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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 16, 1999 <br />Action Agenda <br />Item No. ~Q _Q <br />SUBJECT: Triangle Transit Authority Annual Financial Report <br />DEPARTMENT: County Manager <br />PUBLIC HEARING: (Y/l~ <br />BUDGET AMENDMENT: (Y/1~ <br />ATTACHMENT(S): <br />TTA Financial Report (under separate cover) <br />INFORMATION CONTACT: <br />County Manager, ext 2300 <br />Jim Ritchey, TTA Gen Mgr, 485-7424 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To receive the Comprehensive Annual Financial Report for the Triangle Transit Authority <br />(TTA) for the fiscal year ending June 30, 1998. <br />BACKGROUND: TTA General Manager Jim Ritchey will present the annual financial report for the <br />1997-98 fiscal year, and report on TTA's progress in implementing the Regional Transit Plan. County <br />staff have asked Mr. Ritchey to point out information in the financial report that reflects the services <br />Orange County citizens are receiving from TTA in return for revenues raised in Orange County. The <br />Finance Director has observed that TTA undesignated general fund balance of $8.2 million is <br />substantially greater than the $1.3 million in FY98 general fund expenditures. Mr. Ritchey will explain <br />the accounting and programmatic reasons for the large undesignated fund balance. <br />RECOMMENDATION(S): The Manager recommends that the Board receive the report as information. <br />