Operating Budget Stability
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- Giles Harris
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1 Operating Budget Stability March Financial Update Report to
2 Agenda Executive Summary March Performance Against FY16 Budget March Performance Against Same Period Last Year Appendix Financial Detail: March Performance Against FY16 Budget and Recast Financial Detail: March Performance Against Same Period Last Year Revenue Detail: Own-Source, Fare Collection and Sales Tax 2
3 Executive Summary Structural deficit is 45 (78M) below budget and 39 (62M) below FY15 YTD March has maintained a low rate of operating expense growth at YTD compared with FY15 Operating expense controlled by active management of employee costs (5 below budget) and Materials & Services expenses (15 below budget) Own-Source revenues are up 43 (12.4M) over FY15 YTD 3
4 Agenda Executive Summary March Performance Against FY16 Budget March Performance Against Same Period Last Year Appendix Financial Detail: March Performance Against FY16 Budget and Recast Financial Detail: March Performance Against Same Period Last Year Revenue Detail: Own-Source, Fare Collection and Sales Tax 4
5 March Performance Against FY16 Budget Structural deficit has been reduced by 45.1 (78.1M) YTD (M) MARCH PERFORMANCE AGAINST FY16 BUDGET BUDGET REVENUES Operating Revenues Non-Operating Revenues (3.2) (0.4) Total Revenues 1, , EXPENSES Wages, Benefits and Payroll Taxes (27.7) (4.8) Non-Wage (39.7) (6.6) Operating Expenses 1, ,107.6 (67.3) (5.7) Debt Service (8.1) (2.4) Total Expenses 1, ,440.8 (75.4) (5.0) Structural Deficit (173.4) (95.3) 78.1 (45.1) Fare Recovery Ratio Note: March structural deficit higher than year-end deficit due to timing of incurred revenues and expenses; Still on track to hit target FY16 recast 5
6 March Performance Against FY16 Budget Structural deficit has been reduced by 78M YTD March Budget to Actual Structural Deficit 200M 173.4M YTD Improvement of 78M 150M 100M -67.3M -2.8M -8.1M 95.3M 50M 0M Budget (9 months) Cost control Revenue Expansion Debt Service Actual (9 months) Source: MBTA Internal Data. Analysis above excludes revenue from monthly FY16 Additional Assistance payments (forecast at 187M for full FY16). 6
7 March Performance Against FY16 Budget Revenues have exceeded budget by 0.2 (2.8M), driven by Own-Source growth Total Revenues - Budget vs. Actual Comparison M 600M 500M Budget (9 months) Actual (9 months) 400M 300M 200M 100M 0M Fare Revenue Own-Source Revenue Sales Tax Local Assessments Other Income Total Variance Variance 0.1M 5.9M 0.8M 0.0M -4.0M 2.8M Source: MBTA Internal Data 7
8 March Performance Against FY16 Budget Operating expenses are under budget by 5.7 (67.3M), due to decreases across the Authority Operating Expense (Excluding Debt Service) Budget vs. Actual Comparison 400M 300M Budget (9 months) Actual (9 months) 200M M 0M Variance Variance Wages & OT Other Employee Costs Materials, Supplies & Services Commuter Rail The RIDE & Local Service Financial & Insurance Total -12.7M -15.0M -30.4M -1.3M -6.6M -1.5M -67.3M Note: Lower energy costs contributed 15.5M of the 67.3M operating expense positive variance against budget (5.4M CR fuel; 3.4M bus fuel; 6.7M power/utilities). Source: MBTA Internal Data 8
9 Agenda Executive Summary March Performance Against FY16 Budget March Performance Against Same Period Last Year Appendix Financial Detail: March Performance Against FY16 Budget and Recast Financial Detail: March Performance Against Same Period Last Year Revenue Detail: Own-Source, Fare Collection and Sales Tax 9
