fy18 preliminary itemized budget - massachusetts …€¢ march 14 – april 9: ongoing discussions...

Draft for Discussion & Policy Purposes Only

FY18 Preliminary Itemized Budget

March 13, 2017

Summary for Vote to Release to MBTA Advisory

Board and for Public Discussion

2


Table of contents

• Review of Relevant Statutes

• Recap: FY16-17 Management/FMCB Actions

• FY18 Balanced Budget Proposal

• Trade-Offs

3


Statutory Preliminary FY18 Itemized Budget voting

requirement for release to MBTA Advisory Board

FY18 Preliminary Itemized Budget – Introduction

REQUIRED VOTE FOR TODAY

That the Fiscal and Management Control Board approves the Authority’s Preliminary FY18 Itemized Budget of current operating expenses and debt service costs for a one year period—July 1, 2017 through June 30, 2018—in the amount of $1,950MM in the form submitted at this meeting; and

That the General Manager and Chief Administrator are hereby authorized and directed to submit the Preliminary FY18 Itemized Budget, in the name and on behalf of the Authority, to the MBTA Advisory Board; and

That following the Advisory Board review, a Final FY18 Itemized Budget will be submitted to the Fiscal Management and Control Board no later than April 15, 2017 in accordance with Section 20 of Chapter 161A of the Massachusetts General Laws.

4


• March 13: Presentation of Preliminary FY18 Itemized Budget to FMCB

› FMCB to vote on Preliminary Itemized Budget for release to MBTA Advisory Board and to MBTA website for public discussion

• March 14 – April 9: Ongoing discussions with FMCB, Management, Stakeholders and MBTA Advisory Board

• March 16: Secretary of Transportation/MBTA budget hearing with Legislature

• April 10: Presentation of Final FY18 Itemized Budget to FMCB

› FMCB vote to approve Final FY18 Itemized Budget

• April 15: Deadline to submit Final FY18 Itemized Budget for release to MBTA Advisory Board

FY18 Budget Process: Key Dates


5

FMCB statutory mandate #1:

Separate capital and operating budgets

Under Section 5 of Chapter 46 of the Acts of 2015, the FMCB is directed to:

“Establish separate operating and capital budgets each with clearly designated revenue sources and uses and establish policies and procedures to ensure that no funds are commingled between operating and capital budgets”


6

Additional State Assistance

Additional State Assistance

Operating Dollars Capital Dollars

• MBTA goal in FY18 is to eliminate use of Additional State Assistance to fund operating deficit

• FY17 & beyond CIP commitments

• “Pay-as-you-go” capital programs

o Capital Maintenance Lockbox

o Legacy Capital Maintenance Fund

Additional Assistance from Commonwealth is restricted in use:

“Funding shall be used solely for repayment of debt encumbered prior to 2001 and debt associated with mitigation commitments related to the Central Artery Tunnel Project, the movement of costs from the capital to operating budget, pay-as-you-go capital programs, or debt service for new borrowing related to improving the system's state of good repair…”


7

FMCB statutory mandate #2:

Deliver a balanced operating budget

Under Section 5 of Chapter 46 of the Acts of 2015, the FMCB is directed to:

“Establish 1- and 5-year operating budgets under section 20 of chapter 161A, beginning in fiscal year 2017, which are balanced primarily through a combination of internal cost controls and increases in own-source revenues”


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Table of contents




• Trade-Offs

9

Without action, structural deficit was on track to reach $427M by FY20

STATUS QUO FY17 PRO FORMA – 8.1.2015

Projected Structural Deficit

Note: Structural deficit includes debt service and transferred capital employees annual expense; does not include Additional State Assistance


10

Putting MBTA on path to fiscal sustainability

Management actions – FMCB first 18 months

Moved MBTA onto statewide contracts and payroll system

Streamlined corporate HQ/administrative positions 30% reduction

Strengthened and enforced overtime and attendance policies

Modernized cash-handling & warehouse through contracting

Restructured Carmen’s Union contract work-rules and wage rates

Launched Uber/Lyft and taxi paratransit pilots

Locked electricity rates; invested in generating capacity

Restructured and refinanced debt portfolio

Rebid parking/advertising and raised system-wide fares

$100M in winter resiliency projects / $140M in the capital lock box


11

Note: For comparative purposes, FY17 Recast core operating expenses do not include new Amtrak/PRIAA expenses or capital employees transferred in FY17 Note: FY18 Energy costs forecast to be consistent with FY17 Recast

