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5/28/2021
Federal dollars allocated to the Greater Cleveland Regional Transit Authority (GCRTA) in response to COVID-19 made up for a loss of $20 million in operating expenses in 2020, according to a report by Rajan Gautam, the agency's secretary treasurer and deputy general manager of finance.
Gautam also determined the loss in 2021 could have included an additional $50.2 million and the projected loss in 2022 would have totaled $46.8 million.
The three stimulus packages totaling $315 million are enabling GCRTA to cover operating losses, which in turn creates an opportunity to strategically address past financial constraints, Gautam said in a press release.
GCRTA’s projected ending balances will be prioritized to primarily support three areas: the operating budget, unfunded capital projects and debt reduction. The agency isn't anticipating any staff layoffs, furloughs or service reductions.
GCRTA now is a solid financial steward, creating long-term stability today and for the future, said GCRTA Interim Chief Executive Officer and General Manager Floun’say Caver.
“[We are] anchoring the organization for the future by stabilizing operational costs, funding capital projects and simultaneously paying debt service," he said.