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Type:
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Informational Report
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Status:
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Filed
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On agenda:
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3/15/2023
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Final action:
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3/15/2023
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Title:
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RECEIVE AND FILE the Fiscal Year 2024 (FY24) Budget Development Status Update.
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Indexes:
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"Hot Spots" Program, Access Services Inc., Active Transportation Program, Alameda Corridor East, Budget, Budgeting, Call For Projects, Capital Project, Congestion Reduction Demonstration, Construction, Debt, Double track, Formula Allocation / Local Return, Formula Allocation Procedure, Funding plan, Grade separations, Grant Aid, High speed rail, I-105 ExpressLanes Project, I-5, I-605, I-710, Informational Report, Inglewood, Link Union Station, Local Returns, Los Angeles Union Station, Low-Income Fare is Easy (LIFE), Maintenance practices, Measure M, Measure R, Metro Rail A Line, Metro Rail B Line, Metro Rail D Line, Metro Rail L Line, Metro Vision 2028 Plan, Metrolink, Metrolink Antelope Valley Line, Mitigation, Multimodal, Operations and Maintenance, Outreach, Palmdale, Partnerships, Program, Project, Project delivery, Project management, Railroad commuter service, Safety, South Bay Cities subregion, South Bay Service Sector, Southern California Highways, State Of Good Repair, Strategic planning, Subsidies, Tolls, Transit operators, Transit Oriented Development, Transit Oriented Development Planning Grant Program, Transit Pass, Transportation Development Act - Article 4, Transportation Development Act of 1971, Twenty-eight by '28 Initiative
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Meeting_Body FINANCE, BUDGET, AND AUDIT COMMITTEE MARCH 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 third of a series of monthly updates to the Board on the FY24 Budget development process, culminating in a planned May 2023 Board Adoption. This report lays the framework for the annual budget development, with the primary objective for the annual budget to advance Metro's transit and transportation goals, with an equity lens, in a fiscally sound and financially responsible manner. This report focuses on Metro's diverse portfolio of major infrastructure capital projects, including Transit Infrastructure Development (TID), Highway Multimodal Development, and Regional Rail. Additionally, this report provides an overview of Metro's voter approved Regional Allocation and Pass Throughs (Subsidy) funding programs. This report also discusses the mitigation options to be considered for managing through the near-term financial challenges for the major infrastructure capital projects 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 authorization 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 Major Infrastru... Click here for full text
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