FY2022

Expenditures: Fiscal year 2022 budgeted expenditures represent a 54.4% increase from the fiscal year 2021 revised expenditure budget. The increase is due to the bus replacement expenditures budgeted in Capital Outlay as a result of the grant funding awarded.

Expenditure Trends

$- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000

2018 Actual 2019 Actual 2020 Revised 2021 Budget

2022 Projection

2023 Projection

Personnel

Services Supplies Capital Outlay

Long-term Projections:

The Transit Fund revenues in fiscal year 2022 are high due to receipt of CARES Act grant funding. Transit Fund revenues are projected flat for future years with any increases coming from growth in the Transit Property Tax Levy transfer in. Transit Property Taxes are projected with taxable valuation growth of 3% in fiscal year 2023, 2.41% in fiscal year 2024, and 3% in fiscal years 2025 through 2027. The final drop in the Multi-Residential rollback rates to match the Residential rollback rates occurs in fiscal year 2024. Future expenditures were projected with the assumptions that personnel related expenditures would grow at a 3% rate annually and services and supplies would grow at a 2% rate annually. Expenditures in fiscal year 2022 are higher due to purchases of new buses and higher in fiscal year 2023 due to Capital Projects Fund transfers out for a new Transit Facility.

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