AC Transit Board To Consider Declaring Fiscal Emergency
The MTA Board did it this week, and now AC Transit may become the second transit agency in the Bay Area to declare a fiscal emergency. Such a declaration allows the agencies to bypass environmental review in order to implement service cuts.
The AC Transit Board of Directors voted yesterday to hold a public hearing on the issue next month. From the press release:
The projected drop in resources will force the District to deplete its
financial reserves, leaving the District with a shortfall in “net working
capital” of $9.74 million during the next fiscal year (2009-2010.) The
deficit is expected to worsen by the end of fiscal year 2010, ballooning to as
much as $57 million.
Fare increases are already scheduled to take effect July 1st. The agency has also instituted a hiring freeze, among other things.
The public hearing will be held Wednesday May 27th, in the second floor Board Room, 1600 Franklin Street, in Oakland.