Las Vegas Sun

March 29, 2024

40 percent hike in spending expected in RTC’s budget

The Regional Transportation Commission will have 36 percent more in revenue for its 2005 budget and expects to spend 40 percent more than it did in the current fiscal year, RTC Chief Financial Officer Terry Cordell said Thursday.

About $13 million in ending fund balance money will be taken from unspent Streets and Highways Fund dollars and added to the revenues to balance the budget, Cordell said.

The planned expenditures for fiscal year 2005 total $437 million, up from $311 million in part because of capital projects that were already in the works, he said.

Major expenditures in the coming fiscal year include $43 million for monorail construction and $12 million for Citizens Area Transit public bus additions, including the funding of an addition 1.4 million service hours that the RTC says should reduce wait times for riders.

Among the revenue highlights are an additional $20 million from sales tax revenues and an additional $65 million in federal grants to fund the agency's $424.4 million budget, up from $313.1 million for the current fiscal year that ends June 30.

"The last two years have been a very difficult time for transit authorities since (the terrorist attacks of) 9-11," Cordell said. "But now I am very pleased to see the revenues are looking good."

"We can do more in the coming fiscal year with road projects, bus routes and the beltway," he said. "We can take care of the pent-up demand for more transit."

A public hearing on the final budget will be May 20.

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