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HomeMy WebLinkAbout06/02/2005, 2 - TRANSIT FUND REVIEW FOR 2005-06 . i council �D� az/os j ac,Enaa nEpoizt C ITY O F SAN LUIS O B I S P O FROM: Jay Walter, Public Works Directo PREPARED BY: Austin O'Dell,Transit Manager SUBJECT: TRANSIT FUND REVIEW FOR 2005-06 CAO RECOMMENDATIONS: 1. Review and accept the 2005-06 annual transit fund review. DISCUSSION Worksheet.Assumptions The attached worksheet, "Changes in Working Capital - Transit Fund", projects sources of revenue and uses of revenue for the Transit Fund over the five-year period from 2005-06 to 2009-10. Worksheet projections are based on the following assumptions: 1. State Transportation Development Act (TDA) grant apportionments will be at levels stated in the Short Range Transit Plan. 2. Federal Transit Administration (FTA) grant apportionments will be at levels stated in the Short Range Transit Plan. 3. Ridership will increase by five percent in 2005-06 and by three percent annually thereafter. 4. Bus pass and cash fare revenue will increase commensurate with ridership. 6. The bus washer capital project has been completed and will be closed out. 7. Capital project appropriations will include: a. Capital Cost of Contracting @ $175,000 in 2005-06, $75,000 in 2006-07, $75,000 in 2007-08, $75,000 in 2008-69, $300,000 in 2009-10. c. Fleet Replacement — Bus @ $275,000 each year from 2005-06 to 2007-08, and 2009-10. Trolley @ $193,000 in 2005-06 and 200940. d. Transit Fund Share of Information Technology Projects @ $4,700 in 2005-06, $8,000 in 2007-08 and$700 in 2008-09. Conclusions From the worksheet, Public Works has concluded that current transit fares, anticipated FTA and TDA grant apportionments, and accumulated working capital balances will cover all planned operating expenses and capital outlays from 2005-06 through 2009-10, including replacement of three buses and two trolleys. Projections show that, under current rates, the City will comply with TDA regulations to collect money from fares and will cover at least 20 percent of operating cost from 2005-06 to 2009-10. Transit Fund Review for 2005-06 Page 2 Significant Operating Program Change Requests and CIP Project Requests The budget assumes increasing the half-.time Transportation Assistant-Transit to full time regular staffing in order to improve transit operations, at an annual cost of$32,900. FISCAL IMPACT At the end of the budget period in 2006-07, it is projected that the working capital balance will be $370,100. ATTACHMENTS: Changes in Working Capital—Transit Fund Council Reading File: Adopted Short Range Transit Plan 1:\—Council Agenda Reports\2005 agenda reports\Transportation and Development Review (Bochum)\Transit (O'Dell)\Transit Fund Review 05-06.doc '2_2 O OOOCpC 00000 00 o a o o ATTACHMENT ; q o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o r s �o .o o — N N M N N D\ M M �O h -• � � D` r 00 N pp •O = O+ �/t O N M w1 r M M � h �•� L M N N M 0. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 q O o O O O O O O O O O O O O O O r Q• V �p O O N O DD D` Ow oo n O rO pi V N T M 1.00 %O N N h 7 N vj 00 %6%6 h O n N N L M N N N O C6 a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o e 0 RV N n O N w1 M n 0 00 00 so b O` O O N y N O M N .OL. p V1 ON w1 O` M 7 M 00 M Vl y C N 0. o U 0 0 0 0 0 0 0 0 0 0 0 0 0 000 0 0 0 0 0 0 0 0 0 0 0 0 5 r d �0 0 0000q �M000 MM o -- ,_ N X IO�cN o0 O cV 06 O p N L N N N N Qn C = 4. 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