Finance Committee - May 10, 2011

PDF version of Agenda

AGENDA

FINANCE COMMITTEE

Meeting Notice

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 - ACTION* attachment

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

8.                  Adjournment

 

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Please note that the meeting proceedings can be viewed live at http://www.sfgov.org/sfgtv or that evening at 6:00 pm on Cable Channel 26 in San Francisco, with a repeat on the weekend (either Saturday or Sunday evening).  To know the exact cablecast times for weekend viewing, please call SFGTV at (415) 557-4293 on Friday when the cablecast times have been determined.

In order to assist the City's efforts to accommodate persons with severe allergies, environmental illnesses, multiple chemical sensitivity or related disabilities, attendees at all public meetings are reminded that other attendees may be sensitive to various chemical based products.  Please help the City accommodate these individuals.

To obtain a disability-related modification or accommodation, including auxiliary aids or services, to participate in the meeting, please contact Erika Cheng at 415.522.4800 or via email at clerk@sfcta.org at least two business days before the meeting.

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.

If any materials related to an item on this agenda have been distributed to the Finance Committee after distribution of the agenda packet, those materials are available for public inspection at the San Francisco County Transportation Authority at 1455 Market St., 22nd Floor, San Francisco, CA 94103, during normal office hours.

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