FY2017 PROPOSED BUDGET

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Washington Metropolitan Area Transit Authority Proposed Fiscal Year 2017 Budget Appendix D • In accordance with Board Resolution No. 81-36, designated Metro officials are empowered to open, close or authorize changes to accounts and authorized to appoint individuals as official signatories for financial accounts. • An annual actuarial analysis is performed on all Metro-administered pension plans. Based on the results of such analysis, Metro makes contributions as required in agreement with the terms of each plan. • Appropriate insurance coverage is maintained to mitigate the risk of material loss. For selfinsured retentions, Metro records the liabilities, including losses incurred but not reported, at 100 percent of the net present value. • The budget includes operating, capital, and other components necessary to implement the policy directions contained in previously Board-adopted longer-term plans. The operating budget spans a 12-month period, and funding for the capital budget carries over from one fiscal year to the next. The budget is prepared in a fashion to clearly describe the projects and programs for the period. • Metro engages in regional long-range transportation planning for the Washington metropolitan area in conjunction with the National Capital Region Transportation Planning Board (TPB) and other jurisdictional partners. Staff provides transit system inputs to TPB for the Constrained Long-Range Plan (CLRP) and identifies changes affecting the major financial assumptions of the plan and progress toward the implementation of new projects and programs. • Metro also engages in short-range transit planning for the Washington metropolitan area. Staff provides inputs to the region's six-year Transportation Improvement Program (TIP) and identifies the capital investment needs to support the existing regional transit system and regional service expansion. • The Office of Inspector General (OIG) develops an annual work plan each year. The Board’s Audits and Investigations Committee provides input and approves the work plan, which covers audits, evaluations, and investigations. Furthermore, completed audit and evaluation reports are submitted to the Board via the Audits and Investigations Committee. • Recommendations for improvements are based on audits and evaluations performed by the OIG. Audits are performed in accordance with Government Auditing Standards, while evaluations are performed in accordance to the Council of the Inspectors General on Integrity and Efficiency’s Quality Standards for Inspection and Evaluation. These recommendations, management’s action plans and progress toward implementation are periodically reported directly to the Board. Semi-annual reports to the Board and significant stakeholders provide an overview of work performed by the OIG as related to the annual work plan. Financial Standards – Business Planning Parameters • Passenger revenue forecasts are derived from historical ridership and revenue trends as well as forecasts of regional growth in population and employment. If ridership may be affected by actual or proposed fare policy change, the impacts on ridership and average fare forecasts are based on conservative estimates. • The Board reviews and updates the fare policy on a regular cycle. Management may propose fare modifications to achieve transit ridership improvements as well as to maintain financial sustainability. D-2
Washington Metropolitan Area Transit Authority Proposed Fiscal Year 2017 Budget Appendix D • Service plan assumptions for bus operations are based on demonstrated needs as defined through short-range planning. • Capital programs are funded according to the terms of the laws, regulations and/or discretionary procedures approved by the Board. The capital program covers Metro’s assets, including major transportation projects, and is included in each annual budget. • From time to time, Metro applies for and receives discretionary Federal and state funding. Discretionary funding is requested for major system expansion projects or extraordinary transit capital needs. Discretionary funding levels are estimated by project, based on appropriate state and Federal criteria and the likelihood of obtaining approvals. Financial Standards – Debt Policy • Metro may not enter into a debt or financing arrangement unless the transaction is in full compliance with all applicable provisions of Metro’s Compact. • Pursuant to Metro’s Compact, Article IX paragraph 27, Metro may borrow money in pursuit of its mission. All such bonds and evidences of indebtedness is authorized by resolution of the Board and is payable solely out of the properties of revenues of Metro. The bonds and other debt obligations of Metro, except as may be otherwise provided in the indenture under which they are issued, are direct and general obligations of Metro and the full faith and credit of Metro are pledged for the prompt payment of the debt service. • There is no borrowing limit set in Metro’s Compact. • Long-term debt may be included in the budget or long range plans; however, no such debt is incurred without the specific approval of the Board. • The average life of debt instruments is approximately equal to or less than the average of the useful lives of the assets financed. • Reserve funds that may be required by the financial markets for each debt issuance are maintained. Cash and securities, insurance or surety bonds may fund these reserves. For Financial planning purposes, reserve requirements are included in the face value of debt issued. D-3
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S A F E T Y, S E R V I C E A N D F
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For Metrorail, we will continue our
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Jim Corcoran was appointed as a Pri
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Table of Contents Chapter I. Introd
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Washington Metropolitan Area Transi
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A-2 Proposed FY2017 Budget Appendix
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Project Description WMATA FY2017 Ca
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Proposed FY2017 Budget Appendix A P
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WMATA FY2017 Capital Project Summar
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FY2017 PROPOSED BUDGET

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