Casco Bay Island Transit District

Finance Committee meeting record

A record of Finance Committee meetings and workshops, together with the Board of Directors meetings that acted on the Committee’s work. Listed most recent first, with links to the materials presented at each meeting.

2026

July 15, 2026 · Finance Committee

Freight rate discussion, second meeting

Second review of freight data and questions raised at the June meeting. Committee members agreed the review should protect affordability for groceries and personal freight, and noted that parcel carrier rates have risen substantially over the same period.

July 15, 2026 Presentation

June 17, 2026 · Finance Committee

Freight rate process begins

Presentation of freight revenue and cost data to open the freight rate review. Discussion covered the gap between freight rates and the cost of providing the service, and the 17 years since the last freight increase.

June 17, 2026 Presentation

April 23, 2026 · Board of Directors

Board adopts incremental passenger rate adjustment

The Board approved the passenger rate adjustment recommended by the Finance Committee, effective June 19, 2026. The proposal weighted the increase toward single tickets while holding pass increases very small, continuing the two-tier structure adopted in 2024. Discussion covered rising operating costs, reliance on federal subsidies, and the cost of single tickets for visiting family.

April 23, 2026 Presentation · April 23, 2026 Minutes

April 13, 2026 · Finance Committee

Passenger rate workshop 3, recommendation to the Board

Debate centered on the proposed friends and family discount ticket, capped at 12 half-price tickets for annual passholders. Support was mixed and the Committee voted to recommend the option without the discount. Members also raised expense reduction as a companion to any rate increase.

April 13, 2026 Presentation

March 31, 2026 · Board of Directors

Board update on the passenger rate proposal

Report on the workshops underway. The proposal raised annual passes 0.7 percent, raised 90-day passes slightly, and moved peak season single tickets toward the rates charged by the Chebeague ferry and the Maine State Ferry Service. A friends and family discount ticket was included at this stage and later removed.

March 31, 2026 Minutes

March 18, 2026 · Finance Committee

Passenger rate workshop 2

Continued presentation and discussion of the passenger rate adjustment options.

March 18, 2026 Presentation

March 11, 2026 · Finance Committee

Passenger rate workshop 1

First workshop on the 2026 passenger adjustment. Questions covered how large an increase was warranted and renewed interest in a friends and family discount ticket.

March 11, 2026 Presentation

February 26, 2026 · Board of Directors

Board report on the move to incremental reviews

Finance chair reported on the shift from a 15-year gap between rate changes to a regular cadence of smaller reviews, and on the February data discussion that opened the 2026 passenger process.

February 26, 2026 Minutes

February 11, 2026 · Finance Committee

Ridership and pass sales data opens the 2026 passenger review

Introduction of ridership, financial and pass sales data as the starting point for an incremental passenger rate change. Passenger and vehicle ridership and ticket sales are now reported monthly alongside draft financial statements.

February 11, 2026 Presentation

2025

December 18, 2025 · Board of Directors

Board adopts large vehicle rates

The Board approved the large vehicle rate structure for implementation no later than February 2026, moving from weight-based to size-based pricing. Updates in the final version extended the passholder rate to vehicles up to 21 feet and added pricing for width. Questions focused on how passes tied to an individual work across different vehicles. Under size-based pricing some loads, including firewood, are expected to cost less than under weight.

December 18, 2025 Presentation · December 18, 2025 Minutes

December 12, 2025 · Finance Committee

Large vehicle workshop and recommendation to the Board

Final workshop on large and commercial vehicle rates, including a summary of outreach to Peaks Island businesses and others who receive truck deliveries, and the complexity of the many truck, trailer and cargo types involved. The Committee voted to recommend the rates to the Board. The meeting also set Finance Committee topics for 2026, including passenger fares beginning in February and freight rates.

December 12, 2025 Presentation

November 20, 2025 · Board of Directors

Board workshop on proposed large vehicle rates

The General Manager presented the same large vehicle proposal given to the Finance Committee the previous day, including the reasoning behind the pricing. Target implementation was set for February 2026.

