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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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TITLE:
title
R2023-10-04 - Resolution Adopting the Authority’s Tentative 2024 Budget
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2023-10-04 adopting the Agency’s Tentative 2024 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 11, 2023, the Board of Trustees heard a presentation on the 2024 Tentative Budget. The focus of the requested action is the resolution that provides for the adoption of the 2024 Tentative Budget and sets a public hearing for November 1, 2023 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 2024 Tentative Budget will be sent 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 1, 2023 with all comments provided to the Trustees.
On November 29, 2023, the Local Advisory Council will be given the opportunity to review the 2024 Tentative Budget and provide their advice to the Board of Trustees.
The 2024 Final Budget will be reviewed at the December 6, 2023 Board of Trustees meeting with adoption scheduled for the December 20, 2023 Board of Trustees meeting.
The detail of the 2024 Tentative Budget is provided in Exhibit A of the resolution and the attached 2024 Tentative Budget Document.
ALTERNATIVES:
The Board could choose to revise the proposed 2024 Tentative Budget. This would lengthen the approval process and potentially push approval into 2024.
FISCAL IMPACT:
The 2024 Tentative Budget proposes an Operating Expense Budget of $424,543,000 which is included in the total Operating Budget of $649,211,000 which also includes debt service, contribution to reserves and contribution to capital.
The proposed 2024 Capital Budget totals $230,433,000.
Should there be a delay in adopting the 2024 Final Budget, the 2024 Tentative Budget would serve as the adopted budget until the 2024 Final Budget is approved.
ATTACHMENTS:
1. Resolution R2023-10-04
2. 2024 Budget Public Hearing Notice
3. 2024 Tentative Budget Document