On Monday, September 24, 2012, the Capital Metro board of directors adopted a $274.5 million project and operating budget for Fiscal Y2013, which takes effect Oct. 1, 2012. The budget was approved in a unanimous vote.
"We've made much progress during the last few years to strengthen our financial position and enhance our business practices. We've changed our labor structure, made bus service more efficient and adopted rigorous financial policies, all in an effort to improve the way we do business," said Capital Metro President/CEO Linda Watson.
Mike Martinez, chairperson of the Capital Metro board of directors, noted, "Adopting a sustainable budget while investing in quality and innovation will help Capital Metro deliver on its promise to its customers and taxpayers to provide services that meet the Austin area's transportation needs."
The FY2013 budget was balanced without reducing service levels or increasing fares, and allows us to continue building our reserves, which will keep us strong and financially stable in the years to come.
The $274.5 million FY2013 budget consists of a:
- $193.9 million operating budget, and
- $64.3 million capital budget, and
- $16.2 million to fund interlocal agreements and other expenses.
It funds several strategic priorities for the agency, including:
- a new business model for delivering service,
- the implementation of the MetroRapid project ($19.9 million in federal grant funding and $5 million in local matching funds)
- Positive Train Control (a federal unfunded mandate),
- State-of-good-repair needs that can no longer be deferred, such as
- bus replacements,
- computer hardware and software upgrades,
- radio replacement
- Replacement vehicles, a $15.1 million allocation, which includes
- $9.3 million for various rail projects,
- $5.3 million in grant funding with $2.2 million in local matching funds that will be used primarily for computer upgrades and GPS technology for real-time bus tracking.
In addition, the budget includes a five-year capital improvement plan, which has been estimated at $170 million through 2017.
Capital Metro sought input from the community during the budget's development via a wide variety of involvement opportunities, such as public meetings and online forums, to ensure that feedback and suggestions were received.
As a result of both board and public feedback,
- $250,000 in additional funding was added to the Basic Transportation Needs Fund, which provides financial support to organizations such as One Voice Central Texas to assist low-income transit-dependent riders, along with an additional
- $482,235 for the Bus Stop Accessibility Improvement Project (bringing the total commitment for the project to $2,478,130).
Did You Know?
- That more than 60% of our annual income is derived from Sales Tax?
- Only 7% of our income comes from passenger revenue (i.e. fares)?
- Our financials, included all expenditures, are updated and posted regularly on http://www.capmetro.org/transparency/?
Watch our Sept. 6 Webinar on Youtube to learn more about the budget approval process