Download Mount Diablo USD 2010 Election, Series G POS

PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 25, 2016 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. NEW ISSUE -­ FULL BOOK-­ENTRY RATINGS: Fitch: “AAA” Moody’s: “Aa2” See “RATINGS” herein. In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain qualifications described herein, under existing law, the interest on the Bonds is excluded from gross income for federal income tax purposes and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, although for the purpose of computing the alternative minimum tax imposed on certain corporations, such interest is taken into account in determining certain income and earnings. In the further opinion of Bond Counsel, such interest is exempt from California personal income taxes. See "TAX MATTERS." $38,500,000* MT. DIABLO UNIFIED SCHOOL DISTRICT (Contra Costa County, California) General Obligation Bonds 2010 Election, Series G Dated: Date of Delivery Due: August 1, as shown on inside cover Cover Page. This cover page contains information for quick reference only. It is not a summary of all the provisions of the Bonds. Investors must read the entire official statement to obtain information essential in making an informed investment decision. Authority and Purpose. The captioned General Obligation Bonds (the “Bonds”) are being issued by the Mt. Diablo Unified School District (the “District”) pursuant to certain provisions of the California Government Code and a resolution of the Board of Education of the District adopted on September 26, 2016 (the “Bond Resolution”). The Bonds were authorized at an election of the registered voters of the District held on June 8, 2010 which authorized the issuance of general obligation bonds for the purpose of financing school facility projects. The Bonds are the seventh and final series of bonds to be issued pursuant to the authority of the June 8, 2010 election. See “THE BONDS – Authority for Issuance” and “THE FINANCING PLAN” herein. Security. The Bonds are general obligations of the District. The Board of Supervisors of Contra Costa County has the power and is obligated to annually levy ad valorem taxes upon all property subject to taxation by the District without limitation of rate or amount (except certain personal property which is taxable at limited rates) for the payment of principal of and interest on the Bonds. The District has other outstanding issues of general obligation bonds and refunding general obligation bonds which are similarly payable from ad valorem taxes levied on parcels in the District and will be payable on a pro rata basis with the Bonds. See “SECURITY FOR THE BONDS.” Payments. Interest on the Bonds accrues from the date of delivery and is payable semiannually on February 1 and August 1 of each year, commencing February 1, 2017, by check, draft or wire mailed to the person in whose name the Bond is registered. Payments of principal and interest on the Bonds will be paid by U.S. Bank National Association, San Francisco, California, as paying agent for the Bonds (the “Paying Agent”), to DTC for subsequent disbursement to DTC Participants who will remit such payments to the beneficial owners of the Bonds. See “THE BONDS – Description of the Bonds.” Redemption. The Bonds are subject to optional and, at bidder’s option, mandatory sinking fund redemption prior to maturity as described herein. See “THE BONDS – Optional Redemption” and “– Mandatory Sinking Fund Redemption.” Book-­Entry Only. The Bonds will be issued in book-­entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York (“DTC”). Purchasers will not receive physical certificates representing their interests in the Bonds. See “APPENDIX F – Book-­Entry-­Only System.” MATURITY SCHEDULE (See inside front cover) The Bonds will be sold and awarded pursuant to a competitive bidding process to be held on Tuesday, November 1, 2016, as set forth in an Official Notice of Sale with respect to the Bonds. The Bonds are offered when, as and if issued, subject to the approval as to their legality by Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel. Certain legal matters also will be passed upon for the District by Jones Hall, A Professional Law Corporation, San Francisco, California, as Disclosure Counsel. It is anticipated that the Bonds in definitive form will be available for delivery to Cede & Co., as nominee of The Depository Trust Company, on or about November 16, 2016, in New York, New York. The date of this Official Statement is ____ __, 2016. *Preliminary;; subject to change. MATURITY SCHEDULE* $38,500,000* MT. DIABLO UNIFIED SCHOOL DISTRICT (Contra Costa County, California) General Obligation Bonds 2010 Election, Series G Maturity Date (August 1) Principal Amount* 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Interest Rate Yield Price
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CUSIP * Preliminary;; subject to change. Term bonds may be designated at bidder’s option. † Copyright 2016, American Bankers Association. CUSIP data herein are provided by Standard & Poor's CUSIP Service Bureau, a division of The McGraw-­Hill Companies, Inc., and are provided for convenience of reference only. The District does not assume any responsibility for the accuracy of these CUSIP data. GENERAL INFORMATION ABOUT THIS OFFICIAL STATEMENT Use of Official Statement. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. This Official Statement is not a contract between any bond owner and the District or the Bond Purchaser. No Offering Except by This Official Statement. No dealer, broker, salesperson or other person has been authorized by the District or the Bond Purchaser to give any information or to make any representations other than those contained in this Official Statement and, if given or made, such other information or representation must not be relied upon as having been authorized by the District or the Bond Purchaser. No Unlawful Offers or Solicitations. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of the Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. Information in Official Statement. The information set forth in this Official Statement has been furnished by the District and other sources which are believed to be reliable, but it is not guaranteed as to accuracy or completeness. Estimates and Forecasts. When used in this Official Statement and in any continuing disclosure by the District in any press release and in any oral statement made with the approval of an authorized officer of the District or any other entity described or referenced herein, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “forecast,” “expect,” “intend” and similar expressions identify “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-­looking statements. Any forecast is subject to such uncertainties. Inevitably, some assumptions used to develop the forecasts will not be realized and unanticipated events and circumstances may occur. Therefore, there are likely to be differences between forecasts and actual results, and those differences may be material. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, give rise to any implication that there has been no change in the affairs of the District or any other entity described or referenced herein since the date hereof. Involvement of Purchaser. The following statement has been included in this Official Statement on behalf of the Bond Purchaser: The Bond Purchaser has reviewed the information in this Official Statement in accordance with, and as a part of, their responsibilities to investors under the Federal Securities Laws as applied to the facts and circumstances of this transaction, but the Bond Purchaser does not guarantee the accuracy or completeness of such information. Stabilization of and Changes to Offering Prices. The Bond Purchaser may overallot or take other steps that stabilize or maintain the market prices of the Bonds at levels above that which might otherwise prevail in the open market. If commenced, the Bond Purchaser may discontinue such market stabilization at any time. The Bond Purchaser may offer and sell the Bonds to certain securities dealers, dealer banks and banks acting as agent at prices lower than the public offering prices stated on the inside cover page of this Official Statement, and those public offering prices may be changed from time to time by the Bond Purchaser. Document Summaries. All summaries of the Bond Resolution or other documents referred to in this Official Statement are made subject to the provisions of such documents and qualified in their entirety to reference to such documents, and do not purport to be complete statements of any or all of such provisions. No Securities Laws Registration. The Bonds have not been registered under the Securities Act of 1933, as amended, in reliance upon exceptions therein for the issuance and sale of municipal securities. The Bonds have not been registered or qualified under the securities laws of any state. Effective Date. This Official Statement speaks only as of its date, and the information and expressions of opinion contained in this Official Statement are subject to change without notice. Neither the delivery of this Official Statement nor any sale of the Bonds will, under any circumstances, give rise to any implication that there has been no change in the affairs of the District, the County, the other parties described in this Official Statement, or the condition of the property within the District since the date of this Official Statement. Website. The District maintains a website. However, the information presented on the website is not a part of this Official Statement and should not be relied upon in making an investment decision with respect to the Bonds. MT. DIABLO UNIFIED SCHOOL DISTRICT BOARD OF EDUCATION Cheryl Hansen, President Debra Mason, Vice President Brian Lawrence, Member Linda Mayo, Member Barbara Oaks, Member DISTRICT STAFF Nellie Meyer, Ed.D., Superintendent Wayne Oetken, Interim Chief Business Officer Nance Juner, Director of Budget and Fiscal Services PROFESSIONAL SERVICES FINANCIAL ADVISOR Dale Scott & Company Inc. San Francisco, California BOND COUNSEL AND DISCLOSURE COUNSEL Jones Hall, A Professional Law Corporation San Francisco, California PAYING AGENT, TRANSFER AGENT, and BOND REGISTRAR U.S. Bank National Association San Francisco, California TABLE OF CONTENTS Page INTRODUCTION .................................................................................................................................................... 1 The District ......................................................................................................................................................... 1 Sources of Payment for the Bonds .................................................................................................................... 1 Purpose of Issue ................................................................................................................................................ 1 Authority for Issuance ........................................................................................................................................ 2 Description of the Bonds .................................................................................................................................... 2 Legal Matters ..................................................................................................................................................... 2 Tax Matters ........................................................................................................................................................ 2 Offering and Delivery of the Bonds .................................................................................................................... 2 Continuing Disclosure ........................................................................................................................................ 2 Other Information ............................................................................................................................................... 3 THE FINANCING PLAN ......................................................................................................................................... 4 SOURCES AND USES OF FUNDS ....................................................................................................................... 4 THE BONDS ........................................................................................................................................................... 5 Description of the Bonds .................................................................................................................................... 5 Paying Agent ...................................................................................................................................................... 5 Optional Redemption ......................................................................................................................................... 6 Mandatory Sinking Fund Redemption ................................................................................................................ 6 Selection of Bonds for Redemption .................................................................................................................... 6 Notice of Redemption ......................................................................................................................................... 7 Partial Redemption of Bonds ............................................................................................................................. 7 Right to Rescind Notice of Redemption ............................................................................................................. 7 Registration, Transfer and Exchange of Bonds ................................................................................................. 7 Defeasance ........................................................................................................................................................ 8 Book-­Entry-­Only System .................................................................................................................................... 9 APPLICATION OF PROCEEDS OF THE BONDS ................................................................................................. 9 Building Fund ..................................................................................................................................................... 9 Debt Service Fund ........................................................................................................................................... 10 Investment of Proceeds of Bonds .................................................................................................................... 10 SECURITY FOR THE BONDS ............................................................................................................................. 11 Ad Valorem Taxes ............................................................................................................................................ 11 Debt Service Fund ........................................................................................................................................... 12 Not a County Obligation ................................................................................................................................... 12 DEBT SERVICE SCHEDULE .............................................................................................................................. 13 PROPERTY TAXATION ....................................................................................................................................... 15 Ad Valorem Property Taxation ......................................................................................................................... 15 Assessed Valuations ........................................................................................................................................ 15 Appeals of Assessed Value ............................................................................................................................. 19 Property Tax Collections .................................................................................................................................. 20 Largest Property Owners ................................................................................................................................. 21 Overlapping Debt Obligations .......................................................................................................................... 22 CONTRA COSTA COUNTY INVESTMENT POOL .............................................................................................. 24 CONTINUING DISCLOSURE .............................................................................................................................. 24 CERTAIN LEGAL MATTERS ............................................................................................................................... 25 Absence of Material Litigation .......................................................................................................................... 25 Legal Opinion ................................................................................................................................................... 25 TAX MATTERS .................................................................................................................................................... 25 RATINGS .............................................................................................................................................................. 27 COMPETITIVE SALE OF BONDS ....................................................................................................................... 27 COMPENSATION OF PROFESSIONALS ........................................................................................................... 27 ADDITIONAL INFORMATION .............................................................................................................................. 27 EXECUTION ......................................................................................................................................................... 28 APPENDIX A -­ APPENDIX B -­ APPENDIX C -­ APPENDIX D -­ APPENDIX E -­ APPENDIX F -­ APPENDIX G -­ Audited Financial Statements of the District For Fiscal Year Ending June 30, 2015 ................................................................................. A-­1 General and Financial Information About the District ..................................................... B-­1 General Information About the City of Concord and Contra Costa County ................... C-­1 Form of Opinions of Bond Counsel ............................................................................... D-­1 Form of Continuing Disclosure Certificate ...................................................................... E-­1 Book-­Entry Only System ................................................................................................ F-­1 Contra Costa County Investment Policy and Investment Report .................................. G-­1 -­i-­ (Thispageintentionallyleftblank)
$38,500,000* MT. DIABLO UNIFIED SCHOOL DISTRICT (Contra Costa County, California) General Obligation Bonds 2010 Election, Series G INTRODUCTION This Official Statement, which includes the cover page and appendices hereto, provides information in connection with the sale and delivery of the general obligation bonds captioned above (the “Bonds”). This Introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of the Bonds to potential investors is made only by means of the entire Official Statement. The District The Mt. Diablo Unified School District (the “District”) is a public unified school district located in Contra Costa County (the “County”) in the State of California (the “State”). The District was established on July 1, 1949, and is located in the northwestern portion the County. The District covers approximately 150 square miles including the cities of Concord, Pleasant Hill and Clayton, portions of the cities of Walnut Creek, Pittsburg and Martinez, and unincorporated areas of the County, including Pacheco and Bay Point, and is located approximately 30 miles northeast of San Francisco. The District provides kindergarten through twelfth grade education services in thirty-­one elementary schools, nine middle schools, five high schools and six alternative schools and programs, including adult education. The District’s enrollment for fiscal year 2016-­17 is budgeted at 32,043 students. For more information regarding the District and its finances, see Appendix B attached hereto. See also Appendix C hereto for demographic and other statistical information regarding the City of Concord and the County. Sources of Payment for the Bonds The Bonds are general obligation bonds of the District payable from ad valorem taxes. The Board of Supervisors of the County has the power and is obligated to annually levy ad valorem taxes for the payment of the Bonds and the interest thereon upon all property within the District subject to taxation without limitation of rate or amount (except certain personal property which is taxable at limited rates). See “SECURITY FOR THE BONDS” and “PROPERTY TAXATION.” Purpose of Issue The net proceeds of the Bonds will be used to finance construction and improvements to District facilities as approved by the voters at an election held in the District on June 8, 2010 (the “2010 Election”). See “THE FINANCING PLAN” and “APPLICATION OF PROCEEDS OF THE BONDS” herein. *Preliminary;; subject to change. Authority for Issuance The Bonds will be issued pursuant to the authority of the 2010 Election, certain provisions of the Government Code of the State, commencing with Section 53506 thereof (the “Bond Law”), and pursuant to a resolution adopted by the Board of Education of the District on September 26, 2016 (the “Bond Resolution”). See “THE BONDS -­ Authority for Issuance” herein. Description of the Bonds Generally. The Bonds are issued as current interest bonds and mature in the years and in the amounts as set forth on the inside cover page hereof. The Bonds will be issued in book-­
entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee for DTC. Purchasers will not receive physical certificates representing their interest in the Bonds. See “THE BONDS – Description of the Bonds,” “– Book-­Entry Only System” and “APPENDIX F – Book-­Entry Only System.” Redemption. The Bonds are subject to optional redemption prior to maturity as described herein. The Bonds may, at bidder’s option, be subject o mandatory sinking fund redemption as described herein. See “THE BONDS -­ Optional Redemption” and “-­ Mandatory Sinking Fund Redemption” herein. Legal Matters Issuance of the Bonds is subject to the approving opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, as bond counsel (“Bond Counsel”), to be delivered in substantially the form attached hereto as Appendix D. Jones Hall, A Professional Law Corporation, San Francisco, California, will also serve as disclosure counsel to the District (“Disclosure Counsel”). See “APPENDIX D – Form of Opinions of Bond Counsel.” Tax Matters Assuming compliance with certain covenants and provisions of the Internal Revenue Code of 1986, as amended (the “Tax Code”), in the opinion of Bond Counsel, interest on the Bonds will not be includable in gross income for federal income tax purposes although it may be includable in the calculation for certain taxes. Also, in the opinion of Bond Counsel, interest on the Bonds will be exempt from State of California (the “State”) personal income taxes. See “TAX MATTERS” herein. Offering and Delivery of the Bonds The Bonds are offered when, as and if issued and received by the Bond Purchaser, subject to approval as to the legality by Bond Counsel. It is anticipated that the Bonds will be available for delivery through the facilities of DTC on or about November 16, 2016. Continuing Disclosure The District has covenanted and agreed that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. The form of the Continuing Disclosure Certificate is included in Appendix E hereto. See also “CONTINUING DISCLOSURE” herein. -­2-­ Other Information This Official Statement speaks only as of its date, and the information contained herein is subject to change. Copies of documents referred to herein and information concerning the Bonds are available from the Superintendent of the District at the Mt. Diablo Unified School District, 1936 Carlotta Drive, Concord, California 94519. The District may impose charges for copying, mailing and handling. This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. The summaries and references to documents, statutes and constitutional provisions referred to herein do not purport to be comprehensive or definitive, and are qualified in their entireties by reference to each of such documents, statutes and constitutional provisions. The information set forth herein has been obtained from official sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by the District. The information and expressions of opinions herein are subject to change without notice and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the District since the date hereof. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. END OF INTRODUCTION -­3-­ THE FINANCING PLAN Authority. The Bonds will be issued pursuant to the authority of the 2010 Election, the Bond Law and the Bond Resolution. Purpose. The net proceeds of the Bonds will be applied to finance school facility improvement projects as authorized by District voters at the 2010 Election. The abbreviated form of the ballot measure, known as “Measure C”, presented to and approved by District voters at the 2010 Election was: “To support quality education and safety for local students, and reduce impacts of State budget cuts by improving science, career and technical education facilities;; upgrading classroom instructional technology;; repairing leaky roofs;; improving safety;; maximizing energy efficiency including adding solar panels and modern air conditioning;; and repairing, replacing, equipping or modernizing other school facilities;; shall Mt. Diablo Unified School District issue $348,000,000 of bonds at legal interest rates, with independent citizen oversight, audits, and no money for administrator salaries?” The net proceeds of the Bonds will be deposited into the Building Fund established by the County and expended on authorized projects. A portion of the proceeds of the Bonds will be applied to pay related costs of issuance. See “SOURCES AND USES OF FUNDS” and “APPLICATION OF PROCEEDS OF THE BONDS.” SOURCES AND USES OF FUNDS The estimated sources and uses of funds with respect to the Bonds are as follows: Sources of Funds Principal Amount of Bonds Net Original Issue Premium Total Sources Uses of Funds Deposit to Building Fund
Debt Service Fund (1)
Costs of Issuance Total Uses (1) All estimated costs of issuance including, but not limited to, Purchaser’s discount, printing costs, and fees of Bond Counsel, Disclosure Counsel, Financial Advisor, Paying Agent, and the rating agencies. See also “APPLICATION OF PROCEEDS OF THE BONDS” herein. -­4-­ THE BONDS Description of the Bonds The Bonds will be issued in book-­entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee for The Depository Trust Company (“DTC”). Purchasers will not receive physical certificates representing their interest in the Bonds. See "Book-­Entry Only System" below and “APPENDIX F – Book-­Entry Only System.” Interest on the Bonds accrues from the date of original delivery (the “Dated Date”) and is payable semiannually on February 1 and August 1 of each year (each, an “Interest Payment Date”) commencing February 1, 2017. Each Bond will bear interest from the Interest Payment Date next preceding the date of registration and authentication thereof unless (i) it is registered and authenticated as of an Interest Payment Date, in which event it shall bear interest from such date, or (ii) it is registered and authenticated prior to an Interest Payment Date and after the close of business on the 15th day of the month preceding such Interest Payment Date (each, a “Record Date”), in which event it shall bear interest from such Interest Payment Date, or (iii) it is registered and authenticated prior to January 15, 2017, in which event it will bear interest from the date of original delivery;; provided, however, that if at the time of authentication of a Bond, interest is in default thereon, such Bond will bear interest from the Interest Payment Date to which interest has previously been paid or made available for payment thereon. Interest on the Bonds, including the final interest payment upon maturity, is payable by check, draft or wire of the Paying Agent mailed on the Interest Payment Date by first-­class mail to the Owner thereof at such Owner’s address as it appears on the bond register maintained by the Paying Agent at the close of business on the preceding Record Date, or at such other address as the Owner may have filed with the Paying Agent for that purpose, or upon written request filed with the Paying Agent as of the Record Date by an Owner of at least $1,000,000 in aggregate principal amount of Bonds, by wire transfer. The Bonds will be issued in denominations of $5,000 principal amount or any integral multiple thereof. The Bonds mature on August 1 in the years and amounts set forth on the inside cover page hereof. Paying Agent U.S. Bank National Association, San Francisco, California, will act as the registrar, transfer agent, and paying agent for the Bonds (the “Paying Agent”). As long as DTC is the registered owner of the Bonds and DTC's book-­entry method is used for the Bonds, the Paying Agent will send any notice of prepayment or other notices to owners only to DTC. Any failure of DTC to advise any DTC Participant, or of any DTC Participant to notify any Beneficial Owner, of any such notice and its content or effect will not affect the validity or sufficiency of the proceedings relating to the prepayment of the Bonds called for prepayment or of any other action premised on such notice. The Paying Agent, the District and the County have no responsibility or liability for any aspects of the records relating to or payments made on account of beneficial ownership, or for maintaining, supervising or reviewing any records relating to beneficial ownership of interests in the Bonds. -­5-­ Optional Redemption The Bonds maturing on or before August 1, 2026, are not subject to redemption prior to their respective stated maturities. The Bonds maturing on or after August 1, 2027, are subject to redemption prior to maturity, at the option of the District, in whole or in part among maturities on such basis as shall be designated by the District and by lot within a maturity, from any available source of funds, on August 1, 2026, and on any date thereafter, at a redemption price equal to 100% of the principal amount of Bonds to be redeemed together with accrued interest thereon to the date fixed for redemption, without premium. Mandatory Sinking Fund Redemption* The Bonds maturing on August 1, 20__ (the “Term Bonds”), are subject to mandatory sinking fund redemption in part by lot, on August 1 of each year in accordance with the schedules set forth below. The Term Bonds so called for mandatory sinking fund redemption shall be redeemed at the principal amount of such Bonds to be redeemed, plus accrued but unpaid interest, without premium. $_________ Term Bonds Maturing August 1, 20__ Redemption Year Principal Amount (August 1) to be Redeemed If some but not all of the Term Bonds have been redeemed pursuant to the optional redemption provisions described above, the aggregate principal amount of Term Bonds to be redeemed pursuant to mandatory sinking fund redemption shall be reduced on a pro rata basis in integral multiples of $5,000, or on such other basis as designated pursuant to written notice filed by the District with the Paying Agent. Selection of Bonds for Redemption Whenever provision is made for the redemption of Bonds and less than all Outstanding Bonds are to be redeemed, the Paying Agent, upon written instruction from the District received at least 30 days prior to the specified redemption date (unless a shorter notice is consented to by the Paying Agent), shall select Bonds for redemption by lot within a maturity. Redemption by lot shall be in such a manner as the Paying Agent may determine;; provided, however, that the portion of any Bond to be redeemed in part will be in the principal amount of $5,000 or any integral multiple thereof. *Designation of term bonds subject to mandatory sinking fund redemption is at bidder’s option -­6-­ Notice of Redemption The Paying Agent is required to give notice of the redemption of the Bonds, at the expense of the District, at least 30 days but not more than 60 days prior to the date fixed for redemption, to the respective owners of any Bonds designated for redemption, at their addresses appearing on the Registration Books maintained by the Paying Agent. Notice of any redemption of Bonds shall specify: (a) the Bonds or designated portions thereof (in the case of redemption of the Bonds in part but not in whole) which are to be redeemed, (b) the date of redemption, (c) the place or places where the redemption will be made, including the name and address of the Paying Agent, (d) the redemption price, (e) the CUSIP numbers (if any) assigned to the Bonds to be redeemed, (f) the Bond numbers of the Bonds to be redeemed in whole or in part and, in the case of any Bond to be redeemed in part only, the principal amount of such Bond to be redeemed, and (g) the original issue date, interest rate and stated maturity date of each Bond to be redeemed in whole or in part. Such notice shall further state that on the specified date there shall become due and payable upon each Bond or portion thereof being redeemed the redemption price thereof, and that from and after such date, interest with respect thereto shall cease to accrete in value. Neither failure to receive or failure to send any notice of redemption nor any defect in any such redemption notice so given shall affect the sufficiency of the proceedings for the redemption of the affected Bonds. Partial Redemption of Bonds Upon the surrender of any Bond redeemed in part only, the Paying Agent shall execute and deliver to the Owner thereof a new Bond or Bonds of like tenor and maturity and of authorized denominations equal in transfer amounts to the unredeemed portion of the Bond surrendered. Such partial redemption shall be valid upon payment of the amount required to be paid to such Owner, and the County and the District shall be released and discharged thereupon from all liability to the extent of such payment. Right to Rescind Notice of Redemption The District has the right to rescind any notice of the optional redemption of Bonds by written notice to the Paying Agent on or prior to the date fixed for redemption. Any notice of redemption shall be cancelled and annulled if for any reason funds will not be or are not available on the date fixed for redemption for the payment in full of the Bonds then called for redemption. The District and the Paying Agent have no liability to the Bond owners or any other party related to or arising from such rescission of redemption. The Paying Agent shall mail notice of such rescission of redemption in the same manner as the original notice of redemption was sent under the Bond Resolution. Registration, Transfer and Exchange of Bonds If the book entry system is discontinued, the District shall cause the Paying Agent to maintain and keep at its principal corporate trust office all books and records necessary for the registration, exchange and transfer of the Bonds. If the book entry system is discontinued, the person in whose name a Bond is registered on the Bond Register shall be regarded as the absolute owner of that Bond. Payment of the principal of and interest on any Bond shall be made only to or upon the order of that person;; -­7-­ neither the District, the County nor the Paying Agent shall be affected by any notice to the contrary, but the registration may be changed as provided in the Bond Resolution. Bonds may be exchanged for Bonds of like tenor, maturity and principal amount upon presentation and surrender at the principal corporate trust office of the Paying Agent in San Francisco, California. Any Bond may, in accordance with its terms, but only if (i) the District determines to no longer maintain the book entry only status of the Bonds, (ii) DTC determines to discontinue providing such services and no successor securities depository is named or (iii) DTC requests the District to deliver Bond certificates to particular DTC Participants, be transferred, upon the books required to be kept pursuant to the provisions of the Bond Resolution, by the person in whose name it is registered, in person or by his duly authorized attorney, upon surrender of such Bond for cancellation at the office of the Paying Agent, accompanied by delivery of a written instrument of transfer in a form approved by the Paying Agent, duly executed. No exchanges of Bonds shall be required to be made (a) fifteen days prior to an Interest Payment Date or the date established by the Paying Agent for selection of Bonds for redemption or (b) with respect to a Bond after such Bond has been selected for redemption. Defeasance The Bonds may be paid by the District, in whole or in part, in any one or more of the following ways: (a) by paying or causing to be paid the principal or redemption price of and interest on such Bonds, as and when the same become due and payable;; (b) by irrevocably depositing, in trust, at or before maturity, money or securities in the necessary amount (as provided in the Bond Resolution) to pay or redeem such Bonds;; or (c) by delivering such Bonds to the Paying Agent for cancellation by it. Whenever in a Bond Resolution it is provided or permitted that there be deposited with or held in trust by the Paying Agent money or securities in the necessary amount to pay or redeem any Bonds, the money or securities so to be deposited or held may be held by the Paying Agent or by any other fiduciary. Such money or securities may include money or securities held by the Paying Agent in the funds and accounts established under such Bond Resolution and will be: (i) lawful money of the United States of America in an amount equal to the Principal Amount of such Bonds and all unpaid interest thereon to maturity, except that, in the case of Bonds which are to be redeemed prior to maturity and in respect of which notice of such redemption is given as provided in such Bond Resolution or provision satisfactory to the Paying Agent is made for the giving of such notice, the amount to be deposited or held will be the Principal Amount or redemption price of such Bonds and all unpaid interest thereon to the redemption date;; or (ii) Federal Securities (not callable by the issuer thereof prior to maturity) the principal of and interest on which when due, in the opinion of a certified public -­8-­ accountant delivered to the District, will provide money sufficient to pay the principal or redemption price of and all unpaid interest to maturity, or to the redemption date, as the case may be, on the Bonds to be paid or redeemed, as such principal or redemption price and interest become due, provided that, in the case of Bonds which are to be redeemed prior to the maturity thereof, notice of such redemption is given as provided in such Bond Resolution or provision satisfactory to the Paying Agent is made for the giving of such notice. Upon the deposit, in trust, at or before maturity, of money or securities in the necessary amount (as described above) to pay or redeem any outstanding Bond (whether upon or prior to its maturity or the redemption date of such Bond), then all liability of the County and the District in respect of such Bond will cease and be completely discharged, except only that thereafter the owner thereof will be entitled only to payment of the principal of and interest on such Bond by the District, and the District will remain liable for such payment, but only out of such money or securities deposited with the Paying Agent for such payment. As used herein, the term “Federal Securities” means United States Treasury notes, bonds, bills or certificates of indebtedness, or any other obligations the timely payment of which is directly or indirectly guaranteed by the full faith and credit of the United States of America. Book-­Entry-­Only System The Bonds will be issued in fully registered form only and, when initially issued, will be registered in the name of Cede & Co., as nominee of DTC. DTC will act as securities depository for the Bonds. Purchasers of the Bonds will not receive physical certificates representing their beneficial ownership interests in the Bonds purchased. Payments of principal and interest on the Bonds will be paid by the Trustee to DTC, which is obligated in turn to remit such principal and interest to its DTC Participants for subsequent disbursement to the beneficial owners of the Bonds. See “APPENDIX F – Book-­Entry Only System” herein. APPLICATION OF PROCEEDS OF THE BONDS Building Fund Pursuant to the Bond Resolution, the net proceeds from the sale of the Bonds will be paid and credited to funds established by the Contra Costa County Auditor-­Controller (the “County Auditor”) and designated as the “Mt. Diablo Unified School District, 2010 Election, Series G Building Fund,” (the “Building Fund”). Amounts credited to the Building Fund will be expended by the District for the purpose of financing any of the projects for which the Bond proceeds are authorized to be expended under the 2010 Election, including all incidental expenses and related costs of issuance. All interest and other gain arising from the investment of proceeds of the Bonds will be retained in the Building Fund and used for the purposes thereof. All moneys held in the Building Fund will be invested in accordance with the investment policies of the County, as such policies exist at the time of investment. Pursuant to the Bond Resolution and applicable provisions of the Education Code, a portion of the proceeds of the Bonds may be deposited with a fiscal agent for the purpose of paying costs of issuance. See also “APPENDIX G -­ CONTRA COSTA COUNTY INVESTMENT POLICY AND INVESTMENT REPORT” herein. -­9-­ Debt Service Fund Pursuant to the Bond Resolution, premium, if any, received by the County from the sale of the Bonds will be deposited and kept separate and apart in the fund established by the County Auditor and designated as the “Mt. Diablo Unified School District 2010 Election, Series G General Obligation Bonds Debt Service Fund” (the “Debt Service Fund”), which is pledged for the payment of the principal of and interest on the Bonds when and as the same become due. All taxes levied by the County for the payment of the principal of and interest and premium (if any) on the Bonds will be deposited in the Debt Service Fund by the County promptly upon apportionment of said levy. Any moneys remaining in the Debt Service Fund after the Bonds and the interest thereon have been paid, shall be transferred to any other interest and sinking fund or account for general obligation bond indebtedness of the District, including refunding bonds, and in the event there is no such debt outstanding, shall be transferred to the District’s general fund upon the order of the County Auditor, as provided in Section 15234 of the Education Code. Investment of Proceeds of Bonds All amounts deposited into the Debt Service Fund, as well as proceeds of taxes held therein for payment of the Bonds, shall be invested at the sole discretion of the County Treasurer pursuant to law and the investment policy of the County. All amounts deposited in the Building Fund of the District shall be invested at the sole discretion of the County Treasurer, unless otherwise directed in writing by the District, pursuant to law and the investment policy of the County. In addition, at the written direction of the District, all or any portion of the Building Fund of the District may be invested in the Local Agency Investment Fund in the treasury of the State of California. All interest or gain derived from the investment of amounts in any of the funds or accounts established under the Bond Resolution will be deposited in the fund or account from which such investment was made, and will be expended for the purposes thereof. See APPENDIX G: “CONTRA COSTA COUNTY INVESTMENT POLICY AND INVESTMENT REPORT.” The County Treasurer neither monitors investments for arbitrage compliance, nor does it perform arbitrage calculations. The District shall maintain or cause to be maintained detailed records with respect to the applicable proceeds. [Remainder Of This Page Intentionally Left Blank] -­10-­ SECURITY FOR THE BONDS Ad Valorem Taxes Bonds Payable from Ad Valorem Property Taxes. The Bonds are general obligations of the District, payable solely from ad valorem property taxes levied and collected by the County. The County is empowered and is obligated to annually levy ad valorem taxes for the payment of the Bonds and the interest thereon upon all property within the District subject to taxation by the District, without limitation of rate or amount (except certain personal property which is taxable at limited rates). In no event is the District obligated to pay principal of and interest and redemption premium, if any, on the Bonds out of any funds or properties of the District other than ad valorem taxes levied upon all taxable property in the District;; provided, however, nothing in the Bond Resolution prevents the District from making advances of its own moneys howsoever derived to any of the uses or purposes permitted by law. Other Bonds Payable from Ad Valorem Property Taxes. The District has previously issued other general obligation bonds, which are payable from ad valorem taxes on a parity basis. See “DEBT SERVICE SCHEDULES -­ Combined General Obligation Bond Debt Service Schedule.” In addition to the general obligation bonds issued by the District, there is other debt issued by entities with jurisdiction in the District, which is also payable from ad valorem taxes levied on property in the District. See “PROPERTY TAXATION – Direct and Overlapping Debt” below. Levy and Collection. The County will levy and collect such ad valorem taxes in such amounts and at such times as is necessary to ensure the timely payment of debt service. Such taxes, when collected, will be deposited into a debt service fund for the Bonds, which is maintained by the County and which is irrevocably pledged for the payment of principal of and interest on the Bonds when due. District property taxes are assessed and collected by the County in the same manner and at the same time, and in the same installments as other ad valorem taxes on real property, and will have the same priority, become delinquent at the same times and in the same proportionate amounts, and bear the same proportionate penalties and interest after delinquency, as do the other ad valorem taxes on real property. See “PROPERTY TAXATION -­Teeter Plan” below. Statutory Lien on Ad Valorem Tax Revenues. Pursuant to Senate Bill 222 effective January 1, 2016, voter approved general obligation bonds which are secured by ad valorem tax collections, including the Bonds, are secured by a statutory lien on all revenues received pursuant to the levy and collection of the property tax imposed to service those bonds. Said lien attaches automatically and is valid and binding from the time the bonds are executed and delivered. The lien is enforceable against the school district or community college district, its successors, transferees, and creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any further act. Annual Tax Rates. The amount of the annual ad valorem tax levied by the County to repay the Bonds will be determined by the relationship between the assessed valuation of taxable property in the District and the amount of debt service due on the Bonds. Fluctuations in the annual debt service on the Bonds and the assessed value of taxable property in the District may cause the annual tax rate to fluctuate. -­11-­ Economic and other factors beyond the District’s control, such as economic recession, deflation of land values, a relocation out of the District or financial difficulty or bankruptcy by one or more major property taxpayers, or the complete or partial destruction of taxable property caused by, among other eventualities, earthquake, flood, fire, drought or other natural disaster, could cause a reduction in the assessed value within the District and necessitate a corresponding increase in the annual tax rate. Debt Service Fund As described herein, the County will establish a Debt Service Fund for the Bonds. The Debt Service Fund has been pledged for the payment of the principal of and interest and premium (if any) on the Bonds when and as the same become due. The collections deposited in the Debt Service Fund are secured by a statutory lien on all revenues received pursuant to the levy and collection of the property tax imposed to service the Bonds. Not a County Obligation The Bonds are payable solely from the proceeds of an ad valorem tax levied and collected by the County, for the payment of principal and interest on the Bonds. Although the County is obligated to collect the ad valorem tax for the payment of the Bonds, the Bonds are not a debt of the County. [Remainder Of This Page Intentionally Left Blank] -­12-­ DEBT SERVICE SCHEDULE Debt Service for the Bonds. The following table shows the debt service schedule with respect to the Bonds, assuming no optional redemptions. MT. DIABLO UNIFIED SCHOOL DISTRICT Bonds Debt Service Schedule Bond Year Ending August 1 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Total Principal Total Debt Service Interest -­13-­ Combined General Obligation Bonds Debt Service. The District has issued general obligation bonds and refunding general obligation bonds pursuant to voter authorizations received in 2002, and pursuant to the 2010 Election. The following table shows combined annual debt service for outstanding general obligation bonds (and refunding general obligation bonds) issued pursuant to the District’s prior general obligation bonds authorizations, together with debt service on the Bonds (assuming no optional redemptions). See also Appendix B under the heading “ -­ Long-­Term Debt.” MT. DIABLO UNIFIED SCHOOL DISTRICT Annual Debt Service for Outstanding General Obligation Bonds Period Ending (Aug. 1) 2002 GOB Authorization 2010 GOB Authorization Total The Bonds 2017 $14,687,050.00 $22,818,034.50 2018 14,673,600.00 22,155,578.20 2019 14,652,525.00 21,665,827.20 2020 14,617,387.50 22,095,716.80 2021 14,570,137.50 22,514,753.40 2022 14,502,862.50 22,989,984.80 2023 14,409,912.50 23,512,089.90 2024 14,413,712.50 24,006,085.70 2025 14,296,712.50 24,500,188.30 2026 14,155,712.50 25,746,428.50 2027 14,035,712.50 27,110,242.10 2028 13,833,962.50 28,893,162.50 2029 13,620,212.50 29,847,537.50 2030 13,257,400.00 30,206,537.50 2031 12,963,166.67 31,459,612.50 2032 -­-­ 20,974,937.50 2033 -­-­ 21,662,700.00 2034 -­-­ 23,763,537.50 2035 -­-­ 26,046,587.50 2036 -­-­ 19,370,500.00 10,458,333.33 $501,798,375.23 2037 Total -­-­ $212,690,066.67 -­14-­ PROPERTY TAXATION Ad Valorem Property Taxation Taxes are levied by the County for each fiscal year on taxable real and personal property which is situated in the District as of the preceding January 1. For assessment and collection purposes, property is classified either as “secured” or “unsecured” and is listed accordingly on separate parts of the assessment roll. The “secured roll” is that part of the assessment roll containing State-­assessed public utilities property and real property having a tax lien which is sufficient, in the opinion of the County Assessor, to secure payment of the taxes. Other property is assessed on the “unsecured roll.” Property taxes on the secured roll are due in two installments, on November 1 and February 1 of each fiscal year. If unpaid, such taxes become delinquent on December 10 and April 10, respectively, and a 10 percent penalty attaches to any delinquent payment. Property on the secured roll with respect to which taxes are delinquent becomes tax defaulted on or about June 30 of the fiscal year. Such property may thereafter be redeemed by payment of a penalty of 1.5 percent per month to the time of redemption, plus costs and a redemption fee. If taxes are unpaid for a period of five years or more, the property is subject to sale by the Treasurer. Property taxes on the unsecured roll are due as of the January 1 lien date and become delinquent, if unpaid, on August 31. A 10 percent penalty attaches to delinquent unsecured taxes. If unsecured taxes are unpaid at 5:00 p.m. on October 31, an additional penalty of 1.5 percent attaches to them on the first day of each month until paid. The taxing authority has four ways of collecting delinquent unsecured personal property taxes: (1) bringing a civil action against the taxpayer;; (2) filing a certificate in the office of the County Clerk specifying certain facts in order to obtain a lien on certain property of the taxpayer;; (3) filing a certificate of delinquency for record in the County Clerk and County Recorder's office in order to obtain a lien on certain property of the taxpayer;; and (4) seizing and selling personal property, improvements, or possessory interests belonging or assessed to the assessee. Assessed Valuations The assessed valuation of property in the District is established by the Contra Costa County Assessor, except for public utility property which is assessed by the State Board of Equalization. Assessed valuations are reported at 100 percent of the “full value” of the property, as defined in Article XIIIA of the California Constitution. Prior to 1981-­82, assessed valuations were reported at 25 percent of the full value of property. For a discussion of how properties currently are assessed, see “CONSTITUTIONAL AND STATUTORY PROVISIONS AFFECTING DISTRICT REVENUES AND APPROPRIATIONS.” Certain classes of property, such as churches, colleges, not-­for-­profit hospitals, and charitable institutions, are exempt from property taxation and do not appear on the tax rolls. No reimbursement is made by the State for such exemptions. -­15-­ Historical Assessed Valuation. Shown in the following table are recent assessed valuations for the District. MT. DIABLO UNIFIED SCHOOL DISTRICT Assessed Valuation Fiscal Years 2001-­02 through 2016-­17 Fiscal Year 2001-­02 2002-­03 2003-­04 2004-­05 2005-­06 2006-­07 2007-­08 2008-­09 2009-­10 2010-­11 2011-­12 2012-­13 2013-­14 2014-­15 2015-­16 2016-­17 Local Secured $19,501,805,860 20,950,443,237 22,705,133,044 24,434,456,724 26,500,394,364 29,196,571,252 31,650,036,905 31,738,225,590 29,639,009,735 28,924,776,672 28,609,334,442 27,968,639,633 29,445,989,430 32,106,950,096 34,400,962,547 36,236,051,218 Utility Unsecured Total $15,111,986 $899,543,508 $20,416,461,174 14,591,990 942,041,048 21,892,484,285 6,252,431 920,522,887 23,631,908,362 6,489,435 868,334,641 25,309,280,800 7,186,091 942,384,927 27,449,965,382 6,300,577 951,192,569 30,154,064,398 4,180,952 964,357,554 32,618,575,411 3,832,225 1,062,848,164 32,804,905,979 3,832,225 1,051,293,746 30,694,135,706 7,279,811 974,038,398 29,906,094,881 6,768,296 934,855,683 29,550,958,421 6,768,296 912,822,483 28,888,230,412 5,332,256 885,862,726 30,337,184,412 5,221,838 922,809,547 33,034,981,481 5,221,838 969,180,826 35,375,365,211 1,407,638 994,773,478 37,232,232,334 % Change -­-­ 7.23% 7.95 7.10 8.46 9.85 8.17 0.57 -­6.43 -­2.57 -­1.19 -­2.24 5.03 8.87 7.08 5.24 Source: California Municipal Statistics, Inc. As indicated in the previous table, assessed valuations are subject to change in each year. Increases or decreases in assessed valuation may result from a variety of factors including but not limited to general economic conditions, supply and demand for real property in the area, government regulations such as zoning, and natural disasters such as earthquakes, fires, floods and droughts. With respect to droughts specifically, the State of California is currently facing water shortfalls, and on January 17, 2014, the Governor declared a state of drought emergency, calling on Californians to conserve water. As part of his declaration, the Governor directed State officials to assist agricultural producers and communities that may be economically impacted by dry conditions. Thereafter, the California State Water Resources Control Board (the “Water Board”) issued a statewide notice of water shortages and potential future curtailment of water right diversions. On April 1, 2015, the Governor issued an executive order mandating certain conservation, which were implemented by an emergency regulation adopted by the Water Board on May 5, 2015. The temporary conservation measures have been extended and amended by subsequent executive orders of the Governor and related Water Board regulations, most recently with implementation of a “stress test” approach of water conservation, which requires local urban water agencies to ensure a three-­year supply of water assuming three years of drought conditions. Those agencies with projected shortages are required to implement conservation measures through January 2017. The District cannot predict or make any representations regarding the effects that the current drought has had, or, if it should continue, may have on the value of taxable property within the District including the District, or to what extent the drought could cause disruptions to economic activity within the boundaries of the District including the District. -­16-­ Assessed Valuation By Jurisdiction. The following table sets forth assessed valuation in the District by jurisdiction. MT. DIABLO UNIFIED SCHOOL DISTRICT 2016-­17 Assessed Valuation by Jurisdiction(1) Assessed Valuation % of Assessed Valuation % of Jurisdiction Jurisdiction: in School District School District of Jurisdiction in School District City of Clayton $ 2,077,197,672 5.58% $2,077,197,672 100.00% City of Concord 14,813,960,870 39.79 $14,813,960,870 100.00% City of Martinez 1,976,468,937 5.31 $5,445,125,587 36.30% City of Pittsburg 1,377,958,753 3.70 $6,597,041,092 20.89% City of Pleasant Hill 5,581,884,642 14.99 $5,581,884,642 100.00% City of Walnut Creek 6,489,407,959 17.43 $16,470,297,114 39.40% Unincorporated Contra Costa County 4,915,353,501 13.20 $36,451,895,749 13.48% Total District $37,232,232,334 100.00% Contra Costa County $37,232,232,334 100.00% $182,660,316,369 20.38% (1) Before deduction of redevelopment incremental valuation. Source: California Municipal Statistics, Inc. Assessed Valuation by Land Use. The following table shows the land use of parcels in the District for fiscal year 2016-­17. As shown, the majority of land in the District is used for residential purposes. MT. DIABLO UNIFIED SCHOOL DISTRICT Assessed Valuation and Parcels by Land Use Fiscal Year 2016-­17 2016-­17 % of (1)
Assessed Valuation Total Non-­Residential: Agricultural/Rural $ 163,470,415 0.45% Commercial/Office 4,174,134,275 11.52 Vacant Commercial 86,747,599 0.24 Industrial 2,858,036,019 7.89 Vacant Industrial 76,215,828 0.21 Recreational 62,526,841 0.17 Government/Social/Institutional 124,356,008 0.34 Miscellaneous 90,798,246 0.25 Subtotal Non-­Residential $7,636,285,231 21.07% Residential: Single Family Residence $23,065,396,710 63.65% Condominium/Townhouse 3,314,491,228 9.15 Rural Residential 160,265,148 0.44 Mobile Home 17,269,397 0.05 2-­4 Residential Units 298,476,855 0.82 5+ Residential Units/Apartments 1,616,437,785 4.46 Vacant Residential 127,428,864 0.35 Subtotal Residential $28,599,765,987 78.93% Total $36,236,051,218 100.00% (1) Local Secured Assessed Valuation;; excluding tax-­exempt property. Source: California Municipal Statistics, Inc. -­17-­ No. of Parcels % of Total No. of Taxable Parcels % Total 230 1,529 169 560 75 82 1,498 1,321 5,464 0.27% 1.78 0.20 0.65 0.09 0.10 1.74 1.53 6.35% 221 1,509 146 555 74 82 754 1,082 4,423 0.26% 1.78 0.17 0.66 0.09 0.10 0.89 1.28 5.23% 60,441 16,125 235 760 720 570 1,769 80,620 70.21% 18.73 0.27 0.88 0.84 0.66 2.05 93.65% 60,403 16,113 235 760 720 555 1,349 80,135 71.43% 19.06 0.28 0.90 0.85 0.66 1.60 94.77% 86,084 100.00% 84,558 100.00% Assessed Valuation of Single Family Residential Parcels. The following table shows a breakdown of the assessed valuations of improved single-­family residential parcels in the District, according to fiscal year 2016-­17 assessed valuation. MT. DIABLO UNIFIED SCHOOL DISTRICT Per Parcel 2016-­17 Assessed Valuation of Single Family Homes Single Family Residential 2016-­17 Assessed Valuation No. of Parcels 60,403 2016-­17 Average Median Assessed Valuation Assessed Valuation Assessed Valuation $23,065,396,710 $381,858 $344,050 No. of (1)
Parcels % of Total $0 -­ $49,999 368 $50,000 -­ $99,999 5,752 $100,000 -­ $149,999 4,578 $150,000 -­ $199,999 4,558 $200,000 -­ $249,999 5,196 $250,000 -­ $299,999 5,248 $300,000 -­ $349,999 5,094 $350,000 -­ $399,999 5,010 $400,000 -­ $449,999 4,524 $450,000 -­ $499,999 3,937 $500,000 -­ $549,999 3,486 $550,000 -­ $599,999 2,688 $600,000 -­ $649,999 2,125 $650,000 -­ $699,999 1,706 $700,000 -­ $749,999 1,436 $750,000 -­ $799,999 1,126 $800,000 -­ $849,999 900 $850,000 -­ $899,999 748 $900,000 -­ $949,999 540 $950,000 -­ $999,999 356 $1,000,000 and greater 1,027 Total 60,403 Cumulative % of Total 0.609% 9.523 7.579 7.546 8.602 8.688 8.433 8.294 7.490 6.518 5.771 4.450 3.518 2.824 2.377 1.864 1.490 1.238 0.894 0.589 1.700 100.000% 0.609% 10.132 17.711 25.257 33.859 42.548 50.981 59.275 66.765 73.283 79.054 83.504 87.022 89.847 92.224 94.088 95.578 96.816 97.710 98.300 100.000 Total Valuation % of Total $ 13,762,920 0.060% 440,367,911 1.909 567,499,463 2.460 799,903,537 3.468 1,169,921,209 5.072 1,439,994,936 6.243 1,655,933,983 7.179 1,876,616,138 8.136 1,918,995,092 8.320 1,866,488,517 8.092 1,826,844,401 7.920 1,541,866,307 6.685 1,327,152,613 5.754 1,148,793,455 4.981 1,038,980,533 4.504 871,714,186 3.779 741,456,282 3.215 653,792,300 2.835 498,148,142 2.160 346,340,102 1.502 1,320,824,683 5.726 $23,065,396,710 100.000% (1) Improved single family residential parcels. Excludes condominiums and parcels with multiple family units. Source: California Municipal Statistics, Inc. -­18-­ Cumulative % of Total 0.060% 1.969 4.429 7.897 12.969 19.213 26.392 34.528 42.848 50.940 58.860 65.545 71.299 76.279 80.784 84.563 87.778 90.612 92.772 94.274 100.000 Typical Tax Rates. The following table sets forth typical tax rates levied in Tax Rate Area (2-­002) for fiscal years 2011-­12 through 2016-­17: MT. DIABLO UNIFIED SCHOOL DISTRICT Typical Tax Rate per $100 Assessed Valuation (TRA 2-­002)(1) General Bay Area Rapid Transit District East Bay Regional Park District Mount Diablo Unified School District Contra Costa Community College District Total All Property Tax Rate Contra Costa Water District (Land Only) 2011-­12 2012-­13 2013-­14 2014-­15 2015-­16 2016-­17 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 .0041 .0043 .0075 .0045 .0026 .0080 .0071 .0051 .0078 .0085 .0067 .0032 .0612 .0871 .0740 .0853 .0812 .0764 .0144 .0087 .0252 .0252 .0220 .0120 $1.0868 $1.1052 $1.1026 $1.1235 1.1125 $1.0996 .0051 .0045 .0042 .0037 .0035 .0032 ____________________ (1) 2016-­17 assessed valuation of TRA 2-­002 is $9,321,902,410. Source: California Municipal Statistics, Inc. Appeals of Assessed Value General. There are two types of appeals of assessed values that could adversely impact property tax revenues within the District. Appeals may be based on Proposition 8 of November 1978, which requires that for each January 1 lien date, the taxable value of real property must be the lesser of its base year value, annually adjusted by the inflation factor pursuant to Article XIIIA of the State Constitution, or its full cash value, taking into account reductions in value due to damage, destruction, depreciation, obsolescence, removal of property or other factors causing a decline in value. Under California law, property owners may apply for a reduction of their property tax assessment by filing a written application, in form prescribed by the State Board of Equalization, with the County board of equalization or assessment appeals board. In most cases, the appeal is filed because the applicant believes that present market conditions (such as residential home prices) cause the property to be worth less than its current assessed value. Proposition 8 reductions may also be unilaterally applied by the County Assessor. Any reduction in the assessment ultimately granted as a result of such appeal applies to the year for which application is made and during which the written application was filed. These reductions are subject to yearly reappraisals and are adjusted back to their original values when market conditions improve. Once the property has regained its prior value, adjusted for inflation, it once again is subject to the annual inflationary factor growth rate allowed under Article XIIIA. A second type of assessment appeal involves a challenge to the base year value of an assessed property. Appeals for reduction in the base year value of an assessment, if successful, reduce the assessment for the year in which the appeal is taken and prospectively thereafter. The base year is determined by the completion date of new construction or the date of change of ownership. Any base year appeal must be made within four years of the change of ownership or new construction date. -­19-­ The District cannot predict the changes in assessed values that might result from pending or future appeals by taxpayers. Any reduction in aggregate District assessed valuation due to appeals, as with any reduction in assessed valuation due to other causes, will cause the tax rate levied to repay the Bonds to increase accordingly, so that the fixed debt service on the Bonds (and other outstanding general obligation bonds, if any) may be paid. Property Tax Collections The Board of Supervisors of the County has adopted the Alternative Method of Distribution of Tax Levies and Collections and of Tax Sale Proceeds (the “Teeter Plan”), as provided for in Section 4701 et seq. of the California Revenue and Taxation Code. Under the Teeter Plan, each entity levying property taxes in the County may draw on the amount of uncollected secured taxes credited to its fund, in the same manner as if the amount credited had been collected. The District participates in the Teeter Plan, and thus receives 100% of secured property taxes levied in exchange for foregoing any interest and penalties collected on delinquent taxes. Currently, the County includes general obligation bond levies in its Teeter Plan. So long as the Teeter Plan remains in effect and the County continues to include the District in the Teeter Plan, the District’s receipt of revenues with respect to the levy of ad valorem property taxes will not be dependent upon actual collections of the ad valorem property taxes by the County. However, under the statute creating the Teeter Plan, the Board of Supervisors could under certain circumstances terminate the Teeter Plan in its entirety and, in addition, the Board of Supervisors could terminate the Teeter Plan with respect to the District if the delinquency rate for all ad valorem property taxes levied within the District in any year exceeds 3%. In the event that the Teeter Plan were terminated with regard to the secured tax roll, the amount of the levy of ad valorem property taxes in the District would depend upon the collections of the ad valorem property taxes and delinquency rates experienced with respect to the parcels within the District. Notwithstanding that the County is on the Teeter Plan, below is information regarding historical secured tax charges and delinquencies with respect to the levy for debt service on its bonds. MT. DIABLO UNIFIED SCHOOL DISTRICT Secured Tax Charges and Delinquencies 2007-­08 through 2015-­16 Secured Tax Charge(1) Fiscal Year 2007-­08 $13,151,902.12 2008-­09 14,200,845.88 2009-­10 14,382,466.91 2010-­11 17,101,571.50 2011-­12 17,170,450.13 2012-­13 24,023,237.86 2013-­14 21,540,513.25 2014-­15 27,156,125.89 2015-­16 27,687,193.68 Amount Delinquent June 30 $526,267.47 460,317.48 310,553.48 257,674.68 214,096.51 208,804.54 171,822.10 180,910.49 176,493.21 (1) Debt Service Levy only. Source: California Municipal Statistics, Inc. -­20-­ % Delinquent June 30 4.00% 3.24 2.16 1.51 1.25 0.87 0.80 0.67 0.64 Largest Property Owners The following table shows the 20 largest owners of taxable property in the District as determined by secured assessed valuation in fiscal year 2016-­17. The more property (by assessed value) which is owned by a single taxpayer in the District, the greater the amount of tax collections that are exposed to weaknesses in the taxpayer’s financial situation and ability or willingness to pay property taxes. Each taxpayer listed below is a unique name listed on the tax rolls. The District cannot determine from County assessment records whether individual persons, corporations or other organizations are liable for tax payments with respect to multiple properties held in various names that in aggregate may be larger than is suggested by the table below. MT. DIABLO UNIFIED SCHOOL DISTRICT Largest Local Secured Taxpayers Fiscal Year 2016-­17 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 2016-­17 % of Property Owner Primary Land Use Assessed Valuation Total (1) Tesoro Refining & Marketing Co. Heavy Industrial $1,223,567,774 3.38% Taubman Land Associates LLC Regional Mall 178,752,381 0.49 Sierra Pacific Properties Inc. Office Building 136,663,064 0.38 CSAA Inter-­Insurance Bureau Office Building 127,706,861 0.35 PH Crescent Drive Investors Shopping Center 103,017,706 0.28 DWF III Concord Tech LLC Office Building 98,191,962 0.27 Park Regency Partners Apartments 94,958,309 0.26 GSG Residential Park Central Apartments 79,564,432 0.22 Clayton Valley Shopping Center Shopping Center 71,324,086 0.20 Seecon Financial & Construction Co. Office Building 70,904,334 0.20 San Marco Properties LLC Apartments 67,992,268 0.19 PMI Plaza LLC Office Building 66,164,355 0.18 FW CA PH Shopping Center LLC Shopping Center 64,591,828 0.18 Willows Center Concord Shopping Center 64,350,192 0.18 Tilden-­Stoneridge LLC Condominiums 63,324,921 0.17 MLM Treat Towers Property LLC Office Building 62,851,057 0.17 GSG Resident Iron Horse Park Apartments 62,260,241 0.17 MLVI Park Lake Apartments LLC Apartments 62,033,808 0.17 Concord Airport Plaza Associates Office Building 58,338,863 0.16 SFG Owner A&C LLC Office Building 51,882,046 0.14 $2,808,440,488 7.75% _______________________________ (1) 2016-­17 Total Secured Assessed Valuation: $36,236,051,218. Source: California Municipal Statistics, Inc. -­21-­ Overlapping Debt Obligations Set forth on the following page is a direct and overlapping debt report (the “Debt Report”) prepared by California Municipal Statistics, Inc. with respect to debt issued and reported as of October 1, 2016. The Debt Report is included for general information purposes only. The District has not reviewed the Debt Report for completeness or accuracy and makes no representation in connection therewith. The Debt Report generally includes long-­term obligations sold in the public credit markets by public agencies whose boundaries overlap the boundaries of the District in whole or in part. Such long-­term obligations generally are not payable from revenues of the District (except as indicated) nor are they necessarily obligations secured by land within the District. In many cases, long-­term obligations issued by a public agency are payable only from the general fund or other revenues of such public agency. [Remainder of page intentionally left blank] -­22-­ MT. DIABLO UNIFIED SCHOOL DISTRICT Statement of Direct and Overlapping Bonded Debt Dated as of October 1, 2016 2016-­17 Assessed Valuation: $37,232,232,334 DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable Debt 10/1/16 Bay Area Rapid Transit District 5.763% $ 30,183,713 Contra Costa Community College District 20.459 83,795,972 Mount Diablo Unified School District 100.000 432,290,434 (1) Mount Diablo Unified School District Community Facilities District No. 1 100.000 13,790,000 East Bay Regional Park District 8.889 11,058,360 Pleasant Hill Recreation and Park District 88.859 22,743,461 City of Martinez 36.298 8,283,204 City of Pittsburg Community Facilities District No. 2005-­2 100.000 9,360,000 City of Clayton Community Facilities District Nos. 1990-­1 and 1990-­2 100.000 2,520,000 1915 Act Bonds (Estimated) Various 9,838,697 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $623,863,841 OVERLAPPING GENERAL FUND DEBT: Contra Costa County General Fund Obligations 20.383% $ 51,714,845 Contra Costa County Pension Obligation Bonds 20.383 43,367,890 Contra Costa Community College District Certificates of Participation 20.459 107,410 City of Concord General Fund Obligations 100.000 1,650,000 City of Pittsburg Pension Obligation Bonds 20.888 7,272,864 City of Pleasant Hill General Fund Obligations 100.000 825,000 City of Walnut Creek General Fund Obligations 39.401 1,240,405 Pleasant Hill Recreation and Park District Certificates of Participation 88.859 1,781,623 Contra Costa Fire Protection District Pension Obligations 42.865 32,380,221 TOTAL GROSS OVERLAPPING GENERAL FUND DEBT $140,340,258 Less: Contra Costa County Obligations supported by revenue funds 13,991,102 City of Concord supported obligations 430,000 TOTAL NET OVERLAPPING GENERAL FUND DEBT $125,919,156 OVERLAPPING TAX INCREMENT DEBT (Successor Agencies): $153,010,547 GROSS COMBINED TOTAL DEBT $917,214,646 (2) NET COMBINED TOTAL DEBT $902,793,544 Ratios to 2016-­17 Assessed Valuation: Direct Debt ($446,080,434) (3) ..................................... 1.20% Total Direct and Overlapping Tax and Assessment Debt 1.68% Gross Combined Total Debt ............................................ 2.46% Net Combined Total Debt ................................................ 2.42% Ratios to Redevelopment Incremental Valuation ($4,591,832,442): Total Overlapping Tax Increment Debt ........................... 3.33% (1) Excludes issue to be sold. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-­bonded capital lease obligations. (3) Includes Community Facilities District No. 1. _______________________________ Source: California Municipal Statistics, Inc. -­23-­ CONTRA COSTA COUNTY INVESTMENT POOL Under the California Education Code, the District is required to pay all monies received from any source into the Contra Costa County Treasury to be held on behalf of the District. Therefore, the District’s funds, including monies on deposit in the District’s building funds and debt service funds, are held by the County Treasurer. The County’s investment policy and most recent investment report can be accessed through the internet at the County Treasury Division – Finance Agency – Controller-­Treasurer Department, www.sccgov.org. The information accessible through the County’s web page is not incorporated in this Official Statement by reference and the reference herein is not a hyperlink to such web page. The County’s current investment policy and most recently available investment report are shown in Appendix G. CONTINUING DISCLOSURE The District has covenanted for the benefit of holders and beneficial owners of the Bonds to provide certain financial information and operating data relating to the District by not later than nine months following the end of the District’s fiscal year (which currently would be by March 31 each year based upon the June 30 end of the District’s fiscal year), commencing March 31, 2017, with the report for the 2015-­16 Fiscal Year (the “Annual Report”), and to provide notices of the occurrence of certain enumerated events. The Annual Report and any event notices will be filed by the District with the Municipal Securities Rulemaking Board (the “MSRB”). The specific nature of the information to be contained in an Annual Report or the notices of material events is set forth below under the caption “APPENDIX E -­ Form of Continuing Disclosure Certificate.” These covenants have been made in order to assist the Underwriter in complying with S.E.C. Rule 15c2-­12(b)(5) (the “Rule”). The District has existing disclosure undertakings that have been made pursuant to the Rule in connection with the issuance of the District’s outstanding general obligation bonds and refunding general obligation bonds (see information in Appendix B under the heading “DISTRICT FINANCIAL INFORMATION – Long-­Term Debt”). Instances of non-­compliance in the previous five years are the annual report for fiscal year 2014-­15 was filed twenty days late for the District’s 2010 Election, Series A and Series B Bonds. Identification of these instances of non-­compliance does not constitute a representation that such instances have been determined to be material pursuant to the Rule. In order to assist it in complying with its disclosure undertakings for its outstanding bonds and the Bonds, the District has engaged Dale Scott & Co., Inc., to serve as its dissemination agent with respect to each of its disclosure undertakings, including the Continuing Disclosure Certificate to be executed in connection with the Bonds. Neither the County nor any other entity other than the District shall have any obligation or incur any liability whatsoever with respect to the performance of the District’s duties regarding continuing disclosure. -­24-­ CERTAIN LEGAL MATTERS Absence of Material Litigation No litigation is pending or threatened concerning the validity of the Bonds, and a certificate to that effect, executed by an authorized officer of the District, will be furnished to purchasers at the time of the original delivery of the Bonds. The District is not aware of any litigation pending or threatened that (i) questions the political existence of the District, (ii) contests the District's ability to receive ad valorem taxes or to collect other revenues or (iii) contests the District's ability to issue and retire the Bonds. The District is routinely subject to lawsuits and claims. In the opinion of the District, the aggregate amount of the uninsured liabilities of the District under these lawsuits and claims will not materially affect the financial position or operations of the District. Legal Opinions The proceedings in connection with the issuance of the Bonds are subject to the approval as to their legality by Bond Counsel. The opinions of Bond Counsel with respect to the Bonds will be delivered in substantially the respective forms attached hereto as Appendix D. Certain legal matters will also be passed upon for the District by Disclosure Counsel. The fees of Bond Counsel and Disclosure Counsel are contingent upon the issuance and delivery of the Bonds. TAX MATTERS Federal Tax Status. In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain qualifications set forth below, under existing law, the interest on the Bonds is excluded from gross income for federal income tax purposes, and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, although for the purpose of computing the alternative minimum tax imposed on certain corporations, such interest is taken into account in determining certain income and earnings. The opinions set forth in the preceding paragraph are subject to the condition that the District comply with all requirements of the Internal Revenue Code of 1986, as amended (the “Tax Code”) that must be satisfied subsequent to the issuance of the Bonds in order that such interest be, or continue to be, excluded from gross income for federal income tax purposes. The District has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of such interest in gross income for federal income tax purposes to be retroactive to the date of issuance of the Bonds. Tax Treatment of Original Issue Discount and Premium. If the initial offering price to the public (excluding bond houses and brokers) at which a Bond is sold is less than the amount payable at maturity thereof, then such difference constitutes "original issue discount" for purposes of federal income taxes and State of California personal income taxes. If the initial offering price to the public (excluding bond houses and brokers) at which a Bond is sold is greater than the amount payable at maturity thereof, then such difference constitutes "original issue premium" for purposes of federal income taxes and State of California personal income taxes. De minimis original issue discount and original issue premium is disregarded. -­25-­ Under the Tax Code, original issue discount is treated as interest excluded from federal gross income and exempt from State of California personal income taxes to the extent properly allocable to each owner thereof subject to the limitations described in the first paragraph of this section. The original issue discount accrues over the term to maturity of the Bond on the basis of a constant interest rate compounded on each interest or principal payment date (with straight-­
line interpolations between compounding dates). The amount of original issue discount accruing during each period is added to the adjusted basis of such Bonds to determine taxable gain upon disposition (including sale, redemption, or payment on maturity) of such Bond. The Tax Code contains certain provisions relating to the accrual of original issue discount in the case of purchasers of the Bonds who purchase the Bonds after the initial offering of a substantial amount of such maturity. Owners of such Bonds should consult their own tax advisors with respect to the tax consequences of ownership of Bonds with original issue discount, including the treatment of purchasers who do not purchase in the original offering, the allowance of a deduction for any loss on a sale or other disposition, and the treatment of accrued original issue discount on such Bonds under federal individual and corporate alternative minimum taxes. Under the Tax Code, original issue premium is amortized on an annual basis over the term of the Bond (said term being the shorter of the Bond's maturity date or its call date). The amount of original issue premium amortized each year reduces the adjusted basis of the owner of the Bond for purposes of determining taxable gain or loss upon disposition. The amount of original issue premium on a Bond is amortized each year over the term to maturity of the Bond on the basis of a constant interest rate compounded on each interest or principal payment date (with straight-­line interpolations between compounding dates). Amortized bond premium is not deductible for federal income tax purposes. Owners of premium Bonds, including purchasers who do not purchase in the original offering, should consult their own tax advisors with respect to State of California personal income tax and federal income tax consequences of owning such Bonds. California Tax Status. In the further opinion of Bond Counsel, interest on the Bonds is exempt from California personal income taxes. Other Tax Considerations. Owners of the Bonds should also be aware that the ownership or disposition of, or the accrual or receipt of interest on, the Bonds may have federal or state tax consequences other than as described above. Bond Counsel expresses no opinion regarding any federal or state tax consequences arising with respect to the Bonds other than as expressly described above, including any opinion regarding federal tax consequences arising with respect to the ownership, sale or disposition of the Bonds, or the amount, accrual or receipt of interest on the Bonds. Form of Opinion. The proposed form of opinion of Bond Counsel relating to the Bonds is attached hereto as APPENDIX D. -­26-­ RATINGS Fitch Ratings Group (“Fitch”) and Moody’s Investors Services (“Moody’s”) have assigned ratings of “AAA” and “Aa2,” respectively, to the Bonds. The District has provided certain additional information and materials to such rating agencies (some of which does not appear in this Official Statement). Such ratings reflect only the views of Fitch and Moody’s and an explanation of the significance of such ratings and outlooks may be obtained only from Fitch and Moody’s, respectively. There is no assurance that any credit ratings given to the Bonds will be maintained for any period of time or that the rating may not be lowered or withdrawn entirely by the rating agencies if, in its judgment, circumstances so warrant. Any such downward revision or withdrawal of a rating may have an adverse effect on the market price of the Bonds. COMPETITIVE SALE OF BONDS The Bonds were sold following a competitive bidding processes, and were awarded to the Bond Purchaser identified in the following paragraph, whose proposal represented the lowest true interest cost for the Bonds as determined in accordance with the Official Notice of Sale. ____________, the successful purchaser (the “Bond Purchaser”), has agreed to purchase the Bonds at a price of $____________, which is equal to the initial principal amount of the Bonds of $____________ plus a net original issue premium of $_______________, less a Purchaser’s discount of $____________. The Bond Purchaser intends to offer the Bonds to the public at the respective offering prices set forth on the inside cover page of this Official Statement. The Bond Purchaser may offer and sell to certain dealers and others at a price lower than the offering prices stated on the inside cover page hereof. The offering price may be changed from time to time by the Bond Purchaser. COMPENSATION OF PROFESSIONALS Payment of the fees and expenses of Bond Counsel, Disclosure Counsel and Dale Scott & Co., Inc., as financial advisor to the District, is contingent upon issuance of the Bonds. ADDITIONAL INFORMATION The discussions herein about the Bond Resolution and the Continuing Disclosure Certificate are brief outlines of certain provisions thereof. Such outlines do not purport to be complete and for full and complete statements of such provisions reference is made to such documents. Copies of these documents mentioned are available from the District and following delivery of the Bonds will be on file at the offices of the Paying Agent in San Francisco, California. References are also made herein to certain documents and reports relating to the District;; such references are brief summaries and do not purport to be complete or definitive. Copies of such documents are available upon written request to the District. -­27-­ Any statements in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Official Statement is not to be construed as a contract or agreement between the District and the Bond Purchaser or Owners of any of the Bonds. EXECUTION The execution and delivery of this Official Statement have been duly authorized by the District. MT. DIABLO UNIFIED SCHOOL DISTRICT By: Superintendent -­28-­ APPENDIX A AUDITED FINANCIAL STATEMENTS OF THE DISTRICT FOR FISCAL YEAR ENDING JUNE 30, 2015 A-­1 (Thispageintentionallyleftblank)
MOUNTDIABLOUNIFIED
SCHOOLDISTRICT
AUDITREPORT
FortheFiscalYearEnded
June30,2015
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
FortheFiscalYearEndedJune30,2015
TableofContents
FINANCIALSECTION
Page
IndependentAuditors’Report..................................................................................................................................................................1
Management’sDiscussionandAnalysis...............................................................................................................................................3
BasicFinancialStatements:
Government‐wideFinancialStatements:
StatementofNetPosition...........................................................................................................................................................11
StatementofActivities.................................................................................................................................................................12
GovernmentalFundsFinancialStatements:
BalanceSheet...................................................................................................................................................................................13
ReconciliationoftheGovernmentalFundsBalanceSheettotheStatementofNetPosition.......................14
StatementofRevenues,Expenditures,andChangesinFundBalances.................................................................15
ReconciliationoftheGovernmentalFundsStatementofRevenues,Expenditures,
andChangesinFundBalancestotheStatementofActivities...........................................................................16
FiduciaryFundsFinancialStatements:
StatementofFiduciaryNetPosition......................................................................................................................................17
StatementofChangesinFiduciaryNetPosition..............................................................................................................18
NotestoFinancialStatements...............................................................................................................................................................19
REQUIREDSUPPLEMENTARYINFORMATION
BudgetaryComparisonSchedule–GeneralFund.........................................................................................................................46
ScheduleofFundingProgress...............................................................................................................................................................47
ScheduleofProportionateShareoftheNetPensionLiability................................................................................................48
ScheduleofContributions.......................................................................................................................................................................49
NotestotheRequiredSupplementaryInformation....................................................................................................................50
SUPPLEMENTARYINFORMATION
LocalEducationalAgencyOrganizationStructure.......................................................................................................................51
ScheduleofAverageDailyAttendance..............................................................................................................................................52
ScheduleofInstructionalTime.............................................................................................................................................................53
ScheduleofFinancialTrendsandAnalysis......................................................................................................................................54
ScheduleofCharterSchools...................................................................................................................................................................55
ReconciliationofAnnualFinancialandBudgetReportwithAuditedFinancialStatements.....................................56
ScheduleofExpendituresofFederalAwards.................................................................................................................................57
CombiningStatements–Non‐MajorGovernmentalFunds:
CombiningBalanceSheet..........................................................................................................................................................58
CombiningStatementofRevenues,Expenditures,andChangesinFundBalances.........................................59
NotetotheSupplementaryInformation...........................................................................................................................................60
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
FortheFiscalYearEndedJune30,2015
TableofContents
OTHERINDEPENDENTAUDITORS’REPORTS
Page
IndependentAuditors'ReportonInternalControloverFinancialReportingandonCompliance
andOtherMattersBasedonanAuditofFinancialStatementsPerformedinAccordancewith
GovernmentAuditingStandards.....................................................................................................................................................61
IndependentAuditors'ReportonStateCompliance...................................................................................................................63
IndependentAuditors'ReportonComplianceForEachMajorFederalProgramandon
InternalControlOverComplianceRequiredbyOMBCircularA‐133...........................................................................65
FINDINGSANDQUESTIONEDCOSTS
ScheduleofAuditFindingsandQuestionedCosts:
SummaryofAuditors’Results......................................................................................................................................................67
CurrentYearAuditFindingsandQuestionedCosts...........................................................................................................68
SummaryScheduleofPriorAuditFindings...........................................................................................................................74
ManagementLetter....................................................................................................................................................................................79
FinancialSection
(Thispageintentionallyleftblank)
INDEPENDENTAUDITORS’REPORT
BoardofEducation
MountDiabloUnifiedSchoolDistrict
Concord,California
ReportontheFinancialStatements
Wehaveauditedtheaccompanyingfinancialstatementsofthegovernmentalactivities,eachmajorfund,and
theaggregateremainingfundinformationofMountDiabloUnifiedSchoolDistrict,asofandforthefiscalyear
ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the
District'sbasicfinancialstatementsaslistedinthetableofcontents.
Management’sResponsibilityfortheFinancialStatements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes the
design,implementation,andmaintenanceofinternalcontrolrelevanttothepreparationandfairpresentation
offinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.
Auditors'Responsibility
Ourresponsibilityistoexpressopinionsonthesefinancialstatementsbasedonouraudit.Weconductedour
auditinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica,thestandards
applicabletofinancialauditscontainedinGovernmentAuditingStandards,issuedbytheComptrollerGeneral
of the United States, and the 2014‐15 Guide for Annual Audits of K‐12 Local Education Agencies and State
Compliance Reporting. Those standards require that we plan and perform the audit to obtain reasonable
assuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.
Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthe
financialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentof
therisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthose
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accountingpoliciesusedandthereasonablenessofsignificantaccountingestimatesmadebymanagement,as
wellasevaluatingtheoverallpresentationofthefinancialstatements.
Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforour
auditopinions.
Opinions
Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,therespective
financial position of the governmental activities, each major fund, and the aggregate remaining fund
information of Mount Diablo Unified School District, as of June 30, 2015, and the respective changes in
financialpositionforthefiscalyearthenendedinaccordancewithaccountingprinciplesgenerallyaccepted
intheUnitedStatesofAmerica.
1
EmphasisofMatter
AsdiscussedinNote1.I.tothebasicfinancialstatements,theDistricthaschangeditsmethodforaccounting
and reporting for pensions during fiscal year 2014‐15 due to the adoption of Governmental Accounting
StandardsBoardStatementNo.68,"AccountingandFinancialReportingforPensions‐AnAmendmentofGASB
StatementNo.27"andNo.71,"PensionTransitionforContributionsMadeSubsequenttotheMeasurementDate‐
AnAmendmentofGASBStatementNo.68".Theadoptionofthesestandardsrequiredretrospectiveapplication
resultingina$244,576,005reductionofpreviouslyreportednetpositionatJuly1,2014.Ouropinionisnot
modifiedwithrespecttothismatter.
OtherMatters
RequiredSupplementaryInformation
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis on pages 3 through 10, budgetary comparison information on page 46, schedule of
funding progress on page 47, schedule of proportionate share of the net pension liability on page 48, and
schedule of contributions on page 49 be presented to supplement the basic financial statements. Such
information,althoughnotapartofthebasicfinancialstatements,isrequiredbytheGovernmentalAccounting
StandardsBoard,whoconsidersittobeanessentialpartoffinancialreportingforplacingthebasicfinancial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally
acceptedintheUnitedStatesofAmerica,whichconsistedofinquiriesofmanagementaboutthemethodsof
preparing the information and comparing the information for consistency with management’s responses to
ourinquiries,thebasicfinancialstatements,andotherknowledgeweobtainedduringourauditofthebasic
financialstatements.Wedonotexpressanopinionorprovideanyassuranceontheinformationbecausethe
limitedproceduresdonotprovideuswithsufficientevidencetoexpressanopinionorprovideanyassurance.
OtherInformation
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprisetheDistrict’sbasicfinancialstatements.Thesupplementaryinformationispresentedforpurposesof
additionalanalysisandisnotarequiredpartofthebasicfinancialstatements.Thescheduleofexpendituresof
federalawardsispresentedforpurposesofadditionalanalysisasrequiredbyU.S.OfficeofManagementand
Budget Circular A‐133, Audits of States, Local Governments, and Non‐Profit Organizations, and is also not a
requiredpartofthebasicfinancialstatements.Thesupplementaryinformationonpages52to54and56to59,
includingthescheduleofexpendituresoffederalawardsonpage57,aretheresponsibilityofmanagementand
were derived from and relate directly to the underlying accounting and other records used to prepare the
basic financial statements. Such information has been subjected to the auditing procedures applied in the
auditofthebasicfinancialstatementsandcertainadditionalprocedures,includingcomparingandreconciling
suchinformationdirectlytotheunderlyingaccountingandotherrecordsusedtopreparethebasicfinancial
statements or to the basic financial statements themselves, and other additional procedures in accordance
withauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica.Inouropinion,theinformationis
fairlystatedinallmaterialrespectsinrelationtothebasicfinancialstatementsasawhole.Theinformationon
pages51and55hasnotbeensubjectedtotheauditingproceduresappliedintheauditofthebasicfinancial
statementsandaccordingly,wedonotexpressanopinionorprovideanyassuranceonit.
OtherReportingRequiredbyGovernmentAuditingStandards
InaccordancewithGovernmentAuditingStandards,wehavealsoissuedourreportdatedDecember14,2015,
on our consideration of the District's internal control over financial reporting and on our tests of its
compliancewithcertainprovisionsoflaws,regulations,contracts,andgrantagreementsandothermatters.
Thepurposeofthatreportistodescribethescopeofourtestingofinternalcontroloverfinancialreporting
andcomplianceandtheresultsofthattesting,andnottoprovideanopiniononinternalcontroloverfinancial
reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the District's internal control over financial reporting and
compliance.
Murrieta,California
December14,2015
2
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
This discussion and analysis of Mount Diablo Unified School District’s financial performance provides an
overview of the District’s financial activities for the fiscal year ended June 30, 2015. Please read it in
conjunctionwiththeDistrict’sfinancialstatements,whichimmediatelyfollowthissection.
FINANCIALHIGHLIGHTS
 The District’s financial status decreased overall as a result of this year’s operations. Net position of
governmentalactivitiesdecreasedby$10.3million,or19.7%.
 Governmentalexpenseswereabout$356.2million.Revenueswereabout$345.9million.
 The District spent over $34.1 million on new capital assets during the year. These expenditures were
incurredprimarilyfromtheMeasureCbonds.
 The District decreased its outstanding long‐term debt by $57.3 million. This was primarily due to
reductionsinthenetpensionliability.
 GradesK‐12averagedailyattendance(ADA)decreasedby87,or(0.3)%.
OVERVIEWOFTHEFINANCIALSTATEMENTS
This annual report consists of three parts – management discussion and analysis (this section), the basic
financial statements, and required supplementary information. The basic financial statements include two
kindsofstatementsthatpresentdifferentviewsoftheDistrict:
 Thefirsttwostatementsaredistrict‐widefinancialstatementsthatprovidebothshort‐termandlong‐term
informationabouttheDistrict’soverallfinancialstatus.
 The remaining statements are fund financial statements that focus on individual parts of the District,
reportingtheDistrict’soperationsinmoredetailthanthedistrict‐widestatements.
 Thegovernmentalfundsstatementstellhowbasicserviceslikeregularandspecialeducationwere
financedintheshorttermaswellaswhatremainsforfuturespending.
 Short and long‐term financial information about the activities of the District that operate like
businesses(self‐insurancefunds)areprovidedintheproprietaryfundsstatements.
 Fiduciary funds statement provides information about the financial relationships in which the
Districtactssolelyasatrusteeoragentforthebenefitofotherstowhomtheresourcesbelong.
FigureA‐1.OrganizationofMountDiabloUnifiedSchoolDistrict’sAnnual
FinancialReport
Thefinancialstatementsalso
Management’s
Basic
include notes that explain
Required
Discussion
Financial
Supplementary
some of the information in
andAnalysis
Information
Information
the statements and provide
more detailed data. Figure
A‐1 shows how the various
parts of this annual report
District‐Wide
Fund
Notesto
are arranged and related to
Financial
Financial
Financial
oneanother.
Statements
Statements
Statements
DETAIL
SUMMARY
3
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
OVERVIEWOFTHEFINANCIALSTATEMENTS(continued)
FigureA‐2summarizesthemajorfeaturesoftheDistrict’sfinancialstatements,includingtheportionofthe
District’sactivitiestheycoverandthetypesofinformationtheycontain.
FigureA‐2.MajorFeaturesoftheDistrict‐WideandFundFinancialStatements
Typeof
Statements
District‐Wide
GovernmentalFunds
FiduciaryFunds
Scope
EntireDistrict,except
fiduciaryactivities
Theactivitiesofthe
Districtthatarenot
proprietaryorfiduciary,
suchasspecial
educationandbuilding
maintenance
Instancesinwhichthe
Districtadministers
resourcesonbehalfof
someoneelse,suchas
scholarshipprograms
andstudentactivities
monies
Requiredfinancial
statements
 StatementofNet
Position
 BalanceSheet
 StatementofFiduciary
NetPosition
 StatementofActivities
 Statementof
Revenues,
Expenditures&
ChangesinFund
Balances
 StatementofChanges
inFiduciaryNet
Position
Accountingbasisand Accrualaccountingand
measurementfocus
economicresourcesfocus
Modifiedaccrual
Accrualaccountingand
accountingandcurrent
economicresourcesfocus
financialresourcesfocus
Typeof
asset/liability
information
Allassetsandliabilities,
bothfinancialandcapital,
short‐termandlong‐term
Onlyassetsexpectedto
beusedupandliabilities
thatcomedueduring
theyearorsoon
thereafter;nocapital
assetsincluded
Allassetsandliabilities,
bothshort‐termandlong‐
term;TheDistrict’sfunds
donotcurrentlycontain
nonfinancialassets,
thoughtheycan
Typeof
inflow/outflow
information
Allrevenuesandexpenses
duringyear,regardlessof
whencashisreceivedor
paid
Revenuesforwhichcash
isreceivedduringor
soonaftertheendofthe
year;expenditureswhen
goodsorserviceshave
beenreceivedand
paymentisdueduring
theyearorsoon
thereafter
Allrevenuesand
expensesduringtheyear,
regardlessofwhencash
isreceivedorpaid
4
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
OVERVIEWOFTHEFINANCIALSTATEMENTS(continued)
Theremainderofthisoverviewsectionofmanagement’sdiscussionandanalysishighlightsthestructureand
contentsofeachofthestatements.
District‐WideStatements
The district‐wide statements report information about the District as a whole using accounting methods
similartothoseusedbyprivate‐sectorcompanies.ThestatementofnetpositionincludesalloftheDistrict’s
assetsandliabilities.Allofthecurrentyear’srevenuesandexpensesareaccountedforinthestatementof
activitiesregardlessofwhencashisreceivedorpaid.
Thetwodistrict‐widestatementsreporttheDistrict’snetpositionandhowithaschanged.Netposition–the
differencebetweentheDistrict’sassetsanddeferredoutflowsofresourcesandliabilitiesanddeferredinflows
ofresources–isonewaytomeasuretheDistrict’sfinancialhealth,orposition.
 Overtime,increasesanddecreasesintheDistrict’snetpositionareanindicatorofwhetheritsfinancial
positionisimprovingordeteriorating,respectively.
 ToassesstheoverallhealthoftheDistrict,youneedtoconsideradditionalnonfinancialfactorssuchas
changesintheDistrict’sdemographicsandtheconditionofschoolbuildingsandotherfacilities.
 In the district‐wide financial statements, the District’s activities are categorized as Governmental
Activities. MostoftheDistrict’sbasicservicesareincludedhere,suchasregularandspecialeducation,
transportation,andadministration.Propertytaxesandstateaidfinancemostoftheseactivities.
FundFinancialStatements
ThefundfinancialstatementsprovidemoredetailedinformationabouttheDistrict’smostsignificantfunds–
nottheDistrictasawhole.FundsareaccountingdevicestheDistrictusestokeeptrackofspecificsourcesof
fundingandspendingonparticularprograms:
 SomefundsarerequiredbyStatelawandbybondcovenants.
 TheDistrictestablishesotherfundstocontrolandmanagemoneyforparticularpurposes(likerepaying
itslong‐termdebt)ortoshowthatisproperlyusingcertainrevenues.
TheDistricthastwokindsoffunds:
1) Governmental funds – Most of the District’s basic services are included in governmental funds, which
generallyfocuson(1)howcashandotherfinancialassetsthatcanreadilybeconvertedtocashflowin
and out and (2) the balances left at year‐end that are available for spending. Consequently, the
governmental funds statements provide a detailed short‐term view that helps you determine whether
therearemoreorfewerfinancialresourcesthatcanbespentinthenearfuturetofinancetheDistrict’s
programs. Because this information does not encompass the additional long‐term focus of the district‐
wide statements, we provide additional information on a separate reconciliation page that explains the
relationship(ordifferences)betweenthem.
5
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
OVERVIEWOFTHEFINANCIALSTATEMENTS(continued)
FundFinancialStatements(continued)
2) Fiduciary funds – The District is the trustee, or fiduciary, for assets that belong to others, such as the
studentactivitiesfundsandretireebenefitsfund.TheDistrictisresponsibleforensuringthattheassets
reported in these funds are used only for their intended purposes and by those to whom the assets
belong. All of the District’s fiduciary activities are reported in a separate statement of fiduciary net
position. We exclude these activities from the district‐wide financial statements because the District
cannotusetheseassetstofinanceitsoperations.
FINANCIALANALYSISOFTHEDISTRICTASAWHOLE
NetPosition.TheDistrict’scombinednetpositionwasloweronJune30,2015,thanitwastheyearbefore–
decreasing19.7%to($62.5)million(SeeTableA‐1).
TableA‐1
Currentassets
Capitalassets
Totalassets
Totaldeferredoutflows
Currentliabilities
Long‐termliabilities
Totalliabilities
Totaldeferredinflows
Netposition
Netinvestmentincapitalassets
Restricted
Unrestricted
Totalnetposition
GovernmentalActivities
(Inmillions)
2015
2014*
$ 166.2
$ 194.7
563.1
549.7
729.3
744.4
27.1
26.1
43.2
45.8
719.6
776.9
762.8
822.7
56.1
‐
Variance
Increase
(Decrease)
$(28.5)
13.4
(15.1)
1.0
(2.6)
(57.3)
(59.9)
56.1
141.2
47.8
(251.5)
$ (62.5)
9.1
(4.5)
(14.9)
$(10.3)
132.1
52.3
(236.6)
$ (52.2)
*Restated
Changesinnetposition,governmentalactivities.TheDistrict’stotalrevenuesincreased5.8%to$345.9
million(SeeTableA‐2).TheincreaseisdueprimarilytoincreasesinstateaidfromLCFF.
The total cost of all programs and services increased 6.9% to $356.2 million. The District’s expenses are
predominantlyrelatedtoeducatingandcaringforstudents,77.1%.Thepurelyadministrativeactivitiesofthe
District accounted for just 3.2% of total costs. A significant contributor to the increase in costs was
instructionrelatedcosts.
TableA‐2
TotalRevenues
TotalExpenses
Increase(decrease)innetposition
GovernmentalActivities
(Inmillions)
2015
2014
$ 345.9
$ 327.1
356.2
333.2
$ (10.3)
$ (6.1)
Variance
Increase
(Decrease)
$18.8
23.0
$(4.2)
6
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
FINANCIALANALYSISOFTHEDISTRICT’SFUNDS
The financial performance of the District as a whole is reflected in its governmental funds as well. As the
District completed this year, its governmental funds reported a combined fund balance of $129.6 million,
which is below last year’s ending fundbalanceof$155.6million.Theprimarycauseofthedecreasedfund
balanceisongoingexpendituresrelatedtothemodernizationprogram.
GeneralFundBudgetaryHighlights
Overthecourseoftheyear,theDistrictrevisedtheannualoperatingbudgetseveraltimes.Themajorbudget
amendmentsfallintothesecategories:
 Revenues–increasedby$21.8millionprimarilytoreflectfederalandstatebudgetactions.
 Salariesandbenefitscosts–increased$4.7millionduetostaffingandcollectivebargainingchanges.
 Other non‐personnel expenses – increased $38.6 million to re‐budget carryover funds and revise
operationalcostestimates.
WhiletheDistrict’sfinalbudgetfortheGeneralFundanticipatedthatexpenditureswouldexceedrevenuesby
about$30.8million,theactualresultsfortheyearshowthatrevenuesexceededexpendituresbyroughly$9.0
million. Actual revenues were $6.2 million less than anticipated, but expenditures were $46.1 million less
thanbudgeted.Thatamountconsistsprimarilyofrestrictedcategoricalprogramdollarsthatwerenotspent
asofJune30,2015thatwillbecarriedoverintothe2015‐16budget.
CAPITALASSETANDDEBTADMINISTRATION
CapitalAssets
By the end of 2014‐15 the District had invested $34.1 million in new capital assets, related to ongoing
expenditures related to the District's ongoing modernization program. (More detailed information about
capitalassetscanbefoundinNote6tothefinancialstatements).Totaldepreciationexpensefortheyearwas
nearly$20.8million.
