HomeMy WebLinkAboutMinutes Corpus Christi Regional Transportation Authority - 08/27/2008 - Workshop REGIONAL TRANSPORTATION AUTHORITYu,\
BOARD
BOARD OF DIRECTORS' BUDGET WORKSHOP MEETING MI 'UTE§C1 2dQ$ ';`,
WEDNESDAY, AUGUST 27, 2008 __�.,;T
c•a 1...k b- :L__
SUMMARY OF ACTIONS
1. Heard Update on Budget Process
The Regional Transportation Authority Board of Directors met at 8:30 a.m. in the
Regional Transportation Authority Facility located at 5658 Bear Lane, Corpus Christi,
Texas.
Board Members Present: Crystal Lyons (Board Chair), Anna Flores (Board Vice-
Chair), Vangie Chapa, John Longoria, David Martinez, Ricardo Ramon, Mike
Rendon, Mary Saenz, Sara Salvide, Judy Telge
Board Members Absent: John Valls
Staff Present: Eduardo Carrion (Interim General Manager), Ruth Willey, Lamont
Taylor, Susan Vinson, Oscar Vargas
Public Present: Eloy Soza; Rosie Aguiar; Abel Alonzo; Elias Sissamis, Financial
Consultant
Call to Order
Ms. Lyons called the meeting to order at 8:37 a.m.
Update on Budget Process
Using a PowerPoint presentation, Mr. Sissamis reported that employee outreach
forums had been held on the proposed 2009 budget. He noted that the proposed
budget_reflected-aA.3 perce.ntincrease compared to a 7 percent increase in
previous years and that no major service changes were being considered.
Comparing estimated 2008 revenues to the 2008 budgeted revenues, Mr. Sissamis
highlighted a projected positive variance of$1,112,172 in sales tax and $784 in
transit operations. He projected a negative variance of$24,037 in investment
income. He stated that $489,000 in 5307 capital grants funding would not be used
in 2008; thereby, making the funds available for use in 2009. In summary, revenues
were being projected to be higher than budget by about $599,919.
There was a brief discussion regarding cash and investments. Mr. Longoria inquired
about the RTA portfolio with the approximate value of$20M. Mr. Sissamis explained
that the funds were co-mingled funds and approximately $13M was reserved, in
SCANNED
r 4
Regional Transportation Authority
Board of Directors Budget Workshop Meeting.Minutes
August 27, 2008
Page 2
accordance with the Reserve Policy. He agreed to explain the flow of funds at the
Budget Workshop where the Capital Budget is discussed.
Mr. Sissamis explained that sales tax as of June 2008 was 11 percent higher than
the same time last year. He expressed the opinion that sales tax revenue may not
experience the same rate of increase in 2009 and that when the Legislature
changed the sales tax calculation to "point of sale" effective September 1, 2007, this
may have attributed to the sharp rise in sales tax revenue in 2008.
Responding to Mr. Longoria, Mr. Sissamis stated that the Agency's 2008 budget was
$21.8M and the 2009 proposed budget was $22.4M. This reflected an increase of
approximately 5 percent.
Mr. Sissamis explained that the preliminary 2008 budget estimates showed a net
balance of$987,787 at the end of year which could be carried over into the 2009
budget. This was based on projected sales tax revenues and expenditure levels
submitted by the departments.
Mr. Longoria inquired if there was a variance between the 2008 budgeted yearly
expense total and the projected 2009 yearly expense total. Mr. Sissamis replied that
there was an approximate 4.3 percent increase.
A brief discussion ensued on securing additional funding sources. Mr. Carrion
stated that staff was looking into the feasibility of using JARC funds to pay for fuel.
There being no further business, the meeting was adjourned at 9:02 a.m.
thteU iiUtitOL
__ -_- -Sara Salvide; Board Secretary-' -
f
,s (-9..0oe
Date
I