Financial Report Fiscal Year 2018

Transcription

1 Financial Report Fiscal Year 2018 Year to Date July 31, 2018 Presented on September 17,

2 Major Highlights Revenue FY2018 sales tax revenue budgeted at 2.5% growth over FY2017 Sales tax remittances received YTD June 2018 are 5.0% higher than YTD June 2017 Capital contributions and grants are below budget due to timing of processing eligible paid expenses Operating Expenses $192.5 million expended to date, or 77% of full year budget Year to date diesel cost of $2.01 per gallon is in-line with budgeted rate of $2.00 per gallon Capital Projects FY2018 capital project budget of $151.5 million $55.0 million expended to date, or 36.3% of full year budget Positive Train Control Bus Replacements 17 Transit Buses $25.8 million outstanding commitments have been issued, or 17% of full year budget Positive Train Control, TIGER Grant Project, MetroRapid and Intelligent Transportation System 2

3 Revenue $' Million Category FY18 Jul YTD Actual FY18 Full Year Budget % of Budget Sales Tax $199.1 $ % Comments Jun year-to-date positive variance of $4.6M Oct - Apr actual receipts; May - Jun accrued Passenger Fares % $1.6M estimated full-year negative fare variance Third Party Fares % Freight Railroad Revenue % 45G railroad tax credit - $570K positive variance Other Revenue % $1.5M estimated full-year positive investment income variance Operating Contributions and Grants % Capital Contributions and Grants % Timing of processing eligible paid expenses and projects delayed to FY2019 Total $265.9 $ % 3

4 Actual Sales Tax Receipts $ M Total $221.3M $228.7M $180.8M 4

5 Sales Tax Trend 5 6 Month Annual Growth 2.0% 6 Month Annual Growth 3.5% 6 Month Annual Growth 7.1%

6 Sales Tax Rolling Average Trend 6

7 Job Growth Trend 7

8 Operating Expense $' Million Category FY18 Jul YTD Actual FY18 Full Year Budget % of Budget Comments Salaries and Benefits $33.6 $ % Professional Services % Timing of spending on contracts Materials and Supplies % Fuel and Fluids % $635K favorable volume variance - $2.01 per gallon actual cost Utilities % Insurance % Timing of premium payments Purchased Transportation % $1.4M favorable for Rail DMU overhaul shift to FY19; $1.4M favorable due to lower Fixed Route hours Lease/Rentals % Other Expenses % Timing of software contract expense and unspent contingency Total $192.5 $ % 8

9 Reserve, Allocated & Restricted Funds Reserve Funds Allocated & Restricted Funds *Budget Stabilization reserve needs to grow to 1 month of operating expenses Shortfall currently $6.8 million Notes: Additional funding was allocated to the statutory operating and budget stabilization reserves based on the board approved funding formula. The statutory operating reserve equals 2 months of FY2017 operating expenses. Contributions to the budget stabilization reserve began in February 2016 with $7 million reserved in FY2016 and $3 million in FY2017. An additional contribution of $3 million is budgeted for FY2018 in quarterly installments of $750,000 offset by board approved spending of $2 million for Downtown Station Storm Water Improvements. Funds for capital investment are required to help address extensive capital needs. The capital budget for FY2018 is $152 million, with $69 million funded by FY2018 income and $83 million from reserves. Due to project delays $60 million of the FY2017 capital budget was carried forward to FY2018. These capital improvements are needed to get caught up with the state of good repair of the community's transit infrastructure and to be in compliance with Federal regulations. 9

10 Capital Projects Summary $'000 Project Category Expended Outstanding Commitments Budget Expended & Committed as % of Budget Comments Commuter Rail $29,257 $4,468 $54, % Positive Train Control Vehicles 8, , % Bus Replacements - 17 Transit Buses Information Technology 2,707 2,332 10, % Data Center Modernization; Intelligent Transportation Systems Project Real Estate 1-2, % Facilities 12,510 17,906 51, % TIGER Grant Project; New bus stops for Cap Remap Freight Railroad , % Property and Asset Mgmt , % Contingency - - 4, % Strategic Planning - - 5, % Security , % Total $54,961 $25,762 $151, % Outstanding commitments are for the purchase orders that have been issued. 10

11 Questions/Discussion 11