VALLEY METRO RAIL FY18 Budget EXECUTIVE SUMMARY

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1 VALLEY METRO RAIL FY18 Budget EXECUTIVE SUMMARY FY18 ADOPTED ANNUAL OPERATING AND CAPITAL BUDGET Valley Metro Rail, Inc. (VMR) is a public non-profit corporation whose members are the cities of Chandler, Glendale, Mesa, Phoenix, and Tempe. VMR plans, designs, constructs and operates light rail/high-capacity transit system in metro Phoenix, Arizona. FY18 Operating Activities Total Operating Activities for FY18 are $67.1 million, an increase of $9.3M or 16% from Amended FY17. Primary sources of funds are $67.1M as detailed below: Fare revenue forecasted at $14.3M, based on current trends in average fare and ridership Member city funding of $35.1M is up from $31.1M due to base service increase of $2.9M, reduced fare revenue -$1.6M, $1.0M decrease for future projects, and $0.5 M increase for agency operations. Public Transportation Fund (PTF) sales tax revenue is $11.2M. PTF funding requirements for project development activities are up by $3.9M. Primary uses of funds are also $67.1M as detailed below: Revenue operations is $47.9M, up due to maintenance costs to maintain the system in a state of good repair, increased fare inspection and security resources and the deployment of Wi-Fi to all light rail vehicles. Future project development is $17.6M, up primarily due to increase in planning activities related to future corridors and system planning. VMR FY18 Adopted Budget Executive Summary Valley Metro 1

2 FY17 FY18 VMR Operating Sources of Funds FY17 vs FY18 Fare Revenue Advertising Revenue Federal 5307 PM Federal 5339 Federal CMAQ TIGER Member Cities MAG / RPTA (RARF) PTF Sales Tax Revenue $0.0 $10.0 $20.0 $30.0 $40.0 FY17 FY18 VMR Operating Uses of Funds FY17 vs FY18 Revenue Operations Future Project Development Agency Operating Budget $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 VMR FY18 Adopted Budget Executive Summary Valley Metro 2

3 FY18 Capital Activities Total Capital Activities for FY18 are $203.5 million, an increase of $104.6M or 106% from Amended FY17. Primary sources of funds are $203.5M as detailed below: FTA Section 5309 programmed at $29.2M to support Tempe Streetcar project construction activities. Federal CMAQ is $104.3M, up from $65.3M for SCADA, Gilbert Road Extension, Tempe Streetcar, LRV purchase, and Operations & Maintenance Center (OMC) expansion. PTF sales tax revenue is $20.2M, down from $35.6M last year primarily due to completion of Northwest extension, offset by increased funding for Tempe Streetcar, System Improvements and Non Prior Rights Utilities. Primary uses of funds are $203.5M as detailed below: Gilbert Road Extension $75.2M Tempe Streetcar $51.0M South Central Extension $33.6M Systemwide Improvements $28.3M 50th Street Station $10.0M OMC Expansion $3.2M SCADA $2.0M FY17 FY18 VMR Capital Sources of Funds FY17 vs FY18 FTA Section 5309 Federal CMAQ Federal 5337 SOGR Federal 5312 MOD Member Cities PTF Bond Revenue PTF Sales Tax Revenue Member City FY17 revenue of $46.0M includes payment of $60.0M advance to Phoenix. $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 VMR FY18 Adopted Budget Executive Summary Valley Metro 3

4 FY17 FY18 VMR Capital Uses of Funds FY17 vs FY18 Northwest Extension Central Mesa Extension Gilbert Road Extension Tempe Streetcar Extension 50th Street LRT Station South Central Extension OMC Expansion Non Prior Rights Utilities CNPAs Mesa Extension CNPAs Gilbert Road CNPAs Tempe Streetcar Systemwide Improvements $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 VMR FY18 Adopted Budget Executive Summary Valley Metro 4

