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Plan Implementation and Finance
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<br />The vehicle renal tau also is included as a revenue source in the transit
<br />pYn. GoTriangle aarendy levies a 5%tsx on vehicle centers in Wake,
<br />Ourhwr, and Orange Counties. C*7dw Ws Board of Tnrstaes her an
<br />awsting policy that 50% of rental revenues are dedicated to experudsng
<br />trensit options in the region, while the other 50% is used by Willie gle
<br />for operations and opitel needs of the turned sysmm. To dew., no the
<br />amount nlocaled w each c7vntyt GoTruengle dedicates vehicle rental
<br />revenues based on percent of total popJotlon CsoTnan9Ws current
<br />allooetion percentages me 68% for WA& County, 213% for Durham
<br />County, and 10.5% an Orange Ceraty. As such, the Wake Canny portion
<br />of ad vehicle mental reverwes ik compared to the total needed. 349L
<br />The tract plan includes sn essueption that's, tar tau revenue
<br />available for newv~ programs. would be $ib mi ion in FY 2018.
<br />which would grow by 2S% annually.
<br />The trivnit plan also inckdes local revenues from the City of FW69K
<br />Town of CwN and GoTnangle tar minting bas operations local bus
<br />opwa aces in those jwisdictions would oontree and bus operation s in
<br />the herein plan wertdesigned considering dase.xi Wq resources.
<br />Accordingly, the transit plan assumes that the kcal contrilubon from
<br />each agency would equal eppreuimsmlj $15 million in 2018 and this
<br />cant, bution would increase at 2.5% each year. the assumed tape of
<br />operating ieratim 7A�e transit plen also includes mdstny federal and
<br />state funds allocated directly to Wit" bus opersions equaling
<br />apprauimaxy S62 mien,
<br />Feed" and State Conti*Vtioes
<br />The Recommended Wake County Tranext Plan assumes federal and or
<br />state funding for merry planned projects. Significant federal fads ere
<br />assumed for the capital casts for bah CRT and BRT -50% of the apital
<br />costs am assumed to be federally funded. For Mr, the projects are
<br />assumed to suoossafiary compem through tin FTA Capital Improvement
<br />hogram Now Slats. Small Scats and Core Capacity knpowement
<br />gram program such that overal, the BRT projects included in the
<br />transit plan will, on average • uaceivs 5016 federal funds (estimated at
<br />S1 73S millicia For commuter nil. R is assumed that, through a regional
<br />peruweship by attending the ire into neighboring cocoas, the protect
<br />would in cc- aduly compete for W% federal funding (estimated at
<br />544.3.3 miGnc, the Wept County share iruluded in the Fnm9al Prom.
<br />Approunattely S24 million of federal funds towrands the saimi3 iort of
<br />buses are included in tw plan, which cold also be used towards bus
<br />maintenance.
<br />in the projects. The transit plan does include S6 million of stem copitid
<br />funds towards the a chin ion of buses between 2018 ad 2025- Storting
<br />in fiscal year 2024, approximately S1.3 million annually is, --
<br />in stow open" revenue towards BRT services and stating in 2027
<br />approximately S4 million is programmed in state operating revenue
<br />towetis commuter red services. No additional atom funds. beyond
<br />the currant 112 mullion annually in ecisting stain funding for local bus
<br />services are programmed for local bus openicing support.
<br />Farebox Revenue
<br />Farebor revenue varies by type of sanAce. For local bus service.
<br />including Mr, a at%farebooe recovery Cato was used for ridership
<br />—,tax 10% far coverage nouns. 3% for artartivem rums, and 0% for
<br />loner servicu mateh,16dwWrp estimates will be refined for commuter nil
<br />during future studies. The cwrant plan assumes faebox reverwe cf 20%
<br />of opvvting expen-
<br />lLong -Tote 8c+d Roceeds
<br />gw4w . rwenes s, with corresponding debt service experts-, certain
<br />capital projects arcdebtfwnded. Cownnternil 's40%debt tended,
<br />BRT is 15S%debt funded, and bus inftaatnrtve projects are 31% debt
<br />handed. A portion of future projects modeled from 2078 to 2097 are also
<br />assumed to be funded with debt
<br />By using loagAerm debt, it a knpor int that the modal adhere to ■everal
<br />liey metrics+ inekudag adequate operating and capital fund balances
<br />to demonstrate wffrdenttiquidrtyto rating agencies and to espial
<br />marbvts. The Recommended Weloe County Transit Plan was developed
<br />within the contest: of adhering to two bay measures: 11 maintaining
<br />nearterm eapedty to service debt from recurring nat revenues, and 2)
<br />W, oan debt saarvica coverage. Given the trane3t plat'sfoexs on cWW and
<br />signirrcantly increasing local bus sevice. a key measure for the transit
<br />plan is a projection of the ongoing abilicy to pay annual debt sarwice
<br />given propcted revenue planned capita. and recurring operating
<br />expanses. The transit plan mextains net debt service coverage of
<br />revenues tuns operating expenses greato t ham 1.25 times annual
<br />deb: service and maintains a gross debt setvicti cove -age of revenvrs
<br />mere than three times annual debt sarwas scperaaa These are simply
<br />modeled a the time. As governance discussions occur. these metrics
<br />and ralxtletions will be reivished and updated
<br />134
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<br />Federal funds towards operating expenses also
<br />1 Revenues for Expanded Transit
<br />Re=Yirnended County
<br />PrOjECted OCaI
<br />Transit Plan- Smtar�v g in 2026. gVr�aeelyy
<br />$19 mdion annually is programmed in federal
<br />S1acP0o
<br />opetateg revenue towards Bf1T services
<br />Sbarpng in 2029, apprmthnatefy $6 mM—
<br />Si�0A00
<br />annually is programmed in federal operating
<br />revenue towiniseommvterrag services. Another
<br />510000
<br />Si.9 "ion in additional federal funding for
<br />jtaocco
<br />bus operators is planned starting in 2019
<br />which inasxs to approximately S32 million
<br />as kheraesad local bus service rc ughlytriples by
<br />w Stc,000
<br />-
<br />2027.
