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Type:
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Informational Report
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Status:
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Agenda Ready
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On agenda:
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4/19/2023
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Final action:
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Title:
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RECEIVE AND FILE the Fiscal Year (FY24) Budget Development Status Update.
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Indexes:
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Budget, Budgeting, Bus Acquisitions, Bus rapid transit, Capital Improvement Program, Capital Project, City of Los Angeles, Cleaning, Cleanliness (Graffiti Abatement), Congestion Management Program, Construction, Customer Experience Plan, Customer service, Debt, Design build, Fare Zone, Funding plan, GoPass, Grant Aid, Hollywood/Highland Station, Hollywood/Vine Station, Homeless Outreach, Informational Report, Job opportunities, Los Angeles International Airport, Los Angeles Union Station, Low-Income Fare is Easy (LIFE), Maintenance, Maintenance practices, Metro Busway G Line, Metro Rail A Line, Metro Rail B Line, Metro Rail D Line, Metro Rail E Line, Metro Rail K Line, Metro Rail L Line, Metro Vision 2028 Plan, Mitigation, NextGen Bus Study, Off peak periods, Operations and Maintenance, Outreach, Partnerships, Payment, Pilot studies, Plan, Program, Program Management, Purchasing, Quality of life, Regional Connector Transit Corridor Project, Ridership, Rolling stock, Safety, Security, Shared mobility, State Of Good Repair, Strategic planning, Students, Subsidies, System safety, Terminal 19, Terminal 26, Terminals (Communications), Transit buses, Transit Homeless Action Plan, Transit System, Twenty-eight by '28 Initiative, Westlake, Westlake/Macarthur Park Station, Westside/Central Service Sector, Wilshire/Vermont Station, Zero Emissions
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Meeting_Body FINANCE, BUDGET, AND AUDIT COMMITTEE APRIL 19, 2023 Subject SUBJECT: FISCAL YEAR 2024 BUDGET DEVELOPMENT STATUS UPDATE Action ACTION: RECEIVE AND FILE Heading RECOMMENDATION Title RECEIVE AND FILE the Fiscal Year (FY24) Budget Development Status Update. Issue ISSUE This is the fourth in a series of monthly updates to the Board on the FY24 Budget development process, culminating in a planned May 2023 Board Adoption. This report focuses on key areas of the Metro Transit Program (Discussing both Operations and Maintenance as well as Capital Improvement projects). Other programs discussed include Congestion Management, General Planning and Programs, as well as Oversight and Administration. This report also discusses the mitigation options for managing near-term financial challenges for Metro Transit and shares the latest update regarding Metro's comprehensive budget outreach efforts. Background BACKGROUND California Public Utilities Code Section 130105 requires Metro to adopt an annual budget to manage the revenues and expenses of the Agency's projects and programs. The budget is the legal authority to obligate and spend funds and to implement Board policy. It includes all operating, capital, planning and programming, subsidy funds, debt service requirements, and general fund activities for the fiscal year. The legal level of control is at the fund level. Total annual expenditures cannot exceed the final appropriation by the Board at the fund level except for capital expenditures, which are authorized on a life of project basis. Discussion DISCUSSION Metro Transit: Near-Term Financial Challenges Metro strives to redefine daily travel habits and create legacy investments that improve the ease, accessibility, and travel experience across the most important journeys for Metro's current and future customers. As indicated in last month's report, the overall operating deficit, also referred to as the 'fiscal cliff,' and the cha... Click here for full text
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