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Transit authority finds $7.9 million in surplus cash

AP  |  Cincinnati (US) 

The says it has found USD 7.9 million in surplus cash, and it plans to use the money to replace its ageing bus fleet.

Kreg Keesee says the money was discovered during a yearlong review of the agency's balance sheets.

He says the money was the result of projects that were either under budget or discontinued, as well as strong cash flows.

Enquirer reports SORTA voted Tuesday to add $4.1 million of the surplus to its cash reserves and use the rest to buy about 30 new buses.

Even with the found money, the agency says it is bracing for projected budget shortfalls. SORTA says there could be fare increases and reduced service as soon as next year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 14 2018. 19:25 IST