[00:00:02]
[Call to Order]
AFTERNOON EVERYBODY.THANK YOU FOR JOINING US FOR THE AUSTIN TRANSIT PARTNERSHIP BOARD MEETING.
TODAY IS AUGUST 23RD, AND I'M GONNA CALL THE MEETING TO ORDER.
THE MEETING IS BEING CONDUCTED AT THE A T P HEADQUARTERS, WHICH IS LOCATED AT 2 0 3 COLORADO STREET IN AUSTIN, TEXAS, AND IT'S TWO O'CLOCK.
AS A REMINDER FOR FOLKS, THE AUSTIN TRANSIT PARTNERSHIP PROVIDES AMERICAN SIGN LANGUAGE AND OTHER INTERPRETER SERVICES.
UH, STAFF REQUEST THAT YOU GIVE 24 HOURS NOTICE IF YOU'RE GOING TO NEED THOSE SERVICES.
IF YOU NEED THE SERVICE IN THE FUTURE, UH, PLEASE CONTACT THE A T P BOARD LIAISON CHLOE MAXWELL, UM, AND WE'LL MAKE SURE THAT THE CHLOE WILL MAKE SURE THAT THE INFORMATION IS, UH, IS A PART OF THE AGENDA POSTING.
UH, OUR CHAIR COULD NOT BE WITH US TODAY.
SHE IS, HOWEVER, JOINING US VIRTUALLY, SHE'S HAVING ONE OF THOSE PROUD MOM MOMENTS WHERE SHE'S MOVING A KID INTO COLLEGE.
UM, AND SHE'S A LONG WAY AWAY, BUT SHE HAS ALREADY HARASSED ME BY TELLING ME IT'S 77 DEGREES THERE,
UM, WE'RE, WE'RE GLAD SHE CAN JOIN US VIRTUALLY.
UM, I WANNA NOTE ONE CHANGE IN TODAY'S AGENDA.
UH, WE WILL NOT TAKE UP THE ITEM FROM THE INTERNAL AUDIT.
UH, THE FISCAL YEAR 2024 PROPOSED AUDIT PLAN IS INCLUDED, HOWEVER, IN YOUR AGENDA PACKET.
AND ALTHOUGH MS. HOUSTON COULD NOT BE WITH US TODAY, SHE REMAINS AVAILABLE.
SHOULD THE BOARD HAVE QUESTIONS RELATED TO MAT THE MATERIALS THAT ARE IN YOUR PACKET, UH, THE ITEM WILL BE POSTPONED UNTIL OUR SEPTEMBER BOARD MEETING.
UM, SO UNLESS ANYBODY'S GOT ANY QUESTIONS, WELL, IT'S ALSO AN
[1. Official Seating of New ATP Board Member]
EXCITING TIME, UM, THAT BECAUSE, UH, WE GET TO WELCOME OUR NEW BOARD BOARD MEMBER, JOHN LANG MOORE, TO HIS VERY FIRST MEETING.IT'S NOT HIS FIRST MEETING ON AN IMPORTANT BOARD, BUT IT'S HIS FIRST MEETING ON THE AT, UH, OF THE A T P BOARD.
UM, MR. LANG MOORE WAS APPOINTED IN JULY.
UH, THAT'S A PROCESS THAT IS APPROVED BY BOTH THE AUSTIN CITY COUNCIL AND THE CAPITAL METRO BOARD OF DIRECTORS.
AND NOW BOARD MEMBER LANG MOORE REPRESENTS THE COMMUNITY EXPERT IN FINANCE, UH, ON THE A T P BOARD.
AND I WANNA RECOGNIZE, UH, BOARD MEMBER LANG MOORE AND ASK HIM IF HE WANTS TO SAY ANYTHING.
I DON'T EVEN KNOW HOW TO TURN THIS ON, I GUESS.
THAT, THANK YOU, MAYOR WATSON.
UM, ALL I WOULD SAY IS I LOOK FORWARD TO WORKING WITH EVERYONE IN THIS ROOM AND ALL THE OTHERS ON DELIVERING, YOU KNOW, A PROJECT THAT'S GOING TO REALLY TRANSFORM AUSTIN.
SO I LOOK FORWARD TO CARRYING ON THE WORK, UM, AND WORKING WITH ALL OF YOU, EVERYBODY.
WE'RE FORTUNATE TO HAVE YOU ON THE BOARD, AND WE APPRECIATE THE WILLINGNESS TO SERVE.
THE, UH, A T P TECHNICAL ADVISORY COMMITTEE REPORTS ARE A SUMMARY OF EACH OF THE COMMITTEE MEETINGS THAT OCCUR BETWEEN BOARD MEETINGS.
THE REPORTS ARE INCLUDED AS PART OF YOUR BACKUP TODAY.
[4.1 Project Connect Status Report / Board Brief]
I'LL RECOGNIZE OUR EXECUTIVE DIRECTOR FOR THE MONTHLY REPORT FROM THE DIRECT EXECUTIVE DIRECTOR.I APPRECIATE, UH, KICKING OFF THIS MEETING.
I ALSO WANT TO WELCOME BOARD MEMBER LANGOR FOR JOINING US, UM, AS WE, UH, CONTINUE TO ADVANCE PROJECT CONNECT AND AUSTIN LIGHT RAIL ON BEHALF OF THE CITIZENS OF AUSTIN'S WITH OUR PARTNERS AT THE CITY AND CAPITAL METRO.
OBVIOUSLY, THIS IS A DAY, WE'RE GONNA SPEND SOME TIME GOING THROUGH OUR PROPOSED BUDGET, BUT REMIND EVERYONE THAT WE HAVE, UH, LOTS OF OTHER ACTIVITIES GOING ON AT AUSTIN TRANSIT PARTNERSHIP.
FIRST AND FOREMOST, UH, WE CONTINUE TO PUT OUT OUR PROJECT CONNECT, UH, STATUS REPORT, UH, THAT IS AN INFORMATION PACKET THAT PROVIDES UPDATES ON THE OVERALL PROGRAM, HOW WE'RE DOING WITH THE PARTNERS, AND SOME OF THE ACTIVITIES, AS WELL AS OUR ADMINISTRATIVE UPDATES.
UM, SO WE'LL CONTINUE TO DO THAT.
AS I SAID, IT'S PROBABLY A BROKEN RECORD NOW.
THIS REPORT WILL GET LONGER AND LONGER.
AS WE CONTINUE TO ADVANCE THAT PROJECT AND CONTINUE TO PUT OUT MORE INFORMATION.
I THINK PEOPLE SAW HOW WE WENT THROUGH THE, UM, THE PROCESS, THE COMMUNITY PROCESS, AND HOW WE PUT SO MUCH INFORMATION OUT IN OUR DATA PORTAL.
AND WE CONTINUE, UH, TO CONTINUE TO POPULATE THAT AS WE MOVE FORWARD IN THE PROJECT.
ON THE NEXT SLIDE, UM, I WANTED TO REALLY STOP AND TALK ABOUT ONE OF THE SHOOTS OF WORK, THE THREADS OF WORK WE'VE HAD GOING ON.
UH, A LOT OF OUR FOCUS, UH, FROM AN EXTERNAL PERSPECTIVE WAS ADVANCING THE AUSTIN AND LIGHT RAIL IMPLEMENTATION PLAN, WHICH WAS UNANIMOUSLY ADOPTED BY THE AUSTIN TRANSIT PARTNERSHIP, CAPITAL METRO, AND THE CITY OF AUSTIN IN JUNE.
BUT OUR WORK OVER THE LAST MONTHS WAS ALSO MAKING SURE THAT WE WERE ON JUNE 7TH AFTER THAT, READY TO KEEP ADVANCING THE PROJECT.
AND A LOT OF THAT IS MAKING SURE THAT WE CONTINUE TO GROW THE EXPERTISE AND THE CAPACITY THAT WE HAVE, UH, AT THE AUSTIN TRANSIT PARTNERSHIP TO MOVE FORWARD ON, ON THIS PROJECT.
