TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager
SUBJECT: Fiscal Year 2021-22 Budget Development Process and Calendar
ACTION ITEM
RECOMMENDED ACTION(S):
Title
Consider approving of the FY 2021-22 Annual Budget Development Process and Calendar.
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
Having a budget development process calendar allows staff and Board to better understand how the timing of the budget process.
BUDGETARY/FISCAL IMPACT:
There is no budgetary or fiscal impact associated with this report.
BACKGROUND/RATIONALE:
Board Policy 311 (Budget Policy) requires that the Board of Directors approve a budget calendar no later than November 30th of each year which will include tentative dates for Board Workshop(s), public review, and Board approval of the budget. The Budget Policy provides for the Board of Directors to adopt a resolution by June 30th of each fiscal year approving a balanced District Budget for the following fiscal year, including the revision and approval of the corresponding Fiscal Year Goals, Objectives, and Performance Metric Targets.
The economic disruption caused by the COVID-19 pandemic and timing of a recovery is constantly changing and shaping how AC Transit responds. Additional financial analysis will be made available that takes into consideration evolving service level plans as well as changes in the level of revenue sources.
The proposed budget calendar is as follows:
|
Date |
Description |
|
November 12, 2020 |
Approval of the budget development process and calendar, pending review and discussion. |
|
April 14, 2021 |
Presentation of Draft FY 2021-22 Operating Budget, including an overview of the major assumptions and drivers to the Operating Revenues, Subsidies and Operating Expenses. |
|
May 26, 2021 |
Presentation of the Proposed Operating and Capital FY 2021-22 Budget including review of any adjustments to the Draft budgets. |
|
June 09, 2021 |
Presentation of the FY 2021-22 Recommended Budget including any adjustments to the proposed budget. Staff presents resolution for the Board to adopt the FY 2021-22 Operating and Capital Budgets. |
|
July 1, 2021 |
The Adopted FY 2021-22 Budget becomes effective. |
ADVANTAGES/DISADVANTAGES:
This report is being provided to request action from the Board per Board Policy 311.
ALTERNATIVES ANALYSIS:
None
PRIOR RELEVANT BOARD ACTION/POLICIES:
Board Policy 311 - Budgets
ATTACHMENTS:
None
Prepared by:
Richard Oslund, Budget Manager
Approved/Reviewed by:
Claudia L. Allen, Chief Financial Officer
Chris Andrichak, Acting Deputy Chief Financial Officer