D.C. fails to pay Metro; funds held up due to shutdown

from the WaPo:





Metro is short $74 million after the District failed to make its quarterly payment to the transit agency’s annual operating budget.

D.C. Mayor Vincent Gray said the payment wasn’t made because the city didn’t have the funds, due to the federal government shutdown. The District is impacted by federal shutdowns because its budget is appropriated by Congress. Those appropriations have stopped.

City officials said other services are in danger of not being paid as well. The payment to Metro was due Oct. 1.

Metro has a $2.7 billion operating and capital budget that is funded by revenue from riders paying fares to ride buses and trains; federal grants; and subsidies from the District, Maryland and Virginia. The payment that was due from the District on Oct. 1 is part of the $274 million the city pays annually to help fund Metro’s $1.6 billion operating budget. The city also makes payments into the capital budget to service Metro’s debt for major projects. ......................(more)

The complete piece is at: http://www.washingtonpost.com/blogs/dr-gridlock/wp/2013/10/09/d-c-fails-to-pay-metro-funds-held-up-due-to-shutdown/