[00:05:01]
THAT ARE JUST ABOUT WRAPPING UP ON SEVERAL AREAS.REALLY KEY, UM, FROM A READINESS AND CAPACITY PERSPECTIVE AROUND PROCUREMENT PROJECT CONTROLS AND QUALITY ASSURANCE.
YOU'RE GONNA HEAR A LOT MORE ABOUT THIS IN THE MONTHS AND YEARS AHEAD AS WE START MOVING FROM PLANNING INTO CONTRACTING AND CONSTRUCTION.
UM, AND THEN WE HAVE COMPLETED TWO CONTINUED ON THE ENVIRONMENTAL PLANNING SIDE, UH, AS PART OF THE NEPA PROCESS WITH, UH, JEN PINE IS GONNA TALK A LITTLE BIT ABOUT THAT, AS WELL AS OUR ARCHITECTURAL AND DESIGN STUFF.
WE'RE REALLY EXCITED ABOUT THE TEAM AND THE CAPACITY THAT WE HAVE BUILT HERE.
UM, COLLECTIVELY, WE HAVE, AS AN ORGANIZATION, OVER 250 YEARS OF EXPERIENCE, OVER 15 PROJECTS NATIONALLY AND INTERNATIONALLY WORKING ON LIGHT RAIL.
SO WE HAVE THIS WIDESPREAD EXPERTISE AND CAPACITY, BUT WE ALSO HAVE THIS GREAT LOCAL KNOWLEDGE TO CONTINUE WORKING WITH THE COMMUNITY AND OUR PARTNERS.
AND ONE OF THE REASONS WE'RE GETTING TO ATTRACT SUCH GREAT TALENT IS 'CAUSE OF THE FOLKS WE HAVE, RIGHT? PEOPLE SEE THAT WE'RE MOVING THIS, THIS PROJECT FORWARD.
SO WE'LL CONTINUE TO UPDATE THIS.
THIS IS REALLY AN IMPORTANT PART, ESPECIALLY AS WE WORK WITH OUR FEDERAL PARTNERS.
I'M GONNA HAVE JEN PINE COME UP AND TALK A LITTLE BIT ABOUT, UH, A VISIT WE JUST HAD WITH, UH, F T A.
SO JEN PINE, UH, AS A REMINDER, IS OUR EXECUTIVE VICE PRESIDENT OVER PLANNING COMMUNITY AND FEDERAL PROGRAMS. UH, REALLY AT THIS STAGE OF THE PROJECT HAS A HEAVY LIFT ON HER SHOULDERS, WORKING WITH HER TEAM AND EVERYBODY.
UM, SO AS GREG MENTIONED, WE DID, UH, GO UP TO FORT WORTH ON AUGUST 1ST.
UM, BUT WE'RE ACTUALLY WORKING WITH F T A IN A NUMBER OF DIFFERENT AREAS.
UM, ONE OF THOSE IS, UH, RELATED TO THE NEW RECIPIENT PROCESS.
SO BACK IN JUNE, ONE OF THE CHANGES WAS WERE UPDATES TO THE J P A THAT, UM, IDENTIFIED A T P AS THE FUTURE GRANTEE, UH, FOR GRANTS ASSOCIATED WITH THE LIGHT RAIL PROJECT.
SO THERE'S A PROCESS, YOU KNOW, INVOLVED THERE.
UH, ESSENTIALLY WE NEED TO DEMONSTRATE, YOU KNOW, THAT WE HAVE FEDERALLY COMPLIANT POLICIES, LIKE, FOR EXAMPLE, FOR IN PROCUREMENT CIVIL RIGHTS PROGRAMS AND THE LIKE, AND THAT WE HAVE THE TECHNICAL CAPACITY, UH, TO DELIVER THIS PROJECT.
SO OUR, UH, COORDINATION WITH FT A IS REALLY ABOUT DEMONSTRATING THAT AND WHAT WE NEED TO PROVIDE IN THE BACK AND FORTH THAT THAT'S GOING TO OCCUR.
SO THIS IS REALLY THE BEGINNING OF THAT CONVERSATION.
UH, THERE ARE A COUPLE OTHER SORT OF IMPORTANT THREADS OF CONVERSATION WITH F T A.
ONE IS, UH, WITH THE NEPA PROCESS.
UM, WE HAVE BEEN IN THE NEPA PROCESS FOR A COUPLE OF YEARS NOW.
UH, BUT NOW THAT WE'VE CLARIFIED THE PROJECT THAT WE INTEND TO PURSUE, UM, WE NEED TO PIVOT TO MAKE SURE THAT IT'S CLEAR THAT WE'RE EVALUATING, YOU KNOW, THIS PROJECT AT THIS TIME.
SO WE'RE WORKING WITH F T A TO KIND OF WORK THROUGH SOME OF THE LOGISTICS OF THAT WITH THE NEPA PROCESS.
UM, AND FINALLY, THE CAPITAL IMPROVEMENTS GRANT PROGRAM.
THIS IS THE FUNDING THAT WE'RE LOOKING AT MAYBE ON THE ORDER OF 50% FEDERAL PARTICIPATION IN THE CAPITAL COSTS FOR THE LIGHT RAIL PROJECT.
UM, SO THAT IS A YEARS LONG PROCESS TO STEP THROUGH, UH, THAT RESULTS IN A GRANT AGREEMENT.
UM, SO, UH, WE ARE ALSO WORKING WITH F T A ON THE BEST WAY TO ORIENT.
UH, WE'RE GOING TO BE ENTERING PROJECT DEVELOPMENT, YOU KNOW, FOR THIS PROJECT, YOU KNOW, WITH A T P AS A PROJECT SPONSOR.
UH, SO WE'RE WORKING THROUGH WHAT THE RIGHT TIMING FOR THAT IS.
AND ONE OF THE KEY CONSIDERATIONS THERE IS THE FACT THAT THE FIRST PHASE OF THAT, UH, IS CALLED PROJECT DEVELOPMENT.
THERE'S A LOT OF THINGS THAT WE NEED TO COMPLETE WITHIN THAT TWO YEAR TIMEFRAME.
SO WE'RE BEING VERY THOUGHTFUL RIGHT NOW ABOUT WHAT OUR WORK PLAN IS, WHAT WE NEED TO DO, SO THAT WE HAVE A, A PRETTY GOOD IDEA OF HOW WE'RE GONNA GET THESE THINGS COMPLETED WITHIN THAT TIMEFRAME.
SO I BELIEVE THERE'S ONE MORE SLIDE.
UH, THIS IS JUST FOLLOWING UP A LITTLE BIT ON OUR DIALOGUE WITH REGION SIX, AGAIN, ABOUT OUR CAPACITY AND, UH, BEING IN A POSITION TO BECOME A GRANT RECIPIENT.
JUST SOME OF THE KEY THINGS THAT WE'RE TALKING ABOUT.
UH, WE NEED TO DEMONSTRATE OUR LEGAL AUTHORITY, UH, TO RECEIVE FEDERAL FUNDS.
UH, BUT WE'RE ALSO SHARING A LOT OF OUR FINANCIAL PLANS AND POLICIES, PROCEDURES, SO THAT THEY UNDERSTAND THAT WE'RE IN A POSITION, UH, TO MANAGE THE FUNDS ASSOCIATED WITH THE PROJECT LIKE THIS.
UH, WE'RE ALSO TALKING ABOUT AND, AND DEMONSTRATING THE TECHNICAL CAPACITY WITHIN THIS ORGANIZATION.
I MEAN, REALLY, WE'RE BUILT TO DO THIS, UM, AND MAKING SURE F T A GETS TO KNOW ALL THE DIFFERENT PEOPLE THAT THEY NEED TO KNOW IN OUR ORGANIZATION.
UM, AND ULTIMATELY, UH, TO SHOW THAT WE'RE ABLE TO MEET FEDERAL REQUIREMENTS AND ALL THE WORK THAT WE DO.
UM, AND ALSO TO BE ABLE TO EFFECTIVELY, YOU KNOW, REPORT ON THE BUDGET HOW WE'RE, WE'RE SPENDING, UM, ALL THE TAXPAYER MONEY FROM ALL THE DIFFERENT SOURCES.
