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ADMINISTRATION & FINANCE COMMITTEE
Thursday, October 15, 2020
12:00 PM
*TELECONFERENCE AND VIDEO CONFERENCE ONLY*
In compliance with California’s statewide stay at home order and Santa Clara County’s
shelter in place order and pursuant to California Governor Gavin Newsom’s Executive Order
N-29-20, VTA’s Administration and Finance Committee will convene a teleconference and
video conference meeting only.
Zoom Meeting Link: https://us02web.zoom.us/j/82524965148
Smart Phone dial in: US+12133388477,,82524965148# or +16692192599,,82524965148#
Telephone dial: US: +1 669 219 2599 or +1 669 900 9128 Webinar ID: 825 2496 5148
Technology limitations may limit the ability to receive verbal public comments during the
meeting. We request the public to submit their comments by 5:00 p.m. on October 14, 2020, to
board.secretary@vta.org. Instructions for participating in the teleconference will be posted on
VTA’s website: https://bit.ly/vta-af-agendas
AGENDA
CALL TO ORDER
1. ROLL CALL
2. PUBLIC COMMENT:
This portion of the agenda is reserved for persons desiring to address the Committee on
any matter not on the agenda. Speakers are limited to 1 minute. The law does not
permit Committee action or extended discussion on any item not on the agenda except
under special circumstances. If Committee action is requested, the matter can be placed
on a subsequent agenda. All statements that require a response will be referred to staff
for reply in writing.
3. ORDERS OF THE DAY
CONSENT AGENDA
4. ACTION ITEM - Approve the Regular Meeting Minutes of September 17, 2020.
5. INFORMATION ITEM -Receive the 2000 Measure A Transit Improvement Program
Semi-Annual Report Ending June 30, 2020.
Santa Clara Valley Transportation Authority
Administration & Finance Committee October 15, 2020
Page 2
REGULAR AGENDA
6. ACTION ITEM -Recommend that the VTA Board of Directors review and accept the
Fiscal Year 2020 Statement of Revenues and Expenses for the period ending
June 30, 2020.
7. INFORMATION ITEM - Receive a presentation on Farebox Recovery. (Verbal Report)
(Wong)
8. INFORMATION ITEM -Receive the Monthly Investment Report for August 2020.
9. INFORMATION ITEM – Receive a presentation on Economic Outlook Projections.
(Verbal Report) (Wong)
OTHER ITEMS
10. Items of Concern and Referral to Administration.
11. Review Committee Work Plan. (Srinath)
12. Committee Staff Report. (Srinath)
13. Chairperson's Report. (Carr)
14. Determine Consent Agenda for the November 5, 2020, Board of Directors Meeting.
15. ANNOUNCEMENTS
16. ADJOURN
In accordance with the Americans with Disabilities Act (ADA) and Title VI of the Civil Rights
Act of 1964, VTA will make reasonable arrangements to ensure meaningful access to its
meetings for persons who have disabilities and for persons with limited English proficiency who
need translation and interpretation services. Individuals requiring ADA accommodations should
notify the Board Secretary’s Office at least 48-hours prior to the meeting. Individuals requiring
language assistance should notify the Board Secretary’s Office at least 72-hours prior to the
meeting. The Board Secretary may be contacted at (408) 321-5680 or
board.secretary@vta.org or (408) 321-2330 (TTY only). VTA’s home page is
www.vta.org or visit us on www.facebook.com/scvta. (408) 321-2300: 中文 / Español /
日本語 / 한국어 / tiếng Việt / Tagalog.
Disclosure of Campaign Contributions to Board Members (Government Code Section 84308) In
accordance with Government Code Section 84308, no VTA Board Member shall accept, solicit,
or direct a contribution of more than $250 from any party, or his or her agent, or from any
participant, or his or her agent, while a proceeding involving a license, permit, or other
entitlement for use is pending before the agency. Any Board Member who has received a
contribution within the preceding 12 months in an amount of more than $250 from a party or
from any agent or participant shall disclose that fact on the record of the proceeding and shall not
make, participate in making, or in any way attempt to use his or her official position to influence
the decision. A party to a proceeding before VTA shall disclose on the record of the proceeding
any contribution in an amount of more than $250 made within the preceding 12 months by the
Santa Clara Valley Transportation Authority
Administration & Finance Committee October 15, 2020
Page 3
party, or his or her agent, to any Board Member. No party, or his or her agent, shall make a
contribution of more than $250 to any Board Member during the proceeding and for three
months following the date a final decision is rendered by the agency in the proceeding. The
foregoing statements are limited in their entirety by the provisions of Section 84308 and parties
are urged to consult with their own legal counsel regarding the requirements of the law.
There will be no physical location for the October 15, 2020, Administration and Finance
Committee Meeting. All reports for items on the open meeting agenda are available on VTA’s
website.
Zoom meeting link- https://us02web.zoom.us/j/82524965148
NOTE: THE BOARD OF DIRECTORS MAY ACCEPT, REJECT OR MODIFY
ANY ACTION RECOMMENDED ON THIS AGENDA.
Administration & Finance Committee
Thursday, September 17, 2020
MINUTES
CALL TO ORDER
The Regular Meeting of the Administration and Finance Committee (A&F) was called to order at
12:01 p.m. by Chairperson Carr via video and teleconference.
1. ROLL CALL
Attendee Name Title Status
Marie Blankley Alternate Member N/A
Larry Carr Chairperson Present
Cindy Chavez Member Present
Dev Davis Alternate Member N/A
Susan Ellenberg Alternate Member N/A
Glenn Hendricks Vice Chairperson Present
Sam Liccardo Member Present
Teresa O’Neill Alternate Member N/A
A quorum was present.
2. PUBLIC COMMENT
There was no Public Comment.
3. ORDERS OF THE DAY
Chairperson Carr noted a revised Agenda was provided to the Committee with a change to
the recommendation language for Agenda Item #6., Board Governance Enhancement
Recommendations on Expanding Supermajority Voting Provisions, and can be found in
the agenda packet on the website.
Public Comment
Roland, Interested Citizen, commented about the availability of materials on the website
for decommissioned committees.
CONSENT AGENDA
4. Regular Meeting Minutes of August 20, 2020
M/S/C (Hendricks/Chavez) to approve the Regular Meeting Minutes of August 20, 2020.
NOTE: M/S/C MEANS MOTION SECOND AND CARRIED AND, UNLESS OTHERWISE INDICATED, THE
MOTION PASSED UNANIMOUSLY
4
A&F Committee Minutes Page 2 of 5 September 17, 2020
5. Bus Shelter Procurement P16227 Contract Amendment
M/S/C (Hendricks/Chavez) to recommend that the VTA Board of Directors authorize the
General Manager to amend procurement Contract P16227 Bus Shelters with Brasco
International, Inc. by extending the contract term to May 31, 2022 or until all bus shelters
in the contract are delivered and accepted by VTA, whichever occurs sooner. This
recommended action will not change the contract value and there is no financial impact.
RESULT:
MOVER:
SECONDER:
AYES:
NOES:
ABSENT:
APPROVED– Consent Agenda Items #4-5
Hendricks
Chavez
Carr, Chavez, Hendricks
None
Liccardo
Member Liccardo joined the teleconference meeting at 12:11 p.m.
REGULAR AGENDA
6. Board Governance Enhancement Recommendations on Expanding Supermajority
Voting Provisions
Stephen Flynn, Senior Policy Analyst, provided a brief report and provided a presentation
entitled Supermajority Voting Requirements on Board Actions.
Public Comment
Roland commented about the following: 1) opposed staff recommendation; and 2) 2000
Measure A funds.
Members of the Committee expressed support for staff’s recommendation.
M/S/C (Liccardo/Hendricks) to forward to the Governance & Audit Committee the
recommendation to reject the Board Governance Enhancement recommendation to place
supermajority voting requirements on certain additional Board actions.
RESULT:
MOVER:
SECONDER:
AYES:
NOES:
ABSENT:
APPROVED– Consent Agenda Item #6
Liccardo
Hendricks
Carr, Chavez, Hendricks, Liccardo
None
None
7. Award of Contract SAP Enterprise Asset Management Enhancement
Richard Bertalan, Deputy Director Technology, provided a presentation entitled SAP
Enterprise Asset Management (EAM) Enhancement.
4
A&F Committee Minutes Page 3 of 5 September 17, 2020
Public Comment
Roland commented about the following: 1) support for the system; 2) sharing content on
the website; and 3) if the enhancement affects any current data reporting.
Members of the Committee and staff discussed the following: 1) external users;
2) implementation process and timeline; 3) benefits of the enhancement including updated
security features; 4) interoperability features; 5) how it would assist VTA’s Operation
Control Center; 7) the goal to have everything on one platform base; and 8) VTA’s assets.
M/S/C (Hendricks/Chavez) to recommend that the VTA Board of Directors authorize the
General Manager to execute a contract with LSI Consulting in an amount not to exceed
$3,985,000 for the implementation of an SAP Enterprise Asset Management System which
will enhance user experience, phase in mobility features, interface in real time to existing
Geographical Information Systems (GIS) and become fully compliant with Federal Transit
Administration, State of Goods Repair Reporting Requirements.
RESULT:
MOVER:
SECONDER:
AYES:
NOES:
ABSENT:
APPROVED– Consent Agenda Item #7
Hendricks
Chavez
Carr, Chavez, Hendricks, Liccardo
None
None
8. Monthly Investment Report - July 2020
Sean Bill, Investment Program Manager, and Don Stracke, Consultant NEPC, together
provided an overview of the staff report and provided a presentation about the Asset
Liability Study Goals.
Members of the Committee commented about the following: 1) inflation assumptions;
2) rate of returns and forecasting; 3) portfolio performance; 4) concerns about the impacts
of the pandemic to the economy; 5) funding ratios and discount rates; and 6) overall
challenges with investments and pensions.
Raj Srinath, Deputy General Manager/Chief Financial Officer, and Staff Liaison, reported
that the Board of Pensions will hear an actuary report at their next meeting; and that he will
provide it to the Committee Members at the next A&F meeting.
On order of Chairperson Carr and there being no objection, the Committee received the
Monthly Investment Report for July 2020.
OTHER ITEMS
9. Items of Concern and Referral to Administration
There were no items of Concern and Referral to Administration.
4
A&F Committee Minutes Page 4 of 5 September 17, 2020
Public Comment
Roland referenced two slides at a previous meeting that showed the Bay Area Rapid Transit
(BART) to San Jose funding expenditure plan and funding for phase II; and suggested the
slides be presented at every meeting where BART is discussed.
10. Committee Work Plan
On order of Chairperson Carr and there being no objection, the Committee reviewed
and accepted the Committee Work Plan.
11. Committee Staff Report
Mr. Srinath reported VTA issued bonds to refund/refinance approximately $57 million of
existing 2000 Measure A Sales Tax Revenue Bonds that were issued in 2015; and VTA
achieved over six million of savings as a result.
On order of Chairperson Carr and there being no objection, the Committee received the
Committee Staff Report.
12. Chairperson’s Report
There was no Chairperson’s report.
13. Determine Consent Agenda for the October 1, 2020, Board of Directors Meeting
CONSENT AGENDA:
Agenda Item #5. Recommend that the VTA Board of Directors authorize the General
Manager to amend procurement Contract P16227 Bus Shelters with Brasco International,
Inc. by extending the contract term to May 31, 2022 or until all bus shelters in the contract
are delivered and accepted by VTA, whichever occurs sooner. This recommended action
will not change the contract value and there is no financial impact.
Agenda Item #6. Recommend that the VTA Board of Directors authorize the General
Manager to execute a contract with LSI Consulting in an amount not to exceed $3,985,000
for the implementation of an SAP Enterprise Asset Management System which will
enhance user experience, phase in mobility features, interface in real time to existing
Geographical Information Systems (GIS) and become fully compliant with Federal Transit
Administration, State of Goods Repair Reporting Requirements.
REGULAR AGENDA
None.
14. ANNOUNCEMENTS
Chairperson Carr announced that the Board of Directors Workshop meeting will be held
tomorrow, September 18th, at 9:00 a.m. and will be held via video and teleconference.
4
A&F Committee Minutes Page 5 of 5 September 17, 2020
15. ADJOURNMENT
On order of Chairperson Carr and there being no objection, the meeting adjourned at
12:55 p.m.
Respectfully submitted,
Theadora Abraham, Board Assistant
VTA Office of the Board Secretary
4
Date: October 2, 2020
Current Meeting: October 15, 2020
Board Meeting: November 5, 2020
BOARD MEMORANDUM
TO: Santa Clara Valley Transportation Authority
Administration & Finance Committee
THROUGH: General Manager/CEO, Nuria I. Fernandez
FROM: Chief Engineering & Prog Delivery Officer, Chief BART Silicon Valley
Extension Project, Casey Emoto, Takis Salpeas
SUBJECT: 2000 Measure A Semi-Annual Report Ending June 30, 2020
FOR INFORMATION ONLY
EXECUTIVE SUMMARY:
• The Santa Clara Valley Transportation Authority’s (VTA’s) 2000 Measure A Transit
Improvement Program (Measure A Program) was created in response to the Measure A
ballot approved by the voters of Santa Clara County on November 7, 2000.
• The Measure A Program is responsible for several key capital transit improvement
projects, among them the connection of the San Francisco Bay Area Rapid Transit
District (BART) to Santa Clara County, and increased bus and light rail service; and to
provide funding for related operating expenses.
• The Measure A Semi-Annual Report is issued to report on progress of projects under this
Program. This report is issued twice annually, one for the six-month period ending June
and a second for the period from July to December. This report covers January 2020 to
June 2020.
STRATEGIC PLAN/GOALS:
The various projects covered in this report support VTA’s strategic business line to deliver
projects and programs to address the existing, evolving multimodal needs of Silicon Valley. As
accountable stewards of the natural resources and transportation tax revenues of the County, this
Semi-Annual Report to the VTA Board and the Citizens Watchdog Committee summarizes
information on scope, cost, schedule, funding situation and challenges of the various 2000
Measure A projects.
5
Page 2 of 4
BACKGROUND:
The Measure A Program funded by a half-cent sales tax provides funding for projects specified
in the 2000 Measure A ballot. The VTA Board of Directors is responsible for implementation of
the Measure A Program and for all policy-related decisions including the composition,
implementation schedule and funding level of projects. The Citizens Watchdog Committee is
responsible for reviewing the Measure A Program expenditures to ensure funds are being spent
in accordance with the intent of the ballot and for informing the public on how the funds are
being spent. The Measure A Semi-Annual Report is a report prepared by VTA staff and provided
to the VTA Board of Directors and 2000 Measure A Citizens Watchdog Committee.
DISCUSSION:
Following are the highlights for the reporting period January 2020 to June 2020:
Extend BART from Fremont through Milpitas to Downtown San Jose and the Santa Clara
Caltrain Station
Key activities for VTA’s BART Silicon Valley Phase II Extension:
▪ On April 17, 2020 a special VTA Board of Directors meeting was held for members to be
briefed on two optimized single-bore tunnel concepts developed to address BART’s
operational concerns with the single bore configuration included in the project’s Final
Supplemental Environmental Impact Statement/Subsequent Environmental Impact
Report. These concepts maintained, at a minimum, a single-bore stacked configuration
under Santa Clara Street (approximately 50’ below surface) between 13th Street and
Stockton Avenue to minimize street-level impacts and business disruptions in the San
Jose downtown core during construction.
▪ At VTA’s June 19, 2020 Board of Directors meeting, staff provided an overview of the
funding application to be submitted to the Federal Transit Administration (FTA) for the
Expedited Project Delivery (EPD) Pilot Program. This presentation included details on
the project scope, cost estimate, schedule, contracting plan, and funding plan.
▪ Following the presentation to the Board of Directors, staff met with FTA Region IX on
June 25, 2020 to provide a similar overview of the project. On July 17, 2020, staff met
with FTA Headquarters and Region IX staff to review VTA’s EPD application readiness
to formally submit for federal funding. General details of the application were discussed
with a focus on elements satisfying the requirements of the EPD program. VTA was also
informed that a Project Management Oversight Consultant (PMOC) has been assigned
for project oversight and risk assessment.
Key activities for VTA’s BART Silicon Valley Berryessa Extension Project (Phase I):
▪ VTA and BART reached a major milestone on March 2, 2020 when BART appointed a
5
Page 3 of 4
Rail Acceptance Officer to take responsibility for the transition of the BART Berryessa
Extension Project from a VTA construction project to an operating element of the BART
system.
▪ After resolution of critical discrepancies through the first quarter, BART resumed Phase
3 operations and maintenance testing on March 12, 2020.
▪ The Safety and Security Certification Verification Report was submitted to the California
Public Utilities Commission (CPUC) on May 20, 2020. The CPUC approved the System
Safety Certification on June 3, 2020.
▪ A ribbon cutting ceremony was held on June 12, 2020 that included a small group of
dignitaries and project participants. Members of the public were invited to live-stream the
event to maintain a small crowd and adhere to social distancing requirements.
▪ The project entered Revenue Service on June 13, 2020.
▪ BART assigned its 40th new revenue vehicle to VTA in January 2020. Forty is the
number of railcars specified in the SVBX Full Funding Grant Agreement to manage the
additional capacity being added by the SVBX project.
▪ On the Montague Pedestrian Overcrossing, the prefabricated steel bridge sections were
delivered to the site in June 2020. Field work on the sections continued in preparation for
their July 2020 installation over Montague Expressway.
▪ On the Hayward Maintenance Complex (HMC), for the new Component Repair Shop
(CRS), the contractor was granted Substantial Completion for the entire facility on
February 13, 2020. HMC project management continues to work on settling final
contract change orders.
Extend Light Rail from Downtown San Jose to the East Valley
Phase I included pedestrian and bus improvements along Capitol Expressway from Capitol
Avenue to Quimby Road (completed in 2012) and reconstruction of the Eastridge Transit Center
(completed in May 2015). Phase II (Eastridge to BART Regional Connector) will extend light
rail to the Eastridge Transit Center. VTA board certified the environmental documents in June
2019. PG&E final design for transmission line was completed in December 2019. PG&E
transmission line and other utilities relocations are expected to be complete by mid-2021. Right
of way activities are ongoing and acquisitions are expected to be completed by early 2021. The
95% design deliverables were received in July 2020 and are currently under review. The
construction contract is planned for advertisement in early 2021 contingent on securing funding.
Improve Caltrain: Double Track to Gilroy & Electrify from Palo Alto to Gilroy
5
Page 4 of 4
Work on the Caltrain electrification project is proceeding. VTA continues to reimburse Caltrain
for our share of project related costs.
Improve Bus Service in Major Corridors
The contract for design services for modifications at Chaboya was awarded to STV Inc. in April
2019. The 65% design deliverables were received in July 2020 and design work is planned for
completion by the end of 2020.
Develop New Light Rail Corridor
The SR 85 Transit Guideway study is complete. The SR 85 Policy Advisory Board (PAB) has
endorsed a transit lane project on SR 85 that would be eligible for use by public transit and
private shuttles. The PAB's recommendation will be considered by VTA's Board of Directors in
the fall of 2020.
