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 doesn'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 2025 & Fiscal Year 2026 Budget

The Adopted Budget Manual 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.

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)

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.

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)

Preliminary Budget

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. 

FY25 & FY26 Preliminary Budget
FY25 & FY26 Preliminary Capital Budget - Presentation (04/25/24)
FY25 & FY26 Preliminary Budget Overview (04/11/24)

Fiscal Year 2024 & Fiscal Year 2025 Budget

Quarterly Financial Reports

FY24 Q4 QFR with Presentation (10/10/24)
FY24 Q3 QFR with Presentation (05/09/24)
FY24 Q2 QFR with Presentation (03/14/24)
FY24 Q1 QFR

Adopted Budget

FY24 & FY25 Budget Adoption
FY24 & FY25 Adopted Budget Manual

Budget Development Process

Board Budget Workshop: Financial Context - Presentation (10/26/23)
Resolution to Approve the FY24 & FY25 Two-Year Annual Budget – EDD (06/08/23)
Resolution to Approve the FY24 & FY25 Two-Year Annual Budget - Presentation (06/08/23)
FY24 & FY25 Rail Service Plan Operating and Capital Sources and Uses - Presentation (05/11/23)
FY24 & FY25 Preliminary Budget Overview - Presentation (04/13/23)
FY24 & FY25 Preliminary Budget Memo

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

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.
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. 

Effective December 31, 2023, the Controller-Treasurer Quarterly Report is combined with the Quarterly Financial Report (QFR) and can be found above under Quarterly Financial Reports. 
June and September 2023
March 2023
December 2022
June and 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.