UH, AND OUR NEXT BOARD MEETING, WE'LL BE BACKBOARD TO TALK REALLY MORE IN DEPTH ABOUT THESE FEDERAL PROCESSES, UM, AND IN FACT HAVE, UH, UH, AN ACTION ON ABOUT FORMALLY KICKING OFF OUR FEDERAL, UH, OUR FEDERAL PROCESS FROM THE BOARD, UH, TO F T A.
JUST A LITTLE PIECE TO THAT FOR NOW.
[00:10:01]
IT'S YOUR FIRST MEETING, MAN.I JUST WANTED TO GET IT OVER WITH.
WE KNOW EACH OTHER FAIRLY WELL, AS YOU CAN TELL.
BOARD MEMBER LANG MOORE, YOU'VE GOT THE FLOOR.
UM, ARE, ARE THEY, UH, PREDISPOSED TO WORK WITH US? LIKE, YOU KNOW, EVERYBODY WAS SMILING IN THE PHOTOGRAPHS, SHIFTING FROM A TRANSIT AGENCY TO AN UPSTART AGENCY.
WHERE'S THE FT A IN TERMS OF, YOU KNOW, THEIR SENTIMENT TOWARDS, UM, MAKING US THE GRANTEE? WELL, YOU KNOW, IN OUR CONVERSATIONS TO DATE, UM, YOU KNOW, THE FT A HAS EXPRESSED THAT THEY'RE GONNA WORK THROUGH THIS PROCESS WITH US.
UM, YOU KNOW, IT'S AN INTERESTING TIME BECAUSE WE'RE NOT THE ONLY ONES, UH, DOING THIS, UM, WITH THE, UM, MORE RECENT CENSUS THAT HAS ADJUSTED THINGS.
YOU HAVE A, ALL AROUND THE COUNTRY, UH, DIFFERENT ORGANIZATIONS BECOMING, UH, NEW RECIPIENTS OF FEDERAL FUNDS.
UH, AND ALSO YOU SEE ORGANIZATIONS LIKE OURS, UM, THAT ARE FORMING, YOU KNOW, AS A BEST PRACTICE TO DELIVER PROGRAMS LIKE THIS.
SO IT'S SOMETHING THAT F T A IS SEEING ENOUGH THAT THEY'VE ACTUALLY DEVELOPED, UM, A WEBINAR AND A, A SERIES OF EDUCATIONAL MATERIALS BECAUSE IT'S, UM, IT'S HAPPENING ELSEWHERE AS TOO YOU.
ANY OTHER QUESTIONS? THANK YOU.
I THINK THAT'S, UH, THAT WRAPS US UP AND I THINK WE CAN MOVE ON TO, ALL RIGHT.
UH, NO ONE HAS SIGNED UP FOR PUBLIC COMMENT, AND I JUST WANNA RECOGNIZE THAT FOR THE RECORD.
[5.1 Action Item 1 Approval of minutes from the July 19, 2023 Board Meeting]
ITEM THAT WE HAVE ON THE AGENDA TODAY ARE THE MINUTES APPROVAL OF THE MINUTES.AND I'LL ASK IF ANYBODY HAS ANY, UH, EDITS OR AMENDMENTS TO PROPOSE TO THE, THE MINUTES, IF NOT WITHOUT OBJECTION, THE MINUTES OF THE JULY 19TH, 2023 A T P BOARD MEETING, UH, ARE APPROVED.
[6.1 Proposed Fiscal Year 2024 Budget Presentation]
WE'LL NOW GO TO A BRIEFING ON THE PROPOSED FISCAL YEAR 2024 BUDGET.I NEED TO PULL VERONICA UP AND MAKE SURE SHE'S ON CAMERA FOR MINUTES.
CHAIR CAN GET YOUR MINUTES, YOUR VOTE FOR THE MINUTES.
SO THE VOTE TO APPROVE THE ADOPTING A MI THE MINUTES IS APPROVED UNANIMOUSLY WITH, UH, DIRECTOR LANG MOORE, OR MEMBER BOARD MEMBER LANG MOORE BEING SHOWN, UH, ABSTAINING FROM THE VOTE, BECAUSE THIS IS HIS FIRST MEETING.
OUR NEXT ITEM IS A BRIEFING ON THE FISCAL YEAR 2024 BUDGET, UH, BY OUR TREASURER AND INTERIM CHIEF FINANCIAL OFFICER, BRIAN RIVERA AND OUR FINANCIAL SERVICES MANAGER, JAMIE ATKINSON.
UM, SO YEAH, TRY TO MAKE THIS AS PAINLESS AS POSSIBLE AS WE WALK THROUGH THE BUDGET.
SO I GUESS, GREG, DID YOU WANT TO TOUCH ON? SURE.
UM, THE BOARD, THANKS FOR, FOR, FOR, UH, ALLOWING YOU TO WALK THROUGH THE PROPOSED BUDGET.
WE'VE BEEN WORKING ON THIS AND REALLY WANTED TO TALK ABOUT SOME OF OUR OVERARCHING PRIORITIES, UH, AS WHAT THIS BUDGET, I THINK REFLECTS FIRST AND FOREMOST.
UM, WE'RE VERY FORTUNATE FROM THE PROCESS WE JUST WENT THROUGH IN LANDING ON THE AUSTIN LIGHT RAIL, UH, IMPLEMENTATION PLAN WAS REALLY DRIVEN BY A COMMUNITY DIALOGUE.
AND I THINK YOU'RE GONNA SEE IN THIS BUDGET A CONTINUED EFFORT TO ENHANCE AS WE, UH, CONNECT WITH THE COMMUNITY AS WE GO THROUGH THE PROCESSES THAT, UH, JEN JUST WALKED US THROUGH.
UH, SO YOU'RE GONNA SEE RESOURCES ALLOCATED TOWARDS THAT EXISTING, UH, STRUCTURE THAT WE HAVE OF COMMUNITY ENGAGEMENT, PUBLIC INVOLVEMENT, AND AT THE CORE TRANSPARENCY.
UM, WE'VE ALSO DONE SOME, UH, GOOD OLD FINANCIAL WORK LOOKING AT, UH, TO MAKING SURE, SETTING OURSELVES UP FOR MAXIMIZING OUR, UH, REIMBURSEMENT AS WE GO THROUGH FEDERAL PROGRAMS. AND SO WE'VE ADJUSTED OUR BUDGET THE WAY WE'RE TRACKING AND ALIGNING OUR COSTS, WHICH ARE ACTUALLY ACCOMPLISHED.
ONE, THEY ALLOW US TO BE MORE TRANSPARENT AS WE TALK ABOUT OUR COSTS OF DELIVERING AUSTIN LIGHT RAIL AND OVERALL PROJECT CONNECT, BUT ALSO SET US UP, UM, WHEN IT'S TIME TO START, UH, YOU KNOW, SENDING, SENDING OUR, OR SENDING OUR INVOICES AROUND AND MAKE SURE THAT WE ARE, UH, COLLECTING AS MUCH FUNDS AS WE CAN FROM THE FEDERAL GOVERNMENT.
UM, ALSO REALLY IMPORTANT INTERNAL, A LOT OF THE WORK TO STAND UP THE ORGANIZATION IS STILL ONGOING.
AND, UM, SOME OF THOSE HIRES THAT WE HAVE ON THERE, MAKING SURE THAT WE, UH, HAVE OUR IT RESOURCES IN PLACE TO, UH, CONTINUE OUR WORK, NOT ONLY INTERNALLY, BUT EXTERNALLY WHEN WE'RE WORKING THROUGH THE FEDERAL GOVERNMENT THROUGH OUR BOND PROCESSES.
SO, A LOT OF WORK ON THAT FILE.
AND AGAIN, UM, BOTH FROM A CONTRACTUAL PERSPECTIVE AS WELL AS OUR INTERNAL STAFF, REALLY LEVERAGING OUR, OUR BUDGET RESOURCES TO, UH, STRESS OUR PUBLIC INVOLVEMENT.
