COLUMBIA (WACH) -- The Central Midlands Regional Transit Authority has only $300,000 in the bank but owes more than $700,000 in operating expense, according to the latest financial report.
On Tuesday, Richland County Council and Columbia City Council voting to give the agency the funding it needs to operate through the next two-and-a-half months.
CMRTA will receive $417,500 from County Council. Members had already put aside $1.6 million for the transit system for fiscal year 2012.
City Council approved approximately $950,000 for CMRTA. The money will come from the city’s utility franchise fee.
While this is not a permanent solution, officials say it's a temporary fix that will keep the buses on the roadways.
“This infusion of funds will allow us to meet our obligations,” adds CMRTA Board member Bob Liming, “but far more important than that, it will mean right now we don't have to cut a single route. “
The funding from both councils is contingent on the CMRTA performing an audit, hiring an interim director and restructuring its board.
Officials hope from now until September, they'll be able to come up with a long-term funding plan.
The CMRTA Board will meet on Thursday, July 21 at 1:00 p.m. inside the agency’s headquarters.
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