HomeMy Public PortalAbout12 December 11, 2013 CommissionWin 111111M
Riverside County Transportation Commission
TIME/DATE:
LOCATION:
SPECIAL MEETING AGENDA
9:30 a.m. / Wednesday, December 11, 2013
Corona City Hall
City Council Board Room
400 South Vicentia Avenue, Corona, CA
t. COMMISSIONERS 4,6
Chair — Karen Spiegel
Vice Chair — Marion Ashley
Second Vice Chair — Daryl Busch
Kevin Jeffries, County of Riverside
John F. Tavaglione, County of Riverside
Jeff Stone, County of Riverside
John J. Benoit, County of Riverside
Marion Ashley, County of Riverside
To Be Appointed / Deborah Franklin, City of Banning
Roger Berg / David Castaldo, City of Beaumont
Joseph DeConinck / To Be Appointed, City of Blythe
Ella Zanowic / Jeff Hewitt, City of Calimesa
Mary Craton / Randy Bonner, City of Canyon Lake
Greg Pettis / Kathleen DeRosa, City of Cathedral City
Steven Hernandez / Eduardo Garcia, City of Coachella
Karen Spiegel / Eugene Montanez, City of Corona
Scott Matas / Yvonne Parks, City of Desert Hot Springs
Adam Rush / Ike Bootsma, City of Eastvale
Larry Smith / Robert Youssef, City of Hemet
Douglas Hanson / Ty Peabody, City of Indian Wells
Glenn Miller / Michael Wilson, City of Indio
Frank Johnston / Micheal Goodland, City of Jurupa Valley
Terry Henderson / Don Adolph, City of La Quinta
Bob Magee / Natasha Johnson, City of Lake Elsinore
Scott Mann / Wallace Edgerton, City of Menifee
Tom Owings / Jesse Molina, City of Moreno Valley
Rick Gibbs / Kelly Bennett, City of Murrieta
Berwin Hanna / Kathy Azevedo, City of Norco
Jan Harnik / Susan Marie Weber, City of Palm Desert
Ginny Foat / Paul Lewin, City of Palm Springs
Daryl Busch / Al Landers, City of Perris
Ted Weill / Scott Hines, City of Rancho Mirage
Steve Adams / Andy Melendrez, City of Riverside
Andrew Kotyuk / Scott Miller, City of San Jacinto
Ron Roberts / Jeff Comerchero, City of Temecula
Ben Benoit / Timothy Walker, City of Wildomar
Basem Muallem, Governor's Appointee
Comments are welcomed by the Commission. If you wish to provide comments to the Commission,
please complete and submit a Speaker Card to the Clerk of the Board.
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
www.rctc.org
SPECIAL MEETING
AGENDA *
*Actions may be taken on any item listed on the agenda
9:30 a.m.
Wednesday, December 11, 2013
Corona City Hall
City Council Board Room
400 South Vicentia Avenue, Corona, CA
In compliance with the Brown Act and Government Code Section 54957.5, agenda materials distributed 72
hours prior to the meeting, which are public records relating to open session agenda items, will be available
for inspection by members of the public prior to the meeting at the Commission office, 4080 Lemon Street,
Third Floor, Riverside, CA, and on the Commission's website, www.rctc.org.
In compliance with the Americans with Disabilities Act and Government Code Section 54954.2, if special
assistance is needed to participate in a Commission meeting, please contact the Clerk of the Board at (951)
787-7141. Notification of at least 48 hours prior to meeting time will assist staff in assuring that reasonable
arrangements can be made to provide accessibility at the meeting.
1. CALL TO ORDER
2. PLEDGE OF ALLEGIANCE
3. ROLL CALL
4. PUBLIC COMMENTS — Each individual speaker is limited to speak three (3) continuous minutes or
less. The Commission may, either at the direction of the Chair or by majority vote of the Commission,
waive this three minute time limitation. Depending on the number of items on the Agenda and the
number of speakers, the Chair may, at his/her discretion, reduce the time of each speaker to two (2)
continuous minutes. In addition, the maximum time for public comment for any individual item or
topic is thirty (30) minutes. Also, the Commission may terminate public comments if such comments
become repetitious. Speakers may not yield their time to others without the consent of the Chair. Any
written documents to be distributed or presented to the Commission shall be submitted to the Clerk of
the Board. This policy applies to Public Comments and comments on Agenda Items.
Under the Brown Act, the Commission should not take action on or discuss matters raised during
public comment portion of the agenda that are not listed on the agenda. Commission members may
refer such matters to staff for factual information or to be placed on the subsequent agenda for
consideration.
5. APPROVAL OF MINUTES — OCTOBER 9, 2013
Riverside County Transportation Commission Agenda
December 11, 2013
Page 2
6. ADDITIONS / REVISIONS — The Commission may add an item to the Agenda after making a
finding that there is a need to take immediate action on the item and that the item came to
the attention of the Commission subsequent to the posting of the agenda. An action adding
an item to the agenda requires 2/3 vote of the Commission. If there are less than 2/3 of the
Commission members present, adding an item to the agenda requires a unanimous vote.
Added items will be placed for discussion at the end of the agenda.
7. CONSENT CALENDAR — All matters on the Consent Calendar will be approved in a single
motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled
from the Consent Calendar will be placed for discussion at the end of the agenda.
7A. PROPOSED 2014 COMMISSION/COMMITTEE MEETING CALENDAR
Overview
This item is for the Commission to adopt its 2014 Commission/Committee Meeting
Calendar.
Page 1
7B. FISCAL YEAR 2012/13 COMMISSION AUDIT RESULTS
Overview
This item is for the Commission to:
Receive and file the FY 2012/13:
a) Comprehensive Annual Financial Report (CAFR);
b) Local Transportation Fund (LTF) Financial and Compliance Report;
c) State Transit Assistance (STA) Fund Financial and Compliance Report;
d) Proposition 1B Rehabilitation and Security Project Accounts Financial
and Compliance Report;
e) Compliance Report for Single Audit;
f) Commercial Paper Compliance Report;
g) Auditor Required Communications Report;
h) Agreed -Upon Procedures Report related to the Appropriations Limit
Calculation;
i) Agreed -Upon Procedures Report related to the Commuter Assistance
Program incentives; and
j) Management certifications.
7C. QUARTERLY INVESTMENT REPORT
Overview
Page 5
Page 201
This item is for the Commission to receive and file the Quarterly Investment Report
for the quarter ended September 30, 2013.
Riverside County Transportation Commission Agenda
December 11, 2013
Page 3
7D. QUARTERLY FINANCIAL STATEMENTS
Page 248
Overview
This item is for the Commission to receive and file the Quarterly Financial Statements
for the period ending September 30, 2013.
7E. QUARTERLY SALES TAX ANALYSIS
Overview
This item is for the Commission to receive and file the sales tax analysis for Quarter 2
(Q2) 2013.
Page 254
7F. UTILITY AGREEMENTS WITH SPRINT COMMUNICATIONS COMPANY, LEVEL 3
COMMUNICATIONS, AT&T, AND VARIOUS UTILITY COMPANIES FOR FINAL
ENGINEERING AND CONSTRUCTION FOR UTILITY RELOCATIONS FOR THE STATE
ROUTE 91 CORRIDOR IMPROVEMENT PROJECT
Page 262
Overview
This item is for the Commission to:
1) Approve the following agreements for final engineering and construction for
utility relocations for the State Route 91 Corridor Improvement Project (SR -91
CIP):
a) Agreement No. 14-31-051-00 with Sprint Communications Company
(Sprint);
b) Agreement No. 14-31-052-00 with Level 3 Communications (Level 3);
and
c) Agreement No. 13-31-045-17, Amendment No. 1 to Agreement
No. 13-31-045-00, with AT&T;
for a combined amount of $2,410,000, plus a contingency amount of
$241,000 (10 percent), for a total amount not to exceed $2,651,000;
2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to
execute the agreements on behalf of the Commission;
3) Authorize the Executive Director to approve contingency work up to the total
authorized amount as may be required for these utility relocation
agreements for final engineering and construction; and
4) Authorize the Executive Director to execute utility agreements and expend
previously approved funds for necessary but currently unidentified utility
relocation work provided the total cost of all utility relocation work with
currently identified or yet to be identified utility companies is within
previously approved amounts, inclusive of this new budget request, for SR -91
CIP utility work in the amount not to exceed $24,263,000.
Riverside County Transportation Commission Agenda
December 11, 2013
Page 4
7G. CONSTRUCTION AGREEMENT WITH DALKE & SONS CONSTRUCTION, INC. FOR STATE
ROUTE 91 CORRIDOR IMPROVEMENT PROJECT RIGHT OF WAY PROPERTY
MITIGATION PACKAGE 2
Page 270
Overview
This item is for the Commission to:
1) Award Agreement No. 14-31-022-00 to Dalke & Sons Construction, Inc.
(Dalke & Sons) for the construction of State Route 91 Corridor Improvement
Project (SR -91 CIP) right of way (ROW) Property Mitigation Package 2 in the
amount of $1,297,680, plus a contingency amount of $129,768, for a total
amount not to exceed $1,427,448;
2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to
execute the agreement on behalf of the Commission; and
3) Authorize the Executive Director to approve contingency work pursuant to
the agreement terms up to the total amount.
7H. FUNDING REQUEST FROM THE CITY OF CORONA FOR THE FOOTHILL PARKWAY
EXTENSION PROJECT
Overview
This item is for the Commission to:
Page 285
1) Approve Agreement No. 12-72-093-01, Amendment No. 1 to Agreement
No. 12-72-093-00, to add $21 million of 2009 Measure A Regional Arterial
(MARA) Western Riverside County funds and increase the total MARA funds
from $7 million to $28 million for the construction phase of the Foothill
Parkway extension project in the city of Corona (Corona); and
2) Authorize the Chair or Executive Director pursuant to legal counsel review, to
execute the agreement on behalf of the Commission.
71. 1989 MEASURE A FUNDING FOR COUNTY OF RIVERSIDE'S STATE ROUTE 79
WIDENING PROJECT
Overview
This item is for the Commission to:
Page 287
1) Approve Agreement No. 14-31-061-00 with the county of Riverside (County)
for $1 million of 1989 Measure A Western County Highway funds to construct
Phase 2 of the County's State Route 79 widening project from Thompson
Road to Domenigoni Parkway (SR -79 Project); and
Riverside County Transportation Commission Agenda
December 11, 2013
Page 5
2) Authorize the Chair or Executive Director pursuant to legal counsel review, to
execute the agreement on behalf of the Commission.
7J. FEDERAL SURFACE TRANSPORTATION PROGRAM 2013 CALL FOR REHABILITATION
PROJECTS — PROJECT PROGRAMMING FOR THE CITIES OF BLYTHE AND INDIAN
WELLS
Page 289
Overview
This item is for the Commission to approve programming federal Surface
Transportation Program (STP) funds for pavement rehabilitation projects in the
amount of $192,714 for the cities of Blythe (Blythe) and Indian Wells (Indian Wells).
7K. AMENDMENT TO TRANSPORTATION UNIFORM MITIGATION FEE REGIONAL
ARTERIAL AGREEMENT FOR THE RAILROAD CANYON ROAD AT INTERSTATE 15
INTERCHANGE PROJECT IN THE CITY OF LAKE ELSINORE
Page 292
Overview
This item is for the Commission to:
1) Approve Agreement No. 10-72-016-02, Amendment No. 2 to Agreement
No. 10-72-016-00, with the city of Lake Elsinore (Lake Elsinore) for the
Railroad Canyon Road/Interstate 15 interchange project to authorize staff to
complete the project approval and environmental document (PA&ED) phase
with the remaining $211,382 of the $1,206,000 TUMF funds allocated to this
phase and to increase the PA&ED phase funding amount by $399,000 to
$1,605,000;
2) Approve Agreement No. 11-31-107-02, Amendment No. 2 to Agreement
No. 11-31-107-00, with SC Engineering for the project with Lake Elsinore to
authorize SC Engineering to complete the PA&ED services associated with the
project in the amount of $464,000, plus an additional contingency amount of
$17,000 for a total increase of $481,000, resulting in a total not to exceed
amount of $705,000;
3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to
execute the agreements on behalf of the Commission;
4) Authorize the Executive Director to approve release of contingency work up
to the total authorized amount as may be required for the project;
5) Authorize the Executive Director, pursuant to legal counsel review, to execute
agreements with Caltrans to reflect non -funding changes related to the
project on behalf of the Commission; and
6) Approve an increase in FY 2013/14 budgeted expenditures of $146,000.
Riverside County Transportation Commission Agenda
December 11, 2013
Page 6
7L. AGREEMENT WITH ALL AMERICAN ASPHALT FOR THE CONSTRUCTION OF STATE
ROUTE 74 CURVE WIDENING FROM CALVERT AVENUE TO CALIFORNIA AVENUE IN
THE COUNTY OF RIVERSIDE NEAR THE CITY OF HEMET
Page 314
Overview
This item is for the Commission to:
1) Approve Agreement No. 13-31-139-00 to All American Asphalt (All American)
for the construction of State Route 74 Curve widening project from Calvert
Avenue to California Avenue in the county of Riverside near the city of Hemet
in the amount of $1,970,005, plus a contingency amount of $197,000 for
potential change orders and supplemental work during construction, for a
total amount not to exceed $2,167,005;
2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to
execute the agreement behalf of the Commission;
3) Authorize the Executive Director to approve contingency work up to the total
authorized amount as may be required for the project; and
4) Authorize the Executive Director to enter into agreements, or amendments to
existing agreements, as determined appropriate, with the state of California
(State) for an amount not to exceed $120,000 for Construction Zone
Enhanced Enforcement Program (COZEEP), and state furnished materials, and
other items.
7M. FISCAL YEAR 2013/14 AGREEMENTS FOR REGIONAL RIDESHARE SERVICES
Overview
This item is for the Commission to:
Page 334
1) Approve Agreement No. 14-41-031-00 with the San Bernardino Associated
Governments (SANBAG) as part of the Commission's continuing bi-county
partnership with SANBAG to deliver commuter/employer rideshare services,
regional ridematching services, and operation of the Inland Empire 511
(1E511) system for FY 2013/14 for an amount not to exceed $1.9 million;
Riverside County Transportation Commission Agenda
December 11, 2013
Page 7
2) Approve the following FY 2013/14 agreements for regional ridematching
services:
a) Agreement No. 09-41-075-04, Amendment No. 4 to Agreement
No. 09-41-075-00, with the Los Angeles County Metropolitan
Transportation Authority (Metro) for an amount not to exceed
$196,243;
b) Agreement No. 11-41-139-03, Amendment No. 3 to Agreement
No. 11-41-139-00, with the Orange County Transportation Authority
(OCTA) for an amount not to exceed $59,566; and
c) Agreement No. 06-41-082-08, Amendment No. 8 to Agreement
No. 06-41-082-00, with the Ventura County Transportation Commission
(VCTC) for an amount not to exceed $16,198; and
3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to
execute the agreements on behalf of the Commission.
7N. CLAY STREET GRADE SEPARATION
Page 357
Overview
This item is for the Commission to allocate $1,199,246 in Congestion Mitigation Air
Quality (CMAQ) funds to the county of Riverside (County) for the Clay Street grade
separation project.
8. STATE AND FEDERAL LEGISLATIVE UPDATE
Page 358
Overview
This item is for the Commission to receive and file the state and federal legislative update.
9. ELECTION OF RIVERSIDE COUNTY TRANSPORTATION COMMISSION OFFICERS AND
APPOINTMENT OF EXECUTIVE COMMITTEE MEMBERS
Page 469
Overview
This item is for the Commission to:
1) The Commission to conduct an election of officers for 2014 —
Chair, Vice Chair, and Second Vice Chair;
2) The cities of Banning, Beaumont, Calimesa, Canyon Lake, Eastvale, Hemet,
Jurupa Valley, Lake Elsinore, Menifee, Norco, Perris, San Jacinto, and Wildomar to
appoint one representative to the Executive Committee; and
3) The Riverside County Board of Supervisors Commission members to appoint three
representatives to the Executive Committee, if necessary.
Riverside County Transportation Commission Agenda
December 11, 2013
Page 8
10. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA
11. COMMISSIONERS / EXECUTIVE DIRECTOR REPORT
Overview
This item provides the opportunity for the Commissioners and the Executive Director to
report on attended meetings/conferences and any other items related to Commission
activities.
12. ADJOURNMENT
The next Commission meeting and is scheduled to be held at 9:30 a.m., Wednesday, January
8, 2014, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street,
Riverside.
AGENDA ITEM 5
MINUTES
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
MINUTES
Wednesday, October 9, 2013
1. CALL TO ORDER
The Riverside County Transportation Commission was called to order by
Chair Karen Spiegel at 9:34 a.m. in the Board Room at the County of Riverside
Administrative Center, 4080 Lemon Street, Riverside, California, 92501.
2. PLEDGE OF ALLEGIANCE
Commissioner Berwin Hanna led the Commission in a flag salute.
3. ROLL CALL
Commissioners/Alternates Present Commissioners Absent
Steve Adams Kevin Jeffries
Marion Ashley Frank Johnston
Roger Berg Andrew Kotyuk
Ben Benoit Bob Magee
John J. Benoit Scott Mann
Bob Botts Scott Matas
Daryl Busch Glenn Miller
Mary Craton Basem Muallem
Joseph DeConinck Tom Owings
Ginny Foat Ron Roberts
Rick Gibbs Adam Rush
Berwin Hanna Larry Smith
Terry Henderson Karen Spiegel
Douglas Hanson Jeff Stone
Jan Harnik Ted Weill
Steven Hernandez Ella Zanowic
4. PUBLIC COMMENTS
Greg Pettis
John F. Tavaglione
John Standiford, Deputy Executive Director, presented Tanya Love, Goods Movement
Manager, with a 15 -year service award.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 2
Paul Rodriguez, Urban Crossroads/Far West, referred to his comments at the September
Commission meeting concerning programming issues. He stated ultimately the
Commission is a well run and effective regional transportation planning agency that
routinely faces a number of challenges, including funding. Mr. Rodriguez expressed
appreciation to the Commission and referenced the Perris Valley Line project as a recent
example of a critical expansion of a successful transportation option for commuters. He
expressed he will continue to advocate, encourage, and cheer the Commission's
successes.
5. APPROVAL OF MINUTES
The minutes of the September 11 Commission meeting will be submitted at the next
meeting.
6. PUBLIC HEARING — ADOPTION OF RESOLUTIONS OF NECESSITY FOR THE ACQUISITION
OF FEE, PERMANENT WALL FOOTING EASEMENT, PERMANENT ACCESS EASEMENT,
BUILDING DEMOLITION EASEMENT, UTILITY EASEMENT, TEMPORARY ACCESS
EASEMENT, AND TEMPORARY CONSTRUCTION EASEMENT INTERESTS IN CERTAIN
REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS
ASSESSOR PARCEL NOS. 102-020-039; 102-061-011; 102-420-036; 102-050-006; 102-
050-003; 102-250-022; 101-290-017; 101-170-042 AND 102-020-009; 102-020-010; 102-
020-046; 102-061-012; 102-280-021; 102-280-031; 118-040-031, 118-040-032, AND
118-040-033; 102-290-012 AND 102-290-013; 102-290-006; 118-330-017; 118-101-015;
118-171-018; 118-171-047; 117-070-030; 117-070-027; AND 117-114-012, LOCATED IN
CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR
IMPROVEMENT PROJECT, BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE
ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA
At this time, Chair Spiegel opened the public hearing and called upon legal counsel to
explain the nature and scope of this hearing.
Steve DeBaun, legal counsel, explained the purpose of this hearing is for the Board to
consider the adoption of Resolution of Necessity Nos. 13-043; 13-025; 13-044; 13-045;
13-046; 13-048; 13-050; 13-051; 13-052; 13-053; 13-054; 13-055; 13-056; 13-057;
13-058; 13-059; 13-060; 13-061; 13-062; 13-063; 13-064; 13-065; and 13-066 for the
acquisition of various real properties for the State Route 91 Corridor Improvement
Project (SR -91 CIP). He stated at the conclusion of this hearing, the Board will be asked
to adopt the resolutions of necessity and he listed the findings. He explained the
purpose of this hearing is to consider the need for acquisition of the property and not to
consider the value of the property.
Jennifer Harmon, Clerk of the Board, verified the proofs of mailing that certify the
notices were sent to the property owners of said parcel numbers are on file with the
Riverside County Transportation Commission Minutes
October 9, 2013
Page 3
Commission. She then listed all written objections, protests, and/or requests to be
heard from the owners or owner representatives: 1) Griffiths Properties, LLC;
2) Wayne Kanemoto; 3) Anaheim Investors, LLC.; 4) Serfas Club Development;
5) Gerald A. Hale and Patricia A. Hale; 6) Prado Land Company, L.P.; 7) Larry R. Haupert;
and 8) EI-Corona LLC., and noted copies of all correspondence were distributed to the
Commissioners. Ms. Harmon asked if there were any other owners or owner
representatives wishing to speak. There were no additional requests to speak.
No.
APN
CPN
Owner
RON
No.
Request
to Speak
1
102-020-039
22108
Griffiths Properties, LLC
13-043
Yes
2
102-061-011
22118
Wayne Kanemoto
13-025
Yes
3
102-420-036
22125
Anaheim Investors, LLC
13-044
No
4
102-050-006
22122
Serfas Development, LLC; Sherman Shyh
Huang Lee and Min Ling Lee, Trustees of
the Sherman Shyh Huang Lee Family
Trust dated July 19, 1984; Chi -Yu King
and Bi Shia King; Hsing Chieh Shih and
Bi-Yu W. Shih, Trustees of the Hsing-
Chieh and Bi-Yu W. Shih Living Trust,
dated February 3, 2003; Bih Lien Chuang
and Yen -Shan Chuang; Roger C. Wang
and Eva W. Wang
13-045
Yes
5
102-050-003
22131
Serfas Development, LLC; Sherman Shyh
Huang Lee and Min Ling Lee, Trustees of
the Sherman Shyh Huang Lee Family
Trust dated July 19, 1984; Grace Dora
Hsu; Alice Tamoura Lee; Chi -Yu King and
Bi-Shia King, Bih-Lien Chuang and Yen -
Shan Chuang; Pinecrest Badger
Associates, LLC; Tai -Nan Wang and Hsiu-
Mei Wang; Hsing-Chieh Shih and Bi-Yu
W. Shih, Trustees of the Hsing-Chieh and
Bi-Yu W. Shih Living Trust, dated
February 3, 2003
13-046
Yes
6
102-250-022
22160
Gerald A. Hale, as Trustee of the Gerald
A. Hale Trust dated March 4, 1998 and
Patricia A. Hale
13-048
No
7
101-290-017
22090
Prado Land Company, L.P.
13-050
No
8
101-170-042
102-020-009
22102
Wardlow Road Development, LLC
13-051
No
9
102-020-010
22107
Larry R. Haupert
13-052
No
10
102-020-046
22109
Prestige KIA Riverside
13-053
No
Riverside County Transportation Commission Minutes
October 9, 2013
Page 4
No.
APN
CPN
Owner
RON
No.
Request
to Speak
11
102-061-012
22119
Richard Lewis Curtis and Rebecca
Christine Curtis, Family Trust of Richard
Lewis Curtis dated July 31, 1997 and
Rebecca Christine Curtis
13-054
No
12
102-280-021
22147
Martin Investment Company
13-055
No
13
102-280-031
22151
Storage Direct at Corona, LLC and
McKibban Storage, I, LLC
13-056
No
14
118-040-031
118-040-032
118-040-033
22154
Janaco, LLC
13-057
No
15
102-290-012
102-290-013
22168
Gordon Holdings, L.P.
13-058
No
16
102-290-006
22169
Diversified Products International
Incorporated
13-059
No
17
118-330-017
22176
EI-Corona, LLC
13-060
No
18
118-101-015
22185
Southern California Edison Company
13-061
No
19
118-171-018
22187
Corona Gardens Partners
13-062
No
20
118-171-047
22212
David G. Dixon
13-063
No
21
117-070-030
22247
U.S. Bank National Association, as
trustee for the registered holders of J.P.
Morgan Chase Commercial Mortgage
Securities
13-064
No
22
117-070-027
22268
APGG, LLC
13-065
No
23
117-114-012
22588
The Redevelopment Agency of the City
of Corona
13-066
No
Mark Lancaster, Acting Right of Way Manager, presented the resolutions of necessity
for the SR -91 CIP, and discussed the following areas:
• Four findings required by the Board;
• Project Map — Parcel locations in the project;
• Parcel list;
• Offers of just compensation and contact summary for each parcel;
• Aerial views of parcels with property owners or their representative in
attendance requesting to be heard; and
• Staff recommendation.
Jeffrey A. Dains, representing Griffiths Properties, LLC/VIP Transport, Inc., expressed
concern for the 30 percent design plans related to the elevation and the parking lot,
stating he believes there are a number of inaccuracies. He explained his clients hired a
project manager and civil engineer to evaluate and draw up plans that are workable and
Riverside County Transportation Commission Minutes
October 9, 2013
Page 5
buildable due to the significant impacts to his clients. Mr. Dains expressed his clients
would prefer to continue the public hearing to get accurate plans completed and
submitted to the county and the city of Corona in order to acquire a just compensation
figure without prolonging this through litigation.
Michael Kehoe, Palmieri, Tyler, Wiener, Wilhelm & Waldron, LLP, representing
Wayne Kanemoto, discussed his concerns for the findings he believes the Commission
cannot make on the Kanemoto property related to the need for the property interest as
the design plans are not complete, and the least private injury and greatest public good
as there are greater impacts to the Kanemoto property than described in the appraisal.
He requested the Commission authorize a full take appraisal and make a full take offer
as the Kanemotos requested previously.
Philip Lee, representing the owners of Serfas Development, LLC/Mountain View Country
Club, expressed concern for: 1) the current and future value of the property;
2) limited options for future development including the number of yards and holes that
will be lost; and 3) the design plans related to Chevron, Arco, McDonald's, and two
storm drains that impact the Serfas Development property. Mr. Lee requested the
Commission consider redesigning the roads around McDonald's and Chevron so there is
less of an impact on the Serfas Development property. Mr. Lee stated due to this
taking, the property owners are requesting Riverside County include this property in the
2008 General Plan update as it should be changed to commercial and residential to
achieve the highest and best use of this property.
Chair Spiegel then called on any other persons who wish to be heard on this matter.
There were no other requests to speak from the public.
Commissioner Adam Rush stated there was discussion about the logistics of the
development process through a city and asked if future development should be part of
this process.
Mark Lancaster replied it is not part of the process. He stated future development is
beyond the purview of this hearing and what happens to a certain property in the future
is subject to change and reiterated the four findings to be considered at this hearing.
In response to Commissioner Kevin Jeffries' questions regarding the Griffiths property,
Mark Lancaster clarified the issues raised by the property owner's representative are
property mitigation issues, not project design issues. He explained property mitigation
issues are beyond the purview of this hearing as these are compensation related issues.
Mr. Lancaster discussed the meeting held with the property owner and their
representative on October 27. He then explained the Commission's mitigation plan fully
complies with all ADA regulations, which is a requirement the Commission must adhere
to.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 6
At Commissioner Roger Berg's request, Mark Lancaster provided details regarding the
utility easement on the Kanemoto's property.
At Commissioner Jeff Stone's request, Mark Lancaster explained one of the
requirements of the acquisition process is to appraise the property using the highest
and best use. He then stated staff exhausts all administrative remedies to reach an
agreement before a resolution of necessity is brought forward to the Commission.
Additionally, staff will continue working with these property owners even after a
resolution of necessity is adopted.
Commissioner Stone then referred to the Mountain View Country Club and expressed
concern there may be significant operational issues. He stated there was mention of
ingress and egress issues and a temporary construction easement across Serfas Club
Drive and asked if staff will continue to work with the property owners. He asked if the
appraisal included compensation for the disruption.
Mark Lancaster replied it is part of the offer. He explained the golf course is not in
operation, however, that may change over the course of the construction. He discussed
the reason for the temporary construction easements along Serfas Club Drive and the
details of the driveway to the Arco and McDonald's.
Commissioner Stone expressed confidence staff will continue to approach the property
owners with sensitivity and fairness and with the assurances given by staff, he moved
the staff recommendation.
Commissioner Rush seconded the motion.
At Commissioners Jan Harnik and Jeffries' requests, Mark Lancaster discussed the
easements needed for the Kanemoto property as well as the ingress and egress rights,
access, and legal definitions.
In response to Commissioner Bob Magee's request for clarification regarding the status
of the Mountain View Country Club and items considered in the appraisal, Mr. Lancaster
replied it is not operational and the appraisal considered the adjustments for the
fairway lengths and reconstruction of impacted holes to make the course viable. He
added the appraisal was based on the highest and best use of the property, which is not
a golf course.
Commissioner Magee referred to Mr. Lee's request if the zoning in general plan
designation can be changed in order to enjoy the highest and best use. He asked if staff
is discussing this with Mr. Lee.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 7
Mr. Lancaster replied it is his understanding the property owner went through the
application process once and rezoning was denied and can only be applied for once
every 10 years.
Commissioner Magee expressed concern the property was appraised at the highest and
best use but the property owner cannot use it at its highest and best use because of
zoning issues. He stated he will not support this resolution as he is uncertain if these
property owners will be able to enjoy their property after the construction is completed.
Steve DeBaun clarified the highest and best use relates to the value of the property
being taken so by valuing it at the highest and best use, the property owner is getting an
appropriate and better value for the property than the property owner would get of the
current use.
Commissioner Magee restated his concern the property owner will be compensated at
what the Commission believes is the highest and best use regardless of the
administrative action of the land use authority that denied the property owner that
highest and best use.
Steve DeBaun explained staff, legal counsel, and the appraiser believe this property can
be redesigned in a manner to make it usable as a golf course.
In response to Commissioner Magee's statement that the property owner must invest a
significant amount of time and money in order to make it usable as a golf course and the
offer needs to consider that, Mr. Lancaster stated this is the first time he had heard the
property owner's representative mention an interest in reestablishing the property as a
golf course and asked legal counsel to respond.
Chair Spiegel noted this is also the first time the city of Corona had heard about
reestablishing a golf course.
In response to Mr. Lancaster's request for clarification to legal counsel if this discussion
is appropriate, Mr. DeBaun replied the Commission is limited to the findings. If there
are issues that impact the value of the property, those are subject of either further
negotiations or an eminent domain lawsuit.
Commissioner Magee expressed appreciation for the comments and stated he will not
support Resolution Nos. 13-045 and 13-046.
In response to Commissioner Harnik's question as to when this golf course was last a
fully functional golf course, Mr. Lancaster replied in 2009.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 8
In response to Commissioner Tom Owings' concerns regarding diminished value of the
remaining golf course property and entitlements, Mark Lancaster stated those issues
are related to compensation.
Chair Spiegel expressed concern the Commissioners are close to discussing
compensation issues.
Commissioner Glenn Miller asked if the property owner will be compensated for the
lack of revenue if the property owner was to reopen a golf course and redesign it.
Mr. Lancaster replied this is part of the negotiation process.
Chair Spiegel reminded the Commissioners stay within the legal parameters of the
hearing.
In response to Commissioner Owings' request for clarification regarding the partial take
of the golf course property, Mark Easter, legal counsel, explained the appraisal looks at
the highest and best use of the entire property and the partial take is valued based on
the highest and best use. The appraiser then looks at the after condition based on the
same highest and best use and analyzes whether there has been a change in the highest
and best use. He stated the appraiser also looks at the severance damages based on the
highest and best use. In this case, it was determined there were no severance damages.
Commissioner Owings expressed concern the property owner may or may not get the
entitlements at the level of the highest and best use the Commission used to assess the
partial take.
Commissioner Stone recommended continuing the resolutions involving the golf course
from the hearing and requested staff to continue to work with the property owner as all
of the Commissioners' concerns have been heard.
M/S/C (Stone/Magee) to continue Resolution of Necessity Nos. 13-045 and
13-046 for Serfas Development, LLC to the November Commission meeting.
Commissioner Douglas Hanson requested clarification that all the Commission is being
asked to do is approve moving forward with the condemnation process of this property
and a court will adjudicate not only the taking, the severance, but the highest best use
and the value of the property.
Mr. Lancaster replied his statement is correct.
Commissioner John Benoit expressed the Commission has to determine whether the
four findings have been met.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 9
Commissioner Owings reiterated his strong concerns regarding just compensation and
severance damages.
Commissioner Jeffries expressed his belief the Commission has a legal obligation to
determine: 1) if this needs to be taken, which he believes it does; and 2) to instruct legal
counsel and staff to be fair and equitable not only to the taxpayers but to the property
owners also. He stateed he will not allow any Commissioners to say he can only confine
his comments to the issue of legality as to whether or not the Commission should take a
property and will continue to speak out on behalf of what is fair and equitable for both
sides of an acquisition.
Mark Lancaster stated he was taught to treat every property as if it was his own and
staff did its absolute level best to minimize impacts to all properties and treat all
property owners fairly.
Commissioner Berg concurred with Commissioners Hanson and Benoit. He expressed
appreciation to staff for an excellent job. He then requested clarification on the two
motions made by Commissioner Stone.
Commissioner Stone replied it was a second motion but he would modify it to make one
motion. He stated if there is a hesitation the Commission has not exhausted all of its
administrative remedies, then an action should be postponed if it does not jeopardize
the funding and/or schedule.
Commissioner Terry Henderson expressed concern about continuing the two resolutions
as the Commission's concerns will be addressed as part of the entire process and does
not support Commissioner Stone's modified motion.
At this time, Commissioner Scott Mann left the meeting.
Commissioner Ginny Foat requested clarification for both the motion and the modified
motion.
At the Commission's request, Ms. Harmon clarified Commissioner Stone's original
motion was to support the staff recommendation and his modified motion excluded the
adoption of Resolution of Necessity Nos. 13-045 and 13-046 for the Serfas Club
Development, LLC , to be brought back at the Commission's next meeting.
Commissioner Stone clarified he will not support his original motion and requested the
Commissioners to support the modified motion.
Steve DeBaun added the original motion was modified by the motion maker and the
modified motion was seconded.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 10
Chair Spiegel closed the public hearing.
M/S/C (Stone/Magee) to:
1) Conduct a hearing to consider the adoption of resolutions of necessity,
including providing all parties interested in the affected properties and
their attorneys, or their representatives, an opportunity to be heard on
the issues relevant to the resolutions of necessity;
2) Make the following findings as hereinafter described in this report:
a) The public interest and necessity require the proposed project;
b) The project is planned or located in a manner that will be most
compatible with the greatest public good and the least private
injury;
c) The real property to be acquired is necessary for the project; and
d) The offer of just compensation has been made to the property
owner;
3) Adopt Resolutions of Necessity Nos. 13-043; 13-025; 13-044; 13-048;
13-050; 13-051; 13-052; 13-053; 13-054; 13-055; 13-056; 13-057; 13-058;
13-059; 13-060; 13-061; 13-062; 13-063; 13-064; 13-065; and 13-066,
"Resolutions of Necessity for the Acquisition of Fee, Permanent Wall
Footing Easement, Permanent Access Easement, Building Demolition
Easement, Utility Easement, Temporary Access Easement, and
Temporary Construction Easement Interests in All or Portions of Certain
Real Property, by Eminent Domain, More Particularly Described as
Assessor Parcel Nos. 102-020-039; 102-061-011; 102-420-036; 102-050-
006; 102-050-003; 102-250-022; 101-290-017; 101-170-042 and 102-020-
009; 102-020-010; 102-020-046; 102-061-012; 102-280-021; 102-280-
031; 118-040-031, 118-040-032, and 118-040-033; 102-290-012 and 102-
290-013; 102-290-006; 118-330-017; 118-101-015; 118-171-018; 118-
171-047; 117-070-030; 117-070-027; 117-114-012; Located in Corona,
Riverside County, California", for the State Route 91 Corridor
Improvement Project (SR -91 CIP), which extends the existing 91 Express
Lanes east from the Orange/Riverside County line to Interstate 15,
along with other operational improvements easterly to Pierce Street in
Riverside.
No: B. Benoit, Berg, Botts, Craton, Hanna, Henderson, and
Johnston
7. ADDITIONS / REVISIONS
Per staff's request, Agenda Item 8E, "Fiscal Year 2013/14 Agreements for Regional
Rideshare Services" was removed from the agenda due to contractual issues.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 11
8. CONSENT CALENDAR
M/S/C (Busch/Ashley) to approve the following Consent Calendar items.
8A. COMMISSION OFFICER ROTATION POLICY
Amend the Administrative Code to modify the current rotation policy of
Commission officers.
8B. AMENDMENT TO AGREEMENT FOR ON -CALL STRATEGIC PARTNERSHIP
ADVISOR SERVICES WITH PARSONS BRINCKERHOFF, INC.
1) Approve Agreement No. 06-66-027-22, Amendment No. 11 to Agreement
No. 06-66-027-00, with Parsons Brinckerhoff, Inc. (PB) for on -call strategic
partnership advisor services to continue providing services for the
proposed State Route 91 and Interstate 15 corridor improvement
projects by extending the contract term of performance to June 30, 2017,
and augmenting Agreement No. 06-66-027-00 by $1.5 million;
2) Authorize the Executive Director, or designee, to execute task orders
under the terms of this agreement; and
3) Authorize the Chair or Executive Director, pursuant to legal counsel
review, to execute the agreement on behalf of the Commission.
8C. CITY OF MORENO VALLEY REPROGRAMMING REQUEST
1) Approve the request by the city of Moreno Valley (Moreno Valley) to
reprogram Transportation Uniform Mitigation Fee (TUMF) Regional
Arterial program savings in the amount of $1.6 million from Perris
Boulevard widening project from Cactus Avenue to Perris Valley Storm
Drain (PVSD) Lateral "B" to the Perris Boulevard widening project from
Ironwood Avenue to Manzanita Avenue;
2) Approve Agreement No. 06-72-041-02, Amendment No. 2 to Agreement
No. 06-72-041-00, with Moreno Valley to add TUMF in the amount of
$1.6 million for construction funding;
3) Approve Agreement No. 12-72-059-01, Amendment No. 1 to Agreement
No. 12-72-059-00, with Moreno Valley to reduce construction funding by
$1.6 million as a result of project savings; and
4) Authorize the Chair or Executive Director, pursuant to legal counsel
review, to execute the agreements on behalf of the Commission.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 12
8D. AWARDS FOR CONSTRUCTION FREEWAY SERVICE PATROL TOW TRUCK SERVICE
DURING THE CONSTRUCTION OF THE STATE ROUTE 91 CORRIDOR
IMPROVEMENT PROJECT
1) Award Agreement No. 14-45-009-00 to Steve's Towing (Steve's) for
construction Freeway Service Patrol (Construction FSP) tow truck services
on State Route 91 Corridor Improvement Project (SR -91 CIP) Beat No. 1
for a three-year term, in an amount not to exceed $2,220,000; and
2) Award Agreement No. 14-45-028-00 to Steve's for Construction FSP tow
truck services on SR -91 CIP Beat No. 2 for a three-year term, in an
amount not to exceed $1,480,000; and
3) Authorize the Chair or Executive Director, pursuant to legal counsel
review, to execute the agreements on behalf of the Commission.
8F. AGREEMENT WITH THE SOUTH COAST AIR QUALITY MANAGEMENT DISTRICT
TO FUND RIDESHARE THURSDAY CAMPAIGN RIDESHARE INCENTIVES
1) Approve Agreement No. 14-41-032-00 with the South Coast Air Quality
Management District (AQMD) for $250,000 to fund "Rideshare Thursday"
Campaign Rideshare Incentives for the Inland Empire; and
2) Authorize the Chair or Executive Director, pursuant to legal counsel
review, to execute the agreement on behalf of the Commission.
8G. AMENDMENT TO COMMISSION'S RAIL PROGRAM SHORT RANGE TRANSIT
PLANS
1) Amend the Commission's Commuter Rail Program's FY 2009/10 and
FY 2011/12 Short Range Transit Plans (SRTPs), as follows:
a) Add the station upgrade project to the FY 2011/12 SRTP;
b) Reallocate $295,568 of FY 2008/09 Proposition 1B Public
Transportation Modernization, Improvement, and Service
Enhancement Account (PTMISEA) funds in the FY 2009/10 SRTP
plus accrued interest from the Perris Multimodal Transit Center to
the station upgrade project in the FY 2011/12 SRTP;
c) Reallocate $1,900,000 of FY 2010/11 Proposition 1B PTMISEA
funds from the Perris Valley Line Closed Circuit Television (CCTV)
project to the station upgrade project; and
d) Allocate $554,941 of FY 2011-13 Proposition 1B PTMISEA funds
from the Perris Valley Line CCTV project to the station upgrade
project; and
2) Approve budget adjustments of $194,941 to increase revenues and
$490,509 to increase expenditures.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 13
8H. FEDERAL AND STATE LEGISLATIVE UPDATE
Receive and file an update on federal and state legislation.
9. TRANSPORTATION UNIFORM MITIGATION FEE PROGRAM — CITY OF CORONA
DEVELOPER CREDIT REIMBURSEMENT
Shirley Medina, Planning and Programming Director, presented the Transportation
Uniform Mitigation Fee (TUMF) developer reimbursement for the city of Corona,
highlighting the following areas:
• TUMF developer reimbursement agreement and background;
• Developer reimbursement — TUMF Ad Hoc Committee and staff
recommendation;
• TUMF regional arterial balance with 10 percent set aside for reimbursements;
• Impacts to new project programming requests;
• Next steps; and
• Recommended actions.
Commissioner Magee requested the Chair to allow any public speakers on this item to
be heard first.
Chair Spiegel granted the request.
Leonard Leichnitz, Far West/JEC Corona Properties, expressed gratitude to the
Commission, staff, and the TUMF Ad Hoc Committee for their revised staff
recommendation. He explained while he is still not completely pleased, he is cognizant
of the need to balance many different competing priorities. Mr. Leichnitz expressed
concern about future reimbursements to multiple developers will be paid on a prorata
basis.
Commissioner Magee expressed gratitude for Chair Spiegel's leadership and formation
of the ad hoc committee, and to the ad hoc committee for its thoughtful and lively
discussion that was made more fruitful by the Commission staff, which came to the
table amply prepared with a thoughtful presentation and excellent recommendation for
an alternative repayment schedule.
M/S/C (Magee/B. Benoit) to:
1) Approve the reimbursement of $3,051,636 to the city of Corona
(Corona), in accordance with the Transportation Uniform Mitigation Fee
(TUMF) Administrative Plan, TUMF Credit/Reimbursement Eligibility
process, to reimburse local agencies that enter into credit
Riverside County Transportation Commission Minutes
October 9, 2013
Page 14
reimbursement agreements with developers for the construction of
TUMF arterial road improvements;
2) Approve Agreement No. 14-72-013-00 between the Commission and
Corona that stipulates $665,000 will be paid to Corona upon execution
of the agreement and additional reimbursement payments of up to 10
percent of annual TUMF budgeted regional arterial revenues will be
reimbursed to Corona on June 30 of each year until the $3,051,636
obligation is completely satisfied;
3) Authorize the Chair or Executive Director, pursuant to legal counsel
review, to execute the agreement on behalf of the Commission; and
4) Approve a budget adjustment to increase TUMF regional arterial
expenditures $490,000.
10. RAIL SERVICE THROUGH THE PASS AREA TO THE COACHELLA VALLEY
Sheldon Peterson, Rail Manager, presented the Coachella Valley rail service, highlighting
the following areas:
• A map depicting the proposed Coachella Valley rail intercity service;
• Coachella Valley Association of Governments (CVAG) and the Commission's
memorandum of understanding (MOU);
• Commission's actions;
• Commission's — Caltrans letter of understanding;
• Ridership model — Catchment zones;
• Resolution of support for daily service; and
• Next steps.
Commissioner Marion Ashley expressed appreciation to staff for an excellent
presentation and his support for a station in the Pass Area as it is growing rapidly.
Commissioner J. Benoit expressed his appreciation for the work of the agencies bringing
this vision to reality and moved approval of the staff recommendation.
At this time, Commissioner Rick Gibbs left the meeting.
At Commissioner Ginny Foat's request, Sheldon Peterson discussed the initial funding
for this service as well as ongoing funding plans.
In response to Commissioner Foat's question if the Eastern Riverside County (ERC)
Programs and Projects Committee will be the governing body to oversee this,
John Standiford replied oversight is with the full Commission, however, if it relates to
Eastern County, it will likely go to the ERC Programs and Projects Committee and staff
will work closely with Tom Kirk, CVAG's Executive Director. In the case of issues
Riverside County Transportation Commission Minutes
October 9, 2013
Page 15
regarding the greater alignment, Pass Area, or how it impacts Western County, it will go
to the Budget and Implementation Committee.
At Commissioner Foat's request, Sheldon Peterson discussed what is being proposed for
this study effort, including a full assessment of stations for the regional rail system as
well as the impacts of the potential elimination of the Amtrak's Sunset Limited service.
In response to Commissioner Andrew Kotyuk's question about the rideshare balances
and the feasibility study, Sheldon Peterson replied staff wanted to ensure a connection
to Los Angeles Union Station and other Amtrak trains. He explained through the initial
proposal, the Fullerton station will be key to connect Orange County to the Coachella
Valley, however, the study will look at all alignments.
In response to Commissioner Steven Hernandez's clarification about being limited to the
five proposed stations, Sheldon Peterson replied the stations have not yet been defined
so there are still those opportunities. Staff is available for additional suggestions.
Commissioner Glenn Miller expressed his support for the staff recommendation and this
effort and discussed the benefits this service will bring to the Pass Area and the
Coachella Valley.
In response to Commissioner Rush's question regarding the Redlands Loop, Sheldon
Peterson replied discussions will continue with SANBAG staff to ensure there is
coordination. There may be challenges with a joint station because the rail lines are not
connected, however, staff will review all options, including shuttle service.
M/S/C (J. Benoit/Ashley) to:
1) Approve the Memorandum of Understanding (MOU) No. 14-25-034-00
between the Commission and the Coachella Valley Association of
Governments (CVAG) whereby the Commission shall establish and
administer the Coachella Valley Rail fund;
2) Authorize the Chair, pursuant to legal counsel review, to execute the
agreement on behalf of the Commission;
3) Authorize staff to set aside Transportation Development Act (TDA)
State Transit Assistance (STA) funding to be utilized specifically for the
Coachella Valley in support of the rail program at specified multi -year
levels;
4) Approve a bus/rail funding split and the terms and conditions;
Riverside County Transportation Commission Minutes
October 9, 2013
Page 16
5) Approve an amendment to the Commission's Commuter Rail Short
Range Transit Plan (SRTP) to set aside $4.2 million of Proposition 1B
Public Transportation Modernization, Improvement, and Service
Enhancement Account (PTMISEA) funds to initiate Coachella Valley Rail
through the Pass Area;
6) Authorize staff to seek approval to apply for a letter of no prejudice
(LONP) for Proposition 1B funds to allow the Commission to expend
local funds prior to the state bond sale and disbursement;
7) Authorize staff to establish a Coachella Valley Rail specific SRTP and
establish a separate funding and accounting process at the Commission;
8) Authorize the Executive Director to execute a letter of understanding
with Caltrans in support of project development;
9) Adopt Resolution No. 13-042, "Resolution of Support to Establish Daily
Intercity Rail Service from Los Angeles to the Coachella Valley via the
Pass Area"; and
10) Receive an update on next steps for Coachella Valley Rail project
development, including the service development plan, alternatives
analysis, and discussion on potential for future environmental analysis.
11. ITEM(S) PULLED FROM CONSENT CALENDAR FOR DISCUSSION
There were no items pulled from the Consent Calendar.
12. COMMISSIONERS/EXECUTIVE DIRECTOR'S REPORT
12A. Commissioner Bob Botts announced:
• The California League of Cities Golf Tournament is scheduled for Monday,
October 14 at Morongo; and
• His resignation from the Banning City Council effective today with his last
meeting at the Commission. He expressed his appreciation and gratitude
to serve with the Commissioners.
12C. John Standiford:
• On behalf of Anne Mayer, he expressed appreciation and gratitude to the
Commissioners that served on the Commission's TUMF Ad Hoc
Committee; and
• Announced the Mobility 21's 12th Annual Summit scheduled for October
29 in Los Angeles and encouraged the Commissioners to attend.
Riverside County Transportation Commission Minutes
October 9, 2013
Page 17
14. ADJOURNMENT
There being no further business for consideration by the Riverside County
Transportation Commission, Chair Spiegel adjourned the meeting at
11:45 a.m. The next Commission meeting is scheduled to be held at 9:30 a.m.,
Wednesday, November 13, 2013, in the Board Room, at the County of Riverside
Administrative Center, 4080 Lemon Street, Riverside, California.
Respectfully submitted,
Jennifer Harmon
Clerk of the Board
AGENDA ITEM 7A
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE:
December 11, 2013
TO:
Riverside County Transportation Commission
FROM:
Jennifer Harmon, Office and Board Services Manager
THROUGH:
Anne Mayer, Executive Director
SUBJECT:
Proposed 2014 Commission/Committee Meeting Calendar
STAFF RECOMMENDATION:
This item is for the Commission to adopt its 2014 Commission/Committee Meeting Calendar.
BACKGROUND INFORMATION:
The Commission is scheduled to meet on the second Wednesday of each month at 9:30 a.m.
Additionally, the Executive Committee is scheduled at 9:00 a.m. on the same day. For 2014, the
annual Commission Workshop will be held on Thursday, January 30 and Friday, January 31 at
the Hilton Palm Springs. Due to the timing of the annual workshop, the January Budget and
Implementation and Western Riverside County Programs and Projects Committees will not be
scheduled.
The Commission's policy committees — Budget and Implementation and Western Riverside
County Programs and Projects — meet on the fourth Monday of each month at 9:30 a.m. and
1:30 p.m., respectively. For 2014, these Committees will not meet in May and December due
to holidays. Additionally, the Eastern Riverside County Programs and Projects Committee
meets on the first Monday of each month at 10:30 a.m., except when the first Monday falls on
a holiday or in the same week as a Commission meeting. There are times when a committee
meeting may be cancelled due to lack of substantive agenda items. When this occurs, the
Commissioners will be notified and items are forwarded directly to the Commission for final
action.
Attachment: Proposed 2014 Commission/Committee Meetings Schedule
Agenda Item 7A
1
MIN maw
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
2014 MEETING SCHEDULE
Meeting Date
(Wednesday)
Commission
Location
Executive
Committee
Location
January 8
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
January 30 - 31
Meeting / Workshop
1:00 p.m. (Thursday)
8:30 a.m. (Friday)
Hilton Palm Springs
N/A
N/A
February 12
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
March 12
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
April 9
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
May 14
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
June 11
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
July 9
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
August 13
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
September 10
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
October 8
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
November 12
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
December 10
9:30 a.m.
Board Room
9:00 a.m.
RCTC Conf Rm A
The Commission and the Executive Committee meetings are held on the second Wednesday of each month.
2014 RCTC Meeting Schedule — V1
2
Meeting Date (Monday)
Budget and
Implementation
Committee
Western Riverside
County Programs and
Projects Committee
Location
February 24
9:30 a.m.
1:30 p.m.
Board Room
March 24
9:30 a.m.
1:30 p.m.
Board Room
April 28
9:30 a.m.
1:30 p.m.
Board Room
June 23
9:30 a.m.
1:30 p.m.
Board Room
July 28
9:30 a.m.
1:30 p.m.
Board Room
August 25
9:30 a.m.
1:30 p.m.
Board Room
September 22
9:30 a.m.
1:30 p.m.
Board Room
October 27
9:30 a.m.
1:30 p.m.
Board Room
November 24
9:30 a.m.
1:30 p.m.
Board Room
The meetings of the Budget and Implementation Committee and the Western Riverside County Programs and Projects Committee are held
on the fourth Monday of each month, except on holidays.
Meeting Date (Monday)
Eastern Riverside County
Programs and Projects Committee
Location
March 3
10:30 a.m.
May 5
10:30 a.m.
June 2
10:30 a.m.
November 3
10:30 a.m.
December 1
10:30 a.m.
CVAG Office
73-710 Fred Waring Drive, Suite
119
Palm Desert, CA 92260
The meetings of the Eastern Riverside County Programs and Projects Committee are held on the first Monday of the month, except when
the first Monday falls on a holiday or in the same week as a Commission meeting.
2014 RCTC Meeting Schedule — V1
3
Meeting Date (Monday)
Technical Advisory Committee
Location
January 27
10:00 a.m.
Riverside - RCTC Conf Rm A
March 17
10:00 a.m.
Beaumont - City Hall
May 19
10:00 a.m.
Riverside - RCTC Conf Rm A
July 21
10:00 a.m.
Beaumont - City Hall
September 15
10:00 a.m.
Riverside - RCTC Conf Rm A
November 17
10:00 a.m.
Beaumont — City Hall
The meetings of the Technical Advisory Committee are held on the third Monday of every other month, except for holidays.
the meeting falls on a holiday, the meeting is moved to the second Monday.
If
Riverside — Commission Office, County Administrative Center, 4080
Lemon Street, 3rd Floor, Riverside, CA
Beaumont - City Hall, Conference Room 2,
550 East Sixth Street, Beaumont, CA
2014 RCTC Meeting Schedule — V1
4
AGENDA ITEM 7B
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE:
December 11, 2013
TO:
Riverside County Transportation Commission
FROM:
Audit Ad Hoc Committee
Theresia Trevino, Chief Financial Officer
THROUGH:
Anne Mayer, Executive Director
SUBJECT:
Fiscal Year 2012/13 Commission Audit Results
AUDIT AD HOC COMMITTEE AND STAFF RECOMMENDATION:
This item is for the Commission to:
Receive and file the FY 2012/13:
a) Comprehensive Annual Financial Report (CAFR);
b) Local Transportation Fund (LTF) Financial and Compliance Report;
c) State Transit Assistance (STA) Fund Financial and Compliance Report;
d) Proposition 1B Rehabilitation and Security Project Accounts Financial and
Compliance Report;
e) Compliance Report for Single Audit;
f) Commercial Paper Compliance Report;
g) Auditor Required Communications Report;
h) Agreed -Upon Procedures Report related to the Appropriations Limit Calculation;
i) Agreed -Upon Procedures Report related to the Commuter Assistance Program
incentives; and
j) Management certifications.
BACKGROUND INFORMATION:
In March 2008, McGladrey LLP (McGladrey) was selected to perform the annual audit of the
Commission's basic financial statements included in the CAFR, LTF, STA, and federal awards.
Additionally, it was requested to perform agreed -upon procedures related to the annual
Appropriations Limit Calculation and the Commuter Assistance Program (CAP) incentives and to
report on compliance with commercial paper debt covenants. As a result of the receipt of
Proposition 1B funds for commuter rail rehabilitation and security projects, a separate audit is
required. The scope of work for McGladrey was subsequently expanded to include the
Proposition 1B Rehabilitation and Security Projects audit. In connection with the recurring
contracts process, McGladrey's term was extended from April 1, 2013, through
December 31, 2014. The audits, agreed -upon procedures, and compliance procedures for the
fiscal year ended June 30, 2012, have been completed, and McGladrey has issued all reports.
Agenda Item 7B
5
The Commission's CAFR consists of three sections: introductory, financial, and statistical.
While the introductory and statistical sections were not audited by McGladrey, the basic
financial statements included in the financial section were audited by McGladrey. The
Commission received an unmodified opinion on its basic financial statements from McGladrey,
which is the highest form of assurance. Limited procedures were performed related to the
required supplementary information, including Management's Discussion and Analysis; such
information was not audited. The other supplementary information was subject to the auditing
procedures applied in the audit of the basic financial statements, and in the opinion of the
auditors, it is fairly stated in relation to the basic financial statements.
The basic financial statements include government -wide financial statements, fund financial
statements, and notes to the financial statements. Management's Discussion and Analysis
provides a narrative overview and analysis of the Commission's financial activities for the fiscal
year. Financial highlights include net position of approximately $740 million at June 30, 2013,
representing an increase of approximately $56 million from the prior year, and governmental
funds fund balances of approximately $622 million at June 30, 2013, representing an increase
of approximately $47 million from the prior year.
The audit reports related to the separately issued financial statements of the
LTF, STA, and Proposition 1B Rehabilitation and Security Projects also reflect unmodified
opinions from McGladrey. These financial statements are required to be issued separately
under the Transportation Development Act (TDA), including the provisions for Proposition 1B
Rehabilitation and Security Projects; however, the LTF and STA financial position and operations
are also included in the fund financial statements in the CAFR. The Proposition 1B
Rehabilitation and Security Projects Accounts financial position and operations are part of the
General Fund and Measure A Western County Commuter Rail accounts. These reports noted
no matters considered to be a material weakness in internal control and no instances of
noncompliance.
The Compliance Report, often referred to as the Single Audit Report, includes the reports on
compliance and internal control over financial reporting and over federal awards. These
reports noted no matters considered to be material weaknesses in internal control and no
instances of noncompliance.
As a result of the establishment of the commercial paper program in March 2005, the bank
reimbursement agreement requires a report from the auditor regarding compliance with
certain covenants. The report issued by McGladrey indicated that nothing came to the
auditor's attention that caused the auditors to believe the Commission failed to comply with
these covenants.
A management letter usually includes recommendations for improvements and operational
efficiencies related to internal control and other matters noted during the audit. Similar to
prior years, McGladrey did not have any recommendations or comments on other matters;
therefore, it did not issue a management letter.
Agenda Item 7B
6
The Appropriations Limit Calculation and CAP reports are based on specific procedures agreed
to by the Commission and other agencies. For the Appropriations Limit Calculation and CAP,
the auditors noted no exceptions or findings related to the procedures performed.
As required by AICPA Auditing Standards Board Statement of Audit No. 114, The Auditor's
Communication With Those Charged With Governance, the Commission's auditor is required to
make certain annual communications to the Commission's audit committee, or its equivalent,
regarding the audit of the Commission's financial statements prior to the completion of the
audit. The annual audit for FY 2012/13 conducted by McGladrey was completed in
November 2013. The report to the Audit Ad Hoc Committee from the auditor contains the
required communications about the audit. Representatives from McGladrey will review this
information with the Audit Ad Hoc Committee as part of the required communications.
As part of the development of the Commission's Accountability Program, the directors have
completed certifications relating to financial reporting and operational disclosures.
Attachments:
1) 2013 Comprehensive Annual Financial Report
2) 2013 Local Transportation Fund Financial and Compliance Report
3) 2013 State Transit Assistance Fund Financial and Compliance Report
4) 2013 Proposition 1B Rehabilitation and Security Projects Account Financial and
Compliance Report;
5) 2013 Compliance Report
6) 2013 Commercial Paper Compliance Report
7) 2013 Report to the Audit Ad Hoc Committee
8) 2013 Agreed -Upon Procedures Report on Appropriations Limit Calculation
9) 2013 Agreed -Upon Procedures Report on Commuter Assistance Program Incentives
10) 2013 Executive Director and Chief Financial Officer Certification
11) 2013 Directors Certification
Agenda Item 7B
7
ATTACHMENT 1
Riverside County Transportation Commission
Riverside County, California
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2013
Min Mem
Riverside County Transportation Commission
9
Riverside County Transportation Commission
Riverside County, California
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2013
Submitted By:
Theresia Trevino, Chief Financial Officer
Michele Cisneros, Finance Manager/Controller
10
11
Contents
Introductory Section
Letter of Transmittal
Organizational Chart x
List of Principal Officials xi
Certificate of Achievement xii
Financial Section
Independent Auditor's Report 1
Management's Discussion and Analysis 3
Basic Financial Statements
Government -wide Financial Statements
Statement of Net Position 16
Statement of Activities 17
Fund Financial Statements
Balance Sheet —Governmental Funds 18
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 19
Statement of Revenues, Expenditures and Changes in Fund Balances
—Governmental Funds 20
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances
of Governmental Funds to the Statement of Activities 21
Notes to Financial Statements 22
Required Supplementary Information
Budgetary Comparison Schedules
General Fund 48
Major Special Revenue Funds 49
Schedule of Funding Progress for Postretirement Health Care 50
Notes to Required Supplementary Information 51
Other Supplementary Information
Nonmajor Governmental Funds 53
Combining Balance Sheet 54
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 55
Schedule of Revenues, Expenditures and Changes in Fund Balances —Budget and Actual:
Nonmajor Special Revenue Funds 56
Capital Projects and Debt Service Funds 57
Schedule of Expenditures for Local Streets and Roads by Geographic Area—AII Special
Revenue Funds 58
Schedule of Expenditures for Transit and Specialized Transportation by Geographic Area and
Source —All Special Revenue Funds 59
12
Contents, Continued
Statistical Section
Statistical Section Overview 62
Net Position by Component 63
Changes in Net Position 64
Fund Balances of Governmental Funds 66
Changes in Fund Balances of Governmental Funds 67
Sources of County of Riverside Taxable Sales by Business Type 68
Direct and Overlapping Sales Tax Rates 69
Principal Taxable Sales Generation by City 70
Measure A Sales Tax Revenues by Program and Geographic Area 71
Measure A Sales Tax by Economic Category 72
Measure A Revenues and Pledged Revenue Coverage 73
Ratios of Outstanding Debt by Type 74
Computation of Legal Debt Margin 75
Demographic and Economic Statistics for the County of Riverside 76
Employment Statistics by Industry for the County of Riverside 77
Full-time Equivalent Employees by Function/Program 78
Operating Indicators 79
Capital Asset Statistics by Program 80
13
Introductory Section
This page intentionally left blank.
15
November 6, 2013
To the Riverside County Transportation Commission Commissioners
and Citizens of the County of Riverside:
Letter of Transmittal
State law requires that the Riverside County Transportation Commission (Commission or RCTC) publish within six months of
the close of each fiscal year a complete set of financial statements presented in conformity with accounting principles generally
accepted in the United States (GAAP) and audited in accordance with generally accepted auditing standards by independent
certified public accountants. Pursuant to that requirement, we hereby issue the Comprehensive Annual Financial Report (CAFR)
of the Commission for the fiscal year ended June 30, 2013.
Management assumes full responsibility for the completeness and reliability of all of the information presented in this report,
based upon the Commission's comprehensive framework of internal controls established for this purpose. Because the cost of
internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance
that the financial statements are free of any material misstatements.
McGladrey LLP has issued an unmodified opinion on the Commission's financial statements for the year ended June 30, 2013.
The independent auditor's report is located at the front of the financial section of this report.
Management's Discussion and Analysis (MD&A) immediately follows the independent auditor's report and provides a narrative
introduction, overview, and analysis of the basic financial statements. MD&A complement this letter of transmittal and should be
read in conjunction with it.
Profile of the Government
The Commission was established by state law in 1977 to oversee the funding and coordination of all public transportation
services within the county of Riverside (County). The Commission's mission is to assume a leadership role in improving mobility
in Riverside County and to maximize the cost effectiveness of transportation dollars in the County. The governing body is the
Board of Commissioners (Board), which consists of all five members of the County Board of Supervisors, one elected official
from each of the County's 28 cities, and one non -voting member appointed by the Governor. The Commission is responsible for
setting policies, establishing priorities, and coordinating activities among the County's various transportation operators and
agencies. The Commission also programs and/or reviews the allocation of federal, state, and local funds for highway, transit,
rail, non -motorized travel (bicycle and pedestrian), and other transportation activities.
The Commission also serves as the tax authority and implementation agency for the voter -approved Measure A Transportation
Improvement Program, which imposes a half -cent sales tax to fund transportation improvements. Originally approved in 1988,
Riverside County's voters in 2002 approved a 30 -year extension of Measure A commencing July 1, 2009 through June 30, 2039
(2009 Measure A).
The Commission is also legally responsible for allocating Transportation Development Act (TDA) funds, the major source of
funds for transit in the County. The TDA provides two major sources of funding: Local Transportation Fund (LTF), which is
derived from a one -quarter cent state sales tax, and State Transit Assistance, which is derived from the statewide sales tax on
gasoline and diesel fuel.
Additionally, the Commission provides motorist aid services designed to expedite traffic flow. These services include the Service
16
Authority for Freeway Emergencies (SAFE), a program that provides call box service for motorists, and the Freeway Service
Patrol (FSP), a roving tow truck service to assist motorists with disabled vehicles on the main highways of the County during
peak rush hour traffic periods. The motorist aid program also includes the operation of the Inland Empire 511 (1E511) system
which provides comprehensive real time traveler information for freeways, bus and rail transit, and rideshare services. All
services are provided at no charge to motorists and are funded through a $1 surcharge on vehicle registrations. The
Commission is financially accountable for SAFE, a legally separate entity that is blended within the Commission's financial
statements.
Finally, the Commission has been designated as the Congestion Management Agency (CMA) for the County. As the CMA, the
Commission coordinates with local jurisdictions in the establishment of congestion mitigation procedures for the County's
roadway system.
The Commission is required to adopt a budget prior to the beginning of each fiscal year. The annual budget, which includes all
funds, serves as the foundation for the Commission's financial planning and control regarding staffing, operations, and capital
plans. The budget is prepared by fund (financial responsibility unit), department, and function. Management has the discretion to
transfer budgeted amounts within the financial responsibility unit according to function. During the fiscal year, all budget
amendments requiring Board approval are presented to the Board for consideration and adoption.
Local Economy
Riverside County has a number of competitive advantages over other coastal counties (Los Angeles, Orange, and San Diego):
(i) housing that was (and remains) more available and affordable; and (ii) plentiful commercial real estate and available
development land at lower rates. Prior to the national recession, Riverside County's economy thrived, reflecting the area's
competitive advantages over its neighboring counties, largely as a result of the County's continuing ability to draw jobs,
residents, and affordable housing away from the Los Angeles, Orange, and San Diego county areas. As a result, the County
enjoyed a more diversified employment and commercial base and an increasing share of the regional economy.
During the nationwide recession, the County experienced high unemployment; reduced personal income, taxable sales, and
residential building permits; a decrease in the rate of home sales and the median price of single-family residences; and high
rates of notices of default on mortgage loans secured by single-family residences. The impact of the recession was amplified in
the Inland Empire (Le., Riverside and San Bernardino counties) due to its relatively greater growth and the relatively lower
average income levels when compared to coastal areas. These factors resulted in fluctuating Measure A and LTF sales tax
revenues and Transportation Uniform Mitigation Fees (TUMF); however, the sales tax revenues appear to have stabilized since
FY 2009/10.
Recovery from the nationwide recession in the local Inland Empire economy has lagged the nation and other areas of California.
Sales tax revenues have rebounded from the recent economic downturn's low point in 2010, with Measure A revenues growing
9.4% in FY 2011/12 and 10.7% in FY 2012/13. The Commission's outlook for FY 2013/14 continues to be cautiously optimistic;
however, the state and federal budget issues continue to affect funding of the Commission's capital projects and programs.
Should Measure A and LTF sales tax revenues continue to 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.
Regardless of the future economic conditions, the Commission faces formidable ongoing challenges in terms of providing
needed infrastructure enhancements to support a population and an economy that has outgrown the capacity of its existing
infrastructure. Fortunately, the foundation of the regional economy continues to retain many of the fundamental positive
attributes that fueled its earlier growth, including lower priced real estate with proximity to coastal communities, a large pool of
skilled workers, and increasing wealth and education levels.
ii
17
Long-term Financial Planning
Proactive financial planning is a critical element for the success of the Commission as it builds for the future. Continually
reviewing revenues and projecting expenditures ensures that the Commission's expectations are realistic and goals are
achievable. Scarce resources, especially at the state and federal level, can be directed to projects of regional significance or,
with additional funding, project priorities can be expanded to address unfunded project requirements or developing needs.
At the state level, there continues to be concerns regarding California's overall budget situation. Governor Brown and the
Legislature are faced with an ongoing, structural imbalance in the state budget which has impacted the state's ability to sell
infrastructure bonds approved by the voters in 2006. The state budget uncertainty has also impacted cash flow for the State
Transportation Improvement Program (STIP) which is also relied upon for funding several major projects.
The news on the federal level is somewhat less predictable. The comprehensive transportation bill known as Moving Ahead for
Progress in the 21st Century (MAP -21) spans only two years through June 2014, leading to discussion of yet another long-term
bill in the next Congressional session. In spite of the short duration of MAP -21, it does provide important improvements that
could lead to a more streamlined approval process. Another provision of the bill expands the Transportation Infrastructure
Finance and Innovation Act (TIFIA). The Commission is utilizing TIFIA funding for its upcoming project on State Route (SR) 91
in Corona and could seek additional financing from the program for other projects in the future.
In the meantime, the federal government will continue to be a source of highway funding through the Surface Transportation
Program (STP) and the Congestion Mitigation Air Quality program since MAP -21 continues these programs at roughly the same
funding level. Federal dollars are also needed by the Commission's transit partners for capital programs, and the Commission
will utilize $75 million in Federal Transit Administration (FTA) Small Starts funding to pay for its Metrolink expansion project to
Perris. All of these programs depend on the authorization of federal funding by Congress and the President.
The widening of SR -91 is part of a multi -year Western Riverside County Delivery Plan (Delivery Plan) that focuses on investing
more than $2 billion in improvements along a number of major freeways during the first ten years of the 2009 Measure A
program. The Delivery Plan was adopted by the Commission in December 2006 and was updated in January 2010 and
February 2012. In order to make the needed investments, the plan relies on Measure A, STIP, and Proposition 1B dollars as
well as the development of tolled express lanes on 1-15 and the extension of the 91 Express Lanes into Riverside County.
While the Delivery Plan is ambitious, it is only one portion of a much larger program of projects and services the Commission
will provide throughout the County. Additional responsibilities and challenges include working cooperatively with the Coachella
Valley Association of Governments (CVAG) to fund projects, continued oversight and funding of transit services throughout the
County, and a 24 -mile expansion of Metrolink service to Perris.
The success of all of these efforts will require a combination of funding sources that will depend on the State's commitment to
funding infrastructure and major investments from the federal government via the approval of a federal transportation bill.
However, the primary —and most predictable —source of funding for the Commission will continue to be the Measure A half -cent
sales tax program approved by Riverside County voters.
Major Initiatives
The Commission is currently in the midst of an unprecedented era of transportation investment. The results can be seen
throughout Riverside County with numerous projects under construction, successful transit service, and promises of more on
the way in the near future.
18
AITPAQI
NOM
(OAONA
0 •
MUM
AMMO WIWI
CipiL „
MOM EAM"
n eEAURgNt
lJ
SAN WOO
PERMS
t.
UATEN MOM
wE I(SIMOR(
MIIRRIITA
M UORW
Capital Project Delivery and Implementation
KURT HOT SPRINGS
(7)
CII
PAIRI SPRINGS
COM OR
WHO AIM
,,
`li
PAM MEAT
I[1'tNt —
Ng1AN
8a1S
LAMM
xu\,
4.r k
The Capital Project Development and Delivery Department is responsible for major highway and rail capital projects from initial
environmental study through preliminary engineering, final design, right of way acquisition, and construction.
Highways. The Commission is currently working on the few remaining projects yet to be completed from the 1989 Measure A
program. For example, construction on the 60/215 East Junction High Occupancy Vehicle (HOV) connector project that began
in summer 2011 is expected to be open to traffic by the end of 2013 and fully completed in early 2014. This project will provide
two HOV bridges that will connect the SR -60 HOV lanes constructed by the Commission in Moreno Valley to the HOV lanes that
were constructed on the 60/91/215 interchange and corridor improvement project. Another 60/215 project along 1-215 from
Blaine Street to Martin Luther King Boulevard has been completed and has resulted in a significant lessening of congestion
along the eastbound side of the freeway during the evening commute.
Another 1989 Measure A project widens SR -91 through Downtown Riverside. The SR -91 HOV project construction in Riverside
from Adams Street to the 60/91/215 interchange was approved for Proposition 1B Corridor Mobility Improvement Account
(CMIA) funding. The Commission and California Department of Transportation (Caltrans) District 8 partnered on the design and
right of way activities, and construction began in spring 2012 with an estimated completion date in late 2014.
The final 1989 Measure A project to be developed is the SR -74 curve widening. With right of way acquisition underway,
construction for the SR -74 curve widening near Hemet will begin in early 2014.
In February 2012 the Commission amended the Delivery Plan to include a truck climbing lanes safety project on SR -60 in the
Badlands area in place of a similar nearby project on 1-10. In partnership with Caltrans, the Commission is the project sponsor
and Caltrans is the lead agency for preliminary engineering using federal funds. With a total project cost estimated at $122
million, construction of the project is expected to be completed by 2018.
The 1-215 corridor from Murrieta to Perris continues to be an important corridor for the Commission. The Commission is adding
a third mixed flow lane in each direction to the central segment from Scott Road to Nuevo Road, resulting in three continuous
lanes from the 1-15 interchange to the SR -60 interchange. Construction started in early 2013 and is funded by STIP and CMIA.
Future improvements along the corridor include a widened connector where the southbound 1-215 meets the 1-15 as well as the
development of the Perris Valley Line Metrolink extension which runs parallel to 1-215.
iv
19
Commuter Rail. Since 1993 the Commission has held title to and managed the 38 -mile San Jacinto Branch Line and several
adjacent properties in anticipation of offering Metrolink commuter rail service to a wider area of the County, initially including
Moreno Valley and Perris and ultimately to Hemet/San Jacinto. The first major expansion for commuter rail along this corridor is
known as the Perris Valley Line. In July 2011 the Commission certified the Environmental Impact Report for the Perris Valley
Line and approved the project. Federal environmental approval was obtained in May 2012.
In December 2007 the Commission received approval from the FTA to enter into project development with a project rating of
medium -high. A total of $75 million in FTA Section 5309 Small Starts funding has been appropriated by Congress for this
project. An additional $53 million in STIP funds is also identified for the project.
The project was temporarily delayed by litigation for a local neighborhood organization which pushed back construction until the
end of 2013. The litigation has been settled favorably, and the Commission has received approvals from the FTA to begin
construction. A favorable construction bid of $132.2 million was approved by the Commission, and new commuter rail service on
the Perris Valley Line is anticipated to commence in late 2015.
With the continued growth of patronage, commuter rail's challenges for the future include the implementation of Positive Train
Control to ensure safety, locomotive rehabilitation and emissions improvements, and additional train storage and maintenance
facilities.
Toll Program Moves Forward
91 Project Construction to Start: The SR -91 Corridor Improvement Project (91 Project) through Corona will be ready for
construction in early 2014. Through FY 2012/13 and shortly thereafter in July 2013, the Commission obtained all necessary
environmental approvals; executed a number of agreements with Caltrans, the Orange County Transportation Authority, and a
toll operator; approved and entered into a $664 million design -build contract; and successfully financed the $1.3 billion effort.
The highlight of the financing plan included the approval of a $421 million TIFIA loan through the U.S. Department of
Transportation. The 91 Project's plan of finance was developed by a financial team, which includes Fieldman Rolapp &
Associates as financial advisor and Goldman Sachs and Bank of America Merrill Lynch serving as co -senior underwriters for the
issuance of $176.7 million in toll revenue bonds and $462.2 million in sales tax revenue bonds.
The 91 Project will include two tolled express lanes in each direction in the median of SR -91. The extension of these lanes will
provide a seamless connection to the Orange County Transportation Authority SR -91 Express Lanes; expand the choices for
Riverside County drivers; improve congestion on the general purpose lanes; and ensure a speedy, uncongested trip for drivers
willing to pay a toll. The 91 Project also includes numerous non -toll lane improvements including an additional general purpose
lane in each direction on SR -91 and substantive interchange improvements.
1-15 Moves Forward: The 1-15 Corridor Improvement Project (1-15 CIP) is planned to include two tolled express lanes in each
direction in the median of 1-15. The first phase of these lanes will extend from the south near Cajalco Road to the north at SR -
60. The lanes will have the same benefits mentioned previously for the 91 Project. The 1-15 CIP's environmental studies and
preliminary engineering work continue to progress and are scheduled for completion in late 2015, with construction expected to
commence in 2018 after the completion of the 91 Project in 2017.
TUMF Plays an Important Role
In the Coachella Valley, a TUMF program was established shortly after the passage of the 1989 Measure A. The program
requires developers to pay a fee on new development to fund arterial improvements. Cities are required to participate in the
program or forfeit Measure A local dollars to the CVAG, which oversees the arterial program and has been successful in funding
a number of important arterial and freeway interchange projects.
v
20
With the passage of the 2009 Measure A, a TUMF program with participation requirements similar to that in the Coachella
Valley is in place in western Riverside County (Western County) and administered by the Western Riverside Council of
Governments (WRCOG). TUMF funds received by the Commission are split evenly between new corridors, including the Mid
County Parkway, and regional arterials, including local projects and the SR -79 realignment project. To date, nine projects have
been completed, eight projects are under construction, three projects will begin construction in 2014, and three projects are in
preliminary engineering.
Rail Development, Operations and Support
As one of five funding partners in the Southern California Regional Rail Authority, which operates the Metrolink commuter rail
service, the Commission is engaged in a continual exercise of consensus building with its partners to provide effective regional
service. Now consisting of seven lines serving six counties, the system carries an average of 44,000 passengers each weekday.
The Commission owns and operates five stations served by the three Metrolink lines operating through the County and will add
four more once the Perris Valley Line Extension begins carrying passengers in late 2015:
r Riverside Line: Originates in the Downtown Riverside station and stops at the Pedley station before proceeding
through Ontario, Pomona, Industry, and Montebello to Los Angeles Union Station. Ridership approximates 5,100 daily
riders.
Inland Empire Orange County (IEOC) Line: Begins in nearby San Bernardino with stops in the Downtown Riverside,
La Sierra, North Main Corona, and West Corona stations before entering Orange County with stops in Anaheim
Canyon, Orange, Santa Ana, Tustin, Irvine, Laguna Niguel/Mission Viejo, San Juan Capistrano, and Oceanside. When
initiated, this service was described as the first suburb -to -suburb commuter rail service in the nation. The IEOC line
has experienced a solid increase in patronage in the past year with an average daily ridership of 4,500. This line also
provides weekend service.
91 Line: Provides service from Riverside to Los Angeles with stops in La Sierra, North Main Corona, West Corona,
Fullerton, Buena Park, Norwalk and Commerce before terminating at Union Station. Daily patronage on the line
averages 2,300. The Perris Valley Line project will extend this line to Perris in 2015.
The Commission also owns the Perris Transit Center, a multimodal facility currently serving Riverside Transit Agency bus
operations and providing park and ride spaces. It will be one of four new Perris Valley Line commuter rail stations.
Planning for the Future
In terms of future progress, the Commission gave its unanimous support to the Riverside County Integrated Project (RCIP) and
its transportation component, the Community and Environmental Transportation Acceptability Process (CETAP). The RCIP was
a model for streamlining the environmental process while providing for the long-term development and economic growth of the
County. The County and the Commission worked together in a first -of -its kind endeavor to provide for new transportation
options and land use planning to support the economic growth of the County while providing for preservation of open space and
protection for endangered species. CETAP addresses the impact of future population and economic growth on the existing
transportation system by identifying and establishing new transportation corridors and arterial system improvements. The entire
CETAP program was recognized under President Bush's Executive Order for Environmental Streamlining and Stewardship. The
Commission's CETAP effort focuses on four new transportation corridors: two located within the County and two that would link
Riverside County with the neighboring counties of Orange and San Bernardino. Each of the corridors is progressing on differing
schedules with the aforementioned improvements on the 1-215 among the first to be completed. Environmental work is also
progressing rapidly for the development of the Mid County Parkway between Perris and San Jacinto.
Another large planning effort affecting the Hemet and San Jacinto communities is the realignment of SR -79. This 2009 Measure
A project is undergoing early project development, which was partially funded through the TUMF program and federal earmarks.
An environmental document is being prepared in cooperation with local, state, and federal agencies to allow the realignment of
SR -79 between Domenigoni Parkway, south of SR -74, and Gilman Springs Road, north of San Jacinto. The project would
vi
21
realign the highway to provide a more direct route within the San Jacinto Valley.
Motorist Assistance Programs
In cooperation with the California Highway Patrol (CHP) and Caltrans, the Commission, in its capacity as the SAFE, assists
motorists who experience accidents, mechanical breakdowns, or other unforeseen problems by providing access to cellular call
boxes along the County's major highways. The Commission's system includes approximately 600 call boxes serving more than
346 centerline miles of highways. The call box program is funded by an annual $1 surcharge added to vehicle registrations. The
phones are programmed to call a private call answer center, and the call box operator responds to the call by routing
emergency calls to the CHP for appropriate services (i.e., ambulance, tow truck, fire, or police unit) or providing a direct
connection to routine service through auto clubs or other private tow and service providers. Call box operators answered
approximately 5,350 calls during FY 2012/13.
In an effort to relieve congestion and reduce pollution, the Commission provides an additional motorist assistance program with
the FSP. The FSP program is a special team of 21 tow trucks traveling along portions of SR -60, SR -91, 1-15, and 1-215 within
the County during peak, weekday commuter hours to assist drivers when their vehicles break down or experience other
mechanical problems. The purpose of the FSP is to clear debris and remove disabled vehicles from the freeway as quickly as
possible to help keep freeway traffic moving during rush hour periods. Another effort augments existing FSP service with
additional tow trucks in construction areas as another means of construction -related congestion mitigation. The FSP is funded
by the Riverside County SAFE and the State. During FY 2012/13, the FSP provided assistance to approximately 43,650
motorists.
To further promote mobility, the Commission, in partnership with the San Bernardino Associated Governments
(SANBAG), provides motorists with access to real-time freeway travel information and incident information on Southern
California highways through its Inland Empire 511 (1E511) Traveler Information system. 1E511 is available via the telephone by
dialing 511 from any land line or cell phone within Riverside or San Bernardino County or online at www.ie511.org. 1E511 is
designed to promote mobility by fostering more informed travel decisions to avoid congestion as well as provide more choices
for the individual commuter by identifying all travel options available to Riverside and San Bernardino County residents. Inland
Empire commuters can access transit, Metrolink, carpooling, vanpooling, carpool lane, and toll road information, as well as
detailed park and ride lot information for the entire Southern California region. 1E511 is funded with Riverside County SAFE
funds in addition to SANBAG reimbursements. In FY 2012/13, 1E511 serviced approximately 400,000 web visits and 351,000
phone calls.
Commuter Assistance Program
The Commission's Commuter Assistance Program provides a variety of rideshare services and programs 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 as a result of trip elimination or use of
alternative means of transportation. The Commission's continued success in serving commuters and employers within the
County resulted in SANBAG's renewal of its contract with the Commission, for the 17th year, to provide an identical commuter
assistance program for San Bernardino County residents.
At the core of the Commuter Assistance Program are employer partnerships. To support voluntary efforts by local employers in
implementing and maintaining rideshare activities at work sites, there are several rideshare services, employee programs, and
resources provided to Western Riverside and San Bernardino County employers. Using Job Access Reverse Commute (JARC)
funds, the Commission also continued the provision of rideshare services and programs to employers in the Coachella Valley.
The most prominent commuter product continues to be the Rideshare Incentives, a short-term incentive that offers $2 per day
for each day new ridesharers use an alternate mode of transportation in a three-month period. Long-term ridesharers are
recognized and rewarded for their continuing commitment to use alternate modes of transportation to and from work with access
to discounts at over 135,000 local and national merchants through RidesharePlus Rewards.
vii
22
In providing commuter benefits to employers and employees, during FY 2012/13, the program attracted 926 drive alone
commuters to rideshare and participate in the Rideshare Incentives program. RidesharePlus Rewards had 6,786 participants for
the same period. In total, the Commuter Assistance program resulted in over 1.7 million one-way trips reduced, 42.5 million
miles saved, and approximately 425,700 pounds of emissions reduced in Riverside County.
Another component of the Commuter Assistance program is the provision of leased park and ride lots to supplement Caltrans
lots and to expand park and ride capacity. Working in partnership with Caltrans, which provides signage and insurance, the
Commission leases excess parking from business and civic institutional partners at a reasonable rate. There are over 2,300
park and ride spaces available to Riverside County commuters.
Finally, the Commission's program also extends beyond the borders of the Inland Empire. To support coordinated and efficient
ridematching throughout a five -county region that includes transportation agencies in Los Angeles, Orange, San Bernardino,
and Ventura counties, the Commission operates the Regional Rideshare Database. This application serves as a central
depository for all commuter transportation surveys and as the region's primary ridematching application.
Specialized Transit
The Commission has maintained a long-term commitment to assist in the mobility of those with specialized transit needs.
Through its Specialized Transit Program, the Commission has provided millions of dollars to public and nonprofit transit
operators to assist in the provision of special transit services to improve the mobility of seniors, persons with disabilities and
persons with low incomes. Along with support of traditional dial -a -ride services, the Commission supports innovative programs
providing transit assistance in hard -to -serve rural areas or for riders having very special transit needs.
Following the Commission's approval and adoption of the Public Transit -Human Services Coordinated Plan for Riverside
County in 2008, the Commission became eligible for federal funding of specialized transit in the County. The 2013 Universal
Call for Projects for Specialized Transit (Universal Call) provided funding awards to 22 public and nonprofit agencies using a
combination of Measure A funding and new federal funds under the JARC and New Freedom (NF) programs. The 2013
Universal Call included approximately $2.7 million in new federal funding to augment the $5.2 million in Measure A funds
committed locally by the Commission for FY 2013/14 and FY 2014/15. During FY 2012/13, public and nonprofit operators
provided approximately 559,000 Measure A/JARC/NF one-way trips in both Western County and Coachella Valley.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement
for Excellence in Financial Reporting to the Commission for its CAFR for the fiscal year ended June 30, 2012. This was the 20th
straight year the Commission has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized CAFR. This report must satisfy both GAAP and applicable
legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe our current CAFR continues to meet the
Certificate of Achievement Program's requirements, and we are submitting it to the GFOA to determine its eligibility for another
certificate.
The CAFR each year is a collaborative effort by Commission staff and its independent auditors. The undersigned are grateful to
all staff for their willingness to expend the effort necessary to ensure the financial information contained herein is informative
and completed within established deadlines. Special thanks must be extended to the Finance staff, program management and
staff, and Commission's auditors for the time, effort, and commitment so vital for the final completion of the CAFR.
viii
23
In closing, without the leadership and the support of the Board, preparation of this report would not have been possible. Its
prudent management must be credited for the strength of the Commission's fiscal condition, and its vision ensures that the
Riverside County Transportation Commission will be on the move planning for and building a better future for Riverside County
residents and commuters.
Very truly yours,
7:4t
ANNE MAYER
Executive Director
THERESIA TREVINO
Chief Financial Officer
ix
24
25
Riverside County Transportation Commission Organization Chart
Fiscal Year 2012/13
Office& Board Services Manage/
Senior Administrative
Assistant
Administrative Assistants (3) Senior Office Assistant
Chan) F,nann Fa' Ottanr
Procuema• Matyo
L
Procurement
Administrator
Ale.e*MK & Hunan
•rwuees Manager
Accounting
Supervisor
Accounting Technician (2)
Accounting Assistant
Accounting Clerk
Goods Movement
Manager
Government
Relation Man
Board of Ce.rmeanrwn
II ear Wm,. 1}restr
prwty Cwrunre lTefem
Rail Manager
Staff Analyst
Transit Manager
Staff Analyst
Commuter & Motorist
Assistance Manager
Staff Analyst
Project Development
Dant for
allanunmun1111
Programml
jip
Ma
Staff Analyst
:spiral Projects Manager (d)
Capital Projects
Contract& Claim
Menaeer
Right of Way Manager
L
Senior Staff Analyst
Staff Analyst
x
26
27
Riverside County Transportation Commission
List of Principal Officials
As of June 30, 2013
Name and Position
Karen Spiegel
Marion Ashley
Daryl Busch
Bob Botts
Roger Berg
Joseph DeConinck
Ella Zanowic
Mary Craton
Greg Pettis
Steven Hernandez
Scott Matas
Adam Rush
Larry Smith
Douglas Hanson
Glenn Miller
Frank Johnston
Terry Henderson
Bob Magee
Scott Mann
Tom Owings
Rick Gibbs
Berwin Hanna
Jan Harnik
Ginny Foat
Ted Weill
Steve Adams
Andrew Kotyuk
Ron Roberts
Ben Benoit
Kevin Jeffries
John F. Tavaglione
Jeff Stone
John J. Benoit
Basem Muallem
Board of Commissioners
Title
Chair (Commission)
Vice Chair (Commission)
2°d Vice Chair (Commission)
Member
Member
Member
Chair (Budget & Implementation Committee)
Member
Member
Member
Vice Chair (Eastern Riverside County Programs
and Projects Committee)
Member
Member
Vice Chair (Budget & Implementation Committee)
Member
Vice Chair (Western Riverside County Programs
and Projects Committee)
Chair (Eastern Riverside County Programs and
Projects Committee)
Member
Member
Member
Member
Member
Member
Member
Member
Member
Chair (Western Riverside County Programs and
Projects Committee)
Member
Member
Member
Member
Member
Member
Governor's Appointee
Agency
City of Corona
County of Riverside, District 5
City of Perris
City of Banning
City of Beaumont
City of Blythe
City of Calimesa
City of Canyon Lake
City of Cathedral City
City of Coachella
City of Desert Hot Springs
City of Eastvale
City of Hemet
City of Indian Wells
City of Indio
City of Jurupa Valley
City of La Quinta
City of Lake Elsinore
City of Menifee
City of Moreno Valley
City of Murrieta
City of Norco
City of Palm Desert
City of Palm Springs
City of Rancho Mirage
City of Riverside
City of San Jacinto
City of Temecula
City of Wildomar
County of Riverside, District 1
County of Riverside, District 2
County of Riverside, District 3
County of Riverside, District 4
Caltrans, District 8
Management Staff
Anne Mayer, Executive Director
John Standiford, Deputy Executive Director
Cathy Bechtel, Project Development Director
Michael Blomquist, Toll Programs Director
Marlin Feenstra, Project Delivery Director
Theresia Trevino, Chief Financial Officer
Robert Yates, Multimodal Services Director
xi
28
0
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Riverside County
Transportation Commission
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2012
*sp-Are•
Executive Director/CEO
XII
29
Financial Section
This page intentionally left blank.
31
McGladrey LLP
McGladrey
Independent Auditor's Report
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, each major fund
and the aggregate remaining fund information of the Riverside County Transportation Commission (the
Commission) as of and for the year ended June 30, 2013, and the related notes to the financial
statements, which collectively comprise the Commission's basic financial statements as listed in the table
of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the
Commission's preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Commission's internal control. Accordingly, we express no such opinion. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, each major fund and the aggregate remaining
fund information of the Commission as of June 30, 2013, and the respective changes in financial position
for the year then ended in accordance with accounting principles generally accepted in the United States
of America.
1
Member of the RSM International network of Independent accounting tax and confultl3Qirm
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis, budgetary comparison and other postemployment benefits information, as listed
in the table of contents, be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational, economic or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Commission's basic financial statements. The combining and individual nonmajor fund
financial statements, budgetary comparison schedules, schedules of expenditures, and the introductory
and statistical section, listed in the table of contents as supplementary information, are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements, budgetary comparison schedules and
schedules of expenditures are the responsibility of management and were derived from and relate directly
to the underlying accounting and other records used to prepare the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements or
to the basic financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the United States of America. In our opinion, the combining and
individual nonmajor fund financial statements, budgetary comparison schedules and schedules of
expenditures are fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
The introductory and statistical section has not been subjected to the auditing procedures applied in the
audit of the basic financial statements, and accordingly, we do not express an opinion or provide any
assurance on it.
Irvine, CA
November 6, 2013
2
33
Riverside County Transportation Commission
Management's Discussion and Analysis
Year Ended June 30, 2013
As management of the Riverside County Transportation Commission (Commission), we offer readers of the Commission's
financial statements this narrative overview and analysis of the Commission's financial activities for the fiscal year ended June
30, 2013. We encourage readers to consider the information on financial performance presented here in conjunction with the
transmittal letter on pages i-ix and the Commission's financial statements which begin on page 16.
Financial Highlights
• Total net position of the Commission was $739,761,035 and consisted of net investment in capital assets of
$336,834,025; restricted net position of $619,089,707; and unrestricted net position (deficit) of ($216,162,697).
• The unrestricted net position (deficit) results primarily from the recording of the debt issued for Measure A highway,
local street and road, and regional arterial projects. As title to substantially most of those assets vests with the State of
California (State) Department of Transportation (Caltrans) or local jurisdictions, there is no asset corresponding to the
liability. Accordingly, the Commission does not have sufficient current resources on hand to cover current and long-
term liabilities; however, future Measure A sales taxes are pledged to cover Measure A debt service payments when
made.
• Net position increased by $56,228,954 during fiscal 2013. General revenues consisting primarily of sales taxes are the
major funding source for the governmental activities. The change in net position was higher than the prior year due to
increased Measure A and Transportation Development Act sales taxes as well as Transportation Uniform Mitigation
Fees (TUMF).
• Total capital assets, net of accumulated depreciation, were $487,461,349 at June 30, 2013, representing an increase
of $62,880,276, or 15%, from June 30, 2012. The increase in capital assets was primarily related to the land
acquisition and construction in progress costs related to the Perris Valley Line extension and tolled express lane
projects.
• The Commission's governmental funds reported combined ending fund balances of $622,186,895, an increase of
$46,608,276 compared to fiscal 2012. Approximately 71% of the governmental fund balances represent amounts
available for the Measure A program, including debt service and funding from the issuance of sales tax revenue bonds
and commercial paper notes, and the TUMF program.
Overview of the Financial Statements
This discussion and analysis are intended to serve as an introduction to the Commission's basic financial statements, which are
comprised of three components consisting of government -wide financial statements, fund financial statements, and notes to the
financial statements. This report also contains required supplementary information and other supplementary information in
addition to the basic financial statements.
Government -wide Financial Statements
The government -wide financial statements are designed to provide readers with a broad overview of the Commission's
finances, in a manner similar to a private -sector business.
3
34
The statement of net position presents information on all of the Commission's assets, liabilities, and deferred inflows/outflows of
resources with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful
indicator of whether the financial position of the Commission is improving or deteriorating.
The statement of activities presents information showing how the Commission's net position changed during the fiscal year. All
changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing
of related cash flows. Thus, revenues and expenses are reported for some items that will only result in cash flows in future fiscal
periods.
The government -wide financial statements report the functions of the Commission that are principally supported by sales taxes
and intergovernmental revenues, or governmental activities. The governmental activities of the Commission include general
government, the Measure A program, CETAP, regional arterials, commuter rail, transit and specialized transportation services,
planning and programming, bicycle and pedestrian facilities projects, and motorist assistance services. Measure A program
services are divided within the three regions of Riverside County (County), namely Western County, Coachella Valley, and Palo
Verde Valley.
The government -wide financial statements include only the Commission and its blended component unit. The government -wide
financial statements can be found on pages 16-17 of this report.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific
activities or objectives. Fund accounting is used to ensure and demonstrate compliance with finance -related legal requirements.
All of the Commission's funds are governmental funds.
Governmental funds are used to account for essentially the same functions reported as governmental activities in the
government -wide financial statements; however, governmental fund financial statements focus on near -term inflows and
outflows of spendable resources and on balances of spendable resources available at the end of the fiscal year. Such
information may be useful in evaluating a government's near -term financing requirements.
Since the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to compare
the information presented for governmental funds with similar information presented for governmental activities in the
government -wide financial statements. As a result, readers may better understand the long-term impact of the government's
near -term financing decisions. Both the governmental fund balance sheet and related statement of revenues, expenditures and
changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The Commission maintains 12 individual governmental funds. Information is presented separately in the governmental fund
balance sheet and in the related statement of revenues, expenditures and changes in fund balances for the Commission's major
governmental funds comprised of the General fund; Measure A Western County, Measure A Coachella Valley, Transportation
Uniform Mitigation Fee, and Local Transportation Fund (LTF) Special Revenue funds; Commercial Paper and Sales Tax Bonds
Capital Projects funds; and Debt Service fund, Data from the other four governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of
combining statements in the other supplementary information section.
The Commission adopts an annual appropriated budget for the General fund, all Special Revenue funds, all Capital Projects
funds, and the Debt Service fund. Budgetary comparison schedules have been provided for the General fund and major Special
Revenue funds as required supplementary information and for the nonmajor Special Revenue funds and the Capital Projects
and Debt Service funds as other supplementary information to demonstrate compliance with these budgets.
4
35
The governmental fund financial statements, including the reconciliation between the fund financial statements and the
government -wide financial statements, can be found on pages 18-21 of this report.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the govemment-wide
and fund financial statements. The notes to the financial statements can be found on pages 22-45 of this report.
Other Information
Other information is in addition to the basic financial statements and accompanying notes to the financial statements. This
report also presents certain required supplementary information concerning the Commission's budgetary results for the General
fund and major Special Revenue funds as well as the schedule of funding progress for postretirement health care benefits.
Required supplementary information can be found on pages 48-51 of this report.
Other supplementary information is presented immediately following the required supplementary information. Other
supplementary information includes the combining statements referred to earlier relating to nonmajor governmental funds;
budgetary results for the nonmajor Special Revenue funds, all Capital Projects funds, and the Debt Service fund; and schedules
of expenditures for local streets and roads and expenditures for transit and specialized transportation. This other supplementary
information can be found on pages 54-59 of this report.
Government -wide Financial Analysis
As noted previously, net position may serve over time as a useful indicator of a government's financial position. At June 30,
2013, the Commission's assets exceeded liabilities by $739,761,035, a $56,228,954 increase from June 30, 2012. Our analysis
below focuses on the net position and changes in net position of the Commission's governmental activities.
Net Position
Approximately 46%, compared to 48% in 2012, of the Commission's net position reflects its net investment in capital assets
(i.e., construction and development in progress; land and improvements; construction and rail operating easements; rail
stations; building and equipment held for resale; office improvements; and office furniture, equipment, and vehicles), less any
related outstanding debt used to acquire those assets, primarily related to land and tolled express lane projects in progress. The
Commission uses these capital assets to provide transportation services to the residents and business community of the
County. Although the Commission's investments in capital assets is reported net of related debt, the resources used to repay
this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
The most significant portion of the Commission's net position represents resources subject to external restrictions on how they
may be used. Restricted net position from governmental activities represented approximately 84% of the total net assets at June
30, 2013 and 2012. Restricted net position from governmental activities increased by $46,905,766, as a result of increased
2009 Measure A revenues available for Western County Measure commuter rail, highways, and regional arterial programs; use
of commercial paper proceeds for certain 2009 Measure A Western County highway projects rather than revenues from the
2009 Measure A revenues; and increased revenues available for transit and specialized transportation programs.
5
36
Unrestricted net position represents the portion of net position that can be used to finance day-to-day operations without
constraints established by debt covenants, enabling legislation, or other legal requirements. Unrestricted net position from
governmental activities changed from a $215,929,362 deficit at June 30, 2012 to a $216,162,697 deficit at June 30, 2013. This
deficit results primarily from the impact of recording of the Commission's long-term debt, consisting of sales tax revenue bonds
and commercial paper notes, issued for Measure A highway, local street and road, and regional arterial projects. While a
significant portion of the debt has been incurred to build these projects which are capital assets, upon completion for most
projects, these projects are transferred to Caltrans or the local jurisdiction. Accordingly, such projects are not assets of the
Commission that offset the long-term debt in the statement of net position.
The following is condensed financial data related to net position at June 30, 2013 and June 30, 2012:
Net Position
June 30, 2013 June 30, 2012
Current and other assets $ 674,469,833 $ 620,061,008
Capital assets not being depreciated 424,755,502 358,474,162
Capital assets being depreciated, net of accumulated depreciation 62,705,847 66,106,911
Total assets 1,161,931,182 1,044,642,081
Deferred outflows of resources
Total assets and deferred outflows of resources
22,795,319 34,412,064
1,184,726,501 1,079,054,145
Long-term obligations 371,116,973 317,698,003
Other liabilities 73,848,493 77,824,061
Total liabilities 444,965,466 395,522,064
Net position:
Net investment in capital assets 336,834,025 327,277,502
Restricted 619,089,707 572,183,941
Unrestricted (deficit) (216,162,697) (215,929,362)
Total net position $ 739,761,035 $ 683,532,081
Changes in Net Position
The Commission's total program and general revenues were $291,095,180, while the total cost of all programs was
$234,866,226. Total revenues increased by 4%, and the total cost of all programs increased by less than 2%. Approximately
22% of the costs of the Commission's programs were paid by those who directly benefited from the programs or by other
governments that subsidized certain programs with grants and contributions. Sales taxes ultimately financed a significant
portion of the programs' net costs.
Governmental activities increased the Commission's net position by $56,228,954, and condensed financial data related to the
change in net position is presented in the table below. Key elements of this increase are as follows:
• Charges for services increased by $788,132, or 541%, primarily due to property management revenues generated
from properties acquired in connection with the State Route (SR) 91 Corridor Improvement Project (CIP).
• Operating grants and contributions decreased by $8,074,055, or 15%, primarily due to a reduction in federal and state
reimbursements related to 1989 Measure A and 2009 Measure A highway projects, particularly the SR -91 high
occupancy vehicle lanes and Interstate (I) 215 central projects;
• Capital grants and contributions decreased by $331,320, or 6%, because of a decrease in the Perris Valley Line
project reimbursable federal expenses;
6
37
• Measure A sales tax revenues increased by $14,443,817, or 11%, due to the continued economic recovery in the
region;
• Transportation Development Act (TDA) sales taxes increased by $6,954,887, or 9%, as a result of an increase in Local
Transportation fund revenues due to the continued economic recovery in the region;
• Unrestricted investment earnings decreased $2,531,663, or 60%, because of lower interest rates and unrealized
losses on investments; and
• Other miscellaneous revenues decreased $683,800, or 53% due to prior year revenues related to the sale of commuter
rail easements.
Year Ended
Changes in Net Position
Revenues
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues:
Measure A sales taxes
Transportation Development Act sales taxes
Unrestricted investment earnings
Other miscellaneous revenue
Total revenues
Expenses
General government
Bicycle and pedestrian facilities
CETAP
Commuter assistance
Commuter rail
Highways
Local streets and roads
Motorist assistance
Planning and programming
Regional arterials
Transit and specialized transportation
Interest expense
Total expenses
June 30, 2013 June 30, 2012
$ 933,867
46,567,900
4,897,301
149,428,124
86,999,018
1,664,789
604,181
291, 095,180
$ 145,735
54,641,955
5,228,621
134,984,307
80,044,131
4,196,452
1,287,981
280,529,182
6,959,827
956,308
954,700
2,904,048
23,531,252
59,604,916
44,594,891
3,563,581
3,725,703
17,047,135
55,659,188
15,364,677
7,780,478
1,389,567
4,464,387
3,193,172
21,480,248
72,341,578
40,127,890
3,846,245
3,924,413
5,816,666
51,221,772
15,221,031
234,866,226
230,807,447
Increase in net position 56,228,954 49,721,735
Net position at beginning of year, as restated 683,532,081 633,810,346
Net position at end of year $ 739,761,035 $ 683,532,081
• General government expenses decreased by $820,651, or 11%, primarily as a result of professional fees in the
previous year related to substitution or extension of expiring liquidity facilities for the commercial paper program and
2009 variable rate sales tax revenue bonds;
• Bicycle and pedestrian facilities expenses decreased by $433,259, or 31%, due to a decrease in claims for approved
projects;
• CETAP expenses decreased by $3,509,687, or 79%, due to a decrease in consultant efforts related to the Mid County
Parkway project;
• Commuter assistance expenses decreased by $289,124, or 9%, due to a delay in rideshare software implementation;
7
38
• Commuter rail expenses increased by $2,051,004, or 10%, as a result of the settlement of litigation offset by a delay in
the start of construction related activity on the Perris Valley Line extension project;
• Highway expenses decreased by $12,736,662, or 18%, due to the near completion of various 1989 Measure A
highway projects and delays in preliminary engineering, right of way, and construction activities on various 1989
Measure A and 2009 Measure A Western County projects;
• Local streets and roads expenses increased by $4,467,001, or 11%, because of an increase in the overall Measure A
sales tax revenues which affect the local street and road distributions to local jurisdictions;
• Motorist Assistance expenses decreased by $282,664, or 7%, due to a reduction in call box removals from prior year;
• Planning and programming expenses decreased by $198,710, or 5%, due to the decrease in goods movement
activities;
• Regional arterial expenses increased by $11,230,469, or 193%, as a result of an increase in reimbursements to local
jurisdictions for approved regional arterial projects;
• Transit and specialized transportation expenses increased by $4,437,416, or 9%, due to an increase in bus transit
operating and capital claims in all three geographic areas; and
• Interest expenses increased by $143,646 or 1%, as a result of the variable rate interest payments on the outstanding
commercial paper notes and 2009 Bonds.
The graphs below present the program and general revenues by source for the Commission's governmental activities for the
fiscal years ended June 30, 2013 and June 30, 2012:
2013
Other
0%
Operating grants and
contributions
16%
Unrestricted
investment earnings
1%
Transportation
Development Act
sales taxes
30%
Charges for services
0%
Capital grants and
contributions
2%
Measure A sales taxes
51%
8
39
2012
Other ,Charges for services
0%
O% Capital grants and
Operating grants and contributions
contributions W 2%
19%
Unrestricted
investment earnings
2%
Transportation
Development Act
sales taxes
29%
Measure A sales
taxes
48%
The following graph depicts program expenses for the Commission's governmental activities for the fiscal year ended June 30,
2013:
$80,000,000 -
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$-
cp
■ 2013 ❑ 2012
Financial Analysis of the Commission's Funds
e
6 P�o9t `0 `e es.
G2ea (o
\\ aid sPe
aR R mQ aste°9 ehat\oa eXP easa
As of June 30, 2013, the Commission's governmental funds reported combined ending fund balances of $622,186,895, an
increase of $46,608,276 compared to 2012. About less than 1%, or $3,469,277, and 1%, or $5,232,871, are nonspendable and
unrestricted fund balances, respectively. The nonspendable balances relate to prepaid amounts, and the unrestricted balances
are assigned for general government administration activities. The remainder of the fund balance is restricted to indicate the
following externally enforceable legal restrictions:
• $3,999,930 in TDA funds that have been allocated to jurisdictions within the County for bicycle and pedestrian projects;
• $38,610,583 of TUMF funds for new CETAP corridors in Western County;
• $13,903,748 for commuter assistance activities such as expansion of park -and -ride facilities and other projects and
programs that encourage commuters to use alternative modes of transportation under the 1989 Measure A and the
9
40
2009 Measure A programs;
• $88,059,673 in TDA and Measure A funds for commuter rail operations and capital projects including the Perris Valley
Line extension which is expected to be completed in 2015;
• $11,225,363 in 2009 Measure A funds available to pay debt service over the next year;
• $215,642,295 for highway, economic development, and new corridor projects related to the 1989 Measure A and the
2009 Measure A programs;
• $3,055 for local streets and roads programs that are returned to the jurisdictions within the County for maintenance of
their roads and local arterials under the 2009 Measure A program;
• $7,481,825 in state funds for motorist assistance services;
• $2,367,162 of TDA funds for planning and programming activities;
• $63,560,514 for regional arterial projects in Western County related to the TUMF and 2009 Measure A programs;
• $9,605,866 of Measure A funds for transit and specialized transportation in the Western County and $2,088,218 for
specialized transportation in the Coachella Valley; and
• $156,936,515 in TDA funds available to the commuter rail and bus transit operations and capital in the County.
The following table presents the changes in fund balances for the governmental funds for the fiscal years ended June 30, 2013
and 2012:
Fund Balances
Year Ended June 30
2013 2012 % Change
General fund
Special Revenue major funds:
Measure A Western County
Measure A Coachella Valley
Transportation Uniform Mitigation Fee
Local Transportation Fund
Capital Projects major funds:
Commercial Paper
Sales Tax Bonds
$ 12,840,351 $ 13,685,227
294,464,723
27,356,273
67,306,789
105,242,957
240,237,824
17,346,594
73,224,071
92,088,969
36,097,201 31,143,594
4,477,116 5,651,884
Debt Service fund 11,225,363 51,089,948
Nonmajor governmental funds 63,176,122 51,110,508
Key elements for the changes in fund balances are as follows:
(6)%
23%
58%
(8)%
14%
• The 6% decrease in the General fund resulted from reduced operating transfers in from the Local Transportation Fund
for commuter rail costs;
• The 23% increase in Measure A Western County Special Revenue fund was attributed to the transfer of excess Debt
Service fund reserves for commuter rail and highway projects;
• The 58% increase in the Measure A Coachella Valley Special Revenue fund was attributed to excess 2009 Measure A
revenues over expenditures for highway and regional arterial projects;
• The 8% decrease in the Transportation Uniform Mitigation Fee Special Revenue fund was attributable to increased
reimbursements to local jurisdictions;
• The 14% increase in the Local Transportation Fund resulted from the excess of sales tax revenues over claims of
allocations for transit operations and for bicycle and pedestrian facility projects;
• The 16% increase in the Commercial Paper Capital Projects fund was attributed to the issuance of commercial paper
proceeds for the SR -91 CIP;
10
41
• The 21% decrease in Sales Tax Bonds fund was attributed primarily to reimbursements to the Measure A Western
County Special Revenue fund for the SR -91 corridor improvement project costs;
• The 78% decrease in the Debt Service fund was due primarily to the release of the excess debt service reserves from
the 1989 Measure A program for 1989 Measure A Western County highway and rail project costs offset by the transfer
of 2009 Measure A Western County bond financing funds for debt service; and
• The 24% increase in nonmajor governmental funds resulted from the excess State Transit Assistance sales tax
revenues over claims of allocations for transit operations.
General Fund Budgetary Highlights
Differences between the original budget and the final amended budget for the General fund resulted in a $702,990 increase in
appropriations and were related to the following changes:
• $117,000 increase to general government for an organization, classification and compensation study;
• $79,000 increase to the commuter rail program for various supplies and materials;
• $471,490 increase for various planning and programming activities including allocations to local jurisdictions for grade
separation projects;
• $25,600 increase to debt service for capital lease payments; and
• $9,900 increase to capital outlay for various commuter rail stations.
During the year, General fund revenues were below budgetary estimates by $1,032,756 primarily as a result of lower
intergovernmental reimbursements. Expenditures were less than budgetary. General fund budgetary variances between the
final amended budget and actual amounts are as follows:
Year Ended June 30, 2013
General Fund Budgetary Variances
Revenues
Sales taxes
Intergovernmental
Investment income (loss)
Other
Total revenues
Expenditures
Current
General government
Commuter rail
Planning and programming
Transit and specialized transportation
Debt service
Capital outlay
Total expenditures
Other financing sources (uses)
Transfers in
Transfers out
Total other financing sources (uses)
Final Amended
Budget
$ 2,700,000
1,380,000
67,900
225,200
Actual % Variance
$ 2,700,000
615,871
(6,532)
31,005
4,373,100 $
$ 5,151,400
14,566,600
4,994,090
416,500
25,600
215,600
$ 25,369,790 $ 19,099,700 25%
(27)%
1%
0%
(55)%
(110)%
(86)%
3,340,344 (24)%
$ 4,399,101 15%
11,222,819 23%
3,099,754 38%
277,625
25,241 1%
75,160 65%
33%
$ 20,470,290 $ 14,927,318
(13,000) (12,838)
$ 20,457,290 $ 14,914,480 (27)%
11
42
Significant budgetary variances between the final amended budget and actual amounts are as follows:
• $764,129 negative variance for intergovernmental revenues primarily related to lower intergovernmental
reimbursements related to commuter rail and planning, programming and monitoring expenditures;
• $74,432 negative variance for interest revenue related to lower interest rates and unrealized losses on investments;
• $194,195 negative variance for other revenues related to anticipated revenues for rail maintenance activities not
earned;
• $752,299 positive variance for general government expenditures primarily related to professional services and other
expenditures such as insurance, training, and travel;
• $3,343,781 positive variance for commuter rail expenditures related to Metrolink operations and capital;
• $1,894,336 positive variance for planning and programming expenditures related to grade separation project funding;
• $138,875 positive variance for transit and specialized transportation expenditures related to personnel costs and legal
and professional services;
• $359 positive variance for debt service expenditures related to capital lease payments;
• $140,440 positive variance for capital outlay expenditures;
• $5,542,972 negative variance for transfers in related to the anticipated needs for administrative cost allocations as well
as commuter rail and planning and programming activities; and
• $162 positive variance for transfers out from commuter rail for station security activities.
Capital Assets and Debt Administration
Capital Assets
As of June 30, 2013, the Commission had $487,461,349, net of accumulated depreciation, invested in a broad range of capital
assets including construction in progress; land and land improvements; construction rail operating easements and stations; and
office improvements, furniture, equipment, and vehicles. The total increase in the Commission's total capital assets, net for FY
2012/13 was 15%.
Major capital asset additions during 2013 included construction in progress related to preliminary engineering costs for the SR -
91 and 1-15 corridor improvement and the Perris Valley Line extension projects, design -build activities for the SR -91 corridor
improvement project, and land acquisition for the Perris Valley Line extension and the SR -91 corridor improvement projects.
The table below is a comparative summary of the Commission's capital assets, net of accumulated depreciation:
June 30, 2013 June 30, 2012
Capital Assets not being depreciated:
Land and land improvements $ 215,548,472 $ 186,866,554
Building and equipment held for resale 61,832 Construction easements 16,564
Rail operating easements 39,484,143 39,484,143
Construction and development in progress 169,644,491 132,123,465
Total capital assets not being depreciated 424,755,502 358,474,162
Capital Assets being depreciated, net of accumulated depreciation:
Rail stations 62,375,971 65,632,593
Office improvements, furniture, equipment, and vehicles 329,876 474,318
Total capital assets, net of accumulated depreciation 62,705,847 66,106,911
Total capital assets $ 487,461,349 $ 424,581,073
More detailed information about the Commission's capital assets is presented in Note 4 to the financial statements.
12
43
Debt Administration
As of June 30, 2013, the Commission had $311,400,000 outstanding in 2009 and 2010 Bonds. The Commission's bonds are
rated "AA+" from Standard & Poor's (S&P), "Aa2" from Moody's Investors Service (Moody's), and "AA" from Fitch Ratings
(Fitch).
In March 2005 the Commission established a $185,000,000 commercial paper program to provide advance funding for 2009
Measure A capital projects; the program was reduced in February 2010 to $120,000,000 as a result of the extension of the letter
of credit and reimbursement agreement. The commercial paper notes are rated "A1+" by S&P and "P1" by Moody's. As of June
30, 2013, the Commission had $60,000,000 in commercial paper notes outstanding.
The sales tax revenue debt limitation for the Commission under the 2009 Measure A program is $975,000,000 which exceeds
the total outstanding debt of $371,400,000. The Commission has also authorized the issuance of toll revenue bonds not to
exceed $900,000,000.
Additional information on the Commission's long-term debt can be found in Note 6 to the financial statements.
Economic Factors and Other Factors
During its March 2013 Commission meeting, the Commission adopted guiding principles for use in the preparation of the FY
2013/14 Budget. These principles have been incorporated in goals of the Commission and will continue to be updated annually
in response to the ever-changing social, political, and economic environment. The principles are a business planning tool
designed to assist the Commission in implementing its strategic goals and objectives and lays the foundation for future financial
planning for the annual budget process.
The Commission adopted the FY 2013/14 annual budget on June 12, 2013. Over 72% of the $1,033,153,200 balanced budget
is related to capital project expenditures, including: $356,960,000 for preliminary engineering, right of way acquisition,
construction, and design -build activities related to the SR -91 corridor improvement project consisting of tolled express and
general purpose lanes and interchange improvements; $133,624,000 for the Perris Valley Line Metrolink extension project
construction and right of way acquisition; $46,230,000 for right of way acquisition and construction related to the 1-215 corridor
improvements from Scott Road to Nuevo Road; $45,152,900 for various Western County TUMF regional arterial projects;
$11,626,000 for final design, right of way acquisition, and construction related to the SR -91 high occupancy vehicle lanes from
Adams Street to the 60/91/215 interchange; $8,732,000 for preliminary engineering, final design, and right of way acquisition for
the Mid County Parkway project; $7,935,000 for final design and right of way acquisition on the 91/71 interchange
improvements project; and $7,000,000 for preliminary engineering services related to the 1-15 corridor improvements.
Distributions to the local jurisdictions for local streets and roads are budgeted at $43,825,900. Budgeted expenditures related to
funding of public bus transit operations and capital projects in the County aggregate $122,610,800, and budgeted transfers out
related to funding of commuter rail operations and capital are $10,991,100. Debt service costs are $135,712,300, or 13% of the
budget.
Leading economic indicators show that the local economic outlook is encouraging with the stabilization of sales tax revenues.
However, the state and federal budget issues continue to affect funding of the Commission's capital projects and programs.
These factors were considered in preparing the Commission's 2014 fiscal year budget, including the sales tax and TUMF fee
revenue projections.
There are obvious variables in terms of project financing available from federal and state funds. There is continuing uncertainty
related to the fiscal condition of the state of California and the impact on transportation as well as the uncertainties regarding
long-term federal transportation funding. The Commission continues to study alternative financing alternatives such as tolled
express lane facilities and federal financing programs to support the delivery of 2009 Measure A projects.
13
44
Contacting the Commission's Management
This financial report is designed to provide a general overview of the Commission's finances for all those with an interest in the
government's finances and to show the Commission's accountability for the money it receives. Questions concerning any of the
information provided in this report or requests for additional information should be addressed to the Chief Financial Officer,
Finance Department at the Riverside County Transportation Commission, 4080 Lemon Street, 3rd Floor, P.O. Box 12008,
Riverside, California 92502-2208.
14
45
Basic Financial Statements
47
Riverside County Transportation Commission
Statement of Net Position
June 30, 2013
Governmental
Activities
Assets
Cash and investments $ 546,240,253
Receivables:
Accounts 71,523,001
Advances to other governments 36,300,914
Interest 381,097
Due from other governments 475,398
Prepaid expenses and other assets 3,469,277
Restricted investments held by trustee 16,079,893
Capital assets not being depreciated 424,755,502
Capital assets, net of accumulated depreciation 62,705,847
Total assets 1,161,931,182
Deferred outflows of resources
Accumulated increase in fair value of derivatives
Total assets and deferred outflows of resources
22,795,319
1,184,726,501
Liabilities
Accounts payable 45,802,941
Interest payable 1,208,740
Other liabilities 4,041,493
Derivative instrument -swap 22,795,319
Long-term liabilities:
Due within one year 67,533,170
Due in more than one year 303,583,803
Total liabilities 444,965,466
Net position
Net investment in capital assets 336,834,025
Restricted for:
Bicycle and pedestrian facilities 3,999,930
CETAP 38,610,598
Commuter assistance 13,916,854
Commuter rail 88,682,805
Debt service 11,225,363
Highways 220,237,998
Local streets and roads 375,626
Motorist assistance 7,482,078
Planning and programming 2,367,202
Regional arterials 63,560,530
Transit and specialized transportation 168,630,723
Unrestricted (deficit) (216,162,697)
Total net position $ 739,761,035
See notes to financial statements
16
Riverside County Transportation Commission
Statement of Activities
Year Ended June 30, 2013
Functions/Programs
Net (Expense) Revenue
Program Revenues and Changes In Net Position
Charges for Operating Grants Capital Grants Governmental
Expenses Services and Contributions and Contributions Activities
Primary Government
Governmental Activities:
General government $ 6,959,827 $ 14,873 $ $
Bicycle and pedestrian facilities 956,308 - -
CETAP 954,700 - 5,947,137
Commuter assistance 2,904,048 1,500 1,326,340
Commuter rail 23,531,252 107,194 677,836 4,649,405
Highways 59,604,916 796,385 28,017,075 247,896
Local streets and roads 44,594,891 -
Motorist assistance 3,563,581 13,915 4,097,691
Planning and programming 3,725,703 - 405,158
Regional arterials 17,047,135 5,947,137
Transit and specialized transportation 55,659,188 Interest expense 15,364,677 - 149,526 -
Total governmental activities $ 234,866,226 $ 933,867 $ 46,567,900 $ 4,897,301
See notes to financial statements
(6,944,954)
(956,308)
4,992,437
(1,576,208)
(18,096,817)
(30,543,560)
(44,594,891)
548,025
(3,320,545)
(11,099,998)
(55,659,188)
(15,215,151)
(182,467,158)
General Revenues:
Measure A sales taxes 149,428,124
Transportation Development Act sales taxes 86,999,018
Unrestricted investment earnings 1,664,789
Other miscellaneous revenue 604,181
Total general revenues 238,696,112
Change in net position 56,228,954
Net position at beginning of year 683,532,081
Net position at end of year $ 739,761,035
17
49
Riverside County Transportation Commissior
Balance Sheet- Governmental Funds
June 30, 2013
Major Funds
Special Revenue Capital Pr ojects
Transportation Commercial Other
Measure A Measure A Uniform Local Paper Sales Nonmajor
Westem Coachella Mitigatio n Transportation Capital Tax Debt Governmental
General County Valley Fee Fund Projects Bonds Service Funds Total
Assets
Cash and investments $ 12,757,387 $ 242,700,271 $ 23,849,714 $ 70,854,169 $ 91,906,219 $ 273,328 $ 307,152 $ 43,878,606 $ 59,713,407 $ 546,240,253
Receivables:
Accounts 276,191 43,633,461 6,880,907 1,571,888 13,682,754 5,493 - - 5,472,307 71,523,001
Advances - 521,758 - - 31,500,817 4,278,339 - - 36,300,914
Interest 8,588 164,703 16,870 51,561 61,155 2,474 215 31,973 43,558 381,097
Due from other funds 1,495,920 42,152,878 13,671 598,412 476,998 46,312 - 44,784,191
Prepaid expenditures and other assets 194,794 3,274,199 - 31 - - - - 253 3,469,277
Restricted investments held by trustee - - - 10,420,381 1 5,659,511 - 16,079,893
Total assets $ 14,732,880 $ 332,447,270 $ 30,761,162 $ 73,076,061 $ 105,650,128 $ 42,679,491 $ 4,632,019 $ 49,570,090 $ 65,229,525 $ 718,778,626
Liabilities and Fund Balances
Liabilities:
Accounts payable $ 1,683,468 $ 33,825,330 $ 3,292,542 $ 5,252,056 $ 77,369 $ - $ $ - $ 1,672,176 $ 45,802,941
Due to other funds 905,338 112,347 517,216 329,802 4,193,534 - 38,344,727 381,227 44,784,191
Other liabilities 209,061 3,251,879 - - 2,388,756 154,903 - - 6,004,599
Total liabilities 1,892,529 37,982,547 3,404,889 5,769,272 407,171 6,582,290 154,903 38,344,727 2,053,403 96,591,731
Fund balances
Nonspendable-prepaid amounts 194,794 3,274,199 - 31 - - - 253 3,469,277
Restricted for.
Bicycle and pedestrian facilities - 3,999,930 - 3,999,930
I CETAP - 38,610,583 - - 38,610,583
0 Comm uter assistance - 13,903,748 - 13,903,748
Commuter rail 5,045,524 83,014,149 - 88,059,673
Debt service - - - - - - 11,225,363 11,225,363
Highways 149,801,481 25,266,497 - 36,097,201 4,477,116 - - 215,642,295
Local streets and roads 941 1,558 - - 556 3,055
Motorist assistance - - 7,481,825 7,481,825
Planning and programming 2,367,162 - - - 2,367,162
Regional arterials - 34,864,339 - 28,696,175 - - 63,560,514
Transit and specialized transportation 9,605,866 2,088,218 101,243,027 - - - 55,693,488 168,630,599
Assigned:
General govemment 5,232,871 - - - - - 5,232,871
Total fund balances 12,840,351 294,464,723 27,356,273 67,306,789 105,242,957 36,097,201 4,477,116 11,225,363 63,176,122 622,186,895
Total liabilities and fund balances $ 14 732 880 $ 332 447.270 $ 30 761.162 $ 73 076 061 $ 105 650 128 $ 42 679.491 $ 4 632 019 $ 49,570 090 $ 65,229,525 $ 718,778,626
See notes to financial statements
Riverside County Transportation Commission
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2013
Total fund balances - Governmental funds (page 18) $ 622,186,895
Amounts reported for governmental activities in the statement of net position (page 16) are different because:
Amounts due from other governments are not an available resource and therefore, is not reported in the funds. 475,398
Deferred oufflows of resources relate to the accumulated decrease in the fair value of derivatives, which is not
recorded in the funds. 22,795,319
Capital assets, less related accumulated depreciation, used in governmental activities are not financial
resources and therefore are not reported in the funds. 487,461,349
Other long-term assets are not available to pay for current period expenditures and, therefore, are reported as 1,963,106
unavailable revenue in the funds.
Interest payable on bonds outstanding is not due and payable in the current period and therefore is
not reported in the funds. (1,208,740)
Long-term liabilities are not due and payable in the current period and therefore
are not reported in the funds. Those liabilities consist of:
Derivative instrument -swap (22,795,319)
Compensated absences (675,176)
Capital lease obligation (6,289)
Debt issuance payable (371,400,000)
Discount on debt issuances 964,492
Net adjustment (393,912,292)
Net position of governmental activities (page 16) $ 739,761,035
See notes to financial statements
19
51
Riverside County Transportation Commission
Statement of Revenues. Expenditures and Changes in Fund Balances - Governmental Funds
Year Ended June 30 . 2013
Major Funds
Special Revenue Capital Projects
Transportation Commercial Other
MeasureA MeasureA Uniform Local Paper Sales Nonmajor
Western Coachella Mitigation Transportation Capital Tax Debt Gov ernmental
General County Valley Fee Fund Projects Bonds Service Funds Total
Revenues
Sales taxes $ 2700,000 $ 110,301213 $ 35,391,192 $ - $ 72,828,788 $ $ $ - $ 15,205,949 $ 236,427,142
Transportation Uniform M itigation Fee - 526,836 11,894,274 - - - - - 12 ,421,110
Intergovernmental 615,871 31,144,393 - 107,001 - - 2,852,391 4,097,691 38,817,347
Investment income (loss) (6,532) (187,245) (11,779) (42,947) (84,244) 1,980,385 177,366 (24,286) (31,009) 1,769,709
Other 31 005 924657 - 132,005 - 438,374 - - 14,501 1,540,542
Total revenues 3,340,344 142,709,854 35,379,413 11,983,332 72,851,545 2,418,759 177,366 2828,105 19,287,132 290,975,850
Expenditures
Current
General govemment 4,399,101 2,281,086 - 12,000 - 6,692,187
Bicycle and pedestrian facilities - - - 956,308 - - - 956,308
CETAP - - 954,700 - - 954,700
Commuter assistance - 2,868,356 - - - - 2,868,356
Commuter rail 11,222,819 15,895,661 - - - 27,118 ,480
Highways - 110,070,737 8,679,599 - - - - 118,750,336
Local streets and roads 31,172,255 12,386,917 - - - - - 1,035,719 44,594,891
Motorist assistance - - - - - 3,563,581 3,563,581
Planning and programming 3,099,754 - - - 612,842 3,712 ,596
Regional arterials - 1,787 - 17,045,348 - - - 17,047,135
Transit and specialized transportation 277,625 4,555,778 4,503500 - 44,018,818 - - 2,303,467 55,659,188
Total programs 18,999,299 166,845,660 25,578016 18,000,048 45,599,968 6,902,767 281,917,758
Debt service:
Principal 24,654 - - 6,800,000 6,824,654
Interest 587 - 48,016 - 15,356,116 15,404,719
Total debt service 25,241 48,016 22,156,116 - 22,229,373
Capital outlay 75,160 145,283 - - 220,443
tat expenditures 19 099 700 166.990 943 25 570 016 18 000 048 45 599 968 48016 22156,116 6.902 767 304 367,574
cess (deficiency) of revenues over (under)
expenditures (15,759,356) (24,281,089) 9,809,397 (6,016,716) 27,251,577 2,370,743 177,366 (19,328,011) 12,384,365 (13,391,724)
Other financing sources (uses):
Debt issuance - - - - 60,000,000 - - 60,000,000
Transfers in 14,927,318 95,856,857 200,282 598,412 - - - 20,475,443 1,007,000 133,065,312
Transfers out (12838) (17.348 869) (498978) (14 097589) (57 417 .136) (1,352,134) (41012.017) (1325 751) (133 065.312)
Total other financing sources (uses) 14,914,480 78,507,988 200,282 99,434 (14,097,589) 2,582.864 (1,352,134) (20,536,574) (318,751) 60,000,000
Net change in fund balances (844,876) 54,226,899 10,009,679 (5,917,282) 13,153,988 4,953,607 (1,174,768) (39,864,585) 12,065,614 46,608,276
Fund balances at beginning of year 13,685,227 240,237.824 17,346.594 73,224.071 92,088,969 31,143.594 5,651,884 51,089,948 51,110,508 575,578,619
Fund balances at end of year $ 12,840,351 $ 294,464,723 $ 27,356,273 $ 67,306,789 $ 105,242,957 0 36,097,201 $ 4,477,116 $ 11,225,363 $ 63,176,122 $ 622,186,895
See notes to financial statements
Riverside County Transportation Commission
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
For the Year Ended June 30, 2013
Net change in fund balances - Total governmental funds (page 20)
Amounts reported for governmental activities in the statement of activities (page 17) are different because:
Governmental funds report capital outlays as expenditures. However
in the statement of activities, the cost of those assets is allocated
over their estimated useful lives and reported as depreciation expense.
The adjustment combines the net changes of the following amounts:
$ 46,608,276
Capital outlay 66,384,740
Depreciation expense (3,504,464)
Net adjustments 62,880,276
Revenues in the statement of activities that do not provide current financial resources 119,330
are not reported as revenues in the funds.
The issuance of long-term debt (e.g., bonds) provides current financial
resources to governmental funds, while the repayment of the principal
of long-term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net position. Also,
governmental funds report the effect of premiums, discounts, and
similar items when debt is first issued, whereas these amounts are deferred and
amortized in the statement of activities. The adjustment combines the net changes
of the following amounts:
Principal payments for sales tax revenue bonds 6,800,000
Issuance of commercial paper notes (60,000,000)
Amortization of bond discount (97,397)
Capital lease payments 24,654
Change in accrued interest 40,042
Net adjustments (53,232,701)
Some expenses reported in the statement of activities do not require
the use of current financial resources and therefore are not reported as
expenditures in governmental funds. The adjustment combines the net
changes of the compensated absences.
(146,227)
Change in net position of governmental activities (page 17) $ 56,228,954
See notes to financial statements
21
53
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 1. Summary of Significant Accounting Policies
Reporting entity: The Riverside County Transportation Commission (Commission) was formed in 1976 under Division 12
(commencing with Section 130000) of the California Public Utilities Code. The Commission is a special district governed by a
34 -member board of commissioners (Board) consisting of one representative from each city in the county, all five county
supervisors, and a nonvoting state representative.
The Commission provides short-range transportation planning and programming for Riverside County (County), which includes
the administration of the Local Transportation Fund (LTF) and the State Transit Assistance (STA) programs created under the
Transportation Development Act (TDA) by the State of California (State). The LTF is administered by the Commission on behalf
of the County. The purpose of this program is to allocate funds for public transportation needs, local streets and roads, bicycle
and pedestrian facilities, and multimodal transportation terminals. The STA program allocates funds for public transportation
purposes to those geographic areas with special public transportation needs, which cannot be met otherwise.
On November 8, 1988, the Commission was empowered by the voters of the County, under Ordinance No. 88-1 (1989 Measure
A), to collect a one-half of one percent sales tax for the purpose of improving the transportation system of the County. Measure
A was enacted, in part, pursuant to the provisions of Division 25 (commencing with Section 240000) of the California Public
Utilities Code and Section 7252.22 of the Revenue and Taxation Code. On November 12, 2002 Riverside County's voters
approved a 30 -year renewal of Measure A under Ordinance No. 02-001 (2009 Measure A). The voter action ensured the
replacement of the 1989 Measure A program when it expired in 2009 with a new 30 -year program that will continue funding
transportation improvements until June 2039.
In connection with the 2009 Measure A program, the County and cities in the Western County area implemented a
Transportation Uniform Mitigation Fee (TUMF) program to fund a regional arterial system to handle the traffic demands in the
Western Riverside County (Western County) area as a result of future development. Under the 2009 Measure A program, the
Commission shall receive the first $400 million of TUMF revenues to fund the regional arterial projects and new Community
Environmental Transportation Acceptability Process (CETAP) corridors included in the 2009 Measure A Transportation
Improvement Plan. Under the Memorandum of Understanding (MOU), the majority of net revenues are allocated in equal
amounts to the Commission for regional arterial projects and to Western Riverside Council of Governments (WRCOG) for local
arterial projects; a small percentage is allocated for public transit. In September 2008, the Commission approved an
amendment to the MOU whereby the $400 million cap was lifted and the Commission will continue to receive its share of TUMF
revenues indefinitely.
Accounting principles generally accepted in the United States require that the reporting entity include the primary government,
organizations for which the primary government is financially accountable, and other organizations for which the nature and
significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial
statements to be misleading or incomplete. The basic financial statements include all funds of the Commission including those
of the Service Authority for Freeway Emergencies (SAFE), a component unit, for which the Commission is considered financially
accountable. SAFE was created under Chapter 14 (commencing with Section 2550) of Division 3 of the California Streets and
Highways Code and Sections 2421.5 and 9250.1 of the Vehicle Code. SAFE receives monies from fees levied on registered
vehicles to be used to implement and maintain an emergency motorist aid system, as specified, on portions of the California
Freeway and Expressway System in the County. The governing body of SAFE is substantially identical to that of the
Commission and is responsible for approval of SAFE's budget. SAFE is presented as a special revenue fund. Separate financial
statements are not issued for SAFE.
