Metro is accountable.
We’re the custodians of billions in taxpayer dollars and we take that role very seriously. It’s our responsibility to be frugal, responsible, practical and accountable.
- In FY2015, we adopted a balanced $5.4 billion budget. It included a continued commitment to the largest highway and rail building program in the United States, bus headway improvements, increased rail operating hours and $294.9 million in maintenance expenditures to keep your system running in top form.
- We secured more than $3 billion in federal support – including approximately $2 billion in federal New Starts money.
- Metro received the two largest TIGER grants awarded in California: more than $22 million combined for the Eastside Access Improvement Program, and the Willowbrook/Rosa Parks Station that serves the Blue Line, Green Line, and numerous bus lines. Together, these grants – which were aggressively pursued by transit agencies across the country – represent another historic vote of confidence in Metro by the federal government.
- Metro’s Board approved a new fare policy that includes, for the first time, a two-hour period of free transfers on Metro’s bus and rail system.
- We continued to work closely with the White House and Congress to implement our America Fast Forward Transportation Bonds program, which enjoys the support of more than 200 mayors nationwide and more than 250 Chambers of Commerce from all 50 states, including the U.S. Chamber of Commerce.
- In an effort to secure additional funding, Measure R and Props A and C funds are used as local matches for federal grants. Leveraging local dollars provides even more opportunities for mobility enhancements in our region.
- To ensure that monies from Measure R and Props A and C are used to accomplish the work that voters approved, use of the funding is closely monitored and audited by the Independent Taxpayers Oversight Committee, and the Independent Citizens Advisory and Oversight Committee, respectively. Both committees meet at least twice each year.
- Further, local cities and the county are audited annually to ensure compliance with Local Return Guidelines.
- Metro’s credit ratings as of June 30, 2015, AAA/Aa2 for Proposition A and Measure R bonds, AA+/Aa3 for Proposition C bonds and A/A1 for General Revenue Bonds, reflect the history of local support for public transit evidenced through the voter approval of sales tax revenues provided by Proposition A, Proposition C, and the approval of Measure R in 2008. The ratings also recognize Metro’s record of fiscal responsibility and success in managing capital projects.
- To review Metro’s audited financial statements, visit metro.net/budget.