FY2023 Adopted Budget

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 2021, the unassigned fund balance increased by $371,340 or 19.4% over fiscal year 2020 primarily due the receipt of Federal CARES Act funding. The fiscal year 2022 projected unassigned fund balance is estimated to increase by $3,206,652 or 140% from fiscal year 2021. This increase is also primarily due to the expected receipt of CARES Act grant funding. The CARES Act grant funds have not been appropriated yet; however, it is anticipated that these funds will be used to pay for the addition of Sunday bus service and other program enhancements. Unassigned fund balance is budgeted to grow by $307,077 or 5.59% in fiscal year 2023. This increase is primarily due to the budgeted surplus generated by the Court Street Transportation Center parking ramp operation.

Fund Balance (1)

$14,000,000

$12,000,000

$10,000,000

$8,000,000

$6,000,000

$4,000,000

$2,000,000

FY2019 FY2024 Assigned $3,929,573 $4,997,537 $6,231,349 $6,128,312 $6,408,312 $1,688,312 Unassigned $2,647,348 $1,916,820 $2,288,160 $5,494,811 $5,801,888 $5,873,540 $- FY2020 FY2021 FY2022 FY2023

(1) FY22 - FY24 figures are estimates

The Transit Fund has assigned fund balance for replacement reserves. For fiscal year 2023, the assigned fund balance is estimated at $6,408,312. 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 2023, the replacement reserve is projected to have a balance of $1,408,312 for the replacement of buses. The reserve also an additional $5,000,000 that is being held for the replacement of the transit equipment facility.

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