TABLE OF CONTENTS Page Overview Board of Directors... Overview-1 TriMet Officials... Overview-1 Budget Message... Overview-2 2016-2017 TriMet Organization Chart... Overview-9 Financial Summary General Fund Resource Summary... Financial Summary-1 General Fund Requirement Summary... Financial Summary-3 Capital Program Resource Summary... Financial Summary-6 Capital Program Requirement Summary... Financial Summary-7 Light Rail Program Resource Summary... Financial Summary-8 Light Rail Program Requirement Summary... Financial Summary-9 General Obligation Bond Debt Service Fund... Financial Summary-10 Summary of Fund History... Financial Summary-11 Pass through Revenues and Requirements... Financial Summary-13 Resources General Fund Resources... Resources-1 General Fund Resource Summary... Resources-2 General Fund Resource Summary by Source... Resources-4 Federal & State/Local General Fund Grant Summary... Resources-6 Requirements General Fund Requirements... Requirements-1 General Fund Requirement Summary... Requirements-2 General Fund Requirements by Object Class... Requirements-5 General Fund Personnel Services Schedule... Requirements-6 General Fund Materials & Services Schedule... Requirements-7 Summary of General Fund Employees... Requirements-8 Summary of Fixed Route Service... Requirements-11 Summary of Fixed Route and Accessible Transportation Vehicles... Requirements-12 Debt Service Summary of General Fund Debt Service... Debt Service-1 Summary of General Fund Debt Service Principal and Interest... Debt Service-2 TriMet Continuing Revenues and Calculation of Payroll Tax Debt Service Ratio... Debt Service-3 Page OPEB & Pension UAAL... OPEB-1 Office of the General Manager Division Division Summary... GM-1 Office of the General Manager... GM-2 Diversity and Transit Equity... GM-5 Internal Audit... GM-8 Public Affairs Division Division Summary... PA-1 Administration... PA-2 Planning & Policy... PA-5 GIS & Location Based Services... PA-8 Community Affairs... PA-11 Government Affairs... PA-14 Communications & Marketing... PA-17 Customer Experience... PA-20 Grant Summary... PA-26 Safety & Security Division Division Summary...SS-1 Safety, Security and Environmental Services...SS-2 Information Technology Division Division Summary... IT-1 Information Technology... IT-2 Finance & Administration Division Division Summary... FA-1 Administration... FA-2 Financial Services... FA-5 Budget & Grants Administration... FA-8 Insurance Programs... FA-11 Procurement & Contracts... FA-14 Fare Revenue... FA-17 Labor Relations & Human Resources Division Division Summary... HR-1 Administration, Compensation & Labor Relations... HR-2
Page Legal Services Division Division Summary... LS-1 Legal Services... LS-2 Operations Division Division Summary... OP-1 Transportation Division Summary... OP-2 Administration & Support... OP-3 Bus Transportation... OP-6 Field Operations... OP-12 Service Delivery... OP-17 Transportation Planning... OP-20 Accessible Transportation Programs-LIFT... OP-23 Accessible Transportation Programs-MTP... OP-27 Rail Transportation... OP-31 Commuter Rail... OP-34 Streetcar... OP-38 Maintenance Division Summary... OP-41 Bus Maintenance... OP-42 Facilities Management... OP-45 Rail Maintenance of Way... OP-51 Rail Equipment Maintenance... OP-55 Page General Information Exhibit 1 Ridership and Service (Fixed Route)... General-1 Exhibit 2 Fares and Passenger Revenue (Fixed Route)... General-2 Exhibit 3 Employer Taxes (Unadjusted CPI-W)... General-3 Exhibit 4 Expenses (Fixed Route)... General-4 Exhibit 5 Fixed Route Financial Indicators... General-5 Exhibit 6 LIFT Revenue, Ridership and Service... General-6 Exhibit 7 Local Economic Trends... General-7 Exhibit 8 Debt and Capital Investment... General-8 Local Economic Trends... General-9 Ridership... General-10 Service... General-11 Expense... General-12 Revenue... General-13 Capital Projects Division Division Summary... CP-1 Administration... CP-2 Development & Operations Support... CP-5 Capital Program... CP-8 In-Street Transit Facilities Development... CP-12 Capital Program Capital Program Resource Summary... Capital Program-1 Capital Program Requirement Summary... Capital Program-2 Capital Program Detail... Capital Program-3 Capital Program Division Summary... Capital Program-8 Light Rail Program Light Rail Program Resource Summary... Light Rail Program-1 Light Rail Program Requirement Summary... Light Rail Program-2 Division Summary... Light Rail Program-3 Portland-Milwaukie Light Rail Project... Light Rail Program-4
BOARD OF DIRECTORS Bruce Warner, President (District #1) TRIMET OFFICIALS Neil McFarlane, General Manager Dee Brookshire, Budget Officer Joe Esmonde (District #2) Shelley Martin (District #3) Lori Irish Bauman (District #4) Dr. T. Allen Bethel, Vice President (District #5) Travis Stovall, Secretary (District #6) Craig Prosser (District #7) Mailing Address: TriMet Board of Directors Office of the General Manager 1800 SW 1 st Avenue, Suite 300 Portland, Oregon 97201 Mailing Address: TriMet 1800 SW 1 st Avenue, Suite 300 Portland, Oregon 97201 Staff to the Board: Kelly Runnion Telephone 503-962-4831 Facsimile 503-962-6451 Email runnionk@trimet.org Overview-1
FY 2017 Proposed Budget Message Overview The TriMet Proposed Budget for FY2017 outlines a resource and expenditure plan for July 1, 2016 through June 30, 2017. The FY2017 Proposed Budget includes: Total day-to-day Operating Requirements of $511.3 million, which includes all activities required to operate the system. Federal contributions of $225 million for debt service payments specifically related to the Orange Line MAX full funding grant agreement. Capital & Operating Project Requirements of $135.3 million. Pass Though Requirements totaling $6.2 million, under which TriMet receives funds required to be provided to other governmental agencies. Fund Balances and Contingency totaling $168.5 million. Unrestricted Fund Balance and Contingency are required to assure sufficient resources to cover expenses throughout the year until grant revenues are collected. The FY2017 Proposed Budget focuses on payroll tax increases; changes in service; the cost of operating and maintaining the existing transit system; the costs in fixed route bus and rail service to maintain headways and capacity as the region grows (including vehicle replacements); costs of ADA complementary paratransit service; operating cost of other service changes; capital and operating project expenditures from the Capital Improvement Program; debt service expense; and continued commitment to strengthen pension reserves. Service - The demand for more bus and rail service continues. Customers, employers, and local governments in our region have always desired more service than TriMet is able to pay for. To help TriMet pay for service and expansion, the Oregon legislature has twice authorized TriMet to increase the payroll tax rate one-tenth of one percent over ten years (2003 & 2009). The first payroll tax increase authorized by the TriMet Board began January 1, 2005 and