Loading...
06 June 13, 2018 CommissionCOMM-COMM-00081 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 'METING AGENDA TIIVE/DATE: 9:30 a.m / 1Nednesday, June 13, 2018 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside CO'NISSIONERS Chair — Dana Reed Vice Chair —Chuck Washington Second Vice Chair — Ben J. Benoit Kevin Jeffries, County of Riverside, District 1 John F. Tavaglione, County of Riverside, District 2 Chuck Washington, County of Riverside, District 3 V. Manuel Perez, County of Riverside, District 4 Marion Ashley, County of Riverside, District 5 Deborah Franklin / Art WbIch, City of Banning Lloyd White / Nancy Carroll, City of Beaumont Joseph DeConinck / Tim Wade, City of Blythe Jim Hyatt / Linda Molina, City of Calimesa Randall Bonner / Vicki Warren, City of Canyon Lake Greg Pettis / Shelley Kaplan, City of Cathedral City Steven Hemandez / To Be Appointed, City of Coachella Karen Spiegel / Randy Fox, City of Corona Scott Mates / Russell Betts, City of Desert Hot Springs Adam Rush /Clint Lorimore, City of Eastvale Linda Krupa / Russ Brown, City of Hemet Dana Reed / To Be Appointed, City of Indian Wells Michael Wilson / Glenn IVfller, City of Indio Brian Berkson / Veme Lauritzen, City of Jurupa Valley Kathleen Fitzpatrick / Robert Radi, City of La Quinta Bob Magee / Natasha Johnson, City of Lake Elsinore To Be Appointed / John Denver, City of Menifee Victoria Baca / Ulises Cabrera, City of Moreno Valley Rick Gibbs / Jonathan Ingram City of Murrieta Berwin Hanna / Ted Hoffman, City of Norco Jan Hamik / Kathleen Kelly, City of Palm Desert Lisa Middleton / Jon R Roberts, City of Palm Springs Michael M. Vargas / Rita Rogers, City of Perris Ted Weill / Charles Townsend, City of Rancho Mirage Rusty Bailey / Andy Melendrez, City of Riverside Andrew Kotyuk / Scott IVfller, City of San Jacinto Michael S. Naggar / Matt Rahn, City of Temecula Ben J. Benoit / Timothy Walker, City of Wfldomar John Bulinski, Governor's Appointee Caltrans District 8 Comments are welcomed by the Cormission. If you wish to provide comments to the Conrrission, please complete and submit a Speaker Card to the perk of the Board. TO: FROM: DATE: SUBJECT: RIVERSIDE COUNTY TRANSPORTATION COMMISSION Riverside County Transportation Commission Lisa Mobley, Clerk of the Board June 6, 2018 G.C. 84308 Compliance — Potential Conflict of Interest California Government Code 84308 states 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 a bidder or bidder's agent. The Commission's procurement division asks potential vendors to disclose any contributions made to the campaigns of any Commissioner as part of their submitted bid packets. As an additional precaution, those entities are included below in an effort to give Commissioners opportunity to review their campaign statements for potential conflicts. Please note the entities listed in this memo are not encompassing of all potential conflicts and are in addition to any personal conflicts of interest such as those disclosed on Statement of Economic Interests — Form 700 or prohibited by Government Code Section 1090. Please contact me should you have any questions. Agenda Item No. 8E — Recurring Contracts for Fiscal Year 2018/19 Consultant(s): AMMA Transit Planning Heather Menninger, Principal 393 Two Trees Road Riverside, CA 92507 Best Best and Krieger, LLP Steven DeBaun, Partner 3390 University Avenue, 5t" Floor Riverside, CA 92501 Becthel Infrastructure Corp. George Nomura, Project Manager 4080 Lemon Street, 3rd Floor Riverside, CA 92501 BLX Group LLC Robin L. Schlingen, Managing Director 1910 S. Stupley Drive, Suite 115 Mesa, AZ 85204 Epic Land Solutions, Inc. Holly Rockwell, President 3850 Vine Street, Suite 200 Riverside, CA 92507 Exigent Systems, Inc. Dustin E. Hoffman, President 1020 Nevada Street, Suite 201 Redlands, CA 92374 Fieldman, Rolapp & Associates, Daniel L. Wiles, Principal 19900 MacArthur Boulevard Suite 1100 Irvine, CA 92612 Mathis Group Dr. Bill Mathis, Owner 11660 Church Street, Suite 714 Rancho Cucamonga, CA 91730 RCTC Potential Conflicts of Interest June 6, 2018 Page 2 MuniServices, LLC Stantec Doug Jensen, Senior Vice President Sheldon Mar, Senior Associate 7625 N. Palm Avenue, Suite 108 475 5th Avenue, 12th Floor Fresno, CA 93711 New York, NY 10017 Norton Rose Fulbright US LLP Victor Hsu, Partner 555 South Flower Street, 41sY Flr. Los Angeles, CA 90071 Orrick, Herrington & Sutcliffe LLP Devin Brennan, Partner 405 Howard Street San Francisco, CA 94105 Case Systems, Inc. Chrisann Lawson, Vice President 5 Goddard Irvine, CA 92618 TSC2 Group Tom R. Skancke, CEO 2620 Regatta Drive, # 102 Las Vegas, NV 89128 U.S. Bank National Association Ashraf Almurdaah, Vice President 633 W. 5th Street, 24th Floor Los Angeles, CA 90071 UCR Forecast LLC Sherif Hanna, Deputy Director 5777 W. Century Blvd., Suite 895 Los Angeles, CA 90045 Agenda Item No. 8J — Change Order to Amend the Interstate 15 Express Lanes Project Design -Build Contract with Skanska-Ames, a Joint Venture, for the Interstate 15/State Route 91 Express Lanes Connector Project Consultant(s): Skanska-Ames Joint Venture Brandon Liesemeyer, Project Manager 1801 California Avenue Corona, CA 92881 Agenda Item No. 80 — Amendment to Agreement for Routine and On -Call Railroad Right of Way Property Maintenance Services Consultants(s): Joshua Grading &Excavating, Inc. Thomas R. Craft, Owner P.O. Box 292329 Phelan, CA 92329 Agenda Item No. 8T — Amendments to Freeway Service Patrol Agreements Consultant(s): Pepe's Towing Manny Acosta, Manager 1303 E. Victoria Avenue San Bernardino, CA 92408 RCTC Potential Conflicts of Interest June 6, 2018 Page 3 Agenda Item No. 8U — Amendment to TransTrack Systems, Inc. Agreement Consultant(s): TransTrack Systems Inc. David Jackson, General Manager 5265 Rockwell Drive NE Cedar Rapids, IA 52402 Agenda Item 8W — Agreement for Closed Circuit Television System Maintenance/Repair and Installation Services Consultant(s): American System Integrators Oliver Noval, President 8 Whatney, Suite 100 Irvine, CA 92618 Agenda Item No. 13A — Closed Session — Conference with Real Property negotiator(s) Item APN(s) Buyers 1 342-150-028 Jamie and Gloria Sandoval 2 233-150-028 Thrifty Oil Company Tara Bve rl From: Tara Byerly Sent: Wednesday, June 06, 2018 4:12 PM To: Tara Byerly Cc: Lisa Mobley; STAN DI FO; Anne Mayer Subject: RCTC: June Commission Agenda - 06.13.2018 Good afternoon Commissioners, The June Agenda for the Commission meeting scheduled for Wednesday, June 13, 2018 @ 9:30 a.m. is available. Please copy the link: http://www.rctc.org/wp-content/uploads/2018/O6/june-commission-agenda-June-13-2018.original.pdf Conflict of Interest Memo.d... Conflict of Interest Form.pdf Also, attached for your review and information is the conflict of interest memo and form. Please let me know if you have any questions. Thank you. Respectfully, Tara Byerly Deputy Clerk of the Board Riverside County Transportation Commission 951.787.7141 W ( 951.787.7906 F 4080 Lemon St. 3rd FI. ( P.O. Box 12008 Riverside, CA 92502 rctc.org f in t 1 Tara Bve rl From: Tara Byerly Sent: Wednesday, June 06, 2018 4:14 PM To: Tara Byerly Cc: Lisa Mobley Subject: RCTC: June Commission Agenda - 06.13.2018 Good afternoon Commission Alternates, The June Agenda for the Commission meeting scheduled for Wednesday, June 13, 2018 @ 9:30 a.m. is available. Please copy the link: http://www.rctc.orawp-content/uploads/2018/06/june-commission-agenda-June-13-2018.original.pdf Respectfully, Tara Byerly Deputy Clerk of the Board Riverside County Transportation Commission 951.787.7141 W ( 951.787.7906 F 4080 Lemon St. 3rd FI. ( P.O. Box 12008 Riverside, CA 92502 rctc.org f tor in i RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMISSIONER SIGN -IN SHEET JUNE 13, 2018 NAME AGENCY EMAIL ADDRESS Dibbl_, 64171-1i4l,(X_, JzJf1v1✓I0C>7 .LGrTYb uit-rL '-'P:›¢;i-ouoAi"Y e- 7/,; 1- L. 1 ' t/ :/,7 0 ,-e--------- E;(_,,f124 .. *_-__,.1. ttl. _ ( � n � Vl l�Zvl a Fx<<)% An a�Et�o ild ei Ae A ur- , p,) 1.," lid_ ijo A co IN, OA -ger ,S ,_ o rc/l'ot ---.e ? i le y _a____419 �'w.,\ )4-"I ,01 C-4.--in4 er"-/4 ItAT--;K- IQ - AGic ' c___ , /.._,Z.,--; � /.�!-s �ce.e.se,-,,e_____�� t ,11 (zia. , ija,,,,,,,,,,,/ Pet-eZ g,4,4, P)..r../.- id Ak-4,r) .1 tot- , le'Q a_ ........Z7—rZ\A,tkL,J, n 1 'IN$ VA C--4t a. AiNL5 k .-bi.4\A- - tj , jj\V,tAki ()Je lir �ilvcl�l/C/X�5G�/n-rl. 7°41 /4?/ L.7'I� 3 / 7 1%-i % - 1(;,,/,-. /1-fr,4 9 r7' t/v42-- - ‘ , /0 0/)7 . , A by 4-11 N%---6(2e. /43' ,- / 1 V e-",' /5-7- MNRi0,4 Alfitalln ottve• pus7S-1. ) „,„4,547 ,--,, 6-1") .-bA___,L, , _t_.----. ic,t____=3 yiN,t___N-- _..c-ra_lt.3r., 6)-46-tl- `,-.-.F.01,..,4- 10- sP"-i)- -(_'oG , I �O C7'Y :7-1.4rK NI( `s�r {�LM �lc\ Seik-Vn 1Wilarl � Z Coca �1/8! RIVERSIDE COUNTY TRANSPORTATION COMMISSION ROLL CALL JUNE 13, 2018 Present Absent County of Riverside, District I O' O lb .5-;)" 42-alit') County of Riverside, District II EV CI \'S'itett'xi County of Riverside, District III EV CI County of Riverside, District IV Lv O County of Riverside, District V 03•' C:l City of Banning C:P O City of Beaumont Q' O City of Blythe CV O City of Calimesa re O City of Canyon Lake Clr CI City of Cathedral City TY O City of Coachella Cr O City of Corona rg O City of Desert Hot Springs d ci City of Eastvale EY O City of Hemet L73/ O City of Indian Wells CV O City oWN in cr City of lurupa Valley lam' 0 City of la Quinta (TY O City of Lake Elsinore 0/ CI City of Meni e a a City of Moreno Valley 61/ 0 City of Murrieta O CGS City of Norco Cg" O City of Palm Desert 124 CI City of Palm Springs CY O City of Perris CV City of Rancho Mirage CAr City of Riverside re City of San Jacinto Ey City of Temecula Cr City of Wildomar TY O Governor's Appointee, Caltrans District 8 M. CI a 0 RIVERSIDE COUNTY TRANSPORTATION COMMISSION www.rctc.org AGENDA* *Actions may be taken on any item listed on the agenda 9:30 a.m. Wednesday, June 13, 2018 BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside, 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, Government Code Section 54954.2, and the Federal Transit Administration Title VI, please contact the Clerk of the Board at (951) 787-7141 if special assistance is needed to participate in a Commission meeting, including accessibility and translation services. Assistance is provided free of charge. Notification of at least 48 hours prior to the meeting time will assist staff in assuring reasonable arrangements can be made to provide assistance at the meeting. 1. CALL TO ORDER 2. ROLL CALL 3. PLEDGE OF ALLEGIANCE 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 — MAY 9, 2018 Riverside County Transportation Commission Agenda June 13, 2018 Page 2 6. PUBLIC HEARING — PROPOSED BUDGET FOR FISCAL YEAR 2018/19 Overview This item is for the Commission to: Page 1 1) Receive input on the proposed budget for Fiscal Year 2018/19; 2) Close the public hearing on the proposed budget for FY 2018/19; 3) Approve the salary schedule effective July 5, 2018, located in Appendix B of the proposed budget; 4) Authorize the expenditure of 91 Express Lanes toll revenues designated as surplus in accordance with the 2013 Toll Revenue Bonds Indenture to fund a $20 million Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan Reserve; 5) Adopt Resolution No. 18-004 "Resolution of the Board of Commissioners of Riverside County Transportation Commission to Increase Employer Contribution Towards Monthly Health Premiums" to increase the health care premium contribution up to a maximum of $750 per month to each employee or non -vested retiree beginning September 1, 2018, as approved by the Executive Committee on April 11, 2018; and 6) Adopt the proposed Budget for FY 2018/19. 7. 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. 8. 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. 8A. APPROPRIATIONS LIMIT FOR FISCAL YEAR 2018/19 Page 7 Overview This item is for the Commission to adopt Resolution 18-009, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit", for Fiscal Year 2018/19. 8B. QUARTERLY SALES TAX ANALYSIS Page 14 Overview This item is for the Commission to receive and file the sales tax analysis for Quarter 4, 2017 (4Q 2017). Riverside County Transportation Commission Agenda June 13, 2018 Page 3 8C. QUARTERLY INVESTMENT REPORT Page 23 Overview This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended March 31, 2018. 8D. QUARTERLY FINANCIAL STATEMENTS Page 91 Overview This item is for the Commission to receive and file the Quarterly Financial Statements for the nine months ended March 31, 2018. 8E. RECURRING CONTRACTS FOR FISCAL YEAR 2018/19 Overview This item is for the Commission to: Page 101 1) Approve the recurring contracts in an amount not to exceed $17,988,167 for Fiscal Year 2018/19, $381,600 for FYs 2019/20 — 2020/21, and $91,600 for FYs 2021/22 — 2022/23; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission. 8F. REVISIONS TO THE PROCUREMENT POLICY MANUAL Overview This item is for the Commission to: Page113 1) Approve the revised Riverside County Transportation Commission Procurement Policy Manual (PPM) for the procurement and contracting activities undertaken by the Commission, pursuant to legal counsel review as to conformance to state and federal law; and 2) Adopt Resolution No. 18-008, "Resolution of the Riverside County Transportation Commission Regarding the Revised Procurement Policy Manual". Riverside County Transportation Commission Agenda June 13, 2018 Page 4 8G. FEDERAL TRANSIT ADMINISTRATION PROPOSED TRIENNIAL OVERALL DISADVANTAGED BUSINESS ENTERPRISE GOAL FOR FEDERAL FISCAL YEARS 2019- 2021 Page 184 Overview This item is for the Commission to: 1) Adopt 9 percent as the Commission's Federal Transit Administration (FTA) proposed triennial overall disadvantaged business enterprise (DBE) race -neutral goal for Federal Fiscal Years 2019-21 for the period October 1, 2018 to September 30, 2021; and 2) Adopt Resolution No. 18-007, "Resolution of the Riverside County Transportation Commission Adopting Its Triennial Overall Disadvantaged Business Enterprise Program Goal (49 CFR Part 26) as it Applies to Funding Received Directly from the Federal Transit Administration". 8H. STATE AND FEDERAL LEGISLATIVE UPDATE Overview This item is for the Commission to: 1) Receive and file an update on state and federal legislation; and 2) Adopt the following bill positions: a) AB 1912 (Rodriguez) — Oppose. Page 202 81. AGREEMENT WITH THE SANTA ANA WATERSHED PROJECT AUTHORITY FOR THE RELOCATION OF A BRINE LINE FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT Page 208 Overview This item is for the Commission to: 1) Approve Agreement No. 18-31-149-00 with the Santa Ana Watershed Project Authority (SAWPA) for the relocation of a brine line for the State Route 91 Corridor Improvement Project (91 Project) in the amount of $68,400, plus a contingency amount of $6,600, for a total amount not to exceed $75,000; 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 or designee to approve contingency work up to the total amount not to exceed as required for the relocation. Riverside County Transportation Commission Agenda June 13, 2018 Page 5 8J. CHANGE ORDER TO AMEND THE INTERSTATE 15 EXPRESS LANES PROJECT DESIGN - BUILD CONTRACT WITH SKANSKA-AMES, A JOINT VENTURE, FOR THE INTERSTATE 15/STATE ROUTE 91 EXPRESS LANES CONNECTOR PROJECT Page 222 Overview This item is for the Commission to: 1) Approve Change Order No. 6 to Agreement No. 16-31-057-00 for the Interstate 15 Express Lanes Project (1-15 ELP) with Skanska-Ames, a Joint Venture, (Skanska-Ames) to perform final engineering design work and limited construction within the limits of the 1-15 ELP to accommodate the Interstate 15/State Route 91 Express Lanes Connector Project (15/91 ELC) in the amount of $2,891,000, plus a contingency amount of $289,100, for a total amount not to exceed $3,180,100; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the change order amendment on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve contingency work up to the total amount not to exceed as required for the project. 8K. COOPERATIVE AGREEMENT WITH THE CALIFORNIA DEPARTMENT OF TRANSPORTATION FOR THE 15/91 EXPRESS LANES CONNECTOR PROJECT DESIGN -BUILD PHASE Page 241 Overview This item is for the Commission to: 1) Approve Agreement No. 18-31-145-00 with California Department of Transportation (Caltrans) for enhanced oversight and construction inspection services in support of the Interstate 15/State Route 91 Express Lanes Connector Project (15/91 ELC) in the amount of $7,870,485 plus a contingency amount of $787,015, for a total amount not to exceed $8,657,500; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; 3) Authorize the Executive Director or designee to approve contingency work up to the total amount not to exceed as required for the project; and 4) Authorize the Executive Director or designee to approve future non -funding amendments to this agreement. Riverside County Transportation Commission Agenda June 13, 2018 Page 6 8L. 2018 STATE ROUTE 91 IMPLEMENTATION PLAN Page 293 Overview This item is for the Commission to approve the 2018 State Route 91 Implementation Plan. 8M. ADOPT RESOLUTION NO. 18-010, "RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION AMENDING AND ADOPTING LOCAL GUIDELINES FOR IMPLEMENTING THE CALIFORNIA ENVIRONMENTAL QUALITY ACT" Page 334 Overview This item is for the Commission to adopt Resolution No. 18-010, "Resolution of the Riverside County Transportation Commission Amending and Adopting Local Guidelines for Implementing the California Environmental Quality Act." 8N. INTERSTATE 15 EXPRESS LANES PROJECT — RAILROAD AGREEMENTS Overview This item is for the Commission to: Page 338 1) Approve Agreement No. 18-31-152-00 with Union Pacific Railroad (UPRR) for a license agreement for the Interstate 15 Express Lanes project (Project) in the amount of $22,000, plus a contingency amount of $2,200, for a total amount not to exceed $24,200; 2) Approve Agreement No. 18-31-153-00 with BNSF Railway (BNSF) for a construction and maintenance (C&M) agreement, including property acquisition, for the Project in the amount of $2,846,854, plus a contingency amount of $238,486, for a total amount not to exceed $3,085,340; 3) Authorize the Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission; and 4) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required by the Project. Riverside County Transportation Commission Agenda June 13, 2018 Page 7 80. AMENDMENT TO AGREEMENT FOR ROUTINE AND ON -CALL RAILROAD RIGHT OF WAY PROPERTY MAINTENANCE SERVICES Overview This item is for the Commission to: Page 425 1) Approve Agreement No. 17-33-028-02, Amendment No. 2 to Agreement No. 17-33-028-00, with Joshua Grading & Excavating, Inc. (Joshua Grading) to provide grading, upgrades, and repairs property maintenance services in the amount of $1 million for a total amount not to exceed $4 million; 2) Authorize the revised statement of work, updated maintenance and repair requirements, and provision for work on non -railroad property; 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; 4) Authorize the Executive Director, or designee, to execute task orders awarded to the contractor under the terms of the agreement; and 5) Authorize the Executive Director, or designee, to approve contingency work pursuant to the agreement terms up to the total amount. 8P. DONATION AGREEMENTS TO TRANSFER MITIGATION PROPERTY TO THE WESTERN RIVERSIDE COUNTY REGIONAL CONSERVATION AUTHORITY Overview This item is for the Commission to: Page 445 1) Approve Donation Agreement No. 18-72-106-00 between the Commission and the Western Riverside County Regional Conservation Authority (RCA) granting land acquired for mitigation purposes on the SR-79 Realignment project; and 2) Approve Donation Agreement No. 18-73-105-00 between the Commission and RCA granting land acquired for mitigation purposes on the Mid County Parkway (MCP) project. Riverside County Transportation Commission Agenda June 13, 2018 Page 8 8Q. MEMORANDUM OF UNDERSTANDING WITH THE CITY OF PERRIS TO GRANT EXCESS MID COUNTY PARKWAY RIGHT OF WAY TO THE CITY FOR USE IN CITY'S PLACENTIA AVENUE WIDENING PROJECT BETWEEN INDIAN AVENUE AND PERRIS BOULEVARD Page 481 Overview This item is for the Commission to: 1) Approve Memorandum of Understanding (MOU) No. 18-66-083-00 between the Commission and the city of Perris (City) stipulating the grant of excess right of way to the City for use on the City's Placentia Avenue widening project between Indian Avenue and Perris Boulevard; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the MOU; 3) Authorize the Executive Director, pursuant to legal counsel review, to execute future non -funding related amendments to the MOU; and 4) Authorize the Executive Director, pursuant to legal counsel review, to execute documents related to the grant of excess right of way parcels acquired for the Mid County Parkway (MCP) project to the City for use on the Placentia Avenue widening project, in accordance with the Commission's right of way policies and procedures. 8R. FISCAL YEAR 2018/19 SAN BERNARDINO COUNTY TRANSPORTATION AUTHORITY AGREEMENT FOR INLAND EMPIRE RIDESHARE AND 511 SERVICES Overview This item is for the Commission to: Page 489 1) Approve Agreement No. 18-45-142-00 with the San Bernardino County Transportation Authority (SBCTA) to reimburse the Commission in an amount not to exceed $1,550,000 for Fiscal Year 2018/19 commuter/employer rideshare and Inland Empire 511 (IE511) programs administered by the Commission, on behalf of both agencies, as part of an ongoing bi-county partnership; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. Riverside County Transportation Commission Agenda June 13, 2018 Page 9 8S. AGREEMENTS WITH THE SOUTH COAST AIR QUALITY MANAGEMENT DISTRICT FOR VANPOOL AND FREEWAY SERVICE PATROL PROJECTS Overview This item is for the Commission to: Page 511 1) Approve Agreement No. 18-41-154-00 with the South Coast Air Quality Management District (AQMD) for $1.5 million to fund ongoing vanpool subsidies; 2) Approve Agreement No. 18-45-155-00 with the AQMD for $500,000 to fund incremental weekend Freeway Service Patrol (FSP) service; and 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission. 8T. AMENDMENTS TO FREEWAY SERVICE PATROL AGREEMENTS Overview This item is for the Commission to: Page 544 1) Approve Agreement No. 14-45-009-08, Amendment No. 6 to Agreement No. 14-45-009-00, with Steve's Towing (Steve's) to provide Freeway Service Patrol (FSP) services on Beat Nos. 1 and 2 and State Route 91 Extended Services on Beat Nos. 1 and 2 through September 3, 2018, for an additional amount of $214,000, and a total amount not to exceed $3,498,057; 2) Approve Agreement No. 16-45-082-01, Amendment No. 1 to Agreement No. 16-45-082-00, with Pepe's Towing (Pepe's) to provide FSP services on Beat No. 4 for an additional amount of $253,000, and a total amount not to exceed $1, 051, 000; 3) Approve Agreement No. 16-45-044-01, Amendment No. 1 to Agreement No. 16-45-044-00, with Pepe's to provide FSP services on Beat No. 8 for an additional amount of $247,000, and a total amount not to exceed $1,022,000; 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 Agenda June 13, 2018 Page 10 8U. AMENDMENT TO TRANSTRACK SYSTEMS, INC. AGREEMENT Overview This item is for the Commission to: Page 558 1) Approve Agreement No. 08-62-005-08, Amendment No. 8 to Agreement No. 08-62-005-00 with TransTrack Systems, Inc. (TransTrack) to provide vanpool program financial module and custom programming services for an additional amount of $54,700, for a total amount not to exceed $611,700; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. 8V. FISCAL YEAR 2018/19 MEASURE A COMMUTER ASSISTANCE BUSPOOL SUBSIDY FUNDING CONTINUATION REQUESTS Overview This item is for the Commission to: Page 567 1) Set the monthly buspool subsidy at $2,350/month; 2) Authorize payment of the $2,350/month maximum subsidy per buspool for the period July 1, 2018 to June 30, 2019, to the existing Riverside and Riverside II buspools; and 3) Require subsidy recipients to meet monthly buspool reporting requirements as supporting documentation to receive payments. 8W. AGREEMENT FOR CLOSED CIRCUIT TELEVISION SYSTEM MAINTENANCE/REPAIR AND INSTALLATION SERVICES Overview This item is for the Commission to: Page 572 1) Award Agreement No. 18-24-089-00 to American System Integrators for closed circuit television (CCTV) system maintenance/repair and installation services for a three-year term, and two, two-year options to extend the agreement, in an amount of $1,399,060, plus a contingency amount of $69,953, for a total amount not to exceed $1,469,013; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; and 3) Authorize the Executive Director, or designee, to approve the use of the contingency amount as may be required for these services. Riverside County Transportation Commission Agenda June 13, 2018 Page 11 8X. FISCAL YEARS 2018/19 — 2020/21 SHORT RANGE TRANSIT PLANS Page 597 Overview This item is for the Commission to approve the Fiscal Years 2018/19 — 2020/21 Short Range Transit Plans (SRTPs) for the cities of Banning, Beaumont, Corona, and Riverside; Palo Verde Valley Transit Agency (PVVTA); Riverside Transit Agency (RTA); SunLine Transit Agency (SunLine); and the Commission's Commuter Rail Program. 9. UPDATE ON THE REGIONAL TRUCK STUDY AND DEVELOPMENT AND IMPLEMENTATION OF A REGIONAL LOGISTICS MITIGATION FEE Page 602 Overview This item is for the Commission to receive an update and presentation on the Regional Truck Study and Development and Implementation of a Regional Logistics Mitigation Fee. 10. 25TH ANNIVERSARY OF METROLINK SERVICE IN RIVERSIDE COUNTY Page 605 Overview This item is for the Commission to receive and file a report on the 25th Anniversary of Metrolink in Riverside County. 11. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA 12. 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. 13. CLOSED SESSION 13A. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Property Owner(s): See below Item APN(s) Buyers 1 342-150-028 Jamie and Gloria Sandoval 2 233-150-028 Thrifty Oil Company Riverside County Transportation Commission Agenda June 13, 2018 Page 12 14. ADJOURNMENT The next meeting of the Commission is scheduled to be held on Wednesday, July 11, 2018, Board Room, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. Lisa Moble From: timlynch@generaloutdoor.com Sent: Monday, June 04, 2018 1:40 PM To: Lisa Mobley Subject: AB 1405 Gut and Amend Attachments: AB 1405 (Mullin) - League Oppose.pdf; AB 1405 oppose letter (Beall).doc Lisa, attached is the league of cities letter of opposition along with a "template" letter for local authorities to use to make sure this BAD "gut and amend" bill is defeated at the Senate Transportation committee that will probably be heard by the committee on June 19th, so time is of the essence to get these letters out (Eastvale has already sent one in as have numerous other cities through out the state). Thank you s0000 much for your help. Tim 1 LSEAERAN IA G U CITIES May 23, 2018 The Honorable Kevin Mullin California State Assembly State Capitol Building, Room 3160 Sacramento, CA 95814 1400 K Street, Suite 400 • Sacramento, California 95814 Phone: 916.658.8200 Fax: 916.658.8240 www.cacities.org RE: AB 1405 (Mullin). Advanced Digital Network Act. Notice of OPPOSITION Dear Assembly Member Mullin: The League of California Cities must regretfully Oppose your AB 1405, which would allow for commercial advertising on the state highway right-of-way. Content displayed on digital signs in the public right-of-way have been rightfully limited to public safety messages and directional traffic alerts as to not degrade the effectiveness of those signs during emergencies, Amber Alerts, vehicle accidents, natural disasters, weather warnings and construction -related activity. Not only would commercial advertising become an added layer of distraction on our highways, but it could also lead to drivers ignoring critically important safety information from over - saturation of the signage system. The League firmly believes that only the most critical safety and traffic information should be displayed to drivers to help alleviate congestion and improve highway safety. Commercial advertisements displayed on the highway right-of-way have no public safety or traffic improvement purposes. Digital and static signage placed on local government property within close enough proximity to be visible from the state right of way requires both state and local permitting approval. Under existing law, local governments ensure public input from their residents regarding the design, size, illumination, and location of these signs to mitigate aesthetic and environmental impacts. Unfortunately, AB 1405 would cut local communities out of this process. While some local jurisdictions have adopted bans of outdoor digital signs within their cities, this bill would alternatively allow Caltrans to place signs along segments of the highway adjacent to these cities despite such bans, effectively circumventing the will of those communities. Conversely, some local governments enter into public -private partnerships for digital and static signage that benefit local communities and businesses. This bill would make it economically challenging for local businesses to compete with signage on the state highway system, potentially putting these local partnerships at -risk, resulting in a zero -sum game. May 10, 2018 The Honorable Jim Beall Chairman, Senator Richard Roth and Assembly Member Sabrina Cervantes Senate Transportation and Housing Committee State Capitol, Room 2209 Sacramento, CA 95814 RE: Assembly Bill 1405 (Mullin) -OPPOSE Dear Chairman Beall: On behalf of , I am writing to respectfully inform you of our strong OPPOSITION to AB 1405. Since 1933, Caltrans has statutorily prohibited advertising within the state highway right-of-way. This public policy has played major role in keeping our highways safe, preserving their beauty and creating a level playing field for the outdoor advertising industry. Content displayed on changeable message signs in the public right-of-way has been rightfully limited to public safety messages, directional traffic alerts and Amber Alerts as to not degrade the effectiveness of those signs. AB 1450 aims to remove this restriction by allowing for the full commercialization of the state highway right- of-way. Specifically, AB 1405 eliminates city and county discretionary review for digital outdoor signs installed next to public highways and adjacent neighborhoods and shuts the public out of the review process as it relates to the zoning, size, placement and population of these digital signs anywhere in California. AB 1405 would also preclude a city or county from negotiating agreements that provide in -kind public benefits, such as on -going revenue to support public safety initiatives and after -school programs in exchange for the use of public property. The regulatory structure that governs the outdoor advertising industry is complex and must consider federal, state and local regulation. We recognize that certain communities have adopted policies to restrict the number of outdoor signs that can be erected. How does AB 1405 seek to integrate locally adopted billboard regulations and policies? AB 1450 also fails to address the concerns as they relate to the cities and counties that have adopted moratoria that prevent the construction of new billboards and displays. Municipalities that enter into agreements with outdoor advertisers benefit from the competition amongst billboard companies; who compete with each other to offer the most value. The demonstration project authorized under AB 1405 would grant the winning concessionaire full access to real estate that has been historically reserved for public safety messages. We fear these new digital signs proposed along the highway will saturate the industry depressing future values, threatening existing tax revenue and forcing many full-time workers out of the business. AB 1405 would give Caltrans the authorization to initiate a digital sign demonstration project on the state highway system, which is a clear violation of the federal Highway Beautification Act (HBA). This violation could trigger a penalty of up to 10% or $490 million of California's share of federal highway trust fund allocation. The threat of withholding nearly $500 million in federal transportation dollars on the heels of the historic passage of the Road Repair and Accountability Act of 2017 will run the risk of delaying a number of priority state transportation projects throughout the state. It should be noted that the FHWA has never granted a federal HBA waiver, and the current Secretary of Transportation has a record of rejecting requests and has even took steps to withhold federal transportation funds from the State of New York for the unauthorized placement of highway signs. Clearly, the potential penalties for this unauthorized state highway sign program will far exceed the projected revenues promised by AB 1405. supports legislative measures that promote a robust and equitable billboard industry in California. Unfortunately, AB 1405 is not such a measure. The bill promises to place control over government -owned property in the hands of a few businesses, fails to compensate local communities fairly and threatens half a billion dollars in federal transportation funds. We must respectfully maintain our strong opposition to AB 1405 as it is currently written. If you have any questions, please do not hesitate to contact me. Sincerely, (Name and company) Cc: Members, Senate Transportation and Housing Committee Assemblymember Kevin Mullin Ronda Paschal, Office of Governor Edmund G. Brown Jr. Brian C. Annis, California Department of Transportation Michael Cohen, Department of Finance 1100 K Street Suite 101 Sacramento California 95814 rdePhafte 916.327.75M kook 916.441.5507 California State o iotion o ® June 5, 2018 The Honorable Kevin Mullin California State Assembly State Capitol, Room 3160 Sacramento, CA 95814 Re: AB 1405 (Mullin) — Advanced Digital Network Act As Amended February 26, 2018 — OPPOSE Dear Assembly Member Mullin, el) The California State Association of Counties (CSAC) regrets to inform you of our opposition to your AB 1405 which would allow commercial advertising within the state highway right,of--way• Under existing law, both digital and static outdoor signage on local government property requires a local permit. If a proposed digital or static outdoor sign on local properly is close enough to the state highway right-of-way to be visible from the state highway a state permit must also be obtained. The existing process allows for meaningful input from local communities on proposed outdoor signage including on factors such as size, illumination, design, and the location of the signs. It is important for a local government to be able to exercise its inherent land use authority over proposed outdoor signage so environmental and aesthetic impacts can be appropriate contemplated, and to the extend desirable by the community, mitigated, Current taw also allows local governments to place bans on certain outdoor advertising to reflect an individual community's character and desires for its built environment. AS 1405 would eliminate local discretionary review of digital outdoor signs and eliminate public input regarding associated impacts by allowing outdoor digital signs in the state rightof-way. While some local governments allow widespread adoption of digital and static outdoor signage, others have chosen to limit the size, design, and location of outdoor advertisements. Moreover, some counties and cities have exercised their authority and banned outdoor digital advertising. CSAC supports existing authority that allows counties to regulate the zoning, placement and population of digital signs in their communities. For these reasons, CSAC must respectfully oppose AS 1405. If you need additional information about our position, please do not hesitate contact me at 916.650,8185 or kvalttrititwAppunties.org. Sincerely, VdtA:6Kit) Kiana L. Valentine Senior Legislative Representative SENATE TRANSPORTATION AND HOUSING Chief Consultant: Randy Chinn. Principal Consultants: Erin Rim and finny Loon.Consultant: Aas n1 . nIn and Cif Chisholm, Phone: (916) 1-4121. R +��r BILLS HEARD IN FILE ORDER. Fax 1) REPUBLICAN � Ted May (Trans) 651 1 �, Yoram O u ) 1 ,POLICY T m� Mee -Chair) �r �le t ho 0 010 051 41 010 051 4005 9.46 stsi r SENATE COMMITTEE ON PUBLIC EMPLOYMENT AND RETIREMENT Dr. Richard Pan, Chair 2017 - 2018 Regular Bill No: Author: Version: Urgency: Consultant: AB 1912 Rodriguez 5/9/18 As amended No Glenn Miles Hearing Date: 6/11/18 Fiscal: Yes SUBJECT: Public employees' retirement: joint powers agreements: liability. SOURCE: Service Employees International Union, California ASSEMBLY VOTES: Assembly Floor: Assembly Appropriations Committee: Assembly Public Employees, Retirement, and Social Security Committee: 49 - 27 12-4 S-0 DIGEST: This bill prohibits member agencies of a Joint Powers Authority (JPA) from disclaiming the JPA's retirement liability if the JPA contracts with a public employee retirement system; requires JPA member agencies to mutually agree to apportion the JPA's retirement liability for existing contracts with a public employee retirement system; and prohibits the California Public Employees' Retirement System (CalPERS) from contracting with a JPA on and after January 1, 2019, unless the contract requires that the JPA member agencies accept joint and several liability for the JPA's Ca1PERS obligations. ANALYSIS: Existing law: 1) Permits a public agency to contract with Ca1PERS for purposes of administering retirement and other benefits on behalf of the agency's employees, and prohibits a public agency from contracting with CaIPERS within three years of the termination of a previous contract with the system. AB 1912 (Rodriguez) Page 2 of 10 2) Authorizes two or more public agencies, upon authorization by their respective legislative or other governing bodies, to jointly exercise any power common to the contracting parties to the contracting parties creating a JPA, and that the JPA created is a public entity separate from the parties to the agreement that created the JPA. 3) Provides that if the agency is not one or more of the parties to the agreement but is a public entity, commission, or board constituted pursuant to the agreement, the debts, liabilities, and obligations of the agency shall be debts, liabilities, and obligations of the parties to the agreement, unless the agreement specifies otherwise. However, a party to the agreement may separately contract for, or assume responsibility for, specific debts, liabilities, or obligations of the agency. 4) Provides that if a contracting agency fails for 30 days after a demand by CaIPERS to pay the full installment of contributions required by its contract with the system, or fails for three months after the demand, or if CaIPERS determines that the contracting agency no longer exists, CaIPERS may terminate the contract by resolution adopted by a majority vote of the board, effective 60 days after notice of its adoption has been mailed by registered mail to the governing body of the contracting agency. 5) Permits CaIPERS to negotiate with the governing board of the terminating agency or the governing body of any agency that may assume any portion of the liabilities of the terminating agency, and the terms and conditions of the termination and payment of unfunded liabilities. This also applies to inactive contracting agencies or an inactive member category, as determined by Ca1PERS. 6) Requires a terminated agency to be liable to Ca1PERS for any deficit in funding for earned benefits, interest at the actuarial determined rate from the date of termination to the date the agency pays the system, and for other certain costs. In addition, CaIPERS must place a lien on the assets of the terminating contracting agency, subject to a prior lien for wages, in an amount equal to the actuarially determined deficit in funding for earned benefits. 7) Requires Ca1PERS, at a terminating agency's request, to enter into an agreement with the terminating agency's governing body to ensure that the final compensation used in calculating its employees' benefits is calculated in the same manner as used for calculating the benefits of nonterminating agencies' employees, whether or not the terminating agency's employees retire directly from the terminating agency or continue in employment in other public service, AB 1912 (Rodriguez) Page 3 of 10 and permits CaIPERS to make adjustments to the employer's contribution rates to ensure the adequate funding of benefits, as specified. 8) Requires CaIPERS to reduce a terminating agency employees' benefits by an actuarially determined equivalent as a percentage if the agency fails to pay the actuarially determined amount owed to the system. This bill: 1) Makes legislative findings and declarations as specified. Provisions applicable to contracts with all public retirement systems as specified: 2) Eliminates existing authority for JPA member agencies to disclaim the JPA's retirement liability if the JPA contracts with a public employee retirement system. 3) Defines "public retirement system" to mean any pension or retirement system of a public employer, including, but not limited to, an independent retirement plan offered by a public employer that the public employer participates in or offers to its employees for the purpose of providing retirement benefits, or a system of benefits for public employees that is governed by Section 401(a) of Title 26 of the United States Code. 4) Requires the member agencies, both current and former, of existing JPAs to reach mutual agreement to apportion the retirement liability of the JPA if the JPA contracts with a public retirement system for retirement benefits. If the member agencies are unable to mutually agree, the board of the public employee retirement system may apportion the liability based on specified criteria. However, if the member agencies of the JPA are able to mutually agree thereafter, that agreement will supersede the public employee retirement system's apportionment determination. Provisions applicable to contracts with CaIPERS only: 5) Prohibits Ca1PERS, as of January 1, 2019, from contracting with a JPA unless the contract requires that the JPA member agencies accept joint and several liability for the JPA's Ca1PERS obligations. (However, the bill does not prohibit other public retirement systems from contracting with a JPA unless the contract provides for joint and several liability. Presumably, those other public retirement systems with new contracts on or after January 1, 2019, would still AB 1912 (Rodriguez) Page 4 of 10 be subject to the bills requirement to apportion liability among the member agencies.) 6) Extends liability to all parties to a terminating JPA for any deficit in funding for earned retirement benefits, as specified, and provides CaIPERS with a lien on the assets of all parties to the terminating JPA, subject only to a prior lien for wages, to satisfy those retirement obligations, as specified, including fees, interest, and legal costs. 7) Requires Ca1PERS, upon a request of a terminating JPA or any of its member agencies, to enter into an agreement to ensure that the JPA's employees final compensation calculation will be calculated in the same manner as those of employees whose agencies are not terminating and to make necessary adjustments to the employer contribution rate prior to the termination date to ensure that benefits are adequately funded or agree to any other actuarially sound payment technique. a) Requires a JPA terminating agency to notify Ca1PERS 1 to 3 years prior to its termination date of its intent to enter into this agreement to maintain its employees' benefits, as specified. b) Allows Ca1PERS not to enter into the agreement if it determines that it is not in the best interest of the retirement system. c) Provides that if the JPA or its member agencies do not enter into an agreement to maintain employee benefits, as specified, the JPA or member agencies shall assume the retirement obligations on their retirement systems. (It is unclear what the author intends by this wording but Committee staff believe the intent is that where certain member agencies have an alternative public retirement system to Ca1PERS such as an independent public system or a system established under the 1937 Act, the member agencies must accept a transfer of JPA liabilities from Ca1PERS to the alternative public retirement system). 8) Eliminates existing law that gives CaIPERS' discretion to not impose a reduction or to impose a lesser reduction on a plan that has been terminated if CaIPERS has made all reasonable efforts to collect the amount necessary to fully fund the plan's liabilities and Ca1PERS fords that not reducing the benefits, or imposing a lesser reduction, will not impact the actuarial soundness of the terminated agency pool. AB 1912 (Rodriguez) Page 5 of 10 9) Requires Ca1PERS to consider and exhaust all options and necessary actions prior to reducing a retirement benefit of a terminated plan whose assets are not sufficient to cover the plan liabilities, including evaluating whether to bring a civil action to recover monies to mitigate a reduction of a retirement benefit. Background According to the author, As a public agency, a JPA may contract with Ca1PERS to administer the retirement benefits of the JPA's employees. While JPA's are public agencies, their sources of revenue are limited as well as their ability to increase revenue. Last year, Ca1PERS reduced the retirement benefits of almost 200 employees ofthe East San Gabriel Valley Human Service Consortium — a JPA —after its sole source of revenue was terminated. The JPA terminated all if its employees, was unable to pay its retirement obligations to Ca1PERS, and became insolvent. In response to a CaIPERS demand for payment of the JPA's retirement obligations from the member agencies that established the JPA —the Cities of Azusa, Covina, Glendora and West Covina —the member agencies cited existing JPA law, contract, and case law to supporttheir position that they were not responsible for the JPA's retirement obligations. Since payment for the JPA's retirement obligations could not be obtained from the JPA nor its member agencies, and without financial, statutory or legal recourse, the retirement benefits ofthe JPAs retirees were reduced by approximately 63 percent. There are other JPA's that currently contract with Ca1PERS whose employees and retirees could see a similar occurrence if the JPA becomes financially distressed or insolvent, absent surety ofthe financial health ofthe JPA by its member agencies related to retirement obligations. Related/Prior Legislation None known. FISCAL EFFECT: Appropriation: Yes Fiscal Com.: Yes Local: No AB 1912 (Rodriguez) Page 6 of 10 SUPPORT: Service Employees International Union, California (source) American Federation of State, County and Municipal Employees, AFL-CIO Association of California State Supervisors California Association of Professional Scientists California Association of Highway Patrolmen California School Employees Association, AFL-CIO California State Retirees Laborers' International Union of North American, Local 792 Orange County Professional Firefighters Association, Local 3631 Peace Officers Research Association of California Professional Engineers in California Government Retired Public Employees Association OPPOSITION: Alameda County Transportation Commission Big Bear Area Regional Wastewater Agency California Association of Joint Powers Authorities California Association of Recreational Park Districts California Authority of Racing Fairs California Fire Chiefs Association California Contract Cities Association California Special Districts Association California State Association of Counties City of Alhambra City of American Canyon City of Anderson City of Angels Camp City of Arroyo Grande City of Artesia City of Azusa City of Belmont City of Burbank City of Burlingame City of Camarillo City of Chino Hills City of Cloverdale City of Concord City of Corte Madera City of Covina AB 1912 (Rodriguez) Page 7 of 10 City of Eastvale City of Eureka City of Fortuna City of Foster City City of Fountain Valley City of Glendora City of Goleta City of Grand Terrace City of Gustine City of Hayward City of Hesperia City of Highland City of Huntington Beach City of Indian Wells City of La Canada Flintridge City of La Mirada City of Laguna Hills City of Lakeport City of Lakewood City of Los Alamitos City of Manteca City of Martinez City of Mill Valley City of Moorpark City o f Murrieta City ofNorwalk City of Oakdale City of Ojai City of Orinda City of Pacific Grove City of Palmdale City of Palos Verdes Estates City of Pasadena City of Pittsburg City of Portola Valley City of Rancho Cucamonga City ofRancho Palos Verdes City of Rancho Santa Margarita City of Rocklin City of Ross City of San Carlos City of San Luis Obispo AB 1912 (Rodriguez) Page 8 of 10 City of San Marcos City of San Mateo County of Riverside City of Sausalito City of Soledad City of Sunnyvale City of Thousand Oaks City of Tulelake City of Tustin City of Vernon City of Villa Park City of Walnut Creek City of West Covina City of Whittier City of Yucca Valley County of Santa. Clara Fire Districts Association of California King City LA Regional Interoperable Communications System Authority League of California Cities Lodi Chamber of Commerce Los Angeles County Marina County Council of Mayors and Councilmembers Northern California Power Agency Orange County Cities Redwood City Riverside County Riverside County Division League of Cities Sand City Silicon Valley Clean Water JPA Stopwaste Urban Counties of California Ventura County Transportation Commission Western Fairs Association ARGUMENTS IN SUPPORT: According to the sponsor, As a public agency, a JPA may contract with CaIPERS to administer the retirement benefits of the JPA's employees. Last year, CaIPERS reduced the retirement benefits of nearly 200 employees of the East San Gabriel Valley Human Service Consortium, a JPA, after its sole source of revenue was AB 1912 (Rodriguez) Page 9 of 10 terminated. The JPA terminated all of its employees, was unable to pay its retirement obligations to CaIPERS, and became insolvent... AB 1912 would address this by requiring a JPA's member agencies to be jointly and severally liable for the retirement obligations of the JPA if it contracts with Ca1PERS for administrative retirement benefits ... Workers and retirees should not have to worry about their retirement benefits being drastically reduced. According to AFCSME, "AB 1912 seeks to provide retirement security to JPA employees and retirees" as the bill "amends current JPA law by prohibiting member agencies from disclaiming liability for the JPA's retirement liability." According to the Retired Public Employees Association, the California Association of Professional Scientists, the California Association of Highway Patrolmen, and the Peace Officers Research Association of California, This bill is also consistent with the State Auditor's recommendation in its findings in their report... (regarding South Orange County Wastewater Authority) which recommended, among other things that "the Legislature should require new JPA agreements to hold the members responsible for the JPA's unfunded retirement obligations." ARGUMENTS IN OPPOSITION: According to a coalition of public employers and public employer associations, including the League of California Cities, the California Special Districts Association, the California State Association of Counties among others, (Regarding costs), AB 1912 places substantial burdens and costly unworkable requirements on local agencies as well as the State of California by applying retroactive, apportioned liability as well as prospective joint and several liability for all retirement related obligations to any current or former member of a JPA throughout its existence... (Regarding constitutional concerns related to local agency debt limits), by applying retroactive apportioned liability to existing contracts, we have strong concerns that local agencies will incur significant reportable debts or obligations that may exceed our annual revenue without receiving voter approval —thus violating the (cited constitutional) provision.... AB 1912 (Rodriguez) Page 10 of 10 (Regarding the complexity of equitably apportioning liability), JPAs have been in existence in California for nearly 100 years with state and local agencies. Some JPAs have as many as 500 members entering and exiting as service demands shift and evolve. It would be virtually impossible for the JPA's governmental body, let alone a retirement system, to retroactively assign "equitable" retirement specific liabilities to potentially hundreds of agencies... (Regarding GASB reporting requirements), incurring retroactive debt would require each originating agency of a JPA to report these liabilities as debts impacting an agency's net financial position. A drastic spike in liability could contribute to the downgrading of an agency's credit rating, which in turn would make issuing and servicing future bonds more costly through higher interest costs and additional required insurance. AGENDA ITEM 5 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION MINUTES Wednesday, May 9, 2018 1. CALL TO ORDER The Riverside County Transportation Commission was called to order by Chair Dana Reed at 9:30 a.m. in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. 2. ROLL CALL Commissioners/Alternates Present Commissioners Absent Marion Ashley Victoria Baca Ben J. Benoit Brian Berkson Randall Bonner John Bulinski Joseph DeConinck Kathleen Fitzpatrick Deborah Franklin Berwin Hanna Steven Hernandez Jim Hyatt Kevin Jeffries Kathleen Kelly Linda Krupa Bob Magee Lisa Middleton Michael Naggar V. Manuel Perez Greg Pettis Dana Reed Adam Rush* Karen Spiegel John F. Tavaglione Michael M. Vargas Chuck Washington Ted Weill Lloyd White Neil Winter Rusty Bailey Rick Gibbs Andrew Kotyuk Scott Matas Michael Wilson *Arrived after meeting was called to order 3. PLEDGE OF ALLEGIANCE Clerk of the Board Lisa Mobley, led the Commission in a flag salute. 4. PUBLIC COMMENTS Chair Reed indicated May 9t" is a very special day for the county of Riverside and referred to Board of Supervisors' Chair Chuck Washington to make the announcement. Commissioner Washington announced it is an honor to serve as Chair for the Riverside County Board of Supervisors (BOS). In recognition of the 125 years as a county, the BOS Riverside County Transportation Commission Minutes May 9, 2018 Page 2 will be rolling out a year's worth of celebrations and recognitions, both of the beginning of the County and how the County separated from San Bernardino County and San Diego County to form their own County. He explained the vote was on May 2, 1893, and a week later on May 9th the County was formed. Commissioner Washington discussed how there were five elected County BOS and its five districts. He invited everyone to participate in the County BOS celebrations and for the success of Riverside County. Chair Reed congratulated everyone that is associated with the County and expressed gratitude for breaking away from San Bernardino and San Diego Counties. Executive Director Anne Mayer presented Records Technician Allie Rackerby with a 10-year service award. Tim Lynch, General Outdoor Advertising, explained having come to a Commission meeting a few years ago to get help in regards to the State Route 91 Project that would eliminate his small company's valuable assets. Mr. Lynch expressed gratitude as a little over a year later the Commission help save his billboard advertising company. He then referred to AB 1405 (Mullin) that was distributed to the Commissioners, which is a gut and amend bill and it is going before the Senate Transportation and Housing Committee in June 2018. Mr. Lynch expressed AB 1405 will jeopardize his billboard advertising company and also every city/county represented as this bill takes away the rights to control billboard development on freeways and highways and gives it solely to Caltrans. He referred to the AB 1405 hand out and suggested the Commission use the four recommendations listed to try to prevent this bill from getting any further than the Senate Transportation and Housing Committee in June. Chair Reed reminded the Commission the Brown Act does not allow to take action on public requests, however staff is aware and will work on a recommendation. Chair Reed announced the date for the approval of the minutes was incorrect as it should be for the April 11, 2018 minutes, which the April 11 minutes are included in the May Commission agenda. 5. APPROVAL OF MINUTES —APRIL 11, 2018 M/S/C (Vargas/Washington) to approve the April 11, 2018 minutes as submitted. Abstain: V. Manuel Perez Riverside County Transportation Commission Minutes May 9, 2018 Page 3 6. PUBLIC HEARING — PROPOSED BUDGET FOR FISCAL YEAR 2018/19 Michele Cisneros, Deputy Director of Finance, presented the proposed Budget for Fiscal Year 2018/19, highlighting the following areas: • Budget process; • FY 2018/19 Budget considerations, adjustments, and summary; • Sources and expenditure by breakdown and comparison; • Capital department expenditure highlights; • Functional expenditures breakdown and comparison; and • Next steps. At this time, Chair Reed opened the public hearing and asked for public comments. There were no requests to speak. M/S/C to continue the public hearing for the proposed Budget for FY 2018/19 to the Commission meeting on June 13, 2018. 7. ADDITIONS / REVISIONS Chair Reed announced there was a minor revision to Agenda Item 11, "State Route 91 Corridor Operations Project and Traffic and Revenue Study Update and Request for Various Authorizations". 8. CONSENT CALENDAR At this time, Commissioner Lloyd White requested to pull Agenda Item 8C, "State and Federal Legislative Update", for further discussion. M/S/C (Kelly/Baca) to approve the following Consent Calendar items. 8A. SINGLE SIGNATURE AUTHORITY REPORT Receive and file the Single Signature Authority report for the third quarter ended March 31, 2018. 8B. ADOPTION OF RESOLUTION NO. 18-005 FOR CALIFORNIA OFFICE OF EMERGENCY SERVICES DISASTER FINANCIAL ASSISTANCE Adopt Resolution No. 18-005, "Resolution of the Riverside County Transportation Commission Designating Commission Agents to Act on Behalf of the Commission for the Execution of Assurances and Agreements with the California Governor's Office of Emergency Services Pertaining to State Disaster Financial Assistance". Riverside County Transportation Commission Minutes May 9, 2018 Page 4 8D. BUDGET ADJUSTMENT FOR SB 132 PROJECTS — JURUPA ROAD GRADE SEPARATION, HAMNER AVENUE BRIDGE, AND INTERSTATE 15/LIMONITE AVENUE INTERCHANGE Approve an adjustment to the Fiscal Year 2017/18 budget of $1 million to increase SB 132 revenues and expenditures for the Jurupa Road Grade Separation, Hamner Avenue Bridge, and Interstate 15/Limonite Avenue Interchange projects. 8E. CONGESTION MITIGATION AND AIR QUALITY FUNDING INCREASE FOR TEMECULA PARK & RIDE FACILITY Approve Agreement No. 14-72-135-01, Amendment No. 1 to Agreement No. 14- 72-135-00, with the city of Temecula to increase Congestion Mitigation and Air Quality (CMAQ) funds from $1,300,750 to $1,908,031 to construct the park & ride facility at La Paz Street. 8F. AMENDMENT TO THE 1-15 EXPRESS LANES PROJECT DESIGN -BUILD SERVICES AGREEMENT WITH SKANSKA-AMES, A JOINT VENTURE, FOR THE 15/91 EXPRESS LANES CONNECTOR PROJECT 1) Approve Amendment No. 2 to Agreement No. 16-31-057-00 for the 1-15 Express Lanes Project (1-15 ELP) with Skanska-Ames, a Joint Venture, (Skanska-Ames) to perform preliminary engineering design and geotechnical work in support of the Interstate 15/State Route 91 Express Lanes Connector Project (15/91 ELC) in the amount of $4,718,800, plus a contingency amount of $471,200, for a total amount of $5,190,000; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the amendment on behalf of the Commission; 3) Authorize the Executive Director or designee to approve contingency work up to the total amount not to exceed as required for the project; and 4) Approve an adjustment of $1.5 million to the Fiscal Year 2017/18 budget to increase state revenues and design builder expenditures. Riverside County Transportation Commission Minutes May 9, 2018 Page 5 8G. CHANGE ORDER TO AMEND THE 1-15 EXPRESS LANES PROJECT DESIGN -BUILD CONTRACT WITH SKANSKA-AMES, A JOINT VENTURE, FOR THE FIBER OPTIC COMMUNICATION NETWORK CONNECTION TO THE REGIONAL OPERATIONS CENTER 1) Approve Change Order No. 7 to Agreement No. 16-31-057-00 for the Interstate 15 Express Lanes Project (1-15 ELP) with Skanska-Ames, a Joint Venture, (Skanska-Ames) to design and construct the fiber optic communication network connection between the 1-15 Express Lanes and the 1-15 Express Lanes Regional Operations Center (ROC) in the amount of $421,065, plus a contingency amount of $42,000, for a total amount not to exceed $463,065; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the change order amendment on behalf of the Commission; 3) Authorize the Executive Director or designee to approve contingency work up to the total not to exceed amount as required for the project; and 4) Approve an adjustment of $100,000 to the Fiscal Year 2017/18 budget to increase design -builder expenditures. 8H. COMMUTER RAIL GRANT RESOLUTION Adopt Resolution No. 18-006, "Resolution of the Riverside County Transportation Commission Regarding Authorization for the Execution of the Certifications and Assurances and Authorized Agent Forms for the Low Carbon Transit Operations Program for the Perris Valley Line FY 2018/19 Operations Project in the Amount of $861,106". 81. AGREEMENTS FOR FREEWAY SERVICE PATROL TOW TRUCK SERVICE 1) Award Agreement No. 18-45-131-00 to Coastal Pride Towing, Inc. for Freeway Service Patrol (FSP) tow truck services on State Route 91 Beat Nos. 1 and 2 for a three-year term, and one, two-year option to extend the agreement, in an amount of $3,382,442, plus a contingency amount of $169,122, for a total amount not to exceed $3,551,564; 2) Award Agreement No. 18-45-132-00 to Coastal Pride Towing, Inc. for FSP tow truck services on Interstate 215 Beat 20 and Interstate 15 Beat Nos. 34 and 35 for a three-year term, and one, two-year option to extend the agreement, in an amount of $2,464,956, plus a contingency amount of $123,248, for a total amount not to exceed $2,588,204; 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; and Riverside County Transportation Commission Minutes May 9, 2018 Page 6 4) Authorize the Executive Director, or designee, to approve the use of the contingency amount as may be required for these services. 8J. QUARTERLY PUBLIC ENGAGEMENT METRICS REPORT Receive and file the Quarterly Public Engagement Metrics Report for January — March 2018. 9. CALIFORNIA TRANSPORTATION COMMISSION STAFF RECOMMENDATIONS FOR SB 1 FUNDING PROGRAMS Shirley Medina, Planning and Programming Director, provided an update for the California Transportation Commission (CTC) staff recommendations for SB 1 Funding Programs. Anne Mayer expressed appreciation the Commission received funding allocated for the Interstate 15/Railroad Canyon Interchange project, which has been an important interchange for the city of Lake Elsinore and for this Commission. She noted that unfortunately Riverside County did not receive additional funding particularly for the State Route 71/91 Connector project although staff will continue to push this project forward. Anne Mayer emphasized SR-86/Avenue 50 Interchange in the city of Coachella is very important for the regional traffic from SR-86 and from a safety prospective. Staff is working closely with Caltrans, the CTC, and the city of Coachella to determine how to try to keep this project moving and get some funding for design. M/S/C to receive and file the California Transportation Commission (CTC) staff recommendations for SB1 Funding Programs. 10. PROPOSED METROLINK BUDGET FOR FISCAL YEAR 2018/19 Sheldon Peterson, Rail Manager, welcomed and introduced Southern California Regional Rail Authority (SCRRA) Deputy Chief Executive Officer Elissa Konove and Ronnie Campbell Chief Financial Officer to present the proposed Metrolink Budget for Fiscal Year 2018/19. Ronnie Campbell presented Metrolink's proposed Budget for FY 2018/19, highlighting the following: • FY 2018/19 Budget priorities • Revenue allocation by member agency • FY 2018/19 proposed expenditures • Expense allocation and subsidy by member agency • FY 2018/19 Budget for rehabilitation and new capital • Next steps Riverside County Transportation Commission Minutes May 9, 2018 Page 7 In response to Commissioner Kevin Jeffries' inquiry about the $4 million in marketing and how it will help Riverside County, Mr. Campbell replied the $4 million is a targeted marketing plan. He explained the SCRRA Marketing Director Sabrina Davis has been reaching out through their Technical Advisory Committee and in discussions with agency staff on developing the marketing plan. Over the next couple of weeks, the plan is to engage member agencies with the details for the specific programs being designed for the specific rail lines and to bring it back to the June 6 and June 22 Metrolink Board Meetings with further details. Commissioner Jeffries expressed the dollar amount has been established and SCRRA will try to justify spending that much by figuring out what it is to be marketed so it seems somewhat backwards. Ronnie Campbell replied when this topic was presented at the February Metrolink Board Workshop there was details that support the numbers provided by the consultant at that time so the overall number on the marketing program is solid. As Metrolink works through the additional details that support the numbers, the Marketing Director Sabrina Davis will bring that forward and explain it in further detail. Anne Mayer explained the discussions regarding marketing have occurred at the monthly CEO meetings including discussions on how to help grow ridership at Metrolink. Sheldon Peterson, Transit Manager is a member of the Technical Advisory Committee and staff has seen for example some of the marketing that was done on the Perris Valley Line (PVL) as there were results from that. She would expect the focus would be on marketing to draw people to the PVL, the 91 Line, the Inland Empire -Orange County Line, and the Riverside Line. Anne Mayer expressed there is solid ridership but it could be better and she discussed some of the marketing techniques that have been used, which were useful. She stated in discussions with Metrolink staff there is a need to see performance measurements if the Commission is going to invest in marketing as what actually brings aditional riders to the lines is the goal. Commissioner Debbie Franklin concurred with Anne Mayer's comments and stated that as a member of the SCRRA Board there has been several conversations regarding the marketing dollars and the overall budget. She explained the members have asked some very hard questions of staff and requested measurements throughout the process throughout the year to be able to confirm the dollars that are being put in different areas are actually seeing the results anticipated. Commissioner Franklin expressed the members will notify the Commission if the numbers are not coming out the way they are supposed to. Anne Mayer suggested scheduling a presentation at a future Commission meeting regarding the marking plan and what was done so far if that would be of interest. Riverside County Transportation Commission Minutes May 9, 2018 Page 8 M/S/C (Berkson/Vargas) to: 1) Receive and file a report on the Commission's portion of the Fiscal Year 2018/19 Southern California Regional Rail Authority (SCRRA) operating and capital budget; 2) Approve the FY 2018/19 SCRRA operating and capital budget, which results in a total operating and capital subsidy of $29,959,705 from the Commission; and 3) Authorize the Executive Director to enter into Memorandum of Understanding No. 18-25-134-00 with SCRRA regarding annual funding, including subrecipient matters related to pass -through of federal funding. Anne Mayer expressed appreciation to the Commissioners for approving the Metrolink Budget and to Elissa Konove and Ronnie Campbell for attending the Commission meeting and for their partnership. She highlighted that Metrolink was allocated $876 million last week by the California Transportation Agency from the Transit and Intercity Rail Program. Anne Mayer explained the share of funding the Commission receives goes towards the capital improvements at the Downtown Riverside Commuter Rail Station of an additional platform. She explained from a system standpoint one of the major challenges Metrolink faced over the past 10 years was to focus on positive train control (PTC) and implementing PTC, which is where the funding went. She explained how there is a backlog of rehabilitation needs in the system for the equipment, the rolling stock, and the basic track services, which is causing costs to go up. She expressed the more other funding is put into the Metrolink system the less the Commission has to subsidize. She discussed the bottleneck issues with the Rosecrans-Marquardt grade separation in Los Angeles County for expanding service in and out of Riverside County. She expressed with this funding it will be wide enough and triple tracking can be completed, which means more trains can run on this line. 11. STATE ROUTE 91 CORRIDOR OPERATIONS PROJECT AND TRAFFIC AND REVENUE STUDY UPDATE AND REQUEST FOR VARIOUS AUTHORIZATIONS Michael Blomquist, Toll Program Director, presented the State Route 91 Corridor Operations Project and traffic and revenue study update, highlighting the following areas: At this time, Commissioner Adam Rush joined the meeting. • Work performed since December: o Analyzed corridor traffic before and after the 91 Project opening o Identified 91 Corridor "Hot Spots" o Engineered project options o Analyzed project options Riverside County Transportation Commission Minutes May 9, 2018 Page 9 o Established criteria to evaluate options o Formed recommendations • Express Lanes entrance at Interstate 15 northbound recommendation: o Staff recommendation: Full implementation of Option 1 o Extend express lane entrance south o Why option 1? o Reduces impact to general purpose (GP) lanes from queuing out of the express lanes o No impact to the 1-15 ELP o Negligible impact to toll revenue o Cost and short-term implementation schedule: Cost $284,000, Schedule: Six months • 91 General purpose lanes westbound near the County Line recommendation: o Staff recommendation: Full implementation of Option 3 o Restripe the existing ingress/egress areas to a continuous weave lane o Why option 3? o Improves GP lane traffic: speed, travel time, volume o Anticipated acceptable impact to toll revenue o Cost and short-term implementation schedule: Cost $386,000, Schedule: Nine months • Ramp meter at westbound Green River Road recommendation: o Staff recommendation: maintain existing ramp metering o Analyzed existing conditions o Travel benefits for Green River Road users: 4 minute savings, 2 mph speed improvement o Minimal change to 91 Corridor operations o Safety concerns with ramp merge • Caltrans consultation: o Fatal flaw review of options o Options 4, 5, and 6 would not be approved: narrowed lanes and shoulders; emergency vehicles; vehicle breakdowns; length of undesirable (non- standard) conditions o Modifying Option 4 to become more acceptable: wider lanes and shoulders; reconstructing shoulder; 7' pavement widening; estimated project cost: $30-$50 million • GP lanes westbound near the County Line recommendation: o Staff recommendation: implement modified Option 4 in two steps 1) Immediately begin project scoping, environmental studies, and final design 2) Return fall 2018 with construction recommendation with known toll revenue impacts o Staff recommendation: update the 2012 91 Traffic and Revenue Study o Why Option 4 modified? Riverside County Transportation Commission Minutes May 9, 2018 Page 10 o Improves GP lane traffic: speed, travel time, volume o Comparable benefits to Option 5, but with less impacts o Less impact to express lanes than Option 6 o Step 1— Cost: $3.2 million, Schedule: 18 months o Step 2 — Return fall 2018 with construction recommendation • Procurements and contracts: o What we heard: implement quickly; seeking more authority; ability to use existing contracts o Amend existing professional services contracts: project and construction management: Parsons - $3,192,000; Staff augmentation: Bechtel Corporation - $300,000; and Traffic and Revenue Study update: Stantec - $500,000; o Amend existing construction contracts or conduct competitive construction contract procurement(s): o Construction Option 1: Skanska-Ames - $478,000 1-15 NB EL Option 10 $192,000 91 WB GP Option 3 - $286,000 o Construction Option 2: future competitive procurement - $398,000 1-15 NB EL Option 1- $160,000 91 WB GP Option 3 - $238,000 • Surplus Toll revenue: o Staff recommendation: Use surplus toll revenue All work necessary to implement the improvements Estimate $4,470,000 o What is it? o 91 Express Lanes surplus toll revenue o Return in fall 2018 with surplus revenue plan • Agency agreements: o Staff recommendation: authorize execution of agency agreements; agency -to -agency agreements; new agreements or amendments; cover all phases of project development; and potential agreements with Caltrans, OCTA, CHP, etc. • Ongoing policy considerations: o Corridor focus for improvements; traffic and revenue study update, work closely with Caltrans and CHP; motorist safety; and 1-15 ELP: no impact At this time, Commissioner Michael Naggar left the meeting. Amie Kinne, Temescal Valley resident, expressed appreciation this item is on the agenda and that the Western Riverside County Programs and Projects Committee approved it. She expressed concern the traffic impacts have spread into the streets of the city of Corona. Ms. Kinne explained it caught her attention when staff was going over the report that if a constituent hears there needs to be a study to the impacts to the revenue to Riverside County Transportation Commission Minutes May 9, 2018 Page 11 determine if the problem can be fixed and she understands that revenue has to be considered. However to make a decision based on losing $24 million surplus in the first 15 months that will not be as great to make these fixes. She expressed support for staff's recommendation and suggested to continue to move forward in looking at the impacts to Green River Road. Ms. Kinne understands this is a work in progress however, the residents of Corona, Riverside, and Temescal Valley have really felt an impact and she appreciates the effort. Don Fuller, representing Greater Corona Traffic Alliance, displayed a photo of the daily traffic that occurs in the Corona area where vehicles are travelling down the wrong side of the road. He noted when the construction was going on he was a proponent for this 91 Project and discussed attending and speaking at the city of Corona City Council meetings. He expressed concern the 91 Project is a disaster and after spending $1.4 billion to build about 20 bridges, add traffic lanes, and tear up the town for several years it made it worse. Mr. Fuller expressed there does not need to be a study to find out where the problem areas are on the westbound Green River Road entrance. He suggested having some appropriation of funds to address the choke point at SR-91 westbound and a plan to take care of the auxiliary lane to get from Green River Road to SR-241. Mr. Fuller stated he is not certain if this is the Commission's responsibility and discussed the issues with the sequence of the rubber pylons that separate the express lanes from the general purpose lanes on SR-91 coming through the canyon as the vehicles run right over them after they pass the toll booths causing some serious crashes. Fauzia Rizvi, representing the Greater Corona Traffic Alliance, stated as Don Fuller mentioned she appreciates the Commission is moving forward with some of the long- term solutions, but Green River Road is a mess. She expressed there needs to be a solution and she was disappointed that staff did not recommend the changes at Green River Road. She stated that as a commuter she could sit in traffic for 45 minutes just to get five miles. Ms. Rizvi explained paying $25.00 to use the express lanes to get to work, she decided to get off at Green River Road on the way back from work, and it took her one hour to get home. She expressed Green River Road is a very important part of the 91 corridor and it is a mess. She suggested the Commission find a solution today in order to move forward with it. Joe Morgan, a Corona resident, stated during the 91 Project he attended all the city of Corona City Council meetings and saw Toll Project Manager David Thomas and Anne Mayer. He explained throughout the 91 Project the Corona residents were told this was a $2 billion project and through efficiencies, bidding, procurement, and design -build the Commission will get it done for $1.4 billion. Mr. Morgan expressed as soon as the 91 Project was completed immediately conditions got worse in Corona and traffic exploded on the city streets. He stated the Commission promised the public one thing and yet delivered a different thing that does not work. He suggested the Commission get it fixed and replace some of the elements that were taken out. Mr. Morgan expressed gratitude Riverside County Transportation Commission Minutes May 9, 2018 Page 12 to Commissioner Kevin Jeffries as his candor and willingness to speak the truth is very refreshing, and he deeply appreciates that Commissioner Jeffries opened the doors. Mr. Morgan expressed there were magical things that came together to get to a point where this happened and Caltrans helped in getting them actual plans that allowed an engineer to put together a proposal. Through countless hours of hard work from the Greater Corona Traffic Alliance and speaking with various Commissioners this is just the beginning, as this project needs to be completed. Michele Wentworth, representing the Greater Corona Traffic Alliance, expressed how much Option 4A is desperately needed. Also, for the Commission to seriously consider what it would take to go to the SR-91 ultimate build at Green River Road to get the auxiliary lane added for the residents and for the rest of the commuters on the SR-91. She explained after hearing about heat maps and traffic studies for the 1-15 and SR-91 and what this really means, which is the AM commute times got longer. Ms. Wentworth expressed there is preconstruction traffic flow westbound SR-91 Serfas Club Drive to County Line at 4:00 a.m. driving 71 miles per hour (MPH) and post construction commuters are driving 25 MPH. At 5:00 a.m. preconstruction, it was at 45 MPH and post construction 14 MPH. She stated the problem is at SR-91 at Green River Road, and in order to get that traffic on the freeway the auxiliary lane is necessary due to the design of the express lanes as there is weaving going on. She expressed the Commission added backup at Green River Road that backs up to McKinley Avenue, and backup at the 1-15 and Magnolia Avenue that backs up to Lake Street. She expressed appreciation the Commission is listening, working with the Corona residents, and the Commission is moving towards solutions. She encouraged the Commission to look at the Options for 4A and look at the ultimate build as this is what was deferred out of the project but it is making a huge impact on everybody's lives in real terms. Commissioner John Tavaglione expressed appreciation with taking the time to present this at the Western Riverside County Programs and Projects Committee and staff's recommendations. He concurred with the amended Option 4 with the auxiliary lane and the other options that were put forth and requested Michael Blomquist to bring that up. He asked Anne Mayer at what point the Commission can move forward on this. Anne Mayer clarified at what point can the Commission move forward on Option 4 modified. In response to CommissionerTavaglione's inquiry for the recommendations that were put forth for Option 4, Anne Mayer replied if the Commission approves the recommendations staff will immediately move forward with Option 1 on I-15, which is to extend the lane by a mile and changing the striping in the weaving area at the County Line. Ms. Mayer explained the Commission will have to go through a design and approval processes, and modify agreements but those will move forward and will be implemented. For Option 4 modified if the Commission approves this option staff will immediately begin identifying Riverside County Transportation Commission Minutes May 9, 2018 Page 13 a project scope, the environmental requirements, and working with Caltrans on defining what the project would be as it would be required to widen the existing SR-91. Ms. Mayer stated staff would come back to the Commission in the fall with a recommendation. She discussed some of the factors and challenges that are dependent as to whether to proceed with the project or not. She referred to Ms. Kinne's comment about the issue for the traffic and revenue study and clarified staff will come back to the Commission with recommendations for the surplus revenue. Related to the Commission's revenue, this is not a money making venture and the Commission borrowed over $600 million to build this project. She stated that money paid for the express lanes and for the reconstructed interchanges so the Commission has debt and a TIFIA loan and they have to be paid back. Anne Mayer explained what needs to be gauged is whether the Commission can continue to pay its debt and meet the obligations financially with the implementation of Option 4 modified. The key issues will be what impact does it have to the Commission's existing debt and where do the funds come from to build it. Staff is recommending strategies that is out of the norm, but believe it is the best path to get it implemented as quickly as possible. Commissioner Tavaglione explained living and dealing with the 91 Project for a long time and expressed appreciation to the Western Riverside County Programs and Projects Committee and staff that put a lot of time into it. There is no perfect project but everything is completed and something ends up that may go wrong and then it gets fixed in the end and this needs to get fixed. Commissioner Tavaglione referred to Mr. Fuller depicting the photo of the daily traffic in Corona, which is unacceptable and it has been that way for a long time before the project and still after the project was completed. He recommended moving immediately on the two projects the Commission can move forward on and recommended to move forward with the analysis for the Green River Road. He explained over 15 years ago when the accelerated lane at Green River Road on SR-91 made a huge difference, which was right after the Orange County Transportation Authority (OCTA) toll lanes were built. Commissioner Karen Spiegel referred to Governor's Appointee John Bulinski's comment that Caltrans did not initially seem interested with the meter at the Green River Road on ramp. Michael Blomquist replied he was providing feedback in consultation with Caltrans as they were not initially inclined to turn the meter off or change the meter timing in any substantial way. Commissioner Spiegel stated this is something that there was a trial during construction where there were meters that were turned off periodically. She asked John Bulinski if there is any way to do a trial to see if this would help eliminate some of the morning traffic issues. Riverside County Transportation Commission Minutes May 9, 2018 Page 14 John Bulinski replied Caltrans is certainly open to do a trial period and to do it in a coordinated manner. He explained the issue is that there is congestion on SR-91 and there is a significant volume of traffic coming on SR-91 from Green River Road. Mr. Bulinski stated without an orderly, progressive method that Caltrans puts into place through ramp meters it creates additional congestion and a safety concern that has been observed at this location and at many other locations and that is why Caltrans utilizes the metering ramp program for that purpose. Commissioner Spiegel suggested the Commission to move forward on that. She explained at the Western Riverside County Programs and Projects Committee meeting, she discussed the accidents that seem to occur after Green River Road into the canyon noting there were accidents prior to the construction and they are continuing after the construction. She asked if there was any kind of research that was done. Michael Blomquist explained the striping utilized at the County Line in particular the eastbound direction was specially designed and it was done so for the unique situation at the County Line. This was done much like Commissioner Spiegel is proposing a trial of the on ramp meter and a trial with the state on the striping of the eastbound direction. He stated as a result of that trial period staff is gathering data including accident data at the County Line for the purposes of going back to that state committee to comment on that striping. He explained that corridor has changed dramatically before and after so the results from that data may be relevant. Commissioner Spiegel stated understanding there are more vehicles on the freeway with the lowest unemployment rate and more people are living in Riverside County and commuting out. She expressed when the SR-91 backs up the worst it is from an accident and if the Commission can get to the reason for the accident, in addition with everything else being worked on since there are more vehicles and capacity can only go so far. Commissioner Spiegel suggested whatever the Commission could do to reach that level of accidents through Corona all the way into Brea/Placentia area to get those accidents lessened there seems to be a better flow. Anne Mayer explained regarding the safety issues west of Green River Road, historically has always been the location where there have been accidents during preconstruction, during construction, and post construction. She discussed the original Option 4, which was evaluated that did not have standard shoulders, the concerns raised by Caltrans, and why staff is proposing a modified Option 4. Chair Reed stated the Commission has a number of questions for SR-91 that cannot be handled today, and suggested to have a workshop this summer to discuss all of SR-91 as this will not be resolved at this meeting. Riverside County Transportation Commission Minutes May 9, 2018 Page 15 Commissioner Kevin Jeffries concurred with Commissioner Tavaglione's comments and expressed this has be fixed. He explained granted almost every city in this County is experiencing severe traffic jams as a result of the population growth, and increase in traffic, but it is the Commission's mission to fix these problems moving forward. He expressed the city of Corona cannot fix this by themselves; the Commission needs to help. Commissioner Jeffries stated the Commission is bringing in $1.3 million per month in surplus toll revenues and suggested if it not being pledged for debt reduction or maintenance and repair, and it is true surplus the Commission should find a way to pledge that towards fixing those additional corridor improvements that are necessary along the SR-91. Commissioner Chuck Washington suggested a slightly different prospective having gone to New York with Commission staff to meet with the rating agencies. He explained as Anne Mayer mentioned there is debt service to be paid and one of the things he had learned as a part of the rating agencies meetings was that for example the comment made about the excess revenue that is coming in is the Commission's initial estimates and projections were very conservative by design. Because of that, the Commission received 60 percent credit for a very conservative projection. He explained going forward the revenue would exceed what the Commission projected since the Commission was conservative and that made the Commission reduce the amount based on what was needed to borrow to get the project done as it was $1.4 billion. He discussed how the Commission's bonds are not rated and he learned that is all that matters is the Commission's bonds be investment grade. Commissioner Washington explained the Commission put as much funding needed into the deal to keep them at an investment grade or above and as a result free up as much funding as possible for all of the Commission projects that are ongoing. He discussed moving forward about how to pay off the TIFIA Loan to pay down that debt service. Commissioner Washington stated that money is going to have to be spent towards paying debt service now, establishing a reserve fund, and whatever the Commission is contributing to pay down debt for the TIFIA Loan. He expressed the Commission is here to solve problems but the takeaway should be the Commission staff is extremely qualified, well versed, and they were highly complimented in New York. Commissioner Brian Berkson explained the end goal is to get the traffic flowing again and the only way he can suggest to do this is that auxiliary lane it is necessary. He expressed there are sticking points at Green River Road and traffic coming on at SR-71, and the traffic tends to clear up when the vehicles approach the SR-241 toll road and from there until you reach Orange County the traffic is flowing until about a mile before the SR-55. He stated understanding the issue with safety for turning off the meter but if that meter is eliminated, he suggests there would be a problem as well since there is already a congested freeway and now you are adding an entire lane of traffic merging into the existing five lanes. Commissioner Berkson expressed that sixth lane will be key to that widening, which will allow that traffic to flow. He discussed when OCTA added a Riverside County Transportation Commission Minutes May 9, 2018 Page 16 westbound lane about 10 years ago traffic congestion changed dramatically for the better and he expects the same exact scenario for the Commission if that auxiliary lane is added. He supports staff's recommendation and hopes to get modified Option 4 in place as soon as possible moving forward. Commissioner Bob Magee expressed appreciation for the strength of the community involvement that brought these issues forward. He explained the leadership on this Commission listened and directed staff to find real solutions and what the Commissioners are looking at is a comprehensive series of recommendations that are not the norm. He expressed this is not the normal way the Commission does business and staff is stretching themselves to respond to the community and to the leadership on this dais to make some very bold changes. Commissioner Magee stated these options could be phased in as Options 1 and 3 get results right away, and Option 4 will be considered this fall. He expressed appreciation to Mr. Bulinski for his willingness to evaluate a trial run for the disconnect or the timing of the ramp meter at Green River Road. He requested this be a part of the motion for the trial to be undertaken between now and the fall; and that the Commission be able to consider the results of the trial as part of the recommendation when Option 4 comes back to the Commission. Commissioner Steven Hernandez concurred with Commissioner Washington's comments and stated the Commission is here to resolve problems; however, the Commission does not want to create another one with respect to the fiduciary responsibilities as an agency. Commissioner Hernandez inquired in the event the Commission is underperforming in meeting the revenue projections how is the gap filled if it were to ever occur and what is the projection with respect to paying off the debt. Anne Mayer explained the current projections are that the Commission will very solidly pay off its debt. She stated obviously the closer to current day we are the more accurate the projections will be, but the Commission's projects are the debt will be paid off. There are advance prepayment requirements if there is excess revenue and the Commission has to share some of that excess revenue with the TIFIA Office to prepay the loan. She stated the Commission is currently in a good position however, this debt will take several decades to pay off. Anne Mayer explained one of the other reasons for the recommendation related to the updated traffic and revenue study is that there are current day conditions. Conditions have changed since the last round was done in 2012 and it needs to be updated, which will come back to the Commission in the fall with updated traffic and revenue projections including the financial models. She explained as Commissioner Washington mentioned in order to obtain these loans staff had to take very significant haircuts in the Commission's projections considering a very negative revenue situation so the Commission is in pretty good shape. However, the Commission needs to have the data show that and that is what the traffic and revenue study is for. Riverside County Transportation Commission Minutes May 9, 2018 Page 17 In response to Commissioner Hernandez's inquiry in the event the Commission is underperforming what occurs, Anne Mayer replied the debt structure requires the Commission to pay the debt, it requires to have operations and maintenance, and there is a whole series of reserves that has to be put in place. She discussed the requirements for the reserves and how the Commission will be able to draw on those reserves. Michael Blomquist explained for example one of the reserves is a TIFIA Loan and it is a $20 million reserve specifically set up to pay for TIFIA Loan payments should revenue not meet expectations. Commissioner Spiegel seconded Commissioner Magee's motion. Chair Reed inquired with staff if there is any issue with the Commission agreeing with the recommendation for the trial on the ramp meters. Anne Mayer replied that decision is up to the Commissioners. John Bulinski expressed he would be disappointed if the trial was not included in the motion. M/S/C (Magee/Spiegel) to: 1) Authorize staff to implement the State Route 91 Corridor Operations Project (91 COP) to include the following improvements: a. All project development activities needed to complete environmental approvals, final design, and construction of: i. Interstate 15 northbound 91 Express Lanes Ingress Improvement Option No. 1 (1-15 NB EL Option 1); and ii. SR-91 westbound General Purpose Lane Improvement Option No. 3 (91 WB GP Option 3); b. All project development activities needed to complete environmental approvals and final design of SR-91 westbound General Purpose Lane Improvement modified Option No. 4 (91 WB GP Option 4); 2) Direct staff to return in Fall 2018 with a recommendation regarding the construction of 91 WB GP Option 4; 3) Authorize the Executive Director, or her designee, to negotiate and execute: a. Contract amendments or change orders, as applicable, to the following agreements as it is in the public interest and best interest of the Commission to conduct a non-competitive procurement: Riverside County Transportation Commission Minutes May 9, 2018 Page 18 i. Agreement No. 09-31-081-00 with the Parsons Transportation Group (Parsons), as the SR-91 Corridor Improvement Project's (91 Project) project and construction manager (PCM), for project development services to implement the 91 COP for an amount as necessary to complete the work currently estimated at $3,192,000; ii. Agreement No. 17-31-079-00 with the Bechtel Corporation (Bechtel), as the Commission's capital project delivery staff augmentation, for project development services to implement the 91 COP for an amount as necessary to complete the work currently estimated at $300,000; and iii. Agreement No. 16-31-057-00 with Skanska-Ames, a Joint Venture (Skanska-Ames), as the existing 1-15 Express Lane Project (1-15 ELP) design -build contractor, to construct: a. 1-15 NB EL Option 1 for an amount as necessary to complete the work currently estimated at $192,000; and b. 91 WB GP Option 3 for an amount as necessary to complete the work currently estimated at $286,000; a. New contract(s) should the Executive Director determine, on behalf of the Commission, and as an alternative to 3(a)(iii) above, it is in the public interest and best interest of the Commission to advertise one or more new procurement(s) to construct: i. 1-15 NB EL Option 1 for an amount as necessary to complete the work currently estimated at $160,000; and ii. 91 WB GP Option 3 for an amount as necessary to complete the work currently estimated at $238,000; 4) Approve Agreement No. 10-31-099-08, Amendment No. 8 to Agreement No. 10-31-099-00, with Stantec Consulting Services Inc. (Stantec) for an update to the 2012 91 Express Lanes Investment Grade Traffic and Revenue Study for an amount as necessary to complete the work currently estimated at $500,000 as it is in the public interest and best interest of the Commission to conduct a non-competitive procurement; 5) Authorize the expenditure of 91 Express Lanes toll revenue designated as surplus in accordance with the 2013 Toll Revenue Bonds Indenture to fund all 91 COP and 91 Express Lanes traffic and revenue study expenses approved as part of this item for an amount as necessary to complete the work under the contracts described herein, as the same may be further modified or amended by the Executive Director in the best interest of the Commission and without further Committee action, currently estimated at $4,470,000; Riverside County Transportation Commission Minutes May 9, 2018 Page 19 6) Approve adjustments to the Fiscal Year 2017/18 budget to increase project development costs for the 91 COP and professional costs related to the 91 Express Lanes Investment Grade Traffic and Revenue Study update and corresponding transfers of surplus toll revenues from the RCTC 91 Express Lanes Enterprise Fund to the 2009 Measure A Western County Highway Fund for an amount as necessary to complete the work currently estimated at $1 million; 7) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute all necessary agency agreements or amendments to existing agency agreements for the implementation of the 91 COP including cooperative and funding agreements with Ca!trans, Orange County Transportation Authority, California Highway Patrol, and other agencies, as deemed necessary; and 8) Approve for the trial to be undertaken between now and the fall; and that the Commission consider the results of the trial as part of the recommendation when Option 4 comes back to the Commission. No: Pettis 12. ITEM(S) PULLED FROM CONSENT CALENDAR FOR DISCUSSION 8C. STATE AND FEDERAL LEGISLATIVE UPDATE Commissioner White explained he pulled this agenda item as he cannot support AB 3027 as it was written in the notes it would negatively impact individuals and small business owners financial ability to pursue litigation. He pulled the agenda item so he can vote against this item. MSC (Kelly/Baca) to: 1) Receive and file an update on state and federal legislation; and 2) Adopt the following bill positions: a) AB 3027 (Chavez) — Support. No: Hyatt, Spiegel, and White At this time, Commissioners Hernandez and Perez left the meeting. 13. COMMISSIONERS/EXECUTIVE DIRECTOR'S REPORT 13A. Commissioner Neil Winter announced it is the 2' year the city of Menifee has been recognized by Walgreens and the Red Nose Funding Foundation and there will be an event held at Murrieta and Newport in Menifee on May 12. Riverside County Transportation Commission Minutes May 9, 2018 Page 20 13B. Commissioner Spiegel expressed appreciation to Commission staff for their continued efforts for working on this with the city of Corona, the Corona residents, and the monthly reports as it is truly appreciated from these unintended consequences that seriously affect the Corona residents. She wished all mothers a Happy Mother's Day. 14. CLOSED SESSION 14A. CONFERENCE WITH LEGAL COUNSEL: ANTICIPATED LITIGATION Exposure to Litigation Pursuant to Subdivision (d)(2) of Government Code Section 54956.9 Potential Number of Case(s): 1 14B. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Property Owner(s): See below Item APN(s) Buyers 1 102-092-022, (portion), 102-092-023, 102-101-001, 102-101-002 and 102-101-033 BB and AB Corona, LLC 14C. CONFERENCE WITH LEGAL COUNSEL — EXISTING LITIGATION Pursuant to Government Code Section 54956.9(d)(1) Case No. RIC 1505449 and 17-56080 There were no announcements from the Closed Session Items. 14. ADJOURNMENT There being no further business for consideration by the Riverside County Transportation Commission, Chair Reed adjourned the meeting at 11:37 a.m. The next Commission meeting is scheduled to be held at 9:30 a.m., Wednesday, June 13, 2018, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. Respectfully submitted, Lisa Mobley Clerk of the Board AGENDA ITEM 6 PUBLIC HEARING RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 13, 2018 TO: Riverside County Transportation Commission FROM: Michele Cisneros, Deputy Director of Finance Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Proposed Budget for Fiscal Year 2018/19 STAFF RECOMMENDATION: This item is for the Commission to: 1) Receive input on the proposed budget for Fiscal Year 2018/19; 2) Close the public hearing on the proposed budget for FY 2018/19; 3) Approve the salary schedule effective July 5, 2018, located in Appendix B of the proposed budget; 4) Authorize the expenditure of 91 Express Lanes toll revenues designated as surplus in accordance with the 2013 Toll Revenue Bonds Indenture to fund a $20 million Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan Reserve; 5) Adopt Resolution No. 18-004 "Resolution of the Board of Commissioners of Riverside County Transportation Commission to Increase Employer Contribution Towards Monthly Health Premiums"to increase the health care premium contribution up to a maximum of $750 per month to each employee or non -vested retiree beginning September 1, 2018, as approved by the Executive Committee on April 11, 2018; and 6) Adopt the proposed Budget for FY 2018/19. BACKGROUND INFORMATION: The annual fiscal budget is the result of staff determining the operating and capital needs for FY 2018/19 and identifying the resources to fund those needs. The policy goals and objectives approved by the Commission on March 14 were the basis of this budget. The long-term policy goals that support the Commission's objectives considered during the preparation of the budget relate to promoting quality of life; achieving operational excellence; connecting the economy; being a responsible partner; and maintaining fiscal accountability. Staff presented the proposed budget to the Commission on May 9. Staff determined that no additional changes were necessary to the proposed budget subsequent to that presentation. A public hearing to allow for public comment on the proposed budget is required prior to the adoption of the proposed budget, including proposed salary schedule. The public hearing was Agenda Item 6 opened at its May 9 Commission meeting. After the public hearing is closed on June 13, adoption of the proposed budget for FY 2018/19 will follow. In accordance with the Commission's fiscal policies, the budget must be adopted no later than June 15 of each year. The proposed budget for FY 2018/19 is attached. This document contains the executive summary, as revised, that was presented at the May 9 Commission meeting; the Appropriations Limit; a summary of the budget process; fund budgets; details of program revenues and other sources; debt; department budgets; community profile; and appendices including a glossary of acronyms, salary schedule effective July 5, 2018, funding definitions, and program/general terms. Included in the FY 2018/19 budget is a prior authorization to use 91 Express Lanes surplus to fund all 91 corridor operation projects and 91 Express Lanes traffic and revenue study expenses up to $6 million. The FY 2018/19 budget also includes the funding of a $20 million TIFIA Loan Reserve on June 30, 2019, as required by the 2013 Toll Revenue Bonds Indenture, including the TIFIA Loan Agreement as a supplemental indenture. Staff anticipates that approximately 50 percent of the TIFIA Loan Reserve will be funded with the estimated proceeds from the sales of 91 Project surplus properties received during FY 2018/19. Staff recommends that 91 Express Lanes toll revenues designated as surplus, in accordance with the 2013 Toll Revenue Bonds Indenture, fund the balance of the TIFIA Loan Reserve requirement. As approved by the Executive Committee on April 11, 2018, staff included in the FY 2018/19 budget an increase of approximately $90,000 toward the Commission's contribution for health care premiums for each employee or non -vested retiree up to a maximum of $750 per month beginning September 1, 2018. The Public Employees' Medical and Hospital Care Act requires adoption of a new resolution. Staff recommends adoption of Resolution No. 18-004 "Resolution of the Board of Commissioners of Riverside County Transportation Commission to Increase Employer Contribution Toward Monthly Health Premiums". A summary of the proposed budget for FY 2018/19 is as follows: Agenda Item 6 Revenues and other financing sources: Sales taxes -Measure A and Local Transportation Funds Reimbursements (federal, state, and other) Transportation Uniform Mitigation Funds, including reimbursements State Transit Assistance Tolls, penalties, and fees Other revenues Interest on investments Debt proceeds Transfers in Total revenues and other financing sources Expenditures and other financing uses: Personnel salaries and fringe benefits Professional services Support services Projects and operations Capital outlay Debt service (principal and interest) Transfers out Total expenditures and other financing uses Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses Beginning fund balance (projected) Ending fund balance (projected) FY 2018/19 Budget $ 281,000,000 248,586,000 22,922,200 23,203,600 36,940,500 539,000 3,408,000 106,081,000 181,899,300 904,579,600 10,354,700 19,581,200 11,276,900 757,414,800 6,026,200 96,675,600 181,899,300 1,083,228,700 (178,649,100) 789,451,200 $ 610,802,100 Attachments: 1) RCTC Resolution No. 18-004 2) FY 2018/19 Proposed Budget (Posted on the Commission Website) Agenda Item 6 ATTACHMENT 1 RESOLUTION NO. 18-004 RESOLUTION OF THE BOARD OF COMMISSIONERS OF RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO INCREASE EMPLOYER CONTRIBUTION TOWARDS MONTHLY HEALTH PREMIUMS WHEREAS, Government Code Section 22890 provides that a local agency contracting under the Public Employees' Medical and Hospital Care Act (PEMHCA) shall fix the amount of the employer's contribution at an amount not less than required under Section 22892 of the Act; and, WHEREAS, the employer's contribution towards health premiums for each employee or non -vested retiree has remained at an amount up to a maximum of $600.00 per month since March 2005; and, NOW, THEREFORE BE IT RESOLVED, that the Board of Commissioners of the Riverside County Transportation Commission hereby elects to pay each employee or non -vested retiree up to a maximum of $750.00 per month towards health premiums, beginning September 1, 2018 (see attachment). APPROVED AND ADOPTED this 13th day of June, 2018. Dana W. Reed, Chair Riverside County Transportation Commission ATTEST: Lisa Mobley, Clerk of the Board Riverside County Transportation Commission 4 RESOLUTION NO. 18-004 FIXING THE EMPLOYER CONTRIBUTION AT AN EQUAL AMOUNT FOR EMPLOYEES AND ANNUITANTS UNDER THE PUBLIC EMPLOYEES' MEDICAL AND HOSPITAL CARE ACT WHEREAS, (1) Riverside County Transportation Commission is a contracting agency under Government Code Section 22920 and subject to the Public Employees' Medical and Hospital Care Act (the "Act"); and WHEREAS, (2) Government Code Section 22892(a) provides that a contracting agency subject to Act shall fix the amount of the employer contribution by resolution; and WHEREAS, (3) Government Code Section 22892(b) provides that the employer contribution shall be an equal amount for both employees and annuitants, but may not be less than the amount prescribed by Section 22892(b) of the Act; and RESOLVED, (a) That the employer contribution for each employee or annuitant shall be the amount necessary to pay the full cost of his/her enrollment, including the enrollment of family members, in a health benefits plan up to a maximum of $750.00 per month, plus administrative fees and Contingency Reserve Fund assessments; and be it further RESOLVED, (b) Riverside County Transportation Commission has fully complied with any and all applicable provisions of Government Code Section 7507 in electing the benefits set forth above; and be it further RESOLVED, (c) That the participation of the employees and annuitants of Riverside County Transportation Commission shall be subject to determination of its status as an "agency or instrumentality of the state or political subdivision of a State" that is eligible to participate in a governmental plan within the meaning of Section 414(d) of the Internal Revenue Code, upon publication of final Regulations pursuant to such Section. If it is determined that Riverside County Transportation Commission would not qualify as an agency or instrumentality of the state or political subdivision of a State under such final Regulations, CaIPERS may be obligated, and reserves the right to terminate the health coverage of all participants of the employer. RESOLVED, (d) That the executive body appoint and direct, and it does hereby appoint and direct, Lisa Mobley, Clerk of the Board, to file with the Board a verified copy of this resolution, and to perform on behalf of Riverside County Transportation Commission all functions required of it under the Act. RESOLVED, (e) That coverage under the Act be effective on September 1, 2018. Adopted at a Commission meeting of the Riverside County Transportation Commission at Riverside, California, this 13th day of June, 2018. Signed: Dana W. Reed, Chair Attest: Lisa Mobley, Clerk of the Board 5 INSTRUCTIONS This resolution form is the approved form designated by the California Public Employees' Retirement System (CaIPERS). It should be used by a contracting agency subject to Public Employees' Medical and Hospital Care Act (PEMHCA) when the agency desires to change the monthly employer health contribution for employees and annuitants in accordance with Government Code Section 22892. The resolution is effective on the first day of the second month following the month in which the resolution is filed (date stamped as received by CaIPERS; See address below). WHEREAS, (1) should be completed with full name of the contracting agency. RESOLVED, (a) should be completed to specify the amount of the employer contribution toward the cost of enrollment for active employees and annuitants. The amount specified must be an amount equal to or greater than that prescribed by Section 22892(b). Commencing January 1, 2009, the employer contribution shall be adjusted annually by the Board to reflect any change in the medical component of the Consumer Price Index, and shall be rounded to the nearest dollar. RESOLVED, (b) should be completed with full name of the contracting agency. RESOLVED, (c) should be completed with full name of the contracting agency. RESOLVED, (d) requests the position title of the individual who handles the PEMHCA resolution for the contracting agency. RESOLVED, (d) should be completed with full name of the contracting agency. Because resolutions serve as a legally binding document, we require the original resolution, certified copy with original signatures, or a copy of the resolution with the agency's raised seal. For resolution processing, deliver to the following: Overnight Mail Service California Public Employees' Retirement System Health Resolution & Compliance Services, HAMD 400 Q Street Sacramento, CA 95811 Regular Mail California Public Employees' Retirement System Health Resolution & Compliance Services, HAMD PO BOX 942714 Sacramento, CA 94229-2714 The certification shown following the resolution is to be completed by those individuals authorized to sign for the contracting agency in legal actions and is to include the name of the executive body; i.e. Board of Directors, Board of Trustees, etc., the location and the date of signing. 6 RIVERSIDE COUNTY TRANSPORTATION COMMISSION FISCAL YEAR 2018/19 June 13, 2018 Honorable Commissioners Riverside County Transportation Commission Riverside, California FY 2018/ 19 Budget Introduction RCTC: Connecting Your Life Thank you forreviewing the Fiscal Year (FY) 2018/19 budget forthe Riverside County Transportation Commission (Commission or RCTC). This document provides an opportunity to evaluate the financial backbone of an innovative and active public transportation agency that connectsthe lives of Riverside County (County) residents every day. Most notably, RCTC opened the Riverside County portion of the 91 ExpressLanesin March 2017 and hasseen a yearof successful operations and usage of the facility that hasfarsurpanfrd expectations. The upcoming fiscal year continues a concerted effort of investment and construction in the County'stransportation infrastructure with construction intensifying on the Interstate (I) 15 Express Lanes project and new projects, such asthe State Route (SR) 60 truck climbing lanes, Mid County Parkway, and the I-215/Placentia interchange on the near -term horizon. People Working —Building a Better Future The Commission and its project partners at the California Department of Transportation, local jurisdictions, and transit agenciesare investing in transportation using a variety of local, state, and federal sources to build projects, plan and design new improvements, and get people working and contributing to the local economy. During FY2018/19, the Commission will invest $551 million in capital projectsthat include highway, regional arterial, local streets and roads, and rail projects. The Commission's overall budget will exceed $881 million and includesfunding of transit operations, paymentsto citiesand the County for street and road improvements, and management of smaller programs, such as motorist and commuter assistance. Measure A —The Funding Foundation The Commission'svoter-approved half -cent salestax program servesasthe main funding source for transportation funding in Riverside County. Measure A sales tax revenues are stable with average annual growth of over2.6%in the last decade; they are projected at $187 million for FY 2018/19. Although Measure A revenueshelp to fund majorprojectsincluding the 1-15 Express Lanes project, Measure A also funds local transportation priorities and needs. In FY 2018/19, the Commission will return $56.9 million in funding to local cities and the County for local street and road improvements. The Coachella Valley Association of Governments and the Western Riverside Council of Governments (WRCOG) administer Transportation Uniform Mitigation Fee (TUMF) programs that serve local and regional arterial needs. In the Coachella Valley, arterials are funded through a combination of TUMF, Measure A, and additional local contributions. In Western Riverside County, TUMFdollarsare equally split between WRCOG and the Commission with RCTC'sdollarsallocated to regional arterialsand new highway corridors. Funding transportation projectsand services requiresa combination of funding sources, and the Commission receivesand programsfunding from state and federal sources. Thisincludesthe state of California's (State or California) Transportation Development Act program dollars allocated primarily to the County'smajor public transit providers. Measure A also pays its share by funding transit fare discounts; programsforseniorcitizens, personswith disabilities, and ind ivid ualsof limited means; and operating a commuter assistance program that provides traveler information and ridesharing assistance to employersand commuters. 