Metro Board Finance And Capital Committee Meeting
The meeting commenced with a safety update regarding Fire Prevention Month initiatives. The Finance and Capital Committee resumed discussion on the updated fare policy principles, which are intended to guide fare policy changes for the 2023 budget and beyond, focusing on being customer-focused, simple, convenient, equitable, seamless, and designed to drive ridership. A substitute motion was passed to amend the principles to specifically maximize ridership and generate revenue for stability. The committee also reviewed an information item concerning the 2023 ridership and revenue forecast, which presented two scenarios (gradual and conservative recovery) based on lingering COVID-19 impacts, projecting significant revenue drops compared to pre-COVID levels. The forecast indicated a funding gap for fiscal year 2023 under both scenarios, expected to be closed by federal relief funding. The process for the General Manager's proposed budget, due the following month, was also reviewed.