November 20, 2025 Minutes

November 19, 2025 · Finance Committee

Large vehicle rate proposal workshop

First full proposal for large vehicle rates. Committee members were supportive and reported generally positive feedback from island businesses and large vehicle users.

November 19, 2025 Presentation

November 12, 2025 · Finance Committee

Review of the three-part rate sequence

Recap of the Board direction to reduce the operating deficit by addressing all three scheduled service rates, none of which had changed since 2008: passenger in June 2024, vehicle in July 2025, and large vehicle restructuring now underway after an interim 23 percent increase.

November 12, 2025 Presentation

October 23, 2025 · Board of Directors

FY 2026 budget approved

The Board approved the FY 2026 budget with a $2.6 million operating deficit. The budget included the 23 percent commercial vehicle increase and a small unspecified fare increase, but no revenue from the length-based large vehicle restructuring still under discussion. Directors noted 17 years without a freight increase against 46 percent inflation over the same period, with freight to be addressed last.

October 23, 2025 Minutes

October 15, 2025 · Finance Committee

Next steps toward a large vehicle proposal

Planning for a November workshop to introduce the large vehicle rate proposal, shaped by the input received to date.

No materials posted

September 25, 2025 · Board of Directors

Draft FY 2026 budget and early vehicle results

The draft budget was presented in September and again in October so the incoming General Manager could review it. Early vehicle rate results showed revenues up, unit sales down 7 percent and vehicle ridership down 6 percent, with discount-eligible pass sales up. Results were better than projected.

September 25, 2025 Minutes

September 10, 2025 · Finance Committee

Vehicle data update

Review of vehicle data showing the trend in line with the model, and continued discussion of large vehicle rates.

No materials posted

August 28, 2025 · Board of Directors

Large vehicle rate change reported to the Board

Report on the renamed large vehicle rate change and on ticket sales and ridership data. A full picture of vehicle revenue would not be available until summer 2026. Vehicle-eligible pass sales were up and the program was being taken up by islanders.

August 28, 2025 Minutes

August 20, 2025 · Finance Committee

Support for length-based pricing

General support for charging by length rather than weight as the fairer measure. The goal was an affordable structure for the commercial services Peaks Island depends on. Very large trucks are prominent in the public’s view but few in number. Vehicle rate results remained early because tickets are valid for 60 days.

August 20, 2025 Presentation

July 24, 2025 · Board of Directors

Commercial vehicle rate change introduced to the Board

Background presented with no proposal yet. Two definitional changes were discussed: replacing “commercial” (defined by license plate) with “large” (defined by size relative to a standard truck), and charging by size rather than weight. Too early for useful data on the June personal vehicle change.

July 24, 2025 Minutes

July 23, 2025 · Finance Committee

Commercial rate discussion begins

Opening discussion of commercial vehicle rates, the last of the three scheduled service rate reviews in the vehicle sequence.

No materials posted

June 26, 2025 · Board of Directors

New vehicle fares in effect

Report that the new vehicle fares took effect June 21 after months of work, and that the Finance Committee would take up a more comprehensive restructuring of commercial rates in July.

June 26, 2025 Minutes

June 11, 2025 · Finance Committee

Commercial vehicle process timing

Update on the plan and timing for the commercial vehicle rate change process and its first workshop.

No materials posted

May 29, 2025 · Board of Directors

Audit accepted, commercial rates set for July

The Finance Committee reported acceptance of the audit report and confirmed it would take up commercial vehicle rates in July.

May 29, 2025 Minutes

May 16, 2025 · Board of Directors

Board approves the vehicle rate change

Continuation of the May 9 meeting. After further debate the Board voted to approve the vehicle rate change, targeted for implementation June 21, 2025 with the start of the summer schedule.

No materials posted

May 9, 2025 · Board of Directors

Public hearing on Peaks Island vehicle rates

Two proposals were brought forward, with 28 people attending in person and online. The hearing was framed as step two of the multi-phase approach to the operating loss. Changes made in response to earlier input included the passholder discount rates and improved handicapped rates. Some attendees objected to the interim 23 percent increase for commercial and large vehicles. Both motions failed and the meeting was continued to May 16.

