Assembly Budget Committee, Tuesday, February 17, 2026
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Assembly Budget Committee California State Assembly
Ihren Sitzungen folgenRedner 4
And moving on to the second bill is a b s b one seventeen, a trailer bill on transit. And just for background for the committee, control section 91, which was included in the current year budget, the 2025 budget act, required the Department of Finance in coordination with the California State Transportation Agency or CALSTA to examine financing options that might be used to provide short term financial assistance to four Bay Area transit agencies. And this bill represents the agreed upon regional approach that is also cost neutral to the state, and I just wanna emphasize that that was very important as we were working with the transit agencies given the state's fiscal condition. And, specifically, this bill provides a loan of up to 590,000,000 to support the following Bay Area transit agencies, San Francisco Bay Area Rapid Transit District, San Francisco Municipal Transportation Agency, Peninsula Quarter Joint Powers Board, and Alameda Contra Costa Transit District. The details of the loan are that CalSTTA is required to loan up to this 590,000,000 amount to the Metropolitan Transportation Commission or MTC by July, and the MTC is then required to use these funds to issue loans to the specified agencies.
The money used to issue the loan is from, as already mentioned, already awarded MTC regional projects through the Transit and Inner City Rail Capital Program or TIRCP. It is a twelve year loan term with the first two years being interest only, and the interest would be equivalent to the surplus money investment fund. The bill also includes provisions intended to minimize impacts to regional projects, including oversight mechanisms and project protections. And with that, I'm I am done with my presentation of the two bills and happy to answer questions.
Redner 2
Thank you very much. Let me just, ask the, LAO if he has any comments you want to share.
Redner 6
Thank you. Ross Brown with the LAO. I don't have we don't have any presentation, here for questions.
Redner 2
Wonderful. Thank you very much. With that, we will come back to the committee for member questions or comments.
Redner 3
Vice chair. Yeah. Well, thank you, and thank you for that very quick presentation too. One of the questions I had with the I understand the technical changes on 01/2007. Can you go over what does a normal APA process look like, and why are we exempting it within this process?
Redner 4
Sure. I can give you a sort of a high level explanation of the exemption for this particular bill as my colleague comes up to give you further details. But this APA exemption is no different than other APA exemptions that we the state has provided for similar projects. And so just wanted to know there's there's nothing different in this language, and this was actually for it's only for the current year and for those projects that were approved as part of the 2025 budget act. But what
Redner 7
Hi. Lizzie Urie, Department of Finance. So all of the previous recent natural resources bonds, including prop 68, prop 84, prop one, over the last twenty or so years have included the APA exemption. The 2025 Budget Act provided an alternative to the APA process through an emergency rulemaking process. And while many departments have successfully navigated that emergency rulemaking process since the passage of SB 105 in September, many other departments are going through that emergency rulemaking process for the first time, and that is resulting in some programmatic implementation delays.
So this exemption will allow our departments to more effectively and expeditiously implement their programs while still providing public opportunities for the development of programs and project selection.
Redner 3
So when granting these projects, do we have a specific approved vendor list for wildfire prevention that, like, we've identified?
Redner 7
I think it would be very dependent on the specific program to which you are referring.
Redner 3
It's the main reason why I asked is because I know, you know, what's out there is a lot of people are spotlighting. How is the government spending money and what safeguards do we have in place? And so I just wanna make sure, and especially when it comes to wildfire management, it's one of the biggest fears I have. I represent pretty much the entire Sierras. And, you know, when we're granting these contracts, sometimes I believe that we do need these safeguards to ensure that the work is being done.
So some of it just seems a little bit expedited, and that's where I wanted that clarity on, you know, what other projects are out there, and then also what additional safeguards that we have in place for wildfire mitigation to make sure that no mistakes are being made, and the money is actually going to where it needs to go.
Redner 7
Yeah. Thank you for that. And I would just wanna clarify that the a b one zero seven includes both an APA exemption for the 2025 climate appropriations as well as, I believe, the language that you're referring to, the parks exemption from competitive bidding, which gets at a slightly different problem. In many rural or remote areas where parks operates, there simply are not sufficient competitive bids, and this, can lead to a stalling in making important progress on implementing projects when there is a very time sensitive work that needs to be done.
