FOR IMMEDIATE RELEASE
June 8, 2023
MARTA ADOPTS BALANCED BUDGET, DELIVERS
CAPITAL PROJECTS, RESTORES SERVICE LEVELS
ATLANTA – The
Metropolitan Atlanta Rapid Transit Authority (MARTA) Board of Directors today
adopted the Authority’s Fiscal Year 2024 Operating and Capital Budgets. The
$1.6 billion budget includes $712.4 million in gross operating funds and $854.5
million for capital programming.
MARTA continues to
show fiscal responsibility, balancing the budget for a twelfth straight year
without a fare increase. In an ongoing commitment to
improving customer service, the budget supports the resumption of pre-pandemic
levels of bus and rail service, and the advancement of large capital projects,
including beginning construction on the region’s first bus rapid transit (BRT)
line.
“MARTA’s priorities
are clearly reflected in the FY24 budget,” said MARTA General Manager and CEO
Collie Greenwood. “We are investing in our employees and our customer
experience, and that means restoring service to pre-COVID levels, continuing to
add bus shelters throughout the system, getting our first Bus Rapid Transit and
Arterial Rapid Transit lines under construction and getting ready for our new
rail cars. As riders return to MARTA, we are committed to providing an
experience and service level they can enjoy and rely on.”
Ridership demand
is increasing, especially to large events such as the recent Taylor Swift
concerts, and while the rise of remote work has impacted peak ridership,
customers are taking more off-peak trips, in effect evening out the numbers.
The carry-over of reserves, combined with robust sales tax revenue, from which
MARTA derives a significant part of its operating budget, puts the Authority in
a strong financial position to deliver pre-COVID service levels and make
improvements systemwide.
“MARTA’s fiscal
health and responsibility has been recognized by top credit and bonding
agencies in the country, earning two AAA bond ratings,” said MARTA Board Chair
Thomas Worthy. “My fellow board members and I are committed to ensuring MARTA
remains a good steward of public money and continues providing safe, equitable
service with a focus on expansion.”
MARTA’s Capital
Improvement Program continues to advance, with several projects entering design
or construction phases, including Summerhill BRT and the Clayton County
Operations and Maintenance Facility. The budget includes State of Good Repair
(SOGR) projects focused on improving the customer experience with $50 million
for the multi-year Station Rehabilitation Program and close to $60 million for
the procurement of new railcars. Additionally, the budget allocates $20 million
for elevator and escalator rehabilitation, $7 million for deep cleaning of rail
stations, and $3.4 million for new bus shelter amenities across the system.
To view MARTA’s FY
2024 Operating and Capital Budgets in detail visit MARTA (itsmarta.com).
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