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Finance Committee Meeting Finance Committee Meeting March 2015 Committee Members A. Saul, Chair F. Ferrer, Vice Chair A. Albert* J. Ballan J. Banks, III R. Bickford N. Brown A. Cappelli J. Kay C. Moerdler M. Pally J. Sedore, Jr. V. Tessitore, Jr* P. Trottenberg I. Weinshall C. Wortendyke N. Zuckerman* Finance Committee Meeting 2 Broadway, 20th Floor Board Room New York, NY 10004 Monday, 3/23/2015 12:30 - 1:45 PM ET 1. PUBLIC COMMENTS PERIOD 2. APPROVAL OF MINUTES – FEBRUARY 23, 2015 Finance Committee Minutes - Page 4 3. 2015 COMMITTEE WORK PLAN 2015 Work Plan - Page 12 4. BUDGETS/CAPITAL CYCLE BudgetWatch (Handout) Finance Watch FinanceWatch - Page 20 5. MTA HEADQUARTERS & ALL-AGENCY ITEMS Action Item Annual Procurement Report (Full report can be found in Director's Desk Document Center) - Page 32 Report and Information Items MTA Prompt Payment Annual Report - Page 33 Change Order Report - Page 44 Procurements MTAHQ Procurement Report - Page 48 MTAHQ Non-Competitive Procurement - Page 50 MTAHQ Competitive Procurements - Page 51 6. METRO-NORTH RAILROAD (No Items) 7. LONG ISLAND RAIL ROAD LIRR Action Item - Page 56 8. NEW YORK CITY TRANSIT, and MTA BUS OPERATIONS Action Item - Page 60 Procurements - Page 62 9. BRIDGES AND TUNNELS (No Items) 10. FIRST MUTUAL TRANSPORTATION ASSURANCE COMPANY (No Items) 11. MTA CONSOLIDATED REPORTS Statement of Operations - Page 68 Overtime Report - Page 75 Report on Subsidies - Page 78 Positions - Page 85 Subsidy, Interagency Loans and Stabilization Fund Transactions - Page 88 Farebox Recovery Ratios - Page 91 MTA Ridership - Page 92 Fuel Hedge Program - Page 116 12. REAL ESTATE AGENDA Action Items Real Estate Action Items - Page 120 Report and Information Items Real Estate Info Items - Page 139 Date of next meeting, Monday, April 27th 12:00 pm Minutes of the MTA Finance Committee Meeting February 23, 2015 2 Broadway, 20th Floor Board Room New York, NY 10004 12:00 PM The following Finance Committee members attended: Hon. Andrew M. Saul, Chairman Hon. Fernando Ferrer, Vice Chair Hon. Andrew Albert Hon. Robert C. Bickford Hon. Allen P. Cappelli Hon. Charles G. Moerdler Hon. Mitchell H. Pally Hon. James L. Sedore, Jr. Hon. Polly Trottenberg Hon. Iris Weinshall Hon. Carl V. Wortendyke Hon. Neil Zuckerman The following Finance Committee members did not attend: Hon. Jonathan A. Ballan Hon. John H. Banks III Hon. Norman Brown Hon. Jeffrey A. Kay Hon. Vincent Tessitore, Jr. The following Board Members were also present: Hon. John J. Molloy The following MTA staff attended: Robert Foran Douglas Johnson Patrick McCoy Jeffrey Rosen Chairman Andrew Saul called the February 23, 2015 meeting of the Finance Committee to order at 12:00 PM. I. Public Comments There was one public speaker. Mr. Murray Bodin discussed the Manual on Uniform Traffic Control Devices from the Federal Highway Administration and roadway markings on TBTA bridges. Mr. Bodin voiced his concerns about potential financial liability if the manual is not followed. ________________________________________________________________________________ Master Page # 4 of 145 - Finance Committee Meeting 3/23/2015 II. Approval of Minutes The Committee approved the minutes to its prior meeting held on January 20, 2015. III. Committee Work Plan Mr. Douglas Johnson noted there is one change to the 2015 Committee Work Plan. The Independent Accountant’s Audit and Review Report of MTA’s Financial Statements will be presented to the Committee as a Reports and Information Item in April 2015. Additionally, quarterly reports for the first, second, and third quarters of 2015 will be presented in June, September and January 2016, respectively. It is expected that the reporting cycle will continue on this schedule for future meetings (see pages 12 through 19 of the Committee book for the Work Plan). IV. Budgets/Capital Cycle A. BudgetWatch Mr. Johnson presented BudgetWatch and noted that reporting in BudgetWatch focuses on January operating results and subsidy results through February. BudgetWatch compares these preliminary results with the 2015 Budget, which is included in the February Financial Plan. Operating Revenues: Overall passenger and toll revenues were $23.7 million, or 5.4% unfavorable due to lower ridership attributable to adverse winter weather and the temporary suspension of service on January 27, 2015. Specifically, NYCT revenues were $22.4 million or 6.6% unfavorable. LIRR passenger revenues were $0.8 million, or 1.5%, unfavorable. Metro- North revenues were $0.6 million, or 1.1%, unfavorable. Toll revenues were $1.1 million, or 0.9%, unfavorable. Subsidies: Mr. Johnson reported that overall subsidies through February were positive. The Payroll Mobility Taxes receipts were $7.6 million, or 2.5%, favorable. The Petroleum Business Tax (PBT) receipts