5 FY18 Baseline Service and Capital Plan Assumptions Passenger Services Rail Operations Service Frequency Plan Weekday trains will run with two to three cars at 12-minute intervals during peak hours and 15 to 20-minute intervals off peak. Weekends do not require peak service trains and will operate with two cars at 15 to 20-minute headways. Ridership and Fare Revenue Total ridership is forecasted at 16.8M passengers for FY18 with fare revenues generating $14.3M Project Development High-Capacity Transit Projects The Regional Transportation Plan (RTP), adopted by the Maricopa Association of Governments (MAG) and financed under the one-half cent sales tax extension, identifies 66 miles of light rail/high-capacity transit corridors to be implemented by The 1.9-mile Gilbert Road Extension, to serve east Mesa, is in construction phase. The 3.0-mile Tempe Streetcar project progresses into final design and pre-construction activities. City of Phoenix voters approved Proposition 104 (Transportation 2050), a 35-year transportation plan that would expedite several miles of light rail/high-capacity transit and add additional corridors to the regional high-capacity transit system. Under the plan and timing as shown on next page, additional service areas are identified: o 5.0-mile South Central Extension o 1.5-mile NW Extension Phase II o 5.0-mile West Phoenix/Central Glendale transit corridor o 1.5-mile Capitol/I-10 West Extension (Phase I) o 9.5-mile Capitol/I-10 West Extension (Phase II) o 12.0-mile Northeast Phoenix transit corridor OMC expansion to meet needs of future extensions. The OMC expansion would include modifications to the Maintenance of Equipment (MOE) building, storage tracks and cleaning platform. VMR FY18 Adopted Budget Executive Summary Valley Metro 5

6 The timing of the projects in the program is depicted on the following schedule shown below: VMR FY18 Adopted Budget Executive Summary Valley Metro 6

7 FY18 Goals and Initiatives In January 2015, the Valley Metro RPTA and Valley Metro Rail Boards adopted the Valley Metro Strategic Plan for FY16 through FY20. The Strategic Plan provides clear definition of the purpose of the organization and establishes realistic goals and objectives for a five-year period. This plan ensures the most effective use of the organization s resources by focusing those resources on key priorities. Below are the five, overarching goals identified in the Strategic Plan: 1. Increase customer focus 2. Advance performance based operation 3. Grow transit ridership 4. Focus on economic development, regional competitiveness and financial resources 5. Advance the value of transit A number of initiatives that align with the Strategic Plan are incorporated into the FY18 budget, as summarized below. 1. Increase Customer Focus: FY18 Initiatives Improve Customer Satisfaction Integration of greater, more effective technology, improving passenger information systems with real time data, such as the website, facility signage and a Ridekick mobile application, and implementation of an enhanced fare media solution, including smart cards and mobile ticketing. Develop smart card fare program/mobile ticketing Renovate website & mobile site Evaluate and enhance passenger safety and security. Increasing rail fare inspection and security resources VMR FY18 Adopted Budget Executive Summary Valley Metro 7

8 2. Advance Performance Based Operation: FY18 Initiatives Operate an effective, reliable, high performing transit system. Enhance Valley Metro s role in sustainability and the environment. Develop an asset management plan for Valley Metro in conjunction with member agencies Implement the Sustainability Action Plan with focus of updating of design standards and urban design guidelines. Deliver projects and services on-time/on-budget. Advance projects and services in the current regional transportation plan and Transit Life Cycle program. Expediting S Central Corridor Expediting Northwest Phase II Advancing Northeast Corridor feasibility study Maintain a culture to recruit and retain a qualified and diverse workforce. Develop a program to recruit and retain a qualified and diverse workforce. Consultant engagement for comprehensive training assessment and new employee orientation programs Maintain strong fiscal controls to support Valley Metro s long-term sustainability. Fully staff Audit Department with dual reporting responsibility to the Board of Directors and VM Executive Office With the recent passage of Transportation 2050 in the City of Phoenix, rail service to North, South and West Phoenix neighborhoods are being moved forward. Planned completion dates are shown. VMR FY18 Adopted Budget Executive Summary Valley Metro 8