There are many other governmental agencies, including the County of Riverside, providing services within the area served by
the Commission. These other governmental agencies have independently elected governing boards and
consequently are not under the direction of the Commission. Financial information for these agencies is not included in the
accompanying financial statements.
22
54
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 1. Summary of Significant Accounting Policies, Continued
Basis of presentation: The Commission's basic financial statements consist of government -wide financial statements,
including a statement of net position and a statement of activities, and fund financial statements which provide a more detailed
level of financial information.
Government -wide statements: The statement of net position and the statement of activities report information on all of the
activities of the Commission. The effect of interfund activity has been removed from these statements. These statements report
governmental activities, which normally are supported by taxes and intergovernmental revenues. The Commission does not
have any business -type activities, which rely to a significant extent on charges and fees for support.
The statement of activities demonstrates the degree to which the program expenses of a given function are offset by program
revenues. Program expenses include direct expenses, which are clearly identifiable with a specific function, and allocated
indirect expenses. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from
goods, services, or privileges provided by a given function and 2) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function. Taxes and other internally dedicated resources, which are properly
not included among program revenues, are reported instead as general revenues.
Fund financial statements: The fund financial statements provide information about the Commission's governmental funds; the
Commission has no proprietary or fiduciary funds. The emphasis of fund financial statements is on major governmental funds,
each displayed in a separate column. The Commission has categorized the Sales Tax Bonds Capital Projects Fund and Debt
Service Fund as major funds for public interest reasons. The Commission believes that these judgmentally determined major
funds are particularly important to the financial statement users. All remaining governmental funds are aggregated and reported
as nonmajor funds.
The Commission reports the following major governmental funds:
General Fund: The General Fund is the general operating fund of the Commission and accounts for financial resources not
required to be accounted for in another fund.
Measure A Western County Special Revenue Fund: This fund accounts for the revenues from sales taxes which are
restricted to expenditures for 1989 Measure A and 2009 Measure A Western County programs.
Measure A Coachella Valley Special Revenue Fund: This fund accounts for the revenues from sales taxes which are
restricted to expenditures for 2009 Measure A Coachella Valley programs.
Transportation Uniform Mitigation Fee Special Revenue Fund: This fund accounts for TUMF revenues, which are
restricted to expenditures for Western County regional arterial and CETAP projects.
Local Transportation Fund: This special revenue fund accounts for the one -quarter percent of the state sales tax collected
within the County under TDA for planning and programming, bicycle and pedestrian facilities, and transit operations
including the Commission's commuter rail operations.
Commercial Paper Capital Projects Fund: This fund records proceeds from the issuance of commercial paper notes and
the use of these proceeds for capital projects included in the 2009 Measure A.
23
55
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 1. Summary of Significant Accounting Policies, Continued
Sales Tax Bonds Capital Projects Fund: This fund records proceeds from the issuance of sales tax revenue bonds and
the use of these proceeds for capital projects included in the 2009 Measure A.
Debt Service Fund: This fund accounts for the resources accumulated and payments made for principal and interest on the
sales tax revenue bonds.
Measurement focus and basis of accounting: The government -wide financial statements are reported using the economic
resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned, and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified
accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are
considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the
current period. For this purpose, the Commission considers revenues to be available if they are collected within 180 days of the
end of the current fiscal period. Expenditures generally are recorded when a liability is incurred; however, principal and interest
expenditures on long-term debt as well as compensated absences and claims and judgments are recorded only when payment
is due. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources.
Those revenues susceptible to accrual include sales taxes collected and held by the State at year-end on behalf of the
Commission, TUMF, intergovernmental revenues when all applicable eligibility requirements have been met, interest revenue,
and vehicle registration user fees.
Cash and investments: The Commission maintains cash and investments in accordance with an investment policy adopted
initially by the Board on September 13, 1995, and most recently amended June 7, 2012. The investment policy complies with, or
is more restrictive than, applicable state statutes. Investments of bond and commercial paper proceeds as permitted by the
applicable bond documents are maintained by U.S. Bank as custodial bank, and the earnings for each bond and commercial
paper issue are accounted for separately. Cash from other Commission revenue sources is commingled for investment
purposes, with investment earnings allocated to the different funds based on average monthly dollar balances in the funds.
The Commission's investment policy authorizes investments in U.S. Treasury notes and bonds, federal agency notes,
repurchase agreements, corporate bonds, commercial paper, banker's acceptances, money market mutual funds, the Riverside
County Pooled Investment Fund (RCPIF), the State of California Local Agency Investment Fund (LAIF), and certificates of
deposit. Other investments permitted by the California Government Code (Code) are permitted but only with prior Board
authorization; securities that could result in zero interest accrual if held to maturity are ineligible. LAIF is regulated by Code
Section 16429 and is under the management of the State Treasurer with oversight provided by the Local Agency Investment
Advisory Board. Oversight of the RCPIF is conducted by the County Treasury Oversight Committee. All investments, except for
those related to bond reserve funds, are subject to a maximum maturity of five years unless specific direction to exceed the limit
is given by the Board. Local Transportation Fund moneys are legally required to be deposited in the RCPIF.
The RCPIF and the LAIF are carried at fair value based on the value of each participating dollar as provided by the RCPIF and
LAIF, respectively. The fair value of the Commission's position in the RCPIF and LAIF is the same as the value of the pool
shares. Investments in U.S. government and agency securities are carried at fair value based on quoted market prices. Money
market mutual funds are carried at fair value based on each fund's share price.
Bank balances are secured by the pledging of a pool of eligible securities to collateralize the Commission's deposits with the
bank in accordance with the Code.
24
56
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 1. Summary of Significant Accounting Policies, Continued
Accounts receivable: Accounts receivable consist primarily of Measure A and LTF sales tax revenues from the State Board of
Equalization on all taxable sales within the County of Riverside, California through June 30, 2013.
Interfund transactions: During the course of operations, numerous transactions occur between individual funds involving
goods provided or services rendered. There are also transfers of revenues from funds authorized to receive the revenue to
funds authorized to expend it. Outstanding interfund balances are reported as due from/to other funds; internal financing
balances are reported as advances to/from other funds.
Prepaid items and other assets: Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items using the consumption method in both the government -wide and fund financial statements.
Restricted investments held by trustee: Restricted investments held by trustee represent unexpended bond proceeds,
interest earnings thereon, and capitalized interest and reserve amounts of sales tax revenue bonds. Under the related bond
resolutions and indentures, any remaining bond proceeds are restricted for the use of future construction improvements to the
respective projects, for debt service, or for reserve requirements in accordance with applicable debt covenants.
Capital assets: Capital assets consisting of land and land improvements; construction in progress; construction and rail
easements; buildings and equipment held for resale; rail stations; office improvements; and office furniture, equipment, and
vehicles are reported in governmental activities in the government -wide financial statements. Capital assets are defined by the
Commission as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of three years
and are primarily included within the function of current expenditures in the fund financial statements. Such assets are recorded
at historical costs or estimated historical costs if purchased or constructed. Donated capital assets are recorded at estimated fair
value at the date of donation.
Highway construction and certain purchases of right of way property, for which title vests with the California Department of
Transportation, are included in highway program expenditures. Infrastructure consisting primarily of highway construction and
right of way acquisition is not recorded as a capital asset, because the Commission does not have title to such assets or rights
of way. However, costs related to the development of tolled express lanes are recorded as intangible assets within construction
in progress. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the life
of the asset are not capitalized.
Rail stations, office improvements, furniture and equipment, and vehicles of the primary government are depreciated using the
straight-line method over the following estimated useful lives:
Asset Type Useful Life
Rail stations 10 to 30 years
Office improvements 7 to 10 years
Office furniture and equipment 3 to 5 years
Vehicles 5 years
Compensated absences: Vacation leave in governmental funds that is due and payable at year-end is reported as an
expenditure and a liability of the General fund. All earned vacation leave, including the amount that is not currently due, is
reported as a long-term liability in the government -wide financial statements,
25
57
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 1. Summary of Significant Accounting Policies, Continued
Sick leave is recorded as an expenditure in the General fund when taken by the employee. Employees with continuous five
years of service have the option of being paid for sick leave accumulated in excess of 240 hours at a rate of 50% (i.e., one
hour's pay for every two hours in excess of 240). Any sick leave in excess of 240 hours is accrued at fiscal year end, and a
liability is reported in the govemment-wide financial statements. Sick leave that is due and payable at year-end is reported as an
expenditure and a fund liability of the General fund.
Risk management: The Commission is exposed to various risks of loss related to torts; theft of, damage to, or destruction of
assets; and errors or omissions. The Commission protects itself against such losses by a balanced program of risk retention,
risk transfers, and the purchase of commercial insurance. Loss exposures retained by the Commission are treated as normal
expenditures and include any loss contingency not covered by the Commission's purchased insurance policies. Construction
projects and rail properties are protected through a combination of commercial insurance, insurance required of Commission
consultants, and a self-insurance fund established by the Southern California Regional Rail Authority (SCRRA). Settled claims
have not exceeded insurance coverage in any of the past three fiscal years.
Deferred outflows of resources: In addition to assets, the statement of financial position reports a separate section for
deferred outflows of resources. This separate financial statement element represents a consumption of net position that applies
to a future period and will not be recognized as an outflow of resources, or expenditure, until then. The Commission only has
one item, accumulated decrease in fair value of derivatives, which qualifies for reporting in this category in the government -wide
statement of net position. Because the terms of the derivatives qualify as a hedge, the change in the fair value of derivatives is
deferred until termination or maturity of the derivatives.
Fund equity: In the fund financial statements, the governmental funds may report fund balances in various categories based on
the nature of any limitations requiring the use of the resources for specific purposes:
Nonspendable fund balances cannot be spent, because they are in nonspendable form such as prepaid expenditures or are
required to be maintained intact.
Restricted fund balances are restricted for specific purposes by third parties or enabling legislation.
Committed fund balances include amounts that can be used only for specific purposes determined by formal action of the
Board. These committed amounts cannot be used for any other purpose unless the Commission removes or changes the
specified use through the same type of formal action taken to establish the commitment.
Assigned fund balances comprise amounts intended to be used by the Commission for specific purposes but are not
restricted or committed. The Board delegates the authority to assign amounts to be used for specific purposes to the Chief
Financial Officer. Assignments generally only exist temporarily; an additional action does not have to be taken for the
removal of an assignment.
Unassigned fund balances are residual positive net resources of the General Fund in excess of what can properly be
classified in one of the other four categories.
When both restricted and unrestricted resources are available for an incurred expenditure, it is the Commission's policy to
spend restricted resources first and then unrestricted resources, as necessary. When unrestricted resources are available for an
incurred expenditure, it is the Commission's policy to use committed amounts first, followed by assigned amounts, and then
unassigned amounts. The Commission established a policy on reporting and classifying fund balance in the General fund in
June 2012.
Net position: In the government -wide financial statements, net position represents the difference between assets and deferred
outflows of resources and liabilities and is classified into three categories:
26
58
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 1. Summary of Significant Accounting Policies, Continued
Net investment in capital assets consists of capital assets, net of accumulated depredation, reduced by the outstanding
balances of any borrowings used for the acquisition, construction, or improvement of those assets and excludes unspent
debt proceeds.
Restricted —net position represents the net position that is not accessible for general use because its use is subject to
restrictions enforceable by third parties and enabling legislation.
Unrestricted —(deficit) represents the amount of unrestricted resources that will need to be provided for in future periods.
When both restricted and unrestricted resources are available for use, it is the Commission's policy to use restricted —net
position resources first and then unrestricted —net position resources, as they are needed.
Administration expenditures: The Commission's staff and resources are used in the performance of its responsibilities
relating to the activities of the Commission and its component unit. Accordingly, the Commission allocates salaries and benefits
to each applicable fund on the basis of actual hours spent by activity, and other indirect overhead is allocated based on a
systematic basis. Administrative salaries and benefits of $1,113,011 allocated to Measure A in 2013 were less than 1% of
revenues and in compliance with the law,
Note 2. Cash and Investments
Cash and investments at June 30, 2013 consist of the following:
Unrestricted
Restricted
Cash Investments Total Investments Total
Cash in bank $ 4,617,110 $ — $ 4,617,110 $ — $ 4,617,110
Petty cash 1,018 — 1,018 — 1,018
RCPIF — 538,002,816 538,002,816 — 538,002,816
LAIF — 3,619,309 3,619,309 — 3,619,309
Investments with fiscal agents — — — 16,079,893 16,079,893
Total cash and investments $ 4,618,128 $ 541,622,125 $ 546,240,253 $ 16,079,893 $ 562,320,146
As of June 30, 2013, the Commission had the following investments:
Investment
Maturities Fair Value
First American Government Obligations mutual fund 49 days average $ 16,079,892
LAIF 278 days average 3,619,309
RCPIF 514 days average 538,002,816
US Bank Money Market mutual fund 49 days average 1
Total investments $ 557,702,018
Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of investments, the
Commission's investment policy follows the Code as it relates to limits on investment maturities as a means of managing
exposure to fair value losses arising from increasing interest rates.
27
59
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 2. Cash and Investments, Continued
Custodial credit risk: Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial
institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the
possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty (e.g., broker -dealer) to a transaction, a government will not be able to recover the value of its investment or
collateral securities that are in the possession of another party. The Commission's investment policy requires that a third party
bank trust department hold all securities owned by the Commission. All trades are settled on a delivery versus payment basis
through the Commission's safekeeping agent.
The Commission has deposits with a bank balance of $2,704,368 with a financial institution; bank balances over $5,000,000 are
swept daily into a money market account. Of the bank balance, up to $250,000 is federally insured under the Federal Depository
Insurance Corporation with balances in excess of $250,000 collateralized in accordance with the Code; however, the
collateralized securities are not held in the name of the Commission.
Credit risk: As of June 30, 2013, the Commission's investment in the RCPIF was rated Aaa/bf1 by Moody's Investors Service
(Moody's) and AAA/V1 by Fitch Ratings (Fitch). The investments in the US Bank Money Market mutual fund and First American
Government Obligations mutual fund were both rated AAA by both Moody's and Standard & Poor's Rating Service (S&P). LAIF
is not rated. The Commission's investment policy only requires credit quality ratings for repurchase agreements, U.S. corporate
debt, commercial paper, bankers acceptances and certificates of deposit.
Concentration of credit risk: The Commission's investment policy places a limit of 10% on the amount of investment holdings
with any one non -governmental issuer. As of June 30, 2013, the Commission did not have investments in any one non-
governmental issuer that represents more than 5% of the Commission's total investments.
Note 3. Advances
The Commission has approved interest -bearing advances to other governments, which may be funded by debt proceeds, to the
cities of Blythe, Canyon Lake, and Indio and the Coachella Valley Association of Governments (CVAG) in the amounts of
$1,500,000, $600,000, $4,000,000, and $43,300,000, respectively. The cities have pledged their share of 2009 Measure A local
streets and roads revenues, and CVAG has pledged its share of 2009 Measure A highway and regional road revenue
allocations in accordance with repayment terms specified in each agreement for actual advances. Repayment amounts are
withheld from revenue allocations on a monthly basis. The final maturities of the cities of Blythe and Indio advances are due on
or before September 1, 2019; the final maturity of the city of Canyon Lake advance is due on or before December 2019; and the
final maturities of the CVAG advances are due on or before September 1, 2029. Interest rates range from .910% to 7.307%,
excluding the portion of cash subsidy payments (as discussed in Note 6) that may be received by CVAG to reduce its
repayment obligations. The available advances to CVAG are $10,503,549 as of June 30, 2013. The outstanding advances,
including capitalized interest of $1,949,289, as of June 30, 2013 were as follows:
City of Blythe $ 1,234,312
City of Canyon Lake 521,758
City of Indio 3,518,735
Coachella Valley Associated Governments 31,026,109
Total loans receivable $ 36,300,914
28
60
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 4. Capital Assets
Capital assets activity for the year ended June 30, 2013 was as follows:
Balance
July 1, 2012
Governmental activities
Capital assets not being depreciated:
Land and land improvements $186,866,554
Construction in progress 132,123,465
Rail operating easements 39,484,143
Construction easements
Buildings and equipment held for resale
Additions/
Transfers
$28,681,918
38,215,726
16,564
61,832
Retirements/
Transfers/
Deletions
$ —
(694,700)
Balance
June 30, 2013
$ 215,548,472
169,644,491
39,484,143
16,564
61,832
Total capital assets not being depreciated 358,474,162
Capital assets being depreciated:
Rail stations
Office improvements
Office furniture, equipment and vehicles
Total capital assets being depreciated
Less accumulated depreciation for:
Rail stations
Office improvements
Office furniture, equipment and vehicles
Total accumulated depreciation
Total capital assets being depreciated, net
Governmental activities capital assets, net
98,709,174
72,782
1,526,822
100,308,778
66,976,040 (694,700) 424,755,502
103,400
103,400
— 98,812,574
— 72,782
— 1,526,822
— 100,412,178
(33,076,581)
(59,398)
(1,065,888)
(34,201,867)
66,106,911
$ 424,581,073
(3,360,022)
(7,048)
(137,394)
(3,504,464)
(3,401,064)
$ 63,574,976
— (36,436,603)
— (66,446)
— (1,203,282)
— (37,706,331)
— 62,705,847
$ (694,700) $ 487,461,349
Depreciation expense was charged to functions/programs of the Commission's governmental activities during the year ended
June 30, 2013 as follows:
General government
Commuter rail
Commuter assistance
Planning and programming
Total depreciation expense
Note 5. Interfund Transactions
$ 89,194
3,366,471
35,692
13,107
$ 3,504,464
Due from/to other funds: The composition of balances related to due from other funds and due to other funds at June 30,
2013 is as follows:
Receivable Fund Payable Fund
Amount
Explanation
General fund Nonmajor Governmental funds $ 11,108 Fringe benefits allocation
General fund Local Transportation Fund
Special Revenue fund
General fund Nonmajor Governmental funds
329,802 Allocation for grade separation costs
330,751 Administrative cost allocation
29
61
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 5. Interfund Transactions, Continued
Receivable Fund
General fund
General fund
General fund
General fund
Measure A Western County
Special Revenue fund
Measure A Western County
Special Revenue fund
Measure A Western County
Special Revenue fund
Measure A Coachella Valley
Special Revenue fund
Transportation Uniform
Mitigation Fee Special
Revenue fund
Payable Fund
Transportation Uniform Mitigation
Fee Special Revenue fund
Transportation Uniform
Mitigation Fee Special
Revenue fund
Measure A Western County
Special Revenue fund
Measure A Coachella Valley
Special Revenue fund
Commercial Paper Capital
Projects fund
Debt Service fund
Debt Service fund
Debt Service fund
Measure A Western County
Special Revenue fund
Sales Tax Bonds Capital Projects Debt Service fund
fund
Commercial Paper Capital
Projects fund
Commercial Paper Capital
Projects fund
Commercial Paper Capital
Projects fund
Debt Service fund
Nonmajor Governmental funds
Measure A Coachella Valley
Special Revenue fund
Amount
Explanation
498,978 Administrative cost allocation
18,238 Fringe benefits allocation
306,926 Fringe benefits allocation
117 Fringe benefits allocation
4,193,534 Reimbursement for highway capital costs
27,959,344 Allocation of remaining 1989 Measure A
debt service reserve for project costs
10,000,000 Reimbursement for excess bond financing
funding
13,671 Advance loan payment adjustment
598,412 Reimbursement for regional arterial
project costs
46,312
325,400
39,368
112,230
Total due from/to other funds $ 44,784,191
Advance loan payment adjustment
Advance loan payment adjustment
Advance loan payment adjustment
Advance loan payment adjustment
30
62
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 5. Interfund Transactions, Continued
Interfund transfers: During 2013, interfund transfers were as follows:
Transfers Out
Transfers In
Amount
Explanation
General fund
Measure A Western County
Special Revenue fund
Measure A Western County
Special Revenue fund
Measure A Western County
Special Revenue fund
Transportation Uniform
Mitigation Fee Special
Revenue fund
Local Transportation Fund
Commercial Paper Capital
Projects fund
Commercial Paper Capital
Projects fund
Sales Tax Bonds Capital
Projects fund
Sales Tax Bonds Capital
Projects fund
Debt Service fund
Debt Service fund
Measure A Western County
Special Revenue fund
Transportation Uniform
Mitigation Fee Special
Revenue fund
Debt Service fund
Nonmajor Governmental
funds
General fund
General fund
Debt Service fund
Measure A Western County
Special Revenue fund
Measure A Western County
Special Revenue fund
Debt Service fund
Measure A Western County
Special Revenue fund
Measure A Coachella Valley
Special Revenue fund
$ 12,838 Allocation for commuter rail costs
598,412 Highway project costs reimbursements
16,738,457 Debt service funding related to highway projects for
Western County and to loan agreements for
Western County jurisdictions
12,000 Highway project costs reimbursements
498,978 Administrative cost allocation
14,097,589 Allocation for administration, planning and
programming, commuter rail operating and station
maintenance, and grade separation costs
3,736,958 Debt service related to loan agreements for
Coachella Valley and Palo Verde Valley
jurisdictions
53,680,178
1,352,106
28
40,811,735
Highway project costs reimbursements
Highway project costs reimbursements
Interest earnings
Allocation of remaining 1989 Measure A debt
service reserve for project costs and
reimbursement for excess bond financing funding
200,282 Transfer of remaining debt service reserve for
project costs
31
63
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 5. Interfund Transactions, Continued
Transfers Out
Nonmajor Governmental
funds
Nonmajor Governmental
funds
Transfers In
General fund
Nonmajor Governmental
funds
Amount
330,751
Explanation
Administrative cost allocation
995,000 Call box program augmentation of freeway service
patrol operations
Total transfers $133,065,312
Note 6. Long-term Obligations and Subsequent Events
The following is a summary of the changes in long-term obligations for the year ended June 30, 2013:
Bonds payable:
2009 Bonds
2010 Bonds
Total bonds payable
Less: Bond discounts
Total bonds payable, net
Commercial paper notes
Capital lease
Compensated absences
Total long-term obligations
Balance
July 1, 2012
$ 168,200,000 $
150,000,000
318,200,000
(1,061,889)
317,138,111
30,943
528,949
Additions Reductions
60,000,000
280,792
$ 317,698,003 $ 60,280,792
$ (6,800,000) $
(6,800,000)
97,397
(6,702,603)
(24,654)
(134,565)
$ (6,861,822)
Balance
June 30, 2013
161,400,000
150,000,000
311,400,000
(964,492)
310,435,508
60,000,000
6,289
675,176
Due Within
One Year
$ 7,100,000
7,100,000
93,638
7,193,638
60,000,000
6,289
333,243
$ 371,116,973 $ 67,533,170
The Commission has pledged a portion of future sales tax revenues through maturities of the bonds to repay $161,400,000 and
$150,000,000 in sales tax revenue bonds payable issued in October 2009 and November 2010 and outstanding at June 30,
2013. The bonds and commercial paper notes are payable solely from the 2009 Measure A sales tax revenues. Annual principal
and interest payments on the bonds and notes are expected to require less than 14% of 2009 Measure A revenues. For the
current year, interest paid on the bonds and commercial paper notes was $15,356,116 and $48,016, respectively. Cash
subsidies of $2,852,391 related to the bonds were received from the United States Treasury during the current year and were
recorded as intergovernmental revenues.
Toll revenue bonds payable: In July 2010, the Commission authorized the issuance and sale of not to exceed $900 million of
toll revenue bonds related to the SR -91 Corridor Improvement Project. No toll revenue bonds were issued as of June 30, 2013.
Sales tax revenue bonds payable: Under the provisions of the 2009 Measure A, as amended by Measure K approved by the
voters in November 2010, the Commission has the authority to issue bonds subject to a bond debt limitation of $975,000,000.
The following is a summary of bonds issued and secured by 2009 Measure A revenues that are outstanding at June 30, 2013:
32
64
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 6. Long-term Obligations and Subsequent Events, Continued
2009 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A, B, and C: In October 2009, the
Commission issued sales tax revenue bonds consisting of the $85,000,000 Series A, $65,000,000 Series B,
and $35,000,000 Series C, for a total issuance of $185,000,000 (2009 Bonds). A portion of the 2009 Bonds
was used to current refund all, or $126,395,000, of the 2008 Sales Tax Revenue Bonds (2008 Bonds) and
retire $53,716,000 of the outstanding commercial paper notes with the remaining proceeds used to fund a
portion of the debt service reserve and pay costs of issuance for the 2009 Bonds. The 2009 Bonds mature in
annual installments ranging from $4,000,000 to $13,700,000 on various dates through June 1, 2029 with
variable interest rates set in connection with remarketing efforts on a weekly basis. The 2009 Bonds are
integrated with the interest rate swaps that became effective in October 2009, thereby creating synthetic
fixed rate debt.
The 2009 Bonds are subject to purchase on the demand of the holder at a price equal to principal plus
accrued interest on seven days' notice and delivery to the Commission's applicable remarketing agent.
Barclays Capital Inc., E.J. De La Rosa & Co., Inc., and Backstrom McCarley Berry & Co., LLC are the
remarketing agents for the 2009 Bonds Series A, B, and C, respectively. The remarketing agent is required
to use its best efforts to sell the repurchased bonds at a price equal to 100% of the principal amount by
adjusting the interest rate. The 2009 Bonds are secured by Standby Bond Purchase Agreements (SBPAs),
as amended in July 2011, with JPMorgan Chase Bank (JPMorgan) which expire in September 2014. Under
the SBPAs, if the 2009 Bonds are not successfully remarketed or repaid according to their terms or if the
existing SBPAs are not renewed and the Commission does not replace the SBPAs or otherwise refinance
the 2009 Bonds, JPMorgan is required to purchase the 2009 Bonds. Any of the 2009 Bonds purchased by
JPMorgan constitute bank bonds that bear interest at the bank rate, which may not exceed the maximum
rate of 18%. If the Commission does not reimburse JPMorgan within 180 days following JPMorgan's
purchase of any 2009 Bonds or the expiration of the SBPAs, the Commission would be required to redeem
the bank bonds over a period of five years. The Commission is required to pay to JPMorgan an annual
commitment fee for the SBPAs of 0.79% of the outstanding principal amount of the 2009 Bonds plus 34 days
of interest at an interest rate of 12%. Additionally the Commission is required to pay the remarketing agents
an annual fee of 0,10% of the outstanding principal amount of the bonds. The required reserve amount of
$14,213,201 was released in its entirety for project purposes in October 2011 upon the effective date of the
amendment of the SBPAs.
$ 161,400,000
In accordance with the bond maturity schedule and assuming the bonds are remarketed, annual debt service requirements to
maturity for the 2009 Bonds payable, based on the rates of the interest rate swaps and the costs of liquidity and the renewal or
replacement of the SBPAs, throughout the term of the bonds are as follows:
Year Ending June 30
2014
2015
2016
2017
2018
2019-2023
2024-2028
2029
Principal Interest Total
$ 7,100,000 $
7,400,000
7,800,000
8,100,000
8,500,000
48,500,000
60,300,000
13,700,000
$ 161,400,000 $ 65,487,698 $ 226,887,698
6,905,762
6,604,707
6,304,887
5,960,107
5,616,429
22,353,424
11,102,145
640,237
$ 14,005,762
14,004,707
14,104,887
14,060,107
14,116,429
70,853,424
71,402,145
14,340,237
33
65
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 6. Long-term Obligations and Subsequent Events, Continued
If the SBPAs with JPMorgan are not renewed or replaced upon expiration in September 2014 and the Commission does not
otherwise refinance the 2009 Bonds, the annual debt service requirements for the succeeding fiscal years based on an
assumed interest of 8.50% are as follows:
Year Ending June 30
2015
2016
2017
2018
2019
2020
Principal Interest Total
$ 15,430,000 $ 8,476,566
30, 860, 000 10, 747, 524
30,860,000 8,095,677
30,860,000 5,472,577
30,860,000 2,849,477
15,430,000 441,974
$ 154,300,000 $ 36,083,795 $ 190,383,795
$ 23,906,566
41,607,524
38,955,677
36,332,577
33,709,477
15,871,974
Although there can be no assurance, the Commission believes it is highly unlikely that the SBPAs will not be renewed or
replaced and that the 2009 Bonds, in that event, would not be refinanced.
2010 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A (Tax-exempt) and Series B (Taxable
Build America Bonds): In November 2010, the Commission issued sales tax revenue bonds consisting of
the $37,630,000 Series A and $112,370,000 Series B, for a total issuance of $150,000,000 (2010 Bonds).
For the Series B Build America Bonds (BABs), $44,800,000 was designated as recovery zone economic
development bonds (RZEDBs). A portion of the 2010 Bonds was used to retire $103,284,000 of the
outstanding commercial paper notes with the remaining proceeds used to fund 2009 Measure A Western
County and Coachella Valley capital projects and pay costs of issuance for the 2010 Bonds. The 2010
Bonds Series A mature in annual installments ranging from $12,105,000 to $12,815,000 on various dates
from June 1, 2030 through June 1, 2032 at an interest rate of 5.00%, and the 2010 Bonds Series B mature
in annual installments ranging from $530,000 to $17,980,000 on various dates from June 1, 2032 to June 1,
2039 at an interest rate of 6.807%. The Commission expects 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 bonds additionally designated as RZEDBs.
$ 150,000,000
In accordance with the bond maturity schedule, annual debt service requirements to maturity for the 2010 Bonds payable
throughout the term of the bonds are as follows:
Year Ending June 30
2014
2015
2016
2017
2018
2019-2023
2024-2028
2029-2033 52,170,000
2034-2038 79,850,000
2039 17,980,000
$ 150,000,000
Principal
Interest
9,530,500
9,530,500
9,530,500
9,530,500
9,530,500
47,652,600
47,652,600
43,889,000
22,887,600
1,223,900
210,958,200
Total
$ 9,530,500
9,530,500
9,530,500
9,530,500
9,530,500
47,652,600
47,652,600
96,059,000
102,737,600
19,203,900
$ 360,958,200
Subsidy
$ (2,982,100)
(2,982,100)
(2,982,100)
(2,982,100)
(2,982,100)
(14,910,600)
(14,910,600)
(14,910,600)
(9,470,800)
(538,200)
$ (69,651,300)
Total, net
$ 6,548,400
6,548,400
6,548,400
6,548,400
6,548,400
32,742,000
32,742,000
81,148,400
93,266,800
18,665,700
$ 291,306,900
34
66
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 6. Long-term Obligations and Subsequent Events, Continued
During 2013 the cash subsidy related to the 2010 Bonds that was received from the United States Treasury was approximately
$129,700 less than the amount anticipated. The subsidy reduction resulted from federal sequestration cuts. If sequestration
continues, the annual BABs subsidy may be reduced by approximately 5%.
Commercial paper notes payable: In February 2005, the Commission authorized the issuance of tax-exempt commercial
paper notes in an amount not to exceed $200,000,000 for the primary purpose of financing right of way and mitigation land
acquisition and project development costs of capital projects under the 2009 Measure A. During 2013 the Commission issued
commercial paper notes aggregating $60,000,000, which were outstanding at June 30, 2013. The source of revenue to repay
the commercial paper notes and any subsequent long-term debt refinancing is the 2009 Measure A sales tax. Interest is
payable on the respective maturity dates of the commercial paper notes, which is up to 270 days from the date of issuance. The
maximum allowable interest rate on the commercial paper notes is 12%.
As a requirement for the issuance of the commercial paper notes, the Commission entered into a $190,000,000 irrevocable
direct draw letter of credit and reimbursement agreement with Bank of America, N.A. (Bank of America) as credit and liquidity
support for the commercial paper notes. In February 2010, the agreement was amended for $121,500,000 and extended
through March 2012; the agreement was terminated upon expiration. In April 2012, the Commission entered into two
$60,750,000, for an aggregate of $121,500,000, irrevocable direct draw letters of credit and reimbursement agreements with
Union Bank, N.A. and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (collectively, the Banks), as
credit and liquidity support for the commercial paper notes through October 2014. Funds are drawn under the letters of credit to
pay debt service on the commercial paper notes, and the Commission is required to reimburse the Banks for such drawings.
Amounts drawn on the letter of credit and not reimbursed within 30 days are not due until five years after the date of such draw.
Accordingly, the commercial paper notes are classified as long-term liabilities in the Commission's government -wide financial
statements. There were no unreimbursed draws by the Commission on these letters of credit authorization during the year
ended June 30, 2013, nor were there any amounts outstanding under these letters of credit agreement at June 30, 2013.
The Commission's commercial paper program functions similar to bond anticipation notes for reporting purposes, as the
commercial paper notes are issued and retired with long-term debt issuances. Commercial paper notes are classified as long-
term debt as long as the Commission's letter of credit facility extends at least one year past its fiscal year end; otherwise, the
commercial paper notes are classified as a fund liability.
Capital lease obligation: The Commission has entered into a lease agreement for financing the acquisition of office
equipment. This lease agreement qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the
present value of its future minimum lease payments. The office equipment book value of $3,904 is
recorded as a capital asset in the governmental activities. Total future minimum lease obligations and the net present value of
these minimum lease payments as of June 30, 2013 are as follows:
Year Ending June 30 Total
2014 $ 6,321
Total minimum lease payments 6,321
Less amount representing interest (32)
Present value of minimum lease payments $ 6,289
Interest rate swaps: As a means to achieve a greater level of interest rate stability, specifically rising interest rates that would
negatively impact cash flows, the Commission entered into two forward -starting interest rate swaps in August 2006 for a total
notional amount of $185,000,000 whereby it swapped obligations to pay fixed rates for those that pay a floating rate. The swaps
are part of a synthetic fixed rate financing with the Commission's 2009 Bonds. The floating rate receipts under the swaps
correspond to the floating rate payments on the 2009 Bonds. The fixed rate payment remains for the Commission as its primary
interest obligation.
35
67
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 6. Long-term Obligations and Subsequent Events, Continued
The counterparty for the first swap ($100,000,000 notional amount) is Bank of America, and the counterparty for the second
swap ($85,000,000 notional amount) is Deutsche Bank AG (Deutsche Bank). Under the swap agreements which became
effective on October 1, 2009, the Commission will pay Bank of America and Deutsche Bank (Counterparties) a fixed rate of
3.679% and 3,206%, respectively, for twenty years, the term of the 2009 Bonds; the Counterparties will pay the Commission a
floating rate equal to 67% of the one -month London Interbank Offer Rate (LIBOR).
The Commission's interest rate swaps are derivative instruments that hedge identified financial risks. If the derivative instrument
is determined to be effective in reducing the identified exposure, hedge accounting provides that changes in the fair value of the
hedging instrument —in this instance, the interest rate swap —be reported as either deferred inflows or deferred outflows in a
government's statement of net position. To evaluate the effectiveness of the swaps, the Synthetic Instrument Method prescribed
by the standard was employed. The resulting analysis indicates the swaps are effective as hedging instruments. The fair value
or marked -to -market value of the Bank of America and Deutsche Bank swaps as of June 30, 2013 are ($14,065,309) and
($8,730,010), respectively. This is the amount the Commission would owe as of this date should the swap be terminated. The
terms and fair values (liabilities) of the outstanding swaps as of June 30, 2013 are as follows:
Associated Notional Effective Fixed Rate Variable Rate Fair Value Swap
Debt Issue Counterparty Amount Date to be Paid to be Received (Liability) Termination Date
2009 Bonds Bank of America $ 87,200,000 10/01/2009 3.679% 67% of LIBOR $ (14,065,309) 06/01/2029
2009 Bonds Deutsche Bank 74,200,000 10/01/2009 3.206% 67% of LIBOR (8,730,010) 06/01/2029
$ 161,400,000 $ (22,795,319)
The fair value (liabilities) of the outstanding swaps at June 30, 2012 was ($34,412,064), resulting in a decrease in the liabilities
of $11,616,745 during the year ended June 30, 2013.
The interest rate swaps are, among other things, subject to credit, interest rate, basis, and termination risk.
Credit risk: The following table compares the counterparty credit ratings at June 30, 2013 against their threshold amounts and
credit ratings for termination:
Bank of America
Moody's S&P
Counterparty Senior Debt Rating A3 A
Threshold Amount $10,000,000 $15,000,000
Threshold for Termination Baal BBB+
Deutsche Bank Moody's S&P
Counterparty Senior Debt Rating A2 A+
Threshold Amount $15,000,000 $20,000,000
Threshold for Termination Baal BBB+
Under the agreements, a swap termination event may occur if the Counterparties' credit ratings fall to the threshold level and,
after 30 days' notice, collateral in the form of U.S. treasury and certain federal agency securities as required by the agreements
is not delivered in favor of the Commission.
Interest rate risk: The Commission is exposed to interest rate risk on its pay fixed, receive variable interest rate swaps. As
LIBOR decreases, the Commission's net payments on the swaps increase. It is expected that this is offset partly by a decrease
in payments on the 2009 Bonds.
36
68
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 6. Long-term Obligations and Subsequent Events, Continued
Basis risk: The Commission is exposed to basis risk on the swaps because the variable rate payments received by the
Commission are based on an index other than interest rates the Commission pays on hedged variable rate debt. For the year
ended June 30, 2013, the Commission's 2009 Bonds, Series A, which are hedged by the Deutsche Bank swap, and 2009
Bonds, Series B and C, which are hedged by the Bank of America swap, had weighted average variable rates of 0.135% and
0.143%, respectively. Over the same period, the weighted average of 67% of one -month LIBOR was 0.142%, an approximate
0.7 basis point gain and 0.1 basis point loss for the Commission related to the Deutsche Bank and Bank of America swaps,
respectively.
Termination risk: The swaps may be terminated by the Commission or its Counterparties if the other party fails to perform under
the terms of the contract or at the Commission's option to terminate the transaction. If, at the time of termination, the swap is in
a liability position, the Commission would be obligated to pay the counterparty the liability position.
Arbitrage rebate: The Tax Reform Act of 1986 instituted certain arbitrage restrictions with respect to the issuance of tax-
exempt bonds and commercial paper notes after August 31, 1986. In general, arbitrage regulations deal with the investment of
all tax-exempt bond and commercial paper note proceeds at an interest yield greater than the interest yield paid to bondholders
or noteholders. Failure to follow the arbitrage regulations could result in all interest paid to bondholders or noteholders
retroactively rendered taxable. In accordance with the arbitrage regulations, if excess earnings were calculated, 90% of the
amount calculated would be due to the Internal Revenue Service at the end of each five-year period. The remaining 10% would
be recorded as a liability and paid after all bonds had been redeemed. During the current year, the Commission performed
calculations of excess investment earnings on all bond and commercial paper financings. There was no arbitrage liability at
June 30, 2013.
Subsequent events: In July 2013 the Commission completed the financing for the construction of the SR -91 Corridor
Improvement Project (SR -91 CIP) in Corona, California. The SR -91 CIP includes tolled express lanes, a direct connector for
access to and from the tolled express lanes and 1-15, the addition of a new general purpose lane in each direction, and
improvements to local interchanges and streets. The financing included the issuance of sales tax revenue bonds and toll
revenue bonds, execution of a federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan with the U.S.
Department of Transportation (USDOT), and contribution of $136,451,515 from the Commission during construction.
2013 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A: The Commission issued sales tax revenue bonds (2013
Sales Tax Bonds) consisting of $286,065,000 serial bonds and $176,135,000 term bonds, for a total issuance of
$462,200,000. A portion of the 2013 Sales Tax Bonds was used to retire all, or $60,000,000, of the outstanding commercial
paper notes with the remaining proceeds used to pay a portion of the costs of the SR -91 CIP; capitalized interest on the 2013
Sales Tax Bonds through December 1, 2017; and costs of issuance for the 2013 Sales Tax Bonds. The 2013 Sales Tax
Bonds 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 2013 Sales Tax Bonds 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%.
37
69
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 6. Long-term Obligations and Subsequent Events, Continued
2013 Toll Revenue Senior Lien Bonds, Series A (Current Interest Obligations) and Series B (Capital Appreciation
Obligations): The Commission issued toll revenue bonds (2013 Toll Bonds) consisting of $123,825,000 Series A current
interest obligations and $52,829,602 Series B capital appreciation obligations, for a total issuance of $176,654,602. The
proceeds of the 2013 Toll Bonds were used to pay a portion of the costs of the SR -91 CIP; capitalized interest on the 2013
Toll Bonds through December 1, 2017; and costs of issuance for the 2013 Toll Bonds
in addition to funding a debt service reserve of $17,665,460. The 2013 Toll Bonds Series A 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 fund payments of $42,255,000 on June 1, 2047 and June 1, 2048 at an interest
rate of 5.75%. The 2013 Toll Bonds Series B bear interest ranging from 5.30% to 7.15% compounded semiannually and paid
only at maturity on June 1 in the years 2022 through 2034 and 2041 through 2043. The total accreted value of the 2013 Toll
Bonds Series B including interest payable at maturity is $198,480,000. 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.
Toll Revenue Subordinate Bonds, 2013 TIFIA Series: The Commission entered into a loan agreement with the USDOT for
a $421,054,409 TIFIA loan to pay eligible SR -91 CIP costs. The loan is a toll revenue bond (TIFIA Bond) that is subordinate
to the 2013 Toll Bonds unless and until the occurrence of a bankruptcy related event. Proceeds of the TIFIA Bond may be
drawn upon after certain conditions have been met. Interest on outstanding disbursements is 3.47% and is compounded
semiannually. The TIFIA Bond matures on the earlier of June 1, 2051 and the date that is 35 years after the substantial
completion date of the SR -91 CIP. 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 1, 2021; principal payments commence annually on June 1, 2030. The Commission is
required to fund a $20,000,000 TIFIA debt service reserve no later than July 1, 2019 from sale proceeds of excess land
acquired for the SR -91 CIP or 2009 Measure A revenues.
Equity Contribution: Pursuant to the 2013 Toll Bonds indenture and TIFIA loan agreement, the Commission will deposit
with the trustee $136,451,515 into an equity account for payment of SR -91 CIP costs. Such deposits are due annually in
amounts ranging from $29,501,918 to $36,983,199 beginning in fiscal 2014 through 2017. The Commission expects to make
such deposits or direct payments from 2009 Measure A revenues and available state revenues. These annual equity
contribution payments occur during the period in which interest is capitalized on the 2013 Sales Tax Bonds.
In July 2013 the Commission terminated the letter of credit with The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New
York Branch. As a result of the termination of this letter of credit, in September 2013 the Commission reduced the commercial
paper program authorization to $60,000,000.
Note 7. Net Position and Fund Balances
Net position: Net investment in capital assets, as reported on the government -wide statement of net position, represents
capital assets of $487,461,349. The related debt of $150,627,324 includes the portion of the sales tax revenues bonds that
were used for the development of tolled express lane capital assets. Additionally, the government -wide statement of net
position reports $619,089,707 of restricted — net position, of which $617,856,566 is restricted by enabling legislation.
Fund balances
Measure A: Measure A sales tax revenues are allocated to the three defined geographic areas of Riverside County, consisting
of Western County, Coachella Valley, and Palo Verde Valley in proportion to the funds generated within those areas. Revenues
must then be allocated to the programs of the geographic areas according to percentages as defined by Measure A and are
legally restricted for applicable program expenditures. Bond and commercial paper note proceeds are allocated to the
geographic areas based on the estimated uses. Accordingly, the related fund balances are classified as follows:
38
70
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 7. Net Position and Fund Balances, Continued
Highways: Funds are to be used for project costs including engineering, right of way acquisitions, and construction of the
Western County highways and Coachella Valley highways and regional arterials. Funds for new corridors are to be used for
environmental clearance, right of way acquisition, and construction of four new Western County transportation
corridorsidentified through CETAP. In order to attract commercial and industrial development and jobs in the Western County,
funds are expended to create an infrastructure improvement bank to improve and construct interchanges, provide public
transit linkages or stations, and make other improvements to the transportation system. Funds are also provided to support
bond financing costs. These program funds are intended to supplement existing federal, state, and local resources. Coachella
Valley highway and regional arterial funds are matched by TUMF revenues generated in the Coachella Valley. Accordingly,
funds for highways, Coachella Valley regional arterials, new corridors, economic development, and bond financing are
reflected as restricted for these specific purposes as stipulated by the 1989 Measure A and 2009 Measure A.
Commuter rail: Commuter rail projects anticipate the use of existing rail lines, and 1989 Measure A funds are restricted for
costs related to planning, capital improvements, right of way purchase, and/or use rights agreements. Funds for rail operations
and to match federal funds for capital are restricted as stipulated by the 2009 Measure A Western County public transit
program.
Regional arterials: Funds for regional arterials are used to implement the planned Western County regional arterial system,
as defined by WRCOG.
Local streets and roads: Funds to be expended by local jurisdictions for the construction, repair, and maintenance of local
streets and roads are reflected as restricted as stipulated by Measure A. The County and local cities are required to
supplement those expenditures with other previously dedicated revenue sources to maintain road improvements. Monies are
disbursed to the jurisdictions which comply with the requirements to maintain the same level of funding for streets and roads
as existed prior to the passage of Measure A and participate in TUMF (as applicable in the Western County and Coachella
Valley areas) and the Multiple Species Habitat Conservation Plan (MSHCP) in Western County and which annually submit a
five-year capital improvement plan.
Commuter assistance and transit: Funds for public transit are used to promote and subsidize commuter assistance
programs such as ridesharing and telecommuting and specialized transportation to guarantee reduced transit fares, expand
existing transit services, and implement new transit services for seniors and persons with disabilities. These funds are
restricted as stipulated by the 1989 Measure A and 2009 Measure A. Funds for intercity bus services in Western County and
bus replacement and more frequent service in the Coachella Valley are restricted as stipulated by the 2009 Measure A.
Debt service: Certain bond proceeds that have been used to make required sinking fund payments in the Debt Service fund
as required by the bond agreements are classified as restricted. Amounts held by the trustee equal to the maximum annual
debt service are recorded in the Debt Service fund as restricted.
Transportation Development Act: Restricted fund balance for the Local Transportation Fund represents the apportionments
related to transit programs by geographic area, bicycle and pedestrian facilities, and planning and programming services and
unapportioned revenues. Restricted fund balance for the State Transit Assistance represents the apportionments for transit by
geographic area. The TDA restrictions at June 30, 2013 are as follows:
39
71
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 7. Net Position and Fund Balances, Continued
Local Transportation Fund State Transit Assistance Total
Bicycle and pedestrian facilities $ 3,999,930 $ - $ 3,999,930
Transit and specialized transportation
Western County:
Bus transit:
City of Banning $ - $ 611,314 $ 611,314
City of Beaumont - 275,094 275,094
City of Corona - 1,450,171 1,450,171
City of Riverside - 489,750 489,750
Riverside Transit Agency 19,011,858 17,253,410 36,265,268
Apportioned and unallocated 41,180,349 17,443,278 58,623,627
Commuter rail:
Commission 2,691,825 350,000 3,041,825
Apportioned and unallocated 17,025,958 8,483,853 25,509,811
Total Western County 79,909,990 46,356,870 126,266,860
Coachella Valley:
SunLine Transit Agency 836,298 3,640,438 4,476,736
Apportioned and unallocated 8,497,374 5,462,759 13,960,133
Total Coachella Valley 9,333,672 9,103,197 18,436,869
Palo Verde Valley:
Palo Verde Valley Transit Agency 84,784 169,805 254,589
Apportioned and unallocated for transit
and local streets and roads 952,953 63,616 1,016,569
Total Palo Verde Valley 1,037,737 233,421 1,271,158
Unapportioned funds 10,961,628 - 10,961,628
Total transit and specialized transportation $105,242,957 $ 55,693,488 $ 160,936,445
Commuter rail: Restricted fund balance in the General fund represents TDA monies to be used for commuter rail operations
and capital.
Planning and programming: Restricted fund balance in the General fund represents TDA monies to be used for planning
and programming services.
Transportation Uniform Mitigation Fee: TUMF revenues to be received by the Commission are to be used for new CETAP
corridors and the regional arterial system in Western County and are restricted as follows:
CETAP: Funds for the development of new transportation corridors are used to provide congestion relief and mobility within
the County and between the County and its neighboring Orange and San Bernardino counties. Funds will be matched by
revenues of $370 million generated from the 2009 Measure A.
40
72
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 7. Net Position and Fund Balances, Continued
Regional arterials: Funds for regional arterials are used to implement the planned Western County regional arterial system.
Funds will be matched by revenues of $300 million generated from the 2009 Measure A.
Prepaid amounts: Prepaid amounts are reported as nonspendable fund balance as they are in nonspendable form.
Motorist assistance: Funds in the Service Authority for Freeway Emergencies and Freeway Service Patrol Special Revenue
funds, which are reported as nonmajor governmental funds, of $6,248,937 and $1,233,141, respectively, to assist motorists on
County roads are restricted as stipulated by the State.
General government: Funds allocated by Measure A, TUMF, LTF, and motorist assistance programs to the General Fund
have been assigned by the Commission for general government administration.
Note 8. Commitments and Contingencies
Operating lease: The Commission has entered into an operating lease agreement for office facilities. The term of the lease, as
amended, is for a period of 15 years expiring on October 25, 2017 and may be extended for one additional five-year term.
Rental expenditures for the fiscal year ended June 30, 2013 were $363,154.
Real property and project agreements: The Commission has entered into other agreements in the ordinary course of
business with companies and other governmental agencies for the acquisition of real property as well as the engineering and
construction of certain highway and commuter rail projects. These agreements, which are significant, are funded with available
and future revenues and debt proceeds.
Under the 2009 Measure A, the Commission is required to provide $153,000,000 of Measure A funding under the Western
County MSHCP. Through the current year, the Commission has fulfilled approximately $132,000,000 of the funding
requirement. In March 2012, the Commission authorized a $24,000,000 commitment to the Western Riverside County Regional
Conservation Authority (RCA) to provide funding for its remaining obligation to the MSHCP for its covered activities. Under the
terms of the agreement, the commitment will be paid over the next eight years at $3,000,000 per year through December 2019.
However, if, within the first two years of the agreement, the RCA has received a federal loan guarantee related to the MSHCP or
its revenues have returned to 2005 levels, the Commission may modify its commitment.
In November 2012, the Commission entered into an agreement with the BNSF Railway Company (BNSF) for the acquisition and
use of a rail easement in connection with a rail project for an amount of $25,000,000. Under the terms of the agreement, the
Commission paid $650,000 during 2013, and $24,350,000 is due at various dates through the earlier of the closing date, which
may be extended to March 31, 2015, or 90 days prior to the scheduled commencement of rail service on the rail project.
Furthermore, the agreement may be terminated by the Commission if the Commission is not prepared to proceed to closing.
Should the closing not occur, BNSF is required to return up to $24,349,999 of payments received through closing,
Litigation: Certain claims involving disputed construction costs have arisen in the ordinary course of business. Additionally, the
Commission is a defendant in lawsuits. Although the outcome of these matters is not presently determinable, management does
not expect that the resolution of these matters will have a material adverse impact on the financial condition of the Commission.
41
73
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 9. Joint Agreements
Joint venture: The Commission is one of five members of the SCRRA, an independent joint powers authority created in June
1992. The SCRRA's board consists of one member from the Ventura County Transportation Commission; two each from the
Orange County Transportation Authority (OCTA), the San Bernardino Associated Governments, and the Commission; and four
members from the Los Angeles County Metropolitan Transportation Authority. The SCRRA is responsible for implementing and
operating a regional commuter rail system (Metrolink) in five southern California counties. As a member of SCRRA, the
Commission makes capital and operating contributions for its pro rata share of rail lines servicing the County. The Commission
expended $7,661,315 during 2013 for its share of Metrolink operating costs. As of June 30, 2013, cumulative capital
contributions were $42,305,908. Other funds for rail service are contributed to the SCRRA by the State from state rail bonds on
behalf of the Commission. Separate financial statements are prepared by and available from the SCRRA, which is located at
One Gateway Plaza, 12th Floor, Los Angeles, California 90012.
Cooperative agreement: In May 2006 the Commission entered into a cooperative agreement, Riverside Orange Corridor
Authority, with OCTA and the Transportation Corridor Agencies to jointly exercise the common powers of the parties to manage
geotechnical studies regarding the Riverside Orange Corridor. The Commission is the recipient and administering entity of
federal and state funds as may be necessary to accomplish this work, and the three agencies will share in meeting the local
agency matching requirements. As of June 30, 2013, the Commission was not required to make any contributions.
Note 10. Employees' Pension Plans and Subsequent Events
Public Employees' Retirement System: The Commission contracts with the State of California Public Employees' Retirement
System (PERS) to provide its employees retirement as well as death and retirement disability benefits, which are paid by the
PERS under a cost sharing multiple -employer plan. Copies of the PERS' annual financial report may be obtained from its
executive office located at 400 P Street, Sacramento, California 95814, or by visiting the PERS website at www.calpers.ca.gov.
Through the June 30, 2003 valuation, the PERS plan was an agent multiple -employer retirement plan. Effective July 1, 2003,
due to the Commission having less than 100 active members, the Commission's PERS plan was converted from an agent
multiple -employer plan (former plan) to a cost sharing multiple -employer plan. The former plan is an aggregation of single
employer plans, where separate accounts are maintained for each employer and contributions by the employer benefit only the
employees of the employer. Under this plan, separate actuarial valuations are performed for each employer, and the results are
attributed to and accounted for by the employer. The cost sharing multiple -employer plan is a pooling arrangement whereby
risks, rewards, and benefit costs are shared and not attributed individually to any single employer. Periodic employer pension
expense can be significantly different between the plan types. The change to the pooling arrangement was initially effective for
the Commission's required contribution rate during the fiscal year ended June 30, 2006.
At the time of joining the risk pool under the cost -sharing multiple -employer plan, a side fund (the amount that the Commission
would owe PERS if it exited the plan) was created to account for the difference between the funded status of the pool and the
funded status of the Commission's plan. As of the June 30, 2011 valuation (most current valuation available), the estimated
amount of the side fund liability was $1,554,233.
All permanent Commission employees are eligible to participate in PERS. Employees hired prior to January 1, 2013 and
attaining the age of 55 with five years of credited California service (service) are eligible for normal retirement and are entitled to
a monthly benefit of 2.7% of their final compensation for each year of service. Final compensation is defined as the highest
annual salary earned. Retirement may begin at age 50 with a reduced benefit rate. The plan also credits employees for unused
sick leave. Employees hired on or after January 1, 2013 who are not "classic" members and attaining the age of 62 with five
years of credited service are eligible for normal retirement and are entitled to a monthly benefit of 2% of their three-year final
compensation for each year of service. Retirement may begin at age 52 with a reduced benefit rate. Upon separation from the
plan prior to retirement, members' accumulated contributions are refundable with interest credited through the date of
separation.
42
74
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 10. Employees' Pension Plans and Subsequent Event, Continued
The Commission pays the employee paid member contribution (EPMC) of 8% of regular earnings. New employees hired after
November 28, 2002 are responsible for 1% of the 8% required contribution. The Commission is required to contribute the
remaining amounts necessary to fund the benefits of its members, using the actuarially determined rate, which was 23.132% for
the fiscal year ended June 30, 2013.
Three-year trend information for PERS:
Fiscal Year Annual Required Percentage of Net Pension
Ended June 30 Contribution (ARC) ARC Contributed Obligation
2013 $ 1,054,621 100% $ —
2012 994,806 100%
2011 1,016,336 100%
In May 2013, the Commission approved the implementation of employees' cost sharing of EPMC phased in over a three-year
period with 3% beginning in July 2013, 6% in July 2014 and 8% in July 2015. The 8% EPMC paid by the Commission will be
eliminated in FY 2015/16.
401(a) plan: The Commission offers its employees a 401(a) defined contribution plan referred to as the Money Purchase Plan &
Trust (Plan), which covers all permanent full-time employees. Employees are fully vested in the Plan after five years. The Plan,
which is administered by the International City/County Management Association (ICMA), requires the Commission to make a
contribution of 7.5% of the employees' earnings for the Plan year. Fiduciary responsibility and reporting of the Plan assets rests
with ICMA. The Commission has the authority to amend the contribution requirements. Total payroll for covered employees for
the current year was $3,822,793. The Commission's contributions to the Plan were $286,421 for the year ended June 30, 2013.
Note 11. Other Postemployment Benefits (OPEB)
Plan information: Per Resolution of the Board, the Commission provides postretirement health benefits for eligible retirees
and their dependents at retirement. For employees hired on or after January 1, 2007, retirees must have a minimum of 10 years
of PERS service and no less than five years of Commission service in order to receive postretirement health benefits in
accordance with PERS as per Government Code Section 22893. For employees hired prior to January 1, 2007, retirees are not
required to meet the eligibility criteria and may receive postretirement health benefits at the monthly health benefit rate paid for
active employees, which is currently at $600. The Commission's contributions toward premiums for retiree health insurance are
coordinated with Medicare and other benefits provided by federal and state law, when available, to the extent it reduces the cost
of insurance premiums.
In June 2007 prior to the adoption of GASB Statement No. 45, Accounting and Financial Reporting by Employers for
Postemployment Benefits Other Than Pensions, the Commission adopted a resolution for an election of the Commission to
prefund postretirement health benefits through the California Employers' Retiree Benefit Trust (CERBT), an agent multiple -
employer defined benefit health care plan administered by PERS. The System accepted the Commission's application to
participate in the CERBT in September 2007. Copies of the CERBT Prefunding Plan annual financial report may be obtained
from its executive office or its website.
Plan funding policy: The contribution requirements of plan members are established and may be amended by the
Commission. Currently, OPEB contributions are not required from plan members.
43
75
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 11. Other Postemployment Benefits (OPEB), Continued
The Commission has adopted a policy to fund 100% of the future ARC. The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover the annual normal cost and the amortization of unfunded actuarial accrued liabilities (or
funding excess) over a 20 -year period. The Commission is required to contribute the amounts necessary to fund the benefits of
its members, using the actuarially determined rate, which was 10.4% for the fiscal year ended June 30, 2013.
Annual OPEB cost: For 2013, the Commission's OPEB cost of $409,000 was equal to the ARC. The Commission's annual
OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for 2013 and the
preceding two years were as follows:
Percentage of
Fiscal Year OPEB Annual Required OPEB ARC Net OPEB
Ended June 30 Contribution (ARC) Contributed Obligation
2013 $ 409,000 100% $ —
2012 397,000 100%
2011 249,000 100%
Funded status and funding progress: The funded status of the plan as of June 30, 2013, based on the June 30, 2011
actuarial valuation (most current valuation available), was as follows:
Actuarial accrued liability (AAL) $ 3,543,000
Actuarial value of plan assets 2,340,000
Unfunded actuarial accrued liability (UAAL) $ 1,203,000
Funded ratio (actuarial value of plan assetslAAL) 66.0%
Covered payroll (active plan members) $ 3,822,793
UAAL as a percentage of covered payroll 31.5%
The schedule of funding progress for postretirement health care that immediately follows the notes to the financial statements
presents multi -year trend information about whether the actuarial value of plan assets is increasing or decreasing relative to the
actuarial accrued liability for benefits over time.
Actuarial valuations: Actuarial valuations of an ongoing plan involve estimates of the value of the reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future
employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the ARC
of the Commission are subject to continual revision, as actual results are compared with past expectations and new estimates
are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the
Commission and plan members) and include the types of benefits provided at the time of each valuation and the historical
pattern of sharing of benefit costs between the Commission and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce short-term volatility in the AAL and the actuarial value of
assets, consistent with the long-term perspective of the calculations.
In the June 30, 2011 actuarial valuation, the entry age normal actuarial cost method was used. The actuarial assumptions
included a 6.75% investment rate of return and a 3% inflation rate assumption. The annual healthcare cost trend rate for non -
Medicare eligible premiums were 9,5%; Medicare eligible premiums were 10.0%. The trend rate was reduced by decrements to
an ultimate rate of 5.0% after ten years. A 3.25% annual rate of increase in future salaries is also assumed in the valuation. The
Commission's UAAL will be amortized as a level percentage of projected covered payroll on a closed basis over a 20 -year
period.
44
76
Riverside County Transportation Commission
Notes to Financial Statements
June 30, 2013
Note 12. Measure A Conformance Requirements
Measure A requires that the sales taxes collected may only be used for transportation purposes including administration and the
construction, capital acquisition, maintenance, and operation of streets, roads, highways including state highways, and public
transit systems and for related purposes. These purposes include expenditures for planning, environmental reviews,
engineering and design costs, and related right of way acquisition.
Note 13. Pronouncements Issued, Not Yet Effective
The GASB pronouncements issued prior to June 30, 2013 that have an effective date that may impact future financial
presentations include:
• GASB Statement No. 66, Technical Correction -2012 —an amendment of GASB Statements No. 10 and No. 62, which
is effective for periods beginning after December 15, 2012; and
• GASB Statement No. 68, Accounting and Financial Reporting for Pensions, which is effective for periods beginning
after June 15, 2014.
Management has not currently determined what, if any, impact implementation of these statements may have on the financial
statements of the Commission, except that GASB Statement No. 68 will have an effect on the Commission's net position.
However, management has not calculated such effect.
45
77
This page intentionally left blank.
46
78
Required Supplementary Information
Riverside County Transportation Commission
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual - General Fund
Year Ended June 30, 2013
General
Revenues
Sales taxes
Intergovernmental
Investment income (loss)
Other
Total revenues
Expenditures
Current:
General government
Commuter rail
Planning and programming
Transit and specialized transportation
Total programs
Debt service:
Principal
Interest
Total debt service
Capital outlay
Total expenditures
Excess (deficiency) of revenues over (under)
expenditures
Other financing sources (uses)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
See notes to required supplementary information
Original
Budget
Final
Budget
Actual
Variance with
Final Budget
Positive
(Negative)
$ 2,700,000 $
1,380,000
67,900
225,200
4,373,100
5,034,400
14,487,600
4,522,600
416,500
24,461,100
2,700,000 $
1,380,000
67,900
225,200
4,373,100
5,151,400
14,566,600
4,994,090
416,500
25,128, 590 18, 999, 299
2,700,000 $
615,871
(6,532)
31,005
3,340,344
4,399,101
11,222,819
3,099,754
277,625
(764,129)
(74,432)
(194,195)
(1,032,756)
752,299
3,343,781
1,894,336
138,875
6,129,291
346
13
25,000 24,654
600 587
205,700
25,600 25,241
215,600 75,160
359
140,440
24,666,800
25, 369, 790 19, 099, 700
6,270,090
(20,293,700)
19,447,400
19,447,400
$ (846,300) $
(20,996,690) (15,759,356)
20,470,290
(13,000)
20,457, 290 14, 914,480
14,927,318
(12,838)
(539,400) (844,876) $
13,685,227
$ 12,840,351
5,237,334
(5,542,972)
162
(5,542,810)
(305,476)
48
80
Riverside County Transportation Commission
Schedule of Re venues, Expenditures and Changes In Fund Bala nce
Budget and A chim! - Maj or Special R evenue Funds
Year Ended Juno 30, 2013
Measure A Western County Measure ACoachella Valley Transportation Uniform Mitigation Fee Local Transportation Fund
Vanance with Variance with Variance with Variance with
Fi nal Budg et Final Budget Final Budg et Final Budget
Original Final Positive Original Final Positive Original Final Positiv e Origi nal Final Positive
Budget Budget Actual (Negative) Budget Budget Actual (Negative) Budget Budget Actual (Negative) Budget Budget Actual (Negative)
Revenues
Sales taxes $ 98,118,000 $ 104,947,000 $ 110,301,213 $ 5,354,213 $ 30,299,000 $ 32.409,000 $ 35,391,192 $ 2,982,192 $ - $ - $ - $ - $ 65,000,000 $ 69,500,000 $ 72,828,788 $ 3,328,788
Transportation Uniform Mitigation Fee 1257,300 1,257,300 526,836 (730,464) - - - 4,000,000 6,300,000 11,894,274 5,594,274 - - - -
Intergovernmental 85,001,600 85,001,600 31,144,393 (53,857,207) - - - - - - - - - 107,001 107,001
Investment irwome(loss) 1,392,800 1,392,800 (187,245) (1,580,045) 12,600 12,600 (11,779) (24,379) 78,600 78,600 (42,947) (121,547) 347,800 347,800 (84,244) (432,044)
Other 972,800 972,800 924,657 (48,143) - - - - - 132,005 132,005 - - - -
Total revenues 186,742,500 193,571,500 142,709,854 (50,861,646) 30,311,600 32,421,600 35,379,413 2,957,813 4,078,600 6,378,600 11,983,332 5,604,732 65,347,800 69,847,800 72,851,545 3,003,745
Expenditures
Current:
General government 2,734,800 2,735,100 2,281,086 454,014 12,000 12,000 12,000 -
Bicyde and pedestrian facilities - - - - - - - - - - 1,404,000 1,404,000 956,308 447,692
CETAP - - - - 2,400,700 3,601,395 954,700 2,646,695 - - - Commuter assistance 4,021,800 4,021,800 2,868,356 1,153,444 - - - Commuter rail 90,879,700 90,482,600 15,895,661 74,586,939 - - - - - -
Hghways 171,475,100 174,556,900 110,070,737 64,486,163 20,409,900 16,464,900 8,679,599 7,785,301 - -
Local sheets and roads 27,870,000 31,258,000 31,172255 85,745 10,604,000 12,387,000 12,386,917 83 - - - - - -
Planning and program ming - - - - - - - - - - - - 457,500 612,900 612,842 58
Regional arterials 2,500,000 2,501,500 1,787 2,499,713 - - - - 40,224,700 42,066,900 17,045,348 25,021,552
Transit and specialized transporta tion 5 155 600 5155 600 4 555 778 599 822 4 503 500 4 503.500 4 503 500 - - - - - 58 631800 58 631 800 44 018 818 14 612 982
Tota l programs 304,637,000 310,711,500 166,845,660 143,865,840 35,517,400 33.355,400 25,570,016 7,785,384 42,625,400 45,668,295 18,000,048 27,668,247 60,505,300 60,660,700 45,599,968 15,060,732
Capitaloutlay 225000 234000 145283 88,717
Total expenditures 304 862.000 310.945 500 166990,943 143 954.557 35 517 400 33,355400 25 570 016 7 785 384 42 625 400 45 668 295 18,000 048 27 668 247 60 505 300 60 660 700 45 599 968 15 060 732
Excess (deficiency) of revenues over(under)
expenditures (118,119,500) (117.374,000) (24,281,089) 93,092,911 (5,205,800) (933,800) 9,809,397 10,743,197 (38,546,800) (39,289,695) (6,016,716) 33,272,979 4,842,500 9,187,100 27,251,577 18,064,477
her financing sous (uses)
h, Transfers in 130,834,000 130,834,000 95,856,857 (34,977,143) 200,282 200,282 18,221,900 19,221,900 598,412 (18,623,488) - - - -
Transfers out (33,941,800) (53,697,800) (17,348,869) 36,348,931 - - - - (18,445,100) (18,445,100) (498,978) 17946122 (18359700) (19382590) (14 097 5285001
Total other fnancingsourats(uses) 96892200 77,136,200 78,507,988 1,371,788 200,282 200,282 (223,200) 776,800 99,434 (677,366) (18,359,700) (19,382,590) (14,097,589) 5285,001
Net change in fund balances $ (21 227 300) $ (40 237 800) 54,226,899 $ 94 464 699 $ (5,205,800) $ 933 .800 10,009,679 $ 10 943 479 $ (38,770,000) $ (38,512,895) (5,917,282) $ 32 595 613 $ (13 517 200) $ (10 195 490) 13,153,988 $ 23 349 478
Fund balances at beginning of year 240237,824 17,346,594 73,224,071 92,088,969
Fund balances at end of year $ 294 464. 723 $ 27 356 273 $ 67,306,789 $ 105,242,957
49
Riverside County Transportation Commission
Schedule of Funding Progress for Postretirement Health Care
Actuarial
Accrued UAAL as a
Actuarial Liability Percentage
Actuarial Value of (AAL)- Unfunded Funded Covered of Covered
Valuation Date Assets Entry Age AAL (UAAL) Ratio Payroll Payroll
June 30, 2011 $ 2,340,000 $ 3,543,000 $ 1,203,000 66.0% $ 3,791,900 31.7%
January 1, 2009 1,583,000 2,145,000 562,000 73.8% 3,805,596 14.8%
June 30, 2007 - 1,794,000 1,794,000 0.0% 2,396,757 74.9%
See notes to required supplementary information
50
82
Riverside County Transportation Commission
Notes to Required Supplementary Information
June 30, 2013
Budgetary Data
In February of each year, department heads begin the process of compiling budget data for the upcoming fiscal year. Budget
numbers along with supporting documentation are provided to the Chief Financial Officer by March 15. That budget data is
compiled and presented to the Executive Director for review and approval and is submitted to the Budget and Implementation
Committee at its April meeting. After review by the Budget and Implementation Committee, the proposed budget is scheduled
for preliminary review and comment as well as public hearing at the Commission's May meeting. The final budget for the new
fiscal year is then adopted by motion of the Board of Commissioners (Board) no later than June 15 of the current year. This
appropriated budget covers substantially all Commission expenditures by financial responsibility unit [e.g., General fund and
Measure A (for each of the three county areas), Local Transportation Fund, and Transportation Uniform Mitigation Fee special
revenue funds] by fund. All appropriated amounts are as originally adopted or as amended by the Commission. Unexpended
appropriations lapse at year-end. All budgets are adopted on a basis consistent with generally accepted accounting principles.
As adopted by the Board, expenditure activities of the funds with adopted budgets are controlled at the budgetary unit, which is
the financial responsibility level, for each function (i.e., administration, programs, intergovernmental distributions, and capital
outlay). These functions provide the legal level of budgetary control (i.e., the level at which expenditures cannot legally exceed
the appropriated amount). Management has the discretion to transfer the budgeted amounts within the financial responsibility
unit according to function. Supplemental budget appropriations were necessary during the year.
Funding Progress for Postretirement Health Benefits
The schedule of funding progress presents multiyear trend information that shows whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. The Commission obtains an actuarial
valuation on a biennial basis. The most recent actuarial valuation performed was as of June 30, 2011.
51
83
Other Supplementary Information
85
Riverside County Transportation Commission
Nonmajor Governmental Funds Description
Special Revenue Funds
Measure A Palo Verde Valley: This fund is used to account for the revenues from sales taxes which are restricted to
expenditures for Palo Verde Valley programs and activities.
Freeway Service Patrol: This fund is used to record the revenues received from state funds for the purpose of implementing
a freeway service patrol for motorists.
Service Authority for Freeway Emergencies: This fund is used to record the revenues received from Department of Motor
Vehicle user registration fees for the purpose of implementing an emergency call box system for motorists.
State Transit Assistance: This fund is used to account for revenues from sales taxes on gasoline restricted for transit
projects.
53
86
87
Riverside County Transportation Commission
Combining Balance Sheet - Nonmajor Governmental Funds
June 30, 2013
Special Revenue
Assets
Cash and investments
Receivables:
Accounts
Interest
Prepaid expenditures and other assets
Total assets
Liabilities and fund balances
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Fund balances:
Nonspendable-prepaid amounts
Restricted for:
Local streets and roads
Motorist assistance
Transit and specialized transportation
Total fund balances
Total liabilities and fund balances
Measure A
Palo Verde
Valley
Freeway
Service
Patrol
Service
Authority
for Freeway
Emergencies
$ 556 $ 772,456 $ 6,118,798
201,369 882,343 618,494
257 4,751
- 157 96
Total
State Nonmajor
Transit Governmental
Assistance Funds
$ 52,821,597 $ 59,713,407
3,770,101 5,472,307
38,550 43,558
253
$ 201,925
$ 1,655,213 $ 6,742,139
$ 56,630,248 $ 65,229,525
$ 162,001 $ 255,773 $ 317,642 $ 936,760 $
39,368 166,299 175,560 -
201,369
556
422,072
157
1,232,984
493,202
96
6,248,841
936,760
55,693,488
1,672,176
381,227
2,053,403
253
556
7,481,825
55,693,488
556 1,233,141
6,248,937 55,693,488 63,176,122
$ 201,925 $ 1,655,213 $ 6,742,139 $ 56,630,248 $ 65,229,525
54
88
Riverside County Transportation Commission
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds
Year Ended June 30, 2013
Special Revenue
Revenues
Sales taxes
Intergovernmental
Investment income (loss)
Other
Total revenues
Expenditures
Current:
Local streets and roads
Motorist assistance
Transit and specialized transportation
Total expenditures
Excess (deficiency) of revenues over (under)
expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Measure A
Palo Verde
Valley
$ 1,035,719 $
Freeway
Service
Patrol
2,020,655
(1,658)
586
Service
Authority
for Freeway
Emergencies
2,077,036
(1,543)
13,915
State
Transit
Assistance
Total
Nonmajor
Governmental
Funds
14,170,230 $ 15,205,949
4,097,691
(27,808) (31,009)
14,501
1,035,719 2,019,583 2,089,408 14,142,422
1,035,719
2,460,051
1,103,530
2,303,467
2,303,467
19,287,132
1,035,719
3,563,581
2,303,467
6,902,767
1,035,719 2,460,051 1,103,530
(440,468)
1,007,000
(161,756)
845,244
985,878 11,838,955
(1,163,995)
(1,163,995)
12,384,365
1,007,000
(1,325,751)
(318,751)
404,776 (178,117) 11,838,955 12,065,614
556 828,365 6,427,054 43,854,533 51,110,508
$ 556 $
1,233,141 $
6,248,937 $ 55,693,488 $ 63,176,122
55
89
Riverside County Transportation Commission
Schedule of Re venues, Expenditures and Changes in Fund Balances
Budget and Actual-Nonmajor Special Revenue Funds
Year Ended June 30, 2013
Revenues
Sales taxes
Intergovernmental
Investment incom e (loss)
Other
Total revenues
Expenditures
Current
Local streets and roads
Motorist assistance
Transit and specialized transportation
Total programs
Excess (deficiency) of revenues over (under)
expenditures
Other financing sources (uses)
Transfers in
Transfers out
Total other financing sources (uses)
LC)
QIt change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Measure A Palo Verde Valley
Original Final
Budget Budget
Vanance with
Final Budget
Positive
Actual (Negative)
Freeway Service Patrol
Original Final
Budg et Budget
Vanance with
Final Budget
Positive
Actual (Negati ve)
Service Authority for Freeway Emergencies
Original Final
Budget Budget
State Transit Assistance
Variance with Variance with
Final Budget Final Budget
Positive Original Final Positive
Actual (Negative) Budget Budget Actual (Negative)
$ 883,000 $ 944,000 $ 1,035,719 $ 91,719 $ - $ - $ - $ - $ - $ - $ - $ - $ 14,212,500 $ 14,212,500 $ 14,170,230 $ (42,270)
2,185,000 2,185,000 2.020,655 (164,345) 1,879,000 1,879,009 2,077,036 198,036 - -
1,900 1,900 (1,658) (3,558) 21,100 21,100 (1,543) (22,643) 216,200 216,200 (27,808) (244.008)
600 600 586 (14) 15,000 15,000 13 915 (1 085) - -
883,000 944,000 1,035,719 91,719 2,187,500 2,187,500 2,019,583 (167,917) 1,915,100 1,915,100 2,089,408 174,308 14,428,700 14,428,700 14,142,422 (286,278)
883,000 1,036,000 1,035,719
- 3,047,300 3,047,600 2,460,051 587,549 1,800,700 1,800,400 1,103,530 696,870 - - - -
- - - - - - - - - 14,105,000 14,105,000 2,303,467 11,801,533
883,000 1,036,000 1,035,719 281 3,047,300 3,047,600 2,460,051 587,549 1,800,700 1,800,400 1,103,530 696,870 14,105,000 14,105,000 2,303,467 11,801,533
(92,000) 92,000 (859,800) (860,100) (440,468) 419,632 114,400 114,700 985,878 871,178 323,700 323,700 11,838,955 11,515,255
281
1,037,000 1,037,000 1,007,000 (30,000) - - -
(174,800) (174,800) (161,756) 13,044 (1,146,500) (1,146,500) (1,163,995) (17,495) (250,000) (250,000)
862200 862.200 845.244 (16,956) (1,146.500) (1,146500) (1163.995) (17495) (250,000) (250,000) 250,000
250 000
$ - $ {92.000) - $ 92,000 $ 2.400 $ 2,100 404,776 $ 402.676 $ (1032100) $ (1031800) (178,117) $ 853683 $ 73700 $ 73,700 11,838,955 $ 11,765,255
556 828.365 6,427,054 43,854,533
$ 556 $ 1,233,141 S 6.248,937 $ 55,693,488
56
Riverside C ou nty Transportation Commission
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual —Capital Pr ojects and Debt Service Funds
Year Ended June 30, 2013
Capital Projects Funds
Commercial Paper
Sales Tax Bonds Debt Ser vice Fund
Variance with Variance with Variance with
Final Budget Final Budget Fi nal Budget
Original Final Positive Original Final Positive Original Final P ositive
Budget Budget Actual (Negative) Budget Budget Actual (Negative) Budget Budget Actual (Negative)
Revenues
Intergovernmental $ - $ - $ - $ - $ - $ - $ - $ - $ 2,982,000 $ 2,982,000 $ 2,852,391 $ (129,609)
Investment income (Ioss) 119,800 119,800 1,980,385 1,860,585 4,983,800 4,983,800 177,366 (4,806,434) 23 ,400 23,400 (24,286) (47,686)
Other - - 438,374 438,374 - - - - - - - Total revenues 119,800 119,800 2,418,759 2,298,959 4,983,800 4,983,800 177,366 (4,806,434) 3,005,400 3,005,400 2,828,105 (177,295)
Expenditures
Current:
Highw ays
3,500,000 3,500,000 3,343200 1,843,200 - 1,843,200
Debt service:
Principal 120,000,000 120,000,000 - 120,000,000 6,800,000 6,800,000 6,800,000 -
Interest 433,000 433,000 48,016 384,984 - - 16,180,000 16,180,000 15 356 116 823884
Total debt service 120,433,000 120,433,000 48,016 120,384,984 - 22,980,000 22,980,000 22,156,116 823,884
Total expenditures 120.433,000 123,933,000 48,016 123,884,984 3,343,200 1,843,200 (1,843,200) 22,980,000 22,980,000 22,156,116 823,884
Excess (deficiency) of revenues over (under)
��pp expenditures (120,313,200) (123,813,200) 2,370,743 126,183,943 1,640,600 3,140,600 177,366 (2,963,234) (19,974,600) (19,974,600) (19,328,011) 646,589
Other fin ancing sources (uses)
Debt issuance 100,000,000 100,000,000 60,000,000 (40,000,000) 1,120,172,000 1,120,172,000 (1,120,172,000) - - - -
Transfers in 136,889,600 136,889,600 - (136,889,600) 19,665,800 19,665,800 20,475,443 809,643
Transfers out (132852700) (132,852,700) (57.417.136) 75435,564 (120,292,100) (64,006,100) (1,352,134) 62,653 ,966 (650,000) (38,150,000) (41,012,017) (2,862,017)
Total other financing sources (uses) 104,036,900 104,036,900 2,582,864 (101,454,036) 999,879,900 1,056,165,900 (1,352,134) (1,057,518 ,034) 19,015,800 (18,484,200) (20,536,574) (2,052,374)
Net change in fund balances $ (16,276,300) $ (19,776,300) 4,953,607 $ 24,729,907 $ 1,001,520,500 $ 1,059,306,500 (1,174,768) $ (1 060 481 268) $ (958 800) $ (38 458 800) (39,864,585) $ (1,405,785)
Fund balances at beginning of year 31,143,594 5,651 884 51 089 948
Fund balances at end of year $ 36,097,201 $ 4,477,116 $ 11,225,363
Riverside County Transportation Commission
Schedule of Expenditures for Local Streets and Roads
by Geographic Area - All Special Revenue Funds
Year Ended June 30, 2013
Western County:
City of Banning $ 477,885
City of Beaumont -
City of Calimesa 134,772
City of Canyon Lake 150,576
City of Corona 3,336,931
City of Eastvale 897,879
City of Hemet 1,447,365
City of Jurupa Valley 1,513,401
City of Lake Elsinore 1,010,370
City of Menifee 1,282,863
City of Moreno Valley 3,191,408
City of Murrieta 1,868,198
City of Norco 542,398
City of Perris 1,215,231
City of Riverside 6,021,435
City of San Jacinto 695,875
City of Temecula 2,471,726
City of Wildomar 495,987
Riverside County 4,417,955
31,172,255
Coachella Valley:
City of Cathedral City 1,296,454
City of Coachella 587,920
City of Desert Hot Springs 444,535
City of Indian Wells 235,537
City of Indio 1,541,848
City of Palm Desert 2,521,911
City of Palm Springs 1,886,479
City of Rancho Mirage 828,011
Riverside County 1,632,558
Coachella Valley Association of Governments, including
$130,810 due to City of La Quinta 1,411,664
12,386,917
Palo Verde Valley:
City of Blythe
Riverside County
823,796
211,923
1,035,719
Total local streets and roads expenditures $ 44,594,891
58
92
Riverside County Transportation Commission
Schedule of Expenditures for Transit and Specialized Transportation
by Geographic Area and Source - All Special Revenue Funds
Year Ended June 30, 2013
Sales Taxes
Western County:
Blindness Support Services, Inc.
Boys and Girls Club of Southwest County
CASA for Riverside County
Care -A -Van
Care Connexxus
City of Banning
City of Beaumont
City of Corona
City of Norco
City of Riverside
City of Wildomar
Community Connect
Friends of the Moreno Valley Senior Citizens
Independent Living Partnership
Inland Aids Project
Operation Safe House
Riverside Transit Agency
Valley Resource Center
Other
Coachella Valley:
SunLine Transit Agency
Other
Palo Verde Valley:
Palo Verde Valley Transit Agency
Measure A
Local
Transportation
Fund
State
Transit
Assistance Total
$ 75,636 $ -
219,800
63,180
353,031
174,999
1,086,254
1,238,220
1,556,053
70,393 -
2,549,057
7,761
159,560 -
64,500 -
566,276
79,066
20,000 -
1,833,423 26,629,144
652,949
215,204
4,555,778 33,058,728
4,500,000 10,357,306
3,500
4,503,500
$ $ 75,636
219,800
63,180
353,031
174,999
1,086,254
600,889 1,839,109
1,556, 053
70,393
2,549,057
7,761
159,560
64,500
566,276
79,066
20,000
1,189,551 29,652,118
652,949
215,204
1,790,440 39,404,946
230,674 15,087,980
3,500
230,674 15,091,480
282,353 885,137
282,353
10, 357, 306
602,784
602,784
885,137
Total transit and specialized transportation expenditures $ 9,059,278 $ 44,018,818 $ 2,303,467 $ 55,381,563
59
93
This page intentionally left blank.
60
94
95
Statistical Section
This page intentionally left blank.
97
Riverside County Transportation Commission
Statistical Section Overview
This part of the Riverside County Transportation Commission's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the Commission's overall financial health.
Financial Trends: These schedules contain trend information to help the reader understand how the government's financial
performance and well-being have changed over time. The schedules include:
Net Assets By Component
Changes in Net Position
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
Revenue Capacity: These schedules contain information to help the reader assess the government's most significant local
revenue source, the Measure A sales tax. These schedules include:
Sources of County of Riverside Taxable Sales by Business Type
Direct and Overlapping Sales Tax Rates
Principal Taxable Sales Generation by City
Measure A Sales Tax Revenues by Program and Geographic Area
Measure A Sales Tax by Economic Category
Debt Capacity: These schedules present information to help the reader assess the affordability of the government's current
levels of outstanding debt and the government's ability to issue additional debt in the future. These schedules include:
Pledged Revenue Coverage
Ratios of Outstanding Debt by Type
Computation of Legal Debt Margin
Demographic and Economic Information: These schedules offer demographic and economic indicators to help the reader
understand the environment within which the government's financial activities take place. These schedules include:
Demographic and Economic Statistics for the County of Riverside
Employment Statistics by Industry for the County of Riverside
Operating Information: These schedules contain service and infrastructure data to help the reader understand how the
information in the government's financial report relates to the services the government provides and the activities it performs.
These schedules include:
Full-time Equivalent Employees by Function/Program
Operating Indicators
Capital Asset Statistics by Program
61
98
This page intentionally left blank.
62
99
Riverside County Transportation Commission
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis)
Fiscal Year
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Governm ental activities:
Net Investment in capital assets $ 336,834,025 $ 327,277,502 $ 341,912,094 5 $ 294,218,263 5 $ 266,647,382 ' $ 207,478,034 3 $ 147,874,291
Restricted 619,089,707 572,183,941 587,098,179 549,781,414 505,474,075 521,711,172 531,154,177
Unres tricted (216,162,697) (215,929,362) (293,146,251) (229,888,408) (205,658,986) (149,004,964) (118,675,049)
Total governmental activities net position $ 739,761,035 $ 683,532081 $ 635,864,022 $ 614 111 .269 $ 566 462,471 $ 580 184 242 $ 560,353 419
Source: Finance Department
F-�
O
O
137,129,082 $ 133,225,528 2 $ 104,716,712
442,129,220 325,504,623 232,719,198
(102,074,881) (124,274,292) (121,829,477) 1
477 183 421 $ 334455 859 $ 215.606 433
Beginning net position in 2003 was restated as a result of corrections to capital assets and revenue recognition, resulting in a net decrease of $20,492,947. Additionally, certain components of beginning net position were reclassified to conform to the presentation in the 2003 financial
statements. Prior year amounts in this presentation have not been revised to reflect these changes.
2 The Local Transporta tion Fund, previously reported as a fiduciary fund, was reclassified as a special revenue fund in the 2004 financial statements, resulting in an increase to beginning net position of $34,295,645. Additionally, certain components of beginning net position were
reclassified to conform to the presentation in the 2004 financial statements. Prior year amounts in this presentation have not been revised to reflect these changes.
3 The beginning balance of net investment in capital assets was restated due to a correction in the accounting for certain rail capital assets in the 2005 financial statements, resulting in an increase of 619,283,259. Prior year amounts in this presentation have not been revised to reflect
Net investment in capital assets increased in 2008 primarily as a result of right of way purchases related to the Mid County Park way project
5 Net investment in capital assets increased in 2009 primarily as a result of right of way purchases related to the Mid County Parkway project the planning and development of toll projects, and the construction of a multirnodal transit facility and a commuter rail station parking structure.
5 Net investment in capital assets increased in 2010 primarily as a result of the planning and development of toll projects and the completion of construction of the Perris Transit Center and North Main Corona station parking structure.
Net investment in capital assets increased in 2011 primarily as a result of the planning and development of toll projects and right of way acquisiton for the SR -91 corridor improvement and Penis Valley Line extension projects.
Net Position by Component
$1,200,000,000
$1,000,000,000
5900,000,000
$900,000,000
$400. 1200,000
0200,000,000
0-
8200.000,000)
5(400,000,000)
2013 2012 2011 2010 2009 2009 2001 2009 2000 2004
o▪ rb
e NM Xrv.NnM n par. -
63
Riverside County Transportation Commission
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis)
Fiscal Year Ended June 30
2013 2012
4
2011 2010 2009 2008 2007 2006 2005 2004
Expenses
Governmental activities:
General govemment $ 6,959,827 $ 7,780,478 $ 8,453,876 $ 7,024,517 $ 5,525,963 $ 5,299,048 5 5,592,637 $ 4,848,292 $ 4,115,907 $ 3.909,942
Bicycle and pedestrian projects 956,308 1,389,567 1,940,499 317,048 2,747,151 1,436,710 760,840 848,959 1,021,637 927,138
CETAP 954,700 4,464,387 5,490,993 2,362,393 4,832,008 8,017,024 5,433,499 3,549,683 4,147,758 608,882
Commuter assistance 2,904,048 3,193,172 2,868,630 3,266,834 5,199,032 3,464,834 3,122,306 2,888,451 2,599,448 2,959,732
Commuter rail 23,531,252 21,480,248 27,792,375 20,544,634 16,038,028 14,832,473 12,458,895 11,350,220 8,907,828 8,702,803
Highways 59,604,916 72,341,578 40,113,092 24,828,958 143,532,009 59,988,334 42,436,979 36,226,705 35,362,793 35,456,330
Local streets and roads 44,594,891 40,127,890 36,856,925 34,258,313 45,661,155 54,520,115 60,099,526 60,389,876 53,333,169 46,208,968
Motorist assistance 3,563,581 3,846,245 3,530,695 2,987,136 2,623,184 3,983,252 2,408,612 2,280,646 2,191,061 1,978,380
Planning and programm ing 3,725,703 3,924,413 4,683,272 5,321,121 10,126,142 7,931,869 6,561,185 5,976,647 4,328,038 4,287,696
Right of way management 3 1,270,487 1,428,066 1,399,316 551,960 631,996 622,498 580,224 338,353
Regional arterials 17,047,135 5,816,666 29,362,894 26,371,339 20,948,530 31,131,731 30,756,287 17,164,803 17,621,505 13,996,300
Transit and specialized transportation 55,659,188 51,221,772 4.4,699 ,650 43,820,225 77,417,741 83,927,945 75,567,829 62,527,276 55,905,814 53,411,921
Interes t expense 15,364,677 15,221,031 11,799,586 7,099,038 9,515,282 6,281,232 6,881,128 7,832,733 8,348,928 11,736,129
Total governmental activities expenses 234,866,226 230,807,447 218,862,974 179,629,622 345,565,541 281,366,527 252,711,719 216,506,789 198,464,110 184,522,574
Program Revenues
Govemmental activities:
Charges for services
Commuter assistance 1,500 - - - 573,864
Commuter rail 107,194 145,735 2,525,314 352,826 463 382 2,564 146,349
O Right of way management - - 184,010 196,527 421,738 507,298 497,656 445,313 547,075 395,305
~' Highw ays 796,385 - 50
Motorist assistance 13,915 - 19,778
Planning and programm ing - - -
Other 14,873 27,681 46 2,331 2,367 26,273 24,972 55,255
Operating grants and contributions 46,567,900 54,641,955 39,886,648 23,130,456 90,280,426 28,391,787 47,313,916 90,389,018 72,202,430 61,412,882 2
Capital grants and contributions 4.897 301 5 228 621 9,199,268 12,257,099 25,321,886 9,742,280 620,292 997,362 877,665 1,183,922
Total governmental activities program revenues 52,399,068 60,016,311 49,297,607 35,584,082 118.569,188 38,996,522 48,434,694 91,858,398 73,654,706 63,767,577
Net Revenues (Expenses)
Governmental activities (182,467,158) (170,791,136) (169,565,367) (144,045,540) (226,996,353) (242,370,005) (204,277,025) (124,648,391) (124,809,404) (120,754,997)
2
2
General Revenues
Governmental activities:
Measure A sales taxes 149,428,124 134,984,307 123,439,833 114,526,254 119,688,289 142,537,548 154,539,723 157,236,314 138,921,247 120,564,890
Transportation Development Act sales taxes 86,999,018 80,044,131 60,772,795 69,499,841 77,920,485 93,042,150 104,160,163 90,927,244 77,818,565 69,133,102 '
Unrestricted investment eamings 1,664,789 4,196,452 4,411,122 5,987,921 14,211,197 25,055,456 23,897,399 11,639,575 5,146,325 3,115,232
Other m iscellaneous revenue 604,181 1,287,981 2,694,370 1,680,322 1,454,611 1,565,674 1,571,716 1,698,024 2,366,380 536,002
Gain on sale of capital assets - - - - - - 3,278,022 5,874,796 123,054 -
Total govemmental activities general revenues 238,696,112 220,512,871 191,318,120 191,694,338 213,274,582 262,200,828 287,447,023 267,375,953 224,375,571 193,349,226
Changes in Net Position
Governmental activities $ 56,228,954 $ 49,721,735 $ 21,752,753 $ 47,648;798 $ (13,721,771) S 19,830,823 6 83,169,998 S 142,727,562 $ 99,566,167 S 72,594,229
Source: Finance Department
' The Local Transportation Fund, previously reported as a fiduciary fund, was reclassified as a special revenue fund in the 2004 financial statements, resulting in an increase in sales tax revenues as well as bicycle and pedestrian facilities and
transit and specialized transportation expenditures. Prior year amounts in this presentation have not been revised to reflect these changes.
2 The Transportation Uniform Mitigation Fee program was implemented in fiscal year 2004, resulting in a new revenue source for expenditures related to the CETAP and regional arterials programs.
3 Right of way expenditures w ere classified as highways or commuter rail expenditures beginning in 2012.
4 in FY 2012 the Commission implemented GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Prior year amoura in this presentation have not been revised to reflect this change.
Riverside County Transportation Commission
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis)
Expenses by Function
400, 000, 000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Revenues by Source
400, 000, 000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000
100, 000, 000
50,000,000
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
■ Interest expense
• Transit and specialized transportation
['Regional arterials
• Right of way management
• Planning and programming
°Motorist assistance
■ Local streets and roads
• Highways
■ Commuter rail
['Commuter assistance
DCETAP
IN Bicycle and pedestrian facilities
■ General govemment
•Gain on sale of capital assets
['Other miscellaneous revenue
• Unrestricted investment earnings
■ Vehicle registration fees
la Transportation Development Act sales taxes
O Measure A sales taxes
o Capital grants and contributions
• Operating grants and contributions
• Charges for services
Riverside County Transportation Commission
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis)
Fiscal Year
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
GENERAL FUND
General fund:
Nonspendable $ 194,794 $ 157,957 $ 143,397 $ 253,819
Restricted 7,412,686 8,114,440 7,110,013 7,266,584 2
Committed - - - 1,606,976 2
Assigned 5,232,871 5,412.830 6,270.944 4,134 .059 2
Total general fund $ 12,840,351 $ 13,685,227 a 13,524.354 $ 13,251 .438
General fund:
Reserved $ 6,756,708 $ 6,886,986 S 7,070,115 $ 7,215,579 $ 6,304,837 $ 5,821,023
Unres erved 3 348 711 3.238 251 2 877 923 2 014 480 2.215 643 1 531 151
Total general fund $ 10 105 419 $ 10 125 237 $ 9,948,038 $ 9.230,059 S 8,520,480 9 7,352,174
ALL OTHER GOVERNMENTAL FUNDS
All other govemmental funds:
Nonspendable $ 3,274,483 $ 1,481,019 $ 5,389,775 $ 2,554,136
Restricted 606.072,061 560,412,373 570 .450,515 535,752,354 2
Total all other govemmental funds $ 609,346,544 $ 561,893.392 $ 575,840,290 S 538,306,490
I-�
O All other govemmental funds:
CZJ Reserved $ 487,425,652 $ 520,874,648 $ 533,276,158 $ 438,453,362 $ 323,219,025 $ 233,973,154
Unreserved, reported in:
Special revenue funds 8,289,036 7,297,744 6,936,417 5,745,792 4,895,792 4,049,038
Capital projects funds
Total all other govemmental funds
Source: Finance Department
(49,576,636) (7,253,535)
$ 446,138,052 $ 520,918,857 $ 540 .212,575 $ 444,199,154 $ 328,114,817 $ 238,022,192
The Local Transportation Fund, previously reported as a fiduciary fund, was reclassified as a special revenue fund in the 2004 financial statements, resulting in an increase to beginning fund balance of S34,295,645 .
2 In FY 2010 the Commission implemented GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. Prior year am ounts in this presentation have not been revised to reflect this change.
66
Riverside County Transportation Commission
Changes in Fund Balances of Govemmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis)
Fiscal Year
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Revenues
Sales taxes $ 236,427,142 $ 215,028,438 9 184,212,628 $ 184,028,095 $ 197,608,774 $ 235,579,698 $ 258,699,886 S 248,163,558 $ 216,739,812 $ 189,697,992
Transportation Uniform Mitigation Fee 12,421,110 8,116,420 9,157,863 8,618,231 10,957,420 14,556,029 40,757,248 85,228,383 46,325,334 35,615,226
Intergovernm ental 38,817,347 51,516,775 40,012,488 26,789,324 105,512,656 22,249,107 5,498,660 4.365,183 25,241,083 23,276,534
Investment inco me (loss) 1,769,709 4,308,395 4,524,219 5,663,178 13,587,938 23,744,305 23,897,399 11,639,575 5,146,325 3,115,232
Vehicle registrationuse r fees - - - 1,677,374 1,684,088 1,681,130 1,629,087 1,541,216 1,435,098
Other 1,540,542 1,430,195 2,878,380 1,853,641 1,876,349 2,072,972 2,175,372 2,14 .3,330 3,118,002 3,976721
Total revenues 290,975,850 280,400,223 240,785,578 226,930,469 331,200,511 299,886,199 332,709,695 353,169,116 298,111,772 257,116,803
Expenditures
Current
General Government 6,692,187 7,586,2(7 8,340,263 6,920,479 5,388,877 5,290,616 5,545,466 4,674,157 3,827,427 3,663,957
Programs:
Bicycle and pedestrian facilities 956,308 1,389,567 1,940,499 317,048 2,747,151 1,438,710 760,840 848,959 1,021,637 927,138
CETAP 954,700 4,484,387 5,490,993 2,362,393 35,809,396 21,098,240 5,433,499 3,549,683 8,600,659 608,882
Comm uter assistance 2,868,356 3,157,480 2816,392 3,228,709 5,155,283 3,377,881 3,097,534 2,883,352 2,583,679 2,943,963
Commuter rail 27,118,480 39,870,670 35,482,511 33,733,888 40,704,106 21,470,133 14,044,435 10,570,931 7,580,484 13,018,707
Highways 118,750,336 111,049,502 75,011,698 45,698,211 165,100,551 65,697,249 48,359,404 37,073,826 36,340,818 33,133,748
Local streets and roads 44,594,891 40,127,890 36,856,925 34,258,313 45,661,155 54,520,115 60,099,526 60,389,876 53,333,169 46,208,968
Motorist assistance 3,563,581 3,846,245 3,530,695 2,987,136 2,623,184 3,983,252 2,408,612 2,280,646 2191,061 1,978,380
Planning and programm ing 3,712,596 3,913,520 4,674,397 5,312,246 9,193,944 6,939,409 5,586,992 4,884,556 3,621,810 3,537,513
Right of way management - - a 1,270,487 1,428,066 1,399,316 551,960 631,996 622,498 580,224 338,353
Regional arterials 17,047,135 5,818,686 29,382,894 26,371,339 20,948,530 59,841,509 30,756,287 19,462,949 22 ,174,406 8,896,300
Transit and specialized transportation 55,659,188 51,221,772 44,699,650 43,820,225 77,417,741 83,927,945 75,567,829 62,527,276 55,905,814 53,411,921
Debt service:
Pnncipal 6,824,654 46,523,931 109,607,230 57,738,548 33,646,475 141,870,000 30,225,589 28,669,418 27,228,073 26,316,788
Interest 15,404,719 15,008,695 11,296,268 5,240,307 12,026,942 6,657,589 6,584,973 7,879,019 8,400,410 9,191,799
Cost of Issuance 1,493,196 675,464 - 1,261,668 - 238,058 2,580,124 -
Intergoverm entaldis9ibutions - - 975,833 992,460 974,193 1,092,091 706,228 750,183
Capital outlay 220,443 209,716 147,297 124,080 1,055,997 335,023 161,268 290,461 179,818 8,000
Total expenditures 304 367 574 334 186 248 372021.395 270 .216.452 459,834.261 479251 739 290219443 247,735,758 236,855,841 204,932,600
Other financing sources (uses):
Sales of capital assets - 4,240,148 11,380,556 Capital leas e 117,127 -
Debt issuance 60,000,000 40,000,000 170,000,000 268,284,000 53,716,000 160,249,021 50,000,000 30,005,000
Discount on debt issuance (967,487) (278,685)
Paym ent to refunded bond escrow agent - (129,394,875) -
Transfers in 133,065,312 123,977,167 185,354,839 104,833,227 33,466,298 164,063,070 34,745,015 34,517,083 37,050,167 41,523,149
Transfers ou t (133,065,312) (123,977,167) (185,354,839) (104,833,227) (33,466,298) (164,063,070) (34,745,015) (34,517,083) (37,050,167) (41,523,149)
Total other financing sources (uses) 60000,000 40 000 000 169032.533 138. 810 440 53,833,127 160,249,021 54,240,148 11,360,556 30,005,000
Net change in fund balances $ 46,608,276 $ (13,786,025) $ 37,796,716 $ 95,324,457 S (74,800,623) $ ,19.116,519; 5 96,731,400 5 116,793,916 $ 91,260,931 $ 52,184 ,203
Debt service as a percentage of
noncapital expenditures
Source: Finance Department
9. 3% 22. 5% 32. 5% 5 23.3% ` 9.9% 31.0% ' 12.7% 14 .7% 15.0% 17.3%
' The Local Transportation Fund, previously reported as a fiduciary fund, w as reclassified as a special revenue fund in the 2004 financial statem ents, resulting in an increase in sales tax revenues as well as bicycle and pedestrian facilities and transit
and specialized transportation.
The Transportation Uniform Mitigation Fee program was implem ented in fiscal 2004, resulting in a new revenue sourc e for expenditures related to the CETAP and regional arterials programs.
Debt service as a percentage of noncapital expenditures in 2008 increased significantly as a result of the refinancing of $110,005,000 of commercial paper, which is included in principal payments.
Debt service as a percentage of noncapital expenditures in 2010 increased significantly as a result of the retirement of $53,716,000 of commercial paper, which is included in principal payments.
5 Debt service as a percentage of noncapita l expenditures in 2011 increased significantly as a result of the retirement of $103,284,000 of commercial paper, which is included in principal payments.
6 Right of way management expenditures were classified as highways or commuter rail expenditures beginning in 2012.
67
Riverside County Transportation Commission
Sources of County of Riverside Taxable Sales by Business Type
Last Ten Calendar Years (In Thousands)
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Apparel stores $ 1,505,821 $ 1,391,174 $ 1,293,271 $ 1,121,543 $ 1,171,013 $ 1,080,385 $ 990,129 $ 867,276 $ 746,015 $ 610,388
General merchandise stores 3,051,709 2,947,905 2,855,733 3,389,936 3,593,134 3,553,554 3,304,474 3,026,335 2,671,971 2,459,046
Food stores 1,304,731 1,267,758 1,251,220 1,254,366 1,352,609 1,309,782 1,197,438 1,079,972 1,028,392 967,171
Eating & drinking 2,473,339 2,317,486 2,266,853 2,340,554 2,388,039 2,316,422 2,157,801 2,007,338 1,775,146 1,617,674
Household 914,888 412,325 858,098 816,379 843,945 948,217 964,629 862,551 691,051 594,049
Building materials 1,303,073 1,232,145 1,237,518 1,435,337 1,961,911 2,390,236 2,424,898 2,596,661 1,678,347 1,427,831
Automotive 6,311,272 5,306,408 4,749,994 6,126,512 7,137,075 6,956,756 6,751,648 6,240,712 5,198,391 4,803,171
Other retail sales 1,711,453 1,951,385 1,442,875 3,250,335 2,794,790 1,024,551 944,155 1,191,029 592,415 1,151,821
Total all other outlets 7,065,212 6,326,194 6,272,315 6,268,633 7,781,093 10,236,334 9,521,319 7,365,274 7,327,407 5,867,843
$ 25, 641,498 $ 23,152,780 $ 22.227 877 $ 26 003 595 $ 29 023,609 $ 29,816.237 $ 28. .256 491 $ 25 237 148 $ 21 709,135 $ 19.498.994
Measure A Ordinance 88-1 direct sales tax rate
Source: State Board of Equalization
1 Year represents m ost recent data available.
U 'r
0. 50% 0.50% 0.50% 0 .50% 0.50 % 0 .50% 0.50% 0.50% 0 .50 % 0.50%
Sou rces of Cou nty of Riv erside Taxable Sales by Business
Type for 2011
Total all other o utlets
27%
Other retail sale s
7%
Appa rel stores
6%
illr _. ..40111V
Food %res
5%
'VOW_ Eating & drinking
10%
General merchandise
stores
12%
Ho usehold
3%
Building materials
5%
Riverside County Transportation Commission
Direct and Overlapping Sales Tax Rates
Last Ten Fiscal Years
Fiscal Year Measure A Direct Rate 1 County of Riverside
2013 0.50% 8.00%
2012 0,50% 7.75%
2011 0.50% 8.75%
2010 0.50% 8.75%
2009 0.50% 8.75%
2008 0.50% 7.75%
2007 0.50% 7.75%
2006 0.50% 7.75%
2005 0.50% 7.75%
2004 0.50% 7.75%
Source: Commission Finance Department and California State Board of Equalization.
1 The Measure A sales tax rate may be changed only with the approval of 2/3 of the voters.
2 The State of California increased the state sales tax rate 1°/0 in April 2009.
3 Effective July 1, 2011, the State of California decreased the state sales tax rate by 1%.
4 Effective January 1, 2013, the State of California increased the state sales tax rate by 0.25%.
69
106
Riverside County Transportation Commission
Principal Taxable Sales Generation by City
Current Year and Nine Years Ago
20111 2002
Taxable Sales (In Percentage of Taxable Sales (in Percentage of
thousands) Rank Total thousands) Rank Total
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 La Quinta
City of Indio
City of Lake Elsinore
City of Cathedral City
City of Perris
City of Menifee3
City of Norco
City of Rancho Mirage
City of Eastvale4
City of Beaumont
City of Coachella
City of San Jacinto
City of Jurupa Valleys
City of Banning
City of Blythe
City of Wildomar2
City of Desert Hot Springs
City of Indian Wells
City of Calimesa
City of Canyon Lake
Incorporated
Unincorporated
Countywide
Califomia
$ 4,019,127 2 15.7% $ 841,870 2 19.2%
2,715,071 3 10.6% 528,295 3 12.1%
2,364,795 4 9.2% 404,327 4 9.2%
1,384,208 5 5.4% 228,609 5 5.2%
1,172,223 6 4.6% 204,939 6 4.7%
965,758 7 3.8% 111,754 11 2.6%
880,426 8 3.4% 119,187 10 2.7%
799,835 9 3.1% 163,562 7 3.7%
680,382 10 2.8% 66,551 15 1.5%
650,281 11 2.6% 121,796 9 2.8%
634,553 12 2.5% 98,601 13 2.3%
606,771 13 2.4% 162,167 8 3.6%
584,313 14 2.3% 85,511 14 2.0%
421,545 15 1.6% N/A
384,972 16 1.5% 103,315 12 2.4%
374,093 17 1.4% 51,761 16 1.2%
340,171 18 1.3% N/A
317,192 19 1.2% 21,561 20 0.5%
289,223 20 1.1% 36,211 19 0.8%
193,050 21 0.8% 18,286 21 0.4%
184,926 22 0.7% - - N/A
157,071 23 0,6% 43,931 17 1.0%
145,422 24 0.5% 36,382 18 0.8%
116,696 25 0.5% • N/A
113,904 26 0.4% 14,774 22 0.3%
84,987 27 0.3% 7,820 24 0.2%
57,965 28 0.2% 7,891 23 0.2%
12,660 29 0.0% 2,523 25 0.1%
20,651,620 80.5% 3,481,624 79.5%
4,989,878 1 19.5% 898,134 1 20.5%
$ 25,641,498 100.0% $ 4,379,758 100.0%
$ 520,568,055 $ 109,283,013
Source: California State Board of Equalization for the calendar year indicated.
1 Year represents most recent data available.
2 City of Wildomar was incorporated on July 1, 2008.
3 City of Menifee was incorporated on October 1, 2008.
4 City of Eastvale was incorporated on October 1, 2010.
s City of Jurupa Valley was incorporated on July 1, 2011.
Taxable Sales by City
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
52,000,000
$1,500,000
$1,000,000
5500,000
$-
�oc�`aG°co ac°da 3. a ...4OA�cko\aQcc9s°�aOse ,s 6.o . c°ca \cpc ,s te, e „of
`atabo �`° ataa\°,P a k43 oA ra map, keP , "so,"
s o," \oa
v F r u Q c \e411
�
1c1 c- `e of tQatco ocac°�at QaF C/ .40 °ttP C� *e OarOac .tk CI °k ..�°aCI ce °t4,ay°OaaotGotya°°°SCI' & G oto�'a °'sc.
4' °tG Gac-oc
c o� G.`\ �o °tN' G `dot c of at 60 ,,,,,,lb cp G$9 cp `,\o ot) G` G�- aye ' 81/44'6 Gt'A at
c�
G` GJ� fT Gtr C� G`q G G\,� °t0 G GJa
� 20111
-. 2002
70
107
Riverside County Transportation Commission
Measure A Sales Tax Revenues by Program and Geographic Area
Year Ended June 30, 2013
Special Revenue Funds
Administration
Highways
Regional arterials
Highways and regional arterials
New corridors
Economic development incentives
Local streets and roads
Public transit:
Commuter assistance
Commuter rail
Bus
Specialized transportation
Bus and specialized transportation
Bond financing
Source: Finance Department
11111
8:888:88
General Western Coachella Palo
Fund County Valley Verde
$ 2,700,000 $
33,484,295
9,848,323
12,146,265
1,313,110
31,842,910
Total
$ $ 2,700,000
33,484,295
9,848,323
17,695,596 17,695,596
12,146,265
1,313,110
12,386,917 1,035,719 45,265,546
1,641,387 - 1,641,387
6,696,859 - - 6,696,859
1,674,215 1,674,215
2,790,359 2,790,359
5,308,679 - 5,308,679
8,863,490 - 8,863,490
$ 2,700,000 $ 110,301,213 $ 35,391,192 $ 1,035,719 $ 149,428,124
Geographic Distribution by Area
Palo Verde
1%
Coachella Valley
23%
General Fund
2%
Sales Tax Revenues by Program and Geographic Area
oe �e eg2 ae oi5 ,ee ae oe a� 05 00 oc oA
oa�are` d"arec ��ca ��oao, zoca oa ayy4" F�o` oyQo oyQo a�ooco
Q,a •o o �° eo e� �o� Go <<a 4- o,
eA �e� F ��e a a 0
ea e�oQ ae o�F e�1' ��e
a"\y' o , \9c G Qeo Qea
r'" of 6 caz
- Palo Verde
Coachella Valley
• Western County
• General Fund
71
108
Riverside County Transportation Commission
Measure A Sales Tax by Economic Category
Last Seven Calendar Years
% of Total
Economic Category
2012' 2011 2010 2009 2008 2007 2006
General retail 28.8 29.8 30.9 30.9 28.2 26.8 25.5
Transportation 26.9 27.1 25.0 22.8 24.9 26.1 26.5
Food products 16.2 16.4 17.0 17.8 16.0 14.4 13.3
Business to business 15.0 14.1 14.5 15.2 16.4 15.9 15.3
Construction 11.1 10.5 10.5 11.1 12.3 14.4 16.9
Miscellaneous 2.0 2.1 2.1 2.2 2.2 2.4 2.5
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: MuniServices LLC. Prior years' information is not available.
' Year represents most recent data available.
72
109
Riverside County Transportation Commission
Measure A Revenues and Pledged Revenue Coverage 1
Last Ten Fiscal Years
Sales Tax Revenue Bonds
Measure A Sales Total Debt
Net Measure A Tax Revenue Senior Lien Subordinate Service
Sales Tax Growth (Decline) Senior Lien Debt Coverage Lien Debt Total Debt Coverage
Fiscal Year Revenues2 Rate Service Ratio Service Service Ratio
2013 $ 149,428,124 10.70% $ 22,156,116 6.74 $ - $ 22,156,116 6.74
2012 134,984,307 9.35% 21,503,582 6.28 - 21,503,582 6.28
2011 123,439,833 7.78% 12,651,386 9.76 - 12,651,386 9.76
20103 114,526,253 -4.31% 8,918,183 12.84 - 8,918,183 12.84
2009' 119,688,289 -16.03% 34,020,724 3.52 1,452,634 35,473,358 3.37
2008 142,537,548 -7,77% 34,002,732 4.19 1,470,388 35,473,120 4.02
2007 154,539,723 -1.71% 34,005,357 4.54 1,469,588 35,474,945 4.36
2006 157,236,314 13.18% 34,012,634 4.62 1,470,587 35,483,221 4.43
2005 138,921,247 15.23% 34,013,294 4.08 1,472,237 35,485,531 3.91
2004 120,564,890 17.69% 34,004,981 3.55 1,472,237 35,477,218 3.40
Source: Finance Department
1 This schedule meets the requirements for Continuing Disclosure of historical Measure A sales tax revenues.
2 Sales tax revenue bonds are backed by the sales tax revenues, net of Board of Equalization fees, during the fiscal year.
3 In FY 2010 the 2008 bonds related to the 2009 Measure A program were current refunded. The payment to escrow agent is excluded from
debt service.
4 In FY 2009 all bonds related to the 1989 Measure A program matured as the 1989 Measure A program expired on June 30, 2009.
73
110
Riverside County Transportation Commission
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
Total Percentage
Sales Tax Commercial Contract Capital Governmental of Personal Debt per
Year Revenue Bonds Paper Payable Leases Activities Income 1 Capita 1
2013 $ 311,400,000 $ 60,000,000 $ - $ 6,289 $ 371,406,289 N/A $ 167.47
2012 317,138,111 - - 30,943 317,169,054 N/A 142.38
2011 323,537,074 - 54,874 323,591,948 N/A 145.91
2010 180,731,699 83,284,000 78,104 264,093,803 N/A 121.16
2009 127,538,888 110,000,000 - 100,652 237,639,540 0.38% 111.01
2008 163,738,235 1,100,000 164,838,235 0.26% 78.39
2007 65,495,000 80,005,000 2,100,000 - 147,600,000 0.24% 72.00
2006 95,695,000 30,005,000 3,100,000 25,591 128,825,591 0.22% 65.20
2005 124,335,000 30,005,000 4,100,000 55,009 158,495,009 0.30% 83.61
2004 151,535,000 - 5,100,000 83,082 156,718,082 0.32% 86.37
Sources: Finance Department for outstanding debt for the fiscal year ended June 30 and California State Department of Finance
for population as of January 1.
1 See the Schedule of Demographic and Economic Statistics on page 74 for personal income and population data.
Riverside County Transportation Commission
Computation of Legal Debt Margin'
Last Te n Fiscal Years
Fiscal Year
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Measure A Ordinance No .02-001, as amended by Ordinance No.10-0020
Total debt limit authorized $ 975,000,000 $ 975,000,000 $ 975,000,000 $ 500,000,000 $ 500,000,000 $ 500,000,000 $ 500,000,000 $ 500,000,000 $ 500,000,000 $ 500,000,000
Amount of debt applicable to debt limit 371,400,000 318,200,000 324,700 .000 264,284,000 236 395 000 126 395 000 80.005 000 30.005 000 30005 000 -
Legal debt margin $ 603 600 ,000 $ 656 800,000 $ 650.300.000 $ 235 716.000 0 263 605,000 373 605 000 $ 419,995,000 $ 469,995,000 $ 469,995,000 $ 500,000,000
% of debt to legal debt limit 38 1% 32 6% 33.3 % 52 9% 47 3% 25 3% 16 0% 6 0% 6 0% 0 0%
Measure A Ordinance No . 88-1, as amended by Ordinance 92-1'
Total debt limit authorized
Am ount of debt applicable to debt firm:
Legal debt margin
% of debt to legal debt limit
Source: Finance Department
$ 525,000,000 $ 525,000,000 $ 525,000,000 $ 525,000,000 $ 525,000,000 $ 525,000,000
33,630,000 65,495000 95 .695000 124335000 151,535,000
$ 525,000,000 $ 491,370,000 $ 459,505,000 $ 429,305,000 $ 400,665,000 $ 373,465,000
00% 6.4% 125% 182% 237% 289%
The Commissio n' s debt limits we re approved by the voters of Riverside Co unty as part of the sales tax ordinances and are specific to the Commission; accordingly, there are no overlapping debt considerations.
t Ordinance No. 02-001 was approved by a 2/3 majo rity of the vo ters in No vember 2002.1n November 2010, a majority of the voters approved Ordinance No. 10-002 to incr ease the debt limit from 6500 miii on to $975 million.
' Ordinance No. 88-1 expired on June 30, 2009. All outstanding debt related to Ordinance 88-1 matured prior to the expiration date.
M ea sure A Ordinance No. 02-001, as amen ded by Ordinance No. 10-002
$1,200,000,000
51, 000,000,000
5800,000,000
5800, 000,000
$400, 000,000
5200,000,000
9-
2013 2012 20. 5 2010 2009 2008 2007 2006 2005 2004
1 • Tota l de bt limit authorized
•Arrrohnto f debt spplicabk
to debt limit
9600 ,000 ,000
5500,000,000
5400,000,000
9300,000,000
0200,000 ,000
5100,000 ,000
Measure A Ordinance No . 88-1, as amended by Ordinance 92-1
2009 2008 2007 2006 2005 2004
• Toll debt lima
authorized
• Amount of d ebt
appucable to debt!
limit
Riverside County Transportation Commission
Demographic and Economic Statistics for the County of Riverside
Last Ten Calendar Years
Per Capita
Personal Income Personal Unemployment
Calendar Year Population' (thousands)2 Income 2 Rate3
2013 2,255,059 N/A N/A N/A
2012 2,227,577 N/A N/A 12.2%
2011 2,217,778 $ 67,024,780 $ 29,927 12.4%
2010 2,179,692 64,376,498 29,222 14.7%
2009 2,140,626 63,228,086 29,748 13.4%
2008 2,102,741 64,503,728 30,676 8.5%
2007 2,049,902 61,023,518 29,769 6.0%
2006 1,975,913 57,666,983 29,185 5.0%
2005 1,895,695 52,850,398 28,157 5.4%
2004 1,814,485 49,443,185 27,827 6.0%
Sources:
1 California State Department of Finance as of January 1.
2 U.S. Department of Commerce Bureau of Economic Analysis. Represents most recent
data available.
3 Riverside County Economic Development Agency. Represents most recent data
available.
76
113
Riverside County Transportation Commission
Employment Statistics by Industry for the County of Riverside
Calendar Year 2011 and Nine Years Prior
Industry Type
% of Total % of Total
20111 Employment 2002 Employment
Agricultural services, forestry, fishing and other 12,400 2.3% 16,200 3.2%
Mining 400 0.0% 500 0.1%
Construction 34,100 6.2% 55,000 10.8%
Manufacturing 38,600 7.0% 49,800 9.8%
Transportation, warehousing, and public utilities 20,200 3.7% 10,800 2.1%
Wholesale trade 19,700 3.6% 16,300 3.2%
Retail trade 81,600 14.9% 66,200 13.0%
Professional & business services 59,800 10.9% 53,100 10.4%
Education & health services 61,700 11.2% 49,600 9.7%
Leisure & hospitality 68,900 12.6% 59,200 11.6%
Finance, insurance, and real estate 18,600 3.4% 17,600 3.5%
Other services 18,700 3.4% 18,100 3.6%
Federal government, civilian 7,000 1.3% 6,300 1.2%
State government 16,100 2.9% 13,800 2.8%
Local government 91,100 16.6% 76,400 15.0%
Total employment 548,900 100.0% 508,900 100.0%
Source: State of California Economic Development Department
1 Year represents most recent data available.
77
114
Riverside County Transportation Commission
Full-time Equivalent Employees by Function/Program
Last Ten Fiscal Years
As of June 30
Function/Program 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Management services and administration 14.1 13.9 12.7 8.9 12.7 17.6 15.0 12.2 12.7 12.5
Planning and programming 4.9 5.1 5.2 5.5 5.1 5.4 6.4 5.0 3.4 3.7
Rail operations 2.9 3.3 3.1 3.3 2.9 3.1 2.8 3.1 1.6 2.0
Specialized transit/transportation 2.5 2.5 2,6 2.6 2.2 2.0 2.4 2.3 1.4 1.3
Commuter assistance 1.8 1.6 1.6 1.8 1.2 1.3 1.3 2.1 2.1 2.5
Motorist assistance 0.9 1.2 0.9 0.7 0.8 0.7 0.7 0.8 0.8 0.8
Capital project development and delivery 13.9 12.3 11.9 14.2 11.1 7.9 6.4 4.7 3.0 2.2
Total full-time equivalents 41,0 40.0 38.0 37.0 36.0 38.0 35.0 30.2 25.0 25.0
Source: Finance Department
78
115
Riverside County Transportation Commission
Operating Indicators
Last Ten Fiscal Years
As of June 30
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Commuter rail operations!
Weekday tops WA 11,675 11,321 11,340 12,224 12,304 11,696 11,391 9,721 9,532
Growth of average daily ridership on commuter lines:
Riverside line WA 5279 5,177 5,124 5,269 5,184 4,769 4,370 4,566 4,462
IEOC line WA 4,142 3,855 4,011 4,611 4,859 4,651 4,149 3,634 3,641
91 line N/A 2,254 2,289 2,205 2 ,344 2,261 2,276 2,107 1,876 1,700
Farebox recovery ratio.
Riverside line WA 58.5% 59.8% 52 .5% 51.0% 53.01% 67.07 % 48.5% 46.9% 51 .1%
IEOC line N/A 31.3% 31 .1% 28 .3% 37.3% 42.60% 42.19 % 45.5% 48.7% 56.6%
91 line WA 49.7% 54 .6% 49.3% 53.0% 45 .53 % 49 .02% 57.2 % 107.0% 101 .4 %
Specialized transit/transportation.
Specialized transit grants awarded 22 21 22 22 22 14 15 9 10 8
Commuter a ssistance.
Club Ride members WA N/A WA WA 7,378 5,860 4,436 3,901 2,837 1,994
Rideshare Incentive members 926 1,056 1,061 1,131 N/ A N/A N/A N/A WA N/A
Rideshare Plus Rewards members 6,786 4,848 5,518 7,080 WA N/ A N/ A WA WA N/A
I-1 Inco ming 1-866-RIDESHARE te lephone calls 2,527 1,531 1,257 2,145 2,423 3,709 2,613 2,433 801 829
Rideshare Connection bulle tins produ ce d 13 11 13 N/A WA N/A WA N/A WA N/A
al
RideSmart Tips produced N/A N/A N/A N/A N/A WA 45,304 27,790 32,379 9,335
Rideguides produced 14,813 15,628 29,052 43,319 34,940 23,121 24,676 WA N/ A N/A
Commuter Exchange events 55 52 52 50 73 71 60 23 5 9
Motorist assistance:
Ca ll boxes 580 594 613 614 614 630 682 979 1,058 1,083
Calls made from call boxes 5,337 5,043 5,251 5,934 6,574 7,543 9,595 15,390 19,945 23,713
Contracted Freeway Service Patrol vehicles 21 21 22 22 20 20 17 15 15 15
V ehicles assisted by Free way Servic e Patrol 43,633 42,748 45,751 48,312 43,119 45,500 40,025 31,838 32,542 32,564
1E511 we b visits 399,730 341,716 244,277 N/A N/A N/A WA N/A N/A N/A
1E511 call volumes 351,161 362,957 489,036 WA N/A N/A N/A N/A N/A N/A
Transportation Uniform Mitigation Fee program.
Approved regional arterial projects 24 24 24 24 24 24 24 24 24
M easure A pro gra m:
Highways $118,750,336 $ 111,049,502 $ 75,011,698 $ 45,698,211 $165,100,551 $ 65,697,249 $ 48,359,404 5 37,073,826 $ 36,340,818 $ 33,133,748
Co mmute r ra il 15,895,661 19,690.126 22,632,065 20,312,056 32,089,238 12,419,675 14,044,435 2,784,423 2,250,187 8,116,270
Regional arterials 1,787 124 8, 638,637 11,920,846 12,645,090 18,220,540 30,756,287 10,350,500 10,056,326 8 ,246,797
Local streets and roads 44,594,891 40,127,890 36,856,925 34,258,313 45,661,155 54,520,115 59,202,631 60,389,876 53,333,169 46,208,968
Specialized transit and commuter assistance 11,927,634 11,930,437 11 262,588 10,161,780 9.838 990 9 071 302 6 358 224 7 887 298 7 458 994 7 238 299
Tota l program expenditures 5 191 170 309 $ 182 798 079 5 154 401 913 5122 351 206 $265 335 024 $159 928 881 S158 720 981 S118 485 923 5109 439,494 $102,944,082
Source: Commission Deparltnents
This brochure was discontinued beginning FY 2007/08.
79
Riverside County Transportation Commission
Capital Asset Statistics by Program
Last Ten Fiscal Years
As of June 30
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Commuter rail:
Transit centers owned and managed 1 1 - -
Commuter rail stations owned and managed 5 5 5 5 5 5 5 5 5 5
Miles of commuter rail easements 104.6 104.6 104.6 104.6 104.6 104.6 104.6 104.6 104.6 104.6
Commuter Assistance:
Commuter Exchange Vehicle
Source: Commission Departments
1 1 1 1 1 1 1 1 1 1
80
117
Local Transportation Fund of
the County of Riverside, as
Administered by the Riverside
County Transportation
Commission
Financial and Compliance Report
Year Ended June 30, 2013
-Er 1.1.` I I I 1
McGladrey
118
Assurance Tax Consulting
Contents
Independent Auditor's Report on the Financial Statements
Accompanied by Supplementary Information 1-2
Financial Statements
Balance Sheet 3
Statement of Revenues, Expenditures and Change in Fund Balance 4
Notes to Financial Statements 5-7
Supplementary Information
Schedule of Allocations and Disbursements
Schedule of Unclaimed Apportionments (Articles 4 and 8)
Schedule of Unclaimed Apportionments (Article 3)
8
9
10
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance With Government Auditing Standards
11-12
119
McGladrey LLP
1.1 McGladrey
Independent Auditor's Report on the Financial Statements
Accompanied by Supplementary Information
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
Report on the Financial Statements
We have audited the accompanying financial statements of the Local Transportation Fund of the County
of Riverside, as administered by the Riverside County Transportation Commission (the Commission), as
of and for the year ended June 30, 2013, and the related notes to the financial statements, as listed in the
table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the
Commission's preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Commission's internal control. Accordingly, we express no such opinion. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the Local Transportation Fund of the County of Riverside, as administered by the
Commission, as of June 30, 2013, and the changes in financial position for the year then ended, in
accordance with accounting principles generally accepted in the United States of America.
1
Member of the RSM International network of Independent accounting, tax and consuMn s
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements present only the Local
Transportation Fund and do not purport to, and do not, present fairly the financial position of the
Commission or the County of Riverside, California, as of June 30, 2013 and the changes in financial
position for the year then ended, in accordance with accounting principles generally accepted in the
United States of America. Our opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Management has omitted a Management's Discussion and Analysis that accounting principles generally
accepted in the United States of America require to be presented to supplement the financial statements.
Such missing information, although not a part of the financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
financial statements in an appropriate operational, economic or historical context. Our opinion on the
financial statements is not affected by this missing information.
Other Information
Our audit was conducted for the purpose of forming an opinion on the financial statements of the Local
Transportation Fund of the County of Riverside, as administered by the Commission. The schedules
listed in the table of contents as supplementary information are presented for purposes of additional
analysis and are not a required part of the financial statements.
The supplementary information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the financial statements
and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the financial statements or to the financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in
all material respects, in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated November 6,
2013 on our consideration of the Commission's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on the internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the Local Transportation Fund of the County of
Riverside, as administered by the Commission's, internal control over financial reporting and compliance.
Irvine, CA
November 6, 2013
2
121
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Balance Sheet
June 30, 2013
Assets
Cash and investments in Riverside County Pooled Investment Fund
Accounts receivable
Interest receivable
Total assets
Liabilities and Fund Balance
$ 91,906,219
13,682,754
61,155
$ 105,650,128
Liabilities:
Accounts payable $ 77,369
Due to other Commission funds 329,802
Total liabilities 407,171
Restricted:
Unapportioned Local Transportation Funds
Rail and bus transit and local streets and roads apportionments
Bicycle and pedestrian projects
Total fund balance
Total liabilities and fund balance
See Notes to Financial Statements.
10,961,628
90,281,399
3,999,930
105,242,957
$ 105,650,128
3
122
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Statement of Revenues, Expenditures and Change in Fund Balance
Year Ended June 30, 2013
Revenues:
Sales taxes
Other reimbursements
Investment loss, net
Total revenues
$ 72,828,788
107,001
(84,244)
72,851,545
Expenditures:
Bicycle and pedestrian projects 956,308
Transit 54,865,400
Planning and programming 3,875,849
Total expenditures 59,697,557
Excess of revenues over expenditures 13,153,988
Fund balance, beginning of year 92,088,969
Fund balance, end of year $ 105,242,957
See Notes to Financial Statements.
4
123
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Notes to Financial Statements
Note 1. Nature of Operations and Significant Accounting Policies
The Riverside County Transportation Commission (the Commission), in its capacity as the transportation
planning agency for the County of Riverside, California (the County), is responsible for administering
funds provided through the Local Transportation Fund (the Fund), which was created in accordance with
the provisions of the Transportation Development Act of 1971. The significant revenue to the Fund is
derived from 0.25 percent of the 7.50 percent statewide sales tax collected in the County by the State
Board of Equalization (State).
The accounting policies of the Fund conform to accounting principles generally accepted in the United
States of America as applicable to governmental units.
Presentation: The accompanying financial statements of the Fund are intended to present the financial
position and the changes in financial position of only that portion of the governmental activities of the
Commission that is attributable to the transactions of the Fund of the Commission. They do not purport to,
and do not, present fairly the financial position of the Commission as of June 30, 2013 and the changes in
its financial position, where applicable, for the year then ended, in conformity with accounting principles
generally accepted in the United States of America.
Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual
basis of accounting is followed in the Fund. Under the modified accrual basis of accounting, expenditures
are recorded when they are expected to be liquidated with expendable available resources, and revenue
is recorded when it becomes both measurable and available. "Measurable" means the amount of the
transaction can be determined, and "available" means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. For this purpose, the Commission considers
revenues to be available if they are collected within 180 days of the end of the current fiscal period. Those
revenues susceptible to accrual include sales taxes collected and held by the State at year-end on behalf
of the Commission and interest revenue.
Funding: There is a three -step process for obtaining funds from the Fund: apportionment, allocation and
payment. Annually, the Commission determines each area's share of the anticipated Fund. This share is
the area apportionment. Once funds are apportioned to a given area, they are typically available only for
allocation to claimants in that area. Allocation is the discretionary action by the Commission which
designates funds for a specific claimant for a specific purpose. Payment is authorized by disbursement
instructions issued by the Commission.
Expenditures: Expenditures represent disbursements to the Commission, Southern California
Association of Governments, cities, the County of Riverside and transit operators that have met the
claimant eligibility requirements to receive Fund allocations that are approved by the Commission, per
various Public Utilities Code sections. All disbursements are to be used for transportation purposes.
Accounts receivable: Accounts receivable consists primarily of Fund sales tax revenues from the State
on all taxable sales within the County of Riverside, California through June 30, 2013.
Accounts payable: Accounts payable consist primarily of claims approved by the Commission, but not
paid by the Commission, to the appropriate transit operators by June 30, 2013.
5
124
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Notes to Financial Statements
Note 1. Nature of Operations and Significant Accounting Policies (Continued)
Due to other Commission funds: Due to other Commission funds represents allocations to the
Commission's General Fund for grade separation costs.
Fund balance restrictions: The Fund reports restricted fund balances to show the level of constraint
governing the use of the funds as set forth by enabling State legislation.
Note 2. Cash and Investments With County Treasurer
The funds in the Riverside County Pooled Investment Fund (RCPIF) are pooled with those of other
entities and invested in accordance with the County's investment policy. These pooled funds are carried
at fair value. Fair value is based on quoted market prices and/or direct bids, when needed, from
government dealers on some variable or floating rate items. Monies in the Fund are legally required to be
deposited in the County Treasury pool. An Investment Oversight Committee has been established by the
County, which acts as a regulator of the pool. As of June 30, 2013, the Commission had $91,906,219
invested in the RCPIF, with an average maturity of 514 days.
Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of
investments, the Commission's investment policy follows the California Government Code as it relates to
limits on investment maturities as a means of managing exposure to fair value losses arising from
increasing interest rates.
Credit risk: As of June 30, 2013, the Commission's investment in the RCPIF was rated Aaa-/bf1 by
Moody's Investors Service and AAA/V1 by Fitch Ratings. The Commission's investment policy only
requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper,
bankers' acceptances and certificates of deposit.
6
125
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Notes to Financial Statements
Note 3. Fund Balance
The restricted fund balance represents the apportionments related to transit programs by geographic
area, bicycle and pedestrian projects, planning and programming, and unapportioned Local
Transportation Funds. For Western County transit programs, commuter rail and bus allocations are in
accordance with the Commission's policy.