CLIMATE IMPACT:
This item does not directly pose an impact to climate change because it is an information item.
However, projects delivered under the Measure A program have the potential to impact the
climate. These impacts will be addressed when specific items are presented to the Board for
approval.
Prepared By: Suja Prasad, Sr. Cost & Schedule Coordinator
Memo No. 7185
5
ATTACHMENT A
2000 Measure A Program
Semi-Annual Report January 2020 – June 2020
5.a
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Table of Contents
2000 Measure A Program
i
TABLE OF CONTENTS
Section Title Page
1 EXECUTIVE SUMMARY AND PROJECT COSTS
A. Executive Summary ............................................................................. 1-2
B. Project Costs ......................................................................................... 1-5
C. Measure A Fund Exchange .................................................................. 1-8
D. Funding................................................................................................. 1-9
2 PROJECT SUMMARY REPORTS
1 Silicon Valley Rapid Transit
1. BART SV Program Development Implementation &
Warm Springs
2-1-1
2. BART SV Corridor Establishment and Maintenance .......................... 2-1-2
3. Berryessa Extension Project SVBX – Phase 1 .................................... 2-1-3
4 Future Extension to Santa Clara – Phase 2 .......................................... 2-1-4
5. BART Core Systems Modifications (BCS) ........................................ 2-1-5
6. Other Supporting Project ........................................................ ……… 2-1-6
2. Mineta San Jose Airport People Mover .............................................. 2-2
3. Capitol Expressway Light Rail to Eastridge ....................................... 2-3
4. Low Floor Light Rail Vehicles ............................................................. 2-4
5. Caltrain – Capacity Improvements & Electrification ........................... 2-5
6. Caltrain Service Upgrades ................................................................... 2-6
7. Palo Alto Intermodal Transit Center .................................................... 2-7
8. Bus Rapid Transit ................................................................................ 2-8
9. Upgrade Altamont Commuter Express (ACE) .................................... 2-9
10. Highway 17 Bus Service Improvements .............................................. 2-10
11. Dumbarton Rail Corridor ................................................................. 12 2-11
12. ZEB Demonstration and Facility Improvements ................................. 2-12
13. Develop New Light Rail Corridors ..................................................... 2-13
A APPENDIX A – 2000 MEASURE A BALLOT LANGUAGE ......... A-1
B APPENDIX B – 2000 MEASURE A FUND SWAPS ........................ B-1
5.a
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
SECTION 1.0
EXECUTIVE SUMMARY AND
PROJECT COSTS
5.a
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
1-2
SECTION 1.0
EXECUTIVE SUMMARY AND PROJECT COSTS
A. EXECUTIVE SUMMARY
The Semi-Annual Report is a periodic update of the 2000 Measure A Transit Improvement
Program prepared by VTA staff and provided to the 2000 Measure A Citizens Watchdog
Committee and the VTA Board of Directors.
In the same manner VTA was committed to and completed all projects in the 1996 Measure B
Program, VTA is committed to completing all the projects in the 2000 Measure A Program.
During FY2021, VTA will advance projects to a ready state and advocate for outside fund
sources and matched funds to advance projects including potential public-private partnerships.
This report shows a snapshot of the 2000 Measure A Program at the time of writing. However, it
is important to understand that the timing and prioritization of projects in the program remains
fluid. The report is based on the Program’s budgeted, forecast, and incurred costs as of June 30,
2020.
Key activities that occurred in the six months leading up to June 30, 2020 are described below:
Extend BART from Fremont through Milpitas to Downtown San Jose and the Santa Clara
Caltrain Station
Following are the key activities for VTA’s BART Silicon Valley Phase II Extension:
▪ On April 17, 2020 a special VTA Board of Directors meeting was held for members to be
briefed on two special concept studies underway to address BART’s operational and
safety concerns with the single bore configuration that was included in the project’s June
2018 Record of Decision from the Federal Transit Administration (FTA). These concept
studies maintain, at a minimum, a Single Bore stacked configuration under Santa Clara
Street (50’ below surface) between 13th Street and Stockton Avenue to minimize street-
level impacts and business disruptions in the San Jose downtown core during
construction.
▪ At VTA’s June 19, 2020 Board of Directors meeting, staff provided an overview of the
funding application to be submitted to the Federal Transit Administration (FTA) for the
Expedited Project Delivery (EPD) Pilot Program. This presentation included details on
the project scope, cost estimate, schedule, contract plan, and funding plan.
▪ Following the presentation to the Board of Directors, staff met with FTA Region IX on
June 25, 2020 to provide a similar overview of the project. On July 17, 2020, staff met
with FTA Headquarters and Region IX staff to review VTA’s EPD application readiness
to formally submit for federal funding. General details of the application were discussed
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
1-3
with a focus on elements satisfying the requirements of the EPD program. VTA was also
informed that a Project Management Oversight Consultant (PMOC) has been assigned
for project oversight and risk assessment.
Following are the key activities for VTA’s BART Silicon Valley Berryessa Extension Project
(Phase I):
▪ VTA and BART reached a major milestone on March 2, 2020 when BART appointed a
Rail Acceptance Officer to take responsibility for the transition of the BART Berryessa
Extension Project from a VTA construction project to an operating element of the BART
system.
▪ After resolution of critical discrepancies through the first quarter, BART resumed Phase
3 operations and maintenance testing on March 12, 2020.
▪ The Safety and Security Certification Verification Report was submitted to the California
Public Utilities Commission (CPUC) on May 20, 2020. The CPUC approved the System
Safety Certification on June 3, 2020.
▪ A ribbon cutting ceremony was held on June 12, 2020 that included a small group of
dignitaries and project participants. Members of the public were invited to live-stream the
event to maintain a small crowd and adhere to social distancing requirements.
▪ The project entered Revenue Service on June 13, 2020.
▪ BART assigned its 40th new revenue vehicle to VTA in January 2020. Forty is the
number of railcars specified in the SVBX Full Funding Grant Agreement to manage the
additional capacity being added by the SVBX project.
▪ On the Montague Pedestrian Overcrossing, the prefabricated steel bridge sections were
delivered to the site in June 2020. Field work on the sections continued in preparation for
their July 2020 installation over Montague Expressway.
▪ On the Hayward Maintenance Complex (HMC), for the new Component Repair Shop
(CRS), the contractor was granted Substantial Completion for the entire facility on
February 13, 2020. HMC project management continues to work on settling final
contract change orders.
Extend Light Rail from Downtown San Jose to the East Valley
Phase I included pedestrian and bus improvements along Capitol Expressway from Capitol
Avenue to Quimby Road (completed in 2012) and reconstruction of the Eastridge Transit Center
(completed in May 2015). Phase II (Eastridge to BART Regional Connector) will extend light
rail to the Eastridge Transit Center. VTA board certified the environmental documents in June
2019. PG&E final design for transmission line was completed in December 2019. PG&E
transmission line and other utilities relocations are expected to be complete by mid-2021. Right
of way activities are ongoing and acquisitions are expected to be completed by early 2021. The
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
1-4
95% design deliverables were received in July 2020 and are currently under review. The
construction contract is planned for advertisement in early 2021 contingent on securing funding.
Improve Caltrain: Double Track to Gilroy & Electrify from Palo Alto to Gilroy
▪ Work on the Caltrain electrification project is proceeding. VTA continues to reimburse
Caltrain for our share of project related costs.
Improve Bus Service in Major Corridors
▪ Request for Proposal for design services for modifications at Chaboya was issued in
October 2018 and contract was awarded to STV Inc. in April 2019. 65% design
deliverables were received in July 2020 and design work is currently planned for
completion by end 2020.
Develop New Light Rail Corridor
▪ The SR 85 Transit Guideway study is complete. The SR 85 Policy Advisory Board
(PAB) has endorsed a transit lane project on SR 85 that would be eligible for use by
public transit and private shuttles. The PAB's recommendation will be considered by
VTA's Board of Directors in the fall of 2020.
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
1-5
B. PROJECT COSTS
Figure 1.1, on page 1-7, shows the incurred costs for each of the 14 transit projects/program
areas as identified in the 2000 Measure A sales tax.
2000 Measure A Programwide
Programwide costs are incurred when activities are performed that provide either an indirect
benefit to multiple projects or provide benefit to the overall 2000 Measure A Program. There are
five programwide cost components to the 2000 Measure A Program:
▪ Capitalized Interest and Bond Costs
▪ Non-Capitalized Interest and Bond Costs
▪ Programwide Expenses
▪ VTA Operating Assistance
▪ Miscellaneous Operating Expenses
Interest and Bond Costs
Interest and Bond Costs represent interest and other bond charges (net of interest earned on bond
proceeds) related to 2000 Measure A Sales Tax Revenue Bonds. Other bond charges include
periodic fees related to variable rate bonds, including liquidity, remarketing, trustee and rating
fees.
Capitalized interest/bond charges need to be associated with the assets that were funded by the
bond proceeds. In accordance with Financial Accounting Standards Board (FASB) 62,
capitalized interest related to restricted assets should be net of the interest income earned by the
reinvested bond proceeds. Costs are allocated directly to specific projects based on the prorata
share of bond proceeds used to fund expenditures on a quarterly basis. These costs will continue
to be allocated directly to project expenditures until the bonds are repaid in full or until such
projects are completed, whichever comes first.
Non-Capitalized interest/bond charges represent the bond costs allocated to projects that have
been completed as well as the costs associated with Taxable Build America Bonds proceeds that
have not yet been drawn down.
Bonds were initially issued beginning in 2003, prior to the start of the 2000 Measure A Sales
Tax, in order to advance the SVRT, Commuter Rail, and Light Rail programs prior to sales tax
revenue collections. Currently there are approximately $785.9 million in 2000 Measure A Sales
Tax Revenue Bonds outstanding.
Programwide Expenses
Programwide expenses include preparation of progress and cost reports and other general project
related tasks that are not attributable to individual projects. On a quarterly basis, the
programwide expenses are allocated to individual projects based on the incremental costs of the
projects during the quarter. The allocation is necessary to associate the costs to the individual
projects that were benefited by the incurrence of the programwide costs.
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
1-6
VTA Operating Assistance
20.75% of the Measure A Sales Tax revenue is used in support of VTA operations. Through
June 2020, a cumulative total of $489 million has been expended for this purpose.
Miscellaneous Operating Expenses
Miscellaneous Operating Expenses represent expenditures related to the ongoing costs of
administering the overall Measure A program. These expenses include financial forecasting,
investment consultants, annual financial audit preparation, election fees, publication of annual
financial audits and public hearings conducted by the 2000 Measure A Citizen’s Watchdog
Committee, and other general tasks.
5.a
2000 Measure A Program Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program 1-7
Figure 1.1 – Incurred Cost Dec 2019 Jun 2020 This Period
Others Measure A Total Others Measure A Total Total
1-Extend BART from Fremont through Milpitas to Downtown San Jose and the Santa Clara Caltrain Station1-1 BART SV Program Dev., Implementation & Warm Springs 243.6$ 190.6$ 434.2$ 243.6$ 195.5$ 439.1$ 4.9$ 1-2 BART SV Corridor Establishment and Maintenance (CEM) 157.0$ 293.1$ 450.1$ 165.1$ 292.5$ 457.6$ 7.5$ 1-3 BART Silicon Valley Berryessa Extension 1,167.9$ 962.2$ 2,130.1$ (1) 1,190.7$ 1,006.9$ 2,197.6$ (1) 67.5$ 1-4 BART Silicon Valley Santa Clara Extension 162.3$ 112.1$ 274.4$ 162.3$ 169.5$ 331.8$ 57.4$ 1-5 BART Core System Modifications (BCS) 60.4$ 103.6$ 164.1$ 61.9$ 106.1$ 168.0$ 3.9$ 1-6 BART Other Supporting Projects 8.0$ 86.9$ 94.9$ 8.0$ 87.5$ 95.5$ 0.5$
1,799.2$ 1,748.6$ 3,547.8$ 1,831.6$ 1,858.0$ 3,689.6$ 141.8$ 2 - Provide Connections from Mineta San Jose International Airport to BART, Caltrain and VTA Light Rail
Mineta San Jose Airport People Mover (APM) -$ 2.1$ 2.1$ -$ 2.1$ 2.1$ -$
3- Extend Light Rail From Downtown San Jose to the East ValleyDTEV Planning & Conceptual. Engg/DTEV Env & 90% CELR 5.9$ 61.5$ 67.4$ 5.9$ 61.5$ 67.4$ -$ CELR Phase I - Pedestrian Improvements 16.0$ 3.0$ 19.0$ 16.0$ 3.0$ 19.0$ -$ CELR Phase I - Eastridge Transit Center 26.9$ 33.5$ 60.3$ 26.9$ 33.6$ 60.5$ 0.1$ Eastridge to BART Regional Connector Project 0.7$ 20.2$ 20.9$ 2.9$ 27.0$ 29.9$ 9.1$
Total 49.5$ 118.1$ 167.6$ 51.7$ 125.1$ 176.8$ 9.2$ 4 - Purchase Low-Floor Light Rail Vehicles
70 Low-Floor Light Rail Vehicles 200.6$ -$ 200.6$ 200.6$ 200.6$ -$
5 - Improve Caltrain: Double Track to Gilroy and Electrify from Palo Alto to Gilroy
Caltrain South County Capacity Improvements 14.9$ 2.3$ 17.2$ 14.9$ 2.3$ 17.2$ -$ Caltrain Electrification (VTA Share) 26.4$ 58.2$ 84.6$ 26.4$ 60.7$ 87.1$ 2.5$
Total 41.3$ 60.5$ 101.8$ 41.3$ 63.1$ 104.4$ 2.5$ 6- Increase Caltrain Service
Caltrain Improvement Plan/Caltrain Service Upgrades -$ 17.3$ 17.3$ -$ 17.3$ 17.3$ -$ Caltrain Mountain View Parking Structure 0.1$ 0.2$ 0.3$ 0.1$ 0.2$ 0.3$ -$ Blossom Hill Pedestrian Grade Separation 10.0$ 1.2$ 11.2$ 10.0$ 1.2$ 11.2$ -$ Caltrain Safety Enhancements 0.1$ 15.7$ 15.8$ 0.1$ 15.7$ 15.8$ -$ Santa Clara Station Pedestrian Underpass Extension 10.0$ 0.7$ 10.7$ 10.0$ 0.7$ 10.7$ -$ Santa Clara and San Jose Diridon Station Upgrade -$ 12.2$ 12.2$ -$ 12.2$ 12.2$ -$ Bike Sharing Pilot Project 0.6$ 0.2$ 0.8$ 0.6$ 0.2$ 0.8$ -$
Total 20.8$ 47.6$ 68.4$ 20.8$ 47.6$ 68.4$ -$ 7 - Construct a New Palo Alto Intermodal Transit Center
Palo Alto Intermodal Transit Center 0.2$ 0.0$ 0.2$ 0.2$ 0.0$ 0.2$ -$
8 - Improve Bus Service in Major Bus CorridorsBRT Alternative Analysis/ BRT Strategic Plan 0.7$ 1.5$ 2.2$ 0.7$ 1.5$ 2.2$ -$ Alum Rock - Santa Clara Bus Rapid Transit 94.2$ 47.2$ 141.5$ 94.2$ 47.5$ 141.7$ 0.3$ Stevens Creek Bus Rapid Transit 0.6$ 3.1$ 3.7$ 0.6$ 3.1$ 3.7$ 0.0$ El Camino Real Rapid Bus Stop Improvements -$ 10.5$ 10.5$ -$ 10.5$ 10.5$ 0.0$ Procurement of BRT Articulated Buses 19.2$ 13.5$ 32.7$ 19.2$ 13.6$ 32.7$ 0.0$ Modifications to Chaboya and North Division for BRT Buses -$ 2.6$ 2.6$ -$ 3.5$ 3.5$ 0.9$ Money Counting Facility Replacement -$ 0.1$ 0.1$ -$ 0.1$ 0.1$ 0.0$ De Anza College Transit Center Improvement -$ 0.3$ 0.3$ -$ 0.3$ 0.3$ -$ Stevenscreek Rapid 523 Bus Stop Improvements 0.2$ 3.2$ 3.4$ 0.2$ 3.3$ 3.5$ 0.1$ Stelling Road Bus Stop Improvement 0.6$ 1.2$ 1.8$ 0.6$ 1.2$ 1.8$ 0.0$
Total 115.6$ 83.3$ 198.8$ 115.6$ 84.6$ 200.2$ 1.3$ 9 - Upgrade Altamont Commuter Express (ACE)
Included in Santa Clara and San Jose Diridon Station Upgrade -$ -$ -$ -$ -$ -$ -$
10 - Improve Highway 17 Express Bus ServiceHighway 17 Bus Service Improvements -$ 2.5$ 2.5$ -$ 2.5$ 2.5$ -$
11 - Connect Caltrain with Dumbarton Rail CorridorDumbarton Rail Corridor -$ 2.3$ 2.3$ -$ 2.3$ 2.3$ -$
12 - Purchase Zero-Emission Buses and Construct Service Facilities3 Zero Emission Buses (Pilot Program) 11.4$ 3.2$ 14.7$ 11.4$ 3.2$ 14.7$ -$ Zero Emission Buses Facility Improvements 2.4$ 2.4$ 4.8$ 2.4$ 2.4$ 4.8$ -$
Total 13.9$ 5.6$ 19.4$ 13.9$ 5.6$ 19.4$ -$ 13 - Develop New Light Rail Corridors
New Rail Corridors Study -$ 1.5$ 1.5$ -$ 1.7$ 1.7$ 0.2$ Light Rail Systems Analysis -$ 1.7$ 1.7$ -$ 1.7$ 1.7$ -$ Southern Light Rail Express -$ 1.1$ 1.1$ -$ 1.1$ 1.1$ -$ LRT Extension to Vasona Junction -$ 1.7$ 1.7$ -$ 1.7$ 1.7$ -$ Winchester LR Double Track & Platform Extension -$ 0.8$ 0.8$ -$ 0.8$ 0.8$ -$ SR 85 Major Transit Investment Study 0.4$ 0.6$ 1.0$ 0.9$ 0.6$ 1.5$ 0.5$
Total 0.4$ 7.4$ 7.7$ 0.9$ 7.6$ 8.5$ 0.7$ 14 - Fund Operating and Maintenance Cost for Increased Bus, Rail and Paratransit Service
Fund Operating and Maintenance Costs -$ 474.2$ 474.2$ -$ 489.0$ 489.0$ 14.8$
Other ExpendituresDebt Service on Current Bonds (incl Interest & other bond costs) -$ 374.0$ 374.0$ -$ 392.8$ 392.8$ 18.8$ Fund Exchange Payments -$ 114.6$ 114.6$ -$ 115.9$ 115.9$ 1.3$ Miscellaneous Operating Expenses -$ 11.7$ 11.7$ -$ 11.9$ 11.9$ 0.2$
Total -$ 500.3$ 500.3$ -$ 520.6$ 520.6$ 20.3$ GRAND TOTAL 2,241.5$ 3,052.4$ 5,293.9$ 2,276.6$ 3,208.0$ 5,484.5$ 190.7$
(1) Includes $6.1 million (Dec 2019) / $11.3 million (Jun 2020) in costs that are not federally eligib le and are not related to Concurrent Non-Project Activities (CNPA). This includes costs arising from contracts that do not have federal terms and conditions, rework, and maintenance costs prior to Revenue Operations.
