Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
FEBRUARY 15, 2023
Subject
SUBJECT: FISCAL YEAR 2024 BUDGET DEVELOPMENT STATUS UPDATE
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Fiscal Year 2024 (FY24) Budget Development Status Update.
Issue
ISSUE
This is the second in a series of monthly updates to the Board on the FY24 Budget development process, culminating in a planned May 2023 Board Adoption.
Background
BACKGROUND
Metro's strategic imperatives and priorities established by the CEO and Cabinet leaders will be incorporated into the FY24 Equitable Zero-Based Budget (EZBB) process to help prioritize and benefit our community, including riders, residents, and other stakeholders. In this year's budget, Metro will strengthen efforts towards providing a reliable, safe, secure, and clean system with strategies and tactical solutions to help protect riders and agency employees. Metro plans to continue to put people and community first while delivering the best-in-class transit service that meets/exceeds customer expectations, maintain capital cost control with effective cost management, and remain financially sustainable with the near-term challenges ahead.
The focus of this report is the following:
A. Financial Outlook Challenges and the Equitable Zero-Based Budgeting (EZBB) Development Process
B. FY24 Resource Assumptions
C. Consumer Inflation and Other Expense Assumptions
D. Outreach Plan Update
Discussion
DISCUSSION
A. Financial Outlook Challenges and the Equitable Zero-Based Budgeting (EZBB) Development Process Update
Transit agencies nationwide face serious challenges as they continue recovering from pandemic-induced changes, struggling to fulfill essential service mandates and return to pre-pandemic ridership levels even after the end of federal stimulus funding. The term "fiscal cliff" is common in the industry and is being discussed as a session topic for the American Public Transporta...
Click here for full text