WE JUST WENT THROUGH A LONG ONE, AS I SAID, BUT OUR COMMITMENT IS THE JOURNEY AHEAD RELIES ON CONTINUED REALLY
[00:15:01]
DIALOGUE WITH THE COMMUNITY AS WE GO THROUGH THE NEPA PROCESS AND ULTIMATELY AS WE HEAD INTO CONSTRUCTION IN THE YEARS AHEAD.SO WITH THAT, I'LL TURN BRIAN AND JAMIE THAT CAN WALK US THROUGH SOME OF THE STRUCTURE OF THE BUDGET.
SO THIS NEXT SLIDE, UM, WE JUST WANTED TO GIVE THE BOARD SORT OF AN OVERVIEW OF THE ORGANIZATIONAL STRUCTURE OF A T P, UM, SIMILAR TO, TO THE STRUCTURE THAT WE HAD LAST YEAR GOING INTO THE BUDGET.
UM, AS WELL, WE HAVE REALLY JUST REALLY FIVE MAIN KEY COMPONENTS, UM, OR BUSINESS SERVICE SECTORS, IF YOU WANT TO CALL 'EM THAT WITHIN THE ORGANIZATION.
WE HAVE THEM HIGHLIGHTED HERE.
SO THESE NEXT FEW SLIDES, I'M JUST GONNA PROVIDE SOME BACKGROUND INFORMATION JUST ON THE PROJECT AS A WHOLE AND JUST REALLY THE FUNDING SOURCES AND FLOW OF FUNDS FOR, FOR PROJECT CONNECT.
UM, KNOWING AND ACKNOWLEDGING NEW BOARD MEMBER SEATED TODAY AND, AND OTHERS WHO HAVE JOINED US THROUGHOUT THE, THE FISCAL YEAR 23.
I JUST THOUGHT IT WOULD BE GOOD TO SORT OF GO BACK IF YOU WANT TO CALL IT TO THE BEGINNING.
UM, BUT WITHIN PROJECT CONNECT, REALLY THERE'S, THERE'S TWO MAIN FUNDING SOURCES TO THE, TO FUND THE DIFFERENT PROJECTS THAT ARE BEING IMPLEMENTED THROUGHOUT PROJECT CONNECT.
THE FIRST WAS THE PROP A FUNDINGS THAT WERE, THAT CAME OUT OF THE NOVEMBER, 2020 BALLOT THAT WAS BROUGHT FORWARD TO THE CITY OF AUSTIN VOTERS.
AND WITHIN THAT PROP A BALLOT, IT DID SET ASIDE A PORTION OF PROPERTY TAX REVENUES TO BE DEDICATED TO BOTH THE CAPITAL AND O AND M PORTION, UM, OF PROJECT CONNECT.
AND SUBSEQUENTLY, AFTER THE SUCCESSFUL VOTE AND THE FORMATION OF A T P, WE FOLLOWED UP WITH AN I L A WITH THE CITY OF AUSTIN, SORT OF SETTING UP THE GOVERNING STRUCTURE FOR THE TRANSFER OF FUNDS OF THOSE PROPERTY DOLLARS, UM, LEADING UP TO THE VOTE IN, IN 2020.
THE CAP METRO BOARD ALSO DID COMMIT, UM, A LONG-TERM CONTRIBUTION PLAN FOR THE PROJECT AS A WHOLE.
UM, IT ENCOMPASSED ITEMS FROM, FROM SALES TAX ALL THE WAY DOWN TO DIFFERENT FAIR REVENUE COLLECTIONS ASSOCIATED WITH PRO WITH THE DIFFERENT PROJECTS THAT WOULD BE COMING ONLINE.
UM, SO JUST WANTED TO AGAIN, ACKNOWLEDGE THE, THE TWO GREAT REAL REVENUE SOURCES THAT WE HAVE COMING INTO PROJECT CONNECT, UM, THAT ALLOWS THIS, THIS, IF I COULD CHAIR PION PAVILION.
UH, UH, IF, IF WE GO BACK TO THE PREVIOUS SLIDE AND WE LOOK AT BOARD OF DIRECTORS AND INTERNAL AUDIT, I THINK, UH, BECAUSE WE ARE A STARTUP ORGANIZATION, I THINK IT GIVES US AN OPPORTUNITY TO DO SOME THINGS, UH, THAT WE SAW THAT WERE EFFECTIVE DURING THE TEXAS PERFORMANCE REVIEW DAYS UNDER JOHN SHARP.
UH, YOU KNOW, NOW THAT WE ARE WRITING OUR RULES AND WRITING OUR PROCEDURES AND BUILDING OUR ROLES AND RESPONSIBILITIES AND FINANCIAL RELATIONSHIPS, UH, WE KNOW THAT THEY'RE, THAT WE'RE GONNA FACE CHALLENGES ALL THE TIME.
AND, AND, UH, SO I THINK IT'S IMPORTANT FOR US TO USE OUR INTERNAL AUDIT FUNCTION ALMOST AS AN OPPORTUNITY TO, UH, WRITE INSTRUCTIONS AND WRITE COMPLIANCE EXPECTATIONS.
THIS IS HOW WE'RE GONNA GATHER THE INFORMATION.
THIS IS HOW WE'RE GONNA SHARE THE INFORMATION, THIS IS HOW WE'RE GONNA REPORT THE INFORMATION.
IF WE'RE ABLE TO LAY OUT INSTRUCTIONS EARLY IN THE PROCESS AND MANAGE OUR, AND MANAGE OUR BUSINESS IN THAT WAY, I THINK WE'LL FIND THAT, THAT, UH, OUR, OUR CRITICS WILL, UH, SEE THE WISDOM OF THE THINGS THAT ARE DONE.
IT WILL SHOW, UH, THE WAY THAT WE ARE INVOLVED, NOT ONLY WITH THE CITY, BUT WITH CAP METRO, UH, WHO'S DOING WHAT, WHY, AND WHEN, AND THEN HOW WE MEET TOGETHER, UH, TO MAKE SURE THAT WE'RE ALL ON THE SAME PAGE.
I THINK BECAUSE WE ARE START, BECAUSE WE ARE IN STARTUP MODE, IT DOES GIVE US AN OPPORTUNITY, UH, TO THINK ABOUT AND INCLUDE OUR INTERNAL, OUR OUR, UH, INTERNAL AUDIT STAFF FROM THE VERY BEGINNING AND LAY OUT A WAY TOWARDS SUCCESS.
JUST THOUGHT SINCE YOU LAID THAT OUT, MIKE, THANK YOU.
OKAY, CHLOE, IF YOU DON'T MIND, UM, I THINK THIS IS, THIS IS ALL I REALLY HAD ON, ON THIS SLIDE, BUT AGAIN, IT JUST WANT TO ACKNOWLEDGE AGAIN, UM, BOTH THE CITY AND CAP METRO FOR THE CONTRIBUTIONS TO THE, TO THE PROJECT, UM, A REALLY LONG-TERM CONTRIBUTION ON, ON BOTH PARTS, RIGHT? TO KIND OF HELP MAKE THIS PROJECT, UM, VIABLE.
SO WITH THIS, WE'RE GONNA FOCUS ON, ON THE PROP A SORT OF FLOW OF FUNDS PIECE OF IT ALL.
UM, AGAIN, AS WE KNOW THIS IS, THERE'S GONNA BE A LARGE FINANCING EFFORT BEHIND THE LIGHT RAIL IMPLEMENTATION, UM, PROGRAM.
SO AGAIN, THINKING ABOUT THE FUTURE AS WE KIND OF WALK THROUGH SETTING, SETTING UP THE FLOW OF FUNDS TO EFFECTUATE THOSE FINANCINGS THAT DID WANT TO PROVIDE THE BOARD AND THE PUBLIC SORT OF AN OVERVIEW.
[00:20:01]
AS OBVIOUSLY THE PROP A TAX DOLLARS ARE GONNA BE COLLECTED BY THE CITY AND DISTRIBUTED TO A T P, UM, IN THEORY, THOSE FUNDS WOULD THEN FLOW TO A DEBT SERVICE FUND, WHICH WOULD WORK THROUGH A MYRIAD OF DIFFERENT FUNDS.AGAIN, IT'S NOT GONNA BORE EVERYONE WITH THE INDENTURE FLOW FLOW OF FUNDS, BUT, UM, IT, IT WOULD ULTIMATELY SPIT OUT DOWN TO A OPERATING FUND.
