000 related to the I-15 Express Lanes project and 91 Project completion financing. Total uses (Table 2), including transfers out of $311,984,500, are budgeted at $1,094,640,900, an increase of 6% from the prior year revised budget amount of $1,032,819,500. Program expenditures and transfers out totaling $958,521,100 represent 88% of total budgeted uses in FY 2017/18. Program costs have increased by 11% from $864,261,400 in FY 2016/17 due to projects identified below. Table 2 — Uses FY 2016-2018 FY 15/16 FY 16/17 Actual Revised Budget FY 16/17 FY 17/18 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 $ 607,285,200 49,826,500 2,808,100 53,435,100 15,600,700 5,104,100 3,405,900 94,756,100 19,966,100 $ 603,953,000 51,358,000 3,587,500 149,260,800 19,297,300 6,952,400 11,576,400 139,197,300 41,083,700 6,553,100 $ 439,650,100 51,358,000 3,265,600 137,465,400 18,658,700 5,630,600 2,704,700 109,186,700 26,455,400 3,859,600 $ 678,024,000 52,933,000 5,066,000 112,668,200 23,451,600 6,001,400 13,499,000 146,994,200 37,448,000 18,555,500 $ 74,071,000 1,575,000 1,478,500 (36,592,600) 4,154,300 (951,000) 1,922,600 7,796,900 (3,635,700) 12,002,400 12% 3% 41% -25 % 22% -14% 17% 6% -9 % 183% TOTAL Uses $ 852,187,800 $ 1,032,819,500 $ 798,234,800 $ 1,094,640,900 $ 61,821,400 6% Note: Management Services includes Executive Management, Administration, External Affairs, and Finance. Capital highway, rail, and regional arterials budgeted uses of $678,024,000 are 12% higher compared to the FY 2016/17 budget due to continued right of way support for the 91 Project and design build and construction on the 1-15 Express Lanes project. Local streets and roads expenditures of $52,933,000 reflect an increase of 3% over the FY 2016/17 budget and represent the disbursements to local jurisdictions for the construction, repair, and maintenance of local streets and roads. Commuter assistance budgeted expenditures of $5,066,000 are 41% higher than FY 2016/17 budget due to a $1,500,000 transfer out for a Western County public transit project. Debt service of $112,668,200 has decreased 25% as a result of the refunding of $63,900,000 of sales tax revenue bonds in FY 2016/17 compared to the anticipated retirement of $20,000,000 in commercial paper notes in connection with the 1-15 Express Lanes project financing in FY 2017/18. Management services expenditures have increased 22% or $4,154,300 from the FY 2016/17 budget due to information technology equipment upgrades, expansion of office space, robust communication and engagement efforts, financial advisory services, and debt service contribution. Motorist assistance expenditures have decreased 14% or $951,000 from the FY 2016/17 budget as a result of reduction in 1E511 costs and call box hardware upgrades in the prior year. Planning and programming budgeted expenditures of $13,499,000 reflect a 17% increase from the FY 2016/17 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 $146,994,200 are 6% higher than the FY 2016/17 budget due to increased transit capital expenditures for public transit. The 9% decrease in rail maintenance and operation's budgeted expenditures of $37,448,000 is primarily related to Coachella Valley -San Gorgonio Pass corridor activities. Toll operations expenses are budgeted at $18,555,500 to manage the operations, maintenance, and capital support of the Riverside 91 Express Lanes for a full fiscal year. The FY 2016/17 budget represents approximately one-half year of operations. Total uses included in the FY 2017/18 budget by major categories are illustrated in Chart 3. Chart 3 — Uses: Major Categories Rail Maintenance and Toll Operations Operations 2% 3% Public and Specialized Transit 13% Planning and Programming 1% Motorist Assistance 1% Management Services 2% Debt Service 10% Commuter Assistance 1% Capital Local Streets and Roads 5% Commission Personnel Capital Highway, Rail, and Regional Arterials 62% The Commission's salaries and benefits total $9,554,200 for FY 2017/18. This is comparable to the FY 2016/17 revised budget of $9,505,100 (Chart 4) and includes a 4% pool for merit -based salary increases. The Commission's salary schedule for FY 2017/18 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 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 The FY 2017/18 full-time equivalents (FTE) of 50 positions is comparable to the FY 2016/17 level (Table 3) and reflects a 1.0 FTE increase for the recruitment of an information technology administrator. Significant organization changes were accomplished in FY 2016/17 related to 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 2016-2018 FY 15/16 FY 16/17 FY 17/18 Executive Management 0.6 0.4 Administration 4.6 4.7 External Affairs 2.1 1.9 Finance 8.3 7.8 Planning and Programming 5.2 6.3 Rail Maintenance and Operations 4.5 4.6 Public and Specialized Transit 2.3 2.3 Commuter Assistance 1.8 1.5 Motorist Assistance 0.7 0.9 Capital Project Development and Delivery 15.9 17.5 Toll Operations 0.0 1.1 TOTAL 46.0 49.0 0.4 5.2 3.8 7.6 5.2 4.5 2.3 1.4 1.4 14.6 3.6 50.0 The Commission provides a comprehensive package of benefits to 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 Health 12% 1 Retirement 16% Department Initiatives Other Fringes 6% Salaries 66 % The preparation of each department's budget was based on key assumptions, accomplishments in FY 2016/17, major initiatives for FY 2017/18, and department goals and related objectives. Following are the key initiatives and summary of expenditures/expenses for each department (Tables 4 through 14). Executive Management • Continue project development and delivery as the key Measure A priority. • Foster growth in usage of the 91 Express Lanes and ensure its financial success. • Proceed with construction on the I-15 Express Lanes project. • Progress with a study to address mitigating the impact of truck traffic that serves logistics facilities. • 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 long-range Riverside County Transportation Plan for use in establishing integrated transportation priorities. • Maintain regional cooperation and collaboration as a significant effort consistent with the philosophy and mission of the Commission. • Implement a comprehensive social media outreach program to build awareness of the Commission and its role in the community. • Maintain an effective mid -sized transportation agency with a small and dedicated staff. Table 4 - Executive Management FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 178,400 $ 90,600 $ 89,900 Professional 91,000 268,000 146,000 Support 65,500 87,000 75,600 TOTAL $ 334,900 $ 445,600 $ 311,500 Administration 91,400 225,000 90,900 407,300 800 1 (43,000) -16% 3,900 4% (38,300) -9% • 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 improve internal processes and interaction with the public. • 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 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 614,200 $ 530,700 $ 525,200 $ 722,600 $ 191,900 36% Professional 213,000 396,700 337,500 447,000 50,300 13% Support 581,100 727,800 720,100 963,800 236,000 32% Capital Outlay 73,000 175,000 175,000 670,000 495,000 283% Debt Service 24,900 N/A TOTAL $ 1,506,200 $ 1,830,200 $ 1,757,800 $ 2,803,400 $ 973,200 53% External Affairs • 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. • Continue a leadership role in formulating a countywide direction on federal transportation policies. • Pursue state legislation authorizing a sales tax supplemental to Measure A. • Conduct a concerted outreach effort to new federal and state representatives on local transportation issues. • Utilize modern technology to plan a robust public communication and engagement effort to build accessible and transparent communication of the Commission's projects. • Develop marketing and communication plans for the 91 Express Lanes and commencement of construction of the 1-15 Express Lanes project. • Continue the public outreach program, "Operation Lifesaver", targeting schools in close proximity to railroad tracks on rail safety education, engineering, and enforcement. Table 6 — External Affairs FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 462,000 $ 666,700 $ 666,700 Professional 535,600 918,400 918,400 Support 67,500 114,600 114,400 TOTAL $ 1,065,100 $ 1,699,700 $ 1,699,500 Finance $ 719,100 1,125,500 191,600 $ 2,036,200 52,400 8% 207,100 23% 77,000 67% 336,500 20% • 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. • Continue to support the financing efforts for the 1-15 Express Lanes project. • Work in partnership with the 91 Express Lanes toll operations contractor's back office to develop and refine 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 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 1,012,800 $ 1,085,200 $ 1,081,600 Professional 1,818,800 2,955,800 2,572,600 Support 862,400 1,230,800 1,210,700 Capital Outlay 25,400 50,000 25,000 Transfers Out 9,000,000 10,000,000 10,000,000 TOTAL $ 12,719,400 $ 15,321,800 $ 14,889,900 Planning and Programming $ 981,600 2,915,200 828,000 280,000 13,199,900 $ 18,204,700 $ (103,600) -10% (40,600) -1% (402,800) -33% 230,000 460% 3,199,900 32% $ 2,882,900 19% • 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 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. • 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). • Commence the development of a countywide integrated long-range transportation plan and support next generation feasibility studies. Table 8 — Planning and Programming FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 1,175,100 $ 1,066,900 $ 1,018,200 $ 1,105,000 $ 38,100 4% Professional 258,700 192,500 188,300 602,500 410,000 213% Support 22,000 11,300 17,200 18,200 6,900 61% Projects and Operations 1,950,100 10,305,700 1,481,000 10,903,000 597,300 6% Transfers Out - - - 870,300 870,300 N/A TOTAL $ 3,405,900 $ 11,576,400 $ 2,704,700 $ 13,499,000 $ 1,922,600 17% 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 PVL service. • Establish the 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 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 704,000 $ 926,300 $ 925,800 Professional 1,233,600 4,692,800 1,839,900 Support 1,416,700 2,862,300 2,094,100 Projects and Operations 16,531,600 32,541,300 21,574,600 Capital Outlay 80,200 61,000 21,000 Transfers Out - - - TOTAL $ 19,966,100 $ 41,083,700 $ 26,455,400 Public and Specialized Transit $ 848,700 4,502,500 3,398,600 27,659,700 90,000 948,500 $ 37,448,000 $ (77,600) -8% (190,300) -4% 536,300 19 (4,881,600) -15% 29,000 48% 948,500 N/A $ (3,635,700) -9 • 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 PVL stations. Table 10 - Public and Specialized Transit FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 369,400 $ 307,500 $ 303,000 $ 415,500 $ 108,000 35% Professional 198,600 197,000 196,700 220,300 23,300 12% Support 45,800 54,200 48,200 56,700 2,500 5% Projects and Operations 70,990,800 114,844,600 86,850,400 121,897,600 7,053,000 6% Transfers Out 23,151,500 23,794,000 21,788,400 24,404,100 610,100 3% TOTAL $ 94,756,100 $ 139,197,300 $ 109,186,700 $ 146,994,200 $ 7,796,900 6% Commuter Assistance • 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 the long-term partnership with San Bernardino County Transportation Authority (SBCTA) 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. • Refine commuter incentive options with focus on higher density modes of transportation. • Operate a cost-effective program within the County that results in reduction of single occupant vehicles. Table 11- Commuter Assistance FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 298,700 $ 273,100 $ 267,000 $ 259,800 $ (13,300) -5% Professional 332,600 465,000 478,100 499,300 34,300 7% Support 9,100 204,400 151,200 152,400 (52,000) -25% Projects and Operations 2,008,200 2,645,000 2,369,300 2,456,500 (188,500) -7% Transfers Out 159,500 1,698,000 1,698,000 N/A TOTAL $ 2,808,100 $ 3,587,500 $ 3,265,600 $ 5,066,000 $ 1,478,500 41% Motorist Assistance • 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. • Transition from a locally provided 1E511 system to a regional southern California 511 solution. • Implement a seamless service transition to call box hardware upgrades in anticipation of cellular technology migrations. • Continue the call box system program to serve as a "safe net" for stranded motorists in the County. • Utilize the opportunity to enhance coordination between California Highway Patrol (CHP) and Caltrans on traveler information. Table 12 - Motorist Assistance FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 92,300 $ 163,600 $ 163,400 $ 204,000 $ 40,400 25% Professional 439,100 744,400 530,800 518,000 (226,400) -30% Support 232,900 919,300 680,100 298,900 (620,400) -67% Projects and Operations 3,395,200 4,016,200 3,555,000 3,723,000 (293,200) -7% Transfers Out 944,600 1,108,900 701,300 1,257,500 148,600 13% TOTAL $ 5,104,100 $ 6,952,400 $ 5,630,600 $ 6,001,400 $ (951,000) -14% Toll Operations • Manage the operations of the 91 Express Lanes adhering to the Commission's 91 Express Lanes Toll Policy. • 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 business rules 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 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel Professional Support and Maintenance Projects and Operations Capital Outlay Transfers Out $ 268,400 $ 169,800 $ 745,100 $ 476,700 178% 307,000 323,500 913,500 606,500 198% 2,674,900 1,161,400 5,191,600 2,516,700 94% 3,052,800 1,804,900 7,252,400 4,199,600 138% 250,000 400,000 400,000 150,000 60% - 4,052,900 4,052,900 N/A TOTAL $ $ 6,553,100 $ 3,859,600 $ 18,555,500 $ 12,002,400 183% Capital Project Development and Delivery • Continue project work on the Western Riverside County Delivery Plan projects, including the 91 Project; 1-15 Express Lanes project; SR-60 truck climbing lanes; SR-79 realignment; Mid County Parkway; and Pachappa Underpass project. • Provide TUMF regional arterial 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. • Develop strategies to implement alternative financing structures including public toll roads. • 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 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 3,275,700 $ 4,126,100 $ 4,154,900 $ 3,461,400 $ (664,700) -16% Professional 8,743,900 22,921,200 20,480,200 6,547,300 (16,373,900) -71% Support 651,700 1,202,500 666,900 652,500 (550,000) -46% Projects and Operations 513,983,700 417,932,400 303,950,300 450,802,500 32,870,100 8% Capital Outlay 1,003,600 2,065,000 1,350,000 3,940,000 1,875,000 91% Debt Service 53,410,200 149,260,800 137,465,400 112,668,200 (36,592,600) -25% Transfers Out 129,453,100 207,063,800 160,405,800 265,553,300 58,489,500 28% TOTAL $ 710,521,900 $ 804,571,800 $ 628,473,500 $ 843,625,200 $ 39,053,400 5% Fund Balances The total fund balance as of June 30, 2017 is projected at $687,463,600. The Commission's budgeted activities for FY 2017/18 are expected to result in a $82,044,100 decrease of total fund balance at June 30, 2018 to $605,419,500. The primary cause of the decrease is project activities in FY 2017/18 related to the 91 Project, 1-15 Express Lanes project, and public transit allocations. Table 15 presents the components of fund balance by fund type and program at June 30, 2018. Table 15 — Projected Fund Balances by Fund Type and Program at June 30, 2018 Riverside County Transportation Commission 5605,419,500 General Fund Special Revenue Funds Capital Projects Funds Debt Service Fund Enterprise Fund $15,359,500 $387,819,900 $152,397,700 $49,040,3OO 5802,100 Management Services $2,012,300 Planning and Programming 2,392,700 Rail Maintenance and Operations 10,954,500 Measure A Western County: Bond Financing $4,724,700 Commuter Assistance 14,065,000 Economic Development 7,309,300 Highways 17,680,600 Loans Receivable 0 Local Streets and Roads 1,000 New Corridors 11,964,400 Public and Specialized Transit 7,367,200 Rail 15,548,800 Regional Arterials 46,602,800 Measure A Coachella Valley: Highways and Regional Arterial 20,626,900 Local Streets and Roads 1,300 Specialized Transit 1,944,100 Measure A Palo Verde Valley Local Streets and Roads 600 Other Agency Projects Fund 204,600 Coachella Valley/San Gorgonio Pass 0 Motorist Assistance 7,857,300 State Transit Assistance 65,900,300 Local Transportation Fund 87,504,400 TUMF: CETAP 42,011,400 Regional Arterials 36,505,200 Highways $152,397,700 Riverside 91 Express Lanes $802,100 The actual and projected trends in fund balances for each governmental and enterprise fund type from FY 2014/15 through FY 2017/18 are illustrated in Chart 6. Chart 6 — Projected Fund Balance Trends by Fund Type FY 2015 — 2018 $601,000,000 $501,000,000 $401,000,000 $301,000,000 $201,000,000 $101,000,000 $1,000,000 General Fund Budget Summary Special Revenue Funds Capital Projects Funds Debt Service Fund Enterprise Fund N FY 14/15 lil FY 15/16 a FY 16/17 V FY 17/18 The overall budget for FY 2017/18 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 2016-2018 FY 15/16 Actual FY 16/17 FY 16/17 Revised Budget Projected FY 17/18 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 Cost of Issuance 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 Payment to Escrow Agent Bond Premium Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures/Expenses and Other Financing Sources (Uses) Beginning Fund Balance $ 167,630,300 83,776,500 13,358,000 18,669,000 56,580,500 1,571,900 19,831,300 7,295,600 8,592,800 377,305,900 8,182,600 13,864,900 3,954,700 17,819,600 15,024,500 3,577,300 112,142,200 265,484,600 56,274,900 93,551,300 830,300 49,826,500 12,148,000 608,859,600 7,814,200 45,620,900 53,435,100 1,182,200 689,479,100 $ 173,000,000 85,000,000 10,821,600 37,157,000 11,589,200 10,496,100 18,520,000 6,143,000 173,000 1,849,000 $ 173,000,000 85,000,000 10,821,600 16,530,300 9,751,900 7,703,700 18,850,000 3,239,700 268,500 4,715,600 354,748,900 329,881,300 9,505,100 9,365,500 34,058,800 28,012,000 10,089,100 6,939,900 44,147,900 20,412,300 18,582,900 91,213,200 145,010,600 74,289,700 150,989,700 2,965,000 51,358,000 30,516,600 34,951,900 16,321,200 3,204,000 33,851,000 140,930,000 36,246,600 108,956,100 202,000 51,358,000 30,516,600 585,338,000 421,585,500 28,100,000 56,615,800 645,000 85,360,800 2,601,000 27,300,000 45,611,400 654,000 73,565,400 1,971,000 726,952,800 541,439,300 (312,173,200) 162,708,700 (162,708,700) 20,000,000 228,792,200 248,792,200 (372,203,900) (211,558,000) 241,966,700 (241,966,700) 103,225,000 100,269,200 (63,900,000) 192,895,500 (192,895,500) 106,140,000 107,946,200 (63,900,000) 8,414,000 139,594, 200 158, 600,200 (63,381,000) (232,609,700) (52,957,800) 803,802,400 740,421,400 740,421,400 ENDING FUND BALANCE $ 740,421,400 $ 507,811,700 $ 687,463,600 $ 176,000,000 88,000,000 10,469,000 77,877,100 11,500,200 9,270,800 21,250,000 16,835,800 248,000 3,509,400 414,960,300 9,554,200 18,516,100 11,843,200 30,359,300 23,968,000 11,516,400 76,036,600 189,485,000 83,236,100 153,567,600 3,952,000 52,933,000 30,000,000 624,694,700 66,045,000 41,123,200 5,500,000 112,668,200 5,380,000 782,656,400 (367,696,100) 311,984,500 (311,984,500) 178,760,000 88,000,000 18,892,000 285,652,000 (82,044,100) 687,463,600 $ 605,419,500 $ 3,000,000 3,000,000 (352,600) 40,720,100 (89,000) (1,225,300) 2,730,000 10,692,800 75,000 1,660,400 60,211,400 49,100 (15,542,700) 1,754,100 (13,788,600) 3,555,700 (7,066,500) (15,176,600) 44,474,400 8,946,400 2,577,900 987,000 1,575,000 (516,600) 39,356,700 37,945,000 (15,492,600) 4,855,000 27,307,400 2,779,000 55,703,600 2% 4% -3% 110 % -1% -12% 15% 174% 43% 90% 17% 1% -46 % 17% -31% 17% -38% -17% 31% 12% 2% 33% 3% -2% 7% 135% -27% 753% 32% 107% 8% 4,507,800 70,017,800 (70,017,800) 75,535,000 (12,269,200) 63,900,000 18,892,000 146,057,800 -1% 29% 29% 73% -12% -100% N/A 105% 150,565,600 -65% (52,957,800) -7% $ 97,607,800 19% Table 17 — Operating and Capital 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 Cost of Issuance 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 Bond Premium Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures/Expenses and Other Financing Sources (Uses) Beginning Fund Balance FY 2017/18 FY 17/18 Operating Budget FY 17/18 Capital Budget $ 13,368,000 $ 162,632,000 88,000,000 10,469,000 6,794,200 71,082,900 7,365,700 4,134,500 3,689,300 5,581,500 21,250,000 16,835,800 248,000 995,000 2,514,400 130,681,200 5,151,000 9,380,800 5,992,700 284,279,100 4,403,200 9,135,300 5,850,500 15,373,500 9,030,000 2,250,000 5,184,200 143,217,600 3,150,000 14,985,800 14,938,000 9,266,400 70,852,400 189,485,000 83,236,100 10,350,000 802,000 52,933,000 30,000,000 162,831,800 461,862,900 66,045,000 41,123,200 5,500,000 1,040,000 112,668,200 4,340,000 184,396,300 598,260,100 (53,715,100) (313,981,000) 42,317,600 (28,970,400) 269,666,900 (283,014,100) 178,760,000 88,000,000 18,892,000 13,347,200 272,304,800 (40,367,900) (41,676,200) 240,365,700 447,097,900 ENDING FUND BALANCE $ 199,997,800 $ 405,421,700 FY 17/18 TOTAL Budget $ 176,000,000 88,000,000 10,469,000 77,877,100 11,500,200 9,270,800 21,250,000 16,835,800 248,000 3,509,400 414,960,300 9,554,200 18,516,100 11,843,200 30,359,300 23,968,000 11,516,400 76,036,600 189,485,000 83,236,100 153,567,600 3,952,000 52,933,000 30,000,000 624,694,700 66,045,000 41,123,200 5,500,000 112,668,200 5,380,000 782,656,400 (367,696,100) 311,984,500 (311,984,500) 178,760,000 88,000,000 18,892,000 285,652,000 (82,044,100) 687,463,600 $ 605,419,500 Table 18 — Budget by Fund Type FY 2017/18 FY 17/18 General Fund Special Revenue Capital Projects Debt Service Enterprise 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/Land Operating and Capital Disbursements Special Studies Local Streets and Roads Regional Arterials TOTAL Projects and Operations Debt Service Principal Payments Interest Payments Cost of Issuance TOTAL Debt Service Ca pita I 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 Bond Premium Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures/Expenses and Other Financing Sources (Uses) $ $ 176,000,000 $ 88,000,000 10,469,000 4,161,700 70,968,900 3,365,700 8,134,500 1,468,200 7,802,600 21,250,000 248,000 76,400 1,929,500 1,134,500 2,746,500 365,000 $ 176,000,000 88,000,000 10,469,000 77,877,100 11,500,200 9,270,800 21,250,000 16,835,800 16,835,800 248,000 4,000 3,509,400 9,072,000 384,802,500 4,512,600 4,892,200 5,531,500 10,423,700 4,296,500 12,310,400 1,120,100 13,430,500 2,850,500 13,865,100 2,000,000 9,516,400 2,984,200 73,052,400 189,485,000 83,236,100 21,455,000 132,112,600 3,150,000 802,000 52,933,000 30,000,000 1,134,500 400,000 400,000 3,111,500 16,839,800 414,960,300 745,100 9,554,200 913,500 5,191,600 6,105,100 18,516,100 11,843,200 30,359,300 7,252,400 23,968,000 11,516,400 76,036,600 189,485,000 83,236,100 153,567,600 3,952,000 52,933,000 30,000,000 32,439,700 585,002,600 30,000,000 172,500 5,500,000 36,045,000 40,950,700 7,252,400 624,694,700 66,045,000 41,123,200 5,500,000 1,040,000 3,940,000 48,416,000 606,669,600 35,672,500 76,995,700 36,072,500 76,995,700 400,000 14,502,600 112,668,200 5,380,000 782,656,400 (39,344,000) (221,867,100) (34,938,000) (73,884,200) 39,411, 600 158,952,900 (1,551,800) (140,524,300) 88,000,000 36,100,000 77,520,000 (163,109,000) (2,746,500) 178,760,000 18,892,000 2,337,200 (367,696,100) 311,984,500 (4,052,900) (311,984,500) 178,760,000 88,000,000 18,892,000 37,859,800 106,428,600 70,643,000 74,773,500 (4,052,900) 285,652,000 (1,484,200) (115,438,500) 35,705,000 889,300 (1,715,700) (82,044,100) Beginning Fund Balance 16,843,700 503,258,400 116,692,700 48,151,000 2,517,800 687,463,600 ENDING FUND BALANCE $ 15,359,500 $ 387,819,900 $ 152,397,700 $ 49,040,300 $ 802,100 $ 605,419,500 Table 19 — Highway, Regional Arterial, and Rail Programs FY 2017/18 Description HIGHWAY ENGINEERING SR-60 truck climbing lanes 91/71 connectors Ethanac SR-74 corridor French Valley Parkway Phase!! (Temecula) 1-15 Express Lanes MCP I-215/Placentia interchange Mid County Parkway (MCP) Riverside County - Santa Ana River Trail General (details presented in Section 6.3 Planning and Programming) SUBTOTAL HIGHWAY ENGINEERING REGIONAL ARTERIAL ENGINEERING Various Western County TUMF regional arterial projects, including SR-79 realignment SUBTOTAL REGIONAL ARTERIAL ENGINEERING RAIL ENGINEERING Perris Valley Line and other rail projects Riverside Downtown/Pedley station improvements Riverside -La Sierra station improvements 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 91 Project 1-15 Express Lanes 1-15/5R-79 south interchange (Temecula) 1-215 corridor improvements (central segment)/Scott Road to Nuevo Road Pachappa underpass Riverside County- Santa Ana River Trail Riverside quiet zones General (details presented in Section 6.3 Planning and Programming) SUBTOTAL HIGHWAY CONSTRUCTION REGIONAL ARTERIAL CONSTRUCTION Various Western County Measure A regional arterial projects SUBTOTAL REGIONAL ARTERIAL CONSTRUCTION RAIL CONSTRUCTION Corona Auto Center Drive traffic signal Perris Valley Line and other rail projects Riverside Downtown/Pedley station improvements Riverside -La Sierra station improvements Station rehabilitation 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 91 Project 91/71 connectors French Valley Parkway Phase!! (Temecula) 1-15 Express Lanes 1-215 corridor improvements (central segment)/Scott Road to Nuevo Road MCP 1-215/Placentia interchange Mid County Parkway MSHCP land acquisition in Western County Pachappa underpass Riverside County - Santa Ana River Trail SR-74 curve widening SR-74/1-15 to 7th Street SR-91 HOV lanes/Adams Street to 60/91/215 interchange 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 Riverside -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 225,000 50,000 900,000 798,900 130,000 2,500,000 1,500,000 500,000 2,000,000 8,603,900 2,327,500 2,327,500 50,000 95,000 190,000 250,000 585,000 $ 11,516,400 $ 3,320,000 6,065,000 4,000,000 692,000 11,950,000 2,800,000 3,821,000 1,175,000 33,823,000 3,650,200 7,036,900 250,000 24,119,000 3,237,700 3,870,000 1,500,000 2,200,000 35,176,700 $ 76,036,600 $ 79,100,000 110,385,000 $ 189,485,000 $ 1,500,000 5,000 43,733,000 1,105,000 673,600 3,315,000 30,000 16,500,000 4,100,000 3,000,000 800,000 265,000 5,000 230,000 1,525,000 76,786,600 6,270,000 6,270,000 19,000 10,000 150,500 179,500 $ 83,236,100 $ 360.274.100 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. 17-010 on June 14, 2017, establishing appropriations limits for the Commission at $441,572,195. The FY 2017/18 budget appropriated $365,984,900 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 2017/18 appropriations limit is as follows: FY 2016/17 Appropriations Limit $419,316,693 r IFY 2017/18 adjustment: x 1.05307564 • Change in California per capita personal income 3.69% ((3.69 + 100) / 100 = 1.0369) • Change in Population, Riverside County • Calculation of factor for FY 2017/18 1.56% ((1.56 + 100) / 100 = 1.0156) 1.0369 x 1.0156 = 1.05307564 IFY 2017/18 Appropriations Limit $441,572,195 I • $419,316,693 x 1.05307564 = $441,572,195 Source: California per capita income —California Department of Finance Population, Riverside County —California Department of Finance Commission Policy Goals and Objectives The Commission is driven by four clear objectives for the people of Riverside County and the transportation system upon which they rely: Quality of Life RCTC is focused on improving life for the people of Riverside County and empowering them to live life at their pace. • Choice: RCTC empowers the residents of Riverside County to choose how to safely get where they are going. • Environmental Stewardship: RCTC protects and preserves the County's environment for our residents. • Mobility: RCTC provides access, equity, and choice in transportation; RCTC is the partner in mobility. • Access: RCTC projects are the connection to schools, community institutions, parks, and shopping in the community. Operational Excellence RCTC is a responsible and conservative steward of taxpayer dollars. • State of Good Repair: RCTC invests in road safety and maintenance in its residents' neighborhoods. • Promises Fulfilled: Projects are completed on -time, on -budget; RCTC delivers on its promises as a steward of Riverside County residents' investment. • Innovation: Program and project delivery innovations drive results, savings, and greater economic opportunities for Riverside County residents. • Information: RCTC operations are transparent; customers get fast, timely, quality service. Connecting the Economy RCTC drives economic growth in Riverside County. • Workforce Mobility: RCTC improves the economy by creating a robust workforce to workplace system; RCTC moves the economy of Riverside County. • Population Growth: Since 1976, RCTC has been responsible for connecting our County's economy as the County's population has quadrupled from 550,000 to 2.3 million today. • Economic Impact: $2.8 billion has been invested in the County's economy thanks to Measure A, which has a multiplier impact in terms of jobs and economic opportunity throughout Riverside County. Responsible Partner RCTC partners with local, regional, and state governments to deliver road and rail projects. • Streets and Roads: RCTC invests in local priorities for maintaining streets and roads and fixing potholes. • Transit: RCTC is a partner with transit operators to provide residents mobility choice, flexibility, and access. • Active Transportation Facilities: RCTC is a partner with agencies within the County to promote active transportation alternatives, including the building of regional trails and bicycle and pedestrian facilities in accordance with local general master and active transportation plans. • Grants: RCTC is a steward of state and federal grants to improve our communities. • Local Measure A Value: RCTC invests Measure A dollars into projects and programs that benefit local communities throughout the County. Embedded in the work programs for the Commission's lean and efficient staff are eight long-term policy goals that support the Commission's objectives for transportation in the County: 1. Promote mobility; 2. Mitigate and address the impact of goods movement; 3. Encourage economic development; 4. Ensure improved system efficiencies; 5. Foster environmental stewardship; 6. Support transportation choices through multimodalism and accessibility; 7. Prioritize public and stakeholder communications; and 8. Maintain fiscal and organizational accountability. The policy goals and objectives stated above provide the framework for the work plan in the FY 2017/18 budget and are elaborated below: Promote Mobility The Commission, in cooperation with local, state, and federal agencies and other partners, will strive to create a transportation system that promotes efficient mobility within Riverside County and Southern California by providing multiple travel choices. • Continue to aggressively pursue completion of the environmental, design, and construction processes on key components of the Western Riverside County Highway 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 operation of the tolled 91 Express Lanes and the continued development of tolled express lanes on 1-15 and other facilities. • Advocate efforts to streamline and modernize CEQA and NEPA to improve the Commission's ability to deliver critical projects for the public and reduce costs, time and delays associated with project delivery. • Continue to provide leadership in the planning and development of the Coachella Valley -San Gorgonio Pass corridor rail service and to seek 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. • Continue to collaborate with state and federal agencies and local partners to develop, fund, and deliver projects programmed in the STIP, Federal Transportation Improvement Program (FTIP), Proposition 1B bond programs, Active Transportation Program (ATP), Cap and Trade programs, and Measure A programs 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, enhancing intercounty mobility choices between Riverside and Orange counties. • Continue to coordinate and provide public access to traveler information via a 511 system and focus commuter assistance outreach efforts under the IE Commuter brand. • Continue working with SCRRA to support the new PVL commuter rail service. • Continue to develop transit services that provide connectivity for where Riverside County residents need to go. • Consider future rail expansion opportunities as guided by the Next Generation Rail Study. • Consider future opportunities to implement tolling and innovative financing of new improvements. Mitigate and Address the Impact of Goods Movement The Commission will work with federal, state, and local governments, and community partners to facilitate the movement of goods and services to, within, and through Riverside County, recognizing the vital role goods movement mobility plays in the economic health of the County, the State, and the nation — as well as the health, mobility, and safety impacts it can have on peoples and businesses. • Partner to deliver projects on the Commission's approved, high -priority railroad grade separation list to mitigate the impact of increased goods movement flow through Riverside County. • Work with federal and state agencies regarding the nomination and implementation of projects for FAST Act funding. • Encourage Congress to prioritize funds for 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. • Support local venues and attractions with the implementation of expanded FSP service to optimize traffic flow, such as traffic related to large scale events in the Coachella Valley. 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 SBCTA and other regional agencies, leverage a regional 511 system for efficient deployment of real-time traffic information available to commuters for the purpose of 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), Ca!trans, and state/federal resource agencies to implement the Multi -Species Habitat Conservation Plan (MSHCP). • Conduct a regional truck study, in accordance with a settlement agreement, for the potential development and implementation of a regional logistics mitigation fee. • Collaborate with SCAG, South Coast Air Quality Management District (SCAQMD), sub -regional agencies, and local jurisdictions to implement the current RTP and SCS that meets regional air quality goals, conformity guidelines, and 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 Multimodalism 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. • Continue to pursue the goals and objectives as outlined in an update of 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 transit stations. • Collaborate with public transit operators to provide equitable fares and access to fare media through the support of systems that accept cash as well as mobile or on-line media. Prioritize Public and Stakeholder Communications The Commission will communicate in a timely, informative, and accurate manner with the public and stakeholders to encourage informed public participation in the Commission's decision -making processes. The Commission will provide excellent customer and constituent services and will demonstrate transparency and accountability in its communications. • Engage with new and traditional media to educate and inform the public of the Commission's activities and transportation issues in Riverside County. • Enhance access to public information through a broad array of communication platforms (e.g., website, social media, annual report, monthly newsletter, television, Speakers Bureau, print media, radio, etc.). • Conduct comprehensive public opinion research to determine priorities and attitudes of Riverside County residents and stakeholders regarding transportation needs. • Closely engage Riverside County's legislative delegations regarding transportation issues. • Develop an effective long-range legislative strategy regarding local, 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. • Pursue policy objectives contained in the Commission's comprehensive adopted legislative platforms. • 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, engagement, and customer service. • Develop and implement express lane marketing and promotion campaigns for the 91 Express Lanes to increase customer accounts and lane usage. • Provide excellent customer service to 91 Express Lanes customers. Maintain Fiscal and Organizational Accountability As the steward of local, state, and federal resources, the Commission will develop and maintain financial and administration policies that promote fiduciary responsibility and organizational excellence. 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% of the annual payment related to the Commission's proportionate share of the net pension liability. • 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 optimize throughput on toll facilities while generating revenue to meet all financial commitments. • 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 September 14, 2016, 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 -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 -supported debt. • Debt issuance will be for major capital projects including engineering, right of way, construction, and design -build. 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 -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/expenses. • 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 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 provide vendor access to contracting opportunities. Auditing, Accounting, and Financial Reporting Policies • The Commission will maintain an ERP system that integrates project and toll operations accounting needs and improves 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, Low Carbon Transit Operations Program (LCTOP), and toll operations; and the State Controller's Transportation Planning Agency Financial Transactions Report and 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 Goods System Environmental Economic Intermodalism & Fiscal & Department Mobility Movement Efficiencies Stewardship Development Accessibility Communications Organizational Management Services Executive Management X X X X X X X X Administration X X External Affairs 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 uses. 