AC Transit Board To Consider Declaring Fiscal Emergency
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.