With more money than expected, Metro pays off some debt
Metropolitan Transit Authority bus riders get off at Missouri City park and ride bus on Sept. 21, 2022, in Houston.Metropolitan Transit Authority will end 2022 doing what a lot of people wish they could do: Paying down debt.
"This is a good move," said board member Terry Morales, chairwoman of the Metro finance and audit committee."We have the cash on our balance sheet and it is a good cash management move." "Every dollar we save is more money to invest in our operations and our capital build-out," Metro chairman Sanjay Ramabhadran said.The rate Metro pays for borrowing can vary, based on financial conditions. Recently, interest rates have increased, Fotinos told Metro officials, making an early payoff warranted.
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