RTA losses offset by federal stimulus funds : vimarsana.com

RTA losses offset by federal stimulus funds


RTA losses offset by federal stimulus funds
Contributed
The Greater Cleveland Regional Transit Authority will have year-end surpluses rather than deficits for 2020 through 2022 as a result of a total of $315 million in federal stimulus funding.
The COVID-19 pandemic gutted ridership levels and created revenue shortfalls totaling $20 million for 2020 before RTA received approximately $112 million of CARES Act funds last year, said Rajan Gautam, RTA general manager of finance at a Tuesday, May 25, board of trustee meeting. The ending balance in RTA's general fund for 2020 was $133.6 million.
During Gautam's report to the board, he said that without federal aid there would have been a $50.2 million loss in 2021 and $46.8 million projected loss in 2022. Instead, according to Gautam, RTA will have projected ending balances of $158.8 million in 2021 and $180 million in 2022.

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