City of Madison, Wisconsin | Legislative Information Center
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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
Attachments: 1. Summary of Metro Resolutions - 5.10.21 FC Agenda.pdf
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...

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