Title
Presentation on Hampton Road Transit's True-Up Process and Budgetary Impacts
Purpose
PURPOSE/BACKGROUND:
Recently, the particpiating jurisdictions in the Hampton Roads Transit Authority (HRT) were notified that the agency had a significant operating loss at the end of FY 2016. In accordance with the agency's true-up process and agreement, particpating jurisdictions are required to pay their proportionate share of the operating loss. As jurisdictions were not notified of any impending shortfall, all localitiies have expressed concerns and dismay over being hit with such a large balance owed.
HRT's Chief Executive Officer, William Harrell, will will be present to provide a full explanation of what transpired as well as corrective actions planned moving forward.
Recommendation:
Rec
No action is being requested of Council at this time.
Body
Enter the text of the resolution or ordinance here