RICHMOND, Va. (WRIC) — The Greater Richmond Transit Company (GRTC) is facing a severe financial shortfall by 2031 — what officials are calling a “potential financial cliff” — which could lead to service cuts for many Richmond riders.
To address financial problems and the exhaustion of its reserve funds, the GRTC is exploring ways to mitigate these issues, such as service cuts, delays to planned route expansions and increases to regional sales and gas taxes, among others, per a Sept. 30 board retreat.
According to those documents, the projected financial gap stems from the expired VCU TRIP Grant Match, though the documents note it stands at $100,000 through 2026…