OPEN SESSION MAY 28, 2026 PAGE 4 OF 7
Upon motion by Member William H. Cox, Jr. and seconded by Member John F. von Paris, the Members unanimously gave approval to dispose of above stated property to the MDOT SHA.
APPROVAL – INVESTMENT COMMITTEE REPORT
Mr. Kevin Cullity requested approval from the MDTA Board for a continuation of the investment strategies and benchmarks for the current quarter.
Mr. Cullity explained that for the period ended March 31, 2026 that no changes in strategy or benchmarks are recommended. He stated that investments conformed to Investment Policy limitations and portfolio structuring by account adhered to board approved strategy. He further explained that strategy should remain consistent, despite short-term return volatility associated with the interest rate environment. Upon motion by Member John F. von Paris and seconded by Member Cynthia D. Penny-Ardinger, the Members unanimously approved a continuation of the investment strategies and benchmarks for the current quarter.
UPDATE – 3 rd QUARTER OPERATING BUDGET COMPARISON
Mr. Jeffrey Brown updated the MDTA Board on the third quarter Fiscal Year (FY) 2026 spending compared to the FY 2026 Amended Operating Budget.
Mr. Brown explained that as of March 31, 2026, 66% of the budget was spent compared to a target of 75%. All Object Codes were at or below budget spending levels except for Object 13. The seasonality of the expenses, the timing of invoices, and the cost pressures in IT and insurance heavily impacted third quarter performance.
UPDATE – 3 rd QUARTER CAPITAL BUDGET COMPARISON
Ms. Jennifer Stump updated the MDTA Board on the status of actual Fiscal Year (FY) 2026 capital spending against the FY 2026 capital budget in the FY 2026-2031 Draft Consolidated Transportation Program (CTP). Ms. Stump explained that as of March 31, 2026, 44.5% of the FY 2026 budget was spent as compared to the targeted spending level of 75%. The total budget for FY 2026 is $1.1 billion. The actual spending through the third quarter was $512.9 million. The Key Bridge Rebuild was at a 36.2% spend rate while the remaining projects in the CTP were at a cumulative spend rate of 56.5%. Ms. Stump further explained that twenty-eight (28) of the one hundred and two (102) projects budgeted in FY 2026 were within the acceptable spending limits of 50% to 100% (plus or minus 25% of the 75% target). Due to normal lags in invoicing, generally two months, a plus or minus 25% threshold was determined to be reasonable. Actual spending through the first quarter for ten projects with FY 2026 budgets over $10 million was $412 million.
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