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Agenda - 05-15-2012 - 7c
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Agenda - 05-15-2012 - 7c
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Last modified
6/25/2015 9:43:08 AM
Creation date
5/11/2012 2:54:46 PM
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BOCC
Date
5/15/2012
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
7c
Document Relationships
2012-447 Planning - Orange County, Durham County and TTA with executions by Durham and TTACost Sharing for LRT Rail Project
(Linked From)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2012
2012-448 Planning - Research Triangle Regional Public Transportation Authority, d /b /a Triangle Transit
(Linked From)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2012
Minutes 05-15-2012
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2012
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• Rental car tax revenue: $560,000 <br />Growth rates assumed for each revenue source: <br />• % -cent sales tax: <br />• Growth rate from 2011 through 2014: 1.5% <br />• Growth rate from 2015 through 2035: 3.6% <br />• $7 vehicle registration fee: 2.0/ <br />• $3 vehicle registration fee increase: 2.0/ <br />• Rental car tax revenue: 4.0% <br />20 <br />$28 million would be borrowed over the life of the plan. This borrowing would cover for the <br />large capital expenditures which occur for 3 to 4 years of construction of the light rail <br />component of the plan. Any borrowing would be from capital markets through government <br />bonds, would require approval by the NC Local Government Commission, and would have to <br />meet debt to revenue ratios required by the capital markets for bond issuance. <br />Further details for each revenue source follow. <br />A. One -half cent sales tax in Orange County <br />A one half -cent sales tax in Orange County means that when individuals spend $10.00 on <br />certain goods and services, an additional five cents ($0.05) is added to the transaction to <br />support the development of the Bus and Rail Investment Plan. Purchases of food, gasoline, <br />medicine, health care and housing are excluded from the tax. <br />A one half -cent sales tax in Orange County is estimated to generate $5.1 million in 2012. Over <br />the life of the plan to 2035, the sales tax is expected to generate $165 million in Year -Of- <br />Expenditure (YOE) dollars. This tax can only be levied subsequent to a referendum by the <br />Orange Board of County Commissioners and approval by the voters. <br />Revenue identified in the Bus and Rail Investment Plan for Orange County can be used for <br />financing, constructing, operating and maintain local public transportation systems. The <br />funds can be used to supplement but not supplant or replace existing funds or resources for <br />public transit systems. <br />B. $7 Vehicle Registration Fee in Orange County <br />A seven dollar ($7) vehicle registration fee in Orange County means that when an individual <br />registers a new vehicle or renews the registration for an existing vehicle in Orange County, an <br />additional $7 per year is added to the cost above the other required registration fees for that <br />vehicle. <br />The seven dollar fee in Orange County is expected to bring in $580,000 in 2012. Over the life <br />of the plan to 2035, the seven dollar fee is expected to generate $22.5 million in Year -Of- <br />Expenditure (YOE) dollars. <br />5/8/2012 - Page 1 18 <br />
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