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SFMTA BOND OVERSIGHT COMMITTEE (BOC) MINUTES—December 5, 2012, 2:00 PM One South Van Ness Avenue, 7th Floor, Noe Valley Conference Room 1. Call to Order and Introductions Committee members:
Others in Attendance:
2. Public Comment
3. Approval of Minutes from Aug. 22, 2012 Meeting (Attachment A) On motion to approve the minutes of August 22, 2012: Approved 4. Review Project Reporting Information and Delivery Schedule (Attachment B) a. Transit Projects b. Parking Projects
Action Item: Mr. Bose agreed to provide identification or link back to project number.
- Chairman Nothenberg asked the following question: When expenditures come in for any one of the projects, how is the decision made to use either bond funds or some other existing source of funds, and on what basis? - Ms. Webster explained that individual expenditure line items in each project budget have been set up that specifically point to the bond funds. For non-bond funds, the project accountant decides based on direction from the analyst as to which funding source to bill first. - Chairman Nothenberg suggested that it may be easier for audit purposes to use the bond funds for discrete pieces and discrete objects rather than spreading the funds over a wide variety of projects. - Ms. Sesay suggested on page 5, to add language “Proposed or Future Issuance” Series 2013A to avoid confusion on funding that is not ready. Action Item: Ms. Bose agreed to add language “Proposed” Issuance Series 2013A · Mr. Harris provided a summary of one of the projects that is on the report, page 27 from quarterly report “ITS Radio System Replacement project- Total Contract value: $87,498,689. Action Item: Ms. Bose suggested to Mr. Harris that details on page 28 “breakdown of detailed budget by phase for ITS Radio Replacement Project” should be before page 27, and the contract value ($87 million) should be tied to the applicable line item. In addition, BOC members requested that amounts not be rounded.
Action Item: Ms. Bose agreed to remove FAMIS report from Quarterly Report and provide continued data as shown on pages 5, 6, 27 and 28 from quarterly report. 5. Review Annual Report Format Proposed by City Attorney’s Office (Attachment C)
- Ms. Bose agreed that if an external resource is necessary, the SFMTA would possibly work with the Controller’s office to hire audit services to ensure that the annual audit report is reviewed. Ms. Bose also commented that when the Board of Supervisors approved the bonds, it was requested to have the first issuance reviewed from an issuance and internal control perspective. During that time, Ms. Sesay was assigned for first set for review and the Controller’s office to provide report on first issuance and the internal control. Ms. Bose and Ms. Sesay commented that this work is included in the budget. Ms. Bose also commented that this is a one-time request from the Board of Supervisors and suggested that the annual report should be reviewed through an independent auditor. - Mr. Blake suggested inviting Tonia Lediju, Director of City Audits, City Services Auditor Division, Office of the Controller, to next meeting to discuss potential audit services; the BOC members agreed. Action Item: BOC Secretary to invite Tonia Lediju to next meeting. 6. Approval of By-Laws (Attachment D) SECTION 4. Activities and Powers:
Action Item: Mr. Blake agreed to edit the language on Section 4 as requested by BOC members. SECTION 5. Restrictions on Activities and Powers:
Action Item: Mr. Blake will include language for Section 5 suggested by BOC members. BOC members agreed that, with the language clarifications incorporated, these bylaws are approved. 7. Discussion of Future Bond Issuance (For discussion only) Ms. Bose discussed that the SFMTA is working on finalizing the list of projects for the next bond Issuance and that it will possibly be larger than the current Series 2013A amount as referenced on Page 5 of Quarterly Report. The increase is due to the need to fund additional needs. The timeline is to issue in the spring or late summer, but contingent on showing expenditure of the current bond proceeds. The SFMTA Financing team will start working with Mr. Blake in January 2013 to identify the attorneys and negotiate better terms and lower costs. 8. SFMTA Memorandum dated September 19, 2012 – Re: Investment of Revenue Bond proceeds with City Investment Pool
9. Discussion of next meeting date and time: BOC members agreed that the next meeting will be scheduled for March 20, 2013 – 2pm - 4pm in the 7th Floor Noe Valley Conference Room #7075 10. Adjournment
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