TableA‐3:CapitalAssetsatYear‐End,NetofDepreciation
GovernmentalActivities
Variance
(Inmillions)
Increase
2015
2014
(Decrease)
Land
$14.4
$14.4
$‐
Improvementofsites
92.5
94.8
(2.3)
Buildings
345.6
340.0
5.6
Equipment
3.3
3.7
(0.4)
Constructioninprogress
107.3
96.8
10.5
Total
$ 563.1
$ 549.7
$13.4
7
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
CAPITALASSETANDDEBTADMINISTRATION(continued)
Long‐TermDebt
Atyear‐endtheDistricthad$719.6millioninlong‐termdebt–adecreaseof7.4%fromlastyear–asshown
inTableA‐4.(MoredetailedinformationabouttheDistrict’slong‐termliabilitiesispresentedinNote7tothe
financialstatements).
TableA‐4:OutstandingLong‐TermDebtatYear‐End
Variance
GovernmentalActivities
Increase
(Inmillions)
2015
2014*
(Decrease)
Generalobligationbonds
$ 466.5
$ 476.7
$(10.2)
Constructionloan
4.5
4.8
(0.3)
Capitalleases
1.2
1.7
(0.5)
Compensatedabsences
3.2
3.0
0.2
Netpensionliability
206.5
259.5
(53.0)
Otherpostemploymentbenefits
37.7
31.2
6.5
Total
$ 719.6
$ 776.9
$(57.3)
*Restated
FACTORSBEARINGONTHEDISTRICT’SFUTURE
Overview
On June 16, 2015, the Governor, the Senate President pro Tempore, and the Speaker of the Assembly
announcedabudgetagreement.TheLegislaturepassedthebudgetbillandrelatedlegislationonFriday,June
19.Thebudgetagreementreliesontheadministration’sMay2015estimatesof(1)GeneralFundrevenues,
(2)theProposition98minimumguaranteeforschoolsandcommunitycolleges,and(3)budgetreserveand
debtpaymentrequirementsunderProposition2.Schoolandcommunitycollegefundingisthecenterpieceof
the agreement, as administration estimates of the Proposition 98 minimum guarantee have increased
substantially over June 2014 levels. With savings resulting from (1) rejection of various administration
proposals,(2)anerrorintheadministration’sMedi‐Calestimates,(3)legislativechangesmadetotheMiddle‐
Class Scholarship Program, and (4) other legislative actions, the agreement makes modest augmentations
outsideofProposition98aboveMayRevisionlevels.
2015‐16toEndWith$4.6BillioninEstimatedTotalReserves
Thebudgetagreementassumes$115billioninrevenues,a3.3percentincreaseover2014‐15.(Thistotalis
netofthe$1.9billiondepositintheProposition2BudgetStabilizationAccount[BSA].)Thestate’s“bigthree”
General Fund taxes—the personal income tax, sales and use tax, and corporation tax—are estimated to
increase at a slightly higher rate (4 percent). General Fund revenue growth was much higher in 2014‐15,
increasing at a very healthy 7.7 percent rate. General Fund spending is largely flat across 2014‐15 and
2015‐16,increasingatonly0.8percent.Growthinongoingprogrammaticspending,however,ismaskedby
various one‐time actions, including one‐time spending in 2014‐15 on debt payments and mandate backlog
claims,andtheendofthe“tripleflip”mechanismusedtofinancethestate’spriordeficitfinancingbonds.The
budgetends2015‐16with$4.6billioninestimatedtotalreserves,including$1.1billionintheSpecialFund
forEconomicUncertainties—thestate’straditionalbudgetreserve—and$3.5billionintheBSA.
8
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
FACTORSBEARINGONTHEDISTRICT’SFUTURE(continued)
Proposition98
SubstantialUpwardRevisionstoEstimatesofProposition98MinimumGuarantee
State budgeting for preschool, elementary and secondary schools, and the California Community Colleges
(CCC) is based primarily on Proposition 98, approved by voters in 1988. Proposition 98 established a
minimumfundingrequirementcommonlycalledtheminimumguarantee.Theestimateofthe2013‐14and
2014‐15minimumguaranteeshaveincreased$612millionand$5.4billion,respectivelyfromtheJune2014
estimates.Theestimateofthe2015‐16minimumguaranteeis$7.6billion(12percent)higherthanthe2014‐
15BudgetActlevel.Theseincreasesintheguaranteearedueprimarilytostaterevenuesbeinghigherthan
assumedinlastyear’sbudgetpackage.Thebudgetpackagefundsattheselatestestimatesoftheminimum
guarantees.
LargeUpward2014‐15AdjustmentsResultinRelativelyModestYear‐Over‐YearGrowth
Growthfromtherevised2014‐15levelto2015‐16is$2.1billion(3percent).Thisrelativelymodestgrowth
isduetothelargeupwardrevisionto2014‐15notedabove.In2015‐16,totalProposition98fundingis$68.4
billion. Of this amount, $49.4 billion is General Fund and $19 billion is local property tax revenue. The
notableincreaseinlocalpropertytaxrevenuefrom2014‐15to2015‐16($2.3billion,14percent)isduein
largeparttotheendofthetripleflipandtheshiftofassociatedlocalpropertytaxrevenuebackfromcities,
counties,andspecialdistrictstoschoolandcommunitycollegedistricts.Growthinlocalpropertytaxrevenue
is slightly greater than growth in the Proposition 98 minimum guarantee, resulting in a slight reduction in
Proposition98GeneralFundfrom2014‐15to2015‐16.
Per‐StudentFundingIncreasesSignificantly
Under the budget package, K‐12 per‐student funding increases on average, based on district demographics,
fromthe2014‐15BudgetActlevelof$8,931to$9,942in2015‐16—anincreaseof$1,011(11percent).
BudgetPackageContainsManySpendingChanges
ThebudgetaccountsforhigherLocalControlFundingFormula(LCFF)costsandusestheremainingfunding
increase for paying down the K‐14 mandate backlog. In addition to these changes, the budget package
includes a $256 million settle‐up payment related to meeting the Proposition 98 minimum guarantee for
2006‐07 and 2009‐10 and $207 million in unspent prior‐year Proposition 98 funds that have been
repurposed.
PackageNotablyReducesOutstandingK‐14Obligations
The budget package includes the following K‐14 actions, all of which reduce the state’s outstanding K‐14
obligations.
 Pays Down Mandate Backlog. The budget package includes $3.8 billion to pay down the K‐14
mandate backlog ($3.2 billion is for the K‐12 backlog and $632 million for the CCC backlog). After
accountingforthesepayments,theLAOestimatestheoutstandingK‐14mandatebacklogtobe$1.5
billion($1.2billionforschoolsandabout$300millionforcommunitycolleges).
 RetiresAllK‐14PaymentDeferrals.Asrequiredbytrailerlegislationenactedlastyear,thebudget
packageprovides$992milliontoeliminateallremainingK‐14paymentdeferrals.Thebudgetyear
willbethefirstfiscalyearsince2000‐01thatthestateissettomakeallK‐14paymentsontime.
 PaysOffEmergencyRepairProgram(ERP)Obligation.Thebudgetincludes$273millionforthe
finalERPpayment.Statuterequiresthestatetoprovideatotalof$800milliontoschooldistrictsfor
emergency facility repairs, and the state has provided $527 million to date. (Of the $273 million,
$145 million comes from a settle‐up payment and $128 million comes from unspent prior‐year
Proposition98funds.)
9
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
Management’sDiscussionandAnalysis(Unaudited)
FortheFiscalYearEndedJune30,2015
FACTORSBEARINGONTHEDISTRICT’SFUTURE(continued)
K‐12Education
LargeIncreaseforLocalControlFundingFormula(LCFF)
The largest single augmentation in the state budget is $6.0 billion for implementing the LCFF for school
districtsandcharterschools—bringingtotalLCFFfundingto$52billion.Thisreflectsa13percentyear‐over‐
year increase in LCFF funding. The administration estimates this funding will close 52 percent of the
remaining gap to LCFF target rates. The budget funds 90 percent of the estimated statewide full LCFF
implementationcost.SchooldistrictsandcharterschoolsmayuseLCFFmoniesforanyeducationalpurpose,
includingimplementationoftheirLocalControlandAccountabilityPlans.
NewSecondarySchoolCareerTechnicalEducation(CTE)CompetitiveGrantProgram
Thebudgetpackageincludes$900millioninone‐timefundingforathree‐yearcompetitivegrantprogramto
promotehigh‐qualityCTE.Ofthisamount,$400millionisprovidedin2015‐16,$300millionin2016‐17,and
$200 million in2017‐18.Schooldistricts,countyofficesofeducation(COEs),charterschools,andRegional
Occupational Centers and Programs operated by joint powers agencies (JPAs) may apply for grants,
individually or in consortia. The program provides separate pools of funding for large, medium‐sized, and
smallapplicants,basedonapplicants’averagedailyattendance(ADA)ingrades7‐12.Specifically,88percent
ofthefundingisreservedforapplicantswithADAgreaterthan550,8percentisreservedforapplicantswith
ADA between 140 and 550, and 4 percent is reserved for applicants with less than 140 ADA. The
SuperintendentofPublicInstruction(SPI),incollaborationwiththeexecutivedirectoroftheStateBoardof
Education(SBE),willdeterminethenumberofgrantstobeawardedandspecificgrantamounts.
PackageofSpecialEducationActions
Thebudgetincludes$67millionforapackageofspecialeducation‐relatedactivities.Ofthe$67million,$52
million is ongoing and $15 million is one time. The largest ongoing augmentation in this package is for
expandingservicesforinfants,toddlers,andpreschoolerswithdisabilitiesaswellasrequiringpreschoolstaff
training and parent education relating to identifying and meeting preschoolers’ special needs. The largest
one‐timeaugmentationisforoneortwoCOEstodevelopstatewideresourcesandtrainingopportunitiesfor
addressingstudents’diverseinstructionalandbehavioralneeds.
SecondRoundofInternetInfrastructureGrants
The budget includes $50 million in one‐time funding for the second round of Broadband Internet
Infrastructure Grants. The K‐12 High Speed Network is to award grants to schools that cannot administer
onlinetestsorcanonlyadministerthetestsbyshuttingdownotheressentialonlineactivitiessuchasemail.
Grants may be used to purchase Internet infrastructure. The Department of Finance (DOF) must approve
projectsresultingincostsexceeding$1,000pertest‐takingpupil.
All of these factors were considered in preparing the Mount Diablo Unified School District budget for the
2015‐16fiscalyear.
CONTACTINGTHEDISTRICT’SFINANCIALMANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors
with a general overview of the District’s finances and to demonstrate the District’s accountability for the
money it receives. If you have any questions about this report or need additional financial information,
contact the District’s Business Office at Mount Diablo Unified School District, 1936 Carlotta Drive, Concord,
California,94519.
10
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
StatementofNetPosition
June30,2015
Total
Governmental
Activities
ASSETS
Cash
Investments
Accountsreceivable
Inventories
Prepaidexpenses
Non‐depreciablecapitalassets
Depreciablecapitalassets
Less,accumulateddepreciation
Totalassets
$ 136,627,278
14,614,406
14,469,268
454,138
3,500
121,735,801
695,764,189
(254,426,569)
729,242,011
DEFERREDOUTFLOWSOFRESOURCES
Pensioncontributionssubsequenttomeasurementdate
Deferredamountsonrefunding
Totaldeferredoutflowsofresources
16,820,636
10,284,286
27,104,922
LIABILITIES
Cashoverdraft
Accountspayable
Unearnedrevenue
Longtermliabilities:
Dueorpayablewithinoneyear
Dueorpayableafteroneyear
Totalliabilities
6,135,656
36,103,161
941,843
13,676,602
705,907,131
762,764,393
DEFERREDINFLOWSOFRESOURCES
Netdifferencesbetweenprojectedandactualearnings
onplaninvestments
Adjustmentduetodifferencesinproportions
Totaldeferredinflowsofresources
NETPOSITION
Netinvestmentincapitalassets
Restrictedfor:
Capitalprojects
Debtservice
Categoricalprograms
Unrestricted
55,237,778
819,778
56,057,556
141,220,512
8,063,587
24,574,120
15,137,312
(251,470,547)
Totalnetposition
$(62,475,016)
Thenotestofinancialstatementsareanintegralpartofthisstatement.
11
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
StatementofActivities
FortheFiscalYearEndedJune30,2015
Functions/Programs
GovernmentalActivities
InstructionalServices:
Instruction
Instruction‐RelatedServices:
Supervisionofinstruction
Instructionallibrary,mediaandtechnology
Schoolsiteadministration
PupilSupportServices:
Home‐to‐schooltransportation
Foodservices
Allotherpupilservices
GeneralAdministrationServices:
Dataprocessingservices
Othergeneraladministration
PlantServices
AncillaryServices
CommunityServices
EnterpriseActivities
InterestonLong‐termDebt
OtherOutgo
TotalGovernmentalActivities
ProgramRevenues
Operating
Grantsand
Contributions
Capital
Grantsand
Contributions
Net(Expense)
Revenueand
Changesin
NetPosition
Expenses
Chargesfor
Services
$196,389,034
$59,681
$38,702,638
$1,746
$(157,624,969)
13,099,640
4,013,216
22,670,387
3,897
6,222
1,858
5,148,620
375,100
565,634
‐
‐
‐
(7,947,123)
(3,631,894)
(22,102,895)
9,588,477
12,881,350
16,114,475
3,250
2,883,696
58,626
592,373
9,363,657
5,314,389
‐
‐
‐
(8,992,854)
(633,997)
(10,741,460)
2,743,776
8,753,362
45,313,413
1,420,813
26,949
31
20,332,668
2,848,424
2,322
103,870
701,407
27,217
13
‐
‐
3,513
74,025
1,634,429
5,740,728
216,872
5,730
‐
‐
883,386
‐
‐
‐
‐
‐
‐
‐
‐
(2,667,429)
(7,015,063)
(38,871,278)
(1,176,724)
(21,206)
(31)
(20,332,668)
(1,961,525)
$356,196,015
$3,855,572
$68,617,581
$1,746
(283,721,116)
GeneralRevenues:
Propertytaxes
Federalandstateaidnotrestrictedtospecificpurpose
Interestandinvestmentearnings
Miscellaneous
Totalgeneralrevenues
142,244,787
120,393,858
356,939
10,440,166
273,435,750
Changeinnetposition
(10,285,366)
Netposition‐July1,2014,asoriginallystated
192,386,355
Adjustmentforrestatements(Note1.I.)
(244,576,005)
Netposition‐July1,2014,asrestated
(52,189,650)
Netposition‐June30,2015
$(62,475,016)
Thenotestofinancialstatementsareanintegralpartofthisstatement.
12
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
BalanceSheet–GovernmentalFunds
June30,2015
General
Fund
Building
Fund
BondInterest
andRedemption
Fund
Non‐Major
Governmental
Funds
Total
Governmental
Funds
$85,273,578
1,484,978
11,412,000
2
427,936
3,500
$20,850,877
‐
8,441
13
‐
‐
$24,567,059
‐
7,061
‐
‐
‐
$5,935,764
13,129,428
2,029,705
10,261
26,202
‐
$ 136,627,278
14,614,406
13,457,207
10,276
454,138
3,500
$98,601,994
$20,859,331
$24,574,120
$21,131,360
$ 165,166,805
Liabilities
Cashoverdraft
Accountspayable
Duetootherfunds
Unearnedrevenue
$ ‐
26,128,476
10,274
941,843
$ ‐
1,781,383
‐
‐
$ ‐
‐
‐
‐
$6,135,656
594,678
2
‐
$ 6,135,656
28,504,537
10,276
941,843
TotalLiabilities
27,080,593
1,781,383
‐
6,730,336
35,592,312
736,436
12,179,404
‐
19,110,390
39,495,171
‐
19,077,948
‐
‐
‐
‐
24,574,120
‐
‐
‐
26,202
13,080,640
1,294,182
‐
‐
762,638
68,912,112
1,294,182
19,110,390
39,495,171
TotalFundBalances
71,521,401
19,077,948
24,574,120
14,401,024
129,574,493
TotalLiabilitiesandFundBalances
$98,601,994
$20,859,331
$24,574,120
$21,131,360
$165,166,805
ASSETS
Cash
Investments
Accountsreceivable
Duefromotherfunds
Inventories
Prepaidexpenditures
TotalAssets
LIABILITIESANDFUNDBALANCES
FundBalances
Nonspendable
Restricted
Committed
Assigned
Unassigned
Thenotestofinancialstatementsareanintegralpartofthisstatement.
13
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ReconciliationoftheGovernmentalFundsBalanceSheettotheStatementofNetPosition
June30,2015
Totalfundbalances‐governmentalfunds
$ 129,574,493
Amountsreportedforgovernmentalactivities inthestatementofnetpositionaredifferentbecausecapital
assetsusedforgovernmentalactivitiesarenotfinancialresourcesandthereforearenotreportedasassetsin
governmentalfunds.Thecostoftheassetsis$817,499,990,andtheaccumulateddepreciationis
($254,426,569).
563,073,421
Ingovernmentalfunds,postemploymentbenefitscostsarerecognizedasexpendituresintheperiodtheyare
paid.Inthegovernment‐widestatements,postemploymentbenefitscostsarerecognizedintheperiodthat
theyareincurred.ThenetOPEBliabilityattheendoftheperiodwas:
(37,651,743)
Ingovernmentalfunds,onlycurrentliabilitiesarereported.Inthestatementofnetposition,allliabilities,
includinglong‐termliabilities,arereported.Long‐termliabilitiesrelatingtogovernmentalactivitiesconsist
of:
Generalobligationbondspayable
(466,501,430)
Constructionloanpayable
(4,545,225)
Capitalleasespayable
(1,190,281)
Netpensionliability
(206,457,458)
Compensatedabsencespayable
(3,237,596)
(681,931,990)
Deferredamountsonrefundingrepresentamountpaidtoanescrowagentinexcessoftheoutstandingdebtat
thetimeofthepaymentforrefundedbondswhichhavebeendefeased.Inthegovernment‐widestatementsit
isrecognizedasadeferredoutflowofresources.Theremainingdeferredamountsonrefundingattheendof
theperiodwere:
10,284,286
Ingovernmentalfunds,interestsubsidiesreceivedfromthefederalgovernmentarerecognizedintheperiod
thattheyarereceived.Inthegovernment‐widestatements,theyarerecognizedintheperiodinwhichthey
areearned.
1,012,061
Ingovernmentalfunds,deferredoutflowsandinflowsofresourcesrelatingtopensionsarenotreported
becausetheyareapplicabletofutureperiods.Inthestatementofnetposition,deferredoutflowsandinflows
ofresourcesrelatingtopensionsarereported.Deferredoutflowsandinflowsofresourcesrelatingtopensions
consistof:
Deferredoutflows
Deferredinflows
16,820,636
(56,057,556)
Ingovernmentalfunds,interestonlong‐termdebtisnotrecognizeduntiltheperiodinwhichitmaturesandis
paid.Inthegovernment‐widestatementofactivities,itisrecognizedintheperiodthatitisincurred.The
additionalliabilityforunmaturedinterestowingattheendoftheperiodwas:
(7,598,624)
Totalnetposition‐governmentalactivities
$ (62,475,016)
Thenotestofinancialstatementsareanintegralpartofthisstatement.
14
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
StatementofRevenues,Expenditures,andChangesinFundBalances–GovernmentalFunds
FortheFiscalYearEndedJune30,2015
General
Fund
Building
Fund
BondInterest
andRedemption
Fund
Non‐Major
Governmental
Funds
Total
Governmental
Funds
REVENUES
LCFFsources
$222,626,709
$‐
$‐
$‐
$222,626,709
Federalsources
20,477,079
‐
2,082,240
9,917,098
32,476,417
Otherstatesources
43,949,387
‐
277,647
756,553
44,983,587
Otherlocalsources
14,833,542
115,753
29,332,689
7,070,782
51,352,766
301,886,717
115,753
31,692,576
17,744,433
351,439,479
191,602,811
‐
‐
3,240,955
194,843,766
TotalRevenues
EXPENDITURES
Current:
Instruction
Instruction‐relatedservices:
Supervisionofinstruction
12,724,248
‐
‐
445,984
13,170,232
Instructionallibrary,mediaandtechnology
3,871,317
‐
‐
100,082
3,971,399
Schoolsiteadministration
20,868,863
‐
‐
1,678,695
22,547,558
Pupilsupportservices:
Home‐to‐schooltransportation
9,747,833
‐
‐
‐
9,747,833
Foodservices
1,363
‐
‐
12,870,653
12,872,016
15,502,938
‐
‐
17,029
15,519,967
Ancillaryservices
Allotherpupilservices
1,441,559
‐
‐
‐
1,441,559
Communityservices
6,289
‐
‐
‐
6,289
Enterpriseactivities
32
‐
‐
‐
32
Generaladministrationservices:
Dataprocessingservices
2,780,700
‐
‐
‐
2,780,700
Othergeneraladministration
8,391,645
‐
‐
44,767
8,436,412
Plantservices
22,111,775
‐
‐
1,864,762
23,976,537
Transfersofindirectcosts
(582,745)
‐
‐
582,745
‐
Intergovernmentaltransfers
2,848,424
‐
‐
‐
2,848,424
Capitaloutlay
1,022,534
33,037,378
‐
770,543
34,830,455
Debtservice:
Principal
465,477
‐
12,120,000
294,935
12,880,412
Interest
42,122
‐
17,594,361
‐
17,636,483
292,847,185
33,037,378
29,714,361
21,911,150
377,510,074
9,039,532
(32,921,625)
1,978,215
(4,166,717)
(26,070,595)
Interfundtransfersin
‐
‐
‐
3,276,196
3,276,196
Interfundtransfersout
(3,276,196)
‐
‐
‐
(3,276,196)
TotalOtherFinancingSourcesandUses
(3,276,196)
‐
‐
3,276,196
‐
NetChangeinFundBalances
5,763,336
(32,921,625)
1,978,215
(890,521)
(26,070,595)
FundBalances,July1,2014
65,758,065
51,999,573
22,595,905
15,291,545
155,645,088
FundBalances,June30,2015
$71,521,401
$19,077,948
$24,574,120
$14,401,024
$129,574,493
TotalExpenditures
Excess(Deficiency)ofRevenues
Over(Under)Expenditures
OTHERFINANCINGSOURCES(USES)
Thenotestofinancialstatementsareanintegralpartofthisstatement.
15
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ReconciliationoftheGovernmentalFundsStatementofRevenues,Expenditures,andChanges
inFundBalancestotheStatementofActivities
FortheFiscalYearEndedJune30,2015
Totalnetchangeinfundbalances‐governmentalfunds
$(26,070,595)
Amountsreportedforgovernmentalactivities inthestatementofactivitiesaredifferentbecause:
Capitaloutlaysarereportedingovernmentalfundsasexpenditures.However,inthestatementofactivities,
thecostofthoseassetsisallocatedovertheirestimatedusefullivesasdepreciationexpense.Thedifference
betweencapitaloutlayexpendituresanddepreciationexpensefortheperiodis:
Expendituresforcapitaloutlay
34,137,247
Depreciationexpense
(20,794,932)
13,342,315
Ingovernmentalfunds,repaymentsoflong‐termdebtarereportedasexpenditures.Inthegovernment‐wide
statements,repaymentsoflong‐termdebtarereportedasreductionofliabilities.Expendituresforrepayment
oftheprincipalportionoflong‐termdebtwere:
12,880,412
Ingovernmentalfunds,postemploymentbenefitscostsarerecognizedasexpendituresintheperiodtheyare
paid.Inthegovernment‐widestatements,postemploymentbenefitscostsarerecognizedintheperiodthat
theyareincurred.TheincreaseinthenetOPEBliabilityattheendoftheperiodwas:
(6,427,350)
Ingovernmentalfunds,ifdebtisissuedatapremiumoratadiscount,thepremiumordiscountisrecognized
asanotherfinancingsourceoranotherfinancinguseintheperioditisincurred.Inthegovernment‐wide
statements,thepremiumordiscountisamortizedoverthelifeofthedebt.Amortizationofpremiumsforthe
periodis:
1,928,492
Ingovernmentalfunds,interestonlong‐termdebtisrecognizedintheperiodthatitbecomesdue.Inthe
government‐widestatementofactivities,itisrecognizedintheperiodthatitisincurred.Unmaturedinterest
owingattheendoftheperiod,lessmaturedinterestpaidduringtheperiod,butowingfromthepriorperiod,
was:
128,285
Ingovernmentalfunds,accretedinterestoncapitalappreciationbondsisnotrecordedasanexpenditurefrom
currentresources.Inthegovernment‐widestatementofactivities,however,thisisrecordedasinterest
expensefortheperiod.Accretedinterestfortheperiodwas:
(3,887,219)
Deferredamountsonrefundingrepresentamountspaidtoanescrowagentinexcessoftheoutstandingdebt
atthetimeofthepaymentforrefundedbondswhichhavebeendefeased.Inthestatementofactivitiesthese
amountsareamortizedovertheshorterofthelifeoftherefundedbondsortherefundingbonds.Thecurrent
yearamortizationwas:
(865,744)
Ingovernmentfunds,pensioncostsarerecognizedwhenempoyercontributionsaremade.Inthestatementof
activities,pensioncostsarerecognizedontheaccrualbasis.Thisyear,thedifferencebetweenaccrual‐basis
pensioncostsandactualemployercontributionswas:
(1,118,373)
Inthestatementofactivities,compensatedabsencesaremeasuredbytheamountsearnedduringtheyear.In
thegovernmentalfunds,however,expendituresfortheseitemsaremeasuredbytheamountoffinancial
resourcesused(essentially,theamountsactuallypaid).
(195,589)
Changeinnetpositionofgovernmentalactivities
$(10,285,366)
Thenotestofinancialstatementsareanintegralpartofthisstatement.
16
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
StatementofFiduciaryNetPosition
June30,2015
Trust
Fund
Private‐Purpose
TrustFund
AgencyFunds
DebtServiceFund
Student
forSpecial
BodyFunds
AssessmentDebt
ASSETS
Cash
Investments
Accountsreceivable
$5,874
49,000
2
$ 1,232,665
‐
‐
$3,026,535
10,660,686
625
TotalAssets
54,876
$ 1,232,665
$13,687,846
LIABILITIES
Duetobondholders
Duetostudentgroups
‐
‐
$ ‐
1,232,665
$13,687,846
‐
TotalLiabilities
‐
$ 1,232,665
$13,687,846
NETPOSITION
Restricted
$ 54,876
Thenotestofinancialstatementsareanintegralpartofthisstatement.
17
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
StatementofChangesinFiduciaryNetPosition
FortheFiscalYearEndedJune30,2015
Trust
Fund
Private‐Purpose
TrustFund
ADDITIONS
Interest
$387
Changeinnetposition
387
Netposition‐July1,2014
54,489
Netposition‐June30,2015
$54,876
Thenotestofinancialstatementsareanintegralpartofthisstatement.
18
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES
MountDiabloUnifiedSchoolDistrict(the"District")accountsforitsfinancialtransactionsinaccordancewith
thepoliciesandproceduresoftheCaliforniaDepartmentofEducation'sCaliforniaSchoolAccountingManual.
The accounting policies of the District conform to accounting principles generally accepted in the United
States of America as prescribed by the Governmental Accounting Standards Board. The following is a
summaryofthemoresignificantpolicies:
A. ReportingEntity
A reporting entity is comprised of the primary government, component units, and other organizations
thatareincludedtoensurethefinancialstatementsarenotmisleading.Theprimarygovernmentofthe
Districtconsistsofallfunds,departments,andagenciesthatarenotlegallyseparatefromtheDistrict.For
MountDiabloUnifiedSchoolDistrict,thisincludesgeneraloperations,foodservice,andstudentrelated
activitiesoftheDistrict.
Component units are legally separate organizations for which the District is financially accountable.
Component units may also include organizations that are fiscally dependent on the District, in that the
District approves their budget, the issuance of their debt or the levying of their taxes. In addition,
component units are other legally separate organizations for which the District is not financially
accountablebutthenatureandsignificanceoftheorganization'srelationshipwiththeDistrictissuchthat
exclusionwouldcausetheDistrict'sfinancialstatementstobemisleadingorincomplete.
Forfinancialreportingpurposes,thecomponentunitshaveafinancialandoperationalrelationshipwhich
meets the reporting entity definition criteria of the Governmental Accounting Standards Board (GASB)
StatementNo.14,TheFinancialReportingEntity,andthusareincludedinthefinancialstatementsusing
theblendedpresentationmethodasiftheywerepartoftheDistrict'soperationsbecausethegoverning
boardofthecomponentunitsisessentiallythesameasthegoverningboardoftheDistrictandbecause
theirpurposeistofinancetheconstructionoffacilitiestobeusedforthedirectbenefitoftheDistrict.
The Mount Diablo Unified School District Education Facilities Financing Corporation (the Corporation)
financialactivityispresentedinthefinancialstatementsastheCapitalProjectsforBlendedComponent
Units Fund and the Debt Service for Blended Component Units Fund. Certificates of participation and
other debt issued by Corporation are included as long‐term liabilities in the government‐widefinancial
statements.IndividuallypreparedfinancialstatementsarenotpreparedfortheCorporation.
B. BasisofPresentation,BasisofAccounting
1. BasisofPresentation
Government‐WideFinancialStatements
Thestatementofnetpositionandthestatementofactivitiesdisplayinformationabouttheprimary
government(theDistrict)anditscomponentunits.Thesestatementsincludethefinancialactivities
oftheoverallgovernment,exceptforfiduciaryactivities.Eliminationshavebeenmadetominimize
the double‐counting of internal activities. Governmental activities generally are financed through
taxes,intergovernmentalrevenues,andothernonexchangetransactions.
19
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
B. BasisofPresentation,BasisofAccounting(continued)
1. BasisofPresentation(continued)
Government‐WideFinancialStatements(continued)
Thestatementofactivitiespresentsacomparisonbetweendirectexpensesandprogramrevenuesfor
eachfunctionoftheDistrict'sgovernmentalactivities.Directexpensesarethosethatarespecifically
associatedwithaprogramorfunctionand,therefore,areclearlyidentifiabletoaparticularfunction.
Program revenues include (a) fees, fines, and charges paid by the recipients of goods or services
offered by the programs and (b) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular program. Revenues that are not classified as
programrevenues,includingalltaxes,arepresentedasgeneralrevenues.
FundFinancialStatements
ThefundfinancialstatementsprovideinformationabouttheDistrict'sfunds,includingitsfiduciary
funds (and blended component units). Separate statements for each fund category ‐ governmental
andfiduciary‐arepresented.Theemphasisoffundfinancialstatementsisonmajorgovernmental
funds, each displayed in a separate column. All remaining governmental and enterprise funds are
aggregatedandreportedasnonmajorfunds.
MajorGovernmentalFunds
TheDistrictreportsthefollowingmajorgovernmentalfunds:
GeneralFund:Thisfundisusedtoaccountforandreportallfinancialresourcesnotaccounted
forandreportedinanotherfund.
BuildingFund:Thisfundisusedtoaccountfortheacquisitionofmajorgovernmentalcapital
facilitiesandbuildingsfromthesaleofgeneralobligationbonds.
Bond Interest and Redemption Fund: This Fund is used to account for the accumulation of
resourcesfor,andtherepaymentof,Districtbonds,interest,andrelatedcosts.
Non‐MajorGovernmentalFunds
TheDistrictreportsthefollowingnon‐majorgovernmentalfunds:
SpecialRevenueFunds:
Adult Education Fund: This fund is used to account for resources committed to adult
educationprogramsmaintainedbytheDistrict.
CafeteriaFund:Thisfundisusedtoaccountforrevenuesreceivedandexpendituresmade
tooperatetheDistrict'sfoodserviceoperations.
Deferred Maintenance Fund: This fund is used to account for resources committed to
majorrepairorreplacementofDistrictproperty.
20
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
B. BasisofPresentation,BasisofAccounting(continued)
1. BasisofPresentation(continued)
Non‐MajorGovernmentalFunds(continued)
CapitalProjectsFunds:
CapitalFacilitiesFund:Thisfundisusedtoaccountforresourcesreceivedfromdeveloper
impactfeesassessedunderprovisionsoftheCaliforniaEnvironmentalQualityAct.
County School Facilities Fund: This fund is used to account for state apportionments
providedformodernizationofschoolfacilitiesunderSB50.
CapitalProjectsFundforBlendedComponentUnits:Thisfundisusedtoaccountforthe
activityoftheCommunityFacilitiesDistricts.
FiduciaryFunds
Fiduciary fund reporting focuses on net position and changes in net position. Fiduciary funds are
usedtoreportassetsheldinatrusteeoragencycapacityforothersandthereforecannotbeusedto
support the District’s own programs. The fiduciary fund category includes pension (and other
employeebenefit)trustfunds,investmenttrustfunds,private‐purposetrustfunds,andagencyfunds.
TheDistrictmaintainsthefollowingfiduciaryfunds:
FoundationPrivate‐PurposeTrustFund:Thisfundisusedtoaccountseparatelyforgiftsor
bequests per Education Code Section 41031 that benefit individuals, private organizations, or
othergovernmentsandunderwhichneitherprincipalnorincomemaybeusedforpurposesthat
supporttheDistrict'sownprograms.
Student Body Funds: The District maintains a separate agency fund for each school that
operates an Associated Student Body (ASB) Fund, whether it is organized or not. The District
maintains these funds, which are used to account for the raising and expending of money to
promote the general welfare, morale, and educational experience of the student body. The
amountsreportedforstudentbodyfundsrepresentthecombinedtotalsofallschoolswithinthe
Districtthatmaintainastudentbodyfund.
DebtServiceFundforSpecialAssessmentDebt:Thisagencyfundisusedtoaccountforthe
accumulationofresourcesfor,andtherepaymentofdebtfortheCFDbonds.
21
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
B. BasisofPresentation,BasisofAccounting(continued)
2. MeasurementFocus,BasisofAccounting
Government‐WideandFiduciaryFundFinancialStatements
The government‐wide and fiduciary fund financial statements are reported using the economic
resources measurement focus and the accrual basis of accounting. Revenues are recorded when
earnedandexpensesarerecordedatthetimeliabilitiesareincurred,regardlessofwhentherelated
cash flows take place. Nonexchange transactions, in which the District gives (or receives) value
without directly receiving (or giving) equal value in exchange, include property taxes, grants,
entitlements,anddonations.Onanaccrualbasis,revenuefrompropertytaxesisrecognizedinthe
fiscalyearinwhichalleligibilityrequirementshavebeensatisfied.
GovernmentalFundFinancialStatements
Governmentalfundsarereportedusingthecurrentfinancialresourcesmeasurementfocusandthe
modifiedaccrualbasisofaccounting.Underthismethod,revenuesarerecognizedwhenmeasurable
and available. Expenditures are recorded when the related fund liability is incurred, except for
principalandinterestongenerallong‐termdebt,claimsandjudgments,andcompensatedabsences,
whicharerecognizedasexpenditurestotheextenttheyhavematured.Capitalassetacquisitionsare
reportedasexpendituresingovernmentalfunds.Proceedsofgenerallong‐termdebtandfinancing
fromcapitalleasesarereportedasotherfinancingsources.
3. Revenues‐ExchangeandNon‐ExchangeTransactions
Revenue resulting from exchange transactions, in which each party gives and receives essentially
equalvalue,isrecordedontheaccrualbasiswhentheexchangetakesplace.Onamodifiedaccrual
basis, revenue is recorded in the fiscal year in which the resources are measurable and become
available. Available means that the resources will be collected within the current fiscal year.
Generally, available is defined as collectible within 60 days. However, to achieve comparability of
reporting among California districts and so as not to distortnormalrevenuepatterns,withspecific
respect to reimbursement grants and corrections to state‐aid apportionments, the California
Department of Education has defined available for districts as collectible within one year. The
following revenue sources are considered to be both measurable and available at fiscal year‐end:
Stateapportionments,interest,certaingrants,andotherlocalsources.
Non‐exchangetransactions,inwhichtheDistrictreceivesvaluewithoutdirectlygivingequalvaluein
return,includepropertytaxes,certaingrants,entitlements,anddonations.Revenuefromproperty
taxesisrecognizedinthefiscalyearinwhichthetaxesarereceived.Revenuefromcertaingrants,
entitlements,anddonationsisrecognizedinthefiscalyearinwhichalleligibilityrequirementshave
been satisfied. Eligibility requirements include time and purpose requirements. On a modified
accrual basis, revenue from non‐exchange transactions must also be available before it can be
recognized.
C. BudgetaryData
The budgetary process is prescribed by provisions of the California Education Code and requires the
governingboardtoholdapublichearingandadoptanoperatingbudgetnolaterthanJuly1ofeachyear.
TheDistrictgoverningboardsatisfiedtheserequirements.Theadoptedbudgetissubjecttoamendment
throughouttheyeartogiveconsiderationtounanticipatedrevenueandexpendituresprimarilyresulting
fromeventsunknownatthetimeofbudgetadoptionwiththelegalrestrictionthatexpenditurescannot
exceedappropriationsbymajorobjectaccount.
22
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
C. BudgetaryData(continued)
Theamountsreportedastheoriginalbudgetedamountsinthebudgetarystatementsreflecttheamounts
whentheoriginalappropriationswereadopted.Theamountsreportedasthefinalbudgetedamountsin
thebudgetarystatementsreflecttheamountsafterallbudgetamendmentshavebeenaccountedfor.For
budget purposes, on behalf payments have not been included as revenue and expenditures as required
undergenerallyacceptedaccountingprinciples.
D. Encumbrances
Encumbrance accounting is used in all budgeted funds to reserve portions of applicable appropriations
forwhichcommitmentshavebeenmade.Encumbrancesarerecordedforpurchaseorders,contracts,and
other commitments when they are written. Encumbrances are liquidated when the commitments are
paid.AllencumbrancesareliquidatedasofJune30.
E. Assets,DeferredOutflowsofResources,Liabilities,DeferredInflowsofResources,andNet
Position
1. CashandCashEquivalents
The District considers cash and cash equivalents to be cash on hand and demand deposits. In
addition, because the Treasury Pool is sufficiently liquid to permit withdrawal of cash at any time
withoutpriornoticeorpenalty,equityinthepoolisalsodeemedtobeacashequivalent.
2. InventoriesandPrepaidItems
Inventoriesarevaluedatcostusingthefirst‐in/first‐out(FIFO)method.Thecostsofgovernmental
fund‐typeinventoriesarerecordedasexpenditureswhenconsumedratherthanwhenpurchased.
Certainpaymentstovendorsreflectcostsapplicabletofutureaccountingperiodsandarerecordedas
prepaiditems.
3. CapitalAssets
Purchased or constructed capital assets are reported at cost or estimated historical cost. Donated
fixed assets are recorded at their estimated fair value at the date of donation. The cost of normal
maintenanceandrepairsthatdonotaddtothevalueoftheassetormateriallyextendassets'lives
arenotcapitalized.
Capital assets are depreciated using the straight‐line method over the following estimated useful
lives:
Description
EstimatedLives
BuildingsandImprovements
FurnitureandEquipment
Vehicles
30years
5‐20years
8years
4. UnearnedRevenue
Unearned revenue arises when potential revenue does not meet both the "measurable" and
"available" criteria for recognition in the current period or when resources are received by the
District prior to the incurrence of qualifying expenditures. In subsequent periods, when both
revenue recognition criteria are met, or when the District has a legal claim to the resources, the
liability for unearned revenue is removed from the combined balance sheet and revenue is
recognized.
23
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
E. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net
Position(continued)
4. UnearnedRevenue(continued)
Certaingrantsreceivedthathavenotmeteligibilityrequirementsarerecordedasunearnedrevenue.
On the governmental fund financial statements, receivables that will not be collected within the
availableperiodarealsorecordedasunearnedrevenue.
5. DeferredOutflows/InflowsofResources
In addition to assets, the statement of net position will sometimes report a separate section for
deferred outflows of resources. This separate financial statement element, deferred outflows of
resources,representsaconsumptionofnetpositionthatappliestoafutureperiodandsowillnotbe
recognizedasanoutflowofresources(expense/expenditure)untilthen.TheDistricthastwoitems
that qualify for reporting in this category. The first item is to recognize contributions made to the
pensionplanafterthemeasurementdateofthenetpensionliability.Thesecondisdeferredamounts
on refunding, which resulted from the difference in the carrying value of refunded debt and its
reacquisitionprice.Thisamountisshownasdeferredandamortizedovertheshorterofthelifeof
therefundedorrefundingdebt.
In addition to liabilities, the statement of net position will sometimes report a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net position that applies to a future period and will not be
recognized as an inflow of resources (revenue) untilthattime.TheDistricthastwoitemsthatare
reportedasdeferredinflowsofresources.TheseitemsrecognizetheDistrict'sproportionateshare
of the deferred inflows of resources related to its pension plans as more fully described in the
footnoteentitled"PensionPlans".
6. CompensatedAbsences
The liability for compensated absences reported in the government‐wide statements consists of
unpaid, accumulated vacation leave balances. The liability has been calculated using the vesting
method,inwhichleaveamountsforbothemployeeswhocurrentlyareeligibletoreceivetermination
payments and other employees who are expected to become eligible in the future to receive such
paymentsuponterminationareincluded.
7. Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of resources
related to pensions, and pension expense, information about the fiduciary net position of the
District's California State Teachers Retirement System (CalSTRS) and California Public Employees'
RetirementSystem(CalPERS)plansandadditionto/deductionsfromthePlans'fiduciarynetposition
have been determined on the same basis as they are reported by CalSTRS and CalPERS. For this
purpose, benefit payments (including refunds of employee contributions)arerecognizedwhendue
andpayableinaccordancewiththebenefitterms.Investmentsarereportedatfairvalue.
24
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
E. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net
Position(continued)
8. FundBalances
Thefundbalanceforgovernmentalfundsisreportedinclassificationsbasedontheextenttowhich
thegovernmentisboundtohonorconstraintsonthespecificpurposesforwhichamountsinthose
fundscanbespent.
Nonspendable: Fund balance is reported as nonspendable when the resources cannot be spent
becausetheyareeitherinanonspendableformorlegallyorcontractuallyrequiredtobemaintained
intact.Resourcesinnonspendableformincludeinventoriesandprepaidassets.
Restricted: Fund balance is reported as restricted when the constraints placed on the use of
resourcesareeitherexternallyimposedbycreditors,grantors,contributors,orlawsorregulationsof
othergovernments;orimposedbylawthroughconstitutionalprovisionorbyenablinglegislation.
Committed:TheDistrict'shighestdecision‐makinglevelofauthorityrestswiththeDistrict'sBoard.
Fund balance is reported as committed when the Board passes a resolution that places specified
constraints on how resources may be used. The Board can modify or rescind a commitment of
resourcesthroughpassageofanewresolution.
Assigned:ResourcesthatareconstrainedbytheDistrict'sintenttousethemforaspecificpurpose,
but are neither restricted nor committed, are reported as assigned fund balance. Intent may be
expressedbyeithertheBoard,committees(suchasbudgetorfinance),orofficialstowhichtheBoard
hasdelegatedauthority.
Unassigned: Unassigned fund balance represents fund balance that has not been restricted,
committed,orassignedandmaybeutilizedbytheDistrictforanypurpose.Whenexpendituresare
incurred,andbothrestrictedandunrestrictedresourcesareavailable,itistheDistrict'spolicytouse
restrictedresourcesfirst,thenunrestrictedresourcesintheorderofcommitted,assigned,andthen
unassigned,astheyareneeded.
9. NetPosition
Net position is classified into three components: net investment in capital assets; restricted; and
unrestricted.Theseclassificationsaredefinedasfollows:
 Net investment in capital assets ‐ This component of net position consists of capital assets,
including restricted capital assets, net of accumulated depreciation and reduced by the
outstandingbalancesofanybonds,mortgages,notes,orotherborrowingsthatareattributableto
the acquisition, construction, or improvement of those assets. If there are significant unspent
relateddebtproceedsatyear‐end,theportionofthedebtattributabletotheunspentproceeds
arenotincludedinthecalculationofnetinvestmentincapitalassets.Rather,thatportionofthe
debtisincludedinthesamenetpositioncomponentastheunspentproceeds.
25
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
E. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net
Position(continued)
9. NetPosition(continued)
 Restricted ‐ This component of net position consists of constraints placed on net position use
through external constraints imposed by creditors (such as through debt covenants), grantors,
contributors,orlawsorregulationsofothergovernmentsorconstraintsimposedbylawthrough
constitutionalprovisionsorenablinglegislation.
 Unrestrictednetposition‐Thiscomponentofnetpositionconsistsofnetpositionthatdoesnot
meetthedefinitionof"netinvestmentincapitalassets"or"restricted".
Whenbothrestrictedandunrestrictedresourcesareavailableforuse,itistheDistrict'spolicytouse
restrictedresourcesfirst,thenunrestrictedresourcesastheyareneeded.
F. MinimumFundBalancePolicy
Duringthe2010‐11fiscalyear,pursuanttoGASBStatementNo.54,theDistrictadoptedaminimumfund
balance policy for the General Fund in order to protect the District against revenue shortfalls or
unpredicted expenditures. The policy requires a Reserve for Economic Uncertainties consisting of
unassigned amounts equal to no less than two percent of total General Fund expenditures and other
financinguses.
Whenanexpenditureisincurredforpurposesforwhichbothrestrictedandunrestrictedfundbalanceis
available, the District considers restricted funds to have been spent first. When an expenditure is
incurredforwhichcommitted,assigned,orunassignedfundbalancesareavailable,theDistrictconsiders
amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned
funds, as needed unless the governing board has provided otherwise in its commitment or assignment
actions.
G. PropertyTaxCalendar
The County is responsible for the assessment, collection, and apportionment of property taxes for all
jurisdictions including the schools and special districts within the County. The Board of Supervisors
levies property taxes as of September 1 on property values assessed on July 1. Secured property tax
paymentsaredueintwoequalinstallments.ThefirstisgenerallydueNovember1andisdelinquentwith
penaltiesonDecember10,andthesecondisgenerallydueonFebruary1andisdelinquentwithpenalties
onApril10.SecuredpropertytaxesbecomealienonthepropertyonJanuary1.
H. UseofEstimates
The preparation of financial statements in conformity with generally accepted accounting principles
requiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassetsand
liabilitiesanddisclosureofcontingentassetsandliabilitiesatthedateofthefinancialstatementsandthe
reportedamountsofrevenuesandexpendituresduringthereportedperiod.Actualresultscoulddiffer
fromthoseestimates.
26
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
I. NewGASBPronouncements
Duringthe2014‐15fiscalyear,thefollowingGASBPronouncementsbecameeffective:
1. Statement No. 68, Accounting and Financial Reporting for Pensions ‐ An Amendment of GASB
StatementNo.27(Issued06/12)
TheprimaryobjectiveofthisStatementistoimproveaccountingandfinancialreportingbystateand
local governments for pensions. It also improves information provided by state and local
governmentalemployersaboutfinancialsupportforpensionsthatisprovidedbyotherentities.This
Statement results from a comprehensive review of the effectiveness of existing standards of
accountingandfinancialreportingforpensionswithregardtoprovidingdecision‐usefulinformation,
supporting assessments of accountability and interperiod equity, and creating additional
transparency.
ThisStatementreplacestherequirementsofStatementNo.27,AccountingforPensionsbyStateand
LocalGovernmentalEmployers,aswellastherequirementsofStatementNo.50,PensionDisclosures,
as they relate to pensions that are provided through pension plans administered as trusts or
equivalentarrangements(hereafterjointlyreferredtoastrusts)thatmeetcertaincriteria.
ThisStatementestablishesstandardsformeasuringandrecognizingliabilities,deferredoutflowsof
resources, and deferred inflows of resources, and expense/expenditures. For defined benefit
pensions, this Statement identifies the methods and assumptions that should be used to project
benefitpayments,discountprojectedbenefitpaymentstotheiractuarialpresentvalue,andattribute
thatpresentvaluetoperiodsofemployeeservice.
Cost‐SharingEmployers
Infinancialstatementspreparedusingtheeconomicresourcesmeasurementfocusandaccrualbasis
ofaccounting,acost‐sharingemployerthatdoesnothaveaspecialfundingsituationisrequiredto
recognize a liability for its proportionate share of the net pension liability (of all employers for
benefits provided through the pension plan)—the collective net pension liability. An employer’s
proportion is required to be determined on a basis that is consistent with the manner in which
contributions to the pension plan are determined, and consideration should be given to separate
rates, if any, related to separate portions of the collective net pension liability. The use of the
employer’s projected long‐term contribution effort as compared to the total projected long‐term
contribution effort of all employers as the basis for determining an employer’s proportion is
encouraged.
A cost‐sharing employer is required to recognize pension expense and report deferred outflows of
resources and deferred inflows of resources related to pensions for its proportionate shares of
collective pension expense and collective deferred outflows of resources and deferred inflows of
resourcesrelatedtopensions.
27
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE1–SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(continued)
I. NewGASBPronouncements(continued)
2. Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement
Date‐AnAmendmentofGASBStatementNo.68(Issued11/13)
The objective of this Statement is to address an issue regarding application of the transition
provisionsofStatementNo.68,AccountingandFinancialReportingforPensions.Theissuerelatesto
amounts associated with contributions, if any, made by a state or local government employer or
nonemployercontributingentitytoadefinedbenefitpensionplanafterthemeasurementdateofthe
government'sbeginningnetpensionliability.
Statement68requiresastateorlocalgovernmentemployer(ornonemployercontributingentityina
special funding situation) to recognize a net position liability measured as of a date (the
measurement date) no earlier than the end of its prior fiscal year. If a state or local government
employerornonemployercontributingentitymakesacontributiontoadefinedbenefitpensionplan
betweenthemeasurementdateofthereportednetpensionliabilityandtheendofthegovernment's
reportingperiod,Statement68requiresthatthegovernmentrecognizeitscontributionasadeferred
outflow of resources. In addition, Statement 68 requires recognition of deferred outflows of
resourcesanddeferredinflowsofresourcesforchangesinthenetpensionliabilityofastateorlocal
governmentemployerornonemployercontributingentitythatarisefromothertypesofevents.At
transitiontoStatement68,ifitisnotpracticalforanemployerornonemployercontributingentityto
determine the amounts of all deferred outflows of resources and deferred inflows of resources
related to pensions, paragraph 137 of Statement 68 required that beginning balances for deferred
outflowsofresourcesanddeferredinflowsofresourcesnotbereported.
Consequently,ifitisnotpracticaltodeterminetheamountsofalldeferredoutflowsofresourcesand
deferredinflowsofresourcesrelatedtopensions,contributionsmadeafterthemeasurementdateof
thebeginningnetpensionliabilitycouldnothavebeenreportedasdeferredoutflowsofresourcesat
transition.Thiscouldhaveresultedinasignificantunderstatementofanemployerornonemployer
contributingentity'sbeginningnetpositionandexpenseintheinitialperiodofimplementation.
This Statement amendsparagraph137ofStatement68torequirethat,attransition,agovernment
recognize a beginning deferred outflow of resources for its pension contributions, if any, made
subsequent to the measurement date of the beginning net pension liability. Statement 68, as
amended,continuestorequirethatbeginningbalancesforotherdeferredoutflowsofresourcesand
deferred inflows of resources related to pensions be reported at transition only if it is practical to
determineallsuchamounts.
The provisions of this Statement are required to be applied simultaneously with the provisions of
Statement68.
3. CumulativeEffectofChangeinAccountingPrinciple
Accounting changes adopted to conform to the provisions of these statements should be applied
retroactively.Theresultoftheimplementationofthesestandardswastodecreasethenetpositionat
July 1, 2013 by $244,576,005, which is the amount of net pension liability, net of the deferred
outflowsofresourcesrelatedtopensionsatJuly1,2014.
28
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE2–CASHANDINVESTMENTS
CashandinvestmentsatJune30,2015,arereportedatfairvalueandconsistedofthefollowing:
Governmental
Fiduciary
Funds/Activities
Funds
Rating
PooledFunds:
Cashincountytreasury
$135,936,824
$3,032,409
Cashoverdraftincountytreasury
(6,135,656) ‐
Deposits:
Cashonhandandinbanks
374,290
1,232,665
11,164
‐
Cashcollectionsawaitingdeposit
Cashinrevolvingfund
305,000
‐
TotalCash
Investments:
LocalAgencyInvestmentFund(LAIF)
CaliforniaAssetManagementProgram(CAMP)
TotalInvestments
Notrated
Notrated
$130,491,622
$4,265,074
$ 14,614,406
‐
$49,000
10,660,686
$ 14,614,406
$ 10,709,686
PooledFunds
In accordance with Education Code Section 41001, the District maintains substantially all of its cash in the
County Treasury. The County pools and invests the cash. These pooled funds are carried at cost which
approximatesfairvalue.Interestearnedisdepositedannuallytoparticipatingfunds.Anyinvestmentlosses
areproportionatelysharedbyallfundsinthepool.
Because the District's deposits are maintained in a recognized pooled investment fund under the care of a
thirdpartyandtheDistrict'sshareofthepooldoesnotconsistofspecific,identifiableinvestmentsecurities
ownedbytheDistrict,nodisclosureoftheindividualdepositsandinvestmentsorrelatedcustodialcreditrisk
classificationsisrequired.
In accordance with applicable state laws, the County Treasurer may invest in derivative securities with the
State of California. However, at June 30, 2015, the County Treasurer has represented that the Pooled
InvestmentFundcontainednoderivativesorotherinvestmentswithsimilarriskprofiles.
CustodialCreditRisk–Deposits
Custodialcreditriskistheriskthatintheeventofabankfailure,theDistrict’sdepositsmaynotbereturned
toit.TheDistrictdoesnothaveapolicyforcustodialcreditriskfordeposits.Cashbalancesheldinbanksare
insuredupto$250,000bytheFederalDepositoryInsuranceCorporation(FDIC)andarecollateralizedbythe
respective financial institutions. In addition, the California Government Code requires that a financial
institutionsecuredepositsmadebyStateorlocalgovernmentalunitsbypledgingsecuritiesinanundivided
collateralpoolheldbyadepositoryregulatedunderStatelaw(unlesssowaivedbythegovernmentalunit).
Themarketvalueofthepledgedsecuritiesinthecollateralpoolmustequalatleast110percentofthetotal
amount deposited by the public agencies. California law also allows financial institutions to secure public
deposits by pledging first trust deed mortgage notes having a value of 150 percent of the secured public
depositsandlettersofcreditissuedbytheFederalHomeLoanBankofSanFranciscohavingavalueof105
percentofthesecureddeposits.
29
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE2–CASHANDINVESTMENTS(continued)
CustodialCreditRisk‐Deposits(continued)
AsofJune30,2015,$1,149,348oftheDistrict’sbankbalancewasexposedtocustodialcreditriskbecauseit
wasuninsuredandcollateralizedwithsecuritiesheldbythepledgingfinancialinstitution’strustdepartment
oragency,butnotinthenameoftheDistrict.
Investments‐InterestRateRisk
TheDistrict'sinvestmentpolicylimitsinvestmentmaturitiesasameansofmanagingitsexposuretofairvalue
lossesarisingfromincreasinginterestrates.TheDistrict'sinvestmentpolicylimitsinvestmentpurchasesto
investmentswithatermnottoexceedthreeyears.Investmentspurchasedwithmaturitytermsgreaterthan
threeyearsrequireapprovalbytheBoardofEducation.Investmentspurchasedwithmaturitiesgreaterthan
oneyearrequirewrittenapprovalbytheSuperintendentpriortocommitment.
MaturitiesofinvestmentsheldatJune30,2015,consistedofthefollowing:
Maturity
LessThan
OneYearThrough
OneYear
FiveYears
Fairvalue
LocalAgencyInvestmentFund(LAIF)
CAMPPool‐MoneyMarket
$14,663,406
10,660,686
$14,663,406
10,660,686
$ ‐
‐
$25,324,092
$25,324,092
$ ‐
Investments‐CreditRisk
The District's investment policy limits investment choices to obligations of local, stateandfederalagencies,
commercial paper, certificates of deposit, repurchase agreements, corporate notes, banker acceptances,and
other securities allowed by State Government Code Section 53600. At June 30, 2015, all investments
represented governmental securities which were issued, registered and held by the District's agent in the
District'sname.
Investments‐ConcentrationofCreditRisk
TheDistrictdoesnotplacelimitsontheamountitmayinvestinanyoneissuer.AtJune30,2015,theDistrict
hadthefollowinginvestmentthatrepresentedmorethanfivepercentoftheDistrict'snetinvestments.
LocalAgencyInvestmentFund(LAIF)
57.9%
42.1% CAMPPool‐MoneyMarket
30
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE3–ACCOUNTSRECEIVABLE
AccountsreceivableasofJune30,2015,consistedofthefollowing:
General
Fund
FederalGovernment:
Categoricalaidprograms
StateGovernment:
LCFF
Lottery
Categoricalaidprograms
Local:
Interest
MentalHealth
Miscellaneous
Total
Building
Fund
BondInterest
andRedemption
Fund
Non‐Major
Governmental
Funds
Totals
$4,594,260
$‐
$‐
$1,801,781
$ 6,396,041
302,609
1,330,056
1,193,839
‐
‐
‐
‐
‐
‐
‐
‐
95,100
302,609
1,330,056
1,288,939
27,352
2,171,887
1,791,997
8,441
‐
‐
7,061
‐
‐
9,992
‐
122,832
52,846
2,171,887
1,914,829
$11,412,000
$ 8,441
$ 7,061
$2,029,705
$ 13,457,207
NOTE4–INTERFUNDTRANSACTIONS
A. BalancesDueTo/FromOtherFunds
Balancesdueto/fromotherfundsatJune30,2015,consistedofthefollowing:
AdultEducationFundduetoGeneralFundforPerkinsfunding
GeneralFundduetoAdultEducationFundtoadjustpayrollfundingsource
GeneralFundduetoCafeteriaFundforcatering
GeneralFundduetoBuildingFundtocorrectinterestrevenue
$ 2
6,354
3,907
13
$10,276
B. TransfersTo/FromOtherFunds
Duringthe2014‐15fiscalyear,theGeneralFundtransferred$3,276,196totheAdultEducationFundto
meettherequiredmaintenanceofeffort.
31
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE5–FUNDBALANCES
AtJune30,2015,fundbalancesoftheDistrict’sgovernmentalfundswereclassifiedasfollows:
General
Fund
Nonspendable:
Revolvingcash
Storesinventories
Prepaidexpenditures
TotalNonspendable
Restricted:
Categoricalprograms
Foodserviceprogram
Capitalprojects
Debtservice
TotalRestricted
Committed:
Adulteducationprogram
Deferredmaintenanceprogram
TotalCommitted
Assigned:
Sitecarryover
Supplementalandtargetedinstruction
TotalAssigned
Unassigned:
Reserveforeconomicuncertainties
Remainingunassignedbalances
TotalUnassigned
Total
Building
Fund
BondInterest
andRedemption
Fund
Non‐Major
Governmental
Funds
Total
$305,000
427,936
3,500
736,436
$‐
‐
‐
‐
$‐
‐
‐
‐
$‐
26,202
‐
26,202
$305,000
454,138
3,500
762,638
12,179,404
‐
‐
‐
12,179,404
‐
‐
19,077,948
‐
19,077,948
‐
‐
‐
24,574,120
24,574,120
28,172
2,931,706
10,120,762
‐
13,080,640
12,207,576
2,931,706
29,198,710
24,574,120
68,912,112
‐
‐
‐
‐
‐
‐
‐
‐
‐
1,285,771
8,411
1,294,182
1,285,771
8,411
1,294,182
4,736,104
14,374,286
19,110,390
‐
‐
‐
‐
‐
‐
‐
‐
‐
4,736,104
14,374,286
19,110,390
8,577,749
30,917,422
39,495,171
‐
‐
‐
‐
‐
‐
‐
‐
‐
8,577,749
30,917,422
39,495,171
$71,521,401
$19,077,948
$ 24,574,120
$14,401,024
$ 129,574,493
32
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE6–CAPITALASSETSANDDEPRECIATION
CapitalassetactivityfortheyearendedJune30,2015,wasasfollows:
Capitalassetsnotbeingdepreciated:
Land
Constructioninprogress
Totalcapitalassetsnotbeingdepreciated
Capitalassetsbeingdepreciated:
Improvementofsites
Buildings
Equipment
Totalcapitalassetsbeingdepreciated
Accumulateddepreciationfor:
Improvementofsites
Buildings
Equipment
Totalcapitalassetsbeingdepreciated,net
Governmentalactivitycapitalassets,net
Balance,
July1,2014
Additions
$ 14,436,462
96,805,307
111,241,769
$ ‐
10,494,032
10,494,032
$‐
‐
‐
$ 14,436,462
107,299,339
121,735,801
105,220,560
549,032,200
17,868,214
672,120,974
1,180,158
22,264,520
198,537
23,643,215
‐
‐
‐
‐
106,400,718
571,296,720
18,066,751
695,764,189
(10,407,752)
(209,087,547)
(14,136,338)
(233,631,637)
438,489,337
(3,498,387)
(16,626,547)
(669,998)
(20,794,932)
2,848,283
‐
‐
‐
‐
$‐
(13,906,139)
(225,714,094)
(14,806,336)
(254,426,569)
441,337,620
$ 549,731,106
13,342,315
‐
$ 563,073,421
Deletions
Balance,
June30,2015
Depreciationexpensewaschargedtogovernmentalactivitiesasfollows:
Instruction
InstructionalSupervision
PupilServices
AllOtherGeneralAdministration
PlantServices
$ 10,157
8,127
499,019
79,724
20,197,905
Total
$20,794,932
NOTE7–GENERALLONG‐TERMDEBT
Changesinlong‐termdebtfortheyearendedJune30,2015,wereasfollows:
Balance,
July1,2014*
Additions
Deductions
Balance,
June30,2015
AmountDue
WithinOneYear
GeneralObligationBonds:
Principalrepayments
Accretedinterestcomponent
Unamortizedissuancepremium
Total‐Bonds
ConstructionLoan
CapitalLeases
CompensatedAbsences
Netpensionliability*
OtherPostemploymentBenefits
$434,220,057
11,265,250
31,177,396
476,662,703
4,840,160
1,655,758
3,042,007
259,514,304
31,224,393
$‐
3,887,219
‐
3,887,219
‐
‐
195,589
‐
6,427,350
$12,120,000
‐
1,928,492
14,048,492
294,935
465,477
‐
53,056,846
‐
$422,100,057
15,152,469
29,248,904
466,501,430
4,545,225
1,190,281
3,237,596
206,457,458
37,651,743
$11,267,272
157,728
1,928,492
13,353,492
‐
323,110
‐
‐
‐
Totals
$776,939,325
$10,510,158
$67,865,750
$719,583,733
$13,676,602
*BeginningbalancehasbeenrestatedtoreflecttheretroactiveimplementationofGASBStatementNo.68forthenetpensionliability.
33
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE7–GENERALLONG‐TERMDEBT(continued)
PaymentsontheGeneralObligationBondsaremadefromtheBondInterestandRedemptionFund.Payments
on the construction loan are made from the Capital Facilities Fund. Payments on the capitalized lease
obligations are made from the General Fund. Payments for postemployment benefits and compensated
absencesaremadefromthefundforwhichtherelatedemployeeworked.
A. GeneralObligationBonds
2002Election(MeasureC)
InageneralelectionheldonMarch5,2002,thevotersapproved$250millionofgeneralobligationbonds
forthepurposeofimprovingthehealthandsafetyconditionsoftheschools.
2010Election(MeasureC)
InageneralelectionheldonJune8,2010,thevotersapproved$348millionofgeneralobligationbonds
forthepurposeoffinancingtheconstruction,acquisition,furnishing,andequippingofDistrictfacilities,
andtoprepaycertainoutstandingleasepurchaseobligations.
A portion of the bonds, issued as 2010 Series B, were designated as “New Clean Renewable Energy
Bonds”. Another portion of the bonds, issued as 2011 Series C, were designated as “Qualified School
Construction Bonds” under the provisions of the American Recovery and Reinvestment Act of 2009
(“ARRA”),withadirectpaymenttobepaidtotheDistrictbytheUnitedStatesTreasury(the“Treasury”)
for each payment of interest due on the bonds. The District is obligated to deposit any cash subsidy
paymentsitreceivesintothedebtservicefundfortheBonds.
RefundingBonds
Inpreviousyears,beginningin2011,theDistricthasissuedrefundingbondstoadvancerefundcertainof
the District’s previously issued and outstanding Measure C bonds. Net proceeds from the refunding
bonds were used to purchase U.S. government securities. Those securities were deposited into an
irrevocable trust with an escrow agent to provide for future debt service payments on the refunded
bonds. As a result, the refunded bonds are considered to be defeased, and the related liability for the
bondshasbeenremovedfromtheDistrict'sliabilities.
Amountspaidtotherefundedbondescrowagentinexcessoftheoutstandingdebtatthetimeofpayment
are recorded as deferred amounts on refunding on the statement of net position and are amortized to
interest expense over the life of the liability. As of June 30, 2015, deferred amounts on refunding of
$10,284,286remaintobeamortized,andthereisnoprincipalbalanceoutstandingonthedefeaseddebt.
SourceofRepaymentonBonds
The Bonds are general obligations of the District only. The Board of Supervisors of the County has the
powerandisobligatedtolevyandcollectadvalorempropertytaxesforeachfiscalyearuponthetaxable
propertyoftheDistricttopaytheprincipalandinterestoneachbondastheybecomedueandpayable.
34
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE7–GENERALLONG‐TERMDEBT(continued)
A. GeneralObligationBonds(continued)
Asummaryofoutstandinggeneralobligationbondsissuedispresentedbelow:
Bond
MeasureC(2002)
Series2004
MeasureC(2010)
SeriesA
SeriesB
SeriesC
SeriesD
SeriesE
RefundingIssues
Series2011
SeriesB
SeriesB‐2
SeriesC
InterestRate
DateofIssue
MaturityDate
Amountof
OriginalIssue
Outstanding,
July1,2014
3.0%‐5.625%
7/1/2004
7/1/2029
$ 121,000,000
$ 4,025,000
$ ‐
$4,025,000
$ ‐
2.46%‐4.70%
1.244%‐5.048%
2.0%‐5.4%
3.22%‐5.5%
0.3%‐5.0%
9/30/2010
9/30/2010
4/12/2011
4/12/2011
6/20/2012
8/1/2035
8/1/2027
8/1/2025
8/1/2031
6/1/2037
50,456,475
59,540,000
3,865,000
7,133,582
149,995,000
50,456,475
57,855,000
3,860,000
7,133,582
142,890,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
5,830,000
50,456,475
57,855,000
3,860,000
7,133,582
137,060,000
2.0%‐5.0%
2.0%‐5.0%
2.0%‐5.0%
2.0%‐5.0%
6/21/2011
12/29/2011
4/5/2012
4/10/2013
8/1/2026
7/1/2023
7/1/2029
6/1/2031
37,790,000
43,700,000
40,540,000
54,015,000
32,225,000
42,405,000
39,955,000
53,415,000
‐
‐
‐
‐
2,025,000
90,000
‐
150,000
30,200,000
42,315,000
39,955,000
53,265,000
$ 434,220,057
$ ‐
$12,120,000
$ 422,100,057
AccretedInterest:
2010,SeriesA
$10,920,156
2010,SeriesD
345,094
$ 3,735,414
151,805
$‐
‐
$14,655,570
496,899
$11,265,250
$ 3,887,219
$‐
$15,152,469
Additions
Redeemed
DuringYear
Outstanding,
June30,2015
TheannualrequirementstoamortizegeneralobligationbondsoutstandingatJune30,2015,isasfollows:
Fiscal
Year
2015‐2016
2016‐2017
2017‐2018
2018‐2019
2019‐2020
2020‐2025
2025‐2030
2030‐2035
2035‐2040
Principal
$11,267,272
10,607,351
11,913,230
13,465,203
15,386,782
86,843,228
123,144,230
100,945,633
48,527,128
Interest
$17,410,300
17,065,607
16,648,151
16,140,562
15,295,196
82,594,745
79,919,023
51,707,496
6,210,917
Total
$28,677,572
27,672,958
28,561,381
29,605,765
30,681,978
169,437,973
203,063,253
152,653,129
54,738,045
$ 422,100,057
$ 302,991,997
$ 725,092,054
B. ConstructionLoan
In February 2003, the Redevelopment Agency of the City of Pittsburg made an interest‐free loan of
$6,178,936totheDistrict.Theloanistobeusedfortheconstructionofanelementaryschoolwithinthe
CityofPittsburg.BeginningJune1,2005,theDistrictpays24%ofallimpactfeescollectedbytheDistrict
intheCityofPittsburgafterJanuary1,2005.TheDistrictwillcontinuetomakepaymentsequivalentto
24%ofimpactfeescollectedintheCityeverysixmonthsonJune1standJanuary1stuntilJune1,2040,
oruntiltheloanispaidoff,whicheveroccursfirst.ThebalanceatJune30,2015,is$4,545,225.
35
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE7–GENERALLONG‐TERMDEBT(continued)
C. CapitalLeases
TheDistrictleasesschoolbuseshavingavalueof$2,393,976underagreementswhichprovidefortitleto
passuponexpirationoftheleaseperiod.Futureyearlypaymentsoncapitalizedleaseobligationsareas
follows:
FiscalYear
Payment
2015‐2016
$351,731
2016‐2017
351,731
2017‐2018
252,150
2018‐2019
152,568
2019‐2020
152,568
Totalpayments
1,260,748
LessamountrepresentingInterest
(70,467)
Total
$ 1,190,281
TheDistrictwillreceivenosubleaserentalrevenuesnorpayanycontingentrentalsfortheequipment,
classroomorbuses.
D. Non‐ObligatoryDebt
Non‐obligatory debt relates to debt issuances by the Community Facility Districts, as authorized by the
Mello‐RoosCommunityFacilitiesActof1982asamended,andtheMark‐RoosLocalBondPoolingActof
1985, and are payable from special taxes levied on property within the Community Facilities Districts
accordingtoamethodologyapprovedbythevoterswithintheDistrict.Neitherthefaithandcreditnor
taxingpoweroftheDistrictispledgedtothepaymentofthebonds.Reserveshavebeenestablishedfrom
thebondproceedstomeetdelinquenciesshouldtheyoccur.Ifdelinquenciesoccurbeyondtheamounts
heldinthosereserves,theDistricthasnodutytopaythedelinquencyoutofanyavailablefundsofthe
District.TheDistrictactssolelyasanagentforthosepayingtaxesleviedandthebondholders,andmay
initiate foreclosure proceedings. Special assessment debt of $25,890,000 as of June 30, 2015, does not
representdebtoftheDistrictand,assuch,doesnotappearinthefinancialstatements.
36
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE8–JOINTVENTURES
TheMountDiabloUnifiedSchoolDistrictparticipatesinjointventuresunderjointpowersagreementswith
theCSACExcessInsuranceAuthority(CSAC‐EIA),theSchools'Self‐InsuranceofContraCostaCounty(SSICCC),
and the School Project for Utility Rate Reduction (SPURR). The relationships between the District and the
JPAsaresuchthattheJPAsarenotacomponentunitoftheDistrictforfinancialreportingpurposes.
TheJPAsprovidepropertyandliabilityinsurancecoverageaswellashealthandwelfarebenefitscoverage.
TheJPAsaregovernedbyaboardconsistingofarepresentativefromeachmemberdistrict.Thegoverning
boardcontrolstheoperationsofitsJPAsindependentofanyinfluencebythememberdistrictsbeyondtheir
representationonthegoverningboard.Eachmemberdistrictpaysapremiumcommensuratewiththelevelof
coveragerequestedandsharessurplusesanddeficitsproportionatelytoitsparticipationintheJPAs.
CondensedauditedfinancialinformationisavailablebycontactingtheJPAsdirectly.
NOTE9–COMMITMENTSANDCONTINGENCIES
A. StateandFederalAllowances,AwardsandGrants
TheDistricthasreceivedstateandfederalfundsforspecificpurposesthataresubjecttoreviewandaudit
bythegrantoragencies.Althoughsuchauditscouldgenerateexpendituredisallowancesundertermsof
thegrants,itisbelievedthatanyrequiredreimbursementwillnotbematerial.
B. ConstructionCommitments
As of June 30, 2015, the District had commitments with respect to unfinished capital projects of $6.9
millionbepaidfromacombinationofStateandlocalfunds.
C. Litigation
TheDistrictisinvolvedincertainotherlegalmattersthataroseoutofthenormalcourseofbusiness.The
District has not accrued a liability for any potential litigation against it because it does not meet the
criteriatobeconsideredaliabilityatJune30,2015.
NOTE10–RISKMANAGEMENT
TheDistrictisself‐insuredforpropertyandliabilityclaimsupto$100,000perliabilityclaim.Liabilityclaims
in excess of $100,000 and up to $1,000,000 are covered by a commercial insurance policy. The District
liabilityclaimsinexcessof$1,000,000arecoveredbyCSAC‐EIA.Propertyclaimsinexcessof$100,000are
covered by a commercial insurance policy up to $149,000,000. All activity for the District's self‐insurance
accountisincludedintheGeneralfund.
37
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE11–PENSIONPLANS
Qualified employees are covered under multiple‐employer defined benefit pension plans maintained by
agencies of the State of California. Certificated employees are members of the California State Teachers’
Retirement System (CalSTRS), and classified employees are members of California Public Employees’
RetirementSystem(CalPERS).
A. GeneralInformationaboutthePensionPlans
PlanDescriptions
The District contributes to the California State Teachers’ Retirement System (CalSTRS), a cost‐sharing
multiple‐employer public employee retirement system defined benefit pension plan administered by
CalSTRS. Benefit provisions under the Plan are established by State statute and District resolution.
CalSTRS issues publicly available reports that include a full description of the pension plan regarding
benefitprovisions,assumptions,andmembershipinformationthatcanbefoundontheCalSTRSwebsite.
The District also contributes to the School Employer Pool under the California Public Employees’
Retirement System (CalPERS), a cost‐sharing multiple‐employer public employee retirement system
definedbenefitpensionplanadministeredbyCalPERS.BenefitprovisionsunderthePlanareestablished
by State statute and District resolution. CalPERS issues publicly available reports that include a full
descriptionofthepensionplanregardingbenefitprovisions,assumptions,andmembershipinformation
thatcanbefoundontheCalPERSwebsite.
BenefitsProvided
CalSTRS provides retirement, disability, and death benefits. Retirement benefits are determined as 2
percentoffinalcompensationforeachyearofcreditedserviceatage60formembersunderCalSTRS2%
at60,orage62formembersunderCalSTRS2%at62,increasingtoamaximumof2.4percentatage63
for members under CalSTRS 2% at 60, or age 65 for members under CalSTRS 2% at 62. The normal
retirement eligibility requirements are age 60 for members under CalSTRS 2% at 60, or age 62 for
members under CalSTRS 2% at 62, with a minimum of five years of service credited under the Defined
BenefitProgram,whichcanincludeservicepurchasedfromteachinginanout‐of‐stateorforeignpublic
school.Employeesareeligibleforservice‐relateddisabilitybenefitsafterfiveyearsofservice,unlessthe
memberisdisabledduetoanunlawfulactofbodilyinjurycommittedbyanotherpersonwhileworkingin
CalSTRScoveredemployment,inwhichcasetheminimumisoneyear.Disabilitybenefitsareequaltofifty
percent of final compensation regardless of age and service credit. Designated recipients of CalSTRS
retiredmembersreceivea$6,163lump‐sumdeathpayment.Thereisa2percentsimpleincreaseeach
September1followingthefirstanniversaryofthedateonwhichthemonthlybenefitbegantoaccrue.The
annual 2 percent increase is applied to all continuing benefits other than Defined Benefit Supplement
annuities.However,ifthememberretireswithaReducedBenefitElection,theincreasedoesnotbeginto
accrueuntilthememberreachesage60andisnotpayableuntilthememberreceivesthefullbenefit.This
increaseisalsoknownastheimprovementfactor.
CalPERS also provides retirement, disability, and death benefits. Retirement benefits are determinedas
1.1percentoffinalcompensationforeachyearofcreditedserviceatage50formembersunder2%at55,
or1.0percentatage52formembersunder2%at62,increasingtoamaximumof2.5percentatage63
formembersunder2%at55,orage67formembersunder2%at62.Tobeeligibleforserviceretirement,
membersmustbeatleastage50andhaveaminimumoffiveyearsofCalPERS‐creditedservice.Members
joining on or after January 1, 2013 must be at least age 52. Disabilityretirementhasnominimumage
requirementandthedisabilitydoesnothavetobejobrelated.However,membersmusthaveaminimum
offiveyearsofCalPERSservicecredit.
38
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE11–PENSIONPLANS(continued)
A. GeneralInformationaboutthePensionPlans(continued)
BenefitsProvided(continued)
Pre‐retirement death benefits range from a simple return of member contributions plus interest to a
monthlyallowanceequaltohalfofwhatthememberwouldhavereceivedatretirementpaidtoaspouse
or domestic partner. To be eligible for any type of monthly pre‐retirement death benefit, a spouse or
domestic partner must have been either married to the member or legally registered before the
occurrenceoftheinjuryortheonsetoftheillnessthatresultedindeath,orforatleastoneyearpriorto
death.Cost‐of‐livingadjustmentsareprovidedbylawandarebasedontheConsumerPriceIndexforall
United States cities. Cost‐of‐living adjustments are paid the second calendar year of the member’s
retirementontheMay1checkandtheneveryyearthereafter.Thestandardcost‐of‐livingadjustmentisa
maximumof2percentperyear.
Contributions
ActiveCalSTRSplanmemberswererequiredtocontribute8.15%oftheirsalaryin2014‐15.Therequired
employer contribution rate for fiscal year 2014‐15 was 8.88% of annual payroll. The contribution
requirements of the plan members are established by State statute. Active CalPERS plan members are
required to contribute 7.0% of their salary and the District is required to contribute an actuarially
determinedrate.Theactuariallydeterminedrateistheestimatedamountnecessarytofinancethecosts
of benefits earned by employees during the year, with an additional amount to finance any unfunded
accrued liability. The required employer contribution for fiscal year 2014‐15 was 11.771%. The
contributionrequirementsoftheplanmembersareestablishedbyStatestatute.
ForthefiscalyearendedJune30,2015,thecontributionsrecognizedaspartofpensionexpenseforeach
Planwereasfollows:
Employercontributions
Employeecontributionspaidbyemployer
CalSTRS
$ 18,725,190
$‐
CalPERS
$5,327,217
$‐
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions
As of June 30, 2015, the District reported net pension liabilities for its proportionate shares of the net
pensionliabilityofeachPlanasfollows:
CalSTRS
CalPERS
ProportionateShare
ofNetPensionLiability
$ 161,286,120
45,171,338
TotalNetPensionLiability
$ 206,457,458
39
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE11–PENSIONPLANS(continued)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions(continued)
TheDistrict’snetpensionliabilityforeachPlanismeasuredastheproportionateshareofthenetpension
liability. The net pension liability of each of the Plans is measured as of June 30, 2014, and the total
pensionliabilityforeachPlanusedtocalculatethenetpensionliabilitywasdeterminedbyanactuarial
valuation as of June 30, 2013, rolled forward to June 30, 2014, using standard update procedures. The
District’s proportion of the net pension liability was based on a projection of the District’s long‐term
share of contributions to the pension plans relative to the projected contributions of all participating
employers,actuariallydetermined.TheDistrict’sproportionateshareofthenetpensionliabilityforeach
PlanasofJune30,2013and2014,wasasfollows:
Proportion‐June30,2013
Proportion‐June30,2014
Change‐Increase(Decrease)
CalSTRS*
0.2760%
0.2760%
CalPERS
0.4036%
0.3979%
0.0000%
‐0.0057%
*TheDistrict'sproportionatesharepercentagewasnotseparatelydeterminedfor
June30,2013,sotheJune30,2014,percentagewasusedtocalculatethebeginningamounts.
For the year ended June 30, 2015, the District recognized pension expense of $17,939,009. At June 30,
2015, the District reported deferred outflows of resources and deferred inflows of resources related to
pensionsfromthefollowingsources:
Pensioncontributionssubsequenttomeasurementdate
Adjustmentduetodifferencesinproportions
Netdifferencesbetweenprojectedandactualearnings
onplaninvestments
DeferredOutflows
ofResources
$ 16,820,636
‐
DeferredInflows
ofResources
$‐
(819,778)
‐
(55,237,778)
$ 16,820,636
$(56,057,556)
40
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE11–PENSIONPLANS(continued)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions(continued)
The total amount of $16,820,636 reported as deferred outflows of resources related to contributions
subsequenttothemeasurementdatewillberecognizedasareductionofthenetpensionliabilityinthe
year ended June 30, 2016. Other amounts reported as deferred outflows of resources and deferred
inflowsofresourcesrelatedtopensionswillberecognizedaspensionexpenseasfollows:
YearEnded
June30,
2016
2017
2018
2019
2020
Thereafter
Amount
$ (12,028,569)
(12,028,569)
(12,028,569)
‐
‐
‐
Actuarial Assumptions – The total pension liabilities in the June 30, 2013, actuarial valuations were
determinedusingthefollowingactuarialassumptions:
ValuationDate
MeasurementDate
ActuarialCostMethod
ActuarialAssumptions:
DiscountRate
Inflation
WageGrowth
Post‐retirementBenefitIncrease
InvestmentRateofReturn
CalSTRS
June30,2013
June30,2014
Entryagenormal
CalPERS
June30,2013
June30,2014
Entryagenormal
7.60%
3.00%
3.75%
2.00%
7.60%
7.50%
2.75%
3.00%
‐
7.50%
CalSTRS uses custom mortality tables to best fit the patterns of mortality among its members. These
customtablesarebasedonRP2000seriestablesadjustedtofitCalSTRSexperience.RP2000seriestables
areanindustrystandardsetofmortalityratespublishedbytheSocietyofActuaries.SeeCalSTRSJuly1,
2006‐June30,2010ExperienceAnalysisformoreinformation.Theunderlyingmortalityassumptions
and all other actuarial assumptions used in the CalPERS June 30, 2013, valuation were based on the
resultsofaJanuary2014actuarialexperiencestudyfortheperiod1997to2011.Furtherdetailsofthe
ExperienceStudycanfoundontheCalPERSwebsite.
DiscountRate–forCalSTRS
The discount rate used to measure the total pension liability was 7.60 percent. The projection of cash
flowsusedtodeterminethediscountrateassumedthatcontributionsfromplanmembersandemployers
willbemadeatstatutorycontributionratesinaccordancewiththerateincreaseperAssemblyBill1469.
Projected inflows from investment earnings were calculated using the long‐term assumed investment
rate of return (7.60 percent) and assuming that contributions, benefit payments, and administrative
expenseoccurmidyear.Basedonthoseassumptions,theSTRP'sfiduciarynetpositionwasprojectedto
beavailabletomakeallprojectedfuturebenefitpaymentstocurrentplanmembers.
41
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE11–PENSIONPLANS(continued)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions(continued)
DiscountRate–forCalSTRS(continued)
Therefore, the long‐term assumed investment rate of return was applied to all periods of projected
benefitpaymentstodeterminethetotalpensionliability.
DiscountRate–forCalPERS
The discount rate used to measure the total pension liability was 7.50% for CalPERS. To determine
whether the municipal bond rate should be used in the calculation of a discount rate for each plan,
CalPERSstresstestedplansthatwouldmostlikelyresultinadiscountratethatwouldbedifferentfrom
the actuarially assumed discount rate. Based on the testing, none of the tested plans run out ofassets.
Therefore, the current 7.50 percent discount rate is adequate and the use of the municipal bond rate
calculationisnotnecessary.Thelongtermexpecteddiscountrateof7.50percentwillbeappliedtoall
plansinthePublicEmployeesRetirementFund(PERF).Thestresstestresultsarepresentedinadetailed
reportthatcanbeobtainedfromtheCalPERSwebsite.
According to Paragraph 30 of Statement 68, the long‐term discount rate should be determined without
reductionforpensionplanadministrativeexpense.The7.50percentinvestmentreturnassumptionused
inthisaccountingvaluationisnetofadministrativeexpenses.Administrativeexpensesareassumedtobe
15basispoints.Aninvestmentreturnexcludingadministrativeexpenseswouldhavebeen7.65percent.
Using this lower discount rate has resulted in a slightly higher Total Pension Liability and Net Pension
Liability.CalPERScheckedthematerialitythresholdforthedifferenceincalculationanddidnotfinditto
beamaterialdifference.CalPERSisscheduledtoreviewallactuarialassumptionsaspartofitsregular
AssetLiabilityManagement(ALM)reviewcyclethatisscheduledtobecompletedinFebruary2018.Any
changes to the discount rate will require Board action and proper stakeholder outreach. For these
reasons, CalPERS expects to continue using a discount rate net of administrative expenses for GASB 67
and 68 calculations through at least the 2017‐18 fiscal year. CalPERS will continue to check the
materialityofthedifferenceincalculationuntilsuchtimeaswehavechangedourmethodology.
The long‐term expected rate of return on pension plan investments was determined using a building‐
blockmethodinwhichbest‐estimaterangesofexpectedfuturerealratesofreturn(expectedreturns,net
of pension plan investment expense and inflation) are developed for each major asset class. The best‐
estimate ranges were developed using capital market assumptions from CalSTRS general investment
consultant (Pension Consulting Alliance‐PCA) as an input to the process. Based on the model from
CalSTRS consulting actuary's (Milliman) investment practice, a best estimate range was determined by
assumingtheportfolioisre‐balancedannuallyandthatannual returnsarelognormallydistributedand
independent from year to year to develop expected percentiles for the long‐term distribution of
annualized returns. The assumed asset allocation by PCA is based on board policy for target asset
allocation in effect on February 2, 2012, the date the current experience study was approved by the
board.
In determining the long‐term expected rate of return, CalPERS took into account both short‐term and
long‐termmarketreturnexpectationsaswellastheexpectedpensionfundcashflows.Usinghistorical
returns of all the funds’ asset classes, expected compound returns were calculated over the short‐term
(first 10 years) and the long‐term (11‐60 years) using a building‐block approach. Using the expected
nominalreturnsforbothshort‐termandlong‐term,thepresentvalueofbenefitswascalculatedforeach
fund.
42
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE11–PENSIONPLANS(continued)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions(continued)
DiscountRate–forCalPERS(continued)
Theexpectedrateofreturnwassetbycalculatingthesingleequivalentexpectedreturnthatarrivedat
thesamepresentvalueofbenefitsforcashflowsastheonecalculatedusingbothshort‐termandlong‐
termreturns.Theexpectedrateofreturnwasthensetequivalenttothesingleequivalentratecalculated
aboveandroundeddowntothenearestonequarterofonepercent.
Thetablebelowreflectsthelong‐termexpectedrealrateofreturnbyassetclass.Therateofreturnwas
calculated using the capital market assumptions applied to determine the discount rate and asset
allocation.Theseratesofreturnarenetofadministrativeexpenses.
AssetClass
GlobalEquity
GlobalFixedIncome
InflationSensitive
PrivateEquity
RealEstate
InfrastructureandForestland
FixedIncome
Liquidity
TargetAllocation
CalSTRS
CalPERS
47%
47%
N/A
19%
5%
6%
12%
12%
15%
11%
N/A
3%
20%
N/A
1%
2%
100%
Long‐TermExpected
RateofReturn
CalSTRS
CalPERS
4.5%
5.7%
N/A
2.4%
3.2%
3.4%
6.2%
7.0%
4.4%
5.1%
N/A
5.1%
0.2%
N/A
0.0%
‐1.1%
100%
SensitivityoftheProportionateShareoftheNetPensionLiabilitytoChangesintheDiscountRate
The following presents the District’s proportionate share of the net pension liability for each Plan,
calculatedusingthediscountrateforeachPlan,aswellaswhattheDistrict’sproportionateshareofthe
netpensionliabilitywouldbeifitwerecalculatedusingadiscountratethatis1‐percentagepointlower
or1‐percentagepointhigherthanthecurrentrate:
CalSTRS
CalPERS
1%Decrease
NetPensionLiability
6.60%
$ 251,402,880
6.50%
$79,240,839
CurrentDiscountRate
NetPensionLiability
7.60%
$ 161,286,120
7.50%
$45,171,338
1%Increase
NetPensionLiability
8.60%
$ 86,145,120
8.50%
$16,702,836 PensionPlanFiduciaryNetPosition
Detailedinformationabouteachpensionplan’sfiduciarynetpositionisavailableintheseparatelyissued
CalSTRSandCalPERSfinancialreports.
43
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE11–PENSIONPLANS(continued)
C. PayabletothePensionPlans
AtJune30,2015,theDistrictreportedapayableof$84,946and$16,837fortheoutstandingamountof
contributionstotheCalSTRSandCalPERSpensionplans,respectively,requiredforthefiscalyearended
June30,2015.
NOTE12–OTHERPOSTEMPLOYMENTBENEFITS
MountDiabloUnifiedSchoolDistrictadministersadefinedbenefitpostemploymentplan,whereplanassets
maybeusedonlyforthepaymentofbenefitstothemembersofthatplan.Theplanassetsareaccountedfor
intheRetireeBenefitFund.TheDistrictimplementedGovernmentalAccountingStandardsBoardStatement
#45,FinancialReportingforPostemploymentBenefitPlansOtherThanPensionPlans,in2007‐08.
PlanDescriptionsandContributionInformation
Membershipintheplanconsistedofthefollowing:
Retireesandbeneficiariesreceivingbenefits
Activeplanmembers
Total
1,219
3,005
4,224
AsofJuly1,2014,actuarialvaluationdate
The District provides postemployment health care benefits, in accordance with District employment
contracts, to all employees who retire from the District and meet the age and service requirements for
eligibility.TheDistrictofferssubsidizedhealthinsuranceuntilage65.
TheDistrict’sfundingpolicyisbasedontheprojectedpay‐as‐you‐gofinancingrequirements,withadditional
amounts to prefund benefits as determined annually by the governing board. For fiscal year 2014‐15, the
Districtcontributed$4,813,524.