Project
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
1-8
C. MEASURE A FUND EXCHANGE
State law guarantees Santa Clara County a formula share of the State Transportation
Improvement Program (STIP) over a six-year period. State law and regional policy make the
VTA Board of Directors responsible for determining which eligible transportation projects will
receive those funds.
The VTA Board of Directors, at its June 7, 2007, and December 13, 2007 meetings approved the
exchange of STIP grant funds for Measure A funds and programmed STIP funds to Measure A
projects in exchange for an equivalent amount of 2000 Measure A Sales Tax funds. The
exchange of funds creates the Local Program Reserve (LPR) which allows the Board of
Directors to use those funds to program to other transportation projects. The Board approved the
fund exchange because it:
▪ Accelerates Project Delivery and Reduces Administrative Costs - STIP funds come with
substantial state requirements that impact schedule and cost of project delivery. The
exchange of funds allows the Board to free the projects from costly administrative
burdens.
▪ Enables the VTA Board to Manage Valley Transportation Plan (VTP) Expenditures - By
exchanging STIP funds, the VTA Board eliminates the need for Metropolitan
Transportation Commission (MTC) and the California Transportation Commission
(CTC) to approve all STIP programming decisions after they are approved by the VTA
Board. Further, it eliminates the CTC’s approval of all subsequent STIP fund allocations
for all STIP funded projects.
A portion of the exchange funds will be used to pay interest to the Measure A Program for fund
advances. The initial amount is paid back when the CTC allocates STIP funds to the Measure A
projects and VTA draws the cash from the State. The interest will be calculated, and paid from
the LPR account when (1) all STIP funds are drawn by the project and (2) all associated LPR
funds are actually paid to projects. Interest will be calculated at that time as well, based on
VTA's rates of return on its pooled investment accounts at the time the advances occurred.
Of note, the first three projects in the "Local Program Reserve Projects" table (Appendix B)
qualified for CMIA funds only because we were able to use exchange funds to advance these
projects. These CMIA projects have been closed.
These and other VTP Highway projects that utilize Measure A exchange funds are the subject of
the VTP Highway Semi-Annual Report that goes as an information item to the VTA Board twice
each year.
5.a
2000 Measure A Program
Semi-Annual Report – June 2020 Executive Summary and Project Costs
2000 Measure A Program
1-9
D. FUNDING
Funding is a key issue for many of the 2000 Measure A projects. As a consequence, in this
report we refer to several terms associated with a project’s funding level. These terms, arranged
in order of increasing certainty of funding availability, are as follows:
1. Estimated Cost – An estimate of the total cost of a project given the currently known
scope and configuration of the project. In the case of projects where there is little or no
scope definition, “TBD” (To be Determined) is shown. As the project is better defined,
estimated cost figures will be included for these projects. In the individual project
information sheets, we have included the “Estimate Class” in order to give an idea of the
level of uncertainty associated with the estimated cost. A more detailed discussion of this
topic is included in Appendix A.
2. Secured Funding – Funding that has been committed by funding agencies and is now
available to VTA for project expenditures. In many cases, secured funding is at a lower
level than the appropriation in the Adopted Budget. For these projects, it is anticipated
that additional funding may be secured during the FY20/FY21 period. It is important to
note that, regardless of the level of appropriation, actual expenditures will not exceed
secured funding at any time.
5.a
5.a
2000 Measure A Program Semi-Annual Report – June 2020 Project Summary Reports
2000 Measure A Program
SECTION 2
PROJECT SUMMARY REPORTS
5.a
5.a
Silicon Valley Rapid TransitJune 2020
1-1 BART SV Program Development & Warm Springs
Estimated Cost: $440.7 million**
Secured Funding: $440.7 million**
Year of Completion: TBD
Project Description:
Project Development Through FY09:
When work began on VTA’s Silicon
Valley Rapid Transit (SVRT) extension,
environmental clearance and preliminary
engineering was performed for the
entire 16-mile extension. However, in
2009 this approach was changed to
focus on the first 10 miles of the
extension (SVBX), leading to the
execution of a Full Funding Grant
Agreement in 2012.
Initial project development costs not
transferred to the SVBX project as well
as costs associated with previously
allocated Measure A program-wide and
bond costs still reside in this account.
Project Development after FY09:
SVRT program management, early
Measure A program-wide allocations,
and ongoing bond cost allocations are
included here.
Warms Springs Extension: VTA has
assigned $8 million in State Local
Partnership Program (SLPP) funds and
$111.4 million in TCRP funds directly to
BART for the project and has provided
an additional $8 million of Measure A
funds to match the SLPP grant as well
as $1.6 million of financing costs.
Project Status:
Measure A matching funds attributable to the Warm Springs Extension have been paid. At this point, SVRT program
management and allocations of Measure A bond costs are the only ongoing efforts.
Project Cost:Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
1-1 BART SV Program Development, Implementation & Warm Springs
BART SV Program Dev. and Implementation 311.7$ 124.2$ 187.5$ -$ 124.2$ 185.9$ 310.1$
Warm Springs Extension (WSX) (VTA Share) 129.0$ 119.4$ 9.6$ -$ 119.4$ 9.6$ 129.0$
Total 440.7$ 243.6$ 197.1$ -$ $ 243.6² 195.5$ 439.1$
ProjectTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule:
Activity Start End 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Proj Dev. Through FY09 Early 2003 Mid 2009
Proj Dev. After FY09 Mid 2009 TBD
Warm Springs Extension Mid 2009 Early 2017
2-1-1
* P-0501 (portion) P-0502, P-0509 (portion), P-3101, P-0732** Warm Springs Extension cost includes $8M in SLPP and $111.4M in TCRP grant funds designated directly to BART.
5.a
Silicon Valley Rapid TransitJune 2020
1-2 BART SV Corridor Establishment and Maintenance
Estimated Cost: $470.5 million
Secured Funding: $470.5 million
Year of Completion: 2021
Project Description:▪ Relocate freight railroad from VTA-purchased right-of-way to existing
UPRR right-of-way between Warm Springs Yard and Calaveras Blvd.
▪ Build a new railroad overcrossing structure at Mission Boulevard and a new roadway underpass at Warren Avenue and Kato Road, and sever shipper freight service south of Montague Expressway.
▪ Construct flood control improvements at Berryessa Creek, Wrigley Creek, Scott Creek, Line B, and Agua Caliente.
▪ Widen Montague Expressway and construct flood control improvements near the intersection of South Milpitas Blvd.
▪ Environmental clearance, design, and construction of a pedestrian overcrossing (POC) that spans Montague Expressway and connects to the new Milpitas BART Station.
▪ Construct a shared-use trail, a new traffic signal, and intersection improvements to connect to the Upper Penitencia Creek Trail.
▪ Install a solar photovoltaic system on the roof of the Berryessa/North San José Station parking garage, adjacent to the futureBART station.
Project Status:▪ The Chevron petroleum pipelines relocation, SFPP/Kinder-
Morgan petroleum pipeline relocation, and Verizon/MCI fiber optic relocation have been completed.
▪ The Berryessa Creek crossing, Abel Street Seismic Retrofit, and Railroad Relocation contract has been completed.
▪ On the Mission Boulevard/Warren Avenue/Union Pacific Railroad Relocation Construction contract, Warren Avenue was opened to traffic in August 2014. Mission Boulevard was fully opened to traffic in Spring 2015. Creek work was completed in 2011/2012.
▪ The Kato Grade Separation was opened to traffic in April 2013.
▪ On the Montague Expressway Reconstruction Project, all that remains is financial closeout among the partner agencies.
▪ Construction is underway on the Montague Pedestrian Overcrossing. The prefabricated steel bridge sections were delivered to the site in June 2020. Field work on the sections continued in preparation for a July 2020 installation of the sections over Montague Expressway.
▪ Major construction elements of the Upper Penitencia Creek Trail have been completed, with only final punch list items and closeout remaining.
▪ The Berryessa /North San José Station photo-voltaic (solar) power system has been installed.
Project Cost:Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
1-2 BART SV Corridor Establishment and Maintenance (CEM)
BART SV Corr. Establishment and Maintenance 470.5$ 175.1$ 295.4$ -$ 165.1$ 292.5$ 457.6$
Total 470.5$ 175.1$ 295.4$ -$ 165.1$ 292.5$ 457.6$
ProjectTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule: Activity Start End 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Design Early 2008 Late 2018
Utility Relocations Mid 2008 Mid 2017
Construction Early 2009 Early 2021
* P-3100, P-3121 through P-3129, P-0508, P-0832, P-0890, P-0985, P-09922-1-2
5.a
Silicon Valley Rapid TransitJune 2020
1-3 Berryessa Extension Project SVBX – Phase 1
Project Description:The first phase of VTA’s 16.1-mile Silicon Valley Rapid Transit (SVRT) extension of BART, the Berryessa Extension (SVBX) is an approximately ten-mile extension of BART service.
SVBX extends from the Warm Springs Station in the City of Fremont, proceeds on the former Union Pacific Railroad (UPRR) right-of-way, and ends near Las Plumas Avenue in the City of San Jose.
The SVBX Project includes one station in retained-cut (Milpitas Station) and one above-grade station (Berryessa Station).
The project also includes facility additions to BART’s existing Hayward Yard (located in the City of Hayward, approximately 14 miles north of Santa Clara County) to provide fleet management operations for the revenue vehicles procured by BART for the extension, as well as the purchase of 40 BART vehicles.
Estimated Cost: $2,435.3 million
Secured Funding: $2,435.3 million
Year of Completion: 2020
Project Status:Stations and Other Work:
VTA and BART reached a major milestone on March 2, 2020 when BART appointed a Rail Acceptance Officer to take responsibility for the transition of the BART Berryessa Extension Project from a VTA construction project to an operating element of the BART system.
After resolution of critical discrepancies through the first quarter, BART resumed Phase 3 operations and maintenance testing on March 12, 2020.
The Safety and Security Certification Verification Report was submitted to the California Public Utilities Commission (CPUC) on May 20, 2020. The CPUC approved the System Safety Certification on June 3, 2020.
A ribbon cutting ceremony was held on June 12, 2020 that included a small group of dignitaries and project participants. Members of the public were invited to live-stream the event to maintain a small crowd and adhere to social distancing requirements.
The project entered Revenue Service on June 13, 2020.
BART Revenue Vehicles:
BART assigned its 40th new revenue vehicle to VTA in January 2020. Forty is the number of railcars specified in the SVBX Full Funding Grant Agreement to manage the additional capacity being added by the SVBX project.
Project Cost:Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
1-3 BART Silicon Valley Berryessa Extension
Berryessa Extension Project (SVBX - Ph I) 2,435.3$ 1,288.3$ 1,147.0$ -$ 1,190.7$ 1,006.9$ 2,197.6$
Total 2,435.3$ 1,288.3$ 1,147.0$ -$ 1,190.7$ 1,006.9$ 2,197.6$
ProjectTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule:
Activity Start End 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Environmental Early 2004 Early 2011
Design Early 2004 Mid 2015
Right-of-Way Mid 2007 Mid 2015
Construction Mid 2012 Mid 2018
Testing and Commissioning Mid 2017 Mid 2020
Revenue Service Mid 2020
Closeout Mid 2020 TBD
* P-07282-1-3
5.a
Silicon Valley Rapid TransitJune 2020
1-4 Future Extension to Santa Clara – Phase 2
Estimated Cost: $6,860.0 million
Secured Funding: $3,845.6 million
Year of Completion: 2030
Project Description:
The second phase of VTA’s 16.1-mile Silicon Valley Rapid Transit (SVRT) extension of BART, the Santa Clara Extension is an approximately six-mile extension of BART service.
Phase II of the project will include four stations and will extend from the Phase I terminus for approximately six miles, with a five-mile-long subway tunnel through downtown San Jose. The extension will end at-grade in Santa Clara, near the Caltrain Station.
The project also includes the construction of a maintenance facility at the current Newhall Yard, the Newhall Maintenance Facility, as well as the purchase of 48 BART vehicles.
Project Cost:
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
1-4 BART Silicon Valley Santa Clara Extension
Future Extension to Santa Clara (BSV Ph II)3 6,860.0$ 5,006.0$ 1,854.0$ -$ 162.3$ 169.5$ 331.8$
Total 6,860.0$ 5,006.0$ 1,854.0$ -$ 162.3$ 169.5$ 331.8$
Project Total EstimateTotal Estimated Cost (in $M)
Project Status:
On April 17, 2020 a special VTA Board of Directors meeting was held for members to be briefed on two special concept studies underway to address BART’s operational and safety concerns with the single bore configuration that was included in the project’s June 2018 Record of Decision from the Federal Transit Administration (FTA). These concept studies maintain, at a minimum, a Single Bore stacked configuration under Santa Clara Street (50’ below surface) between 13th Street and Stockton Avenue to minimize street-level impacts and business disruptions in the San Jose downtown core during construction.
At VTA’s June 19, 2020 Board of Directors meeting, staff provided an overview of the funding application to be submitted to the Federal Transit Administration (FTA) for the Expedited Project Delivery (EPD) Pilot Program. This presentation included details on the project scope, cost estimate, schedule, contract plan, and funding plan.
Following the presentation to the Board of Directors, staff met with FTA Region IX on June 25, 2020 to provide a similar overview of the project. On July 17, 2020, staff met with FTA Headquarters and Region IX staff to review VTA’s EPD application readiness to formally submit for federal funding. General details of the application were discussed with a focus on elements satisfying the requirements of the EPD program. VTA was also informed that a Project Management Oversight Consultant (PMOC) has been assigned for project oversight and risk assessment.
Project Schedule:
A ct ivity Start End 2 0 17 2 0 18 2 0 19 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0
Environmental Early 2015 M id 2018
Design Late 2018 M id 2024
Right-of-Way M id 2018 M id 2026
Construction Late 2023 Late 2029
Testing and Commissioning Early 2029 M id 2030
Revenue Service M id 2030 N/A
Closeout M id 2030 TBD
2-1-4
* P-0501 (portion), P-0503 through P-0507, P-0509 (portion)
5.a
Silicon Valley Rapid TransitJune 2020
1-5 BART Core Systems Modifications (BCS)
New BART Vehicle
Estimated Cost: $264.8 million
Secured Funding: $264.8 million
Year of Completion: 2023
Project Description:
Some modifications to the BART Hayward Maintenance Complex (HMC) are required due to greater demands arising from the Berryessa Extension. This project includes property acquisition and construction of several shop buildings.
60 BART rail cars are required for SVBX, of which 40 vehicles are included in SVBX. This project covers the purchase of the additional 20 railcars required to integrate into BART’s fleet.
Under the Comprehensive Agreement between VTA and BARTcovering the extension to Santa Clara County, VTA committed to pay a proportional share of BART Core System capital investments made by BART that are used by the SVRT extension. A key element of this effort is the new BART Operations Control Center (OCC), to which VTA is contributing funds.
Hayward Maintenance Complex (HMC) Site PlanProject Status:On the Hayward Maintenance Complex (HMC), for the new Component Repair Shop (CRS), the contractor was granted Substantial Completion for the entire facility on February 13, 2020. HMC project management continues to work on settling final contract change orders.
VTA and BART have finalized an agreement for a new BART Operations Control Center (OCC). VTA and BART will execute the agreement after BART completes the environmental review for OCC project.
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
1-5 BART Core System Modifications (BCS)
BART Core System Modifications (BCS) 264.8$ 69.8$ 195.0$ -$ 61.9$ 106.1$ 168.0$
Total 264.8$ 69.8$ 195.0$ -$ 61.9$ 106.1$ 168.0$
ProjectTotal
Estimate
Total Estimated Cost (in $M)
BART Revenue Vehicles:
BART vehicle production continues, with some cars in revenue service, some in acceptance testing, and some undergoing final assembly at Bombardier’s assembly and test facility.
Project Cost:
Project Schedule:
Activity Start End 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Hayward Maintenance Complex (HMC)
Design Mid 2011 Late 2014
Right-of-Way Mid 2013 Mid 2015
Construction Early 2015 Early 2020
20 Non-New Starts BART Vehicles
Design Mid 2012 Late 2014
Pilot Vehicle Delivery Early 2016 Late 2016
Production Vehicle Delivery Late 2017 Early 2023
BART Core Sytems Mod's Incl OCC
Schedule TBD TBD TBD
* P-0800, P-0801, P-0861 2-1-5
5.a
June 2020
Extend BART from Fremont through Milpitas to Downtown San Jose and the Santa Clara Caltrain Station
1-6 Other Supporting Projects
Estimated Cost: $100.2 million
Secured Funding: $106.8 million
Year of Completion: 2020
Project Description:
The Santa Clara Pocket Track project installed additional track and supporting infrastructure so one track can be used as a pocket track to store additional cars on Tasman, near Old Ironsides Station, in the City of Santa Clara.Northern Light Rail Express implemented a series of improvements including double-tracking in Mountain View to establish a new line from Mountain View
to Alum Rock to connect with Caltrain and the new Milpitas BART Station, commensurate with the opening of the BART Silicon Valley Berryessa extension.
The N. First St. Improvement & Tasman Modification project will construct improvements to increase Light Rail Transit (LRT) speeds along the North First Street corridor, improve transit signal priority, and on-time performance.
Project Status:
The Santa Clara Pocket Track construction started in February 2014 and was completed in early 2015. Interlocking from Reamwood Station to Old Ironsides Station was completed in March 2018. Project closeout is ongoing.
The two construction contracts under the Northern Light Rail Express project was completed in December 2015. Project closeout is ongoing.
VTA local bus network for BART Extension was implemented in late 2019. A new Express Bus partnership program and service plan was adopted in early 2020 and implemented in April 2020.
Final Design to install pedestrian detection cameras on N. First St and conceptual design for the N. First St. & Tasman left turn elimination was completed in June 2019. The reduced scope will be funded by City of San Jose.
