FY2022

TRANSIT FUND The Transit Fund accounts for the operations of the City’s public transportation operations. The Transit enterprise fund utilizes user fees, property taxes, and State and Federal funding to provide transportation services throughout the City including para-transit services. In fiscal year 2020, the unassigned fund balance decreased by 27.6% or $730,528 over fiscal year 2019 to $1,916,820 primarily due to the transfers to the Capital Reserves for bus and facility replacement. The fiscal year 2021 projected unassigned fund balance is estimated to increase by 6.6% or $127,170 from fiscal year 2020 to $2,043,990. This increase is primarily due to the receipt of CARES Act grant funding and due to a surplus generated by the Court Street Transportation Center. Unassigned fund balance is budgeted to grow by 166% or $3,38 2,651 in fiscal year 2022 to $5,42 6,641 . This increase is primarily due to the anticipated receipt of $3,709,870 in CARES Act grant funding.

Fund Balance (1)

$12,000,000

$10,000,000

$8,000,000

$6,000,000

$4,000,000

$2,000,000

$-

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

Assigned

$777,476 $3,929,573 $4,997,537 $5,234,737 $5,131,700 $1,291,700

Unassigned $5,381,624 $2,647,348 $1,916,820 $2,043,990 $5,42 6,641

$5,6 87,985

(1) FY21 - FY23 figures are estimates

The Transit Fund has assigned fund balance for replacement reserves. For fiscal year 2022, the assigned fund balance is estimated at $5,131,700. Funds are transferred from the Transit operations to the replacement reserve to cover 20% of depreciation expense for buses and facilities. Grants typically cover about 80% of the cost of replacement, and the replacement reserves are expected to cover the remaining 20%. In fiscal year 2020, $1,380,922 was transferred to the replacement reserves and in fiscal year 2021, $160,000 is budgeted to be transferred to the replacement reserves. In fiscal year 2022, the projected to transfer is $885,433 due to the additional match required to purchase electric buses rather than diesel.

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