Agenda - 11-20-2012 - 5a - Laserfiche WebLink

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29 1 Chair Pelissier said that the Board is giving general direction to staff and it will come 2 back with appropriate language. 3 Commissioner Gordon made reference to item III on her sheet concerning the 4 definition of"material" change and reviewed this. 5 6 Ill. Definition of"material' change. 7 8 In section 12 of the agreement, definitions of material changes are given for several categories 9 of revenues or costs. These definitions are given as percentages. 10 11 The pie charts in Appendix A of the BRI Plan show the dollar amounts for costs and revenues. 12 13 A comparison of section 12 with Appendix A appears to show that the dollar amounts for a 14 material change could vary between $300,000 and almost$42 million. It would be prudent to 15 recognize dollar amounts, or at least use smaller percentages for large dollar amounts. 16 17 Here are the rough estimates for the five categories, along with total dollar amounts. Also given 18 are the amounts that would be defined as a material change, given the percentages that are 19 specified. All of these numbers would need to be verified by staff, and are given here for 20 illustrative purposes. 21 22 (A) Total revenues = $706.0 million 5% _ $35.3 million 23 24 (B) LRT capital cost= $418.3 million 10% _ $41.8 million, 5% _ $20.9 million 25 26 (C) LRT operating cost= $59.1 million 5% = about$3 million ($2.955 million) 27 28 (D) Overall funds for bus service. This would appear to combine the costs for 29 several categories: MLK bus lanes ($24.5 million), bus operations ($106.8 million), buses 30 ($17.6 million), and bus capital projects ($6.7 million). 31 The total amount is $155.6 million. If that total is correct, 5% _ $7.78 million 32 If the MLK project is considered separately, then 5% = about$1.23 million. 33 34 (E) Funds provided to bus operators = 5% or$300,000, whichever is greater, but it is not 35 obvious where this amount would be in the summary information. 36 37 Also in Appendix A there is $19.2 million for debt service. Presumably a lot of that would be for 38 financing the LRT project. In addition, it is not obvious how the $8.9 million for the 39 Hillsborough train station would be handled. 40 41 Commissioner Gordon noted that the amount of money in a "material" change varies greatly 42 from one category to another. 43 44 Wib Gulley said that A, B, C, D, and E speak to different circumstances. He said that 45 the logic is that you can bring every change to the plan and it has to be brought back to all three 46 parties. Some changes are so small that the thought was to look at meaningful changes only to 47 the plan. 48 Chair Pelissier suggested getting a revised copy at the next meeting and if there are 49 questions, then the County Commissioners can submit those with comments to staff.