The MDTA's trust agreement with its bondholders requires approval by its Governing Body of an annual budget on or before July 1 of the new fiscal year. In November of each year, the MDTA prepares a preliminary budget. The budget is prepared in accordance with the Department of Budget & Management instructions distributed to all State agencies. This budget is incorporated into the MDTA's January official financial forecast. This budget is also incorporated into the Governor's Budget Book, reviewed by the Department of Legislative Services, and presented to various budget and/or transportation Legislative committees. In the spring of each year, the MDTA's preliminary budget is finalized. The final budget includes any adjustments dictated during the Legislative Session and other known changes in priorities and/or needs.
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