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Valley Transit board approves November and December payments; staff outlines budget status
Summary
Valley Transit approved two months of payments after a finance update showing November expenses of about $551,000 and higher December disbursements (~$880,000) driven by quarterly reimbursements to municipal partners. Staff said operating expenses remain within budget while fare revenues lag.
The Valley Transit Board approved November and December payments on a voice vote and heard a status update on the agency’s finances.
Kristen, a finance staff member, told the board the November payment total was approximately $551,000, with line items including about $54,000 in administrative costs; $91,000 in vehicle maintenance; $170,000 in building maintenance; $12,000 in operations; $94,000 in paratransit costs; and $128,000 in ancillary services. “Just some high level numbers,” she said as she reviewed the packet.
Kristen said December disbursements totaled about $880,000, higher than usual because of quarterly reimbursements to local partners: roughly $512,000 to municipal partners and about $138,000 to Winnebago, Outagamie and Calumet counties. She said otherwise December expenses were “pretty typical.” Kristen also reported the November income statement shows total revenues at about 66% of budget and operating expenses at about 76% of budget; fare revenues were running at about 61% of budget.
Board members asked clarifying questions about whether the ridership and finance reports reflected year-end adjustments. Kristen said December financials will be shared after the annual audit is complete and that ridership figures reported for November and December are final.
After brief discussion there was a motion and second to approve the payments; the board approved the item by voice vote. The board acknowledged that the minutes from the previous meeting were also approved earlier in the session.
