July 23, 2010

 

REPORT OF THE FINANCE-AUDITING COMMITTEE/
COMMITTEE OF THE WHOLE

 

Honorable Board of Directors
Golden Gate Bridge, Highway
  and Transportation District

Honorable Members:

A meeting of the Finance-Auditing Committee was held in the Board Room, Administration Building, Toll Plaza, San Francisco, CA, on Friday, July 23, 2010, at 9:50 a.m., Chair Stroeh presiding.

Committee Members Present (9): Chair Stroeh; Vice Chair Pahre; Directors Cochran, Eddie, Elsbernd, Grosboll, Moylan and Sobel; President Boro (Ex Officio)
Committee Members Absent (0): None
Other Directors Present (3): Directors Kerns, Newhouse Segal and Reilly

Committee of the Whole Members Present (12): Directors Cochran, Elsbernd, Grosboll, Kerns, Moylan, Newhouse Segal, Pahre, Sobel and Stroeh; Second Vice President Eddie; First Vice President Reilly; President Boro (Ex Officio)
Committee of the Whole Members Absent (7): Directors Brown, Campos, Chu, Dufty, McGlashan, Sanders and Snyder

Staff Present: General Manager Celia G. Kupersmith; District Engineer Denis J. Mulligan; Auditor-Controller Joseph M. Wire; Attorney Madeline Chun; Deputy General Manager/Bridge Division Kary Witt; Deputy General Manager/Bus Transit Division Teri Mantony; Deputy General Manager/Administration and Development Z. Wayne Johnson; Public Relations Director Mary Currie; Executive Assistant to the General Manager Amorette Ko; Assistant Clerk of the Board Lona Franklin

     
1.

Ratify Actions by the Auditor-Controller

In a memorandum to Committee, Auditor-Controller Joseph Wire and General Manager Celia Kupersmith outlined commitments, disbursements and investments made on behalf of the Golden Gate Bridge, Highway and Transportation District (District). The report also included a copy of the District’s Investment Report from PFM Asset Management, LLC. A copy of the staff report, with attachments, is available in the Office of the District Secretary and on the District’s web site.

Staff recommended and the Committee concurred by motion made and seconded by Directors SOBEL/KERNS to forward the following recommendation to the Board of Directors for its consideration:

RECOMMENDATION

The Finance-Auditing Committee recommends that the Board of Directors authorize the following actions by the Auditor-Controller:

  a. The Board of Directors ratifies commitments and/or expenditures totaling $46,203.00 for the period June 1, 2010, through June 30, 2010.
  b. Ratify investments made by the Auditor-Controller during the period June 15, 2010, through July 12, 2010, as follows:
     
Security

Purchase

Date

Maturity

Date

Original

Cost

Percent

Yield

Barclays U.S. Funding Commercial Paper
6/28/2010
09/28/2010
$6,354,869.50
0.50
     
  c.
Authorize the Auditor-Controller to re-invest, within the established policy of the Board of Directors, investments maturing between July 13, 2010, and August 2, 2010, as well as the investment of all other funds not required to cover expenditures that may become available; and,
  d.

Accept the Investment Report for June 2010, as prepared by PFM.

Action by the Board at its meeting of July 23, 2010
CONSENT CALENDAR

     
  AYES (11): Chair Stroeh; Vice Chair Pahre; Directors Cochran, Eddie, Elsbernd, Grosboll, Kerns, Moylan, Newhouse Segal, Reilly and Sobel
NOES (0): None
     
2.

Monthly Review of Golden Gate Bridge Traffic/Tolls and Bus and Ferry Transit Patronage/Fares for Twelve Months Ending June 2010

In a memorandum to Committee, Auditor-Controller Joseph Wire and General Manager Celia Kupersmith provided a schedule comparing categories of Bridge traffic, as well as a monthly review of Bridge traffic, tolls, transit patronage and fares, for twelve months ending June 30, 2010. A copy of the report is available in the Office of the District Secretary and on the District’s web site.

Action by the Board – None Required

[President Boro arrived at this time.]

     
3. Monthly Review of Financial Statements for Twelve Months Ending June 2010
     
  a. Statement of Revenue and Expenses
     
 

In a memorandum to Committee, Auditor-Controller Joseph Wire and General Manager Celia Kupersmith provided a financial statement entitled, Statement of Operating Revenues and Expenses. A copy of the report is available in the Office of the District Secretary and on the District’s web site.

Action by the Board – None Required

     
  b. Statement of Capital Programs and Expenditures
     
 

In a memorandum to Committee, Director of Capital and Grant Programs Gayle Prior, Auditor-Controller Joseph Wire and General Manager Celia Kupersmith provided a financial statement entitled, Statement of Capital Programs and Expenditures. A copy of the report is available in the Office of the District Secretary and on the District’s web site.

Discussion ensued, including the following inquiry:

  • Director Cochran inquired as to whether reserve accounts could be specifically defined such that identification of the District’s obligations will be more straightforward. In response, Mr. Wire stated that staff is in the process of preparing a new format for reporting District reserves, which will be presented at a future Finance-Auditing Committee meeting for the Committee’s review.

Action by the Board – None Required

     
4.

FY 09/10 (Fourth Quarter) Quarterly Report on Authorized Budget Adjustments and Budget Transfers

n a memorandum to Committee, Auditor-Controller Joseph M. Wire and General Manager Celia G. Kupersmith provided a report entitled, FY 09/10 Fourth Quarterly Report on Authorized Budget Adjustments and Budget Transfers Executed Under the General Manager’s Authority and Board Authority. A copy of the report is available in the Office of the District Secretary and on the District’s web site.

Action by the Board – None Required

     
5.

FY 09/10 (Fourth Quarter) Quarterly Report on Contracts and Change Orders/Contract Amendments Executed Under the General Manager’s Authority

In a memorandum to Committee, Auditor-Controller Joseph M. Wire and General Manager Celia G. Kupersmith provided a report entitled, FY 09/10 Fourth Quarterly Report on Contracts and Change Orders/Contract Amendments Executed Under the General Manager’s Authority. A copy of the report is available in the Office of the District Secretary and on the District’s web site.

Action by the Board – None Required

     
6.

Public Comment

There was no public comment.

     
7.

Adjournment

All business having been concluded, the meeting was adjourned at 10:00 a.m.

     
     

Respectfully submitted,

s/ J Dietrich Stroeh, Chair
Finance-Auditing Committee