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AC Transit facing possible fiscal emergency

Dwindling financial resources and rising costs has forced AC Transit’s board of directors to call for a public hearing on May 25 in what could be a precursor to possibly declaring a “financial emergency.” The move would exempt the Oakland, CA-based agency from complying with the provisions of the California Environmental Quality Act, allowing for quicker operational adjustments to counter what is expected to be a financial crisis.

According to the predicted economic environment over the next two years, the agency is expected to see a shortfall of $14.9 million  in working capital for the fiscal year ending June 30, 2012. To ease the financial strain, AC Transit has adoped fare increases, reviewed expenditures, instituted a hiring freeze and reduced bus hours by 13 percent since October. For more, visit www.actransit.org.

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Posted by on May 18 2011. Filed under Latest News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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