Se ha denunciado esta presentación.
Utilizamos tu perfil de LinkedIn y tus datos de actividad para personalizar los anuncios y mostrarte publicidad más relevante. Puedes cambiar tus preferencias de publicidad en cualquier momento.

Reston Funding Plan

2.714 visualizaciones

Publicado el

Reston Funding Plan

Potential Sources of Revenue for Funding Reston Transportation Improvements

Reston Network Analysis & Funding Plan Advisory Group
Dec. 14, 2015

Publicado en: Noticias y política
  • Sé el primero en comentar

  • Sé el primero en recomendar esto

Reston Funding Plan

  1. 1. County of Fairfax, Virginia Reston Funding Plan Potential Sources of Revenue for Funding Reston Transportation Improvements Reston Network Analysis & Funding Plan Advisory Group December 14, 2015 Janet Nguyen Fairfax County Department of Transportation
  2. 2. County of Fairfax, Virginia Reston Funding Plan 1. Overview 2. Status 3. Sources of Revenue 4. Tysons Cost Allocation Model 5. Next Steps Department of Transportation 2
  3. 3. County of Fairfax, Virginia Funding Plan Overview Strategy for providing financial resources to pay for transportation improvements in the Reston Phase I Comprehensive Plan Amendment, Approved February 11, 2014. •Years FY2015-FY2054 (40 years) •Project priorities •Project Cash Flows •Cost allocations Department of Transportation 3
  4. 4. County of Fairfax, Virginia Status of Funding Plan • Drafted: – Projects list – Preliminary cost estimates, in FY2015 dollars – Potential revenue sources • In Development: – Project prioritization – Cost allocations Department of Transportation 4
  5. 5. County of Fairfax, Virginia Transportation Improvement Categories 1. Reston-wide Improvements – Road transportation improvements1 (Overpasses, Widenings, Extensions, Interchanges) to enhance connectivity – Intersection improvements required for adequate traffic operations 1. Grid of local streets in Reston TSA areas – Enhance pedestrian and vehicular circulation in, around, and through, station areas Department of Transportation 5 1 All roadways will be designed with pedestrian facilities. Many will also have bike facilities.
  6. 6. County of Fairfax, Virginia Department of Transportation 6 Projects Major Components of Reston Phase I Infrastructure: Reston-Wide Projects, $1.345B •Roadway (Overpasses, Widenings, Extensions, Interchanges), $1.280B •Intersection Projects, $0.065B Grid Network, $1.284B Total $2.629B
  7. 7. County of Fairfax, Virginia Shared Funding Solutions Public and private investment in Reston is both critical and responsible for ensuring Reston’s future success. While each solution is unique to the situation, there are a range of transportation funding mechanisms available. Public sector funding will come from federal, state, local, and regional sources. •Multiple sources within each category Private sector funding can come from: •Proffers •Cash contributions, Road Fund(per square foot/per dwelling unit contributions) •In-kind Contributions •Tax Districts/Service Districts and/or •Other Department of Transportation 7
  8. 8. County of Fairfax, Virginia Public and Private Investment Public and private sources of revenue identified to potentially fund plan include the following: •Existing and historical funding sources that have been allocated to transportation projects •Existing or potential funding sources available to Fairfax County, as permitted by law Department of Transportation 8
  9. 9. County of Fairfax, Virginia Public | Federal Revenue Sources Department of Transportation 9 Congestion Mitigation Air Quality (CMAQ) •Primarily for capital projects that relieve congestion and improve air quality. •Allocated and approved annually by the Northern Virginia Transportation Authority (NVTA). Regional Surface Transportation Program (RSTP) •Can be used for many transportation capital improvements. •Allocated and approved annually by NVTA. Discretionary Grant Programs •Competitive process, not a predictable source of revenue. •Amount of funding varies by cycle. •TIGER – Transportation Infrastructure Generating Economic Recovery. •Allocated by USDOT.
  10. 10. County of Fairfax, Virginia Public | Federal Revenue Sources Department of Transportation 10 Attributes: •Can provide lump sum of revenue. •Can be used to leverage other sources of revenue. •Can provide fairly flexible revenues, e.g., RSTP. •Tend to increase overall project costs due to additional Federal requirements. •Tend to lengthen overall project schedule to meet these requirements. •Requires project funding agreements, which can be a lengthy process. •Unreliable/Unpredictable due to competitive process for discretionary grants. Source and Estimated Annual Allocation to County Congestion Mitigation Air Quality (CMAQ) $14M Regional Surface Transportation Program (RSTP) $18M Discretionary Grant Programs $N/A Total Estimated Annual Allocation to County $32M