ended January 1, 2014. During this time, TriMet increased the employer and self-employed payroll tax rates.01% annually. Between FY2005 and FY2014, the increase in the payroll tax rate generated an additional $34.4 million per year for new service and capital investment. The payroll tax continues to pay for the service put in operation since 2005 including the Green Line MAX, WES, Orange Line MAX, and the associated cost of those operations. The TriMet Board initiated the second payroll tax increase in September 2015 by increasing the employer and self-employed payroll tax rates.01% starting January 1, 2016 and will continue the increase through January 1, 2025. The revenues from this tax rate increase will pay for additional service such as extending the Red Line to Fairplex, the Powell-Division bus project, and other new service related projects identified in the TriMet s Service Enhancement Plans and the Capital Improvement Program. The increase is projected to add $5.7 million for new service in FY2017 and increase to $10.8 million through the end of FY2018. Rate increase revenues have so far leveraged $1.15 billion in federal New Starts funds and $939 million from the State of Overview-2
Oregon and local partners to build Commuter Rail (WES), South Corridor/Portland Mall Light Rail (MAX Green Line) and Portland-Milwaukie Light Rail (PMLR or MAX Orange Line). Without the rate increases, none of the service improvements made since 2005 would have been possible. Revenues from the 2005 increase and fares from customers traveling on the service pay for: Debt service on TriMet s share of costs of WES, Green Line MAX and Orange Line MAX construction. WES operating costs net of fares. MAX Green Line operating costs net of fares. Post-2005 LIFT cost increases above inflation. TriMet s share of Streetcar operations to River Place, Gibbs, Lowell, OMSI, and Complete the Loop. In FY2017, TriMet is proposing to increase bus service 4.33% over FY2016. The costs of these service increases are also paid for by the generated fares from the service and other passenger revenues. Compensation - Another critical element of TriMet s multiyear effort to achieve its long-term fiscal stability plan has been to reduce the growth rate of active employee and retiree benefit costs, primarily by reforming healthcare with premium share, coinsurance, and deductibles paid by non-union employees, and by reducing the cost of retirement benefits for new hires. TriMet began with non-union compensation in 2003, when the defined benefit pension plan was closed to new employees and replaced with a defined contribution plan. In 2009, retiree medical benefits were closed to new non-union employees. Since 2012 non-union employees and retirees in the PPO health plan have paid 20% co-insurance and 6% premium contributions. Non-union employees and retirees in the HMO plan have $10 co-pays and 6% premium contributions. January 2014 non-union retirees age 65 and older in the PPO health plan were moved to a lower cost Medicare supplement plan. The FY2017 Proposed Budget includes resources for up to 3% non-union payroll to be allocated for merit increases related to performance as well as any pay adjustments needed for those individuals whose total compensation is below market. This is the fourth merit increase for non-union employees in nine years. Union benefit costs have similarly been reformed over the last two contracts. Healthcare benefit changes have instituted premium share, co-insurance, and deductibles essentially parallel to the non-union plan. Simultaneously the defined benefit pension plan was closed and new hires participate in a defined contribution plan. Union wages were increased 3% as negotiated in FY2015 (effective December 1, 2014), plus a $1.00 per hour wage adjustment for journey level workers. There was also a 3% wage increase in FY2016 (effective December 1, 2015.) The Working and Wage Agreement with the union will expire on November 30, 2016. Union wage increases are not included in the Proposed Budget. Pension Funding - TriMet is continuing to strengthen its union (75% funded) and non-union (86% funded) defined benefit pension reserves and has set a long term horizon to pay unfunded liabilities by adopting pension funding policies. The Overview-3
FY2017 Proposed Budget is consistent with the pension policies adopted by the Board on February 26, 2014. Capital Maintenance and Replacement - Additional buses, light rail maintenance of way, light rail vehicle maintenance, and station maintenance projects are included in the Proposed capital budget. Revenues Approximately 96% of TriMet s revenues come from three sources; payroll tax revenues (61%), passenger revenues (22%) and federal formula funds (13%). In addition, the budget also includes Capital and Light Rail Program revenues which are dedicated for uses separate from operations. Payroll Tax Revenues - TriMet is projecting strong payroll tax revenue growth through FY2019. In FY2015, underlying employer payroll tax revenues 1 increased 7.1%. Underlying employer payroll tax revenues are forecast to increase 7.4% by the end of FY2016, 6.5% in FY2017 and 5.8% in FY2018. By comparison average annual growth of underlying employer payroll tax has been 5.2% over the last twenty years. Self-employment Tax Revenues - Underlying growth increased 5.5% in FY2015 and is projected to increase 6.91% by the end of FY2016, 4.87% in FY2017 and 4.99% in FY2018. Self-employment tax revenues make up 5% of payroll tax revenue. Passenger Revenue - is TriMet s second largest source of funding, providing about 21% of total revenues. TriMet 1 Underlying payroll tax revenues exclude revenues from the increase in the payroll tax rate. Overview-4 expects FY2016 ridership to increase 1%, and continue to rise due to the opening of the Orange Line MAX. Passenger revenues are estimated to increase $3.1 million over projected FY2016 and rising to $4.4 million per year thereafter. The FY2017 Proposed Budget assumes no base fare increase; however, in September 2015, TriMet increased the Honored Citizen fare to $1.25 to return to TriMet s past practice and FTA guidance of discounting this fare to one half the adult fares. In addition, Passenger Revenues in FY2017 are affected by the increase in the transfer time per ticket from 2 hours to 2.5 hours, implemented on March 1, 2015. The estimated fiscal impact (cost) of this change is a reduction of $1.75 million in FY2016 and every year thereafter, growing as ridership grows. Federal Formula Grants - Federal formula funds constitute about 13% of TriMet s continuing resources for operations. In addition to approximately $57.4 million of Section 5307 Urbanized Area and Section 5337 State of Good Repair funds, TriMet receives $16.0 million dollars a year in federal highway program funds through the Surface Transportation Program (STP) and Congestion Mitigation & Air Quality (CMAQ) Program to pay for regional rail program debt service. Section 5307 Urbanized Area funds and Section 5337 State of Good Repair funds increased to $17.6 million in FY2015, a 0.5% increase over FY2014. FY2016 budgeted Federal Formula are flat and FY2017 budgeted Federal Formula are $18.7 million. Congress authorized additional funding through FY2020 by signing the Fixing America s Surface Transportation (FAST)
