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CY2021 Revised Budget
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DESCRIPTION: Request Approval of the Regional Transit Authority’s Revised Operating and Capital Budget for CY2021 |
AGENDA NO: Click or tap here to enter text. |
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ACTION REQUEST: ☒ Approval ☐ Review Comment ☐ Information Only ☐ Other |
RECOMMENDATION:
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Approval of the RTA CY 2021 Revised Operating and Capital Budget.
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ISSUE/BACKGROUND:
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The RTA requests to amend its CY2021 budget to incorporate the $26.2 million RTA received in Phase II of the CARES Act from the federal government in response to the decrease in revenues from COVID-19.
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DISCUSSION:
As a result of the COVID-19 Pandemic and additional funding received from the federal government in Phase II of CARES Act, RTA desires to amend its 2021 Budget to include following:
1. Phase II Cares Act Funding of $26.2 million which has allowed the RTA to restore operations to full peak service on June 20, 2021. As a result, of this return to full peak service, there are increased operating costs
2. Implementation of Phase I of New Links
3. Additional operating expenses due to the COVID-19 mitigation and employee protection efforts
4. Proposed full staffing up to Board authorized FTE counts of 890. As a result of operating at a reduced service levels, the RTA did not fill all authorized positions.
5. Increased Capital expenses for needed maintenance that has been deferred.
6. Increased General Use Sales Tax based upon trends recognized during the first half of the year.
The return to full service and staffing levels, increases the operating budget expenses from $101.8 million increases million to $110.8 million. Additionally, the increase projections in General Use Sales Tax revenues increases the operating revenue from $82.3 Million to $90.1 million.
FINANCIAL IMPACT:
The RTA’s CY2021 revised budget identifies operating revenues totaling $90,105,816 and operating expenditures totaling $110,896,856 and incorporates and additional $26.2 million in government grants.
NEXT STEPS:
NONE
ATTACHMENTS:
RTA Board Resolution
Proposed Revised CY2021 Budget
Prepared By: Dacia Johnson
Title: Administrative Analyst
Reviewed By: Mark Major
Title: Deputy Chief Executive Officer
Reviewed By: Gizelle Banks
Title: Chief Financial Officer
7/23/2021
Alex Wiggins Date
Chief Executive Officer