Preceding 15+ Year Average: 5%

Positive results:

Operating expenses on track for lowest growth in more than 15 years


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Note: MBTA Management in process of recasting the pro forma. Operating Deficit does not include Additional State Assistance of $155M in FY16, $187M in FY17 Recast, and $187M in FY18 (Note $60M will be directly deposited in “Capital Maintenance Lockbox”)

Positive results: Operating deficit continues to decrease;

FY18 operating could be balanced through trade-offs


13


Table of contents




• Trade-offs

14


• Without action, structural deficit was on track to reach $427M by FY20

• This presentation will highlight and summarize the impact of the FMCB and Management’s actions to:

› Eliminate the structural deficit in FY18

» Enable the full $187M in FY18 Additional State Assistance to be invested in capital (as per the FY18-21 CIP)

› Continue to control cost growth in FY18

» FY16-17 lowest operating expense growth in more than 15 years

› Continue to drive productivity and efficiency in FY18

» Overtime hours down 25% from FY15; 30% reduction in Corporate Headquarters/Administrative positions

› Focus on delivering trips to our customers in the most efficient manner

• Balancing the FY18 budget (as required by statutory mandate) will put MBTA on path to long-term fiscal stability

Overview:

FY18 budget process

FY18 Preliminary Itemized Budget – Overview

15


Revenue

• Sales tax revenues will be conservatively budgeted at the Base Revenue Amount (BRA) - $1,007M

• Own-source revenue increase of $15M, driven by growth in both parking and advertising revenues

• Additional State Assistance of $187M fully committed to CIP and “Pay-GO” capital; excluded from operating budget

Expenses

• Wage expense assumptions

› Flat Headcount (i.e., one-in/one-out) across the MBTA

› 30% reduction in Corporate HQ/Administrative positions (complete as of 5/1/17)

› Boston Carmen’s Union (L589) 12/19 agreement in effect for first full Fiscal Year

› Overtime costs projected to be level with FY17 run-rate (i.e., below FY13-14 levels)

• RIDE call center fully operational (pilot programs forecast to decrease overall cost)

• Warehouse/Cash Collection/Call Center/Police Dispatch fully implemented

• Materials/Services/Supplies expense built from the bottom up based on executed contracts and purchase orders

• Total debt service is $451M; including $240M of principal pay down per amortization schedule (up $30M from FY17)

Executive Summary:

FY18 Baseline Status Quo Budget before policy decisions

FY18 Preliminary Itemized Budget – Overview

16


Budgeted sales tax revenue will be derived from the Base

Revenue Amount in FY18

FY18 Preliminary Itemized Budget – Revenue

FY18

FY18 Projected Sales Tax Revenue (Base Revenue-Derived)

$1,007M

FY18 Base Revenue Amount (Minimum Dedicated Revenue)

$1,007M

Projected Sales and Use Tax Collections, Excluding Meals Tax

$5,256M

Percentage due to MBTA x 16%

$841M

Additional dedicated revenue + $160M

$1,001M

Calculation of FY18 Dedicated Revenue

Future Dedicated Revenue based on sales tax is subject to economic conditions

Ded

icate

d S

ale

s

Tax R

even

ue

Calc

ula

tio

n

B

A

MBTA receives the larger of A

or B

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FY18 Proposed Balanced Budget

($M)

FY17 BUDGET RECAST

FY18 BUDGET PRELIM.

$ VARIANCE

% VARIANCE

REV

EN

UES

Operating Revenues $717.4 $744.5 $27.0 3.8%

Non-Operating Revenues $1,203.1 $1,205.6 $2.5 0.2%

Total Revenues $1,920.5 $1,950.0 $29.5 1.5%

EX

PEN

SES

Wages, Benefits and Payroll Taxes

$767.0 $744.1 ($22.9) -3.0%

Non-Wage $774.9 $754.8 ($20.1) -2.6%

Operating Expenses $1,541.9 $1,498.9 ($43.0) -2.8%

Debt Service $428.7 $451.2 $22.5 5.2%

Total Expenses $1,970.6 $1,950.0 ($20.5) -1.0%

Structural Deficit ($50.1) ($0.0) $50.1 -100.0%

FY18 Preliminary Itemized Budget – PATH TO A BALANCED BUDGET

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“P

Note: Operating Deficit does not include Additional State Assistance

Achieving a balanced budget in FY18 would put MBTA on path

to fiscal stability FY19-21 and enable capital investment


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Key capital investments enabled by achieving balanced budget


