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Last week, the Santa Clara Valley Transportation Authority’s (VTA) board authorized several more measures to help address a $70 million operating budget deficit caused by the elimination of state transit funding and a large decline in sales tax revenue.

In addition to allocating 10 percent of the agency’s stimulus funds to the deficit, VTA will reduce its operating budget by about $15 million in fiscal years 2010 and 2011, and defer the purchase of bus rapid transit vehicles.

The board also approved a modification to VTA’s debt reduction policy that waives the requirement that funds only be used for capital purposes. Now, the agency can use funds for operating expenses through June 2011.

In addition, the board authorized the formation of an ad-hoc committee, which will be charged with developing longer-term debt-reduction strategies. The committee will consider employee benefit modifications, regional transit partnership changes and new transit service models.

VTA already has implemented various cost-saving measures, such as a hiring freeze, unpaid furloughs, service reductions and a fare increase.