9 FY18 Goals and Initiatives 3. Grow Transit Ridership: FY18 Initiatives Improve connectivity of transit services for greater effectiveness. Analyze the region s transit system to optimize connectivity between transit services, including new LRT extensions - Fiesta Downtown Chandler Study - West Glendale Feasibility Study Communicate availability, attractiveness and safety of transit service Conduct discretionary ridership campaigns to continue to attract riders 4. Focus on Economic Development, Regional Competitiveness and Financial Resources: FY18 Initiatives Work with local communities to leverage transit oriented development (TOD) to increase investment in transit Research and monitor and report regional trends regarding TOD implementation and successes - Support to TOD working group and PNR utilization study 5. Advance the Value of Transit: FY18 Initiatives Develop and implement a communications plan to inform and educate the public on the value of transit Continue media campaign to raise greater awareness of the value of transit VMR FY18 Adopted Budget Executive Summary Valley Metro 9

10 Agency Staff Overview Valley Metro RPTA and Valley Metro Rail budgets are developed with a unified staff plan, with department managers planning the level of effort required to meet the bus and rail activities. For FY18, there are 360 employees budgeted; 151 FTE s are budgeted to RPTA activities; 209 to VMR activities. Staffing levels are reviewed on an annual basis to fulfill work requirements in the five-year period commencing with the beginning of the new fiscal year. Salary and fringe benefit compensation levels are measured against comparable regional agencies, member cities and peer transit agencies located in the western U.S. FY18 Compensation and Fringe Benefit Assumptions Total compensation budget is based on a 3.0% increase. For staff salary changes, merit increases are based on employee performance. Agency health care costs will increase. Program design adjustments are in place to hold total agency fringe benefit cost increases to within 3% of FY17 levels. FY18-FY20 Staffing Needs The Valley Metro Regional Public Transportation Authority (RPTA) and Valley Metro Rail, Inc. (VMR) are in a period of significant expansion of the system and services. In order to meet the needs of our members and deliver projects, Valley Metro is in need of additional resources. In looking at the expansion plans over the next decade, it is clear that a number of positions are in demand for an extended period of time. The additional staff resources are categorized in three ways: positions that would otherwise be filled with consultants, positions added as a result of strategic initiatives, and support positions added to address agency growth in general. Consultant versus Staff 22 of the 35 positions are conversions from consultants Costs of consultants typically include larger overhead plus profit Approximately $1.3M in costs will be avoided by hiring these positions Project positions will be hired for project term or specific term (3-5 years) Positions to Fulfill Strategic Initiatives 14 positions related to strategic initiatives o Increase Customer Focus 3 Operations Communications Specialists o Evaluate and enhance passenger safety and security Senior Project Certification Coordinator Transit Bus Safety Security Coordinator Project Assistant o Board Adopted Information Technology Strategic Plan 8 positions over the next 3 fiscal years VMR FY18 Adopted Budget Executive Summary Valley Metro 10

11 General Growth Need for additional support positions with agency growth (HR and Finance) Below is a table summarizing the changes in staff positions adopted for FY18 and preliminary positions for FY19 and FY20. Adopted Mid Year Adopted Preliminary Preliminary Division 2017 Additions Capital and Service Development Communication & Marketing Executive Office Finance Human Resources 8 2 Information Technology Internal Audit 2 Legal 12 2 Operations and Maintenance RPTA Operations and Maintenance VMR Safety and Security Total Positions RPTA VMR VMR FY18 Adopted Budget Executive Summary Valley Metro 11

