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Staff reports $793.4M in preliminary quarterly revenue, about $12M below budget
Summary
Authority staff told the committee that preliminary total revenue for the quarter was $793.4 million, roughly $12.0 million under the budgeted $805.5 million; officials called the figure preliminary, cited higher investment income, and said they will continue monitoring leakage and recoveries.
Kathy, a staff member presenting the quarterly financial report, said total revenue booked for the quarter was "793,400,000" and that figure was about "12,000,000 below our expected, budget of 805,500,000." She emphasized the numbers are preliminary and could be adjusted as the authority receives more data.
Kathy said investment income was higher than budget by $7,400,000 because of stronger short-term investment rates. She provided a breakdown by vehicle class: commercial vehicle revenue of "383,900,000," an increase of 5.3% from 2024 and 20.7% above 2019 levels, and passenger vehicle revenue of "340,100,000," a 2.4% rise from 2024 but slightly below 2019. Kathy said transactions for both commercial and passenger vehicles also showed year-over-year increases.
The presenter told directors the quarter's shortfall reflected two forces: higher-than-expected "leakage" (unpaid/timed collections) and lower-than-anticipated recoveries from invoiced trips. She said the authority is "not here to say that this is a trend right now, but it is something we wanna take a look at through the rest of the year and as we get better data." The committee did not take formal action on the report during the meeting.
