Discriminating between “accounted for debt/liabilities” and “unaccounted for missing money” is important for readers of this informational blog. As of March 31, 2024, MATA has not received significant promised funds from public sources. Based on MATA’s March 2024 current financials, proceeds from the City of Memphis FY25 proposed budget book, as documented in the FY24 City of Memphis forecast of $50,670,000 are not accounted for in the MATA March 31, 2024 current financials.
This amount accounts for the FY24 budgeted MATA appropriation of $30,670,000 plus $20M in loan proceeds approved by the Memphis City Council. The $20M in loan proceeds were approved on 11/21/23. See 01:03:50 in public record video. Where is the $20M for MATA is the question? Additionally, in FY24 per March 31, 2024 current financials, MATA has not received any Federal or State funds.
These are the source documents: MATA March 31, 2024 Current Financials (pg. 23 of 124) presented at the May 21, 2024 meeting. Next the FY25 Proposed City Budget (pg. 10 of 341.
At the same time, the heavily media reported approximate debt or liabilities of $60M can be accounted for in the MATA FY23 audited financials (pg. 7). $10m is current liabilities and the remainder is long term post-employment benefits and pension liability for total liabilities of $66,637,324.
There is both accounted for debt/liabilities and missing money documented in this informational blog. Please see excerpts from public documents and highlit areas below:
MATA MARCH 31, 2024, CURRENT UNAUDITED FINANCIALS
CITY OF MEMPHIS FY25 PROPOSED BUDGET BOOK (As of 6/6/24)
MATA FY23 AUDITED FINANCIALS