Redner 3
Yeah. And then that's why I was asking for the preapproved vendor list to see if if there is a list out there for people that are already doing the work. You know, what, you know, get grants them or how can somebody get on that just to make sure that we have oversight on the vendors who are applying for them and if they are the ones who have the proper mechanisms to make sure that they're completing the work. I have a different question when it comes to BART. Do we have anybody here for BART?
Redner 3
Perfect. They they just presented both. Nice. Yeah. We're moving quick.
Thank you. And could you is you're with the Yes. Sorry. James Moore with
Redner 3
Okay. Perfect. So the right now, what we're seeing right this looks like a $700,000,000 BART bailout. Is that an easy way to look at this bill?
Redner 4
I would well, first of all, the the amount isn't up to 598,000,000, and it's it is to address a cash flow issue, it is a loan, not a bailout. There there have been needs identified. And as part of the, as I said, the 2025 budget act, there was a control section that required finance to work with the entities to come up with a plan. Our structure creates a regional plan that is cost neutral to the state. So this is using dollars that would otherwise go towards projects in this region.
And that that is that's the the the structure of this loan.
Redner 3
So it's moving money from other projects that are already approved to this project?
Redner 4
I'll I'll let my colleague speak to the details, but I just wanted you to understand the the structure of of the guidelines and the guardrails that we had in place.
Redner 4
Again, we're trying to we're trying to address cash flow needs for these organizations.
Redner 8
I'm James Morgan with with finance. The mechanism that we're using here, is not taking money from projects and and telling them, you no longer get money. We're giving it to someone else. In the transit, in Intercity Rail Capital program, it's a competitive program administered by the California Transportation Agency. We make large, capital grant awards to various, agencies throughout the state.
Once those funds are awarded to agencies, there are often, a number of years before those projects have aligned all of their milestones and come back and seek an, an allocation from the transportation commission, at which point the state is saying assuming an allocation is is granted, you can go spend those specific funds on that specific project, and we will reimburse you. We really are taking advantage of that gap in time between when a project is awarded funds and when the funding is later allocated. There's over $1,000,000,000 of funds that have been awarded to various capital projects in the Bay Area but have not yet come forward for an allocation. So the funding that is being used in the proposal to loan to the four agencies is coming from that pot. And so it's not taking money from projects who will never get it back.
Our our commitments remain with those projects. But because there's a substantial amount of money that's been awarded to projects but hasn't been allocated to them, that creates the wiggle room to to create this loan. The
Redner 3
the biggest thing that I find, again, concerning is that there's there's a tax measure that the local area is gonna put, and that's coming in November. Correct?
Redner 3
The and what was stated was there is a cash flow problem right now for BART. I know members of my team have been able to meet with BART, and, you know, when they talk to me about ridership and activity on BART, we still haven't returned back to pre pandemic. And now I'll share my own personal story. I used to actually ride on BART all the time. I mean, I even had surgery at UCSF where I parked at Pleasanton, went all the way into the the area.
So I understand the need for BART. It just seems concerning to me, when especially the Department of Finance and the LAO's office has stated to us that we are entering into our fourth deficit. It seems like another element that we're adding to our responsibilities as a state prior to the election that the local Bay Area rapid transit is gonna have in November. So what safeguards do we have in place that with this loan, BART can actually meet their metrics, pay this loan back to make sure that we're prioritizing the money, especially if it's state money, that areas like Sacramento, Riverside, LA, San Diego, and the Eastern Sierras, the district that I represent, if they're paying for this, how do we know that BART has all of the safeguards in place to actually pay this loan back and make sure that they're meeting their cash flow problems right now, especially prior to the election that's gonna happen in November?
Redner 8
Sure. A couple of things. I would say that this the funding that I was referring to, the awarded but not allocated, is strictly from the MTC region, and so no other area around the state is is being affected by this at all. In in regards to the SB 63 measure, while it would create additional difficulties for for Bay Area Transit if that measure did not pass, The proposal that we have here is not related to that measure, and the securitization of the loan is through the state transit assistance program. And so if there was a scenario where Bart or one of the other three affected operators here that will receive the loan from MTC is unable to make payments from accounts that they were are planning to use.
