File #: 2020-0522   
Type: Public Hearing Status: Passed
File created: 7/31/2020 In control: Board of Directors - Regular Board Meeting
On agenda: 9/24/2020 Final action: 9/24/2020
Title: CONSIDER: A. ADOPTING the proposed FY21 Budget as presented in the budget document (provided in a separate transmittal and posted on metro.net); 1. AUTHORIZING $6.0 billion annual consolidated expenditures to achieve goals and objectives set forth by the Board adopted Metro Vision 2028 strategic plan; and 2. AUTHORIZING a total of 10,219 FTEs with 8,482 Represented FTEs and 1,737 Non-Represented FTEs which did not change from FY20 authorized levels; and 3. APPROVING the Life of Project (LOP) budgets for new capital projects with LOP exceeding $5.0 million presented in Attachment A; and 4. AMENDING the proposed budget to include $165.2 million for Gold Line Foothill Extension 2B for a total of $265.2 million, finalized after budget closed; and B. APPROVING the Reimbursement Resolution declaring Metro's intention to issue debt in FY21 for capital projects, as shown in Attachment B, with the provision that actual debt issuance will require separate Board approval.
Sponsors: Finance, Budget and Audit Committee
Indexes: All Door Boarding, Budget, Budgeting, Capital Project, Cleanliness (Graffiti Abatement), Coronavirus Aid, Relief, and Economic Security Act, Coronavirus Disease 2019 (COVID-19), Debt, Funding plan, Gold Line Foothill Extension 2B, Government funding, Measure M, Measure R, Metro Rail A Line, Metro Rail L Line, Metro Vision 2028 Plan, NextGen Bus Study, Outreach, Project, Project delivery, Public Hearing, Questionnaires, Regional transportation, Resolution, Ridership, Safety, Security, Strategic planning, Subsidies, Transit buses, Transit System, Travel time
Attachments: 1. Attachment A-FY21 New Capital Projects, 2. Attachment B-Reimbursement Resolution of Metro for FY21, 3. Attachment C-FY21 Public Outreach, 4. Presentation, 5. Presentation-Board Meeting
Related files: 2020-0644, 2020-0714
Meeting_Body
BUDGET PUBLIC HEARING
FINANCE, BUDGET, AND AUDIT COMMITTEE
SEPTEMBER 16, 2020


Subject
SUBJECT: FISCAL YEAR 2021 (FY21) BUDGET

Action
ACTION: ADOPT THE FY21 BUDGET

Heading
RECOMMENDATION
Title
CONSIDER:
A. ADOPTING the proposed FY21 Budget as presented in the budget document (provided in a separate transmittal and posted on metro.net);

1. AUTHORIZING $6.0 billion annual consolidated expenditures to achieve goals and objectives set forth by the Board adopted Metro Vision 2028 strategic plan; and

2. AUTHORIZING a total of 10,219 FTEs with 8,482 Represented FTEs and 1,737 Non-Represented FTEs which did not change from FY20 authorized levels; and

3. APPROVING the Life of Project (LOP) budgets for new capital projects with LOP exceeding $5.0 million presented in Attachment A; and

4. AMENDING the proposed budget to include $165.2 million for Gold Line Foothill Extension 2B for a total of $265.2 million, finalized after budget closed; and

B. APPROVING the Reimbursement Resolution declaring Metro's intention to issue debt in FY21 for capital projects, as shown in Attachment B, with the provision that actual debt issuance will require separate Board approval.

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. The legal level of control is at the fund level. Total annual expenditures cannot exceed the final appropriation by the Board at the fund level except for capital expenditures, which is authorized on a life-of-project basis.

In May, Metro Board of Directors adopted a Continuing Resolution to extend FY20 Budget authorization through the first quarter of FY21 which p...

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