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Report ID: 22-355   
Type: Consent
Meeting Body: Board of Directors - Regular Meeting
Meeting Date: 6/22/2022 Final action: 6/22/2022
Recommended Action: Consider receiving the Bi-Monthly budget update for the period of July 2021 through April 2022 of FY 2021-22.
Attachments: 1. STAFF REPORT, 2. Att.1. Bi-Monthly Report OPC Jul thru Apr.pdf, 3. Master Minute Order
TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager
SUBJECT: Bi-Monthly Budget Update



Consider receiving the Bi-Monthly budget update for the period of July 2021 through April 2022 of FY 2021-22.


Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization

Regular financial reporting benefits staff and Board Members in assessing the condition of the District.


There are no budgetary or fiscal impacts associated with this report.



Revenues are $5.3 million (1.2%) above budget and Expenses are $46.2 million (10.8%) below budget, resulting in a surplus of $51.5 million. While sales tax subsidy revenues are higher than expected, the District's surplus position is primarily explained by the draw-down of $55.5 million in Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act federal funds. Consistent with prior budget presentations, staff is drawing-down the federal emergency funding relatively quickly and will apply the surplus funds to future periods where a deficit is expected.

Operating Revenues & Subsidies
Total revenues and subsidies are $5.3 million (1.2%) above budget for the July-April period. Revenues from Operations are $5.2 million (14.7%) below budget, and Subsidies are $10.5 million (2.7%) above budget. Specific revenues are as follows:
* Farebox - $3.0 million or 12.9 % below budget
o Fare revenue budget is expected to be lower than originally budgeted. While fare revenue is $10.5 million higher than prior year-to-date actuals (during the first year of the pandemic), the District faces challenges increasing ridership District wide and enforcing revenue collection on the Tempo BRT line.
* Other Operating Revenues -- $3.9 million or 52.4% below budget
o Other Operating Revenues are lower than budget due to delay in receipt of BART Fe...

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