Maybe at this point, we have a mechanism in there to force her payment through the withholding of regularly allocated or or regularly administered STA fund.
Redner 3
So let me ask this. Last question. So if if BART is having cash flow issues right now and that measure doesn't pass and we approve this, how does BART service a loan?
Redner 8
Through us withholding, a state transit assistance formula funds that would otherwise flow to BART that is currently operative every year.
Redner 3
With so for us withholding funds from BART, and then what would that do to BART?
Redner 8
I I think in that situation, in the scenario you outlined, BART is BART would have to shut down. I'm not there would be difficulties, but I we're really focused on the mechanisms of guaranteeing repayment of the loan to the state so that the state does not out money on this.
Redner 9
Thank you, chair. Good afternoon, everyone. Wanted to follow-up on the issue of the ADA and proposition four, kind of the flip side of a question that the vice chair asked. So looks like under SB 107, it would exempt appropriations of prop four funds in the 2025 budget act from the APA. We know there's a broader push right now, and I believe it's the Alvarez bill this year to actually exempt all Prop four allocations going forward from the APA with the express reason that we want to get this money into people's hands quickly on things like wildfire prevention.
Was there a thought or where do you think Stan in terms of the administration's thinking on making that exemption, I guess, broader and extending into the future?
Redner 4
Yeah. I think for the purposes of early action, we are really focused on the projects in the current year with the understanding that there would be further discussion on more ongoing on a on a more ongoing basis. And so for immediacy, we are dealing with the projects that were approved as part of the 2025 budget act.
Redner 2
Thank you very much, assemblymember. I just wanna clarify maybe for those who are watching at home and maybe to put our our vice chair at ease. So what we're discussing as it relates to the APA exemptions that are in early action is actually narrower than the bill that, the assembly member mentioned, a b 35, that we passed off the assembly floor 76 to zero, a few weeks ago. That would deal, more broadly with all of the allocations in the climate bond. So this is narrowly focused on allocations from last year, from 2025, to make sure that we don't delay those.
We have agencies that are about to take action imminently, so there's a strong case here to make sure that we act with urgency. But I just wanna make sure for our Republican colleagues and others who are questioning those, this is a narrow version of a bill that you all already voted for, that was on the floor a few weeks ago. With that, any other questions or comments? Mister Bennett.
Redner 10
Thank you. Just very briefly, I want to point out that, you know, the Bay Area transit agencies are struggling with this constantly changing commuting patterns that are out there. So I really appreciate the Department of Finance and the governor's office working to swiftly come up with a compromise to settle the issue so that they have the bridge financing that they need at this point in time. And the other thing I just wanna say thank you for is I appreciate you addressing a drafting error that we had about hydrogen and and heavy duty and medium duty zero emission vehicles. So I appreciate that getting attended to also.
Thank you very much.
Redner 1
Thank you, mister chair. I just wanna uplift the city of San Jose's concerns regarding the phase two of the BART to Silicon Valley project. It remains one of the Silicon Valley's highest capital projects and is extremely critical not only for the Bay Area but for Silicon Valley and San Jose. And I am concerned that the current language puts some of that funding at risk. And I just wanna highlight that my city and San Jose has also shared concerns by some of our transit partners that it does not have proper guarantees with the TIRCP funds that will be available for the project as the cash flow needs grow.
And I hope that this committee and the author can work with our stakeholders in Silicon Valley and the city of San Jose to provide any cleanup language that strengthens strengthens those protections because, you know, this is probably one of our number one priorities as a region in the Bay Area, and we want to make sure that we're not going backwards in terms of approving this and and not having those fund obligations be presented to our our regional partners so we can get some of these transportation projects up and running. And and concerned that the current language doesn't necessarily guarantee that. Wondering if anyone can speak to that.
