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12/27/2005
Rail News: Rail Industry Trends
Greater Cleveland RTA dips into reserves to balance 2006 budget
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Last week, the Greater Cleveland Regional Transit Authority (RTA) board approved a $236.4 million operating and $156.1 million capital budget.
The operating budget will increase 6.3 percent, or $14 million, compared with 2005. RTA officials expect expenses to exceed revenue by $7.4 million, primarily because of rising fuel costs.
The authority will draw funds from its reserve to balance the budget, dropping the reserve’s balance from $10.1 million to $2.7 million. RTA officials will review options to stabilize finances during the first quarter.
The operating budget will increase 6.3 percent, or $14 million, compared with 2005. RTA officials expect expenses to exceed revenue by $7.4 million, primarily because of rising fuel costs.
The authority will draw funds from its reserve to balance the budget, dropping the reserve’s balance from $10.1 million to $2.7 million. RTA officials will review options to stabilize finances during the first quarter.
