The Capital District Transportation Authority (CDTA) Board of Directors adopted the fiscal year 2016 Budget and Capital Plan at its monthly Board Meeting held March 25 at the CDTA Headquarters in Albany.
The $79.9 million dollar spending plan is balanced and features slight increases to accommodate growing service needs and operational expenses. CDTA is expected to finish its fiscal year, which ends March 31, with record ridership of more than 17 million customers.
"We are proud to once again submit a balanced budget," said CDTA Chairman David M. Stackrow. "A balanced budget does not happen by chance. It's the commitment of our Board and attention to detail by our employees that help to make a balanced budget and operating plan a reality.”
The plan addresses the financial challenges facing CDTA, while building on the foundation developed to advance customer and community needs. Personnel costs, purchased transportation and fuel make up 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 did not increase for FY 2016 and it has remained relatively flat for the last five years.
CDTA’s approved $14.5 million dollar Capital Plan continues the Authority’s strategic fleet replacement program, including an order of five paratransit buses, beginning the replacement of aging communications infrastructure and supporting the new Navigator fare payment system.