91 Express LanesSurpassinp Expectations On March 20, 2017, the Commission opened the extension of the 91 Express Lanes, a $1.4 billion project consisting of two tolled expresslanesand the addition of a general purpose lane in each direction of SR91 between the Orange County line and 1-15 in Corona. Usage is more than 50 percent higher than forecasted, and revenues are 160 percent higher than original projections, with more than 1.2 million tripson the facility each month. Strong demand in the corridor and the popularity of the facility will ensure that RCTC meets itsdebt service requirements. The completion of the project also creates new responsibilitiesforthe Commission asa toll facility operator. Thisyear'sbudget reflectsthe new revenuesand expensesgenerated by the 91 Express Lanes. The transition into toll operationsalso servesasa precursor into a much broader role as toll operator, with construction already underway on the 1-15 Express Lanes project. This $471 million effort adds one to two tolled express lanes to an approximately 15-mile section of 1-15 between SR60 and Cajalco Road. The new 15 Express Lanes will travel through the cities of Corona, Eastvale, Norco, and Jurupa Valley and are expected to open in 2020. Additional Projects and Services State Route 60 Truck Climbing Lanes Project Clears Hurdle The Commission hasprevailed in court on multiple occasionsdefending against legal challenges to the environmental document forthe State Route 60 Truck Lanesproject. Settlement discussions are expected to resolve the legal processto enable the Commission to start construction in 2019. The much -needed eastbound truck -climbing lane and westbound truck -descending lane will not increase capacity, but will improve overall safety along a heavily used highway corridor through the Badlandsarea of Riverside County. Freeway Service Patrol and Metrolink ServicesAchieve Key Milestone June 14, 2018 marks the 25th Anniversary of Metrolink paqrrnger rail service in Riverside County, and June 28,2018isthe 25th Anniversary of the Freeway Service Patrol. Both programsare popular, serve highly traveled corridors, and exemplify direct services to the public funded by the Commission. While RCTC primarily functions as a project -driven organization, the Commission's significant funding toward public transit and motorist servicesand operation of toll facility further increase itsdirect interaction with the public. Planning for an Uncertain and Exciting Future State Creates Rverside County Transportation Efficiency Corridor to 43eed Rverside County Projects The State Legislature and Governor Brown approved Senate Bill (SB) 1, a comprehensive transportation funding bill that increases the gas tax and agiv-irrs other fees to fund needed improvements throughout California. The added funding focuses primarily on maintenance priorities but also leverageslocal funding sources, such asthe Commission's Measure A program, to fund additional projects. In and of itself, the increase in funding is welcome news for the Commission; however, another added benefit in related legislation (S3 132) placed a special priority and appropriated $427 million in state funding forfive projectsin northwestern Riverside County. The State'saction ensures the funding needed to move forward on these five projects — an express lanes connector between the 91 Express Lanes and the future 1-15 Express Lanes north of SR-91, railroad grade separations at Jurupa Road in Jurupa Valley and McKinley Street in Corona, an expanded interchange at 1-15and Limonite Avenue in Eastvale, and the replacement of the HamnerAvenue bridge overthe Santa Ana River in Norco. The Commission will play an active role in the delivery of the projects, with a special emphasison the construction of the expresslanesconnectorthat will benefit both the existing 91 Express Lanes and the future 1-15 Express Lanes. the SB 132 projectsare especially important since California'srecent action to increase the state fuel tax and vehicle license fees likely will face a repeal effort on the November 2018 ballot. The approval of SB 1 helped ensure a more reliable flow of state funding fora variety of transportation programsand projects; it now facesuncertainty that will not be resolved until afterthe November 2018 General Election. Funding is but one piece of determining the future of transportation. In order to help guide the Commission through the challenges of population growth, changing demographics, economic needs, and technological change, RCM has launched an effort to develop a long-range transportation plan for Riverside County. Overall, there are a number of long-range projects envisioned forthe County including the Mid County Parkway, realignment of SR79, pamcngerrail service to the Coachella Valley, a variety of active transportation projects, and a new expressway along Ethanac Road. In addition to these projects, local streetsand roadsand new interchanges are equally important; a long-range plan will be useful in guiding the overall direction of transportation investment and development in the County. A Commitment to Fiverside County Ensuring local funding for transportation will require ongoing outreach to the public and transparent oversight and management that ensures public confidence in the Commission's fiduciary, oversight, and visionary roles. This budget document is intended to demonstrate the Commission'scommitment to the public aswell asdocumenting the Commission'sdedication to sound budget practices. This budget document is one of many ways the Commission works to ensure public accountability and full transparency of itsactions. The Commission has also expanded its commitment in communicating with the public and is closely monitoring itspublic engagement activities, which progresswill be reported on a quarterly basis. We welcome public input and participation and invite you to visit our website at www.rctc.org or to follow uson Facebook, Twitter and Instagram at the RCTC. GFOA Distinguished Budget Award The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to the Commission foritsannual budget for the fiscal year beginning July 1, 2017. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, an operations guide, a financial plan, and a communicationsdevice. The award isvalid fora period of one year only. The Commission believesthis budget continues to conform to program requirements, and it will be submitted to GFOA to determine the Commission'seligibility foranother award. Acknowledgments the preparation of this budget has been a collaborative effort of the Commission's staff. the budget reflectsthe Commission'sdesire to communicate the componentsof the budget in terms that are easily understandable and supportable forthe general public. Staff acknowledgesand appreciates the guidance and leadership of the Board of Commissioners and the sense of renewal and commitment it hasand continuesto inspire. 9gnature on file 9gnature on file Anne Mayer, Executive Director lheresia Trevino, Chief Financial Officer TABLE OF CONTENTS COMMISSION INTRODUCTION EXECUTIVE SUMMARY Introduction Policy Goalsand Objectives Policy Matrix Budget Overview Commission Personnel Department Initiatives Fund Balances Budget Comparative Operating and Capital Budget Budget by Governmental Fund Type Highway, Regional Arterial, and Rail Programs GANN APPROPRIATIONSLIMIT Section 1: GUIDING POLICIES Commission Policy Goalsand Objectives Financial and Administration Policies Policy Matrix Section 1: FiNANCIALOVERVIEW Fiscal Accountability Policies Functional Management Functional Organization Chart Budget Process Staff Organization Chart Section 2: FUND BUDG EIS Budgetary Basisand FundsStructure General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Enterprise Fund Section 3: REVENUESAND OTHER SO URC ES Revenuesand Other Sources Program Revenuesand Other Sources Section 4: COMMISSION DEBT Debt Debt Capacity Analysis Sales Tax Bonds: Aggregate Debt Service Schedule Outstanding Debt and Debt Service Requirements Program and Geographic Debt Toll Revenue Bonds: Debt Service Schedules Outstanding Legal Debt Margin Narrative discussion of the history of the Commission and list of principal officers Narrative overview of the operational and financial factorsconsidered Narrative description of policy goalsand objectives Linkage of policy goalsand departmental goalsand objectives Summarized narrative overview, charts, and tablesof sourcesand uses Personnel expendituresand full-time equivalents Major initiativesand summarized usesby department Projected fund balancesbygovernmental fund type and program Schedule of budget by summarized line item Schedule of budget classified by operating and capital purposes Schedule of budget by governmental fund type Listing of budgeted capital project expendituresby program Narrative discussion of the a ppropriationslimit Narrative description of policy goalsand objectives Description of financial policies Linkage of policy goalsand departmental goalsand objectives Description of financial policies Narrative description of Commission functions Organization chart by Commission functions Narrative description ofvariousbudget stages Organization chart of budgeted staff Narrative description of budgetary basis and funds structure Overview; narrative and chartsof sourcesand uses Overview; narrative and chartsof sourcesand uses by Measure A and non -Measure A special revenue funds Overview; narrative and chartsof sourcesand uses Overview; narrative and chartsof sourcesand uses Overview; narrative and chartsof sourcesand uses Narrative description ofvariousrevenuesand other sources; schedule of funding sourcesby department/program; definitionsand background Narrativesof revenuesby program; revenue trends Narrative discussion of debt programs Chartsand accompanying narrative demonstrating debt capacity Schedule of debt maturitiesby yearforsalestax bonds Description of outstanding debt and related debt service requirements Chartsof debt service by program and geographic area Description of outstanding debt and related debt service requirements Schedule of calculation of legal debt margin Section 5: DEPARTME NTBUDGEIS Budget Comparison by Department 5.1: MANAGEMENTSERVICES Executive Management Administration Legislative Affairsand Communications Finance 5.2: REGIONAL PROGRAMS Planning and Programming Rail Public and Specialized Transit Commuter Assistance Motorist Assistance 5.3: CAPITAL PROJECTS Capital Project Development and Delivery Location of Capital Projects Capital Projects Summary Local Rreetsand Roadsaammary 5.4: TOLLOPERATIONS Riverside 91 Express Lanes Section 6: COMMUNITY PROFILE Riverside County Demographics Statistical Information Commission Facts Section 7: APPENDICES A —Glossary of Acronyms B—Glossary of Funding Definitions C—Glossary of Program Terms D—Glossary of General Terms E—Salary Schedule Schedule of revenues, expenditures, and otherfinancing sources(uses) by department Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Goalsand objectives, key assumptionsand budgeted uses Local map of majorcapital projectsfor current year Narrative description of each capital project Schedule of local streetsand roadsdisbursementsby local agency Goalsand objectives, key assumptionsand budgeted uses Narrative discussion of Riverside County'scommunity profile Chartsofvariousdemographic data Chartsand tablesof variousstatistical information Narrative overview of the Commission'sprogramsand services Explanation of commonly used abbreviations Narrative description ofvariousfunding sources Description of Commission programsand related terms Commonly used termsin govemmental accounting and finance Schedule ofsalariesin accordance with state law Commission Introduction State of California (State) law created the Riverside County Transportation Commission (Commission orRCTC) in 1976to oversee the funding and coordination of all public transportation serviceswithin Riverside County (County). The Commission'smission isto assume a leadership role in improving mobility in the County. The governing body consistsof all five membersof the County Board of Supervisors, one elected official from each of the County's28 cities, and one non -voting member appointed by the Governor of California. The Commission is responsible for setting policies, establishing priorities, and coordinating activities among the County's various transit operators and other agencies. The Commission also programs and/or reviews the allocation of federal, state, and local funds for highway, transit, rail, non -motorized travel (bicycle and pedestrian), and othertransportation activities. The Commission islegally responsible for allocating Transportation Development Act (TDA) funds, the major source of funds for transit in the County. The TDA provides two sources of funding: the Local Transportation Fund (OF), derived from a one-quarterof one -cent state salestax, and State Transit Assistance (STA), derived from the statewide salestax on diesel fuel. The Commission serves asthe tax authority and implementation agency for the voter approved Measure A Transportation Improvement Program (TIP). The County's electorate originally approved Measure A in 1988 to impose a one-half of one cent transaction and use tax (salestax) to fund specific programsthat commenced in July 1989 (1989 Measure A). The 1989 Measure A was approved for 20 years and expired on June 30, 2009. On November 5, 2002, the voters of Riverside County approved the renewal of Measure A beginning in July 2009 through June 2039 (2009 Measure A). Additionally, the Commission provides motorist aid services designed to expedite traffic flow. These services include the Service Authority for Freeway Emergencies (SAFE), a program that providescall box service for motorists; the Freeway Service Patrol (FSP), a roving tow truck service to assist motorists with disabled vehicles on the main highways of the County during peak rush hour traffic periods; and 1E511, a traveler information system. These services are provided at no charge to motoristsand are funded through a $1 surcharge on vehicle registrations. 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 proceduresforthe County'sroadway system. In March 2017the Commission commenced toll operationson the RCTD 91 ExpressLanesfollowing the substantial completion of the State Route (SR) 91 corridor improvement project (91 Project). Construction started on a second managed lanes project, the 1-15 Express Lanes project, in FY 2017/18with completion expected in 2020. The 15/91 Express Lanesconnector, a tolled connector between the existing 91 Express Lanes and the future 1-15 Express Lanes to the north of SR-91, received an allocation of state fundsin FY2016/17. The Commission anticipatescompletion of this project by 2022. Riverside County Transportation Commission List of Principal Officials Board of Commissioners Name Title Agency Kevin Jeffries Member County of Riverside, District 1 John F. Tavaglione Member County of Riverside, District 2 Chuck Washington Vice Chair (Commission) County of Riverside, District 3 V. Manuel Perez Member County of Riverside, District 4 Marion Ashley Member County of Riverside, District 5 Deborah Franklin Member City of Banning tJoyd White Member City of Beaumont Joseph DeConinck Member City of Blythe Jim Hyatt Member City of Calimesa Randall Bonner Member City of Canyon Lake Greg Pettis Member City of Cathedral City Steven Hernandez Member City of Coachella Karen Spiegel Member City of Corona Scott Matas Member City of Desert Hot Springs Adam Rush Chair (Western Riverside County Programsand City of Eastvale Projects Committee) Linda Krupa Vice Chair (Budget and Implementation City of Hemet Committee) Dana Reed Chair (Commission) City of Indian Wells Michael Wilson Member City of Indio Brian Berkson Vice Chair (Western Riverside County City of Jurupa Valley Programsand Projects Committee) Kathleen Fitzpatrick Member City of La Quinta Bob Magee Member City of Lake Elsinore To Be Appointed Member City of Menifee Victoria Baca Member City of Moreno Valley Rick Gibbs Member City of Murrieta Berwin Hanna Member City of Norco Jan Harnik Member City of Palm Desert Lisa Middleton Member City of Palm Springs Michael M. Vargas Member City of Perris Ted Weill Member City of Rancho Mirage Rusty Bailey Chair (Budget and Implementation City of Riverside Committee) Andrew Kotyuk Member City of San Jacinto Michael S. Naggar Member City of Temecula Ben Benoit 2nd Vice Chair (Commission) City of Wildomar John Bulinski Interim Governor's Appointee Caltrans, District 8 Management Staff Anne Mayer, Executive Director John aandiford, Deputy Executive Director Michael Blomquist, Toll Program Director Marlin Feenstra, Project Delivery Director Aaron Hake, External Affa irs Director Shirley Medina, Planning and Programming Director lheresia Trevino, Chief Financial Officer Executive Summary Introduction The budget for Fiscal Year (FY) 2018/19 is presented to the Board of Commissioners (Board) and the citizens of Riverside County. The budget outlines the projects the Commission plans to undertake during the year and appropriates expenditures to accomplish these tasks. The budget also shows the funding sources and fund balances for these projects. This document serves as the Commission's monetary guideline for the fiscal year. To provide the reader better understanding of the projects, staff has included descriptive information regarding each department and major projects. The discussion in each department includes a review of accomplishments, major initiatives, and key assumptions. Policy Goa Isand Objectives As approved at its March 9, 2018 meeting, the Commission is driven by four core goals and underlying objectivesforthe people of Riverside County and the transportation system upon which they rely: QUALITY OF UFE RC1C is focused on improving life for the people of Riverside County and empowering them to live life at their pace. Choice Environmental Stewardship Access Goods Movement RCTC empowers the residents of Riverside County to choose how to get safely to where they are going. RCTC protectsand preservesthe County'senvironment for our residents. RCTC provides access, equity, and choice in transportation; RCTC is a mobility partner. RCTC projects are the connection to employment, schools, community institutions, parks, medical facilitiesand shopping in the community. ROTC facilitates the funding and delivery of projects that mitigate the impact of increased goods movement flow through Riverside County. O PERAIIO NAL EXC ELLEN C E RCM is responsible and conservative steward oftax. a erdolla State of Good Repair Promises Fulfilled Innovation Information RCTC invests in road safety and maintenance in its residents' neighborhoods. Projects are completed on -time, on -budget; RCTC delivers on its promises asa steward of Riverside County residents' investment. Program and project delivery innovationsd rive results, savings, and greater economic opportunitiesfor Riverside County residents. RCTC operationsare transparent; customersget fast, timely, quality service. CONNECTING 1HEECONOMY RCTC is driverofeconomic •rowth in Riverside Coun . Workforce Mobility Population Growth Economic Impact RCTC improvesthe economy by creating a robust workforce to workplace system; RCTC helps movesthe economy of Riverside County. Since 1976, RCTC has been responsible for connecting our County's economy as the County'spopulation has quadrupled from 550,000 to 2.3 million today. RCTC has invested $2.8 billion in the County'seconomy thanksto Measure A, which hasa multiplier impact in termsofjobsand economic opportunity throughout Riverside County. RESPONSIBLE PA RTN ER RCTC •artnerswith local, regional, and state govemmentsto deliver road and transit proje Streets and Roads Tra nsit Active Transportation Facilities IC invests in local priorities for maintaining streets and roads and fixing potholes. RCTC is a partner with transit operators to provide residents mobility choices, flexibility, intercity and intercounty connectivity, and access. RCTC is a partner with agencies within the County to promote active transportation alternatives, including the building of regional trails and bicycle and pedestrian facilities in accordance with local general master and active transportation plans. RCTC isa steward of state and federal grantsto improve our communities. RCTC invests Measure A dollars into projects and programs that benefit local communitiesthroughout the County. Staff used these core goalsand objectivesto prepare this budget and develop the following short- term objectivesto guide furtherthe development of the FY2018/19 budget. Capital Project Development and Delivery • Continue design and construction of the Interstate (I) 15 Express Lanesand development of the 71/91 interchange improvements, State Route(SR) 60 truck climbing lanes, Mid County Parkway, and SR79 realignment projects included in the Western Riverside County Delivery Plan. • Aggressively pursue commencement of development of the 1-15 Express Lanes —Southern Extension project. • Enhance corridor mobility and traveler choice with the operation of the RCTC 91 Express Lanes, construction of the 1-15 Express Lanes, and development of the next generation of toll feasible projects. • Collaborate with local jurisdictions to implement the Transportation Uniform Mitigation Fee (IUMF) regional arterial program projects and facilitate the delivery of eligible arterial improvements in western Riverside County (Western County). • Continue active engagement in state and federal efforts to streamline and modernize the California Environmental Quality Act (CEQA) and the National Environmental Policy Act (NEPA) to improve the Commission'sability to deliver critical projects. Regional Programs • Maintain an active involvement in state and federal legislative matters to ensure that the Commission receives proper consideration fortransportation projectsand funding. • Continue the development of a county -wide transportation plan and the first ten-year update of the 2009 Measure A Expenditure Plan, asrequired by the ordinance. • Subsidize reliable and cost-effective Metrolink commuter rail service to and from Riverside County; Southern California Regional Rail Authority (SCRRA) isthe operator of Metrolink. • Provide leadership in the planning and development of the Coachella Valley -San Gorgonio Passcorridor rail service. • Support innovative programs that provide transit assistance in hard to serve rural areas or for riderswith special transit needs. • Promote cost controlsand operating efficiency fortransit operators. • Maintain effective partnerships among commuters, employers, and government to increase the efficiency of our transportation system by encouraging and promoting motorized and non - motorized transportation alternatives. • Provide a motorist aid system that ensuressafety and convenience to freeway motorists. Management Services • Maintain close communication with Commissioners and educate policy makers on all issues of importance to the Commission. • Develop and execute a communicationsand public engagement strategy for the purposesof education, information, and customerservice. • Maintain administrative program delivery costs below the policy threshold of 4%of Measure A revenues; the FY2018/19 Management Servicesbudget is1.65%of Measure A revenues. • Maintain administrative salaries and benefits at less than 1% of Measure A revenues; the FY 2018/19 administrative salaries and benefits is .62%of Measure A revenues. • Maintain prudent cash reservesto provide some level of insulation for unplanned expenditures. • Maintain current strong bond ratingswith rating agencies. • Establish and maintain revenues and reserves generated from toll operations to be available for debt service in accordance with toll supported debt agreements; maintenance, repair, rehabilitation, administration and operations; and capital projectswithin the corridor. Linking Commission Policy Goals and Departmental Goals and Objectives The following matrix (Table 1) illustratesthe linkage of the Commission'score policy goalsdescribed in thissection to the individual departmental goalsand objectivesincluded in Section 5. Table 1 —Relationship between Commission and Departmental Goals Department Quality of Life Operational Excellence Connecting the Econom Responsible Pa rtne r Management Services Executive Management Administration Exte ma I Affairs Finance Regional Programs Plannin• and Pro•rammin• Rail Maintenance and Operations Public and Specialized Transit Commuter Assistance Motorist Assista nc e Capital Project Development an De live Toll Operations Budget Overview X X X X 111 X X X X X � X X Total sources (Table 2) are budgeted at $904,579,600, a decrease of 41%overFY2017/18 projected sourcesand a 43%decrease overthe FY2017/18 budget. Total sourcesare comprised of revenues of $616,599,300, transfers in of $181,899,300, and debt proceeds of $106,081,000. The projected fund balance at June 30, 2018 available for expenditures/expenses (excluding amounts restricted for debt service of $18,719,300, advances receivable of $25,039,500, and 1-15 Express Lanes ramp - up reserve of $16,500,000) is $729,192,400. Accordingly, total funding available for the FY 2018/19 budget totals$1,633,772,000. Table 2 — Sources FY 2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Measure A SalesTax $ 175,320,200 $ 181,000,000 $ 181,000,000 $ 187,000,000 $ 6,000,000 3% OFles Tax 88,206,900 91,000,000 91,000,000 94,000,000 3,000,000 3% STA&ilesTax 6,432,600 10,469,000 20,204,800 23,203,600 12,734,600 122% Intergovernmental 32,467,600 101,992,400 121,118,500 248,586,000 146,593,600 144% 1UMFRevenue 19,594,800 22,250,000 22,250,000 22,922,200 672,200 3% Tolls, Penalties, and Fees 10,125,300 16,835,800 42,812,600 36,940,500 20,104,700 119% Other Revenue 6,746,000 2,803,700 574,200 539,000 (2,264,700) -81% Investment Income 4,495,300 3,509,400 7,595,300 3,408,000 (101,400) -3% TransfersIn 188,488,900 313,676,500 298,371,800 181,899,300 (131,777,200) -42% Debt Proceeds 257,912,100 837,782,000 752,488,800 106,081,000 (731,701,000) -87% TOTAL Spumes $ 789,789,700 $ 1,581,318,800 $ 1,537,416,000 $ 904,579,600 $ (676,739,200) -43% Riverside County has specific competitive advantages over nearby coastal counties(LosAngeles, Orange, and San Diego) including housing that is more available and affordable as well as plentiful commercial real estate and land available for development at lower costs. Riverside County'seconomy isbenefitting from employment gainsthat are a function of the County'sability to attract businerncrswith lower commercial rentsand a skilled labor force. Population migration to the Inland Empire (i.e., Riverside and San Bernardino counties) has occurred due to these employment opportunities and a lower cost of living compared to the coastal counties. Improvements in the local labor market and resurgence in home sales has increased economic activity contributing to stable salestax revenue growth asnoted on Chart 1. Chart 1 —Sources: Five -Year Trend $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0 FY 14/ 15 FY 15/ 16 FY16/17 FY17/18 FY 18/ 19 Measure A Sales Tax �L1FS11esTax m0 STA SalesTax *lUM F .•1*FederaI, Sate, Local Revenues Toll Revenue �Tra nders In Debt Proceeds Sales tax revenues have continued to remain stable during the last five fiscal years. lhe Commission's economic outlook for FY2017/18 continuesto 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 LlF sales tax revenues fluctuate and the availability of federal and state revenues continue to be uncertain, the timing and scope of the Commission's projectsand programsmay be impacted. Regardless of the future economic conditions, the Commission faces formidable ongoing challenges in termsof providing needed infrastructure enhancementsto 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. While the Commission's primary revenues are the Measure A and LTF sales taxes, other revenues and financing sourcesare required to fund the Commission'sprogramsand projectsasillustrated in Chart 2. Chart 2 —Sources: Major Categories Debt Proceeds1 Transfers In Tolls, Penalties, and Fees4% IUMFRevenue 'a Measure ASaIesTax 21% Intergovemmenta127% LlFSales Tax 10% S1A SaIesTax 3% The California Department of Tax and Fee Administration (CDTFA), as statutorily created and authorized successor to the former California State Board of Equalization, recently provided to cities and other agencies its projections that statewide taxable sales over the next fiscal year will increase 3.8%. Continuing its conservative projection practices, the Commission considers short - and long-term salestax p rojections from its consulta nts to estimate salestax revenues. After taking the state of the local economy and recent revenue trends into consideration, staff projects Measure A sales tax revenues of $187,000,000 for FY 2018/19. This is a 3% increase from the FY 2017/18 revised projection of $181,000,000. At midyear the Commission will rea,imss sales tax revenue projectionsbased on the economy and revenue trends. On behalf of the County, the Commission administers the LTFfor public transportation needs, local streets and roads, and bicycle and pedestrian facilities. The majority of LTFfunding received by the County and available for allocation is distributed to all public transit operators in the County, and the Commission receives allocations for administration, planning, and programming in addition to funding for Western County rail operations included in the commuter rail Short Range Transit Plan (SRTP). The LTFsalestax revenue received from the State is budgeted at $94,000,000, an increase of 3%from the FY2017/18 revised projection of $91,000,000. A statewide sales tax on motor vehicle fuel generates STA funds, which the State Controller allocates by formula to the Commission for allocationsto the County'spublic transit operators. The FY2018/19 STA transit allocation, based on recent State estimates, is$23,203,600. Intergovernmental revenues include reimbursement revenues from federal sources of $59,105,700, state sources of $165,442,400, and local agencies of $24,037,900 for highway and rail capital projects, rail operations and station maintenance, commuter assistance, and motorist assistance programs as well as planning and programming activities. The significant increase of 144% in FY 2018/19 compared to the FY 2017/18 budget is related to increases in state and local reimbursements offset by a decrease in federal reimbursements. Senate Bill (SB) 132 provides state funding for the 15/91 Express Lanes connector and pass -through funding to the County for the 1- 15/Limonite interchange and to the County and city of Corona for grade separation projects. Local reimbursements from the Riverside County Regional Park and Open Space District (District) fund the Santa Ana River Trail projects. Reimbursement revenuesvary from yearto yeardepending on project activitiesand funding levels. Based on an amended Memorandum of Understanding (MOU) with the Western Riverside Council of Governments (WRCOG), the Commission receives 45.7% of TUMF revenues (as updated by the most recent Nexus study). TUMF represents fees accessed on new residential and commercial development in Western County. The Commission projects FY 2018/19 TUMFfeeswill remain flat at $21,000,000 and expects additional TUMF zone reimbursements of $1,922,200 for the Lake Elsinore Railroad Canyon project. FY 2017/18 marked the first complete fiscal year of toll operations for the RCTC 91 Express Lanes following substantial completion of the 91 Project in March 2017. Snce toll revenuessurpanrd 2013 financing actamptions, including the Riverside County 91 Express Lanes Extension Investment Grade Traffic and Revenue Study completed in 2012, the Commission estimates FY 2018/19 toll revenues of $36,940,500 based on current operations. Other revenue of $539,000 includes property management generated from properties acquired in connection with various highway and rail properties. The Commission anticipates 3%decrease in FY 2018/19 investment income compared to the FY 2017/18 budget asthe result of decreasing cash and investments balances. Transfers in of $181,899,300 relate primarily to the transfer of available debt proceeds for highway projects; LTF funding for general administration, planning and programming, rail operations and station maintenance, and grade separation project allocations; approved interfund allocationsfor specific projects and administrative cost allocations; and debt service requirementsfrom highway, regional arterial, and local streets and roads funds. Debt proceeds consist of $106,081,000 in drawdowns from the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan related to the 1-15 ExpressLanesproject. Total uses (Table 3), including transfersout of $181,899,300, are budgeted at $1,083,228,700, a 35% decrease from the prior year budget amount of $1,670,674,300. Program expenditures and transfers out totaling $963,301,400 represent 89% of total budgeted uses in FY 2018/19. Program costsdecreased by 2%from $980,602,200 in FY2017/18 due to projectsidentified below. Table 3 — Uses FY 2017-2019 Capital Highway, Rail, and Regional Arterials Capital Local areetsand Roads Commuter Assistance Debt Service Management cervices Motorist Assistance Planning and Programming Public and Decialized Transit Rail Maintenance and Operations Toll Operations TOTAL Uses FY 16/ 17 FY 17/ 18 FY 17/ 18 Projected Actual Revised Budget $ 463,475,000 $ 695,898,200 51,864,000 55,037,500 2,686,100 5,855,300 138,576,600 666,924,800 16,634,800 23,147,300 5,245,600 5,951,400 2,541,000 13,877,400 104, 585,200 147,653,300 24,298,600 37,232,000 4,431,900 19,097,100 $ 814,338,800 $ 1,670,674,300 FY 18/ 19 Budget $ 536,277,600 $ 620,407,000 55,037,500 56,951,500 4,908,900 6,197,800 660,979,600 96,675,600 21,217,200 23,251,700 5,279,700 10,006,400 6,915,900 20,526,200 129,691,400 188,418,700 29,968,200 37,119,800 13,561,200 23,674,000 $ 1,463,837,200 $ 1,083,228,700 Dollar Change $ (75,491,200) 1,914,000 342,500 (570,249,200) 104,400 4,055,000 6,648,800 40,765,400 (112,200) 4,576,900 $ (587,445,600) Percent Change -11 3% 6% -86 0% 68 48% 28 0% 24 -35 Note: Management ServicesincludesExecutive Management, Administration, External Affairs, and Finance. Capital highway, rail, and regional arterials budgeted uses of $620,407,000 are 11% lower compared to the FY2017/18 budget due to completion of the 91 Project. Local streets and roads expenditures of $56,951,500 reflect an increase of 3%over the FY2017/18 budget and represent the disbursements to local jurisdictions for the construction, repair, and maintenance of local streetsand roads. Commuter assistance budgeted expend itures of $6,197,800 are 6%higher than FY2017/18 budget due to a new vanpool program. Debt service of $96,675,600 decreased 86%because of the refunding of $541,889,900 of sales tax revenue bonds, swap termination payment of $7,526,000, and retirement of $30,000,000 in commercial paper notesin FY2017/18. Management services expenditures remained consistent with the FY 2017/18 budget; these services include information technology equipment upgrades, office space expansion, robust communication and engagement efforts, financial advisory services, and debt service contribution. Motorist assistance expenditures increased 68%or $4,055,000 from the FY 2017/18 budget due to increased FSP services for capital highway projects and additional FSP beats due to increased funding, including 33132 revenues. Planning and programming budgeted expend itures of $20,526,200 reflect a 48%increase from the FY 2017/18 budget due to increased projects and operations activities in connection with LlF disbursements for planning and programming, grade separation and other agency projects, and special studies. Public and specialized transit budgeted expenditures of $188,418,700 are 28% higher than the FY 2017/18 budget due to increased capital expendituresfor public transit. lhe rail maintenance and operation's budgeted expenditures of $37,119,800 remain consistent with the FY2017/18 budget and include commuter rail and station operations as well as planning and development forthe Coachella Valley -San Gorgonio Passcorridor rail service. Toll operations expenses are budgeted at $23,674,000 to manage the operations, maintenance, and capital support of the RCTC 91 ExpressLanesand pay interest on toll revenue bonds. Chart 3 isan illustration of total uses included in the FY2018/19 budget by major categories. Chart 3—Uses: Major Categories Rail Maintenance and Operations 4% Public and $iecialized Ta nsit 17% Planning and Programming 2% M oto rist Assista n c 1% Managements ry ice 2% Debt Iry ice 9% Commuter Assistance 1% Capital Local Breetsand Roads 5% Commission Personnel Toll Operations 2% Capital Highway, Rail, and Regional Arterials 57 % The Commission's salaries and benefits total $10,354,700 for FY 2018/19. ibis represents an increase of $800,500 or 8% over the FY 2017/18 budget of $9,554,200 (Chart 4). The increase relates to one additional full-time equivalent (FTE), an increase to the Commission's contribution to employee health benefits, and a 4% pool for merit -based salary increases. The FY 2018/19 budget includes two new capital project managers using one available FTE for a net increase of one RE. The Commission's salary schedule for FY 2018/19 is included in Appendix B and complies with Government Code §20636 "Compensation Earnable" and California Code of Register §570.5, "Requirementsfora Publicly Available PaySchedule." Chart 4—Salariesand Benefits Cost: Ave -Year Comparison $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- FY 14/ 15 FY 15/ 16 FY 16/ 17 FY 17/ 18 FY 18/ 19 The FY2018/19 FTEof 51 positions iscomparable to the FY2017/18 level (Table 4) and reflectsa net 1.0 FTE increase related to the recruitment of two capital project managers. The Commission accomplished significant organization changes, including the addition of toll operations, over the past few years related to various projects requiring substantial attention at many staff levels. Management continues to be firmly committed to the intent of the Commission's enabling legislation requiring a lean organization. The Commission will continue providing staff the tools needed to ensure an efficient and productive work environment. However, small should not be viewed in an absolute context; it isrelative to the required tasksand the demandsto be met. Table 4-Full-Time Equivalents by Department FY 2017-2019 FY16/17 FY 17/ 18 FY 18/ 19 Executive Management 0.6 0.4 Administration 4.7 5.2 Exte m a I Affairs 4.9 3.8 Finance 7.0 7.6 Planning and Programming 4.9 5.2 Rail Maintenance and Operations 4.3 4.5 Public and Specialized Transit 2.6 2.3 Commuter Assistance 1.4 1.4 Motorist Assistance 0.8 1.4 Capital Project Development and Delivery 14.7 14.6 Toll Operations 1.1 3.6 TOTAL 47.0 50.0 0.6 5.6 3.7 8.3 5.3 4.2 2.5 1.6 1.2 15.5 2.5 51.0 lhe Commission provides a comprehensive package of benefits to employees. lhe package includes: health, dental, vision, life insurance, short and long-term disability, workers' compensation, tuition assistance, sick and vacation leave, retirement benefits in the form of participation in the California Public Employees' Retirement System (CaIPERS), postretirement health care, deferred compensation, and employee assistance program. Chart 5 illustrates the compensation components. Chart 5- Personnel Salariesand Benefits OtherFringes 9% Health 13% Retirement 21% Department Initiatives Salaries 57% Staff prepared each department's budget based on key assumptions, accomplishments in FY 2017/18, major initiatives for FY 2018/19, and department goals and related objectives. Tables 5 through 15 present the key initiatives and summary of expenditures expenses for each department. Executive Management • Continue project development and delivery asthe key Measure A priority. • Fostergrowth in usage of the RCTC 91 Express Lanesand ensure itsfinancial success. • MonitorSR91 corridoroperationsand effectiveness. • Continue planning efforts to advance pancrnger rail service in the Coachella Valley -San Gorgonio Passcorridor. • Advocate for state and federal investments in transportation to fund needed transportation prioritiesin the County and stimulate the local economy. • Maintain regional cooperation and collaboration as a significant effort consistent with the philosophy and mission of the Commission. • Support a comprehensive social media outreach program to build awareness of the Commission and itsrole in the community. • Maintain an effective mid -sized transportation agency with dedicated staff. Table 5-Executive Management FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 254,600 $ 191,400 $ 191,100 $ 221,000 $ 29,600 15% Professional (252,000) 225,000 120,000 230,000 5,000 2% :Lpport 70,600 90,900 80,500 88,600 (2,300) -3% TOTAL $ 73,200 $ 507,300 $ 391,600 $ 539,600 $ 32,300 6% Administra tion • Provide high quality support servicesto the Commission and to internal and external customers. • Enhance the electronic recordsmanagement system. • Provide timely communicationsto Commissioners. • Update technology to improve internal procesccsand interaction with the public. • Support and develop a motivated workforce with a framework of activities and practicesthat comply with employment lawsand regulations. • Employ and recruit a dynamic and talented workforce. Table 6-Administration FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 585,500 $ 473,600 $ 473,300 $ 755,700 $ 282,100 60% Professional 285,900 533,500 518,400 667,100 133,600 25% 8ipport 656,800 977,300 763,500 986,800 9,500 1% Capital Outlay 87,400 635,000 525,000 530,000 (105,000) -17% Debt rvice 24,900 - - - - N/A TOTAL $ 1,640,500 $ 2,619,400 $ 2,280,200 $ 2,939,600 $ 320,200 12% Ede mal Affairs • Develop effective partnerships with transportation providers to communicate a unified me:.ti ige to Congressregarding mobility needs. • Advocate positions in the State Legislature and in Congress that advance the County's transportation interests. • Continue a leadership role in formulating a countywide direction on federal transportation policies. • Conduct a concerted outreach effort to new federal and state representatives on local transportation issues. • Utilize modern technology to support a robust public communication and engagement effort focusing on accessible and transparent communication of the Commission'sprojects. • Develop marketing and communication plans for the RCTC 91 Express Lanes and commencement of construction of the 1-15 ExpressLanesproject. • Continue the public outreach program, "Operation Lifesaver", targeting schools in close proximity to railroad trackson rail safety education, engineering, and enforcement. Table 7—ExtemaIAffairs FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 654,200 $ 877,100 $ 876,400 $ 813,100 $ (64,000) -7% Professional 686,900 1,135,500 1,105,500 1,003,400 (132,100) -12% apport 86,900 181,600 176,700 412,400 230,800 127% TOTAL $ 1,428,000 $ 2,194,200 $ 2,158,600 $ 2,228,900 $ 34,700 2% Rnance • Continue appropriate uses of long- and short-term financing to advance 2009 Measure A projectsof the Commission. • Apply the sales tax revenue forecast update to update a financing plan to support the Western Riverside County Delivery Plan. • Provide support to the 91 Express Lanes toll operations contractor's back office to ensure the properaccounting of toll revenuesand operationsand maintenance costs. • Keep abreast of Governmental Accounting Standards Board (GASB) technical activities affecting the Commission's accounting and financial reporting activities and implement new pronouncements. • Upgrade the Enterprise Resource Planning (ERP) system to benefit all staff in the management of accounting and project information and automation of a paperlessworkflow system. • Manage a centralized procurements process in order to strengthen controls and ensure consistency in the application of procurement policies and procedures and adherence to applicable lawsand regulations. • Support outreach activities to encourage disadvantaged business enterprise (DBE) and small businessenterprise (SBE) participation in variouscontracts. Table 8—Finance FY 16/ 17 FY 17/ 18 FY 17/ 18 FY 18/ 19 Do lla r Percent Actual Revised Budget Projected Budget Change Change Personnel $ 967,500 $ 1,110,200 $ 1,109,600 $ 1,218,300 $ 108,100 10% Professional 1,608,400 2,195,200 1,520,500 2,084,700 (110,500) -5% 6Lpport 941,500 964,000 471,800 543,500 (420,500) -44% Capital Outlay 600 280,000 85,000 513,700 233,700 83% TransfersOut 10,000,000 13,277,000 13,199,900 13,183,400 (93,600) -1 TOTAL $ 13,518,000 $ 17,826,400 $ 16,386,800 $ 17,543,600 $ (282,800) -2 Planning a nd Progra mming • Monitor funding authority and responsibility related to the State Transportation Improvement Program (STIP) and impactson the STIP caused by the state budget issues. • Ensure administration and implementation of STIP/Regional Improvement Program (RIP), Active Transportation Program (ATP), and other funded projects consistent with California Transportation Commission (CTC), California Department of Transportation (Caltrans), and Southern California Association of Governments(AG) policies. • Continue to strategically program projects for all local agencies countywide into the Federal Transportation Improvement Program (RIP) and obligate funds in an expeditious manner for the maximum use of all available funding, including monitoring the use of such funding to prevent from lapsing. • Monitor all projects programmed to receive 2009 Measure A, TUMF, state, and federal fundsto ensure timely delivery and prevent fundsfrom lapsing. • Focus on interregional concerns and maintain effective working relationships involving various multi -county transportation issues, including goods movement. • Coordinate planning efforts with regional and local agencies relating to the development of Regional Transportation Plan/Sustainable CommunitiesStrategy (RTP/SCS) and greenhouse gas reduction (GHG) implementation guidelines. • Participate in the development of CTC'sATPprogram guidelinesto represent the County'sbest interest in program funding. • Ad minister the S3821 Bicycle and Pedestrian FacilitiesProg ram (S3821). • Continue the development of a countywide integrated long-range transportation plan consistent with local, regional, and state planning requirements. Table 9-Planning and Programming FY 16/ 17 Actual FY 17/ 18 Revised Budget FY 17/ 18 FY 18/ 19 Projected Budget Dollar Percent Change Change Personnel Professional Rapport Projects and Operations Tra nsfersOut TOTAL $ 1,023,200 117,700 27,400 1,372,700 $ 2,541,000 $ 983,400 $ 983,400 $ 1,147,400 620,500 177,400 295,500 18,300 14,500 19,100 11,384,900 4,978,000 18,046,800 870,300 762,600 1,017,400 13,877,400 $ 6,915,900 $ 20,526,200 $ 164,000 (325,000) 800 6,661,900 147,100 $ 6,648,800 17% -52 % 4% 59 % 17% 48 % Rail Maintenance and Operations • Asa member of the RRA, continue active participation in the governance and operationsof the Metrolink commuter rail system. • Continue the planning and implementation of capital improvements at the commuter rail stationsin the County, including security and rehabilitation projectsand parking requirements. • Continue to support and evaluate activities related to the Perris Valley Line (PVL) service, such as promoting ridership. • Establish the best approach to build, maintain, and operate cost effective and environmentally sustainable facilitiesthat meet the public'stransportation needs. • Lead the service development processand actively coordinate with all stakeholdersalong the Coachella Valley -San Gorgonio Passcorridorfor intercity pascPnger rail %rvice. • Advance the next generation rail feasibility study to evaluate future growth opportunities for passenger rail in the County. Table 10-Rail Maintenance and Operations Personnel Pro fe ssio n a I Rapport Projects and Operations Capital Outlay Tra nsfe rs Out TOTAL FY 16/ 17 Actual $ 755,400 1,463,200 1,891,100 20,181,400 7,500 $ 24,298,600 FY 17/ 18 Revised Budget $ 732,700 $ 4,404,000 3,391,100 27,665,700 90,000 948,500 $ 37,232,000 $ FY 17/ 18 FY 18/ 19 Projected Budget 728,300 2,407,700 2,919,800 22,923,900 80,000 908,500 29,968,200 Dolla r Change $ 88,200 (1,180,000) (70,400) 1,113,100 2,500 (65,600) Percent Change 12% -27 % -2 % 4% 3% -7 % Public and Specialized Transit $ 820,900 3,224,000 3,320,700 28,778,800 92,500 882,900 $ 37,119,800 $ (112,200) 0% • SLpport innovative programs that provide transit assistance in hard to serve rural areas or for ridershaving very special transit needsand monitorfunding of these programs. • Continue long-range planning activities to ensure that anticipated revenues are in line with projected levelsof service by transit operators. • Continue public transit operator oversight and fiduciary responsibilitiesto ensure completion of annual fiscal auditsand state triennial performance auditsin accordance with lDA regulations. • Coordinate with operators for major capital purchases and investments into new rolling stock and other system improvementsin orderto maintain a viable on -hand reserve. • Coordinate with transit operatorsthe provision of connecting busservice to PVLstations. Table 11 -Public and Specialized Transit Personnel Professional amport Projects and Operations Tra nsfers Out 70TAL FY 16/17 Actual $ 366,800 126,800 39,400 82,265,500 21,786,700 $ 104,585,200 FY 17/ 18 Revised Budget $ 415,500 204,300 88,700 122,010,600 24,934,200 $ 147,653,300 FY 17/18 FY 18/19 Dollar Percent Projected Budget Change Change 397,700 $ 450,200 $ 34,700 8% 171,800 314,000 109,700 54% 53,800 63,900 (24,800) -28% 104,281,700 159,303,300 37,292,700 31% 24,786,400 28,287,300 3,353,100 13% 129,691,400 $ 188,418,700 $ 40,765,400 28% Commuter Assista nce • Improve the suite of services and outreach to rideshare participants and employer partners, including personalized information and electronic accessand distribution. • Maintain and grow employer partnerships through value-added services and tools for ridesharing programs. • Maintain the long-term partnership with San Bernardino County Transportation Authority (SBCTA) to manage and implement a "sister" commuter assistance program for residents and employersin San Bernardino County. • Optimize park and ride facilities to support car/vanpool/buspool arrangements and facilitate transit connections. • Operate a cost-effective program within the County that results in reduction of single occupant vehicles. Table 12— Commuter Assistance FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 257,000 $ 264,800 $ 264,400 Professional 359,000 799,700 707,200 Support 57,100 257,400 247,200 Projects and Operations 2,013,000 2,821,100 2,642,100 TransfersOut - 1,712,300 1,048,000 -rO TA $ 2,686,100 $ 5,855,300 $ 4,908,900 Motorist Assistance $ 288,200 449,700 342,500 3,420,900 1,696,500 $ 6,197,800 $ 23,400 9 % (350,000) -44 % 85,100 33 % 599,800 21 % (15,800) -1 % $ 342,500 6 % • Ascossopportunitiesforefficiency related to the call box program operations. • Maintain a high benefit -to -cost ratio related to the performance of the FSP program and expand service if funding opportunitiesarise. • Transition from a locally provided 1E511 system to a regional southern California 511 solution. • Continue the call box system program to serve as a "safe net" for stranded motorists in the County. Table 13— Motorist Assistance FY 16/ 17 Actual FY 17/ 18 Revised Budget FY17/18 FY18/19 Dollar Percent Projected Budget Change Change Personnel Professional Support Projects and Operations TransfersOut TOTAL $ 126,000 $ 405,500 388,600 3,257,100 1,068,400 $ 5,245,600 $ 154,000 $ 518,000 298,900 3,723,000 1,257,500 5,951,400 $ 153,000 $ 200,000 $ 46,000 30% 460,200 528,200 10,200 2% 155,000 290,000 (8,900) -3% 3,254,000 5,167,700 1,444,700 39% 1,257,500 3,820,500 2,563,000 204% 5,279,700 $ 10,006,400 $ 4,055,000 68% Capital Project Development and Delivery • Continue project work on the Western Riverside County Delivery Plan projects, including the 1-15 Express Lanes project, SR60 truck climbing lanes, SR79 realignment, Mid County Parkway, and Pachappa underpassproject. • Provide IUMF regional arterial funding and support to local jurisdictions for regional arterial project engineering, right of way acquisition, and construction. • Provide 2009 Measure A funding to the incorporated cities and the County for local streets and roads maintenance, repair, and construction and to the Coachella Valley Asuciation of Governments (CVAG)for highwaysand regional arterials. • Develop strategiesto implement alternative financing structuresincluding public toll roads. • Maintain a right of way acquisition and management program in support of capital projects and in the most cost effective manner within project schedules, while adhering to federal and state regulations. • Maintain and manage the access, use, safety, and security of Commission -owned properties including commuter rail stations, properties in acquisition process, and income -generating properties. Table 14 —Capital Project Development and Delivery FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 3,306,500 $ 3,606,400 $ 3,625,000 $ 3,836,900 $ 230,500 6% Professional 18,980,600 10,260,200 9,242,000 8,723,600 (1,536,600) -15% 3apport 710,500 951,500 614,000 632,700 (318,800) -34% Projectsand Operations 310,863,200 464,272,500 319,135,100 533,911,200 69,638,700 15% Capital Outlay 5,574,900 5,221,300 3,000,000 3,550,000 (1,671,300) -32% Debt Service 136,530,500 659,804,900 653,859,700 69,555,700 (590,249,200) -89% Transfers Out 175,903,300 266,623,800 255,699,000 126,704,100 (139,919,700) -52% TOTAL $ 651,869,500 $ 1,410,740,600 $ 1,245,174,800 $ 746,914,200 $ (663,826,400) -47% Toll Operations • Manage the operations of the RCTC 91 Express Lanes adhering to the Commission's91 Express Lanes Toll Policy. • Manage toll operations using investment grade traffic and revenue studies and cost estimate assumptionsspecific to each expresslane facility. • Continue 1-15 Express Lanes toll planning through development of business rules and agency agreements. • Provide timely and effective reporting of toll operation metrics including revenue, transactions, carpool usage, and performance indicators. • Participate in the California Toll Operators Committee to advance regional and statewide tolling initiatives, technology, interoperability, and coordination among California toll agencies. Table 15—Toll Operations FY 16/17 FY17/18 FY 17/18 FY 18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Personnel $ 148,700 $ 745,100 $ 644,600 $ 603,000 $ (142,100) -19% Professional 99,500 1,436,100 1,200,200 2,061,000 624,900 44% SLpport and Maintenance 897,600 4,228,500 3,374,300 4,576,700 348,200 8% Projectsand Operations 1,893,900 7,984,500 6,711,200 8,786,100 801,600 10% Capital Outlay - 650,000 921,000 1,340,000 690,000 106% Debt Service 2,021,200 7,119,900 7,119,900 27,119,900 20,000,000 281% Transfers Out 1,392,200 4,052,900 709,900 6,307,200 2,254,300 56% TOTAL $ 6,453,100 $ 26,217,000 $ 20,681,100 $ 50,793,900 $ 24,576,900 94% Fund Balances the projected total fund balance asof June 30, 2018 is$789,451,200. the Commission'sexpectsthe FY2018/19 budgeted activities to result in a $178,649,100 decrease of total fund balance at June 30, 2019 to $610,802,100. the primary cause of the decrease is project activities in FY 2018/19 related to the 1-15 Express Lanes project, Mid County Parkway project, toll operations, Riverside station layover facility, 1UMF regional arterial projects, and public transit allocations. Table 16 presents the components of the projected fund balance by fund type and program at June 30, 2019. Table 16-Projected Fund Balances by Fund Type and Program at June 30, 2019 13verside County Transportation Commission $610,802,100 General Fund Baecial Revenue Funds Capital Projects Funds $19,821,100 $412,352,600 $128,352,900 Management 3'11./ices Planning and Programming Rail Maintenance and Operations $3,821,500 3,943,900 12,055,700 Measure A Western County: Bond Financing Commuter Assista nce Economic Development Highways Restricted for: 1-15 Express LanesllFiA Reserve Intia1 Loan Local 3reetsand Roads New Corridors Public and Baecialized Tra net Rail Regional Arterials Measure A Coachella Valley: Highwaysand Regional Arterial Local 3reetsand Roads B>ecialized Transit $4,478,800 12,408,900 10,616,800 52,968,500 3,000,000 1,000 4,057,100 7,569,300 14,674,300 42,044,800 37,340,200 1,300 2,510,600 Measure A Palo Verde Valley Local 3reetsand Roads 600 Other Agency Projects Fund 33132 Coachella Valley/San Gorgonio Pass Motorist Assistance State Tra n sit Assistance Local Transportation Fund 45,000 0 33,800 7,312,000 54,508,300 75,497,200 TUM F: CEfAP Regional Arterials 51,958,000 31,326,100 Highways Restricted for: 1-15 Express Lanes TRA Reserve Advances Receivable $ 90,819,193 16,500,000 21,033,707 Debt %rvice Fund $21,882,200 Restricted for Debt rvice $21,882,200 Enterprise Fund $28,393,300 Rverside 91 Express La nes Restricted for: 91 Project 11RA Reserve $8,393,300 20,000,000 Chart 6 illustrates the actual and projected trends in fund balances for each governmental and enterprise fund type from FY2015/16through FY2018/19. Chart 6-Projected Fund Balance Trends by Fund Type FY2016-2019 $601,000,000 $501,000,000 $401,000,000 $301,000,000 $201,000,000 $101,000,000 $1,000,000 General Fund qpecial Revenue Funds Budget Summary Capital Rojects Funds 111 Debt Service Fund Enterprise Fund uFY 15/16 mFY16/17 uFY 17/18 iiFY 18/19 the overall budget for FY 2018/19 is presented in Table 17 by summarized line items, Table 18 by operating and capital classifications, and Table 19 by fund type. Highway, rail, and regional arterial program expendituresby project are summarized in Table 20. Table 17 — Budget Comparative by Summarized Line Item FY 2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Measure A Sales Tax L1FSslesTax STA SaIesTax Federal Reimbursements Sate Reimbursements Local Reimbursements IUMFRevenue Tolls, Penalties, and Fees Other Revenue Investment Income 101AL Revenues $ 175,320,200 $ 181,000,000 $ 181,000,000 88,206,900 91,000,000 91,000,000 6,432,600 10,469,000 20,204,800 20,201,700 78,563,200 105,408,300 8,538,500 16,589,100 8,275,100 3,727,400 6,840,100 7,435,100 19,594,800 22,250,000 22,250,000 10,125,300 16,835,800 42,812,600 6,746,000 2,803,700 574,200 4,495,300 3,509,400 7,595,300 343,388,700 429,860,300 486,555,400 Expend itures/ Expenses Personnel Sala riesand Benefits 8,445,400 9,554,200 9,446,800 Professional and Sipport Professional %rvices 23,881,500 22,332,000 17,630,900 Sipport Costs 5,767,500 11,448,200 8,871,100 101AL Professional and Sipport Costs 29,649,000 33,780,200 26,502,000 Projects and Operations Program Operations 15,528,100 28,156,000 24,474,400 Engineering 3,167,700 12,007,900 8,315,100 Construction 35,515,800 75,075,100 40,632,100 Design Build 170,452,800 192,599,700 145,452,500 Right of Way/Land 27,343,800 88,112,500 36,935,900 Operating and Capital Disbursements 103,163,800 154,505,600 130,653,500 S)ecial S udies 213,800 3,952,000 2,425,000 Local Sreetsand Roads 51,864,000 55,037,500 55,037,500 Reg iona I Arterials 14,597,000 30,416,000 20,000,000 101AL Pro jects a nd Operations 421,846,800 639,862,300 463,926,000 Debt %rvice Principal Paym ents 27,317,200 62,145,000 62,120,000 Interest Payments 46,705,400 54,712,600 54,712,600 Cost of Issuance 654,000 3,767,200 2,257,100 101AL Debt %rvice 74,676,600 120,624,800 119,089,700 Capital Outlay 5,670,400 6,876,300 4,611,000 101ALExpend ituresrExpenses 540,288,200 810,697,800 623,575,500 Excess(deficiency)of Revenues over (under)Expenditures/Expenses (196,899,500) (380,837,500) (137,020,100) Other Rnancing Uroes(Uses) Transfers In Transfers Out Debt Proceeds 11RA Loan Proceeds Payment to Escrow Agent Bond Premium Net Rnancing Sburces(Uses) Excess(deficiency)of Revenues over (under) Expend itures/Expensesand Other Rnancing 9ources(Uses) Beginning Fund Balance 188,488,900 (210,150,600) 106,140,000 143,358,100 (63,900,000) 8,414,000 313,676,500 (313,676,500) 636,250,000 81,810,000 (546,300,000) 119,722,000 298,371,800 (298,371,800) 632,775,000 (541,889,900) 119,713,800 172,350,400 291,482,000 210,598,900 (24,549,100) (89,355,500) 73,578,800 740,421,500 715,872,400 715,872,400 ENDING FUND BALANCE $ 715,872,400 $ 626,516,900 $ 789,451,200 $ 187,000,000 94,000,000 23,203,600 59,105,700 165,442,400 24,037,900 22,922,200 36,940,500 539,000 3,408,000 616,599,300 10,354,700 19,581,200 11,276,900 30,858,100 25,940,100 35,733,800 126,358,000 188,565,500 92,220,600 199,973,300 1,672,000 56,951,500 30,000,000 757,414,800 25,965,000 50, 710, 600 76,675,600 6,026,200 881,329,400 (264,730,100) 181,899,300 (181,899,300) 106,081,000 (20,000,000) 86,081,000 (178,649,100) 789,451,200 $ 610.802.100 $ 6,000,000 3% 3,000,000 3% 12,734,600 122% (19,457,500) -25% 148,853,300 897% 17,197,800 251 % 672,200 3% 20,104,700 119% (2,264,700) -81% (101,400) -3% 186,739,000 43% 800,500 8 % (2,750,800) -12% (171,300) -1% (2,922,100) -9% (2,215,900) -8% 23,725,900 198% 51,282,900 68% (4,034,200) -2% 4,108,100 5 % 45,467,700 29% (2,280,000) -58% 1,914,000 3% (416,000) -1 % 117,552,500 18% (36,180,000) -58% (4,002,000) -7% (3,767,200) -100% (43,949,200) -36% (850,100) -12 % 70,631,600 9% 116,107,400 -30% (131,777,200) -42 % 131,777,200 -42% (636,250,000) -100% 24,271,000 30% 526,300,000 -96% (119,722,000) -100% (205,401,000) -70% (89,293,600) 100% 73,578,800 10% $ (15,714,800) -3% Table 18 - Operating and Capital Budget FY 2018/19 FY 18/ 19 FY 18/ 19 FY 18/ 19 Operating Budget Capital Budget TOTAL Budget Revenues Measure A SaIesTax $ 25,827,000 $ 161,173,000 LTF &Ile s Tax 94, 000, 000 STA ailesTax 23,203,600 - Federal Reimbursements 5,978,000 53,127,700 Sate Reimbursements 7,890,700 157,551,700 Local Reimbursements 3,557,900 20,480,000 TU M F Rev e n ue 22, 922,200 Tolls, Penalties, and Fees 36,940,500 Other Revenue 539,000 Investment Income 914,400 2,493,600 TOTAL Revenues 161,371,600 455,227,700 Expenditures/Expenses Personnel &i la ries a nd Benefits 5,791,200 4,563,500 Professiona I a nd alp port Professional cervices 8,745,600 10,835,600 SLpport Costs 6,066,900 5,210,000 TOTAL Professiona I and alp port Costs 14,812,500 16,045,600 Projects and Operations Program Operations 11,317,400 14,622,700 Engineering 1,650,000 34,083,800 Construction 4,200,000 122,158, 000 Design Build 188, 565, 500 Fight of Way and Land 92,220,600 Operating and Capital Disbursements 184,223,300 15,750,000 Special Studies 1,622,000 50,000 Local areetsand Roads 56,951,500 Re g io na l A rt a ria is 30, 000,000 TOTAL Projects and Operations 203,012,700 554,402,100 Debt rvice Principal Payments 25,965,000 Interest Payments 50,710,600 TOTAL Debt Service 76,675,600 Capital Outlay 1,136,200 4,890,000 TOTAL Expenditures/Expenses 224,752,600 656,576,800 Excess(deficiency)of Revenues over (under) Expenditures/Expenses Other Financing Sources (Uses) Tra nsfe rs In Transfers Out 11F1A Loan Proceeds Payment to Escrow Agent Net Financing Sources (Uses) Excess (d eficiency) of Revenues over (under) Expend itures/Expensesand Other Financing Sources (Uses) Beginning Fund Balance (63,381,000) (201,349,100) 40, 792, 300 141,107, 000 (48,421,400) (133,477,900) 106,081,000 (20, 000,000) (7,629,100) 93,710,100 (71,010,100) (107,639,000) 255,150,100 534, 301,100 ENDING FUND BALANCE $ 184,140,000 $ 426,662,100 $ 187, 000, 000 94,000,000 23,203,600 59,105, 700 165,442,400 24,037,900 22, 922, 200 36, 940, 500 539,000 3,408,000 616, 599, 300 10,354,700 19,581,200 11,276,900 30, 858,100 25, 940,100 35, 733, 800 126, 358, 000 188, 565, 500 92, 220, 600 199, 973, 300 1,672,000 56,951,500 30, 000, 000 757,414,800 25, 965, 000 50,710,600 76,675,600 6,026,200 881,329,400 (264, 730,100) 181,899,300 (181,899,300) 106,081,000 (20, 000, 000) 86,081,000 (178,649,100) 789,451,200 $ 610, 802,100 Table 19 — Budget by Fund Type FY 2018/19 FY 18/19 General Fund Special%venue Ca p ita I Projects Debt %rvice Enterprise TOTAL Budget Revenues Measure A Sales Tax LTFRalesTax SfA SaIesTax Federal Reimbursements Rate Reimbursements Local Reimbursements lUMFRev enue Tolls, Penalties, and Fees Other Revenue Investment Income TOTAL Revenues Expend itures/Expenses Personnel Se lariesand Benefits Professional and Rapport Professional rvices Rapport Costs TOTAL Professional and Rapport Costs Projects and Operations Program Operations Engineering Construction Design Build Fight of Way/Land Operating and Capital Disbursements RpecialRudies Local Rreets and gads %giona I Arterials TOTAL Projects and Operations Debt %rvice Principal Payments Interest Payments TOTAL Debt %rvice Capital Outlay TOTAL Expenditures/Expenses Excess(deficiency)of Revenues over (under)Expenditures Expenses Other Rna ncing S3urces(Uses) Transfers In Transfers Out 11RA Loan Proceeds Payment to Escrow Agent Net Rnancing Sburces(Uses) Excess(deficiency)of Revenues over (under)ExpendituresExpensesand Other Rnancing Sources (Uses) Beginning Fund Balance ENDING FUND BALANCE $ 19,821,100 $ 412,352,600 $ 3,978,000 3,181, 700 1,113,100 8,371,400 $ 187,000,000 94,000,000 23,203,600 52,327,500 162,260,700 14,424,800 22,922,200 539,000 98,600 2,049,800 558,727,600 5,069,600 4,369,700 5,415,400 9,785,100 4,682,100 13,150,500 1,284,800 14,435,300 2,728,800 14,425,200 1,650,000 34,083,800 1,800,000 124,558,000 188,565,500 92,220,600 25,055,000 174,918,300 1,622,000 50,000 56,951,500 30,000,000 955,400 955,400 2,800,200 162,900 2,963,100 $ 187,000,000 94,000,000 23,203,600 59,105,700 165,442,400 8,500,000 24,037,900 22,922,200 36,940,500 36,940,500 539,000 141,300 3,408,000 45,581,800 616,599,300 603,000 10,354,700 2,061,000 4,576,700 6,637,700 19,581,200 11,276,900 30,858,100 8,786,100 25,940,100 35,733,800 126,358,000 188,565,500 92,220,600 199,973,300 1,672,000 56,951,500 30,000,000 32,855,800 715,772,900 25,965,000 43,590,700 8,786,100 757,414,800 25,965,000 7,119,900 50,710,600 1,136,200 48,846,700 3,550,000 738,440,300 69,555,700 7,119,900 1,340,000 69,555,700 24,486,700 76,675,600 6,026,200 881,329,400 (40,475,300) (179,712,700) 35,342,300 74,001,300 (1,265,600) (126,481,800) 106,081,000 955,400 (66,592,600) 21,095,100 (264,730,100) (45,044,500) 72,555,700 (2,800,200) (6,307,200) (20,000,000) 181,899,300 (181,899,300) 106,081,000 (20,000,000) 34,076,700 53,600,500 (45,044,500) 69,755,500 (26,307,200) 86,081,000 (6,398,600) (126,112,200) (44,089,100) 3,162,900 26,219,700 538,464,800 172,442,000 128,352,900 $ (5,212,100) (178,649,100) 18,719,300 33,605,400 789,451,200 21,882,200 $ 28,393,300 $ 610,802,100 Table 20 — Highway, Regional Arterial, and Rail Programs FY 2018/19 Description HIGHWAY EIGINEBRNG 71/91 connector E3hanac 5R-74 comd or Grade separation projects Hamner Bridge widening 1-15 Express La nes 1-15 Express La nessouthem extension Mid County Pa rkwa y(MCP) MCPI-215/Racentia interchange MCPSrveeney mitigation Pachappa underpass Rverside County -Santa Ana Rver Trail (detailspresented in.%ctions 5.2 Planning and Programming and 5.3 Capital Projects) SR-60 truck climbing lanes 5R-79 Realignment General (details presented in 9: ction 5.2 Planning and Programming) General (detailspresented in fiction 5.3 Capital Projects) SJBTOTAL HIGHWAY EIGINEERNG REGIONAL ARTEIAL ENGINEERING 1-15 Railroad Canyon interchange Various Westem County MARA and lUM Fregional arterial projects SJBTOTAL REGIONAL ARTERIAL EVG IN B3dNG RAIL EVGINE-0NG Moreno Valley March Reld station upgrade Perris Va lley Une and other related mil projects Rverside Layover Facility Rverside station track and platform SJBTOTAL RAIL EJGINEMING TOTALHIGHWAY, REGIONALAREERA4 AND RAIL ENGIN EERNG HIGHWAY CONSTRUCTION 15/91 Express La nes connector 91 Conid or Operations Project 91 Project 1-15 Express La nes I-15/Limonite interchange 1-215 comd or improvements (centre l seg menty�ott Road to Nuevo Road MCPI-215/Ra cantle Interchange MCPSveeney mitigation Mid County Pa rkway Pachappa underpass Rverside County -Santa Ana Rver Tra it (detailspresented in Sections 5.2 Panning and Programming and 5.3 Capital Projects) 5R-60 Truck Climbing Lanes General (detailspresented in fiction 5.2 Panning and Programming) General (detailspresented in fiction 5.3 Capital Projects) SJBTOTAL HIGHWAY CONSTRICTION FEG IO NAL ARTEIRAL CO NSIRJCTIO N Various Western County MARA and TUM Fregional arterial projects SJBTOTAL REGIONAL AR ERAL CONSTd1C11ON RAIL CONSTRUCTION Penis Va lley Line and other related mil projects Rverside Layover Fa cilky Rverside-La Serra station improvements Other Rverside Downtown mobility improvements (detailspresented in 81'ction 5.2 Rail) Other -Coachella Valley -San Gorgonio Pass comd or (detailspresented in Section 5.2 Rail) SJBTOTAL RAIL CONSTRUCTION TOTALHIGHWAY, PEGIONALARRiRAL, AND R4ILCONSIRUCEON HIGHWAY DESGN BUILD 15/91 Express La nes connector 91 Comd or Operations Project 91 Project 1-15 Express La nes TOTALHIGHWAY DESIGN BULD HIGHWAY RGHTOF WAY AND LAND 60/215 East Junction high occupancy vehicle (HOV)lane connectors 71/91 connector 91 Project Grade separation projects 1-15 Express La nes 1-215 corridor improvements (centre l segmenty&ott Road to Nuevo Road Mid County Parkway MCPI-215/Racentia interchange MCPSveeney mitigation M SICP la nd acquistbn in Western County Pachappa underpass Rverside County -Santa Ana Rver Trail (detailspresented in Sections 5.2 Planning and Programming and 5.3 Capital Projects) 5R-60 truck climbing lanes 5R-74 curve widening 5R-74/1-15 to 7th Sreet 5R-91 HOV la nedAda ms Sreet to 60/91/215 interchange General (detailspresented in fiction 5.3 Capital Projects) SJBTOTAL HIGHWAY RGHTOF WAY AND LAND REGIONALARTETRAL RGHTOFWAY AND LAND 1-15 Railroad Canyon interchange Various Western County MARA and lUM Fregional arterial projects SJBTOTAL REGIONAL ARTERAL RGHTOFWAY AND LAND RAIL RGHTOFWAY AND LAND Perris Va lley Line and other related mil projects Rverside Layover Fa cilty Rverside-La Serra station improvements General SUBTOTAL RAIL PJGHTOFWAY AND LAND TOTALHIGHWAY, REGIONALARIE RAL, AND RAIL RGHTOF WAY AND LAND GRAND TOTAL HIG HWAY, REGIONALAR1ERIAL, AND RAIL PROGRAMS $ 3,950,000 400,000 11,550,000 500,000 150,000 4,000,000 3,350,000 1,600,000 450,000 388,000 970,000 615,000 300,000 1,650,000 324,500 30,197,500 2,400,000 364,300 2,764,300 1,100,000 22,000 350,000 1,300,000 2,772,000 $ 35.733.800 $ 5,772,000 1,000,000 2,000,000 9,350,000 30,000,000 925,000 2,600,000 4,050,000 650,000 12,460,000 10,208,000 25,200,000 500,000 1,950,000 106,665,000 7,358,000 7,358,000 1,735,000 5,110,000 1,790,000 1,300,000 2,400,000 12,335,000 $ 126 358 000 $ 47,982,600 4,500,000 1,132,900 134,950,000 $ 188.565.500 $ 50,000 5,100,000 24,000,000 20,000,000 1,402,500 5,000 1,100,000 20,600,000 25,000 3,000,000 625,000 255,000 385,000 4,000 60,000 635,000 674,100 77,920,600 4,000,000 10,020,000 14,020,000 25,000 100,000 5,000 150,000 280,000 $ 92,220,600 Gann Appropriations Limit In November 1979, the voters of the State approved Proposition 4, commonly known as the Gann Initiative (Gann). the proposition created Article XIIIB of the State Constitution, placing limits on the amount of revenue that can be spent by public agencies from the "proceeds of taxes." In 1980, the State Legislature added Section 7910 to the Government Code, providing that the governing body of each local jurisdiction must establish, by resolution, an appropriations limit for the following year. The appropriations limit for any fiscal year is equal to the previous year'slimit adjusted for population changesand changesin the California per capita income. the Commission is subject to the requirements of Article XIIIB. Gann appropriations limits are calculated for and applied to the Commission. In accordance with the requirements of Article XIIIB implementing legislation, the Board approved Resolution No. 18-009 on June 13, 2018, establishing appropriations limits for the Commission at $464,186,785. the FY 2018/19 budget appropriated $299,410,700 in taxes for the Commission, falling well within the limits set by the Gann. Based on historic trends and future projections, it appears the Commission's use of the proceedsof taxes, asdefined by Article XIIIB, will continue to fall below the appropriations limit. the calculation forthe FY2018/19 appropriationslimit isasfollows: FY2017/18AppropriationsLimit $441,572,195 FY2018/19adjustment: x 1.0512138 •Change in Califomia percapita personal income 1.0367% ((3.67+100)/ 100= 1.0367) • Change in Population, Riverside County • Calculation offactorfor FY2018/19 1.0140% ((1.40 + 100) / 100 = 1.0140) 1.0367 x 1.0140 = 1.0512138 1FY 2018/19 Appropriations Limit $464,186,785 • $441, 572,195 x 1.0512138 = $464,186,785 Source: California per capita income —California Department of Finance Population, Riverside County —Califomia Department of Finance Fina nc is I Ove rview Fiscal Accountability Policies As the steward of local, state, and federal resources, RCTC maintains financial policies that promote fiduciary responsibility and organizational excellence. Financial Fla nnin • Balanced Budget Administration Retirement Benefits Capital Projects Reserves RCTC adopts an annual budget in which operating and capital expenditures and other financing uses are equal to or less than identified revenuesand otherfinancing sourcesaswell asavailable fund balances. Allocations from local and state sources and toll operations fund administrative costs, including salariesand benefits. o Administrative salaries and benefits cannot exceed 1% of Measure A salestax revenues. o Administrative costs will not exceed 4%of Measure A sales tax revenues (inclusive of the 1%salary limitation). RCTC contributes 100% of the annual requirement related to its proportionate share of the net pension liability and to the postretirement health care benefits. Multi -year capital projects are consistent with the strategic plan and budgeted by fiscal year, based on best available estimates. RCTC establishes and maintains reserves in accordance with Measure A and IDA policiesaswell asdebt agreements. Revenues RCTC prepares annual and mid -year revised revenue projections to ensure use of current and relevant data; staff may adjust amounts during the budget processto reflect the most current economic trends. RCTC-adopted policies establish congestion pricing in order to optimize throughput on toll facilities while generating revenue to meet all financial commitmentsrelated to: o Debt issued to construct or repair any portion of the toll facility, payment of debt service, and satisfaction of other covenants and obligations related to indebtednessof the toll facility, including applicable reserves; o Development, maintenance, repair, rehabilitation, improvement, reconstruction, administration, and operation of the toll facilities, including toll collection and enforcement and applicable reserves; and o Projectswithin the corridor which generated the revenue. RCTC uses local funding sources to maximize federal and state funding of projects. Sale of Properties RCTC returns proceeds from the disposition of excess properties to the programsthat provided the funding sourcesforthe property acquisition. 6cpe nd itures✓ 6cpe nses Prio ritie s Accountability RCTC reviewsestablished prioritiesfor planning and programming of capital projectsannually. RCTC compares actual expenditures!expensesto the budget on at least a quarterly basis and appropriately notes, explains, and justifies significant deviations. RCTC ensures competitive, transparent, objective, and fair procurement selection processesin accordance with policiesadopted on June 13, 2018. Capital and Intangible Assets On a government -wide basis, RCTC recordscapital and intangible assetsat historical costs, estimated historical costs if purchased or constructed, or estimated fair value at date of donation. RCTC maintains such assets in a state of good repair and safeguards them from misuse and misappropriation. o RCTC generally does not capitalize infrastructure, which title will be vested with Caltransorother govemmental agency. o RCTC depreciates capital and amortizes intangible asccts over the estimated useful life or service concession term. Debt Mana • ement Debt Limitation Management Coverage Outstanding sales tax revenue debt cannot exceed $975 million, in accordance with Measure K approved by a majority of the voters in November 2010; RCTC can issue toll -supported debt for specific highway projectsbased on amountsauthorized by the Commission. RCTC maintainsand updatesthe Debt Management Policy, asadopted on September 14, 2016, and Interest Rate Sivap Policy, as adopted July 12, 2006, for matters related to sales tax revenue and toll -supported indebtedness. RCTC maintains debt coverage ratios of 2.0xon all senior sales tax revenue debt and 1.3xon all toll -supported debt. RCTC issues debt for major capital projects including engineering, right of way, construction, and design -build; RCTC will not finance operating requirements except for initial toll operations. Costs of issuance, including the standard underwriter's discount, do not exceed 2% unless specifically authorized. All salestax revenue debt matures prior to the termination of 2009 Measure A on June 30, 2039; all toll -supported debt matures prior to the expiration of toll facility agreements. CashMana•ement Management Receipts RCTC invests funds in order of priority (safety, liquidity, and yield) in accordance with the Investment Policy, adopted on December 13, 2017, or debt agreements. Where possible, RCTC encourages receipt of funds by wire transfer to its accounts. RCTC makes cash disbursements to local jurisdictions and vendors/consultantsin a timely manner. RCTC maintains amounts in the bank operating account at the amount necessary to meet monthly expenditures expenses. Accountin• and Financial Reportin Accounting System RCTC maintains an ERP system that integrates project and toll operations accounting needsand improvesaccounting efficiency. RCTC issues a Comprehensive Annual Financial Report (CAFR); separate financial reports for the OF, STA, Proposition 1B Rehabilitation and Security Project Accounts, SB 1 State of Good Repair (SGR) Program, Low Carbon Transit Operations Program (LCTOP), and toll operations; and the State Controller's Transportation Planning Agency Financial Transactions Report and Government Compensation in California Report. An independent accounting firm conducts an annual audit of the Commission's accounting books and records; RCTC obtains audits of Measure A and TDA funding recipientsfor compliance and other matters in a timely manner. Functional Management Unlike many governments that provide direct services to the public, the Commission's overall responsibility is to manage transportation planning and funding for the County. As a result, its budget in terms of dollars, is comprised primarily of capital -related programs and projects; the operating component of the budget is related to multimodal programs (toll operations, transit planning, rail operations, and commuter and motorist assistance services). Management services, consisting of executive management, administration, external affairs, and finance, provide support to both capital and operating programs and projects. Chart 7 depicts the organization of the Commission'soversight and management functions. Chart 7 — Functional Organization Chart FY 2018/ 19 Human %musses Ad minlstrator — Accounting Assstant (2) .mor Office Assistant Budget Process 9oen1 of Commissioners D&ecutive Director Multimodal Services Director Management Analyst Planning 8 Rogre mming Director — .mor Management Analyst Project Delivery Director Toll Rogmm Director .mor Manag ement Analyst (2) Management Analyst Facilities Ad ministtitor petitions Manager The budget is the primary performance tool used to measure and control accountability of public agenciesfortaxpayer dollars. The budget communicatesto all stakeholders(i.e., elected officials, regional agencies, and citizens) how the investment they made will be put to use by providing detailed information on the specificsof resource allocation and uses. The Commission monitors progresson a monthly basis, and it makes revisionsand updatesasnecescary to reflect changing dynamicsand accommodate unplanned requests. Thisresultsin a budget document that is useful and meaningful as a benchmark against which to evaluate government accomplishmentsand/orchallengesand to a‘n^sscompliance with fiscal accountability. the budget process consists of six primary tasksconducted in phasesthroughout the fiscal year. Chart 8 illustrates the budget process for the development of the FY 2018/19 budget and monitoring of the FY2017/18 budget. Each task issummarized below. Chart 8 — Bud et Process ID Task Name Duration 2017 2018 J AISIOIN D J F M A M J 1 Short Term Strategic Direction Phase 140 days y _ 2 Resource Identification and Allocation Phase 200 days y 3 Needs Assessment Phase 120 days 4 Development and Review Phase 150 days y - 5 Adoption and Implementation Phase 60 days 6 Budget Roles and Responsibilities 365 days y Short -Tenn Strategic Direction Phase The first phase of the budget process is to determine the direction of the Commission in the short-term and to integrate thiswith the Commission's long-term goals and objectives, including the Western Riverside County Delivery Plan as discuIrrd in Section 5.3. Annually a workshop is held for the Board to evaluate and determine where the Commission plans to be and what it desires to accomplish over the next five to ten years. Annual reviews allow for timely responsiveness to any significant political, legislative, or economic developments that may occur locally, statewide, or nationally. Staff then adjusts its course based on the long-term strategic direction of the policy makers. Staff convenesbeginning in early January to both aarrssactual results, compared to the current year budget, and map changes in strategy for the ensuing fiscal year. Additionally staff reviews and, if necessary, updates Commission goalsand departmental mission statements. Those goals, upon review by the Board, become the Commission'sshort-term strategic direction. Resource Identification and Allocation Phase Simultaneous with the short-term strategic direction phase, staff focuses on available funding sources and estimated carryover amounts from the current year. The Commission analyzes its fund balances, the excess of fund assots over fund liabilities, for available appropriation in the following fiscal year. In actuality, resource identification occurs throughout the year, but it is finalized in the upcoming fiscal year budget. In connection with the long-term strategic planning process, the Commission determines borrowing needs, but it adjusts such amounts in the annual budget to reflect current information. Needs Assessment Phase Staff and consultants evaluate projects and studies for consideration in the next year. Project priority and sequencing set in the long-term strategic plan are the top candidates for budget submission. However, priorities may have changed due to economic necessities or political realities, resulting in rescheduling projects by acceleration or postponement. The Commission may add new projectsordelete existing priorities. Development and Review Phase Using all the data and information gathered from the previously mentioned stages, department managers submit their desired budgets to the Finance Department. Finance staff compiles the information, along with staff and overhead allocations, into a preliminary or draft budget. After review by the Executive Director and inclusion of the desired changes, staff presents the draft budget to the Board for input. Adoption and Implementation Phase Staff submits the proposed budget to the Commission at its May meeting, which marks the opening of a hearing scheduled to allow for public comment on the proposed budget. the Commission may choose, afterthe public hearing, to adopt the budget orto request additional information and/or changes to the budget. the budget, including the salary schedule, must be adopted no later than June 15 of each year. Upon adoption by the Commission, staff entersthe budget into the ERP system effective July 1 for the next fiscal year. Budget Development Summary Chart 9summarizesthe primary activities req uired for adoption of the budget. Chart 9 — Budget Development Timeline FY 2018/ 19 r • St off d e veto ps revenue projections. • Board approves soles tax revenue projections on January 10, 2018. • Staff develops deportment g oa k a n d objectives, proJecied FY2017/18 ❑ctuals, and proposed FY2018/19 Budget. 1 Budget Roles and Responsibilities • Board adopts Commission's FY 2C18/ 19 goofs and objectives an March 14, 2018. • Finance reconcikes and analyzes department budget proj ecfions and proposed budget. • Budget and Implementation Committee reviews and forwasds proposed FY2018/19 budgettoBocrd on Apri k 23, 2018. fr:Boord opens public hearing on Moy9, 2018 and reviews and receives comments on proposed budget. • Board receives f n al c ornments, c loses public heoring, and adopts budget on June i3, 201. Involvement in the budget permeates all staffing levels, as presented in Chart 10, at the Commission from clerical support staff to policy makers. Each program manager develops a detailed line item budget that consistsof the operating and/orcapital componentsand submits those budgets, by program, to the department director for review and concurrence. the department managers submit their budgets to the Chief Financial Officer by mid -March, and the Finance Department compiles the department budgets. Both the capital and operating budgets are combined into the draft budget for the entire Commission. lbe Chief Financial Officer and Executive Director review the entire budget for overall consistency with both the short- and long-term strategic direction of the Commission, appropriateness of funding sources for the identified projects and programs, and reasonableness of the operating and capital budget expenditures/expenses. Expenditure/expense activities of the funds are controlled at the budgetary unit, which is the financial responsibility level (General, Measure A, Motorist Assistance, LTF, STA, TUMF, Other Agency Projects, Capital Projects, Debt Service Funds, and Enterprise Fund) for each function (i.e., administration, operations, programs, intergovernmental distributions, debt service, capital outlay, and other financing uses). These functions provide the legal level of budgetary control (i.e., the level at which expenditures/expenses cannot legally exceed the appropriated amount). Budget -to -actual reports are available to program managers and directors on a real-time basis through the ERP system for informational and management purposes, including identification and evaluation of any significant budget variations. During the fiscal year, management hasthe discretion to transfer budgeted amounts within the financial responsibility unit according to function or may provide support for supplemental budget appropriations requests. Supplemental budget appropriation requests require the authorization of the Commission. The Commission may take action at any monthly meeting to amend the budget. In some years, the Finance Department may compile miscellaneous requests and submit a budget appropriations adjustment at mid -year to the Commission for approval. Those budget amendments approved by the Commission are incorporated into the budget, as they occur, and are reflected in the CAFRin the final budget amountsreported in the budgetary schedules. Chart 10 — Staff Organization Chart FY 2018/ 19 Procurement Manager Deputy Director of Fna nce Procurement — %nior Financial Analyst Analyst %nior Administrative A.stant Accountant — Accounting Technician (2) — Accounting Assistant 12) —$nior Office Asiganl Eatema I Affairs Director nior Management Analyst — Ad minigmtive Asagant Human Raeoumes Administrator Deputy Clerk of he Board Records Technician Boa ni of Coma i:ooers Executive Director Deputy Es cut. Director Management Analyst Banning BRogmmming Director %nior Management Analyst Transit Manager Management Analyst ` Management Analyst Commuter& Motorist Assgance Manager ` Management Analyst Facaect Delivery Director I Rogct 4) fbght of Way Manager _ %nior Management Analyst (2) — Management Analyst Fa c Ililies Adm Inistrator Toll Tec hnology Manager .nior Management Ana lyg Fund Budgets Budgetary Basis the Commission accounts for its budgeted funds using the modified and current financial resourcesmeasurement focusfor governmental fundsand the accrual basisof accounting and the economic resources measurement focus for enterprise funds. the basis of accounting isthe same asthe basisof budgeting. lhe Commission recognizesgovemmental fund revenueswhen measurable and available to meet current year obligations. Such revenues are available when guaranteed asto receipt, based on expenditure offunds(i.e., government matching funds), or certain to be received within 180 days of the end of the fiscal year. the Commission generally records governmental fund expenditures when it incurs a liability; however, debt service expenditures are recorded when the payment is due. Enterprise fund revenues are recognized when earned, and expensesare recorded when a liability is incurred, regardlessof the timing of related cash flows. Chart 11 illustrates total sources and uses by fund type for the FY 2018/19 budget. Chart 11 —Total Sources and Uses by Fund Type FY2018/19 90% - 80% - 70% - 60% - SO% - 40% - 30% - 20% - 10% - 0% 82% 81% 5% 5% 0% 4% General Fund Special Revenue Funds Capital Projects Funds Fund Structure 8% 7% 5� Debt Service Fund Enterprise Fund V Total Sources El Total Uses the Commission accounts for its sources and uses in 32 funds (Chart 12) categorized into five fund types: General fund, special revenue funds, capital projectsfunds, debt service fund, and enterprise funds. All of the Commission's funds are budgeted. lhere are three funds reported in the General fund and 25 in the special revenue funds. Two capital projects funds are used to account for capital project expenditures financed with short- or long-term debt proceeds. the Commission has one debt service fund to account for debt -related activity. In addition, the Commission hasone enterprise fund to account forthe RCTC 91 Express Lanesoperations. Chart 12 —Budgeted Funds Structure FY2018/19 General Fund • Adriliilisfr�l"ie n • Roll O xntkrrks& ivf<m llex-xxxe: • Planning & I'rogromming General Fund Overview Specici Revenue Fu n cl s I V119 Nleas re A • Western I C:a ur rty • I lltrl!vary • RSA r2tXWMeasureA • Wesi errr Courtly • 1lighways • luesrl S1xx,lsR Raul} • Public IronsR • Spcciatzad Irans4 • 3us Trcmv I • Palli Trnnsil Assistenert - New eariders • Bond Fir wtx;ir;g • Regional Arterials •Fcarnamlc Irk :vclt pa,,nril 1 . Coachella Valley • Hicahwev & Regional Ar Iexisk. •1 °cal Streets & koads •Speriafvrxrt Irnrsil • role Verde Valley • 1 ix Ail rx:h.& RI. xx.1, - Mr *SAFE •1 ncoI irnrspertatian funds •S to le 'Ransil Assistance •State et Ganef Repair • I t1MF - Coachella Volley Roil • Olt lei Agency I'ia;ecls Fund •SRL:la Capilui Projects Funds r Carnm xclal Papa -Safes lax Raids Debt Service Fund lhe Commission's General fund accounts for all activities not legally required or designated by Board action to be accounted for separately. For many public agencies, the General fund isthe largest fund; however, it is less significant for the Commission. the Commission's largest revenue source is Measure A, a locally levied sales tax that legally must be accounted for separately in special revenue funds. In addition to Commission administration and general operations, other General fund activities include commuter rail maintenance and operations as well as planning and programming. Table 21 presentsthe FY2018/19 budget for the General fund, followed by a discussion of significant componentsof the budget. Table 21 —General Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Measure A Sales Tax $ 3,250,000 $ $ - Federal Reimbursements 2,363,600 4,161,700 3,869,000 State Reimbursements 614,800 3,365,700 1,561,200 LacalReimbursements 1,175,000 734,600 Other Revenue 262,700 293,200 Investment Income 74,700 76,400 99,300 10TALRevenues 6,565,800 9,072,000 6,264,100 Expenditures Personnel Sa laries a nd Benefits 4,393,500 4,412,600 4,401,100 Professional and SLpport Professional Services 2,133,900 4,974,200 3,432,100 Support Costs 3,705,700 5,695,500 4,467,700 TOTAL Professional and SupportCosts 5,839,600 10,669,700 7,899,800 Projects and Operations Program Operations 2,658,900 2,856,500 2,522,100 Engineering 2,000,000 350,000 Construction (74,600) 2,984,200 950,000 Operating and Capital Disbursements 18,627,800 21,455,000 20,856,800 aiecial Studies 211,100 3,150,000 2,125,000 TOTAL Projectsa nd Operations 21,423,200 32,445,700 26,803,900 Debt rvice Principal Payments 17,200 Interest Payments 7,600 TOTAL Debt Service 24,800 - - Capital Outlay 95,500 1,005,000 690,000 lOTALExpenditures 31,776,600 48,533,000 39,794,800 Excess (deficiency) of Revenuesover (under) Expenditures (25,210,800) (39,461,000) (33,530,700) Other Financing Saurces(Uses) Transfers In 33,544,700 41,103,600 42,028,400 Transfers Out (1,551,800) (1,404,100) Net Fnancing Sources(Uses) 33,544,700 39,551,800 40,624,300 Excess(deficiency) of Revenues over (under) Expend ituresand Other Fnancing Saurces(Uses) 8,333,900 90,800 7,093,600 Beginning Fund Balance 10,792,200 19,126,100 19,126,100 ENDING FUND BALANCE $ 19,126,100 $ 19,216,900 $ 26,219,700 The sourcesforthe General fund (Chart 13) consist of: 3,978,000 3,181,700 1,113,100 98,600 8,371,400 5,069,600 4,369,700 5,415,400 9,785,100 2,728,800 1,650,000 1,800,000 25,055,000 1,622,000 32,855,800 1,136,200 48,846,700 (40,475,300) 35,342,300 (1,265,600) 34,076,700 (6,398,600) 26,219,700 $ 19,821,100 $ N/A (183,700) 4% (184,000) -5% (61,900) -5% (293,200) -100% 22,200 29% (700,600) -8% 657,000 15 % (604,500) -12 % (280,100) -5% (884,600) -8% (127,700) -4 (350,000) -18% (1,184,200) -40% 3,600,000 17% (1,528,000) -49% 410,100 1% N/A N/A N/A 131,200 13% 313,700 1 % (1,014,300) 3% (5,761,300) -14% 286,200 -18% (5,475,100) -14% (6,489,400) -7147 % 7,093,600 37% $ 604,200 3% • Variousfederal, state and local reimbursementsfor planning activitiesand commuter rail station operationsand maintenance; • Investment income; • Transfersfrom variousfundsforthe allocation of administrative costs; • Transfers of OF sales tax revenues for planning, programming, and monitoring (PPM) activities; and • Transfersof L1FArticle 4 allocationsforcommuter rail operationsand capital. Chart 13—General Fund Sources FY 2018/19 Federal Reimbursements 9% Tra n sfe rs I n Y 81% Gate Reimbursements 7% Local Reimbursements 3% Prior to FY 2017/18, Measure A sales tax revenues included an off -the -top allocation for administrative costs. The Commission now allocates administrative costs based on a cost allocation plan and recognizesreimbursementsto the General fund from otherfundsastransfers in. The FY2018/19 General fund administrative allocation of $4,366,100 from Measure A may be adjusted based on actual expenditures, but in no event will it exceed 4%of total Measure A revenues(including administrative salariesand benefits). Federal reimbursements relate to station rehabilitation, and state reimbursements include STIP fundsforPPM activities. Local reimbursementsand otherrevenuesfrom local agencies relate to rail station security, other agency projects, and planning activities. The Commission allocates and transfers from the General fund a portion of LTF sales tax revenuesfor administration, planning and programming, and rail transit operations and capital for the following purposes: • General fund administration allocations funded with LTF sales tax revenues of $81,700 in FY2018/19 reflect a 51%decrease compared to the prior year. • State law sets planning allocations at 3% of estimated LTF sales tax revenues. The FY 2018/19 budget for planning allocations is $2,820,000. The FY 2017/18 revised budget of $3,090,000 includes the effect of the mid -year projection adjustment that includes the unapportioned carryover amount, which is not determined until after the prior year's fiscal yearend, and revised revenue projections. • LTF sales tax revenues of $683,300 in FY 2018/19 will fund General fund allocations for planning and programming activities. • Commuter rail operating and capital needs determine the amount of LTF allocations to the extent that revenues and reserved fund balance are available. The FY 2018/19 budget includes $21,200,000 in LTF allocations primarily to fund operating contribution expendituresto SCRRA and rail studies. • The FY 2018/19 budget includes LTF allocations of $2,000,000 for grade separation projects. The 2009 Measure A Western County rail fund will not transfer funds in FY 2018/19 for rail station maintenance and operations due to sufficient fund balance reserves; in prior years, LTF allocations primarily funded rail stations. Administrative transfers in from STA, TUMF, motorist assistance, toll operations, 93 132, and other agency project fundsof $4,191,200 in FY2018/19 increased from $3,661,100 in FY2017/18 due to a higher level of activity requiring administrative support. Chart 14—General Fund Uses FY 2018/19 CapitalOutlay 2% Projectsand Operations 66% Tra nste rs O ut I3% Personnel Salaries and Benefits 9% Pro fe ssio n a I ry ices 9% aipport Costs 11% Chart 14 depicts General fund uses. Personnel salaries and benefits expenditures increased $657,000 due to changes in the allocation of F7Es, increase to the Commission's contribution to employee health benefits, and merit -based salary increases. Professional costs decreased 12% compared to the prior year due to a reduction in professional services for rail planning and station development in the Coachella Valley. Support costs decreased 5%due to expenditures for station maintenance and operations, utilities, and security at the four new PVL stations. Projects and operations expenditures increased 1% due to program operations expenditures related to PVL station operations, operating contribution to 9CRRA for PVL operations, development of a countywide integrated long-range transportation plan, planning allocations, and a grade separation project. the FY 2018/19 operating and capital disbursements budget includes allocations of $22,100,000 for the Metrolink commuter rail subsidy. Capital outlay expenditures increased 13% due to information technology upgrades and station improvements. Transfers out of $1,265,600 reflect amounts to General fund administration from rail operationsand planning and programming activities. Special Revenue Funds Overview lhe Commission's special revenue funds are legally restricted as to use for Measure A projects and programs, IUMF projects, motorist assistance services, other agency project coordination, and funding transit operations and capital in the County. Table 22 is a summary of the special revenue funds' budgets, and Tables 23 through 34 present the individual budgets along with respective discussions. Table 22-Special Revenue Funds FY 2017 -2019 FY 16/ 17 FY 17/ 18 Actual Revised Budget FY 17/ 18 FY 18/ 19 Projected Budget Dollar Change Percent Change Revenues Measure ASaleSTax $ 172,070,200 $ 181,000,000 $ 181,000,000 L1FS lesTax 88,206,900 91,000,000 91,000,000 STA S3lesTax 6,432,600 10,469,000 20,204,800 Federal Reimbursements 15,061,800 71,655,000 98,748,000 Sate Reimbursements 7,923,700 13,223,400 6,713,900 Local Reimbursements 3,727,400 5,665,100 5,200,500 IUMFRevenue 19,594,800 22,250,000 22,250,000 Other Revenue 6,483,300 2,510,500 574,200 Investment Income 2,086,100 1,929,500 3,142,900 10TALRevenues 321,586,800 399,702,500 428,834,300 Expenditures Personnel Sa la ries a nd Benefits Professional and alp port Professional Services Sipport Costs TOTAL Professional and &ippon Costs Projects and Operations Program Operations Engineering Construction Design Build Fight of Way/Land Operating and Capital Disbursements �ecial Studies Local areetsand bads Regional Arterials TOTAL Projects a nd Operations Capital Outlay TOTAL Expenditures 3,903,200 4,396,500 4,401,100 11,356,100 14,511,700 12,046,600 1,164,200 1,524,200 1,026,800 12,520,300 16, 035, 900 13, 073,400 10,975,300 3,167,700 35,590,400 170,452,800 27,343,800 84,536,000 2,700 51,864,000 14,597,000 17,315,000 10,007,900 72,090,900 192,599,700 88,112,500 133,050,600 802,000 55,037,500 30,416,000 15,241,100 7,965,100 39,682,100 145,452,500 36,935,900 109,796,700 300,000 55,037,500 20,000,000 398,529,700 5,574,900 599,432,100 5,221,300 430,410,900 3,000,000 420,528,100 625,085,800 450,885,400 Excess(deficiency) of Revenuesover (under) Expenditures (98,941,300) Other Financing Sources(Uses) TransfersIn TransfersOut 11RA Loan Proceeds Net Rnancing Sources (Uses) Excess(deficiency) of Revenues over (under) Expend itures a nd Other Rnancing Sources (Uses) 75,886,800 (82,625,200) 143,358,100 (225,383,300) (22,051,100) 158,952,900 (142,216,300) 81,810,000 145,277,200 (138,453,800) 136,619,700 98,546,600 6,823,400 37,678,400 Beginning Fund Balance 516,014,100 ENDING FUND BALANCE (126,836,700) (15,227,700) 553,692,500 553,692,500 $ 553,692,500 $ 426,855,800 $ 538,464,800 $ 187,000,000 94,000,000 23,203,600 52,327,500 162,260,700 14,424,800 22,922,200 539,000 2,049,800 558,727,600 4,682,100 13,150,500 1,284,800 14,435,300 14,425,200 34,083,800 124,558,000 188,565,500 92,220,600 174,918,300 50,000 56,951,500 30,000,000 715,772,900 3,550,000 738,440,300 (179,712,700) 74,001,300 (126,481,800) 106,081,000 53,600,500 (126,112,200) 538,464,800 $ 412,352,600 $ 6,000,000 3,000,000 12,734,600 (19,327,500) 149,037,300 8,759,700 672,200 (1,971,500) 120,300 3% 3% 122% -27% 1127% 155% 3% -79% 6% 159,025,100 40% 285,600 6% (1,361,200) -9% (239,400) -16% (1,600,600) -10% (2,889,800) -17% 24,075,900 241% 52,467,100 73% (4,034,200) -2% 4,108,100 5% 41,867,700 31% (752,000) -94% 1,914,000 3% (416,000) -1% 116,340,800 19% (1,671,300) -32% 113,354,500 18% 45,670,600 -20% (84,951,600) 15,734,500 24,271,000 -53% -11 % 30% (44,946,100) -46% 724,500 -1% (15,227,700) -3% $ (14,503,200) -3% The Commission accounts for Measure A and LlF sales taxes, STA allocations, Western County 1UMF, state budgetary allocations, and vehicle registration fees in the 25 special revenue funds. Federal, state, and local reimbursementsand transfers in consisting principally of debt proceeds supplement the Measure A sales tax revenues. Chart 15 illustrates the various special revenue fund sources. Chart 15—Special revenue Funds Sources FY 2018/ 19 Debt Proceeds 15% Tra nsfe rs I n 10% TUMFRevenue 3% Loca I Reimbursements 2% State Reimbursement 22% Measure Sales Tax 25% LTFSaIesTax 13% STASaIesTax 3% Federal Reimbursements 7% The Commission expendsspecial revenue funds' resourceson: • County highway, rail, regional arterial, and new corridors engineering, right of way acquisition, construction, and design -build; • Local streetsand roadsmaintenance, repair, and construction; • Economic development incentives; • Salestax bond financing; • Bicycle and pedestrian facilities; • Education and incentive programs to encourage use of alternate modes of transportation; • Special social service transportation programs; • Public transit operationsand capital needs; and • Motorist towing and freeway call box assistance. Asshown in Chart 16, projects and operationsexpenditures represent the primary use of special revenue fund resources. Chart 16 —Special Revenue Funds Uses FY 2018/ 19 Personnel Sa la ries and Benefits 1% Tra nsfe Out 15% Profe ssio n a l Se ry is e s 1% Projectsand Operations 83% Measure A Special Revenue Funds Measure A sales tax revenue, which is allocated to the three geographic areas of the County (Chart 17) primarily funds 16 of the special revenue funds. there are two 1989 Measure A and ten 2009 Measure A Western County funds, three 2009 Measure A Coachella Valley funds, and one 2009 Measure A Palo Verde Valley fund. Chart 17—Measure A Sales Tax Revenues by Geographic Area Coachella Valley 22% Palo V e rd e Valley 0% Western County 78% Since the 1989 Measure A terminated on June 30, 2009, the remaining 1989 Measure A Western County fundswill be closed upon the completion of the specific highway and rail projects. With the commencement of the 2009 Measure A on July 1, 2009, 14 fundswill be in existence for the 30-year term. These funds account for all Measure A project and program expenditures and transfersof debt service forcapital projects. The Measure A special revenue funds expend monies on capital construction and improvementsto highways, commuter rail, regional arterials, new corridors, and local streetsand roads. Funding is also reserved for commuter assistance, public and specialized transit, and economic development incentives programsaswell asbond financing costs. The Commission is a self-help county, and, as such on major highway projects, the Commission supplements the State's spending. Upon completion of most highway projects, Caltrans takes over the maintenance and operationsof the projects. The Commission pledged all Measure A salestax revenuesassecurity forthe Commission'ssenior salestax revenue bondsand subordinate commercial paper notes. Debt service on the bondsis recorded in the Sales Tax Bonds debt service fund, and Measure A special revenue funds provide most of the resourcesfordebt service through transfersout. Western County Measure A Funds The Western County Measure A special revenue funds account for Western County's approximately 78%share of the Measure A sales tax. As demonstrated in Table 23, most of the Commission's reimbursements flow through these funds, since the sales tax leverages state and federal dollars. Table 23—Westem County Measure A Funds FY2017 —2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Measure A SalesTax Bond Financing $ 10,687,900 $ 11,242,500 $ 11,242,500 Commuter Assistance 1,979,200 2,081,900 2,081,900 Economic Development Incentives 1,583,400 1,665,600 1,665,600 Highways 40,376,300 42,471,700 42,471,700 Local Streetsand Roads 38,397,100 40,389,800 40,389,800 New Corridors 14,646,300 15,406,400 15,406,400 Public Bus Transit 2,018,800 2,123,600 2,123,600 Rail 8,075,300 8,494,300 8,494,300 Regional Arterials 11,875,400 12,491,700 12,491,700 Specialized Transit 3,364,700 3,539,300 3,539,300 Total Measure A 133,004,400 139,906,800 139,906,800 Federal Reimbursements 14,532,600 69,255,000 97,748,000 State Reimbursements 4,147,000 4,223,400 1,359,800 Local Reimbursements 3,521,100 1,434,500 3,260,000 Other Revenue 5,837,800 1,828,500 574,200 Investment Income 944,100 623,300 1,276,900 Transfers In 74,394,600 156,715,900 143,528,200 11RA Loan Proceeds 143,358,100 81,810,000 TOTAL Sources 379,739,700 455,797,400 387,653,900 Uses Personnel at lariesand Benefits 3,410,000 3,668,700 3,499,300 Professional Services 9,247,300 9,909,800 9,237,300 Support Costs 754,800 1,201,700 859,200 Projectsand Operations Program Operations 7,246,100 13,003,300 11,406,000 Engineering 1,110,200 4,140,000 3,081,000 Construction 33,037,500 59,715,700 37,257,700 Design Build 170,452,800 186,099,700 144,452,500 Right of Way/Land 25,505,900 76,811,200 30,695,900 Operating and Capital Disbursements 7,461,700 18,612,200 12,560,000 *ecialaudies 2,700 802,000 300,000 Local Streetsand Roads 37,533,500 40,007,100 40,007,100 TOTAL Projects and Operations 282,350,400 399,191,200 279,760,200 Capital Outlay 5,574,900 5,221,300 3,000,000 Tra n site rs O u t 58,614,000 114,551,100 110,477,500 TOTAL Uses 359,951,400 533,743,800 406,833,500 Excess(deficiency) of Sourcesover(under) Uses $ 19,788,300 $ (77,946,400) $ (19,179,600) $ 11,664,000 2,160,000 1,728,000 44,066,000 41,906,000 15,985,000 2,204,000 8,813,000 12,960,000 3,672,000 145,158,000 50,090,000 39,133,300 2,087,900 539,000 753,500 69,284,700 106,081,000 413,127,400 3,644,000 8,343,900 967,000 8,443,300 14,325,000 70,892,000 140,582,900 56,172,000 23,100,000 50,000 41,824,300 355,389,500 3,550,000 91,744,900 463,639,300 $ (50.511.900) $ 421,500 4% 78,100 4% 62,400 4% 1,594,300 4% 1,516,200 4% 578,600 4% 80,400 4% 318,700 4% 468,300 4% 132,700 4% 5,251,200 4% (19,165,000) -28% 34,909,900 827% 653,400 46% (1,289,500) -71% 130,200 21% (87,431,200) -56% 24,271,000 30% (42,670,000) -9% (24,700) -1% (1,565,900) -16% (234,700) -20% (4,560,000) -35% 10,185,000 246% 11,176,300 19% (45,516,800) -24% (20,639,200) -27% 4,487,800 24% (752,000) -94% 1,817,200 5% (43,801,700) -11% (1,671,300) -32% (22,806,200) -20% (70,104,500) -13% 27,434,500 -35% the budgeted Western County Measure A salestax revenues reflect a 4% increase compared to the prior year due to Measure A sales tax projections. Taxable sales changes between jurisdictions within the County also periodically affect the geographic allocation formula from yearto year. Federal reimbursements for highway and rail projects and the commuter assistance program are lower in the FY 2018/19 budget and relate primarily to funding from the Federal Transit Administration (FTA) and Congestion Mitigation and Air Quality (CMAQ). The 28%decrease in federal reimbursements is primarily attributable to federal funding for activity on the 1-15 Express Lanes project, 71/91 connector project, and PVL and other rail related projects in the previous fiscal year. State reimbursements are higher by 827%compared to the FY2017/18 budget and reflect funding from STIP and Proposition 1Bfunding for various highway projects, particularly the SR60 truck climbing lanes, 1-15 Express Lanessouthem extension, and Pachappa underpass. The local reimbursement increase of 46% from the prior year is attributable to the commuter assistance program. Other revenue decreased 71%from the prior year primarily due to property management lease revenues. Investment income increased compared to the previousyear'sbudget due to higher investment yields. As in prior years, a significant portion of transfers in consistsof salestax revenue bonds proceeds of $45,044,500 to fund the 1-15 Express Lanes project and completion of the 91 Project. Other significant transfers in include: • $15,900,200 from the 2009 Measure A bond financing fund to fund a portion of Western County debt service; • $590,000 from the 1UMFregional arterial fund for the 1-15 Express Lanes project advance funding of I-15/Limonite interchange construction; • $6,000,000from the RCTC 91 Express Lanesfund forthe SR-91 corridor operations project; • Proposition 1Bfunding of $250,000 for the Riverside La Sierra station improvements; and • $1,500,000 from the 2009 Measure A Western County commuter assistance fund for a transit project. TIFIA loan proceedsof $106,081,000 will fund eligible 1-15 Express Lanesproject expenditures. Personnel salaries and benefits expenditures decrease 1%from the prior year resulting from the allocation of REs offset by an increase to the Commission's contribution to employee health benefitsand merit -based salary increases. Measure A Westem County professional services expenditures in FY 2018/19 consist of general legal services for the various programs and capital projects, specialized legal and financial advisory services related to the 1-15 Express Lanes project and completion of the 91 Project, and other professional services for rail capital and commuter assistance projects and the Commission's debt programs. The 16%decrease in FY 2018/19 reflects the prior year activity in legal and financial advisory services related to the 91 Project and 1-15 Express Lanes project. Support costs related to highway and rail projects and property management as well as the commuter assistance program decreased $234,700, or20%, from the prior year. General program operations comprise the program management with outside consultants for the highway and rail capital and commuter assistance programs, permits required for capital projects, and subsidies and certificates for the commuter assistance program. Such levels of operationstypically fluctuate as project activitiestransition to another phase. Many of the Commission's Western County rail and highway projects funded by Measure A have been in variousphasesof engineering, construction, design -build, and right of way activity. The Commission expects engineering and construction to increase 246%and 19%, respectively, due to the 1-15 Express Lanes, 1-15 Express Lanes southern expansion, 71/91 connector, SR60 truck climbing lanes, and Pachappa underpass projects. Design -build and right of way activities decreased 24%and 27%, respectively, compared to the prior year due to completion of the 91 Project. The 1-15 Express Lanes project is a major project in the design -build phase, while the 91 Project design -build activities concluded in FY 2017/18. Other design -build related activities during FY 2018/19 include utility and railroad relocations and the interagency and other consultant staff to support the 1-15 Express Lanes project. Right of way acquisition, another major project activity, can be a lengthy process. Right of way acquisition activity will benefit the 1-15 Express Lanes project, 71/91 connector project, and Mid County Parkway and the closeout of the 91 Project. Operating and capital disbursements increased 24%compared to the FY2017/18 budget and relate to Western County intercity bus service, specialized transit expenditures, and rail capital funded by Measure A. Special studies decreased 94% compared to the prior year due to feasibility studies performed in the prior year. Local streets and roads, or turn back paymentsto local jurisdictions and the County, increased because of higher Measure A sales tax revenues. Capital outlay includes equipment and improvements for the rail program and reflects a 32% decrease due to station rehabilitation and improvements in the priorfiscal year. Significant transfersout from the Western County Measure A funds include: • Funding for debt service paymentsof $82,955,700; • $250,000 from the 2009 Measure A Western County rail fund for station rehabilitation costs; • $1,500,000 from the 2009 Measure A Western County commuter assistance fund for a transit project; • $3,000,000 loan from the 2009 Measure A Western County highways fund to establish the 1-15 ExpressLanesproject 11RA reserve; and • $4,039,200forthe administrative costsallocation. Coachella Valley Measure A Funds These special revenue funds account for Coachella Valley's 22% share of the Measure A sales tax (Table 24). Table 24-Coachella Valley Measure A Funds FY 2017 -2019 FY 16/ 17 FY 17/ 18 FY 17/ 18 FY 18/ 19 Dollar Pe rc e n t Actual Revised Budget Projected Budget Change Change SDurces Measure A Sales Tax Highways& Regional Arterials Local Streetsand Roads Specialized Transit Total Measure A Investment Income Transfers In TOTAL Sources $ 19,027,200 $ 20,014,600 $ 20,014,600 13, 319,000 14,010,200 14,010,200 5,708,100 6,004,400 6,004,400 38,054,300 40,029,200 40,029,200 184,800 112,300 303,600 167,200 188,000 - 38,406,300 40,329,500 40,332,800 Uses PersonnelSalariesand Benefits 1,200 200 Professional Services 9,100 7,400 48,500 Sipport Costs 100 200 200 Projectsand Operations Program Operations 13,900 900 Operating and Capital Disbursements 5,835,700 5,153,400 5,153,400 Local Streetsand Roads 13,319,000 13,976,500 13,976,500 Regional Arterials 14,080,400 30,416,000 20,000,000 TOTAL Projectsand Operations 33,249,000 49,546,800 39,129,900 Transfers Out - 399,400 124,800 TOTAL Uses 33,259,400 49,953,800 39,303,600 Excess(deficiency) of Sourcesover(under) Uses $ 5,146,900 $ (9,624,300) $ 1,029,200 $ 20,425,000 14,297,000 6,127,000 40,849,000 198,300 41,047,300 5,100 49,300 200 5,500,000 14,215,300 30,000,000 49,715,300 245,800 50,015,700 $ (8,968,400) $ 410,400 2% 286,800 2 122,600 2 819,800 2 86,000 77 (188,000) -100% 717,800 2 5,100 N/A 41,900 566% 0% (900) -100 346,600 7 238,800 2 (416,000) -1 168,500 0 (153,600) -38% 61,900 0% 655,900 -7% Coachella Valley Measure A sales tax revenues increased 2%. Although total Measure A sales tax revenues increased 3°4 taxable sales changes among the geographic areas also impact the geographic allocation formula from yearto year. The Coachella Valley operating and capital disbursements represent specialized transit funds distributed to ainLine Transit Agency (am Line) for transit operations. Local streets and roads payments to local jurisdictions are directly affected by changes in Measure A sales tax revenues. Regional arterial projects are highway and regional arterial projects managed by CVAG. The Commission accounts for debt service funding related to CVAG highway and regional arterial and the city of Indio local streets and roads projects, under advance funding agreements, in projects and operations in order to be consistent with the accounting in the ERP syste m . Transfersout of $245,800 relate to the administrative costs allocation. Palo Verde Valley Measure A Fund This special revenue fund accounts for Palo Verde Valley's share of the Measure A sales tax (Table 25). Table 25—Palo Verde Valley Measure A Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Measure A SalesTax Local Streetsand Roads $ 1,011,500 $ 1,064,000 $ 1,064,000 $ 993,000 $ (71,000) -7% Uses Local Streetsand Roads 1,011,500 1,053,900 1,053,900 911,900 (142,000) -13% TOTAL Projects and Operations 1,011,500 1,053,900 1,053,900 911,900 (142,000) -13% TransfersOut 10,100 10,100 81,100 71,000 703% TOTAL Us 1,011,500 1,064,000 1,064,000 993,000 (71,000) -7% Excess(deficiency) of SDurcesover(under) Uses $ - $ $ - $ $ N/A Although total Measure A sales tax revenues increased 3%, taxable sales changes among the geographic areasalso impact the geographic allocation formula from yearto year. Local streets and roads represent the only expenditures in the Palo Verde Valley. the Commission accounts for debt service funding for the city of Blythe local streets and roads projects, under an advance funding agreement, in projects and operations in order to be consistent with the accounting in the ERP system. Transfers out of $81,100 relate to the administrative costsallocation. Non -Measure A Special Revenue Funds The non -Measure A special revenue funds account for LTFdisbursements; TUMFWestem County project costs; motorist assistance expendituresfortowing service aswell asfreeway call box and 1E511 system operations; transit disbursements from STA and SGRfunding; Coachella Valley rail planning and development; interagency project activities; and SB 132 project activities. These activitiesare budgeted in the LTF, TUMF, FSP, SAFE, STA, SGRCoachella Valley Rail, Other Agency Projects, and SB 132 special revenue funds, respectively. Local Transportation Fund The LTF special revenue fund derives its revenue from one quarter of one cent of the state sales tax that is returned to source and providesfor funding of public transit operations in the County, bicycle and pedestrian facility projects, planning, and administration (Table 26). Table 26—Local Transportation Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources L1FSalesTax $ 88,206,900 $ 91,000,000 $ 91,000,000 94,000,000 $ 3,000,000 3% Investment Income 322,500 435,300 492,600 375,600 (59,700) -14% TOTAL Sources 88,529,400 91,435,300 91,492,600 94,375,600 2,940,300 3% Uses Operating and Ca pita! Disbursements 68,543,600 87,965,000 80,266,100 93,903,000 5,938,000 7% TransfersOut 21,627,300 24,233,300 24,125,600 27,251,600 3,018,300 12% TOTAL Uses 90,170,900 112,198,300 104,391,700 121,154,600 8,956,300 8% Excess(deficiency) of Sourcesover(under) Uses $ (1,641,500) $ (20,763,000) $ (12,899,100) $ (26,779,000) $ (6,016,000) 29% The Commission projects LTFsales tax revenue in FY2018/19to increase 3% from the prior year. Investment income decreased due to lower cash and investment balances. In FY 2018/19, approximately 97% and Woof the L1F transit expenditures of $84,900,000 are for operating and capital purposes, respectively. L1F operating allocations, subject to approval in July 2018, are comprised of 73%to Western County, 25%to Coachella Valley, and 2%to Palo Verde Valley public bus operators. Other operating and capital disbursements include allocations for S3 821 bicycle and pedestrian projects of $8,286,000 and planning and administration allocationsof $717,000to the County Aud itor-Controller and SCAG. Transfers out include allocations to the Commission's General fund for planning and administration of $2,820,000; rail operations of $21,200,000; grade separation projects of $2,000,000; $1,149,900 for planning, programming, and agency share of the administrative costs; and $81,700 for ad ministrative costsallocation. Transportation Uniform Mitigation Fee Fund the 1UMF fund accounts for the Commission's share of developer fee awmssments on new residential and commercial developments in Western County for regional arterials and Community Environmental Transportation Acceptability Process(CETAP) corridors(Table 27). 