SLIDE 1
2019 Prop K Strategic Plan Baseline Board Agenda Item 8 SAN N - - PowerPoint PPT Presentation
2019 Prop K Strategic Plan Baseline Board Agenda Item 8 SAN N - - PowerPoint PPT Presentation
2019 Prop K Strategic Plan Baseline Board Agenda Item 8 SAN N FRANC NCISCO COU OUNT NTY TRANS NSPORTATION N AUTHORITY May 08, 08, 20 2018 2019 Strategic Plan Baseline Presentation Overview 2019 Strategic Plan/5YPP Update Why is
SLIDE 2
SLIDE 3
3
2019 Strategic Plan/ 5YPP Update Why is it important? Why now?
Determines which projects will receive funding over next five years Respond to current context
Board interests, agency priorities, changing funding landscape
Helps ensure funds are available to support project delivery Support transparency and accountability
Board, sponsor, public engagement
Needed now to program funds for 5-year period starting July 1, 2019
2019 SP/5YPP Update 2014 SP/5YPP Update 2009 SP/5YPP Update 30-Year Prop K Expenditure Plan Current 5-Year Period 2019 SP/5YPP Update
SLIDE 4
4
2019 Strategic Plan/ 5YPP Update What is the process?
Iterative process requiring extensive communication between SFCTA and project sponsors Strategic Plan and 5YPPs evolve in parallel and are closely coordinated
Strategic Plan Baseline 5YPPs Strategic Plan 2019 Strategic Plan and 5YPPs Sponsor, Board and Public Engagement Proposed Funding and Cash Flow Financing Costs Step 1: Establish Baseline Step 2: 5YPP Development Process Step 3: Finalize Strategic Plan and 5YPPs for Board Adoption + Major Capital Projects + Paratransit + Update Strategic Plan Policies
SLIDE 5
5
2019 Strategic Plan/ 5YPP Update Step 1: Establish Strategic Plan Baseline
Strategic Plan Baseline Step 1: Establish Baseline
True-up to incorporate actual revenues and expenditures since 2014 Strategic Plan update Update revenue forecast and debt assumptions Update Strategic Plan Policies Update funding plan and project delivery plan for Major Capital Projects and Paratransit
For each Expenditure Plan category, the Strategic Plan Baseline determines how much Prop K funds are available by year through 2034.
SLIDE 6
Components of the Strategic Plan
6
POLICIES REVENUES EXPENDITURES
Sales Tax Investment Income
Operating Expenditures
Project Costs Financing Costs Capital Reserve
SLIDE 7
7
2019 Prop K Strategic Plan Baseline Prop K Policies
Provides guidance to both Transportation Authority staff and project sponsors for program administration 2019: Minor updates for clarity purposes St Strat ategic P c Plan an G Guiding P Princi ciples:
- 1. Optimize leveraging of sales tax funds
- 2. Support timely and cost-effective project delivery
- 3. Maximize cost effectiveness of financing
SLIDE 8
Components of the Strategic Plan
8
POLICIES REVENUES EXPENDITURES
Sales Tax Investment Income
Operating Expenditures
Project Costs Financing Costs Capital Reserve
SLIDE 9
2019 Strategic Plan Baseline Revenues
9
$88.3 $90.2 $94.4 $98.5 $102.3 $106.2 $66.8 $72.1 $76.9 $79.6 $71.1 $68.2 $75.2 $81.2 $85.8 $93.9 $100.3 $99.5 $102.2$104.3$106.5
$20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 MILLIONS
Prop K Sales Tax Revenue (YOE$)
2014 Strategic Plan Actual Sales Tax Revenue * Sales tax revenue for Fiscal Years 2017/18 and 2018/19 are projections
SLIDE 10
2019 Strategic Plan Baseline Revenues
10
$- $20 $40 $60 $80 $100 $120 $140 $160 $180 MILLIONS
Prop K Sales Tax Revenue (YOE$)
2014 Strategic Plan 2019 Strategic Plan Baseline Total Prop K Sales Tax Revenue (YOE$) 2014 Strategic Plan $3.35 billion 2019 Strategic Plan Baseline $3.30 billion Forecast Actual Revenue
SLIDE 11
Components of the Strategic Plan
11
POLICIES REVENUES EXPENDITURES
Sales Tax Interest Income
Operating Expenditures
Project Costs Financing Costs Capital Reserve
SLIDE 12
2014 Strategic Plan Update Project Costs
12
$0 $50 $100 $150 $200 $250 $300 $350 MILLIONS
Programming vs Allocations (YOE$)
Programming Allocations $0 $50 $100 $150 $200 $250 $300 $350
Expected vs Actual Expenditures (YOE$)
Expected Cashflow Actual Expenditures
* Expenditures for Fiscal Years 2017/18 and 2018/19 are projections * Allocations as of April 24, 2018 Board Meeting
SLIDE 13
2019 Strategic Plan Baseline Revenues and Expenditures Comparison
13
2019 Strategic Plan Baseline 2014 Strategic Plan
∆
Sales Tax Revenue $ 3,299.7 $ 3,346.4 $ -46.7 Investment Income $ 45.3 $ 80.7 $ -35.4 Loans $ 19.6 $ 19.6 Long Term Bond Proceeds $ 557.4 $ 676.2 $ -118.8
$ 3,922.0 $ 4,122.9 $ -200.9
2019 Strategic Plan Baseline 2014 Strategic Plan
∆
Program Administration $ 194.5 $ 196.0 $ -1.5 Loans $ 19.0 $ 19.0 Funds Available for Projects $ 2,584.9 $ 2,529.6 $ 55.3 Financing Costs $ 277.7 $ 295.7 $ -17.9 Capital Reserve $ 288.4 $ 406.4 $ -118.0 Long Term Bond Debt Service $ 557.4 $ 676.2 $ -118.8
$ 3,922.0 $ 4,122.9 $ -200.9
Revenues (YOE$)
TOTAL
Expenditures (YOE$)
TOTAL
SLIDE 14
2019 Strategic Plan Baseline Major Capital Projects & Paratransit
14
Central Subway Caltrain Modernization (Electrification and Positive Train Control) Presidio Parkway Transbay Transit Center / Caltrain Downtown Extension Paratransit
SLIDE 15
2019 Strategic Plan/ 5YPP Update Schedule
15
Step 2: 5YPP Development Process Step 1: Establish Strategic Plan Baseline Step 3: Finalize Strategic Plan and 5YPPs for Board Adoption Sponsor, Board and Public Engagement SFCTA Project Sponsors Revenue and Debt Projections Update Prop K Policies Major Capital Projects and Paratransit True-up Actual Revenues and Expenditures FEB MAR APR SEP OCT NOV DEC MAY JUN JUL AUG SFCTA Releases 5YPP Guidance SFCTA and Sponsors prepare Prioritization Criteria Sponsors prepare Project Information Forms (PIFs), Program of Projects and Scoring Tables SFCTA Reviews PIFs, Program of Projects and Scoring Tables Assess 5YPPs as a whole, establish financing needs, finalize draft 5YPP documents Board Adopts 5YPPs Part 1 Board adopts Strategic Plan/5YPP Update Approach Board Adoption of Strategic Plan Baseline Board Adopts 5YPPs Part 2 and Final Strategic Plan
SLIDE 16