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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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TITLE:
title
R2022-10-02 - Resolution Adopting the Authority’s Tentative 2023 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2022-10-02 adopting the Agency’s Tentative 2023 Budget as presented.
BACKGROUND:
Each year, and in compliance with state statute, the Board establishes a tentative budget for the next year and sets a public hearing at which interested parties may comment upon the tentative budget.
DISCUSSION:
On October 12, 2022, the Board of Trustees heard a presentation on the 2023 Tentative Budget. The focus of the requested action is the resolution that provides for the adoption of the 2023 Tentative Budget and sets a public hearing for November 10, 2022 at 5:30 p.m. at the Golden Spike Rooms of the Frontline Headquarters Building at 669 West 200 South in Salt Lake City.
Upon approval, the 2023 Tentative Budget will be mailed to the Governor’s office, Legislature, mayors, commissioners, metropolitan planning organizations, and others. It will also be made available to the public on UTA’s website and will be open for comment throughout the public comment period. The 30-day public comment period will conclude on December 10, 2022 with all comments provide to the Trustees.
On November 2, 2022, the Local Advisory Council will be given the opportunity to review the 2023 Tentative Budget and provide their advice to the Board of Trustees.
The 2023 Final Budget will be reviewed at the December 7, 2022 Board of Trustees meeting with adoption scheduled for the December 21, 2022 Board of Trustees meeting.
The detail of the 2023 Tentative Budget is provided in Exhibit A of the resolution.
ALTERNATIVES:
The Board could choose to revise the proposed 2023 Tentative Budget. This would lengthen the approval process and potentially push approval into 2023.
The Board could choose not to adopt the Tentative Budget.
FISCAL IMPACT:
Should there be a delay in adopting the 2023 Final Budget, the 2023 Tentative Budget would serve as the adopted budget until the 2023 Final Budget is approved.
ATTACHMENTS:
1. Resolution R2022-10-02
2. 2023 Tentative Budget Document
3. 2023 Budget Public Hearing Notice