AnnualOPEBCostandNetOPEBObligation
The District’s annual OPEB cost is calculated based on the Annual Required Contribution(ARC),anamount
actuariallydeterminedinaccordancewiththeparametersofGASBStatement45.TheARCrepresentsalevel
of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any
unfundedactuarialliabilities(orfundingexcess)overaperiodnottoexceedthirtyyears.Thefollowingtable
showsthecomponentsoftheDistrict’sannualOPEBcostfortheyear,theamountactuallycontributedtothe
plan,andchangesintheDistrict’snetOPEBobligation:
Annualrequiredcontribution(ARC)
$11,433,256
InterestonnetOPEBobligation
1,405,098
AdjustmenttoARC
(1,597,480)
AnnualOPEBcost
11,240,874
Contributionsmade
(4,813,524)
Increase(decrease)innetOPEBobligation
6,427,350
NetOPEBobligation‐July1,2014
31,224,393
NetOPEBobligation‐June30,2015
$37,651,743
44
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestoFinancialStatements
June30,2015
NOTE12–OTHERPOSTEMPLOYMENTBENEFITS(continued)
AnnualOPEBCostandNetOPEBObligation(continued)
TheDistrict'sannualOPEBcost,thepercentageofannualOPEBcostcontributedtotheplan,andthenetOPEB
obligationfor2014‐15andtheprecedingtwoyearsareasfollows:
Annual
YearEnded
OPEB
Percentage
NetOPEB
June30,
Cost
Contributed
Obligation
2013
$10,600,315
52%
$ 25,342,946
2014
10,947,325
46%
31,224,393
2015
11,240,874
43%
37,651,743 ActuarialMethodsandAssumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understoodbytheemployerandplanmembers)andincludethetypesofbenefitsprovidedatthetimeofeach
valuation and the historical pattern of sharing of benefit costs between the employer and plan members to
thatpoint.Theactuarialmethodsandassumptionsusedincludetechniquesthataredesignatedtoreducethe
effectsofshort‐termvolatilityinactuarialaccruedliabilitiesandtheactuarialvalueofassets,consistentwith
thelong‐termperspectiveofthecalculations.
Additionalinformationasofthelatestactuarialvaluationfollows:
ValuationDate
7/1/2014
ActuarialCostMethod
EntryAgeNormal
AmortizationMethod
Level‐percentageofpayroll
RemainingAmortizationPeriod
24years
ActuarialAssumptions:
Discountrate
4.5%
Healthcaretrendrate
5.0%‐7.0%
Inflationrate
2.75%
NOTE13–SUBSEQUENTEVENT
OnJuly15,2015,theDistrictissued$38,500,000in2010Election,2015SeriesF,GeneralObligationBonds.
The bonds are being issued to finance the construction, acquisition, furnishing, and equipping of district
facilitiesandtopaycertaincostsofissuanceofthebonds.
45
(Thispageintentionallyleftblank)
RequiredSupplementaryInformation
(Thispageintentionallyleftblank)
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
BudgetaryComparisonSchedule–GeneralFund
FortheFiscalYearEndedJune30,2015
BudgetedAmounts
Original
Final
Actual
(BudgetaryBasis)
Variancewith
FinalBudget‐
Pos(Neg)
Revenues
LCFFSources
FederalSources
OtherStateSources
OtherLocalSources
$219,682,540
18,478,654
32,214,242
9,019,297
$222,626,709
26,583,627
37,149,721
14,796,541
$222,626,709
20,477,079
37,027,169
14,833,542
$ ‐
(6,106,548)
(122,552)
37,001
TotalRevenues
279,394,733
301,156,598
294,964,499
(6,192,099)
Expenditures
Current:
CertificatedSalaries
ClassifiedSalaries
EmployeeBenefits
BooksandSupplies
ServicesandOtherOperatingExpenditures
TransfersofIndirectCosts
CapitalOutlay
Intergovernmental
134,016,281
40,419,301
63,607,198
15,070,287
34,619,797
(403,104)
759,767
566,765
137,944,405
44,952,300
59,848,241
44,533,288
39,596,327
(408,605)
2,173,330
3,355,710
133,833,408
44,044,112
54,340,309
13,167,352
36,155,758
(582,745)
1,612,065
3,354,708
4,110,997
908,188
5,507,932
31,365,936
3,440,569
174,140
561,265
1,002
TotalExpenditures
288,656,292
331,994,996
285,924,967
46,070,029
Excess(Deficiency)ofRevenues
Over(Under)Expenditures
(9,261,559)
(30,838,398)
9,039,532
39,877,930
OtherFinancingSourcesandUses
InterfundTransfersOut
(3,355,047)
(3,276,196)
(3,276,196)
‐
TotalOtherFinancingSourcesandUses
(3,355,047)
(3,276,196)
(3,276,196)
‐
Excess(Deficiency)ofRevenuesandOther
FinancingSourcesOver(Under)
ExpendituresandOtherFinancingUses
(12,616,606)
(34,114,594)
5,763,336
39,877,930
FundBalances,July1,2014
53,483,722
65,758,065
65,758,065
‐
FundBalances,June30,2015
$ 40,867,116
$ 31,643,471
$71,521,401
$ 39,877,930
On‐behalfpaymentsof$6,922,218havebeenincludedintheStatementofRevenues,ExpendituresandChangesinFundBalance
butarenotincludedintheactualamountsabove.
Seeaccompanyingnotestorequiredsupplementaryinformation.
46
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofFundingProgress
FortheFiscalYearEndedJune30,2015
Actuarial
Valuation
Date
5/1/2008
7/1/2012
7/1/2014
Valueof
Assets
$‐
$‐
$‐
Actuarial
Accrued
Liability
(AAL)
$71,018,299
95,744,443
101,535,198
Unfunded
AAL
(UAAL)
$ 71,018,299
95,744,443
101,535,198
Funded
Ratio
0%
0%
0%
Covered
Payroll
$ 191,822,548
174,900,000
171,978,831
UAALasa
Percentageof
Covered
Payroll
37%
55%
59%
Seeaccompanyingnotestorequiredsupplementaryinformation.
47
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofProportionateShareoftheNetPensionLiability
FortheFiscalYearEndedJune30,2015
LastTenFiscalYears*
2014
District'sproportionofthenetpension
liability(asset):
CalSTRS
CalPERS
0.2760%
0.3979%
District'sproportionateshareofthenet
pensionliability(asset):
CalSTRS
CalPERS
$ 161,286,120
$45,171,338
District'scovered‐employeepayroll:
CalSTRS
CalPERS
$ 123,886,776
$41,430,353
District'sproportionateshareofthenet
pensionliability(asset)asapercentage
ofitscovered‐employeepayroll:
CalSTRS
CalPERS
130.2%
109.0%
Planfiduciarynetpositionasapercentage
ofthetotalpensionliability:
CalSTRS
CalPERS
76.5%
83.4%
* Thisscheduleisrequiredtoshowinformationfortenyears;however,untilafull
tenyeartrendiscompiled,informationispresentedforthoseyearsforwhich
informationisavailable.
Seeaccompanyingnotestorequiredsupplementaryinformation.
48
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofContributions
FortheFiscalYearEndedJune30,2015
LastTenFiscalYears*
2014
Actuariallydeterminedcontribution:
CalSTRS
CalPERS
$10,220,659
$4,740,461
Contributionsinrelationtothe
actuariallydeterminedcontribution:
CalSTRS
CalPERS
$10,220,659
$4,740,461
Contributiondeficiency(excess):
CalSTRS
CalPERS
$‐
$‐
District'scovered‐employeepayroll:
CalSTRS
CalPERS
$ 123,886,776
$41,430,353
Contributionsasapercentageof
covered‐employeepayroll:
CalSTRS
CalPERS
8.25%
11.442%
* Thisscheduleisrequiredtoshowinformationfortenyears;however,untilafull
tenyeartrendiscompiled,informationispresentedforthoseyearsforwhich
informationisavailable.
Seeaccompanyingnotestorequiredsupplementaryinformation.
49
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotestotheRequiredSupplementaryInformation
FortheFiscalYearEndedJune30,2015
NOTE1–PURPOSEOFSCHEDULES
BudgetaryComparisonSchedules
TheseschedulesarerequiredbyGASBStatementNo.34asrequiredsupplementaryinformation(RSI)forthe
General Fund and for each major special revenue fund that has a legally adopted annual budget. The
budgetarycomparisonschedulespresentboth(a)theoriginaland(b)thefinalappropriatedbudgetsforthe
reportingperiodaswellas(c)actualinflows,outflows,andbalances,statedontheDistrict’sbudgetarybasis.
A separate column to report the variance between the final budget and actual amounts is also presented,
althoughnotrequired.
ScheduleofFundingProgress
This schedule is required by GASB Statement No. 45 for all sole and agent employers that provide other
postemploymentbenefits(OPEB).Theschedulepresents,forthemostrecentactuarialvaluationandthetwo
preceding valuations, information about the funding progress of the plan, including, for each valuation, the
actuarial valuation date, the actuarial value of assets, the actuarial accrued liability, the total unfunded
actuarial liability (or funding excess), the actuarial value of assets as a percentage of the actuarial accrued
liability(fundedratio),theannualcoveredpayroll,andtheratioofthetotalunfundedactuarialliability(or
fundingexcess)toannualcoveredpayroll.
ScheduleofProportionateShareoftheNetPensionLiability
This schedule is required by GASB Statement No. 68 and is required for all employers in a cost‐sharing
pensionplan.Theschedulereportsthefollowinginformation:
 Theproportion(percentage)ofthecollectivenetpensionliability(similartothenotedisclosure)
 Theproportionateshare(amount)ofthecollectivenetpensionliability
 Theemployer'scovered‐employeepayroll
 The proportionate share (amount) of the collective net pension liability as a percentage of the
employer'scovered‐employeepayroll
 Thepensionplan'sfiduciarynetpositionasapercentageofthetotalpensionliability
ScheduleofContributions
This schedule is required by GASB Statement No. 68 and is required for all employers in a cost‐sharing
pensionplan.Theschedulereportsthefollowinginformation:
 If an employer's contributions to the plan are actuarially determined or based on statutory or
contractual requirements: the employer's actuarially determined contribution to the pension plan
(or, if applicable, its statutorily or contractually required contribution), the employer's actual
contributions, the difference between the actual and actuarially determined contributions (or
statutorily or contractually required), and a ratio of the actual contributions divided by covered‐
employeepayroll.
NOTE2–EXCESSOFEXPENDITURESOVERAPPROPRIATIONS
AtJune30,2015,theDistrictdidnotincuranyexcessofexpendituresoverappropriationsintheindividual
majorfundpresentedintheBudgetaryComparisonSchedule.
50
(Thispageintentionallyleftblank)
SupplementaryInformation
(Thispageintentionallyleftblank)
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
LocalEducationalAgencyOrganizationStructure
June30,2015
The Mount Diablo Unified School District was established on July 1, 1949. The District is located in Contra
Costa County and serves students in the cities of Concord, Pleasant Hill, Walnut Creek, and portions of the
cities of Clayton, Martinez, Pittsburg, and other surrounding communities. There were no changes in the
boundaries of the District during the current year. The District currently operates 28 elementary schools,
nine middle schools, five high schools, two special education schools, one continuation high school, five
necessarysmallhighschools,oneindependentstudyschool,andtwoadulteducationcenters.
GOVERNINGBOARD
Member
Office
TermExpires
CherylHansen
President
December2018
DebraMason
Vice‐President
December2018
BrianLawrence
Member
December2016
LindaMayo
Member
December2018
BarbaraOaks
Member
DISTRICTADMINISTRATORS
Dr.NellieMeyer,Ed.D.,
Superintendent
Mary‐LouiseNewling,
AssistantSuperintendent,ElementarySchools
JonathanEagan,
AssistantSuperintendent,MiddleSchools
ChristopherHolleran,
AssistantSuperintendent,HighSchools
JenniferSachs,
ExecutiveDirectorofInstructionalSupport
JeffMcDaniel,
ExecutiveDirectorofOperations
LarrySchoenke,
InterimGeneralCounsel
NanceJuner,
Director,FiscalServices
December2016
51
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAverageDailyAttendance
FortheFiscalYearEndedJune30,2015
RegularADA&ExtendedYear:
TransitionalKindergartenthroughThird
FourththroughSixth
SevenththroughEighth
NinththroughTwelfth
TotalRegularADA
SpecialEducation,Nonpublic,NonsectarianSchools:
TransitionalKindergartenthroughThird
FourththroughSixth
SevenththroughEighth
NinththroughTwelfth
TotalSpecialEducation,Nonpublic,
NonsectarianSchools
CommunityDaySchool:
SevenththroughEighth
NinththroughTwelfth
TotalCommunityDayADA
TotalADA
SecondPeriod
Report
CertificateNo.
(072EBDEA)
Annual
Report
CertificateNo.
(38FD3051)
10,178.58
7,311.81
4,816.20
7,914.54
10,160.55
7,301.73
4,804.41
7,812.64
30,221.13
30,079.33
5.61
14.77
32.22
88.92
5.33
15.98
33.02
89.08
141.52
143.41
0.53
9.88
10.41
1.25
10.69
11.94
30,373.06
30,234.68
52
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofInstructionalTime
FortheFiscalYearEndedJune30,2015
GradeLevel
Kindergarten
Grade1
Grade2
Grade3
Grade4
Grade5
Grade6
Grade7
Grade8
Grade9
Grade10
Grade11
Grade12
1986‐87Minutes
Previously
Required
Reduced*
36,000
50,400
50,400
50,400
54,000
54,000
54,000
54,000
54,000
64,800
64,800
64,800
64,800
35,000
49,000
49,000
49,000
52,500
52,500
52,500
52,500
52,500
63,000
63,000
63,000
63,000
2014‐15
Actual
Minutes
NumberofDays
Traditional
Calendar
Status
36,000
51,871
51,871
51,871
55,800
55,800
58,260
58,260
58,260
65,284
65,284
65,284
65,284
180
180
180
180
180
180
180
180
180
180
180
180
180
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
*AmountsreducedaspermittedbyEducationCodeSection46201.2(a).
Seeaccompanyingnotetosupplementaryinformation.
53
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofFinancialTrendsandAnalysis
FortheFiscalYearEndedJune30,2015
(Budget)
20163
20151
2014
2013
Revenuesandotherfinancingsources
$ 317,429,838
$ 294,964,499
$283,613,268
$278,316,060
Expenditures
Otherusesandtransfersout
305,218,978
3,184,396
285,924,967
3,276,196
267,651,694
3,789,964
274,878,260
3,637,547
Totaloutgo
308,403,374
289,201,163
271,441,658
278,515,807
Changeinfundbalance(deficit)
9,026,464
5,763,336
12,171,610
(199,747)
Endingfundbalance
$80,547,865
$71,521,401
$ 65,758,065
$ 53,586,455
Availablereserves2
$47,341,028
$39,495,171
$43,731,630
$35,958,103
GeneralFund
Availablereservesasapercentage
oftotaloutgo
15.4%
13.7%
16.1%
12.9%
Totallong‐termdebt4
$705,907,131
$719,583,733
$776,939,325
$527,211,636
AveragedailyattendanceatP‐2
30,626
30,373
30,460
30,506
TheGeneralFundbalancehasincreasedby$17,934,946overthepasttwoyears.Thefiscalyear2015‐16adopted
budgetprojectsanincreaseof$9,026,464.Foradistrictofthissize,thestaterecommendsavailablereservesofat
least2%oftotalgeneralfundexpenditures,transfersout,andotheruses(totaloutgo).
TheDistricthasincurredanoperatingsurplusintwoofthepastthreeyears,andanticipatesincurringanoperating
surplusduringthe2015‐16fiscalyear.Long‐termdebthasincreasedby$192,372,097overthepasttwoyears.
Averagedailyattendancehasdecreasedby133overthepasttwoyears.Anincreaseof253ADAisprojected
duringfiscalyear2015‐16.
1
On‐behalfpaymentsof$6,922,218havebeenincludedintheStatementofRevenues,ExpendituresandChanges
inFundBalancebutarenotincludedintheactualamountsabove.
2
AvailablereservesconsistofallunassignedfundbalancesintheGeneralFund.
3
RevisedFinalBudgetSeptember,2015.
4
Asrestated.
Seeaccompanyingnotetosupplementaryinformation.
54
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofCharterSchools
FortheFiscalYearEndedJune30,2015
InclusioninFinancial
Statements
CharterSchool
EaglePeakMontessori
Notincluded
Seeaccompanyingnotetosupplementaryinformation.
55
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ReconciliationofAnnualFinancialandBudgetReportwithAuditedFinancialStatements
FortheFiscalYearEndedJune30,2015
TherewerenodifferencesbetweentheAnnualFinancialandBudgetReportandthe
AuditedFinancialStatementsinanyfunds.
Seeaccompanyingnotetosupplementaryinformation.
56
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofExpendituresofFederalAwards
FortheFiscalYearEndedJune30,2015
FederalGrantor/Pass‐Through
Grantor/ProgramorClusterTitle
FederalPrograms:
U.S.DepartmentofAgriculture:
FarmtoSchoolPlanningGrant
PassedthroughCaliforniaDept.ofEducation(CDE):
SchoolBreakfastProgram‐Basic
SchoolBreakfastProgram‐EspeciallyNeedy
NationalSchoolLunchProgram
USDADonatedFoods
SummerFoodServiceProgramOperations
TotalChildNutritionCluster
ChildandAdultCareFoodProgram
CashinLieuofCommodities
TotalChildandAdultCareFoodProgramCluster
NSLPEquipmentAssistanceGrants
TotalU.S.DepartmentofAgriculture
U.S.DepartmentofDefense:
J.R.O.T.C.
TotalU.S.DepartmentofDefense
U.S.DepartmentofLabor:
PassedthroughEastbayWorks:
WorkforceInvestmentActFromOtherAgencies
TotalU.S.DepartmentofLabor
U.S.DepartmentofEducation:
PassedthroughCaliforniaDept.ofEducation(CDE):
AdultEducation:AdultBasicEducationandESL
AdultEducation:AdultSecondaryEducation
AdultEducation:EnglishLiteracyandCivicsEducation
TotalAdultEducation‐StateGrantsCluster
PellGrants
NoChildLeftBehind(NCLB):
TitleI,PartA,BasicGrantsLow‐IncomeandNeglected
TitleI,PartA,ProgramImprovementLEACorrectiveAction
TotalTitleI,PartACluster
TitleI,PartG,AdvancedPlacementTestReimbursementProgram
TitleI,SchoolImprovementGrantsforQEIASchools
ARRATitleI,SchoolImprovementGrantsforQEIASchools
TotalSchoolImprovementGrantsCluster
TitleII,PartA,ImprovingTeacherQualityLocalGrants
TitleIII,LimitedEnglishProficiency
TitleIII,ImmigrantEducation
TotalEnglishLanguageAcquisitionGrantsCluster
TitleIV,PartB,21stCCLC‐HighSchoolASSETs
CarlD.PerkinsCareerandTechnicalEducation:Secondary,Sec.131
CarlD.PerkinsCareerandTechnicalEducation:Adult,Section132
TotalCareerandTechnicalEducation‐BasicGrantstoStatesCluster
SafeandSupportiveSchoolsProgrammaticIntervention
IndividualswithDisabilitiesEducationAct(IDEA):
BasicLocalAssistanceEntitlement
LocalAssistance,PartB,Sec611,PrivateSchoolISPs
LocalAssistance,PartB,Sec611,EarlyInterveningServices
PreschoolGrants,PartB,Sec619
PartB,Sec619,PreschoolGrantsEarlyInterveningServices
PreschoolLocalEntitlement,PartB,Sec611
MentalHealthAllocationPlan,PartB,Sec611
PartB,Sec611,PreschoolLocalEntitlementEarlyInterveningServices
PreschoolStaffDevelopment,PartB,Sec619
AlternateDisputeResolution
TotalSpecialEducation(IDEA)Cluster
StateImprovementGrant,ImprovingSpecialEdSystems
IDEAEarlyInterventionGrants,PartC
TotalU.S.DepartmentofEducation
U.S.DepartmentofHealth&HumanServices:
PassedthroughCaliforniaDept.ofEducation(CDE):
Medi‐CalBillingOption
TotalU.S.DepartmentofHealth&HumanServices
CorporationforNationalandCommunityService:
CalSERVESAfterSchoolProgram
TotalCorporationforNationalandCommunityService
TotalExpendituresofFederalAwards
Seeaccompanyingnotetosupplementaryinformation.
Federal
CFDA
Number
Pass‐Through
Entity
Identifying
Number
Cluster
Expenditures
Federal
Expenditures
10.575
N/A
10.553
10.553
10.555
10.555
10.559
13525
13526
13523
N/A
13004
$69,631
1,508,697
5,600,877
691,853
171,515
$12,026
10.558
10.558
13393
13393
839,788
69,747
10.579
14906
12.030
N/A
189,102
189,102
17.259
N/A
140,945
140,945
84.002A
84.002
84.002A
14508
13978
14109
84.063
N/A
84.010
84.010
14329
14955
4,850,232
33,802
84.330B
84.377
84.388
14831
14971
15020
3,589,681
714,224
84.367
84.365
84.365
14341
14346
15146
84.287
84.048
84.048
14349
14894
14893
84.184
15164
84.027
84.027
84.027
84.173
84.173
84.027A
84.027A
84.027
84.173A
84.173A
13379
10115
10119
13430
10131
13682
14468
10132
13431
13007
84.323
84.181
14913
23761
93.778
10013
547,460
547,460
94.006
N/A
49,368
49,368
8,042,573
909,535
99,998
9,064,132
303,771
161,010
132,733
597,514
200,455
4,884,034
17,501
4,303,905
747,163
663,851
30,829
694,680
679
237,781
51,480
289,261
207,100
5,322,943
54,981
1,384,699
189,265
17,604
272,671
581,195
57,245
2,586
20,428
7,903,617
6,512
161,463
20,013,884
$30,004,891
57
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
CombiningBalanceSheet–Non‐MajorGovernmentalFunds
June30,2015
CountySchool
FacilitiesFund
CapitalProjects
FundforBlended
Component
Units
Total
Non‐Major
Governmental
Funds
$4,573,070
1,219,799
5,077
‐
‐
$ ‐
8,249,911
4,011
‐
‐
$ 2,501
2,076,436
1,650
‐
‐
$5,935,764
13,129,428
2,029,705
10,261
26,202
$ 249,901
$5,797,946
$8,253,922
$2,080,587
$ 21,131,360
$‐
375,350
‐
$ 241,490
‐
‐
$ ‐
2,991
‐
$5,894,166
91,124
‐
$‐
23,412
‐
$6,135,656
594,678
2
101,803
375,350
241,490
2,991
5,985,290
23,412
6,730,336
‐
28,172
1,285,771
26,202
2,931,706
‐
‐
‐
8,411
‐
5,794,955
‐
‐
2,268,632
‐
‐
2,057,175
‐
26,202
13,080,640
1,294,182
1,313,943
2,957,908
8,411
5,794,955
2,268,632
2,057,175
14,401,024
$1,415,746
$3,333,258
$ 249,901
$5,797,946
$8,253,922
$2,080,587
$ 21,131,360
Cafeteria
Fund
Deferred
Maintenance
Fund
Capital
Facilities
Fund
$ 306,205
622,931
480,256
6,354
‐
$1,053,988
710,597
1,538,564
3,907
26,202
$ ‐
249,754
147
‐
‐
$1,415,746
$3,333,258
Liabilities
Cashoverdraft
Accountspayable
Duetootherfunds
$ ‐
101,801
2
TotalLiabilities
ASSETS
Cash
Investments
Accountsreceivable
Duefromotherfunds
Inventories
TotalAssets
Adult
Education
Fund
LIABILITIESANDFUNDBALANCES
FundBalances
Nonspendable
Restricted
Committed
TotalFundBalances
TotalLiabilitiesandFundBalances
Seeaccompanyingnotetosupplementaryinformation.
58
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
CombiningStatementofRevenues,Expenditures,andChangesinFundBalances–Non‐MajorGovernmentalFunds
FortheFiscalYearEndedJune30,2015
CountySchools
FacilitiesFund
CapitalProjects
FundforBlended
Component
Units
Total
Non‐Major
Governmental
Funds
$ ‐
‐
1,696,081
$ ‐
‐
1,746
$ ‐
‐
816,087
$ 9,917,098
756,553
7,070,782
663
1,696,081
1,746
816,087
17,744,433
‐
‐
‐
‐
‐
3,240,955
445,984
100,082
1,678,695
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
445,984
100,082
1,678,695
‐
17,029
12,870,653
‐
‐
‐
‐
‐
‐
‐
‐
‐
12,870,653
17,029
‐
868,273
156,492
‐
‐
‐
426,253
‐
‐
96,949
‐
320,307
44,767
‐
‐
13,745
‐
‐
‐
431,837
‐
899,540
‐
4,654
44,767
1,864,762
582,745
770,543
‐
‐
‐
294,935
‐
‐
294,935
TotalExpenditures
6,507,510
13,296,906
417,256
353,447
431,837
904,194
21,911,150
Excess(Deficiency)ofRevenues
Over(Under)Expenditures
(3,936,762)
(637,798)
(416,593)
1,342,634
(430,091)
(88,107)
(4,166,717)
OTHERFINANCINGSOURCES(USES)
Interfundtransfersin
3,276,196
‐
‐
‐
‐
‐
3,276,196
NetChangeinFundBalances
(660,566)
(637,798)
(416,593)
1,342,634
(430,091)
(88,107)
(890,521)
FundBalances,July1,2014
1,974,509
3,595,706
425,004
4,452,321
2,698,723
2,145,282
15,291,545
FundBalances,June30,2015
$ 1,313,943
$ 2,957,908
$ 8,411
$5,794,955
$2,268,632
$ 2,057,175
$ 14,401,024
REVENUES
Federalsources
Otherstatesources
Otherlocalsources
TotalRevenues
EXPENDITURES
Current:
Instruction
Instruction‐relatedservices:
Supervisionofinstruction
Instructionallibrary,mediaandtechnology
Schoolsiteadministration
PupilSupportServices:
Foodservices
Allotherpupilservices
GeneralAdministrationServices:
Othergeneraladministration
Plantservices
Transfersofindirectcosts
Capitaloutlay
Debtservice:
Principal
Adult
Education
Fund
Cafeteria
Fund
Deferred
Maintenance
Fund
Capital
Facilities
Fund
$ 852,967
178,268
1,539,513
$ 9,064,131
578,285
3,016,692
$ ‐
‐
663
2,570,748
12,659,108
3,240,955
59
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
NotetotheSupplementaryInformation
June30,2015
NOTE1–PURPOSEOFSCHEDULES
ScheduleofAverageDailyAttendance(ADA)
Average daily attendance (ADA) is a measurement ofthenumberofpupilsattendingclassesoftheDistrict.
The purpose of attendance accounting from a fiscal standpoint is to provide the basis on which
apportionmentsofStatefundsaremadetoschooldistricts.Thisscheduleprovidesinformationregardingthe
attendanceofstudentsatvariousgradelevelsandindifferentprograms.
ScheduleofInstructionalTime
The District has participated in the Incentives for Longer Instructional Day and Longer Instructional Year.
TheDistricthasnotmetitstargetfunding.Thisschedulepresentsinformationontheamountofinstructional
timeofferedbytheDistrictandwhethertheDistrictcompliedwiththeprovisionsofEducationCodeSections
46200through46206.
Districts must maintain their instructional minutes at the 1986‐87 requirement, as reduced by Education
Codesection46201.2(a).
ScheduleofFinancialTrendsandAnalysis
ThisscheduledisclosestheDistrict’sfinancialtrendsbydisplayingpastyears’dataalongwithcurrentyear
budgetinformation.ThesefinancialtrenddisclosuresareusedtoevaluatetheDistrict’sabilitytocontinueas
agoingconcernforareasonableperiodoftime.
ScheduleofCharterSchools
This schedule lists all charter schools chartered by the District, and displays information for each charter
schoolandwhetherornotthecharterschoolisincludedintheDistrictaudit.
ScheduleofExpendituresofFederalAwards
The schedule of expenditures of Federal awards includes the Federal grant activity of the District and is
presented on the modified accrual basis of accounting. The information in this schedule is presented in
accordance with the requirements of the United States Office of Management and Budget Circular A‐133,
AuditsofStates,LocalGovernments,andNon‐ProfitOrganizations.Therefore,someamountspresentedinthis
schedulemaydifferfromamountspresentedin,orusedinthepreparationofthefinancialstatements.
ReconciliationofAnnualFinancialandBudgetReportwithAuditedFinancialStatements
Thisscheduleprovidestheinformationnecessarytoreconcilethefundbalanceofallfundsreportedonthe
UnauditedActualfinancialreporttotheauditedfinancialstatements.
Subrecipients
Of the Federal expenditures presented in the schedule, the District provided no Federal awards to
subrecipients.
CombiningFinancialStatements
Thesefinancialstatementsreportthefinancialactivityoftheindividualnon‐majorfunds.
60
OtherIndependentAuditors'Reports
(Thispageintentionallyleftblank)
INDEPENDENTAUDITORS'REPORTONINTERNALCONTROLOVERFINANCIAL
REPORTINGANDONCOMPLIANCEANDOTHERMATTERSBASEDONAN
AUDITOFFINANCIALSTATEMENTSPERFORMEDINACCORDANCE
WITHGOVERNMENTAUDITINGSTANDARDS
BoardofEducation
MountDiabloUnifiedSchoolDistrict
Concord,California
We have audited, in accordance with the auditing standards generally accepted in the United States of
AmericaandthestandardsapplicabletofinancialauditscontainedinGovernmentAuditingStandardsissued
bytheComptrollerGeneraloftheUnitedStates,thefinancialstatementsofthegovernmentalactivities,each
majorfund,andtheaggregateremainingfundinformationofMountDiabloUnifiedSchoolDistrictasofand
for the year ended June 30, 2015, and the related notes to the financial statements, which collectively
comprise Mount Diablo Unified School District's basic financial statements, and have issued our report
thereondatedDecember14,2015.
InternalControlOverFinancialReporting
Inplanningandperformingourauditofthefinancialstatements,weconsideredMountDiabloUnifiedSchool
District’s internal control over financial reporting (internal control) to determine the audit procedures that
areappropriateinthecircumstancesforthepurposeofexpressingouropinionsonthefinancialstatements,
but not for the purpose of expressing an opinion on the effectiveness of the Mount Diablo Unified School
District’sinternalcontrol.Accordingly,wedonotexpressanopinionontheeffectivenessoftheMountDiablo
UnifiedSchoolDistrict’sinternalcontrol.
Ourconsiderationofinternalcontrolwasforthelimitedpurposedescribedintheprecedingparagraphand
was not designed to identify all deficiencies in internal control that might be material weaknesses or
significantdeficienciesandtherefore,materialweaknessesorsignificantdeficienciesmayexistthatwerenot
identified. However, as described in the accompanying schedule of findings and questioned costs, we
identifiedcertaindeficienciesininternalcontrolthatweconsidertobeamaterialweaknessandsignificant
deficiencies.
Adeficiencyininternalcontrolexistswhenthedesignoroperationofacontroldoesnotallowmanagementor
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control such that there is a reasonable possibility that a material misstatement of the District's
financial statements will not be prevented, or detected and corrected on a timely basis. We consider the
deficiencydescribedintheaccompanyingscheduleoffindingsandquestionedcostsasFinding2015‐3tobea
materialweakness.
Asignificantdeficiencyisadeficiency,oracombinationofdeficiencies,ininternalcontrolthatislesssevere
than a material weakness, yet important enough to merit attention by those charged with governance. We
considerthedeficienciesdescribedintheaccompanyingscheduleoffindingsandquestionedcostsasFindings
2015‐1and2015‐2tobesignificantdeficiencies.
61
ComplianceandOtherMatters
As part of obtaining reasonable assurance about whether Mount Diablo Unified School District’s financial
statementsarefreeofmaterialmisstatement,weperformedtestsofitscompliancewithcertainprovisionsof
laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the determination of financial statement amounts. However, providing an opinion on
compliancewiththoseprovisionswasnotanobjectiveofouraudit,andaccordingly,wedonotexpresssuch
anopinion.Theresultsofourtestsdisclosedinstancesofnoncomplianceorothermattersthatarerequired
tobereportedunderGovernmentAuditingStandardsandwhicharedescribedintheaccompanyingschedule
offindingsandquestionedcostsasFindings2015‐4and2015‐5.
MountDiabloUnifiedSchoolDistrict’sResponsestoFindings
Mount Diablo Unified School District’s responses to the findings identified in our auditaredescribedinthe
accompanying schedule of findings and questioned costs. Mount Diablo Unified School District’s responses
were not subjected to the auditing procedures applied in the audit of the financial statements and,
accordingly,weexpressnoopiniononthem.
PurposeofthisReport
Thepurposeofthisreportissolelytodescribethescopeofourtestingofinternalcontrolandcomplianceand
theresultsofthattesting,andnottoprovideanopinionontheeffectivenessoftheDistrict'sinternalcontrol
or on compliance. This report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the District's internal control and compliance. Accordingly, this
communicationisnotsuitableforanyotherpurpose.
Murrieta,California
December14,2015
62
INDEPENDENTAUDITORS’REPORTONSTATECOMPLIANCE
BoardofEducation
MountDiabloUnifiedSchoolDistrict
Concord,California
ReportonStateCompliance
We have audited Mount Diablo Unified School District's compliance with the types of compliance
requirements described in the 2014‐15 Guide for Annual Audits of K‐12 Local Education Agencies and State
ComplianceReportingthatcouldhaveadirectandmaterialeffectoneachoftheMountDiabloUnifiedSchool
District'sstategovernmentprogramsasnotedonthefollowingpageforthefiscalyearendedJune30,2015.
Management'sResponsibility
Managementisresponsibleforcompliancewiththerequirementsoflaws,regulations,contracts,andgrants
applicabletoitsStateprograms.
Auditors'Responsibility
OurresponsibilityistoexpressanopiniononcomplianceforeachofMountDiabloUnifiedSchoolDistrict's
Stateprogramsbasedonourauditofthetypesofcompliancerequirementsreferredtobelow.Weconducted
our audit of compliance in accordance with auditing standards generally accepted in the United States of
America;thestandardsapplicabletofinancialauditscontainedinGovernmentAuditingStandards,issuedby
the Comptroller General of the United States; and 2014‐15 Guide for Annual Audits of K‐12 Local Education
Agencies and State Compliance Reporting. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether noncompliance with the types of compliance requirements
referredtobelowoccurred.Anauditincludesexamining,onatestbasis,evidenceaboutMountDiabloUnified
School District’s compliance with those requirements and performing such other procedures as we
considerednecessaryinthecircumstances.
WebelievethatourauditprovidesareasonablebasisforouropiniononcomplianceforeachStateprogram.
However, our audit does not provide a legal determination of Mount Diablo Unified School District’s
compliance.
63
Inconnectionwiththeauditreferredtoonthepriorpage,weselectedandtestedtransactionsandrecordsto
determinetheDistrict'scompliancewiththeStatelawsandregulationsapplicabletothefollowingitems:
Procedures
Description
Performed
Attendance
Yes
TeacherCertificationandMisassignments
Yes
KindergartenContinuance
Yes
IndependentStudy
Yes
ContinuationEducation
Yes
InstructionalTime
Yes
InstructionalMaterials
Yes
RatioofAdministrativeEmployeestoTeachers
Yes
ClassroomTeacherSalaries
Yes
EarlyRetirementIncentive
NotApplicable
GannLimitCalculation
Yes
SchoolAccountabilityReportCard
Yes
JuvenileCourtSchools
NotApplicable
MiddleorEarlyCollegeHighSchools
NotApplicable
K‐3GradeSpanAdjustment
Yes
TransportationMaintenanceofEffort
Yes
RegionalOccupationCentersorProgramsMaintenanceofEffort
NotApplicable
AdultEducationMaintenanceofEffort
Yes
CaliforniaCleanEnergyJobsAct
Yes
AfterSchoolEducationandSafetyProgram
Yes
ProperExpenditureofEducationProtectionAccountFunds
Yes
CommonCoreImplementationFunds
Yes
UnduplicatedLocalControlFundingFormulaPupilCounts
Yes
LocalControlandAccountabilityPlan
Yes
CharterSchools:
Attendance
NotApplicable
ModeofInstruction
NotApplicable
Nonclassroom‐BasedInstruction/IndependentStudy
NotApplicable
DeterminationofFundingforNonclassroom‐BasedInstruction
NotApplicable
AnnualInstructionalMinutes– ClassroomBased
NotApplicable
CharterSchoolFacilityGrantProgram
NotApplicable
UnmodifiedOpiniononCompliancewithStatePrograms
In our opinion, Mount Diablo Unified School District complied, in all material respects, with the types of
compliancerequirementsreferredtoabovefortheyearendedJune30,2015.
OtherMatters
The results of our auditing procedures disclosed instances of noncompliance with the compliance
requirements referred to above, which are required to be reported in accordance with 2014‐15 Guide for
Annual Audits of K‐12 Local Education Agencies and State ComplianceReporting,andwhicharedescribedin
theaccompanyingscheduleoffindingsandquestionedcostsasFindings2015‐4and2015‐5.
District'sResponsestoFindings
Mount Diablo Unified School District's responses to the compliance findings identified in our audit are
described in the accompanying schedule of findings and questioned costs. Mount Diablo Unified School
District'sresponseswerenotsubjectedtotheauditingproceduresintheauditofcomplianceand,accordingly,
weexpressnoopinionontheresponses.
Murrieta,California
December14,2015
64
INDEPENDENTAUDITORS'REPORTONCOMPLIANCEFOR
EACHMAJORFEDERALPROGRAMANDON
INTERNALCONTROLOVERCOMPLIANCE
REQUIREDBYOMBCIRCULARA‐133
BoardofEducation
MountDiabloUnifiedSchoolDistrict
Concord,California
ReportonComplianceforEachMajorFederalProgram
We have audited Mount Diablo Unified School District's compliance with the types of compliance
requirements described in the OMB Circular A‐133 Compliance Supplement that could have a direct and
materialeffectoneachofMountDiabloUnifiedSchoolDistrict'smajorfederalprogramsfortheyearended
June30,2015.MountDiabloUnifiedSchoolDistrict’smajorfederalprogramsareidentifiedinthesummary
ofauditors’resultssectionoftheaccompanyingscheduleoffindingsandquestionedcosts.
Management'sResponsibility
Managementisresponsibleforcompliancewiththerequirementsoflaws,regulations,contracts,andgrants
applicabletoitsfederalprograms.
Auditors'Responsibility
OurresponsibilityistoexpressanopiniononcomplianceforeachofMountDiabloUnifiedSchoolDistrict's
majorfederalprogramsbasedonourauditofthetypesofcompliancerequirementsreferredtoabove.We
conducted our audit of compliance in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States; and OMB Circular A‐133, Audits of States, Local
Governments, and Non‐Profit Organizations. Those standards and OMB Circular A‐133 require that we plan
and perform the audit to obtain reasonable assurance about whether noncompliance with the types of
compliance requirements referred to above that could have a direct and material effect on a major federal
programoccurred.Anauditincludesexamining,onatestbasis,evidenceaboutMountDiabloUnifiedSchool
District’s compliance with those requirements and performing such other procedures as we considered
necessaryinthecircumstances.
Webelievethatourauditprovidesareasonablebasisforouropiniononcomplianceforeachmajorfederal
program.However,ourauditdoesnotprovidealegaldeterminationofMountDiabloUnifiedSchoolDistrict’s
compliance.
OpiniononEachMajorFederalProgram
In our opinion, Mount Diablo Unified School District complied, in all material respects, with the types of
compliancerequirementsreferredtoabovethatcouldhaveadirectandmaterialeffectoneachofitsmajor
federalprogramsfortheyearendedJune30,2015.
65
ReportonInternalControlOverCompliance
ManagementofMountDiabloUnifiedSchoolDistrictisresponsibleforestablishingandmaintainingeffective
internalcontrolovercompliancewiththetypesofcompliancerequirementsreferredtoabove.Inplanning
and performing our audit of compliance, we considered Mount Diablo Unified School District’s internal
controlovercompliancewiththetypesofrequirementsthatcouldhaveadirectandmaterialeffectoneach
majorfederalprogramtodeterminetheauditingproceduresthatareappropriateinthecircumstancesforthe
purpose of expressing an opinion on compliance for each major federal program and to test and report on
internal control over compliance in accordance with OMB Circular A‐133, but not for the purpose of
expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not
expressanopinionontheeffectivenessoftheDistrict’sinternalcontrolovercompliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions,toprevent,ordetectandcorrect,noncompliancewithatypeofcompliancerequirementofafederal
program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility
that material noncompliance with a type of compliance requirement of a federal program will not be
prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
complianceisadeficiency,oracombinationofdeficiencies,ininternalcontrolovercompliancewithatypeof
compliancerequirementofafederalprogramthatislessseverethanamaterialweaknessininternalcontrol
overcompliance,yetimportantenoughtomeritattentionbythosechargedwithgovernance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraphofthissectionandwasnotdesignedtoidentifyalldeficienciesininternalcontrolovercompliance
thatmightbematerialweaknessesorsignificantdeficiencies.Wedidnotidentifyanydeficienciesininternal
control over compliance that we consider to be material weaknesses, as defined above. However, material
weaknessesmayexistthathavenotbeenidentified.
Thepurposeofthisreportoninternalcontrolovercomplianceissolelytodescribethescopeofourtestingof
internalcontrolovercomplianceandtheresultsofthattestingbasedontherequirementsofOMBCircularA‐
133.Accordingly,thisreportisnotsuitableforanyotherpurpose.
Murrieta,California
December14,2015
66
FindingsandQuestionedCosts
(Thispageintentionallyleftblank)
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAuditFindingsandQuestionedCosts
FortheFiscalYearEndedJune30,2015
SectionI‐SummaryofAuditor'sResults
FinancialStatements
Typeofauditor'sreportissued
Internalcontroloverfinancialreporting:
Materialweakness(es)identified?
Significantdeficiency(s)identifiednotconsidered
tobematerialweaknesses?
Noncompliancematerialtofinancialstatementsnoted?
Unmodified
Yes
Yes
No
FederalAwards
Internalcontrolovermajorprograms:
Materialweakness(es)identified?
Significantdeficiency(s)identifiednotconsidered
tobematerialweaknesses?
Typeofauditor'sreportissuedoncompliancefor
majorprograms:
Anyauditfindingsdisclosedthatarerequiredtobereported
inaccordancewithCircularA‐133,Section.510(a)
Identificationofmajorprograms:
CFDANumbers
NameofFederalProgramorCluster
84.027,84.173
10.558
No
NoneReported
Unmodified
No
SpecialEducation(IDEA)Cluster
ChildandAdultCareFoodProgram
DollarthresholdusedtodistinguishbetweenTypeAand
TypeBprograms:
Auditeequalifiedaslow‐riskauditee?
$900,147
Yes
StateAwards
Typeofauditor'sreportissuedoncompliancefor
stateprograms:
Unmodified
67
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAuditFindingsandQuestionedCosts
FortheFiscalYearEndedJune30,2015
SECTIONII‐FINANCIALSTATEMENTFINDINGS
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance
relatedtothefinancialstatementsthatarerequiredtobereportedinaccordancewithGovernmentAuditing
Standards. Pursuant to Assembly Bill (AB) 3627, all audit findings must be identified as one or more of the
followingcategories:
FiveDigitCode
AB3627FindingTypes
10000
Attendance
20000
InventoryofEquipment
30000
InternalControl
40000
StateCompliance
42000
CharterSchoolFacilitiesPrograms
50000
FederalCompliance
60000
Miscellaneous
61000
ClassroomTeacherSalaries
62000
LocalControlAccountabilityPlan
70000
InstructionalMaterials
71000
Teacher Misassignments
72000
SchoolAccountabilityReportCard
Finding2015‐1:AssociatedStudentBody(ASB)Oversight(30000)
Finding:DuringourreviewoftheASBoversightproceduresattheDistrictOffice,wediscoveredthatthereis
currently no review process of ASB accounting due to the elimination of a position several years ago. The
District Office requests bank statements from the ASBs on a monthly basis, but does not review the
statements or reconciliations. Furthermore, the District Office does not require financial statements to be
submitted to the District Office. Due to this lack of oversight, the District is unable to determine if all ASB
accounts have been properly reported. There is a risk that ASB accounts could be misstated and that this
misstatementwouldgoundetectedbytheDistrictOffice.
Recommendation: We recommend that the District establish an employee in the Business Office to be
responsible for the oversight of the ASB accounts. This position should review bank statements and
reconciliations on a monthly basis. Additionally, income and loss statements and balance sheets should be
reviewedonaquarterlybasis,ataminimum.
DistrictResponse:WeareawareoftheinherentriskthatcomeswithoperatingASBsandarededicatedto
ensurethattheASBshaveadequatesupervisiontoensureallproceduresarefollowed.Wewillbereviewing
the workload of available staff to assign the duties necessary to provide the complete oversight of the ASB
accountsatalldistrictsschools.Trainingopportunitieswillbeprovidedtogetstaffup‐to‐dateonregulations
andcompliance.
68
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAuditFindingsandQuestionedCosts
FortheFiscalYearEndedJune30,2015
SECTIONII‐FINANCIALSTATEMENTFINDINGS(continued)
Finding2015‐2:AssociatedStudentBody(ASB)Controls(30000)
Finding:DuringourreviewoftheASBcontrolsattheschoolsites,wenotedthefollowing:
1. ASBbookkeepersaresignersonbankaccountsatseveralschools.
2. DisbursementswerenotapprovedbytheDistrictrepresentative,ASBand/orstudentrepresentative,
priortoincurringtheexpense.
3. Evidenceofreceiptofgoodsorserviceswasnotconsistentlynotedpriortodisbursement.
4. Revenuepotentialsarenotpreparedforfundraisingevents.
5. Cashreceiptingdocumentationwasinsufficientordidnotagreetotheamountsdeposited.
6. Bankreconciliationswerenotpreparedinatimelymannerorwerenotpreparedatall.
7. AtPleasantHillMiddleSchool,weidentifiedfourdepositsthatwerenotrecordedintheaccounting
systemoveratwomonthperiod.Atthissite,transactionsarebeingrecordedwhenthebank
statementisreceivedratherthanatthetimethetransactiontakesplace.Additionally,one
disbursementtestedwasfor“StaffAppreciation”.ASBdisbursementsshouldbeforthegeneral
welfareofthestudentsandshouldnotbeforthebenefitofoneindividualorDistrictemployee.At
thissitewealsonotedcheckstockwasnotkeptinasecurelocation.
8. AtCollegeParkHigh,collectionsfortheDistrictarebeingcomingledintheASBaccountfortransfer
totheDistrict.ASBaccountsarenotandshouldnotbeusedaspass‐throughorclearingaccountsfor
Districtfunds.
Recommendation:Werecommendthefollowing:
1. Those who record the transaction should be separate from those who authorize and execute the
transaction.Wethereforerecommendthatthebookkeepersberemovedasauthorizedsignerson
theASBbankaccounts.Instead,theyshouldbegiven“viewonly”authority.
2. Education Code Section 48933(b) requires all expenditures from ASB funds be authorized by a
student representative, an advisor, and a district representative (usually a principal or vice‐
principal) prior to disbursing the funds. We recommend that the site adopt a procedure for
compliancewiththeEducationCodeinobtainingtherequiredapprovals.
3. We recommend that the site document a physical receipt of the goods or services on the
corresponding invoice, packing slip, or other documentation, such as writing “ok to pay” or
“received” and initialing the document prior to issuing the check for payment. This ensures that
paymentisnotbeingmadeforitemsreceivedincorrectlyornotreceivedatall.
4. It is important for student organizations to have adequate internal controls over their fundraising
events,properlyevaluatetheeffectivenessofthoseevents,andaccountforafundraiser’sfinancial
activity.Revenuepotentialsareusedasabudgetingandplanningtool.Theformservesasasales
plan that includes expected sales levels, sale prices per unit, expected cost, and net income. We
recommendthatrevenuepotentialsbepreparedforallmajorfundraisingactivities.
5. Werecommendthatbeforeanyeventsareheld,controlproceduresshouldbeestablishedthatwill
allowforthereconciliationbetweenmoneycollectedandfundraisersales.
6. Timely and accurate bank reconciliations are prudent and necessary to ensure that the accounting
recordsmatchtheamountsheldondeposit.Werecommendthebookkeeperperformmonthlybank
reconciliations within two weeks after the statement arrives. Furthermore, the Principal or ASB
Advisor should review the bank reconciliation and initial and date the bank statement and
reconciliationasevidencetheywerereviewed.Reviewofthebankreconciliationsbysomeoneother
thantheASBBookkeeperisanimportantinternalcontroltodetecterrorsandpossiblequestionable
orsuspiciousactivity.
69
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAuditFindingsandQuestionedCosts
FortheFiscalYearEndedJune30,2015
SECTIONII‐FINANCIALSTATEMENTFINDINGS(continued)
Finding2015‐2:AssociatedStudentBody(ASB)Controls(30000)(continued)
Recommendation(continued):
7. Werecommendtransactionsarerecordedastheyoccur,andthatadifferentemployeereconcilethe
bankstatementtothefinancialrecords.WerecommendthattheDistrictassistinthebookkeeping
andreconciliationdutiesuntilafull‐timebookkeepercanbetrainedonthecorrectASBprocedures.
WefurtherrecommendthattheDistrictinvestigatethediscrepanciesnotedabove.Werecommend
blankcheckstockbekeptsecureandprotectedbykeepingitlockedinadrawerorsafe.
8. We recommend that the ASB is not used to comingle funds collected for the District. These funds
shouldbekeptseparatelyandforwardedtotheDistrictOfficefordeposit.
District Response: In April 2015, our auditors provided training on ASB Accounting for all of our ASB
bookkeepers and some of our elementary office staff. We are currently working on implementing the
proceduresandrecommendationsandplanontrainingtheASBadvisorsintheupcomingfiscalyear.Wewill
continue to reinforce the importance of proper record keeping and reconciliation and address the noted
discrepanciesassoonaspossible.
Finding2015‐3:Year‐EndClosing(30000)
Finding: Due to limited District staffing, the District was unable to provide adequate supporting
documentation for several account balances during our audit. The District could not provide evidence to
supportthebalancesinaccountspayableintheGeneralFund.
Additionally,theDistrictwasunabletoprovidesupportingschedulesforanycapitalassetsacquiredpriorto
the2013‐14fiscalyear.Ourauditwasabletodeterminethatthecurrentyearexpenditureswereforproper
capitalcosts,butwewereunabletosubstantiatethebalanceofthecapitalassetclassespriortothe2013‐14
fiscalyear.CapitalassetsrepresentoneofthelargestinvestmentsoftheDistrict;controlandaccountability
are of significant concern. Generally accepted accounting principles (GAAP) and Education Code Section
35168requiretheDistricttomaintainrecordsthatproperlyaccountforcapitalassets.Capitalassetrecords
serve as a management tool and have an important bearing on management decisions, such as long‐range
acquisitionandabandonmentprojections.
The lack of accounting records could lead to the material misstatement of the financial statements of the
District.Ourauditprocedureswereexpandedsignificantlytoallowustoobtainsufficientauditevidenceto
determinethattheaccountbalanceswerenotmateriallymisstated.
Recommendation: We recommend that adequate supporting documentation be maintained for all
transactions and account balances. The District should investigate the need for additional staffing in the
Businessoffice.Additionally,werecommendthattheDistrictcompileanup‐to‐datecapitalassetlistingand
investigatetheutilityinimplementingacapitalassetsystemtotracktheDistrict'scapitalassets.
DistrictResponse:Weunderstandtheimportanceofmaintainingrecordsthataccountforcapitalassetsto
assist with long‐range acquisition and loss projections. We will be researching a new system to assist usin
establishingacurrentlistingandinmaintainingourcapitalassetrecords.
70
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAuditFindingsandQuestionedCosts
FortheFiscalYearEndedJune30,2015
SECTIONIII‐FEDERALAWARDFINDINGSANDQUESTIONEDCOSTS
This section identifies the audit findings required to be reported by Circular A‐133, Section .510(a) (e.g.,
significantdeficiencies,materialweaknesses,andinstancesofnoncompliance,includingquestionedcosts).
Therewerenofederalawardfindingsorquestionedcostsin2014‐15.
71
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAuditFindingsandQuestionedCosts
FortheFiscalYearEndedJune30,2015
SECTIONIV‐STATEAWARDFINDINGSANDQUESTIONEDCOSTS
This section identifies the audit findings pertaining to noncompliance with state program rules and
regulations.
Finding2015‐4:UnduplicatedPupilCount(40000)
Criteria: Supplemental and concentration grant amounts are calculated based on the percentage of
"unduplicated pupils" enrolled in the LEA on Census Day (first Wednesday in October). The percentage
equals:

Unduplicatedcountofpupilswho(1)areEnglishlearners,(2)meetincomeorcategoricaleligibility
requirements for free or reduced‐price meals undertheNationalSchoolLunchProgram,or(3)are
fosteryouth."Unduplicatedcount"meansthateachpupiliscountedonlyonceevenifthepupilmeets
morethanoneofthesecriteria(ECsections2574(b)(2)and42238.02(b)(1)).

DividedbytotalenrollmentintheLEA(ECsections2574(b)(1)and42238.02(b)(5)).Allpupilcounts
arebasedonFall1certifiedenrollmentreportedintheCALPADSasofCensusDay.
Condition:DuringourtestingofthefreeandreducedpricemealeligiblestudentsreportedintheCALPADS
1.17and1.18reports,wenotedthattenstudentsthatwerereportedasqualifyingforfreeorreducedpriced
mealsdidnothaveanapplicationonfileforthe2014‐15fiscalyear.ThisisduetothefactthattheDistrict
applied the local “grace period” to the CALPADS reporting and as a result, many students in the CALPADS
systemarereportedbasedon2013‐14applicationdatainsteadof2014‐15applicationdata.Additionally,we
notedonestudentwhowasclassifiedasanELstudent,buthadnoCELDTorotherdocumentationtosupport
thedesignation.
Context:Wenotederrorsatfiveoftheschoolstested,foratotaloftenexceptionsforFRPMapplicationsand
oneerrorinclassificationofELstudents.
Cause: Some departments were unaware of the requirement to reclassify pupils who did not submit a
qualifyingfreeandreducedpricemealapplicationduring2014‐15sincetheCALPADScutoffdatewasbefore
thelocal“graceperiod”ended.TheELstudentdesignationwasnotsupportedbydocumentsavailableatthe
District.
QuestionedCosts:$2,501
Effect:TheunduplicatedpupilcountsreportedintheCALPADS1.17and1.18reportsshouldbeadjustedfor
thefollowingchangesasaresultoftheproceduresperformed:
Adjustedbasedoneligibilityfor:
SchoolSite
MeadowHomesElementary
OlympicContinuationHigh
PleasantHillElementary
ValleyViewMiddle
WrenAvenueElementary
Aggregateremainingsites
District‐wide
CALPADS
Reported
855
238
200
309
431
13,575
15,608
FRPM
EL
(1)
(1)
(1)
(4)
(3)
‐
(10)
‐
(1)
‐
‐
‐
‐
(1)
Adjusted
Total
854
236
199
305
428
13,575
15,597
Theenrollmentcountof31,696wasnotimpactedasaresultoftheproceduresperformed.
72
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
ScheduleofAuditFindingsandQuestionedCosts
FortheFiscalYearEndedJune30,2015
SECTIONIV‐STATEAWARDFINDINGSANDQUESTIONEDCOSTS(continued)
Finding2015‐4:UnduplicatedPupilCount(40000)(continued)
Recommendation: We recommend that the District work with the Child Nutrition Services department to
updatetheCALPADSsystemonceallapplicationsarereceived.Althoughthereisagraceperiodrecognizedat
a local level, the District should update CALPADS retroactively to reflect the current year application
informationinthereportingsoftware.Wealsorecommendthatproceduresareestablishedtoensurethatthe
studentinformationsystemwhichisusedforCALPADSreportingisupdatedtoreflectthechangesmadein
theChildNutritionServices.
District Response: A memo was distributed in March 2015 to inform the necessary departments of the
change in procedures however there was an issue with the transfer of information between Aeries and the
FoodServicesInformationsystem.Ameetingwillbeheldtoreviewprocedurestoensureeachdepartment
involvedinupdatingtheCALPADSdataisawareofthereportingrequirements.WewillupdateourCALPADS
retroactivelytoreflectthecurrentyearapplication.
Finding2015‐5:SchoolAccountabilityReportCard(SARC)(72000)
Criteria: The information on the School Accountability Report Card (SARC) should be reported consistent
with the most recently completed Facility Inspection Tool for that School as required by the provisions of
EducationCodeSection33126.
Condition:TheinformationpublishedontheSARCforWrenElementarySchoolwasincorrectlyreportedas
‘Good’insteadof‘Fair’intheinteriorsurfacescategory.
QuestionedCost:ThereisnoquestionedcostastheDistrictreceivesnofundingfromthisprogram.
Cause:Thedatawasenteredinerror.
Effect:InformationregardingtheconditionofWrenElementarySchoolwasincorrectlyreported.
Recommendation:WerecommendthattheDistrictimplementaprocedureforreviewingdatatoensureitis
basedonthemostcurrentinformation.
District Response: The Research and Development Department went through a reorganization which left
vacancyinkeypositions.TheAssessment,ResearchandEvaluationDepartmentisnowfullystaffedandwill
implementaprocedureforreviewingalldatatoensurecompliance.
73
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
SummaryScheduleofPriorAuditFindings
FortheFiscalYearEndedJune30,2015
Original
FindingNo.
Finding2014‐1:
AssociatedStudent
Body(ASB)
Oversight
Finding2014‐2:
AssociatedStudent
Body(ASB)
Controls
Finding
DuringourreviewoftheASBoversightproceduresat
the District Office, we discovered that there is
currentlynoreviewprocessofASBaccountingdueto
the elimination of a position several years ago. The
District Office requests bank statements from the
ASBs on a monthly basis, but does not review the
statements or reconciliations. Furthermore, the
DistrictOfficedoesnotrequirefinancialstatementsto
besubmittedtotheDistrictOffice.Duetothislackof
oversight,theDistrictisunabletodetermineifallASB
accountshavebeenproperlyreported.Thereisarisk
that ASB accounts could be misstated and that this
misstatement would go undetected by the District
Office.
During our review of the ASB controls at the school
sites,wenotedthefollowing:
1. ASB bookkeepers are signers on bank accounts at
severalschools.
2. Disbursements were not approved by the District
representative,ASBand/orstudentrepresentative,
priortoincurringtheexpense.
3. Evidence of receipt of goods or services was not
consistentlynotedpriortodisbursement.
4. Revenuepotentialsarenotpreparedforfundraising
events.
5. Cash receipting documentation was insufficient or
didnotagreetotheamountsdeposits.
6. Bankreconciliationswerenotpreparedinatimely
mannerorwerenotpreparedatall.
7. At Mt. Diablo High, site personnel were unable to
provide supporting documentation for most
transactions.Additionally,basedonourinterviews
with site personnel, we noted a lack of control
implementation
over
record‐keeping,
disbursements,receiptingandreconciliations.
Code
Recommendation
30000
WerecommendthattheDistrictestablishanemployeeinthe BusinessOfficetoberesponsiblefortheoversightoftheASB
accounts. This position should reviewbankstatementsand
reconciliationsonamonthlybasis.Additionally,incomeand
lossstatementsandbalancesheetsshouldbereviewedona
quarterlybasis,ataminimum.
Not
Implemented.
SeeFinding
2015‐1.
30000
1. Those who record the transaction should be separate from those who authorize and execute the transaction.
We therefore recommend that the bookkeepers be
removedasauthorizedsignersontheASBbankaccounts.
Instead,theyshouldbegiven“viewonly”authority.
2. Education Code Section 48933(b) requires all
expendituresfromASBfundsbeauthorizedbyastudent
representative, an advisor, and a district representative
(usuallyaprincipalorvice‐principal)priortodisbursing
the funds. We recommend that the site adopt a
procedure for compliance with the Education Code in
obtainingtherequiredapprovals.
3. Werecommendthatthesitedocumentaphysicalreceipt
of the goods or services on the corresponding invoice,
packingslip,orotherdocumentation,suchaswriting“ok
topay”or“received”andinitialingthedocumentpriorto
issuingthecheckforpayment.Thisensuresthatpayment
is not being made for items received incorrectly or not
receivedatall.
Partially
Implemented.
SeeFinding
2015‐2.
CurrentStatus
74
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
SummaryScheduleofPriorAuditFindings
FortheFiscalYearEndedJune30,2015
Original
FindingNo.
Finding2014‐2:
AssociatedStudent
Body(ASB)
Controls
(continued)
Finding
Code
Recommendation
CurrentStatus
4. It is important for student organizations to have
adequateinternalcontrolsovertheirfundraisingevents,
properly evaluate the effectiveness of those events, and
account for a fundraiser’s financial activity. Revenue
potentialsareusedasabudgetingandplanningtool.The
form serves as a sales plan that includes expected sales
levels,salepricesperunit,expectedcost,andnetincome.
We recommend that revenue potentials be prepared for
allmajorfundraisingactivities.
5. We recommend that before any events are held, control
procedures should be established that will allow for the
reconciliation between money collected and fundraiser
sales.
6. Timely and accurate bank reconciliations are prudent
and necessary to ensure that the accounting records
match the amounts held on deposit.Werecommendthe
bookkeeperperformmonthlybankreconciliationswithin
twoweeksafterthestatementarrives.Furthermore,the
Principal or ASB Advisor should review the bank
reconciliation and initial and date the bank statement
and reconciliation as evidence they were reviewed.
Review of the bank reconciliations by someone other
thantheASBBookkeeperisanimportantinternalcontrol
to detect errors and possible questionable or suspicious
activity.
7. We recommend that the District assist in the
bookkeeping and reconciliation duties until a full‐time
bookkeeper can be trained on the correct ASB
procedures. We further recommend that the District
investigatethediscrepanciesnotedabove.
8. We recommend that the District investigate the noted
discrepanciesandassisttheASBindevelopingguidelines
forallowableandunallowablepurchases.
Wenotedthefollowingconcerns:
 ASB accounting records have not been
maintained in the computerized system for
severalmonths.
 The safe contained numerous checks, some
dating as far back as January, which had not
beendeposited.
 The safe also contained cash in excess of
$1,900 with no indication of what collection
activityhadgeneratedtheincome.
 Bank reconciliations have not been completed
sinceJanuary
8. Wenotedthepurchaseofgiftcards,aniPod,anda
reimbursement to an employee with insufficient
documentation.Thesedisbursementsappeartobe
unallowableorquestionable.
75
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
SummaryScheduleofPriorAuditFindings
FortheFiscalYearEndedJune30,2015
Original
FindingNo.
Finding
Code
Finding2014‐3:
Year‐EndClosing
30000
Finding2014‐4:
CALPADS
Unduplicated
PupilCount
Due to the high degree of management turnover and
limited District staffing, the District was unable to
provide adequate supporting documentation for
several account balances during our audit. The
District could not provide evidence to support the
balancesinaccountsreceivableinmultiplefundsand
accountspayableintheGeneralFund.
Additionally, the District was unable to provide
supporting schedules for any capital assets acquired
priortothe2013‐14fiscalyear.Ourauditwasableto
determinethatthecurrentyearexpenditureswerefor
proper capital costs, but we were unable to
substantiate the balance of the capital asset classes
prior to the current fiscal year. Capital assets
represent one of the largest investments of the
District; control and accountability are of significant
concern. Generally accepted accounting principles
(GAAP)andEducationCodeSection35168requirethe
Districttomaintainrecordsthatproperlyaccountfor
capital assets. Capital asset records serve as a
management tool and have an important bearing on
managementdecisions,suchaslong‐rangeacquisition
andabandonmentprojections.
The lack of accounting records could lead to the
material misstatement of the financial statements of
the District. Our audit procedures were expanded
significantly to allow us to obtain sufficient audit
evidencetodeterminethattheaccountbalanceswere
notmateriallymisstated.
In order to be counted in CALPADS report 1.17, a
student must have an open primary or short‐term
enrollment in CALPADS over Census Day (the first
Wednesday in October) and meet oneormoreofthe
followingcriteria:
40000
Recommendation
Werecommendthatadequatesupportingdocumentationbe maintained for all transactions and account balances. The
Districtshouldinvestigatetheneedforadditionalstaffingin
the Business Office. Additionally, we recommend that the
District compile an up‐to‐date capital asset listing, and
investigatetheutilityinimplementingacapitalassetsystem
totracktheDistrict’scapitalassets.
We recommend that the District implement a review procedure of the CALPADS information prior to the reports
submissiontotheCaliforniaDepartmentofEducation.
CurrentStatus
Not
Implemented.
SeeFinding
2015‐3.
Not
Implemented.
SeeFinding
2015‐4.
76
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
SummaryScheduleofPriorAuditFindings
FortheFiscalYearEndedJune30,2015
Original
FindingNo.
Finding

Finding2014‐4:
CALPADS
Unduplicated
PupilCount
(continued)




Finding2014‐5:P‐
2andAnnual
Attendance
Reports
Code
10000
Recommendation
CurrentStatus
Haveaprogramrecordwithaneducationprogram
codeofhomeless,Migrant,FreeMealProgram,or
Reduced‐Price Meal Program, that is open over
CensusDay
Have an English Language Acquisition Status of
“Englishlearner”(EL)thatiseffectiveoverCensus
Day
Be directly certified in July through November as
beingeligibleforfreemealsbasedonastatewide
matchconductedbyCALPADS
Be identified as a foster youth based on a
statewidematchconductedbyCALPADS
Be identified as foster youth through a local data
matching process and submitted to and validated
byCALPADS(functionalitywillbeimplementedin
fall2014)
DuringourtestingoftheFreeandReducedPriceMeal
(FRPM) eligible students reported in the CALPADS
1.17and1.18reports,wenoted10studentswhowere
classified as FRPM eligible, but did not have an
application or income eligibility form on file to
support the designation. We noted one student who
was classified as EL, bud did not have evidence to
support the designation. Additionally, we noted two
studentswhowereclassifiedasFRPMeligibleandEL,
but who did not have evidence supporting either
designation.
Education Code Section 51747(c) and the California
Code of Regulations, Title 5, Section 11702 require
thatattendancegeneratedthroughindependentstudy
be supported by a fully executed master agreement
whichcontainsalloftherequiredelements.
Additionally,theP‐2ReportisrequiredtoreportADA
forstudentsintransitionalkindergarten.
WerecommendthattheDistrictworkwiththesitestorevise their master agreement to include all of the required
elements. Additionally, we recommend that the site review
all attendance reports for accuracy to ensure there are no
inputerrorsinthefuture.
Implemented.
77
MOUNTDIABLOUNIFIEDSCHOOLDISTRICT
SummaryScheduleofPriorAuditFindings
FortheFiscalYearEndedJune30,2015
Original
FindingNo.
Finding2014‐5:P‐
2andAnnual
Attendance
Reports
(continued)
Finding
Code
Recommendation
CurrentStatus
During our review of the independent study master
agreements, we noted that several agreements were
lacking several of the required elements as follows:
majorobjectivesofcoursestudy,methodsofstudyfor
the pupil’s work, specific resources to be made
availabletothepupilbytheDistrict,andthenumber
of course credits to be earned if the objective is
reached.Theexceptionswerenotedasfollows:
 AyersElementary:Fiveoftheindependentstudy
contractssampled
 DiabloViewMiddle:Fouroftheindependent
studycontractssampled
 Mt.DiabloElementary:Fiveoftheindependent
studycontractssampled
 WoodsideElementary:Threeoftheindependent
studycontractssampled
 SilverwoodElementary:Fouroftheindependent
studycontractssampled
 SequoiaMiddle:Threeoftheindependentstudy
contractssampled
 PineHollowMiddle:Twooftheindependent
studycontractssampled
78
BoardofEducation
MountDiabloUnifiedSchoolDistrict
Concord,California
InplanningandperformingourauditofthebasicfinancialstatementsofMountDiabloUnifiedSchoolDistrictfor
the fiscal year ending June 30, 2015, we considered its internal control structure in order to determine our
auditing procedures for the purpose of expressing our opinion on the basic financial statements and not to
provideassuranceontheinternalcontrolstructure.
However, during our audit we noted matters that are an opportunity for strengthening internal controls and
operating efficiency. The following items represent conditions noted by our audit that we consider important
enoughtobringtoyourattention.ThisletterdoesnotaffectourreportdatedDecember14,2015,onthefinancial
statementsofMountDiabloUnifiedSchoolDistrict.
Observation: During testing of cash disbursements at the District Office, we noted seven of forty‐seven
disbursementslackedpurchaseorders,andfourlackedevidenceofpre‐approval.
Recommendation: It is recommended that the staff be reminded of the importance of following proper
procedures for expenditures. This is important as it ensures purchases are made within properly and within
budgetaryguidelines.
Wewillreviewthestatusofthecurrentyearcommentsduringournextauditengagement.