Act. TriMet s financial forecast and the FY2017 Proposed Budget include projections as a result of the FAST Act authorization. Other Revenues - Includes advertising revenue, interest revenue, state operating grants and operating project revenue. Accessible Transportation Contract Revenues - state and federal sources dedicated to LIFT paratransit services. Estimated revenues for FY2016 are $6.4 million and remain at $6.4 million in FY2017. Service Contract Revenues - this category contains only Streetcar Personnel Revenue. In FY2017, revenues are projected to be $8 million. Expenditures Service - TriMet is proposing to expand bus service hours 4.33% in FY2017. TriMet will add service midday and weekends on Frequent Service lines, reducing time between buses, improve schedule reliability, and reduce crowding on rail and bus service. These investments are paid for by revenues generated by the increase in the payroll tax rate. The service improvements will occur throughout FY2017. The cost of the service improvements is approximately $6 million, annualized. Pension Funding - The implementation of accounting standard, GASB No. 68, and industry best practices led TriMet to adopt pension funding plans that lay out how TriMet will bring its two closed defined benefit plans to fully funded status over a reasonable long-term horizon. As of June 30, 2015 TriMet s union pension is 75% funded with $159.4 million in unfunded liabilities; the non-union pension is 86% funded with $18 million in unfunded liabilities. The national average pension funding level for governmental plans is 73%. The FY2017 Proposed Budget includes the third year of resources to amortize the non-union pension unfunded liability over a closed 10 year period assuming a 6.5% return on investments and to amortize the union pension unfunded liability over a closed 15 year period, slowing to an open 5 year amortization, assuming 7% return on investments. Capital Investments - The FY2017 Capital Proposed Budget includes the following: Buses. TriMet replaced 64 buses in FY2015 and is anticipating bus replacement purchases of 60 in FY2016 and 33 in FY2017. The entire fleet will be low-floor low emission, air conditioned, and at the desired industry standard average age of 8 years. In FY2016 and again in FY2017, 17 expansion buses (total of 34) will be purchased to maintain expanded service and spare ratios. LIFT Vehicles. Replaced at the scheduled interval of 8 years, approximately 125,000 to 150,000 miles. The FY2017 Proposed Budget assumes these replacements will be 43% funded with a Special Transportation Fund Discretionary grant, to be awarded in FY2016. Positive Train Control. The Rail Safety Act of 2008 mandates Positive Train Control (PTC) on all railroads which operate passenger rail service like WES. PTC regulations require a train control system that prevents accidents caused by human error, including train-to-train collisions, overspeed derailments, incursions into established work zone limits, and the movement of a train Overview-5
through a switch that is in the improper position. Many of these features are present on the current WES system, but new federal regulations require upgrades. Total cost of this mandate is estimated to be $11 million, of which $4.4 million is estimated to be spent in FY2016 and $2.1 million in FY2017. Safety Improvements. FY2017 continues the multi-year project (FY s 2015-2019) to replace analog CCTV technology on TriMet s buses and Type 1, 2, and 3 light rail vehicles with digital technology. TriMet s new buses and Type 4 and 5 light rail vehicles already have this technology. Additionally, pedestrian safety improvements to prevent/reduce hazards at areas with more intensive land use including Holladay/7 th Ave, Holladay/2 nd Ave, 97th/Burnside, LRT/Main (Gresham) and NE Hood Streets, are planned. Operating Facilities. The FY2017 Proposed Budget funds an accumulation of operating facilities repairs, including a full facility/site evaluation/design at Powell Garage. Customer Facilities. The FY2017 Proposed Budget provides funds to refurbish platforms and station finishes along various locations on the Blue Line MAX. Blue Line MAX Station Elevators. Scheduled for refurbishment over the next fifteen years. Typical life expectancy of elevators is 25 to 30 years; actual useful life can vary widely, particularly if elevators are exposed to weather as many are at TriMet. Twelve elevators are due for major work in the next 2-5 years, 3 more are due in 6-9 years and 4 will come due in 10-15 years. The FY2017 Proposed Budget includes funds to design and begin reconstruction/replacement for elevators. Fare System Replacement. TriMet is replacing its twentysix year old fare collection system with an account based electronic fare collection system that reduces reliance on mechanical equipment like transit vending machines and fare boxes. Customers will be offered stored value accounts and the ability to load transit fares onto cards by smart phone, at retail stores, and online. Payment will be made when customers tap a validator (low cost equipment with no moving parts and commercial off the shelf technology) on buses and at light rail stations. The budget includes costs of integrating C-TRAN and Streetcar s systems. TriMet will share revenue with both agencies based on actual ridership once the project is up and running. Non-Revenue Vehicles. The FY2017 Proposed Budget includes another year of an annual non-revenue vehicle fleet replacement program ($1.9 million). Diesel Fuel - The cost of bus diesel fuel has decreased over the past 3 years. FY2015 was budgeted at $3.15 per gallon, FY2016 was budgeted at $2.60 per gallon and FY2017 is budgeted at $2.05 per gallon. Diesel fuel costs for ATP and WES was budgeted at $3.15 per gallon in FY2015, $2.75 per gallon in FY2016 and at $2.22 per gallon in FY2017 Debt Service - Total FY2017 debt service is $265.5 million, of which $225 million is to pay back interim financing on the Orange Line MAX project (funded by Federal dollars). $20.6 million of TriMet s FY2017 debt service is funded by MTIP revenues, the regional federal flexible highway funds ($16 Overview-6
