Valley Metro Rail FY18 Preliminary Budget Overview

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1 Valley Metro Rail FY18 Preliminary Budget Overview April FY18 Preliminary Annual Budget 2 1

2 Baseline: Light Rail Operations FY17 FY18 Change Passenger Boardings 16,807,000 16,824,000 0% Vehicle Revenue miles delivered 3,323,000 3,330,000 0% Boardings per Revenue Mile % Operating cost per passenger $2.67 $2.85 7% Operating Costs $44,890,000 $47,943,000 7% Fare Revenues $14,160,000 $14,300,000 1% Fare Recovery 32% 30% Avg Fare $0.84 $0.85 1% 3 Valley Metro Rail Revenues - Operating Sources of Funds $millions Funding Sources FY17 FY18 Change $ Fare Revenue $15.9 $14.3 ($1.6) Advertising Revenue Federal 5307 PM Federal Federal CMAQ TIGER (0.2) Member Cities MAG / RPTA (RARF) PTF Sales Tax Revenue Operating Revenue Totals $57.8 $67.4 $

3 Valley Metro Rail Expenses - Operating Uses of Funds $millions Uses of Funds FY17 FY18 Change $ Revenue Operations $44.9 $47.9 $3.1 Future Project Development Agency Operating Budget Operating Activity Uses $57.8 $67.4 $9.6 5 FY18 Operations Changes Increased staffing levels to support operations Systemwide Wi-Fi on light rail Additional security costs approved by the Board New costs for ACI operations contract Increased vehicle and facility maintenance 6 3

4 FY18 Project Development Changes Increased activity for corridor planning Completion of preliminary engineering phase (30% design) South Central Extension Northwest Extension Phase II Capitol/I-10 West Extension Phase I Continued feasibility and alignment studies West Phoenix/Central Glendale Corridor Northeast Corridor Fiesta/Downtown Chandler Corridor OMC Expansion Master Plan New design activity for I-10/I-17 Ramp 7 I-10/I-17 Ramp 8 4

5 Baseline: LRT Capital Project Schedule Calendar Year View 9 Valley Metro Rail Revenues Capital Sources of Funds $millions Funding Sources FY17 FY18 Change $ FTA - Section 5309 $0.0 $29.2 $29.2 Federal CMAQ $65.3 $104.4 $39.0 Federal 5337 SOGR Federal 5312 MOD Member Cities Less Repayment NW Advance (60.0) PTF Bond Revenue (43.1) PTF Sales Tax Revenue (15.5) Capital Revenue Totals $98.9 $203.2 $

6 Valley Metro Rail Expenses Capital Uses of Funds $millions Capital Uses of Funds FY17 FY18 Change $ Northwest Extension $3.2 $0.0 ($3.2) Central Mesa Extension (2.7) Gilbert Road Extension Tempe Streetcar Extension th Street LRT Station South Central Extension OMC Expansion Non-Prior Rights Utilities (1.8) CNPAs - Mesa Extension (0.2) CNPAs - Gilbert Road (1.5) CNPAs - Tempe Streetcar Systemwide Improvements Capital Uses Totals $98.9 $203.2 $ Increased costs FY18 Systemwide Improvements Milestone progress payments for 8 expansion light rail vehicles (LRV) Major LRV component overhauls TVM door modifications Station lighting retrofits (LED lights) 12 6

7 FY18-22 Preliminary Five-Year Forecast 13 5-Year Operating Assumptions: 1.9 mile Gilbert Rd opens revenue service in May mile Tempe Streetcar opens revenue service in September 2020 Transportation and Security to service new extensions Maintenance increases per preventive maintenance schedule Fare Revenue FY18 changes to fare discount structure and enforcement average fare $0.85 Rail and $0.43 Streetcar Federal PM revenue level per MAG forecast Member contributions grow with Gilbert Road Ext., Tempe Streetcar Ext. 14 7

