SUBJECT:
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Approval of Capital Metro’s Budget and Financial Planning Policy.
end
FISCAL IMPACT:
This action has no fiscal impact.
STRATEGIC PLAN:
Strategic Goal Alignment:
☐ 1. Customer ☐ 2. Community
☒ 3. Workforce ☐ 4. Organizational Effectiveness
Strategic Objectives:
☐ 1.1 Safe & Reliable Service ☐1.2 High Quality Customer Experience ☐ 1.3 Accessible System
☐ 2.1 Support Sustainable Regional Growth ☐ 2.2 Become a Carbon Neutral Agency
☐ 2.3 Responsive to Community and Customer Needs ☐ 2.4 Regional Leader in Transit Planning
☐ 3.1 Diversity of Staff ☐ 3.2 Employer of Choice ☐ 3.3 Expand Highly Skilled Workforce
☒ 4.1 Fiscally Responsible and Transparent ☐ 4.2 Culture of Safety ☐ 4.3 State of Good Repair
EXPLANATION OF STRATEGIC ALIGNMENT: The policies adopted by the Board of Directors provide strategic direction to the President & CEO and Capital Metro with regard policy matters within the purview of the Board.
BUSINESS CASE: Periodic review and updates to policies adopted by the Board of Directors are prudent in order to ensure that they meet the ongoing needs of Capital Metro.
COMMITTEE RECOMMENDATION: This item was presented and recommended for approval by the Finance, Audit and Administration Committee on October 12, 2022.
EXECUTIVE SUMMARY: The Budget and Financial Planning Policy provides a strategic framework for the prudent management of financial resources, facilitates public access to information and examination of performance, and encourages the use of best practices in financial accounting, budgeting and planning. CapMetro has a fiduciary duty to the community to manage finances over the long term in a way that balances community and customer needs with the long term financial sustainability of Capital Metro. Sound financial policies most directly help to ensure long-term budgetary and service level solvency, as well as financial flexibility. Staff has reviewed this policy in consultation with CapMetro’s outside investor, PFM Asset Management LLC. Staff is recommending formatting changes and minor updates to the Policy to align with State law. The proposed revisions are attached in redlined version.
DBE/SBE PARTICIPATION: Does not apply.
PROCUREMENT: Does not apply.
RESPONSIBLE DEPARTMENT: Finance Department.
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RESOLUTION
OF THE
CAPITAL METROPOLITAN TRANSPORTATION AUTHORITY
BOARD OF DIRECTORS
STATE OF TEXAS
COUNTY OF TRAVIS
AI-2022-612
WHEREAS, it is prudent to periodically review and update policies adopted by the Board of Directors in order to ensure they continue to meet the needs of CapMetro; and
WHEREAS, the Board of Directors adopted revised Bylaws in 2017 that require policies adopted by the Board of Directors to be reviewed every five years; and
WHEREAS, the Budget and Financial Planning Policy was identified for review in October 2022.
NOW, THEREFORE, BE IT RESOLVED, by the Capital Metropolitan Transportation Authority Board of Directors that the attached proposed revisions to the Budget and Financial Planning Policy are hereby adopted.
____________________ Date: ____________________
Secretary of the Board
Leslie Pool