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Transit board reviews finances, approves Echo draw amid VIA transition
Summary
The board accepted March financial statements showing $3.25 million in assets and a year-to-date loss of about $97,000 (an improvement from last year), approved Echo draw submissions to federal grantors and discussed reimbursement timing as operations move to contractor VIA.
The transit authority board received and accepted the March financial report on a unanimous roll call and approved the Echo draw requests the authority plans to submit to federal grantors.
A staff member presenting the report said total assets were $3,254,021.76, including roughly $1.5 million in fixed assets and $588,834.91 in cash. The presenter said receivables included $268,048 due from the state and $631,367.50 due from federal sources and that a recent insurance payout of about $87,000 related to a totaled bus would require partial repayment to state and federal grantors because the vehicle had been purchased with grant funds.
The presenter summarized year-to-date operating results: passenger fares of $95,838.78 (October–March) and operating expenses of roughly $1.6 million, with labor and benefits totaling $918,037.68. The authority reported a year-to-date net loss of about $97,000, a meaningful improvement from a loss of about $420,000 at the same point the prior year.
Board members pressed staff on timing for federal reimbursements tied to Echo draws and other grant requests. Staff explained that because the authority is still under certain drawdown restrictions, FTA approvals can take from 30 up to 90 days depending on internal review, and estimated that, with complete paperwork, funds might arrive within 45–60 days.
The board also discussed lingering liabilities that predate the VIA contract transition. Staff said some claim payments related to prior accidents will remain the authority’s responsibility, even though VIA will carry insurance going forward, and asked VIA to provide certificates confirming the authority has been named as an additional insured; Teresa, the authority’s director, requested that documentation be provided for the record.
Trustees voted to receive and accept the financial report and to approve the Echo draw submissions. The motion passed on a roll call vote; trustees recorded as present voted yes. The board directed staff to continue reconciling accrued VIA reimbursements and to forward requested insurance documentation to the board office.
The board expects a fuller picture of reimbursements and a clearer month-to-month expense run-rate once VIA invoicing and reimbursement lines stabilize in subsequent months.