million in FY2016) that TriMet receives from Metro each year to pay debt service on TriMet s 2005 and 2011 Capital Grant Receipt Revenue Bonds and payroll tax rate increase revenues. Senior lien payroll tax funded debt service is 4.5% of continuing revenues in FY2017, below the Board s maximum of 6%. This does not include any additional debt that may be taken in FY2017. Rail Construction Program Orange Line MAX- FY2016 marked the opening year of the Orange Line MAX which started operating in September 2015. Funding for the project has been provided by a State grant of Lottery bond proceeds, MTIP bond proceeds, TriMet bond proceeds, City of Portland contributions, Clackamas County, City of Milwaukie and Federal Transit Administration New Starts grants. Only 4% of the $1.49 billion project has been paid for by TriMet revenues. TriMet s share of construction and operating cost net of fares is paid for with a small portion of the ten year increase in the first payroll tax rate increase from.6237% to.7237%. In Summary The FY2017 Proposed Budget focuses on adding bus service and improving schedule reliability. The FY2017 Proposed Budget continues to address essential capital maintenance and replacement deferred during the great recession. The FY2017 Proposed Budget is consistent with Board policy to fund the non-union unfunded liability over a closed 10 year period using a 6.5% investment rate of return assumption and funding the union pension unfunded liability over a closed 15 years to an open 5 year amortization, open assuming a 7.0% return on investments. TriMet is committed to staying on course to achieve long-term fiscal stability to keep our commitments to employees, retirees, riders and payroll taxpayers and to meet the transit needs of our growing region. TriMet s New Starts appropriation in FY2016 was $100 million as scheduled in the Full Funding Grant Agreement. In FY2017, the New Starts appropriation is expected to be $125 million. Overview-7
Payroll Tax Rate Increase Allocation FY2016 FY2017 Service Enhancements $4,471,002 66% Community Connectors (federal passthrough) $454,140 7% Capacity $627,256 9% Reliability $1,202,777 18% Payroll tax rate increase allocation through FY2017 total $6,755,175. 1) FY2016 Payroll Tax Projected $1,068,012 2) FY2017 Payroll Tax Projected $5,687,163 Overview 8
TriMet Organization Chart: 2016-2017 Proposed Budget Office of the General Manager Division Diversity & Transit Equity Internal Audit Public Affairs Division Safety & Security Division Information Technology Division Finance & Administration Division Labor Relations & Human Resources Division Legal Services Division Operations Division Capital Projects Division Administration Safety, Security & Environmental Svcs. Administration Administration, Compensation & Labor Relations Transportation Administration & Support Maintenance Bus Maintenance Administration Planning & Policy Financial Services Bus Transportation Facilities Management Development & Operations Support GIS & Location Based Services Budget & Grants Field Operations Rail Maintenance of Way Capital Program Community Affairs Insurance Programs Service Delivery Rail Equipment Maintenance In Street Transit Facilities Develop. Government Affairs Procurement ATP/LIFT Communications & Marketing Contracts Rail Transportation Customer Experience Fare Revenue Commuter Rail Streetcar Overview-9
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GENERAL FUND RESOURCE SUMMARY Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Revenue Category 13/14 14/15 15/16 15/16 16/17 Budget Estimated Resources Beginning Fund Balance as of July 1* 1. Restricted Bond Proceeds & Other Restricted $ 268,201,504 $ 20,093,524 $ 73,265,333 $ 153,462,098 100.00% 109.46% 14.67% 2. Restricted Debt Service 38,560,141 38,560,141 $ 22,390,805 22,386,368 19,444,267-13.16% -13.14% 1.86% 3. Unrestricted 137,214,847 151,759,921 185,991,352 143,661,774 143,540,417-22.82% -0.08% 13.72% 4. Total Beginning Fund Balance $ 443,976,492 $ 210,413,586 $ 208,382,157 $ 239,313,475 $ 316,446,782 51.86% 32.23% 30.25% Operating Revenue 5. Passenger $ 114,618,312 $ 116,734,062 $ 119,629,072 $ 117,600,000 $ 120,700,000 0.90% 2.64% 11.54% 6. Advertising 3,414,899 3,290,000 3,292,500 3,292,000 3,525,000 7.06% 7.08% 0.34% 7. Accessible Transportation Contract 4,413,561 6,384,143 4,678,374 6,400,000 6,400,000 36.80% 0.00% 0.61% 8. Service Contracts 26,213,749 17,662,695 7,098,407 7,769,543 8,219,614 15.80% 5.79% 0.79% 9. Total Operating Revenue $ 148,660,521 $ 144,070,900 $ 134,698,352 $ 135,061,543 $ 138,844,614 3.08% 2.80% 13.28% Tax Revenue 10. Employer Payroll** $ 258,185,020 $ 273,308,312 $ 294,170,286 $ 295,095,147 $ 318,701,301 8.34% 8.00% 30.46% 11. Self-Employed** 13,593,940 14,783,448 15,099,359 14,891,505 16,249,828 7.62% 9.12% 1.55% 12. State "In Lieu"** 2,794,872 3,202,411 3,442,173 1,977,768 3,665,914 6.50% 85.36% 0.35% 13. Total Tax Revenue $ 274,573,832 $ 291,294,171 $ 312,711,818 $ 311,964,420 $ 338,617,043 8.28% 8.54% 32.35% Other Revenue 14. Urbanized Area Formula Funds $ 36,001,923 $ 25,844,059 $ 37,642,864 $ 37,642,864 $ 38,622,533 2.60% 2.60% 3.69% 15. Rail State of Good Repair Funds 17,555,615 89,501 18,510,000 18,510,000 18,734,940 1.22% 1.22% 1.79% 16. MTIP Funds for Regional Rail Debt Service 11,000,000 15,000,000 16,000,000 16,000,000 16,000,000 0.00% 0.00% 1.53% 17. Fund Exchange Revenue 19,240,000 2,975,000 3,021,148 3,021,148 3,063,139 1.39% 1.39% 0.29% 18. Other Federal Operating Grants 3,346,370 1,585,213 3,737,413 2,831,668 2,814,538-24.69% -0.60% 0.27% 19. State Operating Grants 786,910 1,481,432 5,099,520 1,354,292 1,354,292-73.44% 0.00% 0.13% 20. Local Operating Grants 3,611,251 397,063 3,275,456 1,182,744 1,172,755-64.20% -0.84% 0.11% 21. Interest 331,656 463,607 775,000 475,000 477,375-38.40% 0.50% 0.05% 22. Miscellaneous 6,278,449 9,176,923 4,512,532 4,080,475 4,420,280-2.04% 8.33% 0.42% 23. Total Other Revenue $ 98,152,174 $ 57,012,798 $ 92,573,933 $ 85,098,191 $ 86,659,852-6.39% 1.84% 8.27% Total Operating Resources 24. (Excluding Beginning Fund Balance) $ 521,386,527 $ 492,377,869 $ 539,984,103 $ 532,124,154 $ 564,121,509 4.47% 6.01% 53.92% * Budgetary Fund Balance. Restricted funds include funds held in trust to pay debt service, plus bond proceeds and other resources designated for specific projects. Unrestricted funds are resources maintained to cover cash flow until tax and grant revenues are collected. ** Budgeted payroll tax revenues are an estimate of fiscal year payroll tax cash receipts. Actuals are an estimate of payroll taxes from wages and salaries earned in the fiscal year. Financial Summary-1
GENERAL FUND RESOURCE SUMMARY Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Revenue Category 13/14 14/15 15/16 15/16 16/17 Budget Estimated Resources 25. Capital & Operating Program Resources $ 6,082,830 $ 7,716,436 $ 71,129,749 $ 67,993,578 $ 34,519,648-51.47% -49.23% 3.30% 26. Bond Proceeds Reserved for Refinancing*** 74,936,600 47,463,036 100.00% 100.00% 0.00% 27. Bond Proceeds Reserved for Future Capital**** 23,425,311 22,588,367 100.00% 100.00% 0.00% 28. Light Rail Program Resources 106,251,226 220,656,991 153,451,994 66,670,750 125,000,000-18.54% 87.49% 11.95% 29. Other Non-Operating Resources 7,718,367 5,275,775 4,396,589 1,226,819 6,187,014 40.72% 404.31% 0.58% 30. Transfer from G. O. Bond Fund 1,993,120 0.00% 31. Total Resources $ 1,087,408,562 $ 936,440,657 $ 1,075,706,503 $ 977,380,179 $ 1,046,274,954-2.74% 7.05% 100.00% *** Bond Proceeds Reserved for Refinancing: Amount includes refunding for 2005, 2007, 2009 Bonds including $1.3 million for the cost of issuance and underwriting discount. **** Bond Proceeds Reserved for Future Capital: Amount of bond proceeds to be received in fiscal year 2016 but scheduled for fiscal year 2017 capital projects. Financial Summary-2
