Outside Help: URS Corp.

URS Corporation is a large publicly-traded construction and engineering firm based in San Francisco. It is also one of the three outside firms who helped plan and design the extra 160 parking spots at Eltingville Transit Center.

According to a March 3 regulatory filing, URS expects 35% of its 2009 revenue to come from government spending. At that point, it had $10.2 billion worth of government contracts in its backlog.

URS expects 2009 revenues to be between $9.5 and $10.0 billion. Last year, revenues increased 87.4% to $10.1 billion from $5.4 billion in fiscal 2007.

At $50.55, URS stock is up 16% from a year ago while the S&P is still off by 23%.

Just Like WSP Group, URS Corporation was on a buying binge in 2007 and bought Washington Group International, an engineering firm with 25,000 employees that year.

Watch that Money!

From the March Government Accountability Offices report on how federal stimulus bucks were being put to use and tracked:

New Funds, New Cabinet
"New York’s Governor, in anticipation of the Recovery Act, established a Recovery Cabinet in February 2009...[to make] funding decisions in a “situation room” that works with the relevant state departments to disburse recovery funds in a manner that seeks to maximize the act’s objectives and address the political need to spread money throughout the state."

Tracking Systems, Not Much New
"For the most part, New York plans to track and monitor Recovery Act funding using existing internal control, audit, and accounting systems. For example, [Office of the State Comptroller] plans to use its existing Central Accounting System to tag and track Recovery Act funds as they are disbursed."

Concerns, A Few
"However, state officials have several oversight concerns, including monitoring Recovery Act funds that do not pass through state agencies and the ability of some local authorities that may not have experience managing federal programs to oversee large infusions of new funding. Finally, many officials throughout the state are concerned about their ability to consistently report on the impact of Recovery Act funding."

The Buck Stops...In Albany
"According to OSC, it intends to closely scrutinize contracts and monitor payments charged to Recovery Act appropriations to ensure adequate accountability, compliance, and effective and efficient use of Recovery Act funds. In addition, OSC says it plans to post the Recovery Act data that will flow through the central accounting system to Open Book, the Web site that provides transparency for contracts, expenditures, and local government funds."

As of July 29, the Eltingville project was not listed on the site in anyway. I suppose this is all post award. (the hyperlink wasn't working) http://wwe1.osc.state.ny.us/transparency/arra/arraDataContracts.cfm?CFDA=20.205&a=17000

July 2 email from NYS Transportation Department

I've spoken with our funding person, and he advises that the construction of the project will be funded entirely through ARRA. The $2.6M noted in the press release and on the website (recovery.ny.gov) includes direct construction costs and construction inspection. The remaining funding was provided by New York State for design of the expanded facility.

I hope this is helpful. Please let me know if there's anything more you need.

Have a great holiday weekend.

- Adam

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Adam S. Levine, P.E., AICP
Director, Public Affairs
NYSDOT Region 11 - New York City