Metro - File #: 2018-0351

• File #: 2018-0351
• Type: Informational Report
• Status: Agenda Ready
• File created: 5/30/2018
• In control: Finance, Budget and Audit Committee
• On agenda: 7/18/2018
• Title: RECEIVE AND FILE the Fiscal Year 2018 (FY18) Third Quarter Year-To-Date Financial and Performance Report.
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Airport Metro Connector (AMC) Station Project, Americans With Disabilities Act, Audit, Budget, Budgeting, Capital Project, Construction, Contracts, Debt, Fuels, Grant Aid, Hubs, Informational Report, Key Performance Indicator, Los Angeles International Airport, Los Angeles Union Station, Maintenance practices, Measure M, Measure R, Metro Bike Hub, Metro ExpressLanes, Metro Green Line, Metro Rail A Line, Metrolink, Operating revenues, Operations and Maintenance, Payment, Program management, Project, Proposition A, Public private partnerships, Security, Senate Bill 1, State Of Good Repair, Subsidies, Tolls, Transportation Development Act - Article 4, Transportation Development Act of 1971, Variance, Vehicle sharing
• Related files: 2018-0502

Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JULY 18, 2018

Subject
SUBJECT: FISCAL YEAR 2018 - THIRD QUARTER YEAR-TO-DATE
(YTD) FINANCIAL AND PERFORMANCE REPORT

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Fiscal Year 2018 (FY18) Third Quarter Year-To-Date Financial and Performance Report.

Issue
ISSUE

This report summarizes Metro's performance for FY18 through the third quarter ending March 31, 2018, demonstrating Metro's ability to deliver safe and reliable transportation services within budget. The budgeted numbers are within the Board authorized amounts and bounded by the legally controlled fund levels.

On April 28, 2017, Governor Brown signed Senate Bill (SB) 1, also known as the Road Repair and Accountability Act of 2017, whose revenues are generated from an increase in diesel excise and sales tax, gas tax, vehicle license fees, and transportation improvement fees. This third quarter of FY18 is when Metro begins to receive SB1 revenues which will help maintain Metro's bus, rail, and technology infrastructure in a state of good repair and provide an improved customer experience.

This report will first cover Metro's financial performance and provide an update on the agency wide performance management system which links four measurements of performance including KPI attainment, expense budget spent, fulltime employee (FTE) variance and capital project milestone attainment which are correlated to the agency goals. This performance management system acts as a tool for the agency to monitor performance, strengthen fiscal discipline and ensure accountability.







Discussion
DISCUSSION

A. Summary of Revenues and Expenses



Overall, the agency spent $3,991.3 million, funded primarily by $3,156.9 million which came from sales tax and operating revenues and the remaining $855.6 million from resources based on reimbursements from grant and debt financing. Sales tax and operating revenues came in higher t...