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10 <br /> The amount paid by each is determined annually by a formula <br /> which allocates systemwidenet costs by juridiction of <br /> boardings and the type of fare paid. Contracts are <br /> negotiated annually with each jurisdiction and reflect any <br /> changes in service requested by that jurisdiction. <br /> "Memorandums of Understanding" were signed by the University <br /> in 1985 and Carrboro in 1987 with the Town of Chapel Hill, <br /> expressing their commitment to continued support of the <br /> transit system and indicating their willingness to provide <br /> funding for future transit services. These memorandums cover <br /> a five year period. <br /> The University sells passes to faculty, staff and students <br /> under their contract. Revenues from the sale of passes to <br /> these individuals is reported as system operating revenue. <br /> Their payment for the allocated net cost for transit service <br /> comes from internal University funds. <br /> Carrboro began purchasing transit service in FY 1977/78 with <br /> federal revenue sharing funds. In 1980, Carrboro voters <br /> approved a $.10/$100 valuation ad-valorum property tax <br /> dedicated to funding transit services. The current levy in <br /> Carrboro is 3.4 cents, with no increase anticipated in the <br /> coming fiscal year. <br /> The FY 1989/90 Chapel Hill Transit operating budget, with <br /> total expenses of $3,897,667, is anticipated to be funded <br /> through $1,042,533 in operating revenue, $1,427,533 in Urban <br /> Mass Transportation Administration Section 9 funds, and <br /> $1,427,534 in local revenue. (Table B-1) Local <br /> contributions from the Town of Chapel Hill for capital and <br /> planning projects will come from the Transportation captial <br /> reserve fund balance. Table B-2 projects anticipated Chapel <br /> Hill revenues and expenditures for FY 1990-91. <br /> Long range forecasting of operating, capital and planning <br /> funding needs is done through several documents within the <br /> Town. Five year projections of funding needs are prepared <br /> annually for submission to the NC Department of <br /> Transportation Public, Transportation Division. The Town <br /> also prepares an annual element to its Capital Improvement <br /> Program which includes all transit capital projects and <br /> forecasts additional capital needs for a five year period, <br /> This document is reviewed and approved by the Town Council. <br /> The 1987-1993 Chapel Hill Transit Short Range Transit Plan <br /> was approved in 1988 by the Town's Transportation Board. <br /> This Plan provides an assessment of current service and <br /> anticipated funding, capital and service needs for a five <br /> year period. Also currently under review by the Town is the <br /> Transportation Report to the Town's Comprehensive Plan. This <br /> • report discusses possible service and capital improvements <br /> for a 15 to 20 year period. The recommendations included in <br /> the SRTP have been incoporporated into the Town's Capital <br /> Improvement Program and Comprehensive Plan. <br />