Obama Stimulus Warning to Transit Authorities - Spend Now Capital Ledger Sounds Alert for Transit Industry: "Act Now or Lose Funding"

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Transit Authorities are receiving $6.9 billion dollars of stimulus funding. At first glance it looks like a windfall, but like a piece of fruit that goes rotten on the ground, the money must be picked up very quickly or it too expires.

Transit Authorities are receiving $6.9 billion dollars of stimulus funding. At first glance it looks like a windfall, but like a piece of fruit that goes rotten on the ground, the money must be picked up very quickly or it too expires.

"Transit Authorities are under immense pressure to alter their procedures in order to access these funds within weeks rather than the multi-year processes that are normally required," says Todd McDaniel, CEO of Capital Ledger. "Without precise and rapid implementation the funding window will close on transit authorities who are not able to react to these unprecedented timelines."

The funds will be apportioned before the end of March. Transit authorities have just 180 days to commit 50% of these funds to projects by completing the grant application process and issuing purchase orders. Any part of the 50% not committed within 180 days will be withdrawn and given to states and cities that have committed their funds. The same rules apply for the second 50% one year from the date of apportionment.

In addition, transit authorities will be required to account for the use of these funds and report the benefits derived under the scrutiny of the federal government and the American taxpayers.

"We strongly encourage transit authorities to seek assistance from companies like Capital Ledger to help them access these funds quickly and choose productive projects," says McDaniel. "In many cases implementing business intelligence and financial reporting technology is an investment that meets the new reporting regulations and pays longer-term dividends. We are helping transit authorities react quickly and ensuring their clients (citizens) will reap the benefits of these choices for years to come."    

About Capital Ledger
The Capital Ledger team works with organizations to create tailored solutions that enable productivity and competitive advantages. Capital Ledger offers the full spectrum of solutions that include grant application assistance, business process management, reporting, and training. From situational analysis to deployment and support, Capital Ledger delivers the optimal solution on time and within budget. For More information please visit: http://www.capitalledger.com

Media Contact
Colin Trethewey
PRMediaNow Public Relations
613-220-2654

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Pamela McDaniel

Colin Trethewey
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