Pee Dee Regional Transportation Authority Director Charles McNeill says they will have to slash at least two dozen more jobs in the coming weeks.
The company has gone from 113 positions to 66.
PDRTA's revenues started to decline several years ago when state officials changed the way they contract the Medicaid transportation program.
A third party was hired to broker Medicaid transportation services, according to PDRTA Board Chairman Ed Robinson.
The Transportation Authority makes about 435,000 trips a year through its scheduled routes and demand responses.
The authority receives federal and state grants, primarily for capital equipment such as vehicles, according to its website. It says federal and state grants require a percentage of matching funds.
Since 1976, PDRTA has provided services in Florence, Darlington, Dillon, Marion, Marlboro and Chesterfield counties.