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, external affairs, 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 7 illustrates the budget process for the development of the FY 2017/18 budget and monitoring of the FY 2016/17 budget. A summary of each task is described below. Chart 7 — Budget Process ID Task Name Short Term Strategic Direction R�bbifirce Identification and Allocation Phase Needs Assessment Phaca Development and FIRMMN Adoption iffi filementation Phase Budget Roles and Responsibilities Duratio n 140 days 200 days 120 days 150 days 60 365 days Short -Term Strategic Direction Phase 2016 2017 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 8 — Functional Organization Chart FY 2017/18 I Board of Commissioners Policy Committees • WRC Programs & Projects • ERC Programs & Projects • Budget & Implementation Advisory Committees • Technical Advisory • Citizens Advisory Executive Committee ME= 1111111= "Mr Administration Clerk of the Board & Board Relations — Claims Administration Human Resources Office & Records Management Information Technology I Finance Budget Development Contract Management & Procurement Disadvantaged Business Enterprise External Affairs Goods Movement _ Legislative Advocacy & Analysis Media Relations - Financial Management — — Insurance Administration Public Information & Communications Resource Identification and Allocation Phase I Multimodal Programs — Call Box Program — Commuter Assistance — Freeway Service Patrol I � Capital Project Development & Delivery Toll System — Congestion Management — Highway & Rail Capital Programs New Corridors - Rail Operations — Property Management — Transit Planning Regional Transportation Plan State Transportation Improvement Program TUMF Program Station Maintenance 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, including the salary schedule, 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. Chart 9 — Budget Development Timeline FY 2017/18 •Staff develops revenue projections. •Board approves sales tax revenue projections on January 11, 2017. •Staff develops departmentgoals and objectives, projected FY 2016/17 actuals, and proposed FY 2017/18 Budget. December 2016 - February 2017 Budget Roles and Responsibilities March - April 2017 •Board adopts Commission's FY 2017/18 goals and objectives on March 8, 2017. •Finance reconciles and analyzes department budget projections and proposed budget. •Budget and Implementation Committee reviews and forwards proposed FY 2017/18 budgetto Board on April 24, 2017. ▪ Board opens public hearing on May 10, 2017 and reviews and receives comments on proposed budget. • Board receives final comments, closes public hearing, and adopts budget on June 14, 2017. May -June 2017 Involvement in the budget permeates all staffing levels, as presented in Chart 10, 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 10 — Staff Organization Chart FY 2017/18 Admi tratoea Board of Commissioners Executive Director Deputy Executive Director Chief Financial Officer External Affairs Director — Senior Financial Analyst Accountant — Accounting Technician(2) 01111111 F netitortne� Senior Management Analyst (x) Administrative Assistant Den u ,,Clerk of the Dora gecpms Technician Mulornodal Services Director L Management Analyst project Deli ery Direct., Toll Progr mDirector ., . . Manager(a) Toll project Manager Senior Management A y -Way Manager Toll Operations Manager Tol Technology Sect for Management Analyst anager Management Analyst Senior Management Analyst (2) Management Analyst - Accounting Assntant(E) — Faculties Administrator — Senior office Assistant 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 2017/18 budget are shown in Chart 11. Chart 11— Total Sources and Uses by Fund Type FY 2017/18 80% - 70% 60% 50% 40% 30% 20% 10% - 0% 5% 5% General Fund Fund Structure 68% 64% 21% 18% 8% 7% Special Revenue Funds Capital Projects Funds Debt Service Fund 2% 2% k Enterprise Fund V Total Sources o Total Uses There are 32 funds (Chart 12) 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 12 — Budgeted Funds Structure FY 2017/18 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 2017/18 budget for the General fund is presented in Table 21, followed by a discussion of significant components of the budget. Table 21— General Fund FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Measure A Sales Tax $ 3,000,000 $ 3,250,000 $ 3,250,000 $ - $ (3,250,000) -100% Federal Reimbursements 4,925,000 3,299,000 4,161,700 (763,300) -15% State Reimbursements 1,059,300 3,409,200 454,000 3,365,700 (43,500) -1% Local Reimbursements 74,700 1,632,500 279,000 1,468,200 (164,300) -10% Other Revenue 1,009,300 - N/A Investment Income 71,600 16,300 15,700 76,400 60,100 369% TOTAL Revenues 5,214,900 13,233,000 7,297,700 9,072,000 (4,161,000) -31% Expenditures Personnel Salaries and Benefits 4,299,600 4,220,600 4,368,500 4,512,600 292,000 7% Professional and Support Professional Services 2,379,700 4,154,200 3,586,500 4,892,200 738,000 18% Support Costs 3,052,000 5,080,700 4,268,600 5,531,500 450,800 9% TOTAL Professional and Support Costs 5,431,700 9,234,900 7,855,100 10,423,700 1,188,800 13% Projects and Operations Program Operations 1,823,100 4,240,800 2,513,900 2,850,500 (1,390,300) -33% Engineering - - 2,000,000 2,000,000 N/A Construction 74,600 3,084,200 100,000 2,984,200 (100,000) -3% Operating and Capital Disbursements 15,766,800 26,433,300 20,066,700 21,455,000 (4,978,300) -19% Special Studies 782,900 2,150,000 200,000 3,150,000 1,000,000 47% TOTAL Projects and Operations 18,447,400 35,908,300 22,880,600 32,439,700 (3,468,600) -10% Debt Service Principal Payments 14,200 N/A Interest Payments 10,700 - - - - N/A TOTAL Debt Service 24,900 N/A Capital Outlay 178,600 286,000 221,000 1,040,000 754,000 264% TOTAL Expenditures 28,382,200 49,649,800 35,325,200 48,416,000 (1,233,800) -2% Excess (deficiency) of Revenues over (under) Expenditures (23,167,300) (36,416,800) (28,027,500) (39,344,000) (2,927,200) 8% 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 23,776,700 36,079,100 34,079,100 39,411,600 3,332,500 9% (1,551,800) (1,551,800) N/A 23,776,700 36,079,100 34,079,100 37,859,800 1,780,700 5% 609,400 (337,700) 6,051,600 10.182.700 10.792. 100 (1,484,200) (1,146,500) 340% 10.7 9 2. 100 16.843.700 6.051.600 56% $ 10,792,100 $ 10,454,400 $ 16,843,700 $ 15,359,500 $ 4,905,100 47% The sources for the General fund (Chart 13) consist of various federal, state and local reimbursements for planning activities and commuter rail station operations and maintenance; investment income; transfers from Measure A, LTF, STA, TUMF, motorist assistance, toll operations, and agency project funds for the allocation of administrative costs; 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 13 — General Fund Sources FY 2017/18 Federal Reimbursements 9% State Reimbursements 7% Local Reimbursements 3% Transfers In_// 81% Measure A sales tax revenues in prior years included an off -the -top allocation for administrative costs. A change in the allocation of administrative costs are recognized as a transfers in of $4,675,200. 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 are related to station rehabilitation. State reimbursements include STIP funds for PPM activities. Local reimbursements and other revenues from local agencies are related to rail station security, other agency projects, and planning activities. 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 $167,000 in FY 2017/18 have decreased compared to the prior year due to an improved change in the allocation of administrative costs. • Planning allocations are set by law at three percent (3%) of estimated LTF sales tax revenues. The FY 2016/17 revised budget of $2,829,000 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 2017/18 budget for planning allocations is $3,408,300. • 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 2017/18 budget includes $18,000,000 in LTF allocations primarily to fund operating contribution expenditures to SCRRA and rail studies. • The FY 2017/18 budget includes LTF allocations of $2,000,000 for grade separation projects. The 2009 Measure A Western County rail fund will transfer in $7,500,000 in FY 2017/18 for rail station maintenance and operations; in prior years, LTF allocations primarily funded rail stations. Administrative transfers in from Measure A, LTF, STA, TUMF, motorist assistance, toll operations, and agency project funds of $3,828,100 in FY 2017/18 increased from $1,094,300 in FY 2016/17 due to a change in the allocation of administrative costs. Chart 14 — General Fund Uses FY 2017/18 Capital Outlay 2% Projects and Operations 65% Transfers Out 3% I Personnel Salaries and Benefits 9% Professional Services 10% Support Costs 11% General fund uses are depicted in Chart 14. Personnel salaries and benefits expenditures increase of $292,000 are due to changes in the allocation of FTEs and a 4% pool for merit -based salary increases. Professional costs increased 18% compared to the prior year due to professional services for information technology consultants and rail planning and station development in the Coachella Valley. Support costs have increased 9% due to expenditures for station maintenance and operations, utilities, and security at the four new PVL stations. Projects and operations expenditures decreased 10% due to prior year increases in program operations expenditures related to new PVL station operations, increased operating contribution to SCRRA for PVL operations, development of a countywide integrated long-range transportation plan, and construction for signal synchronization projects. The FY 2017/18 operating and capital disbursements budget includes allocations for rail operating contributions of $18,000,000. Capital outlay expenditures increased 264% due to information technology upgrades and station improvements. Transfers out of $1,551,800 reflect the change in allocation of administrative costs. 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 22, and individual budgets are presented in Tables 23 through 32 along with respective discussions. Table 22 — Special Revenue Funds FY 2016 — 2018 FY 15/16 FY 16/17 Actual Revised Budget FY 16/17 FY 17/18 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 $ 164,630,300 $ 169,750,000 $ 169,750,000 83,776,500 85,000,000 85,000,000 13,358,000 10, 821, 600 10, 821, 600 15,889,700 29,465,000 10,464,300 55,521,200 8,180,000 9,297,900 1,497,200 8,863,600 7,424,700 19,831,300 18,520,000 18,850,000 6,286,300 173,000 268,500 3,247,500 1,038,400 1,453,300 364,038,000 331,811,600 3,883,000 5,016,100 11, 485, 200 18,834,900 902,700 2,333,500 313,330,300 4,827,200 13,810,000 1,509,900 12,387,900 21,168,400 13,201,400 3,577,300 112,067,600 265,484,600 56,274,900 77,784,500 47,400 49,826,500 12,148,000 13,118,700 18,582,900 88,129,000 145,010,600 74,289,700 124,556,400 815,000 51,358,000 30,516,600 15,319,900 12,002,400 3,204,000 33,751,000 140,930,000 36,246,600 88,889,400 2,000 51,358,000 30,516,600 590,412,200 1,003,600 546,376,900 2,065,000 396,900,000 1,350,000 607,686,700 574,626,400 418,397,100 Excess (deficiency) of Revenues over (under) Expenditures (243,648,700) (242,814,800) (105,066,800) Other Financing Sources (Uses) Transfers In Transfers Out TIFIA Loan Proceeds Net Financing Sources (Uses) Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) 80,148,300 (80,575,200) 228,792,200 150,591,100 (106,230,800) 100,269,200 84,726,400 (100,361,700) 107,946,200 228,365,300 144,629,500 92,310,900 (15,283,400) Beginning Fund Balance 531,297,700 (98,185,300) (12,755,900) 516,014,300 516,014,300 ENDING FUND BALANCE $ 516,014,300 $ 417,829,000 $ 503,258,400 $ 176,000,000 88,000,000 10,469,000 70,968,900 8,134, 500 7,802,600 21,250,000 248,000 1,929,500 384,802,500 4,296,500 12,310,400 1,120,100 13,430,500 13,865,100 9,516,400 73,052,400 189,485,000 83, 236,100 132,112, 600 802,000 52,933,000 30,000,000 585,002,600 3,940,000 606, 669, 600 (221,867,100) 158,952,900 (140,524,300) 88,000,000 106,428,600 (115,438,500) 503,258,400 $ 387,819,900 $ 6,250,000 3,000,000 (352,600) 41,503,900 (45,500) (1,061,000) 2,730,000 75,000 891,100 52,990,900 4% 4% -3 % 141% -1% -12% 15% 43% 86% 16% (719,600) -14% (6,524,500) -35% (1,213,400) -52% (7,737,900) -37% 746,400 6% (9,066,500) -49% (15,076,600) -17% 44,474,400 31% 8,946,400 12% 7,556,200 6% (13,000) -2% 1,575,000 3% (516,600) -2% 38,625,700 7% 1,875,000 91% 32,043,200 6% 20,947,700 -9% 8,361,800 6% (34,293,500) 32% (12,269,200) -12% (38,200,900) -26% (17,253,200) 18% (12,755,900) -2% $ (30,009,100) -7% 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 15 illustrates the various special revenue fund sources. Chart 15 — Special Revenue Funds Sources FY 2017/18 Debt Proceeds 14%—, _ Measure A Sales Tax 28% Transfers In 25% Investment Income 1% TUMF Revenue 3% Local Reimbursements 1% Federal Reimbursements LTF Sales Tax 14% STA Sales Tax 2% State Reimbursements 1% 11% 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 16, projects and operations expenditures represent the primary use of special revenue fund resources. Chart 16 — Special Revenue Funds Uses FY 2017/18 Transfers Out 18% Capital Outlay 1% Measure A Special Revenue Funds Personnel Salaries Professional Services and Benefits 2% 1% Support Costs w.` 0% Projects and Operations 78% 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 17). 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 17 — Measure A Sales Tax Revenues by Geographic Area Palo Verde Valley Coachella 1% Valley I -- 22% Western County 77% 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 and 2013 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. As demonstrated in Table 23, most of the Commission's reimbursements flow through these funds, since the sales tax leverages state and federal dollars. Table 23 — Western County Measure A Funds FY 2016 — 2018 FY 15/16 Actual FY 16/17 Revised Budget FY 16/17 FY 17/18 Projected 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 Uses Personnel Salaries and Benefits Professional Services 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 TOTAL Projects and Operations Capital Outlay Transfers Out TOTAL Uses $ 10,142,000 1,878,100 1,502,500 38,314,100 36,435,900 13,898,300 1,915,700 7,662,800 11,268,900 3,192,800 $ 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 $ 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 3,293,000 126, 211,100 15,889,700 51,580,000 1,283,600 42,100 5,202,000 1,380,000 77,853,600 228,792,200 130,136,000 26,565,000 4,248,000 3,282,800 20,000 173,000 515,700 147,289,300 100,269,200 130,136,000 9,964,300 5,447,900 6,875,300 268,500 557,500 83,671,900 107,946,200 508,234,300 412,499,000 3,449,100 4,277,400 10,157,100 12,823,900 667,300 1,378,000 9,360,500 8,706,900 1,167, 200 12, 530,000 108,325,300 76,684,300 265, 484, 600 145, 010, 600 52,871,500 62,459,400 11, 967, 800 15, 844, 400 47,400 815,000 35,654,100 36,744,000 344,867,600 4,115, 600 12,031,700 809,900 8,012,000 1,454,000 31,965,100 140,930,000 33,446,600 7,582,000 2,000 36,744,000 484,878,400 1,003,600 55,227,700 358,794,600 2,065,000 78,843,700 260,135, 700 1,350,000 77,171,900 555,383,200 458,182,600 355,614,800 Excess (deficiency) of Sources over (under) Uses $ (47,148,900) $ (45,683,600) $ (10,747,200) $ 10,932,000 2,024,000 1,620,000 41,298,000 39,274,000 14,981,000 2,065,000 8,260,000 12,147, 000 3,441,000 136,042,000 68,568,900 4,134, 500 2,890,000 248,000 623,300 156,715,900 88,000,000 457,222,600 3,663,700 8,036,200 807,700 9,623,400 4,140,000 60,665,700 189,485,000 71,927,500 17,940,600 802,000 38,365,000 392,949,200 3,940,000 113,537,500 522,934,300 $ (65,711,700) $ 475,000 5% 87,000 4% 71,000 5% 1,792,000 5% 1,705,000 5% 651,000 5% 90,000 5% 359,000 5% 528,000 5% 148,000 4% 5,906,000 5% 42,003,900 158% (113,500) -3% (392,800) -12% (20,000) -100% 75,000 43% 107,600 21% 9,426,600 6% (12,269,200) -12% 44, 723, 600 11 % (613,700) -14% (4,787,700) -37% (570,300) -41% 916,500 11% (8,390,000) -67% (16,018,600) -21% 44,474,400 31% 9,468,100 15 % 2,096, 200 13 % (13,000) -2% 1,621,000 4% 34,154, 600 10 % 1,875,000 91% 34,693,800 44% 64,751,700 14% $ (20,028,100) 44% The budgeted Western County Measure A sales tax revenues reflect a 5% increase compared to the prior year due to Measure A sales tax projections and changes to the allocation of administrative costs. 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 higher in the FY 2017/18 budget and relate to funding from the Congestion Mitigation and Air Quality (CMAQ), Surface Transportation Program (STP), and earmarks. The 158% increase in federal reimbursements is primarily attributable to allocations of federal funding for project activity on the 1-15 Express Lanes project, Pachappa Underpass project, and rail station rehabilitation projects. State reimbursements are lower by 3% compared to the FY 2016/17 budget and reflect funding from STIP and Proposition 18 funding for various highway and rail projects, particularly the 1-215 corridor improvement project, rail station rehabilitation, and the PVL, in the prior year. The local reimbursement decrease of 12% from the prior year and 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. Other revenue is related to property management lease revenues, which reflects an increase of 43% from the prior year and is related to the lease of vacant properties owned by the Commission. 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 $127,009,000 from sales tax revenue bonds, toll revenue bonds, and commercial paper notes to fund the 1-15 Express Lanes project and completion of the 91 Project. Other significant transfers in include $13,184,400 from the 2009 Measure A Western County rail fund for the PVL; $13,100,000 from the 2009 Measure A bond financing fund to fund a portion of Western County debt service; $2,558,500 for the build America bonds' (BABs) subsidy payment from the Debt Service fund; and $864,000 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 $88,000,000 will be used to pay eligible 1-15 Express Lanes project expenditures. Personnel salaries and benefits expenditures has a net decrease of 14% from the prior year 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 2017/18 consist of general legal services for the various programs and capital projects, specialized legal and financial advisory services related to the 1-15 Express Lanes project and completion of the 91 Project, other professional services for rail capital and commuter assistance projects, and professional fees related to the Commission's debt programs. The decrease of 37% in FY 2017/18 reflects the prior year activity in advisory services and legal services related to the 91 Project. Support costs decreased 41% from the prior year due to restructuring of printing, communications, and vehicle maintenance for the commuter assistance program and completion of the PVL. 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, construction, design -build, and right of way activity. These activities are expected to decrease 67%, 21% and increase 31%, 15%, respectively, due to completion of the 91 Project and commencement of the I-15 Express Lanes project in FY 2017/18. A major project in the design -build and right of way phase is the 1-15 Express Lanes project. In addition to the design -build and right of way of the 1-15 Express Lanes project and completion of the 91 Project, other related activities during FY 2017/18 include utility and railroad relocations and the interagency, legal, financial, and other consultant staff to support these activities. Several Western County TUMF regional arterial projects will be under construction in FY 2017/18. Right of way acquisition is another major project activity for which the process can be lengthy. Significant right of way acquisitions will benefit the 1-15 Express Lanes project and completion of the 91 Project. Operating and capital disbursements are higher by 13% compared to the FY 2016/17 budget and relate to Western County intercity bus service, specialized transit expenditures, and rail capital funded by Measure A. Special studies decreased 2% compared to the FY 2016/17 budget and relates to feasibility studies performed in the prior year. 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 91% increase due to station rehabilitation and improvement expenditures. Significant transfers out include funding for debt service payments of $87,060,000; funding for rail operating and maintenance needs of $11,227,800 from 2009 Measure A Western County rail fund; $7,956,600 from the 2009 Measure A Western County rail fund for the PVL and station operations; funding for TUMF regional arterial projects of $435,000 from the 2009 Measure A Western County highway fund; $1,500,000 from the 2009 Measure A Western County commuter assistance fund for a transit project; 2009 Measure A Western County local streets and roads fund allocation of $864,000 to 2009 Measure A Western County regional arterials fund; and $4,494,100 for allocation of administrative costs to the General Fund. Coachella Valley Measure A Funds These special revenue funds account for Coachella Valley's 22% share of the Measure A sales tax. Table 24 — Coachella Valley Measure A Funds FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Measure A Sales Tax Highways & Regional Arterials $ 18,651,400 $ 19,231,000 $ 19,231,000 Local Streets and Roads 13,055,900 13,462,000 13,462,000 Specialized Transit 5,595,400 5,769,000 5,769,000 Total Measure A 37,302,700 38,462,000 38,462,000 Transfers In 175,100 188,000 188,000 TOTAL Sources 37,748,400 38,685,300 38,806,300 Uses Personnel Salaries and Benefits 4,100 500 Professional Services 900 9,000 7,000 Support Costs 100 200 200 Projects and Operations Program Operations 16,000 9,500 9,400 Operating and Capital Disbursements 6,492,100 6,050,000 5,900,000 Local Streets and Roads 13,055,900 13,462,000 13,462,000 Regional Arterials 11,248,000 30,000,000 30,000,000 TOTAL Projects and Operations 30,812,000 49,521,500 49,371,400 Transfers Out - - TOTAL Uses 30,817,100 49,530,700 49,379,100 Excess (deficiency) of Sources over (under) Uses $ 6,931,300 $ (10,845,400) $ (10,572,800) $ 19,462,000 13,623,000 5,838,000 38,923,000 188,000 39,223,300 7,400 200 900 5,000,000 13,578,000 30,000,000 48,578,900 136,100 48,722,600 $ (9,499,300) $ 231,000 1% 161,000 1% 69,000 1% 461,000 1% 0% 538,000 1% N/A (1,600) -18% 0% (8,600) -91% (1,050,000) -17% 116,000 1% 0% (942,600) -2% 136,100 N/A (808,100) -2% $ 1,346,100 -12% As shown in Table 24, overall budgeted Coachella Valley Measure A sales tax revenues increased 1%. Although total Measure A sales tax revenues increased 1%, 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. Transfer out of $136,100 are related to allocation of administrative costs to the General Fund. 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 25 — Palo Verde Valley Measure A Fund FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Measure A Sales Tax Local Streets and Roads $ 1,116,500 $ 1,152,000 $ 1,152,000 Uses Projects and Operations Local Streets and Roads 1,116,500 1,152,000 1,152,000 TOTAL Projects and Operations 1,116,500 1,152,000 1,152,000 Transfers Out TOTAL Uses 1,116,500 1,152,000 1,152,000 Excess (deficiency) of Sources over (under) Uses $ $ 1,035,000 990,000 990,000 45,000 1,035,000 $ (117,000) -10% (162,000) -14% (162,000) -14% 45,000 N/A (117,000) -10% $ 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 25, 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. Transfers out of $45,000 are related to allocation of administrative costs to the General Fund. 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 26). Table 26 — Local Transportation Fund FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources LTF Sales Tax $ 83,776,500 $ 85,000,000 $ 85,000,000 Local Reimbursements 21,300 Investment Income 558,800 199,100 308,900 TOTAL Sources 84,356,600 85,199,100 85,308,900 Uses Projects and Operations Operating and Capital Disbursements Transfers Out TOTAL Uses 56,680,900 81,447,000 69,792,400 22,962,000 23,629,000 21,629,000 79,642,900 105,076,000 91,421,400 Excess (deficiency) of Sources over (under) Uses $ 4,713,700 $ (19,876,900) $ (6,112,500) $ 88,000,000 435,300 88,435,300 87,852,000 23,783,300 111,635,300 $ (23,200,000) $ 3,000,000 4% N/A 236,200 119% 3,236,200 4% 6,405,000 8% 154,300 1% 6,559,300 6% $ (3,323,100) 17% The LTF sales tax revenue in FY 2017/18 is projected to increase 4% from the prior year. Investment income is expected to increase due to higher investment yields. In FY 2017/18, approximately 98% and 2% of the LTF transit expenditures of $83,180,000 are for operating and capital purposes, respectively. LTF operating allocations are comprised of 73% to Western County, 26% to Coachella Valley, and 1% to Palo Verde Valley public bus operators. The actual allocations will not be approved until July 2017. Other operating and capital disbursements include allocations for SB821 bicycle and pedestrian projects of $4,000,000; planning and administration allocations of $672,000 to the County Auditor -Controller and SCAG. Transfers out include allocations to the Commission's General fund for planning and administration of $3,616,300, rail operations of $18,000,000, grade separation projects of $2,000,000 and $167,000 for allocation of administrative costs. 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 27). TUMF revenues of $20,000,000 are projected to increase based on the improvement in the labor market and resurgence in home sales. The difference of $1,250,000 is related to TUMF Zone revenues for a Lake Elsinore project. The transfers in for FY 2017/18 relate to funding of $435,000 for the SR-79 realignment project from the 2009 Measure A Western County Highway special revenue fund. Table 27 — Transportation Uniform Mitigation Fee Fund FY 2016 — 2018 FY 15/16 FY 16/17 Actual Revised Budget FY 16/17 FY 17/18 Projected Budget Dollar Change Percent Change Sources TUMF Revenue Other 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 19,789,200 7,000 497,000 1,359,000 18,500,000 $ 18,850,000 124,100 280,200 2,234,100 400,000 21,652,200 20,858,200 19,530,200 248,100 440,100 437,200 169,300 1,575,600 350,200 1,400 32,300 15,700 397,800 272,400 310,000 2,410,100 5,312,900 1,750,000 3,742,300 5,444,700 1,785,900 3,401,100 11,745,300 2,710,000 900,000 516,600 516,600 10,851,300 23,291,900 7,072,500 1,251,500 2,484,200 700,100 12,521,600 27,824,100 8,575,700 Excess (deficiency) of Sources over (under) Uses $ 9,130,600 $ (6,965,900) $ 10,954,500 21,250,000 390,600 435,000 22,075,600 290,400 380,000 9,300 274,800 4,626,400 7,386,700 11,043,600 23,331,500 1,119,000 25,130,200 $ (3,054,600) $ 2,750,000 15% N/A 266,500 215% (1,799,100) -81% 1,217,400 6% (149,700) (1,195,600) (23,000) -34% -76 % -71 % 2,400 1 % (686,500) -13% 1,942,000 36% (701,700) -6% (516,600) -100% 39,600 0% (1,365,200) -55% (2,693,900) -10% $ 3,911,300 -56% Personnel salaries and benefits have a net decrease of 34% due to allocation of FTEs, offset by a 4% pool for merit - based salary increases. Professional services have decreased 76% due to more legal services activities on the Mid County Parkway project in the prior year. Support costs have decreased 71% due to additional published public notices in the prior year. Projects and operations costs remain comparable to the previous year. Many regional arterial projects move into various stages of engineering, right of way acquisition, and construction. Approximately 51% of the projects and operations costs are attributable to programmed regional arterial projects. The remaining 49% relates to CETAP projects such as the Mid County Parkway preliminary engineering and right of way acquisitions. Transfers out represent $1,119,000 are related to allocation of administrative cost to the General fund. 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 28). The State's funding share of $2,200,000 has slightly decreased 1% from the FY 2016/17 budget due to decreased CHP support needed for highway construction projects. Local reimbursements of $675,000 include construction FSP for the completion of the 91 Project. Transfers in represent Commission match funds of $1,083,600 from the SAFE special revenue fund. Table 28 — Freeway Service Patrol Fund FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources State Reimbursements Local Reimbursements Other Revenue Investment Income Transfers In TOTAL Sources 2,022,000 $ 2,232,000 $ 2,100,000 675,000 282,800 1,059,800 3,300 600 2,500 571,200 714,700 307,100 3,656,300 3,622,300 2,692,400 Uses Personnel Salaries and Benefits 50,500 97,100 95,000 Professional Services 25,700 76,000 48,000 Support Costs 15,600 53,600 42,500 Projects and Operations Program Operations 3,309,700 3,921,200 3,500,000 Transfers Out 213,300 232,700 232,700 TOTAL Uses 3,614,800 4,380,600 3,918,200 Excess (deficiency) of Sources over (under) Uses $ 41,500 $ (758,300) $ (1,225,800) $ 2,200,000 675,000 1,083,600 3,958,600 133,700 48,000 53,100 3,700,000 112,900 4,047,700 $ (89,100) $ (32,000) -1% 0% N/A (600) -100% 368,900 52% 336,300 9% 36,600 38% (28,000) -37% (500) -1% (221,200) -6% (119,800) -51% (332,900) -8% 669,200 -88% Personnel salaries and benefits have increased 38% due to the allocation of FTEs and a 4% pool for merit -based salary increases. Professional services have decreased 37% due to the completion of the call box reduction and support costs are comparable to the prior year's budget. Operating costs for towing services in FY 2017/18 are lower than the FY 2016/17 budget due to decreased support levels needed on the 91 Project. Transfers out of $112,900 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 29). Table 29 - Service Authority for Freeway Emergencies Fund FY 2016 - 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources State Reimbursements Local Reimbursements Other Revenue Investment Income TOTAL Sources $ 1,919,200 $ 1,700,000 $ 1,750,000 201,000 317,500 266,600 17,500 44,800 14,700 23,200 2,182,500 2,032,200 2,039,800 Uses Personnel Salaries and Benefits 41,800 68,500 68,400 Professional Services 413,500 600,900 482,800 Support Costs 217,300 865,700 637,600 Projects and Operations Program Operations 85,400 95,000 55,000 Transfers Out 731,300 876,200 468,600 TOTAL Uses 1,489,300 2,506,300 1,712,400 Excess (deficiency) of Sources over (under) Uses $ 693,200 $ (474,100) $ 327,400 $ 1,800,000 236,600 39,100 2,075,700 70,300 470,000 245,800 23,000 1,144,600 1,953,700 $ 122,000 100,000 6% (80,900) -25% N/A 24,400 166% 43,500 2% 1,800 3% (130,900) -22% (619,900) -72% (72,000) -76% 268,400 31% (552,600) -22% $ 596,100 -126% Local reimbursements represent the pass -through funds from SBCTA as its share of the 1E511 system operating costs and the recoveries from call box knockdowns, which service is provided by a collection agency. Investment income is higher in FY 2017/18 due to higher investment yields. Personnel salaries and benefits have increased 3% due to the allocation of FTEs and a 4% pool for merit -based salary increases. Professional services and support costs have decreased due to significant completion of 91 Project, construction FSP services, and call box reduction in the previous year. Projects and operations costs have decreased 76% due to a reduction in FSP construction activity. The transfers out reflect a matching contribution to the State's contribution for towing services of $1,083,600 to the FSP special revenue fund and administrative allocations to the General Fund of $61,000. 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 30). 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 30 - State Transit Assistance Fund FY 2016 - 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources STA Sales Tax Investment Income TOTAL Sources $ 13,358,000 $ 10,821,600 $ 10,821,600 464,800 146,800 111,400 13,822, 800 10,968,400 10,933,000 Uses Professional Services 1,300 16,000 15,300 Projects and Operations Operating and Capital Disbursements 2,643,700 21,215,000 5,615,000 Transfers Out 189,400 165,000 159,400 TOTAL Uses 2,834,400 21,396,000 5,789,700 Excess (deficiency) of Sources over (under) Uses $ 10,988,400 $ (10,427,600) $ 5,143,300 Investment income is higher as a result of an increase in investment yields. $ 10,469,000 327,900 10,796,900 16,300 21,320,000 272,900 21,609,200 $ (10,812,300) $ (352,600) -3% 181,100 123% (171,500) -2% 300 2% 105,000 0% 107,900 65% 213,200 1% (384,700) 4% The operating and capital disbursements consist of allocations for bus capital purposes. In FY 2017/18, 48% of the allocations are in Western County, 51% in Coachella Valley, and less than 1% in Palo Verde Valley. Transfers out represent rail capital allocations to the Coachella Valley Rail fund and administrative allocations to the General Fund of $46,100. Similar to the LTF allocations, the actual STA allocations will not be approved until July 2017. 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 31). Table 31- Coachella Valley Rail Fund FY 2016 - 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Federal Reimbursements Investment Income Transfers In TOTAL Sources $ 2,900,000 $ 500,000 25,200 800 12,000 189,400 165,000 159,400 214,600 3,065,800 671,400 Uses Personnel Salaries and Benefits 42,100 60,900 60,200 Professional Services 716,400 3,706,000 860,000 Support Costs 100 3,700 4,000 Projects and Operations Engineering 250,000 Construction 2,200,000 TOTAL Projects and Operations 2,450,000 Transfers Out TOTAL Uses 758,600 6,220,600 924,200 Excess (deficiency) of Sources over (under) Uses $ (544,000) $ (3,154,800) $ (252,800) $ 2,400,000 322,400 2,722,400 25,600 3,335,000 4,000 250,000 2,200,000 2,450,000 165,000 5,979,600 $ (3,257,200) $ (500,000) -17% (800) -100% 157,400 95% (343,400) -11% (35,300) -58% (371,000) -10% 300 8% 0% 0% 0% 165,000 N/A (241,000) -4% $ (102,400) 3% Federal reimbursements represent a Federal Rail Administration (FRA) grant of $2,400,000 for rail station planning and development. Transfers in of $322,400 reflect STA allocations and $95,600 from the General Fund for administration. Personnel salaries and benefits has a net decrease of 58% due to a decrease in the allocation of FTEs, offset by a 4% pool for merit -based salary increases. Professional services have decreased 10% due to feasibility studies and projects and operations has remained unchanged from the prior year. These expenditures represent exploring passenger rail options, conducting detailed studies, and station construction planning and development on the Coachella Valley -San Gorgonio Pass rail corridor. Transfers out of $95,600 relate to allocation of administrative costs to the General Fund. 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 32 - Other Agency Projects Fund FY 2016 - 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Local Reimbursements $ (8,700) $ 4,588,300 $ Investment Income 3,000 1,300 1,300 Transfers In - - TOTAL Sources (5,700) 4,589,600 1,300 Uses Personnel Salaries and Benefits 47,300 72,100 50,300 Professional Services 1,000 27,500 15,000 Support Costs 900 Projects and Operations Program Operations 32,000 113,700 116,000 Engineering 490,000 Construction 3,800,000 Right of Way/Land 2,300 85,000 90,000 TOTAL Projects and Operations 34,300 4,488,700 206,000 Transfers Out - - - TOTAL Uses 83,500 4,588,300 271,300 Excess (deficiency) of Sources over (under) Uses $ (89,200) $ 1,300 $ (270,000) $ 4,001,000 1,000 208,000 4,210,000 112,800 17,500 243,000 500,000 2,800,000 265,000 3,808,000 208,000 4,146,300 $ 63,700 $ (587,300) -13% (300) -23% 208,000 N/A (379,600) -8% 40,700 56% (10,000) -36% N/A 129,300 114% 10,000 2% (1,000,000) -26% 180,000 212% (680,700) -15% 208,000 N/A (442,000) -10% $ 62,400 4800% 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 (Table 32). Capital Projects Funds Overview The capital projects funds account for all debt proceeds from commercial paper notes, sales tax, and toll revenue bonds (Table 33). Table 33 - Capital Projects Funds FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Investment Income TOTAL Revenues Expenditures Professional Services Debt Service Principal Payments Interest Payments Cost of Issuance TOTAL Debt Service TOTAL Expenditures $ 3,240,400 $ 441,500 $ 2,237,400 3,240,400 10,200 441,500 2,237,400 10, 762, 700 10, 292, 000 20,000,000 20,000,000 11,086,000 313,200 645,000 654,000 10,200 31,731,000 20,967,200 10,200 42,493,700 31,259,200 Excess (deficiency) of Revenues over (under) Expenditures 3,230,200 (42,052,200) (29,021,800) Other Financing Sources (Uses) Transfers In 35,054,300 29,501,900 49,515,100 Transfers Out (79,107,900) (132,780,900) (89,753,600) Debt Proceeds 20,000,000 103,225,000 106,140,000 Payment to Escrow Agent - (63,900,000) (63,900,000) Bond Premium - 8,414,000 Net Financing Sources (Uses) (24,053,600) (63,954,000) 10,415,500 Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) (20,823,400) Beginning Fund Balance 156,122,400 ENDING FUND BALANCE (106,006,200) (18,606,300) 135, 299,000 135, 299,000 $ 135,299,000 $ 29,292,800 $ 116,692,700 $ 1,134,500 1,134,500 400,000 30,000,000 172,500 5,500,000 35,672,500 36,072,500 (34,938,000) 36,100,000 (163,109,000) 178,760,000 18,892,000 70,643,000 35,705,000 116,692,700 $ 152,397,700 693,000 157% 693,000 157% (10,362,700) -96% 10,000,000 50% (10,913,500) -98% 4,855,000 753% 3,941,500 12% (6,421,200) -15% 7,114,200 -17% 6,598,100 22% (30,328,100) 23% 75,535,000 73% 63,900,000 -100% 18,892,000 N/A 134,597,000 -210% 141,711,200 -134% (18,606,300) -14% $ 123,104,900 420% As illustrated in the following charts, capital projects funds sources primarily consist of debt proceeds and transfers in (Chart 18), and the significant uses of the capital projects funds are transfers out (Chart 19). 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 2016/17 the Commission issued $76.1 million in sales tax refunding bonds (2016 Refunding Bonds) to refund all of the outstanding 2009 A Bonds, retire all of the outstanding commercial paper notes which were applied to finance a termination payment in connection with an interest rate swap agreement with Deutsche Bank, and pay cost of issuance. The Commission issued $30,000,000 in commercial paper notes for the 1-15 Express Lanes project and completion of the 91 Project. Chart 18 — Capital Projects Funds Sources FY 2017/18 Investment Income 1% Bond Premium 8% Debt Proceeds 76 Transfers In 15% Transfers in of $30,000,000 and $6,100,000 represent the funding for debt service and commercial paper notes, and the reserve funding for the 1-15 Express Lanes project, respectively. Chart 19 — Capital Projects Funds Uses FY 2017/18 Transfers Out 82 Debt Service 18% In FY 2017/18, sales tax proceeds of $9,070,000 and $83,939,000 will be transferred out to the 2009 Measure A Western County Highway special revenue fund for the 1-15 Express Lanes project and 91 Project completion, respectively; commercial paper proceeds of $30,000,000 will be transferred out to the Capital Projects fund for the debt service on commercial paper notes; $6,100,000 will be transferred out for the 1-15 Express Lanes project reserve in the 2017 Sales Tax Revenue Bonds fund (2017 Bonds); and $23,000,000 and $11,000,000 for the completion of the 91 Project in the 2009 Measure A Western County Highway special revenue fund and 2013 Bonds fund, respectively. 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 34). 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 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), 2013 Sales Tax Bonds, 2016 Refunding Bonds, and 2017 Bonds. Table 34 — Debt Service Funds FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Federal Reimbursements $ 2,779,300 $ 2,767,000 $ 2,767,000 $ 2,746,500 $ (20,500) -1% Investment Income 2,033,300 346,000 1,009,200 365,000 19,000 5% TOTAL Sources 4,812,600 3,113,000 3,776,200 3,111,500 (1,500) 0% Expenditures Debt Service Principal Payments 7,800,000 8,100,000 7,300,000 36,045,000 27,945,000 345% Interest Payments 45,600,000 45,529,800 45,298,200 40,950,700 (4,579,100) -10% TOTAL Debt Service 53,400,000 53,629,800 52,598,200 76,995,700 23,365,900 44% TOTAL Expenditures 53,400,000 53,629,800 52,598,200 76,995,700 23,365,900 44% Excess (deficiency) of Revenues over (under) Expenditures (48,587,400) (50,516,800) (48,822,000) (73,884,200) (23,367,400) 46% Other Financing Sources (Uses) Transfers In 23,729,400 22,656,900 21,437,200 77,520,000 54,863,100 242% Transfers Out (3,025,600) (2,955,000) (2,780,200) (2,746,500) 208,500 -7% Net Financing Sources (Uses) 20,703,800 19,701,900 18,657,000 74,773,500 55,071,600 280% Excess (deficiency) of Revenues over (under) Expenditures and Other Financing Sources (Uses) (27,883,600) (30,814,900) (30,165,000) 889,300 31,704,200 -103% Beginning Fund Balance ENDING FUND BALANCE 106,199,600 78,316,000 78,316,000 48,151,000 (30,165,000) -39% $ 78,316,000 $ 47,501,100 $ 48,151,000 $ 49,040,300 $ 1,539,200 3% 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 slightly higher than the previous fiscal year due to higher investment balances resulting from the issuance of sales tax revenue bonds in FY 2017/18 for the 1-15 Express Lanes project and completion of the 91 Project. Transfers in represent the primary source of funding for the debt service funds (Chart 20) and consist of funds from the 2009 Measure A Western County Highways and Bond Financing special revenue funds. Chart 20 — Debt Service Funds Sources FY 2017/18 Federal Reimbursements 3% `Investment Income r�y/ 0% Transfers In 97% Debt Service fund uses (Chart 21) 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 21— Debt Service Funds Uses FY 2017/18 Transfers Out 3%_\ f � Debt Service 97% 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-91/1-15 interchange. Toll operation revenues generated will fund maintenance and operating costs, rehabilitation, capital expenses, and debt service (Table 35). 