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2013 OPERATING BUDGET ASSUMPTIONS <br />REVENUES: <br />Federal. State, and Local: Given past and continued success in securing adequate <br />capital funds through congressionally designated funding for major capital projects, we <br />are able to continue to avail ourselves of annual federal capital formula grant funds <br />toward preventative maintenance and education /training, making such funds available to <br />the operations budget. In 2012, the State of Indiana has fixed PMTF rate for the next two <br />years and has made it a line item in the State's Budget. We based the 2013 PMTF <br />revenue on 2012 actual approved budget. This caused our budget figure to be <br />decreased 20% from 2012 budget. Property Tax revenue was budgeted at $199,200 <br />more than prior year, due to the receipt of tax revenue in June 2012 that was over <br />budgeted figures for the first installment. <br />Ridership and Leases: Farebox revenues from regular services include a 4.03% <br />increase from our 2012 forecasted levels. The revenue increase is due the service <br />changes that occurred April 2012. They did not have as drastic of an effect on ridership <br />that was originally estimated. However, TRANSPO ACCESS has realized an increase <br />in ridership since 2008 and is expected to continue this trend in future years. Lease <br />revenues reflect current tenant agreements and renewals of existing contracts. <br />EXPENSES: <br />Employee Wages and Benefits: TRANSPO will see an increase in wages for <br />bargained for employees in 2013, due to the finalization of a three year collective <br />bargaining agreement. Employee benefits reflect an estimated seven percent increase <br />over 2012. This increase is mainly due to an estimated increase of five percent in health <br />insurance. Other benefits reflect current bargaining agreement terms and contingencies <br />for future premiums given their historical trends. <br />Vehicular and Operatona: Vehicular and commercial insurance costs decrease from <br />the 2012 budget. Diesel fuel has been budgeted at an average of $3.06 per gallon and <br />gasoline at $3.30 per gallon. Both of these markets have been extremely volatile and it is <br />projected that future world developments could cause costs to increase. <br />Utilities: Utility costs have been budgeted at 1% less than 2012 forecasted levels, due <br />to TRANSPO cost savings experienced in the new Administration, Maintenance and <br />Operations facility. <br />4 <br />