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
P-0783 King Road BRT 3.0$ -$ 3.0$ -$ 0.6$ 0.6$ Ongoing
P-0784 Northern Light Rail Express 60.9$ 8.0$ 52.9$ -$ 8.0$ 52.4$ 60.4$ Closeout
P-0860 Santa Clara Pocket Track 33.6$ -$ 33.6$ -$ -$ 33.6$ 33.6$ Closeout
P-0875 BART Transit Integration Plan 0.8$ -$ 0.8$ -$ -$ 0.8$ 0.8$ Ongoing
P-0966 N.1st Speed Imp & 1st/Tasman Mods 1.8$ 0.9$ 0.9$ -$ -$ 0.0$ 0.0$ Ongoing
Total 100.2$ 8.9$ 91.3$ -$ 8.0$ 87.5$ 95.5$
P No. Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Cost:
Project Schedule: Activity Start End 2012 2013 2014 2015 2016 2017 2018 2019 2020
Santa Clara Pocket Track Late 2012 Early 2018
Mountain View Phase I Early 2013 End 2015
Mountain View Phase II Mid 2013 End 2015
N First St Improvements & Tasman Mods Late 2015 TBDConstruct ion TBD
Environmental Design/ Bid Construction
Interlocking
P-0783, P-0784, P-0860, P-0875, P-0966
2-1-6
5.a
June 2020Mineta San Jose Airport
2 Mineta San Jose Airport People Mover
Estimated Cost: $800 million
Secured Funding: $5.0 million
Year of Completion: TBD
Project Description:
The Airport People Mover Project will provide a guideway connection from the San Jose International Airport to Caltrain, Light Rail, and a future BART station.
Project Status:
The Airport People Mover project has completed a conceptual vehicle technology level analysis. VTA Board approved, in June 2016, additional funds for Conceptual Alternatives Analysis phase in order to further define the route options, type of vehicle technology and to develop a funding/ business plan. The Conceptual Alternative Analysis would also include evaluation of alink between Diridon Station and airport facilities. Staff believes that this project will require apartnership between several
agencies including the City of San Jose, City of Santa Clara, San Jose Airport, High Speed Rail and likely the private sector in order to develop and fund a fixed rail connection to the airport.
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
P-0585 Mineta San Jose Airport People Mover (APM) 800.0$ -$ 5.0$ 795.0$ -$ 2.1$ 2.1$ Ongoing
Total 800.0$ -$ 5.0$ 795.0$ -$ 2.1$ 2.1$
P No. Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Cost:
Project cost is very preliminary and will be better defined once scope is established.
Project Schedule:
This project is on hold pending the outcome of the City of San Jose’s Airport-Diridon-Stevens Creek Transit connection Request for Information (RFI).
P-0588 2-2
5.a
June 2020
3 Capitol Expressway Light Rail to Eastridge
Estimated Cost: $615.1 million*
Secured Funding: $455.0 million
Year of Completion: Phase I: 2015, Phase II: 2027
Project Description:
This project will transform Capitol Expressway into a multi-modal boulevard offering bus and light rail transit, and safe pedestrian pathways with connections to the regional transit systems.
Phase I includes pedestrian and bus improvements along Capitol Expressway to improve pedestrian access by adding sidewalks, street lights, and landscaping from Capitol Avenue to Quimby Road. This phase also includes reconstruction of the Eastridge Transit Center.
Phase II Eastridge to BART Regional Connector (EBRC) will extend light rail from Alum Rock Station to the Eastridge Transit Center on aelevated guideway. The Eastridge extension will include LRT stations at Story Road (aerial) and Eastridge (at-grade).
Project Status:
Phase I - The pedestrian improvements were completed in the spring of 2013. Eastridge Transit Center was completed in May 2015.
Phase II – VTA board certified the environmental documents in June 2019. PG&E transmission line final design was completed in December 2019. PG&E transmission line and other utilities relocations are expected to be complete by mid 2021. Right of way activities are ongoing and
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
P-0375 DTEV Planning & Conceptual Engg 11.1$ 5.7$ 5.3$ -$ 5.7$ 5.3$ 11.1$ Completed
P-0476 DTEV Environmental & 90% CELR 56.3$ 0.2$ 56.2$ -$ 0.2$ 56.2$ 56.3$ Completed
P-0743 CELR Phase I - Pedestrian Improvements 19.0$ 16.0$ 3.0$ -$ 16.0$ 3.0$ 19.0$ Completed
P-0744 CELR Phase I - Eastridge Transit Center 60.7$ 26.9$ 33.8$ -$ 26.9$ 33.6$ 60.5$ Closeout
P-0787 Eastridge to BART Regional Connector Project 468.0$ 139.4$ 308.2$ 20.4$ 2.9$ 27.0$ 29.9$ Ongoing
Total 615.1$ 188.2$ 406.6$ 20.4$ 51.7$ 125.1$ 176.8$
P No. Project StatusTotal
Estimate
Total Estimated Cost (in $M)
acquisitions are expected to be completed by mid 2021. The 95% design deliverables were received in July 2020. Construction of the light rail extension is planned to begin by mid 2021 and complete by early 2026. Due to COVID pandemic, there is potential for delays in right of way and utility relocation activities. Construction is contingent on securing funding. RM3 funds approved by voters in 2018 are in litigation and the economic slowdown from the pandemic may impact Measure A revenues.
Project Cost:
Project Schedule:
Activity 2016
Environmental
Design/Bid
ROW/Utility Relocation
Construction
Closeout
20272022 2023 2024 2025 20262017 2018 2019 2020 2021
Dependenton funding
2-3
* P-0375, P-0476, P-0743, P-0744, P-0787
5.a
4 Low Floor Light Rail Vehicles
Estimated Cost: $200.6 million*
Secured Funding: $200.6 million
Year of Completion: 2004
Project Description: VTA purchased 70 low floor light rail vehicles to serve the entire VTA
Light Rail system. Low floor vehicles provide enhanced ADA accessibility and improved service by minimizing boarding and exit times for all riders. Low floor light rail vehicles eliminate the need for wheelchair lifts and enhance access for all VTA riders, as well as providing additional space for bicycles.
Project Status: Project was completed and closed.
Project Cost:
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
70 Low-Floor Light Rail Vehicles 200.6$ 200.6$ $ - ⁷ -$ 200.6$ -$ 200.6$ Completed
Total 200.6$ 200.6$ -$ -$ 200.6$ -$ 200.6$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project funded through a Board approved fund exchange between Santa Clara County, VTA and Measure A. Measure A costs incurred for this item reflected as a portion of Debt Service.
* P-04472-4
5.a
June 2020
5 Caltrain – Capacity Improvements & Electrification
Estimated Cost: $1.5 billion (Total); $124.6 million (VTA)*
Secured Funding: $124.6 million **(VTA)
Year of Completion: 2022
Project Description:
Original scope included 8 miles of double tracking on the existing Union Pacific Railroad (UPRR) corridor between San Jose and Gilroy to increase Caltrain capacity.
Caltrain from San Jose to San Francisco will be upgraded to an electric system in conjunction with the California High Speed Rail (CHSRA) Project.
Project Status:
Fiber optic cable relocation of the northern segment ($5.3 miles) required for double tracking was completed. Remaining scope associated with double tracking is pending Cal Mod to San Jose and High Speed Rail project.
On July 7, 2016, Caltrain Board of Directors approved $1.25 billion in contracts to begin work on the Peninsula Corridor Electrification Project (PCEP). The contract for design and construction of the corridor’s electrification, between San Francisco station at 4th and King Streets and the Tamien Station in San Jose, was awarded to Balfour Beatty Infrastructure, Inc. The contract for the manufacture of high-performance electric trains was awarded to Stadler U.S., Inc. Construction is proceeding with the forecast Revenue Service Date of May 2022. VTA continues to reimburse Caltrain for our share of project related cost.
Project Cost:
Project Schedule:
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
Caltrain South County Capacity Improvements 17.2$ 14.9$ 2.3$ -$ 14.9$ 2.3$ 17.2$ Inactive
Caltrain Electrification/ HS Rail 0.6$ -$ 0.6$ -$ -$ 0.6$ 0.6$ Completed
Caltrain Electrification Early Investment Program 106.8$ 26.4$ 80.4$ -$ 26.4$ 60.1$ 86.5$ Ongoing
Total 124.6$ 41.3$ 83.3$ -$ 41.3$ 63.1$ 104.4$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Activity 2014 2015 2016 2017 2018 2019 2020 2021
Environmental
Design
Construction
Testing & Commissioning
Revenue Service
2022
*P-0550, P-0595, P-0829**Caltrain Electrification includes $26.4M in Prop 1A CTC grant funds designated directly to Caltrain 2-5
5.a
June 2020
6 Caltrain Service Upgrades
Estimated Cost: $70.0 million
Secured Funding: $87.0 million
Year of Completion: 2022
Project Description:
Capital improvement projects to the Caltrain system with the goals of improving service, ridership and passenger accessibility.
Project Status:
▪ Caltrain Service Upgrades project has completed rescheduling the service to Gilroy and addition of a fourth train is still under evaluation.
▪Mountain View Parking – Project is inactive until right-of-way needs of High Speed Rail project are known, and the plan for future Caltrain capital and operating improvements is determined.
▪ Blossom Hill Pedestrian Grade Separation – The bridge was opened to the public in September 2012.
▪ Safety Enhancements Construction along the JPB segment is completed and design for approximately 15 crossings along the UPRR segment started in January 2012. Design for this phase is complete, construction is pending High Speed Rail project. Design for the modifications to pedestrian access at the Mountain View Caltrain station using funds from this project began early 2020. Construction is planned for early 2021.
▪ Santa Clara Caltrain Station Pedestrian Underpass Extension - This project provides an extended pedestrian tunnel under the UPRR tracks to Brokaw Road at the Santa Clara Station. Construction contract was awarded to Shimmick Construction in June 2016 and was completed in June 2017. The underpass was opened to the public on June 30, 2017. Project will be closed in July 2020.
▪ Santa Clara and Diridon Station Upgrades was administered by Caltrain and is now complete.
▪ The Bike Share Pilot Program opened on August 29, 2013 with 280 bicycles and 28 bike share stations at Caltrain stations and downtown areas in the cities of San Jose, Mountain View, and Palo Alto. The grant-funded pilot concluded in June 2016. Post-pilot expansion will occur in select cities, including San Jose, and will be funded by a private company.
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
Caltrain Service Upgrades 17.0$ -$ 17.0$ -$ -$ 17.0$ 17.0$ Completed
Caltrain Improvement Plan 0.3$ -$ 0.3$ -$ -$ 0.3$ 0.3$ Completed
Caltrain Mountain View Parking Structure 1.0$ 0.4$ 0.6$ -$ 0.1$ 0.2$ 0.3$ Inactive; on hold
Blossom Hill Pedestrian Grade Separation 11.2$ 10.0$ 1.2$ 10.0$ 1.2$ 11.2$ Completed
Caltrain Safety Enhancements 16.7$ 0.1$ 16.6$ -$ 0.1$ 15.7$ 15.8$ Pending CA HSR
Santa Clara Station Pedestrian Underpass Extension 10.7$ 10.0$ 0.7$ -$ 10.0$ 0.7$ 10.7$ Completed
Santa Clara and San Jose Diridon Station Upgrade 12.2$ -$ 12.2$ -$ -$ 12.2$ 12.2$ Completed
Bike Sharing Pilot Project 0.8$ 0.6$ 0.2$ -$ 0.6$ 0.2$ 0.8$ Completed
Total 70.0$ 21.2$ 48.8$ -$ 20.8$ 47.6$ 68.4$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Cost:
Project Schedule: Activity Start End 2020 2021 2022 2023
Caltrain Safety Enhancements Construction Early 2020 Mid 2020
P-0511, P-0553, P-0740, P-3201 through P-3205
2-6
5.a
7 Palo Alto Intermodal Transit Center
Estimated Cost: $TBD*
Secured Funding: $0.2 million
Year of Completion: TBD; Studies completed: 2004
Project Description: This project will create an intermodal facility for trains, buses, bicycles,
autos and pedestrians, and act as a gateway to both Downtown Palo Alto and Stanford University. This project is inactive, as significant issues related to the High Speed Rail project will need to be resolved before further planning work can proceed for this project.
Project Status: Project is inactive/ on hold.
Project Cost:
Project on hold. Completed project studies.
Incurred through Dec 2019 (in $M)
Others Measure A TBD Others Measure A Total
Palo Alto Intermodal Transit Center 0.2$ 0.2$ 0.0$ -$ 0.2$ 0.0$ 0.2$ Inactive; on hold
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule: Project on hold
P-05292-7
5.a
June 2020
8 Bus Rapid Transit
Estimated Cost: $375.4 million
Secured Funding: $264.1 million*
Year of Completion: TBD
Project Description:Bus Rapid Transit (BRT) is an enhanced
bus transit service that offers many of the
same service attributes as rail transit,
such as specialized vehicles, large
stations, real-time information, and more
frequent and reliable operations.
Project Status:
Alum Rock Santa Clara Bus Rapid Transit (BRT) revenue service along the corridor commenced in May 2017. Administrative closeout of contracts are in progress.
Curb side shelters along Santa Clara St. were installed under a separate contract that was completed in October 2019. Three year watering requirement for trees was completed in June 2020.The El Camino Real Rapid Transit Policy Advisory Board decided not to pursue BRT dedicated lane options. They recommended that VTA pursue transit speed and passenger amenity improvements in the corridor. This is currently being scoped.Civil construction for new shelters, seating, lighting and associated bus stop improvements for the Stevens Creek Rapid 523 was completed in April 2018. Shelters along Stevens Creek Blvd/San Carlos were installed under a separate contractthat was awarded in March 2019. Work was completed in November 2019. The Stelling Road bus stop improvements was completed in February 2018. The De Anza Transit Center project is inactive at this time. The Stelling Road Bus Stop Improvements meets VTA’s current needs and any additional study of an on-campus transit center would only be undertaken if VTA’s need for a transit center at De Anza College change in the future. Modifications at Chaboya/North Divisions Phase I (North Yard) were completed in
March 2015. RFP for design services for Phase II, involving modifications to the Chaboya
Yard, was issued in October 2018 and contract was awarded to STV inc in April 2019. The
65% design documents were received in July 2020. Design is expected to be completed
by end of 2020. Articulated Buses (29 units) have been accepted by VTA and are
operational.
Project Cost:Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
BRT Strategic Plan 1.3$ -$ 1.3$ -$ -$ 1.3$ 1.3$ Completed
Highway-Based BRT Alternative Analysis 0.9$ 0.7$ 0.2$ -$ 0.7$ 0.2$ 0.9$ Completed
Alum Rock - Santa Clara Bus Rapid Transit 143.5$ 94.2$ 49.2$ 94.2$ 47.5$ 141.7$ Closeout
Stevens Creek Bus Rapid Transit 151.0$ 0.8$ 3.6$ 146.6$ 0.6$ 3.1$ 3.7$ Ongoing
El Camino Real Rapid Bus Stop Improvements 24.1$ -$ 24.1$ -$ -$ 10.5$ 10.5$ Ongoing
Procurement of BRT Articulated Buses 33.8$ 19.2$ 14.7$ -$ 19.2$ 13.6$ 32.7$ Ongoing
Modifications to Chaboya and North Division for BRT Buses 14.5$ -$ 14.5$ -$ -$ 3.5$ 3.5$ Ongoing
Money Counting Facility Replacement 0.1$ -$ 0.1$ -$ -$ 0.1$ 0.1$ Closed
De Anza College Transit Center Improvement 0.3$ -$ 0.3$ -$ -$ 0.3$ 0.3$ Inactive; on hold
Stevens Creek Rapid 523 Bus Stop Improvements 3.9$ 0.2$ 3.7$ -$ 0.2$ 3.3$ 3.5$ Ongoing
Stelling Road Bus Stop Improvement 1.9$ 0.6$ 1.3$ -$ 0.6$ 1.2$ 1.8$ Closeout
Total 375.4$ 115.7$ 113.0$ 146.6$ 115.6$ 84.6$ 200.2$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
* P-0551,P-0725, P-0475, P-0715, P-0717, P-0719, P-0785, P-0786, P-0967, P-0998, P-1008 2-8
5.a
9 Upgrade Altamont Commuter Express (ACE)
Estimated Cost: $10.0 million*
Secured Funding: $0.0 million
Year of Completion: 2013
Project Description: ACE provides weekday commute service between Stockton and San Jose to three stations in Santa Clara County: Great America, Santa Clara, and Downtown San Jose. Work was completed in 2012.
Project Status: Closed.
Project Cost:
* A $10 million Measure A contribution to the $26 million Santa Clara Station project was approved and included in the Caltrain Service Upgrades project for improvements to the Santa Clara Station to allow ACE trains to stop at the station.
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
Upgrade ACE -$ -$ $ - ¹³ -$ -$ -$ -$ Included in SC/SJ Station Upgrade
Total -$ -$ -$ -$ -$ -$ -$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule: Project completed in 2013.
P-05902-9
5.a
10 Highway 17 Bus Service Improvements
Estimated Cost: $2.5 million*
Secured Funding: $2.5 million
Year of Completion: 2011
Project Description: VTA reimbursed Santa Cruz Metro $2.5 million for the procurement of five buses necessary to operate service between Santa Cruz, Scott Valley, and Downtown San Jose. These buses replaced existing buses that are 20 years old, with an average of 950,000 miles each. The five buses went into service in March/April 2011.
Project Status: Project closed.
Project Cost:Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
Highway 17 Bus Service Improvements 2.5$ -$ 2.5$ -$ -$ 2.5$ 2.5$ Completed
Total 2.5$ -$ 2.5$ -$ -$ 2.5$ 2.5$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule: Project completed in 2011.
P-05892-10
5.a
June 2020Commuter Rail Program
11 Dumbarton Rail Corridor
Estimated Cost: TBD
Secured Funding: $2.3 million (VTA)
Year of Completion: TBD
Project Description:
The original project was established to
rehabilitate rail bridges and tracks that
span the bay between Redwood City and
Newark and make improvements to
existing tracks in Union City and Fremont
and involved the construction of two new
rail stations at Menlo Park and Newark, as
well as upgrades to the Fremont
Centerville Station and a new intermodal
station at the Union City BART station.
The project was on hold due to funding
constraints untilFacebook funded a $1.2
million SamTrans-led feasibility study.
Project Status:
Environmental information was prepared in 2013 but due to funding constraints, an
Environmental Impact Report (EIR) was not completed.
VTA continues to participate in a feasibility study being led by the San Mateo County Transit
District and the Cross Bay Transit Partners to evaluate short- and long-term strategies to
improve mobility across the Dumbarton corridor. Strategies will include options for transit
service across the Dumbarton Bridge as well as rehabilitation and repurposing of the rail
bridge.
Project Cost:
Project Schedule:
Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
Dumbarton Rail Corridor 2.3$ -$ 2.3$ -$ -$ 2.3$ 2.3$ Inactive; on hold
Total 2.3$ -$ 2.3$ -$ -$ 2.3$ 2.3$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Activity Start End 2006 2007 2008 2009 2010 2011 2012 2013
Environmental Late 2006 Mid 2013
Project development will proceed based recommendations
adopted from the feasibility study
P-0498 2-11
5.a
12 ZEB Demonstration and Facility ImprovementsEstimated Cost: $19.4 million*
Secured Funding: $19.4 million
Year of Completion: 2005
Project Description: VTA procured three 40-foot low-floor zero-emission fuel-cell bus (ZEB) to comply with California Air Resources Board’s (CARB) regulation to reduce nitrogen oxide and particulate matter emitted by public transit buses. Facilities were modified, a hydrogen fueling station was installed, and training was provided for staff, emergency responders, and others. The three ZEBs started revenue service in February 2005. Project is closed.
