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
* Sales Tax, TDA & STA Revenues
Sales Tax and TDA revenues for FY17 came in $30.5 million, 1.1% higher than the reforecasted budget, reflecting economic growth as Metro forecasted for the region.
State Transit Assistance (STA) revenue is dependent upon actual consumption of diesel fuel combined with changes in fuel price. The information presented below reflects actuals for the year end, which translates into much higher than expected diesel fuel usage and related STA revenue.
* Passenger...
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