Fiscal Cliff/Financial Crisis
BART is currently using federal and state emergency funds to run service and balance our operating budget. Those relief funds are projected to run out in 2026. 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 2026 Budget
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.
Resolution to Approve the FY26 Budget Presentation (06/12/25)
Resolution to Approve the FY26 Budget EDD (06/12/25)
FY26 & FY27 Sources, Uses & Service Plan Presentation (05/22/25)
FY26 & FY27 Capital Budget Presentation (05/08/25)
FY27 Operating Budget Scenarios Presentation (05/08/25)
FY26 & FY27 Preliminary Operating Budget Overview Presentation (04/10/25)
The Preliminary Budget Memo details BART's annual operating and capital budgets at the initial 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, and provides details on operating sources, operating uses, staff positions, and capital budgets by project.
FY26 & FY27 Preliminary Operating and Capital Budget Memo (03/31/25)
FY26 & FY27 Preliminary Budget Data Attachment A (excel file)
FY26 & FY27 Preliminary Positions Data Attachment B (excel file)
FY26 & FY27 Preliminary Capital Budget Data Attachment C (excel file)
Fiscal Year 2025 & Fiscal Year 2026 Budget
FY25 & FY26 Adopted Budget Manual
FY25 & FY26 Adopted Capital Budget by Project (08/2024)
FY25 & FY26 Adopted Line Item Operating Budget (08/2024)
FY25 & FY26 Adopted Positions (08/2024)
FY25 & FY26 Two Year Budget Resolution - Presentation (06/13/24)
FY25 & FY26 Resolution to Approve the Two-Year Budget – EDD (06/13/24)
FY25 & FY26 Two-Year Budget Public Hearing - Presentation (05/23/24)
FY25 & FY26 Budget Sources, Uses and Rail Service Plan (05/09/24)
FY25 & FY26 Preliminary Budget
FY25 & FY26 Preliminary Capital Budget - Presentation (04/25/24)
FY25 & FY26 Preliminary Budget Overview (04/11/24)
Quarterly Financial Reports
FY25 Q3 Quarterly Financial Report with Presentation (05/22/25)
FY25 Q1 and Q2 QFR with Presentation (02/13/25)
Short Range Transit Plan / Capital Investment Plan
BART develops, maintains, and reports on various programs related to its financial outlook and planned investments. The Short-Range Transit Plan (SRTP) is a regionally mandated document required for BART to qualify for federal funds. The SRTP provides an overview of BART's near and long-term operating outlook. The Capital Investment Plan (CIP) forecasts BART’s capital needs and sources and provides a constrained 10-year capital investment plan.
Final FY25 Capital Investment Plan (10/2024)
Draft FY25 Capital Investment Plan and Board Presentation (05/23/24)
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
S&P Global Ratings-BART Sales Taxcredit report (07/03/25)
S&P Global Ratings-BART GO credit report (07/02/25)
Moodys Ratings update following downgrade to Aa1 from Aaa (06/09/25)
Moodys Investors Service General Obligation Bond Rating Downgrade (06/05/25)
Standard and Poor's General Obligation Bonds Rating Upgrade (11/22/24)
Standard and Poor's Sales Tax Revenue Bonds Affirmation (06/25/24)
Fitch Ratings Sales Tax Revenue Bonds and General Obligation Bonds Affirmation (03/28/24)
Fitch Ratings Sales Tax Revenue Bonds Rating Change (08/19/21)
Standard and Poor's Sales Tax Revenue Bonds Affirmation (03/25/21)
Standard and Poor’s General Obligation Bonds Rating Change (03/10/21)
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 (08/18/21)
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.
FY24 Audited Financial Report
FY23 Audited Financial Report
FY22 Audited Financial Report
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
Investment Policy
2024 Debt Policy (approved 2017, amended 2024)
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.
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.