City of Madison - File #: 64972

• File #: 64972
• Version: 1
• Name: Amending 2021 Metro Capital Budget to change funding sources for Facilities Repar and Technology Project
• Type: Resolution
• Status: Passed
• File created: 4/8/2021
• In control: Metro Transit
• On agenda: 5/18/2021
• Final action: 5/18/2021
• Enactment date: 5/24/2021
• Enactment #: RES-21-00362
• Title: Amending the 2021 Adopted Capital Budget to change the funding sources for the Metro Transit - Facilities Repairs and Improvements program and the Metro Transit -Transit Technology System project.
• Sponsors: Keith Furman, Grant Foster

Date	Ver.	Action By	Action	Result
5/18/2021	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
5/10/2021	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
4/28/2021	1	TRANSPORTATION COMMISSION	Return to Lead with the Recommendation for Approval
4/20/2021	1	FINANCE COMMITTEE	Referred
4/20/2021	1	COMMON COUNCIL	Refer	Pass
4/8/2021	1	Metro Transit	Referred for Introduction

Fiscal Note
The proposed resolution amends the 2021 Adopted Capital Budget for Metro Transit to change funding sources for two capital projects.
Metro debt service has increased as the agency’s capital program has expanded. This impacts the General Fund subsidy to Metro because it includes amounts to pay the agency’s debt service. Because the general fund subsidy is considered within the limits of the state’s Expenditure Restraint Program (ERP), the increased debt service puts stress on the City qualifying under ERP. One option to address the ERP issue is to fund Metro’s capital budget from General Fund-supported borrowing and contribute the resulting asset to Metro.
The 2021 Adopted Capital budget included $10.8 million in Metro-supported general obligation borrowing for Metro’s Facilities Repairs and Improvements program. This resolution changes the funding source to be General Fund-supported borrowing.
The proposed resolution also changes the funding source for Metro’s Transit Technology System project to make use of federal rescue funds. Metro is expected to receive approximately $69 million in federal rescue funds. The 2021 Adopted Capital Budget appropriated $10 million in Metro-supported borrowing for the Transit Technology System project. This resolution replaces that borrowing with federal rescue funds.
The net result of these changes is a $10 million reduction in general obligation borrowing ($10.8 million increase in GF-supported borrowing and a $20.8 million decrease in non-GF borrowing).
Title
Amending the 2021 Adopted Capital Budget to change the funding sources for the Metro Transit - Facilities Repairs and Improvements program and the Metro Transit -Transit Technology System project.
Body
WHEREAS, the 2021 Adopted Capital Budget appropriated $10,805,000 in Metro-supported general obligation borrowing for the Metro Transit - Facilities Repairs and Improvements program and appropriated $10,000,000 in Metro-supported general obligation borrow...