Financials

Fiscal Cliff/Financial Crisis

BART is currently using federal emergency funds to run service and balance our operating budget. Those relief funds are projected to run out in 2025. New state funding is coming but don't solve the full problem. If reliable long term funding is not secured, BART is facing devastating cuts that will have serious impacts on the quality of life in the Bay Area. Learn more about how BART is responding to this looming financial crisis and what the public can do to help

Budgets

The operating budget funds the annual operation and maintenance of the BART system. Operating budget sources include passenger and parking revenue, taxes, and financial assistance from local, state and federal sources. The capital budget funds the construction, expansion, renovation, or replacement of physical assets (new train cars, station improvements, etc.). Capital funding consists of federal/state/local grants, voter approved bonds and measures specifically for capital improvements, and allocations from the operating budget. Current year budget documents can be accessed below. 

Documents for prior year budgets can be found in the Financials Archive.

Fiscal Year 2024 & Fiscal Year 2025 Budget

Adopted Budget

The Adopted Budget Report is a comprehensive report covering BART's annual operating and capital budgets, and also includes the strategic work plans and organizational charts of each BART department. California Government Code Section 7910 requires the Board of Directors to establish by resolution BART's annual appropriations limit.

FY24 & FY25 Budget Adoption
Fiscal Year 2024 & Fiscal Year 2025 Adopted Budget Report

Budget Development Process

BART’s Budget Development Process for each fiscal year (July 1 – June 30) is documented from initiation through adoption with various public reports and presentations.

Board Budget Workshop: Financial Context - Presentation (102623)
Resolution to Approve the Fiscal Year 2024 and Fiscal Year 2025 Two-Year Annual Budget – EDD (060823)
Resolution to Approve the Fiscal Year 2024 and Fiscal Year 2025 Two-Year Annual Budget - Presentation (060823)
Fiscal Year 2024 and Fiscal Year 2025 Rail Service Plan Operating and Capital Sources and Uses - Presentation (051123)
Fiscal Year 2024 and Fiscal Year 2025 Preliminary Budget Overview - Presentation (041323)

Preliminary Budget

The Preliminary Budget Memo tracks BART's annual operating and capital budgets during the budget development stage and provides a starting point for annual budget discussions with the BART Board, riders, and the public. The Memo outlines BART’s current ridership and budget outlook, as well as new initiatives to help rebuild ridership, improve the rider experience, and support regional recovery. 

FY24 & FY25 Preliminary Budget Memo

Short Range Transit Plan/Capital Improvement Program

BART develops, maintains, and reports on various programs related to its financial outlook and planned improvements. The Short-Range Transit Plan (SRTP)/Capital Improvement Program (CIP) is a regionally mandated document that is required for BART to qualify for federal funds.

The Short-Range Transit Plan (SRTP)/Capital Improvement Program (CIP) provides an overview of BART's near and long-term operating and capital outlook. The SRTP projects the operating forecast for the next 10 years. The CIP details capital investment for the next 15 years.

FY23 Reimagined SRTP
FY23-32 Operating Financial Outlook
FY19 SRTP/CIP
FY17 SRTP/CIP

Debt

BART occasionally raises funds to support large-scale capital programs (e.g., Earthquake Safety, System Renewal) by issuing bonds, and consistently refinances existing bonds in advantageous financial situations to the benefit of District taxpayers. Some of the debt is issued in the form of Green Bonds (Climate Bonds), which is a method for raising capital for BART’s climate-friendly projects.

Official Statements and Bond Ratings provides information in connection with District-issued government general obligation and sales tax revenue bonds, and related bond ratings by private financial agencies. Additional Official Statements can be found on the Financial Archives page.

Bonds Rating Change

Fitch Ratings Sales Tax Revenue Bonds Rating Change - August 19, 2021
Standard and Poor's Sales Tax Revenue Bonds Affirmation - March 25, 2021 
Standard and Poor’s General Obligation Bonds Rating Change – March 10, 2021 

Bart Official Statements

2022 Official Statement General Obligation Bonds
2020 Official Statement General Obligation Bonds
2019 Official Statement Sales Tax Revenue Bonds
2019 Official Statement General Obligation Bonds

Green Bond Framework

The Green Bond Framework sets out how BART proposes to use the proceeds of BART’s Green Bonds for the financing or refinancing of eligible Green Projects in the BART System in a manner consistent with the District’s Sustainability practices and the CBI Low Carbon Land Transport Standard.

Green Bond Framework - August 18, 2021

Other Reports

Audited Financial Reports

An examination of BART’s financial statements is detailed in Audited Financial Reports that are prepared by an independent organization in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Additional Annual Financial Reports can be found on the Financial Archives page.

FY23 Audited Financial Report
FY22 Audited Financial Report

Quarterly Report from the Controller Treasurer

The Quarterly Report from the Controller-Treasurer to the Board contains information on employee compensation, accounts payable, accounts receivable, and financing. Additional Quarterly Reports from the Controller-Treasurer can be found on the Financial Archives page.

March 2023
December 2022
June 2022/September 2022 

Federal Transit Administration (FTA) Triennial Review

The United States Code, Chapter 53 of Title 49 (49 U.S.C. 5307(f)(2)) requires that “At least once every 3 years, the [Transportation] Secretary shall review and evaluate completely the performance of a recipient [BART] in carrying out the recipient’s program, specifically referring to compliance with statutory and administrative requirements...” BART’s Triennial Review  report presents the findings from the review that concentrated on procedures and practices employed since BART’s previous Triennial Review. Subsequent to the report, BART staff works with the FTA to implement the review recommendations. FTA’s FY2022 Triennial Review Closeout letter documents that BART’s corrective actions on the reported recommendations have been achieved. 

VTA's BART Silicon Valley Phase I

The Operations and Maintenance Agreement By and Between VTA and BART relates to the revenue operations phase of the Silicon Valley BART Extension and addresses, including: (i) BART's and VTA's individual operations and maintenance responsibilities for the extension; (ii) use of real property associated with the extension; and (iii) VTA's funding and payment of BART's costs.

Operations and Maintenance Agreement By and Between VTA and BART

Financial Policies

Financial Stability Policy
Debt Policy
Investment Policy

Employee Reimbursements

Reimbursements to District employees and board members are reported in compliance with California Government Code 53065.5. Additional years of Employee Reimbursements can be found on the Financial Archives page.

2022 Employee Reimbursements 

Gift to Agency Form

FPPC Form 801 is used by government agencies when payments to the agency provide a personal benefit to an official of the agency.

Relevant documents related to BART can be viewed here.

Independent Registered Municipal Advisors Exemption Language

BART’s statement in compliance with SEC Municipal Advisor Rule mandated by Sec. 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act can be found here.