2016-472 County Atty - Wake County, et al - Interlocal Agreement re Mutual Understanding as to the Scope and Content of the Financial Plan (not final)

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Plan Implementation and Finance Planned Expenditures Plaivned Expeeisibures and To .re fiscal constrains, the Recommended WAN COARY Trarm Plan include; inflaw estimates for project estimates and operating costs Project estimates for WT. commuter rail. bus and buses "Oors offtim stedin MS dollars. Then, projects were programmed aocsordIng to plooned project schodulam and then escalated to year of expenditure using an inflation factor af4%. Local bin cpom*V hours were calculated in 2015 do&m and then escalated at ZM Operating coats for cornmuter red and WT Were estimated on 2015 dollars, and than inflated so the yew the projects would begin, again using an inflation factor of 259L. The Remmmendad Wake County Transit Man contemplates a total of SIA b^m of coliita] projects by 2027. A summary of an capita expenditures a shown in Figure 26. COM"Mor RNA capital EMUMMUMets The Corrm~ Ptsil capital expendsures include the vv," Courny Owe of correnuter rail. The Trarmit Plan proposes up to eight vains in each park with two mid -day and two :n tie Min each direction (-248- 2) . The final service hours and frequencies win be determined during the future alternatives analysis. To be ooneervative. Included in the %;W plan a; an estimated 8-2&2 comnvw rail service %4 f would operatefrom VV*g Durham to Games within the ausft Norlolt Southern Railroad owdor fawned by NCM Cornpanyl by adding additional trans and focities. This would cornsnue to be studied and refined during the first years of the Transit Plan, to corm 9 thk Is the most viable approach and it subject to funds from our partners and suocessM fed" fund". OU capkal elloolack- The ORT Capitol Exparbckores w4ude four BlTr corridors totaling SW mom between 20I8 and 2023 as Ova" below. Donors programmed inducing planning and design, construction, and acquisition of vehicles, for *on comidom Other Capital E-pe-lift- Significant resources are allocated for capital a ifix-Is ctumtopipporta rajokly increasing local bus network. Bus infrastructure, which includes transfer statiorts, park and ride lots, bus stop impomemerts, bus rwitseexxt facades. sidewalk access and stsestside facilities. and other or,prowwronm is programmed for $208 million between 20I8 and 2024• A sumnbory of these hem is shown bekw Moreover, $114 mesons allocated towards the acquisition and 1ARRETT WALKER Kirnley*Horn replacernent of busses for $DCA bus service between 2018 and 2026, which represents 116 buses. Also included n other capital is 52437 m lion of locally funded grade reparation match funds allocated between 209 and 2022. Betwe a v 2= and 2027, $3S million Is available for future pnoiscm Between 2028 and 2037, other cap" includes boo corr"wvm toas replacement totaling s1 8o minion and future projects totaling mcs milicm Debt Service and Debt Service Rosier" Fund As debt is issued for capital projects, primipal and Mutest win be paid on those projects. these dollars represent the corresponding debt service on corernuser •A BRT. and various bus infrastructure projects that are required during the fist ZD years of the llecorronended Wake County Traesk Plan. Operating Fund Balance Allocation To oroune adequate operating liquidity, the Recommended Wake Carty Transit Plan was developed with a two of that the operating fund balance would ham a -miry mn fund balance equal to 25% of annual sales tax rvvenxres. The donors shown are the minimum allocation lbo reed this requirornent Capital Fund Balmmoo, Allecatim To dements credit strength tso manage &k the R&convnerKled Wales County Tinarmt Flon also was developed with a target of having a capital fund balance of St of capital projects cost This capital fund balance K over and above individual capital budgets which may have their own project -Mrqw— Maintaining suff— 4UkJky during co-- activity is an important ovdit: wrorigth for rating agwhcias. The capital fund balance allocation is timed to vAen significant debt issuances would be" for capital projects funded *n the Mice Cow" Transh, Plan_ Operating Expertses There am ire categories of operating expenses cornbred. The first is local bus service. which rx"gssg;front SM nOm in FY 2018 to US -lion in FY 2027. Added to dot is 8RT service, beginning in the ffxxiel in 2=4. Other operating funds rotate mairmenance, and operations for bus faclion and other OdOted bus operations such as ortal town local vory" notching funds, panvanut sorwce, and other professional services. Rnely, commuter rail is shown no" in =29� and adds an 1 -1-1' onal S20 million of open" expenses, Al operating e4senses are grown at 2-S% to aomum for inflation, The mod.l —.ws that by 2027, $1293 million of operm&V win be in piece and a UCW of S166 million of operating expenses oil be incuned trKlucling allocamns to fund bslanca and debt service expenses. A arnmary of 2027 6cal operating costs is LL shown in Figure 27. z z 0 z ILI dc to -J (IQ S O►oussnids) CormuterRail 8— Rapid Transit S$66,SW Sw"O BusAcquisiticon S114.700 Bus Infrastructure I208.400 Other Capital Pm 524.500 Future projects 535A00 Tow SIA16.100 z 0 z ILI dc to -J (IQ Local Bus Network 99T 514-500 Carmuzaar RON.— Other Bus OP&MOW4 SM100 $7,100 Mainconar,co and Operations 52,300 Tool z 0 z ILI dc to -J (IQ