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Board approved $600M in current CIP (FY18-21) funded by Additional State

Assistance; Remaining $148M could be programmed to “Pay-GO” Projects

ADDITIONAL INITIATIVES

• Beacon Junction • Red Line #3 Car

Replacement • Commuter Rail Locomotive

and Coach Rehabilitation • Power Investments


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Draft 5-year Pro-Forma:

MBTA projected to have no structural deficit FY18-FY21

($M)

FY17 BUDGET RECAST

FY18 BUDGET PRELIM. FY19P FY20P FY21P

FY18-21 GROWTH

REV

EN

UES

Operating Revenues $717.4 $744.5 $771.1 $795.0

$812.8 Non-Operating Revenues

$1,203.1 $1,205.6 $1,217.6 $1,229.8 $1,242.1

Total Revenues $1,920.5 $1,950.0 $1,988.7 $2,024.8 $2,054.9 1.8%

EX

PEN

SES


$767.0 $744.1 $754.3 $766.8 $780.8

Non-Wage $774.9 $754.8 $767.7 $802.4 $805.4

Operating Expenses

$1,541.9 $1,499 $1,522 $1,569 $1,586 1.9%

Debt Service $428.7 $451.2 $466.7 $455.6 $468.8 1.3%

Total Expenses $1,970.6 $1,950.0 $1,988.7 $2,024.8 $2,054.9 1.8%

Structural Deficit ($50.1) ($0.0) ($0.0) ($0.0) ($0.0)


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Table of contents




• Trade-Offs

23


Path to a FY18 Balanced Budget:

Baseline Status Quo


BASELINE STATUS QUO FY18 BUDGET

Baseline Revenues

• No fare increases in FY18

• Statutory increases in Base Revenue Amount (BRA) and Local Assessments

• Own-source revenue growth driven by new advertising and parking contracts

• Reduction in one-time revenues

Baseline Expenses

• Headcount held flat (one-in/one-out)

o Strategic Operations hires not included in in baseline

• L589 12/19 Agreement in effect for full fiscal year

• Execution of ongoing contracting initiatives

o e.g. Warehouse, Cash Collection, Call Center, Police Dispatch, etc.

• Fully operational call center for the RIDE

• Materials, services, and supplies expense built from bottom up

Baseline Debt Service

• Restructuring of swap and debt portfolio reduce FY18 interest costs by $26M

• Total debt service is $451M; including $240M of principal pay down per amortization schedule (up $30M from FY17)

• Near-term debt refinancing have opportunities have been realized

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Path to a FY18 Balanced Budget:

The following actions could balance the budget


OPTIONS FOR CLOSING THE $42M GAP BETWEEN BASELINE STATUS QUO REVENUES & EXPENSE FROM FY17 RECAST

High-Subsidy Services

• Weekend Commuter Rail (Suspend, Invest, Relaunch)

• The RIDE premium trips (1 year suspension of trips beyond 3/4 mile of the fixed route, not legally required)

Flexible Contracting

• Focus 40 Garages

• Cabot Garage

• Everett Bus Shop

• Hybrid in-station customer service model (consistent with L589 12/19 agreement)

Revenue

• Maximize revenues from real-time information screens (policy change)

• Keolis/MBTA revenue growth strategy

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FY18 operating budget could be balanced through trade-offs

8

Note: Operating budget costs only, does not include non-cash fringe


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Trade-offs for balancing FY18 Budget

(in millions)

FY18 Deficit (Baseline Status Quo before Trade-Offs) ($41.7)

Internal Cost Control

Hybrid In-station Customer Service Model $6.3

Focus 40 Garages $11.1

Everett Bus Shop $5.3

Cabot Garage $4.9

Subtotal Internal Cost Control $27.6

Service Suspensions

Weekend commuter rail (1yr suspension) $10.0

RIDE Premimum Trips (1yr suspension of legally non-req. services) $7.4

Subtotal Service Suspensions $17.4

Revenue Initiatives

Maximize Real-Time Information Screens $3.0

MBTA/KCS Revenue Growth $1.0

Subtotal Revenue Initiatives $4.0

Operations Key Strategic Hires ($7.3)

(Power/Signals/Chief Engineer/Service Planning)

FY18 Balanced Budget ($0.0)


