Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
APRIL 11, 2018
Subject
SUBJECT: FISCAL YEAR 2018 - SECOND QUARTER
YEAR-TO-DATE FINANCIAL AND PERFORMANCE
REPORT
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Fiscal Year 2018 (FY18) Second Quarter Year-To-Date (YTD) Financial and Performance Report.
Issue
ISSUE
This report summarizes Metro's performance for FY18 through the second quarter ending December 31, 2017, demonstrating Metro's ability to deliver safe and reliable transportation services within budget. The budgeted numbers are within the Board authorized amounts and bounded by the legally controlled fund levels.
The CEO introduced and implemented an agency wide performance management system which takes a comprehensive approach by linking four measurements of performance. The four measurements are budget/fulltime employee (FTE) variance, Key Performance Indicators (KPI) target achievement, capital project delivery and cost savings and new revenue generation through the risk allocation matrix (RAM). All measurements are linked to department priorities which in turn are related to the agency goals to deliver the most efficient and effective transportation system. Further, this performance management system will act as a tool for the agency to monitor performance, strengthen fiscal discipline and ensure accountability.
This report will first cover Metro's financial performance and will later highlight the measurements of performance which includes KPI attainment, expense budget spent and fulltime employee (FTE) variance which are correlated to the agency goals.
Discussion
DISCUSSION
A. Summary of Revenues and Expenses
Overall, the agency delivered $2,602.7 million worth of services which $2,116.8 million came from sales tax and operating revenues and the remaining $483.8 million from resources based on reimbursement from grant and debt financing. Sales tax and operating revenues came in higher...
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