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7 Steps to Greater Self-Sufficiency . Steve Heminger, Executive Director Metropolitan Transportation Commission Atlanta LINK Program May 1, 2003. It’s our money, and we’re free to spend it any way we please… If you have money you spend it, and win. — Rose Kennedy. 1. Devolution.

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7 steps to greater self sufficiency

7 Steps to Greater Self-Sufficiency

Steve Heminger, Executive Director

Metropolitan Transportation Commission

Atlanta LINK Program

May 1, 2003

slide2
It’s our money, and we’re free to spend it any way we please…If you have money you spend it, and win.

— Rose Kennedy

slide4
1923 — Local Road Share
  • First state gas tax of 2 cents per gallon enacted, with 1 cent for state highway account and 1 cent for aid to counties; establishes 50/50% precedent.

1927 — Regional Split

  • North/south split enacted, whereby 49% of state highway account capital funds must be spent in southern California and 51% in northern California (current split stands at 60% south, 40% north).

1961 — County Minimums

  • County minimum formula enacted: at least 70% of state highway account capital funds — both federal and state gas taxes — must be spent in each county based on a population/road mile formula.
slide5
1992 — Suballocation on Steroids
  • State legislature passes ISTEA implementing bill that not only codifies the federal suballocation of STP funds, but takes extra step of suballocating CMAQ funds to MPO’s in air quality non-attainment and maintenance areas.

1997 — Amicable Divorce

  • State legislature passes Senate Bill 45 which guarantees that MPO’s have project selection authority over 75% of state highway account spending; the remaining 25% of funds are programmed by CTC. Regional role is to match transportation funds with local land use decisions. State role is to facilitate travel “to and through” metropolitan areas.
tea 21 stip programming bay area total 1 3 billion
TEA 21 STIP ProgrammingBay Area Total = $1.3* billion

* Includes state transportation revenues combined with TEA 21

resolution no 3434 service characteristics
Resolution No. 3434Service Characteristics
  • 140 new route miles of rail
  • 600 new route miles of express bus
  • 58% average increase in service levels for existing corridors
  • 38.6 million new riders per year

(estimated for fully funded projects)

  • Average cost effectiveness of $20.35 per new rider (estimated for fully funded projects)
sales taxes outstrip the stip
Sales taxes outstrip the STIP
  • In each of the five Bay Area counties with a special transportation sales tax in place, the proceeds from this levy exceed the county’s share of funds from the STIP.
three new bridges
Three New Bridges

Carquinez Bridge Replacement

San Mateo-Hayward Widening

New Benicia-Martinez Bridge

slide19

The Original Plan of Finance

  • BATA developed a Plan of Finance with a prudent mix of fixed and variable rate debt.
  • While existing assets act as a natural hedge against variable rate debt, BATA has a limited amount of variable rate capacity given its limited ability to increase revenues.

Debt mix:

67% Fixed Rate

33% Variable Rate

4.18%

5.50%

slide20

The Current Plan of Finance

  • After the execution of the 2002 swap, BATA has approximately $200 million in additional fixed rate debt and $300 million in additional variable rate debt to implement.
  • The 2002 swap successfully locked in a fixed rate at 139 bp (1.39%) below the current assumed fixed rate in the Plan of Finance.

4.86%

3.60%

(To Be Financed)

4.11%(1)

5.50%

Debt mix:

67% Fixed Rate

33% Variable Rate

(To Be Financed)

(1) Excludes annual liquidity and remarketing fees.

slide21

Savings Realized

Original Plan of Finance

4.18%

3.60%

5.50%

4.48%

Average Borrowing Cost: 4.19%

Average Borrowing Cost: 5.07%

Adds $200 million in additional project capacity

  • BATA has limited variable rate capacity, and the 2002 and 2003 swaps were designed to lock in interest rates at levels below the current market as well as the assumptions for the fixed rate component of the Plan of Finance.

Current Plan of Finance

taking advantage of diverse portfolio
Taking Advantage of Diverse Portfolio

Santa Clara/MTC Swap

  • MTC assisted Santa Clara Sales Tax Authority in delivering State Route 17/85 interchange project by advancing $19.3 million in federal funding capacity.
  • Santa Clara paid MTC back with local sales tax dollars — cash.
  • MTC used new cash account to facilitate future swaps of local monies to projects having difficulty obligating federal dollars (“get out of jail free” card).
slide25
State Law (SB 45 and AB 1012) requires regions to obligate federal and state funds by certain deadlines, or risk losing the money
  • MTC has established even more aggressive deadlines in the Bay Area
  • MTC has financial tracking system to monitor performance and provides technical assistance to speed project delivery
freeway service patrol
Freeway Service Patrol
  • 50% of traffic congestion is incident-related
  • FSP fleet of 74 tow trucks patrol 450 miles of freeway
  • 94% “excellent service” rating
slide29
511
  • Traffic and transit information with one call
  • Launched December 2002
  • Already doubled call volumes over 817-1717
translink
TransLink®
  • Successful technology test in 2002
  • 90% customer satisfaction
  • Poised for regional roll-out in late 2003
www transitinfo org
www.transitinfo.org
  • Convenient online trip planning
  • All major transit systems by end of 2003
  • Has served 2 million customers since Summer 2001
for more information contact
For more information, contact:

Metropolitan Transportation Commission

101-8th St. Oakland, CA 94607

Tel. 510.464.7700

Fax 510.464.7848

E-mail info@mtc.ca.gov

Web www.mtc.ca.gov