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COPTA financials: ridership edges up, overtime drives personnel variance
Summary
Christina presented budget-to-actual financial reports through Nov. 30 showing modest revenue gains in some areas and a personnel-related negative variance driven by overtime; parking and streetcar revenues exceeded expenditures year-to-date.
Christina presented the schedule of revenue and expenses (budget to actual) for the four months ending Nov. 30 and highlighted variances across funds.
Key figures reported: transportation operations revenues exceeded expenditures by $32,000 but year-to-date revenues and expenses are under budget by about 2% (roughly $500,000). Ridership for November was up 2.29% compared with the prior year. Christina noted an earlier reporting discrepancy and said the actual year-over-year increase is closer to $4,000 rather than the $11,000 listed in one line of the report.
Other-agency reimbursement revenue rose by about $246,000 year-over-year. Christina said personnel services overall show savings because of vacancies, but overtime is driving a negative variance of approximately $680,000; staff are tracking overtime and seeking ways to reduce it. Parking operations revenue exceeded expenditures by $332,000 year-to-date; transient parking decreased compared to the prior fiscal year while parking validation increased. River cruises and streetcar operations also reported revenue exceeding expenses (river cruises $54,000 YTD surplus; streetcar $706,000 YTD surplus).
Christina concluded the report and the board voted to receive the financials. The transcript does not include a roll-call vote tally for the motion.
