COPTA finance staff reports $394,791 shortfall; fare-media sales and parking performing ahead of prior year

Central Oklahoma Transportation and Parking Authority finance staff on Feb. 7 delivered a budget-to-actual review for the six months ending Dec. 31, reporting that expenditures exceed revenues by $394,791 year to date.

Finance presenter Suzanne said year-to-date revenues were $22,500,000 and year-to-date expenditures were $22,900,000; revenues were 2% ahead of budget while expenditures were essentially on budget overall. Suzanne noted the report covers the period July 1–Dec. 31 (the first six months of the fiscal year).

The presentation highlighted a strong performance in fare-media sales. Suzanne reported fare-media sales of $247,000 in FY24 and $426,000 in FY25 — an increase of $180,000, or 72% — driven in part by two half-price sales (one in July and one in December) and by expanded outreach to community partners and nonprofits. The authority also reported approximately 20% growth in use of the Token Transit mobile app.

Suzanne cautioned that fare box revenue was under budget due to a shift in purchase channels toward passes sold at the transit center and on the app, but that combined fare-related lines put the authority 3% behind budget on one measure while being 41% ahead of prior year on another. She also explained a large variance in miscellaneous revenue was caused by an energy-cap transfer: the budget office had not included the energy cap in COPTA’s FY25 base budget and later transferred just over $600,000 to cover it. Suzanne said part of that transfer will be moved to the streetcar budget so the variance will correct in coming months.

On the expense side, Suzanne noted personnel services had entered a negative variance zone and that personnel costs were about 52% of budgeted levels for the six-month mark (compared with the 50% of budget that would be expected). The negative variance in personnel equaled roughly $622,000 year to date; she said the authority is monitoring overtime and staffing to manage those costs and is working with the city budget office on base-budget development for FY26.

Parking operations were reported as performing ahead of budget: revenues exceeded expenditures by $1,700,000 year to date, with year-to-date revenues of $3,600,000 (16% over budget) and expenditures under budget by about 11%. River cruises and streetcar operations were reported near or slightly ahead of budget in their respective lines. For streetcar operations Suzanne highlighted a timing-related advertising revenue shortfall (approximately $12,500) and a services-and-fees negative variance (about $161,000) driven by the energy cap omission and higher-than-budgeted insurance costs for the operator contract.

Suzanne summarized: “So the overall summary here is that expenditures exceed revenues by $394,791. Our year-to-date revenues exceed our budget by 2%.” Trustees followed with questions about how personnel costs would be treated in next year’s base budget; staff said a budget request has been submitted to address a personnel-cost gap for FY26 but also warned that citywide general-fund pressures have led to requested department budget cuts.

Ending: Trustees voted to receive the financial report; staff will continue periodic monitoring of personnel costs and work with the budget office on FY26 budget development.