Last week, I attended the Valley Transportation Authority (VTA) Policy Advisory Committee at the VTA headquarters on North First Street. This advisory committee is not the official VTA governing board you hear about, but a committee “underneath” the governing board which has a representative from each city in Santa Clara county.
At this meeting, Joseph T. Smith, the Chief Financial Officer (CFO) of VTA, spoke to the committee about the VTA budget. As we knew, and he explained further, VTA derives much of its revenue from a sales tax. And because the recession has knocked consumer and corporate spending to the ground, less sales tax revenues are being generated for government bodies like VTA. He is forecasting decreased sales tax revenues in 2009—down 3 percent
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