May 9, 2025 Presentation · May 9, 2025 Minutes

May 7, 2025 · Finance Committee

Commercial vehicle process and family ticket options

Announcement of the commercial vehicle rate change process with workshops expected in June and July, and of the Committee’s intention to explore family ticket options raised by islanders.

No materials posted

April 24, 2025 · Board of Directors

FY 2025 budget and three-year deficit goal adopted

The Board accepted the FY 2025 budget subject to a $900,000 deficit reduction challenge, split between $400,000 in annualized expense reductions and $500,000 in revenue. It also approved a three-year goal of reducing the operating loss to $1 million by 2027 through a combination of expense reductions and revenue increases, with the Finance Committee monitoring progress.

April 24, 2025 Minutes

April 17, 2025 · Finance Committee

Vehicle rate workshop 5, recommendation to the Board

Final vehicle rate workshop and vote to recommend the proposal to the Board as presented.

April 17, 2025 Presentation

April 9, 2025 · Finance Committee

Vehicle rate workshop 4

Review of the proposal with Committee comment and discussion. Feedback included a request for an installment payment option, objection to addressing a 15-year problem in a single year, and differing views on how many discount days per week to offer.

April 9, 2025 Presentation, updated after the meeting

April 2, 2025 · Finance Committee

Vehicle rate workshop 3

Presentation responding to questions submitted after the previous workshop, followed by discussion of process and next steps. Comments ranged from support for the transparency and data behind the proposal to a request for an additional discount aimed at seasonal residents.

April 2, 2025 Presentation

March 19, 2025 · Finance Committee

Vehicle rate workshop 2 and four stated goals

Detailed presentation on the background, need and structure of the proposal, which used a two-tier design: a general rate and a discount pass rate to keep vehicle travel affordable for island residents and workers, within counsel’s advice that a discount cannot be tied to residency. Four goals were set out: increase revenue given the risk to federal grants; support year-round island affordability and access; reduce congestion in Portland and on Peaks by widening discount travel times beyond Wednesdays; and charge fairly for large commercial vehicles and trailers. The Committee also recommended the FY 2025 budget with the 25 percent deficit reduction target.

March 19, 2025 Presentation

February 27, 2025 · Board of Directors

Board update on the vehicle rate process

Finance Committee report on the status of the vehicle rate change process and the deficit reduction goal.

February 27, 2025 Minutes

February 12, 2025 · Finance Committee

Financial picture, deficit and grant dependence

Presentation on the District’s financial position with a focus on the operating deficit and reliance on grants, the effect of the passenger fare change on the prior year deficit, and the plan to continue reducing it through vehicle and freight rates.

February 12, 2025 Presentation

January 23, 2025 · Board of Directors

Passenger rate results reported to the Board

Summary of the passenger rate change results presented at the Finance Committee, plus an update on the vehicle rate change process.

January 23, 2025 Minutes

January 15, 2025 · Finance Committee

Seven months of passenger rate results

June to December 2024 results: passenger revenue up 48 percent against 2023 with no reduction in ridership. Many riders switched to passes and benefited from them. Off-peak switching was negative to revenue while peak season was $1 million positive. No businesses reported a decline in visitors, and support for the new pass prices among Peaks islanders was strong. Free tickets were available through the Peaks Island Council program at the library and food pantry. The presentation identified vehicle rates as next, at 26 percent of 2024 revenue against 48 percent for passengers and 13 percent for freight.

January 15, 2025 Treasurer’s remarks

2024

November 13, 2024 · Finance Committee

October ticket sales and vehicle workshop scheduling

Review of October passenger ticket sales against the Board’s multi-year deficit reduction target, and discussion of setting a date for a dedicated vehicle fare workshop in December.

No materials posted

October 9, 2024 · Finance Committee

September passenger rate review

September showed a 27 percent increase in passenger service revenue and overall alignment with the Finance Committee’s model for the passenger rate change.

No materials posted

October 1, 2024 · Finance Committee

Vehicle rate workshop 1

First vehicle rate workshop, introducing the data, the model and the considerations behind an initial passenger vehicle rate proposal.

