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trips per year, given its estimated 1992 population of 4,376. At an average fare of$.50 (the current OPT <br /> local public fare), the projected revenue would be $1,094. <br /> OPERATING EXPENSES <br /> The operating costs for OPT to provide current transit services in Orange County over the next <br /> four years are presented this section. Table 5-1 presents the estimated operating budget for current <br /> services over the next four fiscal years based on current operating costs. Total operating expenses in <br /> FY1994-95 were $351,360. For the next four fiscal years, from FY1995-96, each item in the budget has <br /> been increased five percent per year to reflect inflation. The capital budget for the next four years was <br /> presented in Chapter 4. <br /> OPERATING REVENUES <br /> The Overall Revenue Picture <br /> Table 5-1 also details the anticipated revenue sources for the County over the next four years. <br /> Revenues are expected to equal expenditures during this time period. The revenue estimates are based <br /> on actual receipts from current funding sources with adjustments for inflation. (As operating expenses <br /> are projected to increase due to inflation, revenues must also increase to maintain a consistent level of <br /> services. If revenues from existing sources do not keep pace with expenses, service levels will need to <br /> be reduced or additional revenue sources will need to be found.) <br /> Current Funding Sources <br /> Federal Transportation Administration <br /> FTA, one of the modal administrations of the U.S. Department of Transportation, administers <br /> programs that provide Federal financial assistance to operate public transit services and to purchase <br /> vehicles that are used for such services. Orange County, as a non-urbanized area, is eligible for funds <br /> from FTA's Section 18 program. <br /> Orange County received$457,376 in Section 18 funds in the 1994-95 fiscal year. Currently, there <br /> -58- <br />