Administration and Finance Committee
Thursday, January 16, 2003
12:00 PM
Conference Room 204
San Jose City Hall
801 North First Street
San Jose, California
Summary Minutes
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CALLED TO ORDER at 12:07 p.m.
ROLL CALL: Members Present: Dando, Kennedy, Williams
Members Absent: Gage, McHugh, Pirzynski
A quorum was present.
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PUBLIC PRESENTATIONS
There were no Public Presentations.
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ORDERS OF THE DAY
There were no Orders of the Day.
CONSENT AGENDA
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4. |
Approved the Regular Meeting Minutes of December 19, 2002.
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Received and filed the Report on Santa Clara Valley Transportation Authority Investments for the month of November 2002.
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Received and filed the Contractor Pre-Qualification Pilot Program Monthly Report.
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Approved submitting a recommendation to the Board of Directors to approve the appointment of Sarah Zimmerman representing South Bay AFL CIO Labor Council to the Citizens Advisory Committee (CAC) with a term expiration of June 30, 2003.
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Received and filed the Monthly Legislative Reports.
REGULAR AGENDA
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9. |
Elected a Vice Chairperson for FY 2003.
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Approved submitting a recommendation to the Board of Directors to approve changes to the Unrestricted and Restricted Investment Policy and authorize the General Manager to implement a new investment strategy for cash reserves earmarked to underwrite operating deficits and the local share of capital projects.
Requested monthly update reports on the investment policy. Staff noted that another category will be included in the monthly investments report.
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Received and filed the FY 2001/2002 Comprehensive Annual Financial Report (CAFR).
Requested staff to forward the recommendations provided by Macias, Gini, and Company regarding VTAs financial report to A & F Committee Members as soon as it becomes available. Acknowledged the professionalism and diligent work of staff. Staff noted the recommendations provided by Macias, Gini, and Company will be forwarded to A & F Committee Members as soon as they become available.
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Received and filed the FY 2001/2002 Single Audit Report.
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Approved submitting a recommendation to the Board of Directors to authorize the General Manager to execute an amendment to the Master Agreement with the California Highway Patrol (CHP) for Traffic Control Services during construction of VTP 2020 Highway Projects in an amount not to exceed $195,000, for a new total agreement amount of $1,105,000.
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Approved submitting a recommendation to the Board of Directors to consider Fiscal Emergency Service Reduction Plan: Receive staff responses to public comments made during the California Environmental Quality Act (CEQA) comment period for the Fiscal Emergency Service Reduction Plan; Adopt a finding that there is a fiscal emergency, as defined by Public Resources Code (P.R.C.) §21080.32(d)(2), caused by failure of VTA revenues to adequately fund VTA services, programs and facilities; Invoke a Statutory Exemption under CEQA, P.R.C. §21080.32 and CEQA Guidelines Section 15285 (Transit Agency Responses to Revenue Shortfalls) for the purpose of implementing the Fiscal Emergency Service Reduction Plan; Approve the service modifications included in the Fiscal Emergency Service Reduction Plan, which could potentially mean a combined reduction in bus and light rail services of approximately nine percent and Authorize staff to implement approximately three percent of the Plan in April 2003; and, defer further implementation of the remainder of the Plan pending an on-going assessment of VTAs financial situation.
Thanked staff for their diligent work with the public and community outreach efforts.
Staff noted that a series of public meetings will be conducted to gather public input prior to future potential service reductions.
OTHER ITEMS
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Reviewed the Committee Work Plan.
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Committee Staff Report: Heard a report, regarding the temporary suspension of the Rental Assistance Loan Program and Computer Loan Program and the significant impact on transportation by the Governors proposed State Budget.
Requested to work with VTA staff to coordinate information for an article geared toward neighborhood newsletters regarding local impact of the State Budget. Suggested that VTA staff provide a presentation to the State League Transportation Committee at the January or February Meeting regarding addressing State Budget issues through educating the public.
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Chairpersons Report: Heard a report, regarding A & F Meeting schedule calendar conflicts and alternate dates to accommodate the Committee Members calendars.
Thanked Administration and Finance Committee Members for opportunity to serve as A & F Chairperson for FY 2003.
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Determine Consent Agenda for the February 6, 2003 Board Meeting
CONSENT: Agenda Item #7., Approve the Citizens Advisory Committee (CAC) Appointments/Re-Appointments; Agenda Item #10., Approve changes to the Unrestricted and Restricted Investment Policy and authorize the General Manager to implement a new investment strategy for cash reserves earmarked to underwrite operating deficits and the local share of capital projects; Agenda Item #11., Receive and file the FY 2001/2002 Comprehensive Annual Financial Report (CAFR); Agenda Item #12., Receive and file the FY 2001/2002 Single Audit Report and Agenda Item #13., Authorize the General Manager to execute an amendment to the Master Agreement with the California Highway Patrol (CHP) for Traffic Control Services during construction of VTP 2020 Highway Projects in an amount not to exceed $195,000, for a new total agreement amount of $1,105,000.
REGULAR: None
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Announcements
There were no Announcements.
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ADJOURNED at 1:55 p.m.
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