Murrieta,California
December14,2015
79
APPENDIX B GENERAL AND FINANCIAL INFORMATION ABOUT THE DISTRICT The information in this and other sections concerning the District's operations and operating budget is provided as supplementary information only, and it should not be inferred from the inclusion of this information in this Official Statement that the principal of or interest on the Bonds is payable from the General Fund of the District. The Bonds are payable from the proceeds of an ad valorem tax required to be levied by the County in an amount sufficient for the payment thereof. See "SECURITY FOR THE BONDS" in the front half of the Official Statement. General Information The District is a public unified school district located in Contra Costa County (the “County”) in the State of California (the “State”). The District was established on July 1, 1949, and is located in the northwestern portion the County. The District covers approximately 150 square miles including the cities of Concord, Pleasant Hill and Clayton, portions of the cities of Walnut Creek, Pittsburg and Martinez, and unincorporated areas of the County, including Pacheco and Bay Point, and is located approximately 30 miles northeast of San Francisco. The District provides kindergarten through twelfth grade education services in thirty-­one elementary schools, nine middle schools, five high schools and six alternative schools and programs, including adult education in two adult education centers. The District’s enrollment for fiscal year 2016-­17 is budgeted for 32,043 students. Administration Board of Education. The District is governed by a five-­member Board of Education, with each member elected to a four-­year term. Elections for positions to the Board of Education are held every two years, alternating between two and three available positions. The Board of Education is charged with the responsibility for the general policy and direction of education in the District based on State of California and Federal Constitutions and laws, and State Board of Education rules and regulations. The Board of Education acts as a committee of the whole for all matters concerning the District. All actions taken by the Board of Education are done in an appropriately noticed public meeting. The powers and duties of the Board include governance, executive and judicial functions. These relate to the Board's own operations as a governing body and to all functions of the District. Current members of the Board of Education, together with their office and the date their term expires, are listed in the following table. B-­1 MT. DIABLO UNIFIED SCHOOL DISTRICT Board of Education Name Cheryl Hansen Debra Mason Brian Lawrence Barbara Oaks Linda Mayo Office President Vice President Member Member Member Term Expires 2018 2018 2016 2016 2018 Superintendent and Administrative Personnel. The Superintendent of the District, appointed by the Board, is responsible for management of the day-­to-­day operations and supervises the work of other District administrators. Superintendent Nellie Meyer, Ed.D., has served as Superintendent of the District since September 23, 2013. Prior to joining the District, Dr. Meyer worked at San Diego Unified School District where she served as the Deputy Superintendent of School Support Services from 2010 through 2013. She has a total of 34 years of education experience. Dr. Meyer earned a Bachelor’s Degree in Psychology, a Master’s Degree in Administration and a Doctorate in Education from San Diego State University. Recent Enrollment Trends The following table shows recent enrollment history for the District and projections for the 2016-­17 fiscal year. MT. DIABLO UNIFIED SCHOOL DISTRICT Annual Enrollment Fiscal Years 2003-­04 through 2016-­17 Fiscal Year 2003-­04 2004-­05 2005-­06 2006-­07 2007-­08 2008-­09 2009-­10 2010-­11 2011-­12 2012-­13 2013-­14 2014-­15 2015-­16 2016-­17* Enrollment 36,857 36,316 35,924 35,685 35,355 34,953 34,316 34,116 33,987 32,001 31,955 31,923 32,005 32,043 * Projected. Includes charter school enrollment of 248 students. Source: California Department of Education Demographics Office;; District 2016-­17 Adopted Budget for 2016-­17 Projection. There are three charter schools operating within District boundaries. Eagle Peak Montessori Charter School began operations in 1996 and is District-­sponsored. The other two charter schools began operations in fiscal year 2016-­17 and are not sponsored by the District. B-­2 Employee Relations In fiscal year 2016-­17, the District employs 1,764.49 full time equivalent (“FTE”) certificated academic professionals, and 984.57 FTE classified employees, and 213.66 FTE management, supervisor and confidential professionals. The following table summarizes current bargaining units, employee types covered and the status of current contracts. MT. DIABLO UNIFIED SCHOOL DISTRICT Bargaining Units Fiscal Year 2016-­17 Bargaining Unit Mt. Diablo Education Assn. Mt. Diablo School Psychologist Assn. Teamsters Local Union #856 Public Employees Union, Local #1 California School Employees Assn. Type of Employees Covered Certificated -­ non-­psychologists Contract Expiration (1)
Date June 30, 2016 Certificated -­ psychologists June 30, 2016 Classified -­ maintenance, operations, June 30, 2016 transportation Classified -­ clerical, secretarial, June 30, 2016 technical Classified -­ instructional aide and June 30, 2016 campus supervisor (1) Parties perform pursuant to expired terms during renegotiations. B-­3 DISTRICT FINANCIAL INFORMATION The information in this and other sections concerning the District’s operations and operating budget is provided as supplementary information only, and it should not be inferred from the inclusion of this information in this Official Statement that the principal of or interest on The Bonds is payable from the general fund of the District. The Bonds are payable from the proceeds of an ad valorem tax required to be levied by the County in an amount sufficient for the payment thereof. Education Funding Generally School districts in California receive operating income primarily from two sources: the State funded portion which is derived from the State’s general fund, and a locally funded portion, being the district’s share of the one percent general ad valorem tax levy authorized by the California Constitution. As a result, decreases or deferrals in education funding by the State could significantly affect a school district’s revenues and operations. From 1973-­74 to 2012-­13, California school districts operated under general purpose revenue limits established by the State Legislature. In general, revenue limits were calculated for each school district by multiplying (1) the average daily attendance (“ADA”) for such district by (2) a base revenue limit per unit of ADA. The revenue limit calculations were adjusted annually in accordance with a number of factors designated primarily to provide cost of living increases and to equalize revenues among all California school districts of the same type. Funding of the District's revenue limit was provided by a mix of local property taxes and State apportionments of basic and equalization aid. Generally, the State apportionments amounted to the difference between the District's revenue limit and its local property tax revenues. The fiscal year 2013-­14 State budget package (the “2013-­14 State Budget”) replaced the previous K-­12 finance system with a new formula known as the Local Control Funding Formula (the “LCFF”). Under the LCFF, revenue limits and most state categorical programs were eliminated. School districts instead receive funding based on the demographic profile of the students they serve and gain greater flexibility to use these funds to improve outcomes of students. The LCFF creates funding targets based on student characteristics. For school districts and charter schools, the LCFF funding targets consist of grade span-­specific base grants plus supplemental and concentration grants that reflect student demographic factors. The LCFF includes the following components: • A base grant for each local education agency per unit of ADA, which varies with respect to different grade spans. The base grant is $2,375 more than the average revenue limit provided prior to LCFF implementation. The base grants will be adjusted upward each year to reflect cost-­of-­living increases. In addition, grades K-­3 and 9-­12 are subject to adjustments of 10.4% and 2.6%, respectively, to cover the costs of class size reduction in grades K-­3 and the provision of career technical education in grades 9-­12. • A 20% supplemental grant for English learners, students from low-­income families and foster youth to reflect increased costs associated with educating those students. • An additional concentration grant of up to 50% of a local education agency’s base grant, based on the number of English learners, students B-­4 from low-­income families and foster youth served by the local agency that comprise more than 55% of enrollment. • An economic recovery target to ensure that almost every local education agency receives at least their pre-­recession funding level, adjusted for inflation, at full implementation of the LCFF. The LCFF was implemented for fiscal year 2013-­14 and will be phased in gradually. Beginning in fiscal year 2013-­14, an annual transition adjustment was required to be calculated for each school district, equal to each district’s proportionate share of the appropriations included in the State budget (based on the percentage of each district’s students who are low-­
income, English learners, and foster youth (“Targeted Students”), to close the gap between the prior-­year funding level and the target allocation at full implementation of LCFF. In each year, districts will have the same proportion of their respective funding gaps closed, with dollar amounts varying depending on the size of a district’s funding gap. Based on revenue projections, districts will reach what is referred to as “full funding” in eight years, being fiscal year 2020-­21. This projection assumes that the State’s economy will improve each year;; if the economy falters it could take longer to reach full funding. The target LCFF amounts for State school districts and charter schools based on grade levels and Targeted Students is shown below. Grade Span Funding at Full LCFF Implementation (Target Amount) Grade Span K-­3 4-­6 7-­8 9-­12 Base (1)
Grant $6,845 6,947 7,154 8,289 K-­3 Class Size Reduction and 9-­12 Adjustments $712 N/A N/A $216 Average Assuming 0% Targeted Students $7,557 6,947 7,154 8,505 Average Assuming 25% Targeted Students $7,935 7,294 7,512 8,930 Average Assuming 50% Targeted Students $8,313 7,642 7,869 9,355 Average Assuming 100% Targeted Students $10,769 9,899 10,194 12,119 (1) Does not include adjustments for cost of living. Source: California Department of Education. The new legislation included a “hold harmless” provision which provided that a district or charter school would maintain total revenue limit and categorical funding at least equal to its fiscal year 2012-­13 level, unadjusted for changes in ADA or cost of living adjustments. The LCFF includes an accountability component. Districts are required to increase or improve services for English language learners, low income, and foster youth students in proportion to supplemental and concentration grant funding received. All school districts, county offices of education, and charter schools are required to develop and adopt local control and accountability plans, which identify local goals in areas that are priorities for the State, including pupil achievement, parent engagement, and school climate. County superintendents review and provide support to the districts under
their jurisdiction, and the Superintendent of Public Instruction performs a corresponding role for county offices of education. In addition, the 2013-­14 State Budget created the California Collaborative for Education Excellence to advise and assist school districts, county
offices of B-­5 education, and charter schools in achieving the goals identified in their plans. Under the LCFF and related legislation, the State will continue to measure student achievement through statewide assessments, produce an Academic Performance Index for schools and subgroups of students, determine the contents of the school accountability report card, and establish policies to implement the federal accountability system. District Accounting Practices The accounting practices of the District conform to generally accepted accounting principles in accordance with policies and procedures of the California School Accounting Manual. This manual, according to Section 41010 of the California Education Code, is to be followed by all California school districts. District accounting is organized on the basis of fund groups, with each group consisting of a separate set of self-­balancing accounts containing assets, liabilities, fund balances, revenues and expenditures. The major fund classification is the general fund which accounts for all financial resources not requiring a special fund placement. The District's fiscal year begins on July 1 and ends on June 30. District expenditures are accrued at the end of the fiscal year to reflect the receipt of goods and services in that year. Revenues generally are recorded on a cash basis, except for items that are susceptible to accrual (measurable and/or available to finance operations). Current taxes are considered susceptible to accrual. Revenues from specific state and federally funded projects are recognized when qualified expenditures have been incurred. State block grant apportionments are accrued to the extent that they are measurable and predictable. The State Department of Education sends the District updated information from time to time explaining the acceptable accounting treatment of revenue and expenditure categories. The Governmental Accounting Standards Board (“GASB”) published its Statement No. 34 “Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments” on June 30, 1999. Statement No. 34 provides guidelines to auditors, state and local governments and special purpose governments such as school districts and public utilities, on new requirements for financial reporting for all governmental agencies in the United States. Generally, the basic financial statements and required supplementary information should include (i) Management’s Discussion and Analysis;; (ii) financial statements prepared using the economic measurement focus and the accrual basis of accounting, (iii) fund financial statements prepared using the current financial resources measurement focus and the modified accrual method of accounting and (iv) required supplementary information. District Financial Statements General. The District’s general fund finances the legally authorized activities of the District for which restricted funds are not provided. General fund revenues are derived from such sources as State school fund apportionments, taxes, use of money and property, and aid from other governmental agencies. The District’s June 30, 2015 Audited Financial Statements were prepared by Nigro & Nigro PC, A Professional Accountancy Corporation, Murrieta, California. Audited Financial Statements for the District for the fiscal year ended June 30, 2014, and prior fiscal years are on file with the District and available for public inspection at the Office of the Superintendent of the District, 1936 Carlotta Drive, Concord, California 94519, Phone: (925) 682-­8000. See Appendix A hereto for the June 30, 2015 Audited Financial Statements. B-­6 Copies of such financial statements will be mailed to prospective investors and their representatives upon written request to the District. The District has not requested nor did the District obtain permission from the Auditor to include the audited financial statements as an appendix to this Official Statement. Accordingly, the Auditor has not performed any post-­audit review of the financial condition or operations of the District. [Remainder Of This Page Intentionally Left Blank] B-­7 General Fund Revenues, Expenditures and Changes in Fund Balance. The following table shows the audited general fund income and expense statements for the District for the fiscal years 2010-­11 through 2014-­15. MT. DIABLO UNIFIED SCHOOL DISTRICT General Fund Revenues, Expenditures and Changes in Fund Balance Fiscal Years 2010-­11 through 2014-­15 (Audited) Revenues (1)
Revenue Limit Sources/LCFF Federal Sources Other State Sources Other Local Sources Total Revenues Expenditures Current: Instruction Instruction-­Related Services: Supervision of Instruction Instructional Library, Medial and Technology School Site Administration Pupil Support Services: Home-­to-­School Transportation Food Services All other Pupil Services Ancillary Services Community Services Enterprise Activities General Administrative Services: Data Processing Services Other General Administration Plant Services Transfers of Indirect Costs Transfers to other agencies Intergovernmental Transfers Capital Outlay Facilities Acquisition and Maintenance Debt Service: Principal Interest Total Expenditures Excess of Revenues Over/(Under) Expenditures Other Financing Sources (Uses) Interfund Transfers In Interfund Transfers Out Other Sources Proceeds From Capital Leases Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances, beginning of fiscal year (July 1) Adjustments for Restatement Fund Balances, as restated Fund Balance, end of fiscal year (June 30) Audited 2010-­11 $171,505,099 33,588,624 79,147,484 13,360,030 297,601,237 180,284,893 9,950,592 2,912,696 18,976,702 8,365,249 436 14,359,565 1,537,290 579,996 44,954 2,643,382 7,504,490 24,113,822 -­-­ 1,060,197 -­-­ -­-­ 215,246 486,961 259,763 273,296,234 24,304,003 1,572,413 (3,614,453) 1,326,000 -­-­ (716,040) 23,588,963 35,135,018 -­-­ 35,135,018 $58,723,981 Audited Audited 2011-­12 2012-­13 $170,994,708 $161,297,824 22,966,174 24,572,089 74,463,149 76,424,842 14,937,851 16,021,305 283,361,882 278,316,060 188,973,943 181,669,002 11,042,636 12,527,763 2,919,298 2,835,987 18,618,835 17,433,678 10,982,450 8,632,237 758 19,554 17,251,623 18,232,205 1,487,302 1,189,404 573,208 613,671 61,498 6,279 2,754,041 2,796,358 7,419,952 7,866,645 21,919,722 20,227,696 -­-­ -­-­ 155,927 366,255 -­-­ -­-­ -­-­ -­-­ 31,539 206,762 176,389 226,857 33,603 27,907 284,402,724 274,878,260 (1,040,842) 3,347,800 -­-­ -­-­ (3,999,670) (3,637,547) -­-­ -­-­ -­-­ -­-­ (3,999,670) (3,637,547) (5,040,512) (199,747) 58,723,981 53,683,469 -­-­ -­-­ 58,723,981 53,683,469 $53,683,469 $53,483,722 (1) LCFF commenced in fiscal year 2013-­14. Source: District Audited Financial Statements for fiscal years 2010-­11 through 2014-­15. B-­8 Audited 2013-­14 $204,109,518 21,971,000 40,485,576 16,050,567 282,616,661 171,790,834 11,807,629 2,922,888 17,513,002 10,392,440 6,617 18,565,800 1,198,065 580,607 163 2,861,490 8,664,291 20,517,116 (426,307) -­-­ 686,818 371,077 -­-­ 177,237 21,927 267,651,694 14,964,967 -­-­ (3,789,964) -­-­ 996,607 (2,793,357) 12,171,610 53,483,722 102,733 53,586,455 $67,758,065 Audited 2014-­15 $222,626,709 20,477,079 43,949,387 14,833,542 301,886,717 191,602,811 12,724,248 3,871,317 20,868,863 9,747,833 1,363 15,502,938 1,441,559 6,289 32 2,780,700 8,391,645 22,111,775 (582,745) -­-­ 2,848,424 1,022,534 -­-­ 465,477 42,122 292,847,185 9,039,532 -­-­ (3,276,196) -­-­ -­-­ (3,276,196) 5,763,336 65,758,065 -­-­ 65,758,065 $71,521,401 District Budget and Interim Financial Reporting Budgeting – Education Code Requirements. The District is required by provisions of the State Education Code to maintain a balanced budget each year, in which the sum of expenditures and the ending fund balance cannot exceed the sum of revenues and the carry-­
over fund balance from the previous year. The State Department of Education imposes a uniform budgeting and accounting format for school districts. The budget process for school districts was substantially amended by Assembly Bill 1200 (“AB 1200”), which became State law on October 14, 1991. Portions of AB 1200 are summarized below. School districts must adopt a budget on or before July 1 of each year. The budget must be submitted to the county superintendent within five days of adoption or by July 1, whichever occurs first. A district may be on either a dual or single budget cycle. The dual budget option requires a revised and readopted budget by September 1 that is subject to State-­mandated standards and criteria. The revised budget must reflect changes in projected income and expenses subsequent to July 1. The single budget is only readopted if it is disapproved by the county office of education, or as needed. The District is on a single budget cycle and adopts its budget on or before July 1. For both dual and single budgets submitted on July 1, the county superintendent will examine the adopted budget for compliance with the standards and criteria adopted by the State Board of Education and identify technical corrections necessary to bring the budget into compliance, will determine if the budget allows the district to meet its current obligations and will determine if the budget is consistent with a financial plan that will enable the district to meet its multi-­year financial commitments. On or before August 15, the county superintendent will approve or disapprove the adopted budget for each school district. Budgets will be disapproved if they fail the above standards. The district board must be notified by August 15 of the county superintendent’s recommendations for revision and reasons for the recommendations. The county superintendent may assign a fiscal advisor or appoint a committee to examine and comment on the superintendent’s recommendations. The committee must report its findings no later than August 20. Any recommendations made by the county superintendent must be made available by the district for public inspection. The law does not provide for conditional approvals;; budgets must be either approved or disapproved. No later than August 20, the county superintendent must notify the Superintendent of Public Instruction of all school districts whose budget has been disapproved. For all dual budget options and for single and dual budget option districts whose budgets have been disapproved, the district must revise and readopt its budget by September 8, reflecting changes in projected income and expense since July 1, including responding to the county superintendent’s recommendations. The county superintendent must determine if the budget conforms with the standards and criteria applicable to final district budgets and not later than October 8, will approve or disapprove the revised budgets. If the budget is disapproved, the county superintendent will call for the formation of a budget review committee pursuant to Education Code Section 42127.1. Until a district’s budget is approved, the district will operate on the lesser of its proposed budget for the current fiscal year or the last budget adopted and reviewed for the prior fiscal year. Interim Certifications Regarding Ability to Meet Financial Obligations. Under the provisions of AB 1200, each school district is required to file interim certifications with the county office of education as to its ability to meet its financial obligations for the remainder of the then-­
current fiscal year and, based on current forecasts, for the subsequent two fiscal years. The B-­9 county office of education reviews the certification and issues either a positive, negative or qualified certification. A positive certification is assigned to any school district that will meet its financial obligations for the current fiscal year and subsequent two fiscal years. A negative certification is assigned to any school district that will be unable to meet its financial obligations for the remainder of the fiscal year or subsequent fiscal year. A qualified certification is assigned to any school district that may not meet its financial obligations for the current fiscal year or subsequent two fiscal years. Under California law, any school district and office of education that has a qualified or negative certification in any fiscal year may not issue, in that fiscal year or in the next succeeding fiscal year, certificates of participation, tax anticipation notes, revenue bonds or any other debt instruments that do not require the approval of the voters of the district, unless the applicable county superintendent of schools determines that the district’s repayment of indebtedness is probable. District’s Budget Approval/Disapproval and Certification History. In the past five years, the District has filed qualified certifications of its financial reports on both the First Interim and Second Interim Reports for fiscal year 2011-­12, the Second Interim Report for fiscal year 2012-­13, and the First Interim Report for fiscal year 2013-­14. Since then, the District has not filed qualified or negative certifications of its financial reports. The District’s most recent interim report, the Second Interim for fiscal year 2015-­16, received a positive certification, and its fiscal year 2016-­17 Budget was approved by the County Superintendent. Copies of the District’s budget, interim reports and certifications may be obtained upon request from the District Office at 1936 Carlotta Drive, Concord, California 94519. The District may impose charges for copying, mailing and handling. B-­10 District’s 2015-­16 and 2016-­17 General Fund. The following table shows the unaudited actual figures for fiscal year 2015-­16 and the 2016-­17 adopted budget. COMPARISON OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE (1) Fiscal Years 2015-­16 (Unaudited Actuals) Fiscal Year 2016-­17 (Adopted Budget) Mt. Diablo Unified School District Unaudited Actuals Revenues 2015-­16 LCFF Sources $249,723,999 Federal revenues 18,817,139 Other state revenues 60,472,797 Other local revenues 15,590,911 Total Revenues 344,604,848 Expenditures Certificated salaries 142,138,104 Classified salaries 46,718,126 Employee benefits 70,751,927 Books and supplies 17,778,315 Contract services & operating exp. 38,185,961 Capital outlay 2,011,108 Other outgo (excluding indirect costs) 2,934,233 Other outgo – transfers of indirect costs (587,437) Total expenditures 317,930,340 Excess of revenues over/(under) expenditures 26,674,508 Other financing sources (Uses) Operating transfers in -­-­ Operating transfers out (175,156) Total other financing sources (uses) (175,156) Net change in fund balance 26,499,352 (2)
Fund balance, July 1 71,521,400 Fund balance, June 30 $98,020,752 Adopted Budget 2016-­17 $261,164,252 15,881,080 36,869,399 9,039,281 322,954,012 149,488,080 47,647,594 70,585,940 25,430,945 35,371,134 2,597,167 2,863,076 (573,222) 333,410,714 (10,456,702) -­-­ -­-­ -­-­ (10,456,7020 98,020,752 $87,564,050 (1) Totals may not add due to rounding. (2) Unaudited actuals beginning balance does not correspond directly with audited financing ending balances show in the previous table, because the estimated financials include in the ending balance all governmental funds, including reserves, which the unaudited actuals, budget, and interim reports account for those funds separately. Source: Mt. Diablo Unified School District 2016-­17 Adopted Budget and Fiscal Year 2015-­16 Unaudited Actual Report. District Reserves. The District is required to maintain a reserve for economic uncertainties at least equal to five percent of general fund expenditures. The District continues to meet this requirement. In connection with legislation adopted in connection with the State’s fiscal year 2014-­
15 Budget (“SB 858”), the Education Code was amended to provide that, beginning in fiscal year 2015-­16, if a district’s proposed budget includes a local reserve above the minimum recommended level, the governing board must provide the information for review at the annual public hearing on its proposed budget. In addition, SB 858 included a provision, which became effective upon the passage of Proposition 2 at the November 4, 2014 statewide election, which B-­11 limits the amount of reserves which may be maintained at the District level. Specifically, the legislation, among other things, enacted Education Code Section 42127.01, which became operative December 15, 2014, and provides that in any fiscal year immediately after a fiscal year in which a transfer is made to the State’s Public School System Stabilization Account (the Proposition 98 reserve), a school district may not adopt a budget that contains a reserve for economic uncertainties in excess of twice the applicable minimum recommended reserve for economic uncertainties established by the State Board (for school districts with ADA over 400,000, the limit is three times the amount). Exemptions can be granted by the County Superintendent under certain circumstances. In August of 2015, Senate Bill 799 (“SB 799”) was introduced into the State Senate in response to SB 858 proposing reforms to the reserve cap. SB 799 proposes a cap on unassigned reserves and special reserves for other than capital outlay of seventeen percent, with exemptions from the cap for school districts with less than 2,500 average daily attendance and basic aid districts. The District cannot predict how SB 858 or SB 799, if enacted, will impact its reserves and future spending. Attendance -­ Revenue Limit and LCFF Funding As described herein, prior to fiscal year 2013-­14, school districts in California derived most State funding based on a formula which considered a revenue limit per unit of average daily attendance (“ADA”). With the implementation of the LCFF, commencing in fiscal year 2013-­14, school districts receive base funding based on ADA, and may also be entitled to supplemental funding, concentration grants and funding based on an economic recovery target. The following table sets forth LCFF funding for the District for fiscal year 2014-­15 through 2016-­
17 (Budgeted). AVERAGE DAILY ATTENDANCE AND LCFF Mt. Diablo Unified School District ADA, Enrollment and Target Student Percentages (LCFF Implemented) Fiscal Years 2013-­14 through 2016-­17 (Budgeted) Fiscal Year 2013-­14 2014-­15 2015-­16 (1)
2016-­17 ADA 30,529 30,503 31,011 30,466 (1) Budgeted. (2) Average across grade spans. Source: The District. LCFF “Phase-­In” Entitlement per (1)(2)
ADA
$6,692 7,291 8,051 8,572 The District’s unduplicated count for purposes of determining funding under LCFF is approximately 49 percent of students. The District receives supplemental funding based on this percentage. The District does not qualify for concentration grant funding which applies to districts with an unduplicated count above 55 percent. B-­12 Revenue Sources The District categorizes its general fund revenues into four sources, being LCFF, Federal Revenues, Other State Revenues and Local Revenues. Each of these revenue sources is described below. LCFF Sources. District funding is provided by a mix of (1) local property taxes and (2) State apportionments of funding under the LCFF. Generally, the State apportionments will amount to the difference between the District's LCFF funding entitlement and its local property tax revenues. Beginning in fiscal year 1978-­79, Proposition 13 and its implementing legislation provided for each county to levy (except for levies to support prior voter-­approved indebtedness) and collect all property taxes, and prescribed how levies on county-­wide property values are to be shared with local taxing entities within each county. The principal component of local revenues is the school district’s property tax revenues, i.e., the district’s share of the local 1% property tax, received pursuant to Sections 75 and following and Sections 95 and following of the California Revenue and Taxation Code. Education Code Section 42238(h) itemizes the local revenues that are counted towards the base revenue limit before calculating how much the State must provide in equalization aid. Historically, the more local property taxes a district received, the less State equalization aid it is entitled to. Federal Revenues. The federal government provides funding for several District programs, including special education programs, programs under No Child Left Behind, the Individuals With Disabilities Education Act, and specialized programs such as Drug Free Schools. Other State Revenues. As discussed above, the District receives State apportionment of basic and equalization aid in an amount equal to the difference between the District's revenue limit and its property tax revenues. In addition to such apportionment revenue, the District receives other State revenues. The District receives State aid from the California State Lottery (the "Lottery"), which was established by a constitutional amendment approved in the November 1984 general election. Lottery revenues must be used for the education of students and cannot be used for non-­instructional purposes such as real property acquisition, facility construction, or the financing of research. Moreover, State Proposition 20 approved in March 2000 requires that 50% of the increase in Lottery revenues over fiscal year 1997-­98 levels must be restricted to use on instruction material. For additional discussion of State aid to school districts, see “-­State Funding of Education.” Other Local Revenues. In addition to local property taxes, the District receives additional local revenues from items such as interest earnings and other local sources. B-­13 District Retirement Systems Qualified employees of the District are covered under multiple-­employer defined benefit pension plans maintained by agencies of the State. Certificated employees are members of the State Teachers’ Retirement System (“STRS”) and classified employees are members of the Public Employees’ Retirement System (“PERS”). Both STRS and PERS are operated on a Statewide basis. The information set forth below regarding the STRS and PERS programs, other than the information provided by the District regarding its annual contributions thereto, has been obtained from publicly available sources which are believed to be reliable but are not guaranteed as to accuracy or completeness, and should not to be construed as a representation by either the District or the Underwriter. Implementation of GASB Nos. 68 and 71. Commencing with fiscal year ended June 30, 2015, the District implemented the provisions of GASB Statement Nos. 68 and 71 which require certain new pension disclosures in the notes to its audited financial statements commencing with the audit for fiscal year 2014-­15. Statement No. 68 generally requires the District to recognize its proportionate share of the unfunded pension obligation for STRS and PERS by recognizing a net pension liability measured as of a date (the measurement date) no earlier than the end of its prior fiscal year. As a result of the implementation of GASB Statement Nos. 68 and 71, the District was required to reflected a restatement of its beginning net position as of July 1, 2014. See “APPENDIX A -­ Audited Financial Statements of the District For Fiscal Year Ending June 30, 2015.” STRS. All full-­time certificated employees participate in STRS, a cost-­sharing, multiple-­
employer contributory public employee retirement system. STRS provides retirement, disability and survivor benefits to plan members and beneficiaries under a defined benefit program. Benefit provisions and contribution amounts are established by State statutes, as legislatively amended. The program is funded through a combination of investment earnings and statutorily set contributions from three sources: employees, employers and the State. The District’s employer contributions to STRS for recent fiscal years are set forth in the following table. STRS EMPLOYER CONTRIBUTIONS Fiscal Years 2011-­12 through 2016-­17 Mt. Diablo Unified School District Fiscal Year 2011-­12 2012-­13 2013-­14 2014-­15 (1)
2015-­16 (2)
2016-­17 Amount $10,688,838 10,277,437 10,220,659 18,725,190 22,871,270 18,452,969 (1) Unaudited Actuals. (2) Budgeted. Source: Mt. Diablo Unified School District 2016-­17 Adopted Budget. Historically, employee, employer and State contribution rates did not vary annually to account for funding shortfalls or surpluses in the STRS plan. In recent years, the combination of investment earnings and statutory contributions were not sufficient to pay actuarially required amounts. As a result, the STRS defined benefit program showed an estimated unfunded B-­14 actuarial liability of approximately $76.2 billion as of June 30, 2015 (the date of the last actuarial valuation). In connection with the State’s adoption of its fiscal year 2014-­15 Budget, the Governor signed into law Assembly Bill 1469 (“AB 1469”), which represents a legislative effort to address the unfunded liabilities of the STRS pension plan. AB 1469 addressed the funding gap by increasing contributions by employees, employers and the State. In particular, employer contribution rates are scheduled to increase through at least fiscal year 2020-­21, from a contribution rate of 8.25% in fiscal year 2013-­14 to 19.1% in fiscal year 2020-­21. Thereafter, employer contribution rates will be determined by the STRS board to reflect the contribution required to eliminate unfunded liabilities by June 30, 2046. The District’s employer contribution rates for fiscal years 2014-­15 and 2015-­16 were 8.88% and 10.73%, respectively. Projected employer contribution rates for school districts (including the District) for fiscal year 2016-­17 through fiscal year 2020-­21 are set forth in the following table. PROJECTED EMPLOYER CONTRIBUTION RATES (STRS) Fiscal Years 2016-­17 through 2020-­21 Projected Employer (1)
Contribution Rate 12.58% 14.43 16.28 18.13 19.10 Fiscal Year 2016-­17 2017-­18 2018-­19 2019-­20 2020-­21 (1) Expressed as a percentage of covered payroll. Source: AB 1469 B-­15 PERS. All full-­time and some part-­time classified employees participate in PERS, an agent multiple-­employer contributory public employee retirement system that acts as a common investment and administrative agent for participating public entities within the State. PERS provides retirement, disability, and death benefits to plan members and beneficiaries. The District is part of a cost-­sharing pool within PERS known as the “Schools Pool.” Benefit provisions are established by State statutes, as legislatively amended. Contributions to PERS are made by employers and employees. Each fiscal year, the District is required to contribute an amount based on an actuarially determined employer rate. The District’s employer contributions to PERS for recent fiscal years are set forth in the following table. PERS EMPLOYER CONTRIBUTIONS Fiscal Years 2011-­12 through 2016-­17 Mt. Diablo Unified School District Fiscal Year 2011-­12 2012-­13 2013-­14 2014-­15 (1)
2015-­16 (2)
2016-­17 Amount $4,529,773 4,598,176 4,740,461 5,327,217 5,047,422 6,477,584 (1) Unaudited Actuals. (2) Budgeted. Source: Mt. Diablo Unified School District 2016-­17 Adopted Budget. Like the STRS program, the PERS program has experienced an unfunded liability in recent years. The PERS unfunded liability, on a market value of assets basis, was approximately $16.5 billion as of June 30, 2015 (the date of the last actuarial valuation). To address this issue, the PERS board has taken a number of actions. In April 2013, for example, the PERS board approved changes to the PERS amortization and smoothing policy intended to reduce volatility in employer contribution rates. In addition, in April 2014, PERS set new contribution rates, reflecting new demographic assumptions and other changes in actuarial assumptions. The new rates and underlying assumptions, which are aimed at eliminating the unfunded liability of PERS in approximately 30 years, will be implemented for school districts beginning in fiscal year 2016-­17, with the costs spread over 20 years and the increases phased in over the first five years. The District’s employer contribution rates for fiscal years 2014-­15 and 2015-­16 were 11.771% and 11.847%, respectively. Projected employer contribution rates for school districts (including the District) for fiscal year 2016-­17 through fiscal year 2020-­21 are set forth in the following table. B-­16 PROJECTED EMPLOYER CONTRIBUTION RATES (PERS) Fiscal Years 2016-­17 through 2020-­21(1) Fiscal Year 2016-­17 2017-­18 2018-­19 2019-­20 2020-­21 Projected Employer (2)
Contribution Rate 13.888% 15.500 17.100 18.600 19.800 (1) Rates were estimated by PERS in 2016. The PERS board is expected to approve official employer contribution rates for each fiscal year shown during the immediately preceding fiscal year. (2) Expressed as a percentage of covered payroll. Source: PERS California Public Employees’ Pension Reform Act of 2013. On September 12, 2012, the Governor signed into law the California Public Employees’ Pension Reform Act of 2013 (“PEPRA”), which impacted various aspects of public retirement systems in the State, including the STRS and PERS programs. In general, PEPRA (i) increased the retirement age for public employees depending on job function, (ii) capped the annual pension benefit payouts for public employees hired after January 1, 2013, (iii) required public employees hired after January 1, 2013 to pay at least 50% of the costs of their pension benefits (as described in more detail below), (iv) required final compensation for public employees hired after January 1, 2013 to be determined based on the highest average annual pensionable compensation earned over a period of at least 36 consecutive months, and (v) attempted to address other perceived abuses in the public retirement systems in the State. PEPRA applies to all public employee retirement systems in the State, except the retirement systems of the University of California, and charter cities and charter counties whose pension plans are not governed by State law. PEPRA’s provisions went into effect on January 1, 2013 with respect to new State, school, and city and local agency employees hired on or after that date;; existing employees who are members of employee associations, including employee associations of the District, have a five-­year window to negotiate compliance with PEPRA through collective bargaining. PERS has predicted that the impact of PEPRA on employees and employers, including the District and other employers in the PERS system, will vary, based on each employer’s current level of benefits. As a result of the implementation of PEPRA, new members must pay at least 50% of the normal costs of the plan, which can fluctuate from year to year. To the extent that the new formulas lower retirement benefits, employer contribution rates could decrease over time as current employees retire and employees subject to the new formulas make up a larger percentage of the workforce. This change would, in some circumstances, result in a lower retirement benefit for employees than they currently earn. With respect to the STRS pension program, employees hired after January 1, 2013 will pay the greater of either (1) fifty percent of the normal cost of their retirement plan, rounded to the nearest one-­quarter percent, or (2) the contribution rate paid by then-­current members (i.e., employees in the STRS plan as of January 1, 2013). The member contribution rate could be increased from this level through collective bargaining or may be adjusted based on other factors. Employers will pay at least the normal cost rate, after subtracting the member’s contribution. B-­17 The District is unable to predict the amount of future contributions it will have to make to PERS and STRS as a result of the implementation of PEPRA, and as a result of negotiations with its employee associations, or, notwithstanding the adoption of PEPRA, resulting from any legislative changes regarding the PERS and STRS employer contributions that may be adopted in the future. Additional Information. Additional information regarding the District’s retirement programs is available in Note 11 to the District’s audited financial statements attached hereto as APPENDIX A. In addition, both STRS and PERS issue separate comprehensive financial reports that include financial statements and required supplemental information. Copies of such reports may be obtained from STRS and PERS, respectively, as follows: (i) STRS, P.O. Box 15275, Sacramento, California 95851-­0275;; and (ii) PERS, 400 Q Street, Sacramento, California 95811. More information regarding STRS and PERS can also be obtained at their websites, www.calstrs.com and www.calpers.ca.gov, respectively. The references to these Internet websites are shown for reference and convenience only and the information contained on such websites is not incorporated by reference into this Official Statement. The information contained on these websites may not be current and has not been reviewed by the District or the Underwriter for accuracy or completeness. Other Post-­Employment Retirement Benefits Plan Description. The District administers a defined benefit postemployment plan, where plan assets may be used only for the payment of benefits to the members of that plan. The plan assets are accounted for in the General Fund. The District provides postemployment healthcare benefits, in accordance with District employment contracts, to all employees who retire from the District and meet the age and service requirements for eligibility. The District offers subsidized health insurance until age 65. Contribution Information. The District’s funding policy is based on the projected pay-­
as-­you-­go financing requirements, with additional amounts to prefund benefits as determined annually by the governing board. For fiscal year 2014-­15, the District contributed $4,813,524. Annual OPEB Cost and Net OPEB Obligation. In July 2004, the Governmental Accounting Standards Board (“GASB”) issued GASB No. 45, “Accounting and Financial Reporting by Employers for Post-­employment Benefits Other Than Pensions”. This statement requires local governmental employers who provide other post employment benefits (“OPEB”) as part of the total compensation offered to employees to recognize the expense and related liabilities in the government-­wise financial statements and net assets and activities. GASB No. 45 establishes standards for the measurement, recognition, and display of OPEB expenses and related liabilities, note disclosures, and, if applicable, required supplementary information in the financial reports. The District’s annual OPEB cost is calculated based on the annual required contribution of the employer (the “ARC”), an amount actuarially determined in accordance with GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years. The following table shows the components of the District’s annual OPEB cost for the 2014-­15 fiscal year, the amount actually contributed to the plan, and changes in the District’s net OPEB obligation. B-­18 MT. DIABLO UNIFIED SCHOOL DISTRICT Components of OPEB Cost Fiscal Year 2014-­15 Annual required contribution (ARC) Interest on OPEB asset Adjustment to annual required contribution Annual OPEB cost Contributions made Increase in net OPEB asset Net OPEB asset-­ beginning of year Net OPEB asset-­ end of year $11,433,256 1,405,098 (1,597,480) 11,240,874 (4,813,524) 6,427,350 31,224,393 $37,651,743 The District’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for fiscal year 2014-­15 and the preceding two years are as follows: MT. DIABLO UNIFIED SCHOOL DISTRICT Net OPEB Obligation Fiscal Years 2012-­13 through 2014-­15 Fiscal Year Ended (June 30) 2013 2014 2015 Annual OPEB Cost $10,600,315 10,947,325 11,240,874 % of Annual OPEB Cost Contributed 52% 46 43 Net OPEB Obligation (Asset) $25,342,946 31,224,393 37,651,743 OPEB Funded Status and Funding Progress. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Actuarially determined amounts are subject to continuous revision as actual results are compared to past expectations and new estimates about the future are formulated. Deviations in any of several factors, such as future interest rates, medical cost inflation, Medicare coverage, and changes in marital status could result in actual costs being less or greater than estimated. The schedule of funding progress presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits: Schedule of OPEB Funding Progress Mt. Diablo Unified School District Actuarial Valuation Date 5/1/2008 7/1/2012 7/1/2014 Actuarial Value of Assets $ -­-­ -­-­ -­-­ Actuarial Accrued Liability $71,018,299 95,744,443 101,535,198 Unfunded Actuarial Accrued Liability $71,018,299 95,744,443 101,535,198 B-­19 Funded Ratio 0% 0 0 UAAL as a % Covered of Covered Payroll Payroll $191,822,548 37% 174,900,000 55 171,978,831 59 Long-­Term Debt Summary of Long-­Term Debt. The District has never defaulted on the payment of principal or interest on any of its long-­term indebtedness. The following table summarizes the District's general obligation bond debt, which is currently outstanding. MT. DIABLO UNIFIED SCHOOL DISTRICT Schedule of Long Term General Obligation Debt Date Issued 06/21/2011 12/29/2011 04/05/2012 04/10/2013 08/30/2010 08/30/2010 04/12/2011 04/12/2011 06/20/2012 07/15/2015 Issue 2002 Authorization Series 2011 Refunding Bonds Series B Refunding Bonds Series B-­2 Refunding Bonds Series C Refunding Bonds 2010 Authorization Series 2010, A Bonds Series 2010, B Bonds Series 2011, C Bonds Series 2011, D Bonds Series 2012, E Bonds Series 2015, F Bonds Totals Original Amount $37,790,000.00 43,700,000.00 40,540,000.00 54,015,000.00 $50,456,475.00 59,540,000.00 3,865,000.00 7,133,581.55 149,995,000.00 38,500,000.00 $485,535,056.55 Amount Outstanding October 1, 2016 $27,050,000.00 34,170,000.00 39,955,000.00 51,100,000.00 $ 50,428,614.75 51,455,000.00 3,860,000.00 6,656,818.45 136,650,000.00 30,965,000.00 $432,290,433.20 Construction Loan. In February 2003, the Redevelopment Agency of the City of Pittsburg made an interest-­free loan of $6,178,936 to the District. The loan is to be used for the construction of an elementary school within the City of Pittsburg. Beginning June 1, 2005, the District pays 24% of all impact fees collected by the District in the City of Pittsburg after January 1, 2005. The District will continue to make payments equivalent to 24% of impact fees collected in the City every six months on June 1 and January 1 until June 1, 2040, or until the loan is paid off, whichever occurs first. The balance at June 30, 2015, was $4,545,225. Capital Leases. The District leases school buses having a value $2,393,976 under agreements which provides for title to pass upon expiration of the lease period. Future yearly payments on capitalized lease obligations are as follows: Fiscal Year 2015-­2016 2016-­2017 2017-­2018 2018-­2019 2019-­2020 Total Payments Less amount representing interest Total Payment $351,731 351,731 252,150 152,568 152,568 1,260,748 (70,467) $1,190,281 B-­20 Risk Management The District participates in a joint ventures under joint powers agreements (“JPAs”) with CSAC Excess Insurance Authority (“CSAC-­EIA”), the Schools’ Self-­Insurance of Contra Costa county (“SSICCC”), and the School Project for Utility Rate Reduction (“SPURR”). The relationship between the District and the JPAs are such that the JPAs are not component unit of the District for financial reporting purposes. The JPAs provide property and liability insurance coverage as well as health and welfare benefits coverage. The JPAs are governed by a board consisting of a representative from each member district. The governing board controls the operations of its JPAs independent of any influence by the member districts beyond their representation on the governing board. Each member district pays a premium commensurate with the level of coverage requested and shares surpluses and deficits proportionately to its participation in the JPAs. Investment of District Funds In accordance with Government Code Section 53600 et seq., the Contra Costa County Treasurer manages funds deposited with it by the District. The County is required to invest such funds in accordance with California Government Code Sections 53601 et seq. In addition, counties are required to establish their own investment policies which may impose limitations beyond those required by the Government Code. Effect of State Budget on Revenues Public school districts in California are dependent on revenues from the State for a large portion of their operating budgets. California school districts generally receive the majority of their operating revenues from various State sources. The primary source of funding for school districts is LCFF funding, which is derived from a combination of State funds and local property taxes (see “—State Funding of Education – Revenue Limits” above). State funds typically make up the majority of a district’s LCFF funding. School districts also receive funding from the State for some specialized programs such as special education. The availability of State funds for public education is a function of constitutional provisions affecting school district revenues and expenditures (see “CONSTITUTIONAL AND STATUTORY PROVISIONS AFFECTING DISTRICT REVENUES AND APPROPRIATIONS” below), the condition of the State economy (which affects total revenue available to the State general fund), and the annual State budget process. The District cannot predict how education funding may further be changed in the future, or the state of the economy which in turn can impact the amounts of funds available from the State for education funding. See “STATE FUNDING OF EDUCATION;; RECENT STATE BUDGETS” on the following page. B-­21 STATE FUNDING OF EDUCATION;; RECENT STATE BUDGETS State Funding of Education General. The State requires that from all State revenues there first shall be set apart the moneys to be applied for support of the public school system and public institutions of higher education. Public school districts in California are dependent on revenues from the State for a large portion of their operating budgets. California school districts receive an average of about 55% of their operating revenues from various State sources. The primary source of funding for school districts is funding under the LCFF, which is a combination of State funds and local property taxes (see “DISTRICT FINANCIAL INFORMATION – Education Funding Generally” above). State funds typically make up the majority of a district’s LCFF entitlement. The availability of State funds for public education is a function of constitutional provisions affecting school district revenues and expenditures (see “CONSTITUTIONAL AND STATUTORY PROVISIONS AFFECTING DISTRICT REVENUES AND APPROPRIATIONS” below), the condition of the State economy (which affects total revenue available to the State general fund), and the annual State budget process. Decreases in State revenues may significantly affect appropriations made by the legislature to school districts. The following information concerning the State’s budgets for the current and most recent preceding years has been compiled from publicly-­available information provided by the State. Neither the District, the County, nor the Underwriter is responsible for the information relating to the State’s budgets provided in this section. Further information is available from the Public Finance Division of the State Treasurer’s Office. The Budget Process. The State’s fiscal year begins on July 1 and ends on June 30. The annual budget is proposed by the Governor by January 10 of each year for the next fiscal year (the “Governor’s Budget”). Under State law, the annual proposed Governor’s Budget cannot provide for projected expenditures in excess of projected revenues and balances available from prior fiscal years. Following the submission of the Governor’s Budget, the Legislature takes up the proposal. Under the State Constitution, money may be drawn from the State Treasury only through an appropriation made by law. The primary source of the annual expenditure authorizations is the Budget Act as approved by the Legislature and signed by the Governor. The Budget Act must be approved by a majority vote of each house of the Legislature. The Governor may reduce or eliminate specific line items in the Budget Act or any other appropriations bill without vetoing the entire bill. Such individual line-­item vetoes are subject to override by a two-­thirds majority vote of each House of the Legislature. Appropriations also may be included in legislation other than the Budget Act. Bills containing appropriations (including for K-­14 education) must be approved by a majority vote in each house of the Legislature, unless such appropriations require tax increases, in which case they must be approved by a two-­thirds vote of each house of the Legislature, and be signed by the Governor. Continuing appropriations, available without regard to fiscal year, may also be provided by statute or the State Constitution. Funds necessary to meet an appropriation need not be in the State Treasury at the time such appropriation is enacted;; revenues may be appropriated in anticipation of their receipt. B-­22 Recent State Budgets Certain information about the State budgeting process and the State Budget is available through several State of California sources. A convenient source of information is the State’s website, where recent official statements for State bonds are posted. The references to internet websites shown below are shown for reference and convenience only, the information contained within the websites may not be current and has not been reviewed by the District and is not incorporated herein by reference. • The California Department of Finance’s Internet home page at www.dof.ca.gov, under the heading “California Budget”, includes the text of proposed and adopted State Budgets. • The State Legislative Analyst’s Office prepares analyses of the proposed and adopted State budgets. The analyses are accessible on the Legislative Analyst’s Internet home page at www.lao.ca.gov under the heading “Subject Area – Budget (State)”. Prior Years’ Budgeting Techniques. Declining revenues and fiscal difficulties which arose in the State commencing in fiscal year 2008-­09 led the State to undertake a number of budgeting strategies, which had subsequent impacts on local agencies within the State. These techniques included the issuance of IOUs in lieu of warrants (checks), the enactment of statutes deferring amounts owed to public schools, until a later date in the fiscal year, or even into the following fiscal year (known as statutory deferrals), trigger reductions, which were budget cutting measures which were implemented or could have been implemented if certain State budgeting goals were not met, among others, and the dissolution of local redevelopment agencies in part to make available additional funding for local agencies. Although the current fiscal year State Budget is balanced and projects a balanced budget for the foreseeable future, largely attributable to the additional revenues generated due to the passage of Proposition 30 at the November 2, 2010 statewide election, there can be no certainty that budget-­cutting strategies such as those used in recent years will not be used in the future should the State Budget again be stressed and if projections included in such budget do not materialize. 2013-­14 State Budget: Significant Change in Education Funding. As described herein under the caption “-­Education Funding Generally,” the 2013-­14 State Budget and its related implementing legislation enacted significant reforms to the State’s system of K-­12 education finance with the enactment of the LCFF. Significant reforms such as the LCFF and other changes in law may have significant impacts on the District’s finances. 2016-­17 Adopted State Budget On June 27, 2016, the Governor signed the 2016-­17 State Budget (the “2016-­17 State Budget”) into law with an effective date of July 1, 2016. The 2016-­17 State Budget package calls for $122.5 billion in general fund spending and $44.6 billion in special fund spending, along with $3.6 billion in bond spending. The 2016-­17 State Budget includes more money for higher education, repeals a cap on welfare payments, raises rates for child care providers and puts an additional $3.3 billion into the State’s rainy-­day reserve, including an optional $2 billion shift to protect against a future economic downturn. The 2016-­17 State Budget establishes a multiyear plan that is balanced and that, among other items, provides for the following: B-­23 • contributions to both State budget reserves: the Special Fund for Economic Uncertainties, the State’s discretionary reserve, and the Budget Stabilization Account, the state’s constitutional rainy day fund, raising such reserves to $6.7 billion;; • an increase in funding for K-­12 schools of more than $2.9 billion (representing an increase of 5.4 percent over the LCFF funding level for fiscal year 2014-­15 and bringing the LCFF level implementation to 96% complete);; • an increase of more than $1.3 billion in one-­time discretionary general funds for school districts, charter schools and county offices of education to use at local discretion (for activities such as deferred maintenance, professional development, induction for beginning teachers, instructional materials, technology, and the implementation of new educational standards);; • a $1.6 billion early education block grant by combining three existing programs to promote local flexibility, focusing on disadvantaged students and improved accountability;; • $807 million for Statewide deferred maintenance at levees, state parks, universities, community colleges, prisons, State hospitals, and other State facilities;; • a $3.1 billion cap-­and-­trade expenditure plan to reduce greenhouse gas emissions;; • over $2 billion in funds for various infrastructure improvements, $688 million for critical deferred maintenance at levees, State parks, universities, community colleges, prisons, state hospitals, and other State facilities;; • a $1.2 billion pay-­down of debt and liabilities from Proposition 2 funds;; and • $710 million to pay for the costs of wildfires and for other effects of the drought. The execution of the 2016-­17 State Budget may be affected by numerous factors, including but not limited to: (i) shifts of costs from the federal government to the State, (ii) national, State and international economic conditions, (iii) litigation risk associated with proposed spending reductions, (iv) rising health care costs and (v) other factors, all or any of which could cause the revenue and spending projections in the 2016-­17 State Budget to be unattainable. The District cannot predict the impact that the 2016-­17 State Budget, or subsequent budgets, will have on its own finances and operations. Additionally, the District cannot predict the accuracy of any projections made in the 2016-­17 State Budget. Availability of 2016-­17 State Budget. The complete 2016-­17 State Budget is available from the California Department of Finance website at www.dof.ca.gov. The District can take no responsibility for the continued accuracy of this internet address or for the accuracy, completeness or timeliness of information posted there, and such information is not incorporated in this Official Statement by such reference. The information referred to above should not be relied upon in making an investment decision with respect to the Series G Bonds. B-­24 Uncertainty Regarding Future State Budgets. The District cannot predict what actions will be taken in future years by the State Legislature and the Governor to address the State’s current or future changing revenues and expenditures. Future State budgets will be affected by national and state economic conditions and other factors over which the District has no control. The District cannot predict what impact any future budget proposals will have on the financial condition of the District. To the extent that the State budget process results in reduced revenues to the District, the District will be required to make adjustments to its budgets. Disclaimer Regarding State Budgets. The State has not entered into any contractual commitment with the District, the County, or the Owners of the Series G Bonds to provide State budget information to the District or the owners of the Series G Bonds. Although they believe the State sources of information listed above are reliable, neither the District nor the Underwriters assume any responsibility for the accuracy of the State Budget information set forth or referred to in this Official Statement or incorporated herein. However, the Series G Bonds are secured by ad valorem taxes levied and collected on taxable property in the District, without limit as to rate or amount, and are not secured by a pledge of revenues of the District or its general fund. Legal Challenges to State Funding of Education The application of Proposition 98 and other statutory regulations has been the subject of various legal challenges in recent years, and is likely to be further challenged in the future. For a discussion of how the provisions of Proposition 98 have been applied to school funding see “-­ State Funding of Education" and "-­Recent State Budgets” above. [Remainder of page intentionally left blank] B-­25 CONSTITUTIONAL AND STATUTORY PROVISIONS AFFECTING DISTRICT REVENUES AND APPROPRIATIONS Principal of and interest on the Bonds are payable from the proceeds of an ad valorem tax levied by the County for the payment thereof. Articles XIIIA, XIIIB, XIIIC, and XIIID of the State Constitution, Propositions 62, 98, 111, 187 and 218, and certain other provisions of law discussed below, are included in this section to describe the potential effect of these Constitutional and statutory measures on the ability of the District to levy taxes and spend tax proceeds for operating and other purposes, and it should not be inferred from the inclusion of such materials that these laws impose any limitation on the ability of the District to levy taxes for payment of the Bonds. The tax levied by the County for payment of the Bonds was approved by the District's voters in compliance with Article XIIIA and all applicable laws. Constitutionally Required Funding of Education The State Constitution requires that from all State revenues, there shall be first set apart the moneys to be applied by the State for the support of the public school system and public institutions of higher education. School districts receive a significant portion of their funding from State appropriations. As a result, decreases and increases in State revenues can significantly affect appropriations made by the State Legislature to school districts. Article XIIIA of the California Constitution Basic Property Tax Levy. On June 6, 1978, California voters approved Proposition 13 ("Proposition 13"), which added Article XIIIA to the State Constitution ("Article XIIIA"). Article XIIIA limits the amount of any ad valorem tax on real property to 1% of the full cash value thereof, except that additional ad valorem taxes may be levied to pay debt service on (i) indebtedness approved by the voters prior to July 1, 1978, (ii) (as a result of an amendment to Article XIIIA approved by State voters on June 3, 1986) on bonded indebtedness for the acquisition or improvement of real property which has been approved on or after July 1, 1978 by two-­thirds of the voters on such indebtedness (which provided the authority for the issuance of the Refunded Bonds), and (iii) (as a result of an amendment to Article XIIIA approved by State voters on November 7, 2000) bonded indebtedness incurred by a school district or community college district for the construction, reconstruction, rehabilitation or replacement of school facilities or the acquisition or lease of real property for school facilities, approved by 55% of the voters of the district, but only if certain accountability measures are included in the proposition. Article XIIIA defines full cash value to mean "the county assessor’s valuation of real property as shown on the 1975-­76 tax bill under full cash value, or thereafter, the appraised value of real property when purchased, newly constructed, or a change in ownership have occurred after the 1975 assessment". This full cash value may be increased at a rate not to exceed 2% per year to account for inflation. Article XIIIA has subsequently been amended to permit reduction of the "full cash value" base in the event of declining property values caused by damage, destruction or other factors, to provide that there would be no increase in the "full cash value" base in the event of reconstruction of property damaged or destroyed in a disaster and in other minor or technical ways. Legislation Implementing Article XIIIA. Legislation has been enacted and amended a number of times since 1978 to implement Article XIIIA. Under current law, local agencies are no longer permitted to levy directly any property tax (except to pay voter-­approved indebtedness). B-­26 The 1% property tax is automatically levied by the county and distributed according to a formula among taxing agencies. The formula apportions the tax roughly in proportion to the relative shares of taxes levied prior to 1979. Increases of assessed valuation resulting from reappraisals of property due to new construction, change in ownership or from the annual adjustment not to exceed 2% are allocated among the various jurisdictions in the “taxing area” based upon their respective “situs.” Any such allocation made to a local agency continues as part of its allocation in future years. Inflationary Adjustment of Assessed Valuation. As described above, the assessed value of a property may be increased at a rate not to exceed 2% per year to account for inflation. On December 27, 2001, the Orange County Superior Court, in County of Orange v. Orange County Assessment Appeals Board No. 3, held that where a home’s taxable value did not increase for two years, due to a flat real estate market, the Orange County assessor violated the 2% inflation adjustment provision of Article XIIIA, when the assessor tried to "recapture" the tax value of the property by increasing its assessed value by 4% in a single year. The assessors in most California counties, including the County, use a similar methodology in raising the taxable values of property beyond 2% in a single year. The State Board of Equalization has approved this methodology for increasing assessed values. On appeal, the Appellate Court held that the trial court erred in ruling that assessments are always limited to no more than 2% of the previous year’s assessment. On May 10, 2004 a petition for review was filed with the California Supreme Court. The petition has been denied by the California Supreme Court. As a result of this litigation, the “recapture” provision described above may continue to be employed in determining the full cash value of property for property tax purposes. Article XIIIB of the California Constitution Article XIIIB (“Article XIIIB”) of the State Constitution, as subsequently amended by Propositions 98 and 111, respectively, limits the annual appropriations of the State and of any city, county, school district, authority or other political subdivision of the State to the level of appropriations of the particular governmental entity for the prior fiscal year, as adjusted for changes in the cost of living and in population and for transfers in the financial responsibility for providing services and for certain declared emergencies. For fiscal years beginning on or after July 1, 1990, the appropriations limit of each entity of government shall be the appropriations limit for the 1986-­87 fiscal year adjusted for the changes made from that fiscal year under the provisions of Article XIIIB, as amended. The appropriations of an entity of local government subject to Article XIIIB limitations include the proceeds of taxes levied by or for that entity and the proceeds of certain state subventions to that entity. “Proceeds of taxes” include, but are not limited to, all tax revenues and the proceeds to the entity from (a) regulatory licenses, user charges and user fees (but only to the extent that these proceeds exceed the reasonable costs in providing the regulation, product or service), and (b) the investment of tax revenues. Appropriations subject to limitation do not include (a) refunds of taxes, (b) appropriations for debt service, (c) appropriations required to comply with certain mandates of the courts or the federal government, (d) appropriations of certain special districts, (e) appropriations for all qualified capital outlay projects as defined by the legislature, (f) appropriations derived from certain fuel and vehicle taxes and (g) appropriations derived from certain taxes on tobacco products. B-­27 Article XIIIB includes a requirement that all revenues received by an entity of government other than the State in a fiscal year and in the fiscal year immediately following it in excess of the amount permitted to be appropriated during that fiscal year and the fiscal year immediately following it shall be returned by a revision of tax rates or fee schedules within the next two subsequent fiscal years. However, in the event that a school district’s revenues exceed its spending limit, the district may in any fiscal year increase its appropriations limit to equal its spending by borrowing appropriations limit from the State. Article XIIIB also includes a requirement that 50% of all revenues received by the State in a fiscal year and in the fiscal year immediately following it in excess of the amount permitted to be appropriated during that fiscal year and the fiscal year immediately following it shall be transferred and allocated to the State School Fund under Section 8.5 of Article XVI of the State Constitution. Unitary Property Some amount of property tax revenue of the District is derived from utility property which is considered part of a utility system with components located in many taxing jurisdictions (“unitary property”). Under the State Constitution, such property is assessed by the State Board of Equalization (“SBE”) as part of a “going concern” rather than as individual pieces of real or personal property. State-­assessed unitary and certain other property is allocated to the counties by SBE, taxed at special county-­wide rates, and the tax revenues distributed to taxing jurisdictions (including the District) according to statutory formulae generally based on the distribution of taxes in the prior year. Articles XIIIC and XIIID On November 5, 1996, the voters of the State of California approved Proposition 218, popularly known as the “Right to Vote on Taxes Act.” Proposition 218 added to the California Constitution Articles XIIIC and XIIID (respectively, “Article XIIIC” and “Article XIIID”), which contain a number of provisions affecting the ability of local agencies, including school districts, to levy and collect both existing and future taxes, assessments, fees and charges. According to the “Title and Summary” of Proposition 218 prepared by the California Attorney General, Proposition 218 limits “the authority of local governments to impose taxes and property-­related assessments, fees and charges.” Among other things, Article XIIIC establishes that every tax is either a “general tax” (imposed for general governmental purposes) or a “special tax” (imposed for specific purposes), prohibits special purpose government agencies such as school districts from levying general taxes, and prohibits any local agency from imposing, extending or increasing any special tax beyond its maximum authorized rate without a two-­thirds vote;; and also provides that the initiative power will not be limited in matters of reducing or repealing local taxes, assessments, fees and charges. Article XIIIC further provides that no tax may be assessed on property other than ad valorem property taxes imposed in accordance with Articles XIII and XIIIA of the California Constitution and special taxes approved by a two-­thirds vote under Article XIIIA, Section 4. On November 2, 2010, Proposition 26 was approved by State voters, which amended Article XIIIC to expand the definition of “tax” to include “any levy, charge, or exaction of any kind imposed by a local government” except the following: (1) a charge imposed for a specific benefit conferred or privilege granted directly to the payor that is not provided to those not charged, and which does not exceed the reasonable costs to the local government of conferring the benefit or B-­28 granting the privilege;; (2) a charge imposed for a specific government service or product provided directly to the payor that is not provided to those not charged, and which does not exceed the reasonable costs to the local government of providing the service or product;; (3) a charge imposed for the reasonable regulatory costs to a local government for issuing licenses and permits, performing investigations, inspections, and audits, enforcing agricultural marketing orders, and the administrative enforcement and adjudication thereof;; (4) a charge imposed for entrance to or use of local government property, or the purchase, rental, or lease of local government property;; (5) a fine, penalty, or other monetary charge imposed by the judicial branch of government or a local government, as a result of a violation of law;; (6) a charge imposed as a condition of property development;; and (7) assessments and property-­related fees imposed in accordance with the provisions of Article XIIID. Proposition 26 provides that the local government bears the burden of proving by a preponderance of the evidence that a levy, charge, or other exaction is not a tax, that the amount is no more than necessary to cover the reasonable costs of the governmental activity, and that the manner in which those costs are allocated to a payor bear a fair or reasonable relationship to the payor’s burdens on, or benefits received from, the governmental activity. Article XIIID deals with assessments and property-­related fees and charges, and explicitly provides that nothing in Article XIIIC or XIIID will be construed to affect existing laws relating to the imposition of fees or charges as a condition of property development. While the provisions of Proposition 218 may have an indirect effect on the District, such as by limiting or reducing the revenues otherwise available to other local governments whose boundaries encompass property located within the District (thereby causing such local governments to reduce service levels and possibly adversely affecting the value of property within the District), the District does not believe that Proposition 218 will directly impact the revenues available to pay Lease Payments and therefore debt service on the Notes. Proposition 98 On November 8, 1988, California voters approved Proposition 98, a combined initiative constitutional amendment and statute called the “Classroom Instructional Improvement and Accountability Act” (the “Accountability Act”). Certain provisions of the Accountability Act have, however, been modified by Proposition 111, discussed below, the provisions of which became effective on July 1, 1990. The Accountability Act changes State funding of public education below the university level and the operation of the State’s appropriations limit. The Accountability Act guarantees State funding for K-­12 school districts and community college districts (hereinafter referred to collectively as “K-­14 school districts”) at a level equal to the greater of (a) the same percentage of general fund revenues as the percentage appropriated to such districts in 1986-­87, and (b) the amount actually appropriated to such districts from the general fund in the previous fiscal year, adjusted for increases in enrollment and changes in the cost of living. The Accountability Act permits the Legislature to suspend this formula for a one-­
year period. The Accountability Act also changes how tax revenues in excess of the State appropriations limit are distributed. Any excess State tax revenues up to a specified amount would, instead of being returned to taxpayers, be transferred to K-­14 school districts. Any such transfer to K-­14 school districts would be excluded from the appropriations limit for K-­14 school districts and the K-­14 school district appropriations limit for the next year would automatically be increased by the amount of such transfer. These additional moneys would enter the base funding calculation for K-­14 school districts for subsequent years, creating further pressure on B-­29 other portions of the State budget, particularly if revenues decline in a year following an Article XIIIB surplus. The maximum amount of excess tax revenues which could be transferred to K-­14 school districts is 4% of the minimum State spending for education mandated by the Accountability Act. Proposition 111 On June 5, 1990, the voters approved Proposition 111 (Senate Constitutional Amendment No. 1) called the “Traffic Congestion Relief and Spending Limit Act of 1990” (“Proposition 111”) which further modified Article XIIIB and Sections 8 and 8.5 of Article XVI of the State Constitution with respect to appropriations limitations and school funding priority and allocation. The most significant provisions of Proposition 111 are summarized as follows: Annual Adjustments to Spending Limit. The annual adjustments to the Article XIIIB spending limit were liberalized to be more closely linked to the rate of economic growth. Instead of being tied to the Consumer Price Index, the “change in the cost of living” is now measured by the change in California per capita personal income. The definition of “change in population” specifies that a portion of the State’s spending limit is to be adjusted to reflect changes in school attendance. Treatment of Excess Tax Revenues. “Excess” tax revenues with respect to Article XIIIB are now determined based on a two-­year cycle, so that the State can avoid having to return to taxpayers excess tax revenues in one year if its appropriations in the next fiscal year are under its limit. In addition, the Proposition 98 provision regarding excess tax revenues was modified. After any two-­year period, if there are excess State tax revenues, 50% of the excess are to be transferred to K-­14 school districts with the balance returned to taxpayers;; under prior law, 100% of excess State tax revenues went to K-­14 school districts, but only up to a maximum of 4% of the schools’ minimum funding level. Also, reversing prior law, any excess State tax revenues transferred to K-­14 school districts are not built into the school districts’ base expenditures for calculating their entitlement for State aid in the next year, and the State’s appropriations limit is not to be increased by this amount. Exclusions from Spending Limit. Two exceptions were added to the calculation of appropriations which are subject to the Article XIIIB spending limit. First, there are excluded all appropriations for “qualified capital outlay projects” as defined by the Legislature. Second, there are excluded any increases in gasoline taxes above the 1990 level (then nine cents per gallon), sales and use taxes on such increment in gasoline taxes, and increases in receipts from vehicle weight fees above the levels in effect on January 1, 1990. These latter provisions were necessary to make effective the transportation funding package approved by the Legislature and the Governor, which expected to raise over $15 billion in additional taxes from 1990 through 2000 to fund transportation programs. Recalculation of Appropriations Limit. The Article XIIIB appropriations limit for each unit of government, including the State, is to be recalculated beginning in fiscal year 1990-­91. It is based on the actual limit for fiscal year 1986-­87, adjusted forward to 1990-­91 as if Proposition 111 had been in effect. School Funding Guarantee. There is a complex adjustment in the formula enacted in Proposition 98 which guarantees K-­14 school districts a certain amount of State general fund B-­30 revenues. Under prior law, K-­14 school districts were guaranteed the greater of (1) 40.9% of State general fund revenues (the “first test”) or (2) the amount appropriated in the prior year adjusted for changes in the cost of living (measured as in Article XIIIB by reference to per capita personal income) and enrollment (the “second test”). Under Proposition 111, schools will receive the greater of (1) the first test, (2) the second test, or (3) a third test, which will replace the second test in any year when growth in per capita State general fund revenues from the prior year is less than the annual growth in California per capita personal income (the “third test”). Under the third test, schools will receive the amount appropriated in the prior year adjusted for change in enrollment and per capita State general fund revenues, plus an additional small adjustment factor. If the third test is used in any year, the difference between the third test and the second test will become a “credit” to schools which will be paid in future years when State general fund revenue growth exceeds personal income growth. Proposition 39 On November 7, 2000, California voters approved an amendment (commonly known as “Proposition 39”) to the California Constitution. This amendment (1) allows school facilities bond measures to be approved by 55 percent (rather than two-­thirds) of the voters in local elections and permits property taxes to exceed the current 1 percent limit in order to repay the bonds and (2) changes existing statutory law regarding charter school facilities. As adopted, the constitutional amendments may be changed only with another Statewide vote of the people. The statutory provisions could be changed by a majority vote of both houses of the Legislature and approval by the Governor, but only to further the purposes of the proposition. The local school jurisdictions affected by this proposition are K-­12 school districts, community college districts, including the District, and county offices of education. As noted above, the California Constitution previously limited property taxes to 1 percent of the value of property. Prior to the approval of Proposition 39, property taxes could only exceed this limit to pay for (1) any local government debts approved by the voters prior to July 1, 1978 or (2) bonds to acquire or improve real property that receive two-­thirds voter approval after July 1, 1978. The 55% vote requirement authorized by Proposition 39 applies only if the local bond measure presented to the voters includes: (1) a requirement that the bond funds can be used only for construction, rehabilitation, equipping of school facilities, or the acquisition or lease of real property for school facilities;; (2) a specific list of school projects to be funded and certification that the school board has evaluated safety, class size reduction, and information technology needs in developing the list;; and (3) a requirement that the school board conduct annual, independent financial and performance audits until all bond funds have been spent to ensure that the bond funds have been used only for the projects listed in the measure. Legislation approved in June 2000 places certain limitations on local school bonds to be approved by 55 percent of the voters. These provisions require that the tax rate levied as the result of any single election be no more than $60 (for a unified school district), $30 (for an elementary school district or high school district), or $25 (for a community college district), per $100,000 of taxable property value. These requirements are not part of this proposition and can be changed with a majority vote of both houses of the Legislature and approval by the Governor. Proposition 30 Guaranteed Local Public Safety Funding, Initiative Constitutional Amendment (also known as “Proposition 30”), which temporarily increases the State Sales and Use Tax and personal income tax rates on higher incomes. Proposition 30 temporarily imposes an additional B-­31 tax on all retailers, at the rate of 0.25% of gross receipts from the sale of all tangible personal property sold in the State from January 1, 2013 to December 31, 2016. Proposition 30 also imposes an additional excise tax on the storage, use, or other consumption in the State of tangible personal property purchased from a retailer on and after January 1, 2013 and before January 1, 2017. This excise tax will be levied at a rate of 0.25% of the sales price of the property so purchased. For personal income taxes imposed beginning in the taxable year commencing January 1, 2012 and ending December 31, 2018, Proposition 30 increases the marginal personal income tax rate by: (i) 1% for taxable income over $250,000 but less than $300,000 for single filers (over $340,000 but less than $408,000 for joint filers), (ii) 2% for taxable income over $300,000 but less than $500,000 for single filers (over $408,000 but less than $680,000 for joint filers), and (iii) 3% for taxable income over $500,000 for single filers (over $680,000 for joint filers). The revenues generated from the temporary tax increases will be included in the calculation of the Proposition 98 minimum funding guarantee for school districts and community college districts. See “Proposition 98” and “Proposition 111” above. From an accounting perspective, the revenues generated from the temporary tax increases will be deposited into the State account created pursuant to Proposition 30 called the Education Protection Account (the “EPA”). Pursuant to Proposition 30, funds in the EPA will be allocated quarterly, with 89% of such funds provided to schools districts and 11% provided to community college districts. The funds will be distributed to school districts and community college districts in the same manner as existing unrestricted per-­student funding, except that no school district will receive less than $200 per unit of ADA and no community college district will receive less than $100 per full time equivalent student. The governing board of each school district and community college district is granted sole authority to determine how the moneys received from the EPA are spent, provided that, the appropriate governing board is required to make these spending determinations in open session at a public meeting and such local governing boards are prohibited from using any funds from the EPA for salaries or benefits of administrators or any other administrative costs. The California Children’s Education and Health Care Protection Act of 2016, also known as Proposition 55, his a proposed constitutional amendment initiative that has qualified for the November 8, 2016 general election ballot in California. Proposition 55 would extend the increases to personal income tax rates for high-­income taxpayers that were approved as part of Proposition 30 through 2030, instead of the scheduled expiration date of December 31, 2018. Tax revenue received under Proposition 55 would be allocated 89% to K-­12 schools and 11% to community colleges. The District cannot predict whether Proposition 55 will be approved and become law. Proposition 1A and Proposition 22 On November 2, 2004, California voters approved Proposition 1A, which amended the State constitution to significantly reduce the State's authority over major local government revenue sources. Under Proposition 1A, the State cannot (i) reduce local sales tax rates or alter the method of allocating the revenue generated by such taxes, (ii) shift property taxes from local governments to schools or community colleges, (iii) change how property tax revenues are shared among local governments without two-­thirds approval of both houses of the State Legislature or (iv) decrease Vehicle License Fee revenues without providing local governments with equal replacement funding. Under Proposition 1A, beginning, in 2008-­09, the State may shift to schools and community colleges a limited amount of local government property tax revenue if certain conditions are met, including: (i) a proclamation by the Governor that the shift B-­32 is needed due to a severe financial hardship of the State, and (ii) approval of the shift by the State Legislature with a two-­thirds vote of both houses. Under such a shift, the State must repay local governments for their property tax losses, with interest, within three years. Proposition 1A does allow the State to approve voluntary exchanges of local sales tax and property tax revenues among local governments within a county. Proposition 1A also amended the State Constitution to require the State to suspend certain State laws creating mandates in any year that the State does not fully reimburse local governments for their costs to comply with the mandates. This provision does not apply to mandates relating to schools or community colleges or to those mandates relating to employee rights. Proposition 22, a constitutional initiative entitled the “Local Taxpayer, Public Safety, and Transportation Protection Act of 2010,” approved on November 2, 2010, superseded many of the provisions of Proposition 1A. This initiative amends the State constitution to prohibit the legislature from diverting or shifting revenues that are dedicated to funding services provided by local government or funds dedicated to transportation improvement projects and services. Under this proposition, the State is not allowed to take revenue derived from locally imposed taxes, such as hotel taxes, parcel taxes, utility taxes and sales taxes, and local public transit and transportation funds. Further, in the event that a local governmental agency sues the State alleging a violation of these provisions and wins, then the State must automatically appropriate the funds needed to pay that local government. This Proposition was intended to, among other things, stabilize local government revenue sources by restricting the State’s control over local property taxes. Proposition 22 did not prevent the California State Legislature from dissolving State redevelopment agencies pursuant to AB 1X26, as confirmed by the decision of the California Supreme Court decision in California Redevelopment Association v. Matosantos (2011). Because Proposition 22 reduces the State’s authority to use or reallocate certain revenue sources, fees and taxes for State general fund purposes, the State will have to take other actions to balance its budget, such as reducing State spending or increasing State taxes, and school and college districts that receive Proposition 98 or other funding from the State will be more directly dependent upon the State’s general fund. Future Initiatives Article XIIIA, Article XIIIB, Article XIIIC and Article XIIID of the California Constitution and Propositions 98, 111, 1A, 22, 26, 30 and 39 were each adopted as measures that qualified for the ballot under the State’s initiative process. From time to time other initiative measures could be adopted further affecting District revenues or the District’s ability to expend revenues. The nature and impact of these measures cannot be anticipated by the District. B-­33 California Senate Bill 222 Senate Bill 222 (“SB 222”) was signed by the California Governor on July 13, 2015 and became effective on January 1, 2016. SB 222 amended Section 15251 of the California Education Code and added Section 52515 to the California Government Code to provide that voter approved general obligation bonds which are secured by ad valorem tax collections such as the Bonds are secured by a statutory lien on all revenues received pursuant to the levy and collection of the property tax imposed to service those bonds. Said lien shall attach automatically and is valid and binding from the time the bonds are executed and delivered. The lien is enforceable against the issuer, its successors, transferees, and creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any further act. The effect of SB 222 is the treatment of general obligation bonds as secured debt in bankruptcy due to the existence of a statutory lien. Future Initiatives Article XIIIA, Article XIIIB, Article XIIIC and Article XIIID of the California Constitution and Propositions 98, 22, 26, 30 and 39 were each adopted as measures that qualified for the ballot under the State’s initiative process. From time to time other initiative measures could be adopted further affecting District revenues or the District’s ability to expend revenues. The nature and impact of these measures cannot be anticipated by the District. B-­34 APPENDIX C GENERAL INFORMATION ABOUT THE CITY OF CONCORD AND THE COUNTY OF CONTRA COSTA The Bonds are not a debt of the City of Concord (the “City”) or the County of Contra Costa (the “County”). The County, including its Board of Supervisors, officers, officials, agents and other employees, are required, only to the extent required by law, to: (i) levy and collect ad valorem taxes for payment of the Bonds in accordance with the law;; and (ii) transmit the proceeds of such taxes to the paying agent for the payment of the principal of and interest on Bonds at the time such payment is due. General The County was incorporated in 1850 as one of the original 27 counties of the State, with the City of Martinez as the County Seat. It is one of the nine counties in the San Francisco-­
Oakland Bay Area. The County is the ninth most populous county in the State with a population of approximately 1,123,429 as of January 1, 2016. The County provides services to residents through departments and agencies including the Departments of Building Inspection, Community Development, Economic & Redevelopment, Airports, Flood Control, Parks, and Road and Transportation. Each city within the County provides for local services such as police, fire, water, and various other services normally associated with municipalities. Population Population figures for the cities of Pleasant Hill, Concord, and Walnut Creek, as well as the population for the County and the State for the last five years are shown in the following table. CITIES OF PLEASANT HILL, CONCORD AND WALNUT CREEK COUNTY OF CONTRA COSTA Population Estimates Year 2012 2013 2014 2015 2016 City of Pleasant Hill 33,399 33,472 33,708 33,918 34,077 City of Concord 124,130 125,704 126,851 128,063 129,707 City of Walnut Creek 65,954 67,225 67,954 68,652 70,018 Source: State of California, Department of Finance, as of January 1. C-­1 County of Contra Costa 1,069,977 1,083,340 1,097,172 1,111,143 1,123,429 State of California 37,881,357 38,239,207 28,567,459 38,907,642 39,255,883 Industry and Employment The County is a part of the Oakland-­Hayward-­Berkeley Metropolitan Division (the “Oakland-­Hayward-­Berkeley MD”). The unemployment rate in the Oakland-­Hayward-­Berkeley Metropolitan Division was 4.9 percent in July 2016, up from a revised 4.8 Percent in June 2016, and below the year-­ago estimate of 5.2 percent. This compares with an unadjusted unemployment rate of 5.9 percent for California and 5.1 percent for the nation during the same period. The unemployment rate was 5.0 in the County. Oakland-­Hayward-­Berkeley Metropolitan Division (Alameda and Contra Costa Counties) Annual Average Labor Force and Industry Employment Calendar Years 2011 through 2015 (March 2015 Benchmark) Civilian Labor Force [1] Employment Unemployment Unemployment Rate Wage and Salary Employment [2] Agriculture Mining and Logging Construction Manufacturing Wholesale Trade Retail Trade Transportation, Warehousing & Utilities Information Finance & Insurance Real Estate & Rental & Leasing Professional & Business Services Educational & Health Services Leisure & Hospitality Other Services Federal Government State Government Local Government Total, All Industries [3] 2011 2012 2013 2014 2015 1,307,300 1,315,800 1,336,800 1,346,700 1,374,800 1,164,300 1,181,900 1,219,100 1,247,700 1,308,100 143,000 133,900 117,800 99,000 66,700 10.9% 10.2% 8.8% 7.3% 4.8% 1,400 1,500 1,500 1,500 1,200 1,100 1,000 900 900 900 47,500 47,600 52,000 56,400 62,400 78,600 79,700 79,900 80,100 86,600 41,900 42,200 43,700 45,200 47,600 100,300 101,100 103,900 107,200 113,000 31,500 32,200 32,900 33,500 38,300 23,600 22,600 22,100 21,500 22,400 33,000 32,900 33,400 33,500 32,800 15,200 14,900 15,400 16,200 16,800 152,200 157,500 166,500 173,400 183,000 153,300 153,200 160,200 171,500 178,400 85,800 88,200 92,200 98,100 106,300 35,000 35,700 36,400 37,000 38,000 15,700 14,600 14,200 13,800 13,800 38,100 38,300 38,500 38,900 39,800 111,500 111,000 110,100 110,600 115,200 965,700 974,200 1,003,500 1,039,000 1,096,300 [1] Labor force data is by place of residence;; includes self-­employed individuals, unpaid family workers, household domestic workers, and workers on strike. [2] Industry employment is by place of work;; excludes self-­employed individuals, unpaid family workers, household domestic workers, and workers on strike. [3] Totals may not add due to rounding. Source: State of California Employment Development Department. C-­2 The table below shows the major employers in the County as of March 2016. CONTRA COSTA COUNTY Largest Employers 2016 (Listed Alphabetically) Employer Name AAA NORTHERN CA NEVADA & UTAH BART Bio-­Rad Laboratories Inc Chevron Corp Chevron Corp Chevron Global Downstream LLC Chevron Technology Ventures Chevron-­Corp Contra-­Costa Regional Med Ctr Department of Veterans Affairs Inspira Financial Co Job Connections John Muir Medical Ctr John Muir Medical Ctr Kaiser Permanente Antioch Med Kaiser Permanente Martinez Med Kaiser Permanente Walnut Creek La Raza Market Liberty Tax Svc San Ramon Regional Medical Ctr Shell Oil Products St Marys College Sutter Delta Medical Ctr US Veterans Medical Ctr USS-­POSCO Industries Location Walnut Creek Richmond Hercules Richmond San Ramon San Ramon San Ramon Not Available Martinez Martinez Walnut Creek Danville Concord Walnut Creek Antioch Martinez Walnut Creek Richmond Antioch San Ramon Martinez Moraga Antioch Martinez Pittsburg Industry Automobile Clubs Transit Lines Physicians & Surgeons Equip & Supls-­Mfrs Service Stations-­Gasoline & Oil Oil Refiners (mfrs) Petroleum Products (whls) Technology Assistance Programs Real Estate Hospitals Clinics Financial Advisory Services Personnel Consultants Hospitals Hospitals Physicians & Surgeons Clinics Physicians & Surgeons Grocers-­Retail Tax Return Preparation & Filing Hospitals Oil & Gas Producers Schools-­Universities & Colleges Academic Hospitals Outpatient Services Steel Mills (mfrs) Source: State of California Employment Development Department, America's Labor Market Information System (ALMIS) Employer Database, 2016 2nd Edition. C-­3 Commercial Activity The following table shows total taxable retail sales, total taxable sales from all outlets and related number of permits in the City on an annual basis for calendar years 2010 through 2014. Total taxable sales during calendar year 2014 in the City were reported to be $2,597,364,000, a 5.83% increase over the total taxable sales of $2,454,198,000 reported during the calendar year 2013. Annual figures for calendar year 2015 are not yet available. CITY OF CONCORD Taxable Transactions Number of Permits and Valuation of Taxable Transactions (Dollars in Thousands) 2010 2011 2012 2013 2014 Retail Stores Number of Permits Taxable on August 1 Transactions 1,859 $1,704,604 1,804 1,828,933 1,868 2,013,602 1,917 2,103,068 1,914 1,196,859 Total All Outlets Number of Permits Taxable on August 1 Transactions 2,931 $2,033,629 2,836 2,127,071 2,858 2,321,627 2,892 2,454,198 2,886 2,597,364 Source: California State Board of Equalization, Taxable Sales in California (Sales & Use Tax). The following table shows total taxable retail sales, total taxable sales from all outlets and related number of permits in the County on an annual basis for calendar years 2010 through 2014. Total taxable sales during calendar year 2014 in the County were reported to be $15,030,047,000, a 3.86% increase over the total taxable sales of $14,471,988 reported during the calendar year 2013. Annual figures for calendar year 2015 are not yet available. COUNTY OF CONTRA COSTA Taxable Transactions Number of Permits and Valuation of Taxable Transactions (Dollars in Thousands) 2010 2011 2012 2013 2014 Retail Stores Number of Permits Taxable on August 1 Transactions 14,423 $8,716,393 13,930 9,300,418 14,343 10,062,437 14,511 10,677,018 14,657 11,092,210 Total All Outlets Number of Permits Taxable on August 1 Transactions 21,784 $11,954,846 21,153 12,799,857 21,504 13,997,249 21,449 14,471,988 21,550 15,030,047 Source: California State Board of Equalization, Taxable Sales in California (Sales & Use Tax). C-­4 Median Effective Buying Income “Effective Buying Income” is defined as personal income less personal tax and nontax payments, a number often referred to as “disposable” or “after-­tax” income. Personal income is the aggregate of wages and salaries, other labor-­related income (such as employer contributions to private pension funds), proprietor's income, rental income (which includes imputed rental income of owner-­occupants of non-­farm dwellings), dividends paid by corporations, interest income from all sources, and transfer payments (such as pensions and welfare assistance). Deducted from this total are personal taxes (federal, state and local), nontax payments (fines, fees, penalties, etc.) and personal contributions to social insurance. According to U.S. government definitions, the resultant figure is commonly known as “disposable personal income.” The following table summarizes the total effective buying income for the City, the County, the State of California and the United States for the period 2011 through 2015. Effective Buying Income data is not yet available for calendar year 2016. CITY OF CONCORD AND CONTRA COSTA COUNTY EFFECTIVE BUYING INCOME As of January 1, 2011 through January 1, 2015 Year Area Total Effective Buying Income (000’s Omitted) Median Household Effective Buying Income 2011 2012 2013 2014 2015 City of Concord Contra Costa County California United States City of Concord Contra Costa County California United States City of Concord Contra Costa County California United States City of Concord Contra Costa County California United States City of Concord Contra Costa County California United States $2,792,595 30,416,350 814,578,458 6,438,704,664 $3,017,230 33,604,875 864,088,828 6,737,867,730 $3,013,768 32,061,585 858,676,636 6,982,757,379 $3,196,258 33,833,478 901,189,699 7,357,153,421 $3,459,310 37,417,068 981,231,666 7,757,960,399 $51,078 60,777 47,062 41,253 $50,147 61,167 47,177 41,368 $51,504 61,731 48,340 43,715 $55,664 64,090 50,072 45,448 $59,416 68,074 53,589 46,738 Source: The Nielsen Company (US), Inc. C-­5 Building Permit Activity Construction activity in the City and the County for the past five years for which data is available are shown in the following tables. Annual figures are not yet available for calendar year 2016. CITY OF CONCORD Building Permit Valuation For Calendar Years 2011 through 2015 (Dollars in Thousands) Permit Valuation New Single-­family New Multi-­family Res. Alterations/Additions Total Residential 2011 2012 2013 2014 2015 $1,085.8 0.0 19,089.6 20,175.4 $2,440.3 0.0 19,684.9 22,125.2 $1,774.1 0.0 783.5 2,557.6 $2,628.0 0.0 22,135.9 24,763.9 $6,426.0 0.0 13,205.9 19,631.9 New Commercial New Industrial New Other Com Alterations/Additions Total Nonresidential 1,261.1 1,088.0 0.0 1,085.7 3,434.8 7,552.1 20.0 0.0 11,203.3 18,775.4 1,104.0 0.0 730.7 285.4 2,120.1 351.9 0.0 1,507.1 31,400.9 33,259.9 690.4 0.0 2,341.6 7,094.8 10,126.8 New Dwelling Units Single Family Multiple Family TOTAL 2 0 2 8 0 8 7 0 7 8 0 8 24 0 24 Source: Construction Industry Research Board, Building Permit Summary. COUNTY OF CONTRA COSTA Total Building Permit Valuations For Calendar Years 2011 through 2015 (Valuations in Thousands) Permit Valuation New Single-­family New Multi-­family Res. Alterations/Additions Total Residential New Commercial New Industrial New Other Com. Alterations/Additions Total Nonresidential New Dwelling Units Single Family Multiple Family TOTAL 2011 2012 2013 2014 2015 $211,417.9 47,304.2 233,174.2 491,896.3 $340,255.7 54,884.8 179,471.7 574,612.2 $469,376.5 62,799.7 195,787.4 727,963.6 $402,109.1 82,008.6 256,617.8 740,735.5 $629,638.5 123,088.7 301,221.7 1,053,948.9 17,587.4 7,188.0 15,542.3 214,585.0 254,902.7 97,077.8 7,000.8 13,999.9 124,147.2 242,225.7 85,341.7 8,927.8 89,877.6 220,737.0 404,884.1 94,171.8 21,149.5 103,359.8 191,855.7 410,536.8 122,256.4 15,020.1 170,219.6 219,320.4 526,816.5 718 355 1,073 1,188 949 2,137 1,585 370 1,955 1,439 588 2,027 1,909 629 2,538 Source: Construction Industry Research Board, Building Permit Summary. C-­6 Transportation Centrally located in the East Bay region of the San Francisco Bay Area, the County is accessible to major transportation resources including Bay Area Rapid Transit which connects five counties and several cities within and outside the County, such as Oakland, Berkeley, Fremont, Walnut Creek, Pleasant Hill, Concord, Dublin and Pleasanton. The County is also in close proximity to Highways 5, 205, 580 and 680, and is approximately 20 miles east of Oakland International Airport and 30 miles northeast of San Francisco International Airport providing for convenient interstate transportation. The County is also home to two non-­commercial airports: Buchanan Field Airport and Byron Airport, located in the cities of Concord and Byron, respectively. Education The County is comprised of 19 school districts, 5 community colleges, and is both home to and has access to major universities, including California State University, East Bay, University of California, Berkeley, Mills College, San Francisco State University, Golden Gate University, St. Mary’s College of California and John F. Kennedy University. The District serves approximately one-­third of the County and is the largest school district within the County. Recreation The County is home to Mt. Diablo State Park (the “Park”), which was designated a State park in 1921. Within the Park, Mount Diablo has an elevation of 3,849 feet providing a view west across the Golden Gate Bridge to the Farallon Islands, southeast to the James Lick Observatory, south to the Santa Cruz Mountains, east to the San Joaquin and Sacramento Rivers and north to St. Helena and Mount Lassen in the Cascades. The Park’s 22,000 acres consist mostly of typical central California oak and grassland country with extensive areas of chaparral. Areas of riparian woodland, knobcone pine and coulter pine are also scattered throughout the Park. Over 400 species of plants have been identified within the Park as well as abundant wildlife including deer, raccoons, gray fox, bobcat, mountain lions and striped and spotted skunks. The Park provides guided hiking, rock climbing, horseback riding, biking, camping, and picnic facilities to visitors. The County also contains numerous local parks and recreation facilities including Lefty Gomez Recreation Building and Ball Field Complex, an eleven acre park with ball fields, tennis courts, playground equipment, picnic and barbecue facilities and a community center, Montalvin Park, a seven acre community park with a basketball court, tennis court and picnic facilities, MonTara Bay Park Community Center and Ball Field Complex, a four acre complex with a ball field and community center and Rodeo Creek Trail, a two and a half mile trail with indigenous trees, shrubs, grasses and wildflowers. C-­7 (Thispageintentionallyleftblank)
APPENDIX D FORM OF OPINION OF BOND COUNSEL [LETTERHEAD OF JONES HALL] November __, 2016 Board of Education Mt. Diablo Unified School District 1936 Carlotta Drive Concord, California OPINION: $__________ Mt. Diablo Unified School District (Contra Costa County, California) General Obligation Bonds, 2010 Election, Series G Members of the Board of Education: We have acted as bond counsel to the Mt. Diablo Unified School District (the “District”) in connection with the issuance by the District of its Mt. Diablo Unified School District (Contra Costa County, California) General Obligation Bonds 2010 Election, Series G, dated the date hereof (the “Bonds”), under the provisions of Article 4.5 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code (the “Bond Law”) and under Resolution No. 16/17-­12 adopted by the Board of Education of the District on September 26, 2016 (the “Bond Resolution”). We have examined the law and such certified proceedings and other papers as we have deemed necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon representations of the District contained in the Bond Resolution and in the certified proceedings and certifications of public officials and others furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The District is duly established and validly existing as a unified school district with the power to issue the Bonds and to perform its obligations under the Bond Resolution. 2. The Bond Resolution has been duly adopted by the Board of Education of the District and constitutes a valid and binding obligation of the District enforceable against the District in accordance with its terms. 3. The Bonds have been duly issued and sold by the District and are valid and binding general obligations of the District, and the Board of Supervisors of the County of Contra Costa is obligated to levy ad valorem taxes for the payment of the Bonds and the interest thereon upon all property within the District subject to taxation by the District, without limitation as to rate or amount. D-­1 4. Interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations;; it should be noted, however, that for the purpose of computing the alternative minimum tax imposed on such corporations (as defined for federal income tax purposes), such interest is required to be taken into account in determining certain income and earnings. The opinions set forth in the preceding sentence are subject to the condition that the District comply with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The District has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes to be retroactive to the date of issuance of the Bonds. We express no opinion regarding other federal tax consequences arising with respect to the ownership, sale or disposition of the Bonds, or the amount, accrual or receipt of interest on the Bonds. 5. The interest on the Bonds is exempt from personal income taxation imposed by the State of California. The rights of the owners of the Bonds and the enforceability of the Bonds and the Bond Resolution may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted and may also be subject to the exercise of judicial discretion in appropriate cases. Respectfully submitted, A Professional Law Corporation D-­2 APPENDIX E FORM OF CONTINUING DISCLOSURE CERTIFICATE $_________ MT. DIABLO UNIFIED SCHOOL DISTRICT (Contra Costa County, California) General Obligation Bonds 2010 Election, Series G CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (this “Disclosure Certificate”) is executed and delivered by the Mt. Diablo Unified School District (the “District”) in connection with the issuance of the above-­captioned bonds (together, the “Bonds”). The Bonds are being issued under a resolution adopted by the Board of Education of the District on September 26, 2016 (the “Bond Resolution”). The District covenants and agrees as follows: Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the District for the benefit of the holders and beneficial owners of the Bonds and in order to assist the Participating Underwriters in complying with S.E.C. Rule 15c2-­
12(b)(5). Section 2. Definitions. In addition to the definitions set forth in the Bond Resolution, which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: “Annual Report” means any Annual Report provided by the District pursuant to, and as described in, Sections 3 and 4. “Dissemination Agent” means, initially Dale Scott & Co., Inc., or any successor Dissemination Agent designated in writing by the District and which has filed with the District a written acceptance of such designation. “Listed Events” means any of the events listed in Section 5(a). “MSRB” means the Municipal Securities Rulemaking Board, which has been designated by the Securities and Exchange Commission as the sole repository of disclosure information for purposes of the Rule, or any other repository of disclosure information which may be designated by the Securities and Exchange Commission as such for purposes of the Rule in the future. “Participating Underwriter” means any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. “Rule” means Rule 15c2-­12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. E-­1 Section 3. Provision of Annual Reports. (a) The District shall, or shall cause the Dissemination Agent to, not later than the Annual Report Date, commencing March 31, 2017 with the report for the 2015-­16 fiscal year, provide to the MSRB in an electronic format as prescribed by the MSRB, an Annual Report that is consistent with the requirements of Section 4. Not later than 15 Business Days prior to the Annual Report Date, the District shall provide the Annual Report to the Dissemination Agent (if other than the District). If by 15 Business Days prior to the Annual Report Date the Dissemination Agent (if other than the District) has not received a copy of the Annual Report, the Dissemination Agent shall contact the District to determine if the District is in compliance with the previous sentence. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may include by reference other information as provided in Section 4;; provided that the audited financial statements of the District may be submitted separately from the balance of the Annual Report, and later than the Annual Report Date, if not available by that date. If the District’s fiscal year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(c). The District shall provide a written certification with each Annual Report furnished to the Dissemination Agent to the effect that such Annual Report constitutes the Annual Report required to be furnished by the District hereunder. (b) If the District does not provide (or cause the Dissemination Agent to provide) an Annual Report by the Annual Report Date, the District shall provide (or cause the Dissemination Agent to provide) to the MSRB, in an electronic format as prescribed by the MSRB, a notice in substantially the form attached as Exhibit A, with a copy to the Paying Agent and Participating Underwriter. (c) With respect to each Annual Report, the Dissemination Agent shall: (i) determine each year prior to the Annual Report Date the then-­
applicable rules and electronic format prescribed by the MSRB for the filing of annual continuing disclosure reports;; and (ii) if the Dissemination Agent is other than the District, file a report with the District certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, and stating the date it was provided. Section 4. Content of Annual Reports. The District’s Annual Report shall contain or incorporate by reference the following: (a) Audited financial statements prepared in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board. If the District’s audited financial statements are not available by the Annual Report Date, the Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. (b) Unless otherwise provided in the audited financial statements filed on or before the Annual Report Date, the following information with respect to the most recently completed fiscal year: E-­2 (i) assessed value of taxable property in the District, including identification of top ten secured property taxpayers and their respective secured property assessed values;; (ii) property tax levies, collections and delinquencies, but only if the District’s general obligation bond collections are not included on the County’s Teeter Plan;; and (iii) the District’s most recently approved Budget or interim report, which is available at the time of filing the Annual Report. (c) In addition to any of the information expressly required to be provided under this Disclosure Certificate, the District shall provide such further material information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances under which they are made, not misleading. (d) Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the District or related public entities, which are available to the public on the MSRB’s internet web site or filed with the Securities and Exchange Commission. The District shall clearly identify each such other document so included by reference. Section 5. Reporting of Significant Events. (a) The District shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds: (1) Principal and interest payment delinquencies. (2) Non-­payment related defaults, if material. (3) Unscheduled draws on debt service reserves reflecting financial difficulties. (4) Unscheduled draws on credit enhancements reflecting financial difficulties. (5) Substitution of credit or liquidity providers, or their failure to perform. (6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-­TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security. (7) Modifications to rights of security holders, if material. (8) Bond calls, if material, and tender offers. (9) Defeasances. (10) Release, substitution, or sale of property securing repayment of the securities, if material. (11) Rating changes. E-­3 (12) Bankruptcy, insolvency, receivership or similar event of the District. (13) The consummation of a merger, consolidation, or acquisition involving the District or the sale of all or substantially all of the assets of the District, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material. (14) Appointment of a successor or additional trustee or the change of name of a trustee, if material. (b) Whenever the District obtains knowledge of the occurrence of a Listed Event, the District shall, or shall cause the Dissemination Agent (if not the District) to, file a notice of such occurrence with the MSRB, in an electronic format as prescribed by the MSRB, in a timely manner not in excess of 10 business days after the occurrence of the Listed Event. Notwithstanding the foregoing, notice of Listed Events described in subsections (a)(8) and (9) above need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to holders of affected Bonds under the Bond Resolution. (c) The District acknowledges that the events described in subparagraphs (a)(2), (a)(7), (a)(8) (if the event is a bond call), (a)(10), (a)(13), and (a)(14) of this Section 5 contain the qualifier “if material” and that subparagraph (a)(6) also contains the qualifier “material” with respect to certain notices, determinations or other events affecting the tax status of the Bonds. The District shall cause a notice to be filed as set forth in paragraph (b) above with respect to any such event only to the extent that District determines the event’s occurrence is material for purposes of U.S. federal securities law. Whenever the District obtains knowledge of the occurrence of any of these Listed Events, the District will as soon as possible determine if such event would be material under applicable federal securities law. If such event is determined to be material, the District will cause a notice to be filed as set forth in paragraph (b) above. (d) For purposes of this Disclosure Certificate, any event described in paragraph (a)(12) above is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the District in a proceeding under the United States Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the District, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the District. Section 6. Identifying Information for Filings with the MSRB. All documents provided to the MSRB under this Disclosure Certificate shall be accompanied by identifying information as prescribed by the MSRB. Section 7. Termination of Reporting Obligation. The District’s obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the District shall give notice of such termination in the same manner as for a Listed Event under Section 5(b). E-­4 Section 8. Dissemination Agent. The District may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Agent, with or without appointing a successor Dissemination Agent. Section 9. Amendment;; Waiver. Notwithstanding any other provision of this Disclosure Certificate, the District may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied: (a) if the amendment or waiver relates to the provisions of Sections 3(a), 4 or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of an obligated person with respect to the Bonds, or type of business conducted;; (b) the undertakings herein, as proposed to be amended or waived, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the primary offering of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances;; and (c) the proposed amendment or waiver either (i) is approved by holders of the Bonds in the manner provided in the Bond Resolution for amendments to the Bond Resolution with the consent of holders, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the holders or beneficial owners of the Bonds. If the annual financial information or operating data to be provided in the Annual Report is amended pursuant to the provisions hereof, the first annual financial information filed pursuant hereto containing the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of the change in the type of operating data or financial information being provided. If an amendment is made to the undertaking specifying the accounting principles to be followed in preparing financial statements, the annual financial information for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial information, in order to provide information to investors to enable them to evaluate the ability of the District to meet its obligations. To the extent reasonably feasible, the comparison shall be quantitative. A notice of the change in the accounting principles shall be filed in the same manner as for a Listed Event under Section 5(b). Section 10. Additional Information. Nothing herein prevents the District from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the District chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the District shall have no obligation under this Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event. E-­5 Section 11. Default. In the event of a failure of the District to comply with any provision of this Disclosure Certificate, any holder or beneficial owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the District to comply with its obligations under this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Bond Resolution, and the sole remedy under this Disclosure Certificate in the event of any failure of the District to comply with this Disclosure Certificate shall be an action to compel performance. Section 12. Duties, Immunities and Liabilities of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the District agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent’s negligence or willful misconduct. The obligations of the District under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. Section 13. Beneficiaries. This Disclosure Certificate inures solely to the benefit of the District, the Dissemination Agent, the Participating Underwriters and holders and beneficial owners from time to time of the Bonds, and creates no rights in any other person or entity. Dated: November ___, 2016 MT. DIABLO UNIFIED SCHOOL DISTRICT By: Superintendent Acceptance of Duties as Dissemination Agent: DALE SCOTT & CO., INC. By: Authorized Officer E-­6 EXHIBIT A NOTICE OF FAILURE TO FILE ANNUAL REPORT Name of Obligor: Mt. Diablo Unified School District Name of Bond Issue: $__________ Mt. Diablo Unified School District (Contra Costa County, California) General Obligation Bonds, 2010 Election, Series G Date of Issuance: November ____, 2016 NOTICE IS HEREBY GIVEN that the District has not provided an Annual Report with respect to the above-­named Bonds as required by Section 5.05 of the resolution adopted by the Board of Education of the District authorizing the issuance of the Bonds. The District anticipates that the Annual Report will be filed by _____________. Dated: _____________, as Dissemination Agent By: Authorized Officer cc: Mt. Diablo Unified School District E-­7 (Thispageintentionallyleftblank)
APPENDIX F BOOK-­ENTRY ONLY SYSTEM The following description of the Depository Trust Company (“DTC”), the procedures and record keeping with respect to beneficial ownership interests in the Bonds, payment of principal, interest and other payments on the Bonds to DTC Participants or Beneficial Owners, confirmation and transfer of beneficial ownership interest in the Bonds and other related transactions by and between DTC, the DTC Participants and the Beneficial Owners is based solely on information provided by DTC. Accordingly, no representations can be made concerning these matters and neither the DTC Participants nor the Beneficial Owners should rely on the foregoing information with respect to such matters, but should instead confirm the same with DTC or the DTC Participants, as the case may be. Neither the District nor the Paying Agent take any responsibility for the information contained in this Section. No assurances can be given that DTC, DTC Participants or Indirect Participants will distribute to the Beneficial Owners (a) payments of interest, principal or premium, if any, with respect to the Bonds, (b) Bonds representing ownership interest in or other confirmation or ownership interest in the Bonds, or (c) redemption or other notices sent to DTC or Cede & Co., its nominee, as the registered owner of the Bonds, or that they will so do on a timely basis, or that DTC, DTC Participants or DTC Indirect Participants will act in the manner described in this Appendix. The current "Rules" applicable to DTC are on file with the Securities and Exchange Commission and the current "Procedures" of DTC to be followed in dealing with DTC Participants are on file with DTC. 1. The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities (in this Appendix, the “Bonds”). The Bonds will be issued as fully-­
registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-­registered Bond will be issued for each maturity of the Bonds, in the aggregate principal amount of such maturity, and will be deposited with DTC. If, however, the aggregate principal amount of any maturity exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount and an additional certificate will be issued with respect to any remaining principal amount of such issue. 2. DTC, the world’s largest securities depository, is a limited-­purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-­U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-­trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-­entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-­U.S. securities brokers and F-­1 dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-­owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-­U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. The information contained on this Internet site is not incorporated herein by reference. 3. Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive Bonds representing their ownership interests in Bonds, except in the event that use of the book-­entry system for the Bonds is discontinued. 4. To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co. or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds;; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. 5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of the notices be provided directly to them. 6. Redemption notices will be sent to DTC. If less than all of the Bonds within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. 7. Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to the Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI F-­2 Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). 8. Redemption proceeds, distributions, and interest payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts, upon DTC’s receipt of funds and corresponding detail information from District or Paying Agent on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC nor its nominee, Paying Agent, or District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of District or Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. 9. DTC may discontinue providing its services as securities depository with respect to the Bonds at any time by giving reasonable notice to District or Paying Agent. Under such circumstances, in the event that a successor securities depository is not obtained, Bonds are required to be printed and delivered. 10. The District may decide to discontinue use of the system of book-­entry-­only transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered to DTC. 11. The information in this section concerning DTC and DTC’s book-­entry system has been obtained from sources that District believes to be reliable, but District takes no responsibility for the accuracy thereof. F-­3 (Thispageintentionallyleftblank)
APPENDIX G CONTRA COSTA COUNTY INVESTMENT POLICY AND INVESTMENT REPORT G-­1 (Thispageintentionallyleftblank)
CONTRA COSTA COUNTY
TREASURER’S ANNUAL INVESTMENT POLICY
FISCAL YEAR 2016‐2017 APPROVED BY THE BOARD OF SUPERVISORS
IN AUGUST 2016
The Contra Costa County Treasurer will annually present to both the Board of Supervisors
(Board) and the Treasury Oversight Committee (Committee) a statement of investment policy,
which the Board shall review and approve at a public meeting. Any changes in the policy shall
also be reviewed and approved by the Board at a public meeting (Gov’t Code §53646(a)(1)).
