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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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Dan Hofer, Director, Capital Assets and Project Controls |
TITLE:
title
R2023-12-06 - Resolution Adopting the Authority’s Final 2024 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2023-12-06 adopting the Agency’s Final 2024 Budget
BACKGROUND:
Each year, a final budget is brought forward to the Board of Trustees for adoption. The 2024 budget development 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 2024 budget.
The resulting Tentative Budget was presented and reviewed by the Board of Trustees with Board adoption at its October 25, 2023 meeting. At its November 29, 2023 meeting, the Local Advisory Council reviewed 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 November 1 to December 1, 2023.
At its December 6, 2023 meeting, the Board of Trustees reviewed and discussed the proposed Final 2024 Budget and received the Public Engagement Report from UTA’s Hearing Officer. Approval of the resolution adopting the Final 2024 Budget is the last step in setting the budget for 2024.
DISCUSSION:
This resolution provides for the adoption of the Final 2024 Budget. Summary information about the Final 2024 Budget is provided in the Resolution’s Exhibits A, A-1, and A-2. More detail is provided in the preliminary Final 2024 Budget Document attached to this meeting memo (the final document will be published after adoption of the budget).
A list of proposed changes to the Tentative Budget Document was presented in detail to the Board on December 6, 2023 for their consideration and are attached for reference (Attachments B and B-1 to this memo).
Following the Board’s approval of the Final 2024 Budget, staff will finalize and distribute the Adopted Final 2024 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.
Monthly financial reporting for January 2024 and thereafter will include an exhibit which provides budget versus actual financial reporting based upon these classifications.
The Final 2024 Budget Document will provide detailed information for the operating and capital budgets.
ALTERNATIVES:
State law and the Authority Bylaws 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 2024 Budget. If the Final 2024 Budget is not adopted by December 31, 2023, the Tentative 2024 Budget serves as the 2024 budget until the Final 2024 Budget is approved.
FISCAL IMPACT:
The 2024 Operating and Capital Budgets and underlying 5-year financial plans are financially constrained. The 2024 Operating Budget is $425,512,000 and the 2024 Capital Budget is $230,433,000.
ATTACHMENTS:
1. R2023-12-06 - Resolution Adopting the Authority’s Final 2024 Budget, including:
a. Exhibits A and A-1 - Operating and Capital Budget Summaries
b. Exhibit A-2 - Operating Budget Summary by Office
2. Exhibits B and B-1 - Proposed changes to Tentative 2024 Budget Document
3. Preliminary Draft - Final 2024 Budget Document
4. Final Public Engagement Report