03/08/2023 | Press release | Distributed by Public on 03/08/2023 16:13
Fiscal Year 2024 budget, which will guide agency spending from July 1, 2023 through June 30, 2024, includes $817.3 million for day-to-day operations, up $67.4 million from the previous year's budget
TriMet's proposed budget for the coming year includes $817.3 million for day-to-day operations as we continue to bring on new bus operators and begin adding back service for the first time since August 2020. The agency's Fiscal Year 2024 Budget, which totals $1.92 billion, also includes $322.3 million for capital investments.
The coming year will bring the first of several service improvements coming out of our Forward Together Service Concept. We'll also reach substantial completion of our "A Better Red" MAX project, expand our investment in bus electrification and continue our efforts to help riders with low incomes access transit.
The proposed budget balances priorities with our ongoing, agency-wide efforts to restore our workforce, increase ridership and maintain a transit system that is safe, welcoming and accessible to all.
The proposed budget does assume a fare increase that includes TriMet's first increase of our base fare in more than a decade, which the TriMet Board of Directors will vote on at its May 24 meeting. If the Board does not move forward on the fare increase, TriMet's Finance Department is prepared to revise the budget for Board adoption in June. Local law requires the budget to be in place before the fiscal year begins on July 1.
Resources supporting the Fiscal Year 2024 budget include:
The proposed budget supports the agency's business plan, which is the guide that we use to align financial decisions with our agency's vision, mission and values. The FY2024 budget lays out priorities under four main categories: transit service; transit equity, inclusion and community affairs; capital investments; and electrification.
TriMet invites the public to provide feedback on the budget during public testimony at upcoming Board meetings, scheduled for March 22, April 26 and May 24, and through our regular Customer Service channels. Reach us via email at [email protected]; on Twitter @trimethelp; and by phone or text or 503-238-7433 (RIDE).