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Finance Committee Meeting

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Finance Committee Meeting Finance Committee Meeting November 2014 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 Finance Committee Meeting 347 Madison Avenue, 5th Floor Board Room New York, NY 10017 Monday, 11/17/2014 12:30 - 1:45 PM ET 1. PUBLIC COMMENTS PERIOD 2. APPROVAL OF MINUTES – OCTOBER 27, 2014 Finance Committee Minutes - Page 4 3. 2014 COMMITTEE WORK PLAN Committee Work Plan - Page 16 4. BUDGETS/CAPITAL CYCLE Finance Watch Finance Watch - Page 24 5. MTA HEADQUARTERS & ALL-AGENCY ITEMS Report and Information Items Station Maintenance Billing Update - Page 36 Review and Assessment of the Finance Committee Charter - Page 39 MTA Wide Customer Satisfaction Presentation - Page 42 Procurements MTAHQ Procurement Report - Page 62 MTAHQ Non-Competitive Procurements - Page 64 MTAHQ Competitive Procurements - Page 66 6. METRO -NORTH RAILROAD & LONG ISLAND RAIL ROAD MNR Action Item - Page 68 MNR/LIRR Procurements - Page 86 7. NEW YORK CITY TRANSIT, and MTA BUS OPERATIONS NYCT Procurements - Page 94 8. BRIDGES AND TUNNELS B & T Procurement - Page 100 9. FIRST MUTUAL TRANSPORTATION ASSURANCE COMPANY (No Items) 10. MTA CONSOLIDATED REPORTS Statement of Operations - Page 104 Overtime Report - Page 112 Report on Subsidies - Page 116 Positions - Page 123 Subsidy, Interagency Loans and Stabilization Fund Transactions - Page 126 Farebox Recovery Ratios - Page 129 MTA Ridership - Page 130 Fuel Hedge Program - Page 154 11. REAL ESTATE AGENDA Action Items Approve Real Estate Action Items - Page 158 Report and Information Items Real Estate Info Items - Page 174 Date of the next meeting, Monday, December 15th at 12:30 PM Minutes of the MTA Finance Committee Meeting October 27, 2014 347 Madison Avenue New York, NY 12:30 PM The following Finance Committee members attended: Hon. Andrew M. Saul, Chairman Hon. Fernando Ferrer, Vice Chair Hon. Andrew Albert Hon. Jonathan A. Ballan Hon. John H. Banks III Hon. Robert C. Bickford Hon. Allen P. Cappelli Hon. Jeffrey A. Kay Hon. Mitchell H. Pally Hon. James L. Sedore, Jr. Hon. Polly Trottenberg Hon. Iris Weinshall Hon. Carl V. Wortendyke The following Finance Committee members did not attend: Hon. Norman Brown Hon. Charles G. Moerdler Hon. Vincent Tessitore, Jr. The following Board Members were also present: Hon. Ira Greenberg Hon. Susan G. Metzger Hon. John J. Molloy Hon. Neil Zuckerman The following MTA staff attended: Robert Foran Douglas Johnson Patrick McCoy Jeffrey Rosen Chairman Andrew Saul called the October 27, 2014 meeting of the Finance Committee to order at 12:30 PM I. Public Comments There were no public speakers. ________________________________________________________________________________ Master Page # 4 of 181 - Finance Committee Meeting 11/17/2014 II. Approval of Minutes The Committee approved the minutes to its prior meeting held on September 22, 2014. III. Committee Work Plan There was one change to the Work Plan. Mr. Douglas Johnson stated that one Reports and Information Item, the Contract Change Order Report, was rescheduled from November to the December meeting, and would be modified to incorporate some of the additional information requested by the Committee. IV. Budgets/Capital Cycle A. BudgetWatch Mr. Johnson presented BudgetWatch and noted that reporting in BudgetWatch compared preliminary operating results through September and subsidy results through October against the mid-year forecast that was part of the July Financial Plan. Operating Revenues: Overall passenger and toll revenues continue to come in strong, after the winter storm season. Combined passenger and toll revenue was better than forecasted for the month by $18.5 million, or 3.1% favorable, and YTD revenue is favorable by $50.5 million. Operating Expenses: Mr. Johnson reported that operating expenses were very favorable for the month and YTD; however, the majority of the variance is related to with the timing of the higher wages and benefits associated with the represented labor agreements that were captured in the July Financial Plan. There are timing delays between when the anticipated costs would hit and when they are actually being accrued, which has added to the favorable aspect for the month. Some Other Than Personal Services (OTPS) had some savings, however this also is due to timing variances. Mr. Johnson indicated that overall, expenses are trending in line with the mid- year forecast expectations. Debt Service Costs: Debt service costs were slightly favorable for the month and YTD, due to lower variable rates. Subsidies: Mr. Johnson noted that when compared with the mid-year forecast, overall YTD subsidies were $30 million net favorable. Higher collections of Urban Tax, PBT, and PMT were partially offset by lower collections of the Mortgage Recording Tax and MTA Aid. Overall: Overall, preliminary net results were favorable for the month and YTD due to favorable operating and subsidy