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Authority reports $64.6M cash on hand, $110.1M in sales tax revenue for fiscal 2024‑25
Summary
Deputy Director Cynthia Fong told the board the authority held $64.6 million in cash on hand as of June 30, 2025, and collected $110.1 million in sales tax revenue for fiscal 2024‑25, exceeding the budget by 1.7%. The authority is in year one of a three‑year revolving credit agreement and has drawn down prior borrowings to fund capital needs.
The San Francisco County Transportation Authority reported on investments and debt during the Sept. 30 meeting, saying it held $64.6 million in cash on hand as of June 30, 2025.
Cynthia Fong, deputy director for finance and administration, told the board the cash balance represented roughly 61.8% of the authority’s funds in the City and County treasury pool and, together with an existing revolving credit agreement, provides sufficient liquidity for the next six months of expenditures.
Fong said the authority is in year one of a three‑year revolving credit agreement with U.S. Bank and that the board authorized a $65 million drawdown in the prior fiscal year to help fund SFMTA’s light-rail vehicles. She also said payments on the authority’s 2017 sales‑tax revenue bonds have been made on time.
On revenue, Fong reported that fiscal 2024‑25 sales tax collections were $110.1 million, exceeding the authority’s budget by 1.7%.
Why it matters: the report signals near‑term liquidity and that sales‑tax revenues came in slightly above budget, both important metrics for financing capital programs and meeting debt obligations. Staff said audited year‑end financial statements are in process and will be issued after the close.
Board reaction: commissioners thanked the finance team for the report and noted the authority’s recent award for financial reporting excellence.