OFFICE OF COUNTY TREASURER-TAX COLLECTOR
625 COURTS STREET, ROOM 100
MARTINEZ, CALIFORNIA 94553
CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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TableofContents
1.0 PURPOSE ............................................................................................................................................. 4 2.0 SCOPE .................................................................................................................................................. 4 3.0 PARTICIPANTS ..................................................................................................................................... 4 4.0 IMPLEMENTATION .............................................................................................................................. 4 5.0 OBJECTIVES ......................................................................................................................................... 4 6.0 GENERAL STRATEGY ........................................................................................................................... 5 7.0 STANDARD OF CARE ........................................................................................................................... 6 8.0 SAFEKEEPING AND CUSTODY ............................................................................................................. 7 9.0 AUTHORIZED BROKERS/DEALERS AND FINANCIAL INSTITUTIONS ................................................... 8 10.0 SUITABLE AND AUTHORIZED INVESTMENTS ..................................................................................... 8 11.0 RESTRICTIONS AND PROHIBITIONS ................................................................................................. 14 12.0 INVESTMENT PARAMETERS ............................................................................................................. 15 13.0 CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF) ................................................................. 17 14.0 PORTFOLIO MANAGEMENT ACTIVITY ............................................................................................. 19 15.0 REPORTING ....................................................................................................................................... 19 16.0 COMPENSATION ............................................................................................................................... 20 17.0 CALCULATING AND APPORTIONING POOL EARNINGS .................................................................... 21 18.0 DEPOSITS AND WITHDRAWALS IN THE TREASURY ......................................................................... 21 19.0 TEMPORARY BORROWING OF POOL FUNDS ................................................................................... 22 20.0 INVESTMENT OF BOND PROCEEDS .................................................................................................. 23 21.0 DISASTER RECOVERY PLAN .............................................................................................................. 23 22.0 POLICY CONSIDERATIONS ................................................................................................................ 23 AUTHORIZATION FOR LAIF INVESTMENTS .................................................................................................. 24 APPROVED BROKERS ................................................................................................................................... 25 APPROVED ISSUERS .................................................................................................................................... 26 APPROVED PRIMARY DEALERS ................................................................................................................... 27 CONFLICT OF INTEREST CODE ..................................................................................................................... 28 CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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GLOSSARY OF TERMS .................................................................................................................................. 30 CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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CONTRA COSTA COUNTY
TREASURER’S ANNUAL INVESTMENT POLICY
1.0 PURPOSE The purpose of this Investment Policy (Policy) is to establish cash management and investment guidelines of surplus funds entrusted to the care of the Contra Costa County Treasurer’s Office (Treasurer’s Office) in accordance with applicable sections of California Government Code. All portfolio activities will be judged by the standards of the Policy and its ranking of investment objectives. 2.0 SCOPE This Policy applies to all funds over which the Treasurer’s Office has been granted fiduciary responsibility and direct control for their management. 3.0 PARTICIPANTS This Policy restricts deposits to those agencies mandated by California Government Code as treasury deposits. However, subject to the consent of the Treasurer’s Office and in accordance with section 53684, exemptions may be granted to non‐mandatory depositing agencies, if it is determined that the additional deposit provides a benefit to the investment pool as a whole while not creating unmanageable liquidity risk. 4.0 IMPLEMENTATION In order to provide direction to those responsible for management of surplus funds, the County Treasurer has established this Policy and presented it to the Treasury Oversight Committee and the Board of Supervisors, and has made it available to the legislative body of local agencies that participates in the County Treasurer’s investment program. The Policy explains investable funds; authorized instruments; credit quality required; maximum maturities and concentrations; collateral requirements; qualifications of broker‐dealers and financial institutions doing business with, or on behalf of, the County; limits on gifts and honoraria; the reporting requirements; the Treasury Oversight Committee; the manner of apportioning interest earnings and appropriating investment costs; and the criteria to request withdrawal of funds. 5.0 OBJECTIVES Gov’t Code §53600.5: When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, the primary objective of a trustee shall be to safeguard the principal of the funds under its control. The secondary objective shall be to meet the liquidity needs of the depositor. The third objective shall be to achieve a return on the funds under its controls. 5.1 Safety of principal is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. The objective will be to mitigate credit risk and market risk. 5.1.a Credit Risk The Treasurer will minimize credit risk, the risk of loss due to the failure of the security issuer or backer, by: 1. Limiting investments to the safest type of securities CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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2. Pre‐qualifying the financial institutions, broker/dealers, intermediaries, and advisers with which the Treasurer’s Office will do business 3. Diversifying the investment portfolio so that potential losses on individual securities will be minimized. 5.1.b Market Risk The Treasurer’s Office will minimize the risk that the market value of securities in the portfolio will fall due to changes in general interest rates, by: 1. Structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity 2. Investing operating funds primarily in shorter‐term securities, money market mutual funds, or similar investment pools. 5.2 Liquidity: The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This is accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands. Furthermore, since all possible cash demands cannot be anticipated, the portfolio should consist largely of securities with active secondary or resale markets. A portion of the portfolio also may be placed in money market mutual funds or local government investment pools which offer same‐day liquidity for short‐term funds. 5.3 Yield: The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of secondary importance compared to the safety and liquidity objectives described above. The core of investments is limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Securities may be sold prior to maturity when deemed prudent and necessary. Reasons of selling include but are not limited to: 1. A security with declining credit may be sold early to minimize loss of principal. 2. A security swap would improve the quality, yield, or target duration in the portfolio. 3. Liquidity needs of the portfolio require that the security be sold. 4. Portfolio rebalancing would bring the portfolio back into compliance. Investments will be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. 5.4 Public Trust: All investments will be in conformance with state law and county ordinances and policies. The investment of public funds is a task that must maintain the public trust. 6.0 GENERAL STRATEGY 6.1 Buy and Hold: The Treasurer will generally use the passive investment strategy known as BUY AND HOLD whereas securities are purchased with the intent of holding them to maturity. Interest income and the reinvestment of interest income usually are the only sources of return in the portfolio. The investment program will focus on purchasing securities that will limit or reduce the potential default risk and ensure the reliability of cash flows from interest income. Generally, purchases will be laddered throughout the portfolio in order to minimize the number and cost of investment transactions. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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6.2 Directed Investment: Local agencies may direct the investment, exchange, liquidation and reinvestment of their assets, but must meet the provisions of the investment objectives of this policy. The withdrawal of funds in the Treasury shall coincide with investment maturities or authorized sales of securities by the local agency’s legislative or governing body. 7.0 STANDARD OF CARE The following policies are designed in accordance with Government Code to provide transparency to the investment program while enhancing portfolio controls: 7.1 Prudent Investor Standard: “Governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part to an overall strategy, investments may be acquired as authorized by law.” (Gov’t Code §53600.3.1) 7.2 Limits on Honoraria, Gifts, and Gratuities In accordance with California Government Code Section 27133(d), this Policy establishes limits for the Director of Finance; individuals responsible for management of the portfolios; and members of the Investment Group and Review Group who direct individual investment decisions, select individual investment advisors and broker/dealers, and conduct day‐to‐day investment trading activity. The limits also apply to members of the Oversight Committee. Any individual who receives an aggregate total of gifts, honoraria and gratuities in excess of $50 in a calendar year from a broker/dealer, bank or service provider to the Pooled Investment Fund must report the gifts, dates and firms to the designated filing official and complete the appropriate State forms. No individual may receive aggregate gifts, honoraria, and gratuities in a calendar year in excess of the amount specified in Section 18940.2(a) of Title 2, Division 6 of the California Code of Regulations. This limitation is $460 for the period January 1, 2015, to December 31, 2016. Any violation must be reported to the State Fair Political Practices Commission. Please refer to the Contra Costa County Treasurer‐Tax Collector’s Conflict of Interest Code for further explanation of the prohibited activities, and their enforcements and exceptions. 7.3 Delegation of Authority 7.4.a Subject to Section 53607, the board of supervisors may, by ordinance, delegate to the county treasurer the authority to invest or reinvest the funds of the county and the funds of other depositors in the county treasury, pursuant to Chapter 4 (commencing with Section 53600) of Part 1 of Division 2 of Title 5. The county treasurer shall thereafter assume full responsibility for those transactions until the board of supervisors either revokes its delegation of authority, by ordinance, or decides not to renew the annual delegation, as provided in Section 53607 (Gov’t Code §27000.1). 7.4.b The authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a one‐year period by the legislative body to the treasurer of the local agency, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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expires, and shall make a monthly report of those transactions to the legislative body. Subject to review, the legislative body may renew the delegation of authority pursuant to this section each year (Gov’t Code §53607). 7.4.c Responsibility for the operation of the investment program is hereby delegated to the County Treasurer, who shall act in accordance with established written procedures and internal controls for the operation of the investment program consistent with this investment policy. Procedures include references to: safekeeping, delivery vs. payment, investment accounting, repurchase agreements, wire transfer agreements, and collateral/depository agreements. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the County Treasurer. 7.5 Treasury Oversight Committee: In compliance with a Board Order of the Contra Costa County Board of Supervisors, the County Contra Costa County Treasury Oversight Committee was established in November 6 of 1995. The intent of the Committee is to allow local agencies, including school districts, as well as the public, to participate in reviewing the policies that guide the investment of public funds. The mandate for the existence of the Committee was suspended in 2004 by the State of California; however, the Committee serves an important function and the Treasurer’s Office has elected to continue the program. 7.5.a The Committee shall annually review and monitor the County’s Investment Policy. 7.5.b The Committee shall cause an annual audit to determine the County Treasurer’s compliance with the Investment Policy and all investment funds in the county Treasury. 8.0 SAFEKEEPING AND CUSTODY 8.1 Delivery vs. Payment: All trades of marketable securities will be executed (cleared and settled) on a delivery vs. payment (DVP) basis to ensure that securities are deposited in the County Treasurer’s safekeeping institution prior to the release of funds. 8.2 Third‐party Safekeeping: Securities will be held by an independent third‐party safekeeping institution selected by the County Treasurer. All securities will be evidenced by safekeeping receipts in the County’s name or in a name designated by the County Treasurer. The safekeeping institution shall annually provide a copy of its most recent report on internal controls ‐ Service Organization Control Reports (formerly 70, or SAS 70) prepared in accordance with the Statement on Standards for Attestation Engagements (SSAE) No. 16 (effective June 15, 2011.) 8.2.a A local agency purchasing or obtaining any securities prescribed in this section, in a negotiable, bearer, registered or non‐registered format, shall require delivery of the securities to the local agency, including those purchased for the agency by financial advisors, consultants or managers using the agency’s funds, by book entry, physical delivery or by third‐party custodial agreement. The transfer of securities to the counterparty bank’s customer book‐entry account may be used for book‐entry delivery. For purposes of this section, “counterparty” means the other party to the transaction. A counterparty bank’s trust department or separate safekeeping department may be used for the physical delivery of the security if the security is held in the name of the local agency. Where this section specifies a percentage limitation for a particular category of investment, that percentage is applicable only at the date of purchase. Where this section does not specify a limitation on the term of remaining maturity at the time of CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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the investment, no investment shall be made in any security other than a security underlying a repurchase or reverse repurchase agreement authorized by this section. 8.2.b In compliance with this section, the securities of Contra Costa County and its agencies shall be in safekeeping at The Bank of New York Trust Company, N. A., a counterparty bank’s trust department or as defined in the debt indenture and contract. 8.3 Internal Controls: The County Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the Treasurer are protected from loss, theft or misuse. Specifics for the internal controls shall be documented in an investment procedures manual that shall be reviewed and updated periodically by the County Treasurer. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of control should not exceed the benefits likely to be derived and (2) the valuation of costs and benefits requires estimates and judgments by management. 9.0 AUTHORIZED BROKERS/DEALERS AND FINANCIAL INSTITUTIONS 9.1 All transactions initiated on behalf of the Pooled Investment Fund and Contra Costa County shall be executed only through one of the following: 1. Government security dealers reporting as primary dealers to the Market Reports Division of the Federal Reserve Bank of New York; 2. Banks and financial institutions that directly issue their own securities which have been placed on the Approved List of Broker/Dealers and Financial Institutions; 3. Brokers/dealers in the State of California approved by the County Treasurer based on the reputation and expertise of the company and individuals employed. Broker/dealers and financial institutions which have exceeded the political contribution limits as contained in Rule G‐37 of the Municipal Securities Rulemaking Board within a four year period to the County Treasurer or a member of the governing board of a local agency or any candidate for those offices, are prohibited from the Approval List of Broker/Dealers and Financial Institutions. 9.2 Qualifications: All financial institutions and broker/dealers who desire to become qualified for investment transactions must complete Contra Costa County Treasurer’s Office Broker/Dealer Due Diligence Questionnaire which can be obtained at www.cctax.us. An annual review of the financial condition and registration of qualified financial institutions and broker/dealers will be conducted by the Treasurer’s Office. 9.3 List of Approved Financial Institutions, Security Brokers and Dealers A list will be maintained of financial institutions authorized to provide investment services. In addition, a list also will be maintained of approved security broker/dealers selected for creditworthiness and qualifications stated in section 9.2. However, the County Treasury will not be limited to the financial institutions and brokers/dealers on the list. Others will be included as long as conditions for authorized financial institutions and brokers/dealers set forth in this Policy are met. Additionally, deletions and additions are based on the maintenance of required credit quality as rated by a nationally recognized statistical‐rating organization (NRSRO) or reliable financial sources. 10.0 SUITABLE AND AUTHORIZED INVESTMENTS 10.1
Authorized Investment Types: (Gov’t Code §53601 et seq.) The legislative body of a local agency having moneys in a sinking fund or moneys in its treasury not required for the immediate CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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needs of the local agency may invest any portion of the moneys that it deems wise or expedient in the investments set forth below. A local agency purchasing or obtaining any securities prescribed in this section, in a negotiable, bearer, registered, or nonregistered format, shall require delivery of the securities to the local agency, including those purchased for the agency by financial advisers, consultants, or managers using the agency's funds, by book entry, physical delivery, or by third‐party custodial agreement. The transfer of securities to the counterparty bank's customer book entry account may be used for book entry delivery. For purposes of this section, "counterparty" means the other party to the transaction. A counterparty bank's trust department or separate safekeeping department may be used for the physical delivery of the security if the security is held in the name of the local agency. Where this section specifies a percentage and/or rating limitation for a particular category of investment, that percentage and/or rating are applicable only at the date of purchase. Where this section does not specify a limitation on the term or remaining maturity at the time of the investment, no investment shall be made in any security, other than a security underlying a repurchase or reverse repurchase agreement or securities lending agreement authorized by this section, that at the time of the investment has a term remaining to maturity in excess of five years, unless the legislative body has granted express authority to make that investment either specifically or as a part of an investment program approved by the legislative body no less than three months prior to the investment: 10.1.a Bonds issued by the local agencies, including bonds payable solely out of the revenues from a revenue‐producing property, owned, controlled, or operated by the local agency or by a department, board, agency or authority of the local agency. 10.1.b United States Treasury notes, bonds, bills or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest. 10.1.c Registered state warrants or treasury notes or bonds of this state, including bonds payable solely out of the revenues from a revenue‐producing property owned, controlled, or operated by the state or by a department, board, agency or authority of the state. 10.1.d Registered treasury notes or bonds of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue‐producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California. 10.1.e Bonds, notes, warrants or other evidences of indebtedness of any local agency within this state, including bonds payable solely out of the revenues from a revenue‐producing property owned, controlled or operated by the local agency, or by a department, board, agency or authority of the local agency. 10.1.f Federal agency or United States government‐sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government‐sponsored enterprises. 10.1.g Banker’s acceptances otherwise known as bills of exchange or time drafts drawn on and accepted by a commercial bank. Purchases of banker’s acceptances may not exceed 180 days’ maturity or 40 percent of the agency’s money that may be invested pursuant to this section. However, no more than 30 percent of the agency’s money may be invested in banker’s acceptances of any one commercial bank pursuant to this section. This subdivision does not preclude a municipal utility district from investing any money CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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in its treasury in any manner authorized by the Municipal Utility District Act (Division 6, commencing with Section 11501, of the Public Utilities Code). 10.1.h Commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as provided for by a nationally recognized statistical‐rating organization (NRSRO). The entity that issues the commercial paper shall meet all of the following conditions in either paragraph (1) or paragraph (2): 1. The entity meets the following criteria: A. Is organized and operating in the United States as a general corporation. B. Has total assets in excess of five hundred million dollars ($500,000,000). C. Has debt other than commercial paper, if any, that is rated “A” or higher by a nationally recognized statistical‐rating organization (NRSRO). 2. The entity meets the following criteria: A. Is organized within the United States as a special purpose corporation, trust, or limited liability company. B. Has program‐wide credit enhancements including, but not limited to, over collateralization, letters of credit, or surety bond. C. Has commercial paper that is rated “A‐1” or higher, or the equivalent, by a nationally recognized statistical‐rating organization (NRSRO). Eligible commercial paper shall have a maximum maturity of 270 days or less. Local agencies, other than counties or a city and county, may invest no more than 25 percent of their moneys in eligible commercial paper. Local agencies, other than counties or a city and county, may purchase no more than 10 percent of the outstanding commercial paper of any single issuer. Counties or a city and county may invest in commercial paper pursuant to the concentration limits in subdivision (a) of Section 53635: i.
Not more than 40 percent of the local agency’s money may be invested in eligible commercial paper. ii. Not more than 10 percent of the total assets of the investments held by a local agency may be invested in any one issuer’s commercial paper. 10.1.i Negotiable certificates of deposit issued by a nationally‐ or state‐chartered bank or a savings association or federal association (as defined by Section 5102 of the Financial Code), a state or federal credit union, or by a state‐licensed branch of a foreign bank. Purchases of negotiable certificates of deposit may not exceed 30 percent of the agency’s money that may be invested pursuant to this section. For purposes of this section, negotiable certificates of deposits do not come within Article 2 (commencing with Section 53630), except that the amount so invested shall be subject to the limitations of Section 53638. The legislative body of a local agency and the treasurer or other official of the local agency having legal custody of the money are prohibited from investing local agency funds, or funds in the custody of the local agency, in negotiable certificates of deposit issued by a state or federal credit union if a member of the legislative body of the local agency, or any person with investment decision making authority in the administrative office, manager’s office, budget office, auditor‐
controller’s office, or treasurer’s office of the local agency also serves on the board of directors, or any committee appointed by the board of directors, or the credit committee or the supervisory committee of the state or federal credit union issuing the negotiable certificates of deposit. 10.1.j Repurchase and reverse repurchase agreements CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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1. Investments in repurchase agreements or reverse repurchase agreements of any securities authorized by this section, provided that the agreements are subject to this subdivision, including the delivery requirements specified in this section, and that a signed Master Repurchase Agreement is on file in the Treasurer’s Office for all financial institutions that enter into a repurchase agreement with Contra Costa County. 2. Investments in repurchase agreements may be made on any investment authorized in this section when the term of the agreement does not exceed one year. The market value of securities that underlay a repurchase agreement shall be valued at 102 percent or greater of the funds borrowed against those securities and the value shall be adjusted no less than quarterly. Since the market value of the underlying securities is subject to daily market fluctuations, the investments in repurchase agreements shall be in compliance if the value of the underlying securities is brought back up to 102 percent no later than the next business day. 3. Reverse repurchase agreements or securities lending agreements may be utilized only when all of the following conditions are met: A. The security to be sold using a reverse repurchase agreement or securities lending agreement has been owned and fully paid for by the local agency for a minimum of 30 days prior to sale. B. The total of all reverse repurchase agreements and securities lending agreements on investments owned by the local agency does not exceed 20 percent of the base value of the portfolio. C. The agreement does not exceed a term of 92 days, unless the agreement includes a written codicil guaranteeing a minimum earning or spread for the entire period between the sale of a security using a reverse repurchase agreement or securities lending agreement and the final maturity date of the same security. D. Funds obtained or funds within the pool of an equivalent amount to that obtained from selling a security to a counterparty using a reverse repurchase agreement or securities lending agreement shall not be used to purchase another security with a maturity longer than 92 days from the initial settlement date of the reverse repurchase agreement or securities lending agreement, unless the reverse repurchase agreement or securities lending agreement includes a written codicil guaranteeing a minimum earning or spread for the entire period between the sale of a security using a reverse repurchase agreement or securities lending agreement and the final maturity date of the same security. 4. Prior approval of the governing body; only with primary dealers: A. Investments in reverse repurchase agreements, securities lending agreements, or similar investments in which the local agency sells securities prior to purchase with a simultaneous agreement to repurchase the security may be made only upon prior approval of the governing body of the local agency and shall be made only with primary dealers of the Federal Reserve Bank of New York or with a nationally or state‐chartered bank that has or has had a significant banking relationship with a local agency. B. For purposes of this policy, "significant banking relationship" means any of the following activities of a bank: CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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i.
Involvement in the creation, sale, purchase, or retirement of a local agency's bonds, warrants, notes, or other evidence of indebtedness. ii. Financing of a local agency's activities. iii. Acceptance of a local agency's securities or funds as deposits. 5. Definitions and terms of repos, securities and securities lending: A.
"Repurchase agreement" means a purchase of securities by the local agency pursuant to an agreement by which the counterparty seller will repurchase the securities on or before a specified date and for a specified amount and the counterparty will deliver the underlying securities to the local agency by book entry, physical delivery, or by third‐party custodial agreement. The transfer of underlying securities to the counterparty bank's customer book‐entry account may be used for book‐entry delivery. B.
"Securities," for purposes of repurchase under this subdivision, means securities of the same issuer, description, issue date, and maturity. C.
"Reverse repurchase agreement" means a sale of securities by the local agency pursuant to an agreement by which the local agency will repurchase the securities on or before a specified date and includes other comparable agreements. D.
"Securities lending agreement" means an agreement under which a local agency agrees to transfer securities to a borrower who, in turn, agrees to provide collateral to the local agency. During the term of the agreement, both the securities and the collateral are held by a third party. At the conclusion of the agreement, the securities are transferred back to the local agency in return for the collateral. E.
For purposes of this section, the base value of the local agency's pool portfolio shall be that dollar amount obtained by totaling all cash balances placed in the pool by all pool participants, excluding any amounts obtained through selling securities by way of reverse repurchase agreements, securities lending agreements, or other similar borrowing methods. F.
For purposes of this section, the spread is the difference between the cost of funds obtained using the reverse repurchase agreement and the earnings obtained on the reinvestment of the funds. 10.1.k Medium‐term notes, defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. Notes eligible for investment under this subdivision shall be rated "A" or better by an NRSRO. Purchases of medium‐term notes shall not include other instruments authorized by this section and may not exceed 30 percent of the agency's moneys that may be invested pursuant to this section. 10.1.l Shares of beneficial interest 1. Shares of beneficial interest issued by diversified management companies that invest in the securities and obligations as authorized by subdivisions (a) to (k), inclusive, and subdivisions (m) to (o), inclusive, and that comply with the investment restrictions of this article and Article 2 (commencing with Section 53630). However, notwithstanding these restrictions, a counterparty to a reverse repurchase CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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agreement or securities lending agreement is not required to be a primary dealer of the Federal Reserve Bank of New York if the company's board of directors finds that the counterparty presents a minimal risk of default, and the value of the securities underlying a repurchase agreement or securities lending agreement may be 100 percent of the sales price if the securities are marked to market daily. 2. Shares of beneficial interest issued by diversified management companies that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (l5 U.S.C. Sec. 80a‐1 et seq.). 3. If investment is in shares issued pursuant to paragraph (1), the company shall have met either of the following criteria: A. Attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs. B. Retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years' experience investing in the securities and obligations authorized by subdivisions (a) to (k), inclusive, and subdivisions (m) to (o), inclusive, and with assets under management in excess of five hundred million dollars ($500,000,000). 4. If investment is in shares issued pursuant to paragraph (2), the company shall have met the following criteria: A. Attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations. B. Retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years' experience investing in the securities and obligations authorized by subdivisions (a) to (k), inclusive, and subdivisions (m) to (o), inclusive, and with assets under management in excess of five hundred million dollars ($500,000,000). 5. The purchase price of shares of beneficial interest purchased pursuant to this subdivision shall not include any commission that the companies may charge and shall not exceed 20 percent of the agency’s money that may be invested pursuant to this section. However, no more than 10 percent of the agency’s funds may be invested in shares of beneficial interest of any one mutual fund pursuant to paragraph (1). 10.1.m Moneys held by a trustee or fiscal agent and pledged to the payment of security of bonds or other indebtedness, or obligations under a lease, installment sale, or other agreement of a local agency, or certificates of participation in those bonds, indebtedness, or lease installment sale, or other agreements, may be invested in accordance with the statutory provisions governing the issuance of those bonds, indebtedness, or lease installment sale, or other agreement, or to the extent not inconsistent therewith or if there are not specific statutory provision, in accordance with the ordinance, resolution, indenture, or agreement of the local agency providing for the issuance. 10.1.n Notes, bonds, or other obligations that are at all times secured by a valid first‐priority security interest in securities of the types listed by Section 53651 as eligible securities for the purpose of securing local agency deposits having a market value at least equal to that required by Section 53652 for the purpose of securing local agency deposits. The securities serving as collateral shall be placed by delivery or book entry into the custody of a trust company or the trust department of a bank that is not affiliated with the issuer CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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of the secured obligation, and the security interest shall be perfected in accordance with the requirements of the Uniform Commercial Code or federal regulations applicable to the types of securities in which the security interest is granted. 10.1.o Any mortgage pass‐through security, collateralized mortgage obligation, mortgage‐
backed or other pay‐through bond, equipment lease‐backed certificate, consumer receivable pass‐through certificate, or consumer receivable‐backed bond of a maximum of five years’ maturity. Securities eligible for investment under this subdivision shall be issued by an issuer having an “A” or higher rating for the issuer’s debt as provided by a nationally recognized rating service and rated in a rating category of “AA” or its equivalent or better by a nationally recognized rating service. Purchase of securities authorized by this subdivision may not exceed 20 percent of the agency’s surplus money that may be invested pursuant to this section. 10.1.p Shares of beneficial interest issued by a joint power authority organized pursuant to Section 6509.7 that invests in the securities and obligations authorized in subdivisions (a) to (n), inclusive. Each share shall represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this section, the joint powers authority issuing shares shall have retained an investment adviser that meets all of the following criteria: 1. The adviser is registered or exempt from registration with the Securities and Exchange Commission. 2. The adviser has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (n) inclusive. 3. The adviser has assets under management in excess of five hundred million dollars ($500,000,000). 10.1.q United States dollars denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter‐American Development Bank, with a maximum remaining maturity of five years or less, and eligible for purchase and sale within the United States. Investments under this subdivision shall be rated “AA” or better by an NRSRO and shall not exceed 30 percent of the agency’s moneys that may be invested pursuant to this section. 11.0 RESTRICTIONS AND PROHIBITIONS 11.1
Restrictions set by the Treasurer 11.1.a All investments purchased by the Treasurer’s Office shall be of investment grade. The minimum credit rating of purchased investments shall be as defined by Government Code 53600 et. seq. 11.1.b All legal securities issued by a tobacco‐related company are prohibited. A tobacco‐
related company is defined as 1) an entity that makes smoking products from tobacco used in cigarettes, cigars and/or snuff, or for smoking in pipes or 2) a company that has total revenues of 15 percent or more from the sale of such tobacco products. The tobacco‐related issuers restricted from any investment are Alliance One, Altria Group, Inc., Auri Inc., British American Tobacco PLC, Imperial Tobacco Group PLC, Kirin International Holding Inc., Lorillard, Philip Morris International, Reynolds American, Inc., Schweitzer‐Mauduit International Inc., Smokefree Innotec Inc., Star Scientific Inc., Universal Corp., and Vector Group, Ltd. The Treasury staff will update the list of tobacco‐related companies when necessary. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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11.1.c Financial futures or financial option contracts will each be approved on a per trade basis by the County Treasurer. 11.1.d Reverse repurchase agreements will be used strictly for the purpose of supplementing income with a limit of 10 percent of the total portfolio with prior approval of the Treasurer. 11.1.e SBA loans require prior approval of the Treasurer in every transaction. 11.1.f Securities purchased through brokers will be held in safekeeping at The Bank of New York Trust Company, N.A. or as designated by the specific contract(s) for government securities and tri‐party repurchase agreements. 11.1.g Swaps and Trades will each be approved on a per‐trade basis by Treasurer or Assistant Treasurer. 11.1.h Bank CDs or non‐negotiable CDs will be collateralized at 110 percent by government securities or 150 percent by current mortgages. There will be no waiver of the first $100,000 collateral except by special arrangement with the Treasurer. 11.2
Prohibitions by Government Code (§53601.6) 11.2.a A local agency shall not invest any funds pursuant to this Article or pursuant to Article 2 (commencing with Section 53630) in inverse floaters, range notes or interest‐only strips that are derived from a pool of mortgages. 11.2.b A local agency shall not invest any funds pursuant to this article or pursuant to Article 2 (commencing with Section 53630) in any security that could result in zero interest accrual if held to maturity. However, a local agency may hold prohibited instruments until their maturity dates. The limitation in this subdivision shall not apply to local agency investments in shares of beneficial interest issued by diversified management companies registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a‐
1,et seq.) that are authorized for investment pursuant to subdivision (l) of Section 53601. 12.0 INVESTMENT PARAMETERS 12.1
Diversification: Investments shall be diversified so as to minimize the risk of loss and to maximize the rate of return by: 1. Limiting investment to avoid overconcentration in securities from a specific issuer or business sector (excluding U.S. Treasury securities), 2. Limiting investment in securities that have higher credit risks, 3. Investing in securities with varying maturities, and 4. Continuously investing a portion of the portfolio in readily available funds such as investment pools, money market funds or overnight repurchase agreements to ensure that appropriate liquidity is maintained in order to meet ongoing obligations. 12.2
Maximum Maturities: To the extent possible, the County Treasurer shall attempt to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the Treasurer will not directly invest in securities maturing more than five (5) years from the date of purchase or in accordance with state and local statutes and ordinances. The Treasurer shall adopt weighted average maturity limitations (which often range from 90 days to 3 years), consistent with the investment objectives. Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio should be continuously invested in readily available funds such as LAIF, CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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money market funds, or overnight repurchase agreements to ensure that appropriate liquidity is maintained to meet ongoing obligations. 12.3
Exception to Maximum Maturity: In accordance with Government Code §53601 the County Treasurer retains the right to petition the Board of Supervisors for approval to invest in securities with a final maturity in excess of five years. The Board of Supervisors adoption of any resolution allowing maturities beyond five years shall be considered an allowed modification to this policy and any investments made in accordance with the modification shall be allowable under this policy. 12.4
Investment Criteria1: All limitations set forth in this Policy are applicable only at the time of purchase. The County Treasurer has the full discretion to rebalance the portfolio when it is out of compliance owing to various reasons, such as market fluctuation. MAXIMUM % of PORTFOLIO MAXIMUM MATURITY MAXIMUM % of ISSUE Bonds issued by local agencies, §53601 (a) 100% 5 years 100% U.S. Treasury Obligations, §53601 (b) 100% 5 years 100% Registered State Warrants, and CA Treasury Notes and bonds, §53601 (c) 100% 5 years 100% Registered Treasury Notes or Bonds of any of the other 49 state in addition to CA, §53601 (d) 100% 5 years 100% Bonds and Notes issued by other local agencies in California, §53601 (e) 100% 5 years 100% Obligations of U.S. Agencies or government sponsored enterprises, §53601 (f) 100% 5 years 100% U.S. Agencies Callables 100% 5 years 25% INVESTMENT TYPE OTHER RESTRICTIONS Bankers Acceptances), §53601 (g) Domestic: ($5B min. assets) Foreign: ($5B min. assets) 40% 40% 180 days 180 days 30% Aggregate 5% Aggregate Commercial paper, §53601 (h) and §53635 (a) 40% 270 days or less 10% Aggregate No more than 10 % of the local agency’s money may be invested in the outstanding commercial paper of any single issuer. Negotiable Certificates of Deposit ($5 billion minimum assets), §53601 (i) 30% 5 years 10% Aggregate 1 year See limitations for Treasuries and Agencies above 92 days See limitations for Treasuries and Agencies above Repurchase Agreements secured by U.S. Treasury or agency obligation (102% collateral), §53601 (j) Reverse Repurchase Agreements and Securities Lending Agreements, §53601 (j) 100% 20% Generally limited to Wells Fargo Bank, Bank of America or other institutions with whom the County treasury has executed tri‐party agreements. Collateral will be held by a third party to the transaction that may include the trust department of particular banks. Collateral will be only securities that comply with Government Code 53601. 1
The rating requirement for each investment type is referenced in the relevant sections of California Government Code. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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INVESTMENT TYPE Corporate bonds, Medium Term Notes & Covered, §53601 (k) Shares of beneficial interest issued by diversified mgt. companies §53601 (l) Moneys held by a trustee or fiscal agent, §53601 (m) Collateralized Notes, Bonds, Time Deposits, or other obligations, §53601 (n) Mrtg Backed Securities/CMO’s: Asset Backed Securities §53601 (o) Joint Powers Authority, CalTRUST, §53601 (p) Supranational obligations §53601 (q) Local Agency Investment Fund (LAIF), §16429.1 MAXIMUM % of PORTFOLIO MAXIMUM MATURITY MAXIMUM % of ISSUE 30% 5 years 5% Aggregate 20% N/A 10% Aggregate 20% N/A 15% 5 years 5% Aggregate Collateralized by the eligible securities at a percentage specified in Government Code 53652. 20% 20% 5 Years 5 Years 5% Aggregate No Inverse Floaters No Range Notes No Interest only strips derived from a pool of mortgages N/A As limited by CalTRUST As limited by CalTRUST 30% As Limited by LAIF 5 Years 100% N/A As limited by LAIF OTHER RESTRICTIONS Rated “AA” or better by an NRSRO 13.0
CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF) 13.1
General Information (Gov’t Code §16305.9). 13.1.a All money in the Local Agency Investment Fund shall be held in trust in the custody of the State Treasurer. 13.1.b All money in the Local Agency Investment Fund is nonstate money. That money shall be held in a trust account or accounts. The Controller shall be responsible for maintaining those accounts to record the Treasurer's accountability, and shall maintain a separate account for each trust deposit in the Local Agency Investment Fund. 13.1.c That money shall be subject to audit by the Department of Finance and to cash count as provided for in Sections 13297, 13298, and 13299. It may be withdrawn only upon the order of the depositing entity or its disbursing officers. The system that the Director of Finance has established for the handling, receiving, holding, and disbursing of state agency money shall also be used for the money in the Local Agency Investment Fund. 13.1.d All money in the Local Agency Investment Fund shall be deposited, invested, and reinvested in the same manner and to the same extent as if it were state money in the State Treasury. 13.2
Investment and Distribution of Deposits (§16429.1). 13.2.a There is in trust in the custody of the Treasurer the Local Agency Investment Fund, which fund is hereby created. The Controller shall maintain a separate account for each governmental unit having deposits in this fund. 13.2.b Notwithstanding any other provisions of law, a local governmental official, with the consent of the governing body of that agency, having money in its treasury not required for immediate needs, may remit the money to the Treasurer for deposit in the Local Agency Investment Fund for the purpose of investment. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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13.2.c Notwithstanding any other provisions of law, an officer of any nonprofit corporation whose membership is confined to public agencies or public officials, or an officer of a qualified quasi‐governmental agency, with the consent of the governing body of that agency, having money in its treasury not required for immediate needs, may remit the money to the Treasurer for deposit in the Local Agency Investment Fund for the purpose of investment. 13.2.d Notwithstanding any other provision of law or of this section, a local agency, with the approval of its governing body, may deposit in the Local Agency Investment Fund proceeds of the issuance of bonds, notes, certificates of participation, or other evidences of indebtedness of the agency pending expenditure of the proceeds for the authorized purpose of their issuance. In connection with these deposits of proceeds, the Local Agency Investment Fund is authorized to receive and disburse moneys, and to provide information, directly with or to an authorized officer of a trustee or fiscal agency engaged by the local agency, the Local Agency Investment Fund is authorized to hold investments in the name and for the account of that trustee or fiscal agent, and the Controller shall maintain a separate account for each deposit of proceeds. 13.2.e The local governmental unit, the nonprofit corporation, or the quasi‐governmental agency has the exclusive determination of the length of time its money will be on deposit with the Treasurer. 13.2.f The trustee or fiscal agent of the local governmental unit has the exclusive determination of the length of time proceeds from the issuance of bonds will be on deposit with the Treasurer. 13.2.g The Local Investment Advisory Board shall determine those quasi‐governmental agencies which qualify to participate in the Local Agency Investment Fund. 13.2.h The Treasurer may refuse to accept deposits into the fund if, in the judgment of the Treasurer, the deposit would adversely affect the state’s portfolio. 13.2.i The Treasurer may invest the money of the fund in securities prescribed in Section 16430. The Treasurer may elect to have the money of the fund invested through the Surplus Money Investment Fund as provided in Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2. 13.2.j Money in the fund shall be invested to achieve the objective of the fund, that is to realize the maximum return consistent with safe and prudent treasury management. 13.2.k All instruments of title of all investments of the fund shall remain in the Treasurer’s vault or be held in safekeeping under control of the Treasurer in any federal reserve bank, or any branch thereof, or the Federal Home Loan Bank of San Francisco, with any trust company, or the trust department of any state or national bank. 13.2.l Immediately at the conclusion of each calendar quarter, all interest earned and other increment derived from investments shall be distributed by the Controller to the contributing governmental units or trustees or fiscal agents, nonprofit corporations, and quasi‐governmental agencies in amounts directly proportionate to the respective amounts deposited in the Local Agency Investment fund and the length of time the amounts remained therein. An amount equal to the reasonable costs incurred in carrying out the provisions of this section, not to exceed a maximum of one‐half of one percent of the earnings of this fund, shall be deducted from the earnings prior to distribution. The amount of this deduction shall be CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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credited as reimbursements to the state agencies having incurred costs in carrying out the provisions of this section. 13.2.m The Treasurer shall prepare for distribution a monthly report of investments made during the preceding month. 14.0
PORTFOLIO MANAGEMENT ACTIVITY 14.1
Passive Portfolio Management: (See Section 6.0., General Strategy) 14.2
Competitive Bidding: Investments will be purchased in the most cost effective and efficient manner by using a competitive bidding process for the purchase of securities. Competitive bidding is required from a pre‐approved list of broker/dealers on all investment transactions except for new issue securities. 14.3
Reviewing and Monitoring of the Portfolio: Monthly reports will review portfolio investments to ensure they are kept track of in a timely manner. The reports will also monitor the County Treasurer’s investment practices and the results of such practices. 14.4
Portfolio Adjustments: Certain actions may be taken if the portfolio becomes out of compliance. For instance, should a concentration limitation be exceeded due to an incident such as a fluctuation in portfolio size, the affected securities may be held to maturity to avoid losses; however, the County Treasurer may choose to rebalance the portfolio earlier to bring it back into compliance if the portfolio will not suffer any losses for selling the investment prior to maturity. 14.5
Performance Standards: The investment portfolio will be managed in accordance with the parameters specified within this Policy. The portfolio should obtain a market average rate of return during a market/economic environment of stable interest rates. A series of appropriate benchmarks shall be established against which portfolio performance shall be compared on a regular basis. 15.0
REPORTING 15.1 Methodology: The County Treasurer shall prepare an investment report at least quarterly, including a management summary that provides an analysis of the status of the current investment portfolio and transactions made over the last quarter. This management summary will be prepared in a manner which will allow the County Treasurer to ascertain whether investment activities during the reporting period have conformed to the investment policy. The report shall be provided to the Chief Administrative Officer, the County Auditor, the Board of Supervisors, Treasury Oversight Committee and any pool participants [Government Code 27133(e), and 53646(b)]. The report will include the following: 1. The type of investment, issuer, date of maturity, par and dollar amount invested on all securities, investments and moneys held by the County Treasurer 2. A description of any of the local agency's funds, investments, or programs that are under the management of contracted parties, including lending programs. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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3. A current market value as of the date of the report of all securities held by the local agency, and under management of any outside party that is not also a local agency or the State of California Local Agency Investment Fund, and the source of this same valuation. 4. A statement that the portfolio is in compliance with the investment policy, or the manner in which the portfolio is not in compliance. 5. A statement denoting the ability of the County Treasurer to meet its pool's expenditure requirements for the next six months, or an explanation as to why sufficient money may not be available. 6. Listing of individual securities by type and maturity date held at the end of the reporting period. A. PLEDGE REPORT: Any securities that are pledged or loaned for any purpose shall be reported in the Quarterly Investment Report. The transaction detail will be provided, including purpose, beginning and termination dates and all parties to the contract. The security descriptions as to type, name, maturity date, coupon rate, CUSIP and other material information will be included. B. REVERSE REPURCHASE AGREEMENTS REPORT: All reverse repurchase agreements entered into, whether active or inactive by the end of each quarter, shall be reported in the Treasurer’s Quarterly Investment Report. 7. Realized and unrealized gains or losses resulting from appreciation or depreciation by listing the cost and market value of securities over one‐year duration that are not intended to be held until maturity. 8. Average maturity and duration of portfolio on investments as well as the yield to maturity of the portfolio as compared to applicable benchmarks. 9. Percentage of the total portfolio which each type of investment represents. 10. Whatever additional information or data may be required by the legislative body of the local agency. 15.2
16.0
Marking to Market: The market value of the portfolio shall be calculated at least quarterly and a statement of the market value of the portfolio shall be issued at least quarterly. This will ensure that review of the investment portfolio, in terms of value and price volatility, has been performed on a regular basis. COMPENSATION In accordance with Government Code §§27013 and 53684, the County Treasurer will charge all pool participants for administrative and overhead costs. Costs include, but are not limited to, employee salaries and benefits, portfolio management, bank and custodial fees, software maintenance fees and other indirect costs incurred from handling and managing funds. In addition, when applicable, the costs associated with the Treasury Oversight provisions of Government Code §§ 27130‐27137 shall be included as administrative costs. Costs will be deducted from interest earnings on the pool prior to apportioning and payment of interest. The County Treasurer shall annually prepare a proposed budget providing a detailed itemization of all estimated costs which comprise the administrative fee charged in accordance with Government Code §27013. The administrative fee will be subject to change. Fees will be deducted from interest earnings. 16.1
Deduction of Costs: At the discretion of the County Treasurer, the County Treasurer may deduct actual administrative costs and may make any adjustments from the interest CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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earnings and apportions the remaining earnings to all participants based on the positive average daily balance (Government Code 53684(b)). 16.2
17.0
Directed Investments Costs: At the discretion of the County Treasurer, the County Treasurer may deduct from interest earnings the actual administrative costs of such directed investments (Government Code §27013). CALCULATING AND APPORTIONING POOL EARNINGS The Investment Pool Fund is comprised of monies from multiple units of the County, agencies, school districts and special districts. Each entity has unique cash flow demands, which dictate the type of investments the Treasurer’s Office may purchase. To ensure parity among the pool members when apportioning interest earnings, the following procedures have been developed: 1. Interest is apportioned on at least a quarterly basis in accordance with Government Code §53684. 2. Interest is apportioned to pool participants based on the participant’s average daily fund balance and the total average daily balance of deposits in the investment pool. 3. Interest is calculated on a cash basis for all investments in the County Treasurer’s investment pool and reported to the Auditor‐Controller for distribution into the funds of the participants. 4. Interest earned on the directed investments is credited to pool participants on a cash basis. Administrative costs are determined annually by the County Treasurer based on actual administrative and overhead costs incurred in the previous year. 5. Negative average daily fund balance will be charged interest at the rate of interest that is being apportioned. 18.0 DEPOSITS AND WITHDRAWALS IN THE TREASURY 18.1 Deposit by Voluntary Participants Following are the terms and conditions for deposit of funds for investment purposes by voluntary participants, i.e. entities that are not legally required to deposit their funds in the County Treasury. 18.1.a Resolution by the County Board of Supervisors authorizing the acceptance of outside participants by the County Treasury. 18.1.b Resolution by the legislative or governing body of the local agency (voluntary participant) authorizing the investment of funds pursuant to Government Code 53684. 18.1.c Treasury investments will be directed transactions. For each transaction, the local agency (voluntary participant) must indicate the fund source, the amount to be invested and the duration of the investment. 18.2 Withdrawal Request The Treasurer’s Office has established the Withdrawal of Funds Policy for all Treasury Investment Pool participants who seek to withdraw funds from the County Treasury Investment Pool for various purposes. In accordance with California State Government Code Section 27136, all participants having funds on deposit in the Pool and seeking to withdraw their funds, shall first submit a formal written request to the County Treasurer. The County Treasurer shall evaluate the withdrawal proposals of all Pool participants upon receipt of the written requests. The evaluation process may take up to 30 days. The County Treasurer reserves the right to reject any request for withdrawal if it is in the Treasurer’s opinion after thorough evaluation, that the CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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withdrawal will violate applicable laws and/or governing documents, compromise Treasurer’s fiduciary responsibility, adversely impact the stability of the Pool, or harm the interests of any Pool Participant. Such rejection shall prevent the withdrawal of the funds. Typically, participants make withdrawals for the following two reasons: a) regular operations and b) investing or depositing funds outside the Pool in accordance with California State Government Code Section 27136 (a). The County Treasurer seeks to honor all written withdrawal requests for regular operating purposes that are approved by the County Auditor‐
Controller’s Office in a timely fashion. However, the County Treasurer recognizes that occasionally the Pool participants may request large amounts in withdrawals to cover unexpected operational needs. To accommodate such withdrawals and allow for adequate time for adjustments to the liquidity position of the Pool, the County Treasurer expects all Pool Participants to submit their written requests within the following timeframes: i)
Withdrawals of Up to $1 million – prior to 8:00 a.m. for same day disbursement ii)
Withdrawals of between $1 million to $10 million – 1 business day in advance of disbursement iii)
Withdrawals of more than $10 million – 3 business day in advance of disbursement Withdrawals of investment deposits from the County Treasury Investment Pool by any Pool participant shall coincide with investment maturities and/or authorized sale of securities by authorized personnel of the Pool Participant. Except for funds in the California State Local Agency Investment Fund, a five‐business‐days notification may be required when authorized sale of securities is involved. In the event that the Treasurer must liquidate investments in order to honor the withdrawal request, the Participant who requests the withdrawal shall be subject to all expenses associated with the liquidation, including, but not limited to loss of principal and interest income, withdrawal penalties, and associated fees. To maintain full fiduciary responsibility for investment and administration of the Pool, the County Treasurer shall NOT permit statutory participants to withdraw funds from and subsequently deposit the funds outside the Pool for the purpose of investments without prior approval of the County Treasurer. As permitted by the Government Code Section 53635, upon request the County Treasurer may enter into an investment agreement with a third party investment manager on behalf of statutory participants. However, the funds shall remain in the Pool during the entire agreement period under the care of the custodian bank retained by the County Treasurer. Voluntary participants may withdraw funds from and subsequently deposit the funds outside the Pool for investment purposes upon the County Treasurer’s approval. However, such withdrawals shall be made for the entire amount of the participant’s funds deposited in the Pool. Upon completion of such withdrawals, the voluntary participants will no longer be able to participate in the Pool or receive further services from the County Treasurer’s Office. NO partial withdrawals from the Pool for investment purposes are permitted. Please refer to Withdrawal of Funds Policy, which is maintained as a separate document, for detailed guidelines and procedures. 19.0
TEMPORARY BORROWING OF POOL FUNDS Section 6 of Article XVI of the California Constitution provides in part that "the treasurer of any city, county, or city and county shall have power and the duty to make such temporary transfers from the funds in custody as may be necessary to provide funds for meeting the obligations incurred for maintenance purposes by city, county, city and county, district, or other political subdivision whose funds are in custody and are paid out solely through the treasurer's office." CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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The County Auditor‐Controller and the County Treasurer shall make a temporary transfer of funds to the requesting agency, not to exceed 85% of the amount of money which will accrue to the agency during the fiscal year, provided that the amount of such transfer has been determined by the County Auditor‐Controller to be transferable under the constitutional and statutory provisions cited in Article XVI and has been certified by the County Treasurer‐Tax Collector to be available. Such temporary transfer of funds shall not be made prior to the first day of the fiscal year nor after the last Monday in April of the current fiscal year. 20.0
INVESTMENT OF BOND PROCEEDS The County Treasurer shall invest bond proceeds using the standards of this Investment Policy. The bond proceeds will be invested in securities permitted by the bond documents. If the bond documents are silent, the bond proceeds will be invested in securities permitted by this Policy. 21.0
DISASTER RECOVERY PLAN The Contra Costa County Treasurer’s Disaster Recovery Plan includes critical phone numbers and addresses of key personnel as well as active bankers and brokers/dealers. Laptops, tablets, smart phones, and other equivalent electronic devices shall be issued to key personnel for communicating between staff, bank and broker/dealers. Copies of the plan shall be distributed to the investment staff: Assistant County Treasurer, the Treasurer’s Investment Officer, and the Investment Operations Analyst. The investment staff shall interact with one another by home phone, cell phone, or e‐mail to decide an alternate location from which to conduct daily operations. In the event investment staff is unable to conduct normal business operations, the custodial bank will automatically sweep all uninvested cash into an interest bearing account at the end of the business day. Until normal business operations have been restored, the limitations on the size of an individual issuer and the percentage restrictions by investment type would be allowed to exceed those approved in this investment policy. 22.0
POLICY CONSIDERATIONS 22.1 Exemption Any investment currently held that does not meet the guidelines of this policy shall be exempted from the requirements of this policy. At maturity or liquidation, such monies shall be reinvested only as provided by this policy. 22.2
Amendments This policy shall be reviewed on an annual basis. Any changes must be approved by the County Treasurer and any other appropriate authority. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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AUTHORIZATION FOR LAIF INVESTMENTS CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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APPROVED BROKERS ABN AMRO, Incorporated Alamo Capital Bank of America Merrill Lynch Bank of the West Barclays Capital, Incorporated California Arbitrage Management Program Citigroup Global Markets Credit Suisse Daiwa Capital Markets America Inc. Goldman, Sachs & Company Government Perspectives JP Morgan Securities LLC Penserra Securities LLC Prudential Securities, Incorporated Public Financial Management, Incorporated RBC Capital Markets, LLC UBS Financial Services, Inc. UnionBanc Investment Services Wells Fargo Securities Note: The County Treasury will not be limited to the above list. Others will be included as long as all conditions for authorized brokers and/or dealers set forth in this policy are met. Additionally, deletions and additions are based on many factors including the maintenance of required credit quality as rated by Standard and Poor’s, Moody’s and other recognized rating services and reliable financial sources. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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APPROVED ISSUERS Abbey National NA American Honda Finance Australia & New Zealand Banking Group Bank of Montreal Bank of Nova Scotia BNP Paribas Chevron Coca‐Cola Co Commonwealth Bank of Australia Credit Agricole SA Deere & Company Deutsche Bank Financial LLC Exxon Mobil General Electric Capital Corp General Electric Co JPMorgan Chase & Co John Deere Capital Corporation Johnson & Johnson McDonald's Corporation National Australia Bank Nestle Capital Corp Nordea Bank AB PepsiCo, Inc. PNC Bank NA Prudential Procter & Gamble Company Rabobank Nederland New York Royal Bank of Canada Societe Generale North America Standard Chartered Bank State Street Bank & Trust Co Svenska Handelsbanken AB Toronto‐Dominion Bank Toyota Motor Credit Corp UBS Financial Union Bank US Bankcorp Walmart Walt Disney Company Wells Fargo Bank NA Westpac Banking Corp Westamerica Bank Note: The County Treasury will not be limited to the above list in making investments. Other issuers may be considered as the County Treasury will perform additional due diligence on each investment decision. The list does not reflect the actual portfolio holdings managed by the County Treasury. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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APPROVED PRIMARY DEALERS Bank of Nova Scotia, New York Agency BMO Capital Markets Corp. BNP Paribas Securities Corp. Barclays Capital Inc. Cantor Fitzgerald & Co. Citigroup Global Markets, Inc. Credit Suisse Securities (USA) LLC Daiwa Capital Markets America Inc. Deutsche Bank Securities Inc. Goldman, Sachs & Co. HSBC Securities (USA) Inc. Jefferies & Company, Inc. J.P. Morgan Securities, Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated Mizuho Securities USA Inc. Morgan Stanley & Co. Incorporated Nomura Securities Inc. RBC Capital Markets, LLC RBS Securities Inc. Societe Generale, New York Branch TD Securities (USA) LLC UBS Securities LLC. Wells Fargo Securities, LLC Note: The above list consists of primary dealers that serve as trading counterparties of the Federal Reserve Bank of New York in its implementation of monetary policy. These primary dealers are required to participate in all auctions of U.S. government debt. Treasury Staff will perform additional due diligence on each investment decision, and hence, may or may not use the primary dealers listed above. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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CONFLICTOFINTERESTCODE
For the TREASURER‐TAX COLLECTOR’S OFFICE This Conflict of Interest Code is promulgated under the authority of the Political Reform Act, Government Code §81000, et seq., which requires all state and local government agencies to adopt and promulgate conflict of interest codes. Section 18730 of Title 2, Division 6 of the California Code of Regulations, as adopted by the Fair Political Practices Commission (FPPC) contains the terms of a standard conflict of interest code, which may be incorporated by reference and may be amended by the FPPC after public note and hearings to conform to amendments in the Political Reform Act. Therefore, the terms of Section 18730 of Title 2, Division 6 of the California Code of Regulations and any amendments to it duly adopted by the FPPC are hereby incorporated by reference and, along with the below stated Disclosure Categories, constitute the Conflict of Interest Code of the Treasurer‐Tax Collector’s Office of Contra Costa County. Employees in designated categories below shall file a Statement of Economic Interest (Form 700) with the filing officer, who will make the statements available for public inspection and reproduction. (California Government Code §81008) DESIGNATED POSITIONS CLASS/JOB CODE TITLE County Treasurer‐Tax Collector Assistant County Treasurer Chief Deputy Treasurer‐Tax Collector Treasurer’s Investment Officer Treasurer’ Investment Operations Analyst Tax Operations Supervisor Treasurer Oversight Committee members ASSIGNED CATEGORY 1 1 1 1 1 1 2 DISCLOSURE CATEGORIES General Rule An investment, interest in real property, or income is reportable if the business entity in which the investment is held, the interest in real property, or the income or source of income may foreseeably be affected materially by any decision made or participated in by the designated employee by virtue of the employee’s position. 1.
2.
Designated Employees in Category “1” must report: a.
All investments, interests in real property, and income, and any business entity in which the employee is a director, officer, partner, trustee, employee, or hold any position in management. Financial interests are reportable only if located within Contra Costa County or if the business entity is doing business or planning to do business in the County (and such plans are known by the designated employee) or has done business within the County at any time during the two years prior to the filing of the statement. b.
Investments in any business entity, and income from any source and status as a director, officer, partner, trustee, employee, or hold of a position of management in any business entity, which has within the last two years contracted or foreseeably may contract with Contra Costa County, or with any special district or other public agency within the County, to provide services, supplies, materials, machinery or equipment to such County, district, or public agency. Designated Employees in Category “2” must report: CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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Investments in any business entity, income from any source and status as a director, officer, partner, trustee, employee or holder of a position of management in any business entity, which has within the last two years contracted, or foreseeably may contract, with Contra Costa County to provide services, supplies, materials, machinery or equipment to the Office the Treasurer‐Tax Collector. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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GLOSSARY OF TERMS ACCRUED INTEREST The accumulated interest due on a bond as of the last interest payment made by the issuer. AGENCY A debt security issued by a federal or federally sponsored agency. Federal agencies are backed by the full faith and credit of the U.S. Government. Federally sponsored agencies (FSAs) are backed by each particular agency with a market perception that there is an implicit government guarantee. An example of federal agency is the Government National mortgage Association (GNMA). An example of a FSA is the Federal National Mortgage Association (FNMA). AMORTIZATION The systematic reduction of the amount owed on a debt issue through periodic payments of principal. AVERAGE LIFE The average length of time that an issue of serial bonds and/or term bonds with a mandatory sinking fund feature is expected to be outstanding. BANKERS ACCEPTANCES A time bill of exchange drawn on and accepted by a commercial bank to finance the exchange of goods. When a bank “accepts” such a bill, the time draft becomes, in effect, a predated, certified check payable to the bearer at some future specified date. The commercial bank assumes primary liability once the draft is accepted. BASIS POINT A unit of measurement used in the valuation of fixed‐income securities equal to 1/100 of one percent of yield. For example, if interest rates increase from 8.25% to 8.50%, the difference is referred to as a 25‐basis‐point increase. BENCHMARK A comparative base for measuring the performance or risk tolerance of the investment portfolio. A benchmark should represent a close correlation to the level of risk and the average duration of the portfolio’s investment. BID The indicated price at which a buyer is willing to purchase a security or commodity. BLUE SKY LAWS Common term for state securities law, which vary from state to state. Generally refers to provision related to prohibitions against fraud, dealer and broker regulations and securities registration. BOND A bond is essentially a loan made by an investor to a division of the government, a government agency or a corporation. The bond is a promissory note to repay the loan in full at the end of a fixed time period. The date on which the principal must be repaid is called the maturity date or maturity. In addition, the issuer of the bond, that is the agency or corporation receiving the loan proceeds and issuing the promissory note, agrees to make regular payments of interest at a rate initially stated on the bond. Bonds are rated according to many factors, including cost, degree of risk and rate of income. BOOK VALUE Refers to value of a held security as carried in the records of an investor. May differ from current market value of the security. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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BROKER/DEALER Any person engaged in the business of effecting transaction in securities in this state for the account of others or for her/his own account. Broker/dealer also includes a person engaged in the regular business of issuing or guaranteeing options with regard to securities not of her/his own issue. CALLABLE BOND A bond issue in which all or part of its outstanding principal amount may be redeemed before maturity by the issuer under specified conditions. CALL PRICE The price at which an issuer may redeem a bond prior to maturity. The price is usually at a slight premium to the bond’s original issue price to compensate the holder for the loss of income and ownership. CALL RISK The risk to the bondholder that a bond may be redeemed prior to maturity. CASH SALE/PURCHASE A transaction which calls for delivery and payment of securities on the same day that the transaction is initiated. CERTIFICATES OF DEPOSIT (CD) Certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified rate of return. They are issued in two forms, negotiable and non‐negotiable. CLEAN UP CALL An action of a debt instrument issuer requiring early redemption of the instrument to reduce its own administrative expenses. This normally occurs when the principal outstanding is significantly reduced to a small amount, e.g., less than 10% of the original issue. COLLATERALIZATION Process by which a borrower pledges securities, property, or other deposits for the purpose of securing the repayment of a loan and/or security. COMMERCIAL PAPER Short‐term, unsecured promissory notes issued in either registered or bearer form and usually backed by a line of credit with a bank. Maturities do not exceed 270 days and generally average 30‐45 days. CONVEXITY A measure of a bond’s price sensitivity to changing interest rates. A high convexity indicates greater sensitivity of a bond’s price to interest rate changes. COUPON RATE The annual rate of interest received by an investor from the issuer of certain types of fixed‐income securities. Also known as the “interest rate.” CREDIT QUALITY The measurement of the financial strength of a bond issuer. This measurement helps an investor to understand an issuer’s ability to make timely interest payments and repay the loan principal upon maturity. Generally, the higher the credit quality of a bond issuer, the lower the interest rate paid by the issuer because the risk of default is lower. Credit quality ratings are provided by nationally recognized rating agencies. CREDIT RISK The risk to an investor that an issuer will default in the payment of interest and/or principal on a security. CURRENT YIELD (CURRENT RETURN) A yield calculation determined by dividing the annual interest received on a security by the current market price of that security. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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CUSIP NUMBERS CUSIP is an acronym for Committee on Uniform Security Identification Procedures. CUSIP numbers are identification numbers assigned each maturity of a security issue and usually printed on the face of each individual security in the issue. The CUSIP numbers are intended to facilitate identification and clearance of securities. DELIVERY VERSUS PAYMENT (DVP) A type of securities transaction in which the purchaser pays for the securities when they are delivered either to the purchaser or his/her custodian. DERIVATIVE SECURITY Financial instrument created from, or whose value depends upon, one or more underlying assets or indexes of asset values. DISCOUNT The amount by which the par value of a security exceeds the price paid for the security. DIVERSIFICATION A process of investing assets among a range of security types by sector, maturity, and quality rating. DURATION A measure of the timing of the cash flows, such as the interest payments and the principal repayment, to be received from a given fixed‐income security. This calculation is based on three variables: term to maturity, coupon rate, and yield to maturity. The duration of a security is a useful indicator of its price volatility for given changes in interest rates. EARNINGS APPORTIONMENT The quarterly interest distribution of the Pool Participants where the actual investment costs incurred by the Treasurer are deducted from the interest earnings of the Pool FAIR VALUE The amount at which an investment could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. FEDERAL FUNDS (FED FUNDS) Funds placed in Federal Reserve banks by depository institutions in excess of current reserve requirements. These depository institutions may lend fed funds to each other overnight or on a longer basis. They may also transfer funds among each other on a same‐day basis through the Federal Reserve banking system. Fed funds are considered to be immediately available funds. FEDERAL FUNDS RATE Interest rate charged by one institution lending federal funds to the other. FEDERAL OPEN MARKET COMMITTEE (FOMC) This committee sets Federal Reserve guidelines regarding purchases and sales of government securities in the open market as a means of influencing the volume of bank credit and money. FIDUCIARY An individual who holds something in trust for another and bears liability for its safekeeping. FLOATING RATE NOTE A debt security whose interest rate is reset periodically (monthly, quarterly, annually) and is based on a market index (e.g., Treasury bills, LIBOR, etc.). FUTURES Commodities and other investments sold to be delivered at a future date. GOVERNMENT SECURITIES An obligation of the U.S. government, backed by the full faith and credit of the government. These securities are regarded as the highest quality of investment securities available in the U.S. securities market. See “Treasury Bills, Notes and Bonds.” CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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INTEREST RATE See “Coupon Rate.” INTERNAL CONTROLS An internal control structure is designed to ensure that the assets of the Treasurer’s Investment Pool are protected from loss, theft, or misuse, and to provide reasonable assurance that this objective is met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived and (2) the valuation of costs and benefits requires estimates and judgments by management. Internal controls should address the following points: 1.
Control of collusion—Collusion is a situation where two or more employees are working in conjunction to defraud their employer. 2.
Separation of transaction authority from accounting and record keeping—By separating the person who authorizes or performs the transaction from the people who record or otherwise account for the transaction, a separation of duties is achieved. 3.
Custodial safekeeping—Securities purchased from a bank or dealer including appropriate collateral (as defined by state law) shall be placed with an independent third party for custodial safekeeping. 4.
Avoidance of physical delivery securities—Book‐entry securities are much easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities. 5.
Clear delegation of authority to subordinate staff members—Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions. Clear delegation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities. 6.
Written confirmation of transactions for investments and wire transfers—Due to the potential for error and improprieties arising from telephone and electronic transactions, all transactions should be supported by written communications and approved by the appropriate person. Written communications may be via fax if on letterhead and if the safekeeping institution has a list of authorized signatures. 7.
Development of a wire transfer agreement with the lead bank and third‐party custodian—The designated official should ensure that an agreement will be entered into and will address the following points: controls, security provisions, and responsibilities of each party making and receiving wire transfers. INVERSE FLOATERS An adjustable interest rate note keyed to various indices such as LIBOR, commercial paper, federal funds, treasuries and derivative structures. The defined interest rate formula is the opposite or inverse of these indices. Interest rates and pay dates may reset daily, weekly, monthly, quarterly, semi‐annually or annually. INVERTED YIELD CURVE A chart formation that illustrates long‐term securities having lower yields than short‐term securities. This configuration usually occurs during periods of high inflation coupled with low levels of confidence in the economy and a restrictive monetary policy. INVESTMENT COMPANY ACT OF 1940 Federal legislation which sets the standards by which investment companies, such as mutual funds, are regulated in the areas of advertising, promotion, performance reporting requirements, and securities valuations. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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INVESTMENT POLICY A concise and clear statement of the objectives and parameters formulated by the investor or investment manager for a portfolio of investment securities. INVESTMENT‐GRADE OBLIGATIONS An investment instrument suitable for purchase by institutional investors under the prudent person rule. Investment‐grade is restricted to those obligations rated BBB or higher by a rating agency. LIQUIDITY Usually refers to the ability to convert assets (such as investments) into cash. LOCAL AGENCY INVESTMENT FUND (LAIF) The State of California investment pool in which money of local agencies is pooled as a method for managing and investing local funds. MAKE WHOLE CALL A type of call provision on a bond allowing the borrower to pay off remaining debt early. The borrower has to make a lump sum payment derived from a formula based on the net present value of future coupon payments that will not be paid because of the call. MARK TO MARKET Valuing the inventory of held securities at its current market value. MARKET RISK The risk that the value of a security will rise or decline as a result of changes in market conditions. MARKET VALUE Price at which a security can be traded in the current market. MASTER REPURCHASE AGREEMENT A written contract covering all future transactions between the parties to repurchase‐reverse repurchase agreements that establishes each party’s rights in the transaction. A master agreement will often specify, among other things, the right of the buyer‐lender to liquidate the underlying securities in the event of default by the seller‐borrower. MATURITY The date upon which the principal of a security becomes due and payable to the holder. MEDIUM‐TERM NOTES (MTNS) Corporate debt obligations continuously offered in a broad range of maturities. MTNs were created to bridge the gap between commercial paper and corporate bonds. The key characteristic of MTNs is that they are issued on a continuous basis. MONEY MARKET INSTRUMENTS Private and government obligations of one year or less. MONEY MARKET MUTUAL FUNDS Mutual funds that invest solely in money market instruments (short‐
term debt instruments, such as Treasury bills, commercial paper, banker’s acceptances, repos and federal funds). MUTUAL FUND An investment company that pools money and can invest in a variety of securities, including fixed‐income securities and money market instruments. Mutual funds are regulated by the Investment Company Act of 1940 and must abide by the following Securities and Exchange Commission (SEC) disclosure guidelines: 1. Report standardized performance calculations. 2. Disseminate timely and accurate information regarding the fund’s holdings, performance, management and general investment policy. 3. Have the fund’s investment policies and activities supervised by a board of trustees, which are independent of the adviser, administrator or other vendor of the fund. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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4. Maintain the daily liquidity of the fund’s shares. 5. Value their portfolios on a daily basis. 6. Have all individuals who sell SEC‐registered products licensed with a self‐regulating organization (SRO) such as the National Association of Securities Dealers (NASD). 7. Have an investment policy governed by a prospectus which is updated and filed by the SEC annually. MUTUAL FUND STATISTICAL SERVICES Companies that track and rate mutual funds, e.g., IBC/Donoghue, Lipper Analytical Services and Morningstar. NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD) A self‐regulatory organization (SRO) of brokers and dealers in the over‐the counter securities business. Its regulatory mandate includes authority over firms that distribute mutual fund shares as well as other securities. NEGOTIABLE CERTIFICATES OF DEPOSIT May be sold by one holder to another prior to maturity. This is possible because the issuing bank agrees to pay the amount of the deposit plus interest earned to the bearer of the certificate at maturity. NET ASSET VALUE The market value of one share of an investment company, such as a mutual fund. This figure is calculated by totaling a fund’s assets which includes securities, cash, and any accrued earnings, subtracting this from the fund’s liabilities and dividing this total by the number of shares outstanding. This is calculated once a day based on the closing price for each security in the fund’s portfolio. (See below) [(Total assets) – (Liabilities]/(Number of shares outstanding) NO LOAD FUND A mutual fund which does not levy a sales charge on the purchase of its shares. NOMINAL YIELD The stated rate of interest that a bond pays its current owner, based on par value of the security. It is also known as the “coupon,” “coupon rate,” or “interest rate.” NON‐NEGOTIABLE CERTIFICATES OF DEPOSIT For public funds, these certificates are collateralized and are not money market instruments since they cannot be traded in the secondary market. They are issued on a fixed‐maturity basis and often pay higher interest rates than are permissible on other savings or time‐deposit accounts. OFFER The price of a security at which a person is willing to sell. OPTION A contract that provides the right, but not the obligation, to buy or to sell a specific amount of a specific security within a predetermined time period. A call option provides the right to buy the underlying security. A put option provides the right to sell the underlying security. The seller of the contracts is called the writer. PAR Face value of principal value of a bond, typically $1,000 per bond. PAR VALUE The stated or face value of a security expressed as a specific dollar amount marked on the face of the security; the amount of money due at maturity. Par value should not be confused with market value. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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POSITIVE YIELD CURVE A chart formation that illustrates short‐term securities having lower yields than long‐term securities. PREMIUM The amount by which the price paid for a security exceeds par value, generally representing the difference between the nominal interest rate and the actual or effective return to the investor. PRIME RATE A preferred interest rate charged by commercial banks to their most creditworthy customers. Many interest rates are keyed to this rate. PRINCIPAL The face value or par value of a debt instrument. Also may refer to the amount of capital invested in a given security. PROSPECTUS A legal document that must be provided to any prospective purchaser of a new securities offering registered with the SEC. This can include information on the issuer, the issuer’s business, the proposed use of proceeds, the experience of the issuer’s management, and certain certified financial statements. PRUDENT PERSON RULE An investment standard outlining the fiduciary responsibilities of public funds investors relating to investment practices. RANGE NOTES A security whose rate of return is pegged to an index. The note defines the interest rate minimum or floor and the interest rate maximum or cap. An example of an index may be federal funds. The adjustable rate of interest is determined within the defined range of the funds. RATE OF RETURN The yield obtainable on a security based on its purchase price or its current market price. This may be the amortized yield to maturity on a bond and the current income return. REINVESTMENT RISK The risk that a fixed‐income investor will be unable to reinvest income proceeds from a security holding at the same rate of return currently generated by that holding. REPURCHASE AGREEMENT OR RP OR REPO An agreement consisting of two simultaneous transactions whereby the investor purchases securities from a bank or dealer and the bank or dealer agrees to repurchase the securities at the same price on a certain future date. The interest rate on a RP is that which the dealer pays the investor for the use of his funds. Reverse repurchase agreements are the mirror image of the RPs when the bank or dealer purchases securities from the investor under an agreement to sell them back to the investor. REVERSE REPURCHASE AGREEMENT (REVERSE REPO) An agreement of one party to sell securities at a specified price to a second party and a simultaneous agreement of the first party to repurchase the securities at a specified price or at a specified later date. RULE 2A‐7 OF THE INVESTMENT COMPANY ACT Applies to all money market mutual funds and mandates such funds to maintain certain standards, including a 13‐month maturity limit and a 90‐day average maturity on investments, to help maintain a constant net asset value of one dollar ($1.00). SAFEKEEPING Holding of assets (e.g., securities) by a financial institution. SECURITIES LENDING A transaction wherein the Treasurer’s Pool transfers its securities to a broker/dealer or other entities for collateral which may be cash or securities and simultaneously agrees to return the collateral for the same securities in the future. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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SERIAL BOND A bond issue, usually of a municipality, with various maturity dates scheduled at regular intervals until the entire issue is retired. SETTLEMENT DATE The date used in price and interest computations, usually the date of delivery. SINKING FUND Money accumulated on a regular basis in a separate custodial account that is used to redeem debt securities or preferred stock issues. SLUGS An acronym for State and Local Government Series. SLUGS are special United States Government securities sold by the Secretary of the Treasury to states, municipalities and other local government bodies through individual subscription agreements. The interest rates and maturities of SLUGS are arranged to comply with arbitrage restrictions imposed under Section 103 of the Internal Revenue Code. SLUGS are most commonly used for deposit in escrow in connection with the issuance of refunding bonds. STRIPS US Treasury acronym for “separate trading of registered interest and principal of securities." Certain registered Treasury securities can be divided into separate interest and principal components, which may then be traded as separate entities. SUPRANATIONAL Supranational is an international organization, or union, whereby member states transcend national boundaries or interests to share in the decision‐making and vote on issues pertaining to the wider grouping. Examples of supranational are International Bank for Reconstruction and Development, International Finance Corporation, European Union, and World Trade Organization. SWAP Generally refers to an exchange of securities, with essentially the same par value, but may vary in coupon rate, type of instrument, name of issuer and number of days to maturity. The purpose of the SWAP may be to enhance yield, to shorten the maturity or any benefit deemed by the contracting parties. TERM BONDS Bonds comprising a large part or all of a particular issue which come due in a single maturity. The issuer usually agrees to make periodic payments into a sinking fund for mandatory redemption of term bonds before maturity. TOTAL RETURN The sum of all investment income plus changes in the capital value of the portfolio. For mutual funds, return on an investment is composed of share price appreciation plus any realized dividends or capital gains. This is calculated by taking the following components during a certain time period: (Price Appreciation) + (Dividends paid) + (Capital gains) = Total Return TREASURY SECURITIES Debt obligations of the United States Government sold by the Treasury Department in the form of bills, notes and bonds: 1. Bills Short‐term obligations that mature in one year or less and are sold at a discount in lieu of paying periodic interest. 2. Notes Interest‐bearing obligations that mature between one year and 10 years. 3. Bonds Interest‐bearing long‐term obligations that generally mature in 10 years or more. UNIFORM NET CAPITAL RULE SEC Rule 15C3‐1 outlining capital requirements for broker/dealers. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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U.S. AGENCY OBLIGATIONS Federal agency or United States government‐sponsored enterprise obligations, participants, or other instruments. The obligations are issued by or fully guaranteed as to principal and interest by federal agencies or United States government‐sponsored enterprises. U.S. TREASURY OBLIGATIONS Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk and are the benchmark for interest rates on all other securities in the U.S. and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds. VOLATILITY A degree of fluctuation in the price and valuation of securities. “VOLATILITY RISK” RATING A rating system to clearly indicate the level of volatility and other non‐credit risks associated with securities and certain bond funds. The ratings for bond funds range from those that have extremely low sensitivity to changing market conditions and offer the greatest stability of the returns (“S1+” by S&P) to those that are highly sensitive with currently identifiable market volatility risk (“S6” by S&P). WEIGHTED AVERAGE MATURITY (WAM) The average maturity of all the securities that comprise a portfolio. According to SEC rule 2a‐7, the WAM for SEC registered money market mutual funds may not exceed 90 days and no one security may have a maturity that exceeds 397 days. WHEN ISSUED (WI) A conditional transaction in which an authorized new security has not been issued. All “when issued” transactions are settled when the actual security is issued. YIELD The current rate of return on an investment security generally expressed as a percentage of the security’s current price. YIELD‐TO‐CALL (YTC) The rate of return an investor earns from a bond assuming the bond is redeemed (called) prior to its nominal maturity date. YIELD CURVE A graphic representation that depicts the relationship at a given point in time between yields and maturity for bonds that are identical in every way except maturity. A normal yield curve may be alternatively referred to as a positive yield curve. YIELD‐TO‐MATURITY The rate of return yielded by a debt security held to maturity when both interest payments and the investor’s potential capital gain or loss are included in the calculation of return. ZERO‐COUPON SECURITY A security that makes no periodic interest payments but instead is sold at a discount from its face value. CONTRACOSTACOUNTYANNUALINVESTMENTPOLICYFY2016‐2017
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CONTRA COSTA COUNTY
TREASURER’S QUARTERLY INVESTMENT REPORT
AS OF JUNE 30, 2016
TABLE OF CONTENTS
Page
I. Executive Summary
1
II. Contra Costa County Investment Pool Summary
2
III. Appendix
A. Investment Portfolio Detail—Managed by Treasurer’s Office
1. Portfolio Summary
5
2. Portfolio Detail
8
3. Market Valuation Sources
38
B. Investment Portfolio Detail – Managed by Outside Contracted Parties
1. State of California Local Agency Investment Fund
a. Summary
39
2. Asset Management Funds
a. Wells Capital Management
b. CalTRUST
40
74
3. East Bay Regional Communications System Authority
(EBRCS)
a. Summary
79
Page 1
EXECUTIVE SUMMARY

The Treasurer's investment portfolio is in compliance with Government Code
53600 et. seq..

The Treasurer's investment portfolio is in compliance with the Treasurer's
current investment policy.

The Treasurer’s investment portfolio has no securities lending, reverse
repurchase agreements or derivatives.

As of 6/30/16, the fair value of the Treasurer’s investment portfolio was
100.25% of the cost. More than 77 percent of the portfolio or over $2.56 billion
will mature in less than a year. Historical activities combined with future cash
flow projections indicate that the County is able to meet its cash flow needs for
the next six months.

Treasurer’s Investment Portfolio Characteristics
Par
$3,318,656,801.66
Cost
$3,316,430,137.38
Market Value
$3,324,733,399.00
Weighted Yield to Maturity
0.84%
Weighted Average Days to Maturity
227 days
Weighted Duration
0.62 year
Page 2
CONTRA COSTA COUNTY INVESTMENT POOL
As of June 30, 2016
PERCENT OF
TYPE
PAR VALUE
COST
FAIR VALUE
TOTAL COST
A. Investments Managed by Treasurer's Office
1. U.S. Treasuries (STRIPS, Bills, Notes)
$27,440,000.00
$27,656,200.60
$27,858,002.70
0.83%
7.36%
2. U.S. Agencies
Federal Home Loan Banks
243,865,000.00
244,069,975.36
245,256,349.75
Federal National Mortgage Association
103,032,000.00
103,564,461.57
104,045,105.40
3.12%
Federal Farm Credit Banks
201,305,000.00
201,066,463.59
202,585,604.51
6.06%
Federal Home Loan Mortgage Corporation
192,470,000.00
192,666,741.58
1,990,000.00
2,122,157.78
742,662,000.00
743,489,799.88
747,325,621.29
22.42%
35,000,000.00
34,981,445.84
35,172,350.00
1.05%
1,032,625,000.00
1,028,534,883.61
1,031,229,380.45
31.01%
747,845,000.00
747,842,285.49
748,192,291.10
22.55%
2,175,000.00
2,175,000.00
565,318.32
565,318.32
565,318.32
0.02%
3,335.77
3,335.77
3,330.04
0.00%
1,783,213,654.09
1,779,120,823.19
1,782,148,811.66
53.65%
6,893,621.96
6,922,577.37
141,512,000.00
142,096,714.65
142,978,951.45
4.28%
2,736,721,276.05
2,734,267,561.53
2,742,404,653.68
82.45%
206,784,102.55
206,784,102.55
206,912,561.38
Municipal Bonds
Subtotal
3. Supranationals - International Government
193,316,403.85
1
2,122,157.78
5.81%
1
0.06%
4. Money Market Instruments
Commercial Paper
Negotiable Certificates of Deposit
Medium Term Certificates of Deposit
Money Market Accounts
Time Deposit
Subtotal
5. Asset Backed Securities/Mortgage Backed Securities
6. Corporate Notes
TOTAL (Section A.)
1
1
2,158,491.75
6,920,916.58
1
1
0.07%
0.21%
B. Investments Managed by Outside Contractors
1. Local Agency Investment Fund
2
6.24%
3
1.34%
2. Other
a. EBRCS Bond
b. Wells Capital Management
c. CalTRUST (Short-Term Fund)
Subtotal
TOTAL (Section B.)
C. Cash
2,232,756.90
2,232,756.90
2,232,756.90
44,153,336.92
44,380,387.16
44,418,097.80
133,744,078.96
133,744,078.96
133,744,078.96
GRAND TOTAL (FOR A , B, & C)
4.03%
180,130,172.78
180,357,223.02
180,394,933.66
5.44%
386,914,275.33
387,141,325.57
387,307,495.04
11.67%
195,021,250.28
4
0.07%
$3,318,656,801.66
Notes:
1. Fair Value equals Cost less Purchase Interest
2. Estimated Fair Value
3. Base Market Value plus Accrued Interest
4. Does not include the Futuris Public Entity Trust of the Contra Costa Community College District Retirement Board of Authority
195,021,250.28
$3,316,430,137.38
195,021,250.28
$3,324,733,399.00
5.88%
100.00%
Page 3
CONTRA COSTA COUNTY
INVESTMENT POOL
AT A GLANCE
AS OF JUNE 30, 2016
PORTFOLIO BREAKDOWN
BY INVESTMENT
PORTFOLIO CREDIT QUALITY
NR (CASH)
5.88%
Money Market
53.65%
AAA
1.02%
NR (Misc.) BBB+
0.19% 0.09%
AA+
24.64%
Supranationals
1.05%
A‐1
44.70%
AA
10.97%
ABS/MBS
0.21%
U.S. Treasuries
0.83%
Cash
5.88%
U.S.AgenciesFederal, State and
Local
22.42%
Outside
Contractors-Other
5.44%
A‐1+
8.52%
Corporate
Outside
Notes
Contractors-LAIF
4.28%
6.24%
AA‐
A+ 1.87%
0.95%
A
A‐
0.86%
0.31%
YIELD TO MATURITY BY PORTFOLIO
MATURITY DISTRIBUTION
1.00%
$3,000,000,000
0.90%
77.19%
0.904%
0.840%
0.80%
$2,500,000,000
$2,000,000,000
0.730%
0.701%
0.70%
0.60%
0.550%
0.50%
$1,500,000,000
0.40%
$1,000,000,000
0.350%
0.30%
$500,000,000
11.19%
0.20%
9.27%
1.76%
0.59%
$0
1 yr & less
1 to 2 yrs
2 to 3 yrs
3 to 4 yrs
4+ yrs
0.10%
0.00%
Total
Treasurer
LAIF
Wells
CalTRUST
Cash
Note: Total is 100% of the portfolio; Treasurer‐83%; LAIF‐6%; Wells Cap‐1%; CalTRUST‐4% and Cash‐6%
QUARTERLY WEIGHTED YIELD TO MATURITY
Voluntary Participants
6.77%
0.90%
0.80%
POOL BALANCE BY PARTICIPANTS
Community College Dist.
11.85%
0.70%
0.60%
County&Agencies
41.85%
0.50%
0.40%
0.30%
School Dist.
39.53%
0.20%
0.10%
0.00%
9/13
12/13
3/14
6/14
9/14
12/14
3/15
YTM
6/15
9/15
12/15
3/16
6/16
Note: More than 45% of the School Dist. funds from the bond proceeds
NOTES TO INVESTMENT PORTFOLIO SUMMARY AND AT A GLANCE AS OF JUNE 30, 2016
1. All report information is unaudited but due diligence was utilized in its preparation.
2. There may be slight differences between the portfolio summary page and the attached exhibits and statements for investments managed by outside contractors or trustees.
The variance is due to the timing difference in recording transactions associated with outside contracted parties during interim periods and later transmitted to the appropriate
county agency and/or the Treasurer’s Office. In general, the Treasurer’s records reflect booked costs at the beginning of a period.
3. All securities and amounts included in the portfolio are denominated in United States Dollars.
4. The Contra Costa County investment portfolio maintains Standard & Poor's highest credit quality rating of AAAf and lowest volatility of S1+. The portfolio consists of a large
portion of short-term investments with credit rating of A-1/P-1 or better. The majority of the long-term investments in the portfolio are rated AA or better.
5. In accordance with Contra Costa County's Investment Policy, the Treasurer's Office has constructed a portfolio that safeguards the principal, meets the liquidity needs
and achieves a return. As a result, more than 77% of the portfolio will mature in less than a year with a weighted average maturity of 227 days.