1UMF revenues includes$21,000,000 based on projected feesdistributed to the Commission and $1,922,200 related to WRCOG's 1UMF Zone reimbursements for a Lake Elsinore regional arterial project managed by the Commission. Federal reimbursements of $237,000 relate to the Lake Elsinore regional arterial project. the FY2018/19 transfers in of $300,000 relate to funding for the SR79 realignment project from the 2009 Measure A Western County Highways special revenue fund. Table 27-Transportation Uniform Mitigation Fee Fund FY2017-2019 FY 16/ 17 FY 17/ 18 Actual Revised Budget FY 17/ 18 FY 18/ 19 Projected Budget Dollar Percent Change Change Sources Federal Reimbursements 1UMF Revenue Other Revenue Investment Income Transfers In TOTAL Sources Uses PersonnelSalariesand Benefits Professional Services amport Coss Projects and Operations Program Operations Engineering Construction Right of Way/Land Regional Arterials TOTAL Projects and Operations TransfersOut TOTAL Uses Excess(deficiency) of Sourcesover(under) Uses - $ - $ 19,594,800 22,250,000 22,250,000 10,200 301,200 390,600 521,600 450,900 435,000 135,000 20,357,100 23,075,600 22,906,600 265,600 290,400 811,200 439,700 19,400 9,300 333,800 274,800 2,057,500 4,624,500 2,552,900 7,386,700 1,787,100 11, 036, 300 516,600 281,900 345,400 7,500 287,700 3,509,100 2,293,400 6,100,000 7,247,900 1,156,100 23, 322, 300 12,190,200 1,119,000 1,709,000 9,500,200 25,180,700 14,534,000 $ 10,856,900 $ (2,105,100) $ 8,372,600 $ 237,500 22,922,200 414,400 300,000 23,874,100 271,500 455,100 13,000 316,100 6,738,800 5,286,000 15,793,600 28,134,500 1,562, 000 30,436,100 $ (6,562,000) $ 237,500 672,200 N/A 3% N/A 23,800 6% (135,000) -31% 798,500 3% (18,900) 15,400 3,700 40% -7 % 4% 41,300 15% 2,114,300 46% (2,100,700) -28% 4,757,300 43% N/A 4,812,200 21% 443,000 40% 5,255,400 21% (4,456,900) 212% Personnel salaries and benefits reflect a net decrease of 7%due to allocation of FTEs, offset by an increase to the Commission's contribution to employee health benefits and merit -based salary increases. Professional services increases relate to legal services for the Lake Elsinore regional arterial project, while support costs increases relate to property maintenance on the Mid County Parkway project. Projects and operations costs increased 21%, as many regional arterial projects move through various stages of engineering, right of way acquisition, and construction. Approximately 71%of the projects and operations costsare attributable to programmed regional arterial projects. the remaining 29% relates to CETAP projects such as the Mid County Parkway preliminary engineering and right of way acquisitions. Transfers out represent $590,000 to the 2009 Measure A Western County highways fund for the I- 15 Express Lanes project and $972,000 to the General fund related to the administrative cost allocation. Freeway Service Patrol Fund the FSPfund accountsfor the state and local resources provided to cover the costsof servicing stranded motorists in covered service areas and construction zones by means of towing, changing tires, and providing fuel (Table 28). lhe State's funding share of $2,909,000 increased 32% from the FY 2017/18 budget due to increased California Highway Patrol (CHP) support needed for highway construction projects. Local reimbursements of $225,300 relate to weekend FS' services on SR60. Transfers in represent Commission match fundsof $3,600,000 from the SAFEspecial revenue fund. Table 28 -Freeway Service Patrol Fund FY 2017 - 2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources State Reimbursements Local Reimbursements Other Revenue Investment Income Transfers In TOTAL Sources $ 1,788,700 $ 2,200,000 $ 1,613,100 675,000 624,000 675,000 3,100 4,900 714,700 1,083,600 1,083,600 3,130,500 3,958,600 3,376,600 Uses Personnel Salarlesand Benefits 83,800 133,700 135,800 Professional rvices 33,600 48,000 32,000 SLpport Costs 26,200 53,100 44,900 Projectsand Operations Program Operations 3,216,500 3,700,000 3,250,000 Tra nsfe rs O ut 173,000 112,900 112,900 TOTAL Uses 3,533,100 4,047,700 3,575,600 Excess(deficiency) of Sourcesover(under) Uses $ (402,600) $ (89,100) $ (199,000) $ 2,909,000 225,300 9,500 3,600,000 6,743,800 154,400 48,000 53,600 5,155,700 146,400 5,558,100 $ 1,185,700 $ 709,000 32 % 225,300 N/A (675,000) -100 % 9,500 N/A 2,516,400 232 % 2,785,200 70% 20,700 15 % 0% 500 1% 1,455,700 39°% 33,500 30 % 1,510,400 37°% $ 1,274,800 -1431% Personnel salaries and benefits increased 15% due to the allocation of 1-1Es, the Commission's contribution to employee health benefits, and merit -based salary increases. Professional services and support costs are comparable to the prior year's budget. Operating costs for towing services in FY 2018/19 are higher than the FY 2017/18 budget due to increased support levels needed on the 1-15 Express Lanes, Pachappa underpass, and SR60 truck climbing lane projects. Transfersout to the General fund of $146,400 are administrative cost allocations. Service Authority for Freeway Emergencies Fund the SAFE fund accounts for the $1 per vehicle registration fee levied by the State on all registered vehicleswithin the County. It fundsthe installation and implementation of emergency aid call boxes located strategically on the highways throughout the County as well as the operationsof the 1E511 system (Table 29). Table 29-Service Authority for Freeway Emergencies Fund FY2017-2019 FY 16/17 Actual FY 17/ 18 FY 17/ 18 Revised Budget Projected FY18/19 Dollar Budget Change Percent Change Sources State Reimbursements Local Reimbursements Other Revenue Investment Income TOTAL Sources Uses Personnel Salariesand Benefits Professional Services Sapport Costs Projectsand Operations Program Operations Tra nde rs Out TOTAL Uses $ 1,988,000 206,300 11,300 29,200 $ 1,800,000 $ 1,324,600 229,600 216,100 7,000 39,100 36,000 2,234,800 2,075,700 1,576,700 42,100 20,300 372,000 470,000 362,400 245,800 40,600 23,000 895,400 1,144,600 1,712,500 1,903,700 17,200 428,200 110,100 4,000 1,144,600 1,704,100 Excess(deficiency) of Sourcesover(under) Uses $ 522,300 $ 172,000 $ (127,400) $ 1,800,000 231,600 26,900 2,058,500 45,600 480,200 236,400 12,000 3,674,100 4,448,300 $ (2,389,800) 0% 2,000 1 % (7,000) -100% (12,200) -31 % (17,200) -1°% 25,300 10,200 (9,400) 125% 2% -4 % (11,000) -48% 2,529,500 221% 2,544,600 134 % $ (2,561,800) -1489% Local reimbursements represent recoveries through a collection agency related to call box knockdownsand pass -through fundsfrom S3CTA for itsshare of the 1E511 system operating costs. Investment income is lower in FY2018/19due to lower cash and investment balances. Personnel salaries and benefits increased 125%due to the allocation of FTEs, the Commission's contribution to employee health benefits, and merit -based salary increases. Professional services increased 2%due to SUEstrategic aocossment long-term planning. Support costsdecreased 4% due to a reduction in printing services and event support. Projects and operations costs decreased 48%based on a reduction in call box coordination. the transfers out reflect a $3,600,000 match to the Rate's contribution for towing services in the FSPspecial revenue fund and $74,100 to the General fund for administrative cost allocations. State Transit Assistance Fund the STA fund accountsfor the state budgetary allocation of gastax revenuesdesignated for rail and bus transit operations and capital requirements (Table 30). Estimates of diesel fuel salestax revenues provided by the State Controller, subject to an annual state budget appropriation, serve asthe basisforthe allocation. Table 30 -State Transit Assistance Fund FY 2017 - 2019 FY 16/ 17 Actual FY 17/ 18 FY 17/ 18 Revised Budget Projected FY18/19 Dollar Budget Change Percent Change Sources STA Sa le s Ta x Investment Income TOTAL Sources Uses Professional rvices Operating and Capital Disbursements TOTAL Projectsand Operations Transfers Out TOTAL Uses Excess(deficiency) of Sources over (under) Uses $ 6,432,600 $ 10,469,000 $ 16,507,600 285,300 327,900 489,500 6,717,900 10,796,900 16,300 2,695,000 21,320,000 16, 997,100 16,800 8,120,000 2,695,000 21,320,000 8,120,000 159,400 272,900 312,900 2,854,400 21,609,200 8,449,700 $ 3,863,500 $ (10,812,300) $ 8,547,400 $ 19,506,600 271,200 19,777,800 18,000 48,800,000 48,800,000 431,700 49,249,700 $ (29,471,900) $ 9,037,600 86 % (56,700) -17% 8,980,900 83 % 1,700 10% 27,480,000 129 % 27,480,000 129 % 158,800 58 % 27,640,500 128 % (18,659,600) 173% Investment income islower due to decreased cash and investment balances. lhe operating and capital disbursements consist of allocations for bus capital purposes. In FY 2018/19, approximately 66%of the allocations are in Western County, 34%in Coachella Valley, and less than 1%in Palo Verde Valley. Transfers out represent rail capital allocations of $350,000 to the Coachella Valley Rail fund and $81,700 to the General fund for administrative cost allocations. Smilarto the LlFallocations, the STA allocationsare subject to Commission approval in July 2018. State of Good Repair Fund the State of Good Repair fund accounts for funding under S3 1 (the Road Repair and Accountability Act of 2017), which provides additional STA revenues for transit infrastructure repair and service improvements (Table 31). These additional STA revenues fund eligible transit maintenance, rehabilitation, and capital projects. Table 31 -State of Good Repair Fund FY2017 - 2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources STA SalesTax Uses Operating and Capital Disbursements TransfersOut TOTAL Use s Excess(deficiency) of Sourcesover(under) Uses - $ 3,697,200 3,697,200 3,697,200 $ 3,697,000 3,615,300 81,700 3,697,000 $ 3,697,000 N/A 3,615,300 N/A 81,700 N/A 3,697,000 N/A $ N/A The capital disbursements consist of allocations for bus capital purposes. In FY 2018/19, 57% of the allocations are in Westem County, 21% in Coachella Valley, less than 1% in Palo Verde Valley, and 21%for rail. Similar to the LTF and STA allocations, Commission approval of the SGR allocations occurs in July 2018. Transfers out of $81,700 to the General fund represent administrative costsallocations. Coachella Valley Rail Fund The Coachella Valley Rail fund accountsfor state funding for the planning and development of the new Coachella Valley -San Gorgonio Passcorridor rail service (Table 32). Table 32-Coachella Valley Dail Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Federal Reimbursements $ 529,200 $ 2,400,000 $ 1,000,000 Investment Income 14,300 17,000 Transfers In 159,400 322,400 322,400 TOTAL Sources 702,900 2,722,400 1,339,400 Uses Personnel alariesand Benefits 29,400 25,600 22,600 Professional Services 875,100 3,235,000 1,610,000 Support Costs 4,000 1,300 Projects and Operations Engineering 250,000 200,000 Construction 2,200,000 TOTAL Projectsa nd Operations 2,450,000 200,000 Tra n sfe rs Out 165,000 165,000 TOTAL Uses 904,500 5,879,600 1,998,900 Excess(deficiency) of Sourcesover(under) Uses $ (201,600) $ (3,157,200) $ (659,500) $ 2,000,000 200 350,000 2,350,200 50,700 2,210,000 4,000 2,400,000 2,400,000 300,600 4,965,300 $ (2,615,100) $ (400,000) -17% 200 N/A 27,600 9% (372,200) -14 % 25,100 98% (1,025,000) -32 % 0% (250,000) -100% 200,000 9 % (50,000) -2°% 135,600 82% (914,300) -16% $ 542,100 -17°% Federal reimbursements represent a Federal Rail Administration (FRA) grant of $2,000,000 for rail station planning and development. Transfers in of $350,000 reflect STA allocations. Personnel salaries and benefits increased 98% due to the allocation of FTEs, the Commission's contribution to employee health benefits, and merit -based salary increases. Professional services decreased 32% due to feasibility studies in the previous fiscal year. Projects and operations remained unchanged from the prior year. These expenditures represent exploring paoscngerrail options, conducting detailed studies, and station construction planning and development on the Coachella Valley -San Gorgonio Pass rail corridor. Transfers out to the General fund of $300,600 relate to administrative costsallocation. Other Agency Projects Fund the Other Agency Projects fund accounts for interagency cooperative planning and development of projects in the County (Table 33). The Commission entered into a MOU with the District for the Santa Ana River Trail projects. The projects are a joint effort with several public and private agencies including the counties of Orange and San Bernardino. The District is the lead agency for environmental compliance for NPA and CEQA, and the Commission is responsible for project oversight and approval, final design, and construction. Table 33-Other Agency Projects Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Local Reimbursements $ - $ 4,001,000 $ 1,049,400 Investment Income 1,600 1,000 800 TransfersIn 208,000 208,000 TOTAL Sources 1,600 4,210,000 1,258,200 Uses Personnel Sala riesand Benefits 54,200 112,800 104,100 Professional rvices 1,600 35,500 47,900 &wort Costs 1,300 100 600 Projects and Operations Program Operations 124,400 243,000 243,000 Engineering 993,400 650,000 Construction 2,788,500 Rght of Way/Land 50,800 265,000 140,000 TOTAL Projects a nd Operations 175,200 4,289,900 1,033,000 TranlersOut - 208,000 208,000 TOTAL Uses 232,300 4,646,300 1,393,600 Excess (deficiency) of Sourcesover(under) Uses $ (230,700) $ (436,300) $ (135,400) $ 11,880,000 200 466,600 12,346,800 123,600 51,000 600 271,800 970,000 10,208,000 255,000 11,704,800 466,600 12,346,600 $ 200 $ 7,879,000 197 (800) -80% 258,600 124 8,136,800 193 10,800 10°/ 15,500 44 500 500 28,800 12 (23,400) -2°/ 7,419,500 266 (10,000) -4% 7,414,900 173 258,600 124 7,700,300 166% $ 436,500 -100 The District is responsible for 100%of the Santa Ana River Trail project costs. It will reimburse the Commission, including providing an advance deposit, for all salaries and benefits, project management, engineering, and construction costs. SB 132 Fund The SB 132 fund (Table 34) accounts for the $427 million appropriation from the state highway account to the Riverside County Transportation Efficiency Corridor for five major projects in Western County: • Commission's15/91 ExpressLanesconnector project; • City of Corona's Mci nley Avenue grade separation project; • County's Jurupa Road grade separation project with the city of Jurupa Valley as its partner; • County's1-15/Limonite interchange project with the cities of Eastvale and Jurupa Valley asitspartners; and • County'sHamner Bridge widening project with the city of Norco asitspartner. Without the state funding approved by the Governor and State Legislators in April 2017 as part package of legislation that pascod with SB 1, these projectswould not have been built for many years. Table 34—SB132 Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Rate Reimbursements $ - $ 5,000,000 $ 2,416,400 Uses PersonnelSala rlesand Benefits 16,900 145,000 340,000 Professional R rvices 6,200 350,000 280,500 Ripport Costs 10,000 3,000 Projectsand Operations Program Operations 70,000 50,400 Engineering 525,000 Construction 131,000 Design Build 6,500,000 1,000,000 Right of Way/Land TOTAL Projectsand Operations 6,570,000 1,706,400 Tra n sfe rs Out 63,400 TOTAL Uses 23,100 7,075,000 2,393,300 Excess(deficiency) of Sourcesover(under) Uses $ (23,100) $ (2,075,000) $ 23,100 $ 118,418,400 387,200 1,495,000 10,000 226,300 12,050,000 35,772,000 47,982,600 20,000,000 116,030,900 495,300 118,418,400 $ 113,418,400 2268 % 242,200 167 % 1,145,000 327% 0% 156,300 223 % 12,050,000 N/A 35,772,000 N/A 41,482,600 638% 20,000,000 N/A 109,460,900 1666 % 495,300 N/A 111,343,400 1574 % $ 2,075,000 -100% Personnel salaries and benefits increased 167/0 due to the allocation of FTEs, the Commission's contribution to employee health benefits, and merit -based salary increases. Professional services increased 327%due to legal services, financial advisory, and traffic and revenue study activities primarily related to the 15/91 Express Lanesconnector project. aipport costsare comparable to the prior year's budget. Projects and operations have increased $109,460,900 primarily due to design -build activities on the 15/91 Express Lanes connector project; engineering and right of way activities on the McKinley Avenue grade separation project; and construction on the I- 15/Limonite interchange project. Transfers out to the General fund of $495,300 relate to the administrative costsallocation. Capital Projects Funds Overview lhe capital projects funds account for all debt proceeds from commercial paper notes, sales tax revenue bonds, and toll revenue bonds(Table 35). Table 35- Capital Projects Funds FY 2017 —2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Investment Income TOTAL Revenues $ 2,394,800 $ 2,394,800 1,134,500 $ 1,134, 500 3,267,500 $ 955,400 $ (179,100) -16% 3,267,500 955,400 (179,100) -16% Expenditures Professional Services 10,292,000 1,410,000 952,000 (1,410,000) -100% &ipport Costs 2,300 N/A TOTAL Professional andSupport Costs 10,292,000 1,410,000 954,300 - (1,410,000) -100% Debt rvice Principal Payments 20,000,000 30,000,000 30,000,000 (30,000,000) -100% Interest Payments 86,600 7,615,500 7,563,500 (7,615,500) -100% Cost of Issuance 654,000 3,767,200 2,257,100 - (3,767,200) -100% TOTAL Debt Service 20,740,600 41,382,700 39,820,600 (41,382,700) -100% Capital Outlay - - - - N/A TOTAL Expenditures 31,032,600 42,792,700 40,774,900 - (42,792,700) -100% Excess(deficiency) of Revenuesover (under) Expenditures (28,637,800) (41,658,200) (37,507,400) 955,400 42,613,600 -102% Other Rna ncing Sources(Uses) TransfersIn 52,040,800 36,100,000 38,917,000 - (36,100,000) -100% TransfersOut (97,744,100) (163,109,000) (155,012,700) (45,044,500) 118,064,500 -72% Debt Proceeds 106,140,000 636,250,000 632,775,000 (636,250,000) -100% Payment to Escrow Agent (63,900,000) (546,300,000) (538,055,700) 546,300,000 -100% Bond Premium 8,414,000 119,722,000 119,713,800 - (119,722,000) -100% Net Financing Sources(Uses) 4,950,700 82,663,000 98,337,400 (45,044,500) (127,707,500) -154% Excess (deficiency) of Revenuesover (under) Expend ituresand Other Ana ncing Sources (Uses) (23,687,100) 41,004,800 60,830,000 (44,089,100) (85,093,900) -208% Beginning Fund Balance 135,299,100 111,612,000 111,612,000 172,442,000 60,830,000 55% ENDING FUND BALANCE $ 111,612,000 $ 152,616,800 $ 172,442,000 $ 128,352,900 $ (24,263,900) -16% As illustrated in the following charts for FY 2018/19, capital projects funds sources and uses consist of investment income (Chart 18) and transfers out (Chart 19), respectively- In prior years, these charts reflected debt proceeds, including bond premium, and transfers in for sources as well as debt service payments to escrow agent for uses. In FY 2017/18, the Commission issued sales tax revenue bonds to finance the 1-15 Express Lanes project and 91 Project completion and to refund sales tax revenue bonds due to federal tax reform. The Commission does not anticipate any new sales tax revenue debt issuances, toll revenue debt issuances, or debt refundingsin FY2018/19. Chart 18—Capital Projects Funds SourcesFY2018/19 Chart 19 —Capital Projects Funds Uses FY 2018/ 19 Investment Income 100% TrandersOut 100% In FY2018/19, the Commission expectsto transfer out salestax bond proceedsof $45,044,500 to the 2009 Measure A Western County Highways special revenue fund for the 1-15 Express Lanes project and 91 Project completion. Debt Service Fund Overview Under the 2009 Measure A program, as amended by Measure K in November 2010, the Commission has the authority to issue sales tax revenue bonds subject to a debt limitation of $975,000,000. The Debt Service fund of the Commission primarily accounts for all activities related to the sales tax revenue bonds debt incurred by the Commission (Table 36). In FY 2016/17, the Commission transferred the Toll Bonds debt service fund to the RCTC 91 Express Lanes enterprise fund upon substantial completion of the 91 Project and opening of the RCTC 91 Express La n e s. The Commission's largest single expenditure is debt service. The debt agreements require the trustees to hold all debt proceeds, a portion of the sales tax revenues intercepted from the CDTFA, and the toll revenues from express lanes operations and to segregate all funds into separate accounts. These monies are included in the restricted investments held by trustee in the capital projects funds, debt service fund, and enterprise fund. Under the sales tax indentures, the Commission may use sales tax revenues for any lawful purpose related to the Riverside County TIP after the trustee has satisfied debt service requirements. Under the toll indentures, which include the TIFIA loans, a separate flow of funds administered by the trustee prescribesthe use of toll revenuesfor each facility. In order to advance project development activities, the Commission established a commercial paper program in 2005. Periodically the Commission issued commercial paper notesand retired some of the noteswith proceedsfrom salestax revenue bonds. Table 36—Debt Service Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Sources Federal Reimbursements $ 2,776,300 $ 2,746,500 $ 2,791,300 $ 2,800,200 $ 53,700 2% Investment Income (72,400) 206,600 571,000 162,900 (43,700) -21% TOTALSources 2,703,900 2,953,100 3,362,300 2,963,100 10,000 0% Expenditures Debt Service Principal Payments Interest Payments TOTAL Debt Service TOTALExpenditures Excess(deficiency) of Revenues over (under) Expenditures 7,300,000 44,590,000 51,890,000 51,890,000 32,145,000 39,977,200 72,122,200 72,122,200 32,120,000 40,029,200 72,149,200 72,149,200 25,965,000 43,590,700 69,555,700 69,555,700 (6,180,000) -19% 3,613,500 9% (2,566,500) -4% (2,566,500) -4% (49,186,100) (69,169,100) (68,786,900) (66,592,600) 2,576,500 -4% Other Financing Sources (Uses) Transfers In 21,241,600 73,960,000 72,149,200 72,555,700 (1,404,300) -2% TransfersOut (28,389,100) (2,746,500) (2,791,300) (2,800,200) (53,700) 2% Payment to Escrow Agent (3,834,200) Net Financing Sources (Uses) (7,147,500) 71,213,500 65,523,700 69,755,500 (1,458,000) -2% Excess(deficiency) of Revenues over (under) Expend ituresand Other Financing Sources (Uses) (56,333,600) 2,044,400 (3,263,200) 3,162,900 1,118,500 55% Beginning Fund Balance ENDING FUND BALANCE 78,316,100 21,982,500 21,982,500 18,719,300 (3,263,200) -15% $ 21,982,500 $ 24,026,900 $ 18,719,300 $ 21,882,200 $ (2,144,700) -9% Reimbursements consist of federal cash subsidy payments related to the 2010 Series B Bonds (2010B Bonds) designated as Build America Bonds (BABs). The BABs subsidy payments reflect a reduction in the expected payments due to federal sequestration cuts. Investment income is slightly higher than the previous fiscal year due to improved investment yields. Transfers in represent the primary source of funding for the debt service funds and reserves(Chart 20) and consist of fundsfrom the 2009 Measure A Western County Highwaysand Bond Financing special revenue funds. Chart 20— Debt Service Fund Sources FY 2018/19 Federal Reimbursements 4% Tra nsfe rs I n 96% Debt Service fund uses (Chart 21) consist of debt service on the sales tax revenue bonds and transfer of the BABs subsidy payments to the 2009 Measure A Western County highways and 2009 Measure A Coachella Valley highway and regional arterialsfunds. Chart21 —Debt Service Fund Uses FY 2018/19 TransfersOut 3% Debt Service 96% Enterprise Fund Overview The RCTC 91 Express Lanes is a four -lane, eight -mile toll road in the median of SR-91 that extends the OCTA 91 Express Lanes at the Orange County/Riverside County line to the SR91/1-15 interchange. Toll revenues and non -toll revenues fund maintenance and operating costs, rehabilitation, capital expenses, and debt service (Table 37). The RCTC 91 Express Lanes toll collection system is all electronic transactions, with no toll collection booths. Commuters on SR- 91 in Corona have a choice of using either the expresslanesor the general purpose lanes. Table 37—Enterprise Fund FY2017-2019 FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Revenues Local Reimbursements $ - $ - $ 1,500,000 $ 8,500,000 $ 8,500,000 N/A Tolls, Penalties, and Fees 10,125,300 16,835,800 42,812,600 36,940,500 20,104,700 119% Investment Income 12,100 162,400 514,600 141,300 (21,100) -13% TOTAL Revenues 10,137,400 16,998,200 44,827,200 45,581,800 28,583,600 168% Expenses Personnel Sa la riesand Benefits 148,700 745,100 644,600 603,000 (142,100) -19% Professional and Sip port Professional Services 99,500 1,436,100 1,200,200 2,061,000 624,900 44% 9.4port Costs 897,600 4,228,500 3,374,300 4,576,700 348,200 8% TOTAL Professional and &wort Costs 997,100 5,664,600 4,574,500 6,637,700 973,100 17% Program and Operations Program and Operations 1,893,900 7,984,500 6,711,200 8,786,100 801,600 10% Debt Service Interest Payments 2,021,200 7,119,900 7,119,900 7,119,900 0% Capital Outlay 650,000 921,000 1,340,000 690,000 106% TOTAL Expenses 5,060,900 22,164,100 19,971,200 24,486,700 2,322,600 10% Excess(deficiency) of Revenues over (under) Expenses 5,076,500 (5,165,900) 24,856,000 21,095,100 26,261,000 -508% Other Financing SaUrces(Uses) Transfers In 5,775,000 3,560,000 - - (3,560,000) -100% TransfersOut (1,392,200) (4,052,900) (709,900) (6,307,200) (2,254,300) 56% Payment to Escrow Agent (20,000,000) (20,000,000) N/A Net Financing Sources(Uses) 4,382,800 (492,900) (709,900) (26,307,200) (25,814,300) 5237% Excess(deficiency) of Revenuesover(under) Expenses and Other Financing Sources(Uses) Beginning Fund Balance 9,459,300 (5,658,800) 24,146,100 (5,212,100) 446,700 -8% 9,459,300 9,459,300 33,605,400 24,146,100 255% ENDING FUND BALANCE $ 9,459,300 $ 3,800,500 $ 33,605,400 $ 28,393,300 $ 24,592,800 647% Local reimbursements of $8,500,000 representsthe anticipated proceedsfrom the sale of excess properties secured during the construction of the 91 Project. The Commission intends to use these sale proceeds to fund a $20,000,000 reserve required under the 11FIA Loan executed in July 2013 for the 91 Project (2013 T1FIA Loan). Tolls, penalties, and fees revenues represent the primary revenue source for the enterprise fund (Chart 22). Such revenuesconsist of toll revenues of $31,681,800 based on estimated toll transactions and current RCTC 91 Express Lanes traffic and revenue data, while the balance of $5,258,700 represents penalties and fees related to toll transactions and other customer account fees. Investment income represents earnings on operating and other restricted funds. Chart 22 — Enterprise Fund Sources FY 2018/ 19 Local Reimbursements 19% Tolls, Penalties, and Fees 81% Toll operations expenses in FY2018/19 are necexary to manage the operations, maintenance, and capital support of the RCTC 91 Express Lanes (Chart 23). Personnel salaries and benefits represent 1%of the total budgeted uses. Professional and support costs is 13%of budgeted uses and includes system, equipment, and road maintenance; insurance; violation enforcement; consulting services; and marketing. Program and operations of $8,786,100 consist of the contracted operator's expenses related to operating and maintaining the toll lane hardware and software and customer service center, toll processing, and violation collection processing. Debt service includes interest payments of $7,119,900 for the current interest portion of the 2013 Toll Revenue Bonds (2013 Toll Bonds). The FY2018/19 budget does not include accreted interest related to the capital appreciation portion of the 2013 Toll Bonds or compounded interest on the 201311FIA Loan. Chart 23—Enterprise Fund Uses FY 2018/ 19 Personnel Salaries and Benefits 1% I Tra nsfe rs O ut 13% Professional and S.apport 13% CapitalOutlay 3% Program a n d Operations 17% Transfers out include $6,000,000 of surplus toll revenues to the 2009 Measure A Western County highways fund for the SR91 Corridor Operations project and a traffic and revenue study and $307,200 to the General fund for the administrative costs allocation. The payment to escrow agent of $20,000,000 representsthe required funding for the 2013 TIFIA Loan reserve. Revenues and Other Sources Total revenuesand other sourcesare budgeted at $904,579,600, and consist of: • Measure A salestax of $187,000,000 (21%of total sources); • LlFsalestax of $94,000,000 (10%of total sources); • STA revenuesof $23,203,600 (3%of total sources); • Federal revenuesof $59,105,700 (7%of total sources); • State revenues, including vehicle registration fees, of $165,442,400 (18%of total sources); • TUMFof $22,922,200 (2%of total sources); • Debt proceedsof $106,081,000 (12%of total sources); • Transfers in of $181,899,300 (20%of total sources); • Toll revenues, penalties, and feesof $36,940,500 (4%of total sources); and • Other revenuesof $27,984,900 (3%of total sources). Table 38 summarizesthe specific revenue funding sources. Table 38—Ievenuesand Other Sources FY 2018/19 Department/Program Sales Tax Measure A LTF STA Federal Sate Local/Toll/Other Funding Sources Management cervices $ - $ - $ - $ - $ - $ 19,400 MEASIREA AND OTHER CAPITAL PROGRAMS Bond Rnancing 11,664,000 20,600 CETAP - - - - - 10,758,500 Economic Development 1,728,000 - - 52,800 Highways 64,491,000 - - 28,232,800 157,551,700 1,781,500 Local Sreetsand Roads 57,196,000 New Corridors 15,985,000 - - - - 180,200 Rail 8,813,000 - - 26,657,400 - 353,200 Regional Arterials 12,960,000 - - 237,500 - 12,787,300 REG IONAL PROGRAMS Public and 9ziecialized Transit 12,003,000 94,000,000 23,203,600 135,000 - 696,900 Planning and Programming - - - 968,000 12,699,800 Rail Sation Maintenance/Operations - 3,843,000 2,213,700 372,700 Commuter Assistance 2,160,000 - - 2,049,600 Motorist Assistance - - 4,709,000 493,300 Toll Operations - 45,581,800 OTHER RNANCING SOURCES Debt Proceeds Tra n sre rs In TOTAL Fund ing Sources 106,081,000 181,899,300 $ 187,000,000 $ 94,000,000 $ 23,203,600 $ 59,105,700 $ 165,442,400 $ 375,827,900 Revenues —Definitions and Background $ 19,400 11,684,600 10,758,500 1,780,800 252,057,000 57,196,000 16,165,200 35,823,600 25,984,800 130,038,500 13,667,800 6,429,400 4,209,600 5,202,300 45,581,800 106,081,000 181,899,300 Q Qnd 57Q Ann Measure A: Measure A is a one-half of one percent transactions and use tax that was first approved by Riverside County voters in 1988 and expired on June 30, 2009 after 20-yearterm. On November 5, 2002, the voters of Riverside County approved the renewal of Measure A through 2039. the 2009 Measure A is expected to raise over$9 billion (in nominal dollars) during itslifespan. The amount raised by the Measure A levy increased asthe County and itseconomic base have grown during the past two decades, peaking in FY2016/17 at $175.3 million. Measure A revenues are projected to approximate $181,000,000 and $187,000,000 in FY 2017/18 and FY 2018/19, respectively. Measure A requires that all sales taxes collected may only be used for transportation purposes including administration and the construction, capital acquisition, maintenance, and operation of streets, roads, highways, including state highways, and public transit systems and for related purposes. These purposes include expendituresfor planning, environmental reviews, engineering and design costs, and related right of way acquisition. the Commission historically obtains and updates Measure A revenue projections through consultants for budget and strategic project planning purposes. A consultant prepares long- term economic forecast semiannually, and a sales tax services consultant provides Measure A revenue projections in connection with its quarterly sales tax analysis. Measure A revenue projections, based on such updates and other factors, for the next five fiscal years are presented in Chart 24 below. Chart 24 —Forecasted Measure A Sales Tax Revenues 2019 —2023 $220,000,000 $215,000,000 $210,000,000 $205,000,000 $200,000,000 $195,000,000 $190,000,000 $185,000,000 $180,000,000 $175,000,000 $170,000,000 2019 Projected 2020 Projected 2021 Projected 2022 Projected 2023 Projected The Commission considered the following additional assumptions in the development of the Commission'srevenue forecast for FY2018/19: • The Inland Empire economy will continue to expand through FY 2018/19 due to steady gains in the Inland Empire's labor market, population growth, and increased consumerand businessspending. • The State does not change the mix of items subject to the sales tax from what has been included historically. • The relative salesand property tax ratesof Riverside and surrounding countiesdo not change from historical levels. • Internet saleswill have minimal impact on revenue. the Western Riverside County Delivery Plan financing strategy considers these Measure A sales tax revenue projections. Geographic Allocation - Riverside County is comprised of three geographic areas: Western County, Coachella Valley, and Palo Verde Valley. the percentage of Measure A revenues allocated to each of these areas based on return to source is approximately 78% for Western County, 22% for Coachella Valley, and less than 1% for Palo Verde Valley (Chart 25). lhese percentages experience some slight variationsfrom year to year based on changes in levels of taxable salesamong the geographic areas. Chart 25—Geographic Allocation of Measure A SalesTax Revenues Palo Verde Valley 0% Coachella Valley 22% Westem County 78% Program Allocation - The 2009 Measure A TIP defines the manner in which the sales tax revenues are to be spent, as presented in the Table 39. In Western County, public transit includes funding for specialized transit, commuter rail, intercity bus service, and commuter assistance. For the Coachella Valley, public transit includesspecialized transit and public busservices. Table 39 - Program Allocation of2009 Measure A SalesTax Revenues Western County • Bond Financing - 8% • Economic Development Incentives -1% • Highways- 30% • Localareetsand Roads -29% • New Corridors - 11% • Pub lic Tra nsit -12% • Regional Arterials -9% Coachella Valley •Highwaysand Regional Arterials-50% • Loca I areetsa nd Roads -35% • Public Transit -15% Palo Verde Valley • Localareetsand Roads- 100% Population (in Western County and Palo Verde Valley) or dwelling units (in Coachella Valley) and taxable sales determine the local streets and roads allocations to the local jurisdictions within each geographic area. Based on the projected Measure A sales tax revenues of $187,000,000 for FY2018/19, the geographic and program allocationsare presented in Table 40. Table 40 - Geographic Allocation Pro g ra m Bond Financing Economic Development Incentives Highways Highwaysand Regional Arterials Local &reetsand Roads New Corridors Public Transit Regional Arterials TOTAL of Measure A Sales Tax Revenues by Program FY2018/19 Western County Coachella Valley Palo Verde Valley $ 11,664,000 $ 1,728,000 44,066,000 41,906,000 15,985,000 16,849,000 12,960,000 $ 145,158,000 $ 20,425,000 14,297,000 6,127,000 993,000 40,849,000 $ 993,000 $ Total - $ 11,664,000 1,728,000 44,066,000 20,425,000 57,196,000 15,985,000 22,976,000 12,960,000 187,000,000 Local Transportation Fund: One -quarter of one cent of the State's 7.75% sales tax funds LTF, established in state law by the TDA. The legislation provided a dependable revenue stream for public transportation operationsin California. Based upon an annual projection of LTFsalestaxes that considers economic forecast revenue projections prepared by a consultant, local economic factors, and monthly receipt trends, the Commission allocatesthe vast majority of LTF revenue in the County to the eight public transit operators, including the Commission for its share of Metrolink operations costs. Much like Measure A revenue, LTF increased with the County'sgrowth and itseconomy (Chart 26). Chart 26 —Local Transportation Fund SalesTax Revenue Trend 2015-2019 94,000,000 92,000,000 90,000,000 88,000,000 86,000,000 84,000,000 82,000,000 80,000,000 FY 14/15 Actual FY 15/16 Actual FY 16/17 Actual FY 17/18 Projected FY 18/19 Projected The Commission allocates LTF revenuesfor regional and local transportation planning, program administration, 93821 bicycle and pedestrian facilities projects, public bustransit, and rail transit, including the Commission's share for commuter rail operations in Western County. The Commission administersthese fundson behalf of the County in a special revenue fund. State Transit Assistance, including State of Good Repair: STA provides additional TDA state funding of transit operations and capital for urban counties, including the County'seight public transit operators (Chart 27). Sales taxes on diesel fuels historically generated the STA funding; however, beginning in FY 2017/18, SB 1 provides additional STA revenues for transit maintenance, rehabilitation, and capital projects. A potential repeal of SB 1 may affect future additional STA funding fortransit infrastructure repairand service improvements. Chart 27 —State Transit Assistance SalesTax revenue Trend 2015-2019 25,000,000 23,000,000 21,000,000 19,000,000 17,000,000 15,000,000 13,000,000 11,000,000 9,000,000 7,000,000 5,000,000 FY 14/15 Actual FY 15/16 Actual FY 16/17 Actual FY 17/18 Projected FY 18/19 Projected State Transportation Improvement Program: The CTC administers and fundsthe STIP, California's primary transportation fund, through state and federal gas tax dollars. The State's revenues are generated by an excise tax on gasoline, including SB 1 revenuesfrom increased taxeson motor fuels and vehicle fees that took effect in November2017. Dollars are allocated to each county based on a formula that takes into consideration population and highway centerline miles. Local transportation agenciessuch asthe Commission make project programming decisionsfor 75% of STIP dollars. As a result of alternative fuel vehicles, overall vehicle fuel efficiency, and lower gas prices, traditional STIP revenues steadily declined until SB 1. STIP reimbursement estimates are based on budgeted expenditures for specific projects with STIP allocations approved by the CTC. SB 132: Caltrans administers the $427 million appropriation from the state highway account to the Riverside County Transportation Efficiency Corridor projects in Western Riverside County as part of a package of legislation that paryrd with SB 1 in April 2017. SB 132 reimbursements represent budgeted expendituresforspecific projectswith SB 132 allocations. Cap and Trade Program: State legislation in 2006 requires a reduction of GHG emissions in the State. A key element of the GHG reduction program is the Cap and Trade Program in which entities regulated under the program can "trade" or buy and sell a portion of emission allowances issued by the California Air Resources Board (CARB) at auctions held during the year. The revenues generated for the State through these auctions are appropriated for infrastructure investments that include LCTDPand road programs, high speed rail projects, and transit and intercity rail projects. State reimbursement revenues include LCTDP revenues for commuter rail operations. Department of Motor Vehicles (DMV) registration Fees: State law allows county SAFE agencies to impose a $1 surcharge on vehicle registrations within the County to pay for call box purchases and operations; excess SAFE revenues may be used for 511 operations and as a match for FSP operations. The call boxes enable motorists to summon help should they encounter mechanical or emergency problems while on the road, whereas the 1E511 system providesreal-time traffic and transit trip information available via the intemet ortelephone. Caltrans Freeway Service Patrol Allocations: Caltrans is the primary sponsor of the FSP and providesthe majority of funding for the program, including towing servicesin construction zones. The State provides nearly 80%of the funding for the MD program based on population, freeway miles, and level of congestion throughout the State. The Commission administers and implementsthe program along with the CHP and Caltrans. Congestion Mitigation and Air Quality: The federally funded CMAQ program targets transportation improvements in areas with air quality problems. This program pays for improvements that reduce congestion while improving air quality. The Commission also uses CMAQ dollars for commuter assistance programs, HOV lanes, and transit projects. CMAQ reimbursement estimates represent budgeted expenditures for specific projects with CMAQ allocations. Federal Transit Administration: The federal government generally allocates FTA funds annually to urbanized areas based on calculated miles of service. On a reimbursement basis, the federal government providesfunding to the Commission for qualified capital investments in rail facilities, track, and vehicles. Transportation Uniform Mitigation Fee: In connection with the 2009 Measure A, the TUMF program was established in the Western County to provide additional funding for regional arterial projects. WRCOG administers the TUMFprogram. The Commission receives significant of the TUMF revenues, divided equally between the regional arterial and CETAP programs, based on a MOU with WRCOG. WRCOG maintains TUMF revenues for regional arterial zone improvements and regional transit facilities. The Commission projects TUMF revenue (Chart 28) based on monthly receipt trends and consideration of local housing and commercial construction activity in the County. Chart 28 —Transportation Uniform Mitigation Fee Revenue Trend 2015-2019 24,000,000 23,000,000 22,000,000 21,000,000 20,000,000 19,000,000 18,000,000 17,000,000 FY 14/15 Actual FY 15/16Actual FY 16/17ActuaI FY 17/18 Projected FY 18/19 Projected Rail and Highway Licenses: The Commission owns parcels of land and right of way for highway, rail, and regional arterial projects in selected areas throughout the County. The ownership provides licensing and leasing opportunitiesfor fiber-optic cable, advertising signs, and business tenants. The amount of funding received from the licenses and leases supports the cost of owning and maintaining the Commission'sland and facilities. Toll Revenue: The Commission and the Orange County Transportation Authority (OCTA) entered into a cooperative agreement in 2011 forthe RCTC 91 Express Lanesand OCTA 91 Express Lanes to be interoperable and operated by the same toll operator. A subsequent agreement executed in 2013 among the Commission, OCTA, and the operator results in a single operator providing most operations and first line maintenance services for a single 91 Express Lanes system in Riverside and Orange counties. Notwithstanding their physical connection and use of the same toll operator, the RCTC 91 Express Lanes and OCTA 91 Express Lanesare independent enterprises; however, each agency charges independent tolls for its express lanes. FY 2018/19 toll revenues represent projected tolls for the RCTC 91 Express Lanes based on estimated toll transactionsand traffic and revenue data. Non -toll Revenues: The 2011 cooperative agreement between the Commission and OCTA regarding the 91 Express Lanes also included cost and revenue sharing among other provisions. Non -toll revenues consist of revenues not attributable directly to toll transactions derived through administration by the operator of transaction -based fees and account -based fees. The Commission estimated FY 2018/19 non -toll revenues based on current data from the RCTC 91 Express Lanes. Investment Income: The Commission established a prudent investment policy that isintended to provide absolute safeguards on principal and liquidity as well maximize return, as noted in Section 1. The Commission conservatively estimated interest earnings on the State and County investment pools at an interest rate of 0.50%and funds held by the trustee for debt service and projectsat 0.75%. Program Revenues and Other Sources The Commission allocated revenues and otherfinancing sourcesfor FY2018/19 asfollows: Chart 29-Program RevenuesFY2018/19 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50, 000,0 00 $_ — `d u I l o es COP ec'' OJs 6' 4' �S�G cce C., ,f Ara d'9O Goya �o�o�° S' o co�ooe o e\S�ee�s ÷e 0 0 <o‘, g 1LI .4 co``' Asa „c,c, P e e fie. O eopti aQ�oo' oe\0 ,6 o�5�p- o O Oep� rlc'Q.ecOC` _ oe e cs as OCG `e,`O Ge¢� \ e �a e Sq s9s e Quo \c o Measure A n LiF u STA o Federal u 3ate h+Loca VToll/Other Management Services The primary funding sources for management services are transfers in of Measure A of $4,366,100, OF of $81,700 and $4,191,200 from TUMF, S4FE, FSP, STA, SB 132, Coachella Valley Rail, toll operations, and other agency projects for administrative costs. Local and other revenues include $400 related to reimbursements for administrative activities and investment revenues of $19,000. Bond Financing Measure A Western County revenues of $11,664,000 will be used to support bond financing costs. Investment revenuesare $20,600. C EfAP The Western County CETAP program anticipates$10,500,000 from TUMFfor development of new CETAPcorridors. Local and other revenuesinclude $258,500 representing investment income. Economic Development In order to attract commercial and industrial development and jobs to locate in the Western County area, Measure A Western County revenues of $1,728,000 will be used to create an infrastructure improvement bank to improve and construct interchanges, provide public transit linkages or stations, and make other improvements to the transportation system. Investment eamingsare $52,800. Highways Funding for the highway program includes2009 Measure A salestax revenuesof $64,491,000 for Western County highways and Coachella Valley highways and regional arterial programs. The 2009 Measure A Western County sales tax revenues will be used primarily to fund debt service related to the financing of the 91 Project and 1-15 Express Lanes project. Unexpended 1989 Measure A Western County revenuesfrom prior yearswill be used on remaining projectssuch as the Pachappa underpassproject. Federal fundsfor highway projects include: • $635,000 in CMAQ fundsfor the SR91 HOV lanes; • $6,500,000 and $2,629,000 in CMAQ and federal earmarks, respectively for the Pachappa underpass; • $15,119,000 in CMAQ and Surface Transportation Block Grant (SIBG) funds for the 1-15 Express La nes p roject; • $549,600 in demonstration fundsfor the 71/91 interchange improvements; and • $2,800,200 for BABs subsid y payments related to the 2010B Bonds. State fundsfor highway projectsinclude: • STIP and Proposition 1Bfunding of$1,000,OOOforthe 1-215 corridor improvements; • STIPfunding of $5,061,300 forthe 1-15 Express Lanessouthem extension project; • STIPfund ing of $26,800,000 for the SR60 truck climbing lanes; • SB 1 Local Partnership Program revenues of $4,272,000 for the Pachappa underpass project and $2,000,000 for the 71/91 connector project; and • $118,418,400 of SB 132 funding for the 15/91 Express Lanes connector, 1-15/Limonite interchange, McKinley and Jurupa Avenue grade separation, and Hamner Bridge widening projects. Additional local funding includes $99,000 in lease revenues, $100,000 in local reimbursements related to carpool violations, and investment revenue of $1,582,500. In FY2018/19, the Commission anticipates$106,081,000 in a federal TIFIA loan drawdown to fund the I-15 ExpressLanesproject. Transfers in include: • $45,634,500 in sales tax bond proceeds to fund the 1-15 Express Lanes project and the completion of the 91 Project; • $69,555,700 to the Sales Tax Bondsdebt service fund for Measure A Western County and Coachella Valley highwaysdebt service; • $3,000,000 to the Debt Service fund asa Commission loan to fund a TIFIA Loan reserve for the 1-15 ExpressLanesproject; • $6,000,000 to the 2009 Measure A Western County highways fund from the RCTC 91 ExpressLanesfund forthe 91 Corridor Operationsproject; and • $15,900,200 to the 2009 Measure A Western County highways fund from the 2009 Measure A Western County bond financing fund fordebt service. Local Streets and Roads The Commission anticipatesthe allocation and distribution of $57,196,000 in Measure A fundsfor the local streets and roads program to the cities and the County for local street repairs, maintenance, and construction. New Corridors To leverage local, state, and federal funding for four new transportation corridors identified through CETAP, Measure A Western County revenues of $15,985,000 will be available for environmental clearance, right of way acquisition, and construction of these new corridors. Additional local and other funds include $160,000 in lease revenues and $20,200 in investment revenues. Ra it The Commission expects the allocation of $8,813,000 in 2009 Measure A Western County public transit program funds for rail. Federal funds consist of $9,657,400 and $15,000,000 for station rehabilitation and improvement projects and SCRRA capital projects, respectively, and $2,000,000 for the development of Coachella Valley -San Gorgonio Pass corridor rail service. Local and other revenues include $280,000 for property lease revenues and $73,200 in investment revenue. Transfers in consist of $250,000 from Proposition 1B funding for a station rehabilitation project and $350,000 from the STA fund for the development of Coachella Valley - San Gorgonio Passcorridor rail service. Regional Arterials The Western County regional arterial program expects Measure A and TUMF revenues of $12,960,000 and $12,422,200, respectively. The new TUMF revenues along with unexpended TUMF revenues from prior years will be the primary source of funding TUMF regional arterial projects. Federal revenues consist of $237,500 for a Lake Elsinore regional arterial project managed by the Commission. Other local revenues consist of investment income of $365,100. Transfers in consist of $300,000 from the 2009 Measure A Western County highway fund for the SR79 realignment project. Public and Specialized Transit The Commission anticipates LTF sales tax revenues of $94,000,000 allocated primarily for public bus and rail transit operations and capital in the County. The Commission allocates a small portion of these revenues for planning and administration as well as SB 821 bicycle and pedestrian facilities grants. The Commission also expects STA allocations of $23,203,600 for the County's public transit operators. For the FY 2018/19 budget, the Commission will use unexpended LTFand STA revenues from prior years to fund transit operations as well as bicycle and pedestrian facilitiesgrants. Under the 2009 Measure A, the Commission estimates public transit funding of $12,003,000 for Western County specialized transit and intercity bus services and Coachella Valley specialized and public transit services. The Commission expects federal revenues of $135,000 as a pass - through for a Palo Verde Valley transit project. Transfers in consist of $1,500,000 from 2009 Measure A Western County commuter assistance fund and $132,500 from OF for administrative costs. Local revenuesrepresent investment income of $696,000. Planning and Programming Planning and programming transfers in consist of: • An off -the -top allocation of $2,820,000, or three percent of estimated LTF revenues, for transportation planning studies; • A LTFallocation of $1,017,400 for administrative costs; and • A LTFallocation of $2,000,000 to fund grade separation projects in the city of Corona. STIP of $968,000 will fund PPM activities of the Commission and CVAG. Local and other revenues consist of $800,000 for a traffic signal synchronization coordination project, $11,880,000 for the District's projects, and investment income of $19,800. Rail Station Maintenance and Operations Rail operations include Metrolink operating and capital contributions, station maintenance, and support. The Commission will fund these rail activities with LTF allocation transfers in of $21,200,000. Federal CMAQ funds of $3,843,000 relate to SCRRA security costs and operations at the PVL stations. State reimbursements of $2,213,700 will fund operations at the PVL stations and station improvements. In addition to investment revenues of $60,000, local and other revenues include $312,700 in reimbursements for Metrolink violator citations and miscellaneous vending machine revenues. Commuter Assistance The Commission anticipates funding of $2,160,000 from 2009 Measure A Western County public transit to the commuter assistance program for services to commuters and employers in promoting use of alternate modes of transportation in Western County. Local and other revenues consist of investment income of $61,700 and SBCTA reimbursements of $1,987,900 for support of the San Bernardino County commuter assistance program and regional ridematching. Motorist Assista nc e DMV registration fees of $1,800,000 and Caltrans state highway account allocations of $2,909,000 will fund SAFE and FP services, respectively. The Commission will also receive local reimbursements of $231,600 to support S$CTA's share of the 1E511 system operations and cost recoveries of $225,300 from responsible parties related to call box knockdowns. Investment income is $36,400. An operating transfer in from SAFE of $3,600,000 serves as a match to the State's FSP contribution. Toll Operations Tolls, penalties, and fee of $36,940,500 will fund the RCTC 91 Express Lanes toll operations. Local and other revenues include $8,500,000 for proceeds of the sale of excess properties and $141,300 in investment income. Commission Debt The Commission incurred debt for highway (non -tolled and tolled), new corridor, regional arterial, and local streets and roads projects for which title usually vests or, upon completion, will vest with Caltrans or local jurisdictions for ongoing operations and maintenance. The financed projects are not ascots of the Commission for which the Commission will have operating responsibilities, except for the intangible rights to operate the express lanes on SR-91 and 1-15. Accordingly, future operating costs related to the non -capitalized projects cannot be determined and are not applicable to the annual budget. Operating budget impacts for the Commission's toll arts and rail arts, which were not financed, are included in the annual budget. The Commission pledged future Measure A sales taxes as security for Measure A debt service payments on the sales tax revenue bonds and commercial paper notes. Toll revenues generated on the RCTC 91 ExpressLanesare pledged to pay debt service on the 2013 Toll Bonds and 2013 11FIA loan for the 91 Project; future toll revenues generated on the 1-15 Express Lanes are pledged to pay debt service on the federal 11RA loan executed in 2017 (2017 T1FTA Loan) for the 1-15 Express Lanes project. Table 41 presents a summary of the anticipated changes in the Commission's debt during FY 2018/19. The Commission excludes accretion amounts related to capital appreciation bonds and compounded interest on the T1RA loans, asthey do not affect the annual budget activities. Table 41 —Changes in Commission Debt Projected Balance Projected Balance July 1, 2018 Additions (Reductions) June 30, 2019 2010BSalesTaxBonds $ 112,370,000 $ - $ 2013 Sales Tax Bonds 66,795,000 2013 Toll Bonds 179,752,806 2016 Sales Tax Refunding Bonds 74,540,000 2017A Sales Tax Bonds 155,050,000 2017BSalesTaxRefunding Bonds 392,730,000 2018 Sales Tax Refunding Bonds 63,540,000 201311RA Loan -91 Express Lanes 421,054,400 201711F1A Loan - 1-15 Express Lanes 106,081,000 Commercial Paper (12,090,000) (4,940,000) (4,470,000) (4,465,000) $ 1,465,832,206 $ 106,081,000 $ (25,965,000) $ 112,370,000 54,705,000 179,752,806 69,600,000 150,580,000 392,730,000 59,075,000 421,054,400 106,081,000 $ 1,545,948,206 In March 2005, the Commission established a commercial paper program to advance project development and land and right of way acquisition under the 2009 Measure A TIP. The current commercial paper program authorization is $60,000,000. The Commission generally rolls over commercial paper note maturitiesto new note issuances unless refinanced with long-term sales tax bond issuances. The Commission currently maintains P-1 and an A-1+ rating from Moody's Investors Service (Moody's) and Standard and Poor's Rating Service (S&P), respectively, on the commercial paper notes. Available commercial paper proceeds or sales tax revenues fund commercial paper interest payments. During FY 2017/18, the Commission retired $30,000,000 of the total outstanding commercial paper notes in connection with the issuance of the 2017 SeriesA Sales Tax Revenue Bonds (2017A Bonds). The Commission issued no commercial paper notes in FY 2017/18, and it anticipates no issuances of commercial paper notes in FY2018/19 — resulting in $0outstanding amount of commercial paper projected at June 30, 2019. Accordingly, the FY2018/19 budget includes no commercial paper interest payments. The Commercial Paper capital projects fund accountsfor commercial paper activities. As credit and liquidity support for the commercial paper notes, the Commission has an irrevocable direct draw letter of credit in the amount of $60,750,000 and reimbursement agreement with State Street Bank and Trust Company (State Street Bank), which expires in October 2020. The costs for the liquidity support are reflected in the 2009 Measure A Western County Bond Financing special revenue fund. Sales Tax Revenue Bonds Under the provisions of the 2009 Measure A, the Commission has the authority to issue sales tax revenue bonds subject to a debt limitation of $975 million, reflecting an increase from the original authorization of $500 million because of the November 2010 voter approval of Measure K. The sales tax revenue bonds are secured by a pledge of the 2009 Measure A revenues. All sales tax revenue bonds mature on or before June 2039, prior to the expiration of the 2009 Measure A. Asa meansto achieve a greater level of interest rate stability, the Commission entered into two interest rate swaps for a total notional amount of $185,000,000 at a fixed rate for 20 years effective October 2009. In connection with the commencement of the interest rate swaps in October 2009, the Commission issued $185,000,000 in variable rate sales tax revenue bonds to retire outstanding commercial paper notes, refund bonds issued in 2008, fund a portion of the debt service reserve, and pay issuance costs. The Commission terminated these swaps at a termination cost and refinanced all of the related variable rate sales tax bonds by issuing fixed rate refunding salestax revenue bonds in September2016and April2018. In November2010, the Commission issued $37,630,000 in fixed rate tax-exempt salestax revenue bonds (2010A Bonds) and $112,370,000 in fixed rate taxable 2010B Bonds designated as BABs under the American Recovery and Reinvestment Act (ARRA). The Commission used proceeds from the aggregate amount issued of $150,000,000 to retire outstanding commercial paper notes, provide funds for 2009 Measure A Western County capital projects, and pay issuance costs. The Commission refunded all of the outstanding 2010A Bonds in December 2017. The Commission designated a portion of the BABs as recovery zone economic development bonds (RZEDBs). The Commission expects to receive a cash subsidy from the United States Treasury equal to 35% of the interest payable on the BABs or 45% of the interest payable on the 2010B Bonds designated asRZEDBs. However, reductions in the BABssubsidiesoccurred in recent years due to federal sequestration cuts. If sequestration continues, the Commission anticipates a reduction in the FY2018/19 BA%subsidy of 6.1%. Estimated net debt service payments for the 2010B Bonds in FY 2018/19 are $0 for principal and $7,649,000 for interest payments. Federal reimbursement include the $2,800,200 projected cash subsidy payment. In July 2013, the Commission issued $462,200,000 in fixed rate salestax revenue bonds (2013 Sales Tax Bonds), at a premium, in connection with the 91 Project. The Commission used the proceeds of the 2013 Sales Tax Bonds to fund a substantial portion of the 91 Project costs, retire outstanding commercial paper notes, pay capitalized interest through December 2017, and pay issuance costs. The Commission refunded the callable portion of the 2013 Sales Tax Revenue Bonds in December 2017. Estimated debt service payments in FY 2018/19 for the remaining 2013 Sales Tax Bonds are $12,090,OOOfor principal and $3,339,800 for interest payments. In September 2016, the Commission issued $76,140,000 in fixed rate sales tax revenue refunding bonds (2016 Refunding Bonds), at a premium, to refund all of the outstanding Series A bonds issued in 2009, retire all of the commercial paper notes, and pay issuance costs. Estimated debt service payments for the 2016 Sales Tax Revenue Refunding Bonds are $4,940,000 for principal and $2,513,100 for interest payments. In July 2017, the Commission issued $158,760,000 in fixed rate 2017A Bonds, at a premium, to fund the 1-15 Express Lanes project and completion of the 91 Project. The Commission used the proceeds of the 2017A Bonds to fund 1-15 Express Lanes project costs, completion of the 91 Project, retire outstanding commercial paper notes, and pay issuance costs. Estimated debt service payments for the 2017A Bonds in FY 2018/19 are $4,470,000 for principal and $7,545,500 for interest payments. In December 2017 as result of pending federal tax reform legislation that eliminated advance refundings, the Commission issued $392,730,000 in fixed rate sales tax revenue refunding bonds (2017B Refunding Bonds), at a premium, to refund all of the outstanding 2010A Bonds and the callable portion of the 2013 Sales Tax Bonds and pay issuance costs. Estimated debt service payments for the 2017B Refunding Bonds in FY 2018/19 are $0 for principal and $19,366,300 for interest payments. In April 2018 due to federal tax reform legislation impacts, the Commission issued $64,285,000 in fixed rate salestax revenue refunding bonds (2018 Refunding Bonds), at a premium, to refund all of the outstanding Series B and Series C bonds issued in 2009, finance the related swap termination payment, and pay issuance costs. Estimated debt service payments for the 2018 Refunding Bondsare $4,465,OOOfor principal and $3,177,OOOfor interest payments. The Commission received long-term debt ratings of Aa2, AA+, and AA from Moody's, S&P, and Fitch Ratings (Fitc h), respectively on its currently outstanding salestax revenue bonds. Toll Revenue Bonds and 11FIA Leans 91 Project In July 2010, the Commission authorized the issuance of up to $900,000,000 in toll revenue bonds in anticipation of the financing requirementsforthe 91 Project. In July 2013, the Commission issued $176,654,600 in 2013 Toll Bonds, at a discount, that consist of $123,825,000 in current interest bonds (CIBs) and $52,829,600 in capital appreciation bonds (CABs). The ClBs have maturity datesthrough June 2048, while the CABs mature at the accreted value commencing June 2022 through June 2043. Estimated debt service paymentsfor the 2013 Toll Bonds in FY 2018/19 are $0 for principal and $7,119,900 for interest payments. The 2013 Toll Bondsare secured by a lien on the trust estate, which consists primarily of toll revenuesand non - toll transaction and account revenues less operating and maintenance expenses of the RCTC 91 Express Lanes. In July 2013, the Commission executed the 2013 TIFIA Loan with the United States Department of Transportation (U.S. DOT) in an amount up to $421,054,400, which provided the final puzzle piece needed for the full funding of the 91 Project. The 2013 TIFIA Loan is a toll revenue bond subordinate to the 2013 Toll Bonds unless and until the occurrence of a bankruptcy related event. The Commission obtained proceeds on the full amount of the 2013 TIFiA Loan through FY 2016/17 after meeting certain conditions. Interest on outstanding disbursements is 3.47% and is compounded semiannually. The 2013 TIFiA Loan matures on the June 2051. Interest payments commence on the fifth anniversary of the substantial completion date (March 2017) or the first interest payment date occurring prior to the fifth anniversary date. Accordingly, semiannual interest paymentscommence December2021; principal paymentscommence annually in June 2030. The RCTC 91 Express Lanes trust estate also secures the 2013 TIFIA Loan, similar to the 2013 Toll Bonds. The Commission is required to fund a $20,000,000 TIFiA debt service reserve prior to July 2019 from sale proceeds of excess land acquired for the 91 Project or other available revenues, including surplus toll revenues. The Commission included the 2013 TIFiA Loan reserve funding in the enterprise fund. The 2013 Toll Bonds and the 2013 11RA Loan received long-term ratings of BBB -from S&P and Fitch. 1-15 Exp ress La nes Project In May 2017, the Commission authorized the issuance of up to $165,000,000 in toll revenue bonds in anticipation of the financing requirementsforthe 1-15 ExpressLanesproject. In July 2017, the Commission executed a federal TIRA loan (2017 11RA Loan) with the U.S. DOTin an amount up to $152,214,260. The 2017 TIRA Loan as well as the 2017 Bonds, $110,000,000 in federal funds, and project expenses already paid from 2009 Measure A revenues provided the full funding of the 1-15 Express Lanes project. The 2017 TIRA Loan is a senior toll revenue bond, and proceeds of the 2017 TIRA Loan may be drawn upon after certain conditions are met. Interest on outstanding disbursements is2.84%and is compounded semiannually. The 201711RA loan is expected to mature on the earlier of 35 years after substantial completion of the 1-15 ExpressLanesproject or June 1, 2056. Interest paymentsare expected to 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 June 2025; principal paymentsare expected to commence in June 2030. The Commission is required to fund an $18,000,000 TIRA debt service reserve no later than June 30, 2024 from toll revenues and a Commission loan from salestax revenuesto the extent that toll revenues are insufficient. The FY 2018/19 budget includes a $3,000,000 transfer from the 2009 Measure A Western County highway fund to the Debt Service fund to establish the initial reserve funding. The Commission also anticipates providing additional liquidity support in the form of a Commission backstop loan from salestax revenues in the annual amount up to $3,850,000 up to a maximum total amount of $38,500,000 from FY2024/25 through FY2038/2039. The Commission loans will be repaid from available toll revenues after meeting certain blocked payment tests. The 2017 TIRA Loan is secured by a lien on the trust estate, which consists primarily of toll revenues and non -toll revenues (including account and violations revenues) less operating and maintenance expensesof the 1-15 Express Lanes. Debt Capacity Analysis The Commission is legally prohibited from issuing additional sales tax revenue debt if its debt coverage ratio islessthan 1.5 to 1 on all senior salestax revenue debt. The Commission adopted a higher standard of 2 to 1 as part of its debt management policy. As Chart 30 and Table 42 indicate, the Commission successfully met its policy standard for sales tax revenue debt issued under the 2009 Measure A. The 1989 Measure A related debt consistently exceeded the Commission's standard, and coverage for the 2009 Measure A related debt of 2.8 isanticipated for FY2018/19. Any coverage lessthan 2 to 1 would necessitate using other program funding to coverall debt service expenditures. Chart 30 -Measure A Sales Tax Debt Capacity Analysis $200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80, 000 ,000 $60, 000 ,000 $40, 000 ,000 $20, 000 ,000 $- FY 2017/ 18 FY 2018/ 19 Table 42 —Measure A Sales Tax Debt Capacity Analysis ISeniorDebt rvice -4Available Revenues FY 17/ 18 FY 18/ 19 Sales Tax Revenues $ 181,000,000 $ 187,000,000 Senior Debt Service $ 69,167,100 $ 66,755,500 Coverage Ratio -Senior Debt 2.6 2.8 Long -Term Debt Rating Aa2/AA+/AA Aa2/AA+/AA Commercial Paper Rating P-1/A-1+ P-1/A-1+ Upon the execution of the 2017 11FIA Loan, the toll -supported debt consistsof the 2013 Toll Bonds and 201711FIA Loan asseniordebt and the 201311F1A Loan assubordinate debt. Beginning in the first full fiscal year following substantial completion of the express lanes projects, the Commission is required to establish and collect tolls in connection with the toll road to produce net revenuesequal to or in excessof the following ratios: Covera • e Ratios 2013 Toll Bonds/201311RA Loan 2017 lIFIA Loan Senior lien debt 150% Total debt Total debt plus reserve deposits and certain other funds established under the applicable indenture 130% 130% 100% 100% the Commission expects to exceed the toll coverage ratio requirements for the 2013 Toll Bonds and 2013 TIFIA Loan with a coverage ratio of 262%for FY2018/19. Aggregate Debt Service Schedule for Sales Tax Bonds Debt service requirements(Table 43 and Chart 31) forthe salestax revenue bondsare based on amortization schedulesfor the 2010B Bonds, net of the BABssubsidy; 2013A Sales Tax Bonds; 2016 Refunding Bonds; 2017A Bonds; 2017B Refund ing Bonds; and 2018 Refunding Bonds. Table 43 —Commission Sales Tax F venue Bonds Net Debt Service Requirements Fiscal Year Principal Interest Rabsidy Payments Net Debt Service 2019 $ 25,965,000 $ 43,590,700 $ (2,800,200) 2020 27,245,000 42,897,100 (2,982,100) 2021 28,495,000 42,263,200 (2,982,100) 2022 29,995,000 41,504,600 (2,982,100) 2023 31,405,000 40,755,300 (2,982,100) 2024-2028 178,120,000 167,826,500 (14,910,500) 2029-2033 219,095,000 122,256,900 (14,897,900) 2034-2038 264,305,000 61,148,300 (9,470,800) 2039 60,400,000 3,344,800 (550,800) Total $ 865,025,000 $ 565,587,400 $ (54,558,600) Chart31 —Commission SalesTax Revenue Bonds Debt Service through Maturity $so,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 ,iiiiiililllllllll 0O����D O0O0O���r�Q O�O�O�O�9S'3DO���,�PO���,�SO����bO�b�,S�0�4)cb �3Q -l� -lry try -r� -\� -l� -lry try -r� -1`� -lry -lry try -\' 1� - ry try try -\' -1- ry F F F F F F F F F F F F F F F F F F F F F Outstanding Debt and Debt Service Requirements as of June 30, 2019 $ 66,755,500 67,160,000 67,776,100 68,517,500 69,178,200 331,036,000 326,454,000 315,982,500 63,194,000 $ 1,376,053,800 uSalesTax Revenue Interest oallesTax Revenue Principal lhe following is summary of debt issued and secured by 2009 Measure A sales tax revenues, receipt of which began in FY2009/10: 2005 Commercial Paper Notes (Limited Tax Bonds), Series A: In February 2005, the Commission authorized a $200 million commercial paper program. In March 2005, the Commission established the program for $185,000,000 Commercial Paper Notes (Limited Tax Bonds), SeriesA and B. In October 2010, the Commission reduced the program to $120 million; in September 2013, the Commission further reduced the program to $60 million. the repayment of principal and interest on the commercial paper notes is secured by an irrevocable direct draw letter of credit issued by State Street Bank, and the Measure A sales tax revenues secure such repayment. Maturities of the commercial paper notes may range from one to 270 days, and interest rates are variable and dependent on current market conditions. the Commission anticipatesno outstanding commercial paper notesat June 30, 2019. the note agreements require the trustee to hold all note proceeds and a portion of sales tax revenuesand to segregate all fundsinto separate accountsas required by the indentures. 2010 Sales Tax Revenue Bonds (Limited Tax Bonds), SeriesA Tax -Exempt and Series B Taxable: In November 2010, the Commission issued $150,000,000 principal amount of serial bondsto retire all of the outstanding principal amount of the commercial paper notes, fund project costs, and pay issuance costs. the Commission refunded the 2010A Bonds in December 2017. the outstanding 2010B Bonds mature in annual installments ranging from $530,000 to $17,980,000 on various dates from June 1, 2032 through June 1, 2039. The interest rate for the 2010B Bonds is 6.807%. The Commission expects to receive BAB cash subsid ies from the U.S. Treasury related to the 2010B Bonds; however, sequestration cutsmay continue to affect the subsidy amounts. The 2010B Bond agreements require the trustee to hold all bond proceedsand a portion of sales tax revenuesand to segregate all funds into separate accountsasrequired by the indentures. Table 44 summarizes the debt service requirements, net of subsidy payments for the 2010B Bonds. Table 44-2010 Sales Tax Revenue Fiscal Year 2019 2020 2021 2022 2023 2024-2028 2029-2033 2034-2038 2039 Total Bonds Net Debt Service Requirements Principal Interest $ $ 7,649,000 - 7,649,000 - 7,649,000 7,649,000 7,649,000 - 38,245,000 14,540,000 38,208,900 79,850,000 22,887,600 17,980,000 1,223,800 Subsidy Net Debt Service $ (2,800,200) (2,982,100) (2,982,100) (2,982,100) (2,982,100) (14,910,500) (14,897,900) (9,470,800) (550,800) $ 112,370,000 $ 138,810,300 $ (54,558,600) $ 4,848,800 4,666,900 4,666,900 4,666,900 4,666,900 23,334,500 37,851,000 93,266,800 18,653,000 $ 196,621,700 2013 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A Tax -Exempt: In July 2013, the Commission issued $462,200,000 principal amount of serial bonds at a premium of $38,328,800 to retire all of the outstanding principal amount of commercial paper notes, fund a portion of the 91 Project costs, pay capitalized interest during construction, and pay issuance costs. In December 2017, the Commission refunded the callable portion of the outstanding 2013 Sales Tax Bonds. The bonds mature in annual installments ranging from $12,090,000 to $14,695,000 on variousdatesfrom June 1, 2019 through June 1, 2023; the interest rate is5.00%. The 2013 Sales Tax Bond agreementsrequire the trustee to hold all bond proceedsand a portion of sales tax revenues and to segregate all funds into separate accounts as required by the indentures. Table 45 summarizesdebt service requirementsforthe 2013 Sales Tax Bonds. Table 45-2013 SalesTax Revenue Fiscal Year 2019 2020 2021 2022 2023 Total Bonds Debt Service Requirements Principal $ 12,090,000 $ 12,690,000 13,325,000 13,995,000 14,695,000 Interest 3,339,800 3,339,800 3,339,800 3,339,800 3,339,800 Total Debt Service $ 66,795,000 $ 16,699,000 $ 15,429,800 16,029,800 16,664,800 17,334,800 18,034,800 $ 83,494,000 2016 Sales Tax Revenue Refunding Bonds(Limited Tax Bonds), SeriesA Tax Exempt: In September 2016, the Commission issued $76,140,000 in fixed rate sales tax revenue refunding bonds, at a premium of $8,414,007, to refund all of the outstanding SeriesA bonds issued in 2009, retire all of the commercial paper notes, and pay issuance costs. The bonds mature in annual installments ranging from $2,900,000 to $7,305,000 on various dates from June 1, 2019 through June 1, 2029 with interest rates ranging from 2.00%to 5.00%. Table 46 summarizes debt service requirements for the 2016 Refunding Bonds. Table 46-2016 SalesTax Revenue Fiscal Year 2019 2020 2021 2022 2023 2024-2028 2029-2030 Total F funding Bonds Debt Service Principal $ 4,940,000 5,185, 000 5,445,000 5,720,000 6,005,000 32,775,000 14,470,000 Requirements Interest $ 2,513,100 2,266,100 2,006,900 1,734,600 1,448,600 4,494,500 435,500 Total Debt Service $ 74,540,000 $ 14,899,300 $ 7,453,100 7,451,100 7,451,900 7,454,600 7,453,600 37,269,500 14,905,500 $ 89,439,300 2017 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A Tax Exempt: In July 2017, the Commission issued $158,760,000 principal amount, at a net premium of $28,931,909, to primarily fund the 1-15 Express Lanes project and completion of the 91 Project. The bonds mature in installments ranging from $3,710,000 to $11,440,000 on various dates from June 1, 2019 through June 1, 2039 with interest rates ranging from 3.00%to 5.00%. Table 47 summarizes debt Service requirementsforthe 2017A Bonds. Table 47 —2017 A SalesTax Ibvenue Bonds Debt Service Requirements Fiscal Year 2019 2020 2021 2022 2023 2024-2028 2029-2033 2034-2038 2039 Tota I Principal $ 4,470,000 4,690,000 4,835,000 5,075,000 5,280,000 30,620,000 39,050,000 49,590,000 11,440,000 Interest $ 7,545,500 7,322,000 7,181,300 6,939,500 6,736,500 29,450,000 21,022,900 10,477,300 572,000 Total Debt Service $ 155,050,000 $ 97,247,000 $ 12,015,500 12,012,000 12,016,300 12,014,500 12,016,500 60,070,000 60,072,900 60,067,300 12,012,000 $ 252,297,000 2017 SalesTax Revenue Refunding Bonds(Limited Tax Bonds), SeriesBTaxExempt: In December 2017, the Commission issued $392,730,000 in fixed rate sales tax revenue refunding bonds, at a premium of $80,058,109, to refund all of the outstanding 2010A Bonds, refund a portion of the 2013 Sales Tax Bonds, and pay issuance costs. lhe bonds mature in annual installments ranging from $15,045,000 to $30,980,000 on various dates from June 1, 2024 through June 1, 2039 with interest ranging from 4.00%to 5.00%. Table 48 summarizes the debt service requirements for the 2017B Refund ing Bonds. Table 48 —2017 BSales Tax Revenue Refunding Bonds Debt Service Requirements Fiscal Year Principal Interest Total Debt Service 2019 $ - $ 19,366,300 2020 19,366,400 2021 19,366,400 2022 19,366,400 2023 - 19,366,400 2024-2028 83,140,000 88,923,100 2029-2033 143,745,000 62,225,100 2034-2038 134,865,000 27,783,400 2039 30,980,000 1,549,000 Total $ 392,730,000 $ 277,312,500 $ 19,366,300 19,366,400 19,366,400 19,366,400 19,366,400 172,063,100 205,970,100 162,648,400 32,529,000 $ 670,042,500 2018 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), SeriesA Tax Exempt: In April 2018, the Commission issued $64,285,000 in fixed rate salestax revenue refunding bonds, at a premium of $10,723,789, to refund all of the outstanding SeriesBand SeriesC bonds issued in 2009, finance the swap termination payment, and pay issuance costs. The bonds mature in annual installments ranging from $745,000 to $7,290,000 on va rious d ates from June 1, 2019 through June 1, 2029 with interest rates ranging from 4.00% to 5.00%. Table 49 summarizes debt service requirements for the 2018 Refunding Bonds. Table 49-2018 Sales Tax Revenue Refunding Bonds Debt Service Requirements Fiscal Year Principal Interest Total Debt Service 2019 $ 4,465,000 $ 3,177,000 2020 4,680,000 2,953,800 2021 4,890,000 2,719,800 2022 5,205,000 2,475,300 2023 5,425,000 2,215,000 2024-2028 31,585,000 6,713,900 2029-2033 7,290,000 364,500 Total $ 63,540,000 $ 20,619,300 $ 7,642,000 7,633,800 7,609,800 7,680,300 7,640,000 38,298,900 7,654,500 $ 84,159,300 Chart 32 presents the allocation of the sales tax revenue bonds to the 2009 Measure A programs. A significant portion of the sales tax revenue bonds funded highway and regional arterial projects in the Western County and Coachella Valley; however, less than 1% funded local streetsand roadsprojectsin the Coachella Valley and Palo Verde Valley. Chart 32 —Program Long -Term Debt Hig hw aysa nd Regional Arterials 100% Chart 33 presents the allocation of the sales tax revenue bonds by the benefiting geographic area. Chart 33 —Long-Term Debt by Geographic Area Coachella Valley 2% i Western County 98% Debt Service Schedulesfor Toll Revenue Bonds Chart 34 depicts the debt service requirements for the 2013 Toll Bonds. the 2013 Toll Bond agreements require the trustee to hold all bond proceeds and segregate funds into separate accountsasrequired by the indenture. Chart 34 —Toll Revenue Bonds Debt Service through Maturity $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $$5 000,000 I I I 1 I I I I I I I $5,000,000 I I — $- — 1��,q 1q\ry°�y°'1,` ryry�yry\ry��}ry°'�yb\ry`'�yh�ry"�yb\ry ry����y�0,\�yq��°' \,5` \�ry'*���5^�3\Dt' \fy^�5\�b^�b���'3�\���q'3q\u°D�\a`bo-ry\P Q��oP D�`\DP p5\ab Dbp�\a� ,10 ,ti° ,10 ,y0 ,1° �O ,y° ,10 ,y° ,10 ,ti0 ,° ,y0 ,1° �° ,y0 ,10 ,y° �° ,ti0 ,10 ,y0 ,° �O ,y0 ,10 „s ,10 ,ti0 ,1° ,y0 FJ Fy FJ FJ FJ FJ FJ FJ Fy FJ FJ FJ F{ FJ FJ FJ FJ Fy FJ FJ FJ FJ FJ FJ FJ FJ Fy FJ F{ FJ F{ o Toll Revenue Interest la Toll Revenue Rincipal 2013 Toll Revenue Bonds, Series A (Current Interest Obligations): In July 2013, the Commission issued $123,825,000 principal amount of serial CIBs to fund a portion of the 91 Project, pay capitalized interest during construction, fund a debt service reserve fund, fund an initial amount for an operations and maintenance fund, and pay issuance costs. lhe CIBs consist of a serial bond maturing on June 1, 2044 in the amount of $39,315,000 at an interest rate of 5.75%and a term bond due on June 1, 2048 in the amount of $84,510,000 with annual sinking funds payments of $42,255,000 on June 1, 2047 and June 1, 2048 at an interest rate of 5.75%. Table 50 summarizes the debt service requirementsforthe 2013 Toll Revenue CIBS. Table 50 —2013 Toll Revenue Current Interest Obligation Bonds Debt Service Requirements Fiscal Year Principal Interest Total Debt Service 2019 $ $ 7,119,900 $ 7,119,900 2020 7,119,900 7,119,900 2021 7,119,900 7,119,900 2022 7,119,900 7,119,900 2023 - 7,119,900 7,119,900 2024-2028 35,599,500 35,599,500 2029-2033 35,599,500 35,599,500 2034-2038 35,599,500 35,599,500 2039-2043 35,599,500 35,599,500 2044-2048 81,570,000 28,817,700 110,387,700 2049 42,255,000 2,430,700 44,685,700 Total $ 123,825,000 $ 209,245,900 $ 333,070,900 2013 Toll Revenue Bonds, Series A (Capital Appreciation Obligations): In July 2013, the Commission isqaed $52,829,600 principal amount of serial CABs to fund a portion of the 91 Project, pay capitalized interest during construction, fund a debt service reserve fund, fund an initial amount for an operations and maintenance fund, and pay issuance costs. the CABs do not pay current interest as interest iscompounded semiannually and paid at maturity. therefore, the CABs increase in value, or accrete, by the accumulation of such compounded interest from its initial principal amount to the maturity value in installments ranging from $3,440,000 to $34,220,000 on various dates from June 1, 2022 through June 1, 2043. Interest rates and yield to maturity range from 5.30%to 7.15%. Table 51 summarizes the debt service requirements for the 2013 Toll Revenue CABs. Table 51 —2013 Toll Revenue Capital Appreciation Obligation Bonds Debt Service Requirements Fiscal Year Principal Accreted Interest Total Debt Service 2019 $ $ 4,828,700 2020 5,150,800 2021 5,495,300 2022 2,396,706 5,846,900 2023 3,098,100 6,025,400 2024-2028 16,888,400 30,402,200 2029-2033 16,178,300 26,588,000 2034-2038 5,574,500 20,625,200 2039-2043 7,607,000 24,630,700 2044-2048 4,184,800 2,140,600 Total $ 55,927,806 $ 131,733,800 $ 4,828,700 5,150,800 5,495,300 8,243,606 9,123,500 47,290,600 42,766,300 26,199,700 32,237,700 6,325,400 $ 187,661,606 2013 11RA Loan — 91 Project: In July 2013, the Commission executed a 11RA loan of up to $421,054,400 for the 91 Project. In FY 2016/17, the Commission drew down the balance of the TIRA loan for the 91 Project. During construction and for a period of up to five years following substantial completion, interest iscompounded and added to the initial TIF1A loan. The TIRA loan requires mandatory debt service payments at a minimum and scheduled debt service paymentsto the extent additional fundsare available. TIRA debt service paymentscommence on December 1, 2021 through June 1, 2051. The 2013 TIRA Loan interest rate is3.47%. Table 52 presentsmandatory debt service on the 201311RA Loan. Table 52—2013 11FIA Loan (91 Project) Debt Service Requirements Mandatory Fiscal Year Principal Interest Total 2019-2023 $ - $ 3,840,000 2024-2028 - 23,604,000 2029-2033 201,000 73,743,000 2034-2038 97,548,000 81,787,000 2039-2043 99,208,000 61,359,000 2044-2048 177,427,000 41,287,000 2049-2051 128,954,000 6,521,000 Total 503,338,000 $ 292,141,000 Accretion (82,283,600) Initial Loan $ 421,054,400 $ 3,840,000 23,604,000 73,944,000 179,335,000 160,567,000 218,714,000 135,475,000 $ 795,479,000 In connection with the 2013 financing for the 91 Project, the Commission covenanted to deposit amounts with the toll trustee as an equity contribution of $136,451,515 to the 91 Project. In FY 2016/17, the final equity contribution wasfunded by a transfer from the 2009 Measure A Western County New Corridorsfund. 2017 TIRA Loan — 1-15 Express Lanes: In July 2017, the Commission executed the 2017 11RA Loan up to $152,214,260 for the 1-15 Express Lanes project. The Commission requested no draws in FY 2017/18, but it anticipates drawsaggregating $106,081,000 in FY2018/19 on the 2017 TIRA Loan. During construction and fora period of up to five yearsfollowing substantial completion, interest iscompounded and added to the initial TIRA loan. The 2017 TIRA Loan requiresmandatory debt service payments at a minimum and scheduled debt service payment to the extent additional funds are available. TIRA debt service payments are expected to commence on June 1, 2025, which is five years after the projected substantial completion date of the 1-15 Express Lanes project, through June 1, 2053. The interest rate of the 11FIA loan is2.84%. Based on a projected draw schedule, Table 53 presents an estimate of mandatory debt service requirements. Table 53-201771FlA Loan (1-15 Express Lanes) Debt Service Requirements Mandatory Fiscal Year Principal Interest Total 2024-2028 $ - $ 17,738,500 2029-2033 4,057,200 25,241,100 2034-2038 17,654,800 23,995,600 2039-2043 21,685,800 21,057,700 2044-2048 41,077,900 17,179,400 2049-2053 64,774,500 9,804,900 2054-2055 29,206,500 1,251,000 178,456,700 $ 116,268,200 Accretion (26,242,400) Initial Loan $ 152,214,300 $ 17,738,500 29,298,300 41,650,400 42,743,500 58,257,300 74,579,400 30,457,500 $ 294,724,900 Outstanding Debt and Legal Debt Margin at June 30, 2019 Table 54 presentsa summary of the Commission'soutstanding debt secured by Measure A sales tax revenuesand related legal debt margin projected at June 30, 2019: Table 54 —Legal Debt Margin 2009 Measure A Authorized Sales Tax Revenue Debt $ 975,000,000 2010B Bonds 112,370,000 2013 Sales Tax Bonds 54,705,000 2016 Refunding Bonds 69,600,000 2017A Bonds 150,580,000 2017BRefunding Bonds 392,730,000 2018 Refunding Bonds 59,075,000 Total Outstanding Debt 839,060,000 Legal Debt Margin $ 135,940,000 Table 55 - Budget Comparison by Department FY 2017 -2019 FY 16/17 Actual FY 17/ 18 FY 17/ 18 Revised Budget Projected FY 18/ 19 Budget Do Ila r Change Percent Change Revenues Measure A Sales Tax L1FSalesTax STASaIesTax Federal Reimbursements State Reimbursements Local Reimbursements 1UMFRevenue Tolls, Penalties, and Fees Other Revenue Investment Income Total Revenues Expenditures/Expenses Management Services Executive Management Administration External Affairs Rnance Total Management Services Regional Programs: Flanning and Programming Services Rail Maintenance and Operations Public and Specialized Transit Commuter Assistance Motorist Assistance Total Regional Programs Capital Project Development and Delivery Toll Operations Debt Service Principal Payments Interest Payments Cost of Issuance Total Debt Service Total Expenditures/Expenses Excess(deficiency) of Revenues over (under) Expenditures/Brpenses Other Financing Sources (Uses) Transfers In TransfersOut Debt Proceeds 11FA Loan Proceeds Payment to Escrow Agent Bond Premium Net Fnancing Sources(Uses) Excess(deficiency) of Revenues over (under) Bcpenditures/Expensesand Other Financing Sources (Uses) Beginning Fund Balance $ 175,320,200 $ 181,000,000 $ 88,206,900 91,000,000 6,432,600 10,469,000 20,201,700 78,563,200 8,538,500 16,589,100 3,727,400 6,840,100 19,594,800 22,250,000 10,125, 300 16, 835, 800 6,746,000 2,803,700 4,495,300 3,509,400 181,000,000 91,000,000 20,204,800 105,408,300 8,275,100 7,435,100 22,250,000 42,812,600 574,200 7,595,300 343,388,700 429,860,300 486,555,400 73,200 507,300 391,600 1,615,600 2,619,400 2,280,200 1,428,000 2,194,200 2,158,600 3,518,000 4,549,400 3,186,900 6,634,800 2,541,000 24,298,600 82,798,500 2,686,100 4,177,200 9,870,300 13,007,100 36,283,500 122,719,100 4,143,000 4,693,900 116,501,400 180,846,600 339,435,700 3,039,700 27,317,200 46,705,400 654,000 484,311,900 15,044,200 62,145,000 54,712,600 3,767,200 74, 676, 600 120, 624, 800 540,288,200 810,697,800 8,017,300 6,153,300 29,059,700 104,905,000 3,860,900 4,022,200 148,001,100 335,616,100 12,851,300 62,120,000 54,712,600 2,257,100 119,089,700 623,575,500 (196,899,500) (380,837,500) (137,020,100) 188,488,900 (210,150,600) 106,140,000 143,358,100 (63,900,000) 8,414,000 313,676,500 298,371,800 (313,676,500) (298,371,800) 636,250,000 632,775,000 81,810,000 (546,300,000) (541,889,900) 119,722,000 119, 713, 800 172,350,400 291,482,000 210,598,900 (24,549,100) (89,355,500) 740,421,500 715,872,400 73,578,800 715,872,400 Ending Fund Balance $ 715,872,400 $ 626,516,900 $ 789,451,200 $ 187,000,000 94,000,000 23,203,600 59,105,700 165,442,400 24,037,900 22,922,200 36,940,500 539,000 3,408,000 616,599,300 539,600 2,939,600 2,228,900 4,360,200 10,068,300 19,508,800 36,236,900 160,131,400 4,501,300 6,185,900 226,564,300 550,654,400 17,366,800 25,965,000 50,710,600 76,675,600 881,329,400 (264,730,100) 181,899,300 (181,899,300) 106,081,000 (20,000,000) 86,081,000 (178,649,100) 789,451,200 $ 610,802,100 $ 6,000,000 3,000,000 12,734,600 (19,457,500) 148,853,300 17,197,800 672,200 20,104,700 (2,264,700) (101,400) 186,739,000 32,300 320,200 34,700 (189,200) 198,000 6,501,700 (46,600) 37,412,300 358,300 1,492,000 45,717,700 66,342,500 2,322,600 (36,180,000) (4,002,000) (3,767,200) (43,949,200) 70,631,600 3% 3% 122% -25% 897% 251% 3% 119% -81% -3% 43% 6% 12% 2% -4% 2% 50% 0% 30% 9% 32% 25% 14% 15% -58% -7% -100% -36% 9% 116,107,400 (131,777,200) 131,777,200 (636,250,000) 24,271,000 526,300,000 (119,722,000) (205,401,000) -30% -42% -42% -100% 30% -96% -100% -70% (89,293,600) 1 00% 73,578,800 10% $ (15,714,800) -3% Executive Management Mission Statement: Executive Management maintains the highest level of achievement and professionalism while managing the activities of the Commission to effectuate sound transportation policies, projects and servicesto meet Riverside County'smobility needs. Chart 35—Bcecutive Management alp port Costs —\ 16% Profe ssio na I Costs 43% Expenditures la rie s a nd Be ne fit s 41% Executive Management has a budget of $539,600 (Table 56) for oversight of all Commission functions. the 15% increase in salariesand benefits reflectsthe net allocation of I -Its, an increase to the Commission'scontribution to employee health benefits, and merit -based salary increases. Professional costsof $230,000 include legal feesand consulting servicesfororganizationaItraining. Support costsinclude various membership duesand staff -related travel costsof $88,600. Table 56—Executive Management Expenditure Detail FY 16/17 FY 17/18 FY 17/18 FY 18/19 Dollar Percent Actual revised Budget Projected Budget Change Change atlariesand Benefits $ 254,600 $ 191,400 $ 191,100 $ 221,000 $ 29,600 15% Professional Costs Le g a I Se ry ices 88,900 175,000 90,000 175,000 0% Professional Services - General (340,900) 50,000 30,000 55,000 5,000 10% Total Professional Costs (252,000) 225,000 120,000 230,000 5,000 2°/u alp port Costs 70,600 90,900 80,500 88,600 (2,300) -3% TOTAL Executive Management $ 73,200 $ 507,300 $ 391,600 $ 539,600 $ 32,300 6°/u Executive Management Staffing Summary Position FY 16/17 FY 17/18 FY 18/19 Administrative Assistant 0.05 0.00 Deputy Executive Director 0.08 0.05 Executive Director 0.29 0.11 IT Administrator 0.00 0.05 Senior Administrative Assistant 0.00 0.00 Senior Office Assistant 0.15 0.15 FTE 0.57 0.36 Department Budget Overview Department Description 0.02 0.10 0.32 0.00 0.01 0.15 0.60 The Executive Director isresponsible fordeveloping and implementing new strategiesat the local, regional, and statewide levels to assure delivery of transportation improvements and programs throughout the County. Furthermore, Executive Management iscommitted to fostering a positive and supportive work environment for staff that emphasizes quality work and encourages teamwork and open communication, with a commitment to serving the public. This is accomplished through a productive and collaborative effort with the membersof the Commission and the oversight of the Commission's Executive Committee. Key Assumptions for FY 2018/ 19 • The Executive Director will play a prominent role with external audiencesand an emphasison working with Congress, the California Legislature, Riverside County business organizations, Southern California transportation agencies, and local governments regarding advancing transportation policy in California. Policy concemsinclude the need forongoing transportation investment, flexibility in project delivery methods, streamlining environmental procerrs, and a renewed focus of the connection between transportation projects and the overall quality of life in the County. • Project delivery will be a top priority in FY2018/19 with construction proceeding on the I-15— a project that travels through the cities of Jurupa Valley, Eastvale, Norco and Corona. This project will construct an additional two -tolled express lanes in each direction between SR60 and Cajalco Road. • Advancement of other large scale projects will take place including completion of the environmental permit process on the SR79 realignment project and resolving litigation regarding the SR60 truck climbing lanesand Mid County Parkway. • The Commission will complete a study to addressthe impact of truck traffic serving large-scale logisticsfacilities. The study could lead to the creation of fee program to mitigate the impact of trucksthat serve these facilities. • Promoting the use of public transit will be an important Commission priority which will include marketing of the PVL Metrolink extension and express bus service that utilizes the 91 Express Lanes. • There will be a continued focus on enhanced cost-effective Metrolink and Los Angeles -San Diego -San Luis Obispo (LOSSAN) Rail Corridorservice along with continuing development of a Service Development Plan (SDP) and environmental document for intercity rail service forthe Coachella Valley -San Gorgonio Passcorridor. • The advancement of projectswill require a requisite increase in public outreach fortraditional and social media. This will be part of an effort to enhance awareness of the Commission's activities and service to the public at large, including updating the Commission'swebsite to be more informative, easierto use, and compatible with mobile devices. • As part of a regionwide effort, the Commission will work with local governments and stakeholdersto advance active transportation projectssuch asbicycling, walking, and transit use • The Commission will remain an active participant in a concerted statewide effort to seek and protect transportation funding — most notably implementing and advocating projects, such asthe 71/91 interchange project, to be funded by SB 1, the state gastax increase approved in April 2017. • The Commission will continue preconstruction activitiesforthe 15/91 ExpressLanesconnector project, which received funding from SB 132. • The Commission will also coordinate the implementation of other SB 132-funded Riverside County Transportation Efficiency Corridorprojectswith the respective lead agenciesto ensure timely completion. Accomplishments in FY 2017/ 18 FY2017/18 witnegmd extraordinary accomplishmentsat the Commission, placing it in the top tier of California transportation organizations. In several areas, the Commission stood by itself in successful advocacy, innovation, and leadership. • Successfully operated the RCTC 91 Express Lanessince their opening in March 2017. • Accepted the completion of the design -build contract to close out the 91 Project. • Launched additional traffic studies on the SR-91 corridor to improve congestion hot spots located at the two end pointsof the RCTC 91 ExpressLanesand on the direct connectorfrom 1-15to the RCTC 91 Express Lanes. • Improved ridership on the Metrolink PVL extension through additional marketing and a discount program. • Led implementation of Coachella Valley -San Gorgonio Pass Corridor Rail Study and obtained FRA funding grant for next phase; • Participated in continued efforts to seek funding and approvals for special event trains for Coachella and Stagecoach festivals. • Continued engineering and right of way acquisition for first phase of Mid County Parkway while defending against litigation to challenge the project. • Completed property acquisitionson the SR60 truck climbing lane project. • Continued effortsto ensure interagency reviewsand progressof SR79 realignment, including environmental permits. • Completed financing, including a TIRALoan, forthe 1-15 ExpressLanesproject —allowing early design -build and toll %rvicesprovidercontract activitiesto begin. • Successfully refinanced $410 million in existing debt to save more than $52 million overthe next 21 years. • Issued fixed rate debt to refinance $70.8 million of variable rate debt and terminate an interest rate swap —providing more certainty asto future debt service costs. • Actively engaged in statewide advocacy efforts regarding legislation impacting transportation funding, process, and/or programs and in federal transportation policy development. • Actively engaged in Metrolink budget, operations, and service discussionsto ensure increased service for Riverside County Metrolink usersand to effectively manage administrative costs. • Focused on collaborative effortswith othertransportation agenciesincluding Riverside Transit Agency (RTA), Sunline, SBCTA, OCTA, WRCOG, CVAG, SLAG, and Western Riverside County Regional Conservation Authority (RCA). • Engaged with member agency staff to ensure open communication and dialogue particularly regarding funding issues; provided project delivery support and advice to member agencies; and supported effortsto develop subregional priorities. • Partnered with Caltrans management at District 8 and headquartersto maintain progresson initiativesand projects. • Continued to fund the acquisition of needed habitat for the Western Riverside County Multi - Species Habitat Conservation Plan (MS-1CP) as outlined in the 2009 Measure A Expenditure Plan. Major Initiatives in FY 2018/ 19 FY2018/19 will mark the active construction of yet another majortoll facility project. Much like the recently -completed 91 Project, the 1-15 Express Lanes project will be delivered via a design -build contract which results in significant time savingsfor the delivery of the work. Unlike the 91 Project, the 1-15 Express Lanes project effort will be located primarily in the center median of the existing freeway and will not require extensive right of way acquisitions. Construction impacts to the community will be much lesspronounced. the Commission isnow a toll road operatorwith new responsibilitiesfor maintenance, operations, debt service, and marketing of the RCTC 91 Express Lanes, which opened in March 2017. the responsibilitieswill expand in 2020 with the opening of the 1-15 Express Lanes and in 2022 with the opening of the 15/91 Express Lanesconnectorfrom the 91 ExpressLanesto the northern segment of 1-15. In looking toward the future, the Commission is conducting a long-range transportation plan to guide future transportation prioritiesfor the County. lhe technical work and public outreach for the plan will be completed by a consultant by the end of the calendar year in anticipation of Commission approval in January 2019. In addition to the technical work, the success of many of the efforts will rely on proactive extemal communications. While traditional media relations will continue to be used, the Commission will continue implementation of a comprehensive social media outreach program to build awarenessof the Commission and its role in the community. A key part of this effort includes completion of a revamped website that will be easierto use, more informative, and compatible with mobile devices. An expanding and systematic outreach to businessand civic groups, focusing on Commission efforts in terrns of funding, construction, and services, will be the central feature of the communications program. Project development work isalso an important priority and continuesforthe Mid County Parkway, SR79 realignment, and SR60 truck climbing lane projects. Regarding public transit, the Commission will continue alternatives analysis and planning efforts to advance the goal of additional pas-Pngerrailservice to serve the Coachella Valley -San Gorgonio Pass rail corridor. A federal grant from the FRA supportsthe second phase of the project to develop an environmental impact report and conceptual service plan. Asa member of Metrolink, funding and providing public transit connectionsfor commutersis an important priority for the Commission. the Commission funded and completed construction on the PVL extension in 2016. While ridership on that line is steadily growing, a continued marketing and discount ticket effort will take place during the year. the Commission istaking an active role throughout the County to advance active transportation projectsforbicyclistsand pedestrians. Working in partnership with the District, the Commission will continue to provide project delivery support services for Santa Ana River Trail projects. lie Commission will also advocate and support funding of the CV Link project in the Coachella Valley. the focuson the type of projects remainsconsistent with southern California's RIP which seeks to limit GHG emissions. In termsof advancing policy, a major concern in moving forward isthe State'sfinancial position and commitment to funding infrastructure and transportation. the Commission will continue to take an aggressive and active role in protecting existing transportation funding and advocating for State investments in transportation. the April 2017 approval of SB 132 to fund five key transportation projects in Riverside County, was achieved thanks to the work of State Senator Richard Roth and Aucomblywoman Sabrina Cervantes, who worked closely with Board commissionersand staff. lhe Commission isan active member of the Self -Help Counties Coalition (SHCC), California Association of Councils of Governments(CALCOG), and Mobility 21; a major focus of these organizations will be placed on advocacy to educate the public regarding the impact of SB1 —a bill which raised state gastaxesand vehicle feesto fund transportation priorities. Federal funding is also an important issue for the Commission's future, and the Commission will play an active role in allocating and competing for funding which has been made available by the current transportation bill, Fixing America's Surface Transportation Act (FAST Act). With a potential new emphasis on infrastructure investment being made by the Executive Branch, the Commission will work closely with Congressional members and the U.S. DOT should new opportunitiesarise forfunding on the federal front. While actively participating in all of these major endeavors, the Executive Director will maintain and improve administrative efficiency and fiscally sound practices characteristic of the Commission. With 51 staff positions included in the FY 2018/19 budget, the Commission's organization remainsconsistent with the Commission'sdirection. the Commission must continue to be competitive in the employment market and retain capable staff as well as attract high quality applicants. Staff training development and succession planning will continue, enabling our small and dedicated staff to enhance skills, productivity, and value. the Commission'sgoal isto maintain the most effective mid -sized transportation agency in Califomia. Department Goals Focus on timely and effective completion of capital projects and implementation of needed transportation services. (Policy Goals: Quality of Life, Responsible Partner) Objectives: • Successfully manage financial responsibilities and investments for the RCTC 91 Express Lanesasa toll operator. • Continue implementation of Toll Program management strategy with active construction of the 1-15 Express Lanes project and development of the 15/91 Express Lanes connector project. • Provide successful Metrolink service and bolster ridership on the PVL extension. • Adopt the Long Range Transportation Plan (LRTP) to establish integrated transportation visionsand priorities. • Continue progress and outreach for Coachella Valley -San Gorgonio Pass corridor rail service study. • Complete the logisticsrelated truck -impact study. • Actively seek resolution of litigation challenging the Mid County Parkway and SR60 truck climbing lane projectsso that work can progressto the next phase. • Maintain Metrolink coordination and engage in collaborative effortsto addresssignificant funding and organizational challenges. • Continue engagement in rail discussionsregarding Metrolink, LOSSAN, and high-speed rail to ensure protection of Riverside service and the Commission's rights. • Support CVAG'stransportation initiativesand projects. • Continue to support RTA'sexpressbusservice in itsoperational plans. • Continue collaboration with member agencieson planning, funding and construction of local and regional bike, trail, and pedestrian facilities. • Update Transit Vision to add ress long-term transit funding challenges. • Implement the Commission'sadopted state and federal legislative platforms. • Pursue all funding opportunitiesto keep projectsfunded. • Ensure the Commission'sactive participation in RIP implementation. • Place a high priority in working with neighboring counties in San Bernardino, Orange, and San Diego to addresscommuting needsthat impact highway and transit facilities. • Continue collaborative efforts with local agencies regarding priorities; communicate effectively and timely with community groupsand leaders. • Launch a new vanpool program to provide a new and flexible commute. Maximize funding fortransportation improvements in Riverside County through legislative advocacy. (Policy Goals Quality of Life) Objectives: • Place an emphasis on implementing federally authorized and funded projects and services that are consistent with the federal transportation bill and the Commission'songoing project p riorities. • Continue to advocate for federal investment in freight and goods movement infrastructure with the goal of mitigating community impacts while increasing capacity and local job creation and economic development. • Advocate for additional funding from the state's Cap and Trade programs for projects in Riverside County. • Pursue S31 funding of discretionary programs. Support regional transportation solutions in cooperation with surrounding counties that are of benefit to Riverside County. (Policy Goals Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Partner with OCTA on the administration and operation of the 91 Express Lanes in both counties. • Work with neighboring counties regarding corridor improvementson SR91 and 1-15. • Maintain an effective working relationship with the agenciesthat comprise Metrolinkto ensure that the County commuter rail needsare served in an efficient, effective, and safe manner. • Partner with SBCTA to enhance and publicize the Inland Empire Commuter (IE Commuter) system and work with agencies in San Diego, Orange, and Los Angeles counties to provide effective, regional511 traveler information services. • Play an active role in the implementation of intercity rail and commuter rail service in the LO SSA N ra i I corridor. • Be an active participant in discussions involving high-speed rail, especially concerning connectivity investments in the overall rail system in southern California. • Advocate for and take an active effort for additional intercity rail service to the Coachella Valley -San Gorgonio Passcorridor. Maintain effective working relationships with Commissioners to strengthen and expand the Commission's leadership in transportation policy decision -making at all levels of govemment and raise the Commission's profile in the community. (Policy Goal: Quality of Life, Operational Excellence) Objectives: • Facilitate Commissioner participation at the regional, state, and federal levels to raise the interestsof the Commission and seek favorable action. • Continue regularcommunication between the Executive Director, seniorstaff, and the Board. • Continue collaborative effortswith memberagencystaff regarding local prioritiesand funding challenges. • Work with other levels of local government such as the County's Transportation and Land Management Agency, County Health Department, District, and local universitieson quality of life issuesthat are connected to transportation such asairquality and the environment. • Provide assistance to Commissioners who serve on outside boards such asSCAG, Metrolink, LOSSAN, and the Mobile Sources Air Pollution Review Committee (MSRC) to assist their efforts to represent the County. • Upgrade the Commission's website to be easier to use, more informative, and compatible with mobile devices. Promote the Commission's effectiveness by improving and developing staff skills, using state-of-the-art working tools, and fostering an environment that encourages and rewa rds individua I and team effort. (Policy Goal: Operational Excellence) Objectives: • Make needed investmentsin information technology to ensure staff efficiency. • Continue to maintain a well -documented employee appraisal process that provides clear, understandable, and measurable performance criteria for all employees. • Maintain and encourage staff morale and seek continuous improvement of staff effectiveness. • Retain quality staff and evaluate staff retention strategiesand options. • Complete and implement organizational initiatives. Develop the framework for a Commission culture that enhances productivity, encourages regular and open communication among staff, and promotes the mutual achievement of individual and organizational goals and objectives. (Policy Goal: Operational Excellence) Objective: • Facilitate open communicationsand coordination between management, professional staff, and support staff through regular meetings. Executive Management Performance/Workload Indicators FY 16/ 17 Estimated FY 16/ 17 Actual FY 17/ 18 Estimated FY 18/ 19 Projected Expenditures/Expenses $541,439,300 $540,288,200 $623,575,500 $881,329,400 Staffing levels 49 47 50 51 Administration costs as percentage of expenditures 1.23% 1.22% 1.29% 1.14% Administration Mission Statement: Comprised of office operations, clerk of the board, and human resources, Administration provides quality and efficient services to the Board of Commissioners, staff, and external customers in compliance with applicable federal and state requirements. Chart 36 —Administration Capital Outlay 10% aipport Costs 35% Expenditures Salaries and Benefits 29% Professional Costs 26% As noted in Table 57, the Administration Department's total budget is $2,939,600 for office operations including management of office space, lease, and equipment; records; Commission and committee meetings; and special events as well as for the clerk of the board and human resourcesfunctions. Salaries and benefits expenditures of $755,700 reflect an increase of 60% related to the net allocation of FIEs, an increase to the Commission'scontribution to employee health benefits, and merit -based salary increases. Professional costs of $667,100 cover various services including, but not limited to, Commissioners' per diem, legal fees, and consultant and other professional services and reflects an increase of 25%. Support costs of $986,800 cover administrative overhead including office maintenance; information technology updates, support, and maintenance; and recruitments. Capital outlay of $530,000 covers office space improvements, information technology support services, and equipment upgrades. Table 57-Administration Bcpenditure Detail FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change sslariesand Benefits Professional Costs Commissioner Per Diem Legal cervices Professional cervices -General Total Professional Costs alp port Costs Capital Outlay Debt Service lOTALAdministration $ 585,500 $ 473,600 $ 473,300 55,300 24,400 206,200 65,000 32,000 436,500 60,000 27,500 430,900 285,900 533,500 518,400 656,800 977,300 763,500 87,400 635,000 525,000 24,900 $ 1,640,500 $ 2,619,400 $ 2,280,200 $ 755,700 65,000 28,000 574,100 667,100 986,800 530,000 $ 2,939,600 Administration Staffing Summary Position FY 16/17 FY 17/18 FY 18/19 Administrative Assistant 0.14 0.15 Clerk of the Board 1.00 1.00 Deputy Clerk of the Board 1.00 1.00 Executive Director 0.00 0.04 Facilities Administrator 0.00 0.00 Human Resources Administrator 1.00 1.00 IT Administrator 0.00 0.46 Procurement Analyst 0.01 0.00 Records Technician 1.00 1.00 Senior Administrative Assistant 0.00 0.01 Senior Management Analyst 0.00 0.03 Senior Office Assistant 0.59 0.55 FTE 4.74 5.24 Department Budget Overview - Office Operations Department Description 0.08 1.00 1.00 0.00 0.10 1.00 0.87 0.00 1.00 0.00 0.00 0.59 5.64 $ 282,100 60% 0% (4,000) -13% 137,600 32% 133,600 25% 9,500 1 % (105,000) -17% N/A $ 320,200 12% Office Operationsoverseesthe daily maintenance needsof the Commission'soffice facilitiesand staff; manages information technology and records management systems; oversees the office lease with the County; purchases office supplies and equipment; posts public notices on the website and local newspaper; maintains a safe working environment for Board members, staff, and consultants; and providessupport services. Key Assumptions for FY 2018/ 19 • Support will be provided to 51 full-time Commission staff at the Commission's Riverside office and other project -related facilities. • Information technology staff in coordination with an information technology consultant will maintain the Commission's investments in a state of good repair to ensure efficient and effective operations. • The Commission will maintain an accurate and efficient recordsmanagement system. • Staff will respond to requests for public records in accordance with the California Public RecordsAct. Accomplishments in FY 2017/ 18 • Executed a new lease with the County that includes additional office space for co -location of staff and capital program management in Riverside. • Maintained a disaster recovery plan to ensure uninterrupted Commission operations. • Responded to public recordsrequestsin accordance with the California Public RecordsAct. • Posted legal noticeson the website and in local newspapersin a timely manner. • Maintained a records management system to ensure accurate and efficient processing of incoming and outgoing correspondence and documents. Major Initiatives in FY 2018/ 19 The Commission will invest in a new records management system in order to achieve greater efficiencies and strengthen the Commission's records management processes and procedures. The system pertainsto the management, storage, and accessibility of the Commission's actions and documentsand the retention capability for incoming and internally created records. Office Operationswill continue to provide high quality support servicesto the Board and to internal and external customersby providing a work environment that enhancesthe overall mission of the Commission. The Commission moved to its current office in Riverside in 2002. In connection with the expansion of the office space to co -locate staff and capital program management, the Commission will complete an update of the office and workspacesto provide a productive and efficient environment in a prudent and economical manner. Department Goal —OfFce Operations Ensure quality service that demonstrates responsiveness and flexibility and provides services at the most reasonable cost. (Policy Goals: Operational Excellence) Objectives: • aipport 51 full-time Commission staff. • Manage the Commission'sinformation technology systems. • Continue to improve administrative efficiency through automation of records processing. • Post legal noticeson the Commission'swebsite and in the newspaperson a timely basis and in accordance with applicable federal, state, and local regulations. • Provide office supplies, equipment, and services consistent with intended quality and capabilitiesat the most advantageousprice afforded in the market. Facilitate access to Commission information and records. (Policy Goal: Operational Excellence) Objectives: • Respond to requests for records and information on a timely basis and in accordance with state law. • Continue to improve the Commission's recordkeeping practices by updating the electronic recordsmanagement system. • Maintain Commission agreements, amendments, MOUs, resolutions, and ordinances. Department Budget Overview —Clerk of the Board Department Description The Clerk of the Board providessupport servicesto the Board of Commissionersand itsalternates and for Commission and committee meetings. It serves as an important resource for the Commission and hasthe responsibility for: • Recording, publishing, preserving, and filing meeting proceedingsof documentsacted upon by the Commission and itscommittees; • Processing claimsagainst the Commission; • Fulfilling requirements of the Commission and the committees as it relates to the Conflict of Interest Code; • Serving as the Fling Officer for Economic Interest and Campaign Disclosure statements and legal claimsagainst the Commission; • Coordinating Commission special eventsand meetings; and • Performing all duties required by law, rules, ororderof the Board. Assuch,thisdepartment hasa direct link and responsibility to serve local taxpayersand the public while supporting the actions of the Commission. lhe need to be accountable to the public at large is further amplified by the need to comply with federal and state law requiring prompt responsesto California Public RecordsAct requests. Key Assumptions for FY 2018/ 19 • the Clerk of the Board will provide staff support and meeting servicesto 34Commissionersand their alternates, the Commission, standing committees, and a number of ad hoc committees. • Staff will publish and distribute monthly agenda packets and supporting documents in