Metro - File #: 2017-0816

• File #: 2017-0816
• Type: Informational Report
• Status: Agenda Ready
• File created: 12/5/2017
• In control: Finance, Budget and Audit Committee
• On agenda: 1/17/2018
• Title: RECEIVE AND FILE the FY18 First Quarter Year-To-Date Financial Performance Report.
• Sponsors: Board of Directors - Regular Board Meeting
• Indexes: Advertising, Audit, Budget, Budgeting, Capital Project, Crenshaw/LAX Transit Corridor Project, Debt, Freeway service patrols, Fuels, Grant Aid, Hubs, Informational Report, Los Angeles International Airport, Los Angeles Union Station, Measure M, Measure R, Metro Crenshaw Line, Metro Exposition Line, Metro ExpressLanes, Metro Green Line, Metro Rail A Line, Metro Rail C Line, Metro Rail E Line, Metro Rail K Line, Metrolink, Operating revenues, Operations and Maintenance, Pilot studies, Program, Program management, Proposition A, Proposition C, Public private partnerships, Subsidies, Tolls, Transportation Development Act - Article 4, Transportation Development Act of 1971, Variance, Vehicle sharing

Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JANUARY 17, 2018

Subject
SUBJECT: FISCAL YEAR 2018 (FY18) - FIRST QUARTER
YEAR-TO-DATE (YTD) FINANCIAL REPORT

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the FY18 First Quarter Year-To-Date Financial Performance Report.

Issue
ISSUE
This report summarizes Metro's financial performance for FY18 through the first quarter. Financial performance through the first quarter 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 FY18 adopted budget. The budgeted numbers are within the Board authorized amounts and bounded by the legally controlled fund levels.

Discussion
DISCUSSION

A. Summary of Revenues and Expenses




Overall the agency delivered $1,047.9 million worth of services of which $1,038.2 million came from current year revenues and the remaining $144.3 million from resources based on reimbursement from grant and debt financing. Sales tax and operating revenues came in higher than the budget by $11.3 million while reimbursement revenues ended short of budget by $361.0 million. Total expenses of $1,047.9 million came in under the budgeted amount of $1,529.7 million resulting in a $481.8 million variance. The net result leads to a favorable position of $134.6 million.

B. Summary of Revenues






* Sales Tax, TDA & STA Revenues

Sales Tax and TDA revenues for the first quarter of FY18 came in $5.0 million, 0.6% higher than the adopted budget. Of this surplus $2.0 million is from Measure M, which was budgeted at 95% of Proposition A, C and Measure R in its inaugural year, whereas the actual is 95.4%. The overall growth in sales tax is 4.2% higher than the first quarter of last fiscal year, above Metro's projected growth rate of 2.8%, resulting in $5.0 million more than budget.
State Transit Assistance (STA) revenue is dependent upon actual c...