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REVENUES $4M

HIGH SUBSIDY

$17M

FLEXIBLE CONTRACTING

$28M

FY18 operating budget could be balanced through trade-offs

TOTAL VALUE: $49M DEFICIT REDUCTION


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LOOKBACK 11/15/2015:

RIDE premium non legally required trips


29


LOOKBACK NOV15:

High cost bus maintenance operations


30


LOOKBACK 10/5/2015:

Maximize advertising revenue with new advertising partner


31


FY18 BASELINE STATUS QUO FY18 BALANCED BUDGET

• Assumes no cuts to service levels from FY17

• Service expansion of Silver Line to Chelsea

o Additional drivers funded from operating budget to expand service

• Balanced Budget includes 1-year suspension of limited non-core services

• 1-year suspension of high-subsidy weekend commuter rail

o Allows for work/investment in key maintenance and safety programs (i.e., PTC)

• 1-year suspension of Premium RIDE trips

(trips beyond 3/4 mile of the fixed route, not legally required)

Baseline Budget maintains or expands service

OPTION: Suspend Non-Core Services


32


Re-inventing weekend commuter rail service: Weekend commuter rail

service has low ridership and high costs, resulting in high subsidies

WEEKEND TRIPS HAVE SIGNIFI-CANTLY HIGHER SUBSIDIES…

…AND WEEKEND SUBSIDY PER TRIP EXCEEDS $100 ON SOME LINES

Note: Data does not include annualized capital investment required to maintain system in a state of good repair. Source: Ernst & Young Infrastructure Advisors analysis of MBTA data.


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• Extensive weekend shutdowns (line specific) are planned starting in the summer of 2017 to accommodate PTC and other capital programs

• System-wide weekend commuter rail shutdown would enable accelerated work on state of good repair maintenance and other capital projects

• As work is completed, could strategically re-launch weekend commuter rail service with a focus on developing a financially sustainable product

› Target subsidy over first 6 months: $15/trip

› Target subsidy over 12 month: $10/trip

• Keolis to present a strategy for weekend pilots

› Family passes and other fare products focused on weekend usage patterns

› New demand-based schedules/frequency

› Partnership with Boston entertainment venues/sports events

Re-inventing weekend commuter rail service:

Creating a demand-driven, fiscally sustainable product


34


• REMINDER: Keolis contractually required to perform a certain quantity of fixed-price, long-term maintenance annually (not included in ‘Extra Work’)

• System-wide weekend shutdowns provide unique opportunity to accelerate Keolis maintenance/SGR scheduled programs

• Maintenance currently schedule to be performed in FY19, FY20, FY21, and FY22 can be completed in FY18

• Immediate benefit to improve state of good repair

• Ernst & Young performed a review and highlighted a number of projects that could be accelerated by system-wide shutdowns

› See next two slides

Invest in the Commuter Rail system:

Accelerate Commuter Rail ongoing maintenance


35



Accelerate Commuter Rail ongoing maintenance (1/2)


Source: Ernst & Young Infrastructure Advisors analysis of MBTA data.

36



Accelerate Commuter Rail ongoing maintenance (2/2)


Source: Ernst & Young Infrastructure Advisors analysis of MBTA data.

37



• Assumes minimal changes to current Customer Service Agent (CSA) delivery model

• Includes internal management restructuring of CSA program

• Transfer all temporary CSA personnel to operator/motorperson pool over 12 months

o In-station customer service will be provided by both permanent MBTA CSAs and third party employees

o Consistent with L589 12/19 agreement

• Includes provisions for increased coverage of stations

• Contracted service increases replaced internal man hours by 50%

Baseline Budget retains in-house CSA program

OPTION: Change Customer Service Delivery Model


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• Baseline Budget includes no changes to existing Bus Maintenance delivery model

• Balanced Budget includes contracting management and maintenance performed at Focus40 garages (Arborway, Quincy, Lynn, Fellsway)

o Preliminary innovation proposals suggest significant savings from contracting to third party operators

o More efficient management structures o Materials and services reduction o Increased maintenance productivity

• Balanced Budget also includes increased flexible contracting and staff reduction at Everett Bus Shop

o Includes reduction in heavy maintenance spending at Everett Bus Shop (private operator would be responsible for heavy repairs)

