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12 <br /> Gap = Lowest projected cash balance in system cash flow <br /> • Assumes maximum borrowing while maintaining minimum 1.15x net debt service <br /> coverage ratio (DSCR) <br /> • Assumes reserves have been fully funded (operating, debt service, capital asset <br /> management) <br /> • Funding for expanded Bus Operations, revised Chapel Hill BRT project, and NCCU <br /> Station included in analysis <br /> Ways to Resolve the Funding Gap <br /> Scenario 1: 10% State Funding, Walden 2014 Forecast, $100M FTA Cap-graph <br /> Next Steps <br /> • Obtain approval from Orange County Board of County Commissioners to submit <br /> financial plan to FTA that includes planned additional local funding at their December <br /> 5, 2016 meeting and they would be asking Orange County to: <br /> o "Subject to and contingent upon any authorizations required by Orange County, <br /> including the Orange County Board of Commissioners, Orange County agrees <br /> to cooperate with the municipalities within the county and work together to <br /> identify, develop, and implement additional funding mechanisms to directly <br /> support the D-O LRT Project by October, 2019." <br /> • Obtain similar approvals from Durham (November 29, 2016) and the DCHC MPO <br /> (December 14, 2016). <br /> • Continue to work with local partners to define details of additional local revenue <br /> sources to have available for reference prior to approving Final Design phase of <br /> General Engineering Consultant contract in April 2017. <br /> • Note: No additional local funds will be spent on the D-O LRT Project prior to receiving <br /> a Full Funding Grant Agreement (FFGA) from FTA in 2020. <br />