GENERAL FUND REQUIREMENT SUMMARY Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Division/Department 13/14 14/15 15/16 15/16 16/17 Budget Estimated Requirements Office of the General Manager Division 1. Office of the General Manager $ 1,186,199 $ 964,143 $ 1,051,030 $ 1,087,313 $ 1,072,355 2.03% -1.38% 0.10% 2. Diversity and Transit Equity 216,616 266,876 374,182 332,360 551,487 47.38% 65.93% 0.05% 3. Internal Audit 235,612 239,366 253,275 256,473 260,934 3.02% 1.74% 0.02% 4. Total Office of the General Manager Division $ 1,638,427 $ 1,470,385 $ 1,678,486 $ 1,676,146 $ 1,884,776 12.29% 12.45% 0.18% Public Affairs Division* 5. Administration $ 266,895 $ 308,347 $ 786,138 $ 783,903 $ 758,705-3.49% -3.21% 0.07% 6. Planning & Policy 16,397,662 5,027,094 4,842,084 4,832,303 6,370,283 31.56% 31.83% 0.61% 7. GIS & Location Based Services 521,012 519,575 535,968 2.87% 3.16% 0.05% 8. Community Affairs 73,699 72,901 159,658 116.63% 119.01% 0.02% 9. Government Affairs 473,075 498,761 447,270 446,472 456,510 2.07% 2.25% 0.04% 10. Communications & Marketing 705,708 1,116,668 3,381,833 3,586,190 3,715,914 9.88% 3.62% 0.36% 11. Customer Experience 5,531,756 5,538,641 3,036,527 3,025,834 3,387,650 11.56% 11.96% 0.32% 12. Total Public Affairs Division $ 23,375,096 $ 12,489,511 $ 13,088,564 $ 13,267,178 $ 15,384,688 17.54% 15.96% 1.47% Safety & Security Division 13. Safety, Security and Environmental Services $ 13,644,116 $ 13,988,563 $ 16,498,252 $ 16,524,611 $ 17,455,855 5.80% 5.64% 1.67% 14. Total Safety & Security Division $ 13,644,116 $ 13,988,563 $ 16,498,252 $ 16,524,611 $ 17,455,855 5.80% 5.64% 1.67% Information Technology Division 15. Information Technology $ 6,326,409 $ 7,634,091 $ 8,221,625 $ 8,212,138 $ 10,901,497 32.60% 32.75% 1.04% 16. Total Information Technology Division $ 6,326,409 $ 7,634,091 $ 8,221,625 $ 8,212,138 $ 10,901,497 32.60% 32.75% 1.04% Finance & Administration Division 17. Administration $ 1,507,010 $ 1,507,291 $ 681,464 $ 669,154 $ 701,490 2.94% 4.83% 0.07% 18. Financial Services 1,754,980 1,883,335 2,107,628 2,089,788 2,285,676 8.45% 9.37% 0.22% 19. Budget & Grants Administration 3,199,051 3,595,463 883,958 803,867 892,350 0.95% 11.01% 0.09% 20. Insurance Programs 499,799 534,173 2,099,906 1,922,594 3,812,642 81.56% 98.31% 0.36% 21. Procurement & Contracts 1,178,680 1,293,719 1,327,457 1,315,895 1,433,636 8.00% 8.95% 0.14% 22. Fare Revenue 5,281,951 5,692,808 8,173,918 7,610,261 10,224,248 25.08% 34.35% 0.98% 23. Total Finance & Administration Division $ 13,421,471 $ 14,506,789 $ 15,274,332 $ 14,411,559 $ 19,350,043 26.68% 34.27% 1.85% Labor Relations & Human Resources Division 24. Administration, Compensation & Labor Relations $ 3,033,966 $ 3,199,734 $ 3,494,151 $ 3,371,588 $ 3,756,687 7.51% 11.42% 0.36% 25. Total Labor Relations & Human Resources Division $ 3,033,966 $ 3,199,734 $ 3,494,151 $ 3,371,588 $ 3,756,687 7.51% 11.42% 0.36% Financial Summary-3
GENERAL FUND REQUIREMENT SUMMARY Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Division/Department 13/14 14/15 15/16 15/16 16/17 Budget Estimated Requirements Legal Services Division 26. Legal Services $ 1,635,834 $ 1,803,186 $ 2,057,172 $ 2,026,064 $ 2,079,376 1.08% 2.63% 0.20% 27. Total Legal Services Division $ 1,635,834 $ 1,803,186 $ 2,057,172 $ 2,026,064 $ 2,079,376 1.08% 2.63% 0.20% Operations Division 28. Administration & Support $ 1,505,446 $ 1,114,879 $ 1,765,131 $ 1,809,242 $ 2,012,966 14.04% 11.26% 0.19% 29. Bus Transportation 102,261,287 106,667,795 116,630,982 115,476,252 122,990,857 5.45% 6.51% 11.76% 30. Field Operations 14,113,089 14,708,879 17,099,165 17,072,665 17,644,051 3.19% 3.35% 1.69% 31. Service Delivery 1,098,130 1,503,580 1,570,468 1,570,989 1,566,322-0.26% -0.30% 0.15% 32. Transportation Planning 1,240,698 0.00% 0.00% 0.00% 33. Accessible Transportation Programs-LIFT 33,173,764 33,861,160 35,253,169 35,410,007 35,915,783 1.88% 1.43% 3.43% 34. Accessible Transportation Programs-MTP 20,949,751 12,194,481 0.00% 0.00% 0.00% 35. Rail Transportation 16,727,428 17,785,030 21,874,653 21,784,056 23,095,357 5.58% 6.02% 2.21% 36. Commuter Rail 6,277,091 6,438,285 6,743,288 6,592,311 5,556,127-17.61% -15.72% 0.53% 37. Streetcar 9,254,079 9,766,461 14,172,945 14,163,291 14,540,406 2.59% 2.66% 1.39% 38. Bus Maintenance 53,865,892 50,277,358 57,587,491 50,762,411 56,738,437-1.47% 11.77% 5.42% 39. Facilities Management 14,611,371 15,589,112 16,616,029 16,706,815 16,881,072 1.60% 1.04% 1.61% 40. Rail Maintenance of Way 13,964,740 15,116,638 16,540,653 15,863,641 16,251,853-1.75% 2.45% 1.55% 41. Rail Equipment Maintenance 23,263,213 23,957,667 27,836,419 27,749,413 30,430,911 9.32% 9.66% 2.91% 42. Total Operations Division $ 312,305,979 $ 308,981,325 $ 333,690,394 $ 324,961,092 $ 343,624,141 2.98% 5.74% 32.84% Capital Projects Division 43. Administration $ 359,526 $ 401,348 $ 672,674 $ 671,077 $ 871,214 29.52% 29.82% 0.08% 44. Development & Operations Support 2,898,508 2,978,216 3,143,821 2,805,134 1,870,907-40.49% -33.30% 0.18% 45. Capital Program 2,088,449 560,486 590,634-71.72% 5.38% 0.06% 46. In-Street Transit Facilities Development 539,262 595,235 833,896 760,683 296,939-64.39% -60.96% 0.03% 47. Total Capital Projects Division $ 3,797,296 $ 3,974,799 $ 6,738,840 $ 4,797,380 $ 3,629,694-46.14% -24.34% 0.35% 48. OPEB & Pension UAAL $ 56,763,881 $ 47,828,738 $ 51,120,134 $ 48,643,380 $ 49,680,933-2.82% 2.13% 4.75% 49. Regional Fund Exchanges** 3,021,148 3,021,148 3,063,139 1.39% 1.39% 0.29% 50. Debt Service 37,651,425 21,242,456 40,648,000 35,412,457 265,482,503 553.13% 649.69% 25.37% 51. Total Operating Requirements $ 473,593,910 $ 437,119,576 $ 495,531,101 $ 476,324,744 $ 736,293,335 48.59% 54.58% 70.37% ** Regional Fund Exchanges. 13/14 and 14/15 funding for this program included in the Public Affairs Division. Financial Summary-4