10 March Performance Against Same Period Last Year Structural deficit is down 39.3 (61.6M) YTD from FY15 MARCH PERFORMANCE AGAINST SAME PERIOD LAST YEAR (M) FY15 YTD REVENUES Operating Revenues Non-Operating Revenues Total Revenues 1, , EXPENSES Wages, Benefits and Payroll Taxes Non-Wage (9.1) (1.6) Operating Expenses 1, ,107.6 (4.8) (0.4) Debt Service Total Expenses 1, , Structural Deficit (156.8) (95.3) 61.6 (39.3) Fare Recovery Ratio Note: March structural deficit higher than year-end deficit due to timing of incurred revenues and expenses; MBTA still on track to hit target FY16 recast 10
11 Revenue March Performance Against Same Period Last Year Total revenue has increased 5.2 (66.3M) YTD Total Revenue - vs. FY15 YTD 800M FY15 YTD Actual (9 months) Actual (9 months) 600M M 200M 0M Sales Tax Fare Revenue Local Assessments Own-Source 6 20 Other Income* Total Change Change 32.9M 8.3M -0.8M 12.4M 13.4M 66.3M *GLX Mitigation income from Mass DOT Source: MBTA Internal Data 11
12 Revenue March Performance Against Same Period Last Year Own-Source revenue is up 39.8 (11.7M) YTD due to advertising and recurring real estate Own-Source Revenue - vs. FY15 YTD 15 15M FY15 YTD Actual (9 months) Actual (9 months) 13 10M 8 9 5M Change 0M Change Advertising Parking Recurring Real Estate Total 3.9M 5.1M 3.3M 12.3M Note: Parking booked a large snow removal charge in March 2015 causing a large gap between FY15 and FY16 Source: MBTA Internal Data 12
13 Operating Expense March Performance Against Same Period Last Year Operating expense growth near zero over first 9 months Operating Expense (Excluding Debt Service) Year-on-year growth rate: ,250M 1,000M 1,112M 1,108M 750M 500M 250M 0M FY15 YTD Actual (9 months) Actual (9 months) Source: MBTA Internal Data 13
14 Operating Expense March Performance Against Same Period Last Year Total Expenses (Including Debt Service) up 0.3 (4.8M) YTD Total Expenses (Including Debt Service) - vs. FY15 YTD 600M FY15 YTD Actual (9 months) Actual (9 months) 400M M 0M Change Change Wages & Benefits Materials & Services Keolis The Ride & Local Service Insurance Debt Service and Financial Svcs. Total 4.3M -11.9M -7.5M 9.7M 0.7M 9.5M 4.8M Source: MBTA Internal Data 14
15 Operating Expense March Performance Against Same Period Last Year Employee costs up 0.8 (4.3M) YTD, with wage increases offset by lower overtime Total Employee Costs - vs. FY15 YTD Change in employee costs 4.3M 400M FY15 YTD Actual (9 months) Actual (9 months) Wages Overtime 9.9M (8.5M) 300M Fringe expense 2.8M 200M Payroll taxes 0.1M 100M M Wages Overtime Pension and Other Fringe Payroll Taxes Change Change Total 9.9M -8.5M 2.8M 0.1M 4.3M Source: MBTA Internal Data 15
16 Operating Expense March Performance Against Same Period Last Year Materials and services costs down 6.5 (11.9M) Materials and Services - vs. FY15 YTD 100M 75M 50M FY15 YTD Actual (9 months) Actual (9 months) Change in Materials and Services Services (11.9M) 2.1M Computer services 2.5 Contract cleaning (0.8) Engineering 3.2 Utilities (5.2) Temporary help 1.3 Other services M 0M Change Change Services Materials & Supplies Insurance 4 4 Financial Service Charges Total 2.1M -14.0M 0.6M 0.1M -11.3M Materials and Supplies (14.0M) Equipment components (11.1) Fuel (1.9) Maint. supplies/other materials (1.1) Insurance Financial Service Charges 0.6M 0.1M Source: MBTA Internal Data 16
17 Agenda Executive Summary March Performance Against FY16 Budget March Performance Against Same Period Last Year Appendix Financial Detail: March Performance Against FY16 Budget and Recast Financial Detail: March Performance Against Same Period Last Year Revenue Detail: Own-Source, Fare Collection and Sales Tax 17