Project Status: Project was in closed. The three ZEB buses were decommissioned in 2016 and facilities repurposed.
Project Cost:Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
3 Zero Emission Buses (Pilot Program) 14.7$ 11.4$ 3.2$ -$ 11.4$ 3.2$ 14.7$ Completed
Zero Emission Buses Facility Improvements 4.8$ 2.4$ 2.4$ -$ 2.4$ 2.4$ 4.8$ Completed
Total 19.4$ 13.9$ 5.6$ -$ 13.9$ 5.6$ 19.4$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule: Project completed in 2005
P-0336; P-04492-12
5.a
June 2020Light Rail Program
13 Develop New Light Rail Corridors
Estimated Cost: $10.3 million*
Secured Funding: $10.3 million
Year of Completion: Varies
Description:
The VTA Board adopted the Light Rail Systems Analysis in May 2010. The Systems Analysis provides an evaluation of infrastructure and operational shortcomings of the existing light rail system along with a three-phase improvement plan for immediate action.
Southern Light Rail Express project developed alternatives for more efficient operation of the light rail system.The Vasona LRT Extension project was to provide a 1.6 mile extension from existing Winchester Station to a new Vasona Junction Station in Los Gatos. The Winchester Light Rail Double Track & Platform Extension was to extend six platforms to accommodate three car trains and double track the segments of the existing single tracks.The SR 85 Major Transit Investment Study will analyze implementation of a Light Rail System (LRT) on SR 85 from San Jose to Mountain View and other transit guideway alternatives such as Bus Rapid Transit (BRT) that would be a precursor to eventual implementation of LRT.
Status:The Light Rail Systems Analysis was adopted by the VTA Board in May 2010. The initial projects recommended from the Systems Analysis began planning, design and construction in Fall 2011.Southern Light Rail Express project has been closed out. Findings from this study will be used for future operating plan analysis. This study did not result in a capital construction project.
In June 2016, VTA Board of Directors approved funding to complete design, acquire right of way and relocate utilities for Vasona LRT extension/ Winchester Light Rail Double Track & Platform Extension. VTA Board awarded conceptual study contract in May 2018. Conceptual study to double track existing line and extend to Vasona junction was completed in June 2019. In September 2019, VTA Board approved project team’s recommendation to place the Vasona Light Rail Extension and Corridor Improvements program on hold.
The SR 85 Transit Guideway Study he SR 85 Transit Guideway Study is complete. The SR 85 Policy Advisory Board has endorsed a transit lane project on SR 85 that would be eligible for use by public transit and private shuttles. The PAB's recommendation will be considered by VTA's Board of Directors in the fall of 2020.
Project Cost:Incurred through Jun 2020 (in $M)
Others Measure A TBD Others Measure A Total
New Rail Corridors Study 3.0$ -$ 3.0$ -$ -$ 1.7$ 1.7$ Ongoing
Light Rail Systems Analysis 1.7$ -$ 1.7$ -$ -$ 1.7$ 1.7$ Completed
Southern Light Rail Express 1.1$ -$ 1.1$ -$ -$ 1.1$ 1.1$ Completed
LRT Extension to Vasona Junction 1.7$ -$ 1.7$ -$ -$ 1.7$ 1.7$ Completed
Winchester LR Double Track & Platform Extn 0.8$ -$ 0.8$ -$ -$ 0.8$ 0.8$ Completed
SR 85 Major Transit Investment Study 2.0$ 1.4$ 0.6$ -$ 0.9$ 0.6$ 1.5$ Ongoing
Total 10.3$ 1.4$ 8.9$ -$ 0.9$ 7.6$ 8.5$
Project StatusTotal
Estimate
Total Estimated Cost (in $M)
Project Schedule: Activity Start End 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Vasona LRT Extn Late 2009 TBD
Winchester LR Double Track & Platform Extension Late 2016 TBD
2019
Environmental Design/ Bid Construction
Conceptual
Construction schedule dependent on funding
Conceptual
* P-0552, P-0660, P-0799, P-0587, P-0968,P-1003 2-13
5.a
APPENDIX A - 2000 MEASURE A BALLOT LANGUAGE
A-1
OFFICIAL BALLOT GENERAL ELECTION
COUNTY OF SANTA CLARA November 7, 2000
DISTRICT
SANTA CLARA VALLY TRANSPORTATION AUTHORITY
A ½ CENT TRANSIT SALES TAX To:
• Connect BART to Milpitas, San Jose, Santa Clara;
• Build rail connection from San Jose International Airport to BART, Caltrain, light rail;
• Purchase vehicles for disabled access, senior safety, clean air buses;
• Provide light rail throughout Santa Clara County;
• Expand, electrify Caltrain;
• Increase rail, bus service.
Shall Santa Clara Valley Transportation Authority enact a ½ cent sales tax for 30 years
beginning 4/1/06 when current tax expires, with annual audits published in local newspapers and
an independent citizens watchdog committee?
COMPLETE TEXT OF MEASURE A
Shall the Board of Directors of the Santa Clara Valley Transportation Authority (VTA) be
authorized to enact a retail transactions and use tax ordinance imposing (a) a tax for the
privilege of selling tangible personal property at retail upon every retailer in Santa Clara
County, the territory of VTA; such tax to be at the rate of one-half of one percent of the gross
receipts of the retailer from the sale of all tangible personal property sold by him at retail in the
territory of VTA, and (b) a complimentary tax upon the storage, use, or other consumption in
Santa Clara County, the territory of VTA; such tax to be at the rate of one-half of one percent
of the sales price of the property whose storage, use , or other consumption is subject to the tax,
such taxes to be imposed for a period not to exceed 30 years, and to take effect only upon the
expiration of the current County of Santa Clara 1996 Measure B ½ cent sales tax in April,
2006, and to be used only to:
• Extend BART from Fremont through Milpitas to Downtown San Jose and the Santa
Clara Caltrain Station, specifically,
To build a BART Extension from Fremont to Milpitas, San Jose and Santa Clara with a
major connection to the Tasman Light Rail line at the Milpitas BART Station. In San Jose to
include a BART subway section with stations at San Jose State University, the new San Jose
City Hall, Downtown San Jose at Market Street, San Jose Arena and the Diridon Multimodal
Station connecting to Caltrain, ACE, Amtrak, the Vasona Light Rail line and VTA bus
service. In Santa Clara, to serve Santa Clara University, and the Caltrain Station with a
5.a
APPENDIX A - 2000 MEASURE A BALLOT LANGUAGE
A-2
people mover connection to San Jose International Airport.
• Provide Connections from San Jose International Airport to BART, Caltrain and the
VTA Light Rail, specifically,
To build a people mover rail line connecting the airport passenger terminals directly with
BART, Caltrain and the VTA Light Rail line. • Extend Light Rail from Downtown San Jose to the East Valley by
Building a Downtown/East Valley Light Rail line from downtown San Jose serving the new
San Jose City Hall and San Jose State University, out Santa Clara Street to Capitol Avenue to
join the Capitol Light Rail line then south to Eastridge Shopping Center. • Purchase Low Floor Light Rail Vehicles, specifically
To better serve disabled, seniors and others; purchase an additional 20 low floor light rail
vehicles to join the 30 low floor vehicles now being constructed for the new Tasman, Capitol
and Vasona Light Rail lines and 50 new low floor vehicles to replace VTA's existing 50 light
rail vehicles. • Improve Caltrain: Double Track to Gilroy and Electrify from Palo Alto to Gilroy
Extend the Caltrain double track from the San Jose Tamien Station through Morgan Hill to
Gilroy. Provide VTA's funds for the partnership with San Francisco and San Mateo counties
to electrify Caltrain from San Francisco to Gilroy. • Increase Caltrain Service, specifically
Purchase new locomotive train sets for increased Caltrain service in Santa Clara County from
Gilroy to Palo Alto and provide additional facilities to support the increased service. • Construct a New Palo Alto Intermodal Transit Center
In partnership with the City of Palo Alto and Stanford University, design and construct a new
parkway and underpass for University Avenue from the campus to downtown Palo Alto to
improve bicycle, pedestrian and transit access to the campus, Palo Alto Caltrain station and
downtown Palo Alto. Upgrade passenger facilities at the historic Palo Alto Caltrain station,
upgrade transit facilities for VTA, SAMTRANS, Dumbarton Express and the Stanford
Marguerita and Palo Alto shuttle services. • Improve Bus Service in Major Bus Corridors
For VTA Line 22 (Palo Alto to Eastridge Center) and the Stevens Creek Boulevard Corridor,
purchase new low floor articulated buses. Improve bus stops and major passenger transfer
points and provide bus queue jumping lanes at intersections to permit buses quick access
along the corridors. • Upgrade Altamont Commuter Express (ACE)
Provide VTA's matching funds for additional train sets, passenger facilities and service
upgrades for the ACE Commuter Service from San Joaquin and Alameda Counties.
5.a
APPENDIX A - 2000 MEASURE A BALLOT LANGUAGE
A-3
• Improve Highway 17 Express Bus Service
Provide VTA's share of funds for the partnership with the Santa Cruz County Transit District
for additional buses and service upgrades for the Highway 17 Express Bus Service. • Connect Caltrain with Dumbarton Rail Corridor
Provide VTA's share of matching funds for a partnership with Alameda and San Mateo
counties for the rebuilding of the Dumbarton Rail Corridor to connect to Caltrain and train
sets for this new service conditioned on Alameda and San Mateo County's funding. • Purchase Zero Emission Buses and Construct Service Facilities
Provide funds to supplement federal funds to expand and replace existing VTA diesel bus
fleet from current size of just over 500 vehicles to 750 vehicles with the new zero emission
buses and to provide maintenance facilities for this new, clean vehicle propulsion system. All
new buses to be low floor for easier boarding by seniors and the disabled. • Develop New Light Rail Corridors
Provide capital funds for at least two new future light rail corridors to be determined by Major
Investment Studies (MIS). Potential corridors include: Sunnyvale/Cupertino; Santa
Teresa/Coyote Valley; Downtown/East Valley Connection to Guadalupe Line; Stevens Creek
Boulevard; North County/Palo Alto; Winchester/Vasona Junction; and, initial study of
BART connection from Santa Clara through Palo Alto to San Mateo County. • Fund Operating and Maintenance Costs for Increased Bus, Rail and Paratransit
Service
Provide revenue to ensure funding, to at least 2014, and possibly longer, of the following: the
new Tasman East, Capitol and Vasona Light Rail lines, the commuter rail connection to
BART, expanded paratransit services, expanded bus fleet of 750 vehicles, the
Downtown/East Valley Light Rail line operations, which can commence in 2008, and the
BART extension to San Jose which can commence operations by 2010;
All subject to the following mandatory requirements:
• The Tax Must Expire 30 Years After Implementation.
If approved by the voters, this half-cent sales tax must expire 30 years after
implementation. The tax will be imposed for the period commencing April 1, 2006 when
current tax expires and terminate on March 31, 2036. The length of this tax cannot be
extended without a vote – and the approval – of the residents of Santa Clara County.
• An Independent Citizen's Watchdog Committee Must Review all Expenditures.
The Independent Citizen’s Watchdog Committee will consist of private citizens, not
elected officials, who comprise the VTA’s Citizen’s Advisory Committee.
Responsibilities of the Citizen’s Watchdog Committee are:
• Public Hearings and Reports: The Committee will hold public hearings and issue
reports on at least an annual basis to inform Santa Clara County residents how the
5.a
APPENDIX A - 2000 MEASURE A BALLOT LANGUAGE
A-4
funds are being spent. The hearings will be held in full compliance with the Brown
Act, California’s open meeting law with information announcing the hearings well-
publicized and posted in advance.
• Annual Independent Audits: An annual audit conducted by an independent Auditor
will be done each fiscal year to ensure tax dollars are being spent in accordance with
the intent of this measure.
• Publish results of Audits and Annual Reports: The Committee must publish the results
of the Independent Auditor and the Annual Report in local newspapers. In addition,
copies of these documents must be made available to the public at large.
such authorization being pursuant to the provisions of Sections 100250 et seq. of the public
Utilities Code and Sections 7251 et seq. of the Revenue and Taxation Code.
5.a
APPENDIX B – 2000 MEASURE A FUND SWAPS
B-1
Figure 1.2
Funds Outgoing From Measure A:
Local Program Reserve Projects Receiving Measure A Funds
Sponsor Proj No. Project
Total LPR
Allocated to by Board
(000s)
Total LPR
Allocated to Projects
(000s)
Expended
as of Jun 2020Status
VTA/ACCMA NA I-680 Sunol Grade HOV/HOT Lane $8,000 $8,000 $8,000 Completed
VTA P0472 SR-87 HOV North & South - Cost Increase $2,497 $2,497 $2,497 Completed
VTA P0430 SR-152/SR-156 Interchange - Cost Increase $433 $433 $433 Completed
Completed
Completed
Morgan Hill LS CR Butterfield Blvd Extension Project $2,510 $2,510 $2,510 Completed
San Jose LS CR Julian/St. James Downtown Couplet Conversion $5,076 $5,076 $5,076 Completed
Saratoga LS CR Citywide Signal Upgrade Project Phase 2 $400 $400 $160 Construction
SCCounty LS CR ITS Enhancements on Bascom Ave $333 $333 $336 Completed
SCCounty LS CR Santa Teresa/Fitzgerald Ave Intersection Signals $275 $275 $268 Completed
SCCounty LS CR Alum Rock School District Area Traffic Calming $315 $315 $315 Completed
Sunnyvale LS CR Mathilda Ave Caltrain Bridge Construction $524 $524 $524 PE Completed
Sunnyvale LS CR Mary Ave Extn PS&E; moved to MB $0 $0 $0 Completed
Sunnyvale/VTA P-0678 US101/Mathilda Ave/SR237 IC $2,900 $2,900 $2,733 Construction
VTA/SBCOG P0617 SR-152 New Alignment $5,000 $5,000 $4,127 Pre-PA/ED
Milpitas NA Tasman East LRT Landscaping $1,800 $1,800 $1,800 Completed
VTA P-0565 Caltrans PID Work - US 101/De La Cruz/ Trimble $54 $54 $53 Final Design
VTA P-0570 Caltrans PID Work - El Camino Real/SR237 $46 $46 $46 Completed
VTA P-0651 SR87 South Landscaping $27 $27 $27 Completed
VTA P-0749 P-0749 US 101 SB Off-Ramp to SR-87 $200 $200 $55 Final Design
VTA P-0812 I-280/Foothill Expressway Ramp Impr. $700 $700 $700 Construction
Palo Alto NA California Ave Transit Hub $1,175 $1,175 $1,175 Completed
VTA/Caltrans P-0826 Combined Landscape Maintenance $2,172 $2,175 $2,172 Closed
VTA P-0653 I-680 Corridor Study (Calaveras to US 101) $250 $250 $250 Study Completed
VTA P-0912 I-280 Corridor Study (US101/I680 IC to Page Mill) $250 $250 $248 Study Completed
VTA P-0911 I-280/Winchester Off Ramp Environmental Phase $250 $250 $250 Env./PA/ED
VTA P-0900
VTA P-0900
VTA P-0901 SV Express Lanes - US101/SR85 - PH 4 $2,855 $2,855 $1,861 Final Design
VTA P-0903 Noise Reduction Program on SR85 $285 $285 $284 Study Completed
VTA P-0864 Innovative Transportation Technology Program $85 $85 $76 Study Completed
VTA P-1020 SR87 Corridor Study $150 $150 $150 Study Completed
VTA P-1128 Vehicle Mile Travel (VMT) Tools $150 $0 $0 Tool Development
$24 $0 $0
$245 $0 $0
$10 $0 $0
TOTALS $122,480 $122,054 $116,003
Gilroy LS CR Gilroy/Arroyo Circle/Arroyo Camino Improvements $6,725 $6,725
P0620
VTA P-0737 VTP PW
VTA I-880 HOV Widening: SR-237 to US-101
P0519
Closed
$5,088
Closed
$17,864 $17,864
US 101/Capitol Expwy and Yerba Buena Int. Imp.
