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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, Chief Financial Officer |
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PRESENTER(S): |
Viola Miller, Chief Financial Officer |
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TITLE:
title
R2024-09-06 - Resolution Adopting the Authority’s Tentative 2025 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2024-09-06 adopting the Agency’s Tentative 2025 Budget as presented and setting a public hearing date of October 10, 2024
BACKGROUND:
The Utah Limited Purpose Local Government Entities - Special Districts Act prescribes the process by which the UTA Board of Trustees must enact a final budget for 2025 (See Utah Code §17B-1-701 et seq.). The Board of the Authority must first enact a tentative budget, and within thirty (30) days, hold a public hearing (Utah Code §17B-1-702). At the time of enactment of the tentative budget, the Board must distribute copies of the budget to constituent entities (Utah Code §17B-1-702(1)(b)). At the public budget hearing, the Board must explain the authority’s budget, answer any questions about it; specifically address any objections or questions raised by a constituent entity, or other attendee, and seek to resolve those objections (Utah Code § 17B-1-0(3)(c)). The Utah Public Transit District Act further requires the Board of the Authority consult with the Local Advisory Council on the budget (Utah Code §17B-2a-808.1(2)(c)).
In addition to statute, Board Policy 2.3-Budget outlines the requirements and format for the Authority’s budget, including the process for reviewing and approving the tentative and final budgets. The policy also authorizes a process for making technical budget adjustments or amendments to an approved budget.
DISCUSSION:
On September 11, 2024, the Board of Trustees heard a presentation on the 2025 Tentative Budget. The purpose of this meeting’s presentation is to request approval of the resolution to adopt the 2025 Tentative Budget and sets a public hearing for October 10, 2024, at 5:30 p.m. at the Golden Spike Rooms of the Frontline Headquarters Building located at 669 West 200 South in Salt Lake City. The 2025 Tentative Budget will include the Operating and Capital Budgets for the Authority.
Upon approval, the 2025 Tentative Budget will be sent to the Governor’s office, Legislature, mayors, commissioners, metropolitan planning organizations, and others. It will also be made available to the public on UTA’s website and will be open for comment throughout the public comment period. The public comment period will conclude on November 6, 2024, with all comments provided to the Trustees.
On November 6, 2024, the Local Advisory Council will be given the opportunity to review the 2025 Tentative Budget and provide their advice to the Board of Trustees.
The 2025 Final Budget will be reviewed at the November 13, 2024 Board of Trustees meeting with adoption scheduled for the December 4, 2024 Board of Trustees meeting.
The details of the 2025 Tentative Budget are provided in Exhibit A of the resolution and additional detail can be found in the supplementary 2025 Tentative Budget Document and Tentative Budget Summary which are also attached.
ALTERNATIVES:
The Board could choose to revise the proposed 2025 Tentative Budget. This would lengthen the approval process and potentially push approval into 2025.The Board could also choose not to adopt the Tentative Budget as presented.
FISCAL IMPACT:
The 2025 Tentative Budget proposes an Operating Expense Budget of $461,941,000 which is included in the total Operating Budget of $650,367,000 which also includes debt service, contribution to reserves and contribution to capital.
The proposed 2025 Capital Budget totals $ 330,231,000.
ATTACHMENTS:
1. Resolution R2024-09-06, including the 2025 Tentative Budget as an exhibit
2. 2025 Budget Public Hearing Notice
3. 2025 Tentative Budget Document
4. 2025 Tentative Budget Summary