While the Metropolitan Atlanta Rapid Transit Authority saw higher revenue than expected in fiscal 2024, its spending was also higher.
According to numbers presented last week during a business management meeting, the agency reported $632.6 million in revenue, $200,000 more than it was projected to collect. On the expense side, the agency spent $652.9 million, $21.5 million higher than budgeted.
Passenger revenue of $72.8 million was $9.9 million, or 12%, below the $82.7 million the agency projected to collect in the fiscal year. Offsetting that, sales collections totaled $360.7 million, $13.2 million, or 3.8%, above the $347.5 million budgeted.
Officials blamed lower ridership forecasts and increased fare evasion for underperforming passenger revenue.
“The largest takeaway I would offer is that MARTA benefited from phenomenal sales tax revenue, which helped offset the unfavorable results we saw in passenger revenue,” Greg Patterson, MARTA’s deputy chief of finance, said during last week’s meeting.
“…Our ridership forecast was adjusted downward after we had already locked in the annual budget, which includes the revenue projections we had for passenger revenue,” Patterson added. “So that explains part of the unfavorable results we see in passenger revenue.”
While spending on salaries and wages was $17.2 million below budget, primarily due to ongoing vacant positions, overtime was $4.5 million over budget because of vacancies. The agency also reported that capital charges were $34.6 million over budget because of lower-than-forecasted direct and indirect expenses for capital projects.
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