AND I JUST WANT TO MAKE A CLARIFICATION POINT.
THE OPERATING FUND IS REALLY JUST A REVENUE COLLECTION FUND AT THAT POINT, UM, TO HELP DISTRIBUTE THOSE FUNDS ACROSS THE, THE LAST ROW THERE THAT YOU SEE THERE.
AND IT, IT ENCOMPASSES THE CAPITAL FUND FOR BOTH CAP METRO PROJECTS AND THE LIGHT RAIL PROJECTS, AS WELL AS A FUTURE O AND M FUND ASSOCIATED WITH THE LIGHT RAIL IMPLEMENTATION PLAN, ALONG WITH THE ANTI DISPLACEMENT INVESTMENT FUNDS THAT HAVE BEEN, UM, CLEARLY IDENTIFIED FOR, FOR THE NEXT, I THINK WE'RE ON YEAR NINE NOW.
WE HAVE NINE YEARS LEFT OF SETTING ASIDE THE $20 MILLION, UM, TO GET TO THAT $300 MILLION INVESTMENT FOR THE ANTI DISPLACEMENT FUNDS.
BUT AGAIN, JUST WANTED TO PROVIDE AN OVERVIEW OF THAT.
AGAIN, AS, AS I MENTIONED ON THE PREVIOUS SLIDE, THERE IS A CONTRIBUTION OR A COMMITMENT OF FUNDS FROM CAP METRO AS WELL.
AND WE'RE WORKING WITH STAFF RIGHT NOW TO REALLY START THINKING THROUGH A LONG-TERM FUNDING FRAMEWORK FOR THOSE FUNDS, AS WELL AS A FUNDING FRAMEWORK FOR THE CAP METRO RELATED COMPONENTS THAT WERE IDENTIFIED IN THE J P A SUPPLEMENT THAT WAS APPROVED IN JUNE BY THE TRI PARTY.
UM, AGAIN, KNOWING THAT THIS IS REALLY A LONG-TERM EFFORT AND A LONG-TERM FUNDING PROJECT, UM, WE WANNA REALLY START THINKING ABOUT THE DIFFERENT PROJECTS HOLISTICALLY, BOTH FROM A CAPITAL AND A O AND M PERSPECTIVE.
SO, AGAIN, AS I MENTIONED, WE ARE WORKING WITH, WITH STAFF TO SORT OF OUTLINE WHAT THAT FUNDING FRAMEWORK LOOKS LIKE FOR THOSE OTHER DOLLARS THAT ARE BEING COMMITTED TO THE PROJECT.
SO WITH THAT, UM, THIS IS, I THINK A SECOND TIME WE'VE USED THIS SLIDE.
I KNOW I'VE USED THIS SLIDE A COUPLE OF TIMES INTERNALLY WITH STAFF AS WE SORT OF TALK THROUGH THE, THE PROPERTY TAX RATE CALCULATION, BUT IT DOES, IT SERVES WELL AS A, AS A GREAT TEACHING TOOL AND A SORT OF LEVEL SETTING EFFORT AS WE THINK THROUGH THE, THE PROP A FUNDING SOURCE THAT THE CITY IS DEDICATING TO THE PROJECT.
UM, AS WE ALL KNOW, UH, THE PROPERTY TAX RATE, UM, IS LIMITED BY STATE STATUTE, SO THREE AND A HALF PERCENT INCREASE, UM, MAX YEAR OVER YEAR.
SO THE GRAPHIC ON THE RIGHT REALLY KIND OF HELPS DELINEATE THE RELATIONSHIP BETWEEN THE PROPERTY TAX RATE AND THE PROPERTY VALUES THAT THAT RATE IS ASSESSED AGAINST.
SO, UM, WAY I THINK OF IT AS A SEESAW, RIGHT? AS ONE GOES UP, THE OTHER GOES DOWN AND VICE VERSA.
UM, BUT IT'S A GREAT, IT'S A GREAT SECURE REVENUE SOURCE THAT THAT IS GONNA, UM, PROVIDE A, A GREAT SECURITY FOR THE OBLIGATIONS THAT WE DO ISSUE IN THE PUBLIC MARKET AS WELL AS DOES SET ASIDE THE, THE LONG-TERM FUNDING FOR O AND M AS I MENTIONED IN THE PAST.
SO WE'RE HERE TODAY, UM, AND WE'RE ALREADY IN STEP NUMBER TWO OF THE BUDGET PROCESS.
JAMIE HAS DONE A REALLY GOOD JOB WITH STAFF INTERNALLY, UM, REALLY SITTING DOWN AND UNDERSTANDING WHAT THE NEEDS ARE OVER THE NEXT FISCAL YEAR AS WE MOVE INTO THE NEXT PHASE OF THE PROJECT.
UM, SO ALL OF THAT, ALL OF THE EFFORT LED ON HER PART AND COLLECTIVELY WITH STAFF, HAS CULMINATED TO THIS BUDGET THAT WE'VE PUT TOGETHER FOR YOU ALL TO CONSIDER.
UM, SO OVER THE NEXT MONTH, IT'S REALLY GONNA BE A OPEN Q AND A PROCESS, UM, BETWEEN JAMIE, MYSELF, AND WHOEVER ELSE NEEDS TO BE INVOLVED AND AS WELL AS YOU ALL, UM, BOARD MEMBERS.
AND, UM, YEAH, SO IF, IF YOU GUYS HAVE ANY QUESTIONS, WE'RE OPEN TO ONE-ON-ONE MEETINGS.
UM, IF YOU GUYS WANNA SUBMIT THOSE QUESTIONS DIRECTLY TO, TO JAMIE, THAT WOULD BE HELPFUL.
BUT AGAIN, WE'RE JUST PROPOSING THE BUDGET TODAY WITH THE IDEA AND THE, AND WE WILL BE BACK IN SEPTEMBER REALLY FOR THE ADOPTION OF THE BUDGET, UM, AND, AND ANY OTHER ITEMS THAT YOU GUYS MAY WANT TO CONSIDER AT THAT POINT IN TIME.
SO MEMBERS, YOU HAVE ANY QUESTIONS NEXT? OH, I THOUGHT YOU WERE DONE.
YEAH,
UM, SO REALLY THE, THE, I BELIEVE THIS IS MY LAST SLIDE BEFORE I TURN IT OVER TO JAMIE, THAT'S THE RIGHT ANSWER.
UM, I, I DID WANNA LEVEL SET WITH EVERYONE AND, AND SORT OF TALK THROUGH THE DIFFERENT COMPONENTS THAT ARE INCLUDED WITHIN OUR BUDGET DOCUMENT, BOTH THIS YEAR AND LAST YEAR, AND FUTURE BUDGETS AS THEY, THEY COME TO FRUITION.
[00:25:01]
BUT THERE'S REALLY TWO MAIN COMPONENTS WITHIN OUR BUDGET DOCUMENT.UM, THE FIRST IS OUR ANNUAL BUDGET.
YOU GOTTA THINK ABOUT THOSE AS THE FUNDS THAT ARE AVAILABLE THROUGHOUT THE END OF THE FISCAL YEAR.
SO OPERATING COSTS, UM, REALLY AND RESOURCES ASSOCIATED WITH THOSE.
AND THEN WE HAVE THE CAPITAL FUND OR THE CAPITAL APPROPRIATIONS OR BUDGET.
SO THE CAPITAL APPROPRIATIONS AND THE CAPITAL FUND IS REALLY WHERE WE'RE GONNA LIVE.
AND FOR THE NEXT, I WOULD IMA COUPLE OF YEARS AS THE PROJECT GETS EFFECTUATED.
UM, AND THE FUNDS THAT ARE APPROPRIATED FOR THE CAPITAL FUND ARE SET ASIDE FOR MULTI-YEAR USE.
SO THINK ABOUT THE, FROM THE PERSPECTIVE OF WE DO HAVE A LONG-TERM IMPLEMENTATION PLAN.
UM, SO THESE FUNDS THAT WE'RE APPROPRIATING THIS YEAR AND FUTURE YEARS ARE GONNA BE AVAILABLE FOR THE PROJECT IN YEARS TO COME.