were $14.7 million, or 14.8% favorable. In addition, collections from real property transfer taxes captures within the category of the NYC Urban Tax were strong in January and February. Overall, real estate transaction taxes were $32.0 million favorable, increasing the YTD variance to $78.3 million, or 45.1%. Overall: Overall results were positive, with YTD subsidies significantly favorable due to robust collections of real estate transactions taxes as well as favorable PBT and PMT collections. Net operating results were slightly unfavorable due to weather related decline in passenger revenues. Discussion: Mr. Albert asked whether staff had calculated the specific loss to the MTA due to the shutdown of the system on January 27, 2015. Mr. Johnson indicated that the analysis has not been undertaken, but staff would do so. B. FinanceWatch Mr. Patrick McCoy presented FinanceWatch (see pages 20 through 31 of the Committee book). ________________________________________________________________________________ Master Page # 5 of 145 - Finance Committee Meeting 3/23/2015 Fuel Hedge: Mr. McCoy reported that on January 29, 2015, MTA executed an approximately 2.9 million gallon ultra-low sulfur diesel fuel hedge with J.P. Morgan Ventures Energy Corporation at an all-in price of $1.81/gallon. Three of MTA’s existing approved commodity counterparties participated in competitive bidding on the transaction: Goldman, Sachs & Co./ J Aron, J.P. Morgan Ventures Energy Corporation, and Merrill Lynch Commodities Inc. The hedge covers the period from January 2016 through December 2016. New Money Transaction Statistics: Mr. McCoy discussed the statistics of the recent new money $850 million transaction, the Transportation Revenue Bonds, Series 2015A. The transaction was divided into two tranches, $600 million in Subseries 2015A-1 fixed rate bonds and $250 million in Subseries 2015A-2 term rate bonds, issued as floating rate notes. Mr. McCoy noted that the bonds were issued in favorable market conditions and the bonds had an all-in TIC of 3.99%. Specifically, Subseries 2015A-1 and Subseries 2015A-2 had an all-in TIC of 3.72% and 4.72%, respectively. Mr. McCoy noted that the all-in TIC for the 2015A-2 assumes a budgeted rate of 4.0%, but MTA is seeing much lower rates in the market. J.P. Morgan Securities was senior manager and led the transaction together with co-senior manager Williams Capital, working along with the rest of the MTA syndicate. Remarketings: Mr. McCoy discussed several remarketing transactions that were undertaken by the Finance Department in January. All of the remarketings were TBTA General and Subordinate Revenue Bonds. Total par amount being remarketed was $559.4 million. Several of the remarketings were due to the expiration of letters of credit by their own terms, and the substitution with new banks to provide credit enhancement. Specifically the new banks providing credit enhancement are PNC, Wells Fargo, and TD Bank. Mr. McCoy commented that the variable rate bonds were issued as both weekly and daily rates, which continue to give MTA good exposure to the short yield curve. In addition, $46.1 million of TBTA General Revenue Variable Rate Bonds, Subseries 2003B-2 were issued as FRNs with favorable results in the market and a final interest rate of 67% of 1-Month LIBOR, plus 35 basis points (see all of the remarketings subseries listed in the Committee book on pages 21 and 22). Upcoming Transactions: Mr. McCoy indicated that the next new money transaction will be the upcoming $300 million TRB Series 2015B, which will retire $300 million of Bond Anticipation Notes (BANs), issued through Merrill Lynch and KeyBank in 2013. The BANs will be retired with the issuance of longer maturing bonds. Pricing will occur on March 9 and 10, with a closing date of March 19, 2015. V. MTA Headquarters and All-Agency Items A. Action Items Mr. Johnson reported that there were four action items for MTA Headquarters and All-Agency items. Service Disabled Veteran-Owned Firms to Serve as Co-Managers Addition of Outside Counsel to Approved Panel Mortgage Recording Tax-Escalation Payments to Dutchess, Orange, and Rockland Counties 2014 TBTA Operating Surplus ________________________________________________________________________________ Master Page # 6 of 145 - Finance Committee Meeting 3/23/2015 1. Service Disabled Veteran-Owned Firms Mr. Johnson reported the first action item was for Board approval to qualify two municipal underwriting firms, Academy Securities and Drexel Hamilton, LLC, for assignments in the role of co-manager for MTA bond and note issuances (see page 32 of the Committee book). The bond issuances are made in connection with the MTA financed portion of approved capital programs as well as for financing of special projects outside
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