Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
MARCH 20, 2024
Subject
SUBJECT: FISCAL YEAR 2025 BUDGET DEVELOPMENT STATUS UPDATE
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Fiscal Year 2025 (FY25) Budget Development Status Update.
Issue
ISSUE
This report continues the monthly updates to the Board on the FY25 Budget development process, culminating in a planned May 2024 Board Adoption. This report focuses on Metro's diverse portfolio of major infrastructure projects included in Transit Infrastructure Development (TID), Highway Multimodal Development, and Regional Rail Programs. Additionally, this report provides an overview of Metro's Regional Allocation and Pass Throughs (Subsidy) funding programs.
This report also provides an update on Metro's comprehensive budget outreach efforts.
Background
BACKGROUND
The annual budget request reflects the twelve-month financial increments required for advancing through each project's development phase. It serves to monitor the cash flow requirements for activities in each project phase and considers factors such as the existing level of board authorization, the respective project delivery schedule, and the identification of eligible and available funding sources. These funding sources may include Federal, State, and Local grants, sales taxes, and various financing mechanisms.
Most of the projects within the major capital programs adopt a multiyear Life of Project (LOP) budget, which seeks Board approval independently from the annual budget process. The purpose of the LOP budget is to outline the financial resources necessary for the entire duration of the project.
Discussion
DISCUSSION
Major Capital Investment
LA County's capital expansion plan is one of the nation's most ambitious and transformative transportation construction and enhancements program. The report below covers the following programs:
Transit Infrastructure Development (TID): The FY25 Budg...
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