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NVTA finance committee hears reports on portfolio performance, revenue and upcoming cybersecurity and AI policies
Summary
Committee members heard that the investment portfolio outperformed benchmarks, revenue projections are close to estimates, and staff will bring cybersecurity and AI policies in September (cybersecurity details will be limited in public). Auditors will have direct access during the audit process.
The NVTA Finance Committee received several routine updates July 9 on the authority's investment portfolio, revenue forecasts, operating budget and audit activity, and staff previewed forthcoming cybersecurity and artificial-intelligence policies.
Jesswinder Chen reported the investment portfolio outperformed two benchmarks (ISBOCA by 52 basis points and the LGIP extended maturity benchmark by 42 basis points). Michael Longy said the revenue estimate for PAYGO stands just under $417,000,000 and is about 0.83% off the adopted estimate; two months of sales-tax postings remain and staff expects to close the gap. Longy also said the authority has earned about $86.9 million in investment portfolio income not shown on the chart.
On the operating budget, staff reported the authority had used 79% of the operating budget through 92% of the fiscal year and does not anticipate budget changes. Longy briefed members on the audit kickoff and said the finance committee acts as the authority's audit committee; auditors will be given access to committee members without routing requests through staff.
Staff said cybersecurity and AI policies are required by the authority's insurance carrier and are being developed; the cybersecurity policy will have limited public disclosure because details would reveal defensive measures. Both policies are expected to be brought forward in September.