At June 30, 2013, amounts in the fund balance are restricted as follows:
Rail and bus transit and local streets and roads apportionments:
Western County:
Commuter rail:
Allocated and unclaimed
Apportioned and unallocated
Bus transit:
Allocated and unclaimed —Riverside Transit Agency
Apportioned and unallocated
Total rail and bus transit —Western County
Coachella Valley:
Allocated and unclaimed
Apportioned and unallocated
Total bus transit —Coachella Valley
Palo Verde Valley:
Allocated and unclaimed —transit
Apportioned and unallocated for transit and local streets and roads
Total bus transit and local streets and roads —Palo Verde Valley
Total for rail and bus transit and local streets and roads apportionments
$ 2,691,825
17,025,958
19,011,858
41,180,349
79,909,990
836,298
8,497,374
9,333,672
84,784
952,953
1,037,737
$ 90,281,399
Bicycle and pedestrian projects:
Allocated and unclaimed $ 2,275,871
Unallocated 1,724,059
Total for bicycle and pedestrian projects $ 3,999,930
Unapportioned Local Transportation Funds $ 10,961,628
7
126
Supplementary Information
127
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Schedule of Allocations and Disbursements
Year Ended June 30, 2013
Expenditures:
City of Banning
City of Beaumont
City of Canyon Lake
City of Corona
City of Eastvale
City of Hemet
City of Indio
City of Lake Elsinore
City of Moreno Valley
City of Perris
City of Riverside
City of San Jacinto
City of Wildomar
County of Riverside:
Auditor/Controller
Road Department
Palo Verde Valley Transit Agency
Commission
Riverside Transit Agency
SCAG
Sunline Transit Agency
SB 821 Article 3
Article 4
Article 3
Planning, Programming
and Administrative
Totals
Allocations Disbursements Reimbursements Expirations Allocations Disbursements Allocations Disbursements Allocations
$ 180,000 $ $ - $ - $ 1,086,254 $ 1,086,254 $ - $ - $ 1,266,254
150,843 - - 1,238,220 1,238,220 1,389,063
70,000 70,000 - - 70,000
73,000 48,205 - 24,795 1,556,053 1,556,053 - 1,629,053
80,150 - - 80,150
100,103 24,983 15,330 - 100,103
272,800 188,800 272,800
191,408 103,500 - - - - 191,408
225,000 - 225,000
110,000 92,338 17,662 - 110,000
248,235 79,115 - 79,120 2,549,057 2,549,057 2,797,292
40,000 39,367 - 633 - - 40,000
711,680 - 711,680
- - - - - 12,000 12,000 12,000
1,004,882 195,383 - - - 1,004,882
- - 687,568 602,784 - 687,568
13,538,407 10,846,582 3,251,007 3,251,007 16,789,414
45,641,002 26,629,144 - 45,641,002
- - 612,842 612,842 612,842
11,193,604 10,357,306 - - 11,193,604
$ 3,458,101 $ 956,308 $ 107,001 $ 332,923 $ 77,490,165 $ 54,865,400 $ 3,875,849 $ 3,875,849 $ 84,824,115
310,000 107,001
8
Reimbursements Unclaimed
Disbursements (Expirations), net Amount
$ 1,086,254 $
1,238,220
70,000
1,604,258
24,983
188,800
103,500
92,338
2,628,172
39,367
12,000
310,000
602,784
14,097,589
26,629,144
612,842
10,357,306
$ 59,697,557
$ 180,000
150,843
(24,795) -
80,150
(15,330) 59,790
84,000
87,908
225,000
(17,662) -
(79,120) 90,000
(633) -
711,680
(88,382)
$ (225,922)
606,500
84,784
2,691,825
19,011,858
836,298
$ 24,900,636
128
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Schedule of Unclaimed Apportionments (Articles 4 and 8)
Year Ended June 30, 2013
Fiscal Year 2012/13
1
Prior Fiscal Year
Total
Unclaimed
Amounts Unclaimed Amounts Unclaimed Interest Apportionment
Apportionment Claimed Apportionment Apportionment Claimed Apportionment Allocation June 30, 2013
Western County:
Rail $ 12,013,302 $ 9,899,400 $ 2,113,902 $ 18,571,079 $ 947,182 $ 17,623,897 $ (20,016) $ 19,717,783
Bus 42,592,615 32,282,442 10,310,173 50,706,734 776,286 49,930,448 (48,414) 60,192,207
Coachella Valley
Palo Verde Valley:
Transit
Unallocated
Total transportation
13,265,949 10,357,306 2,908,643 6,435,019
823,686 602,784 220,902 552,689
6,435,019
552,689
265,267 265,267
(9,990) 9,333,672
(810) 772,781
(311) 264,956
68,695,552 53,141,932
15,553,620 76,530,788
1,723,468 74,807,320
(79,541) 90,281,399
Auditor/Controller 12,000 12,000 - - -
Commission administration 750,000 750,000 - - -
Commission planning 2,451,370 2,451,370 - 49,637 49,637 -
SCAG planning 612,842 612,842 - - -
Total administration
and planning 3,826,212 3,826,212 - 49,637 49,637
Total apportionments $ 72,521,764 $ 56,968,144 $ 15,553,620 $ 76,580,425 $ 1,773,105 $ 74,807,320 $ (79,541) $ 90,281,399
9
129
Local Transportation Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Schedule of Unclaimed Apportionments (Article 3)
Year Ended June 30, 2013
Unclaimed Unclaimed
Apportionment Interest Apportionment
July 1, 2012 Apportionment Reimbursements Disbursements Allocations June 30, 2013
Bicycle and pedestrian projects $ 3,296,219 $ 1,557,721 $ 107,001 $ 956,308 $ (4,703) $ 3,999,930
10
130
McGladrey LLP
McGladrey
Independent Auditor's Report on Internal Control Over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance With
Government Auditing Standards
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the Local
Transportation Fund of the County of Riverside, as administered by the Riverside County Transportation
Commission (the Commission), as of and for the year ended June 30, 2013, and the related notes to the
financial statements, and have issued our report thereon dated November 6, 2013.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Commission's internal
control over financial reporting (internal control) to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinion on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the Commission's internal control. Accordingly,
we do not express an opinion on the effectiveness of the Commission's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
misstatement of the Commission's financial statements will not be prevented, or detected and corrected,
on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal
control that is less severe than a material weakness, yet important enough to merit attention by those
charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Local Transportation Fund's financial
statements, as administered by the Commission, are free from material misstatement, we performed tests
of its compliance with certain provisions of laws, regulations, contracts and grant agreements,
noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. This included those provisions of laws and regulations identified in the Transportation
Development Act of 1971, as amended, and corresponding regulations of the California Government
Code. However, providing an opinion on compliance with those provisions was not an objective of our
11
Member of the RSM International network of independent accounting, tax and consufslrg firms.
audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances
of noncompliance or other matters that are required to be reported under Government Auditing
Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's
internal control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Commission's internal control and compliance.
Accordingly, this communication is not suitable for any other purpose.
i'fr Ge__/=,
Irvine, CA
November 6, 2013
12
132
State Transit Assistance Fund of
the County of Riverside, as
Administered by the Riverside
County Transportation
Commission
Financial and Compliance Report
Year Ended June 30, 2013
McGladrey
133
Assurance Tax Consulting
Contents
Independent Auditor's Report on the Financial Statements
Accompanied by Supplementary Information 1-2
Financial Statements
Balance Sheet 3
Statement of Revenues, Expenditures and Change in Fund Balance 4
Notes to Financial Statements 5-7
Supplementary Information
Schedule of Allocations and Disbursements Approved During the Year 8
Independent Auditor's Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance With Government Auditing Standards
9-10
134
McGladrey LLP
1.1 McGladrey
Independent Auditor's Report on the Financial Statements
Accompanied by Supplementary Information
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
Report on the Financial Statements
We have audited the accompanying financial statements of the State Transit Assistance Fund of the
County of Riverside, as administered by the Riverside County Transportation Commission (the
Commission), as of and for the year ended June 30, 2013, and the related notes to the financial
statements, as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the
Commission's preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Commission's internal control. Accordingly, we express no such opinion. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the State Transit Assistance Fund of the County of Riverside, as administered by the
Commission, as of June 30, 2013, and the changes in financial position thereof for the year then ended,
in conformity with accounting principles generally accepted in the United States of America.
1
Member of the RSM International network of Independent accounting, tax and consul1r rms.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements present only the State Transit
Assistance Fund and do not purport to, and do not, present fairly the financial position of the Commission
or the County of Riverside, California, as of June 30, 2013, and the change in their financial position in
accordance with accounting principles generally accepted in the United States of America. Our opinion is
not modified with respect to this matter.
Other Matters
Required Supplementary Information
Management has omitted a Management's Discussion and Analysis that accounting principles generally
accepted in the United States of America require to be presented to supplement the financial statements.
Such missing information, although not a part of the financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
financial statements in an appropriate operational, economic or historical context. Our opinion on the
financial statements is not affected by this missing information.
Other Information
Our audit was conducted for the purpose of forming an opinion on the financial statements of the State
Transit Assistance Fund of the County of Riverside, as administered by the Commission. The schedule
listed in the table of contents as supplementary information is presented for purposes of additional
analysis and is not a required part of the financial statements.
The supplementary information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the financial statements
and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the financial statements or to the financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in
all material respects, in relation to the financial statements as a whole.
The supplementary information has not been subjected to the auditing procedures applied in the audit of
the financial statements, and accordingly, we do not express an opinion or provide any assurance on it.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated November 6,
2013 on our consideration of the Commission's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on the internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the State Transit Assistance Fund of the County of
Riverside, as administered by the Commission's internal control over financial reporting and compliance.
Irvine, CA
November 6, 2013
2
136
State Transit Assistance Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Balance Sheet
June 30, 2013
Assets
Cash and investments
Accounts receivable
Interest receivable
Total assets
Liabilities and Fund Balance
$ 52,821,597
3,770,101
38,550
$ 56,630,248
Liabilities
Accounts payable
Total liabilities
Fund Balance
Restricted allocations available for programming
Restricted for unclaimed allocations
Total fund balance
Total liabilities and fund balance
See Notes to Financial Statements.
$ 936,760
936,760
31,453,506
24,239,982
55,693,488
$ 56,630,248
3
137
State Transit Assistance Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Statement of Revenues, Expenditures and Change in Fund Balance
Year Ended June 30, 2013
Revenues:
Sales taxes $ 14,170,230
Investment loss, net (27,808)
Total revenues 14,142,422
Expenditures:
Transit 2,303,467
Net change in fund balance 11,838,955
Fund balance, beginning of year 43,854,533
Fund balance, end of year $ 55,693,488
See Notes to Financial Statements.
4
138
State Transit Assistance Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Notes to Financial Statements
Note 1. Nature of Operations and Summary of Significant Accounting Policies
The Riverside County Transportation Commission (the Commission), in its capacity as the transportation
planning agency for the County of Riverside, California (the County), is responsible for administering
funds provided through the State Transit Assistance Program, which was created in 1979 under
Chapter 161 (SB 620) of the California statutes to provide a second source of Transportation
Development Act funding for the development of transit systems. The funds are derived from fuel sales
tax revenue and are budgeted through legislation and appropriated to the State Controller's Office (State)
for allocation to local agencies.
The accounting policies of the State Transit Assistance Fund (the Fund) conform to accounting principles
generally accepted in the United States of America as applicable to governmental units.
A summary of the Fund's significant accounting policies is as follows:
Presentation: The accompanying financial statements of the Fund are intended to present the financial
position and the changes in financial position of only that portion of the governmental activities of the
Commission that is attributable to the transactions of the Fund of the Commission. They do not purport to,
and do not, present fairly the financial position of the Commission as of June 30, 2013 and the changes in
its financial position, where applicable, for the year then ended, in conformity with accounting principles
generally accepted in the United States of America.
Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual
basis of accounting is followed in the Fund. Under the modified accrual basis of accounting, expenditures
are recorded when they are expected to be liquidated with expendable available resources, and revenue
is recorded when it becomes both measurable and available. "Measurable" means the amount of the
transaction can be determined, and "available" means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. For this purpose, the Commission considers
revenues to be available if they are collected within 180 days of the end of the fiscal year. Those
revenues susceptible to accrual include fuel sales tax revenue and interest revenue.
Allocations to local agencies: State transit assistance funds are allocated to the operators within the
County. Public Utilities Code (PUC) Section 99313 allocates funds to regional transportation planning
agencies based on the ratio of area population to state population. PUC Section 99314 allocates funds to
public operators based on their share of fares and local support to other operators in the state. The
allocations must be made in a resolution adopted by the Commission.
Cash: It is the Commission's policy to deposit all funds received in the Riverside County Pooled
Investment Fund (RCPIF) for investment until the funds are required for disbursement. Interest income is
earned while these funds are deposited.
Fund balance restrictions: The Fund reports restricted fund balances to show the level of constraint
governing the use of the funds as set forth by enabling State legislation. The restricted fund balance for
allocations available for programming represents amounts apportioned but not allocated to claimants. The
restricted fund balance for unclaimed allocations represents amounts allocated by the Commission and
due to claimants but not yet paid, as claimants have not yet provided the appropriate claim
documentation to the Commission as of June 30, 2013.
5
139
State Transit Assistance Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Notes to Financial Statements
Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)
Expenditures to claimants: Disbursements to claimants represent funds disbursed to transit operators
that have met the eligibility requirements to receive State Transit Assistance Program funds per PUC
Sections 99313 and 99314. All disbursements are to be used for transit purposes.
Note 2. Cash and Investments
Cash and investments at June 30, 2013 consist of the following:
Cash and investments with County Treasurer
Cash in bank
$ 52,720,818
100,779
$ 52,821,597
The funds in the County Treasury are pooled with those of other entities in the RCPIF and invested in
accordance with the County's investment policy. These pooled funds are carried at fair value. Fair value
is based on quoted market prices and/or direct bids, when needed, from government dealers on some
variable or floating rate items. The Commission is a voluntary participant in the pool. An Investment
Oversight Committee has been established by the County, which acts as a regulator of the pool. As of
June 30, 2013, the Commission had $52,720,818 invested in the RCPIF, with an average maturity of
514 days.
Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of
investments, the Commission's investment policy follows the California Government Code as it relates to
limits on investment maturities as a means of managing exposure to fair value losses arising from
increasing interest rates.
Credit risk: As of June 30, 2013, the Commission's investment in the RCPIF was rated Aaa-/bf1 by
Moody's Investors Service and AAA/V1 by Fitch Ratings. The Commission's investment policy only
requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper,
bankers' acceptances and certificates of deposit.
6
140
State Transit Assistance Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Notes to Financial Statements
Note 3. Fund Balance
At June 30, 2013, amounts are restricted for apportioned and unallocated amounts and for unpaid
allocations by geographic area. For Western County transit programs, commuter rail and bus allocations
are in accordance with the Commission's policy.
Restricted for allocations available for programming:
Western County:
Commuter rail $ 8,483,853
Bus 17,443,278
Coachella Valley 5,462,759
Palo Verde Valley 63,616
31,453,506
Restricted for unclaimed allocations:
Western County:
Commuter rail
City of Banning
City of Beaumont
City of Corona
City of Riverside
Riverside Transit Agency
Coachella Valley:
SunLine Transit Agency
Palo Verde Valley:
Palo Verde Valley Transit Agency
350,000
611,314
275,094
1,450,171
489,750
17,253,410
3,640,438
169,805
24,239,982
Total fund balance $ 55,693,488
7
141
Supplementary Information
142
State Transit Assistance Fund of the County of Riverside,
as Administered by the Riverside County Transportation Commission
Schedule of Allocations and Disbursements Approved During the Year
Year Ended June 30, 2013
California
Code of
Regulations
Current Year Amount Section No.
Recipient Allocation Disbursed Reference
Western County:
City of Beaumont $ 150,000 $ 600,889 6731
City of Corona 382,503 6731
City of Riverside 4,000 - 6731
Riverside Transit Agency 6,107,322 1,189,551 6730
Commission Commuter Rail Program 250,000 - 6730
Total Western County 6,893,825 1,790,440
SunLine Transit Agency 517,281 230,674 6730
Palo Verde Valley Transit Agency 315,000 282,353 6730
$ 7,726,106 $ 2,303,467
8
143
McGladrey LLP
1.1 McGladrey
Independent Auditor's Report on Internal Control Over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance With
Government Auditing Standards
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the State Transit
Assistance Fund of the County of Riverside, as administered by the Riverside County Transportation
Commission (the Commission), as of and for the year ended June 30, 2013, and the related notes to the
financial statements, and have issued our report thereon dated November 6, 2013.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Commission's internal
control over financial reporting (internal control) to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinion on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the Commission's internal control. Accordingly,
we do not express an opinion on the effectiveness of the Commission's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the Commission's financial statements will not be prevented, or detected and corrected, on a timely
basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is
less severe than a material weakness, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be deficiencies,
significant deficiencies or material weaknesses. Given these limitations, during our audit we did not
identify any deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the State Transit Assistance Fund's financial
statements, as administered by the Commission, are free of material misstatement, we performed tests of
its compliance with certain provisions of laws, regulations, contracts and grant agreements,
noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. This included those provisions of laws and regulations identified in the Transportation
9
Member of the RSM International network of Independent accounting, tax and consutF,tt f rms
Development Act of 1971, as amended, and corresponding regulations of the California Government
Code. However, providing an opinion on compliance with those provisions was not an objective of our
audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances
of noncompliance or other matters that are required to be reported under Government Auditing
Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's
internal control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Commission's internal control and compliance.
Accordingly, this communication is not suitable for any other purpose
Irvine, CA
November 6, 2013
10
145
ATTACHMENT 4
Proposition 1B Rehabilitation,
Safety and Security Project
Accounts, Accounts of the
Riverside County Transportation
Commission
Financial and Compliance Report
Year Ended June 30, 2013
111
■
u u i u u u i u t-i i • . u u i
McGladrey
146
Assurance Tax Consulting
Contents
Independent Auditor's Report on the Financial Statements
Accompanied by Supplementary Information 1-2
Financial Statements
Balance Sheets 3
Statements of Revenues, Expenditures and Change in Account Fund Balance 4
Notes to Financial Statements 5-7
Supplementary Information
Combining Balance Sheets —By Project 8-9
Combining Statements of Revenues, Expenditures and Change in Account Fund
Balance —By Project 10-11
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance With Government Auditing Standards
12-13
147
.1<Cln<li,y LLP
McGladrey
Independent Auditor's Report on the Financial Statements
Accompanied by Supplementary Information
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
Report on the Financial Statements
We have audited the accompanying financial statements of the Proposition 1B Rehabilitation, Safety and
Security Project Accounts, accounts of the Riverside County Transportation Commission (the
Commission), as of and for the years ended June 30, 2013 and 2012, and the related notes to the
financial statements, as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the Proposition 1B Rehabilitation, Safety and Security Project Accounts of the
Commission as of June 30, 2013 and 2012, and the changes in its financial position for the years then
ended in accordance with accounting principles generally accepted in the United States of America.
1
Member of the RSM International network of independent accounting, tax and consult r rns.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements present only the Proposition
1B Rehabilitation, Safety and Security Project Accounts and do not purport to, and do not, present fairly
the financial position of the Commission as of June 30, 2013 and 2012, and the changes in its financial
position for the years then ended, in conformity with accounting principles generally accepted in the
United States of America. Our opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Management has omitted a Management's Discussion and Analysis that accounting principles generally
accepted in the United States of America require to be presented to supplement the financial statements.
Such missing information, although not a part of the financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
financial statements in an appropriate operational, economic or historical context. Our opinion on the
financial statements is not affected by this missing information.
Other Information
Our audits were conducted for the purpose of forming an opinion on the basic financial statements of the
Proposition 1B Rehabilitation, Safety and Security Project Accounts, accounts of the Commission, taken
as a whole. The schedules, listed in the table of contents as supplementary information, are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
The supplementary information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audits of the basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the schedules are fairly stated in all material respects, in relation to the basic financial statements as a
whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our reports dated November 6,
2013 and November 5, 2012 on our consideration of the Commission's internal control over financial
reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant
agreements and other matters. The purpose of those reports is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing, and not to provide
an opinion on the internal control over financial reporting or on compliance. Those reports are an integral
part of an audit performed in accordance with Government Auditing Standards in considering the
Commission's internal control over financial reporting and compliance.
le -)1(4.4.7
z -
Irvine, CA
November 6, 2013
2
149
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Balance Sheets
June 30, 2013 and 2012
Assets
Cash and investments in Riverside County Pooled
Investment Fund
Interest receivable
Total assets
Liabilities and Account Fund Balance
2013
2012
PTMISEA
$ 1,697,066
1,200
$ 1,698,266
CTSGP-CTAF Total
PTMISEA CTSGP-CTAF Total
$ 775,952 $ 2,473,018 $ 1,689,577 $ 642,757 $ 2,332,334
392 1,592 2,470 350 2,820
$ 776,344 $ 2,474,610 $ 1,692,047 $ 643,107 $ 2,335,154
Liabilities
Accounts payable
Total liabilities
Account Fund Balance
Restricted:
Rail projects
Total account fund balance
Total liabilities and account fund
balance
See Notes to Financial Statements.
$ 311,182 $
311,182
$ 311,182 $ 310,399 $
311,182 310,399
$ 310,399
310,399
1,387,084
1,387,084
776,344 2,163,428 1,381,648 643,107 2,024,755
776,344 2,163,428 1,381,648 643,107 2,024,755
$ 1,698,266
$ 776,344 $ 2,474,610 $ 1,692,047 $ 643,107 $ 2,335,154
3
150
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Statements of Revenues, Expenditures and Change in Account Fund Balance
Years Ended June 30, 2013 and 2012
2013 2012
PTMISEA CTSGP-CTAF Total PTMISEA CTSGP-CTAF Total
Revenues:
State allocations
Interest
Total revenues
Expenditures:
Rail
Excess of revenues over (under)
expenditures
$ $ 350,248 $ 350,248 $ $ 350,280 $ 350,280
5,436 1,770 7,206 12,071 2,115 14,186
5,436 352,018 357,454 12,071 352,395 364,466
218,781
218,781 2,157,740
256,958 2,414,698
5,436 133,237 138,673 (2,145,669) 95,437 (2,050,232)
Other financing sources (uses):
Transfers in 1,385,101 - 1,385,101 1,576,593 - 1,576,593
Transfers out (1,385,101) - (1,385,101) (1,576,593) - (1,576,593)
Total other financing sources (uses) - - - -
Net change in account fund balance 5,436 133,237 138,673 (2,145,669) 95,437 (2,050,232)
Account fund balance, beginning of year 1,381,648 643,107 2,024,755 3,527,317 547,670 4,074,987
Account fund balance, end of year $ 1,387,084 $ 776,344 $ 2,163,428 $ 1,381,648 $ 643,107 $ 2,024,755
See Notes to Financial Statements.
4
151
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Notes to Financial Statements
Note 1. Nature of Operations and Summary of Significant Accounting Policies
Nature of operations: On November 7, 2006, the voters of California approved the Highway Safety,
Traffic Reduction, Air Quality, and Port Security Bond Act of 2006 (Proposition 1 B). Proposition 1B
included a state program of funding in the amount of $4 billion and $1 billion to be deposited in the Public
Transportation Modernization, Improvement, and Service Enhancement Account (PTMISEA) and Transit
System Safety, Security, and Disaster Response Account (TSSSDRA), respectively. The California
Transit Security Grant Program —California Transit Assistance Fund (CTSGP-CTAF) is a TSSSDRA
program. The PTMISEA funds, which are administered by the California Department of Transportation
(Caltrans), and the CTSGP-CTAF funds, which are administered by the California Emergency
Management Agency (CaIEMA), are to be made available to project sponsors in California for eligible
public transportation projects and related security and safety projects, respectively.
The Riverside County Transportation Commission (the Commission) owns and operates five commuter
rail stations and a transit center in Riverside County (the County). As a project sponsor, the Commission
has applied for and obtained approval for PTMISEA and CTSGP-CTAF funds for various projects related
to its commuter rail stations. These funds are accounted for in the Measure A Western County Rail
Special Revenue Fund in project accounts (the Accounts). The significant revenue to the Accounts is
derived from allocations approved by the Controller of the State of California (the Controller).
The accounting policies of the Commission conform to accounting principles generally accepted in the
United States of America as applicable to governmental units.
A summary of the Commission's significant accounting policies is as follows:
Presentation: The accompanying financial statements of the Accounts are intended to present the
financial position and the changes in financial position of only that portion of the governmental activities of
the Commission that is attributable to the transactions of the PTMISEA and CTSGP-CTAF, accounts of
the Commission. They do not purport to, and do not, present fairly the financial position of the
Commission as of June 30, 2013 and 2012 and the changes in its financial position for the years then
ended, in conformity with accounting principles generally accepted in the United States of America.
Basis of accounting: In accordance with the requirements for governmental funds, the modified accrual
basis of accounting is followed in the PTMISEA and CTSGP-CTAF Accounts. Under the modified accrual
basis of accounting, expenditures are recorded when they are expected to be liquidated with expendable
available resources, and revenue is recorded when it becomes both measurable and available.
"Measurable" means the amount of the transaction can be determined, and "available" means collectible
within the current period, or soon enough thereafter to be used to pay liabilities of the current period. For
this purpose, the Commission considers revenues to be available if they are collected within 180 days of
the end of the current fiscal period. Those revenues susceptible to accrual include PTMISEA and
CTSGP-CTAF allocations and interest revenue.
For the year ended June 30, 2013, the Commission recognized revenues related to an allocation of
$350,248 for the Station Security project. For the year ended June 30, 2012, the Commission recognized
revenues related to allocations of $350,280 for the Station Security project.
5
152
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Notes to Financial Statements
Note 1. Nature of Operations and Summary of Significant Accounting Policies (Continued)
Funding: Project sponsors may submit applications for funding of eligible transit capital projects to
Caltrans or CalEMA, which approve projects for funding related to PTMISEA and CTSGP-CTAF,
respectively. PTMISEA eligible projects include rehabilitation, safety or modernization improvements;
capital service enhancements or expansions; new capital projects; bus rapid transit improvements; and
rolling stock procurement, rehabilitation, expansion or replacement. CTSGP-CTAF eligible projects
include capital projects that provide increased protection against a security or safety threat; increase the
capacity of transit operators to prepare for disaster -response transportation systems to move people,
goods, emergency personnel and equipment in the aftermath of a disaster; and other allowable costs
under California Government Code 16727(a). The Controller will disburse funds upon receipt of the
approved PTMISEA and CTSGP-CTAF projects. Funds must be encumbered within three years of receipt
and must be expended within three years of being encumbered.
Cash: It is the Commission's policy to deposit all funds received in the Riverside County Pooled
Investment Fund (RCPIF) for investment until the funds are required for disbursement. Interest income is
earned while these funds are so deposited.
Account fund balance restrictions: The Accounts report restricted account fund balances to show the
level of constraint governing the use of the funds. Restricted account fund balances are restricted for
specific purposes by third parties.
Expenditures: Expenditures represent rail capital projects as identified in PTMISEA and CTSGP-CTAF
applications submitted by the Commission.
For the year ended June 30, 2013, the Commission incurred qualifying expenditures of $218,781 for the
Station Security project. For the year ended June 30, 2012, the Commission incurred qualifying
expenditures of $591,740 for the Perris Multimodal Facility project, $1,565,907 for the Rail Cars project,
$93 for the La Sierra Parking Lot project, and $256,958 for the Station Security project, for a total of
$2,414,698.
Transfers: Transfers represent the reallocation of PTMISEA and CTSGP-CTAF funds available from a
rail capital project to another rail capital project following approval by the respective state agency.
For the year ended June 30, 2013, the Commission transferred $641,151 from the Station Rehabilitation
project, $731,112 from the La Sierra Parking Lot project, and $12,838 from the Rail Cars project, for a
total of $1,385,101, to the CCTV Operations Center project as a result of approval from Caltrans in May
2013. For the year ended June 30, 2012, the Commission transferred $1,291,855 from the Station
Rehabilitation project, $84,524 from the La Sierra Parking Lot project, and $200,214 from the CCTV
Operations Center project, for a total of $1,576,593, to the Rail Cars project as a result of approval from
Caltrans in January 2012.
Note 2. Cash and Investments With County Treasurer
The funds in the RCPIF are pooled with those of other entities and invested in accordance with the
County's investment policy. These pooled funds are carried at fair value. Fair value is based on quoted
market prices and/or direct bids, when needed, from government dealers on some variable or floating rate
items. The Commission is a voluntary participant in the pool. An Investment Oversight Committee has
been established by the County, which acts as a regulator of the pool.
6
153
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Notes to Financial Statements
Note 2. Cash and Investments With County Treasurer (Continued)
As of June 30, 2013 and 2012, the Account has $2,473,018 and $2,332,334, respectively, included in the
Commission's investment with the RCPIF, with an average maturity of 514 days and 438 days,
respectively.
Interest rate risk: While the Commission does not have a formal policy related to the interest rate risk of
investments, the Commission's investment policy follows the California Government Code as it relates to
limits on investment maturities as a means of managing exposure to fair value losses arising from
increasing interest rates.
Credit risk: As of June 30, 2013 and 2012, the Commission's investment in the RCPIF was rated Aaa-/bf
by Moody's Investors Service and AAA/V1 by Fitch Ratings. The Commission's investment policy only
requires credit quality ratings for repurchase agreements, U.S. corporate debt, commercial paper,
bankers' acceptances, and certificates of deposit.
7
154
Supplementary Information
155
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Combining Balance Sheet —By Project
June 30, 2013
PTMISEA CTSGP-CTAF
Perris
Multimodal Station La Sierra Rail CCTV Operations Station
Assets Facility Rehabilitation Parking Lot Cars Center Total Security Total
Cash and investments in Riverside County
Pooled Investment Fund $ 311,965 $ - $ $ $ 1,385,101 $ 1,697,066 $ 775,952 $ 2,473,018
Interest receivable 220 980 1,200 392 1,592
Total assets $ 312,185 $ - $ $ $ 1,386,081 $ 1,698,266 $ 776,344 $ 2,474,610
Liabilities and Account Fund Balance
Liabilities
Accounts payable $ 311,182 $ $ $ $ $ 311,182 $ $ 311,182
Total liabilities 311,182 311,182 311,182
Account Fund Balance
Restricted:
Rail projects 1,003 1,386,081 1,387,084 776,344 2,163,428
Total account fund balance 1,003 1,386,081 1,387,084 776,344 2,163,428
Total liabilities and account fund balance $ 312,185 $ $ $ $ 1,386,081 $ 1,698,266 $ 776,344 $ 2,474,610
8
156
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Combining Balance Sheet -By Project
June 30, 2012
PTMISEA CTSGP-CTAF
Perris
Multimodal Station La Sierra Rail CCTV Operations Station
Assets Facility Rehabilitation Parking Lot Cars Center Total Security Total
Cash and investments in Riverside County
Pooled Investment Fund $ 310,119 $ 639,538 $ 729,272 $ 11,881 $ (1,233) $ 1,689,577 $ 642,757 $ 2,332,334
Interest receivable 280 - 957 1,233 2,470 350 2,820
Total assets $ 310,399 $ 639,538 $ 729,272 $ 12,838 $ - $ 1,692,047 $ 643,107 $ 2,335,154
Liabilities and Account Fund Balance
Liabilities
Accounts payable $ 310,399 $ $ - $ $ $ 310,399 $ $ 310,399
Total liabilities 310,399 - 310,399 310,399
Account Fund Balance
Restricted:
Rail projects 639,538 729,272 12,838
1,381,648
1,381,648
Total account fund balance 639,538 729,272 12,838
Total liabilities and account fund balance $ 310,399 $ 639,538 $ 729,272 $ 12 838 $
9
$ 1,692.047
643,107 2,024,755
643,107 2,024,755
$ 643,107 $ 2,335 154
157
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Combining Statement of Revenues, Expenditures and Change in Account Fund Balance -By Project
Year Ended June 30, 2013
PTMISEA CTSGP-CTAF
Perris CCTV
Multimodal Station La Sierra Rail Operations Station
Facility Rehabilitation Parking Lot Cars Center Total Security Total
Revenues:
State allocations $ - $ - $ - $ $ - $ $ 350,248 $ 350,248
Interest 1,003 1,613 1,840 980 5,436 1,770 7,206
Total revenues 1,003 1,613 1,840 980 5,436 352,018 357,454
Expenditures:
Rail 218,781 218,781
Excess of revenues over (under)
expenditures 1,003 1,613 1,840 980 5,436 133,237 138,673
Other financing sources (uses):
Transfers in 1,385,101 1,385,101 1,385,101
Transfers out (641,151) (731,112) (12,838) (1,385,101) (1,385,101)
Total other financing sources (uses) - (641,151) (731,112) (12,838) 1,385,101
Net change in account fund balance 1,003 (639,538) (729,272) (12,838) 1,386,081 5,436 133,237 138,673
Account fund balance, beginning of year - 639,538 729,272 12,838 - 1,381,648 643,107 2,024,755
Account fund balance, end of year $ 1,003 $ - $ $ - $ 1,386,081 $ 1,387,084 $ 776,344 $ 2,163,428
10
158
Proposition 1B Rehabilitation, Safety and Security Project Accounts,
Accounts of the Riverside County Transportation Commission
Combining Statement of Revenues, Expenditures and Change in Account Fund Balance -By Project
Year Ended June 30, 2012
PTMISEA CTSGP-CTAF
Perris CCTV
Multimodal Station La Sierra Rail Operations
Facility Rehabilitation Parking Lot Cars Center
Total
Station
Security Total
Revenues:
State allocations $ - $ - $ $ $ $ - $ 350,280 $ 350,280
Interest 1,996 4,198 3,511 2,152 214 12,071 2,115 14,186
Total revenues 1,996 4,198 3,511 2,152 214 12,071 352,395 $ 364,466
Expenditures:
Rail 591,740 - 93 1,565,907 2,157,740 256,958 2,414,698
Excess of revenues over (under)
expenditures (589,744) 4,198 3,418 (1,563,755) 214 (2,145,669) 95,437 (2,050,232)
Other financing sources (uses):
Transfers in - - 1,576,593 1,576,593 1,576,593
Transfers out (1,291,855) (84,524) - (200,214) (1,576,593) (1,576,593)
Total other financing sources (uses) - (1,291,855) (84,524) 1,576,593 (200,214) - -
Net change in account fund balance (589,744) (1,287,657) (81,106) 12,838 (200,000) (2,145,669) 95,437 (2,050,232)
Account fund balance, beginning of year 589,744 1,927,195 810,378 200,000 3,527,317 547,670 4,074,987
Account fund balance, end of year $ - $ 639,538 $ 729,272 $ 12,838 $ - $ 1,381,648 $ 643,107 $ 2,024,755
11
159
McGladrey LLP
McGladrey
Independent Auditor's Report on Internal Control Over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance With
Government Auditing Standards
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the Proposition 1B
Rehabilitation, Safety and Security Project Accounts, accounts of the Riverside County Transportation
Commission (the Commission), as of and for the years ended June 30, 2013 and 2012, and the related
notes to the financial statements, and have issued our report thereon dated November 6, 2013.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Commission's internal
control over financial reporting (internal control) to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinion on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the Commission's internal control. Accordingly,
we do not express an opinion on the effectiveness of the Commission's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe
than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Proposition 1B Rehabilitation, Safety and
Security Project Accounts' financial statements, accounts of the Commission, are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts
and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. This included those provisions of laws and regulations
identified in the Transportation Development Act of 1971, as amended, and corresponding regulations of
the California Government Code. However, providing an opinion on compliance with those provisions was
not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
12
Member of the RSM International network of independent accounting, tax and consu I gjirn s
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the Commission's
internal control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Commission's internal control and compliance.
Accordingly, this communication is not suitable for any other purpose.
Irvine, CA
November 6, 2013
13
161
Riverside County
Transportation Commission
Compliance Report
June 30, 2013
McGladrey
162
Assurance Tax Consulting
Contents
Schedule of Expenditures of Federal Awards 1
Notes to Schedule of Expenditures of Federal Awards 2
Independent Auditor's Report on:
Internal Control Over Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in Accordance With
Government Auditing Standards
3-4
Compliance With Requirements That Could Have a Direct and Material Effect on
Its Major Program and Internal Control Over Compliance in Accordance With
OMB Circular A-133, and on the Schedule of Expenditures of Federal Awards 5-6
Schedule of Findings and Questioned Costs 7-8
Summary Schedule of Prior Year Audit Findings 9
163
Riverside County Transportation Commission
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2013
Federal Grantor/Pass-Through Grantor/
Program or Cluster Title
U.S. Department of Transportation:
Highway Planning and Construction Program:
Pass -through State Department of Transportation:
60/215 East Junction
State Route 91 Utilities Relocation
SR91/SR71 Junction
Regional Rideshare
1215 at Blaine Street
ARRA - 74/215 Interchange
Pass -through Orange County Transportation
Authority:
Regional Ridematching
Pass -through Ventura County Transportation
Commission:
Regional Ridematching
Total Highway Planning and
Construction Program
Federal Transit, Formula Grant:
Urbanized Area Formula:
Direct Program, Perris Valley Line
Total Federal Transit, Formula Grant
Public Transportation Research:
Pass -through State Department of Transportation:
Rising Stars in Transit
Total Public Transportation Research
Job Access and Reverse Commute Program (JARC):
Pass -through SunLine Transit Agency:
JARC Grant 5316
JARC Grant
Pass -through Riverside Transit Agency:
JARC Grant 5316
Total Job Access and Reverse Commute
Program
New Freedom Program:
Pass -through SunLine Transit Agency:
New Freedom 5317
Pass -through Riverside Transit Agency:
New Freedom 5317
Total New Freedom Program
Total expenditures of federal awards
* Denotes major program
See Notes to Schedule of Expenditures of Federal Awards.
Catalog of
Federal
Domestic
Assistance
Number
20.205
20.205
20.205
20.205
20.205
ARRA-20.205
Pass -Through Entity/
Identifying Number
07-31-082-01
08-31-002-02
08-31-033-02
08-41-042-00
13-31-073-00
10-31-025-03
20.205 11-41-139-00/C-1-2877
20.205 MOU RS0506/06-41-082-07
Federal
Expenditures
$ 5,303
1,609,286
3,832,632
32,805
863,164
241,851
50,199
13,730
6,648,970
20.507* CA-90-Y827-00/CA-95-X135-00 4,649,405
20.514 MOU M-004-10/10-25-089-00
20.516
20.516
20.516
20.521
20.521
CA -37-X148-01
MOU 11-26-072-00
CA -37-X158-00
CA -57-X063-01
CA -57-X068-00
4,649,405
14,124
14,124
6,253
22,576
22,779
51,608
3,179
10,314
13,493
$11,377,600
1
164
Riverside County Transportation Commission
Notes to Schedule of Expenditures of Federal Awards
Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all
federal award programs of the Riverside County Transportation Commission (the Commission) for the
year ended June 30, 2013. The Schedule includes federal awards received directly from federal
agencies, as well as federal awards passed through other agencies. The Commission's reporting entity is
defined in Note 1 to the Commission's basic financial statements. Because the Schedule presents only a
selected portion of the operations of the Commission, it is not intended to, and does not, present the
financial position of the Commission.
The accompanying Schedule is presented on the modified -accrual basis of accounting. Expenditures are
recognized following the cost principles contained in Office of Management and Budget (OMB) Circular
A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The information in this Schedule is
presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local
Governments, and Non -Profit Organizations. Therefore, some amounts presented in this Schedule may
differ from amounts presented in, or used in the preparation of, the basic financial statements.
Note 2. Subrecipients
Of the federal expenditures presented in the Schedule, the Commission did not provide any federal
awards to subrecipients for the fiscal year ended June 30, 2013.
2
165
McGladrey LLP
1.1 McGladrey
Independent Auditor's Report on Internal Control Over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance
With Government Auditing Standards
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
We have audited the financial statements of the governmental activities, each major fund and the
aggregate remaining fund information of the Riverside County Transportation Commission (the
Commission) as of and for the year ended June 30, 2013, which collectively comprise the Commission's
basic financial statements, and have issued our report thereon dated November 6, 2013. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States.
Internal Control Over Financial Reporting
Management of the Commission is responsible for establishing and maintaining effective internal control
over financial reporting. In planning and performing our audit, we considered the Commission's internal
control over financial reporting as a basis for designing our auditing procedures for the purpose of
expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on
the effectiveness of the Commission's internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Commission's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in the
first paragraph of this section and was not designed to identify all deficiencies in internal control over
financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be material
weaknesses, as defined previously.
3
Member of the RSM International network of Independent accounting, tax and consuiiregums.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Commission's financial statements are free
of material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts and grant agreements, noncompliance with which could have a direct and material
effect on the determination of financial statement amounts. This included those provisions of laws and
regulations identified in the Transportation Development Act of 1971, as amended, and corresponding
regulations of the California Government Code. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
This report is intended solely for the information and use of the Board of Commissioners, the Audit Ad
Hoc Committee, management, federal awarding agencies and pass -through entities, and is not intended
to be, and should not be, used by anyone other than these specified parties.
G -/
Irvine, CA
November 6, 2013
4
167
McGladrey LLP
McGladrey
Independent Auditor's Report on Compliance With Requirements That Could
Have a Direct and Material Effect on Its Major Program and Internal Control
Over Compliance in Accordance With OMB Circular A-133, and on the
Schedule of Expenditures of Federal Awards
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
Compliance
We have audited the Riverside County Transportation Commission's (the Commission) compliance with
the types of compliance requirements described in the U.S. Office of Management and Budget (OMB)
Circular A-133 Compliance Supplement that could have a direct and material effect on the Commission's
major federal program for the year ended June 30, 2013. The Commission's major federal program is
identified in the Summary of Auditor's Results section of the accompanying Schedule of Findings and
Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants
applicable to its major federal program is the responsibility of the Commission's management. Our
responsibility is to express an opinion on the Commission's compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of
States, Local Governments and Non -Profit Organizations. Those standards and OMB Circular A-133
require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance
with the types of compliance requirements referred to above that could have a direct and material effect
on the major federal program occurred. An audit includes examining, on a test basis, evidence about the
Commission's compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our
opinion. Our audit does not provide a legal determination on the Commission's compliance with those
requirements.
In our opinion, the Commission complied, in all material respects, with the compliance requirements
referred to above that could have a direct and material effect on its major federal program for the year
ended June 30, 2013.
Internal Control Over Compliance
The management of the Commission is responsible for establishing and maintaining effective internal
control over compliance with requirements of laws, regulations, contracts and grants applicable to federal
programs. In planning and performing our audit, we considered the Commission's internal control over
compliance with the requirements that could have a direct and material effect on a major federal program
in order to determine the auditing procedures for the purpose of expressing our opinion on compliance
and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not
for the purpose of expressing an opinion on the effectiveness of internal control over compliance.
Accordingly, we do not express an opinion on the effectiveness of the Commission's internal control over
compliance.
5
Member of the RSMInternational network ofindependent accounting, tax and consulg rms.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies, in internal control over compliance, such that there is
reasonable possibility that material noncompliance with a type of compliance requirement of a federal
program will not be prevented, or detected and corrected, on a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over
compliance that might be deficiencies, significant deficiencies or material weaknesses. We did not identify
any deficiencies in internal control over compliance that we consider to be material weaknesses, as
defined above.
Schedule of Expenditures of Federal Awards
We have audited the financial statements of the governmental activities, each major fund and the
aggregate remaining fund information of the Commission as of and for the year ended June 30, 2013,
which collectively comprise the Commission's basic financial statements, and have issued our report
thereon dated November 6, 2013, which contained an unqualified opinion on those financial statements.
Our audit was conducted for the purpose of forming our opinions on the financial statements that
collectively comprise the Commission's financial statements. The accompanying Schedule of
Expenditures of Federal Awards is presented for the purposes of additional analysis as required by OMB
Circular A-133, and is not a required part of the financial statements. Such information is the responsibility
of management and was derived from and relates directly to the underlying accounting and other records
used to prepare the financial statements. The information has been subjected to the auditing procedures
applied in the audit of the financial statements and certain other procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
financial statements or to the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the Schedule of Expenditures of Federal Awards is fairly stated, in all material respects, in relation to the
financial statements taken as a whole.
This report is intended solely for the information and use of the Board of Commissioners, the Audit Ad
Hoc Committee, management, federal awarding agencies and pass -through entities, and is not intended
to be, and should not be, used by anyone other than these specified parties.
Irvine, CA
November 6, 2013
6
169
Riverside County Transportation Commission
Schedule of Findings and Questioned Costs
Year Ended June 30, 2013
I. Summary of Auditor's Results
Financial Statements
Type of Auditor's Report Issued: Unmodified
Internal control over financial reporting:
• Material weakness(es) identified? Yes X No
• Significant deficiency(ies) identified that are not
considered to be material weaknesses? Yes X None Reported
Noncompliance material to financial statements noted? Yes X No
Federal Awards
Internal control over major programs:
• Material weakness(es) identified? Yes X No
• Significant deficiency(ies) identified that are not
considered to be material weaknesses? Yes X None Reported
Type of auditor's report issued on compliance for major programs: Unmodified
• Any audit findings disclosed that are required to be
reported in accordance with Section 510(a) of OMB
Circular A-133?
Identification of major programs:
CFDA Number(s)
20.507
Yes X No
Name of Federal Program or Cluster
Federal Transit, Formula Grant
Dollar threshold used to distinguish between Type A and Type B programs: $ 341,328
Auditee qualified as low -risk auditee? X Yes No
7
170
Riverside County Transportation Commission
Schedule of Findings and Questioned Costs (Continued)
Year Ended June 30, 2013
11. Financial Statement Findings
A. Internal Control Matters
None reported.
B. Compliance Findings
None reported.
111. Findings and Questioned Costs for Federal Awards
A. Internal Control
None reported.
B. Compliance Findings
None reported.
8
171
Riverside County Transportation Commission
Summary Schedule of Prior Year Audit Findings
Year Ended June 30, 2013
There were no audit findings reported for the year ended June 30, 2012.
ATTACHMENT 6
McGladrey LLP
1.1 McGladrey
Independent Auditor's Report on Compliance
With Aspects of Contractual Agreements
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
We have audited, in accordance with auditing standards generally accepted in the United States of
America, and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, each major fund and the aggregate remaining fund information of the Riverside County
Transportation Commission (the Commission) as of and for the year ended June 30, 2013, and the
related notes to the financial statements, which collectively comprise the Commission's basic financial
statements, and have issued our report thereon, dated November 6, 2013.
In connection with our audit, nothing came to our attention that caused us to believe that the Commission
failed to comply with the terms, covenants, provisions or conditions of Sections 6.2(g) and 6.2(1)
contained in the Reimbursement Agreement, dated April 1, 2012, with Union Bank, N.A., a national
banking association organized under the laws of the United States of America, and Bank of Tokyo -
Mitsubishi UFJ, Ltd., acting through its New York Branch, a national banking association organized under
the laws of the United States of America, relating to the Commercial Paper Notes (Limited Tax Bonds)
Series A and Series B, respectively, insofar as they relate to accounting matters. However, our audit was
not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we
performed additional procedures, other matters may have come to our attention regarding the
Commission's noncompliance with the above -referenced terms, covenants, provisions or conditions of the
Reimbursement Agreement, insofar as they relate to accounting matters.
This report is intended solely for the information and use of the Board of Commissioners and
management of the Commission, Union Bank, N.A. and Bank of Tokyo -Mitsubishi UFJ, Ltd., and is not
intended to be, and should not be, used by anyone other than these specified parties.
Irvine, CA
November 6, 2013
Member of the RSM International network of Independent accounting, tax and consul17 fyrms.
ATTACHMENT 7
Riverside County
Transportation Commission
Report to the Audit Ad Hoc Committee
November 13, 2013
McGladre
_ v
Assurance ■Tax • Consulting
174
McGladrey LLP
McGladrey
November 13, 2013
To the Audit Ad Hoc Committee
Riverside County Transportation Commission
Riverside, CA
We are pleased to present this report related to our audit of the basic financial statements and
compliance of the Riverside County Transportation Commission (the Commission) as of and for the year
ended June 30, 2013. This report summarizes certain matters required by professional standards to be
communicated to you in your oversight responsibility for the Commission's financial reporting process.
This report is intended solely for the information and use of the Audit Ad Hoc Committee, the Board of
Commissioners and management, and is not intended to be, and should not be, used by anyone other
than these specified parties. It will be our pleasure to respond to any questions you have regarding this
report. We appreciate the opportunity to continue to be of service to the Commission.
Member of the RSM International network of Independent accounting, tax and consulfl7 rms.
Contents
Required Communications 1-2
Summary of Significant Accounting Estimates 3-4
Exhibit —Certain Written Communication Between Management and Our Firm
Representation Letter
176
Required Communications
Generally accepted auditing standards (AU -C 260, The Auditor's Communication With Those Charged
With Governance) require the auditor to promote effective two-way communication between the auditor
and those charged with governance. Consistent with this requirement, the following summarizes our
responsibilities regarding the financial statement audit as well as observations arising from our audit that
are significant and relevant to your responsibility to oversee the financial reporting process:
Area Comments
Our Responsibilities With Regard to the
Financial Statement Audit
Overview of the Planned Scope and
Timing of the Financial Statement Audit
Our responsibilities under auditing standards generally
accepted in the United States of America; Government
Auditing Standards, issued by the Comptroller General
of the United States; the provisions of the Single Audit
Act, Office of Management and Budget (OMB) Circular
A-133 and OMB's Compliance Supplement, have
been described to you in our arrangement letter dated
April 9, 2013 and in our meeting with you on July 22,
2013.
We have issued a separate communication regarding
the planned scope and timing of our audit and have
discussed with you our identification of, and planned
audit response to, significant risks of material
misstatement.
Accounting Policies and Practices Preferability of Accounting Policies and Practices
Under generally accepted accounting principles, in
certain circumstances, management may select
among alternative accounting practices. In our view, in
such circumstances, management has selected the
preferable accounting practice.
Adoption of, or Change in, Accounting Policies
Management has the ultimate responsibility for the
appropriateness of the accounting policies used by the
Commission. The Commission did not adopt any
significant new accounting policies nor have there
been any changes in existing significant accounting
policies during the current period.
Significant or Unusual Transactions
We did not identify any significant or unusual
transactions or significant accounting policies in
controversial or emerging areas for which there is a
lack of authoritative guidance or consensus.
1
177
Area
Comments
Accounting Policies and Practices Management's Judgments and Accounting
(Continued) Estimates
Summary information about the process used by
management in formulating particularly sensitive
accounting estimates and about our conclusions
regarding the reasonableness of those estimates is in
the attached Summary of Significant Accounting
Estimates.
Audit Adjustments
Uncorrected Misstatements
Disagreements With Management
Consultations With Other Accountants
Significant Issues Discussed With
Management
Significant Difficulties Encountered in
Performing the Audit
Certain Written Communication Between
Management and Our Firm
There were no audit adjustments made to the original
trial balance presented to us to begin our audit.
However, we were provided two adjustments by
management during the course of the audit and those
adjustments were evaluated by us as part of our audit.
We are not aware of any uncorrected misstatements
other than misstatements that are clearly trivial.
We encountered no disagreements with management
over the application of significant accounting
principles, the basis for management's judgments on
any significant matters, the scope of the audit, or
significant disclosures to be included in the financial
statements.
We are not aware of any consultations management
had with other accountants about accounting or
auditing matters.
No significant issues arising from the audit were
discussed or were the subject of correspondence with
management.
We did not encounter any significant difficulties in
dealing with management during the audit.
A copy of a certain written communication between
our Firm and the management of the Commission,
which is the representation letter provided to us by
management, is attached as the Exhibit.
2
178
Riverside County Transportation Commission
Summary of Significant Accounting Estimates
Year Ended June 30, 2013
Accounting estimates are an integral part of the preparation of financial statements and are based upon
management's current judgment. The process used by management encompasses its knowledge and
experience about past and current events, and certain assumptions about future events. You may wish to
monitor the process used to compute and record these accounting estimates throughout the year. The
following describes the significant accounting estimates reflected in the Commission's June 30, 2013
basic financial statements:
Estimate
Useful Lives of Long -
Lived Assets
Management's
Accounting Policy Estimation Process
The estimated useful
lives of assets
generally have the
following ranges: rail
stations 10 to 30 years,
office furniture and
equipment three to five
years, and vehicles five
years. These assets
are depreciated using
the straight-line
method. Land and rail
operating easements
are not depreciated
and construction in
process is not
depreciated until ready
for service and
capitalized.
Management reviews
for changes in the
useful lives of long-
lived assets by
evaluating prominent
events or changes in
circumstances
affecting capital assets
to determine whether
impairment of a capital
asset has occurred. A
capital asset is
considered impaired if
both the decline in the
service utility of the
capital asset is large in
magnitude and the
event or change in
circumstances is
outside the normal life
cycle of the capital
asset. Common
indicators of
impairment include
evidence of physical
damage where effort is
needed to restore
service utility,
enactment or approval
of laws or regulations
setting standards that
the capital asset would
not be able to meet,
technological
development or
evidence of
obsolescence, a
change in the manner
or expected duration of
use of a capital asset,
or construction
stoppage.
Basis for Our
Conclusions on
Reasonableness
of Estimate
We tested the
reasonableness of
information underlying
management's estimate.
Based on our procedures,
we concluded that the
assigned useful lives of
capital assets are
reasonable.
3
179
Estimate
Pension Obligations
and Postemployment
Benefits Other Than
Pension
Accounting Policy
Pension and
postemployment
benefits are recorded
at cost based on an
estimated annual
contribution rate.
Management's
Estimation Process
For postemployment
benefits other than
pensions, management
utilizes an actuarial
consulting firm to
perform an evaluation
using the entry age
actuarial cost method.
Management reviewed
and approved the
actuarial assumptions
and calculations used
to determine the post
employment benefit
costs.
For pension
obligations,
management utilizes
CaIPERS actuaries for
cost sharing multiple -
employer plans. A cost
sharing multiple -
employer plan is a
pooling arrangement
whereby risks, rewards
and benefit costs are
shared and not
attributed individually
to any single employer.
Management reviewed
the actuarial
assumptions and
calculations used to
determine the pension
costs.
Basis for Our
Conclusions on
Reasonableness
of Estimate
We tested the
reasonableness of the
information underlying the
actuarial evaluations.
Based on our procedures,
we concluded that the
costs recorded are
reasonable.
4
180
Exhibit —Certain Written Communication Between Management and Our Firm
181
4080 Lemon Street, 3rd Floor • Riverside, CA 92501
Mailing Address: R 0. Box 12008 • Riverside, CA 92502-2208
(951) 787-7141 • Fax (951) 787-7920 • www.rctc.org
Riverside County Transportation Commission
November 6, 2013
McGladrey LLP
18401 Von Karman Ave., 5th Floor
Irvine, CA 92612
This representation letter is provided in connection with your audit of the basic financial statements of the
Riverside County Transportation Commission (the Commission), California as of and for the year ended June
30, 2013; the financial statements of the State Transit Assistance Fund (STAF) and Local Transportation Fund
(LTF) of the County of Riverside, as administered by the Commission, as of and for the year ended June 30,
2013; and the financial statements of the Proposition 1B Rehabilitation and Security Project Accounts (Prop
1B), accounts of the Commission, as of and for the year ended June 30, 2013 for the purpose of expressing an
opinion on whether the financial statements are presented fairly, in all material respects in accordance with
accounting principles generally accepted in the United States (U.S. GAAP).
We confirm, to the best of our knowledge and belief, as of November 6, 2013, the following representations
made to you during your audit:
Financial Statements
1. We have fulfilled our responsibilities, as set out in the terms of the audit arrangement letter dated April 9,
2013, for the preparation and fair presentation of the financial statements referred to above in
accordance with U.S. GAAP.
2. We acknowledge our responsibility for the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
3. We acknowledge our responsibility for the design, implementation, and maintenance of internal control
to prevent and detect fraud.
4. Significant assumptions used by us in making accounting estimates, including those measured at fair
value, are reasonable.
5. Related -party transactions, including those with component units for which the Commission is
accountable, jointly governed organizations in which the Commission participates, and those with STAF
and LTF, as defined in Section 2100 of the Governmental Accounting Standards Board's Codification of
Governmental Accounting and Financial Reporting Standards, and interfund transactions, including
interfund accounts, advances receivable and payable and interfund transfers, have been recorded in
accordance with the economic substance of the transaction and appropriately accounted for and
disclosed in accordance with the requirements of U.S. GAAP. In that regard, the Service Authority for
Freeway Emergencies (SAFE) is a component unit of the Commission. The jointly governed organizations
that the Commission is a member of are the Southern California Regional Rail Authority (SCRRA) and the
Riverside Orange Corridor Authority.
182
McGladrey LLP
November 6, 2013
Page 2
6. All events subsequent to the date of the financial statements and for which U.S. GAAP requires
adjustment or disclosure have been adjusted or disclosed.
7. The effects of all known actual or possible litigation and claims have been accounted for and disclosed in
accordance with U.S. GAAP.
8. The following have been properly recorded and/or disclosed in the financial statements:
a. Net positions and fund balance classifications.
b. Security agreements in effect under the Uniform Commercial Code.
c. Revenues which were pledged as collateral for debt liability.
d. The fair value of investments.
e. Amounts of contractual obligations for construction and purchase of real property or equipment not
included in the liabilities or encumbrances recorded on the books.
f. Debt issue provisions.
g.
All leases and material amounts of rental obligations under long-term leases.
h. All significant estimates and material concentrations known to management which are required to be
disclosed.
i. Authorized but unissued bonds and/or notes.
j. Risk financing activities.
k. Derivative financial instruments reported as hedges.
I. The effect on the financial statements of GASB Statement No. 66, Technical Correction — 2012 — an
amendment of GASB Statements No. 10 and No. 62 and GASB Statement No. 68, Accounting and
Financial Reporting for Pensions, which have been issued, but which we have not yet adopted.
m. Deposits and investment securities categories of risk.
n. Credit facility related to variable rate demand bonds.
9. We have no plans or intentions that may materially affect the carrying value or classification of assets. In
that regard:
a. The Commission has no significant amounts of idle property and equipment or property or
equipment.
b. The Commission has no plans or intentions to discontinue the operations of any activities or programs
or to discontinue any significant operations.
10. We are responsible for making the accounting estimates included in the financial statements. Those
estimates reflect our judgment based on our knowledge and experience about past and current events
and our assumptions about conditions we expect to exist and courses of action we expect to take. In that
regard, adequate provisions have been made:
a. To reduce receivables to their estimated net collectable amounts.
183
McGladrey LLP
November 6, 2013
Page 3
b. For pension obligations, post -retirement benefits other than pensions, and deferred compensation
agreements attributable to employee services rendered through June 30, 2013.
11. There are no:
a. Material transactions that have not been properly recorded in the accounting records underlying the
financial statements.
b. Violations or possible violations of laws or regulations whose effects should be considered for
disclosure in the financial statements or as a basis for recording a loss contingency. In that regard, we
specifically represent that we have not been designated as, or alleged to be, a "potentially responsible
party" by the Environmental Protection Agency in connection with any environmental contamination.
c. Other material liabilities or gain or loss contingencies that are required to be accrued or disclosed by
the Contingencies Topic of the FASB Accounting Standards Codification or the Governmental
Accounting Standards Board's Codification of Governmental Accounting and Financial Reporting
Standards.
d. Allocations to LTF or STAF claimants which are in violation of the statute of limitations as outlined in
the Transportation Development Act.
e. Guarantees, whether written or oral, under which the Commission is contingently liable.
f. Arrangements with financial institutions involving compensating balances or other arrangements
involving restrictions on cash balances.
g. Agreements to repurchase assets previously sold.
h. Other liens or encumbrances on assets or any assets which were pledged as collateral for any liability
or which were subordinated in any way.
i. Line of credit or similar arrangements.
j. Liabilities which are subordinated in any way to any other actual or possible liabilities.
k. Debt issue repurchase options or agreements, or sinking fund debt repurchase ordinance
requirements.
I. Special and extraordinary items.
m. Arbitrage rebate liabilities.
n. Impairment of capital assets.
o. Inventories.
p. Investments, intangibles or other assets that have permanently declined in value.
q. Provisions necessary for risk retention, including uninsured losses or loss retentions (deductibles)
attributable to events occurring through June 30, 2013 and/or for expected retroactive insurance
premium adjustments applicable to periods through June 30, 2013.
r. Material losses to be sustained as a result of purchase or service commitments.
s. Environmental clean-up obligations.
184
McGladrey LLP
November 6, 2013
Page 4
12. There are no unasserted claims or assessments that our lawyer has advised us are probable of assertion
and must be disclosed in accordance with Statement of Financial Accounting Standards No.5 and/or GASB
Statement No.10.
13. We have no direct or indirect, legal or moral obligation for any debt of any organization, public or private,
that is not disclosed in the financial statements.
14. The Commission has satisfactory title to all owned assets.
15. We have complied with all aspects of contractual agreements that would have a material effect on the
financial statements in the event of noncompliance. In connection therewith, we specifically represent
that we are responsible for determining that we are subject to the requirements of the Single Audit Act
and OMB Circular No. A-133, because we have received, expended, or otherwise been the beneficiary of
the required amount of federal awards during the period of this audit.
16. We have identified for you all of our funds and governmental functions.
17. We have properly classified all funds and activities.
18. We have properly determined and reported the major governmental funds based on the required
quantitative criteria. We have determined the Commercial Paper and Sales Tax Bonds Capital Projects
funds to be major for public interest reasons. We believe that all judgmentally determined major funds
are particularly important to the financial statement users.
19. Net positions (net investment in capital assets; restricted; and unrestricted) and fund balance restrictions,
commitments and assignments are properly classified and, if applicable, approved.
20. Expenses or expenditures have been appropriately classified in or allocated to functions and programs in
the statement of activities, and allocations have been made on a reasonable basis.
21. Revenues are appropriately classified in the statements of activities within program revenues and general
revenues.
22. Capital assets, including amounts for right-of-way, are properly capitalized, reported, and depreciated if
applicable.
23. Land and land improvements capitalized represent purchases for projects that will either stay in capital
assets or be converted to intangible assets. The Commission has incurred certain costs related to the 91
Corridor Improvement Project (CIP) and 1-15 CIP that have been recorded in the Measure A Western
County special revenue fund that were funded with transfers from the capital project funds. As of June
30, 2013, the Commission and Caltrans have not had negotiations regarding the potential of transferring
land held by the Commission to Caltrans, thus the capital asset classification is appropriate. All amounts
capitalized into land have title in the name of the Commission.
24. We agree with the findings of specialists Fieldman, Rolapp & Associates in evaluating the mark -to -market
fair value of the forward starting interest rate swap agreements and have adequately considered the
qualifications of the specialists in determining the amounts and disclosures used in the financial
statements and underlying accounting records. We did not give or cause any instructions to be given to
specialists with respect to the values or amounts derived in an attempt to bias their work, and we are not
185
McGladrey LLP
November 6, 2013
Page 5
otherwise aware of any matters that have had an impact on the independence or objectivity of the
specialists.
25. In considering the disclosures that should be made about risks and uncertainties, we have concluded that
all significant estimates and material concentrations known to management, which are required to be
disclosed in accordance with the American Institute of Certified Public Accountants' (AICPA) Statement of
Position No. 94-6, Disclosure of Certain Significant Risks and Uncertainties.
26. We have no knowledge of any uncorrected misstatements in the financial statements.
Information Provided
27. We have provided you with:
a. Access to all information, of which we are aware that is relevant to the preparation and fair
presentation of the financial statements such as records, documentation, and other matters.
b. Additional information that you have requested from us for the purpose of the audit.
c. Unrestricted access to persons within the Commission from whom you determined it necessary to
obtain audit evidence.
d. Minutes of the meetings of the Board of Commissioners or summaries of actions of recent meetings
for which minutes have not yet been prepared.
28. All transactions have been recorded in the accounting records and are reflected in the financial
statements.
29. We have no knowledge of allegations of fraud or suspected fraud, affecting the Commission's financial
statements involving:
a. Management.
b. Employees who have significant roles in the internal control.
c. Others where the fraud could have a material effect on the financial statements.
30. We have no knowledge of any allegations of fraud or suspected fraud affecting the Commission's financial
statements received in communications from employees, former employees, analysts, regulators, or
others.
31. We have no knowledge of noncompliance or suspected noncompliance with laws and regulations whose
effects were considered when preparing financial statements.
32. We have disclosed to you all known actual or possible litigation and claims whose effects should be
considered when preparing the financial statements.
33. We have disclosed to you the identity of the Commission's related parties and all the related -party
relationships and transactions of which we are aware.
34. We are aware of no significant deficiencies, including material weaknesses, in the design or operation of
internal controls that could adversely affect the Commission's ability to record, process, summarize, and
report financial data.
186
McGladrey LLP
November 6, 2013
Page 6
35. We are aware of no communications from regulatory agencies concerning noncompliance with, or
deficiencies in, financial reporting practices.
Supplementary Information
36. With respect to supplementary information presented in relation to the financial statements as a whole:
a. We acknowledge our responsibility for the presentation of such information.
b. We believe such information, including its form and content, is fairly presented in accordance with
U.S. GAAP.
c. The methods of measurement or presentation have not changed from those used in the prior period.
d. There were no significant assumptions or interpretations used regarding the measurement or
presentation of such information.
37. With respect to required supplementary information including the management's discussion and analysis,
budgetary comparison schedules and funding progress for postretirement health care presented as
required by U.S. GAAP to supplement the basic financial statements:
a. We acknowledge our responsibility for the presentation of such required supplementary information.
b. We believe such required supplementary information is measured and presented in accordance with
guidelines prescribed by U.S. GAAP.
c. The methods of measurement or presentation have not changed from those used in the prior period.
d. There were no significant assumptions or interpretations regarding the measurement or presentation
of such information.
38. During the course of your audit, you may have accumulated records containing data that should be
reflected in our books and records. All such data have been so reflected. Accordingly, copies of such
records in your possession are no longer needed by us.
Compliance Considerations
In connection with your audit, conducted in accordance with Government Auditing Standards, we confirm:
39. We are responsible for:
a. Compliance with the laws, regulations, and provisions of contracts and grant agreements applicable to
the Commission.
b. Establishing and maintaining effective internal control over financial reporting.
40. We have identified and disclosed to you:
a. All laws, regulations, and provisions of contracts and grant agreements that have a direct and material
effect on the determinations of financial statement amounts or other financial data significant to
audit objectives.
187
McGladrey LLP
November 6, 2013
Page 7
b. That there were no violations (or possible violations) of laws, regulations, and provisions of contracts
and grant agreements whose effects should be considered for disclosure in the auditor's report on
noncompliance.
41. There has been no fraud, illegal acts, violations of provisions of contracts or grant agreements, or abuse
that has been reported.
In connection with your audit of federal awards conducted in accordance with OMB Circular A-133, Audits of
States, Local Governments, and Non -Profit Organizations, we confirm:
42. We are responsible for complying, and we have complied, with the requirements of OMB Circular A-133.
43. We are responsible for understanding and complying with the requirements of laws, regulations, and the
provisions of contracts and grant agreements related to each of our federal programs.
44. We are responsible for establishing and maintaining, and we have established and maintained, effective
internal control over compliance for federal programs that provides reasonable assurance that we are
managing federal awards in compliance with laws, regulations, and the provisions of contracts or grant
agreements that could have a material effect on our federal programs.
45. We have prepared the schedule of expenditures of federal awards in accordance with Circular A-133 and
have included expenditures made during the period being audited for all awards provided by federal
agencies in the form of grants, federal cost -reimbursement contracts, loans, loan guarantees, property
(including donated surplus property), cooperative agreements, interest subsidies, insurance, food
commodities, direct appropriations, and other assistance.
46. We have identified and disclosed to you the requirements of laws, regulations, and the provisions of
contracts and grant agreements that are considered to have a direct and material effect on each major
program.
47. We have made available all contracts and grant agreements (including amendments, if any) and any other
correspondence relevant to federal programs and related activities that have taken place with federal
agencies or pass -through entities.
48. We believe that we have complied with the direct and material compliance requirements.
49. We have made available all documentation related to compliance with the direct and material compliance
requirements, including information related to federal program financial reports and claims for advances
and reimbursements.
50. There are no instances in which the Commission has its own interpretation of any compliance
requirements that have varying interpretations.
51. There has been no communications from grantors and pass -through entities concerning possible
noncompliance with the direct and material compliance requirements, including communications
received from the end of the period covered by the compliance audit to the date of your report.
52. There have been no changes in internal control over compliance or other factors that might significantly
affect internal control that have occurred subsequent to the date as of which compliance is audited.
188
McGladrey LLP
November 6, 2013
Page 8
53. Federal program financial reports and claims for advances and reimbursements are supported by the
books and records from which the basic financial statements have been prepared.
54. The copies of federal program financial reports provided to you are true copies of the reports submitted,
or electronically transmitted, to the federal agency or pass -through entity, as applicable.
55. We have no subrecipients of federal awards.
56. We have charged costs to federal awards in accordance with applicable cost principles.
57. We are responsible for, and have accurately prepared, the summary schedule of prior audit findings to
include all findings required to be included by Circular A-133.
58. We will accurately complete the appropriate sections of the data collection form. We further
acknowledge our responsibility for the complete, accurate, and timely filing of the data collection form
with the Federal Audit Clearinghouse.
59. We have disclosed all contracts or other agreements with service organizations. We are not aware of
noncompliance at these organizations.
60. There have been no material modifications to our joint powers agreement with the SCRRA that would
materially impact the Commission's participation.
61. All designated employees have filed the required Statement of Economic Interest as outlined in the
Commission's conflict of interest code.
62. Amounts restricted for transit purposes for LTF total $105,242,957 as of June 30, 2013. Amounts
restricted for transportation purposes for STAF allocations available for programming total $31,453,506
and restricted for unclaimed allocations total $24,239,982. All allocated amounts have been approved by
the Commission.
63. In May 2006, the Commission entered into a cooperative agreement, Riverside Orange Corridor
Authority, with the Orange County Transportation Authority (OCTA) and the Transportation Corridor
Agencies to jointly exercise the common powers of the parties to manage geotechnical studies regarding
the Riverside Orange Corridor. The Commission is the recipient and administering entity of federal and
state funds as may be necessary to accomplish this work, and the three agencies will share in meeting the
local agency matching requirements. As of June 30, 2013, the Commission was not required to make any
contributions.
64. In February 2005, the Commission authorized the issuance of tax-exempt commercial paper notes in an
amount not to exceed $200,000,000 for the primary purpose of financing right-of-way and mitigation land
acquisition and project development costs of capital projects under the 2009 Measure A sales tax. At June
30, 2013, there was $60,000,000 of commercial paper notes outstanding. The source of revenue to repay
the commercial paper notes and any subsequent long-term debt refinancing is the 2009 Measure A sales
tax. Interest is payable on the respective maturity dates of the commercial paper notes, which is up to
270 days from the date of issuance. The maximum allowable interest rate on the commercial paper notes
is 12%.
189
McGladrey LLP
November 6, 2013
Page 9
As a requirement for the issuance of the commercial paper notes, the Commission entered into two
$60,750,000 irrevocable direct draw letter of credit and reimbursement agreements, for an aggregate
amount of $121,500,000, with Union Bank, N.A. and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting
through its New York Branch (collectively, the Banks), as credit and liquidity support for the commercial
paper notes through October 2014. There were no unreimbursed draws by the Commission on these
letters of credit during the year ended June 30, 2013, nor were there any amounts outstanding under
these letters of credit agreement at June 30, 2013.
65. From time to time, the Commission's agreements with various third parties are modified or amended to
adjust for cost overruns and other factors. These modifications are considered to be ordinary courses of
action and are incorporated into the Commission's budgetary process as revisions to the original adopted
budget.
66. In connection with your engagement to perform, in accordance with attestation standards established by
the American Institute of Certified Public Accountants, specified agreed -upon procedures with respect to
the Appropriations Limit Calculation for the year ended June 30, 2013 for the purpose of assisting the
Commission in meeting the requirements of Section 1.5 of Article XIII-B of the California Constitution, we
confirm to the best of our knowledge and belief, the following representations made to you during the
course of your engagement:
a. We understand that we have the responsibility for meeting the requirements under Section 1.5 of
Article XIII-B of the California Constitution and the selection of the criteria against which the
Appropriations Limit Calculation is capable of being evaluated.
b. We understand that we have the responsibility for determining that such criteria are appropriate for
our purposes.
c. There are no known matters contradicting the Appropriations Limit Calculation or any communication
from regulatory agencies affecting the Appropriations Limit Calculation.
d. We have made available to you all records and related data relevant to the subject matter and the
agreed -upon procedures.
67. We understand that we have the responsibility for meeting the requirements with the terms, covenants,
provisions or conditions of Section 6.2(g) and 6.2(1) contained in the Reimbursement Agreement dated
April 1, 2012 with Union Bank and Bank of Tokyo -Mitsubishi UFJ, Ltd. relating to the Commercial Paper
Notes (Limited Tax Bonds) Series A and Series B. There are no known matters in meeting these
requirements or any communication from regulatory agencies that we did not meet these requirements.
190
McGladrey LLP
November 6, 2013
Page 10
Riverside County Transportation Commission
Anne Mayer, Ex
Theresia Trevino, Chief Financial Officer
191
ATTACHMENT 8
McGladrey LLP
1.1 McGladrey
Independent Accountant's Report on
Applying Agreed -Upon Procedures
Board of Commissioners
Riverside County Transportation Commission
Riverside, CA
We have performed the procedures enumerated below to the accompanying Appropriations Limit
Calculation of the Riverside County Transportation Commission (the Commission) for the year ended
June 30, 2013. These procedures, which were agreed to by the Commission and the League of California
Cities (as presented in the publication entitled Agreed -upon Procedures Applied to the Appropriations
Limitation Prescribed by Article XIII-B of the California Constitution), were performed solely to assist the
Commission in meeting the requirements of Section 1.5 of Article XIII-B of the California Constitution. The
Commission's management is responsible for the Appropriations Limit Calculation.
This agreed -upon procedures engagement was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants. The sufficiency of these procedures
is solely the responsibility of those parties specified in this report. Consequently, we make no
representation regarding the sufficiency of the procedures described below, either for the purpose for
which this report has been requested or for any other purpose.
The procedures performed and our findings are as follows:
1. We obtained the completed internal calculations from management and compared the limit and
annual adjustment factors included in those calculations to the limit and annual adjustment factors
that were adopted by a resolution of the Board of Commissioners. We also compared the
population and inflation options included in the aforementioned calculations to those that were
selected by a recorded vote of the Board of Commissioners.
Finding: No exceptions were noted as a result of our procedures.
2. For the accompanying Appropriations Limit Calculation, we added line A, last year's limit, to line E,
total adjustments, and compared the resulting amount to line F, this year's limit.
Finding: No exceptions were noted as a result of our procedures.
3. We compared the current year information presented in the accompanying Appropriations Limit
Calculation to the supporting calculations described in item 1 above.
Finding: No exceptions were noted as a result of our procedures.
4. We compared the prior year Appropriations Limit presented in the accompanying Appropriations
Limit Calculation to the prior year Appropriations Limit adopted by the Board of Commissioners
during the prior year.
Finding: No exceptions were noted as a result of our procedures.
1
Member of the RSM International network of Independent accounting, tax and consutn,rms.
We were not engaged to, and did not, conduct an audit, the objective of which would be the expression of
an opinion on the accompanying Appropriations Limit Calculation of the Commission. Accordingly, we do
not express such an opinion. Had we performed additional procedures, other matters might have come to
our attention that would have been reported to you. No procedures have been performed with respect to
the determination of the appropriations limit for the base year, as defined by Article XIII-B of the California
Constitution.
This report is intended solely for the information and use of the Board of Commissioners and
management of the Commission, and is not intended to be, and should not be, used by anyone other
than these specified parties. However, this report is a matter of public record and its distribution is not
limited.
Z -
Irvine, CA
November 6, 2013
2
193
Riverside County Transportation Commission
Appropriations Limit Calculation
Year Ended June 30, 2013
Amount Source
A. Last year's limit $ 332,891,501
B. Adjustment factors:
1. Population change
2. Per capita change
Total adjustments [(B.1 x B.2)-1.0]
C. Annual adjustment
D. Other adjustments:
1. Lost responsibility (-)
2. Transfer to private (-)
3. Transfer to fees (-)
4. Assumed responsibility (+)
Subtotal
1.0099000
1.0377000
0.0479732
State Finance
State Finance
15,969,881 (B)<A)
E. Total adjustments 15,969,881 (C+D)
F. This year's limit $ 348,861,382 (A+E)
3
194
ATTACHMENT 9
McGladrey LLP
1.1 McGladrey
Independent Accountant's Report on
Applying Agreed -Upon Procedures
Board of Commissioners
Riverside County Transportation Commission and
Board of Directors, Inland Transportation Services
Riverside, CA
We have performed the procedures enumerated below, which were agreed to by the Riverside County
Transportation Commission (the Commission) and Inland Transportation Services (Contractor) (ITS),
solely to assist the specified parties with respect to the purchase of gift cards or coupon incentives and
the payment of incentives related to the Commuter Assistance Program (the Program) administered by
ITS for the year ended June 30, 2013. This agreed -upon procedures engagement was conducted in
accordance with attestation standards established by the American Institute of Certified Public
Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in
this report. Consequently, we make no representation regarding the sufficiency of the procedures
described below, either for the purpose for which this report has been requested or for any other purpose.
As background information for this engagement to perform agreed -upon procedures, we were provided
with: Resolution No. 03-025, Resolution of the Commission Amending Guidelines for the Administration of
the Measure A Funded Commuter Incentive Projects as Part of its Program, and Agreement
No. 00-41-021-10, Amendment No. 10 to the Agreement for Development and Management of Commuter
Assistance Between ITS and the Commission, entered into as of July 1, 2008. In addition, we received an
explanation of the ITS registration process with the employer and employee from the program manager of
ITS.
The procedures and related findings are as follows:
1. We obtained a list of all disbursements recorded by the Commission to vendors for the purchase of
gift cards for the year ended June 30, 2013 and tested all disbursements (see Exhibit 1). Our
procedures and findings related to Exhibit 1 are as follows:
a. We agreed the amount recorded as disbursed by the Commission to canceled checks without
exception.
b. We agreed the amount recorded as disbursed to ITS to check requests without exception.
c. We agreed the amount recorded and the payee to the log of requested gift cards maintained by
ITS without exception.
2. We obtained the "Rideshare Payment" Reports from ITS that list recorded disbursements made to
recipients by ITS for the year ended June 30, 2013 and judgmentally selected a sample of 10 items
for testing (see Exhibit 2). Our selected procedures related to Exhibit 2 are as follows:
a. We obtained the Employer Information Form and Statement of Participation (SOP) for the
employer indicating its participation with ITS as a participant and observed that it was properly
completed and approved. No exceptions were noted.
Member of the RSM International network of Independent accounting, tax and consul]igtrms.
b. We obtained the Employee Enrollment Form from ITS indicating the employee is registered with
ITS as a participant and observed that it was properly completed and approved. No exceptions
were noted.
c. We obtained the employee claim form, observed the claim form was approved and compared
the claim amount to the ITS disbursement listing, without exception.
d. We summed the number of days the employee participated in each rideshare mode, obtained
the incentive earned for each rideshare mode and recalculated the incentive and compared it to
the claim form without exception.
e. We compared the daily amount of reimbursement per mode of transportation to the amount
approved in Resolution No. 03-025 without exception.
f. We compared the recorded disbursement amount per the ITS Incentive Payment Report to the
employer transmittal letter received by ITS without exception.
3. We compared ITS' total gift card inventory balance from gift card inventory schedules provided by
ITS as of June 30, 2013 to the actual gift cards maintained by ITS by judgmentally selecting the
following four gift cards for recounting: (a) Vons and Stater Bros. gift cards under the RCTC
Rideshare Advantage program, noting an inventory balance of $12,780 and $6,401, respectively;
(b) Vons gift cards under the SANBAG Option Rideshare Program, noting an inventory balance of
$6,840 and (c) Vons gift cards under the Coachella Valley Association of Governments (CVAG),
noting an inventory balance of $2,050. No exceptions were noted. The gift card inventory balance
per the inventory schedules as of June 30, 2013 is $30,362.
We were not engaged to, and did not, conduct an audit, the objective of which would be the expression of
an opinion on the specified elements, accounts or items thereof related to the Program. Accordingly, we
do not express such an opinion. Had we performed additional procedures, other matters might have
come to our attention that would have been reported to you.
This report is intended solely for the information and use of the Board of Commissioners and
management of the Riverside County Transportation Commission, and the Board of Directors and
management of Inland Transportation Services, and is not intended to be, and should not be, used by
anyone other than these specified parties.
Irvine, CA
November 6, 2013
196
Exhibit 1
Riverside County Transportation Commission and
Inland Transportation Services (Contractor)
Schedule of Selected Purchases of Gift Cards by the Contractor
Fiscal Year Ended June 30, 2013
Project
Vendor
Voucher Date Amount Check #
Rideshare
Option Rideshare, Rideshare
Rideshare, CVAG Grant
CVAG Grant
Option Rideshare, Rideshare, CVAG Grant
Option Rideshare, Rideshare
Stater Bros.
Stater Bros.
Stater Bros.
Vons
Vons
Vons
10/1/2012
12/27/2012
12/27/2012
2/7/2013
4/10/2013
4/10/2013
$ 15,000 56892
40,000 57882
20,000 57890
7,500 58163
16,500 58951
12,500 58954
197
Exhibit 2
Riverside County Transportation Commission and
Inland Transportation Services (Contractor)
Schedule of Selected Employee Incentive Payments Made by the Contractor
Fiscal Year Ended June 30, 2013
Employee
Initials
E.S.
M.D.
W.P.
S.V.
L.W.
C.C.
J.C.
F.A.
D.G.
R.S.
Employer Name
CareFusion
VA Loma Linda Healthcare Systems
Boeing Company
Walgreens
City of Hope
County of San Bernardino
Ashley Furniture Industries
Fender Musical Instruments
Bighorn Golf Club
Patton State Hospital
Incentive Type
Vons
Vons
Stater Bros.
Stater Bros.
Vons
Vons
Stater Bros.
Stater Bros.
Vons
Stater Bros.
Commute Disbursement
Mode Date Amount
Carpool
Carpool
Buspool
Public Bus
Metrolink
Vanpool
Carpool
Carpool
Carpool
Carpool
10/05/12
08/08/12
11/21/12
01/11/13
06/05/13
02/06/13
01/28/13
10/03/12
02/11/13
10/03/12
$ 130
125
130
135
160
105
160
130
140
135
198
ATTACHMENT 10
Riverside County Transportation Commission
November 6, 2013
Board of Commissioners
Riverside County Transportation Commission
Riverside, California
4080 Lemon Street, 3rd Floor • Riverside, CA 92501
Mailing Address: P. O. Box 12008 • Riverside, CA 92502-2208
(951) 787-7141 • Fax (951) 787-7920 • www.rctc.org
The Comprehensive Annual Financial Report (CAFR) of the Riverside County Transportation Commission
(Commission) for the year ended June 30, 2013 is hereby submitted for your receipt and acceptance. The
CAFR is presented in three sections consisting of Introductory, Financial, and Statistical. The Financial Section
includes the audited financial statements and other supplementary information and the independent
auditor's report on those financial statements. Management of the Commission is responsible for the
financial statements and other information presented in the CAFR.
As the Executive Director and Chief Financial Officer of the Commission, we have reviewed the CAFR for the
year ended June 30, 2013. Based on our knowledge, the CAFR does not contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements made in the CAFR not
misleading with respect to the period covered by the CAFR.
Additionally, based on our knowledge, the financial statements and other financial information included in
the CAFR fairly present in all material respects the financial condition and results of operations of the
Commission as of and for the year ended June 30, 2013.
Anne Mayer, Executj.iie Director Theresia Trevino, Chief Financial Officer
199
ATTACHMENT 11
Riverside County Transportation Commission
November 6, 2013
Board of Commissioners
Riverside County Transportation Commission
Riverside, California
4080 Lemon Street, 3rd Floor • Riverside, CA 92501
Mailing Address: R. O. Box 12008 • Riverside, CA 92502-2208
(951) 787-7141 • Fax (951) 787-7920 • www.rctc.org
In connection with the submission of the Comprehensive Annual Financial Report (CAFR) of the Riverside
County Transportation Commission (Commission) for the year ended June 30, 2013, as the management and
Directors of the Commission, we understand that we are responsible for the operations and activities of the
Commission's programs, projects, and administration.
Accordingly, we hereby make the following representations based upon our knowledge. We are responsible
for establishing and maintaining controls and procedures related to these operations and activities. We have
designed such controls and procedures to ensure that material information is made known to us, particularly
during the year ended June 30, 2013. The controls and procedures have been effective for the year ended
June 30, 2013 and through the date of this letter. There have been and are no significant deficiencies in the
design or operation of internal controls regarding financial reporting for the same period which could
adversely affect the Commission's ability to record, process, summarize and report financial data. There have
been and are no material weaknesses in internal controls. There have been no significant changes in internal
control or in other factors that could significantly affect internal controls subsequent to June 30, 2013.
Management also recognizes its responsibility for fostering a strong ethical climate so that the Commission's
affairs are conducted according to the highest standards of personal and organizational conduct. In
connection with this responsibility, we are not aware of any fraud, whether or not material, that involves
management or other employees who have a significant role in the Commission's internal controls.
Anne�Vlayer, ExecutiODirector
Cathy Bechtel,
elopment Director
Ma in eenstra, Project Delivery Director
4f1Lt/Lt.
Theresia Trevino, Chief Financial Officer
eputy Executive Director
Michael Blomquist, Toll ''ograms Director
I11 1L C. n146' A
y Medina, Plannipg & Programming Director
a'tes, MuVtimo
ervices Director
200
AGENDA ITEM 7C
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE:
December 11, 2013
TO:
Riverside County Transportation Commission
FROM:
Budget and Implementation Committee
Megan Kavand, Accounting Technician
Anne Hallberg, Accounting Supervisor
Theresia Trevino, Chief Financial Officer
THROUGH:
Anne Mayer, Executive Director
SUBJECT:
Quarterly Investment Report
BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION:
This item is for the Commission to receive and file the Quarterly Investment Report for the
quarter ended September 30, 2013.
BACKGROUND INFORMATION:
For the past few years and as a result of a low interest rate environment, the Commission's
quarterly investment reports have reflected investments primarily concentrated in the
Riverside County Pooled Investment Fund (RCPIF). Other investments included the state Local
Agency Investment Fund and mutual funds.
In connection with the issuance of sales tax revenue bonds and toll revenue bonds and the
execution of Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the State
Route 91 Corridor Improvement Project (SR -91 CIP), the Commission anticipated the need to
engage an investment manager for the bond proceeds and other required funds. Additionally,
the Commission desired to engage an investment manager to provide investment advisory and
management services related to the Commission's operating funds. Accordingly, at its May
2013 meeting, the Commission awarded two investment management services agreements to
Logan Circle Partners, L.P. (Logan) for SR -91 CIP funds and to Payden & Rygel Investment
Management (Payden & Rygel) for Commission operating funds.
At the beginning of this first quarter of FY 2013/14, the SR -91 CIP financing was completed and
the bond proceeds received and available for investment were as follows:
Agenda Item 7C
201
Funds Sales Tax Bonds Toll Bonds Total
Project $ 332,701,733 $ 122,120,947 $ 454,822,680
Capitalized Interest 103,695,356 31,406,835 135,102,191
Debt Service Reserve — 17,665,460 17,665,460
Total $ 436,397,089 $ 171,193,242 $ 607,590,331
Logan invested these SR -91 CIP debt proceeds in the Short -Term Actively Managed Program
(STAMP). Since most of the first quarter activity concentrated in the investment and
accounting for the SR -91 CIP financing, Payden & Pygel has not yet been authorized to make
specific investments for the Commission's operating funds.
The quarterly investment report for the first quarter of FY 2013/14 as required by state law and
Commission policy reflects the increased investment activities resulting from the SR -91 CIP.
The quarterly investment report includes the following information:
• Investment Portfolio Report (in a format similar to previous quarters)
• STAMP Portfolio by Investment Category (new)
• STAMP Portfolio by Account (new)
• STAMP Portfolio Transaction Report by Account (new)
• STAMP Portfolio Summary of investment by credit rating, industry group, asset class,
security type and market sector (new)
• STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of investment by credit
rating, industry group, asset class, security type and market sector (new)
• STAMP Portfolio Toll Revenue Project Sales Tax Revenue Fund Summary of investment
by credit rating, industry group, asset class, security type and market sector (new)
• STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of investment
by credit rating, industry group, asset class, security type and market sector (new)
• STAMP Portfolio Toll Revenue Project Capitalized Interest Fund Summary of investment
by credit rating, industry group, asset class, security type and market sector (new)
• STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of investment by
credit rating, industry group, asset class, security type and market sector (new)
• County of Riverside Investment Report for the Quarter Ended September 30, 2013
The Commission's investments were in full compliance with the Commission's investment
policy adopted on June 7, 2012. 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
Agenda Item 7C
202
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
10) STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of Investments
11) County of Riverside Investment Report
Agenda Item 7C
203
ATTACHMENT 1
Riverside County Transportation Commission
Investment Portfolio Report
Period Ended: September 30, 2013
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 23,543,925 A3/BBB+ N/A N/A
County Treasurer's Pooled Investment Fund 416,489,403 Aaa-bf/AAAN1 N/A 0.38%
Local Agency Investment Fund (LAIF) 3,620,517 Not Rated N/A N/A
Subtotal Operating Funds 443,653,846
FUNDS HELD IN TRUST
County Treasurer's Pooled Investment Fund:
Local Transportation Fund
Subtotal Funds Held in Trust
87,700,567 Aaa-bf/AAAN1 N/A 0.38%
87,700,567
COMMISSION MANAGED PORTFOLIO
US Bank Money Market 1 Aaa/AAAm N/A
First American Government Obligation Fund 6,107,064 Aaa/AAAm N/A
Cost of Issuance Fund BNY Mellon Money Market 199,671
Subtotal Commission Managed Portfolio 6,306,737
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
Subtotal STAMP Portfolio
TOTAL All Cash and Investment.
112,338,198
310,243,406
17,727,614
31,540,374
104,073,465
575,923,058
$ 1,113,584,207
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
0
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
7
Nature of Investments
■ STAMP Portfolio for 91 CIP Reserve
• STAMP Portfolio for 91 CIP Project Fund
• STAMP Portfolio for 91 CIP Capitalized
Interest
• Commission Managed Portfolio Debt
Reserve
■ Trust Funds
• Operating Funds
N/A
Portfolio Investment Type
51.60% Fixed
Income
0.12% Money
Market Funds
a02% Cash
0.55% Mutual
Funds
0.33% LAIF
47.39% Gouty
Pool/Cash
204
ATTACHMENT 2
111.1
Riverside County Transportation Commission
STAMP Portfolio by Category for quarter ending September 30, 2013
Source
Account
Account
Security Type
Identifier Cate•ory
Issuer
Base Net Total Summarize
Current Face Unrealized d Credit
Final Maturi r Trade Date Value Ori ' inal Cost Next Call Date Base Market Value Gain/Loss Cou on Yield Ratin
347621 LC -Sr Lien Reserve Fund -I
347621 LC Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1 3137EADB2 Agency
347621 LC -Sr Lien Reserve Fund -1 313403Y61 Agency Federal Home Loan Mortgage Corporation
347621 LC -Sr Lien Reserve Fund -1 3135002A2 Agency Federal National Mortgage Association
347621 LC -Sr Lien Reserve Fund -1 313500KB8 Agency Federal National Mortgage Association
347628 LC-PF-2 Sales Tax Revenue Bond 3133XCQE6 Agency CMO Federal Home Loan Banks Office of Finance
205091001 LC -201 3 A Capitalized Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation
205091001 LC -2013 A Capitalized Interest 31393V2T7 Agency CMO
347623 LC -Sr Lien Ob Fund -1 Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation
347623 462,984.46 489,678.41 --- 485,507.27 (433.35) 4.500 1.084 AAA
347621 471,848.73 461,103.11 -- 460,596.55 1.053.78 1.459 1.908 AAA
347623 471,848.73 459,462.70 --- 460,596.55 2,859.83 1.459 1.908 AAA
-- --- 440,221.98 1,415.32 3.500 1.645 AAA
347621 423,283.04 438,230.21
408,949.95 415,595.39 --- 414,056.10 (2,142.33) 4.500 1.866 AAA
370,892.55 379,933.05 379,792.86 (1,702.37) 7.000 3.874 AAA
251,000.00 258,314.30 --- 259,743.08 1,841.54 2.699 1.866 AAA
229,753.10 243,071.59 - 242,991.24. (1,364.25) 4.500 1.757 AAA
224,726.03 227,956.47 --- 227,002.51 (1,011.68) 4.500 1.871 AAA
235,000.00 220,358.40 - 221,371.41 435.74 2.396 3.181 AAA
347621 LC -Sr Lien Reserve Fund -1 31395K5G4 Agency CM0 Federal Home Loan Mortgage Corporation 61,251.18 62,131.67 --- 62,342.43 (56.13) 5.000 2.473 AAA
347621 LC -Sr Lien Reserve Fund -1 3137003W2 Agency CMO Federal Home Loan Mortgage Corporation 08/25/2017 07/31/2013 45,000.00 44.964.84 -- 45,146.88 (22.94) 1,426 1,441 AAA
205091001 LC -2013 A Capitalized Interest 3136ASG38 Agency CMO Federal National Mortgage Association 0/2/2512017 07/0/2/2013 3,070,000.00 3,024,669.53 --- 3,051,119.50 15,659.33 1.246 1.475 AAA
205091001 LC -2013 A Capitalized Interest 3136ACGF2 Agency CM0 Federal National Mortgage Association 02/25/2016 07/15/2013 2,585,000.00 2,591,462.50 -- 2,597,847.45 (984.28) 1.083 0.972 AAA
930,000.00 916,267.97 --- 924,281.43 4,743.71 1.246 1.475 AAA
767,329.50 811,211.17 -- 805,389.04 (4,876.33) 4.500 1.352 AAA
205091001 LC -2013 A Capitalized Interest 3136A4M89 Agency CM0 Federal National Mortgage Association 693,904.35 698,322.57 --- 701,002.99 4,678.50 1.934 1.561 AAA
205091001 LC -2013 A Capitalized Interest 31392F6C6 .Agency CMO - 662,851.52 703,140.46 699,016.70 (2,507.66) 5.000 1.055 AAA
205091001 LC -2013 A Capitalized Interest 31392FPP6 Agency CMO Federal National Mortgage Association 437,366.40 463,198.35 --- 460,796.12 158.45 5.000 0.804 AAA
-_ - - --_ - - - 347621 LC -Sr Lien Reserve Fund -1 3136A72D3 Agency CMO Federal National Mortgage Association 395,000,00 375,250.00 --- 374,697.00 (1,172.76) 2.482 3.181 AAA
347621 LC -Sr Lien Reserve Fund -I 313930RM5 Agency CMO Federal National Mortgage Association 248,916.16 262,762.12 -- 266,841.11 7,248.72 5.000 2.214 AAA
205091001 LC -2013 A Capitalized Interest 31392BVM5 Agency CMO Federal National Mortgage Association 250,491.68 264,425.28 -- 262,971.18 56.05 5.500 0.760 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 3136A4M89 Agency CMO Federal National Mortgage Association 213.160.16 214,517.39 -- 215,34(1.36 1,437.19 1.934 1.561 AAA
347621 LC -Sr Lien Reserve Fund -1 3136A7M18 Agency CMO Federal National Mortgage Association 175,000.00 172,402.34 - 174,054.65 1,038.05 1.520 1.712 AAA
205091001 LC -2013 A Capitalized Interest 31392HWL3 Agency CMO Federal National Mortgage Association 47,058.92 102,457.83 --- 102,602.92 (421.14) 5.000 1363 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 31393EXC8. Agency CMO Federal National Mortgage Association 85,258.83 90,134.58 -- 89,487.33 (541.82) 4.500 1.352 AAA
347621 LC -Sr Lien Reserve Fund -1 31392//83 Agency CMO Federal National Mortgage Association 68,460.84 72,226.24 --- 72,405.68 596.76 5.000 0.831 AAA
3133EC3U6 Agency
313376NF8 Agency
3137EACA5 .Agency
Federal Farm Credit Banks Consolidated Systemwide Bonds
Federal Home Loan Banks Office of Finance
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
11/21/2014 07/09/2013
06/27/2019 07/09/2013
03/27/2019 07/05/2013
01/13/2022 07/05/2013
12/10/2014 07/08/2013
04/27/2017 07/05/2013
04/16/2019 08/01/2013
07/28/2015 08/13/2013
11/25/2016 07/08/2013
06/15/2018 07/08/2013
11/25/2016 07/09/2013
06/15/2018 07/08/2013
100,000.00
750,000.00 758,145.00 12/27/2013
800,000.00 875,900.00
550,000.00 529,303.50
250,000.00 249,812.50 12/10/2013 250,102.50 227.32 0.375 0.231 AAA
450,000.00 448,983.00 --- 451,552.50 2,764.01 1.125 1.010 AAA
175,000.00 177,257,50 04/16/2014 176,834.00 550,46 2.750 0.349 AAA
186,278.95 196,058.60 --- 198,461.04. 232.14 5.250 1.502 AAA
99,800.00
09/26/2013
100,002.00
754,320.00
880,336.00
535,315.00
166.01
0.280 0.281
114.18 3.000 0.629
8,522.83 3.750 1.793
5,807.09 2.375 2.730 AAA
AAA
AAA
AAA
Federal Home Loan Mortgage Corporation
3,070,000.00 3,100,460.16 - 3,117,707.80 6,441.07 1.655 1.232 AAA
1,524,351.56 1,612,239.95 -- 1,598,511.26 (1,426.79) 4.500 1.084 AAA
930,000.00 939,227.34
944,449.41
1,951.21 1.655 1.232 AAA
LC -Sr Lien Ob Fund -1 Interest 31393V2T7
LC -Sr Lien Reserve Fund -1 3137ASNH3
LC -Sr Lien 06 Fund -1 Interest 3137ASNH3
LC -Sr Lien Reserve Fund -1 3137A7E22
Agency CMO
Agency CMO
Agency CMO
Agency CMO
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
09/25/2021 07/03/2013
09/25/2021 08/15/2013
04/15/2028 07/08/2013
06/15/2019 07/15/2013
06/15/2028 07/08/2013
05/25/2018 07/03/2013
08/15/2019 07/09/2013
02/15/2019 07/09/2013
06/25/2022 07/03/2013
347628 LC-PF-2 Sales Tax Revenue Bond 31395MLT4 Agency CMO Federal Home Loan Mortgage Corporation
347621 LC -Sr Lien Reserve W CMO Fund -1 31398V C6 Agency Federal Home Loan Mortgage Corporation
_. _.
347621 LC -Sr Lien Reserve Fund -1 3137AEV77 Agency CMO Federal Home Loan Mortgage Corporation
347621 LC -Sr Lien Reserve Fund -1 31395EZP5 Agency CMO Federal Home Loan Mortgage Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 31395JS72 Agency CMO
347621 LC -Sr Lien Reserve Fund -1 3137AUPE3 Agency CMO
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
347623 LC -Sr Lien 06 Fund -1 Interest 3136A8G38 Agency CMO Federal National Mortgage Association
205091001 LC -2013 A Capitalized Interest 31393EXC8 Agency CMO Federal National Mortgage Association
08/25/2017 07/08/2013
09/25/2018 07/24/2013
Federal National Mortgage Association
12/25/2017 07/09/2013
11/25/2017 07/15/2013
04/25/2022 07/03/2013
07/25/2033 07/05/2013
02/25/2017 07/11/2013
01/25/2019 07/05/2013
12/25/2019 08/20/2013
02/25/2018 07/12/2013
09/25/2018 07/24/2013
03/25/2018 07/08/2013
The Government National. Mortgage Association Guaranteed REMIC
205091001 LC -2013 A Capitalized Interest 38376GWZ9 Agency CMO Pass -Through Securities
The Governnent National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Ftmd-1 38377UN20 Agency CMO Pass -Through Securities
The Government National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -1 38378TAF7 Agency CMO Pass -Through Securities
The Government National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -I 383771289 Agency CMO Pass -Through Securities
The Government National Mortgage Association Guaranteed REMIC
347621 LC -Sr LiereReserve Ftmd-1 38377RVK8 Agency:CMO. Pass -Through Securities
The Government National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -I 38376LE39 Aeencv CMO Pacs-Thrnunh Securities
205091001 LC -2013 A Capitalized Interest 3128GNR59 Agency MBS Federal. Home Loan Mortgage Corporation 10/012016 07/05/2013 612,371.23 648,730.79 -- 639,634.00 (6,296.76) 6.000 1.896 AAA
205091001 LC -2013 A Capitalized Interest 3128PGLY7 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2017 07/17/2013 491,816.84 518,252.00 - 520,819.28 2,465.70 5.000 0.889 AAA
205091001 LC -2013 A Capitalized Interest 3132FEAK7 Agency MBS Federal Home Loan Mortgage Corporation 12/01/2017 07/03/2013 444,540.51 471,074.03 --- 470,817.30 263.49 5.000 0.963 AAA
205091001 LC -2013 A Capitalized Interest 31294LPZ0 Agency MBS Federal Home Loan Mortgage Corporation 12/01/2016 07/05/2013 442,039.64 467,318.78 --- 466,904.37 (1,429.79) 6.000 1.288 AAA
347621 LC -Sr Lien Reserve Fund -1 3137A7JU5 Agency MBS Federal Home Loan Mortgage Corporation 11/25/2017 07/03/2013 325,000.00 35.1,203,13. -- 352,190.48 3,788.59 3.882 1.557 AAA
347621 LC -Sr Lien Reserve Fund -1 3128MMAK9 Agency MBS Federal Home Loan Mortgage Corporation 09/01/2019 07/08/2013 296,204.92 314,902.85 --- 313,758.02 2,099.03 5.000 1.412 AAA
205091001 LC -2013 A Capitalized Interest 3128MBTHO Agency MBS Federal Home Loan Mortgage Corporation 03/01/2019 07/26/2013 245,908.45 260,662.96 - 260,451.48 871.19 5,000 1.142 AAA
205091001 LC -2013 A Capitalized Interest 3128P1'IVS7 Agency MBS Federal Home Loan Mortgage Corporation 11/012019 07/16/2013 232,553.50 245,053.25 -- 246,413.69 1,585.83 5.000 0.963 AAA
205091001 LC -2013 A Capitalized Interest 3128H4NR6 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2018 07/16/2013 205,435.17 217,632.88 -- 217,644.18 802.99 5.000 0.979 AAA
205091001 LC 2011 A Capitalized Internet 31401MWC1 Agency MBS Federal National Mortgage Association 06/012018 07/12/2013 1,424,784.77 1,519,176.76 - 1,513,947.80 (720.79) 4.500 0,833 AAA
205091001 LC -2013 A Capitalized Interest 31381QLL8 Agency MBS Federal National Mortgage Association 03/01/2016 07/11/2013 963,837.97 978,897.94 - 975,326.92 22,513.61 3.295 1.674 AAA
205091001/ LC 2013 A Capitalized Interest 31402/2863 Agency MBS Federal National Mortgage Association 09/0112019 --- 677,539.08 727.192.11 --- 725,088.77 1,615.90 6.000 0.868 AAA
205091001 LC -2013 A Capitalized Interest 31402QT68 Agency MBS Federal National Mortgage Association 10/01/2019 07/11/2013 645,384.40 697,216.84 -- 689,767.49 (2,177.77) 6.000 1.302 AAA
347621 LC -Sr Lien Reserve Fund -1 3136A4M48 Agency MBS Federal National Mortgage Association 01/25/2022 07/05/2013 450,530.48 451,797.59 --- 453,788.26 3,516.35 2.098 1.831 AAA
347621 LC -Sr Lien Reserve Fund -1 31418AFW3 Agency MBS Federal National Mortgage Association 06/01/2022 07/10/2013 371,038.87 383,213.58 -- 388,436.88 1,310.45 3.000 1.801 AAA
205091001 LC -2013 A Capitalized Interest 3141UGSQ7 Agency MBS Federal National Mortgage Association 12/111 /2017 07/05/2013 356,668.54 382,972.84 --- 380,401.26 (4,802.34) 6.000 1.701 AAA
__. . . . . . . . . . 347621 LC -Sr Lien Reserve Fund -1 31417YKF3 Agency MBS Federal National Mortgage Association 01/01/2030 07/10/2013 243,18944 256,565.40 -- 263,399.03 4,548.10 4.500 2.413 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 31402RBG3 Agency MBS Federal National Mortgage Association 09/01/2019 07/16/2013 197,356.39 211,849.75 - 211,206.86 452.98 6.000 0.868 AAA
347621 LC -Sr Lien Reserve Fund -1 31416YXJ2 Agency MBS Federal National Mortgage Association 08/01/2026 07/03/2013 89,234.91 93,431.74 --- 94,225.82 1,596.28 3.500 1.718 AAA
347621 LC -Sr Lien Reserve Fund -1 31385X861 Agency MBS Federal National Mortgage Association 03/01/2018 09/13/2013 54,869.39 58,435.90 --- 58,058.40 412.86 6.000 0.642 AAA
08/16/2031 07/11/2013 2,712,538.67 2,714,445.93- - 2,722,954.82 4,004.44 L864 1.392 AAA
01/20/2040 07/08/2013 466,451.03 475,178.77 - 476,424.22 1,080.10 3.000 1.807 AAA
07/20/2041 07/05/2013 295,618.97 295,663.54 - 295,625.47 166.84 2.500 2.470 AAA
10/20/2039 07/05/2013 261,762.56 269,768.81
265,604.97 697.92 3.500 2.467 AAA
04/20/2039 07/03/2013 169,132.21 173,149.10
176,863.92
1,857.35 3.000 1.990 AAA
17/70/7036 07/06/2013 67,614.99 68,481.31 --- 70,660.37 14697 4.000 1096 AAA
205
Page 2 o 32
Federal Home Loan Mortgage Corporation
05/15/2033 07/08/2013
01/25/2019 07/05/2013
111111 wals
Riverside County Transportation Commission
STAMP Portfolio by Category for quarter ending September 30, 2013
205091001 LC -2013 A Capitalized Interest 36290WH47 Agency MBS
205091001 LC -2013 A Capitalized Interest 36200AFG9 Agency MBS
347628 LC-PF-2 Sales Tax Revenue Bond 02582JFY1 Asset Backed
Government National Mortgage Association
Government National Mortgage Association
American Express Credit Account Master Trust
347628 LC-PF-2 Sales Tax Revenue Bond 05522RAY4 Asset Backed BA Credit Cud Trust
347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 Asset Backed Citibank Omni -S Master Trust
347628 LC-PF-2 Sales Tax Revenue Bond 17308BAL2 Asset Backed Citibank Omni -S Master Trust 08/15/2018 4,340,000.00 4,557,730.08
347628 LC-PF-2 Sales Tax Revenue Bond 36159JBT7 Asset Backed GE Capital Credit Card Master Note Trust 11/15/2017 07/11/2013 5,000,000.00 5,209,179.69
347628 LC-PF-2 Sales Tax Revenue Bond 36159JCS8 Asset Backed GE Capital Credit Card Master Note Trust 01/15/2018 07/15/2013 2,295,000.00 2,304,682.03
347625 LC -Project Fund -2 Senior Lien 36162DAB5 Asset Backed GE EQUIP SMALL TICKET LLC SER201 I-2 06/23/2014 07/10/2013 224,477.72 224,661.86
347623 LC -Sr Lien Ob Fund -1 Interest 36162WAC1 Asset Backed GE EQUIP TRANSN LLC SER 2013-1 11/25/2016 07/09/2013 925,000.00 921,964.84
-'------_ -
347628 LC-PF-2 Sales Tax Revenue Bond 36162RAC2 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-1 09/21/2015 07/10/2013 6,000,000.00 6,018,984.38
347628 LC-PF-2 Sales Tax Revenue Bond 36162RAB4 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-1 11/21/2014 --- 903,235.20 903,749.35
347623 LC -Sr LienOb Fund -1 Interest 36162RAB4 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-t 11/21/2014 07/03/2013 258,510.36 258,651.73
347628 LC-PF-2 Sales Tax Revenue Bond 438 13TAD5 Asset Backed Honda Auto Receivables 2011-1 Owner Trust 04/17/2017 07/11/2013 3,981,000.00 4,010,857.50
347625 LC -Project Fund -2 Senior Lien 43813TAC7 Asset Backed Honda Auto Receivables 2011-1 Owner Trust 10/15/2014 07/24/2013 54,871.28 54,918.43
347628 LC-PF-2 Sales Tax Revenue Bond 43814AAC7 Asset Backed Honda Auto Receivables 2011-2 Owner Trust 03/18/2015 07/24/2013 98,135.50 98,258.17
347628 LC-PF-2 Sales Tax Revenue Bond 43813XAB0 Asset Backed Honda Auto Receivables 2012-3 Owner Trust 12/15/2014 07/10/2013 976,761.57 976,761.56
347628 LC-PF-2 Sales Tax Revenue Bond 438 12XA61 Asset Backed Honda Auto Receivables 2013-3 Owner Trust 01/15/2016 07/17/2013 6,000,000.00 5,999,9100.60 --- 6,005,652.00 5,726.05 0.540 --- AAA
347623 LC -Sr Lien Ob Fund -1 Interest 47787BAC9 Asset Backed John Deere Owner Trust 2012 03/15/2016 07/05/2013 898,375.15 899,217.38 - 899,811.65 (1,158.40) 0.750 0.830 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 47787RAB6 Asset Backed Joln Deere Owner Trust 2012-B 02/17/2015 07/24/2013 95,417.79 95,384.24 --- 95,425.90 81.56 0.430 0.190 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 55314QAC1 Asset Backed MMAF EQUIP FIN LLC 2012-A 08/10/2016 07/11/2013 3,000,000.00 3,008,085.94 - 3,004,953.00 (6,771.47) 0.940 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 55314MAC'0 Asset Backed MMAF Equipment Finance LLC 20] 1-A 09/15/2015 07/10/2013 4,433,089.88 4,443,826.27 --- 4,440,036.53 207.16 1.270 AAA
347625 LC -Project Fund -2 Senior Lien 65475HAE1 Asset Backed Nissan Auto Lease Trust 2011-A 04/17/2017 07/26/2013 485,000.00 485,985.16 -- 485,514.10 (8.03) 1.240 0.640 AAA
347625 LC -Project Fund -2 Senior Lien 65475NAD0 Asset Backed Nissan Auto Lease Trust 2011-B 02/16/2015 07/11/2013 346,347.91 346,645.55 -- 346,680.41 (5.31) 0.920 0.597 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 65475UAB8 Asset Backed Nissan Auto Receivables 2012-A Owner Trust 10/15/2014 07/05/2013 237,095.00 237,141.30 - 237,1 16.81 (6.51) 0.540 - AAA
347625 LC -Project Fund -2 Senior Lien 65475UAB8 Asset Backed Nissan Auto Receivables 2012-A Owner Trust 10/15/2014 07/26/2013 50,871.84 50,883.76 --- 50,876.52 (3.45) 0.540 --- AAA
347625 LC -Project Fund -2 Senior Lien 89236PAB9 Asset Backed Toyota Auto Receivables 2012-A Owner Trust 10/15/2014 07/24/2013 47,856.08 47.869.17 --- 47,862.64 0,74 0.570 0.298 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 002799AK0 Corporate Abbey National Treasury Services PLC 04/25/2014 07/12/2013 5,000,000.00 5,088,500.00 --- 5,059,300.00 (19,485.57) 2.875 1.270 A
347628 LC-PF-2 Sales Tax Revenue Bond 00279VCA1 Corporate Abbey National Treasury Services PLC 11/10/2014 07/05/2013 3,000,000.00 3,105,090.00 --- 3,095,520.00 (1,568.71) 3.875 1.270 A
347623 LC -Sr Lien Ob Fund -1 Interest 00279VCA1 Corporate Abbey National Treasury Services PLC 11/10/2014 07/05/2013 1,000,000.00 1,035,030.00 -- 1,031,840.00 (522.90) 3.875 1.270 A
347623 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 --- 289,912.50 4,023.89 6.000 1.790 A
347628 LC-PF-2 Sales Tax Revenue Bond 0258M0CZ0 Corporate American Express Credit Corporation 08/25/2014 07/03/2013 6,124,000.00 6,430,200.00 -- 6,375,022.76 4,665.14 5.125 0.600 A
205091001 LC -2013 A Capitalized Interest 037833AF7 Corporate Apple Inc. 05/03/2016 07/31/2013 3,000,000.00 3,000,840.00 -- 2,999,280.00 1,187.78 0.316 0.294 AA
347628 LC-PF-2 Sales Tax Revenue Bond 78387GAP8 Corporate AT&T Inc. 09/15/2014 07/03/2013 6,504,000.00 6,842,273.04 --- 6,783,086.64 19,922.06 5.100 0.380 A
347623 LC -Sr Lien Ob Fund -1 Interest 78387GAP8 Corporate AT&T Inc. 09/15/2014 07/03/2013 1,300,000.00 1,367,613.00 - 1,355,783.00 3,981.96 5.100 0.380 A
347628 LC-PF-2 Sales Tax Revenue Bond 05531 FAA] Corporate BB&T Corporation 04/30/2014 07/09/2013 7,460.000.00 7,764,144.20 --- 7,689.917.20 5,797.22 5.700 0.489 A
347628 LC-PF-2 Sales Tax Revenue Bond 05565QBL1 Corporate BP Capital Markets P.L.C. 05/08/2014 07/10/2013 7,050,000.00 7,232,313.00 -- 7,189,590.00 965.45 3.625 0.430 A
-__ - . .
347623 LC -Sr Licit Ob Fund -1 Interest 05565QCC0 Corporate BP Capital Markets P.L.C. 11/06/2017 07/03/2013 300,000.00 292,194.00 -- 295,464.00 3,093.07 1.375 1.740 A
347628 LC-PF-2 Sales Tax Revenue Bond 14912L4V0 Corporate Caterpillar Financial Services Corporative: 05/20/2014 07/09/2013 6,445,000.00 6,501,071.50 -- 6,489,663.85 3,307.26 1.375 0.281 A
347628 LC-PF-2 Sales Tax Revenue Bond 172967CK5 Corporate Citigroup Inc. 05/05/2014 07/09/2013 3,228.000.00 3,333,232.80 --- 3,314.962.32 12,906.84 5.125 0.449 A
347623 LC -Sr Lien Ob Fund -1 Interest 172967FD8 Corporate Citigroup Inc. 05/19/2015 07/03/2013 614,000.00 649,790.06 -- 649,796.20 4,464.25 4.750 1.130 A
347628 LC-PF-2 Sales Tax Revenue Bond 22546QAA5 Corporate Credit Suisse AG 05/01/2014 07/08/2013 9,000,000.00 9,360,720.00 - 9,265,860.00 (1,850.43) 5.500 0.560 A
-_-
347628 LC-PF-2 Sales fax Revenue Bond 233851AG9 Corporate Daimler Finance North America LLC 09/15/2014 07/08/2013 2,400,000.00 2,428,301.60 --- 2,425,632.00 (604.54) 1.875 0.895 A
347623 LC -Sr Lien Ob Fund -1 Hnerest 233851AT1 Corporate Daimler Finance North America LLC 01/11/2016 07/08/2013 500.000.00 497,995.00 -- 499.955.00 2,948.80 1.250 1.150 A
347623 LC -Sr Lien Ob Fund -1 Interest 263534BX6 Corporate E. 1. du Pont de Nemours and Company 03/15/2015 07/09/2013 950,000.00 1,014,068.00 -- 1,006,192.50 3,435.05 4.750 0.460 A
347628 LC-PF-2 Sales Tax Revenue Bond 29250NAC9 Corporate Enbridgc Inc. 06/15/2014 07/08/2013 5,000,000.00 5,234,800.00 -- 5,177,75(1.00 334.57 5.800 0.730 A
347628 LC-PF-2 Sales Tax Revenue Bond 36962GK86 Corporate General Electric Capital Corporation 09/15/2014 07/09/2013 5,000,000.00 5,243,950.00 - 5,210,050.00 6,264.58 4.750 0.460 AA
347628 LC-PF-2 Sales Tax Revenue Bond 36962G4G6 Corporate General Electric Capital Corporation 11/14/2014 07/08/2013 3,000,000.00 3,118,200.00 -- 3,111,600.00 11,640.34 3.750 0.460 AA
347623 LC -Sr Lien Ob Fund -1 Interest 36962G3H5 Corporate General Electric Capital Corporation 09/15/2017 07/03/2013 300,000.00 340,212.00 -- 341,841.00 3,547.44 5.625 1.960 AA
347628 LC-PF2 Sales Tax Revenue Bond 370334BL7 Corporate General Mills, Inc. 05/16/2014 07/10/2013 5,820,000.00 5,868,888.00 -- 5,857.946.40 3,144.79 1.550 0.461 A
205091001 LC -2013 A Capitalized Interest 44328MAL8 Corporate HSBC Bank PLC 05/24/2016 --- 3,625,000.00 3,799,301.25 --- 3,812,086.25 21,710.43 3.100 1.160 AA
347628 LC-PF-2 Sales Tax Revenue Bond 4042REJQ3 Corporate Hsbc Bank USA 04/01/2014 --- 13,486,000.00 13,871,230.45 -- 13,748.302.70 703.66 4.625 0.607 A
347625 LC -Project Fund -2 Senior Lien 449786AF9 Corporate ING Bank N.V. 10/18/2013 07/18/2013 2,880,000.00 2,890,944.00 --- 2,881,699.20 (990.98) 2.000 1.209 A
- - - - __ --
205091001 LC -2013 A Capitalized Interest 4592006X3 Corporate International Business Machines Corporation 07/22/2016 07/10/2013 465,000.00 477,936.30 -- 478,824.45 1,874.43 1.950 0.870 AA
347625 LC -Project Fund -2 Senior Lien 24422ERJ0 Corporate John Deere Capital Corporation 10/04/2013 07/11/2013 5,000,000.00 5,005,075.00 --- 5,000,100.00 359.69 0.674 -0.323 A
347628 LC-PF-2 Sales Tax Revenue Bond 46625HHN3 Corporate JPMorgan Chase & Co. 06/01/2014 07/08/2013 6,000.000.00 6,214.500.00 --- 6,164.340.00 9,480.00 4.650 0.410 A
-_ .. _. _.
347623 LC -Sr Lien Ob Fund -1 Interest 4RLICJM9 Corporate JPMorgan Chase Bank, National Association 06/13/2016 07/11/2013 500,000.00 492,775.00 -- 494,325.00 906.65 0.584 1.014 A
347623 LC -Sr Lien Ob Fund -1 Interest 48121CYK6 Corporate JPMorgan Chase Bank, National Association 10/01/2017 07/03/2013 300.000.00 341,424.00 - 343,245.00 3,640.83 6.000 2.240 A
347628 LC PF-2 Sales Tax Revenue Bond 581557AW5 Corporate McKesson Corporation 02/15/2014 07/05/2013 4,575,000.00 4,736,131.50 --- 4,674,094.50 3,77499 6.500 0.470 A
347628 LC-PF-2 Sales Tax Revenue Bond 59156RAW8 Corporate MetLife, Inc. 02/06/2014 07/10/2013 8,100.000.00 8,184,969.00 -- 8,157,996.00 (784.46) 2.375 0.530 A
347628 LC-PF-2 Sales Tax Revenue Bond 59156RAH1 Corporate MetLife, Inc. 06/15/2014 07/08/2013 2,087,000.00 2,181,269.79 -- 2,161,401,55 4,507.35 5.500 0.340 A
347628 LC-PF-2 Sales Tax Revenue Bond 59217GAE9 Corporate Metropolitan Life Global Funding I 01/10/2014 07/09/2013 1,730.000.00 1,742,957.70 --- 1,737.923.40 (149.71) 2.000 0.530 AA
347623 LC -Sr Lien Ob Fund -1 Interest 59217GAC3 Corporate Metropolitan Life Global Funding I 09/29/2015 07/03/2013 740,000.00 766,284.80 764,405.20 61.07 2.500 0.880 AA
205091001 LC -2013 A Capitalized Interest 59217GAV1 Corporate Metropolitan Life Global Funding I 06/29/2015 07/31/2013 545,000.00 553,763.60 -- 552,362.95 (320.23) 1.700 0.880 AA
347628 LC-PF-2 Sales Tax Revenue Bond 61747WAD1 Corporate Morgan Stanley 01/24/2014 07/09/2013 9,070,000.00 9,164,146.60 --- 9,130,678.30 6,764.75 2.875 0.710 A
347623 LC -Sr Lien Ob Fund -1 Interest 61746BDG8 Corporate Morgan Stanley 02/25/2016 07/03/2013 500,000.00 496,725.00 --- 502,410.00 5,337.92 1.750 1.550 A
347628 LC-PF-2 Sates Tax Revenue Bond 67021CAB3 Corporate NSTAR Electric Company 04/15/2014 07/10/2013 7,900,000.00 8,161,332.00 --- 8,085,018.00 (10,947.12) 4.875 0.731 A
347623 LC -Sr Licn Oh Fund -I Interest 69349LAL2 Corporate PNC Bank, National Association 04/29/2016 07/11/2013 500,000.00 449.180.00 04/29/201201 5 498,990.00 2,872.98 0.584 0.307 A
347628 LC-PF-2 Sales Tax Revenue Bond 693476BK8 Corporate PNC Funding Corp. 05/19/2014 07/10/2013 4,970,000.00 5,074,916.70 5,048,873.90 1,394.14 3.000 0.460 A
347628 LC-PF-2 Sales Tax Revenue Bond 74432QAE5 Corporate Prudential Financial, Inc. 09/20/2014 07/09/2013 2,686,000.00 2,820,407.44 -- 2,800,101.28 2,425.46 5.100 0.780 A
Base Net Total Summarize
Current Face Unrealized d Credit
Final Maturity Trade Date Value Original Cost Neat CalI Date Base Market Value Gain/Loss Coupon Yield Rating
09/15/2018 07/18/2013
11/15/2017 07/09/2013
04/17/2017 07/05/2013
08/15/2016 07/03/2013 3,100,000.00 3,092,492.19
11/15/2018 07/11/2013 5,000,000.00 5,274,609.38
2,037,083.94 2,164,401.70
134,051.07 142,848.17
1,000,000.00 1,001,796.88
--- 2,185,811.44
--- 142,529.80
- 1,002,058.00
40,718.21
3,546.04
1,198.35
4.500
5.500 -0.570
0.882 0.605
0.012
AAA
AAA
AA
3,095,669.30
4,409.19 0.382 0.555 AA
- 5,234,395.00 (13,284.79) 4.900 0.984 AAA
4,519,862.62 (7,677.79) 5.350 0.923 AAA
- 5,177,440.00 (11,044.12) 3.800 0.844 AAA
2,301,901.07 (2,657.62) 1.030 0.838 AAA
- 224,516.56 21.51 1.140 0.334 AAA
923,088.03
6,014,964.00
903,804.24
258,673.22 (569.08) 0.850 1.598 AAA
4,006,74513 4,298.28 1.800 0.774 AAA
(16,836.81) 0.690 2.000 AAA
(18,919.01) 1.040 1.116 AAA
(2,022.35) 0.850 1.598 AAA
54,886.97 4.03 1.130 0.288 AAA
98,306.94 48.69 0.940 0.412 AAA
977,028.22 (175.82) 0.460 0.562 AAA
206
Page 3 of 32
Riverside County Transportation Commission
STAMP Portfolio by Category for quarter ending September 30, 2013
Source
Account
Account
Security Type
Identifier Category
Rabobank Nederland
Rabobank Nederland
Base Net Total Summarize
Current Face Unrealized d Credit
Final Maturity Trade Date Value Original Cost Next Can Date Base Market Value Gain/Loss Coupon Yield Rating
205091001 LC -2013 A Capitalized Interest 21686CAD2
205091001 LC 2013 A Capitalized Interest 21685WBL0
347623 LC -Sr Lien Ob Fund -I Interest 767201AM8 Corporate
205091001 LC -2013 A Capitalized Interest 78008K5 V 1 Corporate
205091001 LC -2013 A Capitalized Interest 822582AC6 Corporate Shell International Finance B.V.
347628 LC-PF-2 Sales Tax Revenue Bond 88166DAA4 Corporate Teva Pharmaceutical Finance III BV
347628 LC-PF-2 Sales Tax Revenue Bond 020002AR2 Corporate The Allstate Corporation
347625 LC -Project Fund -2 Senior Lien 38141GDQ4 Corporate The Goldman Sachs Group. Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 381410.033 Corporate The Goldman Sachs Group, Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 38141GCM4 Corporate The Goldman Sachs Group, Inc.
347623 LC -Sr Lien Ob Fund -1 Interest 38143USC6 Corporate The Goldman Sachs Group, Inc.
347623 LC -Sr Lien Ob Fund -1 Interest 38 144LAB6 Corporate The Goldman Sachs Group, Inc. 09/01/2017 07/03/2013 300,000.00 322,515.00 --- 342,267.00 20,833.16 6.250 2.460 A
205091001 LC -2013 A Capitalized Interest 7427 I8DV8 Corporate The Procter & Gamble Company 08/15/2016 07/10/2013 1,240,000.00 1,256,033.20 1,260,174.80 5,060.12 1.450 0.880 AA
05/15/2014 07/10/2013 2,100,000.00 2,160,648.00 --- 2,146,872.00 (3,946.91) 4.150 0.981 A
205091001 LC -2013 A Capitalized Interest 89114QAE8 Cor
porate Q The Toronto -Dominion Bank 10/19/2016 07/08/2013 750,000.00 776,452.50 --- 775,725.00 1,420.16 2.375 1.210 AA
205091001 LC -2013 A Capitalized Interest 89153VAC3 Corporate Total Capital International 06/28/2017 07/08/2013 160,000.00 157,765.60 --- 160,812.80 3,920.27 1.550 1.240 AA
205091001 LC -2013 A Capitalized Interest 89233P610 Corporate Toyota Motor Credit Corporation 07/17/2015 07/03/2013 5,000,000.00 5,014,650.00 - 5,034,700.00 18,696.44 0.875 0.520 AA
347623 LC -Sr Lien Ob Fund -1 Interest 8923356]0 Corporate Toyota Motor Credit Corporation 07/17/2015 07/03/2013 800,000.00 802,344.00 -- 805,552.00 2,991.43 0.875 0.520 AA
205091001 LC -2013 A Capitalized Interest 90327QCW7 Corporate USAA Capital Corporation 12/13/2016 07/11/2013 4,000,000.00 4,145,440.00 - 4,120,600.00 (23,025.86) 2.250 1.340 AA
347628 LC-PF-2 Sales Tax Revenue Bond 92343VBA1 Corporate Verizon Communications Inc. 03/28/2014 07/10/2013 13,833,000.00 13,974,926.58 --- 13,918,626.27 (33,394.79) 1.950 0.980 A
347628 LC-PF-2 Sales Tax Revenue Bond 928670AD0 Corporate Volkswagen International Finance N.V. 04/01/2014 07/09/2013 4,670,000.00 4,722,117.20 - 4,700,121.50 (5,463.88) 1.875 0.561 A
347623 LC -Sr Lien Ob Fund -1 Interest 928670AJ7 Corporate Volkswagen International Finance N.V. 03/22/2015 07/08/2013 600,000.00 607,206.00 --- 607,704.00 190.54 1.625 0.890 A
347628 LC-PF-2 Sales Tax Revenue Bond 929903.0.11 Corporate Wells Fargo & Company 08/01/2014 07/05/2013 3,911,000.00 4,091,336.21 - 4,060,986,85 11,632.00 5.250 0.526 A
347628 LC-PF-2 Sales Tax Revenue Bond 94974BET3 Corporate Wells Fargo & Company 10/01/2014 07/03/2013 3,500,000.00 3,628,730.00 -- 3,613,610.00 2245.23 3.750 0.680 AA
347623 LC -Sr Lien Ob Fund -I Interest 94980VAF5 Corporate Wells Fargo Bank, National Association 05/16/2016 07/11/2013 1,000,000.00 988,160.00 - 989,390.00 (1,100.85) 0.473 0.945 A
347628 LC-PF-2 Sales Tax Revenue Bond 0020A2XM9 CP AT&T Inc. 10/21/2013 09/10/2013 10,000,000.00 9,997,380.55 --- 9,998,000.00 0.00 0.000 0.230 AA
347625 LC -Project Fund -2 Senior Lien 0020A2XM9 CP AT&T Inc. 10/21/2013 09/10/2013 3,400,000.00 3,399,109.39 --- 3,399,320.00 0.00 0.000 0.230 AA
347625 LC -Project Fund -2 Senior Lien 05635MX24 CP Bacardi Corporation 10/02/2013 09/11/2013 3,500,000.00 3,499,469.16 --- 3,499,797.00 0.00 0.000 0.260 AA
347625 LC -Project Fund -2 Senior Lien 05634BXP8 CP Bacardi U.S.A., Inc. 10/23/2013 09/25/2013 3,000,000.00 2,999,370.00 --- 2,999,355.00 0.00 0.000 0.270 AA
347625 LC -Project Fund -2 Senior Lien 059680Y72 CP Banco Santander -Chile 11/07/2013 07/11/2013 3,000,000.00 2,996,558.34 --- 2,999,340.00 0.00 0.000 0.350 AAA
205091001 LC -2013 A Capitalized Interest 12800AY17 CP Caisse des Depots et Consignations 11/18/2013 07/11/2013 3,000,000.00 2,997,903.75 --- 2,999,190.00 0.00 0.000 0.195 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 1248C2X76 CP CBS Corporation 10/072013 09/09/2013 10,000,000.00 9,998,133.30 -- 9,999.050.00 0.00 0.000 0.240 AA
347625 LC -Project Fund -2 Senior Lien 1248C2X76 CP CBS Corporation 10/072013 09/09/2013 3,400,000.00 3.,399,365.32 -- 3,399,677.00 0.00 0.000 0.240 AA
347625 LC -Project Fund -2 Senior Lien 151036X94 CP Celgene Corporation 10/09/2013 07/11/2013 3,000,000.00 2,997.774.99 -- 2,999,670.00 0.00 0.000 0.300 AA
347625 LC -Project Fund -2 Senior Lien 20911LX20 CP Consolidated Edison Company of New York, Inc. 10/02/2013 09/162013 4,000,000.00 3,999,644.44 --- 3,999,768.00 0.00 0.000 0.200 AA
347625 LC -Project Fund -2 Senior Lien 2254F,AZ30 CP Credit Suisse (USA), Inc. 12/03/2013 09/26/2013 1,500.000.00 1,499,546.67 --- 1,499.419.50 0.00 0.000 0.160 AAA
347625 LC -Project Fund -2 Senior Lien 25179KX07 CP Devon Energy Corporation 10/16/2013 09/16/2013 4,000,000.00 3,999,400.00 --- 3,999,352.00 0.00 0.000 0.180 AA
347625 LC -Project Fund -2 Senior Lien 25490CX36 CP DIRECTV Holdings LLC 10/03/2013 07/11/2013 3,000,000.00 2,997,855.84 --- 2.999.805.00 000 0.000 0.310 AA
347628 LC-PF-2 Sales TaxReveuue Bond 25490CX36 CP DIRECTV Holdings LLC 10/03/2013 07/24/2013 1,000,000.00 999,416.67 --- 999,935.00 0.00 0.000 0.300 AA
347625 LC -Project Fund -2 Senior Lien 257450X74 CP Dominion Resources, inc. 10/07/2013 09/25/2013 4,000,000.0(1 3,999,666.68 -- 3,999.620.00 0.00 0.000 0.250 AA
-_ _ -
347625 LC -Project Fund 2 Senior Lien 27743]X24 CP Eastman Chemical Company 10/02/2013 09/11/2013 3,500,000.00 3,499,448.75 --- 3,499,797.00 0.00 0.000 0.270 AA
347628 LC-PF-2 Sales Tax Revenue Bond 27805AXF9 CP Eaton Corporation 10/15/2013 09/09/2013 10,000,000.00 9,997,472.20 - - 9,998.450.00 0.00 0.000 0.260 AA
347625 LC -Project Fund -2 Senior Lien 27805AXF9 CP Eaton Corporation 10/15/2013 09/09/2013 3,400,000.00 3,399,140.55 --- 3,399,473.00 0.00 0.000 0.260 AA
347625 LC -Project Fund -2 Senior Lien 37331 WXA4 CP Georgia-Pacific LLC 101102013 09/19/2013 4,000,000.00 3,999,556.68 -- 3,999.676.00 0.00 0.000 0.190 AA
- -
347625 LC -Project Fund 2 Senior Lien 41805BXV3 CP Hasbro, Inc. 10/29/2013 09/27/2013 3,700,000.00 3,699,] 77.79 --- 3,699,030.60 0:00 0.000 0.250 AA
347628 LC-PF-2 Sales Tax Revenue Bond 41805BXV3 CP Hasbro, Inc. 10/29/2013 09/27/2013 300,000.00 299,933.33 --- 299,921.40 0.00 0.000 0.250 AA
347628 LC-PF-2 Sales Tax Revenue Bond 42823JXW0 CP Hewlett-Packard Company 10/30/2013 09/10/2013 10,000,000:00 9,995,300.00 --- 9,997,290.00 0.00 0:000 0.360 AA
347625 LC -Project Fund -2 Senior Lien 42823JXW0 CP I lcwle0-Packard Company 10/30/2013 09/10/2013 3,500,000.00 3,498,355.00 -- 3,499,051.50 0.00 0.000 0.360 AA
347628 LC-PF-2 Sales Tax Revenue Bond 44890MXA5 CP Hyundai Capital America 10/10/2013 09/12/2013 5,000,000.00 4,998,911.10 --- 4,999,410.00 0,00 0.000 0.284 AA
347625 LC -Project Fund -2 Senior Lien 44890MXA5 CP Hyundai Capital America 10/10/2013 09/12/2013 3,500,000.00 3,499.237.77 --- 3,499.587.00 0.00 0.000 0.284 AA
347625 LC -Project Fund -2 Senior Lieu 57163TXW4 CP Marriott International, Inc. 10/30/2013 09/24/2013 4,000,000.00 3,998,988.88 --- 3,998,916.00 0.00 0.000 0.260 AA
347628 LC -Ply -2 Sales Tax Revenue Bond 60920VY63 CP Mondelez International Inc 11/06/2013 09/25/2013 5,500,000.00 5,498,183.46 -- 5,498,207.00 0.00 0.000 0.290 AA
347625 LC -Project Fund -2 Senior Lien 60920VY63 CP Mondelez International Inc 11/06/2013 09/25/2013 4,000,000.00 3,998,678.88 --- 3,998,696.00 0.00 0.000 0.290 AA
347625 LC -Project Fund -2 Senior Lien 65475LXU1 CP Nissan Motor Acceptance Corporation 10/28/2013 09/19/2013 4,000,000.00 3,998,942.24 -- 3,998,984.00 0.00 0.000 0.280 AA
205091001 LC -2013 A Capitalized Interest 74433GXV3 CP Prudential Funding LLC 10/29/2013 09/12/2013 4,000,000.00 3,999,477.78 -- 3,999,480.00 0.00 0.000 0.100 AAA
347625 LC -Project Fund -2 Senior Lien 74433GXV3 CP Prudential Funding LLC 10/29/2013 09/12/2013 3,000.000.00 2,999.608.33 --- 2,999.619.00 0.00 0.000 0.100 AAA
347625 LC -Project Fund -2 Senior Lien 74977KXF1 CP Rabobank USA Financial Corporation 10/15/2013 07/11/2013 5,000,000.00 4,997,625.00 -- 4,999,600.00 0.00 0.000 0.1.80 AAA
205091001 LC -2013 A Capitalized Interest 74977KXF1 CP Rabobank USA Financial Corporation 10/15/2013 07/11/2013 2,500.000.00 2,498.812.50 -- 2,499,825.00 0.00 0.000 0.180 AAA
347625 LC -Project Fund -2 Senior Lien 783%.0X64 CP Ryder System, Inc. IO/16I2013 09/16/2013 4,000,000.00 3,999, ] 66.68 --- 3,999,352.00 0.00 0.000 0,250 AA
347625 LC -Project Fund -2 Senior Lien 5006E0ZC3 CP The Korea Development Bank 12/12/2013 09/26/2013 1,500,000.00 1,499.390.42 -- 1,499.34450 0.00 0.000 0.190 AAA
205091001 LC -2013 A Capitalized Interest 89116EYS6 CP Toronto Dominion Holdings (U.S.A.), Inc. 11/26/2013 09/26/2013 1,000,000.00 999,796.67 --- 999,690.00 0.00 0.000 0.120 AAA
347625 LC -Project Fund -2 Senior Lien 91842LX41 CP VW Credit, Inc. 10/04/2013 09/12/2013 4,000.000.00 3,999,413.32 --- 3,999,712.00 0.00 0.000 0.240 AA
347628 LC-PF-2 Sales Tax Revenue Bond 94971(2XH0 CP WellPoint, Inc. 10/17/2013 07/25/2013 5,000,000.00 4,996,500.00 - 4,999,150.00 0.00 0.000 0.300 AA
347625 LC -Project Fund -2 Senior Lien 9497K2XA5 CP WellPoint, Inc. 10/10/2013 07/11/2013 3,000,000.00 2,997.750.00 -- 2,999.646.00 0.00 0.000 0.300 AA
347625 LC -Project Fund -2 Senior Lien 9497K2XH0 CP WellPoint, Inc. 10/17/2013 07/25/2013 2,000,000.00 1,998,600.00 -- 1,999,660.00 0.00 0.000 0.300 AA
347625 LC -Project Fund -2 Senior Lien CCYUSD Currency UNITED STATES OF AMERICA 09/30/2013 0.00 452.80 - 452.80 0.00 0.000 0.000 AAA
347628 LC-PF-2 Sales Tax Revenue Bond CCYUSD Currency UNITED STATES OF AMERICA 09/30/2013 --- 0.00 251.59 -- 251.59 0.00 0.000 0.000 AAA
347623 LC -Sr Lien Ob Fund -1 Interest CCYUSD Currency UNITED STATES OF AMERICA 09/30/2013 --- 0.00 30.09 --- 30.09 0.00 0.000 0.000 AAA
347621 LC -Sr Lien Reserve Fund -1 CCYUSD Currency UNITED STATES OF AMERICA 09/30/2013 --- 0.00 4.40 --- 4.40 0.00 0.000 0.000 AAA
Corporate
Corporate
Rio Tinto Finance (USA) Limited
Royal Bank of Canada
01/19/2017 ---
10/13/2015 07/03/2013
05/20/2016 07/03/2013
04/19/2016 07/08/2013
03/22/2017 07/08/2013
03/21/2014 07/24/2013
08/15/2014 07/05/2013
10/15/2013 07/05/2013
05/01/2014 07/09/2013
11/15/2014 07/08/2013 2,000,000.00 2,116,560.00
02/07/2016 07/03/2013 600,000.00 627,936.00 -- 631,476.00 6,119.10 3.625 1.340 A
2,000,000.00 2,103,900.00
1,505,000.00 1,543,467.80
600,000.00 617,400.00
2,000,000.00 2,099,900.00
400,000.00 449,936.00
2,128,080.00
1,541,827.35
617,706.00
27,322.18 3.375 1.430
1,569.00 2.125 0.930
835.84 2.500 1.410
AA
AA
A
2,094,800.00
(2,353.77) 2.875 1.090 AA
- 452,468.00 4,531.49 5.200 1.390 AA
5,000,000.00 5,042,400.00
5,870,000.00 6,141,957.10
6,674,000.00 6,755,489.54
5,000,000.00 5,208,235.00
5,029,850.00 731.52 1.700 0.380 A
- 6,097,286.40 9,677.62 5,000 0.581 A
6,683,877.52
5,155,350.00
2,102,560.00
985.96 5.250 0.649
1,622.47 6.000 0.750
6,478.01 5.500 0.850
A
A
A
347628 LC-PF-2 Sales Tax Revenue Bond 842587CE5 Corporate
The Southern Company
347621 LC -Sr Lien Res Fund -1 CCYUSD Currency UNITED STATES OF AMERICA 09/30/2013 --- 0.00 (0.00)
207
(0.00) 0.00 0.000 0.000 AAA
Page 4 of 32
1111111 ow.
