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RTA CY2023 Operating and Capital Budget
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DESCRIPTION: RTA CY2023 Operating and Capital Budget |
AGENDA NO: |
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ACTION REQUEST: ☒ Approval ☐ Review Comment ☐ Information Only ☐ Other |
RECOMMENDATION:
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Authorize the Chief Executive Officer to implement the Operating, Non-Operating, Capital, and Debt Service Budget for the 2023 Calendar Year.
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ISSUE/BACKGROUND:
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Staff is submitting the CY2023 Operating, Non-Operating, Capital, and Debt Service Budget for approval.
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DISCUSSION:
The CY2023 Budget includes Operating and Capital expenditures that pursue the agency’s mission of providing safe and reliable transit service and a world-class rider experience to its customers. Highlighting this year’s budget are the following capital initiatives: (1) Design Downtown Transit Center ($2,000,000); (2) Continue planning Bus Rapid Transit (BRT) ($500,000).
FINANCIAL IMPACT:
The CY2023 Operating Budget includes revenues of $123,004,292 and expenses of $125,288,327. Operating revenues for CY2023 are increasing by 27.7% while operating expenses are increasing by 8.13% from the CY2022 Budget. TMSEL Legacy Costs of $2,869,943 for CY2023 have increased by 35.08% from CY2022 budgeted costs. Government operating assistance for CY2023 is expected to offer $34,185,851 in funding, offsetting the budget deficit largely created by the impact of COVID-19 on the transit system.
NEXT STEPS:
None
ATTACHMENTS:
1. RTA Board Resolution
2. Proposed CY2023 Budget
Prepared By: Divya Prem
Title: Budget Analyst II
Reviewed By: Gizelle Banks
Title: Chief Financial Officer
Reviewed By: Mark Major
Title: Deputy CEO Administration & Finance
12/7/2022
Alex Wiggins Date
Chief Executive Officer