Transcript Preliminary 2005 Budget and Financial Plan

MTA 2006
Final Proposed Budget
November Financial Plan 2006 – 2009
DJC
November 16, 2005
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
Metropolitan Transportation Authority
1
February vs. July Plans
Closing Cash Balances
Before Gap Closing and Other Actions
($ in millions)
$1,000
Closing Cash Balance, July Financial Plan
Closing Cash Balance, February Financial Plan
$833
$500
$461
$76
$0
-$194
-$737
-$500
-$1,077
-$1,105
-$1,000
-$1,398
-$1,453
-$1,500
-$2,000
2005
2006
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Metropolitan
Transportation Authority
2007
2008
2009
November Financial Plan 2006-2009
2
Three Main Drivers
for Baseline Net Improvement
from February Plan to July Plan
($ in millions)
2005
February Plan Baseline
$76
Changes to the July Plan
Real Estate Tax Yields
Debt Service
New State Revenues (Sales, MRT, DMV)
Other Changes
Total Changes
365
128
170
93
757
July Plan Baseline
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Metropolitan
Transportation Authority
$833
November Financial Plan 2006-2009
3
Non-Recurring Portion of the 2005
Surplus
($ in millions)
July Plan
2005
Improvements in Real Estate Transaction Taxes
Debt Service Savings
$365
128
$493
Less: 2005 Security Measures
(10)
Less: 2005 NYCT Intensive Cleaning Initiative
(2)
$481
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
4
July Financial Plan
Closing Cash Balance After Gap Closing and Other Actions*
($ in millions)
$1,000
$500
$370
$0
$239
-$128
-$500
-$771
-$880
-$1,000
-$1,500
-$2,000
2005
2006
2007
2008
2009
* Includes additional 5% revenue increases in 2007 and 2009, consistent with prior plans.
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
5
Update of Non-Recurring Funds
($ in millions)
2005
CHANGES SINCE THE JULY PLAN
Additional Real Estate Transaction Taxes
$182
Additional Debt Service Savings
+
42
$224
NON-RECURRING SURPLUS - JULY PLAN
+ $481
$705
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
6
2005 Monthly Real Estate
Transaction Tax Receipts*
Millions
$140.0
$120.0
$100.0
$80.0
$60.0
$40.0
$20.0
$0.0
Jan
Feb
Mar
Apr
May
Fcst: Adopted Bgt
Jun
Actual
Jul
Aug
Sep
Fcst: Mid-Yr
Oct
Nov
Dec
Fcst: Final
* Includes State MRT and 90% of Urban Tax (excludes paratransit and CDOT portions). Additional 1/8% in MRT-1 rate is reflected in
Mid-Year Update forecast and Actual beginning with July cash, but is not reflected in Adopted Budget forecast.
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
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November Financial Plan
Reasons for Baseline Net Improvements
($ in millions)
2005
2006
2007
2008
2009
July Plan Baseline
$833
$461
($194)
($1,077)
($1,454)
Changes to the July Plan
Real Estate Transaction Taxes (MRT/Urban)
Debt Service
State Taxes (PBT/MMTOA)
General Reserve
Agency Changes
Other
182
42
13
0
($34)
8
0
2
16
(25)
($51)
5
0
(18)
41
(25)
($24)
13
0
(28)
17
(25)
($8)
11
0
(63)
16
(25)
$1
8
0
$211
211
$158
158
$145
0
($34)
0
($63)
$1,044
$618
($49)
($1,111)
($1,516)
Change in Cash Balance from Previous Year
Total Changes
November Plan Baseline
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
8
Recommendations
for the Non-Recurring $700 million
• Address Needs in MTA Capital Security Program
($100 million)
• Provide Agency Service Enhancements
($50 million)
• Provide Half Fare Initiative and Holiday Promotions
($50 million in 2005 / $50 million in 2006)
• Reduce Unfunded Pension Liabilities
($450 million)
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
9
November Financial Plan
With Policy and Gap Closing Actions ($ in millions)
2005
November Plan Baseline
$1,044
2006
2007
2008
2009
$618
($49)
($1,111)
($1,516)
Policy Actions:
Customer Fare Programs
Service Enhancements
Capital Security Addition
Pension Liability Reduction
Sub-Total: Policy Actions
($50)
0
(100)
(450)
($600)
($50)
(50)
0
0
($100)
$0
(35)
0
0
($35)
$0
(35)
0
0
($35)
$0
(35)
0
0
($35)
Gap Closing Actions:
Pension Earnings
Real Estate Tax Stabilization Account
2006 Agency Program to Eliminate the Gap
Post 2006 Agency Program to Eliminate the Gap
2007 Increased Fare and Toll Yields
2009 Increased Fare and Toll Yields
Sub-Total: Gap Closing Actions
$0
0
18
0
0
0
$18
$42
200
42
0
0
0
$284
$42
0
44
3
241
0
$330
$42
0
47
16
244
0
$349
$42
0
50
24
245
257
$617
$0
($582)
($398)
$0
$0
($582)
($398)
($103)
$314
$582
$462
$220
($152)
($797)
($934)
Adjusted Net Cash Balance from Previous Year
Total Changes
November Plan Closing Cash Balance
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
10
November Financial Plan
Closing Cash Balance After Policy and Gap Closing Actions*
($ in millions)
$1,000
$500
$462
$220
$0
-$152
-$500
-$798
-$934
-$1,000
-$1,500
-$2,000
2005
2006
2007
2008
2009
* Includes additional 5% revenue increases in 2007 and 2009, consistent with prior plans.
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Metropolitan
Transportation Authority
November Financial Plan 2006-2009
11