Stories indexed with the term ‘financial advisory group’

A Feb. 29 meeting of a financial advisory group – an entity that’s helping the Ann Arbor Transportation Authority as it seeks to expand its governance and funding structure – resulted in broad agreement on many recommendations made by a subcommittee of that group.

But the group as a whole is declining at this time to make a final funding recommendation. Instead, the financial advisory group is recommending that it continue to convene periodically, but for the time being that their efforts be put “on hold.”

Regarding initial recommendations and findings, the subcommittee calculated that there’s a roughly $32.9 million gap between existing funding and what would be needed to fund the first five years of expanded services. To cover that gap, the subcommittee calculated that a countywide millage of 0.5 mill would be needed – if the mechanism of funding were to be a countywide transit tax. But the subcommittee declined to identify a millage as the solution to that funding gap, in light of pending legislation at the state level that might make other mechanisms available. [.pdf of Feb. 29 report draft approved by whole group] [Full Story]