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h <br />II. <br />Youth, Senior (including any holder of a Medicare card) <br />and handicapped passes are 50% of the above rates. E -Z <br />Rider fares equal the respective adult fares. (E -Z Rider <br />provides demand- responsive service to persons who are <br />unable to use the fixed route service.) <br />Private Sector Participation <br />Chapel Hill Transit currently contracts with the private <br />sector for the provision of shared ride taxi service <br />throughout the Chapel Hill Transit Service area. This <br />arrangement is expected to continue in the coming service <br />year. <br />Chapel Hill Transit provided an opportunity for the private <br />sector to submit proposals to operate portions of service <br />expansions and additions included in the 1989 -90 service <br />schedule. After review of the proposals submitted, it was <br />determined that the new and expanded service would be most <br />efficiently provided by Chapel Hill Transit. The review of <br />these proposals included evaluation of the cost of the <br />proposed service, assessment of the contractors ability to <br />meet specific criteria regarding equipment and maintenance and <br />ability of the contractor to provide a quality of service <br />comparable with existing service. <br />With the completion of the evaluation process a private <br />service provider protested the decision not to contract with <br />the private sector. This complaint raised a number of <br />questions concerning compliance with UMTA regulations. After <br />reviewing the federal regulations and the Town's evaluation <br />process we have concluded that we are in compliance with all <br />Private Sector requirements. <br />As Chapel Hill Transit considers any modifications of existing <br />routes or additional transit service for the 1990 -91 service <br />period, the ability of the private sector to provide all or <br />a portion of the proposed service will be evaluated. <br />III. Einancial Capacity <br />Chapel Hill Transit is operated through a department within <br />the Town of Chapel Hill. Funds used by the transit system <br />are segregated and accounted for as a separate fund from the <br />general operating fund of the Town. The Town's FY 1989 <br />financial audit shows that the Transportation fund is in good <br />financial condition. The balance sheet, (Attachment 1) shows <br />a strong cash position, high working capital ratios and low <br />long term debt. Current assets of $1,321,790 exceed current <br />liabilities of $204,228 by $1,117,562. Overall, the Town of <br />Chapel Hill has a strong financial position and has <br />experienced significant growth in its tax base over the past <br />ten years. <br />37 <br />