Metro - File #: 2018-0147

• File #: 2018-0147
• Type: Public Hearing
• Status: Agenda Ready
• File created: 3/26/2018
• In control: Finance, Budget and Audit Committee
• On agenda: 5/16/2018
• Title: CONSIDER: A. ADOPTING the proposed FY19 Budget as presented in the budget document (provided in a separate transmittal and posted on metro.net); and B. APPROVING the Life of Project (LOP) budgets for new capital projects with LOP exceeding $5 million, included in the proposed FY19 Budget and presented in Attachment A; and C. APPROVING the Reimbursement Resolution declaring Metro's intention to issue debt in FY19 for capital projects, as shown in Attachment B, with the provision that actual debt issuance will require separate Board approval; and D. AMEND the proposed budget to include $2,000,000 for Expo Phase 1 and $20,624,400 for Expo Phase 2, as approved by Expo Construction Authority for fiscal year 2019, for a total addition of $22,624,400; and E. AMEND the proposed budget to include $25,000,000 for farebox upgrade, as approved by the Board on April 18, 2018; and F. AMEND the proposed budget to include $500,000 to begin the draft environmental study of the Crenshaw Northern E...
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Advertising, Blue Line Improvement, Budget, Budgeting, Bus transit operations, Capital Project, Construction, Crenshaw Northern Extension, Debt, Farebox, Funding plan, Government funding, Maintenance practices, Measure M, Measure R, Metro Blue Line, Metro Crenshaw Line, Metro Rail A Line, Metro Rail K Line, Outreach, Plan, Policy Advisory Council, Project, Public Hearing, Public private partnerships, Regional Connector Transit Corridor Project, Regional transportation, Rehabilitation (Maintenance), Resolution, Ridership, Rolling stock, Senate Bill 1, State Of Good Repair, Subsidies, Transit buses, Transportation Development Act - Article 4, Transportation Development Act of 1971, Transportation Infrastructure Finance and Innovation Act of 1998
• Related files: 2018-0347

Date	Action By	Action	Result
5/24/2018	Board of Directors - Regular Board Meeting

Meeting_Body
BUDGET PUBLIC HEARING
FINANCE, BUDGET AND AUDIT COMMITTEE
MAY 16, 2018

Subject
SUBJECT: FISCAL YEAR 2019 (FY19) BUDGET

Action
ACTION: ADOPT THE FY19 BUDGET
Heading

RECOMMENDATION

Title
CONSIDER:

A. ADOPTING the proposed FY19 Budget as presented in the budget document (provided in a separate transmittal and posted on metro.net); and

B. APPROVING the Life of Project (LOP) budgets for new capital projects with LOP exceeding $5 million, included in the proposed FY19 Budget and presented in Attachment A; and

C. APPROVING the Reimbursement Resolution declaring Metro's intention to issue debt in FY19 for capital projects, as shown in Attachment B, with the provision that actual debt issuance will require separate Board approval; and

D. AMEND the proposed budget to include $2,000,000 for Expo Phase 1 and $20,624,400 for Expo Phase 2, as approved by Expo Construction Authority for fiscal year 2019, for a total addition of $22,624,400; and

E. AMEND the proposed budget to include $25,000,000 for farebox upgrade, as approved by the Board on April 18, 2018; and

F. AMEND the proposed budget to include $500,000 to begin the draft environmental study of the Crenshaw Northern Extension project upon identification of the preferred alternatives identified by the Board for this corridor

Issue
ISSUE

California Public Utilities Code Section 130105 requires Metro to adopt an annual budget to manage the revenues and expenses of the agency's projects and programs. The budget is the legal authorization to obligate and spend funds and to implement Board policy. It includes all operating, capital, planning and programming, subsidy funds, debt service requirements, and general fund activities for the fiscal year. Budget detail is a management plan for financial activity and is prepared at the fund, project, department, and expenditure level. The legal level of control is at the fund level. Total annual expenditures cannot exceed the final appropriation by th...