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Finance & Budget Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, March 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
Michael Miles, 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.

  2. AUTHORIZE the CEO to amend the Gold Line Foothill Extension Funding Agreementto:

    1. increase the Phase 2A budget by $45 million from $690 million to a
      total revised Life-of-Project ("LOP") budget of $735 million;
    2. allocate $27.4 million of the revised LOP budget to MTA to cover the
      estimated cost of Measure R bond financing to meet Phase 2A's
      accelerated schedule; and
    3. make all necessary modifications to the Agreement consistent with
      the discussions outlined.

    The below item has been withdrawn:

  3. APPROVE the sale of the MTA's equity share in David Solow's residence for the amount of approximately $141,000.
    (CARRIED OVER FROM FEBRUARY FINANCE AND BUDGET COMMITTEE)
  4. LABONGE AND VILLARAIGOSA MOTION that the MTA Board direct the CEO to work with the City of Los Angeles Department of Public Works to identify immediate strategies to eradicate damage and unsafe road conditions on Wilshire Boulevard. Further move that the MTA Board direct the CEO to develop a long-term strategy for ensuring that Wilshire Boulevard and other heavily traveled MTA bus routes are maintained in a first-class condition.(ALSO ON PLANNING AND PROGRAMMING COMMITTEE)

  5. VILLARAIGOSA, KNABE AND ANTONOVICH MOTION that the MTA Board direct the CEO to develop a recommended strategy and timeline, subject to future review and approval by the MTA Board, for transitioning to super low/zero emission buses.
    (ALSO ON OPERATIONS COMMITTEE)

  6. Adopt a resolution and authorize MTA to enter into a joint powers agreement with the County of Los Angeles allowing MTA to deposit temporary excess funds in the Los Angeles County Treasury Pool.

  7. Approve the FY12 Budget Planning Parameters.

  8. Receive and file the financial performance review of second quarter FY11 budget.

  9. Receive and file report on the proposed property insurance program for Operations.

  10. 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


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