HomeMy WebLinkAbout1980-02-11-TAC Lexpress Interim Financial Report.pdf 4
)11 kECEIVED
SELECTMEN-
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FEB 1 2 1980
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CrYLIX9 tociz5top 11 February 1980
Mrs. Mary Miley, Chairman
Board of Selectmen
Lexington, MA 02173
Dear Mary,
Enclosed is our third interim financial report on the operation of
LEXPRESS. This report follows the same form as our last report,
plus it supplies graphs of the daily revenue which are particularly
interesting.
Table 1 presents the finances on a cash basis, table 2 presents the
finances on an accrual basis. The figures upon which these tables
are based are the monthly report sheets which the transportation
coordinator presents to the MBTA. In table 1 expenses and revenues
are accounted for when paid or received, while in table 2 certain
expenses (coordinator, marketing & administration) and certain
revenues (passes) are accounted for as being received uniformly
during the year. In both tables the subsidies from the Town and the
MBTA are evenly distributed. The "balance"column is the net
after accounting for the subsidies.
Table 1 shows that to date the system has a positive balance, while
table 2 indicates that on a "yearly average" the system is behind
original needs. These numbers are consistant with our first two
interim reports, and our coordinator's report to you on 19 Dec.
Figure 1 shows the revenue per day from the start of service (15 Sept 79)
to the end of January. Notice that there is a high density of points
clustered at the bottom edge of the distribution. These points repre-
sent the revenue on "regular" days. This is more clearly seen in
figure 2 which shows regular weekdays only. The other scattered
points represent the revenue on Saturdays, school holidays, and days
when all schools are on a half-day schedule. The date of highest
revenue, Thursday November 29th, was a half school day. An
extra fifth bus was used on this day for six hours to help handle the
large ridership.
Figure 2 clearly shows that the regular daily revenue has been
constantly increasing from the start of service through the beginning
of January. The end of January has shown the expected downturn in
revenue, but a complcating factor is flu which has caused upwards
of one third of school children to be bedridden during this period.
The high points in figure 2 are on various Thursdays, and during
the Christmas week vacation.
COPY TO Board fie
Manager
Counsel 2/13/80
/623 MASMACHIISETTE AVENUE • LEXINGTON MA93ACHU8ETTB 02173 • TELEPHONE (617) B62-0500
1
d
As mentioned above, the statistics still project themselves into a
deficit, though the steps approved by you at your meeting of
January 7th and put into effect on February 4th are not yet reflected.
The committee has also started to discuss a possible fare structure
for next year, or earlier depending upon you and the sense of
Town Meeting. A possible fare structure is:
6-64 404, 65 & over 204, 5 & under 204
transfers free, Burlington double the above
Coupon book $5 for 15 trips
Unlimited pass: 1 month $6, 6 months $30, 1 year $50
We project that this fare increase would raise sufficient revenue
next fiscal year if the MB TA contribution remains at $60, 000, the
Town contribution is $100, 000, and the bus contract goes up less
than 15%. Note that we expect most riders would take advantage
of the reduced rate coupons which would be transferable.
As always, we will be happy to answer any questions you may have.
Sincerely,
14)
Fred D. Rosenberg; Chairman
Transportation Advisory Committee
Table 1. Cash Basis
a
COSTS REVENUE
Marketing
MONTH Coordinator & Buses Gross Passes SubsLd 2 Total
Administra, CostY Income
Balance
July - SEP 1826. 00 2013. 98 9145. 24 12985. 22 2177. 71 8135. 00 6250. 00 16562. 71 3577. 49
OCT 588. 50 755. 81 18680. 38 20024. 69 4057. 05 2880. 00 12500. 00 19437. 05 (587. 64)
NOV 528. 60 328. 86 18420. 58 19277. 44 5107. 75 1721. 00 12500. 00 19328. 75 51. 31
DEC 528. 00 384. 58 18099. 39 19011. 97 5551. 80 1020. 00 12500. 00 19071. 80 59. 83
JAN 528. 00 165. 84 18470. 77 19164. 61 4877. 53 746. 50 12500. 00 18124. 03 (1040. 58)
1. All costs thru 30 Sept. included in Sept.
2. $90, 000 from Lexington; $60, 000 from MB TA, averaged over year (half-month for Sept. )
Table 2. Accrual Basis
COSTS REVENUE
1 Marketing2
MONTH Coordinator. Buses Gross Farebox Passes Subsidy Total Balance
Administra Cost Income
July - SEP 641. 67 167. 83 9145. 24 9954. 74 2177. 71 677. 92 6250. 00 9105. 63 (849. 11)
OCT 641. 67 236. 54 18680. 38 19558. 59 4057. 05 939. 74 12500. 00 17496. 79 (2061. 76)
NOV 641. 67 269. 43 18420. 58 19331. 68 5107. 75 1111. 83 12500. 00 18719. 58 (607. 70)
DEC 641. 67 312. 16 18099. 39 19053. 22 5551. 80 1225. 17 12500. 00 19276. 97 223. 75
JAN 641. 67 332. 89 18470. 77 19445. 33 4877. 53 1308. 11 12500. 00 18685. 64 (759. 69)
1. Based on an estimated total salary of $7700, averaged thru year
2. Running average thru year
Figure 1. Daily Revenue -.. .
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