| Finance Committee - May 12, 2009 |
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AGENDA FINANCE COMMITTEERescheduled Meeting Notice Date: 9:30 a.m., Tuesday, May 12, 2009
1. Roll Call 2. Approval of Minutes of the April 14, 2009 Meeting - ACTION* attachment 3. Recommend Authorizing the Executive Director to Execute an Amendment to Memorandum of Agreement (MOA) 07/08-46 with the Treasure Island Development Authority (TIDA) to Increase the Authorized Amount by $5,800,000, to a Total Amount Not to Exceed $8,800,000, to Advance Design of the Yerba Buena Island (YBI) Ramps Project to 65%- ACTION* attachment The Authority is working jointly with the Treasure Island Development Authority (TIDA) on the Yerba Buena Island (YBI) Ramps project. Under Memorandum of Agreement (MOA) 07/08-46, TIDA has the responsibility to reimburse all Authority costs incurred on the project. Initial reimbursements by TIDA were capped at $3,000,000, based on Phase 1 of the project, the preparation of the project report and the environmental document studies and services. In order to build the YBI ramps in conjunction with the construction of the new Eastern Span of the San Francisco - Oakland Bay Bridge (SFOBB), Phase 2 of the project, including 85% design, must be complete by June 2010. TIDA and the Mayor's Office of Economic and Workforce Development (MOEWD) have requested that the amount of the MOA be increased to accelerate preliminary engineering of the YBI Ramps project to the 65% design level. Phase 2 of the project is included as an option within the original MOA and the associated engineering and environmental services consulting contract. We are seeking a recommendation to authorize the Executive Director to execute an amendment to MOA 07/08-46 with the TIDA to increase the authorized amount by $5,800,000, to a total amount not to exceed $8,800,000, to advance design of the YBI Ramps project to 65%. 4. Recommend Increasing the Amount of the Professional Services Contract with AECOM by $5,700,000, to a Total Amount Not to Exceed $8,200,000, to Advance the Design of the Yerba Buena Island Ramps Project to 65% - ACTION* attachment As noted in the prior agenda item, the Authority is working jointly with the Treasure Island Development Authority (TIDA) and the Mayor's Office of Economic and Workforce Development (MOEWD) on the Yerba Buena Island (YBI) Ramps Project. Under Memorandum of Agreement (MOA) 07/08-46, the consultant contract for environmental and engineering services is managed and administered by the Authority, and TIDA has the responsibility to reimburse the Authority for all costs on the YBI Ramps Project. The Request for Proposals (RFP) for environmental and engineering services for the YBI Ramps included both Phase 1, for preparation of the project report and environmental document, and Phase 2, for development of design documents up to an including final design and the preparation of plans, specifications, and estimates. In the present contract with AECOM (formerly DMJM Harris), Phase 1 is funded and scheduled, and Phase 2 is included a future option. The cost of Phase 1 work is $2,500,000, the not-to-exceed amount in the present contract. The current proposal is to exercise a portion of the Phase 2 option in the contract to direct AECOM to complete 65% design by January 2010. This schedule is necessary in order to coordinate the YBI Ramps Project with the construction of the new Eastern Span of the San Francisco - Oakland Bay Bridge. The cost of the 65% design work is estimated to be $5,800,000. We are seeking a recommendation to increase the amount of the professional services contract with AECOM by $5,700,000, to a total amount not to exceed $8,200,000, to advance the design of the Yerba Buena Island Ramps project to 65%. 5. Recommend Approval of a New Declaration of Official Intent to Reimburse Certain Expenditures from the Proceeds of Indebtedness - ACTION* attachment A Declaration of Official Intent to Reimburse Certain Expenditures from the Proceeds of Indebtedness (also called a Reimbursement Resolution) is adopted when a government anticipates financing projects with a tax exempt debt issue. The Authority adopted a Reimbursement Resolution in December 2000. This Reimbursement Resolution needs to be updated to reference the projects now expected to be financed with the proceeds of future debt issuance. The amount of the maximum anticipated borrowing remains unchanged. We are seeking a recommendation for the approval of a new Declaration of Official Intent to Reimburse Certain Expenditures from the Proceeds of Indebtedness. 