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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, 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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Brad Armstrong, Director of Budget and Financial Strategy |
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Dan Hofer, Director of Capital Assets and Project Controls |
TITLE:
title
R2022-12-05 - Resolution Adopting the Authority’s Final 2023 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2022-12-05 adopting the Agency’s Final 2023 Budget
BACKGROUND:
Each year, a final budget is brought forward to the Board of Trustees for adoption. The 2023 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 2023 budget.
The resulting Tentative Budget was presented and reviewed by the Board of Trustees with Board adoption at its October 26, 2022 meeting. At its November 2, 2022 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 10 to December 10, 2022.
At its December 7, 2022 meeting, the Board of Trustees reviewed and discussed the proposed Final 2023 Budget and received the Public Hearing Report from UTA’s Hearing Officer. Approval of the resolution adopting the Final 2023 Budget is the last step in setting the budget for 2023.
DISCUSSION:
This resolution provides for the adoption of the Final 2023 Budget. Summary
information about the Final 2023 Budget is provided in the Resolution’s Exhibits A, A-1, and A-2. More detail is provided in the Final 2023 Budget Document attached to this meeting memo.
A list of proposed changes to the Tentative Budget Document was presented in detail to the Board on December 7, 2022 for consideration and are attached for reference (Attachments B and B-1 to this memo).
Following the Board’s approval of the Final 2023 Budget, staff will develop and distribute the Adopted Final 2023 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 2023 and thereafter will include an exhibit which provides budget versus actual financial reporting based upon these classifications.
The Final 2023 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 2023 Budget. If the Final 2023 Budget is not adopted by December 31, 2022, the Tentative 2023 Budget serves as the 2023 budget until the Final 2023 Budget is approved.
FISCAL IMPACT:
The 2023 Operating and Capital Budgets and underlying 5-year financial plans are financially constrained. The 2023 Operating Budget is $400,557,000 and the 2023 Capital Budget is $318,997,000.
ATTACHMENTS:
1. R2022-12-05 - Resolution Adopting the Authority’s Final 2023 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 2023 Budget Document
3. Final Public Comment Summary