accordance with the Brown Act. • lhe Clerk of the Board will keep officers and members of the Commission informed by providing them with the most current and accurate data to assist them and facilitate their decision -making responsibilities. • Frequent communication with Commissioners will continue in order to provide news and updateson Commission itemsand transportation -related meetings. • Available technology will be used to provide simplified access of agenda items and Commission actionsto the public, local agencies, and staff. Accomplishments in FY 2017/ 18 • Updated the web page and the bulletin board for the agenda, minutes, and supporting documents. • Regularly advised officers and members of the Commission and their staff on changes to Commission meetingsand othertransportation-related meetings. • Arranged Commission and committee meetingsand special eventsof the Commission. • Proce,rd and transmitted Commission -approved resolutions to appropriate agencies in a timely manner. • Implemented NetFle to enable the electronic submission of Form 700 Statement of Economic Interest filings. Major Initiatives in FY 2018/ 19 Each year, local agenciesmake changesto theirappointmentsregarding theirrepresentation on the Commission. Staff will continue to ensure that the newly appointed representatives, aswell as their respective staff, are aware of operational policies of the Commission and other transportation -related meetings. there will be continued emphasis on the utilization of electronic mail with Commissionersfor more efficient communications. Clerk of the Board staff will continue to provide high quality support servicesto the Board. Staff will also continue to update technology to streamline procermsand proceduresforeasieraccessto Commission actions, minutes, resolutions, and ordinances, including electronic agenda distribution. Department Goals —Clerk of the Board Ensure coordination and documentation of Commission and committee meetings and provide public accessibility to agenda items as required by state regulations. (Policy Goals: Operational Excellence) Objectives: • Provide accurate, high quality agenda packetsfor Commission and committee meetings. • Continue to provide support to Commission members, staff, and attendees of Commission and committee meetings. • Post meeting agendas and supporting documents in compliance with Brown Act requirements. • Maintain an accurate list of Commissioners and alternates and submit membership roster changesto the Secretary of State. • Maintain and file all Commission and committee meetings and official records of the Commission. • Perform all dutieswithin mandated deadlines. • Maintain and promote good Commission and staff relations. Facilitate access to Commission meetings and activities. (Policy Goal: Operational Excellence) Objectives: • Implement an agenda program that iscompatible with a new recordsmanagement system and other Commission software. • Coordinate special activities, meetings, events, and conferences as requested by the Executive Director and the Commission. Department Budget Overview — Human Resources Department Description Human Resourcesresponsibilitiesinclude: • Planning, administering, and implementing human resources programs, including the recruitment, selection, and appraisal process; employee training and development; classification and compensation studies; benefitsadministration; employee relations; and • Recommending, implementing and maintaining personnel policies, procedures, and practices. Key Assumptions for FY 2018/ 19 • Staff will maintain quality service levels in all Human Resources programs. • lhe a‘vesN lent of Human Resourcespolicies, practicesand procedureswill continue. • Continuous improvement in communication with employees regarding Human Resources information will be an ongoing process. • the Commission will comply with state and federal labor law regulations. Accomplishments in FY 2017/ 18 • Maintained the employee performance appraisal system. • Conducted annual benefitsopen enrollmentswith all employees. • Updated the personnel policiesand proceduresmanual. • Regularly provided information to employeeson changesto health insurance, 401(a) defined contribution, and 457 deferred compensation plans and the personnel policies and proceduresmanual through the Commission'sintranet. • Recruited and filled two interns, five temporary employees, five staff promotions, four service retirements, and six new hires in full-time positions. • Coordinated training sessionson businesswriting, intermediate and advanced Microsoft Excel, presentations skills, effective communications, and prevention of violence in the workplace training forstaff aswell assexual harassment prevention training for managers. • Disclosed employees' compensation on the Commission's website in compliance with the State Controller's Office and CaIPERS. • Created a new job description for the Information Technology Administrator and revised job descriptionsfor Clerk of the Board and Public Affairs Manager. Major Initiatives in FY 2018/ 19 Human Resourcesfocuseson managing employeesand consistsof a framework of activitiesand practices that support and develop a motivated workforce while at the same time complying with legislation and regulations that govern the employer/employee relationship and ensuring parameters for fair and consistent decision -making and good workplace practices. Staff uses written position descriptions and performance expectations in order to obtain a clear and consistent understanding of what isexpected. Department Goals —Human Resources Administer human resources policies, procedures, and programs in order to align personnel laws and the Commission's policies with continuous improvement principles. (Policy Goal: Operational Excellence) Objectives: • Review and update personnel policies and procedures to comply with federal and state requirements. • Provide information to enhance the employee'sknowledge of current personnel policiesand proceduresin variousformsincluding electronic access, workshops, and printed information. • Ensure that employee personnel records are documented and updated timely for various personnel actions. Continue to employ and recruit a dynamic and talented workforce. (Policy Goal: Operational Excellence) Objectives: • Maintain a compensation program that ensures internal equity and external competitiveness within the pay structure for Commission employees. • Exercise care in making high -quality, diverse appointmentsto fill staff positions. • Maintain a comprehensive new employee orientation program. Develop people to be their best in order to meet the needs of the organization. (Policy Goal: Operational Excellence) Objectives: • Build and maintain an effective performance system to include timely performance evaluations, personal development, and a supportive work environment. • Provide appropriate and timely training to meet the demands of the organization and professional growth and development of all staff members. • Fosterteamwork through cooperative effortsand support for shared success. Understand and consistently deliver excellent customer service to all employees. (Policy Goal: Operational Excellence) Objectives: • Focus on "employee as customer" and consistently strive to exceed expectations by supporting and maintaining individual respect, appreciation, management accessibility, and communication. • Determine system requirementsand identify optionsforan employee intranet. • Assist employeesin utilizing employer -provided benefitsto enhance their health, wellness, and quality of life. Improve the quality of the work culture. (Policy Goal: Operational Excellence) Objectives: • Develop and maintain a safe and healthy working environment by retaining open lines of communication throughout the organization; complying with established federal, state, and local regulations; and implementing best practicesto promote safety and prevent legal risks. • Provide a safe working environment with the maintenance of an injury and illness prevention program. • Maintain a proactive employee relations process by facilitating a collaborative, professional working environment with all staff members. • Promote a work/family balance. • Recognize and reward individual contributions, innovation, and learning from experience. Administration Performance/Workload Indicators FY 16/ 17 Estimated FY 16/ 17 Actual FY 17/ 18 Estimated FY 18/ 19 Projected 2 Employee rules/ Benefits review sessions held 2 2 2 Recruitments 7 7 6 5 Positionsfilled 7 2 6 5 Legal notices 26 31 25 30 Commission/Committee/Ad Hoc meetings 45 50 47 50 Commissionerssupported (including altemates) 62 62 62 62 Staff supported: Regularfull-time 49 47 50 51 ate ma I Affa irs M issio n Statement: External Affairs communicates, engages in, and develops relationships with the public, key stakeholders, and governmental decision -makers to connect the lives of Riverside County residents. Chart 37 - Exte ma I Affairs aapport Costs 19%-N Pro fe ssio n a I Costs 45% 8alariesand Benefits 36% Expenditures lhe External Affairs Department hasa total budget of$2,228,900 (Table 58), an overa112%increase. Salaries and benefits reflect a decrease of 7%related to net changes in F1'Es, an increase to the Commission's contribution to employee health benefits, and merit -based salary increases. Professional costs of $1,003,400 includes legislative advocacy, graphic design, and website updates. Legislative advocacy costs remain unchanged from FY 2017/18. Overall, professional costsreflect a decrease of 12%due to anticipated completion of the new RCTC.org website and restructuring of contracts for integrated communication services. S.ipport costs of $412,400 include advertising, various membership dues, subscriptions to business software products and journalistic publications. Sltpport costs also include staff -related travel costs, which remain at flat levels, to Sacramento, Washington, D.C., and professional conferences. Support costs reflect a 127%increase primarily due to planned public engagement and education effortsundertaken at the Commission's direction, a large component of which may include social media and online marketing, as well as restarting the Commission's Annual Report distributed to the citizens of Riverside County. Table 58 - External Affairs Expenditure Detail FY 16/17 FY 17/18 FY 17/18 FY 18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Salaries and Benefits Pro fe ssio n a I Costs Legalrvices Professional services- General Total Professional Costs &wort Costs TOTAL Ext e rna I Affairs $ 654,200 $ 877,100 $ 876,400 $ 813,100 $ (64, 000) -7% 45,000 41,500 41,500 41,500 0% 641,900 1,094,000 1,064,000 961,900 (132,100) -12% 686,900 1,135,500 1,105,500 1,003,400 (132,100) -12% 86,900 181,600 176,700 412,400 230,800 127% $ 1,428,000 $ 2,194,200 $ 2,158,600 $ 2,228,900 $ 34,700 2% Exte ma I Affa irs Staffing Summary Position FY 16/17 FY 17/18 FY 18/19 Administrative Assistant 0.68 0.40 Deputy Executive Director 0.72 0.40 External Affairs Director 0.91 0.95 IT Administrator 0.00 0.06 Legislative Affairs Manager 0.87 0.00 Procurement Analyst 0.21 0.05 Procurement Manager 0.00 0.05 Public Affairs Manager 0.50 0.45 Senior Management Analyst 0.72 1.42 Senior Office Assistant 0.26 0.00 FTE 4.87 3.78 Department Budget Overview Department Description 0.45 0.55 0.66 0.00 0.89 0.12 0.00 0.25 0.76 0.00 3.68 The External Affairs Department managestwo core functions: legislative affairsand public affairs. These are public -facing functions with high impact on how citizens, stakeholders, and decision- makersinteract with the Commission. Legislative Affairs Improved mobility for Riverside County residentsrequiresthe financial resourcesand public policy to implement transportation projectsand programs. Through proactive advocacy at all levelsof government, the Commission exercises leadership to advance the agenda of Riverside County taxpayers. The Commission's legislative engagement takes many forms including, but not limited to: • Seeking specific itemsin state orfederal budgets; • Changing the law; • Shaping rulesand regulations; • Educating elected, appointed, and career government officials, as well as interest groups; and • Pursuing grant funds. Coverage of the many policy and funding issues that affect mobility within Riverside County requires a team approach. The Commission's historically effective and savvy approach to legislative advocacy isconsistent with the Commission'soverall theme of a lean staff and utilizing consultantsin theirareasof expertise. The Commission retainslegislative consultantswith decades of experience on transportation policy and funding based in Washington, D.C. and Sacramento, providing day-to-day representation and insights that help guide staff. The consultants, often referred to as legislative advocates or lobbyists, are procured every few years through a competitive and transparent processthat weksto acquire the greatest talent and the best value for the Commission. The FY2018/19 budget does not contemplate any increases in retainer fees for legislative consulting services, as the 2016 procurement of these consultants yielded level overall feescompared to FY2017/18. Staff, in consultation with the legislative advocates, provides recommendations and support to Commissioners, who set legislative policy priorities and are often the Commission's most effective advocates in Washington, D.C. and Sacramento. Commissioner engagement takes the form of actions such as adopting a legislative platform; taking positions on individual bills; and communicating with government decision -makers in writing, verbally, or through physical tripsto capital cities. lhus, the Commission'steam approach for legislative advocacy isbest likened to a three-legged stool held up by Commissioners, professional staff, and professional legislative consultants. An essential component of the Commission's legislative affairs program is participation in formal and informal coalitions of similarly -interested agencies and stakeholders. Examples of formal coalitionsare: • Mobility 21 —a coalition of public agencies, the Automobile Club of Southern California, and businessadvocacy groupsin southern California; • SHCC —an alliance of all California countieswith voter -approved salestaxesfortransportation projects; • CALCOG —a diverse alliance of transportation and planning agenciesthat are impacted by the State'slawsand regulationson land use, air quality, and transportation; • California Toll Operators Committee (CTOC) — an industry group of tolling agencies that collaborate on mattersof common interest pertaining to operations, technology, finance and public policy; and • International Bridge,Tunnel, and Turnpike Association —an industry group of public and private stakeholdersin the tolling industry that focuseson federal policy and developing best business practiceswithin the tolling community. Although participation in these coalitions requires staff and consultant time, they leverage the collective strength of more voices beyond the Commission, which is often necessary to affect policy change. Additionally, members of these coalitions may have expertise and resources outside of the Commission's current capability that can contribute significant value to the Commission. FY2018/19bringsthe possibility of a majorsetbackfortransportation in California and a potentially significant step forward in Washington, D.C. Staff in the External Affairs Department will educate Riverside County residentsabout the importance of transportation funding to the Commission and itsmemberagencies' abilitiesto deliverneeded transportation improvements. Additionally, active engagement by the Commission in the development and implementation of significant federal infrastructure legislation will be necessary to ensure Riverside County taxpayers receive a proportional benefit to any federal investment. Moreover, implementation of the federal FASTAct will continue, meaning significant rulemakings and release of grant funding opportunities are anticipated. A key recommendation of the RCTC Strategic Assessment is for the Commission to pursue state and federal funding for priority projects, given the yawning gap of funding for Riverside County's long-term mobility needs. In pursuit of executing this recommendation, the Commission developed an on -call grant writing bench comprised of four highly qualified firms. lhisbench was utilized in FY2017/18to pursue competitive state funding from S31 and will continue to be called upon in FY2018/19 and beyond to pursue additional competitive grant funding opportunities. Public Affairs RCTC'scommitment to engage and educate residents, businessoperators, and motoristsrequires a comprehensive public affairs program. The Commission is continuing to develop relationships with the public and majorstakeholdersthrough many channels, including: • Participation in or hosting public meetings; • Interacting with communities of interest and stakeholder groups, such as chambers of commerce, industry associations, service clubs, and other community -based organizations and businesses; • Production and provision of resource materials, such asfact sheets, brochures, and newsletters in print and digital form; • Maintenance and enhancement of RCTC.org and support to other Commission project - related websites; • Media communicationsin all varieties, including newsreleases, radio and television interviews, advertisements, cable television recordings, social media outreach, and video production; • Public education programs to increase awareness of RCTC projects and services and to explain the challengesof transportation funding; • Annual reportsto the citizensof Riverside County; and • Analysis of public affairs activitiesto determine the most effective meansof reaching various stakeholders. The Commission will place continued emphasis on providing communications support to major projects, such as the 1-15 Express Lanes project, Mid County Parkway, SR79 realignment, Santa Ana River Trail, 91/Perris Valley Line passenger marketing, and Coachella Valley -San Gorgonio Passcorridor rail service. The Commission also will continue to promote high -value public services provided by the Commission, such asFSPand other motorist and commuterassistance programs. Operation Lifesaverisa well -received and effective public education campaign provided by the Commission. Operation Lifesaver teaches target audiences, especially schoolchildren and their families, how to remain safe around train tracks, with the goal of reducing injuries and fatalities associated with trains. The Commission's communications efforts will also focus on marketing and customer service for Metrolink commuter rail service, the 91 Express Lanes, and the future 1-15 Express Lanes. The Commission hasa vested interest in ensuring positive experiencesby the public with these rail and toll services. A majoremphasisforthe Commission isincreased digital communications. The FY2018/19 budget will include major investments to improve the Commission's engagement in online and mobile communications with its customers and constituents. The public can expect to continue to see changes and adaptations of the Commission's information mechanisms, such as The Point, the Commission'snew e-newsletterand blog; RCTC.org, the Commission'swebsite; and social media accounts. The public can also expect a robust engagement initiative to ascertain public priorities and provide information on how the Commission is exercising stewardship over taxpayer dollars. The RCTC Strategic Anossment and recent actions by the Commission at the January 2018 Commission Workshop moved the Commission on a path to potentially seek new local revenues for transportation projects, necessitating public feedback and meaningful engagement with communitiesof interest throughout Riverside County. RCTC will support itsinternal staff effortswith its marketing and public outreach consultants, as well as other consultant services to help the public understand the complexities of transportation funding and the $12.8 billion shortfall that RCTC facesforthe delivery of projectsthrough 2039. Key Assumptions for FY 2018/ 19 • The Commission will continue to implement recommendations of the RCTC Strategic Assessment. • The Commission will engage in a multi -faceted public engagement effort to ascertain transportation prioritiesand needsof Riverside County residentsand stakeholders. • Californians will uphold SB 1, the $5.2 billion transportation funding package pasted by the Legislature and signed by Govemor Brown in April2017. • Congressand the Trump Administration will continue to focuson infrastructure funding. • The Commission will remain an engaged party in public policy and funding matters at the state and federal levels. • Toll operations on the RCTC 91 Express Lanes and future 1-15 Express Lanes will necessitate focused attention on public affairsand marketing regarding the new expresslanes. • Construction of the 1-15 ExpressLanesproject aswellasthe advancement of otherCommission projectswill require ongoing public outreach and engagement. • The Extema 1 Affa irsDepa rtment will work internally to inform, coordinate, and support initiatives acrossall Commission departmentsto ensure a high level of collaboration and cohesiveness, especially related to external -facing work products. • The External Affairs Department will carry out an intensive overall work program, consistent with the reorganization that took place in FY 2017/18, under the leadership of the External AffairsDirectorwith guidance from the Deputy Executive Director and Executive Director. Accomplishments in FY 2017/ 18 Legislative Affairs • Guided Commission -sponsored legislation Asq.mbly Bill (AB) 1189 (Garcia) to approval by the Legislature and Governor, enabling the Commission to consider a sales tax supplemental to Measure A. • Supported the 1-15 ExpressLanesproject team and Finance Department in obtaining the TIFIA loan to fund the project. • Collaborated with SLAG, Metrolink, and other southern California transportation commissions to communicate critical potential impacts in the federal tax reform legislation pagnod in December 2017and lobby forchanges. • Guided the pursuit of two competitive grant applications seeking more than $100 million of funding for two priority projects: 1-15 Railroad Canyon Road interchange and 71/91 interchange improvement. • Authored numerouslettersof correspondence to governmental decision-makersdetailing the Commission's positions. • Participated in advocacy by coalitionsof which the Commission isa member. • Partnered with local business advocacy groups on advocacy tripsto Washington, D.C. and Sacramento. • Provided technical assistance and policy briefingsto legislatorsrepresenting Riverside County. Public A ffa irs • Expanded the Commission'ssocial media program on multiple platforms. • Continued updatesto the Commission'swebsite, RCTC.org, to meet modern standards and expectations, creating a more transparent and accessible platform forcustomersto receive information about multiple transportation projectsand services. • Completed a visual identity audit to establish a consistent and high quality brand for all Commission projectsand programsbeing delivered forthe taxpayers. • Continued the Operation Lifesaver rail safety program throughout the County. • Hosted informational booths and tables and a variety of community events throughout the County. • Publicized the 91/Perris Valley Line and special rail service to the Mission Inn Festival of Lights and supported school and seniorcentertourson public transit and other similar efforts. • Supported the 91 Project team by actively communicating with stakeholders, local businesses, and the public at -large regarding construction activitiesand operationsof the new toll lanes and the general purpose lane improvements. • Met with every city manager orcity management team in Riverside County. • Met with 40 diverse stakeholder groups across Riverside County to ascertain transportation needsand priorities. • Conducted a countywide voter survey and focusgroupson a potential countywide salestax to fund transportation improvements. • Assisted the Rail Department with an online survey of potential new transit corridors. • Gave presentationsto numerousservice clubsand businessgroupsand at town hall meetings forcitiesand County supervisors. • Participated in industry gatherings, such as the Mobility 21 summit and SHCC Focus on the Future — providing informational materials and discussing the Commission's work within the transportation industry. • Upgraded the internal RCTC photo library and file transfer protocol file sharing system to facilitate easier internal and external communication. • Began 1-15 ExpressLanesproject stakeholder meetingsand construction outreach planning. • Held a successful groundbreaking ceremony forthe 1-15 ExpressLanesproject. • Supported the MultimodalServicesDepartment with public meetingsforthe Coachella Valley - San Gorgonio Passcorridor rail service. • Supported marketing effortsforthe 91 Express Lanes. • Created eaccntial internal procedures for social media, including guidelines for creating content, oversight, legal polices, and analytics. Major Initiatives in FY 2018/ 19 Legislative A ffa irs lhe Legislative Affairs team will continue monitoring and engaging on individual legislation that movesthrough Congressand the State Legislature, pluspoliciesemerging from the Gubernatorial and Presidential Administrations. It is also possible that a federal infrastructure funding package will move forward in FY2018/19, potentially aslarge as$1 trillion. If such a package beg insto move forward, significant Commission engagement will be necessary to ensure Riverside County is able to receive its fair share of funding. Much attention regarding Sacramento will be devoted to the implementation and protection of SB 1, pursuant to the Commission'sadopted state legislative platform. Finally, the legislative affairsteam will continue to manage the consultant bench procured to assist the Commission in applying forstate, federal, and regional grant funds. Public Affairs An ambitious year is planned for the Commission's public affairs program. The RCTC Strategic Ascssment charged staff with planning an increasingly robust public communication and engagement effort to make the Commission's work more accessible and transparent to its constituents, with an emphasison using modern technology to reach people where they get their information. Accordingly, major initiativesforcommunication forFY2018/19 include: • Complete the RCTC.org website overhaul and visual identity refresh. Continuousupgrade and maintenance of the new RCTC.org will be a key focus. Staff will also continue to integrate new visual identity features into Commission materials published for public consumption, with a goal of increasing awarenessof Commission activitiesamong the general public. • Ascertain stakeholder needs, establish relationships, and execute communications plans for construction of the 1-15 Express Lanesproject. • Continue close coordination with OCTA on developing a marketing and communications plan forthe 91 Express Lanes. • Procure consultant resources for a complete public education and engagement strategy. Commission staff will augment lean staff resources with the innovation and capacity of the private sectorto operate a robust public engagement effort, asdirected by the Commission. • Continue Operation Lifesaver'seffective rail safety education campaign at Riverside County schoolsand community sites. • Assist the Rail Department with Metrolink marketing efforts. Department Goals The External Affairs Department plays a unique role by providing broad internal support to all Commission departments while also being the conduit for a wide variety of external actors to receive information and advance the public's general interest in better mobility in Riverside County. To that extent, the External Affairs Department's goals truly are the Commission -wide goalsof quality of life, operational excellence, connecting the economy and being a responsible partner. The External Affairs Department will adapt and maneuverto ensure achievement of these broaderorganizational aims. Extema I Affairs Performance/Workload Indicators FY16/17 Estimated FY16/17 Actual FY17/18 Estimated FY18/19 Projected Legislative action submittalsto Commission 8 7 8 8 Commission -adopted legislative positions N/A N/A N/A 25 State/Federal/Regional grants pursued 3 3 3 1 Itemsof state orfederal legislation sponsored by the Commission 1 1 1 0 Speakersbureau/stakeholderpresentations/events 196 35 116 120 Social media postingsper week (average) 2 5 5 6 Facebook"Likes' N/A N/A 7,467 8,000 Twitter followers N/A N/A 992 1,200 Instagram followers N/A N/A 170 500 "The Point" postingsper month (average) N/A N/A 2 4 "The Point' subscribers N/A N/A 800 1,200 Website visitorsper month (average) N/A N/A 10,000 12,000 Operation Lifesaverschool and community presentations/events 65 95 65 65 Finance Mission Statement: Finance safeguards the Commission's aoocts and maintains strong and prudent fiscal controls in accounting, budgeting, procurements, debt financing, investing, and financial reporting including ongoing disclosure to all interested parties. Finance seeksfinancing altemativesthat complement the Commission'sstrategic direction. Chart 38 —Finance 531ariesand Benefits 7% Expenditures Pro fe ssio n a I Costs 12% Capital Outlay 3% the Finance Department'stotal budget is$17,543,600 (Table 59) and reflectsa 2%decrease over the prior year's budget. Department staffing costs will total $1,218,300, reflecting a net increase in FIE allocations, an increase to the Commission's contribution to employee health benefits, and merit - based salary increases. Professional costsof $2,084,700 include variousservicesrelated to general and specialized legal, financial and investment advisory, external and intemal audits, debt management, CAFR and annual budget graphic design, and procurement. afpport costs of $543,500 include insurance, printing, and staff training. Capital outlay of $513,700 inc lud es ERP upd ates. Transfersout of $13,100,000 and $83,400 are related to funding a portion of the debt service interest payments and administrative coststo the General fund, respectively, from the 2009 Measure A Westem County bond financing program. Table 59—Finance Expenditure Detail FY 16/17 FY 17/18 FY 17/18 FY 18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change &Ilariesand Benefits $ 967,500 $ 1,110,200 $ 1,109,600 Professional Costs Legal Services 24,200 175,000 83,900 Audit Services 331,900 466,000 402,500 Fn a n c is I Advisory 140,800 175,000 150,000 Professiona l Sr fV ices - General 1,111,500 1,379,200 884,100 Tot a I Professional Costs 1,608,400 2,195,200 1,520,500 9ipport Costs 941,500 964,000 471,800 Capital Outlay 600 280,000 85,000 Tra nsfe rs Out 10,000,000 13,277,000 13,199,900 TOTAL Fnance $ 13,518,000 $ 17,826,400 $ 16,386,800 $ 1,218,300 155,000 427,500 150,000 1,352,200 2,084,700 543,500 513,700 13,183, 400 5 17.543.6n0 $ 108,100 10% (20,000) -11% (38,500) -8% (25,000) -14% (27,000) -2% (110,500) -5% (420,500) -44% 233,700 83% (93,600) -1% $ (282,800) -2% Finance Staffing Summary Position FY 16/17 FY 17/18 FY 18/19 Accountant 0.96 1.00 Accounting Assistant 1.00 1.95 Accounting Technician 2.00 2.00 Administrative Assistant 0.08 0.00 Chief Financial Officer 0.45 0.44 Deputy Director of Finance 0.93 0.65 IT Administrator 0.00 0.01 Procurement Analyst 0.17 0.20 Procurement Manager 0.12 0.15 Senior Administrative Assistant 0.63 0.68 Senior Financial Analyst 0.65 0.20 Senior Management Analyst 0.04 0.02 Senior Office Assistant 0.00 0.30 FTE 7.03 7.60 Department Budget Overview Department Description Finance and Accounting 0.98 2.00 2.00 0.00 0.65 0.91 0.00 0.10 0.12 0.65 0.60 0.00 0.26 8.27 Commission resources are allocated to assure financial stability and fiscal accountability. Finance activities include investing the Commission's cash resources, planning and directing financial transactions, and subsequent monitoring of legal and regulatory requirements. Adequate cash flow must be maintained while at the same time prudently investing operating and capital funds. Borrowing needsare carefully planned using both short- and long-term debt. Once debt is ivied, there are ongoing responsibilities including interaction with financial advisors, bankers, dealers and remarketing agents, underwriters, bond counsel, bond insurers, trustees, issuing and paying agents, arbitrage consultants, investment managers, and rating agenciesaswell asproviding regularand consistent information disclosure to investors. Fiscal accountability involves receiving all funds due the Commission, paying all Commission obligations, maintaining the general ledger, reporting regularly on the Commission'sfiscal results, and preparing and monitoring the budget. Fiscal accountability requires the coordination of budget planning and monitoring and the accurate and timely accounting for all funding sources, including compliance with all applicable laws and regulations governing those funds. Accounting encomparrrs cash receipt and disbursement functions, maintenance of the general ledger including project cost accounting, payroll processing, debt and investment management, quarterly and annual financial reporting, and retention of and coordination with independent auditors. lhe Commission also recognizes the importance of accountability for the organization. As a result, the Commission is highly regarded by individuals, peers, other organizations, and government officials at a local, regional, state, and national basis. A formal organizational accountability program was approved in January 2006 to address fraud risk, ethical conduct, financial and operational disclosure, and maintaining the public's confidence in the Commission. Accordingly, measures have been implemented based on a conceptual framework related to oversight, reporting, fraud, internal control, and ethics. Procurement Management In the management of the procurements and contracts process, the responsibility of the procurement management function isto ensure that the procurement policiesapproved by the Commission are followed and procurement proceduresare updated as required. The function is responsible for the purchase of all goods and services, except for real property acquisition, in accordance with Commission policiesand federal and state funding requirementsto ensure the implementation of the Commission's projects and programs. This includes the administration of the Commission'sDBEand SBEprogram. Procuring goods and services for the Commission is a cooperative effort. All Commission staff involved in procurements for their projects and programs are responsible to employ sound judgment and appropriate standards of ethics and fairness to procure in a manner most advantageous to the Commission. The Procurement division also conducts a review of and updatesinsurance coverage forthe Commission and itsproperties. Key Assumptions for FY 2018/ 19 • The commercial paper letter of credit facility will be maintained with strong short-term ratings. • The Commission will maintain strong AA category long-term credit ratings related to its sales tax bondsand investment grade ratingsrelated to itstoll bondsand 11FIA loans. • Proceedsfrom the 2017A Bonds, 2017 11FIA Loan, and federal fundswill be used to fund the 1- 15 Express Lanes project; proceeds from the 2017A Bonds will also be used to fund the completion of the 91 Project. • A consultant will perform annual arbitrage calculations related to the outstanding debt issues. • The Commission will pay 100% of the actuarially determined contribution related to postretirement health care benefitsbased on a current actuarial valuation. • Implement GASB Statement No. 75 related to the accounting and financial reporting for otherpost-employment benefits. • Directors and program managers will continue to have adequate project budget and accounting information to make informed decisions. • Toll operationsaccounting information will be proceed and provided by the toll operations contractor's back office, and a service organization report, or SOC1-Type 2 report, will be obtained annually. • Construction fund bond proceeds will be invested in mid-term securities that mature in accordance with the construction draw schedule. Operating funds will be invested in state and local agency investment poolsfor short-term liquidity purposes and in mid-term treasury and federal agency securities as available funds are identified. The overall interest rate is conservatively projected to be 0.50°/0 for operating funds managed by state and County investment pools aswell as an investment management firm and 0.75%for debt service and construction fundsmanaged by an investment management firm. • Procurements will be conducted in accordance with the Commission's procurement policy manual. • Procurement will continue to maintain a standardized procurement filing system and centralized procurement files. • Procurement will conduct outreach activities to encourage DBE and SBE participation in variouscontractsand projects. Accomplishments in FY 2017/ 18 • Issued $158.8 million of 2017A Bonds and executed the 2017 T1F1A Loan to finance the 1-15 Express Lanes project; a portion of the 2017A Bonds also provided funding for 91 Project completion. • Extended the commercial paper program's letter of credit and reimbursement agreement with State Street Bank for an additional three years. • Ivied $392.7 million of 2017B Refunding Bonds to advance refund all of the outstanding 2010A Bonds and the callable portion of the 2013 Sales Tax Bonds —achieving a net present value savings of $39 million or9.7%; this was accomplished in less than two months following the introduction of federal tax reform. • Issued $64.3 million of 2018 Refunding Bonds to refinance variable rate bonds issued in 2009 with fixed rate debt and finance a swap termination payment; this resulted in termination of the related standby bond purchase agreements. • Prepared and submitted to TIRA the Initial Financial Plan and the Financial Plan Annual Update forthe 1-15 Express Lanes project and the 91 Project, respectively. • Prepared and submitted required continuing disclosure reports related to the 91 Project financing to TIRA and/or the Municipal Securities Rulemaking Board's Dectronic Municipal Market Access(EMMA) System, including the monthly construction progressreport. • Fulfilled other continuing disclosure requirementswith timely filingsto EMMA. • Worked with Toll Operations staff, OCTA, and the 91 Express Lanes operator to ensure that proper accounting and financial reporting process were maintained for the 91 Express Lanesoperations. • Presented an update to the rating agenciesof the Commission'ssalestax and toll financing programs. • Obtained financial reporting excellence award from the Government Finance Officers Association (GFOA) (25th year) related to the CAFRforthe fiscal year ended June 30, 2017. • Obtained GFOA distinguished budget award (22nd year) for annual budget forthe fiscal year beginning July 1, 2017. • Generated approximately $8.5 million in additional Measure A sales tax revenue since the engagement of a firm in January 2008 to provide sales tax audit services in order to detect and correct salestax reporting errors. • Participated in small business networking activities and met with potential DBE and SBE vendors. Major Initiatives in FY 2018/ 19 Finance and Accounting The commercial paper program has been in place for 13 years and provides short-term, advance funding for projects included in the 2009 Measure A and related Westem Rverside County Delivery Plan. Commission management will continue to utilize the commercial paper program in FY 2018/19 to fund the 91 Project completion, as required. The current credit and liquidity support for the commercial paper program is $60,000,000, and the existing letter of credit and reimbursement agreement with Sate Street Bank expires in October 2020. The Commission will monitor the credit quality of gate Street Bank for any actionsthat may affect the short-term ratings of the commercial paperprogram. The Commission will continue to invest project finance funds with the advice and assistance of an investment management and advisory firm. Operating funds available for investment are coordinated with the assistance of a second investment management and advisory firm. The Commission invests its funds in accordance with the Commission's priorities of safety, liquidity, and then yield. The investment managers and advisors will continuously review the Commission's investment policy forany required updatesand other recommendations. Staff maintainsa comprehensive financing plan to support the highway and rail capital projectsto be delivered through 2019 and to asEcssfuture financing requirements. Thisfinancing plan incorporates revised sales tax revenue forecasts as well as other potential federal, state, and local revenue sources, including tolls. Based on the updated cost estimates for the projects and identified revenues, potential project funding shortfalls may result in project deferrals or require alternative financing strategies. Rnancing alternatives to be considered include commercial paper, long-term bond issuesto finance Measure A and toll projects, and federal loan programs. To ensure that the Commission receivesthe proper amount of Measure A salestaxes, the Commission will continue to engage a firm to conduct sales tax audit services. The firm will also provide quarterly salestax analysis and reporting services, of which a summary report is presented to the Commission on a quarterly basis. The Commission will also continue to engage a consultant to provide %mi- annual sales tax forecasts for use in the development of revenue projections for the annual budget processand comprehensive financing plan updates. The Finance Department will continue to keep abreast of GASB technical activities affecting the Commission's accounting and financial reporting activities, including a recently issued statement related to the accounting forleases. The Finance Department will continue to axcssfinancial policies, procedures, and reporting and ensure proper intemal control. Consultantsmay be engaged to assist staff in the development of efficient accounting and reporting processes and development of an investorrelationspage on the Commission'swebsite. The Finance Department will update its ERP system to integrate data processing across the Commission, automate administrative processes, and embrace data integration. The continued ERP efficiency gains include an automated paperless workflow system, advanced project accounting, budgeting, multi -year contract management, grant tracking, and readily available scanned images that retrievable by all users Procurement Management A centralized procurements process will continue to be maintained to manage requests for proposals, qualifications, invitations for bids, small purchases, and related contract administration issues The Procurement Policy Manual reflectsbest practicesand applicable federal, state, and local lawsand regulations The procurement system hasstrengthened controlsto ensure consistency in the development and application of procurement policies and procedures and adherence to applicable lawsand regulations, especially those related to federal and state grants Procurement utilizes PlanetBids to assist staff in its efforts to administer and manage an efficient procurement process and conduct outreach to small businerorrs and DBEs for Commission projects and programs PlanetBidsisa web -based vendor and bid -management software. The PlanetBidse- procurement application helpsstreamline the complete bidding processand enablesthe collection and analysisof all aspectsofvend ordata, purchasing activities, and corresponding history. PlanetBids providesa better service and convenience to vendorsand automatically notifies potential vendorsof bid alerts In order to improve the efficiency and productivity of resources, the Commission will continue to outsource the administration of the insurance certificate tracking process related to agreements Procurement Management is responsible for developing, implementing, and monitoring DBE and SBEprogram requirements in coordination with contractors and other appropriate officials Dutiesand responsibilitiesinclude: • Establishing DBEattainment goals; • Monitoring reporting and utilization by contractors; • Gathering and reporting statistical data and other information asrequired; • Reviewing third -party contracts and purchase requisitions for compliance with the program; • Ensuring that bid noticesand requestsforproposalsare made available to DBEsand SBEs in a timely manner; • Reporting to and advising the Executive Director and Commission on DBE and SEE matters; and • Providing outreach to DBEsand SBEsto fully advise them of contracting opportunities. Additionally, the Commission recognizes the vital role that local business play in the County, and it strongly encourages, supports, and promotes the participation of local business in providing goods and services to the Commission. Procurement is committed to providing contracting opportunities to local businesses to strengthen the County'slocal economy and to promote the development of the small, local business community. During FY 2018/19, the Commission will jointly participate in other outreach events in order to acquaint potential local, small, and disadvantaged businew,s with the Commission's procurement procedures and opportunities. Staff also consults with the Commission's insurance broker in procuring competitive quotes, on an annual basis, for various insurance coverages secured by the Commission in order to provide cost effective solutionsto meet itsdiverse insurance needs. Department Goals Protect the Commission's cash resources by regular monitoring of investment practices to ensure consistency with established investment policy. (Policy Goal: Operational Excellence) Objectives: • Utilize investment management and advisory servicesto prudently invest operating and capital fundsin accordance with the Commission'sinvestment policies. • Achieve a rate of retum at least equal to the County of Riverside Treasury Pool rate for operating funds. • Establish an appropriate benchmark for the investment of debt proceeds and excess operating funds. Manage the Commission's outstanding debt ensuring compliance with applicable laws and regulations and continued investor awareness and receptivity to the Commission's program. (Policy Goal: Operational Excellence) Objectives: • Provide an annual update and review of the debt programs with at least three of the rating agenciesno laterthan June 30, 2019. • Meet continuing disclosure requirements of the sales tax and toll revenue debt programs and comply with the 1lFIA loan reporting requirements. • Enhance the Commission'swebsite to provide timely and useful infomnation to investors. • Prepare arbitrage calculationsasrequired. Ensure the Commission and funding recipients comply with Measure A and IDA laws and regulations as they relate to the annual financial and compliance audits as well as close cooperation and coordination with independent auditors. (Policy Goal: Operational Excellence) Objectives: • Minimize the number of audit adjustment, substantive management letter comments, and compliance findingsrequiring corrective action by the Commission. • Maintain appropriate fiduciary review and monitoring procedures for Measure A recipient and IDA claimant audits. Maintain fiscal and budgetary control through monitoring of periodic results and ensuring consistency with the Commission's strategic direction. (Policy Goal: Operational Excellence) Objectives: • Obtain the GFOA Distinguished Budget Award forthe FY2018/19 budget. • Facilitate a comprehensive budgeting approach that effectively involves management staff, requiring full accountability for all department expenditures. • Fund 100%of the actuarially determined contribution related to the postretirement health care benefits. Assure fiscal accountability for Commission funds with general ledger accounting and financial reporting consistent with generally accepted accounting principles. (Policy Goal: Operational Excellence) Objectives: • Ensure proactive communication and timely responses to any noted errors, corrections, and budget transfers related to program and project management reviews of accounting and budget information. • Obtain an unmodified opinion on the basic financial statements. • Receive financial reporting excellence award from the GFOA related to the preparation and issuance of the CAFR • 3ay abreast of finance, accounting, and financial reporting developments by attending training and conferencesin these general areasorin specialized areasapplicable to job duties. • Update and maintain the fiscal policiesand proceduresmanual. • Update and maintain complete accounting desk proceduresmanual for ITV system to facilitate crosstraining. • arpport staff and consultants with training opportunities in order to effectively utilize the ERP system capabilities. • Assist local govemments with Measure A funding by providing timely allocation of funds for eligible projectsand programs. • Maintain 17Psystem to reflect technical updatesand current technology. Develop and maintain an organizational accountability program encompassing financial and operational functions. (Policy Goal: Operational Excellence) Objectives: • Establish and implement measuresrelated to oversight, fraud, intemal control, and ethics. • Issue annual disclosure statementsrelated to financial and operational responsibilities. • Continue to revise and develop finance and accounting policiesand proceduresthat reflect the requirementsof federal, state, and local requirementsand the Commission'soperating practices. Procure goods and services from qualified consultants, contractors, and other vendors in accordance with laws and regulations at a competitive price. (Policy Goal: Operational Excellence) Objectives: • Assist departments and programs to procure and obtain goods and servicesin a cost effective and efficient manner. • Ensure that procurementsare conducted in accordance with the Procurement Policy Manual. • Ensure that agreements, amendments, and MOUs are entered into with appropriate legal considerations. • Processagreements, amendments, and MOUsin a timely and efficient manner. • Ensure that consistent procedures, process, and toolsare used for procurements. Review existing procurement policies and procedures. (Policy Goal: Operational Excellence) Objectives: • Ensure that the procurement policesreflect Commission requirementsand practices. • Segregate policies and procedures so that procedures can be easily updated without Commission approval. • Ensure that procurement policies and procedures reflect the requirements of the Commission's federal, state, and otherfunding sources. • Continue to provide an easy to read desktop quick procurement policiesreference guide for use by Commission staff. • Maximize the value received for the Commission'sexpenditure of public funds. • Provide all vendorsan equal opportunity to provide needed goodsand/or services. Finance Performance/Workload Indicators FY16/17 Estimated FY16/17 Actual FY17/18 Estimated FY18/19 Projected Salestax revenue bondsrating Aa2/AA+/AA Aa2/AA+/AA Aa2/AA+/AA Aa2/AA+/AA To I I revenue bond rating BBB-/ BBB- BBB-/ BBB- BBB-/ BBB BBB-/ BBB TF1A loan rating: 2013 T FIA Loan 201711F1A Loan BBB- N/A BBB- N/A BBB- BBB -/BBB BBB- BBB -/BBB Commercial paperrating P-1/A-1+ P-1/A-1+ P-1/A-1+ P-1/A-1+ GFOA Certificate of Achievement Awarded Awarded Awarded Awarded GFOA Distinguished Budget Award Proficient Proficient Proficient Proficient Invoicesprocessed 6,810 7,599 7,700 7,800 Checks processed 3,900 4,183 4,300 4,400 Audit adjustments 0 0 0 0 Average yield on investments 0.25% operating/0.75 %debt proceeds 1.04% operating/1.46 %debt proceeds 0.50% operating/0.75 %debt proceeds o 0.50% 0 operating/0.75/0 debt proceeds Payroll hoursprocessed 93,400 96,402 96,400 98,400 Accountsreceivable invoices processed 240 189 200 200 Ag re e m e n is p ro c e sse d 220 249 260 260 Planning and Programming Mission Statement: Planning and Programming exerts leadership in transportation planning and the programming of funds to improve mobility, foster environmental stewardship, expedite project delivery, and form partnershipswith local, regional, state, and federal agenciesresulting in maximum retumson local investment. Planning and Programming also supports coordinated regional approach to solve transportation funding issues. Chart39—Planning and Programming Tra nsfe rs Out 5% Projectsand Operations 88% Expenditures Salariesand Benefits 6% Pro fe ssio n a I Costs 1% Planning and Programming expenditures of $20,526,200 increased 48%from last year's budget (Table 60). Salaries and benefits represent 6% of total uses and reflect a net increase in FfE allocations, an increase to the Commission'scontribution to employee health benefits, and merit - based salary increases. Professional services totaling $295,500 decreased 52% due to project database upgrades in the previous year. Professional services include congestion management program (CMP) implementation efforts, airquality analysis, project database management, local and regional planning activities, on -call goodsmovement consultants, and legal services. alp port costsincreased 4%or$19,100and include variousmembership duesand staff -related travel costs. Projectsand operations costs increased 59%primarily due to engineering and construction work forthe Santa Ana River Trail project forthe District, operating disbursementsto local agencies, and regional transportation model update. A transferout of $1,017,400 isrelated to administrative costs to the General fund. Table 60-Planning and Programming Expenditure Detail FY 16/17 Actual FY 17/18 Revised Budget FY 17/18 FY 18/ 19 Projected Budget Dollar Percent Change Change Salaries and Benefits Pro fe ssio n a I Costs Legal Services Audit Services ProfessionalServices - General Total Professional Costs aipport Costs Projects and Operations Program Operations Engineering Construction Rght of Way apecialaudies Operating and Capital Disbursements Total Projects and Operations Tra n sfe rs Out TOTAL Planning and Programming Planning and Programming Position Capital Projects Manager Chief Financial Officer Deputy Executive Director Executive Director External Affairs Director IT Administrator Management Analyst Multimodal Services Director Planning and Programming Director Planning and Programming Manager Procurement Analyst Procurement Manager Project Delivery Director Right of Way Manager Senior Administrative Assistant Senior Management Analyst Capital Construction Manager FTE $ 1,023,200 $ 983,400 $ 983,400 34,800 82,900 117,700 27,400 77,500 18,000 525,000 620,500 18,300 124,400 243,000 2,993,400 (74,600) 3,963,500 50,800 265,000 188,300 2,600,000 1,083,800 1,320,000 1,372,700 $ 2,541,000 $ 11,384,900 870,300 13,877,400 Staffing Summary FY 16/17 0.17 0.01 0.04 0.45 0.03 0.00 0.79 0.01 0.97 0.99 0.14 0.01 0.03 0.00 0.21 1.05 0.00 Department Budget Overview Department Description 32,000 29,400 116,000 177,400 14,500 243,000 1,000,000 450,000 140,000 1,825,000 1,320,000 4,978,000 762,600 $ 6,915,900 FY 17/18 0.28 0.00 0.13 0.45 0.00 0.03 1.00 0.00 0.89 0.99 0.03 0.03 0.10 0.01 0.18 1.09 0.00 4.90 5.21 $ 1,147,400 44,500 20,000 231,000 295,500 19,100 271,800 2,620,000 10,708,000 255,000 1,372,000 2,820,000 18, 046, 800 1,017,400 u R')a inn FY 18/19 0.20 0.02 0.05 0.43 0.06 0.00 1.00 0.05 0.91 0.98 0.15 0.00 0.00 0.02 0.20 1.03 0.20 5.30 $ 164,000 17% (33,000) -43% 2,000 11 % (294,000) -56% (325,000) -52% 800 4 % 28,800 (373,400) 6,744,500 (10, 000) (1,228,000) 1,500,000 6,661,900 147,100 $ 6,648,800 12% -12 % 170 % -4 % -47% 114 % 59 % 17% 48% The Commission is responsible for short- and long-range transportation planning and programming. Short-range planning and programming involvesthe development of the five-year STIP and preparation of the six-yearFllP for the County. These programming documents identify projects funded from Measure A, transit operators' S1-(INs, state and federally funded projects, locally funded regionally significant projects, and local jurisdiction Capital Improvement Plans (C IPs). The Commission is responsible for approving projects for RIP funds in Western County and coordinating with Caltranson the selection of Interregional Improvement Program (IIP) funds as part of the STIP approved by the CTC every two years. The Commission delegated the authority to nominate projectsfor RIP funds in the Coachella Valley to CVAG. A MOU between the city of Blythe, representing Palo Verde Valley, and the Commission allowsthe city to trade RIP fundsfor local Measure A salestax funds. the Commission's involvement with long-range planning efforts includes the coordination and input into planning effortsthroughout the County, southern California region, and statewide. lhese efforts involve participation in local, bi-county, and regional corridor studies, including the continued development of the CETAP corridors. • The Commission commenced itsfirst Countywide LRTP in 2017 with completion anticipated in spring 2019. The LRTPwill provide a vision of Riverside County'sfuture integrated transportation system and will serve as a document to advocate for changes to transportation policy, legislation, and funding. It will also include a comprehensive review of projects, including highways, arterials, grade separations, transit, and active transportation improvements. • The RTP is a 30-year transportation plan developed by SLAG in conjunction with county transportation commissions, sub -regional agencies, local agencies, transit operators, and other interested parties within the SCAG six -county region. The SCAG 2016 RIP incorporates SCSas required under SB 375. The SCScomponent establishes goals for projects, programs, and land -use designed to reduce GHG emissions. • Statewide planning efforts involve participation in the development of goods movement, interregional highways, and air quality plans, to name a few. The Commission also serves as the CMA for the County and is responsible for developing and updating the CMP. The CMP was developed to meet state legislation and federal Congestion Management Sy em requirements. The CMP's highways and regional arterials are regularly monitored to ensure that they are operating at acceptable levels (above Level of Service (LOS) "F'). If a deficiency occurs along the CMP system, a deficiency plan must be prepared that identifiesmitigation measuresand/orprojectsthat will improve the LOSto "E' or higher. In November2006, the voters of California approved Proposition 1B, which provided $20 billion in transportation infrastructure funding and established various program categories including a $2 billion infusion into the STIP. Other competitive program categories included Corridor Mobility Improvement Account (CMIA) and Trade Corridors Improvement Fund (TGIF). The County succeeded in receiving CMIA funding forthe 9R91 HOVlanesand 1-215widening projects, which were completed with the exception of the Pachappa underpass portion of the SR91 HOV lanes project. The Pachappa underpass project was split off asa separate project and will be funded with 931 Local Partnership Program formula funding. TCIF funding was approved for 11 grade separation projects and a ground access improvement project at the I-215/Van Buren interchange. All grade separation projectswere completed with the exception of the Avenue 66 Grade Separation Bypass. An amendment to the CTC will be submitted in 2019 to request that savings from other TCIF projects be reprogrammed to the Avenue 66 Grade Separation Bypass project. The FASTAct, signed into law in December2015, established a new formula freight fund underthe National Highway Freight Program fora five-yearperiod. The CTC isresponsible forallocating these funds. In October 2017, the CTC finalized guidelinesfora call for projectsthat wascombined with funding established for the Trade Corridor Enhancement Program (TCEP) under SB 1. The CTC adopted the TCEPprojectsin May2018. The Commission isresponsible forallocating the following local, state, and federal funding sources: Local Sources State Sources Federal Sources 1989 and 2009 Measure A S3821 for pedestrian and bicycle projects STBG 2009 Measure A Western County Regional Arterial (MARA) S11P-RIP CMAQ Western County TUMF regional arterial program ATP Metropolitan Planning Organization (MPO)/County share Transportation Alternatives Program (TAP) SB 1 Local Partnership Program Formula Share Programming specifically involvesthe development, review, and approval of projectsfor various funding programs, particularly those where the Commission has a responsibility for project nominations. Additionally, programming involvesthe monitoring of projectsfrom project selection through construction close-out. In order to receive federal funds and approvals, all projects funded with federal and state dollars, or local projects that are regionally significant, must be included in the RIP and FTIP in accordance with project delivery schedules and financial constraint requirements. SLAG, as the MPO, is responsible for incorporating all six -county (Imperial, Los Angeles, Orange, Riverside, San Bernardino, and Ventura) transportation improvement programs into one regional programming document or the RIP/SCS SLAG also conducts a conformity analysis with the adopted air plans to ensure compliance with the National Ambient Air Quality Standards, as stipulated by Environmental Protection Agency's Transportation Conformity Rule, and GHG reduction targetsadopted byCARB.The RIP/SCSisupdated every fouryears, and the FTIPupdate effort isperformed every 18to 24 months. Multiple amendmentsoccurwithin each FTIPcycle; RIP amendments are lessfrequent asthey require air quality conformity analyses. FTIP amendments can occurforminor project changesthat do not affect the conformity determination. Partnership development, public and private, iscritical to the Commission'scontinued successin affecting positive transportation decisions to meet future demands. Commission staff works in close coordination with its partnersto advocate for federal, state, and local funding to improve mobility and mitigate the impactsof goodsmovement. Key Assum ptions for FY 2018/ 19 • The Commission will continue its effortsto work with transportation partnersto streamline and improve project delivery. • The Commission will maintain consultant contracts to provide assistance with the CMP, air quality analysis, project database management, LRIP, regional truck study, on -call grant writing, and other related planning activities. • The Commission will utilize all available funding sourceson transportation projects identified in the 2009 Measure A as well as other regional high priority projects, including TUMF regional arterial projectsand grade separation projects. • The Commission will continue participation in local, bi-county, and regional planning efforts representing the interestsof the County. • The Commission will work with the CTC, Caltrans, SCAG, and local project sponsors to implement projects funded with STIP/RIP, SB 1, ATP, or other available fund sources to ensure that the programming and allocationsare consistent with project schedules. • The Commission will continue to assist local project sponsorswith the processing of state and federal funding approvals/obligations/allocationsand overall project delivery. Accomplishments in FY 2017/ 18 • Facilitated the process of over25 CTC actions that consisted of, but were not limited to: ATP Cycle 3 awards, financial allocations, and extensionsof time. • Completed two local agency agreements and/or amendments for the implementation of TUMFregional arterial projects. • Processed over 128 project amend mentsinto the 2017 FTIP. • Submitted the 2019 FTIP Update consisting of 396 projects. • Submitted the 2016 RTP/SCSAmendment No. 3 consisting of 17 new projects and several existing projects. • Coordinated with Caltrans and project sponsors monthly regarding the obligation of federal and state funding, met obligation deadlines, and prevented lossof funding to the County. • Monitored federal funding expenditures of inactive projects to ensure funds were not deobligated. • Advised local agencies and coordinated the use of toll credits and local match waiver for federally funded projects funded at the maximum reimbursement level, saving the Commission and local agencies up to $1,757,000 in local match funds programmed in FY 2017/ 18. • Reviewed and approved the Measure A five-yearClPsfor each local agency in the County. • Worked with SCAG and southern California agenciesto develop ATP Cycle 3 Augmentation funding distribution recommendations for the MPO region programming $11.4 million for Riverside County projects. • Collaborated with local agencies and community organizations, such as the Active Transportation Network, Safe Routes to School Partnership, Active Transportation Resource Team, to provide resourcesfor active transportation projects. • Continued to work collaboratively with other regional and statewide working groups, such as the Transportation Conformity Working Group and California Federal Programming Group to share information and more effectively stay abreast of changesto federal and state program guidelines. • Continued to take a leadership role and worked collaboratively with Mobility 21, SCAG's Southern California National Freight Gateway Collaboration, and other regional transportation planning agencies(RTPAs) on goodsmovement and freight issues. • Represented the Commission at monthly MSRC Technical Advisory Committee (TAC) meetings to monitor and track funding programsand opportunities. • Represented the Commission at SB 1 workshops throughout the State to participate in the development of program guidelines for various programs, including the Local Partnership Program, Solutionsfor Congested Corridors, TCEP, and ATP. • Continued efforts related to the development of the LRTP. • Completed a draft of the Regional Truck Fee Study. • Monitored three 33821 Bicycle and Pedestrian FacilitiesCallforProjectsCyclesand processed 15 claimsand 18 extension requests. • Evaluated the current ATP MPO Regional Program 10-point policy, which allows the Commission to add up to 10 pointsto each project application. • Approved and monitored a1129 member agency Measure A ClPsand amendments, totaling over$54 million. Major Initiatives in FY 2018/ 19 Each county transportation commission throughout the State is responsible for programming RIP funds, which represents75%of the totalSTlPfunding available statewide forcapital enhancement projects. The 75% funding level is then further distributed with 60% of the funds allocated to southern California and 40% to northern California. A population formula is then applied to determine county funding levelscalled "county shares." The Commission isresponsible forensuring that projects funded with STIP funding are administered and implemented consistent with CTC and Caltranspolicies. It isthe Commission'spolicy to set aside 2%off the top of new programming capacity for staff support to carry out STIP PPM activities. The remaining RIP funds are further distributed geographically among Western County, Coachella Valley, and Palo Verde Valley per the Commission's intra-county STIP formula. The Commission also may consider a call for projects for RlPdiscretionaryfundswhen sufficient programming capacity isavailable. The CTC administers federal TAP fundssimilarto STIPfunds under the State'sATPthat wascreated by SB99 and AB 101 to encourage increased use of active modes of transportation, such as biking and walking. Federal TAP fundsare not subject to general fund diversions; however, TAP funds are authorized each year by the paosage of the state budget. WRCOG administersthe Western County TUMF program and collectsthe feesfrom participating jurisdictions. WRCOG disburses to the Commission approximately 46.4% of the TUMF funds collected. The Commission furtherdistributesthese fundsequallyto the Commission'sTUMFCETAP corridors and regional arterial programs. In September 2004, the Commission established a program and approved the programming of 23 regional arterial projects. To date, $135 million has been programmed forTUMFregional arterial projects. Due to fluctuating TUMFrevenuesoverthe past few years, $14.5 million in 2009 Western County MARA fundsand $25.5 million in TUMFCETAP fundswere programmed on two projectsto fulfill the TUMFcommitment. Of the 23 TUMF regional arterial projects, 15 projectscompleted construction, six projectsare currently under construction or in pre -construction, and two projects are in the development phase and remain to be programmed for future TUMFfunds. Planning and Programming also managesthe 2009 Western County MARA program and to date approximately $64 million has been programmed. The expenditures for these regional arterial capital projects are included in the Capital Project Development and Delivery Department budget. Transportation Planning The Commission's planning role throughout the year will involve working with Federal Highway Administration (FHWA), FTA, CTC, Caltrans, SCAG, councils of governments, local agencies, and the other county transportation commissions in the region on various planning efforts relative to the implementation of the 2016 RTP/SCS, corridor and goods movement studies, LRTP, and the development and update of corridor plans as required for SB 1 funding programs. The 2020 RTP/SCS process will also begin in late 2018 and will require coordination amongst local jurisdictions, transit operators, and Caltrans. In addition, the LRTPwill be well underway and will serve asa document to include regional projectsand identify potential" bundling" of multi -modal projects for a more systematic and holistic approach in applying for competitive grant opportunities. These planning effortswill be supported through consultant contracts in FY2018/19 using LTFplanning and STIPPPM funds. Transportation Programming Asmentioned above, the Commission isresponsible forprogramming and allocating variouslocal, state and federal funds. These fundswill be monitored to ensure that regulationsare adhered to in order to prevent funds from lapsing. The following summarizes the status of these funding programs: Local Funding Westem County TUMFRegional Arterial Program Planning and Programming staff will monitor TUMF regional arterial projects based on the agreementsbetween local agenciesand the Commission. In addition, Commission staff will work with local agencies regarding amendments to agreements and any issues regarding project delivery. To date, the Commission executed project agreements with local agencies for CETAP TUMFand regional arterial fundstotaling approximately $135 million. By the end of FY2018/19, the majority of expenditures will have been reimbursed to local agencies for TUMF regional arterial projects, which expenditures are included in the Capital Projects Development and Delivery Department. Project programming forthe remaining projectswill be forwarded to the Commission and will be based on project readiness and funding availability. Staff will coordinate future programming of additional TUMFregional arterial projectswith WRCOG and local jurisdiction staff. 2009 Measure A Western County Regional Arterial Program Prior to 2014, the Commission programmed $40 million of MARA funds on six projects. During the 2014 multi -funding call for projects, the Commission approved five projects in Western County for an additional $24 million of MARA funds. Of the 11 MARA-funded projects, eight were completed and three are under construction. 2009 Measure A Local Streets and Roads In orderto receive Measure A local streetsand roadsfunding each year, the Commission requires the local jurisdictions to submit a five-year CIP based on Measure A revenue projections. Additionally, the local jurisdictions are required to submit a Maintenance of Effort (MOE) certification consistent with adopted MOE guidelines and participate in the MSHCP and in the local agency's respective TtJMF program, as applicable. Planning and Programming process administrative amendmentsto ClPsforminorchangesthat do not affect the total programmed amount or are within budget levels. Sgnificant changes require Commission approval. State Funding S91 The State Legislature and Governor approved SB 1 in April 2017. This gasoline tax provides approximately $5.2 billion in annual revenues for transportation purposes statewide, with more than $113 million to Riverside County. The CTC is responsible for administering the majority of the new SB 1 programs. The Commission received over $13 million in Local Partnership Program formula fundscovering FYs2017/18and 2018/19and allocated the fundsto the following projects: • 71/91 interchange connector (environmental revalidation); • Pachappa underpass(construction); and • Temescal Canyon widening (construction). The Commission also submitted two project applications for the following SB 1 competitive programs: • Local Partnership Competitive Program — Railroad Canyon interchange improvement (construction); and • Solutionsfor Congested Corridors Program —71/91 interchange connector (construction). The CTC selected the Railroad Canyon interchange improvement project forthe award of Local Partnership Competitive Program funds. S71P-RIP This year the Commission will continue to deliver projects programmed in the STIP and work with local agenciesto ensure the allocation and expenditure of projectsby the respective deadlines. Staff will also be involved with the development and implementation of current and future SB 1 and ATP cycles, working with the CTC, Caltrans, SCAG, and RTPAsto ensure projectsin the County are successful in these funding programs. S3 821 SB821, also known asTDA Article 3, projects are funded by 2%of LTFrevenues; the expenditures under this program are included in the LTFspecial revenue fund and reflected in the Public and Specialized Transit Department since thisfund'sactivitiesrelate primarily to transit funding. Forthe last call for projects released in February 2017, the Commission awarded over $3.3 million to 22 pedestrian and bicycle projectsin the County.lre Commission will release itsnext call forprojects in February 2019, and an estimated $3.5 million will be available for programming. Federal Funding CMAQ, S7BG, and TAP/A7P The Commission is responsible for allocating CMAQ and ST3G (formerly SLrface Transportation Program or SIN) funds to transportation projects in the County. The Commission selects and approves CMAQ funds and SIt3G funds through a call for projects in addition to programming funds for Measure A and regional priority projects. The Commission delegates the selection of projectsforCMAQ fundsapportioned to the Salton Sea Air Basin to CVAG. Through SB 99 and AB 101, the State developed the ATP, which consolidated federal and state funding that traditionally funded bicycle and pedestrian projects, including the federal TAP. The CTC administers the ATP, a program designed to encourage increased use of active modes of transportation such asbiking and walking. Planning and Programming hasbeen involved with the development of the guidelines and participates in workshops and through the RTPA group to represent the County'sbest interest for each programming cycle. Project Monitoring the high demand for reporting and monitoring the progress of projects is escontial to prevent federal and state funds from lapsing. The Planning and Programming Department assists the Capital Project Development and Delivery Department and local agencies by participating in regularproject delivery team meetingsand preparing and submitting the request forauthorization (RFA)/allocation of federal and state funding. In addition, staff monitors allocation and award deadlines, expenditures, project closeouts, and inactive projects of federal and state funded projectsto prevent Iossoffunds. Regional Issues- Freight the Commission will continue to focus on facilitating ongoing commitments as well as being responsive to variousemerging regional and statewide issuesrelating to freight/goodsmovement that traversesthe southern California region. The Commission will continue working with partners from the Southern California Consensus Group (Ports of Long Beach and Los Angeles, Alameda Corridor Transportation Authority, Alameda Corridor East Construction Authority, SBCTA, OCTA, Los Angeles County Metropolitan Transportation Authority, Ventura County Transportation Commission, 9CAG, and RRA) regarding goods movement issues. Recently the Commission coordinated with legislative staff and advocacy groups, such as Mobility 21 and S-ICC, to secure funding through the FASTActforgoodsmovement-related needssuch asthe funding of Alameda Corridor East grade separations in the County. The authorization of $10.8 billion in funding dedicated to freight and goods movement wasa direct result of thiseffort nationally; $6.3 billion will be available through an existing formula based on current apportionment data and $4.5 billion will be allocated pursuant to a merit -based, multimodal competitive grant program. At its January 2017 meeting, the Commission approved a consultant contract to conduct a Regional Truck Study to evaluate a logistics -related regional fee. Planning and Programming will forward the resultsof the study to the Commission for review and consideration. Department Goals Build upon relationships with local, state, and federal agencies to coordinate short- and long-range planning to ensure that transportation projects receive funding and approvals. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Work with CVAG, WRCOG, Caltrans, transit operators, local agencies, and SLAG to coordinate project amendmentsto the Kll'and/orF11P. • Provide the Commissionersinformation to assist in advocating Commission projects. • Continue CETAPintra-county corridor work. • Continue working with the RCA to implement the MSHCP. • Maintain maximum flexibility in project selection for FASTAct or state fund sources(i.e., STIP/SB 1)to serve the diverse needsof the County. Continue to seek a stronger role for county transportation commissions in state and regional transportation and air quality programs in order to direct funding for programs and projects that will improve air quality, mobility, and the economy in the County. (Policy Goals Quality of Life, Connecting the Economy) Objectives: • Support efforts to seek additional funding at the local, state, and federal levels for projects and planning efforts. • Support ongoing effortsto regulate federal emission sources. • Support effortsthat allow more flexibility in funding transit operating and capital costs. • Continue participation in the development of guidelinesforfunding programs. Develop a countywide long-range transportation plan to serve as a guide for decision making and as input to SCAG's next RTP/SCS. ( Policy Goals: Quality of Life, Responsible Partner) Objectives: • Complete the Commission'sfirst LKIP. • Direct consultant work on development of the second 10-year Measure A Western County Delivery Plan (2019-2029). • Provide LRIP project and policy information to SCAG for next RIP/S. Support local, regional, and state planning efforts in cooperation with SCAG, WRCOG, CVAG, Caltrans, and local agencies including, but not limited to, implementation of the CMP, transportation and air quality modeling updates/upgrades, corridor or focused area studies, development of active transportation plans or any planning related to the implementation of the RTP/SCS. (Policy Goals Quality of Life, Responsible Partner) Objectives: • Work with Caltrans and local agencies to review project alternatives that include travel demand management or integration of mode choices as required by the federal CMP for programming of federal SIBG and CMAQ funds. • Continue to work with Caltransto monitortraffic conditionsand focustransportation fundson congested corridorsand system deficiencies. • Work with local agencies, WRCOG, CVAG, and transportation and interest groupsto develop project applicationsforAlP, state Cap and Trade, and SLAG planning funds. Continue to advocate for jobs/housing balance and attracting high income jobs to the County in addition to addressing intercounty congestion. (Policy Goal: Connecting the Economy) Objectives: • Participate in ongoing studiesand activitiesto improve the job market and housing demand in Riverside County. • Support the County interests pertaining to transportation planning as population, job, and housing forecasts are developed by SLAG and the State to ensure consistency with those local forecasts. • Support efforts by local agencies to provide transportation improvement projects that will attract jobs. Maintain support of the SCAG regional FOP and Caltrans project databases to allow for efficient monitoring of projects and funding obligations with the ability to share project information with local jurisdictions. (Policy Goal: Operational Excellence) Objectives: • Work with SLAG and other county transportation commissions to refine and maintain the SCAG regional RIP database including the ability to create customized reports. • Coordinate with Caltransto assure database compatibility and promote information -sharing including timely reporting of fund obligation information. Ensure maximum funding and flexibility for projects funded with S11P RIP, SB1, Proposition 1B, ATP, and federal FASTAct funds. (Policy Goal: Quality of Life) Objectives: • Participate in various state and federal forums to increase funding levels, streamline programming and allocation processes, and provide flexibility in obligating funds. • Support efforts advocating the continuation and protection of state transportation funding and the payback of loanstaken from state transportation accounts. • Advocate that RIP county share reserves receive priority programming over counties that advance shares. • Advocate that regions that program local and federal funds to replace state funding or advance an allocation due to state budget issues (or limited allocation capacity) be given high priority for repayment or in future programming in the next STIP programming cycle. • Continue to strategically program and fund projects to meet local, state, and federal goals and to obligate and/or allocate funds in an expeditious manner for the maximum use of all available funding. • Participate in Southern California Programming Roundtable meetingsto ensure that 100%of federal obligation authority (OA) for CMAQ and SIBG funding is obligated within the SCAG region. • Participate at CTC and Caltransforumsin the preparation and evaluation of ATP projectsfor the statewide and MPO funding programs. • Continue to monitor project implementation through the use of milestone reporting on a quarterly basis to maintain maximum funding levels for projects and prevent loss of funds to the County. • Monitor and influence the development of the National Freight Network required under FAST Act. • Advocate to increase funding to regions based on distribution language in the FASTAct, or successorfederal transportation legislation. Provide support to the Commission's Capital Project Development and Delivery and Finance departments to maintain project funding and schedules and minimize programming issues. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Provide input to the budget development process. • Attend regular meetingswith the Capital Projects Development and Delivery Department. • Serve in an oversight role regarding project reporting, invoicing, and close-outs. • Coordinate project RFA/OA packages. • Monitor progress of project milestones and RFAs as they are proce—rd through Caltrans headquartersand FHWA. • Prepare CTC allocation requests, extensions, and amendmentsforSTIP, SB 1, and Proposition 1Bfunded projects. Provide assistance to local agencies in reviewing funding guidelines and grant applications, and facilitate allocation and obligation processes required for project delivery. (Policy Goals Quality of Life, Operational Excellence) Objectives: • Continue coordination ofTAC meetings. • Provide information regarding project programming data, including funding status, to project sponsorson a quarterly basis. • Provide local agencies with recommendations on project programming to minimize unnecescary requirementsand delays. • Upon request, attend local agency project delivery team meetings to provide advice on programming issues. • Meet regularly with Caltrans local assistance staff to monitor project submittals and resolve project implementation and obligation issues. • Assist local jurisdictionsto review and prepare grant applications, air quality conformity, RFAs, STIPsubmittals, and inactive reporting justifications. Continue to work with state and federal age nciesto streamline processesforfunding and project approvals. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Maintain relationshipswith key staff at regional, state, and federal agencies. • Participate in SCAG'sNational Freight Gateway Collaboration to define a system that meets the region's long-term mobility, safety, environmental, and energy needs including developing a brand specific to goodsmovement projectsin southern California. • Identify problematic areas with project delivery and/or programming and work with state/federal lobbyiststo develop solutionsforstreamlining and clarifying processesunderFAST Act. • Participate in regional, state, and federal forums addressing issues related to project programming, implementation, and airquality conformity. Asa result of goods movement funding available under the FASTAct, determine where future efforts rega rd ing addressing the County goods move ment issueswould prove most effective. (Policy Goal: Quality of Life). Objectives: • Work with SCAG, CTC, and Caltrans on FASTACTfreight guidelines and Critical Urban Freight Corridor/Critical Rural Freight Corridorcorridorsin Riverside County. • Identify driversof demand for goodsmovement servicesand performance of modal systems and servicesaswell aspublic benefits, specific areasof inefficiency, and the impactsof goods movement on communities. • Review the Commission's 2017 Grade Separation Priority Update study and work with local jurisdictionsto apply forfunding programssuch asTCEP. • Review progressof remaining TCIFfunded projects. Facilitate public and private investments in clean airtechnology in support of the broader air quality programs for SLAG, SCAQMD, and the County local entities. (Policy Goal: Quality of Life) Objectives: • Work with SCAG, SCAQMD, CARB, and academia in monitoring GHG emission reduction from light trucksand automobilesthrough the implementation of the 2016 RIP/S. • Provide input and comments on guidelines developed by CARB, South Coast Air Quality Management District, and otherstate agenciesregarding the implementation ofAB32/S3375 and 93743 CEQA implementation. • Actively participate on the MSRC'sTAC to ensure equitable funding isavailable in support of emissionsreducing projectswithin the County. • Work with local agencies to identify projects that can compete for state Cap and Trade funding programs. Planning and Programming Performance/Workload Indicators FY16/17 Estimated FY16/17 Actual FY17/18 Estimated FY18/19 Projected Federal projects monitored for obligation authority delivery 26 15 17 5 ATPprojectsmonitored for allocation 18 15 15 4** IUMF Regional Arterial projects monitored for implementation/expenditures 4 4 4 4 IUMFagreements!amendments 4 2 2 0 MARA projects monitored for implementation/expenditures 6 6 6 6 MARA agreements amendments 1 1 1 0 2017 RIP amended projects (Biennial)* 180 155 128 0 2019 RIP Update (Biennial) N/A N/A 396 140 STIP/TCIF programming, allocations, amendments, and extensions for Commission projects/local agency projects 6 6 8 7 58821 projects awarded and monitored for extensionsand reimbursements 45 48 33 38 *Includes389 projectsincluded in the 2017 HP **Excludesprojectsto be awarded through ATP Cycle 4 in March 2019. Rail Mission Statement: Rail develops and supports paryrnger rail transportation options for increased mobility within Riverside County and the region. Chart 40—Rail Tra nsfe rs Out 2% r Projectsand Operations 78% Expenditures Salariesand Benefits 2% Professional Costs 9% sap port Costs 9% Rail expenditures of $37,119,800 include Metrolink operations and capital support as well as maintenance and operations of the nine Commission -owned and operated commuter rail stations (Table 61). Salaries and benefits reflect a 12% increase due to the allocation of FTEs, increase to the Commission's contribution to employee health benefits, and merit -based salary increases. Professional costs, which include legal and consultant services, decreased 27%due to a reduction in on -call rail consultants who support rail grants applications, management, and oversight and perform service planning and modeling for the Coachella Valley -San Gorgonio Pass corridor rail service. &wort costs include station maintenance, media ads, printing services, and marketing incentives. Projects and operations expenditures of $28,778,800 increased 4%. Project and operations comprises planning and development for the Coachella Valley -San Gorgonio Pass corridor rail service and an operating contribution increase to $19 million for 9CRRA Metrolink operations including the PVL service. The Commission's commuter rail program intends to utilize existing mechanisms within Metrolink to assoss and monitor operations and budget performance. Program operations relate primarily to station operations, and engineering and construction expenditures relate to the Coachella Valley -San Gorgonio Pass corridor rail service. The "next generation" rail feasibility study is included in special studies. Capital outlay reflects a 3% increase and is due to a series of station related improvement projects and an increase in 9CRRA Metrolink capital needs. Transfers out of $882,900 relate to administrative costs to the General fund. Table 61 -Hail Expenditure Detail FY 16/17 Actua I FY 17/18 Revised Budget FY 17/18 FY 18/19 Dollar Percent Projected Budget Change Change Sa lades and Benefits Professional Costs Legal cervices Professional cervices - General Total Professional Costs Swport Costs Projects and Operations Program Operations Engineering Construction qoecial audies Operating and Capital Disbursements Total Projects and Operations Capital Outlay Tra n sfe rs Out TOTAL Rail Maintenance and Operations Rail Staffing Summary Position Administrative Assistant Chief Financial Officer Deputy Executive Director Executive Director External Affairs Director Facilities Administrator IT Administrator Legislative Affairs Manager Management Analyst Multimodal Services Director Procurement Analyst Procurement Manager Project Delivery Director Public Affairs Manager Rail Manager Senior Administrative Assistant Senior Management Analyst $ 755,400 $ 732,700 $ 728,300 79,800 175,000 65,000 1,383,400 4,229,000 2,342,700 1,463, 200 1,891,100 2,658,900 22,800 17,499,700 20,181,400 7,500 $ 24,298,600 4,404,000 2,407,700 3,391,100 2,919,800 2,856,500 250,000 4,009,200 550,000 20, 000, 000 27,665,700 90,000 948,500 $ 37,232,000 2,522,100 200,000 500,000 300,000 19,401,800 22, 923, 900 80,000 908,500 $ 29,968,200 FY 16/17 FY 17/18 0.00 0.15 0.02 0.02 0.01 0.11 0.00 0.05 0.00 0.00 1.00 0.94 0.00 0.02 0.00 0.00 0.51 1.00 0.36 0.40 0.24 0.18 0.14 0.18 0.06 0.15 0.02 0.20 1.00 1.00 0.03 0.02 0.91 0.07 FTE 4.30 4.49 Department Budget Overview -Rail Operations Department Description $ 820,900 170,000 3,054,000 3,224,000 3,320,700 2,728,800 3,700,000 250,000 22,100, 000 28, 778, 800 92,500 882,900 $ 37.119.800 FY 18/19 $ 88,200 12% (5,000) -3% (1,175,000) -28% (1,180,000) -27% (70,400) -2 % (127,700) -4% (250,000) -100% (309,200) -8% (300,000) -55% 2,100, 000 11 % 1,113,100 4% 2,500 3% (65,600) -7% $ (112,200) 0% 0.00 0.02 0.10 0.00 0.05 0.90 0.00 0.01 1.00 0.29 0.40 0.20 0.00 0.15 1.00 0.05 0.05 4.22 the Commission directs efforts in the areas of regional commuter rail, intercity paxonger rail, high speed rail, and capital improvements to support enhanced pa -Trager and freight rail service. The entire program includes elements of planning, programming, commuter and intercity rail development and support, station and corridor management, mitigation of community and environmental impacts, legislative and regulatory advocacy, and construction of capital projects. Many elements are managed or supported by other Commission departments, legal counsel, and consultants. Departmental efforts contributing to the rail program are found throughout the budget document. Coordination and consultation also occur with a variety of public and private entities including the California State Transportation Agency, CTC, Caltrans, California Public Utilities Commission, California High Speed Rail Authority (CHSRA), FRA, FTA, Amtrak, environmental agencies, University of California Riverside (UCR), transit providers, SLAG, WRCOG, CVAG, San Diego Association of Governments, LOSSAN Rail Corridor Agency, local governments, private freight railroads, businesccs, and property owners. the Commission participates in the ongoing funding and governance of Metrolink through SCRRA, a joint powers authority consisting of the county transportation commissions of Riverside, San Bernardino, Orange, Los Angeles, and Ventura counties. The Commission holds two voting positions on SCRRA's eleven -member board. The role of chair rotates between the member agencies every two years; the Commission'srepresentative currently holdsthat position through 2018. Commission staff serves on the five -county TAC that negotiates%rvice and funding levels, based upon the County's established priorities. the TAC provides technical assistance, coordination between various SCRRA and Commission departments, and linkages to local communities. Of the seven commuter rail lines operated by Metrolink, three routes consisting of the Riverside, Inland Empire -Orange County (IEOC), and 91/PVL directly serve Western County. Unlike the other SCRRA member agencies, the Commission owns and operates the commuter rail stations serving the County: Riverside Downtown, Jurupa Valley — Pedley, Riverside — La Serra, West Corona, Corona —North Main, Riverside —Hunter Park/ UCR, Moreno Valley —March Feld, Perris — Downtown, and Perris — South (Chart 41). The Riverside Downtown Operations Control Center (RDOCC), located at the west end of the Riverside Downtown station, provides monitoring of closed circuit televisions(CCTV) at the stations as well as facilities for train crews. Layover track facilities are located at the Riverside Downtown and Perris — South stations; however, SCRRA maintainsthe layover facilities. Station operation and maintenance costsare included in the Rail Department budget with services currently coordinated by the Capital Projects Development and Delivery Department through the Facilities Administrator. New and ongoing construction projects at these stations are described in the Capital Project Development and Delivery Department. Chart41 —Riverside County Metrolink Station Locations Riverside County Metrolink Service Eastvale Corona • west Station I 15 Corona • North Station Corona Jurupa Valley Norco RCTC Stalions Metrolink Line 121 Jurupa Vale Pedley Station Riverside iverside - Downtown Station Riverside - Hunter Park/ UCR Station Riverside- MorenoValley/ La Sierra Station March Field Station Lake Matthews 15 Perris • Downtown Station 74 RIVERSIDE CO. Moreno Valley Perris Perris • South Station Canyon Lake 6E11E0E00 �ake orris Menifee In addition to Metrolink, the Commission participates in the governance of the LOSSAN Rail Corridor, a 351-mile network through a six -county coastal region in southern California that isthe second busiest intercity pagmnger rail corridor in the United States (Chart 42). the LOSSAN Rail Corridor Agency is a joint powers authority originally formed in 1989 to increase ridership, revenue, capacity, reliability, coordination, and safety on the coastal rail line between San Diego, Los Angeles, and San Luis Obispo. the Commission is the newest voting member of the 11-member Board of Directorscompo%d of elected officials representing rail owners, operators, and planning agencies along the rail corridor. In recent years, LOSSAN has gained more local control over the management and coordination of the southern California rail services. lhe Commission is involved to promote travel options and connections for County residents and to be engaged in decisions impacting the rail track rightsthe Commission purchased for commuter rail service. Commission staff also participates in the TAC that provides technical assistance, service planning, and coordination between variousagenciesto improve customerservice. Chart 42 —Southem Ca lifomia Passenger Rail System Map Passenger Rail Slam • Amtrak Poci Ac Swflmer © McFralink Q COASTER Q SPRINTER flight Roil) Passenger Rail Service - Armhok PociFic Suriliner Metralink venlum Caunly Line - Metrolink Anralape VOEIey Line - Morrolink Son Bornerdina Line - Merralink Riverside Line - Mcrroiink 91 Lino - Mob -clink Orange Crony line Melralink Inland Empire - Orange Counly Line - COASTER - SPRINTER jlghf Rail) F?nr1 A..na-v-Friaor RSTER META rJ LI NK AmtdCollonwn corn GdJCla row Southern California Passenger Rail SYSTEM MAP f� r LOS ANGEic5 COLJNiY ✓ N 4"" NNE F.1 �cSJrn'r Cou.�—i n 0 5 10 15 20 30 40 Miles n Key Assum ptions for FY 2018/ 19 • lhe Commission and SCRRA adopt Metrolink's preliminary FY 2018/19 budget. In the event that additional funds are needed during the budget year for Metrolink operations, staff will present a mid -year budget adjustment to the Commission for approval. • Ridership and fare revenues will continue to grow slightly on the Riverside, IEOC, and 91/PVL lines. • 1he 91/PVL extension will continue to grow ridership and provide additional options for the County'scommuters. • LOSSAN will continue to demonstrate itseffectivenesswith local control, and the Commission will be an active voting member in the process. Accomplishments in FY 2017/ 18 • Expanded marketing effortsto establish a ridership base for the PVL and other routesserving Riverside County. • Actively participated asa voting memberon the LOSSAN Rail Corridor Agency board. • To promote use of Metrolink for more than the regular commute, provided several successful special trains programs including a record breaking Festival of Lights Program, a new Rose Parade train, and expanded Angelsand Ramssporting eventstrains. Major Initiatives in FY 2018/ 19 Over the last 25 years, the Commission has invested more than $130 million in capital improvementsto develop stationsand secure accessto support the Commission'scommuterrail services operations. lhe PVL project and related projects added over $250 million more to the Commission's investment in commuter rail. the Commission completed the PVL construction, including four new commuter rail stations, and service began in June 2016. Unlike the other SCRRA member agencies, the Commission owns and maintains the nine commuter rail stations and RDOCC serving the County. A general description of each of the Commission -owned rail station facilitiesispresented in Chart 43. Chart 43 —Commission-Owned Rail Station Facilities in Service Locution Date Sire Transit Services Primary Features Riverside Downtown (P244001) 4066 Vine Street. Riverside June 1993 26.5 Rail: 91/PVL 2 platforms with 4 boarding tracks - . :7111114-0* acres IEOC Line 4 parking lots (1,24E1 spaces) Riverside Line Enclosed pedestrian bridge, elevators, stairwells u Amtrak Bus: RTA ❑mniTrans Sun+_ine Amtrak Mega Bus furupa Valley-Pedley (P244002) 6001 Pedley Road, Jurupa Valley June 1993 4,5 Rail: Riverside Line Platform with boarding track f +f I acres Bus: RTA Parking lot (28B spaces) i 'Al 2 - �. f Riverside-ta Sierra (P244003) 10901 Indiana Avenue, Riverside October 24.69 Rail: 91/PVL Platform with 2 boarding tracks _ 1995 acres IEOC tine Parking lot (1,065 spaces) _!�'_:. i Bus: RTA Enclosed pedestrian bridge, elevators, stairwells Corona-West(P244004) 155 South Auto Center Drive, Corona October 5.49 Rail: 91/PVL Platform with 2 boarding tracks 1995 acres 1E0C tine Parking lot (564 spaces) _ iti7.1 Bus: RTA Enclosed pedestrian bridge, elevators, stairwells Corona Cruiser Corona -North Main (P244006) 250 East Blaine Street, Corona November 6.72 Rail: 91/PVL Platform with 2 boarding tracks * 2002 acres 1E0C Line Parking lot (579 spaces) Bus: RTA Parking structure (1,000spaces) Corona Cruiser Enclosed pedestrian bridge, elevators, stairwells Location In Service Sian TransitServfces Primary Features Date Perris -Downtown (P244010) 121 South C Street, Perris June 2016 5.5 Rail: 91/PVL Platform with boarding track mr•• �• F �01 (bus transit acres Bus: RTA Parking lot (444 spaces) center opened Pa �wsawX 2010) Riverside -Hunter Park/UCH (12244020) 1101 Marlborough Avenue, Riverside June 2016 3.35 Rail: 91/PVL Platform with boarding track � _ rrukren Puff[ UCH acres Bus: RTA Parking lot (528 spaces) Moreno Valley/March Field jP244021j 14160 Meridian Parkway, Riverside June 2016 14.47 Rail: 91/PVL Platform with boarding track ...... `.. ; :-.6...-.x.I :rag g YA Ml11iCX Mild FILLIP acres Bus: RTA Parking lot (476 spaces) Amtrak Stairwell Perris -South (P244022) 1304 Case Road, Perris June 2016 40.57 Rail: 91/PVL Platform with boarding track sop I 1 acres Bus: RTA Parking lot (907 spaces) WNW 1 Amtrak '-•• S MIN PERRIS RDOCC (P244024) 4344 Vine Street, Riverside April 2016 3,004 N/A CCTV operations center idillIrefeet �_ �¢_ square offices and meeting roams Station maintenance includes property management, utilities, grounds maintenance, repairs, cleaning, and security services at the Commission -owned rail stations, including the RDOCC. Through FY 2015/16 station operating costs were primarily funded with LTP Western County rail allocations. As a result of the new PVL service, the LTF allocations will be used for Metrolink operating contributions and 2009 Measure A Western County rail funds will be used for station maintenance going forward. Table 62 summarizesthe rail station maintenance costs. Table 62 - Rail Station Maintenance Summary FY 16/ 17 Actual FY 17/ 18 Budget FY17/18 FY18/19 Projected Budget Equipment maintenance and repairs Groundsmaintenance and repairs Utilitiesand support Property management and operations Security Improvements Total expenditures $ 379,885 $ 594,000 $ 550,600 925,489 1,040,500 433,565 501,397 2,181,692 7,450 546,800 1,001,600 2,427,100 85,600 882,100 470,100 1,034,700 2,233,500 80,000 $ 4,429,478 $ 5,695,600 $ 508,700 984,100 527,600 1,138,200 2,382,600 82,500 $ 5,251,000 $ 5,623,700 In FY 2018/19, the Commission anticipates completion of the parking lot and transit center expansion at the Riverside —La Serra station. This major capital improvement will increase park and ride opportunitiesand facilitate commuter busoperationsat the station. Department Goals —Rail Operations Improve utilization and increase efficiency of commuter rail lines serving the County. (Policy Goals: Quality of Life, Responsible Partnei) Objectives: • Support improved Metrolink system safety and security initiatives. • Implement enhanced safety and security featuresat all stations. • Work with Metrolink staff to increase patronage on the County lines, including the 91/PVL. • Collaborate with Metrolink and member agencies to expand service on Metrolink lines with increased train frequencies. • Coordinate with Metrolink staff to develop future service plans that best meet the needs of the County'sresidents. • Continue to monitor Metrolink's financial performance to ensure efficient and responsible use of the County'stransportation funds. Maximize opportunitiesfor public use of rail -related investment. (Policy Goal: Quality of Life, Responsible Partner) Objectives: • Support transit operator efforts to expand availability and use of connecting transit in order to improve access and reduce demand on parking capacity; currently the Commission budgetsfor and reimbursestransit operatorscostsassociated with transfers. • Build out the Riverside — La Sierra station with additional bus bays and parking to allow for more commuterbusesand park and ride opportunities. • Explore track rightsopportunities. • Expand opportunities with the Commuter Assistance Program's park and ride operations for the designation of specific carpool/vanpool/buspool parking at commuter rail stations with available capacity. • Increase opportunitiesfor interline travel through coordination of scheduleswith LOSS4N and Amtrak intercity trains, such as the &inset Limited, and other Metrolink lines, including encouraging joint ticketing options. Implement energy efficient systems and generate revenue to offset maintenance costs of rail properties. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Explore potential forjoint development opportunitiesat stations. • Evaluate the installation of cell phone towers asa revenue source to offset operating costs, including the development of the Jurupa Valley — Pedley station cell tower project. • Explore additional revenue potential at the rail stations. • Anfrssaltemative and emergency power systems. Department Budget Overview — Rail Development In order to expand pas-Pnger rail options throughout the County, the Commission conducts feasibility studies to amass the viability of commuter rail expansion. In the past the Commission completed the commuter rail feasibility study that examined the viability of extending Metrolink commuter rail service largely within existing rail right of way. The Commission approved the study and recommended advanced study of extensions on the San Jacinto Branch Line (SJBL) to Hemet/San Jacinto and Murrieta/Temecula. The next phase of Alternatives Analysis for these corridors will be pursued in future years. The Commission engaged a consultant to perform a "next generation" rail feasibility study based on findings from the RCTC Strategic Assessment completed in January 2016. Sgnificant planning efforts are also underway to explore intercity parrongerrailservice to the Coachella Valley -San Gorgonio Passcorridor. San Jacinto Branch Line The Commission holds title to and manages the 38-mile SJBL (Chart 44) and several adjacent properties, preserved for future paxenger rail service. BNSF Railway (BNSF) hold sthe freight rights in the corridor, providing service to local shippers, and performsmaintenance on the line. Chart44—San Jacinto Branch Line San Jacinto Branch Line Lake Matthews }++++ San Jacinto Branch Line Perris Valley Line Service Area RIVERSIDE Co. Callrnesa vmmsimmi Moreno Valley Canyon Lake Banning Beau' Perris VaIle yLine Project The Commission substantially completed the PVL in September 2016, and operations commenced in June 2016. The construction project was a 24-mile extension of the 512-mile Metrolink commuter rail system. It extended the existing Metrolink 91 Line, which provides service between Riverside and Downtown LosAngelesvia Fullerton. There are timed connectionsto the other routes out of the Riverside Downtown station. The project included the construction of four passenger stations at Riverside — Hunter Park/UCR, Moreno Valley/March Feld, Perris — Downtown, and Perris — South; construction of a park -and -ride lot at each of the four new stations, totaling approximately 2,250 parking spaces; and a layover facility at Perris —South for vehicle storage and servicing. The hours of operation are from 4:30 a.m. to 8:00 p.m. on weekdayswith no scheduled service yet on weekends. The service has 12 trainsa day between Perris —South and Riverside Downtown with connectionsto IEOC and Riverside line trainsaswell. COACHELLA VALLEY-- SAN GORGONIO PASS CORRIDOR RAIL SERVICE In recent years the Commission also focused attention on the creation of intercity pamcnger rail service between the Coachella Valley, the Pass Area, Riverside, and the Los Angelesbasin through advocacy effortswith state, federal, and local government entities and negotiation with the freight railroads. The Commission ensured the corridor was prominently featured in the updated 2013 California State Rail Plan. In May 2013, the Caltrans Division of Rail completed the first phase of a planning study and initial alternatives analysis for the rail corridor. This planning study was very supportive of the potential for a viable service, and future studies can expand on this by determining ridership demand and better cost estimates. Caltrans also included an updated project description and analysis of the Coachella Valley -San Gorgonio Pass corridor rail service in the latest state rail plan, approved by the California State Transportation Agency on September 5, 2013. The next update is scheduled for 2018 and initial drafts include the Coachella Valley -San Gorgonio Pass corridor rail service asan integral part of future growth. Snce its inclusion of the project into the State Rail Plan, the Commission has led the planning elements required of the project in order to secure additional funding and project approvals at various state and federal levels. The Commission established a MOU with CVAG for its cooperation on the planning as well as funding through a new TDA bus/rail split for the Coachella Valley. This agreement also included the application of Proposition 1B funds toward the initial Phase 1 analysis that included public outreach, development of the project Purpose and Need Statement, and development of the Preliminary Alternatives Analysis Report. As part of thiseffort, the Commission secured a letter of agreement with Caltransforitscooperation and modeling support. The Commission completed the Phase 1 planning efforts, including the Alternatives Analysis, and the FRA approved the Phase I work. In the July 2010 Federal Register notice on High -Speed Intercity PaeocngerRail (HSIPR) program, it clearly outlinesthe planning process needed to be eligible forHSlPRfunds. This process identifies the need fora SDPwith the following requirements: • Clearly demonstrate the purpose and need; • Analyze alternativesforthe proposed pawcnger rail service; • Identify the alternative that best meetsthe purpose and need; • Identify the discrete capital projects req uired; and • Demonstrate the operational and financial feasibility. To continue the development of this project, the Commission partnered with Caltrans and successfully applied for and was awarded a $2,900,000 FRA grant to complete the corridor study's SDP. This was the only rail corridor in the country awarded these planning grant funds. Staff worked through the multiple agreements needed in order to utilize this funding in coordination with the FRA and Caltrans. In order to expedite project development, a highly qualified consultant will prepare the SDP and lead the environmental process needed for the NEPA documentation. This project is ongoing and incorporated in the FY 2018/19 budget. The Commission prepares an annual SRTP for the Coachella Valley -San Gorgonio Pass corridor rail service project. Asthe result of the many studies performed to date by both CVAG and the Commission, it was determined that using state -supported intercity trains presents the best alternative for developing service along the corridor. The 141-mile trip between LosAngelesand the Coachella Valley would cross four counties (Chart 45). Stops and station locations are yet to be determined. Due to the trip length and time of approximately three hours, Amtrak -style service with larger seats and food service would be more appealing to the riders. In addition, the service would operate over Union Pacific and BNSFtracks, and, in general, Amtrak hasa greater ability to initiate service over freight railroads based on a national agreement. The initial service plan anticipates two daily round trips along the corridor. The approved Altemative Analysis recommended a preferred alignment. Chart 45 —Coachella Valley -San Gorgonio Pass Corridor Rail Service —Proposed Alternative 5i_Ju;lfr Los An es j' V is Scat LA LesAng, 410 r. v 11111,i r. An Ful veameeu u� � rtvu SNR �Pm . Corona Oran` 3t''� . Y 1Si1 w AunOkaa _ guppy side Morena �r 4a71e me Lin¢a °74,—f-'•.— a.m7.7 ,e�rnr.,iya cals.a mono veney :11.1 9;rrJi1P ;4AM ',xe,ninnm ea�,my Ca6a n Desert Hot Spring, Patin6 nos� tJ:l�i1E A v KP ` NM NI yapns VALLI' �1 _ Rancho GlV'-. 11 A.