Financial Plan Documentation

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1 B Financial Plan Documentation

2 Introduction Transportation funding has undergone significant transformation from relying on federal and state funds, to increased dependence on local funds over the past 25 years. In general, federal and state formula funding programs are not increasing as fast as the inflationary increases in construction, operating, and maintenance costs and the increases in demand for new facilities. Given this trend, the region has utilized various financing options to implement regionally significant projects. Revenue Sources State and federal planning regulations require the development of a Revenue Constrained plan. Such a plan is based on current and reasonably available sources and levels of federal, state, and local transportation revenue, projected out to the year Chapter 3, the Financial Element, identifies major Federal, State, regional, and local funding sources anticipated being available during the life of the plan. A full list and description of funding sources is included in this appendix. Federal Revenues On July 6, 2012, President Obama signed into law a new two-year transportation authorization, entitled Moving Ahead for Progress in the 21st Century (MAP-21). The first highway authorization enacted since 2005, MAP-21 eliminated several funding programs, consolidating them into a few core sources in an effort to create a streamlined, performance-based and multimodal program to address the challenges facing the U.S. transportation system. Federal revenue sources for the region total just over $1 billion, 14 percent of the region s total forecast revenue through The region qualifies for federal revenue from almost 20 different programs. However, just two of these programs constitute close to 50 percent of all federal revenue: the Regional Surface Transportation Program and the Urbanized Area Formula Program (Section 5307). The federal revenue sources are detailed below. Regional Surface Transportation Program Total Revenue: $223.5M Assumption: RSTP apportionment forecast summary. Highway Bridge Program (HBP) Total Revenue: $102M Assumption: Annual average of awarded project list from FFY Moving Forward Monterey Bay

3 12 to FYY 13. Highway Safety Improvement Program (HSIP) Total Revenue: $22.8M Assumption: Annual average of the HSIP funds received during the last 5-year period. FEMA/CALEMA/ER - Emergency Road Repair Funding Total Revenue: $61.6M Assumption: Average received in recent years for emergency repairs on local roads Transportation Alternatives Program Total Revenue: $6.7M Assumption: Based on SB 99/AB 101 (2013), regions projected share based on STIP formulas. Earmarks Total Revenue: $3.5M Assumption: Reflects funds previously approved for specific project. No new earmarks assumed. Metropolitan Planning (FTA 5303) Total Revenue: $.23M Assumption: Population based formula FTA 5304 Total Revenue: $2.4M Assumption: Annual average of transit planning funds received during the last five years. Urbanized Area Formula Program (FTA 5307) Total Revenue: $252.5M formula funds for urbanized areas. Fixed Guideway Capital Investments Grants (FTA 5309) Total Revenue: $54.0M Assumption: New Starts funding totaling $75 million each for TAMC commuter rail project and Monterey Branch Line project. Enhanced Mobility of Seniors & Individuals with Disabilities (FTA 5310) Total Revenue: $7.0M Assumption: Population based formula Rural Area Formula Grants (FTA 5311) Total Revenue: $16.8M formula funds for nonurbanized areas. Intercity Bus (FTA 5311F) Total Revenue: $28.2M Assumption: Formula funds for intercity bus. Safety Authority (FTA 5329) Total Revenue: $12.4M formula funds for transit safety and oversight programs. New program under MAP-21. Bus and Bus Facilities Formula Grants (FTA 5339) Total Revenue: $44.0M formula grants for bus and bus facilities. Very Small Starts Total Revenue: $25.0M Assumption: FAA Airport Improvement Program (AIP) Total Revenue: $142.8M Assumption: Average annual FAA grants from FYY 06 to FFY 11. Moving Forward Monterey Bay

4 State Revenues State revenue programs total $1.8 billion, or 24 percent of the region s total forecast revenue for the life of the plan. Over 84 percent of this funding comes from two programs, which include a combination of funds from the federal and state highway trust fund accounts (fuel taxes and weight fees) SHOPP funding and the State Transportation Improvement Program (STIP). The state revenue sources are detailed below. State Highways Operation and Protection Program (SHOPP) Total Revenue: $1,221.4M Assumption: Average annual historical funding. State Transportation Improvement Program Total Revenue: $275.4M Assumption: Based on statewide estimate and percent for each county (Regional Share); Programmed projects plus $10M average per year (Interregional share). Proposition 1B Transportation Bond Program Total Revenue: $36.4M Assumption: Includes only currently programmed funds included. No future bond Airport Improvement Program Match Total Revenue: $.31M Assumption: Average annual of past eight years for each county. Active Transportation Program Total Revenue: $59.4M Assumption: 10 percent rural competitive portion using RPTA fund formula and population based for statewide competitive portion. California Aid to Airports Program Total Revenue: $1.13M Assumption: $10,000 annually for San Benito and Santa Cruz counties. $30,000 annually for Monterey County. Freeway Service Patrol Total Revenue: $10.1M Assumption: Based on funding received in FY 12 for Monterey and Santa Cruz counties. SAFE Total Revenue: $14.7M Assumption: Average annual historical funding. State Transit Assistance Total Revenue: $174.0M Assumption: Annual average based on FY 13 estimates. Regional Revenues The regional revenue sources are detailed below. AB 2766 Total Revenue: $42.8M Assumption: Annual average based on FY 13 grants. Local Revenues At $4.6 billion, local revenues constitute 62 percent of all transportation funding for the Monterey Bay Area in the MTP/SCS. The local revenue sources are detailed below. City Transportation Sales Taxes (Capitola & Santa Cruz) Total Revenue: $38.7M Assumption: Based on average designated for transportation projects in annual city budgets Moving Forward Monterey Bay

5 City/County General Fund Total Revenue: $211.2M Local Airport Revenues Total Revenue: $80.6M budgets. Miscellaneous Local Revenues Total Revenue: $338.4M Tolls Total Revenue: $149.0M Proposition 42 Total Revenue: $.45M Assumption: Various. Transportation Development Act Total Revenue: $479.1M Assumption: Historical annual average and county auditor estimates for FY14 Gas Tax (Highway User Tax) Total Revenue: $756.7M Assumption: Historical annual average. Transit Fares and Non-Fare Revenue Total Revenue: $652.0M Assumption: Based on past and project farebox recovery data from the transit operators. Developer Fees Total Revenue: $613.6M Local Transportation Sales Tax Total Revenue: $1,317.7M Assumption: Based on FY13 and FY14 revenues. Lease Revenues Total Revenue: $5.5M Moving Forward Monterey Bay

TABLE 1: REVENUE MPO's Name 2012/13-2015/16 Federal Transportation Improvement Program ($'s in 1,000) N O

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