Redner 8
Sure. James Moore with the Department of Finance. We have several steps to mitigate any sort of project impacts. And so the CTC and the MTC are going to be constantly monitoring the situation with regard to the region's awarded funds and allocated funds. If a certain pod it gets a little technical, but if a certain pot of funds where allocations are going to be coming from dips below $350,000,000, it triggers notification to all interested parties.
It also triggers an evaluation by the CTC and the MTC to see if there are any project risks and authorizes the CTC to to create an allocation plan to prioritize projects with with available funding. In the event that the allocation plan creates a scenario where there would be some sort of material impact to any projects, it authorizes the MTC to to look more holistically at the funds that the state provides to it on an annual basis and allows them to prioritize those funds to mitigate any any project impacts that that would otherwise arise because of funding issues.
Redner 1
I appreciate that. I just would ask that perhaps we can look at cleanup language to further codify so that there is no confusion regarding the TRRCP funds.
Redner 11
Shy Forbes Assembly Budget Committee. I've also talked to NTC about this issue and by their calculations. There's $1,500,000,000 available for these this pot of funding that is awarded but unencumbered, and so they do have a large surplus that they could pull from. So it's my understanding just from those communications that it would be unlikely that there would be a certain project that every project cash flows at the same exact time. And given the language that he mentioned in the trailer bill, at this point, I would see that as unlikely, but I understand your concerns.
Redner 1
Well, and I'll just end, mister chair, by saying in my short time in the in Sacramento, I've seen the unlikely be be the law. And so I just wanna make sure we have further clarifying language that that that doesn't occur and that the city of San Jose's concerns are met. I'm looking forward to working with you to see how we can further clear that up. Thank you, mister chair.
Redner 2
Thank you very much, assembly member. Any other questions or comments from members of the committee? Mister Gallagher and then miss Quirk Silva.
Redner 12
Yeah. Just to clarify, so on the wildfire funding, you did you mention there's already, like, approved vendors that you guys have in place? Is that right?
Redner 7
Hi. Thank you. Lizzie here again. I'm not aware of whether Parks has a preapproved vendor list for this type of work, but we're happy to follow-up with the committee.
Redner 12
Yeah. I mean, I think the big concern there would be I mean, certainly, the APA streamline is is good, but, you know, competitive bidding, I think, is important considering we wanna maximize those dollars and get as much work done as possible. And how do we know that if we're not competitively bidding projects and, you know, we wanna get as many acres treated as possible? So, like, that is a concern of mine, and I don't know if you have any response to that.
Redner 7
Yes. Would just note that the competitive bidding exemption is not intended to bypass oversight or undercut these efforts. This is really intended to address areas where it's essentially a competitive bidding desert. Parks may receive only one or none. Competitive projects in certain areas, these projects are time sensitive.
So in order to, expeditiously implement them, oftentimes competitive bidding needs to be exempted, and this is also consistent with recent, investments in this area made to parks over the last handful of years.
Redner 12
Yeah. Well, you guys have had a little bit of problem with oversight, so I do worry a little bit about that. And then on the the loan, are we putting the cart before the horse a little bit? I mean, look, there's certainly many projects we have out there that would, like, have cash flow issues. I have rural hospitals that have some cash flow issues right now.
You know, why why are we specifically doing this for, you know, one project that benefits the Bay Area, but there's a lot of, you know, infrastructure projects and, otherwise, it would be helpful to districts. They're, like, they're in the process of navigating through this just like anybody else. Why why in particular are we doing it here?
Redner 4
Specifically for the the this loan, there was language in the 2025 budget act that tasked the Department of Finance to work with the local entities to come up with a a financial structure. As I stated before, the structure of that loan from our part was to be cost neutral and to be a regional have a regional solution. Given your statement, I think there would be consideration for other areas in the state along the same guidelines in regards to a potential loan. So I'll just I'll state that more broadly. But specifically for this, we were we were tasked with finding a solution for transit in the Bay Area.
Redner 12
Okay. I don't have a lot of mass transit in my district, but, I mean, is there other projects you think might qualify for applying for this?
Redner 4
I I I'll turn that to my my colleague, but the the immediate need was for the Bay Area, and that was identified through conversations throughout many months prior to last year's in in prior year, which is why that was included in the 2025 budget act.