Riverside Coon irons, r rlolion Commission
STAMP Portfolio by Category for quarter ending September 30, 2013
Source
Account
Account
Security Type
Identifier Category
Issuer
Final Maturity Trade Date
Curre ce
Value Original Cost Next Can Date Base Market Value
Base Net Total
Unrealized
Gain/Loss
Summarize
d Credit
Coupon Yield Rating
347623 LC -Sr Lien Ob Fund -1 Interest CCYUSD Currency
347623 LC -Sr Lien 06 Fund -I Interest 61747070 MM Fund
347628 LC-PF-2 Sales Tax Revenue Bond 617470715 MM Fund
347621 LC -Sr Lien Reserve Fund -1 61747C715 MM Fund
347625 LC -Project Fund -2 Senior Lien 61747C715 MM Fund
205091001 LC -2013 A Capitalized Interest 9AMMFO5B2 MM Fund
205091001 LC -2013 A Capitalized Interest 184126YS3 Muni
347628 LC-PF-2 Sales Tax Revenue Bond 19648CAC5 Muni
347623 LC -Sr Lien Ob Fund -1 Interest 19648CAC5 Muni
205091001 LC -2013 A Capitalized Interest 2352 19JS2 Muni
347623 LC -Sr Lien Ob Fund- I Interest 2352 19JS2 Muni
347628 LC-PF-2 Sales Tax Revenue Bond 40/288Y05 Muni
205091001 LC -201 3 A Capitalized Interest 407288YD5 Muni
347623 LC -Sr Lien 06 Fund -1 Interest 407288YD5 Muni
347628 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 Mum
347625 LC -Project Fund -2 Senior Lien 59259YE62 Muni
205091001 LC -2013 A Capitalized Interest 64966H4E7 Muni
205091001 LC 2013 A Capitalized Interest 912828RU6 US Gov
205091001 LC -2013 A Capitalized Interest 912828SY7 US Gov
205091001 LC -2013 A Capitalized Interest 912828VG2 US Gov
347621 LC -Sr Lien Reserve Fund -1 912828VK3 US Gov
347623 LC -Sr Lien Ob Fund -1 Interest 912828RU6 US Gov
347621 LC -Sr Lien Reserve Fund -1 912828VB3 US Gov
347623 LC -Sr Lien Ob Fund -1 Interest 912828SY7 US Gov
205091001 LC -2013 A Capitalized Interest 912828UA6 US Gov
347623 LC -Sr Lien Ob Fund -1 Interest 912828VG2 US Gov
347623 LC -Sr Lien Ob Fund -1 Interest 912828UA6 US Gov
347623 LC -Sr Lien Ob Fund -I Interest 91282812X0 US Gov
347621 LC -Sr Lien Reserve Fund -1 912828KQ2 US Gov
347621 LC -Sr Lien Reserve Fund -1 912828T29 US Gov
347621 LC -Sr Lien Reserve Fund -1 9128338:80 US Gov
347625 LC -Project Fund -2 Senior Lien 882722LC3 VRDN
347625 LC -Project Fund -2 Senior Lien 97689RAH7 VRDN
UNITED STATES OF AMERICA
Morgan Stanley Institutional Liquidity Funds
Morgan Stanley Institutional Liquidity Funds
Morgan Stanley Institutional Liquidity Funds
Morgan Stanley Institutional Liquidity Funds
U.S. Bank Money Market Account Fund
Clayton County Water Authority
Colorado Housing and Finance Authority
Colorado Housing and Finance Authority
Dallas, City of
Dallas, City of
Hamilton, County of
Hamilton, County of
Hamilton, County of
Labor, New Hampshire Department of
Metropolitan Transportation Authority
New York, City of
Treasury. United States Department of
Treasury. United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury, United States Department of
Treasury. United States Department of
Treasury, United States Department of
Treasury, United States Department of
Texas, State of
Wisconsin Housing. and Economic Development Authority
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013 09/25/2013
09/30/2013
05/01/2017 07/11/2013
05/15/2014 07/10/2013 9,850,000.00 9,880,633.50
05/15/2014 07/10/2013
02/15/2017 07/10/2013
02/15/2017 07/10/2013
12/01/2015 07/18/2013
12/01/2015 07/18/2013
12/01/2015 07/18/2013
11/01/2020 07703/2013
11/15/2013 07/10/2013
10/01/2017 07/12/2013
11/30/2016 07/05/2013
05/31/2017 07/05/2013
06/15/2016 07/05/2013
06/30/2018 07/05/2013
11/30/2016
05/15/2023 07/05/2013
05/31/2017 07/05/2013
11/30/2017 07/05/2013
06/15/2016 07/05/2013
11/30/2017 07/05/2013
12/31/2016 09/13/2013
05/15/2019 07/05/2013
08/15/2022 07/05/2013 575,000.00 535,917.97 535,648.73 (947.78) 1.625 2.484 AAA
05/15/2018 07/05/2013 380,000.00 353,517.80 357,728.20 3,036.50 0.000 1.307 AAA
06/01/2031 07/10/2013 1,065,000.00 1,065.000.00 10/01/2013 1,065,000.00 0.00 0.110 0.110 AAA
04/01/2046 07/05/2013 1,825,000.00 1,825,000.00 10/01/2013 1,825,000.00 0.00 0.140 0.140 AAA
0.00
0.00 845,963.37
0.00 225,580.11
0.00 182,504.46
0.00 43,084.61
0.00 55,564.04
(0.00)
(0.00)
845,963.37
225,580.11
182,504.46
43,084.61
55,564.04
0.00 0.000 0.000
0.00 0.060 0.060
0.00 0.060 0.060
0.00 0.060 0.060
0.00 0.060 0.060
AAA
AAA
AAA
AAA
AAA
NA
AA
AA
AA
AA
AA
770,000.00 755,939.80
930,000.00 932,892.30
754,407.50
9,869,503.00
931,841.40
0.00 0.000 0.000
(2,277.69) 1.300 1.887
7,980.40 0.852 0.353
753.48 0.852 0.353
29,697.85 1.589 1.167
2,135,000.00 2,135,000.00
2,164,697.85
650,000.00 650.000.00
650,611.00
9,041.50 1.589 1.167
6,645,000.00 6,645,000.00
2,080.000.00 2,080.000.00
630,000.00 630,000.00
3,200,000.00 3,200,000.00
1,740.000.00 1,750,561.80
1,170,000.00 1,238,222.70
12,000,000.00 11,989,218.75
12,000,000.00 11,780,156.25
10,200,000.00 10,146,210.94
3,500,000.00 3,483,730.47
3,450,000.01) 3,446,830.08
3,500,000.00 3,253,085.94
3,000,000.00 2,945,039.06
2,250,000.00 2,186,367.19
2,200,000.00 2,188,398.44
1,450,000.00 1,408.992.19
950,000.00 945,212.89
500,000.00 539.902.34
10/01/2013
6,624,134.70
2,087,862.40
628,021.80
3,200,000.00
1,743,828.00
1,232,595.00
12,053,400.00
11,865,000.00
10,190,412.00
25,118.10
7,862.40
2,381.40
0.00
212.53
(2,422.58)
66,323.83
74,742.12
41,613.91
25,652.73 1.375 1.312
19,161.10 0.875 0.725
U.803
0.803
0.803
0.160
2.000 0.167
3.140 1.750
0.875 0.725
0.625 0.931
0.500 0.529
U.627
0.627
0.627
AA
AA
AA
AA
A
AA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
- 3,509,030.00
3,465,352.50
- 3,243,240.00
2,966,250.00
- 2,204,122.50
(13,901.32) 1.750 2.613
18,685.53 0.625 0.931
15,174.94 0.625 1.12.0
8,975.55 0.500 0.529
9,779.41 0.625 1.120
8,214.84 0.875 0.760
3,471.38 3.125 1.564
2,197,938.60
1,420,434.50
953,266.10
541,760.00
575,923,792.26
208
Page 5 of 32
ATTACHMENT 3
Riverside County Transportation Commission
STAMP Portfolio by Account for quarter ending September 30, 2013
Source
Account
Account
Security Type
Identifier Cate•ory
Issuer
Base Net Total Summarize
Curren ace Unrealized d Credit
Final Maturi Trade Date Value Ori ' inal Cost Next Call Date Base Market Value Gain/Loss Cou on Yield Ratin
347621
347621
347621
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -I
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1
347621 LC -Sr Lien Reserve Fund -1 3136A72D3 Agency CMO
347621 LC -Sr Lien Reserve Fund -1 31393DRM5 Agency CMO
347621 LC -Sr Lien Reserve Fund -1 3136A7MJ8 Agency CMO
347621 LC -Sr Lien Reserve Fund -1 313923383. Agency CMO Federal National Mortgage Association
The Government National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -1 38377UN20 Agency CMO Pass -Through Securities
The Government National. Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -1 38378TAF7 Agency CMO Pass -Through Securities
The Government National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -1 38377JZ89 Agency CMO Pass -Through Securities
The Government National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -1 38377RVK8 Agency CMO Pass -Through Securities
The Goverment National Mortgage Association Guaranteed REMIC
347621 LC -Sr Lien Reserve Fund -1 38376LE39 Agency CMO Pass -Through Securities
LC -Sr Lien Reserve Fund -I
LC -Sr Lien Reserve Fund -1
LC -Sr Lien. Reserve Fund -1
3133EC3U6 Agency
313376NF8 Agency
3137EACA5 .Agency
3137EADB2 Agency
3134G3Y61 Agency
3135G0JA2 Agency
3135GUKB8 Agency
3137ASNH3 Agency CMO
3137A7E22 Agency CMO
31398VWC6 Agency CMO
3137AEV77 Agency CMO
31395EZP5 Agency CMO
3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation
31395K5G4 Agency CMO Federal Home Loan Mortgage Corporation
3137B03W2 Agency CMO Federal Home Loan Mortgage Corporation
Federal Farm Credit Banks Consolidated Systemwide Bonds
Federal Home Loan Banks Office of Finance
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
Federal National Mortgage Association
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
11/21/2014 07/09/2013
06/27/2019 07/09/2013
03/27/2019 07/05/2013
01/13/2022 07/05/2013 550,000.00 529,303.50 --- 535,315.00 5,807.09 2.375 2.730 AAA
12/10/2014 07/08/2013 250,000.00 249,812.50 12/10/2013 250,102.50 227.32 0.375 0.231 AAA
04/27/2017 07/05/2013 450,000.00 448,983.00 --- 451,552.50 2,764.01 1.125 1.010 AAA
04/16/2019 08/01/2013 175,000.00 177,257.50 04/16/2014 176,834.00 550.46 2.750 0.349 AAA
09/25/2021 07/03/2013 471,848.73 461,103.11 -- 460,596.55 1,053.78 1.459 1.908 AAA
04/15/2028 07/08/2013 423,283.04 438,230.21 - 440,221.98 1,415.32 3.500 1.645 AAA
06/15/2028 07/08/2013 370,892.55 379,933.05 --- 379,792.86 (1,702.37) 7.000 3.874 AAA
05/25/2018 07/03/2013 251,000.00 258,314.30 -- 259.743.08 1,841.54 2.699 1.866 AAA
08/15/2019 07/09/2013 229,753.10 243,071.59 --- 242,991.24 (1,364.25) 4.500 1.757 AAA
06/25/2022 07/03/2013 235,000.00 220.358.40 221,371.41 435.74 2.396 3.181 AAA
05/15/2033 07/08/2013 61,251.18 62,131.67 --- 62,342.43 (56.13) 5.000 2.473 AAA
08/25/2017 07/31/2013 45,000.00 44,964.84 - 45,146.88 (22.94) 1.426 1.441 AAA
04/25/2022 07/03/2013 395,000.00 375,250.00 --- 374,697.00 (1,172.76) 2.482 3.181 AAA
07/25/2033 07/05/2013 248,916.16 262,762.12 266,841.11 7,248.72 5.000 2.214 AAA
12/25/2019 08/20/2013 175,000.00 172,402.34 --- 174,054.65 1,038.05 1.520 1.712 AAA
03/25/2018 07/08/2013 68,460.89 72,226.24 72,405.68 596.76 5.000 0.831 AAA
100,000.00
750,000.00 758,145.00 12/27/2013
800,000.00 875,900.00
99,800.00
09/26/2013
100,002.00
754,320.00
880,336.00
166.01 0.280 0.281
114.18 3.000 0.629
AAA
AAA
8,522.83 3.750 1.793 AAA
Federal National Mortgage Association
Federal National Mortgage Association
Federal National Mortgage Association
01/20/2040 07/08/2013
07/20/2041 07/05/2013
10/20/2039 07/05/2013
04/20/2039 07/03/2013
12/20/2038 07/08/2013
466,451.03 475,178.77
295,618.97 295,663.54
261,762.56 269,768.81
169,132.21 173,149.10.
67,614.99 68,481.31
476,424.22 1,080.10 3.000 1.807 AAA
295,625.47 166.84 2.500 2.470 AAA
265,604.97 697.92 3.500 2.467 AAA
176,863.92 1,857.35 3.000 1.990 AAA
70,660.37
146.92 4.000 1.095 AAA
347621 LC -Sr Lien Reserve Fund -1 3137A73U5 Agency MBS Federal Home Loan Mortgage Corporation 11/25/2017 07/03/2013 325,000.00 351,203.13 - 352, 190.48 3,788.59 3.882 1.557 AAA
347621 LC -Sr Lien Reserve Fund -1 3128MMAK9 Agency MBS Federal Home Loan Mortgage Corporation 09/01/2019 07/08/2013 296,204.92 314,902.85 --- 313,758.02 2,099.03 5.000 1.412 AAA
347621 LC -Sr LienReserve Fund -1 3136A4M48 Agency MBS Federal National Mortgage Association 01/25/2022 07/05/2013 450,530.48 451,797.59 -- 453,788.26 3,516.35 2.098 1.831 AAA
347621 LC -Sr Lien Reserve Fund -I 31418AFW3 Agency MBS Federal National Mortgage Association 06/01/2022 07/10/2013 371,038.87 383,213.58 --- 388,436.88 1,310.45 3.000 1.801 AAA
347621 LC -Sr Lien Reserve Fund -1 31417YKF3 Agency MBS Federal National Mortgage Association 01/01/2030 07/10/2013 243,189.94 256,565.40 - 263,399.03 4,548.10 4.500 2.413 AAA
347621 LC -Sr Lien Reserve Fund -1 31416YX12 Agency MBS Federal National Mortgage Association 08/01/2026 07/03/2013 89,234.91 93,431.74 94,225.82 1.596.28 3.500 1.718 AAA
347621 LC -Sr Lien Reserve Fund -1 31385XBG1 Agency MBS Federal National Mortgage Association 03/01/2018 09/13/2013 54,869.39 58,435.90 -- 58,058.40 412.86 6.000 0.642 AAA
347621 LC -Sr Lien Reserve Fund -1 CCYUSD Currency UNITED STATES OF AMERICA 09/30/2013 0.00 (0.00) -- (0.00) 0.00 0.000 0.000 AAA
347621 LC -Sr Lien Reserve Fund -1 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 09/30/2013 --- 0.00 182,504.46 -- 182,504.46 0.00 0.060 0.060 AAA
347621 LC -Sr Lien Reserve Fund -1 912828VK3 US Gov Treasury, United States Department of 06/30/2018 07/05/2013 3,500,000.00 3,483,730.47 --- 3,509,030.00 25,652.73 1.375 1.312 AAA
347621 LC -Sr Lien Reserve Fund -1 912828VB3 US Gov Treasury, United States Department of 05/15/2023 07/05/2013 3,500,000.00 3,253,085.94 -- 3,243,240.00 (13.901.32) 1.750 2.613 AAA
-.-_ - - - _ - _ -
347621 LC -Sr Lien Reserve Fund -1 912828KQ2 US Gov Treasury, United States Department of 05/15/2019 07/05/2013 500,000.00 539,902.34 --- 541,760.00 3,471.38 3.125 1.564 AAA
347621 LC -Sr Lien Reserve Fund -1 912828T59 US Gov Treasury, United States Department of 08/15/2022 07/05/2013 575,000.00 535,917.97 -- 535,648.73 (947.78) 1.625 2.484 AAA
347621 LC -Sr Lien Reserve Fund -I 912833KR0 US Gov Treasury, United States Department of 05/15/2018 07/05/2013 380,000.00 353,517.80 --- 357,728.20 3,036.50 0.000 1.307 AAA
17,727,614.10
347623 LC -Sr Lien Ob Fund -1 Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation 11/25/2016 07/09/2013 930,000.00 939.227.34 - 944,449.41 1.,951.21 1.655 1.232 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 31393 V2T7 Agency CMO Federal Rome Loan Mortgage Corporation 06/15/2018 07/08/2013 462,984.46 480.678.41 --- 485,507.27 (433.35) 4.500 1.084 AA AA
347623 LC -Sr Lien Ob Fund -1 Interest 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 08/152013 471,848.73 459.462.70 --- 460,596.55 2,859.83 1.459 1.908 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 3136A8G38 Agency CMO Federal National Mortgage Association 08/25/2017 07/08/2013 930,000.00 916,267.97 -- 924,281.43 4,743.71 1.246 1.475 AAA
347623 LC -Sr Lien Ob Fund -I Interest 3136A4M89 Agency CMG Federal National Mortgage Association 01/25/2019 07/05/2013 213,160.16 214,517.39 --- 215,340.36 1,437.19 1.934 1.561 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 31393EXC8 Agency CMO Federal National Mortgage Association 09/25/2018 07/24/2013 85,258.83 90,134.58 - 89,487.33 (541,82) 4.500 1.352 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 314020003 Agency MBS Federal National Mortgage Association 09/01/2019 07/16/2013 197,356.39 21 1.849.75 -- 211,206.86 452.98 6.000 0.868 AAA
347623 LC -Sr Lien Ob Frmd-1 Interest 36162WAC1 Asset Backed GE EQUIP TRANSN LLC SER 2013-1 11/25/2016 07/09/2013 925,000.00 921,964.84 -- 923,088.03 (16,836.81) 0.690 2.000 AAA 347623 LC -Sr Lien Ob Fund -1 Interest 36162RAB4 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-1 11/21/2014 07/03/2013 258,510.3(> 258,651.73 -- 258,673.22 (569.08) 0.850 1.598 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 47787BAC9 Asset Backed John Deere Owner Trust 2012 03/15/2016 07/05/2013 898,375.15 899,217.38 - 899,811.65 (1,158.40) 0.750 0.830 AAA
347623 LC -Sr Lien Ob Fund -1 Interest 00279VCA1 Corporate Abbey National Treasury Services PLC 11/10/2014 07/05/2013 1,00(1,000.00 1,035,030.00 --- 1,031,840.00 (522.90) 3.875 1.270 A
347623 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 --- 289,912.50 4,023.89 6.000 1.790 A
347623 LC -Sr Lien Ob Fund -1 Interest 783870AP8 Corporate AT&T Inc. 09/15/2014 07/03/2013 1,300,000.00 1,367,613.00 --- 1,355,783.00 3,981.96 5.100 0.380 A
347623 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 -- 295,464.00 3,093.07 1.375 1.740 A
347623 LC -Sr Lien Ob Fund -I Interest 172967F08 Corporate Citigroup Inc. 05/19/2015 07/03/2013 614,000.00 649,790.06 --- 649,796.20 4,464.25 4.750 1.130 A
347623 LC -Sr Lien Ob Fund -1 Interest 233851AT1 Corporate Daimler Finance NorthAmerica LLC 01/11/2016 07/08/2013 500,000.00 497,995.00 -- 499,955.00 2,948.80 1.250 1.150 A
347623 LC -Sr Lien Ob Fund -1 Interest 263534BX6 Corporate E. 1. du Pont de Nemours and Company 03/15/2015 07/09/2013 950,000.00 1,014,068.00 - 1,006,192.50 3,435.05 4.750 0.460 A
347623 LC -Sr Lien Ob Fund -1 Interest 3696203H5 Corporate General Electric Capital Corporation 09/15/2017 07/03/2013 300,000.00 340,212.00 --- 341,841.00 3,547.44 5.625 1.960 AA
347623 LC -Sr Lien Ob Fund -1 Interest 48121CJM9 Corporate JPMorgan Chase Bank, National Association 06/13/2016 07/11/2013 500,000.00 492,775.00 --- 494,325.00 906.65 0.584 1.014 A
347623 LC -Sr Lien Ob Fund -1 Interest 48121CYK6 Corporate JPMorgan Chase Bank, National Association: 10/01/2017 07/03/2013 30000000 341,424.00 343,245.00 3,640.83 6.000 2.240 A
347623 LC -Sr Lien 01, Fund -I Interest 59217GAC3 Corporate Metropolitan Life Global Funding I 09/29/2015 07/03/2013 740.000.011 766,284.80 764,405.20 61.07 2.500 0.880 AA
347623 LC -Sr Lien Ob Fund -1 Interest 61746BDG8 Corporate Morgan Stanley 02/25/2016 07/03/2013 500,000.00 496,725.00 - 502,410.00 5,337.92 1..750 1.550 A
347623 LC -Sr Lien Ob Fund -1 Interest 69349LAL2 Corporate PNC Bank, National Association 04/29/2016 07/11/2013 500,000.00 499,180.00 04/29/2015 498,990.00 2,872.98 0.584 0.307 A
347623 LC -Sr Lien Ob Fund -1 Interest 767201AM8 Corporate Rio Tinto Finance (USA) Limited 05/20/2016 07/03/2013 600,000.00 617,400.00 617,706.00 835.84 2.500 1.410 A
347623 LC -Sr Lien Ob Fund -1 Interest 38143USC6 Corporate The Goldman Sachs Croup, Inc. 02/07/2016 07/03/2013 600,000.00 627,936.00 - 631,478.00 6,119.10 3.625 1.340 A
347623 LC -Sr Lien Ob Fund -1 Interest 38144LAB6 Corporate The Goldman Sachs Group, Inc. 09/01/2017 07/03/2013 300,000.00 322,515.00 342,267.00 20,833.16 6.250 2.460 A
209
Page 6 of 32
111111 wals
Riverside County Transportation Commission
STAMP Portfolio by Account for quarter ending September 30, 2013
Source
Account
Account
Security Type
Identifier Category
Issuer
Toyota Motor Credit Corporation
Volkswagen International Finance N.V.
Wells Fargo Bank, National Association
UNITED STATES OF AMERICA
Morgan Stanley Institutional Liquidity Funds
Colorado Housing and Finance Authority
Dallas, City of
Hamilton, County of
347623 LC -Sr Lien Ob Fund- I Interest 89233P670 Corporate
347623 LC -Sr Lien Ob Fund -1 Interest 928670AJ7 Corporate
347623 LC -Sr Lien Ob Fund -1 Interest 94980VAF5 Corporate
347623 LC -Sr Lien Ob Fond -1 Interest CCYUSD Currency
347623 LC -Sr Lien Ob Fund -I Interest 61747C715 MM Fund
347623 LC -Sr Lien 0b Fund -1 Interest I9648CAC5 Moni
347623 LC -Sr Lien Ob Fund -1 Interest 235219152 Muni
347623 LC -Sr Lien Ob Fund -1 Interest 407208YD5 Muni
347623 LC -Sr Lien Ob Fund -I Interest 912828RU6 US Gov Treasury. United States Department of
347623 LC -Sr Lien Ob Fund -1 Interest 912828SY7 US Gov Treasury. United States Department of
347623 LC -Sr Lien Ob Fund -1 Interest 912828V02 US Gov Treasury, United States Department of
347623 LC -Sr Lien 01, Fund -1 Interest 912828UA6 US Gov
347623 LC -Sr Lien Ob Fund -1 Interest 912828RX0 US Gov
Base Net Total Summarize
CurrenfFace Unrealized d Credit
Final Maturity Trade Date Value Original Cost Neat Call Date Base Market Value Gain/Loss Coupon Yield Rating
07/17/2015 07/03/2013
03/22/2015 07/08/2013
05/16/2016 07/11/2013
09/30/2013
09/30/2013
05/15/2014 07/10/2013
02/15/2017 07/10/2013
12/01/2015 07/18/2013 630,000.00 630,000.00
11/30/2016 3,450,000.00 3,446.830.08 -- 3,465.352.50
05/31/2017 07/05/2013 3,000,000.00 2,945,039.06
06/15/2016 07/05/2013 2,200,000.00 2,188,398.44
11/30/2017 07/05/2013 1,450,000.00 1,408,992.19
12/31/2016 09/13/2013 950,000.00 945,212.89
800,000.00
802,344.00
805,552.00
607,704.00
989,390.00
2,991.43 0.875 0.520
AA
600,000.00 607,206.00
1,000,000.00 988,160.00
190,54 1.625 0.890
A
A
0.00 (0.00)
0.00 845,963.37
930,000.00 932,892.30
650,000.011 650,000.00
(0.00)
845,963.37
931,841.40
650,611.00
628,021.80
(1,100.85) 0.473 0.945
0.00 0.000 0.000 AAA
0.00 0.060 0.060 AAA
753.48 0.852 0.553 AA
9,041.50 1.589 1.167 AA
2,381.40 0.803 0.627 AA
19,161.10 0.875 0.725 AAA
18.685.53 0.625 0.931 AAA
2,966,250.00
2,197,938.60
1,420,434.50
8,975.55 0.500 0.529 AAA
9,779.41 0.625 1.120 AAA
8,214.84 0.875 0.760 AAA
Treasury, United States Department of
Treasury, United States Department of
953,266.10
347625 LC -Project Fund -2 Senior Lien 36162DA05 Asset Backed GE EQUIP SMALL TICKET LLC SER2011-2 06/23/2014 07/10/2013
347625 LC -Project Fund -2 Senior Lien 43813TAC7 Asset Backed Honda Auto Receivables 2011-1 Owner Trust 10/15/2014 07/24/2013
347625 LC -Project Fund -2 Senior Lien 65475HAEI Asset Backed Nissan Auto Lease Trust 201 I -A 04/17/2017 07/26/2013
347625 LC -Project Fund -2 Senior Lien 65475NAD0 T Asset Backed Nissan Auto Lease Trust 2011-B 02/16/2015 07/11/2013
347625 LC -Project Fund -2 Senior Lien 65475UAB8 Asset Backed Nissan Auto Receivables 2012-A Owner Trust 10/15/2014 07/26/2013
347625 LC -Project Fund -2 Senior Lien 89236PAB9 Asset Backed Toyota Auto Receivables 2012-A Owner Trust 10/15/2014 07/24/2013
347625 LC -Project Fund -2 Senior Lien 449786AF9 Corporate MG Bank N.V. 10/18/2013 07/18/2013
347625 LC -Project Fund -2 Senior Lien 24422ERJ0 Corporate John Deere Capital Corporation 10/042013 07/11/2013
347625 LC -Project Fund -2 Senior Lien 38141GDQ4 Corporate The Goldman Sachs Group. Inc. 10/15/2013 07/05/2013
347625 LC -Project Fund -2 Senior Lien 0020A2XM9 CP AT&T Inc. 10/21/2013 09/10/2013
347625 LC -Project Fund -2 Senior Lien 05635MX24 CP Bacardi Corporation 10/022013 09/11/2013
347625 LC -Project Fund -2 Senior Lien 05634BXP8 CP Bacardi U.S.A., Inc. 10/23/2013 09/25/2013
347625 LC -Project Fund -2 Senior Lien 05968GY72 CP Banco Santander -Chile 11/07/2013 07/11/2013
347625 LC -Project Frmd-2 Senior Lien 1248C2X76 CP
347625 LC -Project Fund -2 Senior Lien I5103GX94 CP
347625 LC -Project Fund -2 Senior Lien 20911LX20 CP
347625 LC -Project Fund -2 Senior Lien 2254EAZ30 CP
347625 LC -Project Fund -2 Senior Lien 25179KXG7 CP Devon Energy Corporation 10/16/2013 09/16/2013 4,000,000.00 3,999,400.00
347625 LC -Project Fund -2 Senior Lien 25490CX36 CP DIRECTV Holdings LLC 10/03/2013 07/11/2013 3,000,000.00 2,997,855.84
347625 LC -Project Fund -2 Senior Lien 2574P0X74 CP Dominion Resources, Inc. 10/07/2013 09/25/2013 4,000,000.00 3,999,666.68
347625 LC -Project Fund -2 Senior Lien 277431X24 CP
347625 LC -Project Fund -2 Senior Lien 27805AXF9 CP
347625 LC -Project Fund -2 Senior Lien 37331 WXA4 CP Georgia-Pacific LLC 10/10/2013 09/19/2013 4,000,000.00 3,999,556.68
347625 LC -Project Fund -2 Senior Lien 4180513XV3 CP Hasbro, Inc. 10/29/2013 09/27/2013 3,700,000.00 3,699,177.79
347625 LC -Project Fund -2 Senior Lien 428231XW0 CP Hewlett-Packard Company 10/30/2013 09/10/2013 3,500,000.00 3,498,355.00
347625 LC -Project Fund -2 Senior Lien 44890MXA5 CP Hyundai Capital America 10/10/2013 09/12/2013 3,500,000.00 3,499,237.77
347625 LC -Project Fund -2 Senior Lien 57163TXW4 CP Marriott international, Inc. 10/30/2013 09/24/2013 4,000,000.00 3,998,988.88
347625 LC -Project Fund -2 Senior Lien 60920VY63 CP Mondelez International Inc 11/06/2013 09/25/2013 4,000,000.00 3,998,678.88
347625 LC -Project Fund -2 Senior Lien 65475LXU1 CP Nissan Motor Acceptance Corporation 10/28/2013 09/19/2013 4,000,000.00 3,998,942.24 --- 3,998,984.00 0.00 0.000 0.280 AA
347625 LC -Project Fund -2 Senior Lien 74433GXV3 CP Prudential Funding LLC 10/29/2013 09/12/2013 3,000,000.00 2,999,608.33 - 2,999,619.00 0.00 0.000 0.100 AAA
347625 LC -Project Fund -2 Senior Lien 74977KXF1 CP Rabobank USA Financial Corporation 10/15/2013 07/11/2013 5,000,000.00 4,997,625.00 --- 4,999,600.00 0.00 0.000 0.180 AAA
347625 LC -Project Fund -2 Senior Lien 78355AXG4 CP Ryder System, Inc. 10/16/2013 09/16/2013 4,000.000.00 3,999,166.68 -- 3,999,352.00 0.00 0.000 0.250 AA
347625 LC -Project Fund -2 Senior Lien 5006E0ZC3 CP The Korea Development Bank. 12/12/2013 09/26/2013 1,500,000.00 1,499,390.42 --- 1,499,344.50 0.00 0.000 0.190 AAA
347625 LC -Project Fund -2 Senior Lien 91842LX41 CP VW Credit, Inc. 10/04/2013 09/12/2013 4,000,000.00 3,999,413.32 - 3,999,712.00 0.00 0.000 0.240 AA
347623 LC -Project Fund -2 Senior Lien 9497K2XA5 CP WellPaint, Inc. 10/10/2013 07/11/2013 3,000,000.00 2,997,750.00 --- 2,999,646.00 0.00 0.000 0.300 AA
347625 LC -Project Fund -2 Senior Lien 9497K2XH0 CP WellPoint, Inc. 10/17/2013 07/25/2013 2,000000.00 1,998,600.00 --- 1,999,660.00 000 0.000 0300 AA
347625 LC -Project Fund -2 Senior Lien 617470715 MM Fund
347625 LC -Project Fund -2 Senior Lien 59259YE62 Muni
347625 LC -Project Fund -2 Senior Lien 882722LC3 VRDN Texas. State of 06/01/2031 07/10/2013 1,065,000.00 1,065,000.00 10/01/2013 1,065,000.00 0.00 0.110 0.110 AAA
347625 LC -Project Fund -2 Senior Lien 97689RAH7 VRDN Wisconsin Housing and Economic Development Authority 04/01/2046 07/05/2013 1,825,000.00 1,825,000.00 10/01/2013 1,825,000.00 0.00 0.140 0.140 AAA
- - 112,338,194.62
347628 LC-PF-2 Sales Tax Revenue Bond 3133XCQE6 Agency CMO Federal Home Loan Banks Office of Finance 07/28/2015 08/13/2013 186,278.95 196,058.60 --- 198,461.04 232.14 5.250 1.502 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 31395MLT4 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2019 07/15/2013 408,949.95 415,59539 --- 414,056.10 (2,142.33) 4.500 1.866 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 313955572 Agency CMO Federal Home Loan Mortgage Corporation 02/15/2019 07/09/2013 224,726.03 227,956.47 - 227,002.51 (1,011.68) 4.500 1.871 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 025821FY1 Asset Backed American Express Credit Account Master Trust 04/17/2017 07/05/2013 1,000,000.00 1,001,796.88 --- 1,002,058.00 1,198.35 0.882 0.605 AA
347628 LC-PF-2 Sales Tax Revenue Bond 05522RAY4 Asset Backed BA Credit Card Trust 08/15/2016 07/03/2013 3,100,000.00 3,092,492.19 - 3,095,669.30 4,409.19 0.382 0.555 AA
347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 Asset Backed Citibank Omni -S Master Trust 11/15/2018 07/11/2013 5,000,000.00 5,274,609.38 --- 5,234,395.00 (13,284.79) 4.900 0.984 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 17308BAL2 Asset Backed Citibank Omni -S Master Trust 08/15/2018 4,340,000.00 4,557,330.08 --- 4,519,862.62 (7,677.79) 5.350 0.923 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 361591BT7 Asset Backed GE Capital Credit Card Master Note Trust 11/15/2017 07/11/2013 5,000,000.00 5,209,179.69 --- 5,177,440.00 (11,044.12) 3.800 0.844 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 36159JCS8 Asset Backed GE Capital Credit Card Master Note Trust 01/15/2018 07/15/2013 2,295,000.00 2,304,682.03 - 2,301,901.07 (2.657.62) 1.030 0.838 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 36162RAC2 Asset Backed GE Equipment Small Ticket, L.L.C.. Series 2012-1 09/21/2015 07/10/2013 6,000,000.00 6,018,984.38 -- 6,014,964.00 (16.919.01) 1.040 1.116 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 3GI62RAB4 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-1 11/21/2014 903,235.20 903,749.35 -- 903,804.24 (2,022.35) 0.850 1.598 AAA
347628 LC-PF-2 Sates Tax Revenue Bond 43813TAD5 Asset Backed
347628 LC-PF-2 Sales Tax Revenue Bond 43814AAC7 .Asset Backed
224,477.72
54,871.28
485,000.00
346,347.91
50,871.84
47,856.08
2,880,000.00
5,000,000.00
6,674,000.011
3,400,000.00
3,500.000.00
3,000,000.00
3,000,00(1.00
224,661.86
54,918.43
485,985.16
346,645.55
50,883.76
47,869.17
2,890,944.00
5,005,075.00 5,000,100.00 359.69 0.674 -0.323 A
6,755,489.54
3,399,109.39
3,499,469.16
2,999,370.00
2,996,558.34
31,540,375.79
--- 224,516.56 21.51 1.140 0.334 AAA
--- 54,886.97 4.03 1.130 0.288 AAA
485,514.10 (8.03) 1.240 0.640 AAA
--- 346,680.41 (5.31) 0.920 0.597 AAA
- 50,876.52 (3.45) 0.540 AAA
- 47,862.64 0.74 0.570 0.298 AAA
2,881,699.20 (990.98) 2.000 1.209 A
6,683,877.52 985.96 5.250 0.649 A
3,399,320.00 0.00 0.000 0.230 AA
3,499,797.00 0.00 0.000 0.260 AA
2,999,355.00 0.00 0.000 0.270 AA
2,999,340.00. 0.00 0.000 0.350 AAA
3,399,677.00 0.00 0.000 0.240 AA
2,999.670.00 0.00 0.000 0.300 AA
3,999,768.00
1,499,419.50
3,999,352.00
2,999,805.00
3,999,620.00
3,499,797.00 0.00 0.000 0.270 AA
3,399,473.00 0.00 0.000 0.260 AA
3,999,676.00 0.00 0.000 0.190 AA
3,699,030.60 0.00 0.000 0.250 AA
3,499,051.50 0.00 0.000 0.360 AA
CBS Corporation
Celgene Corporation
Consolidated Edison Company of New.York, Inc.
Credit Suisse (USA), Inc.
10/07/2013 09/092013 3,400,000.00 3,399,365.32
10/09/2013 07/11/2013 3,000,000.00 2,997,774.99
10/02/2013 09/16/2013 4,000,000.00 3,999,644.44
12/03/2013 09/26/2013 1,500,00 00.00 1,499,546.67
0.00 0.000 0.200 AA
0.00 0.000 0.160 AAA
0.00 0.000 0.180
0.00 0.000 0.310
0.00 0.000 0.250
AA
AA
AA
Eastman Chemical Company
Eaton Corporation
10/02/2013 09/11/2013 3,500,000.00 3,499,448.75
10/15/2013 09/09/2013 3,400,000.00 3,399,140.55
--- 3,499,587.00 0.00 0.000 0.284 AA
--- 3,998,916.00 0.00 0.000 0.260 AA
- 3,998,696.00 0.00 0.000 0.290 AA
Morgan Stanley Institutional Liquidity Funds
Metropolitan Transportation Authority
09/30/2013 09/25/2013
11/15/2013 07/10/2013 1,740,000.00 1,750,561.80
0.00 43,084.61
43,084.61
1,743,828.00
0.00 0.060 0.060 AAA
212.53 2.000 0.167 A
Honda Auto Receivables 2011-1 Owner Trust
Honda Auto Receivables 2011-2 Owner Trust
04/17/2017 07/11/2013 3,981,000.00 4,010,857.50
03/18/2015 07/24/2013
98,135.50 98,258.17
4,006,745.13
98,306.94
4,298.28 1.800 0.774 AAA
48.69 0.940 0.412 AAA
347628 LC-PF-2 Sales Tax Revenue Bond 43813XAB0 Asset Backed
347628 LC-PF-2 Sales Tax Revenue Bond 438I2XAB I Asset Backed
Honda Auto Receivables 2012-3 Owner Trust
Honda Auto Receivables 2013-3 Owner Trost
12/15/2014 07/10/2013 976,761.57 976,761.56
01/15/2016 07/17/2013 6,000,000.00 5,999,910.60
(175.82) 0.460 0.562 AAA
5,726.05 0.540 --- AAA
977,028.22
6,005,652.00
210
Page 7 of 32
INN IIIMMe
Riverside (owl Trans. r rlolian Commission
STAMP Portfolio by Account for quarter ending September 30, 2013
Source
Security Type
•g,
Final Maturity Trade Date
Base Net Total Summarize
Current Face Unrealized d Credit
Value Original Cost Next Call Date Base Market Value Gain/Loss Coupon Vield Rating
347628 LC-PF-2 Sales Tax Revenue Bond 47787RAB6 Asset Backed
347628 LC-PF-2 Sales Tax Revenue Bond 55314QAC1 Asset Backed MMAF EQUIP FIN LLC 2012-A
347628 LC-PF-2 Sales Tax Revenue Bond 55314MAC0 Asset Backed
347628 LC-PF-2 Sales Tax Revenue Bond 65475UAB8 Asset Backed Nissan Auto Receivables 2012-A Owner Trust
347628 LC-PF-2 Sales Tax Revenue Bond 002799AK0 Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 00279VCA1 Corporate Abbey National Treasury Services PLC
347628 LC-PF-2 Sales Tax Revenue Bond 0258MOCZO Corporate American Express Credit Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 783870A08 Corporate AT&T Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 05531 FAA I Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 05565QBL1 Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 14912L4V0 Corporate Caterpillar Financial Services Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 172967CK5 Corporate Citigroup Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 22546QAA5 Corporate Credit Suisse AG
347628 LC-PF-2 Sales Tax Revenue Bond 233851 AG9 Corporate Daimler Finance North America LLC
347628 LC-PF-2 Sales Tax Revenue Bond 29250NAC9 Corporate Enbridge Inc.
347628 LC-PF-2 Sales TaxRevenue Bond 36962GK86 Corporate General Electric Capital Corpoaatloa
347628 LC-PF-2 Sales Tax Revenue Bond 369620406 Corporate General Electric Capital Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 370334BL7 Corporate General Mills, Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 40428E93 Corporate Hsbc Bank USA
347628 LC-PF-2 Sales Tax Revenue Bond 46625HHN3 Corporate JPMorgan Chase & Co.
347628 LC-PF-2 Sales Tax Revenue Bond 581557AW5 Corporate McKesson Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 59156RAW8 Corporate Methife, Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 59156RAH 1 Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 59217GAE9 Corporate Metropolitan. Life Global Funding I
347628 LC-PF-2 Sales Tax Revenue Bond 61747WAD1 Corporate Morgan Stanley
347628 LC-PF-2 Sales Tax Revenue Bond 6702 I CAB3 Corporate NSTAR Electric Company
347628 LC-PF-2 Sales Tax Revenue Bond 693476BK8 Corporate PNC Funding Corp.
347628 LC-PF-2 Sales Tax Revenue Bond 74432QAE5 Corporate Prudential Financial, Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 88166DAA4 Corporate Teva Pharmaceutical Finance BI BV
347628 LC-PF-2 Sales Tax Revenue Bond 020002AR2 Corporate The Allstate Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 38141EA33 Corporate The Goldman Sachs Group, Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 38141 GCM4 Corporate The Goldman Sachs Group, Inc.
347628 LC-PF-2 Sales Tax Revenge Bond 842587CE5 Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 92343VBA1 Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 928670AD0 Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 929903A21 Corporate
347628 LC-PF-2 Sales Tax Revenue Bond 94974BET3 Corporate Wells Fargo & Company
347628 LC-PF-2 Sales Tax Revenue Bond 0020A2XM9 CP AT&T Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 1248C2X76 CP CBS Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 25490CX36 CP DIRECTV Holdings LLC
347628 LC-PF-2 Sales Tax Revenue Bond 27805AXF9 CP Eaton Corporation
347628 LC-PF-2 Sales Tax Revenue Bond 41805BXV3 CP Hasbro, Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 42823JXW0 CP Hewlett-Packard Company
347628 LC-PF-2 Sales Tax Revenue Bond 44890MXA5 CP Hyundai Capital America
347628 LC-PF-2 Sales Tax Revenue Bond 60920VY63 CP Mondelez International Inc
347628 LC-PF-2 Sales Tax Revenue Bond 9497K2XH0 CP WellPoint, Inc.
347628 LC-PF-2 Sales Tax Revenue Bond 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds
347628 LC-PF-2 Sales Tax Revenue Bond 19648CAC5 Muni Colorado Housing and Finance Authority
347628 LC-PF-2 Sales Tax Revenue Bond 407288YD5 Muni Hamilton, County of
347628 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 Muni Labor, New Hampshire Department of
John Deere Owner Trust 20
2-B
02/17/2015 07/24/2013
08/10/2016 07/11/2013
09/15/2015 07/10/2013
10/15/2014 07/05/2013
04/25/2014 07/12/2013
11/10/2014 07/05/2013
08/25/2014 07/03/2013
09/15/2014 07/03/2013
04/30/2014 07/09/2013
05/08/2014 07/10/2013
05/20/2014 07/09/2013
05/05/2014 07/09/2013
05/01/2014 07/08/2013
09/15/2014 07/08/2013
06/15/2014 07/08/2013
09/15/2014 07/09/2013
11/14/2014 07/08/2013
05/16/2014 07/10/2013
04/01/2014
06/01/2014 07/08/2013
02/15/2014 07/05/2013 4,575,000.00 4,736,131.50
02/06/2014 07/10/2013 8,100,000.00 8,184,969.00 -- 8,157,996.00 (784.46) 2.375 0.530 A
06/15/2014 07/08/2013 2,087,000.00 2,181,269.79 -- 2,161,401.55 4,507.35 5.500 0.340 A
01/10/2014 07/09/2013 1,730,000.00 1,742,957.70 - 1,737,923.40 (149.71) 2.000 0.530 AA
01/24/2014 07/09/2013 9,07(1,000.00 9,164,146.60 --- 9,130,678.30 6,764.75 2.875 0.710 A
04/15/2014 07/10/2013 7,900,000.00 8,161,332.00 --- 8,085,018.00 (10,947.12) 4.875 0.731 A
05/19/2014 07/10/2013 4,970,000.00 5,074,916.70 -- 5,048,873.90 1,394.14 3.000 0.460 A
09/20/2014 07/09/2013 2,686,000.00 2,820,407.44 --- 2,800,101.28 2,425.46 5.100 0.780 A
_ . . 03/21/2014 07/24/2013 8,000000.00 5,042,400.00 - 5,029,850.00 731.52 1.700 0.380 A
08/15/2014 07/05/2013 5,870,000.00 6,141,957.10 --- 6,097,286.40 9,677.62 5.000 0.581 A
05/01/2014 07/09/2013 5,000,000.00 5,208,235.00 --- 5,155,350.00 1,622.47 6.000 0.750 A
11/15/2014 07/08/2013 2,000,000.00 2,116,560.00 -- 2,102,560.00 6,478.01 5.500 0.850 A
05/15/2014 07/10/2013 2,100,000.00 2,160,648.00 --- 2,146,872.00 (3,946.91) 4.150 0.981 A
03/28/2014 07/10/2013 13,833,000.00 13,974,926.58 --- 13,918,626.27 (33,394.79) 1.950 0.980 A
04/01/2014 07/09/2013 4,670,000.00 4,722,117.20 --- 4,700,121.50 (5,463.88) 1.875 0.561 A
08/01/2014 07/05/2013 3,911,000.00 4,091,336.21 4,060,986.85 11,632.00 5.250 0.526 A
10/01/2014 07/03/2013 3,500,000.00 3,628,730.00 --- 3,613,610.00 2,245.23 3.750 0.680 AA
10/21/2013 09/102013 10,000,000.00 9,997,380.55 -- 9,998,000.00 0.00 0,000 0.230 AA
10/07/2013 09/09/2013 10,000,000.00 9,998,133.30 --- 9,999,050.00 0.00 0.000 0.240 AA
10/03/2013 07/24/2013 1,000,000.0 999,416.67 - 999,935.00 0.00 0.000 0.300 AA
10/15/2013 09/09/2013 10,000,000.00 9,997,472.20 --- 9,998,450.00 0.00 0.000 0.260 AA
10/29/2013 09/27/2013 300,000.00 299,933.33 - 299,921.40 0.0 0.000 0.250 AA
10/30/2013 09/10/2013 10,000,000.00 9,995,300.00 --- 9,997,290.00 0.00 0.000 0.360 AA
10/10/2013 09/12/2013 5,000,000.00 4,998,911.10 - 4,999,410.00 0.00 0.000 0.284 AA
11/06/2013 09/25/2013 5,500,000.00 5,498,18346 --- 5,498,207.00 0.00 0.000 0.290 AA
10/17/2013 07/25/2013 5,000.000.00 4,996,500.00 - 4,999,150.00 0.00 0,000 0.300 AA
09/30/2013 --- 0.00 225,580.11 --- 225,580.11 0.00 0.060 0.060 AAA
05/15/2014 07/10/2013 9,850,000.00 9,880,633.50 -- 9,869,503.00 7,980.40 0.852 0.353 AA
12/01/2015 07/18/2013 6,645,000.00 6,645,000.00 --- 6,624,134.70 25,118.10 0.803 0.627 AA
11/01/2020 07/03/2013 3,200,000.00 3,200,000.00 10/01/2013 3,200,00.00 0.00 0.160 AA
95,417.79
95,384.24
95,425.90
81.56 0.430 0.190
AAA
AAA
AAA
AAA
MMAF Equipment Finance LLC 2011-A
Abbey National Treasury Services PLC
BB&T Corporation
BP Capital Markets P.L.C.
3,000,000.00 3,008,085.94
4,433,089.88 4,443,826.27
237,095.00 237,141.30
5,000.000.00 5,088,500.00
3,000,000.00 3,105,090.00
6,124,000.00 6,430,200.01)
6,504,000.00 6,842,273.04
7,460,000.00 7,764,144.20
7,050,000.00 7,232,313.00
0,445,000.00 6,501,071.50
3,228,000.00 3,333,232.80
9,000,000.00 9,360,720.00
2,400,000,00 2,428,301.60
5,000,000.00 5,234,800.00
5,000,000.00 5,243,950.00
3,000,000.00 3,118,200.00
5,820,000.00 5,868,888.00
13,486,000.00 13,871,230.45
6,000,000.00 6,214,500.00
3,004,953.00
- 4,440,036.53
(6,771.47) 0.940
207.16 1.270
(6.51) 0.540
237,116.81
5,059,300.00
3,095,520.00
6,375,022.76
6,783,086.64
7,689,917.2(1
7,189,590.00
6,489,603.85
3,314,962.32
9,265,860.00
2,425,632.00
5,177,750.00
5,210,050.00
3,11.1,600.00
5,857,946.40'
13,748,302.70
6,164,340.00
4,674,094.50
(19,485.57) 2.875 1.270 A
(1,568.71) 3.875 1.270 A
4,665.14 5.125 0.600 A
19,922.06 5.100 0.380 A
5,797.22 5.700 0.489 A
965.45 3.625 0.430 A
3,307.26 1.375 0.281 A
12,906.84 5.125 0.449 A
(1,850.43) 5.500 0.560 A
(604.54) 1.875 0.895 A
334.57 5.800 0.730 A
6,264.58 4.750 0.460 AA
11,640.34 3.750 0.460 AA
3,144.79 1.550 0.461 A
703.66 4.625 0.607 A
9,480.00 4.650 0.410 A
3,774.99 6.500 0.470 A
MetLife, Inc.
The Southern Company
Verizon Communications Inc.
Volkswagen International FinanceN.V.
Wells Fargo & Company
310,243,403.43
205091001 LC -2013 A Capitalized Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation
205091001 LC -2013 A Capitalized Interest 31393V2T7 Agency CMO Federal Home Loan Mortgage Corporation
205091001 LC -2013 A Capitalized Interest 3136A8038 Agency CMO Federal National Mortgage Association
205091001. LC -2013 A Capitalized Interest 3136ACGF2 Agency CMO Federal National Mortgage Association
205091001 LC -2013 A Capitalized Interest 31393EXC8 Agency CMO Federal National Mortgage Association
205091001 LC -2013 A Capitalized Interest 3136A4M89 Agency CMG Federal National Mortgage Association
205091001 LC -2013 A Capitalized Interest 31392F6C6- Agency CMO Federal National Mortgage Association
205091001 LC -2013 A Capitalized Interest 31392FPP6 Agency CMO Federal National Mortgage Association
205091001 LC -2013 A Capitalized Interest 31392BVM5 Agency CMO Federal National Mortgage Association 02/25/2017 07/11/2013 250,491.68. 264;425.28.
205091001 LC -2013 A Capitalized Interest 31392HWL3 Agency CMO Federal National Mortgage Association 02/25/2018 07/12/2013 97,058.92 102,457.83
11/25/2016 07/08/2013
06/15/2018 07/08/2013
08/25/2017 07/08/2013
02/25/2016 07/15/2013
09/25/2018 07/24/2013 767,329.50 811,211.17
01/25/2019 07/05/2013 693,904.35 698,322.57
12/25/2017 07/0912013 662,851.52 703,140.46 - 699,016.70 (2,507.66) 5.000 1.055 AAA
11/25/2017 07/15/2013 437,366.40 463,198.35 --- 460,796.12 158.45 5.000 0.804 AAA
3,070,00.00 3,100,460.16
1,524,351.56 1,612,239.95
3,070,00.00 3,024,669.53
2,585,000.00 2,591,462.50
3,1 17,707.80 6,441.07 1.655 1.232 AAA
1,598,511.26 (1,426.79) 4.500 1.084 AAA
3,051,119.50 15,659.33 1.246 1.475 AAA
2,597,847.45 (984.28) 1.083 0.972 AAA
- 805,389.04 (4,876.33) 4.500 1.352 AAA
701,002.99 4,678.50 1.934 1.561 AAA
- 262,971.18. 56..05 5.500 0.760 AAA
205091001 LC -2013 A Capitalized Interest 38376GWZ9 Agency CMO
205091001 LC -2013 A Capitalized Interest 3128GNR59 Agency MBS
205091001 LC -2013 A Capitalized Interest 3128PGLY7 Agency MBS
205091001 LC -2013 A Capitalized Interest 3132FEAK7 Agency MBS Federal Home Loan Mortgage Corporation
205091001 LC -2013 A Capitalized Interest 31294LPZ0 Agency MBS Federal Home Loan Mortgage Corporation
205091001 LC -2013 A Capitalized Interest 3128MBTHO Agency MBS Federal Horne Loan Mortgage Corporation
The Government National Mortgage Association Guaranteed REMIC
Pass -Through Securities.
Federal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation
08/16/2031 07/11/2013 2,712,538.67 2,714,445.93
10/01/2016 07/05/2013 612,371.23 648,730.79
05/01/2017 07/17/2013
12/01/2017 07/03/2013
12/01/2016 07/05/2013
03/01/2019 07/26/2013
102,602.92 (421.14) 5.000 1.563 AAA
- 2,722,954.82 4,004.44 1.864 1.392 AAA
639,634.00 (6,296.76) 6.000 1.896 AAA
491,816.84. 518,252.00 - 520,819.28 2,465.70 5.000 0.889 AAA
444,540.51 471,07403 --- 470,817.30 263.49 5.000 0.963 AAA
442,039.64 467,318.78 - 466,904.37 (1,429.79) 6.000 1.288. AAA
245,908.45 260,662.96 --- 260,451.48 871.19 5.000 1.142 AAA
205091001 LC -2013 A Capitalized Interest 3128PHVS7 Agency MBS Federal Home Loan Mortgage Corporation
205091001 LC -2013 A Capitalized Interest 3128H4NR6 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2018 07/16/2013 205,435.17 217,632.88
11/012019 07/16/2013
232,553.50 245,053.25 - 246,413.69. 1,585.83 5,00 0.963. AAA
211
217,644.18 802.99 5.000 0.979 AAA
Page 8 of 32
111111 0.11
Riverside County Transportation Commission
STAMP Portfolio by Account for quarter ending September 30, 2013
Source
Account
Account
Security Type
Identifier Category
205091001 LC -2013 A Capitalized Interest 31401 MWCI Agency MBS
1.
205091001 LC -2013 A Capitalized Interest 31381QLL8 Agency MBS
205091001 LC -2013 A Capitalized Interest 31402RBG3 Agency MBS
205091001 LC -2013 A Capitalized Interest 31402QT68 Agency MBS
205091001 LC -2013 A Capitalized Interest 31410GSQ7 Agency MBS
205091001 LC -2013 A Capitalized Interest 36290WH47 Agency MBS
205091001 LC -2013 A Capitalized Interest 36200AFG9 Agency MBS
205091001 LC -2013 A Capitalized Interest 037833AF7 Corporate
205091001 LC -201 3 A Capitalized Interest 44328MAL8 Corporate
205091001 LC -2013 A Capitalized Interest 459200GX3 Corporate International Business Machines Corporation 07/22/2016 07/10/2013 465,000.00 477,936.30 --- 478,824.45 1.874.43 1.950 0.870 AA
06/29/2015 07/31/2013 545,000.00 553,763.60 - 552,362.95 (320.23) 1.700 0.880 AA
205091001 LC -2013 A Capitalized Interest 21686CAD2 Corporate Rabobank Nederland 01/19/2017 2,000,000.00 2,103,900.00 --- 2,128,080.00 27,322.18 3.375 1.430 AA
205091001 LC-2013ACapitalized Interest 21685WBL0 Corporate Rabobank Nederland 10/13/2015 07/03/2013 1,505,000.00 1,543,467.80 --- 1,541,827.35 1,569.00 2.125 0.930 AA
205091001 LC -2013 A Capitalized Interest 78008K5V1 Corporate Royal Bank of Canada 04/19/2016 07/08/2013 2,000,000.00 2,099,900.00 --- 2,094,800.00 (2.353.77) 2.875 1.090 AA
205091001 LC -2013 A Capitalized Interest 822582AC6 Corporate Shell International Finance B.V. 03/22/2017 07/08/2013 400,000.00 449,936.00 --- 452,468.00 4,531.49 5.200 1.390 AA
205091001 LC -2013 A Capitalized Interest 742718DV8 Corporate The Procter & Gamble Company 08/15/2016 07/10/2013 1,240.000.00 1,256,033.20 --- 1,260,174.80 5,060.12 1.450 0.880 AA
205091001 LC -2013 A Capitalized Interest 89114QAE8 Corporate The Toronto -Dominion Bank 10/19/2016 07/08/2013 750,000.00 776,452.50 775,725.00 1,420.16 2.375 1.210 AA
205091001 LC 2013 A Capitalized Interest 89153VAC3 Corporate Total Capital International 06/28/2017 07/08/2013 160,000.00 157,765.60 --- 160,812.80 3,920.27 1.550 1.240 AA
205091001 LC -2013 A Capitalized Interest 89233P6J0 Corporate Toyota Motor Credit Corporation 07/17/2015 07/03/2013 5,000,000.00 5,014,650.00 - 5,034,700.00 18,696.44 0.875 0.520 AA
205091001 LC -2013 A Capitalized Interest 90327QCW7 Corporate USAA Capital Corporation 12/13/2016 07/11/2013 4,000,000.00 4,145,440.00 --- 4,120,600.00 (23,025.86) 2.250 1.340 AA
205091001 LC -2013 A Capitalized Interest 12800AYJ7 CP Caisse des Depots et Consignations 11/18/2013 07/11/2013 3,000,000.00 2,997,903.75 - 2,999,190.00 0.00 0.000 0.195 AAA
205091001 LC -2013 A Capitalized Interest 74433GXV3 CP Prudential Funding LLC 10/29/2013 09/12/2013 4,000,000.00 3,999,477.78 --- 3,999,480.00 0.00 0.000 0.100 AAA
205091001 LC -2013 A Capitalized Interest 74977KXFI CP Rabobank USA Financial Corporation 10/15/2013 07/11/2013 2,500,000.00 2,498,812.50 - 2,499,825.00 0.00 0.000 0,180 AAA
205091001 LC -2013 A Capitalized Interest R9116EYS6 CP Toronto Dominion Holdings (U.S.A.), Inc. 11/26/2013 09/26/2013 1,000,000.00 999,796.67 --- 999,690.00 0.00 0.000 0.120 AAA
205091001 LC -201 3 A Capitalized Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 09/30/2013 0.00 55,564.04 - 55,564.04 0.00 0.000 0.000 NA
205091001 LC -2013 A Capitalized Interest 184126YS3 Muni Clayton County Water Authority 05/01/2017 07/11/2013 770,000.00 755,939.80 --- 754,407.50 (2,277.69) 1.300 1.887 AA
205091001 LC -2013 A Capitalized Interest 235219202 Muni Dallas, City of 02/15/2017 07/10/2013 2,135,000.00 2,135,000.00 --- 2,164.697.85 29,697.85 1.589 1.167 AA
205091001 LC -2013 A Capitalized Interest 407288YD5 Muni Hamilton, County of 12/01/2015 07/18/2013 2,080,000.00 2,080,000.00 --- 2,087,862.40 7,862.40 0.803 0.627 AA
205091001 LC -2013 A Capitalized Interest 6496614407 Muni New York, City of 10/01/2017 07/12/2013 1,170,000.00 1,238,222.70 --- 1,232,595.00 (2,422.58) 3.140 1.750 AA
205091001 LC -2013 A Capitalized Interest 912828RU6 US Gov Treasury, United States Department of 11/30/2016 07/05/2013 12,000,000.00 11,989,218.75 --- 12,053,400.00 66,323.83 0.875 0.725 AAA
205091001 LC -2013 A Capitalized Interest 912828SY7 US Gov Treasury, United States Department of 05/31/2017 07/05/2013 12,000,000.00 11,780,156.25 --- 11,865,000.00 74,742.12 0.625 0.931 AAA
205091001 LC -2013 A Capitalized Interest 912828VG2 US Gov Treasury, United States Department of 06/15/2016 07/05/2013 10,200,000.00 10,146,210.94 -- 10,190.412.00 41,613.91 0.500 0.529 AAA
205091001 LC -2013 A Capitalized Interest 912828UA6 US Gov Treasury. United States Department of 11/30/2017 07/05/2013 2,250,000.00 2,186,367.19 --- 2,204,122.50 15,174.94 0.625 1.120 AAA
104,073,469.45
Issuer
Federal National Mortgage Association
Federal National Mortgage Association
Federal National Mortgage Association
Federal National Mortgage Association
Federal National Mortgage Association
Government National Mortgage Association
Government National Mortgage Association
Apple Inc.
HSBC Bank PLC
Base Net Total Summarize
Curren > ace Unrealized d Credit
Final Maturity Trade Date Value Original Cost Neat Call Date Base Market Value Gain/Loss Coupon Yield Rating
06/01/2018 07/12/2013
03/01/2016 07/11/2013
1,424,784.77 1,519,176.76 --- 1,513,947.80 (720.79) 4.500 0.833 AAA
963,837.97 978,897.94 --- 975,326.92 22,513.61 3.295 1.674 AAA
09/01/2019 677,539.08 727,192.11 - 725,088.77 1,615.90 6.000 0.868 AAA
645,384.40 --- 689,767.49 (2,177.77) 6.000 1.302 AAA
12/01/2017 07/05/2013 356,668.54 382,972.84 - 380,401.26 (4,802.34) 6.000 1.701 AAA
2,185,811.44 40,718.21 4.500 0.012 AAA
11/15/2017 07/09/2013 134,051.07 142,848.17 - 142,529.80 3,546.04 5.500 -0.570 AAA
05/03/2016 07/31/2013 3,000,000.00 3,000,840.00 --- 2,999,280.00 1,187.78 0.316 0.294 AA
05/24/2016 3,625,000.00 3,799,301.25 - 3,812,086.25 21,710.43 3.100 1.160 AA
10/01/2019 07/11/2013
697,216.84
09/15/2018 07/18/2013
2,037,083.94 2,164,401.70
205091001 LC -2013 A Capitalized Interest 59217GAV1 Corporate
Metropolitan Life Global Funding'
212
Page 9 of 32
ATTACHMENT 4
I• MIN
Riverside (ounly Tronspoilalion (=Mission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
�I liTai'ii i7�
Waal iic' 4 iit'1iX:'.iiRiilil►I�'
Base Net Total
ii al Maturity Base Princi al Realized Gain
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
508 944 89
21
LC -Sr Lien Reserve Fund -1
912828VB3
US TREASURY N/B
3,253,085.94 Buy
05/15/2023
3,253,085.94
-
.21
LC -Sr Lien Reserve Fund -1
3137EACA5
FREDDIE MAC
875,900.00 Buy
03/27/2019
875,900.00
-
21
LC -Sr Lien Reserve Fund -1
3136A72D3
FNA 2012-M9 A2
375,250.00 Buy
04/25/2022
375,250.00
-
l21
LC -Sr Lien Reserve Fund -1
38376LE39
GNR 2011-104 BN
79,707.04 Buy
12/20/2038
79,707.04
-
21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
4.48 Buy
09/30/2013
4.48
-
121
LC -Sr Lien Reserve Fund -I
61747C715
MORGAN STANLEY LIQ PRIME -IN
48,249.11 Buy
09/30/2013
48,249.11
-
,21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
1,162.23 Buy
09/30/2013
1,162.23
-
121
LC -Sr Lien Reserve Fund -1.
61747C715
MORGAN STANLEY LIQ PRIME -IN
32,474.44 Buy
09/30/2013
32,474.44
-
l21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
92,437.64 Buy
09/30/2013
92,437.64
-
21
LC -Sr Lien Reserve Fund -1
31393DRM5
FNR 2003-63 YB
- Buy
07/25/2033
20,053.35
-
21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
15,000.00 Buy
09/30/2013
15,000.00
-
21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
49,083.07 Buy
09/30/2013
49,083.07
-
l21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
17,665,460.16 Buy
09/30/2013
17,665,460.16
-
l21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
11,801.81 Buy
09/30/2013
11,801.81
-
21
LC -Sr Lien Reserve Fund -I
61747C715
MORGAN STANLEY LIQ PRIME -IN
10,641.24 Buy
09/30/2013
10,641.24
-
l21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,510.45 Buy
09/30/2013
3,510.45
-
,21
l21
21
121
21
l21
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
5,268.71 Buy
09/30/2013
5,268.71
-
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
23,692.93 Buy
09/30/2013
23,692.93
-
LC -Sr Lien Reserve Fund -I
61747C715
MORGAN STANLEY LIQ PRIME -IN
125,605.02 Buy
09/30/2013
125,605.02
-
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
37,499.40 Buy
09/30/2013
37,499.40
-
LC -Sr Lien Reserve Fund -1
313923383
FNR 2003-17 HC
78,545.35 Buy
03/25/2018
78,545.35
-
LC -Sr Lien Reserve Fund -I
31393DRM5
FNR 2003-63 YB
287,169.14 Buy
07/25/2033
287,169.14
-
21
LC -Sr Lien Reserve Fund -I
912828VK3
US TREASURY N/B
3,483,730.47 Buy
06/30/2018
3,483,730.47
-
a 1
LC -Sr Lien Reserve Fund -1
31417YKF3
FN MA0293
278,042.43 Buy
01/01/2030
278,042.43
-
i21
LC -Sr Lien Reserve Fund -1
912828KQ2
US TREASURY N/B
539,902.34 Buy
05/15/2019
539,902.34
-
.21
LC -Sr Lien Reserve Fund -I
912828T39
US TREASURY N/B
535,917.97 Buy
08/15/2022
535,917.97
-
21
LC -Sr Lien Reserve Fund -1
313376NF8
FEDERAL HOME LOAN BANK
758,145.00 Buy
06/27/2019
758,145.00
-
l21
LC -Sr Lien Reserve Fund -I
31416YXJ2
FN AB3380
97,870.95 Buy
08/01/2026
97,870.95
-
.21
LC -Sr Lien Reserve Fund -I
31398VWC6
FHR 3653 AT
486,397.73 Buy
06/15/2028
486,397.73
-
.21
LC -Sr Lien Reserve Fund -1
31385XBG1
FN 555439
58,435.90 Buy
03/01/2018
58,435.90
21
LC -Sr Lien Reserve Fund -1
3133EC3U6
FEDERAL FARM CREDIT BANK
99,800.00 Buy
11/21/2014
99,800.00
-
.21
LC -Sr Lien Reserve Fund -1
383773Z89
GNR 2010-117 GK
282,835.45 Buy
10/20/2039
282,835.45
-
21
LC -Sr Lien Reserve Fund -1
3137A7JU5
FHMS K701 A2
351,203.13 Buy
11/25/2017
351,203.13
-
l21
LC -Sr Lien Reserve Fund -1
38377RVK8
GNR 2010-166 GP
177,530.96 Buy
04/20/2039
177,530.96
-
121
LC -Sr Lien Reserve Fund -I
3135G0KB8
FANNIE MAE
177,257.50 Buy
04/16/2019
177,257.50
-
121
LC -Sr Lien Reserve Fund -1
3137EADB2
FREDDIE MAC
529,303.50 Buy
01/13/2022
529,303.50
-
21
LC -Sr Lien Reserve Fund -1
3136A7MJ8
FNA 2012-M8 ASQ2
172,402.34 Buy
12/25/2019
172,402.34
-
121
LC -Sr Lien Reserve Fund -1
3134G3Y61
FREDDIE MAC
249,812.50 Buy
12/10/2014
249,812.50
-
121
LC -Sr Lien Reserve Fund -1
3137ASNH3
FHMS K019 Al
465,418.67 Buy
09/25/2021
465,418.67
-
121
LC -Sr Lien Reserve Fund -1
3137A7E22
FHR 3804 DA
482,587.69 Buy
04/15/2028.
482,587.69
-
21
LC -Sr Lien Reserve Fund -I
3137B03W2
FHMS K502 A2
44,964.84 Buy
08/25/2017
44,964.84
-
121
LC -Sr Lien Reserve Fund -1
3135G0JA2
FANNIE MAE
623,587.50 Buy
04/27/2017
623,587.50
-
121
LC -Sr Lien Reserve Fund -1
31395EZP5
FHR 2835 MD
258,462.79 Buy
08/15/2019
258,462.79
-
121
LC -Sr Lien Reserve Fund -1
38378TAF7
GNR 2013-71 GA
297,809.01 Buy
07/20/2041
297,809.01
-
21
LC -Sr Lien Reserve Fund -1
3128MMAK9
FG G18009
338,056.91 Buy
09/01/2019
338,056.91
-
21
LC -Sr Lien Reserve Fund -1
31395K5G4
FIR 2898 PE
79,794.31 Buy
05/15/2033
79,794.31
-
I21
LC -Sr Lien Reserve Fund -1
3136A4M48
FNA 2012-M3 IAl
457,240.44 Buy
01/25/2022
457,240.44
-
21
LC -Sr Lien Reserve Fund -1
3137AEV77
FHMS K703 A2
258,314.30 Buy
05/25/2018
258,314.30
-
21
LC -Sr Lien Reserve Fund -1
31418AFW3
FN MAI080
401,520.88 Buy
06/01/2022
401,520.88
-
121
LC -Sr Lien Reserve Fund -1
912833KR0
STRIPS
353,517.80 Buy
05/15/2018
353,517.80
-
21
LC -Sr Lien Reserve Fund -1
3137AUPE3
FHMS K021 A2
220 358.40 Buy
06/25/2022
220,358.40
-
36,140,714.76
36,160,768.12
-
21
LC Lien Reserve Fund
38377UN20
GNR 2011-62 PA
Principal Paydown
01/20/2040
-Sr -I
(14,317.15)
(14,057.24)
(259.91)
21
LC -Sr Lien Reserve Fund -1
38377UN20
GNR 2011-62 PA
(19,446.15) Principal Paydown
01/20/2040
(19,088.69)
(357.46)
213
Page 10 of 32
Riverside (ounly Tronspmtolion (ommission
1111111 MIN
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account Identifier
FN AB3380
Base Net Total
Final Maturity Base Principal Realized Gain
347621
347621
347621
347621
347621
347621
34762!
347621
347621
347621
347621
347621
347621
347621
347621
347621
347621
347621
347621
347621
347621
347621
347621 LC -Sr Lien Reserve Fund -1 38378TAF7 GNR 2013-71 GA
347621 LC -Sr Lien Reserve Fund -I 3128MMAK9 FG G18009
347621 LC -Sr Lien Reserve Fund -1 38378TAF7 GNR 2013-71 GA
347621 LC -Sr Lien Reserve Fund -I 3128MMAK9 FG G18009
347621 LC -Sr Lien Reserve Fund -1 31395K5G4 FHR 2898 PE
347621 LC -Sr Lien Reserve Fund -I 31395K5G4
347621 LC -Sr Lien Reserve Fund -1 3136A4M48
347621 LC -Sr Lien Reserve Fund -1 31418AFW3
347621
347621
LC -Sr Lien Reserve Fund -I
LC -Sr Lien Reserve Fund -1
LC -Sr Lien Reserve Fund -1
LC -Sr Lien Reserve Fund -I
LC -Sr Lien Reserve Fund -I
LC -Sr Lien Reserve Fund -I
LC -Sr Lien Reserve Fund -1
LC -Sr Lien Reserve Fund -I
LC -Sr Lien Reserve Fund -1
LC -Sr Lien Reserve Fund -I
LC -Sr Lien Reserve Fund -1
LC -Sr Lien Reserve Fund -1 31398VWC6 FFIR 3653 AT
LC -Sr Lien Reserve Fund -1 38377RVK8 GNR 2010-166 GP
LC -Sr Lien Reserve Fund -1 38377JZ89 GNR 2010-117 GK
LC -Sr Lien Reserve Fund -1 38377JZ89 GNR 2010-117 GK
LC -Sr Lien Reserve Fund -1 38377RVK8 GNR 2010-166 GP
LC -Sr Lien Reserve Fund -1 3137A7E22 FHR 3804 DA
LC -Sr Lien Reserve Fund -I 3137A7E22 FHR 3804 DA
LC -Sr Lien Reserve Fund -1 3137ASNH3 FHMS K019 Al
LC -Sr Lien Reserve Fund -I 3I37ASNH3 FHMS K019 Al
LC -Sr Lien Reserve Fund -1 31395EZP5 FHR 2835 MD
LC -Sr Lien Reserve Fund -I 31395EZP5 FHR 2835 MD
31416YXJ2
31416YXJ2
38376LE39
38376LE39 GNR 2011-104 BN
31393DRM5 FNR 2003-63 YB
31393DRM5 FNR 2003-63 YB
313922.183 FNR 2003-17 HC
313921183 FNR 2003-17 HC
31417YKF3 FN MA0293
31417YKF3 FN MA0293
31398VWC6 FUR 3653 AT
FN AB3380
GNR 2011-104 BN
(2,222.10) Principal n
(2,217.84) Principal Paydown 08/01/2026
(6,996.84) Principal Paydown
(4,217.88) Principal Paydown 12/20/2038
08/01/2026
(2,122.19)
(2,117.62)
(6,917.92)
(4,165.80)
12/20/2038
(99.91)
(100.22)
(78.92)
(52.08)
(16,051.35) Principal Paydown 07/25/2033 (15,200.84) (850.51)
(8,363.66) Principal Paydown 07/25/2033 (7,920.08) (443.58)
(3,046.92) Principal Paydown 03/25/2018 (2,887.85) (159.07)
(3,270.01) Principal Paydown 03/25/2018
(3,101.83)
(168.18)
(12,878.93) Principal Paydown 01/01/2030 (12,203.47) (675.46)
(8,604.23) Principal Paydown 01/01/2030 (8,153.91) (450.32)
(62,391.14) Principal Paydown 06/15/2028 (60,918.45) (1,472.69)
(44,008.60) Principal Paydown 06/15/2028 (43,012.90) (995.70)
(2,416.12) Principal Paydown 04/20/2039 (2,360.15) (55.97)
(7,482.18) Principal Paydown 10/20/2039 (7,259.63) (222.55)
(5,584.69) Principal Paydown 10/20/2039 (5,419.21) (165.48)
(1,965.27) Principal Paydown 04/20/2039 (1,920.06) (45.21)
(16,172.51) Principal Paydown 04/15/2028 (15,628.84) (543.67)
(28,175.81) Principal Paydown 04/15/2028 (27,215.69) (960.12)
(2,154.13) Principal Paydown 09/25/2021 (2,203.93) 49.80
(2,162.82) Principal Paydown 09/25/2021 (2,212.20) 49.38
(8,907.96) Principal Paydown 08/15/2019 (8,423.76) (484.20)
(6,480.34) Principal Paydown 08/15/2019 (6,124.12) (356.22)
(1,259.66) Principal Paydown 07/20/2041 (1,259.48) (0.18)
LC -Sr Lien Reserve Fund -1
LC -Sr Lien Reserve Fund -1
3136A4M48
31418AFW3.
FHR 2898 PE
FNA 2012-M3 IAI
FN MA1080
FNA 2012-M3 1A1
FN MA1080
(11,417.06) Principal Paydown
(885.78) Principal Paydown
(11,744.48) Principal Paydown
09/01/2019
07/20/2041
09/01/2019
(10,732.15)
(885.67)
(11,047.10)
(9,244.55)
(8,167.79)
(2,708.63)
(10,252.63)
(2,718.96)
(7,473.05)
(9,375.72) Principal Paydown 05/15/2033
(8,277.26) Principal Paydown 05/15/2033
(2,716.18) Principal Paydown 01/25/2022
(10,589.84) Principal Paydown
06/01/2022
01/25/2022
06/01/2022
(2,726.41) Principal Paydown
(7 716.03) Principal Paydown
(356 43.05)
(345.126.39)
(684.91)
(0.11)
(697.38)
(131.17)
(109.47)
(7.55)
(337.21)
(7.45)
(242.98)
(11,116.66)
347621
LC -Sr Lien Reserve Fund -I
61747C715
MORGAN STANLEY LIQ PRIME -IN
(172,564.94) Sell
09/30/2013
(172.564.94)
-
347621
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
(58,582.22) Sell
09/30/2013
(58,582.22)
-
347621
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
(258,798.70) Sell
09/30/2013
(258,798.70)
-
347621
LC -Sr Lien Reserve Fund -I
61747C715
MORGAN STANLEY LIQ PRIME -IN
(271,972.39) Sell
09/30/2013
(271,972.39)
-
347621
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
(740,879.34) Sell
09/30/2013
(740,879.34)
-
347621
LC -Sr Lien Reserve Fund -1
61747C7!5
MORGAN STANLEY LIQ PRIME -IN
(98,025.44) Sell
09/30/2013
(98,025.44)
-
347621
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
(10,227,116.55) Sell
09/30/2013
(10,227,116.55)
-
347621
LC -Sr Lien Reserve Fund -I
61.747C715
MORGAN STANLEY LIQ PRIME -IN
(2,103,769.02) Sell
09/30/2013
(2,103,769.02)
-
347621
LC -Sr Lien Reserve Fund -1
61747C715
MORGAN STANLEY LIQ PRIME -IN
(2,207,804.26) Sell
09/30/2013
(2,207,804.26)
-
347621
LC -Sr Lien Reserve Fund -1
6!747C715
MORGAN STANLEY LIQ PRIME -IN
(1,752,124.56) Sell
09/30/2013
(1,752,124.56)
-
347621
LC -Sr Lien Reserve Fund -I
61747C715
MORGAN STANLEY LIQ PRIME -IN
(2,776.84) Sell
09/30/2013
(2,776.84)
-
347621
LC -Sr Lien Reserve Fund -1
6! 747C715
MORGAN STANLEY LIQ PRIME -IN
(44,971.97) Sell
09/30/2013
(44,971.97)
-
347621
LC -Sr Lien Reserve Fund -1
3135G0JA2
FANNIE MAE
(174,611.31) Sell
04/27/2017
(175,188.83)
577.24
(18,113,997.54)
(18,114,575.06)
577.24
Subtotal -347621
LC -Sr Lien Reserve Fund -1
17,670,474.17
17,701,066.67
(10,539.43)
347623
LC -Sr Lien Ob Fund -1 Interest
912828UA6
US TREASURY NB
2,915,156.25 Buy
11/30/2017
2,915,156.25
-
347623
LC -Sr Lien Ob Fund -1 interest
4812!CYK6
JP MORGAN CHASE BANK NA
341,424.00 Buy
10/01/2017
341,424.00
-
347623
LC -Sr Lien Ob Fund -1 Interest
912828RU6
US TREASURY NB
2,997,304.69 Buy
11/30/2016
2,997,304.69
-
347623
LC -Sr Lien Ob Fund -I Interest
38144LAB6
GOLDMAN SACHS GROUP INC
322,515.00 Buy
09/01/2017
322,515.00
-
347623
LC -Sr Lien Ob Fund -1 Interest
78387GAP8
AT&T INC
1,367,613.00 Buy
09/15/2014
1,367,613.00
-
347623
LC -Sr Lien 06 Fund -1 Interest
2352193S2
DALLAS-B-REF-TXBL
650,000.00 Buy
02/15/2017
650,000.00
-
347623
LC -Sr Lien Ob Fund -1 interest
02580ECC5
AMERICAN EXPRESS BK FSB
287,890.00 Buy
09/13/2017
287,890.00
-
214
Page 11 of 32
Riverside (only Tronsportolion Commission
1111111 NOM
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
,347
1347
347
347
347
347
347
347
347
347
347
347
347
1347
i
.23
i i i
LC -Sr Lien Ob Fund -I Interest
f![a.i'i r•
912828VG2
t
US TREASURY NB
;' g "C',' " i'ensaction "type
2,984,179.69 Buy
nal Maturity
06/15/2016
Base Principal Realized Gain
2,984,179.69 -
23
LC -Sr Lien Ob Fund -1 Interest
31402RBG3
FN 735439
228,865.54 Buy
09/01/2019
228,865.54 -
,23
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
9,250.00 Buy
09/30/2013
9,250.00 -
.23
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
400,000.00 Buy
09/30/2013
400,000.00 -
23
.23
,23
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -DI
18,443.83 Buy
09/30/2013
18,443.83 -
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
531.88 Buy
09/30/2013
531.88 -
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
44,487.01 Buy
09/30/2013
44,487.01 -
.23
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -1N
403.06 Buy
09/30/2013
403.06 -
23
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
798,684.08 Buy
09/30/2013
798,684.08 -
123
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
43,835.57 Buy
09/30/2013
43,835.57 -
03
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
531.88 Buy
09/30/2013
531.88 -
.23
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
1,301.76 Buy
09/30/2013
1,301.76 -
03
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
70,725.97 Buy
09/30/2013
70,725.97 -
.23
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -[N
536,727.91 Buy
09/30/2013
536,727.91 -
23
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
10,875.00 Buy
09/30/2013
10,875.00 -
.23
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -1N
531.88 Buy
09/30/2013
531.88 -
23
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
14.60 Buy
09/30/2013
14.60 -
.23
61747C715
MORGAN STANLEY LIQ PRIME -IN
1,045,275.00 Buy
09/30/2013
1,045,275.00
23
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
52,754.61 Buy
09/30/2013
52,754.61 -
.23
23
,23
,23
LC -Sr Lien Ob Fund -I Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -1N
23,402.81 Buy
09/30/2013
23,402.81 -
61747C715
MORGAN STANLEY LIQ PRIME -IN
8,269.54 Buy
09/30/2013
8,269.54 -
61747C715
MORGAN STANLEY LIQ PRIME -IN
276,546.88 Buy
09/30/2013
276,546.88 -
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
513,470.31 Buy
09/30/2013
513,470.31 -
.23
l23
.23
,23
23
,23
.23
,23
23
,23
,23
.23
.23
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
400,000.00 Buy
09/30/2013
400,000.00 -
LC -Sr Lien Ob Fund -1 Interest
91842LWA8
VW Credit, Inc.
399,990.67 Buy
09/10/2013
399,990.67 -
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
31,406,835.42 Buy
09/30/2013
31,406,835.42 -
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,500.00 Buy
09/30/2013
3,500.00 -
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien 08 Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
00279VCA1
ABBEY NATL TREASURY SERV
1,035,030.00 Buy
11/10/2014
1,035,030.00 - -
912828RX0
US TREASURY NB
945,212.89 Buy
12/31/2016
945,212.89 -
233851AT1
DAIMLER FINANCE NA LLC
497,995.00 Buy
01/11/2016
497,995.00 -
LC -Sr Lien Ob Fund -1 Interest
05565QCC0
BP CAPITAL MARKETS PLC
292,194.00 Buy
11/06/2017
292,194.00 -
LC -Sr Lien Ob Fund -1 Interest
172967F138
CITIGROUP INC
1,375,777.00 Buy
05/19/2015
1,375,777.00 -
LC -Sr Lien Ob Fund -1 Interest
01854VWS1
3134G3XQ8
94980VAF5
AllianceBemstein L.P.
399,988.33 Buy
09/26/2013
399,988.33 -
LC -Sr Lien Ob Fund -1 Interest
FREDDIE MAC
275,137.50 Buy
06/20/2017
275,137.50 -
LC -Sr Lien Ob Fund -1 Interest
WELLS FARGO BANK NA
988,160.00 Buy
05/16/2016
988,160.00 -
LC -Sr Lien Ob Fund -1 Interest
31393V2T7
FHA 2627 GY
530,760.60 Buy
06/15/2018
530,760.60 -
23
LC -Sr Lien Ob Fund -1 Interest
61746BDG8
MORGAN STANLEY
496,725.00 Buy
02/25/2016
496,725.00 -
23
LC -Sr Lien Ob Fund -1 Interest
47787BAC9
JDOT 2012-A A3
1,000,937.50 Buy
03/15/2016
1,000,937.50 -
723
LC -Sr Lien Ob Fund -1 Interest
89233P6J0
TOYOTA MOTOR CREDIT CORP
802,344.00 Buy
07/17/2015
802,344.00 -
23
LC -Sr Lien Ob Fund -1 Interest
3137ANLP8
FHMS K501 A2
939,227.34 Buy
11/25/2016
939,227.34 -
23
LC -Sr Lien Ob Fund -1 Interest
3136A4M89
FNA 2012-M3 2A1
216,931.56 Buy
01/25/2019
216,931.56 -
123
LC -Sr Lien Ob Fund -1 Interest
31393EXC8
FNR 2003-88 TH
96,826.64 Buy
09/25/2018
96,826.64 -
23
LC -Sr Lien Ob Fund -1 Interest
220027AF3
RETAIL PROPERTIES INC
1,009,240.00 Buy
09/01/2013
1,009,240.00 -
.23
LC -Sr Lien Ob Fund -1 Interest
928670AJ7
VOLKSWAGEN INTL FIN NV
607,206.00 Buy
03/22/2015
607,206.00 -
,23
LC -Sr Lien Ob Fund -1 Interest
65339MWC6
Eastern Heating & Cooling, Inc.
789,967.08 Buy
09/12/2013
789,967.08 -
123
LC -Sr Lien Ob Fund -1 Interest
48121CJM9
JP MORGAN CHASE BANK NA
492,775.00 Buy
06/13/2016
492,775.00 -
23
LC -Sr Lien ObFund-1 Interest
36I62WAC1
GEET2013-1 A3
921,964.84 Buy
11/25/2016
921,964.84 -
123
23
23
23
.23
,23
.23
LC -Sr Lien Ob Fund -1 Interest
3137ASNH3
FHMS K019 Al
461,616.83 Buy
09/25/2021
461,616.83 -
LC -Sr Lien Ob Fund-] Interest
3696203H5
GENERAL ELEC CAP CORP
340,212.00 Buy
09/15/2017
_340,212.00
460,355.64 -
LC -Sr Lien Ob Fund -1 Interest
31385JLF3
FN 545826
- Buy
08/01/2017
LC -Sr Lien Ob Fund -I Interest
3136A8G38
FNA 2012-M13 ASQ2
916,267.97 Buy
08/25/2017
916,267.97 -
LC -Sr Lien Ob Fund -1 Interest
59217GAC3
MET LIFE GLOB FUNDING I
766,284.80 Buy
09/29/2015
766,284.80 -
LC -Sr Lien 08 Fund -1 Interest
263534BX6
E.I. DU PONT DE NEMOURS
1,014,068.00 Buy
03/15/2015
1,014,068.00 -
LC -Sr Lien Ob Fund -1 Interest
36162RAB4
GEEST 2012 -IA A2
394,189.69 Buy
11/21/2014
394,189.69 -
.23
LC -Sr Lien Ob Fund -1 Interest
19648CAC5
CO HSG & FIN-B-TXBL
932,892.30 Buy
05/15/2014
932,892.30 -
215
Page 12 of 32
I• NOM
Riverside (ounly Ironspollolion Commission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account Identifier
HAMILTON SWR-B-RLI
RIO TINTO FIN USA LTD
347623
347623
347623
347623
347623
347623
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien 06 Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest 69349LAL2 PNC BANK NA
LC -Sr Lien Ob Fund -1 Interest 912828SY7 US TREASURY NB
LC -Sr Lien Ob Fund -1 Interest 913017BW8 UNITED TECHNOLOGIES CORP
407288YD5
767201AM8
912828RU6
US TREASURY NB
at O. "°a tfe ' tan action Type
Final Maturity Base Principal
Base Net Total
Realized Gain
630,000.00 Buy
617,400.00 Buy
449,525.39 Buy
12/01/2015
05/20/2016
11/30/2016
04/29/2016 499,180.00
05/31/2017 2,945,039.06
12/02/2013 245,146.02
630,000.00
617,400.00
449,525.39
499,180.00 Buy
2,945,039.06 Buy
- Buy
72,470,350.16
73,175,851.82
347623 LC -Sr Lien Ob Fund -I Interest 3134G3XQ8 FREDDIE MAC
(275,000.00) Call Redemption 06/20/201.7 (275,000.00) 0.00
(275,000.00)
(275,000.00) 0.00
347623 LC -Sr Lien Ob Fund -1 Interest 172967FD8 CITIGROUP INC
(722,013.84)
(722,013.84) Corporate Action Sell 05/19/2015 (707,643.31) (14,370.53)
(707,643.31)
347623 LC -Sr Lien 0b Fund -I Interest 91842LWA8 VW Credit, Inc. (400,000.00) Maturity 09/10/2013 (400,000.00)
347623 LC -Sr Lien 0b Fund -1 Interest 01854VWS1 AllianceBemstein L.P. (400.000.00) Maturity 09/26/2013 (400,000.00)
347623 LC -Sr Lien Ob Fund -1 Interest 220027AF3 RETAIL PROPERTIES INC (1,000,000.00). Maturity 09/01/2013 (1,000,000.00)
347623 LC -Sr Lien Ob Fund -I Interest 65339MWC6 Eastern Heating & Cooling, Inc. (790 000.00) Maturity 09/12/2013 (790,000.00)
(14,370.53)
(2,590,000.00) (2,590,000.00)
347623
347623
347623
347623
347623
347623
347623
347623
347623
347623
347623
347623
347623
347623
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien 0b Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
LC -Sr Lien Ob Fund -1 Interest
31402RBG3 FN 735439
31402RBG3
31393V2T7
31393V2T7
47787BAC9
3136A4M89
3136A4M89
47787BAC9
31393EXC8
31393EXC8
3137ASNH3
36162RAB4
36162RAB4
36162RAB4
FN 735439
FHR 2627 GY
FHR 2627 GY
JDOT 2012-A A3
FNA 2012-M3 2A1
FNA 2012-M3 2A1
JDOT 2012-A A3
FNR 2003-88 TH
FNR 2003-88 TH
FHMS K019 Al
GEEST 2012-1A A2
GEEST 2012-1A A2
GEEST 2012-1A A2
(8.596.40) Principal Paydown
(8,422.01) Principal Paydown
(19,811.47) Principal Paydown
(21,256.88) Principal Paydown
(48,163.52) Principal Paydown
(1,209.12) Principal Paydown
(1,204.76) Principal Paydown
(53,546.37) Principal Paydown
09/01/2019
09/01/2019
06/15/2018
06/15/2018
03/15/2016
01/25/2019
01/25/2019
03/15/2016
(8,002.00)
(7,849.68)
(18,745.65)
(20,097.01)
(48,122.11)
(1,201.68)
(1,197.21)
(53,502.74)
(594.40)
(572.33)
(1,065.82)
(1,159.87)
(41.41)
(7.44)
(7.55)
(3,892.39) Principal Paydown 09/25/2018 (3,675.63)
(2,808.79) Principal Paydown
(2,154.23) Principal Paydown
(39,418.16) Principal Paydown
(43.581.25) Principal Paydown
(52,532.80) Principal Paydown
09/25/2018
09/25/2021
11/21/2014
11/21/2014
11/21/2014
(2,654.43)
(2,212.20)
(39,400.99)
(43,556.50)
(52,506.39)
(43.63)
(216.76)
(154.36)
57.97
(17.17)
(24.75)
(26.41)
(306,598.14)
(302.724.22)
(3,87
3.92)
347623
LC -Sr Lien Ob Fund -1 Interest
912828UA6
US TREASURY NB
(534,803.52). Sell
11/30/2017
(534,767.58)
(45.37)
347623
LC -Sr Lien Ob Fund -I Interest
912828UA6
US TREASURY NB
(971,770.17) Sell
11/30/2017
(974,101.56)
2,314.25
347623
LC -Sr Lien Ob Fund -1 Interest
912828VG2
US TREASURY NB
(795,820.18) Sell
06/15/2016.
(798,312.50)
2,488.43
347623
LC -Sr Lien 0b Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(96,394.43) Sell
09/30/2013
(96,394.43)
-
347623
LC -Sr Lien 06 Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(630,000.00) Sell
09/30/2013
(630,000.00)
-
347623
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(650,000.00) Sell
09/30/2013
(650,000.00)
-
347623
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(464,129.65) Sell
09/30/2013
(464,129.65)
-
347623
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(69,361.55) Sell
09/30/2013
(69,361.55)
-
347623
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(850,707.88) Sell
09/30/2013
(850,707.88)
-
347623
LC -Sr Lien Ob Fund -I Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(1,189,957.75) Sell
09/30/2013
(1,189,957.75)
-
347623
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(1,719,777.81) Sell
09/30/2013
(1,719,777.81)
-
347623
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(10,563,436.46) Sell
09/30/2013
(10,563,436.46)
-
347623
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(8,864,118.85) Sell
09/30/2013
(8,864,118.85)
-
347623
LC -Sr Lien 06 Fund -1 Interest
61747C7!5
MORGAN STANLEY LIQ PRIME -IN
(229,469.63) Sell
09/30/2013
(229,469.63)
-
347623
LC -Sr Lien Ob Fund -1 interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(1,981,856.54) Sell
09/30/2013
(1,981,856.54)
-
347623
LC -Sr Lien O6 Fund -1 Interest
LC -Sr Lien 06 Fund -I Interest
61747C7!5
MORGAN STANLEY L1Q PRIME -IN
(939,029.88) Sell
09/30/2013
(939,029.88)
-
347623
61747C715
MORGAN STANLEY LIQ PRIME -IN
(3,291,927.47) Sell
09/30/2013
(3,291,927.47)
-
347623
LC -Sr Lien Ob Fund -1 Interest
61747C715
MORGAN STANLEY LIQ PRIME -IN
(3,280,267.73) Sell
09/30/2013
(3,280,267.73)
-
(37,122,829.50)
(37,127,617.27)
4,757.31
Subtotal - 347623
LC -Sr Lien Ob Fund -1 Interest
31,453,908.68
32,172,867.02
(13,487.15)
347625
LCProjectFund-2 Senior Lien
69430LVW5
Pacific Gas and Electric Company
6,174,459.69 Buy
08/30/2013
6,174,459.69
-
347625
LC -Project Fund -2 Senior Lien
97689RAH7
WI HSG-VAR-TXB-B-MFH
1;825,000.00 Buy
04/01/2046
1,825,000.00
216
Page 13 of 32
I• NOM
Riverside (ounly Tronspoltolion (ommission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
1347
Base Net Total
'ource Account
.25
Account
Identifier
;' a "e • ' Flo " Pe 1sactim "Type
4,061,196.48 Buy
`nal Maturity
08/23/2013
. ase Principal Re.liz Gain
4,061,196.48 -
LC -Project Fund -2 Senior Lien
780 1OXAD3
ROYAL BK OF SCOTLAN D PL(.
.25
LC -Project Fund -2 Senior Lien
00287BUG2
AbbVie Inc.
3,699,835.57 Buy
07/16/2013
3,699,835.57 -
,25
LC -Project Fund -2 Senior Lien
05968OY72
Banco Santander -Chile
2,996,558.34 Buy
11/07/2013
2,996,558.34 -
.25
LC -Project Fund -2 Senior Lien
0081U2WT5
Aetna Inc.
2,499,881.25 Buy
09/27/2013
2,499,881.25
'25
LC -Project Fund -2 Senior Lien
0081 U2UNO
Aetna Inc.
3,499,673.35 Buy
07/22/2013
3,499,673.35 -
l25
LC -Project Fund -2 Senior Lien
36962G4Q4
GENERAL ELEC CAP CORP
5,013,700.00 Buy
09/16/2013
5,013,700.00 -
,25
LC -Project Fund -2 Senior Lien
1248C2X76
CBS Corporation
3,399,365.32 Buy
10/07/2013
3,399,365.32 -
'25
LC -Project Fund -2 Senior Lien
91842LX41
VW Credit, Inc.
3,999,413.32 Buy
10/04/2013
3,999,413.32 -
,25
LC -Project Fund -2 Senior Lien
2524H4UF5
Diageo Capital PLC
3,499,836.66 Buy
07/15/2013
3,499,836.66 -
,25
LC -Project Fund -2 Senior Lien
01854VW93
AllianceBemstein L.P.
3,999,953.33 Buy
09/09/2013
3,999,953.33 -
.25
LC -Project Fund -2 Senior Lien
25490CWD5
DIRECTV Holdings LLC
499,957.22 Buy
09/13/2013
499,957.22 -
,25
LC -Project Fund -2 Senior Lien
62949LUA3
NYSE EURONEXT
3,999,861.12 Buy
07/10/2013
3,999,861.12 -
,25
LC -Project Fund -2 Senior Lien
41805BXV3
Hasbro, Inc.
3,699,177.79 Buy
10/29/2013
3,699,177.79 -
.25
LC -Project Fund -2 Senior Lien
62949LVC8
NYSE Euronext
3,099,861.37 Buy
08/12/2013
3,099,861.37 -
'25
LC -Project Fund -2 Senior Lien
01854VWQ5
AllianceBernstein L.P.
2,499,990.98 Buy
09/24/2013
2,499,990.98 -
.25
LC -Project Fund -2 Senior Lien
78355AXG4
Ryder System, Inc.
3,999,166.68 Buy
10/16/2013
3,999,166.68 -
'25
LC -Project Fund -2 Senior Lien
65475LXU1
Nissan Motor Acceptance Corporation
3,998,942.24 Buy
10/28/2013
3,998,942.24 -
.25
LC -Project Fund -2 Senior Lien
05634BXP8
Bacardi U.S.A., Inc.
2,999,370.00 Buy
10/23/2013
2,999,370.00 -
,25
LC -Project Fund -2 Senior Lien
65475HAE1
NALT 2011-A A4
485,985.16 Buy
04/17/2017
485,985.16 -
125
,25
,25
LC -Project Fund -2 Senior Lien
381022V93
Golden Funding Corporation
1,489,951.58 Buy
08/09/2013
1,489,951.58 -
LC -Project Fund -2 Senior Lien
I9122WW32
Coca-Cola Refreshments USA, Inc.
1,799,968.00 Buy
09/03/2013
1,799,968.00 -
LC -Project Fund -2 Senior Lien
03741NV87
Apache Corporation
3,499,782.23 Buy
08/08/2013
3,499,782.23 -
125
LC -Project Fund -2 Senior Lien
20911LWK1
Consolidated Edison Company of New York, Inc.
3,499,825.00 Buy
09/19/2013
3,499,825.00 -
125
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
91842LWA8
02000JU93
61747C715
VW Credit, Inc.
3,899,739.99 Buy
09/10/2013
3,899,739.99 -
'25
The Allstate Corporation
3,999,911.12 Buy
07/09/2013
3,999,911.12 -
.25
MORGAN STANLEY LIQ PRIME -IN
975,516.97 Buy
09/30/2013
975,516.97 -
'25
LC -Project Fund -2 Senior Lien
91842LWA8
VW Credit, Inc.
1,499,965.00 Buy
09/10/2013
1,499,965.00 -
.25
'25
.25
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
101,057.76 Buy
09/30/2013
101,057.76 -
61747C715
MORGAN STANLEY LIQ PRIME -IN
1,393,099.44 Buy
09/30/2013
1,393,099.44 -
61747C715
MORGAN STANLEY LIQ PRIME -IN
4,881,082.38 Buy
09/30/2013
4,881,082.38 -
.25
LC -Project Fund -2 Senior Lien
23336GVS7
DTE Electric Company
1,999,865.56 Buy
08/26/2013
1,999,865.56 -
.25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
138.06 Buy
09/30/2013
138.06 -
,25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,500,000.00 Buy
09/30/2013
3,500,000.00 -
,25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,202,270.41 Buy
09/30/2013
3,202,270.41 -
.25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
347.19 Buy
09/30/2013
347.19 -
.25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,500,000.00 Buy
09/30/2013
3,500,000.00
25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
4,240,000.00 Buy
09/30/2013
4,240,000.00 -
125
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,500,000.00 Buy
09/30/2013
3,500,000.00 -
25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
2,347.63 Buy
09/30/2013
2,347.63 -
125
LC -Project Fund -2 Senior Lien
025816AQ2
AMERICAN EXPRESS CO
5,003,135.00 Buy
07/15/2013
5,003,135.00 -
25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
11,594,621.60 Buy
09/30/2013
11,594,621.60 -
125
LC -Project Fund -2 Senior Lien
05635MVE0
Bacardi Corporation
4,999,277.80 Buy
08/14/2013
4,999,277.80 -
25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
5,000,000.00 Buy
09/30/2013
5,000,000.00 -
l25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,872,384.44 Buy
09/30/2013
3,872,384.44 -
25
LC -Project Fund -2 Senior Lien
6174711715
MORGAN STANLEY LIQ PRIME -IN
4,540,020.00 Buy
09/30/2013
4,540,020.00 -
125
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
4,116,816.00 Buy
09/30/2013
4,116,816.00 -
125
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
1,000,124.98 Buy
09/30/2013
1,000,124.98 -
125
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
14,301,000.00 Buy
09/30/2013
14,301,000.00 -
125
LC -Project Fund -2 Senior Lien
2254EAZ30
61747C715
Credit Suisse (USA), Inc.
1,499,546.67 Buy
12/03/2013
1,499,546.67 -
125
LC -Project Fund -2 Senior Lien
MORGAN STANLEY LIQ PRIME -IN
10,865,199.80 Buy
09/30/2013
10,865,199.80 -
025
LC -Project Fund -2 Senior Lien
617470715
MORGAN STANLEY LIQ PRIME -IN
1,848,204.44 Buy
09/30/2013
1,848,204.44
25
LC -Project Fund -2 Senior Lien
61747C715
61747C715
61747C715
MORGAN STANLEY LIQ PRIME -IN
800,507.93 Buy
09/30/2013
,800,507.93 -
'25
LC -Project Fund -2 Senior Lien
MORGAN STANLEY LIQ PRIME -IN
10,789,977.58 Buy
09/30/2013
10,789,977.58 -
516.73 -
.25
LC -Project Fund -2 Senior Lien
MORGAN STANLEY LIQ PRIME -IN
516.73 Buy
09/30/2013
.25
LC -Project Fund -2 Senior Lien
617470715
MORGAN STANLEY LIQ PRIME -IN
2,208,286.83 Buy
09/30/2013
2,208,286.83 -
217
Page 14 of 32
Riverside (ounly Tronspottolion Commission
1111111 MOM
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
1347
i en
01211iii13 '
' ese- p"on
" at 'e ".'a ue ran82e on Type
2,046,888.32 Buy
Final Maturity
06/23/2014
Base Principal Realized Gain
2,046,888.32 -
..25
LC -Project Fund -2 Senior Lien
36162DAB5
GEEST 2011-2A A2
'25
LC -Project Fund -2 Senior Lien
2574P0X74
Dominion Resources, Inc.
3,999,666.68 Buy
10/07/2013
3,999,666.68 -
'25
LC -Project Fund -2 Senior Lien
61747C715
MORGAN STANLEY LIQ PRIME -IN
122,120,946.70 Buy
09/30/2013
122,120,946.70 -
.25
LC -Project Fund -2 Senior Lien
22532AW61
Credit Agricole North America, Inc.
4,999,873.60 Buy
09/06/2013
4,999,873.60 -
,25
.25
.25
LC -Project Fund -2 Senior Lien
61747C715
5006EOZC3
05635MX24
MORGAN STANLEY LIQ PRIME -IN
4,749,207.77 Buy
09/30/2013
4,749,207.77 -
LC -Project Fund -2 Senior Lien
The Korea Development Bank
1,499,390.42 Buy
12/12/2013
1,499,390.42. -
LC -Project Fund -2 Senior Lien
Bacardi Corporation
3,499,469.16 Buy
10/02/2013
3,499,469.16 -
i25
LC -Project Fund -2 Senior Lien
65475UAB8
NAROT 2012-A A2
122,459.76 Buy
10/15/2014
122,459.76 -
.25
LC -Project Fund -2 Senior Lien
22541LAH6
CREDIT SUISSE USA INC
6,325,641.00 Buy
08/15/2013
6,325,641.00 -
125
LC -Project Fund -2 Senior Lien
90261XGF3
UBS AG STAMFORD CT
1,426,520.48 Buy
08/12/2013
1,426,520.48 -
125
LC -Project Fund -2 Senior Lien
151036X94
Celgene Corporation
2,997,774.99 Buy
10/09/2013
2,997,774.99 -
a5
LC -Project Fund -2 Senior Lien
91842LUR3
VW Credit, Inc.
3,499,537.23 Buy
07/25/2013
3,499,537.23
125
LC -Project Fund -2 Senior Lien
9497K2XA5
WellPoint, Inc.
2,997,750.00 Buy
10/10/2013
2,997,750.00 -
125
LC -Project Fund -2 Senior Lien
20911LVT3
Consolidated Edison Company of New York, Inc.
3,799,873.35 Buy
08/27/2013
3,799,873.35 -.
125
LC -Project Fund -2 Senior Lien
41805BW36
Hasbro, Inc.
4,299,904.45 Buy
09/03/2013
4,299,904.45 -
125
LC -Project Fund -2 Senior Lien
37331WW31
27805AXF9
62949LVV6
02582JFG0
Georgia-Pacific LLC
3,499,239.73 Buy
09/03/2013
3,499,239.73 -
125
LC -Project Fund -2 Senior Lien
Eaton Corporation
3,399,140.55 Buy
10/15/2013
3,399,140.55 -
125
LC -Project Fund -2 Senior Lien
NYSE Euronext
4,999,776.40 Buy
08/29/2013
4,999,776.40
125
LC -Project Fund -2 Senior Lien
AMXCA 2008-5 A
1,000,781.25 Buy
03/15/2016
1,000,781.25 -
125
125
125
125
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
65339MW36
57708LV70
0020A2XM9
42823JXW0
NextEra Energy Capital Holdings, Inc.
Mattel, Inc.
2,009,839.20 Buy
09/03/2013
2,009,839.20 -
3,499,897.9] Buy
08/07/2013
3,499,897.91 -
AT&T Inc.
3,399,109.39 Buy
10/21/2013
3,399,109.39 -.
Hewlett-Packard Company
3,498,355.00 Buy
10/30/2013
3,498,355.00 -
125
LC -Project Fund -2 Senior Lien
882722LC3
9497K2XH0
01854VWS1
TX VAR-REF-TXB-VETS
1,065,000.00 Buy
06/01/2031
1,065,000.00 -
125
LC -Project Fund -2 Senior Lien
WellPoint, Inc.
1,998,600.00 Buy
10/17/2013
1,998,600.00 -
05
LC -Project Fund -2 Senior Lien
AllianceBemstein L.P.
2,524,926.35 Buy
09/26/2013
2,524,926.35 -
125
LC -Project Fund -2 Senior Lien
449786AF9
LNG BANK NV
2,890,944.00 Buy
10/18/2013
2,890,944.00 -
i25
,25
a5
'25
'25
125
a5
.25
i25
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
03741NWR4
Apache Corporation
3,499,605.27 Buy
09/25/2013
3,499,605.27 -
3,499,959.05 -
5,999,625.00 -
01854VWG7
AllianceBemstein L.P.
3,499,959,05 Buy
09/16/2013
2925A2VW7
Enbridge Energy Partners, L.P.
5,999,625.00. Buy
08/30/2013
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
12800UAD2
CAISSE CENTRALE DESJARDN
2,005,100.00 Buy
09/16/2013
2,005,100.00 -
37331WXA4
Georgia-Pacific LLC
3,999,556.68 Buy
10/10/2013
3,999,556.68 -
23336GUI32
DTE Electric Company
3,499,772.50 Buy
07/17/2013
3,499,772.50 -
06052YAB5
BAAT 2012-1 A2
2,857,546.40 Buy
11/17/2014
2,857,546.40 -
LC -Project Fund -2 Senior Lien
9497K2V90
WellPoint, Inc.
2,749,876.25 Buy
08/09/2013
2,749,876.25 -
LC -Project Fund -2 Senior Lien
65339MUN4
NextEra Energy Capital Holdings, Inc.
3,699,597.11 Buy
07/22/2013
3,699,597.11
.25
LC -Project Fund -2 Senior Lien
01854VWD4
AllianceBemstein L.P.
2,374,990.76 Buy
09/13/2013
2,374,990.76 -
125
LC -Project Fund -2 Senior Lien
57708LW95
Mattel, Inc.
1,299,945.83 Buy
09/09/2013
1,299,945.83 -.
.25
LC -Project Fund -2 Senior Lien
65339MWC6
Eastern Heating & Cooling, Inc.
2,834,881.87 Buy
09/12/2013
2,834,881.87 -
05
LC -Project Fund -2 Senior Lien
01854VWH5
AllianceBemstein L.P.
3,999,982.24 Buy
09/17/2013
3,999,982.24 -
05
LC -Project Fund -2 Senior Lien
209]1LUJ6
Consolidated Edison Company of New York, Inc.
3,499,747.23 Buy
07/18/2013
3,499,747.23 -
125
LC -Project Fund -2 Senior Lien
60920VY63
Mondelez International Inc
3,998,678.88 Buy
11/06/2013
3,998,678.88 -.
125
LC -Project Fund -2 Senior Lien
25490CX36
DIRECTV Holdings LLC
2,997,855.84 Buy
10/03/2013
2,997,855.84 -
05
LC -Project Fund -2 Senior Lien
65475LVW9
Nissan Motor Acceptance Corporation
6,599,332.67 Buy
08/30/2013
6,599,332.67 -
a5
LC -Project Fund -2 Senior Lien
65475LWA6
Nissan Motor Acceptance Corporation
2,498,922.93 Buy
09/10/2013
2,498,922.93 -
.25
LC -Project Fund -2 Senior Lien
24422ERJ0
JOHN DEERE CAPITAL CORP
5,005,075.00 Buy
10/04/2013
5,005,075.00 -.
125
LC -Project Fund -2 Senior Lien
27743JVM2
Eastman Chemical Company
3,999,520.00 Buy
08/21/2013
3,999,520.00 -
i25
125
,25
,25
a5
,25
a5
LC -Project Fund -2 Senior Lien
05531FAE3
BB&T CORPORATION
5,433,264.00 Buy
09/25/2013
5,433,264.00 -
LC -Project Fund -2 Senior Lien
220027AF3
RETAIL PROPERTIES INC
5,046,200.00 Buy
09/01/2013
5,046,200.00 -
4,999,863.90 -
4,999,795.85 -
LC -Project Fund -2 Senior Lien
6323A0W61
Natixis
4,999,863.90 Buy
09/06/2013
LC -Project Fund -2 Senior Lien
0081U2VS8
Aetna Inc.
4,999,795.85 Buy
08/26/2013
LC -Project Fund -2 Senior Lien
78355AVT8
78355AVT8
44890MXA5
Ryder System, Inc.
3,499,396.25 Buy
08/27/2013
3,499,396.25 -
LC -Project Fund -2 Senior Lien
Ryder System. Inc.
1,000,919.92 Buy
08/27/2013
1,000,919.92 -
LC -Project Fund -2 Senior Lien
Hyundai Capital America
3,499,237.77 Buy
10/10/2013
3,499,237.77 -
,25
LC -Project Fund -2 Senior Lien
49455AV50
Kinder Morgan Energy Partners, L.P.
3,499,878.48 Buy
08/05/2013
3,499,878.48 -
218
Page 15 of 32
lll_ — —
Riverside (ounly Tronspollalinn (=Mission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account
Identifier
, a "e' 'a tie " ransaction Type
Final Maturity
Base Principal Realized Gain
347625
LC -Project Fund -2 Senior Lien
57163TWQ8
Marriott International_ Inc.
1,599,186.67 Buy
09/24/2013
1,599,186.67 -
347625
LC -Project Fund -2 Senior Lien
172967FG1
CITIGROUP INC
2,854,389.00 Buy
08/13/2013
2,854,389.00 -
347625
LC -Project Fund -2 Senior Lien
172967FG1
CITIGROUP INC
1,001,540.00 Buy
08/13/2013
1,001,540.00 -
347625
LC -Project Fund -2 Senior Lien
05634BW46
Bacardi U.S.A., Inc.
999,965.28 Buy
09/04/2013
999,965.28 -
347625
LC -Project Fund -2 Senior Lien
05634BW46
Bacardi U.S.A., Inc.
999,965.28 Buy
09/04/2013
999,965.28 -
347625
LC -Project Fund -2 Senior Lien
76720LWP3
Rio Tinto America Inc.
1,499,350.01 Buy
09/23/2013
1,499,350.01 -
347625
LC -Project Fund -2 Senior Lien
6362P2VV5
National Grid USA Service Company, Inc.
5,999,875.02 Buy
08/29/2013
5,999,875.02 -
347625
LC -Project Fund -2 Senior Lien
06538BWD1
The Bank of Tokyo -Mitsubishi UFJ, Ltd.
4,999,747.20 Buy
09/13/2013
4,999,747.20 -
347625
LC -Project Fund -2 Senior Lien
161571CX0
CHAIT 2008-A10 A10
2,301,257.81 Buy
08/17/2015
2,301,257.81 -
347625
LC -Project Fund -2 Senior Lien
277437X24
Eastman Chemical Company
3,499,448.75 Buy
10/02/2013
3,499,448.75 -
347625
LC -Project Fund -2 Senior Lien
57163TXW4
Marriott International, Inc.
3,998,988.88 Buy
10/30/2013
3,998,988.88 -
347625
LC -Project Fund -2 Senior Lien
91842LVT8
VW Credit, Inc.
5,999,580.00 Buy
08/27/2013
5,999,580.00 -
347625
LC -Project Fund -2 Senior Lien
65475NAD0
NALT 2011-B A3
530,600.13 Buy
02/16/2015
530,600.13 -
347625
LC -Project Fund -2 Senior Lien
01854VW44
AllianceBemstein L.P.
2,499,990.28 Buy
09/04/2013
2,499,990.28 -
347625
LC -Project Fund -2 Senior Lien
16151RCR2
CHAMT 2003-4 A
1,500,468.75 Buy
01/15/2016
1,500,468.75 -
347625
LC -Project Fund -2 Senior Lien
59259YE62
42823JUV5
27743JWD1
74977KXF1
MET TRANSPRTN AUTH-D
1,750,561.80 Buy
11/15/2013
1,750,561.80 -
347625
LC -Project Fund -2 Senior Lien
Hewlett-Packard Company
3,499,346.66 Buy
07/29/2013
3,499,346.66 -
347625
LC -Project Fund -2 Senior Lien
Eastman Chemical Company
4,024,547.19 Buy
09/13/2013
4,024,547.19
347625
LC -Project Fund -2 Senior Lien
Rabobank USA Financial Corporation
4,997,625.00 Buy
10/15/2013
4,997,625.00 -
347625
347625
347625
347625
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
89236PAB9
2925A2VM9
25179KXG7
TAOT 2012-A A2
107,469.53 Buy
10/15/2014
107,469.53 -
Enbridge Energy Partners, L.P.
3,499,387.50 Buy
08/21/2013
3,499,387.50 -
Devon Energy Corporation
3,999,400.00 Buy
10/16/2013
3,999,400.00 -
LC -Project Fund -2 Senior Lien
91842LW59
VW Credit, Inc.
3,499,895.00 Buy
09/05/2013
3,499,895.00 -
347625
347625 —
347625
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
65475LWR9
Nissan Motor Acceptance Corporation
3,399,607.10 Buy
09/25/2013
3,399,607.10 -
2091 ILX20
Consolidated Edison Company of New York, Inc.
3,999,644.44 Buy
10/02/2013
3,999,644.44 -
38141GDK7
GOLDMAN SACHS GROUP INC
5,003,015.00 Buy
07/15/2013
5,003,015.00 -
347625
LC -Project Fund -2 Senior Lien
65339MWS1
NEXTERA ENERGY CAPITAL HOLDINGS INC
3,499,646.12 Buy
09/26/2013
3,499,646.12 -
347625 —
347625
347625
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
05635MUQ4
38141GDQ4
43813TAC7
Bacardi Corporation
3,499,564.46 Buy
07/24/2013
3,499,564.46 -
GOLDMAN SACHS GROUP INC
6,755,489.54 Buy
10/15/2013
_
6,755,489.54 -
HAROT 2011-1 A3
190,152.75 Buy
10/15/2014
190,152.75 -
347625
LC -Project Fund -2 Senior Lien
62949LW60
NYSE Euronext
2,999,877.51 Buy
09/06/2013
2,999,877.51 -
347625
LC -Project Fund -2 Senior Lien
91842LV50
01854VWJ1
01854VW51
VW Credit, Inc.
3,499,888.21 Buy
08/05/2013
3,499,888.21 -
347625
LC -Project Fund -2 Senior Lien
AllianceBemstein L.P.
3,999,984.44 Buy
09/18/2013
3,999,984.44 -
347625
LC -Project Fund -2 Senior Lien
AllianceBemstein L.P.
3,699,985.61 Buy
09/05/2013
3,699,985.61 -
347625
LC -Project Fund -2 Senior Lien
74433GXV3
Prudential Funding LLC
2,999,608.33 Buy
10/29/2013
2,999,608.33 -
347625
LC -Project Fund -2 Senior Lien
62949LW52
NYSE Euronext
5,499,754.04 Buy
09/05/2013
5,499,754.04
347625
LC -Project Fund -2 Senior Lien
01854VW69
AllianceBemstein L.P.
1,199,995.33 Buy
09/06/2013
1,199,995.33 -
347625
LC -Project Fund -2 Senior Lien
01854VW69
AllianceBemstein L.P.
4,999,844.45 Buy
09/06/2013
4 999 844.45 -
634,254.628.82
634,254,628.82 -
347625
LC -Project Fund -2 Senior Lien
36962G4Q4
GENERAL ELEC CAP CORP
(5,000,000.00) Maturity
09/16/2013
(5,000,000.00) -
347625
LC -Project Fund -2 Senior Lien
69430LVW5
Pacific Gas and Electric Company
(6,175,000.00) Maturity
08/30/2013
(6,175,000.00) -
347625
LC -Project Fund -2 Senior Lien
00287BUG2
AbbVie Inc.
(3,700,000.00) Maturity
07/16/2013
(3,700,000.00) -
347625
LC -Project Fund -2 Senior Lien
0081U2WT5
Aetna Inc.
(2,500,000.00) Maturity
09/27/2013
(2,500,000.00) -
347625
LC -Project Fund -2 Senior Lien
78010XAD3
ROYAL BK OF SCOTLAND PLC
(4,048,000.00) Maturity
08/23/2013
(4,048,000.00) -
347625
LC -Project Fund -2 Senior Lien
2524H4UF5
Diageo Capital PLC
(3,500,000.00) Maturity
07/15/2013
(3,500,000.00) -
347625
LC -Project Fund -2 Senior Lien
01854VW93
AllianceBernstein L.P.
(4,000,000.00) Maturity
09/09/2013
(4,000,000.00) -
347625
LC -Project Fund -2 Senior Lien
25490CWD5
DIRECTV Holdings LLC
(500,000.00) Maturity
09/13/2013
(500,000.00) -
347625
LC -Project Fund -2 Senior Lien
62949LVC8
NYSE Euronext
(3,100,000.00) Maturity
08/12/2013
(3,100,000.00) -
347625
LC -Project Fund -2 Senior Lien
62949LUA3
NYSE EURONEXT
(4,000,000.00) Maturity
07/10/2013
(4,000,000.00) -
347625
LC -Project Fund -2 Senior Lien
01854VWQ5
AllianceBernstein L.P.
(2,500,000.00) Maturity
09/24/2013
(2,500,000.00) -
347625
LC -Project Fund -2 Senior Lien
19122WW32
Coca-Cola Refreshments USA, Inc.
(1,800,000.00) Maturity
09/03/2013
(1,800,000.00) -
347625
LC -Project Fund -2 Senior Lien
38102JV93
Golden Funding Corporation
(1,490,000.00) Maturity
08/09/2013
(1,490,000.00) -
347625
LC -Project Fund -2 Senior Lien
03741NV87
Apache Corporation
(3,500,000.00) Maturity
08/08/2013
(3,500,000.00) -
347625
LC -Project Fund -2 Senior Lien
20911LWK1
Consolidated Edison Company of New York, Inc.
(3,500,000.00) Maturity
09/19/2013
(3,500,000.00) -
347625
LC -Project Fund -2 Senior Lien
0081U2UNO
Aetna Inc.
(3,500,000.00) Maturity
07/22/2013
(3,500,000.00) -
347625
LC -Project. Fund -2 Senior Lien
02000JU93
The Allstate Corporation
(4,000,000.00) Maturity
07/09/2013
(4,000,000.00) -
219
Page 16 of 32
I• MOM
Riverside (Dimly Tronspoitalion Commission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account ' 'n "`-e
VW Credit, Inc.
347625
347625
347625
347625
347625
347625
347625
347625
347625
347625
347625
347625
347625
347625
347625
347625 LC -Project Fund -2 Senior Lien 01854VWS1 AllianceBernstein L.P. (2,525,000.00) Maturity 09/26/2013 (2,525,000.00)
347625 LC -Project Fund -2 Senior Lien 01854VWG7 AllianceBernstein L.P. (3,500.000.00) Maturity 09/16/2013 (3,500.000.00)
347625 LC -Project Fund -2 Senior Lien 03741NWR4 Apache Corporation (3,500.000.00) Maturity 09/25/2013 (3,500.000.00)
347625 LC -Project Fund -2 Senior Lien 12800UAD2 CAISSE CENTRALE DESJARDN (2,000,000.00) Maturity 09/16/2013 (2,000,000.00)
347625 LC -Project Fund -2 Senior Lien 2925A2VW7 Enbridge Energy Partners, L.P. (6,000,000.00) Maturity 08/30/2013 (6,000,000.00)
347625 LC -Project Fund -2 Senior Lien 23336GUH2 DTE Electric Company (3,500,000.00) Maturity 07/17/2013 (3,500.000.00)
347625 LC -Project Fund -2 Senior Lien 65339MUN4 NextEra Energy Capital Holdings, inc (3,700,000.00) Maturity 07/22/2013 (3,700,000.00)
347625 LC -Project Fund -2 Senior Lien 65475LWA6 Nissan Motor Acceptance Corporation (2,500,000.00) Maturity 09/10/2013 (2,500,000.00)
347625 LC -Project Fund -2 Senior Lien 9497K2V90 WellPoint, Inc. (2,750,000.00) Maturity 08/09/2013 (2,750,000.00)
347625 LC -Project Fund -2 Senior Lien 01854VWD4 AllianceBernstein L.P. (2,375,000.00) Maturity 09/13/2013 (2,375,000.00)
347625 LC -Project Fund -2 Senior Lien 65339MWC6 Eastern Heating & Cooling, Inc. (2,835,000.00) Maturity 09/12/2013 (2,835,000.00)
347625 LC -Project Fund -2 Senior Lien 01854VWH5 AllianceBernstein L.P. (4,000,000.00) Maturity 09/17/2013 (4,000,000.00)
347625 LC -Project Fund -2 Senior Lien 57708LW95 Mattel, Inc. (1,300,000.00) Maturity 09/09/2013 (1,300,000.00)
347625 LC -Project Fund -2 Senior Lien 20911 LUJ6 Consolidated Edison Company of New York, Inc. (3,500,000.00) Maturity 07/18/2013 (3,500,000.00)
347625 LC -Project Fund -2 Senior Lien 65475LVW9 Nissan Motor Acceptance Corporation (6,600,000.00) Maturity 08/30/2013 (6,600,000.00)
347625 LC -Project Fund -2 Senior Lien 220027AF3 RETAIL PROPERTIES INC (5,000,000.00) Maturity 09/01/2013 (5,000,000.00)
347625 LC -Project Fund -2 Senior Lien 05531FAE3 BB&T CORPORATION (5,400,000.00) Maturity 09/25/2013 (5,400,000.00)
347625 LC -Project Fund -2 Senior Lien 27743JVM2 Eastman Chemical Company (4,000,000.00) Maturity 08/21/2013 (4,000,000.00)
347625 LC -Project Fund -2 Senior Lien 6323A0W61 Natixis (5,000,000.00) Maturity 09/06/2013 (5,000,000.00)
347625 LC -Project Fund -2 Senior Lien 0081U2VS8 Aetna Inc. (5,000,000.00) Maturity 08/26/2013 (5,000,000.00)
347625 LC -Project Fund -2 Senior Lien 49455AV50 Kinder Morgan Energy Partners, L.P. (3,500,000.00) Maturity 08/05/2013 (3,500,000.00)
347625 LC -Project Fund -2 Senior Lien 78355AVT8 Ryder System, Inc. (4,501,000.00) Maturity 08/27/2013 (4,501,000.00)
347625 LC -Project Fund -2 Senior Lien 01854VWK8 AllianceBernstein L.P. (4,000,000.00) Maturity 09/19/2013 (4,000,000.00)
347625 LC -Project Fund -2 Senior Lien 172967FG1 CITIGROUP INC (3,850,000.01) Maturity 08/13/2013 (3,850,000.00)
347625 LC -Project Fund -2 Senior Lien 57163TWQ8 Marriott lnternalional, Inc. (1,600,000.00) Maturity 09/24/2013 (1,600,000.00)
347625 LC -Project Fund -2 Senior Lien 05634BW46 Bacardi U.S.A., Inc. (1,000,000.00) Maturity 09/04/2013 (1,000,000.00)
347625 LC -Project Fund -2 Senior Lien 05634BW46 Bacardi U.S.A., Inc. (1,000,000.00) Maturity 09/04/2013 (1,000,000.00)
347625 LC -Project Fund -2 Senior Lien 6362P2VV5 National Grid USA Service Company, Inc. (6,000,000.00) Maturity 08/29/2013 (6,000,000.00)
347625 LC -Project Fund -2 Senior Lien 76720LWP3 Rio Tinto America Inc. (1,500,000.00) Maturity 09/23/2013 (1,500,000.00)
347625 LC -Project Fund -2 Senior Lien 06538BWD1 The Bank of Tokyo -Mitsubishi UFJ, Ltd. (5,000,000.00) Maturity 09/13/2013 (5,000,000.00)
347625 LC -Project Fund -2 Senior Lien 91842LVT8 VW Credit, Inc. (6,000,000.00) Maturity 08/27/2013 (6,000.000.00)
347625 LC -Project Fund -2 Senior Lien 01854VW44 AllianceBemstein L.P. (2,500,000.00) Maturity 09/04/2013 (2,500.000.00)
347625 LC -Project Fund -2 Senior Lien 42823JUV5 Hewlett-Packard Company (3,500,000.00) Maturity 07/29/2013 (3,500,000.00)
347625 LC -Project Fund -2 Senior Lien 27743JWDI Eastman Chemical Company (4,025,000.00) Maturity 09/13/2013 (4,025,000.00)
347625 LC -Project Fund -2 Senior Lien 65475LWR9 Nissan Motor Acceptance Corporation (3,400,000.00) Maturity 09/25/2013 (3,400,000.00)
347625 LC -Project Fund -2 Senior Lien 2925A2VM9 Enbridge Energy Partners, L.P. (3,500,000.00) Maturity 08/21/2013 (3,500,000.00)
347625 LC -Project Fund -2 Senior Lien 91842LW59 VW Credit, Inc. (3,500,000.00) Maturity 09/05/2013 (3,500,000.00)
347625 LC -Project Fund -2 Senior Lien 38141GDK7 GOLDMAN SACHS GROUP INC (5,000,000.00) Maturity 07/15/2013 (5,000,000.00)
347625 LC -Project Fund -2 Senior Lien 05635MUQ4 Bacardi Corporation (3,500,000.00) Maturity 07/24/2013 (3,500,000.00)
347625 LC -Project Fund -2 Senior Lien 65339MWS1 NEXTERA ENERGY CAPITAL HOLDINGS INC (3,500,000.00) Maturity 09/26/2013 (3,500,000.00)
,347625 LC -Project Fund -2 Senior Lien 62949LW60 NYSE Euronext (3,000,000.00) Maturity 09/06/2013 (3,000,000.00)
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien 025816AQ2 AMERICAN EXPRESS CO
LC -Project Fund -2 Senior Lien 23336GVS7 DTE Electric Company
LC -Project Fund -2 Senior Lien 05635MVE0
LC -Project Fund -2 Senior Lien 22532AW61 Credit Agricole North America, Inc.
