Finance and Audit Committee Meeting   4/29/2025

Just a minute, please.

So now I ask the Board Assistant if you could take roll call attendance.

Ms. Dorsch?

Here.

Ms. Drake?

Mr. Jordan?

Ms. Robinson?

So moved.

And a second?

Second.

Would you be prepared to read a short statement on why we're going into closed session?

I will.

Thank you.

pursuant to VA Code Section 2.2-3711A29 for the discussion of public contracts relating to VPRAs transforming rail in Virginia projects involving the expenditure of public funds, including discussion of the terms and scope of such contracts, where discussion in an open session would adversely affect the bargaining position and negotiating strategy of VPRA.

I ask the Board Assistant to take a roll call vote to approve the motion to go into closed session.

Ms. Dorsch?

Aye.

Mr. Delandro?

Aye.

Mr. Watkins?

Aye.

Nothing else can be discussed at that time.

So let me ask them to cut the field.

We are now reconvening an open session and we are going to take a roll call vote by which each member of the committee indicates their agreement with the following statement.

We are now going to take a roll call, oh I'm sorry, to the best of my knowledge during the closed meeting the only matters heard, discussed or considered were those matters lawfully exempted from open meeting requirements under the Virginia Freedom of Information Act and only those public business matters as were identified in the motion by which the closed meeting was convened.

Mr. Delandro?

Aye.

Flowers?

Aye.

Mr. Jordan?

Aye.

And Mr. Watkins?

Aye.

I recognize Shannon Perry to present on our 2026 budget.

I'm actually going to ask Michael Westerman to go over one slide and then we'll jump into the budget.

If that doesn't make sense, I'll answer any questions about that.

You can show us the language.

This package from this committee, but it absolutely part of the full board package.

So that's just an example of that flexibility up to five million is a big deal to keep the project moving forward, going forward really much quicker than a million dollar cap, which a million dollars these days is not going to get you 30% of the sign out on a new project.

He can shift...

And there's a rule about adding budget, which is nothing's going to change there, but if you're increasing the budget, there are percentage threshold caps, one and a half percent in the entire year, and a million dollars is cap per line item.

And just for the avoidance of doubt, any time this would happen, it'd be reported to the board, just like we do any budget adjustment, so it's not...

Right, so we understand?

That's, yeah, waiting to see.

I'm thinking about like the Space Flight Authority or something else that might be comparable.

I mean, I'm assuming that most executive directors would have that.

I think about it like that and maybe it's been four years and maybe it's time for us to revisit even the overall threshold.

So it's something that's a good point there.

And I would imagine that's with notification and more detailed reporting as you typically

We'll send much more information out.

So with the May board meeting, we're planning to bring this proposed amendment with the red line in May.

Thank you, Mr. Westman.

Happy to answer any questions before we send it over to Ms. Dorf.

Are you on the VPRA gift?

I am not using their Wi-Fi.

I think you got to get some tech people to look at that.

I know it looked a little different, and I'm not sure why you couldn't see it, so my apologies.

It looks the same as on my laptop.

So we'll figure that out.

Any other questions on the proposed budget?

And all the other proposals are still in works.

And we don't want to set a date because we're not certain when those negotiations will end, but certain that we are fully transparent and we will be coming back to both you as a board and the Commonwealth Transportation Board.

on actually starting projects or where we're supposed to be.

They, last week they broke track up, they're pile driving.

So they've already started?

Yes.

And then some of the other ones, like this Alexander fourth track and some of the 95 improvements and everything, are they already angling?

They deduct with the moving utilities now over the next couple of months.

And so, yes, that's very good news.

CSX will put out their IFB for the rail part this summer.

Thank you.

We'll also go into closed session then and give an update on negotiations.

And then I ask for a motion to approve a committee recommendation to the full VPRA board to approve the fiscal year 2026 budget.

So moved.

Second?

Second.

Great job.