FINANCE COMMITTEE
Meeting Notice
Date: 11:00 a.m., Tuesday, March 10, 2015
Location: Room 263, City Hall
Commissioners: Commissioners Avalos (Chair), Mar (Vice Chair), Campos, Cohen, Kim and Wiener (Ex Officio)
Clerk: Steve Stamos
1. Roll Call
2. Approve the Minutes of the February 10, 2015 Meeting – ACTION* attachment
3. State and Federal Legislative Update – ACTION* attachment
Every month, we provide an update on state and federal legislation and, when appropriate, seek recommendations to adopt new positions on active legislation. The attached matrix tracks the latest activity on state bills, and the positions previously adopted by the Transportation Authority. February 27 was the last day to introduce a bill to be considered this session, so there are a lot of additions to the matrix this month. At the meeting, we will also provide an overview of proposed express lanes legislative changes that were published by the California State Transportation Agency (attached) and are expected to be incorporated into a budget trailer bill. We are recommending the following new positions this month: support on Assembly Bill (AB) 227 (Alejo), AB 378 (Mullin), AB 464 (Mullin), AB 516 (Mullin), AB 1265 (Perea), AB 1287 (Chiu), Assembly Constitutional Amendment 4, Senate Bill (SB) 321 (Beall), and SB 564 (Cannella), and oppose on AB 1138 (Patterson) and AB 1160 (Harper). This is an action item.
4. Recommend Amending the Adopted Fiscal Year 2014/15 Budget to Increase Revenues by $2,959,881 and Decrease Expenditures by $29,750,654 for a Total Net Increase in Fund Balance of $32,710,535 – ACTION* attachment
Every year between January and April, we present the Board with any adjustments to the annual budget adopted the previous June. This revision is an opportunity to take stock of changes in revenue trends, recognize grants or other funds that are obtained subsequent to the original approval of the annual budget, and adjust for unforeseen expenditures. In June 2014, through Resolution 14-74, the Transportation Authority adopted the Fiscal Year (FY) 2014/15 Annual Budget and Work Program. Revenue and expenditure figures pertaining to several capital projects need to be updated from the original estimates contained in the adopted FY 2014/15 Budget. The Transportation Authority’s Fiscal Policy allows for the amendment of the adopted budget during the fiscal year to reflect actual revenues and expenditures incurred. We propose that the adopted FY 2014/15 Budget be amended as shown in Attachment A. We are seeking a recommendation to amend the adopted FY 2014/15 budget to increase revenues by $2,959,881 and decrease expenditures by $29,750,654 for a total net increase in fund balance of $32,710,535.
5. Introduction of New Items – INFORMATION
6. Public Comment
7. Adjournment
* Additional materials
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