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COPTA financials: revenues exceed expenditures across divisions; parking and streetcar strong, river cruises constrained by dam work
Summary
Staff told COPTA trustees that 11-month FY25 results through May show consolidated revenues exceeding expenditures and most divisions near or under budget, though several items reflect accounting timing differences.
Staff presented COPTA’s 11-month (through May 31, 2025) financial report at the July 11 meeting, saying overall revenues exceed expenditures across the authority and that the agency is near year-end in a sound position. Key highlights staff reported: - Transportation operations: Year-to-date revenues of about $42.8 million (1% below amended budget) and expenditures about $42.0 million (5% under budget). Combined fare box and fare-media revenue is approximately 10% below forecast but in line with last year’s results; miscellaneous revenues were higher than May’s amended budget largely due to a larger-than-expected CNG tax credit. Staff said the final state subsidy payment received in June would bring the state subsidy close to budget. - Parking operations: Revenues exceed expenditures by roughly $1.2 million year to date. Monthly contract revenue performed about 7.5% ahead of budget; event/transient parking is modestly ahead but not yet including expected playoff revenue (roughly $250,000) that may post in FY2026 depending on accounting timing. - River cruises: Revenues and expenses are roughly on target for the year, though planned transit service along the river is constrained by dam/lock rehabilitation (see separate item); staff reported nearly 900 specialty charters/cruises in June. - Streetcar operations: Revenues exceed expenditures by about $742,000; operations staffing and contract transitions changed in June as COPTA assumed operations from the previous contractor (Herzog), and some contractor invoices/timing produced apparent year-to-date variances that staff expect to normalize with year-end accounting adjustments. Staff emphasized a mix of cash and accrual timing issues across line items and said most variances are tied to accounting timing rather than structural budget shortfalls. Trustees voted to receive the financial report. Staff also noted upcoming management transitions in finance presentations.
