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EUPTA finance report: FY2025 draft released, fares and ridership rise; mobility manager position filled
Summary
EUPTA reported a draft FY2025 financial report pending audit, cited GASB 68 pension adjustments, and said bus fares rose 16% with passenger counts up 12%. Kathy started as mobility manager Oct. 1; her salary and related costs are 100% grant-reimbursed.
The Eastern Upper Peninsula Transportation Authority board on Oct. 7 received its finance director’s report and approved the report as presented.
Finance Director Ms. Gordon told the board that EUPTA closed fiscal year 2025 on Sept. 30 and will circulate a draft FY2025 report next month pending the external audit. She identified GASB 68, the accounting standard for unfunded pension liabilities, as the largest adjustment in the draft report. The board unanimously approved the Finance Director’s Report on a motion by Lynda Garlitz, seconded by Joe Henne.
Ms. Gordon reported a 16% increase in contract and cash bussing fares and a 12% increase in passenger counts for the year. She told the board that the transit liability pool’s refunds vary by claims across member agencies; EUPTA did not receive a refund in FY2025. Non-emergency medical transport (NEMT) services continue to run with a surplus and are covering their costs, she said.
On staffing, Director Paramski and Ms. Gordon reported that Kathy began work Oct. 1 as EUPTA’s mobility manager. EUPTA expects 100% grant reimbursement for the mobility manager position — including travel, office and supplies — according to the board’s report.
The finance report also noted that about 98% of capital assets are covered by federal and state grants and that the agency is researching banking options and money-market rates to diversify cash holdings.
The board took no separate action on fare policy during the meeting; the finance report was accepted for record and further audit.
