The Capital Metro board of directors received a presentation on the agency’s proposed fiscal year 2023-24 budget during the regular board meeting on July 24. FY 2023-24 will begin Oct. 1 and end Sept. 30, 2024.
The specifics
The proposed $425.4 million FY 2023-24 operating expense budget is up $37.9 million from last year.
Expenses for salaries and benefits; professional services, such as bus repair/maintenance and security services; and purchased transportation services, including 27% more Rail hours and 28% more Pickup hours, will all see an increase compared to FY 2023-24. However, some expenses, such as materials and supplies and fuel and fluids, will each see a $1 million decrease.
CapMetro ridership is also budgeted to increase, which adds to the agency’s operating revenue. Fare revenue is based on the continuing return of ridership in FY 2023-24, which budgets 25.1 million riders.