VTA US 101 Improvements (280/680 to Yerba Buena)
VTA
$5,633
$5,041 P-0730
$17,864
US 101/SR-25 Interchange P0606
$5,088
Closed
Closed
Closed
Closed$4,900
$0 $0 $0
$5,633
P-0721
US 101 Improvements (85 to Embarcadero) P0619
$5,633
$14
Unprogrammed LPR - TBD
VTA $4,900 $4,900
$972 $972
$9,011 $8,424
VTA US 101 Express Lanes - Environmental $7,878
Completed
Completed
Completed
$15,140
VTA P-0902 SV Express Lanes - Electronic Toll System (ETS) $3,728
P0455 I-880/I-280/Stevens Creek Interchange
VTA P-0788 SR 237 Express Lanes-Phase II Extension $9,011
$14
$5,500 $5,500
VTA $15,140 $15,140
VTA
$5,329
$0
N/AN/A
VTA P-0720 Route 85 Express Lanes - Environmental
$6,725
ConstructionSV Express Lanes - US101/SR85 - PH 3
VTA P-0970 SV Express Lanes-Future Phase 4 $1,035
Unprogrammed
$7,878 $7,878
$972
Closed
$3,728 $1,946 Construction
$1,035 $24 Final Design
5.a
APPENDIX B – 2000 MEASURE A FUND SWAPS
B-1
Figure 1.3
Funds Incoming to Measure A: Projects Receiving STIP Funds
Sponsor
Programmed
by Board
(000s)
Received to Date
(000s) Project Status Phase
VTA $42,880 $42,880 Capitol Expressway LRT Extension Phase 1 completed
VTA $50,440 $50,440 BART Hayward Maintenance Complex Construction
VTA $29,530 $0 VTA BART to Silicon Valley - Santa Clara Extension
(Construction Phase)PA/ED
TOTAL $122,850* $93,320
* includes $370,000 for interest payment as per Board memo dated November 2, 2017
5.a
STATUS
Warm Springs Extension (WSX) - VTA Share Completed
Silicon Valley Corridor Establishment and Maintenance Ongoing
Berryessa Extension Project (SVBX Phase I) Closeout
Future Extension to Santa Clara (SVSX Phase II) Under Development -Awaiting Funding
BART Core Systems Modifications Construction
King Road Bus Rapid Transit Ongoing
Northern Light Rail Express Completed
Santa Clara Pocket Track Completed
BART Transit Integration Analysis & Improvements Completed
N. First St. Speed Improvements & First St./Tasman Ave. Modidifications Ongoing
Mineta San Jose Airport People Mover Ongoing
Downtown East Valley Planning & Conceptual Engineering Completed
Downtown East Valley Environmental Completed
Capitol Expressway Light Rail - Pedestrian Improvements Completed
Capitol Expressway Light Rail - Eastridge Transit Center Completed
Capitol Expressway Light Rail Phase II: Eastridge to BART Regional Connector Ongoing
Low Floor Light Rail Vehicles Completed
Caltrain South County Capacity Improvements Pending CA High Speed Rail (CAHSR)
Caltrain Electrification/High Speed Rail Ongoing
Caltrain Electrification Early Investment Program (VTA Share) Ongoing
Caltrain Service Upgrades Ongoing
Caltrain Improvement Plan Completed
Bike Sharing Pilot Project Completed
Caltrain Mountain View Parking Structure Pending CAHSR
Caltrain/Union Pacific Blossom Hill Pedestrian Grade Separation Completed
Caltrain Safety Enhancements Design Complete; Pending CAHSR
Santa Clara Station Pedestrian Underpass Extension Completed
Santa Clara & San Jose Diridon Station Upgrades Completed
Palo Alto Intermodal Transit Center Pending CA High Speed Rail
Bus Rapid Transit Strategic Plan Ongoing
Highway-Based Bus Rapid Transit Alternatives Analysis Completed
Alum Rock/Santa Clara Bus Rapid Transit Completed; Closeout Ongoing
Stevens Creek Bus Rapid Transit Planning
El Camino Real Rapid Bus Stop Improvements Ongoing
Procurement of 40 Bus Rapid Transit Buses Completed
Bus Rapid Transit Modifications - Chaboya & North Divisions Ongoing
Money Counting Facility Replacement Closed - Not needed
DeAnza College Transit Center Improvements Inactive
Rapid 523 Bus Stop Improvements Completed; Closeout Ongoing
Stelling Road Bus Stop Improvement Completed
Included in Santa Clara and San Jose Diridon Station Upgrade Completed
Improve Highway 17 Express Bus Service Completed
Dumbarton Rail Corridor Inactive
3 Zero-Emission Bus Procurement Completed
Zero-Emission Bus Facility Improvements Completed
New Rail Corridors Study Ongoing
Light Rail System Analysis Completed
Southern Light Rail Express Completed
Light Rail Transit Extension to Vasona Junction Study Completed
Winchester Light Rail Double Track & Platform Extension Study Completed
SR 85 Major Transit Investment Study Ongoing
Connect Caltrain with Dumbarton Rail Corridor
Purchase Zero-Emission Buses & Construct Service Facilities
Develop New LR Corridors
Improve Caltrain: Double Track to Gilroy & Electrify from Palo Alto to Gilroy
Fund Operating & Maintenance Costs for Increased Bus, Rail & Paratransit Service - Ongoing
Caltrain Service Upgrades
Palo Alto Intermodal Transit Center
Improve Bus Service in Major Corridors
Upgrade Altamont Commuter Express (ACE)
Improve Highway 17 Express Bus Service
Low Floor Light Rail Vehicles
BART - Silicon Valley Corridor Establishment and Maintenance
BART - Silicon Valley Extension
BART - Other Supporting Projects
ATTACHMENT B
2000 MEASURE A TRANSIT IMPROVEMENT PROGRAMExtend BART from Fremont through Milpitas to Downtown San Jose and the Santa Clara Caltrain Station
Provide Connection from Mineta San Jose International Airport to BART, Caltrain and VTA Light Rail
Extend Light Rail from Downtown San Jose to The East Valley
As of 06/30/20
5.b
From: Roland Lebrun Sent: Wednesday, October 14, 2020 3:15 PM To: VTA Board Secretary <Board.Secretary@vta.org> Cc: MTC Info <info@bayareametro.gov> Subject: VTA Admin & Finance item #5 2000 Measure A Semi-Annual Report Ending June 30, 2020
Dear Chair Carr and Board members,
Further to my letter to the October 7th PAC
meeting http://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=4&ID=9930, I am
respectfully requesting that you pull item #5 . 2000 Measure A Semi-Annual Report Ending June 30, 2020
ooff off consent and engage staff in a ROBUST discussion of the following issues:
1) Why do staff continue to misrepresent the cost of BART Phase I as $2,197.6B (line 1-3)
when the actual cost as of June 30 was $3,357.8B including the following line items:
• Line 1-1 BART SV Program Dev, Implementation & Warm Springs $439.1M • Line 1-2 BART SV Corridor Establishment and Maintenance $457.6M • Line 1-5 BART Core System Modifications (BCS) $168M • Line 1-6 BART Other Supporting Project $95.5M
http://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=4&ID=9927
2) Measure A as approved by the voters of Santa Clara County consists of 14 line items (not
13) including
line 14 - Fund Operating and Maintenance Cost for INCREASED Bus, Rail
and Paratransit
Service http://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=4&ID=9927 (line
14) so the question is why was line 14 deleted in its entirety from the 2000 Measure A
Program Semi-Annual Report January 2020 – June 2020?
http://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=4&ID=9912
(Page i Table of contents attached for your convenience)
PUBLIC C
OMMENT
3) What was the staff rationale for putting the following individuals in charge of Measure
A?
o Chief Engineering & Prog Delivery Officer Casey Emoto o Chief BART Silicon Valley Extension Project Takis Salpeas
Thank you in advance for your URGENT consideration of these matters
Roland Lebrun
PUBLIC C
OMMENT
2000 Measure A Program
Semi-Annual Report – June 2020 Table of Contents
2000 Measure A Program
i
TABLE OF CONTENTS
Section Title Page
1 EXECUTIVE SUMMARY AND PROJECT COSTS
A. Executive Summary ............................................................................. 1-2
B. Project Costs ......................................................................................... 1-5
C. Measure A Fund Exchange .................................................................. 1-8
D. Funding................................................................................................. 1-9
2 PROJECT SUMMARY REPORTS
1 Silicon Valley Rapid Transit
1. BART SV Program Development Implementation &
Warm Springs
2-1-1
2. BART SV Corridor Establishment and Maintenance .......................... 2-1-2
3. Berryessa Extension Project SVBX – Phase 1 .................................... 2-1-3
4 Future Extension to Santa Clara – Phase 2 .......................................... 2-1-4
5. BART Core Systems Modifications (BCS) ........................................ 2-1-5
6. Other Supporting Project ........................................................ ……… 2-1-6
2. Mineta San Jose Airport People Mover .............................................. 2-2
3. Capitol Expressway Light Rail to Eastridge ....................................... 2-3
4. Low Floor Light Rail Vehicles ............................................................. 2-4
5. Caltrain – Capacity Improvements & Electrification ........................... 2-5
6. Caltrain Service Upgrades ................................................................... 2-6
7. Palo Alto Intermodal Transit Center .................................................... 2-7
8. Bus Rapid Transit ................................................................................ 2-8
9. Upgrade Altamont Commuter Express (ACE) .................................... 2-9
10. Highway 17 Bus Service Improvements .............................................. 2-10
11. Dumbarton Rail Corridor ................................................................. 12 2-11
12. ZEB Demonstration and Facility Improvements ................................. 2-12
13. Develop New Light Rail Corridors ..................................................... 2-13
A APPENDIX A – 2000 MEASURE A BALLOT LANGUAGE ......... A-1
B APPENDIX B – 2000 MEASURE A FUND SWAPS ........................ B-1
PUBLIC C
OMMENT
Date: October 7, 2020
Current Meeting: October 15, 2020
Board Meeting: November 5, 2020
BOARD MEMORANDUM
TO: Santa Clara Valley Transportation Authority
Administration & Finance Committee
THROUGH: General Manager/CEO, Nuria I. Fernandez
FROM: Deputy GM/Chief Financial Officer, Raj Srinath
SUBJECT: Fiscal Year 2020 Statement of Revenues and Expenses for the Period Ending
June 30, 2020
Policy-Related Action: No Government Code Section 84308 Applies: No
ACTION ITEM
RECOMMENDATION:
Recommend that the VTA Board of Directors review and accept the Fiscal Year 2020 Statement
of Revenues and Expenses for the period ending June 30, 2020.
EXECUTIVE SUMMARY:
• Reports on the main categories of revenues and expenses in the VTA operating budget.
• Discusses significant items and trends in the reporting period.
• Total Revenues for FY 2020 were $467.8M and Total Expenses were $473.2M, resulting
in a negative Operating Balance of $5.4M. This negative balance will be bridged by
utilizing CARES Act Funding that VTA has received.
STRATEGIC PLAN/GOALS:
The Statement of Revenues and Expenses aligns with VTA’s Strategic Plan Business Line 2:
Delivering Projects and Programs. The Statement reports on the VTA operating budget and
discusses significant items and trends in the reporting period.
BACKGROUND:
The Statement of Revenues and Expenses is scheduled on a quarterly basis in the VTA fiscal
year for review and acceptance by the Board.
6
Page 2 of 3
DISCUSSION:
This memorandum provides a brief discussion of significant items and trends on the attached
Statement of Revenues and Expenses through June 30, 2020. The schedule has been designed to
follow the same agency-wide line item rollup as included in the adopted budget. The columns
have been designed to provide an easy comparison of actual to budget activities for the fiscal
year, along with columns reflecting the dollar and percentage variances from budget.
The following are highlights of the current Statement of Revenues and Expenses:
Revenues
In Fiscal Year 2020 through June 30, 2020, Total Revenues (line 14) are $39.6M lower than
budget estimates. Total Revenues do not include the receipt of $72.9M in CARES Act Funding.
Favorable variances are largely attributed to Transportation Development Act (TDA) (line 4) and
Investment Earnings (line 10). These positive variances are offset by unfavorable variances in
Fares-Transit (line 1); Fares-Paratransit (line 2); Sales Tax based accounts, consisting of 1976
Half-Cent Sales Tax (line 3) and Measure A Sales Tax Operating Assistance (line 5); State
Transit Assistance (STA) (line 7); and State operating grants (line 9).
TDA (line 4) and Investment Earnings (line 10) reflect a combined positive variance of $6.8M,
of which $2.2M are TDA revenues (line 4) that is a carryover from June 2019. Investment
Earnings (line 10) were higher than anticipated due to higher one-time trading gains.
Fares with a combined negative variance of $8.7M, consisting of $8.1M in Fares-Transit (line 1)
and $600K in Fares-Paratransit (line 2), are because of fares not being collected from March 19,
2020 through the end of Fiscal Year 2020 due to the COVID-19 pandemic.
Sales Tax based accounts, consisting of 1976 Half-Cent Sales Tax (line 3) and Measure A Sales
Tax Operating Assistance (line 5), accounted for a combined negative variance of $19.4M, due
to the significant lower sales tax revenues in the third and fourth quarters of Fiscal Year 2020, as
a result of the COVID-19 Shelter-in-Place order.
STA (line 7) reflects an unfavorable variance of $15.3M due to a reduction of the underlying fund
sources in the funding from the Metropolitan Transportation Commission (MTC).
State operating grants (line 9) show a negative variance of $1.4M due to timing of planned
activities.
Expenses
In Fiscal Year 2020 through June 30, 2020, Total Expenses (line 44) were $39.4M under budget
driven primarily by favorable variances in Labor Costs (line 15), Materials & Supplies (line 16),
Security (line 17), Professional & Special Services (line 18), Fuel (line 20), Insurance (line 24),
and Paratransit (line 33). These favorable variances were partially offset by an unfavorable
variance in Other Services (line 19) and Reimbursements (line 31).
Labor Costs (line 15) shows a positive variance of $19.2M primarily due to staff vacancies.
Materials & Supplies (line 16) reflects a favorable variance of $9.0M due to the delayed need for
6
Page 3 of 3
hybrid battery replacements, the timing of mid-life overhauls for Light Rail Vehicle
Maintenance, and fewer parts issued as VTA reprioritized to focus on the impacts of the COVID-
19 pandemic. This variance was mitigated by additional materials and supplies procured to
address such impacts.
Security (line 17) shows a favorable variance of $971K due to deferred security ramp-up.
Professional & Special Services (line 18) reflects a favorable variance of $2.9M primarily due to
timing of planned activities.
Fuel (line 20) shows a favorable variance of $2.3M as the price and usage of fuel were less than
budgeted.
Insurance (line 24) reflects a favorable variance of $3.7M primarily due to less than anticipated
self-insured claim settlements.
Paratransit (line 33) has a favorable variance of $3.4M primarily due to lower revenue hours,
maintenance costs and supplemental services, as a result of the COVID-19 Shelter-in-Place order
since mid-March 2020, as well as previously unanticipated VTA staff turnover to support the
Paratransit services.
Other Services (line 19) reflects an unfavorable negative variance of $1.1M primarily attributed
to higher than anticipated need for contract employee services. Contract employees performed
services temporarily in business functions impacted by staff vacancies.
Reimbursements (line 31) has an unfavorable negative variance of $7.1M primarily due to fewer
maintenance reimbursements.
SUMMARY:
Total Revenues (line 14) for FY 2020 were $467.8M and Total Expenses (line 44) were
$473.2M resulting in a negative Operating Balance of $5.4M.
CLIMATE IMPACT:
This recommended action will have no climate impact.
FISCAL IMPACT:
There is no direct fiscal impact as a result of this action.
Prepared by: Suet Nguyen
Memo No. 7040
ATTACHMENTS:
• BoardAction7040_FY20 4Q Rev Exp Attachment (PDF)
• 7040 - PPT Summary Slide (PPTX)
6
1 Fares-Transit 27,318 35,371 (8,053) -22.8%
2 Fares-Paratransit 1,498 2,105 (607) -28.8%
3 Sales Tax Revenue 209,828 225,866 (16,038) -7.1%
4 TDA 110,985 106,157 4,828 4.5%
5 Measure A Sales Tax-Oper. Asst. 43,551 46,867 (3,316) -7.1%
6 2016 Measure B - Transit OPS 14,500 14,500 0 0.0%
7 STA 25,233 40,542 (15,309) -37.8%
8 Federal Operating Grants2
4,009 4,702 (693) -14.7%
9 State Operating Grants 864 2,224 (1,360) -61.2%
10 Investment Earnings 6,068 4,124 1,944 47.1%
11 Advertising Income 3,221 3,812 (591) -15.5%
12 Measure A Repayment Obligation 14,731 14,729 2 0.0%
13 Other Income 6,003 6,400 (398) -6.2%
14 Total Revenue 467,808 507,399 (39,591) -7.8%
15 Labor Costs 329,629 348,861 19,233 5.5%
16 Materials & Supplies 23,187 32,170 8,983 27.9%
17 Security 15,546 16,517 971 5.9%
18 Professional & Special Services 4,039 6,890 2,851 41.4%
19 Other Services 12,110 11,042 (1,069) -9.7%
20 Fuel 7,974 10,319 2,345 22.7%
21 Traction Power 4,502 5,016 514 10.2%
22 Tires 1,658 1,849 191 10.3%
23 Utilities 3,546 3,973 428 10.8%
24 Insurance 3,834 7,487 3,653 48.8%
25 Data Processing 5,457 6,176 720 11.7%
26 Office Expense 270 340 70 20.6%
27 Communications 1,664 1,791 127 7.1%
28 Employee Related Expense 550 1,113 563 50.6%
29 Leases & Rents 887 890 2 0.3%
30 Miscellaneous 836 1,117 281 25.2%
31 Reimbursements (39,119) (46,191) (7,072) -15.3%
32 Subtotal Operating Expense 376,567 409,358 32,791 8.0%
33 Paratransit 23,269 26,660 3,390 12.7%
34 Caltrain 10,800 10,800 0 0.0%
35 Altamont Corridor Express 5,454 5,473 18 0.3%
36 Highway 17 Express 375 375 (0) 0.0%
37 Monterey-San Jose Express Service 0 35 35 100.0%
38 Contribution to Other Agencies 966 1,173 207 17.7%
39 Debt Service 20,819 20,821 2 0.0%
40 Subtotal Other Expense 61,684 65,337 3,653 5.6%
41 Operating & Other Expenses 438,251 474,695 36,444 7.7%
42 Transfer to Capital Reserve3
35,000 35,000 0 N/A
43 Contingency 0 3,000 3,000 N/A
44 Total Expenses 473,251 512,695 39,444 7.7%45 Operating Balance (5,443) (5,296) (146)
Note: Totals and percentages may not be precise due to independent rounding.
1 Reflects Adopted Budget approved by the Board on June 6, 2019 and augmentation approved on November 7, 2019
2 Reflects the exclusion of CARES Act Funding received in May 2020
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
STATEMENT OF REVENUES AND EXPENSES
Fiscal Year 2020
through June 30, 2020
%
Variance
FY 2020
Actual
FY 2020
Current
Budget1
(Dollars in Thousands)
Preliminary Unaudited
Category
Variance
6.a
Line Description
FY 2020
Current
Budget1
FY 2020
Projected
Actual 2
Operating Balance
1 Total Operating Revenues 507,399 467,808
2 Total Operating Expenses (512,695) (473,251)
3 Operating Balance (5,296) (5,443)
Operating Balance Transfers
4 Operating Balance (5,296) (5,443)
5 Transfer From/(To) Operating Reserve 5,296 -
6 Transfer From/(To) Sales Tax Stabilization Fund - -
7 Transfer From/(To) Debt Reduction Fund - -
Operating Reserve
8 Beginning Operating Reserve 75,814 75,814
9 Transfer From/(To) Operating Balance (5,296) -
10 Ending Operating Reserves 70,518 75,814
11 Operating Reserve %3
13.8% 14.4%
CARES Act Funding
12 Beginning Balance4
N/A 72,932
13 Transfer From/(To) Operating Balance N/A (5,443)
14 Ending Balance N/A 67,489
Note: Totals and percentages may not be precise due to independent rounding.
1 Reflects Adopted Budget approved by the Board on June 6, 2019 and augmentation approved on November 7, 2019
2 Preliminary unaudited as of September 25, 2020
3 Line 10 divided by subsequent fiscal year projected Operating Expenses
4 Total CARES Act Funding is $141.6M which is comprised of $72.9M in FY20 and the remaining $68.6M in FY21
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
SOURCES AND USES OF FUNDS SUMMARY
Fiscal Year 2020 through June 30, 2020
(Dollars in Thousands)
Preliminary Unaudited
6.a
Summary
• Recommendation: Review and accept the Fiscal Year 2020 Statement of
Revenues and Expenses for the period ending June 30, 2020.
• The Statement is unaudited and subject to changes based on audit
results
• Total Actual Revenues for FY2020 were $467.8M
• Total Actual Expenses for FY2020 were $473.2M
• FY2020 resulted in a negative Operating Balance of $5.4M
• This negative balance will be bridged by utilizing CARES Act Funding
that VTA has received
6.b
Administration and Finance Committee
Information Item: Farebox Recovery Ratio
October 15, 2020
7
2
Farebox Recovery Ratio
FAREBOX RECOVERY
Ride
rshi
p Pr
oduc
tivity
Definition – term used to describe the portion of service delivery costs that are covered by passenger fares (represented as a percentage)
Major Drivers• Fares (Average Fare per Boarding)
• Ridership Productivity (Boardings per Hour)
• Cost Efficiency (Cost per Hour)
7
Farebox Recovery Ratio – Crunching the Numbers
Farebox Recovery
Ratio
=OR
Fare Revenue
Operating Costs
Boardings per Hour
Operating Costs per Hour
XAverage Fare per Boarding
3
7
1 Based on proforma and unaudited NTD data; decrease is largely due to no fares being collected from March 19 through the end of FY 2020.
