Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
FEBRUARY 17, 2021
Subject
SUBJECT: FISCAL YEAR 2022 BUDGET DEVELOPMENT PROCESS
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE The Fiscal Year 2022 (FY22) Budget Development Process
Issue
ISSUE
This is the first of a series of monthly updates to the Board to kick-off the FY22 Budget development process, scheduled for May 2021 Board Adoption. This report lays the framework for the annual budget development, with the primary objective to achieve Metro's goals in a manner that is fiscally sound and financially responsible.
This report begins with an outline of the planned budget process and schedule, followed by discussions of the approach used to forecast sales tax revenues and other resources, cost inflation and other program expense assumptions, and a section detailing a comprehensive public outreach program which seeks to maximize public input and ensure that Metro's stakeholders have an active role in the process.
Discussion
DISCUSSION
Budget Process and Schedule
The FY22 Budget will continue Metro's missions to improve transit services, keep transit assets in a state of good repair, fund and plan for regional transportation programs and construct transit/transportation infrastructure according to voter approved sales tax ordinances, State and Federal regulations, Board approved policies and guidelines.
The FY22 Budget development process begins with forecasting and estimating the resources available for the upcoming year; taking into account the current economic environment, past historical performance, and projections from leading economic organizations. The CEO sets budget targets by program based on resource eligibility and availability with the prioritization criteria made up of four factors: Equity, Grant Funding Consideration, Project Readiness, and Project Interdependency / Safety and Reliability. The equity budgeting tool is a new feature for staff to...
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