Title
Authorization for the use of FY2003 Retained Earnings on Regional Transit System (RTS) Capital Projects (B)
Explanation
RTS currently has two Florida Department of Transportation (FDOT) grants that require a 50/50 match with local funds. These FDOT grants expire on June 30, 2005 ($1,250,000) and December 31, 2005 ($285,265) respectively. RTS currently has retained earnings for FY 2003. Retained earnings represent the operating surplus generated during the fiscal year. For FY 2003, the RTS Enterprise Fund generated a net increase in cash of $270,410.
RTS recommends the use of the retained earnings to match FDOT funds for capital projects as described below:
Employee Parking lot: The current facility is not adequate for bus and employee parking needs. It was originally designed to house approximately 40 buses and 80 employees. The number of buses has increased from 40 to 104 and employees to 215. Additionally, there have been no modifications to this facility to provide adequate parking for the increased number of fleet vehicles. Internal operations and maintenance problems are occurring due to inadequate parking space. Expansion of the employee parking lot facility is needed as phase one of RTS's construction plan to provide space and improve facility operations and maintenance activities.
A total of $37,000 is needed to match $37,000 in FDOT funds ($74,000) combined with $228,748 current local and state funds for a total project cost of $302,748. Estimated completion date: January 2005.
Administration and Operations Building: It was originally designed to house or support approximately 80 employees. The number of employees has increased from 80 to 215. There have been no major modifications to this facility to provide adequate working space for RTS employees. Rehabilitation and expansion of the Admin and Operations facility is necessary to improve admin and operations activities and phase two of the construction plan.
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