4.17.23 OUTBoard Packet - Laserfiche WebLink

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the work program and other supporting documents for the SWG. The total budgeted for transit plan administration in FY24 is $628,525. GoTriangle staff manage the financial aspects of the Orange Transit Tax District. In addition to managing the budgets and reimbursements as called for in the annual work programs, Orange Transit Tax District staff handle all fiduciary responsibilities for the Orange Transit Plan as a whole, including financial modelling for the development of the new Orange Transit Plan.The total budgeted for transit tax district administration is $321,253. This amount includes a request from GoTriangle for an additional 0.25 FTE (1/4 of the cost of an additional staff member)to improve the services and responsiveness of tax district administration. Projected Capital Expenditures: $5,248,160 The capital projects budgeted in FY24 are in three categories: bus rapid transit(BRT),transit infrastructure, and vehicle acquisition. More detail on each project can be found in the project sheets at the end of this document. Funding continues for development of Chapel Hill Transit's North-South Bus Rapid Transit (N-S BRT) project, which will provide service from the Eubanks park-and-ride lot to Southern Village, also serving downtown Chapel Hill and the UNC campus and hospital. In FY24, $4,000,000 is designated for N-S BRT. Transit infrastructure accounts for$1,036,000 of planned capital expenditure in FY24. This funding is split between two projects: the new train station in Hillsborough and Orange County's share of funds for design of a new regional Research Triangle Park transit facility. Funding for the new Hillsborough train station has been expected since the current Orange Transit Plan inception in 2017. The remaining capital funds for FY23, $212,160, is an annual contribution to future purchases of replacement vehicles for service supported by the transit tax. The useful life of a bus ranges from 10-15 years, and bus purchases for operations that are funded by the Orange Transit Tax Fund are an eligible expense. GoTriangle is introducing a new methodology for vehicle acquisition planning in FY23. Rather than setting aside a large amount of funds in the year in which the vehicles are to be ordered, making it difficult to make any other capital improvements in that year, instead GoTriangle is beginning a "level buying" program, in which a set amount of money is set aside each year for future purchases. The proposed FY24 work program will shift at least$27,465 to a fund balance account projected to contain about$4M dollars at the end of FY 2023.