Agenda - 09-16-2008 - 6e - Laserfiche WebLink

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Section 3 - Financial Plan 2035 LRTP and CTP Alternatives — Financial Information Preliminary Costs and Revenues The 2035 LRTP must be fiscally- constrained. This requirements means that the cost of the various highway, transit and other transportation facilities must be covered by the reasonably- expected state, federal, local and private transportation revenues. The Alternatives presented at this stage of the 2035 LRTP development process do not have to be fiscally - constrained because these are draft proposals that are used to analyze the performance of the various transportation facility types. Nonetheless, knowing the costs and revenues related to an Alternative will help inform us to where that particular Alternative stands in relation to being fiscally- constrained. Therefore, preliminary costs and revenue estimates have been developed. It must be stressed that these figures are preliminary, and therefore could change significantly as the project details of the Preferred Option (i.e., final Alternative) are decided. Certainty in cost and revenue estimates for Alternatives is difficult because so many project details are unknown. For example, moving the implementation year of several fixed -route transit services, say five years, can change the system life cost by millions of dollars. Therefore, the costs and revenue presented at this point are to be used to get an idea of an order of magnitude presented for each Alternative., The table on the next page presents the total costs and revenues for each Alternative, including a breakdown by highway and transit facilities, and shows the difference between the total cost and revenue. Local Options Revenue Estimates There are several options for raising revenue on a local basis, e.g., by county, that could be targeted to finance transportation projects. The tables on pages 3 and 4 present the estimated annual and 25 -year total revenues for each option. The 25 -year total assumes that the option would be implemented in the year 2011, and therefore produces 25 years of revenue from 2011 through 2035 (horizon year for the 2035 LRTP). These figures are illustrative and not intended to be final estimates for use in the 2035 LRTP. One of more of these options could be selected for further refinement and inclusion in the 2035 LRTP. It is important to note that many of these revenue options would require enabling legislation from the North Carolina General Assembly, and those in which enabling legislation exists, i.e., Sales and Use Tax, and Real Estate Transfer Tax, require a local referendum for approval. Page 5 shows the 25 -year totals for the local options in a chart format. 3 -1