BART creates new CFO position

Bay Area Rapid Transit (BART) is changing its financial operations, including the creation of a chief financial officer (CFO) reporting to the general manager.

The new financial structure combines the functions from the San Francisco agency's Office of the Controller-Treasurer, which traditionally reported to BART's board, and the Performance and Budget Office, which reports to the general manager, into one group, reporting to a new CFO position, according to a BART press release.

The CFO will have 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 a CFO 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 Janice Li, president of BART's board. "A new CFO will help drive a culture of financial discipline as we navigate economic uncertainty."

Last year, the board approved modifying BART's organizational structure to focus on improving efficiency and financial operations.