Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
JANUARY 15, 2020
Subject
SUBJECT: FISCAL YEAR 2021 BUDGET DEVELOPMENT PROCESS
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Fiscal Year 2021 (FY21) Budget Development Process.
Issue
ISSUE
This is the first of a series of monthly updates to the Board to kick-off the FY21 Budget development process, scheduled for May 2020 Board Adoption. The budget process is meant to estimate and allocate resources that are available and eligible to achieve Metro Vision 2028 goals in a manner that is fiscally sound and financially responsible. In the upcoming months, the FY21 Budget development reports will include reviewing key economic factors affecting revenues and expenses, setting program deliverable objectives and resource requirements, incorporating stakeholder input and demonstrating agency accountability and performance through the first of its kind Performance Management tool.
This report begins with the Metro Vision 2028 goals for FY21 and an outline of the planned budget process and schedule. A section detailing a comprehensive public outreach program follows, which seeks to maximize public input and ensure that Metro's stakeholders have an active role in the process. The report also discusses the approach used to forecast sales tax revenues and cost inflation for program expenses. These assumptions lay the framework for the development of the upcoming annual budget.
Discussion
DISCUSSION
Metro Vision 2028 Goals
Targeting a balanced budget for FY21, the annual budget will align resources in a fiscally responsible manner to achieve the following 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 coll...
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