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RTA CY2024 Operating and Capital Budget
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DESCRIPTION: RTA CY2024 Operating and Capital Budget |
AGENDA NO: Click or tap here to enter text. |
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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 2024 Calendar Year.
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ISSUE/BACKGROUND:
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Submitting the CY2024 Operating, Non-Operating, Capital, and Debt Service Budget for approval.
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DISCUSSION:
The CY2024 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 ($3.08 million); (2) Begin design and environmental review for Bus Rapid Transit (BRT) ($3.50 million); (3) Design and start buildout for UPT Administration Office ($1.62 million); (4) Design of 6 new transit hubs ($1 million).
FINANCIAL IMPACT:
The CY2024 Operating Budget includes revenues of $124,359,134 and expenses of $137,222,542. Operating revenues for CY2024 are increasing by 1.1% while operating expenses are increasing by 9.5% from the CY2023 Budget. TMSEL Legacy Costs of $1,902,018 for CY2024 have decreased by 33.7% from CY2023 budgeted costs. Government operating assistance for CY2024 is expected to offer $22,755,984 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 CY2024 Budget
3. Five Year Capital Investment Program 2024-2028
Prepared By: Jessica M. Lang
Title: Finance Administrative Analyst
Reviewed By: Gizelle Johnson-Banks
Title: Chief Financial Officer
12/5/2023
Lona Edwards Hankins Date
Chief Executive Officer