FY2024 Proposed 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 2022, the unassigned fund balance decreased by $197,831 or 8.6% over fiscal year 2021 primarily due to transfers to the replacement reserve. The fiscal year 2023 projected unassigned fund balance is estimated to increase by $60,890 or 2.9% from fiscal year 2022. This increase is also primarily due to the expected receipt of COVID-19 relief grant funding. The COVID-19 relief grant funds will continue to be used for the next few years to help fund operations. Unassigned fund balance is budgeted to decrease by $435,229 or 20.2% in fiscal year 2024. This decrease is primarily due to transfers to the replacement reserve.

(1) FY23 - FY25 figures are estimates

The Transit Fund has assigned fund balance for replacement reserves. For fiscal year 2024, the assigned fund balance is estimated at $11,065,245. 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 2024, the replacement reserve is projected to have a balance of $1,565,245 for the replacement of buses. The reserve also has an additional $9,500,000 that is being held for the replacement of the transit equipment facility, which is being planned for fiscal year 2025

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