12 Valley Metro Regional Public Transportation Authority FY18 Summary of New Positions Department Position In Lieu of Consultant/Contract BLANK Division Position Current New Term CEO Executive Office Manager, Business Processes Developer CEO Executive Office Project Assistant X Communication & Marketing Deputy Manager, Community Relations (Construction) X X Communication & Marketing Deputy Manager, Community Relations (Planning) X X Communication & Marketing Program Coordinator (Marketing) X Communication & Marketing Program Coordinator (Community Relations) X X Communication & Marketing Program Coordinator (Community Relations) X X Communication & Marketing Program Coordinator (Community Relations) X X Communication & Marketing Program Coordinator (Business Assistance) X X Communication & Marketing Lead Graphic Designer X Capital and Service Development Program Controls Lead X X Capital and Service Development Senior Project Manager Design X X Capital and Service Development Civil Engineer X X Capital and Service Development Construction Inspector X X Capital and Service Development Office Engineer X X Capital and Service Development Art Specialist X X Capital and Service Development Rail Systems Engineering Manager X Capital and Service Development Planner II X Capital and Service Development Planner I X Capital and Service Development GIS Coordinator Capital and Service Development Eligibility Specialist Finance Accountant I X Finance Accountant II Human Resources HR Program Manager Human Resources Training & Development Administrator Information Technology Manager, Information Technology X Information Technology IT Administrative Specialist X Operations and Maintenance Administrative Assistant II Operations and Maintenance Assistant Manager, Rail Operations Operations and Maintenance Assistant Superintendent LRV Maintenance Operations and Maintenance Assistant Manager, LRT System Operations and Maintenance Systems Engineer Safety and Security Senior Project Certification Coordinator X X Safety and Security Transit Bus Safety Security Coordinator Safety and Security Project Assistant X VMR FY18 Adopted Budget Executive Summary Valley Metro 12

13 Below is a table that summarizes the impacts of funding the FY18 positions, comparing fully burdened costs for the additional positions relative to the base positions at the end of FY17. Costs shown are in millions. RPTA Base FY18 Additions % Change Planning and Capital Projects (PTF/RARF) $1.24 $ % Administrative and Regional Projects (PTF/RARF) $8.90 $ % Operations Regionally Funded $1.30 $ % Operations Member City Contributions $0.93 $ % Sub total RPTA $12.37 $ % VMR Base FY18 Additions % Change Planning (PTF/RARF) $4.14 $ % Capital (Project funded) $4.37 $ % Member City Contributions $12.61 $ % Sub total VMR $21.11 $ % VMR FY18 Adopted Budget Executive Summary Valley Metro 13

14 FY18 Adopted Budget Financial Summary In the figures below, detailed revenues and expenses are shown with comparisons to the prior year s amended budget. The Note column (on the far right side) indicates reference to explanations which are provided in the following table. USES OF FUNDS ($,000) FY17 FY18 Amended Adopted Budget Analysis Budget Budget Change Note # Operating Activities: Revenue Operations $ 44,890 $ 47,943 $ 3,053 1 Future Project Development 11,867 17,592 5,725 2 Agency Operating Budget 1,081 1, Subtotal Operating $ 57,838 $ 67,120 $ 9,282 Capital Projects: Northwest Extension $ 3,203 $ - $ (3,203) 4 Central Mesa Extension 4,673 1,961 (2,712) 5 Gilbert Road Extension 43,650 75,245 31,595 6 Tempe Streetcar Extension 15,330 50,955 35, th Street LRT Station 6,065 9,998 3,933 8 South Central Extension 3,082 33,557 30,475 9 Operations & Maintenance Center Expansion - 3,197 3, Non-Prior Rights Utilities Relocations 4,374 - (4,374) 11 CNPAs - Mesa Extension (158) CNPAs - Gilbert Road 1,484 - (1,484) 12 CNPAs - Tempe Streetcar Systemwide Improvements 16,905 28,304 11, Subtotal Capital $ 98,924 $ 203,496 $ 104,572 Total Uses $ 156,762 $ 270,616 $ 113,854 Note Budget Analysis - Uses of Funds 1 FY18 rail operating costs increase by 7% over FY17 levels. Maintenance costs rise with scheduled preventive maintenance activities to maintain the system in a state of good repair. Initiatives for FY18 include increased fare inspection and security resources and the deployment of Wi-Fi to all 50 light rail vehicles. 2 Future Project Development costs are up by $5.7M due to increase in planning activities related to future corridors and system planning; primarily due to the I-10/I-17 ramp design. 3 Agency operating costs are increased $0.5M due to restructuring of the Executive Office to include administration and project management duties. 4 Northwest Extension Phase I capital project is complete. 5 Central Mesa Extension base project costs are down by $2.7M. Remaining activity in FY18 is related to the train signal control system upgrade. 6 Gilbert Road LRT Extension base project cost are up $31.6M due to increased construction activity and progress payments on 3 vehicles. Annual expenditures forecasted at $75.2M. VMR FY18 Adopted Budget Executive Summary Valley Metro 14