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 35 — Enterprise Fund FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Toll Revenue $ $ 6,143,000 $ 3,239,700 Investment Income 6,800 TOTAL Revenues 6,149,800 3,239,700 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 Transfers Out Net Financing Sources (Uses) 268,400 169,800 307,000 323,500 2,674,900 1,161,400 2,981,900 1,484,900 3,052,800 1,804,900 250,000 400,000 6,553,100 3,859,600 (403,300) (619,900) 3,137,700 3,137,700 3,137,700 3,137,700 Excess (deficiency) of Revenues over (under) Expenses and Other Financing Sources (Uses) 2,734,400 2,517,800 Beginning Fund Balance ENDING FUND BALANCE $ $ 2,734,400 $ 2,517,800 $ 16,835,800 4,000 16,839,800 745,100 913,500 5,191,600 6,105,100 7,252,400 400,000 14,502,600 2,337,200 (4,052,900) (4,052,900) (1,715,700) 2,517,800 $ 802,100 $ 10,692,800 174% (2,800) -41% 10,690,000 174% 476,700 178% 606,500 198% 2,516,700 94% 3,123,200 105% 4,199,600 138% 150,000 60% 7,949,500 121% 2,740,500 -680% (3,137,700) -100% (4,052,900) N/A (7,190,600) -229% (4,450,100) -163% 2,517,800 N/A $ (1,932,300) -71% Toll revenues of $16,835,800 are based on estimated toll transactions derived from the Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Report and 2013 financing assumptions. Interest income represents earnings on funds held for operations. Chart 22 — Enterprise Fund Sources FY 2017/18 Toll Revenue 100% Toll operations expenses in FY 2017/18 are to manage the operations, maintenance, and capital support of the Riverside 91 Express Lanes. Personnel salaries and benefits represent 3% of the total budget. Professional and support costs is 29% of total expenses and includes system, equipment, and road maintenance; insurance; violation enforcement; consulting services; and marketing. Program and operations of $14,502,600 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 23 — Enterprise Fund Uses FY 2017/18 Transfers Out_ 22% Capital Outlay 2% Program and Operations 39% Personnel Salaries and Benefits 4% Professional and Support 33% Revenues and Other Sources Total revenues and other sources are budgeted at $1,012,596,800, and consist of Measure A sales tax of $176,000,000, (or 17% of total sources); LTF sales tax of $88,000,000 (or 9% of total sources); STA revenues of $10,469,000 (or 1% of total sources); federal revenues of $77,877,100 (or 8% of total sources); state revenues, including vehicle registration fees, of $11,500,200 (or 1% of total sources); TUMF of $21,250,000 (or 2% of total sources); debt proceeds of $285,652,000 (or 28% of total sources); transfers in of $311,984,500 (or 31% of total sources); toll revenues of $16,835,800 (or 2% of total sources); and other revenues of $13,028,200 (or 1% of total sources). The specific revenue funding sources are shown in Table 36. Table 36 — Revenues and Other Sources FY 2017/18 Department/Program Sales Tax Measure A LTF STA Federal State Local/Toll/Other Funding Sources Management Services $ $ $ $ $ $ 10,400 MEASURE A AND OTHER CAPITAL PROGRAMS Bond Financing 10,932,000 - - - - 23,500 CETAP - - - - 10,209,000 Economic Development 1,620,000 - - 36,400 Highways 60,760,000 - - 46,741,500 2,442,000 3,350,600 Local Streets and Roads 53,932,000 - - - New Corridors 14,981,000 - - 59,500 Rail 8,260,000 - - 26,741,400 1,692,500 245,400 Regional Arterials 12,147,000 - - 11,663,500 REGIONAL PROGRAMS Public and Specialized Transit 11,344,000 88,000,000 10,469,000 135,000 809,500 Planning and Programming 1,556,500 5,188,900 Rail Station Maintenance/Operations - - 4,026,700 1,809,200 347,300 Commuter Assistance 2,024,000 - - 232,500 1,379,500 Motorist Assistance - - 4,000,000 950,700 Toll Operations - - - - - 16,839,800 OTHER FINANCING SOURCES Debt Proceeds Transfers In TOTAL Funding Sources 285,652,000 311,984,500 $ 176,000,000 $ 88,000,000 $ 10,469,000 $ 77,877,100 $ 11,500,200 $ 648,750,500 Revenues —Definitions and Background $ 10,400 10,955,500 10,209,000 1,656,400 113,294,100 53,932,000 15,040,500 36,939,300 23,810,500 110,757,500 6,745,400 6,183,200 3,636,000 4,950,700 16,839,800 285,652,000 311,984,500 5 1.012.596.800 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 $173,000,000 and $176,000,000 in FY 2016/17 and FY 2017/18, 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 24 below. Chart 24 — Forecasted Measure A Sales Tax Revenues 2018 — 2022 $200,000,000 $195,000,000 $190,000,000 $185,000,000 $180,000,000 $175,000,000 $170,000,000 $165,000,000 t 2018 Projected 2019 Projected 2020 Projected 2021 Projected 2022 Projected The following additional assumptions were used in the development of the Commission's revenue forecast for FY 2017/18: • The Inland Empire economy will continue to expand through FY 2017/18 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 25). These percentages will experience some slight variations from year to year based on changes in levels of taxable sales among the geographic areas. Chart 25 — Geographic Allocation of Measure A Sales Tax Revenues Palo Verde Valley _1% Coachella Valley 22% Western County 77% 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 37. 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 37 - Program Allocation of 2009 Measure A Sales Tax 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 $176,000,000 for FY 2017/18, the geographic and program allocations are presented in Table 38. Table 38 - Geographic Allocation of Measure A Sales Tax Revenues by Program FY 2017/18 Program Western County Coachella Valley Palo Verde Valley Total Bond Financing $ 10,932,000 $ $ Economic Development Incentives 1,620,000 - - Highways 41,298,000 - Highways and Regional Arterials 19,462,000 - Local Streets and Roads 39,274,000 13,623,000 1,035,000 New Corridors 14,981,000 Public Transit 15,790,000 5,838,000 - Regional Arterials 12,147,000 - - TOTAL $ 136,042,000 $ 38,923,000 $ 1,035,000 $ 10,932,000 1,620,000 41,298,000 19,462,000 53,932,000 14,981,000 21,628,000 12,147,000 $ 176,000,000 Local Transportation Fund: LTF, established in state law by the TDA, is funded through a one -quarter of one cent of the State's 7.75% 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 26). 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 26 — Local Transportation Fund Sales Tax Revenue Trend 2014 — 2018 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 13/14 Actual FY 14/15 Actual FY 15/16 Actual FY 16/17 Projected FY 17/18 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 27). Chart 27 — State Transit Assitance Sales Tax Revenue Trend 2014 — 2018 15,000,000 14,000,000 13,000,000 12,000,000 11,000,000 10,000,000 9,000,000 FY 13/14 Actual FY 14/15 Actual FY 15/16 Actual FY 16/17 Projected FY 17/18 Projected State Transportation Improvement Program: Administered by Caltrans, 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 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 28) estimates are based on monthly receipt trends and consideration of local housing and commercial construction activity in the County. Chart 28 — Transportation Uniform Mitigation Fee Revenue Trend 2014 — 2018 23,000,000 21,000,000 19,000,000 17,000,000 15,000,000 13,000,000 11,000,000 FY 13/14 Actual FY 14/15 Actual FY 15/16 Actual FY 16/17 Projected FY 17/18 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 2017/18 toll revenues represent 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. FY 2017/18 non -toll revenues, which are reported as a reduction of operating expenses, 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 0.50%. 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 2017/18 are allocated to the various Commission programs as follows: Chart 29 — Program Revenues FY 2017/18 $$0000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 III o 66°"' ,<P zc aJ" aa" & QF .c3 Qo c.°co�oOeeo a G o� eeza�� ae E •, Management Services ® u a°t" P� i`°\`' o`' c°O \Oc" c°a cce \Oo" Pia a�,a �a�� ea 5"a Sya era Q \ a Q " Q z��a e`��b aQc°°p ore\O Jec� otz P' �°\\O 4" (53 Pad oeeea" "ate a t ao �t o Measure A ■ LTF Y STA o Federal o State Y Local/Toll/Other The primary funding sources for management services are Measure A allocations of $4,675,200, LTF of $167,000 and $3,661,100 from TUMF, SAFE, FSP, toll operations, and other agency projects for administrative costs. Other revenues include $400 for administrative activities. Interest revenues in FY 2017/18 are $10,00. Bond Financing Measure A Western County revenues of $10,932,000 will be used to support bond financing costs. Interest revenues are $23,500. CETAP The Western County CETAP program will receive $10,000,000 from TUMF for development of new CETAP corridors. Additionally, other local revenues include $209,000 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 $1,620,000 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 $36,400. Highways Funding for the highway program includes 2009 Measure A sales tax revenues of $60,760,000 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 completion of the 91 Project and 1-15 Express Lanes project. Unexpended 1989 Measure A Western County revenues from prior years will be used on remaining projects such as SR-79 realignment, SR-91 HOV lanes, Riverside quiet zones, and Pachappa underpass project. Federal funds for highway projects include $1,500,000 and $11,920,000 in CMAQ funds for the SR-91 HOV lanes and Pachappa underpass, respectively; $29,470,000 in STP and CMAQ funds for the 1-15 Express Lanes project; and $1,105,000 in demonstration funds for the 91/71 interchange improvements. Other federal funds include $2,746,500 for BABs subsidy payments related to the 2010 Bonds. State funds include STIP funding of $692,000 will be used on the 1-215 corridor improvements, $450,000 for SR-60 truck climbing lanes, and $800,000 for toll feasibility study. Other state revenues include $500,000 for the 91 Project. Additional local funding includes $80,000 in lease revenues, $75,000 in carpool violations, $1,505,500 in 91 Project reimbursements, and interest revenue of $1,690,100. In FY 2016/17, the Commission anticipates $88,000,000 in a federal TIFIA loan drawdown to fund the 1-15 Express Lanes project, the issuance of $158,760,000 sales tax revenue bonds, premium of $18,892,000, and $20,000,000 in commercial paper notes for the 1-15 Express Lanes project and completion of the 91 Project. Transfers in include $94,939,000 in sales tax and toll revenue bond proceeds and $23,000,000 in commercial paper note proceeds to fund the completion of the 91 Project; $9,070,000 from sales tax revenue bond proceeds to fund the 1-15 Express Lanes project; $77,520,000 to the Sales Tax Bonds debt service fund for Measure A Western County and Coachella Valley highways debt service; $6,100,000 to the Sales Tax Bonds capital projects fund for reserve funding on the 1-15 Express Lanes project; $30,000,000 to the commercial paper fund for debt service; $13,100,000 to the 2009 Measure A Western County highways fund from the 2009 Measure A Western County bond financing fund for debt service; and $2,746,500 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 $53,932,000 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 $14,981,000 will be available for environmental clearance, right of way acquisition, and construction of these new corridors. Interest revenues of $59,500 are included in local revenues. Rail The 2009 Measure A Western County's public transit program allocated $8,260,000 for rail. Federal FTA funding consists of $14,783,000 for station rehabilitation and improvement projects, $9,558,400 for the PVL, and $2,400,000 for the development of Coachella Valley -San Gorgonio Pass corridor rail service. State Transportation Enhancement revenues of $1,692,500 will fund station rehabilitation and security projects. Other revenues include $168,000 for property lease revenues and $77,400 in interest revenue. Transfers in of $322,400 are from STA fund for the development of Coachella Valley -San Gorgonio Pass corridor rail service and $11,684,400 from the 2009 Measure A Western County rail fund for the PVL. Regional Arterials The Western County regional arterial program will receive funds from Measure A and TUMF in the amounts of $12,147,000 and $11,250,000, 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 $413,500. Transfers in consist of $435,000 from the 2009 Measure A Western County highway fund for SR-79 realignment project and $864,000 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 $88,000,000 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 $10,469,000 are allocated to the County's public transit operators. For the FY 2017/18 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 $11,344,000 has been allocated for Western County specialized transit and intercity bus services and Coachella Valley specialized and public transit services. Federal revenues of $135,000 is allocated for a Palo Verde Valley transit project. Transfers in consist of $1,500,000 from 2009 Measure A Western County commuter assistance fund and $106,000 from LTF for administrative costs. Local revenues represent investment income of $809,500. Planning and Programming Transportation planning studies are funded with a LTF off -the -top allocation transfer in of $2,640,000, or three percent of estimated LTF revenues and $870,300 for administrative costs. A LTF allocation transfer in of $2,000,000 will fund grade separation projects for the city of Corona. STIP in the amount of $1,556,500 will fund PPM activities of the Commission and CVAG. Local revenues consist of $1,175,000 for a traffic signal synchronization coordination project, $4,001,000 for the District's projects, and investment income of $12,900. 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 $18,000,000 and $7,500,000 in 2009 Measure A Western County rail funds. Federal CMAQ funds of $4,026,700 will fund SCRRA security costs and operations at the PVL stations. Station improvements will be funded with state funds of $1,809,200. In addition to interest revenues of $54,500, local revenues include $292,800 in reimbursements for Metrolink violator citations and miscellaneous vending machine revenues. Commuter Assistance The Commuter Assistance program will receive funding of $2,024,000 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 $1,309,500 for support of the San Bernardino commuter assistance program and regional ridematching as well as investment income of $70,000. Motorist Assistance SAFE is funded from $1,800,000 in revenues received through DMV registration fees, while Caltrans will allocate $2,200,000 in State highway account funds to cover FSP services. The Commission will also receive local revenues of $229,600 to support SBCTA share of the 1E511 system operations, $675,000 in 91 Project reimbursements, investment income of $39,100, 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 $1,083,600. Toll Operations Toll operations for the Riverside 91 Express Lanes are funded from toll revenues of $16,835,800 and other revenues include $4,000 in investment income. 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 and future toll revenues generated on the 1-15 Express Lanes, are pledged to pay debt service on the 2017 Sales Tax 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 39 presents a summary of the anticipated changes in the Commission's debt during FY 2017/18. Accretion amounts related to capital appreciation bonds and the TIFIA loan are excluded, as they do not affect the annual budget activities. Table 39 — Changes in Commission Debt Projected Balance Projected Balance July 1, 2017 Additions (Reductions) June 30, 2018 Commercial Paper 2009 Sales Tax Bonds 2010 Sales Tax Bonds 2013 Sales Tax Bonds 2013 Toll Bonds 2016 Sales Tax Bonds 2017 Sales Tax Bonds TIFIA Loan 91 Express Lanes $ 30,000,000 70,800,000 150,000,000 462,200,000 176,654,600 73,240,000 421,054,400 $ 20,000,000 $ 158,760,000 TIFIA Loan 1-15 Express Lanes 88,000,000 Commercial Paper (30,000,000) (4,600,000) (22,960,000) (4,705,000) (3,780,000) $ 1,383,949,000 $ 266,760,000 $ (66,045,000) $ 20,000,000 66,200,000 150,000,000 439,240,000 176,654,600 68,535,000 154,980,000 421,054,400 88,000,000 $ 1,584,664,000 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 and paid principal of $30,000,000 of commercial paper notes in FY 2016/17 and anticipates the issuance of $20,000,000 of commercial paper notes in FY 2017/18 related to the funding for the 1-15 Express Lanes project. The projected outstanding amount of commercial paper at June 30, 2018 is $20,000,000. The Commission projects commercial paper interest payments of $300,000 and $172,500 in FY 2016/17 and FY 2017/18, 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 an interest rate swap 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). In FY 2016/17 Moody's Investor Service lowered the Deutsche Bank long- term rating to Baal, and resulted in the occurrence of a termination event under the swap agreement. In September 2016 the Commission terminated the forward interest rate swap with Deutsche Bank in the outstanding notional amount of $63,900,000 and termination costs of $10,300,000 resulting in the refunding of the 2009 Series A Variable Rate Demand Bonds with the 2016 Sales Tax Revenue Refunding Bonds. As of June 30, 2018, the projected notional amounts for the Bank of America swap is $66,200,000. 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 2017/18, the Commission has budgeted debt service principal and interest payments of $4,600,000 and $2,604,300 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 2016/17, the BABs subsidy was reduced approximately 6.9% due to federal sequestration cuts, similar to the prior year. If sequestration continues, the FY 2017/18 BABs subsidy is expected to be reduced by approximately 6.4%. Estimated net debt service payments for the 2010 Bonds in FY 2017/18 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 2017/18 are $22,960,000 for principal and $12,020,000 for interest payments. In September 2016 the Commission issued $76,140,000 in fixed rate sales tax revenue refunding bonds, at a premium, to refund all of the outstanding 2009 A Bonds, retire all of the commercial paper notes which were applied to finance a termination payment in connection with an interest rate swap agreement with Deutsche Bank and pay cost of issuance. Estimated debt service payments for the 2016 Sales Tax Revenue Refunding Bonds are $4,705,000 for principal and $2,748,400 for interest payments. In July 2017 the Commission issued $158,760,000 in fixed rate sales tax revenue bonds, at a premium, to fund the 1-15 Express Lanes project and completion of the 91 Project. The proceeds of the 2017 Sales Tax Bonds will be used to fund 1-15 Express Lanes costs, completion of the 91 Project, and pay costs of issuance. Estimated debt service payments for the 2017 Sales Tax Bonds in FY 2017/18 are $3,780,000 for principal and $6,928,100 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 2017/18 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 Riverside 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 was accomplished 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 30 and Table 40 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 2.2 is anticipated for FY 2017/18. Any coverage less than 2 to 1 would necessitate using other program funding to cover all debt service expenditures. Chart 30 — Measure A Sales Tax 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 2016/17 Table 40 — Measure A Sales Tax Debt Capacity Analysis FY 2017/18 ►•Senior Debt Service ill Available Revenues FY 16/17 FY 17/18 Sales Tax Revenues Senior Debt Service Coverage Ratio - Senior Debt Long -Term Debt Rating Commercial Paper Rating $ $ 173,000,000 $ 42,265,100 $ 4.1 Aa 2/AA+/AA P-1/A-1+ 176,000,000 78,691,800 2.2 Aa 2/AA+/AA 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. Upon substantial completion of the 91 Project in March 2017, toll operations commenced. 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; 2013 Sales Tax Bonds; 2016 Sales Tax Refunding Bonds; and 2017 Sales Tax Bonds. Table 41— Commission Sales Tax Revenue Bonds Net Debt Service Requirements Fiscal Year 2018 2019 2020 2021 2022 2023-2027 2028-2032 2033-2037 2038-2039 Total Principal $ 36,045,000 26,210,000 27,430,000 28,755,000 30,235,000 174,540,000 209,435,000 403,795,000 122,595,000 Interest $ 45,628,900 44,860,600 43,670,300 42,365,700 41, 005,100 170, 242,100 175,149,100 209,168, 500 70,141,400 Subsidy Payments Net Debt Service $ (2,982,100) (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,500) (14,910,500) (11,358,700) (1,632,400) $ 1,059,040,000 $ 842,231,700 $ (57,722,600) Chart 31— Commission Sales Tax Revenue Bonds Debt Service through Maturity $90,000,000 $80,000,000 $70,000,000 — $60,000,000 — $50,000,000 — $40,000,000 — $30,000,000 $20,000,000 $10,000,000 $ I I I I 1I 11II 11II 1 III!6II II11I111I I I 04' oti'\\tip y$'ti� ti0��o o\l yy y'.�l' yti��� ti3�� ti<-,\ti� 4 y1" ''\\tic e tie�y'cg'' '51' 'o 3'�t�3�,3��� 30�''<' �‘0° (cO\ A\r517 41'5) �1 Jti A Jti A A Jti Jti A A Jti A Jti A Jti A A Jti A Jti A -1 F F F F F e F F F F F F e F e F F F F F F e Outstanding Debt and Debt Service Requirements as of June 30, 2018 $ 78,691,800 68,088,500 68,118, 200 68,138, 600 68,258,000 329,871,600 369,673,600 601,604,800 191,104,000 $ 1,843,549,100 u Sales Tax Revenue Interest o Sales Tax Revenue Principal The following is a summary of debt issued and secured by 2009 Measure A sales tax 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 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 sales tax revenues secure such repayment. In September 2016 the Commission terminated the 2009 Series A forward interest rate swap with Deutsche Bank in the outstanding notional amount of $63,000,000 and termination costs of $10,300,000. The bonds mature in annual installments ranging from $2,200,000 to $7,400,000 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 42. Table 42 — 2009 Sales Tax Revenue Bonds Debt Service Requirements Fiscal Year Principal Interest Total Debt Service 2018 $ 4,600,000 $ 2,380,800 2019 4,800,000 2,218,700 2020 5,000,000 2,055,100 2021 5,200,000 1,871,900 2022 5,500,000 1,689,100 2023-2027 31,200,000 5,377,200 2028-2029 14,500,000 542,300 Total $ 70,800,000 $ 16,135,100 $ 6,980,800 7,018,700 7,055,100 7,071,900 7,189,100 36,577,200 15,042,300 $ 86,935,100 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 43. Table 43 — 2010 Sales Tax Revenue Bonds Net Debt Service Requirements Fiscal Year 2018 2019 2020 2021 2022 2023-2027 2028-2032 2033-2037 2038-2039 Total Principal 38,160,000 76,530,000 35,310,000 Interest - $ 9,530,500 9,530,500 9,530,500 9,530,500 9,530,500 47,652,500 45,806,600 28,096,900 3,627,400 Subsidy $ (2,982,100) (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,500) (14,910,500) (11,358,700) (1,632,400) $ 150,000,000 $ 172,835,900 $ (57,722,600) Net Debt Service $ 6,548,400 6,548,400 6,548,400 6,548,400 6,548,400 32,742,000 69,056,100 93,268,200 37,305,000 $ 265,113,300 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 44. Table 44 — 2013 Sales Tax Revenue Bonds Debt Service Requirements Fiscal Year Principal Interest Total Debt Service 2018 2019 2020 2021 2022 2023-2027 2028-2032 2033-2037 2038-2039 Total $ 22,960,000 12,090,000 12,690,000 13,325,000 13,995,000 81,430,000 105,125,000 135,770,000 64, 815, 000 $ 24,041,100 22,893,100 22,288,600 21,654,100 20,987,900 81,430,000 105,125,000 135,770,000 64, 815, 000 $ 462,200,000 $ 499,004,800 $ 47,001,100 34, 983,100 34,978,600 34,979,100 34,982,900 162,860,000 210,250,000 271,540,000 129,630,000 $ 961,204,800 Debt Service Schedules for Toll Revenue Bonds Chart 32 — Commission Toll Revenue Bonds Debt Service through Maturity $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 s- �p<,\4:6$19010\~�6,yo\11oti>9 boyoy3\~�oyb\0�o,LS\0botirO\l^ 6,L1 4tie17.414��o30\'''43; 16,,ti\��o, 44:p,6a\''S o�q\''0o�b\,610�^\.60oy�\!o�9\°A�o\b��y\b��v\b'i F, F, F, F, F, FJ F� F, FJ F, F, FJ FJ F, F, F, F, F, FJ F, F, F, F, F, < <- o Toll Revenue Interest o Toll Revenue Principal 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 45. Table 45 — 2013 Toll Revenue Current Interest Obligation Bonds Debt Service Requirements Fiscal Year 2018 2019 2020 2021 2022 2023-2027 2028-2032 2033-2037 2038-2042 2043-2047 2048 Total Principal 81,570,000 42,255,000 Interest Total Debt Service $ 7,119,900 7,119, 900 7,119, 900 7,119, 900 7,119, 900 35,599,500 35,599,500 35,599,500 35,599,500 28,817,700 2,430,700 $ 123,825,000 $ 209,245,900 $ 7,119,900 7,119,900 7,119,900 7,119,900 7,119,900 35,599,500 35,599,500 35,599,500 35,599,500 110,387,700 44, 685, 700 $ 333,070,900 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 46. Table 46 — 2013 Toll Revenue Capital Appreciation Obligation Bonds Debt Service Requirements Fiscal Year Principal Accreted Interest Total Debt Service 2018 $ - $ 4,525,900 2019 - 4,828,700 2020 - 5,150,800 2021 - 5,495,300 2022 2,396,700 5,846,900 2023-2027 16,888,400 30,402,200 2028-2032 16,178,300 26,588,000 2033-2037 5,574,500 20,625,200 2038-2042 7,607,000 24,630,700 2043-2047 4,184,800 2,140,600 2048 Total $ 52,829,700 $ 130,234,300 $ 4,525,900 4,828,700 5,150,800 5,495,300 8,243,600 47,290,600 42,766,300 26,199,700 32,237,700 6,325,400 $ 183,064,000 2016 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), Series A Tax Exempt: In September 2016 the Commission issued $76,140,000 in fixed rate sales tax revenue refunding bonds, at a premium, to refund all of the outstanding 2009 A Bonds, retire all of the commercial paper notes which were applied to finance a termination payment in connection with an interest rate swap agreement with Deutsche Bank and pay cost of issuance. The 76,140,000 of serial bonds mature in annual installments ranging from $2,900,000 to $7,305,000 on various dates from June 1, 2017 through June 1, 2029 at interest rates ranging from 2.00% to 5.00% and a term bond due on June 1, 2029. Debt service requirements for 2016 Sales Tax Revenue Refunding Bonds are summarized in Table 47. Table 47 — 2016 Sales Tax Revenue Bonds Debt Service Requirements Fiscal Year 2018 2019 2020 2021 2022 2023-2027 2028-2029 Total Principal $ 4,705,000 4,940,000 5,185,000 5,445,000 5,720,000 32,775,000 14,470,000 Interest $ 2,748,400 2,513,100 2,266,100 2,006,900 1,734,600 4,494,500 435,500 Total Debt Service 73,240,000 $ 16,199,100 $ 7,453,400 7,453,100 7,451,100 7,451,900 7,454,600 37,269,500 14,905,500 $ 89,439,100 2017 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A Tax Exempt: In July 2017 the Commission issued $158,760,000 principal amount to fund the 1-15 Express Lanes project and completion of the 91 Project. The bonds mature in installments ranting from $3,780,000 to $11,510,000 on various dates from June 1, 2018 through June 1, 2042 at an interest rate ranging from 1.52% to 5.00% and a term bond due June 1, 2039 The proceeds of the 2017 Sales Tax Bonds were used to fund 1-15 Express Lanes costs, completion of the 91 Project, and pay costs of issuance. Estimated debt service payments for the 2017 Sales Tax Bonds in FY 2017/18 are $3,780,000 for principal and $6,928,100 for interest payments. Debt Service requirements for 2017 Sales Tax Revenue Bonds are summarized in Table 48. Table 48 — 2017 Sales Tax Revenue Bonds Debt Service Requirements Fiscal Year 2018 2019 2020 2021 2022 2023-2027 2028-2032 2033-2037 2038-2042 Total Principal $ 3,780,000 4,380,000 4,555,000 4,785,000 5,020,000 29,135,000 37,180,000 47,455,000 22,470,000 Interest $ 6,928,100 7,705,200 7,530,000 7,302,300 7,063,000 31,287,900 23,239,700 12,967,400 1,699,000 Total Debt Service 158,760,000 $ 105,722,600 $ 10,708,100 12,085,200 12,085,000 12,087,300 12,083,000 60,422,900 60,419,700 60,422,400 24,169,000 $ 264,482,600 TIFIA Loan Agreement — 91 Express Lanes: 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 drew down the balance of the TIFIA loan, or $421,054,400 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, Table 49 presents an estimate of mandatory and scheduled debt service. Table 49 —TIFIA 91 Express Lanes Debt Service Requirements Fiscal Year Mandatory Scheduled Principal Interest Total Principal Interest Total 2019-2023 2024-2028 2029-2033 2034-2038 2039-2043 2044-2048 2049-2051 Total Accretion Initial Loan 202,000 97,873,700 99,539,200 178,019,200 129,385,500 - $ 25,585,300 63,980,700 63,938,000 59,903,500 44,941,700 30,240,000 4,776,100 505,019,600 $ 293,365,300 (83,965,200) $ 421,054,400 $ 25,585,300 63,980,700 64,140,000 157,777,200 144,480,900 208,259,200 134,161,600 $ 798,384,900 400 $ 9,463,000 23,664,100 23,648,300 22,156,100 16,622,300 11,184,700 1,766,500 $ 35,048,300 87,644,800 87,788,300 179,933,300 161,103,200 219,443,900 135,928,500 $ 400 $ 108,505,000 $ 906,890,300 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. FY 2016/17 equity contribution was funded by a transfer from the 2009 Measure A Western County new corridors fund. TIFIA Loan Agreement — 1-15 Express Lanes: In July 2017, the Commission executed a TIFIA loan of up to $152,249,700 for the 1-15 Express Lanes project. In FY 2017/18 the Commission is expected to draw $88,000,000 principal amount of TIFIA loan proceeds. 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 payment to the extent additional funds are available. TIFIA debt service payments are expected to commence on December 1, 2025, which is five years after substantial completion of the 1-15 Express Lanes project, through June 1, 2053. The interest rate of the TIFIA loan is 3.55%. Based on a projected draw schedule, Table 50 presents an estimate of debt service. Table 50 —TIFIA I-15 Express Lanes Debt Service Requirements Fiscal Year Mandatory Scheduled Principal Interest Total Principal Interest Total 2025-2029 2030-2034 2035-2039 2040-2044 2045-2049 2050-2053 Accretion Initial Loan $ $ 28,047,100 15,827,500 32,697,400 20,550,700 28,761,700 30,729,500 25,322,200 48,595,600 17, 766, 000 42,467,100 5,109,100 158,170,400 $ 137,703,500 (5,920,700) $ 152,249,700 $ 28,047,100 48,524,900 49,312,400 56,051,700 66,361,600 47,576,200 $ 295,873,900 $ 28,047,100 48,524,900 49,312,400 56,051,700 66,361,600 47,576,200 $ 295,873,900 The allocation of the sales tax revenue bonds to the 2009 Measure A programs is presented in Chart 33. 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 33 — Program Long -Term Debt Alt - - 111 Highways and Regional Arterials 100 % The allocation of the sales tax revenue bonds by the benefiting geographic area is presented in Chart 34. Chart 34 — Long -Term Debt by Geographic Area Western County 100 % Outstanding Debt and Legal Debt Margin at June 30, 2018 A summary of the Commission's outstanding debt secured by Measure A sales tax revenues and related legal debt margin projected at June 30, 2018 is presented in Table 51: Table 51— Legal Debt Margin 2009 Measure A Authorized Sales Tax Revenue Debt 2005 Commercial Paper Notes 2009 Bonds 2010 Bonds 2013 Bonds 2016 Bonds 2017 Bonds Total Outstanding Debt Legal Debt Margin $ 975,000,000 20,000,000 66,200,000 150,000,000 439,240,000 68,535,000 154,980,000 898,955,000 $ 76,045,000 Table 52 — Budget Comparison by Department FY 2016 — 2018 FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Measure A Sales Tax $ 167,630,300 $ 173,000,000 $ 173,000,000 LTF Sales Tax 83,776,500 85,000,000 85,000,000 STA Sales Tax 13,358,000 10,821,600 10,821,600 Federal Reimbursements 18,669,000 37,157,000 16,530,300 State Reimbursements 56,580,500 11,589,200 9,751,900 Local Reimbursements 1,571,900 10,496,100 7,703,700 TUMF Revenue 19,831,300 18,520,000 18,850,000 Toll Revenue 6,143,000 3,239,700 Other Revenue 7,295,600 173,000 268,500 Investment Income 8,592,800 1,849,000 4,715,600 Total Revenues 377,305,900 354,748,900 329,881,300 Expenditures/Expenses Management Services: Executive Management 334,900 445,600 311,500 Administration 1,481,300 1,830,200 1,757,800 External Affairs 1,065,100 1,699,700 1,699,500 Finance 3,719,400 5,321,800 4,889,900 Total Management Services 6,600,700 9,297,300 8,658,700 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 Cost of Issuance Total Debt Service Total Expenditures/Expenses Excess (deficiency) of Revenues over (under) Expenditures/Expenses 3,405,900 11,576,400 2,704,700 19,966,100 41,083,700 26,455,400 71,604,600 115,403,300 87,398,300 2,648,600 3,587,500 3,265,600 4,159,500 5,843,500 4,929,300 101, 784, 700 177, 494, 400 124,753,300 527,658,600 448,247,200 330,602,300 6,553,100 3,859,600 7,814,200 28,100,000 27,300,000 45,620,900 56,615,800 45,611,400 645,000 654,000 53,435,100 85,360,800 73,565,400 689,479,100 726,952,800 541,439,300 (312,173,200) (372,203,900) (211,558,000) Other Financing Sources (Uses) Transfers In 162,708,700 241,966,700 192,895,500 Transfers Out (162,708,700) (241,966,700) (192,895,500) Debt Proceeds 20,000,000 103,225,000 106,140,000 TIFIA Loan Proceeds 228,792,200 100,269,200 107,946,200 Payment to Escrow Agent (63,900,000) (63,900,000) Bond Premium 8,414,000 Net Financing Sources (Uses) 248,792,200 139,594,200 158,600,200 Excess (deficiency) of Revenues over (under) Expenditures/Expenses and Other Financing Sources (Uses) (63,381,000) (232,609,700) (52,957,800) Beginning Fund Balance 803,802,400 740,421,400 740,421,400 Ending Fund Balance $ 740,421,400 $ 507,811,700 $ 687,463,600 $ 176,000,000 88,000,000 10,469,000 77,877,100 11,500,200 9,270,800 21,250,000 16,835,800 248,000 3,509,400 414,960,300 407,300 2,803,400 2,036,200 5,004,800 10,251,700 12,628,700 36,499,500 122,590,100 3,368,000 4,743,900 179,830,200 465,403,700 14,502,600 66,045,000 41,123,200 5,500,000 112,668,200 782,656,400 (367,696,100) 311,984,500 (311,984,500) 178,760,000 88,000,000 18,892,000 285,652,000 (82,044,100) 687,463,600 $ 605,419,500 $ 3,000,000 2% 3,000,000 4% (352,600) -3% 40,720,100 110% (89,000) -1% (1,225,300) -12% 2,730,000 15 % 10,692,800 174% 75,000 43% 1,660,400 90% 60,211,400 17% (38,300) -9% 973,200 53% 336,500 20% (317,000) -6% 954,400 10% 1,052,300 9% (4,584,200) -11% 7,186,800 6% (219,500) -6% (1,099,600) -19% 2,335,800 1% 17,156,500 4% 7,949,500 121% 37,945,000 135% (15,492,600) -27% 4,855,000 753% 27,307,400 32% 55,703,600 8% 4,507,800 -1% 70,017,800 29% (70,017,800) 29% 75,535,000 73% (12,269,200) -12% 63,900,000 -100% 18,892,000 N/A 146,057,800 105 % 150,565,600 -65% (52,957,800) -7% $ 97,607,800 19% 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 35 — Executive Management Support Salariesand Costs Benefits 22% 23% Professional Costs 55 % Expenditures Executive Management has a budget of $407,300 (Table 53) for oversight of all Commission functions. The 1% increase in salaries and benefits reflects the net allocation of FTEs and a 4% pool for merit -based salary increases. Professional costs of $225,000 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 $90,900. Table 53 — Executive Management Expenditure Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 178,400 $ 90,600 $ 89,900 Professional Costs Legal Services 77,900 175,000 96,000 Professional Services General 13,100 93,000 50,000 Total Professional Costs 91,000 268,000 146,000 Support Costs 65,500 87,000 75,600 TOTAL Executive Management $ 334,900 $ 445,600 $ 311,500 $ 91,400 175,000 50,000 225,000 90,900 $ 407,300 $ 800 1% 0% (43,000) -46% (43,000) -16% 3,900 4% $ (38,300) -9% Executive Management Staffing Summary Position FY 15/16 FY 16/17 Deputy Executive Director 0.07 0.06 Executive Director 0.25 0.10 IT Administrator 0.00 0.00 Senior Administrative Assistant 0.01 0.01 Senior Office Assistant 0.25 0.26 FTE 0.58 0.43 Department Budget Overview Department Description FY 17/18 0.05 0.11 0.05 0.00 0.15 0.36 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. • One such example was the 91 Project and opening of the 91 Express Lanes extension which added general purpose and Express Lanes to the SR-91 in Corona. The project improved freeway capacity, extended the 91 Express Lanes into Riverside County, and made a number of access improvements including improved interchanges and on and off ramps thoughout the corridor. The key goal for the upcoming year will be to foster growth in the usage of the facility and ensure its financial success. • Highway Project delivery will be a top priority in FY 2017/18 with construction proceeding on another high - profile project. The widening of 1-15 will construct an additional two -tolled express lanes between SR-60 and Cajalco Road. The project travels through the cities of Jurupa Valley, Eastvale, Norco and Corona. • Advancement of other large scale projects will take place including completion of the environmental permit process on the SR-79 realignment project and resolving litigation regarding the SR-60 truck climbing lanes and Mid County Parkway. • The Commission will progress with a study to address the impact of truck traffic that will serve large-scale logistics facilities. The study could lead to the creation of a fee program to mitigate the impact of truck use that serve these facilities. • Promoting the use of public transit will be an important Commission priority which will include marketing of the PVL Metrolink extension and bus service that utilizes the 91 Express Lanes. • 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 for traditional and social media. This will be part of an effort to enhance awareness of the Commission's activities and service to the public at large. As part of this effort, the Commission's website will be updated to be more informative, easier to use, and compatible with mobile devices. • Enhanced communication with the public will result from the implementation of a comprehensive social media effort focused on current projects and Commission activities. • 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. Accomplishments FY 2016/17 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. • Obtained substantial completion on the 91 Project in March 2017 and opened the Riverside 91 Express Lanes while managing several very difficult public relations/communications issues. • Completed construction on the PVL project and launched service. • Led implementation of Coachella Valley/San Gorgonio Pass Corridor Rail Study; obtained Federal Railroad Administration funding grant for next phase; continued efforts to seek funding and approvals for special event trains for Coachella and Stagecoach festivals. • Implemented Strategic Assessment actions approved by Commissioners at the January 2017 workshop. • Completed construction projects including the SR-91 HOV lanes and rail station improvements throughout the County. • Initiated engineering for first phase of Mid County Parkway. • Completed environmental document and started property acquisitions on the SR-60 Truck Climbing Lane project. • Continued efforts to ensure interagency reviews and progress of SR-79 realignment environmental document and received environmental approval in January 2017. • Completed major milestones on the 1-15 Express Lanes project including environmental document and initiated Toll Services Provider and Design Build contract procurements; obtained investment grade ratings for financial plan; obtained invitation to submit project for a TIFIA loan. • Implemented Toll operations staffing and program strategies. • Negotiated complex and difficult World Logistics Center settlement agreement with city of Moreno Valley and Highland Fairview in partnership with County TLMA Director. • Developed and implemented staff retention proposals. • Implemented organizational changes to implement succession planning initiatives and strategic assessment objectives. • Actively engaged in statewide advocacy efforts regarding legislation impacting transportation funding, process, and/or programs. • Actively engaged in federal transportation policy development. • Actively engaged in Metrolink budget, operations, and service discussions; ensured the Commission's investments were protected. • Ensured increased service for Riverside Metrolink users; continued efforts to effectively manage administrative costs. • Focused on collaborative efforts with other transportation agencies including Riverside Transit Agency (RTA), Sunline, San Bernardino County Transportation Authority (SBCTA), Orange County Transportation Authority (OCTA), Western Riverside Council of Governments, CVAG, Southern California Association of Governments (SCAG), and Western Riverside County Regional Conservation Agency. • Engaged with member agency staff to ensure open communication and dialogue particularly regarding financial issues; provided project delivery support and advice to member agencies; supported efforts to develop subregional priorities. • Partnered with Caltrans management at District 8 and headquarters to maintain progress on initiatives and projects in spite of significant state funding cuts. • Recognized as one of 35 top employers in the Inland Empire. • Continued to fund the acquisition of needed habitat for the Western Riverside County MSHCP as outlined in the 2009 Measure A Expenditure Plan. Major Initiatives FY 2017/18 will herald new priorities for the Commission. With the recent substantial completion of the 91 Project through Corona, a $1.4 billion dollar effort that added general purpose and express lanes to a 10-mile stretch to the freeway, the Commission is now a toll road operator with new responsibilities for maintenance, operations and marketing of the facility. The responsibilities will expand in 2020 with the opening of the 1-15 Express Lanes, a project which is expected to begin construction in early 2018. Launching the 1-15 Express Lanes project will continue the progress the Commission has made with the opening of the 91 Express Lanes in March 2017. Much like the 91 Project, the 1-15 Express Lanes project effort will be delivered via a design -build contract which results in significant timesavings for the delivery of the work. Also, unlike the 91 Project, the 1-15 Express Lanes project effort will be located primarily in the center median of the existing freeway and will not require extensive right of way acquisitions. Construction impacts to the community will be much less pronounced. In looking toward the future, the Commission will be conducting a long-range transportation plan to guide future transportation priorities for the County. A consultant contract for this work was awarded in Spring 2017 and the technical work and public outreach for the plan will take place throughout 2017. In addition to the technical work, the success of many of these efforts will rely on proactive external communications. Traditional media relations will continue to be a priority and the Commission will be implementing a comprehensive social media outreach program to build awareness of the Commission and its role in the community. A key part of this effort will include a revamped website that will be easier to use, more informative, and compatible with mobile devices. 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. While the focus will certainly be on construction, project development work continues for the Mid County Parkway, SR-79 realignment, and SR-60 Truck Climbing Lane projects. Regarding public transit, 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. Funding and providing public transit will become an increasingly important priority for the Commission as a member of Metrolink. The Commission funded and completed construction on the PVL extension. While ridership is steadily growing, a continued markeing effort will take place during the year. 