Transit authority finds $7.9 million in surplus cash

The Southwest Ohio Regional Transit Authority says it has discovered $7.9 million in surplus money, and it plans to make use of the cash to switch its getting old bus fleet.

SORTA Chair Kreg Keesee says the cash was found throughout a yearlong evaluate of the company’s stability sheets. He says the cash was the results of tasks that have been both underneath price range or discontinued, in addition to robust money flows.

The Cincinnati Enquirer reviews SORTA voted Tuesday so as to add $four.1 million of the excess to its money reserves and use the remaining to purchase about 30 new buses.

Even with the discovered cash, the company says it’s bracing for projected price range shortfalls. SORTA says there might be fare will increase and decreased service as quickly as subsequent yr.

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