The Austin Cap Metro Board convened on January 31, 2025, to discuss the preliminary financials for the year ending 2024, presented by Catherine Walker, the Executive Vice President and Chief Financial and Risk Officer. The meeting highlighted key financial metrics, including sales tax remittances, operating expenses, and capital project expenditures.

Walker reported that Cap Metro collected $389 million in sales tax, which accounted for 98.1% of the budgeted amount. Operating expenses totaled $404 million, representing 94% of the budget. The capital plan had a budget of $411 million, with only 35% or $146 million expended due to project delays, particularly concerning the purchase of land for a new bus garage and electric bus infrastructure.

The financial overview indicated a year-over-year sales tax growth of 1.7%, despite some months showing declines. Walker noted that the agency's revenue sources included passenger and freight revenue, as well as investment income, which performed well due to favorable interest rates.

In terms of operating expenses, Walker highlighted that 90% of the budget for salaries and benefits was utilized, largely due to vacancy savings and favorable pension expenses. The board also discussed budget transfers, including a significant allocation for security services and a transfer from pickup service to metro access service.

Cap Metro maintains a reserve of two months of planned operating expenses and has set aside $42 million for future Project CONNECT expenses and $310 million for capital projects. The meeting concluded with board members expressing satisfaction with the financial management, noting that the agency remained fiscally responsible by closely aligning expenditures with the budget.

Overall, the meeting underscored Cap Metro's commitment to managing taxpayer dollars effectively while navigating challenges in capital project timelines. The board's discussions set the stage for future financial planning and project execution as the agency continues to enhance public transportation in Austin.