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Rural Transit Invoice New Invoice

Rural Transit Invoice New Invoice. May 15, 2007 Brett Harris, Ohio Dept of Transportation Brett.Harris @dot.state.oh.us (614) 466-7440. Invoice Formula Calculation of Non-Fed Share. Total Operating Expenses (TOE) Less – Fare and Incidental Charter Revenues (FICRs)

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Rural Transit Invoice New Invoice

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  1. Rural Transit InvoiceNew Invoice May 15, 2007 Brett Harris, Ohio Dept of Transportation Brett.Harris@dot.state.oh.us (614) 466-7440

  2. Invoice Formula Calculation of Non-Fed Share • Total Operating Expenses (TOE) • Less – Fare and Incidental Charter Revenues (FICRs) • Equals = Net Operating Expense (NOE) • Federal Funds Eligible (FFE) • The lesser of 50% of NOE or Federal Contract Amount • NOE minus FFE = Non-Federal Share (NFS) (no change in above formula calculation)

  3. Invoice Formula Less Local Share Revenues (LSR)Except for Local Cash • Other Allowable Federal • Contract Revenue • Advertising Revenue • Contract Maintenance Revenue • Investment Income • Other Revenue • Contributed Services • State E&D Funds

  4. Invoice Formula Local Share Calculation • Eligible State Reimbursement (ESR) • NFS minus LSR’s • Less Available State Contract (ASC) • Up to Maximum State Contract Amount • = Local Cash Requirement • ESR minus ASC

  5. Formula • TOE • Minus FICRs • = NOE • Calc FFE • NOE – FFE = NFS • Less LSRs • = ESR • Less ASC • = LCR

  6. State Contract Payment Change • 1/12 of State Contract Amount • Only Overpayments are Adjusted

  7. Example • State Contract Amount: $12,000 • 1/12 regular monthly: $1,000 • 1st Quarter overpayment: $500 • 2nd Quarter underpayment: $400 • Adjustment Months: May, August, November, February (Final)

  8. 1st Quarter • Jan $1,000 • Feb $1,000 • Mar $1,000 • 2nd Quarter • Apr $1,000 • May $500 1st Qtr Over Payment Adj. • Jun $1,000 • 3rd Quarter • Jul $1,000 • Aug $1,000 2nd Qtr Under Payment Adj. • Sept $1,000

  9. State Payments • Evenly Spreads State Funds • Reduce Overpayments

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