Financial report reveals $65 million budget surplus

In a recent government meeting, financial results for June and year-to-date were reviewed, revealing a mixed but generally favorable performance against budget expectations. For June, fare and pass revenues remained flat compared to budget, while non-farebox revenues exceeded projections by $600,000, primarily due to increased investment income. Overall, revenues for June were $600,000 favorable to budget.

Year-to-date figures showed a more positive trend, with fare and pass revenues up by $2.5 million compared to budget and $12 million compared to the previous year. Non-farebox revenues also increased by $3.3 million, leading to total year-to-date revenues being $5.8 million favorable to budget and up $14.5 million from 2023.

On the expense side, June expenses were notably positive, coming in $12.2 million under budget. Labor costs were $3.8 million favorable, while materials and fuels also showed favorable variances. However, security services expenses were $1.8 million over budget due to enhanced security measures. Year-to-date expenses reflected a similar trend, with total expenses $59.7 million favorable to budget.

Public funding revenues presented a more challenging picture, with sales tax collections flat for April and a $400,000 favorable variance in July. However, real estate transfer tax revenues were down by $2.7 million for June, attributed to a sluggish real estate market influenced by prolonged high-interest rates. Overall, public funding revenues were $2.9 million unfavorable to budget for the month and slightly negative by $1.2 million year-to-date.

Additionally, the meeting addressed federal relief funding, with $27 million drawn from the CriSa ARP formula and discretionary funds for the month, totaling approximately 62% of available federal relief funds utilized thus far. The agency has also secured pricing for 75% of its fuel needs through 2024 and 2025, and has begun locking in prices for 2026.