NTTA reducing budgets to offset decreasing revenue projections for 2009

by PegNews wire

The initial projections did not take into account the fact that the economy was going down the toilet.

DALLAS — At its recent Administration Committee Meeting, North Texas Tollway Authority (NTTA) staff recommended decreasing revenue projections for 2009 by seven percent, or about $25 million, as a result of recent economic trends and projections.

To help offset the lower projections, NTTA Deputy Executive Director Rick Herrington directed departmental directors to reduce budgets.

"Organizations across the country, both public and private, are making adjustments as a result of the perilous economic conditions," Herrington said. "However, by cutting the budget across the organization, we are able to keep major mobility projects on schedule, maintain customer service levels, and avoid layoffs."

The initial traffic and revenue projections for 2009 were calculated in July 2008 using trends through June of 2008. Those projections did not take into account the unforeseen pressures in the economy that occurred after July.

NTTA's traffic and revenue engineer, Wilbur Smith and Associates, will be working with an independent economist to determine the near-term and long-term traffic and revenue impacts of the current economic slowdown.

Source: NTTA

• Staff
• Verified User
• Anonymous