The budget is for the fiscal year beginning July 1 and ending June 30, 2016. It calls for no fare increases in the coming fiscal year or any cuts to bus service hours. The budget can be read online here and a recent podcast about the budget is above.
Here is the news release from Metro:
The Los Angeles County Metropolitan Transportation Authority (Metro) Board of Directors today approved a new $5.56 billion FY 2016 Budget following a public hearing that was held last week and community input as part of the budget process.
Metro’s adopted budget is a balanced budget for FY 16 which begins on July 1, 2015 and runs through June 30, 2016. In FY 16, five major rail lines are in construction, with the Expo Line extension to Santa Monica and the Gold Line Foothill Phase 2A extension to Azusa opening before the summer of 2016.
The budget calls for no fare changes or major service changes. Projects under planning/engineering in FY 16 include the East San Fernando Valley Transit Corridor, the Airport Metro Connector, the South Bay Metro Green Line Extension, the West Santa Ana Branch and the Gold Line Eastside Extension Phase II. Highway projects include the I-605 Corridor, the I-5 North Capacity Enhancements, the I-710 South and Early Action Projects, the SR 710 North Gap Closure, the SR-138 Capacity Enhancements, the High Desert Corridor, Arroyo Verdugo Operational Improvements, the South Bay Ramp & Interchange Operational Improvements and Countywide Soundwall Projects.
FY 16 Budget highlights include $1.5 billion for maintaining the current level of service, $2.1 billion for various capital projects which include major construction activity for the Regional Connector Project, the Crenshaw/LAX line and the Westside Extension of the Purple Line subway, and $1.4 billion is subsidy funding going back to transit operators and the 88 cities and unincorporated areas of Los Angeles County.