LC -Project Fund -2 Senior Lien 22541 LAH6
LC -Project Fund -2 Senior Lien 90261XGF3 UBS AG STAMFORD CT
LC -Project Fund -2 Senior Lien 20911 LVT3
LC -Project Fund -2 Senior Lien 41805BW36 Hasbro, Inc.
LC -Project Fund -2 Senior Lien 91842LUR3 VW Credit, Inc.
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien 65339MW36 NextEra Energy Capital Holdings, Inc. (2.010,000.00) Maturity 09/03/2013 (2,010,000.00)
91842LWA8
91842LWA8
VW Credit, Inc.
Base Net Total
;' a "C':'' P Transaction Type Final Maturity Base Principal Realized Gain
(1,500,000.00) Maturity 09/10/2013
(3,900,000.00) Maturity 09/10/2013 (3,900,000.00)
(5,000.000.00) Maturity
(2,000,000.00) Maturity
(5,000,000.00) Maturity
(5,000.000.00) Maturity
(6,300,000.00) Maturity
(1,424,000.00) Maturity
(3,800,000.00) Maturity
(4,300,000.00) Maturity
(3,500,000.00) Maturity 07/25/2013 (3,500,000.00)
(3,500,000.00) Maturity
(5,000,000.00) Maturity
(3,500,000.00) Maturity 08/07/2013 (3,500,000.00)
(1,500,000.00)
Bacardi Corporation
07/15/2013
08/26/2013 (2,000,000.00)
08/14/2013 (5,000,000.00)
09/06/2013 (5,000,000.00)
08/15/2013
08/12/2013
08/27/2013
09/03/2013
CREDIT SUISSE USA INC
Consolidated Edison Company of New York, Inc.
37331WW31
62949L V V6
57708LV70
Georgia-Pacific LLC
NYSE Euronext
Mattel, Inc.
(5,000,000.00)
(6,300,000.00)
(1,424,000.00)
(3,800,000.00)
(4,300,000.00)
09/03/2013 (3,500,000.00)
08/29/2013 (5,000,000.00)
(0.01)
220
Page 17 of 32
Riverside (only Tronspottalion Commission
1111111 MIN
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account Identifier
Base Net Total
a e • Transaction Type Final Maturity Base Principal Realized Gain
347625
347625
347625
347625
347625
347625
LC -Project Fund -2 Senior Lien
LC -Project Fund -2 Senior Lien 01854V WJ1
LC -Project Fund -2 Senior Lien 01854VW51
LC -Project Fund -2 Senior Lien 62949LW52 NYSE Euronext
LC -Project Fund -2 Senior Lien 01854VW69
LC -Project Fund -2 Senior Lien
VW Credit, Inc.
AllianceBemstein L.P.
AllianceBemstein L.P.
91842LV50
AllianceBemstein L.P.
01854VW69 AllianceBemstein L.P.
(3,500,000.00) Maturity
(4,000,000.00) Maturity
(3,700.000.00) Maturity
(5,500,000.00) Maturity
(1.200,000.00) Maturity
(5,000.000.00) Maturity
08/05/2013
09/18/2013
09/05/2013
09/05/2013 (5,500,000.00)
09/06/2013 (1,200,000.00)
09/06/2013 (5,000,000.00)
(3,500,000.00)
(4,000,000.00)
(3,700,000.00)
(283,808.000.01)
(283,808,000.00) (0.01)
347625 LC -Project Fund -2 Senior Lien 36162DAB5 GEEST 2011-2A A2 (535,652.99) Principal Paydown 06/23/2014 (535,340.71) (312.28)
347625 LC -Project Fund -2 Senior Lien 36162DAB5 GEEST 2011-2A A2 (700,740.81) Principal Paydown 06/23/2014 (700,268.73) (472.08)
347625 LC -Project Fund -2 Senior Lien 36162DAB5 GEEST 2011-2A A2 (585,676.90) Principal Paydown 06/23/2014 (585,123.46) (553.44)
347625 LC -Project Fund -2 Senior Lien 65475UAB8 NAROT 2012-A A2 (36,674.17) Principal Paydown 10/15/2014 (36,665.29) (8.88)
347625 LC -Project Fund -2 Senior Lien 65475UAB8 NAROT 2012-A A2 (34,900.23) Principal Paydown 10/15/2014 (34,893.93) (6.30)
347625 LC -Project Fund -2 Senior Lien 02582JFG0 AMXCA 2008-5 A (1,000.000.00) Principal Paydown 03/15/2016 (1,000,000.00) -
347625 LC -Project Fund -2 Senior Lien 06052YAB5 BAAT 2012-1 A2 (1,589,835.56) Principal Paydown 11/17/2014 (1,589,493.33) (342.23)
347625 LC -Project Fund -2 Senior Lien 06052YAB5 BAAT 2012-1 A2 (1,267,160.42) Principal Paydown 11/17/2014 (1,267,160.42) (0.00)
347625 LC -Project Fund -2 Senior Lien 161571CX0 CHAIT 2008-AIO A10 (2,300,000.00) Principal Paydown 08/17/2015 (2,300,000.00) (0.00)
347625 LC -Project Fund -2 Senior Lien 16151 RCR2 CHAMT 2003-4 A (1,500,000.00) Principal Paydown 01/15/2016 (1,500,000.00) 0.00
347625 LC -Project Fund -2 Senior Lien 89236PAB9 TAOT 2012-A A2 (30,840.92) Principal Paydown 10/15/2014 (30,832.45) (8.47)
347625 LC -Project Fund -2 Senior Lien 89236PAB9 TAOT 2012-A A2 (28,757.48) Principal Paydown 10/15/2014 (28,751.63) (5.85)
347625 LC -Project Fund -2 Senior Lien 65475NAD0 NALT 2011-B A3 (94,457.60) Principal Paydown 02/16/2015 (94,397.20) (60.40)
347625 LC -Project Fund -2 Senior Lien 65475NAD0 NALT 2011-B A3 (89,467.04) Principal Paydown 02/16/2015 (89,399.42) (67.62)
347625 LC -Project Fund -2 Senior Lien 43813TAC7 HAROT 2011-1 A3 (69,169.51) Principal Paydown 10/15/2014 (69,110.04) (59.47)
347625 LC -Project Fund -2 Senior Lien 43813TAC7 HAROT 2011-1 A3 (66,048.45) Principal Paydown 10/15/2014 (66,008.16) (40.29)
(9,929,382.08) (9,927,444.77) (1,937.31)
347625 LC -Project Fund -2 Senior Lien 617470715 MORGAN STANLEY LIQ PRIME -IN (549,143.56) Sell 09/30/2013 (549,143.56)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (463,928.46) Sell 09/30/2013 (463,928.46)
347625 LC -Project Fund -2 Senior Lien 617470715 MORGAN STANLEY LIQ PRIME -IN (6,272,328.87) Sell 09/30/2013 (6,272,328.87)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (2,971,941.00) Sell 09/30/2013. (2,971,941.00)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (1,658,971.27) Sell 09/30/2013 (1,658,971.27)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (29,346,039.73) Sell 09/30/2013 (29,346,039.73)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (9,029,667.21) Sell 09/30/2013 (9,029,667.21)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (99,381.37) Sell 09/30/2013 (99,381.37)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -[N (21,774,157.84) Sell 09/30/2013 (21,774,157.84)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (7,009,615.60) Sell 09/30/2013 (7,009,615.60)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (1,597,842.54) Sell 09/30/2013 (1,597,842.54)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (4,999,795.85) Sell 09/30/2013 (4,999,795.85)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (14,123,912.72) Sell 09/30/2013 (14,123,912.72)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (2,424,041.22) Sell 09/30/2013 (2,424,041.22)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (2,398,074.94) Sell 09/30/2013 (2,398,074.94)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (1,498,972.42) Sell 09/30/2013 (1,498,972.42)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (2,499,865.69) Sell 09/30/2013 (2,499,865.69)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRJME-IN (13,537,896.30) Sell 09/30/2013 (13,537,896.30)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (10,498,523.18) Sell 09/30/2013 (10,498,523.18)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (26,722,627.81) Sell 09/30/2013 (26,722,627.81)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (7,999,772.24) Sell 09/30/2013 (7,999,772.24)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (11,794,281.86) Sell 09/30/2013 (11,794,281.86)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (11,230,310.95) Sell 09/30/2013 (11,230,310.95)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (22,013,626.00) Sell 09/30/2013 (22,013,626.00)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (8,173,181.40) Sell 09/30/2013 (8,173,181.40)
347625 LC -Project Fund -2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIME -IN (7,274, 375.95) Sell 09/30/2013. (7,274,375.95)
(227,962,275.98) (227,962,275.98)
Subtotal -347625 LC -Project Fund -2 Senior Lien 112,554,970.76 112,556,908.07
(1,937.31)
347628 LC-PF-2 Sales Tax Revenue Bond 61747C715 MORGAN STANLEY LIQ PRIME -IN
347628 LC-PF-2 Sales Tax Revenue Bond 38141EA33 GOLDMAN SACHS GROUP INC
332,701,732.98 Buy
5,208,235.00 Buy
09/30/2013 332,701,732.98
05/01/2014 5,208,235.00
221
Page 18 of 32
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Riverside County Tronspoltalion Commission
Min IINM
Source Account
Account
Identifier
"at'e
Transaction Type
Final Maturity
Base Principal
Base Net Total
Realized Gain
347628
347628
347628
347628
347628
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
929903A31
1248C2X76
WACHOVIA CORP
CBS Corporation
4,091,336.21 Buy
08/01/2014
4,091,336.21 -
9,998,133.30 Buy
10/07/2013
9,998,133.30 -
LC-PF-2 Sales Tax Revenue Bond
23336GVS7
DTE Electric Company
4,999,663.90 Buy
08/26/2013
4,999,663.90 -
LC-PF-2 Sales Tax Revenue Bond
0081U2UN0
Aetna Inc.
9,999,066.70 Buy
07/22/2013
9,999,066.70 -
LC-PF-2 Sales Tax Revenue Bond
00287BUG2
AbbVie Inc.
9,999,555.60 Buy
07/16/2013
9,999,555.60
347628
LC-PF-2 Sales Tax Revenue Bond
69430LV W5
Pacific Gas and Electric Company
6,499,431.25 Buy
08/30/2013
6,499,431.25 -
347628
LC-PF-2 Sales Tax Revenue Bond
2524H4UF5
Diageo Capital PLC
9,999,533.30 Buy
07/15/2013
9,999,533.30 -
347628
LC-PF-2 Sales Tax Revenue Bond
78387GAP8
AT&T INC
6,842,273.04 Buy
09/15/2014
6,842,273.04 -
347628
LC-PF-2 Sales Tax Revenue Bond
01854V W93
AllianceBernstein L.P.
10,999,871.66 Buy
09/09/2013
10,999,871.66 -
347628
LC-PF-2 Sales Tax Revenue Bond
74432QAE5
PRUDENTIAL FINANCIAL INC
2,820,407.44 Buy
09/20/2014
2,820,407.44 -
347628
LC-PF-2 Sales Tax Revenue Bond
41805BXV3
Hasbro, Inc.
299,933.33 Buy
10/29/2013
299,933.33 -
347628
LC-PF-2 Sales Tax Revenue Bond
928670AD0
VOLKSWAGEN INTL FIN NV
4,722,117.20 Buy
04/01/2014
4,722,117.20 -
347628.
LC-PF-2 Sales Tax Revenue Bond
62949LUA3
NYSE EURONEXT
9,999,652.80 Buy
07/10/2013
9,999,652.80. -
347628
LC-PF-2 Sales Tax Revenue Bond
88166DAA4
TEVA PHARM FIN III
5,042,400.00 Buy
03/21/2014
5,042,400.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
92343VBA1
VERIZON COMMUNICATIONS
13,974,926.58 Buy
03/28/2014
13,974,926.58 -
347628
LC-PF-2 Sales Tax Revenue Bond
91842LWA8
VW Credit, Inc.
4,499,895.00 Buy
09/10/2013
4,499,895.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
00279VCA1
ABBEY NATL TREASURY SERV
3,105,090.00 Buy
11/10/2014
3,105,090.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
03741NV87
Apache Corporation
9,999,377.80 Buy
08/08/2013
9,999,377.80 -
347628
LC-PF-2 Sales Tax Revenue Bond
370334BL7
GENERAL MILLS INC
5,868,888.00 Buy
05/16/2014
5,868,888.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
02000J1J93
The Allstate Corporation
9,999,777.80 Buy
07/09/2013
9,999,777.80 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
186,104.38 Buy
09/30/2013
186,104.38 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
15,525.23 Buy
09/30/2013
15,525.23 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
68,493.00 Buy
09/30/2013
68,493.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
143,778.11 Buy
09/30/2013
143,778.11 -
347628
LC-PF-2 Sales Tax Revenue Bond
277433WD1
Eastman Chemical Company
10,973,765.31 Buy
09/13/2013
10,973,765.31 -
347628
LC-PF-2 Sales Tax Revenue Bond
233851AG9
DAIMLER FINANCE NA LLC
1,011,874.00 Buy
09/15/2014
1,011,874.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
233851AG9
DAIMLER FINANCE NA LLC
1,416,427.60 Buy
09/15/2014
1,416,427.60 -
347628
347628
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,861,639.89 Buy
09/30/2013
3,861,639.89 -
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
7,169,835.00 Buy
09/30/2013
7,169,835.00
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
20,114,525.91 Buy
09/30/2013
20,114,525.91 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
3,630,470.65 Buy
09/30/2013
3,630,470.65 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
9,869,766.96 Buy
09/30/2013
9,869,766.96 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
103,122.41 Buy
09/30/2013
103,122.41 -
347628
LC-PF-2 Sales Tax Revenue Bond
581557AW5
MCKESSON CORP
4,736,131.50 Buy
02/15/2014
4,736,131.50 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
5,296.06 Buy
09/30/2013
5,296.06 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
96,187.50 Buy
09/30/2013
96,187.50 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
10,000,000.00 Buy
09/30/2013
10,000,000.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
2,349.99 Buy
09/30/2013
2,349.99 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
1,329,479.23 Buy
09/30/2013
1,329,479.23 -
347628
LC-PF-2 Sales Tax Revenue Bond
36962GK86
GENERAL ELEC CAP CORP
5,243,950.00 Buy
09/15/2014
5,243,950.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
8,141,452.07 Buy
09/30/2013
8,141,452.07 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
15,400,095.85 Buy
09/30/2013
15,400,095.85 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
500,390.81 Buy
09/30/2013
500,390.81 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
11,203.27 Buy
09/30/2013
11,203.27 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
7,915,432.29 Buy
09/30/2013
7,915,432.29 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
8,500,038.90 Buy
09/30/2013
8,500,038.90 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
20,153,796.80 Buy
09/30/2013
20,153,796.80 -
347628
LC-PF-2 Sales Tax Revenue Bond
61747C715
MORGAN STANLEY LIQ PRIME -IN
979,700.00 Buy
09/30/2013
979,700.00 -
347628
LC-PF-2 Sales Tax Revenue Bond
37331WW31
Georgia-Pacific LLC
9,997,827.80 Buy
09/03/2013
9,997,827.80 -
347628
LC-PF-2 Sales Tax Revenue Bond
20911LVT3
Consolidated Edison Company of New York, Inc.
10,399,653.37 Buy
08/27/2013
10,399,653.37 -
347628
LC-PF-2 Sales Tax Revenue Bond
55314MAC0
MMAF 2011 -AA A3
5,527,680.55 Buy
09/15/2015
5,527,680.55 -
347628
LC-PF-2 Sales Tax Revenue Bond
91842LUR3
VW Credit, Inc.
9,998,677.80 Buy
07/25/2013
9,998,677.80 -
347628
LC-PF-2 Sales Tax Revenue Bond
65475UAB8
NAROT 2012-A A2
730,817.19 Buy
10/15/2014
730,817.19 -
347628
LC-PF-2 Sales Tax Revenue Bond
3133XCQE6
FHLB SD -2015 1
215,386.80 Buy
07/28/2015
215,386.80 -
347628
LC-PF-2 Sales Tax Revenue Bond
27805AXF9
Eaton Corporation
9,997,472.20 Buy
10/15/2013
9,997,472.20 -
347628
LC-PF-2 Sales Tax Revenue Bond
05522RAY4
BACCT 2007-B3 B3
3,092,492.19 Buy
08/15/2016
3,092,492.19 -
222
Page 19 of 32
I• MOM
Riverside (ounly Tronsportolion (omMission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account
Identifier
- .-e °!� ,Ie' Transaction Type
Final Maturity
Base Principal
Base Net Total
Realized Gain
347628
347628
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
0258M0CZ0
AMER EXPRESS CREDIT CU
6,430,200.00 Buy
08/25/2014
6,430,200.00
-
29250NAC9
ENBRIDGE INC
5,234,800.00 Buy
06/15/2014
5,234,800.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
47787RAB6
JDOT 2012-B A2
122,496.32 Buy
02/17/2015
122,496.32
-
347628
LC-PF-2 Sales Tax Revenue Bond
59156RAW8
METLIFE INC
8,184,969.00 Buy
02/06/2014
8,184,969.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
36162RAC2
GEEST 2012-1A A3
6,018,984.38 Buy
09/21/2015
6,018,984.38
-
347628
LC-PF-2 Sales Tax Revenue Bond
64468EAZ3
NH BUS TXB-SER B
3,200,000.00 Buy
11/01/2020
3,200,000.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
42823JXW0
Hewlett-Packard Company
9,995,300.00 Buy
10/30/2013
9,995,300.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
05531FAA1
BB&T CORPORATION
7,764,144.20 Buy
04/30/2014
7,764,144.20
-
347628
LC-PF-2 Sales Tax Revenue Bond
40428EJQ3
HSBC BANK USA
770,782.50 Buy
04/01/2014
770,782.50
-
347628
LC-PF-2 Sales Tax Revenue Bond
40428EJQ3
HSBC BANK USA
12,379,983.28 Buy
04/01/2014
12,379,983.28
-
347628
LC-PF-2 Sales Tax Revenue Bond
40428EJQ3
HSBC BANK USA
720,464.67 Buy
04/01/2014
720,464.67
-
347628
LC-PF-2 Sales Tax Revenue Bond
36159JBT7
GEMNT 2009-4 A
5,209,179.69 Buy
11/15/2017
5,209,179.69
-
347628
LC-PF-2 Sales Tax Revenue Bond
161571DA9
CHAIT 2008-A11 All
7,666,610.58 Buy
07/15/2015
7,666,610.58
-
347628
LC-PF-2 Sales Tax Revenue Bond
0020A2XM9
AT&T Inc.
9,997,380.55 Buy
10/21/2013
9,997,380.55
-
347628
LC-PF-2 Sales Tax Revenue Bond
46625HHN3
JPMORGAN CHASE & CO
6,214,500.00 Buy
06/01/2014
6,214,500.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
43814AAC7
HAROT 2011-2 A3
130,195.69 Buy
03/18/2015
130,195.69
-
347628
LC-PF-2 Sales Tax Revenue Bond
2925A2VW7
Enbridge Energy Partners, L.P.
4,999,904.15 Buy
08/30/2013
4,999,904.15
-
347628
LC-PF-2 Sales Tax Revenue Bond
713448BK3
PEPSICO INC
8,166,960.00 Buy
03/01/2014
8,166,960.00
-
347628
347628
LC-PF-2 Sales Tax Revenue Bond
57163TWS4
Marriott International, Inc.
CATERPILLAR FINANCIAL SE
9,994,750.00 Buy
09/26/2013
9,994,750.00
-
LC-PF-2 Sales Tax Revenue Bond
I4912L4V0
6,501,071.50 Buy
05/20/2014
6,501,071.50
-
347628
347628
347628
LC-PF-2 Sales Tax Revenue Bond
31395MLT4
FHR 2930 AN
524,189.89 Buy
06/15/2019
524,189.89
-
LC-PF-2 Sales Tax Revenue Bond
65339MWC6
Eastern Heating & Cooling, Inc.
8,374,651.01 Buy
09/12/2013
8,374,651.01
-
LC-PF-2 Sales Tax Revenue Bond
65339MV78
NextEra Energy Capital Holdings, Inc.
999,909.72 Buy
08/07/2013
999,909.72
-
347628
LC-PF-2 Sales Tax Revenue Bond
43812XAB1
HAROT 2013-3 A2
5,999,910.60 Buy
01/15/2016
5,999,910.60
-
347628
LC-PF-2 Sales Tax Revenue Bond
23336GUH2
DTE Electric Company
9,999,350.00 Buy
07/17/2013
9,999,350.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
62949LW52
NYSE Euronext
8,499,619.88 Buy
09/05/2013
8,499,619.88
-
347628
347628
LC-PF-2 Sales Tax Revenue Bond
65339MUN4
NextEra Energy Capital Holdings, Inc.
9,998,911.10 Buy
07/22/2013
9,998,911.10
-
LC-PF-2 Sales Tax Revenue Bond
25490CX36
DIRECTV Holdings LLC
999,416.67 Buy
10/03/2013
999,416.67
-
347628
347628
LC-PF-2 Sales Tax Revenue Bond
65475LWA6
Nissan Motor Acceptance Corporation
1,999,138.34 Buy
09/10/2013
1,999,138.34
-
LC-PF-2 Sales Tax Revenue Bond
20911LUJ6
Consolidated Edison Company of New York, Inc.
9,999,277.80 Buy
07/18/2013
9,999,277.80
-
347628
LC-PF-2 Sales Tax Revenue Bond
60920VY63
Mondelez International Inc
5,498,183.46 Buy
11/06/2013
5,498,183.46
-
347628
LC-PF-2 Sales Tax Revenue Bond
61747WAD1
MORGAN STANLEY
9,164,146.60 Buy
01/24/2014
9,164,146.60
-
347628
LC-PF-2 Sales Tax Revenue Bond
220027AF3
RETAIL PROPERTIES INC
6,055,440.00 Buy
09/01/2013
6,055,440.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
44890MXA5
Hyundai Capital America
4,998,911.10 Buy
10/10/2013
4,998,911.10
-
-
-
347628
LC-PF-2 Sales Tax Revenue Bond
94974BET3
WELLS FARGO & COMPANY
3,628,730.00 Buy
10/01/2014
3,628,730.00
347628
LC-PF-2 Sales Tax Revenue Bond
002799AK0
ABBEY NATL TREASURY SERV
5,088,500.00 Buy
04/25/2014
5,088,500.00
347628
LC-PF-2 Sales Tax Revenue Bond
15103GVS4
Celgene Corporation
999,760.00 Buy
08/26/2013
999,760.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
17308BAN8
COMNI 2009-A17 A17
5,274,609.38 Buy
11/15/2018
5,274,609.38
-
347628
LC-PF-2 Sales Tax Revenue Bond
55314QAC1
MMAF 2012 -AA A3
3,008,085.94 Buy
08/10/2016
3,008,085.94
-
347628
LC-PF-2 Sales Tax Revenue Bond
78355AVT8
Ryder System, Inc.
9,998,275.00 Buy
08/27/2013
9,998,275.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
02582JFY1
AMXCA 2011-1B
1,001,796.88 Buy
04/17/2017
1,001,796.88
-
347628
LC-PF-2 Sales Tax Revenue Bond
693476BK8
PNC FUNDING CORP
5,074,916.70 Buy
05/19/2014
5,074,916.70
-
347628
LC-PF-2 Sales Tax Revenue Bond
38141GCM4
GOLDMAN SACHS GROUP INC
2,116,560.00 Buy
11/15/2014
2,116,560.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
43813XAB0
HAROT 2012-3 A2
1,460,131.27 Buy
12/15/2014
1,460,131.27
-
347628
LC-PF-2 Sales Tax Revenue Bond
43813TAD5
HAROT 2011-1 A4
4,010,857.50 Buy
04/17/2017
4,010,857.50
-
347628
LC-PF-2 Sales Tax Revenue Bond
6362P2VV5
National Grid USA Service Company, Inc.
6,299,868.77 Buy
08/29/2013
6,299,868.77
-
347628
LC-PF-2 Sales Tax Revenue Bond
91842LWA8
VW Credit,Inc.
10,624,291.63 Buy
09/10/2013
10,624,291.63.
-
347628
LC-PF-2 Sales Tax Revenue Bond
36962G4G6
GENERAL ELEC CAP CORP
3,118,200.00 Buy
11/14/2014
3,118,200.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
2925A2VM9
Enbridge Energy Partners, L.P.
9,998,250.00 Buy
08/21/2013
9,998,250.00
-
347628
LC-PF-2 Sales Tax Revenue Bond
01854VW44
AllianceBemstein L.P.
8,299,967.71 Buy
09/04/2013
8,299,967.71
-
347628
LC-PF-2 Sales Tax Revenue Bond
65475LWR9
Nissan Motor Acceptance Corporation
9,998,844.40 Buy
09/25/2013
9,998,844.40
-
347628
LC-PF-2 Sales Tax Revenue Bond
42823JUV5
Hewlett-Packard Company
9,998,133.30 Buy
07/29/2013
9,998,133.30
-
347628
LC-PF-2 Sales Tax Revenue Bond
36159JCS8
GEMNT 2012-1 A
592,489.06 Buy
01/15/2018
592,489.06
-
347628
LC-PF-2 Sales Tax Revenue Bond
361593C58
GEMNT 2012-1 A
1,712,192.97 Buy
01/15/2018
1,712,192.97
-
347628
LC-PF-2 Sales Tax Revenue Bond
36162RAB4
GEEST 2012-1AA2
983,109.08 Buy
11/21/2014
983,109.08
-
1347628
LC-PF-2 Sales Tax Revenue Bond
19648CAC5
CO HSG & FIN-B-TXBL
9,880,633.50 Buy
05/15/2014
9,880,633.50
-
223
Page 20 of 32
Riverside (ounly Tronspoltolion Commission
MIN NOM
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Transaction T u e
Final Maturity
Base Princi al
Base Net Total
Realized Gain
3
3
3
3
3
3
3
13
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
7628
7628
LC-PF-2 Sales Tax Revenue Bond
36162RAB4
GEEST 2012-1A A2
350,636.75 Buy
11/21/2014
350,636.75
-
LC-PF-2 Sales Tax Revenue Bond
313953S72
FHR 2890 KB
299,988.38 Buy
02/15/2019
299,988.38
-
7628
LC-PF-2 Sales Tax Revenue Bond
020002AR2
ALLSTATE CORP
6,141,957.10 Buy
08/15/2014
6,141,957.10
-
7628
LC-PF-2 Sales Tax Revenue Bond
842587CE5
SOUTHERN CO
2,160,648.00 Buy
05/15/2014
2,160,648.00
-
7628
LC-PF-2 Sales Tax Revenue Bond
59156RAF11
METLIFE INC
2,181,269.79 Buy
06/15/2014
2,181,269.79
-
7628
LC-PF-2 Sales Tax Revenue Bond
65339MWS 1
NEXTERA ENERGY CAPITAL HOLDINGS INC
3,999,595.56 Buy
09/26/2013
3,999,595.56
-
7628
LC-PF-2 Sales Tax Revenue Bond
05635MUQ4
Bacardi Corporation
9,498,817.82 Buy
07/24/2013
9,498,817.82
-
7628
LC-PF-2 Sales Tax Revenue Bond
172967CK5
CITIGROUP INC
3,333,232.80 Buy
05/05/2014
3,333,232.80
-
7628
LC-PF-2 Sales Tax Revenue Bond
17308BAL2
COMM 2009-A13 A13
1,668,941.02 Buy
08/15/2018
1,668,941.02
-
7628
7628
7628
LC-PF-2 Sales Tax Revenue Bond
407288YD5
HAMILTON SWR-B-REF
6,645,000.00 Buy
12/01/2015
6,645,000.00
-
LC-PF-2 Sales Tax Revenue Bond
9497K2X110
WellPoint, Inc.
4,996,500.00 Buy
10/17/2013
4,996,500.00
-
LC-PF-2 Sales Tax Revenue Bond
17308BAL2
COMNI 2009-A13 Al3
2,888,789.06 Buy
08/15/2018
2,888,789.06
-
7628
7628
LC-PF-2 Sales Tax Revenue Bond
22546QAA5
CREDIT SUISSE NEW YORK
9,360,720.00 Buy
05/01/2014
9,360,720.00.
-
LC-PF-2 Sales Tax Revenue Bond
05565QBL1
BP CAPITAL MARKETS PLC
7,232,313.00 Buy
05/08/2014
7,232,313.00
-
7628
LC-PF-2 Sales Tax Revenue Bond
01854VW51
AllianceBernstein L.P.
9,999,961.10 Buy
09/05/2013
9,999,961.10
-
7628
LC-PF-2 Sales Tax Revenue Bond
67021CAB3
NSTAR ELECTRIC CO
8,161,332.00 Buy
04/15/2014
8,161,332.00
-
7628
LC-PF-2 Sales Tax Revenue Bond
62949LW60
01854VW69
01854VW69
NYSE Euronext
4,999,795.85 Buy
09/06/2013
4,999,795.85
9,999,961.10
5,999,813.34
-
7628
LC-PF-2 Sales Tax Revenue Bond
AllianceBernstein L.P.
AllianceBernstein L.P.
9,999,961.10 Buy
09/06/2013
-
7628
7628
LC-PF-2 Sales Tax Revenue Bond
5,999,813.34 Buy
09/06/2013
-
LC-PF-2 Sales Tax Revenue Bond
59217GAE9
MET LIFE GLOB FUNDING 1
1,742,957.70 Buy
01/10/2014
1,742,957.70
-
1,090,856,305.65
1,090,856,305.65
-
7628
LC-PF-2 Sales Tax Revenue Bond
713448BK3
PEPSICO INC
(8,137,276.57) Call Redemption
03/01/2014
(8,138,560.00)
1,283.43
(8,137,276.57)
(8,138,560.00)
1,283.43
7628
LC-PF-2 Sales Tax Revenue Bond
23336GVS7
DTE Electric. Company
(5,000,000.00) Maturity
08/26/2013
(5,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
00287BUG2
AbbVie Inc.
(10,000,000.00) Maturity
07/16/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
69430LVW5
Pacific Gas and Electric Company
(6,500,000.00) Maturity
08/30/2013
(6,500,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
0081U2UNO
Aetna Inc.
(10,000,000.00) Maturity
07/22/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
2524H4UF5
Diageo Capital PLC
(10,000,000.00) Maturity
07/15/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
01854VW93
AllianceBemsteinL.P.
(11,000,000.00) Maturity
09/09/2013
(11,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
62949LUA3
NYSE EURONEXT
(10,000,000.00) Maturity
07/10/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
91842LWA8
VW Credit, Inc.
(4,500,000.00) Maturity
09/10/2013
(4,500,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
91842LWA8
VW Credit, Inc.
(10,625,000.00) Maturity
09/10/2013
(10,625,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
03741NV87
Apache Corporation
(10,000,000.00) Maturity
08/08/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
020003U93
The Allstate Corporation
(10,000,000.00) Maturity
07/09/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
27743JWDI
Eastman Chemical Company
(10,975,000.00) Maturity
09/13/2013
(10,975,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
20911 LVT3
Consolidated Edison Company of New York, Inc.
(10,400,000.00) Maturity
08/27/2013
(10,400,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
91842LUR3
VW Credit, Inc.
(10,000,000.00) Maturity
07/25/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
37331WW31
Georgia-Pacific LLC
(10,000,000.00) Maturity
09/03/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
2925A2VW7
Enbridge Energy Partners, L.P.
(5,000,000.00) Maturity
08/30/2013
(5,000.000.00)
7628
LC-PF-2 Sales Tax Revenue Bond
57163TWS4
Marriott International, Inc.
(1,000,000.00) Maturity
09/26/2013
(1,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
65339MWC6
Eastern Heating & Cooling, Inc.
(8,375,000.00) Maturity
09/12/2013
(8,375,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
65339MV78
NextEra Energy Capital Holdings, Inc.
(1,000,000.00) Maturity
08/07/2013
(1,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
23336GUH2
DTE Electric Company
(10,000,000.00) Maturity
07/17/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
65339MUN4
NextEra Energy Capital Holdings, Inc.
(10,000,000.00) Maturity
07/22/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond.
20911LUJ6
Consolidated Edison Company of New York, Inc.
(10,000,000.00) Maturity
07/18/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
65475LWA6
Nissan Motor Acceptance Corporation
(2,000,000.00). Maturity
09/10/2013
(2,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
220027AF3
RETAIL PROPERTIES INC
(6,000,000.00) Maturity
09/01/2013
(6,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
15103GVS4
Celgene Corporation
(1,000,000.00) Maturity
08/26/2013
(1,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
78355AVT8
Ryder System, Inc.
(10,000,000.00) Maturity
08/27/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
6362P2VV5
National Grid USA Service Company, Inc.
(6,300,000.00) Maturity
08/29/2013
(6,300,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
2925A2VM9
Enbridge Energy Partners, L.P.
(10,000,000.00) Maturity
08/21/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
01854VW44
AllianceBernstein L.P.
(8,300,000.00) Maturity
09/04/2013
(8,300,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
42823JUV5
Hewlett-Packard Company
(10,000,000.00) Maturity
07/29/2013
(10,000,000.00)
-
7628
LC-PF-2 Sales Tax Revenue Bond
65339MWS]
NEXTERA ENERGY CAPITAL HOLDINGS INC
(4,000,000.00) Maturity
09/26/2013
(4,000,000.00)
-
740,2
r n nv 7 cae.. m.., ne.,e....e n....a
nc<xn,n.nn
u..,..._n: C ...,,.
,n cnn nnn IV, r.n.,......
1171,1 r7ni a
io Cr. 000 00
orp
224
Page 21 of 32
I• MIN
Riverside (ounly Tronspoltolion (=Mission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account
Identifier
AllianceBernstein L.P.
347628
347628
347628
347628
347628
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond 62949LW60
LC-PF-2 Sales Tax Revenue Bond 01854VW69
LC-PF-2 Sales Tax Revenue Bond 01854VW69
LC-PF-2 Sales Tax Revenue Bond 62949LW52
01854V W51
347628
347628
347628
347628
347628
347628
347628
347628
347628
LC-PF-2 Sales Tax Revenue Bond
47787RAB6
JDOT 2012-B A2
(14,706.15) Principal Paydown
02/17/2015
(14,711.07)
4
347628
LC-PF-2 Sales Tax Revenue Bond
55314MACO
MMAF 201I -AA A3
(319,962.72) Principal Paydown
09/15/2015
(319,278.70)
(684
347628
LC-PF-2 Sales Tax Revenue Bond
161571DA9
CHAIT 2008 -All All
(7,660,000.00) Principal Paydown
07/15/2015
(7,660,000.00)
347628
LC-PF-2 Sales Tax Revenue Bond
43814AAC7
HAROT 2011-2 A3
(16,481.57) Principal Paydown
03/18/2015.
(16,461.38)
(20
347628
LC-PF-2 Sales Tax Revenue Bond
43814AAC7
HAROT 2011-2 A3
(15,453.23) Principal Paydown
03/18/2015
(15,436.27)
(16
347628
LC-PF-2 Sales Tax Revenue Bond
31395MLT4
FHR 2930 AN
(56,208.68) Principal Paydown
06/15/2019
(55,292.80)
(915
347628
LC-PF-2 Sales Tax Revenue Bond
31395MLT4
FHR 2930 AN
(52,351.98) Principal Paydown
06/15/2019
(51,565.26)
(786
347628
347628
347628
347628
347628
347628
347628
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
55314MACO
47787RAB6
65475UAB8
55314MACO
65475UAB8
65475UAB8
3133XCQE6
3133XCQE6
NYSE Euronext
AllianceBemstein L.P.
AllianceBernstein L.P.
NYSE Euronext
MMAF 201I -AA A3
JDOT 2012-B A2
NAROT 2012-A A2
MMAF 2011 -AA A3
NAROT 2012-A A2
NAROT 2012-A A2
FHLB SD -2015 1
FHLB SD -2015 1
'." ar e `'a tie Transaction Type
Final Maturity Base Principal
Base Net Total
Realized Gain
(10,000,000.00) Maturity
(5,000,000.00) Maturity
(6,000.000.00) Maturity
(10,000,000.00) Maturity
(8,500,000.00) Maturity
09/05/2013
09/06/2013
09/06/2013
09/06/2013
09/05/2013
(290,975.000.00)
(354,042.91) Principal Paydown
(12,406.97) Principal Paydown
(170,914.96) Principal Paydown
- Principal Paydown
(162,650.15) Principal Paydown
(160,105.38) Principal Paydown
(10,865.35) Principal Paydown
(8,477.03) Principal Paydown
09/15/2015
02/17/2015
10/15/2014
09/15/2015
10/15/2014
10/15/2014
07/28/2015
07/28/2015
(10,000,000.00)
(5,000,000.00)
(6,000.000.00)
(10,000,000.00)
(8.500,000.00)
(290,975,000.00)
(353,199.08)
(12,410.55)
(170,883.49)
(408,757.86)
(162,627.83)
(160,068.16)
(10,307.95)
(8,056.14)
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
43813XAB0
43813XAB0
31395JS72
36162RAB4
31395JS72
36162RAB4
36162RAB4
HAROT 2012-3 A2
HAROT 2012-3 A2
FHR 2890 KB
GEEST 2012-1A A2
FHR 2890 KB
GEEST 2012 -IA A2
GEEST 2012-1A A2
(232,362.90) Principal Paydown
(251,006.81) Principal Paydown
(38,496.21) Principal Paydown
(137,732.27) Principal Paydown
(33,474.02) Principal Paydown
(108,691.63) Principal Paydown
(183,557.39) Principal Paydown
12/15/2014
12/15/2014
02/15/2019
11/21/2014
02/15/2019
11/21/2014
11/21/2014
(232,362.90)
(251,006.80)
(37,960.58)
(137,667.06)
(33,050.55)
(108,629.90)
(183,457.33)
(9,999,948.33)
(10,403,191.66)
(843.83)
3.58
(31.47)
(22.32)
(37.22)
(557.40)
(420.89)
92
02)
19)
96)
88)
72)
0.00
(0.01)
(535.63)
(65.21)
(423.47)
(61.73)
(100.06)
(5,514.53)
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
347628
LC-PF-2 Sales Tax Revenue Bond 61747C715
LC-PF-2 Sales Tax Revenue Bond 61747C715
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond 61747C715
LC-PF-2 Sales Tax Revenue Bond 61747C715
LC-PF-2 Sales Tax Revenue Bond 61747C715
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
LC-PF-2 Sales Tax Revenue Bond
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -[N
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN (299,933.33) Sell
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -IN
MORGAN STANLEY LIQ PRIME -[N
MORGAN STANLEY LIQ PRIME -IN
CHAIT 2008-A1 l All
(74,847,411.06) Sell
(35,137,707.96) Sell
09/30/2013
09/30/2013
09/30/2013.
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013
09/30/2013 (8,996,977.70)
07/15/2015
(74,847,411.06)
(35,137,707.96)
(7,486,811.36)
(23,141,182.49)
(64,778,579.64)
(27,199,397.49)
(20,670,596.32)
(498,183.46)
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
(7,486,811.36) Sell
(23,141,182.49) Sell
(64,778,579.64) Sell
(27,199,397.49) Sell
(20,670,596.32) Sell
(498,18346) Sell
(74,079,430.38) Sell
(7,545,443.23) Sell
(1,705,329.94) Sell
(14,943,964.72) Sell
(39,993,730.60) Sell
(5,645,000.00) Sell
(350,785.68) Sell
(199,360.75) Sell
(11,497,205.15) Sell
(210,128.76) Sell
(23,383,082.97) Sell
(299,933.33)
(74,079,430.38)
(7,545,443.23)
(1,705,329.94)
(14,943,964.72)
(39,993,730.60)
(5,645,000.00)
(350,785.68)
(199,360.75)
(11,497,205.15)
(210,128.76)
61747C715
61747C715
61747C715
61747C715
61747C715
61747C715
161571DA9
(1,699,665.76) Sell
(2,873,919.01) Sell
(623,506.66) Sell
(2,867,502.76) Sell
(8,996,977.70) Sell
(23,383,082.97)
(1,699,665.76)
(2,873,919.01)
(623,506.66)
(2,867,502.76)
- Sell
225
Page 22 of 32
Min IINM
Riverside County Tronspottalion Commission
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
347628
347628
LC-PF-2 Sales Tax Revenue Bond
65475LWR9
Nissan Motor Acceptance Corporation
(9,999,349.98) Sell
09/25/2013
(9,999,350.00) 0.03
(469,673,437.16)
(469,673,512.18) 75.03
Subtotal - 347628
LC-PF-2 Sales Tax Revenue Bond
312,070,643.60
311,666,041.81 (4,156.07)
205091001
LC -2013 A Capitalized Interest
31392F6C6
FNR 2002-77 CB
769,192.69 Buy
12/25/2017
769,192.69 -
205091001
LC -2013 A Capitalized Interest
31392FPP6
FNR 2002-74 PE
505,652.67 Buy
11/25/2017
505,652.67 -
205091001
LC -2013 A Capitalized Interest
59217GAV 1
MET LIFE GLOB FUNDING I
553,763.60 Buy
06/29/2015
553,763.60 -
205091001
LC -2013 A Capitalized Interest
12800UAL4
CAISSE. CENTRALE DESJARDN
2,007,420.00 Buy
03/06/2017
2,007,420.00 -
205091001
LC -2013 A Capitalized Interest
912828UA6
US TREASURY N/B
11,660,625,00 Buy
11/30/2017
11,660,625.00 -
205091001
LC -2013 A Capitalized Interest
89116EYS6
Toronto Dominion Holdings (U.S.A.), Inc.
999,796.67 Buy
11/26/2013
999,796.67 -
205091001
LC -2013 A Capitalized Interest
3128P1-1VS7
FG J06025
263,163.31 Buy
11/01/2019
263,163.31 -
205091001
LC -2013 A Capitalized Interest
912828RU6
US TREASURY N/B
11,989,218.75 Buy
11/30/2016
11,989,218.75 -
205091001
LC -2013 A Capitalized Interest
31410GSQ7
FN 888927
412,813.50 Buy
12/01/2017
412,813.50 -
205091001
LC -2013 A Capitalized Interest
36962G2V5
GENERAL ELEC CAP CORP
4,955,050.00 Buy
05/11/2016
4,955,050.00 -
205091001
LC -2013 A Capitalized Interest
74433GVT0
Prudential Funding LLC
3,499,797.78 Buy
08/27/2013
3,499,797.78 -
205091001
LC -2013 A Capitalized Interest
3132FEAK7
235219352
36290W1147
FG Z50010
509,608.93 Buy
12/01/2017
509.608.93 -
205091001
LC -2013 A Capitalized Interest
DALLAS-B-REF-TXBL
2,135,000.00 Buy
02/15/2017
2,135,000.00 -
205091001
LC -2013 A Capitalized Interest
GN 619551
2,337,941.44 Buy
09/15/2018
2,337,941.44 -
205091001
LC -2013 A Capitalized Interest
31392HWL3
FNR 2003-3 BC
110,341.24 Buy
02/25/2018
110,341.24 -
205091001
LC -2013 A Capitalized Interest
742718DV8
PROCTER & GAMBLE CO/THE
1,256,033.20 Buy
08/15/2016
1,256,033.20 -
205091001
LC -2013 A Capitalized Interest
912828VG2
US TREASURY N/B
11,936,718.75 Buy
06/15/2016
11,936,718.75 -
205091001
LC -2013 A Capitalized Interest
31402RBG3
FN 735439
33,576.34 Buy
09/01/2019
33,576.34 -
205091001
LC -2013 A Capitalized Interest
31402RBG3
FN 735439
750,714.60 Buy
09/01/2019
750,714.60 -
205091001
LC -2013 A Capitalized Interest
64966H4E7
NYC -TAXABLE -C
1,238,222.70 Buy
10/01/2017
1,238,222.70 -
205091001
LC -2013 A Capitalized Interest
037833AF7
APPLE INC
3,000,840.00 Buy
05/03/2016
3,000,840.00 -
205091001
LC -2013 A Capitalized Interest
31401MWC1
FN 712643
1,571,522.58 Buy
06/01/2018
1,571,522.58 -
205091001
LC -2013 A Capitalized Interest
822582AC6
SHELL INTERNATIONAL FIN
449,936.00 Buy
03/22/2017
449,936.00 -
205091001
LC -2013 A Capitalized Interest
89114QAE8
TORONTO -DOMINION BANK
776,452.50 Buy
10/19/2016
776,452.50 -
205091001
LC -2013 A Capitalized Interest
90327QCW7
USAA CAPITAL CORP
4,145,440.00 Buy
12/13/2016
4,145,440.00 -
205091001
LC -2013 A Capitalized Interest
44328MAL8
HSBC BANK PLC
2,748,611.25 Buy
05/24/2016
2,748,611.25 -
205091001
LC -2013 A Capitalized Interest
44328MAL8
HSBC BANK PLC
1,050,690.00 Buy
05/24/2016
1,050,690.00 -
205091001
LC -2013 A Capitalized Interest
21685WBL0
RABOBANK NEDERLAND
1,543,467.80 Buy
10/13/2015
1,543,467.80 -
205091001
LC -2013 A Capitalized Interest
78008K5V1
ROYAL BANK OF CANADA
2,099,900.00 Buy
04/19/2016
2,099,900.00 -
205091001
LC -2013 A Capitalized Interest
36200AFG9
GN 595167
154,809.81 Buy
11/15/2017
154,809.81 -
205091001
LC -2013 A Capitalized Interest
3134G3XQ8
FREDDIE MAC
325,162.50 Buy
06/20/2017
325,162.50 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
45,000.00 Buy
09/30/2013
45,000.00 -
205091001
LC -2013 A Capitalized Interest
9AIVIMFO5B2
U.S. Bank Money Market Account Fund
217,744.97 Buy
09/30/2013
217,744.97 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
4,234.04 Buy
09/30/2013
4,234.04 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
10,400.00 Buy
09/30/2013
10,400.00 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
1,828.13 Buy
09/30/2013
1,828.13 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
325,000.00 Buy
09/30/2013
325,000.00 -
205091001
LC -2013 A Capitalized Interest
9AMMF05B2
U.S. Bank Money Market Account Fund
425,820.07 Buy
09/30/2013
425,820.07 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
4,000,000.00 Buy
09/30/2013
4,000,000.00 -
205091001
LC -2013 A Capitalized Interest
9AMMF05B2
U.S. Bank Money Market Account Fund
86.87 Buy
09/30/2013
86.87 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
233,232.24 Buy
09/30/2013
233,232.24 -
20509100/
LC -2013 A Capitalized Interest
9AMMFO5B2
9AMMFO5B2
U.S. Bank Money Market Account Fund
4,234.04 Buy
09/30/2013
4,234.04 -
205091001
LC -2013 A Capitalized Interest
U.S. Bank Money Market Account Fund
3,500,000.00 Buy
09/30/2013
3,500,000.00 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
542,717.82 Buy
09/30/2013
542,717.82 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
81,175.45 Buy
09/30/2013
81,175.45 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
9AMMFO5B2
U.S. Bank Money Market Account Fund
23,723.93 Buy
09/30/2013
23,723.93 -
205091001
LC -2013 A Capitalized Interest
U.S. Bank Money Market Account Fund
6,133,161.22 Buy
09/30/2013
6,133,161.22 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
1,830,789.20 Buy
09/30/2013
1,830,789.20 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
2,207,664.51 Buy
09/30/2013
2,207,664.51 -
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U
U.S. Bank Money Market Account Fund
1,711,492.74 Buy
09/30/2013
1,711,492.74 -
205091001 LC -2013 A Caprtahzed Interest
LC-PF-2 Sales Tax Revenue Bond
57163TWS4
Marriott International, Inc.
(8,999,250.00) Sell
00/20,'2013
(8,999,325.00)
75.00
lney Market Acc
,681.94 Buy
226
Page 23 of 32
Riverside (oumy Tronspoltolion Commission
IIIIIII NOM
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
205091001
Account
LC -2013 A Capitalized Interest
Identifier
9AMMFO5B2
- "0m
U.S. Bank Money Market Account Fund
" at e .n rte Transaction Type
Final Maturity
Base Principal
1,012,414.01
Base Net Total
Realized Gain
-
1,012,414.01 Buy
09/30/2013
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
4,047,946.93 Buy
09/30/2013
4,047,946.93
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
802,010.56 Buy
09/30/2013
802,010.56
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
710,758.36 Buy
09/30/2013
710,758.36
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
103,695,356.16 Buy
09/30/2013
103,695,356.16
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
4,799,865.91 Buy
09/30/2013
4,799,865.91
-
205091001
LC -2013 A Capitalized Interest
3128H4NR6
FG E96700
233,308.44 Buy
05/01/2018
233,308.44
-
205091001
LC -2013 A Capitalized Interest
31393V2T7
FHR 2627 GY
1,747,500.87 Buy
06/15/2018
1,747,500.87
-
205091001
LC -2013 A Capitalized Interest
06415CAA7
BANK OF NOVA SCOTIA
3,601,955.00 Buy
08/03/2016
3,601,955.00
-
205091001
LC -2013 A Capitalized Interest
89233P6J0
TOYOTA MOTOR CREDIT CORP
5,014,650.00 Buy
07/17/2015
5,014,650.00
-
205091001
LC -2013 A Capitalized Interest
3137ANLP8
FILMS K501 A2
3,100,460.16 Buy
11/25/2016
3,100,460.16
-
205091001
LC -2013 A Capitalized Interest
3128GNR59
FG E85908
702,225.45 Buy
10/01/2016
702,225.45
-
205091001
LC -2013 A Capitalized Interest
3136A4M89
FNA 2012-M3 2A1
706,181.45 Buy
01/25/2019
706,181.45
-
205091001
LC -2013 A Capitalized Interest
31393EXC8
FNR 2003-88 TH
871,439.74 Buy
09/25/2018
871,439.74
-
205091001
LC -2013 A Capitalized Interest
459200GX3
89153VAC3
IBM CORP
477,936.30 Buy
07/22/2016
477,936.30
-
205091001
LC -2013 A Capitalized Interest
TOTAL CAPITAL INTL SA
157,765.60 Buy
06/28/2017
157,765.60
-
205091001
LC -2013 A Capitalized Interest
31294LPZ0
FG E02240
556,511.67 Buy
12/01/2016
556,511.67
-
205091001
LC -2013 A Capitalized Interest
31402QT68
FN 735073
754,574.41 Buy
10/01/2019
754,574.41
-
205091001
LC -2013 A Capitalized Interest
31392BVM5
FNR 2002-3 PG
289,996.66 Buy
02/25/2017
289,996,66
-
205091001
LC -2013 A Capitalized Interest
3136A8G38
FNA 2012-M13 ASQ2
3,024,669.53 Buy
08/25/2017
3,024,669.53
-
205091001
LC -2013 A Capitalized Interest
12800AYJ7
Caisse des Depots et Consignations
2,997,903.75 Buy
11/18/2013
2,997,903.75
-
205091001
LC -2013 A Capitalized Interest
184126YS3
CLAYTON CO WTR-B-REF
755,939.80 Buy
05/01/2017
755,939.80
-
205091001
LC -2013. A Capitalized Interest
74977KXF1
Rabobank USA Financial Corporation
2,498,812.50 Buy
10/15/2013
2,498,812.50
-
205091001
LC -2013 A Capitalized Interest
3136ACGF2
FNA 2013-M3 ASQ2
2,591,462.50 Buy
02/25/2016
2,591,462.50
-
205091001
LC -2013 A Capitalized Interest
3128MBTHO
FG G13052
281,624.69 Buy
03/01/2019
281,624.69
-
205091001
LC -2013 A Capitalized Interest
74433GWC6
Prudential Funding LLC
3,999,875.55 Buy
09/12/2013
3,999,875.55
-
205091001
LC -2013 A Capitalized Interest
63307EAB3
NATIONAL BANK OF CANADA
3,605,175.00 Buy
10/19/2016
3,605,175.00
_ -
205091001
LC -2013 A Capitalized Interest
36962G4G6
GENERAL ELEC CAP CORP
1,162,049.20 Buy
11/14/2014
1,162,049.20
-
205091001
LC -2013 A Capitalized Interest
912828SY7
US TREASURY NB
11,780,156.25 Buy
05/31/2017
11,780,156.25
-
205091001
LC -2013 A Capitalized Interest
31381QLL8
FN 467531
981,359.06 Buy
03/01/2016
981,359.06
-
205091001
LC -2013 A Capitalized Interest
3128PGLY7
FG J04843
529,569.11 Buy
05/01/2017
529,569.11
-
205091001
LC -2013 A Capitalized Interest
407288YD5
HAMILTON SWR-B-REF
2,080,000.00 Buy
12/01/2015
2,080,000.00
-
205091001
LC -2013 A Capitalized Interest
21686CAD2
RABOBANK NEDERLAND
1,055,480.00 Buy
01/19/2017
1,055,480.00
-
205091001
LC -2013 A Capitalized Interest
21686CAD2
RABOBANK NEDERLAND
1,048,420.00 Buy
01/19/2017
1,048,420.00
-
205091001
LC -2013 A Capitalized Interest
063679ZT4
BANK OF MONTREAL
2,037,640.00 Buy
01/30/2017
2,037,640.00
-
205091001
LC -2013 A Capitalized Interest
74433GXV3
Prudential Funding LLC
3,999,477.78 Buy
10/29/2013
3,999,477.78
-
205091001
LC -2013 A Capitalized Interest
38376GWZ9
GNR2010-141A
2,753,441.95 Buy
08/16/2031
2,753,441.95
-
278,127,385.14
278,127,385.14
-
205091001
LC -2013 A Capitalized Interest
74433GVT0
Prudential Funding LLC
(3,500,000.00) Maturity
08/27/2013.
(3,500,000.00)
-
205091001
LC -2013 A Capitalized Interest
74433GWC6
Prudential Funding LLC
(4,000,000.00) Maturity
09/12/2013
(4 000,000.00)
-
(7,500,000.00)
(7,500,000.00)
-
205091001
LC -2013 A Capitalized Interest
31392F6C6
FNR 2002-77 CB
(31,466.32) Principal Paydown
12/25/2017
(29,657.76)
(1,808.56)
205091001
LC -2013 A Capitalized Interest
31392FPP6
FNR 2002-74 PE
(22,006.74) Principal Paydown
11/25/2017
(20,763.52)
(1,243.22)
205091001
LC -2013 A Capitalized Interest
31392F6C6
FNR 2002-77 CB
(34,564.96) Principal Paydown
12/25/2017
(32,609.77)
(1,955.19)
205091001
LC -2013 A Capitalized Interest
3128PHVS7
FG J06025
(5,657.69) Principal Paydown
11/01/2019
(5,365.83)
(291.86)
205091001
LC -2013 A Capitalized Interest
3128PHVS7
FG J06025
(12,452.36) Principal Paydown
11/01/2019
(11,820.47)
(631.89)
205091001
LC -2013 A Capitalized Interest
31410GSQ7
FN 888927
(14,895.68) Principal Paydown
12/01/2017
(13,859.10)
(1,036.58)
205091001
205091001
205091001
205091001
205091001 LC -2013 A Capitalized Interest 31392HWL3
205091001 LC -2013 A Capitalized Interest 31392HWL3 FNR 2003-3 BC
205091001 LC -2013 A Capitalized Interest 36290WH47 GN 619551
205091001 LC -2013 A Capitalized Interest 31402RBG3 FN 735439
LC -2013 A Capitalized Interest
LC -2013 A Capitalized Interest
LC -2013 A Capitalized Interest
LC -2013 A Capitalized Interest
31410GSQ7
31392FPP6
3132FEAK7
3132FEAK7
FN 888927
FNR 2002-74 PE
FG Z50010
FG 250010
FNR 2003-3 BC
(14,955.83) Principal Paydown
(20,459.98) Principal Paydown
(20,118.34) Principal Paydown
(18,424.10) Principal Paydown
(4,177.82) Principal Paydown
12/01/2017
11/25/2017
12/01/2017
12/01/2017
02/25/2018
02/25/2018 (3,509.45) (197.53)
09/15/2018
09/01/2019
(13,931.96)
(19,323.18)
(18,972.30)
(17,392.10)
(3,958.56)
(1,023.87)
(1,136.80)
(1,146.04)
(1,032.00)
(219.26)
(3,706.98) Principal Paydown
(173,575.73) Principal Paydown
(28,911.18) Principal Paydown
(163,331.52) (10,244.21)
(26,948.53) (1,962.65),
227
Page 24 of 32
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
I• MOM
Riverside (ounly Tronsportolion Commission
Source Account
1205091001
205091001
205091001
205091001 LC -2013 A Capitalized Interest 36200AFG9
205091001 LC -2013 A Capitalized Interest 3128H4NR6
205091001 LC -2013 A Capitalized Interest 3128H4NR6
205091001 LC -2013 A Capitalized Interest 31393V2T7
205091001 LC -2013 A Capitalized Interest 31393 V2T7
205091001 LC -2013 A Capitalized Interest 3136A4M89
205091001 LC -2013 A Capitalized Interest 3128GNR59
205091001 LC -2013 A Capitalized Interest 31393EXC8
205091 001 LC -2013 A Capitalized Interest 3I36A4M89
205091001 LC -201 3 A Capitalized Interest
205091001 LC -2013 A Capitalized Interest
205091001 LC -2013 A Capitalized Interest 3I294LPZ0
205091001 LC -2013 A Capitalized Interest 31402QT68 FN 735073
205091001 LC -2013 A Capitalized Interest 31294LPZ0 FG E02240
205091001 LC -2013 A Capitalized Interest 31402QT68 FN 735073
205091001 LC -2013 A Capitalized Interest 31392BVM5 FNR2002-3 PG
205091001 LC -2013 A Capitalized Interest 31392BVM5 FNR 2002-3. PG
205091001 LC -2013 A Capitalized interest 31393EXC8 FNR 2003-88 TH
205091001 LC -2013 A Capitalized Interest 3128MBTH0 FG G13052
205091001 LC -2013 A Capitalized Interest 3128MBTHO FG G13052
205091001 LC -2013 A Capitalized Interest 3138IQLL8 FN 467531
205091001 LC -2013 A Capitalized Interest 3I28PGLY7 FG J04843
205091001 LC -2013 A Capitalized Interest 31381QLL8 FN 467531
205091001 LC -2013 A Capitalized Interest
205091001 LC -2013 A Capitalized Interest
Account Identifier
LC -2013 A Capitalized Interest
LC -2013 A Capitalized Interest
LC -2013 A Capitalized interest
31402RBG3
3140IMWC1 FN 712643
31401MWC1
FN 735439
FN 712643
GN 595167
FG E96700
FG E96700
FHR 2627 GY
FHR 2627 GY
FNA 2012-M3 2A1
FG E85908
FNR 2003-88 TH
FNA 2012-M3 2A1
FG E85908
GN 595167
FG E02240
3128GNR59
36200AFG9
Base Net Total
e - :rsl 1 : 7g '"6 7 Final Maturity Base Principal Realized Gain
(28,197.52) Principal Paydown
(26,281.09) Principal Paydown
(26,085.16) Principal Paydown
(4,194.44) Principal Paydown
(8,385.45) Principal Paydown
(7,292.47) Principal Paydown 05/01/2018 (6,879.33)
09/01/2019
06/01/2018
06/01/2018
11/15/2017
05/01/2018
(26,247.82)
(24,628.42)
(24,464.96)
(3,933.42)
(7,917.66)
(1,949.70)'
(1,652.67)
(1,620.20)
(261.02)
(467.79)
(413.14)
(69,987.13) Principal Paydown 06/15/2018 (66,168.34) (3,818.79)
(65,228.21) Principal Paydown 06/15/2018 (61,719.07) (3,509.14)
(3,921.87) Principal Paydown 01/25/2019 (3,897.31) (24.56)
(22,381.68) Principal Paydown 10/01/2016 (21,112.67) (1,269.01)
(35,031.51) Principal Paydown 09/25/2018 (33,080.71) (1,950.80)
(3,936.06) Principal Paydown 01/25/2019 (3,911.85) (24.21)
(31,106.25) Principal Paydown 10/01/2016 (29,383.77) (1,722.48)
(7,766.99) Principal Paydown 11/15/2017 (7,291.58) (475.41)
(58,647.06) Principal Paydown 12/01/2016 (55,508.57) (3,138.49)
(25,661.20) Principal Paydown 10/01/2019 (23,762.00) (1,899.20)
(30,529.93) Principal Paydown 12/01/2016 (28,859.52) (1,670.41)
(31,713.49) Principal Paydown 10/01/2019 (29,331.50) (2,381.99)
(11,396.05) Principal Paydown 02/25/2017 (10,804.50) (591.55)
(14,172.62) Principal Paydown 02/25/2017 (13,419.42) (753.20)
(25,279.07) Principal Paydown 09/25/2018 (23,889.86) (1.389.21)
(10,998.46) Principal Paydown 03/01/2019 (10,355.70) (642.76)
(9,996.23) Principal Paydown 03/01/2019 (9,419.52) (576.71)
(1,227.60) Principal Paydown 03/01/2016 (1,209.03) (18.57)
38376GWZ9
38376GWZ9
GNR 2010-141 A
GNR2010-141 A
205091001
205091001
205091001
205091001
205091001
205091001
205091001
205091001
205091001
LC -2013 A Capitalized Interest
3134G3XQ8
FREDDIE MAC
(325,000.00) Sell
06/20/2017
(325,000.01)
0.01
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(3,999,875.55) Sell
09/30/2013
(3,999,875.55)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(33,675.71) Sell
09/30/2013
(33,675.71)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(357,030.49) Sell
09/30/2013
(357,030.49)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(2,950,342.16) Sell
09/30/2013
(2,950,342.16)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(2,135,000.00) Sell
09/30/2013
(2,135,000.00)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(52.60) Sell
09/30/2013
(52.60)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(3,555,530.10) Sell
09/30/2013
(3,555,530.10)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(874,324.79) Sell
09/30/2013
(874,324.79)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(2,362,731.71) Sell
09/30/2013
(2,362,731.71)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(3,499,797.78) Sell
09/30/2013
(3,499,797.78)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(1,628,750.78) Sell
09/30/2013
(1,628,750.78)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(558,003.16) Sell
09/30/2013
(558,003.16)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(770,300.51) Sell
09/30/2013
(770,300.51)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(16,377,233.26) Sell
09/30/2013
(16,377,233.26)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(4,691,174.54) Sell
09/30/2013
(4,691,174.54)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(1,745,818.61) Sell
09/30/2013
(1,745,818.61)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(9,119,412.19) Sell
09/30/2013
(9,119,412.19)
-
205091001
LC -2013 A Capitalized Interest
9AMMFO5B2
U.S. Bank Money Market Account Fund
(2,044,259.25) Sell
09/30/2013
(2,044,259.25)
-
LC -2013 A Capitalized Interest 12800UAL4
LC -2013 A Capitalized Interest 912828UA6
LC -2013 A Capitalized Interest 912828UA6
LC -2013 A Capitalized Interest 36962G2V5
LC -2013 A Capitalized Interest 912828VG2 US TREASURY N/B
LC -2013 A Capitalized Interest 9AMMFO5B2 U.S. Bank Money Market Account Fund
LC -2013 A Capitalized Interest 9AMMFO5B2 U.S. Bank Money Market Account Fund
LC -2013 A Capitalized Interest
CAISSE CENTRALE DESJARDN
US TREASURY N/B
US TREASURY N/B
GENERAL ELEC CAP CORP
9AMMFO5B2
U.S. Bank Monev Market Account Fund
(11,319.73) Principal Paydown 05/01/2017 (10,739.84) (579.89)
(1.232.23) Principal Paydown 03/01/2016 (1,214.23) (18.00)
(19.530.78) Principal Paydown 08/16/2031 (19,518.72) (12.06)
(19.463.78) Principal Paydown 08/16/2031 (19,449.90) (13.88)
(1,016,337.76)
(2,007,414.91) Sell
(2,186 791.38) Sell
(7,288,276.26) Sell
(4,955,660.97) Sell
(1,790,595.41) Sell
(999,796.67) Sell
(3,999,477.78) Sell
(326.807.81) Sell
(959,563.27) (56,774.49)
03/06/2017 (2,007.387.30) (2.15)
11/30/2017
11/30/2017
05/11/2016
06/15/2016
09/30/2013
09/30/2013
09/30/2013
(2,201.132.81)
(7,288,41 1.08)
(4,955,050.00)
(1,796,203.13)
(999,796.67)
(3,999,477.78)
326,807.81
14,225.74
6.28
5,598.96
228
Page 25 of 32
Riverside (ounly Transportation Commission
Min IINM
STAMP Portfolio Transaction Report
Quarter ending September 30, 2013
Source Account
Account
Identifier
Description
e °n tit
i<ansaet1on Type
(47,396,964.66) Sell
(12,041,446.27) Sell
(15,414,968.68) Sell
(3,601,868.47) Sell
Base Net Total
Final Maturity Base Principal Realized Gain
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
9AMMF05B2
9AMMF05B2 U.S. Bank Money Market Account Fund
9AMMF05B2
06415CAA7
36962G4G6
63307EAB3 NATIONAL BANK OF CANADA
063679ZT4
U.S. Bank Money Market Account Fund
U.S. Bank Money Market Account Fund
BANK OF NOVA SCOTIA
GENERAL ELEC CAP CORP
(1,160,365.35) Sell
(3,605,089.47) Sell
(2,037,611.64) Sell
BANK OF MONTREAL
09/30/2013
09/30/2013
09/30/2013
08/03/2016
11/14,'2014
10/19,2016
01/30/2017
Subtotal - 205091001 LC -2013 A Capitalized Interest
(165,841,448.92)
103,769,598.45
(47,396,964.66)
(12,041,446.27)
(15,414,968.68)
(3,601,416.02)
(1,162,720.00)
(3,604,643.22)
(2,037,501.04)
(19.82)
(18.60)
31.19
(165,862,239.67) 19,821.61
103,805,582.20 (36,952.88)
Grand Total 91 CIP Bonds (STAMP Portfolio)
577,519,595.66
577,902,465.77 (67,072.83)
229
Page 26 of 32
ATTACHMENT 5
Min NNW
Riverside County Transportation Commission
STAMP Portfolio for quarter ending September 30, 2013
Credit Rating
Base Market Value + Accrued
175.000.000.00
150.000.000.00
125.000.000.00
100.000.000.00
75,000,000.00
50.000,000 00
25.000,00000
0.00
AAA
iu.
AA4 AA
1
■
Asset Class
CON (0.000%)
Money Market Funds (0.234%)
Fixed Income (99.766%)
Market Secto
Security Type
Other (2.345%1
GNMA CMO (0.693%)
YANKEE (0.820%)
FNMA (0.986%)
FNLMC CMO (1.620%)
FNMA CMO (1.867%)
MUNI (5.190%)
ABS (8.718%)
US GOV (9.616%)
CP (27.499%)
- CORP (40 b,1/
Cash 10.234%11
Agency (1.065%)
Municipal 15.948%)
Utility (6.200%)
Mortgage Backed (6.231%)
Asset Backed (8.718%)
government (9.616%)
Industrial (28,774%)
Financial (33.214%)
230
BLANK
STAMP Portfolio
Toll Revenue Project Senior Lien Fund for quarter ending September 30, 2013
Credit Rating Industry Group
Market Sector
Asset Class Security Type
231
ATTACHMENT 6
BLANK
STAMP Portfolio
Toll Revenue Project Sales Tax Revenue Fund for quarter ending September 30, 2013
Credit Rating Industry Group
Market Sector
Asset Class Security Type
232
ATTACHMENT 7
BLANK
STAMP Portfolio
Series A & Series B Reserve Fund for quarter ending September 30, 2013
Credit Rating Industry Group
Market Sector
Asset Class Security Type
233
ATTACHMENT 8
BLANK
STAMP Portfolio
Toll Revenue Project Capitalized Interest Fund for quarter ending September 30, 2013
Credit Rating Industry Group
Market Sector
Asset Class Security Type
234
ATTACHMENT 9
BLANK
STAMP Portfolio
Sales Tax Revenue Capitalized Interest Fund for quarter ending September 30, 2013
Credit Rating Industry Group
Market Sector
Asset Class Security Type
235
ATTACHMENT 10
BLANK
Month End
Market Value ($)*
Month End Book
Value ($)
Paper Gain or
Loss ($)
Paper Gain
or Loss (%)
Book
Yield (%)
Yrs to
Maturity
Modified
Duration
September 4,667,700,837.97 4,676,504,716.51 (8,803,878.54) (0.19) 0.38 1.37 1.34
August 5,126,815,145.73 5,143,739,370.71 (16,924,224.98) (0.33) 0.38 1.31 1.28
July 5,056,902,977.23 5,068,151,243.56 (11,248,266.33) (0.22) 0.37 1.32 1.30
June 4,955,274,812.46 4,969,751,125.22 (14,476,312.76) (0.29) 0.39 1.41 1.39
May 4,972,954,339.95 4,974,590,624.04 (1,636,284.09) (0.03) 0.38 1.31 1.29
April 5,582,276,144.63 5,577,075,042.55 5,201,102.08 0.09 0.37 1.20 1.18
County of Riverside
Treasurer’s Pooled Investment Fund
“Same Great Taste, Just Less Filling”
For all of our regular readers of the Treasurer’s Com-
mentary, you will note a difference in format going
forward as we conclude the first quarter of the new
fiscal year. We will now produce the commentary por-
tion on the front page every three months beginning in
September and following up with December, March and
June. We understand that many eagerly await our epi-
grammatic writings on economics, and we will continue
that in the same vein, but just four times a year. The
regular monthly content and financial reporting will
remain the same.
It’s hard to believe that this month marks the fifth anni-
versary of the Lehman Brothers tumble into bankruptcy
and subsequent stock market crash as investors lost
confidence in the equity markets and questioned the
viability of America’s financial system. Lehman was
one of the oldest, largest and most respected investment
banks in the world but wasn’t the only financial institu-
tion drowning in bad bets on toxic, mortgage-backed
securities. Unlike other firms, namely banks, Lehman
wasn’t covered by the FDIC, therefore despite the ef-
forts of the U.S. Treasury and the Federal Reserve, there
was no way to save them through the methods deployed
to sell Bear Stearns to JPMorgan Chase earlier that year
which protected bond and equity holders.
Until Lehman's bankruptcy, the federal government had
intervened when other large financial institutions were
in fiscal danger. In addition to the Fed engineered sale
of Bear Stearns, mortgage giants Fannie Mae and Fred-
die Mac were placed into conservatorship under the
Federal Housing Finance Agency (FHFA) after they
sustained billions of dollars in loan losses from defaults
by homeowners. The Lehman bankruptcy, however,
was the turning point that really sparked the global
financial crisis, triggered by the collapse of the housing
bubble.
The rest of the story plays out like a made for Holly-
wood movie with market meltdowns and a full-blown
liquidity crisis once thought unconscionable in the U.S.
Near unrestrained financial panic, the Fed and the Treas-
ury fought desperately to avoid a total collapse of the
American financial system. Contrary to criticism of
Wall Street cronyism, they overwhelmingly did it out of
a sincere belief that ending the panic would be critical to
rebuilding the full faith and credit in the U.S.A., and
abroad. To their acknowledgement they succeeded at
stemming potentially the worst financial disaster in
history, although we continue to bear the side effects to
this day.
To no surprise, the FOMC chose not to begin tapering
its open market purchases at their regularly scheduled
meeting of September 17-18 stating, “Taking into ac-
count the extent of federal fiscal retrenchment, the Com-
mittee sees the improvement in economic activity and
labor market conditions since it began its asset purchase
program a year ago as consistent with growing underly-
ing strength in the broader economy. However, the
Committee decided to await more evidence that progress
will be sustained before adjusting the pace of its pur-
chases. Accordingly, the Committee decided to continue
purchasing additional agency mortgage-backed securi-
ties at a pace of $40 billion per month and longer-term
Treasury securities at a pace of $45 billion per month.”
In other words, the Fed sees the same mixed messages
the rest of us see and with the debt ceiling debate just
around the corner, we’re sure they don’t want to rock
the boat. Stay tuned for an interesting ride over the next
month as the mudslinging in Washington will surely
make headline news.
Don Kent
Treasurer-Tax Collector
RIVERSIDE COUNTY TREASURER’S POOLED INVESTMENT FUND IS CURRENTLY RATED:
Aaa-bf BY MOODY’S INVESTOR’S SERVICE AND AAA/V1 BY FITCH RATINGS
The Treasurer's Pooled Investment Fund is comprised of the
County, Schools, Special Districts, and other Discretionary Depositors.
2 0 1 3September
Capital Markets Team
Investment Objectives
Don Kent
Treasurer-Tax Collector
Jon Christensen
Asst. Treasurer-Tax Collector
Giovane Pizano
Investment Manager
Erika Clark
Asst. Investment Manager
The primary objective
of the treasurer shall be to safeguard
the principal of the funds under the
treasurer's control, meet the liquidi-
ty needs of the depositor, and
achieve a return on the funds under
his or her control.
ATTACHMENT 11
236
Release Date Indicator Consensus Actual
10/4/2013 184,000 n.a.
10/4/2013 7.3%n.a.
9/25/2013 -7.3%0.1%
9/26/2013 2.7%2.5%
9/24/2013 80.0 79.7
10/3/2013 0.3%n.a.
9/17/2013 0.1%0.1%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.
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.
Employment Situation: Measures the number of unemployed as a percentage of the
labor force.
Durable Goods Orders - M/M change: Reflects the new orders placed with domestic
manufacturers for immediate and future delivery of factory hard goods.
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.
Consumer Confidence: Measures consumer attitudes on present economic conditions
and expectations of future conditions.
Factory Orders M/M change: Represents the dollar level of new orders for both
durable and nondurable goods.
Nymex Crude 102.33$ (5.32)$
Gold (USD/OZ)1,328.94$ (66.21)$
Value Change
Dow Jones (DJIA) 15,129.67 319.36
S&P 500 Index 1,681.55 48.58
NASDAQ (NDX)3,771.48 181.61
Fed Move 10/30/2013 12/18/2013
Decrease to 0.00% 58.0%58.0%
Increase to 0.25% 42.0%42.0%
Increase to 0.50% 0.0%0.0%
Increase to 0.75% 0.0%0.0%
Increase to 1%0.0%0.0%
Current Fed Funds Rate: 0-0.25%
Probability for FOMC Dates:
Current Market Data
Economic Indicators
Stock Indices
Commodities
Fed Funds Target Rate
RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 2
US Treasury Curve (M/M)
237
Fund Symbol 7 Day Yield
Fidelity Prime Institutional MMF FIPXX 0.05%
Federated Prime Obligations Fund POIXX 0.03%
Wells Fargo Advantage Heritage WFJXX 0.07%
Morgan Stanley Institutional Prime Liquidity Fund MPFXX 0.06%
AAA Rated Prime Institutional Money-Market Funds
0.42%0.43%
0.32%0.37%0.38% 0.38%0.37%0.38%0.39%0.37%0.38% 0.38%
0.17% 0.16%0.14%0.11%0.12%0.11% 0.10%0.08%0.07% 0.06%0.06%0.05%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13
Pool Yield
TIMMI
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.
The Treasurer’s Institutional Money Market Index (TIMMI) is compiled and reported by the Riverside County Treasurer’s Capital
Markets division. It is a composite index derived from five AAA rated prime institutional money market funds. Similar to the Treas-
urer’s Office, prime money market funds invest in a diversified portfolio of U.S. dollar denominated money market instruments in-
cluding U.S. Treasuries, government agencies, commercial paper, certificates of deposits, repurchase agreements, etc. TIMMI is cur-
rently comprised of the five multi billion dollar funds listed below.
TIMMI
RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 3
Cash Flows
Month
Monthly
Receipts
Monthly
Disbursements Difference
Required
Matured
Investments Balance
Actual
Investments
Maturing
Available
to Invest >
1 Year
10/2013 293.40
10/2013 665.00 801.26 (136.26) 157.14 1,165.00
11/2013 862.54 710.00 152.54 309.68 69.60
12/2013 1,539.11 813.41 725.70 1,035.38 95.10
01/2014 676.58 1,293.98 (617.40)417.98 340.00
02/2014 560.00 820.00 (260.00)157.98 130.00
03/2014 839.70 820.45 19.25 177.23 65.00
04/2014 1,320.00 738.06 581.94 759.17 82.11
05/2014 550.00 1,190.04 (640.04)119.13 412.35
06/2014 542.82 1,124.81 (581.99) 462.86 - 287.00
07/2014 1,000.00 950.00 50.00 50.00 121.70
08/2014 600.00 725.41 (125.41) 75.41 - 175.00
9/2014 700.00 830.00 (130.00) 130.00 0.00 65.00
TOTALS 9,855.75 10,817.42 (831.67) 462.86 3,477.09 3,007.86 4,213.64
9.90%64.32% 90.10%
* All values reported in millions ($).
238
Asset Allocation
RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 4
380,000.00 100.00% 0.06% .003 .003
310,000.00 100.00% 0.15% .003 .003
485.00 100.00% 0.89% 6.712 6.712
165,000.00 100.09% 0.23% .726 .726
75,000.00 100.13% 0.17% .521 .521
327,725.00 100.04% 0.58% .980 1.418
981,779.00 99.28% 0.70% 1.189 3.248
27,000.00 10 0 .13 % 0 .18 % .7 12 .7 12
1,111,3 2 5 .7 1 99.77% 0.44% 1.007 1.670
381,345.00 100.08% 0.29% .825 .852
75,000.00 100.08% 0.14% .611 .611
187,568.00 100.02% 0.28% .827 1.068
58,515.00 100.00% 0.46% 1.302 1.302
447,000.00 100.00% 0.10% .110 .110
95,000.00 100.00% 0.14% .152 .152
4,676,742.71 99.81% 0.38% .737 1.369
Mkt/ Sch Book
NCDS 95,000.00 95,000.00
MUNI BONDS 58,515.00 58,515.00
187,546.99
327,751.21
16 5 ,16 1.15
WAL (Yr) Mat (Yr)
MMKT 380,000.00 380,000.00
Assets (000's) Scheduled Par YieldScheduled Book Scheduled
Market
Totals (000's): 4,676,504.72 4,667,700.84
COMM PAPER 446,893.76 446,904.58
187,582.76
381,238.29 381,559.40
74,918.98 74,976.45
74,982.5074,887.86
26,951.81 26,986.40
1,111,3 5 5 .4 5
.003
310,000.00 310,000.00
54,000.00 0.41% .003
165,012.50
327,613.51
485.00
975,000.89
485.00
100.00%
FARMER MAC
FFCB BONDS
FMAC DISC NOTES
FHLB DISC NOTES
FHLB BONDS
FNMA BONDS
1,10 8 ,7 9 5 .4 9
982,085.56
DDA/PASSBK
CALTRUST FND 54,000.00 54,000.00
FHLMC DISC NOTES
FHLMC BONDS
LOCAL AGCY OBLIG
US TREAS BONDS
239
Maturity Distribution
RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 5
Scheduled Par (000's) 0-1 Mos 1-3 Mos 3-12 Mos 1-2 Yr 2-3 Yr >3 Yr Totals (000's)
MMKT 380,000.00 - - - - - 380,000.00
CALTRUST FND 54,000.00 - - - - - 54,000.00
DDA/PASSBK 310,000.00 - - - - - 310,000.00
LOCAL AGCY OBLIG - - - - - 485.00 485.00
US TREAS BONDS - - 165,000.00 - - - 165,000.00
FHLMC DISC NOTES - - 75,000.00 - - - 75,000.00
FHLMC BONDS - 30,100.00 107,000.00 75,000.00 101,000.00 14,625.00 327,725.00
FNMA BONDS - 40,000.00 20,000.00 26,850.00 240,525.00 654,404.00 981,779.00
FHLB DISC NOTES - - 27,000.00 - - - 27,000.00
FHLB BONDS 19,000.00 56,000.00 685,700.00 50,000.00 10,000.00 290,625.71 1,111,325.71
FFCB BONDS 5,000.00 35,000.00 236,345.00 90,000.00 15,000.00 - 381,345.00
FMAC DISC NOTES - - 75,000.00 - - - 75,000.00
FARMER MAC - - 120,000.00 52,568.00 5,000.00 10,000.00 187,568.00
MUNI BONDS - 3,595.00 22,105.00 11,355.00 21,460.00 - 58,515.00
COMM PAPER 300,000.00 47,000.00 100,000.00 - - - 447,000.00
NCDS 50,000.00 - 45,000.00 - - - 95,000.00
Totals (000's):1,118,000.00 211,695.00 1,678,150.00 305,773.00 392,985.00 970,139.71 4,676,742.71
%23.91% 4.53% 35.88% 6.54% 8.40% 20.74%
Cumulative %23.91% 28.43% 64.31% 70.85% 79.26% 100.00%
240
Credit Quality
MKT/Book
3,757,925.79
100.02% 0.14%
49,998.50 49,954.95 99.91% 0.22%
0.43%
0.26%
0.38%
NR 100.02% 0.19%
Yield
Aaa
Moody (000's)Par Book Market
Aa 50,000.00
Aa2
3,766,809.94
Totals (000's):
Aa3 203,930.30
572,950.97
204,000.00
100.00%
3,766,874.71
70,745.00
99.76%
100.00%
70,745.00
12,070.00 12,070.00 12,070.00 0.54%
4,676,504.72 4,667,700.84
Aa1 70,745.00
203,960.89
573,044.21
99.81%4,676,742.71
573,053.00
MOODY’S S & P
S&P (000's)
AAA
AA+2,926,619.71 2,926,034.66
AA
AA-295,000.00 294,930.30
NR
Totals (000's):0.38%
99.69%
573,053.00 572,950.97
0.14%
0.19%100.02%
16,070.00 16,070.00 16,070.00
573,044.21
294,960.89 100.01%
4,676,742.71 4,676,504.72 4,667,700.84 99.81%
Par Book Market MKT/Book Yield
866,588.39866,518.78866,000.00
2,917,037.35
100.00%
0.48%
0.26%100.01%
0.54%
RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 6
241
Description
Maturity
Date Coupon
Par
Value
Book
Value
Market
Price
Market
Value
Unrealized
Gain/Loss
CALTRUST HERITAGE 10/01/2013 .073 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00
FIDELITY PRIME 10/01/2013 .054 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00
FEDERATED PRIME 10/01/2013 .032 5,000,000.00 5,000,000.00 100.000000 5,000,000.00 0.00
MORGAN STANLEY 10/01/2013 .057 75,000,000.00 75,000,000.00 100.000000 75,000,000.00 0.00
.062 380,000,000.00 380,000,000.00 100.000000 380,000,000.00 0.00
CALTRUST SHT TERM 10/01/2013 .408 54,000,000.00 54,000,000.00 100.000000 54,000,000.00 0.00
.408 54,000,000.00 54,000,000.00 100.000000 54,000,000.00 0.00
UB MANAGED RATE 10/01/2013 .080 200,000,000.00 200,000,000.00 100.000000 200,000,000.00 0.00
BANK OF THE WEST 10/01/2013 .277 110,000,000.00 110,000,000.00 100.000000 110,000,000.00 0.00
.150 310,000,000.00 310,000,000.00 100.000000 310,000,000.00 0.00
US DIST COURTHOUSE 06/15/2020 .890 485,000.00 485,000.00 100.000000 485,000.00 0.00
.890 485,000.00 485,000.00 100.000000 485,000.00 0.00
U.S. TREASURY BOND 05/31/2014 .250 20,000,000.00 19,998,437.50 100.109000 20,021,800.00 23,362.50
U.S. TREASURY BOND 06/30/2014 .250 20,000,000.00 20,002,343.75 100.113000 20,022,600.00 20,256.25
U.S. TREASURY BOND 05/31/2014 .250 25,000,000.00 25,007,812.50 100.109000 25,027,250.00 19,437.50
U.S. TREASURY BOND 06/30/2014 .250 25,000,000.00 25,005,859.38 100.113000 25,028,250.00 22,390.62
U.S. TREASURY BOND 06/30/2014 .250 25,000,000.00 25,004,882.81 100.113000 25,028,250.00 23,367.19
U.S. TREASURY BOND 05/31/2014 .250 25,000,000.00 25,006,835.94 100.109000 25,027,250.00 20,414.06
U.S. TREASURY BOND 07/31/2014 .125 25,000,000.00 24,986,328.13 100.023000 25,005,750.00 19,421.87
.231 165,000,000.00 165,012,500.01 100.097667 165,161,150.00 148,649.99
FHLMC DISC NOTE 01/14/2014 .160 25,000,000.00 24,965,777.78 99.994000 24,998,500.00 32,722.22
FHLMC DISC NOTE 05/20/2014 .170 50,000,000.00 49,922,083.33 99.968000 49,984,000.00 61,916.67
.167 75,000,000.00 74,887,861.11 99.976667 74,982,500.00 94,638.89
FHLMC 3.5YrNc6MoE 03/03/2014 1.250 5,000,000.00 5,000,000.00 100.430000 5,021,500.00 21,500.00
FHLMC 3Yr 02/25/2014 1.375 5,000,000.00 5,000,000.00 100.518000 5,025,900.00 25,900.00
FHLMC 3Yr 02/25/2014 1.375 10,000,000.00 9,973,100.00 100.518000 10,051,800.00 78,700.00
FHLMC 3Yr 04/29/2014 1.350 5,000,000.00 5,027,800.00 100.717000 5,035,850.00 8,050.00
FHLMC 2Yr 11/27/2013 .375 10,000,000.00 9,958,700.00 100.046000 10,004,600.00 45,900.00
FHLMC 2Yr 12/23/2013 .625 10,000,000.00 9,999,800.00 100.117000 10,011,700.00 11,900.00
FHLMC 3.5YrNc2YrE 06/30/2015 1.000 5,000,000.00 5,000,000.00 100.216000 5,010,800.00 10,800.00
FHLMC 3.5YrNc2YrE 06/30/2015 1.000 5,000,000.00 5,000,000.00 100.194000 5,009,700.00 9,700.00
FHLMC 2Yr 02/27/2014 .375 10,000,000.00 9,996,000.00 100.120000 10,012,000.00 16,000.00
FHLMC 3YrNc2YrE 02/24/2015 .500 5,000,000.00 4,988,000.00 100.108000 5,005,400.00 17,400.00
FHLMC 3YrNc2YrE 02/27/2015 .550 5,000,000.00 4,993,500.00 100.029000 5,001,450.00 7,950.00
FHLMC 2Yr 03/21/2014 .300 10,000,000.00 9,984,000.00 100.120000 10,012,000.00 28,000.00
FHLMC 3YrNc2YrE 03/06/2015 .625 5,000,000.00 5,000,000.00 100.216000 5,010,800.00 10,800.00
FHLMC 3YrNc2YrE 03/06/2015 .625 5,000,000.00 5,000,000.00 100.216000 5,010,800.00 10,800.00
FHLMC 3YrNc2YrE 03/12/2015 .650 10,000,000.00 10,000,000.00 100.235000 10,023,500.00 23,500.00
FHLMC 3YrNc2YrE 03/06/2015 .625 5,000,000.00 4,999,500.00 100.216000 5,010,800.00 11,300.00
FHLMC 2Yr 04/28/2014 .375 5,000,000.00 4,994,400.00 100.153000 5,007,650.00 13,250.00
FHLMC 2.16Yr 04/28/2014 .375 5,000,000.00 4,991,050.00 100.153000 5,007,650.00 16,600.00
FHLMC 3Yr 01/30/2015 .650 5,000,000.00 4,998,250.00 100.170000 5,008,500.00 10,250.00
FHLMC 3.5YrNc2YrB 09/28/2015 .900 5,000,000.00 5,000,000.00 100.363000 5,018,150.00 18,150.00
FHLMC 2Yr 04/28/2014 .375 10,000,000.00 9,972,500.00 100.153000 10,015,300.00 42,800.00
FHLMC 2Yr 04/28/2014 .375 5,000,000.00 4,993,250.00 100.153000 5,007,650.00 14,400.00
FHLMC 2Yr 04/28/2014 .375 5,000,000.00 4,992,015.05 100.153000 5,007,650.00 15,634.95
FHLMC 2Yr 04/28/2014 .375 12,000,000.00 11,984,880.00 100.153000 12,018,360.00 33,480.00
FHLMC 2Yr 03/21/2014 .300 10,000,000.00 9,992,000.00 100.120000 10,012,000.00 20,000.00
FHLMC 2Yr 02/27/2014 .375 10,000,000.00 10,011,600.00 100.120000 10,012,000.00 400.00
FHLMC 14 Mo 12/23/2013 .625 10,100,000.00 10,146,965.00 100.117000 10,111,817.00 -35,148.00
FHLMC 4Yr 11/01/2016 .625 10,000,000.00 9,991,200.00 99.516000 9,951,600.00 -39,600.00
FHLMC 2YrNc1YrE 11/26/2014 .350 5,000,000.00 5,000,000.00 100.030000 5,001,500.00 1,500.00
FHLMC 2YrNc1YrE 11/26/2014 .350 5,000,000.00 5,000,000.00 100.030000 5,001,500.00 1,500.00
FHLMC 3YrNc1YrE 11/27/2015 .500 5,000,000.00 5,000,000.00 99.907000 4,995,350.00 -4,650.00
FHLMC 3YrNc1YrE 11/27/2015 .500 5,000,000.00 5,000,000.00 99.907000 4,995,350.00 -4,650.00
FHLMC 2Yr 12/03/2014 .320 5,000,000.00 5,000,000.00 100.122000 5,006,100.00 6,100.00
FHLMC 3YrNc1YrB 01/15/2016 .500 5,000,000.00 5,000,000.00 99.790000 4,989,500.00 -10,500.00
FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 99.697000 4,984,850.00 -15,150.00
FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 99.697000 4,984,850.00 -15,150.00
FHLMC 3YrNc2YrE 01/28/2016 .500 5,000,000.00 5,000,000.00 99.697000 4,984,850.00 -15,150.00
FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 99.697000 4,984,850.00 -15,150.00
FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 99.697000 4,984,850.00 -15,150.00
FHLMC 3YrNc2YrB 01/28/2016 .500 10,000,000.00 9,998,000.00 99.697000 9,969,700.00 -28,300.00
FHLMC 3YrNc2YrE 01/28/2016 .500 6,000,000.00 5,998,800.00 99.697000 5,981,820.00 -16,980.00
FHLMC 3YrNc1YrE 01/15/2016 .450 5,000,000.00 5,000,000.00 99.728000 4,986,400.00 -13,600.00
FHLMC 4Yr 11/01/2016 .625 4,625,000.00 4,629,301.25 99.516000 4,602,615.00 -26,686.25
FHLMC 3YrNc6MoB 03/28/2016 .600 5,000,000.00 5,000,000.00 99.586000 4,979,300.00 -20,700.00
FHLMC 3.5YrNc3MoB 09/14/2016 .650 5,000,000.00 5,000,000.00 99.526000 4,976,300.00 -23,700.00
FHLMC 2.5YrNc3MoB 09/14/2015 .500 5,000,000.00 5,000,000.00 100.076000 5,003,800.00 3,800.00
FHLMC 3YrNc3MoB 09/14/2016 .650 5,000,000.00 4,999,000.00 99.526000 4,976,300.00 -22,700.00
FHLMC 3.5YrNc3MoB 09/14/2016 .650 5,000,000.00 5,000,000.00 99.526000 4,976,300.00 -23,700.00
FHLMC 3Yr 05/13/2016 .500 10,000,000.00 9,999,900.00 99.741000 9,974,100.00 -25,800.00
FHLMC 3Yr 05/13/2016 .500 5,000,000.00 5,000,000.00 99.741000 4,987,050.00 -12,950.00
FHLMC 3Yr 05/13/2016 .500 5,000,000.00 5,000,000.00 99.741000 4,987,050.00 -12,950.00
.573 327,725,000.00 327,613,511.30 100.007998 327,751,212.00 137,700.70
FNMA 3.25YrNc6MoE 12/17/2013 1.125 5,000,000.00 4,997,500.00 100.220000 5,011,000.00 13,500.00
FNMA 3.5YrNc6MoE 03/21/2014 1.350 5,000,000.00 5,000,000.00 100.596000 5,029,800.00 29,800.00
.890 3.392 6.712
US TREAS BONDS
912828SW1 .255 .665 .666
LAO .890 3.392 6.712
912828TA8 .243 .748 .748
912828SW1 .229 .665 .666
.150 .003 .003
LOCAL AGCY OBLIG
912828TA8 .235 .748 .748
CASH .080 .003 .003
MMDA .277 .003 .003
912828TA8 .237 .748 .748
.408 .003 .003
DDA/PASSBK
912828SW1 .230 .665 .666
CALTRUST FND
CLTR .408 .003 .003
912828TF7 .172 .832 .833
MPFXX .057 .003 .003
.062 .003 .003
.227 .726 .726
FIPXX .054 .003 .003
POIXX .032 .003 .003
FHLMC DISC NOTES
MMKT
WFJXX .073 .003 .003
313397RU7 .160 .290 .290
313397XA4 .170
CUSIP
Month End Portfolio Holdings
Maturity
To Mat
Modified
Duration
Years To
Maturity
Fund: 1 POOL FUND
.634 .636
.167 .519 .521
FHLMC BONDS
3134G1SG0 1.250 .419 .422
3137EACR8 1.375 .402 .405
3137EACR8 1.465 .402 .405
3134G2CL4 1.160 .574 .578
3137EACZ0 .580 .158 .159
3134G3BF6 .626 .229 .230
3134G3EB2 1.000 1.726 1.748
3134G3EN6 1.000 1.726 1.748
3134G3LA6 .394 .410 .411
3134G3NL0 .581 1.392 1.403
3134G3PD6 .594 1.400 1.411
3134G3NS5 .378 .470 .471
3134G3QW3 .625 1.424 1.430
3134G3QW3 .625 1.424 1.430
3134G3RP7 .650 1.440 1.447
3134G3QW3 .628 1.424 1.430
3134G3SB7 .427 .576 .575
3134G3SB7 .460 .576 .575
3134G3JX9 .662 1.324 1.334
3134G3TL4 .900 1.972 1.995
3134G3SB7 .509 .575 .575
3134G3SB7 .440 .576 .575
3134G3SB7 .452 .576 .575
3134G3SB7 .437 .576 .575
3134G3NS5 .345 .470 .471
3134G3LA6 .303 .410 .411
3134G3BF6 .233 .230 .230
3134G3S50 .647 3.044 3.090
3134G3W71 .350 1.151 1.156
3134G3W71 .350 1.151 1.156
3134G3Y20 .500 2.141 2.159
3134G3Y20 .500 2.141 2.159
3134G32E9 .320 1.171 1.175
3134G33X6 .500 2.274 2.293
3134G34B3 .500 2.310 2.329
3134G34B3 .500 2.310 2.329
3134G34B3 .500 2.310 2.329
3134G34B3 .500 2.310 2.329
3134G34B3 .500 2.310 2.329
3134G34B3 .507 2.309 2.329
3134G34B3 .507 2.309 2.329
3134G33R9 .450 2.275 2.293
3134G3S50 .600 3.044 3.090
3134G36A3 .600 2.472 2.493
3134G36J4 .650 2.922 2.959
3134G36M7 .500 1.943 1.956
3134G36J4 .656 2.922 2.959
3134G36J4 .650 2.922 2.959
3137EADQ9 .500 2.594 2.619
3137EADQ9 .500 2.594 2.619
3137EADQ9 .500 2.594 2.619
.583 1.404 1.416
FNMA BONDS
3136FPEX1 1.141 .212 .214
31398A3R1 1.350 .468 .471
RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 7242
Description
Maturity
Date Coupon
Par
Value
Book
Value
Market
Price
Market
Value
Unrealized
Gain/Loss CUSIP
Month End Portfolio Holdings
Maturity
To Mat
Modified
Duration
Years To
Maturity
FNMA 3YrNc6MoE 11/19/2013 .800 10,000,000.00 10,000,000.00 100.080000 10,008,000.00 8,000.00
FNMA 3YrNc6MoE 11/19/2013 .800 5,000,000.00 5,000,000.00 100.080000 5,004,000.00 4,000.00
FNMA 5Yr 02/04/2016 .296 10,000,000.00 9,990,000.00 100.195000 10,019,500.00 29,500.00
FNMA 4Yr 03/14/2014 1.250 5,000,000.00 4,996,000.00 100.528000 5,026,400.00 30,400.00
FNMA 3Yr 12/18/2013 .750 5,000,000.00 4,941,950.00 100.150000 5,007,500.00 65,550.00
FNMA 5Yr 03/13/2014 2.750 10,000,000.00 10,454,500.00 101.199000 10,119,900.00 -334,600.00
FNMA 3Yr 11/19/2013 .800 5,000,000.00 4,991,250.00 100.080000 5,004,000.00 12,750.00
FNMA 3Yr 12/18/2013 .750 10,000,000.00 10,063,305.58 100.150000 10,015,000.00 -48,305.58
FNMA 3YrNc2YrE 12/05/2014 .850 5,000,000.00 5,000,000.00 100.099000 5,004,950.00 4,950.00
FNMA 3YrNc2YrE 12/23/2014 .825 5,000,000.00 5,000,000.00 100.121000 5,006,050.00 6,050.00
FNMA 3YrNc2YrE 12/23/2014 .825 5,000,000.00 5,000,000.00 100.121000 5,006,050.00 6,050.00
FNMA 5YrNc1YrB 06/28/2017 .750 5,000,000.00 5,000,000.00 99.037000 4,951,850.00 -48,150.00
FNMA 5YrNc1YrB 07/26/2017 .875 5,000,000.00 5,000,000.00 99.414000 4,970,700.00 -29,300.00
FNMA 5YrNc1YrB 07/10/2017 .850 4,980,000.00 4,980,000.00 99.188000 4,939,562.40 -40,437.60
FNMA 5YrNc1YrB 07/26/2017 1.150 5,000,000.00 5,000,000.00 99.333000 4,966,650.00 -33,350.00
FNMA 5YrNc2YrB 07/25/2017 .750 10,000,000.00 10,000,000.00 100.304000 10,030,400.00 30,400.00
FNMA 5YrNc1YrB 07/26/2017 .875 10,000,000.00 10,000,000.00 99.414000 9,941,400.00 -58,600.00
FNMA 5YrNc1YrB 07/26/2017 .875 5,000,000.00 5,000,000.00 99.414000 4,970,700.00 -29,300.00
FNMA 5YrNc1YrB 08/15/2017 .750 5,000,000.00 5,000,000.00 99.305000 4,965,250.00 -34,750.00
FNMA 5YrNc1YrB 08/14/2017 .625 5,000,000.00 5,000,000.00 99.542000 4,977,100.00 -22,900.00
FNMA 5YrNc1YrB 08/16/2017 .750 5,000,000.00 5,000,000.00 99.379000 4,968,950.00 -31,050.00
FNMA 5YrNc1YrB 08/14/2017 .625 10,000,000.00 9,995,000.00 98.812000 9,881,200.00 -113,800.00
FNMA 5YrNc1YrB 08/28/2017 .880 10,000,000.00 10,000,000.00 98.774000 9,877,400.00 -122,600.00
FNMA 5YrNc1YrB 09/20/2017 .750 5,000,000.00 5,000,000.00 98.358000 4,917,900.00 -82,100.00
FNMA 5YrNc1YrB 09/20/2017 .750 10,000,000.00 10,000,000.00 98.358000 9,835,800.00 -164,200.00
FNMA 5YrNc1YrB 09/20/2017 .700 5,000,000.00 5,000,000.00 99.464000 4,973,200.00 -26,800.00
FNMA 5YrNc1YrB 09/27/2017 .700 5,000,000.00 5,000,000.00 99.575000 4,978,750.00 -21,250.00
FNMA 5YrNc1YrB 09/27/2017 .700 5,000,000.00 5,000,000.00 99.575000 4,978,750.00 -21,250.00
FNMA 5YrNc1YrB 09/20/2017 .700 5,000,000.00 5,000,000.00 99.464000 4,973,200.00 -26,800.00
FNMA 5YrNc1YrB 11/08/2017 .700 10,000,000.00 10,000,000.00 99.208000 9,920,800.00 -79,200.00
FNMA 3YrNc1YrE 10/22/2015 .500 5,000,000.00 5,001,562.50 100.021000 5,001,050.00 -512.50
FNMA 3YrNc2YrE 11/06/2015 .500 10,000,000.00 10,000,000.00 99.979000 9,997,900.00 -2,100.00
FNMA 3YrNc2YrE 11/25/2015 .480 10,000,000.00 10,000,000.00 99.939000 9,993,900.00 -6,100.00
FNMA 3YrNc1YrE 11/27/2015 .500 5,000,000.00 5,000,000.00 99.957000 4,997,850.00 -2,150.00
FNMA 3.5YrNc2YrE 05/26/2016 .550 5,000,000.00 5,000,000.00 99.573000 4,978,650.00 -21,350.00
FNMA 4YrNc1YrB 11/07/2016 .400 5,000,000.00 5,000,000.00 99.770000 4,988,500.00 -11,500.00
FNMA 5YrNc6MoB 11/07/2017 .600 5,250,000.00 5,250,000.00 98.871000 5,190,727.50 -59,272.50
FNMA 3YrNc1YrE 11/27/2015 .500 5,000,000.00 5,000,000.00 99.957000 4,997,850.00 -2,150.00
FNMA 5YrNc1YrB 12/18/2017 .750 10,000,000.00 10,000,000.00 99.022000 9,902,200.00 -97,800.00
FNMA 3YrNc1YrE 11/06/2015 .500 5,000,000.00 5,000,000.00 99.979000 4,998,950.00 -1,050.00
FNMA 5YrNc1YrB 12/13/2017 .800 5,000,000.00 5,000,000.00 99.086000 4,954,300.00 -45,700.00
FNMA 5YrNc1YrB 12/18/2017 .750 8,752,000.00 8,752,000.00 99.022000 8,666,405.44 -85,594.56
FNMA 5YrNc1YrB 12/13/2017 .650 5,000,000.00 5,000,000.00 98.619000 4,930,950.00 -69,050.00
FNMA 3YrNc1YrB 12/24/2015 .520 5,000,000.00 5,000,000.00 99.860000 4,993,000.00 -7,000.00
FNMA 3YrNc1YrB 12/24/2015 .450 5,000,000.00 5,000,000.00 99.778000 4,988,900.00 -11,100.00
FNMA 3YrNc1YrB 12/24/2015 .450 10,000,000.00 10,000,000.00 99.778000 9,977,800.00 -22,200.00
FNMA 3YrNc1YrB 12/24/2015 .450 10,000,000.00 9,998,000.00 99.778000 9,977,800.00 -20,200.00
FNMA 3YrNc1YrB 12/24/2015 .450 10,000,000.00 10,000,000.00 99.778000 9,977,800.00 -22,200.00
FNMA 5YrNc1YrB 12/26/2017 .750 10,000,000.00 10,000,000.00 98.319000 9,831,900.00 -168,100.00
FNMA 3YrNc1YrB 12/24/2015 .450 5,000,000.00 5,000,000.00 99.778000 4,988,900.00 -11,100.00
FNMA 2.5YrNc1YrB 06/24/2015 .400 11,850,000.00 11,848,815.00 100.038000 11,854,503.00 5,688.00
FNMA 3YrNc1YrB 12/24/2015 .450 5,000,000.00 5,000,000.00 99.778000 4,988,900.00 -11,100.00
FNMA 3YrNc1YrB 12/24/2015 .450 10,000,000.00 10,000,000.00 99.778000 9,977,800.00 -22,200.00
FNMA 3YrNc1YrB 12/24/2015 .450 10,000,000.00 10,000,000.00 99.778000 9,977,800.00 -22,200.00
FNMA 5YrNc1YrB 12/27/2017 .625 5,000,000.00 5,000,000.00 98.455000 4,922,750.00 -77,250.00
FNMA 5YrNc1YrB 12/13/2017 .800 5,000,000.00 5,000,000.00 99.086000 4,954,300.00 -45,700.00
FNMA 5YrNc1YrB 12/26/2017 .650 8,750,000.00 8,750,000.00 98.997000 8,662,237.50 -87,762.50
FNMA 3YrNc1YrB 12/30/2015 .450 10,000,000.00 10,000,000.00 99.867000 9,986,700.00 -13,300.00
FNMA 5YrNc1YrB 12/26/2017 .700 10,000,000.00 10,000,000.00 99.228000 9,922,800.00 -77,200.00
FNMA 3YrNc1YrB 12/24/2015 .450 10,000,000.00 10,000,000.00 99.778000 9,977,800.00 -22,200.00
FNMA 5YrNc1YrB 01/30/2018 .750 5,000,000.00 5,000,000.00 99.233000 4,961,650.00 -38,350.00
FNMA 5YrNc1YrB 01/30/2018 .700 5,000,000.00 5,000,000.00 98.471000 4,923,550.00 -76,450.00
FNMA 5YrNc6MoB 01/30/2018 .700 7,200,000.00 7,200,000.00 99.310000 7,150,320.00 -49,680.00
FNMA 3YrNc1YrB 01/29/2016 .480 5,000,000.00 4,999,000.00 99.730000 4,986,500.00 -12,500.00
FNMA 3YrNc6MoB 01/15/2016 .500 5,000,000.00 4,999,750.00 99.787000 4,989,350.00 -10,400.00
FNMA 5YrNc1YrB 01/29/2018 .800 10,000,000.00 10,000,000.00 99.170000 9,917,000.00 -83,000.00
FNMA 3YrNc1YrB 01/29/2016 .500 5,000,000.00 5,000,000.00 99.773000 4,988,650.00 -11,350.00
FNMA 5YrNc1YrB 01/30/2018 .700 10,000,000.00 10,000,000.00 98.811000 9,881,100.00 -118,900.00
FNMA 5YrNc1YrB 01/30/2018 .750 4,500,000.00 4,500,000.00 99.395000 4,472,775.00 -27,225.00
FNMA 5YrNc1YrB 01/30/2018 .700 10,000,000.00 10,000,000.00 99.272000 9,927,200.00 -72,800.00
FNMA 3YrNc6MoB 02/22/2016 .520 5,000,000.00 4,996,500.00 99.710000 4,985,500.00 -11,000.00
FNMA 3YrNc6MoB 02/22/2016 .520 5,000,000.00 4,995,000.00 99.710000 4,985,500.00 -9,500.00
FNMA 5YrNc1YrB 02/28/2018 .800 15,000,000.00 15,000,000.00 97.743000 14,661,450.00 -338,550.00
FNMA 5YrNc1YrB 02/28/2018 1.000 10,000,000.00 10,000,000.00 99.099000 9,909,900.00 -90,100.00
FNMA 5YrNc1YrB 02/28/2018 1.000 5,000,000.00 4,998,500.00 99.099000 4,954,950.00 -43,550.00
FNMA 5YrNc6MoB 02/28/2018 1.000 10,000,000.00 10,000,000.00 98.859000 9,885,900.00 -114,100.00
FNMA 5YrNc1YrB 02/20/2018 .800 5,000,000.00 4,993,750.00 99.190000 4,959,500.00 -34,250.00
FNMA 3YrNc1YrE 02/26/2016 .550 5,000,000.00 5,000,000.00 99.836000 4,991,800.00 -8,200.00
FNMA 5YrNc6MoB 02/28/2018 1.000 10,000,000.00 10,000,000.00 98.859000 9,885,900.00 -114,100.00
FNMA 3.5YrNc6MoB 08/26/2016 .700 10,000,000.00 10,000,000.00 99.665000 9,966,500.00 -33,500.00
FNMA 5YrNc6MoB 03/06/2018 1.000 10,000,000.00 10,000,000.00 98.784000 9,878,400.00 -121,600.00
FNMA 5YrNc6MoB 03/19/2018 1.000 5,000,000.00 4,998,750.00 98.747000 4,937,350.00 -61,400.00
FNMA 5YrNc6MoB 03/19/2018 1.000 10,000,000.00 10,000,000.00 98.747000 9,874,700.00 -125,300.00
FNMA 3.25YrNc6MoB 06/13/2016 .625 6,250,000.00 6,250,000.00 99.727000 6,232,937.50 -17,062.50
FNMA 5YrNc6MoB 03/19/2018 1.000 5,000,000.00 5,000,000.00 98.747000 4,937,350.00 -62,650.00
FNMA 5YrNc6MoB 03/27/2018 .500 5,000,000.00 5,000,000.00 98.970000 4,948,500.00 -51,500.00
FNMA 5YrNc1YrB 03/27/2018 .800 5,000,000.00 5,000,000.00 98.821000 4,941,050.00 -58,950.00
3136G0E64 .700 3.929 3.995
3136G0B59 .700 3.910 3.975
3136G0W49 .700 4.029 4.110
3135G0RX3 .500 2.141 2.159
3135G0RZ8 .550 2.628 2.655
3136G0Y21 .400 3.076 3.107
3135G0RS4 .500 2.082 2.101
3136G13S6 .800 4.115 4.205
3136G12F5 .750 4.134 4.219
3135G0SL8 .520 2.215 2.233
3135G0ST1 .450 2.217 2.233
3135G0ST1 .450 2.217 2.233
3135G0ST1 .457 2.217 2.233
3135G0ST1 .450 2.217 2.233
3136G14Q9 .750 4.157 4.241
3135G0ST1 .450 2.217 2.233
3135G0SQ7 .404 1.724 1.732
3135G0ST1 .450 2.217 2.233
3135G0ST1 .450 2.217 2.233
3135G0ST1 .450 2.217 2.233
3136G16J3 .625 4.173 4.244
3136G13S6 .800 4.115 4.205
3136G17E3 .650 4.167 4.241
3136G17A1 .450 2.234 2.249
3136G1A66 .700 4.162 4.241
3135G0ST1 .450 2.217 2.233
3136G1B40 .750 4.251 4.337
3136G1B32 .700 4.256 4.337
3136G1AQ2 .700 4.256 4.337
3135G0TH6 .487 2.313 2.332
3135G0TS2 .502 2.274 2.293
3136G1C56 .800 4.243 4.334
3135G0TT0 .500 2.312 2.332
3136G1AJ8 .700 4.256 4.337
3136G1AY5 .750 4.251 4.337
3136G1BF5 .700 4.256 4.337
3135G0UB7 .544 2.375 2.397
3135G0UB7 .554 2.375 2.397
3136G1D97 .800 4.328 4.416
3136G1DA4 1.000 4.307 4.416
3136G1DA4 1.006 4.306 4.416
3136G1DB2 1.000 4.307 4.416
3136G1CW7 .826 4.300 4.395
3135G0US0 .550 2.385 2.408
3136G1DB2 1.000 4.307 4.416
3136G1EX3 .700 2.869 2.907
3136G1ET2 1.000 4.323 4.433
3136G1FW4 1.005 4.359 4.468
3136G1FW4 1.000 4.359 4.468
3136G1FF1 .625 2.671 2.704
3136G1FW4 1.000 4.359 4.468
3136G1GS2 .500 4.436 4.490
3136G1GN3 .800 4.403 4.490
31398A5Z1 .800 .136 .137
31398A5Z1 .800 .136 .137
3136FP6X0 .336 2.333 2.348
31398A3K6 1.278 .449 .452
31398A5W8 1.194 .215 .216
31398AVZ2 1.128 .446 .449
31398A5Z1 .870 .136 .137
31398A5W8 .480 .216 .216
3135G0GC1 .850 1.169 1.181
3135G0GM9 .825 1.219 1.230
3135G0GM9 .825 1.219 1.230
3136G0MZ1 .750 3.679 3.745
3136G0RP8 .875 3.745 3.822
3136G0PU9 .850 3.707 3.778
3136G0RT0 1.150 3.722 3.822
3136G0RW3 .750 3.753 3.819
3136G0RP8 .875 3.745 3.822
3136G0RP8 .875 3.745 3.822
3136G0TZ4 .750 3.809 3.877
3136G0VZ1 .625 3.817 3.874
3136G0UX7 .750 3.812 3.879
3136G0VA6 .635 3.817 3.874
3136G0YU9 .880 3.848 3.912
3136G0A27 .750 3.906 3.975
3136G0A27 .750 3.906 3.975
3136G0B59 .700 3.910 3.975
3136G0E64 .700 3.929 3.995
3135G0QB2 .489 2.044 2.060
3135G0RS4 .500 2.082 2.101
3135G0RY1 .480 2.136 2.153
3136G03B5 .600 4.037 4.107
3135G0RX3 .500 2.141 2.159
3136G12F5 .750 4.134 4.219
3136G12D0 .650 4.131 4.205
RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 8243
Description
Maturity
Date Coupon
Par
Value
Book
Value
Market
Price
Market
Value
Unrealized
Gain/Loss CUSIP
Month End Portfolio Holdings
Maturity
To Mat
Modified
Duration
Years To
Maturity
FNMA 3.5YrNc6MoB 09/27/2016 .625 5,500,000.00 5,498,350.00 99.451000 5,469,805.00 -28,545.00
FNMA 3.5YrNc6MoB 09/27/2016 .625 5,000,000.00 5,000,000.00 99.451000 4,972,550.00 -27,450.00
FNMA 5YrNc6MoB 03/19/2018 1.000 10,000,000.00 10,000,000.00 98.747000 9,874,700.00 -125,300.00
FNMA 5YrNc1YrB 03/28/2018 .850 5,000,000.00 5,000,000.00 98.676000 4,933,800.00 -66,200.00
FNMA 5YrNc1YrB 03/28/2018 .800 5,000,000.00 5,000,000.00 98.689000 4,934,450.00 -65,550.00
FNMA 5YrNc6MoB 03/20/2018 .750 5,000,000.00 4,996,250.00 99.000000 4,950,000.00 -46,250.00
FNMA 5YrNc1YrB 03/28/2018 .800 5,000,000.00 5,000,000.00 98.970000 4,948,500.00 -51,500.00
FNMA 3YrNc6MoB 09/26/2016 .650 5,000,000.00 5,000,000.00 99.628000 4,981,400.00 -18,600.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.373000 4,968,650.00 -31,350.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.373000 4,968,650.00 -31,350.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.373000 4,968,650.00 -31,350.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 10,000,000.00 10,000,000.00 99.373000 9,937,300.00 -62,700.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.373000 4,968,650.00 -31,350.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 10,000,000.00 10,000,000.00 99.373000 9,937,300.00 -62,700.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 10,000,000.00 10,000,000.00 99.373000 9,937,300.00 -62,700.00
FNMA 5YrNc6MoC 04/24/2018 .800 10,000,000.00 10,000,000.00 98.334000 9,833,400.00 -166,600.00
FNMA 3YrNc6MoB 04/18/2016 .570 5,000,000.00 5,000,000.00 99.673000 4,983,650.00 -16,350.00
FNMA 3YrNc6MoB 04/18/2016 .570 5,000,000.00 4,999,500.00 99.673000 4,983,650.00 -15,850.00
FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.373000 4,968,650.00 -31,350.00
FNMA 5YrNc6MoC 04/16/2018 .750 10,000,000.00 10,000,000.00 98.290000 9,829,000.00 -171,000.00
FNMA 5YrNc6MoB 04/30/2018 .750 10,000,000.00 10,000,000.00 98.393000 9,839,300.00 -160,700.00
FNMA 3.5YrNc6MoB 10/25/2016 .625 5,000,000.00 5,000,000.00 99.300000 4,965,000.00 -35,000.00
FNMA 3.5YrNc6MoB 10/25/2016 .625 10,000,000.00 10,000,000.00 99.300000 9,930,000.00 -70,000.00
FNMA 3.5YrNc6MoB 10/25/2016 .625 10,000,000.00 10,000,000.00 99.300000 9,930,000.00 -70,000.00
FNMA 5YrNc1YrB 04/16/2018 .750 5,000,000.00 5,000,000.00 98.290000 4,914,500.00 -85,500.00
FNMA 3.5YrNc6MoB 10/25/2016 .625 20,000,000.00 20,000,000.00 99.300000 19,860,000.00 -140,000.00
FNMA 3.5YrNc6MoB 11/15/2016 .600 10,000,000.00 10,000,000.00 99.125000 9,912,500.00 -87,500.00
FNMA 5YrNc6MoB 04/18/2018 .750 5,610,000.00 5,610,000.00 98.336000 5,516,649.60 -93,350.40
FNMA 3.5YrNc1YrB 11/15/2016 .600 10,000,000.00 10,000,000.00 99.125000 9,912,500.00 -87,500.00
FNMA 3YrNc6MoB 05/20/2016 .520 10,000,000.00 10,000,000.00 99.460000 9,946,000.00 -54,000.00
FNMA 5YrNc6MoB 05/08/2018 .800 5,000,000.00 5,000,000.00 98.537000 4,926,850.00 -73,150.00
FNMA 3.5YrNc6MoB 12/27/2016 .680 12,000,000.00 12,006,600.00 99.099000 11,891,880.00 -114,720.00
FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.125000 4,956,250.00 -43,750.00
FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.125000 4,956,250.00 -43,750.00
FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.125000 4,956,250.00 -43,750.00
FNMA 3.5YrNc1YrE 11/15/2016 .600 10,000,000.00 10,000,000.00 99.125000 9,912,500.00 -87,500.00
FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.125000 4,956,250.00 -43,750.00
FNMA 5YrNc6MoB 04/30/2018 .750 5,000,000.00 5,000,000.00 98.393000 4,919,650.00 -80,350.00
FNMA 5YrNc6MoB 05/08/2018 .800 21,750,000.00 21,750,000.00 98.537000 21,431,797.50 -318,202.50
FNMA 3.5YrNc1YrB 11/28/2016 .500 10,000,000.00 9,996,000.00 98.937000 9,893,700.00 -102,300.00
FNMA 3.5YrNc1YrB 11/15/2016 .600 3,635,000.00 3,635,000.00 99.125000 3,603,193.75 -31,806.25
FNMA 3.5YrNc1YrB 11/15/2016 .600 10,000,000.00 9,998,500.00 99.125000 9,912,500.00 -86,000.00
FNMA 3.5YrNc1YrB 11/15/2016 .600 10,000,000.00 10,000,000.00 99.125000 9,912,500.00 -87,500.00
FNMA 3.5YrNc1YrB 11/28/2016 .500 752,000.00 739,216.00 98.937000 744,006.24 4,790.24
FNMA 3YrNc6MoB 07/29/2016 1.000 10,000,000.00 10,000,000.00 100.202000 10,020,200.00 20,200.00
FNMA 4.5YrNc6MoB 11/22/2017 .500 5,000,000.00 4,916,850.00 98.907000 4,945,350.00 28,500.00
FNMA 3YrNc6MoB 09/06/2016 1.000 3,775,000.00 3,775,000.00 100.175000 3,781,606.25 6,606.25
FNMA 3.25YrNc6MoB 11/28/2016 1.000 1,225,000.00 1,223,162.50 100.060000 1,225,735.00 2,572.50
.717 981,779,000.00 982,085,561.58 99.309610 975,000,891.68 -7,084,669.90
FHLB DISC NOTE 06/17/2014 .180 27,000,000.00 26,951,805.00 99.949639 26,986,402.50 34,597.50
.180 27,000,000.00 26,951,805.00 99.949639 26,986,402.50 34,597.50
FHLB 3.2Yr 12/27/2013 .875 10,000,000.00 9,982,000.00 100.190000 10,019,000.00 37,000.00
FHLB 4Yr 02/04/2015 .206 15,000,000.00 15,000,000.00 100.057000 15,008,550.00 8,550.00
FHLB 3Yr 03/14/2014 2.375 5,000,000.00 5,140,200.00 101.037000 5,051,850.00 -88,350.00
FHLB 3Yr 05/27/2014 1.500 5,000,000.00 5,000,000.00 100.899000 5,044,950.00 44,950.00
FHLB 3Yr 07/07/2014 .910 10,000,000.00 10,000,000.00 100.588000 10,058,800.00 58,800.00
FHLB 2Yr 11/29/2013 .450 5,000,000.00 4,997,944.55 100.060000 5,003,000.00 5,055.45
FHLB 2Yr 01/29/2014 .375 5,000,000.00 5,000,000.00 100.097000 5,004,850.00 4,850.00
FHLB 3Yr 05/22/2015 .500 5,000,000.00 5,000,000.00 100.258000 5,012,900.00 12,900.00
FHLB 2YrNc 02/13/2014 .300 5,000,000.00 4,992,300.00 100.081000 5,004,050.00 11,750.00
FHLB 2.25Yr 05/30/2014 .375 5,000,000.00 4,990,014.15 100.163000 5,008,150.00 18,135.85
FHLB 3Yr 05/04/2015 .700 15,000,000.00 15,000,000.00 100.591000 15,088,650.00 88,650.00
FHLB 1.5Yr 10/11/2013 .350 5,000,000.00 5,000,000.00 100.008000 5,000,400.00 400.00
FHLB 1.5Yr 10/15/2013 .350 5,000,000.00 5,000,000.00 100.010000 5,000,500.00 500.00
FHLB 3YrNc2YrE 04/30/2015 .650 5,000,000.00 5,000,000.00 100.292000 5,014,600.00 14,600.00
FHLB 2Yr 04/30/2014 .340 5,000,000.00 5,000,000.00 100.134000 5,006,700.00 6,700.00
FHLB 1.5Yr 12/03/2013 .290 10,000,000.00 10,000,000.00 100.036000 10,003,600.00 3,600.00
FHLB 18Mo 12/03/2013 .290 5,000,000.00 4,999,250.00 100.036000 5,001,800.00 2,550.00
FHLB 2Yr 05/19/2014 .350 5,000,000.00 5,000,000.00 100.144000 5,007,200.00 7,200.00
FHLB 18Mo 11/15/2013 .300 5,000,000.00 4,999,850.00 100.027000 5,001,350.00 1,500.00
FHLB 2Yr 05/19/2014 .350 5,000,000.00 5,000,000.00 100.144000 5,007,200.00 7,200.00
FHLB 1.5Yr 01/23/2014 .300 25,000,000.00 24,994,000.00 100.062000 25,015,500.00 21,500.00
FHLB 5YrNc3MoB 10/10/2017 .625 10,000,000.00 10,000,000.00 98.960000 9,896,000.00 -104,000.00
FHLB 1Yr 11/25/2013 .300 5,000,000.00 5,003,885.00 100.033000 5,001,650.00 -2,235.00
FHLB 1Yr 11/27/2013 .375 11,000,000.00 11,018,106.00 100.046000 11,005,060.00 -13,046.00
FHLB 3Yr 01/16/2015 .250 5,000,000.00 4,994,000.00 100.043000 5,002,150.00 8,150.00
FHLB 1Yr 01/23/2014 .270 1,000,000.00 1,000,410.00 100.059000 1,000,590.00 180.00
FHLB 10Mo 10/01/2013 .125 9,000,000.00 8,996,202.00 100.000000 9,000,000.00 3,798.00
FHLB 1.5 Yr 01/23/2014 .260 20,000,000.00 20,014,720.00 100.056000 20,011,200.00 -3,520.00
FHLB 1.5Yr 01/23/2014 .300 15,000,000.00 15,017,550.00 100.062000 15,009,300.00 -8,250.00
FHLB 1.5Yr 01/23/2014 .260 25,000,000.00 25,015,200.00 100.056000 25,014,000.00 -1,200.00
FHLB 3YrNc6MoB 01/29/2016 .500 5,000,000.00 5,000,000.00 99.737000 4,986,850.00 -13,150.00
FHLB 2Yr 02/20/2015 .250 5,000,000.00 4,995,550.00 99.970000 4,998,500.00 2,950.00
FHLB 3.5YrNc6MoB 07/29/2016 .575 5,000,000.00 4,989,500.00 99.586000 4,979,300.00 -10,200.00
FHLB 1Yr 02/07/2014 .125 15,000,000.00 14,992,155.00 100.033000 15,004,950.00 12,795.00
FHLB 5YrNc3MoB 02/13/2018 .500 7,350,000.00 7,350,000.00 99.146000 7,287,231.00 -62,769.00
3136G1GR4 .634 2.959 2.995
3136G1GR4 .625 2.959 2.995
3136G1FW4 1.000 4.359 4.468
3136G1HC6 .850 4.400 4.493
3136G1HB8 .800 4.406 4.493
3136G1HE2 .765 4.389 4.471
3136G1HP7 .800 4.406 4.493
3135G0VQ3 .650 2.955 2.992
3135G0WE9 .700 3.022 3.071
3135G0WE9 .700 3.022 3.071
3135G0WE9 .700 3.022 3.071
3135G0WE9 .700 3.022 3.071
3135G0WE9 .700 3.022 3.071
3135G0WE9 .700 3.022 3.071
3135G0WE9 .700 3.022 3.071
3136G1JY6 .800 4.460 4.567
3135G0WC3 .570 2.522 2.551
3135G0WC3 .573 2.522 2.551
3135G0WE9 .700 3.022 3.071
3136G1KB4 .750 4.445 4.545
3136G1KJ7 .750 4.483 4.584
3135G0WL3 .625 3.027 3.071
3135G0WL3 .625 3.027 3.071
3135G0WL3 .625 3.027 3.071
3136G1KB4 .750 4.445 4.545
3135G0WL3 .625 3.027 3.071
3135G0WS8 .600 3.084 3.129
3136G1JW0 .750 4.450 4.551
3135G0WS8 .600 3.084 3.129
3135G0WW9 .520 2.613 2.638
3136G1KW8 .800 4.512 4.605
3136G14F3 .665 3.196 3.244
3135G0WS8 .600 3.084 3.129
3135G0WS8 .600 3.084 3.129
3135G0WS8 .600 3.084 3.129
3135G0WS8 .600 3.084 3.129
3135G0WS8 .600 3.084 3.129
3136G1KJ7 .750 4.483 4.584
3136G1KW8 .800 4.499 4.605
3136G1LT4 .512 3.127 3.164
3135G0WS8 .600 3.084 3.129
3135G0WS8 .604 3.084 3.129
3135G0WS8 .600 3.084 3.129
3136G1LT4 1.009 3.119 3.164
3136G1QU6 1.000 2.780 2.830
3135G0XJ7 .893 4.081 4.148
3135G0YJ6 1.000 2.882 2.937
3136G1S59 1.047 3.093 3.164
.704 3.187 3.242
FHLB DISC NOTES
313385YE0 .180 .711 .712
.180 .711 .712
FHLB BONDS
313371UC8 .934 .240 .241
313372KE3 .206 1.341 1.348
3133XWKV0 1.404 .449 .452
313373CZ3 1.500 .650 .655
313374FU9 .910 .764 .767
313376A47 .470 .164 .164
313376UF0 .375 .331 .332
313378AC5 .500 1.633 1.641
3133783D1 .379 .372 .373
313378FY2 .468 .664 .663
313378U58 .700 1.578 1.592
313378YL9 .350 .030 .030
313378YX3 .350 .041 .041
313378XS5 .650 1.569 1.581
313379AK5 .340 .581 .581
3133796L8 .290 .175 .175
3133796L8 .300 .175 .175
313379FL8 .350 .634 .633
313379FK0 .302 .126 .126
313379FL8 .350 .634 .633
3133803M7 .316 .314 .315
313380UF2 .625 3.960 4.030
313379NS4 .228 .153 .153
3133762C8 .213 .159 .159
313381H24 .307 1.291 1.296
3133805T0 .233 .314 .315
313380W52 .177 .003 .003
3133805Q6 .193 .315 .315
3133803M7 .193 .315 .315
3133805Q6 .203 .315 .315
313381SV8 .500 2.312 2.332
313381YP4 .293 1.385 1.392
313381VK8 .636 2.800 2.830
3133823V3 .177 .356 .356
313381XU4 .500 4.317 4.375
RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 9244
Description
Maturity
Date Coupon
Par
Value
Book
Value
Market
Price
Market
Value
Unrealized
Gain/Loss CUSIP
Month End Portfolio Holdings
Maturity
To Mat
Modified
Duration
Years To
Maturity
FHLB 1Yr 02/14/2014 .125 10,000,000.00 9,993,760.00 100.017000 10,001,700.00 7,940.00
FHLB 1Yr 01/07/2014 .180 18,000,000.00 17,999,640.00 100.027000 18,004,860.00 5,220.00
FHLB 1Yr 02/14/2014 .125 15,000,000.00 14,990,820.00 100.017000 15,002,550.00 11,730.00
FHLB 1Yr 02/14/2014 .125 10,000,000.00 9,994,100.00 100.017000 10,001,700.00 7,600.00
FHLB 1Yr 02/25/2014 .125 5,000,000.00 4,996,625.00 100.018000 5,000,900.00 4,275.00
FHLB 1Yr 03/06/2014 .180 5,000,000.00 4,999,600.00 100.042000 5,002,100.00 2,500.00
FHLB 1Yr 03/05/2014 .180 10,000,000.00 9,998,750.00 100.042000 10,004,200.00 5,450.00
FHLB 9Mo 12/11/2013 .160 5,000,000.00 4,999,890.00 100.015000 5,000,750.00 860.00
FHLB 1Yr 02/25/2014 .125 25,000,000.00 24,987,000.00 100.018000 25,004,500.00 17,500.00
FHLB 5YrNc6MoB 04/25/2018 .800 10,000,000.00 10,000,000.00 98.801000 9,880,100.00 -119,900.00
FHLB 5YrNc3MoB 04/25/2018 .850 8,350,000.00 8,350,000.00 98.481000 8,223,163.50 -126,836.50
FHLB 13Mo 05/16/2014 .205 25,000,000.00 25,000,000.00 100.053000 25,013,250.00 13,250.00
FHLB 3.5YrNc3MoB 10/11/2016 .625 9,400,000.00 9,400,000.00 99.502000 9,353,188.00 -46,812.00
FHLB 3.5YrNc3MoB 10/24/2016 .550 10,000,000.00 10,000,000.00 99.230000 9,923,000.00 -77,000.00
FHLB 4YrNc3MoA 10/11/2016 .700 4,285,714.00 4,285,714.00 99.510000 4,264,714.00 -21,000.00
FHLB 5YrNc6MoB 05/21/2018 .750 12,000,000.00 12,000,000.00 97.953000 11,754,360.00 -245,640.00
FHLB 5YrNC3MoB 05/23/2018 .750 10,000,000.00 10,000,000.00 97.668000 9,766,800.00 -233,200.00
FHLB 5YrNc6MoB 05/25/2018 .750 10,000,000.00 10,000,000.00 98.009000 9,800,900.00 -199,100.00
FHLB 5YrNc6MoB 05/29/2018 .750 5,000,000.00 5,000,000.00 98.062000 4,903,100.00 -96,900.00
FHLB 5YrNc1YrB 06/12/2018 .800 10,000,000.00 10,000,000.00 98.113000 9,811,300.00 -188,700.00
FHLB 5YrNc1YrB 06/12/2018 .800 10,000,000.00 10,000,000.00 98.113000 9,811,300.00 -188,700.00
FHLB 5YrNc3MoB 06/19/2018 .875 5,000,000.00 5,000,000.00 97.831000 4,891,550.00 -108,450.00
FHLB 5YrNc3MoB 06/19/2018 .875 5,000,000.00 5,000,000.00 97.831000 4,891,550.00 -108,450.00
FHLB 5YrNc3MoB 06/19/2018 .875 5,000,000.00 5,000,000.00 97.831000 4,891,550.00 -108,450.00
FHLB 5YrNc3MoB 06/19/2018 .875 10,000,000.00 10,000,000.00 97.831000 9,783,100.00 -216,900.00
FHLB 5YrNc6MoB 06/20/2018 .900 5,000,000.00 4,998,000.00 98.356000 4,917,800.00 -80,200.00
FHLB 5YrNc3MoB 06/20/2018 1.000 13,000,000.00 13,000,000.00 98.022000 12,742,860.00 -257,140.00
FHLB 5YrNc3MoB 06/20/2018 1.250 10,000,000.00 10,000,000.00 98.219000 9,821,900.00 -178,100.00
FHLB 3.5YrNc1MoB 12/19/2016 .750 5,000,000.00 5,000,000.00 99.316000 4,965,800.00 -34,200.00
FHLB 3.5YrNc1MoB 12/19/2016 .750 10,000,000.00 10,000,000.00 99.316000 9,931,600.00 -68,400.00
FHLB 3.5YrNc1YrB 12/27/2016 .700 10,000,000.00 10,000,000.00 99.465000 9,946,500.00 -53,500.00
FHLB 1Yr 05/20/2014 .125 25,000,000.00 24,989,950.00 100.002000 25,000,500.00 10,550.00
FHLB 5YrNc3MoB 06/27/2018 1.250 5,000,000.00 5,000,000.00 99.004000 4,950,200.00 -49,800.00
FHLB 5YrNc3MoB 06/27/2018 1.250 5,000,000.00 5,000,000.00 99.004000 4,950,200.00 -49,800.00
FHLB 1Yr 06/30/2014 .160 25,000,000.00 24,996,750.00 100.015000 25,003,750.00 7,000.00
FHLB 5YrNc3MoB 06/27/2018 1.250 5,000,000.00 5,000,000.00 99.004000 4,950,200.00 -49,800.00
FHLB 1Yr 06/20/2014 .125 25,000,000.00 24,987,775.00 99.992000 24,998,000.00 10,225.00
FHLB 1Yr 06/26/2014 .190 50,000,000.00 49,992,500.00 100.038000 50,019,000.00 26,500.00
FHLB 11Mo 05/01/2014 .150 25,000,000.00 24,993,150.00 100.023000 25,005,750.00 12,600.00
FHLB 1Yr 06/19/2014 .200 10,000,000.00 9,998,700.00 100.046000 10,004,600.00 5,900.00
FHLB 1Yr 07/10/2014 .190 25,000,000.00 24,996,925.00 100.036000 25,009,000.00 12,075.00
FHLB 1Yr 07/17/2014 .190 26,700,000.00 26,699,332.50 100.035000 26,709,345.00 10,012.50
FHLB 1Yr 07/25/2014 .190 25,000,000.00 25,003,150.00 100.034000 25,008,500.00 5,350.00
FHLB 1YrNc6MoE 08/22/2014 .200 25,000,000.00 25,000,000.00 100.019000 25,004,750.00 4,750.00
FHLB 1YrNc6MoE 07/29/2014 .200 10,000,000.00 10,000,000.00 100.034000 10,003,400.00 3,400.00
FHLB 1YrNC6MoE 08/29/2014 .200 25,000,000.00 25,000,000.00 100.035000 25,008,750.00 8,750.00
FHLB 5YrNc3MoB 08/27/2018 1.250 10,000,000.00 10,000,000.00 99.669000 9,966,900.00 -33,100.00
FHLB 5YrNc3MoB 08/27/2018 1.250 10,000,000.00 10,000,000.00 100.107000 10,010,700.00 10,700.00
FHLB 1Yr 08/12/2014 .170 15,000,000.00 14,998,892.55 100.014000 15,002,100.00 3,207.45
FHLB 5YrNc3MoB 09/12/2018 1.000 10,000,000.00 10,000,000.00 100.012000 10,001,200.00 1,200.00
FHLB 1Yr 08/20/2014 .170 10,000,000.00 10,000,000.00 100.012000 10,001,200.00 1,200.00
FHLB 1YrNc6MoB 09/15/2014 .200 10,000,000.00 10,000,000.00 100.032000 10,003,200.00 3,200.00
FHLB 1Yr 08/22/2014 .125 25,000,000.00 24,985,700.00 99.971000 24,992,750.00 7,050.00
FHLB 5YrNc3MoB 09/17/2018 1.500 15,000,000.00 15,000,000.00 100.157000 15,023,550.00 23,550.00
FHLB 1.5Yr 09/22/2014 .220 15,000,000.00 15,005,250.00 100.051000 15,007,650.00 2,400.00
FHLB 1Yr 09/03/2014 .125 15,000,000.00 14,990,640.00 99.967000 14,995,050.00 4,410.00
FHLB 1YrNc6MoE 09/24/2014 .220 25,000,000.00 25,000,000.00 100.001000 25,000,250.00 250.00
FHLB 5YrNc3MoB 09/20/2018 1.500 5,000,000.00 5,000,000.00 100.221000 5,011,050.00 11,050.00
FHLB 5YrNc3MoB 09/26/2018 1.050 10,000,000.00 10,000,000.00 100.007000 10,000,700.00 700.00
FHLB 5YrNc3MoB 09/20/2018 1.375 10,000,000.00 10,000,000.00 100.135000 10,013,500.00 13,500.00
FHLB 5YrNc3MoB 09/27/2018 1.500 10,000,000.00 10,000,000.00 100.258000 10,025,800.00 25,800.00
FHLB 5YrNc3MoB 09/27/2018 1.625 1,240,000.00 1,240,000.00 100.074000 1,240,917.60 917.60
.440 1,111,325,714.00 1,111,355,450.75 99.772324 1,108,795,489.10 -2,559,961.65
FFCB 3Yr 12/23/2013 1.300 5,000,000.00 5,000,000.00 100.278000 5,013,900.00 13,900.00
FFCB 3Yr 12/23/2013 1.300 5,000,000.00 5,000,000.00 100.278000 5,013,900.00 13,900.00
FFCB 3Yr 12/23/2013 1.300 5,000,000.00 5,015,550.00 100.278000 5,013,900.00 -1,650.00
FFCB 5Yr 04/20/2016 .250 10,000,000.00 9,995,000.00 100.174000 10,017,400.00 22,400.00
FFCB 2.5Yr 11/20/2013 .625 5,000,000.00 4,991,100.00 100.074000 5,003,700.00 12,600.00
FFCB 2Yr 10/03/2013 .350 5,000,000.00 4,995,050.00 100.001000 5,000,050.00 5,000.00
FFCB 2Yr 01/03/2014 .400 6,000,000.00 5,997,600.00 100.082000 6,004,920.00 7,320.00
FFCB 3Yr 03/16/2015 .520 5,000,000.00 4,988,430.00 100.363000 5,018,150.00 29,720.00
FFCB 1.5Yr 11/18/2013 .300 5,000,000.00 5,000,000.00 100.029000 5,001,450.00 1,450.00
FFCB 1.75Yr 12/23/2013 .300 10,000,000.00 9,999,600.00 100.050000 10,005,000.00 5,400.00
FFCB 3Yr 05/01/2015 .500 5,000,000.00 4,997,000.00 100.313000 5,015,650.00 18,650.00
FFCB 3YrNc3MoA 09/28/2015 .450 5,000,000.00 4,995,000.00 100.004000 5,000,200.00 5,200.00
FFCB 1Yr 02/26/2014 .200 4,995,000.00 4,994,500.50 100.048000 4,997,397.60 2,897.10
FFCB 2.5Yr 07/24/2015 .220 15,000,000.00 14,996,061.75 100.124000 15,018,600.00 22,538.25
FFCB 2Yr 12/24/2014 .250 25,000,000.00 24,971,750.00 100.035000 25,008,750.00 37,000.00
FFCB 2Yr 12/24/2014 .250 10,000,000.00 9,990,170.00 100.035000 10,003,500.00 13,330.00
FFCB 2Yr 01/07/2015 .250 10,000,000.00 9,988,850.00 100.026000 10,002,600.00 13,750.00
FFCB 1Yr 01/17/2014 .150 20,000,000.00 19,995,860.00 100.021000 20,004,200.00 8,340.00
FFCB 1.25Yr 05/13/2014 .200 25,000,000.00 25,000,000.00 100.053000 25,013,250.00 13,250.00
FFCB 1.25Yr 05/13/2014 .200 25,000,000.00 25,000,000.00 100.053000 25,013,250.00 13,250.00
FFCB 1.25Yr 05/13/2014 .200 25,000,000.00 25,000,000.00 100.053000 25,013,250.00 13,250.00
FFCB 1.25Yr 05/13/2014 .200 25,000,000.00 25,000,000.00 100.053000 25,013,250.00 13,250.00
FFCB 1.25Yr 05/13/2014 .200 25,000,000.00 25,000,000.00 100.053000 25,013,250.00 13,250.00
313382BT9 .187 .375 .375
313381PS8 .182 .271 .271
313382BT9 .187 .375 .375
313382BT9 .185 .375 .375
313382DF7 .194 .405 .405
313382EC3 .188 .429 .430
313382EG4 .193 .427 .427
313382FU2 .163 .197 .197
313382DF7 .179 .405 .405
313382PH0 .800 4.463 4.570
313382PP2 .850 4.456 4.570
313382NP4 .205 .627 .625
313382LE1 .625 2.989 3.033
313382SL8 .550 3.030 3.068
313380S57 .700 2.984 3.033
313382Y31 .750 4.541 4.641
3133833M1 .750 4.547 4.647
3133833J8 .750 4.553 4.652
3133834M0 .750 4.564 4.663
3133836N6 .800 4.593 4.701
3133836N6 .800 4.593 4.701
313383CP4 .875 4.602 4.721
313383CP4 .875 4.602 4.721
313383CP4 .875 4.602 4.721
313383CP4 .875 4.602 4.721
313383EM9 .908 4.602 4.723
313383EN7 1.000 4.589 4.723
313383EP2 1.250 4.556 4.723
313383G62 .750 3.169 3.222
313383G62 .750 3.169 3.222
313383HH7 .700 3.194 3.244
313383BX8 .167 .638 .636
313383KJ9 1.250 4.576 4.742
313383KJ9 1.250 4.576 4.742
313383KP5 .172 .749 .748
313383KJ9 1.250 4.576 4.742
313383MM0 .175 .721 .721
313383NV9 .205 .738 .737
313383NR8 .182 .585 .584
313383P88 .213 .718 .718
313383PZ8 .202 .777 .775
313383PY1 .193
3133ECFD1 .200 .618 .616
3133ECFD1 .200 .618 .616
.796 .795
313383Q79 .177 .818 .816
313383TA9 .200 .893 .893
313383TT8 .200 .829 .827
313383UB5 .200 .915 .912
313383UP4 1.250 4.741 4.910
313383UQ2 1.250 4.741 4.910
313383UE9 .177 .865 .866
313383WL1 1.000 4.815 4.953
313383W64 .170 .888 .888
313383WR8 .200 .957 .959
313383X22 .182 .893 .893
313383Y70 1.500 4.764 4.967
313382LT8 .188 .976 .978
313383XP1 .187 .924 .926
313383YC9 .220 .982 .984
313383YA3 1.500 4.772 4.975
313383Z53 1.050 4.848 4.992
313383XR7 1.375 4.788 4.975
313383ZL8 1.500 4.792 4.995
3130A03G3 1.625 4.775 4.995
.442 1.630 1.662
FFCB BONDS
31331J6A6 1.300 .228 .230
31331J6A6 1.300 .228 .230
31331J6A6 1.184 .229 .230
31331KHV5 .269 2.546 2.556
31331KPD6 .700 .139 .140
31331KB82 .400 .008 .008
31331K5K2 .420 .260 .260
3133EAHP6 .598 1.453 1.458
3133EALT3 .300 .134 .134
3133EAKT4 .302 .230 .230
3133EANJ3 .520 1.575 1.584
3133EA2K3 .484 1.983 1.995
3133EC4P6 .208 .408 .408
3133ECBA1 .234 1.812 1.814
3133ECAV6 .307 1.230 1.233
3133ECAV6 .300 1.230 1.233
3133ECCE2 .306 1.266 1.271
3133ECD35 .172 .298 .299
3133ECFD1 .200 .618 .616
3133ECFD1 .200 .618 .616
3133ECFD1 .200 .618 .616
RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 10245
Description
Maturity
Date Coupon
Par
Value
Book
Value
Market
Price
Market
Value
Unrealized
Gain/Loss CUSIP
Month End Portfolio Holdings
Maturity
To Mat
Modified
Duration
Years To
Maturity
FFCB 2Yr 01/07/2015 .250 15,000,000.00 14,991,750.00 100.026000 15,003,900.00 12,150.00
FFCB 3YrNc1YrC 04/11/2016 .430 5,000,000.00 4,994,250.00 99.523000 4,976,150.00 -18,100.00
FFCB 1.25 Yr 08/08/2014 .170 10,000,000.00 10,000,000.00 100.023000 10,002,300.00 2,300.00
FFCB 1.25Yr 08/08/2014 .170 15,000,000.00 14,995,907.55 100.023000 15,003,450.00 7,542.45
FFCB 1Yr 06/24/2014 .150 25,000,000.00 24,994,500.00 100.016000 25,004,000.00 9,500.00
FFCB 1.25Yr 05/13/2014 .200 5,350,000.00 5,350,358.45 100.053000 5,352,835.50 2,477.05
FFCB 1Yr 08/25/2014 .180 25,000,000.00 25,000,000.00 100.029000 25,007,250.00 7,250.00
.273 381,345,000.00 381,238,288.25 100.056223 381,559,403.10 321,114.85
FAMCA DISC NOTE 05/15/2014 .180 25,000,000.00 24,959,750.00 99.969000 24,992,250.00 32,500.00
FAMCA DISC NOTE 05/01/2014 .120 40,000,000.00 39,968,266.67 99.971000 39,988,400.00 20,133.33
FAMCA DISC NOTE 06/10/2014 .120 10,000,000.00 9,990,966.67 99.958000 9,995,800.00 4,833.33
.140 75,000,000.00 74,918,983.34 99.968600 74,976,450.00 57,466.66
FAMCA 3Yr 07/02/2015 .550 10,000,000.00 9,989,000.00 100.182000 10,018,200.00 29,200.00
FAMCA 3YrNc1YrB 09/25/2015 .470 5,000,000.00 4,996,250.00 100.086000 5,004,300.00 8,050.00
FAMCA 3YrNc1YrB 09/25/2015 .470 2,568,000.00 2,566,716.00 100.086000 2,570,208.48 3,492.48
FAMCA 1.25 Yr 02/19/2014 .250 5,000,000.00 4,999,050.00 100.065000 5,003,250.00 4,200.00
FAMCA 2Yr 01/23/2015 .320 5,000,000.00 5,000,000.00 100.106000 5,005,300.00 5,300.00
FAMCA 1Yr 01/25/2014 .190 25,000,000.00 25,000,000.00 100.035000 25,008,750.00 8,750.00
FAMCA 15Mo 04/25/2014 .220 10,000,000.00 10,000,000.00 100.064000 10,006,400.00 6,400.00
FAMCA 1Yr 01/24/2014 .200 10,000,000.00 10,000,000.00 100.038000 10,003,800.00 3,800.00
FAMCA 3Yr 01/28/2016 .425 5,000,000.00 5,000,000.00 99.789000 4,989,450.00 -10,550.00
FAMCA 5YrNc6MoB 04/03/2018 .750 10,000,000.00 10,000,000.00 99.178000 9,917,800.00 -82,200.00
FAMCA 1.25Yr 06/10/2014 .220 25,000,000.00 25,000,000.00 100.067000 25,016,750.00 16,750.00
FAMCA 1.25Yr 06/10/2014 .220 20,000,000.00 20,000,000.00 100.067000 20,013,400.00 13,400.00
FAMCA 15Mo 08/11/2014 .200 25,000,000.00 24,995,975.00 100.049000 25,012,250.00 16,275.00
FAMCA 1Yr 11/03/2014 .230 30,000,000.00 30,000,000.00 100.043000 30,012,900.00 12,900.00
.279 187,568,000.00 187,546,991.00 100.007868 187,582,758.48 35,767.48
OHIO STATE GO 05/01/2014 1.190 2,000,000.00 2,000,000.00 100.000000 2,000,000.00 0.00
OREGON STATE 11/01/2013 .480 3,595,000.00 3,595,000.00 100.000000 3,595,000.00 0.00
CONNECTICUT ST 04/15/2014 .448 2,000,000.00 2,000,000.00 100.000000 2,000,000.00 0.00
CONNECTICUT ST 04/15/2015 .672 2,000,000.00 2,000,000.00 100.000000 2,000,000.00 0.00
TEXAS ST GO 04/01/2014 .300 18,105,000.00 18,105,000.00 100.000000 18,105,000.00 0.00
LOUISIANA STATE 05/15/2016 .540 12,070,000.00 12,070,000.00 100.000000 12,070,000.00 0.00
OHIO STATE 11/01/2014 .280 9,355,000.00 9,355,000.00 100.000000 9,355,000.00 0.00
OHIO STATE 11/01/2015 .630 9,390,000.00 9,390,000.00 100.000000 9,390,000.00 0.00
.459 58,515,000.00 58,515,000.00 100.000000 58,515,000.00 0.00
TOYOTA MOTOR CORP 10/09/2013 .160 50,000,000.00 49,980,000.00 99.996444 49,998,222.22 18,222.22
TOYOTA MOTOR CORP 10/15/2013 .160 50,000,000.00 49,979,555.56 99.993778 49,996,888.89 17,333.33
COCA COLA CO 10/10/2013 .110 25,000,000.00 24,993,354.17 99.996000 24,999,000.00 5,645.83
COCA-COLA CO 10/25/2013 .090 25,000,000.00 24,994,500.00 99.989333 24,997,333.33 2,833.33
WAL-MART STORES INC 10/30/2013 .080 2,000,000.00 1,999,604.44 99.987111 1,999,742.22 137.78
EXXON MOBIL 10/28/2013 .070 50,000,000.00 49,995,527.78 99.988000 49,994,000.00 -1,527.78
EXXON MOBIL 10/28/2013 .070 50,000,000.00 49,995,625.00 99.988000 49,994,000.00 -1,625.00
EXXON MOBIL 10/15/2013 .060 50,000,000.00 49,997,333.33 99.993778 49,996,888.89 -444.44
COCA-COLA CO 01/09/2014 .110 50,000,000.00 49,982,888.89 99.938889 49,969,444.44 -13,444.45
COCA COLA CO 01/24/2014 .120 25,000,000.00 24,990,000.00 99.929722 24,982,430.56 -7,569.44
TOYOTA MOTOR CORP 01/24/2014 .150 25,000,000.00 24,987,500.00 99.929722 24,982,430.56 -5,069.44
EXXON MOBIL 10/30/2013 .050 45,000,000.00 44,997,875.00 99.987111 44,994,200.00 -3,675.00
.102 447,000,000.00 446,893,764.17 99.978653 446,904,581.11 10,816.94
TORONTO DOMINION 10/17/2013 .150 50,000,000.00 50,000,000.00 100.000000 50,000,000.00 0.00
TORONTO DOMINION 01/06/2014 .130 45,000,000.00 45,000,000.00 100.000000 45,000,000.00 0.00
.141 95,000,000.00 95,000,000.00 100.000000 95,000,000.00 0.00
.381 4,676,742,714.00 4,676,504,716.51 99.806663 4,667,700,837.97 -8,803,878.54
.381 4,676,742,714.00 4,676,504,716.51 99.806663 4,667,700,837.97 -8,803,878.54
3133ECKZ6 .469 2.509 2.532
3133ECNW0 .170 .854 .855
3133ECNW0 .193 .854 .855
3133ECCE2 .281 1.266 1.271
3133ECSV7 .172 .732 .732
3133ECFD1 .192 .618 .616
3133ECVH4 .180 .902 .901
.288 .851 .852
FMAC DISC NOTES
31315LWV6 .180 .620 .622
31315LWF1 .120 .582 .584
31315LXX1 .120 .692 .693
.140 .609 .611
FARMER MAC
31315PQK8 .587 1.742 1.753
31315PVR7 .495 1.974 1.986
31315PVR7 .487 1.974 1.986
31315PYX1 .265 .388 .389
31315PWS4 .320 1.309 1.315
31315PXL8 .190 .320 .321
31315PYL7 .220 .568 .567
31315PYE3 .200 .317 .318
31315PYY9 .425 2.312 2.329
31315PRT8 .750 4.409 4.510
31315PTM1 .220 .693 .693
31315PTZ2 .220 .693 .693
31315PA74 .213 .862 .863
31315PX20 .230 1.089 1.093
.284 1.058 1.066
MUNI BONDS
677521LH7 1.190 .580 .584
68608UNX0 .480 .087 .088
20772JED0 .448 .539 .540
20772JEE8 .672 1.527 1.540
8827226W6 .300 .501 .501
546415L73 .540 2.598 2.625
6775212D7 .280 1.082 1.088
6775212E5 .630 2.064 2.088
.459 1.291 1.302
COMM PAPER
89233GX92 .160 .025 .025
89233GXF8 .160 .041 .041
19121AXA4 .110 .027 .027
19121AXR7 .090 .068 .068
93114EXW2 .080 .082 .082
30229AXU8 .070 .077 .077
30229AXU8 .070 .077 .077
30229AXF1 .060 .041 .041
19121BA90 .110 .276 .277
19121BAQ2 .120 .317 .318
89233HAQ7 .150 .317 .318
30229AXW4 .050 .082 .082
.102 .109 .110
NCDS
89112TCH5 .150 .046 .047
89112THJ6 .130 .268 .268
.141 .151 .152
Total Fund .380 1.342 1.363
Grand Total .380 1.342 1.363
RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 11246
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.
THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT C0DE 53646
Investment Category
Maximum
Maturity
Authorized
% Limit
S&P/
Moody's
Maximum
Maturity Authorized % Limit S&P/ Moody's Actual %
MUNICIPAL BONDS
(MUNI)
5 YEARS NO LIMIT NA 3 YEARS 15% AA-/Aa3/AA-1.25%
U.S. TREASURIES 5 YEARS NO LIMIT NA 5 YEARS 100%NA 3.53%
LOCAL AGENCY
OBLIGATIONS (LAO)
5 YEARS NO LIMIT NA 3 YEARS 2.5% INVESTMENT
GRADE
0.01%
FEDERAL AGENCIES 5 YEARS NO LIMIT AAA 5 YEARS 100%NA 67.71%
COMMERCIAL PAPER (CP)270 DAYS 40% A1/P1 270 DAYS 40%A1/P1/F1 9.56%
CERTIFICATE & TIME
DEPOSITS (NCD & TCD)
5 YEARS 30% NA 1 YEAR 25% Combined A1/P1/F1 2.03%
REPURCHASE
AGREEMENTS (REPO)
1 YEARS NO LIMIT NA 45 DAYS 40% max, 25% in term
repo over 7 days
A1/P1/F1 0.00%
REVERSE REPOS 92 DAYS 20% NA 60 DAYS 10%NA 0.00%
MEDIUM TERM NOTES
(MTNO)
5 YEARS 30% A 3 YEARS 20%AA/Aa2/AA 0.00%
CALTRUST SHORT TERM
FUND
NA NA NA DAILY
LIQUIDITY
1.0% NA 1.15%
MONEY MARKET MUTUAL
FUNDS (MMF)
60 DAYS (1)20% AAA/Aaa
(2)
DAILY
LIQUIDITY
20% AAA by 2 Of 3
RATINGS AGC.
8.13%
LOCAL AGENCY
INVESTMENT FUND (LAIF)
NA NA NA DAILY
LIQUIDITY
Max $50 million NA 0.00%
CASH/DEPOSIT ACCOUNT NA NA NA NA NA NA 6.63%
GOVERNMENT CODE COUNTY INVESTMENT POLICY
The Treasurer’s Pooled Investment Fund was in FULL
COMPLIANCE with the Treasurer’s Statement of Investment Poli-
cy. 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.
Full Compliance
RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 13
247
AGENDA ITEM 7D
BLANK
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Budget and Implementation Committee
Michele Cisneros, Finance Manager/Controller
THROUGH: Anne Mayer, Executive Director
SUBJECT: Quarterly Financial Statements
BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION:
This item is for the Commission to receive and file the Quarterly Financial Statements for the
period ending September 30, 2013.
BACKGROUND INFORMATION:
During the first three months of the fiscal year, staff monitored the revenues and expenditures
of the Commission. The first quarter of the year is primarily directed toward completing fiscal
year-end closing activities. Staff expects most of the categories to present a more realistic
outlook beginning in the second quarter.
The operating statement shows the sales tax revenues for the first quarter at 7 percent of the
budget. This is a result of Governmental Accounting Standards Board (GASB) Statement No. 33.
GASB 33 requires sales tax revenues to be accrued for the period in which it is collected at the
point of sale. The State Board of Equalization collects the Measure A funds and 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 July 2013.
On a cash basis, the Measure A and Local Transportation Fund (LTF) sales tax revenues are
11.11 percent and 7.61 percent higher, respectively, than the same period last fiscal year. State
Transit Assistance Fund initial receipts for FY 2013/14 occurred in November 2013. 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.
The negative revenue amounts for federal and state reimbursements reflect the reversal of
FY 2012/13 accrued revenues at the beginning of FY 2013/14 in excess of amounts billed during
the first quarter. Reimbursement invoices related to first quarter expenditures will be prepared
and submitted in the second quarter.
Agenda Item 7D
248
During the FY 2013/14 budget process, the Commission took a conservative approach in
estimating the Transportation Uniform Mitigation Fee (TUMF) revenues of $6.3 million passed
through from Western Riverside Council of Governments (WRCOG). There were no TUMF
receipts until the second quarter. The budgeted balance of $423,400 relates to TUMF zone
reimbursements from WRCOG for the 74/215 interchange project. Staff will invoice WRCOG for
TUMF zone reimbursements as eligible expenditures are incurred in the second quarter.
Other revenues include property management revenues generated from properties acquired in
connection with the State Route 91 Corridor Improvement Project (SR-91 CIP).
The Commission took a conservative approach in estimating investment income for FY 2013/14
as a result of flat interest yields on investment balances. The investment losses reflected in the
first quarter are related primarily to accrued interest due to sellers of investment securities that
were purchased with SR-91 CIP financing proceeds. These amounts will be offset in future
quarters when interest coupon payments are received. A portion of investment income related
to the first quarter will be recorded in the second quarter.
The expenditure categories are in line overall with the expectations of the budget with the
following exceptions:
• Salaries and benefits are slightly over as a result of the prepayment for the FY 2013/14
employer retirement contribution, which provides a discount of one-half of the year’s
interest;
• Operating transfers are slightly higher in the first quarter as a result of the completion of
the 2013 financing for the SR-91 CIP and the transfer of 2013 sales tax revenue bond
proceeds to retire commercial paper notes and fund capitalized interest and 2013 toll
revenue bond proceeds to establish a debt service reserve fund and fund capitalized
interest; and
• In July 2013 the Commission completed the financing for the design and construction of
the SR-91 CIP. The financing included the issuance of sales tax revenue bonds and toll
revenue bonds, execution of a federal Transportation Infrastructure Finance and
Innovation Act (TIFIA) loan with the U.S. Department of Transportation (USDOT), and
contribution of $136,451,515 from the Commission during construction.
The Commission issued 2013 sales tax revenue bonds (2013 Sales Tax Bonds) consisting of
$286,065,000 serial bonds and $176,135,000 term bonds, for a total issuance of $462.2 million.
A portion of the 2013 Sales Tax Bonds was used to retire $60 million of outstanding commercial
paper notes with the remaining proceeds used to pay a portion of the costs of the SR-91 CIP;
capitalized interest on the 2013 Sales Tax Bonds through December 1, 2017; and $4,131,685
costs of issuance for the 2013 Sales Tax Bonds.
Agenda Item 7D
249
The Commission issued 2013 toll revenue bonds (2013 Toll Bonds) consisting of $123,825,000
Series A current interest obligations and $52,829,602 Series B capital appreciation obligations,
for a total issuance of $176,654,602. The proceeds of the 2013 Toll Bonds were used to pay a
portion of the costs of the SR-91 CIP; capitalized interest on the 2013 Toll Bonds through
December 1, 2017; and $ 2,828,373 costs of issuance for the 2013 Toll Bonds in addition to
funding a debt service of $17,665,460.
The Commission entered into a loan agreement with the USDOT for a $421,054,409 TIFIA loan
to pay eligible SR-91 CIP 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. The TIFIA Bond matures on the earlier of June 1, 2051, and the date that is
35 years after the substantial completion date of the SR-91 CIP.
The following 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.
Highway Engineering/Construction/Design-Build/Right of Way/Land
SR-91 High Occupancy Vehicle Lanes Project – Caltrans completed design work and
expenditures remain within the budget authority. Utility relocation continues and the
submittal of invoices for expenditures incurred to date continues to lag. Staff oversees right of
way acquisition, which has been certified; one acquisition is still pending settlement.
Construction began in April 2012 and is managed by Caltrans.
71/91 Interchange Project – The availability of federal earmark funds allowed the final design
phase of work to move forward. A contract for the final design consultant was awarded at the
February 2012 Commission meeting. Notice to proceed (NTP) was issued in March 2012
starting the final design phase. Final design was delayed in FY 2012/13 due to the Army Corps
of Engineers (ACOE) environmental process on pot holing, which has been resolved. An
additional environmental assessment to cover project impacts on the ACOE property will delay
completion of final design. Final design is expected to be completed in the fourth quarter of
FY 2013/14. Right of way requirements have been established and acquisition is expected to
start in the third quarter FY 2013/14.
SR-91 CIP (design-build) – The Commission completed financing activities for this project
including the issuance of sales tax and toll revenue bonds and execution of a TIFIA loan in
July 2013. With the environmental document approved, full right of way acquisition work is
underway including eminent domain proceedings and is expected to peak in FY 2013/14.
Agenda Item 7D
250
Agency, utility, and railroad agreement work continues with several agreements remaining to
be completed. A design-build contract was awarded in May 2013, and a limited NTP was issued
concurrent with the contract award and included early deliverables and mobilization. Full NTP
has been given and the contractor is proceeding.
I-15 CIP – Staff is working with the consultant to finalize an updated schedule and budget for
the revised project scope the Commission approved in January 2013. Staff is proceeding to
develop a project report and environmental document. This project is expected to remain
under budget as a result of the revised project scope. An amendment is the subject of a staff
report included in this agenda for Commission approval.
I-215 Central Widening Project from Scott Road to Nuevo Road – The NTP for construction was
issued December 10, 2012, with the first working day to start in January 2013. The critical path
of the project runs through the replacement of Perris Boulevard overcrossing (two stages) and
the D Street on-ramp overcrossing. Delays have occurred for component procurement,
completion of the west abutment backfill, and a traffic incident that disabled the false work for
four days. These delays will require a change order, but are unlikely to impact the project
completion.
Rail Engineering/Construction/Right of Way/Land
Perris Valley Line Project – Final design is complete. The Federal Transit Administration (FTA)
continues work to finalize the Small Starts grant agreement. Major outstanding right of way
acquisition activity continues for the station and layover facility at south Perris. A lawsuit
brought by the Friends of Riverside Hills challenging elements of the California Environmental
Quality Act document was settled in July 2013, and recorded in the FY 2012/13 financial
statements. The construction contract has been given a limited NTP based on a letter of no
prejudice received from the FTA.
Attachment: Quarterly Financial Statements – September 2013
Agenda Item 7D
251
Revenues
Sales tax 232,798,000$ 15,547,200$ (217,250,800)$ 7%
Federal reimbursements 94,389,000 (659,365) (95,048,365)-1%
State reimbursements 133,496,300 (2,044,205) (135,540,505)-2%
Local reimbursements 2,954,400 25,606 (2,928,794)1%
Transportation Uniform Mitigation Fee 6,723,400 - (6,723,400)N/A
Other revenues 500,000 185,175 (314,825)37%
Investment income (losses)4,026,500 (864,406) (4,890,906)-21%
Total revenues 474,887,600 12,190,005 (462,697,595)3%
Expenditures
Salaries and benefits 7,949,400 2,302,053 5,647,347 29%
Professional and support
Professional services 31,285,500 1,123,612 30,161,888 4%
Support costs 5,595,300 1,153,296 4,442,004 21%
Total Professional and support costs 36,880,800 2,276,908 34,603,892 6%
Projects and operations
Program operations - general 20,107,100 938,805 19,168,295 5%
Engineering 21,860,000 1,392,803 20,467,197 6%
Construction 235,262,265 1,605,905 233,656,360 1%
Design Build 217,750,000 2,381,975 215,368,025 1%
Right of way/land 164,707,800 21,923,776 142,784,024 13%
Operating and capital disbursements 122,610,800 25,116,209 97,494,591 20%
Special studies 969,000 26,965 942,035 3%
Local streets and roads 43,825,900 3,097,655 40,728,245 7%
Regional arterials 25,490,000 2,154,485 23,335,515 8%
Total projects and operations 852,582,865 58,638,578 793,944,287 7%
Debt service
Principal 87,100,000 60,000,000 27,100,000 69%
Interest 41,112,300 1,362,057 39,750,243 3%
Cost of issuance 7,500,000 6,960,058 539,942 93%
Total debt service 135,712,300 68,322,115 67,390,185 50%
Capital outlay 796,200 6,880 789,320 1%
Total Expenditures 1,033,921,565 131,546,534 902,375,031 13%
Excess revenues over (under) expenditures (559,033,965)(119,356,529)923,382,170 21%
Other financing sources/(uses)
Operating transfer in 636,561,665 257,207,329 (379,354,336)40%
Operating transfer out (636,561,665)(257,207,329) 379,354,336 40%
TIFIA loan proceeds 110,000,000 - (110,000,000)N/A
Debt proceeds 700,774,000 638,854,602 (61,919,398)91%
Bond premium -38,328,774 38,328,774 N/A
Bond discount -(2,433,315) (2,433,315)N/A
Total financing sources/(uses)810,774,000 674,750,061 136,023,939 83%
Net change in fund balances 251,740,035 555,393,532 1,059,406,109 221%
Fund balance July 1, 2013 590,821,600 622,186,895 31,365,295 105%
Fund balance September 30, 2013 842,561,635$ 1,177,580,427$ 1,090,771,404$ 140%
QUARTERLY BUDGET VS ACTUAL
RIVERSIDE COUNTY TRANPORTATION COMMISSION
1ST QUARTER
FOR THREE MONTHS ENDED 9/30/2013
FY 2013/14
BUDGET
1ST QUARTER
ACTUAL
PERCENT
UTILIZATION
REMAINING
BALANCE
252
BLANK
Revenues
Sales tax 280,000$ -$ 7,694,252$ 2,420,372$ 75,876$ 5,076,700$ -$ -$ -$ -$ -$ -$ 15,547,200$
Federal reimbursements - - (659,365) - - - - - - - - - (659,365)
State reimbursements - 158,482 (2,202,687) - - - - - - - - - (2,044,205)
Local reimbursements 4,572 - 21,034 - - - - - - - - - 25,606
Transportation Uniform Mitigation Fee - - - - - - - - - - - -
Other revenues 2,335 237 182,603 - - - - - - - - - 185,175
Investment income (losses)- - 1,188 - - - - - 435,694 (1,744,276) (130,949) 573,937 (864,406)
Total revenues 286,907 158,719 5,037,025 2,420,372 75,876 5,076,700 - - 435,694 (1,744,276) (130,949) 573,937 12,190,005
Expenditures
Salaries and benefits 1,601,932 28,182 620,970 30 - - - 50,939 - - - - 2,302,053
Professional and support
Professional services (161,201) 11,765 917,974 - - - - 55,074 300,000 - - - 1,123,612
Support costs 1,018,503 44,203 90,303 - - - - 287 - - - - 1,153,296
Total Professional and support costs 857,302 55,968 1,008,277 - - - - 55,361 300,000 - - - 2,276,908
Projects and operations
Program operations - general 209,443 415,879 291,968 - - - - 21,515 - - - - 938,805
Engineering - - 1,249,705 - - - - 143,098 - - - - 1,392,803
Construction - - 1,191,410 - - - - 414,495 - - - - 1,605,905
Design Build - - 2,381,975 - - - - - - - - - 2,381,975
Right of way/land - - 21,852,722 - - - - 71,054 - - - - 21,923,776
Operating and capital disbursements 5,751,505 - 1,074,923 1,304,250 - 16,954,022 31,509 - - - - - 25,116,209
Special studies - - 26,965 - - - - - - - - - 26,965
Local streets and roads - - 2,174,649 847,130 75,876 - - - - - - - 3,097,655
Regional arterials - - - 2,154,485 - - - - - - - - 2,154,485
Total projects and operations 5,960,948 415,879 30,244,317 4,305,865 75,876 16,954,022 31,509 650,162 - - - - 58,638,578
Debt service
Principal - - - - - - - - 60,000,000 - - - 60,000,000
Interest - - - - - - - - 789 - - 1,361,268 1,362,057
Cost of issuance - - - - - - - - - 4,131,685 2,828,373 - 6,960,058
Total debt service - - - - - - - - 60,000,789 4,131,685 2,828,373 1,361,268 68,322,115
Capital outlay 6,880 - - - - - - - - - - - 6,880
Total Expenditures 8,427,062 500,029 31,873,564 4,305,895 75,876 16,954,022 31,509 756,462 60,300,789 4,131,685 2,828,373 1,361,268 131,546,534
Excess revenues over (under) expenditures (8,140,155) (341,310) (26,836,539) (1,885,523) - (11,877,322) (31,509) (756,462) (59,865,095) (5,875,961) (2,959,322) (787,331) (119,356,529)
Other financing sources/(uses)
Operating transfer in 5,917,296 - 36,297,276 - - - - 414,495 60,001,951 - - 154,576,311 257,207,329
Operating transfer out - - (2,271,714) - - (5,917,296) - - (5,928,271) (184,365,952) (58,724,096) - (257,207,329)
TIFIA loan proceeds - - - - - - - - - - - - -
Debt proceeds - - - - - - - - - 462,200,000 176,654,602 - 638,854,602
Bond premium - - - - - - - - - 38,328,774 - - 38,328,774
Bond discount - - - - - - - - - - (2,433,315) - (2,433,315)
Total financing sources/(uses)5,917,296 - 34,025,562 - - (5,917,296) - 414,495 54,073,680 316,162,822 115,497,191 154,576,311 674,750,061
Net change in fund balances (2,222,859) (341,310) 7,189,023 (1,885,523) - (17,794,618) (31,509) (341,967) (5,791,415) 310,286,861 112,537,869 153,788,980 555,393,532
Fund balance July 1, 2013 12,840,351 7,482,078 294,464,723 27,356,273 556 105,242,957 55,693,488 67,306,789 36,097,201 4,477,116 - 11,225,363 622,186,895
Fund balance September 30, 2013 10,617,492$ 7,140,768$ 301,653,746$ 25,470,750$ 556$ 87,448,339$ 55,661,979$ 66,964,822$ 30,305,786$ 314,763,977$ 112,537,869$ 165,014,343$ 1,177,580,427$
GENERAL FUND FSP/
SAFE
WESTERN
COUNTY
PALO
VERDE
VALLEY
COACHELLA
VALLEY
LOCAL
TRANSPORTATION
FUND
MEASURE A SALES TAX
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
QUARTERLY BUDGET VS ACTUALS BY FUND
1ST QUARTER
FOR THREE MONTHS ENDED 9/30/2013
SALES TAX
BONDS DEBT SERVICE COMBINED
TOTAL
COMMERCIAL
PAPER
STATE TRANSIT
ASSISTANCE
TRANSPORTATION
UNIFORM
MITIGATION FEE
(TUMF)
TOLL REVENUE
BONDS
253
BLANK
AGENDA ITEM 7E
BLANK
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Budget and Implementation Committee
Theresia Trevino, Chief Financial Officer
THROUGH: Anne Mayer, Executive Director
SUBJECT: Quarterly Sales Tax Analysis
BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION:
This item is for the Commission to receive and file the sales tax analysis for Quarter 2 (Q2)
2013.
BACKGROUND INFORMATION:
At its December 2007 meeting, the Commission awarded an agreement to MuniServices, LLC
(MuniServices) for quarterly sales tax reporting services plus additional fees contingent on
additional sales tax revenue generated from the transactions and use tax (sales tax) audit
services. As part of the recurring contracts process, the Commission approved a five-year
extension through June 30, 2018. The services performed under this agreement pertain to only
the Measure A sales tax revenues.
Since the commencement of these services, MuniServices submitted an audit update, which
reported findings that were generated and submitted to the State Board of Equalization (SBOE)
for review and determination of errors in sales tax reporting related to 269 businesses. For
January through March 2013 (Q1 2013), the SBOE approved corrections for 193 of these
accounts for a total sales tax revenue recovery of $3,309,459. Updated amounts through
Q2 2013 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 the second quarter of calendar year 2013 (Q2 2013). Most of the Q2 2013 Measure
A sales tax revenues were received by the Commission in the third quarter of calendar 2013,
during July through September 2013, due to a lag in the sales tax calendar. The summary
section of the Q2 2013 report is attached and includes an overview of California sales tax
receipts, local results, historical cash collections analysis, summary of the top 25 sales tax
Agenda Item 7E
254
contributors, historical sales tax amounts, sales tax by business category, economic trends for
significant business category (business to business), and results. The following observations
were noted in the Q2 2013 report:
•Sales tax receipts for Riverside County were 8.6 percent higher as compared to the Q2
2012. Staff noted in recent quarters significant receipts from energy-related companies,
which may be attributable to solar developments in Riverside County. These receipts
are reflected in the construction and business to business economic categories, as noted
in the Economic Category Analysis table below.
•Taxable transactions for the top 25 tax contributors in Riverside County, which
generated 24 percent of the taxable sales for the year ended
Q2 2013, were comparable to the year ended Q2 2012. The top 100 tax contributors
generated 38 percent of the taxable sales for the year ended Q2 2013, which was
comparable to the year ended Q2 2012.
•Five of the six economic categories experienced increases in the Q2 2013 benchmark
year comparison to Q2 2012, and there was no change in the miscellaneous category.
Construction and business to business had the largest increases at 18.8 and
12.7 percent, respectively; these two categories have experienced significant increases
for several recent quarters. The construction increase was primarily related to the
building materials wholesale segment. The business to business category increase was
attributable primarily to the electronic equipment segment as well as the leasing, heavy
industry, and light industry segments. As noted earlier, these increases may be partially
attributable to user taxes from energy-related companies. The other top three
economic categories had increases ranging from 5.8 percent to 6.7 percent.
% of Total / % Change RCTC
California
Statewide S.F. Bay Area Sacramento
Valley
Central
Valley South Coast Inland
Empire North Coast Central Coast
General Retail 28.7 / 6.7 28.9 / 4 28.1 / 4.4 29 / 3.8 30.6 / 3 29.3 / 3.6 26.8 / 6.4 28.7 / 3.8 32.4 / 4.4
Food Products 16.1 / 5.8 19.3 / 5.4 20.1 / 6.6 16.5 / 3.1 16.1 / 2.9 20 / 5.2 16.4 / 7.6 18 / 3 31.4 / 3.1
Transportation 26.7 / 6.5 24.7 / 6.5 22.3 / 10.6 28.3 / 7.8 26.9 / 7.8 24.6 / 4.1 27.8 / 8.7 31.3 / 6.2 20.7 / 0.6
Construction 11.5 / 18.8 8.9 / 8.4 8.8 / 9 10.4 / 10.5 10.8 / 5.2 8 / 5.6 11.8 / 25 12.3 / 7.8 9.1 / 10.7
Business to Business 15.2 / 12.7 17 / 1.6 19.4 / -3 14.2 / 5.2 14.4 / 5.9 17.1 / 1.8 15.5 / 16.1 8.9 / -2.7 5.3 / -2.3
Miscellaneous 1.9 / 0.0 1.2 / 0.6 1.2 / 8.2 1.6 / 6.1 1.2 / 4.3 1 / -2.6 1.7 / -7.3 0.9 / -12 1.1 / -0.7
Total 100.0 / 8.5 100 / 4.8 100 / 5 100 / 5.7 100 / 4.9 100 / 3.8 100 / 10.3 100 / 4.1 100 / 3.3
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
ECONOMIC CATEGORY ANALYSIS
Agenda Item 7E
255
•For six of the top ten segments (department stores, auto sales-new, restaurants,
miscellaneous retail, building materials-wholesale, and food markets), sales taxes
reached a new high point during Q2 2013. These six segments represent 50.1 percent of
the total sales tax receipts. The other four top ten segments (service stations, apparel
stores, light industry, and building materials-retail) were slightly under the high point,
which occurred in one of the two prior quarters; these four segments represent
26 percent of the total sales tax receipts.
•Service stations, department stores, and auto sales-new represent the three largest
economic segments for Riverside County, or 33 percent of total sales taxes. This is the
third consecutive quarter since Q3 2008 that auto sales-new has been in the top three
economic segments, as the restaurants segment held that position since the recession.
It should also be noted that the growth seen in previous quarters for the service stations
segment has been declining as shown by the 0.4 percent decrease for the year ended
Q2 2013 due to lower gas prices.
RCTC
California
Statewide S.F. Bay Area Sacramento
Valley
Central
Valley South Coast Inland
Empire North Coast Central Coast
Largest Segment Service
Stations Restaurants Restaurants
Department
Stores
Department
Stores Restaurants Auto Sales -
New
Department
Stores Restaurants
% of Total / % Change 11.4 / -0.4 13.3 / 5.3 14.1 / 6.5 11.9 / 3.0 14.3 / 3.6 14.2 / 5.1 11.6 / 15.2 13.6 / 1.3 20.5 / 2.3
2nd Largest Segment Department
Stores
Department
Stores
Auto Sales -
New
Auto Sales -
New
Service
Stations
Department
Stores
Service
Stations
Service
Stations
Department
Stores
% of Total / % Change 11.1 / 5.3 10.5 / 3.6 9.5 / 20.8 11.4 / 18.9 11.9 / 0.2 10.2 / 3.6 11.2 / -1.5 13.3 / -1.9 9.7 / 15.1
3rd Largest Segment Auto Sales -
New
Auto Sales -
New
Department
Stores Restaurants Restaurants
Auto Sales -
New
Department
Stores Restaurants Misc. Retail
% of Total / % Change 10.2 / 15.5 10.1 / 14.7 9.3 / 3.9 10.4 / 4.5 9.6 / 4.2 10.2 / 11.8 10.4 / 2.7 9.6 / 4.6 9.6 / -0.3
ECONOMIC SEGMENT ANALYSIS
During the review of the Q2 2013 detailed report with MuniServices, information regarding
sales tax comparisons by city and change by economic category from Q2 2012 to Q2 2013 was
provided. Jurupa Valley, as a newly incorporated city, will be listed when sufficient comparative
information is available, which is expected in Q3 2013 or Q4 2013.
Staff continues to monitor monthly sales tax receipts and other available economic data to
determine the need for any adjustment to the revenue projections. Staff will utilize the
forecast scenarios included with the complete report and recent trends in assessing such
projections.
Attachments:
1)Sales Tax Analysis Q2 2013
2)Sales Tax Comparison by City for Q2 2012 to Q2 2013
Agenda Item 7E
256
BLANK
Riverside County Transportation Commission
Sales Tax Digest Summary
Collections through September 2013
Sales through June 2013 (2013Q2)
www.MuniServices.com (800) 800-8181 Page 1
CALIFORNIA’S ECONOMIC OUTLOOK
California sales tax receipts increased by 6.6% over the same quarter from the previous year, with
Northern California reporting a 4.9% increase compared to 7.9% for Southern California. Receipts for the
Riverside County Transportation Commission changed by 8.6% over the same periods.
California’s economy is on the right track. Of the largest metropolitan areas in the country, the Bay Area
has the fastest Real GDP growth. Nationally, Real Gross Domestic Product was up 2.5% for 2013Q2 over
2013Q1. It was up 1.1% for 2013Q1 over 2012Q4. Personal Consumption Expenditures, (PCE), which
contribute directly to Sales Tax Revenue, were a primary factor. Prices remain stable. The price index for
Gross Domestic Purchases was up only 0.2% for 2013Q2 over 2013Q1. It was up 1.2% in 2013Q1.
According to the Chicago-based research firm ShopperTrak, “Retail revenue in November and December
should rise by 2.4 % nationally during the biggest shopping period of this year.” That compares with a
3% increase in 2012 from 2011. "Consumers remain cautious about spending and are not ready to
splurge. Improvements have not been enough to sustain higher levels of spending for most Americans,
who continue to juggle tepid wage gains with a higher cost of living.”
LOCAL RESULTS
Net Cash Receipts Analysis
Local Collections $39,205,028
Share of County Pool 0.0% 0
Share of State Pool 0.0% 0
SBE Net Collections 39,205,028
Less: Amount Due County 0.0% .00
Less: Cost of Administration (447,720)
Net 2Q2013 Receipts 38,757,308
Net 2Q2012 Receipts 35,678,215
Actual Percentage Change 8.6%
Business Activity Performance Analysis
Local Collections $39,205,028
Less: Payments for Prior Periods (3,098,827)
Preliminary 2Q2013 Collections 36,106,201
Projected 2Q2013 Late Payments 1,490,840
Projected 2Q2013 Final Results 37,597,041
Actual 2Q2012 Results 35,574,094
Projected Percentage Change 5.7%
257
ATTACHMENT 1
Riverside County Transportation Commission
www.MuniServices.com (800) 800-8181 Page 2
HISTORICAL CASH COLLECTIONS ANALYSIS BY QUARTER
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 July 2012 to June 2013. The Top 25 Sales/Use Tax contributors generate
23.6% of RCTC’s total sales and use tax revenue.
BEST BUY STORES MACY'S DEPARTMENT STORE
CARMAX THE AUTO SUPERSTORE RALPH'S GROCERY COMPANY
CHEVRON SERVICE STATIONS RITE AID DRUG STORES
CIRCLE K FOOD STORES ROSS STORES
COSTCO WHOLESALE SAM'S CLUB
DEPT OF MOTOR VEHICLES SHELL SERVICE STATIONS
DESERT SUNLIGHT STATER BROS MARKETS
GE PACKAGED POWER TARGET STORES
GENESIS SOLAR VERIZON WIRELESS
HOME DEPOT VONS SERVICE STATIONS
K MART STORES WAL MART STORES
KOHL'S DEPARTMENT STORES WALGREEN'S DRUG STORES
LOWE'S HOME IMPROVEMENT
(in thousands of $)
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013
N e
t
R
e
c
e
i
p
t
s
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
A d
m
i
n
F
e
e
s
Net Receipts SBOE Admin Fees Due
258
Riverside County Transportation Commission
www.MuniServices.com (800) 800-8181 Page 3
HISTORICAL SALES TAX AMOUNTS
The following chart shows the sales tax level from sales through June 2013, the highs, and the lows for
each segment over the last two years.
ANNUAL SALES TAX BY BUSINESS CATEGORY
(in thousands of $)
37,096
37,767
38,137
38,943
39,454
39,873
40,569
41,240
42,061
42,533
20,353
20,618
20,931
21,406
22,001
22,503
22,939
23,319
23,546
23,814
31,183
32,771
34,183
35,226
36,176
37,062
37,765
38,608
38,993
39,476
12,514
12,491
12,715
13,628
13,794
14,325
15,034
15,462
16,223
17,014
17,311
17,839
18,254
18,804
19,119
19,956
20,902
21,833
22,437
22,481
2,681
2,748
2,775
2,779
2,798
2,767
2,761
2,788
2,802
2,767
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
General Retail Food Products Transportation Construction Business To Business Miscellaneous
(in thousands of $)
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Ser
v
i
c
e
S
t
a
t
i
o
n
s
Dep
a
r
t
m
e
n
t
S
t
o
r
e
s
Au
t
o
S
a
l
e
s
-
N
e
w
Res
t
a
u
r
a
n
t
s
Bld
g
.
M
a
t
l
s
-
W
h
s
l
e
Mi
s
c
e
l
l
a
n
e
o
u
s
R
e
t
a
i
l
Ap
p
a
r
e
l
S
t
o
r
e
s
Foo
d
M
a
r
k
e
t
s
Lig
h
t
I
n
d
u
s
t
r
y
Bld
g
.
M
a
t
l
s
-
R
e
t
a
i
l
2Q2013
High
Low
259
Riverside County Transportation Commission
www.MuniServices.com (800) 800-8181 Page 4
FIVE-YEAR ECONOMIC TREND: Business To Business
FINAL RESULTS: January-March 2013 Sales
Local Net Cash Collections $36,575,783
Less: Pool Amounts ($-338,200)
Less: Prior Quarter Payments ($2,027,346)
Add: Late Payments $1,890,905
Local Net Economic Collections after Adjustments $36,777,542
Percent Change from October-December 2011 Sales UP BY 8.3%
MUNISERVICES’ ON-GOING AUDIT RESULTS
This Quarter $296,146
Total to Date $2,979,127
(in thousands of $)
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
2Q
2
0
0
8
3Q
2
0
0
8
4Q
2
0
0
8
1Q
2
0
0
9
2Q
2
0
0
9
3Q
2
0
0
9
4Q
2
0
0
9
1Q
2
0
1
0
2Q
2
0
1
0
3Q
2
0
1
0
4Q
2
0
1
0
1Q
2
0
1
1
2Q
2
0
1
1
3Q
2
0
1
1
4Q
2
0
1
1
1Q
2
0
1
2
2Q
2
0
1
2
3Q
2
0
1
2
4Q
2
0
1
2
1Q
2
0
1
3
2Q
2
0
1
3
260
Southern California: Sales Tax Comparison from Apr-Jun 2012 Sales to Apr-Jun 2013 Sales
MuniServices, LLC
General
Retail
Food
Products
Trans.Const.Business
to
Business
Misc.Apr -Jun 2013
Total
Apr - Jun 2012
Total
% Chg Largest Gain 2nd Largest Gain Largest Decline 2nd Largest DeclineJurisdiction
INLAND EMPIRE
TRANSPORTATION AUTHORITY
RCTC 4.9%4.5%4.9%21.0%0.8%-4.8%37,596,594 35,573,847 5.7%Bldg.Matls-Whsle Auto Sales - New Light Industry Service Stations
RIVERSIDE COUNTY
Banning 8.3%0.4%9.4%14.0%21.4%-18.2%442,029 411,879 7.3%Auto Sales - New Misc. Vehicle Sales Food Processing Eqp Miscellaneous Other
Beaumont 3.2%5.7%3.0%17.5%-1.2%-7.9%865,141 825,606 4.8%Bldg.Matls-Retail Misc. Vehicle Sales Service Stations Light Industry
Blythe -1.7%9.6%10.4%-46.4%-1.5%-10.9%411,533 425,294 -3.2%Service Stations Restaurants Bldg.Matls-Whsle Energy Sales
Calimesa 19.3%4.1%0.7%37.3%13.9%-30.2%160,919 155,364 3.6%Miscellaneous Retail Restaurants Miscellaneous Other Misc. Vehicle Sales
Canyon Lake -10.9%-10.0%32.5%-18.7%14.1%238.8%40,777 43,402 -6.0%Auto Sales - Used Restaurants Food Markets Miscellaneous Retail
Cathedral City 6.8%-1.6%14.5%10.6%21.4%-6.4%1,820,075 1,641,510 10.9%Auto Sales - New Heavy Industry Service Stations Business Services
Coachella 6.6%3.1%6.9%-5.3%18.8%-9.1%784,694 742,117 5.7%Service Stations Restaurants Auto Sales - Used Bldg.Matls-Whsle
Corona 5.1%3.5%-1.8%23.7%5.6%3.7%7,688,054 7,134,804 7.8%Bldg.Matls-Whsle Bldg.Matls-Retail Service Stations Electronic Equipment
Desert Hot Springs -2.0%5.2%-0.8%-2.1%23.0%-10.3%331,926 328,437 1.1%Restaurants Heavy Industry Apparel Stores Auto Parts/Repair
Eastvale -3.5%1.7%4.2%13.9%-0.5%6.7%1,285,146 1,267,548 1.4%Bldg.Matls-Whsle Furniture/Appliance Miscellaneous Retail Food Processing Eqp
Hemet 0.2%6.8%1.6%-0.8%12.1%5.1%2,280,551 2,221,674 2.7%Auto Parts/Repair Restaurants Service Stations Bldg.Matls-Retail
Indian Wells 1.3%0.4%72.0%212.9%13.7%-28.3%200,056 196,676 1.7%Misc. Vehicle Sales Apparel Stores Furniture/Appliance Drug Stores
Indio -1.2%0.0%15.4%20.3%11.5%33.7%2,070,103 1,908,722 8.5%Auto Sales - New Service Stations Miscellaneous Retail Misc. Vehicle Sales
La Quinta 0.1%-1.6%6.8%-1.8%9.4%-14.7%1,736,487 1,716,807 1.1%Auto Sales - New Miscellaneous Retail Department Stores Service Stations
Lake Elsinore 1.6%7.2%3.8%5.2%-11.5%-11.2%1,724,165 1,672,078 3.1%Auto Sales - New Food Markets Service Stations Apparel Stores
Menifee 4.7%9.1%-4.7%-8.9%13.0%-23.3%1,162,400 1,138,068 2.1%Restaurants Misc. Vehicle Sales Service Stations Bldg.Matls-Retail
Moreno Valley 0.8%3.7%1.7%-5.2%15.3%30.4%3,269,180 3,199,291 2.2%Auto Sales - New Restaurants Service Stations Miscellaneous Retail
Murrieta 4.0%8.5%13.6%-0.9%11.4%28.7%2,783,580 2,589,927 7.5%Auto Sales - New Food Markets Bldg.Matls-Retail Business Services
Norco 7.1%1.4%7.7%25.7%7.9%14.6%1,151,161 1,072,302 7.4%Auto Sales - New Auto Sales - Used Service Stations Food Markets
Palm Desert -1.2%4.9%-3.3%9.5%0.1%-22.0%3,589,334 3,564,117 0.7%Restaurants Miscellaneous Retail Department Stores Furniture/Appliance
Palm Springs 3.4%5.0%-2.8%-4.9%0.9%-16.7%2,431,480 2,407,297 1.0%Restaurants Miscellaneous Retail Auto Sales - New Energy Sales
Perris 1.3%7.2%15.8%16.2%70.5%20.1%1,864,709 1,552,132 20.1%Electronic Equipment Auto Sales - New Bldg.Matls-Retail Health & Government
Rancho Mirage 4.0%-3.2%-7.0%2.8%14.3%2.9%930,095 937,420 -0.8%Apparel Stores Auto Sales - New Misc. Vehicle Sales Restaurants
Riverside 0.7%7.6%8.0%17.0%4.1%-3.5%11,383,720 10,701,415 6.4%Auto Sales - New Leasing Service Stations Light Industry
Riverside County 1.1%2.5%-4.4%97.1%5.9%-14.3%7,420,418 6,236,510 19.0%Bldg.Matls-Whsle Electronic Equipment Apparel Stores Service Stations
San Jacinto 4.2%2.6%3.3%51.6%-4.1%-12.3%532,954 510,219 4.5%Bldg.Matls-Whsle Service Stations Auto Parts/Repair Light Industry
Temecula -0.5%4.9%2.3%-9.1%-10.6%1.3%6,349,018 6,380,688 -0.5%Auto Sales - New Energy Sales Light Industry Bldg.Matls-Retail
Wildomar 16.0%-1.3%-6.9%-18.3%10.8%-1.9%317,140 326,053 -2.7%Miscellaneous Retail Florist/Nursery Service Stations Bldg.Matls-Whsle
261
ATTACHMENT 2
BLANK
AGENDA ITEM 7F
BLANK
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Western Riverside County Programs and Projects Committee
David Thomas, Toll Project Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT:
Utility Agreements with Sprint Communications Company, Level 3
Communications, AT&T, and Various Utility Companies for Final Engineering
and Construction for Utility Relocations for the State Route 91 Corridor
Improvement Project
WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF
RECOMMENDATION:
This item is for the Commission to:
1)Approve the following agreements for final engineering and construction for utility
relocations for the State Route 91 Corridor Improvement Project (SR-91 CIP):
a)Agreement No. 14-31-051-00 with Sprint Communications Company (Sprint);
b)Agreement No. 14-31-052-00 with Level 3 Communications (Level 3); and
c)Agreement No. 13-31-045-17, Amendment No. 1 to Agreement
No. 13-31-045-00, with AT&T;
for a combined amount of $2,410,000, plus a contingency amount of $241,000
(10 percent), for a total amount not to exceed $2,651,000;
2)Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute
the agreements on behalf of the Commission;
3)Authorize the Executive Director to approve contingency work up to the total
authorized amount as may be required for these utility relocation agreements for final
engineering and construction; and
4)Authorize the Executive Director to execute utility agreements and expend previously
approved funds for necessary but currently unidentified utility relocation work provided
the total cost of all utility relocation work with currently identified or yet to be identified
utility companies is within previously approved amounts, inclusive of this new budget
request, for SR-91 CIP utility work in the amount not to exceed $24,263,000.
BACKGROUND INFORMATION:
Staff continues to work toward timely completion of the SR-91 CIP to widen SR-91 through the
city of Corona and extend the 91 Express Lanes. The environmental phase was completed in
2012. The design-build contract has since been awarded and the SR-91 CIP is scheduled to
commence construction activities in 2014.
Agenda Item 7F
262
At its September 2011 meeting, the Commission authorized the Executive Director to execute
agreements with AT&T, Questar, Southern California Edison (SCE), and Southern California Gas
Co. (SoCalGas) for advanced engineering and procurement to better define the utility relocation
requirements for the SR-91 CIP. These agreements allowed staff to work directly with the
utility owners to refine relocation requirements and duration schedules that were important to
advance the SR-91 CIP utility relocation work. At its November 2012 meeting, the Commission
authorized the Executive Director to execute utility agreements with AT&T, Questar, SCE, and
SoCalGas for final engineering and construction. These previous authorizations are summarized
in Table 1.
TABLE 1
Previously Authorized Funds for Utility Relocations
Utility Company September 2011
Authorization
November 2012
Authorization
Combined
Authorization
SCE $ 1,050,000 $ 12,600,500 $ 13,650,500
AT&T 650,000 2,967,500 3,617,500
SoCalGas 260,000 626,750 886,750
Questar 110,000 1,271,000 1,381,000
Contingency 330,000 1,746,250 2,076,250
TOTAL $ 2,400,000 $ 19,212,000 $ 21,612,000
Staff, working through its project and construction manager (PCM) and design-builder, as well
as working with utility owners, has identified two new utility owners impacted by the SR-91 CIP:
Sprint and Level 3. Furthermore, staff and its PCM and design-builder have identified additional
AT&T relocations required for the SR-91 CIP. The estimated costs for all newly identified utility
relocations are shown in Table 2.
TABLE 2
Newly Identified Utility Relocation Costs
Utility Company Number of
Relocations
Estimated Total
Costs
Estimated Utility
Cost Share
Estimated RCTC
Cost Share
Sprint 1 $ 210,000 $ 0 $ 210,000
Level 3 2 1,000,000 0 1,000,000
AT&T (additional) 2 1,200,000 0 1,200,000
TOTAL 5 $ 2,410,000 $ 0 $ 2,410,000
Staff is seeking authorization to execute new agreements with Sprint and Level 3 and an
amendment to the existing AT&T agreement for the costs identified in Table 2 including a
10 percent contingency of $241,000 for a total not to exceed $2,651,000.
Staff also recognizes the possibility of locating additional utility conflicts with currently
identified or yet to be identified utility companies requiring future utility agreements as
construction progresses for the SR-91 CIP. Timely execution of these future utility agreements
and authority to expend funds for relocation work is critical to minimize delays to the SR-91 CIP.
Agenda Item 7F
263
Therefore, staff is seeking authority for the Executive Director to execute utility agreements
and expend previously authorized funds for necessary future utility relocation work provided
the cost of all utility relocation work is within authorized amounts for SR-91 CIP utility
relocation work, as summarized below:
Commission Action Date Authorized Amount
September 2011 $ 2,400,000
November 2012 19,212,000
December 2013 (pending) 2,651,000
Total $ 24,263,000
Financial Information
In Fiscal Year Budget: N/A Year: FY 2014/15 Amount: $2,651,000
Source of Funds: 2009 Measure A Western County
Highway and Debt Proceeds
Budget
Adjustment: N/A
GLA No.: 003028 81401 00000 0000 262 31 81401
Fiscal Procedures Approved: Date: 11/16/2013
Attachments: Sample Utility Agreement
Agenda Item 7F
264
BLANK
RIVERSIDE COUNTY TRANSPORTATION COMMISSION (RCTC AGREEMENT NO: 14-31-XXX-00)
UTILITY AGREEMENT
Page 1 of 5
DISTRICT
08
COUNTY
Riv
ROUTE
91
POST MILE
12-Ora-91-R14.4/R18.9;
08-Riv-91-R0.00/11.6;
08-Riv-15-37.6/R42.9
EA
OF540
FEDERAL AID NUMBER
N/A
OWNER’S FILE NUMBER
N/A
FEDERAL PARTICIPATION
On the project YES NO On the Utilities YES NO
UTILITY AGREEMENT NO. ___________ DATE ___________________________________
The Riverside County Transportation Commission, herein after called “RCTC”, proposes to
widen existing SR 91 from the Orange County/Riverside County line to the SR 91/I-15 interchange
in the City of Corona in Riverside County
and
_________________________________________
hereinafter called "OWNER," owns and maintains
underground fiber optic communications line along State Route 91
within the limits of RCTC’s project which requires
relocation of underground fiber optic facilities along State Route 91
to accommodate RCTC’s project
It is hereby mutually agreed that:
I. WORK TO BE DONE
In accordance with Notice to Owner No. XXXXX, dated XXXX XX, 2013, OWNER shall
relocate an underground fiber optic communications line located along _______________
___________________________________________. All work shall be performed
substantially in accordance with OWNER’s Plan No. XXXX consisting of 1 sheet, a copy of
which is on file at the District office of the Department of Transportation, at 464 W. 4th
Street, San Bernardino CA 92401-1400 and the Riverside County Transportation
Commission, at 4080 Lemon Street, Riverside, Ca. 92502-2208.
Deviations from the OWNER’s plan described above initiated by either RCTC or the
OWNER, shall be agreed upon by both parties hereto under a Revised Notice to Owner.
Such Revised Notices to Owner, approved by RCTC and agreed to/acknowledged by the
OWNER, will constitute an approved revision of the OWNER’s plan described above and
are hereby made a part hereof. No work under said deviation shall commence prior to
written execution by the OWNER of the Revised Notice to Owner. Changes in the scope of
the work will require an amendment to this Agreement in addition to the revised Notice to
Owner.
265
RIVERSIDE COUNTY TRANSPORTATION COMMISSION (RCTC AGREEMENT NO. 14-31-XXX-00)
UTILITY AGREEMENT (Cont.)
Page 2 of 5
II. LIABILITY FOR WORK
Existing facilities are located in their present position pursuant to rights equivalent to those
of RCTC and will be relocated at RCTC expense.
III PERFORMANCE OF WORK
OWNER agrees to perform the herein described work with its own forces or to cause the
herein described work to be performed by the OWNER’s contractor, employed by written
contract on a continuing basis to perform work of this type, and to provide and furnish all
necessary labor, materials, tools, and equipment required therefore, and to prosecute said
work diligently to completion.
Use of out-of-state personnel (or personnel requiring lodging and meal “per diem”
expenses) will not be allowed without prior written authorization by RCTC’s representative.
Requests for such permission must be contained in OWNER’s estimate of actual and
necessary relocation costs. OWNER shall include an explanation why local employee or
contract labor is not considered adequate for the relocation work proposed. Per Diem
expenses shall not exceed the per diem expense amounts allowed under the State’s
Department of Personnel Administration travel expense guidelines.
Pursuant to Public Works Case No. 2001-059 determination by the California Department
of Industrial Relations dated October 25, 2002, work performed by OWNER’s contractor is
a public work under the definition of Labor Code Section 1720(a) and is therefore subject to
prevailing wage requirements, as applicable. OWNER shall verify compliance with this
requirement in the administration of its contracts referenced above.
IV. PAYMENT FOR WORK
RCTC shall pay its share of the actual and necessary cost of the herein described work
within 45 days after receipt of five (5) copies of OWNER’s itemized bill, signed by a
responsible official of OWNER’s organization and prepared on OWNER’s letterhead,
compiled on the basis of the actual and necessary cost and expense incurred and charged
or allocated to said work in accordance with the uniform system of accounts prescribed for
OWNER by the California Public Utilities Commission, Federal Energy Regulatory
Commission or Federal Communications Commission, whichever is applicable.
It is understood and agreed that RCTC will not pay for any betterment or increase in
capacity of OWNER’s facilities in the new location and that OWNER shall give credit to
RCTC for the “used life” or accumulated depreciation of the replaced facilities and for the
salvage value of any material or parts salvaged and retained or sold by OWNER.
Not more frequently than once a month, but at least quarterly, OWNER will prepare and
submit progress bills for costs incurred not to exceed OWNER’s recorded costs as of the
billing date less estimated credits applicable to completed work. Payment of progress bills
not to exceed the amount specified below may be made under the terms of this Agreement.
Payment of progress bills which exceed the amount of this Agreement may be made after
266
RIVERSIDE COUNTY TRANSPORTATION COMMISSION (RCTC AGREEMENT NO. 14-31-XXX-00)
UTILITY AGREEMENT (Cont.)
Page 3 of 5
receipt and approval by RCTC of documentation supporting the cost increase and after an
Amendment to this Agreement has been executed by the parties to this Agreement.
The OWNER shall submit a final bill to RCTC within 360 days after the completion of the
work described in Section I above. If RCTC has not received a final bill within 360 days after
notification of completion of OWNER’s work described in Section I of this Agreement, and
RCTC has delivered to OWNER fully executed Director’s Deeds, Consents to Common Use
or Joint Use Agreements as required for OWNER’s facilities, RCTC will provide written
notification to OWNER of its intent to close its file within 30 days. OWNER hereby
acknowledges, to the extent allowed by law, that all remaining costs will be deemed to have
been abandoned. If RCTC processes a final bill for payment more than 360 days after
notification of completion of OWNER’s work, payment of the late bill may be subject to
allocation and/or approval by the California Transportation Commission.
The final billing shall be in the form of an itemized statement of the total costs charged to
the project, less the credits provided for in this Agreement, and less any amounts covered
by progress billings. However, RCTC shall not pay final bills which exceed the estimated
cost of this Agreement without documentation of the reason for the increase of said cost
from the OWNER and approval of documentation by RCTC. Except, if the final bill exceeds
the OWNER’s estimated costs solely as the result of a revised Notice to Owner as provided
for in Section I, a copy of said revised Notice to Owner shall suffice as documentation. In
either case, payment of the amount over the estimated cost of this Agreement may be
subject to allocation and/or approval by the California Transportation Commission.
In any event if the final bill exceeds 125% of the estimated cost of this Agreement, an
Amended Agreement shall be executed by the parties to this Agreement prior to the
payment of the OWNER’S final bill. Any and all increases in costs that are the direct result
of deviations from the work described in Section I of this Agreement shall have the prior
concurrence of RCTC.
Detailed records from which the billing is compiled shall be retained by the OWNER for a
period of three years from the date of the final payment and will be available for audit by
State and/or Federal auditors. Owner agrees to comply with Contract Cost Principles and
Procedures as set forth in 48 CFR, Chapter 1, Part 31, et seq., 23 CFR, Chapter 1, Part
645. If a subsequent State and/or Federal audit determines payments to be unallowable,
OWNER agrees to reimburse RCTC upon receipt of RCTC billing.
V. GENERAL CONDITIONS
All costs accrued by OWNER as a result of RCTC’s request of December 9, 2011 to review,
study and/or prepare relocation plans and estimates for the project associated with this
Agreement may be billed pursuant to the terms and conditions of this Agreement.
If RCTC’s project which precipitated this Agreement is canceled or modified so as to
eliminate the necessity of work by OWNER, RCTC will notify OWNER in writing and RCTC
reserves the right to terminate this Agreement by Amendment. The Amendment shall
provide mutually acceptable terms and conditions for terminating the Agreement.
267
RIVERSIDE COUNTY TRANSPORTATION COMMISSION (RCTC AGREEMENT NO. 14-31-XXX-00)
UTILITY AGREEMENT (Cont.)
Page 4 of 5
OWNER shall submit a Notice of Completion to RCTC within 30 days of the completion of
the work described herein.
It is understood that said highway is a Federal aid highway and accordingly, 23 CFR,
Chapter 1, Part 645 is hereby incorporated into this Agreement.
THE ESTIMATED COST TO RCTC FOR THE ABOVE DESCRIBED WORK IS $90,000.00.
268
RIVERSIDE COUNTY TRANSPORTATION COMMISSION (RCTC AGREEMENT NO. 14-31-XXX-00)
UTILITY AGREEMENT (Cont.)
Page 5 of 5
SIGNATURE PAGE
TO
UTILITY AGREEMENT NUMBER 23246
IN WITNESS WHEREOF, the above parties have executed this SR-91 CIP Agreement the day and
year above written.
RCTC : OWNER:
Sprint Communications Company L.P.
By _________________________________________ By_________________________________
Riverside County Transportation Commission / Date NAME Date
Title _______________________________
APPROVED AS TO FORM:
BEST BEST & KRIEGER LLP
By ______________________________________
General Counsel
Riverside County Transportation Commission
APPROVAL RECOMMENDED:
By___________________________________
Yvette Kirrin Date
Utility Coordinator
SouthStar Engineering & Consulting, Inc.
269
BLANK
AGENDA ITEM 7G
BLANK
REVISION TO AGENDA ITEM 7G
Additions are noted by Bold Italics,
Deletions are noted by Strikethrough
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Western Riverside County Programs and Projects Committee
David Thomas, Toll Project Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT:
Construction Agreement with Dalke & Sons Construction, Inc. for State Route
91 Corridor Improvement Project Right of Way Property Mitigation
Package 2
WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF
RECOMMENDATION:
This item is for the Commission to:
1) Authorize the Executive Director to award Award Agreement No. 14-31-022-00 to Dalke
& Sons Construction, Inc. (Dalke & Sons) on behalf of the Commission for the
construction of State Route 91 Corridor Improvement Project (SR-91 CIP) Right of Way
(ROW) Property Mitigation Package 2 in the amount of $1,297,680, plus a contingency
amount of $129,768, for a total amount not to exceed $1,427,448, contingent upon
possession of the properties as determined by the Executive Director, which is
anticipated prior to June 30, 2014;
2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute
the agreement on behalf of the Commission; and
3) Authorize the Executive Director to approve contingency work pursuant to the
agreement terms up to the total amount.
BACKGROUND INFORMATION:
At its May 2013 meeting, the Commission approved the award of Agreement No. 12-31-113-00
to Atkinson/Walsh, a Joint Venture (AWJV), for the design and construction of the SR-91 CIP,
which widens the SR-91 through Corona, extends the existing 91 Express Lanes from the Orange
County line to I-15, and constructs other general purpose lane and toll express lane
improvements within the corridor. Subsequent to this approval, AWJV has been issued the full
Notice to Proceed (NTP 2), in accordance the design-build contract and is currently proceeding
with final design and construction of the SR-91 CIP.
Agenda Item 7G
Additionally at its May 2013 meeting, the Commission approved Agreement No. 09-31-081-03,
Amendment No. 3 to Agreement No. 09-31-081-00, with Parsons Transportation Group, Inc.
(Parsons) to further expand the project and construction management (PCM) services to
support the SR-91 CIP design-build contract. This expanded scope included providing ROW
mitigation design services for certain properties affected by the SR-91 CIP. ROW mitigation
design services are needed to reconfigure partially acquired properties to maximize the utility
and minimize business impacts to the property owner.
Following the Commission’s approval, Parsons was given authorization by staff to begin ROW
mitigation design in June 2013. The mitigation properties were divided into five separate
design packages based on complexity of work and commitment dates set forth in the SR-91 CIP
design-build contract. Throughout the design process, staff offered property owners the
opportunity to review and provide comments or concerns to the designs as they were
developed. Input received from the property owners was taken into consideration and
incorporated into the designs to the extent feasible and possible.
Properties originally identified in mitigation design Package 1 were subsequently determined
not to require mitigation through negotiations with the property owners and, accordingly, were
removed from Parsons’ scope of services. Package 2, the first ROW mitigation design package
completed and ready for construction, consists of two properties: 2410 Wardlow Road
(Wardlow Property) and 1215 Pomona Road (Ellestad Property). The general scope of this
property mitigation involves the partial removal and reconstruction of the existing building
facades and reconfiguration of the sites to accommodate the additional ROW required for the
SR-91 CIP.
The issuance of a NTP for construction of ROW Property Mitigation Package 2 will only be given
once full rights to the properties are received. Staff is currently working through the acquisition
process for the properties and anticipates receiving full rights in March 2014.
On October 4, 2013, the Commission advertised ROW Property Mitigation Package 2 for
construction bids. On November 7, 2013, five bids were received and publicly opened. A
summary of the bids received is shown in Table A.
Agenda Item 7G
Table A
SR-91 CIP ROW Property Mitigation and Construction Services
(Package 2)
Bid Summary
Firm
(In order from low bid to high bid) Bid Amount
Engineer’s Estimate $2,866,953
1 Dalke & Sons Construction, Inc. $1,297,680
2 JRH Construction Company, Inc. $1,696,967
3 Construct 1 One, Corporation $1,775,546
4 Sean Malek $2,060,000
5 Young Contractors, Inc. $2,405,000
The basis for award for a public works contract is the lowest responsive and responsible bidder
as defined by the Commission procurement policy and state law. The bid price submitted by
Dalke & Sons was 55 percent lower than the engineer’s estimate for construction.
Federally funded contracts administered by the Commission are subject to the requirements of
the Code of Federal Regulations, Part 26, Title 49 entitled Participation by Disadvantaged
Business Enterprises (DBE) in Department of Transportation Financial Assistance Programs.
Pursuant to the relevant federal DBE provisions, the Commission established a 6.7 percent DBE
participation goal in the construction bid advertisement for this project. Only a bidder meeting
the established DBE goal for this project can be considered fully responsive to the bid
requirements. To meet this requirement, bidders must either achieve the DBE goal, or,
alternatively, meet the good faith efforts (GFE) requirement set forth in the invitation for bid.
The low bidder, Dalke & Sons, could not meet the 6.7 percent DBE goal; however, its GFE
demonstrated adequate efforts were made to subcontract with DBE firms.
After analyzing the three lowest bids per the Federal Highway Administration (FHWA)/Caltrans
analysis process, staff and Parsons concluded the Dalke & Sons bid in the amount of $1,297,680
is the lowest responsible and responsive bid received for the project.
Staff recommends award of Agreement No. 14-31-022-00 for the construction of the project to
Dalke & Sons in the amount of $1,297,680, plus a contingency amount of $129,768, to fund
potential change orders and supplemental work, for a total amount not to exceed $1,427,448.
Financial Information
In Fiscal Year Budget: Yes Year: FY 2013/14 Amount: $1,427,448
Source of Funds: 2009 Measure A Western County
Highway and Debt Proceeds Budget Adjustment: No
GLA/Project Accounting No.: 003028 81401 00000 0000 262 31 81401
Fiscal Procedures Approved: Date: 11/16/2013
Attachment: Draft Agreement No. 14-31-022-00
Agenda Item 7G
BLANK
1
CONTRACT FOR CONSTRUCTION
THIS CONTRACT is made this _____ day of _________, 20__, in the County of
_________________, State of California, by and between the Riverside County Transportation
Commission, hereinafter called Commission, and Dalke & Sons Construction, Inc., hereinafter
called Contractor. The Commission and the Contractor for the considerations stated herein agree
as follows:
ARTICLE 1. SCOPE OF WORK. The Contractor shall perform all work within the
time stipulated in the Contract and shall provide all labor, materials, equipment, tools, utility
services, and transportation to complete all of the Work required in strict compliance with the
Contract Documents as specified in Article 5 below for the following work:
CONSTRUCTION SERVICES TO DEMOLISH, REPAIR, REMODEL, RE-
CONSTRUCT AND/OR MITIGATE TWO (2) RIGHT OF WAY (ROW) PROPERTIES
FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT - PACKAGE 2
(hereinafter “Project”)
The Contractor and its surety shall be liable to the Commission for any damages arising as a
result of the Contractor’s failure to comply with this obligation.
ARTICLE 2. CONTRACT TIME. Time is of the essence in the performance of the Work.
The Work shall be commenced on the date stated in the Commission’s Notice to Proceed. The
Contractor shall complete all Work required by the Contract Documents within ONE
HUNDRED FIFTY (150) CALENDAR DAYS calendar days from the commencement date
stated in the Notice to Proceed, hereafter the Contract Time.
Contractor shall further complete elements of the work related to the Ellestad property (CPN
22181) and the Wardlow property (CPN 22124) within the following milestone dates and shall
not proceed with the remaining work on either property until such milestones are complete:
Milestone 1 - Ellestad Property (CPN 22181): NTP + 45 Calendar Days - Complete all contract work scope
within the areas between the existing Caltrans Right of Way and the proposed City of Corona Right of
Way lines. Provide access to aforementioned areas for use by SR-91 CIP Design-Build Contractor.
Milestone 2- Wardlow Property (CPN 22124): NTP + 75 Calendar Days - Complete all contract work
scope within the areas between the existing and proposed Caltrans Right of Way lines. Provide access to
aforementioned areas for use by SR-91 CIP Design-Build Contractor.
By its signature hereunder, Contractor agrees the time for completion set forth above is adequate
and reasonable to complete the Work.
273
2
ARTICLE 3. CONTRACT PRICE. The Commission shall pay to the Contractor as full
compensation for the performance of the Contract, subject to any additions or deductions as
provided in the Contract Documents, and including all applicable taxes and costs, the sum of
One Million Two Hundred Ninety Seven Thousand Six Hundred Eighty dollars ($1,297,680),
hereinafter, the Contract Price. Payment shall be made as set forth in the General Conditions.
ARTICLE 4. LIQUIDATED DAMAGES. In accordance with Government Code
Section 53069.85, it is agreed that the contractor will pay the Commission the sum of One
Thousand Four Hundred Dollars ($1,400) for each and every calendar day of delay in completing
the Work beyond the Contract Time, as liquidated damages and not as a penalty or forfeiture. In
the event this is not paid, the contractor agrees the Commission may deduct that amount from
any money due or that may become due the Contractor under the Contract. This Article does not
exclude recovery of other damages specified in the Contract Documents.
In anticipation of, and compliance with, the provisions of California Public Contract Code
§ 7102 and because it is agreed that the Contractor and the Commission that actual damages are
impracticable and extremely difficult to ascertain, if the Contractor is delayed in completing the
work due solely to the fault of the Commission, and where such delay is unreasonable under the
circumstances and not contemplated by the parties, the Contractor shall be entitled to the
appropriate time extension and to payment of liquidated damages in the sum of One Thousand
Four Hundred Dollars ($1,400) for each and every calendar day of delay. The Contractor
expressly agrees to be limited solely to the liquidated damages for all such delays as defined in
this subsection.
ARTICLE 5. COMPONENT PARTS OF THE CONTRACT. The “Contract
Documents” include only the following documents, each of which is incorporated into this
Agreement by reference:
Notice Inviting Bids
Instructions to Bidders
Contractor's Bid Forms
Contractor’s Certificate Regarding Workers’ Compensation
Bid Bond
Designation of Subcontractors
Information Required of Bidders
Non-Collusion Declaration form
Iran Contracting Act Certification
Contract
Performance Bond
Payment (Labor and Materials) Bond
General Conditions
Special Provisions (or Special Conditions)
Federal Requirements
Technical Specifications prepared by Parsons Transportation Group and dated
September 27, 2013
Greenbook Standard Specifications (Excluding Sections 1-9 in their entirety)
City of Corona Public Works Department Standard Plans and Special Provisions
Addenda
274
3
Plans and Contract Drawings
Approved and fully executed change orders
The Contactor shall complete the Work in strict accordance with all of the Contract Documents.
All of the Contract Documents are intended to be complementary. Work required by one of the
Contract Documents and not by others shall be done as if required by all. This Contract shall
supersede any prior agreement of the parties, whether written or oral. The Contract can be
modified only by a written Change Order executed in accordance with the Contract Documents.
ARTICLE 6. PROVISIONS REQUIRED BY LAW. Each and every provision of law
required to be included in these Contract Documents shall be deemed to be included in these
Contract Documents. The Contractor shall comply with all requirements of applicable federal,
state and local laws, rules and regulations, including, but not limited to, the provisions of the
California Labor Code and California Public Contract Code which are applicable to this Work.
ARTICLE 7. INDEMNIFICATION. Contractor shall provide indemnification and
defense as set forth in the General Conditions.
ARTICLE 8. PREVAILING WAGES. Contractor shall be required to pay not less
than the prevailing rate of wages in accordance with the Labor Code, which rates have been
determined by the Director of the California Department of Industrial Relations and shall be
made available at the Offices of the Commission or may be obtained online at
http//www.dir.ca.gov/dlsr. The wage rates must be posted at the job site.
IN WITNESS WHEREOF, this Contract has been duly executed by the above-named
parties, on the day and year above written.
[SIGNATURES ON FOLLOWING PAGE]
275
4
Riverside County Transportation
Commission
By:
______________________________
Signature
______________________________
Name
______________________________
Title
Attest:
______________________________
Commission Clerk
Approved as to form:
______________________________
Signature
______________________________
Name
______________________________
Title
Dalke & Sons Construction, Inc.
By:
______________________________
Signature
______________________________
Name
______________________________
Title
612500________________________
License Number
Attest:
By: _______________________
Its: Secretary
276
5
PERFORMANCE BOND
KNOW ALL PERSONS BY THESE PRESENTS:
THAT WHEREAS, ___________________________ (hereinafter referred to as “Commission”)
has awarded to ____________________, (hereinafter referred to as the “Contractor”)
_______________________ an agreement for ______________________________ (hereinafter
referred to as the “Project”).
WHEREAS, the work to be performed by the Contractor is more particularly set forth in the
Contract Documents for the Project dated ________________, (hereinafter referred to as
“Contract Documents”), the terms and conditions of which are expressly incorporated herein by
reference; and
WHEREAS, the Contractor is required by the Contract Documents to perform the terms thereof
and to furnish a bond for the faithful performance of the Contract Documents.
NOW, THEREFORE, we, _______________, the undersigned Contractor and
_____________________________________________ as Surety, a corporation organized and
duly authorized to transact business under the laws of the State of California, are held and firmly
bound unto the Commission in the sum of ___________________________ DOLLARS,
($____________), the sum being not less than one hundred percent (100%) of the total amount
of the Contract, for which amount well and truly to be made, we bind ourselves, our heirs,
executors and administrators, successors and assigns, jointly and severally, firmly by these
presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, that, if the Contractor, his or its heirs,
executors, administrators, successors or assigns, shall in all things stand to and abide by, and
well and truly keep and perform the covenants, conditions and agreements in the Contract
Documents and any alteration thereof made as therein provided, on its part, to be kept and
performed at the time and in the manner therein specified, and in all respects according to their
intent and meaning; and shall faithfully fulfill all obligations including the one-year guarantee of
all materials and workmanship; and shall indemnify and save harmless the Commission, its
officers and agents, as stipulated in the Contract Documents, then this obligation shall become
null and void; otherwise it shall be and remain in full force and effect.
As a condition precedent to the satisfactory completion of the Contract Documents, unless
otherwise provided for in the Contract Documents, the guarantee obligation shall hold good for a
period of one (1) year after the acceptance of the work by Commission, during which time if
Contractor shall fail to make full, complete, and satisfactory repair and replacements and totally
protect the Commission from loss or damage resulting from or caused by defective materials or
faulty workmanship. The obligations of Surety hereunder shall continue so long as any
obligation of Contractor remains. Nothing herein shall limit the Commission’s rights or the
Contractor or Surety’s obligations under the Contract, law or equity, including, but not limited
to, California Code of Civil Procedure section 337.15.
277
6
As a part of the obligation secured hereby and in addition to the face amount specified therefor,
there shall be included costs and reasonable expenses and fees including reasonable attorney’s
fees, incurred by Commission in enforcing such obligation.
Whenever Contractor shall be, and is declared by the Commission to be, in default under the
Contract Documents, the Surety shall remedy the default pursuant to the Contract Documents, or
shall promptly, at the Commission’s option:
1. Take over and complete the Project in accordance with all terms and conditions in the
Contract Documents; or
2. Obtain a bid or bids for completing the Project in accordance with all terms and
conditions in the Contract Documents and upon determination by Surety of the lowest
responsive and responsible bidder, arrange for a Contract between such bidder, the Surety
and the Commission, and make available as work progresses sufficient funds to pay the
cost of completion of the Project, less the balance of the contract price, including other
costs and damages for which Surety may be liable. The term “balance of the contract
price” as used in this paragraph shall mean the total amount payable to Contractor by the
Commission under the Contract and any modification thereto, less any amount previously
paid by the Commission to the Contractor and any other set offs pursuant to the Contract
Documents.
3. Permit the Commission to complete the Project in any manner consistent with California
law and make available as work progresses sufficient funds to pay the cost of completion
of the Project, less the balance of the contract price, including other costs and damages
for which Surety may be liable. The term “balance of the contract price” as used in this
paragraph shall mean the total amount payable to Contractor by the Commission under
the Contract and any modification thereto, less any amount previously paid by the
Commission to the Contractor and any other set offs pursuant to the Contract Documents.
Surety expressly agrees that the Commission may reject any contractor or subcontractor which
may be proposed by Surety in fulfillment of its obligations in the event of default by the
Contractor.
Surety shall not utilize Contractor in completing the Project nor shall Surety accept a bid from
Contractor for completion of the Project if the COMMISSION, when declaring the Contractor in
default, notifies Surety of the Commission’s objection to Contractor’s further participation in the
completion of the Project.
The Surety, for value received, hereby stipulates and agrees that no change, extension of time,
alteration or addition to the terms of the Contract Documents or to the Project to be performed
thereunder shall in any way affect its obligations on this bond, and it does hereby waive notice of
any such change, extension of time, alteration or addition to the terms of the Contract Documents
or to the Project.
[Remainder of Page Left Intentionally Blank.]
278
7
IN WITNESS WHEREOF, we have hereunto set our hands and seals this _______ day of
______________, 20___.
_________________________________________
CONTRACTOR/PRINCIPAL
_________________________________________
Name
By: ______________________________________
SURETY:
By: ______________________________________
Attorney-In-Fact
Signatures of those signing for the Contractor and Surety must be notarized and evidence of
corporate authority attached.
The rate of premium on this bond is ____________ per thousand. The total amount of premium
charges, $_______________________________.
(The above must be filled in by corporate attorney.)
THIS IS A REQUIRED FORM
Any claims under this bond may be addressed to:
(Name and Address of Surety) ___________________________________________
___________________________________________
___________________________________________
(Name and Address of Agent or ___________________________________________
Representative for service of
process in California, if different _____________________________________________
from above)
(Telephone number of Surety and _____________________________________________
Agent or Representative for service
of process in California) _____________________________________________
279
8
NOTE: A copy of the Power-of-Attorney to local representatives of the bonding company must
be attached hereto.
ACKNOWLEDGMENT
State of California
County of ________________________ )
On _____________________ before me,
(insert name and title of the officer)
personally appeared ____________________________________________________________ ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature _______________________________ (Seal)
280
- 9 -
PAYMENT BOND (LABOR AND MATERIALS)
KNOW ALL MEN BY THESE PRESENTS that:
WHEREAS, the Riverside County Transportation Commission (hereinafter designated as the
“Commission”), by action taken or a resolution passed ___________ , 20____ has awarded to
________________ hereinafter designated as the “Principal,” a contract for the work described
as follows: ____________________________________________________ (the “Work”); and
WHEREAS, Principal is required to furnish a bond in connection with the contract described
above; providing that if Principal or any of its Subcontractors shall fail to pay for any materials,
provisions, provender, equipment, or other supplies used in, upon, for or about the performance
of the work contracted to be done, or for any work or labor done thereon of any kind, or for
amounts due under the Unemployment Insurance Code or for any amounts required to be
deducted, withheld, and paid over to the Employment Development Department from the wages
of employees of Principal and its Subcontractors with respect to such work or labor the Surety on
this bond will pay for the same to the extent hereinafter set forth.
NOW THEREFORE, we, the Principal and __________________________ as Surety, are held
and firmly bound unto the Commission in the penal sum of ______________ Dollars
($___________) lawful money of the United States of America, for the payment of which sum
well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and
assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH that if Principal, his or its subcontractors,
heirs, executors, administrators, successors or assigns, shall fail to pay any of the persons named
in Section 9100 of the Civil Code, fail to pay for any materials, provisions or other supplies, used
in, upon, for or about the performance of the work contracted to be done, or for any work or
labor thereon of any kind, or amounts due under the Unemployment Insurance Code with respect
to work or labor performed under the contract, or for any amounts required to be deducted,
withheld, and paid over to the Employment Development Department or Franchise Tax Board
from the wages of employees of the contractor and his subcontractors pursuant to Section 18663
of the Revenue and Taxation Code, with respect to such work and labor the Surety or Sureties
will pay for the same, in an amount not exceeding the sum herein above specified, and also, in
case suit is brought upon this bond, all litigation expenses incurred by the Commission in such
suit, including reasonable attorneys’ fees, court costs, expert witness fees and investigation
expenses.
This bond shall inure to the benefit of any of the persons named in Section 9100 of the Civil
Code so as to give a right of action to such persons or their assigns in any suit brought upon this
bond.
It is further stipulated and agreed that the Surety on this bond shall not be exonerated or released
from the obligation of this bond by any change, extension of time for performance, addition,
alteration or modification in, to, or of any contract, plans, specifications, or agreement pertaining
or relating to any scheme or work of improvement herein above described, or pertaining or
relating to the furnishing of labor, materials, or equipment therefore, nor by any change or
281
- 10 -
modification of any terms of payment or extension of the time for any payment pertaining or
relating to any scheme or work of improvement herein above described, nor by any rescission or
attempted rescission of the contract, agreement or bond, nor by any conditions precedent or
subsequent in the bond attempting to limit the right of recovery of claimants otherwise entitled to
recover under any such contract or agreement or under the bond, nor by any fraud practiced by
any person other than the claimant seeking to recover on the bond and that this bond be
construed most strongly against the Surety and in favor of all persons for whose benefit such
bond is given, and under no circumstances shall Surety be released from liability to those for
whose benefit such bond has been given, by reason of any breach of contract between the
Commission and original contractor or on the part of any obligee named in such bond, but the
sole conditions of recovery shall be that claimant is a person described in Section 9100 of the
Civil Code, and has not been paid the full amount of his claim and that Surety does hereby waive
notice of any such change, extension of time, addition, alteration or modification herein
mentioned and the provisions of Section 2819 and 2845 of the California Civil Code.
[Remainder of Page Left Intentionally Blank.]
282
- 11 -
IN WITNESS WHEREOF, two (2) identical counterparts of this instrument, each of which shall
for all purposes be deemed an original thereof, have been duly executed by the Principal and
Surety above named, on the _____ day of ______________________ 20______ the name and
corporate seal of each corporate party being hereto affixed and these presents duly signed by its
undersigned representative pursuant to authority of its governing body.
(Corporate Seal of Principal, __________________________________
if corporation) Principal (Property Name of Contractor)
By:
(Signature of Contractor)
(Seal of Surety)
Surety
By:
Attorney in Fact
Signatures of those signing for the Contractor and Surety must be notarized and evidence of
corporate authority attached. A copy of the Power-of-Attorney to local representatives of the
bonding company must be attached hereto
283
- 12 -
ACKNOWLEDGMENT
State of California
County of ________________________ )
On _____________________ before me,
(insert name and title of the officer)
personally appeared _____________________________________________________________ ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature _______________________________ (Seal)
284
AGENDA ITEM 7H
BLANK
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Western Riverside County Programs and Projects Committee
Shirley Medina, Planning and Programming Director
THROUGH: Anne Mayer, Executive Director
SUBJECT: Funding Request from the City of Corona for the Foothill Parkway Extension
Project
WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF
RECOMMENDATION:
This item is for the Commission to:
1)Approve Agreement No. 12-72-093-01, Amendment No. 1 to Agreement
No. 12-72-093-00, to add $21 million of 2009 Measure A Regional Arterial (MARA)
Western Riverside County funds and increase the total MARA funds from $7 million to
$28 million for the construction phase of the Foothill Parkway extension project in the
city of Corona (Corona); and
2)Authorize the Chair or Executive Director pursuant to legal counsel review, to execute
the agreement on behalf of the Commission.
BACKGROUND INFORMATION:
Corona submitted the Foothill Parkway extension project for the Commission’s 2013 Multi-
Funding Call for Projects, which includes federal Congestion Mitigation and Air Quality and
Surface Transportation Program funds and local MARA funds. The project has been advertised
and received bids. The project is experiencing a funding shortfall and is requesting $21 million
of MARA funds. The project has completed its California Environmental Quality Act document,
but it does not have a National Environmental Protection Agency document, and therefore, is
ineligible for federal funding and only qualifies for MARA funds.
The Commission previously committed $7 million in MARA and $7 million in Proposition 1B
State-Local Partnership Program (SLPP) funds, which will expire if not awarded in the next few
months. In addition, the construction bid will expire on December 18, 2013. Although the
project qualifies for Transportation Uniform Mitigation Fee regional arterial funds, there are
insufficient funds available for programming construction.
The first multi-funding call for projects evaluation meeting took place on November 6, 2013.
Projects were scored by an evaluation committee comprised of Technical Advisory Committee
Agenda Item 7H
285
members for Regional Significance, Safety, Project Readiness, and Local Match. The remaining
criteria (Air Quality, Cost-Benefit, and Regional Transportation Plan/Sustainability Communities
Strategy Consistency) are being evaluated by a consultant using models that will provide
quantifiable results. A second evaluation meeting is being scheduled in December to evaluate
the results of the remaining criteria and complete the rankings. Per the initial project
evaluations, this project is the second highest ranked project.
The evaluation committee expressed concern regarding the potential loss of SLPP funds and bid
expiration for Foothill Parkway and recommended approval of this project for MARA funds
ahead of the full award of the 2013 Multi-Funding Call for Projects programming
recommendations. That action will be presented to the Commission at its January 8, 2014
meeting, which takes place after the bid expiration. Staff supports programming MARA funds
for the project, as this request is consistent with the Commission’s priority to program MARA
funds for eligible projects ready for construction.
Financial Information
In Fiscal Year Budget: N/A Year: FY 2014/15 Amount: $21,000,000
Source of Funds: 2009 Western Riverside County
Measure A Regional Arterial funds Budget Adjustment: N/A
GL/Project Accounting No.: 005102 81301 266 72 81301
Fiscal Procedures Approved: Date: 11/15/2013
Agenda Item 7H
286
AGENDA ITEM 7I
BLANK
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Western Riverside County Programs and Projects Committee
Shirley Medina, Planning and Programming Director
THROUGH: Anne Mayer, Executive Director
SUBJECT: 1989 Measure A Funding for County of Riverside’s State Route 79 Widening
Project
WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF
RECOMMENDATION:
This item is for the Commission to:
1)Approve Agreement No. 14-31-061-00 with the county of Riverside (County) for
$1 million of 1989 Measure A Western County Highway funds to construct Phase 2 of
the County’s State Route 79 widening project from Thompson Road to Domenigoni
Parkway (SR-79 Project); and
2)Authorize the Chair or Executive Director pursuant to legal counsel review, to execute
the agreement on behalf of the Commission.
BACKGROUND INFORMATION:
On numerous occasions, the Commission has come to the assistance of local agencies by
enabling the transfer of restricted funding so a project can be funded. State and federal dollars
often come saddled with restrictions that prevent the funding from being used for a smaller
project, even if that project offers significant mobility and safety benefits.
A case in point is the $1 million Gernert/Poarch Road pavement project. The County and the
Commission have worked closely on developing this project, which is needed in an area near
Box Springs Road and adjacent to the Perris Valley Line project in an unincorporated area near
Riverside’s East Hills and Moreno Valley.
The County submitted the project for funding through the Commission’s 2013 Multi-Funding
Call for Projects, which consists of federal Congestion Mitigation and Air Quality and Surface
Transportation Program funds and Measure A Regional Arterial (MARA) Western County funds.
However, the pavement project is not eligible for the available fund sources since federal funds
must be spent on roads that are on the federal functional classification system, and
Gernert/Poarch Road is not identified on this system. Additionally, MARA funds are required to
Agenda Item 7I
287
be spent on regional arterials, not local circulation roads. In looking at the various fund
sources, it was determined local funds would be the most appropriate fund source to meet the
project’s schedule.
Staff met with County staff to review funding needs including shifting and reprogramming funds
to ensure priority projects meet funding eligibility and construction schedules. It was proposed
to provide $1 million of 1989 Measure A Western County Highway funds for the County’s SR-79
Project, which is being constructed in phases with Phase 2 beginning earlier this year. In turn,
the County will reprogram $1 million of local funds from the SR-79 Project to the
Gernert/Poarch Road project. Since SR-79 is a listed project in the 1989 Western Riverside
County Measure A Expenditure Plan, this is an appropriate transfer of funding. Moreover,
highway and rail projects are combined in the same category of that 1989 Measure A
Expenditure Plan and this is one of the last projects remaining that can be funded through the
old program. While the Gernert/Poarch Road paving project should in no way be considered an
essential part of the Perris Valley Line project, the combination of the paving project along with
the development of the rail service will be helpful to the entire area.
Financial Information
In Fiscal Year Budget: No Year: FY 2013/14 Amount: $1,000,000
Source of Funds: 1989 Measure A Western County
Highway funds Budget Adjustment: Yes
GL/Project Accounting No.: 315114 81301 222 31 81301
Fiscal Procedures Approved: Date: 11/15/2013
Agenda Item 7I
288
AGENDA ITEM 7J
BLANK
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Budget and Implementation Committee
Grace Alvarez, Planning and Programming Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT: Federal Surface Transportation Program 2013 Call for Rehabilitation Projects
–Project Programming for the Cities of Blythe and Indian Wells
BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION:
This item is for the Commission to approve programming federal Surface Transportation Program
(STP) funds for pavement rehabilitation projects in the amount of $192,714 for the cities of Blythe
(Blythe) and Indian Wells (Indian Wells).
BACKGROUND INFORMATION:
At its March 2013 meeting, the Commission approved a 2013 Call for Rehabilitation Projects to be
funded with federal STP funds in the amount of $13.8 million. The amount available is a set aside of
20 percent of the annual apportionment of STP funds over three years for pavement rehabilitation
type work, resulting in approximately $13.8 million of funding based on Riverside County’s FFY
2012/13 STP apportionment estimate provided by Caltrans. Criterion used for establishing allocation
targets for each city and the county of Riverside were 2010 Census population and Federal Functional
Classification System lane miles, which were weighted 50/50. STP funds are required to be matched
at a minimum of 11.47 percent.
Staff received applications to fund 21 projects by the April 1, 2013, deadline and an additional
7 projects were received after the April 1 deadline, which were brought forward for action at the
May, June, and September Commission meetings. Some of the smaller local agencies requested
additional time to submit projects, which staff agreed to extend the deadline.
Blythe submitted the North Broadway from Juniper Trail to 10th Avenue grant application on
November 13. Indian Wells submitted the Cook Street Rubberized Overlay from Fred Waring Drive
south to Highway 111 grant application on October 16. Staff reviewed the project submittals from
Blythe and Indian Wells for completeness and recommends the Committee approve the STP funds
requested in the amount of $150,011 and $42,703 respectively. Blythe local funds committed for the
construction phase total $98,989. The funding requested for Indian Wells in the amount of $42,703
will be combined with a previous STP grant in the amount of $92,294; local funds committed for the
construction phase total $392,500. Staff expects the projects to be obligated by the end of FFY
2013/14. The Commission will be updated on the status of delayed projects, if any.
Agenda Item 7J
289
Upon Commission approval, staff will program the projects in the Federal Transportation
Improvement Program (FTIP). Once the projects are in an approved FTIP, Blythe and Indian Wells will
work with Caltrans District 8 Office of Local Assistance to complete the federal requirements for
obligating the funds.
With approval of these requests, the Commission has fully authorized the programming of the
$13.8 million of STP funds made available to its member agencies for pavement rehabilitation
projects.
Federal STP funds are administered through Caltrans; therefore there is no financial impact to the
Commission.
Attachment: Additional Project Programming for the STP 2013 Call for Rehabilitation Projects
Agenda Item 7J
290
2013 SURFACE TRANSPORTATION PROGRAM CALL FOR PROJECTS
AGENCY PROJECT TITLE/DESCRIPTION PROJECT LIMITS
FEDERAL
FUNDS (STPL)
000'S
STATE/LOCAL
FUNDS - 000S
TOTAL PROJECT
COST
Blythe N. Broadway Grind and Overlay Juniper Trail to 10th Ave.150.00$ 99.00$ 249.00$
Indian Wells Cook Street Rubberized Overlay **Fred Waring Dr south to Hwy 111 43.00$ 382.50$ 425.50$
Totals - November 2013 193.00$ 481.50$ 674.50$
Projects approved May 2013 $12,119 $4,340 $16,459
Project approved June 2013 $1,268 $989 $2,257
Project approved September 2013 220.00$ 171.00$ 391.00$
Total projects approved as of November 2013 13,800.00$
Total STP funds available 13,800.00$
** Indian Wells' Cook Street Rubberized Overlay has $92,294.00 available from a previous STP Call for Projects that was programmed but not obligated and that will
now be combined with this new grant to make a better project.
291
AGENDA ITEM 7K
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Western Riverside County Programs and Projects Committee
Alex Menor, Capital Projects Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT:
Amendment to Transportation Uniform Mitigation Fee Regional Arterial
Agreement for the Railroad Canyon Road at Interstate 15 Interchange Project
in the City of Lake Elsinore
WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF
RECOMMENDATION:
This item is for the Commission to:
1)Approve Agreement No. 10-72-016-02, Amendment No. 2 to Agreement
No. 10-72-016-00, with the city of Lake Elsinore (Lake Elsinore) for the Railroad Canyon
Road/Interstate 15 interchange project to authorize staff to complete the project
approval and environmental document (PA&ED) phase with the remaining $211,382 of
the $1,206,000 TUMF funds allocated to this phase and to increase the PA&ED phase
funding amount by $399,000 to $1,605,000;
2)Approve Agreement No. 11-31-107-02, Amendment No. 2 to Agreement
No. 11-31-107-00, with SC Engineering for the project with Lake Elsinore to authorize SC
Engineering to complete the PA&ED services associated with the project in the amount
of $464,000, plus an additional contingency amount of $17,000 for a total increase of
$481,000, resulting in a total not to exceed amount of $705,000;
3)Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute
the agreements on behalf of the Commission;
4)Authorize the Executive Director to approve release of contingency work up to the total
authorized amount as may be required for the project;
5)Authorize the Executive Director, pursuant to legal counsel review, to execute
agreements with Caltrans to reflect non-funding changes related to the project on
behalf of the Commission; and
6)Approve an increase in FY 2013/14 budgeted expenditures of $146,000.
BACKGROUND INFORMATION:
In April 2000, Lake Elsinore initiated the I-15/Railroad Canyon interchange project to improve
safety, circulation, and level of service of the interchange. In September 2003, Lake Elsinore
completed the project study report. Between January 2004 and June 2005, Lake Elsinore
Agenda Item 7K
292
completed interim improvements at the interchange to improve operations. In January 2006,
Lake Elsinore contracted with SC Engineering to prepare the required studies involved in the
PA&ED phase such as the project report, preliminary engineering and environmental studies,
and environmental document. In December 2008, Lake Elsinore entered into a project
development cooperative agreement with Caltrans.
In February 2010, the Commission entered into Agreement No. 10-72-016-00 with Lake Elsinore
to provide $1 million of TUMF Regional Arterial program funds for the project’s PA&ED phase.
In January 2011, the city council approved a resolution requesting the Commission to assume
the PA&ED phase contract with SC Engineering. In May 2011, the Commission approved
Agreement No. 10-72-016-01, to increase the TUMF Regional Arterial program funds by
$206,000 and Agreement No. 11-31-107-00 for the Commission to assume the SC Engineering
agreement in the amount of $192,000 plus a contingency of $32,000, for a total amount not to
exceed $224,000 in order to manage the completion of the PA&ED phase for the project.
Currently an unexpended balance of approximately $22,000 remains on the SC Engineering
contract, and the contingency of $32,000 has not yet been used.
In late 2011, new requirements to analyze greenhouse gases for the air quality report and to
include new 2010 census data in the community impact assessment report resulted in an
additional $75,000 in out-of-scope work. Subsequently, the city council did not approve
additional funds for these studies, resulting in work on the project to stop. As a result, the
project’s TUMF unexpended balance under Agreement No. 10-72-016-00 for PA&ED is
$211,382. At the time of the work stoppage, 31 preliminary engineering and environmental
technical reports had been approved, and two technical reports were not completed. The
completion and approval of all 33 technical reports are required to circulate the draft
environmental document for public review.
DISCUSSION:
Lake Elsinore has requested the Commission restart work on this Project. Commission staff met
with Caltrans several times to identify the required work to complete the environmental
approval for the Project. SC Engineering submitted a scope and fee of $486,000 to update
identified preliminary engineering and environmental technical reports, prepare the
environmental document, and complete the PA&ED phase.
Lake Elsinore secured approval at its November 12, 2013, council meeting to increase the TUMF
funding by $399,000 to complete the Project’s PA&ED phase. The additional TUMF funds will
be reprogrammed from a future right of way phase, which is supported by a subcommittee of
the Technical Advisory Committee. Staff estimates that this phase can be completed in about
18 months.
Commission staff reviewed SC Engineering’s proposal and recommends the Commission
approve this request to complete the PA&ED phase. Staff estimates that the cost to complete
this phase is $610,000, comprised of $486,000 for SC Engineering plus a contingency of $49,000
Agenda Item 7K
293
and Commission staff and other costs of $75,000. Therefore, staff recommends an amendment
to the SC Engineering agreement as follows, after consideration of unexpended amounts:
Cost Contingency Total
Authorization
Total cost $ 486,000 $ 49,000 $ 535,000
Unexpended balance available (22,000) (32,000) (54,000)
Amendment No. 2 $ 464,000 $ 17,000 $ 481,000
As a result of approval of Amendment No. 2 to the SC Engineering agreement, the total
Commission authorization for Agreement No. 11-31-107-00 will be $705,000.
Lake Elsinore is proposing to amend TUMF Agreement No. 10-72-016-00 to increase the TUMF
funding by $399,000 and to use the unexpended TUMF balance of $211,382 to complete the
PA&ED phase, for total available funding of $610,382. The $399,000 of TUMF funds will be
deducted from the right of way phase.
The FY 2013/14 budget for the project includes $211,000 for engineering costs. Therefore, a
budget adjustment of $146,000 is required to increase expenditures in the FY 2013/14 budget.
Financial Information
In Fiscal Year
Budget:
Yes;
No
N/A
Year:
FY 2013/14
FY 2014/15
Amount:
$200,000 revenues and $211,000
expenditures;
$146,000 expenditures*
$199,000 revenues and
expenditures
Source of Funds: TUMF Regional Arterial Budget Adjustment: Yes ($146,000* only)
N/A
GLA
No.:
005104 416 41607 210 72 42110 $ 399,000 TUMF funding
005104 81101 210 72 81101 $ 481,000 Engineering expenditures
005104 6XXXX 210 72 6XXXX $ 75,000 Commission staff and other costs
Fiscal Procedures Approved: Date: 11/16/2013
Attachments:
1) Draft TUMF Funding Amendment—Agreement No. 10-72-016-02
2) Draft SC Engineering Amendment—Agreement No. 11-31-107-02
Agenda Item 7K
294
BLANK
1
17336.01200\8381048.2
Agreement No. 10-72-016-02
AMENDMENT NO. 2
TO AGREEMENT FOR THE FUNDING OF TUMF REGIONAL ARTERIAL
IMPROVEMENTS WITH THE CITY OF LAKE ELSINORE FOR THE RAILROAD
CANYON ROAD AT I-15 IMPROVEMENTS
1. PARTIES AND DATE
This Amendment No. 2 is made and entered into as of this ______ day of
___________, 2013, by and between the RIVERSIDE COUNTY TRANSPORTATION
COMMISSION (“Commission”) and CITY OF LAKE ELSINORE ("City").
2. RECITALS
2.1 The Commission and the City have entered into an agreement entitled
"Agreement for the Funding of TUMF Regional Arterial Improvements with
the City of Lake Elsinore" dated February 4, 2010 (the "Master
Agreement"). The Master Agreement provides the terms and conditions,
scope of work, schedule and funding amount for the Project Approval and
Environmental Document ("PA&ED") Phase related to the Railroad
Canyon Road at the I-15 Improvements Project (hereinafter the "Project").
The Project is more specifically described in Exhibit "B" of the Master
Agreement.
2.2 The Commission and the City have entered into an Amendment No. 1 to
the Master Agreement, dated June 6, 2011, (“Amendment No. 1”) for the
purpose of increasing the Funding Amount and assuming the City's
existing professional services agreement with SC Engineering for the
PA&ED services for the Project.
2.3 The parties now desire to amend the Master Agreement in order to
provide additional TUMF funding for the completion of the PA&ED Phase
of the Project.
3. TERMS
3.1 The Funding Amount, as set forth in Section 3.2 of the Master Agreement,
as amended by Amendment No. 1, shall be increased from One Million
Two Hundred Six Thousand Dollars ($1,206,000) to One Million Six
Hundred Five Thousand Dollars ($1,605,000).
ATTACHMENT 1
295
2
17336.01200\8381048.2
3.2 The funding allocations identified in Exhibit "A" of the Master Agreement
shall be replaced by the funding allocations identified in Exhibit "A"
attached to this Amendment and incorporated herein by reference. The
Funding Amount shall be utilized as specified in the attached Exhibit "A"
and in accordance with the terms of the Master Agreement.
3.3 Except as amended by this Amendment, all provisions of the Master
Agreement, as amended by Amendment No. 1, including without limitation
the indemnity and insurance provisions, shall remain in full force and
effect and shall govern the actions of the parties under this Amendment.
[Signatures on following page]
296
17336.01200\8381048.2 3
SIGNATURE PAGE
TO
AGREEMENT NO. 10-72-016-02
IN WITNESS WHEREOF,the parties hereto have executed this Amendment on
the date first herein above written.
RIVERSIDE COUNTY CITY OF LAKE ELSINORE
TRANSPORTATION COMMISSION
By: _____________________________ By: _________________________
Karen S. Spiegel, Chair Robert E. Magee, Mayor
APPROVED AS TO FORM:APPROVED AS TO FORM:
By: _____________________________ By: _________________________
Best Best & Krieger LLP Barbara Liebold
Counsel to the Riverside County City Attorney
Transportation Commission
297
17336.01200\8381048.2 EXHIBIT “A”
EXHIBIT “A”
FUNDING
FUNDING:
PHASE TUMF LOCAL TOTAL
PA&ED $1,605,000 $0 $1,605,000
TOTAL $1,605,000 N/A $1,605,000
298
17336.00000\1514236.2 1
Agreement No. 11-31-107-02
AMENDMENT NO. 2
TO AGREEMENT FOR PROFESSIONAL SERVICES WITH SC ENGINEERING
FOR THE RAILROAD CANYON/DIAMOND DRIVE INTERCHANGE
AT THE 1-15 FREEWAY
1.PARTIES AND DATE
This Amendment No. 2 is made and entered into as of this ______ day of
___________, 2013, by and between the RIVERSIDE COUNTY TRANSPORTATION
COMMISSION (“Commission”) and REYES S. CHAVEZ, a sole proprietorship, d/b/a SC
ENGINEERING ("Consultant").
2.RECITALS
2.1 The City of Lake Elsinore ("City") and SC Engineering entered into an
Agreement For Professional Services, dated December 1, 2005 (the
"Master Agreement") for the purpose of retaining Consultant to prepare a
Project Report and Draft Environmental Document ("PA&ED") necessary
for the Railroad Canyon Road/Diamond Drive Interchange at the I-15
Freeway (the "Project").
2.2 The Commission and City have entered into an Assignment and
Assumption Agreement ("Assignment"), Commission Agreement No. 11-
31-107-00, for the purpose of assigning to the Commission all of the City's
rights and interests in and to the Master Agreement, except as amended
by this Amendment No. 1. A copy of the Assignment is on file at the
offices of the Commission.
2.3 Prior to entering into Amendment No. 1, and in order to ensure the timely
progression of Consultant's services, the Commission and Consultant
entered into a letter agreement for certain services related to the Project
(the "Letter Agreement"). The total value of the Letter Agreement is
Eighteen Thousand Dollars ($18,000).
2.4 The Commission and the Consultant have entered into an Amendment
No. 1 to the Master Agreement, dated June 1, 2011, for the purpose of the
Letter Agreement to be replaced and superseded by the Master
Agreement.
ATTACHMENT 2
299
17336.00000\1514236.2 2
2.5 The parties now desire to amend the Master Agreement in order to revise
the Scope of Services and provide additional compensation to complete
the PA&ED Phase of the Project.
3. TERMS
3.1 The Scope of Services for the Master Agreement shall be amended to
include Services, as that term is defined in the Master Agreement,
required to complete the PA/ED phase of the project, as more fully
described in Exhibit "A" attached to this Amendment and incorporated
herein by reference.
3.2 The maximum compensation for Services performed pursuant to this
Amendment shall be Four Hundred Eighty-Six Thousand Dollars
($486,000). Twenty-Two Thousand Dollars ($22,000) of remaining
contract balance shall be applied to the services described herein.
Therefore, the total not to exceed contract amount is hereby increased by
Four Hundred Sixty-Four Thousand Dollars ($464,000). Work shall be
performed at the rates set forth in the Master Agreement.
3.3 The total not-to-exceed amount of the Master Agreement, as amended by
this Amendment No. 2, shall be increased from One Hundred Ninety-Two
Thousand Dollars ($192,000) to Six Hundred Fifty-Six Thousand Dollars
($656,000).
3.4 Except as amended by this Amendment, all provisions of the Master
Agreement, as amended by Amendment No. 1, including without limitation
the indemnity and insurance provisions, shall remain in full force and
effect and shall govern the actions of the parties under this Amendment.
[Signatures on following page]
300
17336.00000\1514236.2 3
SIGNATURE PAGE
TO
AGREEMENT NO. 11-31-107-02
IN WITNESS WHEREOF, the parties hereto have executed this Amendment on
the date first herein above written.
RIVERSIDE COUNTY REYES S.CHAVEZ
TRANSPORTATION COMMISSION d/b/a SC ENGINEERING
By: _____________________________ By: _________________________
Karen S. Spiegel, Chair Reyes S. Chavez, President
APPROVED AS TO FORM:
By: _____________________________
Best Best & Krieger LLP
Counsel to the Riverside County
Transportation Commission
301
Exhibit A
17336.00000\1514236.2
EXHIBIT "A"
SCOPE OF SERVICES
[Attached behind this page]
302
TRANSPORTATION
TRAFFIC
CIVIL ENGINEERING
PROJECT/CONSTRUCTION MANAGEMENT
Serving the Transportation Needs of the Inland Empire and High Desert
Headquarters
16096 Chiwi Road
Apple Valley, CA 92307
760.242.2081 951.204.8073
October 2, 2013
I-15/Railroad Canyon Road
and I-15/Franklin Street IC
Reconstruct IC and New IC
Riverside County Transportation Commission
4080 Lemon Street, 3rd Floor
PO BOX 12008
Riverside, CA 92502-2208
Attention: Mr. Alex Menor
Capital Projects Manager
Subject: Cost to Complete Scope of Work and Fee Proposal
Project Approval/Environmental Document (PA/ED) Phase
Dear Mr. Menor:
Per Caltrans letter to Mr. Marlin Feenstra dated June 10, 2013 and the subsequent focus meeting with Caltrans
and RCTC staff on June 26, 2013 and September 26, 2013; itemized below is a detailed description of a cost to
complete the PA/ED phase of the project.
SCOPE OF SERVICES
Engineering Services
1. Supplemental Traffic Impact Analysis (STIA)
The Traffic Impact Analysis (TIA) was approved in September 2009; and the STIA were approved in March
2010, November 2010, and March 2011. Because the project has been dormant for approximately 1.5 years,
Caltrans and the Federal Highway Administration require that a STIA must be prepared to address the
following:
a. Update the existing year 2009 traffic counts to 2013.
b. Update the Phase 1 Project Failure Year.
c. Update the Opening Year from 2015 to 2018.
Level of Service (LOS) will be performed for intersections, Ramp Merge-Weave, Ramp Merge-Diverge, and
freeway mainline. The LOS will be based on the 2000 Highway Capacity Manual Methodology. The LOS
analysis will be documented in the STIA.
2. New Connection Report (NCR)
The NCR was submitted to FHWA in September 2011. Comments from FHWA were provided in January
2012. As part of the NCR review, FHWA requested that a STIA be prepared to determine the Phase 1
Project Failure Year. In addition, since the project has been dormant, FHWA requires that the existing traffic
data and opening year analysis be updated. Also, FHWA now requires the NCR comply with new FHWA
requirements including a “Safety Analysis”. The NCR will be updated to conform to all State and Federal
requirements.
3. Life Cycle Cost Analysis (LCCA)
The LCCA was prepared and submitted to Caltrans on October 18, 2010. Caltrans is requiring an update and
re-approval of the Preliminary Material Report, thus, the recommended pavement structural section will be
updated thus requiring the LCCA to be updated. Also, Caltrans Headquarters developed new criteria for the
LCCA. As part of the new criteria the LCCA must be updated to the new criteria.
303
Mr. Alex Menor
Capitals Project Manager
RCTC
Cost to Complete Scope of Work and Fee Proposal
October 2, 2013
Page 2 of 7
4. Traffic Management Plan (TMP) Data Sheet
The TMP was last updated and approved in November 2010. Since the TMP Data Sheet is only valid for two
years, Caltrans requires that the TMP Data Sheet be updated to current standards.
5. Storm Water Data Report-Project Approval/Environmental Document (SWDR-PA/ED)
The SWDR-PA/ED was approved by Caltrans on December 7, 2009. Effective July 1, 2010, the project is
subject to the new requirements of the State Water Resources Control Board Order No. 2009-009-DWQ
National Pollutant Discharge Elimination System (NPDES) General Permit for Storm Water Discharges
Associated with Construction and Land Disturbance Activities (NPDES No. CAS000002). Thus, Caltrans
requested that the SWDR-PA/ED must be prepared under the July 2010 SWDR template and
requirements, including performing infiltration V3.0 calculations, prior to the approval of the Final Project
Report.
6. Water Quality Assessment Supplemental Memorandum
The Water Quality Assessment Report (WQAR) was approved in June 2010. Effective July 1, 2010, the
project is subject to the new requirements of the State Water Resources Control Board Order No. 2009-009-
DWQ National Pollutant Discharge Elimination System (NPDES) General Permit for Storm Water
Discharges Associated with Construction and Land Disturbance Activities (NPDES No. CAS000002).
Thus, Caltrans requested that a WQAS memorandum be prepared to document compliance
7. Right of Way Data Sheet Coordination
The Right of Way Data Sheet was last updated in September 2011. Since data sheets are valid for 1 year,
the Right of Way must be re-visited and verify that there are no revisions to the Right of Way Requirements.
Caltrans will prepare the Right of Way Data Sheet, but coordination between the consultant and Caltrans staff
is required.
8. Bridge Advance Planning Studies (APS)
The APS were previously prepared and approved in Metric format. Because the approval was over 5 years
ago, Caltrans is requesting updated APS be approved in English format.
9. Update Geometric Approval Drawings (GADs) and Design Fact Sheet
The GADs were approved in May 2010. The Advisory Design Exceptions Fact Sheet and the Mandatory
Design Exceptions Fact Sheet were prepared and approved on March 24, 2010 and April 13, 2010,
respectively. A Supplemental Advisory Design Exception was approved on March 21, 2011 and a
Supplemental Mandatory Design Exception was approved on March 22, 2011. Since there have been major
revisions to the Caltrans Highway Design Manual (HDM), Caltrans is requesting that the Consultant evaluate
the new HDM requirements and resubmit GADs and Supplemental Facts Sheets for approval.
10. Intersection Control Evaluation (ICE) Report
Caltrans now requires that an ICE report be prepared for all projects with intersections. The ICE report will
evaluate the justification of a Roundabout intersection.
11. Update Preliminary Material Report (PMR) to Current Standards
The PMR was approved in June 2010. Caltrans is requiring that the PMR be updated since there have been
major revisions to Chapter 600, Pavement Engineering, of the HDM. The PMR will be updated to current
Caltrans standards and requirements.
304
Mr. Alex Menor
Capitals Project Manager
RCTC
Cost to Complete Scope of Work and Fee Proposal
October 2, 2013
Page 3 of 7
12. Update Preliminary Geotechnical Design Report (PGDR) to Current Standards
The PGDR was approved in June 2010. Since Caltrans is requiring that the PMR be updated, sections of the
PGDR related to pavement recommendations will have to be updated. The PGDR will be updated to current
Caltrans standards and requirements.
13. Draft Project Report (DPR)
The DPR has been reviewed by Caltrans, but will require updating due the following:
a. Safety Analysis and Traffic Accident Data Update
b. Preliminary Construction Cost Estimate
c. STIA
d. GADs and Fact Sheets
14. Final Project Report (FPR)
The FPR will incorporate comments from the circulation of the Environmental Document, from the prior
reviews and additional information developed. The FPR will then be submitted to Caltrans for signature and
approval.
15. Project Management/Administration/Meetings
General Project Management and Coordination efforts related to completion of the PA/ED phase. It is
anticipated that another 18 months will be required to complete the PA/ED phase.
Environmental Services
All documentation will be prepared pursuant to the Caltrans Project Development Procedures and Workflow
Tasks Manuals (including the PR Guidelines), and the Caltrans Standard Environmental Reference (SER) Web
page as of June 26, 2013 (including the annotated IS/EA template dated October 2012). If, after the first drafts of
these documents are completed, substantial effort is required to comply with new revisions to Caltrans guidelines
for the technical studies or the IS/EA, the scope and budget may need to be modified accordingly.
Task 1.0: Project Re-initiation
This task includes research and investigation activities necessary to develop a current, up to date understanding
of the proposed project and any associated changes made to the project. The task also includes attendance at a
project re-initiation meeting with the Project Development Team (PDT) consisting of SC Engineering, RCTC, the
City, and Caltrans. Once the project re-initiation meeting occurs, CONSULTANT will provide an updated schedule
to be incorporated into SC Engineering’s overall schedule and utilized by the PDT. This scope and budget
anticipates that there are no major/significant changes in the project requiring additional analysis in the technical
studies. If there are significant changes to the project requiring changes in the previously approved technical
studies, an additional scope and budget will be prepared under separate cover.
Task 2.0: Project Management/Meetings
In addition to project management, this task includes ongoing project team coordination and attendance at up to
18 Project Development Team (PDT) meetings (assuming CONSULTANT will be required to attend every
monthly PDT meeting for the 18-month schedule) or other meetings. Two additional meetings are also included:
(1) a project kickoff meeting, and (2) an initial field investigation meeting with the City and Caltrans.
305
Mr. Alex Menor
Capitals Project Manager
RCTC
Cost to Complete Scope of Work and Fee Proposal
October 2, 2013
Page 4 of 7
Task 3.0: Updates to Environmental Technical Studies
Unless otherwise noted, this scope and budget are based on three rounds of Caltrans review for the draft
technical studies. The first round of review is for major comments, and the second and third rounds are for minor
cleanup comments (no new comments requiring substantial revisions). The first submittal includes a “5 day
completeness review submittal” to enable Caltrans to review the report to ensure it provides the basic information
required per the SER, prior to submitting the first draft reports for full review. If the concept plans for the project
are revised after the analysis for the technical studies is complete, new analysis based on the revised plans may
be required, and the scope and budget may need to be modified accordingly.
Task 3.1 Air Quality Report (AQR) and Air Quality Conformity Analysis (AQCA). CONSULTANT
prepared an Air Quality Report and Air Quality Conformity Analysis for the proposed project. The AQR and
AQCA received concurrence from Caltrans on April 19, 2010.
CONSULTANT will prepare an updated air quality analysis for the proposed I-15/Railroad Canyon Road
Improvement Project to satisfy CEQA, state and federal environmental requirements, and conformity
provisions of the Clean Air Act Amendments (CAAA). To the extent possible, the modeling results and impact
analysis for the build alternatives previously analyzed in the draft Air Quality Analysis will be incorporated into
this report.
The proposed project is located within the South Coast Air Basin (SCAB) region of Riverside County.
Therefore, the project is subject to the South Coast Air Quality Management District's (SCAQMD) rules and
regulations.
The Air Quality Report will be prepared in accordance with the following protocols/guidelines:
Caltrans Transportation Project-Level Carbon Monoxide Protocol, FHWA/EPA Transportation Conformity
Guidance for Quantitative Hot-spot Analyses in PM2.5 and PM10 Nonattainment and Maintenance Areas,
FHWA Interim Guidance on Air Toxic Analysis in NEPA Documents, and Caltrans' policy on greenhouse gas
emissions. The Air Quality Report will also analyze and discuss the presence/ absence of asbestos-
containing structures/roadway affected by the Project and construction-related impacts. In addition, the
proposed project’s short-term construction and long-term operational impact on global warming and climate
change will be discussed.
The Air Quality Report will document that the proposed project is included and consistent with its description
in the 2012 Regional Transportation Plan (RTP) and the latest Federal Transportation Improvement Program
(FTIP). RCTC will initiate and obtain approval of any necessary amendments to the RTP and FTIP prior to
completion of the project-level air quality analysis described below. The Air Quality Report will make a final
determination whether the build alternatives will conform to applicable state and federal air quality plans.
Mitigation measures will be defined for any construction and/or operational impacts that are identified.
Coordination with EPA, Caltrans, and FHWA through SCAG’s Transportation Conformity Working Group
(TCWG) will be necessary to ensure that the proposed project would not violate/exacerbate air quality in the
SCAB.
In addition to the air quality analysis, CONSULTANT will prepare the “Conformity Analysis Documentation for
Project-Level Conformity Determinations in Metropolitan Nonattainment/Maintenance Areas” required for
NEPA delegation. The conformity analysis will be prepared after a preferred alternative is identified and
submitted to Caltrans for their review and submittal to FHWA for approval.
Task 3.2 Noise Study Report (NSR). CONSULTANT prepared a Noise Study Report (NSR) for the
proposed project. The NSR received concurrence from Caltrans on February 10, 2011. CONSULTANT will
update the December 2010 Noise Study Report (NSR). The updated NSR will be consistent with the May
2011 Caltrans Noise Analysis Protocol and November 2009 Technical Noise Supplement (TeNS) to address
traffic noise impacts on land uses within the project limits, such as existing and approved future residential
areas located adjacent to the proposed project. Noise standards regulating noise impacts, including the Noise
306
Mr. Alex Menor
Capitals Project Manager
RCTC
Cost to Complete Scope of Work and Fee Proposal
October 2, 2013
Page 5 of 7
Abatement Criteria (NAC), will be discussed for land uses located adjacent to the project. The areas with
potential future traffic noise impacts will be identified using land use information, aerial photographs, and field
reconnaissance. A discussion of any existing sensitive uses and approved future residences in the project
vicinity will be included. Ambient noise level measurements will be re-conducted to establish the existing
noise environment at representative land uses within the project area. Short-term (15-minute) noise level
measurements will be made at up to 26 locations with concurrent traffic counts to document the existing noise
environment and to calibrate the traffic noise model. Observations of other noise sources, barriers, terrains,
building heights, and other site specific information will be noted during each measurement period.
Short-term noise impacts from construction sources will be analyzed based on the equipment expected to be
used, length of a specific construction task, equipment power type (gasoline or diesel engine), horsepower,
load factor, and percentage of time in use. The construction noise impact will be evaluated in terms of
maximum levels (Lmax) and the frequency of occurrence at adjacent noise sensitive locations.
The Federal Highway Administration (FHWA) Traffic Noise Model (TNM) version 2.5 will be updated to
evaluate the traffic noise levels associated with the Existing, Future No Build, and two build Alternatives.
Model input data include peak hour traffic volumes, vehicle mix among autos, medium and heavy trucks,
vehicle speeds, ground attenuation factors, and roadway configurations. Existing roadway traffic noise will be
calculated as baseline conditions, using concurrent traffic counts obtained during ambient noise level
measurement. The future traffic conditions will assume either the worst-case traffic condition or the projected
traffic volumes provided in the traffic study. Noise abatement measures (noise barriers) designed to reduce
long-term traffic noise impacts by 5 dBA or more, as required to be feasible, will be evaluated. The total
reasonable allowance will be calculated for each noise barrier.
Task 3.3 Noise Abatement Decision Report (NADR). CONSULTANT prepared a Noise Abatement
Decision Report (NADR) for the proposed project.
CONSULTANT will update the July 2011 Noise Abatement Decision Report (NADR), as defined in the May
2011 Caltrans Noise Analysis Protocol upon receipt of the estimated sound barrier construction cost and non-
acoustical information related to feasibility from the project engineer. The report will summarize the
preliminary reasonableness determination from the noise study report, present the engineer’s cost estimate
for the evaluated abatement, evaluation of non-acoustical factors related to feasibility, preliminary noise
abatement decision, and secondary effects of abatement (impacts on cultural resources, scenic views,
hazardous materials, and biology). CONSULTANT will update the NADR consistent with the District report
guidelines with the best information available.
Task 3.4 Community Impact Assessment. CONSULTANT prepared a Community Impact Assessment
(CIA) that identified the project’s community impacts on neighborhoods, businesses, and minority and low-
income populations. The CIA received concurrence from Caltrans on December 29, 2010. In addition, a
supplemental memo documenting limited 2010 Census updates was prepared and submitted to Caltrans in
December 2011.
The December 2010 CIA was based off of 2000 Census data. Between the approval of the CIA (December
2010), the submittal of the Administrative Draft IS/EA (August 2011), and recommended changes outline by
Caltrans in June 2013, additional demographic 2010 Census data has become available. Caltrans is
requesting an updated CIA to address this change in 2010 Census data and for those changes to be made in
the Draft IS/EA. CONSULTANT will update the December 2010 Community Impact Assessment (CIA). The
updated CIA will include and analyze the project based on new 2010 Census data and the recent approval of
the City of Lake Elsinore General Plan and how this new data affects impacts on land uses within the project
limits, such as existing and approved future residential areas located adjacent to the proposed project.
Task 3.5 Supplemental Technical Memoranda. CONSULTANT prepared additional technical reports aside
from those listed above for the proposed project. The remaining technical reports have received concurrence
from Caltrans at various times since 2010.
