To answer this question, Prop A in 2020 raised property tax rates (sound familiar?) and committed 8.75 cents of the rate to a newly created Austin Transit Partnership. Currently, ATP pulls in about $150 million per year as revenue from this tax - it's by far the key source of revenue.  What does ATP do with this money every year?  You can review the budgets here.  Some of it has been squirreled away in various reserve funds. This fiscal year, about $120 million will be spent on consultants, engineering reports, and admin.   ATP has about 55 full time employees and spends about 200K per employee on personnel costs.  We have no idea the ROI on these consulting and engineering reports, as well as other admin.  I'll let your imagination fill in the blanks.
 
	ATP has issued no bonds. The entire funding structure is being litigated, costs have ballooned, and the feds are not going to kick in shit under this administration.
 
	TLDR, tax money is being collected, some reserved, much of it spent. Citizens have little to show for any of this.