� ponchoag!. India i:Jwatt , Palm Oesert Indian -- �• i }sla WWl Ouln an o M1ella- %�'-- - Thermal ;A 1P.; '174° Palley, LEGEND -Alternative 1 - Potential Stations Idea High *Wed Rail The Commission continues to play a proactive role in the development of a statewide, high speed pass..nger rail system, including routing of the backbone corridor through the Inland Empire with possible stations in the Riverside/Corona and Murrieta/Temecula areas. With the passage of Proposition 1A in November2008, there is proposed funding mechanism to move the state high speed rail project forward. The CHSRA began work on a project level environmental assessment and corridor alignment study for the section between Los Angeles and San Diego via the Inland Empire. The Commission directed the review to include an alignment alternative along 1-15 for analysis. The Commission entered into a MOU to be supportive in the development of this high speed rail project and participates in the Southern California Inland Corridor Group meetings. The Commission actively contributed to the development of the supplemental Alternatives Analysis efforts. Work on this effort has slowed down with the release of the latest business plan that extends the development of this Phase II section from Los Angeles to San Diego via the Inland Empire to beyond 2030. The Commission signed a MOU along with the other southern California transportation entities and SLAG to commit $1 billion in unallocated Proposition 1A fundsfor early investment to be spent locally for rail transportation improvement projects. Key Assumptions for FY 2018/ 19 • Progresson the development of the Coachella Valley -San Gorgonio Passcorridor rail service will continue. Accomplishments in FY 2017/ 18 • Completed the AltemativesAnalysisfor the Coachella Valley -San Gorgonio Pass corridor rail SDP. • Continued Phase II efforts for the Coachella Valley -San Gorgonio Pass corridor rail project and related environmental process. • Conducted additional public scoping outreach for the Coachella Valley -San Gorgonio Pass corridor rail project. Major Initiatives in FY 2018/ 19 During FY2018/19, the Commission will continue progresson the Coachella Valley -San Gorgonio Pass corridor rail project's SDP and environmental work. Additionally, the Commission will develop the "next generation" rail feasibility study to evaluate future growth opportunities for pa�rngerrail service in the County. Department Goals -Rail Development Identify and plan for capital improvements necessary to increase the scope, appeal, and reliability of commuter rail operations. (Policy Goals Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Build ridership on the 91/PVL. • Explore panconger rail options and conduct detailed studies on the Coachella Valley -San Gorgonio Passcorridor. • Evaluate high speed rail plans and programs and look for opportunities for early investment that benefit existing paq-Pngerrailservices. • Evaluate future rail needsaspart of the "next generation" rail feasibility study. Maintain efforts with local agencies, other southem Califomia counties, and the state and federal govemmentsto expand intercity passenger rail service into the County and the Coachella Valley. (Policy Goals: Quality of Life, Responsible Partner) Continue to monitor the state efforts in the creation of a high speed passenger rail system along an Inland Empire alignment through coordination with state and local agencies. In addition, continue to identify and advocate for high speed rail funding to be spent on beneficial local rail projects in the County. (Policy Goals: Quality of Life, Responsible Partner) Rail Performance/Workload Indicators FY16/17 Estimated FY16/17 Actual FY17/18 Estimated FY18/19 Projected Average daily ridership on existing commuter lines 4,387 4,050 3,795 3,721 • Riverside Line 4,421 4,900 4,599 4,624 • IEOC Line 2,600 3,258 2,925 3,330 • 91/PVL Farebox recovery ratio • Riverside Line 47.7% 47.2% 43.2% 40.5% • IEOC Line 33.4% 31.8% 30.0% 27.5% • 91/PVL 27.7% 26.5% 23.9% 24.6% Public and Specialized Transit Mission Statement: Public and Specialized Transit coordinates the operation of all public transportation services within the County with a goal toward promoting compliance and improving mobility as well as program efficiency and effectiveness between transit operators. Public and Specialized Transit also maintainsand improves, as resourcesallow, mobility optionsto meet travel needsof seniors, persons with disabilities, and persons of limited means to enhance quality of life through innovative solutionsand better coordination of existing services. Chart46—Public and Specialized Transit TransfersOut 15% Projectsand Operations 85 Expenditures Public and specialized transit uses are budgeted at $188,418,700 for FY2018/19, as presented in Table 63, and consist primarily of capital projects and operations costs as well astransfers out to Commission fundsforadministration, planning, and rail purposes. LTF disbursements consist of transit operating and capital allocations to public transit operators of $85,035,000; bicycle and pedestrian facilities allocations to cities and the County of $8,286,000; and planning and administration allocations to other agencies of $717,000. STA disbursements of $52,415,300 are for bus capital purposes in Western County, Coachella Valley, and Palo Verde Valley. LTFand STA transfersout comprise: • $21,200,000 for rail operations; • $2,000,000forgrade separations; • $3,969,900 for planning; • $377,600 foradministration; and • $350,000 for Coachella Valley rail operationsand capital. the LTF and STA transit allocations reflect the use of $26,779,000 and $29,471,900 in fund balances, respectively. Measure A disbursements include $2,800,000 for Western County specialized transit funding of the first year of the 2018 Call for Projects. The majority of other Measure A disbursements relates to other Measure A public transit programs: • $850,000 for Western County Consolidated Transportation Service Agency (CTSA) allocations; • $5,500,000 for Coachella Valley public and specialized transit; and • $3,700,000 for Western County intercity bus%rvices. The Western County allocations are disbursed monthly to RTA, the major transit provider in the Westem County, while the Coachella Valley allocation isdisbursed monthly to ainLine, the major transit provider in the Coachella Valley. Transfers out of $389,800 relate to administrative coststo the General fund. Table 63 -Public and Specialized Transit Expenditure Detail FY 16/ 17 Actual FY 17/18 Revised Budget FY 17/18 FY 18/19 Dollar Percent Projected Budget Change Change allariesand Benefits Professional Costs Legal rvices Audit Services Financial Advisory Professional cervices- General Total Professional Costs flipport Costs Projects and Operations Operating and Capital Disbursements Transfers Out TOTAL Public and apecialized Transit $ 366,800 $ 415,500 4,100 33,100 12,700 76,900 126,800 39,400 82,265,500 21,786,700 $ 104,585,200 Public and Specialized Transit Staffing Position Accountant Administrative Assistant Chief Financial Officer Executive Director External Affairs Director Management Analyst MultimodaI Services Director Senior Management Analyst Transit Manager FTE 2.57 2.33 Department Budget Overview 14,000 20,000 15,000 155,300 204,300 88,700 122,010,600 24,934,200 $ 147,653,300 $ 397,700 $ 450,200 $ 34,700 5,000 15,300 151,500 171,800 53,800 104,281,700 24,786,400 $ 129,691,400 Department Description Summary FY 16/17 0.04 0.04 0.03 0.00 0.00 1.18 0.28 0.00 1.00 FY 17/18 0.00 0.05 0.03 0.01 0.00 1.00 0.22 0.02 1.00 6,000 100,000 16,000 192,000 314,000 63,900 159,303,300 28,287,300 $ 188,418,700 FY 18/19 0.02 0.14 0.03 0.00 0.01 1.00 0.31 0.00 1.00 2.51 (8,000) 80,000 1,000 36,700 109,700 (24,800) 37,292,700 3,353,100 $ 40,765,400 8% -57 400 7% 24 54 -28% 31% 13% 28% The Commission is responsible for short-range transportation planning and programming within the County. Planning includes the development of the countywide a-clNsfor eight public transit operatorsconsisting of: • The citiesof Banning, Beaumont, Corona, and Riverside; • 9CRRA'sMetrolinkcommuter rail; • PVVTA; • RTA; and • ainLine. The Commission assists in coordinating the annual development, review, and approval of the operator SRTPs as well as allocates Measure A, LTF, STA, and FTA transit funding resources to public transit programs. The Commission disburses LTF, STA including SB 1 SGR and Measure A fundsfor public transit. The FTA administersthe traditional Section 5307 (urban) and Section 5311 (rural) transit grant programs, while SCAG directly administers new FTA grant programs, Section 5337for state of good repair and Section 5339 for busand busfacilities. In July 2012, Congress pasted the Moving Ahead for Progress in the 21st Century (MAP-21) two- year reauthorization bill that authorized federal funding for public transportation programs. This legislation restructured prior funding by consolidating several grant programs, revising project eligibility, and amending funding allocation req uirements from discretionary to a formula -based process. Under the new long-term transportation bill, FASTAct, signed into law on December4, 2015, Jobs Access Reverse Commute and New Freedom type projects continue to be eligible activitiessupported with FTA Section 5307, Section 5311, and Section 5310 funding. Following a competitive call for projects, funding through the consolidated FTA Section 5310 program administered by Caltrans is provided to nonprofit transportation and social service agencies and public operators (under special circumstances) for the purchase of capital equipment as well as operations. Eligible activities include transportation projects for finance planning, capital, and operating costs that support the development and maintenance of transportation services designed to transport welfare recipients and eligible low-income individuals to and from jobs and activities related to their employment. these activities also include transportation projects that facilitate the provision of public transportation services from urbanized areas and rural areas to suburban employment locations including vanpool programs. Additional activities include: • Former New Freedom activities related to improvements that exceed the requirements of the Americanswith Disabilities Act (ADA); • Public transportation projectsto improve accessto fixed -route transit; • Public transit projects expressly designed for seniors and people with disabilities, where transit isinsufficient, inappropriate or unavailable; and • Altemativesto public transportation that assist seniorsand people with disabilities. Eligibility for the FTA Section 5310 fundsrequiresrecipientsto comply with all federal coordinated planning requirements in accordance with MAP-21 and the new FASTAct provisions. Projects selected for funding must be derived from a locally -developed Coordinated Public Transit — Human Services Transportation Plan (Coordinated Plan) and must be developed through a process that includes representatives of the public, private, and nonprofit transportation and human service providers. The Commission's recommendationsfor award are subject to Caltrans approval. Projects will be fully funded with federal funds using Transportation Development Credits (toll credits) as matching funds. In partnership with the County's transit operators, the Commission coordinates the allocation of available state Proposition 1B transit funding and ensures that proposed projects meet the mobility needs of the County. Annually appropriated by the legislature, Proposition 1Bfunds are used for transit related capital purchases, infrastructure/facility improvements, and security enhancements. Since FY 2007/08, the County's public transit operators annually applied for Proposition 1B funds; however, the program ended in FY 2016/17 and operators programmed the remaining balances in FY 2017/18. Operators must expend these funds within three fiscal yea rs. Since 2015, the Commission coordinates with Riverside County transit operators the preparation and submission of transit projects to Caltrans for award of LCTOP funds under CARB's Cap and Trade Program. The LCTOP funds support operating and capital transit projects that reduce carbon emissions and improve mobility with a priority of serving disadvantaged communities. The State Controller's Office annually appropriates the LCTOP funds. Riverside County's share supported the construction of RTA's UCR Mobility Hub, station upgrades for the Commission's new PVL to encourage active transportation, and installation and operation of a solar energy system in Palo Verde Valley. Funds will also be used to increase service frequency on selected bus routes that operate in disadvantaged communities in the Coachella Valley and city of Beaumont. The County's share of the annual allocations have fluctuated based on state appropriations. The 2009 Measure A Western County specialized transit program provides valuable service to the community by serving the needs of residents, mainly seniors and persons with disabilities, whose transportation needs are not met by traditional services. Social service and nonprofit agencies typically administer specialized transit operations. The Commission awards 2009 Measure A Western County funds for specialized transit through a competitive call for projects. The 2015 Call for Projects, which provided funding for a three-year term, will end in June 2018. Under the new 2018 Call for Projects, Measure A funds will be utilized by projects until June 30, 2021. The Commission has public transit operator oversight and fiduciary responsibilities and ensures that annual fiscal auditsand a state triennial performance audit are conducted in accordance with TDA regulations. The Commission also reviews public transit operator activitieson an annual basis and recommends potential productivity improvementsto lower operating costs. To ensure that specialized transit allocations are expended in accordance with funding agreements, the Commission engagesaudit firmsto perform certain agreed -upon proceduresfor the Measure A specialized transit funding recipients. Key Assumptions for FY 2018/ 19 • LTF, STA, and Measure A budgeted disbursements are based on projected allocations but may be adjusted afterthe Commission approvesactual allocationsin July 2018. • Fluctuating LTFand Measure A salestax revenueswill continue to require effortsto streamline operating expensesby all operatorswhile maintaining efficiency and quality of service. • The Commission will allocate Westem County LTFand discretionary STA funds based on a split of 78% fo r b us a nd 22%for rail. • The Commission will continue to allocate 25%of 2009 Measure A Western County specialized transit fundsto RTA asthe CTsq for Western County. Accomplishments in FY 2017/ 18 • Oversaw the successful third -year implementation of the ongoing specialized transit services resulting from the 2015 Measure A Call for Projectsfunding allocation process. • Assisted in the implementation of 29 capital projects awarded to ten successful County recipients under the FTA Section 5310 program FY2012/13 and FY2013/14 funding; projects were derived from the locally -developed Coordinated Plan. • Received approval notification of 17 capital projects awarded to nine successful County recipients of FTA Section 5310 urbanized area program FY 2014/15, FY 2015/16 and FY 2016/17 funding, in addition to three capital projects from two small urban and rural agencies. • Approved the allocation of FY2017/18 SB 1 Rprogram fundsfor eligible replacement and rehabilitation projects identified by transit operators following release of program funding and guidelinesby Caltrans. • Completed the Coordinated Plan Update that reflects new service plans and opportunities resulting from five workshops and one transit needs public hearing held in different areas of the County including unincorporated areas of Mecca and North Shore in eastern Riverside County. • Incorporated FY 2016/17 LCTOP formula funds with transit operating and capital funding sources for development of the FY 2018/19 S1-t11's following the Caltrans release of program funding. Major Initiatives in FY 2018/ 19 The Commission has long demonstrated a strong commitment to assist in the mobility of those with specialized transit needs. Through its 1989 Measure A specialized transit program, the Commission provided millions of dollarsto public and nonprofit transit operatorsfor the provision of special transit services to improve the mobility of seniors and persons with disabilities. Along with support of traditional dial -a -ride services, the Commission supports innovative programsthat provide transit assistance in hard to serve rural areas or for riders having very special transit needs. The riders, many frail and elderly, have come to depend on these servicesthat provide a higher level of assistance than can be provided by the public transit providersand/or operate in areas not served by public transit. As a result of the 2009 Measure A, these specialized transit programswill continue through 2039. In June 2018, 16 programs in Westem County will complete their third year of specialized transit services under the 2015 Measure A Call for Projects. The Commission approved specialized transit award in April 2018 for 18 programs in Western County under the 2018 Measure A Call for Projects. As identified in the Coordinated Plan, the specialized transit projects approved for funding will require implementation and continuousperformance monitoring through June 2021. The Commission adopted the Transit Vision for 2009-2019 in May 2008 that included continuation of the TDA funding formula for LTFand STA funds and established a funding formula for the 2009 Measure A public transit funds, which include specialized transit funds. In FY 2018/19, staff will submit recommendations to the Commission for changes, if any, to the TDA and Measure A funding formulasand an implementation plan. Department Goals Provide timely information to the public regarding Commission -implemented projects and support public relations activities of Measure A funded programs by grant recipients. (Policy Goals: Operating Excellence, Responsible Partne4 Objectives: • Produce and distribute public information materials as needed including press releases, flyers, brochures, marketing materials, and newspaper ads. • Leverage the IE Commuter traveler information system in order to more fully market the availability of specialized transit programs. Allocate Measure A specialized transit and federal funds to support services that will maintain and/or enhance mobility by alleviating transportation barriers for seniors, persons with disabilities, and the truly needy. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Monitor performance of specialized transit grant recipients through analysis of their monthly performance reports. • Support the consolidated FTA Section 5310 grant process to improve mobility for seniors, persons with disabilities and individuals of limited means by working with Caltrans, public operators, and social service agencies to ensure a competitive process statewide for the allocation of federal transportation dollarsfor social service programs. • Provide technical assistance and program support to agencies offering specialized transit programs to ensure the maximum benefit of funding for improved mobility for seniors, personswith disabilities, and individualsof limited means. Coordinate the operation of all public transportation services within the County with a goal toward promoting program efficiency and harmony between transit operators as outlined in state law. (Policy Goals: Quality of Life, Operational Excellence, Connecting the Economy, Responsible Partner) Objectives: • Review transit planning, resource allocation, and service implementation policy requirements including appropriate coordination of commuter rail, intercounty and intercity bus, local bus and paratransit, and social service transportation services to ensure convenient service for passengers. • Implement recommendationsresulting from the lDA-mandated triennial performance audits of the Commission and the seven County bustransit operators. • Assure the ongoing effectiveness of the SRTPprocessand work with the County'seight transit operators to assure productivity and efficiency as well as compliance with the productivity improvement program. • Coordinate regional transit connections among commuter rail, buses, and paratransit servicesto ensure convenient service for paggongers. • Monitortransit operators' quarterly capital grantsreports. • Monitor transit operators' performance through analysis of their quarterly performance reports using the TransTrackcomputer-based tracking program. • Continue initiative working with the transit operator partners in providing connecting bus servicesto the new PVLstations. Continue to provide staff resources to assist and support the coordination of transit services within the County and throughout the State. (Policy Goals: Quality of Life, Operational Excellence, Connecting the Economy, Responsible Partne0 Objectives: • Participate and influence intercounty discussions between Riverside, Orange, San Diego, and San Bernardino counties regarding the enhancement of intermodal options. lhis includesadditional transit services(rail and expressbus) and rideshare services. • Regularly participate in meetings that focus on the coordination of transit services, such as the California Association for Coordinated Transportation, am Line's Access Committee, RTA's ADA Committee, the Riverside County Foundation on Aging Board of Directors, Riverside Regional Coalition, and the Commission's Citizens Advisory Committee/Social Service Transportation Advisory Council. • Continue the development of a marketing and distribution network for communicating specialized transit mobility optionsto seniors, the disabled, and personsof limited means. Public and Specialized Transit Performance/Workload Indicators FY16/17 Estimated FY16/17 Actual FY17/18 Estimated FY18/19 Projected SR1Pssubmitted by operatorsand reviewed 9 9 9 9 STPamendments 3 3 3 3 Specialized Transit grantsawarded 17 17 17 18 One-way tripsprovided by Measure A funded projects 103,952 106,843 111,945 270,500 One-way trips provided by FTA Section 5310 funded projects 93,464 95,929 95,000 96,000 One-way tripsreimbursed through the Western County Transportation Reimbursement and Information Project by Measure A funded projects 38,570 55,180 39,600 71,181 One-way tripsreimbursed through the Western County Transportation Reimbursement and Information Project by FTA Section 5310 98,910 55,172 99,500 88,785 Transit tickets provided through the Transportation Access Program 70,000 31,377 91,019 88,785 Clientsserved through Blindnessaipport Services 54 42 54 36 Unique personsserved through Vetlink 211 Services 1,930 1,654 2,600 1,600 CommuterAssistance Mission Statement: Commuter Assistance actively works to improve the commuter experience by promoting multimodal transportation options through advancing technology, employer partnerships, user incentives, and meaningful community engagement. Chart 47— Commuter Assistance Tra n sfe rs Out 27%_ Expenditures Salariesand Benefits 5% Projectsand Operations 55% Professiona I Costs 7% Sap port Costs 6% Commuter Assistance expenditures total $6,197,800, which represents a 6% increase from last year's budget (Table 64) due to costs for a new vanpool incentive program. Salaries and benefits of $288,200 reflect a 9%increase due to a change in FfEallocations, the Commission's contribution to employee health benefits, and merit -based salary increases. Professional costs of $449,700 decreased 44% over the prior year due to completion of ridematching system enhancements and vanpool incentive program implementation. SLpport costs of $342,500, which include mail and printing services, communications, and other office expenditures, increased 33%due to the new vanpool project. Projectsand operationsexpendituresof $3,420,900 consist of: • Park and ride lease paymentsof $150,000; • Regional transportation consultant services totaling $2,172,000 to manage and implement the program; and • Commuter incentivesand subsidiesvouchersvalued at $1,098,900. Reimbursements from SBCTA for rideshare services provided by the Commission are included in revenues to offset a portion of these expenditures. Transfers out include $1,500,000 for a transit incentive project in Western County and $196,500 for administrative costs. Table 64- Commuter Assistance Uses Detail FY 16/17 Actual FY 17/18 FY 17/18 FY 18/19 Dollar Percent Revised Budget Projected Budget Change Change Salaries and Benefits Profe ssio na I Costs Legal cervices Financial Advisory Professional cervices - General Total Professional Costs amport Costs Projects and Operations Program Operations Transfers Out TOTALCommuterAssistance $ 257,000 $ 264,800 $ 264,400 21,800 25,000 7,600 7,600 329,600 767,100 359,000 799,700 57,100 257,400 31,000 7,600 668,600 707,200 247,200 2,013,000 2,821,100 2,642,100 1,712,300 1,048,000 $ 2,686,100 $ 5,855,300 $ 4,908,900 $ 288,200 31,000 8,000 410,700 449,700 342,500 3,420,900 1,696,500 $ 6,197,800 Commuter Assistance Staffing Summary Position FY 16/17 FY 17/18 FY 18/19 Chief Financial Officer 0.00 0.00 Commuter and Motorist Assistance Manager 0.65 0.60 Deputy Executive Director 0.01 0.02 IT Administrator 0.00 0.01 Legislative Affairs Manager 0.04 0.00 Management Analyst 0.31 0.30 Multimodal Services Director 0.28 0.30 Procurement Analyst 0.00 0.05 Procurement Manager 0.01 0.05 Public Affairs Manager 0.00 0.00 Senior Administrative Assistant 0.06 0.05 Senior Management Analyst 0.01 0.03 FTE 1.37 1.41 Department Budget Overview Department Description 0.01 0.65 0.02 0.00 0.00 0.60 0.28 0.00 0.00 0.05 0.00 0.02 1.63 $ 23,400 9% 6,000 24% 400 5 % (356,400) -46% (350,000) -44°% 85,100 33 % 599,800 21% (15,800) -1 % $ 342,500 6% While much of the Commission's work focuses on enhancing transportation infrastructure, there is significant value in ensuring that the transportation systems are used efficiently. To foster a more efficient use of these systems, the Commission's Commuter Assistance Program seeks to increase the awareness of all commute options and incentives available to County constituents and commuters and to increase consideration for alternative modesof transportation such asa riding a busor train, carpooling, vanpooling, walking, bicycling, ortelecommuting. The Commuter Assistance Program seeks to influence driver behavior by nurturing a mode - shifting decision at both the employer and commuter levelsvia the following methods: • Partner with employers and provide them with a suite of services to implement an employer -based mode -shift and rideshare programs at worksites throughout the region; • Provide public information services for rideshare across multiple platforms - IECommuter.org, 866-RIDES-IARE, mobile application, and social media; • Produce personalized commute options and traveler information to educate commuters of all travel options available and to adopt congestion avoidance behaviorwhen traveling; • Incentivize commuters for beginning and then maintaining a mode-shift/rideshare arrangement; and • Leverage technology to deliver easy -to -use online resources and toolsto serve more efficiently employer partners, their employees, and other commuters. The Commission implemented the Commuter Assistance Program in Western County as a specific requirement under Measure A to addresscongestion mitigation. While ridesharing hasa beneficial impact on air quality, first and foremost, it is a strategy to improve mobility through increased use of alternative modesof transportation. Key Assumptions for FY 2018/ 19 • The Commission will continue to contract with a consulting firm to administer an Inland Empire Commuter Assistance Program with regional reach. • Maintaining its long-term partnership with the Commission, SBCTA will contract with the Commission to manage and implement a "sister" Commuter Assistance Program for its residentsand employersin San Bernardino County. Accomplishments in FY 2017/ 18 • Launched a new vanpool subsidy program in Riverside County to compliment transit options in the County and provide an attractive commute option for commuters traveling to Riverside County worksites. • Developed a new IE Commuter mobile application to enhance accessibility of rideshare information and convenience to participate in incentive programs that can be completed online and acrossmobile platforms. • Funded and provided outreach support for a new and rapidly growing RTA CommuterLink Express Bus service (Route 200 and Route 205) between the Inland Empire and Orange County. • Enhanced the IE Commuter rideshare system with a website refresh including a new design and on-line resources and tools for employers to more effectively manage employee commutersand market rideshare within theirorganizations. • Expanded IE Commuter outreach across social media platforms (Facebook, Twitter, Instagram) to help efficiently grow the direct -to -commuter model and accompanying introduction to new employersfor partnering opportunities. • Coordinated with regional rideshare partnersand transit agenciesto deploy a shared theme acrosssouthem California for Rdeshare Week; Riverside/San Bernardino County participation metricsfarexceeded those of neighboring regions. • Continued leasesfor park and ride facilitiesat the following locations: Canyon Community Church of the Nazarene Living Truth Christian Fellowship Corona FriendsChurch Tom's Farms Lake Elsinore Lake Elsinore Market Lake Elsinore Outlets Shepherd of Life Menifee The View Church Murrieta Mulligan'sFamily Fun Center ji Promise Lutheran Church Temecula Orchard Christian Fellowship United Methodist Church Major Initiatives in FY 2018/ 19 A cornerstone of the Commuter Assistance Program isitscontinued partnership with commuters, employers, and government. The partnership, based on voluntary efforts, makes a collective difference to increase the efficiency of the County's transportation system —local roads, freeways, commuter rail, and public bus. The combined effort results in less congestion, decreased vehicle miles traveled, and improved air quality. The major initiatives to continue these partnershipsand effortsin FY2018/19 are described below. • Conduct a arategic Assessment: The Commuter Assistance Program will take a comprehensive look at the current program structure, incentives, technology, outreach/approach with consideration of the rapidly changing future of mobility (e.g., autonomousvehicles, micro -transit, shared mobility, and transportation network companies). In doing so, the goal is to reasscss and redefine Commission's transportation demand management role in the County. Accordingly, initiating plans and beginning to restructure for the future will further enhance the program and capitalize on opportunities within the changing landscape of mobility. • Maximize Employer Partnerships Given that the highest percentage of rideshare arrangements is formed at work sites, voluntary employer participation is critical to address congestion and air quality goals; employers are the conduit to directly influence their employees' personal transportation choices. The ongoing success of the core Western County rideshare program is a testament to the significance of employer partnerships. However, the prior economic downturn created a corporate culture of doing more with less. Many employer transportation coordinators(Elus) feel spread too thin to commit to offering a rideshare program. Delivery of value-added services and tools to make the ETC's job easier isa critical motivation to continue partnershipsand develop new ones. • Expand with New Market Development: The primary go -to -market strategy has been to leverage larger employer (250+) partnerships to cost effectively access and market to employee commuters. While this channel has historically proven to be efficient over the years, it results in a rather limited base of commuters compared to the broader universe of commuters available. Therefore, in addition to maximizing the number of employer partners and maximizing rideshare participation within those employers, a direct business -to - consumer strategy will continue to be phased in to expand the awareness and consideration of rideshare options. • Support Multimodal Travel: In addition to ridematching, information services, and incentives to facilitate ridesharing, the Commuter Assistance Program also provides park and ride facilities to support ridesharing efforts. The last Caltrans park and ride facility in the County was built in 1999. The Commission leases park and ride spaces from property owners to supplement the network of park and ride spaces in the County. A continued focus for FY 2018/19 will be increasing the number of leased spaces and coordinating with ridesharers, transit, and rail partners to identify areas where the lease program can help support car/vanpool arrangementsand facilitate transit connections. Department Goals Operate a cost-effective Commuter Assistance Program resulting in a demonstrable reduction in single occupant vehicle trips, thus assisting with congestion mitigation and improving air quality. (Policy Goals: Quality of Life, Responsible Partned Objectives: • Leverage Commuter Assistance Program resources to support outreach and transportation demand management objectivesof major Commission projects, including but not limited to, the new vanpool subsidy program and RTA CommuterLink Express Route 200 and Route 205 service, Metrolink's91/PVLservice, and RCTC 91 Express Lanes. • Continue to enhance the IE Commuter user experience with improvements in functionality and servicesoffered through the website and mobile application. • Continue to offer short-term incentives for commuters to try a transportation mode other than driving alone. • Continue to provide a rewards program for long-term ridesharers to encourage their continued use of alternative modesof transportation. • Ensure the effectivenessof the Commuter Assistance Program through program analysisand recurring arressments of participation and retention of ridesharers. The Commission will continue to evaluate options to trim program costs without impacting service delivery or participation. • Increase participation and use of the IE Commuter website by employer partners to reduce administrative costs. • Optimize the number of leased park and ride spacesand addressgapsin the system. Ensure the coordination of ridesharing programs throughout the Inland Empire and the southern California region. (Policy Goals: Quality of Life, Operational Excellence, and Responsible Partner) Objectives: • Continue to administer "sister" Commuter Assistance Program in San Bernardino County on a contract basis, thus expanding the reach and effectiveness of commuter programs throughout the Inland Empire area. • Continue to provide leadership with the ongoing operation, maintenance, and enhancement of the bi-county ridematching system with regional reach. • Continue to explore and implement opportunities to coordinate regional rideshare/transit campaignswith neighboring rideshare agenciesand transit partners. Broaden the reach of the program to encourage altemative transportation modes amongst all travelers and continue to grow the core base of employers and their employees. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Continue to grow and support on-line resources and tools for employers to more effectively manage and market theirorganizations rideshare programs. • Provide program resultsto both commuter incentive participantsand employer partnersthat translate individual or worksite rideshare participation into money saved, congestion reduced, and emissionsreduced. • Publicize the participation of local employers in the Commuter Assistance Program through variousmedia channels. Commuter Assistance Performance/Workload Indicators FY16/17 Estimated FY16/17 Actual FY17/18 Estimated FY18/19 Projected Numberof one-way single occupant vehicle trips reduced asa result of Rideshare Incentives 150,000 166,535 171,000 176,000 Numberof Rideshare Plus Rewards Members 3,000 1,608 1,700 1,800 Number of incoming 1-866-RIDESHAREtelephone calls 5,500 5,231 5,340 5,440 Numberof servicesprovided by IECommuterto support employer trip reduction efforts at worksites: • Employer worksites requesting survey services 125 172 177 182 • RideGuidesproduced 15,000 11,924 12,100 12,400 M oto rist Assista nc e Mission Statement: Motorist Assistance improves safety, reduces congestion, and enhances access to traveler information for motoriststhrough the provision of a comprehensive motorist aid system. Chart 48 — Motorist Assista nc e Transfers Out 38 % Expenditures Salaries and Benefits Professional Costs 2% 5% Sapport Costs 3% Projects a nd Operations 52 % Motorist Assistance expenditures and uses are budgeted at $10,006,400, an increase of 68% compared to the prior year budget (Table 65) due to Fa' service expansion and increased SAFE matching funds for FSP services. Salaries and benefits reflect an increase of 30% due to net changes to FTE allocations, the Commission's contribution to employee health benefits, and merit -based salary increases. Professional costs of $528,200 reflect an increase of 2% due to FSP service expansion, and support costs of $290,000 decreased $8,900, or 3%, due to a reduced number of call boxes to support and maintain. Reimbursement from SBCTA for half of all 1E511 related expendituresisincluded in revenues. Budgeted expenditures for program operations include $4,203,000 in towing contract costs for the PS" program. Projectsand operationscostsincreased 39%due to an increase in construction FSP activity. Transfers out represent SAFE matching funds of $3,600,000 for FSP services and a $220,500 allocation for administrative costs. Table 65 — Motorist Assistance Uses Detail FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change Salades and Benefits $ 126,000 $ 154,000 $ 153,000 Professional Costs Legal S rvices 19,500 35,500 18,500 ProfessionaIServices- General 386,000 482,500 441,700 Total Professional Costs 405,500 518,000 460,200 Sapport Costs 388,600 298,900 155,000 Projects and Operations Program Operations 3,257,100 3,723,000 3,254,000 Transfers Out 1,068,400 1,257,500 1,257,500 TOTAL Motorist Assstance $ 5,245,600 $ 5,951,400 $ 5,279,700 $ 200,000 30,500 497,700 528,200 290,000 5,167, 700 3,820,500 $ 10,006,400 $ 46,000 30 % (5,000) -14% 15,200 3% 10,200 2% (8,900) -3% 1,444,700 39% 2,563,000 204% $ 4,055,000 68% Motorist Assistance Staffing Summary Position FY 16/17 FY 17/18 FY 18/19 Commuter and Motorist Assistance Manager 0.35 0.40 0.35 External Affairs Director 0.00 0.00 0.08 IT Administrator 0.00 0.02 0.00 Legislative Affairs Manager 0.09 0.00 0.05 Management Analyst 0.21 0.70 0.40 Multimodal Services Director 0.07 0.08 0.07 Procurement Analyst 0.05 0.05 0.07 Procurement Manager 0.01 0.05 0.05 Public Affairs Manager 0.00 0.00 0.05 Senior Administrative Assistant 0.00 0.00 0.05 Senior Management Analyst 0.02 0.06 0.02 FTE 0.80 1.36 1.19 Department Budget Overview Department Description Asa SUE, the Commission is responsible for providing a motorist aid system for the County. This system iscomprised of three components: • lhe 1E511 traveler information system isa telephone, website, and mobile app-based service that delivers real-time traffic information, including incidentsand travel times, bus and rail trip planning, and rideshare information; • the FP program clears debris in freeway lanes and assists stranded motorists on the most congested Riverside County freeways by towing, changing flat tires, and temporarily taping cooling system hoses at no charge to motorists. FP service is also provided in construction zones through separate funding agreements with Caltrans and Commission -funded construction projectsto help mitigate congestion; and • the call box system allows motorists to call for assistance in the event of a mechanical breakdown, accident, or other emergency on the freeway. Key Assumptions for FY 2018/ 19 • In partnership with regional county transportation partners, the Commission will transition from a locally -provided 1E511 system to a regional southern California 511 solution. • the FSPwill continue aslong asstate funding support isavailable • Tow truck contractor costs for the nine existing FP beats will be based on Commission - approved contracts. • the call box system program will continue to serve as "safety -net" for stranded motorists in the County. • Annual call box maintenance costs will be based on a flat -fee contract based on the number of call box units. • Current percentage levels of vandalism, knockdowns, and miscellaneous repairs to call boxeswill remain consistent with the past year. Accomplishments in FY 2017/ 18 • Achieved one of the highest benefit -to -cost ratio statewide for FSP in the latest statewide FP Management Information System Report. • Secured and leveraged grant funding to provide weekend FSPservice throughout the SR91 corridor in Corona and Riverside and along a segment of SR60 in Moreno Valley. • Provided traveler information service through the 1E511 system to support more than 46,000 monthly IE511.org web visitsand 16,000 monthly 1E511 phone calls. To date, more than 61,000 usershave downloaded the 1E511 mobile application. • Continued to coordinate with local transportation agenciesto migrate the 1E511 system to a regional traveler information system. • Continued the "cost recovery" program for call box knockdowns in an effort to collect reimbursementsfrom motoristsinvolved in accidentsthat damage Commission property. Major Initiatives in FY 2018/ 19 Since 2010, the Commission, along with its partner, SBCTA, has operated, maintained, and enhanced the 1E511 system which includes a website interface and an interactive voice response telephone system that serves Riverside and San Bernardino counties residents and commuters. While the system has served local commuters garnering an average of 46,000 monthly web visits and 16,000 monthly calls plus 61,000 mobile app downloads to date, the program will transition to a regional and more cost effective 511 solutions in partnership with local southern California transportation agencies. Other initiativeswillfocuson long-term SAFE planning, system efficiencies, and evaluating and/or implementing new program services such as a mobile call box program. Staff will focus on maintaining a high benefit -to -cost ratio for FP and maximize anticipated SB 1 funding to expand FSPcoverage. Department Goals Provide efficient delivery of a comprehensive motorist aid system (511, FSP, Call Box) and an outstanding level of service to the traveling public. (Pblicy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Reduce 511 costsand enhance accessto real-time traveler information bytransitioning to a regional 511 southern California solution. • Support local venuesand attractionswith the implementation of expanded FSP%rvice hours to optimize traffic flow related to the arrival and departure of regional traffic to large scale eventsin the Coachella Valley. • Maximize available FP funding by continually evaluating opportunities to provide more efficient FSPcoverage through changes in service days, service hours, or number of vehicles assigned to each beat. • Deploy new FP service with anticipated SB 1 funding to areas along the 1-15 and 1-215 corridors in southern Riverside County that are projected to provide the greatest benefit/impact. • Review proposed construction projects with Commission, Caltrans, and local cities and coordinate the use of temporary construction tow service to mitigate congestion. • Continue coordination with San Bernardino SAFE to monitor the operation of the call answering centercontractor. Motorist Assistance Performance/Workload Indicators FY 16/ 17 Estimated FY 16/ 17 Actual FY 17/ 18 Estimated FY 18/ 19 Projected Numberof call boxes 250 240 240 240 Number of call box calls 2,246 2,650 2,074 2,200 Number of vehicle assists 37,500 40,180 38,904 40,000 Numberof 511 phone calls 211,000 201,099 162,000 186,000 Numberof 511 web visits 497,000 562,507 425,000 425,000 Capital Project Development and Delivery Mission Statement: Capital Project Development and Delivery (Capital Projects) keeps the Commission's contract with the voters of the County by accelerating the planning, programming, and implementation of projects and programs in the Measure A Transportation Improvement Plan, as enhanced by the Toll Program, to the extent that funds are available. Capital Projects ensures that capital projectsare environmentally acceptable, expertly designed, and implemented in a cost effective manner. Capital Projects acquires and manages required right of way in the fairest, most economical, efficient, and timely manner possible. Chart 49 —Capital Project Development and Delivery Salariesand Benefits 1% Tra n sfe rs� Out 16% Debt Service 9% CapitalOutlay 1% Expenditures Pro fe ssio n a I Costs 1% Projectsand Operations 72% The budgeted expend itures and transfers out total $746,914,200 to coverall of the Commission's major capital projects(Table 66). Salariesand benefitsexpenditures represent lessthan 1%of the budgeted uses and reflectsa net increase of 6%due to the net allocation of FTEs, an increase to the Commission's contribution to employee health benefits, and merit -based salary increases. Professional costs of $8,723,600 primarily relate to general legal costs, specialized legal and financial advisory services related to the toll program, public communications, and property management services. Support costsof $632,700 consist primarily of services needed to maintain the Commission'sreal propertiesin a condition that complieswith all local codesand regulations governing property maintenance. General project costs of $5,564,800 comprise program management provided by Bechtel Infrastructure (Bechtel) and permitsfor highway and rail capital projects. Significant projects included in engineering expenditures of $33,113,800 relate to the 1-15 Express Lanes southern extension project; Mid County Parkway; the 71/91 connector project; the I- 15/Railroad Canyon Interchange (on behalf of the city of Lake Osinore); various commuter rail improvement and rehabilitation projects; and various Western County TUMF regional arterial projects. Construction expend itures of $111,950,000 primarily relate to the 1-15 Express Lanes project; 15/91 Express Lanes connector project; the I-15/Limonite interchange; SR60 Truck Climbing Lanes; the Pachappa underpass; various Western County Measure A and lUMF regional arterial projects; Santa Ana River Trail; and rail improvement and rehabilitation projects. Design -build costs of $188,565,500 pertain to the 1-15 Express Lanes project and the 15/91 Express Lanesconnector project. Right of way expend ituresof $91,965,600 on significant projectsinclude the 91 Project; 1-15 Express Lanes project; 71/91 connector project; Mid County Parkway (I-215/Placentia interchange); McKinley Avenue grade separation project; and various Western County IUMF regional arterial projects. Funding will also be provided for MS-ICP land mitigation. Local tumback payments to jurisdictions and the County for local streets and roads repair, maintenance, and construction amount to $56,951,500. Disbursements to CVAG for the 2009 Measure A Coachella Valley highway and regional arterial program comprise substantially all of the regional arterial expenditures. the Planning and Programming Department monitors the eligibility for locals streets and roads funding and reviews reimbursement claims for Coachella Valley highway and regional arterial program expenditures. Special studies of $50,000 relate to the Perris Valley Line. Operating and capital d isbursements of $15,750,000 will be made for commuter rail station rehabilitation costs. Rail capital purchasesfor station rehabilitation projectsrepresent 92%of the capital outlay expenditures. Interest payments on outstanding sales tax revenue bonds (2010B Bonds, 2013 Sales Tax Bonds, 2016 Refunding Bonds, 2017A Bonds, 2017B Bonds, and 2018 Bonds) are $43,590,700. the Commission will make principal payments of $25,965,000 for the outstanding sales tax revenue bonds. Significant tran4ersout consist of the following: • $16,983,500 in salestax debt proceedsto fund the 91 Project completion; • $28,061,000 in salestax revenue bond proceedsto fund the 1-15 ExpressLanesproject; • $69,555,700 from 2009 Measure A Western County highway fund to the Debt Service fund for salestax revenue bondsdebt service; • $5,163,700 from Measure A and IUMF for the allocation of administrative costs to the General fund; • $3,000,000 from 2009 Measure A Western County highway fund to the Debt Service fund for the 1-15 Express Lanesproject 11FIA reserve; • $590,000 from the IUMF regional arterial fund to the 2009 Measure A Western County highway fund for advance construction on the 1-15/Limonite interchange project; • $300,000from 2009 Measure A Western County highway fund to the TUMFregional arterial fund forthe SR79 realignment project; • $250,000 from 2009 Measure A Western County rail fund Proposition 1B funding for rail station rehabilitation and improvement expenditures; and • $2,800,200 from the Debt Service fund to the 2009 Measure A Western County highway and Coachella Valley highway fundsfor BABssubsidy reimbursements. Table 66 - C a p ita I Project Development and Delivery Uses Detail Actual Revised Budget Projected Budget Change Change Sala riesand Benefits $ 3,306,500 $ 3,606,400 $ 3,625,000 $ 3,836,900 $ 230,500 6% Professional Costs Legalrvices 6,355,900 5,216,100 5,082,300 3,351,200 (1,864,900) -36% Audit cervices 5,200 33,800 7,300 27,000 (6,800) -20% Ana ncialAdvisory 307,400 696,700 495,000 473,900 (222,800) -32% Professional Se rvices-General 12,312,100 4,313,600 3,657,400 4,871,500 557,900 13% Tota I Professiona I Costs 18,980,600 10,260,200 9,242,000 8,723,600 (1,536,600) -15% 8apport Costs 710,500 951,500 614,000 632,700 (318,800) -34% Projects and Operations Program Operations 5,580,800 10,527,900 9,102,000 5,564,800 (4,963,100) -47% Engineering 3,167,700 8,764,500 7,115,100 33,113,800 24,349,300 278% Construction 35,590,400 67,102,400 39,682,100 111,950,000 44,847,600 67% Design Build 170,452,800 192,599,700 145,452,500 188,565,500 (4,034,200) -2% Rght of Way and Land 27,293,000 87,847,500 36,795,900 91,965,600 4,118,100 5% Local areets and Roads 51,864,000 55,037,500 55,037,500 56,951,500 1,914,000 3% Regional Arterials 14,597,000 30,416,000 20,000,000 30,000,000 (416,000) -1% apecial Studies 2,700 802,000 300,000 50,000 (752,000) -94% Operating and Capital Disbursements 2,314,800 11,175,000 5,650,000 15,750,000 4,575,000 41% Total Projectsand Operations 310,863,200 464,272,500 319,135,100 533,911,200 69,638,700 15% Capital Outlay 5,574,900 5,221,300 3,000,000 3,550,000 (1,671,300) -32% Debt Service 136,530,500 659,804,900 653,859,700 69,555,700 (590,249,200) -89% TransfersOut 175,903,300 266,623,800 255,699,000 126,704,100 (139,919,700) -52% TOTAL Capital Project Development and Delivei $ 651,869,500 $ 1,410,740,600 $ 1,245,174,800 $ 746,914,200 $ (663,826,400) -47% Capital Project Development and Delivery Staffing Summary Po sit io n FY 16/ 17 FY 17/ 18 FY 18/ 19 Administrative Assistant 0.01 0.25 Capital Construction Manager 0.00 0.00 Capital Construction Manager 0.00 0.00 Capital Projects Manager 2.83 3.72 Chief Financial Officer 0.49 0.41 Deputy Directorof Finance 0.07 0.20 Deputy Executive Director 0.12 0.24 Executive Director 0.25 0.24 External Affairs Director 0.06 0.05 FacilitiesAdministrator 0.00 0.06 ITAdministrator 0.00 0.29 Legislative Affairs Manager 0.00 0.00 Management Analyst 1.00 1.00 Planning and Programming Director 0.03 0.11 Planning and Programming Manager 0.01 0.01 Procurement Analyst 0.18 0.39 Procurement Manager 0.71 0.39 Project Delivery Director 0.91 0.75 Public Affairs Manager 0.48 0.35 Right of Way Manager 1.00 0.99 Se niorAdministrative Assistant 0.07 0.06 Senior FnancialAnalyst 0.23 0.10 SeniorManagement Analyst 1.98 2.16 TollOperationsManager 0.85 0.50 Toll Program Director 0.97 0.85 Toll Project Manager 0.96 1.00 Toll SeniorManagement Analyst 0.71 0.25 Toll Technology Manager 0.83 0.30 FTE 14.75 14.67 0.31 1.00 0.80 2.80 0.27 0.06 0.08 0.25 0.12 0.00 0.03 0.05 1.00 0.09 0.02 0.16 0.48 1.00 0.50 0.98 0.04 0.10 2.12 0.70 0.65 1.00 0.30 0.60 15.51 Department Budget Overview Department Description The primary responsibility of Capital Projects is the development and delivery of major highway and rail capital projectswhere the Commission is identified asthe lead agency. The delivery of a capital project can include taskssuch asfeasibility studies, preliminary engineering, environmental clearance, final design, right of way acquisition, utility relocation, construction, construction management, and design -build in addition to the management of varioustypesof agreements. Capital Projects also develops and delivers a limited number of highway and regional arterial projectson behalf of local jurisdictions; these effortsare funded by the local jurisdictionsthrough funding agreements with the Commission. Approximately 62.5%of the Commission's FY 2018/19 budgeted expenditures originates in this department managed by the Toll Program and Project Delivery Directorsresponsible for the capital program. Capital Projectsacceleratesdelivery of the Measure A, toll, state, and federally funded highway, regional arterial, and rail capital improvement projects throughout the County. Highway improvementscurrently in progress include the addition of mixed flow, truck climbing, and tolled expresslanes; widening and realignment projects; interchange improvements; and a new CETAP corridor. Commuter rail capital improvements include the expansion of commuter rail service in Western County and related station improvement and rehabilitation projects. Regional arterial capital improvements include Western County TUMF and Measure A regional arterial projectsadministered bythe Planning and Programming Department and reimbursements to CVAG related to the highway and regional arterial program that it administersin the Coachella Valley. Capital Projects may develop and deliver Western County regional arterial projects on behalf of local jurisdictions, asnoted previously. The 2009 Measure A program includesfunding to the incorporated citiesand the County forlocal streetsand roadsmaintenance, repair, and construction. The budgeted amount isset by formula established in the Measure A TIP. Each jurisdiction's respective allocation is based on population (Western County and Palo Verde Valley) or dwelling units (Coachella Valley) and the amount of salestaxgenerated.The Planning and Programming Department administersthe local streetsand roadsfunding eligibility reviews. Capital Projects providesthe necessary coordination between the Commission and Caltransfor the development of scope, cost, and project delivery schedules for Measure A projects that include STIPfunding. Given the support required to oversee and participate in the project development work, costsfor Commission staff and related support are included in this department budget. The projects identified in the FY2018/19 budget funded by Measure A, TUMF, state, or federal fundsaswell as future toll revenues require the continued support of the Bechtel program management team which includes program managers, project engineers, construction engineers, inspectors, contractsadministration, and support staff. Right of Way Acquisition and &wort Services The Commission authorized the development of a Right of Way Acquisition Program in 2006. The primary goal of the Right of Way Management Division isthe delivery of right of way in the most cost-effective manner and within project schedules, while adhering to federal and state regulations. To implement the Commission's directive, the Commission maintains on -call agreements with right of way consultant services in the fields of right of way engineering and surveying, environmental a,rrssment, appraisal and appraisal review, acquisition and relocation, feasibility studies and cost estimates, property management, and utility relocation. The Right of Way Management Division supervisesand manages right of way servicesand related support for individual projectsthat are included in the Capital Project Development and Delivery Department budget. Property Management The Commission strivesto manage its real property with the objective of maximizing existing and future public transportation benefits, safety, and income by means of professional property management policies and procedures. This includes issuing licenses and rights of entry for authorized third -party uses, as well as investigating and resolving issues regarding uses not authorized by the Commission. During FY 2014/15 the Commission performed a comprehensive analysis of existing licenses and encroachments. The Commission resolved private use and utility encroachments on the SJBL, resulting in additional licenses. The Commission will continue to monitor, identify and, if necessary, enter into new licenses or eliminate encroachments on the SJBL. In certain limited situations, the Commission may also grant easements. The property management scope of work on all Commission -owned propertiesconsistsof general maintenance activities and security measures. The property management function includesthe demolition and clearance of structuresand otherimprovementson acquired property, excluding commuter rail stations. Additionally, the Commission must manage real property acquired for a project until required for construction. Since 1990, the Commission acquired property assets in the course of rail and highway project implementation. To date the rail properties number over 225 parcels. The Commission acquired approximately 500 parcelsfor the SR74 widening project (Segments 1 and 2) and transferred to Caltrans most of these parcels, which were related to Segment 1. In addition, approximately 130 propertieshave been acquired forthe SR-91 HOV lanes, Mid County Parkway, 9R79 realignment, SR74 curve widening, PVL, and 1-215 corridor improvements(central segment). Property acquisition forthe 91 Project began in 2010 with all of the 197 required parcelsacquired and delivered to the design -builder by June 2015; the Commission acquired 98 parcels through escrow and 87 parcels through eminent domain actions. The remaining 12 parcels acquired through condemnation actions are in active litigation. The Commission acquired fee and permanent easement rightsthat will be transferred primarily to Caltrans, the County, and the city of Corona upon completion of the project. Upon project completion, all remaining portionsof propertieswithin every project are rea3cs,Pd and deemed surpluswhen it has been determined that the continued retention of the property no longersupportsthe Commission'spolicygoalsand objectives. In connection with the 2013T1RA Loan for the 91 Project, the Commission is required to establish a $20 million TIFIA debt service reserve by June 30, 2019. The Commission anticipates that proceeds from the sales of excess properties related to the 91 Project of approximately $10 million through June 2019 will be used to fund the reserve in addition to surplus revenues from the RCTC 91 Express Lanes and/or 2009 Measure A Western County highway funds. Long -Term Strategic Planning The Commission completed a significant effort in December 2006 to develop an implementation plan strategy for the 2009 Measure A state highway program, with a focuson the first 10 yearsof the program through 2019. The effort, known as the Western County Highway Delivery Plan, included an objective -based agrrssment of the Western County portion of the 2009 Measure A TIP along with the prioritization of the program of projects. The Commission selected four highway corridors(1-215, 1-15, 1-10, and SR-91) asthe priority focusfor the first 10 yearsof the 2009 Measure A program, and long-term development work wasapproved for large-scale projectssuch asthe development of the Mid County Parkway, realignment of SR79, and the bi-county widening of I- 215 to San Bernardino County. Project development activities for these projects have been ongoing, including an update and reprioritization in January 2010 in response to the economic downturn. Since 2010, the Commission completed a scope reevaluation of the 1-15 Express Lanes project and adopted a new scope of work that consists of tolled express lanes on the northern 15 miles of 1-15 in the County. The Commission deferred the 1-10 truck climbing lanes project several years and replaced it with added safety improvements on SR60. For the strategic projects, the Commission completed preliminary engineering and environmental clearance for the Mid County Parkway, SR79 realignment and the SR60 truck climbing lanes; right of way acquisition for the first construction package of the Mid County Parkway is proceeding and acquisitions for the remainder of Mid County Parkway will be considered forextraordinaryacquisitionson a pay-as-you-go basis. Project costsand anticipated funding for these projectsare updated annually, and a status update has been included in each of the annual Commission workshopssince 2011. The Commission anticipates an update of the capital project implementation strategic plans in 2019 and 2029, as required by the 2009 Measure A. CVAG developed a strategic plan for Coachella Valley highway and regional arterial projects based upon a transportation project prioritization study that isupdated periodically. The PVL project, included in the 1989 and 2009 Measure A programs, is now complete and in operation since June 2016. The Commission develops other rail capital projects in coordination with SCRRA or based on a rail station plan that isupdated periodically. Station operation costsare included in the Rail Department (Section 5.2). Four new Western County transportation corridorswere identified through CETAPand are eligible for 2009 Measure A Western County new corridor and TUMF CETAP funding. Given the size and anticipated cost of these new corridors, they are moving forward on varied schedules with the work on the internal corridors, the Mid County Parkway and 1-215 corridor improvement project (south segment completed in 2013 and central segment completed fall 2016), being the most advanced. Additionally, the Commission will participate in the improvement of a wildlife corridor crossing under SR91, B Canyon, in collaboration with Caltrans, U.S. Fish and Wildlife, U.S. National Forest, California Department of Fish and Wildlife, and the Department of Parksand Recreation. These strategic planning activities play a significant part of the Commission's annual budget process, in particularthe capital budget. Key Assum ptions for FY 2018/ 19 • The Commission will continue its emphasis on the closeout of the 1989 Measure A Western County highway and rail programs. • The Western County Highway Delivery Plan will serve asthe basisfordefining the 2009 Measure A project selection and prioritization. • In connection with agreements for the advancement of 2009 Measure A funds with CVAG and cities participating in the Commission's debt programs, the Commission will deduct annual principal and interest payments for these loans from each agency's respective disbur%mentsbased on the termsof the loan agreements. • The Commission will develop highway project costsbased on engineers estimatesand scope agreementswith Caltrans. • The Commission will competitively bid construction projectsto minimize costsand comply with public contracting law. • The Commission will competitively procure using a best value selection process for design - build projectsto maximize value to the Commission. • All projectswill be built to required federal and state standards. • Upon project completion, the Commission will transferall highway projects, with the exception of tolled expresslane facilities, to Caltrans; operation and maintenance of these facilitiesisthe responsibility of Caltrans. The Commission will operate and maintain tolled express lane facilities, when completed, for the term agreed to by Caltrans and the Commission. Toll operationscostsare included in Section 5.4ofthisdocument. • The Commission will develop strategiesto implement alternative financing structuresincluding public toll facilities. • Construction of the Mid County Parkway will proceed based on construction packages carefully scoped to provide maximum immediate public benefit while also matching funding availability. • The Planning and Programming Department administers the Western County TUMFregional arterial projectsapproved by the Commission in 2004; however, Capital Projectswill continue project development of the I-15/Railroad Canyon Road interchange project on behalf of the city of Lake Elsinore. Accomplishments in FY 2017/ 18 • Continued implementation of the Western County Highway Delivery Plan. • Completed work on right of way acquisition, railroad agreement work, and design for the Pachappa underpassproject. • Completed 91 Project construction work, design -build contract closeout, the fourth Financial Plan annual update, and reaffirmed the Commission'stoll revenue bond ratings. • Continued right of way acquisition and performed utility relocationsfor the 71/91 connector project; submitted an application to the SB 1 Solutions for Congested Corridors competitive grant program for project construction funding. • Continued to advance the development of the 1-15 ExpressLanesproject in numerousareas: • Sgnificantly advanced final design of the civil and toll improvements and started construction. • Completed the project financing including obtaining the 2017 TIFIA Loan. • Commenced final design of the toll Regional Operations Center. • Obtained Board approval of an overall contracting strategy for the 15/91 Express Lanes connector project,amended professional servicescontracts, and started environmental study and preliminary engineering work. • Obtained Board approval to seek and apply STIP funding for the Project Approval/Environmental Document phase of the 1-15 Express Lanes — Southern Extension project from Cajalco Road to SR74. • Procured and awarded a professional services contract and started work on the Next Generation Toll Feasibility Study to help determine the Commission'sfuture toll projects. • Acquired most of the property required for environmental mitigation for the Mid County Parkway project, and commenced required cultural and biological resource mitigation forthe project. • Continued final design for the I-215/Placentia interchange project, the first construction package of Mid County Parkway. • Continued post environmental impact report/environmental impact statement closeout tasks including cultural and biological resource mitigation forthe SR79 realignment project. • Completed construction forthe PVL project that began service in June 2016. • Completed design and commenced construction of the Riverside —La Sierra station parking lot expansion project. • Commenced construction of the Riverside Downtown station pedestrian improvements project. • Completed design, right of way, and construction of the PVLstation pedestrian shelters. • Completed environmental approval and commenced construction management of the Riverside Layover Facility. • Completed procurement of on -call design and environmental services and construction management and construction support servicesfor rail projects. • Received environmental approval and continued design and right of way acquisition for the SR60truck climbing lanesproject. • Completed construction of the 1-215 central widening project. • Completed preliminary engineering and environmental clearance and commenced final design and right-of-way phasesfor the I-15/Railroad Canyon interchange project for the city of Lake Elsinore. • Continued preliminary engineering and environmental clearance workforthe Santa Ana River Trail project for the District. • Commenced preliminary engineering and environmental clearance work for the Santa Ana River Trail -Green River Golf Course Trail Project for the District. • Supported public outreach activities by providing graphics from the right of way project management database for Commission presentations to facilitate public understanding of project issues. • Continued to declare property no longer needed for transportation purposes as surplus and sold several surplusproperties. Major Initiatives in FY 2018/ 19 FY2018/19 will mark the tenth year ofthe 2009 Measure A program asthe Commission closesout the 1989 Measure A programs and continues project activities related to the 2009 Measure A programs, of which the highway, rail, regional arterial, and local streets and roads programs represent the majority of the funding allocations. All of the 1989 Measure A highway projectshave been completed, except for the Pachappa underpass project, which isa portion removed from the SR91 HOV lanes project and will be constructed beginning in FY2018/19. Various stages of project development work forprojectsincluded in the Western County Highway Delivery Plan such asthe 1-15 Express Lanes Project will continue in FY2018/19. Detailed descriptions of the capital projects, including local streets and roads funding, that are included in the FY2018/19 budget follow the Performance/Workload Indicators. Department Goals Build upon and strengthen the partnership with Caltrans toward timely delivery of identified Measure A, toll program, and S11P projects. (Policy Goals: Quality of Life, Connecting the Economy) Objectives: • Develop agreementswith Caltransand FHWA, asmay be required, to finalize project scoping and cost issuesforthe STIP, toll, and Measure A funded highway projectsin the County. • Meet the project milestonesidentified in agreementsbetween Commission, Caltrans, and the CTC. To the extent permitted by law, pursue reasonable involvement of local DBE and SBEfirms in contract work. (Policy Goal: Operational Excellence) Objective: • Maintain and monitor goal fora minimum DBEparticipation in all federally funded contracts. Provide effective communication of project progress to the Board, city councils, the County Board of Supervisors, Ca!trans, CTC, FTA and FHWA. (Policy Goal: Operational Excellence) Objective: • Develop a strategy with Caltrans District 8 that would allow the Commission to advance specific projectsidentified in the Western County Highway Delivery Plan to take advantage of any unexpected state or federal funding which may become available through increased state orfederal budget authorizations, federal stimulus, orpotential loan programsto advance construction. Work with Caltrans and other agencies toward completion of preliminary engineering and environmental clearance of all projects. (Policy Goal: Quality of Life) Objective: • Work with Caltrans, the County, and the cities in the County to complete preliminary design and environmental clearance for Measure A projects that could be eligible to receive additional or early funding from various sources that could become available if a project is sufficiently developed. Construct the highway projects identified in the budget. (Policy Goals Quality of Life, Operational Excellence, Connecting the Economy) Objective: • Achieve closeout of completed highway construction projects. In coordination with the Rail Program Manager, construct capital improvements at existing commuter rail stations as identified in the budget. (Policy Goals: Quality of Life, Operational Excellence, Responsible Partner) Objectives: • Complete closeout activities related to the PVL. • Commence or continue construction of rail station capital improvements and rehabilitation projects. • Complete closeout activities related to the 91 Project. Acquire right of way for rail and highway projects identified in the budget. (Policy Goals Quality of Life, Operational Excellence) Objectives: • Acquire right of way for the following projects: Mid County Parkway, 71/91 connector project, Pachappa underpass, I-15/Railroad Canyon interchange, I-215/Placentia interchange, and SR60 truck climbing lanes. • Protect and maintain propertiesacquired for future projects. • Dispose of Commission -approved excess land in a timely manner and in accordance with applicable regulations. Identify alternative financing strategies to fully fund projects identified in the Western County Highway Delivery Plan. (Policy Goals: Quality of Life, Operational Excellence) Objectives: • Commence a "next generation" toll feasibility study to identify potential toll projects. • Continue the assessment and evaluation of available financing strategies, including federal credit assistance. Chart 50—Location ofFY2018/19 Major Capital Projects within Riverside County [GEOGRAPHICSTO INSERTMAP HERE] 1) 9R79 Continue preliminary engineering work for realignment between Gilman Springs Road and Domenigoni Parkway. 2) SR-91 (A) Begin construction of the Pachappa underpass. (B) Complete closeout activitiesforthe 91 Project. (C) Continue design and right of way activities of the 71/91 connector project. (D) Begin design -build and construction of the 91 Corridor Operationsproject. 3) Mid County Parkway (A) Continue design and right of way, and begin construction related to the I-215/Placentia interchange. (B) Continue environmental permitting work and acquisition of property for environmental mitigation related to entire length of project. 4) 1-15 (A) Continue design -build and toll services activities for the tolled expresslanesfrom SR60to Cajalco Road in Corona. (B) Continue design -build and toll servicesdevelopment for the addition of the 15/91 Express Lanesconnector. (C) Begin environmental studies and preliminary engineering for the 1-15 Express Lanes— Southern Extension project. 5)SR60Truck Climbing Lanes Complete right of way acquisition and design and begin construction. 6) Local Streetsand Roads Allocate Measure A revenuesto each city and the County to improve, maintain, and repair high priority local streets and roads. 7) I-15/Railroad Canyon Interchange Continue design and right of way acquisition for modification of interchange. 8) Santa Ana River Trail Complete environmental and design phases and begin construction of a multi -use trail. Capital Project Development & Delivery Performance/Workload Indicators FY16/17 Estimated FY16/17 Actual FY17/18 Estimated FY18/19 Projected Preliminary engineering (project reports and environmental documentation) contractsawarded 1 0 2 4 Plans, specifications, and estimate contractsawarded 3 2 5 3 Numberof projectswith active right of way acquisition 4 5 7 8 Construction, design -build, and toll system awards 2 0 3 2 License agreementsmanaged 570 563 550 550 Appraisal and appraisal reviews completed 125 92 85 75 Capital ProjectsSummary The following is summary of the capital projects included in the FY2018/19 budget with costs generally categorized by preliminary engineering, final design, right of way, construction, and design -build phasesin addition to otherproject-related costssuch assalariesand benefits, Bechtel project management, and legal fees. Westem County Highway and Regional Arterial Projects SR-60 Truck Climbing La nes (PO03029) Provide funding and support to begin construction for eastbound climbing and westbound descending truck climbing lanesfrom Gilman SpringsRoad to west of Jack Rabbit Trail; upgrade existing shouldersto standard widths. Construction of the project isexpected to be completed by 2021. The total project cost isestimated at $138 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 615,000 Preliminary engineering $ 25,200,000 Construction/construction support $ 385,000 Right of way acquisition/support services $ 661,200 Other project -related costs Costs funded with CMAQ, STIP/RIP, State Highway Operation and Protection Program, and 2009 Measure A highway funds. Caltrans is the lead agency for preliminary engineering and design. The Commission is the lead agency for right of way acquisition and construction. N/A; state highway operationsare the responsibility ofCaltrans. SR 79 Realignment (PO03003) Complete post -environmental phase work and permitting for realignment from Gilman Springs Road to Domenigoni Parkway. The total estimated project cost is $1.2 billion. Initiation of subsequent phaseswill be dependent upon the availability of funding. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 300,000 Preliminary engineering $ 94,500 Other project -related costs Costs funded using TUMF regional arterial, 2009 Measure A highway, and federal funds. N/A; state highway operationsare the responsibility ofCaltrans. 91 Project (P003028) Closeout design -build and toll system implementation activitiesforthe tolled expressand mixed flow lanes project from the Orange County line to Pierce Street, including tolled express lanes connectivity to 1-15 and improvementsto the 15/91 interchange. Project development activities began in September2007 and Ianeswere open to traffic in March 2017. The 91 Project cost is estimated at $1.4 billion, including financing costs. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 2,000,000 Construction/support services $ 24,000,000 Right of way acquisition/support services $ 1,132,900 Design -build $ 1,625,200 Other project -related costs Costsfunded using 2009 Measure A highway and new corridor funds including sales tax revenue bonds and commercial paper, toll revenue bonds, a federal T1FiA loan, STIP and State Local Partnership Program funds, and 1989 Measure A contribution. Operation and maintenance of the tolled express lanes facilitiesare the responsibility of the Commission, while all other state highway operations are the responsibility of Caltrans. Current estimatesof annual operating and maintenance costs are $14.5 million. Such costsare paid from the collection of toll revenues beginning in March 2017. Toll operating costs are included in Toll Operations, asdiscussc‘d in Section 5.4. 71/91 Connector Project(P003021) Continue right of way acquisition and utility relocation work and begin environmental revalidation work for improvementsto the 71/91 connector in anticipation of funding from the SB 1 programs. Final design began in March 2012. The total estimated project cost is$118 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 3,950,000 Fina 1 d esig n $ 5,100,000 Right of way acquisition/support services $ 395,900 Other project -related costs Costs for right of way acquisition and utility relocation work primarily funded using Congressionally -designated federal funding remaining from previous area projects. Other costs funded with 2009 Measure A highway funds. N/A; state highway operationsare the responsibility of Caltrans. SR-91 HOV La nes/Ada ms Street to 60/91/ 215 Interchange (P003005) Complete project closeout. Preliminary engineering began in 2001. Construction of the project was completed in fall 2016. The estimated total project cost is$273 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 635,000 Right of way acquisition/support services, including utility relocation $ 30,700 Other project -related costs Remaining right of way costs funded with CMAQ and 1989 Measure A highway funds. Caltransisthe lead agency. N/A; state highway operationsare the responsibility of Caltrans. 91 Corridor Operations Project (P623046) Complete environmental approvals, final design, and construction of several operational improvements along the SR-91 including 1-15 northbound 91 Express Lanes ingress and SR-91 westbound general purpose lanes improvements at the County line. Project development activitiesbegan in May 2018. The 91 CorridorOperationsProject costsisestimated at $6,000,000, including contingency. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 1,000,000 Construction $ 4,500,000 Design -build $ 500,000 Other project -related costs Costsfor environmental, final design, and construction work will be funded using surplus toll revenues. the Commission's authorizing legislation, SB1316, requiresthat all surplus revenue be spent for transportation purposeswithin the SR-91 corridor. Operation and maintenance of the tolled express lanes facilities are the responsibility of the Commission (Section 5.4), while all otherstate highway operationsare the responsibility of Caltrans. 1-15 Express Lanes Project (P003027) Continue design -build and toll system design and construction to add two tolled express lanes in each direction from SR60 to Cajalco Road in Corona. the project is using the design -build method of project delivery. Project development activities began in April 2008, and lanes are expected to be open to traffic in 2020. The estimated total project cost is$472 million, including financing costs. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 150,000 $ 9,350,000 $ 1,402,500 $ 134,950,000 $ 4,012,300 Preliminary engineering Construction Right of way support services Design -build Other project -related costs Project development costs funded using 2009 Measure A highway funds. Federal CMAQ and STBG funds to fund interagency support and a portion of design -build costs. A federalTlRA loan secured by the Commission willfund a portion of design -build and toll system costs. Proceeds from sales tax revenuesdebt completed the project financing. Operation and maintenance of future tolled express lanes facilitiesare the responsibility of the Commission, while all other federal and state highway operations are the responsibility of Caltrans. Preliminary estimates of annual operating and maintenance costsare $14 million. Such costswill be paid from the collection of toll revenues. 15/91 &press Lanes Connector(P003039) Continue design -build and construction to add an expresslanesconnector between SR91 and 1-15 to the north. The project is using the design -build method of project delivery through amend mentsto existing contractsrelated to the 91 Project (P003028) and the 1-15 Express Lanes Project (P003027), as permitted by AB 115 signed by the Govemor in June 2017. Project development activities began in May 2017, and lanes are expected to be open to traffic by 2023 or earlier. The estimated total project cost is$180 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 5,772,000 Construction $ 47,982,600 Design -build $ 2,055,200 Other project -related costs All project development costsfunded by State SB 132. Operation and maintenance of future tolled express lanes facilitiesare the responsibility of the Commission. Such costswill be paid from the collection of toll revenues. 1-15 Express Lanes—Southem Extension (P003044) Commence preliminary engineering and environmental studiesto add express lanesbetween SR74 and Cajalco Road. The project seeks to extend express lanes south of the 1-15 Express Lanes Project (P003027) currently under construction. Project development activities began in September 2017 when the Board approved STIP funds for the next phase of project development. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 4,000,000 Preliminary engineering $ 1,061,300 Other project -related costs All project development costsfunded by State SB 1 ST1Pfunds. Operation and maintenance of future tolled express lanes facilitiesare the responsibility of the Commission, while all other federal and state highway operations are the responsibility of Caltrans. Commission costs will be paid from the collection of toll revenues. 1-15 Railroad Canyon Interchange (005104) Begin final design and right-of-way acquisition of Phase 1 for the city of Lake Osinore. The estimated total project cost is$35 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 2,400,000 Fina I d esig n $ 4,000,000 Right of way acquisition/support services $ 585,200 Other project -related costs None; costsfunded using TUMF, S31 Local Partnership Program, a n d STl P. N/A; federal highway operations are the responsibility of Caltrans. 1-215 Corridor Improvements/Scott Road to Nuevo Road (Central Segment) (P003023) Complete three-year plant establishment period (October 2018) and project closeout (June 2019). Project added one mixed flow lane in each direction. Preliminary engineering began in 2007 and wascompleted in 2011. Final design began in 2011 and wascompleted in December 2012; construction began in 2013and wascompleted in 2016.lhe total project cost isestimated at $120 million. FY2018/19Cost $ 925,000 Construction/construction management/support services $ 5,000 Right of way acquisition/support services $ 66,600 Other project -related costs Measure A Budget Impact Costs funded using CMIA, S11P-RIP, and 2009 Measure A highway funds. Operating Budget Impact N/A; federal highway operations are the responsibility of Caltrans. Mid County Parkway (P002302, P612317 & P612320) Commence construction of I-215/Placentia interchange, the first construction package, and perform activities related to post-environmental/permitting, design and right of way fora new corridor from 1-215to SR79. Construction ofthisnew facility will be completed over many years asfunding becomesavailable and isestimated to cost $1.7 to $1.9 billion. FY2018/19 Cost $ 5,400,000 Preliminary engineering/final design $ 7,300,000 Construction/construction management/support services $ 21,725,000 Right of way acquisition/support services $ 959,300 Other project -related costs Measure A Budget Impact Costsfunded with IUMFCETAPfundsand 2009 Measure A new corridorfunds. Operating Budget Impact N/A; responsibility for highway operations has not been determined. Pachappa Underpass(P003038) Perform activities related to design, right of way, and construction phases. Design will be performed by Caltrans. Project will remove the Pachappa shoofly activities and construct the retaining wall, drainage, and track work for the permanent Pachappa underpass. the total project cost isestimated at $18 million with an anticipated completion date in 2020. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 388,000 Environmental engineering/surveying/material testing $ 12,460,000 Construction/construction management/support services $ 625,000 Right of way acquisition/supportservices $ 980,400 Other project -related costs Costs funded with federal earmarks, CMAQ, and SB 1 Local Partnership funds. N/A; federal highway operations are the responsibility of Caltrans and railroad operations are the responsibility of Union Pacific Railroad. Various Westem County State SB132 Projects(P003042, P003043, P003132, P003040 & P003041) Provide funding and support for the engineering, construction, and right of way activities related to various Western County highway and grade separation projects. FY2018/19 Cost Measure A Budget Impact Operating Budget Impact $ 12,050,000 Preliminary engineering $ 30,000,000 Construction $ 20,000,000 Right of way acquisition/support costs $ 558,600 Other project -related costs Costsfunded using State SB 132 funds. N/A; federal highway operations are the responsibility of Caltrans. Sa nta Ana Fiver Trail (P007201 & P007202) Provide support to the District forthe Santa Ana RverTrail project undera cooperative planning and development agreement. The District isthe lead agency forenvironmental compliance for NEPA and CEQA, and the Commission is responsible for project oversight and approval, final design, and construction. The District isresponsible for 100%of costs. FY2018/19 Cost $ 970,000 Preliminary engineering $ 10,208,000 Construction/construction support services $ 255,000 Right of way acquisition/support costs $ 913,600 Other project -related costs Measure A Budget Impact None; costswill be funded by the District. Operating Budget Impact N/A; operationsare the responsibility of the District. Va rious Weste m County Highway Projects(P003001, P003009, P003017, P005133, P005134, P623999, P629199, P613999, P615133, P622402, P735119, & 735120) Provide funding and support for the engineering, construction, and right of way activities related to various Western County highway and grade separation projects. FY2018/19 Cost Measure A Budget Impact Operating Budget Impact $ 724,500 Engineering/final design $ 1,950,000 Construction $ 788,100 Fight of way acquisition/support costs $ 74,136,500 Other project -related costs Costsfunded using primarily 2009 Measure A highway funds. N/A; federal highway operations are the responsibility of Ca Itra ns. Various Western County Measure A and 1UMF Regional Arterial Projects (P005203, P005102, P005107, P005116, P005127, P725000, P665102 & P005200) Provide Western County Measure A and IUMFfunding and support through the Planning and Programming Department for the engineering, right of way, and construction activitiesrelated to various Western County Measure A and IUMF regional arterial projects approved by the Commission. Total project costs approved for MARA and IUMF regional arterial projects approximate $143 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 364,300 Engineering and final design $ 7,358,000 Construction $ 10,020,000 Right of way acquisition $ 1,544,700 Other project -related costs Costsfunded using IUMFregional arterial and 2009 Measure A regional arterial funds with various local jurisdictions as lead agency fortheir respective projects. N/A; regional arterial operations are the responsibility of the local jurisdictions. MSHCP Land Acquisition in Westem County (P002800) Provide funding and support for the acquisition of land as mitigation for the cumulative and indirect impacts associated with construction of future highway projects as required by 2009 Measure A. lhe annual commitment through December2019 is$3 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact Rail Projects $ 3,000,000 Land acquisition Costsfunded using 2009 Measure A highway funds. N/A; land mitigation operationsare the responsibility of RCA. Perris Valley Line and Other Rail Projects(P003800, P003823& P003834) Complete closeout of extension of commuter rail services to Perris. Project commenced in December 2007 when the Commission received approval from FTA to move into project development. Other rail projects include adding a fourth main track between the Riverside Downtown station to the connector to the SJBL branch line at Highgrove. Project was substantially completed in September 2016 for a total project cost of $248.3 million, excluding other rail project costs. Revenue service commenced in June 2016. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 210,000 Construction/construction management/support services $ 10,000 Right of way acquisition/support services $ 194,600 Other project -related costs Costs will be funded using FTA, CMAQ, SIP, STIP, and 1989 Measure A Western County and 2009 Measure A Western County rail funds as well as proceeds from sales of surplus properties. Rail station operations related to this project, which will be the responsibility of the Commission upon completion of the project, will be funded with OF and property management fees. Rail service and capital operationswill be the responsibility of Metrolink and will be funded by the Commission with LlFand STA based on an allocation determined by Metrolink. Annual operating costs for nine stations and the RDOCC approximate $6.2 million and are included in Rail Operationsasdiscu—rdin Section 5.2. Station operations costs will be funded by the Commission with 2009 Measure A Western County rail funds. Perris Valley Line Platform Ca nopies(P004025) Install seven major canopies and four small canopies at the Riverside — Hunter Park, Moreno Valley —March Feld, and Perris —South rail stations. The project isexpected to commence spring 2018 and be completed in fall 2018. Total project costsis$2.9 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 22,000 Material testing $ 1,525,000 Construction/construction support services $ 15,000 Right of way acquisition/support costs $ 492,400 Other project -related costs Costsfunded using FTA Section 5307grant and 2009 Measure A County rail funds. Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Westem County rail funds. Iverside-La Sierra Station Improvements(P653826) Improve the multimodal benefits of the station to serve the express bus network following completion of the 91 Project and provide a dedicated park and ride facility for carpools and vanpoolsalong SR91. Facility improvementsinclude the addition of 500 parking spaces, six new bus bays, a new signalized street entrance, and dedicated bus stops and passcngerloading area. Construction started spring 2018 and is anticipated to be completed in summer 2018. Construction isestimated at $3 million. FY2018/19 Cost $ 1,790,000 Construction/construction management $ 5,000 Right of way support costs $ 205,000 Other project -related costs Measure A Budget Impact Costs funded with FTA Section 5309 and Section 5307 grant funds, property sale proceeds, and 2009 Measure A County rail funds. Operating Budget Impact Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Westem County rail funds. Riverside Layover Facility (P653822) Increase capacity and maintenance service improvementsto Metrolink'sWest Layover Facility north of the Riverside Downtown station. Improvements include expansion of the facility to accommodate three storage trackswith an overall storage capacity of three 6-train sets. lhe total estimated project cost is$6.3 million. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 350,000 Preliminary engineering $ 5,110,000 Construction/construction management $ 100,000 Right of way support costs $ 707,600 Other project -related costs Costsfunded using FTA Section 5307 grant funds. Operationswill be the responsibility of RRA. Moreno Valley —March Feld Station Upgrade (P004026) Perform activities related to engineering and construction to add an additional platform and pedestrian overpass, and rehabilitate and replace an existing second track and add a new signal system. Engineering and construction are expected to be completed by 2022. the total project cost is estimated at $40 million. FY2018/19 Cost $ 1,100,000 Engineering Measure A Budget Impact Costsfunded using FTA Section 5307 grant funds. Operating Budget Impact Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Westem County rail funds. Flverside Station Track & Platform (P004027) Expand operational flexibility through the construction of an additional center platform and associated tracks on the south side of the station, and extend the existing pedestrian bridge and add an additional elevator for the new platform. Engineering, construction, and right of way are expected to be completed by 2024. the total project cost isestimated at $24 million. FY2018/19 Cost $ 1,300,000 Engineering Measure A Budget Impact Costsfunded using FTA Section 5307 grant funds. Operating Budget Impact Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Westem County rail funds. Station Rehabilitation and Security (P004011, P004012 & P004017) Provide funding and support for station rehabilitation and security at the Riverside Downtown, Riverside — La Sierra, Corona —North Main, West Corona, and Jurupa Valley — Pedley stations. Improvements include lighting, parking lot repaving and restriping, security camera replacements, and deck coating. Construction began in FY 2017/18 with completion anticipated in FY2019/20. FY2018/19 Cost $ 3,250,000 Property improvements(capitaI outlay) $ 15,266,300 Other project -related costs Measure A Budget Impact Costsfunded using FTA, Proposition 1B security funds, and 2009 Measure A Western County rail funds. Operating Budget Impact Operationswill be the responsibility of the Commission and are funded using 2009 Measure A Westem County rail funds. VariousWestem County Rail Projects(P654199, P336000, P652402) Provide Measure A funding and support for right of way activitiesrelated to variousrail projects. FY2018/19 Cost $ 150,000 Right of way support services $ 3,718,700 Other project -related costs Measure A Budget Impact Costsfunded using 2009 Measure A Western County Commuter Rail funds. Operating Budget Impact N/A; these rail projects may be improvements beyond the rail station boundaries that benefit local jurisdictions who are responsible for operations in those areas. Local Streets and Roads Westem County Area Distribute local return funding for local streets and roads projects in Western County. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 601,000 Banning 945,000 Beaumont 171,000 Calimesa 190,000 Canyon Lake 4,251,000 Corona 1,351,000 Ea stva le 1,813,000 Hemet 2,067,000 Ju ru p a Valley 1,389,000 Lake Elsinore 1,776,000 M e n ife e 4,130,000 Moreno Valley 2,494,000 Murrieta 697,000 N o rc o 1,673,000 Perris 7,863,000 Riverside 902,000 San Jacinto 3,267,000 Temecula 658,000 Wild o m a r 5,668,000 Riverside County 41,906,000 Total Western County (81,700) Less: Allocation of administrative costs $ 41,824,300 Total Western County, net All costs distributed in accordance with 2009 Measure A local streetsand roadsfunds. N/A; local streetsand roadsoperationsare the responsibility of the local jurisdiction. Coachella Valley Distribute local return funding for local streetsand roadsprojectsin Coachella Valley. FY 2018/ 19 Cost Measure A Budget Impact Operating Budget Impact $ 1,529,000 Cathedral City 624,000 Coachella 490,000 Desert Hot Springs 273,000 Indian Wells 2,008,000 Indio 1,565,000 La Quinta 2,871,000 Palm Desert 2,174,000 Palm Springs 948,000 Rancho Mirage 1,815,000 Riverside County 14,297,000 Total Coachella Valley (81,700) Less: Allocation of administrative costs $ 14,215,300 Total Coachella Valley, net All costs distributed in accordance with 2009 Measure A local streetsand roadsfunds. N/A; local streetsand roadsoperationsare the responsibility of the local jurisdiction. Palo Verde Valley Area Distribute local return funding for local streetsand roads projects in Palo Verde Valley. FY 2018/ 19 Cost $ 799,000 Blythe 194,000 Riverside County Measure A Budget Impact Operating Budget Impact 993,000 Total Palo Verde Valley (81,100) Less: Allocation of administrative costs $ 911,900 Total Palo Verde Valley, net All costs distributed in accordance with 2009 Measure A local streetsand roadsfunds. N/A; local streetsand roadsoperationsare the responsibility of the local jurisdiction. Toll Operations Mission Statement: Toll Operations efficiently operates express lanes with high customer satisfaction to reduce congestion, improve mobility, and manage demand. Chart 51 —Toll Operations TransfersOut 13% Debt Service 53% Expenditures Salariesand Benefit sProfe ssio na I 3% Costs 4% aapportand Maintenance Costs 9% Pro g ra m Operations 17% CapitalOutlay 3% Toll operationsexpensesof $50,793,900 represent the second full year of operating expensesand debt service for the RCTC 91 Express Lanes (Table 67). The 1-15 Express Lanes capital project expenditures are included in the Capital Project Development and Delivery Department. Approximately 26%of the expenses and other uses are comprised of operations, maintenance, and support costs. Salaries and benefits reflect a decrease of 19% due to net changes to RE allocations, an increase to the Commission'scontribution to employee health benefits, and merit - based salary increases. Professional costs of $2,061,000, or4%of expenses and other uses, consist of traffic and revenue consultantsand financial advisors, general and specialized legal counsel, audit and financial services, and rating agency and TIRA loan servicing fees. Support and maintenance costsof $4,576,700 include road and systemsmaintenance, insurance, credit card processing fees, violations enforcement, transponder costs, marketing, lease, travel, and other support costs. Program operationscostsof $8,786,100, or 17%of expensesand other uses, primarily includes the toll contractor cost to operate the Express Lanes, system changes to comply with statewide technology requirements, and FP services. Debt service includes $7,119,900 interest payment for the 2013 Toll Revenue Bonds and $20,000,000 of toll -operation surplus revenues for deposit to the 201311FIA Loan reserve fund as required under the TIF1A loan agreement. Transfers out comprise $6,000,000 of toll operations surplus revenues to fund the 91 Corridor Operations project and $307,200 for the administrative cost allocation. Table 67-Toll Operations Uses Detail FY16/17 FY17/18 FY17/18 FY18/19 Dollar Percent Actual Revised Budget Projected Budget Change Change alariesand Benefits $ 148,700 $ 745,100 $ 644,600 $ 603,000 $ Professional Costs Legal cervices 26,100 310,000 150,000 300,000 (10,000) -3% Audit Services 47,500 47,000 47,000 (500) -1% Fnancial Advisory 75,000 75,000 75,000 - 0% Professionalservices- General 73,400 1,003,600 928,200 1,639,000 635,400 63% Total Professional Costs 99,500 1,436,100 1,200,200 2,061,000 624,900 44% aipport and Maintenance Costs 897,600 4,228,500 3,374,300 4,576,700 348,200 8% Projectsand Operations Program Operations 1,893,900 7,984,500 6,711,200 8,786,100 801,600 10% Capital Outlay 650,000 921,000 1,340,000 690,000 106% Debt Service 2,021,200 7,119,900 7,119,900 27,119,900 20,000,000 281% Transfers Out 1,392,200 4,052,900 709,900 6,307,200 2,254,300 56% 10TALTollOperations $ 6,453,100 $ 26,217,000 $ 20,681,100 $ 50,793,900 $ 24,576,900 94% (142,100) -19%I Toll Operations Staffing Summary Position FY 16/17 FY17/18 FY 18/19 Accounting Assistant 0.00 0.05 Chief Financial Officer 0.00 0.10 Deputy Director of Finance 0.00 0.15 Deputy Executive Director 0.02 0.05 Executive Director 0.01 0.10 External Affairs Director 0.00 0.00 IT Administrator 0.00 0.05 Procurement Analyst 0.00 0.05 Procurement Manager 0.00 0.10 Senior Financial Analyst 0.12 0.70 Senior Management Analyst 0.27 0.10 Toll Operations Manager 0.15 0.50 Toll Program Director 0.03 0.15 Toll Project Manager 0.04 0.00 Toll Senior Management Analyst 0.29 0.75 Toll Technology Manager 0.17 0.70 FTE 1.10 3.55 0.00 0.00 0.03 0.10 0.00 0.02 0.10 0.00 0.15 0.30 0.00 0.30 0.35 0.00 0.70 0.40 2.45 Department Budget Overview Department Description Alternative Funding Si`udies In December 2006, the Commission adopted the Western Riverside County Delivery Plan that serves as a 10-year capital improvement plan from 2009-2019 for Western County freeways and highways. To address unprecedented population, economic, and travel demand growth in Western County, the Commission desired to provide freeway corridorimprovementsbeyond what traditional funding sourceswould be able to provide. The Commission studied alternative funding sources, including tolling, in advance of the adoption of the Western Riverside County Delivery Plan asa meansto provide more transportation improvements. In 2006, the Commission conducted a toll feasibility study that determined thatSR91 and 1-15were both feasible corridors to introduce tolling via high occupancy toll lanes (now referred to as express lanes). The Western Riverside County Delivery Plan detailed ambitious improvements to the SR-91 and 1-15 corridors including the addition of two tolled express lanes in each direction and the ability to operate and maintain these tolled express lanes for a long-term period. The Commission'scommitment in 2006 to toll also indicated itsfuture intent to become an operating toll agency and establish the Toll Operations Department. In FY2017/18, the Commission initiated a second toll feasibility study (Next Generation Toll Feasibility Study) to assist in the determination of the location and type of future toll projects. Ibis study is more fully described in the Capital Project Development and Delivery Department section. First Express Lanes Project In FY2017/18, the Commission entered itsfirst full year of operation of the RCTC 91 Express Lanes. The completed 91 Project connects the OCTA 91 Express Lanes with the RCTC 91 Express Lanes using a two-mile long mixing area, which allows vehicles to use either or both sections of the 91 Express Lanes (Chart 52). The RCTC 91 Express Lanes continue approximately eight milesto the 1- 15 interchange in Riverside County. A two-lane (one lane in each direction) direct tolled connector approximately 2.8 miles in distance provides the RCTC 91 Express Lanes with accessiegressto 1-15south ofSR91/1-15interchange. The Commission hasthe authority to charge tolls on the RCTC 91 Express Lanes for50 years following the March 2017 opening of the express lanes, based on a toll facility agreement between the Commission and Caltrans. Chart 52 —RCTC 91 Express Lanes ha a r Coun ry line for des ono [ ions rn Riverside County. • Green River Rd • Maple loW nth Sr • SR-71 • Lincoln St • Serfas Club Or • Main St Exit atCounty Lin Pfor destinations in Orange County: • Gypsum Canyon Rd • 24! Toll Rood • Weir Carryon RdlYorbaLinda RPM • koperiai Nvry • Lakeview Ave a9"°�'� dye �M Onta No Aye Legend Existing 91 Express Lanes 91 Express Lanes Extension County Line Entry/Exit Zone Q Carpool, Verification Point 91 Express Lanes EnirylExit Points and Price Signs {Posted price is for the entire trip) OCTA owns and operates the Orange County portion of the 91 Express Lanes. Under a cooperative agreement entered into in December 2011, the Commission and OCTA agreed on use of the same operator for the operation of the 91 Express Lanes. The joint operation of the 91 Express Lanesprovidesfor cost sharing and a seamlesscustomer experience. Commission staff, as supported by the operator, operates and maintains the RCM 91 Express Lanes from the existing Toll Operations Center and administrative offices in Anaheim and Customer Service Center in Corona. The operator's responsibilitiesfor the RCTC 91 Express Lanes include processing of toll transactions, collection of revenue, opening and management of customer accounts, violation processing, traffic operations center management, customer service, financial management, reporting, maintenance of the Revenue and Account Management System and toll lane system, and maintenance of the Anaheim and Corona facilities. Toll Operations provides direct oversight to the operator and administers contracts with the California Highway Patrol performing toll enforcement, Caltrans performing road maintenance, and various maintenance contracts that fall outside of the operator's scope of work. Staff coordinatesongoing joint 91 ExpressLanesmarketing effortswith OCTA; the Commission utilizesa marketing servicesconsultant and CTOC for planning and implementing marketing effortsrelated to the RCTC 91 Express Lanes and future 1-15 Express Lanes. Toll Operations prepares and/or distributesall required reportsand providessupport for the annual financial audit of the RCTC 91 Express Lanes. While the Commission and OCTA jointly operate and maintain the 91 Express Lanes, tollsfor each of the RCTC 91 Express Lanes and the OCTA 91 Express Lanes are charged independently and reported separately. In connection with an agreement between the Commission, OCTA, and a master custodian, tollsrelated to the ROTC 91 ExpressLanesand the Commission'sportion of non - toll revenues are deposited with the Commission's trustee into the trust estate for the 2013 Toll Bonds and 2013 T1RA Loan. The Commission uses these revenues to pay for operation and maintenance expenses and debt service related to the 2013 Toll Bonds and 2013 11RA Loan as well asfund repair and rehabilitation reserves. Future Exp re ss La ne s Proje c ts After securing the financing in July 2017, the Commission commenced design and pre - construction of the 1-15 Express Lanes project using the design -build delivery method. A component of the project includes acquisition and development of a toll Regional Operations Center located in Corona for the 1-15 Express Lanes back office support and customer service center. The Commission also is developing an express lanes connector to connect the RCM 91 Express Lanes to the 1-15 Express Lanes to the north (Chart 53). Toll Operations supports project development by providing comprehensive input to the tolling concept of operations, contractor procurements, systems design, agency agreements, public outreach, toll Regional Operations Center development, creation of toll policiesand businessrules, and other support. The costsforthe development of the 1-15 ExpressLanesproject, the 15/91 ExpressLanesconnector project, and the toll Regional Operations Center are included in the Capital Project Development and Delivery Department. The Commission's1-15 ExpressLanesare scheduled to open in 2020with the 15/91 Express Lanes connector anticipated to open by 2022, at which time the daily operations and maintenance and related costs will become the responsibility of the Toll Operations Department. Under a toll facility agreement with Caltrans, similar to the RCTC 91 Express Lanes, the Commission will have the authority to charge tollson the 1-15 Express Lanesfor a 50-year period upon commencement of operations. Chart 53 —Future 1-15 Express Lanes LEGEND Express Lanes ❑ Express Lane Ingress E Express Lane Egress 6.- Express Lane IngressfEgress r Tolling Point OS MIMEO OAl116E SO �0 �1.5,' ■imiallftpr7 S ❑. • Jurupa Valley lJnonRe Ave. Eastvale �' �. • • Riverside a� ro 411.4 ACantu -Gallon* Ranch Rd. "cor . • Norco 1..'1 o Hatlun Ydl&y Navy. I b- Coron a', .� Made Ave.c--=' Magnolia Ave. El Conlin Rd. canalco RI. Welrkk Rd. 4 4-1 State and Regional Toll Efforts Toll Operations is also working on several important efforts related to tolling. The Commission is coordinating with SBCTA regarding its development of express lanes on the 1-15 corridor that commence near the vicinity of the Riverside/San Bernardino County line to the north. Staff is actively involved in the CTOC, which addresses many statewide toll issues including toll technology to improve the customer experience across the state, create synergy among toll agencies, improve legislation related to tolling, and comply with State'sTitle 21 transition to new 6c transpondertechnology. Key Assumptions for FY 2018/ 19 • Construction of the 1-15 Express Lanes project will be underway with tolled express lanes to open by 2020. • Tolled express lane facilities, when completed, will be operated and maintained by the Commission forthe term agreed to by Caltransand the Commission. • The Commission will estimate RCTC 91 Express Lanestoll revenues based on consideration of actual performance pending and updated investment grade traffic and revenue studies. • The Commission will estimate RCM 91 Express Lanes toll operation costs based on actual expend ituresfrom the first full year of operationsand anticipated improvements. • The Commission will have a small Toll Operationsstaff and contract fora significant portion of toll operation services. Accomplishments in FY 2017/ 18 • Successfully operated the RCTC 91 Express Lanes in itsfirst full year. • Supported presentations to the rating agencies regarding the successful opening and operation of the RCTC 91 Express Lanes. • Developed a plan forthe transition to national 6c transpondertechnology. • Participated in the CTOC efforts to establish a statewide plan for transition to the 6C transponder technology, statewide marketing, toll enforcement legislation, and advancement of toll collection technology related to clean air vehicles. • Performed extensive coordination with the 1-15 ExpressLanesproject toll servicesproviderand design-builderforthe toll system design. • Developed the 15/91 Express Lane Connector concept of operations. • Successfully procured an express lanes marketing servicesconsultant. Major Initiatives in FY 2018/ 19 Toll Operationswill manage the operationsof the RCTC 91 ExpressLanesin a mannerthat adheres to the RCTC 91 Express Lanes Toll Policy adopted in June 2012: • Provide a safe, reliable, and predictable commute for 91 Express Lanescustomers; • Optimize vehicle throughput at free flow speeds; • Pay debt service and maintain debt service coverage; • Increase average vehicle occupancy; • Balance capacity and demand to serve customers who pay tolls as well ascarpoolerswith three or more personswho are offered discounted tolls; • Generate sufficient revenue to sustain the financial viability of the RCTC 91 Express Lanes; • Ensure all covenantsin the financing documentsare met; and • Provide net revenues forRiverside freeway/SR-91 corridor improvements, as allowable under SB 1316. Monitoring and reporting on actual toll transactions and related toll revenues is a primary responsibility for Toll Operations. Actual transactions and revenue are compared to projected revenue utilizing the Riverside County 91 Express Lanes Extension Investment Grade Study prepared byStantec Consulting Se rviceslnc.