Cowford wrote:Very impressive start for FY18, but it needs to be kept in perspective. The first two months of the FY are always the busiest by far, so comparing FY YTD cost recovery against past ANNUAL averages is misleading.
I thought about that as well when I posted but in general my impression has been that cost recovery is roughly the same average year round. Probably naive on my part not to think otherwise.
Cowford wrote:Not likely coincidental that this is the first Board report that highlights cost recovery performance... wonder if those statistics will remain published when the annual starving time hits. Also odd that NNEPRA has adjusted their targets slightly, from 45% to 46% Cost Recovery and from 80% to 85% Food Cost Recovery.
I'm not sure about the thinking behind the target adjustment other than reflecting the likelihood of improved fiscal performance. Cost recovery is a constant topic of discussion at Board meetings. The written report does not do justice to the meeting format at which cost recovery both overall and foodservice in particular has always been an ongoing concern. This is particularly true of the oral delivery for the Financial Report which when given addresses revenues and then what the current expected operating support requirement from the Multi-Modal Fund (State rental car sales tax revenues) will be. Lately that number has been under budget, mostly due to fuel savings but also due to improved revenues. The total annual budgeted amount for the state revenue sharing portion is less than $2,000,000 so in the context of a $15M+ budget these changes to farebox and foodservice revenue are actually quite significant to the portion that is funded using rental car sales tax funds.
Cowford wrote:Average miles per pax hasn't budged since before the extension, which indicates to me that growth is POR - west. GO'Keefe, any insight on ridership performance at FRE / BRU?
The increase in ridership has been spread pretty evenly which is why I think the average miles may not have shifted. Performance at Freeport and Brunswick is up significantly. Brunswick in particular is up 30% +/- and Portland is down about 7%. I'm not sure what the base numbers are so I would not rush to conclusions. The concern about how much, where and what the origins of the ridership were came up and it was made clear that the net gain in passengers at Brunswick and Freeport was greater than any loss in Portland.
The Board and the Authority definitely understand the issue with simply moving originating ridership North and I think they feel that the statistics clearly bear out that whatever loss occurred in Portland has been recovered (and then some) further to the North. I can say that given the parking crunch in Portland that the service extension is looking more and more helpful everyday.
The train is definitely pulling in new riders from beyond Portland. Brunswick Station is absolutely out of parking. The 40 parking spaces for the train are full everyday and now the Town Council has voted to create a daily charge for parking ($5/day) that will help fund station operations. Also worth noting Business Class sold out on almost every train on every single day in July and August.