Committee Probes $40 Million JTA Deficit
Jacksonville lawmakers heard from two former finance chiefs as a former CFO declined to appear.
Updated on Nov. 3, 2026 in Corporate Finance
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The Jacksonville Financial Audit and Oversight Committee met for nearly three hours Monday to investigate a $40 million accumulated deficit at the Jacksonville Transportation Authority. Former CFO Raj Srinath did not appear, and the committee discussed a subpoena but gave him additional time to attend voluntarily.
Why it matters
The deficit raises questions about financial oversight at a public transportation agency serving Jacksonville residents. Testimony about the circumstances of past CFO departures underscores how limited public disclosure can be under human resources exemptions.
The JTA accumulated a $40 million deficit under review across the 2017 to 2025 tenures of two CFOs. The committee's findings on how the shortfall developed remain pending.
The players
Jacksonville Transportation Authority
The public agency that operates transit services in Jacksonville, Florida, and is the subject of the financial audit.
Raj Srinath
A former JTA chief financial officer who served from 2023 to 2025 and declined to appear before the committee.
Nat Ford
A former JTA chief executive officer expected to testify before the committee in January.
The details
Interim CEO Cleveland Ferguson confirmed he was directed by then-CEO to terminate former CFO Greg Hayes in September 2023. Ferguson said he was limited in disclosing the circumstances of Hayes' departure because of human resources exemptions under public records law.
Timeline
2017 to 2023: Greg Hayes serves as JTA chief financial officer.
September 2023: Hayes leaves the agency after being asked to leave.
2023 to 2025: Raj Srinath serves as CFO during the deficit period.
Monday, November 2, 2026: Committee meets to investigate the deficit.
January 2027: Former CEO Nat Ford is expected to appear before the committee.
Market Landscape
Florida's human resources exemptions under public records law restrict how public agencies can explain personnel separations. The JTA deficit inquiry tests how much oversight a public authority's finances can receive when those exemptions apply.
Residents who rely on JTA services and taxpayers funding the agency could see the financial oversight outcome affect service budgets. The committee's findings may shape how public transit finances are reported going forward.
The takeaway
Public transit deficits depend heavily on transparent financial reporting, and the committee's ongoing questions show how personnel exemptions can limit that visibility. Readers should watch the committee's next hearings for the full account.
What happens next
Committee members hope to hear from Raj Srinath this month, and former CEO Nat Ford is expected to appear in January 2027.
Further reading
For more on public-sector money matters, see Corporate Finance coverage of Jacksonville.
Source note: This article includes information reported by News 4 Jax.
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