AND UNDERNEATH THE CAPITAL FUND THAT'S INCLUDED IN THE BUDGET.
THERE'S ALSO A SPENDING PLAN ASSOCIATED WITH THOSE THAT KIND OF WALKS THROUGH HOW THOSE FUNDS AND THOSE APPROPRIATIONS ARE GONNA BE SPENT IN THE FOLLOWING FISCAL YEAR.
UM, SO WITH THAT, I'LL TURN IT OVER TO JANIE TO WALK THROUGH THE BUDGET.
SO AS BRIAN MENTIONED, OUR OPERATING FUND IS EFFECTIVELY A REVENUE COLLECTION FUND.
UM, THE DIAGRAM ON THE LEFT IN GRAY IS OUR OPERATING FUND SUMMARY, A VERY ABBREVIATED VERSION, BUT IT IDENTIFIES THAT FLOW OF FUNDS WITH SOME ACTUAL DOLLARS ATTACHED.
SO YOU'LL SEE THAT REVENUE IS RECORDED AND THEN DISTRIBUTED OUT VIA TRANSFERS TO THE A T P BUDGET COMPONENTS.
WE HAVE THREE PRIMARY BUDGET COMPONENTS, THAT IS THE LIGHT RAIL, THE CAP METRO PROJECTS, AND THE ANTI DISPLACEMENT FUNDING.
ALL THREE OF THOSE COMPONENTS HAVE EXISTING APPROPRIATIONS THAT ARE CURRENTLY BEING UTILIZED AND SPENT DOWN THE FISCAL YEAR 24 TRANSFERS.
UM, ADD TO THAT EXISTING APPROPRIATION.
UM, AND THEN UNALLOCATED FUNDS WILL REMAIN IN THE OPERATING FUND FOR FUTURE USE.
THAT'S THAT LAST LINE THAT SAYS RESERVED FOR FUTURE PROJECTS.
THAT IS UNAPPROPRIATED MONEY SITTING IN OUR BANK ACCOUNT THAT CAN BE APPROPRIATED FOR FUTURE USES.
SO OUR FISCAL YEAR 24 BUDGETED REVENUES INCLUDE PROMO PREDOMINANTLY THE PROP A PROPERTY TAX RECEIPTS THAT IS THE MAJORITY OF OUR REVENUES.
WE ALSO HAVE A SMALL AMOUNT OF INVESTMENT IN OTHER REVENUES AVAILABLE TO US.
AS BRIAN MENTIONED, THE CAP METRO CONTRIBUTIONS ARE CURRENTLY BEING DISCUSSED AMONGST STAFF IN TERMS OF A FUNDING PLAN.
SO THOSE WE ARE CURRENTLY BUDGETING AS REMAINING WITH CAP METRO, UM, FOR THOSE CAP METRO COMPONENTS.
AND THEN FUTURE REVENUE SOURCES WILL INCLUDE DEBT PROCEEDS AND GRANT FUNDING? EXACTLY.
UNLIKE AN ANNUAL BUDGET, AS BRIAN MENTIONED, CAPITAL APPROPRIATIONS ARE NOT CONSTRAINED TO A FISCAL YEAR.
THEY ARE AVAILABLE UNTIL THEY'RE EXPENDED OR DE APPROPRIATED.
SO THIS SLIDE IS INTENDED JUST TO PROVIDE AN ACCOUNTING FOR THOSE CAPITAL APPROPRIATIONS.
ON THE LEFT, YOU HAVE OUR APPROPRIATIONS BY FISCAL YEAR.
AGAIN, THIS IS JUST FOR THE LIGHT RAIL COMPONENT.
AND THEN ON THE RIGHT, THE SPENDING BY FISCAL YEAR, WHICH INCLUDES OUR CURRENT YEAR AND NEXT YEAR PROJECTED AMOUNTS.
UM, THE BOTTOM GRAPHIC SHOWS OUR TOTAL SPEND BEING 115 MILLION.
THAT'S THAT SPENDING PLAN THAT BRIAN WAS UM, MENTIONING.
THAT IS EVERYTHING WE INTEND TO SPEND IN THE COMING YEAR.
BUT BECAUSE WE HAVE 82 MILLION IN REMAINING APPROPRIATIONS FROM PRIOR YEARS, WE ARE ONLY REQUESTING AN ADDITIONAL 33 MILLION IN NEW APPROPRIATIONS.
SO THAT'S THAT TRANSFER FROM THE OPERATING FUND TO CAPITAL.
SO NOW WE'LL TALK ABOUT OUR SPENDING IN MORE DETAIL.
AS I MENTIONED, THE TOTAL SPEND PLAN IS 115 MILLION, 58 MILLION OF THAT IS IN OUR PROFESSIONAL SERVICES.
THOSE ARE THE ONGOING CONTRACTS, UM, TO SUPPORT ENVIRONMENTAL ANALYSIS, ADVANCED CONCEPTUAL ENGINEERING, ARCHITECTURE, AND URBAN DESIGN WORK, AS WELL AS THAT PROGRAM MANAGEMENT SUPPORT NEW AND FISCAL YEAR 24, BUT CONSISTENT WITH BUDGETING PRACTICES FOR OTHER LARGE CAPITAL PROJECTS, WE ARE NOW GOING TO BE CHARGING OUR ADMINISTRATIVE EXPENSES TO THE CAPITAL PROGRAM INSTEAD OF TO THE OPERATING FUND.
THIS WILL POSITION US TO MAXIMIZE ALLOWABLE REIMBURSEMENTS FROM OUR FEDERAL PARTNERS AND THOSE GRANT OPPORTUNITIES THAT WE WANNA MAKE SURE WE CAN TAKE ADVANTAGE OF.
OUR ADMIN EXPENSES INCLUDE PERSONNEL, MATERIALS AND STAFF DEVELOPMENT, AS WELL AS BUSINESS SUPPORT CONTRACTS AND OUR, UH, PARTNER AGENCY SUPPORT.
UM, THIS ALSO INCLUDES OUR PERSONNEL BUDGET, WHICH MAINTAINS THE 87 POSITIONS APPROVED IN THE FISCAL YEAR 23 BUDGET.
UM, WE HAVE HOW WE REALIGN CERTAIN POSITIONS AND FUNCTIONS TO BEST MEET OUR BUSINESS NEEDS AND ALLOW FOR THE RECRUITMENT OF PRIORITY POSITIONS.
THIS STAFFING PLAN IS BASED ON OUR ANTICIPATED NEEDS FOR THE NEXT YEAR AND PROVIDES THE FLEXIBILITY TO ADAPT AS
[00:30:01]
THE YEAR PROGRESSES.HOWEVER, AS A DELIVERY FRAMEWORK IS SOLIDIFIED, SHOULD ADDITIONAL FTES BE REQUIRED, WE WOULD OF COURSE COME BACK TO YOU FOR A MID-YEAR BUDGET AMENDMENT.
AND THEN THIS PERSONNEL, UH, BUDGET DOES ALSO INCLUDE A THREE AND A HALF PERCENT WAGE INCREASE FOR ELIGIBLE EMPLOYEES EFFECTIVE OCTOBER 1ST.
ALL RIGHT, SO THE A T P BOARD HAS APPROVED INVESTMENTS IN CAP METRO LED PROJECT CONNECT ELEMENTS.
WE ARE NOT INCLUDING IN THIS BUDGET ANY NEW APPROPRIATIONS.
UM, THOSE THREE PROJECTS THAT ARE LISTED ON THE SCREEN ARE ALL FULLY APPROPRIATED.
THAT'S THE MCCALL STATION AND THE NEW METRO RAPID LINES, THE EXPO CENTER AND THE PLEASANT VALLEY, UM, ROOTS.
UM, THOSE ARE FULLY APPROPRIATED ALONGSIDE GOVERNING INTER LOCAL AGREEMENTS.
CONSTRUCTION IS ONGOING ON ALL THREE.
UM, MCCALL STATION IS SCHEDULED TO OPEN IN 2024 AND THE METRO RAPID ROUTES ARE SCHEDULED TO OPEN IN 2025.
