San Joaquin Hills Proposed Budget -...
Transcript of San Joaquin Hills Proposed Budget -...
05_31_2011_SJH Budget
San Joaquin Hills Proposed Budget
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Fiscal Year 2012
05_31_2011_SJH Budget
FY11 Accomplishments & Programs
• Fiscal Responsibility – San Joaquin Hills Agency Indenture amendments and
bond restructure
• Providing Excellent Customer Service – Continued work on the Toll Operations and Policy
Planning Study – IBTTA Annual Meeting & Exhibition supporting sponsor – Website redesign – Measurable marketing campaigns – New environmental brochure – Spring Tour Program – TCA & Avis/Budget Group partnership – Renegotiated credit card processor resulting in a lower fee – Reprocured FasTrak transponders at a lower unit cost – Opened an average of 3,000 new FasTrak accounts each
month
• Maintaining a State of Good Repair – Completed toll plaza roof replacement project – Upgraded violation cameras installed at Newport Coast Drive
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05_31_2011_SJH Budget
Project Initiatives
• Fiscal Responsibility – Accounting software upgrade
• Providing Excellent Customer Service – Toll Operations Strategic & Policy Planning
Study, Phase 3 – Expand “Fossils in Your Backyard” program – Customer incentive programs – GIS mapping project for Development Impact
Fee program – FY12 marketing program – Website redesign, phase II
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05_31_2011_SJH Budget
Project Initiatives (continued)
• Maintaining a State of Good Repair – Uninterruptible Power Supply (UPS)
replacement project – Transponder reader replacement project – Server replacements – Roof replacement – utility buildings and toll
booths – Violation camera upgrades at the El Toro Road
on and off ramp plazas
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05_31_2011_SJH Budget
FY12 Proposed Revenues
Total Revenues $106.2M
Fees & Penalties $11.1M / 10.5%
DIF $1.0M / 0.9%
Tolls $87.6M 82.5%
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Interest Earnings $6.5M / 6.1%
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Toll Revenue - $87.6M
• Assumes transactional toll revenue of $90.4 million, a 2.5% increase over projected FY11 transactional toll revenue
• Reduced by violations and non-revenue transactions of $2.8 million estimated at approximately 3.1% of transactional toll revenue
– 1.4% of the revenue is pursuable
– 1.7% of the revenue represents unprocessable violations and non-revenue transactions
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FY12 Recommended Toll Rates
Location Time/Type Current FY11 Proposed FY12
Change from Current
El Toro Cash AVI
$2.25 $2.00
$2.50 $2.10
$0.25 $0.10
Catalina View ML Cash Off-Peak AVI Off-Peak
$4.75 $4.00
$5.00 $4.20
$0.25 $0.20
Cash Peak AVI Peak
$5.50 $4.75
$5.75 $5.00
$0.25 $0.25
Weekend Cash Weekend AVI
$4.50 $3.75
$4.75 $3.95
$0.25 $0.20
Newport Coast Cash AVI
$2.00 $1.75
$2.25 $1.85
$0.25 $0.10
La Paz Cash AVI
$1.50 $1.25
$1.75 $1.30
$0.25 $0.05
Aliso Creek Cash AVI
$1.75 $1.50
$2.00 $1.60
$0.25 $0.10
Bonita Canyon Cash AVI
$1.00 $0.75
$1.25 $0.80
$0.25 $0.05
05_31_2011_SJH Budget
FY12 Budget Sources
Total Revenues
Rollover of Operating Account Funds Not Spent in FY11
Available Unrestricted Cash
$106.2M
$0.8M
$8.7M
Sources Available to Cover Cash Uses $115.7M
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05_31_2011_SJH Budget
FY12 Proposed Budgeted Uses
Total Uses $159.8M
Debt Service $90.1M / 56.4%
Planning, Environmental & Construction $0.7M / 0.4% Administration
$5.6M / 3.5%
Toll Ops $7.7M / 4.8%
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Non-Cash Debt Accretion
$55.7M 34.9%
Cash Uses $104.1M
