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Chesapeake Transportation System posts modest revenue gains; bond refinancing lowers near-term debt service
Summary
City consultants told the Chesapeake City Council that toll revenue rose modestly in fiscal 2024 while a bond refinancing and higher investment income reduced near-term debt service and improved reserve-building flexibility.
Chesapeake officials and consulting advisers reported on April 8 that the Chesapeake Transportation System (CTS) posted a modest increase in revenue for the fiscal year that ended June 30, 2024, and that a 2024 bond refinancing will lower the system's near-term debt service by roughly $2.5 million per year for three years.
The update, presented to the city council by Sean Eckert, managing director at Raymond James Financial, and Dave Cugno, director of traffic and revenue forecasting, said overall system revenue was up about $1.3 million, or 3.7%, from the prior year, while operating expenses rose 13.8% largely because of contract adjustments for toll collection. "Toll revenue on Dominion Boulevard increased by 7.8%," Eckert said, citing the increase as one of the year's bright spots.
The consultant team stressed two items that improve the system's near-term finances: investment income and a refunding of a portion of toll revenue bonds. Cugno…
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