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TO: |
Transit Commission |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Jay Fox, Executive Director |
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PRESENTER(S): |
Jay Fox, Executive Director |
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Viola Miller, Chief Financial Officer |
TITLE:
title
CR2026-07-05 - Resolution Changing the Fiscal Year of the Utah Transit Authority
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution CR2026-07-05 Changing the Fiscal Year of the Utah Transit Authority
BACKGROUND:
UTA currently operates on a calendar-year fiscal cycle, while the State of Utah and many state funding, reporting, and planning processes operate on a July 1 through June 30 fiscal year. This difference creates timing challenges for budget development, legislative funding assumptions, grant planning, capital programming, reporting, and coordination with state oversight entities. The Utah Limited Purpose Local Government Entities-Special Districts Act, Utah Code § 17B-1-602, empowers the Transit Commission of the Utah Transit Authority (“Commission”) to determine the fiscal year of the Utah Transit Authority.
DISCUSSION:
UTA’s Executive Director, with support of the Chief Financial Officer, recommends UTA change to a fiscal year to align with the Utah State Fiscal Year, better synchronizing UTA’s budget cycle with legislative appropriations and state-administered funding decisions. This alignment would allow known legislative actions and revenue assumptions to be incorporated directly into UTA’s next fiscal year, reducing mid-year adjustments, improving forecasting, and supporting more predictable operating and capital budget cycles.
The change would also improve coordination with state reporting and oversight requirements, simplify grant tracking and revenue recognition, and reduce administrative reconciliation associated with translating between different fiscal periods. For capital projects and long-range planning efforts, a July-to-June fiscal year would better align project timelines, funding availability, procurement cycles, and statewide transportation planning processes.
Overall, moving to the Utah State Fiscal Year would strengthen transparency, improve communication with legislators and oversight partners, and better integrate UTA’s financial planning with other Utah public agencies. The proposed change supports clearer year-over-year comparisons, demonstrates fiscal stewardship, and positions UTA to coordinate more effectively with state transportation priorities and partner agencies.
ALTERNATIVES:
Continue operating on a calendar-year fiscal cycle. While this would avoid the administrative work associated with transitioning to a July 1 through June 30 fiscal year, it would continue the time misalignment between UTA’s budget process and the State of Utah’s legislative appropriations, reporting, grant administration, and oversight cycles.
FISCAL IMPACT:
N/A
ATTACHMENTS:
Resolution CR2026-07-05