Agenda - 04-01-1991 - Laserfiche WebLink

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17 /g 11 The current levy is 4.125 cents, although this assessment could be raised to the full 10 cents if conditions warranted. There is no expiration on this taxing authority. The Transportation Fund had a fund balance amounting to $365,829 for the year ending June 30, 1990 even after $234,243 was appropriated to match the current year's (FY 1990 -91) proposed-transit capital program. The fund balance is used to provide a cash -flow reserve for routine operating costs and could be used as local match for future capital grants. The University of North Carolina and Town of Carrboro also provide local funds for the operation of the transit system. The amount paid by each is determined annually by a formula which allocates system wide costs by jurisdiction of boardings and the type of fare paid. Contracts are negotiated annually with each jurisdiction and reflect any changes in service requested by that jurisdiction. "Memorandums of Understanding" were signed by the University in 1990 and Carrboro in 1987 with the Town of Chapel Hill, expressing their commitment to continued support of the transit system and indicating their willingness to provide funding for future transit services. These memorandums cover a five year period. The University sells passes to faculty, staff and students under their contract. Revenues from the sale of passes to these individuals is reported as system operating revenue. Their payment for the allocated net cost for transit service comes from internal University funds. Carrboro began purchasing transit service in FY 1977 -78 with federal revenue sharing funds. In 1980, Carrboro voters approved a $.10 valuation property tax dedicated to funding transit services. The current levy in Carrboro is 3.88 cents. The projected FY 1990/91 Chapel Hill Transit operating budget, with total expenses of $4,692,821, is anticipated to be funded through $1,425,593 in operating revenue, $1,321,690 in Urban Mass Transportation Administration Section 9 funds, and $1,945,558 in local revenue. (Table B -1) Local contributions from the Town of Chapel Hill for capital and planning projects will come from the Transportation capital reserve fund balance and capital user fees paid by UNC and Carrboro. Table B -2 and B -3 project anticipated Chapel Hill revenues and expenditures for FY 1991 -92 and FY 1992 -93. The amount of Section 9 funds that are available to the cities in North Carolina in the Governor's Allocation is now limited to funding a portion of operating assistance and a minimal amount of planning funds. For the FY 1990 -91 period Chapel Hill carried forward unexpended federal operating funds from FY 1989 -90. This, coupled with the current year's allocation