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 Commission will also advocate and support funding of the CV Link project in the Coachella Valley. 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. The County has seen changes in its state delegation in Sacramento, and the Commission will prioritize education and outreach on mobility issues to new members. 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 the transportation bill known as FAST Act. With a potential new emphasis on infrastructure investment being made by the Executive Branch, the Commission will work closely with Congressional members and the Department of Transportation should new opportunities arise for funding on the federal front. 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 50 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 Express Lanes as a toll operator. • Continue implementation of Toll Program management strategy with an eye on the start of construction of the 1-15 Express Lanes project. • Provide successful service and bolster ridership on the new PVL. • Initiate a Riverside County Transportation Plan for use in establishing integrated transportation visions and priorities. • Continue progress and outreach for Coachella Valley -San Gorgonio Pass corridor rail service study. • Initiate and conduct logistics related truck -impact study. • Complete procurement, contract awards, obtain TIFIA loan, complete financial closing and start construction on 1-15 Express Lanes project. • Continue work on initial phase of Mid County Parkway. • Actively seek resolution through settlement or court decision on Mid County Parkway and SR-60 Truck Climbing Lane projects. • Maintain Metrolink coordination and engage in collaborative efforts to address significant funding and organizational challenges. • Continue engagement in rail discussions regarding Metrolink, LOSSAN, 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 RTA on integration of express bus service into its operational plans. • Continue collaboration with member agencies on planning, funding and construction of local and regional bike, trail, and pedestrian facilities. • Continued implementation of Transit Vision while addressing funding challenges. • Implement Commission's adopted state and federal legislative platforms. • Pursue all funding opportunities to keep projects funded. • Ensure the Commission's active participation in Regional Transportation Plan implementation; • Improve bi-county and regional partnerships. • 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 projects 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: • Partner with the OCTA on the administration and operation of the 91 Express Lanes in both counties. • 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 the SBCTA to enhance and publicize the IE Commuter 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 and raise the Commission's profile in the community. (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 TLMA, 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. • Upgrade the Commission's website to be easier to use, more informative, and compatible with mobile devices. 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: • Make needed investments in information technology to ensure staff efficiency. • 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 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Expenditures $755,169,200 $852,187,800 $798,234,800 $1,094,640,900 Staffing levels 46 46 49 50 Administration costs as percentage of expenditures 18% 1.9/0 2.3/ 2.1% 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 36 - Administration Capital Outlay Salariesand 24% Benefits 26% Support Costs 34% Expenditures Professional Costs 16% As noted in Table 54, the Administration Department's total budget is $2,803,400 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 $722,600 reflect an increase of 36% related to the allocation of FTEs and a 4% pool for merit -based salary increases. Professional costs of $447,000 cover various services including, but not limited to, Commissioners' per diem, legal fees, and consultant and other professional services and reflects an increase of 13%. Support costs of $963,800 cover administrative overhead including office maintenance; information technology updates, support, and maintenance; and recruitments. Capital outlay of $670,000, an increase of 283% covers additional office space improvements, replacing a pool car, information technology support services, and equipment upgrades. Table 54-Administration Expenditure Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits Professional Costs Commissioner Per Diem Legal Services Professional Services - General Total Professional Costs Support Costs Capital Outlay Debt Service TOTAL Administration $ 614,200 $ 530,700 $ 525,200 58,200 65,000 65,000 8,500 37,000 27,500 146,300 294,700 245,000 213,000 396,700 337,500 581,100 727,800 720,100 73,000 175,000 175,000 24,900 $ 1,506,200 $ 1,830,200 $ 1,757,800 $ 722,600 65,000 32,000 350,000 447,000 963,800 670,000 $ 2,803,400 $ 191,900 36% 0% (5,000) -14% 55,300 19 % 50,300 13 % 236,000 32% 495,000 283% N/A $ 973,200 53% Administration Staffing Summary Position FY 15/16 FY 16/17 Administrative Assistant 0.15 0.17 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 0.02 Human Resources Administrator 1.00 1.00 IT Administrator 0.00 0.00 Records Technician 1.00 1.00 Senior Administrative Assistant 0.01 0.01 Senior Management Analyst 0.00 0.00 Senior Office Assistant 0.48 0.47 FTE 4.64 4.68 Department Budget Overview - Office Operations Department Description FY 17/18 0.15 1.00 1.00 0.00 0.04 1.00 0.46 1.00 0.01 0.03 0.55 5.24 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 50 full-time Commission staff. • Requests for proposals and project notices of completion are posted in accordance with applicable federal, state, and local regulations. • 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. • 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 50 full-time Commission staff. • Provide accessibility to meeting agendas, legal notices, requests for proposal, and employment opportunities through the Commission's website. • Continue to improve administrative efficiency through automation of records processing. • Post legal notices and requests for proposals on the Commission's website 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 website. • 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. 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 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 fifteen (15) full-time positions. • Conducted training sessions on business writing, intermediate and advanced Microsoft Excel, Adobe Acrobat XI, Tips & Tricks for Microsoft Office 2016 upgrade, and Public Interaction training for managers. • Disclosed employees' compensation on the Commission's website in compliance with the State Controller's Office and CaIPERS. • Created new job descriptions for External Affairs Director and Senior Management Analysts performing acticities in External and Legislative Affairs. 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 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Employee rules/Benefits review sessions held 2 2 2 2 Recruitments 3 3 15 4 Positions filled 3 3 15 2 Legal notices 22 27 26 25 Commission/Committee/Ad Hoc meetings 50 42 45 50 Commissioners supported (including alternates) 62 62 62 62 Staff supported: Regular full-time 46 46 49 50 External Affairs Mission Statement: Communicate, engage, and develop relationships with the public, key stakeholders, and governmental decision -makers to connect the lives of Riverside County residents. Chart 37 — External Affairs Professional Costs 55% Expenditures Support Costs 10%, Salariesand Benefits 35% The External Affairs Department has a total budget of $2,036,200 (Table 55). Salaries and benefits reflect an increase of 8% related to changes in FTEs and a 4% pool for merit -based salary increases. Professional costs of $1,125,500 includes legislative advocacy, graphic design, and website updates and reflect an increase of 23% due to public outreach and marketing efforts. Support costs of $191,600 include publications and advertising, various membership dues, and staff -related travel costs and reflect a 67% increase primarily due to the reduction of printed collateral material and moving toward electronic media and outreach. Table 55 - External Affairs Expenditure Detail Salaries and Benefits Professional Costs Legal Services Professional Services - General Total Professional Costs Support Costs TOTAL External Affairs FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change $ 462,000 $ 666,700 $ 666,700 $ 719,100 $ 52,400 8% 13,400 46,000 522,200 872,400 535,600 918,400 67,500 114,600 $ 1,065,100 $ 1,699,700 $ 46,000 872,400 918,400 114,400 1,699,500 41,500 1,084,000 1,125,500 191,600 $ 2,036,200 $ (4,500) 211,600 207,100 77,000 336,500 -10% 24 % 23 % 67 % 20 % External Affairs Staffing Summary Position FY 15/16 FY 16/17 Administrative Assistant 0.22 0.22 Deputy Executive Director 0.79 0.73 Executive Director 0.01 0.03 External Affairs Director 0.82 0.75 IT Administrator 0.00 0.00 Public Affairs Manager 0.12 0.15 Procurement Analyst 0.18 0.00 Procurement Manager 0.00 0.00 Senior Management Analyst 0.00 0.00 FTE 2.14 1.88 Department Budget Overview Department Description FY 17/18 0.40 0.40 0.00 0.95 0.06 0.45 0.05 0.05 1.42 3.78 The External Affairs Department has previously been noted as "Legislative Affairs and Communications" in the Commission budget. These functions are now formally recognized within a single department with enhanced staff support, reflecting the heightened need for the Commission to communicate with its constituents and decision - makers. Legislative Affairs 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, the Commission exercises leadership in advancing the agenda of Riverside County taxpayers. The Commission's legislative engagement takes many forms including, but not limited to: • Seeking specific items in state or federal budgets; • Changing the law; • Shaping of rules and regulations; • Education of elected, appointed, and career government officials, as well as interest groups; and • Receiving grant funds. Coverage of the many policy and funding issues that affect mobility within Riverside County requires a team approach. The Commission's historically effective and savvy approach to legislative advocacy is consistent with the Commission's overall theme of a lean staff and utilizing consultants in their areas of expertise. The Commission retains legislative consultants with decades of experience on transportation policy and funding who are based in Washington, D.C. and Sacramento, providing day-to-day representation and insights that help guide staff. The consultants, often referred to as legislative advocates or lobbyists, are procured every few years through a competitive and transparent process that seeks to acquire the greatest talent and the best value for the Commission. The FY 2017/18 Budget does not contemplate any increases in retainer fees for legislative consulting services, as the recent procurement of all consultants yielded an overall level total of fees compared to FY 2016/17. Oversight of the consultants is provided by a tandem of the External Affairs Director and Senior Management Analyst. Consultants and staff provide recommendations and support to Commissioners, who set legislative policy priorities and are often the Commission's most effective advocates in Washington, D.C. and Sacramento. Commissioner engagement takes the form of such actions as: adopting a legislative platform, taking positions on individual bills, communicating with government decision -makers in writing, verbally, or through physical trips to capital cities. Thus, the Commission's team approach for legislative advocacy is best likened to a three-legged stool held up by Commissioners, professional staff, and professional legislative consultants. An essential component of the Commission's legislative affairs program is participation in formal and informal coalitions of similarly -interested agencies and stakeholders. Examples of formal coalitions are: • Mobility 21— a coalition of public agencies, the Automobile Club of Southern California and business advocacy groups in southern California. • SHCC— an alliance of all California counties with a voter -approved half -cent sales tax for transportation projects. • CALCOG — a diverse alliance of transportation and planning agencies who are impacted by the state's laws and rules on land use, air quality, and transportation. • California Toll Operators Committee (CTOC) — an industry group of tolling agencies who collaborate on matters of common interest pertaining to operations, technology, finance and public policy. • International Bridge, Tunnel, and Turnpike Association — an industry group of public and private stakeholders in the tolling industry that focuses on federal policy and developing best business practices within the tolling community. Although participation in these coalitions require staff and consultant time, they leverage the collective strength of more voices beyond the Commission, which is often necessary to affect policy change. Additionally, members of these coalitions may have expertise and resources outside of the Commission's current capability that can contribute significant value to the Commission. FY 2017/18 is anticipated to be a time of significant change and progress in the legislative arena in both Sacramento and Washington, D.C. Transportation is high on the agenda of the Governor and President and the legislative bodies in both capitals. Active engagement by the Commission in the development and implementation of significant transportation legislation will be necessary to ensure Riverside County taxpayers receive a proportional benefit to any state and/or federal investment. Moreover, implementation of the federal FAST Act will continue, meaning significant rulemakings and release of grant funding opportunities are likely to come forth. A key recommendation of the RCTC Strategic Assessment is that the Commission aggressively pursue state and federal funding for priority projects, given the yawning gap of funding for Riverside County's long-term mobility needs. Communications The Commission provides information to the public through many channels, including: • Participation in or hosting of public meetings. • Interacting with communities of interest and stakeholder groups such as chambers of commerce, industry associations, service clubs, and other community -based organizations and businesses. • Production and provision of resource materials, such as fact sheets, brochures, and newsletters in print and digital form. • Maintenance and enhancement of RCTC.org and support to other Commission -affiliated websites. • Media communications in all varieties, including: press releases, radio and television interviews, advertisements, cable television recordings, social media outreach, and video production. • Annual reports to the citizens of Riverside County. Continuing emphasis is placed on providing communications support to major projects such as the 1-15 Express Lanes project, Mid County Parkway, SR-79 realignment, and Coachella Valley -San Gorgonio Pass corridor rail service. The communications arm of the Commission will also seek ways to support high -value public services provided by the Commission such as Freeway Service Patrol and other motorist and commuter assistance programs. Operation Lifesaver, a well -received and effective public education campaign, will continue under the direction of the Public Affairs Manager. Operation Lifesaver teaches target audiences, especially school children and their families, how to remain safe around train tracks, with the goal of reducing injuries and fatalities associated with trains. Communications efforts will also be focused on marketing and customer service surrounding affiliated enterprises such as Metrolink and the 91 Express Lanes. The Commission has a vested interest in ensuring positive experiences by the public with these rail and toll services. A new major emphasis for the Commission is digital communications. The FY 2017/18 will include major investments in overhauling, initiating, and upgrading the Commission's engagement in online and mobile communications with our customers and constituents. Concordantly, the Commission has devoted staff resources to this effort by providing the External Affairs Department with a Senior Management Analyst. The public can expect to see changes and adaptations of the Commission's traditional information mechanisms, such as the On the Move newsletter, website, and social media accounts. The public can also expect a robust engagement initiative to ascertain public priorities and provide information on how the Commission is exercising stewardship over taxpayer dollars. The RCTC Strategic Assessment and recent actions by the Commission at the January 2017 Commission Workshop have RCTC on a path towards potentially seeking new local revenues for transportation projects, necessitating public feedback and meaningful engagement with communities of interest throughout Riverside County. The Public Affairs Manager is a central personnel resource for all of the above efforts, with the guidance and support of the Deputy Executive Director and input from the External Affairs Director. The Senior Management Analyst will play a critical role in supporting all communications work. Key Assumptions • The Commission will continue to implement recommendations of the RCTC Strategic Assessment. • The Commission will engage in a multi -faceted public engagement effort to ascertain transportation priorities and needs of Riverside County residents and stakeholders. • The Commission will pursue state legislation authorizing a sales tax supplemental to Measure A. • The Legislature and Governor will continue to pursue a sustainable transportation funding and reform package. • Congress and the new Presidential Administration will continue to focus on infrastructure funding and tax reform. • The Commission will remain an engaged party in public policy and funding matters at the state and federal levels. • Commencement of toll operations on SR-91 will necessitate focused attention on public communications and marketing regarding the new express lanes. • Commencement of construction of the 1-15 Express Lanes project will necessitate ongoing public outreach and engagement. • Advancement of Commission projects throughout Riverside County will necessitate public outreach and engagement. • The External Affairs Department will work internally to inform, coordinate, and support initiatives across all Commission departments to ensure a high level of collaboration and cohesiveness, especially related to external -facing work products. • The External Affairs Department will carry out an intensive overall work program, consistent with the reorganization which took place in FY 2016/17, under the leadership of the External Affairs Director, with guidance from the Deputy Executive Director and Executive Director. Accomplishments Legislative Affairs • Hosted local project tours and policy briefings with local Members of Congress and State Legislators. • Co -hosted a multi -day visit to Riverside County by the Strategic Growth Council (SGC). • Introduced Commission -sponsored legislation AB 1189 (Garcia). • Supported the 1-15 Express Lanes project team and Finance Department in navigating the TIFIA loan process. • Collaborated with Caltrans, SCAG, and transportation commissions in Los Angeles and San Bernardino to submit 1-15 Express Lanes project for a federal FASTLANE grant. • Supported the Multimodal Services Department on its partnership with Caltrans District 8 as they submitted a federal grant application for the Advanced Transportation Congestion Management Technologies Deployment (ATCMTD) program. • Supported the Multimodal Services Department in its successful pursuit of a Rides to Wellness Grant from the FTA for the Palo Verde Valley Transit Authority (PVVTA). • Authored numerous letters of correspondence to governmental decision -makers. • Participated in advocacy by coalitions of which the Commission is a member. • Partnered with local business advocacy groups on advocacy trips to Washington, D.C. and Sacramento. Communications • Launched the Commission's social program on multiple platforms. • Overhaul of the Commission's website and RCTC.org to meet modern standards and expectations, creating a more transparent and accessible platform for customers to get information about their transportation system. • Completed a visual identity audit to establish a consistent and high quality brand for all Commission projects and programs being delivered for the taxpayers. • Participated in monthly luncheons with the Greater Riverside Chambers of Commerce, UC-Riverside, the city of Riverside, and county of Riverside as they host employees of the California Air Resources Board (CARB), which is locating its testing laboratory (and several hundred jobs) to UC-Riverside. • Used the Commission's 40' anniversary as an opportunity to communicate with stakeholders and the public about the many accomplishments of Measure A and the Commission's projects and programs. This included events, online messages, and educational presentations to the Commission. • Planned and executed the 91 Project Dedication Ceremony. • Held a successful event rededicating and renaming the Jurupa Valley-Pedley rail station. • Continued the Operation Lifesaver rail safety program throughout the County. • Hosted informational booths and tables and a variety of community events throughout the County. • Publicized the PVL, special rail service to the Mission Inn Festival of Lights, supported school and senior center tours on public transit, and other similar efforts. • Supported the 91 Project team by actively communicating with stakeholders, local businesses, and the public at -large regarding construction activities. • Facilitated and managed the Corona Community Task Force, a citizen advisory committee to the Commission on the 91 Project. • Gave presentations to numerous service clubs and business groups. • Gave presentations at town hall meetings for cities and County Supervisors. • Participated in industry gatherings such as the Mobility 21 summit and SHCC Focus on the Future — providing informational materials and discussing the Commission's work within the transportation industry. • Published regular On the Move e-newsletters • Upgraded the internal RCTC photo library and FTP file sharing system to facilitate easier internal and external communication. • Received Polaris Award from the Public Relations Society of America -Inland Empire Chapter for the "91 Steer Clear" campaign. • Began 1-15 Express Lanes project stakeholder meetings and construction outreach planning. • Supported the Multimodal Services Department with public meetings for the Coachella Valley -San Gorgonio Pass corridor rail service. • Began marketing coordination with the 91 Express Lanes. • Created essential internal procedures for social media, including guidelines for creating content, oversight, legal polices, and analytics. Major Initiatives Legislative Affairs In addition to the ongoing monitoring and engagement on individual legislation that moves through Congress and the State Legislature, plus policies emerging from the Gubernatorial and Presidential Administrations, the Commission will focus on two key legislative efforts: • Successful legislative passage and Governor's signature of AB 1189 (Garcia), a bill sponsored by the Commission to allow the Commission to someday propose to Riverside County voters a supplemental sales tax for transportation; and • Securing federal funds and approvals for the 1-15 Express Lanes project, including but not limited to securing a TIFIA loan, receiving FASTLANE or other grant funding, and any permits necessary, with the potential assistance of Executive Order 13766. It is also possible that a federal infrastructure funding package will emerge in FY 2017/18, potentially as large as one trillion. If such a package begins to move forward, significant Commission engagement will be necessary. At the time of publishing this budget, it is anticipated that the State Legislature and Governor will have decided the fate of a proposed four to six billion a year transportation funding package. If such a state package is approved, the Commission's focus will be on implementation of any new programs during FY 2017/18. Finally, the legislative affairs team will begin managing the new consultant bench procured to assist the Commission in applying for state, federal, and regional grant funds. Communications An ambitious year is planned for the Commission's communications program. The RCTC Strategic Assessment charged staff with planning an increasingly robust public communication and engagement effort to make the Commission's work more accessible and transparent to our constituents, with an emphasis on utilizing modern technology to reach people where they get their information. Accordingly, major initiatives for communication for FY 2017/18 are as follows: • Complete RCTC.org website overhaul and visual identity refresh — Continuous upgrade and maintenance of the new RCTC.org will be a key focus. Staff will also continue to integrate new visual identity features into Commission materials published for public consumption, with a goal of increasing awareness of Commission activities among the general public. • Ascertainment of stakeholder needs, establishment of relationships, and development of communications plans in preparation for commencement of construction of the 1-15 Express Lanes. • Close coordination with OCTA on developing a marketing and communications plan for the Riverside 91 Express Lanes. • Procurement of consultant resources for a complete public engagement strategy — Commission staff will bring forth proposals to augment lean staff resources with the innovation and capacity of the private sector to operate a robust public engagement effort for the Commission. These procurements will include a fresh procurement of the Commission's on -call bench for public outreach services, which currently provides task -based support to the Public Affairs Manager and other staff for projects, programs, and special events. The Commission will also consider procuring consultant resources for integrated communications services, following the successful model that has assisted the 91 Project through construction; such a team would assist staff with developing key messages, communications strategies, public engagement tactics, social media analysis, and performance measures to assist the overall communications program of the Commission. • Continue Operation Lifesaver's effective rail safety education campaign at Riverside County schools and community sites. Department Goals The External Affairs Department plays a unique role by providing broad internal support to all Commission departments while also being the conduit for a wide variety of external actors to receive information and advance the public's general interest in better mobility in Riverside County. To that extent, the External Affairs Department's goals truly are the Commission -wide goals in this budget. The External Affairs Department will adapt and maneuver to ensure that these broader organizational aims are achieved. External Affairs Performance/Workload Indicators FY 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Speakers bureau presentations/events 196 211 196 200 Legislative action submittals to Commission 8 8 8 9 Items of state or federal legislation sponsored by the Commission 4 4 1 0 Social media postings per week (average) N/A N/A 2 3 Stakeholder meetings per month (average) N/A 2 2 6 Newsletter, blog, or other narrative postings per month (average) N/A 1 1 2 State/Federal/Regional grants pursued N/A 1 3 3 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 38 — Finance Trans 72% Salaries and Benefits 5% Expenditures (14.0„/ `Support Costs 5% Capital Outlay 2% fers Out Professional Costs 16% The Finance Department's total budget is $18,204,700 (Table 56) and reflects a 19% increase over the prior years budget. Department staffing costs will total $981,600, reflecting a net decrease due to FTE allocations, offset by a 4% pool for merit -based salary increases. Professional costs of $2,915,200 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 $828,000 include insurance, printing, and staff training. Capital outlay of $280,000 includes ERP updates. A transfer out of $13,199,900 is related to funding a portion of the debt service interest payments from the 2009 Measure A Western County bond financing program. Table 56 — Finance Expenditure Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 1,012,800 $ 1,085,200 $ 1,081,600 $ 981,600 $ (103,600) -10% Professional Costs Legal Services 31,100 150,000 105,500 395,000 245,000 163% Audit Services 294,100 500,000 450,000 466,000 (34,000) -7% Financial Advisory 286,600 836,500 597,100 675,000 (161,500) -19% Professional Services - General 1,207,000 1,469,300 1,420,000 1,379,200 (90,100) -6% Total Professional Costs 1,818,800 2,955,800 2,572,600 2,915,200 (40,600) -1% Support Costs 862,400 1,230,800 1,210,700 828,000 (402,800) -33% Capital Outlay 25,400 50,000 25,000 280,000 230,000 460% Transfers Out 9,000,000 10,000,000 10,000,000 13,199,900 3,199,900 32% TOTAL Finance $ 12,719,400 $ 15,321,800 $ 14,889,900 S18.204.700 $ 2,882,900 19% Finance Staffing Summary Position FY 15/16 FY 16/17 FY 17/18 Accountant 2.00 2.00 Accounting Assistant 1.00 1.00 Accounting Supervisor 0.81 0.00 Accounting Technician 2.00 2.00 IT Administrator 0.00 0.00 Chief Financial Officer 0.54 0.45 Deputy Director of Finance 0.97 0.88 Executive Director 0.01 0.00 Procurement Analyst 0.01 0.15 Procurement Manager 0.06 0.10 Senior Administrative Assistant 0.67 0.69 Senior Financial Analyst 0.00 0.30 Senior Management Analyst 0.00 0.00 Senior Office Assistant 0.27 0.27 FT E 8.34 7.84 Department Budget Overview Department Description Finance and Accounting 1.00 1.95 0.00 2.00 0.01 0.44 0.65 0.00 0.20 0.15 0.68 0.20 0.02 0.30 7.60 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 program. 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 2017 Sales Tax Revenue Bonds, commercial paper notes, TIFIA loan, and federal funds will be used to fund the 1-15 Express Lanes Project; proceeds from the 2017 Sales Tax Revenue Bonds will be used to fund the completion of the 91 Project. • 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. • Implement GASB Statement No. 75 related to the accounting and financial reporting for other post - employment benefits. • 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 0.50% 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 • Issued refunding bonds of $76.1 million to refund all of the outstanding 2009 A Bonds, retire all of the outstanding commercial paper notes which were applied to finance a termination payment in connection with an interest rate swap agreement with Deutsche Bank. • 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, finalized and executed the master custodian agreement for the deposit and distribution of funds related to the use of the 91 Express Lanes. • Issued a request for proposals and awarded a contract for an investment manager on the 1-15 Express Lanes project. • Presented an update to the rating agencies of the Commission's sales tax and toll financing programs. • Obtained financial reporting excellence award from the Government Finance Officers Association (GFOA) (24th year) related to the CAFR for the fiscal year ended June 30, 2016. • Obtained GFOA distinguished budget award (21' year) for annual budget for the fiscal year beginning July 1, 2016. • Generated approximately $7.3 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. • Participated in small business networking activities and met with potential DBE and SBE vendors. Major Initiatives Finance and Accounting The commercial paper program has been in place for 12 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 2017/18 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 will complete the plan of finance for the 1-15 Express Lanes project and completion of the 91 Project by issuing the 2017 Sales Tax Revenue Bonds and receipt of TIFIA loan from the U.S. DOT. As a result of the significant financing proceeds received in connection with the 91 Project and 1-15 Express Lanes 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. 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. 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, 2019, unless implemented earlier. The Finance Department will implement changes to accounting and financial reporting related to toll operations 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. Staff will implement GASB Statement No. 75 related to the accounting and financial reporting for OPEB in the FY 2016/17 Comprehensive Annual Financial Report (CAFR). This change will require the presentation of net OPEB liability on the face of the financial statements rather only in the CAFR footnotes. 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 2017/18 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 2017/18 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, 2018. • 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 2017/18 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 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 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 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 7,000 6,860 6,810 7,300 Checks processed 4,400 4,178 3,900 4,000 Audit adjustments 0 0 0 0 Average yield on investments 0.25% operating/ 0.75% debt proceeds 0.53% operating/ 1.06% debt proceeds 0.25% operating/ 0.75% debt proceeds 0.50% operating/ 0.75% debt proceeds Payroll hours processed 96,500 91,339 93,400 94,000 Accounts receivable invoices processed 250 232 240 250 Agreements processed 275 236 220 220 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 39 — Planning and Programming Transfers Salaries and out Benefits Professional 8% Costs 5% Support Costs 0% Projects and Operations 81% Expenditures Planning and Programming expenditures of $13,499,000 have increased 17% from last year's budget (Table 57). Salaries and benefits represent 8% of total expenditures and reflect a 4% pool for merit -based salary increases. Professional services totaling $602,500 have increased 213% due to Fundtrack project database upgrades and general legal services. 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 increased by 61% or $6,900 and include various membership dues and staff -related travel costs. Projects and operations costs have increased 6% primarily due to special studies that includes development of a countywide long-range transportation plan, regional truck study, and database model update. Table 57 - Planning and Programming Expenditure Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 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 $ 1,175,100 $ 1,066,900 $ 1,018,200 203,300 29,500 69,000 10,000 55,400 153,000 119,300 258,700 192,500 188,300 22,000 11,300 17,200 32,000 113,700 116,000 490,000 74,600 4,975,000 2,300 85,000 90,000 782,900 1,400,000 1,058,300 3,242,000 1,275,000 1,950,100 10, 305,700 1,481,000 TOTAL Planning and Programming $ 3,405,900 $ 11,576,400 $ 2,704,700 $ $ 1,105,000 77,500 525,000 602,500 18,200 243,000 2,500,000 3,975,000 265,000 2,600,000 1,320,000 10,903,000 870,300 13,499,000 Planning and Programming Staffing Summary Position FY 15/16 FY 16/17 Administrative Assistant 0.17 0.21 Capital Projects Manager 0.19 0.30 Chief Financial Officer 0.03 0.03 Deputy Executive Director 0.05 0.08 Executive Director 0.43 0.38 External Affairs Director 0.15 0.20 IT Administrator 0.00 0.00 Management Analyst 1.03 1.06 Multimodal Services Director 0.01 0.03 Planning and Programming Director 0.91 0.90 Planning and Programming Manager 0.99 0.99 Procurement Analyst 0.00 0.00 Procurement Manager 0.00 0.00 Project Delivery Director 0.00 0.00 Public Affairs Manager 0.01 0.00 Right of Way Manager 0.00 0.00 Senior Administrative Assistant 0.18 0.17 Senior Management Analyst 0.99 1.97 Toll Program Director 0.01 0.00 FTE 5.15 6.32 Department Budget Overview Department Description $ 38,100 4% 48,000 163% (10,000) -100% 372,000 243% 410,000 213% 6,900 61% 129,300 114% 2,010,000 410% (1,000,000) -20% 180,000 212% 1,200,000 86% (1,922,000) -59% 597,300 6% 870,300 N/A $ 1,922,600 17% FY 17/18 0.00 0.28 0.00 0.13 0.45 0.00 0.03 1.00 0.00 0.89 0.99 0.03 0.03 0.10 0.00 0.01 0.18 1.09 0.00 5.21 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 transit 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, southern California region, and statewide. 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. Statewide planning efforts involve participation in the development of goods movement, interregional highways, and air quality plans, to name a few. 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. The FAST Act, which was signed into law in December 2015, established a new formula freight fund under the National Highway Freight Program for a five-year period. The CTC will be responsible for allocating these funds. Commission staff is participating in the development of the program guidelines, which was adopted by the CTC in May 2017. It is anticipated that this new program will be administered similarly as the TCIF program. 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, as stipulated by EPAs Transportation Conformity Rule, 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 STI P-RI P ATP MPO share Federal Sources: STBG 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. 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, long-range transportation plan, regional truck study and other related planning activities. • The Commission will utilize all available funding sources on transportation projects identified in 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 • Facilitated the process of 30 CTC actions that consisted of, but were not limited to: ATP Cycle 3 awards, financial allocations, and extensions of time. • Completed four (4) local agency agreements and/or amendments for the implementation of TUMF regional arterial projects. • Processed over 40 project amendments into the 2015 FTIP. • Processed 138 (anticipated) project amendments into the 2017 FTIP. • Submitted the 2016 RTP/SCS Amendment No. 1 consisting of nine projects and the 2016 RTP/SCS Amendment No. 2 consisting of one project. • Coordinated with Caltrans and project sponsors monthly 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 $2,935,000 in local match funds programmed in FY 2016/17. • 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 3 funding distribution recommendations for the MPO region. • Collaborated with local agencies and community organizations, such as the Active Transportation Network, Safe Routes to School Partnership, and others to provide resources for active transportation projects. • Developed a revised scope of work to improve the existing Fundtrack database. • Continued to work collaboratively with other regional and state-wide working groups, such as the Transportation Conformity Working Group (TCWG) and California Federal Programming Group (CFPG) to share information and more effectively stay abreast of changes to federal and state program guidelines. • Continued to take a leadership role and worked collaboratively with the five -county consensus working group, Mobility-21, and SCAG's Southern California National Freight Gateway Collaboration on goods movement issues. • Completed the 2017 Grade Separation Priority Update Study for Alameda Corridor East (Riverside County), 2012 in March 2017. • Represented RCTC at monthly MSRC Technical Advisory Committee meetings to monitor and track funding programs and opportunities. • Anticipate award of the Long Range Transportation Plan contract by June 2017. • Commenced the Regional Truck Study and Development and Implementation of Regional Logistics Mitigation Fee in February 2017. • Worked closely with Caltrans on the 2016 Earmark Repurposing efforts to reallocate unused federal earmark funds to transportation projects that were experiencing funding shortfalls and could be obligated by September 2019. Nine of Riverside County's older earmarks were repurpose to active projects that met the criteria for federal funds and were located within 50-miles of the original federal earmark location resulting in utilization of $9.2 million of federal earmarks reprogrammed to four local highway projects and two state highway projects. • Prepared the Request for Authorizations for CMAQ and STBG funds for the 1-15 Express Lanes project. • Released the FY 2017/18 SB821 Bicycle and Pedestrian Facilities Call for Projects and held a technical workshop in February 2017. • Commenced 2017 CMP review/update. 