Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
FEBRUARY 14, 2018
Subject
SUBJECT: FISCAL YEAR 2019 BUDGET DEVELOPMENT
PROCESS
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Fiscal Year 2019 (FY19) Budget Development Process.
Issue
ISSUE
This is the first of a series of monthly updates to the Board on the FY19 Budget development status until May 2018 Board adoption. The budget process is meant to estimate and allocate available resources in order to achieve the CEO's goals in a manner that is fiscally sound and financially responsible. In the upcoming months, the FY19 Budget development reports will include reviewing key economic factors affecting revenues and expenses, setting program deliverable objectives and resource requirements, incorporating stakeholder input and demonstrating agency accountability and performance through the first of its kind Performance Management tool.
This report begins with the CEO's goals for FY19 with an outline of the planned budget process and schedule. A section detailing a comprehensive public outreach program follows, which seeks to maximize public input and ensure that Metro's stakeholders have an active role in the process. The report also discusses the approach used to forecast sales tax revenues and cost inflation for program expenses. These assumptions lay the framework for the development of the upcoming annual budget.
Discussion
DISCUSSION
CEO Goals for Fiscal Year 2019
Targeting a balanced budget for FY19, the annual budget will align resources in a fiscally responsible manner to achieve the following goals:
* Advance safety and security for our customers, the public, and Metro employees;
* Exercise fiscal discipline to ensure financial stability;
* Plan and deliver capital projects on time and on budget while increasing opportunities for small business development;
* Improve the customer experience and expand access to transportation options;
* Increase tra...
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