(Stantec)in May 2012assupplemented byStantec's supplemental letter in June 2013. While the Commission relied on this study for its projection of grossrevenuesgenerated by the RCTC 91 ExpressLanesoverthe 50-yeartollauthorization period, the Commission's actual financing case for the 91 Project assumed more conservative toll revenues. Asa result of the successful opening of the RCTC 91 Express Lanes, the Commission will obtain an updated investment grade study in FY 2018/19. Toll Operations projected the FY 2018/2019 budgeted toll revenue of $31,681,800 based on actual performance to date; accordingly, the Commission expects the FY 2018/19 toll revenues to exceeds the Stantec and financing case estimates. The development of Toll Operations budgeted non -toll revenues (penalties and fees) and expenses also considered the non -toll revenue and operating cost estimates for the RCTC 91 ExpressLanesincluded in Engineer'sTechnical Report prepared by Parsons Transportation Group, Inc. (Parsons) in June 2013. As the project and construction manager for the 91 Project, Parsons analyzed and projected the RCTC 91 Express Lanes non -toll revenues and operation and maintenance expenses. The Commission relied on the Engineer'sTechnical Report to project non - toll revenues and operation and maintenance expenses in order to project cash flow and debt service coverage forthe financing of the 91 Project using the 2013 Toll Bondsand 201311FIA Loan. Toll Operation projected FY 2018/19 non -toll revenues using actual results since opening. In connection with the 6c transition during FY2018/19, RCTC and OCTA are considering changesto 91 Express Lanestransponders and account plansthat may impact non -toll revenues during the second half of FY2018/19; however, such changes are not expected to significantly affect the budgeted non -toll revenues. For the second full year of operations, the Engineer's Technical Report assumed costs of approximately $14.4 million, whereasthe FY2018/19 budget isapproximately $17.4 million, or21% above the amount in the Engineer's Technical Report. The $3 million operations cost increase relates to the statewide transition to 6c technology, higher credit card fees due to higher transactionsthan originally estimated, and relocation costsof the customer service centerto the toll Regional Operations Center. In addition to monitoring toll revenues during FY 2018/19, Toll Operationswill analyze these operation and maintenance costsduring the fiscal year. Toll Operationswill also continue to support the design and development of the 1-15 Express Lanes and 15/91 Express Lanes connector projects, which will consist of facility design with the design- builderand toll system design with the toll systemsprovider. Toll Operationswill also continue efforts in the area of environmental management and public outreach. Toll Operationswill support the development of a "next generation" tollfeasibility study to consider future tolling opportunities. Consultant costs for this feasibility study are included in the Planning and Programming Department, while Commission staff and othercostsare included in the Capital Project Development and Delivery Department. Cash Flows from Toll Operations The Commission pledged toll revenues as security for the toll -supported debt for the RCTC 91 Express Lanes. Information regarding the 2013 Toll Bondsand 2013 T1F1A Loan isincluded in Section 5, Commission Debt. The Commission doesnot anticipate any depositsto the repairand rehabilitation fund nordoesit expect any repairand rehabilitation expenditurespermitted underthe masterindenture and 2013 T1FIA Loan agreement during the second full year of operations. The financial model for the 91 Project also did not assume such funding or expenditures. The projected cash flows for the RCTC 91 Express Lanes for the year ending June 30, 2019 are presented in Table 68. Table 68—RCTC 91 6cpressLanes Projected Cash Flows FY 2018/19 Cash balance at July1, 2018, asprojected $ 33,605,400 Cash flows from operating activities: Sourcesof operating funds: Toll revenue Non -toll revenue Reimbursements Total sourcesof operating funds Uses of fundsforoperations and maintenance: ailariesand benefits Professional costs aipport and maintenance costs Projects and operations Capital outlay Total uses of fundsforoperationsand maintenance Net cash provided by operations Cash flows from non -capital financing activities: 91 Corridor Operationsproject Administrative allocation to General fund Net cash used by non -capital financing activities Cash flows from capital and related financing activities: T1F1A reserve fund Interest paid on 2013Toll Bonds Net cash used by capital and related financing activities Cash flows from investing activities: Interest on investments Net cash provided by investing activities 31, 681, 800 5,258,700 8,500,000 45,440,500 603,000 2,061,000 4,576,700 8,786,100 1,340,000 17, 366, 800 28, 073, 700 (6,000,000) (307,200) (6,307,200) (20,000,000) (7,119, 900) (33,427,100) 141,300 141,300 Net decrease in cash (5,212,100) Available cash balance at June 30, 2019, asprojected $ 28,393,300 Department Goals Provide effective communication of project progress and toll operations to the Board members, city councils, County Board of Supervisors, Caltrans, CTC, FHWA, 11F1A, and bondholders. (Policy Goal: Operational Excellence) Objectives: • Provide timely and effective reporting of toll operation metricsincluding revenue, transactions, carpool usage, and other performance indicators. • Share certain expresslane traffic information with Caltransand other agenciesasrequested. • Comply with continuing disclosure requirementsto bondholders and 11F1A regarding express lanesdevelopment and operations. Focus on timely and effective completion of toll -related capital projects and implementation of needed transportation services. (Policy Goals: Quality of Life, Connecting the Economy, Responsible Partner) Objectives: • SLpport the development of the Commission's toll capital projects in all areas of planning, financing, design, and construction. • Provide opportunity for expansion of express bus services to employment centers, asthiswill contribute to congestion relief on impacted corridors. Support regional transportation solutions in cooperation with toll operators in surrounding counties that are of benefit to Rye rside County. (Policy Goals Quality of Life, Operational Excellence, Responsible Partnei) Objectives: • Coordinate with surrounding countiesin theirdevelopment of toll facilitiesin general and those toll facilitiesthat impact the Commission'stoll operationsin particular. • Participate in the CTOC to advance regional and statewide tolling initiatives, technology interoperability, and coordination among California toll agencies. Toll Operations Performance/Workload Indicators FY16/17 Estimated FY16/17 ActuaIs FY17/18 Estimated FY18/19 Projected Toll transactions N/A 5,700,000 20,500,000 18,000,000 Toll revenues N/A $8,000,000 $36,000,000 $32,000,000 Non -toll revenues N/A $1,900,000 $7,700,000 $3,600,000 Community Profile Riverside County is the fourth largest county in California, stretching westward nearly 200 miles from the Colorado River and comprising more than 7200 square miles that include 28 incorporated cities. the County can trace its beginning back to 1893 when votersapproved the formation of a new county. lhe area was carved from parts of San Bernardino and San Diego counties. In its 125 yearsof existence, the County'seconomy hasdiversified and prospered. Originally, the County was very agricultural area, known fora wide variety of crops grown on its fertile soils. the County remains a strong agricultural area, but it is increasingly becoming a leader in manufacturing, transportation, construction, and tourism. Demographics lhe success of the area has brought dramatic population growth to the County (Chart 54). Since the 1980's, the County has been one of the fastest growing counties in the State. Chart 54 — Population — Last Ten Years 2,450,000 2,400,000 2,350,000 2,300,000 2,250 000 2,200,000 2,150,000 2,00,000 ■ 2,050,000 0 2,OQ000 1,950 000 1,900 000 Source: Califomia Department of Rnance N`ti �' �a N5 ry0 �O �O r�0 r�0 r�0 the available and affordable housing in the County has attracted many people to the County (Chart 55); however, housing is gradually recovering from a slowdown due to the effect of the subprime mortgages, ensuing credit crisis, and recession. Chart 55—Home Price Advantage $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Home Value Advantage Riverside Countyand Southern Califomia Markets(February, 2018) ❑Median Home Values $334,400 445,000 110,600 $537,600 $610,800 $203,200 $276,400 $712,600 $378,200 Riverside Los Angeles Source: California Association of Realtors San Diego County Ventura Orange During the growth period, jobs also increased as many firms relocated to the area and moved away from older communities. During the recent economic slowdown, the County's unemployment rate rose to an all-time high; however, the unemployment rate has decreased significantly during the recovery period (Chart 56). Chart 56 — Unemployment Rate (%) — Last Ten Years 16.0 % 14.0 % 12.0 % 10.0 % =_ 8.0 % e 6.0 4.0 2.0 % 0.0 % 6g) 1� Source: Califomia Employment DevelopmentDepartment 15 1b 1� riO �O ry0 the area is preparing for itsfuture aswell in supporting better education. the County is home to a number of colleges and universities including UCR Riverside County's economy is benefitting from employment gains. Population migration to the Inland Empire has occurred due to the area's employment opportunities and a lower cost of living compared to the coastal counties. Although wage growth has been flat and centered on lower and moderate income, improvements in the local labor market with increased economic activity support stable sales tax revenue growth. Statistical Information Retail Sales As a result of demographic changes and growth, retail sales (Chart 57 and Table 69) in the County have shown continued improvementsfollowing the recent recession. Chart 57 —Retail Sales(%) - $34 1241lion —2016 Data Totalallother services& outlets 29.82% OtherRetallaalesJ 7.16% Apparelaores 6.40% General poio Merchandise 8.92% Automotive 22.65% Food sores 4.60% 4411 & Electronics I 4.05% LBuilding Materials 5.74% -00111111111111111 Eating & Drinking 10.66% Table 69-Rvenside County Taxable Sales by Business Type (in 000's) -Last Five Years 20161 2015 2014 2013 2012 Apparel Sores $ 2,136,727 $ 1,989,623 $ 1,771,603 $ 1,672,482 General Merchandise 3,040,243 3,289,057 3,298,920 3,174,022 Food Sores 1,727,517 1,509,403 1,421,590 1,356,148 Eating & Drinking 3,384,494 3,093,862 2,836,388 2,668,324 Household & Electronics 1,135,234 1,030,454 996,484 930,068 Building Materials 1,826,293 1,706,183 1,535,178 1,364,513 Automotive 7,693,172 7,844,773 7,421,523 7,009,138 Other Retail Sales 2,338,039 2,182,987 1,781,754 1,841,973 Total all other services&outlets 9,629,185 9,389,345 9,002,027 8,079,341 2,190, 228 3,052,409 1,574,030 3,648,980 1,386, 985 1,965,101 7,751, 812 2,452,591 10,209,008 $ 34,231,144 $ 32,910,904 $ 32,035,687 $ 30,065,467 $ 28,096,009 aurce: Sate Board of Equalization Year repre se ntsmosl recent data available lhe 2016 taxable sales generation by jurisdiction in the County, including ranking compared to 2006, ispresented in Table 70. Table 70 Taxable Sales Generation by Jurisdiction in Rye rside County for20161 Taxable Sales(in 000's) %of Total 2016 2006 City of riverside City of Corona City of Temecula City of Palm Desert City of Moreno Valley City of Murrieta City of Palm Springs City of Hemet City of Indio City of Perris City of Jurupa Valley City of Lake Elsinore City of Cathedral City City of La Quinta City of Eastvale City of Menifee City of Norco City of Rancho Mirage City of Beaumont City of Coachella City of San Jacinto City of Banning City of Blythe City of Wildomar City of Desert Hot Springs City of Indian Wells City of Calimesa City of Canyon Lake Incorporated Unincorporated county area Countywide California Source: California State Board of Equalization t Yearrepre.ntsmost recent data available 5,507,805 16.1 % 2 2 3,396,905 9.9% 3 3 3,208,193 9.4% 4 4 1,618,078 4.7/0 5 5 1,571,730 4.6% 6 6 1,340,131 3.9% 7 7 1,067,028 3.1% 8 10 1,015,877 3.0% 9 8 986,137 2.9% 10 11 980,763 2.9% 11 14 888,190 2.6% 12 N/A 791,622 2.3% 13 13 790,202 2.3% 14 9 724,252 2.1 % 15 12 633,526 1.9% 16 N/A 628,923 1.8% 17 N/A 565,886 1.7/0 18 15 459,544 1.3% 19 16 414,906 1.2% 20 19 299,236 0.9% 21 17 244,673 0.7/0 22 21 192,449 0.6% 23 18 150,104 0.4% 24 20 146,087 0.4% 25 N/A 125,456 0.4% 26 23 106,587 0.3% 27 22 63,982 0.2% 28 24 20,820 0.1% 29 25 27,939,092 6,292,052 81.9% 18.1% 34,231,144 100.0% $ 649,079,371 Measure A Sales Taxes Measure A is one-half of one cent transaction and use tax for transportation improvements in the County. the County had an 8.00% sales tax rate including the Measure A rate through December 2016. In January 2017, it increased 0.25% to 8.25% and in April 2018, it decreased 0.50% to 7.75% (Table 71). Table 71 -Direct and Overlapping Sales Tax Rates -Last Five Years Fiscal Year Measure A Direct Rate County of Riverside 2018 0.50% 7.75% 2017 0.50% 8.25% 2016 0.50% 8.00% 2015 0.50% 8.00% 2014 0.50% 8.00% Source: Commission Finance Department and California of Tax and Fee Administration Snce the end of the recent economic slowdown, changes have occurred in the economic categories in which the Measure A sales tax was generated (Table 72). General retail and transportation represent the two highest economic categoriesand approximately 53.6%of sales taxesgenerated. Transportation hasdecreased in recent yearsdue to lowerfuel pricesoffset by increasesin new auto purchases. Table 72 -Sales Tax by Economic Category Economic Category 2014/4 2015/4 2016/4 2017/4 %of Total %of Total %of Total %of Total General Retail 28.4% 28.8% 28.9% 28.3% Transportation 26.6% 25.9% 25.1% 25.3% Food Products 16.6% 17.3% 17.7% 17.6% Businessto Business 14.4% 15.1% 15.3% 15.6% Construction 12.0% 10.8% 10.8% 10.8% Miscellaneous 2.0% 2.1% 2.2% 2.4% Total 100.0% 100.0% 100.0% 100.0% Source: MuniServices, LLC Each economic category consists of several economic segments, which provide additional information regarding economic activity in the County. In 2012 the top six economic segments consisted of service stations, department stores, auto sales -new, restaurants, building materials - wholesale, and miscellaneous retail. Over the next five calendar years, auto sales -new, restaurants, and department stores moved into the top three economic segments. lhe top six economic segmentsin 2017 with comparisonsto previousyearsare presented in Table 73. Table 73 -Sales Tax by Economic Segment Top 5x Economic Segments(Category) Auto Sales- New (Transportation) Restaurants(Food Products) Department Stores (General Retail) Service Stations(Transportation) Miscellaneous Retail (Miscellaneous) Building Materials -Wholesale (Construction) Source: Muni�rvices, LLC 2014/4 2015/4 2016/4 2017/4 %of Total %of Total %of Total %of Total 10.9% 11.7/0 11.8% 11.5% 10.4% 11.0% 11.4% 11.5% 10.4% 10.4% 10.1 % 9.9% 10.3% 8.5% 7.2% 7.7% 7.0% 7.2% 7.4% 7.4% 7.5% 6.2% 6.1 % 6.0% Commission Facts Programs and Services Measure A: The Commission administers Measure A, the local half -cent sales tax for new transportation projects in the County. Under Measure A, funding is used to improve highways, commuter rail, regional arterials, local streets and roads, transit and specialized transportation services including commuter assistance, economic development, new corridors, and Commission administration. Measure A expires in 2039. Transportation Development Act: The TDA is comprised of two elements: Local Transportation Fund and State Transit Assistance funding. The Commission administers the LTF one -quarter of one cent of the state sales tax on behalf of the County. STA is generated from the statewide sales tax on diesel fuel and is allocated by the State to the Commission on the basis of population and as a percentage of transit fare revenues. TDA funding is allocated primarily to bus and rail transit operators for transit operating and capital needs. Additionally, LTFfunding is available for bicycle and pedestrian facilities, planning, and administration and allocated to the Commission and local jurisdictionsin the County. Highways: The Commission assists with the planning and funding for highway improvements. Major current projects include: 91 Project, 1-15 Express Lanes project, and Mid County Parkway. State highway maintenance is generally the responsibility of Caltrans; however, the Commission will be responsible for the operations and maintenance of toll facilities during a 50-year term upon commencement of toll operationsfor each facility. Local Streets and Roads: The Commission administers funding to local jurisdictions to improve streets, intersections, signal coordination, and pavement. Local streets and roads maintenance isthe responsibility of the local jurisdictions. Commuter Rail: The Commission fundsand over%esMetrolink rail serviceswithin the County. The Commission's three Metrolink lines are the Riverside, IEOC, and 91/Perris Valley Lines. The Commission owns and maintains nine Metrolink stations and an operations control center located at: ➢ Riverside Downtown operations control center, 4344 Vine Street, Riverside ➢ Perris —South, 1304 Case Road , Perris ➢ Perris —Downtown, 121 South C Street, Perris ➢ Moreno Valley/March Feld, 14160 Meridian Parkway, Riverside ➢ Riverside —Hunter Park/UCR, 1101 Marlborough Avenue, Riverside ➢ Riverside Downtown station, 4066 Vine Street, Riverside ➢ Riverside —La Serra station, 10901 Indiana Avenue, Riverside ➢ Jurupa Valley—Pedley station, 6001 Ped ley Road, Riverside ➢ Corona —North Main station, 250 East Blaine Street, Corona ➢ Corona —West station, 155 South Auto Center Drive, Corona Motorist Assistance: The Commission provides emergency call boxes and the 511 traveler information system through the SAFEand offers emergency towing servicesthrough the FSP. Commuter Assistance: The Commission provides a variety of rideshare services both to employersand commuters. Through voluntary participation, commutersand employers receive a direct benefit from their sales tax dollars, and the entire region benefits from reduced traffic congestion and improved air quality. Specialized Transit: the Commission maintains a strong commitment to assist in the mobility of those with specialized transit needs. Through its Specialized Transit Program, the Commission has provided millions of dollars to public and nonprofit transit operators to assist in the provisions of special transit servicesto improve the mobility of seniorsand personswith disabilities. Tolled &pressed Lanes: In March 2017, the Commission opened its91 Express Lanes, including a tolled direct connector from SR91 to I-15 south, following the substantial completion of the 91 Project through the city of Corona. A second facility on 1-15 from SR60 to Cajalco Road in Corona is currently under construction with opening expected in 2020. lhe Commission commenced project development for the 15/91 Express Lanes Connector, a tolled direct connectorfrom SR91 to 1-15 north; completion isexpected priorto 2023. In 2017, the Commission began preliminary engineering and environmental stud iesto add express laneson 1-15 between Cajalco Road and SR74. Appendix A — Glossary of Acronyms AB Artrmbly Bill ADA America nswith Disabilities Act ARRA* American Recovery and Reinvestment Act AlP — Active Transportation Program BABs — Build America Bonds Bechtel — Bechtel Infrastructure BNSF — BNSF Ra ilway Board — Board of Commissioners for the Riverside County Transportation Commission CABs — Capitalized Appreciation Bonds CAFR — Comprehensive Annual Financial Report CALCOG California Association of Councilsof Governments California State of California CaIPERS California Public Employees Retirement System Caltrans California Department of Transportation Capital Projects — Capital Projects Development and Delivery, a RCTC department CARB — California Air Resources Board CCTV — Closed -Circuit Television CDTFA — California Department of Tax and Fee Administration CEQA — California Environmental Quality Act CETAP — Community Environmental Transportation Acceptability Process CHP California Highway Patrol CHSRA California High Speed Rail Authority CIBs Current Interest Bonds CIP — Capital Improvement Plan CMA — Congestion Management Agency CMAQ* — Congestion Mitigation and Air Quality CMIA* — Corridor Mobility Improvement Account (Proposition 1B funding category) CMP — Congestion Management Program Commission Riverside County Transportation Commission Coordinated Plan Coordinated Public Transit —Human ServicesTransportation Plan County County of Riverside CTC — California Transportation Commission CTOC — California Toll Operators Committee CTS4 — Consolidated Transportation Service Agency CVAG — Coachella Valley Association of Governments DBE — Disadvantaged Business Enterprise District — Riverside County Regional Park and Open Space District DMV — Department of Motor Vehicles EMMA — Electronic Municipal Market Access system managed by the Municipal SecuritiesRulemaking Board ERP Enterprise Resource Planning EIC Employer Transportation Coordinators FASTAct — Fixing America's Surface Transportation Act FHWA* — Federal Highway Administration Fitch — Fitch Ratings FRA — Federal Railroad Administration FSP — Freeway Service Pa t ro I FTA* — Federal Transit Administration FTE — Full-time Equivalent FTIP — Federal Transportation Improvement Program FY — Fiscal Year Gann — Gann Initiative approved by California voters in 1979 GASB — Governmental Accounting Standards Board GFOA — Government Finance Officers Association GHG — Greenhouse Gas HOV — High Occupancy Vehicle (Carpool Lane) HSIPR — High Speed Intercity PascongerRail I — Interstate 1E511 — Inland Empire 511 IECommuter — Inland Empire Commuter rideshare system IEOC — Inland Empire —Orange County Metrolink Service IIP* — Interregional Improvement Program Inland Empire — Region covering Riverside and San Bernardino counties LCTOP — Low Carbon Transit Operations Programs Limited Tax Bonds Indebtednesssecured by specified tax or group of taxes LOS Level of Service LOSSA N — Los Angeles -San Diego -San Luis Obispo, a rail corridor LRTP — Long Range Transportation Plan OF* — Local Transportation Fund MAP-21 — Moving Ahead for Prog ress in the 21st Century MARA — 2009 Measure A Regional Arterial funding for Western County MCP — Mid County Parkway Measure K — Increase of salestax revenue bondsdebt limit to $975 million approved by voters in November2010 Metrolink — Operating Name for SCRRA (see RRA) Moody's — Moody'sInvestors Service MOE — Maintenance of Effort MOU — Memorandum of Understanding MPO — Metropolitan Planning Organization MSHCP — Multi -Species Habitat Conservation Plan MSRC — Mobile Source Air Pollution Reduction Review Committee (AB2766) NEPA — National Environmental Policy Act OA — Obligation Authority OCTA Orange County Transportation Authority Parsons Parsons Transportation Group, Inc. PerrisValley Line — PerrisValley Line Metrolink Extension Project PPM — Planning, Programming, and Monitoring PVL — PerrisValley Line Metrolink Extension Project RCA — Western Riverside County Regional Conservation Authority RCTC — Riverside County Transportation Commission RDOCC — Riverside Downtown Operations Control Center RFA — Request for Authorization RIP* — Regional Improvement Program RTA — Riverside Transit Agency RIP — Regional Transportation Plan RRIPA — Regional Transportation Planning Agencies RZEDBs — Recovery Zone Economic Development Bonds S&P — Standard & Poor'sRating Service SAFE — Service Authority for Freeway Emergencies Salestax — Reference including transaction and use tax such as Measure A SB SBC TA SBE SCAG SC RRA SC S SDP SG R SHC C SJBL SR SR1P STA * Stantec State State Street Bank SIBG* STI P* SIP* am Line TA C TAP TC EP TC 1 F* TDA* 11FiA* 11P lUM F* UC R U.S. DOT Western County WRCOG 91 Express Lanes 91 Project 1989 Measure A* 2009 Measure A* 2010A Bonds 2010B Bonds 2013 Sales Tax Bonds 2013 TIFIA Loan 2013 Toll Bonds - Senate Bill - San Bernardino County Transportation Authority - Small Business Enterprise - Southern California Association of Governments - Southern California Regional Rail Authority Sustainable Communities Strategy Service Development Plan State of Good Repair (SB 1 Program) - Self -Help Counties Coalition - San Jacinto Branch Line - State Route - Short Range Transit Plan - State Transit Assistance - Stantec Consulting ServicesInc. - State of California - State Street Bank and Trust Company Surface Transportation Block Grant (replaced SIP) State Transportation Improvement Program - airface Transportation Program - amLine Transit Agency - Technical Advisory Committee - Transportation Alternatives Prog ra m - Trade Corridor Enhancement Program - Trade Corridors Improvement Fund (Proposition 1Bfunding category) - Transportation Development Act Transportation Infrastructure Finance and Innovation Act Transportation Improvement Plan Transportation/Traffic Uniform Mitigation Fee (Western County/Coachella Valley) - University of California at Riverside - United States Department of Transportation - Western area of Riverside County - Western Riverside Council of Governments - Tolled expresslaneson SR-91 in Orange County operated by OCTA (OCTA 91 Express Lanes) and in Riverside County by the Commission (RCTC 91 Express Lanes) SR-91 corridor improvement project consisting of two tolled express lanes in each direction of SR-91 between the Orange County line and 1-15, the addition of a general purpose lane between SR71 and 1-15, and other improvements - Original 1/2 cent transportation salestax measure approved by voters in November 1988 that expired in June 2009 - Extension of sales tax measure approved by voters in November 2002which became effective upon expiration of original salestax measure on July 1, 2009 Sales Tax Revenue Bonds, Series A Tax-exempt issued in November2010 Sales Tax Revenue Bonds, Series B Taxable issued in November2010 - SalesTax Revenue Bondsissaed in July 2013forthe 91 Project - 11FIA Loan executed in July 2013 for the 91 Project - Toll Revenue Bondsissued in July 2013 forthe 91 Project 2016 Refunding Bonds 2017A Bonds 2017BRefunding Bonds 2017 TIRA Loan 2018 Refunding Bonds - Sales Tax Revenue Refunding Bonds issued in September 2016to refund the SeriesA portion of bonds issued in 2009 - Sales Tax Revenue Bonds issued in July 2017 for the 1-15 Express Lanes project and completion of the 91 Project - Sales Tax Revenue Refunding Bonds issued in December 2017 to refund all of the outstanding 2010A Bonds and a portion of the 2013 Sales Tax Bonds TIFIA Loan executed in July 2017 for the 1-15 Express Lanes project - Sales Tax Revenue Refunding Bonds ivied in April 2018 to refund all of the SeriesBand SeriesC bonds issued in 2009 *Additional information provided in Funding Definitions. Appendix B—Glossary of Funding Definitions Federal Funding Sources Transportation Infrastructure Finance and Innovation Act The 11FIA program providescredit assistance forqualified projectsof regional and national significance that are critical improvementsto the nation'ssurface transportation system. It is designed to fill market gaps and leverage substantial private and non-federal co - investment by providing supplemental and subordinate capital. TIFIA credit assistance is often available on more advantageous terms than in the financial market making it possible to obtain financing, in the form of a secured loan, loan guarantee, and/or standby line of credit, for needed projectswhen it might not otherwise be possible. American Recovery and Reinvestment Act of 2009 Commonly referred to asthe Stimulusorlhe Recovery Act, ARRA isan economic stimulus package "intended to create jobs and promote investment and consumer spending" during the recent recession. It includesdomestic spending in infrastructure with investment transportation, environmental protection, and other infrastructure providing long-term economic benefits. ARRA also created the Build America Bond program, which authorized state and local governments to issue in 2009 and 2010 such bonds as taxable bonds to finance capital expenditures for which would otherwise be financed with tax-exempt governmental bonds. State and local governments issuing BABs receive a direct federal subsidy payment for a portion of their borrowing costson BABsequal to 35 to 45 percent of the total coupon interest paid to investors. The BABprogram wasintended to assist state and local govemmentsfinance capital projectsat lower borrowing costsand to stimulate the economy and create jobs. Federal Transit Administration Section 5307 formula funds made available to urbanized areas for operating subsidies, capital projects and planning. Operating match is up to 50%of the net operating cost; capital and planning match is80%federal and 20%local. Section 5309 discretionary funds generally provided to urbanized areas for funding new start rail projects, major busfleet replacement, and transit facility construction. Matching ratios range from 50/50to 80%fed era l and 20%local. Section 5310 funds made available to statesfor providing capital support to private non- profit and, in certain circumstances, public transit operators. This is a state administered discretionary program providing fundson an 88.53%federal and 11.47/0local basis. Section 5311 funds provided to support rural transit operating subsidies and capital projects. Operating match is up to 50% of the net operating cost; capital match is 80% federal and 20%local. Federal Highway Administration In 1991, the Intermodal Surface Transportation Efficiency Act (ISTEA) was approved by Congressto replace the former Federal Aid Urban/Federal Aid System funding programs. ISTEA was established as six -year funding program and was reauthorized for another six years in 1997. Thisnew transportation act wasrenamed asthe Transportation Equity Act of the Twenty-first Century (TEA21) and was extended through August 10, 2005 when the President signed into law the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU). Nine short-term extensions of SAFETEA-LU were paced until July 2012 when Moving Ahead for Progress in the 21st Century (MAP-21) was enacted. In December2015, the Fixing America's Surface Transportation (FAST) Act was signed into law and became the first federal law in over decade to provide long-term funding certainty for surface transportation infrastructure. Under these programs the following fund sources are allocated to each county, and the Commission further allocatesthese fundsbased on federal provisions. Surface Transportation Block Grant (formerly Surface Transportation Program) Fundsallocated by the Commission and administered by Caltransthat provide funding for local street and road improvements. Current matching rate is88.53%federal and 11.47% local. Congestion Mitigation and AirQuality Funds allocated by the Commission for transportation related air quality improvement projects in air quality non -attainment areas. Current matching rate is 88.53% federal and 11.47%local. Safety projectscan qualify for 100%of CMAQ funding. State Local Funding Sources Transportation Development Act The TDA iscomprised of two elements: LTFand STA funds. LTFfundsare derived from 1/4ofone cent of the state salestaxand are returned to source. There are three areas of apportionment within Riverside County comprised of Western County, Coachella Valley, and Palo Verde Valley (Blythe). The Commission administersthe LTFon behalf of the County of Riverside. Funds are provided for program administration, Southern California Association of Governments regional planning, local transportation planning, and transit services in Western County and the Coachella Valley. In the Palo Verde Valley, funds support transit services and local street and road improvements. Additionally, under S3821, 2%of LTFfundsare made available for bicycle and pedestrian projects. STA fundsare generated from the statewide salestax on diesel fuel and are allocated by the state to the Commission based on population and as a percentage of transit fare revenue. The Commission hasgenerally used these fundsto support capital purchasesand improvementsasthese fundshave been subject to state budgetary actions. State Transportation Improvement Program The STIP consists of RIP and IIP funds. The RIP and IIP programs are mainly supported by Proposition 42 funding. The RIP component represents 75% of STIP funds available for capacity projects. Regional Transportation Planning Agenciesare responsible forselection of projectsproposed for RlPfunds. The IlPcomponent repre%ntsthe remaining 25%of STIP funds available for capacity projects and Caltrans is responsible for the selection of IIP- funded projects. The Commission and Caltrans District 8 work closely in coordinating projectsforthese fund sources. Proposition 1BProgram In November2006, the votersin California approved Proposition 1B, which will fund various transportation programs from bonds issued by the state of California. Programs to be funded include CM IA, transit capital (PTMISFA), transit security (TSSSDRA), STIPsupplement, goods movement (TCIF), SLPPfunds, and citiesand counties. Cap and Trade State legislation in 2006 requiresGHG emissions in the State to be reduced. A key element of the GHG reduction program isthe Cap and Trade Program in which entities regulated underthe program can "trade" or buy and sell a portion of emission allowancesissued by the CARBat auctions held during the year. The revenuesgenerated for the State through these auctions are appropriated for infrastructure investments that include LCTOP and road programs, high speed rail projects, and transit and intercity rail projects. Local Funding Sources Measure A Measure A isa half -cent local retail transaction and use tax that wasinitially approved by the voters in November 1988 for 20 years (Ordinance 88-1) and extended in November 2002 for an additional 30 years (Ordinance 02-001), through June 2039, to help fund key transportation improvements in Riverside County. It provides funds to improve highways, regional arterials, and local streetsand roads; to develop new transportation corridors; to expand commuter rail, public transit, specialized transportation services, and commuter programs; develop a program of economic incentives to attract commercial and industrial development and jobs; and support bond financing. These types of improvements are needed to maintain and improve the quality of life in the County, reduce current congestion, and provide adequate transportation facilities to accommodate reasonable growth. Since existing state and federal sources provide only a limited amount of funding for a limited number of projects, Measure A will cover the shortfall for key projects with a funding source that is under local control. It will use the revenue generated in Western County, Coachella Valley, and Palo Verde Valley to meet the unique transportation needsof each of those areas. Transportation Uniform Mitigation Fee The TUMF program was adopted by all local jurisdictions in the Western County area of Riverside County in July 2003. Under this program, which is administered by the WRCOG, feesare asseq:Pd on new residential and commercial development in Western County to ensure that new development pays its fair share toward providing the needed infrastructure improvements on the regional system of highways and arterials. In accordance with the extension of Measure A in 2002 and an amended MOU with WRCOG, the Commission shall receive 48.7% of the TUMF revenues to fund equally the regional arterial system and the development of new corridors. Appendix C —Glossary of Program Terms The following explanations of terms are presented to aid in understanding the various program termsused and discurfrd in the narrative. Bicycle and Pedestrian LTF provides revenuesforthe construction of bicycle and pedestrian facilitiesand related right-of-way costs. Bond Financing In order to accomplish the construction of the highway and rail projects and implementation of the local streets and roads and other programs identified in the Measure A TIP as soon as possible, some level of borrowing will be required. A portion of the revenuesgenerated in the Western County will be made available forthispurpose. Commuter Assistance The purpose of this program is to provide short-term incentives to encourage single occupant vehicle drivers to use alternate modes of transportation including carpools, vanpools, bus pools, public bus, commuter rail, walking, and bicycling. Commuter Rail Measure A provides operating and capital revenue for commuter rail service to Orange and Los Angeles counties. LTF provides revenue for commuter rail operations in Riverside County. These trains operate on existing railroad tracks parallel to major freeways. Commuter rail service provides a safe and reliable transit alternative to driving alone during the peak period. Plansto expand commuterrail%rvice in Western Riverside County from Riverside to Perrisvia Moreno Valley are currently underway. Economic Development Measure A will be used to create an infrastructure improvement bank to improve existing interchanges, construct new interchanges, provide public transit linkagesor stations, and make other improvements to the transportation system in Western County. These incentives are intended to attract commercial and industrial development and jobs to locate within the Westem County area. Highways Measure A provides revenues to widen existing highways, expand interchanges, and improve remote freeways. These improvements are needed to control traffic congestion in Western County and improve access and safety in Coachella Valley. Costs of these improvements will be covered by funds from state and federal sources. Measure A revenue will be used to supplement —not replace —these othersourcesand to accelerate work on projectsdeferred for lack of funding. Local Streetsand Roads Measure A provides revenues to local jurisdictions for the construction, repair, and maintenance of local streets and roads. The County and local cities are required to supplement those expenditures with other previously dedicated revenue sources to maintain road improvements at a level equal to or greater than the base year amount. LTF provides revenue for local street and road improvements in the Palo Verde Valley. Metrolink The Commission's commuter rail program is part of the regional network operated by SCRRA operating under the name of Metrolink, a five -county joint powers agency composed of the transportation commissions of Los Angeles, San Bernardino, Orange, Riverside, and Ventura. The purpose of this agency is to manage the operation and maintenance of commuter rail in the five -county metropolitan area. Motorist Assistance The Motorist Assistance program hasthree elements. The FSPisa special team of tow trucks that travel on selected Riverside County freeways during peak commute hours to assist drivers when their cars break down. Another element is the call box system, which installation and operation is made possible with revenue provided by the public. Call boxesare being provided by the Commission, which servesasthe County'sSAFE. The third element is the Inland Empire 511 traveler information system. One dollar per year from every motor vehicle registration pays for the call boxes and their operation and maintenance, 1E511 operations, and matching fundsforFSP. New Corridors Four new transportation corridorswere identified through the CETAP. Measure A and TUMFfundswill be used for environmental clearance, right of way, and construction of these new corridors. Public Transit The Commission is the agency responsible for short-range transportation planning and programming and coordinating the operation of all public transportation service within the County. The Commission allocatesand disburseslDA aswell asMeasure A fundsto the transit operatorsfor operating and capital purposes. Regional Arterials Measure A funds generated within the Western County and Coachella Valley areas are used for major regional road projects. The system is to be implemented with a mix of funding required from new development undera Transportation Uniform Mitigation Fee to be paid by developersfrom new development and from Measure A fundsretumed to the Western County and Coachella Valley areas. The Transportation Uniform Mitigation Fee schedule shall be established in order to generate at least the equivalent of Measure A funding toward the regional arterial system. Specialized Transit Measure A provides public transit revenues to improve transportation services for seniors, personswith disabilitiesand commuters. For seniorsand personswith disabilities, it provides dial -a -ride cab service at night for emergency purposes, guarantees half-price busfares, and assists centers with their transit programs. For commuters, it improves express bus service and expands ridesharing programs. In the Coachella Valley, revenues also are available for busreplacement and local busservice. Transportation Improvement Plan Thisplan also actsasthe County'sexpenditure plan and wasprepared by the Commission for the proposed 1/2%local retail transaction and use tax for transportation purposes to be collected. Thiswasproposed by the Commission asa meansto fill the funding shortfall to implement needed highway, regional arterial, economic development incentives, and new corridors; local street and road programs; commuter rail projects and operations; public bus transit and specialized transportation improvements; commuter assistance programs; and bond financing. Appendix D —Glossary of General Terms The following explanationsoftermsare presented to aid in understanding the narrative discussions and illustrations included in this budget document and the terminology generally used in governmental accounting, auditing, financial reporting, and budgeting. Accountability The state of being obliged to explain one'sactions,tojustify what one does. Accountability requiresa government to answerto itscitizenry to justify the raising of public resourcesand the purposesfor which they are used. Accounting System The methodsand recordsestablished to identify, agmmble, analyze, classify, record, and report a government's transactions and to maintain accountability for the related a -.rats and liabilities. Accrual Basisof Accounting The accounting of the financial effects of transactions, events, and interfund activities when they occur, regardlessof when cash isreceived or paid. Audit A systematic collection of the sufficient, competent evidential matter needed to attest to the faimessof management'saq,zPrtionsin the financial statementsorto evaluate whether management has efficiently and effectively carried out its responsibilities. The auditor obtainsthisevidential matterthrough inspection, observation, inquiries, and confirmations with third parties. Balanced Budget The identification of revenues and other financing sources as well as available fund balances to fund operating and capital expenditures and other financing uses on an annual basis. Basisof Accounting A term used to refer to when the effects of transactions or events are recognized for financial reporting purposes. For example, the timing of recognition can be when the transaction or event occurs(accrual basis) orwhen cash isreceived or paid (cash basis). Bond A written promise to pay a specified sum of money (face or principal amount) at a specified date or dates in the future (maturity date), together with periodic interest at a specified rate. Bondsare primarily used to finance capital projects. Budget A plan of financial activity for a specified period indicating all planned revenues and expendituresfor the budget period. Annual budgetsare usually required by law and are e-mntial to sound financial management. The Commission prepares an annual budget that isapplicable to a single fiscal year. Budgetary Control The control or management of a govemment in accordance with an approved budget to keep expenditures within the limitations of available appropriations and available revenues. Budget Document The instrument used by the budget -making authority to present a comprehensive financial program to the appropriating governing body. Capital Outlay Expenditures resulting in the acquisition of or addition to the government's capital agrots ora9mtsto be transferred to Caltrans, such ashighway projects. Capital Project A long-term strategic project requiring relatively large sums of revenues, accumulated reserves, and/or financing to acquire, develop, construct, improve, and/or maintain a capital assct such asland, buildings, and infrastructure. Capital Projects Fund A governmental fund type created to account for financial resourcesto be used for the acquisition or construction of major capital projects. The Commission has two capital projectsfundsfor Commercial Paper and Sales Tax Bondsto account for debt proceeds from 2009 Measure A commercial paper notes and sales tax revenue bonds related to highway, commuter rail, regional arterial, and local streets and roads projects and one capital project fund for Toll Revenue Bondsto account for proceeds from toll -supported debt related to toll facilities. Commercial Paper An unsecured short-term promissory note issued primarily by corporations with maturities ranging from two to 270 days. The credit risk of almost all commercial paper israted by a rating service. Comprehensive Annual Financial Report A financial report that encompa9msall funds of the government. In the financial section of the CAFR are the basic financial statements and required supplementary information aswellascombining and ind ivid ual fund financial statements, asnecessary. The CAFRaIso containsintroductory information and statistical data. Current Financial Resources Measurement Focus A measurement focus that reports on the near -term or current inflows, outflows, and balances of spendable financial resources. This focus is unique to accounting and financial reporting for state and local govemmentsand is used for reporting the financial position and resultsof operationsof governmental funds. Debt An obligation resulting from the borrowing of money or from the purchase of goods and services. Debtsof govemmentsinclude bonds, time warrants, and notes. Debt Coverage Ratio The ratio of pledged revenuesto related debt service fora given year. Debt Limit The maximum amount of outstanding grossor net debt legally permitted. Debt Proceeds The difference between the face amount of debt and the issuance discount or the sum of the face amount and the issuance premium. Debt proceeds differ from cash receipts to the extent issuance costs, such asunderwriters' fees, are withheld by the underwriter. Debt Service Fund A govemmental fund type created to account forthe accumulation of resourcesfor and payment of general long-term debt principal and interest. the Commission hastwo debt service fundsfor itssalestax revenue bondsand for itstoll revenue bonds. Economic Resources Measurement Focus A measurement focus that reports on all inflows, outflows, and balances affecting or reflecting the entity's net position. ibis focus is used for proprietary funds as well as for govemment-wide financial reporting. Expenditures Represents decreases in net financial resources on the transfer of property or services for acquiring an asset, service, or settling a loss. Financial Advisor In the context of the issuance of debt, a consultant who advises the issuer on any of a variety of matters related to the issuance. the financial advisor sometimes also is referred to asthe fiscal consultant. Financial Audit An audit made to provide independent assurance whether the financial statementsof a government are presented fairly in conformity with generally accepted accounting principles. Financial Resources Resources that are or will become available for spending and include cash, resources ordinarily expected to be converted to cash such as receivables, inventory, and prepaid aril -Ms. Fiscal Year For the Commission, the 12-month period that begins July 1 and ends June 30 of the designated fiscal or operating yearfor accounting and budgeting purposes. Fund A fiscal and accounting entity with a self -balancing set of accounts in which cash and other financial resources, all related liabilities, and residual equities or balances, and changes therein, are recorded and segregated to carry on specific activities or attain certain objectivesin accordance with special regulations, restrictions, or limitations. Fund Balance the excessofa governmental fund'sarrrtsover its liabilities. Fund Type Any one of eleven classifications into which all funds are categorized in governmental accounting. Govemmental fund types include general, special revenue, debt service, capital projects, and permanent funds. Proprietary fund types include enterprise and internal service funds. Fiduciary fund types include pension trust, investment trust, and private -purpose trust fundsand agency funds. GASB 68 Statement No. 68, Accounting and Financial Reporting for Pensions, issued by the Governmental Accounting Standards Board implemented by the Commission in FY 2014/15. GASB 48 requires reporting the net pension liability of the plan on the accrual accounting -based financial statements and enhancing the notes to the financial statementsto provide a more comprehensive picture of the pension obligation and costs. General Fund lhe governmental fund type used to account for all financial resources, except those required to be accounted for in anotherfund. General Ledger A record containing the accounts needed to reflect the financial position and the results of operations of a govemment. In double -entry bookkeeping, debit balancesequal the credit balancesin the general ledger. Generally Accepted Accounting Principles(GAAP) Minimum standards and guidelines for financial accounting and reporting. GAAP encompasses the conventions, rules, and procedures that serve as the norm for the fair presentation of financial statements. lhe GASBisthe primary authoritative accounting and financial reporting standard -setting body on the application of GAAPto state and local governments. Generally Accepted Auditing Standards(GAAS) Rules and procedures established by the American Institute of Certified Public Accountants (AICPA) for the conduct of a financial audit. lhere are ten basic GAAS, classified into three broad categories: general standards, standards of fieldwork, and standards of reporting. lhe Auditing Standards Board of the AICPA publishes Statements on Auditing Standards(SAS) and related interpretations to comment and expand upon these basic standards. Generally Accepted Government Auditing Standards(GAGAS) Standards established by the General Accounting Office (GAO) in its publication, Government Auditing Standards, for the conduct and reporting of both financial and performance auditsin the public sector. GAGASset forth general standardsapplicable to both types of audits and separate standards of fieldwork and reporting for financial and performance audits. lhe GAGASstandardsof fieldwork and reporting for financial audits incorporate and build upon GAAS. Governmental Funds Funds generally used to account for tax -supported activities. lhe Commission's governmental fundsare comprised of general, special revenue, debt service, and capital projectsfunds. Grant A contribution by a government or other organization to support a particular function or program. Independent Auditor An auditor meeting the independence criteria set forth in GAASand GAGAS. Internal Control Policies and procedures established to provide reasonable assurance that specific government objectiveswill be achieved. Legal Level of Budgetary Control the level at which a government's management may not reallocate resources without special approval from the legislative body. Loans Receivable An asset account reflecting amountsloaned to individualsororganizationsextemalto the Commission, including notestaken assecurity for such loans. Measurement Focus The objective of a measurement that is what is being express.d in reporting a government's financial performance and position. A particular measurement focus considers not only which resourcesare measured (financial or economic), but also when the effects of transactions or events involving those resources are recognized (basis of accounting).The measurement focusofthe Commission'sgovemment-wide and fiduciary fund financial statements is economic resources, whereas the measurement focus of governmental fund financial statements iscurrent financial resources. Modified Accrual Basis The accrual basisof accounting adapted to the govemmentalfunds' measurement focus according to which revenues and other financial resource increments (e.g., bond issue proceeds) are recognized when they become susceptible to accrual, that is when they become both "measurable" and "available to finance expenditures of the current period." Expenditures are recognized when the fund liability is incurred except for unmatured interest on general long-term debt and certain similar accrued obligations when due. The Commission's govemmental funds are accounted for using the modified accrual basisof accounting. Other Financing Sources Amounts classified separately from revenues to avoid distorting revenue trends that represent an increase in current financial resources. Other financing sources generally include general long-term debt proceeds, amountsequalto the present value of minimum lease paymentsarising from capital leases, proceedsfrom the sale of capital ao;,cts, and transfers in. Other Financing Uses Amounts classified separately from expenditures to avoid distorting expenditure trends and represent a decrease in current financial resources. Other financing uses generally include transfers out and the amount of refunding bond proceeds deposited with the escrow agent. Overhead Indirect costs that cannot be specifically associated with a given service, program, or department and thus, cannot be clearly associated with a particularfunctional category. Principal In the context of bondsother than deep -discount debt, the face value or par value of a bond or issue of bondspayable on stated datesof maturity. Pro g ra m Group activities, operations, ororganizational unitsdirected to attaining specific purposes or objectives. Program Budget A budget wherein expenditures are based primarily on the functions or activities of a government ratherthan to specific itemsof cost orto specific departments. Purchase Order A document authordng the delivery of specified merchandise orthe rendering of certain servicesand the making of charge forthem. Refunding Bonds Bonds issued to retire bonds already outstanding. lhe proceeds of refunding bonds may be used to repay the previously issued debt (current refunding) or to be placed with an escrow agent and invested until used to pay principal and interest on old debt at a future date (advance refunding). Reimbursement Grant A grant for which a potential recipient must first incur qualifying expendituresto be eligible. Restricted Fund Balance Those portions of fund balance which are restricted for specific purposes by third parties or enabling legislation. Special Revenue Fund A governmental fund type used to account for the proceedsof specific revenue sources (other than major capital projects) that are legally restricted to expenditure for specified purposes. lhe Commission maintainsspecial revenue fundsfor Measure A Western County, Coachella Valley, and Palo Verde Valley; Transportation Uniform Mitigation Fee; Freeway Service Patrol; Service Authority for Freeway Emergencies; State Transit Assistance; Local Transportation Fund; Coachella Valley/San Gorgonio Pass; and Other Agency Projects. Tra nsfe rs All interfund transfers representing flows of aryrts between funds of the govemment without equivalent flowsof ascPtsin return and without a requirement for repayments. Trustee A fiduciary holding property on behalf of another. Appendix E-Salary Schedule Effective 7/5/2018 Department/Position Exempt/ Range Monthly Monthly Non - RE No. Minimum Maximum Exempt ADM INISIRA11O N Administrative Assistant 1.0 17 $ 4,004 $ 5,405 NE Clerk of the Board 1.0 45 $ 7,928 $ 10,702 E Deputy Clerk of the Board 1.0 32 $ 5,771 $ 7,791 NE Human Resources Administrator 1.0 45 $ 7,928 $ 10,702 E I.T. Administrator 1.0 45 $ 7,928 $ 10,702 E RecordsTechnician 1.0 17 $ 4,004 $ 5,405 NE nior Administrative Assistant 1.0 25 $ 4,867 $ 6,570 NE .@nior Office Assistant 1.0 13 $ 3,632 $ 4,903 NE Administration Subtotal: 8.0 CABiALPROJECTDEVELOPMENT AND DELIVERY Capital Projects M anager 4.0 53 $ 9,636 $ 13,009 E Fa c ilitie s Ad min istra to r 1.0 45 $ 7,928 $ 10,702 E Project Delivery Director 1.0 67 $ 13,559 $ 18,304 E Fight of Way Manager 1.0 53 $ 9,636 $ 13,009 E Se nior Management Analyst 2.0 43 $ 7,550 $ 10,193 E Management Analyst 1.0 35 $ 6,211 $ 8,385 E Capital Reject Development and Delivery Subtotal: 10.0 IXEC UWE M ANAG EM ENT Deputy Executive Director 1.0 75 $ 16,481 $ 22,249 E Executive Director 1.0 83 $ 20,033 $ 27,044 E Executive Ma na ge ment Subtota l: 2.0 ii RNANCE Accountant Accounting Assistant Accounting Technician Chief Rnancial Officer Deputy Director of Rnance Procurement Analyst Procurement Manager %nior Rnanc ial Analyst Rnance Subtotal: Ede ma I Affa irs Ede rna I Affa irs Dire c to r GoodsMovement Manager Legislative AffairsManager Public AffairsManager 1.0 33 $ 5,916 $ 7,986 E 2.0 17 $ 4,004 $ 5,405 NE 2.0 25 $ 4,867 $ 6,570 NE 1.0 67 $ 13,559 $ 18,304 E 1.0 57 $ 10,496 $ 14,170 E 1.0 36 $ 6,363 $ 8,590 E 1.0 53 $ 9,636 $ 13,009 E 1.0 43 $ 7,550 $ 10,193 E 10.0 1.0 63 $ 12,298 $ 16,603 E 1.0 51 $ 9,177 $ 12,389 E 1.0 51 $ 9,177 $ 12,389 E 1.0 51 $ 9,177 $ 12,389 E M ULIIM O DAL SERV IC ES Commuter and Motorist Assistance Manager 1.0 51 $ 9,177 $ 12,389 E MultimodalrvicesDirector 1.0 63 $ 12,298 $ 16,603 E Management Analyst 2.0 35 $ 6,211 $ 8,385 E Tansit Manager 1.0 51 $ 9,177 $ 12,389 E MultimodaI Services Subtotal: 5.0 BANNING AND PROGRAMMING SERVICES Banning and Programming Director 1.0 63 $ 12,298 $ 16,603 E Banning and Programming Manager 1.0 51 $ 9,177 $ 12,389 E �nior Management Analyst 1.0 43 $ 7,550 $ 10,193 E Management Analyst 1.0 35 $ 6,211 $ 8,385 E . Planning and Programming Se rvices Subtotal: 4.0 - RAIL MAINIENANC E AN D 0PER411O NS RailManager 1.0 51 $ 9,177 $ 12,389 E Management Analyst 1.0 35 $ 6,211 $ 8,385 E Rail Maintenance and Operations Subtotal: 2.0 10LL0PER4110NS Capital Project Manager nior Management Analyst Toll OperationsManager Toll Program Director Toll Project Manager Toll Technology Manager 1.0 53 $ 9,636 $ 13,009 E 1.0 43 $ 7,550 $ 10,193 E 1.0 63 $ 12,298 $ 16,603 E 1.0 71 $ 14,949 $ 20,181 E 1.0 65 $ 12,913 $ 17,433 E 1.0 53 $ 9,636 $ 13,009 E Toll Operations Subtotal: 6.0 101ALAUh10R12ID POSI110NS Administration 8.0 Capital Project Development and Delivery 10.0 Executive Management 2.0 Rnance 10.0 Exte rna I Affairs 4.0 M ultimodal cervices 5.0 Banning and Programming cervices 4.0 Rail Maintenance and Operations 2.0 Toll Operations 6.0 Total Authorized Positions 51.0 1 PRO POSED BUDG ET FIALYEAR2018/19 Michele Cisneros, Deputy Directorof Irinance Th e re sia Trevino, Chief 1 min a n c is 1 Officer Budget Summary Er Beginning Fund Balance (7/1/2018) Revenues 616, 599, 300 Debt Proceeds 106, 081, 000 Tra nsfe rs In 181,899,300 Total Estimated Sources Expenditures/Expenses Debt Service TransfersOut (804,653,800) (96,675,600) (181,899,3001 Total Estimated Uses Uses Over Sources (offset by beginning fund balance) Ending Fund Balance (6/30/2019) 2018/ 1 $ 789,451,200 904, 579, 600 (1,083,228,700) (178,649,100) $ 610, 802,100 r r Revenues/SourcesComparison FY2016/17 FY2017/18 FY2017/18 Actual Revised Bud • et Pro'ected FY2018/19 Percent Bud et Chan Measure A SalesTax OFSalesTax STA SalesTax Federal reimbursements State reimbursements Local reimbursements lUM F Tolls, Penalties, and Fees Otherrevenues Investment income Total Revenues Debt proceeds 11FIA loan proceeds Tra n sf e rs in Total Revenues/Sources $ 175,320,200 88,206,900 6,432,600 20,201,700 8,538,500 3,727,400 19,594,800 10,125,300 6,746,000 4,495,300 343,388,700 114,554,000 143,358,100 188,488,900 $ 789,789,700 $ 181,000,000 91,000,000 10,469,000 78,563,200 16,589,100 6,840,100 22,250,000 16,835,800 2,803,700 3,509,400 429,860,300 755,972,000 81,810,000 313,676,500 $ 1,581,318,800 $ 181,000,000 91, 000, 000 20,204,800 105,408,300 8,275,100 7,435,100 22,250,000 42,812,600 574,200 7,595,300 486,555,400 752,488,800 298,371,800 $ 1,537,416,000 $ 187,000,000 94,000,000 23,203,600 59,105,700 165,442,400 24,037,900 22,922,200 36,940,500 1 539,000 3,408,000 616, 599, 300 106,081,000 181,899,300 $ 904,579,600 3% 3% 122% - 25% 897% 251 -3% 43% -100% 30% - 42% - 43% 3 Summary of Expenditures, Expenses, and Uses Management Services Regional Programs Capital Project Development and Delivery Toll Operations Debt Service TransfersOut Total Expenditures, Expenses, and Uses FY 2018/ 19 Budget $ 10, 068, 300 226, 564, 300 550,654,400 17, 366, 800 96,675,600 181, 899, 300 $ 1, 083, 228, 700 Percentage of 100% Management Services Expe nditures/ Uses FY 2016/ 17 FY 2017/ 18 FY 2017/ 18 FY 2018/ 19 Ac to . Revised Bud • et Pro ' e c to Bud e Executive Management Administration Extemal Affairs Finance Debt Service Total Expenditures TransfersOut Total Management Services Executive Management 6% $ 73,200 1,615,600 1,428,000 3,518,000 24,900 $ 507,300 $ 2,619,400 2,194,200 4,549,400 391,600 2,280,200 2,158,600 3,186,900 6,659,700 9,870,300 8,017,300 10,000,000 13,277,000 13,199,900 $ 16,659,700 $ 23,147,300 $ 21,217,200 Administration 29% Exte ma I Affa irs 22% Finance 43% $ 539,600 2,939,600 2,228,900 4,360,200 10,068,300 13,183,400 $ 23,251,700 Regional Programs Expenditures/Uses Planning and Programming Services Rail Maintenance and Operations Public and Specialized Transit CommuterAssistance Motorist Assistance Total Expenditures TransfersOut Total Regional Programs Planning and Programming 8% Rail Maintenance and ❑perations 16% FY2016/17 FY2017/18 Actual Revised Budgq=11 $ 2,541,000 24,298,600 82,798,500 2,686,100 4,177,200 116,501,400 22,855,100 $ 139,356,500 $ 13,007,100 36,283,500 122,719,100 4,143,000 4,693,900 180,846,600 29,722,800 210,569,400 FY 2017/ 18 Projectedigt 6,153,300 29, 059, 700 104,905,000 3,860,900 4,022,200 148,001,100 28,763,000 176,764,100 FY 2018/ 19 Budget 19,508,800 36,236,900 160,131,400 4,501,300 6,185,900 226,564,300 35,704,600 262,268,900 Public and Specialized Transit 71% Commuter Assistance 2% Motorist Assistance Capital Project Development & Delivery Expenditures/Uses FY 2016/ 17 Actual FY 2017/ 18 Revised Bud • et FY 2017/ 18 Pro'e c to d FY 2018/ 19 Bud et Percentage of Expenditures/ Uses Salariesand benefits Professional costs Support costs Projectsand operations: Program operations Engineering Construction Design build Right of way and land Local streetsand roads Regional arterials Other(specialstudies/operating & capital disbursements) Debt service Total Expenditures Transfersout Total Capital Project Development & Delivery $ 3,306,500 $ 3,606,400 $ 18,980,600 10,260,200 710,500 951,500 5,580,800 10,527,900 3,167,700 8,764,500 35,590,400 67,102,400 170,452,800 192,599,700 27,293,000 87,847,500 51,864,000 55,037,500 14,597,000 30,416,000 7,892,400 17,198,300 136,530,500 659,804,900 3,625,000 9,242,000 614,000 9,102,000 7,115,100 39,682,100 145,452,500 36,795,900 55,037,500 20,000,000 8,950,000 653,859,700 475,966,200 175,903,300 1,144,116,800 266,623,800 989,475,800 255,699,000 $ 651,869,500 $ 1,410,740,600 $ 1,245,174,800 $ 3,836,900 8,723,600 632,700 5,564,800 33,113,800 111,950,000 188,565,500 91,965,600 56,951,500 30,000,000 19,350,000 69,555,700 620,210,100 126,704,100 $ 746,914.200 0.51 % 1.17% 0.08% 0.75% 4.43% 14.99% 25.25% 12.31 % 7.62% 4.02% 2.59% 9.31 83.04% 16.96% 100.00% Capital Project Highlights 91 Project 1-15 Express Lanes 15/91 Express Lanes Connector -151Limonite interchange Mid County Parkway SR-60 Truck Climbing Lanes Toll Operations 1 FY2016/17 FY2017/18 FY2017/18 Actual Revised Bud • et Pro'ected Sources Local Reimbursements Tolls, Penalties, and Fees Investment Income Transfers In Total Sources Expenses/ Use s Saalariesand Benefits Professional Costs Support and Maintenance Costs Projectsand Operations Capital Outlay Debt Service Transfersout Total Expenses/Uses Excess(deficiency)of revenuesover(under) expenses/usesand otherfinancing sources (uses) Beginning Fund Balance Ending Fund Balance $ - $ 10,125,300 12,100 5,775,000 15,912,400 148,700 99,500 897,600 1,893,900 2,021,200 1,392,200 - $ 1,500,000 16,835,800 42,812,600 162,400 514,600 3,560,000 20,558,200 745,100 1,436,100 4,228,500 7,984,500 650,000 7,119,900 4,052,900 44,827,200 644,600 1,200,200 3,374,300 6,711,200 921,000 7,119,900 709,900 6,453,100 26,217,000 20,681,100 9,459,300 (5,658,800) 9,459,300 24,146,100 9,459,300 $ 9,459,300 $ 3,800,500 $ 33,605,400 FY 2018/ 19 Bud et $ 8,500,000 36,940,500 141,300 45,581,800 603,000 2,061,000 4,576,700 8,786,100 1,340,000 27,119,900 6,307,200 50,793,900 (5,212,100) 33,605,400 $ 28,393,300 la 'IF Function Breakdown FY 2016/ 17 FY 2017/ 18 FY 2017/ 18 Actual Revised Bud • et Pro'ected FY2018/19 Percentage of Bud • et Function Personnel Professional Support Projectsand operations Capital outlay Debt service Total Expenditures/Expenses Tra n sfe rs o u t Total Expenditures/Expenses/Uses $ 8,445,400 23,881,500 5,767,500 421,846,800 5,670,400 138,576,600 604,188,200 210,150,600 $ 814,338,800 $ 9,554,200 22,332,000 11,448,200 639,862,300 6,876,300 666,924,800 1,356,997,800 313,676,500 $ 1,670,674,300 $ 9,446,800 17,630,900 8,871,100 463,926,000 4,611,000 660,979,600 1,165,465,400 298,371,800 $ 1,463,837,200 $ 10,354,700 19,581,200 11,276,900 757,414,800 6,026,200 96,675,600 901,329,400 181,899,300 $ 1,083,228,700 83% 17% 100% Measure A Administrative Costs FY 2018/19 Budget 0 00% o Zy% 0 yo% o ly% 100010 12yo�o 'Oo% 1-0% Close public hearing Authorization and adoption Next Steps • Review the final budget document • Close the public hearing • Approve salary schedule effective 7/5/18 • Authorize use of 91 Express Lanes surplus revenue to fund TIFIA loan reserve • Adopt Resolution 18-004 to increase the Commission's health care premiums contribution • Adopt Proposed FY2018/19 Budget Continue monitorin • Measure A administrative salariesand benefits • Funding needsforprojectsand transit operations • Salestax and TUMF revenue trends • Timelinessof federal and state reimbursements J AGENDA ITEM 8A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 13, 2018 TO: Riverside County Transportation Commission FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Anne Mayer, Executive Director SUBJECT: Appropriations Limit for Fiscal Year 2018/19 STAFF RECOMMENDATION: This item is for the Commission to adopt Resolution 18-009, "Resolution of the Riverside County Transportation Commission Establishing the Annual Appropriations Limit", for Fiscal Year 2018/19. BACKGROUND INFORMATION: Section 7910 of the California Government Code implements Article XIIIB of the California Constitution by requiring each local jurisdiction to establish, by resolution, its appropriations limit for each fiscal year and to make documentation used to determine the appropriations limit available to the public 15 days prior to adoption of the resolution establishing the appropriations limit. Staff performed the calculations necessary to determine the limit. The resolution and documents supporting the calculation are attached. The Commission chose to use the percentage change in the California per capita personal income and population change within Riverside County as the factors in determining the appropriations limit. As required, the adoption of the Commission's FY 2018/19 Appropriations Limit was posted in the Press Enterprise, and the Desert Sun. Attachments: 1) Resolution No. 18-009 2) California Per Capita Income and Population, Riverside County— California Department of Finance Agenda Item 8A 7 ATTACHMENT 1 RESOLUTION NO. 18-009 "RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION ESTABLISHING THE ANNUAL APPROPRIATIONS LIMIT" WHEREAS, Article XIIIB of the California Constitution places an annual limitation upon appropriations from proceeds of taxes by each local government of the State of California; and WHEREAS, in 1988, pursuant to Article XIIIB, section 4 of the California Constitution, the Riverside County Transportation Commission (Commission) established its appropriations limit at $75 million for Fiscal Year 1988-1989 under Ordinance No. 88-1; and WHEREAS, Section 7910 of the California Government Code implements Article XIIIB of the California Constitution by requiring each local jurisdiction to establish, by resolution, its appropriations limit for each fiscal year and to make the documentation used in determining the appropriations limit available to the public fifteen days prior to adoption of the resolution establishing the appropriations limit; and WHEREAS, in accordance with Senate Constitutional Amendment No. 1 approved by the voters of the State effective June 6, 1990, beginning with FY 1990-1991 and for each fiscal year thereafter, the Commission's Board of Commissioners (Board) is required to select either the percentage change in California per capita personal income or the percentage change in the local assessment roll due to the addition of local non- residential construction, and either the population change within the Commission or the population change within Riverside County, as the two factors to be applied in calculating the appropriations limit for each fiscal year; and WHEREAS, this Board wishes to select, as factors in determining the Commission's appropriation limit for FY 2018-2019 the percentage change in California per capita personal income and also the population change within Riverside County; and WHEREAS, this Commission has documented its calculations of the Commission's appropriations limit for FY 2018-2019 and said calculations have been made available to the public at least fifteen days prior to the adoption of this resolution. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Riverside County Transportation Commission as follows: 1. For FY 2018-2019, the factors selected for calculating the appropriations limit are (a) the percentage change in California per capita personal income, and (b) the population change within the County of Riverside. 8 2. The appropriations limit applicable to this Agency pursuant to Article XIIIB of the California Constitution for FY 2018-2019 are hereby established and determined to be $464,186,785. 3. A copy of the documentation used in the determination of the appropriations limit for FY 2018-2019 shall be affixed hereto and shall be available for public inspection. 4. Pursuant to Section 7910 of the California Government Code, any judicial action or proceeding to attack, review, set aside, void, or annul the establishment of the appropriations limit as set forth herein must be commenced within 45 days of the adoption of this resolution. ADOPTED this 13th day of June 2018. Dana W. Reed, Chair Riverside County Transportation Commission ATTEST: Lisa Mobley, Clerk of the Board Riverside County Transportation Commission 9 ATTACHMENT 2 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2018/ 19 APPROPRIATIONS WAIT 2017/18 Appropriations Limit $ 441,572,195 2018/ 19 adjustment Change in California per capita personal income Per capita cost of living converted to a ratio: Change in population, Riverside County Population converted to a ratio: Calculation of factorfor FY2018/19: 3.67% 1.0367 1.40% 1.0140 Per capita cost of living ratio $ 1.0367 Population ratio 1.0140 FY 2018/ 19 factor 1.0512138 2017/ 18 Appropriations Limit FY2018/19factor $ 441,572,195 1.0512138 2018/ 19 Appropriations Limit $ 464,186,785 Source: California per capita income -California Department of Finance Population, Riverside County -California Department of Finance 10 ATTACHMENT 3 ENT p. A'� ^ ti a " z w MI a O DEPARTMENT OF CqC/FORN�P F N A N C E OFFICE OF THE DIRECTOR EDMUND G. BROWN JR. GOVERNOR STATE CAPITOL ■ ROOM 1145 ■ SACRAMENTO CA ■ 95E11 4-4998 ■ WWW.DOF.CA.GOV May 2018 Dear Fiscal Officer: Subject: Price Factor and Population Information Appropriations Limit California Revenue and Taxation Code section 2227 requires the Department of Finance to transmit an estimate of the percentage change in population to local governments. Each local jurisdiction must use their percentage change in population factor for January 1, 2018, in conjunction with a change in the cost of living, or price factor, to calculate their appropriations limit for fiscal year 2018-19. Attachment A provides the change in California's per capita personal income and an example for utilizing the price factor and population percentage change factor to calculate the 2018-19 appropriations limit. Attachment B provides the city and unincorporated county population percentage change. Attachment C provides the population percentage change for counties and their summed incorporated areas. The population percentage change data excludes federal and state institutionalized populations and military populations. Population Percent Change for Special Districts Some special districts must establish an annual appropriations limit. California Revenue and Taxation Code section 2228 provides additional information regarding the appropriations limit. Article XIII B, section 9(C) of the California Constitution exempts certain special districts from the appropriations limit calculation mandate. The code section and the California Constitution can be accessed at the following website: http://leginfo.legislature.ca.gov/faces/codes.xhtml. Special districts required by law to calculate their appropriations limit must present the calculation as part of their annual audit. Any questions special districts have on this requirement should be directed to their county, district legal counsel, or the law itself. No state agency reviews the local appropriations limits. Population Certification The population certification program applies only to cities and counties. California Revenue and Taxation Code section 11005.6 mandates Finance to automatically certify any population estimate that exceeds the current certified population with the State Controller's Office. Finance will certify the higher estimate to the State Controller by June 1, 2018. Please Note: The prior year's city population estimates may be revised. If you have any questions regarding this data, please contact the Demographic Research Unit at (916) 323-4086. MICHAEL COHEN Director By: AMY M. COSTA Chief Deputy Director Attachment 11 May 2018 Attachment A A. Price Factor: Article XI II B specifies that local jurisdictions select their cost of living factor to compute their appropriation limit by a vote of their governing body. The cost of living factor provided here is per capita personal income. If the percentage change in per capita personal income is selected, the percentage change to be used in setting the fiscal year 2018-19 appropriation limit is: Per Capita Personal Income Fiscal Year (FY) Percentage change over prior year 2018-19 3.67 B. Following is an example using sample population change and the change in California per capita personal income as growth factors in computing a 2018-19 appropriation limit. 2018-19: Per Capita Cost of Living Change = 3.67 percent Population Change = 0.78 percent Per Capita Cost of Living converted to a ratio: 3.67 + 100 = 1.0367 100 Population converted to a ratio: 0.78 + 100 = 1.0078 100 Calculation of factor for FY 2018-19: 1.0367 x 1.0078 = 1.0448 12 Fiscal Year 2018-19 County City Riverside Banning Beaumont Blythe Calimesa Canyon Lake Cathedral City Coachella Corona Desert Hot Springs Eastvale Hemet Indian Wells Indio Jurupa Valley Lake Elsinore La Quinta Menifee Moreno Valley Murrieta Norco Palm Desert Palm Springs Perris Rancho Mirage Riverside San Jacinto Temecula Wildomar Unincorporated County Total Attachment B Annual Percent Change in Population Minus Exclusions* January 1, 2017 to January 1, 2018 and Total Population, January 1, 2018 Percent Change 2017-2018 --- Population Minus Exclusions --- 1-1-17 Total Population 1-1-18 1-1-2018 0.36 31,170 31,282 31,282 3.22 46,730 48,237 48,237 2.74 13,203 13,565 19,389 3.61 8,567 8,876 8,876 1.25 10,882 11,018 11,018 0.91 54,249 54,744 54,791 0.80 45,273 45,635 45,635 1.05 166,819 168,574 168,574 1.35 29,347 29,742 29,742 1.78 63,720 64,855 64,855 0.91 82,417 83,166 83,166 0.45 5,549 5,574 5,574 1.44 86,632 87,883 87,883 2.31 103,661 106,054 106,054 1.41 62,342 63,220 63,365 1.48 40,605 41,204 41,204 2.62 89,552 91,902 91,902 1.64 204,285 207,629 207,629 1.56 111,793 113,541 113,541 -0.16 24,221 24,183 26,761 1.37 52,058 52,769 52,769 1.16 47,157 47,706 47,706 0.68 77,311 77,837 77,837 0.86 18,579 18,738 18,738 0.83 323,131 325,801 325,860 1.23 47,560 48,146 48,146 1.02 112,040 113,181 113,181 1.13 35,882 36,287 36,287 1.77 378,897 385,598 385,953 1.40 2,373,632 2,406,947 2,415,955 "Exclusions include residents on federal military installations and group quarters residents in state mental institutions, state and federal correctional institutions and veteran homes. 13 AGENDA ITEM 8B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 13, 2018 TO: Riverside County Transportation Commission FROM: Michele Cisneros, Deputy Director of Finance THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Sales Tax Analysis STAFF RECOMMENDATION: This item is for the Commission to receive and file the sales tax analysis for Quarter 4, 2017 (4Q 2017). BACKGROUND INFORMATION: At its December 2017 meeting, the Commission awarded an agreement with MuniServices, LLC (MuniServices), an Avenu Company, for quarterly sales tax reporting services plus additional fees contingent on additional sales tax revenues 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 audits, which reported findings and submitted to the California Department of Tax and Fee Administration (CDTFA), as successor to the California State Board of Equalization, for review and determination of errors in sales tax reporting related to 755 businesses. Through 3Q 2017, the CDTFA approved 532 of these accounts for a cumulative sales tax recovery of $8,503,853. Updated amounts for 4Q 2017 will be provided once received from MuniServices. If CDTFA concurs with the error(s) for the remaining claims, the Commission will receive additional revenues; however, the magnitude of the value of the remaining findings was not available. It is important to note that while the recoveries of additional revenues will be tangible, it will not be sufficient to alter the overall trend of sales tax revenues. Additionally, MuniServices provided the Commission with the quarterly sales tax summary report for 4Q 2017. Most of the 4Q 2017 Measure A sales tax revenues were received in the first quarter of calendar year 2018, January 2018 through March 2018, due to a lag in the sales tax calendar. The summary section of the 4Q 2017 report is attached and includes an overview of California's economic outlook, local results, historical cash collections analysis by quarter, top 25 sales/use tax contributors, historical sales tax amounts, annual sales tax by business category, five-year economic trend for significant business category (general retail), final results, and MuniServices' on -going audit results. Agenda Item 8B 14 Taxable transactions for the top 25 contributors in Riverside County generated 23.2 percent of taxable sales for the benchmark year ended 4Q 2017, comparable to the 22.7 percent for the benchmark year ended 4Q 2016. The top 100 tax contributors generated 38.1 percent, slightly higher than the 37.1 percent for the benchmark year ended 4Q 2016. In the Economic Category Analysis below, all six categories experienced new highs in the 4Q 2017 benchmark year compared to the prior seven benchmark years. % of Total / % Change RCTC State Wide ECONOMIC Orange County CATEGORY San Bernardino County ANALYSIS S.F. Bay Area Sacramento Valley Central Valley South Coast North Coast Central Coast General Retail 28.3 / 1.7 27.6 / 1.1 29.0 / 1.3 26.2 / 3.7 25.6 / -0.8 26.7 / 1.4 30.7 / 4.8 28.3 / 0.5 27.4 / -1.3 29.7 / -7.4 Food Products 17.6/4.2 21.1/3.6 20.6/3.8 15.5/4.6 22.4/2.7 17.5/5.2 16.5/4.2 22.6/3.7 18.4/1.5 30.9/-5.7 Transportation 25.3 / 5.1 23.8 / 4.3 23.4 / 3.9 27.2 / 1.5 21.4 / 6.3 28.3 / 6.0 25.9 / 6.2 23.1 / 2.8 30.7 / 6.4 23.8 / 10.5 Construction 10.8 / 8.8 9.7/4.8 9.1/4.7 8.8/-7.8 9.9/5.0 12.5/8.0 12.0/5.8 8.5/5.6 14.3/8.3 8.6/-13.3 Business to Business 15.6/1.6 16.5/3.5 16.9/2.7 20.0/2.5 19.5/0.9 13.7/7.0 13.3/14.6 16.2/2.5 8.1/2.1 6.0/-6.3 Miscellaneous 2.4 / 10.4 1.3/3.3 1.0/1.4 2.2/44.5 1.2/-6.7 1.1/-8.4 1.5/-0.3 1.2/1.5 1.0/-3.4 0.9/-12.3 Total 100.0 / 3.9 100.0/3.1 100.0/2.9 100/2.5 100.0/2.2 100.0/4.8 100.0/6.3 100.0/2.5 100.0/3.1 100.0/-3.7 General Retail: Apparel Stores, Department Stores, Furniture/Appliances, Drug Stores, Recreation Products, Florist/Nursery, and Misc. Retail Food Products: Restaurants, Food Markets, Liquor Stores, and Food Processing Equipment Construction: Building Materials Retail and Building Materials Wholesale Transportation: Auto Parts/Repair, Auto Sales - New, Auto Sales - Used, Service Stations, and Misc. Vehicle Sales Business to Business: Office Equip., Electronic Equip., Business Services, Energy sales, Chemical Products, Heavy Industry, Light Industry, and Leasing Miscellaneous: Health & Government, Miscellaneous Other, and Closed Account Adjustments An analysis of sales tax performance by quarter through 4Q 2017 is attached and illustrates fairly consistent cycles for sales tax performance for most of the economic categories since 4Q 2012. For 8 of the top 10 segments (auto sales -new, restaurants, department stores, miscellaneous retail, building materials -wholesale, apparel stores, food markets, and building materials -retail) during the eight benchmark year quarters, sales tax receipts reached a new high point. The 8 segments represent 61.4 percent of the total sales tax receipts. Service stations representing 7.7 percent was higher than the benchmark year quarter 4Q 2016, but lower for the previous five benchmark year quarters. Light industry representing 4.3 percent was higher than the benchmark year quarter 4Q 2016, but lower for the previous five benchmark year quarters due to completion of renewable energy developments in Riverside County. The top 10 segments represent 73.4 percent of the total sales tax receipts. For the other 19 segments representing 26.6 percent of the total sales tax receipts, 13 segments representing 17.8 percent of the total sales tax receipts reached new high points in the benchmark year 4Q 2017. In the Economic Segment Analysis below, auto sales -new, restaurants, and department stores represent the largest segments for Riverside County, or 32.9 percent of total sales tax receipts. This is the twenty first consecutive quarter since 4Q 2008, that auto sales -new and department stores have been in the top three economic segments. Restaurants replaced service stations in the top three economic segments beginning in 4Q 2014. The service stations segment high occurred in 4Q 2012 and declined through 4Q 2016 due to lower fuel prices; the 4Q 2017 benchmark year for service stations reflects an increase due to rising fuel prices. Agenda Item 8B 15 ECONOMIC SEGMENT ANALYSIS RCTC State Wide Orange County San Bernardino County S.F. Bay Area Sacramento Valley Central Valley South Coast North Coast Central Coast Largest Segment Auto Sales - New Restaurants Restaurants Restaurants Restaurants Auto Sales - New Department Stores Restaurants Auto Sales - New Restaurants %ofTotal /%Change 11.5/4.0 15.0/4.0 15.1/4.6 10.3/4.7 15.9/2.6 12.3/3.3 12.9/3.1 16.6/4.4 12.1/5.3 21.8/-6.7 2nd Largest Segment Restaurants Auto Sales - New Auto Sales - New Department Stores Auto Sales - New Restaurants Auto Sales - New Auto Sales - New Service Stations Auto Sales - New %ofTotal /%Change 11.5 / 4.1 11.1/2.7 11.8/3.2 10.1/4.9 11.1/5.6 11.6/5.3 10.7/5.9 11.0/0.6 11.0/13.6 11.6/20.9 3rd Largest Segment Department Stores Department Stores Department Stores Auto Sales- New Department Stores Department Stores Restaurants Department Stores Restaurants Misc. Retail %ofTotal /%Change 9.9 / 2.1 9.1/2.4 8.8/0.6 9.8/2.2 7.4/1.6 10.5/3.7 10.7/4.2 8.8/1.6 10.7/2.1 10.0/-6.1 During the review of the 4Q 2017 detailed report with MuniServices, information regarding sales tax comparison by city and change in economic segments (two highest and two highest losses) from 4Q 2017 to 4Q 2016 was provided and is attached. Staff continues to monitor monthly sales tax receipts and other available economic data to determine the need for any adjustments to the revenue projections. Staff will utilize the forecast scenarios included with the complete report and receipt trends in assessing such projections. Attachments: 1) Sales Tax Digest Summary 4Q 2017 2) Sales Tax Performance by Quarter 4Q 2017 3) Quarterly Sales Tax Change Comparison by City for 4Q 2017 to 4Q 2016 Agenda Item 8B 16 ATTACHMENT 1 Riverside County Transportation Commission Sales Tax Digest Summary Collections through March 2018 Sales through December 2017 (2017Q4) CALIFORNIA'S ECONOMIC OUTLOOK California sales tax receipts increased by 3.7% over the same quarter from the previous year, with Northern California reporting a 4.3% increase compared to 1.9% for Southern California. Receipts for the RCTC changed by 3.8% over the same periods. • Real gross domestic product (GDP) increased at an annual rate of 2.9% in the fourth quarter of 2017, according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2%. (BEA) • Holiday 2017 Retail Sales Between November 1 and December 24: Up 4.9% for 2017, setting a record for dollars spent. This is the largest year -over -year increase since 2011. Online shopping also saw large gains of 18.1% compared to 2016. (Mastercard) • Unemployment (California and the US): Rate fell to 4.3% in December. The U.S. rate held at 4.1% in December and remained 4.1% in January 2018. • Retail Sales and Use Tax for January: $43 million below the month's forecast of $2.790 billion - a decrease of 1.5%. January receipts includes the final payment for fourth quarter sales, which was due on January 31. Year-to-date sales tax revenues are $35 million below forecast. (DOF) LOCAL RESULTS Net Cash Receipts Analysis Local Collections Share of County Pool 0.0% Share of State Pool 0.0% SBE Net Collections Less: Amount Due County 0.0% Less: Cost of Administration Net 4Q2017 Receipts Net 4Q2016 Receipts Actual Percentage Change $48,398,700 0 0 48,398,700 .00 (506,280) 47,892,420 46,147, 211 3.8 % Business Activity Performance Analysis Local Collections Less: Payments for Prior Periods Preliminary 4Q2017 Collections Projected 4Q2017 Late Payments Projected 4Q2017 Final Results Actual 4Q2016 Results Projected Percentage Change $48,398,700 (1,964,219) 46,434,481 1,528,525 47,963,006 46,329,761 3.5% www.avenuinsights.com (800) 800-8181 Page 1 17 RCTC HISTORICAL CASH COLLECTIONS ANALYSIS BY QUARTER $50,000 548,000 $46,000 .01 i+ a 0.3 °; $44,000 m re .. m Z Suva) (in thousands of $) $540 $530 $520 $510 $5oo $490 $36,000 ' $480 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 Net Receipts t5130E Admin Fees Due fA m m LL C E a TOP 25 SALES/USE TAX CONTRIBUTORS The following list identifies RCTC's Top 25 Sales/Use Tax contributors. The list is in alphabetical order and represents sales from January 2017 to December 2017. The Top 25 Sales/Use Tax contributors generate 20.5% of RCTC's total sales and use tax revenue. 7-ELEVEN FOOD STORES AMAZON.COM ARCO AM/PM MINI MARTS BEST BUY STORES CARMAX THE AUTO SUPERSTORE CHEVRON SERVICE STATIONS CIRCLE K FOOD STORES COSTCO WHOLESALE DEPT OF MOTOR VEHICLES HOME DEPOT JACK IN THE BOX KOHL'S LOWE'S HOME CENTERS MACY'S DEPARTMENT STORE MCDONALD'S RALPH'S GROCERY COMPANY ROSS STORES SAM'S CLUB SHELL SERVICE STATIONS STATER BROS MARKETS TARGET STORES UNION 76 SERVICE STATIONS USA SERVICE STATIONS VERIZON WIRELESS WAL MART STORES www.avenuinsights.com (800) 800-8181 18 Page 2 RCTC HISTORICAL SALES TAX AMOUNTS The following chart shows the sales tax level from sales through December 2017, the highs, and the lows for each segment over the last two years. (In thousands of $) ■ 40,2017 ■ High • Low $25,000 - $20,000 - $15,000 $10,000 $5,000 $0 i ` 4,N% t*. a' VI) 5 ANNUAL SALES TAX BY BUSINESS CATEGORY 4QZ017 3011017 2=17 1QZ017 4=316 3Q2016 2Q2016 10, 016 4Q2.015 3QZ015 50,750 50,579 316.6 31,119 50,245 30,683 50.013 a9,411 48,410 48,162 47.785 30,366 Z9.9(13 29.507 29,174 28,721 (In thousands of$) 45,352 44,970 44,416 1 i 1 e blot 40)4i 19,232 28,011 18,842 27,633 18,383 27,714 43,945 17.809 27,556 43,349 43.410 17,683 27,417 1/,6I6 1I,348 t_. 26.680 26,140 17,149 25.897 28,280 43,305 16,801 25.848 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 5140,000 $160,000 $180,000 5200,000 ■ General Retail ■ rood Products ■ Transportation ■ Construction ■ Business To Business ■ Miscellaneous www.avenuinsights.com (800) 800-8181 19 Page 3 RCTC FIVE-YEAR ECONOMIC TREND: General Retail $16,000 $14,000 S12,000 $10,000 $8,000 $6,000 $4,000 $2,000 (in thousands of $) $0 N :1 M M Ch 3" 3 3 n n N N n b n n n n n A 1� rl rl et rl rl rl rl rl rl ed ed rl rl ed a -I a -I ed rl ed rl rl a N N KF a N N NI 1 rl N KF a a-1 N i'h a ri N IrF 1 FINAL RESULTS: January 2017 - December 2017 Sales Local Net Cash Collections Less: Pool Amounts Less: Prior Quarter Payments Add: Late Payments Local Net Economic Collections after Adjustments Percent Change from January 2016 — December 2016 Sales MUNISERVICES' ON -GOING AUDIT RESULTS This Quarter $293,993 Total to Date $8,503,853 $43,469,380 ($-506,280) ($2,147,424) $1, 685, 049 $43,513,285 UP BY 3.4% www.avenuinsights.com (800) 800-8181 20 Page 4 RCTC: Sales Tax Performance Analysis by Quarter ATTACHMENT 2 TOTAL TOTAL $60,000,000 $50, 000, 000 $40, 000, 000 $30, 000, 000 $20, 000, 000 $10,000,000 $o a 0- 0- 0- 0- Cr 0- a 0- 0- 0- a by N., ^r ^rt. ^rt. by tih ^r ^r y y Q1 Economic CATEGORY TOTAL $16,000,000 2017Q4 QoQ %4 QoQ $A YoY %A YoY $A $47,962,686 3.5% $1,633,862 3.9% $6,718,725 $14, 000, 000 GENERAL RETAIL 2017Q4 QoQ%4 QoQ $A YoY %A YoY $A 15 086 174 0.6% $88,243 1.7% $824,190 $12,000,000 ° of 2017Q4 Total: 31.5% FOOD PRODUCTS $10,000,000 2017Q4 QoQ %A QoQ $A YoY %A YoY $A $8,049,987 3.2% $252,631 4.2% $1,288,356 % of Total: 16.8% $8, 000, 000 'TRANSPORTATION $11,360,733 2017Q4 QoQ %A QoQ $A YoY %A YoY $A $6,000,000 4.0% $438,395 5.1% $2,207,788 % of Total: 23.7% $4,000,000 CONSTRUCTION 2017Q4 Q0Q %A QoQ $A YoY %A YoY $A $4,864,678 8.8% $394,031 8.8% $1,563,199 $2,000,000 %of Total: 10.1% $o BUSINESS TO BUSINESS 2017Q4 Q0Q %A QoQ $A YoY %A YoY $A $7,457,518 5.1% $359,019 1.6% $432,121 % of Total: 15.5% QoQ = 17Q4 / 16Q4 YoY = YE 17Q4 / YE 16Q4 21 Quarterly Comparison of 2016Q4 and 2017Q4 ( October thru December Sales ) ATTACHMENT 3 General Retail c a m Oct - Dec 2017 (2017Q4) Oct - Dec 2016 (2016Q4) % Chg Gain Gain Decline Decline RIVERSIDE COUNTY _ BANNING 20.9% 3.1% 21.9% 30.7% -4.2% 25.3% 633,267 543,705 16.5% Auto Sales - New Service Stations Heavy Industry Recreation Products BEAUMONT -2.4% 1.0% 9.8% 2.8% -7.5% 27.0% 1,143,496 1,136,594 0.6% Leasing Service Stations Light Industry Heavy Industry BLYTHE -10.5% -0.4% 5.8% -2.5% 146.5% -6.7% 421,410 369,946 13.9% Light Industry Auto Sales - New Department Stores Restaurants CALIMESA -14.0% -47.2% -40.5% -53.2% -53.8% -78.7% 189,783 330,963 -42.7% Miscellaneous Retail Misc. Vehicle Sales Service Stations Restaurants CANYON LAKE -26.3% 23.4% -28.8% -17.7% -10.5% -13.4% 52,076 54,763 -4.9% Restaurants Food Markets Auto Sales - Used Misc. Vehicle Sales CATHEDRAL CITY 6.1% 4.6% 2.5% 1.5% 5.5% -43.9% 2,078,704 2,015,471 3.1% Auto Sales - New Service Stations Miscellaneous Other Auto Parts/Repair COACHELLA 6.7% 6.4% -6.8% -4.8% 21.6% 294.3% 779,473 763,258 2.1% Closed Acct-Adjustmt Energy Sales Service Stations Auto Sales - Used CORONA 0.3% 4.4% 13.3% 9.4% -5.6% 1868.1% 9,956,230 9,077,704 9.7% Miscellaneous Other BIdg.Matls-Whsle Business Services Office Equipment DESERT HOT SPRINGS -0.6% 3.2% 15.5% 17.0% -16.8% 58.0% 339,853 316,163 7.5% Service Stations Restaurants Department Stores Light Industry EASTVALE -2.9% 0.9% 14.8% -8.7% 20.69' 11.2% 1,897,494 1,831,552 3.6% Business Services Heavy Industry BIdg.Matls-Whsle Miscellaneous Retail HEMET -3.0% 0.4% 2.3% 2.9% 9.2% 15.5% 2,639,681 2,611,893 1.1% Auto Sales - New Service Stations Auto Parts/Repair Energy Sales INDIAN WELLS -23.3% -4.7% -100.0% 301.0% 12.5% -68.4% 226,820 244,151 -7.1% Business Services Food Markets Restaurants Miscellaneous Retail INDIO -19.6% -15.7% 6.0% -7.5% 18.9% -41.4% 2,538,687 2,693,354 -5.7% Auto Sales - New Light Industry Department Stores Restaurants JURUPA VALLEY 16.9% 1.9% 11.7% 9.1% 2.49' -37.6% 2,543,919 2,362,489 7.7% Service Stations Miscellaneous Retail Misc. Vehicle Sales Department Stores LA QUINTA 10.1% 5.4% 6.6% -3.6% -8.9% 37.1% 2,225,194 2,090,710 6.4% Department Stores Restaurants BIdg.Matls-Retail Leasing LAKE ELSINORE 2.3% 6.7% -1.9% -16.4% 34.3% -54.1% 2,230,656 2,209,958 0.9% Department Stores Food Markets Auto Sales- New BIdg.Matls-Whsle MENIFEE 3.7% 9.1% 5.5% 6.5% 14.7% 35.2% 1,841,507 1,725,270 6.7% Food Markets BIdg.Matls-Retail BIdg.Matls-Whsle Business Services MORENO VALLEY 4.7% 4.9% 6.8% 8.2% -4.5% 19.7% 4,599,935 4,384,217 4.9% Service Stations Department Stores Chemical Products Light Industry MURRIETA -0.7% -0.3% 37.3% 11.3% 8.3% 39.7% 3,970,203 3,583,723 10.8% Auto Sales - Used Light Industry Leasing Recreation Products NORCO 2.2% 5.1% 3.1% -2.3% -15.8% 25.9% 1,525,324 1,498,304 1.8% Service Stations Furniture/Appliance Light Industry Auto Sales - New PALM DESERT 0.1% 5.1% -3.0% 10.9% -8.7% 18.2% 4,774,719 4,702,180 1.5% Restaurants BIdg.Matls-Whsle Auto Sales- New Leasing PALM SPRINGS -0.4% 8.6% 0.6% 4.9% 5.5% -4.7% 3,009,757 2,896,114 3.9% Restaurants Service Stations Auto Sales - New Miscellaneous Retail PERRIS 63.7% 21.2% 18.4% -0.3% 5.3% 1.9% 3,995,080 3,155,717 26.6% Furniture/Appliance Service Stations Electronic Equipment Apparel Stores RANCHO MIRAGE 1.1% 7.8% -5.2% -9.7% 26.3% -14.3% 1,282,537 1,253,411 2.3% Restaurants Business Services Auto Sales- New BIdg.Matls-Retail RIVERSIDE -6.4% 0.8% -1.1% 21.7% 5.4% -5.7% 14,446,276 14,331,144 0.8%BIdg.Matls-Whsle Service Stations Auto Sales - New Department Stores SAN JACINTO -2.4% 8.1% 17.8% 6.4% 41.0% -15.1% 689,841 646,772 6.7% Service Stations Food Markets Department Stores Florist/Nursery TEMECULA -1.7% 2.8% 3.3% 11.7% 1.9% -23.2% 8,640,298 8,489,212 1.8% Light Industry Auto Sales - New Office Equipment Recreation Products WILDOMAR 0.9% 7.0% 5.3% 1.1% -30.2% -3.9% 391,248 379,416 3.1% Service Stations Food Markets Office Equipment Misc. Vehicle Sales RIVERSIDE COUNTY 2.4% 1.3% 3.3% 7.7% 27.7% 6.2% 7,075,474 6,725,807 5.2% Service Stations BIdg.Matls-Whsle Auto Parts/Repair Recreation Products Non -Confidential MuniServices 22 AGENDA ITEM 8C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: June 13, 2018 TO: Riverside County Transportation Commission FROM: Megan Kavand, Senior Financial Analyst Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Investment Report STAFF RECOMMENDATION: This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended March 31, 2018. BACKGROUND INFORMATION: Prior to Fiscal Year 2013/14, the Commission's quarterly investment reports reflected investments primarily concentrated in the Riverside County Pooled Investment Fund (RCPIF). Other investments included the state Local Agency Investment Fund and mutual funds. As a result of significant project financings such as the State Route 91 Corridor Improvement Project (91 Project or 91 CIP) and the Interstate 15 Express Lanes Project (1-15 ELP), the Commission determined it would be prudent 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. In May 2013, following a competitive procurement, the Commission awarded two investment management services agreements to Logan Circle Partners, L.P. (Logan) for the 91 Project's proceeds generated from the issuance of sales tax revenue bonds and toll revenue bonds and to Payden & Rygel Investment Management (Payden & Rygel) for Commission operating funds. At its April 2017 meeting and based on a competitive procurement, the Commission awarded an investment management services agreement to Logan related to the issuance of the sales tax revenue bonds for the 1-15 ELP. Commencing in July 2013, Logan invested the 91 Project debt proceeds and subsequent 91 Project equity contributions in separate accounts of the Short -Term Actively Managed Program (STAMP). Consistent with financing expectations, the Commission expended substantially all of the 91 Project debt proceeds and equity contributions, except for the toll revenue bonds debt service reserve and the sales tax revenue bonds capitalized interest funds. The Commission authorized Payden & Rygel to make specific investments for the Commission's operating funds beginning with the third quarter of FY 2014/15. Agenda Item 8C 23 In July 2017, the 1-15 ELP project and 91 Project completion financing (2017 Financing) was completed and sales tax bond proceeds approximating $154.6 million were received. Logan invested the 2017 Financing debt proceeds in accounts of a separate STAMP portfolio during the first quarter of FY 2017/18. The quarterly investment report for the third quarter of FY 2017/18, as required by state law and Commission policy, reflects the investment activities resulting from the 91 Project, 2017 Financing, and available operating cash. The quarterly investment report includes the following information: • Investment Portfolio Report; • 91 CIP STAMP Portfolio by Investment Category; • 91 CIP STAMP Portfolio by Account; • 91 CIP STAMP Portfolio Transaction Report by Account; • 91 CIP STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio by Investment Category; • 2017 Financing STAMP Portfolio by Account; • 2017 Financing STAMP Portfolio Transaction Report by Account; • 2017 Financing STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio Sales Tax Revenue Fund Summary of investment by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio 1-15 ELP Sales Tax Senior Lien TIFIA Project Fund Summary of investment by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio Ramp Up Fund Summary of investment by credit rating, industry group, asset class, security type, and market sector; • Logan Circle Partners, L.P. Short Duration First Quarter 2018 Review; • Payden & Rygel Operating Portfolio by Investment Category; • Payden & Rygel Operating Portfolio Transaction Report; • Payden & Rygel Operating Portfolio First Quarter 2018 Review; and • County of Riverside Investment Report for the Quarter Ended March 31, 2018. The Commission's investments were in full compliance with the Commission's investment policy adopted on December 13, 2017, and investments securities permitted under the indenture for the Commission's sales tax revenue bonds and the master indenture for the Commission's toll revenue bonds. Additionally, the Commission has adequate cash flows for the next six months. Agenda Item 8C 24 Attachments: 1) Investment Portfolio Report 2) 91 CIP STAMP Portfolio by Investment Category 3) 91 CIP STAMP Portfolio by Account 4) 91 CIP STAMP Portfolio Transaction Report by Account 5) 91 CIP STAMP Portfolio Summary of Investments 6) 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of Investments 7) 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of investments 8) 2017 Financing STAMP Portfolio by Investment Category 9) 2017 Financing STAMP Portfolio by Account 10) 2017 Financing STAMP Portfolio Transaction Report by Account 11) 2017 Financing STAMP Portfolio Summary of Investments 12) 2017 Financing STAMP Portfolio Sales Tax Revenue Fund Summary of Investments 13) 2017 Financing STAMP Portfolio 1-15 ELP Sales Tax Senior Lien TIFIA Project Fund Summary of Investments 14) 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments 15) Payden & Rygel Operating Portfolio by Investment Category 16) Payden & Rygel Operating Portfolio Transaction Report 17) Logan Circle Partners, L.P. Short Duration Quarterly Review 18) Payden & Rygel Operating Portfolio Quarterly Review 19) County of Riverside Investment Report Agenda Item 8C 25 ATTACHMENT 1 Riverside County Transportation Commission Investment Portfolio Report Period Ended: March 31, 2018 RATING COUPON PAR PURCHASE MATURITY YIELD TO PURCHASE MARKET UNREALIZED FAIR VALUE MOODYS / S&P RATE VALUE DATE DATE MATURITY COST VALUE GAIN (LOSS) OPERATING FUNDS City National Bank Deposits 16,121,938 A3/BBB+ N/A N/A County Treasurer's Pooled Investment Fund 426,041,173 Aaa-bf/AAA-V1 N/A 1.55% Local Agency Investment Fund (LAIF) 3,702,595 N/A N/A N/A Subtotal Operating Funds 445,865,707 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund 82,765,542 Aaa-bf/AAA-V1 N/A 1.55% Subtotal Funds Held in Trust 82,765,542 COMMISSION MANAGED PORTFOLIO US Bank Payden & Rygel Operating 50,839,673 See attached report for details First American Government Obligation Fund 53,324,597 N/A N/A N/A Subtotal Commission Managed Portfolio 104,164,269 STAMP PORTFOLIO for 91 CIP Series A & Series B Reserve Fund Sales Tax Revenue Capitalized Interest Fund Residual Fund Required Retained Balance Subtotal STAMP Portfolio - 91 CIP STAMP PORTFOLIO for 2017 Financing Sales Tax 115 ELP Project Revenue Fund Sales Tax Revenue Fund Ramp Up Fund Subtotal STAMP Portfolio - 2017 Financing 17,732,101 792,838 3,278,697 21,803,636 83,948,586 25,416,178 7,820,608 117,185,372 TOTAL All Cash and Investments E 771,784,527 $500,000,000 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $- 2.29% 13.50 10.88 % 10.72 % 57.77% Nature of Investments ■ STAMP Portfolio for 91 CIP Reserve ■ STAMP Portfolio for 91 CIP Capitalized Interest ■ STAMP Portfolio for 91 CIP Residual Fund ■ STAMP Portfolio for 2017 Financing 115 ELP Project Revenue Fund ■ STAMP Portfolio for 2017 Financing Revenue Fund ■ STAMP Portfolio for 2017 Financing Ramp Up Fund ■ Commission Managed Portfolio ■ Trust Funds ■ Operating Funds See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details 0.121 Money Market Funds 24.38% Fixed Income 0.48% LAIF 6.91% Mutual Funds 68.01% County Pool/Cash 26 ATTACHMENT 2 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended March 31, 2018 Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating 256350023 LC -Sr Lien Reserve Fund-1 3I37EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 -- 950,000.00 942,921.50 --- 943,245.50 (6,414.89) 2.375 2.573 AAA 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 Agency Federal National Mortgage Association 06/22/2020 05/06/2015 600,000.00 593,490.00 --- 588,390.00 (8,712.27) 1.500 2.397 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I37EADR7 Agency Federal Home Loan Mortgage Corporation 05/01/2020 05/15/2015 475,000.00 471,527.75 --- 465,742.25 (7,766.18) 1.375 2.337 AAA 256350021 LC-RCTC 2013 Residual Fund 313385VL7 Agency FHLBanks Office of Finance 04/12/2018 03/29/2018 100,000.00 99,933.50 --- 99,954.00 6.25 0.000 1.292 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I36A72D3 Agency CMO Federal National Mortgage Association 04/25/2022 07/03/2013 358,757.85 340,819.96 -- 353,545.10 2,508.87 2.482 2.974 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 --- 379,000.00 366,344.03 --- 371,988.50 (935.39) 2.396 2.849 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO The Government National Mortgage Association Guarantt 06/16/2039 -- 95,157.39 98,144.26 -- 97,394.54 (198.38) 4.500 2.273 AAA 256350023 LC -Sr Lien Reserve Fund-1 31395EZP5 Agency CMO Federal Home Loan Mortgage Corporation 08/15/2019 07/09/2013 14,244.42 15,070.15 --- 14,368.48 (60.55) 4.500 2.156 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377JZ89 Agency CMO The Government National Mortgage Association Guarantt 10/20/2039 07/05/2013 64,550.98 66,525.33 -- 65,234.57 (571.34) 3.500 2.886 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376GB33 Agency CMO The Government National Mortgage Association Guarantt 10/16/2044 01/23/2015 174,842.41 179,469.67 --- 175,129.15 (953.01) 3.500 2.969 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376T5Z1 Agency CMO The Government National Mortgage Association Guarantt 01/16/2039 01/26/2015 96,706.36 101,033.97 -- 96,653.17 (3,351.34) 3.000 2.993 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378TAF7 Agency CMO The Government National Mortgage Association Guarantt 07/20/2041 07/05/2013 151,768.55 151,791.43 --- 150,176.49 (1,464.02) 2.500 2.825 AAA 256350023 LC -Sr Lien Reserve Fund-1 38380AZ34 Agency CMO The Government National Mortgage Association Guarantt 04/20/2046 11/28/2016 159,204.10 163,663.06 -- 158,041.91 (5,184.06) 3.000 3.123 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378CRT6 Agency CMO The Government National Mortgage Association Guarantt 10/20/2040 05/22/2014 61,917.97 59,789.54 --- 59,761.37 (186.90) 2.000 3.227 AAA 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 Agency CMO The Government National Mortgage Association Guarantt 10/20/2039 -- 96,355.10 100,307.76 -- 100,609.17 (490.63) 4.000 2.368 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 Agency CMO The Government National Mortgage Association Guarantt 04/20/2039 --- 111,233.66 114,370.79 --- 111,288.16 (1,943.16) 3.000 2.931 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I37ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 07/03/2013 210,041.80 205,258.42 -- 206,177.03 (1,814.99) 1.459 2.606 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137AXHP1 Agency CMO Federal Home Loan Mortgage Corporation _ 09/25/2022 09/29/2017 140,000.00 _ 142,089.06 --- 138,119.80 (3,743.65) _2.573 2.875 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I37AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 08/05/2015 30,000.00 31,038.28 -- 30,131.70 (438.53) 2.968 2.784 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 12/21/2016 125,000.00 124,804.69 --- 122,681.25 (2,118.79) 2.373 2.837 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 Agency CMO Government National Mortgage Association 12/16/2042 -- 450,000.00 427,324.22 -- 424,314.00 (10,436.24) 2.273 3.523 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 --- 137,077.58 137,093.08 --- 136,945.98 (134.06) 2.500 2.512 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378CDK0 Agency CMO The Government National Mortgage Association Guarantt 03/20/2035 03/16/2018 37,091.96 37,265.83 -- 37,268.89 (0.83) 3.000 2.401 AAA 256350023 LC -Sr Lien Reserve Fund-1 38377LQT8 Agency CMO The Government National Mortgage Association Guarantt 12/20/2037 03/08/2018 13,655.47 13,655.47 --- 13,680.59 25.28 3.000 2.458 AAA 256350021 LC-RCTC 2013 Residual Fund 3I37A1LC5 Agency CMO Federal Home Loan Mortgage Corporation 08/15/2020 01/17/2018 27,212.25 27,122.96 -- 27,109.11 (15.03) 2.000 2.395 AAA 256350021 LC-RCTC 2013 Residual Fund 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 49,002.55 49,125.05 --- 48,955.51 (163.61) 2.500 2.512 AAA 256350021 LC-RCTC 2013 Residual Fund 38378CDK0 Agency CMO The Government National Mortgage Association Guarantt 03/20/2035 01/30/2018 66,765.54 67,381.02 -- 67,084.01 (248.99) 3.000 2.401 AAA 256350021 LC-RCTC 2013 Residual Fund 38378AWX5 Agency CMO The Government National Mortgage Association Guarantt 01/20/2036 01/30/2018 _ 43,761.85 44,185.79 43,971.47 (194.45) _3.000 2.524 AAA 205091001 LC-2013 A Capitalized Interest 36290WH47 Agency MBS Government National Mortgage Association 09/15/2018 07/18/2013 0.00 0.00 - 0.00 (0.00) 4.500 2.066 AAA 205091001 LC-2013 A Capitalized Interest 31401MWC1 Agency MBS Federal National Mortgage Association 06/01/2018 07/12/2013 0.00 0.00 --- 0.00 (0.00) 4.500 -3.625 AAA 205091001 LC-2013 A Capitalized Interest 3I28MBTH0 Agency MBS Federal Home Loan Mortgage Corporation 03/01/2019 07/26/2013 0.01 0.01 -- 0.01 (0.00) 5.000 -1.675 AAA 256350023 LC -Sr Lien Reserve Fund-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 168,839.03 164,525.71 --- 159,590.03 (6,816.39) _2.112 3.701 AAA 256350023 LC -Sr Lien Reserve Fund-1 36202F2H8 Agency MBS Ginnie Mae11 01/20/2027 11/14/2016 175,385.29 182,017.05 -- 176,483.20 (5,163.97) 3.000 2.766 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guarantt 05/16/2055 05/14/2015 328,790.11 332,848.61 --- 314,757.34 (17,429.56) 2.500 3.486 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I381PEB0 Agency MBS Federal National Mortgage Association 11/01/2020 09/26/2014 254,516.25 267,997.66 -- 258,272.91 (1,982.14) 3.370 2.847 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guarantt 11/16/2041 --- 73,766.34 72,034.11 --- 69,602.23 (3,188.10) 1.400 4.151 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I38E.IPZ5 Agency MBS Federal National Mortgage Association 07/01/2022 08/29/2016 278,000.62 295,277.92 -- 277,405.70 (13,875.73) 2.973 3.015 AAA 256350023 LC -Sr Lien Reserve Fund-1 31381T4E7 Agency MBS Federal National Mortgage Association 03/01/2022 10/25/2016 266,308.66 278,240.54 --- 264,380.58 (10,635.16) 2.670 3.084 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I36A4M48 Agency MBS Federal National Mortgage Association 01/25/2022 07/05/2013 235,782.50 236,445.64 -- 232,505.12 (3,671.88) 2.098 4.398 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136A7MN9 Agency MBS Federal National Mortgage Association 05/25/2022 08/29/2016 300,000.00 308,578.13 --- 293,502.00 (12,308.41) 2.349 3.073 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I4I7YKF3 Agency MBS Federal National Mortgage Association 0I/01/2030 07/10/2013 82,268.04 86,792.79 -- 86,439.86 (191.45) 4.500 2.972 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KRSO Agency MBS The Government National Mortgage Association Guarantt 07/16/2043 05/08/2015 450,000.00 434,460.94 --- 422,793.00 (16,858.18) 2.389 3.731 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 Agency MBS The Government National Mortgage Association Guarantt 02/16/2037 12/11/2014 177,510.56 176,650.75 -- 172,659.20 (4,425.42) 1.705 3.335 AAA 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 Agency MBS Federal National Mortgage Association 03/01/2023 --- 293,119.60 289,390.18 --- 286,832.18 (2,952.81) _2.356 2.952 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I38L33G8 Agency MBS Federal National Mortgage Association 06/01/2020 11/12/2015 100,000.00 99,875.00 -- 98,455.00 (1,380.79) 2.010 2.675 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378KSL4 Agency MBS The Government National Mortgage Association Guarantt 12/16/2046 --- 425,000.00 415,829.11 --- 392,615.00 (25,388.18) 2.811 3.942 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I38L76A9 Agency MBS Federal National Mortgage Association 11/01/2021 10/04/2016 124,240.90 128,725.23 -- 123,388.61 (3,651.07) 2.590 2.856 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136AHAEO Agency MBS Federal National Mortgage Association 04/25/2023 10/28/2016 195,981.53 200,207.38 --- 192,518.53 (6,816.99) 2.522 3.445 AAA 256350023 LC -Sr Lien Reserve Fund-1 38378B6A2 Agency MBS Government National Mortgage Association 11/16/2052 01/22/2015 117,501.25 113,797.20 -- 112,029.21 (3,146.92) 1.826 3.395 AAA 256350023 LC -Sr Lien Reserve Fund-1 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 08/29/2016 380,000.00 394,917.97 --- 373,961.80 (16,818.18) 2.522 2.901 AAA 256350023 LC -Sr Lien Reserve Fund-1 3I381Q6B7 Agency MBS Federal National Mortgage Association 06/01/2021 07/15/2016 186,228.65 206,539.21 -- 193,806.29 (5,790.20) 4.295 2.849 AAA 256350023 LC -Sr Lien Reserve Fund-1 3136AC7J4 Agency MBS Federal National Mortgage Association 03/25/2023 02/21/2018 74,236.49 73,015.65 --- 73,139.27 100.93 2.493 3.069 AAA 256350021 LC-RCTC 2013 Residual Fund 3I4I6BVR6 Agency MBS Federal National Mortgage Association 12/01/2020 01/17/2018 73,982.63 75,647.23 -- 75,512.59 (50.51) 5.000 2.432 AAA 256350021 LC-RCTC 2013 Residual Fund 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 38,452.77 37,924.05 --- 37,739.47 (193.28) 1.749 2.670 AAA 256350021 LC-RCTC 2013 Residual Fund 3I37B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 21,363.22 21,049.45 -- 20,942.15 (111.94) 1.785 2.676 AAA 256350021 LC-RCTC 2013 Residual Fund 31294KUP8 Agency MBS Federal Home Loan Mortgage Corporation _ 11/01/2018 02/01/2018 8,213.04 8,295.17 --- 8,330.57 44.83 5.000 -0.702 AAA 256350021 LC-RCTC 2013 Residual Fund 3I36AC7J4 Agency MBS Federal National Mortgage Association 03/25/2023 02/21/2018 20,621.24 20,282.12 -- 20,316.46 28.03 2.493 3.069 AAA 256350021 LC-RCTC 2013 Residual Fund 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 04/25/2022 01/30/2018 44,510.16 43,571.27 --- 43,559.87 (41.32) 1.583 2.598 AAA 256350021 LC-RCTC 2013 Residual Fund 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 03/16/2020 -- 52,000.00 51,710.12 -- 51,654.20 (99.07) 1.790 2.556 AAA 256350021 LC-RCTC 2013 Residual Fund 02582JGN4 Asset Backed American Express Credit Account Master Trust 05/15/2019 01/16/2018 100,000.00 100,351.56 --- 100,274.00 (49.89) 2.147 2.014 AAA 256350021 LC-RCTC 2013 Residual Fund 89236WAD0 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 06/15/2020 01/19/2018 50,000.00 49,865.23 -- 49,815.50 (91.87) 1.520 2.429 AAA 256350021 LC-RCTC 2013 Residual Fund 161571FK5 Asset Backed Chase Issuance Trust 08/15/2019 01/25/2018 115,000.00 113,827.54 --- 113,403.80 (553.45) 1.580 2.623 AAA 256350021 LC-RCTC 2013 Residual Fund 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 01/25/2018 50,000.00 49,771.48 -- 49,545.50 (255.06) 1.910 2.711 AAA 256350021 LC-RCTC 2013 Residual Fund 055657AC4 Asset Backed Bmw Vehicle Lease Trust 2017-1 05/20/2020 01/29/2018 100,000.00 99,703.13 --- 99,361.00 (389.14) 1.980 2.712 AAA 256350021 LC-RCTC 2013 Residual Fund 149I2L6M8 Corporate Caterpillar Financial Services Corporation 11/13/2018 01/19/2018 100,000.00 99,809.00 -- 99,639.00 (214.98) 1.800 2.389 A 256350021 LC-RCTC 2013 Residual Fund 13607RAB6 Corporate Canadian Imperial Bank of Commerce 09/06/2019 01/19/2018 100,000.00 98,888.00 --- 98,325.00 (692.38) 1.600 2.800 A 256350021 LC-RCTC 2013 Residual Fund 891 I4QBF4 Corporate Toronto Dominion Bank 01/22/2019 01/19/2018 50,000.00 50,366.50 -- 50,277.50 (20.53) 2.585 2.460 AA 256350021 LC-RCTC 2013 Residual Fund 38141EA58 Corporate The Goldman Sachs Group, Inc. 03/15/2020 01/25/2018 100,000.00 _ 105,718.00 --- 104,270.00 (994.48) 5.375_ 3.110 A 256350021 LC-RCTC 2013 Residual Fund 037833BD1 Corporate Apple Inc. 05/06/2020 01/25/2018 100,000.00 99,354.00 -- 98,740.00 (662.66) 2.000 2.620 AA 256350021 LC-RCTC 2013 Residual Fund 06406HCU1 Corporate The Bank of New York Mellon 05/15/2019 01/25/2018 100,000.00 99,974.00 04/15/2019 99,612.00 (366.09) 2.200 2.551 A 27 Page 2 of 32 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Investment Category for quarter ended March 31, 2018 Account Identifier Security Type Category Issuer ma Maturity Trade Date Current Face Value Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating Original Cost Ne: a Date 256350021 LC-RCTC 2013 Residual Fund 86787EAS6 Corporate SunTrust Bank 01/31/2020 01/25/2018 100,000.00 100,644.00 12/31/2019 100,619.00 31.96 2.302 2.476 A A 256350021 LC-RCTC 2013 Residual Fund 0258MODZ9 Corporate American Express Credit Corporation 11/05/2018 01/25/2018 100,000.00 99,905.00 10/05/2018 99,587.00 (339.72) 1.875 2.575 256350021 LC-RCTC 2013 Residual Fund 46625HKA7 Corporate JPMorgan Chase & Co. 01/23/2020 01/25/2018 100,000.00 99,577.00 12/23/2019 98,785.00 (827.91) 2.250 2.942 A 256350021 LC-RCTC 2013 Residual Fund 9115911HE3 Corporate U.S. Bancorp 11/15/2018 01/25/2018 100,000.00 100,035.00 10/15/2018 99,699.00 (327.73) 1.950 2.436 A 256350021 LC-RCTC 2013 Residual Fund 780082AC7 Corporate Royal Bank of Canada 10/14/2020 01/25/2018 100,000.00 98,862.00 -- 98,248.00 (685.34) 2.100 2.820 AAA 256350021 LC-RCTC 2013 Residual Fund 24422ESF7 Corporate John Deere Capital Corporation 12/13/2018 01/25/2018 100,000.00 99,980.00 --- 99,729.00 (255.14) 1.950 2.339 A 256350021 LC-RCTC 2013 Residual Fund 06051GFN4 Corporate Bank of America Corporation 04/21/2020 01/25/2018 100,000.00 99,537.00 -- 98,545.00 (1,028.09) 2.250 2.984 A 256350021 LC-RCTC 2013 Residual Fund 06416CAC2 Corporate The Bank of Nova Scotia 04/26/2021 01/29/2018 100,000.00 97,511.00 --- 96,954.00 (681.15) 1.875 2.919 AAA 256350021 LC-RCTC 2013 Residual Fund 6I747WAF6 Corporate Morgan Stanley 01/25/2021 01/29/2018 100,000.00 108,369.00 -- 106,572.00 (1,348.35) 5.750 3.288 A 256350021 LC-RCTC 2013 Residual Fund 136069XZ9 Corporate Canadian Imperial Bank of Commerce 02/02/2021 01/26/2018 45,000.00 _ 45,000.00 --- 45,028.80 _ 28.80 2.093 2.596 A 256350021 LC-RCTC 2013 Residual Fund 05531FAQ6 Corporate BB&T Corporation 02/01/2019 01/25/2018 100,000.00 100,106.00 01/02/2019 99,553.00 (533.73) 2.250 2.793 A 256350021 LC-RCTC 2013 Residual Fund 254010AC5 Corporate Dignity Health 11/01/2019 03/15/2018 24,000.00 _ 23,897.52 --- 23,897.76 (2.06) 2.637 2.913 A 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2018 -- 0.00 792,837.56 -- 792,837.56 0.00 0.200 0.000 -- 256350023 LC -Sr Lien Reserve Fund-1 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2018 --- 0.00 171,587.89 --- 171,587.89 0.00 0.200 0.000 --- 256350021 LC-RCTC 2013 Residual Fund 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2018 03/28/2018 0.00 13,733.06 -- 13,733.06 0.00 0.200 0.000 NA 256350023 LC -Sr Lien Reserve Fund-1 912828V49 TIPS Treasury, United States Department of 01/15/2027 --- 287,260.40 285,917.55 --- 279,955.37 (6,082.49) 0.375 0.673 AAA 256350023 LC -Sr Lien Reserve Fund-1 9I2828SA9 TIPS Treasury, United States Department of 01/15/2022 -- 454,400.10 456,702.75 -- 449,569.83 (6,791.34) 0.125 0.408 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 187,890.50 185,392.42 --- 184,762.12 (703.73) 0.125 0.477 AAA 256350021 LC-RCTC 2013 Residual Fund 9I2828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 32,209.80 31,781.56 -- 31,673.51 (120.64) 0.125 0.477 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828L99 US Gov Treasury, United States Department of 10/31/2020 --- 1,250,000.00 _ 1,239,802.73 --- 1,219,037.50 (23,310.98) 1.375_ 2.368 AAA 256350023 LC -Sr Lien Reserve Fund-1 9I2828L57 US Gov Treasury, United States Department of 09/30/2022 -- 1,400,000.00 1,386,564.45 -- 1,353,240.00 (35,347.09) 1.750 2.540 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828G38 US Gov Treasury, United States Department of 11/15/2024 04/18/2017 1,350,000.00 1,369,037.11 --- 1,314,724.50 (52,088.75) 2.250 2.683 AAA 256350023 LC -Sr Lien Reserve Fund-1 9I2828B58 US Gov Treasury, United States Department of 01/31/2021 -- 1,440,000.00 1,472,525.40 -- 1,429,531.20 (28,625.25) 2.125 2.391 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828VV9 US Gov Treasury, United States Department of 08/31/2020 --- 585,000.00 597,363.67 --- 581,893.65 (11,113.82) 2.125 2.352 AAA 256350023 LC -Sr Lien Reserve Fund-1 9I2828XB1 US Gov Treasury, United States Department of 05/15/2025 05/24/2016 1,200,000.00 1,228,546.88 -- 1,155,612.00 (67,423.25) 2.125 2.699 AAA 256350023 LC -Sr Lien Reserve Fund-1 912828VA5 US Gov Treasury, United States Department of 04/30/2020 02/28/2017 160,000.00 158,131.25 --- 156,163.20 (2,599.58) 1.125 2.309 AAA 256350021 LC-RCTC 2013 Residual Fund 9I2828UF5 US Gov Treasury, United States Department of 12/31/2019 01/17/2018 115,000.00 113,000.98 -- 112,780.50 (424.14) 1.125 2.253 AAA 256350021 LC-RCTC 2013 Residual Fund 912828VK3 US Gov Treasury, United States Department of _ 06/30/2018 01/17/2018 130,000.00 _ 129,888.28 --- 129,859.60 (78.71) 1.375_ 1.796 AAA 256350021 LC-RCTC 2013 Residual Fund 9I2828QQ6 US Gov Treasury, United States Department of 05/31/2018 01/30/2018 100,000.00 100,289.06 -- 100,105.00 (38.34) 2.375 1.743 AAA 256350021 LC-RCTC 2013 Residual Fund 9128281(25 US Gov Treasury, United States Department of 04/15/2018 --- 215,000.00 214,781.64 --- 214,935.50 2.30 0.750 1.428 AAA 256350021 LC-RCTC 2013 Residual Fund 97689P2K3 VRDN Wisconsin Housing and Economic Development Authority 09/01/2037 01/30/2018 100,000.00 100,000.00 05/02/2018 100,000.00 0.00 1.750 1.750 AA 21,205,727.44 22,277,128.97 21,803,636.96 (462,819.57) 28 Page 3 of 32 IOWRIVERSIDE COUNTY TRANSPORTATION COMMISSION 205091001 LC-2013 A Capitalized Interes 205091001 LC-2013 A Capitalized Intern 205091001 LC-2013 A Capitalized Interns' 205091001 LC-2013 A Capitalized Interes 36290WH47 Agency MBS 91 CIP STAMP Portfolio by Account for quarter ended March 31, 2018 Govemn nt National ortgage Association 401MWC1 Agency MBS Federal National Mortgage Association 3128MBTH0 Agency MBS 9AMMF05B2 MM Fund 256350021 LC-RCTC 2013 Residual Fund 313385VL7 Agency 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund Federal Home Loan Mortgage Corporation U.S. Bank Money Mazket Account Fund FHLBanks Office of Finance 7A1LC5 Agency CMG Federal Home Loan Mortgage Corporation 3137A5FP4 Agency CMG Federal Home Loan Mortgage Corporation 8378CDK0 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 38378AWX5 Agency CMG The Government National Mortgage Association Guaranteed REMIC Pass-T 416BVR6 Agency MBS Federal National Mortgage Association 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 7B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 3129410UP8 Agency MBS Federal Home Loan Mortgage Corporation 6AC7J4 Agency MBS Federal National Mortgage Association 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 256350021 LC-RCTC 2013 Residual Fund 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 256350021 LC-RCTC 2013 Residual Fund 02582JGN4 Asset Backed American Express Credit Account Master Trust 256350021 LC-RCTC 2013 Residual Fund 89236WADO Asset Backed Toyota Auto Receivables 2015-A Owner Trus 256350021 LC-RCTC 2013 Residual Fund 161571FK5 Asset Backed Chase Issuance Tru 256350021 LC-RCTC 2013 Residual Fund 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 256350021 LC-RCTC 2013 Residual Fund 055657AC4 Asset Backed Bmw Vehicle Lease Tru 2017 256350021 LC-RCTC 2013 Residual Fund 14912L6M8 Corporate 256350021 LC-RCTC 2013 Residual Fund 13607RAB6 Corporate 256350021 LC-RCTC 2013 Residual Fund 89114QBF4 Corporate 256350021 LC-RCTC 2013 Residual Fund 38141EA58 Corporate 256350021 LC-RCTC 2013 Residual Fund 037833BD1 Corporate 256350021 LC-RCTC 2013 Residual Fund 06406HCU1 Corporate 256350021 LC-RCTC 2013 Residual Fund 86787EAS6 Corporate 256350021 LC-RCTC 2013 Residual Fund 0258MODZ9 Corporate 256350021 LC-RCTC 2013 Residual Fund 46625HKA7 Corporate 256350021 LC-RCTC 2013 Residual Fund 91159HHE3 Corporate 256350021 LC-RCTC 2013 Residual Fund 780082AC7 Corporate 256350021 LC-RCTC 2013 Residual Fund 24422ESF7 Corporate 256350021 LC-RCTC 2013 Residual Fund 06051GFN4 Corporate 256350021 LC-RCTC 2013 Residual Fund 06416CAC2 Corporate 256350021 LC-RCTC 2013 Residual Fund 61747WAF6 Corporate 256350021 LC-RCTC 2013 Residual Fund 136069XZ9 Corporate 256350021 LC-RCTC 2013 Residual Fund 05531FAQ6 Corporate 256350021 LC-RCTC 2013 Residual Fund 254010AC5 Corporate 256350021 LC-RCTC 2013 Residual Fund 9AMMF05B2 MM Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 912828U141 TIPS 912828UF5 US Gov Caterpillar Financial Services Corporation Canadian Imperial Bank of Commerce Toronto Domtinion Bank The Goldman Sachs Group, Inc. Apple nc. The Bank of New York Mellon SunTmst B American Express Credit Corpora JPMorgan Chase & Co. U.S. Bancorp Royal Bank of Canad John Deere Capital Corporation Bank of America Coroomtion The Bank of Nava Scotia Morgan Stanley Canadian Imperial Bank of Commerce BB&T Corporation Dignity Health U.S. Bank Money Mazket Account Fund Treasuy, United States Department o. Treasury, United States Department o 912828V1(3 US Gov Treasury, United States Department o. 912828QQ6 US Gov Treasury, United States Department o 912828K25 US Gov Treasury, United States Department o. 256350021 LC-RCTC 2013 Residual Fund 97689P2K3 VRDN Wisconsin Housing and Economic Development Authority 09/15/2018 07/18/2013 06/O1/2018 07/12/2013 03/0l/2019 07/26/2013 0.00 0.00 0.01 0.00 0.00 0.01 03/31/2018 --- - 792,837.56 04/12/2018 03/29/2018 100,000.00 99,933.50 08/15/2020 01/17/2018 27,212.25 27,122.96 01/15/2021 01/30/2018 49,002.55 49,125.05 03/20/2035 01/30/2018 66,765.54 67,381.02 01/20/2036 01/30/2018 43,761.85 44,185.79 12/0]/2020 01/17/2018 73,982.63 75,647.23 02/25/2022 01/25/2018 38,452.77 37,924.05 09/25/2022 01/25/2018 21,363.22 21,049.45 I I/0l/2018 02/O1/2018 8,213.04 8,295.17 03/25/2023 02/21/2018 20,621.24 20,282.12 04/25/2022 01/30/2018 44,510.16 43,571.27 03/16/2020 --- 52,000.00 51,710.12 05/15/2019 01/16/2018 100,000.00 100,351.56 06/15/2020 01/19/2018 50,000.00 49,865.23 08/15/2019 01/25/2018 115,000.00 113,827.54 04/15/2020 01/25/2018 50,000.00 49,771.48 05/20/2020 01/29/2018 100,000.00 99,703.13 11/13/2018 01/19/2018 100,000.00 99,809.00 09/06/2019 01/19/2018 100000.00 98888.00 01/22/2019 01/19/2018 50,000.00 50,366.50 03/15/2020 01/25/2018 100,000.00 105,718.00 - 05/06/2020 01/25/2018 100,000.00 99,354.00 - 05/15/2019 01/25/2018 100,000.00 99,974.00 04/15/2019 01/31/2020 01/25/2018 100,000.00 100,644.00 12/31/2019 11/05/2018 01/25/2018 100,000.00 99,905.00 10/05/2018 01/23/2020 01/25/2018 100,000.00 99,577.00 12/23/2019 I I/15/2018 01/25/2018 100,000.00 100,035.00 10/15/2018 10/14/2020 01/25/2018 100,000.00 98,862.00 - 12/13/2018 01/25/2018 100,000.00 99,980.00 - 04/21/2020 01/25/2018 100,000.00 99,537.00 04/26/2021 01/29/2018 100,000.00 97,511.00 01/25/2021 01/29/2018 100,000.00 108,369.00 - 02/02/2021 01/26/2018 45,000.00 45,000.00 - 02/0l/2019 01/25/2018 100,000.00 100,106.00 0 /02/2019 11/0l/2019 03/15/2018 24,000.00 23,897.52 - 03/31/2018 03/28/2018 - 13,733.06 - 01/15/2023 02/05/2018 32,209.80 31,781.56 12/31/2019 01/17/2018 115,000.00 113,000.98 06/30/2018 01/17/2018 130,000.00 129,888.28 05/31/2018 01/30/2018 100,000.00 100,289.06 - 04/15/2018 - 215,000.00 214,781.64 - 09/0]/2037 01/30/2018 100,000.00 100,000.00 05/02/2018 ATTACHMENT 3 0.00 0.00 0.01 792,837.56 99,954.00 27,109.11 (0.00) (0.00) (0.00) 5.000 -1.675 0.200 0.000 6.25 0.000 1.292 5.03) 2.000 2.395 48,955.51 (163.61) 2.500 2.512 67,084.01 (248.99) 3.000 2.401 43,971.47 (194.45) 3.000 2.524 75,512.59 (50.51) 5.000 2.432 37,739.47 (193.28) 1.749 2.670 4.500 2.066 AAA 4.500 -3.625 AAA AAA AAA AAA AAA AAA AAA AAA AAA 20,942.15 (111.94) 1.785 2.676 AAA 8,330.57 44.83 5.000 -0.702 AAA 20,316.46 28.03 2.493 3.069 AAA 43,559.87 (41.32) 1.583 2.598 AAA 51,654.20 (99.07) 1.790 2.556 AAA 100,274.00 (49.89) 2.147 2.014 AAA 49,815.50 (91.87) 1.520 2.429 AAA 113,403.80 (553.45) 1.580 2.623 AAA 49,545.50 (255.06) 1.910 2.711 AAA 99,361.00 (389.14) 1.980 2.712 AAA 99,639.00 (214.98) 1.800 2.389 A 98 325.00 (692.38) 1.600 2.800 A 50,277.50 (20.53) 2.585 2.460 AA 104,270.00 (994.48) 5.375 3.110 A 98,740.00 (662.66) 2.000 2.620 AA 99,612.00 (366.09) 2.200 2.551 A 100,619.00 31.96 2.302 2.476 A 99,587.00 (339.72) 1.875 2.575 A 98,785.00 (827.91) 2.250 2.942 A 99,699.00 (327.73L 1.950 2.436 A 98,248.00 (685.34) 2.100 2.820 AAA 99,729.00 (255.141_ 1.950 2.339 A 98,545.00 (1,028.09) 2.250 2.984 A 96,954.00 (681.15) 1.875 2.919 AAA 106,572.00 (1,348.35) 5.750 3.288 A 45,028.80 28.80 2.093 2.596 A 99,553.00 (533.73) 2.250 2.793 A 23,897.76 (2.06) 1637 2.913 A 13,733.06 - 0.200 0.000 NA 31,673.51 (120.64) 0.125 0.477 AAA 112,780.50 (424.14) 1.125 2.253 AAA 129,859.60 (78.71) 1.375 1.796 AAA 100,105.00 (38.34) 2.375 1.743 AAA 214,935.50 2.30 0.750 1.428 AAA 100,000.00 - 1.750 1.750 AA 3,272,095.06 4,083,591.86 4,071,535.01 (11,957.63) 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 3137EADB2 Agency Federal Home Loan Mortgage Corporation 5GOD75 Agency 3137EADR7 Agency 6A72D3 Agency Federal National Mortgage Association Federal Home Loan Mortgage Corporation O Federal National Mortgage Association 3137AUPE3 Agency CMO 8377RSZ9 Agency CMO 31395EZP5 Agency CMO 8377JZ89 Agency CMO 38376GB33 Agency CMO 8376T5Z1 Agency CMO 38378TAF7 Agency CMO 8380AZ34 Agency CMO 38378CRT6 Agency CMO 8376WA62 Agency CMO 38377RVKS Agency CMO 7ASNH3 Agency CMO 3137AXHP1 Agency CMO 7AJMF8 Agency CMO 3137ATRW4 Agency CMO 8378B7F0 Agency CMO 3137A5FP4 Agency CMO 8378CDK0 Agency CMO 38377LQT8 Agency CMO 8379KDN5 Agency MBS 36202F2H8 Agency MBS 8378XP62 Agency MBS 31381PEB0 Agency MBS 8378KWU9 Agency MBS 138EIPZ5 Agency MBS 1381T4E7 Agency MBS 3136A4M48 Agency MBS 6A7MN9 Agency MBS 31417YKF3 Agency MBS Federal Home Loan Mortgage Corporation The Government National Mortgage Association Guaranteed REMIC Pass-T Federal Home Loan Mortgage Corporation The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass The Government National Mortgage Association Guaranteed REMIC Pass-T Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Government National Mortgage Association Federal Home Loan Mortgage Corporation The Government National Mortgage Association Guaranteed RE The Government National Mortgage Association Gu Government National Mortgage Association Ginnie Mae II anteed RE C Pass-T IC Pa s-T The Government National Mortgage Association Guaranteed REMIC Pass-T Federal National Mortgage Association The Government National Mortgage Association Guaranteed REMIC Pass-T Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association 01/13/2022 - 950,000.00 942,921.50 - 943,245.50 (6,414.89) 2.375 2.573 06/22/2020 05/06/2015 600,000.00 593,490.00 - 588,390.00 (8,712.27) 1.500 2.397 AAA 05/01/2020 05/15/2015 475,000.00 471,527.75 - 465 742.25 (7 766.18) 1.375 2.337 04/25/2022 07/03/2013 358,757.85 340,819.96 - 353,545.10 2,508.87 2.482 2.974 AAA 06/25/2022 - 379,000.00 366 344.03 - 371,988.50 (935.39) 2.396 2.849 06/16/2039 - 95,157.39 98,144.26 - 97,394.54 (198.38) 4.500 2.273 AAA O8/15/2019 07/09/2013 14,244.42 15,070.15 - 14,368.48 (60.55) 4.500 2.156 10/20/2039 07/05/2013 64,550.98 66,525.33 - 65,234.57 (571.34) 3.500 2.886 AAA 10/16/2044 01/23/2015 174,842.41 179,469.67 --- 175,129.15 (953.01) 3.500 2.969 01/16/2039 01/26/2015 96,706.36 101,033.97 --- 96,653.17 (3,351.34) 3.000 2.993 AAA 07/20/2041 07/05/2013 151,768.55 151,791.43 -- 150,176.49 (1,464.02) 2.500 2.825 04/20/2046 11/28/2016 159,204.10 163,663.06 --- 158,041.91 (5,184.06) 3.000 3.123 AAA 10/20/2040 05/22/2014 61,917.97 59,789.54 - 59,761.37 (186.90) 2.000 3.227 10/20/2039 - 96,355.10 100,307.76 --- 100,609.17 (490.63) 4.000 2.368 AAA 04/20/2039 - 111,233.66 114,370.79 - 111,288.16 (1,943.16) 3.000 2.931 09/25/2021 07/03/2013 210,041.80 205,258.42 - 206,177.03 (1,814.99) 1459 2.606 AAA 09/25/2022 09/29/2017 140,000.00 142,089.06 - 138,119.80 (3,743.65) 2.573 2.875 10/25/2021 08/05/2015 30,000.00 31,038.28 - 30,131.70 (438.53) 2968 2.784 AAA 05/25/2022 12/21/2016 125,000.00 124,804.69 - 122,681.25 (2,118.79) 2.373 2.837 12/16/2042 - 450,000.00 427,324.22 - 424,314.00 (]0,436.24) 2273 3.523 AAA 01/15/2021 - 137,077.58 137,093.08 - 136,945.98 (134.06) 2.500 2.512 03/20/2035 03/16/2018 37,091.96 37,265.83 - 37,268.89 (0.83) 3.000 2.401 AAA 12/20/2037 03/08/2018 13,655.47 13,655.47 - 13,680.59 25.28 3.000 2.458 09/16/2055 08/05/2015 168,839.03 164,525.71 - 159,590.03 (6,816.39) 2112 3.701 AAA 01/20/2027 11/14/2016 175,385.29 182,017.05 - 176,483.20 (5,163.97) 3.000 2.766 05/16/2055 05/14/2015 328,790.11 332,848.61 --- 314,757.34 (17,429.56) 2.500 3.486 AAA 11/01/2020 09/26/2014 254,516.25 267,997.66 - 258,272.91 (1,982.14) 3.370 2.847 11/16/2041 - 73,766.34 72,034.11 - 69,602.23 (3,188.10) 1400 4.151 AAA 07/01/2022 08/29/2016 278,000.62 295,277.92 - 277,405.70 (13,875.73) 2.973 3.015 03/01/2022 10/25/2016 266,308.66 278,240.54 - 264,380.58 (10,635.16) 2.670 3.084 AAA 01/25/2022 07/05/2013 235,782.50 236,445.64 - 232,505.12 (3,671.88) 2.098 4.398 05/25/2022 08/29/2016 300,000.00 308,578.13 - 293,502.00 (12,308.41) 2.349 3.073 AAA 01/O1/2030 07/10/2013 82,268.04 86,792.79 - 86,439.86 (191.45) 4.500 2.972 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund- 8378KRS0 Agency MBS 38378KXW4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass-T 07/16/2043 05/08/2015 450,000.00 434,460.94 --- 422,793.00 (16,858.18) 2.389 3.731 AAA 02/16/2037 12/11/2014 177,510.56 176,650.75 - 172,659.20 (4,425.42) 1.705 3.335 29 Page 4 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio by Account for quarter ended March 31, 2018 Source Account Account Identifier Semi rite Trpc Category Issuer Final NI rarity Trade Date current IF!!M ir Value Original Cost Next Call Date Base Marko[ Value Base Net Total Unrealized Gain/Loss Summarized Coupon Yield Credit Bating 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 Agency MBS 3138L33G8 Agency MBS 38378KSL4 Agency MBS 3138L76A9 Agency MBS Federal National Mortgage Association Federal National Mortgage Association The Government National Mortgage Association Guaranteed REMIC Pass-T Federal National Mortgage Association 3136AHAE0 Agency MBS Federal National Mortgage Association 38378B6A2 Agency MBS Government National Mortgage Association 256350023 LC -Sr Lien Reserve Fund-1 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 31381Q6B7 Agency MBS Federal National Mortgage Association 3136AC7J4 Agency MBS Federal National Mortgage Association 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 912828V49 TIPS Treasury, United States Dement of 912828SA9 TIPS Treasury, United States Department of 912828UH1 TIPS Treasury, United States Department of 912828L99 US Gov Treasury, United States Department of 912828L57 US Gov Treasury, United States Department of 912828G38 US Gov Treasury, United States Department of 912828B58 US Gov Treasury, United States De rtment of 912828V V9 US Gov Treasury, United States Department of 912828X131 US Gov Treasury, United States Department of 912828VA5 US Gov Treasury, United States Department of 03/01/2023 06/01/2020 12/16/2046 11 /01 /2021 10/04/2016 11/12/2015 293,119.60 100 000.00 425,000.00 124,240.90 289,390.18 99,875.00 415,829.11 128,725.23 04/25/2023 10/28/2016 195,981.53 200,207.38 286,832.18 98 455.00 392,615.00 123,388.61 (2 952.81) (1,380.79) (25 388.18) (3,651.07) 2.356 2.952 2.010 2.675 2.811 3.942 2.590 2.856 AAA AAA AAA AAA 192,518.53 (6,816.99) 2.522 3.445 AAA 11/16/2052 01/22/2015 117,501.25 113,797.20 - 112,029.21 (3,146.92) 1.826 3.395 AAA 01/25/2023 08/29/2016 380,000.00 394,917.97 373,961.80 (16,818.18) 2.522 2.901 AAA 06/01/2021 07/15/2016 186,228.65 206,539.21 - 193,806.29 (5,790.20) 4.295 2.849 AAA 03/25/2023 02/21/2018 03/31/2018 01/15/2027 74,236.49 73,015.65 73,139.27 100.93 2.493 3.069 AAA 171,587.89 - 171,587.89 - 0.200 0.000 287,260.40 285,917.55 279,955.37 (6,082.49L 0.375 0.673 AAA 01/15/2022 - 454,400.10 456,702.75 - 449,569.83 (6,791.34) 0.125 0.408 AAA 01/15/2023 02/05/2018 187,890.50 185,392.42 - 184,762.12 (703.73) 0.125 0.477 AAA 10/31/2020 - 1,250,000.00 1,239,802.73 - 1,219,037.50 (23,310.98) 1.375 2.368 AAA 09/30/2022 - 1,400,000.00 1,386,564.45 - 1,353,240.00 (35,347.09) 1.750 2.540 AAA 11/15/2024 04/18/2017 1,350,000.00 1,369,037.11 - 1,314,724.50 (52,088.75) 2.250 2.683 AAA 01/31/2021 - 1,440,000.00 1,472,525.40 1,429,531.20 (28,625.25) 2.125 2.391 AAA 08/31/2020 - 585,000.00 597,363.67 - 581,893.65 (11,113.82) 2.125 2.352 AAA 05/15/2025 05/24/2016 1,200,000.00 1,228,546.88 04/30/2020 02/28/2017 160,000.00 158,131.25 1,155,612.00 156,163.20 (67,423.25) 2.125 2.699 AAA (2,599.58) 1.125 2.309 AAA 17,933,632.38 18,193,537.10 17,732,101.95 (450,861.94) 30 Page 5 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2018 ATTACHMENT 4 Source Beginning Base Base Maturities and Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 205091001 LC 2013 A Capitalized Interest 205091001 LC 2013 A Capitalized Interns 205091001 LC 2013 A Capitalized Interest 205091001 LC 2013 A Capitalized lntered 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 3128MBTH0 FH G13052 31401MWC1 FN 71264 36290WH47 GN 619551 792,702.97 0.02 0.00 0.00 792,703.00 34.59 134.59 (0.01) (0.00) (0.00) (0.01) (0.00) (0.00 (0.00) 792,837.56 0.01 0.00 0.00 792,837.58 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 38141EA58 GOLDMAN SACHS GROUP INC 61747WAF6 MORGAN STANLEY 105,718.00 108,369.00 (453.52) (448.65) (994.48) (1,348.35) 104,270.00 106,572.00 238.89 1,054.17 256350021 LC-RCTC 2013 Residual Fund 912828006 UNITED STATES TREASURY 100,289.06 (145.72) (38.34) 100,105.00 796.02 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 31416BVR6 FN 995324 89114QBF4 TORONTO-DOMINION BANK 85,538.33 50.366.50 (9,673.44) (217.65) (84.15) (68.47) (50.51) (20.53) 75,512.59 50.277.50 308.26 247.70 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 86787EAS6 38378CDK0 025821GN4 SUNTRUST BANK GNR 11169G AK AMXCA 141 A 100,644.00 70,214.15 100,351.56 (2,807.25) (25.00) (56.96) (48.91) (27.67) 31.96 (2(r89) (49.89) 100,619.00 67,084.01 100,274.00 383.71 166.91 101.37 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 38378AWX5 GNR 11157E QA 05531FAQ6 BB&T CORP 256350021 LC-RCTC 2013 Residual Fund 31294KUP8 FH E01490 45,699.91 (1,499.59) (14.14) (20.25) (194.45) 100,106.00 (19.27) (533.73) 9,887.67 (1,576.73) (15.76) (9.45) 44.83 43,971.47 99,553.00 109.40 375.00 8,330.57 34.22 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 91159HHE3 U.S. BANCORP 3137A5FP4 FHR 3791E DA 100,035.00 51,520.10 (2,389.07) (6.26) (8.27) (5.66) (327.73) (163.61) 99,699.00 48,955.51 736.67 102.09 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256351)021 LC-RCTC 2013 Residual Fund 05581QAE8 BMWLT 152 A4 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 97689P2K3 WISCONSIN HSG & ECONOMIC DEV AUTH HOME OWNERSHIP R 38,738.54 429,900.65 100.000.60 (3,708,950.30) (38,749.13) 10.88 (0.29) 13,733.06 100.000.00 134.17 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 196479JIA 136069XZ9 3137A1LC5 254010AC5 06406HCU1 COLORADO HSG & FIN AUTH CANADIAN IMPERIAL BANK OF COMMERCE FHR 3710F AB DIGNITY HEALTH BANK OF NEW YORK MELLON CORP 100,000.00 45,000.00 30,301.87 23,897.52 99,974.00 (100,000.00) (3,189.37) 10.53 1.12 2.30 4.09 28.80 (15.03) (2.06) (366.09) 45,028.80 27,109.11 23,897.76 99,612.00 151.73 45.35 263.70 831.11 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 24422ESF7 3137B1UF7 3136AC7J4 JOHN DEERE CAPITAL CORP FHMS K027 Al FNA 13M62A 99,980.00 21,844.99 21,510.51 (807.40) (1 248 93) 11.93 2051. 