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 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, CTC, 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 2017/18 using LTF planning and STIP PPM funds. The CMP update may 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 programming and 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 2017/18 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, three are under construction and eight have been completed. 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 its 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. SB821 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. The biennial Call for Projects was released in February 2017 and the amount available for programming in FY 2017/18 is approximately $3,467,800. 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 2007 the Commission approved 25% of future CMAQ and STP funds for grade separation projects in FYs 2007/08 through 2015/16. 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 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 (RTPAs) group to represent the County's best interest for each programming cycle. 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 2017/18 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 relating to freight/goods movement. These include regional and statewide issues regarding freight movement that traverses the southern California region. The Commission will continue working with partners from the Southern California Consensus Group (Ports, Alameda Corridor Transportation Authority, Alameda Corridor East Construction Authority, SBCTA, OCTA, Los Angeles County Metropolitan Transportation Authority, LA Metro, 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, multimodal competitive grant program. At its January 2017 meeting, the Commission approved a consultant contract to conduct a Regional Truck Study to evaluate a logistics -related regional fee, which could set a fee on new distribution center warehouses based on the size of the facility. Fees collected would help pay for road improvements that are impacted by these developments. The results of the study will be forwarded to the Commission for review and action. 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, mobility, and the economy in the County. (Policy Goals: Mobility, Environmental Stewardship) Objectives: • Support efforts to seek additional funding at the local, state, and federal levels for projects and planning efforts. • Support ongoing efforts to regulate federal emission sources. • Support efforts that allow more flexibility in funding transit operating and capital costs. Develop a countywide long-range transportation plan to serve as a guide for decision making and as input to SCAG's next RTP/SCS. Objectives: • Obtain consultant services to develop and prepare the Commission's first Long -Range Transportation Plan (LRTP). • Direct consultant work on development of the 10-year Delivery Plan. • Provide LRTP information to SCAG for next RTP/SCS. Support local, regional, and state planning efforts in cooperation with SCAG, WRCOG, CVAG, Caltrans, and local agencies including, but not limited to, implementation of the CMP, transportation and air quality modeling updates/upgrades, corridor or focused area studies, development of active transportation plans or any planning related to the implementation of the RTP/SCS. (Policy Goal: Mobility, Environmental Stewardship, System Efficiencies) Objectives: • Work with Caltrans and local agencies to review project alternatives that include travel demand management or integration of mode choices as required by the federal CMP for programming of federal STP and CMAQ funds • Continue working with Caltrans to monitor traffic conditions for the purpose of focusing transportation funds on congested corridors and system deficiencies. • Work with local agencies, WRCOG, CVAG, and transportation and interest groups in developing project applications for ATP, state CAP and trade, and SCAG planning funds. 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 and are consistent with those forecasted at local levels. • Support efforts by local agencies to provide transportation improvement projects that will attract jobs. 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 upgrade, 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 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. 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: Work with CTC and Ca!trans on FAST ACT Freight Guidelines and CUFC/CRFC corridors in Riverside County. • 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. • Review the Commission's 2017 Grade Separation Companion Study and work with consultant to evaluate and refine criteria to maximize funding from future competitive funding cycles. • Review progress of remaining TCIF-funded projects. 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: • Work with SCAG, AQMD, CARB, and academia in monitoring GHG emission reduction from light trucks and automobiles through the implementation of the 2016 RTP/SCS. • Provide input and comments on guidelines developed by CARB, AQMD, and other state agencies regarding the implementation of AB32/SB375 and SB743 CEQA implementation. • 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 Street, Jurupa Road, and Hargrave Street. Planning and Programming Performance/Workload Indicators FY 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Federal projects monitored for obligation authority delivery 34 19 25 18 Active Transportation Program projects monitored for allocation 23 18 20 11 TUMF Regional Arterial projects monitored for implementation/expenditures 11 4 4 4 TUMF agreements/amendments 2 3 4 2 MARA projects monitored for implementation/expenditures 6 6 4 3 MARA agreements/amendments 3 3 1 1 RTP/FTIP amended projects 85 477 * 188 176 STIP/Proposition 1B programming, allocations, amendments, and extensions for Commission projects/local agency projects 5 6 30 27 *includes 389 projects included in the 2017 FTIP Rail Mission Statement: "To develop and support passenger rail transportation options for increased mobility within Riverside County and the region." Chart 40 — Rail Projects and Operations 74% Expenditures Transfers Out 3% Salaries and Benefits 2% Professional Costs 12% Support Costs 9% Rail expenditures of $37,448,000 include Metrolink operations and capital support as well as maintenance and operations of the nine Commission -owned and operated commuter rail stations (Table 58). Salaries and benefits reflect an 8% net decrease due to the allocation of FTEs, offset by a 4% pool for merit -based salary increases. Professional costs, which include legal and consultant services, have decreased 4% due to a reduction in on -call rail consultants who support rail grants applications, management, and oversight and perform service planning and modeling for the Coachella Valley -San Gorgonio Pass corridor rail service. Support costs include station maintenance, media ads, printing services, and marketing incentives. Projects and operations expenditures of $27,659,700 decreased 15% compared to the previous year's budget and includes station construction planning and development for the Coachella Valley -San Gorgonio Pass corridor rail service and an operating contribution of up to $20,000,000 to SCRRA for Metrolink operations, which includes the PVL 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 rail service. The "next generation" rail feasibility study is included in special studies. Capital outlay reflects a 48% increase and is due to a series of station related improvement projects and an increase in SCRRA Metrolink capital needs. Transfers out of $948,500 relate to administrative costs to the General Fund. Table 58 - Rail Expenditure Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 704,000 $ 926,300 $ 925,800 Professional Costs Legal Services 90,300 171,000 165,000 Professional Services - General 1,143,300 4,521,800 1,674,900 Total Professional Costs 1,233,600 4,692,800 1,839,900 Support Costs 1,416,700 2,862,300 2,094,100 Projects and Operations Program Operations 1,823,100 4,240,800 2,513,900 Engineering 250,000 Construction 4,109,200 100,000 Special Studies 750,000 200,000 Operating and Capital Disbursements 14,708,500 23,191,300 18,760,700 Total Projects and Operations 16,531,600 32,541,300 21,574,600 Capital Outlay 80,200 61,000 21,000 Transfers Out TOTAL Rail Maintenance and Operations $ 19,966,100 $ 41,083,700 $ 26,455,400 $ 848,700 175,000 4,327,500 4,502,500 3,398,600 2,850,500 250,000 4,009,200 550,000 20,000,000 27,659,700 90,000 948,500 S 37.448.000 $ (77,600) -8% 4,000 2% (194,300) -4% (190,300) -4% 536,300 19% (1,390,300) -33% 0% (100,000) -2% (200,000) -27% (3,191,300) -14% (4,881,600) -15% 29,000 48% 948,500 N/A $ (3,635,700) -9% Rail Staffing Summary Position FY 15/16 FY 16/17 Administrative Assistant 0.14 0.11 Capital Projects Manager 0.02 0.00 Chief Financial Officer 0.05 0.03 IT Administrator 0.00 0.00 Deputy Executive Director 0.01 0.01 Executive Director 0.01 0.01 Facilities Administrator 1.00 1.00 Management Analyst 1.01 1.00 Multimodal Services Director 0.43 0.45 Procurement Analyst 0.34 0.45 Procurement Manager 0.26 0.25 Project Delivery Director 0.07 0.20 Public Affairs Manager 0.00 0.10 Rail Manager 1.00 1.00 Senior Administrative Assistant 0.02 0.02 Senior Management Analyst 0.17 0.00 FTE 4.53 4.63 FY 17/18 0.15 0.00 0.02 0.02 0.11 0.05 0.94 1.00 0.40 0.18 0.18 0.15 0.20 1.00 0.02 0.07 4.49 Department Budget Overview —Rail Operations Department Description 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 RCTC of Riverside, San Bernardino, Orange, Los Angeles, and Ventura counties. The Commission holds two voting positions on SCRRA's eleven -member board. The role of chairman rotates between the member agencies every two years; the Commission's representative will be in that position for calendar years 2017 and 2018. 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/PVL directly serve Western County. Unlike the other SCRRA member agencies, the Commission owns and operates the commuter rail stations serving the County: Riverside Downtown, Jurupa Valley—Pedley, Riverside —La Sierra, West Corona, North Main Corona, Riverside —Hunter Park/University of California at Riverside (UCR), Moreno Valley —March Field, Perris -Downtown, and Perris -South (Chart 41). 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 Perris -South 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 Project Development and Delivery Department. Chart 41— Riverside County Metrolink Station Locations Riverside County Metrolink Service l _ � Jurupa Valley Eastvale � Corona - West ® Station Norco Jurupa Valley Pedley Station a l '4 ► 4-1 Riverside 44ft Riverside Downtown Station Riverside- Moreno Valley/ La Sierra Station March Field Corona • North Station Station 9, Corona oG "P <(` Lake 9y �'S'1 Matthews 0F a� Perris - Downtown c'o °o Station 0 RCTC Stations 1++++ Metrolink Line a� RIVERSIDE CO. Moreno Valley Perris Perris • South Station Canyon del Lake ake ems Menifee 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 42). 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. In recent years, LOSSAN has gained more local control over 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 42 — Southern California Passenger Rail System Map SANTA BARRARA courAre PACIFIC C Passenger Roil Malian • Amtrak Pocirrr Surfliner © Merrellnk O COASTER © SPRINTER flight Roil) Passenger Roil Service - Amhek Pacific Swfliner Metrelink Ventura County Lime - Metrolink Antelope Volley Line - Metrolink San Bernardino Line - Metrolink Riverside line - Metrolink 91 Line - Metralink Orange County Line Metrolink Inland 014:34e- Orange County Line - COASTER - SPRINTER Right Roll) Key Assumptions A4ntrakCulikornie.com GoNCTD mw nwrcdnkhom, com Southern California Passenger Rail SYSTEM MAP On' * N Y a* ac Y.- r ▪ , r rAMMiN M *a■ Y Y „ o" oo Ord ° o. ve tOS ANi r�5 � 1 o• 0 5 10 15 20 30 40 MileS RIVERSIDE COUNTY SAN DIEC,C: COUNTY • Metrolink's preliminary FY 2017/18 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/PVL. • The 91/PVL extension will be continuing to grow ridership and provide additional options for the County's commuters. • LOSSAN will continue to demonstrate its effectiveness with local control, and the Commission will be an active voting member in the process. Accomplishments • Implemented an optimized 91/PVL service to maximize the benefit of the nine available train slots to Los Angeles. This included a mid -year schedule adjustment and added shuttle service to better service the Riverside Downtown employment centers. • Expanded marketing efforts to establish a ridership base for the PVL and other routes serving Riverside County. • Actively participated as voting member on the LOSSAN board. • 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 24 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 PVL project and related projects added over $250 million more in investment in commuter rail. The PVL construction, including four new commuter rail stations were completed and service began 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 43. Chart 43 — Commission -Owned Rail Station Facilities In Service Location Dare Size Transit Services Primary Features Riverside Downtown (P244001) 4066 Vine Street. Riverside June 1993 26.5 Rail: 91/PVL 2 platforms with 4 boarding tracks .otr.7:!:. ' 7'h'T '�' 'LET: �-- acres IEOC Line 4 parking lots (1,240 spaces) Riverside Line Enclosed pedestrian bridge, elevators, stairwells Amtrak Bus: RTA OmniTrans SunLine Amtrak Mega Bus Jurupa Valley-Pedley (P244002) 6001 Pedle Road, Jurupa Valley June 1993 4.5 Rail: Riverside Line Platform with boarding track �- --- . acres Bus: RTA Parking lot (288 spaces) Q r %. Riverside -La Sierra (P244003) 10901 Indiana Avenue, Riverside October 24.69 Rail: 91/PVL Platform with 2 boarding tracks 1995 acres IEOC Line Parking lot (1,065 spaces) 1 c Bus: RTA Enclosed pedestrian bridge, elevators, stairwells 7/1 ti iA West Corona (P241004) 155 South Auto Center Drive, Corona October 5.49 Rail: 91/PVL Platform with 2 boarding tracks 1995 acres IEOC Line Parking lot (564 spaces) •-;:: • Bus: RTA Enclosed pedestrian bridge, elevators, stairwells Corona Cruiser North Main Corona (P241006) 250 East Blaine Street, Corona November 6.72 Rail: 91/PVL Platform with 2 boarding tracks — 2002 acres IEOC Line Parking lot (579 spaces) Bus: RTA Parking structure (1,000 spaces) ' Corona Cruiser Enclosed pedestrian bridge, elevators, stairwells Location i� Service Date She Transit Services Primary Features Perris -Downtown (P244010) 121 South C Street, Perris June 2016 5.5 Rail: 91/PVL Platform with boarding track mg -A, s 1 Pe° a sO1�" (bus transit acres Bus: RTA Parking lot (444 spaces) center opened 2010) Riverside -Hunter Park/OCR (P244020) 1101 Marlborough Avenue, Riverside June 2016 9.35 Rail: 91/PVL Platform with boarding track `, '_ ,-,. _1 MONTER PARR LICR acres Bus: RTA Parking lot (528 spaces) Moreno Valley/March Field (P244021) 14160 Meridian Parkway, Riverside June 2016 14.47 Rail: 91/PVL Platform with boarding track ......1_; .- I MORENO acres Bus: RTA Parking lot (476 spaces) Amtrak Stairwell Perris -South (P244022) 1304 Case Road, Perris June 2016 40.57 Rail: 91/PVL Platform with boarding track .. iv SOUTH PERRIS acres Bus: RTA Parking lot (907 spaces) Amtrak Riverside Downtown Operations Control Center (P244024) 4344 Vine 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 rail stations, including the RDOCC. Through FY 2015/16 station operating costs were primarily funded with LTF Western County rail allocations. As a result of the new PVL 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 going forward. Table 59 summarizes the rail station maintenance costs. Table 59 - Rail Station Maintenance Summary FY 15/16 FY 16/17 FY 16/17 FY 17/18 Actual Budget Projected Budget Equipment Maintenance $ 461,000 $ 691,800 $ 277,300 and Repairs Grounds Maintenance 343,300 1,001,800 830,800 and Repairs Utilities and Support 322,300 949,500 804,100 Property Management 622,700 936,400 477,600 and Operations Security 1,502,400 2,367,300 2,008,900 Improvements 85,200 61,000 21,000 $ 669,600 1,064,700 1,579,400 288,800 2,538,000 90,000 Total Expenditures $ 3,336,900 $ 6,007,800 $ 4,419,700 $ 6,230,500 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 91/PVL. • Continue to work with Metrolink and member agencies 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 Riverside -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. There is a significant parking lot and transit center expansion for the Riverside —La Sierra Station that will be in construction this year. • 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 Jurupa Valley—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 which is under development. 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 44) 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 44 — San Jacinto Branch Line San Jacinto Branch Line Moreno Valley w+� San Jacinto Branch Line Perris Valley Line Service Area Perris Valley Line Project The PVL was substantially completed in September 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, Perris - Downtown, and Perris -South; 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 Perris -South 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 Perris -South and Riverside Downtown with connections to IE0C and Riverside line trains as well. COACHELLA 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 is scheduled for 2018 and initial drafts include the Coachella Valley Service as an integral part of future growth. 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 established 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 1B 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. The phase 1 including the Alternatives Analysis was completed and approved by the FRA. In the July 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. To continue the development of this project, the Commission partnered with Caltrans and 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 2017/18 budget. The Commission has created an annual SRTP for the Coachella Valley -San Gorgonio Pass corridor rail service project. As the result of the many 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 45). 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 approved Alternative Analysis recommended a preferred alignment. Chart 45 — Coachella Valley -San Gorgonio Pass Corridor Rail Service — Proposed Alternative •' as. 1 ‘16° No uuc' :V;115 0 Ji171 tl vi.awai. -Yo dm Full non Ana'i l sn re �:5;1 �3,i 7:13111114 S911411 Aian. tW8enardlnnl Fontana [Man 'y___LPma Linda NT o' • [orana If‘% $arm 1 7-77C 'side vile 410_ Palm Springs.\ NM° 4an Cal eu cn.0.il.Y 3:1il.dJil.5Uilld !� mnm esndm9.. , Calm n Desert Hot Wilms LEGEND Alternative 1 - Potential 55ations PSPi� usand Palms 11%� s S111iI1'1 Palm D n Indlanti adlo T Wells Wil la Oulna eoarneiia� Them a etnMmlG u� Rancho age In MItilE1 1 dio M 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 efforts. 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 • Progress on the development of the Coachella Valley -San Gorgonio Pass corridor rail service will continue. Accomplishments • Completed first operational year of PVL service. • Completed the Alternatives Analysis for the Coachella Valley -San Gorgonio Pass corridor rail SDP. • Initiated Phase II of the Coachella Valley -San Gorgonio Pass corridor rail project and environmental efforts. • Conducted additional public scoping outreach for the Coachella Valley -San Gorgonio Pass corridor rail project. Major Initiatives During FY 2017/18, 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 the 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/PVL. • 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 Actual FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Average daily ridership on existing commuter lines • Riverside Line 3,896 4,387 4,489 3,781 • IE0C Line 4,571 4,421 4,428 4,794 • 91/PVL 2,514 2,600 2,619 2,914 Farebox recovery ratio • Riverside Line 52.8% 47.7% 43.2% 43.4% • IE0C Line 35.3% 33.4% 30.0% 30.0% • 91/PVL 41.2% 27.7% 21.6% 23.9% 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 46 — Public and Specialized Transit Transfers Out_ 17% Salaries and Benefits 0% Projects and Operations 83% Expenditures Public and specialized transit uses are budgeted at $146,994,200 for FY 2017/18, as presented in Table 60, 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 $83,180,000; bicycle and pedestrian facilities allocations to cities and the County of $4,000,000; and planning and administration allocations to other agencies of $807,000. STA disbursements of $21,320,000 are for bus capital purposes in Western County, Coachella Valley, and Palo Verde Valley. Transfers out comprise $18,000,000 for rail operations; $2,000,000 for grade separations; $2,640,000 for planning; $1,537,300 for administration; and $226,800 for Coachella Valley rail operations and capital. The LTF and STA transit allocations reflect the use of $23,200,000 and $10,812,300 in fund balances, respectively. Measure A disbursements include $2,800,000 for Western County specialized transit funding of the third year of the 2015 three-year call for projects. The majority of other Measure A disbursements relates to other Measure A public transit programs: $800,000 for Western County Consolidated Transportation Service Agency (CTSA) allocations, $5,000,000 for Coachella Valley public and specialized transit, and $3,990,600 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 60 - Public and Specialized Transit Expenditure Detail FY 15/16 Actual FY 16/17 Revised Budget FY 16/17 FY 17/18 Projected 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 Operating and Capital Disbursements Transfers Out TOTAL Public and Specialized Transit $ 369,400 $ 4,300 73,000 121,300 198,600 45,800 70,990,800 23,151,500 $ 94,756,100 $ 307,500 $ 303,000 1,000 37,600 15,200 143,200 197,000 54,200 1,000 38,000 14,000 143,700 196,700 48,200 114,844,600 86,850,400 23,794,000 21,788,400 139,197,300 $ 109,186,700 Public and Specialized Transit Staffing Position Administrative Assistant Chief Financial Officer Executive Director Management Analyst Multimodal Services Director Procurement Analyst Senior Management Analyst Transit Manager FT E Department Budget Overview Department Description Summary FY 15/16 0.07 0.07 0.00 0.99 0.19 0.01 0.00 1.00 $ 415,500 14,000 20,000 15,000 171,300 220,300 56,700 121,897,600 24,404,100 S 146.994.200 FY 16/17 0.06 0.02 0.00 1.00 0.25 0.00 0.00 1.00 2.33 2.33 $ 108,000 35% 13,000 (17,600) (200) 28,100 23,300 2,500 7,053,000 610,100 $ 7,796,900 1300% -47% -1% 20% 12% 5% 6% 3% 6% FY 17/18 0.05 0.03 0.01 1.00 0.22 0.00 0.02 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. The 2013 two- year Call for Projects was completed in 2015. Through the existing 2015 three-year Call for Projects, Measure A funds will be utilized by projects until June 30, 2018. 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. In January 2017 Caltrans issued a new three-year term call for projects using the FY 2014/15, FY 2015/16 and FY2016/17 available funding. Projects will be funded fully with federal funds using Transportation Development Credits (Toll Credits) as matching funds. The Commission is responsible for short-range transportation planning and programming within the county. 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 as well as 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 deposited $4 billion 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). It has provided significant revenue for major construction and capital transit projects in the county. However, this bond funding was available only through the end of FY 2016/17, however, any remaining fund balance will continue to be programmed by operators through FY 2017/18. 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. This program intends 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, approximately $2.7 million in FY 2015/16 will support the construction of RTA's UCR Mobility Hub, station upgrades for the Commission's new PVL 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 county's share of the FY2016/17 allocation significantly decreased to $1.2 million. These funds will be applied for and programmed by operator during the FY 2017/18. 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 2017. • 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 second -year implementation of the ongoing specialized transit services resulting from the 2015 3-year Measure A Call for Projects funding allocation process. • Assisted in the implementation of 29 capital projects awarded to ten successful County recipients of funding under federal FY 2012/13 and FY 2013/14 FTA Section 5310 program. Projects were derived from the 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 2016/17 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. • Completed the TDA Triennial Performance Audit of the Commission and seven County transit operators covering FY 2012/13 through FY 2014/15 using an outside auditor. 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 2017, 17 programs in Western County completed its second 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, lntermodalism & 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, lntermodalism & 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 PVL 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, lntermodalism & 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 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected SRTPs submitted by operators and reviewed 9 9 9 9 SRTP amendments 2 2 3 3 Specialized Transit grants awarded 17 17 17 17 One-way trips provided by Measure A funded projects 115,000 96,730 103,952 111,945 One-way trips provided by FTA Section 5310 funded projects 0 94,213 93,464 95,000 One-way trips provided by JARC & New Freedom funded agencies 160,000 40,909 26,634 0 One-way trips reimbursed through the Western County Transportation Reimbursement and Information Project by Measure A funded projects 100,000 59,302 38,570 39,600 One-way trips reimbursed through the Western County Transportation Reimbursement and Information Project by FTA Section 5310 0 43,757 98,910 99,500 Transit tickets provided through the Transportation Access Program 65,000 74,818 70,000 91,019 Clients served through Blindness Support Services 34 58 54 54 Unique persons served through Vetlink 211 Services 1,590 1,599 1,930 2,600 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 47 — Commuter Assistance Transfers Out 34 Expenditures Salaries and Benefits 5% Professional Costs 10% Support Costs 3% Projects and Operations 48% Commuter Assistance expenditures total $5,066,000, which represents a 41% increase from last year's budget (Table 61) due to anticipated start-up costs for a new rideshare transit (RTA) service and incentive program. Salaries and benefits of $259,800 reflect a 5% net decrease due to a change in FTE allocations, offset by a 4% pool for merit -based salary increases. Professional costs of $499,300 have increased 7% over the prior year due to assessment and implementation of new service and incentive enhancements. Support costs of $152,400, which include mail and printing services, communications, and other office expenditures, have decreased 25%. Projects and operations expenditures of $2,456,500 consist of park and ride lease payments of $150,000; regional transportation consultant services totaling $1,800,000 to manage and implement the program; and commuter incentives and subsidies vouchers valued at $456,500. Reimbursements from SANBAG for rideshare services provided by the Commission are included in revenues to offset a portion of these expenditures. Transfers out include $1,500,000 for a transit incentive project in western county and $198,000 for administrative costs. Table 61— Commuter Assistance Uses Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 298,700 $ 273,100 $ 267,000 $ 259,800 $ (13,300) -5% Professional Costs Legal Services 11,500 25,000 3,800 25,000 O% Financial Advisory 7,600 7,600 7,600 - O% Professional Services - General 321,100 432,400 466,700 466,700 34,300 8% Total Professional Costs 332,600 465,000 478,100 499,300 34,300 7% Support Costs 9,100 204,400 151,200 152,400 (52,000) -25% Projects and Operations Program Operations 2,008,200 2,645,000 2,369,300 2,456,500 (188,500) -7% Transfers Out 159,500 1,698,000 1,698,000 N/A TOTAL Commuter Assistance $ 2,808,100 $ 3,587,500 $ 3,265,600 $ 5,066,000 $ 1,478,500 41% Commuter Assistance Staffing Summary Position FY 15/16 FY 16/17 Commuter and Motorist Assistance Manager 0.87 0.90 Deputy Executive Director 0.00 0.00 IT Administrator 0.00 0.00 Management Analyst 0.57 0.25 Multimodal Services Director 0.27 0.20 Procurement Analyst 0.01 0.05 Procurement Manager 0.01 0.02 Senior Administrative Assistant 0.06 0.05 Senior Management Analyst 0.00 0.00 FTE 1.79 1.47 Department Budget Overview Department Description FY 17/18 0.60 0.02 0.01 0.30 0.30 0.05 0.05 0.05 0.03 1.41 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 riding a bus or train, carpooling, vanpooling, 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 modes of transportation. 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, SBCTA will contract with the Commission to manage and implement a "sister" Commuter Assistance Program for its residents and employers in San Bernardino County. Accomplishments • Enhanced the IE Commuter rideshare system with new on-line resources and tools (new employee transportation coordinators (ETCs) dashboard interface, real time Rideshare Week pledge activity, and marketing resources) for employers to more effectively manage employee commute information and market rideshare within its organizations'. • Improved operational efficiencies by migrating several manual/paper processes to online functionality, including incentive applications, approvals and fulfillment. Consolidated information services toll -free numbers, added phone analytics and reporting and realized additional cost -savings implementing voice-over- internet-protocol (VOIP) technology. • Supported RCTC, SBCTA transportation and Metrolink rail and transit initiatives by staffing commuter/rider events at Inland Empire Metrolink stations and incorporating project information into public outreach activities and communication channels. • Coordinated new rider events at 91/PVL stations to provide first time Metrolink and transit riders with an escorted trip on the 91/PVL service and RTA's new shuttle service connecting riders from the Riverside Downtown Metrolink station to downtown Riverside in an effort to encourage employees to change their mode of transportation for their commute. • Rideshare Week participation metrics far exceeded those of neighboring regions. • Refreshed 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), Lake Elsinore Market (Lake Elsinore), Lake Elsinore Outlets (Lake Elsinore), Shepherd of Life (Lake Elsinore), The View Church (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 2017/18 are described below. Restructure Commuter Incentives: A shared characteristic of behavior change initiatives is the success of incentives to affect positive change regardless of whether those incentives are financial, recognition, or simply bragging rights. The Commuter Assistance Program will continue exploring cost-effective incentives such as the ability to earn a tier of virtual commuter badges as well as mode -specific incentives to its long history of incentives for trying ($2/day) and continuing to (Rideshare Plus) rideshare. Significant investments have been made to provide new transportation options such as the 91/PVL and 91 Express Lanes in Riverside County. The Commuter Assistance Program will refine incentive options with a focus on the adoption of higher density modes of transportation such as transit (bus and rail) specifically and vanpools or 3+ carpool arrangements. The Commuter Assistance Program will also reach out to coordinate with Orange County employers at the destination of RTA's new commuter express bus service as well as support the agency's mobile ticketing app research, expected to include a "wallet" for earned commute incentives. 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 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 is 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 continue to be phased in to expand the awareness and consideration of rideshare options. 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 2017/18 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 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 91/PVL and 91 Express Lanes. • Continue to enhance the IE Commuter user experience with ongoing improvements in functionality and services offered through the website and launch of a new IE Commuter mobile application. • 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. • Implement new transit focused incentives to support the agency's investments in transit infrastructure and operations. 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 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 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Number of one-way single occupant vehicle trips reduced as a result of Rideshare Incentives 70,000 144,000 150,000 150,000 Number of Rideshare Plus Rewards Members 4,200 2,371 3,000 3,150 Number of incoming 1-866-RIDESHARE telephone calls 1,900 5,026 5,500 5,500 Number of services provided by IE Commuter to support employer trip reduction efforts at worksites: • Employer worksites requesting survey services 125 118 125 130 • RideGuides produced 18,000 14,202 15,000 15,750 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 48 — Motorist Assistance Transfers Out 21% Expenditures Salaries and Benefits 3% Professional Costs 9% Support Costs - 5% NN_Projects and Operations 62% Motorist Assistance expenditures and uses are budgeted at $6,001,400, a decrease of 14% compared to the prior year budget (Table 62) due to completion of 91 Project construction FSP services and call box upgrade project. Salaries and benefits reflect an increase of 25% due to FTE allocations and a 4% pool for merit -based salary increases. Professional costs of $518,000 reflect a decrease of 30% due to reductions in 1E511 operational costs, and support costs of $298,900 decreased $620,400, or 67%, due to completion of the call box reduction effort, optimizing the program footprint and number of call boxes to support and maintain. Reimbursement from SBCTA for half of all 1E511 related expenditures is included in revenues. Budgeted expenditures for program operations include $3,200,000 in towing contract costs for the FSP program. Projects and operations costs have decreased 7% due to decrease in construction FSP activity. Transfers out represent SAFE matching funds of $1,083,600 for FSP services and a $173,900 allocation for administrative costs. Table 62 — Motorist Assistance Uses Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ 92,300 $ 163,600 $ 163,400 Professional Costs Legal Services 16,600 32,500 35,500 Professional Services - General 422,500 711,900 495,300 Total Professional Costs 439,100 744,400 530,800 Support Costs 232,900 919,300 680,100 Projects and Operations Program Operations 3,395,200 4,016,200 3,555,000 Transfers Out 944,600 1,108,900 701,300 TOTAL Motorist Assistance $ 5,104,100 $ 6,952,400 $ 5,630,600 $ 204,000 35,500 482,500 518,000 298,900 3,723,000 1,257,500 $ 6,001,400 $ 40,400 25% 3,000 9% (229,400) -32% (226,400) -30% (620,400) -67% (293,200) -7% 148,600 13% $ (951,000) -14% Motorist Assistance Staffing Summary Position FY 15/16 FY 16/17 Commuter and Motorist Assistance Manager 0.13 0.10 IT Administrator 0.00 0.00 Management Analyst 0.40 0.69 Multimodal Services Director 0.10 0.07 Procurement Analyst 0.03 0.05 Procurement Manager 0.02 0.01 Senior Management Analyst 0.00 0.00 FTE 0.68 0.92 Department Budget Overview Department Description FY 17/18 0.40 0.02 0.70 0.08 0.05 0.05 0.06 1.36 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 regional county transportation partners, the Commission will transition from a locally provided 1E511 system to a regional southern California 511 solution. • 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. • The call box system program will continue to serve as a "safety -net" for stranded motorists in the County. • Annual call box maintenance costs are based on a flat -fee contract based on the number of call box units. • 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 more than 39,000 monthly IE511.org web visits and 19,000 monthly 1E511 phone calls. • Upgraded call box technology and optimized call box program footprint from a total of 680 to 250 call boxes, in response to declining demand and continued proliferation of cell phone usage, resulting in a more cost effective lifeline program for motorist. In addition, the system was seamlessly transitioned to a different service provider with more favorable coverage and rates. • Achieved one of 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. Major Initiatives Since 2010, the Commission, along with its partner, SBCTA, has operated, maintained, and enhanced the 1E511 system which includes a website interface and an interactive voice response (IVR) telephone system that serves Riverside and San Bernardino counties residents and commuters. While the system has served local commuters garnering an average of 39,000 monthly web visits and 19,000 monthly calls, plus 50,000 mobile app downloads, the program will transition to a regional and more cost effective 511 solutions in partnership with local southern California transportation agencies. Major Motorist Assistance initiatives will also focus on system efficiencies and evaluating and/or implementing enhanced program services or coverage. Savings realized from the recent call box optimization project will be applied to event related FSP services in the Coachella Valley and other potential service enhancements. 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 (511, FSP, Call Box) and an outstanding level of service to the traveling public. (Policy Goals: Mobility, System Efficiencies, Financial & Administration) Objectives: • Reduce 511 costs and enhance access to real-time traveler information by transitioning to a regional 511 southern California solution. • Support local venues and attractions with the implementation of expanded FSP to optimize traffic flow related to the arrival and departure of regional traffic to large scale events in the Coachella Valley. • 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; • In anticipation of potential incremental FSP funds from the state, staff will identify and recommend service expansion (i.e. weekend service on select beats or new beat areas) opportunities that provide the greatest benefit to cost ratio. • Review proposed construction projects with Commission, Caltrans, and local cities and coordinate the use of temporary construction tow service to mitigate congestion. • Continue coordination with San Bernardino SAFE to monitor the operation of the call answering center contractor. Motorist Assistance Performance/Workload Indicators FY 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Number of call boxes 547 545 250 250 Number of call box calls 3,880 3,053 2,246 1,680 Number of vehicle assists 46,394 37,261 37,500 37,500 Number of 511 phone calls 264,442 233,895 211,000 189,000 Number of 511 web visits 518,520 473,462 497,000 522,000 Toll Operations Mission Statement: "To efficiently operate express lanes with high customer satisfaction to reduce congestion, improve mobility, and manage demand." Chart 49 — Toll Operations Transfers Out\ 22% Capital Outlay 2% Projects and Operations 39% Expenditures Salaries and Benefits Professional 4% Costs 5% Support and Maintenance Costs 28% Toll operations expenses of $18,555,500 represent one year of operating expenses for the Riverside 91 Express Lanes (Table 63). The 91 Project expenditures are included in the Capital Project Development and Delivery Department. Approximately 67% of the expenses are comprised of operations, maintenance, and support costs. Salaries and benefits reflect 3.55 FTEs and includes a 4% pool for merit -based salary increases. Professional costs of $913,500, 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 $5,191,600 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 $7,252,400. Transponder costs of $400,000 are reflected in capital outlay. Transfers out of $3,560,000 represent interest payments on outstanding 2013 Toll Bonds and $492,900 for administrative costs. Table 63 - Toll Operations Uses Detail FY 15/16 FY 16/17 FY 16/17 FY 17/18 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits $ $ 268,400 $ 169,800 Professional Costs Legal Services 25,000 100,000 Audit Services 19,000 66,500 Professional Services - General 263,000 157,000 Total Professional Costs 307,000 323,500 Support and Maintenance Costs 2,674,900 1,161,400 Projects and Operations Program Operations 3,052,800 1,804,900 Ca pita I Outlay 250,000 400,000 Transfers Out TOTAL Toll Operations $ - $ 6,553,100 $ 3,859,600 $ 745,100 310,000 66,500 537,000 913,500 5,191,600 7,252,400 400,000 4,052,900 $ 18,555,500 $ 476,700 178% 285,000 1140% 47,500 250% 274,000 104% 606,500 198% 2,516,700 94% 4,199,600 138% 150,000 60% 4,052,900 N/A $ 12,002,400 183% Toll Operations Staffing Summary Position FY 15/16 FY 16/17 FY 17/18 Accounting Assistant 0.00 0.00 Chief Financial Officer 0.00 0.10 Deputy Director of Finance 0.00 0.10 Deputy Executive Director 0.00 0.00 Executive Director 0.00 0.03 IT Administrator 0.00 0.00 Procurement Analyst 0.00 0.00 Procurement Manager 0.00 0.00 Senior Financial Analyst 0.00 0.30 Senior Management Analyst 0.00 0.00 Toll Operations Manager 0.00 0.10 Toll Program Director 0.00 0.20 Toll Senior Management Analyst 0.00 0.15 Toll Technology Manager 0.00 0.10 FTE 0.00 1.08 Department Budget Overview Department Description 0.05 0.10 0.15 0.05 0.10 0.05 0.05 0.10 0.70 0.10 0.50 0.15 0.75 0.70 3.55 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. In FY 2017/18, the Commission will enter its first full year of operation of the 91 Express Lanes. The completed 91 Project connects the OCTA 91 Express Lanes with the Riverside 91 Express Lanes using a two-mile long mixing area, which allows vehicles to use either or both sections of the 91 Express Lanes (Chart 50). The Riverside 91 Express Lanes continue approximately eight miles to the 1-15 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 of SR-91/I-15 interchange. 