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Budget Resolution Recognizing Increased Revenues Generated by TheBus to Realign Funds Within Mass Transit Budget
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BRIEF OVERVIEW
This is a budget resolution to increase budgeted revenue generated by TheBus, to better align with the actual revenues. This will also update and realign expenditure accounts for Grant No. 34019. The FY24 Mass Transit approved budget does not include all the expected fare revenue generated by Hernando County Public Transit “TheBus”. This budget resolution includes an overall increase of $122,384.00.
FINANCIAL IMPACT
Grant funding will be updated according to the attached resolution. The resolution will increase revenues by $122,384.00 and adjust two expenditure line items within the grant department:
Fund: 0011 - General Fund, Department: 34019 - ST GRT-Transit ST BLOCK
A separate budget amendment will be processed to update existing budget amounts in the accounts between grant departments 34015 and 34019. Budget Amendment No. 2024-149 will address those changes, as a reference.
LEGAL NOTE
The Board has the authority to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve the attached budget resolution for Transit Grants to realign the FY24 Budget and authorize the Chairperson’s signature thereon.