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.
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