Transit authority finds $7.9 million in surplus cash
CINCINNATI (AP) — The Southwest Ohio Regional Transit Authority says it has found $7.9 million in surplus cash, and it plans to use the money to replace its aging bus fleet.
SORTA Chair Kreg Keesee says the money was discovered during a yearlong review of the agency’s balance sheets. He says the money was the result of projects that were either under budget or discontinued, as well as strong cash flows.
The Cincinnati Enquirer reports SORTA voted Tuesday to add $4.1 million of the surplus to its cash reserves and use the rest to buy about 30 new buses.
Even with the found money, the agency says it is bracing for projected budget shortfalls. SORTA says there could be fare increases and reduced service as soon as next year.
Information from: The Cincinnati Enquirer, http://www.enquirer.com