4.14 4.57 6.34 (255.14) (111.94) 28.03 99,729.00 20,942.15 20,316.46 585.00 31.78 42.84 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 3137AXHN6 FHMS K024 Al 58769DAD2 MBALT 17A A3 313385VL7 FEDERAL HOME LOAN BANKS 0258MODZ9 AMERICAN EXPRESS CREDIT CORP 654794AD4 NALT 17A A3 39,502.26 14,895.12 99,933.50 99,905.00 49,771.48 (1,600.21) 22.14 8.56 9.01 14.25 21.72 29.08 (193:28) (3.87) 6.25 (339.72) (255.06) 37,739.47 14,900.25 99,954.00 99,587.00 49,545.50 56.04 11.93 760.42 42.44 r256350021 LC-RCTC 2013 Residual Fund 3137AW0G3 FHMS K023 Al 44,513.09 (962 111 19.99 30.22 (41.32) 43,559.87 58.72 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 58769DAD2 MBALT 17A A3 9128281{25 UNITED STATES TREASURY 36,815.00 49,949.22 34.15 34.98 (95.20) 0.80 36,753.95 49,985.00 29.44 173.08 256350021 LC-RCTC 2013 Residual Fund 46625HKA7 JPMORGAN CHASE & CO 99,577.00 35.91 (827.91) 98,785.00 425.00 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 06051GFN4 BANK OF AMERICA CORP 89236WAD0 TAOT 15A A4 99,537.00 49,865.23 36.09 42.14 (1,028.09) (91.87) 98,545.00 49,815.50 1,000.00 33.78 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 14912L6M8 055657AC4 037833BD1 CATERPILLAR FINANCIAL SERVICES CORP BMWLT 171 A3 APPLE INC 99,809.00 99,703.13 99.354.60 44.98 47.01 48.66 (214.98) (389.14) (662.66) 99,639.00 99,361.00 98.746 06 690.00 766 665° . 256350021 LC-RCTC 2013 Residual Fund 912828VK3 UNITED STATES TREASURY 129,888.28 50.03 (78.71) 129,859.60 449.34 256350021 LC-RCTC 2013 Residual Fund 912828UR9 UNITED STATES TREASURY 64,949.22 (65,000.00) 50.78 256350021 LC-RCTC 2013 Residual Fund 97684HBD2 Wisconsin Public Service Corporation 99,936.61 (100,000.00) 63.39 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 780082AC7 ROYAL BANK OF CANADA 912828K25 UNITED STATES TREASURY 98,862.00 164,832.42 71.34 116.58 (685.34) 1.50 98,248.00 164,950.50 974.17 571.15 256350021 LC-RCTC 2013 Residual Fund 256350021 LC-RCTC 2013 Residual Fund 06416CAC2 BANK OF NOVA SCOTIA 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 97,511.00 98,888.00 124.15 129.38 (681.15) (692.38) 96,954.00 98,325.00 807.29 111.11 256350021 LC-RCTC 2013 Residual Fund 161571FK5 CHAFI 124A 113,827.54 129.71 (553.45) 113,403.80 80.76 256350021 LC-RCTC 2013 Residual Fund 912828UH1 UNITED STATES TREASURY 31,627.36 166.79 (120.64) 31,673.51 8.45 256350021 LGRCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 196,523.44 4,119,863.26 (83,470.701 (3,792,421.00) (265,000.001 (64,503.23) (]05.38) 257.28 (424.14) 112,780.50 (288.20) 221.53 (11,957.63) 3,278,697.43 325.22 14,175.59 256350023 LC -Sr Lien Reserve Fund-1 31381Q6B7 FN 468066 198,121.22 (851.12) (64.09) (1,030.63) (2,369.09) 193,806.29 688.76 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 31381PEB0 FN 466430 912828XB1 UNITED STATES TREASURY 262,278.57 1,181,676.00 (1,208.10) (30.17) (859.36) (751.25) (1,908.03) (25,312.75) 258,272.91 1,155,612.00 738.59 9,650.55 256350023 LC -Sr Lien Reserve Fund-1 31381T4E7 FN 470721 270,159.40 (1,629.53) (56.17) (671.59) (3,421.53) 264,380.58 612.29 256350023 LC -Sr Lien Reserve Fund-1 3137B1U75 FHMS KS01 A2 380,877.80 (664.82) (6,251.18) 373,961.80 798.63 256350023 LC -Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 732,569.60 (656.47) (7,220.23) 724,692.90 2,571.13 256350023 LC -Sr Lien Reserve Fund-1 912828G38 UNITED STATES TREASURY 1,343,034.00 (588.16) (27,721.34) 1,314,724.50 11,495.51 256350023 LC -Sr Lien Reserve Fund-1 912828V V9 UNITED STATES TREASURY 351,613.50 (455.04) (3,016.96) 348,141.50 646.74 256350023 LC -Sr Lien Reserve Fund-1 3136A7MN9 FNA 12M8 A2 298,494.00 (432.64) (4,559.36) 293,502.00 587.35 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 3137EADB2 FREDDIE MAC 501,760.00 201,798.00 (199,453.13) (3,238.46) (412.89) (340.99) (836.52) (2,879.01) 297,819.00 198,578.00 1,056.63 1,029.17 256350023 LC -Sr Lien Reserve Fund-1 3138L76A9 FN AM7164 125,347.75 (570.161 (13.72) (287.34) (1,087.92) 123,388.61 277.09 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3136AHAE0 FNA 13M14 API 912828V V9 UNITED STATES TREASURY 197,267.08 150,691.50 (846.63) (15.25) (271.00) (265.56) (3,615.66) (1,222.44) 192,518.53 149,203.50 411.89 277.17 256350023 LC -Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 201,798.00 (260.39) (2,959.61) 198,578.00 1,029.17 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 38378CRT6 GNR 1213E EG 100,352.00 63,903.37 (3,595.73) 101.89 (241.80) (199.87) (837.20) 048.28) 99,273.00 59,761.37 352.21 103.20 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 38376GB33 GNR 116 BA 145,510.40 187,917.05 (11,983.57) (91.81) (173.06) (139.79) (1,391.49) (572.72) 143,945.85 175,129.15 510.70 509.96 256350021 LC -Sr Lien Reserve Fund-1 38377R3Z9 GNR 10162D PO 85.080.32 (7.167.921 (168.611 (125. 141 69.59 77.688.25 284.64 256350023 LC -Sr Lien Reserve Fund-1 38378XP62 GNR 14166 PL 326,331.10 (5,754.06) (61.54) (118.56) (5,639.58) 314,757.34 684.98 256350023 LC -Sr Lien Reserve Fund-1 3137AXHP1 FHMS K024 A2 140,798.00 (115.18) (2,563.02) 138,119.80 300.18 256350023 LC -Sr Lien Reserve Fund-1 36202F2H8 G2 005276 190,443.22 (10,262.65) (370.00) (110.95) (3,216.42) 176,483.20 438.46 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 3137AUPE3 FHMS K021 A2 115,404.80 143,896.32 (105.76) (99.06) (1,135.09) (2,461.26) 114,163.95 141,336.00 405.04 287.52 256350023 LC -Sr Lien Reserve Fund-1 3136A4M48 FNA 12M3A 1A1 248,870.00 (14,282.81) (29.94) 232,505.12 256350023 LC -Sr Lien Reserve Fund-1 38376T5Z1 GNR 104A PD 103,739.97 (5,860.25) 96,653.17 256350023 LC -Sr Lien Reserve Fund-1 912828VV9 UNITED STATES TREASURY 85,391.85 84,548.65 256350023 LC -Sr Lien Reserve Fund-1 164,475.53 256350023 LC -Sr Lien Reserve Fund-1 92,784.14 31 Page 6 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2018 Source Beginning Base Base Maturities and Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 256350023 LC -Sr Lien Reserve Fund 3137AJMF8 FHMS K016 A2 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 912828658 UNITED STATES TREASURY 3138EIPZ5 FN AL2239 38377RVK8 GNR 10166F GP FHR 2835G MD 31395EZP5 30,595.80 44,263.60 50,176.00 311,242.67 73,772.67 19,732.36 (2,121.84) (29,105.32) (3,536.41) (5.334.461 (55.48) (1,392.57) (49.05) (73.061 (45.52) (44.17) (42.60) (39.19) (38.60) (25.751 (418.58) (309.05) (496.90) (3,299.89) (593.51) 69.40 30,131.70 41,733.06 49,636.50 277,405.70 69,555.10 14.368.48 74.19 104.28 176.11 711.70 173.80 53.42 256350023 LC -Sr Lien Reserve Fund-1 38377RSZ9 GNR 10162D PQ 256350023 LC -Sr Lien Reserve Fund-1 38378TAF7 GNR 1371A GA 22,851.38 161,122.47 (3,006.95) (8,998.63) (111.51) (15.54) 7.01 (10.42) (11.08) 19,706.29 (1,943.93) 150,176.49 72.20 316.18 256350023 LC -Sr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 86,182.35 (3,996.42) (10.46) (9.46) (273.69) 81,892.32 170.77 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3138L33G8 FN AM3498 3137A5FP4 FHR 3791E DA 99,388.00 54,917.14 (4.46) (3.11) (928.54) 139.63 98,455.00 55,053.66 173.08 114.81 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3137ATRW4 MIMS K020 A2 313811K17A FNAL3382 124,708.75 20,269.74 (0.78) (0.77) (2,026.72) 219.04 122,681.25 20,488.01 247.19 42.48 256350023 LC -Sr Lien Reserve Fund-1 31392E83 FNR 0317D HC 402.42 (402.48) (0.44) (0.191 0.69 256350023 LC -Sr Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 13,655.47 256350023 LC -Sr Lien Reserve Fund-1 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 107,572.21 664,530.12 256350023 LC -Sr Lien Reserve Fund-1 31385XBG1 FN 555439 0.02 (0.15) 25.28 13,680.59 (600,514.44) 171,587.89 (0.02) (0.00) 34.14 256350023 LC -Sr Lien Reserve Fund-1 38378CDK0 GNR 11169G AK 37,265.83 3.89 (0.83) 37,268.89 92.73 256350023 LC -Sr Lien Reserve Fund-1 383771Z89 GNR 10117A GK 71,195.64 (5,107.30) (97.22) 5.55 (762.09) 65,234.57 188.27 256350023 LC -Sr Lien Reserve Fund-1 38378KWU9 GNR 1396A 14,923.50 (126.79) 1.54 10.55 (155.71) 14,653.10 18.12 256350023 LC -Sr Lien Reserve Fund-1 38378KXW4 GNR 13105 A 176,014.22 (1,963.93) 4.80 12.67 (1,408.56) 172,659.20 252.21 256350023 LC -Sr Lien Reserve Fund-1 3136AC7J4 FNA 13M62A 77,437.85 (4,496.14) 73.82 22.82 100.93 73,139.27 154.23 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38378KSIA GNR 1374 AL 38378KWU9 GNR 1396A 912828L99 UNITED STATES TREASURY 38378B6A2 GNR 1312A AB 38376WA62 GNR 1015C PD 213,754.50 55,963.13 147,580.50 112,621.21 52,924.04 (475.44) (694.05) (3,649.09) 6.71 14.07 (121.36) 33.48 33.93 37.47 78.51 84.10 (5,932.98) (579.19) (1,333.47) 9.48 501.68 207,855.00 54,949.13 146,284.50 112,029.21 49,739.36 527.01 67.94 866.02 178.80 158.79 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 3138EKXL4 FN AL3382 38378KSIA GNR 1374 AL 273,007.91 190,004.00 (2,045.74) 20.57 95.59 98.44 (4,734.16) (5,342.44) 266,344.17 184,760.00 552.20 468.46 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 GNR 1333 B 192,544.00 126.39 (4,086.391 188,584.00 378.83 256350023 LC -Sr Lien Reserve Fund-1 38379KDN5 GNR 1529 AD 256350023 LC -Sr Lien Reserve Fund-1 3137ASNH3 FHMS K019 Al 166,536.93 223,860.54 (4,033.68) 59.68 128.97 (3,101.87) 159,590.03 297.16 (16,537.70) 168.15 140.31 (1,454.27) 206,177.03 255.38 256350023 LC -Sr Lien Reserve Fund-1 912828VA5 UNITED STATES TREASURY 157,144.00 145.23 (1,126.03) 156,163.20 755.80 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 3137EADR7 FREDDIE MAC 57,415.51 467,898.75 (5,890.80) (366.44) 147.88 174.81 (436.34) (2,331.31) 50,869.81 465,742.25 162.40 2,721.35 125635/)021 LC -Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 538.976 00 200.52 (7.546 521 511.61(100 26.3(1 1 256350023 LC -Sr Lien Reserve Fund-1 912828V49 UNITED STATES TREASURY 55,758.31 249.18 (1,016.26) 54,991.23 44.42 256350023 LC -Sr Lien Reserve Fund-1 3135GOD75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 592,884.00 315.81 (4,809.81) 588,390.00 2,475.00 256350023 LC -Sr Lien Reserve Fund-1 38378B7F0 GNR 1333 B 240,680.00 374.40 (5,324.40) 235,730.00 473.54 256350023 LC -Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 256350023 LC -Sr Lien Reserve Fund-1 3137AUPE3 FHMS K021 A2 832,966.00 234,830.80 397.17 (11,753.17) 821,610.00 40.64 407.25 (4,585.55) 230,652.50 469.22 256350023 LC -Sr Lien Reserve Fund 256350023 LC -Sr Lien Reserve Fund 25635/)021 LC -Sr Lien Reserve Fund 38378KRS0 3136A72D GNR 1378 AG A 12M9 A2 3137EADB2 FREDDIE MAC 431,235.00 360,947.95 554.944.50 ,970.05) 44.18 463.69 503.8 609.16 (8,905.69) (5,980.79) (9.464.161 422,793.00 353,545.10 546.069.50 895.72 742.03 2.83(121 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 256350023 LC -Sr Lien Reserve Fund-1 912828L99 UNITED STATES TREASURY 912828SA9 UNITED STATES TREASURY 912828UH1 UNITED STATES TREASURY 912828V49 UNITED STATES TREASURY 912828SA9 UNITED STATES TREASURY 1,082,257.00 179,098.91 228,102.19 271,361.99 17,677,641.47 184,492.92 1,276,755.78 (799967.57) 682.59 781.96 972.93 1,122.89 1,206.67 (10,186.59) (1,136.24) (703.73) (4,260.95) (1,743.46) 1,072,753.00 178,744.63 184,762.12 224,964.14 270,825.20 6,350.83 47.41 49.31 181.73 71.84 (176,014.46) (6,467.26) (391.69) (239,454.32) 17,732,101.95 62,523.40 8,470,344.47 5,396,753.63 (4,592,388.57) (265,000.00) (240,517.69) (6,755.47) (170.16) (251,411.%) 21,803,636.96 76,698.99 32 Page 7 of 32 015.- RIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Summary of Investments for quarter ended March 31, 2018 ATTACHMENT 5 C redit Rating 25.0Q0,fl06 v d 6 20,000.000 Q y 15,000.000 a 3 �i 10.000.000 'L m m 5.000,444 N co m A+ A- Asset Class Cash 1-0-54%1 Money Market Funds {4.47%). Fixed Income (96-67%) *Negative cash reflects securities in transit at month end Industry Group Other (6.79%) Agency Callas " rr PAC CMG (2.611561 Agency Collet CMG (3.3396) f Cash (3-92'.61 6anke W07 %) FNMA eel lateral (7-62%) Commercial) MSS (2 LT%) -Sovereign (4e.rw%] Other [15./1'A1 PIILMC CM6 0_01%1 CORP 17.4370 G NMA CIAO' (7. 93%) GNMA {6.33%] Security Type AGCY HONE (9.14%) ---US GOV 130.013.4) FNMA (11.33%) Market Sector Other (6.4s9%1 Inaustrlai (7-4456] Assel Hacked (2. t 2%) Cam (3.92%] Financial + (5.95%) Agency (9.62%) Mortgage Hacked (36.4.5%) - 'Gov ent 1'39.97%1 33 INFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 91 CIP STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended March 31, 2018 ATTACHMENT 6 Credit Rating 20.000.000 2 15,000.000 Q • 10.000.000 cn z 5,000.000 m N m m AAA. NA Asset Class pan -0.67.%k �I Manny Mbrkol FN nds 1a.96%1 1 Fixed Income (99.70%i *Negative cash reflects securities in transit at month end Security Type A CMO- (SA 1 19.5256} GNMA (1024%) AGCY BOND 111.27%1 FNMA (13-40%) Industry Group cash to-gsN GNMA2 Calleterel Agency Collet' CMO (3.29%1 Agency Collet PAC CMO f3.31%) FNMA Collateral (S.94%) commerc la! MBs 526-06%1 - Sovereign 157. hj US GOV (40-6%1 Market Sector Government (45.22%) Mortgage Bxckorl (42.50%) 34 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION ATTACHMENT 7 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of Investments for quarter ended March 31, 2018 Credit Rating 2,000.000 2 • 1 , 5tio.000 Q m 1.000,000 • 500,0❑0 cn AAA AA.— A+ Commercial MSS (3.72%) Agency Collet -- CMG, (5.69`.b) Auto Lease Lome (6.09%) crawl card ADS (6.49%) Diversified Flnan Sera (12.53%) Industry Group Other (17.39%) �a -Banks (27.0%j Sovereign Security Type AGCY DISC VRON" (3.0%) / FHLMC (3.10%1 GNMA CMG (3.3%) ABS (14.101A) Omar (6.88%) IJ5 GOV (t 7.00%) CORP 149.44%j Market Sector Other (0.4S%) Agency (3.03%)/ Municipal" •/ (3.d%) industrial (9.8474 Mortgage Backed (1 t.977o) ASYet Backed (14.19%) Government (17.96%) -- Financial (39.59%1 35 ATTACHMENT 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended March 31, 2018 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value ext Call Original Cost Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385VE3 Agency FHLBanks Office of Finance 04/06/2018 03/26/2018 900,000.00 899,546.25 --- 899,838.00 44.28 0.000 0.939 AAA 240907004 LC-RCTC Toll Revenue: - I-15 313385VE3 Agency FHLBanks Office of Finance 04/06/2018 03/26/2018 5,100,000.00 5,097,428.75 --- 5,099,082.00 250.91 0.000 0.939 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 3I3385VJ2 Agency FHLBanks Office of Finance 04/10/2018 03/28/2018 200,000.00 199,881.56 --- 199,926.00 8.00 0.000 1.228 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2022 02/27/2018 117,178.82 _ 114,542.30 --- 114,338.41 (252.89) 1.573 2.765 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137A7NT3 Agency CMO Federal Home Loan Mortgage Corporation 08/25/2020 12/20/2017 83,254.99 83,833.87 --- 83,433.16 (316.79) 2.917 2.468 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137AKKC4 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2018 12/04/2017 175,000.00 175,410.16 --- 174,604.50 (524.22) 2.303 2.478 AAA 240907004 LC-RCTC Toll Revenue:-I-15 3137AL6V6 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2018 12/01/2017 678,680.04 680,323.73 --- 677,594.16 (1,723.57) 2.323 2.344 AAA 240907004 LC-RCTC Toll Revenue: -I-15 3137ANMN2 Agency CMO Federal Home Loan Mortgage Corporation 12/25/2018 12/01/2017 315,000.00 315,529.10 --- 314,165.25 (1,030.49) 2.220 2.418 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2022 02/27/2018 535,294.18 523,250.06 --- 522,318.64 (1,155.26) 1.573 2.765 AAA 240907004 LC-RCTC Toll Revenue: - I-15 31398E2E3 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2019 01/03/2018 90,618.66 92,431.03 --- 91,550.22 (429.94) 5.053 2.806 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137FBUW4 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2019 01/23/2018 830,000.00 830,389.06 --- 830,000.00 (714.05) 1.780 2.126 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 3137ANMN2 Agency CMO Federal Home Loan Mortgage Corporation 12/25/2018 12/05/2017 1,800,000.00 1,803,697.20 --- 1,795,230.00 (6,337.22) _ 2.220 2.418 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2022 02/27/2018 39,947.33 39,048.51 -- 38,979.00 (86.21) 1.573 2.765 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 3137B84S3 Agency CMO Federal Home Loan Mortgage Corporation 02/15/2029 01/31/2018 172,760.64 170,601.13 --- 169,932.55 (684.36) 2.000 2.822 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 84,037.51 84,247.61 -- 83,956.83 (280.59) 2.500 2.512 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 31398NG99 Agency CMO Federal National Mortgage Association 10/25/2025 03/21/2018 _95,854.26 95,434.90 --- 95,362.53 (56.68) _ 2.000 2.594 AAA 240907004 LC-RCTC Toll Revenue:-I-15 31397Q4Q8 Agency CMO Federal National Mortgage Association 03/25/2035 01/10/2018 382,264.07 385,489.43 -- 384,614.99 (201.25) 4.000 1.696 AAA 240907004 LC-RCTC Toll Revenue: - I-15 31398NG99 Agency CMO Federal National Mortgage Association 10/25/2025 03/21/2018 316,530.29 315,145.47 --- 314,906.49 (187.20) _ 2.000 2.594 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 31392J6N4 Agency CMO Federal National Mortgage Association 04/25/2023 12/05/2017 673,422.40 732,603.34 -- 704,911.63 (24,676.87) 5.500 2.840 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 31397SE83 Agency CMO Federal National Mortgage Association 02/25/2039 01/30/2018 75,816.45 76,242.91 --- 75,949.89 (195.59) _ 4.000 3.018 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 3I398N2K9 Agency CMO Federal National Mortgage Association 11/25/2025 01/31/2018 67,337.64 67,590.16 -- 67,357.17 (178.22) 3.500 2.725 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 383742C76 Agency CMO Government National Mortgage Association 08/16/2037 01/31/2018 101,079.71 103,606.69 --- 103,553.13 16.17 4.000 2.842 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 38375JCJ2 Agency CMO Government National Mortgage Association 12/16/2037 01/31/2018 39,258.99 39,381.68 -- 39,517.71 154.72 5.305 3.185 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 38378CDK0 _ Agency CMO The Government National Mortgage Association Guarantt 03/20/2035_ 01/30/2018 155,786.25 157,222.40 --- 156,529.35 (580.99) 3.000 2.401 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 38378AWX5 Agency CMO The Government National Mortgage Association Guarantt 01/20/2036 01/30/2018 218,809.26 220,928.98 -- 219,857.36 (972.27) 3.000 2.524 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 38376THB 1 Agency CMO The Government National Mortgage Association Guarantt 10/20/2037 01/30/2018 8,922.74 8,939.47 --- 8,935.77 11.75 4.000 0.149 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137A6AZ5 Agency MBS Federal Home Loan Mortgage Corporation 07/25/2020 01/10/2018 77,934.54 78,567.76 -- 78,209.65 (263.31) 3.320 2.436 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3137B6ZL8 Agency MBS Federal Home Loan Mortgage Corporation 12/25/2019 12/20/2017 114,230.11 114,176.57 --- 113,847.44 (289.89) 2.075 2.434 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 31283K5N4 Agency MBS Federal Home Loan Mortgage Corporation 08/01/2020 12/05/2017 898,416.90 918,652.84 -- 916,322.35 (38,639.84) 5.000 2.677 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 02/27/2018 120,000.00 117,965.63 --- 118,093.20 94.84 2.522 2.901 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 91,695.08 90,434.27 -- 89,994.13 (460.89) 1.749 2.670 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 45,778.34 45,105.97 --- 44,876.05 (239.87) 1.785 2.676 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 3136A7MK5 Agency MBS Federal National Mortgage Association 12/25/2019 03/21/2018 74,894.90 74,450.22 -- 74,361.65 (77.74) 1.801 2.901 AAA 240907004 LC-RCTC Toll Revenue: - I-15 3136AK2A0 Agency MBS Federal National Mortgage Association 09/25/2019 01/08/2018 224,079.86 223,738.76 --- 222,522.50 (1,234.77) 2.171 2.726 AAA 240907004 LC-RCTC Toll Revenue:-I-15 3136ASPX8 Agency MBS Federal National Mortgage Association 06/25/2019 02/14/2018 355,129.74 354,151.41 -- 353,410.91 (669.71) 1.785 2.621 AAA 240907004 LC-RCTC Toll Revenue: -I-15 31381S5E8 Agency MBS Federal National Mortgage Association 12/01/2018 12/01/2017 443,934.67 445,668.79 --- 443,677.19 (1,165.03) 2.640 2.468 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 3I36AC7J4 Agency MBS Federal National Mortgage Association 03/25/2023 02/21/2018 61,863.74 60,846.37 -- 60,949.39 84.11 2.493 3.069 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 31418ASD1 Agency MBS Federal National Mortgage Association 04/01/2023 01/31/2018 99,997.04 99,025.88 --- 98,690.08 (340.22) 2.000 2.593 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 3I36A96F0 Agency MBS Federal National Mortgage Association 11/25/2022 02/27/2018 75,000.00 72,694.34 -- 72,645.00 (99.61) 2.184 3.422 AAA 240907004 LC-RCTC Toll Revenue: - I-15 36225B5Y0 Agency MBS Government National Mortgage Association 06/15/2019 12/21/2017 66,544.68 _ 67,293.31 --- 66,923.32 (180.05) 5.500 2.748 AAA 240907004 LC-RCTC Toll Revenue: - I-15 02582JGN4 Asset Backed American Express Credit Account Master Trust 05/15/2019 01/16/2018 252,000.00 252,885.94 -- 252,690.48 (125.74) 2.147 2.014 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 05522RCQ9 Asset Backed BA Credit Card Trust 01/15/2019 03/21/2018 325,000.00 _ 325,710.94 --- 325,744.25 59.94 2.157 1.979 AAA 240907004 LC-RCTC Toll Revenue:-I-15 05522RCQ9 Asset Backed BA Credit Card Trust 01/15/2019 03/21/2018 1,100,000.00 1,102,406.25 -- 1,102,519.00 202.89 2.157 1.979 AAA 240907004 LC-RCTC Toll Revenue: - I-15 05581RAD8 Asset Backed Bmw Vehicle Lease Trust 2016-1 01/22/2019 12/22/2017 688,815.12 687,846.48 --- 687,644.13 (672.96) 1.340 2.693 AAA 240907004 LC-RCTC Toll Revenue: - I-15 05582XAB8 Asset Backed Bmw Vehicle Lease Trust 2016-2 01/22/2019 12/22/2017 162,453.54 162,225.10 -- 162,279.72 (78.85) 1.230 2.808 AAA 240907004 LC-RCTC Toll Revenue: - I-15 05582XAD4 Asset Backed Bmw Vehicle Lease Trust 2016-2 09/20/2019 07/27/2017 965,000.00 963,002.14 --- 959,287.20 (4,924.68) 1.430 2.717 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 161571HA5 Asset Backed Chase Issuance Trust 07/16/2018 12/19/2017 360,000.00 359,690.63 -- 359,168.40 (673.47) 1.620 2.420 AAA 240907004 LC-RCTC Toll Revenue: -I-15 161571FW9 Asset Backed Chase Issuance Trust 04/16/2018 --- 1,325,000.00 1,325,765.62 --- 1,325,079.50 (45.79) 2.057 1.936 AAA 240907004 LC-RCTC Toll Revenue:-I-15 161571GY4 Asset Backed Chase Issuance Trust 04/16/2018 -- 360,000.00 359,524.92 -- 359,866.80 (53.90) 1.360 2.203 AAA 240907004 LC-RCTC Toll Revenue: - I-15 161571HA5 Asset Backed Chase Issuance Trust 07/16/2018 01/02/2018 1,500,000.00 _ 1,498,710.94 --- 1,496,535.00 (2,761.77) _ 1.620 2.420 AAA 240907004 LC-RCTC Toll Revenue:-I-15 161571HC1 Asset Backed Chase Issuance Trust 06/17/2019 -- 763,000.00 758,373.05 -- 752,188.29 (7,723.18) 1.370 2.570 AAA 240907004 LC-RCTC Toll Revenue: - I-15 161571HJ6 Asset Backed Chase Issuance Trust 01/15/2020 03/23/2018 500,000.00 _ 501,347.66 --- 501,345.00 11.63 _ 2.077 2.038 _ AAA 240907004 LC-RCTC Toll Revenue:-I-15 41284AAE8 Asset Backed Harley-Davidson Motorcycle Trust 2014-1 10/15/2021 11/27/2017 355,045.52 354,879.09 -- 354,662.07 (268.05) 1.550 1.813 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 41284CAD6 Asset Backed Harley-Davidson Motorcycle Trust 2015-2 03/16/2020 01/31/2018 31,910.84 31,873.45 --- 31,866.17 (17.71) 1.300 2.382 AAA 240907004 LC-RCTC Toll Revenue: - I-15 43814KAD3 Asset Backed Honda Auto Receivables 2015-1 Owner Trust 11/16/2020 07/24/2017 656,898.60 656,154.45 -- 657,286.17 645.02 1.320 1.115 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 43814LAC3 Asset Backed Honda Auto Receivables 2015-4 Owner Trust 09/23/2019 11/09/2017 82,381.29 82,178.55 --- 81,974.33 (252.07) 1.230 2.425 AAA 240907004 LC-RCTC Toll Revenue: - I-15 43814LAC3 Asset Backed Honda Auto Receivables 2015-4 Owner Trust 09/23/2019 07/24/2017 812,973.25 811,258.38 -- 808,957.16 (3,042.41) 1.230 2.425 AAA 240907004 LC-RCTC Toll Revenue: - I-15 43813FAA1 Asset Backed Honda Auto Receivables 2017-4 Owner Trust 12/21/2018 11/22/2017 725,772.75 725,772.75 --- 725,772.75 0.00 1.430 1.500 AAA 240907004 LC-RCTC Toll Revenue: - I-15 47787UAE3 Asset Backed John Deere Owner Trust 2015 12/15/2021 07/24/2017 747,000.00 747,350.16 -- 745,252.02 (1,841.15) 1.650 2.262 AAA 240907004 LC-RCTC Toll Revenue: - I-15 47787UAD5 Asset Backed John Deere Owner Trust 2015 _ 06/17/2019 12/21/2017 38,878.40 _ 38,817.65 --- 38,834.85 (15.99) 1.320 2.713 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 47788CAA0 Asset Backed John Deere Owner Trust 2018 03/15/2019 02/21/2018 750,000.00 750,000.00 -- 750,015.00 15.00 1.950 2.010 AAA 240907004 LC-RCTC Toll Revenue: - I-15 47788CAA0 Asset Backed John Deere Owner Trust 2018 03/15/2019 02/21/2018 2,250,000.00 2,250,000.00 --- 2,250,045.00 45.00 1.950 2.010 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 58768MAC5 Asset Backed Mercedes-Benz Auto Lease Trust 2016-B 08/15/2019 03/20/2018 272,000.00 270,650.63 -- 270,713.44 (24.17) 1.350 2.587 AAA 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 Asset Backed Mercedes-Benz Auto Lease Trust 2016-B 08/15/2019 --- 1,594,000.00 _ 1,589,467.81 --- 1,586,460.38 (5,376.98) 1.350 2.587 AAA 240907004 LC-RCTC Toll Revenue: - I-15 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 03/16/2020 07/27/2017 965,000.00 965,942.38 -- 958,582.75 (6,954.49) 1.790 2.556 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 65478QAD0 Asset Backed Nissan Auto Lease Trust 2016-A 03/15/2019 07/19/2017 1,175,965.10 _ 438.05 --- 1,173,801.32 1,057,576.07 1.490 2.530 AAA 240907004 LC-RCTC Toll Revenue: - I-15 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 01/25/2018 850,000.00 846,115.23 -- 842,273.50 (4,336.06) 1.910 2.711 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 65477UAC4 Asset Backed Nissan Auto Receivables 10/15/2019 11/07/2017 48,543.18 _ 48,459.76 --- 48,416.48 (74.56) 1.050 2.436 AAA 240907004 LC-RCTC Toll Revenue: - I-15 65477UAC4 Asset Backed Nissan Auto Receivables 10/15/2019 11/07/2017 145,629.54 145,379.24 -- 145,249.44 (223.65) 1.050 2.436 AAA 240907004 LC-RCTC Toll Revenue: - I-15 65477PAD3 Asset Backed Nissan Auto Receivables 2014-A Owner Trust 08/17/2020 07/25/2017 245,070.03 244,964.73 --- 244,717.13 (300.56) 1.340 2.233 AAA 36 Page 11 of 32 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended March 31, 2018 Source Account 240907004 Account Identifier LC-RCTC Toll Revenue: - I-15 65478AAD5 ecun ype Category Asset Backed ma Maturity 05/15/2020 Trade Date 12/21/2017 Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating Issuer Nissan Auto Receivables 2015-C Owner Trust Current Face Value 675,244.18 Original Cost 673,002.16 e: a I Date --- --- 671,138.70 (2,166.17) 1.370 2.506 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 89190AAD2 Asset Backed Toyota Auto Receivables 2014-C Owner Trust 04/15/2020 07/19/2017 873,215.93 873,079.49 871,984.69 (1,176.71) 1.440 2.704 AAA 240907004 LC-RCTC Toll Revenue: - I-15 89236WAC2 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 02/15/2019 11/07/2017 12,279.45 12,269.38 --- 12,276.87 1.42 1.120 1.527 AAA 240907004 LC-RCTC Toll Revenue: - I-15 89236WADo Asset Backed Toyota Auto Receivables 2015-A Owner Trust 06/15/2020 01/19/2018 548,000.00 546,522.97 --- 545,977.88 (1,006.89) 1.520 2.429 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 90290XAD9 Asset Backed USAA Auto Owner Trust 2005-1 11/16/2020 03/22/2018 223,108.83 222,376.76 -- 222,361.42 (I6.03) 1.540 2.076 AAA 240907004 LC-RCTC Toll Revenue: - I-15 90290XAD9 Asset Backed USAA Auto Owner Trust 2005-I 11/16/2020 03/22/2018 758,570.03 756,080.98 --- 756,028.83 (54.48) 1.540 2.076 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 01/30/2018 53,772.69 53,940.74 -- 53,968.96 38.38 2.030 2.181 AAA 240907004 LC-RCTC Toll Revenue: - I-15 00287YAN9 _ Corporate AbbVie Inc. 05/14/2018 12/21/2017 1,000,000.00 999,780.00 --- 999,270.00 _(661.94) 1.800 2.383 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 0258MOEJ4 Corporate American Express Credit Corporation 05/03/2019 07/19/2017 2,000,000.00 2,006,000.00 04/02/2019 2,002,340.00 (1,341.61) 2.117 2.510 A 240907004 LC-RCTC Toll Revenue: - I-15 0258MODK2 _ Corporate American Express Credit Corporation 03/18/2019 07/25/2017 1,000,000.00 1,006,560.00 --- 994,760.00 (9,189.16) _ 2.125 2.677 A 240907004 LC-RCTC Toll Revenue: - I-15 0258MOEE5 Corporate American Express Credit Corporation 03/03/2020 07/25/2017 500,000.00 503,990.00 02/01/2020 493,000.00 (9,970.91) 2.200 2.953 A 240907004 LC-RCTC Toll Revenue: - I-15 03523TAN8 Corporate Anheuser-Busch InBev Worldwide Inc. 01/15/2020 07/26/2017 1,000,000.00 1,084,440.00 --- 1,046,140.00 (16,327.90) 5.375 2.717 A 240907004 LC-RCTC Toll Revenue:-I-15 94973VBE6 Corporate Anthem, Inc. 07/15/2018 07/26/2017 1,500,000.00 1,509,105.00 -- 1,498,710.00 (4,132.15) 2.300 2.585 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 06051GEY1 Corporate Bank of America Corporation 01/15/2019 07/19/2017 1,500,000.00 1,518,015.00 --- 1,510,200.00 558.64 2.762 2.490 A 240907004 LC-RCTC Toll Revenue: - I-15 06051GFN4 Corporate Bank of America Corporation 04/21/2020 12/04/2017 1,000,000.00 997,850.00 -- 985,450.00 (12,691.70) 2.250 2.984 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 06367TPX2 Corporate Bank of Montreal 12/12/2019 07/19/2017 1,630,000.00 1,637,318.70 --- 1,608,793.70 (26,468.51) _ 2.100 2.889 A 240907004 LC-RCTC Toll Revenue:-I-15 06367TPX2 Corporate Bank of Montreal 12/12/2019 07/26/2017 1,000,000.00 1,005,160.00 -- 986,990.00 (16,780.09) 2.100 2.889 A 240907004 LC-RCTC Toll Revenue: -I-15 07330NAL9 Corporate Branch Banking and Trust Company 05/10/2019 07/27/2017 1,000,000.00 _ 995,340.00 04/10/2019 985,610.00 (11,434.57) _ 1.450 2.773 A 240907004 LC-RCTC Toll Revenue: - I-15 149I2L6Y2 Corporate Caterpillar Financial Services Corporation 01/10/2020 07/26/2017 1,000,000.00 1,008,020.00 -- 988,650.00 (17,273.78) 2.100 2.758 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 172967J05 Corporate Citigroup Inc. 04/27/2018 07/20/2017 1,950,000.00 _ 1,957,117.50 --- 1,950,429.00 (243.93) _ 2.450 2.158 BBB 240907004 LC-RCTC Toll Revenue: - I-15 172967HM6 Corporate Citigroup Inc. 04/08/2019 07/25/2017 1,000,000.00 1,010,110.00 -- 999,000.00 (7,239.02) 2.550 2.649 BBB 240907004 LC-RCTC Toll Revenue: - I-15 172967JJ1 Corporate Citigroup Inc. 02/18/2020 07/25/2017 500,000.00 503,600.00 --- 494,555.00 (8,149.49) 2.400 2.998 BBB 240907004 LC-RCTC Toll Revenue:-I-15 17401QAB7 Corporate Citizens Bank, National Association 12/04/2019 07/26/2017 1,000,000.00 1,008,450.00 11/04/2019 989,040.00 (17,028.08) 2.450 3.124 A 240907004 LC-RCTC Toll Revenue: - I-15 20030NAW 1 _ Corporate Comcast Corporation 05/15/2018 12/21/2017 1,500,000.00 1,522,245.00 --- 1,505,715.00 (1,276.29) 5.700 2.587 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 2I688AAD4 Corporate Cooperatieve Rabobank U.A. 01/14/2020 07/20/2017 2,000,000.00 2,016,800.00 -- 1,974,280.00 (37,971.74) 2.250 2.992 AA 240907004 LC-RCTC Toll Revenue: - I-15 22546QAN7 _ Corporate Credit Suisse AG _ 05/28/2019 07/26/2017 1,000,000.00 1,009,340.00 --- 993,630.00 (12,406.09) 2.300 2.860 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 375558BQ5 Corporate Gilead Sciences, Inc. 09/20/2019 09/14/2017 340,000.00 340,000.00 -- 340,207.40 207.40 2.452 2.512 A 240907004 LC-RCTC Toll Revenue: - I-15 375558BQ5 Corporate Gilead Sciences, Inc. 09/20/2019 09/14/2017 595,000.00 595,000.00 --- 595,362.95 362.95 2.452 2.512 A 240907004 LC-RCTC Toll Revenue: - I-15 40428HPN6 Corporate HSBC USA Inc. 11/13/2019 07/26/2017 1,000,000.00 1,010,720.00 -- 990,910.00 (16,805.94) 2.375 2.953 A 240907004 LC-RCTC Toll Revenue: - I-15 24422ETJ8 Corporate John Deere Capital Corporation 10/09/2019 07/26/2017 1,125,000.00 1,114,650.00 --- 1,099,822.50 (17,872.97) 1.250 2.759 A 240907004 LC-RCTC Toll Revenue: - I-15 46625HHL7 Corporate JPMorgan Chase & Co. 04/23/2019 07/25/2017 1,000,000.00 1,075,520.00 -- 1,037,580.00 (9,654.28) 6.300 2.691 A 240907004 LC-RCTC Toll Revenue: - I-15 4662511KA7 Corporate JPMorgan Chase & Co. 01/23/2020 07/25/2017 500,000.00 503,005.00 12/23/2019 493,925.00 (8,280.83) 2.250 2.942 A 240907004 LC-RCTC Toll Revenue:-I-15 49327M2P8 Corporate KeyBank National Association 08/22/2019 07/24/2017 1,000,000.00 995,550.00 -- 984,360.00 (12,575.91) 1.600 2.750 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 61746BDY9 Corporate Morgan Stanley 02/01/2019 07/20/2017 1,950,000.00 1,981,200.00 --- 1,965,931.50 (1,270.66) 3.148 2.694 A 240907004 LC-RCTC Toll Revenue: - I-15 6I746BDM5 Corporate Morgan Stanley 01/24/2019 07/25/2017 1,000,000.00 1,009,060.00 -- 998,220.00 (6,872.11) 2.500 2.719 A 240907004 LC-RCTC Toll Revenue: - I-15 61747YDW2 Corporate Morgan Stanley 01/27/2020 07/25/2017 500,000.00 506,130.00 --- 496,920.00 (7,641.90) 2.650 2.998 A 240907004 LC-RCTC Toll Revenue: - I-15 7I8I72BF5 Corporate Philip Morris International Inc. 01/15/2019 07/26/2017 1,000,000.00 1,003,040.00 -- 994,150.00 (7,535.96) 1.875 2.625 A 240907004 LC-RCTC Toll Revenue: - I-15 69353REV6 Corporate PNC Bank, National Association 03/04/2019 07/26/2017 1,000,000.00 1,003,210.00 02/02/2019 993,680.00 (8,144.56) 1.950 2.643 A 240907004 LC-RCTC Toll Revenue: - I-15 74432QBW4 Corporate Prudential Financial, Inc. 08/15/2018 07/26/2017 1,500,000.00 1,510,920.00 -- 1,498,770.00 (5,282.45) 2.300 2.514 A 240907004 LC-RCTC Toll Revenue: - I-15 780082AA1 Corporate Royal Bank of Canada 02/05/2020 07/26/2017 1,500,000.00 1,497,390.00 --- 1,476,690.00 (21,361.66) 1.875 2.743 AAA 240907004 LC-RCTC Toll Revenue:-I-15 064I59HC3 Corporate The Bank of Nova Scotia 01/15/2019 01/23/2018 400,000.00 399,504.00 -- 397,828.00 (1,768.71) 1.950 2.646 A 240907004 LC-RCTC Toll Revenue: - I-15 38141GFM1 Corporate The Goldman Sachs Group, Inc. 04/01/2018 10/16/2017 1,000,000.00 1,020,020.00 --- 1,000,000.00 0.00 6.150 5.968 A 240907004 LC-RCTC Toll Revenue: - I-15 38141EA25 Corporate The Goldman Sachs Group, Inc. 02/15/2019 07/25/2017 1,000,000.00 1,084,540.00 -- 1,040,230.00 (8,844.81) 7.500 2.808 A 240907004 LC-RCTC Toll Revenue: - I-15 38141EA58 Corporate The Goldman Sachs Group, Inc. 03/15/2020 07/26/2017 500,000.00 540,800.00 --- 521,350.00 (9,523.90) 5.375 3.110 A 240907004 LC-RCTC Toll Revenue:-I-15 446438RN5 Corporate The Huntington National Bank 06/30/2018 07/27/2017 1,500,000.00 1,505,700.00 -- 1,498,440.00 (3,138.46) 2.000 2.406 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 89114QAV0 Corporate Toronto Dominion Bank 11/05/2019 07/20/2017 2,000,000.00 2,019,800.00 --- 1,983,540.00 (30,431.62) 2.250 2.780 AA 240907004 LC-RCTC Toll Revenue: - I-15 891 I4QAS7 Corporate Toronto Dominion Bank 07/02/2019 07/27/2017 1,000,000.00 1,007,670.00 -- 993,180.00 (11,920.70) 2.125 2.680 AA 240907004 LC-RCTC Toll Revenue: - I-15 89114QBE7 Corporate Toronto Dominion Bank 01/22/2019 01/23/2018 370,000.00 369,463.50 --- 368,124.10 (1,437.57) 1.950 2.584 AA 240907004 LC-RCTC Toll Revenue: - I-15 90261XHE5 Corporate UBS AG 08/14/2019 07/25/2017 850,000.00 857,505.50 -- 843,786.50 (11,360.79) 2.375 2.921 A 245490001 LC-RCTC 2017 PRJ: Sales Tax 94988J5G8 Corporate Wells Fargo Bank, National Association 12/06/2019 07/19/2017 2,000,000.00 2,014,280.00 --- 1,978,460.00 (31,770.72) 2.150 2.808 AA 240907004 LC-RCTC Toll Revenue: - I-15 02360SD47 CP Ameren Corporation 04/04/2018 03/27/2018 1,495,000.00 1,494,235.89 -- 1,494,835.55 122.09 0.000 0.993 AA 240907004 LC-RCTC Toll Revenue: - I-15 43357MD56 CP Hitachi Capital America Corp. 04/05/2018 03/27/2018 700,000.00 699,615.00 --- 699,888.00 59.11 0.000 1.155 AA 240907004 LC-RCTC Toll Revenue: - I-15 3I846V203 MM Fund First American Funds, Inc. 03/31/2018 03/26/2018 0.00 412,243.66 -- 412,243.66 0.00 1.250 1.250 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 31846V203 MM Fund First American Funds, Inc. 03/31/2018 03/29/2018 0.00 20,993.45 --- 20,993.45 0.00 1.250 1.250 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 03/31/2018 -- 0.00 144,201.68 -- 144,201.68 0.00 0.200 0.000 --- 240907004 LC-RCTC Toll Revenue: - I-15 392274A89 Muni Greater Orlando Aviation Authority. 10/01/2019 07/26/2017 700,000.00 724,094.00 --- 708,414.00 (8,546.47) 3.483 2.662 AA 240907004 LC-RCTC Toll Revenue: - I-15 4I9792XC5 Muni Hawaii, State of 04/01/2018 01/31/2018 495,000.00 495,000.00 -- 495,000.00 0.00 1.750 1.735 AA 245490001 LC-RCTC 2017 PRJ: Sales Tax 54438CWT5 Muni Los Angeles Community College District 08/01/2018 11/09/2017 275,000.00 275,000.00 --- 274,747.00 (253.00) 1.620 1.890 AA 240907004 LC-RCTC Toll Revenue: - I-15 54438CWT5 Muni Los Angeles Community College District 08/01/2018 11/09/2017 545,000.00 545,000.00 -- 544,498.60 (501.40) 1.620 1.890 AA 240907004 LC-RCTC Toll Revenue: -I-15 569203LT7 Muni Salem-Keizer School District#24J 06/15/2018 11/15/2017 400,000.00 399,684.00 --- 399,744.00 (143.82) 1.513 1.813 AA 240907004 LC-RCTC Toll Revenue:-I-15 73358WT46 Muni The Port Authority of New York and New Jersey 09/15/2018 01/24/2018 220,000.00 220,000.00 -- 219,786.60 (213.40) 2.114 2.326 AA 240907004 LC-RCTC Toll Revenue: - I-15 92419RAA0 Muni Vermont Housing Finance Agency 05/01/2018 01/09/2018 420,000.00 420,000.00 --- 419,916.00 (84.00) 1.840 2.057 AA 240907020 RCTC I-15 Prj RAMP UP RESER) 9I2828SA9 TIPS Treasury, United States Department of 01/15/2022 -- 317,532.60 315,171.58 -- 314,157.23 (1,124.42) 0.125 0.408 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 912828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 80,524.50 79,453.89 --- 79,183.77 (301.59) 0.125 0.477 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 9I2828UZ1 US Gov Treasury, United States Department of 04/30/2018 03/14/2018 1,000,000.00 998,554.69 -- 999,250.00 141.79 0.625 1.498 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828V1C3 US Gov Treasury, United States Department of 06/30/2018 03/22/2018 765,000.00 764,103.52 --- 764,173.80 (I1.22) 1.375 1.796 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 9128281(25 US Gov Treasury, United States Department of 04/15/2018 -- 1,075,000.00 1,073,991.21 -- 1,074,677.50 1.26 0.750 1.428 AAA 240907004 LC-RCTC Toll Revenue: - I-15 912828UZ1 US Gov Treasury, United States Department of 04/30/2018 01/31/2018 3,000,000.00 2,994,257.81 --- 2,997,750.00 (378.95) 0.625 1.498 AAA 240907004 LC-RCTC Toll Revenue: - I-15 9I2828V1(3 US Gov Treasury, United States Department of 06/30/2018 03/22/2018 5,000,000.00 4,994,140.63 -- 4,994,600.00 (73.30) 1.375 1.796 AAA 240907004 LC-RCTC Toll Revenue: - I-15 9128281(25 US Gov Treasury, United States Department of 04/15/2018 02/27/2018 2,500,000.00 2,497,558.59 --- 2,499,250.00 (6.96) 0.750 1.428 AAA 37 Page 12 of 32 COUNTY PirRIVERSIDE TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Investment Category for quarter ended March 31, 2018 Source Account Account Identifier ecun ype Category US Gov ma Maturity Trade Date e: a I Date --- --- --- Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating Issuer Current Face Value Original Cost 701,968.75 240907020 RCTC I-15 Prj RAMP UP RESER) 912828QQ6 Treasury, United States Department of 05/31/2018 01/30/2018 700,000.00 700,735.00 (249.38) 2.375 1.743 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 912828UF5 _ US Gov Treasury, United States Department of 12/31/2019 01/30/2018 190,000.00 186,519.14 186,333.00 (483.05) 1.125 2.253 AAA 240907020 RCTC I-15 Prj RAMP UP RESER) 9I2828VK3 US Gov Treasury, United States Department of 06/30/2018 01/30/2018 705,000.00 704,476.76 704,238.60 (447.46) 1.375 1.796 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828QB9 US Gov Treasury, United States Department of 03/31/2018 03/14/2018 1,000,000.00 1,000,507.81 --- 1,000,000.00 0.00 2.875 2.834 AAA 240907004 LC-RCTC Toll Revenue: - I-15 9I2828QB9 US Gov Treasury, United States Department of 03/31/2018 01/16/2018 5,365,000.00 5,380,089.06 --- 5,365,000.00 0.00 2.875 2.834 AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828UU2 US Gov Treasury, United States Department of 03/31/2018 03/20/2018 525,000.00 524,815.43 --- 525,000.00 0.00 0.750 0.747 AAA 240907004 LC-RCTC Toll Revenue: - I-15 9I2828UU2 US Gov Treasury, United States Department of 03/31/2018 03/20/2018 1,700,000.00 1,699,402.34 -- 1,700,000.00 0.00 0.750 0.747 AAA 240907020 RCTC I-15 Pp RAMP UP RESER) 912828K25 US Gov Treasury, United States Department of 04/15/2018 02/27/2018 695,000.00 694,298.44 --- 694,791.50 5.02 0.750 1.428 AAA 116,776,939.19 116,793,278.85 117,185,372.26 475,362.44 38 Page 13 of 32 IOWRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Account for quarter ended March 31, 2018 ATTACHMENT 9 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 313385VE3 Agency FHLBanks Office of Finance 3137A7NT3 Agency CMO Federal Home Loan Mortgage Corporation 313741CKC4 Agency CMO Federal Home Loan Mortgage Corporation 3137AL6V6 Agency CMO Federal Home Loan Mortgage Corporation 3137ANMN2 Agency CMO Federal Home Loan Mortgage Corporation 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 31398E2E3 Agency CMO Federal Home Loan Mortgage Corporation 31397Q4Q8 Agency CMO Federal National Mortgage Association 31398NG99 Agency CMO Federal National Mortgage Association 240907004 LC-RCTC Toll Revenue: - I-15 3137FBUW4 Agency CMO Federal Home Loan Mortgage Corporation 240907004 LC-RCTC Toll Revenue: - I-15 3137A6AZ5 Agency MBS Federal Home Loan Mortgage Corporation 240907004 LC-RCTC Toll Revenue: - I-15 3137B62L8 Agency MBS Federal Home Loan Mortgage Corporation 240907004 LC-RCTC Toll Revenue: - I-15 313641C2A0 Agency MBS Federal National Mortgage Association 240907004 LC-RCTC Toll Revenue: - I-15 3136ASPX8 Agency MBS Federal National Mortgage Association 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 3138155E8 Agency MBS Federal National Mortgage Association 36225B5Y0 Agency MBS Government National Mortgage Association 161571FW9 Asset Backed Chase Issuance Trust 240907004 LC-RCTC Toll Revenue: - I-15 05522RCQ9 Asset Backed BA Credit Card Trust 240907004 LC-RCTC Toll Revenue: - I-15 65477PAD3 Asset Backed Nissan Auto Receivables 2014-A Owner Trust 240907004 LC-RCTC Toll Revenue: - I-15 02582JGN4 Asset Backed American Express Credit Account Master Trust 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 43814KAD3 Asset Backed Honda Auto Receivables 2015-1 Owner Trust 89236WAC2 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 89236WAD0 Asset Backed Toyota Auto Receivables 2015-A Owner Trust 47787UAE3 Asset Backed John Deere Owner Trust 2015 47787UAD5 Asset Backed John Deere Owner Trust 2015 65477UAC4 Asset Backed Nissan Auto Receivables 161571GY4 Asset Backed Chase Issuance Trust 04/06/2018 03/26/2018 5,100,000.00 5,097,428.75 - 5,099,082.00 250.91 0.000 0.939 AAA O8/25/2020 12/20/2017 83,254.99 83,833.87 --- 83,433.16 (316.79) 2.917 2.468 AAA 09/25/2018 12/04/2017 175,000.00 175,410.16 10/25/2018 12/O1/2017 678,680.04 680,323.73 174,604.50 677,594.16 12/25/2018 12/O1/2017 315,000.00 315,529.10 - 314,165.25 01/25/2022 02/27/2018 535,294.18 523,250.06 01/25/2019 01/03/2018 (524.22) 2.303 2.478 (1,723.57) 2.323 2.344 AAA AAA (1,030.49) 2.220 2.418 AAA 522,318.64 (1,155.26) 1.573 2.765 AAA 90,618.66 92,431.03 - 91,550.22 (429.94) 5.053 2.806 AAA 03/25/2035 01/10/2018 382,264.07 385,489.43 - 384,614.99 (201.25) 4.000 1.696 AAA 10/25/2025 03/21/2018 316,530.29 315,145.47 - 314,906.49 (187.20) 2.000 2.594 AAA 10/25/2019 01/23/2018 830,000.00 830,389.06 - 830,000.00 (714.05) 1.780 2.126 AAA 07/25/2020 01/10/2018 77,934.54 78,567.76 - 78,209.65 (263.31) 3.320 2.436 AAA 12/25/2019 12/20/2017 114,230.11 114,176.57 - 113,847.44 A289.89) 2.075 2.434 AAA 09/25/2019 01/08/2018 224,079.86 223,738.76 - 222,522.50 (1,234.77) 2.171 2.726 AAA 06/25/2019 02/14/2018 355,129.74 354,151.41 - 353,410.91 69.71) 1.785 2.621 AAA 12/O1/2018 12/O1/2017 443,934.67 445,668.79 - 443,677.19 (1,165� 2.640 2.468 AAA 06/ 15 /2019 12/21/2017 04/16/2018 66,544.68 67,293.31 - 66,923.32 (180.05) 5.500 2.748 AAA 1,325,000.00 1,325,765.62 - 1,325,079.50 (45.79) 2.057 1.936 AAA 01/15/2019 03/21/2018 1,100,000.00 1,102,406.25 - 1,102,519.00 202.89 2.157 1.979 AAA 08/17/2020 07/25/2017 245,070.03 244,964.73 - 244,717.13 (300.56) 1.340 2.233 AAA 05/15/2019 01/16/2018 252,000.00 252,885.94 - 252,690.48 (125.74) 2.147 2.014 AAA 11/16/2020 07/24/2017 656,898.60 656,154.45 - 657,286.17 645.02 1.320 1.115 AAA 02/15/2019 11/07/2017 12,279.45 12,269.38 - 12,276.87 1.42 1.120 1.527 AAA 06/15/2020 01/19/2018 548,000.00 546,522.97 - 545,977.88 (1,006.89) 1.520 2.429 AAA 12/15/2021 07/24/2017 747,000.00 747,350.16 - 745,252.02 (1,841.15) 1.650 2.262 AAA 06/17/2019 12/21/2017 38,878.40 38,817.65 - 38,834.85 (15.99) 1.320 2.713 AAA 10/15/2019 11/07/2017 145,629.54 145,379.24 - 145,249.44 (223.65) 1.050 2.436 AAA 04/16/2018 - 360,000.00 359,524.92 - 359,866.80 (53.90) 1.360 2.203 AAA 240907004 LC-RCTC Toll Revenue: - I-15 161571HA5 Asset Backed Chase Issuance Trust 07/16/2018 01/02/2018 1,500,000.00 1,498,710.94 - 1,496,535.00 (2,761.77) 1.620 2.420 AAA 240907004 LC-RCTC Toll Revenue: - I-15 654784AD5 Asset Backed Nissan Auto Receivables 2015-C Owner Trust 240907004 LC-RCTC Toll Revenue: - I-15 43814LAC3 Asset Backed Honda Auto Receivables 2015-4 Owner Trust 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 05581RAD8 Asset Backed Bmw Vehicle Lease Trust 2016-1 161571HC1 Asset Backed Chase Issuance Trust 412844AE8 Asset Backed Harley-Davidson Motorcycle Trust 2014-1 240907004 LC-RCTC Toll Revenue: - I-15 05582XAB8 Asset Backed Bmw Vehicle Lease Trust 2016-2 240907004 LC-RCTC Toll Revenue: - I-15 05582X4D4 Asset Backed Bmw Vehicle Lease Trust 2016-2 05/15/2020 12/21/2017 675,244.18 673,002.16 - 671,138.70 (2,166.17) 1.370 2.506 AAA 09/23/2019 07/24/2017 812,973.25 811,258.38 - 808,957.16 (3,042.41) 1.230 2.425 AAA 01/22/2019 12/22/2017 688,815.12 687,846.48 - 687,644.13 (672.96) 1.340 2.693 AAA 06/17/2019 --- 763,000.00 758,373.05 - 752,188.29 (7,723.18) 1.370 2.570 AAA 10/15/2021 11/27/2017 355,045.52 354,879.09 - 354,662.07 (268.05) 1.550 1.813 AAA 01/22/2019 12/22/2017 162,453.54 162,225.10 - 162,279.72 (78.85) 1.230 2.808 AAA 09/20/2019 07/27/2017 965,000.00 963,002.14 - 959,287.20 (4,924.68) 1.430 2.717 AAA 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 Asset Backed Mercedes-Benz Auto Lease Trust 2016-B O8/15/2019 --- 1,594,000.00 1,589,467.81 - 1,586,460.38 (5,376.98) 1.350 2.587 AAA 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 90290X4D9 Asset Backed USAA Auto Owner Trust 2005-1 11/16/2020 03/22/2018 758,570.03 756,080.98 - 756,028.83 (54.48) 1.540 2.076 AAA 161571H76 Asset Backed Chase Issuance Trust 01/15/2020 03/23/2018 500,000.00 501,347.66 - 501,345.00 11.63 2.077 2.038 AAA 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 240907004 LC-RCTC Toll Revenue: - I-15 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 43813FAA1 Asset Backed Honda Auto Receivables 2017-4 Owner Trust 47788CAA0 Asset Backed Jahn Deere Owner Trust 2018 38141GFM1 Corporate The Goldman Sachs Group, Inc. 20030NAW I Corporate Comcast Corporation 38141E425 Corporate The Goldman Sachs Group, Inc. 46625HHL7 Corporate 2Morgan Chase & Co. 03523TAN8 Corporate Anheuser-Busch loBev Worldwide Inc. 38141EA58 Corporate The Goldman Sachs Group, Inc. 94973VBE6 Corporate Anthem, Inc. 74432QBW4 Corporate Prudential Financial, Inc. 718172BF5 Corporate Philip Morris International Inc. 61746BDM5 Corporate Morgan Stanley 0258MODK2 Corporate American Express Credit Corporation 172967HM6 Corporate Citigroup Inc. 22546Q4N7 Corporate Credit Suisse AG 89114QAS7 Corporate Taranto Dominion Bank 90261XHE5 Corporate UBS AG 40428HPN6 Corporate HSBC USA Inc. 17401QAB7 Corporate Citizens Bank, National Association 46625HKA7 Corporate 2Morgan Chase & Co. 61747YDW2 Corporate Morgan Stanley 780082AA1 Corporate Royal Bank of Canada 172967711 Corporate Citigroup Inc. 06051GFN4 Corporate Bank of America Corporation 00287YAN9 Corporate AbbVie Inc. 446438RN5 Corporate The Huntington National Bank 064159HC3 Corporate The Bank of Nova Scotia 89114QBE7 Corporate Taranto Dominion Bank 69353REV6 Corporate PNC Bank, National Association 07330NAL9 Corporate Branch Banking and Trust Company 49327M2P8 Corporate KeyBank National Association 24422E1'78 Corporate John Deere Capital Corporation 06367TPX2 Corporate Bank of Montreal 14912L6Y2 Corporate Caterpillar Financial Services Corporation 0258MOEE5 Corporate American Express Credit Corporation 375558BQ5 Corporate Gilead Sciences, Inc. 43357MD56 CP Hitachi Capital America Corp. 02360SD47 CP Ameren Corporation 31846V203 MM Fund First American Funds, Inc. 03/16/2020 07/27/2017 965,000.00 965,942.38 - 958,582.75 (6,954.49L 1.790 2.556 AAA 04/15/2020 01/25/2018 850,000.00 846,115.23 - 842,273.50 (4,336.06) 1.910 2.711 AAA 12/21/2018 11/22/2017 725,772.75 725,772.75 - 725,772.75 - 1.430 1.500 AAA 03/15/2019 02/21/2018 2,250,000.00 2,250,000.00 2,250,045.00 45.00 1.950 2.010 AAA 04/O1/2018 10/16/2017 1,000,000.00 1,020,020.00 - 1,000,000.00 - 6.150 5.968 A 05/ 15/2018 12/21/2017 1,500,000.00 1,522,245.00 1,505,715.00 (1,276.29) 5.700 2.587 A 02/15/2019 07/25/2017 1,000,000.00 1,084,540.00 - 1,040,230.00 (8,844.81) 7.500 2.808 A 04/23/2019 07/25/2017 1,000,000.00 1,075,520.00 1,037,580.00 (9,654.28) 6.300 2.691 A 01/15/2020 07/26/2017 1,000,000.00 1,084,440.00 - 1,046,140.00 (16,327.90) 5.375 2.717 A 03/15/2020 07/26/2017 500,000.00 540,800.00 521,350.00 (9,523.90) 5.375 3.110 A 07/15/2018 07/26/2017 1,500,000.00 1,509,105.00 - 1,498,710.00 (4,132.15) 2.300 2.585 A O8/15/2018 07/26/2017 1,500,000.00 1,510,920.00 1,498,770.00 (5,282.45) 2.300 2.514 A 01/15/2019 07/26/2017 1,000,000.00 1,003,040.00 - 994,150.00 (7,535.96) 1.875 2.625 A 01/24/2019 07/25/2017 1,000,000.00 1,009,060.00 - 998,220.00 (6,872.11) 2.500 2.719 A 03/18/2019 07/25/2017 1,000,000.00 1,006,560.00 - 994,760.00 (9,189.16) 2.125 2.677 A 04/08/2019 07/25/2017 1,000,000.00 1,010,110.00 - 999,000.00 (7,239.02) 2.550 2.649 BBB 05/28/2019 07/26/2017 1,000,000.00 1,009,340.00 - 993,630.00 (12,406.09) 2.300 2.860 A 07/02/2019 07/27/2017 1,000,000.00 1,007,670.00 - 993,180.00 (11,920.70) 2.125 2.680 AA 08/14/2019 07/25/2017 850,000.00 857,505.50 - 843,786.50 (11,360.79) 2.375 2.921 A 11/13/2019 07/26/2017 1,000,000.00 1,010,720.00 - 990,910.00 (16,805.94) 2.375 2.953 A 12/04/2019 07/26/2017 1,000,000.00 1,008,450.00 11/04/2019 989,040.00 (17,028.08) 2.450 3.124 A 01/23/2020 07/25/2017 500,000.00 503,005.00 12/23/2019 493,925.00 (8,280.83) 2.250 2.942 A 01/27/2020 07/25/2017 500,000.00 506,130.00 - 496,920.00 (7,641.90) 2.650 2.998 A 02/05/2020 07/26/2017 1,500,000.00 1,497,390.00 - 1,476,690.00 (21,361.66) 1.875 2.743 AAA 02/18/2020 07/25/2017 500,000.00 503,600.00 - 494,555.00 (8,149.49) 2.400 2.998 BBB 04/21/2020 12/04/2017 1,000,000.00 997,850.00 - 985,450.00 (12,691.70) 2.250 2.984 A 05/14/2018 12/21/2017 1,000,000.00 999,780.00 - 999,270.00 (661.94) 1.800 2.383 A 06/30/2018 07/27/2017 1,500,000.00 1,505,700.00 - 1,498,440.00 (3,138.46) 2.000 2.406 A 01/15/2019 01/23/2018 400,000.00 399,504.00 - 397,828.00 (1,768.71) 1.950 2.646 A 01/22/2019 01/23/2018 370,000.00 369,463.50 - 368,124.10 (1,437.57) 1.950 2.584 AA 03/04/2019 07/26/2017 1,000,000.00 1,003,210.00 02/02/2019 993,680.00 (8,144.56) 1.950 2.643 A 05/10/2019 07/27/2017 1,000,000.00 995,340.00 04/10/2019 985,610.00 (11,434.57) 1.450 2.773 A 08/22/2019 07/24/2017 1,000,000.00 995,550.00 - 984,360.00 (12,575.91) 1.600 2.750 A 10/09/2019 07/26/2017 1,125,000.00 1,114,650.00 - 1,099,822.50 (17,872.97) 1.250 2.759 A 12/12/2019 07/26/2017 1,000,000.00 1,005,160.00 - 986,990.00 (16,780.09) 2.100 2.889 A 01/10/2020 07/26/2017 1,000,000.00 1,008,020.00 - 988,650.00 (17,273.78) 2.100 2.758 A 03/03/2020 07/25/2017 500,000.00 503,990.00 02/01/2020 493,000.00 (9,970.91) 2.200 2.953 A 09/20/2019 09/14/2017 595,000.00 595,000.00 - 595,362.95 362.95 2.452 2.512 A 04/05/2018 03/27/2018 700,000.00 699,615.00 - 699,888.00 59.11 0.000 1.155 04/04/2018 03/27/2018 1,495,000.00 1,494,235.89 - 1,494,835.55 122.09 0.000 0.993 AA 03/31/2018 03/26/2018 - 412,243.66 - 412,243.66 - 1.250 1.250 AAA 39 Page 14 of 32 IOWRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio by Account for quarter ended March 31, 2018 240907004 240907004 240907004 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 LC-RCTC Toll Revenue I-15 569203LT7 Muni Salem-Keizer School District #24J LC-RCTC Toll Revenue: -1-15 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: -1-15 392274A89 Muni 54438CWT5 Muni 92419RAA0 Muni 73358WT46 Muni 419792XC5 Muni 912828UZ1 US Gov 912828VK3 US Gov 9128281{25 US Gov 9128280139 US Gov 240907004 LC-RCTC Toll Revenue: - I-15 912828UU2 US Gov Greater Orlando Aviation Authority. Los Angeles Community College District Vermont Housing Finance Agency The Port Authority of New York and New Jersey Hawaii, State 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 06/15/2018 10/01/2019 08/01/2018 05/01/2018 11/15/2017 07/26/2017 11/09/2017 01/09/2018 09/15/2018 01/24/2018 04/01/2018 01/31/2018 400,000.00 700,000.00 545,000.00 420,000.00 220,000.00 495,000.00 399,684.00 724,094.00 545,000.00 420,000.00 220,000.00 495,000.00 04/30/2018 01/31/2018 3,000,000.00 2,994,257.81 06/30/2018 03/22/2018 5,000,000.00 4,994,140.63 04/15/2018 02/27/2018 2,500,000.00 2,497,558.59 03/31/2018 01/16/2018 5,365,000.00 5,380,089.06 03/31/2018 03/20/2018 1,700,000.00 1,699,402.34 399,744.00 708,414.00 544,498.60 419,916.00 219,786.60 495,000.00 2,997,750.00 - 4,994,600.00 2,499,250.00 - 5,365,000.00 1,700,000.00 Base Net Total Unrealized (143.82) 1.513 1.813 AA (8,546.47) 3.483 2.662 AA (501.40) 1.620 1.890 AA (84.00) 1.840 2.057 AA (213.40) 2.114 2.326 AA 1.750 1.735 (378.95) 0.625 1.498 (73.30) 1.375 1.796 (6.96) 0.750 1.428 2.875 2.834 0.750 0.747 AAA AAA AAA AAA 83,665,126.22 84,507,601.69 83,948,586.49 (374,891.27) 240907020 RCTC I-15 Prj RAMP UP RESERVE 313385VJ2 Agency 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ANMN2 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 383742C76 Agency CMO 240907020 RCTC I-15 Pq RAMP UP RESERVE 38375JCJ2 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ASR97 Agency CMO 240907020 RCTC I-15 Pq RAMP UP RESERVE 31392J6N4 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B8453 Agency CMO 240907020 RCTC I-15 Pq RAMP UP RESERVE 313975E83 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137A5FP4 Agency CMO 240907020 RCTC I-15 Pq RAMP UP RESERVE 31398N21{9 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378CDK0 Agency CMO 240907020 RCTC I-15 Pq RAMP UP RESERVE 38378AWX5 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376THB1 Agency CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283K5N4 Agency MBS 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AC7J4 Agency MBS 240907020 RCTC I-15 Pq RAMP UP RESERVE 3137B1U75 FHLBanks Office of Finance Federal Home Loan Mortgage Corporation Government National Mortgage Association Government National Mortgage Association Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal National Mortgage Association The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass-T The Government National Mortgage Association Guaranteed REMIC Pass-T Federal Home Loan Mortgage Corporation Federal National Mortgage Association Agency MBS Federal Home Loan Mortgage Corporation 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXIIN6 Agency MBS 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418ASD1 Agency MBS 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1UF7 Agency MBS 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A96F0 Agency MBS 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 CMO 240907020 RCTC I-15 Prj RAMP UP RESERVE 31846V203 Mkt Fund 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 TIPS 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UH1 TIPS 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828006 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UF5 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VK3 US Gov 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128281(25 US Gov Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal National Mortgage Association NCUA Guaranteed Notes Trust 2011-R1 First American Funds, Inc. 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 04/10/2018 03/28/2018 200,000.00 199,881.56 12/25/2018 12/05/2017 1,800,000.00 1,803,697.20 08/16/2037 01/31/2018 12/16/2037 01/31/2018 01/25/2022 02/27/2018 04/25/2023 12/05/2017 02/15/2029 01/31/2018 02/25/2039 01/30/2018 01/15/2021 01/30/2018 11/25/2025 01/31/2018 03/20/2035 01/30/2018 01/20/2036 01/30/2018 10/20/2037 01/30/2018 08/01/2020 12/05/2017 03/25/2023 02/21/2018 01/25/2023 02/27/2018 02/25/2022 01/25/2018 04/01/2023 01/31/2018 09/25/2022 01/25/2018 11/25/2022 02/27/2018 10/07/2020 01/30/2018 03/31/2018 03/29/2018 01/15/2022 01/15/2023 02/05/2018 05/31/2018 01/30/2018 12/31/2019 01/30/2018 06/30/2018 01/30/2018 04/15/2018 02/27/2018 101 07931 39,258.99 39 947.33 673,422A0 172,760.64 103,606.69 39,381.68 39 048.51 732,603.34 170,601.13 199,926.00 1,795,230.00 103 553.13 - 39,517.71 38 979.00 704,911.63 169,932.55 8.00 0.000 1.228 (6,337.22) 2.220 2.418 16.17 4.000 2.842 154.72 5.305 3.185 (86.21) 1.573 2.765 (24,676.87) 5.500 2.840 (684.36) 2.000 2.822 75,816.45 76,242.91 --- 75,949.89 (195.59) 4.000 3.018 84 037.51 67,337.64 155,786.25 218,809.26 8,922.74 898,416.90 61,863.74 120,000.00 91,695.08 99,997.04 45,778.34 75,000.00 53,772.69 317,532.60 80,524.50 700,000.00 190,000.00 705,000.00 695,000.00 84,247.61 67,590.16 157,222A0 220,928.98 8,939.47 918,652.84 60,846.37 117,965.63 90 434.27 99,025.88 45,105.97 72,694.34 53,940.74 20,993.45 315,171.58 79,45359 701,968.75 186,519.14 704,476.76 694,298A4 83 95653 67,357.17 156,529.35 219,857.36 8,93537 916,322.35 60,949.39 118,093.20 89 994.13 98,690.08 44,876.05 72,645.00 53,968.96 20,993.45 314 157.23 79,18337 700,735.00 186,333.00 704,238.60 694,791.50 (280.59) 2.500 2.512 (178.22) 3.500 2.725 (580.99) 3.000 2.401 (972.27) 3.000 2.524 11.75 4.000 0.149 (38,639.84L 5.000 2.677 84.11 2.493 3.069 94.84 2.522 2.901 (460.89) 1.749 2.670 (340.22) 2.000 2.593 (239.87) 1.785 2.676 (99.61) 2.184 3.422 38.38 2.030 2.181 1.250 1.250 (1,124.42) 0.125 0.408 (301.59) 0.125 0.477 (249.38) 2.375 1.743 (483.05) 1.125 2.253 (447.46) 1.375 1.796 5.02 0.750 1.428 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA 7 771 759.81 7 865 539.70 7 820 608.10 (75 965.64) 245490001 LC-RCTC 2017 PR I: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PR I: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRI Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PR I: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PR I: Sales Tax 313385VE3 Agency FHLBanks Office of Finance 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 31398NG99 Agency CMO 3136A7MK5 Agency MBS 05522RCQ9 Asset Backed 89190AAD2 Asset Backed 65477UAC4 Asset Backed Federal National Mortgage Association Federal National Mortgage Association BA Credit Card Trust Toyota Auto Receivables 2014-C Owner Trust Nissan Auto Receivables 41284CAD6 Asset Backed Harley-Davidson Motorcycle Trust 2015-2 161571HA5 Asset Backed Chase Issuance Trust 04/06/2018 03/26/2018 01/25/2022 02/27/2018 10/25/2025 03/21/2018 12/25/2019 03/21/2018 01/15/2019 03/21/2018 04/15/2020 07/19/2017 10/15/2019 11/07/2017 03/16/2020 01/31/2018 07/16/2018 12/19/2017 900,000.00 117,178.82 95 854.26 899,546.25 114,542.30 95 434.90 899,83850 114,338A1 95 362.53 44.28 0.000 0.939 (252.89) 1.573 2.765 (56.68) 2.000 2.594 74,894.90 74,450.22 - 74,361.65 (77.74) 1.801 2.901 325,000.00 873,215.93 48,543.18 31,910.84 360,000.00 325,710.94 873,079.49 48,45936 31,873.45 359,690.63 325,744.25 871,984.69 48,416A8 31,866.17 359,168.40 AAA AAA AAA AAA 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 245490001 LC-RCTC 2017 PRJ: Sales Tax 43814LAC3 Asset Backed 65478QAD0 Asset Backed 58768MAC5 Asset Backed 90290XAD9 Asset Backed 47788CAA0 Asset Backed 06051GEY1 Corporate 89114QAV0 Corporate 21688AAD4 Corporate 172967JQ5 Corporate 61746BDY9 Corporate 94988J5G8 Corporate 06367TPX2 Corporate 0258MOEJ4 Corporate 375558BQ5 Corporate 9AMMF05B2 Mkt Fund 54438CWT5 Muni 912828UZ1 US Gov 912828V1(3 US Gov 245490001 LC-RCTC 2017 PRJ: Sales Tax 9128281(25 US Gov 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828QB9 US Gov 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828UU2 US Gov Honda Auto Receivables 2015-4 Owner Trust Nissan Auto Lease Trust 2016-A Mercedes-Benz Auto Lease Trust 2016-B USAA Auto Owner Trust 2005-1 John Deere Owner Trust 2018 Bank of America Corporation Toronto Dominion Bank Cooperation Rabobank U.A. Citigroup Inc. Morgan Stanley Wells Fargo Bahr, National Association Bank of Montreal American Express Credit Corporation Gilead Sciences, Inc. U.S. Bank Money Market Account Fund Los Angeles Community College District 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 09/23/2019 11/09/2017 82,381.29 82,178.55 03/15/2019 07/19/2017 1 175 965.10 08/15/2019 03/20/2018 11/16/2020 03/22/2018 03/15/2019 02/21/2018 272,000.00 223,108.83 750,000.00 438.05 270,650.63 222,376.76 750,000.00 01/15/2019 07/19/2017 1,500,000.00 1,518,015.00 11/05/2019 07/20/2017 2,000,000.00 2,019,800.00 01/14/2020 07/20/2017 2,000,000.00 2,016,800.00 04/27/2018 07/20/2017 1,950,000.00 1,957,117.50 02/01/2019 07/20/2017 1,950,000.00 1,981,200.00 12/06/2019 07/19/2017 2,000,000.00 2,014,280.00 12/12/2019 07/19/2017 1,630,000.00 1,637,318.70 81,974.33 - 1 173 801.32 270,713.44 222,361 A2 750,015.00 1,510,200.00 1,983,540.00 - 1,974,280.00 1,950,429.00 - 1,965,931.50 - 1,978,460.00 - 1,608,793.70 05/03/2019 07/19/2017 2,000,000.00 2,006,000.00 04/02/2019 09/20/2019 09/14/2017 03/31/2018 08/01/2018 11/09/2017 340,000.00 275,000.00 340,000.00 144,201.68 275,000.00 04/30/2018 03/14/2018 1,000,000.00 998,554.69 06/30/2018 03/22/2018 04/15/2018 765,000.00 764,103.52 1,075,000.00 1,073,991.21 03/31/2018 03/14/2018 1,000,000.00 1,000,507.81 03/31/2018 03/20/2018 525,000.00 524,815A3 2,002,340.00 340,207.40 144,201.68 274,747.00 - 999,250.00 764,173.80 1,074,677.50 - 1,000,000.00 525,000.00 0.200 0.000 AAA AAA AAA AAA AAA AA AA BBB AA AAA AAA 1.26 0.750 1.428 AAA 0.750 0.747 AAA 25,416,177.67 926,219.35 40 Page 15 of 32 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2018 ATTACHMENT 10 Source Base Base Change In Beginning Base Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 240907004 LC-RCTC Toll Revenue: - I-15 912828QB9 UNITED STATES TREASURY 5,380,089.06 240907004 LC-RCTC Toll Revenue: - I-15 20030NAW 1 COMCAST CORP 240907004 LC-RCTC Toll Revenue: - I-15 38141EA25 GOLDMAN SACHS GROUP INC 240907004 LC-RCTC Toll Revenue: - I-15 38141GFM1 GOLDMAN SACHS GROUP INC 240907004 LC-RCTC Toll Revenue: - I-15 46625111M7 7PMORGAN CHASE & CO 240907004 LC-RCTC Toll Revenue: - I-15 03523TAN8 ANHEUSER-BUSCH INBEV NV 240907004 LC-RCTC Toll Revenue: - I-15 38141EA58 GOLDMAN SACHS GROUP INC 240907004 LC-RCTC Toll Revenue: - I-15 392274A89 GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FAC 240907004 LC-RCTC Toll Revenue: - I-15 74432QBW4 PRUDENTIAL FINANCIAL INC 240907004 LC-RCTC Toll Revenue: - I-15 94973VBE6 ANTHEM INC 240907004 LC-RCTC Toll Revenue: - I-15 446438RN5 HUNTINGTON NATIONAL BANK 240907004 LC-RCTC Toll Revenue: - I-15 61746BDM5 MORGAN STANLEY 240907004 LC-RCTC Toll Revenue: - I-15 172967HM6 CDTGROUP INC ,521,285.00 056,840.00 010,520.00 052,800.00 060,810.00 530,165.00 713,797.00 ,502,520.00 ,503,270.00 ,500,570.00 ,002,550.00 1,003,530.00 (15,089.06) (14,300.36) (13,686.21) (10,920.00) (10,875.64) (8,515.53) (3,820.01) (2,744.92) (2,649.60) (2,427.49) (1,578.46) (1,535.72) (1,492.26) (1.281.791 24(1900004 LC-RCTC Toll Revenue: - I-15 22546OAN7 CREDIT SUISSE AG (NEW YORK BRANCH) 1.MO 970.00 (1,269.64) (2,923.79) 400.00 (4,344.36) (6,154.47) (4,994.99) (2,638.08) (1,100.401 (2,132.51) (551.54) (2,794.28) (3,037.74) (6.1)58.22) 5,365,000.00 1,505,715.00 1,040,230.00 1,000,000.00 1,037,580.00 1,046,140.00 521,350.00 708,414.00 1,498,770.00 1,498,710.00 1,498,440.00 998,220.00 999,000.00 32,300.00 9,583.33 30,750.00 27,650.00 11,347.22 1,194.44 12,190.50 4,448.33 7,283.33 7,583.33 4,652.78 12,254.17 7.R58.31 993 630.00 240907004 LC-RCTC Toll Revenue: - I-15 40428HPN6 HSBC USA INC (NEW) 1,001,160.00 (1,166.50) (9,083.50) 990,910.00 9,104.17 240907004 LC-RCTC Toll Revenue: - I-15 0258MODK2 AMERICAN EXPRESS CREDIT CORP 1,000,000.00 (1,006.30) (4,233.70) 994,760.00 767.36 240907004 LC-RCTC Toll Revenue: - I-15 89114QAS7 TORONTO-DOMINION BANK 999,890.00 (1,000.57) (5,709.43) 993,180.00 5,253.47 240907004 LC-RCTC Toll Revenue: - I-15 17401QAB7 CITIZENS BANK NA 240907004 LC-RCTC Toll Revenue: - I-15 90261XHE5 UBS AG (STAMFORD BRANCH) 1,000,670.00 850,697.00 (924.44) (910.79) (10,705.56) (5,999.71) 989,040.00 843,786.50 7,962.50 2,635.59 240907004 LC-RCTC Toll Revenue: - I-15 31381S5E8 FN 469845 240907004 LC-RCTC Toll Revenue: - I-15 14912L6Y2 CATERPILLAR FINANCIAL SERVICES CORP 997,930.00 448,298.51 (2,619.49) (7.89) (828.91) (814.78) (1,165.03) (8,465.22) 443,677.19 988,650.00 1,009.21 4,725.00 240907004 LC-RCTC Toll Revenue: - I-15 3137AL6V6 FHMS K706 A2 683,745.68 (4, 164.28) (7.05) (792.22) (1,187.98) 677,594.16 1,313.81 240907004 LC-RCTC Toll Revenue: - I-15 31397Q4Q8 FNR 10155B JA 240907004 LC-RCTC Toll Revenue: - I-15 61747YDW2 MORGAN STANLEY 502,260.00 476,156.57 (89,908.55) (715.14) (716.63) (607.00) (201.25) (4,733.00) 384,614.99 496,920.00 1,274.21 2,355.56 240907004 LC-RCTC Toll Revenue: - I-15 06367TPX2 BANK OF MONTREAL 997,230.00 (540.05) (9,699.95) 986,990.00 6,358.33 240907004 LC-RCTC Toll Revenue: - I-15 69353REV6 PNC BANK NA 240907004 LC-RCTC Toll Revenue I-15 7181726E5 PHILIP MORRIS INTERNATIONAL INC 998,250.00 998,130.00 (534.47) (525.66) (4,035.53) (3,454.34) 993,680.00 994,150.00 1,462.50 3,958.33 240907004 LC-RCTC Toll Revenue: - I-15 31398E2E3 FHMS K003 A4 240907004 LC-RCTC Toll Revenue: - I-15 0258MOEE5 AMERICAN EXPRESS CREDIT CORP 498,485.00 102,000.00 (9,381.34) (170.29) (468.21) (392.53) (429.94) (5,092.47) 91,550.22 493,000.00 381.58 855.56 240907004 LC-RCTC Toll Revenue: - I-15 161571FW9 CHAIT 133A 850.431.64 (348.86) (31.78) 850,051.00 825.50 240907004 LC-RCTC Toll Revenue: - I-15 1729677/1 CITIGROUP INC 240907004 LC-RCTC Toll Revenue: - I-15 46625HKA7 JPMORGAN CHASE & CO 499,415.00 499,665.00 (346.00) (309.80) (4,514.00) (5,430.20) 494,555.00 493,925.00 1,433.33 2,125.00 240907004 LC-RCTC Toll Revenue: - I-15 06738EAF2 BARCLAYS PLC 1,000,010.00 (1,000,000.00) (296.00) 286.00 240907004 LC-RCTC Toll Revenue: - I-15 36225B5Y0 GN 781763 240907004 LC-RCTC Toll Revenue: - I-15 161571FW9 CHAIT 133 A 107,282.80 475,323.00 (39,670.67) (426.16) (283.95) (273.26) 21.30 (21.24) 66,923.32 475,028.50 305.00 461.31 1240907004 LC-RCTC Toll Revenue: - I-15 3137ANMN2 FHMS K707 A2 315,352.80 (261.57) (925.99) 314,165.25 582.75 240907004 LC-RCTC Toll Revenue: - I-15 3137AKKC4 FHMS K705 A2 175,232.75 (222.57) (405.68) 174,604.50 335.85 240907004 LC-RCTC Toll Revenue: - I-15 06050TLY6 BANK OF AMERICA NA 500,025.00 (500,000.00) (202.32) 177.32 240907004 LC-RCTC Toll Revenue: - I-15 58769DAD2 MBALT 17A A3 963,050.70 (157.46) (4,310.49) 958,582.75 767.71 240907004 LC-RCTC Toll Revenue: - I-15 3137A7NT3 FHMS K011 Al 95,945.66 (11,965.09) (81.25) (106.51) (359.65) 83,433.16 202.38 240907004 LC-RCTC Toll Revenue: - I-15 45950VKP0 INTERNATIONAL FINANCE CORP 1,500,105.00 (1,500,000.00) (105.00) 240907004 LC-RCTC Toll Revenue: - I-15 3137A6AZ5 FHMS K010 Al 240907004 LC-RCTC Toll Revenue: - I-15 49327M2A7 KEYBANK NA 749,805.00 89,683.09 (750,000.00) (11,025.74) (83.96) (100.42) (94.26) (263.31) 289.26 78,209.65 215.62 240907004 LC-RCTC Toll Revenue: I-15 05522RCO9 BACCT 141 A 1 102,406.25 (90. 14) 202.89 1,102,519.00 1,120.23 240907004 LC-RCTC Toll Revenue: - I-15 47787UAE3 7DOT 15 A4 240907004 LC-RCTC Toll Revenue: - I-15 025821GN4 AMXCA 141 A 745,931.79 252,885.94 (85.49) (69.72) (594.28) (125.74) 745,252.02 252,690.48 547.80 255.45 240907004 LC-RCTC Toll Revenue: - I-15 65602UML9 The Norinchukin Bank 2,050,068.51 (2,050,000.00) (68.51) 240907004 LC-RCTC Toll Revenue: - I-15 3136ASPX8 FNA 16M06A AS2 240907004 LC-RCTC Toll Revenue: - I-15 31398NG99 FNR 10112H AE 328,603.42 315,145.47 (39,922.58) 119.12 (64.01) (51.78) (530.01) (187.20) 288,205.94 314,906.49 430.79 527.55 240907004 LC-RCTC Toll Revenue: - I-15 3137B6ZL8 FHMS K714 Al 240907004 LC-RCTC Toll Revenue: - I-15 05581QAE8 BMWLT 152 A4 140,709.45 964,536.80 (26,504.67) (965,000.00) 13.00 (82.78) (44.73) 0.4,08) (325.61) 590.05 113,847.44 197.52 240907004 LC-RCTC Toll Revenue: - I-15 3136ASPX8 FNA 16M06A AS2 74,367.96 (9,032.26) 23.89 (14.92) (139.70) 65,204.97 97.46 240907004 LC-RCTC Toll Revenue: - I-15 161571H16 CHAIT 171 A 501,347.06 (14.29) 11.63 501,345.00 490.31 240907004 LC-RCTC Toll Revenue: - I-15 05581QAE8 BMWLT 152 A4 464,862.44 (464,989.58) 130.67 (3.53) 240907004 LC-RCTC Toll Revenue: - I-15 22549LGU3 Credit Suisse AG 1,999,320.00 (2,000,000.00) (0.36) 680.36 240907004 LC-RCTC Toll Revenue: - I-15 31846V203 FIRST AMER:GVT OBLG;Y 274,118.57 175,024,008.63 (174,885,883.54) 412,243.66 240907004 LC-RCTC Toll Revenue: - I-15 47770VAS9 JOBSOHIO BEVERAGE SYS OHIO STATEWIDE LIQUOR PROFIT 550,000.00 (550,000.00) 240907004 LC-RCTC Toll Revenue: - I-15 375558BQ5 GILEAD SCIENCES INC 240907004 LC-RCTC Toll Revenue: - I-15 06371ETS6 Bank of Montreal 595,749.70 1,999,540.00 (2,000,000.00) (386.75) 595,362.95 486.26 460.00 240907004 LC-RCTC Toll Revenue: - I-15 54438CWT5 IRS ANGELES CALIF CMNTY COLLEGE DIST 544,782.00 (283.40) 544,498.60 1,471.50 240907004 LC-RCTC Toll Revenue: - I-15 06539RLL9 The Bank of Tokyo -Mitsubishi UFJ, Ltd 1,599,840.00 (1,600,000.00) 160.00 240907004 LC-RCTC Toll Revenue: - I-15 65602UYN2 The Norinchukin Bank 1,099,879.00 (1,100,000.00) 121.00 240907004 LC-RCTC Toll Revenue: - I-15 60700AMC5 Mizuho Bank, Ltd. 1,799,730.00 (1,800,000.00) 270.00 240907004 LC-RCTC Toll Revenue: - I-15 89113XNF7 Toronto Dominion Bank 1,799,802.00 (1,800,000.00) 198.00 240907004 LC-RCTC Toll Revenue: - I-15 60683BCS0 Mitsubishi UFJ Trust & Banking Corp 1,399,776.00 (1,400,000.00) 224.00 240907004 LC-RCTC Toll Revenue: - I-15 43813FAA1 HAROT 174 Al 1,601,703.46 (875,914.70) (0.00) (16.02) 725,772.75 317.12 240907004 LC-RCTC Toll Revenue: - I-15 92419RAA0 VERMONT HSG FIN AGY PPTY TRANSFER TAX REV 420,000.00 (84.00) 419,916.00 1,416.80 240907004 LC-RCTC Toll Revenue: - I-15 73358WT46 PORT AUTHN Y&N1 220,000.00 (213.40) 219,786.60 206.70 240907004 LC-RCTC Toll Revenue: - I-15 419792XC5 HAWAII ST 240907004 LC-RCTC Toll Revenue: - I-15 47788CAA0 JDOT 2018 Al 495,000.00 2,250,000.00 45.00 495,000.00 2,250,045.00 1,130.94 3,778.13 240907004 LC-RCTC Toll Revenue: - I-15 90290XAD9 USAOT 151 A4 756,080.98 2.33 (54.48) 756,028.83 519.20 240907004 LC-RCTC Toll Revenue: - I-15 161571GY4 CHAIT 155 A 240907004 LC-RCTC Toll Revenue: - I-15 89236WAC2 TAOT 15A A3 51,913.84 12,985.78 (39,673.36) 11.13 19.87 12.52 (1.72) 12,995.19 4.00 12,276.87 7.86 6.11 240907004 LC-RCTC Toll Revenue: - I-15 161571HC1 CHAIT 162A 12,796.88 14.66 4.25 12,815.79 7.92 240907004 LC-RCTC Toll Revenue: - I-15 3136AK2A0 FNA 14M70 AS2 224,668.64 (931.31) 1.40 18.55 (1,234.77) 222,522.50 405.46 240907004 LC-RCTC Toll Revenue: - I-15 53944VAC3 LLOYDS BANK PLC 999,970.00 (1,000.000.00) 27.75 2.25 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 41284AAE8 HDMOT 141 A4 65477PAD3 NAROT 14A A4 47787UAD5 7DOT 15 A3 064159HC3 BANK OF NOVA SCOTIA 89114QBE7 TORONTO-DOMINION BANK 449,649.00 - 501,318.75 - 90,321.30 - 399,504.00 369,463.50 (94,954.49) (256,926.41) (51,527.89) 36.16 69.27 65.27 37.25 39.45 49.50 9231 98.17 (105.85) 216.07 (73.32) (1,768.71) (1,437.57) 354,662.07 244,717.13 38,834.85 397,828.00 368,124.10 244.59 145.95 22.81 1,646.67 1,382.88 240907004 LC-RCTC Toll Revenue: - I-15 313313TS7 FEDERAL FARM CREDIT BANKS 3,099,900.97 (3,100,000.00) 99.03 240907004 LC-RCTC Toll Revenue: - I-15 65477UAC4 NAROT 15A A3 243,368.91 (98,217.32) 132.76 101.72 (136.63) 145,249.44 67.96 240907004 LC-RCTC Toll Revenue: - I-15 313385UH7 FEDERAL HOME LOAN BANKS 2,999,883.33 - (3,000,000.00) 116.67 240907004 LC-RCTC Toll Revenue: - I-15 31315LTS7 FEDERAL AGRICULTURAL MORTGAGE CORP 3,749,879.17 - (3,750,000.00) 120.83 240907004 LC-RCTC Toll Revenue: - I-15 569203LT7 MARION & POLK CNTYS ORE SCH DIST NO 241 SALEM-KEIZ 399,788.00 134.61 (178.61) 399,744.00 1,781.98 41 Page 16 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 240907004 LC RCTC Toll Revenue: -1 15 240907004 LC RCTC Toll Revenue: - I-15 240907004 LC RCTC Toll Revenue: -1 15 240907004 LC RCTC Toll Revenue: - I-15 240907004 LC RCTC Toll Revenue: -1 15 240907004 LC RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 00287YAN9 ABBVIE INC 31381S5E8 FN 469845 43814KAD3 HAROT 151 A4 02360SA32 Ameren Corporation 05582XAB8 BMWLT 162 A2 43357MD56 Hitachi Capital America Corp 3137ASR97 FHMS K020 Al 06051GFN4 BANK OF AMERICA CORP 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2018 Beginning Base 999,510.00 449,327.34 886,325.88 849,926.00 359,906.34 1,000,700.00 (449,169.06) 0.00 699,615.00 523,250.06 Base Maturities and 850,000.00) (230,101.40) (197,910.47) Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued • 02.4 88.88 142.45 165.21 191.43 200.42 212.28 213.89 223.84 226.32 82.45) (323.49) 767.85 (126.42) (117.30) 59.11 (1,155.26) (15,476.32) ( 999,270.00 657.286.17 162,279.72 699,888.00 522,318.64 985,450.00 6,850.00 385.38 61.06 01. 10,000.0680 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 650035S82 NEW YORK ST URBAN DEV CORP REV 780082AA1 ROYAL BANK OF CANADA 43814LAC3 HAROT 154 A3 944,508.60 1,487,565.00 1,117,103.25 (945,000.00) (308,121.11) 411.68 239.45 255.67 296.54 251.95 (11,130.67) (733.20) 1,476,690.00 808,957.16 4,375.00 277.77 240907004 LC-RCTC Toll Revenue: - I-15 313385UG9 FEDERAL HOME LOAN BANKS 7,999,700.00 (8,000,000.00) 300.00 240907004 LC-RCTC Toll Revenue: - I-15 04056BC57 ARIZONA PUBLIC SERVICE CO 1,684,695.30 (1,685,000.00) 304.70 240907004 LC-RCTC Toll Revenue: - I-15 22533UAP8 Credit Agricole Corporate and Investment Bank 1,599,684.45 (1,600,000.00) 315.55 240907004 LC-RCTC Toll Revenue: - I-15 3137FBUW4 FHMS KPO4 AG2 830,389.06 324.99 (714.05) 830,000.00 287.22 240907004 LC-RCTC Toll Revenue: - I-15 65478AAD5 NAROT 15C A3 849,437.91 (176,912.11) 562.30 332.78 (2,282.19) 671,138.70 411.15 240907004 LC-RCTC Toll Revenue: - I-15 313385TH9 FEDERAL HOME LOAN BANKS 2,499,647.23 (2,500,000.00) 352.77 240907004 LC-RCTC Toll Revenue: - I-15 670211(AN9 NSTAR Electric Company 1,599,618.67 (1,600,000.00) 381.33 240907004 LC-RCTC Toll Revenue: - I-15 161571GY4 CHAIT 155 A 346,539.14 384.65 (52.18) 346,871.61 209.74 240907004 LC-RCTC Toll Revenue: - I-15 97684HA50 Wisconsin Public Service Corporation 1,999,740.00 (2,000,000.00) 422.22 (162.22) 240907004 LC-RCTC Toll Revenue: - I-15 459515RN4 INTERNATIONAL FINANCE CORP 1,847,558.00 240907004 LC-RCTC Toll Revenue: - I-15 05582XAD4 BMWLT 162 A3 960,908.40 240907004 LC-RCTC Toll Revenue: - I-15 89236WAD0 TAOT 15A A4 (1,850,000.00) 437.73 445.69 546,522.97 240907004 LC-RCTC Toll Revenue: - I-15 02360SD47 Ameren Corporation 1,494,235.89 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 MBALT 16B A3 996,600.00 461.80 2,004.27 (2,066.89) 959,287.20 421.65 (1,006.89) 477.57 122.09 482.80 (1,812.80) 545,977.88 370.20 1,494,835.55 995,270.00 600.00 240907004 LC-RCTC Toll Revenue: - I-15 313385UA2 FEDERAL HOME LOAN BANKS 13,899,513.50 (13,900,000.00) 486.50 240907004 LC-RCTC Toll Revenue: - I-15 65479AAD4 NALT 17A A3 846,115.23 494.33 (4,336.06) 842,273.50 721.56 240907004 LC-RCTC Toll Revenue: - I-15 97684HAW1 Wisconsin Public Service Corporation 1,599,502.22 (1,600,000.00) 497.78 240907004 LC-RCTC Toll Revenue: - I-15 66522UBC6 Northern Illinois Gas Company 1,599,502.22 (1,600,000.00) 497.78 240907004 LC-RCTC Toll Revenue: - I-15 912828VK3 UNITED STATES TREASURY 4,994,140.63 532.67 (73.30) 4,994,600.00 17,282.46 240907004 LC-RCTC Toll Revenue: - I-15 49327M2P8 KEYBANK NA 989,070.00 532.89 (5,242.89) 984,360.00 1,733.33 240907004 LC-RCTC Toll Revenue: - I-15 313385115 FEDERAL HOME LOAN BANKS 2,999,46646 (3,000,000.00) 533.34 240907004 LC-RCTC Toll Revenue: - I-15 313385UE4 FEDERAL HOME LOAN BANKS 15,999,422.22 (16,000,000.00) 577.78 240907004 LC-RCTC Toll Revenue: - I-15 161571HA5 CHAIT 157 A 1,498,710.94 585.83 (2,761.77) 1,496,535.00 1,080.00 240907004 LC-RCTC Toll Revenue: - I-15 161571HC1 CHAIT 162A 742,800.00 240907004 LC-RCTC Toll Revenue: - I-15 912828U1J2 UNITED STATES TREASURY 1,699,402.34 240907004 LC-RCTC Toll Revenue: - I-15 313385UF1 FEDERAL HOME LOAN BANKS 15,999,400.00 591.89 (4,019.39) 597.66 (16,000,000.00) 600.00 739,372.50 456.67 1,700,000.00 240907004 LC-RCTC Toll Revenue: - I-15 313385UL8 FEDERAL HOME LOAN BANKS 5,499,381.25 (5,500,000.00) 618.75 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 912828H37 UNITED STATES TREASURY 05581RAD8 BMWLT 161 A3 4,999,400.00 1,229,408.11 (5,000,000.00) (542,217.96) 582.50 621.45 625.69 (21.45) (754.20) 687,644.13 282.03 240907004 LC-RCTC Toll Revenue: - I-15 07330NAL9 BRANCH BANKING AND TRUST CO 990,530.00 655.65 (5,575.65) 985,610.00 5,679.17 240907004 LC-RCTC Toll Revenue: - I-15 240907004 LC-RCTC Toll Revenue: - I-15 313385TW6 FEDERAL HOME LOAN BANKS 71112KA84 The Peoples Gas Light And Coke Company 1,999,480.00 6,699,302.06 (6,700,000.00) (2,000,000.00) 697.94 700.00 (180.00) 240907004 LC-RCTC Toll Revenue: - I-15 58768MAC5 MBALT 16B A3 591,980.40 845.81 (1,635.83) 591,190.38 356.40 240907004 LC-RCTC Toll Revenue: - I-15 92780KC55 Virginia Electric and Power Company 1,799,130.01 (1,800,000.00) 869.99 240907004 LC-RCTC Toll Revenue: - I-15 06538CB59 The Bank of Tokyo -Mitsubishi UFJ, Ltd 1,599,091.55 (1,600,000.00) 908.45 240907004 LC-RCTC Toll Revenue: - I-15 43357MAA8 Hitachi Capital America Corp. 1,999,300.00 (2,000,000.00) 925.00 (225.00) 240907004 LC-RCTC Toll Revenue: - I-15 63743DBD2 National Rural Utilities Cooperative Finance Corpo 1,599,066.67 (1,600,000.00) 933.33 240907004 LC-RCTC Toll Revenue: - I-15 69511KAP7 PacifiCory 1,598,985.78 (1,600,000.00) 1,014.22 240907004 LC-RCTC Toll Revenue: - I-15 912828UR9 UNITED STATES TREASURY 1,128,937.80 (1,130,000.00) 1,040.07 22.13 240907004 LC-RCTC Toll Revenue: - I-15 93884FB92 Washington Gas Light Company 1,598,933.33 (1,600,000.00) 1,066.67 240907004 LC-RCTC Toll Revenue: - I-15 92780KAG3 Virginia Electric and Power Company 1,848,871.50 (1,850,000.00) 1,102.29 26.21 240907004 LC-RCTC Toll Revenue: - I-15 24422E1'18 JOHN DEERE CAPITAL CORP 1,108,136.25 1,167.18 (9,480.93) 1,099,822.50 6.718.75 240907004 LC-RCTC Toll Revenue: - I-15 313385 VE3 FEDERAL HOME LOAN BANKS 5,097,428.75 1,402.34 250.91 5,099,082.00 240907004 LC-RCTC Toll Revenue: - I-15 3I3385UD6 FEDERAL HOME LOAN BANKS 13,898,528.92 (13,900,000.00) 1,471.08 240907004 LC-RCTC Toll Revenue: - I-15 9128281{25 UNITED STATES TREASURY 2,497,558.59 1,698.37 (6.96) 2,499,250.00 8,653.85 240907004 LC-RCTC Toll Revenue: - I-15 0236051380 Ameren Corporation 1,597,760.00 (1,600,000.00) 2,240.00 240907004 LC-RCTC Toll Revenue: - I-15 313385UM6 FEDERAL HOME LOAN BANKS 9,997,733.30 (10,000,000.00) 2,266.70 240907004 LC-RCTC Toll Revenue: - I-15 26055BBN3 The Dow Chemical Company 1,597,699.10 (1,600,000.00) 2,300.90 240907004 LC-RCTC Toll Revenue: - I-15 43357MB90 Hitachi Capital America Corp. 1,597,680.00 (1,600,000.00) 2,320.00 240907004 LC-RCTC Toll Revenue: - I-15 3I3385RX6 FEDERAL HOME LOAN BANKS 4,497,570.00 (4,500,000.00) 2,530.14 (100.14) 240907004 LC-RCTC Toll Revenue: - I-15 459053SZ8 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 2,597,445.50 (2,600,000.00) 2,554.50 240907004 LC-RCTC Toll Revenue: - I-15 54866HCE0 Lowe's Companies, Inc. 1,997,400.00 (2,000,000.00) 2,600.00 240907004 LC-RCTC Toll Revenue: - I-15 912828UR9 UNITED STATES TREASURY 3,382,355.47 (3,385,000.00) 2,644.53 240907004 LC-RCTC Toll Revenue: - I-15 23337UAV 1 DTE Gas Company 1,997,640.00 (2,000,000.00) 3,033.33 (673.33) 240907004 LC-RCTC Toll Revenue: - I-15 78355BCC4 Ryder System, Inc. 2,596,845.34 (2,600,000.00) 3,154.66 240907004 LC-RCTC Toll Revenue: - I-15 912828UZ1 UNITED STATES TREASURY 2,994,257.81 90,093,171.73 354,727,111.51 (174,885,883.54) (181,195,000.00) (4,547,592.78) 3,871.14 884.65 (42,628.04) (378.95) 2,997,750.00 7,872.93 (201,477.03) 83,948,586.49 320,229.34 240907020 RCTC I-15 Pp RAMP UP RESERVE 31283K5N4 FH G11753 1,104,474.22 (182,726.24) (12,388.06) (7,490.26) 14,45249 916,322.35 3,743.40 240907020 RCTC 1-15 PO RAMP UP RESERVE 3139216N4 FNR 0323B EQ 771,014.16 (57,784.84) (4,948.77) (2,535.82) (833.10) 704,911.63 3,086.52 240907020 RCTC I-15 Pp RAMP UP RESERVE 3137ANMN2 FHMS K707 A2 1,802,016.00 (1,670.85) (5,115.15) 1,795,230.00 3,330.00 240907020 RCTC 1-15 PO RAMP UP RESERVE 9I2828QQ6 UNITED STATES TREASURY 701,968.75 (984.38) (249.38) 700,735.00 5,572.12 240907020 RCTC I-15 Pp RAMP UP RESERVE 38378CDK0 GNR 11169G AK 163,833.04 (6,550.26) (58.32) (114.12) (580.99) 156,529.35 389.47 240907020 RCTC 1-15 PO RAMP UP RESERVE 38378AWX5 GNR 11157E QA 228,499.55 (7,497.94) (70.73) (101.26) (972.27) 219,857.36 547.02 240907020 RCTC I-15 Pp RAMP UP RESERVE 31397SE83 FNR 1136C PA 78,218.97 (1,965.00) (9.77) (98.73) (195.59) 75,949.89 252.72 240907020 RCTC 1-15 PO RAMP UP RESERVE 383742C76 GNR 0832B PA 105,466.40 (1,814.35) (44.88) (70.22) 16.17 103,553.13 336.93 240907020 RCTC I-15 Pp RAMP UP RESERVE 31398N2K9 FNR 10123B DL 82,41245 (14,766.52) (51.28) (58.86) (178.22) 67,357.17 196.40 240907020 RCTC 1-15 PO RAMP UP RESERVE 3137A6TB8 FHR 3812F LV 25,470.19 (25,446.33) (23.86) 240907020 RCTC I-15 Pp RAMP UP RESERVE 383751C12 GNR 0668 D 40,705.20 (1,319.39) (3.80) (19.02) 154.72 39,517.71 173.56 240907020 RCTC 1-15 PO RAMP UP RESERVE 38376THB1 GNR 102H WP 13,606.85 (4,658.64) (5.53) (18.67) 11.75 8,935.77 29.74 240907020 RCTC I-15 Pp RAMP UP RESERVE 62888VAA6 NGN 10R11A 56,477.21 - - (2,528.57) (7.75) (10.31) 38.38 53,968.96 75.79 240907020 RCTC 1-15 PO RAMP UP RESERVE 3I37A5FP4 FHR 3791E DA 88,355.02 - - (4,097.16) (10.73) (9.70) (280.59) 83,956.83 175.08 240907020 RCTC I-15 Pp RAMP UP RESERVE 31846V203 FIRST AMER:GVT OBLG;Y 20,993.45 240907020 RCTC 1-15 Pij RAMP UP RESERVE 240907020 RCTC 1-15 PO RAMP UP RESERVE 42 Page 17 of 32 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2018 Source Beginning Base Base Maturities and Base Base Change In Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 240907020 RCTC I-15 Pq RAMP UP RESERVE 313313TS7 FEDERAL FARM CREDIT BANKS 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1UF7 FHMS K027 Al 240907020 RCTC1-15 Pt1 RAMP UP RESERVE 3137884S3 FHR 4305A CT 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ASR97 FHMS K020 Al 240907020 RCTC I-15 Pt1 RAMP UP RESERVE 3136AC7J4 FNA 13M62A 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXHN6 FHMS K024 Al 240907020 RCTC 1-15 Pt1 RAMP UP RESERVE 3137B1U75 FHMS KS01 A2 199,993.61 46,810.70 176,335.04 39,048.51 64,531.54 94,197.69 117,965.63 (200,000.00) (1,730.14) (5,806.49) (3,746.78) (3,815.89) 25.56 72.39 61.51 52.80 6.39 9.80 15.97 16.70 19.01 20.42 32.73 (239.87) (684.36) (86.21) 84.11 (460.89) 94.84 44,876.05 169,932.55 38,979.00 60,949.39 89,994.13 118,093.20 68.10 287.93 52.36 128.53 133.65 252.20 240907020 RCTC I-15 Prj RAMP UP RESERVE 313385V12 FEDERAL HOME LOAN BANKS 199,881.56 36.44 8.00 199,926.00 240907020 RCTC 1-15 Pt1 RAMP UP RESERVE 3136A96F0 FNA 12M17 A2 72,694.34 50.27 (99.61) 72,645.00 136.50 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UR9 UNITED STATES TREASURY 74,929.50 (75,000.00) 64.45 6.05 240907020 RCTC 1-15 Pt1 RAMP UP RESERVE 912828K25 UNITED STATES TREASURY 109,892.58 74.73 (0.31) 109,967.00 380.77 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VK3 UNITED STATES TREASURY 704,476.76 209.30 (447.46) 704,238.60 2,436.83 240907020 RCTC 1-15 Pt1 RAMP UP RESERVE 912828UR9 UNITED STATES TREASURY 624,682.62 (625,000.00) 317.38 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828H37 UNITED STATES TREASURY 2,499,700.00 (149,994.14) (7,350,000.00) 4.92 348.67 (59.45) 240907020 RCTC 1-15 Pt1 RAMP UP RESERVE 912828UF5 UNITED STATES TREASURY 392,671.88 (206,210.16) (15.24) 369.57 (483.05) 186,333.00 537.33 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 75,564.65 387.15 (120.74) 75,831.06 20.11 240907020 RCTC 1-15 Pt1 RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 75,469.29 390.55 (28.79) 75,831.06 20.11 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128281{25 UNITED STATES TREASURY 584,405.86 413.31 5.33 584,824.50 2,025.00 240907020 RCTC 1-15 Pt1 RAMP UP RESERVE 912828UH1 UNITED STATES TREASURY 79,068.39 416.97 (301.59) 79,183.77 21.13 240907020 RCTC I-15 Pn RAMP UP RESERVE 912828U17 UNITED STATES TREASURY 1,499,580.00 (1,500,000.00) 476.08 (56.08) 240907020 RCTC 1-15 Prj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 7,861,709.68 162,655.64 9,288,284.57 814.36 162,495.12 24,619.06 245490001 LC-RCTC 2017 PRJ : Sales Tax 61746BDY9 MORGAN STANLEY 1,972,093.50 (5,059.46) (1, 102.54) 1,965,93150 10,061.76 245490001 • 11 245490001 LC-RCTC 2017 PRE Sales T. LC-RCTC 2017 PRJ• Sales T. LC-RCTC 2017 PRJ Sales T. 1729 a•l BANK OF AMERICA CORP INCCITIGROUP TORONTO-DOMINION BANK 1 • 1 2.001.200.00 (2.142.701 752.50 164.86 1 1.983.540.00 1510.200.00 •1 8,228.96 29.75 :1 I11 245490001 LC-RCTC 2017 PRJ: Sales Tax 21688AAD4 COOPERATIEVE RABOBANK UA(NEW YORK BRANCH) 1,997,980.00 (1,670.36) (22,029.64) 1,974,280.00 9,625.00 245490001 • 11 245490001 LC-RCTC 2017 PRE Sales T. LC-RCTC 2017 PRE Sales T. LC-RCTC 2017 PRJ Sales T. 949881508 WELLS BANK NA AMERICAN CORP BANK ,, 1 2,003,860.00 •1 (753.571 :108 (15.937.631 : •I 11 2,002,340.00 1.608.793.70 13,736.11 6,468.55 10.364.08 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828QB9 UNITED STATES TREASURY 1,000,507.81 (507.81) 1000 000 00 245490001 • 11 245490001 LC-RCTC 2017 PRE Sales T. LC-RCTC 2017 PRE Sales T. LC-RCTC 2017 PRJ Sales T. 055810AE8 05522RCO9 1® 2,354,175.75 325.710.94 (2,355.000.00) 1.227.92 1,009.41 59.94 325.744.25 245490001 LC-RCTC 2017 PRE Sales Tax 31398NG99 FNR 10112H AE 95,434.90 (15.68) (56.68) 95,362.53 159.76 245490001 LC-RCTC 2017 PRE Sales Tex 3136A7MK5 FNA 12M8 AQ3 74,450.22 (10.83) (77.74) 74,361.65 112.38 245490001 LC-RCTC 2017 PRJ: Sales Tax 9AMMF05B2 U.S. BANK MONEY MARKET ACCOUNT FUND 84,991.61 65,556,419.11 (65,497,209.04) 144,201.68 245490001 LC-RCTC 2017 PRE Sales Tex 47770VAS9 JOBSOHIO BEVERAGE SYS OHIO STATEWIDE LIQUOR PROFIT 275,000.00 (275.000.00) 245490001 LC-RCTC 2017 PRJ: Sales Tax 375558BQ5 GILEAD SCIENCES INC 340,428.40 (221.00) 340,207.40 277.87 245490001 LC-RCTC 2017 PRE Sales Tex 54438CWT5 LOS ANGELES CALIF CMNTY COI I FL'E DIST 274,890.00 (143.00) 274,747.00 742.50 245490001 LC-RCTC 2017 PRJ: Sales Tax 60700AMC5 Mizuho Bank, Ltd. 799,880.00 (800,000.00) 120.00 245490001 LC-RCTC 2017 PRE Sales Tex 47788CAA0 TOOT 2018 Al 750.000.00 15.00 750,015.00 1,259.38 245490001 LC-RCTC 2017 PRJ: Sales Tax 43814JAC8 HAROT 144 A3 2,500.72 (2,501.11) (0.01) 0.42 (0.02) 245490001 LC-RCTC 2017 PRE Sales Tex 90290XAD9 USAOT 151 A4 222.376.76 0.68 (16.03) 222,361.42 152.71 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828K25 UNITED STATES TREASURY 74,967.77 5.69 4.04 74.977.50 259.62 245490001 LC-RCTC 2017 PRE Sales Tex 41284CAD6 HDMOT 152 A3 51.691.44 (19,841.241 21.38 12.30 (17.71) 31,866.17 18.44 245490001 LC-RCTC 2017 PRJ: Sales Tax 89190AAD2 TAOT 14C A4 1,460,210.52 (588,880.68) 42.66 24.58 587.62 871,984.69 558.86 245490001 LC-RCTC 2017 PRE Sales Tex 02361LAS1 Ameren Illinois Comoanv 573.974.49 (574.000.00) 25.51 245490001 LC-RCTC 2017 PRJ: Sales Tax 65477UAC4 NAROT 15A A3 81,122.97 (32,739.11) 44.25 33.91 (45.54) 48,416.48 22.65 245490001 LC-RCTC 2017 PRE Sales Tex 313385UH7 FEDERAL HOME LOAN BANKS 999.961.11 (1,000.000.00) 38.89 245490001 LC-RCTC 2017 PRJ: Sales Tax 31315LTS7 FEDERAL AGRICULTURAL MORTGAGE CORP 1,249,959.72 (1,250,000.00) 40.28 245490001 LC-RCTC 2017 PRE Sales Tex 43814LAC3 HAROT 154 A3 113,199.80 (31.222.94) 65.44 46.76 (114.73) 81,974.33 28.15 245490001 LC-RCTC 2017 PRJ: Sales Tax 3137ASR97 FHMS K020 Al 114,542.30 49.00 (252.89) 114,338.41 153.60 245490001 LC-RCTC 2017 PRE Sales Tex 66522UB51 Northern Illinois Gas Company 524.930.00 (525.000.00) 70.00 245490001 LC-RCTC 2017 PRJ: Sales Tax 02361LB50 Ameren Elinois ComPanv 524,930.00 (525,000.00) 70.00 245490001 LC-RCTC 2017 PRE Sales Tex 912828VK3 UNITED STATES TREASURY 764.103.52 81.50 (11.22) 764,173.80 2,644.22 245490001 LC-RCTC 2017 PRJ: Sales Tax 58768MAC5 MBALT 16B A3 270,650.63 86.98 (24.17) 270,713.44 163.20 245490001 LC-RCTC 2017 PRE Sales Tex 04056BCS7 ARIZONA PUBLIC SERVICE CO 509.907.78 (510.000.00) 92.22 245490001 LC-RCTC 2017 PRJ: Sales Tax 71112KA43 The Peoples Gas Light And Coke ComPww 599,946.00 (600,000.00) 92.50 (38.50) 245490001 LC-RCTC 2017 PRE Sales Tex 3139216N4 FNR 0323B EQ 20,777.06 1,395.22 98.13 245490001 LC-RCTC 2017 PRJ: Sales Tax 00280PAX3 Abbey National Treasury Services PLC 499,877.50 (500,000.00) 122.50 245490001 LC-RCTC 2017 PRE Sales Tex 313313TS7 FEDERAL FARM CREDO' BANKS 3.899.875.42 (3.900.000.00) 124.58 245490001 LC-RCTC 2017 PRJ: Sales Tax 161571HA5 CHAIT 157 A 359,712.00 135.34 (678.94) 359.168.40 259.20 245490001 LC-RCTC 2017 PRE Sales Tex 650035S82 NEW YORK ST URBAN DEV CORP REV 539,719.20 (540.000.00) 136.83 143.97 245490001 LC-RCTC 2017 PRI: Sales Tax 31283K5N4 FH G11753 53,291.82 1,717.12 137.63 245490001 LC-RCTC 2017 PRE Sales Tex 313385UA2 FEDERAL HOME LOAN BANKS 4,999,825.00 (5.000.000.00) 175.00 245490001 LC-RCTC 2017 PRJ: Sales Tax 912828UU2 UNITED STATES TREASURY 524,815.43 184.57 525,000.00 245490001 LC-RCTC 2017 PRE Sales Tex 74433HB29 Prudential Funding LLC 599,813.33 (600.000.00) 186.67 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385UG9 FEDERAL HOME LOAN BANKS 4,999,812.50 (5,000,000.00) 187.50 245490001 LC-RCTC 2017 PRE Sales Tax 06538CB26 The Bank of Tokyo -Mitsubishi UFJ. Ltd 599,809.33 (600.000.00) 190.67 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385SU1 FEDERAL HOME LOAN BANKS 799,800.89 (800,000.00) 199.11 245490001 LC-RCTC 2017 PRE Sales Tax 313385SM9 FEDERAL HOME LOAN BANKS 999,786.67 (1,000.000.00) 213.33 245490001 LC-RCTC 2017 PRJ: Sales Tax 313589TW3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2,085,786.19 (2,086,000.001 213.81 245490001 LC-RCTC 2017 PRE Sales Tax 97684HA84 Wisconsin Public Service Corporation 599,844.00 (600.000.00) 215.84 (59.84) 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385UE4 FEDERAL HOME LOAN BANKS 5,999,783.33 (6,000,000.001 216.67 245490001 LC-RCTC 2017 PRE Sales Tax 313385UF1 FEDERAL HOME LOAN BANKS 5.999,775.00 (6.000.000.00) 225.00 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385 VE3 FEDERAL HOME LOAN BANKS 899,546.25 247.47 44.28 899.838.00 245490001 LC-RCTC 2017 PRE Sales Tax 161571HG2 CHAIT 166 A 1,999,200.00 (2.000,000.001 17.75 248.53 533.72 245490001 LC-RCTC 2017 PRJ: Sales Tax 92780KC55 Virginia Electric and Power ComPanv 524,746.25 (525,000.00) 253.75 245490001 LC-RCTC 2017 PRE Sales Tax 313385TH9 FEDERAL HOME LOAN BANKS 1,999.717.78 (2,000.000.00) 282.22 245490001 LC-RCTC 2017 PRE Sales Tax 245490001 LC-RCTC 2017 PRE Sales Tax 313385TW6 FEDERAL HOME LOAN BANKS 313385SW7 FEDERAL HOME LOAN BANKS 2,999,687.49 1,299.678.98 (3,000,000.00) (1,300.000.00) 312.51 321.02 245490001 LC-RCTC 2017 PRE Sales Tax 313385UL8 FEDERAL HOME LOAN BANKS 2.999,662.50 (3,000,000.00) 337.50 245490001 LC-RCTC 2017 PRE Sales Tax 313385T15 FEDERAL HOME LOAN BANKS 1,999.644.4.4 - (2,000.000.00) - - 355.56 245490001 LC-RCTC 2017 PRE Sales Tax 78355BCC4 Ryder System, Inc. 399,514.67 - (400,000.00) - - 485.33 245490001 LC-RCTC 2017 PRE Sales Tax 313385SP2 FEDERAL HOME LOAN BANKS 1,999.500.28 - (2,000.000.00) - - 499.72 43 Page 18 of 32 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended March 31, 2018 Source Beginning Base Base Base Change In Base Maturities and Net Total Realized Amortization/A Net Unrealized Ending Base Ending Accrued 245490001 LC-RCTC 2017 PRJ: Sales Tax 313385UD6 FEDERAL HOME LOAN BANKS 245490001 LC-RCTC 2017 PM Sales Tax 912828UZ1 UNITED STATES TREASURY 245490001 LC-RCTC 2017 PRJ: Sales T 02360SAK4 Ameren Corporation. 245490001 LC-RCTC 2017 PRE Sales Tax 23337UAS8 DTE Gas Company 4,999,470.83 (5,000,000.00) 998,554.69 599.556.00 (600.000.001 499,475.00 (500,000.00) 245490001 LC-RCTC 2017 PRJ: Sales T 912828K25 UNITED STATES TREASURY 999,023.44 529.17 553.52 555.00 659.72 679.35 141.79 (111.00) (134.72) (2.79) 999,250.00 2,624.31 999,700.00 3,461.54 245490001 LC-RCTC 2017 PRE Sales T 1245490001 LC-RCTC 2017 PRJ: Sales T 912828UR9 UNITED STATES TREASURY 43157MB25 Hitachi C vital America C 1,999,062.50 649.011.12 (2,000,000.00) (650.000.00) 937.50 968.68 245490001 LC-RCTC 2017 PRE Sales Tax 54866HCE0 Lowe's Companies, Inc. 245490001 LC-RCTC 2017 PRE Sales Tax 65478QAD0 NALT 16A A3 1,997,820.00 30,043,293.86 998,700.00 131,458,820.51 (65,497,209.04) (1,000,000.00) (824,034.90) (62,660,000.001 (7,780,151.10) 1,300.00 764,181.12 86,505.14 767,169.59 81,794.74 (850,670.03) 1,173,801.32 (920,123.911 25,416,177.67 778.75 99,372.30 127,998,175.26 495,474,216.58 (244,609,608.75) (248,605,000.001 (12,656,613.45) 750,682.02 30,455.25 (1,119,517.681 117,185,372.26 444,220.70 44 Page 19 of 32 IOWRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Summary of Investments for quarter ended March 31, 2018 ATTACHMENT 11 C redit Rating 60.000.000 150,000,000 Q 40,000.000 m 3 30,000.000 20, 000.000 10, 000.000 m 0 AAA AA+ ■ AA AA- A+ BBB+ A-1+ A-2 Otr,r Asset Class Morley Market Fonda 1a"4%) Leah ;7.3546) Fixed Income 192_15%) Industry Group Other 124-774a} Commercial MBS 15.5%) Credit Card ASS (5.50%) Auto Lease �gans (5-64%) Caah (7.84%) Banks (xz-aa%1 "'Sovereign (1IMM) L7hreramed Finan Sere (9,57%) Other ;9.15%) MUNI {2.n1 Y4 FHLMC CMO (4.15%) - AGCYDISC- I5.25%) CASH 17.35%) US GOV 113.30 / y Security Type ABS (1 9"81 %) -- COBP (36.4%) Market Sector Other 13"88%) Agency Ipp 15.24%1. ll Industrial" 17-78 %) Cash 17.84%) Mortgage Backed 18.43%1 Government (13.94% •-Financial (33.53%) Asset Backed 119.51%) 45 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Sales Tax Revenue Fund Summary of Investments for quarter ended March 31, 2018 ATTACHMENT 12 l 0,QO0.000 Q 6,000,000 a,aoo,000 cn m 2,000,000 m m 0 AA. Credit Rating Industry Group Omer (6.48%) Equipment Hacked Lean /2.94%) Automobile ABS' J (4.%) Auto Leese Loans I5.55%) Cash (9.47%) sovereign (14.137%) Banks 143.37%) Olvargltled Fl nan Sery (17.59%) Security Type Other (1-132%) MUNI 11.07%) AGCY DISC [3.52%) CASH (5.69%) YANKEE I6-34%) US GOV 01.15%) ABS (1821 %) CORP 153.97%) Market Sector other (1.G7%) Mortgage BaCRvtl I ndustriai" (1.33%). Agency (3.52%) Cash [8A5%) Government (11.15%) Asset Backed el 5,21%1 Financial 158.98%) 46 OFRIVERSIDE COUNTY TRANSPORTATION COMMISSION ATTACHMENT 13 2017 Financing STAMP Portfolio Sales Tax 115 ELP Project Revenue Fund Summary of Investments for quarter ended March 31, 2018 Credit Rating 50,Q00.000 2 40,000,000 Q m 30,000.000 a 7 _y 20,000,0130 m a, 10,004,000 co 0 AAA AA+ s AA AA A- �1 BBB. A•1-, A Asset Class Money market Funds (0-4-0%) Caen 1e.47%) Fixed Income (91.03%) Industry Group Other (36.60%) Automobile ABS (5,41I` ) Auto Lease Leans 16.16%) 1 Crecilt Card ABS (6.6%) Diversified Finan Sery (0.03%) Ranks t, 8.53%} Cash (8.96%1 Sovereign (18.52%) Security Type Omar (6.61%) FNLMC CMO 13.10%) MUNI 13.32%] AGCY DISC (0.04%) CASH (8.47%) US GOV 112.47%) ASS a7%] "CORP 137.38%j Market Sector Other (5.09%) Mortgage Backed (5.54%1_ Agency--� (6.04%) Cash (8.90%) Industrial (10A3%) Government (12A7%) Asset Backed (22.47 411 47 INFRIVERSIDE COUNTY TRANSPORTATION COMMISSION 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments for quarter ended March 31, 2018 ATTACHMENT 14 Credit Rating Base Market Value + Accrued 10,000, 000 8,000, 000 6,000,000 4,000,000 2,000,000 I AAA A-1+ MMI Asset Class Cash • Manny Ma115.111 Funda 10.26`.5) F1xed Income (99.73%) Industry Group Cash � Agency Cutlet PAC CIAO� (o.97%) FNMA Collates 11.2%) FOL AIC Collateral (11.72%) Agency Collet CHO 120.069S4 Gc+ltrnerclal NIBS (20.86%). . Severs lgll (3e_eagal Security Type TIPS 1s.ot GNMA CM (B.75%) Other (8.47%) FHLMC 13a%} %) 0 0 FNMA CMO (10.88%) FGLMC (11.725L) •'US GOV (2927%) FHLMC CMO (28-8B°A) Market Sector Government (34.29'k) Mortgage BnClted (62.1313141 48 PERIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio b Investment Cate • o for Quarter ended March 31, 2018 ATTACHMENT 15 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Next Call Base Market Unrealized Accrued Credit Final Maturity Trade Date Date Original Cost Value Gain/Loss Income Coupon Yield Rating 02582JHG8 Asset -Backed AMERICAN EXPRESS 1.640 % 12/15/21 12/15/2021 05/30/2017 419,932.72 415,913.40 -4,019.32 306.13 1.64 1.656247791 AAA V3r033600 Lreull mn-LC IIVI. L.LDV%a L/L3/LI VL/L3/LVLI UL/L3/LV10 VI/LJ/LVLI wyD,D/D.VV LI Z,w8V.VV J,1 0.VV 1,10i.ou C.CD L.LaaLDyf VL rw* 037833CS7 Credit APPLE INC 1.800% 5/11/20 05/11/2020 05/11/2017 484,505.30 477,196.35 -7,308.95 3,395.00 1.8 1.833535362 AA+ 053015AD5 Credit AUTOMATIC DATA 2.250% 9/15/20 09/15/2020 09/15/2015 08/15/2020 455,017.27 444,577.50 -10,439.77 450.00 2.25 2.275048282 AA 05582QAD9 Asset -Backed BMW VEHICLE OWNER 1.160% 11/25/20 11/25/2020 07/20/2016 454,997.95 450,609.25 -4,388.70 87.97 1.16 1.170334050 N/A 05584PAD9 Asset -Backed BMW VEHICLE LEASE 2.070% 10/20/20 10/20/2020 10/25/2017 _ 99,999.92 98,971.00 -1,028.92 63.25 2.07 2.093277243 N/A 06406FAA1 Credit BANK OF NY MTN 2.500% 4/15/21 04/15/2021 02/19/2016 03/15/2021 759,301.27 735,390.00 -23,911.27 8,645.83 2.5 2.545487868 A 06406HBM0 Credit BANK NY MELLON MTN 5.450% 5/15/19 05/15/2019 05/12/2009 _ 253,819.61 249,223.70 -4,595.91 4,982.51 5.45 5.297073488 A 084664CK5 Credit BERKSHIRE HATHAWAY 1.300% 8/15/19 08/15/2019 08/15/2016 159,844.80 157,100.80 -2,744.00 265.78 1.3 1.322414933 AA 084670BQ0 Credit BERKSHIRE HATHAWAY 2.200% 3/15/21 03/15/2021 03/15/2016 02/15/2021 466,436.01 464,947.65 -1,488.36 460.53 2.2 2.235658757 AA 13063BFS6 Taxable Muni CALIFORNIA ST BUILD 6.650% 3/01/22 03/01/2022 04/01/2010 F 489,585.68 473,441.50 -16,144.18 2,355.21 6.65 5.994555321 AA- 13063C4V9 Taxable Muni CALIFORNIA ST 1.050% 11/01/18 11/01/2018 11/03/2016 149,887.50 149,050.50 -837.00 656.25 1.05 1.056008689 AA- 13063DAB4 Taxable Muni CALIFORNIA ST HIGH 1.593% 4/01/19 04/01/2019 04/27/2017 350,024.49 347,767.00 -2,257.49 2,787.75 1.59 1.604779078 AA- 13066YTY5 Taxable Muni CALIFORNIA ST DEPT 1.713% 5/01/21 05/01/2021 09/28/2016 107,199.40 105,675.76 -1,523.64 772.92 1.71 1.764505928 AA 13077CT38 Taxable Muni CALIFORNIA ST 1.982% 11/01/19 11/01/2019 08/05/2015 130,399.67 128,856.00 -1,543.67 1,073.58 1.98 1.995549783 AA- 161571HC1 Asset -Backed CHASE ISSUANCE TRUST 1.370% 6/15/21 06/15/2021 06/17/2016 750,040.12 739,372.50 -10,667.62 456.67 1.37 1.390030337 AAA 166764AN0 Credit CHEVRON CORP 2.193% 11/15/19 11/15/2019 11/18/2014 503,581.05 496,960.00 -6,621.05 4,142.33 2.19 2.211733382 AA- 166764AU4 Credit CHEVRON CORP 2.0398% 3/03/22 03/03/2022 03/03/2015 504,977.39 505,575.00 597.61 821.58 2.55 2.020279302 AA- 17275RAE2 Credit CISCO SYSTEMS INC 4.950% 2/15/19 02/15/2019 02/17/2009 371,815.84 367,725.60 -4,090.24 2,277.00 4.95 4.857560621 AA- 17275RAX0 Credit CISCO SYSTEMS INC 2.450% 6/15/20 06/15/2020 06/17/2015 599,952.00 596,358.00 -3,594.00 4,328.33 2.45 2.467072139 AA- 17275RBG6 Credit CISCO SYSTEMS INC 1.400% 9/20/19 09/20/2019 09/20/2016 39,955.60 39,360.80 -594.80 17.11 1.4 1.422099425 AA- 17305EGA7 Asset -Backed CITIBANK CREDIT CARD 1.740% 1/19/21 01/19/2021 01/26/2017 379,927.23 377,837.80 -2,089.43 1,359.13 1.74 1.749482193 AAA 17305EGB5 Asset -Backed CITIBANK CREDIT 1.920% 4/07/22 04/07/2022 04/11/2017 -AIL 229,933.74 226,506.30 -3,427.44 2,134.40 1.92 1.953264087 AAA 191216BT6 Credit COCA COLA CO THE 1.875 % 10/27/20 10/27/2020 10/27/2015 500,187.99 490,330.00 -9,857.99 4,010.42 1.88 1.918335192 A+ 191216BV1 Credit COCA COLA CO 1.375% 5/30/19 05/30/2019 05/31/2016 249,825.00 246,920.00 -2,905.00 1,155.38 1.38 1.391799014 A+ 30231GAV4 Credit EXXON MOBIL 2.222% 3/01/21 03/01/2021 03/03/2016 02/01/2021 495,685.00 492,555.00 -3,130.00 925.83 2.22 2.258428451 AA+ 3130AAXX1 Agencies F H L B DEB 1.375% 3/18/19 03/18/2019 06/27/2019 03/10/2017 06/27/2017 518,793.60 516,016.80 -2,776.80 258.19 1.38 1.385488145 AA+ 3130ABMP8 Agencies F H L B DEB 1.515% 6/27/19 769,912.61 770,130.90 218.29 162.02 2.13 1.512685591 AA+ 3130ACE26 Agencies F H L B 1.375% 9/28/20 09/28/2020 09/08/2017 1 358,844.40 351,172.80 -7,671.60 41.25 1.38 1.416007580 AA+ 3130ADN32 Agencies F H L B DEB 2.125% 2/11/20 02/11/2020 02/09/2018 798,536.00 796,688.00 -1,848.00 2,455.56 2.13 2.139592018 AA+ 3130ADUJ9 Agencies F H L B DEB 2.375% 3/30/20 03/30/2020 03/16/2018 929,832.60 930,120.90 288.30 920.31 2.38 2.381382104 AA+ 3133EH2J1 Agencies F F C B 1.74957% 12/11/20 12/11/2020 12/11/2017 510,000.00 510,096.90 96.90 473.25 1.75 1.749535009 AA+ 3133EHRD7 Agencies F F C B DEB 1.83032% 7/13/22 07/13/2022 07/13/2017 310,000.00 309,748.90 -251.10 272.12 1.83 1.829387013 AA+ 3133EHRZ8 Agencies F F C B DEB 1.8715 % 6/25/20 06/25/2020 07/25/2017 510,000.00 510,086.70 _ 86.70 160.72 1.87 1.871294058 AA+ 3133EHTJ2 Agencies F F C B DEB 1.95688% 8/01/22 08/01/2022 08/01/2017 230,000.00 229,825.20 -174.80 332.38 1.73 1.958348762 AA+ 3133EHVR1 Agencies F F C B DEB 1.8815 % 8/24/20 08/24/2020 08/24/2017 130,000.00 129,977.90 -22.10 47.11 1.88 1.881067454 AA+ 3133EHXH1 Agencies F F C B 1.7705% 9/06/22 09/06/2022 09/06/2017 260,000.00 260,062.40 62.40 299.64 1.77 1.770075182 AA+ 3135G0J53 Agencies F N M A DEB 1.000 % 2/26/19 02/26/2019 02/23/2016 498,820.00 494,760.00 -4,060.00 486.11 1 1.010080604 AA+ 3135GOK77 Agencies F N M A DEB 1.250% 6/13/19 06/13/2019 06/13/2016 06/13/2018 490,000.00 484,335.60 -5,664.40 1,837.50 1.25 1.265758696 AA+ 3135GON33 Agencies FNMA 0.875% 8/02/19 08/02/2019 08/02/2016 529,109.60 520,470.60 -8,639.00 760.03 0.88 0.891801541 AA+ 3135G0P49 Agencies FNMA 1.000% 8/28/19 08/28/2019 09/02/2016 509,204.40 501,539.10 -7,665.30 439.17 1 1.018599629 AA+ 3135GOT29 Agencies F N M A DEB 1.500 % 2/28/20 02/28/2020 02/28/2017 299,808.00 295,473.00 -4,335.00 387.50 1.5 1.527339375 AA+ 3136AMTM1 Mortgage -Backed F N M A GTD REMIC 1.858% 9/25/18 09/25/2018 03/01/2015 60,563.06 60,522.24 -40.82 19.43 1.8 1.860101915 N/A 3137BNN26 Mortgage -Backed F H L M C MLTCL MTG 1.780% 7/25/19 07/25/2019 04/01/2016 55,062.34 54,360.06 -702.28 81.34 1.78 1.796945193 N/A 3137BPCF4 Mortgage -Backed F H L M C MLTCL MTG 1.376 % 10/25/20 10/25/2020 05/01/2016 189,629.86 188,049.83 -1,580.03 43.49 1.38 1.386999103 N/A 3137EAEB1 Agencies F H L M C M T N 0.875% 7/19/19 07/19/2019 07/20/2016 350,150.58 344,973.33 -5,177.25 614.25 0.88 0.890938897 AA+ 3137EAEH8 Agencies F H L M C 1.375% 8/15/19 08/15/2019 07/19/2017 509,250.30 504,063.60 -5,186.70 896.04 1.38 1.393279831 AA+ 3137EAEK1 Agencies F H L M C M T N 1.875% 11/17/20 11/17/2020 11/15/2017 549,472.00 541,904.00 -7,568.00 3,895.83 1.88 1.911919159 AA+ 3137EAEL9 Agencies F H L M C M T N 2.375% 2/16/21 02/16/2021 02/16/2018 508,653.60 508,556.70 -96.90 1,514.06 2.38 2.394636015 AA+ 31846V203 FIRST AM GOVT OB FD CL Y 209,648.12 209,648.12 0.00 483.65 1.266842000 43814PAC4 Asset -Backed HONDA AUTO 1.790% 9/20/21 09/20/2021 09/29/2017 149,983.76 147,768.00 -2,215.76 96.96 1.79 1.819549484 AAA 47787XAC1 Asset -Backed JOHN DEERE OWNER 1.780% 4/15/21 04/15/2021 03/02/2017 309,955.86 306,673.70 -3,282.16 245.24 1.78 1.800052586 N/A 478160CH5 Credit JOHNSON JOHNSON 1.950% 11/10/20 11/10/2020 11/10/2017 249,732.50 245,927.50 -3,805.00 1,909.38 1.95 1.990384910 AAA 48125LRJ3 Credit JP MORGAN MTN 2.26464% 9/23/19 09/23/2019 09/23/2016 850,393.53 849,216.55 -1,176.98 478.41 2.86 2.250708017 A+ 544445AY5 Taxable Muni LOS ANGELES CA DEPT 1.750% 5/15/19 05/15/2019 12/06/2016 100,000.00 99,364.00 -636.00 661.11 1.75 1.762886702 AA 54465AGK2 Taxable Muni LOS ANGELES CA 1.125% 9/01/19 09/01/2019 08/25/2016 266,868.00 264,918.60 -1,949.40 253.13 1.13 1.144653704 AA 54473ERQ9 Taxable Muni LOS ANGELES CNTY CA 2.036% 12/01/18 12/01/2018 09/02/2015 = 50,000.00 49,896.00 -104.00 339.33 2.04 2.039079009 AA 58769DAD2 Asset -Backed MERCEDES BENZ AUTO 1.790% 4/15/20 04/15/2020 04/26/2017 369,991.56 367,539.50 -2,452.06 294.36 1.79 1.802999627 AAA 589331AN7 Credit MERCK CO INC 5.000% 6/30/19 06/30/2019 06/25/2009 524,337.47 514,675.00 -9,662.47 6,319.44 5 4.865564454 AA 594918BV5 Credit MICROSOFT CORP 1.850% 2/06/20 02/06/2020 02/06/2017 499,665.00 495,015.00 -4,650.00 1,413.19 1.85 1.874746656 AAA 6055806F1 Taxable Muni MISSISSIPPI ST SER D 3.381% 11/01/18 11/01/2018 11/10/2010 101,565.62 100,749.00 -816.62 1,408.75 3.38 3.363576673 AA 49 COUNTY PERIVERSIDE TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio b Investment Cate • o for Quarter ended March 31, 2018 Account Number: 001050990415 CUSIP Security Type Category 649791EJ5 Taxable Muni Name: RIVERSIDE COUNTY TRANS COMM Next Call Final Maturity Trade Date Date 09/01/2019 03/30/2011 Original Cost 514,535.14 Base Market Value Unrealized Gain/Loss Accrued Income Coupon Yield Credit Rating Issuer NEW YORK ST REF SER 3.600 % 9/01/19 507,430.00 -7,105.14 1,500.00 3.6 3.557769279 AA+ 649791EV8 Taxable Muni NEW YORK ST SER B 3.600% 2/15/19 02/15/2019 03/30/2011 254,765.48 252,700.00 -2,065.48 1,150.00 3.6 3.567959722 AA+ 65479BAD2 Asset -Backed NISSAN AUTO LEASE 2.050% 9/15/20 09/15/2020 10/10/2017 219,961.57 217,973.80 -1,987.77 200.44 2.05 2.071690601 N/A 68389XAQ8 Credit ORACLE CORP 2.375% 1/15/19 01/15/2019 07/16/2013 504,103.17 500,000.00 -4,103.17 2,506.94 2.38 2.372722187 AA- 702282ND2 Taxable Muni PASADENA CA UNIF 1.861 % 11/01/18 11/01/2018 03/20/2014 250,505.37 249,690.00 -815.37 1,938.54 1.86 1.863441108 A+ 717081DL4 Credit PFIZER INC 2.100% 5/15/19 05/15/2019 05/15/2014 251,501.53 249,077.50 -2,424.03 1,983.33 2.1 2.109704641 AA 717081DU4 Credit PFIZER INC 1.450% 6/03/19 06/03/2019 06/03/2016 249,715.00 247,167.50 -2,547.50 1,188.19 1.45 1.467700468 AA 742718EZ8 Credit PROCTER GAMBLE CO 1.750% 10/25/19 10/25/2019 10/25/2017 149,947.50 148,341.00 -1,606.50 1,137.50 1.75 1.770054720 AA- 797669XT0 Taxable Muni SAN FRANCISCO CA 21.690% 7/01/20 07/01/2020 12/28/2017 100,000.00 99,536.00 -464.00 5,603.25 2.17 21.878814166 AA+ 79770GGM2 Taxable Muni SAN FRANCISCO CITY 2.000% 8/01/20 08/01/2020 11/30/2017 299,607.00 296,880.00 -2,727.00 1,000.00 2 2.029241368 AA- 798170AB2 Taxable Muni SAN JOSE CA 2.098% 8/01/19 08/01/2019 12/21/2017 320,000.00 319,104.00 -896.00 1,118.93 2.1 2.108140154 AA 798170AC0 Taxable Muni SAN JOSE CA REDEV 2.259% 8/01/20 08/01/2020 12/21/2017 190,000.00 189,129.80 -870.20 715.35 2.26 2.280044814 AA 79876CBQ0 Taxable Muni SAN MARCOS CA REDEV 2.000% 10/01/20 10/01/2020 12/14/2017 109,256.40 108,182.80 -1,073.60 653.89 2 2.044404465 AA- 80284TAF2 Asset -Backed SANTANDER DRIVE 1.770% 9/15/20 09/15/2020 02/28/2017 109,999.24 109,654.60 -344.64 86.53 1.77 1.774845328 AAA 857477AS2 Credit STATE STREET CORP 2.550% 8/18/20 08/18/2020 08/18/2015 795,442.43 783,405.96 -12,036.47 2,400.12 2.55 2.569890956 A 882723UC1 Taxable Muni TEXAS ST REF WTR 2.036% 8/01/20 08/01/2020 02/05/2015 251,436.00 248,330.00 -3,106.00 848.33 2.04 2.058291295 AAA 89190BAD0 Asset -Backed TOYOTA AUTO 1.760% 7/15/21 07/15/2021 05/17/2017 519,960.12 513,463.60 -6,496.52 406.76 1.76 1.784555483 AAA 89238MAD0 Asset -Backed TOYOTA AUTO 1.730 % 2/16/21 02/16/2021 03/15/2017 375,955.74 372,055.76 -3,899.98 289.10 1.73 1.749135543 AAA 90290AAC1 Asset -Backed USAA AUTO OWNER 1.700% 5/17/21 05/17/2021 09/20/2017 139,985.24 138,479.60 -1,505.64 105.78 1.7 1.719986240 AAA 90331HNG4 Credit US BANK NA MTN 2.050% 10/23/20 10/23/2020 10/24/2017 09/23/2020 249,950.00 244,642.50 -5,307.50 2,235.07 2.05 2.097594417 AA- 90331HNJ8 Credit US BANK NA MTN 2.350% 1/23/20 01/23/2020 01/23/2018 12/23/2019 254,885.25 252,934.50 -1,950.75 1,131.92 2.35 2.371222441 AA- 91159HHQ6 Credit US BANCORP MTN 2.3813% 1/24/22 01/24/2022 01/24/2017 12/23/2021 504,695.00 503,870.00 -825.00 2,215.93 2.38 2.360878402 A+ 912828202 Treasuries U S TREASURY NT 1.500 % 8/15/20 08/15/2020 08/15/2017 1,457,105.41 1,430,035.56 -27,069.85 2,718.65 1.5 1.535265038 N/A 9128282T6 Treasuries U S TREASURY NT 1.250% 8/31/19 08/31/2019 08/31/2017 2,674,565.71 2,642,779.92 -31,785.79 2,911.96 1.25 1.268932472 N/A 9128282X7 Treasuries U S TREASURY NT 1.375 % 9/30/19 09/30/2019 09/30/2017 3,454,671.27 3,415,539.00 -39,161.32 23,917.49 1.38 1.395046823 N/A 9128283H1 Treasuries U S TREASURY NT 1.750% 11/30/19 11/30/2019 11/30/2017 2,516,554.69 2,499,235.20 -17,319.49 14,780.77 1.75 1.768856005 N/A 9128283N8 Treasuries U S TREASURY NT 1.875% 12/31/19 12/31/2019 01/02/2018 1,535,802.35 1,529,712.80 -6,089.55 7,060.10 1.88 1.892448374 N/A 9128283S7 Treasuries U S TREASURY NT 2.000% 1/31/20 01/31/2020 01/31/2018 2,823,588.28 2,816,500.90 -7,087.38 9,381.22 2 2.015580437 N/A 9128283T5 Treasuries U S TREASURY NT 1.67343% 1/31/20 01/31/2020 01/31/2018 499,585.26 499,415.00 -170.26 1,195.83 1.77 1.673678952 N/A 9128283X6 Treasuries U S TREASURY NT 2.250 % 2/15/21 02/15/2021 02/15/2018 119,446.88 119,540.40 93.52 335.64 2.25 2.271648813 N/A 9128283Y4 Treasuries U S TREASURY NT 2.250 % 2/29/20 02/29/2020 02/28/2018 265,020.70 264,875.45 -145.25 518.48 2.25 2.258990783 N/A 912828E62 Treasuries U S TREASURY NT 1.500% 10/31/19 10/31/2019 10/31/2014 2,215,353.72 2,194,070.40 -21,283.32 13,996.98 1.5 1.520604187 N/A 912828P95 Treasuries U S TREASURY NT 1.000% 3/15/19 03/15/2019 03/15/2016 1,500,960.71 1,484,070.00 -17,132.89 692.93 1 1.010979234 N/A 91412G2R5 Taxable Muni UNIV OF CALIFORNIA 1.877% 5/15/20 05/15/2020 09/28/2017 90,000.00 88,492.50 -1,507.50 858.73 1.88 1.909033584 AA- 91412G2S3 Taxable Muni UNIV OF CALIFORNIA 2.112% 5/15/21 05/15/2021 09/28/2017 140,000.00 136,388.00 -3,612.00 1,503.04 2.11 2.163757069 AA- 91412GD36 Taxable Muni UNIV OF CA 1.169% 5/15/19 05/15/2019 04/20/2016 140,000.00 138,493.60 -1,506.40 618.27 1.17 1.182480275 AA 91412GWU5 Taxable Muni UNIV CALIFORNIA CA 1.418% 5/15/18 05/15/2018 03/25/2015 250,000.00 249,847.50 -152.50 1,339.22 1.42 1.418269471 AA 91412GWV3 Taxable Muni UNIV OF CA 2.003% 5/15/19 05/15/2019 03/25/2015 250,000.00 249,597.50 -402.50 1,891.72 2 2.008845741 AA 931142DY6 Credit WALMART STORES INC 1.750% 10/09/19 10/09/2019 10/20/2017 294,994.10 291,828.75 -3,165.35 2,308.78 1.75 1.767480381 AA 94988J5D5 Credit WELLS FARGO BANK MTN 1.750% 5/24/19 05/24/2019 06/02/2016 503,793.05 499,273.30 -4,519.75 3,117.67 1.75 1.766766615 A+ 94988J5J2 Credit WELLS FARGO MTN 2.15849/ 12/06/19 12/06/2019 12/08/2016 504,128.57 502,900.00 -1,228.57 779.45 2.68 2.142889763 A+ 51,312,069.80 50,839,672.54 (472,668.49) 199,761.47 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2018 ATTACHMENT 16 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Description Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Federal Tax Cost Gain/Loss Amount Long Term Gain/Loss Amount INTEREST EARNED ON F F C B DEB 1.43069% 8/01/22 $1 PV ON 230000.0000 0 nnnnnn 1/2/2018 1/2/2018 1/2/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 15,592.8600 1.000000 - - - (15,592.86) 15,592.86 - - 1/2/2018 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 31846V203 12/31/2017 INTEREST FROM 12/1/17 TO 12/31/17 0.0000 0.000000 - - - 276.54 - - - 1/2/2018 INTEREST EARNED ON MERCK CO INC 5.000% 6/30/19 $1 PV ON 500000.0000 589331AN7 SHARES DUE 12/30/2017 0.0000 0.000000 - - - 12,500.00 - - - 1/2/2018 INTEREST EARNED ON NEW YORK UNIVERSITY 1.315% 7/01/18 $1 PV ON 650119AE0 120000.0000 SHARES DUE 1/1/2018 _ 0.0000 0.000000 - - - 789.00 - - - 1/2/2018 INTEREST EARNED ON UNIV CALIFORNIA CA 1.796% 7/01/19 $1 PV ON 91412GSB2 225000.0000 SHARES DUE 1/1/2018 0.0000 0.000000 - - - 2,020.50 - - - 1/3/2018 1/3/2018 1/3/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y ` 276.5400 1.000000 - - - (276.54) 276.54 - - 1/8/2018 INTEREST EARNED ON F F C B 1.47181 % 9/06/22 $1 PV ON 260000.0000 3133EHXH1 SHARES DUE 1/6/2018 0.0000 0.000000 - - - 329.52 - - - 1/8/2018 1/8/2018 1/8/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 329.5200 1.000000 - - - (329.52) 329.52 - - 1/11/2018 INTEREST EARNED ON F F C B 1.44185% 12/11/20 $1 PV ON 510000.0000 3133EH2J1 SHARES DUE 1/11/2018 0.0000 0.000000 - - - 633.21 - - - 1/11/2018 1/11/2018 1/11/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,389.2400 1.000000 - - (3,389.24) 3,389.24 - - 1/11/2018 1/11/2018 1/11/2018 ___T___ 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 788,778.8900 1.000000 - - - (788,778.89) 788,778.89 - - 1/11/2018 1/9/2018 1/11/2018 SOLD PAR VALUE OF TOYOTA MOTOR MTN 0.00001 % 1/11/22 /MIZUHO 89236TDQ5 SECURITIES USA INC./527,000 PAR VALUE AT 101.346801 % -527,000.0000 1.013468 - - - 534,097.64 (533,584.67) 512.97 - 1/11/2018 AMORTIZED PREMIUM ON TOYOTA MOTOR MTN 0.00001 % 1/11/22 CURRENT 89236TDQ5 YEAR AMORTIZATION 0.0000 0.000000 - - (48.16) - - 1/11/2018 INTEREST EARNED ON TOYOTA MOTOR MTN 0.00001 % 1/11/22 $1 PV ON 89236TDQ5 527000.0000 SHARES DUE 1/11/2018 0.0000 0.000000 - - - 2,756.03 - - - 1/11/2018 1/11/2018 RECEIVED ACCRUED INTEREST ON SALE OF TOYOTA MOTOR MTN 1.950% 89236TDU6 4/17/20 0.0000 0.000000 - - - 1,160.25 - - - 1/11/2018 1/9/2018 1/11/2018 SOLD PAR VALUE OF TOYOTA MOTOR MTN 1.950% 4/17/20 /CREDIT AGRICOLE 89236TDU6 SECURITIES (US/XOTC 255,000 PAR VALUE AT 99.42 % -255,000.0000 0.994200 - - - 253,521.00 (254,882.70) (1,361.70) - 1/12/2018 1/12/2018 3130ACM92 RECEIVED ACCRUED INTEREST ON SALE OF F H L B 1.500% 10/21/19 0.0000 0.000000 - - - 2,002.50 - - - 1/12/2018 1/11/2018 1/12/2018 SOLD PAR VALUE OF F H L B 1.500% 10/21/19 /MORGAN STANLEY & CO. 3130ACM92 LLC/540,000 PAR VALUE AT 99.153 % -540,000.0000 0.991530 - - - 535,426.20 (539,044.20) (3,618.00) - 1/12/2018 1/12/2018 1/12/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -1,873.3500 1.000000 - - - 1,873.35 (1,873.35) - - 1/12/2018 1/12/2018 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.875% 9128283N8 12/31/19 0.0000 0.000000 - - (335.64) • - - - 1/12/2018 1/11/2018 1/12/2018 PURCHASED PAR VALUE OF U S TREASURY NT 1.875% 12/31/19 /NOMURA 9128283N8 SECURITIES/FIX INCOME/540,000 PAR VALUE AT 99.80859444 % 540,000.0000 0.998086 - - - 538,966.41 538,966.41 - - 1/16/2018 INTEREST EARNED ON AMERICAN EXPRESS 1.640% 12/15/21 $1 PV ON 02582JHG8 420000.0000 SHARES DUE 1/15/2018 0.0000 0.000000 - - 574.00 - - 1/16/2018 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 CURRENT 161571HC1 YEAR AMORTIZATION 0.0000 0.000000 - - - - 4.85 - - 1/16/2018 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370% 6/15/21 $1 PV ON 161571HC1 750000.0000 SHARES DUE 1/15/2018 0.0000 0.000000 - - - 856.25 - - - 1/16/2018 INTEREST EARNED ON F F C B DEB 1.53951 % 7/13/22 $1 PV ON 310000.0000 3133EHRD7 SHARES DUE 1/13/2018 0.0000 0.000000 - - - 410.96 - - - 1/16/2018 1/16/2018 1/16/2018 1/16/2018 1/16/2018 1/16/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,817.8300 1.000000 - - - (2,817.83) 2,817.83 - 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 8,013.7800 1.000000 - - - (8,013.78) 8,013.78 - 1/16/2018 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 47787XAC1 310000.0000 SHARES DUE 1/15/2018 0.0000 0.000000 - - - 459.83 - 1/16/2018 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 58769DAD2 551.9200 SHARES DUE 1/15/2018 $0.00149/PV ON 370,000.00 PV DUE 1/15/18 0.0000 0.000000 - - - 551.92 1/16/2018 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 65479BAD2 SHARES DUE 1/15/2018 $0.00171/PV ON 220,000.00 PV DUE 1/15/18 0.0000 0.000000 - - - 375.83 1/16/2018 AMORTIZED PREMIUM ON ORACLE CORP 2.375% 1/15/19 CURRENT YEAR 68389XAQ8 AMORTIZATION 0.0000 0.000000 - - - - 156.40 1/16/2018 INTEREST EARNED ON ORACLE CORP 2.375% 1/15/19 $1 PV ON 500000.0000 68389XAQ8 SHARES DUE 1/15/2018 0.0000 0.000000 - - - 5,937.50 1/16/2018 INTEREST EARNED ON SANTANDER DRIVE 1.770% 9/15/20 $1 PV ON 162.2500 80284TAF2 SHARES DUE 1/15/2018 $0.00148/PV ON 110,000.00 PV DUE 1/15/18 0.0000 0.000000 - - - 162.25 1/16/2018 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 762.6700 IF 89190BAD0 SHARES DUE 1/15/2018 $0.00147/PV ON 520,000.00 PV DUE 1/15/18 0.0000 0.000000 - - - 762.67 - - 1/16/2018 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 542.0700 89238MAD0 SHARES DUE 1/15/2018 $0.00144/PV ON 376,000.00 PV DUE 1/15/18 0.0000 0.000000 - - - 542.07 - - - 1/16/2018 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 198.3300 90290AAC1 SHARES DUE 1/15/2018 $0.00142/PV ON 140,000.00 PV DUE 1/15/18 0.0000 0.000000 - - - 198.33 - - - 1/17/2018 INTEREST EARNED ON CITIBANK CREDIT CARD 1.740% 1/19/21 $1 PV ON 17305EGA7 380000.0000 SHARES DUE 1/17/2018 0.0000 0.000000 - - 3,306.00 - - - 1/17/2018 1/17/2018 1/17/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y L 3,306.0000 1.000000 - - (3,306.00) 3,306.00 - - 1/17/2018 1/17/2018 1/17/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 882,960.6100 1.000000 - - (882,960.61) 882,960.61 - - 1/17/2018 Tr ' + 1/17/2018 66989HAD0 RECEIVED ACCRUED INTEREST ON SALE OF NOVARTIS CAPITAL 4.400% 4/24/20 0.0000 0.000000 - - 4,818.61 - - - 1/17/2018 1/12/2018 1/17/2018 SOLD PAR VALUE OF NOVARTIS CAPITAL 4.400% 4/24/20 /GOLDMAN SACHS & 66989HAD0 CO. LLC/XOTC 475,000 PAR VALUE AT 104.846 % -475,000.0000 1.048460 - - - 498,018.50 (501,840.87) (3,822.37) - 1/17/2018 AMORTIZED PREMIUM ON NOVARTIS CAPITAL 4.400% 4/24/20 CURRENT YEAR 66989HAD0 AMORTIZATION 0.0000 0.000000 - - - - (515.50) - - 51 Page 26 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2018 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Settlement Date Trade Date Date CUSIP Description Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Federal Tax Cost Gain/Loss Amount Long Term Gain/Loss Amount 1/ 1IILU 10 1/17/2018 I/ I I/LU le 00UOUr1MLL Mal...Val-I ..,-0.