But the RailRunner’s operating costs–and red ink–are already above those projections. We previously reported that the RailRunner’s operations costs for the FY ending June 31, 2009, topped $21 million. With ticket revenues of only $1.9 million, the year’s operating losses exceeded $19 million. The operating costs for the current FY are now estimated at $22 million.
This state legislative report was prepared in January. Since then the train has steadily lost riders - down 10-11% from last year. At that time revenues of $1.9 million divided by costs of $21 million results in farebox recovery percentage of 9.1%. It will be worse this year -- revenues are down and costs are up. If by a miracle the revenues stay the same and estimated costs are at $22 million, the percentage is reduced to 8.6% with taxpayers picking up the remaining 91.4%. Talk about an economic boondoggle!!
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( typical )
Me thinks poor Willie might be holed up in his basement on suicide watch.
Hey, Willie: Are your ears burning? Here’s an article just for you...