18 March Performance Against FY16 Budget MBTA remains on track to reach year-end 95M Structural Deficit; Deficit higher than recast in March due to timing of incurred revenues and expenses MARCH PERFORMANCE AGAINST FY16 BUDGET MARCH PERFORMANCE AGAINST FY16 RECAST (M) BUDGET RECAST REVENUES Operating Revenues Non-Operating Revenues (3.2) (0.4) (16.8) (2.0) Total Revenues 1, , , ,345.6 (12.9) (0.9) EXPENSES Wages, Benefits and (27.7) (4.8) (3.6) (0.6) Payroll Taxes Non-Wage (39.7) (6.6) (1.0) (0.2) Operating Expenses 1, ,107.6 (67.3) (5.7) 1, ,107.6 (4.5) (0.4) Debt Service (8.1) (2.4) (1.9) (0.6) Total Expenses 1, ,440.8 (75.4) (5.0) 1, ,440.8 (6.4) (0.4) Structural Deficit Fare recovery ratio (173.4) (95.3) 78.1 (45.1) (88.8) (95.3) (6.5)
19 Appendix Financial Detail: March Performance Against FY16 Budget and Recast Total Revenues are above budget by 0.2 (2.8M) MARCH PERFORMANCE AGAINST FY16 BUDGET MARCH PERFORMANCE AGAINST FY16 RECAST (M) BUDGET RECAST OPERATING Fares, all modes Own-Source Operating NON-OPERATING Sales Tax Local Assessment (20.3) (20.0) Other (4.0) (17.1) (3.7) (15.9) Non-Operating (3.2) (0.4) (16.8) (2.0) Total Revenues 1, , , ,345.6 (12.9) (0.9) Fare recovery ratio
20 Appendix Financial Detail: March Performance Against FY16 Budget and Recast Employee expenses are below budget by 4.8 (27.7M) WAGES (M) MARCH PERFORMANCE AGAINST FY16 BUDGET BUDGET MARCH PERFORMANCE AGAINST FY16 RECAST RECAST Regular Wages (17.8) (5.0) Overtime (3.7) (10.1) Wages (12.7) (3.3) (3.6) (0.9) Pension* (3.3) (5.4) BENEFITS AND TAXES Health (8.1) (9.7) (0.7) (0.9) Retiree Health Health & Welfare Fund (0.2) (1.7) Other Fringes (1.5) (17.4) (0.1) (0.9) Payroll Taxes (2.0) (6.5) Benefits and taxes (15.0) (7.8) Total Wages, Benefits, Taxes (27.7) (4.8) (3.6) (0.6) *Pension includes Main Fund, Police, Deferred Compensation Supplement, 401(a) MBTA Match 20
21 Appendix Financial Detail: March Performance Against FY16 Budget and Recast Total Non-Wage Expenses are below budget by 6.6 (39.7M) [pp. 1/2] MARCH PERFORMANCE AGAINST FY16 BUDGET MARCH PERFORMANCE AGAINST FY16 RECAST (M) BUDGET RECAST Materials (7.1) (13.6) (4.2) (8.5) MATERIALS AND SERVICES Services (11.8) (16.1) (0.4) (0.7) Fuel (3.4) (17.7) Utilities (6.7) (16.6) Contract Cleaning Materials and Services (1.4) (7.5) (1.1) (5.9) (30.4) (14.9) (3.6) (2.1) INSURANCE Insurance (1.0) (8.4) (1.1) (9.4) 21
22 Appendix Financial Detail: March Performance Against FY16 Budget and Recast Total Non-Wage Expenses are below budget by 6.6 (39.7M) [pp. 2/2] MARCH PERFORMANCE AGAINST FY16 BUDGET MARCH PERFORMANCE AGAINST FY16 RECAST (M) BUDGET RECAST COMMUTER RAIL Fixed Price (0.0) Extra Work and Services Fuel (5.4) (17.6) Commuter Rail (1.3) (0.4) LOCAL SERVICE THE RIDE (6.3) (7.8) (1.2) (1.5) Ferry (0.1) (1.4) LSS Other (0.1) (4.3) (0.0) (1.2) Local Service (6.6) (7.0) (1.2) (1.4) OTHER Financial Service Charges (0.5) (10.6) (0.3) (6.3) Non-Wage Expenses: (39.7) (6.6) (1.0) (0.2) 22
23 Appendix Financial Detail: March Performance Against FY16 Budget and Recast Debt Service expense is below budget by 2.4 (8.1M) MARCH PERFORMANCE AGAINST FY16 BUDGET MARCH PERFORMANCE AGAINST FY16 RECAST (M) BUDGET RECAST Interest (7.0) (3.9) (1.9) (1.1) DEBT SERVICE Principal (1.0) (0.6) (0.0) Lease (0.0) (0.8) (0.0) (0.0) Debt Service (8.1) (2.4) (1.9) (0.6) 23
24 Agenda Executive Summary March Performance Against FY16 Budget March Performance Against Same Period Last Year Appendix Financial Detail: March Performance Against FY16 Budget and Recast Financial Detail: March Performance Against Same Period Last Year Revenue Detail: Own-Source, Fare Collection and Sales Tax 24
