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.
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.
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.
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 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.
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 18, 2026 · Finance Committee
Passenger rate workshop 2
Continued presentation and discussion of the passenger rate adjustment options.
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.
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 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.
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 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.
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 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 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.
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 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 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 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.
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 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 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 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 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 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 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 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.
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.
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 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.
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 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.
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.
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.
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 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 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 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.
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
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.
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 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.
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.
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 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.
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