should the invitation be forth coming happy to do that in the first quarter of 2021. thank you. >> thank you. is there anymore are there anymore public comments on this item? >> yes. there is one more and that is on the 405392 number and i will run that now. hello caller you are requested to state your name your three minutes begins now. >> hi this is jim patrick calling patrick and company. thaw for ththank you for the opo talk. i support the idea. the notion of counting fares from oakland to san francisco, is much larger than from let's say to san francisco. we know that by the ridership statistics. that fair ridership or that fair

box will impact greatly i think the approval of any design. so thinking a little bit bigger, a little bit out of the box, now is the time to do that kind of thinking and i think you can make a much stronger case for a larger product. thank you. any other callers any other public comment? >> there are no others. thank you for your service and to the cac members the best of the holiday season for you and everyone on the cac and thank you for joining us today. mr. secretary, next item please. >> opportunity for members of the public to address the authority on matters that are not on today's calendar.

moderator are there any callers in the cue? >> thank you. again very briefly forgot to mention something just now. we had the same issue hearing very clearly of the cac and next week i have a meeting scheduled with tjpa staff and we will go over what it takes to basically enable somebody use the telephone or whatever deal they've got available on the computer and be clearly heard. hopefully you can hear me clearly and essentially that's how you will be able to be hearing in the future thank you. >> thank you.

>> there are no other callers. >> thank you mr. secretary keep us moving please. >> we'll do. directors your next item is the consent calendar. all matters listed are considered to be routine and acted upon by a single vote. there will be no separate discussion of these items unless a member of the board or the public so requests in which event the matter shall be removed from the consent calendar and considered separately. >> is there a motion for the consent calendar? >> i have not received any indication that a member of the board wish to have any other items considered separately. >> is there a second? >> i second this is elaine. >> very good. >> moved and seconded,

mr. secretary? >> so i will go ahead and do a roll call vote. [ roll call ] >> the ayes have it. >> please continue mr. secretary. >> directors, item 9 is a presentation of the audited annual financial report for the fiscal year ending june 30th 2020 and aaron roseman will

introduce this item and david of mayes and associates will present. >> thank you. it is my pleasure internationally syndicated film criti.[ inaudible ] >> there is something wrong with your mic i think. >> we do this all day everyday and there is usually nothing wrong with her mic. >> is that any better? >> yes. >> so it's my pleasure to present to you our audited financial reports. [ inaudible ] >> it's so hard to hear. >> getting here with the first full year of operations and all of the significant achievements and accomplishments we have had this year. we've had a bond sale, repayment of city financing, settlement payment, covid, amongst other things and so moving into operations with all of those

things and adjusting our financial systems to account for all of these unprecedented or unplanned for events has been a major undertaking for us so with that i will turn it over to david our auditor to discuss with you the things that he did or did not find in his audit. >> great thank you. my name is david. i'm the audit partner with mayes and associates. we're tjpa new auditor and my job every year is to come in and audit the financial statements and to give a presentation on whether or not those financial statements are fairly presented and free of material misstatements. that can be found on page 1 of the report. and that's the audited opinion. and i'm pleased to say it is an unmodified or clean audited opinion and that's the highest level of assurance that a cpa firm can give an entity so

congratulations you passed your audit. like erin said, there were new things this year and those can be found in the capital assets footnote. we moved obviously the transit center into a deappreciatable asset and started recording depreciation on that. we have the restructuring of the debt with the new 2020 green bonds so note 5 looks quite a bit different than last year's report. but other than that, amongst a couple of other things we did there is not some any major changes. we also as part of our audit we have to issue what's called a memorandum on inter internal cos also known as a management letter. this is my communication to this board of directors of things we have found that we need to bring to your attention. they can be categorized in three ways. the first is material weakness. something material can flow through the financials of tjpa

and not get caught. we have none of those. the second is significant deficiency that's something significant can flow and not get caught we have none of those. and lastly, is the last category is other matter. and the only thing we have in the other matter sections are new government accounting standard board pronouncements coming down in the next couple years just to let you know in the head of time, what is going to be expected in terms of changes in financial reporting and disclosure. the second half of that document is required communication. and this is required for statement of auditing standards as an auditor will tell you that we had no disagreements with management, we had no difficulties in performing the audit other than covid and things out of our control. but we don't think management was trying to limit the scope of the audit or try to influence our independence. and with that i just like to open up to any questions you might have and thank them for

their hard work. it's very difficult to do an audit especially with a new auditor and shelter in place i'm pleased to say we didn't find anything that we seen as a controlled deficiency to bring to your attention. >> without any significant or material issues, that also is it commendable. thank you forgiving us confidence in the work you are doing internally it's just a excellent report. wheldon. any other comments or questions? >> seeing none. >> any comments or anyone from the public waiting to speak on

this item? >> yes. one just popped up. and it is 415830 phone number and they are unmuted now. >> thank you. >> hello caller. please state your name your three minutes begins now. >> thank you very much. my name is john goldsmith i'm a 30 year san francisco resident and the muni station is my primary mode of mass transit. in 2018, well 2017 and 2018 myself along with neighbors and property owners and renters ajoining the site submitted two street park let applications at the muni station. we're hoping to preserve the only greenbelt in the system. our applications were sent directly to park alliance san

francisco parks alliance which is a nonprofit working with the city along with the public works. both of those organizations are in the middle of a fbi investigation and as a citizen of san francisco, i would like to know what is the process of protecting our transit assets. i believe it is significant as a lgbtq civil rights site as well as an environmental asset with mature landscaping. in 2012 city hall approved the nation's first lgbtq veterans grove with the existing five palm trees there. now our senator scott wiener has this idea of demolishing and replacing this with something we're not even sure about. he was able to get $1 million from a state department of recreation and parks to send all

of this to landfill and flatten our beautiful train station. so, as part of audit and investigations i would like to keep this topic alive and on the radar that this is transit related. it is interconnected, castro metro mountainy station i muni y muni. i have brought this to your commission once before in real life in person, so now i'm doing it as a shelter in place. thank you very much. >> thank you. >> 1700 i thank you i would also like to add i have 1700 signatures, 1500 of them are wet signatures supporting this

initiative, and this has been going on for several years so if this could be included in the magnifying glass process of an audit i would be very appreciative. thank you so much. >> thank you for your comments. are there any other speakers? it's really a great report. thank you. >> i would like to thank my finance staff from anna. i couldn't have done it without

them and all of their hard work throughout the year. i would be remiss if i didn't point their efforts out. i appreciate all of your support in helping us through this endeavor thank you. >> thank you. >> next item please. >> with the chair's consent we'll call items 10 and 11 together. >> please do. >> directors item 10 is annual review and approval of update to board policy number 9 investment policy and item 11 is annual review to board policy number 17. that management policy. erin will prints thes present t. >> thank you. so the investment policy -- for

the debt policy, we made refinements to account for the active refunding bonds. since we have undertaken the initial sale of bonds moving forward we want to refund them at some point when there is economic value or noneconomic value. so the policy adjustments defined the noneconomic values or opportunities where we want to restructure or refund debt and those would be toat to add r debt instruments where it makes sense to refund the current bonds to achieve our construction goals. additionaly,