Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
FEBRUARY 15, 2017
Subject/Action
SUBJECT: INITIATING FY18 BUDGET DEVELOPMENT
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
title
RECEIVE AND FILE the FY18 Budget Development Process and Schedule, CEO Budget Goals, Outreach, and Sales Tax Revenue and CPI Assumptions
Issue
ISSUE
Metro is developing its FY18 Budget, a process that began in the past two months with the FY17 Midyear review, as directed by the CEO. The FY17 Midyear review establishes the FY18 Budget development baseline both for positions (FTEs) and for non-labor expenses.
This is the first of a series of monthly updates to the Board on the FY18 Budget process. This report will describe the opportunities, constraints, and mechanisms that will guide the development of the FY18 Budget. As with prior years, the primary objective is to achieve the CEO's goals in a manner that is fiscally sound both in the budget year as well as in future years. New for FY18 will be the incorporation of Measure M, which adds new resources and new challenges to address an expanding portfolio of projects while continuing to maintain fiscal responsibility.
This report begins with an outline of our budget process and schedule. Next we provide the CEO's goals for FY18, followed by a description of our comprehensive public outreach program, which seeks to maximize public input and ensure that Metro's stakeholders have an active role in the process. Then we will provide the sales tax revenue and Consumer Price Index (CPI) assumptions that will lay the framework for the development of the upcoming annual budget.
Discussion
DISCUSSION
Budget Process and Schedule
This report is the first in a series of reports to the Board, culminating in final Board Adoption, as follows:
* February 2016:
o Budget Development Process and Schedule
o Outreach
o Sales Tax Revenue and CPI Assumptions
* March 2017:
o FY18 Capital Program (Transit and Highway Construction, and State of Good R...
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