October 1, 2024 Presentation

September 26, 2024 · Board of Directors

First quarter FY 2025 draft budget

Draft budget discussion. The passenger fare change had taken effect June 1 and was still too new to assess. Work on vehicle rates was underway.

No materials posted

September 11, 2024 · Finance Committee

First full month at the new passenger rates

August was the first full month after tickets bought at the old rates expired, showing a 40 percent increase in passenger ticket revenue. Discussion of the FY 2025 budget included direction that deficit reduction cannot come from revenue increases alone and must remain attentive to island affordability.

No materials posted

September 5, 2024 · Finance Committee

Vehicle fare restructuring workshop

Detailed data and a proposal with options, including a tentative residential rate that counsel later advised was not legally available.

September 5, 2024 Presentation

August 14, 2024 · Finance Committee

Preliminary FY 2025 budget

Preliminary budget for FY 2025 including early data on the impact of the fare restructuring.

No materials posted

July 10, 2024 · Finance Committee

First month results after implementation

June results came in within 5 percent of the model.

No materials posted

May 8, 2024 · Finance Committee

Implementation and next initiatives

Fare restructuring update, implementation considerations, and an update on the legal analysis of a residential discount. The Committee also set its next priorities: better understanding of cost drivers, and vehicle and freight rates.

No materials posted

April 25, 2024 · Board of Directors

Board adopts the 2024 passenger tariff

Following discussion, the Board voted to adopt the tariff proposal as presented by the Finance chair. New rates took effect June 1, 2024, the first passenger increase in roughly 15 years.

April 25, 2024 Memo to the Board with attachments · April 25, 2024 Minutes

April 16, 2024 · Finance Committee

Fare adjustment workshop

Extensive discussion of the proposal. Themes included the need to raise rates rather than run at a loss, business dependence on visitors, whether once-a-week travelers are price sensitive, and concern that pass prices were being lowered too far. Written comments arrived both for and against, with several supporting a structure built around the people who live on the islands year round.

April 16, 2024 Presentation

April 10, 2024 · Finance Committee

Tariff adjustment workshop 2

Second passenger workshop. Discussion points included a possible 90-day pass, policy across the different islands, a market comparison against other ferry systems, and the effect of inflation on prices unchanged for 14 years. Attendees raised seniors and children, requests for a residential discount, and whether vehicle rates could carry more of the increase.

April 10, 2024 Presentation

April 7, 2024 · Milestone

Rate change web page launched

The District launched a dedicated web page for rate change presentations and data, announced at Finance Committee and Board meetings and on social media.

No materials posted

March 28, 2024 · Board of Directors

Passenger rate proposal presented to the Board

Report and presentation from the Finance chair on the passenger fare proposal under discussion in committee.

March 28, 2024 Presentation · March 28, 2024 Minutes

March 13, 2024 · Finance Committee

Passenger fare proposal introduced, workshop 1

First workshop on the framework and preliminary proposal. It introduced new pricing for monthly and annual passes and new half-price passes for seniors and children, with pass prices set to match how island residents actually travel. Counsel’s advice that resident-based pricing is not available was explained. Commuter book rules were reviewed, with attention to widespread misuse and the resulting lost revenue.

March 13, 2024 Presentation

February 14, 2024 · Finance Committee

Revenue and expense targets, direction to review data

Continued work toward the 25 percent deficit reduction in the FY 2024 budget, with multiple directors pressing the need to address both passenger and vehicle rates and to review the underlying data.

No materials posted

January 16, 2024 · Finance Committee

Identifying expense reductions and revenue increases

Continued identification of areas to target for expense reductions and revenue increases against the FY 2024 budget’s 25 percent deficit reduction requirement.

No materials posted

2023

November 14, 2023 · Finance Committee

September financials and deficit target

Review of September and year-to-date financials, with identification of areas for future discussion against the 25 percent deficit reduction target.

No materials posted

November 1, 2023 · Board of Directors

Board assigns the fare review to the Finance Committee

The Board voted to assign a fare review to the Finance Committee, with the goal of returning a recommendation before the 2024 summer season.