Farebox Recovery RatioTen Years Period Ending FY 2020
1
14.5%13.6%
13.1%12.3% 12.2%
11.2%
9.5%8.9% 9.1%
7.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
1
Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Farebox Recovery Ratio 14.5% 13.6% 13.1% 12.3% 12.2% 11.2% 9.5% 8.9% 9.1% 7.3%
Farebox Revenue ('000) $38,106 $37,744 $38,331 $38,372 $39,108 $37,663 $33,719 $34,511 $35,773 $27,318Operating Expenses ('000) $263,322 $278,532 $293,447 $311,287 $319,978 $335,140 $354,494 $383,664 $392,480 $374,898
4
7
Questions?
5
7
Date: September 30, 2020
Current Meeting: October 15, 2020
Board Meeting: N/A
BOARD MEMORANDUM
TO: Santa Clara Valley Transportation Authority
Administration & Finance Committee
THROUGH: General Manager/CEO, Nuria I. Fernandez
FROM: Deputy GM/Chief Financial Officer, Raj Srinath
SUBJECT: Monthly Investment Report - August 2020
FOR INFORMATION ONLY
EXECUTIVE SUMMARY:
• This report provides an update on the status of investment funds managed by the VTA.
• All funds reported positive returns for the month of August 2020
STRATEGIC PLAN/GOALS:
The VTA provides for the management and oversight of operating funds used to run the
Authority and to complete transit projects. These funds are prudently invested to preserve capital
and provide necessary liquidity, while maximizing earnings and conforming to state and local
statutes governing the investment of public funds.
The VTA also maintains strong employee benefits to provide employees with healthcare
coverage and a pension in retirement. All VTA defined benefit plans seek to achieve the best risk
adjusted returns over time. This is achieved through a highly diversified asset allocation.
BACKGROUND:
The investment activities of the Santa Clara Valley Transportation Authority are in compliance
with the Investment of Non-Trust Held Funds Investment Policy, the VTA Retirees’ Other Post-
Employment Benefits Trust Investment Policy and the ATU, Local 265 Pension Plan’s
Investment Policy.
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DISCUSSION:
Economic Watch
Real gross domestic product (GDP) decreased at an annual rate of 31.4% in the second quarter of
2020, according to the "third" estimate released by the Bureau of Economic Analysis. The
decrease in real GDP reflected decreases in personal consumption expenditures (PCE), exports,
private inventory investment, nonresidential fixed investment, residential fixed investment, and
state and local government spending that were partly offset by an increase in federal government
spending. In the first quarter, real GDP decreased 5.0 %.
Headline consumer prices, as measured by the consumer price index (CPI), rose 1.3% year over
year as of August 2020. Core CPI, which excludes volatile food and energy prices increased at a
rate of 1.7% year over year as of August 2020. The Federal Reserve continues to target an
inflation rate of 2.00%.
The unemployment rate in the San Jose-Sunnyvale-Santa Clara MSA was 7.6 % in August 2020,
down from a revised 9.5 % in July 2020, and above the year-ago estimate of 2.7 %. This
compares with an unadjusted unemployment rate of 11.6 % for California and 8.5 % for the
nation during the same period. The unemployment rate was 9.2 % in San Benito County, and 7.5
% in Santa Clara County.
Market Watch
The Standard & Poor’s 500 index returned 7.19% in August, and the NASDAQ Composite index
returned 9.70%. Large cap stocks returned 7.34% and small cap stocks returned 5.63%. Large
cap growth stocks outperformed large cap value stocks returning 10.32% and 4.14%
respectively.
The Barclays Aggregate index returned -0.81% in August, on a year to date basis the Barclays
Aggregate index has returned 6.85%. The investment grade corporate sector returned -1.27% and
the agency MBS sector returned 0.04% during the month of August. High yield corporate credit
returned 0.98% and Sr. floating rate corporate credit returned 1.02%.
VTA Enterprise Funds
VTA Enterprise Funds are invested in portfolios managed by Payden & Rygel, the State of
California Local Agency Investment Fund (LAIF) and an interest-bearing checking account.
Investment performance for the Payden & Rygel managed accounts are included below.
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The Payden & Rygel weighted average composite portfolio outperformed its policy benchmark
in August by 0.07%. The current yield for the composite portfolio is 1.52% and the effective
duration is 1.88 years.
At month-end the current yield for funds invested in LAIF was 0.78% and the VTA’s checking
accounts was 0.01%.
Market performance for each Payden & Rygel account is summarized in the following table:
Investment Performance
Asset Class Fund Manager AUG 3 Mo Y-T-D 1 Yr 3 Yr 5 Yr 10 Yr I-T-D
Short-Term
Fixed Income 2
Payden & Rygel 0.05% 0.30% 1.24% 1.97% 2.05% 1.64% 1.04% 1.75%
iMoneynet Money Market Index 0.01% 0.04% 0.46% 1.03% 1.55% 1.08% 0.56% 1.25%
Mid-Term
Fixed Income 1
Payden & Rygel 0.03% 0.50% 3.14% 3.70% 2.90% 2.21% - 1.78%
Merrill Lynch 1- 3 Year Treasury Index -0.02% 0.14% 2.97% 3.40% 2.68% 1.92% - 1.44%
Long-Term
Fixed Income
Payden & Rygel 0.10% 0.98% 4.47% 4.71% 3.39% 2.83% 2.36% 3.97%
Barclays US Govt. Intermediate Index -0.04% 0.23% 4.18% 4.34% 3.24% 2.43% 2.11% 3.85%
Composite Portfolio Returns 0.05% 0.60% 3.39% 3.91% 3.12% 2.41% 1.82% 3.36%
Policy Benchmark Returns -0.02% 0.15% 3.04% 3.41% 2.80% 2.01% 1.52% 3.16% 1 Implemented February 11, 2009 2 Implemented February 14, 2003
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VTA Retirees’ Other Post-Employment Benefits (OPEB) Trust
The VTA Retirees’ OPEB Trust Investment Policy requires the following asset allocation:
Asset Class Target Range Target Actual
Domestic Large Cap Equities 12-32% 22% 31%
Domestic Small/Mid Cap Equities 5-15% 8% 0%
Non-US Developed Large Cap Equities 5-15% 10% 10%
Non-US Developed Small/Mid Cap Equities 0 - 6% 3% 3%
Emerging Markets Equity 0-10% 5% 5.5%
Private Core Real Estate 5-15% 5% 9%
Private Real-Estate Lending 0-10% 5% 4%
Diversified Real Assets 0-10% 5% 5%
Domestic Fixed Income 10-30% 19% 24%
Private Credit 0-10% 8% 2%
Absolute Return FoF 4-14% 9% 6%
Cash 0 - 5% 1% 0.5%
The Retirees’ OPEB composite portfolio outperformed its policy benchmark by 0.16% for the
month of August 2020. The current yield for the fixed income portfolio is 3.32% and the current
effective duration is 4.72 years.
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Market performance for each money manager is summarized in the following table:
Investment Performance
Asset Class Fund Manager AUG 3 Mo Y-T-D 1 Yr 3 Yr 5 Yr 10 Yr I-T-D
Large Cap Index State Street 7.17% 15.45% 9.69% 21.86% 14.47% 14.42% 15.12% 6.58%
S&P 500 Index 7.19% 15.49% 9.75% 21.95% 14.52% 14.47% 15.17% 6.49%
Int’l Equity Dev.
Markets Growth
MFS 4.42% 15.43% 5.17% 16.24% 8.77%
MSCI AC World ex-US Growth Index 4.08% 16.78% 8.23% 20.03% 7.95%
Int’l Equity Dev.
Markets Small Cap
DFA 6.91% 12.85% 1.41% 7.90% 4.89%
MSCI AC World ex-US Growth Index 7.29% 13.39% 1.01% 10.89% 7.65%
Emerging Market State Street EM(2) 2.21% 19.45% 0.44% 14.34% 2.66% 9.12%
MCSI World Emerging Market 2.19% 19.51% 0.44% 14.48% 2.78% 9.44%
US Core Real Estate UBS 4 -2.61% -4.41% -1.41% 2.03% 3.30%
NCREIF NFI-ODCE -1.74% 4.53% 2.06% 5.71% 6.37%
Diversified Real
Assets
Principal Group 2.58% 8.79% -4.20% 1.42% -0.18%
Diversified Real Assets Strategic Index 2.74% 7.26% -5.35% -0.56% -0.12%
Fixed Income Dodge & Cox -0.23% 3.23% 8.30% 9.06% 6.20% 5.93% 4.84% 6.02%
Barclays US Aggregate Bond Index -0.81% 1.30% 6.85% 6.47% 5.10% 4.34% 3.66% 5.20%
Absolute Return Lighthouse 3 1.00% 6.06% -9.62% -7.86% -1.68% 0.29%
HFRI FoF Index 1.54% 4.71% 1.10% 3.14% 2.94% 3.75%
Absolute Return Sky Bridge 3 2.23% 7.06% -14.41% -13.31% -1.16% 1.21%
HFRI FoF Index 1.54% 4.71% 1.10% 3.14% 2.94% 3.75%
Composite Portfolio Returns 3.18% 8.42% 3.17% 10.13% 7.69% 8.98% 10.07% 6.97%
Policy Benchmark Returns 3.02% 8.92% 5.68% 12.33% 8.59% 9.37% 9.42% 6.15% 2 Funded June 30, 2016 3 Funded January 28, 2016 4 Funded January 4, 2016
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MFS - The International Equity manager outperformed its policy benchmark in August 2020 by
0.34%. An overweight position in Hong Kong and Canada and an underweight position in Japan
all contributed to relative performance.
DFA - The International Small Cap Equity manager underperformed its policy benchmark in
August 2020 by 0.38%. The portfolio’s overweight allocation to microcaps and the value factor
both detracted from relative performance for the month.
PRINCIPAL GROUP - The Diversified Real Asset Manager underperformed its policy
benchmark by 0.16% in August 2020. Manager selection to the natural resources, infrastructure
and real return sectors all contributed to relative performance for the month.
DODGE & COX - DODGE & COX - The Fixed Income portfolio manager outperformed its
benchmark in August 2020 by 0.50%. The primary contributors to relative performance were the
portfolios’ shorter relative duration and security selection within the corporate sector.
LIGHTHOUSE - The Absolute Return manager underperformed its benchmark in August 2020
by 0.54%. International equity, credit and quantitative strategies all contributed to relative
performance for the month.
SKYBRIDGE - The Absolute Return manager outperformed its policy benchmark in August
2020 by 0.69%. Structured credit and hedged equity strategies both contributed to relative
outperformance for the month.
A 7.00% rate of return assumption is used in the annual actuarial analysis for the Retirees’
OPEB. The results of the actuarial analysis determine VTA’s annual contribution rates. Any
difference between actual investment returns and the 7.00% assumed annual return is recognized
in the same year. The annual returns for the Retirees’ OPEB portfolio have been equivalent to or
exceeded the 7.00% assumed rate of return in 9 out of 15 years.
Historic Portfolio Performance for the last fifteen calendar years:
Year Performance Year Performance Year Performance
2005 3.9% 2010 12.5% 2015 1.1%
2006 11.7% 2011 4.0% 2016 9.3%
2007 6.1% 2012 12.4% 2017 16.12%
2008 -20.9% 2013 18.9% 2018 -2.97%
2009 22.2% 2014 10.8% 2019 17.85%
SCVTA-ATU, Local 265 Pension Plan Assets
It is the policy of the SCVTA-ATU Board of Pensions to have a well-managed investment
program that provides for the financial needs of the pension plan and allows the investments to
be appropriately diversified and prudently invested to protect the safety of the principal while
maintaining a reasonable return.
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Assets are invested within the following investment guidelines:
Asset Class Target Range Target Actual
Domestic Large Cap Equities 12-32% 22% 22%
Domestic Small/Mid Cap Equities 5-15% 10% 9.5%
Non-US Developed Large Cap Equities 5-15% 10% 10%
Non-US Developed Small/Mid Cap Equities 0-6% 3% 3%
Emerging Markets Equity 0-10% 5% 5%
Private Core Real Estate 5-15% 5% 9%
Private Real-Estate Lending 0-10% 5% 4%
Diversified Real Assets 0-10% 5% 5%
Domestic Fixed Income 10-30% 19% 23%
Private Credit 0-10% 6% 1%
Absolute Return FoF 4-14% 9% 7.5%
Cash 0 - 5% 1% 1%
The SCVTA-ATU Pension Plan composite portfolio underperformed its policy benchmark in
August 2020 by 0.13%. The current yield for the fixed income portfolio is 3.21% and the current
effective duration is 4.66 years.
Market performance for each money manager is summarized in the following table:
Investment Performance
Asset Class Fund Manager AUG 3 Mo Y-T-D 1 Yr 3 Yr 5 Yr 10 Yr I-T-D
Large-Cap Value
Stocks
Boston Partners 2.98% 7.65% -10.61% -0.33% 3.83% 6.87% 11.62% 8.70%
Russell 1000 Value Index 4.13% 7.53% -9.35% 0.84% 4.51% 7.53% 11.05% 6.56%
Large-Cap Index State Street 7.17% 15.45% 9.69% 21.86% 14.47% 14.42% 15.12% 7.92%
S&P 500 Index 7.19% 15.49% 9.75% 21.95% 14.52% 14.47% 15.17% 7.85%
Small-Cap Value
Stocks
Wedge 1 4.40% 5.87% -21.31% -10.93% -2.48% 3.03% 9.51% 11.25%
Russell 2000 Value Index 5.39% 10.68% -17.70% -6.14% -1.38% 4.37% 8.71% 10.60%
Int’l Equity Dev.
Markets Large Cap
MFS 2 4.42% 15.43% 5.17% 16.24% 10.26% 11.79% 9.66% 5.91%
MSCI World ex-US Growth Index 4.08% 16.78% 8.23% 20.03% 8.28% 9.51% 7.55% 3.23%
Int’l Equity Dev.
Markets Small Cap
DFA 6.91% 12.85% 1.41% 7.90% 4.89%
MSCI World ex-US Small Cap Index 7.29% 13.39% 1.01% 10.89% 7.65%
Emerging Market State Street
EM3
2.19% 19.42% 0.42% 14.32% 2.66% 9.11%
MCSI World Emerging Market 2.21% 19.53%
0.46%
14.50% 2.84% 9.45%
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US Core Real
Estate
UBS 4 -2.61% -4.41% -1.41% 2.03% 4.43% - 8.24%
NCREIF NFI-ODCE -1.74% 4.55% 2.07% 5.72% 7.34% -
10.82%
Diversified Real
Assets
Principal Group 2.58% 8.79% -4.20% 1.42% -0.18%
Diversified Real Assets Strategic Index 2.74% 7.26% -5.35% -0.56% -0.13%
Fixed Income Dodge & Cox -0.31% 3.33% 8.02% 8.89% 6.07% 5.75% 4.75% 6.20%
Barclays US Aggregate Bond Index -0.81% 1.30% 6.85% 6.47% 5.10% 4.34% 3.66% 4.88%
Absolute Return Lighthouse 5 1.00% 6.06% -9.62% -7.86% -1.68% 0.29%
HFRI FoF Index 1.54% 4.71% 1.10% 3.14% 2.94% 3.75%
Absolute Return Sky Bridge 5 2.23% 7.06% -14.41% -13.31% -1.16% 1.21%
HFRI FoF Index 1.54% 4.71% 1.10% 3.14% 2.94% 3.75%
Composite Portfolio Returns 6 2.48% 6.95% -1.83% 5.08% 5.03% 6.83% 8.57% 7.79%
Policy Benchmark Returns 2.61% 7.71% 1.55%
8.16%
5.85% 7.30% 8.02% 6.07%
1 Funded April 1, 2009. Prior manager was Brandywine with the same benchmark. 2 Funded December 14, 2007. Prior managers were Putnam and Fidelity with MSCI EAFE as their benchmark. 3 Initially funded June 30, 2016 4 Initially funded July 1, 2010. UBS Realty Investors LLC with NCREIF NFI-ODCE as their benchmark. Report 45 days after quarter ended. 5 Funded January 28, 2016
6 Investment performances by prior managers are included in composite returns and historical policy benchmark returns.
BOSTON PARTNERS - The Domestic Large Cap Value Equity manager underperformed its
policy benchmark in August 2020 by 1.15%. Stock selection in the information technology,
consumer discretionary and materials sectors all contributed to relative performance.
WEDGE - The Domestic Small Cap Value Equity manager underperformed its policy
benchmark in August 2020 by 0.99%. Stock selection in the finance and basic materials sectors
both contributed to the relative performance for the month.
MFS - The International Equity manager outperformed its policy benchmark in August 2020 by
0.34%. An overweight position in Hong Kong and Canada and an underweight position in Japan
all contributed to relative performance.
DFA - The International Small Cap Equity manager underperformed its policy benchmark in
August 2020 by 0.38%. The portfolio’s overweight allocation to microcaps and the value factor
both detracted from relative performance for the month.
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PRINCIPAL GROUP - The Diversified Real Asset Manager underperformed its policy
benchmark by 0.16% in August 2020. Manager selection to the natural resources, infrastructure
and real return sectors all contributed to relative performance for the month.
DODGE & COX - DODGE & COX - The Fixed Income portfolio manager outperformed its
benchmark in August 2020 by 0.50%. The primary contributors to relative performance were the
portfolios’ shorter relative duration and security selection within the corporate sector.
LIGHTHOUSE - The Absolute Return manager underperformed its benchmark in August 2020
by 0.54%. International equity, credit and quantitative strategies all contributed to relative
performance for the month.
SKYBRIDGE - The Absolute Return manager outperformed its policy benchmark in August
2020 by 0.69%. Structured credit and hedged equity strategies both contributed to relative
outperformance for the month.
A 7.00% rate of return assumption is used in the annual actuarial analysis for the ATU Pension
Plan. The results of the actuarial analysis determine VTA’s annual contribution rates. The
annual returns for the ATU Pension Plan portfolio have been equivalent to or exceeded the
7.00% assumed rate of return 10 out of 15 years.
Historic Portfolio Performance (calendar year) for the last fifteen calendar years:
Year Performance Year Performance Year Performance
2005 7.2% 2010 14.0% 2015 0.5%
2006 14.5% 2011 1.7% 2016 9.2%
2007 5.8% 2012 14.5% 2017 14.65%
2008 -19.7% 2013 16.5% 2018 -4.56%
2009 25.7% 2014 7.2% 2019 17.12%
ATU Spousal Medical Trust Fund, Dental, and Vision Plan
Asset allocation for the ATU Spousal Medical Trust Fund (including funds for dental and vision
plans) is provided for in the SCVTA-ATU Pension Plan Investment Policy.