• Balanced Budget also includes efficiency gained at Cabot Garage

o New management practices and organization structure

o Savings from brand new bus fleet

Baseline Budget does not include contracting of Bus Maintenance

OPTION: Change to Bus Maintenance Delivery Model


39



• Existing revenue initiatives included in Baseline Budget

o Digital Advertising Revenue: Installation of 700 additional panels

o Parking Revenue Expansion Strategy: Implementation of demand-based pricing to increase overall parking revenue

• Excluded revenue initiatives for FY18

o Fare increases are not legally permitted until FY19

o Material one-time real estate revenues in FY17, not included in FY18

• Limited opportunities for additional revenue growth not included in Baseline Budget

• Maximize real-time information screens with policy changes: $3M per OUTFRONT Media

o Two identified channels: Core System – $2M Commuter Rail – $1M

• MBTA/KCS revenue growth from

improved ridership and better overall fare collection

o Enhanced Fare Enforcement (including installation of fare gates)

o Align MBTA service and Keolis with best global rail practices*

Aggressive revenue initiatives are under way

OPTION: Maximize Additional Revenue Initiatives

*Per Ernst & Young infrastructure advisors review of Commuter Rail Service


40


PROPOSED CAPABILITIES

• Strategic Executive Management

• Signals & Communications

• Power Systems Maintenance

• Asset Management & Planning

• Track Improvements

Successful execution of trade-offs could allow MBTA to

make strategic investment in operations talent and capabilities

COO TO PRESENT HIRING PLAN IN COMING WEEKS


41


REQUIRED VOTE TO RELEASE PRELIMINARY FY18

ITEMIZED BUDGET

That the General Manager and Chief Administrator are hereby authorized and directed to submit the Preliminary FY18 Itemized Budget to the MBTA Advisory Board, including proposed revenue, proposed expenses, and potential options for further aligning revenue and expenses and balancing the budget; and

That following the Advisory Board review, a Final FY18 Itemized Budget will be submitted to the Fiscal Management and Control Board no later than April 15, 2017 in accordance with Section 20 of Chapter 161A of the Massachusetts General Laws.


42


FY18 revenue from all sources up 1.5%

FY18 Preliminary Itemized Budget – REVENUE DETAIL

($M)

FY17 BUDGET RECAST

FY18 BUDGET PRELIM.

$ VARIANCE EXPLANATION

% VARIANCE

OP

ER

ATIN

G

Fares, all modes $658.5 $670.9 $12.4 1.9% • Increased ridership

Own-Source $59.0 $73.6 $14.6 24.8% • Advertising up $7.4M

• Parking up $4.1M

Operating $717.4 $744.5 $27.0 3.8%

NO

N-O

PER

ATIN

G

Dedicated Sales Tax $992.2 $1,006.8 $14.6 1.5% • Inflation adjustment per statute

Dedicated Local Assessment

$164.0 $166.5 $2.5 1.5% • Inflation adjustment per statute

Other $46.9 $32.3 ($14.6) -31.0% • Exclude FY17 one-time revenues

Non-Operating $1,203.1 $1,205.6 $2.5 0.2%

Total Revenues $1,920.5 $1,950.0 $29.5 1.5%

Fare recovery ratio 43% 45%

43


Wages and Benefits

($M)

FY17 BUDGET RECAST

FY18 BUDGET PRELIM.

$ VARIANCE

% VARIANCE EXPLANATION

WA

GE

S

Regular Wages $468.0 $451.3 ($16.7) -3.6% • Reduction in headcount offset

by non-L589 CBA increases

Overtime $42.2 $42.2 ($0.0) 0.0% • Continued management focus

Wages $510.1 $493.5 ($16.7) -3.3%

BEN

EFITS

AN

D T

AX

ES

Pension^* $89.4 $85.9 ($3.6) -4.0% • Reduction in headcount

Health $104.3 $102.8 ($1.6) -1.5% • Average GIC growth of 3.8%,

offset by lower headcount

Retiree Health $43.8 $44.8 $1.0 2.2% • Average GIC growth of 3.8%

Health & Welfare Fund $9.9 $10.3 $0.3 3.5% • 12/19 L589 Agreement

Other Fringes $13.0 $12.4 ($0.6) -4.3% • Driven by headcount reduction

Payroll Taxes $40.2 $39.3 ($0.9) -2.2% • Driven by regular wages

Benefits and taxes $256.8 $250.6 ($6.2) -2.4%

Total Wages, Benefits and Taxes

$767.0 $744.1 ($22.9) -3.0%

^FY18 pension expense is an estimate and will not be finalized until MBTRF and its actuaries complete their 12/2016 investment valuation. *Pension includes Main Fund, Police, Deferred Compensation Supplement, 401(a) MBTA Match

FY18 Preliminary Itemized Budget – WAGES AND BENEFITS DETAIL

44


Non-Wage Operating Expenses (pp. 1/2)

($M)

FY17 BUDGET RECAST

FY18 BUDGET PRELIM.

