Metro - File #: 2021-0068

• File #: 2021-0068
• Type: Informational Report
• Status: Filed
• File created: 2/19/2021
• In control: Finance, Budget and Audit Committee
• On agenda: 3/17/2021
• Final action: 3/17/2021
• Title: RECEIVE AND FILE the Fiscal Year 2022 (FY22) Budget Development Process Update
• Sponsors: Finance, Budget and Audit Committee
• Indexes: "Hot Spots" Program, Airport Metro Connector (AMC) Station Project, Alignment, Azusa, Budget, Budgeting, Bus rapid transit, Capital Project, Construction, Construction Support, Crenshaw/LAX Transit Corridor Project, Debt, Gold Line Foothill Extension 2A, Gold Line Foothill Extension 2B, Grant Aid, High speed rail, I-5, Informational Report, Light rail transit, Link Union Station, Los Angeles International Airport, Los Angeles Union Station, Measure M, Measure R, Metro Rail A Line, Metro Rail C Line, Metro Rail D Line, Metro Rail E Line, Metro Rail K Line, Metro Rail L Line, Metrolink, Outreach, Program, Project delivery, Railroad commuter service, Regional development, San Fernando, San Fernando Valley Service Sector, San Fernando Valley subregion, Tunnel supports, Wilshire/Western Station

Date	Action By	Action	Result
3/17/2021	Finance, Budget and Audit Committee

Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
MARCH 17, 2021

Subject
SUBJECT: FISCAL YEAR 2022 BUDGET DEVELOPMENT PROCESS UPDATE

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Fiscal Year 2022 (FY22) Budget Development Process Update

Issue
ISSUE

This report is the second in a series of monthly budget development updates leading to the FY22 Budget adoption for Board consideration in May 2021. The previous month laid the framework for the annual budget development. This report focuses on the preliminary budgets developed within that framework for the Transportation Infrastructure Development (TID) and Regional Rail Programs. Included in the TID Program are the Transit Expansion and Highway projects identified in the Measure R (MR) and Measure M (MM) Ordinances. This report also provides an update on the public outreach.


Discussion
DISCUSSION

The Transportation Infrastructure Development Program consists of new transit and highway projects listed in the MR and MM Ordinances. These project developments are divided into planning and construction phases, and the annual budget request reflects the annual increments of the project development phase. Starting with a feasibility study, alternatives analyses, the planning phase typically culminates in environmental clearance. Before major construction phase continues, the multiyear life-of-project (LOP) budget is adopted for each project through a separate board action. The annual budget monitors the cashflow requirement for the activities in each project phase, while considering the existing level of board authorization, respective project delivery schedule, and identified eligible and available funding sources from Federal/State/Local grants, sales taxes and financing.
For fiscal year 2022, the preliminary budget for combined TID and Regional Rail programs is $3.1 billion, an increase of $616.8 million or 25% from fiscal year 2021. The biggest factor for t...