25 Appendix Financial Detail: March Performance Against Same Period Last Year Total Revenues are above FY15 YTD by 5.2 (66.3M) MARCH PERFORMANCE AGAINST SAME PERIOD LAST YEAR OPERATING (M) FY15 YTD EXPLANATION Fares, all modes Ridership improvement Own-source Operating Stronger advertising and real estate proceeds NON-OPERATING Sales Tax ~11M in difference between FY16 and FY15 due to increase in Base Tax Revenue; ~10M due to timing of booked revenue; timing discrepancy to be corrected in March Local Assessment (0.8) (1.0) Higher statutory amount Other Non-Operating Federal preventative maintenance funds GLX mitigation income Total Revenues 1, , Fare recovery ratio
26 Appendix Financial Detail: March Performance Against Same Period Last Year Total Wage, Benefit and Tax expenses are below FY15 YTD by 0.8 (4.3M) MARCH PERFORMANCE AGAINST SAME PERIOD LAST YEAR (M) FY15 YTD EXPLANATION WAGES BENEFITS AND TAXES Regular Wages Collective bargaining increases Overtime (8.5) (20.5) Storm overtime down Wages Pension* Health (2.7) (3.5) GIC cost control Retiree Health Health & Welfare Fund Tied to higher wage spending and higher contribution rate GIC cost control (2.1) (19.2) Higher participation rates Other Fringes Payroll Taxes FICA tied to wages Benefits and taxes Total Wages, Benefits and Taxes *Pension includes Main Fund, Police, Deferred Compensation Supplement, 401(a) MBTA Match 26
27 Appendix Financial Detail: March Performance Against Same Period Last Year Non-Wage Expenses are below FY15 YTD by 1.6 (9.1M) [pp. 1/2] MARCH PERFORMANCE AGAINST SAME PERIOD LAST YEAR (M) FY15 YTD EXPLANATION MATERIALS AND SERVICES Materials (12.1) (21.1) Services Fuel (1.9) (10.7) Bus fuel savings Equipment components and maintenance supplies Computer engineering, temporary help, consulting services Utilities (5.3) (13.7) Electricity and traction power savings Contract Cleaning Materials and Services (0.8) (4.1) Contractual (11.9) (6.5) INSURANCE Insurance Added underground station coverage 27
28 Appendix Financial Detail: March Performance Against Same Period Last Year Non-Wage Expenses are below FY15 YTD by 1.6 (9.1M) [pp. 2/2] MARCH PERFORMANCE AGAINST SAME PERIOD LAST YEAR (M) FY15 YTD EXPLANATION COMMUTER RAIL Fixed Price Contractual increases Extra Work and Services (19.9) (41.4) Contractual increases Fuel (2.2) (8.0) Train fuel prices Commuter Rail (7.5) (2.6) LOCAL SERVICE THE RIDE Contractual increases Ferry Contractual increases LSS Other Contractual increases Local Service OTHER Financial Service Charges Credit Card fees from higher fare revenue Non-Wage Expenses: (9.1) (1.6) 28
29 Appendix Financial Detail: March Performance Against Same Period Last Year Debt Service Expense is below FY15 YTD by 2.9 (9.5M) MARCH PERFORMANCE AGAINST SAME PERIOD LAST YEAR (M) FY15 YTD EXPLANATION Interest (8.5) (4.7) Contractual per amortization schedule DEBT SERVICE Principal Contractual per amortization schedule Lease (0.3) (7.5) Contractual per amortization schedule Debt Service
30 Agenda Executive Summary March Performance Against FY16 Budget March Performance Against Same Period Last Year Appendix Financial Detail: March Performance Against FY16 Budget and Recast Financial Detail: March Performance Against Same Period Last Year Revenue Detail: Own-Source, Fare Collection and Sales Tax 30
31 Appendix Revenue Detail: Own-Source Own-Source revenues are above FY15 YTD by 42.7 (12.3M) March PERFORMANCE AGAINST SAME PERIOD LAST YEAR (M) FY15 YTD EXPLANATION OWN-SOURCE REVENEUE Advertising Parking Recurring Real Estate (nonparking) Own-Source revenue Steady static advertising growth, maturity of digital urban panels Decrease in snow removal expense from FY15 due to better weather 31
