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Valley Transit reports September finances: fare revenue below budget, repairs over budget
Summary
Finance staff reported that as of September (about 75% through the fiscal year) fare revenues remain under budget while repairs and maintenance and overtime expenses are over budget; salary and fringe lines are under budget due to ongoing vacancies, leaving the overall position under control.
Deb, Valley Transit finance staff, presented the September financial report and said the year-to-date position is roughly at 75% of the budget year. Deb reported fare revenues continue to be under budget and that repairs and maintenance (and associated overtime) show an overage; those increases are being offset by under-budget results in salaries and fringe due to vacant positions.
Deb told commissioners that all other categories are on or under budget except for repairs and maintenance (detailed on page 2 of the packet) and that the purchase transportation line appears on page 3. No follow-up action was directed at the meeting beyond noting the report and opening the floor for future items.
Next steps: staff will continue to monitor revenues and expenses and report back as needed; no formal budget amendments were proposed at this meeting.
