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TJPA previews FY26 budget, inaugural five-year CIP and funding priorities
Summary
TJPA staff presented draft FY26 operating and capital budgets and the agency's first formal five-year Capital Improvement Plan; the proposed operating budget is roughly $27.9 million and the portal capital program is budgeted at about $143.4 million in the draft, with final approval scheduled for June.
The Transbay Joint Powers Authority reviewed draft FY25-26 operating, capital and debt budgets and its first formal five-year Capital Improvement Plan (CIP) at its May meeting, with staff seeking public comment and board feedback before bringing the items back for final action in June.
CFO Shima Mirzay presented the draft numbers: a proposed balanced operating budget of about $27.9 million, a draft portal capital budget of roughly $143.4 million and a debt service budget near $27.7 million. Mirzay said the draft operating budget includes $25.7 million for administration and transit center operations and $2.1 million for the Salesforce rooftop park.
The draft CIP covers fiscal years 2026 through 2030 and, according to staff slides, totals $13,800,000; staff described this as a fiscally constrained list of prioritized projects based on asset condition, safety and regulatory mandates, accessibility, environmental impact, project readiness and funding eligibility. Funding sources identified in the presentation included the capital replacement reserve (from the 2020 bond sale and interest earnings, approximately $28 million), East Cut Community Benefit District reimbursements covering roughly 80% of rooftop park capital/operations, developer contributions tied to adjacent parcels, and competitive discretionary grants.
Mirzay told the board staff conducted a comprehensive review to reduce operating costs, which staff said produced an additional 10% reduction in required contributions from transit operators compared with earlier projections. She said the draft capital budget programs funds for portal program and construction management, advanced design and procurement, right-of-way work and continuing coordination with Caltrain and San Francisco departments; any actual right-of-way acquisitions would return to the board for separate approvals.
During the public hearing portion of the presentation one caller suggested the agency consider selling naming rights for the park as an alternative revenue source. Board members asked for comparative tables and multi-year scenarios for operator contributions to help partners plan, and Mirzay said staff will provide comparisons in future presentations.
Next steps: The board will take public comment and is scheduled to consider final adoption of the FY26 operating and capital budgets and the five-year CIP in the June board meeting.
