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Description
Financial Budget Plan document sample
Document Sample
MTA 2007
Preliminary Budget
July Financial Plan 2007 – 2010
DJC
July 26, 2006
Metropolitan Transportation Authority July Financial Plan 2007-2010
1
February Financial Plan
Closing Cash Balance
Before Policy and Gap-Closing Actions
($ in millions)
$1,500
$1,000
$500 $1,062
$625
$0
-$32
-$500 -$1,099
-$1,501
-$1,000
-$1,500
-$2,000
2005 2006 2007 2008 2009
Metropolitan Transportation Authority July Financial Plan 2007-2010
2
July Financial Plan
Baseline Before Policy and Gap-Closing Actions
($ in millions)
$1,500
$1,000
$1,182 $1,121
$500
$290
$0
-$500 -$1,008
-$1,781
-$1,000 -$2,146
-$1,500
-$2,000
-$2,500
2005 2006 2007 2008 2009 2010
Metropolitan Transportation Authority July Financial Plan 2007-2010
3
July Financial Plan
Reasons for Baseline Net Improvements
($ in millions)
2006 2007 2008 2009 2010
February Plan Baseline $625 ($32) ($1,099) ($1,501) ($1,965)
Changes to the July Plan
Agency Baseline ($137) ($370) ($452) ($533) ($530)
Real Estate 427 89 108 116 121
Other Subsidies 27 78 102 69 131
Debt Service 8 25 37 66 93
General Reserve 44 0 0 0 0
Other 7 2 7 2 4
Change in Cash Balance from Previous Year $120 $496 $290 $0 $0
Total Changes $496 $322 $91 ($280) ($181)
July Plan Baseline $1,121 $290 ($1,008) ($1,781) ($2,146)
Metropolitan Transportation Authority July Financial Plan 2007-2010
4
July Financial Plan
Agency Baseline Changes ($ in millions)
2006 2007 2008 2009 2010
Farebox/Toll Revenue:
New York City Transit ($50) ($47) ($47) ($44) ($46)
Metro-North Railroad (0) 2 4 9 11
Bridges & Tunnels (4) (4) (5) (8) (12)
Other Agencies 1 1 1 1 1
($53) ($48) ($47) ($42) ($47)
Expenses:
Pattern Labor Provision ($13) ($83) ($112) ($113) ($113)
Energy (20) (69) (66) (54) (53)
Health & Welfare 16 (23) (42) (66) (87)
Pensions 26 (41) (51) (52) (48)
2005/2006 PEG Re-Forecast (15) (31) (19) (18) (18)
New Needs / Investments:
Maintenance (29) (73) (85) (139) (86)
Service (1) (6) (16) (23) (25)
Paratransit Service Costs 1 (5) (6) (1) 0
Safety and Security (3) (3) (7) (9) (9)
Other New Needs (9) (14) (14) (21) (47)
Baseline Re-Estimates (38) 27 12 5 3
($84) ($322) ($406) ($491) ($483)
Agency Baseline Changes: ($137) ($370) ($452) ($533) ($530)
Metropolitan Transportation Authority July Financial Plan 2007-2010
5
July Financial Plan
Year-to-Year Changes in
‘Uncontrollable’ and ‘Controllable’ Operating Expenses
20.0%
18.2% 'Uncontrollable' Expenses
15.0%
'Controllable' Expenses
11.4%
10.0%
7.3% 7.3% 7.2%
5.0% 5.5%
5.3%
3.8% 3.8%
2.3%
0.0%
2006 2007 2008 2009 2010
‘Uncontrollable’ Operating Expenses include Paratransit Service Contracts, Fuel for Buses & Trains, Traction &
Propulsion Power, Debt Service, Health & Welfare, Pensions, Insurance, and Claims.
‘Controllable’ Operating Expenses include Payroll, Overtime, Other-Fringe Benefits, Reimbursable Overhead,
Maintenance & Other Operating Contracts, Professional Service Contracts, and Materials & Supplies.
Metropolitan Transportation Authority July Financial Plan 2007-2010
6
July Financial Plan
With Policy and Gap Closing Actions
($ in millions)
2005 2006 2007 2008 2009 2010
July Plan Baseline $1,182 $1,121 $290 ($1,008) ($1,781) ($2,146)
Policy Actions:
Pension Liability Reduction / Pension Earnings ($450) $21 $42 $42 $42 $42
2004 Real Estate Tax Stabilization Account 0 200 0 0 0 0
2005 Capital Security Addition / Security Initiatives (100) (100) 0 0 0 0
2005 Holiday Fare Program (50) 50 0 0 0 0
Anti-Grafitti Campaign 0 0 (6) (3) (5) (6)
Service Marketing Campaign 0 0 (5) 0 0 0
Gap Closing Actions:
2007 Agency Program to Eliminate the Gap $0 $19 $47 $60 $61 $61
Post-2007 Agency Program to Eliminate the Gap 0 0 0 13 22 22
Shared Services 0 0 0 5 10 15
2007 Increased Fare and Toll Yields 0 0 78 237 242 243
2009 Increased Fare and Toll Yields 0 0 0 0 247 255
Reorganization Legislation 0 0 0 5 25 25
Change in Cash Balance from Previous Year 0 (600) (410) (254) 0 0
July Plan Closing Cash Balance $582 $711 $36 ($905) ($1,137) ($1,488)
The following contributions are accounted for in the above Baseline Labor Expenses:
Contribution to GASB Fund $0 $173 $97 $80 $88 $97
Metropolitan Transportation Authority July Financial Plan 2007-2010
7
July Financial Plan
Closing Cash Balance After Policy and Gap-Closing Actions *
($ in millions)
$1,500
$1,000
$500
$582 $711
$36
$0
-$500 -$905
-$1,137
-$1,488
-$1,000
-$1,500
-$2,000
-$2,500
2005 2006 2007 2008 2009 2010
* Consistent with prior plans, includes additional 5% revenue increases - September 2007 and January 2009.
Metropolitan Transportation Authority July Financial Plan 2007-2010
8
If the Board Does Not Continue Its Policy
of Small Bi-Annual Fare & Toll Increases,
Out-Year Deficits Will Increase
$1,000
$500
$582 $711
$0 $36
($42)
-$500 ($905)
($1,137)
($1,488)
-$1,000
($1,141)
-$1,500
($1,626)
-$2,000 July Plan Closing Cash Balance, After Policy & Gap-Closing Actions ($1,986)
Additional Gap if 2007 & 2009 Fare & Toll Yields Are Not Increased
-$2,500
2005 2006 2007 2008 2009 2010
Metropolitan Transportation Authority July Financial Plan 2007-2010
9
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