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RTA CY2025 Operating and Capital Budget
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DESCRIPTION: RTA CY2025 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 2025 Calendar Year.
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ISSUE/BACKGROUND:
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Submitting the CY2025 Operating, Non-Operating, Capital, and Debt Service Budget for approval.
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DISCUSSION:
The CY2025 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) Zero-Emission, Resilient Fleet ($11.9 million); (2) Algiers Ferry Barges Replacement ($10.4 million); (3) BRT East-west corridor ($6.5 million); (4) Algiers Ferry Buildings Renovation ($6.4 million).
FINANCIAL IMPACT:
The CY2025 Operating Budget includes revenues of $124,513,839 and expenses of $139,794,627. Operating revenues for CY2025 are increasing by .12% while operating expenses are increasing by 1.87% from the CY2024 Budget. TMSEL Legacy Costs of $1,520,331 for CY2025 have decreased by 20.07% from CY2024 budgeted costs. Government operating assistance for CY2025 is expected to offer $28,112,730 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 CY2025 Budget
3. Five Year Capital Investment Program 2025-2029
Prepared By: Jessica M. Lang
Title: Business Analyst
Reviewed By: Gizelle Johnson-Banks
Title: Chief Financial Officer
12/9/2024
Lona Edwards Hankins Date
Chief Executive Officer