November 1, 2023 Minutes

October 18, 2023 · Finance Committee

August financials and how best to support island residents

Review of August and year-to-date financials with summer and non-summer comparisons against the prior year. Discussion included discounts for year-round riders, monthly and annual pass pricing, half-price ticket categories, and a hardship program modeled on fuel assistance.

No materials posted

September 28, 2023 · Board of Directors

FY 2024 budget adopted with a 25 percent deficit reduction requirement

The Board accepted the budget presented by management with a required 25 percent deficit reduction through a mix of revenue increases and expense reductions. The Finance Committee report noted the growing operating deficit, 14 years without a fare increase, the need for balance in relying on grants, and that more work with public input was required before recommending any fare structure.

September 20, 2023 Finance Committee Presentation · September 28, 2023 Minutes

September 20, 2023 · Finance Committee

Fare change modeling and the principles that shaped the 2024 structure

The Committee voted to recommend the FY 2024 budget subject to management adjustment to reduce the 2025 operating loss. The presentation set out the principles that carried through to the final structure: a fare increase in the 3 to 15 percent range, capturing revenue from high-volume single ticket buyers while discounting for year-round riders, monthly and annual pass pricing, a review of whether commuter books still made sense, treatment of half-price categories, and a hardship program. It also set a goal of recommending changes to the passenger fare structure by March 2024 and flagged cars and freight as needing attention.

September 20, 2023 Presentation

September 7, 2023 · Finance Committee

Draft FY 2024 budget with revenue scenarios

Review of management’s draft budget with across-the-board percentage revenue scenarios for all three scheduled services and key expense drivers from 2009 to 2023. The high-level percentages were not detailed enough to advance. The Finance chair introduced early ideas for protecting island affordability while raising revenue, including pass pricing, commuter book reform, half-price categories and a hardship program.

September 7, 2023 Presentation

August 16, 2023 · Finance Committee

Draft 2024 budget and the scale of the operating loss

Discussion of possible expense reductions and revenue increases. Directors described annual losses of more than $4 million as unacceptable and unsustainable, and one director asked that a deadline be set for changes within the next one or two Finance Committee meetings.

No materials posted

July 27, 2023 · Board of Directors

Deficit reduction scenarios reported to the Board

Scenarios shared with the Finance Committee included an across-the-board 16 percent increase, which would reduce the deficit by $1 million. The Finance chair opposed closing the full $4 million deficit through fares alone and favored a balance of fare increases and expense reductions. Directors were reminded that fares had not risen in 14 years and that the auditor had consistently recommended small annual increases.

July 27, 2023 Minutes

June 22, 2023 · Board of Directors

Independent auditor recommends a fare review

The auditor told the Board that fares should be reviewed and increased, a point raised in prior years, and that adjustments should be made in anticipation of emergency relief funds ending. The recurring FTA formula funds were not at issue. The General Manager noted the auditor’s long-standing recommendation of small annual increases ahead of any large correction, and reported that the last general fare increase was roughly 14 years earlier.

June 22, 2023 Minutes

June 16, 2023 · Finance Committee

Meeting with the auditor

The auditor’s comments included that fares needed a look and that reserves were not sufficient for the future. Asked what the Board should examine, the auditor identified the fare structure.

No materials posted

May 25, 2023 · Board of Directors

Wednesday vehicle rates and congestion

Discussion of whether to suspend the discounted Wednesday car fare because of congestion on Peaks. The lower rate was intended to give residents affordable access during the expensive peak season but also drew non-residents, contractors and renters. The Board acknowledged the District cannot charge different rates based on residency, held a straw poll against an immediate change, and agreed any Wednesday rate change must go through the full public process.

May 25, 2023 Minutes

April 5, 2023 · Finance Committee

Modeling options to reduce the operating loss

Discussion and action on FY 2023 goals, including a draft FY 2024 budget with three models for reducing the operating loss by $1 to $2 million through different mixes of revenue increases and expense reductions.

No materials posted

January 25, 2023 · Finance Committee

Committee goals set for the year

The Finance chair outlined goals and a timeline, including a draft FY 2024 budget with three options for reducing the operating loss by $1 to $2 million, due by the end of July 2023. This is the earliest meeting in this record.

No materials posted