Updated in February 2023
Year‐to‐date system ridership through December finished close to the amended budget at 0.3% unfavorable, with 285.4 million rides provided, approximately 51% of pre-pandemic ridership. Total system‐generated revenue was $37.8 million, or 6.8%, favorable to the amended budget through the fourth quarter, as each mainline Service Board reported favorable to budget results. Due to lagging ancillary revenue caused by the delayed start of RTA certification trip reimbursements, Pace ADA Paratransit’s system‐generated revenue finished 8.4% unfavorable to budget. The Service Boards continue to keep operating expenses under control resulting in a combined $243.7 million, or 7.8%, favorable variance to budget. The overall 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 fourth quarter was $44.5 million, or 2.3%, 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 October results came in at $134.5 million, surpassing the amended budget
by 7.1%. Year‐to‐date PTF receipts through December were 4.7% favorable to budget but RETT receipts are expected to finish the year 2.5% unfavorable. The region has drawn down 43.4% of the total available federal relief funding through the fourth quarter, significantly less than budgeted for 2022.
The system‐wide net result was $7.6 million favorable to budget through December and the year‐to‐date regional recovery ratio of 44.7% was 0.7 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 $281.5 million, or 11.0%.
Accordingly, staff recommends a finding of in substantial accordance with budget through the fourth quarter for each Service Board, ADA Paratransit, and the Region as a whole. This recommendation is based on unaudited financial results as reported by the Service Boards to the RTA and relies exclusively on the operating deficit variances
since the RTA Region has been provided with recovery ratio relief through 2023. We will inform the Board if the audited financial results of the Service Boards, once received, differ materially from these unaudited results.