The FY 11 MIDAS Operating Budget was set by the Executive Board at $2,729,613, an decrease of $58,028 (or 3.58%) over the previous year’s budget. Additionally, $1,557,780 was budgeted for capital expenditures; primarily for construction of a new HARIDES bus storage facility, although there were also funds identified for an Interactive Voice Response (IVR) telephone system for transit.

Funding for MIDAS comes from several sources. In the planning department, Government Assistance, in the form of grants and dues, accounts for $348,181 of the projected revenues. The bulk of the rest, or $189,236, is generated through contracted administrative service fees. The remainder is $56 from interest generated from banked funds. Membership dues make up 14.3% of the total planning revenues.

The MIDAS Executive Board receives and reviews the MIDAS financial report at the monthly Executive Committee meeting, and approves expenditures at the same time. The MIDAS financial system is audited on an annual basis, usually in July or August. The FY 10 audit has not been received at the time this report was published.