Transportation Corridor Agencies August Board Meeting Highlights
Highlights from the Joint San Joaquin Hills and Foothill/Eastern Transportation Corridor Agencies August 11 Board Meeting
Irvine, Calif. - August 11, 2022
Annual Investment Portfolio Review Shows Investment Returns Exceeded Benchmarks for Fiscal Year 2022
The annual investment review, conducted by the Agencies’ investment advisor, Chandler Asset Management, detailed the Agencies’ strong and robust investment portfolios for Fiscal Year 2022 (FY22).
In FY22, the Agencies’ combined $1.66-billion portfolio earned $14.1 million in interest and portfolio returns exceeded assigned benchmarks for the fiscal year ending June 30, 2022.
Roadside Toll System Assessment
In alignment with their adopted Strategic Plan, the Boards of Directors authorized a task order with HNTB to conduct a comprehensive assessment of the various technology components that comprise the Roadside Toll System. This system is core to the Agencies’ operation and the capture/creation of revenue transactions. It includes several pieces that detect and classify vehicles, read transponders, collect images of license plates and correlate the pieces to create a financial transaction. The Agencies are focused on retaining a 99.9% capture rate, planning for future investments and including capabilities that align with connected and autonomous vehicles while also increasing customer convenience.
Fire Damage Repairs at Tomato Springs and Orange Grove Mainline Toll Point Buildings
Repairs to the Tomato Springs and Orange Grove Mainline Toll Point buildings, located off the 241 Toll Road and 133 Toll Road, respectively, are substantially complete. The buildings were impacted during the 2020 Silverado Fire.
TCA implemented additional fire preventive measures at the affected buildings based on recommendations from the Orange County Fire Authority (OCFA), including 100-foot buffer space around the buildings, increased hardscape and using plants from OCFA’s approved list of plants that reduce potential fuel sources and are drought tolerant.
Repairs to stairs at the Orange Grove facility are scheduled for completion in September and will finish the project.
Boards Adopt FY23 Internal Audit Plan
The Joint Boards of Directors adopted the FY23 internal audit plan, which was developed based on input solicited from the Joint Capital Programs and Projects, Joint Finance and Investment and Joint Toll Operations Committees.
Internal Audit staff performs audits and other activities to provide an independent and objective review of the Agencies’ financial, administrative and operational activities to help identify and mitigate risk, verify compliance to policies and procedures and facilitate process improvement.
The Audit Plan includes numerous areas that will be reviewed throughout the year including contract costing and invoicing; cybersecurity; budget allocations; performance measures and support for the annual third-party independent audit of the Agencies’ financial statements.
TCA Hosts Part of WTS-OC Transportation Academy
On Aug. 3, the Agencies hosted future engineers and urban planners as a part of WTS Orange County’s 2022 Transportation Academy.
The Transportation Academy is an annual two-week immersive program that exposes undergraduate and graduate college students to different facets of the transportation industry. TCA has been a participant in the Transportation Academy since its inception in 2009.
This year, 25 students participated from as near as UCI and as far away as Old Dominion University in Virginia. The TCA-led session featured several female members from upper management, who shared their experiences and answered questions from the students.