CBTA finance committee reviews FY25 tax collections, operating costs and investment performance

CBTA staff presented a quarterly financial overview on July 10, 2025, reporting year-to-date fiscal 2025 tax collections of roughly $189 million, distribution of those receipts according to the authority's formula, and stronger-than-expected investment earnings.

Chet Parsons, CBTA director, said the year-to-date tax receipts through March 2025 combine roughly $142 million in sales-and-use tax and $47 million in local fuels tax, producing a total of about $189,000,000. Under CBTA allocations year to date, 50% of collections are distributed back to localities (about $94,000,000), 35% to the regional fund (about $66,000,000) and 15% to GRTC (about $28,000,000). Parsons said the CBTA operating fund balance is approximately $700,000 year to date and operating actuals are about $613,000, with roughly two-thirds of operating costs in personnel and a large share in professional services.

Parsons also noted the authority's investment portfolio has grown to about $355,000,000 and that FY25 interest earnings exceeded prior-year benchmarks; he advised monitoring interest earnings over the next six months before allocating earnings to new projects. Parsons said the Federal Reserve's guidance of two potential rate cuts this year is being considered with the fiscal agent while CBTA monitors portfolio impact.

Staff announced a contract was executed late the previous week with Jamis Corporation to provide a comprehensive financial management system; CBTA is scheduling a kickoff meeting with Jamis and expects the platform to affect budgeting, contracts and related staff workflows.

Joe Vidennis, newly appointed Transportation Advisory Committee chair representing Hanover County, gave a brief TAC update earlier in the meeting noting TAC recommended five SPA items for committee consideration and that TAC received five bonding proposal submittals by the Aug. 1 deadline totaling roughly $505 million.