32 Appendix Revenue Detail: Own-Source Recurring Real Estate revenues are above FY15 by 35.1 (3.3M) March Performance Against Same Period Last Year (9 MONTHS) (M) FY15 YTD EXPLANATION RECURRING REAL ESTATE REVENEUE Massport (airport) shuttle Consistent with prior year South Station Intermodal+CR Net MRG (Mass Realty Group) (See Below) Revenue Land Rental Renegotiation of contract Utilities Consistent with prior year Telecom Renegotiation of contract Concessions (0.2) (10.5) Lease expirations Advertising New lease rollout MRG fees and expenses (3.8) (3.2) Recurring Real Estate Revenue
33 Appendix Revenue Detail: Fare Collection Fare revenue is up 1.8 (8.3M) YTD Fare Revenue - vs. FY15 YTD 300M M FY15 YTD Actual (9 months) Actual (9 months) 200M 150M M 50M Change Change 0M Subway, Bus, Ferry, RIDE 0.7M Commuter Rail (Unallocated) 7.6M Total 8.3M Note: Chart above shows unallocated commuter rail revenue, prior to CTPS allocation for linked trips to other modes. Source: MBTA Internal Data 33
34 Commuter Rail Revenue Overview Commuter rail revenue is up 5 over FY15, and up 11 from FY14 YTD (9 months) Commuter Rail Fare Revenue (Unallocated) 200M 154M 150M 146M 162M YTD Commuter Rail Revenue Growth (9 months) FY16 / FY15: 5 FY16 / FY14: M 50M 0M FY14 YTD Actual (9 months) FY15 YTD Actual (9 months) Actual (9 months) Note: Chart above shows unallocated commuter rail revenue, prior to CTPS allocation for linked trips to other modes. Subway, Bus, Ferry, RIDE revenue includes all adjustments to total fare revenue Source: MBTA Internal Data 34
35 Commuter Rail Revenue Overview Commuter rail fare revenue could reach 215M in FY16 Total annual (12 month) unallocated commuter rail revenue: FY12: 152M FY13: 186M FY14: 196M FY15: 205M Mar FY16 TTM: 212M If current growth trend continues (5 year-on-year), FY16 commuter rail revenue could reach 215M by fiscal-year end 35
36 Commuter Rail Revenue Overview Monthly trend in commuter rail revenue has been positive Monthly MBTA Commuter Rail Revenue (Unallocated) YTD FY16/FY15 Growth: 5 20M 15M Average 17.3M 10M 5M 0M Dec14 Jan15 Feb15 Mar15 Apr15 May15 Jun15 Jul15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 Feb16 Mar16 Year-over Year Growth Note: Chart above shows unallocated commuter rail revenue, prior to CTPS allocation for linked trips to other modes. Source: MBTA Internal Data 36
37 Commuter rail revenue is up 4.9 for the first 9 months of FY16 Commuter Rail Fare Revenue (Unallocated) Monthly Revenue Growth Rate over FY YTD FY16/FY Growth: Jul16 Aug16 Sep16 Oct16 Nov16 Dec16 Jan16 Feb16 Mar16 Commuter Rail Revenue (Unallocated) - Monthly Growth Rate Note: Chart above shows unallocated commuter rail revenue, prior to CTPS allocation for linked trips to other modes. Source: MBTA Internal Data 37
38 Subway, Bus, Ferry & RIDE total revenue is level for the first 9 months Monthly Subway, Bus, Ferry & RIDE Revenue YTD FY16/FY15 Growth: M 30M Average 32.8M 20M 10M 0M Dec14 Jan15 Feb15 Mar15 Apr15 May15 Jun15 Jul15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 Feb16 Mar16 Note: Includes adjustments to total fare revenue Source: MBTA Internal Data Year-over Year Growth
39 Appendix Revenue Detail: Sales Tax Dedicated sales tax up 5.6 over FY15 YTD Sales and Use Tax Collections (Exclusive of Meals) dedicated to MBTA* YTD FY16/FY15 Growth: M FY15 FY16 80M 60M M 20M 0M Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Growth (month-on-month) *MBTA receives 16 of Sales and Use Tax Collections excluding Meals Tax ^Does not include 160M in annual additional dedicated revenue Source: MBTA Internal Data; MA Monthly Revenue Collection 39
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