EZ Riders warns delayed FTA grant could exhaust reserves in three months
Staff told the board that an expected FTA grant has not been executed and the district has been funding eligible expenses from reserves for over eight months; without the executed grant or interim financing the agency could run out of cash in about three months.
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Staff presented the districtyear-to-date financials and warned that a major FTA grant has not yet been executed, creating a cash-flow shortfall because staff have been funding grant-eligible expenses from reserves for more than eight months. Finance staff said a receivable of roughly $3 million is recorded as grant-eligible work that cannot be drawn down until the grant paperwork is executed.
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