Redner 8
James Moore with finance. I don't have the specific details about your district. I will say that, like my colleague said, making this a cost neutral approach that utilized the Bay Area Transit's own funds in in a creative way to solve their problem while not putting additional funds at the state was something that we felt was was responsible in in dealing with this unique situation in the Bay Area. And going forward, other regions, if they had the same pot of funds that needed some creative financing that didn't cost the state money, I think that's something we would generally be open to talking about.
Redner 2
Thank you, mister Gallagher. I'll I'll just add here for a minute just to make sure that we're all on the same page. We are filling in the details of something that was agreed to in last year's budget. This was a very, very high priority for the Bay Area caucus, something that we heard from a lot of members about that was important both to that region and both to the state more broadly given the economic engine that is the Bay Area. And, again, given the concerns we have about the state's fiscal position, there was conversation about how can we help the Bay Area, help Bay Area transit, but also be good stewards of state resources.
And we were able to leverage the state's strong cash position and, as was mentioned, be able to borrow from funds that are already allocated, in a sense, advanced funds that are already allocated to Bay Area transit agencies as a way to help them navigate these choppy waters, while at the same time, and I think you heard this from the Department of Finance, make sure that there is a security interest built in in a way that we can be good stewards and protect funding for the state in the event that folks don't repay those loans. So from our position of protecting state resources, of being able to help those regions of the state when they need us when they need assistance, and being doing that in a way that is cost neutral to the state, I just wanna compliment finance and the legislature and those who work to negotiate this agreement because I think it's a very thoughtful and creative agreement that is able to help a really important region of the state, but do so in a way that protects state resources. So I just wanna make sure as we have this conversation, we're all on the same page about that and the fact that this is we're not allocating money, in a way that is going to impact the state's bottom line.
We are lending money in a way that's going to help them, but also protect the state's coffers. With that, I think we are going to go to miss Wilson.
Redner 13
Thank you, mister chair. And and you said it so eloquently, but I I will repeat some of that, for simplicity's sake, for folks because I I wanna ask one follow-up question to this statement. Now as I understand it, this agreement authorizes $590,000,000 in loans administered by the MTC, to BART, Muni, Caltrain, and AC Transit. It is using awarded but unallocated TERCEP funds available for Bay Area projects only, not anywhere in the state any else in the state. It's structured to protect existing project commitments and avoid schedule impacts, has a twelve year repayment term where the first two years are interest only payments, and the operating operator repayment will be secured by STA revenues, and interest rate is tied to the state's investment earnings.
So given everything that I said, just to affirm for everyone in the room and everyone listening, is there any risk to the state? No. Thank you.
Redner 14
Great. Thank you. What's finance in the LEO's economic projections moving forward?
Redner 4
As I stated at the first hearing of this budget season, we are looking at structural deficits in the out years. Currently, our revenues are trending higher than we even anticipated at the governor's budget, so we are looking at, a better upcoming year for budget year. But we do have out year deficits that we do need to address. Hence, the important aspect of this being a net neutral, loan.
Redner 14
So on the but the economic conditions, I I assume there's some built in economic conditions that would cause some out here deficits. Like, does finance expect, you know, employment changes, you know, in the state, you know, those kinds of things to impact revenues?
Redner 4
Sure. And part of our revenue forecast includes an economic forecast. And so as such, we look at certain indicators, including labor, and it's all forecast based on the most relevant information, and we update that again. We will update that at the mayor revision. So yes.
Redner 14
And not to put you on the spot, but do you have any insight into what your economic indicators were telling you?
Redner 4
Our economic indicators that we're we included in the governor's budget were more positive than at the at the budget act. And so I wouldn't say more beyond that at this point, Not myself being a forecaster, but relying on those in our department. I we will wait to see as we have more monthly data coming up.
Redner 6
Yeah. So I'll I'll share, as Ms. Lee mentioned, both, I think, Department of Finance and our office are are seeing structural deficits that are significant that the state will likely have to deal with. I think the point that I will note on the economic forecast, I know our forecasts do not incorporate a an assumption of a recession or anything like that in those in kind of forecasting those structural deficits. I think the main risk I think we've been trying to highlight wanna highlight is around the risks of a stock market downturn since our revenues are so dependent on on the stock market.
