Agenda - 04-18-2017 - 8-a - Minutes

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29 1 Ted Cole said what is in there now is the dollar value for expanded bus service that was 2 consistent with the 2012 BRIP. 3 Commissioner Jacobs asked if this runs through 2062. He asked if there are annual 4 funds, or if it is one lump spent down over time. 5 Mindy Taylor said it is an annual amount of expenditures. 6 Ted Cole said it is accounted for up top as an expense. 7 Commissioner Jacobs clarified that there is bus money all the way through scenario. 8 Ted Cole said that is his understanding. 9 Mindy Taylor said there is funding for bus service and bus capital all the way through the 10 cash flow. She said the amount that is programmed in the plan is consistent with the 11 investments that were in the original adopted Orange Transit Plan. She said that plan also 12 identified funded and unfunded needs. She said there is also increased funding from the tax 13 district for capital investments, for bus facilities, bus shelters, maintenance, etc. She said there 14 is limited capacity to expand bus service beyond what was originally promised, but if revenues 15 are higher than expected, they can be reallocated. 16 Commissioner Jacobs asked if this could be quantified by saying how many bus hours 17 are projected. 18 Mindy Taylor said that information is in the draft plans, and she can send that to the 19 BOCC. 20 Chair Dorosin moved item 6c: Recommendations for Employee Health Insurance and 21 Other Benefits to the BOCC work session on April 6. 22 Commissioner Price asked if clarification can be provided about fares, and how they will 23 be determined. 24 Mindy Taylor said the fare revenue assumption was determined based on analysis of 25 several different peer transit systems with similar types of projects, and this information can be 26 provided to the BOCC. 27 Commissioner Price clarified that the fare is not based on ridership, but rather an 28 average of other projects. 29 Mindy Taylor said that is correct. 30 Commissioner Price referred to a section called credit implications, and said it indicates 31 that all financings will be secured by light rail assets and will be subject to annual appropriations 32 from GoTriangle. She asked if the source of the appropriations could be identified. 33 Ted Cole said the tax district revenues. 34 Commissioner Price said this information should be included in the PowerPoint, in the 35 interest of transparency. 36 Commissioner Price said the scenarios do not take into consideration any type of 37 recessions. She said if time allows, she would like to know the implications of delaying the 38 project, as well as the implications of a recession. 39 Ted Cole said the model has the ability to input a change in the tax revenues, and it is a 40 question of when would this occur, and to what extent. 41 Commissioner Price said perhaps to consider inputting a change prior to the completion 42 of the construction, and perhaps one afterwards. 43 Commissioner McKee said he appreciated Ted Cole correcting him about the figures he 44 had about the interest. He said earlier in the week he expressed agreement that the Orange 45 and Durham counties were liable for 40% of the approximately $2.4 million in the plan. He said 46 he also mentioned the interest that falls entirely on the County, and recalled Ted Cole 47 calculating the County's percentage to about 52%. He asked if Ted Cole recalled this 48 conversation. 49 Ted Cole said yes, and his team revisited that more formally.