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Council moves $240,000 in transit receipts to capital fund pending NYSDOT reimbursement
Summary
The council approved transferring $240,000 from the Oats Transportation Revenue account into a capital fund to hold county-pass-through payments while the city awaits New York State DOT approval of its annual report and funding.
The Olean Common Council voted May 13 to transfer $240,000 from the city’s transportation revenue account into a capital fund so the money isn’t absorbed into the general fund while the city awaits state reimbursement.
City staff said the amount represents six months of pass-through payments the county had reimbursed to the city for a transit contract. The administration said the city has invoiced the county monthly and received the $240,000, which was placed into Transportation Revenue account 3591. The city will repay the county from the capital fund once the New York State Department of Transportation (NYSDOT) approves the city’s annual report and the award of Section 5305 or related federal/state funding.
Council approved Resolution 63-25 to move the money into Capital Fund 186 (Oaks Bus). Officials said NYSDOT had received the city’s annual report on May 14, 2025, and the city is waiting for state approval and subsequent reimbursement before finalizing the county repayment.
