Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
FEBRUARY 16, 2022
Subject
SUBJECT: FISCAL YEAR 2023 BUDGET DEVELOPMENT PROCESS
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Fiscal Year 2023 (FY23) Budget Development Process.
Issue
ISSUE
This is the first of a series of monthly updates to the Board to kick-off the FY23 Budget development process, culminating in a planned May 2022 Board Adoption. This report lays the framework for the annual budget development, with the primary objective of the annual budget to achieve Metro's transit and transportation goals in a fiscally sound and financially responsible manner.
This report sets up the economic context for the upcoming fiscal year by beginning the report with the forecast of sales tax revenues and other resources, cost inflation and key program expense assumptions. An outline of the planned budget process and schedule follows to address the delivery of Metro objectives in the next fiscal year. A comprehensive and transparent public outreach program runs concurrently during the budget development process to maximize public input and ensure that Metro's stakeholders have an active role in the process.
Discussion
DISCUSSION
Planning for the upcoming fiscal year, Metro faces a rare golden but one time funding opportunities, while taking on yet bigger challenges to deliver transit services and transportation infrastructure programs in terms of higher than anticipated cost increases, supply chain delivery delays, staffing shortages and the lingering negative impact of the pandemic to Metro Operations and the financial bottomline. With the potential relief from the Federal infrastructure bill and State budget surplus, Metro will pick up the pace again and continue the nation's most ambitious transit expansion plan. As the County's residents are eager to come out from under the cloud of pandemic, transit service improvements are carefully evaluated to answer ...
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