Finance Committee - April 12, 2011

PDF version of Agenda

AGENDA

FINANCE COMMITTEE

Meeting Notice

Date:                     11:00 a.m., Tuesday, April 12, 2011
Location:                    Room 263, City Hall
Commissioners:      Commissioners Mar (Chair), Elsbernd (Vice Chair), Cohen, Farrell, Kim and Mirkarimi (Ex Officio)
Clerk:                          Erika Cheng

1.                   Roll Call

2.                  Approval of Minutes of the March 22, 2011 Meeting - ACTION* attachment

3.                  Recommend Exercising the First One-Year Option of the Professional Services Contract with Pendergast & Associates by $275,000, to a Total Amount Not to Exceed $875,000, to Provide Disadvantaged Business Enterprise/Small Business Enterprise Consulting Services for the Presidio Parkway Project and Authorization for the Executive Director to Negotiate Contract Terms and Conditions - ACTION* attachment

In July 2009, through approval of Resolution 10-03, the Authority Board authorized a two-year contract with two additional one-year extension options to Pendergast & Associates (Pendergast) to provide Disadvantaged Business Enterprise (DBE) consulting services for the Presidio Parkway project. The two-year contract had an initial budget of $400,000. Pendergast provides DBE and Small Business Enterprise (SBE) consulting services to the Authority and the California Department of Transportation (Caltrans) for the Presidio Parkway construction packages. The original budget for this contract provided adequate Urban Partnership Program federal funds for the anticipated services for the first year of the contract. In February 2010, through Resolution 10-40, the Authority Board authorized an amendment to the contract to expand the scope of work and to increase the current contract in the amount of $600,000. That amendment included funding for tasks not identified when the contract budget was negotiated, including assistance with associated workforce development programs and small business certification campaigns. The current request will expand the scope of work to include DBE/SBE consulting services for the public-private partnership portion of the project. We are seeking a recommendation to exercise the first one-year option of the professional services contract with Pendergast by $275,000, to a total amount not to exceed $875,000, to provide DBE/SBE consulting services for the Presidio Parkway project and to authorize the Executive Director to negotiate contract terms and conditions.

4.                  Recommend Amending the Adopted Fiscal Year 2010/11 Budget to Increase Revenues by $16,509,843, Decrease Expenditures by $49,268,862 and Decrease Other Financing Sources by $152,787,500 for a Total Net Decrease in Fund Balance of $87,008,795 - ACTION* attachment

Every year between December and April, we typically present the Board adjustments to the annual budget adopted the previous June. The mid-year 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 2010, through Resolution 10-69, the Authority adopted the Fiscal Year (FY) 2010/11 Annual Budget and Work Program, and in September 2010, through Resolution 11-11, the Authority approved a budget amendment.  Revenue and expenditure figures pertaining to several capital projects need to be updated from the original estimates contained in the adopted FY 2010/11 budget.  The Authority's Fiscal Policy allows for the amendment of the adopted budget during the fiscal year to reflect actual revenues and expenditures incurred.  We are seeking a recommendation to amend the adopted FY 2010/11 budget to increase revenues by $16,509,843, decrease expenditures by $49,268,862 and decrease other financing sources by $152,787,500 for a total net decrease in fund balance of $87,008,795.

5.                  Preliminary Fiscal Year 2011/12 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) 2011/12 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 2011/12 Annual Budget also includes a description of the Authority's preliminary Work Program for the coming fiscal year.  Total revenues are projected to be $105.4 million, including $72.2 million in sales tax revenues.  Total expenditures are projected to be $157.8 million.  Capital project expenditures are projected to be $142.3 million or about 90.2% of total expenditures.  The budgeted other financing sources and uses includes a bond issue of $300 million, which would be used to fund Prop K capital projects and to redeem outstanding commercial paper debt. The final proposed FY 2011/12 Annual Budget and Work Program will be presented to the Citizens Advisory Committee (CAC) in April and the Finance Committee and Authority Board in May.  A public hearing will precede consideration of the FY 2011/12 Annual Budget and Work Program at the Authority's May meeting. We are seeking input from the Finance Committee on the preliminary FY 2011/12 Annual Budget and Work Program. This is an information item.

6.                  State and Federal Legislative Update - INFORMATION/ACTION* attachment

7.                  Introduction of New Items - INFORMATION

8.                  Public Comment

9.                  Adjournment


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The nearest accessible BART station is Civic Center (Market/Grove/Hyde Streets). Accessible MUNI Metro lines are the F, 5, 21, 47, 49, 71, 71L, J, K, L, M, N, T (exit at Van Ness Station). MUNI bus lines also serving the area are the 6, 7, and 9 San Bruno. For more information about MUNI accessible services, call (415) 701-4485. There is accessible parking in the vicinity of City Hall at Civic Center Plaza and adjacent to Davies Hall and the War Memorial Complex. Accessible curbside parking is available on Dr. Carlton B. Goodlett Place and Grove Street.

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