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TJPA previews FY26 operating budget, $143M portal capital ask and first 5‑year capital improvement plan
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Summary
The TJPA presented a draft FY26 operating budget, a portal capital budget and the agency's first fiscally constrained five‑year Capital Improvement Plan (CIP). Staff said the plan prioritizes maintenance and readiness while seeking supplemental regional and state funding for portal delivery.
Transbay Joint Powers Authority staff presented the draft fiscal year 2026 operating budget, a proposed portal capital program and the agency's first formal five‑year capital improvement plan during the board's May meeting.
Key figures and proposals: the board was presented a draft operating budget in the vicinity of $27.8–$27.9 million, a portal capital budget of roughly $139.6 million within a total capital package presented at $143.4 million, and a draft five‑year CIP totaling about $13.8 million for prioritized capital and lifecycle needs. The staff report identified a debt service budget of about $27.7 million and noted a capital replacement reserve of approximately $28 million from the 2020 bond sale and interest earnings.
CIP priority and funding: Chief Financial Officer Sheema Mirzai said the CIP process ranks projects by risk to safety and service, regulatory mandate, asset condition, environmental impact, project readiness and funding eligibility. Funding sources cited include the Capital Replacement Reserve, East Cut Community Benefit District contributions (which cover roughly 80% of rooftop park capital and operating costs per their MOU), a $1,000,000 Federal Transit Administration community project grant (secured and requiring a $130,000 local match), developer reimbursements and tenant lease income.
"The draft CIP totals $13,800,000 and includes ... projects deemed necessary to maintain and enhance the transit center in the upcoming five years," Mirzai said. She confirmed the board will be asked to adopt the CIP in June and that the first year of the CIP will be included in the FY26 capital budget.
Operator contributions and RM funding: staff described efforts to reduce operating costs and to rely on a temporary extension of supplemental RM2 bridge toll funds to offset operator contributions. The Metropolitan Transportation Commission (MTC) staff has proposed extending supplemental RM2 for TJPA to reduce the direct contribution required from transit operators; that extension still requires MTC action.
Other agenda highlights tied to budgets and capital planning: Executive staff also updated the board on related development and program items that affect capital planning, including a request for proposals issued by the Office of Community Investment and Infrastructure (OCII) for two affordable housing projects on Block 4 West (expected to add over 300 affordable units), and ongoing coordination on the Under Ramp Park naming, operations and lease/use agreements that will be brought to the board later this year.
Public hearing and next steps: staff noted the budget materials are for public comment and review and will return for board adoption in June. Staff said the portal capital figures reflect currently programmed funds; additional project phases and utility relocation remain contingent on securing additional local and federal funding and a Full Funding Grant Agreement with FTA.
