SUBJECT:
title
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 we...
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