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Authority reviews finances: $189 million YTD revenue, $18 million reserve; bond project pool under evaluation
Summary
Staff presented updated revenue and distribution data, reported a funded working capital reserve of $18 million funded by interest income, and said finance staff and committees are evaluating a candidate bond pool submitted by jurisdictions.
CBTA staff presented the authority’s updated financial picture, including year-to-date revenue, distributions, operating expenses and an update on the working capital reserve and candidate bond pool.
Staff reported year-to-date revenues of $189,000,000 for the fiscal year period cited in the packet (June 2024–March 2025). In the period described, sales and use tax accounted for about $142,000,000 (75% of the amount cited) and the local fuels tax about $47,000,000 (25%). Under the distribution formula adopted by the authority, staff reported that 50% (about $94,000,000) had been distributed to localities, 35% (about $66,000,000) to the regional fund, and 15% (about $28,000,000) to the QRDC; less than 0.5% was transferred to operations.
Operating expenses were described as $652,000 year to date and 22% under budget, largely reflecting timing shifts (including the later start date of the authority’s new executive assistant and changes in contracted services). Staff said they signed a contract earlier in the month for a financial management system vendor and expect to present first-quarter FY26 financials in November after the September 30 quarter close.
Staff reported that interest earnings have been strong and that the working capital reserve is fully funded at $18,000,000; the reserve was funded through interest income. There is no current policy trigger to allocate additional interest income to projects, staff said, though members discussed whether finance committee should consider thresholds or triggers in the future.
On the potential bond issuance, authority staff said the Technical Advisory Committee met its August 1 deadline to submit one candidate bond project from each jurisdiction. The finance directors’ working group is evaluating the submissions to understand the potential size and scope of any bond issue and will bring recommendations back to the finance committee and the authority in coming months.
The authority’s next more detailed quarterly financial and investment reporting cycle is scheduled for the November meeting. Members asked finance staff to return with clearer timelines for project disbursements so the authority can consider investment strategy and liquidity needs for projects funded but not yet invoiced.