SO PROPOSITION A INCLUDED 300 MILLION TO PREVENT TRANSPORTATION INVESTMENT RELATED DISPLACEMENT PER THE SEQUENCING PLAN.
AND THE I L A A T P WILL TRANSFER AN ADDITIONAL 20 MILLION TO THAT FUND IN FISCAL YEAR 24.
THIS WILL BRING OUR TOTAL FUNDING TO DATE TO 120 MILLION.
AND CITY STAFF HAVE INDICATED THAT THEY DO EXPECT TO SPEND 51 AND A HALF MILLION OF THAT IN FISCAL YEAR 24.
SO ALONG WITH THE BUDGET, YOU'LL BE ADOPTING OUR FINANCIAL POLICIES.
UM, THIS COVERS ACCOUNTING, BUDGETING, AND DEBT MANAGEMENT.
UM, WE ARE NOT PROPOSING ANY SIGNIFICANT CHANGES TO THESE POLICIES.
UM, I WILL NOTE THAT WE ARE HAVE REMOVED FROM THIS BUDGET THE INVESTMENT POLICIES AND THE PROCUREMENT POLICIES.
THOSE ARE BOTH STANDALONE DOCUMENTS THAT ARE APPROVED BY THE BOARD.
AND SO WE DIDN'T WANT TO DUPLICATE THOSE EFFORTS IN CASE THERE WERE VERSIONING ISSUES.
SO, UM, THIS INCLUDES THE REST OF OUR FINANCIAL POLICIES, INCLUDING OUR OPERATING RESERVE POLICY, UM, WHICH HAS BEEN MAINTAINED IN THIS BUDGET.
AND THE FISCAL YEAR 23 SEED FUNDING, THAT 20 MILLION INCLUDED IN THE 23 BUDGET IS STILL SUFFICIENT TO COVER OUR, UM, OPERATING RESERVE POLICY, WHICH IS 180 DAYS OF ADMINISTRATIVE EXPENSES.
WE WILL CONTINUE TO EVALUATE THE NEED FOR FUTURE CAPITAL AND DEBT SERVICE RESERVES.
AS BRIAN SAID, WE WON'T BORE YOU WITH THE DETAILS OF, UM, ALL OF THOSE VARIOUS, UM, RESERVES, BUT WE DO INTEND TO ADOPT THEM WHEN APPROPRIATE.
SO WE NOW OPEN OUR BUDGET Q AND A.
I AM AVAILABLE FOR ANY QUESTIONS YOU MIGHT HAVE ABOUT OUR BUDGET MEMBERS.
[7.1 Discussion of Fiscal Year 2024 Proposed Audit Plan ]
YOU WANNA SAY ANYTHING MORE? I, I JUST WANNA THANK OBVIOUSLY, UH, BRIAN AND JIMMY, BUT THE WHOLE TEAM FOR PUTTING THIS TOGETHER, WORKING WITH OUR PARTNER AGENCIES AND, AND, YOU KNOW, ADVANCING WHERE WE ARE.BUT, UH, AGAIN, THIS IS OUR INVESTMENTS CONTINUE, OUR INVESTMENTS AND OUR COMMUNITY ENGAGEMENT, UH, AND OUR EFFORTS TO ADVANCE THE PROJECT.
UM, WE ARE, AGAIN, WE WOKE UP JUNE 7TH READY TO GO, KEEP MOVING FORWARD AND THIS BUDGET REFLECTS THAT WORK THAT WE HAVE IN PLACE.
ALL THE WORK THAT WE SPENT ON LAST YEAR, WE ARE POSITIONED TO ADVANCE THAT WORK AND LOOK FORWARD TO THE DIALOGUE ABOUT THIS BUDGET AND THE OVERALL PROGRAM AS WE ADVANCE THAT WITH YOU, THE BOARD.
AND DO YOU HAVE SOMETHING I FURTHER, YOUR HONOR, ANYBODY WANNA SPEAK, HAVE QUESTIONS, COMMENTS? GREG, THIS IS A REAL QUICK QUESTION ON THE OPERATING RESERVE.
YOU, YOU'RE GONNA BE GOING FOR A BOND RATING AT SOME POINT.
IS THAT SET IT THE HIGHEST THAT YOU THINK YOU'RE GONNA NEED TO GET A REALLY GOOD RATING OR, UH, WHY DID YOU SET IT AT 188? CERTAINLY.
SO THAT IS ABOUT OUR OPERATING EXPENSES, OUR ADMINISTRATIVE EXPENSES.
WE, AS WE MOVE THROUGH OUR, UH, THE FINANCING ASSOCIATED WITH ISSUING BONDS, UH, I THINK THIS WAS NOTICED ON OUR THING.
WE WILL BE ADDING ADDITIONAL RESERVE FUNDS RELATED TO OUR BONDS AS WE WORK THROUGH OUR BOND INDENTURE, WORK WITH OUR UNDERWRITERS, UH, AS WE GO TO MARKET, UH, ON THOSE FUNDS.
SO YOU WILL, I THINK THERE WAS A SLIDE THAT SHOWED THE DOTTED LINE.
THERE WILL BE A GOOD WATERFALL AROUND THIS.
ULTIMATELY, UM, I THINK THERE'S A REMINDER THAT THE PROP A FUNDS FIRST AND FOREMOST ARE GONNA BE USED TO HELP LEVERAGE THE DEBT MARKETS, LEVERAGE FEDERAL FUNDS, AS WELL AS PAY FOR PAYGO AND PAY FOR THE OPERATIONS.
SO WE WILL SEE, AND WE'LL BRING OBVIOUSLY ALL OF THOSE BACK, THE ADOPTION OF THOSE RESERVE POLICIES AND THE ASSOCIATED RESERVE FUNDS THAT WILL BE REQUIRED FOR US TO ENTER INTO THE DEBT MARKETS.
MADAM CHAIR, YOU HAD YOUR HAND UP.
THANK YOU TEAM FOR THE GREAT PRESENTATION, AND I LOOK FORWARD TO READING THIS IN MORE DETAIL.
UM, I DO HAVE A QUESTION ABOUT THE 51 MILLION ANTI DISPLACEMENT THAT YOU INDICATED THAT IT HAS ALREADY BEEN SPENT BY THE CITY.
CAN YOU GIVE US AN OVERVIEW OF WHAT THAT ENTAILS IN THAT 51 MILLION EXPENDITURE? YEAH.
SO YEAH, THAT'S THEIR PROPOSED SPENDING FOR FISCAL YEAR 24, SO THE UPCOMING FISCAL YEAR.
[00:35:01]
AND WITHIN THAT THERE'S, THERE'S A SLEW OF DIFFERENT COSTS.SO IT, IT COVERS ANYTHING FROM LAND ACQUISITION, UM, FOR, FOR PREVENTATIVE DISPLACEMENT MEASURES, AS WELL AS DIFFERENT PROGRAMS OR OTHER STRATEGIES TO HELP DISPLACEMENT, UM, PREVENTION.
SO WE CAN WORK WITH, IF THERE'S ADDITIONAL QUESTIONS WE CAN ALIGN WITH OUR CITY PARTNERS.
AGAIN TO GET YOU GUYS TO GET YOU THE, THE ANSWER IF, IF YOU HAVE ANY OTHER QUESTIONS ON THOSE SPENDINGS.
AND I ASSUME THAT FOR THE BENEFIT OF OUR NEW BOARD MEMBER, UM, BOARD MEMBER, JOHN, ER ONE, FIRST OFF, WELCOME TO THE TEAM.
WE HAVE A DRONE OVER YOUR HEAD, JOHN, BUT ALSO WANTED TO JUST SHARE WITH YOU THAT WHAT WE DID LAST YEAR WITH THE BUDGET APPROVAL IS THAT WE CIRCULATED QUESTIONS THAT ANY ONE OF THE BOARD MEMBERS THAT HAD QUESTIONS ON THE BUDGET THAT WERE CIRCULATED AMONG ALL THE BOARD MEMBERS SO THAT EVERYBODY COULD BE INFORMED OF, YOU KNOW, IF IF DONNIE ASKED THE QUESTION OR, UM, TONY ELKIN BOARD MEMBER ELKINS ASK THE QUESTION, THE REST OF THE BOARD WOULD KNOW BEFORE THE ADOPTION OF THE BUDGET.