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. Chart 50 — Riverside 91 Express Lanes SAN BERNARDINO COUNTY ORANGE COUNTY Exrr alCounty line for destinations in Riverside Countyr • Green River Rd • Maple 5rPoV6thSt • 5R-71 • Lincoln St • Serfos ClubDr • Main 51 Exit at County Lne for destnations fn Orange County: • Gypsum Carryon Rd • l4 r Tali Road • Weir Canyon RdlyorbaLinda Ned • ImperialFiny • Lialaviexr Ayr RIVERSIDL c; 5. s� T` OntarioAve Legend Edging 91 Express Lanes 91 Express Lanes Extension El County Line Entry/Exit Zone 0 Carpool Verification Point 91 Express Lanes Entry/Exit Points and Price Signs (Posted price is for the entire trip) 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 agreed on use of the same operator (Cofiroute USA, LLC) for the operation of the 91 Express Lanes. The joint operation of the 91 Express Lanes provides for cost sharing and a seamless customer experience. Commission staff, as supported by the operator, operates and maintains the Riverside 91 Express Lanes from the existing Toll Operations Center and administrative offices in Anaheim and Customer Service Center in Corona. The operator's responsibilities for the Riverside 91 Express Lanes include processing of toll transactions, collection of revenue, opening and management of customer accounts, violation processing, traffic operations center management, customer service, financial management, reporting, maintenance of the Revenue and Account Management System (RAMS) and toll lane system, and maintenance of the Anaheim and Corona facilities. Staff will provide direct oversight to the operator and administer contracts with the California Highway Patrol performing toll enforcement, Caltrans performing road maintenance, and various system maintenance contracts that fall outside of the operator's scope of work. Staff will coordinate on -going 91 Express Lanes marketing efforts with OCTA and the California Toll Operators Committee. Staff will prepare and/or distribute all required reports and coordinate the annual financial audit of the 91 Express Lanes. While the Commission and OCTA will jointly operate and maintain the 91 Express Lanes, tolls for each of the Riverside 91 Express Lanes and the OCTA 91 Express Lanes are charged independently and reported separately. In connection with an agreement between the Commission, OCTA, and a master custodian, tolls related to the Riverside 91 Express Lanes and the Commission's portion of non -toll revenues are deposited with the Commission's trustee for the 2013 Toll Bonds and TIFIA loan. These revenues are being 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 (Chart 51). Toll Operations staff is supporting project development by providing comprehensive input to system design, project financing, agency agreements, public outreach, regional operations center acquisition and preparation, toll supply and maintenance facility preparation, creation of toll policies and business rules, and other support. The costs for the development of the I- 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. Chart 51— Proposed 1-15 Express Lanes LEGE ND Express Lanes ❑ Express Lane Ingress ▪ Express Lane Egress ▪ Express Lane Ingress/Egress n Tolling Point tOS ARMES CO ONANGE CO Pi Pro inE u:.iPE �:O vIDA Cantu-Gehenna Ranch Rd. • Jurupa Valley Limonite Ave. Easter: 1 k Riverside • Second SL • Norco i .. o Hetlen Maley Pliwy. I Corona/t Ontsno Ave.c== Magnolia Ave. El OHM Rd. Cajalco Re. WeRN:k Rd. 4 � 7.1r. 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 SBCTA regarding its development of express lanes on the 1-15 corridor near the San Bernardino County line. Staff is actively involved in the California Toll Operators Committee (CTOC), which addresses many statewide toll issues including toll technology to improve the customer experience across the state, create synergy among toll agencies, improve legislation related to tolling and comply with national toll technology interoperability standards. Key Assumptions • The 1-15 Express Lanes will continue to be expedited through the project development process via agreements, project financing, design, and construction with tolled express lanes 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. • 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 the hiring of the Toll Operations Department staff with the addition of the Senior Management Analyst. • Obtained Commission adoption of a privacy policy, violation ordinance, and opening day toll rates for the 91 Express Lanes. • Completed the installation, testing and operational readiness of the 91 Express Lanes toll systems and facilities. • 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. • Developed 91 Express Lanes agreements with Caltrans for express lane roadway maintenance, CHP for enforcement services, OCTA for toll facility payment, Parsons for traffic operations center system maintenance, and Daktronics for changeable message sign maintenance. • Opened the 91 Express Lanes and commenced revenue collection in March 2017. • Participated in the CTOC efforts to establish a statewide plan for transition to the 6C transponder technology, statewide marketing, toll enforcement legislation and advancement of toll collection technology related to clean air vehicles. • Participated in the on -going review of the Transportation Corridor Agencies 241 Connector. • Obtained Commission adoption of toll policies for the 1-15 Express Lanes. • Awarded a contract to the 1-15 Toll System Provider for the design and development and operations and maintenance of the toll services. • Awarded a contract to the 1-15 design -build contractor. • Contributed to the 1-15 Express Lanes project financing efforts by providing capital and operating cost estimates, account and violation revenue estimates, project risk and risk allocation information, and other information. Major Initiatives Toll Operations staff will manage the operations of the 91 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 Riverside 91 Express Lanes; • Ensure all covenants in the financing documents are met; and • Provide net revenues for Riverside Freeway/SR-91 corridor improvements, as allowable under Senate Bill 1316. Monitoring and reporting on actual toll transactions and related toll revenues will be a primary responsibility for Toll Operations. Actual transactions and revenue will be compared to projected revenue utilizing 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 Commission's actual financing case for the 91 Project assumed more conservative toll revenues. The Toll Operations FY 18 budgeted revenue of $16.8M is below the Stantec estimate of $16.9M and represents a conservative estimate based on the revenue generated during the initial 6 weeks of operation. The FY18 Stantec and finance case revenue estimates are summarized in Table 64. Table 64 — Comparison of Toll Transaction and Revenue Projections Stantec estimate Financing case estimate Difference Toll Revenue 16,974,400 11,373,000 5,601,400 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 $13.7 million, whereas the Commission used costs of $14.5 million in the FY 2017/18 budget or 6% above the amount in the Engineer's Technical Report. In addition to monitoring toll revenues during FY 2017/18, Toll Operations will analyze these operation and maintenance costs during the fiscal year. Toll Operations will also continue to support the design and development of the 1-15 Express Lanes. The design and development for the 1-15 Express Lanes will consist of facility design with the design -builder and toll system design with the toll systems provider. Work in the area of environmental management and public outreach will also continue. Securing of the project financing is expected to be complete in July of 2017. 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 was transferred to an operations and maintenance fund held by the trustee upon substantial completion of the 91 Project. Additional information regarding the 2013 Toll Bonds and TIFIA loan is included in Section 5, Commission Debt. The Commission does not anticipate any deposits to the repair and rehabilitation fund nor does it expect any repair and rehabilitation expenditures permitted under the master indenture and TIFIA loan agreement during the first full year of operations. 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, 2018 are presented in Table 65. Table 65 — Riverside 91 Express Lanes Projected Cash Flows FY 2017/18 Cash balance at July 1, 2017 Cash flows from operating activities: Sources of operating funds: Toll revenue Total sources of operating funds $ 2,517,800 16,835,800 16,835,800 Uses of funds for operations and maintenance: Salaries and benefits 745,100 Professional costs 913,500 Support and maintenance costs 5,191,600 Projects and operations 7,252,400 Capital outlay 400,000 Total uses of funds for operations and maintenance 14,502,600 Net cash provided by operations 2,333,200 Cash flows from non -capital financing activities: Administrative allocation to General Fund (492,900) Cash flows from capital and related financing activities: 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 (3,560,000) (3,560,000) 4,000 4,000 Net increase in cash (1,715,700) Available cash at June 30, 2018, as projected $ 802,100 Department Goals Provide effective communication of project progress and toll operations to the 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 16/17 Estimated FY 17/18 Projected Toll transactions 3,998,800 13,862,576 Toll revenues $2,865,700 $14,175,100 Non -toll revenues $373,800 $2,661,700 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 fairest, economical, efficient, and timely manner possible." Chart 52 — Capital Project Development and Delivery Transfers Out 32% Debt Service 13% Expenditures Salaries and professional Benefits Costs 0% 1% Capital Outlay 1% Projects and Operations 53% The budgeted expenditures and transfers out total $843,625,200 to cover all of the Commission's major capital projects (Table 66). Salaries and benefits costs represent less than 1% of the budgeted uses and reflect a net decrease of 16% due to the allocation of FTEs, offset by a 4% pool for merit -based salary increases. Professional costs of $6,547,300 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 $652,500 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 $7,442,600 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 $8,766,400 are the first construction package for Mid County Parkway (I-215/Placentia Interchange), the I-15/Railroad Canyon Interchange (on behalf of the city of Lake Elsinore), the Santa Ana River Trail (on behalf of Riverside County Regional Park and Open Space District), and various Western County TUMF regional arterial projects. Construction expenditures of $68,052,400 are primarily related to the Pachappa underpass, various Western County Measure A and TUMF regional arterial projects, Santa Ana River Trail, La Sierra station improvements; and rail improvement and rehabilitation projects. Design -build costs of $189,485,000 pertain to the 91 Project and 1-15 Express Lanes project. Right of way expenditures of $82,971,100 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 PVL projects. Funding will also be provided for MSHCP land mitigation. Local turnback payments to jurisdictions and the County for local streets and roads repair, maintenance, and construction amount to $52,069,000, net of an allocation of $864,000 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 $802,000 are related to a "next generation" toll feasibility study. Operating and capital disbursements of $10,350,000 are related to 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, 2016 Refunding Bonds, and commercial paper notes are approximately $41,123,200. Principal payments of $66,045,000 are related to the 2009 Bonds and 2016 Refunding Bonds. Significant transfers out consist of the following: • $83,939,000 in sales tax and toll revenue bond proceeds to fund the 91 Project; • $9,070,000 in sales tax revenue bond proceeds to fund the 1-15 Express Lanes project; • $34,000,000 in commercial paper notes proceeds to fund the 91 Project; • $6,100,000 in commercial paper notes proceeds to fund a reserve for the 1-15 Express Lanes project; • $30,000,000 in sales tax revenue bond proceeds to fund debt service in the commercial paper fund; • $73,960,000 from 2009 Measure A Western County highway fund to the Debt Service fund for sales tax bonds debt service; • $5,254,400 from Measure A and TUMF for the allocation of administrative costs to the General fund; • $864,000 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; • $435,000 from 2009 Measure A Western County highway fund to the TUMF regional arterial fund for the SR-79 realignment project; • $7,500,000 from 2009 Measure A Western County rail fund to the General Fund for rail station maintenance and operation expenditures; • $11,684,400 from 2009 Measure A Western County rail fund to the 1989 Measure A Western County rail fund for the PVL; and • $2,746,500 from the Debt Service fund to the 2009 Measure A Western County highway and Coachella Valley highway funds for BABs subsidy reimbursements. Table 66 - Capital Project Development and Delivery Uses Detail FY 15/16 Actual FY 16/17 FY 16/17 Revised Budget Projected FY 17/18 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 $ 3,275,700 $ 4,126,100 $ 4,154,900 6,755,900 5,500 126,500 1,856,000 7,938,700 56,500 849,800 14,076,200 6,541,100 31,500 831,700 13,075,900 8,743,900 22,921,200 651,700 1,202,500 7,766,000 6,343,800 3,577,300 17,842,900 112,067,600 82,129,000 265,484,600 145,010,600 56,272,600 74,204,700 49,826,500 51,358,000 12,148,000 30,516,600 47,400 815,000 6,793,700 9,711,800 513,983,700 1,003,600 53,410,200 129,453,100 $ 710,521,900 417,932,400 2,065,000 149,260,800 207,063,800 $ 804,571,800 20,480,200 666,900 5,962,100 3,204,000 33,751,000 140,930,000 36,156,600 51,358,000 30,516,600 2,000 2,070,000 303,950,300 1,350,000 137,465,400 160,405,800 $ 628,473,500 Capital Project Development and Position Accounting Supervisor Administrative Assistant Capital Projects Manager Chief Financial Officer Deputy Director of Finance Deputy Executive Director Executive Director External Affairs Director Facilities Administrator IT Administrator Management Analyst Planning and Programming Director Planning and Programming Manager Procurement Analyst Procurement Manager Project Delivery Director Public Affairs Manager Right of Way Manager Senior Administrative Assistant Senior Financial Analyst Senior Management Analyst Toll Operations Manager Toll Program Director Toll Project Manager Toll Senior Management Analyst Toll Technology Manager FTE Delivery Staffing Summary FY 15/16 0.19 0.25 2.79 0.31 0.03 0.08 0.29 0.03 0.00 0.00 1.00 0.09 0.01 0.42 0.65 0.93 0.87 1.00 0.05 0.00 1.84 1.00 0.99 2.00 0.00 1.00 $ 3,461,400 3,741,100 26,500 646,700 2,133,000 6,547,300 652,500 7,442,600 8,766,400 68,052,400 189,485,000 82,971,100 52,933,000 30,000,000 802,000 10,350,000 450,802,500 3,940,000 112,668,200 265,553,300 S RAR A75 Inn FY 16/17 0.00 0.23 3.70 0.37 0.02 0.11 0.43 0.05 0.00 0.00 1.00 0.10 0.01 0.30 0.62 0.80 0.75 1.00 0.05 0.40 2.03 0.90 0.80 2.00 0.85 0.90 15.82 17.42 $ (664,700) -16% (4,197,600) -53% (30,000) -53% (203,100) -24% (11,943,200) -85% (16,373,900) -71% (550,000) -46% 1,098,800 17% (9,076,500) -51% (14,076,600) -17% 44,474,400 31% 8,766,400 12% 1,575,000 3% (516,600) -2% (13,000) -2% 638,200 7% 32,870,100 8% 1,875,000 91% (36,592,600) -25% 58,489,500 28% $ 39,053,400 5% FY 17/18 0.00 0.25 3.72 0.41 0.20 0.24 0.24 0.05 0.06 0.29 1.00 0.11 0.01 0.39 0.39 0.75 0.35 0.99 0.06 0.10 2.16 0.50 0.85 1.00 0.25 0.30 14.67 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, construction management, and design -build. Capital Projects also develops and delivers a limited number of highway projects on behalf of local jurisdictions; these efforts are funded by the local jurisdictions through funding agreements with the Commission. Approximately 42.5% of the Commission's FY 2017/18 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 2017/18 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 PVL 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, 60/215 East Junction HOV connectors, PVL, 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 18 parcels are in active litigation. Fee and permanent easement rights were acquired and will be transferred primarily to Caltrans, the County, 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, in response to the economic downturn. 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 15 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 was completed for the Mid County Parkway, SR-79 realignment and the SR-60 truck climbing lanes; right of way acquisition for the first construction package of the Mid County Parkway is proceeding and acquisitions for the remainder of 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 PVL is the most significant rail capital project, and it was included in the 1989 and 2009 Measure A programs. The PVL 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 the Rail 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 completed fall 2016) 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 and maintenance 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. • Construction of the Mid County Parkway will proceed in construction packages which are carefully scoped to provide maximum immediate public benefit while also matching funding availability. Accomplishments • Continued implementation of the Western Riverside County Delivery Plan. • Completed construction and right of way support for the SR-91 HOV lanes. • Completed environmental revalidation, initiated right of way acquisition, and continued work on the design for the Pachappa underpass project. • Continued to advance the development of the 91 Project in numerous areas: • Substantially completed construction and opened all general purpose traffic lanes in March 2017; • Completed the installation and testing of the toll system for the Riverside 91 Express Lanes; completed the facility modifications to the existing Anaheim Toll Operations Center and Corona Customer Service Center; and opened the express lanes. • Completed the third Financial Plan annual update and reaffirmed the Commission's toll revenue bond ratings. • Continued right of way acquisition and performing utility relocations for the 91/71 interchange improvement project. • Continued to advance the development of the 1-15 Express Lanes project in numerous areas: • Completed a procurement for toll services which includes system design and development; operations and maintenance of the system; and customer service and back office operations. • Completed a procurement for design -build services which includes all design and construction of bridges, pavement, and other freeway improvements. • Continued to advance the project financing by obtaining an indicative investment grade rating, completing the TIFIA loan creditworthiness review, and completing a formal TIFIA loan application. • Obtained environmental approval of the Mid County Parkway project with issuance of a Record of Decision in fall 2015. • Commenced final design for the first construction package of Mid County Parkway — the I-215/Placentia interchange project. • Obtained environmental approval of the SR-79 realignment project with the issuance of a Record of Decision in December 2016. • Completed construction for the PVL project and began service in June 2016. • Completed construction on the RDOCC. • Obtained environmental approval, initiated design, and completed procurement for construction management services for the Riverside — La Sierra station parking lot expansion project. • Completed design of the Riverside Downtown Station Pedestrian Improvements project. • Initiated design for the PVL station pedestrian shelters. • Completed and received environmental approval, initiated design, and right of way acquisition for the SR-60 truck climbing lane project. • Completed construction of the SR-91 HOV project. • Completed 1-215 central widening project. • Substantially completed preliminary engineering and environmental clearance for the I-15/Railroad Canyon interchange project for the city of Lake Elsinore. • Continued preliminary engineering and environmental clearance work for the Santa Ana River Trail project for Riverside County Regional Park and Open -Space District. • Commenced preliminary engineering and environmental clearance work for the Santa Ana River Trail -Green River Golf Course Trail Project for Riverside County Regional Park and Open District. • 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 2017/18 will mark the ninth year of the 2009 Measure A program 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 of the Pachappa underpass project, a portion that was removed from the SR-91 HOV lanes project will be constructed in FY 2017/18. The PVL rail project will also be closed out. Various stages of project development work for projects included in the Western County Highway Delivery Plan will continue in FY 2017/18. Detailed descriptions of the capital projects, including local streets and roads funding, that are included in the FY 2017/18 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 Board, city councils, the County Board of Supervisors, Caltrans, CTC, FTA and FHWA. (Policy Goal: Communications) Objective: • 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. 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) Objective: • Achieve closeout of completed highway construction projects. 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 PVL. • 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: 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 and in accordance with applicable regulations. 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. Chart 53 — Location of FY 2017/18 Major Capital Projects within Riverside County [GEOGRAPHICS TO INSERT MAP HERE] 1) SR-79 Environmental permitting work for realignment between Gilman Springs Road and Domenigoni Parkway. 2) SR-91 (A) Design, right of way acquisition, railroad agreement work, and begin construction of the Pachappa underpass. (B) 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 first construction package, the I- 215/Placentia Interchange. 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 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 15/16 Estimated FY 15/16 Actual FY 16/17 Estimated FY 17/18 Projected Preliminary engineering (project reports and environmental documentation) contracts awarded 0 1 1 0 Plans, specifications, and estimate contracts awarded 1 0 3 2 Number of projects with active right of way acquisition 2 1 4 6 Construction, design -build, and toll system awards 0 0 2 5 License agreements managed 490 560 570 550 Appraisal and appraisal reviews completed 52 25 125 90 Capital Projects Summary The following is a summary of the capital projects included in the FY 2017/18 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 (P003029) Provide funding and support to continue 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 225,000 Preliminary engineering $ 1,500,000 Right of way acquisition/support services $ 158,500 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. SR-79 Realignment (P003003) Complete post -environmental phase work and permitting 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 2017/18 Cost $ 435,000 Preliminary engineering $ 111,100 Other project -related costs Measure A Budget Impact Costs have been funded using TUMF regional arterial, 2009 Measure A highway, and federal funds. Operating Budget Impact N/A; state highway operations are the responsibility of Caltrans. 91 Project (PO03028) Closeout design -build and toll system implementation 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 were open to traffic in 2017. The 91 Project cost is estimated at $1.4 billion, including financing costs. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 3,320,000 Construction/support services $ 43,733,000 Right of way acquisition/support services $ 79,100,000 Design -build $ 3,690,000 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 (PO03021) Continue right of way acquisition and utility relocation work for interchange improvements to the 91/71 interchange. Final design began in March 2012. The total estimated project cost is $118 million. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 50,000 $ 1,105,000 $ 50,000 Final design Right of way acquisition/support services Other project -related costs Costs for right of way acquisition and utility relocation 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 utility relocations in FY 2017/18 and finalize close out during FY 2017/18. Preliminary engineering began in 2001. Construction of the project was completed in Fall 2016. The estimated total project cost is $273 million. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 1,525,000 Right of way acquisition/support services $ 75,000 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 (P003027) Continue design -build and toll system design and construction and project financing activities to add two tolled express lanes in each direction from SR-60 to Cajalco Road in Corona. The project is using 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 130,000 Preliminary engineering $ 6,065,000 Construction $ 3,315,000 Right of way support services $ 110,385,000 Design -build $ 6,645,000 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 STBG funds will be used, 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. 1-15 Railroad Canyon Interchange (005104) Begin final design phase 1 for the city of Lake Elsinore. Cost for final design is estimated to be $4 million FY 2017/18 Cost $ 1,100,000 Final design $ 1,150,000 Right of way acquisition/support services $ 243,100 Other project -related costs Measure A Budget Impact Operating Budget Impact 1-215 Corridor Improvements/Scott Road to Nuevo Road (Central Segment) (P003023) Complete three-year plant establishment period (October 2018) and project closeout (June 2019). 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 completed in 2016. The total project cost is estimated at $120 million. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 692,000 Construction/construction management/support services $ 30,000 Right of way acquisition/support services $ 97,000 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 & P612317) First construction package is broken out as I-215/Placentia Interchange (see P002317below). Perform activities related to post-environmental/permitting, design and right of way for a new corridor from 1-215 to SR-79. 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 4,000,000 Preliminary engineering/final design $ 20,600,000 Right of way acquisition/support services $ 841,000 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 design, right of way and construction phase. Design will be performed by Caltrans. Project will remove the Pachappa shoofly activities and construct the retaining wall, drainage, and track work for the permanent Pachappa underpass. The total project cost is estimated at $12 million. FY 2017/18 Cost $ 11,950,000 Construction/construction management/support services $ 800,000 Right of way acquisition/support services $ 376,300 Other project -related costs Measure A Budget Impact Costs will be funded with federal earmarks, STP and or CMAQ. Operating Budget Impact N/A; responsibility for highway operations has not been determined. Santa Ana River Trail (P007201) 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 2,800,000 Construction/construction support services $ 220,000 Right of way acquisition/support costs $ 450,000 Other project -related costs None; costs will be funded by the District. N/A; operations are the responsibility of the District. Santa Ana River Trail — Green River Golf Course Trail (P007202) Provide project management to the District for the Green River Golf Course Trail of the Santa Ana River Trail project under a cooperative planning and development agreement. The District will be the lead agency for environmental compliance for NEPA and CEQA, and The Commission will be responsible for administration of preliminary engineering, final design, and construction. The District is responsible for 100% of costs. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 500,000 Preliminary engineering/final design Construction/construction support services $ 45,000 Right of way acquisition/support costs $ 131,300 Other project -related costs None; costs will be funded by the District. N/A; operations are the responsibility of the District. Various Western County Highway Projects (P003037, P623999, P629199, P613999, P383999 & P622402) Provide funding and support for the engineering, construction, and right of way activities related to Western County highway and grade separation projects. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 3,821,000 Construction $ 4,003,700 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 Various Western County Measure A and TUMF Regional Arterial Projects (P003003, P005203, P005102, P005107, P005116, P005127, P005134, 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 2,026,400 $ 3,650,200 $ 5,793,600 $ 85,800 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 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. Rail Projects Perris Valley Line and Other Rail Projects (P003800, P003823, P003827, P003829, P003830, P003832 & P003834) Complete closeout 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 September 2016 for a total project cost of $248.3 million, excluding other rail project costs. Revenue service commenced in June 2016. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 21,710,000 Construction/construction management/support services 9,000 Right of way acquisition/support services 615,600 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. Riverside -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, six new bus bays, a new signalized street entrance, and dedicated bus stops and passenger loading area. Construction is estimated at $3 million. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 190,000 $ 3,870,000 $ 10,000 $ 271,100 Preliminary engineering/final design Construction/construction management Right of way support services 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/Jurupa Valley-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, and ADA improvements. Project will commence in spring 2017 and is expected to be completed by fall 2017. Total project cost is $1.5 million. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 95,000 Engineering support/material testing $ 1,428,500 Construction/construction management $ 193,000 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 & P004017) Provide funding and support for station rehabilitation and security at the Riverside -Downtown, Riverside -La Sierra, Corona- North Main, Corona- West, and Pedley stations. Improvements include lighting, parking lot repavement and restriping, security camera replacements, and deck coating. Construction is expected to begin in FY 2017/18. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 1,500,000 Construction/construction management $ 2,200,000 Property improvements $ 10,000,000 Other project -related costs Costs will be funded using FTA, Proposition 1B TSSSDRA funds, 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. Perris Valley Line Platform Canopies (P004025) Install seven major canopies and four small canopies at the Riverside -Hunter Park, Moreno Valley -March Field, and South Perris rail stations. FY 2017/18 Cost $ 50,000 Material testing $ 2,409,000 Construction/construction support services $ 10,000 Right of way support services $ 145,600 Other project -related costs Measure A Budget Impact None; Costs will be funded using FTA 5307 grant funding. Operating Budget Impact 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. Various Western County Rail Projects (P454199, P654199, P336000, P652402 & P652404) Provide Measure A funding and support for right of way activities related to various rail projects. FY 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 250,000 Preliminary engineering $ 2,450,000 Construction $ 500,000 Right of way support services $ 26,341,600 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 549,300 154,200 172,700 3,929,200 1,248,900 1,648,000 1,886,000 1,273,300 1,615,800 3,809, 200 2,287,100 639,100 1,468,400 7,242,700 831,300 2,914,400 601,000 5,185,400 864,000 45,000 38,365,000 (864,000) $ 37,501,000 Banning Beaumont Calimesa Canyon Lake Corona Eastvale Hemet Jurupa Valley Lake Elsinore Menifee Moreno Valley Murrieta Norco Perris Riverside San Jacinto Temecula Wildomar Riverside County Commission (MARA) Allocation of administrative costs Total Western County Less: Beaumont Allocation to MARA 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 1,485,100 612,000 473,400 235,200 1,896,700 1,472,100 2,704,000 2,040, 200 888,100 1,771,200 45,000 Cathedral City Coachella Desert Hot Springs Indian Wells Indio La Quinta Palm Desert Palm Springs Rancho Mirage Riverside County Allocation of administrative costs $ 13,578,000 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 2017/18 Cost Measure A Budget Impact Operating Budget Impact $ 768,800 Blythe 176,200 Riverside County 45,000 Allocation of administrative costs $ 990,000 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 125 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 53). Since the 1980's, the County has been one of the fastest growing counties in the State. Chart 53 — Population — Last Ten Years 2,400,000 2,350,000 2,300,000 2,250,000 2,200,000 2,150,000 2,100,000 2,050,000 2,000,000 1,950,000 1,900,000 1,850,000 ti�0't ti�00 ,96) Source: California Department of Finance The available and affordable housing in the County has attracted many people to the County (Chart 54); however, housing is gradually recovering from a slowdown due to the effect of the subprime mortgages, ensuing credit crisis, and recession. Chart 54 — 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, 2017) O Median Home Values ❑ Riverside County Advantage $334,400 $445,000 $110,600 $537,600 $203,200 $610,800 $276,40 $712,600 $378.200 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 55). Chart 55 — 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 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 56 and Table 68) in the County have shown continued improvements following the recent recession. Chart 56 — Retail Sales (%) - $30 Billion — 2013 Data Total all other services & outlets 29.26% Other Retail SalesJ 7.10% Automotive 23.38% Apparel Stores 6.49 % General Merchandise 9.24 % Food Stores 5.25% Eating & Drinking 10.28% Household & Electronics 3.45% LBuilding Materials 5.55% Table 68 -Riverside County Taxable Sales by Business Type (in 000's) - Last Five Years 20151 2013 2012 2011 2010 Apparel Stores $ 2,136,727 $ 1,771,603 $ 1,672,482 $ 1,505,821 $ 1,391,174 General Merchandise 3,040,243 3,298,920 3,174,022 3,051,709 2,947,905 Food Stores 1,727,517 1,421,590 1,356,148 1,304,731 1,267,758 Eating & Drinking 3,384,494 2,836,388 2,668,324 2,473,339 2,317,486 Household & Electronics 1,135,234 996,484 930,068 914,888 883,109 Building Materials 1,826,293 1,535,178 1,364,513 1,303,073 1,232,145 Automotive 7,693,172 7,421,523 7,009,138 6,311,272 5,306,408 Other Retail Sales 2,338,039 1,781,754 1,841,973 1,711,453 1,480,601 Total all other services & outlets 9,629,185 9,002,027 8,079,341 7,065,212 6,326,196 Source: State Board of Equalization 1 Year represents most recent data available $ 32,910,904 $ 30,065,467 $ 28,096,009 $ 25,641,498 $ 23,152,782 The 2015 taxable sales generation by jurisdiction in the County, including ranking compared to 2005, is presented in Table 69. Table 69 -Taxable Sales Generation by Jurisdiction in Riverside County for 20151 Taxable Sales (in000's) % of Total 2015 Rank 2005 Rank $ 5,371,363 16.3% 2 2 3,320,556 10.1% 3 3 2,940,438 8.9% 4 4 1,580,448 4.8% 5 5 1,524,712 4.6% 6 6 1,281,528 3.9% 7 7 1,039,922 3.2% 8 10 1,004,651 3.1% 9 8 931,694 2.8% 10 11 867,291 2.6% 11 N/A 815,255 2.5% 12 15 804,140 2.4% 13 9 765,715 2.3% 14 12 707,515 2.1% 15 14 656,460 2.0% 16 N/A 580,357 1.8% 17 N/A 543,870 1.7% 18 13 429,731 1.3% 19 16 394,992 1.2% 20 19 307,891 0.9% 21 17 237,342 0.7% 22 21 185,498 0.6% 23 18 157,846 0.5% 24 20 139,383 0.4% 25 N/A 127,502 0.4% 26 23 100,953 0.3% 27 22 64,524 0.2% 28 24 18,299 0.1% 29 25 City of Riverside City of Corona City of Temecula City of Palm Desert City of Moreno Valley City of Murrieta City of Palm Springs City of Hemet City of Indio City of Jurupa Valley City of Perris City of Cathedral City City of Lake Elsinore City of La Quinta City of Eastvale City of Menifee City of Norco City of Rancho Mirage City of Beaumont City of Coachella City of San Jacinto City of Banning City of Blythe City of Wildomar City of Desert Hot Springs City of Indian Wells City of Calimesa City of Canyon Lake Incorporated Unincorporated county area Countywide California Source: California State Board of Equalization 1 Year represents most recent data available 26,899,876 6,011,028 82.0% 18.0% 32,910,904 100.0% $ 633,941,952 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 8.00% sales tax rate including the Measure A rate through December 2016, 7.75% from January 2017 through March 2017, and 8.75% thereafter (Table 70). Table 70 - Direct and Overlapping Sales Tax Rates - Last Five Years Fiscal Year Measure A Direct Rate County of Riverside 2017 0.50% 8.75% 2016 0.50% 8.00% 2015 0.50% 8.00% 2014 0.50% 8.00% 2013 0.50% 8.00% 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 71). General retail and transportation represent the two highest economic categories and approximately 54% of sales taxes generated. Transportation has decreased in recent years due to lower fuel prices offset by increases in new auto purchases. Table 71- Sales Tax by Economic Category Economic Category 2013/4 2014/4 2015/4 2016/4 % of Total % of Total % of Total % of Total General Retail 28.7% 28.4% 28.8% 28.9% Transportation 27.0% 26.6% 25.9% 25.1% Food Products 16.1% 16.6% 17.3% 17.7% Business to Business 14.5% 14.4% 15.1% 15.3% Construction 11.8% 12.0% 10.8% 10.8% Miscellaneous 1.9% 2.0% 2.1% 2.2% 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 2016 with comparisons to previous years are presented in Table 72. Table 72 - Sales Tax by Economic Segment Top Six Economic Segments (Category) 2013/4 2014/4 2015/4 2016/4 % of Total % of Total % of Total % of Total Auto Sales - New (Transportation) Restaurants (Food Products) Department Stores (General Retail) Miscellaneous Retail (Miscellaneous) Service Stations (Transportation) Building Materials - Wholesale (Construction) 10.7% 9.9% 10.8% 6.8% 11.1% 7.3% 10.9% 10.4% 10.4% 7.0% 10.3% 7.5% 11.7% 11.0% 10.4% 7.2% 8.5 % 6.2 % 11.8% 11.4% 10.1% 7.4% 7.2% 6.1% 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 CaVans; 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 ➢ Perris —South, 1304 Case Road, Perris ➢ Perris —Downtown, 121 South C