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TO: |
Board of Trustees |
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THROUGH: |
Mary DeLoretto, Interim Executive Director |
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FROM: |
William Greene, Chief Financial Officer |
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PRESENTER(S): |
William Greene, Chief Financial Officer |
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TITLE:
title
R2021-12-08 - Resolution Ratifying the Adoption of the Final 2022 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2021-12-08 adopting the Agency’s Final 2022 Budget
BACKGROUND:
Each year, a final budget is brought forward to the Board of Trustees for adoption. The 2022 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 2022 budget.
The resulting Tentative Budget was presented and reviewed by the Board of Trustees with Board adoption at its October 27 meeting. At its November 17 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 3 to December 3, 2021.
At its December 8, 2021 meeting, the Board of Trustees reviewed and discussed the proposed Final 2022 Budget and received the Public Hearing Report from UTA’s Hearing Officer. Approval of the resolution adopting the Final 2022 Budget is the last step in setting the budget for 2022.
DISCUSSION:
This resolution provides for the adoption of the Final 2022 Budget. Summary
information about the Final 2022 Budget is provided in the Resolution’s Exhibits A and B. More detail is provided in the Tentative Budget Document previously approved by the Board at their October 27th board meeting.
A list of proposed changes to the Tentative Budget Document was presented in detail to the Board on December 8, 2021 for their consideration and are attached for reference (Attachment A).
Following the Board’s approval of the Final 2022 Budget, staff will develop and distribute the Adopted Final 2022 Budget Document.
The Resolution’s Exhibit A provides summary information for the operating and capital budgets. Budgetary controls are based upon the classifications provided in this exhibit. Exhibit B provides summary information for the operating budget by Office.
Monthly financial reporting for January 2022 and thereafter will include an exhibit which provides budget versus actual financial reporting based upon these classifications.
The Final 2022 Budget Book will provide detailed information for the operating and
capital budgets.
ALTERNATIVES:
The Board of Trustees may choose to revise or delay approval of the Final 2022 Budget. If the Final 2022 Budget is not adopted by December 31, 2021, the Tentative 2022 Budget serves as the 2022 budget until the Final 2022 Budget is approved.
FISCAL IMPACT:
Approving the Final 2022 Budget establishes operating and capital budgets for 2022 and supporting 5-year plans.
ATTACHMENTS:
1. R2021-12-08 - Resolution Ratifying the Adoption of the Final 2022 Budget, including:
a. Exhibit A - Operating and Capital Budget Summaries
b. Exhibit B - Operating Budget Summary by Office
2. Attachment A - Proposed changes to Tentative 2022 Budget Document