GENERAL FUND REQUIREMENT SUMMARY Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Division/Department 13/14 14/15 15/16 15/16 16/17 Budget Estimated Requirements Capital Program Capital & Operating Projects: 52. Public Affairs Division $ 75,181 $ 572,840 $ 7,235,737 $ 3,649,378 $ 6,845,385-5.39% 87.58% 0.65% 53. Safety & Security Division 1,051,383 2,140,636 7,207,307 5,560,897 7,968,100 10.56% 43.29% 0.76% 54. Information Technology Division 9,102,377 4,406,141 16,187,313 6,298,249 13,047,083-19.40% 107.15% 1.25% 55. Finance & Administration Division 1,616,549 6,263,553 25,065,197 23,747,885 7,740,001-69.12% -67.41% 0.74% 56. Legal Services Division 36,780 5,000 200,000 200,000 170,000 0.00% 0.00% 0.02% 57. Operations Division 44,663,967 49,887,817 63,162,610 57,877,106 60,104,962-4.84% 3.85% 5.74% 58. Capital Projects Division 8,025,470 9,824,577 23,848,792 19,277,668 39,385,587 65.15% 104.31% 3.76% 59. Total Capital Program $ 64,571,707 $ 73,100,564 $ 142,906,956 $ 116,611,183 $ 135,261,118-5.35% 15.99% 12.93% 60. Light Rail Program $ 330,723,333 $ 181,631,270 $ 153,451,994 $ 66,770,650-100.00% -100.00% 0.00% 61. Pass Through Requirements 7,718,367 5,275,775 4,396,589 1,226,819 $ 6,187,014 40.72% 404.31% 0.59% 62. Contingency 15,316,225 22,088,800 44.22% 100.00% 2.11% Ending Fund Balance as of June 30*** 63. Restricted Bond Proceeds & Other Restricted 20,093,524 73,265,333 98,361,911 153,462,098-100.00% 100.00% 0.00% 64. Restricted Debt Service 38,560,141 22,386,368 24,679,810 19,444,267 24,434,260-0.99% 25.66% 2.34% 65. Unrestricted 151,759,921 143,661,774 141,061,916 143,540,417 122,010,426-13.51% -15.00% 11.66% 66. Total Ending Fund Balance $ 210,801,246 $ 239,313,475 $ 264,103,638 $ 316,446,782 $ 146,444,686-44.55% -53.72% 14.00% 67. Total Requirements $ 1,087,408,562 $ 936,440,657 $ 1,075,706,503 $ 977,380,179 $ 1,046,274,954-2.74% 7.05% 100.00% *** Budgetary Fund Balance. Restricted funds include funds held in Trust to pay debt service, plus bond proceeds and other resources designated for specific projects. Unrestricted funds are resources maintained to cover cash flow until tax and grant revenues are collected. Financial Summary-5
CAPITAL PROGRAM RESOURCES Line Actual Actual Budget Estimate Budget No. 13/14 14/15 15/16 15/16 16/17 1. State, local government & private contributions $ 135,714 $ 1,044,467 $ 4,576,100 $ 4,669,693 $ 5,462,252 2. Federal Transit Administration grants, programmed 5,947,116 6,671,969 7,600,978 7,292,694 6,469,030 3. New money revenue bond proceeds & short term financing 58,952,671 56,031,191 22,588,367 4. Operating resources dedicated for capital* 58,488,877 65,384,128 71,777,207 48,617,605 100,741,470 5. Total Capital Program Resources $ 64,571,707 $ 73,100,564 $ 142,906,956 $ 116,611,183 $ 135,261,118 * Line included for information only. Operating resources are drawn on General Fund Resources. Financial Summary-6
CAPITAL PROGRAM REQUIREMENTS Line Actual Actual Budget Estimate Budget % of Total No. 13/14 14/15 15/16 15/16 16/17 Requirements 1. Public Affairs Division $ 75,181 $ 572,840 $ 7,235,737 $ 3,649,378 $ 6,845,385 5.06% 2. Safety & Security Division 1,051,383 2,140,636 7,207,307 5,560,897 7,968,100 5.89% 3. Information Technology Division 9,102,377 4,406,141 16,187,313 6,298,249 13,047,083 9.65% 4. Finance & Administration Division 1,616,549 6,263,553 25,065,197 23,747,885 7,740,001 5.72% 5. Legal Services Division 36,780 5,000 200,000 200,000 $170,000 0.13% 6. Operations Division 44,663,967 49,887,817 63,162,610 57,877,106 60,104,962 44.44% 7. Capital Projects Division 8,025,470 9,824,577 23,848,792 19,277,668 39,385,587 29.11% 8. Total Capital Program Requirements $ 64,571,707 $ 73,100,564 $ 142,906,956 $ 116,611,183 $ 135,261,118 100.00% Financial Summary-7
EXTERNAL LIGHT RAIL PROGRAM RESOURCES Line Actual Actual Budget Estimate Budget No. 13/14 14/15 15/16 15/16 16/17** 1. State, local government & private contributions $ 6,251,226 $ 120,656,991 $ 22,954,407 $ 1,365,607 2. Federal New Starts Grants* 100,000,000 100,000,000 39,733,104 3. Local interest 7,165,064 4,743,447 4. Interim Financing 86,021,036 5. Restricted Fund Balance 65,305,143 6. Total Light Rail Program Resources $ 113,416,290 $ 220,656,991 $ 153,451,994 $ 66,670,750 * Total Federal New Starts Grants is $115,000,000 in FY2016; a portion of which is restricted for payment of outstanding interim financing. ** Starting FY2016/2017 Light Rail Program is now reflected in the Capital Program. Financial Summary-8
LIGHT RAIL PROGRAM REQUIREMENTS Line Actual Actual Budget Estimate Budget No. 13/14 14/15 15/16 15/16 16/17 1. Portland-Milwaukie Light Rail Project $ 330,723,333 $ 181,631,270 $ 153,451,994 $ 66,770,650 2. Total Light Rail Program Requirements $ 330,723,333 $ 181,631,270 $ 153,451,994 $ 66,770,650 Financial Summary-9
G. O. BOND DEBT SERVICE FUND Line Actual Actual Budget Estimate Budget No. 13/14 14/15 15/16 15/16 16/17 Resources 1. Beginning Fund Balance $ 1,993,120 2. Total Resources $ 1,993,120 Requirements General Obligation Refunding Bonds (Light Rail Extension) 1999 Series A 3. Transfer to General Fund $ 1,993,120 4. Total Requirements $ 1,993,120 Last property tax assessment for Westside bonds was November 2011. Financial Summary-10
SUMMARY OF FUND HISTORY Actual Actual Budget General Fund Proposed Approved Adopted 13/14 14/15 15/16 16/17 16/17 16/17 I. Operating Program A. Resources $ 443,976,492 $ 210,413,586 $ 208,382,157 Beginning Fund Balance-Restricted and Unrestricted $ 316,446,782 114,618,312 116,734,062 119,629,072 Passenger Revenue 120,700,000 34,042,209 27,336,838 15,069,280 Other Operating Revenue 18,144,614 274,573,832 291,294,171 312,711,818 Tax Revenue 338,617,043 98,152,174 57,012,798 92,573,933 Other Revenue 86,659,852 7,718,367 5,275,775 4,396,589 Other Non-Operating Resources 6,187,014 74,936,600 Bond Proceeds Reserved for Refinancing 23,425,311 Bond Proceeds Reserved for Future Capital Light Rail Program Resources 125,000,000 1,993,120 Transfer from G. O. Bond Fund $ 975,074,506 $ 708,067,230 $ 851,124,759 Total Operating Program Resources $ 1,011,755,306 B. Requirements $ 281,254,567 $ 283,199,323 $ 316,478,654 Personnel Services $ 329,210,363 154,687,906 132,677,796 135,383,295 Materials & Services 138,537,326 37,651,425 21,242,456 40,648,000 Debt Service 265,482,503 7,718,367 5,275,775 4,396,589 Pass Through Requirements 6,187,014 3,021,148 Regional Fund Exchanges 3,063,139 15,316,225 Contingency 22,088,800 210,801,246 239,313,475 264,103,638 Ending Fund Balance-Restricted and Unrestricted 146,444,686 $ 692,113,511 $ 681,708,825 $ 779,347,551 Total Operating Program Requirements $ 911,013,832 II. Capital Program A. Resources $ 135,714 $ 1,044,467 $ 4,576,100 State, Local Government & Private Contributions $ 5,462,252 5,947,116 6,671,969 7,600,978 Federal Transit Administration Grants 6,469,030 58,952,671 Revenue Bond Proceeds and Short Term Financing 22,588,367 $ 6,082,830 $ 7,716,436 $ 71,129,749 Total Capital Program Resources $ 34,519,649 B. Requirements $ 64,571,707 $ 73,100,564 $ 142,906,956 Projects $ 135,261,118 $ 64,571,707 $ 73,100,564 $ 142,906,956 Total Capital Program Requirements $ 135,261,118 Financial Summary-11
SUMMARY OF FUND HISTORY Actual Actual Budget General Fund Proposed Approved Adopted 13/14 14/15 15/16 16/17 16/17 16/17 III. Light Rail Program A. Resources $ 6,251,226 $ 120,656,991 $ 22,954,407 State, Local Government & Private Contributions 100,000,000 100,000,000 39,733,104 Federal Transit Administration Grants 4,743,447 Local Interest 86,021,036 Interim Financing $ 106,251,226 $ 220,656,991 $ 153,451,994 Total Light Rail Program Resources B. Requirements $ 330,723,333 $ 181,631,270 $ 153,451,994 Portland-Milwaukie Light Rail Project $ 330,723,333 $ 181,631,270 $ 153,451,994 Total Light Rail Program Requirements $ 1,087,408,562 $ 936,440,657 $ 1,075,706,503 Total General Fund Resources $ 1,046,274,954 $ 1,087,408,562 $ 936,440,657 $ 1,075,706,503 Total General Fund Requirements $ 1,046,274,954 I. G. O. Bond Debt Service Fund A. Resources $ 1,993,120 Beginning Fund Balance G. O. Bond Debt Service Fund $ 1,993,120 Total G. O. Bond Debt Service Fund Resources B. Requirements $ 1,993,120 Transfer to General Fund $ 1,993,120 Total G. O. Bond Debt Service Fund Requirements Financial Summary-12
