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ITEM 3. ELIGIBLE OPERATING EXPENSES <br /> Eligible operating expenses and revenues shall be computed <br /> i n accordance wi th the provi si ons of the Act and the Rul es for <br /> State Operati ng Assi stance to Downstate Areas impl ementi ng the <br /> Act. <br /> Eligible operating expenses include the following: <br /> (i) employee wages and benefits; (ii) materials, fuels and <br /> supplies; (iii) rental of facilities; (iv) taxes other than <br /> inc ane taxes; (v) payment for debt service (including principal <br /> and interest) on equipment or facilities owned by the applicant; <br /> (vi) equipment purchases which do not exceed �300; tvii) <br /> administrative costs associated with capital projects which are <br />, not reimbursed elsewhere; (viii) repairs to buildings, equipment <br /> or vehicles which do not extend the useful life of same; <br /> (ix) reasonable expenses and compensation for applicant's board <br /> memb r r r e • x nd n ther ex enditure which the <br /> es o tustes, ( ) a ayo p <br /> Department determines is an eligible operating expense according <br /> to generally accepted standard accounting practices for public <br /> transportati on operati ons. <br /> ITEM 4. DEF IC ITS <br /> Operating deficits means the amount by which eligible <br /> operating expenses exceed (1) revenue fram fares, reduced fare <br /> reimbursements, rental of property, advertising and any other <br /> amounts collected and received by the provider of public <br /> transportation which, under standard accounting practices, are <br /> properly classified as operating revenues or operating income <br /> attributed to providing public transportation, and (2) revenue <br /> from any federal financial assistance received to defray <br /> operating expenses and deficits. Local taxes generated by <br /> participants shall not be included when computing operating <br /> deficits. <br />