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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(30 ILCS 740/2-2.03) (from Ch. 111 2/3, par. 662.03)
Sec. 2-2.03.
"Operating deficits" means the amount by which eligible
operating expenses exceed revenue from fares, reduced fare
reimbursements, rental of properties, advertising, and
any other amounts collected and received by a provider of public
transportation, which, under standard accounting practices, are properly
classified as operating revenue or operating income attributable to
providing public transportation and revenue from any federal financial
assistance received by the participant to defray operating expenses or
deficits. For purposes of determining operating deficits, local effort
from local taxes or its equivalent shall not be included as operating
revenue or operating income. Provided, however, under the provisions
of this Act with respect to any operating deficit incurred by any
Metro-East Transit District participant, such operating deficits
shall be limited solely to those arising out of operations within the
State of Illinois.
(Source: P.A. 86-590.)
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