MARTA Refinances Bonds, Cuts Exec Positions, Saves Millions (refinancing, schools)

[jsvh]

MARTA scores $4.5 million savings by refinancing bonds | www.ajc.com

MARTA directors learned Monday that they would be saving $4.5 million because the transit authority had refinanced a small batch of bonds.

The authority is currently remaking its business model and considering privatizing some nontransportation functions to put it on a more sound financial footing. It is also taking other steps. General Manager Keith Parker recently reorganized his top staff, cutting out a handful of expensive executive and administrative positions, which he said should save the authority about $1 million annually.

[ironchefyogurt]

It's a good start. Let's see what else Keith brings to the table.

[cqholt]

Great news. Keith Parker has MARAt headed int he right direction.

[K-SawDude]

JMO here, but this is the money quote:

. . . cutting out a handful of expensive executive and administrative positions . . .

This has been the missing step at so many levels of government and corporate reductions in recent years.

For example, we've seen massive cuts to education in this state over the last few years--both K-12 and higher ed. And who tends to see those cuts the most? Teachers, who end up getting laid off or furloughed or forced to deal with larger class sizes as schools don't budget for new hires.

And how often do we see bloated administrators' salaries getting cut? Far less often.

CEO salaries have continued to rise as jobs beneath them get cut and/or workers' salaries stagnate.

I'm happy to talk spending cuts if we're genuinely looking at where the bloat tends to be.

[jsvh]

Another smart move that will save MARTA an estimated $48.1M over 18 years:

http://www.bizjournals.com/atlanta/n...-of-bonds.html