SO JUST, JUST FOR YOUR INFORMATION, THAT WAS ONE OF THE THINGS THAT WE, WE DID LAST YEAR THAT I THOUGHT WAS VERY SUCCESSFUL IN IMPLEMENTING OUR, OUR BUDGET FOR 2023.
AND, UH, ONE COMMENT I'D LIKE TO SHARE IS THAT I DO LOOK FORWARD IN THE OPERATIONAL READINESS OF THE ORGANIZATION.
SO ANY EXPENDITURES THAT ARE ALLOCATED TO MAKE SURE THAT WE CAN DELIVER THIS PROGRAM SUCCESSFULLY, I THINK IT'S GONNA BE REALLY IMPORTANT.
SO THAT INCLUDES THE FINANCE TEAM SETTING THAT WELL AND, AND THE COMMUNICATIONS, IMPROVING OUR COMMUNICATION STRATEGIES WITH OUR, FOR THE COMMUNITY.
SO THOSE ARE THINGS, UM, THINGS THAT I THINK ARE WORTH, WORTH THE INVESTMENTS.
SO THANK YOU TEAM FOR PUTTING TOGETHER THIS ROBUST BUDGET.
YEAH, JUST FOR THE RECORD, UH, WHEN WE TALK ABOUT ANTI DISPLACEMENT FUNDS, UH, WE'VE, WE'VE HAD THE CONVERSATION ABOUT HOUSING AND THE CONVER CONVERSATION ABOUT DENSITY AT, AT COMMISSIONER'S COURT.
AND WE'VE, AND WE'VE SHARED SOME OF THESE CONVERSATIONS AS WE'VE WORKED ACROSS THE CITY AND, AND WE UNDERSTAND THAT, UH, THE PLACE YOU LAY YOUR HEAD IS REALLY IMPORTANT, BUT ALSO, UH, THAT THE COMMUNITIES THAT ARE GROWING AND THRIVING ARE ULTIMATELY MASTER PLAN COMMUNITIES, WHICH MEANS THEY HAVE CLINICS THERE, THEY HAVE GROCERY STORES THERE, UH, THEY HAVE, UH, PARKS THERE.
AND I JUST WANNA MAKE SURE THAT AS WE TALK ABOUT ANTI DISPLACEMENT, THAT WE THINK ABOUT NOT JUST HOUSING, BUT ALL OF THE THINGS THAT MAKE A COMMUNITY SUSTAINABLE AND ALL THE THINGS THAT MAKE, UH, FAMILIES SUCCESSFUL.
BECAUSE JUST PUTTING ONE OF THOSE ELEMENTS WITHOUT PUTTING ALL OF THOSE ELEMENTS, UH, CREATES SOME OF THE PATHOLOGIES THAT WE SAW IN EAST AUSTIN FOR TENS AND, AND, AND WELL A HUNDRED YEARS BECAUSE WE DID NOT DEVELOP THEM PROPERLY.
SO AS, AS WE WORKED TOGETHER AND, AND PUT OUR $110 MILLION TOGETHER WITH YOUR $106 MILLION TOGETHER WITH THIS $300 MILLION THAT WE BUILD COMMUNITIES, UH, THAT CAN RELY ON TRANSIT, UH, NOT JUST PLACES WHERE WE LAY OUR HEADS.
DO YOU HAVE ANY COMMENT? YES, SURE.
UH, FIRST OF ALL, UM, BUT I WANNA FOCUS ON THE OUTCOMES, UM, UM, KIND OF GOAL ORIENTED.
SO I WANNA MAKE SURE WE COMMUNICATE TO THE PUBLIC WHAT WE HOPE TO ACCOMPLISH WITH THE MONEY WE'LL SPEND THIS YEAR, UH, AT THE END OF THE YEAR.
FOR EXAMPLE, THIS LAST YEAR WE ADOPTED A GREAT MANUAL WORK, HARD TO GET IT DONE.
I'D LIKE TO SEE SOMETHING ALONG THOSE LINES.
UH, I LOVE THE, THE WORK THAT YOU ALL DO IN TERMS OF, UM, INPUT FROM THE PUBLIC.
I WANT, I'D LOVE TO SEE IT CONTINUE.
UH, I WANT TO MAKE SURE IT'S COMMUNICATED WELL TO THE PUBLIC.
I, UM, AM ESPECIALLY INTERESTED IN THE WORK THAT, UH, YOU HAVE DONE IN INVITING AND THEN ENGAGING THE SMALL BUSINESS COMMUNITY, UH, TO, TO WORK WITH US.
I'D LOVE WHAT WE'VE DONE WITH THE CONTRACT.
I'D LOVE TO FIND A WAY TO THAT DEDICATE A GOOD CHUNK OF OUR DOLLARS THAT WE SPEND THE LOCAL BUSINESSES.
UH, I IF IT'S GOOD OR IT CAN BE DONE, BUT I SURE LIKE TO SEE IT DONE AND I WOULD LIKE TO SEE SOME WORK, UM, IN, IN THAT REGARD.
UM, UH, MOVE FORWARD, UH, THIS YEAR.
THE, UM, UM, I'M ALWAYS GONNA BE GOAL ORIENTED, SO I ALWAYS GOING TELL THE PUBLIC WE'RE GONNA SPEND YOUR MONEY, BUT HERE'S WHAT WE HOPE TO ACCOMPLISH IN DOING IT THIS YEAR.
YOU WANNA SAY ANYTHING? ALRIGHT.
I'LL RECOGNIZE THAT YOU MEMBER LANGMAN.
[00:40:01]
THANK YOU.UM, AND ALL I WANTED TO SAY WAS, UM, YOU KNOW, I GUESS BEING THE FINANCIAL EXPERT, UH, I ROLL MY EYES AT THAT, BUT, UM, YOU KNOW, I PAID CLOSE ATTENTION.
I JUST WANT TO THANK Y'ALL FOR, I HAVE HAD A NUMBER OF LONG MEETINGS TRYING TO GET MY HEAD AROUND THIS, AND WE HAVE A MONTH BEFORE WE HAVE TO VOTE TO APPROVE IT.
AND JUST, YOU KNOW, A LITTLE BIT FOR THE SAKE OF THE PUBLIC TO KNOW THAT WE'RE DIGGING INTO THIS AND, YOU KNOW, WE'LL HAVE A CHANCE TO LIKE, UNDERSTAND WHY THERE'S GROWTH FROM 24 MILLION FOR ESTIMATED SPEND THIS YEAR TO 46 NEXT YEAR.
I MEAN, THAT'S, YOU KNOW, SOMETHING WE SHOULD ALL COLLECTIVELY UNDERSTAND WHAT'S THAT GOING TO, AND YOU KNOW, TO YOUR POINT, WHAT'S THE OUTCOME THAT THAT ADDITIONAL MONEY'S GONNA SPEND? SO LOOK FORWARD TO WORKING WITH YOU ALL OVER THE COURSE OF THE NEXT MONTH TO GET MY HEAD AROUND IT AND, YOU KNOW, ADD WHATEVER I CAN IN THAT RESPECT.
BUT REALLY APPRECIATE THE WORK BRINGING THIS TOGETHER.
AND, UM, MADAM CHAIR, ALSO APPRECIATE THIS NOTION OF POSTING SOME QUESTIONS AND I'LL TRY AND, YOU KNOW, STRIKE A, UH, AN APPROPRIATE BALANCE BETWEEN DRAGGING EVERYBODY THROUGH MY UNDERSTANDING OF THIS AND, UM, YOU KNOW, LETTING THE OTHERS BE AWARE OF WHAT QUESTIONS MIGHT BE FLOATING AROUND.
UM, ANY, ANY OTHER COMMENTS? LET ME ALSO SAY ON BEHALF OF THE BOARD THAT WE REALLY APPRECIATE WHERE THE WORK THAT'S BEEN DONE AND WORK THAT WE'RE GETTING READY TO DO TO GET US TO THE, TO THE END POINT.
THERE BEING NO FURTHER BUSINESS TO COME BEFORE, BEFORE THE BOARD.