Orange County Transportation Authority
Fiscal Year 2008 – 09 Budget Amendment
Board of Directors Meeting November 24, 2008
Bus Transit Revenue shortfall
Decline in Local Transportation Fund
Due to downturn in economy Sales tax growth rate revised from 3.39 to 1.56 percent Current projection $9 million less by year end Expect new rate in December 2008 State cut $9 million from appropriation State may borrow Proposition 42 ~ $12.5 million
Reduced State Transit Assistance Fund
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FY 2008-09 Budget Bus Transit Sources
Oth Nonop Re v/Ex p 2.12% Inte re st Incom e 1.33% Prope rty ta x e s 3.85% Sta te Assista nce 1.99% Lost STAF 3.10% Pote ntia l STAF Losse s 4.30% Pote ntia l Sa le s Ta x Losse s 3.10% Ga s ta x e x cha nge 7.91% Re im b frm a ge ncy 0.05% Fe d Ca p Asst Grt 4.55% Sa le s Ta x 33.49% Fe d Op Asst Grnt 9.39%
Budget $290,703,974
Cha rge s for Se rvice s 0.03%
Pa sse nge r Fa re s 19.66%
Use of Re se rve s 5.15%
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Short-Term Action Plans for Bus Transit Service
Eliminate various indirect services and supplies, capital and fixed assets Re-prioritize capital projects that are not required by State or Federal mandate Implement a modest service reduction Implement a hiring limit Internal transfer of transit-eligible funds from rail transit operating to the Bus Operating Fund Implement proposed fare adjustment scheduled for January 2009
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Guiding Principles for Making Service Reductions
Minimize overall impacts on customers Balance expenses with available revenues Try to Avoid layoffs Maintain geographic equity Maintain overall access to transit Consider route performance and productivity
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Measure M Program Sources
Proce e ds from the Sa le of Ca pita l Asse ts 0.45% Othe r Sta te Ope ra ting Assista nce 0.37% Othe r Re nta l Incom e 0.06% STIP Ope ra ting Assista nce 0.03%
Budget $459,791,487
Inte re st on Inve stm e nts 3.75%
CMAQ 6.70% Proje cte d De cre a se in Sa le s Ta x Re ve nue 4.00%
Ra il ROW Re nta l Incom e 0.02%
Use of Re se rve s 29.63%
Loca l Sa le s Ta x Re ve nue 54.99%
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Short-Term Action Plans for Measure M
No immediate impact to freeway projects Less funding available for Turnback and Competitive and Rail Transit programs Anticipate reduction in freeway project contingency
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91 Express Lanes Sources
Pla te Re a d Fe e .87% 91 Ex pre ss Club 1.52% Misce lla ne ous Fe e Incom e 0.71% Inte re st on Inve stm e nts 6.15% Viola tion Proce ssing Fe e 6.54%
Budget $48,029,513
Account Minim um Fe e 8.82%
Tollroa d Re ve nue 33.95%
TCA Inte rope ra ble Re ve nue s 26.09% Use of Re se rve s 5.68%
Proje cte d De cre a se in Tolls 9.69%
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Short-Term Action Plans for the 91 Express Lanes
Eliminate services and supplies line items Defer some capital projects Reduce designation for future capital projects
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OCTA Fiscal Year 2008-09 Expense Line Item Summary
Description Proposed Mid-Year Line Item Reductions: General Fund: Services and Supplies Line Items Capital and Fixed Assets Line Items $ Bus Transit Service: Services and Supplies Line Items Capital and Fixed Assets Line Items Measure M: Services and Supplies Line Items 91 Express Lanes: Services and Supplies Line Items Capital and Fixed Assets Line Items $ $ $ (0.8) (21.6) (22.4) (0.5) (35.5) (36.0) (3.9) Amount
(in millions)
$ $ Total Authority Services and Supplies $ Total Authority Capital $
2.0 (1.0) 1.0 (3.2) (58.1)
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Next Steps
Staff to monitor future State actions
Update Sales Tax projections Report to F&A Committee
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