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<br /> Plan Implementation and Finance
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<br /> The vehicle rental tax also is included as a revenue source in the transit contribution would increase at 2.5%each year,the assumed rate of in the projects.The transit plan does include$6 million of state capital Z
<br /> plan.GoTriangle currently levies a 5%tax on vehicle rentals in Wake, operating inflation.The transit plan also includes existing federal and funds towards the acquisition of buses between 2018 and 2025.Starting Z
<br /> Durham,and Orange Counties.GoTriangle's Board of Trustees has an state funds allocated directly to existing bus operations equaling in fiscal year 2024,approximately$1.3 million annually is programmed
<br /> existing policy that 50%of rental revenues are dedicated to expanding approximately$6.2 million. in state operating revenue towards BRT services and starting in 2027 LL
<br /> transit options in the region,while the other 50%is used by GoTriangle approximately$4 million is programmed in state operating revenue 0
<br /> for operations and capital needs of the current system.To determine the Federal and State Contributions towards commuter rail services.No additional state funds,beyond Z
<br /> amount allocated to each county,GoTriangle dedicates vehicle rental The Recommended Wake County Transit Plan assumes federal and or the current$1.2 million annually in existing state funding for local bus Q
<br /> revenues based on percent of total population.GoTriangle's current state funding for many planned projects.Significant federal funds are services are programmed for local bus operating support. Z
<br /> allocation percentages are 68%for Wake County,21.5%for Durham assumed for the capital costs for both CRT and BRT-50%of the capital 0
<br /> County,and 10.5%in Orange County.As such,the Wake County portion costs are assumed to be federally funded.For BRT,the projects are Farebox Revenue
<br /> of all vehicle rental revenues is,compared to the total collected,34 1/o• assumed to successfully compete through the FTA Capital Improvement Farebox revenue varies by type of service.For local bus service, Q
<br /> The transit plan includes an assumption that rental car tax revenue Program New Starts,Small Starts,and Core Capacity Improvement including BRT,a 24%farebox recovery ratio was used for ridership ~
<br /> available for new transit programs would be$3.6 million in FY 2018, grant programs such that overall,the BRT projects included in the routes,10%for coverage routes,3%for intertown routes,and 0%for Z
<br /> which would grow by 2.5%annually. transit plan will,on average,receive 50%federal funds(estimated at local service match.Ridership estimates will be refined for commuter rail 2
<br /> The transit plan also includes local revenues from the City of Raleigh, $173.5 million).For commuter rail,it is assumed that,through a regional during future studies.The current plan assumes farebox revenue of 20% W
<br /> Town of Cary,and GoTriangle for existing bus operations.Local bus partnership by extending the line into neighboring counties,the project of operating expenses. J
<br /> operations in those jurisdictions would continue and bus operations in Would successfully compete for 50%federal funding(estimated at 0.
<br /> the transit plan were designed considering those existing resources. $443.3 million,the Wake County share included in the Financial Plan). Long-Term Bond Proceeds 2
<br /> Accordingly,the transit plan assumes that the local contribution from Approximately$24 million of federal funds towards the acquisition of Shown as revenues,with corresponding debt service expenses,certain Z
<br /> each agency would equal approximately$15 million in 2018 and this buses are included in the plan,which could also be used towards bus capital projects are debt funded.Commuter rail is 40%debt funded, Q
<br /> maintenance. BRT is 15.5%debt funded,and bus infrastructure projects are 31%debt J
<br /> Federal funds towards operating expenses also funded.A portion of future projects modeled from 2028 to 2037 are also d
<br /> Projected Local Revenues for Expanded Transit are assumed in the Recommended Wake County assumed to be funded with debt.
<br /> $180,000 Transit Plan.Starting in 2026,approximately By using long-term debt,it is important that the model adhere to several
<br /> $1.8 million annually is programmed in federal key metrics,including adequate operating and capital fund balances
<br /> $160,000 operating revenue towards BRT services. to demonstrate sufficient liquidity to rating agencies and the capital
<br /> $140,000 Starting in 2029,approximately$6 million markets.The Recommended Wake County Transit Plan was developed
<br /> annually is programmed in federal operating within the context of adhering to two key measures:1)maintaining
<br /> $120,000 revenue towards commuter rail services.Another near-term capacity to service debt from recurring net revenues,and 2)
<br /> $1.9 million in additional federal funding for gross debt service coverage.Given the transit Ian's focus on capital and
<br /> „ 100,000 9 9 P P
<br /> bus operations is planned starting in 2019, significantly increasing local bus service,a key measure for the transit
<br /> 8$80,000 which increases to approximately$3.2 million plan is a projection of the ongoing ability to pay annual debt service
<br /> xn as increased local bus service roughly triples by given projected revenue,planned capital,and recurring operating
<br /> $60,000 2027• expenses.The transit plan maintains net debt service coverage of
<br /> $40,000 State funds are primarily limited to operating revenues less operating expenses greater than 1.25 times annual
<br /> fund support for bus operations,BRT,and debt service and maintains a gross debt service coverage of revenues
<br /> $20,000 more than three times annual debt service expenses.These are simply
<br /> commuter rail operations once those services P P y
<br /> $0 are in place.To be fiscally conservative,the modeled at this time.As governance discussions occur,these metrics
<br /> 2017* 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Recommended Wake County Transit Plan does and calculations will be revisited and updated.
<br /> It State Support Existing Bus Service ■Federal Support Existing Bus Service ■Local Revenues(Raleigh and Cary Existing Service) not include state funds towards the capital costs
<br /> ■Rental Car Tax(Wake County Portion Al located) 0$3 Increase Regional Registration Fee 0$7 County Vehicle Registration Fee
<br /> •1/10ent Local Option Sales Tax 'UaK funding for BRT and commuter rail;however the County
<br /> and its partners would work to achieve such
<br /> Figure 25:Projected Local Revenues for Expanded Transit funding towards the projects or components
<br /> JARRETT WALKER + ASSOCIATES Kimley»)Horn Wake County Transit Investment Strategy 134
<br /> Recommended Wake County Transit Plan
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