Page 4
MAJOR MARKET AND ECONOMIC DATA
AS OF JUNE 30, 2016
CONSUMER PRICE INDEX 6
7
5
6
4
5
3
Percentage
Percentage
TREASURY YIELDS AND FED TARGET RATE
8
4
2
3
1
2
0
1
‐1
0
06/96
‐2
06/99
06/02
US 2‐YR TREASURY YIELD
06/05
06/08
US 5‐YR TREASURY YIELD
06/11
Jun‐96
06/14
Jun‐98
Jun‐00
Jun‐04
Jun‐06
CPI YoY Change
FEDERAL FUND TARGET RATE
GROSS DOMESTIC PRODUCT
Jun‐08
Jun‐10
Jun‐12
Jun‐14
Jun‐16
Core CPI YoY Change
EMPLOYMENT RELATED RATES
10
20
8
18
6
16
4
14
2
12
Percentage
Percentage
Jun‐02
0
10
‐2
8
‐4
6
‐6
4
‐8
2
0
‐10
06/30/98
06/30/01
06/30/04
06/30/07
GDP QoQ Change
Note:
All data provided by Bloomberg
06/30/10
06/30/13
06/30/16
Jun‐97
Jun‐99
Jun‐01
Jun‐03
Jun‐05
Unemployment Rate
Jun‐07
Jun‐09
Underemployment Rate
Jun‐11
Jun‐13
Jun‐15
SECTION III
APPENDIX
A. INVESTMENT PORTFOLIO DETAIL MANAGED BY TREASURER’S OFFICE
Inventory by Market Value
Page 5
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:11:45 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
1.017109
35,000,000.00
35,172,350.00
116,062.50
219,550.00
1.069565
34,981,445.84
100.492429
1.261617
27,440,000.00
27,858,002.70
1.013967
27,656,200.60
101.523333
1.031463
243,865,000.00
245,256,349.75
.930508
244,069,975.36
100.570541
1.253842
102,487,000.00
103,501,529.35
1.078398
103,022,006.63
100.989910
1.716709
2,849,590.16
2,878,075.09
1.377838
2,879,735.88
100.999615
1.049830
199,835,000.00
201,116,557.51
1.092359
199,603,409.84
100.641308
.535000
1,000,000.00
997,888.89
.537741
994,902.64
99.788889
Inv Type: 1 SUPRANATIONALS
Subtotal
0.00
Inv Type: 12 TREASURY NOTES
Subtotal
76,312.67
221,470.99
-6,810.42
Inv Type: 22 FEDERAL HOME LOAN BANKS
Subtotal
364,460.82
1,284,258.64
-97,884.25
Inv Type: 23 FEDERAL NATIONAL MORTGAGE ASSO
Subtotal
359,695.29
763,241.32
-234,370.96
Inv Type: 26 AGENCY ABS FXD-M 30/360
Subtotal
4,076.54
0.00
0.00
Inv Type: 27 FEDERAL FARM CREDIT BANKS
Subtotal
379,899.45
1,522,450.73
-4,514.14
Inv Type: 28 FHLMC DISCOUNT NOTES
Subtotal
AvantGard APS2
2,125.14
861.11
0.00
Page 1 of 3
Inventory by Market Value
Page 6
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:11:45 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
1.050692
191,470,000.00
192,318,514.96
378,998.52
1.001066
191,671,838.94
100.443158
3.128212
1,990,000.00
2,122,157.78
1.550194
2,122,157.78
106.641094
.482480
545,000.00
543,576.05
.488157
542,454.94
99.738725
.472739
1,470,000.00
1,469,047.00
.475034
1,463,053.75
99.935170
1.212290
3,444,031.80
3,443,661.80
1.217173
3,443,661.80
99.989257
1.020000
600,000.00
599,179.69
1.083588
599,179.69
99.863282
.811041
1,032,625,000.00
1,031,229,380.45
.814347
1,028,534,883.61
99.864847
Inv Type: 29 FHLMC NOTES
Subtotal
784,346.18
-136,191.00
Inv Type: 31 MUNICIPAL BONDS
Subtotal
21,485.38
0.00
0.00
Inv Type: 41 FNMA DISCOUNT NOTES
Subtotal
991.86
129.25
0.00
Inv Type: 42 FARM CREDIT DISCOUNT NOTES
Subtotal
5,268.31
724.94
0.00
Inv Type: 50 AUTO ABS FXD-M 30/360
Subtotal
1,807.48
0.00
0.00
Inv Type: 53 CREDIT ABS FXD-SA 30/360
Subtotal
2,193.00
0.00
0.00
Inv Type: 71 COMMERCIAL PAPER DISCOUNT
Subtotal
AvantGard APS2
1,995,783.06
698,719.78
-6.00
Page 2 of 3
Inventory by Market Value
Page 7
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:11:45 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
.794145
735,730,000.00
736,110,867.27
2,014,716.33
380,361.78
.793976
735,730,505.49
100.051767
1.000000
2,175,000.00
2,158,491.75
1.000000
2,175,000.00
99.241000
1.676132
141,512,000.00
142,978,951.45
1.452099
142,096,714.65
101.036627
1.265482
8,600,000.00
8,566,423.83
1.278261
8,596,780.00
99.609579
1.171259
3,515,000.00
3,515,000.00
1.171259
3,515,000.00
100.000000
.000000
565,318.32
565,318.32
.000000
565,318.32
100.000000
.600000
3,335.77
3,330.04
.600000
3,335.77
99.828226
.934068
2,736,721,276.05
2,742,404,653.68
.904275
2,734,267,561.53
100.207671
Inv Type: 72 NEGOTIABLE CERT OF DEPOSIT
Subtotal
0.00
Inv Type: 74 CERT OF DEPOSIT MEDIUM TERM
Subtotal
15,225.00
0.00
-16,508.25
Inv Type: 75 CORPORATE NOTES
Subtotal
638,776.40
1,208,079.65
-309,015.25
Inv Type: 79 YCD/NCD 30/360
Subtotal
23,530.19
0.00
-30,356.17
Inv Type: 80 YCD / NCD QTR FLTR
Subtotal
4,856.66
0.00
0.00
Inv Type: 99 MONEY MARKET ACCOUNTS
Subtotal
0.00
0.00
0.00
Inv Type: 1000 TD WITH CALC CODE OF CSC-00
Subtotal
Grand Total
AvantGard APS2
Count 452
42.75
0.00
-5.73
6,406,307.35
7,084,194.37
-835,662.17
Page 3 of 3
Inventory by Market Value
Page 8
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
62,800.00
Inv Type: 1 SUPRANATIONALS
82880
82978
83079
83184
SUP INTL BK RECON &
45905UUM4
SUP INTL BK RECON &
459058EV1
SUPRA INTL BK RECON
459058FE8
SUP INTER-AMERICAN
458182DX7
01/06/2016
1.060000
10,000,000.00
10,052,800.00
50,055.56
01/11/2018
1.110364
9,990,000.00
100.528000
IDC-FIS
0.00
03/10/2016
1.250000
5,000,000.00
5,059,250.00
26,562.50
75,050.00
07/26/2019
1.345903
4,991,491.67
101.185000
IDC-FIS
0.00
04/20/2016
.875000
10,000,000.00
10,026,000.00
17,500.00
36,000.00
07/19/2018
.920174
9,990,243.06
100.260000
IDC-FIS
0.00
06/28/2016
1.000000
10,000,000.00
10,034,300.00
21,944.44
45,700.00
05/13/2019
1.040147
10,009,711.11
100.343000
IDC-FIS
0.00
1.017109
35,000,000.00
35,172,350.00
116,062.50
219,550.00
1.069565
34,981,445.84
100.492429
1.375000
85,000.00
86,334.50
Subtotal
0.00
Inv Type: 12 TREASURY NOTES
82377
CCCCD GOV US TREASU
912828VQ0
82460
CCCSIG GOV US TREAS
912828F39
82512
RM GOV US TREASURY
912828ST8
82577
CCCCD GOV US TREAS
912828ND8
82679
CCCCD GOV US TREASU
912828VJ6
82710
82711
82754
CCCCD GOV US TREASU
CCCCD GOV US TREASU
CCCSIG GOV US TREAS
912828UU2
912828SM3
912828RH5
82755
CCCCD GOV US TREASU
912828F39
82786
CCCCD GOV US TREAS
912828UQ1
82789
CCCSIG GOV US TREAS
912828WD8
AvantGard APS2
02/04/2015
488.03
139.19
07/31/2018
.916641
86,195.31
101.570000
IDC-FIS
0.00
03/27/2015
1.750000
360,000.00
371,264.40
1,583.61
5,836.27
09/30/2019
1.403864
365,428.13
103.129000
IDC-FIS
0.00
04/15/2015
1.250000
5,000,000.00
5,078,700.00
10,529.89
56,825.00
04/30/2019
1.138894
5,021,875.00
101.574000
IDC-FIS
0.00
05/29/2015
3.500000
240,000.00
263,793.60
1,072.83
965.47
05/15/2020
1.503393
262,828.13
109.914000
IDC-FIS
0.00
09/03/2015
1.875000
195,000.00
202,464.60
9.94
4,074.95
06/30/2020
1.499897
198,389.65
103.828000
IDC-FIS
0.00
09/29/2015
.750000
1,700,000.00
1,704,641.00
3,204.91
9,289.44
03/31/2018
.860670
1,695,351.56
100.273000
IDC-FIS
0.00
09/29/2015
1.000000
1,680,000.00
1,686,232.80
4,222.95
0.00
03/31/2017
.545225
1,691,418.75
100.371000
IDC-FIS
-5,185.95
10/14/2015
1.375000
3,920,000.00
3,984,758.40
13,548.63
15,145.90
09/30/2018
.940653
3,969,612.50
101.652000
IDC-FIS
0.00
10/14/2015
1.750000
185,000.00
190,788.65
813.80
2,081.42
09/30/2019
1.230157
188,707.23
103.129000
IDC-FIS
0.00
11/09/2015
1.250000
120,000.00
121,790.40
501.36
3,290.40
02/29/2020
1.550966
118,500.00
101.492000
IDC-FIS
0.00
11/09/2015
1.250000
1,545,000.00
1,566,429.15
3,253.75
17,555.54
10/31/2018
1.148190
1,548,873.61
101.387000
IDC-FIS
0.00
Page 1 of 30
Inventory by Market Value
Page 9
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82819
CCCSIG GOV US TREAS
912828L40
82820
CCCCD GOV US TREASU
912828VF4
82901
CCCCD GOV US TREASU
912828WC0
82932
CCCSIG GOV US TREAS
912828TH3
82933
CCCCD GOV US TREASU
912828K58
82968
CCCCD GOV US TREASU
912828H52
83009
CCCSIG GOV US TREAS
912828WL0
83010
CCCCD GOV US TREAS
912828XM7
83097
CCCCD GOV US TREASU
912828B90
83152
CCCSIG GOV US TREAS
912828Q52
83153
CCCCD GOV US TREASU
912828N89
83186
CCCSIG GOV US TREAS
912828D23
83187
CCCCD GOV US TREASU
912828Q78
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
76,691.41
12/04/2015
1.000000
6,250,000.00
6,300,812.50
18,342.39
09/15/2018
1.151627
6,224,121.09
100.813000
IDC-FIS
0.00
12/04/2015
1.375000
195,000.00
198,580.20
227.09
5,141.72
05/31/2020
1.560386
193,438.48
101.836000
IDC-FIS
0.00
01/11/2016
1.750000
150,000.00
155,044.50
442.26
4,581.61
10/31/2020
1.682647
150,462.89
103.363000
IDC-FIS
0.00
02/03/2016
.875000
600,000.00
602,460.00
2,192.31
7,143.12
07/31/2019
1.107137
595,360.15
100.410000
IDC-FIS
0.00
02/03/2016
1.375000
205,000.00
208,860.15
474.89
2,779.10
04/30/2020
1.246765
206,081.05
101.883000
IDC-FIS
0.00
03/04/2016
1.250000
125,000.00
126,826.25
652.48
1,757.89
01/31/2020
1.235552
125,210.02
101.461000
IDC-FIS
0.00
03/31/2016
1.500000
115,000.00
117,596.70
146.11
873.84
05/31/2019
.989916
116,722.86
102.258000
IDC-FIS
0.00
03/31/2016
1.625000
170,000.00
174,814.40
1,153.57
1,992.13
07/31/2020
1.230437
173,277.63
102.832000
IDC-FIS
0.00
05/06/2016
2.000000
200,000.00
209,218.00
1,336.96
2,225.81
02/28/2021
1.249867
207,720.45
104.609000
IDC-FIS
0.00
05/27/2016
.875000
155,000.00
155,739.35
285.33
1,388.91
04/15/2019
1.023692
154,506.07
100.477000
IDC-FIS
0.00
05/27/2016
1.375000
100,000.00
101,770.00
574.17
1,691.87
01/31/2021
1.357590
100,520.09
101.770000
IDC-FIS
0.00
06/29/2016
1.625000
3,925,000.00
4,025,283.75
10,745.76
0.00
04/30/2019
.701283
4,037,050.49
102.555000
IDC-FIS
-1,367.62
06/29/2016
1.375000
220,000.00
223,799.40
509.65
0.00
04/30/2021
.983665
224,549.46
101.727000
IDC-FIS
-256.85
1.261617
27,440,000.00
27,858,002.70
76,312.67
221,470.99
1.013967
27,656,200.60
101.523333
10/10/2012
.750000
170,000.00
170,204.00
400.22
532.10
09/08/2017
.790076
169,671.90
100.120000
IDC-FIS
0.00
06/02/2014
1.010000
2,875,000.00
2,887,448.75
967.92
0.00
06/19/2017
.850065
2,888,800.00
100.433000
IDC-FIS
-1,351.25
07/15/2014
1.250000
6,205,000.00
6,275,054.45
4,955.38
102,940.95
06/08/2018
1.390090
6,172,113.50
101.129000
IDC-FIS
0.00
Subtotal
-6,810.42
Inv Type: 22 FEDERAL HOME LOAN BANKS
80907
82000
82038
WT GOV FHLB NOTES
RM GOV FHLB NOTES
RM GOV FHLB NOTES
AvantGard APS2
313380EC7
313379VE6
313379DT3
Page 2 of 30
Inventory by Market Value
Page 10
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82053
RM GOV FHLB NOTES
313379DT3
82122
GOV FHLB NOTES
3130A33J1
82187
GOV FHLB NOTES
3130A3CE2
82189
RM GOV FHLB NOTES
3130A3EW0
82255
GOV FHLB NOTES
3130A3PC2
82256
RM GOV FHLB NOTES
3130A3Q64
82271
GOV FHLB NOTES
3130A3Q64
82275
GOV FHLB NOTES
3130A3TA2
82280
RM GOV FHLB NOTES
3130A3HF4
82281
GOV FHLB NOTES
3130A3UR3
82315
CCCCD GOV FHLB NOTE
313371PV2
82316
CCCCD GOV FHLB NOTE
3130A2T97
82321
CCCCD GOV FHLB NOTE
3130A2T97
82322
CCCCD GOV FHLB NOTE
313371PV2
82400
RM GOV FHLB NOTES
3133782M2
82408
GOV FHLB NOTES
3130A4GJ5
82419
GOV FHLB NOTES
3130A4K27
82437
RM GOV FHLB NOTES
3133782N0
82550
GOV FHLB NOTES
3130A57K9
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
51,870.00
07/28/2014
1.250000
3,000,000.00
3,033,870.00
2,395.83
06/08/2018
1.410094
2,982,000.00
101.129000
IDC-FIS
0.00
09/19/2014
1.200000
5,000,000.00
5,039,650.00
17,000.00
39,650.00
09/19/2017
1.200000
5,000,000.00
100.793000
IDC-FIS
0.00
11/05/2014
.625000
10,000,000.00
10,005,700.00
13,368.06
0.00
10/14/2016
.572077
10,010,200.00
100.057000
IDC-FIS
-4,500.00
11/07/2014
.500000
2,500,000.00
2,500,200.00
520.82
6,475.00
12/16/2016
.620043
2,493,725.00
100.008000
IDC-FIS
0.00
12/12/2014
.650000
5,000,000.00
5,004,600.00
1,715.28
11,550.00
12/12/2016
.720127
4,993,050.00
100.092000
IDC-FIS
0.00
12/12/2014
.700000
3,500,000.00
3,504,025.00
1,293.06
1,960.00
12/12/2016
.670252
3,502,065.00
100.115000
IDC-FIS
0.00
12/23/2014
.700000
5,000,000.00
5,005,750.00
1,847.22
12,600.00
12/12/2016
.770206
4,993,150.00
100.115000
IDC-FIS
0.00
12/30/2014
1.000000
10,000,000.00
10,050,600.00
37,777.78
50,600.00
08/15/2017
1.000000
10,000,000.00
100.506000
IDC-FIS
0.00
12/29/2014
1.125000
4,500,000.00
4,530,825.00
3,234.39
38,025.00
12/08/2017
1.180284
4,492,800.00
100.685000
IDC-FIS
0.00
01/06/2015
.750000
10,000,000.00
10,012,800.00
36,458.33
12,800.00
01/06/2017
.750000
10,000,000.00
100.128000
IDC-FIS
0.00
01/21/2015
1.625000
6,165,000.00
6,195,763.35
6,122.18
0.00
12/09/2016
.571735
6,286,450.50
100.499000
IDC-FIS
-90,687.15
01/21/2015
.500000
765,000.00
765,298.35
988.13
0.00
09/28/2016
.470201
765,382.50
100.039000
IDC-FIS
-84.15
01/21/2015
.500000
11,470,000.00
11,474,473.30
14,815.42
0.00
09/28/2016
.470153
11,475,735.00
100.039000
IDC-FIS
-1,261.70
01/21/2015
1.625000
17,375,000.00
17,461,701.25
17,254.37
1,626.89
12/09/2016
.571735
17,460,074.36
100.499000
IDC-FIS
0.00
02/25/2015
1.500000
5,000,000.00
5,090,800.00
23,541.67
74,200.00
03/08/2019
1.415035
5,016,600.00
101.816000
IDC-FIS
0.00
03/04/2015
1.125000
10,000,000.00
10,081,500.00
20,625.00
90,800.00
04/25/2018
1.155323
9,990,700.00
100.815000
IDC-FIS
0.00
03/09/2015
.720000
10,000,000.00
10,016,600.00
23,000.00
32,900.00
03/06/2017
.802655
9,983,700.00
100.166000
IDC-FIS
0.00
03/16/2015
.875000
3,000,000.00
3,008,580.00
8,093.75
570.00
03/10/2017
.739127
3,008,010.00
100.286000
IDC-FIS
0.00
05/04/2015
1.000000
10,000,000.00
10,051,500.00
15,833.33
66,300.00
Page 3 of 30
Inventory by Market Value
Page 11
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82552
GOV FHLB NOTES
3130A5DD8
82579
GOV FHLB NOTES
3130A5HF9
82582
RM GOV FHLB NOTES
313379EE5
82583
GOV FHLB NOTES
3130A5NC9
82590
GOV FHLB NOTES
3130A5JD2
82664
GOV FHLB NOTES
3130A6B63
82694
RM GOV FHLB NOTES
313380FB8
82781
GOV FHLB NOTES
3130A6RC3
82848
GOV FHLB NOTES
3130A6SW8
82875
GOV FHLB NOTES
3130A3HF4
82928
KFPD GOV FHLB NOTES
3130A6UJ4
82929
KFPD GOV FHLB NOTES
313381CA1
82930
KFPD GOV FHLB NOTES
313381C94
82931
KFPD GOV FHLB NOTES
3130A3UQ5
82949
CCCSIG GOV FHLB
3130A7CX1
82994
CCCCD GOV FHLB NOTE
3130A6SW8
83154
CCCSIG GOV FHLB NOT
3130A8BD4
83155
CCCCD GOV FHLB NOTE
3130A8BD4
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
05/04/2018
1.050244
9,985,200.00
100.515000
IDC-FIS
0.00
05/07/2015
.720000
10,000,000.00
10,015,900.00
7,000.00
15,900.00
05/26/2017
.720000
10,000,000.00
100.159000
IDC-FIS
0.00
06/01/2015
.730000
10,000,000.00
10,018,900.00
202.74
18,900.00
06/30/2017
.730000
10,000,000.00
100.189000
IDC-FIS
0.00
06/08/2015
1.625000
2,500,000.00
2,556,575.00
1,918.40
50,575.00
06/14/2019
1.563094
2,506,000.00
102.263000
IDC-FIS
0.00
06/11/2015
1.300000
5,000,000.00
5,063,700.00
11,013.91
63,700.00
10/30/2018
1.300000
5,000,000.00
101.274000
IDC-FIS
0.00
06/29/2015
1.100000
10,000,000.00
10,070,500.00
611.11
70,500.00
06/29/2018
1.100000
10,000,000.00
100.705000
IDC-FIS
0.00
08/14/2015
1.200000
10,000,000.00
10,103,700.00
45,666.67
103,700.00
08/14/2018
1.200000
10,000,000.00
101.037000
IDC-FIS
0.00
09/21/2015
1.375000
2,500,000.00
2,537,075.00
10,312.50
39,500.00
09/13/2019
1.400130
2,497,575.00
101.483000
IDC-FIS
0.00
11/04/2015
1.150000
5,000,000.00
5,050,900.00
9,423.62
50,900.00
11/02/2018
1.150000
5,000,000.00
101.018000
IDC-FIS
0.00
12/21/2015
1.000000
10,000,000.00
10,051,700.00
3,333.33
58,600.00
12/19/2017
1.035037
9,993,100.00
100.517000
IDC-FIS
0.00
12/30/2015
1.125000
10,000,000.00
10,068,500.00
7,187.50
73,300.00
12/08/2017
1.150014
9,995,200.00
100.685000
IDC-FIS
0.00
01/26/2016
1.250000
250,000.00
252,647.50
269.10
1,602.50
11/30/2018
1.100214
251,045.00
101.059000
IDC-FIS
0.00
01/27/2016
1.375000
250,000.00
252,532.50
190.97
4,155.00
12/11/2020
1.513574
248,377.50
101.013000
IDC-FIS
0.00
01/27/2016
1.250000
250,000.00
252,735.00
156.25
3,452.50
12/13/2019
1.326075
249,282.50
101.094000
IDC-FIS
0.00
01/25/2016
1.875000
250,000.00
257,625.00
260.42
4,060.00
12/11/2020
1.570027
253,565.00
103.050000
IDC-FIS
0.00
02/18/2016
.875000
2,250,000.00
2,257,920.00
5,578.13
8,617.50
03/19/2018
.890099
2,249,302.50
100.352000
IDC-FIS
0.00
03/22/2016
1.000000
6,000,000.00
6,031,020.00
2,000.00
20,220.00
12/19/2017
.895450
6,010,800.00
100.517000
IDC-FIS
0.00
05/27/2016
.875000
2,185,000.00
2,193,740.00
106.21
14,005.85
06/29/2018
.991934
2,179,734.15
100.400000
IDC-FIS
0.00
05/27/2016
.875000
160,000.00
160,640.00
7.78
1,025.60
06/29/2018
.991934
159,614.40
100.400000
IDC-FIS
0.00
Page 4 of 30
Inventory by Market Value
Page 12
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83161
CCCSIG GOV FHLB
3130A8DB6
83165
CCCCD GOV FHLB NOTE
3130A8BD4
83166
CCCCD GOV FHLB B
3130A8DB6
83167
RM GOV FHLB NOTES
3133834H1
83168
RM GOV FHLB NOTES
3133834H1
83178
CCCCD GOV FHLB NOTE
3130A8BD4
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
29,294.00
06/03/2016
1.125000
3,020,000.00
3,048,025.60
943.75
06/21/2019
1.139098
3,018,731.60
100.928000
IDC-FIS
0.00
06/09/2016
.875000
2,370,000.00
2,379,480.00
115.20
9,574.80
06/29/2018
.877007
2,369,905.20
100.400000
IDC-FIS
0.00
06/09/2016
1.125000
2,365,000.00
2,386,947.20
739.07
14,402.85
06/21/2019
1.017963
2,372,544.35
100.928000
IDC-FIS
0.00
06/10/2016
1.375000
1,865,000.00
1,887,286.75
1,353.42
8,112.75
06/12/2020
1.180179
1,879,174.00
101.195000
IDC-FIS
0.00
06/10/2016
1.375000
5,265,000.00
5,327,916.75
3,820.79
22,902.75
06/12/2020
1.180179
5,305,014.00
101.195000
IDC-FIS
0.00
06/17/2016
.875000
860,000.00
863,440.00
41.81
1,857.60
06/29/2018
.783628
861,582.40
100.400000
IDC-FIS
0.00
1.031463
243,865,000.00
245,256,349.75
364,460.82
1,284,258.64
.930508
244,069,975.36
100.570541
11/09/2011
1.250000
173,000.00
173,342.54
558.65
0.00
09/28/2016
1.160000
173,736.98
100.198000
IDC-FIS
-394.44
09/14/2012
1.250000
4,703,000.00
4,712,311.94
15,186.77
0.00
09/28/2016
.615791
4,821,797.78
100.198000
IDC-FIS
-109,485.84
02/21/2013
.875000
165,000.00
165,841.50
573.49
1,599.48
02/08/2018
.970000
164,242.02
100.510000
IDC-FIS
0.00
04/15/2013
1.125000
3,900,000.00
3,917,277.00
7,800.01
0.00
04/27/2017
.600233
3,981,432.00
100.443000
IDC-FIS
-64,155.00
06/07/2013
.875000
200,000.00
200,792.00
194.44
3,816.00
05/21/2018
1.190082
196,976.00
100.396000
IDC-FIS
0.00
07/17/2013
.875000
164,000.00
164,649.44
159.44
5,120.08
05/21/2018
1.459815
159,529.36
100.396000
IDC-FIS
0.00
04/01/2014
1.875000
377,000.00
387,431.59
2,591.88
9,032.92
02/19/2019
1.795148
378,398.67
102.767000
IDC-FIS
0.00
04/01/2014
1.875000
6,959,000.00
7,151,555.53
47,843.16
166,737.64
02/19/2019
1.795148
6,984,817.89
102.767000
IDC-FIS
0.00
04/17/2014
.875000
10,000,000.00
10,027,600.00
29,895.83
86,800.00
08/28/2017
1.054521
9,940,800.00
100.276000
IDC-FIS
0.00
05/21/2014
.750000
49,000.00
49,098.98
72.48
85.26
04/20/2017
.740235
49,013.72
100.202000
IDC-FIS
0.00
Subtotal
-97,884.25
Inv Type: 23 FEDERAL NATIONAL MORTGAGE ASSO
80020
80833
81230
81361
81478
WT GOV FNMA NOTES
RM GOV FNMA NOTES
WT GOV FNMA NOTES
RM GOV FEDERAL NATL
AUHSD GOV FNMA NOTE
3135G0CM3
3135G0CM3
3135G0TG8
3135G0JA2
3135G0WJ8
81538
WT GOV FNMA NOTES
3135G0WJ8
81889
AUHSD GOV FNMA NOTE
3135G0ZA4
81890
AUHSD GOV FNMA NOTE
3135G0ZA4
81941
81999
GOV FNMA NOTE
MDUSD GOV FNMA NOTE
AvantGard APS2
3135G0MZ3
3135G0ZB2
Page 5 of 30
Inventory by Market Value
Page 13
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82005
CCCCD GOV FNMA
3135G0YT4
82119
WT GOV FNMA NOTES
3135G0ZG1
82156
CCCCD GOV FNMA
3135G0YT4
82236
CCCCD GOV FNMA BENC
3135G0ZY2
82257
RM GOV FNMA NOTES
3135G0YT4
82314
CCCCD GOV FNMA
3135G0XP3
82381
RM GOV FNMA NOTES
3136FTS67
82436
WT GOV FNMA NOTES
3135G0A78
82678
CCCCD GOV FNMA BENC
3135G0E58
82707
CCCCD GOV FNMA
3135G0RT2
82708
CCCCD GOV FNMA
3135G0ZL0
82709
CCCCD GOV FNMA
31398ADM1
82909
CCCCD GOV FNMA BENC
3135G0H63
82951
CCCSIG GOV FNMA BEN
3135G0J53
82952
CCCCD GOV FNMA BENC
3135G0J53
82966
CCCSIG GOV FNMA BEN
3135G0J61
82967
CCCSIG GOV FNMA NOT
3135G0G72
82997
GOV FNMA NOTES
3135G0J53
83000
RM GOV FNMA NOTES
3136G1C98
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
1,775.60
06/05/2014
1.625000
115,000.00
117,448.35
176.49
11/27/2018
1.489435
115,672.75
102.129000
IDC-FIS
0.00
09/12/2014
1.750000
166,000.00
170,596.54
879.57
5,698.78
09/12/2019
1.889799
164,897.76
102.769000
IDC-FIS
0.00
10/23/2014
1.625000
125,000.00
127,661.25
191.85
1,473.75
11/27/2018
1.385424
126,187.50
102.129000
IDC-FIS
0.00
12/03/2014
1.750000
100,000.00
102,813.00
170.14
2,160.00
11/26/2019
1.612998
100,653.00
102.813000
IDC-FIS
0.00
12/12/2014
1.625000
6,010,000.00
6,137,952.90
9,223.69
71,458.90
11/27/2018
1.380107
6,066,494.00
102.129000
IDC-FIS
0.00
01/21/2015
.375000
2,635,000.00
2,635,000.00
4,830.83
181.77
07/05/2016
.397750
2,634,818.23
100.000000
IDC-FIS
0.00
02/09/2015
1.700000
6,000,000.00
6,143,100.00
35,133.33
55,920.00
02/27/2019
1.329281
6,087,180.00
102.385000
IDC-FIS
0.00
03/16/2015
1.625000
170,000.00
174,015.40
1,227.78
4,037.50
01/21/2020
1.627650
169,977.90
102.362000
IDC-FIS
0.00
09/01/2015
1.125000
130,000.00
131,194.70
292.50
1,405.30
10/19/2018
1.177919
129,789.40
100.919000
IDC-FIS
0.00
09/29/2015
.875000
1,700,000.00
1,706,001.00
454.52
2,941.00
12/20/2017
.793128
1,703,060.00
100.353000
IDC-FIS
0.00
09/29/2015
1.000000
1,680,000.00
1,687,694.40
4,386.67
0.00
09/27/2017
.723255
1,689,189.60
100.458000
IDC-FIS
-1,495.20
09/29/2015
5.375000
1,550,000.00
1,618,882.00
4,397.05
0.00
06/12/2017
.642309
1,674,015.50
104.444000
IDC-FIS
-55,133.50
01/13/2016
1.375000
6,660,000.00
6,756,103.80
38,919.37
83,050.20
01/28/2019
1.309114
6,673,053.60
101.443000
IDC-FIS
0.00
02/23/2016
1.000000
2,000,000.00
2,009,840.00
6,944.45
14,560.00
02/26/2019
1.079949
1,995,280.00
100.492000
IDC-FIS
0.00
02/23/2016
1.000000
125,000.00
125,615.00
434.03
910.00
02/26/2019
1.079949
124,705.00
100.492000
IDC-FIS
0.00
03/04/2016
.875000
1,420,000.00
1,424,884.80
3,209.79
7,340.61
03/28/2018
.973722
1,417,544.19
100.344000
IDC-FIS
0.00
03/04/2016
1.125000
1,100,000.00
1,109,999.00
584.38
8,734.00
12/14/2018
1.082725
1,101,265.00
100.909000
IDC-FIS
0.00
03/22/2016
1.000000
10,000,000.00
10,049,200.00
34,722.22
68,500.00
02/26/2019
1.067074
9,987,922.22
100.492000
IDC-FIS
0.00
03/28/2016
1.420000
4,000,000.00
4,059,600.00
23,035.55
39,600.00
Page 6 of 30
Inventory by Market Value
Page 14
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83011
RM GOV FNMA NOTES
3135G0ZB2
83068
GOV FNMA STEP-UP CA
3136G3HG3
83078
PW GOV FNMA NOTES
3135G0JA2
83081
GOV FNMA NOTES
3135G0J53
83090
CCCSIG GOV FNMA
3135G0YT4
83099
CCCSIG GOV FNMA BEN
3135G0J53
83185
CCCSIG GOV FNMA BEN
3135G0J53
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
02/05/2020
1.286438
4,028,362.22
101.490000
IDC-FIS
0.00
04/01/2016
.750000
249,000.00
249,502.98
368.31
268.92
04/20/2017
.660199
249,234.06
100.202000
IDC-FIS
0.00
04/13/2016
1.000000
10,000,000.00
10,029,800.00
21,666.67
29,800.00
04/13/2021
1.000000
10,000,000.00
100.298000
IDC-FIS
0.00
04/20/2016
1.125000
1,592,000.00
1,599,052.56
3,184.00
0.00
04/27/2017
.620365
1,600,151.04
100.443000
IDC-FIS
-1,098.48
04/22/2016
1.000000
10,000,000.00
10,049,200.00
34,722.23
68,800.00
02/26/2019
1.070042
9,995,955.56
100.492000
IDC-FIS
0.00
04/27/2016
1.625000
1,575,000.00
1,608,531.75
2,417.19
8,757.00
11/27/2018
1.006504
1,599,774.75
102.129000
IDC-FIS
0.00
05/06/2016
1.000000
3,170,000.00
3,185,596.40
11,006.95
12,676.61
02/26/2019
.966540
3,179,083.68
100.492000
IDC-FIS
0.00
06/29/2016
1.000000
3,525,000.00
3,542,343.00
12,239.58
0.00
02/26/2019
.784359
3,556,995.25
100.492000
IDC-FIS
-2,608.50
1.253842
102,487,000.00
103,501,529.35
359,695.29
763,241.32
1.078398
103,022,006.63
100.989910
01/30/2015
1.626000
420,826.65
425,031.76
570.22
0.00
02/25/2018
1.293773
425,031.76
100.999250
BOOK
0.00
04/30/2015
1.550000
385,000.00
388,848.61
497.32
0.00
04/01/2018
1.201381
388,848.61
100.999639
BOOK
0.00
10/30/2015
1.646000
115,000.00
116,151.60
157.74
0.00
09/25/2019
1.382287
116,151.60
101.001391
BOOK
0.00
11/30/2015
1.898080
65,000.00
65,649.99
102.82
0.00
01/25/2019
1.572772
65,649.99
100.999985
BOOK
0.00
04/28/2016
1.738000
598,763.51
604,746.35
867.21
0.00
03/25/2019
1.387262
604,746.35
100.999199
BOOK
0.00
04/28/2016
1.780000
110,000.00
111,097.36
163.17
0.00
07/25/2019
1.464707
111,097.36
100.997600
BOOK
0.00
06/30/2016
1.785000
1,155,000.00
1,166,549.42
1,718.06
0.00
06/25/2019
1.442622
1,168,210.21
100.999950
BOOK
0.00
1.716709
2,849,590.16
2,878,075.09
4,076.54
0.00
1.377838
2,879,735.88
100.999615
Subtotal
-234,370.96
Inv Type: 26 AGENCY ABS FXD-M 30/360
82344
82545
CCCSIG ABS GOV FNMA
CCCSIG GOV FNMA-ACE
3136AMKW8
3136ANJY4
82778
CCCCD ABS FNMA SRS
3136AQDQ0
82814
CCCCD GOV FNMA SRS
3136AQSW1
83092
83093
83189
CCCSIG ABS GOV FHLM
CCCCD ABS GOV FHLMC
CCCSIG ABS FNMA SRS
3137BNMZ4
3137BNN26
3136ASPX8
Subtotal
AvantGard APS2
0.00
Page 7 of 30
Inventory by Market Value
Page 15
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
Inv Type: 27 FEDERAL FARM CREDIT BANKS
80718
81479
81579
RM GOV FFCB NOTES
AUHSD GOV FFCB NOTE
RM GOV FFCB NOTES
3133EAXG8
3133ECPT5
3133ECWV2
81958
GOV FEDERAL FARM CR
3133EDKJ0
82137
GOV FFCB NOTES
3133EDXA5
82185
RM GOV FFCB NOTES
3133EDYB2
82195
GOV FFCB NOTES
3133EEBU3
82218
GOV FFCB NOTES
3133EEDQ0
82259
GOV FFCB NOTES
3133EEFA3
82380
GOV FFCB NOTES
3133EEKB5
82382
RM GOV FFCB NOTES
3133EELZ1
82472
GOV FFCB NOTES
3133EEWH9
82671
RM GOV FFCB NOTES
3133EE5S5
82672
RM GOV FFCB NOTES
3133EE5S5
82683
WT GOV FFCB NOTES
3133EE5Z9
82691
GOV FFCB NOTES
3133EFCY1
82692
GOV FFCB NOTES
3133EFCY1
82785
GOV FFCB NOTES
3133EFNF0
AvantGard APS2
07/23/2012
.650000
2,494,000.00
2,494,349.16
7,610.16
0.00
07/12/2016
.600206
2,498,863.30
100.014000
IDC-FIS
-4,514.14
06/07/2013
.650000
200,000.00
200,080.00
158.89
1,166.00
05/17/2017
.790074
198,914.00
100.040000
IDC-FIS
0.00
08/20/2013
.875000
2,505,000.00
2,509,358.70
1,461.24
12,224.40
12/07/2016
.972048
2,497,134.30
100.174000
IDC-FIS
0.00
05/01/2014
.700000
5,000,000.00
5,004,050.00
5,833.33
4,050.00
11/01/2016
.700000
5,000,000.00
100.081000
IDC-FIS
0.00
10/10/2014
1.150000
10,000,000.00
10,070,200.00
25,875.00
72,200.00
10/10/2017
1.156802
9,998,000.00
100.702000
IDC-FIS
0.00
11/04/2014
1.500000
2,000,000.00
2,035,280.00
13,750.00
44,980.00
01/16/2019
1.620035
1,990,300.00
101.764000
IDC-FIS
0.00
11/18/2014
.600000
10,000,000.00
10,005,500.00
7,833.33
5,500.00
11/14/2016
.600000
10,000,000.00
100.055000
IDC-FIS
0.00
12/01/2014
.580000
5,000,000.00
5,002,350.00
2,416.67
3,350.00
12/01/2016
.590074
4,999,000.00
100.047000
IDC-FIS
0.00
12/15/2014
.720000
10,000,000.00
10,010,800.00
3,200.00
10,800.00
12/15/2016
.720000
10,000,000.00
100.108000
IDC-FIS
0.00
02/09/2015
1.000000
10,000,000.00
10,051,300.00
44,166.67
79,400.00
01/22/2018
1.096935
9,971,900.00
100.513000
IDC-FIS
0.00
02/09/2015
1.000000
5,000,000.00
5,027,300.00
12,777.76
47,300.00
03/29/2018
1.130145
4,980,000.00
100.546000
IDC-FIS
0.00
04/02/2015
1.000000
10,000,000.00
10,054,300.00
24,722.22
54,300.00
04/02/2018
1.000000
10,000,000.00
100.543000
IDC-FIS
0.00
08/25/2015
1.500000
1,000,000.00
1,019,940.00
6,083.33
14,200.00
08/05/2019
1.350014
1,005,740.00
101.994000
IDC-FIS
0.00
08/25/2015
1.500000
3,000,000.00
3,059,820.00
18,250.00
42,600.00
08/05/2019
1.350014
3,017,220.00
101.994000
IDC-FIS
0.00
09/11/2015
1.750000
170,000.00
174,505.00
1,214.79
4,348.60
08/04/2020
1.730194
170,156.40
102.650000
IDC-FIS
0.00
09/14/2015
.780000
5,000,000.00
5,009,600.00
11,591.67
12,600.00
09/14/2017
.810304
4,997,000.00
100.192000
IDC-FIS
0.00
09/16/2015
.780000
5,000,000.00
5,009,600.00
11,591.67
17,500.00
09/14/2017
.860067
4,992,100.00
100.192000
IDC-FIS
0.00
11/06/2015
1.080000
5,000,000.00
5,033,750.00
8,250.00
37,300.00
Page 8 of 30
Inventory by Market Value
Page 16
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82796
GOV FFCB NOTES
3133EFPH4
82817
GOV FFCB NOTES
3133EFRQ2
82818
GOV FFCB NOTES
3133EFRQ2
82846
GOV FFCB NOTES
3133EFSJ7
82847
GOV FFCB NOTES
3133EFSH1
82926
KFPD GOV FFCB NOTES
3133EFVQ7
82946
WT GOV FFCB NOTES
3133EC6Z2
82963
GOV FFCB CALLABLE N
3133EFYS0
82986
RM GOV FFCB NOTES
3133EFK63
82992
GOV FFCB NOTES
3133EFQ67
83007
RM GOV FFCB NOTES
3133EFV20
83149
83160
GOV FFCB NOTES
GOV FFCB NOTES
3133EGCD5
3133EGCA1
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
11/06/2018
1.104126
4,996,450.00
100.675000
IDC-FIS
0.00
11/17/2015
.930000
10,000,000.00
10,041,200.00
11,366.67
41,200.00
11/17/2017
.930000
10,000,000.00
100.412000
IDC-FIS
0.00
12/03/2015
1.300000
10,000,000.00
10,121,700.00
10,111.11
121,700.00
12/03/2018
1.300000
10,000,000.00
101.217000
IDC-FIS
0.00
12/03/2015
1.300000
10,000,000.00
10,121,700.00
10,111.11
123,200.00
12/03/2018
1.305115
9,998,500.00
101.217000
IDC-FIS
0.00
12/18/2015
1.300000
20,000,000.00
20,245,800.00
12,277.78
313,000.00
12/14/2018
1.415191
19,932,800.00
101.229000
IDC-FIS
0.00
12/18/2015
1.170000
10,000,000.00
10,084,000.00
5,525.00
104,800.00
06/14/2018
1.255129
9,979,200.00
100.840000
IDC-FIS
0.00
01/27/2016
1.250000
250,000.00
252,840.00
1,380.21
1,932.50
01/22/2019
1.126024
250,950.90
101.136000
IDC-FIS
0.00
02/12/2016
1.400000
155,000.00
156,832.10
102.47
1,253.95
12/14/2020
1.320066
155,578.15
101.182000
IDC-FIS
0.00
03/02/2016
1.150000
10,000,000.00
10,022,600.00
41,208.33
42,200.00
02/22/2019
1.217313
9,983,594.44
100.226000
IDC-FIS
0.00
03/15/2016
1.250000
4,061,000.00
4,099,782.55
16,497.82
66,925.28
03/04/2020
1.430176
4,034,408.35
100.955000
IDC-FIS
0.00
03/21/2016
1.160000
10,000,000.00
10,088,600.00
32,222.22
94,500.00
03/21/2019
1.180075
9,994,100.00
100.886000
IDC-FIS
0.00
03/30/2016
1.490000
4,000,000.00
4,006,520.00
15,065.56
6,520.00
03/30/2020
1.490000
4,000,000.00
100.163000
IDC-FIS
0.00
05/25/2016
.900000
10,000,000.00
10,037,400.00
9,000.00
52,300.00
05/25/2018
.975411
9,985,100.00
100.374000
IDC-FIS
0.00
06/03/2016
1.060000
10,000,000.00
10,065,500.00
8,244.44
89,100.00
06/03/2019
1.140244
9,976,400.00
100.655000
IDC-FIS
0.00
1.049830
199,835,000.00
201,116,557.51
379,899.45
1,522,450.73
1.092359
199,603,409.84
100.641308
02/09/2016
.535000
1,000,000.00
997,888.89
01/17/2017
.537741
994,902.64
99.788889
IDC-FIS
0.00
.535000
1,000,000.00
997,888.89
2,125.14
861.11
.537741
994,902.64
99.788889
Subtotal
-4,514.14
Inv Type: 28 FHLMC DISCOUNT NOTES
82941
RM GOV FHLMC DISCOU
313397AS0
Subtotal
AvantGard APS2
2,125.14
861.11
0.00
Page 9 of 30
Inventory by Market Value
Page 17
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
Inv Type: 29 FHLMC NOTES
80411
81847
81869
WT GOV FHLMC NOT
RM GOV FHLMC NOTE3S
RM GOV FEDERAL HOME
3137EADC0
3137EADC0
3137EADP1
81870
WT GOV FEDERAL HOME
3137EADP1
82009
RM GOV FHLMC
3137EADH9
82026
GOV FHLMC NOTES
3137EADL0
82078
GOV FHLMC NOTES
3137EADL0
82312
AUHSD GOV FHLMC NOT
3134G3ZW3
82313
AUHSD GOV FHLMC NOT
3134G3ZW3
82317
CCCCD GOV FREDDIE M
3137EADC0
82319
82549
CCCCD GOV FHLMC
GOV FHLMC NOTES
3137EADC0
3134G6YC1
82571
RM GOV FHLMC NOTES
3137EADG1
82635
CCCCD GOV FHLMC NOT
3137EADG1
82762
RM GOV FHLMC NOTES
3137EADM8
82807
GOV FHLMC NOTES
3134G3S50
82837
GOV FHLMC NOTES
3137EADX4
82838
GOV FHLMC NOTES
3137EADX4
AvantGard APS2
03/12/2012
1.000000
170,000.00
170,557.60
533.61
1,545.30
03/08/2017
1.120062
169,012.30
100.328000
IDC-FIS
0.00
02/25/2014
1.000000
3,870,000.00
3,882,693.60
12,147.50
0.00
03/08/2017
.780254
3,895,464.60
100.328000
IDC-FIS
-12,771.00
03/14/2014
.875000
7,061,000.00
7,073,992.24
19,564.87
115,517.96
03/07/2018
1.250049
6,958,474.28
100.184000
IDC-FIS
0.00
03/12/2014
.875000
157,000.00
157,288.88
435.02
2,750.64
03/07/2018
1.279731
154,538.24
100.184000
IDC-FIS
0.00
06/13/2014
1.000000
2,484,000.00
2,494,109.88
138.00
6,021.71
06/29/2017
.945000
2,488,088.17
100.407000
IDC-FIS
0.00
07/03/2014
1.000000
10,000,000.00
10,047,800.00
25,555.56
70,100.00
09/29/2017
1.070130
9,977,700.00
100.478000
IDC-FIS
0.00
08/11/2014
1.000000
5,000,000.00
5,023,900.00
12,777.78
29,000.00
09/29/2017
1.033085
4,994,900.00
100.478000
IDC-FIS
0.00
01/21/2015
1.200000
2,486,000.00
2,510,238.50
11,849.93
24,238.50
08/08/2018
1.200000
2,486,000.00
100.975000
IDC-FIS
0.00
01/21/2015
1.200000
110,000.00
111,072.50
524.33
1,072.50
08/08/2018
1.200000
110,000.00
100.975000
IDC-FIS
0.00
01/21/2015
1.000000
19,555,000.00
19,619,140.40
61,380.97
0.00
03/08/2017
.643501
19,702,249.15
100.328000
IDC-FIS
-83,108.75
01/21/2015
1.000000
9,485,000.00
9,516,110.80
29,772.36
0.00
03/08/2017
.643501
9,556,422.05
100.328000
IDC-FIS
-40,311.25
05/01/2015
.670000
10,000,000.00
10,009,800.00
5,769.40
18,100.00
05/30/2017
.710296
9,991,700.00
100.098000
IDC-FIS
0.00
05/27/2015
1.750000
3,000,000.00
3,082,500.00
4,520.83
39,360.00
05/30/2019
1.379985
3,043,140.00
102.750000
IDC-FIS
0.00
07/22/2015
1.750000
100,000.00
102,750.00
150.69
1,743.00
05/30/2019
1.480153
101,007.00
102.750000
IDC-FIS
0.00
10/26/2015
1.250000
6,000,000.00
6,071,280.00
18,541.67
85,080.00
10/02/2019
1.310124
5,986,200.00
101.188000
IDC-FIS
0.00
11/23/2015
.625000
5,000,000.00
5,003,000.00
5,208.33
3,000.00
11/01/2016
.625000
5,000,000.00
100.060000
IDC-FIS
0.00
12/11/2015
1.000000
10,000,000.00
10,053,200.00
4,444.45
64,520.00
12/15/2017
1.057021
9,988,680.00
100.532000
IDC-FIS
0.00
12/15/2015
1.000000
10,000,000.00
10,053,200.00
4,444.45
65,050.00
Page 10 of 30
Inventory by Market Value
Page 18
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82876
GOV FHLMC NOTES
3134G64W0
82927
KFPD GOV FHLMC NOTE
3137EADM8
82947
CCCCD GOV FHLMC NOT
3137EADG1
82965
CCCSIG GOV FHLMC NO
3137EACA5
82993
CCCCD GOV FHLMC NOT
3137EADZ9
82996
CCCCD GOV FHLMC NOT
3137EADZ9
83006
GOV FHLMC STEP-UP C
3134G8PD5
83018
GOV FHLMC NOTES
3137EAEA3
83019
CCCSIG GOV FHLMC NO
3137EAEA3
83039
GOV FHLMC CALLABLE
3134G8W21
83084
GOV FHLMC NOTES
3134G8YU7
83085
GOV FHLMC NOTES
3134G8YU7
83086
GOV FHLMC NOTES
3134G8YU7
83109
CCCSIG GOV FHLMC NO
3137EADG1
83110
CCCSIG GOV FHLMC NO
3137EADN6
83150
GOV FHLMC NOTES
3134G9HC4
83172
GOV FHLMC CALLABLE
3134G9QW0
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
12/15/2017
1.060007
9,988,150.00
100.532000
IDC-FIS
0.00
12/30/2015
.900000
5,007,000.00
5,024,925.06
1,001.41
27,838.92
06/23/2017
1.035077
4,997,086.14
100.358000
IDC-FIS
0.00
01/25/2016
1.250000
250,000.00
252,970.00
772.57
3,690.00
10/02/2019
1.330187
249,280.00
101.188000
IDC-FIS
0.00
02/16/2016
1.750000
100,000.00
102,750.00
150.69
452.00
05/30/2019
1.037316
102,298.00
102.750000
IDC-FIS
0.00
03/04/2016
3.750000
1,275,000.00
1,376,592.00
12,484.38
1,950.75
03/27/2019
1.146745
1,374,641.25
107.968000
IDC-FIS
0.00
03/21/2016
1.125000
70,000.00
70,595.00
218.75
618.10
04/15/2019
1.135900
69,976.90
100.850000
IDC-FIS
0.00
03/22/2016
1.125000
6,000,000.00
6,051,000.00
18,750.00
52,200.00
04/15/2019
1.131578
5,998,987.50
100.850000
IDC-FIS
0.00
03/30/2016
1.350000
10,000,000.00
10,032,500.00
34,125.00
32,500.00
09/30/2019
1.350000
10,000,000.00
100.325000
IDC-FIS
0.00
04/07/2016
.750000
10,000,000.00
10,011,500.00
17,500.00
27,200.00
04/09/2018
.829093
9,984,300.00
100.115000
IDC-FIS
0.00
04/07/2016
.750000
2,690,000.00
2,693,093.50
4,707.50
7,316.80
04/09/2018
.829093
2,685,776.70
100.115000
IDC-FIS
0.00
04/08/2016
1.375000
5,000,000.00
5,009,250.00
190.99
9,250.00
12/30/2019
1.375000
5,000,000.00
100.185000
IDC-FIS
0.00
04/26/2016
1.050000
10,000,000.00
10,011,800.00
18,958.33
11,800.00
10/26/2018
1.050000
10,000,000.00
100.118000
IDC-FIS
0.00
04/26/2016
1.050000
10,000,000.00
10,011,800.00
18,958.33
14,700.00
10/26/2018
1.061785
9,997,100.00
100.118000
IDC-FIS
0.00
04/26/2016
1.050000
10,000,000.00
10,011,800.00
18,958.33
17,500.00
10/26/2018
1.073168
9,994,300.00
100.118000
IDC-FIS
0.00
05/16/2016
1.750000
1,100,000.00
1,130,250.00
1,657.64
5,170.00
05/30/2019
.985848
1,125,080.00
102.750000
IDC-FIS
0.00
05/16/2016
.750000
500,000.00
500,855.00
1,760.41
860.00
01/12/2018
.750517
501,286.66
100.171000
IDC-FIS
0.00
05/25/2016
1.000000
5,000,000.00
5,012,700.00
5,000.00
12,700.00
05/25/2018
1.000000
5,000,000.00
100.254000
IDC-FIS
0.00
06/14/2016
1.280000
10,000,000.00
10,031,500.00
6,044.44
31,500.00
06/14/2019
1.280000
10,000,000.00
100.315000
IDC-FIS
0.00
1.050692
191,470,000.00
192,318,514.96
378,998.52
784,346.18
1.001066
191,671,838.94
100.443158
Subtotal
AvantGard APS2
-136,191.00
Page 11 of 30
Inventory by Market Value
Page 19
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
Inv Type: 31 MUNICIPAL BONDS
80198
80760
81278
81510
81514
81633
AUHSD MUNI COMPTON
CCCCD MUNI PALO ALT
CCCCD MUNI UNIV OF
AUHSD MUNI WASHINGT
AUHSD MUNI WICOMICO
CCCCD MUNI UNIV OF
204712FD0
697379UA1
91412GPY5
93974B3K6
967545R89
91412GSZ9
82387
CCCSIG MUNI MS ST T
605581FX0
82956
AUHSD MUNI CITY CHI
167486YX1
01/03/2012
.000000
10,000.00
7,453.00
0.00
0.00
08/01/2016
6.525847
7,453.00
74.530000
BOOK
0.00
08/14/2012
1.402000
440,000.00
440,000.00
2,570.33
0.00
08/01/2017
1.402000
440,000.00
100.000000
BOOK
0.00
03/14/2013
.966000
175,000.00
175,000.00
216.01
0.00
05/15/2017
.966000
175,000.00
100.000000
BOOK
0.00
06/27/2013
5.000000
600,000.00
696,925.06
15,000.00
0.00
01/01/2018
1.301222
696,925.06
116.154177
BOOK
0.00
06/27/2013
3.500000
390,000.00
427,550.12
1,137.50
0.00
12/01/2018
1.638640
427,550.12
109.628236
BOOK
0.00
10/02/2013
2.054000
195,000.00
195,000.00
511.79
0.00
05/15/2018
2.054000
195,000.00
100.000000
BOOK
0.00
02/18/2015
1.090000
110,000.00
110,000.00
299.75
0.00
10/01/2017
1.090000
110,000.00
100.000000
BOOK
0.00
01/01/2016
5.000000
70,000.00
70,229.60
1,750.00
0.00
01/01/2017
4.660491
70,229.60
100.328000
BOOK
0.00
3.128212
1,990,000.00
2,122,157.78
21,485.38
0.00
1.550194
2,122,157.78
106.641094
09/11/2015
.400000
295,000.00
294,908.55
963.67
56.05
08/15/2016
.401514
293,888.83
99.969000
IDC-FIS
0.00
06/24/2016
.580000
250,000.00
248,667.50
28.19
73.20
06/15/2017
.590598
248,566.11
99.467000
IDC-FIS
0.00
.482480
545,000.00
543,576.05
991.86
129.25
.488157
542,454.94
99.738725
09/04/2015
.430000
1,100,000.00
1,099,507.44
3,954.81
09/01/2016
.431873
1,095,230.58
99.955222
IDC-FIS
0.00
12/01/2015
.600000
370,000.00
369,539.56
1,313.50
402.89
11/18/2016
.603550
367,823.17
99.875556
IDC-FIS
0.00
.472739
1,470,000.00
1,469,047.00
5,268.31
724.94
Subtotal
0.00
Inv Type: 41 FNMA DISCOUNT NOTES
82684
83180
RM GOV FNMA DISC
CLT GOV FNMA DISC N
313588C29
313589GX5
Subtotal
0.00
Inv Type: 42 FARM CREDIT DISCOUNT NOTES
82680
82813
DCD GOV FFCB DISCOU
RM GOV FFCB DISC
313312E30
313312P95
Subtotal
AvantGard APS2
322.05
Page 12 of 30
Inventory by Market Value
Page 20
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
.475034
1,463,053.75
99.935170
01/28/2015
.700000
84,928.80
84,924.37
26.42
0.00
06/15/2017
.704310
84,924.37
99.994784
BOOK
0.00
03/04/2015
.710000
169,103.00
169,101.39
53.36
0.00
07/17/2017
.710792
169,101.39
99.999048
BOOK
0.00
04/14/2015
1.050000
845,000.00
844,822.38
394.33
0.00
10/15/2019
1.059409
844,822.38
99.978980
BOOK
0.00
07/22/2015
1.340000
820,000.00
819,934.81
488.36
0.00
03/16/2020
1.343408
819,934.81
99.992050
BOOK
0.00
08/19/2015
1.270000
455,000.00
454,994.40
208.67
0.00
04/18/2019
1.270662
454,994.40
99.998769
BOOK
0.00
03/02/2016
1.250000
615,000.00
614,965.13
341.67
0.00
03/16/2020
1.252803
614,965.13
99.994330
BOOK
0.00
03/30/2016
1.560000
260,000.00
259,949.56
180.27
0.00
09/15/2020
1.568722
259,949.56
99.980600
BOOK
0.00
04/27/2016
1.320000
195,000.00
194,969.76
114.40
0.00
01/15/2021
1.326574
194,969.76
99.984492
BOOK
0.00
1.212290
3,444,031.80
3,443,661.80
1,807.48
0.00
1.217173
3,443,661.80
99.989257
03/20/2015
1.020000
600,000.00
599,179.69
2,193.00
0.00
02/22/2019
1.083588
599,179.69
99.863282
BOOK
0.00
1.020000
600,000.00
599,179.69
2,193.00
0.00
1.083588
599,179.69
99.863282
10/30/2015
.630000
500,000.00
499,857.64
2,143.75
07/26/2016
.632991
497,637.50
99.971528
IDC-FIS
0.00
10/30/2015
.630000
6,600,000.00
6,598,120.83
28,297.50
1,008.33
07/26/2016
.632991
6,568,815.00
99.971528
IDC-FIS
0.00
10/30/2015
.630000
500,000.00
499,857.64
2,143.75
76.39
07/26/2016
.632991
497,637.50
99.971528
IDC-FIS
0.00
0.00
Inv Type: 50 AUTO ABS FXD-M 30/360
82341
82409
CCCSIG CORP HONDA A
CCCSIG AB TOYOTA AU
43814KAB7
89236WAB4
82502
CCCSIG ABS NAROT 20
65477UAC4
82636
CCCSIG ABS NISSAN A
65475WAD0
82665
82964
83008
83091
CCCSIG ABS HONDA 20
CCCSIG ABS TOYOTA C
CCCSIG ABS HYUNDAI
CCCSIG ABS CORP NIS
43814MAC1
89237KAD5
44930UAD8
65478VAD9
Subtotal
0.00
Inv Type: 53 CREDIT ABS FXD-SA 30/360
82448
CCCSIG AB CITIBANK
17305EFN0
Subtotal
0.00
Inv Type: 71 COMMERCIAL PAPER DISCOUNT
82767
PW CP TOYOTA MOTOR
89233GGS9
82768
PW CP TOYOTA MOTOR
89233GGS9
82769
PW CP TOYOTA MOTOR
89233GGS9
AvantGard APS2
76.39
Page 13 of 30
Inventory by Market Value
Page 21
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82770
PW CP TOYOTA MOTOR
89233GGS9
82771
PW CP TOYOTA MOTOR
89233GGS9
82772
PW CP TOYOTA MOTOR
89233GGS9
82773
PW CP TOYOTA MOTOR
89233GGS9
82774
PW CP TOYOTA MOTOR
89233GGS9
82775
PW CP TOYOTA MOTOR
89233GGS9
82776
PW CP TOYOTA MOTOR
89233GGS9
82777
PW CP TOYOTA MOTOR
89233GGS9
82851
CCCSD CP ABBEY NATI
00280NGN4
82853
CCCSD CP TOYOTA MOT
89233GGN0
82872
CP SOCIETE GENERALE
83369BGN0
82879
CP RABOBANK NEDERLA
21687AGR8
82896
CP UBS FINANCE DE
90262CGM3
82897
CP UBS FINANCE DE
90262CGN1
82905
PW CP TOYOTA MOTOR
89233GGB6
82906
PW CP TOYOTA MOTOR
89233GGB6
82907
PW CP TOYOTA MOTOR
89233GGB6
82916
CP CREDIT AGRICOLE
22533TGM2
82919
CP CREDIT SUISSE NY
2254EAGV9
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
76.39
10/30/2015
.630000
500,000.00
499,857.64
2,143.75
07/26/2016
.632991
497,637.50
99.971528
IDC-FIS
0.00
10/30/2015
.630000
250,000.00
249,928.82
1,071.88
38.19
07/26/2016
.632991
248,818.75
99.971528
IDC-FIS
0.00
10/30/2015
.630000
500,000.00
499,857.64
2,143.75
76.39
07/26/2016
.632991
497,637.50
99.971528
IDC-FIS
0.00
10/30/2015
.630000
250,000.00
249,928.82
1,071.88
38.19
07/26/2016
.632991
248,818.75
99.971528
IDC-FIS
0.00
10/30/2015
.630000
150,000.00
149,957.29
643.13
22.91
07/26/2016
.632991
149,291.25
99.971528
IDC-FIS
0.00
10/30/2015
.630000
250,000.00
249,928.82
1,071.88
38.19
07/26/2016
.632991
248,818.75
99.971528
IDC-FIS
0.00
10/30/2015
.630000
250,000.00
249,928.82
1,071.88
38.19
07/26/2016
.632991
248,818.75
99.971528
IDC-FIS
0.00
10/30/2015
.630000
250,000.00
249,928.82
1,071.88
38.19
07/26/2016
.632991
248,818.75
99.971528
IDC-FIS
0.00
12/21/2015
.740000
4,000,000.00
3,999,043.33
15,868.89
770.00
07/22/2016
.743270
3,982,404.44
99.976083
IDC-FIS
0.00
12/21/2015
.840000
5,000,000.00
4,998,804.17
22,516.67
1,254.17
07/22/2016
.844216
4,975,033.33
99.976083
IDC-FIS
0.00
12/30/2015
.770000
25,000,000.00
24,994,020.83
98,388.89
5,250.00
07/22/2016
.773391
24,890,381.94
99.976083
IDC-FIS
0.00
01/05/2016
.800000
25,000,000.00
24,993,166.67
98,888.89
6,500.00
07/25/2016
.803607
24,887,777.78
99.972667
IDC-FIS
0.00
01/07/2016
.880000
25,000,000.00
24,994,305.56
107,555.56
6,527.78
07/21/2016
.884236
24,880,222.22
99.977222
IDC-FIS
0.00
01/07/2016
.880000
25,000,000.00
24,994,020.83
107,555.56
6,854.16
07/22/2016
.884258
24,879,611.11
99.976083
IDC-FIS
0.00
01/13/2016
.790000
4,300,000.00
4,299,510.28
16,041.39
453.89
07/11/2016
.793133
4,283,015.00
99.988611
IDC-FIS
0.00
01/13/2016
.790000
1,100,000.00
1,099,874.72
4,103.61
116.11
07/11/2016
.793133
1,095,655.00
99.988611
IDC-FIS
0.00
01/13/2016
.790000
2,000,000.00
1,999,772.22
7,461.11
211.11
07/11/2016
.793133
1,992,100.00
99.988611
IDC-FIS
0.00
01/20/2016
.850000
25,000,000.00
24,994,305.56
96,215.27
6,111.12
07/21/2016
.853689
24,891,979.17
99.977222
IDC-FIS
0.00
01/29/2016
.890000
25,000,000.00
24,992,027.78
95,180.55
9,333.34
Page 14 of 30
Inventory by Market Value
Page 22
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82948
PW CP BNP PARIBAS
09659BHF0
82954
CP RABOBANK NEDERLA
21687AGS6
82961
PW CP UBS FINANCE D
90262CJ99
82979
CP TOYOTA MOTOR CRE
89233GGV2
82987
CP CREDIT SUISSE NY
2254EAHB2
82989
CP TOYOTA MOTOR CRE
89233GHR0
82991
CP CREDIT AGRICOLE
22533THV1
82995
CCCCD CP BTMUFJ
06538BJN4
82999
CP BNP PARIBAS
09659BHS2
83001
CP BNP PARIBAS
09659BJ92
83004
CP CREDIT SUISSE NY
2254EAJU8
83005
CP TOYOTA MOTOR CRE
89233GJT4
83012
CP ABBEY NATL TREAS
00280NKB5
83013
CP ABBEY NATL TREAS
00280NK74
83014
CP BANK TOKYO-MIT U
06538BKR3
83015
CP BANK TOKYO-MIT U
06538BK36
83037
CP JP MORGAN SECURI
46640PK51
83038
CP BANK OF TOKYO MI
06538BH89
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
07/29/2016
.894023
24,887,513.89
99.968111
IDC-FIS
0.00
02/17/2016
.840000
500,000.00
499,743.75
1,575.00
268.75
08/15/2016
.843543
497,900.00
99.948750
IDC-FIS
0.00
02/25/2016
.700000
25,000,000.00
24,992,881.94
61,736.11
5,034.72
07/26/2016
.702075
24,926,111.11
99.971528
IDC-FIS
0.00
03/01/2016
.850000
1,100,000.00
1,099,016.11
3,168.61
834.17
09/09/2016
.853871
1,095,013.33
99.910556
IDC-FIS
0.00
03/10/2016
.650000
30,000,000.00
29,990,433.33
61,208.33
5,600.00
07/29/2016
.651659
29,923,625.00
99.968111
IDC-FIS
0.00
03/17/2016
.820000
25,000,000.00
24,988,326.39
60,361.11
11,673.61
08/11/2016
.822755
24,916,291.67
99.953306
IDC-FIS
0.00
03/18/2016
.700000
25,000,000.00
24,984,340.28
51,041.67
11,076.39
08/25/2016
.702185
24,922,222.22
99.937361
IDC-FIS
0.00
03/21/2016
.760000
30,000,000.00
29,979,841.67
64,600.00
17,208.34
08/29/2016
.762592
29,898,033.33
99.932806
IDC-FIS
0.00
03/22/2016
.880000
1,995,000.00
1,992,884.19
4,925.44
1,931.82
09/22/2016
.883976
1,986,026.93
99.893944
IDC-FIS
0.00
03/25/2016
.750000
25,000,000.00
24,984,055.56
51,041.66
13,222.23
08/26/2016
.752414
24,919,791.67
99.936222
IDC-FIS
0.00
03/29/2016
.790000
25,000,000.00
24,977,638.89
51,569.44
16,041.67
09/09/2016
.792853
24,910,027.78
99.910556
IDC-FIS
0.00
03/30/2016
.920000
30,000,000.00
29,965,883.33
71,300.00
34,116.66
09/28/2016
.924299
29,860,466.67
99.886278
IDC-FIS
0.00
03/30/2016
.750000
25,000,000.00
24,971,888.89
48,437.50
17,722.22
09/27/2016
.752839
24,905,729.17
99.887556
IDC-FIS
0.00
04/01/2016
.810000
25,000,000.00
24,961,041.67
51,187.50
18,416.67
10/11/2016
.813533
24,891,437.50
99.844167
IDC-FIS
0.00
04/01/2016
.810000
25,000,000.00
24,962,569.44
51,187.50
17,694.44
10/07/2016
.813459
24,893,687.50
99.850278
IDC-FIS
0.00
04/04/2016
.860000
25,000,000.00
24,955,694.44
52,555.55
24,972.22
10/25/2016
.864212
24,878,166.67
99.822778
IDC-FIS
0.00
04/06/2016
.860000
25,000,000.00
24,964,097.22
51,361.11
20,236.11
10/03/2016
.863714
24,892,500.00
99.856389
IDC-FIS
0.00
04/08/2016
.870000
25,000,000.00
24,963,333.33
50,750.00
21,333.33
10/05/2016
.873801
24,891,250.00
99.853333
IDC-FIS
0.00
04/08/2016
.690000
25,000,000.00
24,989,180.56
40,250.00
7,388.89
08/08/2016
.691617
24,941,541.67
99.956722
IDC-FIS
0.00
Page 15 of 30
Inventory by Market Value
Page 23
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83057
CP RABOBANK NEDERLA
21687AKT9
83058
CP BANK OF TOKYO MI
06538BKX0
83059
CP BANK OF TOKYO MI
06538BKS1
83061
CP UNION BANK OF CA
62478XHF0
83072
CP JP MORGAN SECURI
46640PKH5
83073
CP CREDIT SUISSE NY
2254EAJC8
83076
CP RABOBANK NEDERLA
21687AKM4
83077
CP STANDARD CHARTER
85324TGK6
83082
CCCSD CP CREDIT AGR
22533TKR6
83087
CCCSD CP JP MORGAN
46640PNL3
83088
CCCSD CP STANDARD C
85324TNS1
83098
PW CP BNP PARIBAS N
09659BL99
83111
PW CP CREDIT AGRICO
22533TLJ3
83112
PW CP CREDIT AGRICO
22533TLJ3
83113
PW CP CREDIT AGRICO
22533TLJ3
83114
PW CP CREDIT AGRICO
22533TLJ3
83115
PW CP CREDIT AGRICO
22533TLJ3
83116
PW CP CREDIT AGRICO
22533TLJ3
83117
PW CP CREDIT AGRICO
22533TLJ3
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
25,566.67
04/11/2016
.810000
30,000,000.00
29,945,916.67
54,675.00
10/27/2016
.813643
29,865,675.00
99.819722
IDC-FIS
0.00
04/11/2016
.850000
15,000,000.00
14,967,975.00
28,687.50
11,183.33
10/31/2016
.854094
14,928,104.17
99.786500
IDC-FIS
0.00
04/11/2016
.850000
25,000,000.00
24,955,312.50
47,812.50
24,375.00
10/26/2016
.853992
24,883,125.00
99.821250
IDC-FIS
0.00
04/12/2016
.600000
25,000,000.00
24,987,187.50
33,333.33
5,937.50
08/15/2016
.601253
24,947,916.67
99.948750
IDC-FIS
0.00
04/18/2016
.870000
25,000,000.00
24,958,750.00
44,708.33
24,000.00
10/17/2016
.873843
24,890,041.67
99.835000
IDC-FIS
0.00
04/15/2016
.830000
25,000,000.00
24,976,680.56
44,381.94
18,756.95
09/12/2016
.832880
24,913,541.67
99.906722
IDC-FIS
0.00
04/20/2016
.830000
25,000,000.00
24,957,222.22
41,500.00
21,777.78
10/21/2016
.833536
24,893,944.44
99.828889
IDC-FIS
0.00
04/20/2016
.620000
25,000,000.00
24,994,875.00
31,000.00
2,625.00
07/19/2016
.620962
24,961,250.00
99.979500
IDC-FIS
0.00
04/26/2016
.870000
5,000,000.00
4,991,138.89
7,975.00
5,155.56
10/25/2016
.873844
4,978,008.33
99.822778
IDC-FIS
0.00
04/27/2016
1.030000
5,000,000.00
4,977,162.50
9,298.61
6,202.78
01/20/2017
1.037959
4,961,661.11
99.543250
IDC-FIS
0.00
04/27/2016
1.050000
5,000,000.00
4,976,487.50
9,479.17
6,966.66
01/26/2017
1.058459
4,960,041.67
99.529750
IDC-FIS
0.00
05/09/2016
.900000
1,000,000.00
997,707.50
1,325.00
982.50
11/09/2016
.904159
995,400.00
99.770750
IDC-FIS
0.00
05/20/2016
.920000
201,000.00
200,507.55
215.74
226.68
11/18/2016
.924296
200,065.13
99.755000
IDC-FIS
0.00
05/20/2016
.920000
1,507,000.00
1,503,307.85
1,617.51
1,699.56
11/18/2016
.924298
1,499,990.78
99.755000
IDC-FIS
0.00
05/20/2016
.920000
201,000.00
200,507.55
215.74
226.68
11/18/2016
.924296
200,065.13
99.755000
IDC-FIS
0.00
05/20/2016
.920000
553,000.00
551,645.15
593.55
623.66
11/18/2016
.924297
550,427.94
99.755000
IDC-FIS
0.00
05/20/2016
.920000
151,000.00
150,630.05
162.07
170.30
11/18/2016
.924302
150,297.68
99.755000
IDC-FIS
0.00
05/20/2016
.920000
402,000.00
401,015.10
431.48
453.37
11/18/2016
.924301
400,130.25
99.755000
IDC-FIS
0.00
05/20/2016
.920000
151,000.00
150,630.05
162.07
170.30
Page 16 of 30
Inventory by Market Value
Page 24
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83118
PW CP CREDIT AGRICO
22533TLJ3
83119
PW CP CREDIT AGRICO
22533TLJ3
83120
PW CP CREDIT AGRICO
22533TLJ3
83121
PW CP CREDIT AGRICO
22533TLJ3
83122
PW CP CREDIT AGRICO
22533TLJ3
83123
PW CP CREDIT AGRICO
22533TLJ3
83124
PW CP CREDIT AGRICO
22533TLJ3
83125
PW CP CREDIT AGRICO
22533TLJ3
83126
PW CP CREDIT AGRICO
22533TLJ3
83127
PW CP CREDIT AGRICO
22533TLJ3
83128
PW CP CREDIT AGRICO
22533TLJ3
83129
PW CP CREDIT AGRICO
22533TLJ3
83130
PW CP CREDIT AGRICO
22533TLJ3
83131
PW CP CREDIT AGRICO
22533TLJ3
83132
PW CP CREDIT AGRICO
22533TLJ3
83133
PW CP CREDIT AGRICO
22533TLJ3
83134
PW CP CREDIT AGRICO
22533TLJ3
83135
PW CP CREDIT AGRICO
22533TLJ3
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
11/18/2016
.924302
150,297.68
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
351,000.00
350,140.05
376.74
395.85
11/18/2016
.924299
349,367.46
99.755000
IDC-FIS
0.00
05/20/2016
.920000
503,000.00
501,767.65
539.89
567.27
11/18/2016
.924299
500,660.49
99.755000
IDC-FIS
0.00
05/20/2016
.920000
125,000.00
124,693.75
134.17
140.97
11/18/2016
.924301
124,418.61
99.755000
IDC-FIS
0.00
05/20/2016
.920000
503,000.00
501,767.65
539.89
567.27
11/18/2016
.924299
500,660.49
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
151,000.00
150,630.05
162.07
170.30
11/18/2016
.924302
150,297.68
99.755000
IDC-FIS
0.00
05/20/2016
.920000
201,000.00
200,507.55
215.74
226.68
11/18/2016
.924296
200,065.13
99.755000
IDC-FIS
0.00
05/20/2016
.920000
502,000.00
500,770.10
538.81
566.15
11/18/2016
.924300
499,665.14
99.755000
IDC-FIS
0.00
05/20/2016
.920000
3,215,000.00
3,207,123.25
3,450.77
3,625.80
11/18/2016
.924299
3,200,046.68
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
201,000.00
200,507.55
215.74
226.68
11/18/2016
.924296
200,065.13
99.755000
IDC-FIS
0.00
05/20/2016
.920000
50,000.00
49,877.50
53.67
56.40
11/18/2016
.924357
49,767.43
99.755000
IDC-FIS
0.00
05/20/2016
.920000
151,000.00
150,630.05
162.07
170.30
11/18/2016
.924302
150,297.68
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
201,000.00
200,507.55
215.74
226.68
11/18/2016
.924296
200,065.13
99.755000
IDC-FIS
0.00
Page 17 of 30
Inventory by Market Value
Page 25
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83136
PW CP CREDIT AGRICO
22533TLJ3
83137
PW CP CREDIT AGRICO
22533TLJ3
83138
PW CP CREDIT AGRICO
22533TLJ3
83139
PW CP CREDIT AGRICO
22533TLJ3
83140
PW CP CREDIT AGRICO
22533TLJ3
83141
PW CP CREDIT AGRICO
22533TLJ3
83142
PW CP CREDIT AGRICO
22533TLJ3
83143
PW CP CREDIT AGRICO
22533TLJ3
83144
PW CP CREDIT AGRICO
22533TLJ3
83145
PW CP CREDIT AGRICO
22533TLJ3
83146
PW CP CREDIT AGRICO
22533TLJ3
83147
PW CP CREDIT AGRICO
22533TLJ3
83148
PW CP CREDIT AGRICO
22533TLJ3
83156
HR CP BNP PARIBAS
09659BGV6
83157
HR CP BNP PARIBAS
09659BGV6
83158
HR CP BNP PARIBAS
09659BGV6
83159
CP CREDIT AGRICOLE
22533TLN4
83162
CP JP MORGAN SECURI
46640PLN1
83163
CP JP MORGAN SECURI
46640PLP6
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
84.59
05/20/2016
.920000
75,000.00
74,816.25
80.50
11/18/2016
.924317
74,651.16
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
201,000.00
200,507.55
215.74
226.68
11/18/2016
.924296
200,065.13
99.755000
IDC-FIS
0.00
05/20/2016
.920000
1,005,000.00
1,002,537.75
1,078.70
1,133.42
11/18/2016
.924300
1,000,325.63
99.755000
IDC-FIS
0.00
05/20/2016
.920000
301,000.00
300,262.55
323.07
339.46
11/18/2016
.924296
299,600.02
99.755000
IDC-FIS
0.00
05/20/2016
.920000
1,206,000.00
1,203,045.30
1,294.44
1,360.10
11/18/2016
.924299
1,200,390.76
99.755000
IDC-FIS
0.00
05/20/2016
.920000
151,000.00
150,630.05
162.07
170.30
11/18/2016
.924302
150,297.68
99.755000
IDC-FIS
0.00
05/20/2016
.920000
201,000.00
200,507.55
215.74
226.68
11/18/2016
.924296
200,065.13
99.755000
IDC-FIS
0.00
05/20/2016
.920000
754,000.00
752,152.70
809.29
850.35
11/18/2016
.924300
750,493.06
99.755000
IDC-FIS
0.00
05/20/2016
.920000
100,000.00
99,755.00
107.33
112.78
11/18/2016
.924297
99,534.89
99.755000
IDC-FIS
0.00
05/20/2016
.920000
151,000.00
150,630.05
162.07
170.30
11/18/2016
.924302
150,297.68
99.755000
IDC-FIS
0.00
05/20/2016
.920000
2,009,000.00
2,004,077.95
2,156.33
2,265.70
11/18/2016
.924299
1,999,655.92
99.755000
IDC-FIS
0.00
05/20/2016
.920000
351,000.00
350,140.05
376.74
395.85
11/18/2016
.924299
349,367.46
99.755000
IDC-FIS
0.00
05/31/2016
.480000
3,001,000.00
3,000,043.01
1,240.42
163.38
07/29/2016
.480379
2,998,639.21
99.968111
IDC-FIS
0.00
05/31/2016
.480000
2,644,000.00
2,643,156.86
1,092.86
143.95
07/29/2016
.480379
2,641,920.05
99.968111
IDC-FIS
0.00
05/31/2016
.480000
5,801,000.00
5,799,150.13
2,397.74
315.84
07/29/2016
.480378
5,796,436.55
99.968111
IDC-FIS
0.00
06/02/2016
.810000
30,000,000.00
29,924,400.00
19,575.00
21,600.00
11/22/2016
.813165
29,883,225.00
99.748000
IDC-FIS
0.00
06/01/2016
.900000
25,000,000.00
24,937,000.00
18,750.00
27,000.00
11/22/2016
.903932
24,891,250.00
99.748000
IDC-FIS
0.00
06/01/2016
.900000
25,000,000.00
24,936,562.50
18,750.00
27,187.50
Page 18 of 30
Inventory by Market Value
Page 26
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83169
83170
PW CP BNP PARIBAS
PW CP BNP PARIBAS
09659BGE4
09659BGE4
83173
CP ABBEY NATIONAL T
00280NLE8
83175
CCCCD CP BNP PARIBA
09659BQH6
83176
CP STANDARD CHARTER
85324TM94
83179
CP STANDARD CHARTER
85324TMC7
83182
CP SOCIETE GENERALE
83369BMN3
83183
CP STANDARD CHARTER
85324TMP8
83188
CP BNP PARIBAS
09659BMP2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
0.00
11/23/2016
.903955
24,890,625.00
99.746250
IDC-FIS
06/14/2016
.400000
764,000.00
763,886.89
144.31
0.00
07/14/2016
.400139
763,745.33
99.985194
IDC-FIS
-2.75
06/14/2016
.400000
900,000.00
899,866.75
170.00
0.00
07/14/2016
.400133
899,700.00
99.985194
IDC-FIS
-3.25
06/21/2016
.780000
20,000,000.00
19,952,400.00
4,333.33
11,333.34
11/14/2016
.782475
19,936,733.33
99.762000
IDC-FIS
0.00
06/21/2016
1.030000
1,995,000.00
1,980,216.50
570.79
0.01
03/17/2017
1.037989
1,979,645.70
99.258972
IDC-FIS
0.00
06/22/2016
.900000
25,000,000.00
24,929,562.50
5,625.00
30,187.50
12/09/2016
.903841
24,893,750.00
99.718250
IDC-FIS
0.00
06/23/2016
.950000
20,000,000.00
19,942,600.00
4,222.22
29,155.56
12/12/2016
.954332
19,909,222.22
99.713000
IDC-FIS
0.00
06/28/2016
.840000
25,000,000.00
24,923,875.00
1,750.00
25,375.00
12/22/2016
.843484
24,896,750.00
99.695500
IDC-FIS
0.00
06/28/2016
.910000
25,000,000.00
24,923,437.50
1,895.83
34,027.78
12/23/2016
.914113
24,887,513.89
99.693750
IDC-FIS
0.00
06/27/2016
.880000
25,000,000.00
24,923,437.50
2,444.44
30,381.95
12/23/2016
.883867
24,890,611.11
99.693750
IDC-FIS
0.00
.811041
1,032,625,000.00
1,031,229,380.45
1,995,783.06
698,719.78
.814347
1,028,534,883.61
99.864847
05/29/2015
1.150000
1,950,000.00
1,954,077.04
05/26/2017
1.150000
1,950,000.00
11/17/2015
1.480000
2,175,000.00
11/16/2017
1.480000
2,175,000.00
100.000000
BOOK
0.00
12/21/2015
.640000
5,000,000.00
5,001,035.57
17,155.56
1,035.57
07/22/2016
.640000
5,000,000.00
100.020711
IDC-FIS
0.00
12/22/2015
.820000
500,000.00
500,721.84
2,186.67
721.84
12/22/2016
.820000
500,000.00
100.144369
IDC-FIS
0.00
12/23/2015
.870000
25,000,000.00
25,008,685.70
115,395.83
8,685.70
07/22/2016
.870000
25,000,000.00
100.034743
IDC-FIS
0.00
12/23/2015
.840000
25,000,000.00
25,008,228.17
111,416.67
8,228.17
07/22/2016
.840000
25,000,000.00
100.032913
IDC-FIS
0.00
12/23/2015
.850000
25,000,000.00
25,003,047.88
112,743.06
3,047.88
Subtotal
-6.00
Inv Type: 72 NEGOTIABLE CERT OF DEPOSIT
82576
CCCSIG YCD NORDEA B
65558LFA5
82798
CCCSIG YCD SKANDINA
83050FBG5
82852
CCCSD NCD MUFG UNIO
62478TMC0
82854
PW NCD UNION BANK O
62478TMF3
82855
YCD STANDARD CHARTE
85325TEY7
82856
YCD NORDEA BANK FIN
65558LMA7
82857
YCD SOCIETE GENERAL
83369TR66
AvantGard APS2
2,242.50
4,077.04
100.209079
IDC-FIS
0.00
2,175,000.00
20,297.58
0.00
Page 19 of 30
Inventory by Market Value
Page 27
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82858
YCD RABOBANK NEDERL
21685VKX6
82859
YCD ABBEY NATL TREA
00279JBF8
82860
YCD NORDEA BANK FIN
65558LMA7
82878
YCD CREDIT AGRICOLE
22534HCH2
82898
NCD WELLS FARGO BAN
94988EN79
82911
AUHSD YCD BNP PARIB
05572NH58
82912
YCD BNP PARIBAS
05572NH41
82915
AUHSD YCD BNP PARIB
05572NH58
82918
NCD WELLS FARGO BAN
94988EPM4
82920
KFPD YCD BNP PARIBA
05572NJ31
82921
KFPD YCD BNP PARIBA
05572NJ64
82922
YCD SOCIETE GENERAL
83369TU96
82923
YCD ROYAL BANK OF C
78009NZK5
82942
PW YCD BNP PARIBAS
05572NK62
82943
PW YCD BNP PARIBAS
05572NK54
82953
YCD SOCIETE GENERAL
83369TZ59
82977
YCD BNP PARIBAS
05572NL20
82982
CCCSIG YCD ROYAL BA
78009NZZ2
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
07/08/2016
.850000
25,000,000.00
100.012192
IDC-FIS
0.00
12/23/2015
.830000
25,000,000.00
25,008,075.66
110,090.28
8,075.66
07/22/2016
.830000
25,000,000.00
100.032303
IDC-FIS
0.00
12/23/2015
.800000
20,000,000.00
20,003,047.54
84,888.89
3,047.54
07/11/2016
.800000
20,000,000.00
100.015238
IDC-FIS
0.00
12/23/2015
.840000
25,000,000.00
25,008,228.17
111,416.67
8,228.17
07/22/2016
.840000
25,000,000.00
100.032913
IDC-FIS
0.00
01/04/2016
.820000
30,000,000.00
30,011,670.01
122,316.67
11,670.01
07/27/2016
.820000
30,000,000.00
100.038900
IDC-FIS
0.00
01/08/2016
.830000
25,000,000.00
25,005,140.48
100,868.06
5,140.48
07/14/2016
.830000
25,000,000.00
100.020562
IDC-FIS
0.00
01/15/2016
1.140000
1,600,000.00
1,603,102.64
8,512.00
3,102.64
01/13/2017
1.140000
1,600,000.00
100.193915
IDC-FIS
0.00
01/15/2016
.840000
25,000,000.00
25,007,856.58
98,000.00
7,856.58
07/21/2016
.840000
25,000,000.00
100.031426
IDC-FIS
0.00
01/15/2016
1.140000
110,000.00
110,213.31
585.20
213.31
01/13/2017
1.140000
110,000.00
100.193915
IDC-FIS
0.00
01/22/2016
.830000
25,000,000.00
25,007,711.68
92,798.61
7,711.68
07/21/2016
.830000
25,000,000.00
100.030847
IDC-FIS
0.00
01/25/2016
1.120000
250,000.00
250,485.74
1,228.89
485.74
01/25/2017
1.120000
250,000.00
100.194297
IDC-FIS
0.00
01/27/2016
1.120000
250,000.00
250,490.44
1,213.33
490.44
01/27/2017
1.120000
250,000.00
100.196176
IDC-FIS
0.00
01/28/2016
.830000
25,000,000.00
25,010,282.44
89,340.28
10,282.44
07/28/2016
.830000
25,000,000.00
100.041130
IDC-FIS
0.00
01/28/2016
.850000
25,000,000.00
25,009,908.71
91,493.06
9,908.71
07/26/2016
.850000
25,000,000.00
100.039635
IDC-FIS
0.00
02/10/2016
1.120000
500,000.00
501,046.70
2,208.89
1,046.70
02/10/2017
1.120000
500,000.00
100.209341
IDC-FIS
0.00
02/10/2016
.840000
500,000.00
500,291.87
1,656.67
291.87
08/08/2016
.840000
500,000.00
100.058374
IDC-FIS
0.00
02/24/2016
.760000
25,000,000.00
25,009,245.46
67,555.56
9,245.46
07/29/2016
.760000
25,000,000.00
100.036982
IDC-FIS
0.00
03/10/2016
.670000
10,000,000.00
10,002,974.80
21,030.56
2,974.80
07/29/2016
.670000
10,000,000.00
100.029748
IDC-FIS
0.00
03/15/2016
1.700000
1,305,000.00
1,305,000.00
6,655.50
0.00
03/09/2018
1.700000
1,305,000.00
100.000000
BOOK
0.00
Page 20 of 30
Inventory by Market Value
Page 28
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82983
CCCSIG YCD TORONTO
89113E5E2
82988
YCD SVENSKA HANDELS
86958DY89
82998
NCD UNION BANK OF C
62478TPK9
83002
YCD CREDIT SUISSE N
22549VD42
83003
NCD UNION BANK OF C
62478TPP8
83016
YCD SOCIETE GENERAL
83369T3L9
83020
PW YCD STANDARD CHA
85325THG3
83021
PW YCD STANDARD CHA
85325THG3
83022
PW YCD STANDARD CHA
85325THG3
83023
PW YCD STANDARD CHA
85325THG3
83024
PW YCD STANDARD CHA
85325THG3
83025
PW YCD STANDARD CHA
85325THG3
83026
PW YCD STANDARD CHA
85325THG3
83027
PW YCD STANDARD CHA
85325THG3
83028
PW YCD STANDARD CHA
85325THG3
83029
PW YCD STANDARD CHA
85325THG3
83030
PW YCD STANDARD CHA
85325THG3
83031
PW YCD STANDARD CHA
85325THG3
83032
PW YCD STANDARD CHA
85325THG3
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
0.00
03/16/2016
1.720000
2,025,000.00
2,025,000.00
10,352.25
03/14/2018
1.720000
2,025,000.00
100.000000
BOOK
0.00
03/17/2016
.710000
25,000,000.00
25,011,651.94
52,263.89
11,146.45
08/10/2016
.705000
25,000,505.49
100.046608
IDC-FIS
0.00
03/23/2016
.550000
15,000,000.00
15,000,103.98
22,916.67
103.98
07/01/2016
.550000
15,000,000.00
100.000693
IDC-FIS
0.00
03/29/2016
.910000
25,000,000.00
25,031,291.68
59,402.78
31,291.68
09/12/2016
.910000
25,000,000.00
100.125167
IDC-FIS
0.00
03/29/2016
.770000
25,000,000.00
25,027,688.22
50,263.89
27,688.22
09/23/2016
.770000
25,000,000.00
100.110753
IDC-FIS
0.00
04/06/2016
.920000
25,000,000.00
25,026,278.31
54,944.44
26,278.31
10/03/2016
.920000
25,000,000.00
100.105113
IDC-FIS
0.00
04/07/2016
.620000
5,000,000.00
5,000,266.29
7,319.44
266.29
07/06/2016
.620000
5,000,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
1,000,000.00
1,000,053.26
1,463.89
53.26
07/06/2016
.620000
1,000,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
2,200,000.00
2,200,117.17
3,220.56
117.17
07/06/2016
.620000
2,200,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
2,600,000.00
2,600,138.47
3,806.11
138.47
07/06/2016
.620000
2,600,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
3,100,000.00
3,100,165.10
4,538.06
165.10
07/06/2016
.620000
3,100,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
3,000,000.00
3,000,159.78
4,391.67
159.78
07/06/2016
.620000
3,000,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
875,000.00
875,046.60
1,280.90
46.60
07/06/2016
.620000
875,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
21,800,000.00
21,801,161.03
31,912.78
1,161.03
07/06/2016
.620000
21,800,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
5,600,000.00
5,600,298.25
8,197.78
298.25
07/06/2016
.620000
5,600,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
440,000.00
440,023.43
644.11
23.43
07/06/2016
.620000
440,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
2,300,000.00
2,300,122.49
3,366.94
122.49
07/06/2016
.620000
2,300,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
500,000.00
500,026.63
731.94
26.63
07/06/2016
.620000
500,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
3,700,000.00
3,700,197.06
5,416.39
197.06
Page 21 of 30
Inventory by Market Value
Page 29
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83033
PW YCD STANDARD CHA
85325THG3
83034
PW YCD STANDARD CHA
85325THG3
83035
NCD BANK OF AMERICA
06052TSS0
83036
YCD CREDIT AGRICOLE
22534HGR6
83040
PW YCD ABBEY NATL T
00279JCW0
83041
PW YCD ABBEY NATL T
00279JCW0
83042
PW YCD ABBEY NATL T
00279JCW0
83043
PW YCD ABBEY NATL T
00279JCW0
83044
PW YCD ABBEY NATL T
00279JCW0
83045
PW YCD ABBEY NATL T
00279JCW0
83046
PW YCD ABBEY NATL T
00279JCW0
83047
PW YCD ABBEY NATL T
00279JCW0
83048
PW YCD ABBEY NATL T
00279JCW0
83049
PW YCD ABBEY NATL T
00279JCW0
83050
YCD ABBEY NATL TREA
00279JCW0
83060
YCD STANDARD CHARTE
85325THM0
83065
YCD STANDARD CHARTE
85325THP3
83080
YCD CREDIT SUISSE N
22549VT45
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
07/06/2016
.620000
3,700,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
6,000,000.00
6,000,319.55
8,783.33
319.55
07/06/2016
.620000
6,000,000.00
100.005326
IDC-FIS
0.00
04/07/2016
.620000
4,550,000.00
4,550,242.33
6,660.69
242.33
07/06/2016
.620000
4,550,000.00
100.005326
IDC-FIS
0.00
04/08/2016
.580000
25,000,000.00
25,001,359.08
33,833.33
1,359.08
07/07/2016
.580000
25,000,000.00
100.005436
IDC-FIS
0.00
04/08/2016
.800000
25,000,000.00
25,023,571.62
46,666.67
23,571.62
09/06/2016
.800000
25,000,000.00
100.094286
IDC-FIS
0.00
04/11/2016
.760000
500,000.00
500,341.57
855.00
341.57
10/11/2016
.760000
500,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
5,600,000.00
5,603,825.57
9,576.00
3,825.57
10/11/2016
.760000
5,600,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
300,000.00
300,204.94
513.00
204.94
10/11/2016
.760000
300,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
100,000.00
100,068.31
171.00
68.31
10/11/2016
.760000
100,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
1,500,000.00
1,501,024.71
2,565.00
1,024.71
10/11/2016
.760000
1,500,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
1,500,000.00
1,501,024.71
2,565.00
1,024.71
10/11/2016
.760000
1,500,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
750,000.00
750,512.35
1,282.50
512.35
10/11/2016
.760000
750,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
4,550,000.00
4,553,108.28
7,780.50
3,108.28
10/11/2016
.760000
4,550,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
700,000.00
700,478.20
1,197.00
478.20
10/11/2016
.760000
700,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
500,000.00
500,341.57
855.00
341.57
10/11/2016
.760000
500,000.00
100.068314
IDC-FIS
0.00
04/11/2016
.760000
4,000,000.00
4,002,732.55
6,840.00
2,732.55
10/11/2016
.760000
4,000,000.00
100.068314
IDC-FIS
0.00
04/12/2016
.620000
25,000,000.00
25,002,441.10
34,444.44
2,441.10
07/11/2016
.620000
25,000,000.00
100.009764
IDC-FIS
0.00
04/13/2016
.620000
25,000,000.00
25,002,663.04
34,013.89
2,663.04
07/12/2016
.620000
25,000,000.00
100.010652
IDC-FIS
0.00
04/21/2016
.960000
25,000,000.00
25,033,483.76
47,333.33
33,483.76
10/18/2016
.960000
25,000,000.00
100.133935
IDC-FIS
0.00
Page 22 of 30
Inventory by Market Value
Page 30
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83083
CCCSD YCD BNP PARIB
05572NM52
83089
CCCSD YCD ABBEY NAT
00279JDD1
83102
YCD CREDIT AGRICOLE
22534HJR3
83174
83181
CCCCD YCD UBS AG ST
YCD ROYAL BANK OF C
90275DAU4
78009ND52
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
5,876.44
04/26/2016
.880000
5,000,000.00
5,005,876.44
8,066.67
10/26/2016
.880000
5,000,000.00
100.117529
IDC-FIS
0.00
04/27/2016
1.180000
5,000,000.00
5,010,706.41
10,652.78
10,706.41
04/27/2017
1.180000
5,000,000.00
100.214128
IDC-FIS
0.00
05/17/2016
.900000
25,000,000.00
25,034,977.20
28,125.00
34,977.20
11/10/2016
.900000
25,000,000.00
100.139909
IDC-FIS
0.00
06/21/2016
.980000
1,900,000.00
1,902,256.76
517.22
2,256.76
01/31/2017
.980000
1,900,000.00
100.118777
IDC-FIS
0.00
06/28/2016
.810000
25,000,000.00
25,033,949.10
1,687.50
33,949.10
12/16/2016
.810000
25,000,000.00
100.135796
IDC-FIS
0.00
.794145
735,730,000.00
736,110,867.27
2,014,716.33
380,361.78
.793976
735,730,505.49
100.051767
10/23/2015
1.000000
2,175,000.00
2,158,491.75
04/24/2017
1.000000
2,175,000.00
1.000000
2,175,000.00
1.000000
2,175,000.00
99.241000
12/05/2012
1.104000
105,000.00
105,173.25
83.72
12/05/2017
1.104000
105,000.00
100.165000
IDC-FIS
0.00
02/11/2013
1.550000
245,000.00
247,844.45
1,497.90
3,185.00
02/09/2018
1.579059
244,659.45
101.161000
IDC-FIS
0.00
05/03/2013
1.000000
175,000.00
175,430.50
281.94
1,076.25
05/03/2018
1.076001
174,354.25
100.246000
IDC-FIS
0.00
11/15/2013
1.250000
5,000,000.00
5,020,350.00
14,930.56
75,850.00
10/05/2017
1.545080
4,944,500.00
100.407000
IDC-FIS
0.00
01/10/2014
1.625000
6,406,000.00
6,517,592.52
7,228.99
149,131.68
12/06/2018
1.750063
6,368,460.84
101.742000
IDC-FIS
0.00
01/27/2014
1.350000
5,211,000.00
5,241,901.23
3,126.61
62,271.45
12/15/2017
1.510075
5,179,629.78
100.593000
IDC-FIS
0.00
04/07/2014
1.500000
5,000,000.00
5,028,000.00
34,375.00
68,100.00
01/16/2018
1.720116
4,959,900.00
100.560000
IDC-FIS
0.00
09/09/2014
1.400000
810,000.00
812,494.80
3,559.50
3,296.70
Subtotal
0.00
Inv Type: 74 CERT OF DEPOSIT MEDIUM TERM
82760
CCCSIG MTN BMO HARR
05574BFW5
Subtotal
15,225.00
0.00
99.241000
IDC-FIS
-16,508.25
2,158,491.75
15,225.00
0.00
-16,508.25
Inv Type: 75 CORPORATE NOTES
81054
81217
81413
CCCCD CORP CHEVRON
CCCCD CORP BERKSHIR
CCCCD CORP APPLE IN
166764AA8
084670BH0
037833AJ9
81703
CORP TOYOTA MTR CRD
89233P6S0
81789
CORP MICROSOFT CORP
594918AV6
81813
CORP INTEL STRUCTUR
458140AL4
81899
CORP WELLS FARGO &
94974BFG0
82116
CCCSIG CORP WELLS F
94974BGB0
AvantGard APS2
173.25
Page 23 of 30
Inventory by Market Value
Page 31
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82197
CCCSIG CORP CHEVRON
166764AL4
82258
CORP CHEVRON CORP
166764AA8
82290
CCCSIG CORP TOYOTA
89236TCA1
82348
CCCCD CORP JOHN DEE
24422ERF8
82349
82351
CCCCD CORP IBM CORP
CCCCD CORP AMERICAN
459200GX3
0258M0DC0
82352
CCCCD CORP WELLS FA
94974BFL9
82353
CCCCD CORP US BANK
90331HMC4
82366
82367
82368
82370
82371
82375
CCCCD CORP WELLS FA
CCCCD CORP IBM CORP
CCCCD CORP JOHN DEE
CCCCD CORP AMERICAN
CCCCD CORP US BANK
CCCSIG CORP IBM COR
94974BFL9
459200GX3
24422ERF8
0258M0DC0
90331HMC4
459200HZ7
82376
CCCCD CORP IBM CORP
459200HZ7
82386
CORP IBM CORP
459200HZ7
82404
CCCSIG CORP CHEVRON
166764AV2
82416
CCCSIG CORP EXXON M
30231GAL6
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
09/08/2017
1.433868
809,198.10
100.308000
IDC-FIS
0.00
11/18/2014
1.345000
350,000.00
351,827.00
601.51
1,827.00
11/15/2017
1.345000
350,000.00
100.522000
IDC-FIS
0.00
12/15/2014
1.104000
10,000,000.00
10,016,500.00
7,973.33
58,990.00
12/05/2017
1.250044
9,957,510.00
100.165000
IDC-FIS
0.00
01/12/2015
1.450000
220,000.00
221,603.80
1,497.53
1,905.20
01/12/2018
1.496870
219,698.60
100.729000
IDC-FIS
0.00
01/23/2015
1.850000
1,560,000.00
1,563,588.00
8,497.67
0.00
09/15/2016
.616979
1,591,418.40
100.230000
IDC-FIS
-27,830.40
01/23/2015
1.950000
1,565,000.00
1,565,923.35
13,478.56
0.00
07/22/2016
.490189
1,599,038.75
100.059000
IDC-FIS
-33,115.40
01/23/2015
2.800000
1,525,000.00
1,531,481.25
12,098.33
0.00
09/19/2016
.840060
1,574,028.75
100.425000
IDC-FIS
-42,547.50
01/23/2015
1.250000
1,590,000.00
1,590,365.70
8,888.55
0.00
07/20/2016
.787164
1,600,891.50
100.023000
IDC-FIS
-10,525.80
01/23/2015
1.100000
1,585,000.00
1,585,776.65
7,313.01
0.00
01/30/2017
.828281
1,593,606.55
100.049000
IDC-FIS
-7,829.90
01/23/2015
1.250000
1,985,000.00
1,985,456.55
11,096.70
0.00
07/20/2016
.787164
1,998,597.25
100.023000
IDC-FIS
-13,140.70
01/23/2015
1.950000
1,960,000.00
1,961,156.40
16,880.50
0.00
07/22/2016
.490189
2,002,630.00
100.059000
IDC-FIS
-41,473.60
01/23/2015
1.850000
1,950,000.00
1,954,485.00
10,622.08
0.00
09/15/2016
.616979
1,989,273.00
100.230000
IDC-FIS
-34,788.00
01/23/2015
2.800000
1,905,000.00
1,913,096.25
15,112.99
0.00
09/19/2016
.840060
1,966,245.75
100.425000
IDC-FIS
-53,149.50
01/23/2015
1.100000
1,980,000.00
1,980,970.20
9,135.50
0.00
01/30/2017
.828281
1,990,751.40
100.049000
IDC-FIS
-9,781.20
02/06/2015
1.125000
1,880,000.00
1,888,084.00
8,518.75
13,818.00
02/06/2018
1.228864
1,874,266.00
100.430000
IDC-FIS
0.00
02/06/2015
1.125000
160,000.00
160,688.00
725.00
1,176.00
02/06/2018
1.228864
159,512.00
100.430000
IDC-FIS
0.00
02/11/2015
1.125000
5,000,000.00
5,021,500.00
22,656.25
43,400.00
02/06/2018
1.274939
4,978,100.00
100.430000
IDC-FIS
0.00
03/03/2015
1.365000
1,065,000.00
1,070,846.85
4,805.37
5,846.85
03/02/2018
1.365000
1,065,000.00
100.549000
IDC-FIS
0.00
03/06/2015
1.305000
1,565,000.00
1,577,207.00
6,524.10
12,207.00
03/06/2018
1.305000
1,565,000.00
100.780000
IDC-FIS
0.00
Page 24 of 30
Inventory by Market Value
Page 32
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82417
CCCCD CORP EXXON MO
30231GAL6
82418
CORP CHEVRON CORP
166764AV2
82420
CCCCD CORP AMERICAN
02665WAT8
82513
82554
CCCCD CORP GENERAL
CORP APPLE INC
36962G4D3
037833AJ9
82574
CCCSIG CORP BK OF N
06406HDB2
82575
CCCCD CORP BK OF NE
06406HDB2
82581
CORP JP MORGAN CHAS
46625HJL5
82586
CCCSIG CORP CISCO S
17275RAU6
82587
CCCCD CORP CISCO SY
17275RAU6
82598
CCCSIG CORP WELLS F
94974BGB0
82620
CCCSIG CORP TOYOTA
89236TCP8
82621
CORP TOYOTA MOTOR C
89236TCP8
82634
CCCCD CORP PEPSICO
713448CW6
82658
CCCSIG CORP 3M COMP
88579YAP6
82693
CORP JP MORGAN CHAS
46623EKD0
82712
82713
82714
CCCCD CORP PFIZER I
CCCCD CORP PFIZER I
CCCCD CORP GOLDMAN
AvantGard APS2
717081DD2
717081DL4
38147MAA3
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
975.00
03/06/2015
1.305000
125,000.00
125,975.00
521.09
03/06/2018
1.305000
125,000.00
100.780000
IDC-FIS
0.00
03/09/2015
1.365000
5,000,000.00
5,027,450.00
22,560.42
28,360.47
03/02/2018
1.372881
4,999,089.53
100.549000
IDC-FIS
0.00
03/13/2015
1.500000
130,000.00
131,272.70
585.00
1,446.90
03/13/2018
1.545883
129,825.80
100.979000
IDC-FIS
0.00
04/15/2015
6.000000
100,000.00
114,552.00
2,400.00
0.00
08/07/2019
1.743001
117,603.00
114.552000
IDC-FIS
-3,051.00
05/12/2015
1.000000
10,000,000.00
10,024,600.00
16,111.11
99,500.00
05/03/2018
1.257267
9,925,100.00
100.246000
IDC-FIS
0.00
05/29/2015
1.600000
1,600,000.00
1,615,920.00
2,773.33
16,064.00
05/22/2018
1.603145
1,599,856.00
100.995000
IDC-FIS
0.00
05/29/2015
1.600000
125,000.00
126,243.75
216.67
1,255.00
05/22/2018
1.603145
124,988.75
100.995000
IDC-FIS
0.00
06/02/2015
1.625000
5,000,000.00
5,019,550.00
10,381.94
24,300.00
05/15/2018
1.658000
4,995,250.00
100.391000
IDC-FIS
0.00
06/17/2015
1.650000
1,725,000.00
1,747,425.00
1,265.00
22,718.25
06/15/2018
1.655855
1,724,706.75
101.300000
IDC-FIS
0.00
06/17/2015
1.650000
130,000.00
131,690.00
95.33
1,712.10
06/15/2018
1.655855
129,977.90
101.300000
IDC-FIS
0.00
07/07/2015
1.400000
1,100,000.00
1,103,388.00
4,833.89
0.00
09/08/2017
1.252137
1,103,465.00
100.308000
IDC-FIS
-77.00
07/13/2015
1.550000
410,000.00
413,940.10
2,965.67
4,288.60
07/13/2018
1.579121
409,651.50
100.961000
IDC-FIS
0.00
07/16/2015
1.550000
5,000,000.00
5,048,050.00
36,166.67
50,550.00
07/13/2018
1.567156
4,997,500.00
100.961000
IDC-FIS
0.00
07/17/2015
1.125000
100,000.00
100,268.00
512.50
300.00
07/17/2017
1.139621
99,968.00
100.268000
IDC-FIS
0.00
08/07/2015
1.375000
1,340,000.00
1,353,239.20
7,370.00
15,624.40
08/07/2018
1.435833
1,337,614.80
100.988000
IDC-FIS
0.00
09/15/2015
1.700000
5,000,000.00
5,027,700.00
28,333.33
36,000.00
03/01/2018
1.769114
4,991,700.00
100.554000
IDC-FIS
0.00
09/29/2015
.900000
1,550,000.00
1,550,992.00
6,432.50
0.00
01/15/2017
.739645
1,553,193.00
100.064000
IDC-FIS
-2,201.00
09/29/2015
2.100000
1,960,000.00
2,006,471.60
5,259.33
22,402.80
05/15/2019
1.748923
1,984,068.80
102.371000
IDC-FIS
0.00
09/29/2015
2.900000
1,510,000.00
1,549,516.70
19,705.50
0.00
Page 25 of 30
Inventory by Market Value
Page 33
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
82715
82716
CCCCD CORP GOLDMAN
CCCCD CORP MICROSOF
38147MAA3
594918AC8
82717
CCCCD CORP US BANCO
91159HHH6
82718
CCCCD CORP CISCO SY
17275RAE2
82719
CCCCD CORP BB&T CAL
05531FAQ6
82908
CCCCD CORP CITIGROU
172967JE2
82910
CCCCD CORP BANK OF
060505DP6
82917
CCCCD CORP HSBC USA
40428HPU0
82924
KFPD CORP AUST & NZ
05253JAH4
82925
KFPD CORP HSBC
40428HPH9
82940
CORP IBM CORP
459200HZ7
82950
CCCSIG CORP TOYOTA
89236TCU7
82960
CCCSIG CORP CISCO S
17275RBA9
82962
CCCSIG CORP JOHNSON
478160BR4
82975
CORP WELLS FARGO &
949746RS2
82984
CCCSIG CORP BERKSHI
084664CG4
82985
CORP EXXON MOBIL CO
30231GAP7
83151
CORP CHEVRON
166764BH2
AvantGard APS2
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
-362.40
07/19/2018
1.927831
1,549,879.10
102.617000
IDC-FIS
09/29/2015
2.900000
1,930,000.00
1,980,508.10
25,186.50
0.00
07/19/2018
1.927831
1,980,971.30
102.617000
IDC-FIS
-463.20
09/29/2015
4.200000
1,400,000.00
1,524,390.00
4,900.00
0.00
06/01/2019
1.599996
1,529,290.00
108.885000
IDC-FIS
-4,900.00
09/29/2015
2.200000
1,950,000.00
1,999,920.00
7,865.00
16,984.50
04/25/2019
1.710407
1,982,935.50
102.560000
IDC-FIS
0.00
09/29/2015
4.950000
1,795,000.00
1,972,363.95
33,566.50
0.00
02/15/2019
1.739996
1,983,187.80
109.881000
IDC-FIS
-10,823.85
09/29/2015
2.250000
1,960,000.00
2,007,647.60
18,375.00
27,322.40
02/01/2019
1.927457
1,980,325.20
102.431000
IDC-FIS
0.00
01/13/2016
1.850000
1,490,000.00
1,498,209.90
2,833.07
9,416.80
11/24/2017
1.893961
1,488,793.10
100.551000
IDC-FIS
0.00
01/13/2016
5.750000
1,390,000.00
1,471,231.60
6,660.42
0.00
12/01/2017
2.061870
1,484,186.40
105.844000
IDC-FIS
-12,954.80
01/21/2016
2.000000
1,945,000.00
1,951,340.70
15,560.00
3,753.85
08/07/2018
1.946012
1,947,586.85
100.326000
IDC-FIS
0.00
01/29/2016
1.500000
250,000.00
251,170.00
1,718.75
1,307.50
01/16/2018
1.528436
249,997.92
100.468000
IDC-FIS
0.00
01/25/2016
1.625000
250,000.00
249,555.00
1,861.98
180.00
01/16/2018
1.754255
249,476.56
99.822000
IDC-FIS
0.00
02/08/2016
1.125000
5,000,000.00
5,021,500.00
22,656.25
25,550.00
02/06/2018
1.166196
4,996,262.50
100.430000
IDC-FIS
0.00
02/19/2016
1.700000
870,000.00
881,118.60
5,423.00
11,223.00
02/19/2019
1.704120
869,895.60
101.278000
IDC-FIS
0.00
02/29/2016
1.400000
940,000.00
948,516.40
4,459.78
8,516.40
02/28/2018
1.400000
940,000.00
100.906000
IDC-FIS
0.00
03/01/2016
1.125000
720,000.00
724,190.40
2,700.00
4,276.80
03/01/2019
1.129079
719,913.60
100.582000
IDC-FIS
0.00
03/07/2016
2.500000
5,000,000.00
5,127,200.00
40,625.00
137,450.00
03/04/2021
2.543964
4,990,791.67
102.544000
IDC-FIS
0.00
03/15/2016
1.700000
330,000.00
335,392.20
1,651.83
5,643.00
03/15/2019
1.726104
329,749.20
101.634000
IDC-FIS
0.00
03/15/2016
1.708000
3,500,000.00
3,556,875.00
19,594.56
56,875.00
03/01/2019
1.708000
3,501,992.67
101.625000
IDC-FIS
0.00
05/26/2016
1.561000
5,000,000.00
5,056,000.00
9,756.25
70,000.00
05/16/2019
1.657877
4,988,168.06
101.120000
IDC-FIS
0.00
Page 26 of 30
Inventory by Market Value
Page 34
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
83164
83177
CCCCD CORP WELLS FA
CCCCD CORP JP MORGA
94974BGB0
48127HAA7
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
497.50
06/09/2016
1.400000
1,990,000.00
1,996,129.20
8,744.95
09/08/2017
1.170359
2,002,674.09
100.308000
IDC-FIS
0.00
06/22/2016
2.200000
1,100,000.00
1,118,106.00
4,638.33
1,331.00
10/22/2019
1.726909
1,120,808.33
101.646000
IDC-FIS
0.00
1.676132
141,512,000.00
142,978,951.45
638,776.40
1,208,079.65
1.452099
142,096,714.65
101.036627
09/11/2014
1.375000
2,000,000.00
1,996,780.00
8,402.78
0.00
09/11/2017
1.430018
1,996,780.00
99.839000
BOOK
0.00
04/10/2015
1.010000
2,150,000.00
2,134,670.50
5,127.14
0.00
04/06/2017
1.010000
2,150,000.00
99.287000
IDC-FIS
-15,329.50
04/27/2015
1.070000
2,000,000.00
1,984,973.33
4,161.10
0.00
04/21/2017
1.070000
2,000,000.00
99.248667
IDC-FIS
-15,026.67
11/09/2015
1.560000
2,450,000.00
2,450,000.00
5,839.17
0.00
11/06/2017
1.560000
2,450,000.00
100.000000
BOOK
0.00
1.265482
8,600,000.00
8,566,423.83
23,530.19
0.00
1.278261
8,596,780.00
99.609579
11/18/2015
1.208200
2,175,000.00
2,175,000.00
3,284.79
0.00
11/17/2017
1.208200
2,175,000.00
100.000000
BOOK
0.00
11/24/2015
1.111300
1,340,000.00
1,340,000.00
1,571.87
0.00
08/24/2017
1.111300
1,340,000.00
100.000000
BOOK
0.00
1.171259
3,515,000.00
3,515,000.00
4,856.66
0.00
1.171259
3,515,000.00
100.000000
06/27/2013
.000000
537,226.12
537,226.12
0.00
0.00
07/01/2016
.000000
537,226.12
100.000000
BOOK
0.00
06/27/2013
.000000
28,092.20
28,092.20
0.00
0.00
07/01/2016
.000000
28,092.20
100.000000
BOOK
0.00
.000000
565,318.32
565,318.32
0.00
0.00
.000000
565,318.32
100.000000
Subtotal
-309,015.25
Inv Type: 79 YCD/NCD 30/360
82118
82487
82526
82788
CCCSIG NCD US BANK
CCCSIG YCD CANADIAN
CCCSIG YCD RABOBANK
CCCSIG YCD BK NOVA
90333VPF1
13606JYY9
21684BXH2
06417GAS7
Subtotal
-30,356.17
Inv Type: 80 YCD / NCD QTR FLTR
82800
82808
CCCSIG CD HSBC BK U
CCCSIG CD SVENSKA H
40428AR41
86958DH54
Subtotal
0.00
Inv Type: 99 MONEY MARKET ACCOUNTS
81524
81525
AUHSD MM DREYFUS TA
AUHSD MM DREYFUS TA
26202K205
26202K205
Subtotal
AvantGard APS2
0.00
Page 27 of 30
Inventory by Market Value
Page 35
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Inv.
