March 30, 2016
Balanced Budget Maintained for Upcoming Fiscal Year
ALBANY, NY (March 30, 2016) The Capital District Transportation Authority (CDTA) Board of Directors adopted the Authority’s Operating Budget and Capital Plan for fiscal year 2017 at the monthly Board Meeting held earlier today. The $81.4 million dollar spending plan is balanced and features a slight spending increase of 1.3% to accommodate growing service needs and operational expenses. There are no anticipated fare increases in this budget. CDTA is expected to finish the current fiscal year, which ends March 31, with its second consecutive year of record ridership with more than 17 million boardings.
"We are proud to once again submit a balanced Operating Budget and robust Capital Plan," said CDTA Chairman David M. Stackrow. "The budget is thoughtful and appropriate to the revenue and expenses that we anticipate. It reflects the work of the entire CDTA team with recommendations included from all departments.”
The recent passage of the Fixing America’s Surface Transportation (FAST) Act will provide increased federal assistance through added flexibility and capital dollars. Expected increases in state assistance show additional capital money, likely to be used to support CDTA’s strategic fleet replacement plan. The Capital Region’s vibrant economy has led to an increase in mortgage recording tax, another factor that plays a role in the company’s financial stability.
Stackrow said “It is great that we have funding flexibility as we develop our financial plan, something that hasn’t always been the case. This allows us to take a look at our service levels, the demand for them and make enhancements where necessary.”
The budget balances the needs of CDTA with customer and community needs. Wages and benefits, purchased transportation and fuel represent a majority of the budget while the remainder includes materials and supplies, maintenance services, transportation costs and utilities. CDTA’s largest revenue source is State Operating Assistance (STOA), which is expected to increase by at least $1 million dollars from last year.
The $22.2 million dollar Capital Plan continues the Authority’s vision of a stronger and more vibrant CDTA. Some of the highlights include the development of the Uncle Sam Transit Center in Troy, Lark and Washington Safety Improvements in Albany, a new communications system, and the development of two BRT lines (River Corridor and Washington/Western corridor).
CDTA’s Board of Directors meets on the final Wednesday of every month at the CDTA Headquarters, 110 Watervliet Avenue, Albany. Board meetings are open to the public and streamed live at www.cdta.org.