Board of Directors Regular Meeting Agenda


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Meeting Date: 12/10/2015  

SUBJECT MATTER:
Receive, consider and act upon consideration of a Park and Ride fare increase;
FISCAL IMPACT:
To be determined by Board  action.
BACKGROUND:
As part of the ongoing efforts to keep pace with costs for the operation of The Woodlands Express, and following Board of Directors directive to ensure that The Woodlands Express is self-sustaining, a fare increase is being proposed for Board of Directors consideration. Revenue forecasts are outlined below.

Revenue Forecasts

Attached are two worksheets summarizing financial projections for the Park and Ride program for the period 2015 – 2020.  The first worksheet assumes no fare increase during the five-year period, and the second worksheet assumes a $1 round trip fare increase on March 1, 2016 and another $1 round trip fare increase on March 1, 2019.  The analysis indicates that if there is no fare increase, revenues generated by the Park and Ride program will not be sufficient to satisfy the Board’s directive that the Township’s Capital Replacement Reserve be reimbursed over a five year period for monies borrowed from it to fund the Township’s share of purchased buses.  As a reminder, the Board authorized the purchase of 25 buses, with a H-GAC grant covering $11,300,000 of the cost and the Township funding the remaining $3,275,000.
 
As shown on the first worksheet, if the required transfers are made from the Transportation Fund to the Capital Replacement Reserve to pay back the borrowed monies,  the Transportation Fund runs annual deficits and accumulates a negative fund balance of $2.1 million over the next five years.  The second worksheet shows that by implementing the fare increases described above, the Transportation Fund maintains a positive fund balance, which accumulates to $58,544 over the five-year period, while fully reimbursing the Capital Replacement Reserve.
RECOMMENDATION:
Consider proposing a fare increase of $1.00 per round-trip (increasing the round-trip fare from $12 to $13) for The Woodlands Express for implementation on or about March 1, 2016 which, by policy, will include a public comment period of not less than 30 days and a public hearing as necessary.
Attachments
Revenue Forecasts


    

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