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15 <br /> 1 1. Prior agreement creates a sharing of revenues allocated for new bus services within the <br /> 2 OC Transit Plan based upon a split= CHT 64%, TTA 24% and OPT 12% <br /> 3 2. Locally generated vehicle registration fees of$7/vehicle for Orange County= $800,000 <br /> 4 in 2016 <br /> 5 3. Projecting a full year generation of all revenues in 2016 produces a total of$7.1 Million <br /> 6 in revenues of which $3,702,000 is dedicated for bus services <br /> 7 4. By agreement, TTA will forego any direct share of the $7 vehicle registration revenues <br /> 8 for Orange County allowing OPT and CHT to share in those revenues for purposes of <br /> 9 supporting existing services as outlined below <br /> 10 5. The allocation of the$7 vehicle registration fees in Orange County for'optional' use to <br /> 11 support either existing or new services will fall within the 64/24/12% bus revenue <br /> 12 allocation formula as shown below <br /> 13 6. The split of the$7 vehicle registration fees for existing services in Orange County will be <br /> 14 split by CHT and OPT based on the ratio of each system's local funding allocation from <br /> 15 existing sources each fiscal year as a percentage of the total of the two systems <br /> 16 dedicated local revenue allocations. (90 % CHT and 10% OPT(+/-) rounded for <br /> 17 simplicity.) <br /> 18 Estimated Impacts: Total $ 3,702,000 available bus service revenues for 2016— <br /> 19 • CHT would benefit by 64% of the available revenues = $2,369,280 of which up to $ <br /> 20 720,000 could be used to support existing services provided by CHT with $ 1,649,280 <br /> 21 going to new services initiated after passage of the referendum. <br /> 22 <br /> 23 • OPT would benefit by 12% of the available revenues = $444,240 of which up to $ <br /> 24 80,000 could be used to support existing services provided by OPT with $ 364,240 <br /> 25 going to new services initiated after passage of the referendum <br /> 26 <br /> 27 • TTA would benefit by 24% of the available revenues = $ 888,480 going to new services <br /> 28 initiated after passage of the referendum. <br /> 29 SUMMARIZING: <br /> 30 CHT's $ 720,000 for existing services = 30% of its 64%share of total bus service revenues <br /> 31 (2016) and 19.5% of the total bus service revenues (2016). <br /> 32 OPT's $ 80,000 for existing services can be allocated for support of existing or new services at <br /> 33 the option of the County Commission. <br /> 34 TTA receives no revenues for existing bus service support for its Orange County operations. <br /> 35 Hand out ends here. <br /> 36 <br /> 37 Frank Clifton said that the staff of all the parties concur that this is the best way to <br /> 38 handle this agreement. <br /> 39 Commissioner Jacobs made reference to paragraph#7 and asked what would happen <br /> 40 if a different Board of County Commissioners in the future wanted to be more aggressive with <br />