307
Mr. Alex Menor
Capitals Project Manager
RCTC
Cost to Complete Scope of Work and Fee Proposal
October 2, 2013
Page 6 of 7
Between the approval of the various technical reports, the submittal of the 1st Administrative Draft IS/EA
(August 2011), and recommended changes outlined by Caltrans in June 2013, slight changes in the project
are being proposed. CONSULTANT is proposing a brief (i.e., one page if possible) memorandum in each
discipline will be prepared to supplement the previously approved technical reports signed by the applicable
specialist on each approved technical report. The purpose of these technical memoranda is to determine
whether any design refinements (and resultant changes in ROW requirements) change the conclusions in the
previously approved technical reports with regard to impacts or proposed avoidance, minimization, and
mitigation measures a supplemental memo to address any changes in and for those changes to be made in
the Draft IS/EA.
Task 4.0: Update Second Administrative Draft IS/EA
CONSULTANT will revise the Draft IS/EA based on the results from updated technical studies conducted for the
proposed project in addition to comments received from the PDT (SC Engineering, RCTC, the City, and Caltrans)
and will resubmit the revised Draft IS/EA (including a matrix documenting responses to comments on the
Administrative Draft IS/EA) to the PDT (SC Engineering, RCTC, the City, and Caltrans) for review (up to 15
copies). The Draft IS/EA will be updated to use the IS/EA Annotated Outline dated October 1, 2012, posted on
the SER website.
Task 5.0: Prepare Draft IS/EA for Approval to Circulate (One Copy for Signature)
CONSULTANT will revise the Draft IS/EA per comments received from Caltrans and will prepare the Draft IS/EA
for Caltrans signature for approval to circulate the document for public review (up to 15 copies).
Task 6.0: Public Review
CONSULTANT will prepare a draft public distribution list per input from RCTC, the City and Caltrans. The Draft
IS/EA will be circulated for public review and submitted to the Office of Planning and Research (OPR) (up to 50
hard copies; CDs of the IS/EA may be used instead of hard copies as appropriate) per the distribution list, once
the list has been approved by RCTC, the City and Caltrans. CONSULTANT will prepare a Notice of Availability
(NOA) and Opportunity for Public Hearing to be published in a local newspaper by SC Engineering, RCTC, or the
City. This task includes up to $500 for translating the public notice into Spanish, if required by Caltrans.
CONSULTANT will attend a public information meeting during the public review period or a public hearing to be
coordinated and conducted by others, if Caltrans determines that a public hearing is required.
Task 7.0: Prepare Draft Response to Comments
The Draft Response to Comments will be prepared for submittal to the PDT (SC Engineering, RCTC, the City,
and Caltrans) (up to 15 copies) for review and comment. The Draft Response to Comments will be revised per
the PDT’s comments and submitted to Caltrans for approval. CONSULTANT will prepare responses for its areas
of responsibility and will coordinate with SC Engineering, RCTC, the City, and Caltrans to prepare responses for
their respective areas of responsibility. The level of effort to prepare the responses to comments is based on no
more than 100 CONSULTANT staff hours being required to complete this task.
Task 8.0: Prepare Draft MND/FONSI
CONSULTANT will prepare a Draft MND/FONSI, including revisions based on responses to comments received
during the public review period, for submittal to the PDT (SC Engineering, the City, and Caltrans for review (15
hard copies).
Task 9.0: Prepare Final MND/FONSI
A Final MND/FONSI will be prepared for submittal to Caltrans for review and approval. As part of the process for
the Final MND/FONSI, CONSULTANT will prepare response letters to agencies that submitted comments on the
Draft IS/EA and prepare and file a Notice of Determination (NOD). The City is responsible for the CDFW NOD
filing fee and any County filing fees. CONSULTANT will prepare a Notice of Availability of the Final MND/FONSI
to be published by SC Engineering, RCTC, or the City. CONSULTANT will provide up to 20 hard copies of the
approved MND/FONSI.
Task 10.0: Environmental Commitments Record
308
Mr. Alex Menor
Capitals Project Manager
RCTC
Cost to Complete Scope of Work and Fee Proposal
October 2, 2013
Page 7 of 7
CONSULTANT will prepare a draft and a final Environmental Commitments Record (ECR) in accordance with the
guidelines on the SER Website (June 1, 2013) for use in ensuring implementation of the mitigation measures for
the project. The ECR will be used in the design and construction of the I-15/Railroad Canyon Road Interchange
project for the selected alternative. The ECR will incorporate the mitigation measures from the environmental
document. For each mitigation measure, the ECR will include a list of the following items: a description of the
mitigation measure, the timing of implementation, the performance objectives, the requirements for verification of
compliance, and the party responsible for verifying compliance. The draft ECR will be submitted to the PDT (SC
Engineering, RCTC, the City, and Caltrans) for review and comment, and the final ECR will be provided to
Caltrans along with the Final IS/EA for approval.
Once again, I appreciate the opportunity to serve the RCTC and assist in the process of the approval of the
necessary documents to provide a safer transportation facility in the City of Lake Elsinore and County of
Riverside. Should you have any questions, do not hesitate to call me at 951-204-8073.
Sincerely,
SC ENGINEERING
Sal Chavez, PE
Principal/Project Manager
cc: Project Files-55
Attachments
Fee Proposal
Caltrans Letter to Marlin Feenstra, RCTC dated June 10, 2013
Caltrans Scoping Meeting Minutes of June 26, 2013
Caltrans Scoping Meeting Minutes of September 26, 2013
Draft Project Schedule
309
BLANK
RCTC_Cost to Complete_Railroad_07.15.2013 I-15/Railroad Canyon Road
FEE PROPOSAL
PROJECT APPROVAL/ENVIRONMENTAL DOCUMENT (PA/ED)
10/9/2013
1 OF 2
TASK
Additional Engineering and Environmental Services
Engineering Services
1. Supplemental Traffic Impact Analysis (STIA) - Update to 2013 Existing Volumes,
Phase 1 Project Failure Year and 2017 Opening Year
Updating Existing Traffic Volumes to 2013
Level of Service (LOS) - Intersections 1 32 32 $3,763
LOS - Ramp Merge-Weave 1 24 24 $2,822
LOS - Ramp Merge-Diverge 1 24 24 $2,822
LOS - Freeway Mainline 1 16 16 $1,881
Phase 1 Project Failure Year Analysis
Volume Development Analysis (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
LOS - Intersections (Project Phase 1, Alternative 2 & 3)2 32 64 $7,525
LOS - Merge Weave (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
LOS - Ramp Merge-Diverge (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
Level of Service - Freeway Mainline (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
Opening Year 2018 Analysis
Volume Development Analysis (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
LOS - Intersections (Project Phase 1, Alternative 2 & 3)2 32 64 $7,525
LOS - Merge Weave (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
LOS - Ramp Merge-Diverge (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
LOS - Freeway Mainline (Project Phase 1, Alternative 2 & 3)2 24 48 $5,644
Supplemental TIA 1 80 80 $9,407
Exhibits/Attachments 1 100 100 $11,758
Subtotal 788 $92,656
2. New Connection Report (NCR)
Safety Analysis 1 80 80 $9,407
Incorporation of Supplemental STIA Data 1 60 60 $7,055
Update NCR to new FHWA Requirements/Finalize NCR 1 72 72 $8,466
Subtotal 212 $24,928
3. Life Cycle Cost Analysis (LCCA)
Update per revised Preliminary Material Report 1 40 40 $4,703
Finalize/Update LCCA to current standards 1 64 64 $7,525
Subtotal 104 $12,229
4. Traffic Management Plan Data Sheet, Update to Current Standards 1 16 16 $1,881
5. Storm Water Data Report, update to current standards, including Infiltration V3.0 cals 1 100 100 $11,758
6. Water Quality Memo Update 1 20 20 $2,352
7. Right of Way Data Sheet Coordination 1 12 12 $1,411
8. Bridge Advance Planning Studies (APS) - Metric to English
Grape Street Northbound Entrance Ramp Undercrossing Bridge 1 56 56 $6,585
Southbound Railroad Canyon Road Undercrossing Bridge 1 56 56 $6,585
Franklin Street Overcrossing Bridge 1 56 56 $6,585
Subtotal 168 $19,754
Estimated
No. of Items
Estimated
Hours/Item Hours Budget
310
RCTC_Cost to Complete_Railroad_07.15.2013 I-15/Railroad Canyon Road
FEE PROPOSAL
PROJECT APPROVAL/ENVIRONMENTAL DOCUMENT (PA/ED)
10/9/2013
2 OF 2
TASK Estimated
No. of Items
Estimated
Hours/Item Hours Budget
9. Update Geometric Approval Drawings (GADs)
GADs, increase weaving distance from SB Main On to Franklin Off 1 80 80 $9,407
Supplemental Mandatory Design Exception Fact Sheet (If Required)1 22 22 $2,587
Supplemental Advisory Design Exception Fact Sheet (If Required)1 22 22 $2,587
Subtotal 124 $14,580
10. Intersection Control Evaluation (ICE) Report 1 80 80 $9,407
11. Update Preliminary Material Report to Current Standards 1 33 33 $4,865
12. Update Preliminary Geotechnical Design Report to Current Standards 1 33 33 $4,865
13. Draft Project Report (DPR)
a. Safety Analysis and Traffic Accident Data 1 16 16 $1,881
b. Preliminary Construction Cost Estimate 2 24 48 $5,644
c. STIA Data Incorporation 1 20 20 $2,352
d. GADs and Fact Sheet Incorporation 1 20 20 $2,352
Subtotal 104 $12,229
14. Final Project Report (FPR)1 100 100 $11,758
15. Project Management/Admin/Meetings (18 months @ 12 hrs/month)18 12 216 $25,398
Subtotal (Engineering Services)2110 $250,072
Environmental Services
Environmental Project Management
1.0 Project Re-Initiation 1 14 14 $2,690
2.0 Project Management/Meetings/Administration 1 180 180 $33,700
Subtotal 194 $36,390
Environmental Technical Studies
3.1 Air Quality Report (AQR)/Air Quality Conformity Analysis (AQCA)1 72 72 $9,790
3.2 Noise Study Report (NSR)1 260 260 $32,850
3.3 Noise Abatement Decision Report (NADR)1 110 110 $14,300
3.4 Community Impact Analysis (CIA)1 80 80 $9,750
3.5 Supplemental Technical Memoranda 1 52 52 $6,440
Subtotal 574 $73,130
Draft Environmental Document (Initial Study/Environmental Assessment (IS/EA)
4.0 Update 2nd Administrative Draft IS/EA 1 280 280 $38,560
5.0 Prepare IS/EA for Circulate 1 80 80 $14,560
Subtotal 360 $53,120
Final Environmental Document
6.0 Public Review/Hearing 1 76 76 $18,240
6.1 Public Review Displays/Exhibits/Handouts 1 60 60 $7,055
7.0 Prepare Record of Public Hearing/Draft Response to Comments 1 100 100 $14,280
8.0 Draft MND/FONSI 1 80 80 $14,920
9.0 Final ND/FONSI 1 66 66 $14,330
10.0 Environmental Commitments Records 1 32 32 $4,130
Subtotal 414 $72,955
Subtotal (Environmental Services)1542 $235,595
TOTAL 3,652 $485,667
311
RCTC_Cost to Complete_Railroad_07.15.2013 SC ENGINEERING 10/9/2013
COMPANY:SCOPE OF WORK DATE REVISION
SC Engineering Project Approval/Environmental Document (PA
PROJECT: MILESTONE/PHASE/PROJECT SUMMARY:
I-15/Railroad Canyon Rd Interchange & I-15/Franklin Ave Interchange
DIRECT LABOR
PERSONNEL FUNCTION HOURS RATE AMOUNT
S. Chavez Project Manager 210 $63.00 $13,230 10.0%
D. Ginn/Staff Senior Civil Engineer 316 $50.50 $15,958 15.0%
J. Davis/Staff Senior Civil Engineer 210 $47.50 $9,975 10.0%
Staff Civil Engineer 631 $42.00 $26,502 30.0%
Staff CADD Operator/Technician 631 $31.00 $19,561 30.0%
Staff Bridge Engineer 0 $0.00 $0 0.0%
Staff Landscape Architect 0 $0.00 $0 0.0%
Staff Administrative/Project Controls 106 $27.00 $2,862 5.0%
100.0%
TOTAL HOURS 2,104
2,104
OVERHEAD RATE
TOTAL OVERHEAD
OTHER DIRECT COST
ITEM QUANTITY UNIT UNIT COST AMOUNT
REPRODUCTION 1 LS $5,000.00 $5,000
PUBLIC HEARING DISPLAYS 1 LS $2,400.00 $2,400
COURT REPORT (PUBLIC HEARING)1 LS $1,500.00 $1,500
SPANISH TRANSLATION 1 LS $500.00 $500
TRAFFIC COUNTS @ FRANKLIN ST 3 EA $200.00 $600
TOTAL OTHER DIRECT EXPENSES
SUBCONSULTANT'S COST
COMPANY AMOUNT
LSA Associates $228,540.00
Group Delta Consultants $9,730.00
TOTAL SUBCONSULTANT'S COST
FEES
FIXED FEE 10%$21,581.56
TOTAL FEE $21,582
TOTAL PROJECT COST
$238,270
$485,667
66
COST PROPOSAL WORKSHEET
July 12, 2013
HOURS
1482
$10,000
$127,728
$88,088
OVERHEAD (1.45)
312
BLANK
ID Task Name Duration Start Finish
1 Task 1 -Supplemental Traffic Impact Analysis (STIA)75 days Wed 1/1/14 Tue 4/15/14
2 Task 1.10 - STIA (2013, Opening Year 2018, Failure Year)25 days Wed 1/1/14 Tue 2/4/14
3 Agency Review 20 days Wed 2/5/14 Tue 3/4/14
4 Task 1.10 - Update/Revise STIA 10 days Wed 3/5/14 Tue 3/18/14
5 Agency STIA Review/Approval 20 days Wed 3/19/14 Tue 4/15/14
6 Task 2 - Caltrans WBS 160 Engineering Studies (PA/ED Phase)185 days Wed 1/1/14 Tue 9/16/14
7 160.10.15 Draft Geometric Approvals Drawings (GADs)-Update 20 days Wed 1/1/14 Tue 1/28/14
8 Agency Review 20 days Wed 1/29/14 Tue 2/25/14
9 Update/Revise GADs 10 days Wed 2/26/14 Tue 3/11/14
10 Agency 2nd Review 20 days Wed 3/12/14 Tue 4/8/14
11 160.15.05 Cost Estimates for Alternatives 10 days Wed 3/26/14 Tue 4/8/14
12 160.15.10 Approval of Fact Sheets/GADs 5 days Wed 4/9/14 Tue 4/15/14
13 New Connection Report 20 days Wed 2/26/14 Tue 3/25/14
14 1st Caltrans Review of New Connection Report 20 days Wed 3/26/14 Tue 4/22/14
15 Revise/update New Connection Report 15 days Wed 3/12/14 Tue 4/1/14
16 2nd Caltrans Review of New Connection Report 20 days Wed 4/2/14 Tue 4/29/14
17 Revise/update New Connection Report 10 days Wed 4/30/14 Tue 5/13/14
18 3rd Caltrans Review of New Connection Report 20 days Wed 5/14/14 Tue 6/10/14
19 Revise/update New Connection Report 5 days Wed 6/11/14 Tue 6/17/14
20 Caltrans Approval NCR/Transmit to FHWA 10 days Wed 6/18/14 Tue 7/1/14
21 160.15.20 Prepare Draft Project Report 20 days Wed 2/26/14 Tue 3/25/14
22 1st Caltrans Review of Draft Project Report 20 days Wed 3/26/14 Tue 4/22/14
23 Update Draft Project Report 10 days Wed 4/23/14 Tue 5/6/14
24 2nd Caltrans Review of Draft Project Report 20 days Wed 5/7/14 Tue 6/3/14
25 Update Draft Project Report 10 days Wed 6/4/14 Tue 6/17/14
26 3rd Caltrans Review of Draft Project Report 20 days Wed 6/18/14 Tue 7/15/14
27 Update Draft Project Report (2013, 2018, and Failure Year)5 days Wed 7/16/14 Tue 7/22/14
28 Final Caltrans Review of Draft Project Report 30 days Wed 7/23/14 Tue 9/2/14
29 Update Draft Project Report (Final)5 days Wed 9/3/14 Tue 9/9/14
30 160.15.25 Approve Draft Project Report 5 days Wed 9/10/14 Tue 9/16/14
31 Task 3 - Caltrans WBS 165 to 180 - Environmental Studies (PA/ED Phase)323 days Wed 2/5/14 Fri 5/1/15
32 Environmental Technical Studies 40 days Wed 2/5/14 Tue 4/1/14
33 Caltrans Completeness Review Period 20 days Wed 4/2/14 Tue 4/29/14
34 Update Environmental Technical Studies & Resubmit to Caltrans 10 days Wed 4/30/14 Tue 5/13/14
35 Caltrans Environmental Technical Studies Review 20 days Wed 5/14/14 Tue 6/10/14
36 165.25.05 Draft Environmental Document (IS/EA)20 days Wed 6/11/14 Tue 7/8/14
37 165.25.20 Caltrans NEPA QC and Reviews 20 days Wed 7/9/14 Tue 8/5/14
38 Revise Environmental Technical Studies and ED (IS/EA)14 days Wed 8/6/14 Mon 8/25/14
39 165.25.20 2nd Caltrans NEPA QC and Reviews 20 days Tue 8/26/14 Mon 9/22/14
40 2nd Revise Environmental Technical Studies and ED (IS/EA)14 days Tue 9/23/14 Fri 10/10/14
41 FHWA NCR Review/Approval (Regional)45 days Wed 7/2/14 Tue 9/2/14
42 Revise/Update NCR 10 days Wed 9/3/14 Tue 9/16/14
43 FHWA NCR Review/Approval (Washington DC)45 days Wed 9/17/14 Tue 11/18/14
44 Pavement Life Cycle Cost Analysis (LCCA)20 days Wed 9/10/14 Tue 10/7/14
45 Caltrans Review/Concurrence 20 days Wed 10/8/14 Tue 11/4/14
46 Storm Water Data Report (SWDR-PA/ED) Re-Approval 20 days Wed 9/10/14 Tue 10/7/14
47 Caltrans Review/Concurrence 20 days Wed 10/8/14 Tue 11/4/14
48 165.25.25 Approval to Circulate 10 days Wed 11/19/14 Tue 12/2/14
49 175.05.15 Publish and Circulated DED 30 days Wed 12/3/14 Tue 1/13/15
50 175.10.35 Public Hearing 1 day Wed 1/14/15 Wed 1/14/15
51 175.15 Respond to Public Comments 10 days Thu 1/15/15 Wed 1/28/15
52 Caltrans Review of Response to Comments 7 days Thu 1/29/15 Fri 2/6/15
53 Revise/Update ED 14 days Mon 2/9/15 Thu 2/26/15
54 Caltrans NEPA QC Compliance 30 days Fri 2/27/15 Thu 4/9/15
55 180 Approve Final PR and ED 16 days Fri 4/10/15 Fri 5/1/15
56 Task 4 - Caltrans WBS 185 to 255 PS&E 370 days Mon 5/4/15 Fri 9/30/16
85 Task 5 - Caltrans WBS 200 Coordinate Utilities 486 days Mon 7/6/15 Mon 5/15/17
92 Task 6- Caltrans WBS 220 Right of Way 486 days Mon 7/6/15 Mon 5/15/17
101 Task 7- Caltrans WBS 265 Advertise, Open Bids, Award & Approve Contract 122 days Tue 5/16/17 Wed 11/1/17
108 Task 8- Caltrans WBS 270 Construct Project 413 days Thu 11/2/17 Mon 6/3/19
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Qtr 1, 2014 Qtr 2, 2014 Qtr 3, 2014 Qtr 4, 2014 Qtr 1, 2015
Task
Split
Progress
Milestone
Summary
Project Summary
External Tasks
External Milestone
Deadline
PROJECT SCHEDULE
I-15/Railroad Canyon Road Interchange
Project Approval/Environmental Document (PA/ED)
08-RIV-15
Reconstruct Interchange
EA 0A4400
SC ENGINEERING Page 1 RCTC/CITY OF LAKE ELSINORE
Project: 15_Railroad_PA-ED_10.01.20
Date: Thu 10/24/13
313
AGENDA ITEM 7L
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Western Riverside County Programs and Projects Committee
Patti Castillo, Capital Projects Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT:
Agreement with All American Asphalt for the Construction of State Route 74
Curve Widening from Calvert Avenue to California Avenue in the County of
Riverside Near the City of Hemet
WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF
RECOMMENDATION:
This item is for the Commission to:
1)Approve Agreement No. 13-31-139-00 to All American Asphalt (All American) for the
construction of State Route 74 Curve widening project from Calvert Avenue to California
Avenue in the county of Riverside near the city of Hemet in the amount of $1,970,005,
plus a contingency amount of $197,000 for potential change orders and supplemental
work during construction, for a total amount not to exceed $2,167,005;
2)Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute
the agreement behalf of the Commission;
3)Authorize the Executive Director to approve contingency work up to the total
authorized amount as may be required for the project; and
4)Authorize the Executive Director to enter into agreements, or amendments to existing
agreements, as determined appropriate, with the state of California (State) for an
amount not to exceed $120,000 for Construction Zone Enhanced Enforcement Program
(COZEEP), and state furnished materials, and other items.
BACKGROUND INFORMATION:
The SR-74 Curve widening project located near the city of Hemet in Riverside County is the last
remaining Western County highway project namedin the 1989 Measure A Expenditure Plan.
The project consists of widening the highway to provide standard lane and shoulder widths and
a 14-foot wide painted median from Calvert Avenue to California Avenue.
On September 26, 2013, the Commission advertised for the construction of the project. On
October 31, 2013, four bids were received and publicly opened. A summary of the bids
received is shown in Table A.
Agenda Item 7L
314
Table A
SR-74 Curve Widening Project
Bid Summary
Firm
Bid Amount (In order from low bid to high bid)
Engineer's Estimate for Construction $2,364,408
1 All American Asphalt $1,970,005
2 Skanska USA Civil West CA Dist., Inc. $2,011,380
3 Hal Hayes Construction, Inc. $2,072,594
4 Griffith Company $2,098,718
The basis for award of a public works contract is the lowest responsive and responsible bidder
as defined by the Commission’s procurement policy and state law. The bid analysis attached
shows the bid amounts of the three lowest bidders and lists the bid unit price, amount, and
percent variation from the engineer’s estimate for each bid item. The total bid price submitted
by All American was 17 percent lower than the engineer’s estimate for construction.
After analyzing the three lowest bids, staff and the construction manager, RBF Baker, concluded
that All American’s bid in the amount of $1,970,005 is the lowest responsible and responsive
bid received for the project.
The construction phase of this project is 100 percent funded with 1989 Measure A Western
County highway funds. Construction activity is expected to begin in May 2014 and will take
about four months to complete.
Staff recommends award of Agreement No. 13-31-139-00 to All American for the construction
of the project in the amount of $1,970,005, plus a contingency amount of $197,000, to fund
potential change orders and supplemental work, for a total amount not to exceed $2,167,005.
Additionally, the engineer’s estimate included additional items required for the project but not
included in the construction contract such as COZEEP and state furnished items in the amount
of $120,000. Staff recommends authorization for the Executive Director to execute agreements
or amendments to existing agreements for these items with the State in an amount not to
exceed $120,000.
Agenda Item 7L
315
Financial Information
In Fiscal Year Budget: Yes
N/A Year: FY 2013/14
FY 2014/15 Amount: $ 100,000
$ 2,187,005
Source of Funds: 1989 Measure A Western County highway Budget Adjustment: No
N/A
GL/Project Accounting No.: 003009 81301 00000 0000 222 31 81301
Fiscal Procedures Approved: Date: 11/14/2013
Attachments:
1) Bid Analysis
2) Draft Agreement No. 13-31-139-00
Agenda Item 7L
316
BLANK
74 WIDENING BETWEEN CALVERT AVENUE AND CALIFORNIA AVENUE (PM 34.8 TO PM 35.92)
LB vs E's E 2nd vs E's E 3rd vs E's E
Item No. Item Code Unit Quantity U. P. Amount %U. P. Amount %U.P. Amount % Quantity Unit Price Item Cost
1 (S) 120090 LS 1 13,000.00$ 13,000.00$ 116.67%10,500.00$ 10,500.00$ 75.00%6,000.00$ 6,000.00$ 0.00%1 6,000.00$ 6,000.00$
2 (S) 120100 LS 1 57,000.00$ 57,000.00$ ‐24.00%40,000.00$ 40,000.00$ ‐46.67%18,000.00$ 18,000.00$ ‐76.00%1 75,000.00$ 75,000.00$
3 120110 EA 5 416.00$ 2,080.00$ ‐79.20%350.00$ 1,750.00$ ‐82.50%600.00$ 3,000.00$ ‐70.00%5 2,000.00$ 10,000.00$
4 (S) 120149 SQ FT 435 2.06$ 896.10$ ‐31.33%3.00$ 1,305.00$ 0.00%1.00$ 435.00$ ‐66.67%435 3.00$ 1,305.00$
5 120159 LF 40,933 0.49$ 20,057.17$ 22.50%0.35$ 14,326.55$ ‐12.50%0.25$ 10,233.25$ ‐37.50%40,933 0.40$ 16,374.00$
6 120165 EA 414 27.00$ 11,178.00$ ‐22.86%28.00$ 11,592.00$ ‐20.00%35.00$ 14,490.00$ 0.00%414 35.00$ 14,490.00$
7 120300 EA 1,053 3.10$ 3,264.30$ ‐11.43%2.00$ 2,106.00$ ‐42.86%3.00$ 3,159.00$ ‐14.29%1,053 3.50$ 3,687.00$
8 128650 EA 2 3,150.00$ 6,300.00$ ‐10.00%4,700.00$ 9,400.00$ 34.29%8,000.00$ 16,000.00$ 128.57%2 3,500.00$ 7,000.00$
9 (S) 129000 LF 6,370 5.25$ 33,442.50$ ‐65.00%7.00$ 44,590.00$ ‐53.33%20.00$ 127,400.00$ 33.33%6,370 15.00$ 95,550.00$
10 (S) 129100 EA 25 416.00$ 10,400.00$ 108.00%175.00$ 4,375.00$ ‐12.50%375.00$ 9,375.00$ 87.50%25 200.00$ 5,000.00$
11 129100 LF 6,060 1.00$ 6,060.00$ ‐66.67%1.90$ 11,514.00$ ‐36.67%3.50$ 21,210.00$ 16.67%6,060 3.00$ 18,180.00$
12 130100 LS 1 515.00$ 515.00$ ‐93.13%14,000.00$ 14,000.00$ 86.67%5,000.00$ 5,000.00$ ‐33.33%1 7,500.00$ 7,500.00$
13 130300 LS 1 10,750.00$ 10,750.00$ 202.82%500.00$ 500.00$ ‐85.92%1,000.00$ 1,000.00$ ‐71.83%1 3,550.00$ 3,550.00$
14 130330 EA 1 1,030.00$ 1,030.00$ ‐48.50%500.00$ 500.00$ ‐75.00%2,500.00$ 2,500.00$ 25.00%1 2,000.00$ 2,000.00$
15 130560 SQ YD 22,437 0.36$ 8,077.32$ 80.00%0.15$ 3,365.55$ ‐25.00%0.20$ 4,487.40$ 0.00%22,437 0.20$ 4,488.00$
16 130610 LF 3,422 9.00$ 30,798.00$ 130.77%4.50$ 15,399.00$ 15.38%1.50$ 5,133.00$ ‐61.54%3,422 3.90$ 13,346.00$
17 130710 EA 2 7,700.00$ 15,400.00$ 156.67%6,000.00$ 12,000.00$ 100.00%2,000.00$ 4,000.00$ ‐33.33%2 3,000.00$ 6,000.00$
18 130730 LS 1 10,000.00$ 10,000.00$ ‐23.08%11,000.00$ 11,000.00$ ‐15.38%10,000.00$ 10,000.00$ ‐23.08%1 13,000.00$ 13,000.00$
19 130900 LS 1 1,030.00$ 1,030.00$ ‐65.67%650.00$ 650.00$ ‐78.33%1,000.00$ 1,000.00$ ‐66.67%1 3,000.00$ 3,000.00$
20 150608 LF 1,068 5.00$ 5,340.00$ ‐37.50%5.00$ 5,340.00$ ‐37.50%2.00$ 2,136.00$ ‐75.00%1,068 8.00$ 8,544.00$
21 150620 A EA 1 1,240.00$ 1,240.00$ 55.00%200.00$ 200.00$ ‐75.00%100.00$ 100.00$ ‐87.50%1 800.00$ 800.00$
22 150620 B LF 52 101.00$ 5,252.00$ 152.50%40.00$ 2,080.00$ 0.00%15.00$ 780.00$ ‐62.50%52 40.00$ 2,080.00$
23 150711 LF 4,635 1.03$ 4,774.05$ 106.00%0.50$ 2,317.50$ 0.00%0.60$ 2,781.00$ 20.00%4,635 0.50$ 2,318.00$
24 150742 EA 1 51.50$ 51.50$ ‐31.33%40.00$ 40.00$ ‐46.67%110.00$ 110.00$ 46.67%1 75.00$ 75.00$
25 150771 LF 461 1.03$ 474.83$ ‐79.40%4.00$ 1,844.00$ ‐20.00%3.00$ 1,383.00$ ‐40.00%461 5.00$ 2,305.00$
26 150860 CY 156 82.00$ 12,792.00$ 228.00%21.00$ 3,276.00$ ‐16.00%40.00$ 6,240.00$ 60.00%156 25.00$ 3,900.00$
27 152390 EA 12 180.00$ 2,160.00$ ‐14.29%200.00$ 2,400.00$ ‐4.76%150.00$ 1,800.00$ ‐28.57%12 210.00$ 2,520.00$
28 152423 A EA 4 460.00$ 1,840.00$ ‐38.67%1,000.00$ 4,000.00$ 33.33%800.00$ 3,200.00$ 6.67%4 750.00$ 3,000.00$
29 152440 EA 5 770.00$ 3,850.00$ ‐30.00%1,000.00$ 5,000.00$ ‐9.09%1,000.00$ 5,000.00$ ‐9.09%5 1,100.00$ 5,500.00$
30 153103 SQ YD 26,201 1.12$ 29,345.12$ 40.00%2.10$ 55,022.10$ 162.50%2.25$ 58,952.25$ 181.25%26,201 0.80$ 20,961.00$
31 156540 A EA 4 640.00$ 2,560.00$ ‐36.00%600.00$ 2,400.00$ ‐40.00%400.00$ 1,600.00$ ‐60.00%4 1,000.00$ 4,000.00$
32 160102 LS 1 1,550.00$ 1,550.00$ ‐69.00%3,000.00$ 3,000.00$ ‐40.00%11,000.00$ 11,000.00$ 120.00%1 5,000.00$ 5,000.00$
33 190101 CY 9,691 18.80$ 182,190.80$ ‐24.80%12.00$ 116,292.00$ ‐52.00%10.00$ 96,910.00$ ‐60.00%9,691 25.00$ 242,275.00$
34 190110 LS 1 1,550.00$ 1,550.00$ ‐48.33%750.00$ 750.00$ ‐75.00%900.00$ 900.00$ ‐70.00%1 3,000.00$ 3,000.00$
35 210280 SQ FT 14,697 0.88$ 12,933.36$ ‐7.37%0.95$ 13,962.15$ 0.00%0.20$ 2,939.40$ ‐78.95%14,697 0.95$ 13,963.00$
36 210350 LF 3,219 2.85$ 9,174.15$ 42.50%3.85$ 12,393.15$ 92.50%3.00$ 9,657.00$ 50.00%3,219 2.00$ 6,438.00$
37 210430 SQ FT 212,427 0.03$ 6,372.81$ ‐80.00%0.05$ 10,621.35$ ‐66.67%0.12$ 25,491.24$ ‐20.00%212,427 0.15$ 31,864.00$
38 210600 SQ FT 14,697 0.36$ 5,290.92$ ‐52.00%0.30$ 4,409.10$ ‐60.00%0.60$ 8,818.20$ ‐20.00%14,697 0.75$ 11,022.75$
39 210630 SQ FT 14,967 0.21$ 3,143.07$ ‐47.50%0.35$ 5,238.45$ ‐12.50%0.15$ 2,245.05$ ‐62.50%14,967 0.40$ 5,987.00$
40 260203 CY 2,892 29.00$ 83,868.00$ ‐42.00%33.00$ 95,436.00$ ‐34.00%30.00$ 86,760.00$ ‐40.00%2,892 50.00$ 144,600.00$
41 390132 TON 10,790 78.00$ 841,620.00$ 4.00%85.00$ 917,150.00$ 13.33%84.00$ 906,360.00$ 12.00%10,790 75.00$ 809,250.00$
42 394076 LF 315 15.45$ 4,866.75$ ‐38.20%6.00$ 1,890.00$ ‐76.00%11.00$ 3,465.00$ ‐56.00%315 25.00$ 7,875.00$
43 395000 TON 26 1,300.00$ 33,800.00$ 30.00%1,250.00$ 32,500.00$ 25.00%250.00$ 6,500.00$ ‐75.00%26 1,000.00$ 26,000.00$
44 397005 TON 19 590.00$ 11,210.00$ ‐34.44%700.00$ 13,300.00$ ‐22.22%750.00$ 14,250.00$ ‐16.67%19 900.00$ 17,100.00$
45 (F)51502 CY 28 1,580.00$ 44,240.00$ ‐34.17%700.00$ 19,600.00$ ‐70.83%800.00$ 22,400.00$ ‐66.67%28 2,400.00$ 67,200.00$
46 510526 CY 51 270.00$ 13,770.00$ 35.00%275.00$ 14,025.00$ 37.50%140.00$ 7,140.00$ ‐30.00%51 200.00$ 10,200.00$
47 650018 LF 543 81.00$ 43,983.00$ ‐59.50%40.00$ 21,720.00$ ‐80.00%44.00$ 23,892.00$ ‐78.00%543 200.00$ 108,600.00$
48 721009 CY 44 290.00$ 12,760.00$ 16.00%175.00$ 7,700.00$ ‐30.00%85.00$ 3,740.00$ ‐66.00%44 250.00$ 11,000.00$
49 721012 CY 187 290.00$ 54,230.00$ 45.00%170.00$ 31,790.00$ ‐15.00%85.00$ 15,895.00$ ‐57.50%187 200.00$ 37,400.00$
50 729010 SQ YD 820 9.30$ 7,626.00$ 3.33%4.00$ 3,280.00$ ‐55.56%1.50$ 1,230.00$ ‐83.33%820 9.00$ 7,380.00$
51 800360 LF 829 16.40$ 13,595.60$ ‐3.53%16.00$ 13,264.00$ ‐5.88%21.00$ 17,409.00$ 23.53%829 17.00$ 14,093.00$
52 820108 EA 28 46.00$ 1,288.00$ 2.22%50.00$ 1,400.00$ 11.11%55.00$ 1,540.00$ 22.22%28 45.00$ 1,260.00$
53 832003 LF 150 22.00$ 3,300.00$ ‐37.14%21.50$ 3,225.00$ ‐38.57%130.00$ 19,500.00$ 271.43%150 35.00$ 5,250.00$
54 839581 EA 1 720.00$ 720.00$ ‐10.00%700.00$ 700.00$ ‐12.50%1,100.00$ 1,100.00$ 37.50%1 800.00$ 800.00$
55 839584 EA 1 3,400.00$ 3,400.00$ 13.33%3,500.00$ 3,500.00$ 16.67%3,500.00$ 3,500.00$ 16.67%1 3,000.00$ 3,000.00$
56 840504 LF 49,626 0.47$ 23,324.22$ 34.29%0.45$ 22,331.70$ 28.57%0.40$ 19,850.40$ 14.29%49,626 0.35$ 17,369.00$
57 840506 LF 1,339 0.93$ 1,245.27$ 9.41%1.00$ 1,339.00$ 17.65%1.00$ 1,339.00$ 17.65%1,339 0.85$ 1,138.00$
58 840515 SQ FT 973 4.10$ 3,989.30$ ‐8.89%4.50$ 4,378.50$ 0.00%4.00$ 3,892.00$ ‐11.11%973 4.50$ 4,379.00$
59 (S) 850102 EA 901 3.10$ 2,793.10$ ‐22.50%3.50$ 3,153.50$ ‐12.50%3.50$ 3,153.50$ ‐12.50%901 4.00$ 3,604.00$
60 860298 LS 1 19,000.00$ 19,000.00$ ‐24.00%31,500.00$ 31,500.00$ 26.00%40,000.00$ 40,000.00$ 60.00%1 25,000.00$ 25,000.00$
61 (S) 861502 LS 1 78,000.00$ 78,000.00$ ‐3.67%80,500.00$ 80,500.00$ ‐0.59%100,000.00$ 100,000.00$ 23.49%1 80,975.00$ 80,975.00$
62 999990 LS 1 64,000.00$ 64,000.00$ ‐69.48%158,026.40$ 158,026.40$ ‐24.64%195,000.00$ 195,000.00$ ‐7.01%1 209,700.00$ 209,700.00$
63 LS 1 70,212.00$ 70,212.00$ 0.00%70,212.00$ 70,212.00$ 0.00%70,212.00$ 70,212.00$ 0.00%1 70,212.00$ 70,212.00$
SUBTOTAL 1,970,004.24$ SUBTOTAL 2,011,380.00$ SUBTOTAL 2,072,593.69$ SUBTOTAL 2,364,408$
Total 1,970,004.24$ Total 2,011,380.00$ Total 2,072,593.69$ Total 2,364,408.00$
1,970,004.24$ 2,011,380.00$ 2,072,593.69$
-$ -$ -$
-16.68%-14.93%-12.34%
ALTERNATIVE IN-LINE TERMINAL SYSTEM
Percent +/- Engineer's Estimate =
RCTC's CALCULATED TOTAL BID AMOUNT =
CONTRACTOR's CALCULATED TOTAL BID AMOUNT=
DIFFERENCE (ERROR)
CALTRANS ENCROACHMENT PERMIT FEE
MODIFY SIGNAL AND LIGHTING (SR 74 @ FOUR SEASONS)
MOBILIZATION
4" THERMOPLASTIC TRAFFIC STRIPE
PAVEMENT MARKER (REFLECTIVE)SIGNAL AND LIGHTING (STAGE CONSTRUCTION) (SR 74 @
FOUR SEASONS) (STAGE 1 & 2)
8" THERMOPLASTIC TRAFFIC STRIPE
JOB SITE MANAGEMENT
PREPARE SWPPP
STORM WATER ANNUAL REPORT
TEMPORARY SOIL BINDER
CHANNELIZER (SURFACE MOUNTED)
TEMPORARY PAVEMENT MARKER (REFLECTIVE)
PORTABLE CHANGEABLE MESSAGE SIGN
TEMPORARY RAILING (TYPE K)
TEMPORARY CRASH CUSHION MODULE
INCORPORATE MATERIALS
CLASS 2 AGGREGATE BASE
HOT MIX ASPHALT (TYPE A)
TEMPORARY CONSTRUCTION ENTRANCE
TEMPORARY CHECK DAM
STREET SWEEPING
REMOVE CHAIN LINK FENCE
PLATE HOT MIX ASPHALT DIKE (TYPE E)
LIQUID ASPHALT (PRIME COAT)
24" REINFORCED CONCRETE PIPE
ROCK SLOPE PROTECTION (FACING, METHOD B)
ROCK SLOPE PROTECTION (BACKING NO. 3, METHOD B)
ROCK SLOPE PROTECTION FABRIC
CHAIN LINK FENCE (TYPE SL-6)
TEMPORARY TRAFFIC SCREEN
TEMPORARY CONCRETE WASHOUT
Item Description
REMOVE BASE AND SURFACING
RELOCATE ROADSIDE SIGN
RESET SURVEY MONUMENT
MINOR CONCRETE (MINOR STRUCTURE)
MINOR CONCRETE (BACKFILL)
ADJUST MANHOLE TO GRADE
COLD PLANE ASPHALT CONCRETE PAVEMENT
REMOVE TREE
CLEARING AND GRUBBING
ROADWAY EXCAVATION
COMPOST
Engineer's Estimate
THERMOPLASTIC PAVEMENT MARKING
2nd
REMOVE STONE WALL GATE
REMOVE STONE WALL
REMOVE PAINTED TRAFFIC STRIPE
DELINEATOR (CLASS 2)
METAL BEAM GUARD RAILING (WOOD POST)
END ANCHOR ASSEMBLY (TYPE SFT)
LEAD COMPLIANCE PLAN
TACK COAT
ROLLED EROSION CONTROL PRODUCT (BLANKET)
FIBER ROLLS
HYDROSEED
REMOVE ROADSIDE SIGN
REMOVE ASPHALT CONCRETE DIKE
Riverside County Transportation Commission
Project ID No. 13-31-139-00
District: 08 County: Riverside
Route: 74
Date: November 6, 2013
3rd
TEMPORARY TRAFFIC STRIPE (PAINT)
Low Bidder
CONSTRUCTION AREA SIGNS
TRAFFIC CONTROL SYSTEM
FLASHING ARROW SIGN
TEMPORARY PAVEMENT MARKING (PAINT)
ATTACHMENT 1
317
BLANK
1
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
**************
CONTRACT
**************
FOR CONSTRUCTION OF STATE ROUTE 74 WIDENING BETWEEN
CALVERT AVENUE AND CALIFORNIA AVENUE (PM 34.8 TO PM
35.92) ALONG THE SOUTH SIDE OF STATE ROUTE 74 (EASTBOUND)
TO PROVIDE STANDARD LANES, SHOULDER WIDTHS AND
STANDARD PAVED MEDIAN FROM CALVERT AVENUE TO
CALIFORNIA AVENUE NEAR THE CITY OF HEMET,
IN RIVERSIDE COUNTY, CALIFORNIA
RCTC Agreement No. 13-31-139-00
December 11, 2013
BETWEEN
RIVERSIDE COUNTY TRANSPORTATION COMMISSION AND
ALL AMERICAN ASPHALT
ATTACHMENT 2
318
BLANK
2
CONSTRUCTION OF STATE ROUTE 74 WIDENING BETWEEN
CALVERT AVENUE AND CALIFORNIA AVENUE (PM 34.8 TO PM
35.92) ALONG THE SOUTH SIDE OF STATE ROUTE 74 (EASTBOUND)
TO PROVIDE STANDARD LANES, SHOULDER WIDTHS AND
STANDARD PAVED MEDIAN FROM CALVERT AVENUE TO
CALIFORNIA AVENUE NEAR THE CITY OF HEMET, IN RIVERSIDE
COUNTY, CALIFORNIA
RCTC AGREEMENT NO. 13-31-139-00
1. PARTIES AND DATE.
This Contract is made and entered into on this day of __________________, 2013
by and between the Riverside County Transportation Commission (Commission) and
All American Asphalt (Contractor). This Contract is for that Work described in the Contract
Documents entitled: FOR CONSTRUCTION OF STATE ROUTE 74 WIDENING
BETWEEN CALVERT AVENUE AND CALIFORNIA AVENUE (PM 34.8 TO PM 35.92)
ALONG THE SOUTH SIDE OF STATE ROUTE 74 (EASTBOUND) TO PROVIDE
STANDARD LANES, SHOULDER WIDTHS AND STANDARD PAVED MEDIAN FROM
CALVERT AVENUE TO CALIFORNIA AVENUE NEAR THE CITY OF HEMET, IN
RIVERSIDE COUNTY, CALIFORNIA
2. RECITALS.
2.1 The Commission is a County Transportation Commission organized under
the provisions of Sections 130000, et seq. of the Public Utilities Code of the
State of California, with power to contract for services necessary to achieving
its purpose;
2.2 Contractor, in response to a Notice Inviting Bids issued by Commission on
September 26, 2013, has submitted a bid proposal FOR CONSTRUCTION OF
STATE ROUTE 74 WIDENING BETWEEN CALVERT AVENUE AND
CALIFORNIA AVENUE (PM 34.8 TO PM 35.92) ALONG THE SOUTH
SIDE OF STATE ROUTE 74 (EASTBOUND) TO PROVIDE STANDARD
LANES, SHOULDER WIDTHS AND STANDARD PAVED MEDIAN FROM
CALVERT AVENUE TO CALIFORNIA AVENUE NEAR THE CITY OF
HEMET, IN RIVERSIDE COUNTY, CALIFORNIA
2.3 Commission has duly opened and considered the Contractor's bid proposal
and duly awarded the bid to Contractor in accordance with the Notice
Inviting Bids and other Bid Documents.
319
3
2.4 Contractor has obtained, and delivers concurrently herewith, Performance
and Payment Bonds and evidences of insurance coverage as required by the
Contract Documents.
3. TERMS.
3.1 Incorporation of Documents.
This Contract includes and hereby incorporates in full by reference this
Contract and the following Contract Documents provided with the above
referenced Notice Inviting Bids, including all exhibits, drawings,
specifications and documents therein, and attachments thereto, all of which,
including all addendum thereto, are by this reference incorporated herein and
made a part of this Contract:
a. NOTICE INVITING BIDS
b. INSTRUCTIONS TO BIDDERS
c. CONTRACT BID FORMS
d. FORM OF CONTRACT
e. PAYMENT AND PERFORMANCE BOND FORMS
f. ESCROW AGREEMENT FOR SECURITY DEPOSITS
g. CONTRACT APPENDIX
PART "A" - Regulatory Requirements and Permits
PART "B" - Special Provisions
PART "C" – Revised Standard Specifications
PART "D" - Contract Drawings (under separate cover)
3.2 Contractor's Basic Obligation.
Contractor promises and agrees, at his own cost and expense, to furnish to the
Commission all labor, materials, tools, equipment, services, and incidental and
customary work for the construction of State Route 74 (SR-74) widening
between Calvert Avenue and California Avenue (PM 34.8 to PM 35.92) on the
south side of SR-74 (eastbound) to provide standard lanes, shoulder widths and
standard paved median from Calvert Avenue to California Avenue. The total
length of the project is approximately 1.3 miles, including transition striping
areas and the limits for the installation of construction signage, (Work).
Nothwithstanding anything else in the Contract Documents, the Contractor shall
complete the Work for a total of One Million Nine Hundred Seventy Thousand
Five Dollars ($1,970,004.00), as specified in the bid proposal and pricing
schedules submitted by the Contractor in response to the above referenced
Notice Inviting Bids. Such amount shall be subject to adjustment in accordance
with the applicable terms of this Contract. All Work shall be subject to, and
320
4
performed in accordance with the above referenced Contract Documents.
3.3 Period of Performance.
All jobsite activities must begin no later than 120 days (mobilization period)
after receiving Notice to Proceed. Contractor shall perform and complete all
Work under this Contract within 90 working days of the effective date of the
Authorization to Start, which may occur within the 120 day
mobilization period, and in accordance with any completion schedule
developed pursuant to provisions of the Contract Documents. Contractor
agrees that if such Work is not completed within the aforementioned periods,
liquidated damages will apply as provided by the applicable provisions of the
Special Provisions, found in Part "B" of the Contract Appendix. The amount
of liquidated damages shall equal $3,000.00 for each day or fraction thereof,
it takes to complete the Work, or specified portion(s) of the Work, over and
above the number of days specified herein or beyond the Project Milestones
established by approved Construction Schedules.
3.4 Commission's Basic Obligation.
Commission agrees to engage and does hereby engage Contractor as an
independent contractor to furnish all materials and to perform all Work
according to the terms and conditions herein contained for the sum set forth
above. Except as otherwise provided in the Contract Documents, the
Commission shall pay to Contractor, as full consideration for the
satisfactory performance by the Contractor of services and obligation
required by this Contract, the above referenced compensation in accordance
with Compensation Provisions set forth in the Contract Documents.
3.5 Contractor's Labor Certification.
Contractor maintains that he is aware of the provisions of Section 3700 of
the Labor Code which require every employer to be insured against liability
for Worker's Compensation or to undertake self-insurance in accordance with
the provisions of that Code, and agrees to comply with such provisions before
commencing the performance of the Work. A certification form for this
purpose is attached to this Contract as Exhibit “A” and incorporated herein
by reference, and shall be executed simultaneously with this Contract.
3.6 Successors.
The parties do for themselves, their heirs, executors, administrators,
successors, and assigns agree to the full performance of all of the provisions
contained in this Contract. Contractor may not either voluntarily or by action
321
5
of law, assign any obligation assumed by Contractor hereunder without the
prior written consent of the Commission.
3.7 Notices.
All notices hereunder and communications regarding interpretation of the
terms of the Contract or changes thereto shall be provided by the mailing
thereof by registered or certified mail, return receipt requested, postage
prepaid and addressed as follows:
Contractor: Commission:
All American Asphalt Riverside County
Transportation Commission
400 E. Sixth Street P.O. Box 12008
Corona, CA 92879 Riverside, California 92502-2208
Attn: Robert Bradley Attn: Executive Director
Any notice so given shall be considered received by the other party three
days after deposit in the U.S. Mail, first class postage prepaid, addressed to
the party at the above address. Actual notice shall be deemed adequate
notice on the date actual notice occurred, regardless of the method of
service.
CONTRACTOR RIVERSIDE COUNTY
ALL AMERICAN ASPHALT TRANSPORTATION COMMISSION
By: ______________________ By: ____________________________
Name Anne Mayer, Executive Director
_______________________
Title
Tax I.D. Number: APPROVED AS TO FORM:
By: ____________________________
Best, Best & Krieger LLP
Counsel, RCTC
322
6
EXHIBIT “A”
CERTIFICATION LABOR CODE - SECTION 1861
I, the undersigned Contractor, am aware of the provisions of Section 3700 et seq. of the
California Labor Code which require every employer to be insured against liability for
Worker's Compensation or to undertake self-insurance in accordance with the provisions of
the Code. I agree to and will comply with such provisions before commencing the Work
governed by this Contract.
CONTRACTOR:
Name of Contractor: All American Asphalt
By: ___________________________________
Signature
___________________________________
Name
___________________________________
Title
___________________________________
Date
323
PB ‐ 1
RIVERSIDE COUNTY TRANSPORTATION
COMMISSION
************************
PERFORMANCE BOND
************************
FOR CONSTRUCTION OF STATE ROUTE 74 WIDENING BETWEEN
CALVERT AVENUE AND CALIFORNIA AVENUE (PM 34.8 TO PM 35.92)
ALONG THE SOUTH SIDE OF STATE ROUTE 74 (EASTBOUND) TO
PROVIDE STANDARD LANES, SHOULDER WIDTHS AND STANDARD
PAVED MEDIAN FROM CALVERT AVENUE TO CALIFORNIA AVENUE
NEAR THE CITY OF HEMET,
IN RIVERSIDE COUNTY, CALIFORNIA
RCTC Agreement No. 13-31-139-00
December 11, 2013
324
PB ‐ 2
PERFORMANCE BOND
WHEREAS the Riverside County Transportation Commission (Obligee) has awarded to
_______________________________ (Contractor), a contract for work consisting of but not limited
to, furnishing all labor, materials, tools, equipment, services, and incidentals
FOR CONSTRUCTION OF STATE ROUTE 74 WIDENING BETWEEN CALVERT
AVENUE AND CALIFORNIA AVENUE (PM 34.8 TO PM 35.92) ALONG THE SOUTH
SIDE OF STATE ROUTE 74 (EASTBOUND) TO PROVIDE STANDARD LANES,
SHOULDER WIDTHS AND STANDARD PAVED MEDIAN FROM CALVERT AVENUE
TO CALIFORNIA AVENUE NEAR THE CITY OF HEMET,
IN RIVERSIDE COUNTY, CALIFORNIA
RCTC AGREEMENT NO. 13-31-139-00,
and all other required services within the rights-of-way, easements and permits;
WHEREAS, the Work to be performed by the Contractor is more particularly set forth in that
certain contract for the said Public Work (Public Work Contract) dated
______________________________; and
WHEREAS, the Contractor is required by said Public Work Contract to perform the terms
thereof and to provide a bond both for the performance and guaranty thereof,
NOW, THEREFORE, we _________________________________, the undersigned Contractor, as
Principal, and ________________________________, a corporation organized and existing under
the laws of the State of ______________________________, and duly authorized to transact
business under the laws of the State of California, as Surety, as held and firmly bound unto the
RIVERSIDE COUNTY TRANSPORTATION COMMISSION in the sum of _________________
dollars, ($_______________________), said sum being not less than 100% of the total amount
payable by the said Obligee under the terms of the said Public Work Contract, for which payment
well and truly to be made, we bind ourselves, our heirs, executors and administrators, successors and
assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, that if the Principal, his or its heirs,
executors, administrators, successors or assigns, shall in all things stand to and abide by, and well
and truly keep and perform the covenants, conditions and agreements in the said Public Work
Contract and any alteration thereof made as therein provided, on his or their part, to be kept and
performed at the time and in the manner therein specified, and in all respects according to their
intent and meaning; and shall faithfully fulfill the one year guarantee of all materials and
workmanship; and indemnify and save harmless the Obligee, its officers and agents, as stipulated in
the said Public Work Contract, then this obligation shall become null and void; otherwise it shall be
and remain in full force and effect.
325
PB ‐ 3
In addition to the provisions hereinabove, it is agreed that this bond will inure to the benefit of
any and all persons, companies and corporations entitled to make claims under Section 3181 of the
California Civil Code, so as to give a right of action to them or their assigns in any suit brought
upon this bond.
The said Surety, for value received, hereby stipulates and agrees that no change, extensions of
time, alteration or addition to the terms of the Public Work Contract or to the Work to be
performed thereunder, or the specifications accompanying the same shall in any way affect its
obligations on this bond, and it does hereby waive notice of any such change, extension of time,
alteration or addition to the terms of the Contract, or to the Work or to Specifications.
IN WITNESS WHEREOF, we have hereto set our hands and seals this
______day on _____________, 20____.
________________________________________
Principal/Contractor
By: _____________________________________
President
________________________________________
Surety
By: _____________________________________
Attorney-in-Fact
The rate of premium on this bond is ___________________________per thousand.
The total amount of premium charged, $_________________________.
(The above must be filled in by corporate surety.)
326
PB ‐ 4
STATE OF CALIFORNIA )
) ss.
COUNTY OF _____________ )
On this ______ day of _______________, in the year __________, before me, _______________,
personally appeared ___________________________________________________, known to me
(or proved to be on the basis of satisfactory evidence) to be the person whose name is subscribed
to the within instrument as the Attorney-in-Fact of the __________________________________
(surety) and acknowledged to me that he subscribed the name of the ____________________
(surety) thereto and his own name as Attorney-in-Fact.
___________________________________ (SEAL)
Notary Public in and for said State
My Commission expires ________________.
327
PB ‐ 5
CERTIFICATE AS TO CORPORATE PRINCIPAL
I, _________________________________, certify that I am the ___________________________
Secretary of the corporation named as principal to the within bond; that _____________________
who signed the said bond on behalf of the principal was then ____________________________ of
said corporation that I know his signature, and his signature thereto is genuine; and that said bond
was duly signed, sealed and attested for and in behalf of said corporation by authority of its
governing Board.
(Corporate Seal) ________________________________
Signature
________________________________
Date
NOTE: A copy of the power of attorney to local representatives of the bonding company may be
attached hereto.
328
PB ‐ 6
RIVERSIDE COUNTY TRANSPORTATION
COMMISSION
************************
PAYMENT BOND
************************
FOR CONSTRUCTION OF STATE ROUTE 74 WIDENING BETWEEN
CALVERT AVENUE AND CALIFORNIA AVENUE (PM 34.8 TO PM 35.92)
ALONG THE SOUTH SIDE OF STATE ROUTE 74 (EASTBOUND) TO
PROVIDE STANDARD LANES, SHOULDER WIDTHS AND STANDARD
PAVED MEDIAN FROM CALVERT AVENUE TO CALIFORNIA AVENUE
NEAR THE CITY OF HEMET,
IN RIVERSIDE COUNTY, CALIFORNIA
RCTC Agreement No. 13-31-139-00
December 11, 2013
329
BLANK
PB ‐ 7
PAYMENT (MATERIAL & LABOR) BOND
WHEREAS the Riverside County Transportation Commission (Obligee) has awarded to
(Contractor), a contract for work consisting of but not limited to, furnishing all labor, materials,
tools, equipment, services, and incidentals for the
CONSTRUCTION OF STATE ROUTE 74 WIDENING BETWEEN CALVERT AVENUE
AND CALIFORNIA AVENUE (PM 34.8 TO PM 35.92) ALONG THE SOUTH SIDE OF
STATE ROUTE 74 (EASTBOUND) TO PROVIDE STANDARD LANES, SHOULDER
WIDTHS AND STANDARD PAVED MEDIAN FROM CALVERT AVENUE TO
CALIFORNIA AVENUE NEAR THE CITY OF HEMET,
IN RIVERSIDE COUNTY, CALIFORNIA
RCTC AGREEMENT NO. 13-31-139-00,
and all other required services within the right-of-way, easements and permits;
WHEREAS, the Work to be performed by the Contractor is more particularly set forth in that
certain contract for the said Public Work dated _________________, (Public Work Contract); and
WHEREAS, said Contractor is required to furnish a bond in connection with said Public Work
Contract providing that if said Contractor or any of his or its subcontractors shall fail to pay for any
materials, provisions, or other supplies, or terms used in, upon, for or about the performance of the
Work contracted to be done, or for any work or labor done thereon of any kind, or for any amounts
due under the provisions of 3248 of the California Civil Code, with respect to such work or labor,
that Surety on this bond will pay the same.
NOW, THEREFORE, we _____________________________, the undersigned Contractor, as
Principal and _______________________________________, a corporation organized and existing
under the laws of the State of _________________ and duly authorize to transact business under the
laws of the State of California, as Surety, are held and firmly bound unto the RIVERSIDE COUNTY
TRANSPORTATION COMMISSION and to any and all material men, persons, companies or
corporations furnishing materials, provisions, and other supplies used in, upon, for or about the
performance of the said Public Work, and all persons, companies or corporations renting or hiring
teams, or implements or machinery, for or contributing to said Public Work to be done, and all
persons performing work or labor upon the same and all persons supplying both work and materials
as aforesaid excepting the said Contractor, the sum of __________________________ dollars,
($_______________), said sum being not less that 100% of the total amount payable by said Obligee
under the terms of the said Public Work Contract, for which payment well and truly to be made, we
bind ourselves, our heirs, executors and administrators, successors and assigns jointly and severally,
firmly by these presents.
330
PB ‐ 8
THE CONDITION OF THIS OBLIGATION IS SUCH that if the Principal, his or its
subcontractors, heirs, executors, administrators, successors, or assigns, shall fail to pay for any
materials, provisions, or other supplies or machinery used in, upon, for or about the performance
of the Work contracted to be done, or for work or labor thereon of any kind, or fail to pay any of
the persons named in California Civil Code Section 3181, or amounts due under the
Unemployment Insurance Code with respect to work or labor performed by any such claimant, or
for any amounts required to be deducted, withheld, and paid over to the
Employment Development Department from the wages of employees of the contractor and his
subcontractors pursuant to Section 13020 of the Unemployment Insurance Code with respect to
such work and labor, and all other applicable laws of the State of California and rules and
regulations of its agencies, then said Surety will pay the same in or to an amount not exceeding
the sum specified herein.
In addition to the provisions hereinabove, it is agreed that this bond will inure to the benefit of
any and all persons, companies and corporations entitled to make claims under Section 3181 of
the California Civil Code, so as to give a right of action to them or their assigns in any suit
brought upon this bond.
The said Surety, for value received, hereby stipulates and agrees that no change, extension of
time, alteration or additions to the terms of the said Public Work Contract or to the Work to be
performed thereunder or the specification accompanying the same shall in any way affect its
obligations on this bond, and it does hereby waive notice of any such change, extension of time,
alteration or addition to the terms of the Contract or to the Work or to the Specifications.
IN WITNESS WHEREOF, we have hereto set our hands and seals this
______day on _____________, 20____.
________________________________________
Principal/Contractor
By: _____________________________________
President
________________________________________
Surety
By: _____________________________________
Attorney-in-Fact
331
STATE OF CALIFORNIA
)
)
ss. COUNTY
OF _____________ )
On this ______ day of _______________, in the year __________, before me,
_______________, personally appeared
___________________________________________________, known to me (or proved to be
on the basis of satisfactory evidence) to be the person whose name is subscribed to the within
instrument as the Attorney-in-Fact of the __________________________________ (surety) and
acknowledged to me that he subscribed the name of the ____________________ (surety) thereto
and his own name as Attorney-in-Fact.
___________________________________(SEAL)
Notary Public in and for said State
My Commission expires ________________.
332
CERTIFICATE AS TO CORPORATE PRINCIPAL
I, ______________________, certify that I am the __________________ Secretary of the
corporation named as principal in the attached bond, that __________________ who signed the
said bond on behalf of the principal was then _________________________________ of said
corporation; that I know his signature, and his signature thereto is genuine; and that said bond was
duly signed, sealed and attested for and in behalf of said corporation by authority of its governing
Board.
(Corporate Seal)
____________________________________
__
Signature
____________________________________
__
Date
333
AGENDA ITEM 7M
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Western Riverside County Programs and Projects Committee
Brian Cunanan, Commuter and Motorist Assistance Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT: Fiscal Year 2013/14 Agreements for Regional Rideshare Services
WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE STAFF
RECOMMENDATION:
This item is for the Commission to:
1)Approve Agreement No. 14-41-031-00 with the San Bernardino Associated
Governments (SANBAG) as part of the Commission’s continuing bi-county partnership
with SANBAG to deliver commuter/employer rideshare services, regional ridematching
services, and operation of the Inland Empire 511 (IE511) system for FY 2013/14 for an
amount not to exceed $1.9 million;
2)Approve the following FY 2013/14 agreements for regional ridematching services:
a)Agreement No. 09-41-075-04, Amendment No. 4 to Agreement
No. 09-41-075-00, with the Los Angeles County Metropolitan Transportation
Authority (Metro) for an amount not to exceed $196,243;
b)Agreement No. 11-41-139-03, Amendment No. 3 to Agreement
No. 11-41-139-00, with the Orange County Transportation Authority (OCTA) for
an amount not to exceed $59,566; and
c)Agreement No. 06-41-082-08, Amendment No. 8 to Agreement
No. 06-41-082-00, with the Ventura County Transportation Commission (VCTC)
for an amount not to exceed $16,198; and
3)Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute
the agreements on behalf of the Commission.
BACKGROUND INFORMATION:
Since 1993, SANBAG has contracted with the Commission to develop, implement, and manage
a commuter assistance program (CAP) for San Bernardino County commuters. The program
consists of several projects:
•The first, Rideshare Incentives, developed as a sister incentive project to the
Commission’s Measure A commuter incentive project, focuses on encouraging solo
drivers to try alternative commute modes;
Agenda Item 7M
334
• RidesharePlus, modeled after the Commission’s rideshare rewards program, provides
Entertainment discounts to local and national merchants for long-term ridesharers.
• Inland Empire Commuter Services (IECS) was jointly established by SANBAG and the
Commission in FY 1995/96 when it was determined by the two agencies that the Inland
Empire would assume direct responsibility for the provision of local employer rideshare
services. IECS provides various services to employers in the bi-county area including the
provision of marketing promotions, rideshare survey processing, technical assistance,
employer network meetings, and newsletters;
• In FY 2002/03, the Commission and SANBAG began providing Ridematching and
Information Services directly; and
• In FY 2009/10, IE511 was implemented to provide traveler information to Riverside and
San Bernardino County commuters.
In partnership with SANBAG, a FY 2013/14 work plan and budget for continuation of SANBAG’s
CAP and the ongoing maintenance and operation of a 511 travel information services system
was developed by Commission staff. The proposed agreement between SANBAG and the
Commission is scheduled to be presented at the next SANBAG Board meeting following
approval of the agreement by the Commission. Staff is seeking Commission approval for an
agreement with SANBAG for a total not to exceed amount of $1.9 million to be reimbursed to
the Commission.
The Commission’s role in transportation demand management also extends beyond the
boundaries of the Inland Empire. Since 2002, the Commission has led the way in implementing,
operating, and maintaining the regional rideshare database (regional database) to support a
coordinated and efficient ridematching service throughout a five-county region. Specifically,
this entails processing commuter surveys, data retrieval, project reporting, rideguide
generation, network security, system maintenance, and operation through transportation
demand management consultants and ridematching software vendors.
Metro, OCTA, SANBAG, and VCTC have contracted with the Commission for the administration
of the regional database for the past 11 years. Funding of the regional ridematching system
($348,311) is split among the five county transportation commission’s based on the population
percentage split as defined by the most recent census. SANBAG’s portion of this work
($37,568) is included in the rideshare/IE511 agreement discussed above. Additional contract
requirements addressing security as well as federal funding flow down requirements have
extended this fiscal year’s contract execution cycle for these agreements. Typically, these
agreements are approved in July. Staff is seeking Commission approval to enter into these
agreements with Metro, OCTA, and VCTC for FY 2013/14 services provided by the Commission
for an aggregate amount not to exceed $272,007 as reimbursements to the Commission.
Agenda Item 7M
335
Financial Information
In Fiscal Year Budget: Yes Year: FY 2013/14 Amount: $2,172,007
Source of Funds: SANBAG, Metro, OCTA and VCTC funds Budget Adjustment: No
GLA No.:
002111 002112 632113 002139 002146 002178 002182 002188 002191 416 41605 0000
263 41 41203 $1,680,007
452124 416 41605 0000 202 45 41203 $492,000
Fiscal Procedures Approved: Date: 09/16/2013
Attachments:
1) Draft FY 2013/14 SANBAG Agreement and Scope of Work
2) Draft FY 2013/14 Regional Ridematching Services Scope of Work
Agenda Item 7M
336
Agreement No. 14-41-031-00
AGREEMENT C13143
BY AND BETWEEN
SAN BERNARDINO ASSOCIATED GOVERNMENTS
AND
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
FOR
IMPLEMENTATION OF SAN BERNARDINO COUNTY FISCAL YEAR
2013/2014 EMPLOYER AND COMMUTER
TRIP REDUCTION/RIDESHARE PROGRAMS
THIS AGREEMENT ("Agreement") is entered into as of this 1st day of July 2013, in the
State of California by and between SAN BERNARDINO ASSOCIATED GOVERNMENTS,
referred to herein as “SANBAG,” and the RIVERSIDE COUNTY TRANSPORTATION
COMMISSION, referred to herein as “RCTC.”
WHEREAS, SANBAG approved allocation of Measure I - Valley Traffic Management
Systems (VTMS) funds, and Victor Valley Traffic Management Systems funds, and Safe,
Accountable, Flexible, Efficient Transportation Equity Act – A Legacy to Users (SAFE-TEA
LU) Congestion Mitigation and Air Quality (CMAQ) funds, the allocation of SAFE-TEA LU
(initially approved in October of 2005 by SANBAG board), to provide trip reduction services as
well as incentives for the commuter programs.
WHEREAS, SANBAG receives SAFE-TEA LU and other federal funds and may use these
funds to reimburse RCTC for its services in performing Employer and Commuter Trip
Reduction/Rideshare Services.
WHEREAS, SANBAG requires professional and consulting services with respect to the
provision of commuter services and programs within San Bernardino County.
WHEREAS, RCTC has managed the bi-county Inland Empire Commuter Services program
since November 3, 1993, and has the expertise and resources necessary to manage such services
for SANBAG.
WHEREAS, for the avoidance of doubt, the parties to this Agreement acknowledge and
agree that RCTC is acting in the capacity of a third party contractor to SANBAG under this
Agreement, and is not a subrecipient of federal funds from SANBAG.
WHEREAS, RCTC will own and operate web based software (“Software”) implementing
the Employer and Commuter Trip Reduction/Rideshare Services.
WHEREAS, SANBAG will designate approved key personnel requiring access to the
Software to receive log-in information for the Software from RCTC.
WHEREAS, SANBAG will protect the confidential information received or accessible
through the Software and will obtain and provide to RCTC non-disclosure and confidentiality
agreements with its approved key personnel designated to receive access to the Software.
C12553.docx 1
17336.00013\8366208.3
ATTACHMENT 1
337
Agreement No. 14-41-031-00
NOW, THEREFORE, the parties agree as follows:
A. Contract Services.
1. RCTC will administer, market, and implement a commuter services
and 511 programs in coordination with RCTC’s commuter services program and in coordination
with the regional ridesharing core services program in compliance with and as specified in the
scope of work, Attachment “A,” attached hereto and incorporated herein by reference.
2. RCTC shall provide program administration and oversight and assure
that its consultants and/or staff performs its services within the budgets set forth in the scope of
work, Attachment “A.”
3. RCTC shall provide SANBAG with the following reports, on a
monthly or quarterly basis, as set forth below, relative to tasks identified in the scope of work,
Attachment “A”:
(a) Quarterly Commuter Assistance Report
(b) Quarterly Commuter Assistance Activity Master Report
(c) Quarterly Regional Database Report
(d) Monthly IE511 All Hands Meeting Minutes/Agenda/Stats
4. RCTC will notify and work collaboratively with SANBAG
regarding any possible program changes that would impact the SANBAG Rideshare Program.
5. SANBAG shall timely respond to RCTC on matters requiring RCTC
to coordinate with SANBAG, as set forth in Attachment “A”.
B. Compensation.
1. It is understood that SANBAG funding for the program under this
Agreement will not exceed one million nine hundred thousand, and no cents ($1,900,000.00) and
is being provided from the following sources:
(a) One million six hundred and ninety-one thousand dollars
and no cents ($1,691,000) from CMAQ funds, and
(b) Two hundred and nine thousand dollars and no cents
($209,000.00) from San Bernardino County local ½ cent sales tax, Measure I-Valley Funds.
2. SANBAG receives SAFETEA-LU and other federal funds and may
use these funds to reimburse RCTC for its services in performing Employer and Commuter Trip
Reduction/Rideshare Services.
3. It is agreed that SANBAG Measure I Funds will reimburse RCTC for
the cost of purchasing any items not reimbursable by CMAQ, and invoices submitted to
SANBAG shall clearly delineate CMAQ non-reimbursable expenditures. It is agreed that in the
event sufficient funds from the sources set forth in (a) and (b) above do not become available to
SANBAG for this Agreement, SANBAG may immediately terminate this Agreement with
C12553.docx 2
17336.00013\8366208.3
338
Agreement No. 14-41-031-00
written notice, but shall pay to RCTC from other sources any amounts required to cover RCTC’s
costs to the date of Agreement termination.
4. SANBAG shall pay RCTC on a cost-reimbursement basis, based upon
invoices which delineate charges based on tasks identified in the scope of work, Attachment “A.”
All invoices shall be provided to SANBAG no more frequently than on a bi-monthly basis and
no less than a quarterly basis. All invoices will be received by SANBAG no later than 60 days
after the quarter.
5. SANBAG shall be fully responsible for obtaining cost reimbursements
of CMAQ funds. SANBAG shall ensure that the SAFE-TEA LU funds are used for authorized
purposes in compliance with laws, regulations, and the provision of the terms in this agreement,
and that performance goals are achieved
6. SANBAG shall review all billings submitted by RCTC for accuracy
and process payment based thereon to RCTC in a timely manner.
7. RCTC shall maintain during the term of this Agreement and for three
years thereafter accounting records which cover the receipt and disbursement of all funds
provided for the programs administered and implemented under this Agreement. Such records
shall be made available for inspection during normal business hours by duly authorized
representatives of SANBAG, SANBAG’s auditors, Caltrans, Federal Highway Administration,
and the United States Department of Transportation, so that SANBAG can comply with the
Single Audit Act and OMB Circular No. A-133. In addition, the federal provisions set forth in
Attachment “C” shall apply to this Agreement.
C. Term.
1. This Agreement shall commence on July 1, 2013 and terminate on
June 30, 2014, unless it is extended by a written amendment approved by the parties.
2. Either party may terminate this Agreement by giving thirty (30) days
written notice to the other for no or any reason, including, but not limited to, changes in
legislation, rules and regulations impacting trip reduction programs. SANBAG shall pay for any
service provided up to the effective date of the termination.
3. The Executive Directors of both RCTC and SANBAG shall have the
authority in their sole discretion to give notice of termination on behalf of their respective
agencies.
D. Indemnification and Insurance.
1. (a) It is understood and agreed that neither RCTC nor any officer,
official, employee, director, consultant, agent, or volunteer thereof is responsible for any damage
or liability occurring by reasons of anything done or omitted to be done by SANBAG under or in
connection with any work authority or jurisdiction delegated to SANBAG under this Agreement.
It is understood and agreed that, pursuant to Government Code Section 895.4, SANBAG shall
fully defend, indemnify and save harmless RCTC, and all its officers, employees, consultants
and agents from all claims, suits or actions of every name, kind, and description brought for or
on account of injury (as defined in Government Code Section 810.8) occurring by reason of
anything done or omitted to be done by SANBAG under or in connection with any work,
C12553.docx 3
17336.00013\8366208.3
339
Agreement No. 14-41-031-00
authority or jurisdiction delegated to SANBAG under this Agreement.
(b) It is understood and agreed that neither SANBAG nor any officer,
official, employee, director, consultant, agent, or volunteer thereof is responsible for any damage
or liability occurring by reasons of anything done or omitted to be done by RCTC under or in
connection with any work authority or jurisdiction delegated to RCTC under this Agreement. It
is understood and agreed that, pursuant to Government Code Section 895.4, RCTC shall fully
defend, indemnify and save harmless SANBAG, and all its officers, employees, consultants and
agents from all claims, suits or actions of every name, kind, and description brought for or on
account of injury (as defined in Government Code Section 810.8) occurring by reason of
anything done or omitted to be done by RCTC or its consultants under or in connection with any
work, authority or jurisdiction delegated to RCTC under this Agreement.
2. Insurance Requirements
Without anyway affecting the indemnity provision identified in this Agreement, RCTC shall, at
the RCTC’s sole expense, and prior to the commencement of any work, procure and maintain in
full force, insurance through the entire term of this Agreement and shall be written with at least
the following limits of liability:
(a) Professional Liability - Shall be provided in an amount not less than
$1,000,000, per claim and $2,000,000 in the aggregate. RCTC shall secure and maintain this
insurance or “tail” coverage provided throughout the term of this Agreement and for a minimum
of three (3) years after Agreement completion.
(b) Workers' Compensation - Worker’s Compensation insurance shall be
provided in an amount and form to meet all applicable requirements of the Labor Code of the
State of California, including Employers Liability with $250,000 limits, covering all persons
providing services on behalf of RCTC and all risks to such persons under this Agreement.
(c) Commercial General Liability - To include coverage for Premises
and Operations, Contractual Liability, Personal Injury Liability, Products/Completed Operations
Liability, Broad-Form Property Damage and Independent Contractors' Liability, in an amount of
not less than $1,000,000 per occurrence, combined single limit, and $2,000,000 in the aggregate
written on an occurrence form. For products and completed operations a $2,000,000 aggregate
shall be provided.
(d) Automobile Liability - To include owned, non-owned and hired
automobiles, in an amount of not less than $1,000,000 per occurrence, combined single limit,
and in the aggregate written on an occurrence form.
(e) Network and Privacy Insurance. RCTC shall carry, or shall cause its
third party contractor to carry, Network and Privacy (Errors and Omissions) insurance in an
amount of not less than $1,000,000 per claim and $1,000,000 in the annual aggregate, protecting
RCTC and SANBAG from the following exposures relating to RCTC’s or any of its
subcontractors performance under the Agreement:
C12553.docx 4
17336.00013\8366208.3
340
Agreement No. 14-41-031-00
(i) the theft, dissemination and/or unauthorized disclosure of use of
confidential information and personally identifiable information (not to be limited bank
information, social security numbers, health information, credit card account information, and
confidential corporate information). Such insurance shall also include coverage for credit
monitoring, notification expenses and other related costs associated with mitigating a data
security or privacy breach; and
(ii) the introduction of a computer virus into, or otherwise causing
damage to, a computer, computer system, network or similar computer-related property and the
data, software, and programs used herein.
If such insurance is maintained on an occurrence basis, RCTC or its third party contractor shall
maintain such insurance for an additional period of one year following the end of the applicable
Term. If such insurance is maintained on a claims-made basis, RCTC or its third party
contractor shall maintain such insurance for an additional period of three year following the end
of the applicable Term.
(f). Proof of Coverage - RCTC shall furnish certificates of insurance to
SANBAG evidencing the insurance coverage required above, prior to the commencement of
performance of services hereunder, and such certificates shall include San Bernardino Associated
Governments/San Bernardino County Transportation Authority) as additional insured on
Comprehensive General Liability Insurance or Commercial General Liability Insurance and auto
insurance. Prior to commencing any work, RCTC shall furnish SANBAG with a certificate(s) of
insurance, executed by a duly authorized representative of each insurer, showing compliance
with the insurance requirements set forth in this Article. If the insurance company elects to
cancel or non-renew coverage for any reason, the CONSULTANT will provide SANBAG 30
days’ notice of such cancellation or nonrenewal. If the policy is cancelled for nonpayment of
premium, the RCTC will provide SANBAG ten (10) days’ notice. RCTC shall maintain such
insurance from the time RCTC commences performance of services hereunder until the
completion of such Services. All certificates of insurance are to include the contract number and
Project Manager’ name.
(g) Additional Insured- All policies, except for Workers Compensation
and Professional Liability policies, shall contain endorsements naming SANBAG and its
officers, employees, agents, and volunteers as additional insureds with respect to liabilities
arising out to the performance of Services hereunder. The additional insured endorsements shall
not limit the scope of coverage for SANBAG to vicarious liability but shall allow coverage for
SANBAG to the full extent provided by the policy.
(h) Waiver of Subrogation Rights - RCTC shall require the carriers of the
above required coverages to waive all rights of subrogation against SANBAG, its officers,
employees, agents, volunteers, contractors, and subcontractors. All general auto liability
insurance coverage provided shall not prohibit RCTC or CONSULTANT’S employees or agents
from waiving the right of subrogation prior to a loss or claim. CONSULTANT hereby waives
all rights of subrogation against SANBAG.
C12553.docx 5
17336.00013\8366208.3
341
Agreement No. 14-41-031-00
(i) All policies required herein are to be primary and non-contributory
with any insurance carried or administered by SANBAG.
(j) Certificates/Insurer Rating/Cancellation Notice.
(1) RCTC shall maintain and shall require its consultants to
maintain such insurance from the time the Services commence until the Services are completed,
except as may be otherwise required by this Section.
(2) RCTC may legally self-insure, but shall require its
consultants to place insurance with insurers having an A.M. Best Company rating of no less than
A: VIII and licensed to do business in California.
(3) RCTC and its consultants shall replace certificates, policies
and endorsements for any insurance expiring prior to completion of the Services.
E. Rights of SANBAG and RCTC.
The Executive Directors of both SANBAG and RCTC shall have full authority to exercise their
respective entity’s rights under this Agreement.
F. Ownership of Materials/Confidentiality/Use of Data.
1. Ownership. The following documents and data prepared by RCTC or
RCTC’s subconsultant pursuant to this Agreement shall become the common property of RCTC
and SANBAG: (i) data regarding commuters in San Bernardino County, (ii) San Bernardino
County employer information, (iii) park and ride information specific to San Bernardino County;
(iv) any monthly or quarterly reports produced by RCTC as required by this Agreement, and (v)
advertisements and collateral material funded in whole or in part by SANBAG under this
Agreement (“Documents and Data”). RCTC and SANBAG shall not be limited in any way in its
use of such data at any time, provided that any such use not within the purposes intended by this
Agreement shall be at the respective party’s sole risk and provided that the other party shall be
indemnified against any damages resulting from such use, including the release of this material
to third parties for a use not intended by this Agreement. Neither party to this Agreement shall
sell the data or other materials prepared under this Agreement without the written permission of
both parties.
2. Confidentiality. All ideas, memoranda, specifications, plans, procedures,
drawings, descriptions, computer program data, input record data, written information, and other
materials described in subsection (1) either created by or provided to RCTC in connection with
the performance of this Agreement shall be held confidential by RCTC. Such materials shall
not, without the prior written consent of SANBAG, be used by RCTC for any purposes other
than the performance of the Services. Nor shall such materials be disclosed to any person or
entity not connected with the performance of the Services. Nothing furnished to RCTC that is
otherwise known to RCTC or is generally known, or has become known, to the related industry
shall be deemed confidential. RCTC shall not use SANBAG’s name or insignia, photographs of
the project, or any publicity pertaining to the Services in any magazine, trade paper, newspaper,
television or radio production or other similar medium without the prior written consent of
SANBAG.
C12553.docx 6
17336.00013\8366208.3
342
Agreement No. 14-41-031-00
3. Use of Data. All Documents and Data, as defined above, shall be provided
to SANBAG in hard copy and electronic media. Documents and Data in electronic media shall
be provided in a form that will allow SANBAG to use, access, and manipulate the data to
prepare reports and perform other ride matching activities contemplated by this Agreement. All
Documents and Data shall be provided to SANBAG within 30 days upon written notice.
G. Confidential Information/Non-Disclosure.
1. Confidential Information. “Confidential Information” shall include: all user
names, passwords, or other log-in credentials used, provided, or accessible in connection with
the Software; all data or information accessible in connection with the Software; all source code,
work product, proprietary information, server logs, technical information, trade secrets, and
proprietary systems related to the Software; all market research, financial data, operating
procedures, and third party confidential and proprietary information; all personal information of
Employer and Commuter Trip Reduction/Rideshare Programs participants, including but not
limited to a participant’s residence address, employment address or hours of employment for the
purpose of assisting private entities in the establishment or implementation of carpooling or
ridesharing programs as required by California Penal Code, Section 637, as well as names,
biographical information, demographic information, use data, contact information, or similar
personal information of participants; and any and all data, content, materials, documents and/or
other information related to the Software and/or the Employer and Commuter Trip
Reduction/Rideshare Services designated, from time to time, by RCTC as confidential
information.
2. Non-Disclosure. Notwithstanding any other provision of this Agreement,
SANBAG shall hold the Confidential Information in confidence, shall take reasonable precaution
to protect and keep the Confidential Information confidential, shall not disclose the Confidential
Information to any person or party not specifically authorized in writing by RCTC to receive the
Confidential Information, and shall not use the Confidential Information for any purpose other
than as necessary to operate the Employer and Commuter Trip Reduction/Rideshare Services.
Further, SANBAG shall not disclose a participants personal information, including but not
limited to a participants residence address, employment address or hours of employment for the
purpose of assisting private entities in the establishment or implementation of carpooling or
ridesharing programs, to any other person or use such information for purpose other than as
necessary to operate the Employer and Commuter Trip Reduction/Rideshare Services without
the prior written consent of the participant, as required by California Penal Code Section 637.
SANBAG shall limit access to the Confidential Information only to individuals who are directly
involved in operation of the Employer and Commuter Trip Reduction/Rideshare Services and
further provided that such individuals are legally bound to maintain the confidentiality of the
Confidential Information on substantially the same terms as set forth herein. The foregoing
restrictions on disclosure shall not apply to Confidential Information which is (a) already known
by the recipient, (b) becomes, through no act or fault of the recipient, publicly known, (c)
received by recipient from a third party without a restriction on disclosure or use, or (d)
independently developed by recipient without reference to the other party’s Confidential
Information.
3. Expiration. Immediately upon (a) the expiration or termination of this
Agreement, or (b) a request by RCTC, SANBAG shall turn over to RCTC all Confidential
Information and all documents or media containing any such Confidential Information and any
C12553.docx 7
17336.00013\8366208.3
343
Agreement No. 14-41-031-00
and all copies or extracts thereof, except that SANBAG legal counsel may retain one copy of all
Confidential Information in its office solely for archival legal purposes.
4. Key Personnel. SANBAG shall designate key personnel (“Key Personnel”)
requiring web based access to the Software for the operation of the Employer and Commuter
Trip Reduction/Rideshare Services, to receive from RCTC log-in information enabling access to
the Software. Key Personnel shall use the log-in information provided by RCTC and all
Confidential Information only and strictly for the operation of the Employer and Commuter Trip
Reduction/Rideshare Services and shall not disclose or share such log-in information, or any
other Confidential Information, with any party, whether or not employed or in any way
associated with SANBAG, who has not been specifically approved in writing by RCTC to
receive such log-in information or other Confidential Information.
5.Non-Disclosure and Confidentiality Agreement. To protect RCTC’s
Confidential Information, SANBAG shall require each Key Personnel to execute a Non-
Disclosure and Confidentiality Agreement substantially in the form of Attachment “B” attached
hereto and incorporated by this reference. SANBAG shall provide RCTC a signed Non-
Disclosure and Confidentiality Agreement for each Key Personnel prior to RCTC’s disclosure of
any log-in information or other Confidential Information to such Key Personnel. SANBAG
hereby designates the following individuals as Key Personnel requiring web based access to the
Software for the operation of the Employer and Commuter Trip Reduction/Rideshare Programs:
(a) __________________
(b) __________________
6.This Paragraph G and all of its subparagraphs shall survive expiration or
termination of this Agreement.
H. Independent Contractor. SANBAG retains RCTC on an independent contractor
basis and RCTC and its consultants shall not be employees of SANBAG. The consultants and
other personnel performing the Services under this Agreement on behalf of RCTC shall at all
times be under RCTC's exclusive direction and control. RCTC shall pay all wages, salaries, and
other amounts due its employees in connection with their performance of Services under this
Agreement and as required by law. RCTC shall be responsible for all reports and obligations
respecting such employees, including, but not limited to, social security taxes, income tax
withholding, unemployment insurance, and workers' compensation insurance.
I. Attorneys' Fees and Costs. If any legal action is instituted to enforce or declare
any party's rights hereunder, each party, including the prevailing party, must bear its own costs
and attorneys' fees. This paragraph shall not apply to those costs and attorneys' fees directly
arising from any third party legal action against a party hereto and payable under Paragraph D,
Indemnification and Insurance.
J. Consent. Whenever consent or approval of any party is required under this
Agreement, that party shall not unreasonably withhold nor delay such consent or approval.
[Signatures on following page]
C12553.docx 8
17336.00013\8366208.3
344
Agreement No. 14-41-031-00
SIGNATURE PAGE TO
AGREEMENT XXXXX
BY AND BETWEEN
SAN BERNARDINO ASSOCIATED GOVERNMENTS
AND
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
FOR
IMPLEMENTATION OF SAN BERNARDINO COUNTY FISCAL YEAR
2013/2014 EMPLOYER AND COMMUTER
TRIP REDUCTION/RIDESHARE PROGRAMS
IN WITNESS THEREOF, the authorized parties have below signed and executed this
Agreement as of the first date above written.
SAN BERNARDINO ASSOCIATED RIVERSIDE COUNTY
GOVERNMENTS TRANSPORTATION COMMISSION
___________________________________ ___________________________________
Larry McCallon, President Karen Spiegel, Chair
APPROVED AS TO LEGAL FORM APPROVED AS TO LEGAL FORM
FOR SANBAG FOR RCTC
_______________________________ _________________________________
Penny Alexander-Kelley, SANBAG Counsel Best, Best & Krieger, LLP, General Counsel
CONCURRENCE:
Kathleen Murphy-Perez
Contracts Manager
C12553.docx 10
17336.00013\8366208.3
346
BLANK
Agreement No. 14-41-031-00
Attachment “A ”
Scope of Work
San Bernardino Employer and Commuter Assistance Programs
Fiscal Year 2013-14
Inland Empire Rideshare Services
Provide a variety of services to employers and commuters, who participate in trip reduction
activities. Activities shall include, but not be limited to: RideGuide/survey services, employer
technical assistance, promotions, RideGuide production, coordination/dissemination of surveys
and resulting report analysis for target marketing, Rideshare Connection broadcast e-mails,
CommuteSmart News, networking meetings and coordination with other rideshare agencies and
service providers. Assist multi-site and multi-jurisdictional headquarters employers within the
County as well as related worksites outside of the County. Oversee and maintain the IE511.org
website, social media platforms, and other regional products/outreach as assigned. Respond and
coordinate inquiries with SANBAG that are San Bernardino specific and generated from 511, 1-
866-RIDESHARE as well as direct referrals. Oversee and maintain a regional database of
commuters, working with the five county transportation commission’s (CTCs) throughout the
region, with SANBAG owning all Documents and Data (hard copy and electronic formats), as
that term is defined in Section F(1) of the Agreement. Market the regional Guaranteed Ride
Home Program to employers in San Bernardino County. Assist in the County’s leased Park and
Ride lot program. Operate the 511 program through phone and web services, providing
enhancements, resolving issues, conducting marketing and periodic surveys. RCTC is to keep
SANBAG advised regarding potential enhancements, issues, and periodic surveys if such tasks
could potentially change/alter the current Rideshare and/or 511 programs in San Bernardino
County. Conduct special projects and studies, as assigned, and coordinate/inform SANBAG
rideshare staff if special projects and/or studies impact the San Bernardino Rideshare Program.
Related Expenses ($1,204,000):
Includes labor, office expenses, marketing materials, office equipment, computer programming,
telephone and other direct expenses.
Goals:
1.Implementation of commuter assistance programs to approximately 360 regulated and
non-regulated employer worksites in San Bernardino County, to assist in the development
and implementation of trip reduction programs and for technical assistance.
2. Work with 85 employers on AVR/Transportation surveys and AVR calculations.
3.Maintain an accurate database of 50,000 active San Bernardino County commuter registrants,
resulting from completed commuter surveys at 85 San Bernardino County employers.
4.Disseminate 6,300 RideGuides to San Bernardino County commuters at 360 worksites.
5.Provide assistance to five multisite/multijurisdictional headquarters located in
San Bernardino County representing 34 worksites in San Bernardino, Riverside, as well as
Los Angeles and Orange counties.
6.Develop and implement three employer transportation network meetings, one promotional
marketing campaign at San Bernardino employer worksites, and other events.
C12553.docx Attachment “A”
1
17336.00013\8366208.3
347
Agreement No. 14-41-031-00
7.Produce and disseminate other regional marketing materials, as standalone campaigns within
the Inland Empire or regional campaigns in coordination with the five CTCs.
8.Broadcast 12 Rideshare Connection e-mails to San Bernardino County employers.
9.For the two-county area, respond to 2,000 inquires/calls from commuters who work or reside
in San Bernardino or Riverside counties, via 1-866-RIDESHARE, 511, direct referrals and
other internet sources. Of these 2,000 inquiries, 200 RideGuides will be generated. In
addition, 575 Inland residents will register in the database via the www.ridematch.info and
the www.ie511.org website. SANBAG will be copied on responses that are specific to San
Bernardino County.
10.Manage and operate the 511 system which will be available to commuters 24 hours a day, 7
days per week, 365 days per year.
11.The 511 phone system will provide assistance to 30,000 callers per month throughout the
year. The system will have the capacity to handle 100,000 concurrent callers.
12.The www.ie511.org website will potentially receive 40,000 unique visitors per month .
Website will be able to handle 100,000 concurrent users.
13.Continue 511 marketing/outreach and coordinating development of the marketing plan,
campaign themes, surveys, studies and potential collateral materials for San Bernardino
County with SANBAG rideshare staff, before the tasks are implemented.
14. Conduct and coordinate periodic surveys with SANBAG to determine the 511 program use,
effectiveness and customer satisfaction.
15. Provide website and phone enhancements/upgrades as needed.
Rideshare Incentive Programs
Option Rideshare offers San Bernardino County residents who commute to work, up to $2 a day
(in local merchant gift cards) for each day they participate in a rideshare mode, during a three-
month period. The Vanpool Incentive Program provides up to $1,800 over nine months in
discounted vanpool fares. Team Ride provides ongoing ridesharers who reside in San
Bernardino County a Rideshare Plus Rewards Book, with discount coupons from more than
135,000 merchants throughout the southland. RCTC to manage and operate the Incentive
Programs listed above, and to coordinate and discuss with SANBAG when potential changes to
the Incentive Programs are being considered.
Related Expenses ($696,000):
Includes labor, office expenses, marketing materials, office equipment, computer programming,
telephone, direct commuter incentives (gift cards/ subsidies) and other direct expenses.
Goals:
1.The Option Rideshare program will enlist 1,200 County residents, who commute to work to
125 employers in Southern California. These participants on average have a one-way
commute distance of 27.59 miles and the goal is to reduce 109,000 one way vehicle trips
from the roadways.
2.Team Ride registrants will consist of 6,100 members when the program is at its highest
membership. Members will work at employment sites from 350 employers throughout
Southern California.
C12553.docx Attachment “A”
2
17336.00013\8366208.3
348
Agreement No. 14-41-031-00
Attachment “B”
NON-DISCLOSURE AND CONFIDENTIALITY AGREEMENT
This Non-Disclosure and Confidentiality Agreement is entered into as of __________,
2013, by and between SAN BERNARDINO ASSOCIATED GOVERNMENTS (“SANBAG”)
and the undersigned interested party (“Interested Party”). SANBAG and Interested Party shall
individually be referred to as a “Party” or collectively as the “Parties”.
1.RECITALS
1.1 WHEREAS, SANBAG and the RIVERSIDE COUNTY TRANSPORTATION
COMMISSION (“RCTC”) entered into that certain Implementation of San Bernardino County
Fiscal Year 2013/2014 Employer and Commuter Trip Reduction/Rideshare Programs Agreement
dated July 1, 2013 (“Agreement”)
1.2 WHEREAS, in the Agreement, SANBAG has designated approved key personnel
requiring access to the web based software (“Software”) implementing the Employer and
Commuter Trip Reduction/Rideshare Programs to receive log-in information for the Software.
1.3 WHEREAS, in the Agreement, SANBAG has agreed to protect the personal
information accessible through the Software of public participants in the Employer and
Commuter Trip Reduction/Rideshare Programs, and has agreed to obtain non-disclosure and
confidentiality agreements with all approved key personnel receiving access to the Software.
1.4 WHEREAS, SANBAG has designated Interested Party as a Key Personnel to
receive Confidential Information, as those terms are defined in Agreement, and Interested Party
desires to receive and protect the Confidential Information upon the terms and conditions set
forth herein.
2.TERMS
2.1 Confidential Information. “Confidential Information” shall include: all user
names, passwords, or other log-in credentials used, provided, or accessible in connection with
the Software; all data or information accessible in connection with the Software; all source code,
work product, proprietary information, server logs, technical information, trade secrets, and
proprietary systems related to the Software; all market research, financial data, operating
procedures, and third party confidential and proprietary information; all personal information of
Employer and Commuter Trip Reduction/Rideshare Programs participants, including but not
limited a participants residence address, employment address or hours of employment for the
purpose of assisting private entities in the establishment or implementation of carpooling or
ridesharing programs as required by California Penal Code, Section 637, as well as names,
biographical information, demographic information, use data, contact information, or similar
personal information of participants; and any and all data, content, materials, documents and/or
other information related to the Software and/or Employer and Commuter Trip
Reduction/Rideshare Programs designated, from time to time, by RCTC as confidential
information.
C12553.docx Attachment “B”
1
17336.00013\8366208.3
350
Agreement No. 14-41-031-00
2.2 Interested Party shall hold the Confidential Information in confidence, shall take
reasonable precaution to protect and keep the Confidential Information confidential, shall not
disclose the Confidential Information to any person or party not specifically authorized in
writing by RCTC to receive the Confidential Information, and shall not use the Confidential
Information for any purpose other than as necessary to operate the Employer and Commuter Trip
Reduction/Rideshare Programs. Further, Interested Party shall not disclose a participants
personal information, including but not limited to a participants residence address, employment
address or hours of employment for the purpose of assisting private entities in the establishment
or implementation of carpooling or ridesharing programs, to any other person or use such
information for purpose other than as necessary to operate the Employer and Commuter Trip
Reduction/Rideshare Programs without the prior written consent of the participant as required by
California Penal Code Section 637. Interested Party shall limit access to the Confidential
Information only to individuals who are directly involved in operation of the Employer and
Commuter Trip Reduction/Rideshare Programs and further provided that such individuals are
legally bound to maintain the confidentiality of the Confidential Information on substantially the
same terms as set forth herein. The foregoing restrictions on disclosure shall not apply to
Confidential Information which is (a) already known by the recipient, (b) becomes, through no
act or fault of the recipient, publicly known, (c) received by recipient from a third party without a
restriction on disclosure or use, or (d) independently developed by recipient without reference to
the other party’s Confidential Information.
2.3 Immediately upon (i) the expiration or termination of Interested Party’s
employment or association with SANBAG, (ii) the expiration or termination of the Agreement,
or (iii) a request by RCTC, Interested Party shall turn over to RCTC all Confidential Information
and all documents or media containing any such Confidential Information and any and all copies
or extracts thereof.
2.4 RCTC is an express third party beneficiary of this Non-Disclosure and
Confidentiality Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Non-Disclosure and
Confidentiality Agreement on the date first herein above written.
SAN BERNARDINO INTERESTED PARTY
ASSOCIATED GOVERNMENTS
B y: ___________________________ By: __________________________
Executive Director Name: __________________________
Title: __________________________
C12553.docx Attachment “B”
2
17336.00013\8366208.3
351
Agreement No. 14-41-031-00
Attachment “C”
Federal Flow Down Provisions
ARTICLE I -- FISCAL PROVISIONS
A. The Cost Principles and Procedures set forth in 48 CFR Ch. 1, Subch. E, Part 31, as constituted
on the effective date of this Contract shall be utilized to determine allowability of costs under this
Contract and may be modified from time to time by written amendment of the Contract.
B. CONSULTANT agrees to comply with Federal Department of Transportation procedures in
accordance with 49 CFR, Part 18, Uniform Administrative Requirements for Grants and
Cooperative Agreements to State and Local Governments. SANBAG agrees to advise
CONSULTANT as to the requirements for such compliance, and to repay CONSULTANT for
any costs related to such compliance.
C. Any costs for which payment has been made to CONSULTANT that are determined by
subsequent audit to be unallowed under 48 CFR, Ch.1, Subch E, Part 31, Contract Cost Principles
and Procedures, or 49 CFR, Part 18, Uniform Administrative Requirements for Grants and
Cooperative Agreements to State and Local Governments shall be repaid by CONSULTANT to
Agency. SANBAG shall then repay CONSULTANT for such costs using local funds.
ARTICLE II – AUDITS, THIRD PARTY CONTRACTING, RECORDS RETENTION AND
REPORTS –
A. CONSULTANT agrees that any and all subcontractors of CONSULTANT performing Work
under this Contract will comply with the terms and conditions of this Contract applicable to the
portion of Work performed by them. CONSULTANT shall incorporate the following applicable
provisions of this Contract into their subcontracts regardless of the tier: Article I -- Fiscal
Provisions, and this Article II -- Audits, Third Party Contracting, Records Retention and Reports.
B. CONSULTANT shall provide Agency, or authorized representatives or agents of Agency,
including but not limited to SANBAG, Caltrans, Federal Transit Administration (FTA) or Federal
Highway Administration (FHWA), access to CONSULTANT’s records that are directly related to
this Contract for the purpose of inspection, auditing or copying. CONSULTANT shall maintain
all records related to this Contract in an organized way in the original format, electronic and hard
copy, conducive to professional review and audit, for a period of three (3) years from the date of
final payment by Agency, except in the event of litigation or settlement of claims arising out of
this Contract in which case CONSULTANT agrees to maintain records through the conclusion of
all such litigation, appeals or claims related to this Contract. CONSULTANT further agrees to
maintain separate records for costs of work performed by amendment. CONSULTANT shall
allow Agency, SANBAG, Caltrans, FHWA, FTA or any duly authorized agents to reproduce any
materials as reasonably necessary.
D. The cost proposal and/or invoices for this Contract are subject to audit by Agency and/or any
state or federal agency funding this Project at any time. After CONSULTANT receives any audit
recommendations, the cost proposal shall be adjusted by CONSULTANT and approved by
Agency’s Project Manager to conform to the audit recommendations. CONSULTANT agrees that
C12553.docx Attachment “B”
3
17336.00013\8366208.3
352
Agreement No. 14-41-031-00
individual items of cost identified in the audit report may be incorporated into the Contract at
Agency’s sole discretion. Refusal by CONSULTANT to incorporate the audit or post award
recommendations will be considered a breach of the Contract and cause for termination of the
Contract. Any dispute concerning the audit findings of this Contract shall be reviewed by
Agency’s Chief Financial Officer. CONSULTANT may request a review by submitting the
request in writing to Agency within thirty (30) calendar days after issuance of the audit report.
SANBAG shall pay all costs related to the audit. Further, a breach under this clause shall not
imply any wrongdoing by CONSULTANT. SANBAG shall pay CONSULTANT for work
completed up to the date of termination. As determined necessary by SANBAG, such payment
will be made using local funds.
E. CONSULTANT agrees that CONSULTANT’s travel and per diem reimbursements and third-
party contract reimbursements to subcontractors will be allowable as Project Costs only after
those costs are incurred and paid for by the subcontractors.
ARTICLE III. EQUAL EMPLOYMENT OPPORTUNITY
During the term of this Contract, CONSULTANT shall not willfully discriminate against any
employee or applicant for employment because of race, religion, color, national origin, ancestry,
physical handicap, medical condition, gender, marital status, sexual orientation, age, political
affiliation or disability. CONSULTANT agrees to comply with the provisions of Executive
Orders 11246, 11375, 11625, 12138, 12432, 12250, Title VII of the Civil Rights Act of 1964, the
California Fair Employment Practice Act and other applicable Federal, State and County laws and
regulations and policies relating to equal employment and contracting opportunities, including
laws and regulations hereafter enacted.
ARTICLE IV. GENERAL
A. Subcontracts must include provisions for terminating the subcontract for cause or convenience by
the Agency. The Agency’s own preferred language may be used.
B. Subcontracts must include administrative, contractual or legal remedies in instances of the
subcontractor violating or breaching the contract terms.
ARTICLE V. COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT
CONSULTANT shall comply with all applicable provisions of the Americans With Disabilities Act in
performing Work under this Contract.
C12553.docx Attachment “B”
4
17336.00013\8366208.3
353
ATTACHMENT 2
Riverside County Transportation Commission
REGIONAL RIDEMATCH DATABASE SERVICES
FY 13/14 SCOPE OF WORK
Manage the regional ridematch database system on behalf of and in partnership with the
County Transportation Commissions (CTCs). The system will be secured from
tampering yet accessible to multiple users’ needs with timely and accurate software.
Monitor and maintain the performance of the hardware and connectivity software of the
regional ridematch local area network and ridematching website. Maintenance of the
ridematching software and associated modules will be coordinated with our Komotor
software support vendor, and their designated product support staff. Monitor bandwidth
and website load times to ensure that quality and throughput are optimum and that system
integrity is maintained.
Task 1: Day to Day Operations
Manage and coordinate the regional rideshare database system in partnership with the
CTCs to ensure the effective delivery of ridematching services to employers, TMAs and
commuters of the five county region.
a. Review application error logs on a daily basis, assess error messages to determine
next steps, take action with the appropriate entities (i.e., internal action, CTCs or
Komotor product support staff) to secure resolution of issues.
b.Review all security logs as they are collected through the dedicated firewall, web
server, and database logs.
c.Report any scheduled or unscheduled system downtime to CTCs, troubleshoot as
necessary and identify reason for downtime and estimated time to be back on line.
Task 2: Upgrades, Patches, and System Administration
Coordinate software and database maintenance and installation of enhancements. Work
with CTC staffs to identify needs or program refinements on an annual basis, including
AVR Program refinements as required by the South Coast Air Quality Management
District (SCAQMD) and/or Ventura County Air Pollution Control District (VCAPCD).
Work with Komotor product support staff to develop programs to satisfy identified needs,
and to coordinate the installation and testing of periodic updates from Komotor product
support on an as-needed basis.
Coordinate the monitoring of the system and augmenting of security and data access
controls as needed to maintain the confidentiality of information, including an annual
1
354
vulnerability and penetration test by a contractor secured by Riverside County
Transportation Commission (RCTC).
Task includes annual license maintenance fees including our first year of Google Premier
support in order to assist us during our transition between two geocode based systems..
Also includes the annual cost of testing for web site security.
a. Facilitate collective policy decisions relating to operational and procedural
functionality of the system.
b. Coordinate feedback from CTCs regarding programming functionality,
programming issues and development ideas. Provide testing of new programs and
enhancements as well as custom ad-hoc reporting to ensure that all program
modules are functioning correctly and that any program compatibility issues are
resolved.
c. Provide liaison between the CTCs and the SCAQMD for maintenance and
required updates to the AVR functions of the databases.
d. Coordinate changes to reporting and functionality between internal staff, CTCs,
SCAQMD, and selected vendors.
e. Work with selected contractor to facilitate web testing for security and to monitor
performance of the servers, routers and switches to ensure system is operating at
peak performance.
f. Perform ongoing analysis of capacity issues and recommendations for additions
or improvements.
Task 3: Support Roles
Provide technical and help desk support services to CTC staffs. Provide assistance with
troubleshooting of problems related to functionality of software. Provide training or
instructional materials on new programs and functions within the Komotor rideshare web
application and associated modules to CTC staffs.
a. Respond daily to on-line and telephone technical inquires and trouble reports.
b. Assess source of reported problems, determine appropriate actions, and facilitate
resolution by appropriate staff.
c. Prepare and distribute quarterly summary of reported problems and actions taken.
d. Provide “help” information as needed to all users.
2
355
e. Provide liaison between CTCs and Komotor product support staff.
Task 4: Operating Equipment and Network Connectivity
A. Operating Equipment
Monitor server performance and bandwidth use, consistent with the specifications
provided by Komotor product support staff, to accommodate the regional rideshare
database and associated modules.
Rackspace, the selected server management company, will be responsible for repair or
replacement of all hardware items to be handled on an as-needed basis or as
recommended by the “End of Life” (EOL) cycle by the product manufacture on a
365/24/7 basis with a one hour replacement time guarantee.
Rackspace will also be responsible for updates for server operating system and core
system applications as well as firewalls, network switches, and load balancers.
B. Network Connectivity
Keycard protocols, biometric scanning protocols and round-the-clock interior and
exterior surveillance monitor access to every Rackspace data center. To provide multiple
redundancies the data center housing the regional ridematch local area network is also
linked to the internet through a minimum of 5-9 different internet service providers on
high performance bandwidth.
Rackspace will monitor and troubleshoot access lines to ensure operational integrity and
security.
3
356
AGENDA ITEM 7N
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Tanya Love, Goods Movement Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT: Clay Street Grade Separation
STAFF RECOMMENDATION:
This item is for the Commission to allocate $1,199,246 in Congestion Mitigation Air Quality
(CMAQ) funds to the county of Riverside (County) for the Clay Street grade separation project.
BACKGROUND INFORMATION:
The County was awarded $13,247,000 in Proposition 1B Trade Corridor Improvement Funds
(TCIF) to construct a grade separation within the city of Jurupa Valley at Union Pacific Railroad
(UPPR) at the Clay Street crossing between Van Buren Boulevard and Limonite Avenue. A
requirement of Proposition 1B funding is that project construction must start no later than
December 31, 2013.
The total cost of the Clay Street grade separation project was originally estimated at
$30,806,000; construction costs were estimated at $17,076,000. The project was recently
advertised and a total of four construction bids were received. The low bidder was Ames
Construction Inc. at $15,948,405; in addition, $2,326,841 is needed for contingencies and
supplemental items including payment for services provided by UPPR for railroad track
construction. The total revised construction cost is $18,275,246, which represents an overall
increase of $1,199,246. There is adequate CMAQ funding available to cover the increased
construction costs; the TCIF funding is adequate to cover the local match requirement. If
approved, it is projected the project will meet the December 31 deadline required under the
TCIF program; the project should be completed in 2016. Once constructed, the Clay Street
grade separation will eliminate conflicts between vehicles and trains providing efficient reliable
and uninterrupted freight and vehicular movement.
There is no financial impact to the Commission’s budget as federal CMAQ funds do not flow
through the Commission.
Agenda Item 7N
357
AGENDA ITEM 8
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Budget and Implementation Committee
Aaron Hake, Government Relations Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT: State and Federal Legislative Update
BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION:
This item is for the Commission to receive and file the state and federal legislative update.
BACKGROUND INFORMATION:
U.S. Department of Transportation Releases Draft Primary Freight Network Map
One of the signature accomplishments of MAP-21 was the inclusion of freight as a major policy
focus for the first time in a federal transportation authorization bill. Among the provisions of
MAP-21 was a requirement for the Secretary of Transportation to designate a Primary Freight
Network (PFN) consisting of no more than 27,000 centerline highway miles. Throughout the
last year U.S. Department of Transportation (U.S. DOT) has been analyzing several data sets to
determine the draft PFN, which was released the week of November 18 for public comment.
A map of the Southern California highways on the draft PFN is attached to this report. Almost
every major highway in Riverside County is designated as part of the PFN. Notable exceptions
are SR-86 between the county line and I-10, and SR-60 between I-215 and I-10, and SR-79.
According to U.S. DOT, criteria for designating the PFN included freight tonnage and volume,
average daily truck traffic, truck traffic as a percentage of total traffic, population centers,
network connectivity, ports of entry (land and sea), and access to energy exploration and
production. U.S. DOT acknowledged that it was difficult to capture all of the critical pieces of
the national freight system given MAP-21’s limitation to 27,000 centerline highway miles.
Southern California agencies expressed concern to the Federal Highway Administration (FHWA)
early in the development of the PFN, based on initial maps, that the complexity of the Southern
California goods movement system required additional scrutiny. Working with Southern
California Association of Governments (SCAG) and other county transportation commissions,
the region was able to convey the proportionally large impact of the Southern California on the
national supply chain, which for the most part appears to be present in the US DOT draft map.
Agenda Item 8 358
In total, California has about 10 percent of the total centerline miles in the PFN, which is
roughly proportional to the state’s share of the nation’s population and typical take of
transportation funding pots.
At this time the PFN has no explicit statutory purpose or application, other than providing a
foundation for the work of the National Freight Advisory Committee (also created by MAP-21)
and the development of the National Freight Strategic Plan (also created by MAP-21). Popular
speculation is that the PFN will become a fundamental eligibility criterion for projects to be
funded by new goods movement revenue source. Identification of the PFN may also establish
the universe for future performance metrics that all metropolitan regions will be required to
meet and monitor (yet another component of MAP-21).
Commission staff is moving forward on two tracks with regard to the PFN:
1.Preparing to comment on the PFN to U.S. DOT, in cohesion with Southern California
partners (comments are due to U.S. DOT by January 17, 2014); and
2.Preparing legislative recommendations to improve upon MAP-21 freight policy to
ensure that Southern California is adequately accounted for.
Specific Commission objectives at this time include, but are not limited to:
•Inclusion of the entirety of SR-86 and SR-60 within Riverside County in the PFN;
•First-mile/last-mile connectivity between PFN highways and urban arterials; and
•Future inclusion of rail and/or grade crossings in PFN.
At the time this staff report was written, Commission staff was preparing to convene with SCAG
and partner agencies to discuss strategies to convey the region’s message. The Commission
welcomes support and input is welcome from local agencies.
Congressional Panel Releases Bi-Partisan Freight Report
The House of Representative’s Special Panel on 21st Century Freight Transportation (Panel)
released its final report in October after spending six months touring the nation and hearing
from goods movement stakeholders, including a visit to San Bernardino and the Ports of Long
Beach and Los Angeles. Southern California Members of Congress Representative Gary Miller
and Representative Janice Hahn served on the Panel. The Commission submitted written
testimony to the Panel over the summer, and provided additional information via the
Commission’s D.C.-based lobbyist, Cliff Madison.
The Panel’s unanimous report is remarkable given the ongoing partisan rancor that has
characterized Washington. Unsurprisingly, “the Panel found that the current state of highway
infrastructure does not adequately serve the needs of those moving goods across the Nation.”
Thus, the Panel put forth the following overall recommendations to Congress:
Agenda Item 8 359
•Direct the Secretary of Transportation, in coordination with the Secretary of the Army
and the Commandant of the United States Coast Guard, to establish a comprehensive
national freight transportation policy and designate a national, multimodal freight
network;
•Ensure robust public investment in all modes of transportation on which freight
movement relies, and incentivize additional private investment in freight transportation
facilities, to maintain and improve the condition and performance of the freight
transportation network;
•Promote and expedite the development and delivery of projects and activities that
improve and facilitate the efficient movement of goods;
•Authorize dedicated, sustainable funding for multimodal freight Projects of National and
Regional Significance through a grant process and establish clear benchmarks for project
selection. Projects eligible for such funding would have a regional or national impact on
the overall performance of the multimodal freight network identified by the Secretary
of Transportation;
•Direct the Secretary of Transportation, in coordination with the Secretary of the
Treasury and the Secretary of the Army, to identify and recommend sustainable sources
of revenue across all modes of transportation that would provide the necessary
investment in the Nation’s multimodal freight network and align contributions with use
of, and expected benefit of increased investment in, such network; and
•Review, working through the Committee on Transportation and Infrastructure and the
Committee on Ways and Means, the Secretary’s freight funding and revenue
recommendations and develop specific funding and revenue options for freight
transportation projects prior to Congress’ consideration of the surface transportation
reauthorization bill in 2014.
Commission staff concurs with these recommendations. Of great interest is how Members of
the Panel will persuade Congress to adopt specific policies that support these
recommendations. Crafting private sector incentives, expediting project delivery, creating
sustainable funding sources, and establishing merit-based project selection are each a
challenging political tasks, let alone when these are combined together into one comprehensive
policy. The report cites numerous statistics about the severity of the nation’s freight
infrastructure deficit and the centrality of goods movement to the national economy, yet
addressing the challenges identified in the report will require a tremendous order of political
will from Members of both political parties and the White House.
Agenda Item 8 360
The report analyzed the following specific freight-based financing options for goods movement
projects:
•Customs Duties and Fees: Capturing a portion of revenue from existing customs duties
and fees, or adding a transportation surcharge to existing customs duties and fees.
However, such a mechanism would fail to capture U.S. exporters and could run afoul of
international trade law.
•Freight Waybill Tax: A sales tax on shipping costs, similar to how taxes are assessed to
taxes assessed for air freight and passengers who use the aviation system.
Administering this type of tax could prove costly and complicated.
•Weight-Distance Tax: Paid by trucks based on the number of miles traveled with a
certain load, closely tying the tax to the user’s impact on roads. Several states
(Kentucky, New Mexico, New York, and Oregon) currently have a similar system.
Administration costs could be high and could have a negative impact on high-weight,
low-value freight.
•Container Tax: A concept familiar to Southern California debates about goods
movement. Such a tax was imposed to finance the Alameda Corridor. While most of
the traffic through Southern California is container-based, many other ports and
waterways move goods that are not in containers.
The report did not endorse any of these options, nor does Commission staff at this time. The
analysis identified options and potential benefits and downfalls of each revenue option. None
of the options appear to be able to fund the entire need of the national goods movement
system on their own.
In terms of project delivery streamlining, the report examines the planning and environmental
approval process for projects. The report acknowledges most freight projects take place in
urban, congested settings where there are likely to be many environmental, land use, and
jurisdictional issues in play. Furthermore, freight projects often do not compete well in
traditional federal funding programs and are more complex than a routine highway project.
Finally, there is a lack of national performance measures for the freight system by which to
measure projects. All of the above create barriers to effectively improving the freight system.
To this end, the Panel recommends, in excerpt:
•Cut red tape and encourage the Secretary of Transportation to streamline project
delivery across all modes of transportation;
•Require the Secretary of Transportation to identify corridor-based solutions to freight
mobility, taking into account the Nation’s entire transportation network;
•Direct the Secretary of Transportation to identify performance goals and performance
measures by which states can assess the quality of freight movement across all modes
of transportation; and
•Establish policies and set benchmarks to accelerate the transition from project
development to construction for freight projects.
Agenda Item 8 361
Additionally, the report delves into port issues, inland waterways, air cargo, and rail.
The Commission’s concerns remain consistently focused on:
1)A sustainable, dedicated funding source for freight projects;
2)Establishment of a national freight policy and strategic plan (portions of this are
underway, per requirements of MAP-21);
3)Policy that links mitigation projects to capacity improvements;
4)Eligibility of grade separations for any freight funding program;
5)Corridor-based approaches to goods movement funding and planning; and
6)Federal recognition of Southern California, including the Inland Empire as the most
important region in the United States for national goods movement and international
trade.
The expiration of MAP-21 within the next 11 months is accelerating conversations about goods
movement policy. Senator Boxer, Chair of the Environment & Public Works Committee, made
great strides in prioritizing goods movement and creating the framework for a National Freight
Strategic Plan and inclusion of key stakeholders on a National Freight Advisory Committee. The
Commission, in concert with Southern California partner agencies and businesses, will seek to
fine-tune these MAP-21 policies, seek funding options, and push for Congress to follow through
on the Panel’s recommendations.
Transportation California and Alliance for Jobs Launches Ballot Initiative for Road Repairs
On November 18, a partnership of transportation industry organizations submitted to the
Attorney General a request for title and summary of a ballot initiative to fund road
maintenance, rehabilitation as well as transit system maintenance. The California Alliance for
Jobs and Transportation California, the sponsors of the initiative, are both advocacy
organizations comprised of labor and business organizations concerned with infrastructure
investment in the state. The California Road Repair Act would be placed on the November 2014
general election statewide ballot if, after receiving title and summary from the Attorney
General, enough signatures from California residents are gathered.
In short, the California Road Repair Act does the following:
•Assess an annual 1 percent ad valorem California Road Repair Fee on all vehicles except
heavy duty trucks. The fee is phased in over four years at ¼ percent increments. Once
the full 1 percent rate is assessed, the fee is expected to generate $2.9 billion annually.
•Heavy duty trucks will pay a “fair share equivalent” to the fee in the form of an increase
in the diesel excise tax. Proponents of the initiative assert that the industry prefers this
method over an ad valorem fee on trucks.
•All revenue is constitutionally protected to be used exclusively for road, bridge and
transit system maintenance, rehab, and transit vehicle replacement. Loans or
reallocations are not permitted without voter approval;
•Revenue will be allocated as follows:
Agenda Item 8
362
o 25 percent to cities based on population
o 25 percent to counties based partially (75 percent) on fee-paying vehicles in each
county and 25 percent on total road miles in the county;
o 40 percent to the state highway system, with half of this portion being allocated
on a statewide basis to the areas of highest need, and the other half being
allocated equitably to regions;
o 10 percent to public transit maintenance, rehab, and vehicle replacement based
on existing transit formulas.
•All revenue must be used on a “pay as you go” basis, and will not be bonded.
•Administrative costs are capped at 3 percent
Maintenance of existing transportation infrastructure has become of increasing concern in
recent years. According to Caltrans estimates, the state’s highway preservation program falls
behind nearly $6 billion every year in keeping up with needs. According to the California
Transportation Commission, 58 percent of state roads need rehabilitation as well as 55 percent
of local roads. Numerous statistics exist citing added vehicle maintenance, repair, and fuel
costs to motorists due to poor road conditions. Additionally maintenance issues received
substantial discussion during the development of the most recent Regional transportation Plan
for Southern California.
Commission staff is not recommending a position on the California Road Repair Act at this time.
Staff will monitor the initiative’s progress and provide opportunities for dialogue in conjunction
with future discussion about Riverside County’s infrastructure needs and available funding.
Attachments:
1)Improving the Nation’s Freight Transportation System – Findings and Recommendations
of the Special Panel on 21st Century Freight Transportation Dated October 2013
2)US DOT Draft Primary Freight Network Map for Southern California
Agenda Item 8 363
IMPROVINGTHE NATION’S FREIGHT
TRANSPORTATION SYSTEM
FINDINGS AND RECOMMENDATIONS
OF THE SPECIAL PANEL ON 21ST
CENTURY FREIGHT TRANSPORTATION
HOUSE COMMITTEE ON
TRANSPORTATION & INFRASTRUCTURE
October 2013
ATTACHMENT 1
364
365
3Improving the Nation’s Freight Transportation System
ACKNOWLEDGEMENTS
Chairman Duncan, Ranking Member Nadler, and the Members of the Panel
on 21st Century Freight Transportation would like to thank the hard-work-
ing staff members for all they did to support the Panel’s mission. This effort
would not have been possible without each individual below.
Shant Boyajian Highways and Transit Counsel, T&I Committee
Jim Kolb Minority Highways and Transit Staff Director, T&I Committee
Ward McCarragher Minority Chief Counsel, T&I Committee
Erin Sulla Legislative Staff Assistant, T&I Committee
Jim Tymon Senior Advisor to the Chairman, T&I Committee
David Wegner Minority Water Resources Professional Staff, T&I Committee
Dennis Wirtz Legislative Assistant, T&I Committee
Helena Zyblikewycz Minority Highways and Transit Counsel, T&I Committee
Tarunpal Dhillon Legal Intern, T&I Committee
Andrew Mertens Intern, T&I Committee
Don Walker Staff, Congressman Duncan
Lisette Morton Staff, Congressman Nadler
Garrett Bess Staff, Congressman Webster
Matt Colvin Staff, Congressman Sires
Bobby Fraser Staff, Congressman Hanna
Nick Martinelli Staff, Congresswoman Brown
Jacob Melcher Staff, Congressman Crawford
Brian Oszakiewski Staff, Congressman Lipinski
Brittnee Preston Staff, Congressman Mullin
Randy Ross Staff, Congressman Gary Miller
Laurie Saroff Staff, Congresswoman Hahn
366
367
5Improving the Nation’s Freight Transportation System
Contents
Preface............................................................................................................................................................................Page 7
Executive Summary.......................................................................................................................................................Page 9
The Nation’s Freight System.......................................................................................................................................Page 11
Highways and Trucking
Freight Rail
Shipping and Ports
Inland Waterways
Air Cargo
Warehouses, Distribution Centers, and the Logistics Industry
Pipelines
Recommendations.......................................................................................................................................................Page 45
Funding and Financing Investments
Planning and Project Delivery
Highways and Trucking
Freight Rail
Shipping and Ports
Inland Waterways
Air Cargo
Appendices..................................................................................................................................................................Page 69
A – Panel Scope of Work
B – Panel Activities
C – Summary of Hearing – “Overview of the United States’ Freight Transportation System”
D – Summary of Hearing – “How Southern California Freight Transportation Challenges Impact the Nation”
E – Summary of Hearing – “How Logistics Facilitate an Efficient Freight Transportation System”
F – Summary of Hearing – “How Freight Transportation Challenges in Urban Areas Impact the Nation”
G – Summary of Hearing – “Perspectives from Users of the Nation’s Freight System”
H – Summary of Hearing – “Funding the Nation’s Freight System”
I – Summary of Site Visit – Southern California
J – Summary of Site Visit – Memphis Region
K – Summary of Site Visit – New York City Region
L – Summary of Site Visit – Norfolk, Virginia
M – Summary of Roundtable Discussion – “Coordinating Federal Efforts to Improve Freight Transportation”
N – Summary of Roundtable Discussion – “Navigating the Complexities of America’s Largest Port Facilities”
O – Summary of Roundtable Discussion – “Effectively Coordinating Freight Planning Activities”
P – Acronym List
Q – Signature Page
368
369
7Improving the Nation’s Freight Transportation System
PrefaCe
Chairman Bill Shuster and Ranking Member Nick J. Rahall, II, of the Committee on Transportation and Infra-
structure of the House of Representatives created the Panel on 21st Century Freight Transportation in April 2013,
to examine the current state of freight transportation in the United States and how improving freight transporta-
tion can strengthen the United States economy.
The Panel was constituted under Rule XVIII of the Rules of the Committee on Transportation and Infrastructure
to examine issues related to freight mobility across all aspects of the Committee’s jurisdiction. The Panel was
led by Chairman John J. Duncan, Jr. and Ranking Member Jerrold Nadler. Also appointed to the Panel were
Congressman Gary Miller, Congresswoman Corrine Brown, Congressman Rick Crawford, Congressman Daniel
Lipinski, Congressman Richard Hanna, Congressman Albio Sires, Congressman Daniel Webster, Congress-
woman Janice Hahn, and Congressman Markwayne Mullin.
The Panel examined the current state of freight transportation in the United States to identify (1) the role freight
transportation plays in the United States economy; (2) ways to increase the efficiency, safety, and overall con-
dition and performance of the Nation’s freight network; (3) how technology assists in the movement of freight;
and (4) financing options for transportation projects that improve freight mobility.
To carry out this ambitious work plan, the Panel held six public hearings, three roundtable discussions, traveled
to Southern California, the Memphis region, the New York City/Northern New Jersey region, and Norfolk, Vir-
ginia, and held numerous briefings with freight industry professionals and other interested parties. This report
reflects the Panel’s findings and the recommendations it reached as a result.
370
371
9Improving the Nation’s Freight Transportation System
exeCutive summary
The Panel on 21st Century Freight Transportation conducted hearings, held roundtable discussions, and traveled
to key freight corridors across the United States to gain insight into the current state of freight transportation and
how improving freight transportation can strengthen the economy. The Panel identified many challenges and
impediments to the efficient and safe movement of goods into, out of, and through the United States.
The Panel found that the current state of highway infrastructure does not adequately serve the needs of those
moving goods across the Nation. Not every community is located adjacent to a railroad, airport, waterway, or
port, but a consumer good is almost invariably transported along the Nation’s four million miles of highways
and roads for at least part of its journey. However, the Highway Trust Fund, from which federal investment
in highway infrastructure is disbursed, will soon be insolvent. This fact is especially problematic when one
considers that maintenance of the Nation’s existing highway facilities alone would cost hundreds of billions of
dollars, and that one of every four bridges in the United States is structurally deficient or functionally obsolete.
Furthermore, a recent study found that congestion cost the United States economy $121 billion in 2011.
While most consumer goods are transported on a truck for at least part of the journey, freight rail provides
efficient long-haul and short-haul service and integrates closely with the trucking industry. There are approxi-
mately 565 freight railroads in the country employing nearly 180,000 workers. These are privately owned com-
panies that operate more than 200,000 miles of track throughout the Nation. Because the freight railroads are
private entities, they own the infrastructure over which they operate, meaning they also invest heavily in those
networks. In 2011, the freight railroads invested over $23 billion in capital expenditures to improve and expand
their networks.
Before goods can be transported on trucks or railroads, the goods must be produced, and many of these goods
are produced overseas. Over 75 percent of all United States international freight moves by water. Unlike the
Highway Trust Fund, the federal fund dedicated for harbor maintenance has a positive balance. Unfortunately,
a lack of appropriated funding has resulted in deferred maintenance of federal channels that serve coastal ports.
Currently, the constructed depths and widths of entrance channels at 59 major ports are available only 35 per-
cent of the time. Given the current expansion of the Panama Canal and the larger ships that will service Ameri-
can ports as a result, maintaining authorized channel depths and widths is critical to the stability of the Nation’s
import and export market.
United States waterways carried an equivalent of over 100 million truckloads of goods last year. It is estimat-
ed that without the barges and towboats operating on the inland waterways, the Nation would need 6.3 million
railroad cars or 25 million trucks to haul the difference. However, much of the critical infrastructure for water-
borne transportation is in dire need of repair. More than one-half of the locks and dams in the United States are
over 50 years old.
Air cargo is the fastest way to ship goods over long distances, and air freight is high-value cargo. Less than
three percent of total freight by weight ships by air, but this represents over $6.4 trillion worth of goods per
year, which is nearly 35 percent of all freight value.
All aspects of the supply chain rely on the warehousing, distribution center, and logistics industry. Logistics
is the planning, execution, and control of a complex organization involving many different moving pieces and
interests, all within a system designed to achieve specific objectives. By optimizing the movement of freight
372
10Improving the Nation’s Freight Transportation System
across all modes of transportation, this industry helps ensure the health of the United States economy and the
future of the Nation’s global competitiveness.
The Panel found that ten percent of the Nation’s freight movement, by tonnage, travels through pipelines.
Pipelines, by their very nature, specialize in the transmission of energy commodities. In that regard, pipelines
carry nearly two-thirds of the Nation’s energy supply. Today, there are over 2,600,000 miles of pipelines in the
United States—enough to circle the globe about 100 times.
As a result of these findings, the Panel makes the following key recommendations. To safely and efficiently
meet the needs of freight movements in the 21st Century, Congress should:
· Direct the Secretary of Transportation, in coordination with the Secretary of the Army and the Com-
mandant of the United States Coast Guard, to establish a comprehensive national freight transportation
policy and designate a national, multimodal freight network;
· Ensure robust public investment in all modes of transportation on which freight movement relies, and
incentivize additional private investment in freight transportation facilities, to maintain and improve the
condition and performance of the freight transportation network;
· Promote and expedite the development and delivery of projects and activities that improve and facilitate
the efficient movement of goods;
· Authorize dedicated, sustainable funding for multimodal freight Projects of National and Regional Sig-
nificance through a grant process and establish clear benchmarks for project selection. Projects eligible
for such funding would have a regional or national impact on the overall performance of the multimodal
freight network identified by the Secretary of Transportation;
· Direct the Secretary of Transportation, in coordination with the Secretary of the Treasury and the Secre-
tary of the Army, to identify and recommend sustainable sources of revenue across all modes of trans-
portation that would provide the necessary investment in the Nation’s multimodal freight network and
align contributions with use of, and expected benefit of increased investment in, such network; and
· Review, working through the Committee on Transportation and Infrastructure and the Committee on
Ways and Means, the Secretary’s freight funding and revenue recommendations and develop specific
funding and revenue options for freight transportation projects prior to Congress’ consideration of the
surface transportation reauthorization bill in 2014.
This report includes a detailed discussion of the Nation’s freight network and makes recommendations that will
improve the safety, efficiency, and performance of the nation’s freight transportation system.
373
11Improving the Nation’s Freight Transportation System
tHe nation’s freiGHt system
introduCtion
Transportation is important. It is about people and how they live their lives, how they get to work, how they get
their children to school, how they buy food, clothes, and other necessities, and how families visit one another
around the country. It is also about business. Transportation is critical to how the supply chain functions, how
raw materials get to factories, how goods get to market, how food gets from farmers to kitchen tables, and how
energy products move from areas of production to areas of consumption. An efficient national transportation
network allows business to lower transportation costs, which lowers production costs and enhances productivity
and profits. It allows American business to be competitive in the global marketplace and for the Nation’s econ-
omy to prosper and grow. One need only look at the Interstate Highway System to see how that investment in
the transportation network has benefited the Nation and encouraged tremendous economic growth over the past
two generations.
The federal government has historically played a strong role in transportation. In fact, one of the events that
precipitated the Constitutional Convention was a longstanding dispute between Virginia and Maryland regard-
ing navigation rights on the Potomac River impacted by transportation improvements proposed by President
George Washington.
President Washington determined that the new Nation must have the transportation infrastructure in place to
facilitate effective trade and communications. However, Washington’s efforts to extend navigation required a
formal treaty between Maryland and Virginia, as well as elaborate approvals from other states in the Continental
Congress. To settle that dispute he called for a convention to be held in Annapolis in 1786 to address problems
with the Articles of Confederation and how the young Nation would move forward on this issue of navigation
rights. That summit failed, but it demonstrated to the participants the need to improve the Articles of Confeder-
ation.
It was in this context that the Constitutional Convention was called and the Constitution itself drafted. The
framers of the Constitution recognized that the Articles of Confederation were not meeting the transportation
and commerce needs of a young Nation. The Constitution addressed this issue primarily in the Commerce
Clause, which gives the Congress the power to regulate interstate commerce and create, in the words of the
Preamble, “a more perfect Union”.1 Furthermore, Article I, Section 8, clause 7 of the Constitution requires the
Congress to establish post offices and post roads.2 The post roads of the1780s and 1790s became the highway
and byway system that the Nation enjoys today.
Over the years, the Nation has continued to invest in critical transportation infrastructure, from the Transconti-
nental Railroad to the Panama Canal to the Interstate Highway System. The reason for this continued invest-
ment in the transportation network is to ensure that the Nation is connected, supporting the needs of the Nation’s
economy and the American people.
As President Dwight D. Eisenhower observed, without the unifying force of commerce and transportation, the
United States would be a mere alliance of many separate parts. President Washington recognized this truth in
the earliest days of the union, and the Congress must renew its commitment to providing a robust physical plat-
form upon which the American people and American businesses can prosper.
1 U.S. ConSt. pmbl.
2 U.S. ConSt. art. I, § 8, cl. 7.
374
12Improving the Nation’s Freight Transportation System
In 2011, the United States transportation system moved 17.6 billion tons of goods, valued at more than $16.8
trillion.3 The Federal Highway Administration estimates that in the next 30 years, there will be 60 percent more
freight that must be moved across the Nation.4 To keep up with such demand, it is critical that Congress seek
ways to increase the efficiency, safety, and overall condition and performance of the Nation’s freight network.
Given the multi-modal nature of freight movement, it is important to examine the system as a whole. Goods
frequently move back and forth between ocean vessels, highways, railroads, air carriers, inland waterways,
ports, and pipelines. Bottlenecks arising at any point on the system can seriously impede freight mobility and
drive up the cost of the goods impacted. For this reason, improving the efficient and safe flow of freight across
all modes of transportation is critical to the health of the United States economy and the future of the Nation’s
global competitiveness.
To illustrate this point, in testimony before the Panel on June 26, 2013, United Parcel Service Chief Operating
Officer David Abney outlined the movement of a package from New York to Germany. For the manufacturer
to receive supplies from California, assemble the good, and send it to its final destination involves 10 distinct
freight movements involving three modes of transportation – rail, truck, and air.