<br />State funds are primar+ly limited to Operating
<br />for BFiT,
<br />S14to0
<br />bard support bas pperatiwns. and
<br />commuter rat operatics once these services
<br />are in place. To be fiscally comervatiwa, the
<br />2Mr 2013 =9 202- 2021 2012 2029 20M 2025 3126 2W
<br />%MMWKied V4" County Transh Plan does
<br />nx�s,....rv...rs...
<br />m.r,.n...e.+eeswr.w. r..w� +tewMwa.'n+eK•e"ri
<br />not include state funds towards the capital costs
<br />n,r..wr.oxw.r...wr
<br />. re .y...r.•a.rwxrar.xw rsa o,.rv.innex.rrnr
<br />for BRT and commuter rem% however the County
<br />.yuo.a�ar�arww - w�rer.r
<br />and ICs partners would work to achieve such
<br />fading wmeeds the projects or components
<br />)ARRETT
<br />WAIxER • we,..n..wrrs Kimley *Hom tili
<br />in the projects. The transit plan does include S6 million of stem copitid
<br />funds towards the a chin ion of buses between 2018 ad 2025- Storting
<br />in fiscal year 2024, approximately S1.3 million annually is, --
<br />in stow open" revenue towards BRT services and stating in 2027
<br />approximately S4 million is programmed in state operating revenue
<br />towetis commuter red services. No additional atom funds. beyond
<br />the currant 112 mullion annually in ecisting stain funding for local bus
<br />services are programmed for local bus openicing support.
<br />Farebox Revenue
<br />Farebor revenue varies by type of sanAce. For local bus service.
<br />including Mr, a at%farebooe recovery Cato was used for ridership
<br />—,tax 10% far coverage nouns. 3% for artartivem rums, and 0% for
<br />loner servicu mateh,16dwWrp estimates will be refined for commuter nil
<br />during future studies. The cwrant plan assumes faebox reverwe cf 20%
<br />of opvvting expen-
<br />lLong -Tote 8c+d Roceeds
<br />gw4w . rwenes s, with corresponding debt service experts-, certain
<br />capital projects arcdebtfwnded. Cownnternil 's40%debt tended,
<br />BRT is 15S%debt funded, and bus inftaatnrtve projects are 31% debt
<br />handed. A portion of future projects modeled from 2078 to 2097 are also
<br />assumed to be funded with debt
<br />By using loagAerm debt, it a knpor int that the modal adhere to ■everal
<br />liey metrics+ inekudag adequate operating and capital fund balances
<br />to demonstrate wffrdenttiquidrtyto rating agencies and to espial
<br />marbvts. The Recommended Weloe County Transit Plan was developed
<br />within the contest: of adhering to two bay measures: 11 maintaining
<br />nearterm eapedty to service debt from recurring nat revenues, and 2)
<br />W, oan debt saarvica coverage. Given the trane3t plat'sfoexs on cWW and
<br />signirrcantly increasing local bus sevice. a key measure for the transit
<br />plan is a projection of the ongoing abilicy to pay annual debt sarwice
<br />given propcted revenue planned capita. and recurring operating
<br />expanses. The transit plan mextains net debt service coverage of
<br />revenues tuns operating expenses greato t ham 1.25 times annual
<br />deb: service and maintains a gross debt setvicti cove -age of revenvrs
<br />mere than three times annual debt sarwas scperaaa These are simply
<br />modeled a the time. As governance discussions occur. these metrics
<br />and ralxtletions will be reivished and updated
<br />134
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