15 Note Budget Analysis - Uses of Funds 7 Tempe Streetcar project costs are up $35.6M. Annual expenditures forecasted at $51.0M, which includes NPR costs of $12.5M. 8 50th Street LRT Station costs are up by $3.9M for design and pre-construction activities. 9 South Central Capital Project pre-construction activities to ramp up in FY18. Non-prior rights utilities relocations ($4.2M) are included. Annual design and project management expenditures forecasted at $33.6M. 10 Operations & Maintenance Center Expansion pre-construction activities begin in FY18. Annual design and project management expenditures forecasted at $3.2M. 11 Non-Prior Rights (NPR) costs are now included within the capital projects. 12 No CNPA work planned to occur for Gilbert Road LRT Extension in FY Systemwide Improvements include the purchase of 8 light rail vehicles for future extensions ($16.0M), LRV overhauls ($3.7M), LRV Wi-Fi ($2.5M), Mobile ticketing ($0.7), improvements for station lighting and railing, security camera component upgrades, ticket vending machine upgrades and other activities ($5.3M). SOURCES OF FUNDS ($,000) FY17 FY18 Budget Amended Adopted Analysis Budget Budget Change Note # Operating Activities: Fare Revenue $ 15,909 $ 14,300 $ (1,609) 14 Advertising Revenue 1,100 1,100 - Federal 5307 PM 1,197 1, Federal ,600 1, Federal CMAQ - 1,426 1, TIGER (175) Member Cities 31,139 35,092 3, MAG / RPTA (RARF) 1,000 1,000 - PTF Sales Tax Revenue 7,319 11,236 3, Subtotal Operating $ 57,838 $ 67,120 $ 9,282 Capital Projects: FTA - Section 5309 $ - $ 29,193 $ 29, Federal CMAQ 65, ,296 38, Federal 5337 SOGR 341 1, Federal 5312 MOD Member Cities 14,013 47,969 33, Less Repayment NW Advance (60,000) - 60, PTF Bond Revenue 43,099 - (43,099) 24 PTF Sales Tax Revenue 35,622 20,226 (15,396) 25 Subtotal Capital $ 98,924 $ 203,496 $ 104,572 Total Sources $ 156,762 $ 270,616 $ 113,854 VMR FY18 Adopted Budget Executive Summary Valley Metro 15