Asset Allocation Range Target Actual
Domestic Fixed Income 30-50% 38% 37%
Domestic Large Cap Equities 50-70% 60% 61%
Cash 0 - 5% 2% 2%
The ATU Spousal Medical Trust Fund composite portfolio outperformed its policy benchmark in
the current month by 0.62%. The current yield for the fixed income portfolio is 3.21% and the
current effective duration is 4.66 years.
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Market performance for each money manager is summarized in the following table:
Investment Performance
Asset Class Fund Manager AUG 3 Mo Y-T-D 1 Yr 3 Yr 5 Yr 10 Yr I-T-D
Large-Cap Index State Street 7.17% 15.45% 9.69% 21.86% 14.47% 14.42% 15.12% 9.72%
S&P 500 Index 7.19% 15.49% 9.75% 21.95% 14.52% 14.47% 15.17% 9.73%
Fixed Income Dodge & Cox -0.31% 3.33% 7.78% 8.62% 5.82% 5.35% 4.58% 5.06%
Barclays US Aggregate Bond Index -0.81% 1.30% 6.85% 6.47% 5.10% 4.34% 3.66% 4.40%
Composite Portfolio Returns 4.61% 11.08% 9.30% 17.76% 11.61% 11.28% 11.30% 8.48%
Policy Benchmark Returns 3.99% 9.70% 9.18% 16.18% 11.07% 10.62% 10.67% 7.84%
DODGE & COX - DODGE & COX - The Fixed Income portfolio manager outperformed its
benchmark in August 2020 by 0.50%. The primary contributors to relative performance were the
portfolios’ shorter relative duration and security selection within the corporate sector.
CLIMATE IMPACT:
No direct climate impact.
Other Data
The valuation of VTA’s securities is provided by Interactive Data Corporation (IDC) and
Bloomberg Generic Pricing Service. These firms are the leading providers of global securities
data. They offer the largest information databases with current and historical prices on securities
traded in all major markets.
This report complies with VTA’s adopted investment policies.
Prepared By: Sean Bill
Memo No. 7198
8
VTA ENTERPRISE CAPITAL
As of AUGUST 2020 @ MARKET VALUE
Asset Class Manager Market Value Act % Target % Range Mgmt. Fee
Fixed Income Payden - Short Term Account 226,283,589 13% N.A. N.A. 0.09%
Payden - Mid Term Account 656,511,532 38% N.A. N.A. 0.09%
Payden - Mid Term Account (BART) 311,878,248 18% N.A. N.A. 0.09%
Payden - Long Term Account 456,861,726 26% N.A. N.A. 0.09%
Total with Money Managers 1,651,535,095
LAIF (State of CA Money Market Fund) 75,000,000 4% N.A. N.A. N.A.
Cash with Banks 19,553,158 1% N.A. N.A. N.A.
GRAND TOTAL ENTERPRISE 1,746,088,253
VTA RETIREES' OPEB ASSET ALLOCATION
As of AUGUST 2020 @ MARKET VALUE
Asset Class Manager Market Value Act % Target % Range Mgmt. Fee
Global Equity State Street 114,278,918 32% 30% 35-70% 0.03%
MFS Int'l Growth (non-US) R-6 36,400,445 10% 10% 6-16% 0.80%
DFA Int'l Small Cap 9,944,466 3% 3% 0-6% 0.53%
State Street EM 19,509,760 6% 5% 0-10% 0.18%
Real Assets UBS 31,845,524 9% 5% 0-10% 1.00%
Bridge Real-Estate Credit Fund 14,460,903 4% 5% 0-10% 1.10%
Principal Group 16,259,744 5% 5% 0-10% 0.80%
Private Credit Corbin Private Credit Fund, LP 6,146,445 2% 4% 0-6% 0.50%
50 South Private Credit Fund, LP - 0% 4% 0-6% 0.85%
Fixed Income Dodge & Cox 80,637,870 23% 19% 15-30% 0.17%
Absolute Return Sky Bridge 10,976,097 3% 4% 0-10% 0.85%
Lighthouse 11,438,043 3% 4% 0-10% 1.10%
Total with Money Managers 351,898,215
Cash with JP Morgan 1,778,443 0.50% 1% 0-5%
Wtd. Avg. Mgmt. Fee:
GRAND TOTAL RETIREE 353,676,658 100% 99% 0.42%
8.a
ATU ASSET ALLOCATION
As of AUGUST 2020 @ MARKET VALUE
Asset Class Manager Market Value Act % Target % Range Mgmt. Fee
Global Equity State Street S&P 500 Index 68,055,348 11% 10% 7-17% 0.03%
Boston Partners Large Cap Value 66,099,456 11% 12% 12-22% 0.47%
Wedge Capital Small Cap Value 57,832,546 10% 10% 5-15% 1.00%
MFS Int'l Growth (non-US) 65,409,495 11% 10% 10-20% 0.62%
DFA Int'll Small Cap Equities 19,217,101 3% 3% 0-6% 0.53%
State Street Emerging Markets 29,879,491 5% 5% 0-10% 0.18%
Real Assets UBS - TPF Core Real-Estate 54,842,950 9% 5% 0-10% 1.00%
Bridge Real-Estate Credit Fund 21,691,355 4% 5% 0-10% 1.10%
Principal Group Diversified Real Assets 29,145,519 5% 5% 0-10% 0.80%
Private Credit Corbin Private Credit Fund, LP 8,037,658 1% 3% 0-5% 0.50%
50 South Private Credit Fund, LP - 0% 3% 0-5% 0.85%
Fixed Income Dodge & Cox Income Fund 137,804,824 23% 19% 20-35% 0.17%
Absolute Return Sky Bridge Hedge Fund FoFs 21,952,193 4% 4.5% 0-10% 0.85%
Lighthouse Hedge Fund FoFs 22,876,087 4% 4.5% 0-10% 1.10%
Total with Money Managers 602,844,022
Cash with JP Morgan 2,982,928 0% 1% 0-5%
Wtd. Avg. Mgmt. Fee:
GRAND TOTAL ATU 605,826,950 89% 90% 0.54%
ATU SPOUSAL MEDICAL, DENTAL & VISION
As of AUGUST 2020 @ MARKET VALUE
Asset Class Manager Market Value Act % Target % Range Mgmt. Fee
Global Equity State Street S&P 500 Index 24,200,088 64% 60% 50-70% 0.03%
Fixed Income Dodge & Cox Income Fund 13,067,641 35% 38% 30-50% 0.43%
Total with Money Managers 37,267,729
Cash with JP Morgan 599,899 2% 2% 0-5%
Wtd. Avg. Mgmt. Fee:
GRAND TOTAL SPOUSAL 37,867,628 100% 100% 0.18%
ALL FIDUCIARY INVESTMENT ASSETS: 2,743,459,489
8.a
The Recession Is Over: The
Restructuring Is Underway
15 October 2020
Payden & Rygel Recognized in the PRI “Leaders’ Group” 2020
1
“ Payden is proud to be recognized as one of the 2020 PRI Leaders. We are
committed to acting in the best long-term interests of our global client
base and are proud to prudently align our investment process with
broader societal objectives.”
Joan Payden, President and CEO of Payden & Rygel
“ I am delighted to congratulate Payden & Rygel for qualifying for the
2020 Leaders’ Group, and to formally recognize their excellent disclosure
and advanced efforts in this year’s Leaders’ Group theme: climate
reporting”
Fiona Reynolds, CEO of PRI
One of 36 global ‘Leaders’ focused on Climate Reporting
Payden & Rygel, one of the largest privately-owned global investment firms, is delighted to announce it has been
recognized as a member of the PRI’s (Principles for Responsible Investment) 2020 Leaders’ Group for excellent
disclosure and advanced efforts in Climate Reporting.
As part of their efforts to raise global standards for responsible investment, the PRI identified the Leaders’ Group
as those signatories at the cutting edge of this year’s theme, Climate Reporting. Of the 2,000+ eligible asset owner
and investment manager signatories, 36 were selected.
In particular, 2020 PRI Leaders are those organizations demonstrating strategic alignment with the Financial
Stability Board’s Task Force on Climate- related Financial Disclosures (TCFD) and strong Environmental, Social,
and Governance (ESG) performance.
As a PRI signatory since 2013, Payden & Rygel has made a full commitment to integrate ESG across client
investment portfolios. In an increasingly global world, studying and addressing the risks and opportunities
presented by climate change has never been more important.
2
Who Am I?
Jeffrey C. ClevelandDirector – Chief Economist
2006 – Joined Payden & Rygel
Jeffrey Cleveland is a Director and the Chief Economist at Payden & Rygel. He is responsible
for developing views on the US and global economy. His research areas include
macroeconomics, central banks and the money markets, money supply, credit cycles, housing,
state and local governments and regional economics. Jeffrey is a frequent speaker at industry
forums and is often quoted in the financial media on topics related to the economy and
investing. He frequently appears on CNBC, Bloomberg Television, Fox Business News,
Bloomberg Radio and National Public Radio to discuss financial markets and the economy.
Prior to joining Payden & Rygel, Jeffrey was a Senior Associate at David Taussig & Associates
in Newport Beach, California, where he managed the firm’s fiscal and economic impact studies
and consulting services.
Jeffrey is a member of the National Association for Business Economics (NABE). He received
NABE’s Time Series Analysis and Economic Forecasting Certificate. Jeffrey earned a MA in
International Political Economy with an emphasis in international money and finance from
Claremont Graduate University, and a BA in Economics/Global Political Economy from
Whittier College through the Whittier Scholars Program.
As an avid open-water swimmer, Jeffrey swam across the English Channel in September 2008,
across the Catalina Channel in 2009 and around Manhattan in 2010. This “triple crown” of
open water swimming has been completed by only 40 people in history.
3
Executive Summary: A Restructuring, Not A Recession
▪ The recession is over. High frequency indicators suggest the U.S. and global economies
“bottomed out” in Q2 and recovered strongly in Q3.
▪ The economy is undergoing a restructuring. Public safety restrictions are changing consumer
behavior. For investors, that means it’s important to pick the winners and losers in terms of
industries and sectors.
▪ The expiration of the enhanced unemployment benefits was expected to hinder the recovery,
but consumer spending continues to recover thanks to a savings buffer and the rebound in
wages & salaries due to job growth.
▪ The U.S. unemployment rate peaked in April and has declined since then, reaching 7.9% in
September – beating the most optimistic expectations. Can the pace of the recovery continue?
Continuing claims for unemployment insurance provide early insight.
▪ The California unemployment rate also peaked then plunged, although progress may have
stalled. Santa Clara County is doing better than the national average though. Progress across
Santa Clara County cities varies, but unemployment rates are down from their peaks.
▪ The business cycle matters. Taxable sales track retail sales closely. If the last two business
cycles are an indication, we should expect a sharp rebound in taxable sales in the second half
of 2020.
4
Table For Two? Dining Data Portrays The Global Economic Collapse and Recovery
OpenTable Seated Diners From Online, Phone, and Walk-in Reservations (7-Day Moving Average)
Source: Open Table
The British government was
subsidizing 50% of diners’ checks causing outsize demand.
-100%
-80%
-60%
-40%
-20%
%
20%
40%
60%
2/26 3/26 4/26 5/26 6/26 7/26 8/26
% C
hang
e Y
ear-
Over-
Year
United States Germany Global Australia Mexico United Kingdom
5
A Recession Is A Collapse In Aggregate Demand. Case In Point: Retail Sales. But
Retail Sales Are Already Back To New Highs, Meaning The Recession Is Over.
U.S. Retail Sales Since 1999
Source: U.S. Census Bureau
200
250
300
350
400
450
500
550
600
'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Bill
ions o
f U
SD
Recession Retail Sales
Demand remained
suppressed for years after
the 2008 recession
Is the recession over?! We say, yes.
6
Even With Retail Sales At All-Time Highs, The Details Show Winners and Losers
-20.4%
-16.9%
-15.4%
-15.4%
-2.4%
-0.6%
2.6%
3.8%
4.5%
5.6%
10.0%
11.1%
15.4%
22.4%
-25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25%
Clothing
Dept. stores
Gasoline stations
Food services & drinking places
Electronics & appliances
Misc. store
Total
Furniture
Motor Vehicle & Parts Dealers
Health & personal care
Food & beverage (groceries)
Sporting goods, hobby, music, books
Building material & garden eq.
Nonstore retailers (online)
% Change Year-Over-Year
Retail Sales by Category
Source: U.S. Census Bureau
Unsurprisingly, online retailers
have done well during the
pandemic because they
were able to remain open
when brick and mortar stores
had to close their doors.
Mandated closures and
restrictions on service
capacity have hampered
the recovery for restaurants
and department stores.
7
Fiscal Policy: Unemployment Benefits More Than Offset Losses In Income (So Far)!
Source: Bureau of Economic Analysis *The CARES Act added $600/week to state unemployment benefits, this provision expired on 7/31
Monthly Levels of Employee Compensation and Unemployment Insurance Benefits
$0
$2
$4
$6
$8
$10
$12
$14
January February March April May June July August
US
D T
rilli
ons
Compensation of Employees Unemployment Insurance Stimulus Checks
Fiscal stimulus more than offset the decline in
wages, but without a new deal to extend enhanced
unemployment benefits, incomes could fall.
8
Unemployment In California Is Falling, But Remains Elevated Compared To The Rest
of the Nation
Unemployment in California* Versus the U.S.
Source: Bureau of Labor Statistics
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Unem
plo
ym
ent
Rate
Recession U.S. California
*California’s unemployment rate for September is not yet released
9
With A Halted Reopening, California Claims For Unemployment Insurance Are Not
Falling
Continuing Claims in California* Versus the U.S.
Source: Dept. of Labor
0
5
10
15
20
25
0
1
2
3
4
5
Jan '19 Jul '19 Jan '20 Jul '20
Millio
ns
Mill
ions
California Continuing Claims (Left) U.S. Continuing Claims (Right)
2%
4%
6%
8%
10%
12%
14%
'98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20
Unem
plo
ym
ent
Rate
U.S. San Jose, Sunnyvale, Santa Clara MSA
10
The Unemployment Rate Is Lower in Santa Clara County Than The Rest of the
Country
Santa Clara MSA Versus U.S. Unemployment
Source: CA Dept. of Tax and Fee Administration, Census Bureau
The last two recessions had a
more adverse impact on
Santa Clara county’s labor
market than the current one
Palo Alto
Mountain View
Los Altos
Saratoga
Cupertino
Sunnyvale
Santa Clara
Campbell
Morgan Hill
Milpitas
Gilroy
San Jose
U.S.
5.7%
6.1%
5.9%
7.0%
7.3%
8.0%
9.5%
11.2%
13.4%
12.9%
15.2%
13.8%
14.7%
4.0%
4.1%
4.1%
4.8%
5.0%
5.4%
6.4%
6.6%
7.5%
8.6%
8.7%
8.8%
8.4%
0% 2% 4% 6% 8% 10% 12% 14% 16%
Unemployment Rate
Jan-20 Worst Aug-20
11
All Santa Clara County Cities Have Seen Unemployment Rates Decline From
Peaks, But Progress Varies
Unemployment in Santa Clara Cities – January, Worst, and August 2020 Rate
Source: Bureau of Labor Statistics
12
Some Forms Of Economic Activity Are Bouncing Back Faster Than Others
Apple Mobility Trends - Change in Routing Requests in Santa Clara County Since January 13, 2020
Source: Apple
-90%
-60%
-30%
0%
30%
01/19 03/01 04/12 05/24 07/05 08/16 09/27
% C
hang
e S
ince J
an. 13,
20
20
Driving Transit Walking
-30%
-20%
-10%
0%
10%
20%
30%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Retail Sales (Left) Taxable Transactions (Right)
13
National Business Cycles Have A Local Impact: Taxable Transactions in Santa
Clara Tend To Follow the Business Cycle
Santa Clara Taxable Transactions Versus U.S. Retail Sales
Source: CA Dept. of Tax and Fee Administration, Census Bureau
The 2001 recession
unsurprisingly hurt Santa Clara
more than the overall country.
Doc ID Origin Short TitleA&F
10/15
BOD
11/5
A&F
11/19
BOD
12/3
A&F
12/17
BOD
1/7
A&F
1/21
BOD
1/22
BOD
2/4
A&F
2/18
BOD
2/19
BOD
3/4
A&F
3/18
BOD
4/1
7040Dept - Accounting & Budget Administration /
Franklin P. Wong
Revenues & Expenses Report FY20A A
7185Dept - Technical Services / Dennis O. Ratcliffe Measure A Semi-Annual Report ending June
30, 2020I I
7198 Dept - Finance / Sean Bill Monthly Investment Report - August 2020 I
7048 Dept - Transit Engineering / Ken Ronsse Hamilton Structure Stabilization Phase 2 A A
7473
Dept – Environmental Programs / Ann Calnan Tamien Transit-Oriented Development Project -
Archaeological Support Services RFP A A
7446Dept - Accounting & Budget Administration /
Franklin P. Wong
Revenues & Expenses Report 1Q FY21A A
7519 Dept - Real Estate / Ron Golem Cerone Updated Proposal and ENA A A
7532 Dept - Real Estate / Ron Golem TOD On-Call A A
7399Dept - Technology / Steve Turner Closed Circuit Television on Buses Contract
Award 2020A A
7288Dept - Transportation Planning / Janice
Soriano
2021 Transit Service PlanA A
7341 Dept - Real Estate / Ron Golem TOD Program Update I I
7535Dept - Procurement & Contracts / John White Quarterly Purchasing Report July - September
2020I I
7503Dept - Grants and Fund Allocations / Jane
Shinn
2016 Measure B 10-year Expenditure OutlookI I
7212Dept - Finance / Sean Bill Monthly Investment Report - September 2020
I
7536Division - Operations / David Hill Agreement with (TBD) Grade Crossing Control
EquipmentR R
7049Dept - Transit Engineering / Ken Ronsse Cerone Div. Boiler & Propane Tank
ReplacementA A
7165Dept - Highway Capital Program / Gene
Gonzalo
Noise Reduction Program on SR 85A A
7369 Dept - Real Estate / Ron Golem Tamien Paid Parking A A
7213 Dept - Finance / Sean Bill Monthly Investment Report - October 2020 I
7047 Dept - Transit Engineering / Ken Ronsse Pedestrian Swing Gate Replacement Ph2 A A
7166Dept - Highway Capital Program / Gene
Gonzalo
Double Lane SB US 101 Off-Ramp to SB SR
87 and US 101/Story Road On-rampA A
7456 Dept - Real Estate / Ron Golem Berryessa RFO A A
6584 Dept - Transit Engineering / Ken Ronsse Pavement Management - North Yard A A
7447Dept - Accounting & Budget Administration /
Franklin P. Wong
Revenues & Expenses Report 2Q FY21A A
7343 Dept - Real Estate / Ron Golem Branham RFO A A
Administration & Finance Committee Work Plan
October 2020 - April 2021
10/8/2020 1 of 1
11
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