Washington Metropolitan Area Transit Authority Metro Budget Overview

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1 Washington Metropolitan Area Transit Authority Metro Budget Overview February 2011

2 Metro 10,877 Employees (10,974 budgeted) 1,491 Buses 588 Escalators and 237 Elevators 106 Miles of Track 92 Traction Power Substations 86 Rail Stations 42 Parking Facilities 9 Bus Garages 2

3 Background With the consent of the federal government, Metro was established in 1967 Metro is an interstate t t compact agency of the District of Columbia, State of Maryland, and Commonwealth of Virginia Mandate: To pa plan, finance, construct and operate a comprehensive mass transit system for the Washington, D.C. metropolitan area 3

4 Metro s Regional Role Metro s transit system provides critical mobility to the region s residents and businesses, carrying a projected 343 million trips in FY2011, including: Metrorail: 217 million trips Metrobus: 124 million trips MetroAccess: 2 million trips Source: 2007 Passenger Survey 4

5 Regional Benefits of Metro Serves 17% of the region s commuting trips (vs. 5% nationally), removing more than 500, vehicles from roadways daily Alleviates the region s traffic congestion, with annual savings of 26 million hours of travel time and $520 million Supports the federal government 50% of stations are located at federal facilities 40% of peak commuters are federal employees Generates development value for jurisdictions $37 billion from station areas in DC alone Sustains region s economic growth with critical transportation foundation 40% job growth and 30% population growth by

6 Metro is Multi-Modal Metro is the 4th largest transit agency in the U.S. - second largest heavy rail transit system - sixth largest bus network - sixth largest paratransit network FY2011 Budget (dollars in millions) Total Metrobus Metrorail MetroAccess Operating Expenses $1,463.9 $537.9 $822.3 $103.7 Cost Recovery Ratio 56.8% 28.2% 81.9% 5.6% Subsidy $572.0 $365.5 $108.6 $97.9 6

7 Subsidy and Expenses Multi-year history of subsidy and expenditures by mode (Dollars in Millions) FY2008 FY2009 FY2010 FY2011 FY2012 Actual Actual Actual ** Budget Proposed Expenses by Mode Metrobus $453.5 $501.9 $489.2 $537.9 $532.5 Metrorail $648.0 $761.1 $789.6 $822.3 $813.9 MetroAccess $66.5 $84.0 $98.6 $103.7 $119.6 Total $1,168.0 $1,347.0 $1,377.4 $1,463.9 $1,466.0 Net Subsidy* $487.6 $530.9 $563.2 $572.0 $627.9 * Net subsidy is after the application of Preventive Maintenance and reserves ** Includes $16.6 million carryforward 7

8 Proposed FY2012 Total Budget - Use of funds Operating Budget for FY2012 is $1.466 billion plus debt service of $18 million Reimbursable projects includes the DC Circulator, Neutral Host and $3 million for Capital FY2012 capital budget of $851.1 million includes rollover of unexpended Metro Matters funds 8 8

9 Proposed FY2012 Operating Budget - Source of funds The operating subsidy of $659 million consists of State and Local operating funds 9

10 Operating Budget The federal government does not provide any operating funds Revenue from passenger fares, parking, advertising, fiber optic leases, joint development, etc. covers 57% of operating expenses The remaining amount is subsidized by local government partners The subsidy is allocated to each partner using formulas based on jurisdiction population, ridership, and the bus routes or rail stations located in a jurisdiction 10

11 FY2011 Operating Budget - Operating Revenues and Expenses (dollars in thousands) FY2011 Metrobus Metrorail MetroAccess REVENUES Passenger $734,701 $136,872 $592,013 $5,815 Other Passenger $7,000 $2,866 $4,134 $0 Parking $47,842 $0 $47,842 $0 Advertising $15,000 $10,050 $4,950 $0 Joint Development $6,450 $0 $6,450 $0 Other $4,595 $1,624 $2,971 $0 Employee Parking $240 $120 $120 $0 Interest $515 $185 $330 $0 Fiber Optics $14,840 $0 $14,840 $0 Total Revenues $831,183 $151,718 $673,650 $5,815 EXPENSES Personnel $1,011,800 $413,688 $593,295 $4,816 Services $188,191 $31,810 $58,585 $97,796 Materials & Supplies $70,161 $29,671 $40,294 $196 Fuel & Propulsion $102,524 $37,076 $65,449 $0 Utilities $47,368 $9,342 $37,950 $75 Casualty & Liability $37,945 $12,613 $25,190 $143 Leases & Rentals $5,261 $1,789 $2,869 $603 Miscellaneous $5,034 $1,941 $3,039 $53 Reimbursements ($4,403) ($73) ($4,330) $0 Total Expenses $1,463,883 $537,858 $822,341 $103,684 The Net Operating Subsidy = Expenditures less revenues less preventive maintenance Total State and Local operating funds include the operating subsidy ($572 million in FY2011) plus debt service of $49 million GROSS SUBSIDY $632,700 $386,141 $148,691 $97,868 Less: Preventive Maint ($60,700) ($20,638) ($40,062) $0 Net Operating Subsidy $572,000 $365,503 $108,629 $97,868 11

