|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
Viola Miller, Chief Financial Officer |
|
PRESENTER(S): |
Viola Miller, Chief Financial Officer |
|
|
Nichol Bourdeaux, Chief Planning and Engagement Officer |
|
|
Brad Armstrong, Director, Budget and Financial Strategy |
TITLE:
title
2026 Budget Public Engagement Report AND R2025-12-03 - Resolution Adopting the Authority’s Final 2026 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2025-12-03 adopting the Agency’s Final 2026 Budget
BACKGROUND:
Each year, a final budget is brought forward to the Board of Trustees for adoption. The 2026 budget process included the development of a strategic framework, budget planning, evaluation of budget and financial plan assumptions, and the development, prioritization, and selection of budget initiatives and capital projects for inclusion in the 2026 budget.
The resulting Tentative Budget was presented and reviewed by the Board of Trustees and later adopted by the Board at its October 8, 2025 meeting. At its November 5, 2025 meeting, the Local Advisory Council reviewed and provided feedback on the Tentative Budget. The Council also reviewed the 5-year Capital Plan. The Tentative Budget was sent to Stakeholders and was open for public review and comment from October 8 to November 7, 2025.
At its December 3, 2025 meeting, the Board of Trustees reviewed and discussed the proposed Final 2026 Budget. The final Public Engagement Report containing all budget-related comments received from the public and stakeholders was included in the meeting packet and referenced in the December 3rd meeting. More discussion on the public engagement report will occur in the December 17th meeting. Approval of the resolution adopting the Final 2026 Budget is the last step in setting the budget for 2026.
DISCUSSION:
This resolution provides for the adoption of the Final 2026 Budget. Summary information about the Final 2026 Budget is provided in the Resolution’s Exhibits A, A-1, and A-2. More details are provided in the Final 2026 Budget Document attached to this meeting memo.
A list of proposed changes to the approved 2026 Tentative Budget was presented in detail to the Board on December 3, 2025 for their consideration and are included in the Final 2026 Budget Document for reference (Exhibits B, B-1 and B-2).
The Resolution’s Exhibits A and A-1 provide summary information for the operating and capital budgets.
Budgetary controls are based upon the classifications provided in this exhibit. Exhibit A-2 provides summary information for the operating budget by Office and Exhibit A-3 provides summary information for the operating budget by Mode.
Monthly financial reporting includes exhibits which provide budget versus actual financial reporting based upon these classifications.
The Final 2026 Budget Document provides detailed information for the operating and capital budgets.
ALTERNATIVES:
State law, Authority Bylaws, and Board Policy 2.3 require the Board to adopt a final budget prior to the end of the fiscal year.
The Board of Trustees may choose to revise or delay approval of the Final 2026 Budget.
FISCAL IMPACT:
The 2026 Operating and Capital Budgets and underlying 5-year financial plans are financially constrained. The 2026 Operating Budget is $488,582,000 and the 2026 Capital Budget is $339,213,000.
ATTACHMENTS:
1. R2025-12-03 - Resolution Adopting the Authority’s Final 2026 Budget, including:
a. Exhibits A and A-1 - Operating and Capital Budget Summaries
b. Exhibit A-2 - Operating Budget Summary by Office
c. Exhibit A-3 - Operating Budget Summary by Mode
2. Final 2026 Budget Document