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6 <br /> FY2015 Ex apses FY 2015** <br /> Light Rail Development $ 3,322,213 <br /> Bus Services* $ 1,379,291 <br /> Administration $ 46,657 <br /> Total $ 4,748,161 <br /> *Funding for bus services is allocated 64% to Chapel Hill Transit, 24% to Go Triangle, <br /> and 12% to Orange Public Transportation. <br /> FY15 revenue shown excludes interest income and investment earnings of$51,937. <br /> FY15 ending reserves total$9,171,186; (FY14 $6,125,406; FY13 $1,112,228). The <br /> reserves will be used for services and capital projects defined in the Next Steps section <br /> of this report. <br /> **More financial information by year can be found in Appendix B. <br /> ***Issues surrounding state funding can be found in Appendix C. <br /> Deciding on New Services <br /> GoTriangle, the Town of Chapel Hill and Orange County have agreed that, in the third <br /> quarter of each fiscal year, an estimate of funds available for bus service operation and <br /> capital expenses during the next fiscal year will be provided by GoTriangle. Each <br /> administration will recommend a spending program on services and project for the <br /> upcoming year to be approved by the GoTriangle Board of Trustees by June 30t of <br /> each calendar year. <br /> In June 2014, FY15 services were approved. See Appendix D for more information.. <br /> Service Evaluation <br /> New services added during a fiscal year will be evaluated at least annually by the <br /> partners as part of a review of ridership and performance. <br /> Next Steps <br /> The following services will be implemented in the upcoming fiscal year (FY16: July <br /> 2015-June 2016): <br /> • In August 2015, Orange County through Orange Public Transportation will <br /> implement an increase in the midday service frequency of the <br /> Hillsborough-Chapel Hill Shuttle and extended the route to Cedar Grove, <br /> north of Hillsborough. <br /> • Orange County through Orange Public Transportation will implement three <br /> new services: <br /> o Orange-Alamance Connector with midday service between Mebane <br /> and Hillsborough <br /> o Efland-Hillsborough Commuter Loop with peak period service <br /> between Efland and Hillsborough <br />