In testimony before the Senate Committee on Commerce, Science, and Transportation on June 18, 2009, Rick
Gabrielson, Senior Director of International Transportation of the Target Corporation, provided another telling
example that demonstrates the intermodal nature of goods movement.5 A simple tee-shirt manufactured over-
3 U.S. Dep’t of tranSp., feD. HigHway aDmin. (fHwa), freigHt faCtS anD figUreS report 10 (2012); U.S. Dep’t of tranSp.,
reSearCH anD innovative teCH. aDmin. (rita), tranSp. StatiStiCS annUal report 1 (2012).
4 Id., at 9.
5 Freight Transportation in America: Options for Improving the Nation’s Network Before the S. Comm. on Commerce, Science,
and Transp., 111th Cong. 1 (2009) (statement of Rick Gabrielson, Senior Dir. of Int’l Transp., Target).
375
13Improving the Nation’s Freight Transportation System
seas moves by truck and ocean vessel before entering the United States at a United States port. It is processed
at a nearby sorting facility, where it is combined with similar items arriving from other foreign points of origin.
These items are then loaded onto trucks or trains and delivered to a distribution facility, at which point the shirt
is combined with other items designated for the same destination. These items are then transported via truck
or train, depending on the distance between the distribution facility and the destination. If a customer wants a
product shipped directly to their residence or business, Target may utilize cargo aircraft to transport the goods,
in addition to trucks, trains, and vessels. Due to the complexity of the supply chain, even the smallest delay at
any point can cause massive ripples throughout the system, resulting in significant economic loss.
376
377
15Improving the Nation’s Freight Transportation System
HiGHways and truCkinG
The Nation’s highway system is an essential part of the freight network. Not every community is located ad-
jacent to a railroad, airport, waterway, or port, but a consumer good is almost invariably transported along the
Nation’s four million miles of highways and roads for at least part of its journey.
History of the Highway System and the Highway Trust Fund
Federal assistance for highway construction began in the early 20th Century when Congress provided $500,000
for highway construction in the Postal Service Appropriations Act of 1912.6 In 1944, Congress authorized sig-
nificant expanded federal assistance for construction of a “National System of Interstate Highways”.7 Without a
dedicated source of revenue, however, construction of the Interstate System stalled.
The landmark Federal-Aid Highway Act of 1956 and Highway Revenue Act of 1956 authorized significant
funding for a 41,000-mile National System of Interstate and Defense Highways and established the Highway
Trust Fund (HTF) as the mechanism for financing the accelerated highway investment.8 To finance the in-
creased authorizations, the Revenue Act increased federal excise taxes paid by highway users and provided that
these revenues should be credited to the Highway Trust Fund. This dedicated funding mechanism provided
financial certainty for the highway program, including the Interstate Program. The 13-year authorization of the
1956 Act gave the states and highway construction industry the continuity needed to develop and build highway
projects.
6 Postal Service Appropriations Act of 1912, Pub. L. No. 336, 37 Stat. 539 (1912).
7 Federal Aid Highway Act of 1944, Pub. L. No. 78-521, 58 Stat. 838 (1944).
8 Federal-Aid Highway Act of 1956, Pub. L. No. 84-627, 70 Stat. 374 (1956).
378
16Improving the Nation’s Freight Transportation System
At its inception, the excise rates for highway use of motor fuels, also known as the gas tax, were 3 cents per
gallon. Over the years, however, the tax rate and structure have been revised numerous times, most recently in
1993. Current rates set the gas tax at 18.4 cents per gallon of gasoline and 24.4 cents per gallon of diesel.9
Until major revisions in 1982, all receipts from motor fuel taxes were deposited into the HTF. The Surface
Transportation Assistance Act of 1982 increased the tax rates from 4 cents per gallon to 9 cents per gallon,
established separate Highway and Mass Transit accounts within the HTF, and deposited 1 cent out of the 9 cents
per gallon into the Mass Transit Account.10 Currently, of the 18.4 cents per gallon federal excise tax on gaso-
line, 15.44 cents is deposited into the Highway Account, 2.86 cents is deposited into the Mass Transit Account,
and 0.1 cent is deposited into the Leaking Underground Storage Tank Trust Fund. Of the 24.4 cents per gallon
federal excise tax on diesel, 21.44 cents is deposited into the Highway Account, 2.86 cents is deposited into the
Mass Transit Account, and 0.1 cent is deposited into the Leaking Underground Storage Tank Trust Fund. The
latest Federal Highway Administration data show that HTF net receipts (excluding General Fund transfers)
totaled $40.1 billion in fiscal year 2012, with $35.1 billion deposited into the Highway Account, and $5.0 billion
into the Mass Transit Account.11
Without an increase in receipts, the cash balance in the Highway Account of the HTF has fallen dramatically.12
Congress addressed this need for more investment by significantly increasing authorization levels for high-
way programs in the Transportation Equity Act for the 21st Century (TEA-21), the Safe, Accountable, Flexible,
Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU), and most recently in the Moving
Ahead for Progress in the 21st Century Act (MAP-21).13 When SAFETEA-LU expired at the end of fiscal year
2009, the Federal Highway Administration (FHWA) reported that the balance in the Highway Account was $8.8
billion. However, steps were not taken to increase receipts into the HTF, and the cash balance in the HTF has
fallen dramatically. To maintain the solvency of the HTF, between fiscal year 2008 and fiscal year 2014, Con-
gress transferred approximately $54 billion from the General Fund to the HTF.
Unfortunately, current Congressional Budget Office (CBO) projections show that the cash balance in the High-
way Account will be depleted sometime in fiscal year 2015. According to CBO, in fiscal year 2015, the High-
way Trust Fund revenue will be less than $39 billion, while expenditures will total more than $53 billion.14
These figures do not capture the full extent of the Trust Fund shortfall because FHWA will also have to outlay
funds for projects for which funding was obligated in previous fiscal years. This cash shortfall is projected to
continue in subsequent years if left unaddressed, with CBO estimating that the HTF will face a cash deficit of
$132 billion over fiscal year 2012 to fiscal year 2023.15
The Interstate System was established as a cost-to-complete system. As a general rule, each route was required
to meet certain design specifications. Every state was provided federal funding to cover 90 percent of the cost
of constructing its route segments.16 The states were responsible for the remaining 10 percent of the construc-
tion cost, as well as for all costs associated with the operation and maintenance of the system.17 Through the
9 finanCing feDeral-aiD HigHwayS.
10 Surface Transportation Assistance Act of 1982, Pub. L. No. 97-424, 96 Stat. 2097 (1982).
11 finanCing feDeral-aiD HigHwayS.
12 Id.
13 Transportation Equity Act for the 21st Century, Pub. L. No. 105-178; Safe, Accountable, Flexible, Efficient Transportation
Equity Act: A Legacy for Users, Pub. L. No. 109-59; Moving Ahead for Progress in the 21st Century Act, Pub. L. No. 112-141.
14 How the Financial Status of the Highway Trust Fund Impacts Surface Transportation Programs Before the H. Comm. on
Transp. & Infrastructure Subcomm. on Highways & Transit, 113th Cong. 1 (2013) (statement of Kim P. Cawley, Chief, Natural &
Physical Resources Cost Estimates Unit, Congressional Budget Office).
15 Id.
16 Pub. L. No. 84-627, § 108(c).
17 Id.
379
17Improving the Nation’s Freight Transportation System
creation of the Highway Trust Fund and the financing of construction of the Interstate System, the Federal-Aid
Highway Act and Highway Revenue Act gave birth to the modern era of federal involvement in highway infra-
structure, known as the Federal-aid Highway Program.18
The Federal-aid Highway Program is a federally assisted, state-managed and -operated program in which the
states are responsible for the planning, design, and construction of highway projects, as well as operating and
maintaining major roads. The federal government provides financial resources and technical assistance to state
and local governments for constructing, preserving, and improving the National Highway System (including the
Interstate System) and other urban and rural roads that are eligible for federal aid.
With the enactment of Intermodal Surface Transportation Efficiency Act (ISTEA), the Interstate System was de-
clared complete with only a few short segments remaining to be constructed.19 The final ISTEA funds for these
segments were apportioned to the states in fiscal year 1995.20
Governments at all levels invested $182 billion in 2008 for highways and bridges in the form of capital outlay,
maintenance, highway and traffic services, administration, highway safety enforcement, and debt service.21 In
fiscal year 2012, the federal capital investment in highways totaled $39.9 billion.22
However, this level of investment continues to fall far short of the needs of our surface transportation system.
According to the United States Department of Transportation (DOT), to maintain the Nation’s highway system
at a state of good repair and improve it to meet future demand, all levels of government need to increase outlays
specifically for capital investment from $91 billion to $170 billion annually over a 20-year period. This esti-
mate does not include operations and maintenance costs.23
Bridges on the Nation’s highway system are also in serious need of increased investment. According to DOT,
one of every four bridges in the United States is structurally deficient or functionally obsolete. Of the 607,380
bridges in the United States, 151,497 are deficient, including 66,749 structurally deficient bridges and 84,748
functionally obsolete bridges. The backlog of cost-beneficial bridge investment is $121.2 billion.24 To eliminate
the backlog of deficient bridges over the next 20 years, DOT estimates that annual investment in bridge repair
and replacement must increase from $12.8 billion in 2008 to $20.5 billion annually.25
Economic Impact of the Highway System
Approximately 50 percent of all freight tonnage moved in the United States travels less than 100 miles between
origin and destination.26 At this distance, trucks carry almost 85 percent of all of the freight that is moved.27
More than 250 million vehicles traverse the highway system each year, and commercial trucking requires a
reliable highway system on which to operate.28 However, each day approximately 12,000 miles of the highway
18 Pub. L. No. 84-627, § 108(a).
19 Intermodal Surface Transportation Efficiency Act of 1991, Pub. L. No. 102-240, 105 Stat. 1914 (1991).
20 Id.
21 fHwa & feD. tranSit aDmin. (fta), ConDitionS anD performanCe report to CongreSS (2010).
22 Moving Ahead for Progress in the 21st Century Act, Pub. L. No. 112-141 § 1101(a) (1).
23 ConDitionS anD performanCe report.
24 Id., at 7-17.
25 Id., at 7-27.
26 freigHt faCtS anD figUreS report, at 10.
27 Id., at 11.
28 Id., at 20.
380
18Improving the Nation’s Freight Transportation System
system slow below posted speed limits and an additional 7,000 miles experience stop-and-go conditions.29 Such
congestion negatively impacts the efficiency of the highway system as a reliable mode of transportation.
Moreover, America’s reliance on the highway system is growing faster than the system itself. National public
highway mileage increased at an average rate of 0.2 percent between 1997 and 2010, while total vehicle miles
travelled grew to an average annual rate of 1.3 percent during the same period.30 Congestion has increased as a
result of this disparity.
The Texas Transportation Institute’s (TTI) Urban Mobility Report found that congestion in 498 of the Nation’s
cities cost the economy $121 billion in 2011, or nearly $750 for every commuter in the country.31 This figure
is up from an inflation-adjusted $24 billion in 1982.32 Of the $121 billion, $27 billion of the delay cost is the
effect of congestion on truck operations.33 Furthermore, congestion is becoming a problem that transcends
“rush hour,” with about 40 percent of the Nation’s delay occurring in the mid-day and overnight hours, creating
an increasingly serious problem for businesses that rely on efficient production and delivery.34 TTI estimates
that in 2011, the amount of fuel wasted in congestion nearly reached 2.9 billion gallons—enough to fill the New
Orleans Superdome four times.35
In its recent Traffic Scorecard, INRIX made a startling discovery. It found that in 2013, 61 of the Nation’s 100
most congested cities have experienced increased traffic congestion over the prior year.36 This is a dramatic
shift from 2012, where only 6 cities experienced increased congestion and 94 saw decreases in congestion lev-
els.37
The congestion challenges in Southern California provide a sobering example of the tangible harm that con-
gestion inflicts on the Nation’s economy. More than 43 percent of the Nation’s containerized imports enter the
country through Southern California.38 The import and export traffic of the Southern California ports benefit the
residents of every region of the United States. Goods imported and exported through Southern California make
their way to and from each state, supporting billions of dollars of local economic activity and millions of jobs.39
When congestion, bottlenecks, and other inefficiencies hinder the Southern California region’s ability to import
goods through its maritime ports and international border crossings or its ability to move these goods through
the region, costs rise and transit times increase. These costs are often passed on to consumers. Consequently,
the level at which the freight network functions in Southern California tangibly impacts the lives of consumers
all across the Nation.
29 Id., at 42.
30 ConDitionS anD performanCe report, at 2-8.
31 DaviD SCHrank et al., texaS tranSportation inStitUte Urban mobility report 5 (2012), available at http://tti.tamu.edu/
documents/mobility-report-2012-wappx.pdf.
32 Id., at 5.
33 Id.
34 Id., at 8.
35 Id., at 5.
36 inrix, traffiC SCoreCarD annUal report (2012-13), available at http://scorecard.inrix.com/scorecard/summary.asp.
37 Id.
38 mobility-21, freigHt movement infraStrUCtUre keepS oUr eConomy Competitive, available at http://mobility21.com/
wp-content/uploads/2013/02/13dc_goodsmovementtrifold_FINAL_lr.pdf.
39 port of loS angeleS, port of long beaCH & alameDa CorriDor tranSportation aUtHority, San peDro bay portS nation-
al eConomiC traDe impaCt report (2013), distributed to Panel in May, 2013.
381
19Improving the Nation’s Freight Transportation System
Furthermore, according to a recent study, more than 16 million jobs in the United States depend on imports.40
This study does not even take into consideration the millions of additional domestic manufacturing jobs that
rely on an efficient freight transportation network to export American-made goods.
Comparing the costs of transporting soybeans to China from the United States and to China from Brazil illus-
trates the critical role that the Nation’s freight system plays in the global competitiveness of American industry.
Currently, it costs $85.19 to transport one metric ton of soybeans from Davenport, Iowa, to Shanghai, China.41
It costs $141.73 to transport the same amount of soybeans approximately the same distance to Shanghai from
North Mato Grosso, Brazil. The United States currently enjoys a competitive advantage because the Nation’s
freight system is more efficient and cost effective than Brazil’s system. However, Brazil is planning to invest
$26 billion to modernize its freight facilities. These advances will dramatically decrease the cost of moving
Brazilian soybeans to market. Without an efficient, highly functioning freight network, American businesses
will lose their competitive advantage in the global marketplace.
40 traDe partnerSHip worlDwiDe, importS work for ameriCa (2013), available at http://www.uschamber.com/sites/default/
files/reports/ImportsWork_FIN.pdf.
41 UniteD Soybean boarD et al., farm to market: a Soybean’S JoUrney from fielD to ConSUmer (2012), available at http://
www.soytransportation.org/FarmToMarket/FarmToMarketStudy082012Study.pdf.
382
20Improving the Nation’s Freight Transportation System
In 2011, the Nation’s transportation system moved 17.6 billion tons of goods, valued at over $16.8 trillion.42
Given the connected nature of the Nation’s supply chain, the issues that impact the freight systems in urban
areas have a direct impact on the economic competitiveness of the entire Nation.
In addition to congestion, a bridge collapse or closure brings significant and sudden economic impacts to the
affected region. In the wake of the I-35W bridge collapse in Minnesota in 2007, the road user costs due to the
unavailability of the river crossing averaged $400,000 per day. The Minnesota Department of Transportation
further found that Minnesota’s economy lost $17 million in economic output in 2007 and $43 million in 2008
as a direct result of the bridge collapse.43 Similarly, on May 23, 2013, the I-5 Bridge over the Skagit River in
Mount Vernon, Washington, collapsed after it was struck by a truck. The Washington Department of Transpor-
tation estimates that the total direct cost of the 26-day closure of the I-5 Skagit River Bridge was $8.3 million.
42 freigHt faCtS anD figUreS report, at 10; tranSportation StatiStiCS annUal report, at 1.
43 minneSota Department of tranSportation, eConomiC impaCtS of i-35w briDge CollapSe, available at http://www.dot.state.
mn.us/i35wbridge/rebuild/municipal-consent/economic-impact.pdf.
383
21Improving the Nation’s Freight Transportation System
freiGHt rail
Freight railroads move large quantities of goods throughout the country. The railroads played a seminal role in
the development of the United States and in the industrial revolution, and this mode continues in its vital impor-
tance to the movement of goods into and across the Nation. Railroads are an integral part of North America’s
infrastructure network and, in turn, the Nation’s economic competitiveness.
History of the Freight Rail System
Freight railroads have played a tremendously important role in the annals of United States history. Railroads
have moved goods across the Nation before trucks or planes existed and to areas unreachable by ship. The abil-
ity to move people and goods via rail directly aided the development of the Western states, and it contributed to
the development of new products and markets that improved the Nation’s economic vitality and competitive-
ness.
While the use of carts with metal wheels running on railed tracks dates back to the mid-1700s, the advent of the
steam-powered locomotive revolutionized the cheap and efficient movement of goods. John Fitch, an American
already famous for designing the first steam-powered boat, designed and built the first working steam-powered
384
22Improving the Nation’s Freight Transportation System
locomotive in 1794.44 The early-1800s saw numerous technological innovations to rail infrastructure as compa-
nies sought ways to move goods to areas not served by the Nation’s canal system.
President Abraham Lincoln recognized the benefits of a nationwide rail system and worked with Congress to
pass the Pacific Railroad Act of 1862 (12 Stat. 489).45 This law authorized construction of the Transcontinental
Railroad, which was completed in 1869, less than seven years after the law’s enactment. In the 150 years since
the passage of the Act, the railroad system has expanded to serve all areas of the Nation.
Today, freight railroads are divided into three groups, called classes, based upon their annual revenues. While
Class I railroads generally provide long-haul freight services, the Class II and III railroads often provide the first
and last mile of rail freight movements.
44 brian Solomon, ameriCan Steam loComotive 11 (1998).
45 Pacific Railroad Act of 1862, 12 Stat. 489.
385
23Improving the Nation’s Freight Transportation System
Economic Impact of the Freight Rail System
America’s freight railroad network is the envy of the world. There are approximately 565 freight railroads in
the country employing nearly 180,000 workers.46 These are privately owned companies that operate over more
than 200,000 miles of track throughout the Nation.47 Freight railroads are divided into three groups, called
classes, based upon their annual revenues. A Class I railroad is defined as having an annual carrier operating
revenue of $250 million or more; a Class II railroad is defined as having an annual carrier operating revenue
between $20 million and $250 million; and a Class III railroad is defined as having an annual carrier operating
revenue of less than $20 million.48 In accordance with federal regulations, the annual carrier operating revenue
is measured in 1991 dollars.49 There are seven Class I freight railroads that operate in the United States: BNSF
Railway; CSX Transportation; Canadian National; Canadian Pacific; Kansas City Southern; Norfolk South-
ern; and Union Pacific.50 The majority of railroads, however, are Class II and III railroads, known generally as
regional or short-line railroads.
46 aSSoCiation of ameriCan railroaDS (aar), overview of ameriCa’S freigHt railroaDS 2 (2013), available at https://www.
aar.org/keyissues/Documents/Background-Papers/Overview-US-Freight-RRs.pdf.
47 feDeral railroaD aDminiStration, freigHt rail toDay; ameriCan SHort line anD regional railroaD aSSoCiation (aSlr-
ra), StrengtHening ameriCa’S eConomy, available at http://www.aslrra.org/images/ASLRRA_FS_PZ_Strengthening.pdf.
48 49 C.F.R. § 1201 (2012).
49 Id.
50 aar, ClaSS i railroaD StatiStiCS 1 (2013), available at https://www.aar.org/STATISTICSANDPUBLICATIONS/Docu-
ments/AAR-Stats-2013-04-17.pdf.
386
24Improving the Nation’s Freight Transportation System
While Class I railroads generally provide long-haul services, the Class II and III railroads often provide the
first and last mile of rail freight movements. The products moved by rail include everything from automobiles,
agricultural goods, and consumer products to chemicals, lumber, and energy resources. In all, freight rail carries
43 percent of intercity freight, which is more than any other mode, and for every one rail job, 4.5 other jobs are
supported elsewhere in the economy.51 Furthermore, the Department of Commerce estimates that for every $1
invested in the Nation’s rail system, the industry returns $3 to the economy.52
Unlike other modes, the freight railroads own the infrastructure over which they operate, meaning they also
invest heavily in those networks. In 2011, the freight railroads invested over $23 billion in capital expenditures
to improve and expand their networks.53 This investment is due in large part to the movement toward de-regu-
lation of the freight railroads beginning in the 1970s through the Staggers Rail Act of 1980 (P.L. 96-448), and
culminating in the Interstate Commerce Commission Termination Act of 1995 (P.L. 104-88).54 Deregulation
allowed the freight railroads to price competitively and respond to market forces, which has increased produc-
tivity, enhanced safety, lowered average rates, and freed over $500 billion for private investment back into the
freight network.55 Furthermore, particular to the Class II and III railroads, deregulation has grown that industry
from 8,000 miles of track in 1980 to over 51,000 miles today.56 Class II and III railroads are now the feeder and
distribution lines for the network, reaching into small town, rural America to preserve those areas’ connection to
the national network.
As noted above, the United States freight railroad industry employs nearly 180,000 workers. More than 160,000
are employed by the seven Class I freight railroads and another 20,000 are employed by the 558 short line and
regional freight railroads.57
The United States rail industry is heavily unionized. Approximately 85 percent of Class I employees and
around 60 percent of non-Class I employees belong to a union and thus are subject to collective bargaining
agreements.58 Collective bargaining agreements between railroads and their employees are governed by the
Railway Labor Act, which was first passed in 1926.59 Collective bargaining for most other industries is gov-
erned by the National Labor Relations Act.60
51 CorriDorS of CommerCe, eConomiC Development, available at http://www.tradecorridors.com/benefits-of-rail/economic-de-
velopment.
52 Id.
53 Freight and Passenger Rail in America’s Transportation System Before the H. Comm. On Transp. & Infrastructure Sub-
comm. on Railroads, Pipelines & Hazardous Materials, 113th Cong. 1 (2013) (statement of Edward R. Hamberger, Pres. & CEO,
Ass’n of Am. Railroads).
54 Staggers Rail Act of 1980, Pub. L. No. 96-448, 94 Stat. 1895 (1980); Interstate Commerce Commission Termination Act of
1995, Pub. L. No. 104-88, 109 Stat. 803 (1995).
55 Jean-Paul Rodrigue, et al., The Geography of Transport Systems, Hofstra University, Department of Global Studies & Geog-
raphy (2013), available at http://people.hofstra.edu/geotrans; Brian Slack, Rail Deregulation in the United States, Hofstra University,
Department of Global Studies & Geography (2013), available at http://people.hofstra.edu/geotrans/eng/ch9en/appl9en/ch9a1en.html.
56 anne Canby, ameriCa’S rail SyStem, available at http://onerail.org/sites/onerail.org/files/documents/rail-study/rail-info-
briefing-rail-system-overview-final-2-22-13.pdf.
57 AAR, ClaSS i railroaD StatiStiCS, at 1; aSlrra, StrengtHening ameriCa’S eConomy, at 1.
58 aar, ColleCtive bargaining in tHe rail inDUStry 1 (2013), available at https://www.aar.org/keyissues/Documents/Back-
ground-Papers/Collective-Bargaining.pdf.
59 Railway Labor Act, 44 Stat. 577 (1926).
60 ColleCtive bargaining in tHe rail inDUStry, at 1.
387
25Improving the Nation’s Freight Transportation System
Most Class I railroads and a number of non-Class I railroads bargain on a “national handling” basis. National
handling covers more than 90 percent of the Nation’s unionized rail employees.61 Under national handling, a
group of railroads acting as a unit negotiates with a union or group of unions for an agreement that applies to all
those who participate in the bargaining. The members of each union, however, must ratify their contracts on an
individual basis once a tentative agreement is in place. There are currently 13 major unions that represent rail
workers.62
61 Id.
62 The 13 major rail unions are: the American Train Dispatchers Association, the Brotherhood of Railroad Signalmen, the
International Association of Machinists and Aerospace Workers, the International Brotherhood of Boilermakers, Blacksmiths, Forgers
and Helpers, the International Brotherhood of Electrical Workers, the National Conference of Firemen and Oilers - SEIU, the Sheet
Metal Workers International Association, the Transportation Communications International Union, the Transport Workers Union of
America, the United Transportation Union, UNITE-HERE, the Brotherhood of Locomotive Engineers and Trainmen Division of the
International Brotherhood of Teamsters, and the Brotherhood of Maintenance of Way Employees Division of the International Broth-
erhood of Teamsters.
388
389
27Improving the Nation’s Freight Transportation System
sHiPPinG and Ports
Moving people and goods over water is arguably the oldest form of transportation in human history. For mil-
lennia, civilizations have depended upon ships to move goods to support nations and economies. Today, the
shipping industry is one of the most sophisticated freight networks in the world, transporting the vast majority
of goods in international trade and employing millions of people across the globe.
The United States has essentially four coastlines that are responsible for importing and exporting commodi-
ties from around the world: the East Coast, the West Coast, the Gulf Coast, and the Great Lakes. Commercial
navigation through the Arctic Ocean along the north coast of Alaska looms as a potential fifth coast. From our
coastal ports, goods move across the country, primarily by rail and truck. Getting products to market in an
efficient and safe manner is critical to keeping the economy moving and requires extensive intermodal coordi-
nation.
History of the Shipping and Port System
Shipping has had a prominent role in American history from the Nation’s inception. Were it not for the impor-
tance of shipping and trade, European explorers would not have discovered North America in search of a navi-
gable route to Asia. Additionally, the maritime industry’s ability to quickly and reliably transport raw materials
and agricultural products from the colonies to Europe encouraged the development of North America in the
1600s. Ocean shipping provided a direct connection between the colonies and the rest of the world, facilitating
trade and encouraging exploration and development of the continent’s vast natural resources.
390
28Improving the Nation’s Freight Transportation System
Over the years, in a continual effort to stay competitive, the shipping industry has evolved in recognition of
changing commodities and emerging markets, global or regional armed conflict, challenges with shipping long
distances, integrated global trading partners, changing ocean shipping economic conditions, including the emer-
gence of extremely large vessels, and demands for new products from international sources.
While there have been many technological innovations to ships and ports that improved the efficiency, range,
and capacity of the maritime industry, the invention of the intermodal container by Malcolm McLean in 1955
revolutionized the industry by allowing for standardization of cargo.63 Intermodal containers are reusable steel
boxes with standard sizes and connection points that allow for multiple uses on ocean-going cargo ships, trucks,
and freight trains. Due to the superior efficiency of this shipping approach, global standardization resulted
and containers became the unit of volume used to define the capacity of ships or ports. Today, the twenty-foot
equivalent unit (TEU), referencing the size of the standard intermodal container, is now the standard industry
metric. The freight industry generally, including ships, trucks, and trains, has been standardized to accommo-
date the safe and efficient transfer of these containers between transportation modes.
Prior to the use of containers to transport manufactured goods, maritime cargo was primarily loaded by hand in
bulk pallets. Containerization allowed the shipping industry to gain efficiency in three main areas and, conse-
quently, expand exponentially. First, the use of containers allowed for the quick movement of goods between
ship and shore and between truck and train without having to break down and repackage the goods. Second,
containers could be unloaded and loaded on various modes of transportation much more quickly than before
through the use of larger, more efficient gantry cranes. Third, the use of containers greatly increased the freight
volume capacity of the entire freight system. For example, ocean-going vessels could stack containers on a
ship’s deck and transport more goods than was previously possible by loading cargo only in a ship’s holds.
In addition to containerization, other types of ships have evolved over the years to meet special cargo and trans-
port needs. Today, the world’s oceans are plied by a wide assortment of ship types including dry bulk carriers
for coal, iron ore, and lumber; specialized ships for hauling agricultural products; fuel tankers for oil and natural
gas; roll-on/roll-off car and vehicle carriers; and a variety of specialty ships designed to transport specific com-
modities, such as wind turbines.
The shipping industry is continually seeking ways to maximize its efficiency in transport, including fuel use,
while taking into consideration the specific harbors that a ship services. Ships carrying cargo to or from Pacific
Rim countries must continually balance ship design and size with the constraints of the Panama Canal and the
logistical constraints of transiting the Mediterranean and Red Seas through the Suez Canal. The constant de-
mands for reducing fuel consumption on the open sea and increasing safety in transiting the ingress and egress
of straits, approaches, and harbors require a high level of training among licensed mariners and crew. The shift
to ship designs that use more automation technologies has helped to improve efficiencies without sacrificing
navigation safety.
63 Anthony J. Mayo & Nitin Nohria, The Truck Driver Who Reinvented Shipping (2005) (excerpted from In Their Time: The
Greatest Business Leaders of the Twentieth Century), available at http://hbswk.hbs.edu/item/5026.html.
391
29Improving the Nation’s Freight Transportation System
Economic Impact of the Shipping and Port System
Cargo ships move massive amounts of goods and commodities around the world every year. Over 75 percent
of all United States international freight moves by water.64 The United States is the world’s largest importer of
containerized goods and the world’s second-largest exporter of such cargo.65 For the Nation to continue import-
ing and exporting such a large volume of goods and commodities, integrated port infrastructure and land-side
connections are necessary. In addition, it is vital to invest in the navigation tools and technologies necessary
to provide mariners with accurate real-time information to safely and efficiently access and egress the Nation’s
ports and waterways. Moreover, port security and maintaining security throughout the supply stream require an
integrated and transferable way to track and maintain control over goods in transit.
The majority of the Nation’s bulk commodities and containerized goods are shipped through ports. Ports serve
as points of entry for imported goods and egress for exports. After entering harbors, ships move to specific
marine terminals that are often specialized to handle the type of ship and cargo being transported. These marine
terminals often serve as end points of highway and rail freight movements and must be maintained and im-
proved to support efficient and cost-effective trade.
The Marine Transportation System in the United States serves nearly 8,200 separate commercial cargo-handling
docks. These docks include public facilities (owned and managed by state, regional, and local port departments
and authorities) and private facilities (common-user terminals and dedicated facilities). According to the Amer-
ican Association of Port Authorities, there are 126 public seaport agencies with jurisdiction over 185 ports.66
64 freigHt faCtS anD figUreS report, at 15.
65 worlD SHipping CoUnCil, traDe StatiStiCS, available at http://www.worldshipping.org/about-the-industry/global-trade/
trade-statistics.
66 am. aSS’n of port aUtHoritieS (aapa), U.S. pUbliC port faCtS (2008), available at http://www.aapa-ports.org/files/pdfs/
392
30Improving the Nation’s Freight Transportation System
Distribution of the cargo-handling docks and ports by region are as follows:
Location Foreign Only Foreign and Domestic Domestic Only Total
Atlantic 33 560 1,193 1,786
Pacific 24 571 1,101 1,696
Gulf 17 559 1,560 2,136
Great Lakes 3 246 402 651
Inland 0 0 1,928 1,928
Total 77 1,936 6,184 8,197
Source: United States Army Corps of Engineers67
While large ports dominate the international freight dynamic, smaller ports are critical to supporting and main-
taining regional and local economies and sustaining the United States coastwise trade under the Jones Act.
facts.pdf.
67 am. aSS’n of State HigHway anD tranSp. offiCialS (aaSHto), waterborne freigHt tranSportation 2-2 (2013), available
at http://water.transportation.org/SiteCollectionDocuments/WFT-1.pdf.
393
31Improving the Nation’s Freight Transportation System
Harbor Maintenance Trust Fund
The Water Resources Development Act of 1986 established the Harbor Maintenance Trust Fund (HMTF) for
the operation and maintenance (O&M) of harbors.68 The Harbor Maintenance Tax (HMT), an ad valorem tax,
is collected on maritime imports and is assessed at a rate of 0.125 percent of cargo value ($1.25 per $1,000 in
cargo value).69 The tax revenues are deposited into the Harbor Maintenance Trust Fund from which Congress
appropriates funds for dredging harbor channels to cover 100 percent of the United States Army Corps of Engi-
neers O&M costs.70 In addition to the tax on imported goods, domestic cargo shippers—shipments from United
States port to United States port—generate about five percent of the HMT revenues while cruise ships pas-
sengers generate less than one percent.71 Cargo and passengers from Alaska, Hawaii, and other United States
territories are exempt from the HMT.72 Ports on inland rivers are also exempt from the HMT and are assessed
fuel taxes that support the Inland Waterways Trust Fund.73
Currently HMT revenues pay for all the maintenance dredging costs at harbors up to 45 feet deep.74 For deeper
harbors, the incremental maintenance cost is 50 percent from the HMTF and 50 percent from the local sponsor,
usually the port authority.75 In fiscal year 2011, the HMTF collected $1.38 billion but estimated expenditures
totaled only $790 million.76 As a result of collecting more revenue than expenditures year after year, the HMTF
balance is more than $7 billion.77 As noted above, these funds may only be used for their statutorily-designat-
ed purposes. However, because the HMTF is not an “off-budget” account within the federal budget, the large
balance is used to make it appear that the Nation’s budget deficit is less in a given year.78
A lack of appropriated funding has resulted in deferred maintenance of federal channels that serve coastal ports.
Currently, the constructed depths and widths of entrance channels at 59 major ports are available only 35 per-
cent of the time.
Global Shipping Challenges
Shipping operators select harbors to call based on a number of factors including reliability, speed, cost, safety,
security, value-added service, availability of cargo, and contributions to overall profitability and other business
objectives.79 Ocean carriers have a choice of routes around the globe—they can go around Cape Horn in Afri-
ca, the Cape of Good Hope in South America, or through the Suez Canal or the Panama Canal. Over the last
several years, two new routes are beginning to open up that could change the dynamics of global ship deliver-
ies—the Northeast and the Northwest passages through the Arctic Ocean. In 2013, more than 400 ships applied
68 Water Resources Development Act of 1986, Pub. L. No. 99–662, 100 Stat. 4082 (1986).
69 aapa, government relationS prioritieS: water reSoUrCeS 1 (2013), available at http://www.aapa-ports.org/files/
Water%20Resources%202013_1363709492636_1.pdf.
70 Id.
71 John Frittelli, Harbor Maintenance Trust Fund Expenditures, CongreSSional reSearCH ServiCe, Report No. R41042, January
10, 2011, at 5.
72 Id.
73 Id.
74 Id., at 7.
75 Id.
76 Staff of Joint Comm. on taxation, 112tH Cong., overview of SeleCteD tax proviSionS relating to tHe finanCing of infra-
StrUCtUre 18 (JCX-29-11).
77 Dep’t of tHe treaSUry, Harbor maintenanCe trUSt fUnD, Rep. No. 96X8863.
78 Harbor Maintenance Trust Fund Expenditures, at 8-9.
79 aaSHto, waterborne freigHt tranSportation, at 2-10.
394
32Improving the Nation’s Freight Transportation System
for permits to transit the Arctic Ocean for commercial transport.80 Using the northern sea route along the Arctic
Coast of Russia reduces the transit between East Asia and Western Europe by 21,000 kilometers and reduces the
time of transit by one-third.81
The physical dimensions of the Panama Canal have historically limited the size of ships that can transit across
the Pacific to the Atlantic, and reverse. The current size of the Panama Canal limits ships to a depth of 39 feet
and a width of not more than 13 containers across. This is the defined “Panamax” dimension. As ships began
to increase in width and depth to accommodate an increased number of containers, the Panama Canal Authority
embarked on an expansion of the canal to adapt to “post-Panamax” sized vessels. The expansion of the Panama
Canal is scheduled to be completed in 2015 and will allow the next generation of mega-containerships to move
between China and the United States East Coast and Gulf Coast ports.
Not all harbors in the United States will be able to handle these post-Panamax sized ships. On the West Coast,
the harbors currently able to handle these ships include Los Angeles-Long Beach, California; Oakland, Califor-
nia; and Seattle, Washington. On the East Coast, Norfolk, Virginia and Baltimore, Maryland are able to handle
post-Panamax ships and New York/New Jersey and Miami, Florida are scheduled to be enlarged to accommo-
date these ships over the next several years. On the Gulf Coast, Houston, Texas, is currently dredging to allow
for post-Panamax sized ships. Of concern in the global shipping community is the continued support of key
shipping hubs and connectivity to and from the rest of the United States. It is critical that the hub ports have
adequate connections to distribution points throughout the country. Of equal concern is the ability at these ports
to break down the loads from the mega-container ships and transfer container cargo to feeder vessels that can
access and support smaller harbors along the East, West, and Gulf Coasts, and in the future, the Great Lakes, via
short sea shipping.
Bulk Commodities
The United States has multiple commodities that are desired on the global market, including coal, iron ore, tac-
onite, wheat, soybeans, corn, fertilizers, timber, and finished wood products. These bulk commodities require
specific loading and unloading facilities. As the commerce of these commodities has increased and become
more competitive on a global scale, shippers have moved toward increased modernization and specialization on
the products that they ship.
The shifting dynamics of coal, in particular, exemplify this shift in demand and the response of the global bulk
shipping community, particularly the increasing global demand for United States-mined coal in Asia and Eu-
rope. In Norfolk, Virginia, specific mixes of West Virginia coal are increasingly shipped to Rotterdam, the
Netherlands, or to the Black Sea for distribution to the rest of Europe.
80 SHip anD bUnker, navigating tHe arCtiC’S iCy waterS (2013), available at http://shipandbunker.com/news/
world/471456-fathom-spotlight-navigating-the-arctics-icy-waters.
81 Jean-Paul Rodrigue, et al., The Geography of Transport Systems: Polar Shipping Routes, Hofstra University, Department of
Global Studies & Geography (2013), available at http://people.hofstra.edu/geotrans/eng/ch1en/conc1en/polarroutes.html.
395
33Improving the Nation’s Freight Transportation System
inland waterways
Inland waterways provide an efficient means of transporting large quantities of goods from points inland to
deepwater ports and from ports to inland markets. Many agricultural and manufacturing entities rely heavily on
the inland waterway system to move their goods to market.
History of the Inland Waterway System
The inland waterway system in the United States is primarily concentrated in the Eastern, Midwestern, and
Pacific Northwest areas of the Nation. The Mississippi River and its tributaries, the Hudson River and the Saint
Lawrence Seaway, the Great Lakes, the Chesapeake Bay, the Delaware River, and the Columbia River are the
largest components of the inland waterway system in the United States. The inland waterways of the Midwest-
ern area of the United States connect the Gulf of Mexico ports of Mobile and Biloxi, Mississippi, and New
Orleans, Louisiana, to the Mississippi River, which in turn connects to the Illinois, Ohio, and Tennessee rivers.
The Great Lakes System; the steel production areas of Detroit, Michigan, Chicago, Illinois, and Cleveland,
Ohio; and the taconite ore of Duluth, Minnesota are accessed through the Saint Lawrence Seaway. The Seaway
allows access to the Atlantic Ocean and Europe. Lastly, the West Coast Sacramento and Columbia/Snake River
systems allow direct access to the agricultural resources of the Central Valley of California and the wheat, hops,
and other grain fields of eastern Oregon, Washington, and Idaho. The inland waterway system is the conduit
that feeds the coastal ports and provides for integrated global transfer and trading of bulk commodities.
From the earliest days of the Nation’s history, American farmers, businessmen, and entrepreneurs used flatboats
to float bulk commodities along the inland waterways of the United States. This mode of transportation provid-
ed a low-cost, low-energy means of moving large quantities of goods around the Nation. Today, the method of
transporting goods and persons on the Nation’s inland waterway system is largely unchanged. Unlike the deep-
draft vessels that are common in the international maritime industry, relatively shallow-draft barges pushed by
towboats traverse the Nation’s inland waterways. These barges are capable of carrying intermodal containers,
396
34Improving the Nation’s Freight Transportation System
bulk agricultural goods, building aggregates, fertilizers, or liquid fuel. Modern barges typically range from 35
feet to 200 feet in length, based on the size and load of their cargo. These barges are typically put together in
groups of tows that are then pushed through the inland waterway system by tugboats. They transit the system
through a system of locks and dams that allow the barges to navigate both up and down our river systems.
Economic Impact of the Inland Waterway System
The Nation’s approximately 12,000 miles of commercially-active, navigable waterways provide an efficient,
cost-effective means of transporting goods to domestic and international markets.82 A tremendous amount of
goods are transported on waterways each year, estimated at 2.3 billion tons in 2007.83 In fact, United States wa-
terways carried an equivalent of over 100 million truckloads of goods last year.84 However, much of the critical
infrastructure for waterborne transportation is in dire need of repair. More than one-half of the locks and dams
in the United States are over 50 years old.85
Inland waterways transport more than 60 percent of the Nation’s grain exports, about 22 percent of domes-
tic petroleum products, and 20 percent of the coal used to generate electricity.86 In 2010, 566 million tons of
82 U.S. army CorpS of engineerS, inlanD waterway navigation: valUe to tHe nation, available at http://www.sas.usace.
army.mil/Portals/61/docs/lakes/thurmond/navigate.pdf.
83 aaSHto, waterborne freigHt tranSportation, at 3-1.
84 Id.
85 Budget Hearing – United States Army Corps of Engineers Before the H. Comm. on Appropriations Subcomm. on Energy and
Water Dev., & Related Agencies, 113th Cong. 1 (2013) (statement of Am. Society of Civil Engineers).
86 nat’l waterwayS foUnD., waterwayS: working for ameriCa 2 (2012), available at http://www.nationalwaterwaysfounda-
tion.org/study/NWF_117900_2011WorkingForAmericaBrochure_FINAL_forWeb.pdf.
397
35Improving the Nation’s Freight Transportation System
waterborne cargo transited the inland waterways valued at more than $180 billion.87 Local public port districts
are economic engines for the communities in which they are located and most are self-sufficient and receive no
property or other tax revenue.
It is estimated that without the barges and towboats operating on the inland waterways, the Nation would need
6.3 million railroad cars or 25 million trucks to haul the difference.88 The domestic maritime industry provides
over $100 billion to the Nation’s economy in economic output, annually, and provides more than 33,000 jobs
aboard its boats and barges alone.89
Transporting goods on the inland waterway system also has significant environmental benefits. According
to the Tennessee Valley Authority, “Because one barge can transport as much cargo as 15 rail cars or 60 trac-
tor-trailers, waterway transportation benefits the environment. It reduces fuel consumption and emissions, and
makes the roads safer by keeping more trucks off of the highways. River transportation has a direct impact on
the prices consumers pay for the things they buy. Soft drinks, ice cream, baked goods and pancake syrup, for
example, are all sweetened with high-fructose corn syrup made from grain grown in the Midwest.”90
Inland Waterways Trust Fund
The Inland Waterways Revenue Act of 1978 (26 United States C. 9506) and the Water Resources Development
Act of 1986 (WRDA 1986; 26 United StatesC. 4042) created the inland waterway financing mechanism. These
two Acts established a fuel tax on commercial barges, cost-sharing requirements for inland waterway projects,
and the Inland Waterway Trust Fund (IWTF) to hold these revenues and fund these investments. The overall
effect of these changes was a greater financial and decision-making responsibility for commercial operators on
the inland waterways system.
WRDA 1986 authorized additional increases to the 1978 Act’s fuel tax and, pursuant to WRDA 1986, the fuel
tax is $0.20 per gallon.91 The fuel tax has not been indexed for inflation.92 WRDA 1986 further stipulated that
IWTF construction projects would be funded with 50 percent of the funds derived from the IWTF and the other
50 percent from the General Fund.
Under WRDA 1986, expenditures from the IWTF must be authorized by Congress and funded through appro-
priations acts.93 WRDA 1986 also established the Inland Waterways User Board, a federal advisory committee,
to provide commercial users an opportunity to inform the priorities for United States Army Corps of Engineers
decision-making.
From 1986 to today, the balance in the IWTF has varied considerably. Beginning in 1992, balances increased,
reaching their highest level in 2002 at $413 million.94 Beginning in 2005, expenditures began to outpace collec-
tions and, concurrently, several projects far exceeded their original cost estimates and balances dropped sharp-
ly. Significant concerns have been raised as to the economic viability of the IWTF under the present fuel tax
87 Id.
88 inlanD waterway navigation: valUe to tHe nation.
89 tHe ameriCan waterwayS operatorS, JobS & eConomy: inDUStry faCtS (2013), available at http://www.americanwater-
ways.com/initiatives/jobs-economy/industry-facts.
90 tenneSSee valley aUtHority, eConomiC SignifiCanCe, available at http://www.tva.gov/river/navigation/economic.htm.
91 Water Resources Development Act of 1986, Pub. L. No. 99–662, 100 Stat. 4082 (1986).
92 Charles V. Stern, Inland Waterways: Recent Proposals and Issues for Congress, CongreSSional reSearCH ServiCe, Report
No. R41430, May 3, 2013, at 9.
93 Water Resources Development Act of 1986, Pub. L. No. 99–662, 100 Stat. 4082 (1986).
94 Inland Waterways: Recent Proposals and Issues for Congress, at 10.
398
36Improving the Nation’s Freight Transportation System
approach. Different solvency proposals have been raised by the Administration and the Inland Waterways User
Board.
Case Study: Moving Soybeans from Illinois and Iowa to China
To meet the demands of the soybean market in China, farmers in the Midwest have to coordinate their planting
and harvest with the shipment of their crop across multiple modes of transportation. The story begins when the
soybeans are harvested in the fields of Iowa and Illinois, usually in September or early October. The soybeans
are moved from the field to a barge loading facility on the Mississippi River by trucks or rail. This leg of the
journey typically takes one to four days. The soybeans are subsequently loaded onto river barges within one or
two days of arriving at the loading facility, and are organized into tows. The journey by barge tow to the New
Orleans, Louisiana area typically takes two weeks. The soybeans are then off-loaded to either short-term stor-
age bins or directly onto ocean-going bulk carriers.
The transit to China begins after loading to the bulk carrier. Typically, the coordinated transit of the ship from
loading at New Orleans, through transit of the Panama Canal to crossing of the Pacific takes approximately 30
days. After arriving in China, the bulk carrier ship is unloaded and the soybeans are transported via truck or rail
to distribution points across China.
The point of this case study is to illustrate the critical nature of coordination and communications in getting a
product grown in the Midwest to a market in China. Due to the highly competitive market for soybeans, if the
transport system in the United States breaks down or does not produce the desired transportation, the Chinese
market will shift from buying Illinois and Iowa soybeans to buying Brazilian soybeans. A loss of two to four
weeks in delivery to New Orleans could result in China making an economic decision that will impact the local
farmers in the Midwest. An integrated process of moving bulk agricultural commodities is required to keep the
economics of the system whole.
399
37Improving the Nation’s Freight Transportation System
air CarGo
Air cargo carriers play a vital role in transporting goods both in domestic and international supply chains. Air
carriers can move cargo quickly and often move goods of particularly high value. Furthermore, in some areas
of the country, air freight is the only reliable means of delivering goods.
History of the Air Cargo System and the Airport and Airway Trust Fund
Aviation has played a key role in American transportation for more than 100 years. Aviation is often the fast-
est way to move people and goods around the Nation and the world. Since the earliest days of commercial
aviation, shippers have been moving goods via air. In World War II, the military needs of the American forces
around the world encouraged many technological advances to the ability of aircraft to effectively move freight
long distances. Today, companies like Federal Express and the United Parcel Service maintain extensive fleets
of cargo aircraft to move millions of parcels and packages around the world every night.
The Airport and Airway Trust Fund (AATF) was created by the Airport and Airway Development and Revenue
Act of 1970 to provide dedicated funding for the Nation’s aviation system.95 Revenues are derived from avia-
tion-related excise taxes on passengers, cargo, and fuel and in turn provide funding for capital improvements to
United States airports. The AATF also provides the majority of funding for the Federal Aviation Administration
(FAA), estimated at 71.5 percent in fiscal year 2013.96 The FAA accounts funded include: Operations (fund-
ed by the General Fund and AATF); Facilities and Equipment, Research, Engineering, and Development; and
Grants-in-Aid for Airports. The AATF also funds the Essential Air Services (EAS) account for the Department
of Transportation.
95 Airport and Airway Development and Revenue Act of 1970, Pub. L. No. 91-258 (1970).
96 feDeral aviation aDminiStration, airport anD airway trUSt fUnD faCt SHeet 2 (2013).
400
38Improving the Nation’s Freight Transportation System
As established by the Airport and Airway Improvement Act of 1982, funds obligated for the Airport Improve-
ment Program (AIP) are drawn from the AATF, which is supported entirely by user fees, fuel taxes, and other
similar revenue sources.97 Some examples of these taxes and fees include: 7.5 percent domestic air passenger
ticket tax; $3.90 domestic flight segment tax (up from $3.70); 6.25 percent cargo waybill tax; $17.20 tax on both
international arrivals and departures (up from $16.30); 7.5 percent frequent flyer award tax; $8.60 Alaska and
Hawaii international air facilities tax (up from $8.20); 19.3 cents per gallon fuel tax for aviation gasoline; 21.8
cents per gallon fuel tax on general aviation jet fuel; 14.1 cents per gallon surcharge on fuel for aircraft used in
fractional ownership program (new); and 4.3 cents per gallon fuel tax on commercial airlines.98 Combined with
the revenue generated from interest on the Airport and Airway Trust Fund’s cash balance, these taxes and fees
generated nearly $11.7 billion in fiscal year 2011 and $12.6 billion in fiscal year 2012.99
Economic Impact of the Air Cargo System
Air freight is high value cargo. Less than three percent of total freight by weight ships by air, but this represents
over $6.4 trillion worth of goods per year, which is nearly 35 percent of all freight value.100 Air cargo is trans-
ported both in the bellies of passenger aircraft as well as in dedicated all-cargo aircraft on scheduled and non-
scheduled service. Currently, there are 33 all-cargo carriers operating 840 cargo aircraft in the United States.101
In 2012, air cargo carriers flew over 36 billion revenue ton miles (RTMs).102 Of these 36 billion RTMs, all-car-
go carriers comprised almost 80 percent of the total, with passenger carriers flying the remainder.103
There are four primary drivers to the air cargo industry—competition, connectivity, cost, and perishability.104
The competition between carriers keeps the profit margin and the ultimate cost to consumers low. The number
of airports across the United States and the world ensure that shippers and consumers can move their goods via
air freight. While more expensive than other modes of transportation, the cost of shipping a parcel via air is far
from prohibitive. Finally, shippers of perishable and time-sensitive products, such as pharmaceuticals, flowers,
or fruits and vegetables, require the air cargo industry, which can reliably deliver goods to market in hours.
Air cargo plays an important role in the quick delivery of goods domestically and internationally. Air cargo
provides an efficient way to transfer goods or commodities from one place to another in a short period of time.
Due to the volume and price constraints of the air cargo industry, air freight specializes primarily in smaller
goods and personal parcels.
97 Airport and Airway Improvement Act of 1982, Pub. L. No. 97-248 (1982).
98 airport anD airway trUSt fUnD faCt SHeet, at 5.
99 Id., at 6.
100 How Logistics Facilitate an Efficient Freight Transportation System Before the H. Comm. on Transp. & Infrastructure Panel
on 21st Century Freight Transp., 113th Cong. 1 (2013) (statement of Richard H. Fisher, Pres., Falcon Global Edge).
101 feDeral aviation aDminiStration (faa), aeroSpaCe foreCaSt for fiSCal yearS 2013-2033 15 (2013), available at http://
www.faa.gov/about/office_org/headquarters_offices/apl/aviation_forecasts/aerospace_forecasts/2013-2033/media/2013_Forecast.pdf.
102 A revenue ton mile (RTM) is the movement of one ton of freight one mile for revenue.
103 aeroSpaCe foreCaSt for fiSCal yearS 2013-2033, at 24.
104 loS angeleS worlD airportS, air freigHt at loS angeleS worlD airportS (2013), distributed to Panel in May, 2013.
401
39Improving the Nation’s Freight Transportation System
wareHouses, distribution Centers, and
tHe loGistiCs industry
Warehouse, distribution center, and logistics providers play a key role in alleviating inefficiencies and bottle-
necks in the Nation’s freight system, which can impede mobility and drive up the cost of the impacted goods.
By optimizing the movement of freight across all modes of transportation, this industry helps ensure the health
of the United States economy and the future of the Nation’s global competitiveness.
History of the Logistics Industry
The warehouse, distribution center, and logistics industry adds value to the supply chain by improving the plan-
ning, implementation, and control of the flow of goods from point of origin to point of consumption. Today,
nearly all of the Nation’s top executives have some form of logistics strategy. Every Fortune 100 company, and
80 percent of all Fortune 500 companies, employ at least one third-party logistics (3PL) provider to improve
their operations.105 In 2011, domestic spending in the logistics and transportation industry totaled nearly $1.3
trillion, roughly 8.5 percent of the Nation’s gross domestic product.106 The growth of the logistics industry far
outpaces that of the economy at large, further emphasizing the important value that logistics can have in facili-
tating the efficient movement of goods.107
105 Joseph Bonney, 3PL Learning Curve, JoUrnal of CommerCe, Sept. 2011, at 4A.
106 Dep’t of CommerCe, tHe logiStiCS & tranSp. inDUS. in tHe U.S., available at http://selectusa.commerce.gov/industry-snap-
shots/logistics-and-transportation-industry-united-states.
107 riCHarD armStrong, U.S. 3pl market growS 7%: oUtpaCeS eConomy, available at http://www.3plogistics.com/
402
40Improving the Nation’s Freight Transportation System
Third-party logistics providers are also known as freight forwarders or transportation intermediaries. Depend-
ing on the industry in which a 3PL operates, the 3PL may also be known as a broker (if involved in the trucking
industry), a Non Vessel Operating Common Carrier (if involved in the maritime industry), or an indirect air
carrier (if involved in the air freight industry). Despite all of these different names, the essential function is the
same. At its most basic level, a 3PL is an entity that facilitates the movement of goods.
One of the earliest 3PLs was the Company Limited of London, established in 1836 by Thomas Meadows.108
Meadows recognized the demand for these intermediary services as the rail transportation and steamship in-
dustries expanded. As trade increased between Europe and North America, Company Limited arranged for the
transportation of goods from manufacturers to the steamships.109 The logistics provided by Company Limited,
however, soon expanded beyond the mere carriage of goods. Meadows realized the value that additional infor-
mation could offer, and soon began consulting with his clients on documentation and customs requirements in
the country of destination.110
Since Company Limited, 3PLs have traditionally operated as non-asset based companies that arranged for the
transportation of a shipper’s goods with another company that owned and operated a common carrier.111 Today,
many 3PLs also operate their own trucks, aircraft, warehouses, and distribution centers, in addition to offering
the traditional logistical advice and analysis that is the hallmark of the industry.112
Economic Impact of the Logistics Industry
Logistics is the planning, execution, and control of a complex organization involving many different moving
pieces and interests, all within a system designed to achieve specific objectives. According to the Council of
Supply Chain Management Professionals, logistics management is the part of supply chain management “that
plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services
and related information between the point of origin and the point of consumption in order to meet customers’
requirements.”113
Put simply, the logistics industry is valuable to the Nation’s freight system because logistics improve the effi-
ciency of the supply chain. To name just a few real-world applications, the use of logistics can ascertain the
best mode, or combination of modes, to move a particular product to a particular location, give a small carrier
access to a large shipper’s freight, reduce the number of empty containers a trucking company has to carry,
eliminate the need for operating distribution centers in-house, and maximize warehouse layout and productivity.
Another key service of the warehouse, distribution center, and logistics industry are value-added services that
improve received products before they are repackaged and shipped to a final destination. Product assembly,
inspection, sequencing, re-packaging, and labeling are just some of the many services that the industry provides
to add value to the products shipped throughout the world.114 By carefully collecting and analyzing data about
PR_3PL%20Mkt%202002.htm.
108 Thomas Meadows & Company, Understanding the Freight Business (London: The Company, 1978).
109 Id.
110 Id.
111 tranSp. intermeDiarieS aSS’n (tia), aboUt tHe inDUS., available at http://www.tianet.org/AM/Template.cfm?Section=Edu-
cation.
112 Id.
113 CoUnCil of SUpply CHain management profeSSionalS, SUpply CHain management, available at http://cscmp.org/about-us/
supply-chain-management-definitions.
114 How Logistics Facilitate an Efficient Freight Transportation System Before the H. Comm. on Transp. & Infrastructure Panel
on 21st Century Freight Transp., 113th Cong. 1 (2013) (statement of Mark V. DeFabis, Pres. & CEO, Integrated Distribution Services,
403
41Improving the Nation’s Freight Transportation System
the supply chain, logistics providers can identify areas of lost efficiency and develop strategies to move goods
more intelligently.
One of the ways that manufacturers and retailers can maximize the value of 3PLs is through the concept of
Just-in-Time Delivery (JIT). The idea behind JIT is that business efficiency will be the greatest when carrying
costs are minimized. In other words, by delivering goods at the precise moment when they will be consumed,
businesses will not need to pay to store the goods before they are used. JIT relies intrinsically on the logistics
industry to efficiently forecast and transport the goods at the moment when they are needed. By avoiding the
unnecessary storage of inventory prior to its use, the logistics industry can greatly improve the operating effi-
ciencies of the manufacturing and retail industries.
Each year, shippers outsource more of their traffic, transportation, and logistics functions to 3PLs, as these
companies can offer better purchasing economies, more sophisticated data analysis systems, and better market
knowledge than the shipper can afford to develop internally.115 Many 3PLs describe themselves as the “travel
agents” of the freight system, as they are tasked with planning, overseeing, transporting, and storing their cli-
ents’ goods and products from one end of the supply chain to the other.
There is one notable exception to the general trend toward outsourcing logistics functions, however. Many of
the large big-box retailers have developed complex internal logistics operations. They have found that there are
economies of scale in their own operations that increase the profitability of maintaining their own warehouses,
distribution centers, and trucking fleets.
Inc.).
115 JoHn g. larkin, et al., tranSp. & logiStiCS: inDUS. UpDate (2012), available at http://www.tianet.org/staticcontent/stat-
icpages/06-07-2012_Robert_Voltmann_Stifel_Nicolaus_Call.pdf.
404
42Improving the Nation’s Freight Transportation System
405
43Improving the Nation’s Freight Transportation System
PiPelines
Pipelines provide a safe and efficient means of transporting large quantities of energy commodities from well-
head to industry and consumers. Compared to other means of transportation, pipelines offer a capacity and
volume advantage, emit few greenhouse gases, and offer an economical way to move energy products over long
distances.
History of the Pipeline System
Pipelines have been used for thousands of years. The first application was to transmit drinking water and for
irrigation, but 2,500 years ago in China, pipelines were adapted to transport natural gas. This is the first known
instance whereby a pipeline transmitted hydrocarbons.
In the United States, pipelines have been used since the late 1700s.116 Today, there are over 2,600,000 miles of
pipelines in the United States—enough to circle the globe about 100 times. Most pipelines are owned by inde-
pendent pipeline operators, not by oil and gas companies.117 Pipelines are jointly regulated by the Pipelines and
Hazardous Materials Safety Administration (PHMSA) and the Federal Energy Regulatory Commission (FERC).
PHMSA is responsible for ensuring that pipelines are safe, reliable, and environmentally sound and oversees
pipeline construction, maintenance, and operation.118 FERC regulates approval, permitting, and siting for inter-
state pipelines and sets rates on a pipeline-by-pipeline basis.119
Today, the term “pipelines” generally refers to all aspects of the physical infrastructure related to the transmis-
sion of energy products. These elements include the pipe and fittings, equipment attached to the pipes, such as
valves, compressor units, pump stations, metering stations, and terminals or storage facilities, to name just a
few.120
116 Dnv gl, HazarDoUS liqUiD anD natUral gaS tranSmiSSion pipelineS (2013), distributed to Panel in October, 2013.
117 Id., at 13.
118 Id., at 12.
119 Id.
120 Id., at 6.
406
44Improving the Nation’s Freight Transportation System
Economic Impact of the Pipeline System
Ten percent of the Nation’s freight movement, by tonnage, travels through pipelines.121 Natural gas provides
almost 25 percent of the Nation’s total energy consumption, and petroleum provides approximately an addition-
al 40 percent of energy consumption. Taken together, pipelines carry nearly two-thirds of the energy used in the
United States.122 These commodities need to be transported quickly and safely, and pipelines move these prod-
ucts efficiently at a high volume. Pipelines play an important role in ensuring that the Nation’s energy com-
modities are moved quickly, safely, and efficiently, and in so doing, pipelines support the other modes of freight
transportation, as well.
121 freigHt faCtS anD figUreS report, at 9.
122 HazarDoUS liqUiD anD natUral gaS tranSmiSSion pipelineS, at 5.
407
45Improving the Nation’s Freight Transportation System
reCommendations
key reCommendations
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress should:
· Direct the Secretary of Transportation, in coordination with the Secretary of the Army and the Com-
mandant of the United States Coast Guard, to establish a comprehensive national freight transportation
policy and designate a national, multimodal freight network;
· Ensure robust public investment in all modes of transportation on which freight movement relies, and
incentivize additional private investment in freight transportation facilities, to maintain and improve the
condition and performance of the freight transportation network;
· Promote and expedite the development and delivery of projects and activities that improve and facilitate
the efficient movement of goods;
· Authorize dedicated, sustainable funding for multimodal freight Projects of National and Regional Sig-
nificance through a grant process and establish clear benchmarks for project selection. Projects eligible
for such funding would have a regional or national impact on the overall performance of the multimodal
freight network identified by the Secretary of Transportation;
· Direct the Secretary of Transportation, in coordination with the Secretary of the Treasury and the Secre-
tary of the Army, to identify and recommend sustainable sources of revenue across all modes of trans-
portation that would provide the necessary investment in the Nation’s multimodal freight network and
align contributions with use of, and expected benefit of increased investment in, such network; and
· Review, working through the Committee on Transportation and Infrastructure and the Committee on
Ways and Means, the Secretary’s freight funding and revenue recommendations and develop specific
funding and revenue options for freight transportation projects prior to Congress’ consideration of the
surface transportation reauthorization bill in 2014.
408
409
47Improving the Nation’s Freight Transportation System
fundinG and finanCinG investments
The United States is at a crossroads. Study after study has indicated that the Nation’s infrastructure is crum-
bling. This deterioration in the condition of the Nation’s roadway pavements and bridges can affect the efficien-
cy of goods movement and increase costs associated with freight transportation. Without an increased public
and private sector investment in the most critical freight infrastructure facilities, the Nation’s long-term econom-
ic and business competitiveness will suffer.
While a strong freight transportation network is critical to the Nation’s long-term competitiveness, it is well
documented that infrastructure investment at all levels of government is insufficient to keep up with operation,
maintenance, and capital needs of existing facilities, let alone make investments in critically needed new facili-
ties. Moreover, there is no dedicated source of federal revenue for important multimodal freight projects.
Despite this well documented need for additional infrastructure investment, the Congressional Budget Office
projections show that the primary source of federal funding for surface transportation investment –– the High-
way Trust Fund –– will run out of money early in fiscal year 2015. This will require additional revenue be
identified to ensure that state and local partners have the resources necessary to maintain existing facilities.
It is important to note that throughout the Panel’s deliberations, many of the users of the transportation network
— such as truckers, barge operators, manufacturers, and business owners — have expressed a willingness to
contribute more to the system, as long as their investment will be used to maintain and upgrade the facilities on
which their livelihoods rely.
Surface Transportation Commissions
Congress established the National Surface Transportation Policy and Revenue Study Commission (Policy Com-
mission) in the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFE-
TEA-LU), and charged it with forecasting the surface transportation system necessary to support our economy
50 years in the future. The Policy Commission report was issued in January 2008.
The Policy Commission report:
· Identified a significant surface transportation investment gap and called for an annual investment level
of between $225 billion and $340 billion––by all levels of government and the private sector––over the
next 50 years to upgrade all modes of surface transportation (highways, bridges, public transit, freight
rail and intercity passenger rail) to a state of good repair. The current annual capital investment from all
government sources in road and bridge infrastructure is $182 billion.
· Proposed that the federal fuel taxes be raised by between 25 cents and 40 cents per gallon to address the
funding gap and the rate increase be indexed to the construction cost index and phased in over a period
of years.
· Found that the fuel tax would continue to be a viable revenue source for surface transportation at least
through 2025. Thereafter, the most promising alternative user fee revenue measure appears to be a
410
48Improving the Nation’s Freight Transportation System
vehicle miles traveled (VMT) fee, provided that substantial privacy and collection cost issues can be
addressed.
· Called for other user-based fees to be utilized to assist in addressing the shortfall, such as container fees
for freight projects and ticket taxes for passenger rail improvements.
· Called for tax policy changes to incentivize expansion of intermodal networks.
· Proposed the expanded use of “congestion pricing” on Federal-aid highways in major metropolitan areas
be utilized under conditions that protect the public interest, and restricted the use of revenues generated
through congestion pricing to transportation purposes in the travel corridors where the fees are imposed.
· Stipulated that public-private partnerships should be encouraged to attract additional private investment
to the surface transportation system, provided that conditions are included to protect the public interest
and the movement of interstate commerce.
SAFETEA-LU also created the National Surface Transportation Infrastructure Financing Commission (Financ-
ing Commission). The Financing Commission was charged with analyzing future highway and transit needs
and the finances of the Highway Trust Fund and making recommendations regarding alternative approaches to
financing transportation infrastructure. The Financing Commission’s report was issued in February 2009.
The Financing Commission report:
· Found an annual surface transportation investment gap of between $46 billion to $64 billion between
2008 and 2035.
· Concluded that, while there were concerns with the long-term viability of the gas tax, in the near term:
o The gas tax should be increased by 10 cents per gallon, and indexed to inflation;
o The diesel tax should be increased 15 cents per gallon, and indexed to inflation;
o Heavy Vehicle Use Tax (HVUT), which has not been increased since 1983, should be doubled
and indexed; and
o Truck tires excise tax should be indexed to inflation.
· Called for a switch to a more direct form of “user pay” charges over the long-term, specifically calling
for the transition to a VMT fee system. Recognizing that the system is not viable in the near term, the
report recommended that the transition to such a system be targeted for completion by 2020.
· Recognized the important role innovative financing approaches, such as public-private partnerships and
government financial programs, can play as a supplementary source of financing. However, found that
these types of financing instruments are heavily dependent on new revenue sources that can be leveraged
to repay upfront capital investments.
411
49Improving the Nation’s Freight Transportation System
The Financing Commission report also notes, with regard to proposed National Infrastructure Banks, that any
such entity should be structured in a manner that addresses actual funding and credit market gaps and should
target assistance to projects that are essential to the national network but that lack access to sufficient resources
through existing programs. The report urges Congress to ensure that any such entity is appropriately integrated
with or a logical extension of current programs, especially the Transportation Infrastructure Finance and Inno-
vation Act (TIFIA) program. The Financing Commission warns that the potential role of a new infrastructure
financing entity should be examined in the context of long-term funding needs and not only as an immediate
response to the current disruption in the credit markets.
Freight-Based Financing Options
The reports from the Financing Commission and the Policy Commission discussed potential freight-related
charges that could be instituted in the future. Below is a summary the findings on four options to generate reve-
nue to pay for freight-related projects—customs duties and fees, a freight waybill tax, a weight-distance tax, and
a container tax.
The Financing Commission evaluated the advantages and disadvantages of each option based on its reve-
nue-raising potential, sustainability, and flexibility; implementation and administration considerations; econom-
ic efficiency and impact; equity; and applicability to other levels of government.
Customs Duties and Fees—The Financing Commission found that a portion of the revenues from existing
customs duties potentially could be dedicated to transportation infrastructure tied to the movement of those
goods—effectively a transfer from the General Fund. While customs duties and fees would be reasonable for a
small, dedicated intermodal fund, the large gaps in coverage make it a poor broad-based funding method.
· Allocating a portion of existing customs duties would require no major administrative effort or ex-
pansion of legal authority. Alternatively, a transportation use surcharge could be added to the existing
customs duty and fee schedule and dedicated to freight transportation infrastructure.
· The Financing Commission found that imposition of a 3.5 percent transportation surcharge would pro-
vide approximately $1 billion annually. An increase in the Customs Merchandise Processing Fee by 70
percent would also yield $1 billion annually.
· However, increasing revenues from customs duties and fees may not be consistent with international
rules governing trade. Additionally, these fees do not reach the United States exporters who generate
much of the local highway use around the port.
· An infrastructure customs fee could be structured to relate to system use (e.g., fee revenues could be
dedicated to infrastructure needs at the point they are collected) and could have the benefit of address-
ing border infrastructure needs that arise from both homeland security and transportation infrastructure
requirements that create chokepoints.
Freight Waybill Tax—A freight waybill tax would serve as a sales tax on the shipping costs for freight. Such
a tax could be modeled on the aviation system tax, in which passenger and freight users who rely on the same
412
50Improving the Nation’s Freight Transportation System
infrastructure and carriers all contribute to fund the system. The air-freight waybill tax currently provides five
percent of contributions to the federal Airport and Airway Trust Fund.
· A small percentage tax rate could raise significant revenues with strong sustainability. A 0.1 percent tax
on all truck freight waybills would raise about $620 million annually; thus a 0.16 percent rate would
raise $1 billion per year.
· A freight waybill tax would be expensive to administer due to the high number of taxpayers and the as-
sociated filing, auditing, and enforcement requirements. In addition, the waybill is typically paid by the
receiver of goods; however, in some cases it is paid by the benefiting cargo owner outside of the United
States Thus, determining how and from whom to collect the tax could be complex.
· Private fleets (e.g., Wal-Mart and Georgia-Pacific) would not be assessed the fee unless waybill-like
costs were estimated and imputed to the private company.
· Such a tax would be an indirect user fee, but with less connection to use than the current motor fuel tax
(a freight waybill tax generally reflects distance but more heavily equates to the value of the freight).
· While a freight waybill tax would be reasonably equitable, the tax would be related to transportation
costs and not system use. In addition, without the implementation of an imputed waybill on captive
shippers, the tax would miss as much as one-half of the goods movement industry.
· The Commission found that the process of resolving this gap creates significant implementation and
administration costs and would be subject to evasion.
Weight-Distance Tax—Weight-distance taxes are fees imposed on the miles traveled by specific vehicle
classes, which take into account the weight and load of a vehicle and essentially impose a premium on heavier
vehicles to recover the added wear and tear they cause to the system. This tax can be based on a combination of
the actual weight being carried for each trip and the number of miles traveled, on the weight of the truck and the
number of axles, or on the average vehicle weight plus load weights. Currently, Oregon, Kentucky, New Mexi-
co, and New York use state-based variations of the weight-mile tax in combination with a fuel tax (Oregon does
not charge a fuel tax for commercial trucks).
· The administrative costs of a weight-distance tax can be high. However, Oregon’s tax rates are based on
the average weight carried by a vehicle of each class, and, thus, trucking companies only need to keep
track of mileage rather than mileage and weight.
· Evasion has been an issue for states with weight-distance taxes (though if states moved to a high-tech
system such as Oregon plans to implement, that would cut down on evasion).
· Weight and weight-mile taxes closely correlate system use and costs, including the costs that freight
trucks impose on highways. However, these taxes do little to promote targeted investment at key points
of the system affecting efficiency (like bottlenecks). Therefore, the Commission found such a tax would
be better suited as a funding source for system-wide maintenance.
· Both a weight-only and a weight-distance tax would place a larger tax burden on low-value/high-weight
commodities.
413
51Improving the Nation’s Freight Transportation System
Container Tax—A per container fee could be collected at port gates or via a toll collection system in the imme-
diate vicinity of a port and dedicated to an intermodal investment fund. The Port of Long Beach charged con-
tainer fees to fund the Alameda Corridor project.
· The complexity of actual collection of a national container tax would depend on how the fee is applied.
The Commission cautions that duplicative container fees at individual ports coupled with a national fee
would be administratively burdensome for shippers and pre-emption of states’ ability to impose their
own container charge would be problematic as local fees are used to help states fund relief of port con-
gestion.
· A container fee potentially could miss movements at inland waterways and at cross-border or other ports
of entry, and it could possibly not account for non-containerized freight movements like bulk cargo.
Such a tax could also disadvantage United States ports in competition with those in Mexico and Canada.
· A container tax would be imposed generally on shippers and would not account for non-containerized
movements suck as bulk shipments of commodities or large pieces of equipment like tractors or wind-
mill blades.
· The Commission found that while the container tax is a possibility for funding intermodal projects, its
limited coverage makes it a weak option for large-scale funding needs.
Trust Funds
Congress has created four trust funds that collect user fees and disburse revenue for transportation infrastruc-
ture, including projects key to freight mobility.
Highway Trust Fund—The Federal-Aid Highway Act of 1956 established the Highway Trust Fund (HTF).
The revenues capitalizing the Highway Trust Fund are collected primarily from users of the highway system
through federal taxes on fuels and various taxes on trucks.
Since enactment of this legislation, funding from the Highway Trust Fund has been provided to states via
formula for the planning and construction of key highway projects that enable the movement of freight. Most
highway-related freight projects, as well as some freight rail and freight intermodal projects, are currently eligi-
ble to receive funding under one or more existing federal surface transportation programs. Many large freight
projects, however, are multimodal in scope, and some aspects of these projects may be ineligible for funding
from the HTF. This puts project sponsors in the position of having to cobble together funding for large multi-
modal freight projects from a variety of different sources.
The HTF is also facing a significant revenue shortfall, raising questions about the ability of the HTF to sus-
tain current investment levels. In recent years, outlays from the HTF have been significantly greater than the
amount of revenues collected in highway user fee revenues. As a result, between fiscal year 2008 and fiscal
year 2014, Congress has transferred approximately $54 billion from the General Fund to maintain the solvency
of the HTF. This HTF solvency issue is expected to continue, with the Congressional Budget Office projecting
that the HTF will face a cash deficit of $132 billion over fiscal year 2012 to fiscal year 2023.
414
52Improving the Nation’s Freight Transportation System
Harbor Maintenance Trust Fund––The harbor maintenance tax (HMT) is an existing revenue mechanism that
supports the federal Harbor Maintenance Trust Fund (HMTF) through an ad valorem tax on the value of pas-
senger tickets and declared commercial cargo loaded onto or unloaded from vessels using federally maintained
harbors. The HMT is assessed at a rate of 0.125 percent of cargo value ($1.25 per $1,000 in cargo value). The
HMT could be increased and dedicated to an intermodal investment fund (or existing revenues from the tax
could be redirected to such a fund). In recent years, HMTF annual expenditures appropriated for harbor mainte-
nance have remained relatively flat.
· While increasing the HMT would not require major administrative effort or expansion of legal authority,
the portion of the tax imposed on imports could create issues with international rules governing trade
(similar to issues associated with increasing customs duties and fees). Additionally, the HMT does not
reach the United States exporters who generate much of the local highway use around ports.
· An HMT increase could be structured to relate to system use if the proceeds were dedicated to infra-
structure needs at or near ports of entry, particularly seaports. In this case, there would be relatively high
geographic equity and a reasonable level of user equity if funding were spent on infrastructure to support
ports.
Inland Waterways Trust Fund—The Inland Waterways Trust Fund (IWTF) is capitalized by a fuel tax on
commercial barges and cost-sharing requirements for inland waterway projects. From 1986 to today, the bal-
ance in the IWTF has varied considerably. Beginning in 1992, balances increased reaching their highest level
in 2002 at $413 million. Beginning in 2005, expenditures began to outpace collections and concurrently several
projects far exceeded their original cost estimates and balances dropped sharply. Significant concerns have been
raised as to the economic viability of the IWTF under the present fuel tax approach.
Airport and Airway Trust Fund—The Airport and Airway Trust Fund (AATF) provides dedicated funding for
the Nation’s aviation system, including air freight functions. Revenues are derived from aviation-related ex-
cise taxes on passengers, cargo, and fuel and in turn provide funding for capital improvements to United States
airports.
Transportation Investment Generating Economic Recovery (TIGER) and Projects of National and Regional
Significance (PNRS)
The Transportation Investment Generating Economic Recovery (TIGER) discretionary grant program is funded
through the General Fund of the Treasury and administered by the Department of Transportation (DOT). The
TIGER program was originally created as part of the American Recovery and Reinvestment Act of 2009 and is
a competitive grant program whereby DOT distributes appropriated funds for transportation infrastructure proj-
ects around the Nation. The TIGER program has been funded every year since its inception in 2009.
Under DOT’s TIGER grants, many freight projects have successfully received funding. However, due to the
demand and structural limitations of the TIGER program as well as the large expense of many key freight trans-
portation facilities, the dollar amount of each grant under TIGER is generally insufficient to fund
415
53Improving the Nation’s Freight Transportation System
individual freight projects in significant measure. As such, the TIGER program is helpful in bringing freight
projects online, but without additional resources is insufficient as a means of funding for such facilities, in and
of itself.
Similar in many ways to the TIGER program is the Projects of National and Regional Significance (PNRS) pro-
gram authorized by Congress in SAFETEA-LU and reauthorized in the Moving Ahead for Progress in the 21st
Century Act (MAP-21). This program provides competitive grant funding for high-cost surface transportation
projects that provide significant national and regional economic benefits and increase global competitiveness.
MAP-21 authorized $500 million for the PNRS program from the General Fund for fiscal year 2013. As such,
the PNRS program is subject to annual appropriations and has not yet received funding.
Transportation Infrastructure Finance and Innovation Act (TIFIA)
Another tool that project sponsors have in funding large-scale infrastructure projects is the Transportation
Infrastructure Finance and Innovation Act (TIFIA) program, which is capitalized at $1 billion in fiscal year
2014. The TIFIA program provides federal credit assistance to project sponsors through low interest-rate loans.
Through participation in the TIFIA program, federal funds can be leveraged to provide greater purchasing pow-
er for large transportation facilities.
Railroad Rehabilitation & Improvement Financing (RRIF)
The Railroad Rehabilitation & Improvement Financing (RRIF) program was originally established by the Trans-
portation Equity Act for the 21st Century (TEA-21), and later amended by SAFETEA-LU. Under this program,
the Federal Railroad Administration is authorized to provide direct loans and loan guarantees up to $35 billion
to finance development of railroad infrastructure. The funding may be used to (1) acquire, improve, or rehabil-
itate intermodal or rail equipment or facilities, including track, components of track, bridges, yards, buildings
and shops; (2) refinance outstanding debt incurred for acquisition, improvement, or rehabilitation of rail equip-
ment or facilities; and (3) develop or establish new intermodal or railroad facilities. Eligible applicants include
railroads, state and local governments, government-sponsored authorities and corporations, joint ventures that
include at least one railroad, and limited option freight shippers who intend to construct a new rail connection.
Direct loans can fund up to 100 percent of a railroad project with repayment periods of up to 35 years and inter-
est rates equal to the federal government’s cost of borrowing.
State Transportation Funding Packages
Many states are also faced with inadequate funding to address their transportation needs. As a result, states such
as Virginia, Maryland, Wyoming, Arkansas, and Vermont have recently passed measures to increase state reve-
nue for transportation projects.
For instance, in May 2013, Virginia Governor Bob McDonnell signed a statewide transportation funding plan
that he had worked with the state legislature to develop. The proposal, HB 2313, “Virginia’s Road to the Fu-
ture”, raises revenue through a variety of sources including: eliminating the excise taxes on gasoline and diesel
and replacing them with sales taxes on gasoline and diesel; increasing the state sales tax; and imposing a fee on
alternative fuel vehicles. The plan is expected to provide approximately $6 billion in additional transportation
416
54Improving the Nation’s Freight Transportation System
funding (more than $3.4 billion in additional statewide transportation funding, more than $1.5 billion in addi-
tional funding for Northern Virginia, and more than $1 billion in additional funding for Hampton Roads) over
the next five years.
Public-Private Partnerships (PPPs)
In addition to the public grant funding, individual states have begun using public-private partnerships (PPPs) to
stretch governmental contributions to large freight transportation projects. A recent PPP at the Port of Baltimore
provides a prime example of a freight transportation facility that was brought online as a result of cooperative
planning and development between private industry and governmental entities.
In January 2010, the Maryland Port Administration and a private port operator entered a 50-year lease and
concession agreement for the Seagirt Marine Terminal at the Port of Baltimore. Under the agreement, the port
operator is responsible for daily operations and the construction of a new 50-foot berth, including four ship-to-
shore cranes. The port operator will also make hundreds of millions of dollars of capital improvements to the
terminal. After making an annual payment to the Maryland Port Authority, the port operator will receive the net
revenues from the business developed by the expanded terminal facility.
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress
should:
· Ensure robust public investment in all modes of transportation on which freight move-
ment relies, and incentivize additional private investment in freight transportation facili-
ties, to maintain and improve the condition and performance of the freight transportation
network.
· Direct the Secretary of Transportation, in coordination with the Secretary of the Treasury
and the Secretary of the Army, to identify and recommend sustainable sources of revenue
across all modes of transportation that would provide the necessary investment in the
Nation’s multimodal freight network and align contributions with use of, and expected
benefit of increased investment in, such network.
· Review, working through the Committee on Transportation and Infrastructure and the
Committee on Ways and Means, the Secretary’s freight funding and revenue recommen-
dations and develop specific funding and revenue options for freight transportation proj-
ects prior to Congress’ consideration of the surface transportation reauthorization bill in
2014.
· Authorize dedicated, sustainable funding for multimodal freight Projects of National and
Regional Significance through a grant process and establish clear benchmarks for project
selection. Projects eligible for such funding would have a regional or national impact on
the overall performance of the multimodal freight network identified by the Secretary of
Transportation.
· Encourage public-private partnerships and the use of innovative financing for freight proj-
ects.
417
55Improving the Nation’s Freight Transportation System
PlanninG and ProjeCt delivery
Planning and project delivery are key to any functioning transportation system. Many governmental and
non-governmental entities are involved in this process. When it comes to the planning and delivery of large
freight projects with regional or national importance, this process becomes more complicated and important
because it can involve multiple jurisdictions and require significant coordination among various entities.
Transportation Planning Process
Generally, state departments of transportation, metropolitan planning organizations (MPOs), and rural planning
commissions work together to create a statewide transportation improvement plan (STIP) listing all of the sur-
face transportation projects that are eligible for funding. In addition to the STIP, these organizations may also
work together to create a long-range transportation improvement plan with proposals for future consideration.
The Moving Ahead for Progress in the 21st Century Act created a new apportionment for metropolitan plan-
ning. Prior to MAP-21, metropolitan planning activities were funded as a set-aside from the formula programs.
Under MAP-21, states are required to use funds under this program for statewide and nonmetropolitan trans-
portation planning activities and are required to make funds available to MPOs for metropolitan transportation
planning activities. The amount of funds allocated to each MPO within a state is determined by a number of
factors, including population, air quality, status of transportation planning, and transportation needs of the met-
ropolitan area.
Planning Freight Projects
While the general transportation planning process is the same for projects that directly impact freight movement
and those that do not, freight projects often have difficulty competing with other projects. There are a number
of possible reasons for this difficulty, including difficulty accounting for the public benefits of these projects and
concerns over providing funding from one jurisdiction for projects that may primarily benefit another juris-
diction. Large freight projects often add additional layers of complexity. Many freight projects are located in
urban areas, and city governments or port authorities often take a leading role in developing plans for these proj-
ects. Furthermore, freight projects often cross state boundaries, implicating multiple state departments of trans-
portation and MPOs. Given that planning bodies are responsible for focusing on the needs and issues of their
specific jurisdiction, planning for and advancing multi-jurisdictional projects requires significant coordination.
Project Delivery
The environmental review process required under the National Environmental Policy Act (NEPA) is designed
to bring all the relevant interested parties into the process so that their concerns will be considered adequately
throughout the review. The process applies to projects being advanced with environmental impact statements,
and can be applied, at the discretion of the Secretary of Transportation, to projects being advanced with other
environmental documents. As the lead agency, DOT is responsible for defining the project’s purpose and need,
418
56Improving the Nation’s Freight Transportation System
after public comments and interagency participation. DOT is also responsible for developing a range of alterna-
tives to be considered for the project.
Completing a major highway project can take 15 years, but only a fraction of that time involves actual construc-
tion. MAP-21 streamlined this review process for highway projects by requiring the Secretary to set deadlines
to make sure all environmental approvals occur within four years, by providing categorical exclusions to the
environmental review process for certain projects that meet specific criteria, and by requiring the Comptroller
General to conduct a study on which state laws and procedures provide the same level of environmental protec-
tion as Federal law. This process does not apply to other modes of transportation.
Case Study: CREATE Project
Chicago is the largest freight rail hub in North America. Today, six of the seven Class I railroads converge in
the region, accounting for the movement of approximately one quarter of all United States freight rail traffic and
one-half of all United States intermodal rail traffic. Chicago’s antiquated rail infrastructure has led it to become
the largest United States freight rail chokepoint.
To help mitigate the rail-related congestion in the Chicago region and meet the future demand for freight rail
service across the country, the Chicago Region Environmental and Transportation Efficiency Program (CRE-
ATE) was created ten years ago as a public-private partnership between the Chicago Department of Transpor-
tation, Illinois Department of Transportation, freight railroads, United States Department of Transportation,
Metra, and Amtrak to help mitigate the rail-related congestion in the Chicago region. CREATE consists of 70
individual projects including 25 highway-rail grade separations, six passenger-freight rail grade separations, rail
infrastructure improvements, technology upgrades, viaduct improvements, grade crossing safety enhancements,
and signalization.
As of May 2013, there were 17 projects completed, 11 projects under construction, 21 projects in design and
environmental review, and 21 projects yet to begin. To date, over $1.2 billion has been committed to CREATE,
but the total estimated cost for completion is $3.3 billion. When complete, CREATE will enhance passen-
ger rail service, reduce motorist delays, increase public safety, improve air quality, create and retain jobs, and
strengthen economic competitiveness. CREATE demonstrates how many organizations and interest groups can
come together to effectively plan and fund a large freight project that will improve the efficiency, safety, and
performance of the freight system in the region and across the Nation.
419
57Improving the Nation’s Freight Transportation System
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress
should:
· Direct the Secretary of Transportation, in coordination with the Secretary of the Army and
the Commandant of the United States Coast Guard, to establish a comprehensive national
freight transportation policy and designate a national, multimodal freight network.
· Prioritize solutions to modernize infrastructure and utilize technology to reduce conges-
tion to improve the flow of freight.
· Require metropolitan and statewide planning agencies to consider the supply chain,
freight movement, and regional and national freight priorities when setting short- and
long-range goals and when developing transportation improvement plans.
· Require metropolitan and statewide planning agencies to solicit the participation of freight
industry professionals and affected communities when setting short- and long-range goals
and when developing transportation improvement plans.
· Require the Secretary of Transportation to identify corridor-based solutions to freight mo-
bility, taking into account the Nation’s entire transportation network.
· Require critical freight infrastructure owners and operators to develop cyber vulnerability
assessments and cyber incident response plans, as part of existing sector-specific security
assessments and plans required by the Department of Homeland Security. For ports, these
assessments should be done as part of the assessments required under 46 United StatesC.
70102, and these plans should be done as part of the plans required under 46 United State-
sC. 70103.
· Establish policies and set benchmarks to accelerate the transition from project develop-
ment to construction for freight projects.
· Identify and encourage the use of low-cost measures to alleviate highway congestion.
· Direct the Secretary of Transportation to promulgate the rulemaking required under 23
United StatesC. 150(c), establishing performance measures by which States can assess the
quality of freight movement on the Interstate System.
· Direct the Secretary of Transportation to identify performance goals and performance
measures by which States can assess the quality of freight movement across all modes of
transportation.
· Cut red tape and encourage the Secretary of Transportation to streamline project delivery
across all modes of transportation.
420
421
59Improving the Nation’s Freight Transportation System
HigHways and Trucking
As discussed above, the Highway Trust Fund faces pending insolvency. Without new revenue, the Trust Fund
will be unable to provide states with necessary resources to maintain and improve the Federal-aid Highway
System. The condition of roadway pavements and bridges can affect the efficiency of goods movement and
increase costs associated with freight transportation. Highways are key to the Nation’s freight network, because
almost all consumer goods travel on the highway system for some portion of the journey.
Section 1115 of MAP-21 required the Secretary of Transportation to designate a primary highway freight net-
work of 27,000 centerline miles. The purpose of this network is to identify the infrastructure facilities that are
most important to the movement of freight on the Nation’s highways. Final designation of the primary freight
network is due imminently.
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress
should:
· Ensure that states have the resources necessary to maintain and improve freight movement
on Federal-aid Highways by addressing the looming shortfall in the Highway Trust Fund
with sustainable revenue.
· Encourage the Secretary of Transportation to complete the Comprehensive Truck Size and
Weight Limits Study conducted in accordance with section 32801 of the Moving Ahead
for Progress in the 21st Century Act as thoroughly and judiciously as possible.
· Direct the Secretary of Transportation to determine whether the definition of the primary
highway freight network pursuant to 23 United StatesC. 167 is sufficient to address the
national highway freight network.
· Encourage states, localities, and the private sector to designate resources for commercial
driver training to be made available to all organizations that provide such training.
422
423
61Improving the Nation’s Freight Transportation System
freiGHt rail
Freight rail provides efficient long-haul and short-haul service and integrates closely with the trucking indus-
try. Because the freight railroads are private entities, they own the infrastructure over which they operate,
meaning they also invest heavily in those networks. In 2011, the freight railroads invested over $23 billion in
capital expenditures to improve and expand their networks. The RRIF loan program is a vehicle that the federal
government can use to leverage this private investment and deliver projects that are key for intermodal freight
mobility.
Positive Train Control (PTC) refers to the technologies designed to stop or slow a train automatically before
certain accidents that are caused by human error can occur. PTC is statutorily required to be installed by the
end of 2015 for certain routes. For a variety of reasons, PTC is an unprecedented technology challenge. Freight
railroads have already invested billions of dollars to meet this deadline, but there are many technological and
non-technological barriers that remain.
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress
should:
· Encourage adequate investment in rail corridor projects that facilitate freight movement.
· Direct the Secretary of Transportation to conduct stronger outreach to freight railroads
about the potential benefits of the Railroad Rehabilitation and Improvement Financing
(RRIF) loan program, and improve the process for approving applications.
· Work with the Secretary of Transportation, freight and passenger railroads, commuter rail-
roads, railroad employee representatives, and other interested parties to evaluate proposals
to extend the deadline for installation of Positive Train Control regulations, mandated
pursuant to the Rail Safety Improvement Act of 2008 (P.L. 110-432).
424
425
63Improving the Nation’s Freight Transportation System
sHiPPinG and Ports
As discussed above, the Harbor Maintenance Trust Fund maintains a positive balance, yet there is still a large
backlog of maritime infrastructure projects that need to be completed. Wisely utilizing existing revenues is the
first step toward improving the efficiency and reliability of this critical aspect of the Nation’s freight system.
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress
should:
· Appropriate funds annually from the Harbor Maintenance Trust Fund in an amount equal
to the revenue collected by the Trust Fund.
· Draw down the $7 billion balance of the Harbor Maintenance Trust Fund, without ad-
versely affecting appropriations for other programs, projects, and activities carried out by
the Corps of Engineers for other authorized purposes.
· Expand eligible uses of Harbor Maintenance Trust Fund expenditures to include other
activities in the water that are adjacent to navigation channels.
· Direct the Secretary of the Army, in consultation with the Secretary of Transportation and
the Commandant of the United States Coast Guard, to prioritize maritime development
projects, including port deepening projects, in the Corps of Engineer’s annual budget
submission.
· Encourage the full utilization of marine highways to expand the capacity of the freight
transportation network, alleviate surface transportation congestion, and ensure the reliable
movement of freight via short sea shipping.
· Direct the Secretary of Transportation, in coordination with the Secretary of the Treasury
and the Secretary of the Army, to study the degree to which shippers, seeking to avoid
payment of the Harbor Maintenance Tax, divert cargo bound for the United States from
the Nation’s ports. This study should expand upon the July 2012 study conducted by the
Federal Maritime Commission.
· Encourage ports and intermodal facilities to maximize efficiency through off-peak cargo
movement.
· Encourage, coordinate, and support navigation technology research, development, and
investment to improve navigation safety and efficiency and reduce the risk of accidents
and disruption of the freight network.
426
427
65Improving the Nation’s Freight Transportation System
inland waterways
Inland waterways are vitally important to the health of the Nation’s economy. It is estimated that without the
barges and towboats operating on the inland waterways, the Nation would need 6.3 million railroad cars or 25
million trucks to haul the difference. However, much of the critical infrastructure for waterborne transportation
is in dire need of repair. More than one-half of the locks and dams in the United States are over 50 years old.
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress
should:
· Authorize adequate funding for operations and maintenance of the Nation’s inland water-
ways system.
· Direct the Secretary of the Army, in coordination with the Secretary of the Treasury, to
assess financing options for the inland waterways system.
· Work with the Inland Waterways User Board, states, and other interested parties to plan
and prioritize federal investment in the inland waterways system.
428
429
67Improving the Nation’s Freight Transportation System
air CarGo
Air cargo is the fastest way to ship goods over long distances, and air freight is high value cargo. Less than
three percent of total freight by weight ships by air, but this represents over $6.4 trillion worth of goods per
year, which is nearly 35 percent of all freight value. Today, the Federal Aviation Administration (FAA) is re-
sponsible for ensuring the safe navigation of aircraft within the Nation’s airspace. However, the basic elements
of the FAA system have not changed significantly in over 60 years. The Next Generation Air Transportation
System (NextGen) is FAA’s solution, employing new technology, modernized procedures, and resulting in add-
ed capacity, increased productivity, and greater safety.
To safely and efficiently meet the needs of freight movements in the 21st Century, Congress
should:
· Authorize adequate funding and programmatic support to implement new air traffic con-
trol technologies and operational capabilities to facilitate the transition to the Next Gener-
ation Air Transportation System supporting the Nation’s air freight system.
430
431
69Improving the Nation’s Freight Transportation System
Appendix A – Panel Scope of Work
432
70Improving the Nation’s Freight Transportation System
433
71Improving the Nation’s Freight Transportation System
434
435
73Improving the Nation’s Freight Transportation System
Appendix B – Panel Activities
DATE TITLE
April 24, 2013 Hearing – “Overview of the United States’ Freight Transportation System”
May 15, 2013 Roundtable Policy Discussion – “Coordinating Federal Efforts to Improve
Freight Transportation”
May 28, 2013 to
May 31, 2013
Site Visit – Southern California
May 29, 2013 Roundtable Policy Discussion – “Navigating the Complexities of America’s
Largest Port Facilities”
May 30, 2013 Hearing – “How Southern California Freight Transportation Challenges
Impact the Nation”
June 20, 2013 to
June 21, 2013
Site Visit – Memphis Region
June 26, 2013 Hearing – “How Logistics Facilitate an Efficient Freight Transportation
System”
July 17, 2013 Roundtable Policy Discussion – “Effectively Coordinating Freight Planning
Activities”
July 25, 2013 to
July 27, 2013
Site Visit – New York City Region
July 26, 2013 Hearing – “How Freight Transportation Challenges in Urban Areas Impact
the Nation”
August 22, 2013 to
August 23, 2013
Site Visit – Norfolk, Virginia
October 1, 2013 Hearing – “Perspectives from Users of the Nation’s Freight System”
October 10, 2013 Hearing – “Funding the Nation’s Freight System”
436
437
75Improving the Nation’s Freight Transportation System
Appendix C – Summary of Hearing – “Overview of the United States’ Freight Transporta-
tion System”
Overview
The Panel on 21st Century Freight Transportation met on Wednesday, April 24, 2013, at 10:00 a.m., in 2167
Rayburn House Office Building to receive testimony related to the importance of freight transportation to the
United States economy. At this hearing, the Panel received testimony on the current operation of the freight
network, what challenges impact its performance, and what can be done to improve the efficiency and safety of
freight transportation.
Points of Discussion
· The Nation’s freight transportation network affects the day-to-day lives of every citizen, and given its
multimodal nature, the system as a whole and how its parts work together need to be examined and im-
proved for future capacity and demand.
· As an essential part of the Nation’s freight network, the highway system moves approximately 50
percent of all freight moved in the United States via trucking. Unfortunately, the negative impacts of
congestion slow the efficiency of the highway system as a reliable freight mode.
· Carrying more freight than any other mode of surface transportation over long distances, railroads carry
43 percent of intercity freight and are continually working to improve and expand their networks.
· With respect to ports and maritime freight movement, cargo ships move 75 percent of international
freight every year by water. To continue efficiently exporting such a large volume of goods, investment
is necessary in port infrastructure and land-side connections.
· Air cargo carriers play a large role in transporting goods in both domestic and international supply
chains, moving cargo quickly and often moving goods of high value.
· As the safest and most efficient way to transport hazardous materials, pipelines play an important role in
delivering crucial products such as natural gas throughout the country.
438
76Improving the Nation’s Freight Transportation System
Witnesses
Fred Smith, Chairman, President, and Chief Executive Officer
FedEx Corporation
Charles W. Moorman, Chairman, President, and Chief Executive Officer
Norfolk Southern Corporation
James Newsome, President and Chief Executive Officer
South Carolina Ports Authority
Derek Leathers, President
Werner Enterprises
Edward Wytkind, President, Transportation Trades Department
AFL-CIO
439
77Improving the Nation’s Freight Transportation System
Appendix D – Summary of Hearing – “How Southern California Freight Transportation
Challenges Impact the Nation”
Overview
The Panel on 21st Century Freight Transportation met on Thursday, May 30, 2013 at the historic Santa Fe Depot
located at 1170 West 3rd Street, San Bernardino, California, to receive testimony related to ways the freight chal-
lenges of Southern California impact the Nation. During this hearing, the Panel received testimony on the cur-
rent operation of the freight network in Southern California, the unique challenges that impact its performance,
and how these issues resonate throughout the country and impact the freight system as a whole.
Points of Discussion
· The multimodal Southern California freight system is one of the most important gateways in the entire
country, incorporating ports, international border crossings, highways, railways, and air cargo facilities.
Creating 60,000 local jobs, the freight industry in Southern California brings in over $30 billion in local,
state, and federal tax revenue yearly.
· Southern California ranks as the third-largest manufacturing region in the Nation.
· Congestion, bottlenecks, and other inefficiencies hinder the Southern California region’s ability to im-
port and move goods throughout the Nation, increasing costs and transit times.
· Given the connected nature of the Nation’s supply chain, the issues impacting this region’s freight
system have a direct and tangible impact on the economic competitiveness of states thousands of miles
away.
Witnesses
Kome Ajise, Deputy Director for Planning and Modal Programs
California Department of Transportation
440
78Improving the Nation’s Freight Transportation System
Hasan Ikhrata, Executive Director
Southern California Association of Governments
Marnie O’Brien Primmer, Executive Director
Mobility 21
Scott Moore, Vice President for Public Affairs
Union Pacific
Mike Fox, President and Chief Executive Officer
Fox Transportation
Rick Richmond, Former Chief Executive Officer
Alameda Corridor-East Construction Authority
441
79Improving the Nation’s Freight Transportation System
Appendix E – Summary of Hearing – “How Logistics Facilitate an Efficient Freight Trans-
portation System”
Overview
The Panel on 21st Century Freight Transportation met on Wednesday, June 26, 2013 at 1:00 p.m. in 2167 Ray-
burn House Office Building to receive testimony related to the impact of the logistics industry on the United
States freight network. During the hearing, the Panel received testimony concerning the correlation between
logistics and a productive, efficient, and safe national freight system and suggestions to strengthen this relation-
ship.
Points of Discussion
· The logistics industry is one of the most valuable parts of the Nation’s freight system because it im-
proves the efficiency of the supply chain.
· Logistics providers play a key role in alleviating inefficiencies and bottlenecks, which impede freight
mobility and drive up the cost of goods.
· Manufacturers and retailers can maximize the value of third-party logistics by using the concept of Just-
in-Time Delivery, minimizing carrying costs and increasing business efficiency.
Witnesses
David Abney, Chief Operating Officer
United Parcel Service
Tracy Rosser, Senior Vice President, Transportation
Walmart Corporation
442
80Improving the Nation’s Freight Transportation System
Scott Satterlee, Senior Vice President, Transportation
C.H. Robinson
Mark DeFabis, President and Chief Executive Officer
International Development Systems
Richard Fisher, President
Falcon Global Edge
Ed Hamberger, President and Chief Executive Officer
Association of American Railroads
443
81Improving the Nation’s Freight Transportation System
Appendix F – Summary of Hearing – “How Freight Transportation Challenges in Urban
Areas Impact the Nation”
Overview
The Panel on 21st Century Freight Transportation met on Friday, July 26, 2013 at 1:30 p.m. at the Alexander
Hamilton United States Custom House, located at One Bowling Green, New York, New York. The Panel
received testimony related to the ways in which urban freight challenges impact the Nation. During this hear-
ing, the Panel received testimony concerning the operation of the freight network in urban areas, the unique
challenges that impact performance in these areas, and how these issues impact the rest of the Nation’s freight
system.
Points of Discussion
· Freight transportation in urban areas is complex and sensitive, and mitigated by several dueling factors.
Given the interconnected nature of the Nation’s freight transportation system, issues that impact one
region of the country inevitably have a ripple effect throughout the entire network.
· Congestion remains one of the most costly hurdles for urban area freight transportation. Congestion, by
increasing transit times, increases the cost of goods for consumers.
· State transportation departments and metropolitan planning organizations generally work together to cre-
ate a long term strategy for urban freight planning. However, freight projects that cross state lines often
have difficulty competing in a state-based formula program. Planning and advocating for multi-jurisdic-
tional projects require significant coordination amongst several groups.
· The New York City metropolitan area experiences some of the most critical freight challenges of any re-
gion in the country, particularly the ability to move goods efficiently across the Hudson River. Without
a viable alternative, trucking across ageing and congested infrastructure is the best option to move goods
throughout the region.
Witnesses
Patrick Foye, Executive Director
Port Authority of New York and New Jersey
444
82Improving the Nation’s Freight Transportation System
William Flynn, President and Chief Executive Officer
Atlas Air Worldwide Holdings
Gerry Coyle, Vice President for Environmental & Sustainability
Evans Network
William Goetz, Resident Vice President for New York City, New Jersey, and Philadelphia
CSX Transportation
445
83Improving the Nation’s Freight Transportation System
Appendix G – Summary of Hearing – “Perspectives from Users of the Nation’s Freight
System”
Overview
The Panel on 21st Century Freight Transportation met on Tuesday, October 1, 2013, at 2:00 p.m., in 2167 Ray-
burn House Office Building to receive testimony related to the ways in which the agriculture and manufacturing
industries rely on the Nation’s freight transportation system to remain competitive. At this hearing, the Panel
received testimony on the specific freight transportation needs of these industries and the impact that the level
of performance of the freight system has on the ability of these industries to remain competitive.
Points of Discussion
· Depending on the particularities of the goods being produced, manufacturers often have unique freight
transportation needs. The sophistication and efficiency of the Nation’s freight system allow for man-
ufacturers to deliver goods in a way that supports the competitiveness of the industry. However, more
investment is needed to support growth.
· The manufacturing and agriculture industries are concerned that the Nation’s current failure to adequate-
ly invest in infrastructure will cede past gains to global competitors, especially in the agriculture indus-
try.
· Aside from general issues related to the market for agricultural commodities, transportation costs are
the most significant factor impacting the bottom line for farmers and other participants in the agriculture
industry.
Witnesses
Tom Kadien, Senior Vice President, Consumer Packaging
International Paper
F. Edmond Johnston, III, Sustainability Manager
DuPont
446
84Improving the Nation’s Freight Transportation System
William Roberson, Materials & Logistics Manager
Nucor Steel Berkeley
Bill J. Reed, Vice President, Public Affairs
Riceland Foods, Inc.
447
85Improving the Nation’s Freight Transportation System
Appendix H – Summary of Hearing – “Funding the Nation’s Freight System”
Overview
The Panel on 21st Century Freight Transportation met on Thursday, October 10, 2013, at 1:00 p.m., in 2167
Rayburn House Office Building to receive testimony related to the ways in which freight projects can be fund-
ed. At this hearing, the Panel received testimony on the various proposals on ways to raise new revenue and use
existing revenue more wisely in the funding of freight infrastructure projects across the Nation.
Points of Discussion
· Most highway-related freight projects, as well as some freight rail and freight intermodal projects, are
currently eligible to receive funding under one or more existing federal surface transportation programs.
Many large freight projects, however, are multimodal in scope, and some aspects of these projects may
be ineligible for funding from the Highway Trust Fund. Freight projects that cross state lines often have
difficulty competing in a state-based highway formula program. Freight projects also receive federal
assistance through the Harbor Maintenance Trust Fund, the Transportation Investment Generating Eco-
nomic Recovery grants, and Transportation Infrastructure Finance and Innovation Act grants.
· Freight infrastructure facilities are in need of upgrading and current federal funding available for freight
projects still leaves states with unmet needs. Additional federal resources are needed to address the Na-
tion’s freight transportation needs.
· Some states have recently passed measures to increase state revenue for transportation projects. States
have also explored public-private partnerships to fund freight projects.
Witnesses
The Honorable Sean T. Connaughton, Secretary
Virginia Department of Transportation
Leif Dormsjo, Deputy Secretary
Maryland Department of Transportation
448
86Improving the Nation’s Freight Transportation System
Robert D. Atkinson, President
Information Technology and Innovation Foundation
Jack L. Schenendorf, Of Counsel
Covington & Burling, LLP
David Seltzer, Co-Founder
Mercator Advisors
449
87Improving the Nation’s Freight Transportation System
Appendix I – Summary of Site Visit – Southern California
Overview
In order to gain a better understanding of freight movement in the region and to hear from local stakeholders,
members and staff of the Panel on 21st Century Freight Transportation traveled to different areas of Southern
California from Tuesday, May 28 to Friday, May 31, 2013.
Sites Visited
· On Tuesday, May 28, 2013, Members and staff received a briefing on the cargo operations at Los Ange-
les International Airport, and then toured the cargo operations of the Mercury Air Group. Later in the
day, they met with officials from the Los Angeles Metropolitan Transportation Authority.
· On Wednesday, May 29, 2013, Members and staff received a briefing on port operations from officials of
the Port of Los Angeles and Port of Long Beach; toured the International Transportation Services Ter-
minal and the Middle Harbor Redevelopment Project at the Port of Long Beach; toured the Port of Los
Angeles and the Port of Long Beach by boat, accompanied by officials from both ports and local freight
stakeholders; and Members held a roundtable discussion with industry stakeholders on port operations at
the APM Terminal.
· On Thursday, May 30, 2013, Members and staff traveled on BNSF rail cars up the Alameda Corridor to
the intermodal rail yard in Hobart, and out the Alameda Corridor East towards San Bernardino. Mem-
bers and staff received briefings on the facilities en route by BNSF senior officers and local stakeholders.
Upon arriving in San Bernardino, Members and staff visited the BNSF San Bernardino Rail Yard. Mem-
bers held a field hearing entitled “How Southern California Freight Transportation Challenges Impact
the Nation.”
450
451
89Improving the Nation’s Freight Transportation System
Appendix J – Summary of Site Visit – Memphis Region
Overview
On Thursday, June 20 and Friday, June 21, 2013, Members and staff of the Panel on 21st Century Freight Trans-
portation traveled to the Memphis region for a series of site visits, meetings, and a working lunch discussion.
Sites Visited
· On Thursday, June 20, 2013, Members and staff toured the FedEx facilities with senior officers from the
FedEx Corporation. The tour included the flight simulators FedEx uses to train their pilots, a discussion
of the 33-foot double trailer configuration, the box matrix sorting facility, and the small package sorting
facility.
· On Friday, June 21, 2013, Members and staff received a briefing on inland waterways issues and the
Port of Memphis from the Executive Director of the port, a senior United States Army Corps of Engi-
neers official, and a plant manager for Cargill; toured the port facilities; and met with freight stakehold-
ers at the Mid-South Community College in West Memphis, Arkansas.
452
453
91Improving the Nation’s Freight Transportation System
Appendix K – Summary of Site Visit – New York City Region
Overview
In order to gain a better understanding of freight movement in the region and to hear from local stakeholders,
members and staff of the Panel on 21st Century Freight Transportation traveled to the New York City region
from Thursday, July 25 to Saturday, July 27, 2013.
Sites Visited
· On Thursday, July 25, 2013, Members and staff departed Washington Union Station aboard a Norfolk
Southern train. Senior Norfolk Southern officers briefed Members and staff on key freight facilities in
the Northeast Corridor during the trip. Members and staff met officials from the Port Authority of New
York and New Jersey upon arrival at the Oak Island Rail Yard. Members and staff then traveled to the
Maher Terminal at the Port of Newark for a briefing on the Bayonne Bridge project and Port Authority
operations.
· On Friday, July 26, 2013, Members and staff departed for the Greenville Yard in Jersey City, NJ with
senior Port Authority officials for a briefing regarding New York/New Jersey cross harbor freight move-
ment. Members and staff observed the loading of the New York New Jersey Railroad rail car ferry at
the Greenville Yard intermodal facility. Next, Members and staff boarded a United States Army Corps
of Engineers vessel for a boat tour shadowing the rail car ferry across New York Harbor. Members and
staff arrived in Brooklyn and observed the unloading of the rail car ferry and the connection with the
New York and Atlantic Railway, a local short-line railroad. Members of the Freight Panel conducted a
field hearing at the Alexander Hamilton Custom House in Manhattan on “How Freight Transportation
Challenges in Urban Areas Impact the Nation.”
· On Saturday, July 27, 2013, staff toured the World Trade Center construction site with a Port Authority
construction engineer. The tour included visits to the construction site for the Port Authority Trans-Hud-
son (PATH) transit terminal at the World Transit Center.
454
455
93Improving the Nation’s Freight Transportation System
Appendix L – Summary of Site Visit – Norfolk, Virginia
Overview
In order to gain a better understanding of the operations at the Port of Virginia and at the Norfolk Southern Coal
Pier 6, staff for the Panel on 21st Century Freight Transportation traveled to Norfolk, Virginia on Thursday, Au-
gust 22 and Friday, August 23, 2013.
Sites Visited
· On Thursday, August 22, 2013, staff toured the Norfolk International Terminal and received a briefing
on port operations. The chief of the port police force was also present to discuss port security issues.
Next, staff departed for the APM terminal, a state of the art, privately-owned and constructed terminal
that is operated by the Port of Virginia under a lease agreement with Maersk. Staff visited and were
briefed at both a traditional container loading facility and an automated container facility. Security and
coordination of vessels with both rail and truck land-side transport were reviewed. At the completion of
the container review, staff boarded the vessel CMA CGM Samson for a tour and discussion on ship con-
tainer loading and transport, and a working lunch with vessel crew. Later, staff departed for the United
States Coast Guard Base Portsmouth for a briefing on Coast Guard operations with the Captain of the re-
gion. Discussions focused on the management of the harbor, safety protocols and issues associated with
coordinating vessel traffic in and out of the harbor facilities. Staff also toured the Craney Island facility,
which is used by the Port of Virginia to store dredge material and is the future site of terminal expansion
at the Port of Norfolk.
· On Friday, August 23, 2013, staff received a briefing on the Norfolk Southern Coal Pier 6 and were giv-
en a tour of operations at the pier.
456
457
95Improving the Nation’s Freight Transportation System
Appendix M – Summary of Roundtable Policy Discussion – “Coordinating Federal Efforts
to Improve Freight Transportation”
Overview
The Panel on 21st Century Freight Transportation met on Wednesday, May 15, 2013, at 10:00 a.m., in 2253
Rayburn House Office Building to participate in a roundtable discussion on federal efforts to improve freight
transportation. The Panel heard from participants from the United States Department of Transportation (DOT)
and the United States Army Corps of Engineers.
Points of Discussion
· DOT has the primary responsibility in the Administration to develop freight transportation policy; the
United States Army Corps of Engineers (Corps) also plays a role in transportation infrastructure. Spe-
cific to freight transportation, the Corps carries out construction and maintenance of navigation channels
and the inland waterways system which are critical pieces of the Nation’s freight transportation system.
· These two departments work together through a Memorandum of Understanding, establishing a collabo-
rative relationship to improve the Nation’s transportation system and infrastructure.
· The Freight Policy Council, created by DOT in August 2012, has been working with states to develop
state freight plans as required by Section 1118 of the Moving Ahead for Progress in the 21st Century
Act. MAP-21 also requires the development of a National Freight Strategic Plan to assess the conditions
and performance of the National Freight Network, identifying points of congestion, forecasting freight
volumes, and identifying major trade gateways, among other objectives.
· The National Freight Network is required by Section 1115 of MAP-21 to be designated by October 1,
2013; DOT is currently in the process of meeting this requirement. This primary freight network will
consist of 27,000 centerline miles of existing roadways, with the option of expanding this limitation by
no more than 3,000 additional centerline miles. The purpose of this network is to identify the infrastruc-
ture facilities that are most important to the movement of freight on the Nation’s highways.
458
96Improving the Nation’s Freight Transportation System
Participants
The Honorable John Porcari, Deputy Secretary
United States Department of Transportation
The Honorable Jo-Ellen Darcy, Assistant Secretary (Civil Works)
United States Department of the Army
459
97Improving the Nation’s Freight Transportation System
Appendix N – Summary of Roundtable Policy Discussion – “Navigating the Complexities
of America’s Largest Port Facilities”
Overview
The Panel on 21st Century Freight Transportation met on Wednesday, May 29, 2013, at 1:30 p.m., at the Port of
Los Angeles Administration building, located at 425 South Palos Verdes Street, San Pedro, California to partic-
ipate in a roundtable discussion on port facilities and freight transportation. The Panel heard from stakeholders
in the Southern California freight transportation community.
Points of Discussion
· As one of the most important trade gateways in the country, the freight system in Southern California is
multimodal, incorporating ports, international border crossings, interstate highways, railroads, air cargo
facilities, refrigeration facilities, and distribution and warehouse clusters.
· There are many infrastructure, capacity, and efficiency challenges facing the Ports of Los Angeles and
Long Beach to maintain their competitiveness in the global economy. As the eighth largest port facility
in the world, taken together, both Ports are undergoing major capital improvements to fight these chal-
lenges and to strengthen the national freight system.
· The Ports of Los Angeles and Long Beach handle more than 40 percent of all containers entering the
United States and contribute an import tax to the Harbor Maintenance Trust Fund. The Ports of LA and
Long Beach receive back less money than they pay into the Harbor Maintenance Trust Fund.
· Improving the efficiency of moving cargo through the harbor complex requires coordination between the
Department of Homeland Security and the United States Coast Guard to ensure safety in the transport of
materials in and out of the harbor. Both ports are investing in expanding container facilities to accom-
modate post-Panamax sized vessels.
· Given the challenges affecting this region, the importance of sustainable, long-term funding for trans-
portation infrastructure in delivering freight projects is the key to a successful economic future for the
Nation’s freight system.
460
98Improving the Nation’s Freight Transportation System
Participants
Chris Lytle, Executive Director
Port of Long Beach
Michael Christensen, Deputy Executive Director
Port of Los Angeles
Jeff Burgin, Senior Vice President and Chief Operating Officer
Pasha Stevedoring & Terminals
Alan McCorkle, Senior Vice President
APM Terminals
Victor La Rosa, President and Chief Executive Officer
Total Transportation Services, Inc.
Michael Antonovich, Chairman
Metropolitan Transportation Authority
Michael Gasparo, Manager for Ship Assist
Crowley
Rav Familathe, International Vice President (Mainland)
International Longshore and Warehouse Union
461
99Improving the Nation’s Freight Transportation System
Appendix O – Summary of Roundtable Policy Discussion – “Effectively Coordinating
Freight Planning Activities”
Overview
The Panel on 21st Century Freight Transportation met on Wednesday, July 17, 2013, at 10:00 a.m., in 2253 Ray-
burn House Office Building to participate in a roundtable discussion on effectively coordinating freight plan-
ning activities. The Panel heard from planning officials at the federal, state, regional, and local levels.
Points of Discussion
· Planning is key to any functioning transportation system, and freight planning itself is complicated be-
cause it involves multiple jurisdictions and require significant coordination among several parties.
· State departments of transportation, metropolitan planning organizations (MPOs), and rural planning
commissions work together to create a statewide transportation improvement plan with proposals for fu-
ture consideration. The Moving Ahead for Progress in the 21st Century Act created a new apportionment
for metropolitan planning, requiring states to make more funds available for MPOs.
· Since freight projects are usually complex and involve several different parties, planning for and ad-
vancing these projects requires significant coordination. The Panel heard suggestions on how freight
planning stakeholders can effectively coordinate efforts to ensure the timely and well planned delivery
of freight transportation facilities and whether additional ways for these entities to cooperate on the plan-
ning of large freight projects can be identified.
· There are a number of challenges that may impede the effective coordination of the planning for large
freight projects, especially since freight projects often cross state boundaries, implicating multiple state
departments of transportation and MPOs.
Participants
The Honorable Polly Trottenberg, Undersecretary for Policy
United States Department of Transportation
462
100Improving the Nation’s Freight Transportation System
Richard Biter, Assistant Secretary for Intermodal Systems Development
Florida Department of Transportation
Don Kopec, Deputy Executive Director for Programming and Operations
Chicago Metropolitan Agency for Planning
Amy Kessler, Director of Community Development and Regional Planning
North Central Pennsylvania Regional Planning and Development Commission
Andrew Lynn, Director of Planning and Regional Development
Port Authority of New York and New Jersey
463
101Improving the Nation’s Freight Transportation System
Appendix P – Acronym List
3PL Third-Party Logistics
AATF Airport and Airway Trust Fund
AIP Airport Improvement Program
CREATE Chicago Region Environmental and Transportation Efficiency Program
DOT United States Department of Transportation
EAS Essential Air Services
FAA Federal Aviation Administration
FERC Federal Energy Regulatory Commission
FHWA Federal Highway Administration
HMT Harbor Maintenance Tax
HMTF Harbor Maintenance Trust Fund
HTF Highway Trust Fund
HVUT Heavy Vehicle Use Tax
ISTEA Intermodal Surface Transportation Efficiency Act
IWTF Inland Waterway Trust Fund
JIT Just-in-Time Delivery
MAP-21 Moving Ahead for Progress in the 21st Century Act
MPO Metropolitan Planning Organization
NEPA National Environmental Policy Act
NextGen Next Generation Air Transportation System
O&M Operation and Maintenance
PHMSA Pipelines and Hazardous Materials Safety Administration
PNRS Projects of National and Regional Significance
PPP Public-Private Partnership
PTC Positive Train Control
RTM Revenue Ton Mile
464
102Improving the Nation’s Freight Transportation System
SAFETEA-LU Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users
STIP Statewide Transportation Improvement Plan
TEA-21 Transportation Equity Act for the 21st Century
TEU Twenty-foot Equivalent Unit
TIFIA Transportation Infrastructure Finance and Innovation Act
TIGER Transportation Investment Generating Economic Recovery
TTI Texas Transportation Institute
VMT Vehicle Miles Traveled
WRDA Water Resources Development Act
465
103Improving the Nation’s Freight Transportation System
Appendix Q – Signature Page
466
467
ATTACHMENT 2
468
Federal Freight Policy Update
Riverside County Transportation Commission
December 11, 2013
MAP-21Sec. 1115: National Freight Policy
•§167(c)(1): “IN GENERAL.—The Secretary shall
establish a national freight network…to assist
States in strategically directing resources toward
improved system performance for efficient
movement of freight on highways, including
national highway system, freight intermodal
connectors and aerotropolis transportation
systems.”
–Primary Freight Network (PFN)
–Interstates not on the PFN
–Critical Rural Freight Corridors
PFN
•One year after enactment (overdue!)
•27,000 centerline miles (+3,000 optional miles)
•Consultation required with stakeholders include:
–System users
–Transport providers
–States
PFN
FACTORS FOR DESIGNATION
•Origins/destinations
•Tonnage and value
•Percentage of annual average daily truck traffic (AADTT)
•AADTT
•Ports of entry (land and sea)
•Access to energy exploration, development, installation,
production
•Population centers
•Network connectivity
PFN
LIMITATIONS
•Highway-only
•Not enough miles
•Many factors = infinite possibilities
•Can’t look at “corridors”
•Data only tells some of the story
–Lack of understanding of urban areas
–How to capture first/last mile connectivity?
•What’s the point of all this?
PFN
WHAT U.S. DOT DID…
•26,966 miles of PFN, plus…
•41,518 miles of the “comprehensive network”
•Secretary of Transportation may still add 3,000 PFN
miles
•Aware of “emerging routes” that are critical to the
future
•California received 10 percent of all PFN miles
•Surprisingly positive!
Next Steps
•Comment period through January 17, 2014
–Specific routes
–Methodology
–How freight network could be used in future
–Urban area route designation process
•SCAG + SANDAG regions united together
–Region will seek PFN designation for SR-86, SR-60
–Key connections near ports omitted
–Possible route “swaps” to stay mileage neutral
–Overall positive message
–Yesterday’s I.E. tour with Federal Highways staff
House Panel on 21st Century Freight
Transportation
•Bipartisan unanimity!
•Recommendations: general but a good start:
–US needs a national freight policy and network
–Expedite project delivery
–Robust public investment in all modes of trans.
–Dedicated, sustainable funding for freight
•Must identify revenue options
Impacts of Goods Movement in
Riverside County
Freight Train Volume, Vehicle Delay
and Air Quality Impacts
•Number of freight trains that
pass through Riverside County
is increasing:
–Current: 66
–Increase to 137 by 2035
•Daily vehicle hours of delay:
–Current: 600
–Increase to 3,700 by 2035
•Emissions (per year)
–Current: 9 tons
–Increase to 53 tons by 2035
Goods Travel Beyond
Riverside County
•77 percent of freight travels
through Riverside
–65 percent travels by rail
–35 percent by truck
Impacts of Goods Movement
in Riverside County
Financial Investment
Senator Boxer at Magnolia Avenue
(UP) Ribbon Cutting Ceremony
Over $461 million invested in 12
grade separation projects:
•Two Completed:
Columbia Avenue
Magnolia Avenue/UP
•Ten Under Construction:
Auto Center
Avenue 52
Avenue 56
Clay Street
Iowa Avenue
Magnolia Avenue/BNSF
Riverside Avenue
Streeter Avenue
Sunset Avenue
I-215/Van Buren
•46 at-grade crossings remain
•18 (of 46)crossings identified as high priority
–$955.3 million –estimated cost
–$23.2 million in funding secured
•(federal, state and local funding sources)
Additional Funding Needed
Keep on truckin’….
Questions?
AGENDA ITEM 9
RIVERSIDE COUNTY TRANSPORTATION COMMISSION
DATE: December 11, 2013
TO: Riverside County Transportation Commission
FROM: Jennifer Harmon, Office and Board Services Manager
THROUGH: Anne Mayer, Executive Director
SUBJECT: Election of Riverside County Transportation Commission Officers and
Appointment of Executive Committee Members
STAFF RECOMMENDATION:
This item is for:
1)The Commission to conduct an election of officers for 2014 –
Chair, Vice Chair, and Second Vice Chair;
2)The cities of Banning, Beaumont, Calimesa, Canyon Lake, Eastvale, Hemet,
Jurupa Valley, Lake Elsinore, Menifee, Norco, Perris, San Jacinto, and Wildomar to
appoint one representative to the Executive Committee; and
3)The Riverside County Board of Supervisors Commission members to appoint three
representatives to the Executive Committee, if necessary.
BACKGROUND INFORMATION:
Election of Officers
In accordance with the Administrative Code, the Commission must annually hold an election of
officers at its first meeting in December. The changes will be effective on January 1 of the
following year. The officers of the Commission shall consist of the Chair, Vice Chair, and Second
Vice Chair.
At its October 9, 2013 meeting, the Commission adopted an amendment to the Administrative
Code to modify the officer rotation procedure. Rather than requiring the city and county
members alternate every year in the officer positions, the new policy requires there be at least
one Supervisor and one city councilmember among the three officer positions at all times.
“The Chair, the Vice Chair, and the Second Vice Chair shall regularly alternate between
regular members of the Commission representing a city and a regular member of the
Commission who is a member of the Riverside County Board of Supervisors. At all times,
at least one of three officer slots – Chair, Vice Chair, or Second Vice Chair – shall be held
by a member of the Riverside County Board of Supervisors. During the time in which the
Chair is a regular member of the Commission representing a city, either the Vice Chair or
the Second Vice Chair, or both shall be a regular member of the Commission who is a
Agenda Item 9
469
member of the Riverside County Board of Supervisors. During the time in which the
Chair is a regular Commission member who is a member of the Riverside County Board
of Supervisors, either the Vice Chair or the Second Vice Chair, or both shall be a regular
member of the Commission representing a city in order to ensure the participation of
both city and county representatives in leadership positions.”
For 2013, Karen Spiegel served as Chair, Marion Ashley as Vice Chair, and
Daryl Busch as Second Vice Chair. For 2014, the Second Vice Chair shall be a regular member of
the Commission representing a city or the Riverside County Board of Supervisors.
Executive Committee Appointments
In accordance with the Administrative Code, appointees to the Executive Committee serve for a
two-year term. Appointments were made to the Executive Committee at the December 2012
Commission meeting as follows: 1) Commissioners Rick Gibbs and Ron Roberts representing
the cities of Corona, Moreno Valley, Murrieta, Riverside, and Temecula; 2) Commissioner
Bob Botts representing the cities of Banning, Beaumont, Calimesa, Canyon Lake, Hemet, Jurupa
Valley, Lake Elsinore, Menifee, Norco, Perris, San Jacinto, and Wildomar; and 3) Commissioner
Terry Henderson representing the cities of Blythe, Cathedral City, Coachella, Desert Hot Springs,
Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage. The term will be
for calendar years 2013 and 2014.
Commissioner Botts resigned from the Banning City Council in November 2013. Per the
Administrative Code, should a member of the Executive Committee resign or otherwise leave
the Commission, the vacancy shall be filled. The new member shall serve the remainder of the
unexpired term. Therefore, the cities of Banning, Beaumont, Calimesa, Canyon Lake, Hemet,
Jurupa Valley, Lake Elsinore, Menifee, Norco, Perris, San Jacinto, and Wildomar must select a
new representative to the Executive Committee to complete the two-year term.
Additionally, should the Commission elect a regular member of the Commission representing a
city as the Second Vice Chair, the Board of Supervisors members Commission will need to select
three members to serve on the Executive Committee.
Commission members will be given time to caucus prior to the election and appointments.
Attachments:
1) List of Past Commission Chairs
2) Election Procedures
Agenda Item 9
470
COMMISSION CHAIRS
2013 Karen Spiegel City of Corona
2012 John J. Benoit County of Riverside – District 4
2011 Greg Pettis City of Cathedral City
2010 Bob Buster County of Riverside – District 1
2009 Bob Magee City of Lake Elsinore
2008 Jeff Stone County of Riverside – District 3
2007 Terry Henderson City of La Quinta
2006 Marion Ashley County of Riverside – District 5
2005 Robin Lowe City of Hemet
2004 Roy Wilson County of Riverside – District 4
2003 Ron Roberts City of Temecula
2002 John Tavaglione County of Riverside – District 2
2001 Will Kleindienst City of Palm Springs
2000 Tom Mullen County of Riverside – District 5
1999 Jack van Haaster City of Murrieta
1998 Bob Buster County of Riverside – District 1
1997 Bob Buster County of Riverside – District 1
1996 Alex Clifford City of Riverside
1995 Alex Clifford City of Riverside
1994 Corky Larson County of Riverside – District 4
1993 Al Lopez City of Corona
1992 Al Lopez City of Corona
1991 Kay Ceniceros County of Riverside – District 3
1990 Kay Ceniceros County of Riverside – District 3
1989 Jack Clarke City of Riverside
1988 Don Baskett City of Hemet
1987 Melba Dunlap County of Riverside – District 2
1986 Jean Mansfield City of Riverside
1985 Susan Cornelison Public Member
471
1984 Susan Cornelison Public Member
1983 Roy Wilson City of Palm Desert
1982 Norton Younglove County of Riverside – District 5
1981 Jean Mansfield City of Riverside
1980 Donald Schroeder County of Riverside – District 2
1979 Donald Schroeder County of Riverside – District 2
1978 Russell Beirich City of Palm Springs
1977 Russell Beirich City of Palm Springs
472
ATTACHMENT 2
EXCERPT FROM THE RCTC ADMINISTRATIVE CODE
ARTICLE III
ADMINISTRATION
A. IN GENERAL. The Officers of the Commission shall consist of the Chair,
a Vice Chair, and a Second Vice Chair, all of whom shall be regular members of the
Commission, an Executive Director, a General Counsel, Fiscal Officer, and other such
officers as the Commission may deem necessary.
B. ELECTION OF CHAIR, VICE CHAIR, AND SECOND VICE CHAIR. The
Commission annually, at its first meeting in December, and at such other times as there
may be a vacancy in either office, shall elect a Chair who shall preside at all meetings, a
Vice Chair who shall preside in the absence of the Chair, and a Second Vice Chair who
shall preside in the absence of the Chair and the Vice Chair. The Chair, the Vice Chair
and the Second Vice Chair shall be elected by the Commission at its first meeting in
December for a one-year term. The changes will be effective on January 1st. The
election for each position is as follows:
1. At the start of the agenda item, Commission Board members may
nominate one or more regular members to fill the positions of Chair, Vice Chair,
and Second Vice Chair. Each nomination must be seconded in order to qualify
that member for the election. Only those members nominated and seconded
shall be shall be part of the selection process set forth below.
2. If no objections are made, the nominations will be closed when the
Chair makes a formal announcement closing the nomination period.
3. If only one nomination is received for a position, the Chair shall call
on the Commission’s Board of Director’s to approve the nomination. If more than
fifty (50%) percent of the votes cast approve that nominee, the nominee shall be
elected and the election for that position shall be consider complete. If the
nominee fails to obtain more than fifty percent (50%) of votes cast by the Board,
the process for electing a member to the desired position shall begin again from
paragraph 1.
4. If two nominations are received for a position, the Chair shall call
for the Commission’s Board of Director’s to cast votes for one of the nominees.
Both nominees shall be voted on using a single written ballot. If one of the
198
473
ATTACHMENT 2
nominees receives more than fifty percent (50%) of the votes cast, that nominee
shall be elected and the election for that position shall be considered complete.
If the election fails to result in a nominee with more than fifty percent (50%) of the
vote, the nominee with the most votes will be placed before the Commission’s
Board of Directors for approval. The nominee must be approved by more than
fifty percent (50%) of the votes cast by the Board in order to be elected to the
desired position. If the nominee fails to obtain more than fifty percent (50%) of
the Board’s vote, the process for electing a person to the desired position shall
begin again from paragraph 1.
5. If there are more than two nominees, the following steps shall be
followed in the order set forth below:
(a) The Chair shall call for the Commission’s Board of Directors
to cast votes for one of the nominees. All nominees shall be voted on
using a single written ballot. If one nominee receives more than fifty
percent (50%) of the votes cast that nominee shall be elected and the
election for that position shall be considered complete. If the vote fails to
result in a nominee receiving more than fifty percent (50%) of the votes
cast, the two nominees with the most votes will be placed in a runoff
election.
(b) The winning nominee in the runoff election is selected if that
nominee receives more than fifty percent (50%) of the votes cast. In that
case, the election for that position shall be considered complete.
(c) If the runoff election fails to result in a nominee with more
than fifty percent (50%) of the vote, the nominee with the most votes will
be placed before the Commission’s Board of Directors for approval.
(d) If the nominee receives more than fifty percent (50%) of the
votes cast, the nominee shall be elected and the election for that position
shall be considered complete.
(e) If the nominee placed before the Commission’s Board of
Directors fails to obtain more than fifty percent (50%) of the votes cast, the
process for electing a person to the desired position shall begin again from
Paragraph 1, above
(f) If there is a tie in any step in the election process and the
next step of the process cannot proceed, then one or more tie-breaking
199
474
ATTACHMENT 2
votes will occur in which all members of the Commission’s Board of
Directors present at the meeting will be allowed to vote again. The
winning nominee must receive more than fifty percent (50%) of the votes
cast to be elected.
At any point the Commission may vote to suspend the vote until a subsequent meeting.
If the Chair has been selected prior to the vote to suspend, the new Chair shall be
seated when his or her term commences, but shall relinquish his or her seat as the Vice
Chair if applicable. If the Chair and Vice Chair have been selected prior to the vote to
suspend, the new Vice Chair shall also seated when his or her term commences, but
shall relinquish his or he seat as second vice Chair, if applicable.
The tally of all votes taken by written ballot hereunder shall be read aloud by the Clerk
of the Board immediately following the vote. The written ballots shall be retained by the
Clerk of the Board as part of the public record of the meeting.
200
475
TO: Riverside County Transportation Commission
FROM: Jennifer Harmon, Office and Board Services Manager
DATE: December 4, 2013
SUBJECT: Possible Conflicts of Interest – Riverside County Transportation Commission
Agenda of December 11, 2013
The December 11, 2013 agenda of the Riverside County Transportation Commission includes
items that may raise possible conflicts of interest. A Commissioner may not participate in any
discussion or action concerning a contract or amendment if a campaign contribution of more
than $250 is received in the past 12 months or 3 months following the conclusion from any
entity or individual listed.
Agenda Item No. 7K – Amendment to Transportation Uniform Mitigation Fee Regional
Arterial Agreement for the Railroad Canyon Road at Interstate 15 Interchange Project in the
City of Lake Elsinore
Consultant(s) SC Engineering
16096 Chiwi Road
Apple Valley, CA 92307
Reyes S. “Sal” Chavez, President