| Finance Committee - May 11, 2010 |
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AGENDA FINANCE COMMITTEEMeeting Notice
Date: 11:30 a.m., Tuesday, May 11, 2010
1. Roll Call 2. Approval of Minutes of the April 13, 2010 Meeting - ACTION* attachment 3. Recommend Increasing the Amount of the Authority's Professional Services Contract with Arup/PB Joint Venture by $34,860,913, to a Total Amount Not to Exceed $69,497,915, for Construction and Procurement Support for the Presidio Parkway Project and Authorization for the Executive Director to Negotiate the Non-Monetary Terms and Conditions of the Contract - ACTION* attachment The Authority has been leading the effort since 1994, in close cooperation with the California Department of Transportation (Caltrans), to replace the existing Doyle Drive structure. In September 2006, after years of public input, the Authority and its partner agencies selected the Presidio Parkway design as the preferred design alternative, and in December 2008, the Authority Board approved the project's final environmental document. The construction phase, which is organized into two phases with eight construction contracts, began in August 2009. Phase I consists of contracts 1 through 4 for environmental mitigation, utility relocation, and the construction of portions of the permanent new parkway, one of four short tunnels under the Presidio, and a detour. Phase II includes construction contracts 5 through 8 to complete the last three tunnels and bridge structures as well as final landscaping. The subject request would amend our professional services contract with Arup/PB Joint Venture for project management and administration services, construction engineering, outreach, monitoring, and financial and technical support services through the remainder of Phase I and Phase II construction, including Phase II procurement support for a public-private partnership. The contract amendment would increase the existing task order contract by $34,860,913 to an amount not to exceed $69,497,915. Approval of the contract amendment is contingent upon approval of a Prop K appropriation of $1,504,008 and commitment to appropriate a total of $31,062,652 in future fiscal years which will also be considered by the Board for approval in May 2010. We are seeking a recommendation to increase the amount of the Authority's professional services contract with Arup/PB Joint Venture by $34,860,913, to a total amount not to exceed $69,497,915, for construction and procurement support for the Presidio Parkway Project and to authorize the Executive Director to negotiate the non-monetary terms and conditions of the contract. 4. Preliminary Fiscal Year 2010/11 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) 2010/11 Annual Budget includes projections of sales tax revenues, federal state and regional 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 2010/11 Annual Budget also includes a description of the Authority's proposed Work Program for the coming fiscal year. Total revenues are projected to be $131.5 million, including $71.0 million in sales tax revenues. Total expenditures are projected to be $187.2 million. Capital expenditures are projected to be $170.8 million or about 91.2% of total expenditures. The preliminary budget includes a bond issue of $340 million, to meet funding requirements for Prop K capital projects and to redeem outstanding commercial paper debt. The need for debt issuance has been recognized since the adoption of the first Prop K Strategic Plan, but the timing has been subject to the schedule of delivery of large capital projects by City departments. The final proposed FY 2010/11 Annual Budget and Work Program will be presented to the Citizens Advisory Committee in May and to the Finance Committee and Authority Board in June. A public hearing will precede action on the FY 2010/11 Annual Budget and Work Program at the Authority's June meeting. We are seeking comments and guidance from the Finance Committee on the preliminary FY 2010/11 Annual Budget and Work Program. This is an information item. 5. State and Federal Legislative Update - INFORMATION/ACTION* attachment 6. Internal Accounting Report and Investment Report for the Nine Months Ending March 31, 2010 - 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 ending March 31, 2010, is presented for information. 7. Introduction of New Items - INFORMATION 8. Public Comment 9. Adjournment
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