12 FY2011 Operating Budget As of November, Metro is on budget Year-to-date expenditures are $15.4 million below budget; major drivers are: Favorable items are Fringe Benefits ($5.0 million), Services ($4.3 million), Power ($9.3 million), and Insurance/Utilities/Other ($5.9 million) Unfavorable items are: Salary, wages, and overtime - $5 million over budget, mainly operator overtime caused by vacancies and repairs to equipment Supplies - $4.1 million, mainly for unanticipated repairs, including lighting and brake parts Year-to-date revenues are $14.9 million below budget; major drivers are: $7.8 million shortfall in rail $3.9 million shortfall in bus 12

13 Metrorail Subsidy Allocation Metrorail Base Subsidy Allocation Allocated to the jurisdictions based on 1/3 equal shares of each jurisdiction s: o Density weighted population, p by jurisdiction of residence o Average weekday ridership, by jurisdiction of residence o Number of rail stations, by jurisdiction Metrorail Max Fare Subsidy Allocation Long-distance rail fares are capped at $5.00,,plus peak-of-the peak of $0.20. Max Fare Result is loss in passenger revenue compared to what the revenue would have been without this cap ½ of this revenue loss is allocated specifically to the jurisdictions 13

14 Metrobus and MetroAccess Subsidy Allocation Metrobus Base Subsidy Allocation Subsidy is allocated to the jurisdictions based on equal shares of each jurisdiction s: o Density weighted population, by jurisdiction of residence = 25% o Ridership, by jurisdiction of residence = 15% o Revenue miles per jurisdiction = 35% o Revenue hours per jurisdiction = 25% MetroAccess Subsidy Allocation Cost of the service, less revenue collected By the rider s jurisdiction of residence Allocations are applied to DC / MD / VA based on trips per jurisdiction of residence 14

15 The Subsidy: 2010 Census and Other Updates 2010 Census will impact the subsidy formula The Census data that is relevant to subsidy allocation is the urbanized area (UZA) population by jurisdiction That data has not been released yet Population by block is expected by April 1, 2011 and it is possible that the definition of urbanized areas will not be available until 2012 A new Rail passenger survey is proposed p for FY2012 that will provide updated data for ridership by jurisdiction of residence Rail subsidy will be impacted when Phase I of Dulles opens, and when Phase II is completed and Loudoun County begins contributing ting 15

16 Capital Budget Federal formula funds and PRIIA (Passenger Rail Investment and Improvement Act) $150 million annually are used for capital projects Metro provides matching contributions; the match comes from state and local governments A reduction in FTA funds would directly impact the capital program To the extent that the capital budget approved by the Board of To the extent that the capital budget approved by the Board of Directors exceeds federal + local match funding, the shortfall is normally funded with debt and/or additional local contribution 16

17 Capital Budget Issues: FY Capital Funding Agreement (CFA) Implemented for FY2011, and signed in June 2010 Provides for $5B in funds for Metro s Capital Improvement Program Includes $150M in FTA dedicated or Passenger Rail Infrastructure Improvement Act (PRIIA) funds and $150M jurisdictional match Expenditure-based d program: Jurisdictional contributions are based on projected expenditures Enhanced reporting: Quarterly project expenditure reports provided to the Jurisdictions Annual Work Plan (draft Annual Budget) provided to jurisdictions in the Fall, in advance of the proposed budget 17

18 Capital Budget Issues: CFA Responsibilities Expenditure-based program: Jurisdictional contributions are based on projected expenditures Requires active monitoring of project expenditures Risks are that jurisdictions contribute more or less (prompting shortterm borrowing) than required for actual expenditures In FY2011, jurisdictional contributions were reduced by $56.9 million Expenditures projected to occur during FY2012 Jurisdictional contributions shifted from FY2011 to FY2012 Allows jurisdictions to pay now, or when expenditures will occur 18

19 Capital Budget Issues: PRIIA PRIIA (Passenger Rail Investment and Improvement Act) $150 million annually Authorized for ten years Like FTA formula funds, appropriated annually PRIIA funds are matched with $150 million annually with $50 million each from the District of Columbia, the Commonwealth of Virginia, and the State of Maryland 19

20 Capital Budget Issues: Capital Needs and Planned Deliverables Metro has identified $11.4 billion of capital needs from FY Capital Improvement Program is a multi-year plan developed to meet the capital needs Recent capital plan reduces six year FTA formula funding projection by $174 million FY2012 Key Planned Deliverables Replacement of 100 buses & rehabilitation of 100 more Rehabilitation of 10 miles of running rail and 5 miles of third rail Full rehabilitation of 12 Metro stations and minirehab of another 12 stations Purchase of 188 units of rail shop repair equipment 20

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