The federal government shutdown is in its fourth week, and that has Tulsa Transit coming up with a contingency plan: a $4 million line of credit.
Federal grants account for about 34 percent of Tulsa Transit funding.
"When you have grants, you do draw-downs, and the government has to approve of the draw-down. And since they’re not working, we don’t have that access to it," said Tulsa Transit General Manager Ted Rieck. "It’s like having your bank account but your bank is closed."
As things are now, Tulsa Transit should have $2.8 million in the bank at the end of February, enough to cover fewer than two months of expenses. Rieck said the agency would "barely" get through March, but April would be a different story.
"In a month or two, we would have to shut the entire operation down. It would … hurt 10,000 daily riders, 250 employees. We think there would be a devastating impact on the local community," Rieck said.
The city council will consider the matter Feb. 6. It must approve the line of credit, which would be with Prosperity Bank. Legally, the transit authority may borrow a maximum of $100,000 without council approval.
