Title
Resolution to Amend the Cost Allocation Agreement Between the Cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Virginia Beach, and the Transportation District Commission of Hampton Roads
Purpose
PURPOSE/BACKGROUND:
Like Transit Agencies across the Country, HRT is facing a decline in ridership due to the COVID-19 pandemic. This decline is impacting bus fare revenues. The Federal government has provided relief funds to assist transit agencies with revenue losses and costs related to the pandemic. In order to allocate these Federal funds and available State funds to mitigate the loss of revenues from the decline in ridership, the HRT cost allocation agreement needs to be temporarily amended. All HRT member cities need to approve a change to this agreement for it to be put into effect. Member cities adopted a one year amendment to the formula last year to address this issue. Given the enduring impacts of the pandemic that are projected to continue in Fiscal Year 22, HRT has asked its local member cities to again temporarily amend the cost allocation formula so they can use the Federal relief funds and State funds to offset revenue losses. This action will allow us to keep our contribution to HRT level with the amount approved in the FY21 Budget.
Discussion:
See Purpose/Background above.
Impact:
See Purpose/Background above.
Recommendation:
Rec
Approve the Resolution.
Body
WHEREAS, the Cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth and Virginia Beach (each a "Participating City"; collectively, the “Participating Cites”) and the Transportation District Commission of Hampton Roads (“HRT”) are parties to that certain Cost Allocation Agreement, effectively dated October 1, 1999 (“Allocation Agreement”);
WHEREAS, the Allocation Agreement, among its other provisions, defines how state and federal funding received by HRT is allocated to the Participating Cities for the capital and operating costs associated with...
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