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Report ID: 20-431   
Type: Consent
Meeting Body: Board of Directors - Regular Meeting
Meeting Date: 11/12/2020 Final action: 11/12/2020
Recommended Action: Consider approving of the FY 2021-22 Annual Budget Development Process and Calendar.
Attachments: 1. STAFF REPORT, 2. Master Minute Order

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