We attended the Board of Directors meeting today. Our initial impression is a well run governmental agency that operates with compassion for the citizens using their services.
They passed their 2018 Budget…..$7.4 million for capital expenditures and $14..7 million for their operating budget. The Board recognizes their fiduciary responsibilities and tabled the General Manager’s request to increase his authority on purchases from $25,000 to $50,000. They would rather have the GM have to get Board approval.
They passed a resolution approving the purchase of four new Commuter Express buses. Each cost $623,483, for a total of almost $2.5 million, and will be delivered at the end of 2018. The funding for the buses comes from federal grant money. We were told that the old buses will be sold at auction, since that is part of the deal when they get the funds.
They also approved the purchase of a ~$43,000 wheel alignment machine for maintenance on their buses. The purchase was needed when the former company declined to provide the services, and the secondary source for the service was on West 130th Street. There is about a 4 year payback on the cost of the machine, but may be reduced if service work is performed for other governmental agencies with similar equipment needing wheel alignment.
We will have to get the financials on this government entity to see the breakdown on their source of funds and details of their expenses.