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41 <br /> V. DURHAM COUNTY REVENUES <br /> A variety of revenue sources provide the funding for the Durham County Bus and Rail <br /> Investment Plan. Those revenues include: <br /> • A new one-half-cent sales tax in Durham County (referendum required) <br /> • A new$7 vehicle registration fee levied by Durham County <br /> • An increase of$3 to the existing$5 vehicle registration fee currently levied by Triangle <br /> Transit in Durham County <br /> • Revenue from Triangle Transit's rental car tax <br /> • NC State Government contributions to funding <br /> • Federal Government contributions to funding <br /> • Passenger Revenue (fares for services) <br /> Further details for each revenue source follow below. <br /> A. Initial Proceeds Assumptions for Local Revenue <br /> The initial annual projections for each local revenue stream for Durham County (see prior <br /> section V) in 2012 for transit are as follows: <br /> • One-half cent sales tax: $18.4 million <br /> • $7 vehicle registration fee: $1.58 million <br /> • $3 vehicle registration fee increase: $677,000 <br /> • Rental Car Tax revenue (Durham): $1.0 million <br /> B. Growth Rates Assumed for Each Revenue Source <br /> • %-cent sales tax: <br /> o Growth Rate from 2011 through 2014: 1.5% <br /> o Growth Rate from 2015 through 2035: 3.5% <br /> • $7 vehicle registration fee: 2.0% <br /> • $3 vehicle registration fee increase: 2.0% <br /> • Rental Car Tax revenue: 4.0% <br /> C. One-half cent sales tax in Durham County <br /> A one-half cent sales tax in Durham County means that when individuals spend $10.00 on <br /> certain goods and services, an additional five cents ($0.05) is added to the transaction to <br /> support the development of the Bus and Rail Investment Plan. Purchases of food, <br /> gasoline, medicine, health care and housing generally are excluded from the tax. <br /> Page 112 <br />