March 29, 2023
Balanced Plan Maximizes Innovative Mobility Options and Expansion
ALBANY, NY (March 29, 2023) - The Capital District Transportation Authority (CDTA) Board of Directors adopted a balanced Operating Budget and a corresponding Capital Plan for fiscal year 2024 at their monthly Board Meeting on Wednesday, March 29.
The operating plan totals $126 million, which will accommodate CDTA’s growing network of services and programs. A corresponding five-year capital plan provides for projects and opportunities to enhance mobility in the Capital Region. It will allow CDTA to introduce the third Bus Rapid Transit line, to open its first mobility hub in downtown Schenectady, to continue the electrification of its bus fleet and to expand bike sharing and car sharing programs.
“We are proud to present a strong FY2024 budget on behalf of the Board of Directors,” said CDTA Board Chairman, Jayme Lahut. “CDTA has emerged from the pandemic strong, and our ridership is more than 90% of what it was before the pandemic began. Thanks to our solid financial foundation, we were able to craft a spending plan that will allow us to continue to expand mobility options for the community.”
Customer and facility revenue rose steadily throughout the last year, and we have budgeted for continued increases. As customers come back to our system, we will improve the quality of our services and introduce new ones to make our network easier and more convenient to use. We are thankful for the support we receive from partners at the state and federal level.
“The operating plan is solid, and it is flexible to allow for unforeseen issues that may arise throughout the year,” said CDTA CEO, Carm Basile. “As we turn the corner from the pandemic, we are looking to introduce new ways to move the Capital Region as well as a potential expansion to Warren County. At the same time, we are improving our recently introduced service network in Montgomery County. People continue to be our most valuable asset, and employee wages and benefits make up more than 70% of the expense lines, followed by purchased transportation and fuels costs will increase significantly this year.”
The Capital Plan is fully funded in year one. It totals $30 million, mostly from federal and state grants. About $10 million will fund new buses. The remainder will be used for electrification of buses, construction of the new Gateway Mobility Hub, and upgrades to the Red Line BRT along Route 5 between Albany and Schenectady.
CDTA’s fiscal year runs from April 1, 2023, through March 31, 2024.