  11. 11. County of Fairfax, Virginia Public | State Revenues Sources Revenue Sharing •Can be used for many transportation capital improvements. •Requires 100% local cash match. •Between $15 million and $200 million can be allocated and approved annually by the CTB. •Limited availability, $10M max application per locality per year. •The state has allocated approximately $180 million for the program in FY 2016 and has proposed reducing the funding over the next five years: – $150 million in FY 2017 – $100 million in FY 2018 and 2019 – $50 million in FY 2020 and 2021 Department of Transportation 11
  12. 12. County of Fairfax, Virginia Public | State Revenues Sources HB2 and HB1887 HB 2 provides for the development of a prioritization process for projects funded by the Commonwealth Transportation Board (CTB). •Considers congestion mitigation, economic development, accessibility, safety, and environmental quality. •CTB weights these factors for each of Virginia’s transportation districts and can assign different weights to the factors for various regions. •Congestion mitigation must be weighted highest in Northern Virginia and Hampton Roads. HB 1887 created a new funding formula for the Commonwealth’s roadway construction projects: •45% of the funding goes to state of good repair. •27.5% of the funding goes to statewide high-priority projects program (projects of statewide importance that will be evaluated and selected using the HB2 process). •27.5% of the funding to highway construction district grant programs (localities would compete for funds under a regional version of the HB2 process). The County submits applications for both Statewide and District Grant programs, in accordance with Board priorities and the Programs’ requirements. Department of Transportation 12
  13. 13. County of Fairfax, Virginia Public | State Revenue Sources Department of Transportation 13 Source and Estimated Annual Allocation to County Revenue Sharing $10 (HB2/HB1887) Statewide High Priority Projects Program (HPPP) $N/A (HB2/HB1887) Construction District Grant Program (CDGP) $N/A Total Estimated Annual Allocation to County $10 Attributes: •HB 2/HB1887 programs unpredictable due to competitive project selection process. •Can provide large sums of revenue, e.g. HB2/HB1887 •Can be used to leverage other sources of revenue, e.g. HB2/HB1887, Revenue Sharing. •Proposed reduction in Revenue Sharing funds may make it more difficult for County to receive the same amount of funding as in years past. •Use of State funds requires project funding agreements, which can be a lengthy process.
  14. 14. County of Fairfax, Virginia Public | Local Revenue Sources Department of Transportation 14 General Fund •The General Fund is the County’s primary operating fund and supports all general purpose functions in the County. •Revenues derived mostly through real property and personal property taxes. •Significant portion of General Fund revenues are transferred to finance other county priorities, the public schools (FCPS), human services, public safety, and debt service among other things. Attributes: •Currently, transfers are primarily for transit projects •FY 2016 Transfers: – County Transit $34.5M; – Metro $11.3M; – Transportation $7.8M; – debt-service on transportation related G.O. Bonds N/A. Source and Estimated Annual Revenue to County General Fund Transfers to Transportation FY2016 $53.6M
  15. 15. County of Fairfax, Virginia Public | Local Revenue Sources Department of Transportation 15 Commercial and Industrial (C&I) Taxes •For projects that increase transportation capacity. •Currently set at $0.125/$100 assessed value on commercial and industrial properties. •Generates approximately $50M annually •Allocated by the Board. Attributes: •Reliable source of revenue •Flexible source of revenue and can be easily shifted between projects. •Must be used to increase capacity. Source and Estimated Annual Allocation or Revenue to County Commercial and Industrial (C&I) Taxes $52M
  16. 16. County of Fairfax, Virginia Public | Local Revenue Sources Department of Transportation 16 General Obligation (G.O.) Bonds •Form of long-term borrowing to help finance public facilities. •Enacted/Approved by referendum. • In 2014, $100M transportation bond was approved – bicycle, pedestrian, and spot projects. Projects proposed for bond funding were identified through extensive public outreach and engagement, called the Countywide Dialogue on Transportation. •Allocated by the Board. Attributes: •Reliable source of revenue. •Creates long-term future obligation to the county, debt-service. •Proceeds of bond sales must be used for purpose specified in the referendum question. •Bond program is not designed to contribute to an increase in tax rate. Source and Estimated Annual Allocation or Revenue to County G.O. Bonds $20M
