Report: Streetcar Will Likely Need More Operating Dollars
An independent analysis reports Cincinnati may have to find additional money to operate the city's streetcar system.
City Manager Harry Black asked the city's financial advisers, Davenport & Company, to review the financial projections for the first five years of streetcar operations using the best information available.
The review finds the city will likely need to come up with an additional $830,000 to $1.4 million beginning in Fiscal Year 2017. By 2021, those numbers range from about a half million to $2.4 million in additional money.
The city has already pledged $1.5 million per year for streetcar operations.
The review also finds the city's assumption of 3,000 average daily riders is relatively high compared to other existing systems around the country. Fewer passengers using the streetcar would also lower revenue projections.
Black said the report is deliberately conservative in order to understand the worst-case scenario.
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