Bay Area Rapid Transit (BART) has created a Chief Financial Officer (CFO) position.
The CFO will report to the general manager and the role brings together the functions from the Office of the Controller-Treasurer, who has traditionally reported to the BART Board of Directors, and the Performance & Budget Office, who reports to the general manager, into one group, reporting to the new CFO position.
The CFO will have the authority to implement strategic business changes to streamline BART’s financial forecasting, budgeting and reporting of financial data. The new structure will create greater accountability under the General Manager to realize long-term cost savings. Creating the position requires state legislation to amend the BART Act.
“This is a significant reform to show we are committed to using our limited financial resources in the most efficient manner possible,” said BART Board President Janice Li. “A new CFO will help drive a culture of financial discipline as we navigate economic uncertainty.”
In 2022, the Board of Directors, at the recommendation of the Office of the Inspector General (OIG), approved modifying BART’s organizational structure in an effort to focus on improving efficiency and financial operations.
“This is a tremendous step for BART and reflects how well the OIG recommendation for a CFO structure was embraced,” said Claudette Biemeret, BART’s OIG. “I applaud the BART Board and Executive Leadership for taking on this change. CFO leadership is crucial to transparency and accountability in the use of public funds.”