16 Note Budget Analysis - Sources of Funds 14 Fare revenue forecasted at $14.3M, based on current trends in average fare and ridership; assumes 16.8 million rides with an average fare forecasted to be $0.85 per ride in FY Federal 5339 funds are at $1.6M due to the I-10/I-17 Bus Ramp Design project within the Future Project Development budget. 16 Federal CMAQ funds are programmed at $1.4M due to the Capitol/I-10 West project for preconstruction activities. 17 Member City contributions for Operations are up from $31.1M to $35.1M in FY18 due to base service increase of $2.9M, reduced fare revenue -$1.6M, $1.0M decrease for future projects, and $0.5M increase for agency operations. 18 PTF Sales Tax revenue funding requirements for project development are up by $3.9M, primarily related to Northwest Phase II, Phoenix I-10 Capitol projects, I-10/I-17 bus ramp, and Operations and Maintenance Center expansion. 19 FTA - Section 5309 funds are programmed at $29.2M to support Tempe Streetcar project construction activities. 20 Federal CMAQ increasing by $38.9M due to increasing funding requirements for construction activity. FY18 programmed activity includes Central Mesa Extension SCADA ($1.6M), Gilbert Road ($70.9M), Tempe Streetcar ($16.0M), Systemwide Improvements ($13.2M), and Operations and Maintenance Center expansion ($2.6M). 21 Federal 5337 SOGR programmed at $1.3M to assist in funding O&M activities required to maintain a state of good repair. 22 Member City contributions for Capital Projects total $48.0M for FY18. Project amounts for FY18 include South Central funding by Phoenix ($33.6M), 50th Street Station funding by Phoenix ($10.0M), Gilbert Road Extension funding by Mesa ($4.3M), and Concurrent Non-Project Activities (CNPA) work for Tempe Streetcar ($0.1M). 23 In FY17, the City of Phoenix was repaid $60.0M in advances the City made in FY13 and FY14 to accelerate completion of the NW Extension. Funding is from Public Transportation Funds. 24 It is anticipated that RPTA will not issue bonds to support rail capital projects in the FY PTF Sales Tax funding will be reduced from $35.6M to $20.2M primarily due to construction completion for Northwest Extension, offset by increased funding requirements for Tempe Streetcar, Systemwide Improvements and Non Prior Rights Utilities. VMR FY18 Adopted Budget Executive Summary Valley Metro 16

17 FY18 FY22 ADOPTED FIVE-YEAR OPERATING FORECAST AND CAPITAL PROGRAM The Valley Metro Rail Five-Year Operating and Capital Program identifies anticipated operating costs, capital projects and costs and the associated funding sources. The FY18 FY22 Five- Year Operating and Capital Program is submitted to the Board of Directors along with the FY18 Operating and Capital Budget. Five-Year Operating Assumptions 1.9-mile Gilbert Road Extension opens revenue service in May th Street Station opens revenue service in Mid mile Tempe Streetcar opens revenue service in September 2020 The Operations & Maintenance (O&M) costs are projected based on current cost history with a general inflation escalation factor of 3.0%. Anticipated structural changes to staffing, contract and materials expenses are forecasted to meet customer demand and maintain the system in a state of good repair. System-wide and specific light rail corridor project development activities are included in the operating budget. Once a project alignment has been approved by local and regional policy makers and federal environmental approvals are secured the project costs are recorded in the capital program. Agency Operating costs include those costs not directly allocable to capital projects or to passenger operations. Included are costs of annual audit, federal and state legislative representation and memberships to transportation related organizations. Fares Effective March 2013, the current Regional Fare Policy is as follows: *Reduced Fare Youth (6 18), seniors (age 65 and over) and people with disabilities VMR FY18 Adopted Budget Executive Summary Valley Metro 17

