An apparent rush of spending by Wasatch Front consumers this summer has put the Utah Transit Authority’s budget back on track, but officials say the revenue slide throughout the recession may ding the agency’s bond rating when it borrows up to $200 million next month for rail construction.
UTA took in $16.7 million in June, about $1.3 million more than projected, and made up most of a $1.5 million gap between year-to-date revenues and the budget they support. It’s enough to make the agency more comfortable that it will end the year in the black, but not enough to celebrate an end to austere times or the fare hikes they helped spur.
The agency’s tax collections so far are almost identical to last year’s at the six-month mark, but the projected total by year’s end is $19 million lower than the pre-recession peak of $192 million in 2007. The Deseret News