PASS THROUGH REVENUES AND REQUIREMENTS Line Actual Actual Budget Estimate Budget % Change % of Total No. 13/14 14/15 15/16 15/16 16/17 Budget Resources 1. Elderly and Disabled Special Transportation Fund Formula $ 2,979,292 $ 2,979,287 $ 2,780,521 $ 1,170,819 $ 4,008,673 44.17% 64.79% 2. Elderly and Disabled Special Transportation Fund Discretionary 2,178,341 100.00% 35.21% 3. Title XIX Match Washington & Clackamas 3,132 4. Ride Connection State 5310 177 12,984 5. Ride Connection FTA Veteran's Grants 276,129 89,745 6. Ride Connection FTA Livability for Resource Center 1,858,669 641,331 7. Ride Connection FTA Elderly & Disabled Program 24,943 28,847 8. Elderly and Disabled Special Transportation Operating 10,429 9. Portland Streetcar FTA 5312 Prototype Grant 100,984 551,173 10. Portland Streetcar FTA 5309 Small Starts Grant 341,386 763,996 1,591,068 56,000 11. Close the Loop Project 1,731,431 76,913 25,000 12. Metro - Southwest Corridor Project 391,796 13. Clackamas County - 158th MAX Crossing Recovery 131,499 14. Total pass through revenues and requirements $ 7,718,367 $ 5,275,775 $ 4,396,589 $ 1,226,819 $ 6,187,014 40.72% 100.00% REGIONAL FUND EXCHANGES Line Actual Actual Budget Estimate Budget % Change % of Total No. 13/14 14/15 15/16 15/16 16/17 Budget Resources 1. Metro Transit Oriented Development Program Fund Exchange* $ 3,021,148 $ 3,021,148 $ 3,063,139 1.39% 100.00% 2. Total regional fund exchanges $ 3,021,148 $ 3,021,148 $ 3,063,139 100.00% 100.00% * Program Fund Exchanges. 13/14 and 14/15 funding for this program included in the Public Affairs Division. Financial Summary-13
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Payroll Taxes $338,617,043 (46.40%) GENERAL FUND RESOURCES Budget 16/17 Other Sources $22,564,894 (3.09%) Light Rail Program $125,000,000 (17.13%) Capital Program $34,519,648 (4.73%) Federal Grants $79,235,150 (10.86%) Interest $477,375 (0.07%) State Grants $1,354,292 (0.19%) Passenger Revenue $120,700,000 (16.54%) Total Resources = $729,828,172* Other Non-Operating $6,187,014 (0.85%) Local Grants $1,172,755 (0.16%) *Resources exclude Beginning Fund Balance of $316,446,782 Resources-1
GENERAL FUND RESOURCE SUMMARY Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Revenue Category 13/14 14/15 15/16 15/16 16/17 Budget Estimated Resources Beginning Fund Balance as of July 1* 1. Restricted Bond Proceeds & Other Restricted $ 268,201,504 $ 20,093,524 $ 73,265,333 $ 153,462,098 100.00% 109.46% 14.67% 2. Restricted Debt Service 38,560,141 38,560,141 $ 22,390,805 22,386,368 19,444,267-13.16% -13.14% 1.86% 3. Unrestricted 137,214,847 151,759,921 185,991,352 143,661,774 143,540,417-22.82% -0.08% 13.72% 4. Total Beginning Fund Balance $ 443,976,492 $ 210,413,586 $ 208,382,157 $ 239,313,475 $ 316,446,782 51.86% 32.23% 30.25% Operating Revenue 5. Passenger $ 114,618,312 $ 116,734,062 $ 119,629,072 $ 117,600,000 $ 120,700,000 0.90% 2.64% 11.54% 6. Advertising 3,414,899 3,290,000 3,292,500 3,292,000 3,525,000 7.06% 7.08% 0.34% 7. Accessible Transportation Contract 4,413,561 6,384,143 4,678,374 6,400,000 6,400,000 36.80% 0.00% 0.61% 8. Service Contracts 26,213,749 17,662,695 7,098,407 7,769,543 8,219,614 15.80% 5.79% 0.79% 9. Total Operating Revenue $ 148,660,521 $ 144,070,900 $ 134,698,352 $ 135,061,543 $ 138,844,614 3.08% 2.80% 13.28% Tax Revenue 10. Employer Payroll** $ 258,185,020 $ 273,308,312 $ 294,170,286 $ 295,095,147 $ 318,701,301 8.34% 8.00% 30.46% 11. Self-Employed** 13,593,940 14,783,448 15,099,359 14,891,505 16,249,828 7.62% 9.12% 1.55% 12. State "In Lieu"** 2,794,872 3,202,411 3,442,173 1,977,768 3,665,914 6.50% 85.36% 0.35% 13. Total Tax Revenue $ 274,573,832 $ 291,294,171 $ 312,711,818 $ 311,964,420 $ 338,617,043 8.28% 8.54% 32.35% Other Revenue 14. Urbanized Area Formula Funds $ 36,001,923 $ 25,844,059 $ 37,642,864 $ 37,642,864 $ 38,622,533 2.60% 2.60% 3.69% 15. Rail State of Good Repair Funds 17,555,615 89,501 18,510,000 18,510,000 18,734,940 1.22% 1.22% 1.79% 16. MTIP Funds for Regional Rail Debt Service 11,000,000 15,000,000 16,000,000 16,000,000 16,000,000 0.00% 0.00% 1.53% 17. Fund Exchange Revenue 19,240,000 2,975,000 3,021,148 3,021,148 3,063,139 1.39% 1.39% 0.29% 18. Other Federal Operating Grants 3,346,370 1,585,213 3,737,413 2,831,668 2,814,538-24.69% -0.60% 0.27% 19. State Operating Grants 786,910 1,481,432 5,099,520 1,354,292 1,354,292-73.44% 0.00% 0.13% 20. Local Operating Grants 3,611,251 397,063 3,275,456 1,182,744 1,172,755-64.20% -0.84% 0.11% 21. Interest 331,656 463,607 775,000 475,000 477,375-38.40% 0.50% 0.05% 22. Miscellaneous 6,278,449 9,176,923 4,512,532 4,080,475 4,420,280-2.04% 8.33% 0.42% 23. Total Other Revenue $ 98,152,174 $ 57,012,798 $ 92,573,933 $ 85,098,191 $ 86,659,852-6.39% 1.84% 8.27% Total Operating Resources 24. (Excluding Beginning Fund Balance) $ 521,386,527 $ 492,377,869 $ 539,984,103 $ 532,124,154 $ 564,121,509 4.47% 6.01% 53.92% * Budgetary Fund Balance. Restricted funds include funds held in trust to pay debt service, plus bond proceeds and other resources designated for specific projects. Unrestricted funds are resources maintained to cover cash flow until tax and grant revenues are collected. ** Budgeted payroll tax revenues are an estimate of fiscal year payroll tax cash receipts. Actuals are an estimate of payroll taxes from wages and salaries earned in the fiscal year. Resource Summary-2
GENERAL FUND RESOURCE SUMMARY Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Revenue Category 13/14 14/15 15/16 15/16 16/17 Budget Estimated Resources 25. Capital & Operating Program Resources $ 6,082,830 $ 7,716,436 $ 71,129,749 $ 67,993,578 $ 34,519,648-51.47% -49.23% 3.30% 26. Bond Proceeds Reserved for Refinancing*** 74,936,600 47,463,036 100.00% 100.00% 0.00% 27. Bond Proceeds Reserved for Future Capital**** 23,425,311 22,588,367 100.00% 100.00% 0.00% 28. Light Rail Program Resources 106,251,226 220,656,991 153,451,994 66,670,750 125,000,000-18.54% 87.49% 11.95% 29. Other Non-Operating Resources 7,718,367 5,275,775 4,396,589 1,226,819 6,187,014 40.72% 404.31% 0.58% 30. Transfer from G. O. Bond Fund 1,993,120 0.00% 31. Total Resources $ 1,087,408,562 $ 936,440,657 $ 1,075,706,503 $ 977,380,179 $ 1,046,274,954-2.74% 7.05% 100.00% *** Bond Proceeds Reserved for Refinancing: Amount includes refunding for 2005, 2007, 2009 Bonds including $1.3 million for the cost of issuance and underwriting discount. **** Bond Proceeds Reserved for Future Capital: Amount of bond proceeds to be received in fiscal year 2016 but scheduled for fiscal year 2017 capital projects. Resource Summary-3