revenues, and the lower debt service costs. Mr. Johnson further noted that in terms of expenses, overtimes costs are exceeding the forecast, but in the November Financial Plan the overtime baseline will be revisited and reforecasted. Additionally, staff will work with the agencies for a consistent approach on the best method to budget for overtime. The November Financial Plan will capture all of the forecasting nuances, including the timing variances discussed. ________________________________________________________________________________ Master Page # 5 of 181 - Finance Committee Meeting 11/17/2014 Discussion: Mr. Capelli inquired about whether accelerated service enhancements would be considered for inclusion in the November Plan budget, considering that revenues and ridership are positive. Mr. Robert Foran responded that no new services are contemplated other than normal service adjustments that take place in the year based on interim financial results. Mr. Foran further reiterated that there is still a deficit in the proposed 2015 – 2019 Capital Program, and management needs to address that before considering service enhancements. Mr. Johnson noted that while passenger and toll revenue increased, the ridership levels and utilization are not as robust, and that some of the increased revenue is due to changes in ticket types and the approach that people are taking for travelling. Mr. Capelli noted that recent ridership levels surpassed 6 million people on several days. Mr. Foran commented that farebox recovery ratio is 54% and while ridership might increase, expenses will as well, and that the favorable expense numbers this month were primarily due to timing variances. Mr. Foran further noted that incorporating service enhancements within the budget will be something the MTA continues to review to determine what is sustainable, but will not be built into the budget at this time. Mr. Pally commented that he believes from a political perspective it helps to do service enhancements before waiting for the 2015-2019 Capital Program to be fully funded. Lastly, Mr. Ballan inquired about why the Mortgage Recording Tax was lower and whether a change in refinancings led to the downturn. Mr. Johnson indicated he does not have a definitive answer, but staff is reviewing to understand whether it is due to refinancings. Mr. Foran noted that all- cash transactions might have an impact too and that staff is monitoring to determine if these types of one-shot transactions affect revenue sustainability. Mr. Johnson further indicated that MRT variances are based on the robust growth assumptions in the forecast, so they are projections of increases that have not occurred. B. FinanceWatch Mr. Patrick McCoy presented FinanceWatch (see pages 22 through 32 of the Committee book for the full report). Fuel Hedge: Mr. McCoy reported that on September 24, 2014, MTA executed an approximately 2.94 million gallon ultra-low sulfur diesel fuel hedge with Goldman, Sachs & Co./J Aron at an all-in price of $2.73/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 April 2015 through August 2016. Remarketings: Mr. McCoy discussed several remarketing transactions undertaken by the Finance Department. 1. TBTA Subordinate Variable Rate Refunding Bonds, Series 2000ABCD The existing standby bond purchases agreements with two banks were not renewed, so the bonds were remarketed as SIFMA floating rate notes with hard maturities, which means the bonds carry a rate equal to the SIFMA index plus a fixed rate spread, and once the bond reaches its maturity date, the bond is paid completely. Mr. McCoy noted the positive results and the low interest rates, specifically the SIFMA plus 0.005% for the ________________________________________________________________________________ Master Page # 6 of 181 - Finance Committee Meeting 11/17/2014 January 1, 2015 maturity, SIFMA plus 0.17% for the January 1, 2016 maturity, SIFMA plus 0.25% for the January 1, 2017 maturity, SIFMA plus 0.35% for the January 1, 2018 maturity, and SIFMA plus 0.44% for the January 1, 2019 maturity. Mr. McCoy indicated that staff was pleased with these results. The transaction was led by J.P. Morgan and Citigroup, together with the MBE joint venture of Rice Financial and Bank of New York Mellon as special co-senior manager. 2. Dedicated Tax Fund Refunding Bonds, Subseries 2008B-3a and 2008B-3c The DTF bonds, already in the SIFMA floating rate note mode, were remarketed again as SIFMA floating rate notes. Mr. McCoy noted that pricing was successful with good interest rates. The four year note priced at SIFMA plus 37 basis points and the five year note priced at SIFMA plus 45 basis points. The transaction was led by Goldman Sachs together with WBE firm Stern Brothers serving as special co-senior manager. 3. Transportation Revenue Bonds, Subseries 2008B-4 The $130 million TRB bonds will be remarketed through competitive bidding as five year mandatory put bonds later in the week.
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