The January 30, 2025, meeting of the San Francisco City Directors focused on the master schedule and funding plan update for the Transbay project, presented by Executive Director Van Water, CFO Merced, and Director Rodriguez. This update is a culmination of extensive work by the project team and financial staff, aimed at addressing the project's funding needs and timelines.

The meeting began with an acknowledgment of the efforts made by the CFO and her team, who have been managing multiple overlapping tasks, including audits and budget preparations. The directors emphasized the importance of closing the funding gap to secure a full funding grant agreement by 2027, which is crucial for advancing the project.

Key objectives outlined for the next three years include completing design and engineering work, initiating procurement processes, and managing risks associated with utility relocations and right-of-way acquisitions. The directors highlighted the need for a robust funding strategy to ensure that the project can progress without interruptions, even if new funds do not arrive as anticipated.

A detailed presentation followed, showcasing the project's capital investment and funding sources. The Federal Transit Administration has committed $3.38 billion, with additional funds needed from state and local sources to cover the remaining 28% of the project costs. The directors noted that while some funding sources are secured, others remain uncertain due to recent federal funding freezes.

Director Rodriguez presented the updated master schedule, which includes revised timelines for construction contracts and a target date for revenue service in March 2035. The focus will be on achieving durable milestones over the next three years while continuing to pursue additional funding opportunities.

The meeting concluded with discussions on the largest construction contract, known as the 40 CT civil and tunnel contract. This contract will be executed in two phases, allowing for pre-construction services and subsequent construction, with an emphasis on risk mitigation and cost certainty.

Overall, the meeting underscored the ongoing efforts to secure funding and manage the complexities of the Transbay project, with a clear commitment to transparency and collaboration among the directors and stakeholders. The next steps involve finalizing funding strategies and advancing the project towards its critical milestones.