Let’s Get Back to the Basics at JTA

[fsu813]

Times-Union today discussing how JTA's finances deteriorated over the last two years.

https://www.jacksonville.com/story/news/local/2026/10/12/how-jta-racked-up-deficits-that-force-layoffs-and-transit-cuts/92157322007/

I'm a little curious by the lack of certain names being mentioned lately: Raj Srinath and Heather Obora. Srinath was CFO at JTA from October 2023 to June 2025, with Obora serving as interim seemingly until Randall Barnes took over in August this year. The extent of these budgeting mishaps really begs some questions about their leadership.

For anyone interested, it would be worth talking to Greg Hayes, the competent/principled CFO at JEA who was let go after 7 years in 2023, as well. He has a point of view.

[Charles Hunter]

Times-Union today discussing how JTA's finances deteriorated over the last two years.

https://www.jacksonville.com/story/news/local/2026/10/12/how-jta-racked-up-deficits-that-force-layoffs-and-transit-cuts/92157322007/

I'm a little curious by the lack of certain names being mentioned lately: Raj Srinath and Heather Obora. Srinath was CFO at JTA from October 2023 to June 2025, with Obora serving as interim seemingly until Randall Barnes took over in August this year. The extent of these budgeting mishaps really begs some questions about their leadership.

I agree. It is apparent the lousy projections and shifting numbers began long before the current CFO came aboard. I hope both of the people marcusnelson mentioned will be questioned by the State Attorney and the Council Committee.

[Joey Mackey]

I just don't understand why there isn't more anger at Nate Ford, particularly on this forum. Like it seems the blame is being cast against Deegan or state officials. Why not the actual CEO?

I get he left town, but if he did anything to personally enrich himself or his friends he should be prosecuted. I just feel like all of our anger is pointed at the wrong people.

[jaxlongtimer]

Joey, if you read back the posts deeper in this thread you will find plenty hanging this both on Nat Ford and his rubber stamp JTA Board.  You are correct, this is really where the buck stops first and foremost.

I might add that JTA gets an outside audit.  Not sure when their fiscal year ends but I would think an audit report would have highlighted a downward trend that would have been made apparent to management and the Board.

I am guessing Nat Ford had many either seduced or living in fear that no one dared or bothered to speak up.  Hiding these losses is akin to trying to hide an aircraft carrier.  Some people had to see this coming but said nothing.  It's why an investigation is fair game.

[jaxlongtimer]

Reading the below quotes, JTA looks to be guilty of GROSS NEGLIGENCE or a near-CRIMINAL cover up, manipulation or both.  Absolutely NO WAY numbers in an organization the size of JTA swung this much in one or two quarters and management didn't come clean.  Looks, too, like an effort to get City Council to approve a budget built on a deck of cards by management.  I am guessing senior executives didn't want to have a budget cut that would require their salaries to be reduced, jobs cut, and/or their sacred cows (NAVI and the Skyway) closed down. 

If Ford didn't resign, I would guess he would have been fired.  Others around him still there may also need to yet go.  Lot's of people inside JTA had to know this charade was underway.

If this was a public company, CEO would be fired faster than after being caught on a kiss-cam, the SEC would be criminally investigating and lawsuits would be all over the place for misleading and/or fraudulent presentations to shareholders/investors.

Bad financial projections and overspending doomed JTA budget from start

A July 30, 2025, report submitted by JTA for nine months of the 2024-25 fiscal year showed the agency expected to finish the year on Sept. 30, 2025 with a $3.9 million surplus.

The next quarterly report by JTA on Nov. 30, 2025 showed it actually ended the 12-month fiscal year at the end of September 2025 with a deficit of almost $19 million.

Peterson said it's unusual for quarterly reports to have such a big swing. He said if the information about the deficit spending during the 2024-25 fiscal year had come earlier, his office and City Council could have given more scrutiny to the assumptions JTA used in crafting the 2025-26 budget...

...Barnes said he started work at JTA on July 20 knowing the agency faced financial challenges. He said he quickly discovered they ran deeper than he anticipated.

"Cash on hand was extremely low," he told City Council. "Reserves had been depleted."

The agency owed more than $20 million for unpaid invoices.

"Suppliers weren't being paid on time," Barnes said. "Understandably, many threatened to stop delivery or discontinue service."...

...JTA's next report to the City Council Auditor's Office in May for the six-month point of the fiscal year showed JTA was projecting $2.3 million in deficits at the end of the year despite the cuts it had made.

But like the report given to the City Council Auditor's Office in summer 2025, that report vastly understated the scope of the deficit....

...JTA board member Daniel Vallencourt said at the Sept. 23 board meeting the agency still must get a full accounting of what went wrong and ensure board members get better data for informed decision-making.

"I need real-time numbers," Vallencout said. "I can't have March is one thing and April is another and all of a sudden in August it's completely different."...

https://www.jacksonville.com/story/news/local/2026/10/12/how-jta-racked-up-deficits-that-force-layoffs-and-transit-cuts/92157322007/

[Charles Hunter]

The next quarterly report by JTA on Nov. 30, 2025 showed it actually ended the 12-month fiscal year at the end of September 2025

There's the answer to the earlier question of JTA's fiscal year. They follow the federal and COJ fiscal year of October 1 to September 30 (and not the state's July 1 - June 30).