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Finance Committee Meeting

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Finance Committee Meeting Finance Committee Meeting April 2018 Committee Members L. Schwartz, Chair F. Ferrer, Vice Chair N. Brown* I. Greenberg* D. Jones C. Moerdler J. Molloy M. Pally S. Rechler P. Trottenberg V. Vanterpool J. Vitiello P. Ward C. Weisbrod C. Wortendyke N. Zuckerman Finance Committee Meeting 2 Broadway, 20th Floor Board Room New York, NY 10004 Monday, 4/23/2018 12:15 - 1:30 PM ET 1. PUBLIC COMMENTS PERIOD 2. APPROVAL OF MINUTES – MARCH 19, 2018 Finance Committee Minutes - Page 4 3. 2018 COMMITTEE WORK PLAN 2018 Work Plan - Page 10 4. BUDGETS/CAPITAL CYCLE BudgetWatch (Handout) Finance Watch Finance Watch - Page 18 5. MTA HEADQUARTERS & ALL-AGENCY ITEMS Action Item MTA 2017 Annual Investment Report (Full Report Available in the Exhibit Book and MTA.Info) - Page 28 Report and Information Items Annual Report of Variable Rate Debt Presentation (Exhibit Book & MTA.Info) DRAFT MTA Financial Statements Fiscal Year-End Twelve-Months Ended December 2017 (Exhibit Book & MTA.Info) Procurements MTAHQ Procurement Report - Page 30 MTAHQ Competitive Procurements - Page 32 MTAHQ Ratifications - Page 37 6. METRO-NORTH RAILROAD & LONG ISLAND RAIL ROAD LIRR Procurement - Page 45 7. NEW YORK CITY TRANSIT, and MTA BUS OPERATIONS NYCT Procurements - Page 47 8. BRIDGES AND TUNNELS B&T Procurements - Page 49 9. FIRST MUTUAL TRANSPORTATION ASSURANCE COMPANY Capital Market Based Re Insurance - Page 53 10. MTA CONSOLIDATED REPORTS Statement of Operations - Page 57 Overtime - Page 63 Subsidy, Interagency Loans and Stabilization Fund Transactions - Page 68 Debt Service - Page 77 Positions - Page 79 Farebox Operating and Recovery Ratios - Page 82 MTA Ridership - Page 83 Fuel Hedge Program - Page 107 11. REAL ESTATE AGENDA Action Items Real Estate Action Items - Page 111 Report and Information Items Real Estate Info Items - Page 180 Minutes of the MTA Finance Committee Meeting March 19, 2018 2 Broadway, 20th Floor Board Room New York, NY 10004 Scheduled 1:00 PM The following Finance Committee Members attended: Hon. Lawrence Schwartz, Chair Hon. Fernando Ferrer, Vice Chair Hon. Norman E. Brown Hon. Ira Greenberg Hon. Charles G. Moerdler Hon. Mitchell H. Pally Hon. Veronica Vanterpool Hon. Peter Ward Hon. Carl Weisbrod Hon. Carl V. Wortendyke The following Finance Committee Members did not attend: Hon. David R. Jones Hon. John J. Molloy Hon. Scott Rechler Hon. Polly Trottenberg Hon. James E. Vitiello Hon. Neal Zuckerman The following Board Members were also present: Hon. Andrew Albert Hon. Susan G. Metzger The following MTA staff attended: Robert Foran Douglas Johnson Marcia Tannian David Ross David Florio Chairman Schwartz called the March 19, 2018 meeting of the Finance Committee to order at 1:35 PM. I. Public Comments There were no public speakers. II. Approval of Minutes The Committee voted to approve the minutes to its prior meeting held on February 20, 2018 (see pages 4 through 10 of the Committee book). ________________________________________________________________________________ Master Page # 4 of 192 - Finance Committee Meeting 4/23/2018 III. Committee Work Plan There were no changes to the Work Plan (see pages 12 through 19 of the Committee book). IV. Budgets/Capital Cycle A. BudgetWatch Mr. Douglas Johnson presented BudgetWatch (see the MTA website for the entire BudgetWatch http://web.mta.info/mta/ind-finance/budgetwatch.pdf). Reporting in BudgetWatch focuses on February operating results and subsidy results through March. Revenues: Mr. Johnson reported that for the month of February 2018, passenger revenues were unfavorable by $6.0 million, increasing the unfavorable YTD variance to $30 million. He noted that these unfavorable results were primarily from lower subway and bus ridership as well as the impact of adverse weather, especially from Winter Storm Grayson in January 2018. MTA Bus was favorable for February, but remained unfavorable YTD. Mr. Johnson reported that commuter railroads were close to target for both February and YTD. Toll revenues were favorable by $3 million for the month, increasing the favorable YTD variance to $7 million. Expenses: Mr. Johnson reported that preliminary expenses for February and YTD were slightly favorable, reflecting higher labor expenses at NYCT, including overtime, which were offset by favorable results at other agencies. Debt service costs were unfavorable due to the timing of debt service deposits, but remain slightly favorable YTD. Subsidies: Mr. Johnson reported that subsidies in March were unfavorable by $25.2 million, and the YTD variance was unfavorable by $17.2 million. He noted that included in these variances was an unfavorable timing variance for MTA Aid of approximately $22 million. Adjusted for timing, the subsidies are considered mostly on target. Mortgage Recording Tax collections were unfavorable, both for March and YTD, and were offset by favorable March and YTD results for the Urban Tax and Petroleum Business Tax. Mr. Johnson further noted that Payroll Mobility Tax receipts were on target for March and remain favorable YTD. Overall: Mr. Johnson summarized that overall, preliminary results were roughly on target for the month and YTD, noting it is still too early in the year to draw conclusions. Mr. Johnson further commented that the unfavorable results for NYCT passenger revenue and for the Mortgage Recording Tax are a matter of concern and staff will be monitoring. B. FinanceWatch Ms. Marcia Tannian presented highlights from FinanceWatch (see pages 22 through 32 of the Committee book for the complete FinanceWatch report). Rating Action: Ms. Tannian reported that on March 12, 2018, S&P Global Ratings lowered its long-term rating on all outstanding MTA Transportation Revenue Bonds (TRBs) to A+ from AA-, with a negative outlook. She noted that the downgrade was under S&P’s Mass Transit Enterprise Rating criteria, and S&P applies an enterprise rating to the TRBs despite the gross ________________________________________________________________________________ Master Page # 5 of 192 - Finance Committee Meeting 4/23/2018 revenue pledge that protects bondholders on those bonds. Ms. Tannian noted the factor causing the concern for S&P was the net debt service coverage and that S&P noted it will be looking for additional sustainable and recurring revenues to address this concern. Upcoming Transaction: Ms. Tannian reported that there would be a competitive pricing for a remarketing of TRB Subseries 2002D-2b (LIBOR Floating Rate Tender Notes) on Tuesday, March 20, 2018, and that Mr. Patrick McCoy would provide results of the transaction at the April meeting. Discussion: Mr. Pally inquired whether the downgrade will affect the interest rates achievable on the upcoming transaction. Ms. Tannian responded that on any given day gauging the effect of the lower bond rating on interest rates is challenging because the municipal market can vary. She noted that correlation can be challenging, and that, for example, the MTA had a refunding in September and again in November, and the results were different even though the ratings were the same. V. MTA Headquarters and All-Agency Items A. Action Item Mr. David Ross reported that there was one action item, the All-Agency Annual Procurement Report. Mr. Johnson noted the action item is to authorize filing the annual MTA All-Agency Procurement report for the period January 1, 2017 – December 31, 2017, with the State of New York, as required under Section 2879 of the State Public Authorities Law (see page 30 of the Committee book for the staff summary). The Committee voted to recommend the action item to the Board for approval. B. Reports and Information Items Mr. Ross noted there were two Reports and Information Items, the quarterly Contract Change Order Report (see pages 31 through 33 of the Committee book) and the MTA Prompt-Payment Annual Report 2017 (see pages 34 through 36 of the Committee book). 1. Quarterly Contract Change Order Report This report shows the fourth quarter 2017 contract change orders with values between $250,000 and $750,000. Contracts with larger values are captured within monthly procurement packages. 2. MTA Prompt-Payment Annual Report 2017 Mr. Johnson highlighted the report, noting MTA-wide success in meeting mandated prompt payment deadlines including a decrease in the interest penalties incurred as a result of late payment. In 2017, MTA, agency-wide, paid a total of $51,706 interest on the total invoice value of $11.8 billion. This is a 10.1% decrease in the amount of prompt payment interest compared to the 2016 amount. C. Procurements Mr. Ross reported that that there were 17 procurements for MTA Headquarters for a total of ________________________________________________________________________________ Master Page # 6 of 192 - Finance Committee Meeting 4/23/2018 $102,461,234, including seven competitive procurements for personal services contracts and modifications for a total of $7,762,723, and 10 procurement actions for ratification pursuant to Executive Order 168 for a total of $94,698,511 (see pages 37 through 51 of the Committee book for details on the all the MTAHQ procurements). Mr. Ross noted that one of the ten items for ratification is for MTAHQ and the rest are NYCT, of which eight were competitive. Discussion: Mr. Albert inquired regarding the item related to LED interior lights being installed on 100 R46 and 240 R62A subway cars and whether the lighting will be the same color as currently installed lights. Mr. Steve Plochochi, Senior Vice President Operations Support, Materiel, New York City Transit, answered that he knows the lighting will be brighter, but he will need to check and follow-up regarding the color. The Committee voted to recommend the procurement items before the Board for approval. VI. Metro-North Railroad A. Action Item (Metro-North and LIRR) Mr. Johnson reported that there was one action item for both Metro-North and LIRR, to extend the refund period for unused portions of one-way, round trip, and ten trip tickets for an additional two year period, to bring the railroads into compliance pursuant to Public Authorities Law Section 1266-k, which became effective in December 2017 (see pages 52 and 53 of the Committee book).
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