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CVTA finance panel recommends full authority approve GRTC FY25 expenditure certifications
Summary
The Central Virginia Transportation Authority Finance Committee voted Dec. 10 to recommend that the full authority approve GRTCs FY25 certifications, after a GRTC presentation on budgets, the value of a 0-fare policy and reserve projections through 2031.
The Central Virginia Transportation Authority Finance Committee voted Dec. 10 to recommend that the full authority approve the Greater Richmond Transit Companys FY25 certifications of expenditures.
Mister Parsons, presenting staffs packet materials, described the requested action as an annual certification that matches the reporting in the committees agenda and asked the finance committee to forward the recommendation to the authority. After a motion and second, the committee approved the recommendation by voice vote; one member indicated an abstention during the roll call.
GRTC representatives provided the committee with a slide overview of services and finances. Cheryl (GRTC) said the agency operates BRT, local, express and microtransit services and that CBTA funds account for about 27% of GRTCs FY25 revenue mix. John DiZarello (CFAO, GRTC) gave detail on budget and reserves, noting a current operating budget of about $93 million and a restricted reserve of roughly $58 million across accounts. "We are looking at the best uses for interest income and reserves," Parsons said when summarizing staff figures that showed $14,300,000 in unallocated interest income as of the report.
The committee asked GRTC to explain the sustainability of its 0-fare policy. A GRTC representative said 0-fare appears to have generated roughly 4.5 million additional rides (from about 8 million to more than 12 million annually) and described outreach to potential partners and grant sources, increased advertising, employer partnerships and a Community Foundation grant-funded position as strategies to sustain the program. "We've seen a big increase in trips and we are aggressively pursuing other revenue so the reserve is not drawn down," the GRTC speaker said.
The committees recommendation will be placed on the full authority agenda for final action.
Next steps: the finance committees recommendation will be considered by the full Central Virginia Transportation Authority at its January meeting.
