fbpx
Home / Today's Top Stories / City pays $1.14 million on ferry

City pays $1.14 million on ferry

The city of Rochester wrote a check Tuesday for $1.14 million to begin repaying the $40 million line of credit for its fast ferry. The interest-only payment will further deplete the ferry’s reserve fund, which had dwindled to $2.5 million as of Aug. 31, city finance officers said.The debt payment would leave the fund with less than $1.4 million, excluding any operating shortfalls since the end of August.
Ridership dropped 43 percent in September compared with August, city officials said. But they did not release operating results for September.
The reserve fund, created as a financial cushion for the ferry operation, totaled $8 million prior to the start of service June 30. Operating losses through the end of August were $2.2 million.
For the complete article, see the Nov. 18 print edition of the Rochester Business Journal.

(c) 2005 Rochester Business Journal. Obtain permission to
reprint this article.

City pays $1.14 million on ferry

The city of Rochester wrote a check Tuesday for $1.14 million to begin repaying the $40 million line of credit for its fast ferry. The interest-only payment will further deplete the ferry’s reserve fund, which had dwindled to $2.5 million as of Aug. 31, city finance officers said.The debt payment would leave the fund with less than $1.4 million, excluding any operating shortfalls since the end of August.

x

Check Also

jobs-by-state-source-sba

PPP loans saved over 107,000 jobs in Rochester area (access required)

Nearly 2,300 businesses and organizations in the Rochester metropolitan area have received Paycheck Protection Program loans for $150,000 or more, ...

web-sig_kathleen-driscoll_

Cultivating productive conversations at work on diversity, inclusion in a time of social unrest (access required)

“I’m in charge of a diverse sales team which has been working remotely. Before the pandemic, we had some fun ...