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72 <br /> Orange County Transit Plan April 25, 2017 <br /> The forecast for the vehicle registration fee was also developed Through the end of fiscal year 2016,the Tax District Revenue in <br /> by Dr. Walden in October 2014 using annual real Gross Orange County generated $23.1 million. Of that, the transit <br /> Domestic Product (GDP) as the main explanatory variable for agencies have expended $12.4 million to develop and deliver <br /> revenue growth. This analysis provided year-by-year growth the projects and services in the original Plan. The remaining <br /> rates for years 2014 through 2024, with an average annual funds are held in reserve to be distributed in accordance with <br /> growth rate of 3.3 percent. This Plan assumes the year-by-year the Plan. <br /> growth rates for years 2017 through 2024 and the average <br /> annual growth rate for years 2025 and beyond. To date,Tax District Revenues have exceeded the expectations <br /> in the original Plan. Figure 5.1-1: Year by Year Revenue <br /> Comparison (in thousands of $$) contains the actual year-by- <br /> yearcollections to date for each of the four dedicated revenue <br /> The fourth dedicated revenue source is a seven dollar ($7) streams, compared to the projections contained in the original <br /> vehicle registration fee levied by Durham and Orange Counties. Plan. <br /> The counties have the statutory authority to levy the fee, and <br /> since levying the fee they have authorized the North Carolina <br /> Division of Motor Vehicles (NCDMV) to distribute the revenues <br /> directly to GoTriangle for the purpose of funding the county <br /> transit plans.The NCDMV collects the fees and distributes them <br /> to GoTriangle quarterly.The revenues from the seven dollar fee <br /> that are collected in Orange County are included in this Plan. <br /> The same growth rate projection was applied to both vehicle <br /> registration fees, since they have the same tax base. <br /> Tax District Revenue has been generated in Orange County for <br /> a period of years. This section describes the total revenue <br /> collected to date and the total expenditures to date. This <br /> section also describes the year-by-year collections to date, as <br /> compared to the year-by-year revenue projected in the original <br /> Plan. <br /> Final Page 48 of 65 <br />