CAT expects more funds for maintenance, tax revenues in FY16 | savannahnow.com

21
Apr

CAT expects more funds for maintenance, tax revenues in FY16 | savannahnow.com

Chatham Area Transit officials said Tuesday the budget for the upcoming fiscal year, in addition to maintaining and operating the organization, is designed to cut back on the system’s debt and achieve new priorities.

During the CAT board of directors’ first reading of the fiscal year 2016 budget this week, Chief Financial Officer Terri Harrison reported the next budget, which begins July 1, will grow 8 percent over last year’s budget to $21.5 million. Harrison said the growth will reflect CAT’s financial position at the end of the current fiscal year.

CAT CEO Chad Reese said based on current projections, the transit system will end the current fiscal year with surplus funds — money that will be used to pad a reserve.

via CAT expects more funds for maintenance, tax revenues in FY16 | savannahnow.com.

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