Muni? Does Muni even have a farebox ratio? At some point, public transit has to be considered as something that ties a community together and supports its economy, not just something to make money on. Private transit operated for a profit died many decades ago; it's a social (and economic) service now, that's important to keep.

Frankly, if SMART can operate with its current level of tax support, which is not killing the North Bay economy, then it's worth continuing. If they ask for MORE, not just continuation of what they have, one might legitimately ask what the community is getting for it, of course.