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Page 25 of 31 <br /> 2 <br /> AGENDA ACTION ITEM GO Triangle <br /> Connecting all points of the Triangle <br /> Submitted by: Jennifer Hayden, Finance and Administrative Services <br /> Meeting date: August 7, 2024 <br /> SUBJECT: FY2025 GoTriangle Budget Approval <br /> Strategic Objective or Initiative Supported <br /> Implement GoTriangle's Financial Plan <br /> Staff Recommendation: <br /> Consider the revised proposed FY2025 GoTriangle budget ordinances for adoption, which includes <br /> a $3,087,270 appropriation from fund balance to cover the total contribution of vehicle rental <br /> taxes (VRT) to Durham, Orange and Wake Transit Plans. <br /> Item Summary <br /> The first draft FY2025 GoTriangle budget was presented at the April 17, 2024 Board Workshop. <br /> Since that time, subsequent changes to that draft were presented to the Audit and Finance <br /> Committee on May 1, 2024 and June 5, 2024 with the final version going to the Board on June 17, <br /> 2024. Due to the inclusion of a portion of GoTriangle's vehicle rental taxes in both the draft FY25 <br /> GoTriangle budget and Wake Transit Work Plan, the Board voted for an interim budget until this <br /> issue could be resolved. <br /> On July 8, 2024, the Conference Committee approved a motion that, subject to approval of the <br /> GoTriangle and CAMPO governing boards, GoTriangle will allocate $2.528 million of its vehicle <br /> rental tax to the Wake Transit Plan in FY25 with the understanding that GoTriangle, CAMPO and <br /> Wake County would select a mediator to resolve all unresolved Significant Concerns raised <br /> between the parties no later than April 1, 2025. In addition to the VRT contribution to the Wake <br /> Transit Plan, the draft FY25 GoTriangle budget also includes $799,214 and $390,393 contributions <br /> of VRT to the draft FY25 Durham and Orange Transit work plans respectively. <br /> In addition to the proposed FY2025 GoTriangle budget ordinances, the final budget assumptions <br /> for GoTriangle and a list of GoTriangle's future needs that are not included in the proposed budget <br /> are attached. <br /> Financial Impact <br /> The proposed FY2025 GoTriangle budget includes $109,986,326 revenues and $113,073,596 <br /> expenses. The total financial impact to GoTriangle is a fund balance reduction of$3,087,270. <br /> Attachments <br /> • FY25 GoTriangle Budget Ordinances 2024-XXXX <br /> • FY25 GoTriangle Budget Assumptions <br /> • FY25 GoTriangle Future Needs List <br />