Hampton Roads Transit demoted its chief financial officer Wednesday after learning of a $1.3 million error – the second budget issue this year.
Revenue from Elizabeth River Crossings, which was $2.2 million, was over-counted to $3.5 million.
The error was revealed through an external audit earlier this month. Cities often make midyear adjustments based on new information, but since HRT’s financial structure doesn’t allow for a rainy day or reserve fund, changes can have a big impact.
ERC, the entity that runs the Midtown and Downtown tunnels, gives HRT money every year as part of its contract with the state.