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0.4%
Planning, Environmental & Construction - $0.7M
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FY11 Amended Budget
FY11 Est. Actuals
FY12 Budget
Change Between Est. FY11 Actuals
& FY12 Budget
Environmental $0.2M $0.2M $0.3M $0.1M
Other $0.1M $0.0M $0.1M $0.1M
Strategic & Policy Planning Study $0.0M $0.0M $0.3M $0.3M
Total $0.3M $0.2M $0.7M $0.5M
05_31_2011_SJH Budget
4.8%
Toll Operations - $7.7M
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FY11 Amended
Annual Budget
FY11 Est. Actuals
FY12 Budget
Change Between Est. FY11 Actuals & FY12 Budget
Toll Customer Service and Compliance $4.0M $3.9M $4.1M $0.2M
Toll Systems $1.5M $1.5M $1.6M $0.1M
Toll Equipment $0.5M $0.4M $0.4M $0.0M
Toll Collections $1.2M $1.2M $1.2M $0.0M
Toll Facilities $0.4M $0.4M $0.4M $0.0M
Total $7.6M $7.4M $7.7M $0.3M
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Administration - $5.6M
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FY11 Amended Budget
FY11 Est. Actuals
FY12 Budget
Change Between FY11 Est. Actuals &
FY12 Budget
Salaries & Benefits $3.0M $2.7M $3.0M $0.3M
Insurance $0.9M $0.7M $0.8M $0.1M
Legal $0.4M $0.2M $0.4M $0.2M
Consulting $0.8M $0.7M $0.4M ($0.3M)
Rent $0.4M $0.4M $0.4M $0.0M
Transportation & Travel $0.1M $0.1M $0.1M $0.0M
Office Expenses, Equipment, and Other $0.3M $0.3M $0.3M $0.0M
Marketing $0.2M $0.2M $0.2M $0.0M
Total $6.1M $5.3M $5.6M $0.3M
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Debt Coverage Calculation FY12
Reflects estimated earnings on specific accounts in both the enterprise and debt service funds as defined per the indenture. *
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Budget FY12 ($ in Thousands)
Adjusted Net Toll Revenues Total Toll Revenues Including Fees and Fines $98,656 Interest Earnings $6,298
Current Expenses – Funded From Toll Revenue
Adjusted Net Toll Revenues $92,460
Annual Debt Service $90,132
Coverage Ratio 1.03
($12,494)
*
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Estimated FY12 Available Cash & Toll Stabilization
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Estimated Available Cash
Estimated Available Cash at 7/1/11 $15,676,000
Construction Uses (PEC) Non-Operating Administration Expenses
Estimated Balance of Available Funds Prior to Current Year Revenues 14,652,000
Plus Projected Surplus Revenues Plus Projected DIFs and Interest Less Transfer to Toll Stabilization
18,249,000 1,240,000
Estimated Available Funds at 6/30/11 8,741,000
FY12 DIFs and Interest 1,084,000
Estimated Available Funds at 6/30/12 $9,825,000
Toll Stabilization (Restricted)
Estimated Toll Stabilization Funds at 7/1/11 $34,458,000
Estimated Debt Defeasance to Meet Coverage Plus Projected Interest Transfer From Available Cash
145,000
25,400,000
Estimated Toll Stabilization Funds at 6/30/11 27,103,000
Less PEC* Less Non-Operating Admin Exp* Surplus Revenue Interest
1,693,000 83,000
Estimated Toll Stabilization Funds at 6/30/12 $27,371,000
(32,900,000)
(25,400,000) (819,000) (689,000)
(212,000) (812,000)
* Eligible additional costs per indenture amendment.
05_31_2011_SJH Budget
Reserves
• Caltrans Maintenance Station $7.8M
• Current Expense $3.4M
• Use and Occupancy $15.0M
• Debt Service Reserve $225.7M
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05_31_2011_SJH Budget 16
Staff Recommendation
• Approve budget totaling $159,839,884 • Approve proposed staffing plan • Adopt proposed toll rates as presented on the earlier slide • Authorize CEO to reallocate within the following categories
– Administration $5,642,022 – Planning, Environmental & Construction $689,436 – Toll Operations $7,669,707 – Debt Expenses $145,838,719
• Direct staff to submit budget to the trustee