Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
FEBRUARY 19, 2020
Subject
SUBJECT: FISCAL YEAR 2021 BUDGET DEVELOPMENT UPDATE
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Fiscal Year 2021 (FY21) Budget Development Update.
Issue
ISSUE
This report is the second in a series of budget development updates leading up to the FY21 Budget adoption for Board consideration in May 2020. This update will highlight the FY21 preliminary budget to achieve Metro Vision 2028 of the Transportation Infrastructure Development Program, which includes Transit Expansion, Highways, and Regional Rail.
Discussion
DISCUSSION
With the passage of Measure M in Fall 2016, Los Angeles County voters secured long term funding for transportation infrastructure development to improve transportation and ease traffic congestion. Since then, Metro's budget has continually grown to expand and improve Transit and Highway systems throughout the County.
The preliminary FY21 Transportation Infrastructure Development Program budget is projected at $2.4 billion, and is reported under three major groups:
1) Transit Expansion: includes Light Rail, Heavy Rail, Bus Rapid Transit Construction and early planning efforts before construction;
2) Highways: includes the frontend planning, preliminary engineering and project implementation support for Highway Improvement as approved in Measure M, Measure R, as well as non-Measure R/ Measure M highway related projects;
3) Regional Rail: includes Metro Regional Rail projects and Metrolink Operations / Capital Program funding.
Figure 1: FY20 vs FY21 Transportation Infrastructure Development Budget
1) Transit Expansion
Metro continues to expand LA County's rail network, and a full slate of transformational rail projects are advancing in the construction and planning pipelines across multiple years. The cash flow need for transit construction in FY21 is proposed at $1.6 billion (Figure 2).
The Transit Planni...
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