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Finance & Budget Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, January 19, 2011 2:30 p.m.

Agenda

Call to Order

Directors

Pam O'Connor, Chair
Zev Yaroslavsky, Vice Chair
Diane DuBois
John Fasana
Richard Katz
Vacant, non-voting member

Officers

Arthur T. Leahy, Chief Executive Officer
Michele Jackson, Board Secretary
Karen Gorman, Ethics Officer
Karen Gorman, Acting Inspector General County Counsel, General Counsel

  1. RECEIVE report from the Chief Financial Services Officer. (HANDOUT)
  2. CONSIDER:
    1. adopting the updated Investment Policy;
    2. approving the Financial Institutions Resolution authorizing financial institutions to honor signatures of LACMTA Officials; and
    3. delegating to the Treasurer or his/her designees, the authority to invest funds for a one-year period, pursuant to California Government Code Section 53607.
  3. AUTHORIZE the Chief Executive Officer to award a nine-year, fixed fee Contract No. PS-5310-2583 to Wells Fargo Insurance Services USA, Inc. for insurance brokerage services in an amount of $2,654,100, inclusive of three two-year options, effective February 1, 2011.
  4. APPROVE the sale of the MTA’s equity share in David Solow’s residence for the amount of approximately $141,000.
  5. APPROVE the updated Compressed Natural Gas (CNG) Hedging Program.
  6. CONSIDER:
    1. establishing the policy for the Measure R 35% Transit Capital (“R35”) fund that all financing costs related to the R35 transit projects be attributed to “Capital Project Contingency” (refer to Board report, Attachment A to the Measure R Ordinance, line 18, page 2 of 4);
    2. authorizing the CEO to amend the Foothill Extension Funding Agreement to reduce the grant amount by $21.0 million from $690.0 million to $669 million to deduct the financing costs that will not be charged against the project budget pursuant to Recommendation A above, Attachment 1, and to amend the Agreement as set forth herein; and (Continued on next page)
    3. authorizing the CEO to amend the Foothill Extension Funding Agreement and the MTA’s FY 2011 budget to increase the grant amount by up to $21.0 million (from $669 million to up to $690.0 million) to reprogram the interest savings to the project budget.
  7. RECEIVE AND FILE the financial performance review of first quarter FY11 fiscal year budget.
  8. RECEIVE report of the Chief Executive Officer.

Consideration of items not on the posted agenda, including: items to be presented and (if requested) referred to staff; items to be placed on the agenda for action at a future meeting of the Committee or Board; and/or items requiring immediate action because of an emergency situation or where the need to take immediate action came to the attention of the Committee subsequent to the posting of the agenda.

COMMENTS FROM THE PUBLIC ON ITEMS OF PUBLIC INTEREST WITHIN COMMITTEE’S SUBJECT MATTER JURISDICTION

ADJOURNMENT

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