Transportation Board Holds Budget Hearing

(posted Sept 1)

The Speedway Transportation Board is facing an increase from IndyGo to operate bus service in town. The cost for bus service will rise from $248,978 in 2007 to $265,153 in 2008. That includes the $102,500 fare box discount that is calculated on the number of riders picked up in town.

Board member Bud Lowery explained the town receives a certain percentage off the contract from residents using the bus.

According to Board President Joe O'Neal, the town's total assessed valuation to be used for the 2008 budget dropped from $672,000,000 to $658,000,000 . The transportation tax rate is set at .038 cents per $100 of assessed valuation.

O'Neal explained the tax rate and assessed valuation are numbers that come from the Department of Local Government Finance.
The transportation board passed its total proposed 2008 budget of $279,574 on first reading at its August 27 public hearing. The next meeting is September 10.