18 FY18 FY22 Operating Uses and Sources of Funds Operating costs and funding planned for the FY18 FY22 planning horizon are summarized as follows: FY18 FY19 FY20 FY21 FY22 TOTAL USES OF FUNDS ($,000) Operations & Maintenance $ 47,943 $ 49,944 $ 53,374 $ 58,520 $ 61,846 $ 271,627 Project Development Planning 17,592 11,272 9,178 8,176 8,412 54,629 Agency Operating Budget 1,585 1,633 1,681 1,730 1,781 8,410 Total Uses $ 67,120 $ 62,849 $ 64,233 $ 68,426 $ 72,039 $ 334,666 SOURCES OF FUNDS ($,000) LRT Fares: Phoenix $ 9,361 $ 9,717 $ 9,905 $ 10,012 $ 10,206 $ 49,201 Tempe 3,036 3,143 3,200 3,493 3,555 16,427 Mesa 1,903 1,982 2,075 2,095 2,133 10,188 Subtotal Fares 14,300 14,842 15,180 15,600 15,894 75,816 Other Revenues: Phoenix 21,129 20,673 20,737 20,800 21, ,206 Tempe 7,295 7,469 7,509 12,126 13,675 48,074 Mesa 5,964 6,074 8,942 8,974 9,366 39,320 Glendale 48 1, ,620 Chandler Advertising 1,100 1,100 1,100 1,100 1,100 5,500 Subtotal Local Revenues 36,196 36,800 38,380 43,086 46, ,560 Capital Planning Funds - PTF 11,229 8,778 8,178 7,176 7,412 42,773 Federal 5307 PM 1,366 1,429 1,495 1,564 1,635 7,489 FTA , ,600 RPTA ,500 MAG ,500 CMAQ 1, ,429 Total Sources $ 67,120 $ 62,849 $ 64,233 $ 68,426 $ 72,039 $ 334,666 VMR FY18 Adopted Budget Executive Summary Valley Metro 18

19 FY18 FY22 Capital Program Valley Metro Rail currently has a number of transit projects in various stages of planning, design or construction. The sources and overall uses of funds associated with these projects and activities are projected to be $1.6B through the five-year planning horizon. These uses and sources of funds are summarized as follows: FY18 FY19 FY20 FY21 FY22 TOTAL USES OF FUNDS ($,000) Central Mesa $ 1,961 $ - $ - $ - $ - $ 1,961 Gilbert Rd 75,245 39,742 12, ,031 Tempe Streetcar 50,955 56,418 40,045 9,726 2, ,530 50th Street Station 9,998 2, ,380 South Central 33,557 96, ,955 87, , ,886 OMC Expansion 3,197 8,076 5,612 2,895-19,780 Northwest Extension Phase II - 70,740 50,191 54,725 51, ,968 Capitol I-10 West Phase I - 14,521 29,698 37,000 46, ,593 West Phoenix Central Glendale , , , ,407 Subtotal HCT Corridors 174, , , , ,463 1,490,536 CNPA Projects Systemwide Improvements 28,304 24,598 4,375 3,521 2,567 63,365 Total Uses $ 203,496 $ 313,790 $ 285,972 $ 324,892 $ 426,030 $ 1,554,180 FY18 FY19 FY20 FY21 FY22 Total SOURCES OF FUNDS ($,000) Phoenix $ 43,555 $ 95,614 $ 34,735 $ 68,721 $ 99,316 $ 341,940 Tempe 125 6,606 6, ,338 Mesa 4,289 1, ,311 Glendale - - 4,656 37,162 43,961 85,779 Subtotal 47, ,242 45, , , ,368 PTF Sales Tax Revenue (Allocation 43.24%) 32,258 38,282 42,746 47,431 50, ,407 PTF (Reserve) / Bond Borrowing (12,032) 29,290 32,234 12,359 13,008 74,860 PTF Regional Revenue - Demand 20,226 67,572 74,980 59,790 63, ,266 TPAN - 21,815 12, ,859 Federal Revenues: FTA 31,005 75, , , , ,098 CMAQ 104,296 46,048 14,346 35,503 49, ,588 Subtotal Federal 135, , , , , ,686 Total Sources $ 203,496 $ 313,790 $ 285,972 $ 324,892 $ 426,030 $ 1,554,180 Funding is derived from three primary sources: a combination of local and regional sales taxes and federal grants. The TPAN notes are issued by the City of Mesa, and repaid with a combination of federal and local revenues. VMR FY18 Adopted Budget Executive Summary Valley Metro 19

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