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7 <br /> Federal Funding <br /> • 2012 Plan Assumptions <br /> O 80% Funding for Bus Vehicles and Facilities <br /> O 50% Funding for D-O-LRT and North-South BRT in each year that the costs are <br /> incurred <br /> • FTA Clarified $100 M Annual Reimbursement Cap <br /> • Laws Changed in 2012 and 2015 <br /> O MAP-21 (2012) ended discretionary grant programs for buses and facilities; <br /> retained New Starts/Small Starts grant programs <br /> O FAST Act (2015) authorized through 2020 <br /> State Funding <br /> • 2012 Plan Assumptions <br /> O 10% Funding for Bus Vehicles and Facilities <br /> O 25% Funding for D-O-LRT and North-South BRT <br /> • Laws Changed in 2014, 2015, and 2016 <br /> O 2014 Strategic Transportation Investment (STI) law created new project scoring <br /> system for funding decisions and capped transit funding at 10% of all funding <br /> O 2015 introduced a cap of$500K for light rail projects <br /> O 2016 replaced $500K cap with 10% project cap for rail projects <br /> Local Funding <br /> • Reduced State and Federal Funding Require Additional Commitment of Local Transit <br /> Taxes <br /> O FY16 tax revenues <br /> x $30.27 M in Durham / $8.06 M in Orange <br /> O Original Plans' sales tax growth forecasts <br /> x Durham Plan assumed 3.6% average <br /> x Orange Plan assumed 3.5% average <br /> O Moody's Base Case forecasts <br /> x 4.33% average in Durham County <br /> x 3.71% in Orange County <br /> • More Borrowing Against Anticipated Revenues <br /> O Grant Anticipation Notes to manage slower federal funds (repaid by grants) <br /> O Short-term Limited Obligation Bonds during D-O LRT construction <br /> O Long-term TIFIA loan drawn down during D-O LRT construction <br /> • D-O LRT Cost-Share Agreement <br /> O Current agreement executed in 2012 - 77.05% Durham /22.95% for project <br /> costs <br /> x Extension to North Carolina Central University in Durham <br /> x Change from 5 to 4 stations in Orange County through environmental <br /> process decision <br /> x Orange does not maintain a positive cash flow for Orange County <br /> O Re-negotiation of cost-share is ongoing; draft plan assumptions are starting <br /> point for discussion <br /> x 82% Durham / 18% Orange for project costs; 80% /20% for operating <br /> and maintenance costs <br /> Draft 2017 Plans <br />