Description
CUSIP
No.
Purchase
Coupon
Current Par /Share
Market Value
Curr Accr Int
Unrealized Gain
Maturity
YTM TR
Current Book
Market Price
Price Source
Unrealized Loss
Inv Type: 1000 TD WITH CALC CODE OF CSC-00
82001
CD CCCCD BERTA KAMM
121101042
05/24/2014
.600000
3,335.77
3,330.04
42.75
0.00
05/24/2017
.600000
3,335.77
99.828125
IDC-FIS
-5.73
.600000
3,335.77
3,330.04
42.75
.600000
3,335.77
99.828226
.934068
2,736,721,276.05
2,742,404,653.68
.904275
2,734,267,561.53
100.207671
Subtotal
Grand Total
AvantGard APS2
Count 452
0.00
-5.73
6,406,307.35
7,084,194.37
-835,662.17
Page 28 of 30
Inventory by Market Value
Page 36
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
Assets (000's)
U.S. TREASURIES
U.S. AGENCIES
MUNICIPALS
Current Par
Current Book
Market
MKT/Book
Un Gain/Loss
Yield
27,440.00
27,656.20
27,858.00
100.73 %
214.66
1.01 %
740,672.00
741,367.64
745,203.46
100.52 %
3,883.05
1.01 %
1,990.00
2,122.16
2,122.16
100.00 %
0.00
1.55 %
1,032,625.00
1,028,534.88
1,031,229.38
100.26 %
698.71
0.81 %
NCD/YCD
750,020.00
750,017.29
750,350.78
100.04 %
333.50
0.80 %
CORPORATE NOTES
141,512.00
142,096.71
142,978.95
100.62 %
899.06
1.45 %
6,893.62
6,922.58
6,920.92
99.98 %
0.00
1.27 %
COMMERCIAL PAPER
MBS/ABS
TIME DEPOSIT
MONEY MARKET ACCOUNTS
SUPRANATIONAL
Totals(000's)
AvantGard APS2
3.34
3.34
3.33
99.83 %
-0.01
0.60 %
565.32
565.32
565.32
100.00 %
0.00
0.00 %
35,000.00
34,981.45
35,172.35
100.55 %
219.55
1.07 %
2,736,721.28
2,734,267.56
2,742,404.65
100.30 %
6,248.53
0.90 %
Asset Allocation
Page 29 of 30
Inventory by Market Value
Page 37
As Of Date: 06/30/2016
Date Basis: Settlement
Run: 07/08/2016 12:08:48 PM
Reporting Currency: Local
Contra Costa County
AvantGard APS2
Page 30 of 30
Page 38
SECTION III
APPENDIX
B.
INVESTMENT PORTFOLIO DETAIL –
MANAGED BY OUTSIDE CONTRACTED
PARTIES
B.1. STATE OF CALIFORNIA
LOCAL AGENCY INVESTMENT FUND
(LAIF)
Page 39
CONTRA COSTA COUNTY
AS OF JUNE 30, 2016
CALIFORNIA STATE LOCAL
AGENCY INVESTMENT ACCOUNTS
STATE CONTROLLER
ACCOUNT NUMBER
ACCOUNT
BALANCE
ESTIMATED
FAIR VALUE
ACALANES UNION HIGH SCHOOL
75-07-010
950,343.89
950,934.26
ANTIOCH UNIFIED SCHOOL DISTRICT
75-07-005
827,699.21
828,213.39
BRENTWOOD UNION SCHOOL DISTRICT
75-07-013
8,153,052.51
8,158,117.37
BYRON UNION SCHOOL DISTRICT
75-07-017
165,815.73
165,918.74
CANYON ELEMENTARY SCHOOL DISTRICT
75-07-018
192,774.37
192,894.13
CENTRAL CONTRA COSTA SANITARY DISTRICT
70-07-001
32,300,000.00
32,320,065.47
CONTRA COSTA COMMUNITY COLLEGE
75-07-001
616,856.20
617,239.40
CONTRA COSTA COUNTY
99-07-000
65,000,000.00
65,040,379.43
CONTRA COSTA COUNTY OFFICE OF EDUCATION
75-07-007
1,284,314.97
1,285,112.81
CONTRA COSTA COUNTY SCHOOL INSURANCE GROUP
35-07-001
2,235,794.29
2,237,183.21
CROCKETT COMMUNITY SERVICES DISTRICT
16-07-004
2,926,647.59
2,928,465.69
DELTA DIABLO SANITATION DISTRICT
70-07-003
72,721.14
72,766.32
EAST CONTRA COSTA REG FEE & FINANCING AUTH
40-07-006
KENSINGTON FIRE PROTECTION DISTRICT
17-07-011
1,981,816.16
1,983,047.31
KENSINGTON POLICE PROTECTION & COMMUNITY
SERVICES DISTRICT
16-07-003
1,731,527.65
1,732,603.31
LAFAYETTE SCHOOL DISTRICT
75-07-012
4,974,862.36
4,977,952.85
MARTINEZ UNIFIED SCHOOL DISTRICT
75-07-011
3,827,523.63
3,829,901.37
MORAGA ORINDA FIRE DISTRICT
17-07-003
8,405,095.63
8,410,317.06
MT DIABLO UNIFIED SCHOOL DISTRICT
75-07-008
5,229,942.28
5,233,191.24
MT VIEW SANITARY DISTRICT
70-07-008
10,342,263.42
10,348,688.26
OAKLEY UNION SCHOOL DISTRICT
75-07-009
247,666.79
247,820.65
ORINDA UNION SCHOOL DISTRICT
75-07-015
7,420,556.14
7,425,165.95
PITTSBURG UNIFIED SCHOOL DISTRICT
75-07-002
32,526,769.38
32,546,975.72
RECLAMATION DISTRICT 799
60-07-001
RECLAMATION DISTRICT 800
60-07-003
5,518,463.53
5,521,891.72
REDEVELOPMENT AGENCY
65-07-015
6,997.18
7,001.53
RODEO -HERCULES FIRE PROTECTION DISTRICT
17-07-001
106,033.23
106,099.10
SAN RAMON VALLEY UNIFIED SCHOOL DISTRICT
75-07-004
239,978.26
240,127.34
WALNUT CREEK SCHOOL DISTRICT
75-07-003
0.00
WEST CONTRA COSTA UNIFIED SCHOOL DISTRICT
75-07-014
8,446,028.57
8,451,275.43
206,784,102.55
206,912,561.38
TOTAL
1,011,146.63
41,411.81
1,011,774.78
41,437.54
0.00
SECTION III
APPENDIX
B. INVESTMENT PORTFOLIO DETAIL –
MANAGED BY OUTSIDE CONTRACTED
PARTIES
B.2. ASSET MANAGEMENT FUNDS
a.
b.
WELLS CAPITAL MANAGEMENT
CalTRUST
Page 40
Wells Capital Management GAAP
WC-Contra Costa County (19529)
Quarter End (Q2 Y2016)
04/01/2016 - 06/30/2016
Dated: 07/06/2016
Locked Down
Page 41
Table of Contents
Dated: 07/06/2016
Risk Summary (WC-Contra Costa County (19529))
1
Performance Summary Gross of Fees (WC-Contra Costa County (19529))
4
Performance Summary Net of Fees (WC-Contra Costa County (19529))
6
GAAP Financials (WC-Contra Costa County (19529))
8
Income Detail (WC-Contra Costa County (19529))
9
Balance Sheet Classification (WC-Contra Costa County (19529))
12
Trading Activity (WC-Contra Costa County (19529))
16
Transaction Detail (WC-Contra Costa County (19529))
20
MMF Transaction Detail (WC-Contra Costa County (19529))
24
Roll Forward (WC-Contra Costa County (19529))
26
Shock Analysis (WC-Contra Costa County (19529))
30
Page 42
WC-Contra Costa County (19529)
Risk Summary
04/01/2016 - 06/30/2016
Balance Sheet
Book Value + Accrued
Net Unrealized Gain/Loss
Market Value + Accrued
Dated: 07/06/2016
Return to Table of Contents
Cash and Fixed Income Summary
44,370,545.50
47,552.30
44,418,097.80
Risk Metric
Cash
MMFund
Fixed Income
Duration
Convexity
WAL
Years to Final Maturity
Years to Effective Maturity
Yield
Book Yield
Avg Credit Rating
Issuer Concentration
Value
1,158.98
1,043,363.57
43,373,575.25
0.486
0.001
0.672
0.86
0.658
0.701
0.80
AA+/Aa1/AA+
Issuer Concentration
International Bank for Reconstruction & Development
Inter-American Development Bank
Government of the United States
FHLBanks Office of Finance
Federal National Mortgage Association Fannie Mae
Federal Home Loan Mortgage Corporation
Federal Farm Credit Banks Funding Corporation
Other
---
Asset Class
Security Type
% of Base Market
Value + Accrued
5.865%
3.631%
14.373%
11.277%
4.697%
5.066%
3.374%
51.715%
100.000%
Market Sector
1
Page 43
WC-Contra Costa County (19529)
Risk Summary
04/01/2016 - 06/30/2016
Credit Rating
Credit Duration Heat Map
Rating
AAA
AA
A
BBB
BB
B
CCC
CC
C
NA
Time To Maturity
Dated: 07/06/2016
Return to Table of Contents
0-1
58.876%
13.216%
15.535%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
1-2
7.756%
4.617%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
2-3
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
3-4
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
4-5
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
5-7
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
7 - 10
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
10 - 15
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
15 - 30
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Duration
2
Page 44
WC-Contra Costa County (19529)
Risk Summary
04/01/2016 - 06/30/2016
Dated: 07/06/2016
Return to Table of Contents
Base Exposure - Industry Sector
Base Exposure - Industry Group
Base Exposure - Industry Subgroup
MMF Asset Allocation
Currency
Country
3
Page 45
WC-Contra Costa County (19529)
Performance Summary Gross of Fees
Base Currency: USD As of 06/30/2016
Period
Month to Date
Quarter to Date
Year to Date
Prior Month
Prior Quarter
Prior Year
Trailing Month
Trailing Quarter
Trailing Year
Dated: 07/06/2016
Return to Table of Contents
Period Begin
06/01/2016
04/01/2016
01/01/2016
05/01/2016
01/01/2016
01/01/2015
06/01/2016
04/01/2016
07/01/2015
Account
WC-Contra Costa County
WC-Contra Costa County
Period End
06/30/2016
06/30/2016
06/30/2016
05/31/2016
03/31/2016
12/31/2015
06/30/2016
06/30/2016
06/30/2016
Index
ML 6 Month T-Bill
BofA Merrill Lynch 6 Month Treasury Bill Index (G0O2)
Total Return
0.126%
0.261%
0.586%
0.037%
0.324%
0.427%
0.126%
0.261%
0.716%
Index Start Date
01/01/1980
12/01/2004
Index Total Return
0.120%
0.196%
0.411%
0.009%
0.215%
0.221%
0.120%
0.196%
0.521%
Excess Total Return
0.006%
0.066%
0.175%
0.028%
0.109%
0.206%
0.006%
0.066%
0.195%
Index End Date
11/30/2004
---
Gross of Fees (includes trading).
Returns are actual and have not been annualized.
No Tax Adjustment.
Note that data will not exist prior to the performance inception date of: 04/01/2001.
Historical data exists for the options shown below:
4
Page 46
WC-Contra Costa County (19529)
Performance Summary Gross of Fees
Base Currency: USD As of 06/30/2016
Begin Date
04/01/2001
04/01/2001
04/01/2001
04/01/2001
End Date
01/31/2011
01/31/2011
01/31/2011
01/31/2011
Return Type
Total Return
Income Return
Price Return
Book Return
Dated: 07/06/2016
Return to Table of Contents
Fee Options
Net of Fees, Gross of Fees
Gross of Fees
Gross of Fees
Net of Fees, Gross of Fees
Tax Options
Gross Down Method, Gross Up Method, No Tax Adjustment
No Tax Adjustment
No Tax Adjustment
Gross Down Method, Gross Up Method, No Tax Adjustment
Reported Index Return is always Total Return.
5
Page 47
WC-Contra Costa County (19529)
Performance Summary Net of Fees
Base Currency: USD As of 06/30/2016
Period
Month to Date
Quarter to Date
Year to Date
Prior Month
Prior Quarter
Prior Year
Trailing Month
Trailing Quarter
Trailing Year
Dated: 07/06/2016
Return to Table of Contents
Period Begin
06/01/2016
04/01/2016
01/01/2016
05/01/2016
01/01/2016
01/01/2015
06/01/2016
04/01/2016
07/01/2015
Account
WC-Contra Costa County
WC-Contra Costa County
Period End
06/30/2016
06/30/2016
06/30/2016
05/31/2016
03/31/2016
12/31/2015
06/30/2016
06/30/2016
06/30/2016
Index
ML 6 Month T-Bill
BofA Merrill Lynch 6 Month Treasury Bill Index (G0O2)
Total Return
0.116%
0.233%
0.529%
0.027%
0.296%
0.313%
0.116%
0.233%
0.616%
Index Start Date
01/01/1980
12/01/2004
Index Total Return
0.120%
0.196%
0.411%
0.009%
0.215%
0.221%
0.120%
0.196%
0.521%
Excess Total Return
-0.004%
0.037%
0.118%
0.018%
0.080%
0.092%
-0.004%
0.037%
0.095%
Index End Date
11/30/2004
---
Net of Fees (includes management and trading).
Returns are actual and have not been annualized.
No Tax Adjustment.
Note that data will not exist prior to the performance inception date of: 04/01/2001.
Historical data exists for the options shown below:
6
Page 48
WC-Contra Costa County (19529)
Performance Summary Net of Fees
Base Currency: USD As of 06/30/2016
Begin Date
04/01/2001
04/01/2001
04/01/2001
04/01/2001
End Date
01/31/2011
01/31/2011
01/31/2011
01/31/2011
Return Type
Total Return
Income Return
Price Return
Book Return
Dated: 07/06/2016
Return to Table of Contents
Fee Options
Net of Fees, Gross of Fees
Gross of Fees
Gross of Fees
Net of Fees, Gross of Fees
Tax Options
Gross Down Method, Gross Up Method, No Tax Adjustment
No Tax Adjustment
No Tax Adjustment
Gross Down Method, Gross Up Method, No Tax Adjustment
Reported Index Return is always Total Return.
7
Page 49
WC-Contra Costa County (19529)
GAAP Financials
04/01/2016 - 06/30/2016
Return to Table of Contents
Balance Sheet
As of:
Book Value
Accrued Balance
Book Value + Accrued
Net Unrealized Gain/Loss
Market Value + Accrued
Income Statement
Net Amortization/Accretion Income
Interest Income
Dividend Income
Misc Income
Income Subtotal
Net Realized Gain/Loss
Impairment Loss
Net Gain/Loss
Expense
Net Income
Transfers In/Out
Change in Unrealized Gain/Loss
Statement of Cash Flows
Net Income
Amortization/Accretion on MS
Change in Accrued on MS
Net Gain/Loss on MS
Change in Unrealized G/L on CE
Subtotal
Purchases of MS
Purchased Accrued of MS
Sales of MS
Sold Accrued of MS
Maturities of MS
Net Purchases/Sales
Transfers of Cash & CE
Total Change in Cash & CE
Beginning Cash & CE
Ending Cash & CE
Dated: 07/06/2016
WC-Contra Costa County
03/31/2016
06/30/2016
44,393,589.63
44,249,611.77
101,571.42
120,933.73
44,495,161.05
44,370,545.50
17,817.64
47,552.30
44,512,978.68
44,418,097.80
WC-Contra Costa County
Begin Date
04/01/2016
End Date
06/30/2016
-41,720.48
127,914.49
0.00
0.00
127,914.49
-0.01
0.00
-0.01
-12,593.01
73,600.99
-198,216.54
29,734.66
WC-Contra Costa County
Begin Date
04/01/2016
End Date
06/30/2016
73,600.99
42,072.98
-15,517.05
0.01
-27.84
26,528.10
-7,747,873.32
-3,845.26
964,474.89
0.00
5,750,000.00
-1,037,243.69
-198,216.54
-1,135,331.14
2,179,853.69
1,044,522.55
8
Page 50
WC-Contra Costa County (19529)
Income Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Identifier
02665WAY7
02665WAY7
03255LGX1
037833AM2
06050TMB5
06050TMB5
06050TLU4
06406HBX6
084664CD1
09247XAC5
05581RAC0
097023BC8
07330NAH8
07330NAH8
13034PYA9
CCYUSD
14912L4X6
17305EFE0
161571GJ7
166764AL4
17275RAY8
191216BR0
30231GAS1
313313HF8
3133EFBT3
3130A5EP0
3130A3J70
313379FW4
313379FW4
313373SZ6
3130A4KE1
313384ZK8
3130A2T97
3130A2T97
3135G0JA2
3135G0JA2
3135G0PP2
31680GAB2
354613AH4
3137EACW7
3137EADT3
3137EADF3
3137EADF3
43814KAB7
43814KAB7
4197915E4
Base Current Units Description
500,000.00 AMERICAN HONDA FINANCE CORP
250,000.00 AMERICAN HONDA FINANCE CORP
0.00 ANAHEIM CALIF PUB FING AUTH LEASE
REV
500,000.00 APPLE INC
0.00 BANK OF AMERICA NA
250,000.00 BANK OF AMERICA NA
500,000.00 BANK OF AMERICA NA
750,000.00 BANK OF NEW YORK MELLON CORP
750,000.00 BERKSHIRE HATHAWAY FINANCE CORP
500,000.00 BLACKROCK INC
600,000.00 BMWLT 161 A2B
750,000.00 BOEING CO
0.00 BRANCH BANKING AND TRUST CO
700,000.00 BRANCH BANKING AND TRUST CO
500,000.00 CALIFORNIA HSG FIN AGY REV
804.18 Cash
775,000.00 CATERPILLAR FINANCIAL SERVICES
CORP
750,000.00 CCCIT 13A6 A6
775,000.00 CHAIT 141 A
700,000.00 CHEVRON CORP
750,000.00 CISCO SYSTEMS INC
300,000.00 COCA-COLA CO
560,000.00 EXXON MOBIL CORP
500,000.00 FEDERAL FARM CREDIT BANKS
1,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING
CORP
1,000,000.00 FEDERAL HOME LOAN BANKS
1,000,000.00 FEDERAL HOME LOAN BANKS
0.00 FEDERAL HOME LOAN BANKS
1,000,000.00 FEDERAL HOME LOAN BANKS
0.00 FEDERAL HOME LOAN BANKS
0.00 FEDERAL HOME LOAN BANKS
500,000.00 FEDERAL HOME LOAN BANKS
500,000.00 FEDERAL HOME LOAN BANKS
1,000,000.00 FEDERAL HOME LOAN BANKS
0.00 FEDERAL NATIONAL MORTGAGE
ASSOCIATION
1,000,000.00 FEDERAL NATIONAL MORTGAGE
ASSOCIATION
1,072,000.00 FEDERAL NATIONAL MORTGAGE
ASSOCIATION
465,222.74 FITAT 151 A2A
500,000.00 FRANKLIN RESOURCES INC
235,000.00 FREDDIE MAC
1,000,000.00 FREDDIE MAC
1,000,000.00 FREDDIE MAC
0.00 FREDDIE MAC
0.00 HAROT 151 A2
67,740.83 HAROT 151 A2
750,000.00 HAWAII ST
Dated: 07/06/2016
Return to Table of Contents
Coupon Final Maturity
Transfers In/Out
1.097 09/20/2017
1.097 09/20/2017
1.00 05/01/2016
Effective
Maturity
09/20/2017
09/20/2017
05/01/2016
Net Amortization/
Accretion Income
0.00
-8.48
0.00
Interest/Dividend
Income
1,345.30
672.65
625.00
Base
Expense
0.00
0.00
0.00
Base Net Income
0.00
0.00
0.00
Net Realized
Gain/Loss
0.00
0.00
0.00
1.05
1.13
1.13
1.096
2.30
0.931
6.25
0.948
3.75
1.00
1.00
1.00
0.00
2.05
05/05/2017
06/05/2017
06/05/2017
02/14/2017
07/28/2016
01/12/2018
09/15/2017
01/22/2018
11/20/2016
04/03/2017
04/03/2017
02/01/2017
06/30/2016
08/01/2016
1.32
1.15
1.345
0.963
0.875
1.274
0.00
0.42
0.625
0.625
1.00
1.00
2.125
0.33
0.00
0.50
0.50
1.125
Settle Date
05/05/2017
06/05/2017
06/05/2017
02/14/2017
07/28/2016
01/12/2018
09/15/2017
04/26/2017
11/20/2016
03/03/2017
03/03/2017
02/01/2017
06/30/2016
08/01/2016
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-198,216.54
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-3.96
0.00
0.00
0.00
-3,079.87
0.00
-6,161.03
0.00
-5,363.38
11.41
507.63
0.00
0.00
-2,697.91
14.58
490.03
203.74
1,380.41
4,312.50
1,762.42
7,812.50
1,423.22
7,031.25
38.89
1,711.11
13.89
0.00
3,971.88
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-12,593.01
0.00
10.62
490.03
203.74
1,380.41
1,232.63
1,762.42
1,651.47
1,423.22
1,667.87
50.30
2,218.74
13.89
-12,593.01
1,273.96
06/30/2016
06/05/2015
06/05/2015
02/14/2014
01/21/2015
01/15/2015
02/16/2016
02/17/2016
01/26/2015
02/23/2016
02/23/2016
06/30/2016
--11/04/2014
09/07/2018
01/15/2019
11/15/2017
06/15/2018
10/27/2017
02/28/2018
06/23/2017
09/01/2016
09/07/2016
01/13/2017
11/15/2017
06/15/2018
10/27/2017
02/28/2018
06/23/2017
09/01/2016
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-686.19
-249.97
276.75
0.00
16.43
0.00
56.39
49.73
2,475.00
2,228.13
2,353.75
1,795.60
656.25
1,763.87
0.00
1,050.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,788.81
1,978.16
2,630.50
1,795.60
672.68
1,763.87
56.39
1,099.73
01/14/2016
08/07/2015
01/29/2016
06/17/2015
10/27/2015
03/03/2016
06/24/2016
09/01/2015
05/30/2017
11/23/2016
06/09/2017
06/09/2017
06/10/2016
04/01/2016
07/15/2016
09/28/2016
09/28/2016
04/27/2017
05/30/2017
11/23/2016
06/09/2017
06/09/2017
06/10/2016
04/01/2016
07/15/2016
09/28/2016
09/28/2016
04/27/2017
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
112.15
-349.24
-485.38
-154.76
-3,090.88
0.00
770.97
-103.75
-281.60
-216.77
503.47
1,562.50
1,888.89
611.11
4,072.92
0.00
0.00
625.00
1,250.00
812.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
615.63
1,213.26
1,403.51
456.35
982.04
0.00
770.97
521.25
968.40
595.73
06/02/2016
05/18/2015
03/31/2016
03/31/2016
07/16/2014
04/01/2015
12/23/2015
09/30/2015
10/15/2015
03/14/2016
1.125 04/27/2017
04/27/2017
0.00
0.00
-541.93
2,000.00
0.00
1,458.07 03/14/2016
1,345.30 09/24/2015
664.17 01/12/2016
625.00 11/14/2014
1.00
09/20/2017
09/20/2017
0.00
0.00
-523.75
2,114.23
0.00
1,590.48 04/20/2016
1.02
1.375
2.00
0.875
1.25
1.25
0.70
0.70
0.731
05/15/2018
09/15/2017
08/25/2016
02/22/2017
05/12/2017
05/12/2017
06/15/2017
06/15/2017
08/01/2016
11/08/2016
09/15/2017
08/25/2016
02/22/2017
05/12/2017
05/12/2017
08/01/2016
08/01/2016
08/01/2016
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.00
0.00
0.00
2.58
-236.27
-681.96
-395.77
-588.51
-482.57
1.46
0.10
0.00
1,259.23
1,241.32
1,175.00
2,187.50
1,701.39
1,423.61
174.30
21.07
1,370.63
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,261.82
1,005.04
493.04
1,791.73
1,112.88
941.04
175.76
21.17
1,370.63
11/05/2015
04/26/2016
12/15/2015
03/21/2016
03/03/2016
03/03/2016
01/28/2015
01/28/2015
11/25/2014
9
Page 51
WC-Contra Costa County (19529)
Income Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Identifier
Base Current Units Description
41284AAB4
41284BAB2
41284DAB8
437076BJ0
4581X0BV9
4581X0BV9
459058DM2
0.00
171,064.20
500,000.00
750,000.00
1,000,000.00
600,000.00
0.00
459058DM2
0.00
45905UQG2
600,000.00
45905UTJ3
500,000.00
45905U7F5
1,000,000.00
45950KBS8
47787WAB5
46623EJY6
544587B72
500,000.00
349,054.87
500,000.00
490,000.00
58772PAB4
605581FW2
65477WAB2
65477WAB2
65478VAB3
637432HT5
447,840.95
300,000.00
0.00
0.00
700,000.00
0.00
637432HT5
500,000.00
68428LDH4
68428LDH4
68428LDM3
69353RCG1
CCYUSD
762494QV7
76912TJC8
0.00
0.00
250,000.00
750,000.00
354.80
250,000.00
125,000.00
89236WAB4
880591EA6
89116EPA5
89233GEJ1
89233GKT2
912828WQ9
912828SY7
912828SY7
912828VL1
912828RF9
912828RF9
912828TS9
912828D49
912828QX1
91412GEZ4
161,050.47
586,000.00
750,000.00
0.00
500,000.00
0.00
500,000.00
0.00
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
230,000.00
1,000,000.00
300,000.00
HDMOT 141 A2A
HDMOT 151 A2A
HDMOT 16A A2
HOME DEPOT INC
INTER-AMERICAN DEVELOPMENT BANK
INTER-AMERICAN DEVELOPMENT BANK
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
INTERNATIONAL BK FOR RECON & DEV
MEDIUM TERM BK N
INTERNATIONAL FINANCE CORP
JDOT 15B A2
JPMORGAN CHASE & CO
LOS ANGELES CALIF MUN IMPT CORP
LEASE REV
MBART 151 A2A
MISSISSIPPI ST
NAROT 14B A2
NAROT 14B A2
NAROT 16B A2A
NATIONAL RURAL UTILITIES COOP
FINANCE CORP
NATIONAL RURAL UTILITIES COOP
FINANCE CORP
ORANGE CNTY CALIF PENSION OBLIG
ORANGE CNTY CALIF PENSION OBLIG
ORANGE CNTY CALIF PENSION OBLIG
PNC BANK NA
Receivable
RIALTO CALIF UNI SCH DIST
RIVERSIDE CNTY CALIF PUB FING AUTH
TAX ALLOC REV
TAOT 15A A2
TENNESSEE VALLEY AUTHORITY
Toronto Dominion Holdings (U.S.A.), Inc.
Toyota Motor Credit Corporation
Toyota Motor Credit Corporation
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNIVERSITY CALIF REVS
Dated: 07/06/2016
Return to Table of Contents
Coupon Final Maturity
0.49
0.80
1.09
1.022
1.125
1.125
0.50
04/15/2018
01/15/2019
06/17/2019
09/15/2017
03/15/2017
03/15/2017
05/16/2016
Effective
Maturity
06/15/2016
10/28/2016
07/14/2017
09/15/2017
03/15/2017
03/15/2017
05/16/2016
0.50
05/16/2016
05/16/2016
Transfers In/Out
Net Amortization/
Accretion Income
0.19
0.40
0.55
0.00
-733.32
-504.84
10.02
Interest/Dividend
Income
13.93
415.38
242.22
1,909.35
2,812.50
1,687.50
468.75
Base
Expense
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Base Net Income
Settle Date
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Net Realized
Gain/Loss
-0.01
0.00
0.00
0.00
0.00
0.00
0.00
14.12
415.78
242.77
1,909.35
2,079.18
1,182.66
478.77
04/16/2014
01/28/2015
06/15/2016
09/15/2015
03/04/2016
02/11/2016
02/05/2016
0.00
0.00
8.18
625.00
0.00
633.18
12/03/2015
0.625 09/26/2016
09/26/2016
0.00
0.00
98.67
940.50
0.00
0.631 09/30/2017
09/30/2017
0.00
0.00
10.54
401.64
0.00
1,039.17 01/21/2016
412.17
05/16/2016
0.45
07/19/2016
07/19/2016
0.00
0.00
0.00
1,125.00
0.00
1,125.00 06/26/2015
1.00
0.98
1.35
1.26
04/24/2017
06/15/2018
02/15/2017
11/01/2016
04/24/2017
11/30/2016
02/15/2017
11/01/2016
0.00
0.00
0.00
0.00
0.00
-0.00
0.00
0.00
-76.79
2.96
-116.40
0.00
513.89
942.24
1,687.50
1,543.50
0.00
0.00
0.00
0.00
437.09
945.20
1,571.10
1,543.50
05/24/2016
09/09/2015
01/25/2016
11/19/2015
0.82
0.64
0.60
0.60
1.05
5.45
06/15/2018
10/01/2016
06/15/2017
06/15/2017
04/15/2019
04/10/2017
11/19/2016
10/01/2016
06/15/2016
06/15/2016
06/23/2017
04/10/2017
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.01
0.00
0.00
0.00
267.46
0.00
1.41
0.00
5.03
-534.31
1,070.32
480.00
132.56
0.00
1,306.67
681.25
0.00
0.00
0.00
0.00
0.00
0.00
1,337.78
480.00
133.97
0.01
1,311.69
146.94
12/08/2015
02/18/2015
12/10/2014
12/10/2014
04/27/2016
02/08/2016
5.45
04/10/2017
04/10/2017
0.00
0.00
-4,868.15
6,131.25
0.00
1,263.10 02/08/2016
0.68
0.68
0.938
1.125
0.00
1.258
1.00
02/01/2016
02/01/2016
11/01/2016
01/27/2017
06/30/2016
02/01/2017
09/01/2016
02/01/2016
02/01/2016
11/01/2016
12/28/2016
06/30/2016
02/01/2017
09/01/2016
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
92.08
0.00
-0.00
586.25
2,109.38
0.00
786.25
312.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.00
586.25
2,109.38
0.00
786.25
404.58
01/13/2015
02/27/2015
01/13/2016
02/02/2016
--03/26/2015
03/26/2015
0.71
5.50
0.00
0.00
0.00
0.50
0.625
0.625
0.625
1.00
1.00
0.625
0.875
1.50
0.956
07/17/2017
07/18/2017
02/10/2017
05/18/2016
10/27/2016
06/30/2016
05/31/2017
05/31/2017
07/15/2016
08/31/2016
08/31/2016
09/30/2017
08/15/2017
07/31/2016
07/01/2017
08/12/2016
07/18/2017
02/10/2017
05/18/2016
10/27/2016
06/30/2016
05/31/2017
05/31/2017
07/15/2016
08/31/2016
08/31/2016
09/30/2017
08/15/2017
07/31/2016
01/01/2017
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.71
-6,694.88
935.00
352.50
453.89
-101.13
44.38
85.90
-667.59
-1,405.96
-1,041.02
15.13
-28.14
-2,644.96
0.00
423.81
8,057.50
0.00
0.00
0.00
1,236.26
264.69
512.30
1,562.50
2,472.83
2,472.83
1,553.96
237.74
3,750.00
715.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
424.52
1,362.62
935.00
352.50
453.89
1,135.13
309.07
598.19
894.91
1,066.87
1,431.81
1,569.09
209.60
1,105.04
715.03
03/04/2015
03/29/2016
05/18/2016
02/22/2016
05/19/2016
07/01/2014
11/05/2015
11/05/2015
06/01/2015
10/31/2014
11/25/2015
10/26/2015
05/19/2016
11/06/2014
01/29/2016
10
Page 52
WC-Contra Costa County (19529)
Income Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Identifier
91412GUT0
90331HMR1
90331HMR1
90290XAB3
928668AD4
949917397
---
Base Current Units Description
0.00
450,000.00
300,000.00
298,840.31
0.00
UNIVERSITY CALIF REVS
US BANK NA
US BANK NA
USAOT 151 A2
VOLKSWAGEN GROUP OF AMERICA
FINANCE LLC
1,043,363.57 WellsFargo:Htge MM;I
44,153,336.92 ---
* Weighted By: Ending Base Market Value + Accrued.
Dated: 07/06/2016
Return to Table of Contents
Coupon Final Maturity
Effective
Maturity
05/15/2016
01/26/2018
01/26/2018
10/03/2016
05/23/2016
Transfers In/Out
0.00
0.00
0.00
0.00
0.00
Net Realized
Gain/Loss
0.00
0.00
0.00
0.00
0.00
Net Amortization/
Accretion Income
0.00
-114.44
0.00
4.81
0.00
Interest/Dividend
Income
193.72
1,059.29
706.20
778.54
607.62
Base
Expense
0.00
0.00
0.00
0.00
0.00
Base Net Income
Settle Date
193.72
944.86
706.20
783.35
607.62
04/10/2014
05/12/2015
01/27/2015
07/29/2015
05/23/2014
0.634
0.936
0.936
0.82
0.838
05/15/2016
01/26/2018
01/26/2018
03/15/2018
05/23/2016
0.36
06/30/2016
06/30/2016
0.00
0.00
0.00
1,257.73
0.00
1,257.73 ---
--- 05/10/2017
02/25/2017
-198,216.54
-0.01
-41,720.48
127,914.49
-12,593.01
73,600.99 ---
* Holdings Displayed By: Lot.
11
Page 53
WC-Contra Costa County (19529)
Balance Sheet Classification
Base Currency: USD As of 06/30/2016
Dated: 07/06/2016
Return to Table of Contents
CE
Identifier
Description
Base Current Units
Market Sector
Rating
949917397
WellsFargo:Htge MM;I
1,043,363.57
Cash
AAA
CCYUSD
Receivable
354.80
Cash
AAA
CCYUSD
Cash
804.18
Cash
AAA
---
---
1,044,522.55 Cash
AAA
Coupon Final
Maturity,
Effective
Maturity
0.36 06/30/2016
06/30/2016
0.00 06/30/2016
06/30/2016
0.00 06/30/2016
06/30/2016
Book
Yield,
Yield
Base Original Cost,
Base Book Value
Base Net Total
Unrealized Gain/
Loss
0.00
0.00
0.00
0.00
0.00
0.00
1,043,363.57
1,043,363.57
354.80
354.80
804.18
804.18
0.00
0.00
0.00
--- 06/30/2016
06/30/2016
0.00
0.00
1,044,522.55
1,044,522.55
Coupon Final
Maturity,
Effective
Maturity
1.00 02/01/2017
02/01/2017
0.64 10/01/2016
10/01/2016
1.35 02/15/2017
02/15/2017
0.45 07/19/2016
07/19/2016
1.096 02/14/2017
02/14/2017
2.30 07/28/2016
07/28/2016
0.00 02/10/2017
02/10/2017
0.00 07/15/2016
07/15/2016
1.25 05/12/2017
05/12/2017
0.875 02/22/2017
02/22/2017
5.45 04/10/2017
04/10/2017
0.42 09/01/2016
09/01/2016
0.70 06/15/2017
08/01/2016
1.258 02/01/2017
02/01/2017
1.05 05/05/2017
05/05/2017
1.00 06/09/2017
06/09/2017
1.13 06/05/2017
06/05/2017
1.50 07/31/2016
07/31/2016
0.731 08/01/2016
08/01/2016
0.625 05/31/2017
05/31/2017
Book
Yield,
Yield
1.00
0.993
0.64
0.342
1.255
1.023
0.45
0.638
1.12
1.302
0.644
1.02
1.027
0.957
0.622
0.158
0.817
0.584
0.714
0.503
1.084
1.158
0.44
0.404
0.708
0.818
1.258
0.756
0.759
0.77
0.741
0.584
1.145
1.584
0.434
0.231
0.731
0.28
0.73
0.527
Market
Price
Base Accrued
Balance
Base Market Value
Base Market Value +
Accrued
1.00
0.00
1,043,363.57
1,043,363.57
1.00
0.00
354.80
354.80
1.00
0.00
804.18
804.18
0.00
1.00
0.00
1,044,522.55
1,044,522.55
Base Original Cost,
Base Book Value
Base Net Total
Unrealized Gain/
Loss
Market
Price
Base Accrued
Balance
Base Market Value
Base Market Value +
Accrued
500,000.00
500,000.00
300,000.00
300,000.00
500,495.00
500,292.91
1,000,000.00
1,000,000.00
500,000.00
500,000.00
768,750.00
750,913.81
744,305.00
745,240.00
498,263.19
499,881.39
1,005,120.00
1,003,707.59
1,001,470.00
1,001,026.39
525,350.00
516,801.05
999,800.00
999,966.12
67,737.29
67,740.38
250,000.00
250,000.00
501,225.00
501,221.04
1,003,060.00
1,002,412.83
250,000.00
250,000.00
1,018,398.44
1,000,871.96
750,000.00
750,000.00
499,179.69
499,521.84
125.00
100.025
13.89
500,125.00
500,138.89
ST
Identifier
Description
13034PYA9
CALIFORNIA HSG FIN AGY REV
605581FW2
46623EJY6
45905U7F5
INTERNATIONAL BK FOR RECON & DEV
MEDIUM TERM BK N
BANK OF AMERICA NA
06050TLU4
Base Current Units
Market Sector
Rating
500,000.00
Municipal
AA-
MISSISSIPPI ST
300,000.00
Municipal
AA+
JPMORGAN CHASE & CO
500,000.00
Financial
A+
Government
AAA
Financial
A+
1,000,000.00
500,000.00
06406HBX6
BANK OF NEW YORK MELLON CORP
750,000.00
Financial
AA-
89116EPA5
Toronto Dominion Holdings (U.S.A.), Inc.
750,000.00
Financial
A-1+
313384ZK8
FEDERAL HOME LOAN BANKS
500,000.00
Agency
A-1+
3137EADF3
FREDDIE MAC
1,000,000.00
Agency
AAA
3137EADT3
FREDDIE MAC
1,000,000.00
Agency
AAA
637432HT5
NATIONAL RURAL UTILITIES COOP
FINANCE CORP
FEDERAL FARM CREDIT BANKS
FUNDING CORP
HAROT 151 A2
Financial
A+
Agency
AAA
Asset Backed
AAA
3133EFBT3
43814KAB7
500,000.00
1,000,000.00
67,740.83
762494QV7
RIALTO CALIF UNI SCH DIST
250,000.00
Municipal
AA
037833AM2
APPLE INC
500,000.00
Industrial
AA+
313379FW4
FEDERAL HOME LOAN BANKS
Agency
AAA
06050TMB5
BANK OF AMERICA NA
Financial
A+
1,000,000.00
250,000.00
912828QX1
UNITED STATES TREASURY
Government
AAA
4197915E4
HAWAII ST
1,000,000.00
750,000.00
Municipal
AA
912828SY7
UNITED STATES TREASURY
500,000.00
Government
AAA
258.00
100.086
480.00
300,258.00
300,738.00
723.09
100.203
2,550.00
501,016.00
503,566.00
-100.00
99.99
2,025.00
999,900.00
1,001,925.00
695.50
100.139
700.29
500,695.50
501,395.79
-173.56
100.099
7,331.25
750,740.25
758,071.50
400.63
99.419
0.00
745,640.63
745,640.63
85.61
99.993
0.00
499,967.00
499,967.00
2,043.41
100.575
1,701.39
1,005,751.00
1,007,452.39
1,362.61
100.239
3,135.42
1,002,389.00
1,005,524.42
-242.55
103.312
6,131.25
516,558.50
522,689.75
59.88
100.003
1,400.00
1,000,026.00
1,001,426.00
-7.02
99.989
21.07
67,733.36
67,754.43
790.00
100.316
1,310.42
250,790.00
252,100.42
-43.04
100.236
802.08
501,178.00
501,980.08
1,492.17
100.391
611.11
1,003,905.00
1,004,516.11
259.00
100.104
196.20
250,259.00
250,455.20
207.04
100.108
6,263.74
1,001,079.00
1,007,342.74
217.50
100.029
2,284.38
750,217.50
752,501.88
927.16
100.09
264.69
500,449.00
500,713.69
12
Page 54
WC-Contra Costa County (19529)
Balance Sheet Classification
Base Currency: USD As of 06/30/2016
Identifier
Description
Base Current Units
Market Sector
Rating
69353RCG1
PNC BANK NA
750,000.00
Financial
A+
313313HF8
FEDERAL FARM CREDIT BANKS
500,000.00
Agency
A-1+
3135G0JA2
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
FEDERAL HOME LOAN BANKS
1,000,000.00
Agency
AAA
1,000,000.00
Agency
AAA
3130A3J70
097023BC8
BOEING CO
750,000.00
Industrial
A
45905UQG2
600,000.00
Government
AAA
3130A5EP0
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
FEDERAL HOME LOAN BANKS
1,000,000.00
Agency
AAA
912828VL1
UNITED STATES TREASURY
1,000,000.00
Government
AAA
4581X0BV9
1,000,000.00
Government
AAA
600,000.00
Government
AAA
3137EACW7
INTER-AMERICAN DEVELOPMENT
BANK
INTER-AMERICAN DEVELOPMENT
BANK
FREDDIE MAC
235,000.00
Agency
AAA
45950KBS8
INTERNATIONAL FINANCE CORP
500,000.00
Government
AAA
4581X0BV9
3130A2T97
FEDERAL HOME LOAN BANKS
1,000,000.00
Agency
AAA
3130A2T97
FEDERAL HOME LOAN BANKS
500,000.00
Agency
AAA
89233GKT2
Toyota Motor Credit Corporation
500,000.00
Industrial
A-1+
14912L4X6
775,000.00
Industrial
A
125,000.00
Municipal
A
490,000.00
Municipal
A+
07330NAH8
CATERPILLAR FINANCIAL SERVICES
CORP
RIVERSIDE CNTY CALIF PUB FING
AUTH TAX ALLOC REV
LOS ANGELES CALIF MUN IMPT CORP
LEASE REV
BRANCH BANKING AND TRUST CO
700,000.00
Financial
A+
912828RF9
UNITED STATES TREASURY
1,000,000.00
Government
AAA
1,000,000.00
Government
AAA
Municipal
AA
76912TJC8
544587B72
912828RF9
UNITED STATES TREASURY
68428LDM3
ORANGE CNTY CALIF PENSION OBLIG
---
---
Dated: 07/06/2016
Return to Table of Contents
250,000.00
27,892,740.83 ---
AA+
Coupon Final
Maturity,
Effective
Maturity
1.125 01/27/2017
12/28/2016
0.00 06/23/2017
06/23/2017
1.125 04/27/2017
04/27/2017
0.625 11/23/2016
11/23/2016
3.75 11/20/2016
11/20/2016
0.625 09/26/2016
09/26/2016
0.625 05/30/2017
05/30/2017
0.625 07/15/2016
07/15/2016
1.125 03/15/2017
03/15/2017
1.125 03/15/2017
03/15/2017
2.00 08/25/2016
08/25/2016
1.00 04/24/2017
04/24/2017
0.50 09/28/2016
09/28/2016
0.50 09/28/2016
09/28/2016
0.00 10/27/2016
10/27/2016
2.05 08/01/2016
08/01/2016
1.00 09/01/2016
09/01/2016
1.26 11/01/2016
11/01/2016
1.00 04/03/2017
03/03/2017
1.00 08/31/2016
08/31/2016
1.00 08/31/2016
08/31/2016
0.938 11/01/2016
11/01/2016
Book
Yield,
Yield
Base Original Cost,
Base Book Value
1.125
0.95
0.583
0.559
0.818
0.586
0.484
0.489
0.849
0.862
0.691
0.431
0.767
0.574
0.356
0.219
0.829
0.44
0.786
0.44
0.827
0.465
0.851
0.677
0.386
0.342
0.416
0.342
0.763
0.714
0.643
0.915
1.301
1.173
1.26
0.712
1.30
0.97
0.579
0.311
0.432
0.311
0.938
0.692
750,000.00
750,000.00
497,067.78
497,124.17
1,003,410.00
1,002,501.22
1,002,130.00
1,000,556.49
789,135.00
758,369.23
599,730.00
599,905.66
998,600.00
998,712.15
1,003,007.81
1,000,102.71
1,003,030.00
1,002,071.04
602,208.00
601,425.77
236,903.50
235,412.18
500,677.00
500,600.21
1,001,080.00
1,000,275.42
500,415.00
500,101.47
498,300.56
498,754.45
793,855.75
775,919.07
124,468.75
124,937.26
490,000.00
490,000.00
697,690.00
698,425.78
1,003,203.13
1,000,697.82
1,010,351.56
1,000,942.46
250,000.00
250,000.00
--- 12/17/2016
12/14/2016
0.734
0.603
Coupon Final
Maturity,
Effective
Maturity
1.05 04/15/2019
06/23/2017
0.82 06/15/2018
11/19/2016
Base Net Total
Unrealized Gain/
Loss
Market
Price
Base Accrued
Balance
Base Market Value
Base Market Value +
Accrued
642.00
100.086
3,609.38
750,642.00
754,251.38
148.83
99.455
0.00
497,273.00
497,273.00
1,926.78
100.443
2,000.00
1,004,428.00
1,006,428.00
-19.49
100.054
659.72
1,000,537.00
1,001,196.72
-2.23
101.116
3,203.13
758,367.00
761,570.13
370.34
100.046
989.58
600,276.00
601,265.58
1,749.85
100.046
538.19
1,000,462.00
1,001,000.19
64.29
100.017
2,884.62
1,000,167.00
1,003,051.62
2,764.96
100.484
3,312.50
1,004,836.00
1,008,148.50
1,475.83
100.484
1,987.50
602,901.60
604,889.10
137.49
100.234
1,645.00
235,549.67
237,194.67
710.79
100.262
930.56
501,311.00
502,241.56
110.58
100.039
1,291.67
1,000,386.00
1,001,677.67
91.53
100.039
645.83
500,193.00
500,838.83
88.61
99.769
0.00
498,843.05
498,843.05
-167.32
100.097
6,619.79
775,751.75
782,371.54
18.99
99.965
416.67
124,956.25
125,372.92
965.30
100.197
1,029.00
490,965.30
491,994.30
1,716.32
100.02
1,711.11
700,142.10
701,853.21
460.18
100.116
3,342.39
1,001,158.00
1,004,500.39
215.54
100.116
3,342.39
1,001,158.00
1,004,500.39
240.00
100.096
1,094.33
250,240.00
251,334.33
28,038,417.45
27,926,431.85
22,789.61
---
78,475.52
27,949,221.45
28,027,696.97
Book
Yield,
Yield
Base Original Cost,
Base Book Value
Base Net Total
Unrealized Gain/
Loss
Market
Price
Base Accrued
Balance
Base Market Value
Base Market Value +
Accrued
1.057
0.877
1.031
0.819
699,946.87
699,951.90
447,211.18
447,458.76
1,247.20
100.171
326.67
701,199.10
701,525.77
386.00
100.001
163.21
447,844.76
448,007.97
LT
Identifier
Description
Base Current Units
Market Sector
Rating
65478VAB3
NAROT 16B A2A
700,000.00
Asset Backed
AAA
58772PAB4
MBART 151 A2A
447,840.95
Asset Backed
AAA
13
Page 55
WC-Contra Costa County (19529)
Balance Sheet Classification
Base Currency: USD As of 06/30/2016
Identifier
Description
91412GEZ4
UNIVERSITY CALIF REVS
90331HMR1
US BANK NA
90331HMR1
30231GAS1
Base Current Units
Market Sector
Rating
300,000.00
Municipal
AA
450,000.00
Financial
AA
US BANK NA
300,000.00
Financial
AA
EXXON MOBIL CORP
560,000.00
Utility
AAA
89236WAB4
TAOT 15A A2
161,050.47
Asset Backed
AAA
17275RAY8
CISCO SYSTEMS INC
750,000.00
Industrial
AA-
084664CD1
750,000.00
Financial
AA
1,072,000.00
Agency
AAA
41284BAB2
BERKSHIRE HATHAWAY FINANCE
CORP
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
HDMOT 151 A2A
171,064.20
Asset Backed
AAA
880591EA6
TENNESSEE VALLEY AUTHORITY
586,000.00
Agency
AAA
161571GJ7
CHAIT 141 A
775,000.00
Asset Backed
AAA
45905UTJ3
500,000.00
Government
AAA
3135G0PP2
912828D49
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
UNITED STATES TREASURY
912828TS9
UNITED STATES TREASURY
09247XAC5
BLACKROCK INC
166764AL4
CHEVRON CORP
Dated: 07/06/2016
Return to Table of Contents
230,000.00
Government
AAA
1,000,000.00
Government
AAA
500,000.00
Financial
AA-
700,000.00
Utility
AA
31680GAB2
FITAT 151 A2A
465,222.74
Asset Backed
AAA
47787WAB5
JDOT 15B A2
349,054.87
Asset Backed
AAA
90290XAB3
USAOT 151 A2
298,840.31
Asset Backed
AAA
02665WAY7
AMERICAN HONDA FINANCE CORP
500,000.00
Industrial
A+
02665WAY7
AMERICAN HONDA FINANCE CORP
250,000.00
Industrial
A+
191216BR0
COCA-COLA CO
300,000.00
Industrial
AA-
437076BJ0
HOME DEPOT INC
750,000.00
Industrial
A
41284DAB8
HDMOT 16A A2
500,000.00
Asset Backed
AAA
354613AH4
FRANKLIN RESOURCES INC
500,000.00
Financial
AA-
05581RAC0
BMWLT 161 A2B
600,000.00
Asset Backed
AAA
17305EFE0
CCCIT 13A6 A6
750,000.00
Asset Backed
AAA
---
---
15,216,073.54 ---
AA+
Coupon Final
Maturity,
Effective
Maturity
0.956 07/01/2017
01/01/2017
0.936 01/26/2018
01/26/2018
0.936 01/26/2018
01/26/2018
1.274 02/28/2018
02/28/2018
0.71 07/17/2017
08/12/2016
0.963 06/15/2018
06/15/2018
0.931 01/12/2018
01/12/2018
1.00 09/20/2017
09/20/2017
0.80 01/15/2019
10/28/2016
5.50 07/18/2017
07/18/2017
1.15 01/15/2019
01/13/2017
0.631 09/30/2017
09/30/2017
0.875 08/15/2017
08/15/2017
0.625 09/30/2017
09/30/2017
6.25 09/15/2017
09/15/2017
1.345 11/15/2017
11/15/2017
1.02 05/15/2018
11/08/2016
0.98 06/15/2018
11/30/2016
0.82 03/15/2018
10/03/2016
1.097 09/20/2017
09/20/2017
1.097 09/20/2017
09/20/2017
0.875 10/27/2017
10/27/2017
1.022 09/15/2017
09/15/2017
1.09 06/17/2019
07/14/2017
1.375 09/15/2017
09/15/2017
0.948 01/22/2018
04/26/2017
1.32 09/07/2018
09/07/2016
Book
Yield,
Yield
Base Original Cost,
Base Book Value
0.969
0.56
0.848
1.329
0.951
1.329
1.29
1.026
0.712
0.828
0.976
0.996
0.946
1.204
0.75
0.612
0.799
0.994
0.876
0.663
1.01
0.781
0.658
1.13
0.77
0.544
0.631
0.55
1.242
0.956
1.506
0.962
1.022
0.92
0.982
0.942
0.822
1.019
1.113
1.412
1.10
1.412
0.897
0.774
1.038
1.177
1.093
1.008
1.11
1.039
0.95
0.887
0.944
0.818
300,000.00
300,000.00
451,206.00
450,682.86
300,000.00
300,000.00
560,000.00
560,000.00
161,048.94
161,050.26
750,000.00
750,000.00
750,000.00
750,000.00
1,075,768.08
1,075,244.33
171,062.81
171,063.70
621,019.36
614,103.77
776,453.13
775,549.39
499,885.00
499,895.54
230,296.48
230,268.34
999,882.81
999,924.20
539,065.00
529,857.31
698,005.00
698,473.34
465,210.04
465,215.49
349,043.10
349,049.06
298,829.19
298,836.20
500,000.00
500,000.00
250,057.50
250,041.56
299,868.00
299,912.78
750,000.00
750,000.00
499,986.55
499,987.10
501,815.00
501,578.73
600,000.00
600,000.00
751,787.11
750,512.76
--- 02/19/2018
07/25/2017
0.974
0.927
15,297,447.15
15,278,657.37
Base Net Total
Unrealized Gain/
Loss
Market
Price
Base Accrued
Balance
Base Market Value
Base Market Value +
Accrued
45.00
100.015
239.00
300,045.00
300,284.00
-1,521.66
99.814
772.08
449,161.20
449,933.28
-559.20
99.814
514.72
299,440.80
299,955.52
4,166.40
100.744
614.38
564,166.40
564,780.78
-21.53
99.987
50.82
161,028.73
161,079.55
1,116.00
100.149
320.83
751,116.00
751,436.83
254.25
100.034
1,551.33
750,254.25
751,805.58
1,809.08
100.471
3,007.56
1,077,053.41
1,080,060.96
-106.56
99.937
60.82
170,957.15
171,017.97
1,505.05
105.053
14,593.03
615,608.82
630,201.85
1,002.55
100.20
396.11
776,551.94
776,948.05
-215.04
99.936
8.77
499,680.50
499,689.27
585.19
100.371
757.45
230,853.53
231,610.98
1,013.80
100.094
1,571.04
1,000,938.00
1,002,509.04
1,861.19
106.344
9,201.39
531,718.50
540,919.89
5,180.66
100.522
1,203.03
703,654.00
704,857.03
174.78
100.036
210.90
465,390.27
465,601.17
64.62
100.017
152.03
349,113.68
349,265.71
-148.06
99.949
108.91
298,688.14
298,797.05
902.50
100.18
167.54
500,902.50
501,070.04
409.69
100.18
83.77
250,451.25
250,535.02
485.32
100.133
466.67
300,398.10
300,864.77
2,848.50
100.38
340.83
752,848.50
753,189.33
444.55
100.086
242.22
500,431.65
500,673.87
432.77
100.402
2,024.31
502,011.50
504,035.81
1,216.02
100.203
173.81
601,216.02
601,389.83
183.62
100.093
3,135.00
750,696.38
753,831.38
24,762.69
---
42,458.21
15,303,420.06
15,345,878.27
14
Page 56
WC-Contra Costa County (19529)
Balance Sheet Classification
Base Currency: USD As of 06/30/2016
Dated: 07/06/2016
Return to Table of Contents
Summary
Identifier
Description
---
---
* Grouped By: BS Class 2.
Base Current Units
Market Sector
44,153,336.92 ---
* Groups Sorted By: BS Class 2.
Rating
AA+
Coupon Final
Maturity,
Effective
Maturity
--- 05/10/2017
02/25/2017
Book
Yield,
Yield
Base Original Cost,
Base Book Value
Base Net Total
Unrealized Gain/
Loss
Market
Price
Base Accrued
Balance
Base Market Value
Base Market Value +
Accrued
0.80
0.701
44,380,387.16
44,249,611.77
47,552.30
---
120,933.73
44,297,164.07
44,418,097.80
* Weighted By: Base Market Value + Accrued.
15
Page 57
WC-Contra Costa County (19529)
Trading Activity
Base Currency: USD 04/01/2016 - 06/30/2016
Dated: 07/06/2016
Return to Table of Contents
* Does not Lock Down.
Buy
Trade Date,
Settle Date
06/27/2016
06/30/2016
06/22/2016
06/30/2016
06/01/2016
06/02/2016
06/24/2016
06/24/2016
04/19/2016
04/20/2016
Transaction Type
04/21/2016
04/26/2016
06/07/2016
06/15/2016
05/11/2016
05/16/2016
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
05/19/2016
05/24/2016
04/19/2016
04/27/2016
05/17/2016
05/18/2016
Buy
05/18/2016
05/19/2016
05/19/2016
05/19/2016
04/01/2016
04/01/2016
04/04/2016
04/04/2016
04/12/2016
04/12/2016
04/11/2016
04/11/2016
04/15/2016
04/15/2016
04/21/2016
04/21/2016
04/18/2016
04/18/2016
04/26/2016
04/26/2016
05/02/2016
05/02/2016
05/12/2016
05/12/2016
05/18/2016
05/18/2016
05/17/2016
05/17/2016
05/16/2016
05/16/2016
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Identifier,
Description
037833AM2
APPLE INC
13034PYA9
CALIFORNIA HSG FIN AGY REV
3130A5EP0
FEDERAL HOME LOAN BANKS
313313HF8
FEDERAL FARM CREDIT BANKS
3135G0PP2
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
354613AH4
FRANKLIN RESOURCES INC
41284DAB8
HDMOT 16A A2
45905UTJ3
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOP
45950KBS8
INTERNATIONAL FINANCE CORP
65478VAB3
NAROT 16B A2A
89116EPA5
Toronto Dominion Holdings
(U.S.A.), Inc.
89233GKT2
Toyota Motor Credit Corporation
912828D49
UNITED STATES TREASURY
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
Coupon Final
Rate Maturity
1.05 05/05/2017
1.00
02/01/2017
0.625 05/30/2017
Broker/Dealer
CastleOak Securities LP
Citigroup Global Markets (AU)
APX Asset
0.00
06/23/2017
APX Asset
1.00
09/20/2017
CastleOak Securities LP
1.375 09/15/2017
1.09
06/17/2019
0.629 09/30/2017
Stifel Nicolaus & Co.
J.P. Morgan Securities Inc. (AU)
CastleOak Securities LP
1.00
04/24/2017
CastleOak Securities LP
1.05
04/15/2019
Societe Generale
0.00
02/10/2017
TORONTO DOMINION BK
0.00
10/27/2016
Toyota Motor Credit Corp.
0.875 08/15/2017
MORGAN STANLEY CO
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
Base Original Units,
Base Current Units
500,000.00
500,000.00
500,000.00
500,000.00
1,000,000.00
1,000,000.00
500,000.00
500,000.00
1,072,000.00
1,072,000.00
Price
100.245
100.00
99.86
99.414
100.352
500,000.00
500,000.00
500,000.00
500,000.00
500,000.00
500,000.00
100.363
500,000.00
500,000.00
700,000.00
700,000.00
750,000.00
750,000.00
100.135
500,000.00
500,000.00
230,000.00
230,000.00
503,230.25
503,230.25
3,500.00
3,500.00
1,746.25
1,746.25
13,625.00
13,625.00
171,037.94
171,037.94
466.05
466.05
152,001.79
152,001.79
1,742.46
1,742.46
757,270.03
757,270.03
6,250.00
6,250.00
1,875.00
1,875.00
70,417.03
70,417.03
1,875.00
1,875.00
99.66
99.997
99.977
99.992
99.241
100.129
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Purchased Cost,
Base Principal
0.00
501,225.00
0.00
500,000.00
0.00
998,600.00
0.00
497,067.78
0.00
1,075,768.08
Base Accrued
Interest
787.50
0.00
501,815.00
0.00
499,986.55
0.00
499,885.00
Base Net Total
Realized Gain
0.00
Base
Commission
0.00
Base Amount
-502,012.50
0.00
0.00
0.00
-500,000.00
34.72
0.00
0.00
-998,634.72
0.00
0.00
0.00
-497,067.78
893.33
0.00
0.00
-1,076,661.41
782.99
0.00
0.00
-502,597.99
0.00
0.00
0.00
-499,986.55
410.34
0.00
0.00
-500,295.34
0.00
500,677.00
0.00
699,946.87
0.00
744,305.00
416.67
0.00
0.00
-501,093.67
0.00
0.00
0.00
-699,946.87
0.00
0.00
0.00
-744,305.00
0.00
498,300.56
0.00
230,296.48
503,230.25
503,230.25
3,500.00
3,500.00
1,746.25
1,746.25
13,625.00
13,625.00
171,037.94
171,037.94
466.05
466.05
152,001.79
152,001.79
1,742.46
1,742.46
757,270.03
757,270.03
6,250.00
6,250.00
1,875.00
1,875.00
70,417.03
70,417.03
1,875.00
1,875.00
0.00
0.00
0.00
-498,300.56
519.71
0.00
0.00
-230,816.19
0.00
0.00
0.00
-503,230.25
0.00
0.00
0.00
-3,500.00
0.00
0.00
0.00
-1,746.25
0.00
0.00
0.00
-13,625.00
0.00
0.00
0.00
-171,037.94
0.00
0.00
0.00
-466.05
0.00
0.00
0.00
-152,001.79
0.00
0.00
0.00
-1,742.46
0.00
0.00
0.00
-757,270.03
0.00
0.00
0.00
-6,250.00
0.00
0.00
0.00
-1,875.00
0.00
0.00
0.00
-70,417.03
0.00
0.00
0.00
-1,875.00
16
Page 58
WC-Contra Costa County (19529)
Trading Activity
Base Currency: USD 04/01/2016 - 06/30/2016
Trade Date,
Settle Date
05/16/2016
05/16/2016
05/16/2016
05/16/2016
05/23/2016
05/23/2016
05/20/2016
05/20/2016
05/20/2016
05/20/2016
05/24/2016
05/24/2016
05/31/2016
05/31/2016
06/01/2016
06/01/2016
06/06/2016
06/06/2016
06/10/2016
06/10/2016
06/09/2016
06/09/2016
06/16/2016
06/16/2016
06/16/2016
06/16/2016
06/15/2016
06/15/2016
06/15/2016
06/15/2016
06/20/2016
06/20/2016
06/21/2016
06/21/2016
06/30/2016
06/30/2016
Transaction Type
-----
Buy
-----
Trade Date,
Settle Date
05/01/2016
05/01/2016
Transaction Type
04/01/2016
04/01/2016
06/10/2016
06/10/2016
05/16/2016
05/16/2016
Maturity
05/16/2016
05/16/2016
Maturity
05/18/2016
05/18/2016
Maturity
Identifier,
Description
03255LGX1
ANAHEIM CALIF PUB FING AUTH
LEASE REV
3130A4KE1
FEDERAL HOME LOAN BANKS
313373SZ6
FEDERAL HOME LOAN BANKS
459058DM2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOP
459058DM2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOP
89233GEJ1
Toyota Motor Credit Corporation
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Identifier,
Description
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
Dated: 07/06/2016
Return to Table of Contents
Coupon Final
Rate Maturity
0.35 06/30/2016
Broker/Dealer
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
--- ---
---
Base Original Units,
Base Current Units
19,394.99
19,394.99
1,728,798.73
1,728,798.73
498,863.56
498,863.56
469.38
469.38
14,062.50
14,062.50
1,050.00
1,050.00
1,562.50
1,562.50
2,343.93
2,343.93
686.04
686.04
1,010,625.00
1,010,625.00
5,000.00
5,000.00
27.80
27.80
3,760.90
3,760.90
55,591.71
55,591.71
58,148.40
58,148.40
2,034.99
2,034.99
484.87
484.87
487.50
487.50
Price
Purchased Cost,
Base Principal
19,394.99
19,394.99
1,728,798.73
1,728,798.73
498,863.56
498,863.56
469.38
469.38
14,062.50
14,062.50
1,050.00
1,050.00
1,562.50
1,562.50
2,343.93
2,343.93
686.04
686.04
1,010,625.00
1,010,625.00
5,000.00
5,000.00
27.80
27.80
3,760.90
3,760.90
55,591.71
55,591.71
58,148.40
58,148.40
2,034.99
2,034.99
484.87
484.87
487.50
487.50
Base Accrued
Interest
0.00
Base Net Total
Realized Gain
0.00
Base
Commission
0.00
Base Amount
0.00
0.00
0.00
-1,728,798.73
0.00
0.00
0.00
-498,863.56
0.00
0.00
0.00
-469.38
0.00
0.00
0.00
-14,062.50
0.00
0.00
0.00
-1,050.00
0.00
0.00
0.00
-1,562.50
0.00
0.00
0.00
-2,343.93
0.00
0.00
0.00
-686.04
0.00
0.00
0.00
-1,010,625.00
0.00
0.00
0.00
-5,000.00
0.00
0.00
0.00
-27.80
12,840,429.60
12,840,429.60
---
Base Original Units,
Base Current Units
-750,000.00
-750,000.00
Price
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
-19,394.99
0.00
0.00
0.00
-3,760.90
0.00
0.00
0.00
-55,591.71
0.00
0.00
0.00
-58,148.40
0.00
0.00
0.00
-2,034.99
0.00
0.00
0.00
-484.87
0.00
0.00
0.00
-487.50
5,088,429.60
12,836,302.92
3,845.26
0.00
0.00
-12,840,148.18
Purchased Cost,
Base Principal
0.00
-750,000.00
Base Accrued
Interest
0.00
Base Net Total
Realized Gain
0.00
Base
Commission
0.00
Base Amount
0.00
-500,000.00
0.00
-1,000,000.00
0.00
-1,000,000.00
0.00
0.00
0.00
500,000.00
0.00
0.00
0.00
1,000,000.00
0.00
0.00
0.00
1,000,000.00
Maturity
Maturity
Maturity
Maturity
Coupon Final
Rate Maturity
1.00 05/01/2016
0.33
Broker/Dealer
Maturity
04/01/2016
Maturity
2.125 06/10/2016
Maturity
100.00
-500,000.00
-500,000.00
-1,000,000.00
-1,000,000.00
-1,000,000.00
-1,000,000.00
100.00
100.00
100.00
750,000.00
0.50
05/16/2016
Maturity
0.50
05/16/2016
Maturity
-750,000.00
-750,000.00
100.00
0.00
-750,000.00
0.00
0.00
0.00
750,000.00
0.00
05/18/2016
Maturity
-500,000.00
-500,000.00
100.00
0.00
-500,000.00
0.00
0.00
0.00
500,000.00
17
Page 59
WC-Contra Costa County (19529)
Trading Activity
Base Currency: USD 04/01/2016 - 06/30/2016
Trade Date,
Settle Date
06/30/2016
06/30/2016
05/15/2016
05/15/2016
05/23/2016
05/23/2016
Transaction Type
-----
Maturity
Maturity
Maturity
Maturity
Identifier,
Description
912828WQ9
UNITED STATES TREASURY
91412GUT0
UNIVERSITY CALIF REVS
928668AD4
VOLKSWAGEN GROUP OF
AMERICA FINANCE LLC
-----
Dated: 07/06/2016
Return to Table of Contents
Coupon Final
Rate Maturity
0.50 06/30/2016
Broker/Dealer
Maturity
0.634 05/15/2016
Maturity
0.838 05/23/2016
Maturity
--- ---
Maturity
Base Original Units,
Base Current Units
-1,000,000.00
-1,000,000.00
-250,000.00
-250,000.00
-500,000.00
-500,000.00
Price
100.00
100.00
100.00
Purchased Cost,
Base Principal
0.00
-1,000,000.00
0.00
-250,000.00
0.00
-500,000.00
Base Accrued
Interest
0.00
Base Net Total
Realized Gain
0.00
Base
Commission
0.00
Base Amount
0.00
0.00
0.00
250,000.00
0.00
0.00
0.00
500,000.00
1,000,000.00
-6,250,000.00
-6,250,000.00
100.00
0.00
-6,250,000.00
0.00
0.00
0.00
6,250,000.00
Base Original Units,
Base Current Units
0.00
-34,777.26
0.00
-13,613.69
0.00
-3,759.39
0.00
-12,606.39
0.00
-24,868.34
0.00
-27,446.36
0.00
-24,562.47
0.00
-32,185.05
0.00
-29,363.36
0.00
-30,173.53
0.00
-31,876.81
0.00
-19,068.32
0.00
-53,625.79
0.00
-48,786.04
0.00
-51,166.78
0.00
-74,172.50
0.00
-63,675.68
0.00
-55,591.71
0.00
-58,222.61
0.00
-52,362.16
0.00
-52,382.55
0.00
-54,174.07
0.00
-55,025.12
Price
Purchased Cost,
Base Principal
0.00
-34,777.26
0.00
-13,613.69
0.00
-3,759.39
0.00
-12,606.39
0.00
-24,868.34
0.00
-27,446.36
0.00
-24,562.48
0.00
-32,185.05
0.00
-29,363.36
0.00
-30,173.53
0.00
-31,876.81
0.00
-19,068.32
0.00
-53,625.79
0.00
-48,786.04
0.00
-51,166.78
0.00
-74,172.50
0.00
-63,675.68
0.00
-55,591.71
0.00
-58,222.61
0.00
-52,362.15
0.00
-52,382.55
0.00
-54,174.07
0.00
-55,025.12
Base Accrued
Interest
0.00
Base Net Total
Realized Gain
0.00
Base
Commission
0.00
Base Amount
0.00
-0.00
0.00
13,613.69
0.00
0.00
0.00
3,759.39
0.00
-0.00
0.00
12,606.39
0.00
-0.00
0.00
24,868.34
0.00
-0.00
0.00
27,446.36
0.00
0.01
0.00
24,562.48
0.00
-0.00
0.00
32,185.05
0.00
0.00
0.00
29,363.36
0.00
0.00
0.00
30,173.53
0.00
-0.00
0.00
31,876.81
0.00
-0.00
0.00
19,068.32
0.00
0.00
0.00
53,625.79
0.00
-0.00
0.00
48,786.04
0.00
0.00
0.00
51,166.78
0.00
-0.00
0.00
74,172.50
0.00
-0.00
0.00
63,675.68
0.00
0.00
0.00
55,591.71
0.00
0.00
0.00
58,222.61
0.00
-0.01
0.00
52,362.15
0.00
0.00
0.00
52,382.55
0.00
-0.00
0.00
54,174.07
0.00
-0.00
0.00
55,025.12
Principal Paydown
Trade Date,
Settle Date
06/15/2016
06/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
05/15/2016
05/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
04/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
04/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
Transaction Type
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Principal Paydown
Identifier,
Description
31680GAB2
FITAT 151 A2A
41284AAB4
HDMOT 141 A2A
41284AAB4
HDMOT 141 A2A
41284AAB4
HDMOT 141 A2A
41284BAB2
HDMOT 151 A2A
41284BAB2
HDMOT 151 A2A
41284BAB2
HDMOT 151 A2A
43814KAB7
HAROT 151 A2
43814KAB7
HAROT 151 A2
43814KAB7
HAROT 151 A2
47787WAB5
JDOT 15B A2
47787WAB5
JDOT 15B A2
58772PAB4
MBART 151 A2A
58772PAB4
MBART 151 A2A
58772PAB4
MBART 151 A2A
65477WAB2
NAROT 14B A2
65477WAB2
NAROT 14B A2
65477WAB2
NAROT 14B A2
89236WAB4
TAOT 15A A2
89236WAB4
TAOT 15A A2
89236WAB4
TAOT 15A A2
90290XAB3
USAOT 151 A2
90290XAB3
USAOT 151 A2
Coupon Final
Rate Maturity
1.02 05/15/2018
Broker/Dealer
Direct
0.49
04/15/2018
Direct
0.49
04/15/2018
Direct
0.49
04/15/2018
Direct
0.80
01/15/2019
Direct
0.80
01/15/2019
Direct
0.80
01/15/2019
Direct
0.70
06/15/2017
Direct
0.70
06/15/2017
Direct
0.70
06/15/2017
Direct
0.98
06/15/2018
Direct
0.98
06/15/2018
Direct
0.82
06/15/2018
Direct
0.82
06/15/2018
Direct
0.82
06/15/2018
Direct
0.60
06/15/2017
Direct
0.60
06/15/2017
Direct
0.60
06/15/2017
Direct
0.71
07/17/2017
Direct
0.71
07/17/2017
Direct
0.71
07/17/2017
Direct
0.82
03/15/2018
Direct
0.82
03/15/2018
Direct
-----------------------------------------------
34,777.26
18
Page 60
WC-Contra Costa County (19529)
Trading Activity
Base Currency: USD 04/01/2016 - 06/30/2016
Trade Date,
Settle Date
04/15/2016
04/15/2016
Transaction Type
-----
Principal Paydown
-----
Trade Date,
Settle Date
04/08/2016
04/08/2016
04/07/2016
04/07/2016
04/20/2016
04/20/2016
04/27/2016
04/27/2016
04/26/2016
04/26/2016
05/03/2016
05/03/2016
05/19/2016
05/19/2016
05/19/2016
05/19/2016
05/18/2016
05/18/2016
05/24/2016
05/24/2016
05/24/2016
05/24/2016
06/02/2016
06/02/2016
06/15/2016
06/15/2016
06/20/2016
06/20/2016
06/24/2016
06/24/2016
Transaction Type
Identifier,
Description
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
949917397
WellsFargo:Htge MM;I
-----
Sell
949917397
WellsFargo:Htge MM;I
Trade Date,
Settle Date
Transaction Type
Identifier,
Description
-----
---
-----
Principal Paydown
Identifier,
Description
90290XAB3
USAOT 151 A2
Dated: 07/06/2016
Return to Table of Contents
Coupon Final
Rate Maturity
0.82 03/15/2018
--- ---
Broker/Dealer
Direct
Base Original Units,
Base Current Units
0.00
-60,988.90
Price
Purchased Cost,
Base Principal
0.00
-60,988.91
Base Accrued
Interest
0.00
Base Net Total
Realized Gain
0.01
Base
Commission
0.00
Base Amount
0.00
-964,474.90
---
0.00
-964,474.89
0.00
-0.01
0.00
964,474.89
Base Original Units,
Base Current Units
-46,769.91
-46,769.91
-77,876.63
-77,876.63
-1,080,704.29
-1,080,704.29
-693,009.37
-693,009.37
-502,597.99
-502,597.99
-73,570.00
-73,570.00
-230,816.19
-230,816.19
-498,300.56
-498,300.56
-244,305.00
-244,305.00
-501,093.67
-501,093.67
-1,875.00
-1,875.00
-998,634.72
-998,634.72
-273,132.08
-273,132.08
-4,288.69
-4,288.69
-497,067.78
-497,067.78
Price
Purchased Cost,
Base Principal
-46,769.91
-46,769.91
-77,876.63
-77,876.63
-1,080,704.29
-1,080,704.29
-693,009.37
-693,009.37
-502,597.99
-502,597.99
-73,570.00
-73,570.00
-230,816.19
-230,816.19
-498,300.56
-498,300.56
-244,305.00
-244,305.00
-501,093.67
-501,093.67
-1,875.00
-1,875.00
-998,634.72
-998,634.72
-273,132.08
-273,132.08
-4,288.69
-4,288.69
-497,067.78
-497,067.78
Base Accrued
Interest
0.00
Base Net Total
Realized Gain
0.00
Base
Commission
0.00
Base Amount
0.00
0.00
0.00
77,876.63
0.00
0.00
0.00
1,080,704.29
0.00
0.00
0.00
693,009.37
0.00
0.00
0.00
502,597.99
0.00
0.00
0.00
73,570.00
0.00
0.00
0.00
230,816.19
0.00
0.00
0.00
498,300.56
0.00
0.00
0.00
244,305.00
0.00
0.00
0.00
501,093.67
0.00
0.00
0.00
1,875.00
0.00
0.00
0.00
998,634.72
0.00
0.00
0.00
273,132.08
0.00
0.00
0.00
4,288.69
0.00
0.00
0.00
497,067.78
-5,724,041.88
-5,724,041.88
1.00
-5,724,041.88
-5,724,041.88
0.00
0.00
0.00
5,724,041.88
Base Original Units,
Base Current Units
Price
Purchased Cost,
Base Principal
Base Accrued
Interest
Base Net Total
Realized Gain
Base
Commission
Base Amount
866,387.72
-98,087.18
---
-635,612.28
-102,213.85
3,845.26
-0.01
0.00
98,368.59
Direct
---
60,988.91
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Coupon Final
Rate Maturity
0.35 06/30/2016
Broker/Dealer
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.35
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
0.36
06/30/2016
Direct
--- 06/30/2016
Direct
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
46,769.91
Summary
* Grouped By: Transaction Type.
* Groups Sorted By: Transaction Type.
Coupon Final
Rate Maturity
--- ---
Broker/Dealer
---
* Showing transactions with Trade Date within selected date range.
* MMF transactions are expanded.
* The Transaction Detail/Trading Activity reports provide our most up-to-date transactional details. As such, these reports are subject to change even after the other reports on the website have been locked down. While these reports can be useful tools in understanding recent activity,
due to their dynamic nature we do not recommend using them for booking journal entries or reconciliation.
19
Page 61
WC-Contra Costa County (19529)
Transaction Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Dated: 07/06/2016
Return to Table of Contents
* Does not Lock Down.
