Date: 11:00 a.m., Tuesday, May 10, 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 April 12, 2011 Meeting -
3. Recommend Adoption of the Proposed Fiscal Year
2011/12 Annual Budget and Work Program - ACTION* 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 proposed Fiscal Year (FY) 2011/12 Annual Budget includes projections of sales tax revenues; federal, state and regional grants; investment income for the fiscal period; and projections of operating and administrative costs, capital expenditures, and associated financing costs. The proposed FY 2011/12 Annual Budget also includes a description of the Authority's proposed 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 Authority Board in May. Public hearings will precede consideration of the FY 2011/12 Annual Budget and Work Program at the Authority's May meetings. We are seeking a recommendation for adoption of the proposed FY 2011/12 Annual Budget and Work Program.
4. State and Federal Legislative Update - INFORMATION/ACTION* attachment
5. Internal Accounting Report and Investment Report
for the Nine Months Ending March 31, 2011 - 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, 2011, is presented for information.
6. Introduction of New Items - INFORMATION
7. Public Comment
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