Metro - File #: 2020-0466

• File #: 2020-0466
• Type: Informational Report
• Status: Filed
• File created: 7/8/2020
• In control: Finance, Budget and Audit Committee
• On agenda: 8/19/2020
• Final action: 8/19/2020
• Title: RECEIVE AND FILE FY21 Budget Development Update.
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Budget, Budgeting, Congestion Management Program, Coronavirus Aid, Relief, and Economic Security Act, Coronavirus Disease 2019 (COVID-19), Debt, Governance, Informational Report, Maintenance practices, Metro Vision 2028 Plan, Non-contract, Operations and Maintenance, Outreach, Program management, State Of Good Repair, Subsidies

Date	Action By	Action	Result
8/19/2020	Finance, Budget and Audit Committee

Meeting_Body
FINANCE, BUDGET, & AUDIT COMMITTEE
AUGUST 19, 2020

Subject
SUBJECT: FY21 BUDGET DEVELOPMENT UPDATE

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE FY21 Budget Development Update.

Issue
ISSUE

This report is part of a series of status updates on the FY21 Budget development, leading to Board consideration for adoption in September 2020. The preliminary budget plan aims to balance the budget under the economic constraints caused by COVID-19 while allocating resources to achieve Metro Vision 2028 goals in a fiscally responsible manner.

Discussion
DISCUSSION

In May, Metro Board of Directors adopted a Continuing Resolution to extend FY20 Budget authorization through the first quarter of FY21 which provided an opportunity to reset the financial forecast due to the COVID-19 pandemic. All Metro activities have been reassessed to reprogram the resources available for Metro and regional activities in the upcoming year within the current economic constraints.
Budget Development Process
While making strides towards achieving the Metro Vision 2028 goals:
* Provide high-quality mobility options that enable people to spend less time traveling.
* Deliver outstanding trip experiences for all users of the transportation system.
* Enhance communities and lives through mobility and access to opportunity.
* Transform Los Angeles County through regional collaboration and national leadership.
* Provide responsive, accountable, and trustworthy governance within the LA Metro organization.
Metro continues to reimagine the future of Los Angeles County and its transportation network in delivering equity, sustainability, prosperity, and better quality of life for all county residents.
The severity and uncertain duration of the COVID-19 pandemic and the rollback in the State's reopening has had a negative impact on the Agency's financials and operations. Metro will temporarily experience near term budget and cashflow challenges. Rei...