8 5-Year Operating Uses and Sources USES OF FUNDS ($,000) FY18 FY19 FY20 FY21 FY22 TOTAL Operations & Maintenance $ 47,943 $ 49,943 $ 53,373 $ 58,519 $ 61,844 $ 271,622 Project Development Planning 17,904 11,493 9,420 8,425 8,669 55,911 Agency Operating Budget 1,586 1,634 1,683 1,732 1,783 8,418 Total Uses $ 67,433 $ 63,070 $ 64,476 $ 68,676 $ 72,296 $ 335,951 SOURCES OF FUNDS ($,000) FY18 FY19 FY20 FY21 FY22 TOTAL Fare Revenues $ 14,300 $ 14,842 $ 15,180 $ 15,600 $ 15,894 $ 75,816 Advertising 1,100 1,100 1,100 1,100 1,100 5,500 Phoenix 21,201 20,673 20,738 20,801 21, ,282 Tempe 7,295 7,468 7,508 12,126 13,673 48,071 Mesa 5,968 6,074 8,943 8,974 9,366 39,325 Glendale 48 1, ,621 Chandler Regional 13,901 9,999 9,420 8,425 8,669 50,414 Federal 2,966 1,429 1,495 1,564 1,635 9,089 Total Sources $ 67,433 $ 63,070 $ 64,476 $ 68,676 $ 72,296 $ 335, LRT Project Development 5 Year Project Expenditure Plan Uses of Funds FY18 FY19 FY20 FY21 FY22 TOTAL USES OF FUNDS ($,000) Capitol/I-10 West $ 1,884 $ - $ - $ - $ - $ 1,884 Capitol/I-10 West Phase II South Central West Phoenix/Central Glendale 809 2,270 1, ,454 Northeast Phoenix I-10/I-17 Bus Ramp Design (FTA) 2, ,000 Fiesta/Downtown Chandler 1, ,459 Northwest Phase II 2, ,654 16th Street Advanced Feasibility Study West Glendale Feasibility Study - 1, ,394 OMC Master Plan and Phasing Study (PTF) Systems Planning & Project Development 6,182 6,367 6,558 6,755 6,958 32,820 Capital Project Development Administration 1,252 1,290 1,328 1,368 1,409 6,648 Total Uses $ 17,904 $ 11,493 $ 9,420 $ 8,425 $ 8,669 $ 55,

9 5-Year Capital Projects Source of Funds FY18 FY19 FY20 FY21 FY22 Total SOURCES OF FUNDS ($,000) Phoenix $ 43,267 $ 95,691 $ 34,735 $ 68,473 $ 99,316 $ 341,482 Tempe 125 6,606 6, ,338 Mesa 4,292 1, ,314 Glendale - - 4,656 37,162 43,961 85,779 Subtotal 47, ,319 45, , , ,913 PTF Sales Tax Revenue (Allocation 43.24%) 32,093 38,061 42,504 47,182 50, ,272 PTF (Reserve) / Bond Borrowing (11,949) 29,623 32,476 6,016 8,179 64,345 PTF Regional Revenue - Demand 20,144 67,683 74,980 53,198 58, ,618 TPAN - 21,753 12, ,797 Federal Revenues: FTA 31,005 75, , , , ,425 CMAQ 104,364 46,048 14,346 35,503 49, ,657 Subtotal Federal 135, , , , , ,081 Total Sources $ 203,198 $ 314,101 $ 285,972 $ 318,194 $ 420,944 $ 1,542, Year Capital Projects Uses of Funds FY18 FY19 FY20 FY21 FY22 TOTAL USES OF FUNDS ($,000) Central Mesa $ 1,974 $ - $ - $ - $ - $ 1,974 Gilbert Rd 75,307 39,680 12, ,031 Tempe Streetcar 50,870 56,503 40,045 9,726 2, ,530 50th Street Station 10,011 2, ,380 South Central 33,256 97, ,955 87, , ,886 OMC Expansion 3,197 8,076 5,612 2,895-19,780 Northwest Extension Phase II - 70,740 50,191 55,080 51, ,323 Capitol I-10 West Phase I - 14,521 29,698 29,947 41, ,454 West Phoenix Central Glendale , , , ,407 Subtotal HCT Corridors 174, , , , ,377 1,478,765 CNPA Projects Systemwide Improvements 28,304 24,598 4,375 3,521 2,567 63,365 Total Uses $ 203,198 $ 314,101 $ 285,972 $ 318,194 $ 420,944 $ 1,542,

10 Upcoming Budget Schedule FY18 Apr 5 Draft Budget delivered to TMC/RMC/AFS Apr 11 Member City Comments due Apr 13 Budget presented for information to AFS Apr 20 Budget presented to Board of Directors for information May 3 Budget presented to TMC/RMC for action May 11 Budget presented to AFS for action May 18 Board Meeting for Budget Adoption 19 10

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