$ VARIANCE


MA

TER

IA

LS

AN

D S

ER

VIC

ES

Materials $60.0 $35.1 ($24.9) -41.5% • PO Process

Services $103.8 $129.5 $25.7 24.8% • Flexible contracts

Utilities $38.0 $38.0 $0.0 0.0% • Level-funded due to long term contracts

Fuel $17.6 $17.8 $0.2 1.3% • Level-funded due to long term contracts

Contract Cleaning $23.8 $23.8 ($0.0) 0.0% • Contractual

Uniform $2.2 $2.2 $0.0 0.0% • Stable headcount and prices

Materials and Services $245.4 $246.4 $1.0 0.4%

IN

SU

RA

NC

E

Insurance $13.8 $14.2 $0.3 2.4%

FY18 Preliminary Itemized Budget – NON-WAGE COSTS DETAIL

45


Non-Wage Operating Expenses (pp. 2/2)

($M)

FY17 BUDGET RECAST

FY18 BUDGET PRELIM.

$ VARIANCE


CO

MM

UT

ER

RA

IL Fixed Price $314.7 $308.6 ($6.1) -1.9%

• Suspension of Weekend service

Extra Work and Services

$54.2 $37.8 ($16.3) -30.1% • Capital work allocated to capital budget

Fuel $24.1 $28.2 $4.1 17.1%

PRIAA $0.0 $9.3 $9.3 n/a • New contractual expense

Commuter Rail $393.0 $384.0 ($9.0) -2.3%

LO

CA

L

SER

VIC

E

THE RIDE $99.8 $86.8 ($13.0) -13.0% • Call/dispatch center and pilots

Ferry $13.3 $14.0 $0.7 5.2% • Contractual

LSS Other $2.5 $2.6 $0.1 5.7% • Contractual

Local Service $115.6 $103.5 ($12.2) -10.5%

OTHER Financial Service Charges

$7.0 $6.7 ($0.3) -4.4%

Non-Wage Expenses:

$774.9 $754.8 ($20.1) -2.6%

FY18 Preliminary Itemized Budget – NON-WAGE COSTS DETAIL

46


Debt service forecast to grow by $13M

($M)

FY17 BUDGET RECAST

FY18 BUDGET PRELIM.

$ VARIANCE


DEB

T S

ER

VIC

E Interest $215.4 $208.3 ($7.1) -3.3%

• MBTA locked in lower interest rates with FY17 issuance

Principal $208.6 $240.0 $31.4 15.0% • Per amortization schedule

Lease $4.6 $2.9 ($1.7) -37.6% • Expired leases

Debt Service $428.7 $451.2 $22.5 5.2%

FY18 Preliminary Itemized Budget – DEBT SERVICE DETAIL

47


MBTA has paid off over $400 million in principal since FY15

FY18 Preliminary Itemized Budget – DEBT SERVICE DETAIL

48


Historic revenues and expenses:

MBTA on track to continue lowering its structural deficit

($M) FY15

ACTUAL FY16

ACTUAL

FY17 BUDGET RECAST

FY18 BUDGET PRELIM.

REV

EN

UES

Operating Revenues $646.0 $678.5 $717.4 $744.5

Non-Operating Revenues $1,157.3 $1,183.7 $1,203.1 $1,205.6

Total Revenues $1,803.3 $1,862.1 $1,920.5 $1,950.0

EX

PEN

SES


$727.6 $735.7 $767.0 $744.1

Non-Wage $781.2 $768.6 $774.9 $754.8

Operating Expenses $1,508.8 $1,504.3 $1,541.9 $1,498.9

Debt Service $413.4 $443.7 $428.7 $451.2

Total Expenses $1,922.3 $1,948.0 $1,970.6 $1,950.0

Structural Deficit ($119.0) ($85.9) ($50.1) ($0.0)

FY18 Preliminary Itemized Budget – COMPARISON WITH HISTORIC

fy18 preliminary itemized budget - massachusetts …€¢ march 14 – april 9: ongoing discussions...

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