ADMINISTRATION & FINANCE COMMITTEE

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

[email protected]. 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.

https://us02web.zoom.us/j/82524965148

mailto:[email protected]

https://bit.ly/vta-af-agendas

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

[email protected] 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


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


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


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


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.

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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

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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


Semi-Annual Report – June 2020 Table of Contents


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

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5.a


Semi-Annual Report – June 2020 Executive Summary and Project Costs


SECTION 1.0

EXECUTIVE SUMMARY AND

PROJECT COSTS

5.a

5.a




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

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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

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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.


▪ Work on the Caltrain electrification project is proceeding. VTA continues to reimburse

Caltrain for our share of project related costs.


▪ 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.

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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.

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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




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




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


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


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.



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


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


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


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.



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


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


1-4 Future Extension to Santa Clara – Phase 2

Estimated Cost: $6,860.0 million

Secured Funding: $3,845.6 million



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)


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


1-5 BART Core Systems Modifications (BCS)

New BART Vehicle





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.



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


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





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.



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


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




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.



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$


Estimate


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*


Year of Completion: Phase I: 2015, Phase II: 2027


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



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$


Estimate


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




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:



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


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)



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:



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


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





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.



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


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*


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)


Palo Alto Intermodal Transit Center 0.2$ 0.2$ 0.0$ -$ 0.2$ 0.0$ 0.2$ Inactive; on hold

Project StatusTotal

Estimate


Project Schedule: Project on hold

P-05292-7

5.a

June 2020

8 Bus Rapid Transit


Secured Funding: $264.1 million*


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.



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


* 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)




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.



Upgrade ACE -$ -$ $ - ¹³ -$ -$ -$ -$ Included in SC/SJ Station Upgrade

Total -$ -$ -$ -$ -$ -$ -$

Project StatusTotal

Estimate


Project Schedule: Project completed in 2013.

P-05902-9

5.a

10 Highway 17 Bus Service Improvements




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.



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


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)



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:



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


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*



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.



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


Project Schedule: Project completed in 2005

P-0336; P-04492-12

5.a

June 2020Light Rail Program

13 Develop New Light Rail Corridors



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.



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


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


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


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


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


Fund Operating & Maintenance Costs for Increased Bus, Rail & Paratransit Service - Ongoing

Caltrain Service Upgrades

Palo Alto Intermodal Transit Center


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 <[email protected]> Cc: MTC Info <[email protected]> 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



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https://gcc02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fsantaclaravta.iqm2.com%2FCitizens%2FFileOpen.aspx%3FType%3D4%26ID%3D9912&data=04%7C01%7C%7C88718727a7ef48e5f34608d8708e9d62%7C24dbe85b01054c8caaeb6ace9aa06133%7C0%7C0%7C637383105296412431%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=kmqqGmOZbnGoNkdtFSl0Nokgk75yfsfgO7Thb4OUhZo%3D&reserved=0

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


Semi-Annual Report – June 2020 Table of Contents


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


Board Meeting: November 5, 2020

BOARD MEMORANDUM




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.


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


Board Meeting: N/A

BOARD MEMORANDUM




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


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.

8

Page 2 of 10

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.

8

Page 3 of 10

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

8

Page 4 of 10

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.

8

Page 5 of 10

Market performance for each money manager is summarized in the following table:



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%


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

8

Page 6 of 10

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.

8

Page 7 of 10

Assets are invested within the following investment guidelines:

Asset Class Target Range Target Actual


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%


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.




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%

8

Page 8 of 10

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%



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.

8

Page 9 of 10

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.




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



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.

8

Page 10 of 10




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%




Policy Benchmark Returns 3.99% 9.70% 9.18% 16.18% 11.07% 10.62% 10.67% 7.84%




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



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



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%


Cash with JP Morgan 2,982,928 0% 1% 0-5%


GRAND TOTAL ATU 605,826,950 89% 90% 0.54%

ATU SPOUSAL MEDICAL, DENTAL & VISION



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%


Cash with JP Morgan 599,899 2% 2% 0-5%


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


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


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

Documents

ADMINISTRATION & FINANCE COMMITTEE