Street, Perris ➢ Moreno Valley/March Field, 14160 Meridian Parkway, Riverside ➢ Riverside —Hunter Park/UCR, 1101 Marlborough Avenue, Riverside ➢ Riverside —Downtown station, 4066 Vine Street, Riverside ➢ Riverside —La Sierra station, 10901 Indiana Avenue, Riverside ➢ Jurupa Valley — Pedley station, 6001 Pedley Road, Riverside ➢ Corona — North Main station, 250 East Blaine Street, Corona ➢ Corona — West station, 155 South Auto Center Drive, Corona Motorist Assistance: The Commission provides emergency call boxes and the 511 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 Caltrans — 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 21' 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) UCR — University of California at Riverside 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 7/6/2017 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 Information Technology Administrator 1.0 45 $ 7,660 $ 10,340 E Records Technician 1.0 17 $ 3,869 $ 5,223 NE Senior Administrative Assistant 1.0 25 $ 4,702 $ 6,348 NE Senior Office Assistant 1.0 13 $ 3,509 $ 4,737 NE Administration Subtotal: 8.0 E. CAPITAL PROJECT DEVELOPMENT AND DELIVERY Capital Projects Manager 4.0 53 $ 9,310 $ 12,569 E Facilities Administrator 1.0 45 $ 7,660 $ 10,340 E Management Analyst 1.0 35 $ 6,001 $ 8,102 E Project Delivery Director 1.0 67 $ 13,100 $ 17,686 E Right of Way Manager 1.0 53 $ 9,310 $ 12,569 E Senior Management Analyst 3.0 43 $ 7,295 $ 9,848 E Toll Operations Manager 1.0 63 $ 11,883 $ 16,041 E Toll Program Director 1.0 71 $ 14,443 $ 19,498 E Toll Project Manager 1.0 65 $ 12,477 $ 16,843 E Toll Technology Manager 1.0 53 $ 9,310 $ 12,569 E Capital Project Development and Delivery Subtotal: 15.0 EXECUTIVE MANAGEMENT Deputy Executive Director 1.0 75 $ 15,924 $ 21,497 E Executive Director 1.0 83 $ 19,355 $ 26,130 E - Executive Management Subtotal: 2.0 _ FINANCE Accountant 2.0 33 $ 5,716 $ 7,716 E Accounting Assistant 1.0 17 $ 3,869 $ 5,223 NE Accounting Technician 2.0 25 $ 4,702 $ 6,348 NE Chief Financial Officer 1.0 67 $ 13,100 $ 17,686 E Deputy Director of Finance 1.0 57 $ 10,141 $ 13,691 E Procurement Analyst 1.0 36 $ 6,148 $ 8,300 E Procurement Manager 1.0 53 $ 9,310 $ 12,569 E Senior Financial Analyst 1.0 43 $ 7,295 $ 9,848 E Finance Subtotal: 10.0 ■ ' EXTERNAL AFFAIRS External Affairs Director 1.0 63 $ 11,883 $ 16,041 E Public Affairs Manager 1.0 51 $ 8,867 $ 11,970 E Senior Management Analyst 2.0 43 $ 7,295 $ 9,848 E External Affairs Subtotal: 4.0 MULTIMODAL SERVICES Commuter and Motorist Assistance Manager 1.0 51 $ 8,867 $ 11,970 E Management Analyst 2.0 35 $ 6,001 $ 8,102 E Multimodal Services Director 1.0 63 $ 11,883 $ 16,041 E Transit Manager 1.0 51 $ 8,867 $ 11,970 E Multimodal Services Subtotal: 5.0 PLANNING AND PROGRAMMING SERVICES Management Analyst 1.0 35 $ 6,001 $ 8,102 E Planning and Programming Director 1.0 63 $ 11,883 $ 16,041 E Planning and Programming Manager 1.0 51 $ 8,867 $ 11,970 E Senior Management Analyst 1.0 43 $ 7,295 $ 9,848 E Planning and Programming Services Subtotal: 4.0 RAIL MAINTENANCE AND OPERATIONS Rail Manager 1.0 51 $ 8,867 $ 11,970 E Management Analyst 1.0 35 $ 6,001 $ 8,102 E Rail Maintenance and Operations Subtotal: 2.0 TOTAL AUTHORIZED POSITIONS Administration 8.0 Capital Project Development and Delivery 15.0 Executive Management 2.0 ExtrnaI Affairs 4.0 Finance 10.0 Multimodal Services 5.0 Planning and Programming Services 4.0 Rail Maintenance and Operations 2.0 Total Authorized Positions 50.0 Appendix C — Funding Definitions Federal Funding Sources Transportation Infrastructure Finance and Innovation Act The TIFIA program provides credit assistance for qualified projects of regional and national significance that are critical improvements to the nation's surface transportation system. It is designed to fill market gaps and leverage substantial private and non-federal co -investment by providing supplemental and subordinate capital. TIFIA credit assistance is often available on more advantageous terms than in the financial market making it possible to obtain financing, in the form of a secured loan, loan guarantee, and/or standby line of credit, for needed projects when it might not otherwise be possible. American Recovery and Reinvestment Act of 2009 Commonly referred to as the Stimulus or The Recovery Act, ARRA is an economic stimulus package "intended to create jobs and promote investment and consumer spending" during the recent recession. It includes domestic spending in infrastructure with investment transportation, environmental protection, and other infrastructure providing long-term economic benefits. ARRA also created the Build America Bond program, which authorized state and local governments to issue in 2009 and 2010 such bonds as taxable bonds to finance capital expenditures for which would otherwise be financed with tax-exempt governmental bonds. State and local governments issuing BABs receive a direct federal subsidy payment for a portion of their borrowing costs on BABs equal to 35 to 45 percent of the total coupon interest paid to investors. The BAB program was intended to assist state and local governments finance capital projects at lower borrowing costs and to stimulate the economy and create jobs. Federal Transit Administration Section 5307 formula funds made available to urbanized areas for operating subsidies, capital projects and planning. Operating match is up to 50% of the net operating cost; capital and planning match is 80% federal and 20% local. Section 5309 discretionary funds generally provided to urbanized areas for funding new start rail projects, major bus fleet replacement, and transit facility construction. Matching ratios range from 50/50 to 80% federal and 20% local. Section 5310 funds made available to states for providing capital support to private non-profit and, in certain circumstances, public transit operators. This is a state administered discretionary program providing funds on an 88.53% federal and 11.47% local basis. Section 5311 funds provided to support rural transit operating subsidies and capital projects. Operating match is up to 50% of the net operating cost; capital match is 80% federal and 20% local. Federal Highway Administration In 1991, the Intermodal Surface Transportation Efficiency Act (ISTEA) was approved by Congress to replace the former Federal Aid Urban/Federal Aid System funding programs. ISTEA was established as a six -year funding program and was reauthorized for another six years in 1997. This new transportation act was renamed as the Transportation Equity Act of the Twenty-first Century (TEA21) and was extended through August 10, 2005 when the President signed into law SAFETEA-LU. With guaranteed funding for highways, highway safety, and public transportation totaling $244.1 billion, SAFETEA-LU represents the largest surface transportation investment in our nation's history. Under these programs the following fund sources are allocated to each county, and the Commission further allocates these funds based on federal provisions. Surface Transportation Program Funds allocated by the Commission and administered by Caltrans that provide funding for local street and road improvements. Current matching rate is 88.53% federal and 11.47% local. Congestion Mitigation and Air Quality Funds allocated by the Commission for transportation related air quality improvement projects in air quality non -attainment areas. Current matching rate is 88.53%federal and 11.47% local. Safety projects can qualify for 100% of CMAQ funding. Transportation Enhancements The amount of funds made available under this program is 10% of the state apportionment of STP funds. Projects are qualified and prioritized by the Commission and submitted to the California Transportation Commission for inclusion in the State Transportation Improvement Program. The basic definition of a transportation enhancement project is an improvement that is over and above the base transportation project. Project categories are pedestrian and bicycle facilities, scenic or historic highways, scenic beautification, historic preservation, rehabilitation of historic transportation facilities, preservation of abandoned railway corridors, control/removal of outdoor advertising, archaeological planning and research, and mitigation of water pollution due to highway runoff. Current matching rate is 88.53% federal and 11.47% local. State Local Funding Sources Transportation Development Act The TDA is comprised of two elements: LTF and STA funds. LTF funds are derived from 1/4 of one cent of the state sales tax and are returned to source. There are three areas of apportionment within Riverside County comprised of Western County, Coachella Valley, and Palo Verde Valley (Blythe). The Commission administers the LTF on behalf of the County of Riverside. Funds are provided for program administration, Southern California Association of Governments regional planning, local transportation planning, and transit services in Western County and the Coachella Valley. In the Palo Verde Valley, funds support transit services and local street and road improvements. Additionally, under SB 821, 2% of LTF funds are made available for bicycle and pedestrian projects. STA funds are generated from the statewide sales tax on diesel fuel and are allocated by the state to the Commission based on population and as a percentage of transit fare revenue. The Commission has generally used these funds to support capital purchases and improvements as these funds have been subject to state budgetary actions. State Transportation Improvement Program The STIP consists of RIP and IIP funds. The RIP and IIP programs are mainly supported by Proposition 42 funding. The RIP component represents 75% of STIP funds available for capacity projects. Regional Transportation Planning Agencies are responsible for selection of projects proposed for RIP funds. The IIP component represents the remaining 25% of STIP funds available for capacity projects and Caltrans is responsible for the selection of IIP-funded projects. The Commission and Caltrans District 8 work closely in coordinating projects for these fund sources. Proposition 1B Program In November 2006, the voters in California approved Proposition 1B, which will fund various transportation programs from bonds issued by the state of California. Programs to be funded include CMIA, transit capital (PTMISEA), transit security (TSSSDRA), STIP supplement, goods movement (TCIF), SLPP funds, and cities and counties. Cap and Trade 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 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. Local Funding Sources Measure A Measure A is a half -cent local retail transaction and use tax that was initially approved by the voters in November 1988 for 20 years (Ordinance 88-1) and extended in November 2002 for an additional 30 years (Ordinance 02-001), through June 2039, to help fund key transportation improvements in Riverside County. It provides funds to improve highways, regional arterials, and local streets and roads; to develop new transportation corridors; to expand commuter rail, public transit, specialized transportation services, and commuter programs; develop a program of economic incentives to attract commercial and industrial development and jobs; and support bond financing. These types of improvements are needed to maintain and improve the quality of life in the County, reduce current congestion, and provide adequate transportation facilities to accommodate reasonable growth. Since existing state and federal sources provide only a limited amount of funding for a limited number of projects, Measure A will cover the shortfall for key projects with a funding source that is under local control. It will use the revenue generated in Western County, Coachella Valley, and Palo Verde Valley to meet the unique transportation needs of each of those areas. Transportation Uniform Mitigation Fee The TUMF program was adopted by all local jurisdictions in the Western County area of Riverside County in July 2003. Under this program, which is administered by the WRCOG, fees are assessed on new residential and commercial development in Western County to ensure that new development pays its fair share toward providing the needed infrastructure improvements on the regional system of highways and arterials. In accordance with the extension of Measure A in 2002 and an amended Memorandum of Understanding with WRCOG, the Commission shall receive 48.7% of the TUMF revenues to fund equally the regional arterial system and the development of new corridors. Appendix D — Program Terms The following explanations of terms are presented to aid in understanding the various program terms used and discussed in the narrative. Bicycle and Pedestrian LTF provides revenues for the construction of bicycle and pedestrian facilities and related right-of-way costs. Bond Financing In order to accomplish the construction of the highway and rail projects and implementation of the local streets and roads and other programs identified in the Measure A TIP as soon as possible, some level of borrowing will be required. A portion of the revenues generated in the Western County will be made available for this purpose. Commuter Assistance The purpose of this program is to provide short-term incentives to encourage single occupant vehicle drivers to use alternate modes of transportation including carpools, vanpools, bus pools, public bus, commuter rail, walking, and bicycling. Commuter Rail Measure A provides operating and capital revenue for commuter rail service to Orange and Los Angeles counties. LTF provides revenue for commuter rail operations in Riverside County. These trains operate on existing railroad tracks parallel to major freeways. Commuter rail service provides a safe and reliable transit alternative to driving alone during the peak period. Plans to expand commuter rail service in Western Riverside County from Riverside to Perris via Moreno Valley are currently underway. Economic Development Measure A will be used to create an infrastructure improvement bank to improve existing interchanges, construct new interchanges, provide public transit linkages or stations, and make other improvements to the transportation system in Western County. These incentives are intended to attract commercial and industrial development and jobs to locate within the Western County area. Highways Measure A provides revenues to widen existing highways, expand interchanges, and improve remote freeways. These improvements are needed to control traffic congestion in Western County and improve access and safety in Coachella Valley. Costs of these improvements will be covered by funds from state and federal sources. Measure A revenue will be used to supplement —not replace —these other sources and to accelerate work on projects deferred for lack of funding. Local Streets and Roads Measure A provides revenues to local jurisdictions for the construction, repair, and maintenance of local streets and roads. The County and local cities are required to supplement those expenditures with other previously dedicated revenue sources to maintain road improvements at a level equal to or greater than the base year amount. LTF provides revenue for local street and road improvements in the Palo Verde Valley. Metrolink The Commission's commuter rail program is part of the regional network operated by SCRRA operating under the name of Metrolink, a five -county joint powers agency composed of the transportation commission's of Los Angeles, San Bernardino, Orange, Riverside, and Ventura. The purpose of this agency is to manage the operation and maintenance of commuter rail in the five -county metropolitan area. Motorist Assistance The Motorist Assistance program has three elements. The FSP is a special team of tow trucks that travel on selected Riverside County freeways during peak commute hours to assist drivers when their cars break down. Another element is the call box system, which installation and operation is made possible with revenue provided by the public. Call boxes are being provided by the Commission, which serves as the County's SAFE. The third element is the Inland Empire 511 traveler information system. One dollar per year from every motor vehicle registration pays for the call boxes and their operation and maintenance, 1E511 operations, and matching funds for FSP. New Corridors Four new transportation corridors were identified through the CETAP. Measure A and TUMF funds will be used for environmental clearance, right of way, and construction of these new corridors. Public Transit The Commission is the agency responsible for short-range transportation planning and programming and coordinating the operation of all public transportation service within the County. The Commission allocates and disburses TDA as well as Measure A funds to the transit operators for operating and capital purposes. Regional Arterials Measure A funds generated within the Western County and Coachella Valley areas are used for major regional road projects. The system is to be implemented with a mix of funding required from new development under a Transportation Uniform Mitigation Fee to be paid by developers from new development and from Measure A funds returned to the Western County and Coachella Valley areas. The Transportation Uniform Mitigation Fee schedule shall be established in order to generate at least the equivalent of Measure A funding toward the regional arterial system. Specialized Transit Measure A provides public transit revenues to improve transportation services for seniors, persons with disabilities and commuters. For seniors and persons with disabilities, it provides dial -a -ride cab service at night for emergency purposes, guarantees half-price bus fares, and assists centers with their transit programs. For commuters, it improves express bus service and expands ridesharing programs. In the Coachella Valley, revenues also are available for bus replacement and local bus service. Transportation Improvement Plan This plan also acts as the County's expenditure plan and was prepared by the Commission for the proposed 1/2% local retail transaction and use tax for transportation purposes to be collected. This was proposed by the Commission as a means to fill the funding shortfall to implement needed highway, regional arterial, economic development incentives, and new corridors; local street and road programs; commuter rail projects and operations; public bus transit and specialized transportation improvements; commuter assistance programs; and bond financing. Appendix E — General Terms The following explanations of terms are presented to aid in understanding the narrative discussions and illustrations included in this budget document and the terminology generally used in governmental accounting, auditing, financial reporting, and budgeting. Accountability The state of being obliged to explain one's actions, to justify what one does. Accountability requires a government to answer to its citizenry to justify the raising of public resources and the purposes for which they are used. Accounting System The methods and records established to identify, assemble, analyze, classify, record, and report a government's transactions and to maintain accountability for the related assets and liabilities. Accrual Basis of Accounting The accounting of the financial effects of transactions, events, and interfund activities when they occur, regardless of when cash is received or paid. Audit A systematic collection of the sufficient, competent evidential matter needed to attest to the fairness of management's assertions in the financial statements or to evaluate whether management has efficiently and effectively carried out its responsibilities. The auditor obtains this evidential matter through inspection, observation, inquiries, and confirmations with third parties. Balanced Budget The identification of revenues and other financing sources as well as available fund balances to fund operating and capital expenditures and other financing uses on an annual basis. Basis of Accounting A term used to refer to when the effects of transactions or events are recognized for financial reporting purposes. For example, the timing of recognition can be when the transaction or event occurs (accrual basis) or when cash is received or paid (cash basis). Bond A written promise to pay a specified sum of money (face or principal amount) at a specified date or dates in the future (maturity date), together with periodic interest at a specified rate. Bonds are primarily used to finance capital projects. Budget A plan of financial activity for a specified period indicating all planned revenues and expenditures for the budget period. Annual budgets are usually required by law and are essential to sound financial management. The Commission prepares an annual budget that is applicable to a single fiscal year. Budgetary Control The control or management of a government in accordance with an approved budget to keep expenditures within the limitations of available appropriations and available revenues. Budget Document The instrument used by the budget -making authority to present a comprehensive financial program to the appropriating governing body. Capital Outlay Expenditures resulting in the acquisition of or addition to the government's capital assets or assets to be transferred to Caltrans, such as highway projects. Capital Project A long-term strategic project requiring relatively large sums of revenues, accumulated reserves, and/or financing to acquire, develop, construct, improve, and/or maintain a capital asset such as land, buildings, and infrastructure. Capital Projects Fund A governmental fund type created to account for financial resources to be used for the acquisition or construction of major capital projects. The Commission has two capital projects funds for Commercial Paper and Sales Tax Bonds to account for debt proceeds from 2009 Measure A commercial paper notes and sales tax revenue bonds related to highway, commuter rail, regional arterial, and local streets and roads projects. Commercial Paper An unsecured short-term promissory note issued primarily by corporations with maturities ranging from two to 270 days. The credit risk of almost all commercial paper is rated by a rating service. Comprehensive Annual Financial Report A financial report that encompasses all funds of the government. In the financial section of the CAFR are the basic financial statements and required supplementary information as well as combining and individual fund financial statements, as necessary. The CAFR also contains introductory information and statistical data. Current Financial Resources Measurement Focus A measurement focus that reports on the near -term or current inflows, outflows, and balances of spendable financial resources. This focus is unique to accounting and financial reporting for state and local governments and is used for reporting the financial position and results of operations of governmental funds. Debt An obligation resulting from the borrowing of money or from the purchase of goods and services. Debts of governments include bonds, time warrants, and notes. Debt Coverage Ratio The ratio of pledged revenues to related debt service for a given year. Debt Limit The maximum amount of outstanding gross or net debt legally permitted. Debt Proceeds The difference between the face amount of debt and the issuance discount or the sum of the face amount and the issuance premium. Debt proceeds differ from cash receipts to the extent issuance costs, such as underwriters' fees, are withheld by the underwriter. Debt Service Fund A governmental fund type created to account for the accumulation of resources for and payment of general long-term debt principal and interest. The Commission has one debt service fund for its sales tax revenue bonds. Economic Resources Measurement Focus A measurement focus that reports on all inflows, outflows, and balances affecting or reflecting the entity's net position. This focus is used for proprietary funds as well as for government -wide financial reporting. Expenditures Represents decreases in net financial resources on the transfer of property or services for acquiring an asset, service, or settling a loss. Financial Advisor In the context of the issuance of debt, a consultant who advises the issuer on any of a variety of matters related to the issuance. The financial advisor sometimes also is referred to as the fiscal consultant. Financial Audit An audit made to provide independent assurance whether the financial statements of a government are presented fairly in conformity with generally accepted accounting principles. Financial Resources Resources that are or will become available for spending and include cash, resources ordinarily expected to be converted to cash such as receivables, inventory, and prepaid assets. Fiscal Year For the Commission, the 12-month period that begins July 1 and ends June 30 of the designated fiscal or operating year for accounting and budgeting purposes. Fund A fiscal and accounting entity with a self -balancing set of accounts in which cash and other financial resources, all related liabilities, and residual equities or balances, and changes therein, are recorded and segregated to carry on specific activities or attain certain objectives in accordance with special regulations, restrictions, or limitations. Fund Balance The excess of a governmental fund's assets over its liabilities. Fund Type Any one of eleven classifications into which all funds are categorized in governmental accounting. Governmental fund types include general, special revenue, debt service, capital projects, and permanent funds. Proprietary fund types include enterprise and internal service funds. Fiduciary fund types include pension trust, investment trust, and private -purpose trust funds and agency funds. GASB 68 Statement No. 68, Accounting and Financial Reporting for Pensions, issued by the Governmental Accounting Standards Board to be implemented by the Commission for FY 2014/15. GASB 48 requires reporting the net pension liability of the plan on the accrual accounting -based financial statements and enhancing the notes to the financial statements to provide a more comprehensive picture of the pension obligation and costs. General Fund The governmental fund type used to account for all financial resources, except those required to be accounted for in another fund. General Ledger A record containing the accounts needed to reflect the financial position and the results of operations of a government. In double -entry bookkeeping, debit balances equal the credit balances in the general ledger. Generally Accepted Accounting Principles (GAAP) Minimum standards and guidelines for financial accounting and reporting. GAAP encompasses the conventions, rules, and procedures that serve as the norm for the fair presentation of financial statements. The GASB is the primary authoritative accounting and financial reporting standard -setting body on the application of GAAP to state and local governments. Generally Accepted Auditing Standards (GAAS) Rules and procedures established by the American Institute of Certified Public Accountants (AICPA) for the conduct of a financial audit. There are ten basic GAAS, classified into three broad categories: general standards, standards of fieldwork, and standards of reporting. The Auditing Standards Board of the AICPA publishes Statements on Auditing Standards (SAS) and related interpretations to comment and expand upon these basic standards. Generally Accepted Government Auditing Standards (GAGAS) Standards established by the General Accounting Office (GAO) in its publication, Government Auditing Standards, for the conduct and reporting of both financial and performance audits in the public sector. GAGAS set forth general standards applicable to both types of audits and separate standards of fieldwork and reporting for financial and performance audits. The GAGAS standards of fieldwork and reporting for financial audits incorporate and build upon GAAS. Governmental Funds Funds generally used to account for tax -supported activities. The Commission's governmental funds are comprised of general, special revenue, debt service, and capital projects funds. Grant A contribution by a government or other organization to support a particular function or program. Independent Auditor An auditor meeting the independence criteria set forth in GAAS and GAGAS. Internal Control Policies and procedures established to provide reasonable assurance that specific government objectives will be achieved. Legal Level of Budgetary Control The level at which a government's management may not reallocate resources without special approval from the legislative body. Loans Receivable An asset account reflecting amounts loaned to individuals or organizations external to the Commission, including notes taken as security for such loans. Measurement Focus The objective of a measurement that is what is being expressed in reporting a government's financial performance and position. A particular measurement focus considers not only which resources are measured (financial or economic), but also when the effects of transactions or events involving those resources are recognized (basis of accounting). The measurement focus of the Commission's government - wide and fiduciary fund financial statements is economic resources, whereas the measurement focus of governmental fund financial statements is current financial resources. Modified Accrual Basis The accrual basis of accounting adapted to the governmental funds' measurement focus according to which revenues and other financial resource increments (e.g., bond issue proceeds) are recognized when they become susceptible to accrual, that is when they become both "measurable" and "available to finance expenditures of the current period." Expenditures are recognized when the fund liability is incurred except for unmatured interest on general long-term debt and certain similar accrued obligations when due. The Commission's governmental funds are accounted for using the modified accrual basis of accounting. Other Financing Sources Amounts classified separately from revenues to avoid distorting revenue trends that represent an increase in current financial resources. Other financing sources generally include general long-term debt proceeds, amounts equal to the present value of minimum lease payments arising from capital leases, proceeds from the sale of capital assets, and transfers in. Other Financing Uses Amounts classified separately from expenditures to avoid distorting expenditure trends and represent a decrease in current financial resources. Other financing uses generally include transfers out and the amount of refunding bond proceeds deposited with the escrow agent. Overhead Indirect costs that cannot be specifically associated with a given service, program, or department and thus, cannot be clearly associated with a particular functional category. Principal In the context of bonds other than deep -discount debt, the face value or par value of a bond or issue of bonds payable on stated dates of maturity. Program Group activities, operations, or organizational units directed to attaining specific purposes or objectives. Program Budget A budget wherein expenditures are based primarily on the functions or activities of a government rather than to specific items of cost or to specific departments. Purchase Order A document authorizing the delivery of specified merchandise or the rendering of certain services and the making of a charge for them. Refunding Bonds Bonds issued to retire bonds already outstanding. The proceeds of refunding bonds may be used to repay the previously issued debt (current refunding) or to be placed with an escrow agent and invested until used to pay principal and interest on old debt at a future date (advance refunding). Reimbursement Grant A grant for which a potential recipient must first incur qualifying expenditures to be eligible. Restricted Fund Balance Those portions of fund balance which are restricted for specific purposes by third parties or enabling legislation. Special Revenue Fund A governmental fund type used to account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditure for specified purposes. The Commission maintains special revenue funds for Measure A Western County, Coachella Valley, and Palo Verde Valley; Transportation Uniform Mitigation Fee; Freeway Service Patrol; Service Authority for Freeway Emergencies; State Transit Assistance; Local Transportation Fund; Coachella Valley/San Gorgonio Pass; and Other Agency Projects. Transfers All interfund transfers representing flows of assets between funds of the government without equivalent flows of assets in return and without a requirement for repayments. Trustee A fiduciary holding property on behalf of another. 5/22/2017 PROPOSED BUDGET FISCAL YEAR 2017/18 40 "AR Est. 197. (ce,y !row Budget Adjustments FY 2017/18 Ending Fund Balance (as reported 5/10/17) Projected FY 2017 Adjustments: Decrease in engineering expenditures Increase in construction expenditures Increase in debt proceeds Budget FY 2018 Adjustments: Decrease in investment income Decrease in operating transfers in Increase in professional expenditures Increase in toll operations expenses Increase in engineering expenditures Decrease in construction expenditures Decrease in allocation of administrative costs Increase in debt service principal payments Decrease in operating transfers out FY 2017/18 Ending Fund Balance (per final budget 6/14/17) 40 one RCTC ANOMw........,. Fund Balance $ 606,850,800 500,000 (1,582,000) 10,000,000 (7,300) (16,349,600) (645,000) (700,000) (500,000) 1,500,000 3,000 (10,000,000) 16,349,600 605,419,500 1 5/22/2017 Budget Summary Total Estimated Revenues/Sources •Revenues •Debt Proceeds *Transfers In $414,960,300 285,652,000 311,984,500 Total Estimated Expenditures/Expenses/Uses •Expenditures/Expenses $669,988,200 •Debt Service •Transfers Out 112,668, 200 311,984,500 Revenues/Sources under Expenditures/Expenses/Uses ndin8 FundIan 2017/18 1,012,596,800 (1,094,640,900) (82,044,100) $ 605,419,500 Measure ASales Tax LTF Sales Tax STA Sales Tax Federal reimbursements State reimbursements Local reimbursements TUMF Toll revenues Other revenues Investment income Total Revenues Debt proceeds TIFIA loan proceeds Transfers in Total Revenues/Sources Awm Revenues/Sources Comparison FY 2015/16 FY 2016/17 FY 2016/17 FY 2017/18, PlryetK .::: Actuat &ttgBR Prop a J $ 167,630,300 $ 173,000,000 $ 113,000,000 $ 176,000,000 2% 83,776,500 85,000,000 85,000,000 88,000,000 4% 13,358,000 10,821,600 10,821,600 10,469,000 -3% 18,669,000 37,157,000 16,530,300 77,877,100 110% 56,580,500 11,589,200 9,751,900 11,500,200 -1% 1,571,900 10,496,100 7,703,700 9,270,800 -12% 19,831,300 18,520,000 18,850,000 21,250,000 15% 6,143,000 3,239,700 16,835,800 174% 7,295,600 173,000 268,500 248,000 43% 8,592,800 1,849,000 4,715,600 3,509,400 90% 377,305,900 354,748,900 329,881,300 414,960,300 lih 20,000,000 103,225,000 114,554,000 197,652,000 91% 228,792,200 100,269,200 107,946,200 88,000,000 -12% 162,708,700 241,966,700 192,895,500 311,984,500 29% $ 788,806,800 $ 800,209,800 $ 745,277,000 $ 1,012596,800 27% 2 5/22/2017 Summary of Expenditures, Expenses, and Uses Management Services Regional Programs Toll Operations Capital Project Development and Delivery Debt Service Transfers Out Total Expenditures, Expenses, and Uses FY 2017/18 Budget $ 10,251,700 179,830,200 14,502,600 465,403,700 112,668,200 311,984,500 Percentage of uses 1% 16% 1% 43% 10% 29% 1,094,640,900 100% Executive Management Administration External Affairs Fi na nce Debt Service Total Expenditures Transfers Out Total Management Services Executive Management 4% Arun Administration Management Services Expenditures/Uses FY2015/16 FY 2016/17 FY 2016/17 FY 2017/18 Actual . Budget Projected Budget 334,900 $ 445,600 $ 311,500 $ 407,300 1,481,300 1,830,200 1,757,800 2,803,400 1,065,100 1,699,700 1,699,500 2,036,200 3,719,400 5,321,800 4,889,900 5,004,800 24,900 6,625,600 9,297,300 8,658,700 10,251,700 9,000,000 10,000,000 10,000,000 13,199, 900 $ 15,625,600 $ 19,297,300 $ 18,658,700 $ 23,451,600 External Affairs Finance 27% 20% 49% 3 5/22/2017 Planning and Programming Services Rail Maintenance and Operations Public and Specialized Transit Commuter Assistance Motorist Assistance Total Expenditures Transfers Out Total Regional Programs Planning and Sai: Maintenance Pubbc and Spealatised Programming an�'tReraG(eas. .Transit Regional Programs Expenditures/Uses FY 2015/16 FY 2016/17 FY 2016/17 FY 2017/18 $ 3,405,900 $ 11,576,400 $ 19,966,100 41,083,700 71, 604,600 115,403,300 2,648,600 3,587,500 4,159,500 5,843,500 2,704,700 $ 12,628,700 26,455,400 36,499,500 87,398,300 122,590,100 3,265,600 3,368,000 4,929,300 4,743,900 101, 784,700 177,494,400 124,753,300 179,830,200 24,255,600 24,902,900 22,489,700 29,178,400 $ 126,040,300 $ 202,397,300 $ 147,243,000 $ 209,008,600 Assistance :' F9o2n1kEAcsIs Toll Operations Sources Toll Revenues Investment Income Transfers In Total Sources Expenses/uses FY 2016/17 FY 2016/17 FY 2017/18 $ 6,1.43,000 $ 3,239,700 $ 16,835,800 6,800 4,000 3,137,700 3,137,700 9,287,500 6,377,400 16,839,800 Salaries and Benefits 268,400 169,800 745,100 Professional Costs 307,000 323,500 913,500 Support and Maintenance Costs 2,674,900 1,161,400 5,191,600 Projects and Operations 3,052,800 1,804,900 7,252,400 Capital Outlay 250,000 400,000 400,000 Transfers out for debt service - - 4,052,900 Total Expenses/Uses 6,553,100 3,859,600 18,555,500 Exccess (deficiency) of revenues over (under) expenses/uses and other financing sources (uses) 2,734,400 2,517,800 (1,715,700) Beginning Fund Balance - 2,517,800 Ending Fund Balance $ 2,734,400 $ 2,517,800 $ 802,100 4 5/22/2017 Capital Project Development & Delivery Expenditures/Uses Salaries and benefits Professional costs Support costs Projects and operations: Program operations Engineering Construction Design build Right of way and land Local streets and roads Regional arterials Other (special stucies/operating & capital disbursements) Debt service Total Expenditures Transfers out Total Capital Project Development & Delivery $ 3,275,700 8,743,900 651,700 7,766,000 3,577,300 112,067,600 265,484,600 56,272,600 49,826,500 12,148,000 7,844,700 53,410,200 581,068,800 129,453,100 $ 710,521,900 $ 40 )016 RCS Percentage of fIlD 1,7 FYA46/17 FY 2017/18 EenditurVI 4,126,100 22,921,200 1,202,500 6,343,800 17,842,900 82,129,000 145,010,600 74,204,700 51,358,000 30,516,600 12,591,800 149,260,800 597,508,000 207,063,800 804,571,800 $ 4,154,900 $ 3,461,400 20,480,200 6,547,300 666,900 652,500 5,962,100 3,204,000 33,751,000 140,930,000 36,156,600 51,358,000 30,516,600 3,422,000 137,465,400 468,067,700 160,405,800 $ 628,473,500 7,442,600 8,766,400 68,052,400 189,485,000 82,971,100 52,933,000 30,000,000 15,092,000 112,668,200 578,071,900 265,553,300 $ 843,625,200 0.41% 0.78% 0.08% 0.88% 1.04% 8.07% 22.46% 9.84% 6.2796 3.56% 1.7996 13.36% 68.52% 31.4896 100.00% Capital Project Highlights 40 ReTC SS .a S 5 5/22/2017 Function Breakdown Personnel Professional Support Projects and ope Capital outlay Debt service Total Expenditures/ Tra nsfers o ut Total Expenditures/ rs( rations Expenses Expenses/Uses FY 2015/26 FY 2016/17 FY 2016/17 FY 2017/18 Percentage of Actual Budget Projected Budget, Function 8,182,600 $ 9,505,100 $ 9,365,500 $ 9,554,200 1% 13,864,900 34,058,800 28,012,000 18,516,100 2% 3,954,700 10,089,100 6,939,900 11,843,200 1% 608,859,600 585,338,000 421,585,500 624,694,700 57% 1,182,200 2,601,000 1,971,000 5,380,000 0% 53,435,100 149,260,800 137,465,400 112,668,200 10 % 689,479,100 790,852,800 605,339,300 782,656,400 71% 162,708,700 241,966,700 192,895,500 311,984,500 29% $ 852,187,800 $ 1,032,819,500 $ 798,234,800 $ 1,094,640,900 100% Measure A Administrative Costs FY 2017/28 Budget and Benefits, 0.55% 0,1W> as°q, o:is* 1.53°4, 1.0 ,j5ro yp0ao 6 5/22/2017 Next Steps Close public hearing and adopt budget Review the final budget document, close the public hearing, approve the salary schedule effective 7/6/17, and adopt the final budget Continue monitoring Measure A administrative salaries and benefits Funding needs for projects and transit operators Sales tax and TUMF revenue trends Timeliness of federal and state reimbursements 7 AGENDA ITEM 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 22, 2017 TO: Budget and Implementation Committee FROM: Jose Mendoza, Procurement Analyst Matt Wallace, Procurement Manager THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Recurring Contracts for Fiscal Year 2017/18 STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the recurring contracts in an amount not to exceed $12,814,500 for FY 2017/18 and $178,100 for FYs 2018/19 — 2021/22; 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. BACKGROUND INFORMATION: As in previous years, the Commission annually evaluates existing contracts for professional services due to expire within