Receivable
Entry Date
Settle Date
Transaction Type
Base Current Units Identifier
06/30/2016
06/30/2016
Money Market Funds
0.00
06/30/2016
06/30/2016
Money Market Funds
0.00 949917397
949917397
Entry Date
Settle Date
Transaction Type
06/20/2016
05/01/2016
05/01/2016
06/27/2016
06/20/2016
05/20/2016
04/20/2016
05/16/2016
06/06/2016
04/03/2016
04/12/2016
05/20/2016
06/22/2016
06/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
04/27/2016
05/28/2016
05/23/2016
04/01/2016
04/01/2016
06/01/2016
06/24/2016
06/10/2016
06/10/2016
06/09/2016
04/27/2016
04/19/2016
05/12/2016
06/15/2016
06/15/2016
04/15/2016
05/15/2016
04/21/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
06/20/2016
05/01/2016
05/01/2016
06/30/2016
06/20/2016
05/20/2016
04/20/2016
05/16/2016
06/06/2016
04/03/2016
04/12/2016
05/20/2016
06/30/2016
06/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
04/27/2016
05/28/2016
05/23/2016
04/01/2016
04/01/2016
06/02/2016
06/24/2016
06/10/2016
06/10/2016
06/09/2016
04/27/2016
04/20/2016
05/12/2016
06/15/2016
06/15/2016
04/15/2016
05/15/2016
04/26/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
Coupon
Coupon
Maturity
Buy
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Buy
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Coupon
Maturity
Buy
Buy
Coupon
Maturity
Coupon
Coupon
Buy
Coupon
Coupon
Principal Paydown
Coupon
Coupon
Buy
Coupon
Principal Paydown
Coupon
Principal Paydown
Description
WellsFargo:Htge MM;I
Coupon Final Maturity
Rate
0.36 06/30/2016
WellsFargo:Htge MM;I
0.36 06/30/2016
Price
Base Amount
---
354.81
---
354.81
Price
Base Amount
----100.00
100.245
----------------100.00
------------------100.00
99.86
99.414
--100.00
----100.352
----------100.363
---------
2,034.99
3,750.00
750,000.00
-502,012.50
484.87
469.38
466.05
1,360.25
686.04
3,500.00
1,746.25
14,062.50
-500,000.00
742.71
742.71
742.71
4,707.50
1,809.05
1,312.50
1,705.08
3,125.00
825.00
500,000.00
-998,634.72
-497,067.78
10,625.00
1,000,000.00
5,000.00
5,625.00
-1,076,661.41
6,250.00
425.00
34,777.26
425.00
425.00
-502,597.99
12.24
13,613.69
1.54
3,759.39
Settled
Base Current Units Identifier
0.00
0.00
-750,000.00
500,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
500,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-500,000.00
1,000,000.00
500,000.00
0.00
-1,000,000.00
0.00
0.00
1,072,000.00
0.00
0.00
-34,777.26
0.00
0.00
500,000.00
0.00
-13,613.69
0.00
-3,759.39
02665WAY7
03255LGX1
03255LGX1
037833AM2
05581RAC0
05581RAC0
05581RAC0
06050TLU4
06050TMB5
07330NAH8
084664CD1
097023BC8
13034PYA9
161571GJ7
161571GJ7
161571GJ7
166764AL4
17275RAY8
191216BR0
30231GAS1
3130A3J70
3130A4KE1
3130A4KE1
3130A5EP0
313313HF8
313373SZ6
313373SZ6
313379FW4
3135G0JA2
3135G0PP2
3137EADF3
31680GAB2
31680GAB2
31680GAB2
31680GAB2
354613AH4
41284AAB4
41284AAB4
41284AAB4
41284AAB4
Description
AMERICAN HONDA FINANCE CORP
ANAHEIM CALIF PUB FING AUTH LEASE REV
ANAHEIM CALIF PUB FING AUTH LEASE REV
APPLE INC
BMWLT 161 A2B
BMWLT 161 A2B
BMWLT 161 A2B
BANK OF AMERICA NA
BANK OF AMERICA NA
BRANCH BANKING AND TRUST CO
BERKSHIRE HATHAWAY FINANCE CORP
BOEING CO
CALIFORNIA HSG FIN AGY REV
CHAIT 141 A
CHAIT 141 A
CHAIT 141 A
CHEVRON CORP
CISCO SYSTEMS INC
COCA-COLA CO
EXXON MOBIL CORP
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL FARM CREDIT BANKS
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FREDDIE MAC
FITAT 151 A2A
FITAT 151 A2A
FITAT 151 A2A
FITAT 151 A2A
FRANKLIN RESOURCES INC
HDMOT 141 A2A
HDMOT 141 A2A
HDMOT 141 A2A
HDMOT 141 A2A
Coupon
Rate
1.097
1.00
1.00
1.05
0.948
0.938
0.939
1.096
1.13
1.00
0.931
3.75
1.00
1.15
1.15
1.15
1.345
0.963
0.875
1.232
0.625
0.33
0.33
0.625
0.00
2.125
2.125
1.00
1.125
1.00
1.25
1.02
1.02
1.02
1.02
1.375
0.49
0.49
0.49
0.49
Final Maturity
09/20/2017
05/01/2016
05/01/2016
05/05/2017
01/22/2018
01/22/2018
01/22/2018
02/14/2017
06/05/2017
04/03/2017
01/12/2018
11/20/2016
02/01/2017
01/15/2019
01/15/2019
01/15/2019
11/15/2017
06/15/2018
10/27/2017
02/28/2018
11/23/2016
04/01/2016
04/01/2016
05/30/2017
06/23/2017
06/10/2016
06/10/2016
06/09/2017
04/27/2017
09/20/2017
05/12/2017
05/15/2018
05/15/2018
05/15/2018
05/15/2018
09/15/2017
04/15/2018
04/15/2018
04/15/2018
04/15/2018
20
Page 62
WC-Contra Costa County (19529)
Transaction Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Entry Date
Settle Date
Transaction Type
05/15/2016
05/15/2016
05/15/2016
05/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
06/07/2016
06/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
05/16/2016
05/15/2016
05/15/2016
05/15/2016
05/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
06/15/2016
06/15/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
05/16/2016
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Buy
Coupon
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Maturity
05/16/2016
05/16/2016
05/16/2016
Dated: 07/06/2016
Return to Table of Contents
Base Current Units Identifier
-12,606.39
0.00
-24,868.34
0.00
0.00
-27,446.36
0.00
-24,562.47
500,000.00
0.00
0.00
-32,185.05
0.00
-29,363.36
0.00
-30,173.53
-750,000.00
41284AAB4
41284AAB4
41284BAB2
41284BAB2
41284BAB2
41284BAB2
41284BAB2
41284BAB2
41284DAB8
437076BJ0
43814KAB7
43814KAB7
43814KAB7
43814KAB7
43814KAB7
43814KAB7
459058DM2
Maturity
-1,000,000.00
459058DM2
05/16/2016
Coupon
0.00
459058DM2
06/30/2016
06/30/2016
Coupon
0.00
45905UTJ3
05/11/2016
05/16/2016
Buy
500,000.00
45905UTJ3
05/19/2016
06/15/2016
06/15/2016
04/15/2016
05/15/2016
05/15/2016
05/01/2016
05/24/2016
06/15/2016
06/15/2016
04/15/2016
05/15/2016
05/15/2016
05/01/2016
Buy
Principal Paydown
Coupon
Coupon
Coupon
Principal Paydown
Coupon
500,000.00
-31,876.81
0.00
0.00
0.00
-19,068.32
0.00
45950KBS8
47787WAB5
47787WAB5
47787WAB5
47787WAB5
47787WAB5
544587B72
04/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
04/01/2016
04/10/2016
04/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
04/01/2016
04/10/2016
Principal Paydown
Coupon
Coupon
Principal Paydown
Principal Paydown
Coupon
Coupon
Coupon
-53,625.79
0.00
0.00
-48,786.04
-51,166.78
0.00
0.00
0.00
58772PAB4
58772PAB4
58772PAB4
58772PAB4
58772PAB4
58772PAB4
605581FW2
637432HT5
04/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
04/19/2016
06/15/2016
05/15/2016
04/15/2016
04/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
04/27/2016
06/15/2016
05/15/2016
Coupon
Principal Paydown
Principal Paydown
Coupon
Principal Paydown
Coupon
Buy
Coupon
Coupon
0.00
-74,172.50
-63,675.68
0.00
-55,591.71
0.00
700,000.00
0.00
0.00
65477WAB2
65477WAB2
65477WAB2
65477WAB2
65477WAB2
65477WAB2
65478VAB3
65478VAB3
65478VAB3
Description
HDMOT 141 A2A
HDMOT 141 A2A
HDMOT 151 A2A
HDMOT 151 A2A
HDMOT 151 A2A
HDMOT 151 A2A
HDMOT 151 A2A
HDMOT 151 A2A
HDMOT 16A A2
HOME DEPOT INC
HAROT 151 A2
HAROT 151 A2
HAROT 151 A2
HAROT 151 A2
HAROT 151 A2
HAROT 151 A2
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOP
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOP
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOP
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOP
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOP
INTERNATIONAL FINANCE CORP
JDOT 15B A2
JDOT 15B A2
JDOT 15B A2
JDOT 15B A2
JDOT 15B A2
LOS ANGELES CALIF MUN IMPT CORP LEASE
REV
MBART 151 A2A
MBART 151 A2A
MBART 151 A2A
MBART 151 A2A
MBART 151 A2A
MBART 151 A2A
MISSISSIPPI ST
NATIONAL RURAL UTILITIES COOP FINANCE
CORP
NAROT 14B A2
NAROT 14B A2
NAROT 14B A2
NAROT 14B A2
NAROT 14B A2
NAROT 14B A2
NAROT 16B A2A
NAROT 16B A2A
NAROT 16B A2A
Coupon
Rate
0.49
0.49
0.80
0.80
0.80
0.80
0.80
0.80
1.09
1.022
0.70
0.70
0.70
0.70
0.70
0.70
0.50
Final Maturity
Price
Base Amount
04/15/2018
04/15/2018
01/15/2019
01/15/2019
01/15/2019
01/15/2019
01/15/2019
01/15/2019
06/17/2019
09/15/2017
06/15/2017
06/15/2017
06/15/2017
06/15/2017
06/15/2017
06/15/2017
05/16/2016
----------------99.997
--------------100.00
12,606.39
6.68
24,868.34
147.00
165.29
27,446.36
130.42
24,562.48
-499,986.55
1,924.05
93.02
32,185.05
56.64
29,363.36
74.25
30,173.53
750,000.00
0.50
05/16/2016
100.00
1,000,000.00
0.50
05/16/2016
---
4,375.00
0.631 09/30/2017
---
805.00
0.629 09/30/2017
99.977
-500,295.34
1.00
0.98
0.98
0.98
0.98
0.98
1.26
04/24/2017
06/15/2018
06/15/2018
06/15/2018
06/15/2018
06/15/2018
11/01/2016
100.135
-------------
-501,093.67
31,876.81
311.09
326.67
326.67
19,068.32
2,778.30
0.82
0.82
0.82
0.82
0.82
0.82
0.64
5.45
06/15/2018
06/15/2018
06/15/2018
06/15/2018
06/15/2018
06/15/2018
10/01/2016
04/10/2017
-----------------
53,625.79
410.97
374.33
48,786.04
51,166.78
340.99
960.00
13,625.00
0.60
0.60
0.60
0.60
0.60
0.60
1.05
1.05
1.05
06/15/2017
06/15/2017
06/15/2017
06/15/2017
06/15/2017
06/15/2017
04/15/2019
04/15/2019
04/15/2019
------------99.992
-----
96.72
74,172.50
63,675.68
59.63
55,591.71
27.80
-699,946.87
612.50
367.50
21
Page 63
WC-Contra Costa County (19529)
Transaction Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Entry Date
Settle Date
Transaction Type
05/17/2016
05/18/2016
05/18/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
04/15/2016
04/15/2016
04/26/2016
05/19/2016
05/31/2016
06/30/2016
06/30/2016
05/02/2016
04/01/2016
06/01/2016
05/15/2016
05/15/2016
05/23/2016
05/18/2016
05/18/2016
05/19/2016
04/15/2016
04/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
06/15/2016
06/15/2016
05/15/2016
05/15/2016
04/15/2016
04/15/2016
04/26/2016
05/19/2016
05/31/2016
06/30/2016
06/30/2016
05/02/2016
04/01/2016
06/01/2016
05/15/2016
05/15/2016
05/23/2016
Buy
Maturity
Buy
Coupon
Principal Paydown
Principal Paydown
Coupon
Principal Paydown
Coupon
Principal Paydown
Coupon
Coupon
Principal Paydown
Principal Paydown
Coupon
Coupon
Buy
Coupon
Maturity
Coupon
Coupon
Coupon
Coupon
Coupon
Maturity
Maturity
05/23/2016
05/23/2016
Coupon
04/01/2016
04/04/2016
04/08/2016
04/07/2016
04/12/2016
04/11/2016
04/15/2016
04/21/2016
04/20/2016
04/18/2016
04/27/2016
04/26/2016
04/26/2016
05/03/2016
05/02/2016
04/30/2016
05/12/2016
05/19/2016
05/19/2016
05/18/2016
05/18/2016
04/01/2016
04/04/2016
04/08/2016
04/07/2016
04/12/2016
04/11/2016
04/15/2016
04/21/2016
04/20/2016
04/18/2016
04/27/2016
04/26/2016
04/26/2016
05/03/2016
05/02/2016
04/30/2016
05/12/2016
05/19/2016
05/19/2016
05/18/2016
05/18/2016
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Money Market Funds
Buy
Sell
Sell
Buy
Sell
Dated: 07/06/2016
Return to Table of Contents
Base Current Units Identifier
750,000.00
-500,000.00
500,000.00
0.00
-58,222.61
-52,362.16
0.00
-52,382.55
0.00
-54,174.07
0.00
0.00
-55,025.12
-60,988.90
0.00
0.00
230,000.00
0.00
-1,000,000.00
0.00
0.00
0.00
0.00
0.00
-250,000.00
-500,000.00
89116EPA5
89233GEJ1
89233GKT2
89236WAB4
89236WAB4
89236WAB4
89236WAB4
89236WAB4
89236WAB4
90290XAB3
90290XAB3
90290XAB3
90290XAB3
90290XAB3
90290XAB3
90331HMR1
912828D49
912828SY7
912828WQ9
912828WQ9
91412GEZ4
91412GEZ4
91412GEZ4
91412GUT0
91412GUT0
928668AD4
0.00
928668AD4
503,230.25
3,500.00
-46,769.91
-77,876.63
1,746.25
13,625.00
171,037.94
466.05
-1,080,704.29
152,001.79
-693,009.37
-502,597.99
1,742.46
-73,570.00
757,270.03
0.00
6,250.00
-230,816.19
-498,300.56
1,875.00
-244,305.00
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
Description
Toronto Dominion Holdings (U.S.A.), Inc.
Toyota Motor Credit Corporation
Toyota Motor Credit Corporation
TAOT 15A A2
TAOT 15A A2
TAOT 15A A2
TAOT 15A A2
TAOT 15A A2
TAOT 15A A2
USAOT 151 A2
USAOT 151 A2
USAOT 151 A2
USAOT 151 A2
USAOT 151 A2
USAOT 151 A2
US BANK NA
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNIVERSITY CALIF REVS
UNIVERSITY CALIF REVS
UNIVERSITY CALIF REVS
UNIVERSITY CALIF REVS
UNIVERSITY CALIF REVS
VOLKSWAGEN GROUP OF AMERICA FINANCE
LLC
VOLKSWAGEN GROUP OF AMERICA FINANCE
LLC
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
Coupon
Rate
0.00
0.00
0.00
0.71
0.71
0.71
0.71
0.71
0.71
0.82
0.82
0.82
0.82
0.82
0.82
0.936
0.875
0.625
0.50
0.50
0.938
0.938
0.956
0.634
0.634
0.838
Final Maturity
02/10/2017
05/18/2016
10/27/2016
07/17/2017
07/17/2017
07/17/2017
07/17/2017
07/17/2017
07/17/2017
03/15/2018
03/15/2018
03/15/2018
03/15/2018
03/15/2018
03/15/2018
01/26/2018
08/15/2017
05/31/2017
06/30/2016
06/30/2016
07/01/2017
07/01/2017
07/01/2017
05/15/2016
05/15/2016
05/23/2016
0.838 05/23/2016
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
Price
Base Amount
99.241
100.00
99.66
--------------------------100.129
--100.00
----------100.00
100.00
-744,305.00
500,000.00
-498,300.56
191.71
58,222.61
52,362.15
126.27
52,382.55
157.26
54,174.07
241.23
278.83
55,025.12
60,988.91
320.50
1,742.46
-230,816.19
1,562.50
1,000,000.00
2,500.00
241.28
242.32
234.75
792.50
250,000.00
500,000.00
---
1,050.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
--1.00
1.00
1.00
1.00
1.00
-503,230.25
-3,500.00
46,769.91
77,876.63
-1,746.25
-13,625.00
-171,037.94
-466.05
1,080,704.29
-152,001.79
693,009.37
502,597.99
-1,742.46
73,570.00
-757,270.03
500.45
-6,250.00
230,816.19
498,300.56
-1,875.00
244,305.00
22
Page 64
WC-Contra Costa County (19529)
Transaction Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Entry Date
Settle Date
Transaction Type
05/17/2016
05/16/2016
05/16/2016
05/16/2016
05/23/2016
05/20/2016
05/20/2016
05/24/2016
05/24/2016
05/24/2016
05/31/2016
05/31/2016
06/02/2016
06/01/2016
06/06/2016
06/10/2016
06/09/2016
06/16/2016
06/16/2016
06/15/2016
06/15/2016
06/15/2016
06/20/2016
06/20/2016
06/24/2016
06/21/2016
06/30/2016
04/07/2016
04/08/2016
05/03/2016
04/20/2016
05/23/2016
06/20/2016
05/17/2016
05/16/2016
05/16/2016
05/16/2016
05/23/2016
05/20/2016
05/20/2016
05/24/2016
05/24/2016
05/24/2016
05/31/2016
05/31/2016
06/02/2016
06/01/2016
06/06/2016
06/10/2016
06/09/2016
06/16/2016
06/16/2016
06/15/2016
06/15/2016
06/15/2016
06/20/2016
06/20/2016
06/24/2016
06/21/2016
06/30/2016
04/07/2016
04/08/2016
05/03/2016
04/20/2016
05/23/2016
06/20/2016
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Money Market Funds
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Cash Transfer
Cash Transfer
Cash Transfer
Management Fee
Management Fee
Management Fee
---
---
---
Entry Date
Settle Date
Transaction Type
---
---
---
Dated: 07/06/2016
Return to Table of Contents
Base Current Units Identifier
70,417.03
1,728,798.73
19,394.99
1,875.00
498,863.56
469.38
14,062.50
-501,093.67
-1,875.00
1,050.00
0.00
1,562.50
-998,634.72
2,343.93
686.04
1,010,625.00
5,000.00
27.80
3,760.90
58,148.40
-273,132.08
55,591.71
2,034.99
-4,288.69
-497,067.78
484.87
487.50
0.00
0.00
0.00
0.00
0.00
0.00
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
CCYUSD
CCYUSD
CCYUSD
CCYUSD
CCYUSD
CCYUSD
-98,087.18 ---
Description
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
US Dollar
US Dollar
US Dollar
US Dollar
US Dollar
US Dollar
---
Coupon
Rate
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.35
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.36
0.00
0.00
0.00
0.00
0.00
0.00
Final Maturity
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
06/30/2016
--- ---
Price
Base Amount
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
--1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
-------------
-70,417.03
-1,728,798.73
-19,394.99
-1,875.00
-498,863.56
-469.38
-14,062.50
501,093.67
1,875.00
-1,050.00
404.15
-1,562.50
998,634.72
-2,343.93
-686.04
-1,010,625.00
-5,000.00
-27.80
-3,760.90
-58,148.40
273,132.08
-55,591.71
-2,034.99
4,288.69
497,067.78
-484.87
-487.50
-77,876.63
-46,769.91
-73,570.00
-4,042.88
-4,261.44
-4,288.69
---
-397.86
Price
Base Amount
---
-43.05
Summary
* Grouped By: Status.
* Groups Sorted By: Status.
Base Current Units Identifier
-98,087.18 ---
* Showing transactions with Entry Date within selected date range.
Description
---
Coupon Final Maturity
Rate
--- ---
* MMF transactions are expanded.
* The Transaction Detail/Trading Activity reports provide our most up-to-date transactional details. As such, these reports are subject to change even after the other reports on the website have been locked down. While these reports can be useful tools in understanding recent activity,
due to their dynamic nature we do not recommend using them for booking journal entries or reconciliation.
23
Page 65
WC-Contra Costa County (19529)
MMF Transaction Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Dated: 07/06/2016
Return to Table of Contents
* Does not Lock Down.
Receivable
Entry Date
06/30/2016
Settle Date
06/30/2016
Transaction Type
Money Market Funds
06/30/2016
06/30/2016
Money Market Funds
Settle Date
04/01/2016
04/04/2016
04/08/2016
04/07/2016
04/12/2016
04/11/2016
04/15/2016
04/21/2016
04/20/2016
04/18/2016
04/27/2016
04/26/2016
04/26/2016
05/03/2016
05/02/2016
04/30/2016
05/12/2016
05/19/2016
05/19/2016
05/18/2016
05/18/2016
05/17/2016
05/16/2016
05/16/2016
05/16/2016
05/23/2016
05/20/2016
05/20/2016
05/24/2016
05/24/2016
05/24/2016
05/31/2016
05/31/2016
06/02/2016
06/01/2016
06/06/2016
06/10/2016
06/09/2016
06/16/2016
06/16/2016
06/15/2016
06/15/2016
Transaction Type
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Money Market Funds
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Money Market Funds
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Base Current Units Identifier
0.00 949917397
Ticker
SHIXX
Description
WellsFargo:Htge MM;I
0.00 949917397
SHIXX
WellsFargo:Htge MM;I
Ticker
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
Description
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
Base Amount
354.81
354.81
Settled
Entry Date
04/01/2016
04/04/2016
04/08/2016
04/07/2016
04/12/2016
04/11/2016
04/15/2016
04/21/2016
04/20/2016
04/18/2016
04/27/2016
04/26/2016
04/26/2016
05/03/2016
05/02/2016
04/30/2016
05/12/2016
05/19/2016
05/19/2016
05/18/2016
05/18/2016
05/17/2016
05/16/2016
05/16/2016
05/16/2016
05/23/2016
05/20/2016
05/20/2016
05/24/2016
05/24/2016
05/24/2016
05/31/2016
05/31/2016
06/02/2016
06/01/2016
06/06/2016
06/10/2016
06/09/2016
06/16/2016
06/16/2016
06/15/2016
06/15/2016
Base Current Units
503,230.25
3,500.00
-46,769.91
-77,876.63
1,746.25
13,625.00
171,037.94
466.05
-1,080,704.29
152,001.79
-693,009.37
-502,597.99
1,742.46
-73,570.00
757,270.03
0.00
6,250.00
-230,816.19
-498,300.56
1,875.00
-244,305.00
70,417.03
1,728,798.73
19,394.99
1,875.00
498,863.56
469.38
14,062.50
-501,093.67
-1,875.00
1,050.00
0.00
1,562.50
-998,634.72
2,343.93
686.04
1,010,625.00
5,000.00
27.80
3,760.90
58,148.40
-273,132.08
Identifier
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
949917397
Base Amount
-503,230.25
-3,500.00
46,769.91
77,876.63
-1,746.25
-13,625.00
-171,037.94
-466.05
1,080,704.29
-152,001.79
693,009.37
502,597.99
-1,742.46
73,570.00
-757,270.03
500.45
-6,250.00
230,816.19
498,300.56
-1,875.00
244,305.00
-70,417.03
-1,728,798.73
-19,394.99
-1,875.00
-498,863.56
-469.38
-14,062.50
501,093.67
1,875.00
-1,050.00
404.15
-1,562.50
998,634.72
-2,343.93
-686.04
-1,010,625.00
-5,000.00
-27.80
-3,760.90
-58,148.40
273,132.08
24
Page 66
WC-Contra Costa County (19529)
MMF Transaction Detail
Base Currency: USD 04/01/2016 - 06/30/2016
Entry Date
06/15/2016
06/20/2016
06/20/2016
06/24/2016
06/21/2016
06/30/2016
Settle Date
06/15/2016
06/20/2016
06/20/2016
06/24/2016
06/21/2016
06/30/2016
Transaction Type
Buy
Buy
Sell
Sell
Buy
Buy
---
---
---
Entry Date
Settle Date
Transaction Type
---
---
---
Dated: 07/06/2016
Return to Table of Contents
Base Current Units
55,591.71
2,034.99
-4,288.69
-497,067.78
484.87
487.50
Identifier
949917397
949917397
949917397
949917397
949917397
949917397
Ticker
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
SHIXX
Description
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
WellsFargo:Htge MM;I
-635,612.28 949917397
SHIXX
WellsFargo:Htge MM;I
Ticker
Description
SHIXX
WellsFargo:Htge MM;I
Base Amount
-55,591.71
-2,034.99
4,288.69
497,067.78
-484.87
-487.50
636,516.88
Summary
* Grouped By: Status.
* Groups Sorted By: Status.
Base Current Units Identifier
-635,612.28 949917397
* Filtered By: Security Type = "MMFUND".
* Showing transactions with Entry Date within selected date range.
Base Amount
636,871.69
* MMF transactions are expanded.
* The Transaction Detail/Trading Activity reports provide our most up-to-date transactional details. As such, these reports are subject to change even after the other reports on the website have been locked down. While these reports can be useful tools in understanding recent activity,
due to their dynamic nature we do not recommend using them for booking journal entries or reconciliation.
25
Page 67
WC-Contra Costa County (19529)
Roll Forward
Base Currency: USD 04/01/2016 - 06/30/2016
Identifier,
Description
41284AAB4
HDMOT 141 A2A
47787WAB5
JDOT 15B A2
65477WAB2
NAROT 14B A2
89236WAB4
TAOT 15A A2
949917397
WellsFargo:Htge MM;I
65478VAB3
NAROT 16B A2A
459058DM2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
459058DM2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
3130A4KE1
FEDERAL HOME LOAN BANKS
13034PYA9
CALIFORNIA HSG FIN AGY REV
605581FW2
MISSISSIPPI ST
46623EJY6
JPMORGAN CHASE & CO
90331HMR1
US BANK NA
90331HMR1
US BANK NA
06050TLU4
BANK OF AMERICA NA
084664CD1
BERKSHIRE HATHAWAY FINANCE CORP
3137EADF3
FREDDIE MAC
3133EFBT3
FEDERAL FARM CREDIT BANKS
FUNDING CORP
880591EA6
TENNESSEE VALLEY AUTHORITY
161571GJ7
CHAIT 141 A
45905UTJ3
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
912828D49
UNITED STATES TREASURY
03255LGX1
ANAHEIM CALIF PUB FING AUTH LEASE
REV
912828QX1
UNITED STATES TREASURY
4197915E4
HAWAII ST
912828SY7
UNITED STATES TREASURY
69353RCG1
PNC BANK NA
Dated: 07/06/2016
Return to Table of Contents
Beginning Market
Value + Accrued,
Base Purchases
29,972.77
0.00
399,957.22
0.00
193,397.44
0.00
323,977.91
0.00
1,678,975.85
5,088,429.60
0.00
699,946.87
751,995.75
0.00
Base Sales,
Base Maturities and
Redemptions
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-5,724,041.88
0.00
0.00
0.00
0.00
-750,000.00
Base Paydowns
Base Net Transferred
Value
Base Amortization/
Accretion
Change In Accrued
Balance
Net Realized
Gain/Loss
Base Change In Cash,
Payables/Receivables
Ending Market Value +
Accrued
-0.01
Base Change In
Net Unrealized
Gain/Loss
13.04
-29,979.47
0.00
0.19
-6.53
0.00
0.00
-50,945.13
0.00
2.96
-22.19
-0.00
272.85
0.00
349,265.71
-193,439.89
0.00
-162,967.31
0.00
1.41
-51.58
-0.00
92.62
0.00
0.00
0.71
-51.43
-0.00
119.66
0.00
161,079.55
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,043,363.57
0.00
0.00
5.03
326.67
0.00
1,247.20
0.00
701,525.77
0.00
0.00
10.02
-1,406.25
0.00
-599.52
0.00
0.00
1,002,661.00
0.00
0.00
-1,000,000.00
0.00
0.00
8.18
-1,875.00
0.00
-794.18
0.00
0.00
500,825.00
0.00
0.00
500,000.00
301,407.00
0.00
501,962.50
0.00
448,798.51
0.00
299,199.01
0.00
500,714.13
0.00
751,499.92
0.00
1,010,973.39
0.00
999,898.00
0.00
0.00
-500,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-825.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13.89
0.00
125.00
0.00
500,138.89
0.00
0.00
0.00
-480.00
0.00
-189.00
0.00
300,738.00
0.00
0.00
-116.40
1,687.50
0.00
32.40
0.00
503,566.00
0.00
0.00
-114.44
13.82
0.00
1,235.39
0.00
449,933.28
0.00
0.00
0.00
9.21
0.00
747.30
0.00
299,955.52
0.00
0.00
0.00
20.16
0.00
661.50
0.00
501,395.79
0.00
0.00
0.00
16.17
0.00
289.50
0.00
751,805.58
0.00
0.00
-1,071.08
-3,125.00
0.00
675.08
0.00
1,007,452.39
0.00
0.00
49.73
1,050.00
0.00
428.27
0.00
1,001,426.00
627,963.33
0.00
776,723.53
0.00
0.00
499,885.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-6,694.88
8,057.50
0.00
875.90
0.00
630,201.85
0.00
0.00
-249.97
0.00
0.00
474.49
0.00
776,948.05
0.00
0.00
10.54
8.77
0.00
-215.04
0.00
499,689.27
0.00
230,296.48
753,372.50
0.00
0.00
0.00
0.00
-750,000.00
0.00
0.00
-28.14
757.45
0.00
585.19
0.00
231,610.98
0.00
0.00
0.00
-3,125.00
0.00
-247.50
0.00
0.00
1,006,262.74
0.00
752,031.25
0.00
500,757.20
0.00
752,308.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-2,644.96
3,750.00
0.00
-25.04
0.00
1,007,342.74
0.00
0.00
0.00
1,370.63
0.00
-900.00
0.00
752,501.88
0.00
0.00
130.28
-785.52
0.00
611.72
0.00
500,713.69
0.00
0.00
0.00
2,109.38
0.00
-166.50
0.00
754,251.38
26
Page 68
WC-Contra Costa County (19529)
Roll Forward
Base Currency: USD 04/01/2016 - 06/30/2016
Identifier,
Description
313313HF8
FEDERAL FARM CREDIT BANKS
166764AL4
CHEVRON CORP
3130A3J70
FEDERAL HOME LOAN BANKS
097023BC8
BOEING CO
3130A5EP0
FEDERAL HOME LOAN BANKS
928668AD4
VOLKSWAGEN GROUP OF AMERICA
FINANCE LLC
912828VL1
UNITED STATES TREASURY
4581X0BV9
INTER-AMERICAN DEVELOPMENT BANK
4581X0BV9
INTER-AMERICAN DEVELOPMENT BANK
41284DAB8
HDMOT 16A A2
3137EACW7
FREDDIE MAC
354613AH4
FRANKLIN RESOURCES INC
CCYUSD
Receivable
CCYUSD
Cash
CCYUSD
Payable
45950KBS8
INTERNATIONAL FINANCE CORP
3130A2T97
FEDERAL HOME LOAN BANKS
3130A2T97
FEDERAL HOME LOAN BANKS
05581RAC0
BMWLT 161 A2B
76912TJC8
RIVERSIDE CNTY CALIF PUB FING AUTH
TAX ALLOC REV
07330NAH8
BRANCH BANKING AND TRUST CO
912828RF9
UNITED STATES TREASURY
912828RF9
UNITED STATES TREASURY
912828WQ9
UNITED STATES TREASURY
17305EFE0
CCCIT 13A6 A6
91412GEZ4
UNIVERSITY CALIF REVS
45905U7F5
INTERNATIONAL BK FOR RECON & DEV
MEDIUM TERM BK N
30231GAS1
EXXON MOBIL CORP
Dated: 07/06/2016
Return to Table of Contents
Beginning Market
Value + Accrued,
Base Purchases
0.00
497,067.78
707,773.58
0.00
1,002,692.22
0.00
773,269.38
0.00
0.00
998,600.00
499,283.88
0.00
Base Sales,
Base Maturities and
Redemptions
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-500,000.00
Base Paydowns
Base Net Transferred
Value
Base Amortization/
Accretion
Change In Accrued
Balance
Net Realized
Gain/Loss
Base Change In Cash,
Payables/Receivables
Ending Market Value +
Accrued
0.00
Base Change In
Net Unrealized
Gain/Loss
148.83
0.00
0.00
56.39
0.00
0.00
497,273.00
0.00
0.00
276.75
-2,353.75
0.00
-839.55
0.00
704,857.03
0.00
0.00
0.00
0.00
-349.24
-1,562.50
0.00
416.24
0.00
1,001,196.72
-5,363.38
-7,031.25
0.00
695.38
0.00
761,570.13
0.00
0.00
112.15
538.19
0.00
1,749.85
0.00
1,001,000.19
0.00
0.00
0.00
-442.38
0.00
1,158.50
0.00
0.00
1,002,103.12
0.00
1,003,303.00
0.00
601,981.80
0.00
0.00
499,986.55
236,862.85
0.00
0.00
501,815.00
1,204.47
0.00
-1.97
0.00
0.00
0.00
0.00
500,677.00
999,987.67
0.00
499,993.83
0.00
600,224.70
0.00
125,015.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-667.59
1,562.50
0.00
53.59
0.00
1,003,051.62
0.00
0.00
-733.32
2,812.50
0.00
2,766.32
0.00
1,008,148.50
0.00
0.00
-504.84
1,687.50
0.00
1,724.64
0.00
604,889.10
0.00
0.00
0.55
242.22
0.00
444.55
0.00
500,673.87
0.00
0.00
-681.96
1,175.00
0.00
-161.22
0.00
237,194.67
0.00
0.00
-236.27
2,024.31
0.00
432.77
0.00
504,035.81
0.00
0.00
0.00
0.00
0.00
0.00
-849.67
354.80
0.00
0.00
0.00
0.00
0.00
0.00
806.15
804.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-76.79
930.56
0.00
710.79
0.00
502,241.56
0.00
0.00
-281.60
1,250.00
0.00
721.60
0.00
1,001,677.67
0.00
0.00
-103.75
625.00
0.00
323.75
0.00
500,838.83
0.00
0.00
0.00
2.92
0.00
1,162.20
0.00
601,389.83
0.00
0.00
92.08
312.50
0.00
-47.08
0.00
125,372.92
702,843.71
0.00
1,003,330.57
0.00
1,003,330.57
0.00
1,001,731.74
0.00
752,043.60
0.00
300,149.32
0.00
1,000,020.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-1,000,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
519.04
-1,750.00
0.00
240.46
0.00
701,853.21
0.00
0.00
-1,405.96
2,472.83
0.00
102.96
0.00
1,004,500.39
0.00
0.00
-1,041.02
2,472.83
0.00
-261.98
0.00
1,004,500.39
0.00
0.00
-101.13
-1,263.74
0.00
-366.87
0.00
0.00
0.00
0.00
-686.19
2,475.00
0.00
-1.04
0.00
753,831.38
0.00
0.00
0.00
-3.32
0.00
138.00
0.00
300,284.00
0.00
0.00
0.00
1,125.00
0.00
780.00
0.00
1,001,925.00
562,250.71
0.00
0.00
0.00
0.00
0.00
0.00
58.79
0.00
2,471.28
0.00
564,780.78
27
Page 69
WC-Contra Costa County (19529)
Roll Forward
Base Currency: USD 04/01/2016 - 06/30/2016
Identifier,
Description
17275RAY8
CISCO SYSTEMS INC
06406HBX6
BANK OF NEW YORK MELLON CORP
89116EPA5
Toronto Dominion Holdings (U.S.A.), Inc.
313384ZK8
FEDERAL HOME LOAN BANKS
3137EADT3
FREDDIE MAC
637432HT5
NATIONAL RURAL UTILITIES COOP
FINANCE CORP
762494QV7
RIALTO CALIF UNI SCH DIST
3135G0PP2
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
037833AM2
APPLE INC
313379FW4
FEDERAL HOME LOAN BANKS
912828TS9
UNITED STATES TREASURY
06050TMB5
BANK OF AMERICA NA
09247XAC5
BLACKROCK INC
313373SZ6
FEDERAL HOME LOAN BANKS
3135G0JA2
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
91412GUT0
UNIVERSITY CALIF REVS
45905UQG2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
02665WAY7
AMERICAN HONDA FINANCE CORP
02665WAY7
AMERICAN HONDA FINANCE CORP
191216BR0
COCA-COLA CO
437076BJ0
HOME DEPOT INC
89233GKT2
Toyota Motor Credit Corporation
14912L4X6
CATERPILLAR FINANCIAL SERVICES
CORP
544587B72
LOS ANGELES CALIF MUN IMPT CORP
LEASE REV
89233GEJ1
Toyota Motor Credit Corporation
68428LDM3
ORANGE CNTY CALIF PENSION OBLIG
58772PAB4
MBART 151 A2A
Dated: 07/06/2016
Return to Table of Contents
Beginning Market
Value + Accrued,
Base Purchases
748,587.53
0.00
756,896.25
0.00
0.00
744,305.00
499,475.00
0.00
1,002,901.92
0.00
534,970.75
0.00
Base Sales,
Base Maturities and
Redemptions
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Base Paydowns
Base Net Transferred
Value
Base Amortization/
Accretion
Change In Accrued
Balance
Net Realized
Gain/Loss
Base Change In Cash,
Payables/Receivables
Ending Market Value +
Accrued
0.00
Base Change In
Net Unrealized
Gain/Loss
2,862.75
0.00
0.00
0.00
-13.45
0.00
751,436.83
0.00
0.00
-3,079.87
4,312.50
0.00
-57.38
0.00
758,071.50
0.00
0.00
0.00
0.00
935.00
0.00
0.00
400.63
0.00
745,640.63
770.97
0.00
0.00
-278.97
0.00
499,967.00
0.00
0.00
-395.77
2,187.50
0.00
830.77
0.00
1,005,524.42
0.00
0.00
-5,402.46
-6,812.50
0.00
-66.04
0.00
522,689.75
251,686.67
0.00
0.00
1,075,768.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
786.25
0.00
-372.50
0.00
252,100.42
0.00
0.00
-523.75
3,007.56
0.00
1,809.08
0.00
1,080,060.96
0.00
501,225.00
1,006,856.11
0.00
998,728.08
0.00
249,851.72
0.00
538,246.39
0.00
1,009,766.08
0.00
1,009,497.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-1,000,000.00
0.00
0.00
0.00
0.00
-3.96
802.08
0.00
-43.04
0.00
501,980.08
0.00
0.00
-640.14
-2,500.00
0.00
800.14
0.00
1,004,516.11
0.00
0.00
15.13
1,553.96
0.00
2,211.87
0.00
1,002,509.04
0.00
0.00
0.00
7.73
0.00
595.75
0.00
250,455.20
0.00
0.00
-6,161.03
7,812.50
0.00
1,022.03
0.00
540,919.89
0.00
0.00
-3,090.88
-6,552.08
0.00
-123.12
0.00
0.00
0.00
0.00
-758.70
-2,812.50
0.00
501.70
0.00
1,006,428.00
250,731.28
0.00
600,958.68
0.00
0.00
-250,000.00
0.00
0.00
0.00
0.00
0.00
-598.78
0.00
-132.50
0.00
0.00
0.00
0.00
98.67
937.50
0.00
-729.27
0.00
601,265.58
501,111.40
0.00
250,555.70
0.00
301,650.62
0.00
752,980.53
0.00
0.00
498,300.56
781,158.67
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-11.36
0.00
-30.00
0.00
501,070.04
0.00
0.00
-8.48
-5.68
0.00
-6.52
0.00
250,535.02
0.00
0.00
16.43
-656.25
0.00
-146.03
0.00
300,864.77
0.00
0.00
0.00
-14.70
0.00
223.50
0.00
753,189.33
0.00
0.00
453.89
0.00
0.00
88.61
0.00
498,843.05
0.00
0.00
-2,697.91
3,971.88
0.00
-61.09
0.00
782,371.54
493,199.70
0.00
0.00
0.00
0.00
0.00
0.00
-1,234.80
0.00
29.40
0.00
491,994.30
499,675.34
0.00
250,925.58
0.00
601,201.33
0.00
0.00
-500,000.00
0.00
0.00
0.00
0.00
0.00
0.00
352.50
0.00
0.00
-27.84
0.00
0.00
0.00
0.00
0.00
586.25
0.00
-177.50
0.00
251,334.33
-153,578.61
0.00
267.46
-55.97
0.00
173.76
0.00
448,007.97
28
Page 70
WC-Contra Costa County (19529)
Roll Forward
Base Currency: USD 04/01/2016 - 06/30/2016
Identifier,
Description
43814KAB7
HAROT 151 A2
90290XAB3
USAOT 151 A2
41284BAB2
HDMOT 151 A2A
31680GAB2
FITAT 151 A2A
Dated: 07/06/2016
Return to Table of Contents
Beginning Market
Value + Accrued,
Base Purchases
159,467.12
0.00
468,952.16
0.00
247,785.36
0.00
500,132.62
0.00
Base Sales,
Base Maturities and
Redemptions
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Base Paydowns
Base Net Transferred
Value
Base Amortization/
Accretion
Change In Accrued
Balance
Net Realized
Gain/Loss
-91,721.94
0.00
1.55
-28.54
-170,188.10
0.00
4.81
-76,877.18
0.00
-34,777.26
0.00
44,512,978.68
12,836,302.92
-5,724,041.88
-6,250,000.00
-964,474.89
0.00
-----
Base Change In Cash,
Payables/Receivables
Ending Market Value +
Accrued
0.00
Base Change In
Net Unrealized
Gain/Loss
36.23
0.00
67,754.43
-62.02
0.00
90.20
0.00
298,797.05
0.40
-27.33
0.00
136.72
0.00
171,017.97
2.58
-15.77
0.00
259.00
0.00
465,601.17
-41,720.48
19,362.31
-0.01
29,734.66
-43.52
44,418,097.80
* Weighted By: Ending Base Market Value + Accrued.
29
Page 71
WC-Contra Costa County (19529)
Shock Analysis
Base Currency: USD As of 06/30/2016
Identifier
Description
Security Type
02665WAY7
037833AM2
05581RAC0
06050TLU4
06050TMB5
06406HBX6
07330NAH8
084664CD1
CORP
CORP
ABS
CORP
CORP
CORP
CORP
CORP
CORP
CORP
MUNI
CORP
45950KBS8
AMERICAN HONDA FINANCE CORP
APPLE INC
BMWLT 161 A2B
BANK OF AMERICA NA
BANK OF AMERICA NA
BANK OF NEW YORK MELLON CORP
BRANCH BANKING AND TRUST CO
BERKSHIRE HATHAWAY FINANCE
CORP
BLACKROCK INC
BOEING CO
CALIFORNIA HSG FIN AGY REV
CATERPILLAR FINANCIAL SERVICES
CORP
CHAIT 141 A
CHEVRON CORP
CISCO SYSTEMS INC
CCCIT 13A6 A6
COCA-COLA CO
EXXON MOBIL CORP
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL FARM CREDIT BANKS
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN BANKS
FEDERAL FARM CREDIT BANKS
FUNDING CORP
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
FREDDIE MAC
FREDDIE MAC
FREDDIE MAC
FITAT 151 A2A
FRANKLIN RESOURCES INC
HDMOT 151 A2A
HDMOT 16A A2
HAWAII ST
HOME DEPOT INC
HAROT 151 A2
INTER-AMERICAN DEVELOPMENT
BANK
INTERNATIONAL BK FOR RECON & DEV
MEDIUM TERM BK N
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOP
INTERNATIONAL FINANCE CORP
46623EJY6
JPMORGAN CHASE & CO
09247XAC5
097023BC8
13034PYA9
14912L4X6
161571GJ7
166764AL4
17275RAY8
17305EFE0
191216BR0
30231GAS1
3130A2T97
3130A3J70
3130A5EP0
313313HF8
313379FW4
313384ZK8
3133EFBT3
3135G0JA2
3135G0PP2
3137EACW7
3137EADF3
3137EADT3
31680GAB2
354613AH4
41284BAB2
41284DAB8
4197915E4
437076BJ0
43814KAB7
4581X0BV9
45905U7F5
45905UQG2
45905UTJ3
Dated: 07/06/2016
Return to Table of Contents
Base Market Value
Yield
Duration
751,353.75
501,178.00
601,216.02
500,695.50
250,259.00
750,740.25
700,142.10
750,254.25
Book
Yield
1.109
0.759
0.95
1.12
1.145
0.644
1.30
0.946
0.221
0.841
0.052
0.118
0.181
0.077
0.724
0.028
-200 Basis Point
Shock
753,698.51
504,423.64
601,493.32
501,464.79
250,976.53
751,329.88
705,055.24
750,507.18
-100 Basis Point
Shock
753,014.32
504,423.64
601,493.32
501,286.35
250,711.98
751,318.32
705,055.24
750,464.32
-50 Basis Point
Shock
752,184.01
503,285.52
601,372.34
500,990.92
250,485.49
751,029.28
702,675.60
750,359.29
50 Basis Point
Shock
750,523.52
499,070.62
601,059.70
500,400.10
250,032.52
750,451.21
697,606.57
750,149.21
100 Basis Point
Shock
749,693.33
496,963.37
600,903.39
500,104.70
249,806.04
750,162.18
695,069.01
750,044.18
200 Basis Point
Shock
748,033.07
492,749.29
600,590.76
499,513.96
249,353.11
749,584.11
689,987.80
749,834.11
1.412
0.77
0.887
1.302
1.584
1.02
0.97
1.204
531,718.50
758,367.00
500,125.00
775,751.75
1.242
0.849
1.00
0.643
0.956
0.862
0.993
0.915
1.16
0.387
0.591
0.086
537,615.53
760,896.95
503,060.20
776,362.22
537,615.53
760,896.95
503,060.20
776,362.22
534,802.60
759,834.47
501,602.91
776,085.33
528,634.67
756,899.59
498,647.17
775,418.19
525,551.10
755,432.23
497,169.41
775,084.64
519,384.76
752,497.69
494,214.12
774,417.61
ABS
CORP
CORP
ABS
CORP
CORP
AGCY BOND
AGCY BOND
AGCY BOND
AGCY DISC
AGCY BOND
AGCY DISC
AGCY BOND
776,551.94
703,654.00
751,116.00
750,696.38
300,398.10
564,166.40
1,500,579.00
1,000,537.00
1,000,462.00
497,273.00
1,003,905.00
499,967.00
1,000,026.00
1.01
1.506
0.976
0.944
0.897
1.29
0.396
0.484
0.767
0.583
0.741
0.622
0.44
0.781
0.962
0.996
0.818
0.774
1.026
0.342
0.489
0.574
0.559
0.584
0.158
0.404
0.538
1.359
0.209
0.185
1.313
0.161
0.244
0.396
0.913
0.978
0.937
0.042
0.169
779,814.98
712,854.09
752,679.63
751,832.43
303,451.15
565,098.35
1,501,831.22
1,002,474.53
1,005,705.26
499,991.71
1,009,398.69
500,000.18
1,000,708.79
779,814.98
712,854.09
752,679.63
751,832.43
303,451.15
565,074.74
1,501,831.22
1,002,474.53
1,005,705.26
499,991.71
1,009,398.69
500,000.18
1,000,708.79
778,640.92
708,435.55
751,900.94
751,390.78
302,370.30
564,620.56
1,501,831.22
1,002,474.53
1,005,029.27
499,704.75
1,008,608.47
500,000.18
1,000,708.79
774,463.07
698,872.89
750,331.10
750,001.99
298,426.08
563,712.25
1,498,748.33
998,555.99
995,895.05
494,841.42
999,201.88
499,862.01
999,180.99
772,374.32
694,092.22
749,546.24
749,307.62
296,454.23
563,258.12
1,496,917.74
996,575.07
991,328.43
492,410.02
994,499.11
499,757.01
998,336.01
768,197.17
684,532.20
747,976.64
747,918.95
292,511.09
562,349.90
1,493,256.77
992,613.55
982,196.17
487,547.73
985,094.63
499,547.03
996,646.11
AGCY BOND
1,004,428.00
0.818
0.586
0.82
1,009,254.67
1,009,254.67
1,008,546.29
1,000,309.98
996,192.24
987,957.59
AGCY BOND
1,077,053.41
0.75
0.612
1.211
1,085,036.22
1,085,036.22
1,083,575.25
1,070,532.13
1,064,011.42
1,050,971.70
AGCY BOND
AGCY BOND
AGCY BOND
ABS
CORP
ABS
ABS
MUNI
CORP
ABS
SOVEREIGN
GOV
SOVEREIGN
GOV
SOVEREIGN
GOV
SOVEREIGN
GOV
SOVEREIGN
GOV
CORP
235,549.67
1,005,751.00
1,002,389.00
465,390.27
502,011.50
170,957.15
500,431.65
750,217.50
752,848.50
67,733.36
1,607,737.60
0.827
0.817
0.714
1.022
1.11
0.799
1.093
0.731
1.038
0.708
0.813
0.465
0.584
0.503
0.92
1.039
0.994
1.008
0.28
1.177
0.818
0.44
0.152
0.861
0.641
0.353
1.192
0.324
1.026
0.09
0.209
0.094
0.704
235,716.15
1,010,808.36
1,005,621.02
466,901.73
508,229.39
171,507.75
505,607.59
750,406.56
754,700.56
67,785.44
1,612,717.87
235,716.15
1,010,808.36
1,005,621.02
466,901.73
507,995.98
171,507.75
505,566.50
750,406.56
754,422.03
67,785.44
1,612,717.87
235,716.15
1,010,080.91
1,005,601.74
466,211.70
505,003.61
171,234.10
502,998.97
750,406.56
753,635.25
67,765.19
1,612,717.87
235,370.65
1,001,421.39
999,176.43
464,568.87
499,019.64
170,680.20
497,864.54
749,879.91
752,061.79
67,701.53
1,602,078.54
235,191.64
997,092.09
995,964.04
463,747.51
496,028.02
170,403.27
495,297.65
749,542.34
751,275.12
67,669.69
1,596,419.85
234,833.64
988,434.38
989,539.78
462,104.89
490,045.55
169,849.45
490,164.49
748,867.26
749,701.89
67,606.03
1,585,103.55
999,900.00
0.45
0.638
0.053
1,000,238.11
1,000,238.11
1,000,164.97
999,635.03
999,370.05
998,840.11
600,276.00
0.691
0.431
0.238
600,891.76
600,891.76
600,891.76
599,561.69
598,847.40
597,418.93
499,680.50
0.658
1.13
0.249
501,086.51
500,924.75
500,302.61
499,058.41
498,436.35
497,192.29
501,311.00
0.851
0.677
0.811
504,063.56
504,063.56
503,343.89
499,278.25
497,245.64
493,180.84
501,016.00
1.255
1.023
0.618
504,183.68
504,112.45
502,564.18
499,467.90
497,919.90
494,824.14
30
Page 72
WC-Contra Costa County (19529)
Shock Analysis
Base Currency: USD As of 06/30/2016
Identifier
Description
Security Type
47787WAB5
544587B72
ABS
MUNI
880591EA6
89116EPA5
89233GKT2
89236WAB4
90290XAB3
90331HMR1
912828D49
912828QX1
912828RF9
912828SY7
912828TS9
912828VL1
91412GEZ4
949917397
CCYUSD
CCYUSD
JDOT 15B A2
LOS ANGELES CALIF MUN IMPT CORP
LEASE REV
MBART 151 A2A
MISSISSIPPI ST
NATIONAL RURAL UTILITIES COOP
FINANCE CORP
NAROT 16B A2A
ORANGE CNTY CALIF PENSION OBLIG
PNC BANK NA
RIALTO CALIF UNI SCH DIST
RIVERSIDE CNTY CALIF PUB FING
AUTH TAX ALLOC REV
TENNESSEE VALLEY AUTHORITY
Toronto Dominion Holdings (U.S.A.), Inc.
Toyota Motor Credit Corporation
TAOT 15A A2
USAOT 151 A2
US BANK NA
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNITED STATES TREASURY
UNIVERSITY CALIF REVS
WellsFargo:Htge MM;I
Receivable
Cash
AGCY BOND
CP
CP
ABS
ABS
CORP
US GOV
US GOV
US GOV
US GOV
US GOV
US GOV
MUNI
MMFUND
CASH
CASH
---
---
---
58772PAB4
605581FW2
637432HT5
65478VAB3
68428LDM3
69353RCG1
762494QV7
76912TJC8
Dated: 07/06/2016
Return to Table of Contents
Base Market Value
Yield
Duration
349,113.68
490,965.30
Book
Yield
0.982
1.26
0.419
0.339
-200 Basis Point
Shock
350,491.69
492,150.37
-100 Basis Point
Shock
350,491.69
492,150.37
-50 Basis Point
Shock
349,845.09
491,797.50
50 Basis Point
Shock
348,382.31
490,133.13
100 Basis Point
Shock
347,650.96
489,301.00
200 Basis Point
Shock
346,188.39
487,636.85
0.942
0.712
ABS
MUNI
CORP
447,844.76
300,258.00
516,558.50
1.031
0.64
1.084
0.819
0.342
1.158
0.388
0.257
0.76
449,267.95
300,521.91
521,104.97
449,267.95
300,521.91
520,484.60
448,713.60
300,521.91
518,521.49
446,975.96
299,872.18
514,595.64
446,107.21
299,486.37
512,632.91
444,369.84
298,714.79
508,707.84
ABS
MUNI
CORP
MUNI
MUNI
701,199.10
250,240.00
750,642.00
250,790.00
124,956.25
1.057
0.938
1.125
1.258
1.301
0.877
0.692
0.95
0.756
1.173
0.975
0.34
0.528
0.589
0.174
707,195.28
250,828.78
754,400.78
251,906.77
125,211.30
707,195.28
250,828.78
754,400.78
251,906.77
125,173.68
704,617.58
250,665.42
752,621.91
251,528.60
125,064.96
697,780.89
249,814.60
748,658.52
250,051.44
124,847.54
694,362.93
249,389.22
746,671.48
249,312.92
124,738.83
687,527.82
248,538.52
742,686.70
247,835.99
124,521.43
615,608.82
745,640.63
498,843.05
161,028.73
298,688.14
748,602.00
230,853.53
1,001,079.00
2,002,316.00
500,449.00
1,000,938.00
1,000,167.00
300,045.00
1,043,363.57
354.80
804.18
0.876
1.027
0.763
0.712
0.822
0.889
0.77
0.434
0.505
0.73
0.631
0.356
0.969
0.00
0.00
0.00
0.663
0.957
0.714
0.828
1.019
1.329
0.544
0.231
0.311
0.527
0.55
0.219
0.56
0.00
0.00
0.00
1.008
0.608
0.324
0.115
0.258
0.065
1.115
0.083
0.166
0.913
1.242
0.042
0.00
0.00
0.00
0.00
619,723.16
749,979.42
499,997.10
161,182.06
299,473.43
749,248.68
232,253.86
1,001,270.94
2,003,349.73
502,857.01
1,007,775.74
1,000,259.00
300,045.00
1,043,363.57
354.80
804.18
619,723.16
749,979.42
499,997.10
161,182.06
299,458.78
749,088.59
232,253.86
1,001,270.94
2,003,349.73
502,857.01
1,007,775.74
1,000,259.00
300,045.00
1,043,363.57
354.80
804.18
618,711.61
747,907.44
499,651.20
161,121.32
299,073.45
748,845.30
232,140.59
1,001,270.94
2,003,349.73
502,733.63
1,007,154.10
1,000,259.00
300,045.00
1,043,363.57
354.80
804.18
612,506.27
743,373.94
498,034.95
160,936.14
298,302.84
748,358.70
229,566.57
1,000,663.56
2,000,654.10
498,164.53
994,722.45
999,956.96
300,045.00
1,043,363.57
354.80
804.18
609,403.95
741,107.39
497,226.88
160,843.55
297,917.55
748,115.41
228,279.72
1,000,248.15
1,998,992.26
495,880.23
988,507.45
999,746.93
300,045.00
1,043,363.57
354.80
804.18
603,199.99
736,574.68
495,610.85
160,658.39
297,147.03
747,628.82
225,706.33
999,417.41
1,995,668.71
491,312.10
976,079.10
999,326.86
300,045.00
1,043,363.57
354.80
804.18
44,297,164.07
0.80
0.701
0.486
44,452,499.39
44,449,675.43
44,401,868.93
44,189,573.80
44,081,984.85
43,866,810.84
* Weighted By: Base Market Value + Accrued.
*The shock analysis includes a yield floor of 0.
31
Page 73
Disclaimer
Return to Table of Contents
Dated: 07/06/2016
The information contained in this report represents estimated trade date investment calculations provided via Clearwater Analytics for Wells Capital Management clients. Certain calculations may not be available for all time
periods. Please refer to your custody statement for official portfolio holdings and transactions. Note that certain accounting methods may cause differences between this investment report and your custody statement.
32
Page 74
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Caltrust
PageShort
75 Term Fund
MONTH END PORTFOLIO STATISTICS
June 30, 2016
Market Value
NAV per Share
Yield
Period Total Return
Period Yield Return
Effective Duration
Average Maturity
CalTrust
Short Term
LAIF
$1,180,461,242.64
$10.03
0.73%
0.14%
0.06%
0.51 yrs.
1.06 yrs.
N/A
N/A
0.58%
N/A
0.05%
N/A
0.44 yrs.
One Month
Three Month
Six Month
One Year*
Two Year*
Three Year*
Five Year*
Ten Year*
Since Inception*
CalTrust
Short Term
Total Return
CalTrust
Short Term
Yield Return
LAIF Yield
Return
0.14%
0.28%
0.55%
0.67%
0.51%
0.53%
0.46%
1.53%
1.81%
0.06%
0.18%
0.34%
0.60%
0.51%
0.47%
0.45%
1.49%
1.77%
0.05%
0.14%
0.25%
0.43%
0.35%
0.32%
0.33%
1.45%
1.71%
*Annualized
Portfolio Sector Breakdown
Portfolio Quality Breakdown
US Govt Agency 34.9%
Corporate
28.9%
MBS/ABS
11.1%
SupraNational
10.1%
Muni
9.5%
MONEYMKT
3.7%
COMPAPER
1.8%
Total:
100.0%
AA+
32.0%
AAA
25.0%
A
14.3%
AA7.9%
A-1+
6.7%
AA
6.1%
A+
4.8%
A3.3%
Total: 100.0%
Disclosure to Performance Information
This performance information is based on an inception date of February 13, 2005, when the CalTrust Short-Term portfolio commenced investment operations according to its investment objective , and does not include any investment returns
from temporary investments held before the commencement of those operations.
First-month index returns, February 13-28, 2005, are intra-period and were calculated by calculating the average daily return during the month and multiplying the average daily return by number of days in the shortened period.
Performance was calculated net of investment advisory and program administration fees.
The Local Agency Investment Fund (LAIF) is a diversified portfolio managed by the State of California for local governments and special districts.
Performance for the CalTRUST Short Term Account is on a trade date basis . LAIF's monthly performance was calculated by taking the average monthly effective yield and dividing it by 365 then multiplying the result by the number of days in
the month.
Yield represents the 7-day net distribution on investments for the period.
Rating source - Standard & Poor's.
Past performance is no guarantee of future results.
Page 76
CalTrust Short Term Fund
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S&P Rating
6/30/2016*
AE120817
AX072916
AH121117
HN092017
AA050517
BA061520
BA021417
BA032618
BN021417
BO111416
BN072816
BK011717
BA052218
BB100117
BR011218
BR030718
AU012218
BA112016
BB040317
BB050119
BB091316
BB100316
BB120116
CA020117
CA080117
UN070141
CF120116
CL120116
CA030317
CA081516
Cr090718
Cr011519
CC030218
CV051618
CH111517
CI061518
C042718
C060719
C120718
CR042718
XO022818
FN031417
FF062317
FF080818
FF091317
FF091718
FF112316
ma011317
FH060917
FH090817
FH040618
FH042417
FH053017
FL092816
FL112316
FM022618
FM041118
FM091518
FM112417
FN013018
FN042717
FN051517
FN060117
FB111816
Au051518
BE091517
FM082516
FM092616
FR052617
GE010917
00817YAR9
0258M0DG1
02665WAR2
02665WAY7
037833AM2
05522RCT3
06050TLU4
06050TLY6
06050TLT7
06050TLR1
06406HBX6
06406HCA5
06406HDC0
07330NAK1
084664CD1
084664CF6
05581RAC0
097023BC8
07330NAH8
07330NAM7
10513KAB0
07330NAC9
07330NAF2
13034PYA9
13034PYB7
91412GFA8
13067WJG8
13067WHU9
14912L6H9
149123BM2
17305EFE0
161571GJ7
166764AW0
166764BE9
166764AK6
17275RAY8
172967JQ5
172967KT7
172967KF7
22546QAW7
30231GAS1
3135G0VM2
313313HF8
3133EFYG6
3133EGEP6
3133EFM61
3133EEUS7
3133EFJK4
313379FW4
313370SZ2
3130A7LX1
313385ET9
3130A5EP0
3130A2T97
3130A3J70
3134G8L98
3134G8UD9
31394JTT4
3134G8ML0
3135G0B77
3135G0JA2
3135G0WU3
31359MEL3
31677QAZ2
31680GAB2
354613AH4
3137EACW7
3134G4XW3
3134G6R70
36962G5N0
AETNA INC 12/8/2017 1.335522%
AMERICAN EXPRESS CRE DIT 7/29/2016 1.3%
AMERICAN HONDA FINAN CE 12/11/2017 0.545
AMERICAN HONDA FINAN CE 9/20/2017 0.7626
APPLE INC. 05/05/17
BA CREDIT CARD TRUST 06/15/20
BANK OF AMERICA NA 2/14/2017 0.7061%
BANK OF AMERICA NA 3/26/2018 1.65%
BANK OF AMERICA NA 2/14/2017 1.25%
BANK OF AMERICA NA 11/14/2016 1.125%
BANK OF NEW YORK MELLON 2.3% 7/28/16
BANK OF NEW YORK MEL LON CORPORA 01/17/17
BANK OF NY MELLON 5/22/18 VARIABLE
BB&T CORPORATION 10/01/17
BERKSHIRE HATHAWAY F IN 1/12/2018 0.5533
BERKSHIRE HATHAWAY F IN 3/7/2018 1.16398
BMWLT 2016-1 A2B 1/22/2018 0.92925%
BOEING CO 11/20/2016 3.75%
BRANCH BANKING & TRU ST 4/3/2017 1%
BRANCH BANKING & TRU ST 5/1/2019
BRANCH BANKING & TRU ST 9/13/2016 0.5899
BRANCH BANKING & TRU ST 10/3/2016 1.45%
BRANCH BANKING & TRU ST 12/1/2016 0.6743
CA HSG FIN AGGY-A 2/1/2017 1%
CA HSG FIN AGGY-A 8/1/2017 1.35%
CA UNI-FLTG-TXB-Y-2 7/1/2041 0.656%
CALIFORNIA ST DEPT W TR RES 12/01/16
CALIFORNIA ST DEPT W TR RES 12/01/16
CATERPILLAR FINANCIA L SE 3/3/2017 0.562
CATERPILLAR INC 08/15/16
CCCIT 2013-A6 A6 9/7/2018 1.32%
CHAIT 2014-A1 A1 1/15/2019 1.15%
CHEVRON CORP 3/2/2018 0.432967%
CHEVRON CORP 5/16/2018 1.1296%
CHEVRON CORPORATION 11/15/17
CISCO SYSTEMS INC 06/15/2018
CITIGROUP INC 4/27/2018 0.967%
CITIGROUP INC 6/7/2019 1.6113%
CITIGROUP INC. 12/07/18
CREDIT SUISSE NEW YO RK 4/27/2018 0.9574
EXXON MOBIL CORPORAT ION 2/28/2018 1.231
FANNIE MAE 3/14/2017 0.75%
FEDERAL FARM CREDIT BANKS 06/23/17
FEDERAL FARM CREDIT BANK 8/8/2018 0.617
FEDERAL FARM CREDIT BANKS 09/13/17
FEDERAL FARM CREDIT BANK 9/17/2018 0.66
FEDERAL FARM CREDIT BANK 11/23/2016 0.6
FEDERAL FARM CREDIT BANKS 01/13/17
FEDERAL HOME LOAN 1.00 6/9/2017
FEDERAL HOME LOAN BANK 2.25% 9/8/2017
FEDERAL HOME LOAN BA NKS 04/06/18
FEDERAL HOME LOAN BA NKS 04/24/17
FEDERAL HOME LOAN BA NKS 05/30/17
FEDERAL HOME LOAN BA NK 9/28/2016 0.5%
FEDERAL HOME LOAN BA NK 11/23/2016 0.625
FEDERAL HOME LOAN MO RTGAGE CORP 02/26/18
FEDERAL HOME LOAN MO RTGAGE CORP 04/11/18
FEDERAL HOME LOAN MO RTGAGE CORP 09/15/18
FEDERAL HOME LOAN MO RTGAGE CORP 11/24/17
FEDERAL NATIONAL MOR TGAGE ASSOC 01/30/18
FEDERAL NATIONAL MOR TGAGE ASSOC 04/27/17
FEDERAL NATIONAL MOR TGAGE ASSOC 05/15/17
FEDERAL NATL MTG 06/01/17
FIFTH THIRD BANK 11/18/2016 0.7481%
FITAT 2015-1 A2A MTGE 1.02% 05/15/18
FRANKLIN RESOURCES I NC. 09/15/17
FREDDIE MAC 2.0 08/25/2016
FREDDIE MAC 9/26/2016 0.6%
FREDDIE MAC 0.75% 05/26/2017
GENERAL ELEC CAP CORP 2.9% 1/9/2017
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Print
Effective Date: 6/30/2016
Mat. Date Years
12/8/2017
7/29/2016
12/11/2017
9/20/2017
5/5/2017
6/15/2020
2/14/2017
3/26/2018
2/14/2017
11/14/2016
7/28/2016
1/17/2017
5/22/2018
10/1/2017
1/12/2018
3/7/2018
1/22/2018
11/20/2016
4/3/2017
5/1/2019
9/13/2016
10/3/2016
12/1/2016
2/1/2017
8/1/2017
7/1/2017
12/1/2016
12/1/2016
3/3/2017
8/15/2016
9/7/2018
1/15/2019
3/2/2018
5/16/2018
11/15/2017
6/15/2018
4/27/2018
6/7/2019
12/7/2018
4/27/2018
2/28/2018
3/14/2017
6/23/2017
8/8/2018
9/13/2017
9/17/2018
11/23/2016
1/13/2017
6/9/2017
9/8/2017
4/6/2018
4/24/2017
5/30/2017
9/28/2016
11/23/2016
2/26/2018
4/11/2018
9/15/2018
11/24/2017
1/30/2018
4/27/2017
5/15/2017
6/1/2017
11/18/2016
5/15/2018
9/15/2017
8/25/2016
9/26/2016
5/26/2017
1/9/2017
1.5
0.1
1.5
1.2
0.9
4.0
0.7
1.8
0.7
0.4
0.1
0.6
1.9
1.3
1.6
1.8
1.6
0.4
0.8
2.9
0.2
0.3
0.5
0.7
1.2
1.1
0.5
0.5
0.8
0.2
2.2
2.6
1.8
1.9
1.4
2.0
1.8
3.0
2.5
1.8
1.7
0.8
1.0
2.2
1.2
2.2
0.4
0.6
1.0
1.2
1.8
0.8
0.9
0.2
0.4
1.7
1.8
2.2
1.4
1.6
0.8
0.9
1.0
0.4
1.9
1.2
0.2
0.2
0.9
0.6
Home
Go
Shares
Price
Value
4,700,000.00
959,000.00
8,000,000.00
3,800,000.00
8,547,000.00
10,000,000.00
1,720,000.00
7,463,000.00
5,000,000.00
4,000,000.00
3,947,000.00
7,000,000.00
5,000,000.00
2,500,000.00
2,750,000.00
13,000,000.00
10,000,000.00
2,750,000.00
1,100,000.00
8,000,000.00
2,000,000.00
800,000.00
3,000,000.00
3,460,000.00
3,965,000.00
4,250,000.00
1,235,000.00
15,000.00
5,000,000.00
1,549,000.00
15,500,000.00
13,000,000.00
4,000,000.00
5,700,000.00
2,500,000.00
4,500,000.00
5,000,000.00
2,000,000.00
3,000,000.00
5,500,000.00
7,460,000.00
3,500,000.00
15,500,000.00
10,000,000.00
15,000,000.00
10,000,000.00
21,000,000.00
10,000,000.00
23,400,000.00
20,000,000.00
8,100,000.00
30,000,000.00
20,000,000.00
7,000,000.00
30,000,000.00
10,000,000.00
10,000,000.00
1,892,892.06
1,100,000.00
6,000,000.00
2,000,000.00
4,000,000.00
13,506,000.00
8,360,000.00
9,676,632.99
1,750,000.00
15,000,000.00
2,500,000.00
5,000,000.00
3,000,000.00
100.1455
100.0346
100.0720
100.1805
100.2356
100.1154
100.1391
100.5998
100.1495
100.0602
100.0987
100.6922
99.9829
100.2554
100.0339
100.5110
100.2027
101.1156
100.0203
100.0255
100.0390
100.0837
100.0911
99.9890
99.9790
100.0100
100.1450
100.1490
100.0590
100.5462
100.0928
100.2002
99.6399
100.1052
99.7640
100.1488
99.9303
100.1640
100.0001
99.9205
100.7440
100.1463
99.4546
100.0319
100.1570
100.1099
100.0650
99.9573
100.3905
101.8727
100.1636
99.5875
100.0462
100.0386
100.0537
100.0246
100.2452
103.3747
100.0137
100.8860
100.4428
100.0187
99.4381
100.0746
100.0360
100.4023
100.2339
100.0923
100.2304
101.1007
$4,706,838.50
$959,331.81
$8,005,760.00
$3,806,859.00
$8,567,136.73
$10,011,540.00
$1,722,392.52
$7,507,763.07
$5,007,475.00
$4,002,408.00
$3,950,895.69
$7,048,454.00
$4,999,145.00
$2,506,385.00
$2,750,932.25
$13,066,430.00
$10,020,270.00
$2,780,679.00
$1,100,223.30
$8,002,040.00
$2,000,780.00
$800,669.60
$3,002,733.00
$3,459,619.40
$3,964,167.35
$4,250,425.00
$1,236,790.75
$15,022.35
$5,002,950.00
$1,557,460.64
$15,514,384.00
$13,026,026.00
$3,985,596.00
$5,705,996.40
$2,494,100.00
$4,506,696.00
$4,996,515.00
$2,003,280.00
$3,000,003.00
$5,495,627.50
$7,515,502.40
$3,505,120.50
$15,415,463.00
$10,003,190.00
$15,023,550.00
$10,010,990.00
$21,013,650.00
$9,995,730.00
$23,491,377.00
$20,374,540.00
$8,113,251.60
$29,876,250.00
$20,009,240.00
$7,002,702.00
$30,016,110.00
$10,002,460.00
$10,024,520.00
$1,956,771.49
$1,100,150.70
$6,053,160.00
$2,008,856.00
$4,000,748.00
$13,430,109.79
$8,366,236.56
$9,680,116.58
$1,757,040.25
$15,035,085.00
$2,502,307.50
$5,011,520.00
$3,033,021.00
Page 77
GE080718
GS042519
GS121517
HD011519
Au122117
Au071717
HI080116
Au071618
Au011519
HM061719
HA072318
HA082117
HB080718
HB111317
HB062317
HS011618
IB072216
ID010117
IA031517
IA101816
IN070116
IB090116
IB092616
IB101516
IF042417
KO112316
IB071916
IB091516
IB101416
IB121617
IF010919
Ot021518
Ot061518
OT101518
DC011618
JP100117
JM032219
JP021517
JP012518
JP061417
KE112516
LD080116
LO110116
LA070116
MA090116
MA072517
MT013017
Au081517
Au011618
MB061518
MI100116
MS100116
MO010518
MO020119
Au041717
Au091517
NA021519
AU041519
NR041017
NR042417
NY021517
OC081516
OR110116
OP031717
OP033017
PB060118
PN012717
PN110116
PO121516
RI020117
RI090116
SD070116
SA100116
Au081417
AT071717
Au021518
KO102717
TD021017
TO011218
TO091516
UB092616
UN092616
MT061617
N123117
36962GX66
38141GVV3
38141EC49
41284CAB0
43813JAC9
43814KAB7
4197915E4
41283YAC1
41284BAB2
41284DAB8
43814LAB5
43813NAB2
40428HPW6
40428HPM8
40434CAB1
40428HPH9
459200GX3
45656TAQ1
4581X0BV9
4581X0BS6
45884AZN6
459056JS7
45905UQG2
459056JT5
45950KBS8
45950KBQ2
45905U7F5
459058BS1
459058DS9
45905UVJ0
45950VHC3
47787UAB9
47787WAB5
47788MAB6
24422ESU4
48121CYK6
46625HQV5
46623EJZ3
46625HJG6
48125LRD6
49327M2E3
54465AFK3
544587B72
5446462D3
562785LC7
55279HAH3
55279HAD2
58768LAD5
58769AAB2
58772PAB4
605581FW2
605581EP8
61761JVN6
61746BDY9
65490BAB1
65477UAB6
65478UAC3
65478VAB3
637432HT5
63743HEM0
64990EJ32
675371AS7
68428LDM3
690353M20
690353N29
69353REN4
69353RCG1
69349LAP3
738798BD8
762494QV7
76912TJC8
7973552R4
79876CAV0
78448MAB3
89236WAB4
89231TAB6
191216BR0
89116EPA5
89236TCB9
89233P5E2
90521APH5
90521APG7
90520EAE1
912828UE8
GENERAL ELECTRIC COM PANY 08/07/18
GOLDMAN SACHS GROUP INC 4/25/2019 1.674
GOLDMAN SACHS GROUP INC. 12/15/17
HARLEY-DAVIDSON 0.8% 01/15/19
HAROT 2014-1 A3 12/21/2017 0.67%
HAROT 2015-1 A2 7/17/2017 0.7%
HAWAII-TXBL-REF-ES 8/1/2016 0.731%
HDMOT 2013-1 A3 7/16/2018 0.65%
HDMOT 2015-1 A2A 1/15/2019 0.95%
HDMOT 2016-A A2 6/17/2019 1.09%
HONDA AUTO RECEIV- ABLES 07/23/18
HONDA AUTO RECEIV- ABLES 08/21/2017
HSBC USA INC 8/7/2018 1.0809%
HSBC USA INC 11/13/2017 0.57185%
HSBC USA INC. 06/23/17
HSBC USA INC. 01/16/18
IBM CORP 7/22/2016 1.95%
INDUSTRY PUB FACS-A 1/1/2017 1.764%
INTER-AMERICAN DEVEL OPMENT BANK 03/15/17
INTER-AMERICAN DEVEL BK 10/18/2016 1.375
INTERMOUNTAIN PWR-B 7/1/2016 0.785%
INTERNATIONAL BANK F OR RECONSTR 09/01/16
INTERNATIONAL BANK F OR RECONSTR 09/26/16
INTERNATIONAL BANK F OR RECONSTR 10/15/16
INTERNATIONAL FINANC E CORPORATI 04/24/17
INTERNATIONAL FINANC E CORPORATI 11/23/16
INTL BK RECON & DEVE LOP 07/19/2016 0.45%
INTL BK RECON & DEVE LOP 9/15/2016 1%
INTL BK RECON & DEVE LOP 10/14/2016 0.62
INTL BK RECON & DEVE LOP 12/16/2017 0.77
INTL FINANCE CORP 1/9/2019 0.67685%
JDOT 2015-A A2A 2/15/2018 0.87%
JDOT 2015-B A2 06/15/2018 0.98%
JDOT 2016-A A2 10/15/2018 1.15%
JOHN DEERE CAPITAL C ORP 1/16/2018 0.543
JP MORGAN CHASE BANK NA 10/1/2017 6%
JPMORGAN CHASE & CO 3/22/2019
JPMORGAN CHASE & CO 2/15/2017 0.750933%
JPMORGAN CHASE & CO. 01/25/18
JPMORGAN CHASE BANK NATIONAL A 06/14/17
KEY BANK NA 11/25/2016 0.7516%
LA CO REDEV-B-TXBL 8/1/2016 1.074%
LOS ANGELES CALIF MU N IMPT CORP 11/01/16
LOS ANGELES SD-L-TXB L 7/1/2016 0.68%
MANHATTAN BEACH CA .856% 9/1/16
MANUF & TRADERS TRUS T CO 7/25/2017 0.53
MANUF & TRADERS TRUS T CO 1/30/2017 1.25
MBALT 2015-A A3 8/15/2017 1.1%
MBALT 2015-B A2A 1% 01/16/18
MERCEDES BENZ AUTO R ECEIVABLES 06/15/18
MISSISSIPPI ST-B-TXB L 10/1/2016 0.64%
MISSISSIPPI ST-D-REF 10/1/2016 0.64%
MORGAN STANLEY 1/5/2018 1.007098%
MORGAN STANLEY 2/1/2019 2.007761%
NALT 2014-B A2A 4/17/2017 0.73%
NAROT 2015-A A2 9/15/2017 0.67%
NAROT 2016-A A2B 2/15/2019 0.777%
NAROT 2016-B A2A 4/15/2019 1.05%
NATIONAL RURAL UTILI TIES COOPER 04/10/17
NATIONAL RURAL UTILI TIES COOPER 04/24/17
NEW YORK ST DORM AUT 2/15/17 .93%
OCEANSIDE PENSION-RE F 8/15/2016 1.406%
ORANGE CNTY CALIF 11/01/16
OVERSEAS PRIVATE INV COR 3/17/2017 1.01%
OVERSEAS PRIVATE INV COR 3/30/2017 0%
PNC BANK NA 06/01/2018
PNC BANK NA 1/27/2017 1.125%
PNC BANK NA 11/1/2016 1.15%
POWAY REDEV AGY-B 12/15/2016 1.1%
RIALTO USD-TXBL 2/1/2017 1.258%
RIVERSIDE PUB FIN-RE F 9/1/2016 1%
SAN DIEGO CALIF UNI SCH DIST 07/01/16
SAN MARCOS CA REDEV 1.09% 10/1/16
SMAT 2015-1US A2A 8/14/2017 0.99%
TAOT 2015-A A2 7/17/2017 0.71%
TAOT 2015-C A2A 2/15/2018 0.93%
THE COCA-COLA COMPAN Y 10/27/17
TORONTO DOMINION HLDGS CP 02/10/17
TOYOTA MOTOR CREDIT CORP 1/12/2018 0.57
TOYOTA MOTOR CREDIT CORP 9/15/2016 2%
UNION BANK NA 9/26/2016 1.5%
UNION BANK NA 9/26/2016 0.9996%
UNION BANK OF CALIFO RNIA NATION 06/16/17
UNITED STATES TREASU RY NOTES 12/31/17
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8/7/2018
4/25/2019
12/15/2017
1/15/2019
11/21/2017
6/15/2017
8/1/2016
7/16/2018
1/15/2019
6/17/2019
7/23/2018
8/21/2017
8/7/2018
11/13/2017
6/23/2017
1/16/2018
7/22/2016
1/1/2017
3/15/2017
10/18/2016
7/1/2016
9/1/2016
9/26/2016
10/15/2016
4/24/2017
11/23/2016
7/19/2016
9/15/2016
10/14/2016
12/16/2017
1/9/2019
2/15/2018
6/15/2018
10/15/2018
1/16/2018
10/1/2017
3/22/2019
2/15/2017
1/25/2018
6/14/2017
11/25/2016
8/1/2016
11/1/2016
7/1/2016
9/1/2016
7/25/2017
1/30/2017
8/15/2017
1/16/2018
6/15/2018
10/1/2016
10/1/2016
1/5/2018
2/1/2019
4/17/2017
9/15/2017
2/15/2019
4/15/2019
4/10/2017
4/24/2017
2/15/2017
8/15/2016
11/1/2016
3/17/2017
3/30/2017
6/1/2018
1/27/2017
11/1/2016
12/15/2016
2/1/2017
9/1/2016
7/1/2016
10/1/2016
8/14/2017
7/17/2017
2/15/2018
10/27/2017
2/10/2017
1/12/2018
9/15/2016
9/26/2016
9/26/2016
6/16/2017
12/31/2017
2.2
2.8
1.5
2.6
1.4
1.0
0.2
2.1
2.6
3.0
2.1
1.2
2.2
1.4
1.0
1.6
0.1
0.6
0.8
0.3
0.1
0.2
0.2
0.3
0.8
0.4
0.1
0.2
0.3
1.5
2.6
1.7
2.0
2.3
1.6
1.3
2.8
0.7
1.6
1.0
0.4
0.2
0.4
0.1
0.2
1.1
0.6
1.2
1.6
2.0
0.3
0.3
1.6
2.7
0.8
1.2
2.7
2.8
0.8
0.8
0.7
0.2
0.4
0.8
0.8
2.0
0.6
0.4
0.5
0.7
0.2
0.1
0.3
1.2
1.1
1.7
1.3
0.7
1.6
0.2
0.2
0.2
1.0
1.5
2,023,000.00
3,000,000.00
6,000,000.00
2,541,188.63
1,932,143.78
1,099,019.15
14,250,000.00
78,426.65
4,413,456.29
6,100,000.00
2,091,949.84
900,433.31
2,000,000.00
7,955,000.00
4,000,000.00
2,000,000.00
12,450,000.00
7,700,000.00
19,000,000.00
15,000,000.00
6,000,000.00
5,729,000.00
7,500,000.00
1,000,000.00
16,578,000.00
10,000,000.00
500,000.00
15,000,000.00
10,000,000.00
10,000,000.00
10,000,000.00
3,398,382.52
3,926,867.24
3,900,000.00
7,165,000.00
1,398,000.00
5,000,000.00
1,500,000.00
7,000,000.00
1,500,000.00
8,000,000.00
5,735,000.00
10,965,000.00
1,000,000.00
1,405,000.00
10,000,000.00
2,000,000.00
2,230,989.65
8,965,150.06
1,412,421.47
2,780,000.00
2,520,000.00
7,938,000.00
3,500,000.00
1,470,935.28
1,629,405.57
5,000,000.00
4,000,000.00
8,880,000.00
5,000,000.00
3,685,000.00
750,000.00
7,700,000.00
3,000,000.00
10,000,000.00
3,000,000.00
12,735,000.00
1,060,000.00
3,545,000.00
800,000.00
2,090,000.00
10,000,000.00
5,125,000.00
1,157,422.80
1,798,396.91
4,174,851.10
1,500,000.00
21,000,000.00
13,000,000.00
895,000.00
9,330,000.00
2,515,000.00
3,545,000.00
20,000,000.00
99.8495
99.7743
99.8940
99.9796
99.9681
99.9890
100.0120
99.9902
99.9374
100.0863
99.9690
99.9740
99.4742
99.5499
99.7100
99.8218
100.0587
100.3540
100.4836
100.2446
100.0000
101.3503
100.0460
102.0200
100.2622
100.1990
99.9970
100.1280
100.0581
100.1218
99.9487
99.9920
100.0168
100.0930
100.1028
105.6211
100.2675
100.1091
100.7902
99.9318
100.0367
100.0020
100.1720
100.0000
100.0550
99.8263
100.0146
100.0517
100.0294
100.0008
100.0070
100.0090
100.0737
101.1220
99.9752
99.9794
100.1225
100.1713
103.3117
100.0108
100.2850
100.0440
100.0740
100.1893
100.2003
99.8559
100.0856
100.0356
100.0870
100.3310
100.0070
100.0000
100.0770
99.8942
99.9865
100.0386
100.1327
99.4188
99.9264
100.2425
100.1118
100.1225
100.9221
100.2617
$2,019,955.39
$2,993,229.00
$5,993,640.00
$2,540,670.23
$1,931,527.42
$1,098,898.26
$14,251,710.00
$78,418.97
$4,410,693.46
$6,105,264.30
$2,091,301.34
$900,199.20
$1,989,484.00
$7,919,194.55
$3,988,400.00
$1,996,436.00
$12,457,308.15
$7,727,258.00
$19,091,884.00
$15,036,690.00
$6,000,000.00
$5,806,358.69
$7,503,450.00
$1,020,200.00
$16,621,467.52
$10,019,900.00
$499,985.00
$15,019,200.00
$10,005,810.00
$10,012,180.00
$9,994,870.00
$3,398,110.65
$3,927,526.95
$3,903,627.00
$7,172,365.62
$1,476,582.98
$5,013,375.00
$1,501,636.50
$7,055,314.00
$1,498,977.00
$8,002,936.00
$5,735,114.70
$10,983,859.80
$1,000,000.00
$1,405,772.75
$9,982,630.00
$2,000,292.00
$2,232,143.07
$8,967,785.82
$1,412,432.77
$2,780,194.60
$2,520,226.80
$7,943,850.31
$3,539,270.00
$1,470,570.49
$1,629,069.91
$5,006,125.00
$4,006,852.00
$9,174,078.96
$5,000,540.00
$3,695,502.25
$750,330.00
$7,705,698.00
$3,005,679.00
$10,020,030.00
$2,995,677.00
$12,745,901.16
$1,060,377.36
$3,548,084.15
$802,648.00
$2,090,146.30
$10,000,000.00
$5,128,946.25
$1,156,198.25
$1,798,154.12
$4,176,462.59
$1,501,990.50
$20,877,948.00
$12,990,432.00
$897,170.38
$9,340,430.94
$2,518,080.88
$3,577,688.45
$20,052,340.00
Page 78
T013118
T043017
T123117
TN113016
UC070141
US111516
UB013017
US012618
T083116
Au121517
Au031518
Au042018
VZ060917
VZ091516
V121417
Au042017
Au062017
VPWF3801
*
912828P20
912828SS0
912828N55
912828MA5
91412GEZ4
91159HHB9
90331HMC4
90331HMR1
912828RF9
90290KAC9
90290XAB3
92867PAC7
92343VCD4
92343VBL7
92826CAA0
92867QAD3
92867VAB6
VP7000236
UNITED STATES TREASU RY NOTES 01/31/18
UNITED STATES TREASU RY NOTES 04/30/17
UNITED STATES TREASU RY NOTES 12/31/17
UNITED STATES TREASU RY NOTES 11/30/16
UNIVERSITY CALIF REVS 07/01/2041**
US BANCORP 11/15/2016 2.2%
US BANK NA CINCINNAT I 1/30/2017 1.1%
US BANK NA CINCINNAT I 1/26/2018 0.55572
US TREASURY N/B 8/31/2016 1%
USAOT 2014-1 A3 12/15/2017 0.58%
USAOT 2015-1 A2 3/15/2018 0.82%
VALET 2013-2 A3 4/20/2018 0.7%
VERIZON COMMUNICATIO NS 6/9/2017 0.6306%
VERIZON COMMUNICATIO NS 9/15/2016 1.7823
VISA INC 12/14/2017 1.2%
VWALT 2014-A A3 4/20/2017 0.8%
VWALT 2015-A A2A 6/20/2017 0.87%
WELLS FARGO ADVANT- AGE HERITAGE
Security ratings are updated monthly at month-end.
**Mandatory put on 7/1/17
AA+
AA+
AA+
AA+
AA
A+
AAAAAA+
AAA
AAA
AAA
A
A
A+
AAA
AAA
AAA
1/31/2018
4/30/2017
12/31/2017
11/30/2016
7/1/2017
11/15/2016
1/30/2017
1/26/2018
8/31/2016
12/15/2017
3/15/2018
4/20/2018
6/9/2017
9/15/2016
12/14/2017
4/20/2017
6/20/2017
7/1/2016
1.6
0.8
1.5
0.4
1.1
0.4
0.6
1.6
0.2
1.5
1.8
1.8
1.0
0.2
1.5
0.8
1.0
0.1
20,000,000.00
10,000,000.00
35,000,000.00
10,000,000.00
14,380,000.00
1,365,000.00
3,100,000.00
11,500,000.00
14,500,000.00
425,074.07
7,116,134.73
2,250,079.82
1,000,000.00
1,925,000.00
10,000,000.00
1,312,822.62
758,792.69
44,240,838.13
100.2695
100.3038
100.6250
100.9883
100.0100
100.3547
100.0488
99.8136
100.1158
99.9544
99.9491
99.8518
100.0527
100.2567
100.6210
99.9924
99.9664
100.0000
$20,053,900.00
$10,030,380.00
$35,218,750.00
$10,098,830.00
$14,381,438.00
$1,369,841.66
$3,101,512.80
$11,478,564.00
$14,516,791.00
$424,880.23
$7,112,512.62
$2,246,745.20
$1,000,527.00
$1,929,941.48
$10,062,100.00
$1,312,722.84
$758,537.73
$44,240,838.13
Grand Total
$1,190,512,142.63
SECTION III
APPENDIX
B. INVESTMENT PORTFOLIO DETAIL –
MANAGED BY OUTSIDE CONTRACTED
PARTIES
B. 3. EAST BAY REGIONAL
COMMUNICATIONS SYSTEM AUTHORITY
(EBRCS)
Page 79
EBRCS TRANSACTIONS*
For the Quarter Ending
June 30, 2016
FY 2015-2016
FUND
BALANCE @
NUMBER
03/31/16
TJ/Date
TJ/Date
TJ/Date
TJ/Date
TJ/Date
BALANCE @
06/30/16
100300 2,232,756.90
TOTALS 2,232,756.90
TJ/Date
2,232,756.90
0.00
* East Bay Regional Communications System Authority
0.00
0.00
0.00
0.00
0.00 2,232,756.90