6. Recommend Adoption and Execution the New Disadvantaged Business Enterprise Program Implementation Agreement - ACTION* attachment In March 2009, the California Department of Transportation (Caltrans) released statements directing local agencies receiving federal-aid funds, including the Authority, to return to the development of a race-conscious Disadvantaged Business Enterprise (DBE) program. Between 2006 and 2009, Caltrans had issued guidance directing the development of race-neutral DBE programs. The first step in the Authority's implementation of the race-conscious DBE program is the adoption of a new DBE Program Implementation Agreement. This Agreement states that the Authority will develop a race-conscious DBE goal for federal Fiscal Year 2009/10, and, from June 2, 2009 until this new goal is adopted by Caltrans, develop a race-conscious goal for each federal-aid procurement undertaken by the Authority. We are seeking a recommendation to adopt and execute the new DBE Program Implementation Agreement. 7. Recommend Amending the Authority's Fiscal Year 2008/09 Budget to Add $6.34 Million in Traffic Congestion Relief Program (TCRP) Revenues and $4.2 Million in TCRP Expenditures for the Doyle Drive Replacement Project - ACTION* attachment In June 2008, the Authority adopted the Fiscal Year (FY) 2008/09 Annual Budget and Work Program. Since that time, the California Transportation Commission (CTC) has liquidated an AB 1335 Letter of No Prejudice (LONP), enabling the Authority to claim $6 million in Traffic Congestion Relief Program (TCRP) funds as a reimbursement of prior year Prop K-funded expenditures on the Doyle Drive Replacement Project. We have also recently signed a long-delayed cooperative agreement with Caltrans regarding disposition of the final $6 million in TCRP funds (the final element of the total $15 million in TCRP funds earmarked to the project). The agreement assigns $3 million each to the Authority and to Caltrans for design work. Therefore, the subject recommendation also would add $340,971 to the current $2,659,029 in TCRP funds included in the budget to reflect the final negotiated number. Our recommendation also includes increasing anticipated FY 2008/09 expenditures for the Doyle Drive Replacement Project by $4.2 million, to cover higher than originally anticipated expenditures for the professional services contract for design services with the PB Americas and for the faster rate of expenditures on the ARUP/PB Joint Venture contract that are directly correlated with our efforts to accelerate the project schedule. We are seeking a recommendation to amend the Authority's FY 2008/09 Budget to add $6.34 million in TCRP revenues and $4.2 million in TCRP expenditures for the Doyle Drive Replacement Project. 8. Preliminary Fiscal Year 2009/10 Annual Budget and Work Program - INFORMATION* attachment Pursuant to State statutes (PUC Code Sections 131000 et seq.) and the Authority's Fiscal Policy, the Authority Board must adopt an annual budget for the following fiscal year by June 30. The preliminary Fiscal Year (FY) 2009/10 Annual Budget includes projections of sales tax revenues, federal state and local grants, and investment income for the fiscal period, as well as projections of operating and administrative costs, capital expenditures, and associated financing costs. The preliminary FY 2009/10 Annual Budget also includes a description of the Authority's proposed Work Program for the coming fiscal year. Total revenues are projected to be $119.09 million, including $72.86 million in sales tax revenues. Total expenditures are projected to be $218.45 million. Capital expenditures are projected to be $202.92 or about 93% of total expenditures. The budgeted other financing sources and uses includes a bond issue of $280 million, which would be used to fund Prop K capital projects and to redeem outstanding commercial paper debt. The final proposed FY 2009/10 Annual Budget and Work Program will be presented to the Citizens Advisory Committee in May and the Finance Committee and Board in June. A public hearing will precede consideration of the FY 2009/10 Annual Budget and Work Program at the Authority's June meeting. We are seeking any comments from the Finance Committee on the preliminary FY 2009/10 Annual Budget and Work Program. This is an information item. 9. Internal Accounting Report for the Nine Months Ended March 31, 2009 - INFORMATION* attachment The Authority's Fiscal Policy directs staff to give a quarterly report of expenditures including a comparison to the approved budget. The Authority's Investment Policy directs that a review of portfolio compliance be presented along with the quarterly report. The Internal Accounting Report for the nine months ended March 31, 2009, is presented for information. 10. Introduction of New Items - INFORMATION 11. Public Comment 12. Adjournment
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