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Finance & Budget Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, February 16, 2011 2:30 p.m.

Agenda

Call to Order

Directors

Michael Antonovich, Chair
Ara Najarian, Vice Chair
Diane DuBois
Gloria Molina
Pam O'Connor
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.

    (ITEM BELOW HAS BEEN WITHDRAWN)

  2. 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
    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.
  3. AUTHORIZE staff to:
    1. begin recruitment for 32 additional positions within the Transit Project Delivery Division to support delivery of the Measure R Transit Program and other critical construction projects; and
    2. fill up to 10 of these positions during FY11, with the balance to be considered as part of the FY12 Budget approval process.

      (ALSO ON CONSTRUCTION COMMITTEE)

  4. APPROVE the sale of the MTA’s equity share in David Solow’s residence for the amount of approximately $141,000.
  5. 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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