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Approved 4/16/14 than it was when it previously failed. The state has changed their prioritization of projects for transportation money with Strategic Transportation investments. It is a new strategic approach geared to economic development, not what the LRT would do. State money is not likely. If Federal money is also not likely, the project is probably a no -go. If they are both not likely, which I think is going to be the case, then it is definitely a no -go. We are going to throw this money out and my perspective, coming from the senior population; we will not see a single rider until the whole system is built out. Bret Martin: There is a whole lot of upfront cost that goes into project development and planning before you even know if the project is going to get funded, so if it doesn't get funded that was a waste and that is true. Jeff Charles: I want to see a light rail here eventually but I am wondering whether the timetable that has been established, that front loads the $30 million, if that could be made 20 or 30 percent longer to free up additional funds for what we really need now, which is this stuff (bus routes). Bret Martin: I am working with what I have got. Abigaile Pittman: We are a tied to this implementation agreement that was agreed to by all the parties. We have to implement what is under the agreement. Jeff Charles: We are being asked to approve a resolution. Does the plan you presented provide an equitable use of the half -cent sales tax mentioned two paragraphs above? And the seven - dollar registration tax? Bret Martin: The OC BRIP is the financial plan per the law. Alex Castro: Is it stipulated that it has to be distributed according to the formula and TTA cannot apply them for something else? Jeff Charles: They have already planned to fund the $6 million dollars over x number of years. One hundred percent of excess funds accumulated should be passed through to the county for the bus system or other uses. Bret Martin: The Orange County Bus and Rail Investment Plan is the overarching policy guide for all this and this bus expansion program is specific to OPT implementation details. It is true that the assumption was changed that the revenue projections would not grow by 3.6% per year. It was revised upward to 4.4% per year, which creates additional revenue beyond what was originally projected. That difference creates a total of $60 million extra funds. On the other side the expenditures have changed. The plan originally called for the capital purchases of buses, amenities, park and rides, etc. and for there to be an 80% federal share and 10% state share. That was a dangerous assumption. That figure has been revised to 30% federal and 5% state. The idea is that the additional revenue would be soaked up by the fact that more local expenditures would be used to pay for the capital purchases. I calculated the capital purchases will only cost (with the 30% federal 5% state shares) about $18 million dollars. There is $42 million dollars unaccounted for by TTA. We need to know where the rest of the money will be spent. Jeff Charles: Don't we need that information to talk about this resolution. Abigail Pittman: This is the initial years with the initial money. Paul Guthrie: Why do you need this resolution now? Bret Martin: The BOCC will see this in March and will be asked to approve the program in April or early May and they would like a recommendation. Paul Guthrie: I have many of the same questions about the resolution. On one hand, I think we could come to agreement on the concept of these routes. Whether that is an equitable distribution of the proceeds to TTA or not, I am not sure we have enough information to know that and yet this resolution basically slams the door on that discussion.