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EUPTA approves two CDs, hears FY2026 bussing and ferry financial update
Summary
The Eastern Upper Peninsula Transportation Authority approved two certificates of deposit and accepted September transfers and financial reports after Finance Director Ms. Gordon reported a FY2026 bussing reimbursement rate of 34.8%, a $20,500 revenue increase year-to-date and higher ferry wage costs.
The Eastern Upper Peninsula Transportation Authority on Nov. 4 approved placing $200,000 into a one-year certificate of deposit at Nicolet Bank and moving $300,000 into a two-year certificate of deposit at Soo Co-Op Credit Union as part of routine cash management.
Finance Director Ms. Gordon told the board that the state reimbursement rate for bussing in fiscal year 2026 is 34.8 percent and that FY2026 year-to-date bussing figures show a $20,500 increase in revenue compared with the prior year, while expenses were up 7.44 percent. She said the contract line item changed because nonemergency medical transportation (NEMT) providers are now billing agencies directly. Ms. Gordon said there was a $94,600 surplus in bussing and a $219,000 surplus before depreciation on ferry operations for the period under review; she cautioned the figures are draft pending the annual audit in early December.
On ferries, Ms. Gordon reported that vehicle and passenger counts and fares were slightly down from the prior year and that wage and fringe costs have increased, in part because the Neebish Island ferry now has dedicated crew. She said sick and annual leave expenses rose after changes related to a part-time employee ESTA law that took effect in February and noted additional travel costs from required hazmat training for all ferry employees that occurs every three years.
The board voted unanimously to: transfer $200,000 from Nicolet Bank checking to a one-year CD at 3.7 percent (signed by Kathryn Neubert, Pete Paramski and Bonita Kaunisto), move $300,000 from a Central Savings money market to a two-year CD at Soo Co-Op Credit Union at 3.65 percent, and approve September AIP/EFT transfers and the Finance Director's report as presented.
The board expects final FY2026 numbers after the December audit and discussed spreading available cash across accounts to preserve liquidity and optimize returns.