the next fiscal year. These contracts may be placed on the calendar for a new procurement solicitation, allowed to expire since these contracts are no longer required, or included in the annual recurring contracts list that is subject to Commission approval. Most contracts for professional services are subject to a competitive process. This year's list of recurring contracts includes consultants that are providing unique or specialized services and working closely with staff on long-term projects. Staff desires to retain a limited number of consultants on the recurring contracts list due to the consultant's historical knowledge, unique experience, and understanding of the Commission and specific Commission projects. Under limited circumstances, staff believes it is more efficient and cost effective to retain the consultants on the recurring contracts list rather than rebidding the services at this time. Approval of the recurring contracts list will allow the Commission to continue work on existing projects without interruptions and maintain consistency. Below is a list of proposed recurring contracts for FY 2017/18, followed by a summary for each consultant supporting its inclusion on the recurring contracts list. Agenda Item 8 88 Schedule of Recurring Contracts for FY 2017/18 Consultant Name Agreement Number Description of Services Budget FY 2016/17 Budget FY 2017/18 Dollar Change AMMA Transit Planning (AMMA) 08-26-115-10 Administration and support of Specialized Transit Program under Measure A and federal programs $120,000 $150,000 $30,000 Bartel Associates, LLC (Bartel) 15-19-044-00 Actuarial services 14,500 17,500 3,000 Bechtel Infrastructure (Bechtel) 16-31-081-00 Capital project program management services 6,624,000 5,316,000 (1,308,000) Best, Best & Krieger LLP (BB&K) 07-31-164-14 General legal services 4,914,700 4,334,100 (580,600) BLX Group LLC (BLX) 11-19-104-01 Arbitrage rebate compliance services 10,000 10,000 - Epic Land Solutions, Inc. (Epic) 16-33-084-00 Support services for property management of Commission -owned properties and related contracts 571,000 538,000 (33,000) Exigent Systems Inc. (Exigent) 17-12-063-00; 17-12-091-00 Information technology (IT) support services 150,000 200,000 50,000 Fieldman Rolapp & Associates (Fieldman) 04-19-029-09 Financial advisory services 325,000 525,000 200,000 Iteris, Inc. (Iteris) 09-45-067-02 Operations and maintenance services for the Inland Empire 511 (IE511) system 246,000 246,000 Norton Rose Fulbright US LLP (Fulbright) 09-19-072-09 Disclosure counsel services 25,000 175,000 150,000 Orrick, Herrick & Sutclifffe LLP (Orrick) 05-19-510-10 Bond counsel services 50,000 775,000 725,000 Stantec Consulting Services, Inc. (Stantec) 10-31-09-05 Traffic and revenue analysis and operational analysis consulting services for the RCTC 91 Express Lanes 136,400 175,000 38,600 Stantec 15-31-048-02 Traffic and revenue consulting services for the I-15 Express Lanes 100,000 100,000 - TSC2 Group 17-14-092-00 Integrated communications services 195,000 186,000 (9,000) U.S. Bank National Association (US Bank) N/A Trustee services for sales tax revenue bonds pursuant to master indenture agreement 16,500 25,000 8,500 Total $13,498,100 $12,772,600 ($725,500) Agenda Item 8 89 Schedule of Recurring Contracts for Specialized Services for FY 2017/18-FY2021/22 Consultant Name Agreement Numbers Description of Services Budget FY 2016/17 Budget FY 2017/18 S-Year Contract Bernard Arroyo 12-45-108-01 Freeway Service Patrol (FSP) and Call Box System consultant services $25,000 $25,000 $125,000 Paladin Investigative Services 12-45-109-01 Call box recovery services 7,000 6,000 30,000 PlanetBids, Inc. 12-19-091-03 Online vendor and bid management support system 10,600 10,900 65,000 Total $42,600 $41,900 $220,000 1These are contracts with consultants providing specialized services on long-term projects at a fixed rate. The contracts do not need to be negotiated annually as service level and pricing are not expected to change during the period of performance. Staff desires to enter into a five-year agreement with each of these consultants for the aggregate amount shown in the Budget FY 2017/18 area above. AMMA Transit Planning In February 2007, AMMA was selected under a competitive procurement process to provide consulting services for the development and implementation of the Coordinated Public Transit - Human Services Transportation Plan (Coordinated Plan), as well as the required annual updates. AMMA also guides staff regarding the grant application process for the Federal Transit Administration (FTA) Section 5310 Enhanced Mobility of Seniors and Individuals with Disabilities Program, the Commission's Title VI program, and the Citizens Advisory Committee process. Additionally, AMMA advises staff regarding the management of operator reporting for the current specialized transit call for projects, assists in the development of the application and eligibility guidelines for future specialized transit call for projects, and aides in the management of the transit needs and community input meetings. Bartel Associates, LLC Bartel was selected as the Commission's actuary in April 2015, following a competitive procurement process. Bartel provides actuarial valuation services for post -employment medical benefits under Governmental Accounting Standards Board (GASB) Statement No. 45 and GASB Statement No. 57. As a participant in the California Employers' Retiree Benefit Trust (CERBT) for other post -employment benefits (OPEB), the Commission is required to obtain valuations of such OPEB every two years. Bartel has prepared the Commission's OPEB actuarial valuation as of June 30, 2015, for FYs 2015/16 — 2016/17. An OPEB valuation as of June 30, 2017, for FYs 2017/18 — 2018/19 will be required. Based on the current GASB Statements and the early implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Agenda Item 8 90 Other Than Pensions, staff has determined it would be more efficient and cost effective to extend the contract for an additional two-year period for valuation services, including additional work through June 30, 2019. Bechtel Infrastructure The Bechtel contract for FY 2017/18 reflects a decrease from last year, related to the completion of construction of the State Route 91 high occupancy vehicle lanes, Perris Valley Line (PVL), and the SR-91 Corridor Improvement Project (91 Project) and closeout of the Interstate 215 Central project. Bechtel will continue to provide staff support on the Commission's capital projects, including the 1-15 Express Lanes project, the I-215/Placentia Avenue interchange, the I-15/Railroad Canyon Road interchange, and the Pachappa Underpass project. Bechtel is also continuing program management and construction management activities of other highway and rail projects for the 2009 Measure A program, as well as the wrap up of the 1989 Measure A program. Bechtel possesses the knowledge and background history of the Commission's capital works program, which is necessary to deliver the Commission's Measure A projects. The flexibility of obtaining additional support from Bechtel as needed for specific project requirements is also important and avoids the need to increase Commission staff. Best Best & Krieger LLP The FY 2017/18 contract for BB&K reflects a net decrease of 12 percent in legal costs compared to the FY 2016/17 contract, primarily related to the substantial completion of the 91 Project. A high level of general legal services is generally required from BB&K for highway and rail capital project activities, especially right of way, and Transportation Uniform Mitigation Fee (TUMF) projects. BB&K also provides support related to procurements and contract development. The Commission engaged other legal firms for specific matters involving potential conflicts of interest, as well as other specialized legal services. BLX Group In 2007, the Commission engaged BLX to perform arbitrage rebate compliance services for sales tax revenue debt issued under the 1989 Measure A and 2009 Measure A, as required by the Internal Revenue Service and the tax certificates executed for each debt issue. Initially, this included commercial paper notes and sales tax revenue bonds that were issued. As a result of the 91 Project financing in 2013, arbitrage calculations are also required for the toll revenue bonds issued. In order to ensure the Commission is complying with the complex arbitrage rebate regulations, it elected to have the required calculations performed more frequently than the minimum reporting requirements during the life of each debt issue. Accordingly, BLX maintains historical information and calculations that are considered in subsequent arbitrage rebate calculations. The agreement with BLX may be terminated by either party upon written notice; however, staff determined it would be more efficient and cost effective to continue the contract. Furthermore, BLX is affiliated with Orrick, Herrington & Sutcliffe LLP, which results in additional efficiencies related to immediate access to bond documents and key staff. Agenda Item 8 91 Epic Land Solutions, Inc. Due to its accumulated knowledge and development of various property management projects, resources, and databases associated with the multitude of Commission -owned properties, including but not limited to those along the San Jacinto Branch Line (SJBL), staff determined that Epic can most efficiently and cost effectively provide property management services. The scope of services for FY 2017/18 includes upgrading the remaining utility licenses to current Commission terms in order to minimize liability risks; renewing expiring private use agreements; coordinating and assisting with activities related to the issuance of new licenses, amendments to existing licenses or facility upgrades; following up on delinquent rent payments and tracking insurance certifications, as requested by Commission staff; determining all easement locations and requesting abandonment of unused easements; maintaining and updating a database and correlated mapping of the Commission's property and contract information; insuring possession of title policies for all Commission owned property; insuring compliance with federal excess land requirements; and resolving complex title issues. Epic will also proactively perform regular site visits to all properties to identify and resolve maintenance and repair issues such as weed abatement, removal of debris and illegal occupants, as well as identify encroachments such as illegal parking or the installation of facilities without a license. Epic has completed many of the property management tasks resulting in the need for on -going maintenance and review; therefore, the fees have decreased 6 percent from the prior year. Exigent Systems Inc. During FY 2016/17 agreements were executed with Exigent under the Executive Director's single signature authority to provide additional IT support services. The immediate need was to address technology needs created by the opening of the RCTC 91 Express Lanes. Exigent was also retained to provide overall IT Help Desk support for the Commission and will continue to do so during the upcoming fiscal year. This contract will terminate once the Commission completes a formal procurement for IT services in FY 2017/18. Fieldman Rolapp & Associates Fieldman was selected as the Commission's financial advisor in late 2003, following a competitive procurement process, and has provided financial advisory services on general finance matters and specific financing transactions related to the 2009 Measure A program and the toll program. Fieldman played a significant role in the 91 Project financing activities that achieved financial close in early July 2013. Fieldman continues to provide additional support related to the annual update of the financial model and financial plan required by the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan agreement, as well as other implementation matters related to the 91 Project financing. For the I-15 Express Lanes project and 91 Project completion, Fieldman is once again serving a key role in the development of the plan of finance, which includes a TIFIA loan for the I-15 Express Lanes project, and the related financing activities. Financial close for the 1-15 Express Lanes project and 91 Project completion is anticipated in July 2017. During FY 2017/18, the letter of credit and related reimbursement agreement with a bank Agenda Item 8 92 will expire, and the Commission will need to negotiate an extension or conduct a procurement for a substitution of the credit and liquidity support in order to maintain the commercial paper program as contemplated by the 1-15 Express Lanes project and 91 Project completion plan of finance approved by the Commission in May 2017. As a result of Fieldman's knowledge and understanding of the Commission, its previous financings, and the TIFIA loan process, staff determined it would be more efficient and cost effective for continuity purposes to retain Fieldman during FY 2017/18 primarily for financial advisory services related to sales tax and toll financings. Iteris. Inc. Iteris was awarded a sole source agreement for operations and maintenance services of the 1E511 system as part of the original 1E511 implementation plan approved by the Commission in May 2009. The Iteris components of the system are comprised of a browser -based traffic map and an interactive voice response telephone system. Iteris aggregates and maintains various data feeds to provide motorists with access to real-time freeway travel information and incident information on Southern California highways via the telephone service by dialing 511 or accessing the map on the companion website (www.ie511.org) or mobile application. Last year, the system averaged nearly 39,000 web visits and 19,000 phone calls per month. The Los Angeles County Metropolitan Transportation Authority (Metro) has procured a 511 solution with regional potential and is slated to go live in FY 2017/18. Staff intends to provide a recommendation to the Commission to either partner with and leverage Metro's 511 system or conduct a competitive procurement for 1E511 operations and maintenance services during FY 2017/18. Until that recommendation is made, staff recommends the Commission retain Iteris through June 30, 2018. Norton Rose Fulbright US LLP In July 2009, the Commission awarded a professional services agreement to Fulbright for disclosure counsel services through a competitive procurement in connection with the Commission's 2009 sales tax revenue bond issuance. The agreement has been periodically amended for the Commission's subsequent debt transactions, including the financing for the 91 Project. Fulbright is involved as disclosure counsel in the 1-15 Express Lanes project financing activities and will be involved in any required services related to the expiration of the commercial paper program's credit and liquidity support. The fees related to the plan of finance will be paid with proceeds from the financing or available commercial paper proceeds in July 2017. Accordingly, staff determined it would be more efficient and cost effective to continue to retain Fulbright in connection with sales tax and toll program financings. Orrick, Herrington & Sutcliffe LLP Orrick was selected as bond counsel in late 2004, following a competitive procurement process, and has provided bond counsel services in connection with the financings and other matters related to the 2009 Measure A program, including the 91 Project. Orrick has a high level understanding of the Commission's 2009 Measure A program and related sales tax financings as Agenda Item 8 93 well as the complex toll supported debt agreements. It also has significant experience with other transportation agencies, especially self-help counties and TIFIA loan borrowers. In its role as bond counsel, Orrick has provided legal services in connection with the development of the plan of finance, TIFIA loan negotiations, and other related financing activities primarily for the I-15 Express Lanes project; the fees for these services will be paid with proceeds from the financing or available commercial paper proceeds in July 2017. Orrick's services will also be required for the extension or substitution of the letter of credit and reimbursement agreement with a bank. Accordingly, staff determined it would be more efficient and cost effective to continue to retain Orrick in connection with sales tax and toll program financings. Stantec Consulting Services, Inc. — RCTC 91 Express Lanes In September 2010, Stantec was selected under a competitive procurement process to provide consulting services for the development of the investment grade traffic and revenue study which secured the financing for the 91 Project. Stantec performed the field work and analysis required to create the traffic and revenue model. Additionally, Stantec supported the development of the toll pricing methodology and traffic simulations which supported corridor design decisions. Stantec continues to support staff with traffic simulation necessary to improve certain elements of design, the analysis of actual traffic and revenue results compared to those projected, travel time studies, and the adjustment of the toll rates. Stantec's long -history of supporting the 91 Project provides staff with valuable insight into the actual performance of the express lanes. Stantec Consulting Services, Inc. —1-15 Express Lanes Project In April 2015, Stantec was selected under a competitive procurement process to provide consulting services for the development of the investment grade traffic and revenue study to secure financing for the 1-15 Express Lanes project. Stantec performed the field work and analysis required to create the traffic and revenue model. Stantec continues to support staff with data collection, existing conditions analysis, model calibrations, microsimulation, finalization of the traffic and revenue forecast, and sensitivity and risk analysis. Staff also anticipates the need for Stantec to support the analysis of the 15/91 North direct connector. TSC2 Group In November 2015, the Commission entered into a contract with TSC2 Group pursuant to the Executive Director's single signature agreement authority to develop an integrated communication strategy for the organization. The original impetus for the procurement was to address pressing communication issues related to the 91 Project along with the intent that work under the contract would expand to address all of the Commission's communication efforts. The scope of work explicitly encompasses implementation, ongoing evaluation, and adaptation to changing conditions. As the Commission transitions from construction of the 91 Project to operation of the RCTC 91 Express Lanes, construction of the 1-15 Express Lanes project, the Commission's direction to explore local funding opportunities, and the recent creation of the Riverside County Transportation Efficiency Corridor by the State Legislature, the need to Agenda Item 8 94 continually integrate the agency's communications efforts is ever present. To position the Commission for long-term communications success, staff is preparing a competitive procurement so that the Commission may engage a firm on a multi -year basis. Until that procurement is completed, staff recommends the Commission retain TSC2 Group through June 30, 2018. U.S. Bank National Association US Bank served as trustee for the sales tax financings since the inception of the 1989 Measure A program; the current US Bank represents mergers, acquisitions, and name changes dating back to the 1990s. As trustee and in accordance with the debt agreements, US Bank intercepts the Measure A sales tax receipts from the State Board of Equalization in order to withhold amounts required for debt service prior to releasing remaining funds to the Commission. In February 2005 following a competitive procurement, the Commission approved agreements with US Bank to serve as the trustee and the issuing and paying agent for the commercial paper program related to interim financing for the 2009 Measure A program. When the Commission commenced 2009 Measure A program long-term debt financings prior to the July 2009 start of the new Measure A, the Commission continued to use US Bank as trustee for the 2009 Measure A program. The master and supplemental indentures for the commercial paper program and the sales tax bonds are agreements between the Commission and US Bank through the life of the debt; any removal or resignation of the trustee requires adhering to specific procedures described in the master indenture. Staff has been satisfied with US Bank's level of service and recommends continuation of US Bank's role as trustee for the sales tax financings and as issuing and paying agent for the commercial paper program. The increase in FY 2017/18 fees relates to the additional trust accounts established in connection with the 2016 Refunding Sales Tax Bonds (October 2016) and 2017 Sales Tax Bonds (anticipated in July 2017). Specialized Services on Long -Term Projects for Multiple Year Contracts Bernard Arroyo The Commission has maintained an agreement with Bernard Arroyo since 2005, for various services relating to the motorist assistance programs (Call Box Program and FSP). The contractor provides support for the FSP electronic data collection system, including device -level user support; SQL database management; receiving, processing, and tracking assist data; providing the assist data in monthly and quarterly operational reports; running data analyses on FSP beat efficiency; and running data analyses on call box productivity and effectiveness among other services. Bernard Arroyo has historical and relevant experience working on Commission projects. Staff recommends that the current contract be extended for a five-year period for a total not to exceed amount of $125,000. The FY 2017/18 and subsequent four annual budget amounts is $25,000 each year. Agenda Item 8 95 Paladin Investigative Services An important component of administering the call box program in Riverside County is the ability to recover costs for loss and damage, when possible. The Commission has contracted with Paladin Investigative Services since 2009. Paladin renders cost recovery services resulting from damages caused by motorists and others to the Commission's call box system. There is no cost to engage in a contract with Paladin; fees are 33 percent of any costs recovered. PlanetBids, Inc. In 2012, the Commission selected PlanetBids to provide online vendor and bid management support services after evaluating multiple software options and participating in demonstrations from similar providers. PlanetBids provides the Commission with a web -based e-procurement application to streamline the complete bidding process and further enable the collection, analysis, and leverage of all aspects of vendor data, purchasing activities, and corresponding history. Through the use of PlanetBids, the Commission has realized efficiency gains such as vendor registration and profile management; greater outreach to vendors; bid document distribution, including automatic addenda notification and acknowledgements; customer email notification; online question and answer management; secure e-bidding; robust reporting; and Request for Proposals/Request for Qualifications/Invitations for Bids evaluation tools. PlanetBids is also used by numerous other governmental agencies in Southern California which allows for bidding collaboration. Therefore, staff believes it is in the Commission's best interest to retain PlanetBids as its vendor and bid management support services provider. Financial Information In Fiscal Year Budget: Yes Year: FY 2017/18 Amount: $12,814,500 N/A FY 2018/19+ $ 178,100 Source of Funds: Measure A, TDA, TUMF, Interest, and Budget Adjustment: No Other Reimbursements N/A a/Project Accounting No.: Various Fiscal Procedures Approved: qq �iAiz Date: 05/16/2017 Agenda Item 8 96 AGENDA ITEM 9 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: May 22, 2017 TO: Budget and Implementation Committee FROM: Jillian Guizado, Senior Legislative Affairs Analyst THROUGH: Aaron Hake, External Affairs Director SUBJECT: Agreements for On -Call Grant Writing Services STAFF RECOMMENDATION: This item is for the Committee to: 1) Award the following agreements to provide on -call grant writing services for a two-year term, and two, two-year options to extend the agreements, in an amount not to exceed an aggregate value of $1.1 million; a) Agreement No. 17-14-067-00 to Blais & Associates, Inc.; b) Agreement No. 17-14-068-00 to HDR Engineering, Inc.; c) Agreement No. 17-14-069-00 to Stantec Consulting Services, Inc.; and d) Agreement No. 17-14-070-00 to WSP USA Inc. 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; 3) Authorize the Executive Director, or designee, to execute task orders awarded to the consultants under the terms of the agreements; and 4) Forward to the Commission for final action. BACKGROUND INFORMATION: In January 2016, the Commission finalized its Strategic Assessment that ultimately recommended the Commission do the following: plan for the future, maximize assets, increase funding, and communicate more. As part of the Strategic Assessment, a funding analysis for capital improvements in 2016-2039 was conducted and indicated discretionary grants made up 6 percent, or $1.36 billion. In pursuit of the recommendation to increase funding, staff created an Internal Grants Pursuit Team, as was revealed in the January 2017 Strategic Assessment Update to the Commission. The intent of this internal effort has been to increase the success of the Commission in pursuing state and federal discretionary grant dollars while maintaining efficient use of resources and a lean staff. As a result of the first Internal Grants Pursuit Team meeting in October 2016, the first task was the procurement of a qualified, on -call grant writing bench of firms to perform as -needed task order work. This will empower Commission departments to proactively and efficiently pursue Agenda Item 9 97 discretionary grants when opportunities arise. With an on -call bench in place, a department can issue a task order request and award a task order to the most qualified firm for the particular grant being sought. This agenda item represents the culmination of the Internal Grants Pursuit Team's first task. Staff believes the timing of establishing an on -call grant writing bench will well -situate the Commission to pursue discretionary grant opportunities anticipated to be released over the next few months — particularly with the federal government recently fully funding transportation at the amounts authorized under the Fixing America's Surface Transportation Act through October 30, 2017. It is anticipated that Notices of Funding Opportunities will begin rolling out soon for discretionary programs. Creating an on -call grant writing bench has also proven timely in the case of SB 1. At the time the Strategic Assessment was finalized in 2016, the hope of a large infusion of transportation money coming out of Sacramento was little. Now that it is a reality, the Commission will be fully prepared to pursue every available and appropriate opportunity to fund priority projects. Procurement Process Kicking off the effort to procure an on -call grant writing bench consisted of outreach to agencies throughout the country that have procured similar services. Information obtained from helpful agencies informed the scope of services staff compiled for this procurement. Working within the Internal Grants Pursuit Team, staff ensured the scope of services was broad enough to ensure the procurement attracted generally skilled grant writing firms but specific enough that the unique project and funding needs of the Commission could be understood and met by proposing firms. Staff determined the weighted factor method of source selection to be the most appropriate for this procurement as it allows the Commission to identify the most advantageous proposals with price and other factors considered. Non -price factors include elements such as qualifications of firm, personnel, and the ability to respond to the Commission's needs for on -call grant writing services as set forth under the terms of the Request for Proposals (RFP) No. 17-14-067-00. RFP No. 17-14-067-00 for on -call grant writing services was released by staff on February 16. A public notice was advertised in the Press Enterprise, and the RFP was posted on the Commission's PlanetBids website, which is accessible through the Commission's website. Utilizing PlanetBids, emails were sent to 50 firms, 10 of which are located in Riverside County. Through the PlanetBids site, 48 firms downloaded the RFP; 5 of these firms are located in Riverside County. Staff responded to all questions submitted by potential proposers prior to the March 2 clarification deadline date. Twelve firms — Blais & Associates, Inc. (Irvine); California Consulting, LLC (Ventura); Carlson & Associates, LLC (Temecula); Engineering Solutions Services (Laguna Hills); Grant Management Associates (Durham); HDR Engineering, Inc. (Riverside); Judith Norman Transportation Consultant (Carson); M.H.M. & Associates Enterprise, Inc. (Glendora); MVR Consulting (Calimesa); Stantec Consulting Services, Inc. (Irvine); W.G. Zimmerman Engineering, Agenda Item 9 98 Inc. (Huntington Beach); and WSP USA Inc. (San Bernardino) — submitted responsive and responsible proposals prior to the submittal deadline on March 22. Utilizing the evaluation criteria set forth in the RFP, the 12 proposals were evaluated and scored by an evaluation committee comprised of Commission staff. As a result of the evaluation committee's assessment of the written proposals, the evaluation committee determined two firms — HDR Engineering, Inc. and WSP USA Inc. — to be the most qualified firms to provide on -call grant writing services. Additionally, since the Commission intends to award up to four agreements for on -call grant writing services, the evaluation committee shortlisted and invited three firms — Blais & Associates, Inc.; Engineering Solutions Services; and Stantec Consulting Services, Inc. — to the interview phase of the evaluation and selection process. Interviews were conducted on April 26. Subsequently, the evaluation committee determined Blais & Associates, Inc. and Stantec Consulting Services, Inc. to be the most qualified firms from the interview phase to provide on -call grant writing services. As a result of the evaluation committee's assessment of the written proposals and interviews, the evaluation committee recommends contract awards to Blais & Associates, Inc.; HDR Engineering, Inc.; Stantec Consulting Services, Inc.; and WSP, Inc. for a two-year term, and two, two-year options to extend the agreements, in the aggregate amount of $1.1 million, as these firms earned the highest total evaluation scores. The overall evaluation ranking, based on highest to lowest total evaluation score, and the average hourly rate are presented in the following table: Firm Price* Overall Ranking WSP USA Inc. $157.33 1 HDR Engineering, Inc. $267.17 2 Blais & Associates, Inc. $100.00 3 Stantec Consulting Services, Inc. $201.62 4 Engineering Solutions Services, Inc. $153.84 5 Grant Management Services $166.67 6 W.G. Zimmerman Engineering, Inc. $145.00 7 Judith Norman Transportation Consultant $86.67 8 Carlson & Associates, LLC $88.83 9 MVR Consulting $146.67 10 California Consulting, LLC $175.00 11 M.H.M. & Associates Enterprise, Inc. $157.00 12 *Prices reflect average hourly rate for key personnel. Agenda Item 9 99 The Commission's model on -call professional services agreement will be entered into with each consultant firm, subject to any changes approved by the Executive Director, pursuant to legal counsel review. Staff oversight of the contracts and task orders will maximize the effectiveness of the consultants and minimize costs to the Commission. Staff believes its effort to compose a scope of services that would attract grant writing firms with both broad and specific expertise was effective. The top four ranking firms provide an on -call grant writing bench that will serve the Commission's diverse grant application needs. Financial Information In Fiscal Year Budget: Yes N/A Year: FY 2017/18 FY 2018/19+ Amount: $150,000 $950,000 Source of Funds: 2009 Measure A Western County Rail 2009 Measure A Western County Highway Budget Adjustment: No N/A 654199 65520 265 33 65520 (General Management Rail) GL/Project Accounting No.: 623999 65520 262 31 65520 (General Management Highway) Fiscal Procedures Approved: \I-te4Aiz.4itairA�o Date: 05/15/2017 Attachment: Draft On -Call Professional Services Agreement Agenda Item 9 100 Agreement No. 17-14-067-00 RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR ON -CALL GRANT WRITING SERVICES WITH [ CONSULTANT ] 1. PARTIES AND DATE. This Agreement is made and entered into this _ day of , 2017, by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("the Commission") and [ NAME OF FIRM ] ("Consultant"), a [ LEGAL STATUS OF CONSULTANT e.g., CORPORATION ]. 2. RECITALS. 2.1 Consultant desires to perform and assume responsibility for the provision of certain professional consulting services required by Commission on the terms and conditions set forth in this Agreement. Consultant represents that it is a professional consultant, experienced in providing [ INSERT TYPE OF SERVICES ] services to public clients, is licensed in the State of California, and is familiar with the plans of Commission. 2.2 Commission desires to engage Consultant to render certain consulting services for the [ INSERT PROJECT NAME ] Project ("Project") as set forth herein. 3. TERMS. 3.1 General Scope of Services. Consultant promises and agrees to furnish to Commission all labor materials, tools, equipment, services, and incidental and customary work necessary to fully and adequately provide professional consulting services and advice on various issues affecting the decisions of Commission regarding the Project and on other programs and matters affecting Commission, hereinafter referred to as "Services". The Services are more particularly described in Exhibit "A" attached hereto and incorporated herein by reference. All Services shall be subject to, and performed in accordance with, this Agreement, the exhibits attached hereto and incorporated herein by reference, and all applicable local, state, and federal laws, rules and regulations. 3.2 Term. The term of this Agreement shall be from the date first specified above to , unless earlier terminated as provided herein. 17336.00000\8752982.2 APPENDIX B - 1 101 Consultant shall complete the Services within the term of this Agreement and shall meet any other established schedules and deadlines. 3.3 Schedule of Services. Consultant shall perform the Services expeditiously, within the term of this Agreement, and in accordance with the Schedule of Services set forth in Exhibit "B" attached hereto and incorporated herein by reference. Consultant represents that it has the professional and technical personnel required to perform the Services in conformance with such conditions. In order to facilitate Consultant's conformance with the Schedule, the Commission shall respond to Consultant's submittals in a timely manner. Upon request of the Commission, Consultant shall provide a more detailed schedule of anticipated performance to meet the Schedule of Services. 3.4 Independent Contractor; Control and Payment of Subordinates. The Services shall be performed by Consultant under its supervision. Consultant will determine the means, method and details of performing the Services subject to the requirements of this Agreement. Commission retains Consultant on an independent contractor basis and Consultant is not an employee of Commission. Consultant retains the right to perform similar or different services for others during the term of this Agreement. Any additional personnel performing the Services under this Agreement on behalf of Consultant shall not be employees of Commission and shall at all times be under Consultant's exclusive direction and control. Consultant shall pay all wages, salaries, and other amounts due such personnel in connection with their performance of Services under this Agreement and as required by law. Consultant shall be responsible for all reports and obligations respecting such additional personnel, including, but not limited to: social security taxes, income tax withholding, unemployment insurance, and workers' compensation insurance. 3.5 Conformance to Applicable Requirements. All work prepared by Consultant shall be subject to the approval of Commission. 3.6 Substitution of Key Personnel. Consultant has represented to Commission that certain key personnel will perform and coordinate the Services under this Agreement. Should one or more of such personnel become unavailable, Consultant may substitute other personnel of at least equal competence and experience upon written approval of Commission. In the event that Commission and Consultant cannot agree as to the substitution of key personnel, Commission shall be entitled to terminate this Agreement for cause, pursuant to provisions of Section 3.16 of this Agreement. The key personnel for performance of this Agreement are as follows: 3.7 Commission's Representative. Commission hereby designates INSERT NAME OR TITLE ], or his or her designee, to act as its representative for the performance of this Agreement ("Commission's Representative"). Commission's representative shall have the power to act on behalf of Commission for all purposes APPENDIX B - 2 17336.00000\8752982.2 102 under this Agreement. Consultant shall not accept direction from any person other than Commission's Representative or his or her designee. 3.8 Consultant's Representative. Consultant hereby designates r INSERT NAME OR TITLE ], or his or her designee, to act as its representative for the performance of this Agreement ("Consultant's Representative"). Consultant's Representative shall have full authority to represent and act on behalf of the Consultant for all purposes under this Agreement. The Consultant's Representative shall supervise and direct the Services, using his or her best skill and attention, and shall be responsible for all means, methods, techniques, sequences and procedures and for the satisfactory coordination of all portions of the Services under this Agreement. 3.9 Coordination of Services. Consultant agrees to work closely with Commission staff in the performance of Services and shall be available to Commission's staff, consultants and other staff at all reasonable times. 3.10 Standard of Care; Licenses. Consultant shall perform the Services under this Agreement in a skillful and competent manner, consistent with the standard generally recognized as being employed by professionals in the same discipline in the State of California. Consultant represents and maintains that it is skilled in the professional calling necessary to perform the Services. Consultant warrants that all employees and subcontractors shall have sufficient skill and experience to perform the Services assigned to them. Finally, Consultant represents that it, its employees and subcontractors have all licenses, permits, qualifications and approvals of whatever nature that are legally required to perform the Services and that such licenses and approvals shall be maintained throughout the term of this Agreement. Consultant shall perform, at its own cost and expense and without reimbursement from Commission, any Services necessary to correct errors or omissions which are caused by the Consultant's failure to comply with the standard of care provided for herein, and shall be fully responsible to the Commission for all damages and other liabilities provided for in the indemnification provisions of this Agreement arising from the Consultant's errors and omissions. 3.11 Laws and Regulations. Consultant shall keep itself fully informed of and in compliance with all local, state and federal laws, rules and regulations in any manner affecting the performance of the Project or the Services, including all Cal/OSHA requirements, and shall give all notices required by law. Consultant shall be liable for all violations of such laws and regulations in connection with Services. If the Consultant performs any work knowing it to be contrary to such laws, rules and regulations and without giving written notice to Commission, Consultant shall be solely responsible for all costs arising therefrom. Consultant shall defend, indemnify and hold Commission, its officials, directors, officers, employees and agents free and harmless, pursuant to the indemnification provisions of this Agreement, from any claim or liability arising out of any failure or alleged failure to comply with such laws, rules or regulations. APPENDIX B - 3 17336.00000\8752982.2 103 3.12 Insurance. 3.12.1 Time for Compliance. Consultant shall not commence work under this