HomeMy WebLinkAbout05/23/1995, 4 - TRANSIT FUND RATE REVIEW MDATE•
11111gF1111 city Of san WIS OBISPO EETIN 3 5
i COUNCIL AGENDA REPORT ITE NUM R:
FROM: Michael D. McCluskey, Public Works Directorhll�ln
Harry Watson, Transit Manager
PREPARED BY: David Elliott, Administrative Analyst v
SUBJECT: Transit Fund Rate Review
CAO RECOMAlENDATION:
Receive and file the transit fund rate review
DISCUSSION:
The attached worksheet "Changes in Fund Balance - Transit Fund" projects revenues and expenses
for the transit fund over the next four years. Worksheet projections are based on the following
assumptions:
C Ongoing state and federal formula grants (TDA and Section 9 revenues) will continue at
current levels with modest inflationary increases.
0 Fares will increase by nine percent in July 1997.
o The City will find an additional $600,000 in discretionary grant revenue for the transit transfer
center project.
0 Operating expenses will be at levels proposed in the 1995/97 Financial Plan and will increase
by four percent in 1997/98 and 1998/99.
0 Capital improvements will include:
building a transit transfer center ($2,400,000)
adding a third service bay to the bus maintenance building ($165,000)
installing an exterior bus washer/water recycler at the bus maintenance yard ($80,000)
installing concrete slabs, shelters, benches, and signs at bus stops ($25,000)
replacing two buses ($600,000)
improving information systems ($21,400)
a Transit patronage will not increase.
There will be no service expansions.
The revenues shown on the worksheet include $660,000 from two sources: 1) $600,000 from a yet
unidentified discretionary grant for the transit transfer center project and 2) $30,000 each year in
1997/98 and 1998/99 from a nine percent fare increase. Without these additional revenues, the transit
fund will fall $646,000 short of covering the operating expenses and capital outlays planned from
1995/96 through 1998/99.
ATTACHMENT:
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