Agenda - 04-01-1991 - Laserfiche WebLink

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16 10 provided at various stages in the Providers have been sent notices of the meetings of the Towns Transportation Board, which reviewed the staff's recommended capital projects program. The to comment on the capital rogrivate sector has also invited review and approval of the P gram during the Town Council's Public transit portion of the TIP. The Town of Chapel Hill has received no formal complaints from private sector providers during the current fiscal year. III. Chapel Hill Transit is operated through a department within the Town of Chapel Hill. Funds used by the transit system are segregated and accounted for as a separate fund from the general operating fund of the Town. The Town's financial audit shows that the Transportation fund is F n good financial condition. The balance sheet, a strong cash Position, high working capital r tioslandhlow long term debt. Current assets of $1,268,449 exceed current liabilities of $363,957 by $904,492. Overall, the Town of Chapel .Hill has a strong financial position and continues to experience growth in its tax base over the past ten years. Chapel Hill Transit relies on a combination of operating and non - operating revenue to fund transit operations. Operating revenue from farebox and pass sales has increased approximately 61% during the five year period from 1985 -86 to 1989 -90, from $738,318 to $1,190,562. Non - operating revenue include ad- valorem taxes dedicated to transit service in Chapel Hill and Carrboro, funds from the University of North Carolina and.federal transit operating assistance. Attachment 2 compares the transit system's expenditures and revenues over the past several years and provides the revenue cost ratio between total expenditures and operating revenue. In FY 1989 -90 the Town recovered 30$ of expenditure operating revenue s from crease from s. This represented a slight de the 31V recovery level of the previous decrease continued to increase during FY 1989 . levels S-90 in response v a request that service be provided to fringe park /ride lots since a major campus parking area was closed due to construction. Some night service was also added in response to comments made at a public forum on transit service, The productivity of transit service continues.to be evaluated and route and schedule changes are considered when these offer opportunities for increased productivity. There is strong local support for the Chapel, Hill Transit system. The Town's local share comes from a special ad- valorem property tax, approved in 1974, which allows up to $.10 valuation of property for support of transit operations.