The fiscal year 2014-15 budget is on track through the second quarter.
During that time, sales tax revenue advanced to OCTA for Measure M2 and transit programs grew by 5.4 percent and 5.6 percent, respectively, compared to last year. Those numbers are below the originally projected 6.7 percent increase, but more revenue is expected once OCTA receives the “true-up” payment – the actual amount OCTA is entitled to once final analysis is complete – in mid-March.
Revenues collected through bus fares were about 2 percent – or $500,000 – below projections, primarily due to a 3.7 percent decrease in fixed-route bus boardings compared to last year. While operating revenue in the transit program fell about $4 million short, that was offset by about $7 million less than projected in operating expenses.
OCTA staff will continue to monitor and report on the sales tax revenues received.