-.MLICIJ III I CRC° I VII 01-11-C ur 14,.../V/Ark I I.. t...etri I I,- 1.01,70 LI 1.1/LV SOLD PAR VALUE OF NOVARTIS CAPITAL 1.800 % 2/14/20 /MILLENNIUM 1/12/2018 1/17/2018 68989HAL2 ADVISORS, LLC/130,000 PAR VALUE AT 99.17 % U.000U -130,000.0000 U.000UUU - - 0.991700 - - - Utl9.0U - 128,921.00 - (129,491.70) - - (570.70) - 1/17/2018 1/17/2018 91412GPZ2 RECEIVED ACCRUED INTEREST ON SALE OF UNIV OF CA 1.296 % 5/15/18 0.0000 0.000000 - - - 558.00 - - - 1/17/2018 SOLD PAR VALUE OF UNIV OF CA 1.296% 5/15/18 /MORGAN STANLEY & CO. 1/12/2018 1/17/2018 91412GPZ2 LLC/250,000 PAR VALUE AT 99.86 % -250,000.0000 0.998600 - - - 249,650.00 (250,215.03) - (565.03) 1/17/2018 AMORTIZED PREMIUM ON UNIV OF CA 1.296% 5/15/18 CURRENT YEAR 91412GPZ2 AMORTIZATION 0.0000 0.000000 - - (29.51) - - 1/18/2018 1/18/2018 1/18/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -997,768.2600 1.000000 - - - 997,768.26 (997,768.26) - - 1/18/2018 1/18/2018 1/18/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 223.7500 1.000000 - - - (223.75) 223.75 - - 1/18/2018 ■ INTEREST EARNED ON HONDA AUTO 1.790 % 9/20/21 $1 PV ON 223.7500 43814PAC4 SHARES DUE 1/18/2018 $0.00149/PV ON 150,000.00 PV DUE 1/18/18 0.0000 0.000000 - - - 223.75 - - - 1/18/2018 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.875 % 1/18/2018 9128283N8 12/31/19 0.0000 0.000000 - - - (932.32) - - - 1/18/2018 PURCHASED PAR VALUE OF U S TREASURY NT 1.875 % 12/31/19 /BMO CAPITAL 1/17/2018 1/18/2018 9128283N8 MARKETS CORP/BONDS/1,000,000 PAR VALUE AT 99.683594 % 1,000,000.0000 0.996836 - - - (996,835.94) 996,835.94 - - 1/19/2018 1/19/2018 3130ABF92 RECEIVED ACCRUED INTEREST ON SALE OF F H L B 1.375 % 5/28/19 0.0000 0.000000 - - - 1,421.98 - - - 1/19/2018 SOLD PAR VALUE OF F H L B 1.375 % 5/28/19 /MLPFS INC/FIXED 1/18/2018 1/19/2018 3130ABF92 INCOME/730,000 PAR VALUE AT 99.182 % _ -730,000.0000 0.991820 - - - 724,028.60 (728,620.30) (4,591.70) - 1/19/2018 INTEREST EARNED ON F H L M C M T N 0.875% 7/19/19 $1 PV ON 351000.0000 3137EAEB1 SHARES DUE 1/19/2018 0.0000 0.000000 - - - 1,535.63 - - - 1/19/2018 1/19/2018 1/19/2018 1/19/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -40.9600 0.0000 1.000000 - - 0.000000 - - - 40.96 - (1,504.12) (40.96) - - - - - 1/19/2018 912828WL0 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 5/31/19 1/19/2018 PURCHASED PAR VALUE OF U S TREASURY NT 1.500 % 5/31/19 1/18/2018 1/19/2018 912828WL0 /BONY/TORONTO DOMINION SECURITI/730,000 PAR VALUE AT 99.38671918 % 730,000.0000 0.993867 - - - (725,523.05) 725,523.05 - - 1/22/2018 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ON 172.5000 05584PAD9 SHARES DUE 1/20/2018 $0.00173/PV ON 100,000.00 PV DUE 1/20/18 0.0000 0.000000 - - - 172.50 - - - 1/22/2018 1/22/2018 1/22/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 750,548.8600 1.000000 - - - (750,548.86) 750,548.86 -� 1/22/2018 1/22/2018 1/22/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 172.5000 1.000000 - - - (172.50) 172.50 1/22/2018 1/22/2018 90331HMY6 RECEIVED ACCRUED INTEREST ON SALE OF US BANK NA MTN 1.400% 4/26/19 0.0000 0.000000 - - - 2,525.06 - -- 1/22/2018 SOLD PAR VALUE OF US BANK NA MTN 1.400 % 4/26/19 /W ELLS FARGO 1/18/2018 1/22/2018 90331 HMY6 SECURITIES, LLC/XOTC 755,000 PAR VALUE AT 99.076 % -755,000.0000 0.990760 - - - 748,023.80 (750,413.40) (2,389 .60 - 1/23/2018 1/23/2018 1/23/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y _i_ _ -254,885.2500 1.000000 - - - 254,885.25 (254,885.25) 1/23/2018 PURCHASED PAR VALUE OF US BANK NA 2.350% 1/23/20 /US BANCORP 1/18/2018 1/23/2018 90331 HNJ8 INVESTMENTS INC./255,000 PAR VALUE AT 99.955 % 255,000.0000 0.999550 - - - (254,885.25) 254,885.25 - - 1/24/2018 INTEREST EARNED ON F F C B DEB 1.56213% 8/24/20 $1 PV ON 130000.0000 3133EHVR1 SHARES DUE 1/24/2018 0.0000 0.000000 - - - 174.87 - - - 1/24/2018 1/24/2018 1/24/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 174.8700 1.000000 - - - (174.87) 174.87 - 1/25/2018 TRUST FEES COLLECTED CHARGED FOR PERIOD 12/01/2017 THRU 12/31/2017 COLLECTED BY DISBURSEMENT 0.0000 0.000000 - - - (529.97)- 1/25/2018 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 05582QAD9 439.8300 SHARES DUE 1/25/2018 $0.00097/PV ON 455,000.00 PV DUE 1/25/18 0.0000 0.000000 - - - 439.83 - - - 1/25/2018 INTEREST EARNED ON F F C B 1.55213 % 6/25/20 $1 PV ON 510000.0000 3133EHRZ8 SHARES DUE 1/25/2018 0.0000 0.000000 - - - 681.64 ' - - - 1/25/2018 1/25/2018 1/25/2018 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.186% 9/25/18 -10,624.9100 0.000000 - - - 10,624.91 (10,622.19) - 2.72 1/25/2018 INTEREST EARNED ON F N M A GTD REMIC 1.186 % 9/25/18 $1 PV ON 169.9200 3136AMTM1 SHARES DUE 1/25/2018 $0.00129/PV ON 132,197.73 PV DUE 1/25/18 0.0000 0.000000 - - - 169.92 - - - 1/25/2018 1/25/2018 1/25/2018 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780 % 7/25/19 -95.9100 0.010426 - - - 95.91 (96.35) - (0.44) 1/25/2018 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780 % 7/25/19 CURRENT YEAR 3137BNN26 AMORTIZATION 0.0000 0.000000 - - - - (11.55) - - 1/25/2018 m INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 84.6700 3137BNN26 SHARES DUE 1/25/2018 $0.00148/PV ON 57,082.15 PV DUE 1/25/18 0.0000 0.000000 - - - 84.67 - - - 1/25/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.376% 10/25/20 $1 PV ON 250.6300 3137BPCF4 SHARES DUE 1/25/2018 $0.00115/PV ON 218,572.01 PV DUE 1/25/18 0.0000 0.000000 - - - 250.63 - - - 1/25/2018 1/25/2018 1/25/2018 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376 % 10/25/20 -27,241.5000 0.000000 - - - 27,241.50 (27,241.28) - 0.22 1/25/2018 1/25/2018 1/25/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 11,386.3300 1.000000 - - - (11,386.33) 11,386.33 - - 1/25/2018 1/25/2018 1/25/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 27,672.7100 1.000000 - - - (27,672.71) 27,672.71 - - 1/29/2018 1/29/2018 1/29/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -329,694.3500 1.000000 - - - 329,694.35 (329,694.35) - - 1/29/2018 PAID ACCRUED INTEREST ON PURCHASE OF STATE STREET CORP 2.550 % 1/29/2018 857477AS2 8/18/20 0.0000 0.000000 - - - (3,706.35) - - - 1/29/2018 PURCHASED PAR VALUE OF STATE STREET CORP 2.550 % 8/18/20 /SUNTRUST 1/25/2018 1/29/2018 857477AS2 ROBINSON HUMPHREY, IN/325,000 PAR VALUE AT 100.304 % 325,000.0000 1.003040 - - - (325,988.00) 325,988.00 - - 1/30/2018 1/30/2018 03783313Q2 RECEIVED ACCRUED INTEREST ON SALE OF APPLE INC 1.700% 2/22/19 0.0000 0.000000 - - - 296.56 - - - 1/30/2018 SOLD PAR VALUE OF APPLE INC 1.700% 2/22/19 /WELLS FARGO 1/26/2018 1/30/2018 037833BQ2 SECURITIES, LLC/XOTC 40,000 PAR VALUE AT 99.557 % 40,000.0000 0.995570 - - - 39,822.80 (39,993.20) - (170.40) 1/30/2018 1/30/2018 037833BS8 PAID ACCRUED INTEREST ON PURCHASE OF APPLE INC 2.250 % 2/23/21 0.0000 0.000000 - - - (4,906.25) - - - 1/30/2018 PURCHASED PAR VALUE OF APPLE INC 2.250% 2/23/21 /GOLDMAN SACHS & 1/26/2018 1/30/2018 037833BS8 CO. LLC/500,000 PAR VALUE AT 99.135 % 500,000.0000 0.991350 - - - (495,675.00) 495,675.00 - - 1/30/2018 1/30/2018 037833CB4 RECEIVED ACCRUED INTEREST ON SALE OF APPLE INC 1.100% 8/02/19 0.0000 0.000000 - - - 322.67 - - - 1/30/2018 SOLD PAR VALUE OF APPLE INC 1.100 % 8/02/19 /TORONTO DOMINION 1/26/2018 1/30/2018 037833CB4 SECURITIES (U/60,000 PAR VALUE AT 98.346883 % -60,000.0000 0.983469 - - - 59,008.13 (59,940.00) - (931.87) 1/30/2018 1/30/2018 037833CE8 RECEIVED ACCRUED INTEREST ON SALE OF APPLE INC 1.550% 2/08/19 0.0000 0.000000 - - - 1,036.78 - - - 52 Page 27 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2018 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss Amount Amount SOLD PAR VALUE OF APPLE INC 1.550 % 2/08/19 /GOLDMAN SACHS & CO. I/3U/LU 10 1/30/2018 1/L0/LU Id I/3U/LU 10 U3/033,C0 L PAID ACCRUED INTEREST ON PURCHASE OF BERKSHIRE HATHAWAY 2.200% 1/30/2018 084670BQ0 3/15/21 -140,000.UUUU 0.0000 U.UU030U - - 0.000000 - - - 1JU,JeJ.LU - (3,885.75) tIJy,0.3.0U) - tJ4U.4U1 - - - - - 1/30/2018 1/26/2018 PURCHASED PAR VALUE OF BERKSHIRE HATHAWAY 2.200% 3/15/21 /JEFFERIES 1/30/2018 084670BQ0 LLC/471,000 PAR VALUE AT 99.031 % 471,000.0000 0.990310 - - - (466,436.01) 466,436.01 - 1/30/2018 PAID ACCRUED INTEREST ON PURCHASE OF CISCO SYSTEMS INC 2.450 1/30/2018 17275RAX0 6/15/20 0.0000 0.000000 - - - (1,837.50) - - 1/30/2018 1/26/2018 PURCHASED PAR VALUE OF CISCO SYSTEMS INC 2.450% 6/15/20 /J.P. MORGAN 1/30/2018 17275RAX0 SECURITIES LLC/600,000 PAR VALUE AT 99.992 % 600,000.0000 0.999920 - - - (599,952.00) 599,952.00 - - 1/30/2018 RECEIVED ACCRUED INTEREST ON SALE OF EXXON MOBIL CORP 1.819 % 1/30/2018 30231GAD4 3/15/19 0.0000 0.000000 - - - 682.13 - - - 1/30/2018 1/26/2018 SOLD PAR VALUE OF EXXON MOBIL CORP 1.819 % 3/15/19 /J.P. MORGAN 1/30/2018 30231GAD4 SECURITIES LLC/XOTC 100,000 PAR VALUE AT 99.635 % . -100,000.0000 0.996350 - - - 99,635.00 (100,229.28) (594.28) 1= 1/30/2018 AMORTIZED PREMIUM ON EXXON MOBIL CORP 1.819 % 3/15/19 CURRENT YEAR 30231GAD4 AMORTIZATION 0.0000 0.000000 - - - - (17.28) - 1/30/2018 1/30/2018 30231GAP7 RECEIVED ACCRUED INTEREST ON SALE OF EXXON MOBIL 1.708% 3/01/19 0.0000 0.000000 - - - 282.77 - - - 1/30/2018 1/26/2018 SOLD PAR VALUE OF EXXON MOBIL 1.708% 3/01/19 /J.P. MORGAN 1/30/2018 30231GAP7 SECURITIES LLC/XOTC 40,000 PAR VALUE AT 99.691 % -40,000.0000 0.996910 - - - 39,876.40 40,000.00) 123.60 1/30/2018 1/30/2018 30231GAV4 PAID ACCRUED INTEREST ON PURCHASE OF EXXON MOBIL 2.222% 3/01/21 0.0000 0.000000 - - - (4,598.31) - 1/30/2018 1/26/2018 PURCHASED PAR VALUE OF EXXON MOBIL 2.222% 3/01/21 /MLPFS INC/FIXED 1/30/2018 30231GAV4 INCOME/500,000 PAR VALUE AT 99.137 % 500,000.0000 0.991370 - - - (495,685.00) 495,685.00 - - 1/30/2018 1/30/2018 1/30/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 171,418.0600 1.000000 - - - (171,418.06) 171,418.06 -- 1/30/2018 1/30/2018 1/30/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -1,076,489.0700 1.000000 - - - 1,076,489.07 (1,076,489.07) - 1/30/2018 PAID ACCRUED INTEREST ON PURCHASE OF JP MORGAN MTN 1.91833 1/30/2018 48125LRJ3 9/23/19 0.0000 0.000000 - - - (203.19) 1/30/2018 1/26/2018 PURCHASED PAR VALUE OF JP MORGAN MTN 1.91833% 9/23/19 /J.P. MORGAN 1/30/2018 48125LRJ3 SECURITIES LLC/95,000 PAR VALUE AT 100.686 % 95,000.0000 1.006860 - - - (95,651.70) 95,651.70 - - 1/30/2018 PAID ACCRUED INTEREST ON PURCHASE OF JP MORGAN MTN 1.91833 1/30/2018 48125LRJ3 9/23/19 0.0000 0.000000 - - - (534.71) - - 1/30/2018 1/26/2018 PURCHASED PAR VALUE OF JP MORGAN MTN 1.91833% 9/23/19 /PERSHING 1/30/2018 48125LRJ3 LLC/250,000 PAR VALUE AT 100.686 % 250,000.0000 1.006860 - - - (251,715.00) 251,715.00 - - 1/30/2018 1/30/2018 532457BF4 RECEIVED ACCRUED INTEREST ON SALE OF ELI LILLY CO 1.950% 3/15/19 0.0000 0.000000 - - - 3,839.06 - - - 1/30/2018 1/26/2018 SOLD PAR VALUE OF ELI LILLY CO 1.950 % 3/15/19 /GOLDMAN SACHS & CO. 1/30/2018 532457BF4 LLC/XOTC 525,000 PAR VALUE AT 99.758 % -525,000.0000 0.997580 - - - 523,729.50 (526,909.50) (3,180.00) - 1/30/2018 AMORTIZED PREMIUM ON ELI LILLY CO 1.950 % 3/15/19 CURRENT YEAR 532457BF4 AMORTIZATION 0.0000 0.000000 - - - - (133.93) - - 1/30/2018 RECEIVED ACCRUED INTEREST ON SALE OF NEW YORK UNIVERSITY 1.315% 1/30/2018 650119AE0 7/01/18 0.0000 0.000000 - - - 127.12 - - - 1/30/2018 1/26/2018 SOLD PAR VALUE OF NEW YORK UNIVERSITY 1.315% 7/01/18 /BARCLAYS 1/30/2018 650119AE0 CAPITAL INC. FIXED IN/120,000 PAR VALUE AT 99.776 % -120,000.0000 0.997760 - - - 119,731.20 (120,000.00) - (268.80) 1/30/2018 PAID ACCRUED INTEREST ON PURCHASE OF US BANCORP MTN 2.0048 % 1/30/2018 91159HHQ6 1/24/22 0.0000 0.000000 - - - (198.44) - - - 1/30/2018 1/26/2018 PURCHASED PAR VALUE OF US BANCORP MTN 2.0048% 1/24/22 /US BANCORP 1/30/2018 91159HHQ6 INVESTMENTS INC./500,000 PAR VALUE AT 100.939 % 500,000.0000 1.009390 - - - (504,695.00) 504,695.00 - - 1/30/2018 1/30/2018 912828P95 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.000 % 3/15/19 0.0000 0.000000 - - - 3,784.53 - - - 1/30/2018 1/30/2018 SOLD PAR VALUE OF U S TREASURY NT 1.000 % 3/15/19 /CITIGROUP GLOBAL 1/30/2018 912828P95 MARKETS INC./XOTC 1,000,000 PAR VALUE AT 98.9375 % -1,000,000.0000 0.989375 - - - 989,375.00 (1,000,773.81) - (11,398.81) 1/30/2018 AMORTIZED PREMIUM ON U S TREASURY NT 1.000 % 3/15/19 CURRENT YEAR 912828P95 AMORTIZATION 0.0000 0.000000 - - - - (149.29) - - 1/31/2018 1/31/2018 1/31/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -16,719.5700 1.000000 - - - 16,719.57 (16,719.57) - - 1/31/2018 1/31/2018 9128282X7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 9/30/19 0.0000 0.000000 - - - 17,470.05 - - - 1/31/2018 1/30/2018 SOLD PAR VALUE OF U S TREASURY NT 1.375 % 9/30/19 /CITIGROUP GLOBAL 1/31/2018 9128282X7 MARKETS INC./XOTC 3,760,000 PAR VALUE AT 98.864139 % -3,760,000.0000 0.988641 - - - 3,717,291.63 (3,754,252.91) (36,961.28) - 1/31/2018 1/30/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20/CITIGROUP 1/31/2018 9128283S7 GLOBAL MARKETS INC./3,760,000 PAR VALUE AT 99.7734375 % 3,760,000.0000 0.997734 - - - (3,751,481.25) 3,751,481.25 - - 2/1/2018 INTEREST EARNED ON F F C B DEB 1.63775% 8/01/22 $1 PV ON 230000.0000 3133EHTJ2 SHARES DUE 2/1/2018 0.0000 0.000000 - - - 324.37 - - - 2/1/2018 2/1/2018 2/1/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 5,108.9000 1.000000 - - - (5, 108.90) 5,108.90 - - 2/1/2018 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 31846V203 1/31/2018 INTEREST FROM 1/1/18 TO 1/31/18 0.0000 0.000000 - - - 616.41 2/1/2018 INTEREST EARNED ON SAN FRANCISCO CITY 2.000 % 8/01/20 $1 PV ON 79770GGM2 300000.0000 SHARES DUE 2/1/2018 0.0000 0.000000 - - - 1,016.67 - - 2/1/2018 2/1/2018 INTEREST EARNED ON SAN JOSE CA 2.098% 8/01/19 $1 PV ON 320000.0000 798170AB2 SHARES DUE 2/1/2018 INTEREST EARNED ON SAN JOSE CA REDEV 2.259% 8/01/20 $1 PV ON 798170AC0 190000.0000 SHARES DUE 2/1/2018 0.0000 0.000000 - - 0.000000 - - - 745.96 - 476.90 - - 0.0000 2/1/2018 AMORTIZED PREMIUM ON TEXAS ST REF WTR 2.036 % 8/01/20 CURRENT YEAR 882723UC1 AMORTIZATION 0.0000 0.000000 - - - - _ - - 2/1/2018 INTEREST EARNED ON TEXAS ST REF WTR 2.036% 8/01/20 $1 PV ON 882723UC1 250000.0000 SHARES DUE 2/1/2018 0.0000 0.000000 - - - 2,545.00 - - 2/2/2018 INTEREST EARNED ON F N M A 0.875 % 8/02/19 $1 PV ON 530000.0000 3135GON33 SHARES DUE 2/2/2018 0.0000 0.000000 - - - 2,318.75 - - - 53 Page 28 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2018 Account Number: 001050990415 Transaction Settlement Name: RIVERSIDE COUNTY TRANS COMM Miscellaneous Federal Tax Cost Short Term Gain/Loss Long Term Gain/Loss 2/2/2018 2/2/2018 2/2/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,935.1600 1.000000 - - - (2,935.16) 2,935.16 - - 2/6/2018 INTEREST EARNED ON F F C B 1.635% 9/06/22 $1 PV ON 260000.0000 3133EHXH1 SHARES DUE 2/6/2018 0.0000 0.000000 - - - 366.06 - - - 2/6/2018 2/6/2018 2/6/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 4,991.0600 1.000000 - - - (4,991.06) 4,991.06 - - 2/6/2018 INTEREST EARNED ON MICROSOFT CORP 1.850 % 2/06/20 $1 PV ON 594918BV5 500000.0000 SHARES DUE 2/6/2018 0.0000 0.000000 - - - 4,625.00 - - - 2/9/2018 PURCHASED PAR VALUE OF F H L B DEB 2.125% 2/11/20 /WELLS FARGO 2/8/2018 2/9/2018 3130ADN32 SECURITIES, LLC/800,000 PAR VALUE AT 99.817 % 800,000.0000 0.998170 (798,536.00) 798,536.00 - - 2/9/2018 2/9/2018 2/9/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 226,391.8900 1.000000 - (226,391.89) 226,391.89 - - 2/9/2018 2/9/2018 9128282X7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 9/30/19 0.0000 0.000000 - - - 1,495.88 - - - 2/9/2018 SOLD PAR VALUE OF U S TREASURY NT 1.375% 9/30/19 /CITIGROUP GLOBAL 2/8/2018 2/9/2018 9128282X7 MARKETS INC./XOTC 300,000 PAR VALUE AT 98.819978 % -300,000.0000 0.988200 - - - 296,459.93 (299,541.46) (3,081.53) - 2/9/2018 2/9/2018 912828WL0 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500 % 5/31/19 0.0000 0.000000 - - - 2,135.85 - - - 2/9/2018 SOLD PAR VALUE OF U S TREASURY NT 1.500 % 5/31/19 /CITIGROUP GLOBAL 2/8/2018 2/9/2018 912828WL0 MARKETS INC./XOTC 730,000 PAR VALUE AT 99.292634 % -730,000.0000 0.992926 - - - 724,836.23 (725,523.05) (686.82) - 2/12/2018 INTEREST EARNED ON F F C B 1.56375 % 12/11/20 $1 PV ON 510000.0000 3133EH2J1 SHARES DUE 2/11/2018 0.0000 0.000000 - - - 686.75 - - - 2/12/2018 2/12/2018 2/12/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 686.7500 1.000000 - - - (686.75) 686.75 - - 2/13/2018 INTEREST EARNED ON F F C B DEB 1.63945% 7/13/22 $1 PV ON 310000.0000 3133EHRD7 SHARES DUE 2/13/2018 0.0000 0.000000 - - - 437.64 - - - 2/13/2018 2/13/2018 2/13/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 437.6400 1.000000 - - - (437.64) 437.64 - - 2/15/2018 INTEREST EARNED ON AMERICAN EXPRESS 1.640 % 12/15/21 $1 PV ON 02582JHG8 420000.0000 SHARES DUE 2/15/2018 0.0000 0.000000 - - - 574.00 - - - 2/15/2018 INTEREST EARNED ON BERKSHIRE HATHAWAY 1.300% 8/15/19 $1 PV ON 084664CK5 160000.0000 SHARES DUE 2/15/2018 0.0000 0.000000 - - - 1,040.00 - - - 2/15/2018 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 CURRENT 161571HC1 YEAR AMORTIZATION 0.0000 0.000000 - - - - 9.07 - 2/15/2018 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370% 6/15/21 $1 PV ON ilir 161571HC1 750000.0000 SHARES DUE 2/15/2018 0.0000 0.000000 - - - 856.25 - - 2/15/2018 AMORTIZED PREMIUM ON CISCO SYSTEMS INC 4.950% 2/15/19 CURRENT YEAR 17275RAE2 AMORTIZATION 0.0000 0.000000 - - - - 1,424.39 2/15/2018 INTEREST EARNED ON CISCO SYSTEMS INC 4.950% 2/15/19 $1 PV ON 17275RAE2 360000.0000 SHARES DUE 2/15/2018 0.0000 0.000000 - - - 8,910.00 - - 2/15/2018 INTEREST EARNED ON F H L M C 1.375% 8/15/19 $1 PV ON 510000.0000 3137EAEH8 SHARES DUE 2/15/2018 0.0000 0.000000 - - - 4,012.71 - - - 2/15/2018 2/15/2018 2/15/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,817.8300 1.000000 - - - (2,817.83) 2,817.83 - - 2/15/2018 2/15/2018 2/15/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 31,063.0300 1.000000 - (31,063.03) 31,063.03 - - 2/15/2018 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 459.8300 47787XAC1 SHARES DUE 2/15/2018 $0.00148/PV ON 310,000.00 PV DUE 2/15/18 0.0000 0.000000 - - - 459.83 - - - 2/15/2018 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 58769DAD2 551.9200 SHARES DUE 2/15/2018 $0.00149/PV ON 370,000.00 PV DUE 2/15/18 0.0000 0.000000 - - - 551.92 - - - 2/15/2018 AMORTIZED PREMIUM ON NEW YORK ST SER B 3.600% 2/15/19 CURRENT YEAR 649791EV8 AMORTIZATION 0.0000 0.000000 - - - - (573.30) - - 2/15/2018 INTEREST EARNED ON NEW YORK ST SER B 3.600 % 2/15/19 $1 PV ON 649791 EV8 250000.0000 SHARES DUE 2/15/2018 0.0000 0.000000 - - - 4,500.00 - - - 2/15/2018 INTEREST EARNED ON NISSAN AUTO LEASE 2.050 % 9/15/20 $1 PV ON 375.8300 65479BAD2 SHARES DUE 2/15/2018 $0.00171/PV ON 220,000.00 PV DUE 2/15/18 0.0000 0.000000 - - - 375.83 - - - 2/15/2018 INTEREST EARNED ON SANTANDER DRIVE 1.770% 9/15/20 $1 PV ON 162.2500 80284TAF2 SHARES DUE 2/15/2018 $0.00148/PV ON 110,000.00 PV DUE 2/15/18 0.0000 0.000000 - - - 162.25 - - - 2/15/2018 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 762.6700 89190BAD0 SHARES DUE 2/15/2018 $0.00147/PV ON 520,000.00 PV DUE 2/15/18 0.0000 0.000000 - - - 762.67 - - - 2/15/2018 INTEREST EARNED ON TOYOTA AUTO 1.730 % 2/16/21 $1 PV ON 542.0700 89238MAD0 SHARES DUE 2/15/2018 $0.00144/PV ON 376,000.00 PV DUE 2/15/18 0.0000 0.000000 - - - 542.07 - - - 2/15/2018 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 198.3300 90290AAC1 SHARES DUE 2/15/2018 $0.00142/PV ON 140,000.00 PV DUE 2/15/18 0.0000 0.000000 - - - 198.33 - - - 2/15/2018 INTEREST EARNED ON U S TREASURY NT 1.500% 8/15/20 $1 PV ON 9128282Q2 1458000.0000 SHARES DUE 2/15/2018 0.0000 0.000000 - - - 10,935.00 - - - 2/16/2018 PURCHASED PAR VALUE OF F H L M C M T N 2.375% 2/16/21 /WELLS FARGO 2/15/2018 2/16/2018 3137EAEL9 SECURITIES, LLC/510,000 PAR VALUE AT 99.736 % 510,000.0000 0.997360 - - - (508,653.60) 508,653.60 - - 2/16/2018 2/16/2018 2/16/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -115,813.8200 1.000000 - - - 115,813.82 (115,813.82)• - - 2/16/2018 2/16/2018 9128282V1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 9/15/20 0.0000 0.000000 - - - 2,339.78 - - - 2/16/2018 SOLD PAR VALUE OF U S TREASURY NT 1.375% 9/15/20 /RBS SECURITIES 2/15/2018 2/16/2018 9128282V1 INC./400,000 PAR VALUE AT 97.625 % -400,000.0000 0.976250 - - - 390,500.00 (397,610.50) (7,110.50) 2/20/2018 MME INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ON 172.5000 05584PAD9 SHARES DUE 2/20/2018 $0.00173/PV ON 100,000.00 PV DUE 2/20/18 0.0000 0.000000 - - - 172.50 - - 2/20/2018 2/20/2018 2/20/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 9,798.7500 1.000000 - - - (9,798.75) 9,798.75 - 2/20/2018 2/20/2018 2/20/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 223.7500 1.000000 - - - (223.75) 223.75 - 2/20/2018 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 223.7500 43814PAC4 SHARES DUE 2/18/2018 $0.00149/PV ON 150,000.00 PV DUE 2/18/18 0.0000 0.000000 - - - 223.75 - - 2/20/2018 AMORTIZED PREMIUM ON STATE STREET CORP 2.550% 8/18/20 CURRENT YEAR 857477AS2 AMORTIZATION li 0.0000 0.000000 - - - - (351.91) _ - 2/20/2018 INTEREST EARNED ON STATE STREET CORP 2.550 % 8/18/20 $1 PV ON 857477AS2 755000.0000 SHARES DUE 2/18/2018 0.0000 0.000000 - - - 9,626.25 - - - 54 Page 29 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2018 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss Amount Amount INTEREST EARNED ON APPLE INC 2.250% 2/23/21 $1 PV ON 500000.0000 0 nnnnnn 2/23/2018 2/23/2018 2/23/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 5,625.0000 1.000000 - - - - - (5,625.00) 5,625.00 - - - - - 2/26/2018 TRUST FEES COLLECTED CHARGED FOR PERIOD 01/01/2018 THRU 01/31/2018 COLLECTED BY DISBURSEMENT 0.0000 0.000000 - (528.81) - - 2/26/2018 INTEREST EARNED ON BMW VEHICLE OWNER 1.160 % 11/25/20 $1 PV ON 05582QAD9 439.8300 SHARES DUE 2/25/2018 $0.00097/PV ON 455,000.00 PV DUE 2/25/18 0.0000 0.000000 - - - 439.83 - - 2/26/2018 INTEREST EARNED ON F F C B 1.56135% 6/25/20 $1 PV ON 510000.0000 3133EHRZ8 SHARES DUE 2/25/2018 0.0000 0.000000 - - - 685.69 2/26/2018 INTEREST EARNED ON F F C B DEB 1.57014% 8/24/20 $1 PV ON 130000.0000 3133EHVR1 SHARES DUE 2/24/2018 0.0000 0.000000 - - - 175.77 - - - 2/26/2018 INTEREST EARNED ON F N M A DEB 1.000% 2/26/19 $1 PV ON 500000.0000 3135G0J53 SHARES DUE 2/26/2018 0.0000 0.000000 - - - 2,500.00 2/26/2018 2/25/2018 2/26/2018 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.186% 9/25/18-14,380.0400 0.000000 - - - 14,380.04 (14,376.36) - 3.68 2/26/2018 INTEREST EARNED ON F N M A GTD REMIC 1.186% 9/25/18 $1 PV ON 178.4900 3136AMTM1 SHARES DUE 2/25/2018 $0.00147/PV ON 121,572.82 PV DUE 2/25/18 0.0000 0.000000 - - - 178.49 - - 2/26/2018 2/25/2018 2/26/2018 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19-96.3900 0.010375 - - - 96.39 (96.81) - (0.42) 2/26/2018 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR 3137BNN26 AMORTIZATION 0.0000 0.000000 - - - - (14.90) - - 2/26/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 84.5300 3137BNN26 SHARES DUE 2/25/2018 $0.00148/PV ON 56,986.24 PV DUE 2/25/18 0.0000 0.000000 - - - 84.53 - - - 2/26/2018 2/25/2018 2/26/2018 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376% 10/25/20-743.7900 0.000000 - - - 743.79 (743.78) - - 0.01 2/26/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.376% 10/25/20 $1 PV ON 219.3900 3137BPCF4 SHARES DUE 2/25/2018 $0.00115/PV ON 191,330.51 PV DUE 2/25/18 0.0000 0.000000 - - - 219.39 - - 2/26/2018 2/26/2018 2/26/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y Mr 17,831.0100 1.000000 - - - (17,831.01) 17,831.01 - - 2/26/2018 2/26/2018 2/26/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,144.1000 1.000000 - - - (1,144.10) 1,144.10 - - 2/28/2018 INTEREST EARNED ON F N M A 1.000% 8/28/19 $1 PV ON 510000.0000 3135G0P49 SHARES DUE 2/28/2018 0.0000 0.000000 - - - 2,550.00 - - - 2/28/2018 INTEREST EARNED ON F N M A DEB 1.500 % 2/28/20 $1 PV ON 300000.0000 3135GOT29 SHARES DUE 2/28/2018 0.0000 0.000000 - 2,250.00 - - - 2/28/2018 2/28/2018 2/28/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 21,543.7500 1.000000 = - - (21,543.75) 21,543.75 - - 2/28/2018 INTEREST EARNED ON U S TREASURY NT 1.250A 8/31/19 $1 PV ON 9128282T6 2679000.0000 SHARES DUE 2/28/2018 0.0000 0.000000 - - - 16,743.75 - - - 3/1/2018 AMORTIZED PREMIUM ON CALIFORNIA ST BUILD 6.650% 3/01/22 CURRENT YEAR 13063BFS6 AMORTIZATION 0.0000 0.000000 - - - (2,527.23) - - 3/1/2018 INTEREST EARNED ON CALIFORNIA ST BUILD 6.650% 3/01/22 $1 PV ON 13063BFS6 425000.0000 SHARES DUE 3/1/2018 0.0000 0.000000 - - - 14,131.25 - - - 3/1/2018 INTEREST EARNED ON EXXON MOBIL 2.222% 3/01/21 $1 PV ON 500000.0000 30231GAV4 SHARES DUE 3/1/2018 0.0000 0.000000 - - - 5,555.00 - - - 3/1/2018 INTEREST EARNED ON F F C B DEB 1.6447% 8/01/22 $1 PV ON 230000.0000 3133EHTJ2 SHARES DUE 3/1/2018 0.0000 0.000000 - - - 294.22 3/1/2018 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 31846V203 2/28/2018 INTEREST FROM 2/1/18 TO 2/28/18 0.0000 0.000000 - - - 218.45 3/1/2018 3/1/2018 3/1/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 30,499.2200 1.000000 - - - (30,499.22) 30,499.22 3/1/2018 INTEREST EARNED ON LOS ANGELES CA 1.125% 9/01/19 $1 PV ON 54465AGK2 270000.0000 SHARES DUE 3/1/2018 0.0000 0.000000 - - - 1,518.75 - - 3/1/2018 AMORTIZED PREMIUM ON NEW YORK ST REF SER 3.600% 9/01/19 CURRENT 649791EJ5 YEAR AMORTIZATION 0.0000 0.000000 - - - - (1,585.15) - - 3/1/2018 INTEREST EARNED ON NEW YORK ST REF SER 3.600% 9/01/19 $1 PV ON 649791EJ5 500000.0000 SHARES DUE 3/1/2018 0.0000 0.000000 - - - 9,000.00 r - - - 3/2/2018 3/2/2018 3/2/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 218.4500 1.000000 - - - (218.45) 218.45 - - 3/5/2018 INTEREST EARNED ON CHEVRON CORP 2.0398% 3/03/22 $1 PV ON 166764AU4 500000.0000 SHARES DUE 3/3/2018 0.0000 0.000000 - - - 2,549.74 - - - 3/5/2018 AMORTIZED PREMIUM ON CHEVRON CORP 2.0398% 3/03/22 CURRENT YEAR 166764AU4 AMORTIZATION 0.0000 0.000000 - - - - (201.25) - - 3/5/2018 3/5/2018 3/5/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y N 1 2,549.7400 1.000000 - - - (2,549.74) 2,549.74 - - 3/6/2018 3/6/2018 13063DDD7 RECEIVED ACCRUED INTEREST ON SALE OF CALIFORNIA ST 2.250% 10/01/19 0.0000 0.000000 - - - 2,153.13 - - - 3/6/2018 SOLD PAR VALUE OF CALIFORNIA ST 2.250% 10/01/19 /RAYMOND 3/2/2018 3/6/2018 13063DDD7 JAMES/FI/265,000 PAR VALUE AT 99.92 % I -265,000.0000 0.999200 - - - 264,788.00 (266,127.99) (1,339.99) - 3/6/2018 AMORTIZED PREMIUM ON CALIFORNIA ST 2.250 % 10/01/19 CURRENT YEAR 13063DDD7 AMORTIZATION 0.0000 0.000000 - - - (125.84) - - 3/6/2018 INTEREST EARNED ON F F C B 1.65957% 9/06/22 $1 PV ON 260000.0000 3133EHXH1 SHARES DUE 3/6/2018 0.0000 0.000000 - - - 335.60 - - - 3/6/2018 3/6/2018 3/6/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 4,856.9300 1.000000 - - - (4,856.93) 4,856.93 - 3/6/2018 3/6/2018 9128283Y4 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 2/29/20 11 0.0000 0.000000 - - (97.21) ' ■ 3/6/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 2/29/20 /BMO CAPITAL 3/2/2018 3/6/2018 9128283Y4 MARKETS PAR VALUE 265,000.0000 1.000078 - - 020.70) 2=0.7165 0) 3/6/2018 AMORTIZED PRE/BONDS/265,000 MIIUM ON WELLS ARGO MTNT 2.115849% 12/06/19 CURRENT Mr94988J5J2 YEAR AMORTIZATION F 0.0000 0.000000 3/6/2018 INTEREST EARNED ON WELLS FARGO MTN 2.15849% 12/06/19 $1 PV ON 94988J5J2 500000.0000 SHARES DUE 3/6/2018 0.0000 0.000000 - - - - 2,698.11 - - a� 3/7/2018 3/7/2018 3/7/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y-32,675.0700 1.000000 - - 32,675.07 (32,675.07) - - 3/7/2018 RECEIVED ACCRUED INTEREST ON SALE OF SAN FRANCISCO CA 2.387% 3/7/2018 797669XU7 7/01/21 0.0000 0.000000 - - - 549.01 - - - 55 Page 30 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2018 Account Number: 001050990415 Transaction Settlement Date Trade Date Date Name: RIVERSIDE COUNTY TRANS COMM CUSIP Description Units Price Miscellaneous Commissions SEC Fees Fees Net Cash Amount Amount Short Term Long Term Federal Tax Cost Gain/Loss Gain/Loss Amount Amount SOLD PAR VALUE OF SAN FRANCISCO CA 2.387% 7/01/21 /MESIROW FINANCIAL J///LU Ia 3/7/2018 .b/LU Ia a/NLU Ia IV/ UotlAU/ 70 PAID ACCRUED INTEREST ON PURCHASE OF STATE STREET CORP 2.550 % 3/7/2018 857477AS2 8/18/20 - - ILL/ ,000.UUUU 0.0000 U.tlBJLDU - - 0.000000 - - - I lb, I VU.UU - (44.41) tILU,000.UU) - to IU.UU) - - - 3/7/2018 PURCHASED PAR VALUE OF STATE STREET CORP 2.550% 8/18/20 /UBS 3/5/2018 3/7/2018 857477AS2 SECURITIES LLC/33,000 PAR VALUE AT 99.314 % 33,000.0000 0.993140 - - - (32,773.62) 32,773.62 - - 3/7/2018 3/7/2018 9128283X6 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 2/15/21 0.0000 0.000000 - - - (149.17) - - - 3/7/2018 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 2/15/21 /RBS 3/5/2018 3/7/2018 9128283X6 SECURITIES INC./120,000 PAR VALUE AT 99.53906667 % 120,000.0000 0.995391 (119,446.88) 119,446.88 - 3/12/2018 INTEREST EARNED ON F F C B 1.59077 % 12/11/20 $1 PV ON 510000.0000 3133EH2J1 SHARES DUE 3/11/2018 0.0000 0.000000 - - - 631.01 - - 3/12/2018 3/12/2018 3/12/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 249,432.7900 1.000000 - - - (249,432.79) 249,432.79 - 3/12/2018 3/12/2018 3/12/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 631.0100 1.000000 - - - (631.01) 631.01 3/12/2018 3/12/2018 91412GS71 RECEIVED ACCRUED INTEREST ON SALE OF UNIVERSITY OF CA 1.610 % 5/15/19 0.0000 0.000000 - - - 130.81 - SOLD PAR VALUE OF UNIVERSITY OF CA 1.610% 5/15/19 /UBS FINANCIAL 3/12/2018 3/8/2018 3/12/2018 91412GS71 SERVICES INC./25,000 PAR VALUE AT 99.285 % -25,000.0000 0.992850 - - - 24,821.25 25,000.00) 178.75 3/12/2018 RECEIVED ACCRUED INTEREST ON SALE OF UNIV CALIFORNIA CA 1.796% 3/12/2018 91412GSB2 7/01/19 0.0000 0.000000 - - - 796.98 - 3/12/2018 SOLD PAR VALUE OF UNIV CALIFORNIA CA 1.796% 7/01/19 /UBS FINANCIAL 3/8/2018 3/12/2018 91412GSB2 SERVICES INC./225,000 PAR VALUE AT 99.415 % -225,000.0000 0.994150 - - - 223,683.75 (225,621.47) (1,937.72 - 3/12/2018 AMORTIZED PREMIUM ON UNIV CALIFORNIA CA 1.796% 7/01/19 CURRENT YEAR 91412GSB2 AMORTIZATION 0.0000 0.000000 - - - - (94.83) 3/13/2018 INTEREST EARNED ON F F C B DEB 1.6632% 7/13/22 $1 PV ON 310000.0000 3133EHRD7 SHARES DUE 3/13/2018 0.0000 0.000000 - - - 401.02 - 3/13/2018 3/13/2018 3/13/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 401.0200 1.000000 - - - (401.02) 401.02 -- 3/14/2018 PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY 96.3900 3137BNN26 NOTIONAL 96.3900 0.000000 - - - - - 3/14/2018 BOOK VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY 96.81 3137BNN26 NOTIONAL 0.0000 0.000000 - - - - - 3/14/2018 FED BASIS OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY 96.81 3137BNN26 NOTIONAL 0.0000 0.000000 - - - 96.81 3/14/2018 STATE COST OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY 96.81 3137BNN26 NOTIONAL 0.0000 0.000000 - - 3/15/2018 INTEREST EARNED ON AMERICAN EXPRESS 1.640% 12/15/21 $1 PV ON 02582JHG8 420000.0000 SHARES DUE 3/15/2018 0.0000 0.000000 - - - 574.00 3/15/2018 INTEREST EARNED ON AUTOMATIC DATA 2.250% 9/15/20 $1 PV ON 053015AD5 450000.0000 SHARES DUE 3/15/2018 0.0000 0.000000 - - - 5,062.50 3/15/2018 AMORTIZED PREMIUM ON AUTOMATIC DATA 2.250% 9/15/20 CURRENT YEAR 053015AD5 AMORTIZATION 0.0000 0.000000 - - - - 6) - - 3/15/2018 INTEREST EARNED ON BERKSHIRE HATHAWAY 2.200% 3/15/21 $1 PV ON 0846706Q0 471000.0000 SHARES DUE 3/15/2018 0.0000 0.000000 - - - 5,181.00 - - - 3/15/2018 INTEREST EARNED ON CHASE ISSUANCE TRUST 1.370% 6/15/21 $1 PV ON 161571HC1 750000.0000 SHARES DUE 3/15/2018 0.0000 0.000000 - - - 856.25 - - - 3/15/2018 AMORTIZED PREMIUM ON CHASE ISSUANCE TRUST 1.370% 6/15/21 CURRENT 161571HC1 YEAR AMORTIZATION 0.0000 0.000000 - - - - (6.98) - - 3/15/2018 3/15/2018 3/15/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,890.0800 1.000000 - - - (1,890.08) 1,890.08 - - 3/15/2018 3/15/2018 3/15/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 20,138.2400 1.000000 - - - (20,138.24) 20,138.24 - - 3/15/2018 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 47787XAC1 310000.0000 SHARES DUE 3/15/2018 0.0000 0.000000 - - - 459.83 - - - 3/15/2018 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 58769DAD2 551.9200 SHARES DUE 3/15/2018 $0.00149/PV ON 370,000.00 PV DUE 3/15/18 0.0000 0.000000 - - - 551.92 - - - 3/15/2018 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 65479BAD2 SHARES DUE 3/15/2018 $0.00171/PV ON 220,000.00 PV DUE 3/15/18 0.0000 0.000000 - - - 375.83 - - - 3/15/2018 INTEREST EARNED ON SANTANDER DRIVE 1.770% 9/15/20 $1 PV ON 162.2500 80284TAF2 SHARES DUE 3/15/2018 $0.00148/PV ON 110,000.00 PV DUE 3/15/18 0.0000 0.000000 - - - 162.25 - - - 3/15/2018 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 762.6700 89190BAD0 SHARES DUE 3/15/2018 $0.00147/PV ON 520,000.00 PV DUE 3/15/18 0.0000 0.000000 - - - 762.67 - - - 3/15/2018 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 542.0700 89238MAD0 SHARES DUE 3/15/2018 $0.00144/PV ON 376,000.00 PV DUE 3/15/18 0.0000 0.000000 - - - 542.07 - - - 3/15/2018 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 90290AAC1 140000.0000 SHARES DUE 3/15/2018 0.0000 0.000000 - - - 198.33 - - - 3/15/2018 INTEREST EARNED ON U S TREASURY NT 1.000% 3/15/19 $1 PV ON 912828P95 1500000.0000 SHARES DUE 3/15/2018 0.0000 0.000000 - - - 7,500.00 - - - 3/15/2018 AMORTIZED PREMIUM ON U S TREASURY NT 1.000% 3/15/19 CURRENT YEAR 912828P95 AMORTIZATION 0.0000 0.000000 - - - - (142.31) - - 3/16/2018 PURCHASED PAR VALUE OF F H L B DEB 2.375% 3/30/20 /CITIGROUP 3/15/2018 3/16/2018 3130ADUJ9 GLOBAL MARKETS INC./930,000 PAR VALUE AT 99.982 % 930,000.0000 0.999820 - - - (929,832.60) 929,832.60 - - 3/16/2018 3/16/2018 3/16/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -1,914.5200 1.000000 - - - 1,914.52 (1,914.52) - - 3/16/2018 SOLD PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /RBS SECURITIES 3/15/2018 3/16/2018 9128283S7 INC./930,000 PAR VALUE AT 99.511718 % -930,000.0000 0.995117 - - - 925,458.98 (927,892.97) (2,433.99) - 3/16/2018 3/16/2018 9128283S7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 - - - 2,260.77 - - - 3/19/2018 INTEREST EARNED ON F H L B DEB 1.375% 3/18/19 $1 PV ON 520000.0000 3130AAXX1 SHARES DUE 3/18/2018 0.0000 0.000000 - - - 3,575.00 - - - 56 Page 31 of 32 IMFRIVERSIDE COUNTY TRANSPORTATION COMMISSION Payden & Rygel Operating Portfolio Transaction Report Quarter ended March 31, 2018 Account Number: 001050990415 Transaction Settlement Name: RIVERSIDE COUNTY TRANS COMM Miscellaneous Federal Tax Cost Short Term Gain/Loss Long Term Gain/Loss 3/19/2018 3/19/2018 3/19/2018 3/19/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,575.0000 1.000000 - (3,575.00) 3,575.00 223.75 - - 3/19/2018 3/19/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y INTEREST EARNED ON HONDA AUTO 1.790 % 9/20/21 $1 PV ON 223.7500 43814PAC4 SHARES DUE 3/18/2018 $0.00149/PV ON 150,000.00 PV DUE 3/18/18 223.7500 0.0000 1.000000 - - 0.000000 - - - (223.75) - - 3/19/2018 - 223.75 - - - 3/20/2018 INTEREST EARNED ON BMW VEHICLE LEASE 2.070 % 10/20/20 $1 PV ON 172.5000 05584PAD9 SHARES DUE 3/20/2018 $0.00173/PV ON 100,000.00 PV DUE 3/20/18 0.0000 0.000000 - - - 172.50 - - - 3/20/2018 INTEREST EARNED ON CISCO SYSTEMS INC 1.400 % 9/20/19 $1 PV ON 17275RBG6 40000.0000 SHARES DUE 3/20/2018 0.0000 0.000000 - - - 280.00 - - - 3/20/2018 3/20/2018 3/20/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 452.5000 1.000000 - - - (452.50) 452.50 - - 3/22/2018 PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY-96.3900 3137BNN26 ADJUSTMENT TO BRING INTO BALANCE -96.3900 0.000000 - - - - - - 3/22/2018 BOOK VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY -96.81 3137BNN26 ADJUSTMENT TO BRING INTO BALANCE 0.0000 0.000000 - - - - - 3/22/2018 FED BASIS OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY -96.81 3137BNN26 ADJUSTMENT TO BRING INTO BALANCE 0.0000 0.000000 - - - - 96.81 3/22/2018 STATE COST OF F H L M C MLTCL MTG 1.780% 7/25/19 ADJUSTED BY -96.81 3137BNN26 ADJUSTMENT TO BRING INTO BALANCE 0.0000 0.000000 - - - - 3/23/2018 3/23/2018 3/23/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 4,571.4300 1.000000 - - - (4,571.43) 4,571.43 3/23/2018 3/23/2018 INTEREST EARNED ON JP MORGAN MTN 2.26464% 9/23/19 $1 PV ON 48125LRJ3 845000.0000 SHARES DUE 3/23/2018 0.0000 0.000000 - - - 4,571.43 AMORTIZED PREMIUM ON JP MORGAN MTN 2.26464% 9/23/19 CURRENT YEAR 48125LRJ3 AMORTIZATION 0.0000 0.000000 - - - - 679.93 3/26/2018 TRUST FEES COLLECTED CHARGED FOR PERIOD 02/01/2018 THRU 02/28/2018 COLLECTED BY DISBURSEMENT 0.0000 0.000000 - - - (528.70) 3/26/2018 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 05582QAD9 439.8300 SHARES DUE 3/25/2018 $0.00097/PV ON 455,000.00 PV DUE 3/25/18 0.0000 0.000000 - - - 439.83 - - - 3/26/2018 INTEREST EARNED ON F F C B DEB 1.6207% 6/25/20 $1 PV ON 510000.0000 3133EHRZ8 SHARES DUE 3/25/2018 0.0000 0.000000 - - - 642.88 - - - 3/26/2018 INTEREST EARNED ON F F C B DEB 1.6307% 8/24/20 $1 PV ON 130000.0000 3133EHVR1 SHARES DUE 3/24/2018 0.0000 0.000000 - - - 164.88 - - - 3/26/2018 INTEREST EARNED ON F N M A GTD REMIC 1.186% 9/25/18 $1 PV ON 147.3600 3136AMTM1 SHARES DUE 3/25/2018 $0.00137/PV ON 107,192.78 PV DUE 3/25/18 0.0000 0.000000 - - - 147.36 - - - 3/26/2018 3/25/2018 3/26/2018 3136AMTM1 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.186% 9/25/18 -46,614.2000 0.000000 - - - 46,614.20 (46,602.25) - 11.95 3/26/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 84.3900 3137BNN26 SHARES DUE 3/25/2018 $0.00148/PV ON 56,889.85 PV DUE 3/25/18 0.0000 0.000000 - - - 84.39 - - - 3/26/2018 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR 3137BNN26 AMORTIZATION 0.0000 0.000000 - - - - (13.43) - - 3/26/2018 3/25/2018 3/26/2018 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 -2,052.7100 0.000000 - - - 2,052.71 (2,061.14) - (8.43) 3/26/2018 INTEREST EARNED ON F H L M C MLTCL MTG 1.376% 10/25/20 $1 PV ON 218.5400 3137BPCF4 SHARES DUE 3/25/2018 $0.00115/PV ON 190,586.72 PV DUE 3/25/18 0.0000 0.000000 - - - 218.54 - - - 3/26/2018 3/25/2018 3/26/2018 3137BPCF4 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.376% 10/25/20 -955.3600 0.000000 - - - 955.36 (955.35) - 0.01 3/26/2018 3/26/2018 3/26/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 50,791.4500 1.000000 - - - (50,791.45) 50,791.45 - - 3/27/2018 INTEREST EARNED ON F H L B DEB 1.515% 6/27/19 $1 PV ON 770000.0000 3130ABMP8 SHARES DUE 3/27/2018 0.0000 0.000000 - - - 2,916.38 - - - 3/27/2018 3/27/2018 3/27/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,916.3800 1.000000 - - - (2,916.38) 2,916.38 - - 3/28/2018 INTEREST EARNED ON F H L B 1.375% 9/28/20 $1 PV ON 360000.0000 0.0000 0.000000 - - - 2,475.00 - - - 3130ACE26 SHARES DUE 3/28/2018 3/28/2018 3/28/2018 3/28/2018 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,475.0000 1.000000 - - (2,475.00) 2,475.00 - - 3/29/2018 1 3/29/2018 3/29/2018 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y -500,868.5700 1.000000 - - 500,868.57 (500,868.57) 499,585.26 - - - - 3/29/2018 3/28/2018 PURCHASED PAR VALUE OF U S TREASURY NT 1.435% 1/31/20 /BARCLAYS 3/29/2018 9128283T5 CAPITAL INC. FIXED IN/500,000 PAR VALUE AT 99.917052 % 500,000.0000 0.999171 - 499,585.26) 3/29/2018 . . 3/29/2018 9128283T5 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.435% 1/31/20 . 0.0000 0.000000 - - - - - Total - - - (0.00) 131,997.81 (74,696.36) (13,449.21) 57 Page 32 of 32 ATTACHMENT 17 LOGANCIRCLE P A R T NER S A MetLife Affiliate Riverside County Transportation Commission SHORT DURATION FIXED INCOME April 23, 2018 Logan Circle Partners, L.P. ■ 25 Deforest Avenue Summit, NJ 07901 ■ 908-376-0550 58 FIRM HIGHLIGHTS Business Structure MetLife Insurance LCP Employees Investment Management (MIM) I Logan Circle Partners 81 Employees (as of 3/31/2018) Portfolio Management 10 Research 20 Trading 13 Risk Management / Portfolio Analytics 4 Client Services 13 Legal / Compliance 5 Administration / Operations 16 ➢ Logan Circle Partners, L.P. ("Logan Circle" or "LCP") is a MetLife, Inc. company and is part of MetLife Investment Management, MetLife Inc.'s Institutional Investment Management Business. ➢ We are dedicated solely to the institutional marketplace and have $38.5 billion' in total assets under management. ➢ The senior members of our Investment team have worked together on fixed income portfolios for 20 years. ➢ Suite of fixed income investment strategies includes broad coverage of both the risk spectrum (Enhanced Cash to High Yield) and the term structure (Short - Term to Long Duration). LCP Institutional Clients Assets by Client Typel (Millions as of 12/31/2017) Corporate $15,718 Sub -Advisory $14,769 Public $3,339 Insurance $1,408 Other $3,222 TOTAL: $38,456 Based on unaudited estimates and are subject to change. Fee paying assets under management as of 12/31/17. LoGANCIRCLE P A R T N ER 5 A MetLife Affiliate 59 MARKET REVIEW Outlook and Current Themes ➢ GDP - The tax reform package's tangible benefits will raise the pace of economic growth. However, based on recent weakness in retail sales, Q1 GDP is on track to be below our expected 2 % to 3% real growth rate for 2018. Government contribution to GDP will rise due to the significant increase in federal spending slated for 2018 and beyond. Incentives such as accelerated depreciation and repatriated cash built into tax reform package portend a meaningful increase in business fixed investment. A pickup in wage growth will help sustain the strength in consumer spending, a key driver of growth. ➢ Business - Solid corporate fundamentals further supported by tax reform and regulatory rollback. Specifically, interest coverage as well as revenue and earnings growth are near cycle highs, although non -financial issuers' debt and leverage metrics remain elevated at this late stage of the credit cycle. Imposition of tariffs could spark a trade war which would have negative implications for multinationals, supporting our bias towards U.S.-centric sectors such as financials, telecom, energy and utilities. Tax -driven repatriation -related flows have disproportionately impacted corporate bond valuations at the front end of the maturity spectrum. ➢ Consumer - Consumer spending continues to be supported by a strong labor market and positive wealth effects. Benefits of higher take-home pay from tax cuts and rising wages will boost consumption in coming quarters. Recent weakness in retail sales at odds with consumer confidence measures but should prove transitory. Low savings rate and elevated household debt bear watching over the medium term, as a continuation of these trends would create headwinds to future growth. ➢ Employment - Further increase in labor force participation could limit decline in unemployment rate. Tight labor markets expected to translate into higher wages given the shallow pool of qualified workers. Average hourly earnings growth has been tempered recently by newer labor force entrants at the lower end of the wage scale. The seasonally -adjusted U.S. Quits Rate remains near post -recession highs, indicative of employee confidence in finding another job, a further sign of labor market strength. ➢ Inflation - Inflation readings to move higher as baseline effects such as wireless plan and prescription drug costs normalize. Healthcare service costs, the second-largest category in Core CPI, expected to trend higher from current levels as physician services and health insurance expenses rise. Tight labor market and increased corporate optimism are expected to put upward pressure on wages, which will feed into service inflation measures. Extension of OPEC agreement to limit oil supply through year-end 2018 should support energy prices and, in turn, higher headline inflation. Recently imposed tariffs and prospects for more aggressive stance on trade have the potential to lift inflation over the short run. ➢ U.S. Monetary & Fiscal Policy - FOMC's voter composition tilts more hawkish as expectations for the federal funds rate in 2019 and 2020 are set higher at Federal Reserve Chair Powell's first meeting. Uncertainty remains regarding appointments to fill the Fed's open seats while talk of making each Fed meeting "live", if carried out, could raise interest rate volatility. Accommodative fiscal policy and growing federal deficits with an uncapped borrowing authority until March 2019 is a cause for concern. In addition, the impact of the Federal Reserve's plan to shrink its balance sheet by scaling back its reinvestment of Treasury and mortgage -backed maturities will intensify, putting additional technical pressure on markets. ➢ Central Banks / International - Draghi and ECB continue to put off plans for definitively ending their QE program and historic level of monetary policy accommodation. Upcoming changes to ECB and EU leadership could add to an already unsettled political environment. BOJ remains accommodative as efforts to spur growth and achieve inflation target have fallen short of expectations. Escalating U.S./China trade tensions could have far-reaching implications for various asset classes and financial markets. In addition, upcoming elections in Mexico and the U.S. may impact negotiations over the reworking of NAFTA. ➢ Residential / Commercial Real Estate - With single family housing starts below long-term averages, home prices will continue to be supported by a lack of supply and steady demand from rising household formations. Higher interest rates and tax law changes, however, reduce affordability and become a headwind for higher priced homes in particular. Rising vacancy trends for hotels and weakness in retail properties present challenges for commercial real estate as the market enters the later stage of the credit cycle. The views presented above are Logan Circle's and are subject to change over time. There can be no assurance that the views expressed above will prove accurate and should not be relied upon as a reliable indicator of future events. LOGANCIRCLE P A R T NERS A Met Life Affiliate 60 PORTFOLIO REVIEW — Debt Reserve Fund Portfolio Characteristics As of December 31, 2017 Actual Portfolio Yield to Maturity 2.35% Duration 4.13 Years Average Quality (Moody's) Aaa As of March 31, 2018 Actual Portfolio Yield to Maturity 2.75% Duration 3.69 Years Average Quality (Moody's) Aaa Asset Allocation RMBS Money 6% Markets 1% Portfolio Performance' 1Q 2018 Since Inception (8/1/2013) Total Debt Service Fund (Gross of Fees) -0.86% 1.84% Total Debt Service Fund (Net of Fees) -0.88% 1.75% ICE BofAML U.S. Treasury Index 3-7 Year -0.91 % 1.36% Excess Return +5 +48 Past Performance is not indicative of future results. Performance returns for periods greater than one year are annualized. The performance benchmark shown for the Riverside County Debt Reserve Fund is the ICE BofAML US Treasury 3-7 Year, which is a broad -based index consisting of U.S. Treasury securities with an outstanding par greater or equal to $25 million and a maturity range from three to seven years, inclusive, reflecting total return. LOGANCIRCLE P A R T N ER 5 A Met Life Affiliate 61 4 PORTFOLIO REVIEW — 2017 Toll Revenue 1-15 Project Fund Portfolio Characteristics CMBS As of December 31, 2017 Actual Portfolio 2% Municipal 4% Yield to Maturity 1.71 % Duration 0.61 Years Average Quality (Moody's) Aa3 Asset Allocation As of March 31, 2018 Actual Portfolio RMBS 1% Municipal 3% Yield to Maturity 2.30% Duration 0.57 Years Average Quality (Moody's) Aa3 Discount Notes 7% CP 3% Discount Notes 6% Portfolio Performance' 1 Q 2018 Since Inception (8/1/2017) 2017 Toll Revenue 1-15 Project Fund (Gross of Fees) 0.19% 0.63% 2017 Toll Revenue 1-15 Project Fund (Net of Fees) 0.17% 0.56% ICE BofAML U.S. Treasury Index 0-2 Year 0.18% 0.32% Excess Return +1 +31 'Past performance is not indicative of future results. The Since Inception performance retums of the portfolio is as of the first full month following the funding date. The performance benchmark shown for the Riverside County 115 Express Lanes 2017 Toll Revenue Project Portfolio is the ICE BofAML 0-2 Year U.S. Treasury Index, which is a broad -based index consisting of U.S. Treasury securities with an outstanding par greater than or equal to $250 million and a maturity range from zero to two years, reflecting total return. LOGANCIRCLE P A R T N ER 5 A Met Life Affiliate 62 5 PORTFOLIO REVIEW — 1-15 Express Lanes Sales Tax Revenue Fund Portfolio Characteristics As of December 31, 2017 Actual Portfolio Yield to Maturity 1.92% Duration 0.59 Years Average Quality (Moody's) Aa3 As of March 31, 2018 Actual Portfolio Yield to Maturity 2.38% Duration 0.59 Years Average Quality (Moody's) Aa3 Asset Allocation CD 3% Municipal RMBS CMBS 1% 1% 1% Discount Notes 4% Portfolio Performancel 1Q 2018 Since Inception (8/1/2017) 1-15 Express Lanes Sales Tax Revenue Fund (Gross of Fees) 0.17% 0.67% 1-15 Express Lanes Sales Tax Revenue Fund (Net of Fees) 0.15% 0.60% ICE BofAML U.S. Treasury Index 0-2 Year 0.18% 0.32% Excess Return -1 +35 'Past performance is not indicative of future results. The Since Inception performance return is as of the first full month following the funding date. The performance benchmark shown for the Riverside County 115 Express Lanes Project Sales Tax Revenue Portfolio is the ICE BofAML 0-2 Year U.S. Treasury Index, which is a broad -based index consisting of U.S. Treasury securities with an outstanding par greater than or equal to $250 million and a maturity range from zero to two years, reflecting total return. LOGANCIRCLE P A R T N ER S A Met Life Affiliate 63 6 PORTFOLIO REVIEW — 2017 Toll Revenue 1-15 Ramp Up Reserve Portfolio Characteristics As of December 31, 2017 Actual Portfolio Yield to Maturity 1.64% Duration 0.54 Years Average Quality (Moody's) Aaa As of March 31, 2018 Actual Portfolio Yield to Maturity 2.28% Duration 0.98 Years Average Quality (Moody's) Aaa Asset Allocation Discount Notes 3% Portfolio Performancel Since Inception (1/1/2018) 2017 Toll Revenue 1-15 Ramp Up Reserve (Gross of Fees) 0.29% 2017 Toll Revenue 1-15 Ramp Up Reserve (Net of Fees) 0.27% ICE BofAML U.S. Treasury Index 1-3 Year -0.13% Excess Return +42 'Past performance is not indicative of future results. Inception date 12/5/17. Performance retums are calculated as of the first full month following the funding date. The performance benchmark shown for the Riverside County 115 Express Lanes Toll Revenue Reserve Portfolio is the ICE BofAML 1-3 Year U.S. Treasury Index, which is a broad -based index consisting of U.S. Treasury securities with an outstanding pargreater than or equal to $250 million and a maturity range from one to three years, reflecting total return. LOGANCIRCLE P A R T N ER 5 A Met Life Affiliate 64 7 PORTFOLIO REVIEW — 2013 SR-91 Project Residual Portfolio Characteristics As of March 31, 2018 Actual Portfolio Yield to Maturity 2.42% Duration 1.09 Years Average Quality (Moody's) Aa2 Asset Allocation Municipal CMBS 3% , 4% Discount Notes 4% Portfolio Performancel Since Inception (2/1/2018) Riverside County 2013 SR-91 Project Residual Fund (Gross of Fees) 0.06% Riverside County 2013 SR-91 Project Residual Fund (Net of Fees) 0.04% ICE BofAML U.S. Treasury Index 1-3 Year 0.16% Excess Return -10 1 Past performance is not indicative of future results. Inception date 1/4/18. Performance retums are calculated as of the first full month following the funding date. The performance benchmark shown for the Riverside County 2013 Residual Fund Portfolio is the ICE BofAML 1-3 Year U.S. Treasury Index, which is a broad -based index consisting of U.S. Treasury securities with an outstanding par greater than or equal to $250 million and a maturity range from one to three years, reflecting total return. LOGANCIRCLE P A R T N ER 5 A Met Life Affiliate 65 8 RCTC PORTFOLIOS 2013 SR 91 Project Funds Portfolio Market Value (7/3/2013) Net Flows Market Value Change in (12/31/2017) Market Value Construction (Sales Tax) $332,687,595 ($334,894,805) +$2,207,210 Construction (Toll Revenue) $122,120,571 ($122,810,850) +$690,279 Total Construction Funds $454,808,167 ($457,705,654) +$2,897,489 Portfolio Market Value (7/3/2013) Net Flows Market Value Change in (12/31/2017) Market Value Capitalized Interest (Sales Tax) $103,683,353 ($106,840,463) - +$3,157,110 Capitalized Interest (Toll Revenue) $31,416,498 ($32,491,024) - +$1,074,526 Total Capitalized Interest Funds $135,099,851 ($139,331,487) +$4,231,636 Portfolio Market Value Net Flows Market Value Change in (6110/2015) (12/31/2017) Market Value Equity Contribution $32,793,399 ($34,123,338) +$1,329,939 Portfolio Market Value (713/2013) Net Flows Market Value Change in (3131/2018) Market Value Debt Service Reserve Fund $17,667,869 ($1,442,408) $17,806,819 +$1,581,358 LOGANCIRCLE P A R T NERS A Met Life Affiliate 66 RCTC PORTFOLIOS 2017 1-15 Project and 91 Residual Funds Portfolio Beginning Market Value (7/24/2017) Net Flows Market Value Change in (3/31/2018) Market Value 2017 Toll Revenue 1-15 Project Fund $98,562,718 ($14,823,299) $84,352,583 +$613,163 1-15 Express 2017 Project Sales Tax Revenue $56,043,134 ($30,830,907) $25,532,645 +$320,418 Beginning Market Value (12/5/2017) 2017 Toll Revenue 1-15 Ramp Up Reserve $7,723,487 +32,882 $7,845,229 +$30,842 Total Project $154,605,852 ($45,621,324) $117,730,457 +$964,424 Portfolio Beginning Market Value (1/16/2018) Net Flows Market Value Change in (3/31/2018) Market Value 2013 SR-91 Project Residual Fund $3,292,782 0 $3,292,869 +86 LOGANCIRCLE P A R T NERS A Met Life Affiliate 67 DISCLAIMERS In general. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Logan Circle Partners, L.P., a MetLife, Inc. company, is referred to herein as "Logan Circle" and is part of MetLife, Inc.'s institutional investment management business. No offer to purchase or sell securities. This Presentation is being provided to you, at your specific request. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any security and may not be relied upon in connection with the purchase or sale of any security. Projections. Projections contained in this Presentation are based on a variety of estimates and assumptions by Logan Circle, including, among others, estimates of future operating results, the value of assets and market conditions at the time of disposition, and the timing and manner of disposition or other realization events. These estimates and assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, competitive and financial risks that are outside of Logan Circle's control. There can be no assurance that the assumptions made in connection with the projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of its invested capital. The inclusion of the projections herein should not be regarded as an indication that Logan Circle or any of its affiliates considers the projections to be a reliable prediction of future events and the projections should not be relied upon as such. Neither Logan Circle nor any of its affiliates or representatives has made or makes any representation to any person regarding the projections and none of them intends to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events, if any or all of the assumptions underlying the projections are later shown to be in error. For purposes of this paragraph, the term "projections" includes "targeted returns". Past performance. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. The information presented is only available for institutional client use. No reliance, no update and use of information. You may not rely on this Presentation as the basis upon which to make an investment decision. To the extent that you rely on this Presentation in connection with any investment decision, you do so at your own risk. This Presentation is being provided in summary fashion and does not purport to be complete. The information in the Presentation is provided to you as of the dates indicated and Logan Circle does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in this Presentation includes performance and characteristics of Logan Circle's strategies and any represented benchmarks, which may derive from calculations or figures that have been provided by independent third parties, or have been prepared internally and have not been audited or verified. Use of different methods for preparing, calculating or presenting information may lead to different results for the information presented, compared to publicly quoted information, and such differences may be material. Knowledge and experience. You acknowledge that you are knowledgeable and experienced with respect to the financial, tax and business aspects of this Presentation and that you will conduct your own independent financial, business, regulatory, accounting, legal and tax investigations with respect to the accuracy, completeness and suitability of this Presentation should you choose to use or rely on this Presentation, at your own risk, for any purpose. Risk of loss. An investment in the strategy will be highly speculative and there can be no assurance that the strategy's investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. Distribution of this Presentation. Logan Circle expressly prohibits any reproduction, in hard -copy, electronic or any other form, or any redistribution to any third party of this Presentation without the prior written consent of Logan Circle. This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation. No tax, legal or accounting advice. This Presentation is not intended to provide, and should not be relied upon for (and you shall not construe it as) accounting, legal, regulatory, financial or tax advice or investment recommendations. Any statements of U.S. federal tax consequences contained in this Presentation were not intended to be used and cannot be used to avoid penalties under the U.S. Internal Revenue Code or to promote, market or recommend to another party any tax -related matters addressed herein. Confidentiality. By accepting receipt or reading any portion of this Presentation, you agree that you will treat the Presentation confidentially. This reminder should not be read to limit, in any way, the terms of any confidentiality agreement you or your organization may have in place with Logan Circle. ERISA Plan Independent Fiduciary Exception. If you are considering this presentation for an ERISA Plan, you acknowledge and agree that you are the Plan sponsor or are a fiduciary to the Plan and that the Plan has under management or control at least $50 million or you are a (i) Bank, Broker Dealer, Registered Investment Adviser, or Insurance Company, (ii) are independent of Logan Circle Partners and affiliates of MetLife, Inc., and (iii) are capable of evaluating the engagement of Logan Circle Partners as an investment adviser. During the sales process and pursuant to the negotiation of the investment advisory agreement, Logan Circle Partners will not undertake to provide impartial investment advice, or to give advice in a fiduciary capacity. LOGANCIRCLE P A R T NERS A MetLife Affiliate 6s 11 ATTACHMENT 18 Payden&Rygel QUARTERLY PORTFOLIO REVIEW Riverside County Transportation Commission 1st Quarter 2018 I wr PAYDEN.COM LOS ANGELES I BOSTON I LONDON I MILAN 69 LETTER FROM THE CEO April 2018 The first quarter was a tale of two forces. On the one hand, the U.S. and global economic data continued to impress. The International Monetary Fund revised up its forecast for 2018 global growth by 0.2% to 3.9%, which would be the best global growth rate in nearly a decade. The U.S. added over 600,000 jobs during the first quarter —the best first quarter tally for job growth since Q1 2014. On the other hand, financial markets stumbled. The S&P 500 fell —0.8% and spreads on investment -grade debt widened 16 basis points. How do we make sense of a world where markets diverge from fundamentals? Consider three things: First, the two forces described above are not mutually exclusive. A surprisingly good economic backdrop has forced investors to rethink their views on interest rates. However, in a complex global financial system, you cannot recalibrate one market without ripple effects across others. The rates market repositioning cascaded through other markets. U.S. equities dipped, followed by global equities. Measures of volatility also jumped. Second, the stock market is not the economy, so divergences between the two are not that unusual. We will become more concerned about financial market wobbles if/when the economic backdrop deteriorates. We will be watching the economic data carefully in Q2 for any hints that the wobbles we have seen in markets are feeding back into the underlying fundamentals. Third, we ask: what could derail the global expansion? Political risks are always present but nearly impossible for investors to consistently handicap. If financial conditions tighten more significantly, credit markets may be less forgiving to issuers, and the dollar could rise and impair global USD creditors' ability to repay dollar loans. As investors, we cannot know the future, but must nevertheless prepare. Come what will, we remain keenly focused on diversification and liquidity. Our client portfolios are built to perform in good markets and bad, and we expect 2018 to be no different in that respect. Sincerely, Joan A. Payden President & CEO 70 2812 Riverside County Transportation Commission Portfolio Review and Market Update -1st Quarter 2018 PORTFOLIO CHARACTERISTICS (As of 3/31/2018) Portfolio Market Value Weighted Average Credit Quality Weighted Average Duration Weighted Average Yield to Maturity $51.1 million AA+ 1.51 years 2.38% SECTOR ALLOCATION 40% 35% 30% 25% 20% 15% 10% 5% 0% Pc° DURATION DISTRIBUTION 60% 50% 40% 30% 20% 10% 0% 0-1 1-2 2-3 3+ Years PORTFOLIO RETURNS - Periods Ending 3/31/2018 RCTC Operating Portfolio ICE BofAML 1-3 Year US Treasury Index Periods over one year annualized Since 1st Trailing Inception Quarter 1 Yr (3/1/15) -0.04% 0.42% 0.68% -0.13% 0.03% 0.46% pPayden & Rygel • 333 South Grand Avenue • Los Angeles, California goo71 • (213) 625-igoo • www.payden.com 71 Portfolio Review and Market Update -1st Quarter 2018 2812 MARKET THEMES The first quarter was accentuated by sustained positive economic support, yet volatility increased across capital markets. Strong global growth, which pushed risk assets higher in January, led to concerns by mid -quarter that inflationary pressures could resurface more quickly than expected. This caused markel volatility, as equities fell from their highs and corporate spreads widened off of their tights. Jerome Powell took over as Fed chair and shifted to a more optimistic and hawkish policy tone, hiking at the March meeting, forecasting two more 25 basis point hikes in 2018, and increasing expectations for hikes in 2019 and beyond. Consequently, U.S. interest rates rose, driving front-end yields to levels not seen since 2008. As the U.S. moves away from a zero interest rate policy and companies adjust to tax reform, money markets have normalized. The passing of debt ceiling legislation allowed the U.S. Treasury to increase issuance to the largest net supply since 2010 with a front-end concentration. As a result, Treasury bill yields moved higher and short credit spreads widened, providing attractive yields and increased opportunities in short fixed income. ■ The portfolio holds a diversified mix of credit sectors for income generation. ■ Corporate bond yield premiums widened over the quarter making shorter dated securities more attractive than they have been in years. We expect to be more active in secondary markets while participating in new issues when pricing is supportive. ■ We continue to utilize floating-rate coupon bonds and maintain an underweight duration position in anticipation of higher front-end rates. ■ U.S. Treasury yields moved higher by 30 to 40 basis points across the front-end of the curve, with the two-year maturity rising 0.39% to 2.27%. The slope between two- and five-year maturities finished the quarter roughly unchanged after steepening by 0.15% through mid -February. ■ Our underweight duration position was the main driver of performance over the quarter, as Treasury yields increased. ■ Floating-rate positions contributed positively to performance as three-month LIBOR rose 0.62% to end the quarter at 2.31 %. ■ Corporate securities underperformed Treasuries as spreads widened, which detracted from performance. ■ High -quality asset -backed securities outperformed corporates over the quarter while providing flexible reinvestment opportunities. pPayden & Rygel • 333 South Grand Avenue • Los Angeles, California goo71 • (213) 625-igoo • www.payden.com 72 MARKET PERSPECTIVE Key Macroeconomic Events and the Market Reaction for the First Quarter of 2018 x a) S&P 500 Index (Left Axis) —•—• U.S. Treasury 10-Year Yield (Right Axis) Trump announces tariffs on imports of steel and aluminum. S&P 500 rises more than 6%, recording the best start of the year since the1990s. 7 2900 2800 2700 2600 2 U.S. non -farm payroll report shows wage growth of 2.9% year-over-year,sparking inflation fears. The VIX, Wall Street's "fear gauge," sees the largest single day increase since 1987. Trump announces protectionist measures against China leading to Italian elections held. fears of a"trade war." FOMC raises the Fed Funds target rate to 1.50-1.75%. 2500 T- T I T 1 -- T f T T 1 T 1 I 1 01/02 01/10 01/19 I 01/29 I 02/06 02/14 02/23 03/05 03/13 03/21 03/29 01/05 01/16 01/24 02/01 02/09 02/20 02/28 03/08 03/16 03/26 3 . 0 % 2.9% 2 . 8 % 0 2.7%1<. m a 2.6% 2.5% 2.4% Source: Standard and Poor's, Bank for International Settlements, Bloomberg The first quarter looked poised to be a good one. The S&P 500 Index started 2018 on its hottest win streak since the late 1990s. The International Monetary Fund (IMF) revised up its forecast for 2018 global growth by 0.2% to 3.9%. The January U.S. labor market report showed stellar job and wage growth. And then the markets turned south and volatility spiked as the strong wage data sparked inflation fears. From there, the stock market and 10-year U.S. Treasury bounced up and down for the remainder of the quarter. In the United States despite some financial market volatility, economic forecasts have generally improved for 2018. The quarter came to an end with Fed Chair Jerome Powell announcing the Federal Open Market Committee's (FOMC) decision to raise the Fed Funds rate to 1.50-1.75%—a move that was widely expected. The fact that the March move may have been the first of many this year is still underappreciated, at least by the bond market. Interest rates are rising, though more slowly at longer tenors, even as stocks hold their ground. If growth persists above trend, the unemployment rate falls further, and inflation heads higher over the next couple of years, the path of interest rates will be "steeper" than the market has in mind. What will next quarter's chart look like? 73 I E OVER 30 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR CLIENTS' NEEDS. LOS ANGELES I BOSTON I LONDON I MILAN PAYDEN.COM US DOMICILED MUTUAL FUNDS CASH BALANCE Payden/Kravitz Cash Balance Plan Fund EQUITY Equity Income Fund GLOBAL FIXED INCOME Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Bond Fund Global Fixed Income Fund Global Low Duration Fund TAX-EXEMPT FIXED INCOME California Municipal Income Fund U.S. FIXED INCOME Absolute Return Bond Fund Cash Reserves Money Market Fund Core Bond Fund Corporate Bond Fund Floating Rate Fund GNMA Fund High Income Fund Limited Maturity Fund Low Duration Fund Strategic Income Fund U.S. Government Fund DUBLIN DOMICILED UCITS FUNDS EQUITY Global Equity Income Fund US Equity Income Fund LIQUIDITY FUNDS Euro Liquidity Fund Sterling Reserve Fund U.S. Dollar Liquidity Fund FIXED INCOME Absolute Return Bond Fund Global Bond Fund Global Emerging Markets Bond Fund Global Emerging Markets Corporate Bond Fund Global Government Bond Index Fund Global High Yield Bond Fund Global Inflation -Linked Bond Fund Global Short Bond Fund Sterling Corporate Bond Fund U.S. Core Bond Fund USD Low Duration Credit Fund For more information about Payden & Rygel's funds, contact us at a location listed below. Payden&Rygel LOS ANGELES 333 South Grand Avenue Los Angeles, California 90071 213 625-1900 BOSTON 265 Franklin Street Boston, Massachusetts 02110 617 807-1990 LONDON 1 Bartholmew Lane London EC2N 2AX United Kingdom + 44 (0) 20-7621-3000 MILAN Corso Matteotti, 1 20121 Milan, Italy 74 ATTACHMENT 19 County of Riverside Treasurer's Fooled Investment Fund March 2011 Contents Treasurer's Pooled Investment Fund Economy Market Data Portfolio Data Compliance Report Month End Holdings Hot air balloonsover lake &inner in Temecula, Ssuthwest I3verside County, CA. Digital Image. NBC Sen Diego. http://www.nbcsandiego.com/news/local/temecula-vallev-2014-balloon-wine-testival-north-san-dieco-961142951 html COUNT( OF RIVERSIDE TREASURER TAX C O LLEC TO R 76 1 Treasurer's Pooled Investment Fund Quarterly Commentary After the FED completed three 25-basis- point increasesto the FED fundstarget interest rate in 2017, the big question for 2018 is, "How many this year?" The Fed has raised rates twice so far this year, first on January 31st and most recently on March 21st, taking the rate up to 1.75 percent. Many economic forecasts expect at least one more hike to happen this year in either June or August. Why does this matter you may ask? Well, actively managing a fixed income portfolio in a rising interest rate environment can be challenging at best and downright impossible without showing any unrealized losses We have navigated these market conditions in the past, most namely the rise in rates before the great recession between 2002 and 2008, all without losing a penny. Furthermore, we didn't show any loss- esduring the entire financial collapse or Great Recession. The upside to a rising rate environ- ment is more interest eamingsto the pool and its participants when it is needed most to shore up a beleaguered County budget. We are on target to more than double last year's ea ming sa s interest ratescontinue to rise. How does the most recent rise in interest rates (particularly market rates) affect the TPIF? It is important to mention to our readers about the difference between realized vs un- realized gains or losses On the bottom of this report, you will see two columns labeled Treasurer's Statement A Rising Rate Environment "Paper Gain or Loss," expressed in dollars, and as a percentage of the total. In the world of fixed income, there is an inverse relationship that exists in that when interest rates decline, there is gain in the underlying market value of the securities; the reverse is also true with rising rates and a loss in underlying market value. Unrealized losses are expected to con- tinue in a rising rate environment. The difference between having to realize a loss vs, not having to is a function of under- standing the cash flows of the County Treas- ury and having ample liquidity on hand to meet the needs of our depositors Our Capi- tal Markets team utilizes historical cash flow model and makes adjustments throughout the year to revenues and disbursements if they come in higher or lower than expected. Our major cash outflows are pre -funded months and years in advance to negate the need to ever sell a security before maturity, especially under adverse market conditions We have taken the appropriate steps to im- munize our portfolio from this and other eco- nomic hazardsand to be observant of volatile economic conditions Moreover, we will con- tinue to adhere to our investment objectives of safety, liquidity, and retum. The FED remainsdata dependent and their course of action depends on how economic conditions develop in real time. Currently, The Treasurer's Pooled Investment Fund is comprised of contributions from the county, schools, special districts, and other discretionary depositorsthroughout the County of Riverside. The primary objective of the treasurer shall be to safeguard the principal of the funds underthe treasurer's control, meet the liquidity needs of the depositor, and to maximize a retum on the fundswithin the given parameters The Treasurer -Tax Collector and the Capital Markets team are committed to maintaining the highest credit ratings. The Treasurer's Pooled Investment Fund is currently rated AAA-bf by Moody's Investor Service and AAAf/S1 by Rtch Ratings, two of the nation's most trusted bond credit rating services Since its inception, the Treasurer's Pooled Investment Fund has been in full compliance with the Treasurer's Statement of Investment Policy, which is more restrictive than California Govemment Code 53646. overall economic growth and the labor mar- ket displayed enough positive momentum for the FED to continue its rate hike trajectory, despite the core inflation rate remaining be- low the FED's 2 percent target rate. On their March 21 press release, the FED noted, "...economic activity will expand at a moder- ate pace in the medium term and labor mar- ket conditions will remain strong." The unem- ployment rate remains at 4.1 percent, the labor force participation rate improved, and GDP (Q4 Revised) growth of 2.9 percent was strong. The marketswere turbulent thisquarterwith FED activity, the implementation of trade tariffs on U.S imports of steel and aluminum, the raising global concemsof a possible trade war, the two-day govemment shutdown that started on January 20th, and the suspension of the debt ceiling until March 1, 2019. In Q1 2018, the 2yr Treasury yield increased 35 bps from 1.95 to 2.27, while the 3-month bill in- creased 29 bpsfrom 1.44to 1.73. The portfolio is well positioned to capitalize on the rising rate environment. Jon Christensen Treasurer -Tax Collector Capital MarketsTea m Jon Christensen Treasurer -Tax Collector Giovane Pizano Chief Investment Manager Steve Faeth Sr. Investment Manager Isela Licea Assistant Investment Manager Jake Nieto Intern Month End Market Month End Book Value ($)* Value ($) Paper Gain or Loss ($) Paper Gain or Book Yield Loss (%) (%) WAM (Yrs) 18-Mar 18-Feb 18-Jan 17-Dec 17-Nov 17-Oct 6,690,407,405.09 6,498,908,307.13 6,605,413,937.61 7,694,737,199.78 6,308,195,449.12 6,255,513,634.27 6,723,896,582.30 6,535,413,566.05 6,637,299,033.46 7,714,635,653.16 6,327,879,337.38 6,269,409,129.71 (33,489,177.21) (36,505,258.92) (31,885,095.85) (19,898,453.38) (19,683,888.26) (13,895,495.44) -0.50% -0.56% -0.48% -0.26% -0.31 % -0.22% 1.63 1.53 1.47 1.39 1.32 1.27 1.14 1.17 1.14 1.01 1.20 1.22 *Market valuesdo not include accrued interest. COUNT( OF FJV ERSIDE TREASURER TAX C O LLECTO R 77 2 Economy National Economy Nonfarm payrolls posted the largest gains since July 2016, according to the Employment Stuation news release. • Construction and retail trade industriescontributed greatest to nonfarm payrolls. Information sector payrolls fell by twelve thousand, the largest lossof any industry. • The prime -age labor force participation rate (25- to 54- years-old) isthe highest since September2010. • Average hourly earnings, weekly earnings, and weekly hoursworked all increased last month. [BLS; 03/10/2018] 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Real GDP ■Q/Q Change Y/YChange on Quarter 3.1% 3.2% 1.2% r Q1 Q2 Q3 2.9% Labor Force Participation Rate Q4 Whole labor force (left) - Ages25 to 54 (right) 67.0% 83.5% 65.0% � 82.5% 64.0% 82.0% 63.0% v f,,� 81.5% 62.0% 81.0% 61.0% 80.5% 60.0% 80.0% v0 (1,O �O �O �O �O �O �o �O �O v0 �O �O Key Economic Indicators State Economy Key indexes show that California's economy continues to grow at a moderate pace. • California Economic Activity Index has risen for fifth straight month. [Comerica Bank; 03/30/2018] • Y/Y growth for CA housing price index has accelerated for four out of five most recent quarters. [FRED; 03/30/2018] • California and Inland Empire could be disproportionately affected by disruptions in trade via logistics and manufac- turing industries. [Inland Valley Daily Bulletin; 04/02/2018]. Housing Price Index: All Transactions(Y/Y) 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% ■ California 7 United States Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2016 2016 2016 2017 2017 2017 Inflation Rate (Y/Y) 1 Q4 2017 11111n111111111111 ��� �at P�� �Q� ,J� �J� PJ� S�� 0 \\o� �0c �d� <Ke- Source: Federal Reserve Economic Data and County of Rverside Office of the Treasurer -Tax Collector. Release Date Indicator Actual Consensus Difference 03/ 28/ 2018 03/ 09/ 2018 03/ 09/ 2018 03/ 13/ 2018 03/ 13/ 2018 03/ 05/ 2018 03/21/2018 03/ 06/ 2018 03/ 23/ 2018 Real Gross Domestic Product -Q/Q Change Unemployment Rate -Seasonally Adjusted Non -Farm Payrolls- M/M Change CPI-Y/YChange CPI Ex Food and Energy -Y/YChange Non -Manufacturing Index Existing Home Sales-Y/Y Change Factory Orders- M/M Change Durable GoodsOrders- M/M Change 2.90% 4.10% 313,000 2.20% 1.80% 59.5 3.00% -1.40% 3.10% 2.70% 4.00% 205,000 2.20% 1.90% 58.8 -1.30% 1.70% 0.20% 0.10% 108,000 0.00% -0.10% 0.70 -0.10% 1.40% COUNTY OF RIVERSIDE 1REASURER-TAX C O LLEC TO R 78 3 Market Data FOMC Meeting 03/21/2018 • The FOMC stated, "Near -term risks to the economic outlook appear roughly balanced". • the Federal Reserve increased the Fed FundsTarget Rate to 1.50-1.75 from 1.25-1.50%. • Inflation has "increased in recent months, but [remains low]". The FOMC expects inflation "to move up in coming months and stabilize around [2 percent] over the medium term." • the next FOMC meeting isscheduled for May 1, 2018. Fed FundsTarget Rate (Upper Limit) 2.00% 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% \-1`6C 1"-*99 \I`d''\ ON-)J\ 1,0c) Se9 Oct �a l OeG �d� Fep o\or USTreasury Curve 3.50 3.00 2.50 2.00 1.50 1.00 02/ 28/ 2018 4 03/ 29/ 2018 --4 0 5 10 15 20 25 30 Treasury Curve Differentials 3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr 03/ 29/ 2018 - 02/ 28/ 2018 03/ 29/ 2018 0.08 0.07 1.73 1.93 0.02 0.02 2.09 2.27 -0.03 -0.09 2.39 2.56 -0.13 -0.16 2.74 2.97 02/ 28/ 2018 1.65 1.86 2.07 2.25 2.42 2.65 2.87 3.13 The USTreasury Curve and itsvaluesare subject to frequent change and will be updated monthly with each issued TPIF report. C O UNlY OF RIVERSIDE TREASURER TAX C O LLEC TO R 79 4 Market Data cont'd 69.00 64.00 59.00 - 54.00 49.00 44.00 Commodities Nymex Crude (left) Nymex Nat Gas (right) 1 11 �O ,pV 27, 000.00 26, 000.00 25, 000.00 24, 000.00 23, 000.00 22, 000.00 21, 000.00 20, 000.00 19,000.00 �1 �1 �1 Z� OJ d' O� 5 � � Dow Jones 3.40 3.20 3.00 2.80 2.60 2.40 2.20 2.00 210.00 190.00 170.00 150.00 130.00 110.00 90.00 70.00 Stocks InduAria I Metals(left) Iron Ore (right) 7,5 00.0 0 7,000.00 - 6,500.00 6,000.00 5,500.00 5,000.00 Prec ious M eta Is (left) 1\q) \q) NASDAQ 100 (Left) S&P500 (right) 67V,5091°,� � Q�1 0��1 'J\�1 ��1 °,�1 0� 0 a�0 � 4, s �' 0 95.00 90.00 85.00 80.00 75.00 70.00 65.00 60.00 55.00 50.00 3,000.00 2,800.00 2,600.00 2,400.00 2,200.00 2,000.00 * Valueslisted on this page are in USdollarsand are based on the final business day of the month. COUNTY OF RIVERSIDE TREASURER TAX C O LLEC TO R 5 80 Portfolio Data The County of Riverside's Treasurer's Pooled Investment Fund is currently rated Aaa-bf by Moody's Investor Service and AAP&S1 by Fitch Ratings. Moody's Asset Rating (000's) Book MK17Book %Book Yield Aaa Aa1 Aa2 Aa3 NR Totals: 3,892,516.49 99.10% 57.89% 324,748.86 100.14% 4.83% 386,884.87 100.09% 5.75% 1,230,982.06 100.09% 18.31 % 888,764.30 99.95% 13.22% 6,723,896.58 99.50% 100.00% S&P Asset Rating (000's) 1.61 % 1.54% 1.65% 1.72% 1.63% 1.63% Book MKT/ Book % Book Yield AAA AA+ AA AA- NR Totals: 424,577.75 100.06% 6.31 % 1.79% 3,857,214.84 99.10% 57.37% 1.59% 256,921.14 100.27/0 3.82% 1.63% 1,296,418.55 100.06% 19.28% 1.70% 888,764.30 99.95% 13.22% 1.63% 6,723,896.58 99.50% 100.00% 1.63% 12-Month Projected Cash Row Required Monthly Monthly Matured Month Receipts Disbursements Difference Investments Balance Actual Investments Available to Maturing Invest> 1 Year 04/ 2018 04/ 2018 05/ 2018 06/ 2018 07/ 2018 08/ 2018 1,946.22 912.13 1,153.32 1,006.35 1,100.00 1,500.00 1,900.00 1,300.00 846.22 (587.87) (746.68) (293.65) 740.88 635.84 105.04 317.97 293.65 170.36 1,016.58 428.71 1,022.06 1,013.47 447.38 295.75 105.04 290.13 09/ 2018 1,100.00 1,250.00 (150.00) 44.96 10/ 2018 1,051.06 1,100.00 (48.94) 48.94 11/2018 1,125.00 1,100.00 25.00 270.00 254.87 25.00 239.50 12/ 2018 01/2019 02/ 2019 03/ 2019 2,350.00 1,000.00 850.00 1,350.00 1,100.00 2,100.00 1,050.00 1,200.00 1,250.00 (1,100.00) (200.00) 25.00 150.00 1,275.00 175.00 110.66 100.34 150.00 68.31 TOTALS 14,584.96 15,335.84 (750.88) 730.52 3,345.69 4,112.47 5,993.37 10.86% 61.16% 89.14% ' Valueslisted in Cash Row Table are in millionsof USD. Based on historic and current financial conditionswithin the County, the Pool isexpected to maintain sufficient liquidity of fundsto cover County expensesforat least the next twelve months. COUNT( OF RIVERSIDE TREASURER TAX C O LLECTO R 81 6 Portfolio Data cont'd Asset Maturity Distribution (Par Value) 2,000,000 1,500,000 1,000,000 500,000 15.17% 1,022,060.01 21.60% 1,455,000.72 0-1 Mos 1-3 Mos *Cash valuesare in thousandsof dollars. Asset Allocation 24.28% 1,635,400.00 13.07% 880,519.00 3-12 Mos 1-2 Yr 12.72% 856,760.00 13.15% 886,080.00 2-3 Yr 3-5 Yr Assets Scheduled Book Scheduled Market Mkt/ Sch Book Yield WAL(Yr) Mat (Yr) TREAS AGENCIES MMKT CASH CALTRUST FN D COMM PAPER NCDS MEDIUM TERM NOTES MUNI LOCALAGCY OBUG 293,761.19 3,237,681.62 141, 994.51 535,000.00 54,000.00 1,011,867.70 870,000.00 251,877.09 327, 519.48 195.00 293,397.41 3,201,976.71 141,994.51 535,000.00 54,021.60 1,014,323.15 870,000.00 251,979.55 327,519.48 195.00 99.88% 98.90% 100.00% 100.00% 100.04% 100.24% 100.00% 100.04% 100.00% 100.00% 1.45% 1.57% 1.55% 1.67% 1.60% 1.79% 1.76% 1.87% 1.32% 2.03% 0.561 2.019 0.003 0.003 0.003 0.255 0.262 0.951 0.729 2.211 0.561 2.041 0.003 0.003 0.003 0.255 0.262 0.955 0.729 2.211 Totals: 6,723,896.58 6,690,407.41 99.50% 1.63% 1.141 1.143 * For details on the Pool's composition see Month End Portfolio Holdings, pages 9 to 13. T1MMl Pool Yield TIMMI 2.00% 1.75% 1.50% - 1.25% - 1.00% - 1.63% 1.80% 0.75% �� \1 �� \1 �� \� '\� \$ �� pPs, o� ��� ))� Pig Sep pc\ �a Qec )�, pep 1`6 The Treasurer's Institutional Money Market Index (TIMM!) is a composite index of four AAA rated prime institutional money market funds. Their average yield is compared to the yield of the Treasurer's Pooled Investment Fund in the above graph. C O UNTY OF RIVERSIDE TREASURER TAX C O LLECTO R 82 7 Compliance Report Compliance Status: Full Compliance The Treasurer's Pooled Investment Fund was in full compliance with the County of Riverside's Treasurer's State- ment of Investment Policy. The County's Statement of Investment Policy is more restrictive than California Gov- ernment Code 53646. The County's Investment Policy is reviewed annually by the County of Riverside's Over- sight Committee and approved by the Board of aipervisors. Investment Category MUNICIPAL BONDS (MUNI) U.S. TREASURIES LOCAL AGENCY OBUGATIONS(LAO) FEDERAL AG EN C I ES COMMERCIAL PAPER (CP) CERTIFICATE & TIM E DEPOSITS (NCD & TCD) REPURCHASE AG REEVI EN TS ( REPO ) REVERSE REPO S MEDIUM TERM NOTES (WINO) CAMUST SHO RT TERM FUND MONEY MARKET MUTUAL FUNDS (MMF) LOCAL AGEVCY INVESTM ENT FUN D (LAIT) CASH/ DEPOSIT ACCOUNT GOVERNMENT CODE Maximum Authorized S&P/ Maturity %Limit Moody's 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT AAA 270 DAYS 40% A 1 / P1 5 YEARS 30% NA 1 YEARS NO LIMIT NA 92 DAYS 20% NA COUNTY INVESiMENT POUCY Maximum Authorized % S&P/ Moody's Maturity Limit 4 YEARS 5 YEARS 3 YEARS 5 YEARS 270 DAYS 1 YEAR Actual % 15% AA-/Aa3/AA- 4.87% 100% 2.50% 100% 40% 25% Combined NA INVESTM ENT GRADE NA Al/P1/F1 Al/P1/F1 40% m a x, 25% 45 DAYS in term repo Al/Pi/ F1 over 7days 60 DAYS 5 YEARS 30% A 3 YEARS NA NA NA 60 DAYS(1) 20% AAA/Aaa (2) NA NA NA NA NA NA DAILY UQUIDITY DAILY UQUIDITY DAILY UQUIDITY NA 10% 20% 1.00% 20% Max $50 million NA NA 4.37% 0.00% 48.15% 15.05% 12.94% 0.00% 0.00% AA/Aa2/AA 3.75% NA 0.80% AAA by2Of3 RATINGS 2.11% AGC. NA NA i Money Market Mutual Fundsmaturity may be interpreted asa weighted average maturity not exceeding 60 days 20rmust have an investment advisorwith no fewerthan 5 yearsexperience and with assetsunder management of $500,000,000 USD. 0.00% 7.96% THIS COMPLETES THE REPORT REQUIRBVI ENTS OF CAUFORNIA GOVERNMENTCODE53646. COUNTY OF RIVERSIDE TREASURER -TAX C O LLECTD R 83 8 Month End Portfolio Holding= CUSP Description Maturity Coupon Yield Par Book Market Market Unrealized Modified Years To Date To Mat Value Value Price Value Gain/Loss Duration Maturity Fund:1 POOLFUND 1060: MMKTACCISA/366 FRG XX FIDEMY GOV GOFXX FEDERATED GOV FG 1XX GOLDMAN SACHSGOV 04/01/2018 1.438 04/01/2018 1.417 04/01/2018 1.434 WFFXX WELLSFARGO GOV 04/01/2018 1.416 WFJXX HERITAGEPRIMEMMF 04/01/2018 1.679 RPXX FIDELITYPRIMEMMF 04/01/2018 1.632 1MPX0( BLACKROCKPRMEMMF 04/01/2018 1.625 CJPXX JPMORGANPbMEMMF 04/01/2018 1.622 BLACKROCK PRIMEMMF 04/01/2018 1.225 1.552 1065: CLIR-A/ 366 CDR CAL -RUSTS -II -TERM FUND 04/01/2018 1.438 1.417 1.434 1.416 1.665 1.620 1.621 1.619 1.225 1.547 50,000,000.00 1,000,000.00 1,000,000.00 5,000,000.00 4,998,000.80 29,988,005.30 50,000,000.00 1,000,000.00 1,000,000.00 5,000,000.00 5,000,000.00 29,997,501.25 24,990,003.50 24,995,001.50 24,997,003.50 25,002,002.90 0.00 0.00 14111115,013.1011,994,505.65 100.000000 100.000000 100.000000 100.000000 100.040000 100.031666 100.020000 100.020000 .000000 11111.015139 50,000,000.00 1,000,000.00 1,000,000.00 5,000,000.00 5,000,000.00 29,997,501.25 24,995,001.50 25,002,002.90 0.00 141,994,505.65 0.00 .003 .003 0.00 .003 .003 0.00 .003 .003 0.00 .003 .003 0.00 .003 .003 0.00 .003 .003 0.00 .003 .003 0.00 .003 .003 0.00 .000 .003 0.00 .0031.1 .003 1.596 1.596 54,000,000.00 54,000,000.00 100.040000 54,021,600.00 21,600.00 .003 .003 1.596 1.596 54,000,000.00 54,000,000.00 100.040000 54,021,600.00 21,600.00 .003 .003 1080: MGD RA1B-A/366 CA9i BANK OF THE WEST 04/01/2018 1.670 1.670 350,000,000.00 350,000,000.00 100.000000 350,000,000.00 0.00 .003 .003 1.670 1.670 350,000,000.00 350,000,000.00 100.000000 350,000,000.00 0.00 .003 .003 1170: MGD RA1E-A/360 CAS -I UB MANAGED RATE 04/01/2018 1.670 1.670 185,000,000.00 185,000,000.00 100.000000 185,000,000.00 0.00 .003 .003 1.670 1.670 185,000,000.00 185,000,000.00 100.000000 185,000,000.00 0.00 .003 .003 1175: LAO-SINKING FND-A/360 LAO US D ISTC OURTHO USE 06/15/2020 2.031 2.031 195,000.00 195,000.00 100.000000 195,000.00 0.00 .972 2.211 1300: U.S 1REASURY BILL 912796NQ8 U.S 1REASURY 2.031 2.031 195,000.00 08/16/2018 1.508 1.524 111.508 1.524 50,000,000.00 50,000,000.00 195,000.00 100.000000 195,000.00 49,482,672.22 99.314014 49,482,672.22 99.314014 0.00 .972 2.211 49,657,007.19 174,334.97 .372 378 49,657,007.19 174,334.97 .31111111111111 1310: U.S. TREASURY BONO 912828U40 U.S.1REASURY BOND 11/30/2018 1.000 1.115 25,000,000.00 24,943,359.38 99.328000 24,832,000.00-111,359.38 .660 .668 912828XA3 U.S 1REASURY BOND 05/15/2018 1.000 1.165 25,000,000.00 24,958,984.38 99.920000 24,980,000.00 21,015.62 .122 .123 9128282K5 U.S. 1REASURY BOND 07/31/2019 1.375 1.428 25.000.000.00 24.975.585.94 98.910000 24.727.500.00-248.085.94 1.314 1.334 9128282K5 U.S 1REASURY BOND 07/31/2019 1.375 1.418 25,000,000.00 24,980,468.75 98.910000 24,727,500.00-252,968.75 1.314 1.334 912828XF2 U.S.1REASURY BOND O6/15/2018 1.125 1.256 50,000,000.00 49,953,125.00 99.868000 49,934,000.00-19,125.00 .207 .208 912828568 U.S 1REASURY BOND 07/31/2018 .750 1.515 50,000,000.00 49,757,812.50 99.645000 49,822,500.00 64,687.50 .332 .334 912828WD8 U.S. 1REASURY BOND 10/31/2018 1.250 1.803 25,000,000.00 24,897,460.94 99.574000 24,893,500.00-3,960.94 .575 .586 1828W30 U.S TREASURY BOND r22: 211 1.125 2.04 20000.000.00 19.811718.75 99.117000 19823.400.00 11.681.25 .905 .915 7 1.43 5,000,000.00,W 244,278,515.64 99.485878 243,740,400.00-538,115.64 .589 .596 1425: FHLM C-Fxd-S 30/ 360 3134G7AE1 FHLMC 3YrNc1.5YrE O6/22/2018 1.200 1.230 15,000,000.00 14,986,800.00 99.854000 14,978,100.00-8,700.00 .226 .227 3134G66M0 FHLMC 3YrNc6MOE O6/22/2018 1.250 1.259 25,000,000.00 24,993,750.00 99.865000 24,966,250.00-27,500.00 .226 .227 3134G7217 FHLMC 3YrNc6MoB 10/29/2018 1.050 1.050 5,000,000.00 5,000,000.00 99.454000 4,972,700.00-27,300.00 .572 .581 3134G7217 FHLMC 3YrNc6MOB 10/29/2018 1.050 1.050 10.000.000.00 10.000.000.00 99.454000 9.945.400.00-54.600.00 .572 .581 3134G8L64 FHLMC 2.5YrNc1YrE 08/24/2018 1.000 1.000 5.000.000.00 5.000.000.00 99.646000 4.982.300.00-17.700.00 .398 .400 3134G8QE2 FHLMC 3YrNc1YrE 03/29/2019 1.300 1.300 9,000,000.00 9,000,000.00 99.158000 8,924,220.00-75,780.00 .985 .995 3134G8QB8 FHLMC 3YrNc1YrE 03/29/2019 1.270 1.270 4,000,000.00 4,000,000.00 99.127000 3,965,080.00-34,920.00 .985 .995 3134G81G4 FHLMC 3.5YrNc6MoE 10/11/2019 1.500 1.500 15,000,000.00 15,000,000.00 98.845000 14,826,750.00-173,250.00 1.494 1.532 3134G8V97 FHLMC 2.25YrNc6MoB O6/29/2018 1.125 1.125 5,850,000.00 5,850,000.00 99.823000 5,839,645.50-10,354.50 .245 .247 3134G9B55 FHLMC 2YrNc6MoE 07/20/2018 1.000 1.000 25,000,000.00 25,000,000.00 99.738000 24,934,500.00-65,500.00 .302 .304 3134G9C70 FHLMC 2YrNc6MOE 07/20/2018 .820 .820 10,000,000.00 10,000,000.00 99.684000 9,968,400.00-31,600.00 .303 .304 3134G9Q75 FHLMC 3YrNc3MoB 07/26/2019 1.250 1.250 10,000,000.00 10,000,000.00 98.735000 9,873,500.00-126,500.00 1.302 1.321 3134G9Q67 FHLMC 2YrNc3MOB 07/27/2018 1.050 1.050 10,000,000.00 10,000,000.00 99.754000 9,975,400.00-24,600.00 .321 .323 3134GAB26 FHLMC 3.5YrNc1YrE 02/25/2020 1.250 1.250 10,000,000.00 10,000,000.00 98.026000 9,802,600.00-197,400.00 1.870 1.907 3134GAVF8 FHLMC 3.5YrNc1YrE 05/08/2020 1.200 1.200 15,000,000.00 15,000,000.00 97.666000 14,649,900.00-350,100.00 2.061 2.107 3134GAX22 FHLMC 4YrNc6MoE 11/25/2020 1.370 1.370 25,000,000.00 25,000,000.00 96.858000 24,214,500.00-785,500.00 2.582 2.658 3134GAYK4 FHLMC 4YrNc1YrE 11/30/2020 1.440 1.440 10,000,000.00 10,000,000.00 97.444000 9,744,400.00-255,600.00 2.595 2.671 3134G9XZ5 FHLMC 1Yr 07/20/2018 1.000 1.238 9,400,000.00 9,371,800.00 99.738000 9,375,372.00 3,572.00 .302 .304 3134G9JD0 FHLMC 1YrNc1MOB 05/11/2018 1.000 1.181 25,000,000.00 24,953,500.00 99.913000 24,978,250.00 24,750.00 .112 .112 3130A9C90 FHLMC 1.25Yr 09/28/2018 1.050 1.300 5,000,000.00 4,982,950.00 99.533000 4,976,650.00-6,300.00 .492 .496 3134G9VF1 FHLMC 1YrNc1MOB O6/22/2018 1.060 1.267 10,000,000.00 9,978,000.00 99.823000 9,982,300.00 4,300.00 .226 .227 3134GAK78 FHLMC 1.5YrNc1MoB 01/25/2019 1.350 1.350 10,000,000.00 10,000,000.00 99.372000 9,937,200.00-62,800.00 .808 .822 3134GBWH1 FHLMC 2.25YrNc6MoB 09/27/2019 1.500 1.509 6,250,000.00 6,248,750.00 98.658000 6,166,125.00-82,625.00 1.467 1.493 3134G BYSS FHLMC 2YrNc3MoB 07/26/2019 1.600 1.600 5,000,000.00 5,000,000.00 99.147000 4,957,350.00-42,650.00 1.297 1.321 3134GBK35 FHLMC 3YrNc3MOB 09/29/2020 1.800 1.800 15,000,000.00 15,000,000.00 98.505000 14,775,750.00-224,250.00 2.428 2.501 3137EAEE5 FHLMC 2.75Yr 01/17/2020 1.500 1.602 25,000,000.00 24,942,750.00 98.574000 24,643,500.00-299,250.00 1.758 1.800 3134GBTX0 FHLMC 2.75YrNc2MOB O6/29/2020 1.750 1.780 20,000,000.00 19,983,860.00 98.465000 19,693,000.00-290,860.00 2.182 2.249 3134G BG30 FHLMC 2YrNc5MoB 09/27/2019 1.500 1.620 20,000,000.00 19,953,600.00 98.822000 19,764,400.00-189,200.00 1.466 1.493 3134G BG30 FHLMC 2YrNc6MOB 09/27/2019 1.500 1.621 25,000,000.00 24,942,500.00 98.822000 24,705,500.00-237,000.00 1.466 1.493 3134G92B2 FHLMC 2YrNc8MoE 01/30/2019 .950 1.734 20,000,000.00 19,820,000.00 98.996000 19,799,200.00-20,800.00 .821 .836 3134G9NH6 FHLMC 1.5YrNc5MOE 05/24/2019 1.080 1.809 10,000,000.00 9,895,000.00 98.740000 9,874,000.00-21,000.00 1.129 1.148 3134G9W37 FHLMC 2.5YrNc3MoB 08/10/2020 1.450 2.421 10.000.000.00 9.769.000.00 97.729000 9.772.900.00 3.900.00 2.294 2.364 1.281 1.402 424,500,000.00 423,672,260.00 98.931718 419,965,142.50-3,707,117.50 1.166 ' 1460: FHLMC-STEP%-030/ 360 134G A PS7 FHLM 2YrN 1 M B 1 24 2 1 1.375 1.476 15.000.000.00 14 973 750.00 99.421000 14 913 150.00 -60 600.00 1.548 1. 7 1.375 1.476 _M5,000,000.4E1 14,973,750.00 99.421000 1.14,913,150.00-60,600.0M_ 1.548 1465: FHLM C-STEP%- S30/ 360 3134G7S77 FHLMC 5YrNc6MoB 10/29/2020 1.250 1.250 15.000.000.00 15.000.000.00 98.359000 14.753.850.00-246.150.00 2.520 2.584 3134G8KU2 FHLMC 5YrNc6MoB 02/26/2021 1.250 1.250 10,000,000.00 10,000,000.00 98.174000 9,817,400.00-182,600.00 2.839 2.912 3134G8L31 FHLMC 5YrNc6MoB 02/26/2021 1.250 1.250 10,000,000.00 10,000,000.00 98.757000 9,875,700.00-124,300.00 2.839 2.912 3134G9JX6 FHLMC 5YrNc3MoB O6/09/2021 1.600 1.600 15.000.000.00 15.000.000.00 97.307000 14.596.050.00-403.950.00 3.082 3.195 3134G9JW8 FHLMC 5YrNc3MoB 05/25/2021 1.500 1.500 20,000,000.00 20,000,000.00 97.314000 19,462,800.00-537,200.00 3.050 3.153 3134G9NU7 FHLMC 5YrNc3MoB O6/16/2021 1.625 1.630 15,000,000.00 14,997,000.00 97.966000 14,694,900.00-302,100.00 3.106 3.214 3134G9UM7 FHLMC 5YrNc3MOB O6/30/2021 1.500 1.500 15,000,000.00 15,000,000.00 97.275000 14,591,250.00-408,750.00 3.149 3.252 3134G9VA2 FHLMC 5YrNc6MoB O6/30/2021 1.300 1.300 15,000,000.00 15,000,000.00 97.709000 14,656,350.00-343,650.00 3.162 3.252 3134G9UX3 FHLMC 5YrNc3MOB O6/30/2021 1.500 1.500 10,000,000.00 10,000,000.00 97.034000 9,703,400.00-296,600.00 3.149 3.252 3134G9UH8 FHLMC 3.5YrNc3MoB 12/30/2019 1.500 1.500 15,000,000.00 15,000,000.00 99.637000 14,945,550.00-54,450.00 1.722 1.751 3134G9XA0 FHLMC 5YrNc6MOB 07/13/2021 1.250 1.250 15,000,000.00 15,000,000.00 98.565000 14,784,750.00-215,250.00 3.199 3.288 3134G9S40 FHLMC 4YrNc6MoB 07/27/2020 1.150 1.150 15,000,000.00 15,000,000.00 97.532000 14,629,800.00-370,200.00 2.281 2.326 3134G9R66 FHLMC 5YrNc3MOB 08/10/2021 1.500 1.500 15,000,000.00 15,000,000.00 96.928000 14,539,200.00-460,800.00 3.269 3.364 3134G9S57 FHLMC4YrNc6MoB 08/10/2020 1.150 1.150 15,000,000.00 15,000,000.00 97.464000 14,619,600.00-380,400.00 2.317 2.364 3134G9123 FHLMC 5YrNc3MOB 08/10/2021 1.350 1.350 10,000,000.00 10,000,000.00 97.308000 9,730,800.00-269,200.00 3.272 3.364 3134G9U47 FHLMC 5YrNc3MoB 08/25/2021 1.500 1.500 15,000,000.00 15,000,000.00 97.006000 14,550,900.00-449,100.00 3.298 3.405 3134G95W3 FHLMC 5YrNc3MOB 08/25/2021 1.500 1.500 10,000,000.00 10,000,000.00 96.308000 9,630,800.00-369,200.00 3.298 3.405 3134G96A0 FHLMC 5YrNc3MoB 08/25/2021 1.375 1.375 15,000,000.00 15,000,000.00 96.851000 14,527,650.00-472,350.00 3.306 3.405 3134GAEB6 FHLMC 4.25YrNc3MOB 12/08/2020 1.250 1.250 20,000,000.00 20,000,000.00 97.448000 19,489,600.00-510,400.00 2.624 2.693 3134GAEG5 FHLMC 5YrNc6MoB 08/24/2021 1.250 1.250 20,000,000.00 20,000,000.00 97.655000 19,531,000.00-469,000.00 3.312 3.403 3134GADP6 FHLMC 5YrNc3MOB 09/13/2021 1.500 1.500 16,500,000.00 16,500,000.00 97.249000 16,046,085.00-453,915.00 3.348 3.458 3134GAET7 FHLMC 5YrNc3MoB 09/30/2021 1.500 1.500 20,000,000.00 20,000,000.00 97.156000 19,431,200.00-568,800.00 3.397 3.504 3134GAKY9 FHLMC 5YrNc6MOB 09/30/2021 1.450 1.450 15,000,000.00 15,000,000.00 97.297000 14,594,550.00-405,450.00 3.401 3.504 3134GANB6 FHLMC 5YrNc6MoB 09/30/2021 1.350 1.350 15,000,000.00 15,000,000.00 96.936000 14,540,400.00-459,600.00 3.407 3.504 3134GAPM0 FHLMC 5YrNc3MOB 10/25/2021 1.375 1.375 10,000,000.00 10,000,000.00 97.013000 9,701,300.00-298,700.00 3.449 3.573 3134GAPM0 FHLMC 5YrNc3MoB 10/25/2021 1.375 1.375 6,705,000.00 6,705,000.00 97.013000 6,504,721.65-200,278.35 3.449 3.573 3134GAPA6 FHLMC 5YrNc3MOB 10/27/2020 1.250 1.250 10,000,000.00 10,000,000.00 97.958000 9,795,800.00-204,200.00 2.510 2.578 3134GAQV9 FHLMC 5YrNc6MoB 10/27/2021 1.400 1.400 15,000,000.00 15,000,000.00 96.459000 14,468,850.00-531,150.00 3.452 3.578 3134GAQV9 FHLMC 5YrNc6MOB 10/27/2021 1.400 1.400 15,000,000.00 15,000,000.00 96.459000 14,468,850.00-531,150.00 3.452 3.578 C 0 UN-Y OF RIVERSIDE 1REASURER TAX COLLECTOR 84 9 Month End Portfolio Holdings CUSP Description Maturity Coupon Yield Par Book Market Market Unrealized Modified Years To Date To Mat Value Value Price Value Gain/Loss Duration Maturity 3134GARL0 3134GASF2 3134GASF2 3134GATA2 3134GA1B0 3134GATA2 3134GAUA0 3134GAYF5 3134GAYG3 3134GAYR9 3134GAA87 3134GAA87 3134GAZ49 3134G7S77 3134G BG B2 3134GBHN5 3134GBKC5 3134G BM P4 3134G BPJ5 3134G BSE3 3134G BS)5 3134G BTD4 3134Geir1 3134G BYK2 3134G BW DO 3134GBWS7 FHLMC 5YrNc3MoB 07/27/2022 1 4 BN R-IYYrN M B 7 27 2 22 FHLMC 5YrNc 6MoB FHLMC 5YrNc 3MoB FHLMC 5YrNc 3M oB FHLMC 5YrNc 3MoB FHLMC 5YrNc 3M oB FHLMC 5YrNc 3MoB FHLMC 5YrNc 3M oB FHLMC 5YrNc 3MoB FHLMC 5YrNc 3M oB FHLMC 5YrNc 3MoB FHLMC 5YrNc 3M oB FHLMC 5YrNc 3MoB FHLMC 3YrNc 6MoB FHLMC 3.5Yr FHLMC 3.5YrNc 6MoB FHLMC 3YrNc 3MoB FHLMC 3YrNc 3M oB FHLMC 3YrNc 3MoB FHLMC 3YrNc 6MoB FHLMC 4YrNc6MoB FHLMC 3YrNc 6MoB FHLMC 5YrNc 3MoB FHLMC 5YrNc 6MoB FHLMC 5YrNc 3MoB FHLMC 3.5YrNc 3MoB 10/28/2021 10/27/2021 10/27/2021 10/27/2021 11/10/2021 10/27/2021 11/30/2021 11/26/2021 12/09/2021 12/09/2021 12/30/2021 12/30/2021 02/24/2020 10/29/2020 10/27/2020 04/27/2020 04/27/2020 05/22/2020 05/22/2020 02/24/2021 11/24/2020 06/29/2022 06/22/2022 07/05/2022 01/20/2021 1.250 1.250 10,000,000.00 10,000,000.00 98.361000 1.500 1.500 15,000,000.00 15,000,000.00 96.659000 1.500 1.500 15,000,000.00 15,000,000.00 96.659000 1.400 1.400 10,000,000.00 10,000,000.00 96.600000 1.550 1.550 17,000,000.00 17,000,000.00 96.778000 1.400 1.400 14,000,000.00 14,000,000.00 96.600000 1.500 1.500 4,500,000.00 4,500,000.00 96.699000 1.550 1.550 20,000,000.00 20,000,000.00 96.724000 1.500 1.500 10,000,000.00 10,000,000.00 97.593000 1.650 1.650 20,000,000.00 20,000,000.00 98.156000 1.900 1.900 10,000,000.00 10,000,000.00 97.747000 1.900 1.900 10,000,000.00 10,000,000.00 97.747000 1.750 1.750 20,000,000.00 20,000,000.00 100.013000 1.250 1.327 7,125,000.00 7,108,968.75 98.359000 1.500 1.500 15,000,000.00 15,000,000.00 99.664000 1.500 1.500 10,000,000.00 10,000,000.00 99.143000 1.500 1.500 20,000,000.00 20,000,000.00 98.230000 1.500 1.500 10,000,000.00 10,000,000.00 98.839000 1.600 1.600 20,000,000.00 20,000,000.00 98.779000 1.650 1.650 15,000,000.00 15,000,000.00 98.572000 1.600 1.600 15,000,000.00 15,000,000.00 98.579000 2.050 2.050 20,000,000.00 20,000,000.00 98.223000 2.000 2.000 15,000,000.00 15,000,000.00 97.620000 2.000 2.000 20,000,000.00 20,000,000.00 98.236000 1.500 1.500 10,000,000.00 10,000,000.00 98.716000 2.050 2.050 20,000,000.00 20,000,000.00 97.928000 2.100 2.100 20.000.000.00 2 .000.000.00 98.37600 1.527 1.528 805,830,000.00 ,810,968.75 97.73642 3.467 3.581 3.444 3.578 3.444 3.578 3.452 3.578 3.475 3.616 3.452 3.578 3.537 3.671 3.519 3.660 3.560 3.696 3.547 3.696 3.587 3.753 3.587 3.753 1.862 1.904 2.519 2.584 2.503 2.578 2.020 2.077 2.020 2.077 2.089 2.145 2.086 2.145 2.813 2.907 2.568 2.655 4.025 4.249 4.011 4.230 19,647,200.00-352,800.00 4.046 4.266 9,871,600.00-128,400.00 2.727 2.811 19,585,600.00-414,400.00 4.102 4.326 19.675.200.00 2 787,589,450.40 -1 9,836,100.00 14,498,850.00 14,498,850.00 9,660,000.00 16,452,260.00 13,524,000.00 4,351,455.00 19,344,800.00 9,759,300.00 19,631,200.00 9,774,700.00 9,774,700.00 20,002,600.00 7,008,078.75 14,949,600.00 9,914,300.00 19,646,000.00 9,883,900.00 19,755,800.00 14,785,800.00 14,786,850.00 19,644,600.00 14,643,000.00 -163,900.00 -501,150.00 -501,150.00 -340,000.00 -547,740.00 -476,000.00 -148,545.00 -655,200.00 -240,700.00 -368,800.00 -225,300.00 -225,300.00 2,600.00 -100,890.00 -50,400.00 -85,700.00 -354,000.00 -116,100.00 -244,200.00 -214,200.00 -213,150.00 -355,400.00 -357,000.00 1525: FNMA-Fxd-S 30/ 360 3136G3RL1 FNMA 3.5YrNc 6M oB 12/16/2019 1.500 1.500 5,000,000.00 5,000,000.00 98.691000 4,934,550.00-65,450.00 1.674 1.712 3136G3WC5 FNMA 4YrNc 6M oE 07/13/2020 1.350 1.350 10,000,000.00 10,000,000.00 97.740000 9,774,000.00-226,000.00 2.235 2.288 3136G3SY2 FNMA 3.25YrNc6MoB 09/30/2019 1.250 1.250 7,500,000.00 7,500,000.00 98.508000 7,388,100.00-111,900.00 1.481 1.501 3136G3XE0 FNMA 2YrNc6MoE 07/27/2018 .800 .800 15.000.000.00 15.000.000.00 99.657000 14.948.550.00-51.450.00 .322 .323 3135GOM26 FNMA 3YrNc 6MoE 07/26/2019 1.000 1.000 10,000,000.00 10,000,000.00 98.413000 9,841,300.00-158,700.00 1.305 1.321 3135GOM26 FNMA 3YrNc 6MoE 07/26/2019 1.000 1.000 10,000,000.00 10,000,000.00 98.413000 9,841,300.00-158,700.00 1.305 1.321 3136G3XS9 FNMA 2.5YrNc 6M o E 01/25/2019 .875 .900 7,500,000.00 7,495,350.00 99.034000 7,427,550.00-67,800.00 .811 .822 3136G3A62 FNMA 3YrNc 1YrE 07/26/2019 1.050 1.050 15,000,000.00 15,000,000.00 98.477000 14,771,550.00-228,450.00 1.305 1.321 3136G3P25 FNMA 3.5YrNc 1YrE 07/26/2019 1.125 1.125 25,000,000.00 25,000,000.00 98.574000 24,643,500.00-356,500.00 1.304 1.321 3135GOR39 FNMA 3Yr 10/24/2019 1.000 1.091 10,000,000.00 9,973,200.00 98.027000 9,802,700.00-170,500.00 1.541 1.567 3136G4GU1 FNMA 3YrNc 6MoB 11/25/2019 1.400 1.400 10,000,000.00 10,000,000.00 98.591000 9,859,100.00-140,900.00 1.618 1.655 3135GOWJ8 FNMA 1Yr 05/21/2018 .875 1.181 10,000,000.00 9,968,300.00 99.884000 9,988,400.00 20,100.00 .139 .140 3135G0160 FNMA 3Yr 07/30/2020 1.500 1.604 10,000,000.00 9,969,700.00 97.995000 9,799,500.00-170,200.00 2.275 2.334 3136GOYK1 FNMA 2Yr 08/28/2019 1.500 1.400 10,000,000.00 10,019,600.00 98.977000 9,897,700.00-121,900.00 1.387 1.411 3135GOS46 FNMA 2.16Y2MoB 01/27/2020 1.650 1.800 5,000,000.00 4,983,850.00 98.594000 4,929,700.00-54,150.00 1.782 1.827 3136G1MG1 FNMA 1.4YrNC5MoB 05/29/2019 1.300 1.833 10,000,000.00 9,922,200.00 98.989000 9,898,900.00-23,300.00 1.141 1.162 3135G0J53 FNMA 1.25Yr 02/26/2019 1.000 1.761 25,000,000.00 24,770,250.00 98.952000 24,738,000.00-32,250.00 .892 .910 3135G0A78 FNMA 2Yr 01/21/2020 1.625 1.911 15,000,000.00 14,910,900.00 98.838000 14,825,700.00-85,200.00 1.765 1.811 3135G0005 FNMA 2.25Yr 03/06/2020 1.750 1.913 11,082,000.00 11,042,326.44 98.701000 10,938,044.82-104,281.62 1.887 1.934 3135GOT78 FNMA 4.83Yr 10/05/2022 2.000 2.322 15,000,000.00 14,782,200.00 97.218000 14,582,700.00-199,500.00 4.244 4.518 3135G 0194 FNMA 5Yr 01/19/2023 2.375 2.495 10.000.000.00 9.944,100.00 98.743000 9.874.300.00-69.800.00 4.488 4.808 1.298 1.465 246,082,000.00 245,281,976.44 98.627752 242,705,144.82-2,576,831.62 1.618 1.670 1560: FNMA-SOB'%-Q 30/360 3136G39G1 FNMA 4.25YrNc6MoB 1565: FNMA-SOBPY0-S30/360 3136G3BX2 FNMA 4YrNc6MoB 03/09/2020 3136G3EH4 FNMA 4YrNc6MoB 03/30/2020 3136G3DV4 FNMA 5YrNc 6MoB 03/30/2021 3136G3PB5 FNMA 5YrNc 6MoB 06/09/2021 3136G3TG0 FNMA 4YrNc6MoB 06/30/2020 3136G3XT7 FNMA 5YrNc 6MoB 07/27/2021 3136G3ZW8 FNMA 5YrNc 6MoB 07/27/2021 13613Y74 FNMA 4YrNc6MoB 242r2r 1725:FHL13-Fxd-S30/360 313383EP2 FHLB 5YrNc 3M oB 3130A7H57 FHLB 2.5YrNc 1YrE 3130A7PV1 FHLB5Yr 3130A7PU3 FHLB 4Yr 3130A8PK3 FHLB 2Yr 09/0• 020 06/20/2018 09/ 28/ 2018 04/05/2021 04/06/2020 08/07/2018 3130A8PK3 FHLB 2Yr 08/07/2018 3130A8PK3 FHLB 2Yr 08/07/2018 3130A8WS9 FHLB 2YrNc1YrE 11/23/2018 3130A8Y72 FHLB 3Yr 08/05/2019 3130A9AE1 FHLB 2Yr 10/01/2018 3130A8XH1 FHLB 1.25YrNc 6M o B 05/10/2018 3130ABB21 FHLB 2.25YrNc 2YrE 07/26/2019 3130ABRS7 FHLB 2Yr 07/12/2019 3130ABYZ3 FHLB 2.75YrNc 9M o E 05/22/2020 3130AC2C7 FHLB 3YrNc 1YrE 08/28/2020 3130ABZE9 FHLB 3YrNc 1YrE 08/28/2020 3130AC3J1 FHLB 2YrNc 3M oB 08/28/2019 3133782M2 FHLB 2Yr 03/08/2019 3130ABQ25 FHLB2.5Yr 03/29/2019 3130AC3D4 FHLB1.5Yr 02/08/2019 3130A9AE1 FHLB1Yr 10/01/2018 3130ABY34 FHLB 2.5Yr 05/29/2020 3130ACBD5 FHLB 2.58YrNc 1M oB 06/29/2020 3133782M2 FHLB 1.25Yr 03/08/2019 3130A8WT6 FHLB8Mo 08/08/2018 313379069 FHLB 4.5Yr 06/10/2022 3130ACJX3 FHLB9Mo 09/28/2018 3130A DFW7 FHLB 3Yr 01/25/2021 3130ABF92 FHLB1.33Yr 05/28/2019 3130A0XD7 FHLB 3Yr 03/12/2021 3130A0XD7 FHLB 3Yr 03/12/2021 3130ADPR7 FHLB 2.5YrNc 3M oB 09/15/2020 313378WG2 FHLB 4.08Yr 03/11/2022 3130ADR53 FHLB 2YrNc 3M oB 03/20/2020 3130AAE46 FHLB10Mo 01/16/2019 1 AD 4 FHLB 2. YrN 1. YrE 1 2 2 21 1760: RILB.SO6'%-Q 30/360 3130A8UH4 FHLB 3YrNcMoB 1.400 1.400 15.000.000.0� 15.000 000.00 � 1.400 1.400 5,000,000.0 15,000,000.00 97.380000 14.607.000.00-393.000.00 2.392 2.447 97.380000 14,607,000.00-393,000.00 2.392 2.447 1.500 1.500 15.000.000.00 15.000.000.00 99.128000 14.869.200.00-130.800.00 1.905 1.942 2.000 2.000 10,000,000.00 10,000,000.00 99.725000 9,972,500.00-27,500.00 1.962 2.000 1.750 1.750 15,000,000.00 15,000,000.00 97.283000 14,592,450.00-407,550.00 2.923 3.000 1.550 1.550 15.000.000.00 15.000.000.00 97.483000 14.622.450.00-377.550.00 3.085 3.195 1.150 1.150 20,000,000.00 20,000,000.00 98.094000 19,618,800.00-381,200.00 2.209 2.252 1.250 1.250 15,000,000.00 15,000,000.00 96.330000 14,449,500.00-550,500.00 3.237 3.326 1.250 1.250 20,000,000.00 20,000,000.00 96.558000 19,311,600.00-688,400.00 3.237 3.326 1.125 1.125 15.000.000.00 15.000.000.00 97.125000 14.568.750.00-431.250.00 2.591 2. iii 1.405 1.40L 125,000,000.00 _ 125,000,000.00 97.604200 122,005,250.00-2,994,750.00 2.672 1.250 1.250 3,719,720.08 3,719,720.08 99.878000 3,715,182.02-4,538.06 .220 .222 1.100 1.100 5,000,000.00 5,000,000.00 99.557000 4,977,850.00-22,150.00 .493 .496 1.375 1.390 5,000,000.00 4,996,350.00 96.913000 4,845,650.00-150,700.00 2.920 3.016 1.200 1.210 10.000.000.00 9.996.000.00 97.718000 9.771.800.00-224.200.00 1.972 2.019 .625 .726 5,000,000.00 4,989,600.00 99.534000 4,976,700.00-12,900.00 .352 .353 .625 .726 25,000,000.00 24,948,000.00 99.534000 24,883,500.00-64,500.00 .352 .353 .625 .726 10,000,000.00 9,979,200.00 99.534000 9,953,400.00-25,800.00 .352 .353 1.000 1.000 9,500,000.00 9,500,000.00 99.331000 9,436,445.00-63,555.00 .639 .649 .875 .940 15,000,000.00 14,971,200.00 98.203000 14,730,450.00-240,750.00 1.332 1.348 .875 .908 10,000,000.00 9,993,200.00 99.440000 9,944,000.00-49,200.00 .498 .504 1.000 1.154 9,500,000.00 9,483,850.00 99.918000 9,492,210.00 8,360.00 .109 .110 1.375 1.444 10,000,000.00 9,986,000.00 98.797000 9,879,700.00-106,300.00 1.300 1.321 1.460 1.483 10,000,000.00 9,995,400.00 99.064000 9,906,400.00-89,000.00 1.260 1.282 1.600 1.600 5,000,000.00 5,000,000.00 98.404000 4,920,200.00-79,800.00 2.093 2.145 2.000 1.790 10,000,000.00 10,061,000.00 99.315000 9,931,500.00-129,500.00 2.339 2.414 1.650 1.650 5,000,000.00 5,000,000.00 98.273000 4,913,650.00-86,350.00 2.348 2.414 1.550 1.550 5,000,000.00 5,000,000.00 99.138000 4,956,900.00-43,100.00 1.386 1.411 1.500 1.351 10,000,000.00 10,022,300.00 99.404000 9,940,400.00-81,900.00 .926 .937 1.360 1.350 10,000,000.00 10,001,500.00 99.193000 9,919,300.00-82,200.00 .984 .995 1.350 1.400 12,500,000.00 12,491,375.00 99.336000 12,417,000.00-74,375.00 .844 .860 .875 1.446 50,000,000.00 49,730,692.00 99.440000 49,720,000.00-10,692.00 .497 .504 1.613 1.813 10,000,000.00 9,950,500.00 98.401000 9,840,100.00-110,400.00 2.107 2.164 1.650 1.861 5,350,000.00 5,321,270.50 98.407000 5,264,774.50-56,496.00 2.191 2.249 1.500 1.766 15,000,000.00 14,950,500.00 99.404000 14,910,600.00-39,900.00 .924 .937 .950 1.568 15,000,000.00 14,938,650.00 99.647000 14,947,050.00 8,400.00 .353 .356 2.125 2.182 7,975,000.00 7,955,620.75 97.848000 7,803,378.00-152,242.75 3.963 4.197 1.250 1.711 40,000,000.00 39,862,400.00 99.630000 39,852,000.00-10,400.00 .491 .496 2.200 2.212 15,000,000.00 14,994,900.00 99.458000 14,918,700.00-76,200.00 2.706 2.825 1.375 1.972 10,000,000.00 9,921,300.00 99.080000 9,908,000.00-13,300.00 1.137 1.159 2.375 2.484 10,000,000.00 9,968,000.00 99.865000 9,986,500.00 18,500.00 2.825 2.951 2.375 2.489 10,000,000.00 9,966,500.00 99.865000 9,986,500.00 20,000.00 2.825 2.951 2.500 2.500 5,000,000.00 5,000,000.00 99.918000 4,995,900.00-4,100.00 2.365 2.463 2.500 2.619 10,000,000.00 9,954,700.00 99.500000 9,950,000.00-4,700.00 3.727 3.948 2.350 2.350 10,000,000.00 10,000,000.00 99.860000 9,986,000.00-14,000.00 1.912 1.973 1.250 2.121 23,155,000.00 22,988,052.45 99.326000 22,998,935.30 10,882.85 .780 .797 2.250 2.553 20.000.000.00 19.833.600.00 99.204000 19.840.800.00 7.200.00 2.711 2. 1.391 1.628 441,699,720.08 440,471,380.78 99.257811 438,421,474.82-2,049,905.96 1.285 1.500 1.500 1.500 1.500 25 000.000.00 25,000,000.00 25 000 000.00 99.674000 25,000,000.00 99.674000 24 918 500.00 24,918,500.00 -81 500.00 1.360 1.375 -81,500.00 1.360 2 1765: R ILB.S113./,-S 30/ 360 COUNTY OF RIVERSIDE TREASURER TAX CO LLECTO R 85 10 Month End Portfolio Holdings CUSP Description Maturity Coupon Yield Par Book Market Market Date To Mat Value Value Price Value Unrealized Modified Yea rs To Gain/Loss Duration Maturity 3130A9DH1 3130A9DA6 3130AA2T4 3130AA2T4 3130AA5A2 3130ABQV1 3130ABV26 3130AB2W9 3130AC6H2 3130AC418 FHLB 5YrNc 3MoB FHLB 5YrNc 3MoB FHLB 5YrNc 6MoB FHLB 5YrNc 6MoB FHLB 5YrNc 1YrB FHLB 5YrNc 6MoB FHLB 5YrNc 6MoB FHLB 5YrNc 3MoB FHLB 5YrNc 3MoB FHLB 5YrNc 3MoB 09/30/2021 09/30/2021 12/09/2021 12/09/2021 12/08/2021 07/26/2022 02/09/2022 08/24/2022 08/24/2022 05/24/2022 1.350 1.350 1.600 1.600 1.700 2.000 1.750 2.000 2.000 1.800 1.717 1.350 1.350 1.600 1.600 1.700 2.000 1.750 2.000 2.000 1.800 1.718 15,000,000.00 15,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 15,000,000.00 15,000,000.00 10,000,000.00 10,000,000.00 15,000,000.00 15,000,000.00 20,000,000.00 20,000,000.00 10,000,000.00 10,000,000.00 15, 000, 000.00 15, 000, 000.00 20 000 000.00 20 000 000.00 145,000,000.00 5,000,000.00 97.580000 97.543000 97.291000 97.291000 98.205000 98.304000 98.480000 97.582000 97.478000 98.473000 97.912759 14,637,000.00 14,631,450.00 9,729,100.00 9,729,100.00 14,730,750.00 14,745,600.00 19,696,000.00 9,758,200.00 14,621,700.00 19 694 600.00 141,W,500.00 -363,000.00 -368,550.00 -270,900.00 -270,900.00 -269,250.00 -254,400.00 -304,000.00 -241,800.00 -378,300.00 -305 400.00 -3,026,500.00 3.407 3.407 3.551 3.551 3.540 4.104 3.704 4.181 4.181 3.973 3.766 3.504 3.504 3.696 3.696 3.693 4.323 3.866 4.403 4.403 4.151 1767: FHLB-Va r-M A/360 3130A9FU0 FHLB 4Yr 09/22/2020 2.004 2.004 10,000,000.00 10,000,000.00 100.412000 10,041,200.00 41,200.00 2.450 2.482 3130A9FM8 FHLB 4Yr 09/22/2020 2.004 2.004 15,000,000.00 15,000,000.00 100.412000 15,061,800.00 61,800.00 2.450 2.482 3130A9FR7 FHLB 4Yr 09/28/2020 2.027 2.027 10,000,000.00 10,000,000.00 100.413000 10,041,300.00 41,300.00 2.467 2.499 3130A9FR7 FHLB 4Yr 09/28/2020 2.027 2.027 15,000,000.00 15,000,000.00 100.413000 15,061,950.00 61,950.00 2.467 2.499 2.016 2.016 50,000,000.00 50,000,000.00 100.412500 50,206,250.00 206,250.00 2.459 - 1770: FHL6-Var-Q AI 360 1 A N FHLB Yr 7 1 2 2 1.820 1.820 25 000.000.00 25.000 000.00 100.493000 25 123 250.00 123.250.00 2.467 2 1.820 1.820 M25,000,000.00 25,000,000.00 100.493000 _25,123,250.00 123,250.00 2.467 2111 1900: FFC&DISC NOTE 313313L71 R BDISC NOTE 313313E61 FFCBDISC NOTE 10/24/2018 1.620 1.644 20,000,000.00 19,705,700.00 98.890000 19,778,000.00 72,300.00 .558 .567 09/ 05/ 2018 1.600 1.619 25 000 000.00 24 704 444.44 99.168000 24 792 000.00 87 555.56 .426 433 1.609 1.630 45,000,000.00 44,410,144.44 99.044444 44,570,000.00 159,855.56 .485' 1925: FFC6-Fxd-S30/360 3133EFHH3 FFCB 3YrNc 3M oA 10/15/2018 1.110 1.110 5,000,000.00 5,000,000.00 99.591000 4,979,550.00-20,450.00 .533 .542 3133EFV38 FIB 3YrNc1YrA 03/29/2019 1.250 1.250 10,310,000.00 10,310,000.00 99.125000 10,219,787.50-90,212.50 .985 .995 3133EF5D5 FFCB 4YrNc 1YrA 04/27/2020 1.420 1.420 7,700,000.00 7,700,000.00 97.791000 7,529,907.00-170,093.00 2.023 2.077 3133EGNY7 FIB2.5YrNc3MoA 01/28/2019 1.110 1.110 25,000,000.00 25,000,000.00 99.288000 24,822,000.00-178,000.00 .818 .830 3133EG S44 FFCB 4YrNc 1YrA 08/24/2020 1.320 1.320 10,000,000.00 10,000,000.00 97.478000 9,747,800.00-252,200.00 2.349 2.403 3133EGVK8 R B4YrNc1YrA 09/21/2020 1.350 1.350 10,000,000.00 10,000,000.00 97.435000 9,743,500.00-256,500.00 2.423 2.479 3133EGXX8 FFCB 4YrNc 1YrA