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9 <br /> work program and other supporting documents for the SWG. The total budgeted for transit plan <br /> administration in FY24 is $628,525. <br /> GoTriangle staff manage the financial aspects of the Orange Transit Tax District. In addition to managing <br /> the budgets and reimbursements as called for in the annual work programs, Orange Transit Tax District <br /> staff handle all fiduciary responsibilities for the Orange Transit Plan as a whole, including financial modelling <br /> for the development of the new Orange Transit Plan.The total budgeted for transit tax district administration <br /> is $321,253. This amount includes a request from GoTriangle for an additional 0.25 FTE (1/4 of the cost of <br /> an additional staff member)to improve the services and responsiveness of tax district administration. <br /> Projected Capital Expenditures: $5,048,160 <br /> The capital projects budgeted in FY24 are in three categories: bus rapid transit(BRT),transit infrastructure, <br /> and vehicle acquisition. More detail on each project can be found in the project sheets at the end of this <br /> document. <br /> Funding continues for development of Chapel Hill Transit's North-South Bus Rapid Transit (N-S BRT) <br /> project, which will provide service from the Eubanks park-and-ride lot to Southern Village, also serving <br /> downtown Chapel Hill and the UNC campus and hospital. In FY24, $4,000,000 is designated for N-S <br /> BRT. <br /> The remaining capital funds for FY23, $212,160, is an annual contribution to future purchases <br /> of replacement vehicles for service supported by the transit tax. The useful life of a bus ranges from <br /> 10-15 years, and bus purchases for operations that are funded by the Orange Transit Tax Fund are an <br /> eligible expense. GoTriangle is introducing a new methodology for vehicle acquisition planning in <br /> FY23. Rather than setting aside a large amount of funds in the year in which the vehicles are to be <br /> ordered, making it difficult to make any other capital improvements in that year, instead GoTriangle <br /> is beginning a "level buying" program, in which a set amount of money is set aside each year for future <br /> purchases. <br /> The proposed FY24 work program will shift at least$227,465 to a fund balance account projected to <br /> contain about$4.2M dollars at the end of FY 2023. <br />