Metro - File #: 2018-0292

• File #: 2018-0292
• Type: Plan
• Status: Agenda Ready
• File created: 5/10/2018
• In control: Planning and Programming Committee
• On agenda: 9/19/2018
• Title: RECEIVE AND FILE the Short Range Financial Forecast (Attachment A) and financial outlook.
• Sponsors: Planning and Programming Committee
• Indexes: Budgeting, Call For Projects, Capital Project, Debt, Funding plan, Grant Aid, Long Range Transportation Plan, Measure M, Measure R, Metro Vision 2028 Plan, New Starts Program, Operating revenues, Plan, Project delivery, Ridership, Senate Bill 1, Strategic planning, Subsidies, Transportation Improvement Program

Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
SEPTEMBER 19, 2018

Subject
SUBJECT: SHORT RANGE FINANCIAL FORECAST

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Short Range Financial Forecast (Attachment A) and financial outlook.

Issue
ISSUE

The Financial Forecast is Metro's financial plan for capital and operating costs, which is updated and presented to the Board annually for approval of the "fund type assignments," or allocation of Metro funds among projects and programs. The Financial Forecast has historically been presented with a 20- to 40-year horizon. This Board report introduces the Short Range Financial Forecast (SRFF) as a focused plan for the first 10 years of the Financial Forecast (FY 2019 to FY 2028). Over the next 10 years, Metro has an ambitious $71.1 billion transportation capital and operating program.

Background
BACKGROUND

Metro maintains a 40-year long-range Financial Forecast, which is Metro's mechanism to identify funding for all Board-approved projects and programs. The Financial Forecast is a financial strategy for all capital and operating costs, and the fund assignments, or the allocation of funding among projects and programs. It determines the needed resources to deliver Metro's commitments on schedule and the direction for Metro staff to pursue the funding on the approved uses.

Discussion
DISCUSSION

Metro staff last provided a Financial Forecast update to the Board in October 2017 and, prior to this, in June 2016 as part of the Board's consideration of the Measure M Ballot Measure. Metro staff now recommends the companion preparation of a SRFF which represents the first 10 years of the Financial Forecast. A 10-year forecast focuses on Metro's more refined financial estimates - the Metro annual budget, detailed project cost estimates, awarded grant receipts, and approved contract expenditures. Metro's longer term financial projections, although necessary for planning purpos...