MTD Financial Audit and Tax Levy

Earlier this week the News-Gazette had coverage of the recent MTD board meeting which highlighted the results of a recent financial audit and an update on the MTD's tax levy.

Audit shows C-U Mass Transit District's finances are strong, stable
...
For both years, state operating assistance grants covered 65 percent of the MTD’s eligible operating expenses, according to representatives from Martin Hood, the Champaign firm that completed the audit...

In other business, the board voted 6-1 to approve a $10.6 million tax levy for the fiscal year that began July 1 and will run through June 30, 2020 — a potential 20 percent increase over the previous year.

A levy increase doesn’t translate to higher MTD tax bills for individual taxpayers. The levy is based on the amount of equalized assessed value in the district to which the tax rate is applied.

MTD Managing Director Karl Gnadt said earlier in the tax cycle process the levy increase is largely a placeholder to be able to collect additional taxes if the two Urbana hospitals become taxable.

The full article is available here. The latest update on holiday route reductions and closures is available here from the MTD Pulse. Other recent Cheat Sheet updates available here on recent grant funding boosts and here on other updates and an ongoing survey. Direct link to the survey here.