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(This Section may contain text from a Public Act with a delayed effective date ) Sec. 4.01b. System generated revenue recovery ratios.
(a)As used in this Section: "Costs" includes all items properly included as operating costs consistent with generally accepted accounting principles incurred by the Authority and its Service Boards. "Costs" does not include costs related to providing ADA paratransit service. "System generated revenue" includes passenger fares and ancillary revenue from sources such as the lease of space, advertising, and investment income.
(b)The Authority shall determine the ratio of system generated revenues for public transportation in the metropolitan region compared to the aggregate of all costs of providing public transportation.
(c)Until January 1, 2029, the Autho
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(This Section may contain text from a Public Act with a delayed effective date ) Sec. 4.01b. System generated revenue recovery ratios. (a) As used in this Section: "Costs" includes all items properly included as operating costs consistent with generally accepted accounting principles incurred by the Authority and its Service Boards. "Costs" does not include costs related to providing ADA paratransit service. "System generated revenue" includes passenger fares and ancillary revenue from sources such as the lease of space, advertising, and investment income. (b) The Authority shall determine the ratio of system generated revenues for public transportation in the metropolitan region compared to the aggregate of all costs of providing public transportation. (c) Until January 1, 2029, the Authority shall report its system generated revenue recovery ratio as part of the Authority's Annual Budget and 2-Year Financial Plan. (1) The Annual Budget and 2-Year Financial Plan must show that the system generated revenue received in each fiscal year shall equal at least 25% of the costs of providing public transportation in that fiscal year. The Annual Budget and 2-Year Financial Plan must show that the level of fares charged and received in each fiscal year shall equal at least 5% of the aggregate of costs of providing ADA paratransit services. (2) The Authority shall file a statement certifying that the Service Boards published the data described in this Section with the General Assembly and the Governor after adoption of the Annual Budget and 2-Year Financial Plan. If the Authority fails to file a statement certifying the system generated revenue recovery ratio as required in this Section, then the appropriations to the Department of Transportation for grants to the Authority intended to reimburse the Service Boards for providing free and reduced fares shall be withheld. (3) If the system generated revenues are less than 25% of said costs, then the Board shall remit an amount equal to the amount of the deficit to the State. The Treasurer shall deposit any payment made under this paragraph in the Road Fund. However, due to the ongoing fiscal impact of the COVID-19 pandemic this requirement shall not apply to Fiscal Year 2026. (d) Beginning January 1, 2029, the Authority shall report its system generated revenue recovery ratio within 6 months of the end of each fiscal year. If the Authority's system generated revenue recovery ratio falls below 20% for 2 consecutive years, then the Board of Directors shall: (1) report this fact to the General Assembly and the Governor and provide a summary of fare adjustments made under Section 2.04; (2) consider whether additional fare adjustments or other changes are necessary to increase system generated revenue, reduce costs, or both. (e) Nothing in this Section shall diminish or impair the rights of any employee employed by the Authority or any Service Board or any organization of employees representing employees of the Authority or any Service Board. (f) The Authority shall separately calculate a system generated revenue recovery ratio for ADA paratransit service. The Authority shall report this ratio in its annual certification under subsection (d) Section 2.02 and shall take the actions required under subsection (c) of this Section if the ADA paratransit service system generated recovery ratio falls below 5% for 2 consecutive years. (g) The Authority shall document the system generated recovery ratio in the Authority's Annual Budget and 2-Year Financial Plan. (h) Upon the request of the House of Representatives or the Senate, the Chair of the Board of the Authority, the chair of the board of a Service Board, or any other employee of the Authority or Service Board requested by the House of Representatives or Senate shall attend a hearing before the House of Representatives or Senate regarding the reported system generated revenue recovery ratios.