GENERAL FUND RESOURCE SUMMARY BY SOURCE Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Revenue Category 13/14 14/15 15/16 15/16 16/17 Budget Estimated Resources Beginning Fund Balance as of July 1* 1. Restricted Bond Proceeds & Other Restricted $ 268,201,504 $ 20,093,524 $ - $ 73,265,333 $ 153,462,098 100.00% 109.46% 14.67% 2. Restricted Debt Service 38,560,141 38,560,141 $ 22,390,805 22,386,368 19,444,267-13.16% -13.14% 1.86% 3. Unrestricted 137,214,847 151,759,921 185,991,352 143,661,774 143,540,417-22.82% -0.08% 13.72% 4. Total Beginning Fund Balance $ 443,976,492 $ 210,413,586 $ 208,382,157 $ 239,313,475 $ 316,446,782 51.86% 32.23% 30.25% Operating Revenue 5. Passenger $ 114,618,312 $ 116,734,062 $ 119,629,072 $ 117,600,000 $ 120,700,000 0.90% 2.64% 11.54% 6. Advertising 3,414,899 3,290,000 3,292,500 3,292,000 3,525,000 7.06% 7.08% 0.34% 7. Accessible Transportation Contract 4,413,561 6,384,143 4,678,374 6,400,000 6,400,000 36.80% 0.00% 0.61% 8. Service Contracts 26,213,749 17,662,695 7,098,407 7,769,543 8,219,614 15.80% 5.79% 0.79% 9. Total Operating Revenue $ 148,660,521 $ 144,070,900 $ 134,698,352 $ 135,061,543 $ 138,844,614 3.08% 2.80% 13.27% Non-Operating Resources 10. Interest $ 331,656 $ 463,607 $ 775,000 $ 475,000 $ 477,375-38.40% 0.50% 0.05% 11. Miscellaneous 6,278,449 9,176,923 4,512,532 4,080,475 4,420,280-2.04% 8.33% 0.42% 12. Total Non-Operating Resources $ 6,610,105 $ 9,640,530 $ 5,287,532 $ 4,555,475 $ 4,897,655-7.37% 7.51% 0.47% Tax Revenue 13. Employer Payroll** $ 258,185,020 $ 273,308,312 $ 294,170,286 $ 295,095,147 $ 318,701,301 8.34% 8.00% 30.46% 14. Self-Employed** 13,593,940 14,783,448 15,099,359 14,891,505 16,249,828 7.62% 9.12% 1.55% 15. State "In-Lieu"** 2,794,872 3,202,411 3,442,173 1,977,768 3,665,914 6.50% 85.36% 0.35% 16. Total Tax Revenue $ 274,573,832 $ 291,294,171 $ 312,711,818 $ 311,964,420 $ 338,617,043 8.28% 8.54% 32.36% Grants 17. Federal Operating Grants $ 87,143,908 $ 45,493,773 $ 78,911,425 $ 78,005,680 $ 79,235,150 0.41% 1.58% 7.57% 18. State Operating Grants 786,910 1,481,432 5,099,520 1,354,292 1,354,292-73.44% 0.00% 0.13% 19. Local Operating Grants 3,611,251 397,063 3,275,456 1,182,744 1,172,755-64.20% -0.84% 0.11% 20. Capital Grants 105,947,116 106,671,969 47,334,082 7,292,694 6,469,030-86.33% -11.29% 0.62% 21. Total Grants $ 197,489,185 $ 154,044,237 $ 134,620,483 $ 87,835,410 $ 88,231,228-34.46% 0.45% 8.43% * Budgetary Fund Balance. Restricted funds include funds held in trust to pay debt service, plus bond proceeds and other resources designated for specific projects. Unrestricted funds are resources maintained to cover cash flow until tax and grant revenues are collected. ** Budgeted payroll tax revenues are an estimate of fiscal year payroll tax cash receipts. Actuals are an estimate of payroll taxes from wages and salaries earned in the fiscal year. Resources-4
GENERAL FUND RESOURCE SUMMARY BY SOURCE Line Actual Actual Budget Estimate Budget % Change % Change % of Total No. Revenue Category 13/14 14/15 15/16 15/16 16/17 Budget Estimated Resources Other Capital 22. Capital Assistance $ 6,386,940 $ 121,701,458 $ 32,273,954 $ 6,035,300 $ 5,462,252-83.08% -9.49% 0.52% 23. Total Other Capital $ 6,386,940 $ 121,701,458 $ 32,273,954 $ 6,035,300 $ 5,462,252-83.08% -9.49% 0.52% Other Resources 24. Bond Proceeds/Interim Financing $ - $ - $ 243,335,618 $ 126,082,594 $ 22,588,367-90.72% 100.00% 2.16% 25. Other Non-Operating Resources $ 7,718,367 $ 5,275,775 4,396,589 66,531,962 131,187,014 2883.84% 97.18% 12.54% 26. Transfer from G.O. Bond Fund 1,993,120 0.00% 0.00% 0.00% 27. Total Other Resources $ 9,711,487 $ 5,275,775 $ 247,732,207 $ 192,614,556 $ 153,775,381-37.93% -20.16% 14.70% 28. Total Resources $ 1,087,408,562 $ 936,440,657 $ 1,075,706,503 $ 977,380,179 $ 1,046,274,954-2.74% 7.05% 100.00% Resources-5
FEDERAL & STATE/LOCAL GENERAL FUND GRANT SUMMARY % of Budget Type of Funding Purpose Contributions 16/17 Federal Operating Grants FTA Section 5307 Urbanized Area Formula Preventive Maintenance 80.00% $ 38,379,221 FTA Section 5307 Urbanized Area Formula Hillsboro Job Link Shuttle 80.00% 243,312 FTA Section 5337 State of Good Repair Preventive Maintenance 80.00% 18,734,940 Regional STP & CMAQ FHWA Flex Funds Regional Rail Debt Service 89.73% 16,000,000 Regional STP FHWA Flex Funds Metro Transit Oriented Development Fund Exchange 89.73% 3,063,139 Federal Transit Security Operating Grants Various Transit Security Projects 100.00% 60,000 Regional CMAQ FHWA Flex Funds Regional Transportation Options Program 89.73% 487,986 FTA Section 5310 Elderly and Disabled Transportation Ride Connection Contracted Service 80.00% 1,600,000 FTA Section 5316 Jobs Access Reverse Commute Transportation Services 50.00% 400,000 Homeland Security Safety & Security - Police/Canine 100.00% 266,552 Total Federal Operating Grants $ 79,235,150 Federal Capital & Operating Projects Program Grants FTA Section 5339 Bus and Bus Facilities Formula Funds Replacement Low Floor 40' Buses 80.00% $ 2,753,777 Regional STP & CMAQ FHWA Flex Funds East Portland Access to Employment & Education 89.73% 1,556,321 Regional STP FHWA Flex Funds Powell-Division Corridor Safety & Access to Transit 89.73% 1,236,838 FTA Section 5307 Urbanized Area Formula Portland Mall Shelters 80.00% 831,194 Homeland Security Safety - See Something Say Something App 100.00% 90,900 Total Federal Capital & Operating Projects Program Grants $ 6,469,030 Total Federal General Fund Grants $ 85,704,180 State Operating Grants State Special Transportation Fund LIFT Operations 100.00% $ 1,075,031 State 5310 Contracted Accessibility Services Shuttle Services 80.00% 279,261 Total State Operating Grants $ 1,354,292 State Capital & Operating Projects Program Grants State 5310 STP FHWA Flex Funds for Elderly and Disabled Transportation ATP Replacement Vehicles 89.73% $ 2,000,000 Connect Oregon Funds Westside Bike & Rides 90.00% 1,114,022 Total State Capital & Operating Projects Program Grants $ 3,114,022 Total State General Fund Grants $ 4,468,314 Resources-6
FEDERAL & STATE/LOCAL GENERAL FUND GRANT SUMMARY % of Budget Type of Funding Purpose Contributions 16/17 Local Operating Grants Various Local Operating Funds Wilsonville Contribution to WES, City of Portland PMMI Reimbursement, Metro Open Street Map $ 1,172,755 Total Local Operating Grants $ 1,172,755 Local Capital & Operating Projects Program Grants City of Portland Bike Parking: East Portland Active Transportation 89.73% $ 89,730 Metro (via City of Portland) Powell-Division BRT 100.00% 865,000 Metro SW Corridor 100.00% 1,185,000 City of Lake Oswego Willamette Shoreline Trolley 100.00% 208,500 Total Local Capital & Operating Projects Program Grants $ 2,348,230 Total Local General Fund Grants $ 2,348,230 Resources-7
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Operations $343,624,141 (38.19%) GENERAL FUND REQUIREMENTS Budget 16/17 Capital Program $135,261,118 (15.03%) OPEB & Pension UAAL $49,680,933 (5.52%) General & Administrative $70,812,926 (7.87%) Pass Through Requirements $6,187,014 (0.69%) Regional Fund Exchanges $3,063,139 (0.34%) Capital Projects $3,629,694 (0.40%) Contingency $22,088,800 (2.45%) Total Requirements = $899,830,268* *Requirements exclude Ending Fund Balance of $146,444,686. Debt Service $265,482,503 (29.50%) Requirements-1