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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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Brad Armstrong, Director, Budget and Financial Strategy |
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Megan Waters, Community Engagement Director |
TITLE:
title
R2024-12-04 - Resolution Adopting the Authority’s Final 2025 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2024-12-04 adopting the Agency’s Final 2025 Budget
BACKGROUND:
Each year, a final budget is brought forward to the Board of Trustees for adoption. The 2025 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 2025 budget.
The resulting Tentative Budget was presented and reviewed by the Board of Trustees with Board adoption at its September 25, 2024 meeting. At its November 6, 2024 meeting, the Local Advisory Council reviewed and provided feedback on the Tentative Budget. The Council also approved the 5-year Capital Plan and recommended its adoption by the Board. The Tentative Budget was sent to Stakeholders and was open for public review and comment from October 7 to November 6, 2024.
At its November 13, 2024 meeting, the Board of Trustees reviewed and discussed the proposed Final 2025 Budget. Approval of the resolution adopting the Final 2025 Budget is the last step in setting the budget for 2025.
DISCUSSION:
This resolution provides for the adoption of the Final 2025 Budget. Summary information about the Final 2025 Budget is provided in the Resolution’s Exhibits A, A-1, and A-2. More detail is provided in the draft Final 2025 Budget Document attached to this meeting memo.
A list of proposed changes to the approved 2025 Tentative Budget was presented in detail to the Board on November 13, 2024 for their consideration and are attached for reference (Attachments B, B-1 and B-2 to this memo).
A final Public Engagement Report is attached for reference and will be presented for discussion at the meeting.
Following the Board’s approval of the Final 2025 Budget, staff will finalize and distribute the Adopted Final 2025 Budget Document.
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 for January 2025 and thereafter will include exhibits which provide budget versus actual financial reporting based upon these classifications.
The Final 2025 Budget Document will provide 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 2025 Budget.
FISCAL IMPACT:
The 2025 Operating and Capital Budgets and underlying 5-year financial plans are financially constrained. The 2025 Operating Budget is $464,509,000 and the 2025 Capital Budget is $330,231,000.
ATTACHMENTS:
1. R2024-12-04 - Resolution Adopting the Authority’s Final 2025 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. Exhibits B, B-1 and B-2 - Proposed changes to Tentative 2025 Budget Document
3. Draft Final 2025 Budget Document
4. Final Public Engagement Report