File #: 2017-0695   
Type: Informational Report Status: Agenda Ready
File created: 10/5/2017 In control: Finance, Budget and Audit Committee
On agenda: 11/15/2017 Final action:
Title: RECEIVE AND FILE status report on the Preliminary Fiscal Year 2017 (FY17) Year End Financial Report.
Sponsors: Board of Directors - Regular Board Meeting
Indexes: Advertising, Audit, Budget, Budgeting, Capital Project, Debt, Fuels, Grant Aid, Informational Report, Los Angeles Union Station, Maintenance, Metro Bike Lockers, Metro ExpressLanes, Metro Purple Line, Metro Rail A Line, Metrolink, Operating revenues, Payment, Program, Security, State Of Good Repair, Subsidies, Tolls, Variance
Attachments: 1. Presentation - FY17YearEnd

Meeting_Body

FINANCE, BUDGET AND AUDIT COMMITTEE

 NOVEMBER 15, 2017

 

 

Subject

SUBJECT:                     FISCAL YEAR 2017 (FY17) - PRELIMINARY YEAR END

FINANCIAL REPORT

 

Action

ACTION:                     RECEIVE AND FILE

 

Heading

RECOMMENDATION

 

Title

RECEIVE AND FILE status report on the Preliminary Fiscal Year 2017 (FY17) Year End Financial Report.

 

Issue
ISSUE

This report summarizes Metro’s financial performance for FY17 through the end of the year. Financial performance through the end of the year demonstrates Metro’s ability to deliver safe and reliable transportation services within budget.

 

For purposes of this report, the budgeted amounts reflect the reforecasted budget as of April 2017. The budgeted numbers are within the Board authorized amounts and bounded by the legally controlled fund levels. All data in this report is based on preliminary FY17 year end data.

 

Discussion
DISCUSSION

 

A.                     Summary of Revenues and Expenses

 

 

Overall for FY17 the agency delivered $5.2 billion worth of services of which $3.4 billion came from sales tax and operating revenues and $2.7 billion from resources based on reimbursement from grant and debt financing. Sales tax and operating revenues exceeded the budget by $116.5 million while reimbursement revenues ended short of the budget by $140.5 million. Total expenses of $5.2 billion came in under the budgeted amount of $6.0 billion resulting in a $773.2 million variance. The net result leads to a favorable position of $749.2 million.

 

B.                     Summary of Revenues