Updated in September 2022
Total system‐generated revenue was $12.9 million, or 4.2%, favorable to the amended budget through July, as each mainline Service Board reported favorable to budget results. Due to lagging ancillary revenue caused by the absence of RTA certification trip reimbursements, Pace ADA Paratransit’s system‐generated revenue finished 20.4% unfavorable to budget. Year‐to‐date system ridership through July finished close to the amended budget at 0.6% unfavorable, with 157.1 million rides provided. The Service Boards continue to keep operating expenses under control resulting in a combined $140.9 million, or 7.8%, overall operating cost savings relative to budget. The strong expense performance combined with favorable operating revenue resulted in favorable to budget operating deficits for each Service Board and ADA Paratransit.
Total public funding through the second quarter was $19.3 million, or 1.8%, favorable to the amended budget, with favorable sales tax results offset by lower than anticipated relief funding requisitions at Pace. RTA sales tax collections continued to show strength as May results came in at $136.3 million, surpassing the amended April funding projection by 5.7%. Year‐to‐date PTF and RETT receipts through July were 3.3% and 11.4% favorable to budget, respectively. The region has drawn down 41.9% of the total available federal relief funding through July, with the remaining $2.058 billion expected to last well into the 2025 RTA fiscal year.
The system‐wide net result of negative $30.8 million was $17.0 million unfavorable to budget through July due solely to lower than anticipated relief funding drawdowns. The year‐to‐date regional recovery ratio of 48.4% was 0.4 percentage points below the amended budget. The operating deficit results were favorable to budget for each Service Board and for the region as whole by $153.7 million, or 10.3%. Pace Suburban Service and ADA Paratransit had the most favorable operating deficit results due to more favorable expense performance relative to budget.