Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
SCRTD approves small FY2025 amendment, accepts Q2 financials showing cash on hand and capital collections
Summary
Finance staff reported a $735,215.65 cash balance and capital collections of $1,593,613.22 through Dec. 31, 2024; the board approved a net FY2025 expenditure increase of $55,667.63 and accepted the second-quarter report.
Adam Shea, the South Central Regional Transit District finance officer, told the board Jan. 29 that the FY2025 budget amendment reflects line-item adjustments across travel reimbursements, legal fees, IT services, facility lease and other accounts.
"Under expenditures ... it would call for an increase of $55,667.63," Shea said, summarizing the amendment. He listed offsetting decreases in areas such as safety and training, transcription and background checks and increases in legal fees and facility lease driven by an extended closing on the Summit Park facility.
Shea said revenue changes were largely neutral. The presentation identified a $2,025 decrease in bus fares and ticket sales and increases in grant-related lines and miscellaneous income. He reported a cash balance of $735,215.65 and that capital collections through Dec. 31, 2024, totaled $1,593,613.22 (about 12.3 percent of the capital budget). Personnel services and employee benefits combined were reported at $1,086,546.74, which Shea said accounts for about 75 percent of expenditures to date.
The board approved the budget amendment by roll call. Members also voted unanimously to accept the FY2025 second-quarter financial report.
Why it matters: the amendment is small in relation to the district's total operating and capital budgets but updates line items tied to immediate operational needs—rent, legal and IT—while staff continues to program larger, grant-funded capital purchases such as buses and a facility acquisition completed earlier in January.
What comes next: staff said it will update accounting ledgers to reflect the amendment and monitor federal grant activity flagged for review by April 15; staff will report back to the board at the next meeting.
