|
Projected Funding for Pavement Preservation Program FY10 through FY16
<br />From the inception of the Pavement Preservation Program (PPP), Eugene has been faced with the
<br />challenge of securing adequate, sustainable funding for this program. Currently there are several
<br />sources that contribute funding for pavement rehabilitation and reconstruction projects. The primary
<br />source is the City’s local motor vehicle fuel tax (“gas tax”), which is currently levied at five cents per
<br />gallon. The reimbursement component of Transportation System Development Charges (SDCs) have
<br />historically generated close to $800,000 per year for PPP projects, but in the current dampened
<br />economic environment, building permit activity continues to be low, along with the level of this
<br />funding stream. Under an intergovernmental agreement, Lane County made a one-time transfer in
<br />FY09 of $4.5 million in County Road Fund money to Eugene, the majority of which the City Council
<br />earmarked for pavement preservation projects. The cumulative effect of these factors is that PPP
<br />annual revenues, which were once projected at $4.2 million per year, are now projected to level out at
<br />approximately $3 million per year
<br />On November 4, 2008, voters approved a $35.9 million dollar bond measure dedicated to 32
<br />preservation projects plus annual bike path rehabilitation work. The $35.9 million, five-year plan is
<br />funded by general obligation bonds and is estimated to cost a typical homeowner an average of $102
<br />a year for five years. The bond proceeds will fix approximately 70 lane miles of streets and 3 miles of
<br />off-street bike and pedestrian paths. The measure will generate approximately $6.5 million annually
<br />for five years. Of that, at least $350,000 will be used annually to fix off-street bicycle and pedestrian
<br />paths; the remainder would be used to fix streets, as well as pay bond issuance costs. No bond money
<br />can be used to expand the capacity of the street system.
<br />Projected Funding Sources Pavement Preservation Projects
<br />FY10 through FY16
<br />Fiscal Year Local Gas Tax SDCBond Other Total Funding
<br />Note 1 Note 2 Note 3 Note 4
<br /> FY10 (actual) $1,738,296 $309,587 $6,015,000 $1,452,244 $9,515,127
<br /> FY11 (est.) $3,060,000 $228,035 $6,810,000 $41,000 $10,139,035
<br /> FY12 (est.) $3,060,000 $219,689 $7,140,000 $41,513 $10,461,202
<br /> FY13 (est.) $3,060,000 $219,689 $7,480,000 $42,239 $10,801,928
<br /> FY14 (est.) $3,060,000 $219,689 $7,840,000 $43,189 $11,162,878
<br /> FY15 (est.) $3,060,000 $219,689 $43,189 $3,322,878
<br /> FY16 (est.) $3,060,000 $219,689 $43,189 $3,322,878
<br />Notes:
<br />1) Local Motor Vehicle Fuel Tax (gas tax) revenues are assumed at the 5-cent level throughout the forecast period.
<br /> FY10 $1.4 million was diverted allocated to Road Operations
<br />2) SDC reimbursement revenue is projected to maintain low level of activity through the forecasted period.
<br />3) November 2008 voters passed a five-year bond measure for pavement preservation backlog.
<br />4) "Other" revenue generally includes investment interest, permit fees and other miscellaneous resources.
<br /> 17
<br />
|