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11 <br /> 1 o FTA has required D-O LRT to be in Engineering by March or must drop out of <br /> 2 New Starts Program <br /> 3 o Project expenses incurred when project is not in the process are not eligible for <br /> 4 future FTA reimbursement <br /> 5 o Cost to date for project are reimbursable upon obtaining Full Funding Grant <br /> 6 Agreement (FFGA) <br /> 7 <br /> 8 State and Federal Transit Funding Changes Since Approval of Plan <br /> 9 Bus Service <br /> 10 • State: 7.5% <br /> 11 • Local: 92.5% <br /> 12 Vehicles, Bus Stops, Park and Rides <br /> 13 • Federal: 80% 4 38% <br /> 14 • State: 10% 4 8% <br /> 15 • Local/Other: 10% 4 54% <br /> 16 Light Rail, Commuter Rail <br /> 17 • Federal: 50% 4 50% <br /> 18 • State: 25% 4 10% <br /> 19 • Local/Other: 25% 4 40% <br /> 20 Bus Rapid Transit <br /> 21 • Federal: 50% 4 70% <br /> 22 • State: 25% 4 0% <br /> 23 • Local/Other: 25% 4 30% <br /> 24 Hillsborough Train Station <br /> 25 • State: 90% 4 91% <br /> 26 • Local: 10% 4 9% <br /> 27 <br /> 28 Local Transit Revenues (Shared by Bus and Rail) (graph) <br /> 29 <br /> 30 Sales Tax by Article (graph) <br /> 31 <br /> 32 D-O LRT Capital Funding Sources (graph) <br /> 33 <br /> 34 Financial Model Notes <br /> 35 1. Both scenarios use forecasts developed by Dr. Walden in 2014 <br /> 36 2. Baseline Scenario assumes FTA disbursements of$125 million per year <br /> 37 3. Scenario One reduces FTA disbursements to $100 million per year <br /> 38 4. All Scenarios assume 10% State participation <br /> 39 <br /> 40 Funding Gap <br /> 41 Gap = Lowest projected cash balance in system cash flow <br /> 42 • Assumes maximum borrowing while maintaining minimum 1.15x net debt service <br /> 43 coverage ratio (DSCR) <br /> 44 • Assumes reserves have been fully funded (operating, debt service, capital asset <br /> 45 management) <br /> 46 • Funding for expanded Bus Operations, revised Chapel Hill BRT project, and NCCU <br /> 47 Station included in analysis <br /> 48 <br />