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30 <br /> Mindy Taylor said that information is in the draft plans, and she can send that to the <br /> BOCC. <br /> Chair Dorosin moved item 6c: Recommendations for Employee Health Insurance and <br /> Other Benefits to the BOCC work session on April 6. <br /> Commissioner Price asked if clarification can be provided about fares, and how they <br /> will be determined. <br /> Mindy Taylor said the fare revenue assumption was determined based on analysis of <br /> several different peer transit systems with similar types of projects, and this information can be <br /> provided to the BOCC. <br /> Commissioner Price clarified that the fare is not based on ridership, but rather an <br /> average of other projects. <br /> Mindy Taylor said that is correct. <br /> Commissioner Price referred to a section called credit implications, and said it indicates <br /> that all financings will be secured by light rail assets and will be subject to annual <br /> appropriations from GoTriangle. She asked if the source of the appropriations could be <br /> identified. <br /> Ted Cole said the tax district revenues. <br /> Commissioner Price said this information should be included in the PowerPoint, in the <br /> interest of transparency. <br /> Commissioner Price said the scenarios do not take into consideration any type of <br /> recessions. She said if time allows, she would like to know the implications of delaying the <br /> project, as well as the implications of a recession. <br /> Ted Cole said the model has the ability to input a change in the tax revenues, and it is <br /> a question of when would this occur, and to what extent. <br /> Commissioner Price said perhaps to consider inputting a change prior to the completion <br /> of the construction, and perhaps one afterwards. <br /> Commissioner McKee said he appreciated Ted Cole correcting him about the figures he <br /> had about the interest. He said earlier in the week he expressed agreement that the Orange <br /> and Durham counties were liable for 40% of the approximately $2.4 million in the plan. He <br /> said he also mentioned the interest that falls entirely on the County, and recalled Ted Cole <br /> calculating the County's percentage to about 52%. He asked if Ted Cole recalled this <br /> conversation. <br /> Ted Cole said yes, and his team revisited that more formally. <br /> Mitch Brigulio said the counties, and local partners' share, is at about 55%; factoring in <br /> the total cost of the project, the total interest and financing costs, the amount of the financing <br /> that FTA will reimburse, etc. <br /> Commissioner McKee asked if this information could be forwarded to the <br /> Commissioners, with the details broken down. <br /> Commissioner McKee referred to the packet, and said everything is financeable if you <br /> are willing to mortgage to a certain point. He said the very next line discusses feasibility, and <br /> that it is subjective, with which he agrees. He said the packet further reads: "given current <br /> projections for project performance, Orange County's cumulative cash balances are not <br /> sufficient in certain years to properly insulate the County from potential future financial support <br /> requirements." He asked if Davenport stands by that statement. <br /> Ted Cole said yes. <br /> Commissioner McKee asked if, given these low cash balances, the likelihood of things <br /> going perfectly for 40 plus years could be identified. <br /> Ted Cole said he supposed it is as equally likely as unlikely, but there is a very thin <br /> margin given the size of the project. He said 40-year projections are extremely difficult to do in <br /> an accurate fashion. He re-emphasized that with the sales tax, it is one thing to get from year <br />