We do think that there are some reliable indicators that often precede a stock market downturn, and so our revenue forecasts have tried to incorporate some of that risk, but they don't kind of incorporate a full stock market downturn. If that were to to occur, then the revenue situation would be would be much worse.
Redner 14
Hopefully, Bitcoin doesn't, you know, proceed economic downturn, you know. But well, the reason why I ask is because, you know, obviously, you know, this may need to be net neutral, I suppose. There were a lot of factors, obviously, that play into the economics of whether people are going to be taking BART in the Bay Area. Having lived there for many years myself, one of them, or any transportation agency in the Bay Area, tech workers taking BART or whatnot. So ridership concerns there, but also just generally revenue concerns in general for the agencies if there's an economic downturn in the ability to to pay off the loan with already existing cash flow issues.
And so just something I kinda wanted to think about. I have a prediction that we're gonna be back here on this bill at some point in the future. I'm more of a pessimist than the chair over here. So but I'm glad to see that the at least, you know, the economic indicators that maybe the LEO's using don't predict, you know, Armageddon, you know, in the state. So I think that that's good for, you know, the national picture on the economy.
So thank you very much.
Redner 10
Thank you very much. Really, I think the fundamental question when you listen to the LAO that's in front of us is the fact that it's very likely because even with very good revenues, etcetera, LAO is projecting a structural deficit in the future, that the state of California is going to have to find some way to live within our revenues. And I think more and more of us are coming to that recognition. And I just want to make sure because this issue will come up in budget sub four. So, for the benefit of my colleagues on budget that are not part of budget sub four, this the a key topic that we will ask and I want the transit agencies to be ready for is this.
The transit agencies say in their own letter, they say that COVID nineteen profoundly reshaped the geography of work, a lasting change that has hit dense downtowns and rail systems especially hard. If it is a lasting change, the question is, what is the sustainable transit level that we can afford out there? And what I don't wanna do is have this action today imply that the state is going to always come up with sort of the shortfall, every agency is going to have to come up with some way to live within the realistic maybe the ridership is going to rebound and you can but if the ridership doesn't rebound, we have to find a way to find some kind of sustainable approach because that's what we're going to have to do at the state level also. That will be a topic of conversation. I just wanted to pass that on, and make sure I got that out, here at this hearing.
Thank you very much.
Redner 2
Thank you very much, assembly member. Any other questions or comments for the committee? Okay. With that, I just wanna thank everybody. We got, Republicans riding BART.
We got Democrats talking about living within their means. A little bit of something for everybody here in the assembly budget committee. Let me just conclude by thanking, as always, our partners in the administration. Appreciate the collaboration. Wanna thank, of course, our very talented assembly budget committee staff.
Thank you for your hard work, both democrat and democratic and republican staff, to the LAO, to the sergeants who make it all possible. Thank you. We will wish everybody a very happy and prosperous year of the fire horse. And with that, we will open it up to public comment.
Redner 15
Chair members. Julia Hall with the Association of California Water Agencies. Oh, sorry. Julia Hall with the Association of California Water Agencies just wanna provide strong support for the AP exemption for the proposition $4 that were allocated last year, which is in ABSB one zero seven. Also, urge continued support for AB 35 as that moves through the process, and we consider that for future allocations.
Thank you.
Redner 5
Mister chair and members, Beth Olasso, on behalf of Water Reuse California Inland Empire Utilities Agency and water blueprint for the San Joaquin Valley Advocacy Fund, wanna echo echo the comments of my colleague, miss Hall. Thank you all, most of you for your support of a b 35. And if that doesn't go through, we hope that we can have that conversation in budget committee. Thank you.
Redner 16
Good afternoon, chair and members. Colton Sandler with Brownstein on behalf of the Bay Area Council. The Bay Area Council extends extends its support and gratitude to lawmakers for prioritizing the APA exemption for proposition four. With this exemption, proposition four funding will be treated like other past water and climate bonds. Progress can sometimes be slow in California, so it's critically important that we not create new barriers to voter approved water, wildfire, and coastal resilience funding as an urgent matter of public safety.
