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FUNDING <br /> In the previous section of this report, the cost of providing these proposed services was estimated <br /> to be $302,896. Note that this is the estimated cost for that service for the entire year, not merely <br /> some trial period. Transit staff has worked on these proposals in order to keep them within an <br /> affardable range. For example, the proposed hours of service have been shortened from the <br /> consultant's proposal in order to provide a reasonable level of service but within our means. <br /> Also, the frequency of service has been increased on some key routes, to provide a higher level <br /> of service, but it is obvious that the system cannot afford 30 minute service on every route. <br /> Staff has worked closely on the budget figures to ensure that funding will be available for the <br /> entire year. The operating budget submitted by Transit for FY 2002-2003 includes the costs of <br /> these proposed changes, and it is a balanced budget. <br /> Following is a brief explanation of the source of funds for the estimated $302,896 in added <br /> operating costs: <br /> 1. IDOT grant covers 55% of eligible operating costs: . . . . . . . . . . . . $166,593 <br /> 2. Budgeted increase in FTA operating grant funds . . . . . . . . . . . . . . 89,374 ' <br /> 3. Increase in bus farebox revenues . . . . . . . . . . . . . . 42,111' <br /> . . . . . . . . . . <br /> 4. Increase in ADA program farebox revenues . . . . . . . . . . . . . . . . . 27,4682 <br /> 5. Decrease in ADA program (taxi) costs . . . . . . . . . . . . . . . . . . . . 14,2103 <br /> TOTAL INCREASE IN OPERATING FLINDS: . . . . . . . . . . . . . . . . $339,756 <br /> Footnotes: <br /> 'assumes a 9% decrease in bus ridership. <br /> 2 assumes a 10% decrease in subsidized taxi ridership. <br /> 3 based on an average net cost of$3.50 per taxi ride, and assuines a 10% decrease in <br /> subsidized taxi ridership. <br />