Stephen Oldfield

The meeting covered several financial updates, including the FY25 10-month financial summary noting a 23% increase in transit budget and over-budget payroll and operating expenses. The board discussed the FY26 Funding Forecast, which factored in federal apportioned funding and level state funding, and unanimously approved the FY2026 balanced budget, which includes a modest Cost of Living Adjustment (COLA) and a discretionary spending freeze. Administrative matters included the nomination of Advisory Board Officers (Chairman and Vice-Chairman) and the approval of signatory authority for the CFO. Operational updates detailed that transit ridership is up but revenue is down due to fare-free policy, and the Gardner route redesign led to a 57% ridership increase there. The Administrator announced his retirement effective December 26, 2025.

Key discussions included a review of Q1 FY26 financial data, which showed strong ridership and revenue growth but also noted increases in payroll, operating expenses, and insurance premiums. The Board unanimously approved a 2.5% cost of living adjustment for MART employees. Administrative updates covered the resignation of an employee and progress in the Administrator Search Committee, with the incumbent agreeing to stay through January to assist with the transition. Operational updates detailed deficiencies found in the FTA triennial review concerning asset management, procurement, DBE, ADA, and drug and alcohol programs, with corrective actions planned. Grant updates mentioned reallocating Emerson Hospital shuttle funds to regional microtransit services, and a technical planning study was presented to enhance transit safety and efficiency, including a review of fixed routes.

Key discussions during the meeting included the acceptance of the SFY25 Financial Audit presentation, which noted a decline in net assets and expenses outpacing gains, and an update on SFY26 State and Federal Funding, confirming $1.095M in fare-free funding. The board unanimously approved the election of Mayor Nicholson as Chair and Mayor Squailia as Vice Chair. Further approvals included the PTASP Safety Plan updates and revisions to the FTA Drug & Alcohol Program. The board also unanimously approved the appointment of Scott Rich as Interim Administrator, contingent upon a new administrator not being hired by December 27, 2025. Operational updates covered strong ridership trends on fixed routes and brokerage services, and the pursuit of new rural micro transit funding following the expiration of a grant. A technical planning update focused on service redesign for Fitchburg/Leominster, aiming to replace flag-down systems with fixed bus stops. Other business included expressions of appreciation for micro transit services in Bolton and Boxborough, alongside discussions concerning staffing and driver pay.

The meeting included administrative updates such as the resignation of a Finance Committee member and an announcement regarding the Administrator's temporary extension of service. Financial updates covered strong ridership and revenue growth in transit and brokerage divisions, with a notable decline in Boston Shuttle ridership requiring further analysis. The committee reviewed Q1 financials and full-year projections, noting that service income exceeded budget due to increased brokerage activity, while insurance expenses were significantly over budget due to a premium increase. The committee unanimously approved a recommendation for a 2.5% cost of living adjustment for MART employees, which will be presented to the full Advisory Board. Next steps involve analyzing the shuttle decline, formally announcing the resignation, and presenting the cost of living adjustment.

The meeting commenced with a call to order and establishment of a quorum. The primary focus was the Auditor's Report and Presentation for FY25, which resulted in a clean opinion with no findings, noting increased operating revenue due to higher ridership but also rising expenses. The auditors commended MART's financial team for stability despite fiscal tightening and staffing changes. The committee voted to recommend the FY25 Financial Audit Report to the full Advisory Board. A State and Federal Funding Update reported that state contracts are in place, with anticipation for the FY26 fare-free funding allocation, which is expected to be similar to or slightly higher than FY25's $1.1M. Federal FY25 apportionments of approximately $4.4M have been received, with FY26 funding pending federal budget clarity. No other business was discussed.