Thank you.
Redner 17
Good afternoon. Charles Watson on behalf of BART. Thank you to the administration, and the MTC for developing this language to provide temporary support to Bay Area transit agencies. While BART has not had a chance yet to take formal position on the language, we welcome passage today. Thank you.
Redner 18
Thank you, mister chair and members. I would also echo the comments thanking you all for the work you've done with the administration over the last eight to twelve months to finalize the agreement for the Bay Area Transit loan. My name is Matt Robinson. I'm here on behalf of Caltrain. Just a couple of things I wanted to note for you very quickly.
Pre pandemic, we had a fair box recovery ratio of 73%. It was the highest one of the highest in the country. Because of our commuter reliance, we saw that plummet. Since then, though, we've been working day and day to try to bring those riders back. We launched electrified service in 2024.
As I mentioned, the senate hearing, we were actually just voted or just awarded by APTA, the American Public Transportation Association, as the fastest growing system in The United States. We saw a 60 year over year recovery of riders. So we are doing our part. However, we do need some bridge funding to get us through to the next local measure, which we hope will stabilize our operations moving forward. I would note we have a very large event coming to the Bay Area this summer with the World Cup.
We're hosting six games in Santa Clara and Caltrain. We're providing enhanced service for those events. And so this funding will help us bring those events to California successfully. Thank you again, and appreciate your support on this bill.
Redner 19
Good afternoon, Chaker Gabriel and members. I'm Megan Cleveland with The Nature Conservancy. Just wanted to echo some comments and voice our support for the AP exemption, The 10 a b one zero seven really appreciate legislatures and administration's leadership on this. It's really critical to get some of those important prop four investments out there this year. Really looking forward to working with the administration and the legislature to address this in the future.
Thank you.
Redner 20
Good afternoon, mister chair and members. Sylvia Soleisha here on behalf of city and county of San Francisco mayor Daniel Lurie, as well as the San Francisco Municipal Transportation Agency here in strong support of ABSB one seventeen. This loan is critical to, the operations of the Bay Area transit agencies. Muni is we are working to make Muni faster, more reliable, and cleaner for the Bay Area. We are seeing month to month increases in ridership.
We are at nearly 80% of pre pandemic levels. We have also adopted many efficiencies internally and have adopted revenue increasing strategies. Muni is going is essential to the continued recovery of San Francisco and the Bay Area, and we ask for your strong support of this measure. Thank you.
Redner 21
Good afternoon, chair members. Rebecca Marcus representing American Farmland Trust, the California certified organic farmers, and California climate and agriculture network, in strong support of the, a b s b one zero seven APA exemptions, per all the, comments made earlier by my colleagues. Thank you.
Redner 22
Good afternoon. My name is Diane Casselberry. I'm with AC Transit. I'd like to echo the comments of all the previous speakers to really express our appreciation for your support of the Bay Area Transit loan. Our ridership right now, we're at about 75 of pre pandemic levels.
And I would say 65% are low income, 43% are those who are transit dependent. And so it's really important that this loan move forward, and we really thank you for all your work on this. Thank you so much.
Redner 23
Good afternoon. Steve Cruz on behalf of San Jose, mayor Mahan, the city of San Jose. We don't have a formal position on the bill, but I I wanna thank you some of the errands for elevating the concerns of the city that, I know there were a lot of folks that were involved in crafting this language. As as you looked at it, it's not an easy process in terms of operationally how the dollars flow. So we are concerned that there could be a risk for the BART to Silicon Valley project.
It's a major legacy regional project, multibillions of dollars, and 75,000 jobs involved in it. So senator Cortese has similarly raised this issue. We're working with our partners at VTA. Had another conversation with MTC this morning, but we're hopeful that there could be an option for some cleanup language as we dig into the details, to ensure that those legacy projects are are protect are protected in the process. So appreciate your time.
Thank you.
Redner 2
Alright. Thank you all of you for your public comment. Appreciate everybody's attention. We anticipate, hearing these bills on the floor later this week. And with that, this hearing is adjourned.
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