Metro - File #: 2016-0372

• File #: 2016-0372
• Type: Public Hearing
• Status: Passed
• File created: 4/21/2016
• In control: Finance, Budget and Audit Committee
• On agenda: 5/18/2016
• Final action: 5/26/2016
• Title: APPROVE: A. adopting the FY17 Budget as presented in the budget document (provided in a separate transmittal and posted on Metro.net) with the amendment of an additional -$5.3 million reduction as a reconciliation item to the proposed budget as shown on Attachment A; B. the Reimbursement Resolution declaring Metro's intention to issue debt in FY17 for capital projects (provided in Attachment B). Actual debt issuance will require separate Board approval; C. an average 3% merit increase for non-represented employees which will be performance based; and D. an adjustment to management pay grades and salary bands for the top seven levels H1S through HFF to reflect typical market practice. There is no impact to the budget or to current employees' salaries (see Attachment C).
• Sponsors: Board of Directors - Regular Board Meeting
• Indexes: Advertising, Audit, Budget, Budgeting, Capital Project, Debt, Government funding, Law enforcement, Non-contract, Outreach, Plan, Public Hearing, Resolution, Safety and security, Security, Subsidies

Date	Action By	Action	Result
5/26/2016	Board of Directors - Regular Board Meeting
5/18/2016	Finance, Budget and Audit Committee

Meeting_Body
FINANCE, BUDGET & AUDIT COMMITTEE
PUBLIC HEARING - PROPOSED FY17 BUDGET
MAY 18, 2016

Subject/Action

SUBJECT: FISCAL YEAR 2017 (FY17) BUDGET

ACTION: ADOPT THE FY17 BUDGET

Heading
RECOMMENDATION
Title
APPROVE:

A. adopting the FY17 Budget as presented in the budget document (provided in a separate transmittal and posted on Metro.net) with the amendment of an additional -$5.3 million reduction as a reconciliation item to the proposed budget as shown on Attachment A;

B. the Reimbursement Resolution declaring Metro's intention to issue debt in FY17 for capital projects (provided in Attachment B). Actual debt issuance will require separate Board approval;

C. an average 3% merit increase for non-represented employees which will be performance based; and

D. an adjustment to management pay grades and salary bands for the top seven levels H1S through HFF to reflect typical market practice. There is no impact to the budget or to current employees' salaries (see Attachment C).

Issue
ISSUE

State Law (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. Budget detail is a management plan for financial activity and is prepared at the fund, project, department and expenditure level. The legal level of control is at the fund level. Total annual expenditures cannot exceed the final appropriation by the Board except for capital expenditures, which is authorized on a life-of-project basis.

Copies of the proposed budget document were made available to the public on May 3, 2016, both electronically at www.metro.net and through the Records Management Center (RMC) at RMC@metro.net. Printed copies of the budget d...