  17. 17. County of Fairfax, Virginia Public | Local/Regional Revenue Sources HB2313 Provides approximately $300 million per year to regional transportation by: •Increasing Northern Virginia sales tax by 0.7%, for total of 6% •2% Transient Occupancy Tax (hotel tax) •Imposes a Congestion Relief Fee (grantors tax) of $0.15 per $100 valuation All of the taxes and fees collected under HB 2313 are sent to the Northern Virginia Transportation Authority (NVTA). Dollars are divided into one of two categories: •NVTA 30% Local Distribution Funds •NVTA 70% Regional Revenue Funds Department of Transportation 17
  18. 18. County of Fairfax, Virginia Public | Local Revenue Sources HB2313 - NVTA 30% Local Distribution Funds •30% of funds will be distributed to the individual localities on pro-rata basis for transportation. •Must be spent on: urban or secondary road construction; capital improvements that reduce congestion; projects included in NVTA’s long-range plan; or for public transportation purposes. •Distributed monthly to the County from NVTA; County receives about $45 million annually. •Allocated to projects by the County Board. Attributes: •Reliable sources of revenue. •Flexible source of revenue and can be shifted between projects to optimize availability of funding. Department of Transportation 18 Source and Estimated Annual Allocation or Revenue to County NVTA 30% Local Distribution Funds $45M
  19. 19. County of Fairfax, Virginia Public | Regional Revenue Sources HB2313 - NVTA 70% Regional Revenue Funds •70% will be provided to the Northern Virginia Transportation Authority (NVTA) to be used on: – Regional projects included in TransAction 2040 or its updates; and – Projects evaluated by VDOT for reducing congestion as required by HB 599 (2012) – NVTA must give priority to selecting projects that are expected to provide the greatest congestion reduction relative to cost of the project •Approximately $200 million available to be allocated by NVTA each year. Attributes: •Can provide large and small sums of revenue. •Competitive process; NVTA 70% not guaranteed due to limited amount of funds available relating to amount requested. •Over the long-term, each locality’s total long-term benefit must be approximately equal to the proportion of the total of the regional fees and taxes attributable to the locality. •Projects must meet specific requirements to be eligible (no maintenance, inclusion in regional plan, etc.) Department of Transportation 19
  20. 20. County of Fairfax, Virginia Public | Other Revenues Sales Tax: Local (Northern Virginia) sales tax rate is 6% •General sales tax rate for VA is 5.3 percent •Additional 0.7 percent state tax is imposed in localities in Northern Virginia for transportation; sent to NVTA to be distributed via NVTA 30% Local and NVTA 70% Regional Funds. The County generated roughly $106.4M from the additional 0.7 percent tax for transportation in FY2015. •Requires Virginia General Assembly authorization to increase the current rate. Gas Tax: Regional gas tax of 2.1 percent on wholesale gas sales in Northern Virginia. •These funds are collected by the Northern Virginia Transportation Commission (NVTC) and distributed directly to the Washington Metropolitan Area Transit Authority (WMATA) on behalf of Fairfax County. •Covers portion of County’s subsidy for Metro operations, about $24.8M annually. •Requires Virginia General Assembly authorization to increase the current rate. Department of Transportation 20
  21. 21. County of Fairfax, Virginia Public | Other Revenues Real-estate tax (base rate): $1.09/$100 assessed value; Board of Supervisors has authority to annually amend and adopt a new tax rate. An increase of 1 cent could generate approximately $22M in additional revenues in FY2016. Car Tax/Personal property tax: $4.57 per $100 of assessed value; Board of Supervisors has authority to amend and adopt a new tax rate. An increase of 1 cent could generate approximately $800k in additional revenues in FY2016. Hotel and motel tax: 6% (2% general transient occupancy tax, 2% for tourism, and 2% transient occupancy tax for regional transportation (HB2313)). General Assembly authorization required to increase. Grantor’s Tax: $0.15 per $100 of value on deeds (for transportation HB2313). General Assembly authorization required to increase. Department of Transportation 21
  22. 22. County of Fairfax, Virginia Public | Other Revenues Meals Tax •Tax on prepared food and beverages at restaurants, cafes, coffee shops, etc. •Counties in Virginia are limited to a rate of up to 4 percent. •Tax would be in addition to the state’s sales tax (6 percent). •Virginia law requires voter referendum to levy meals tax. •Revenues can be earmarked to a specific purpose. Sales tax on service: currently no sales tax on services in Fairfax County; requires General Assembly authorization to enact. Parking fees: currently no fees on county owned parking lots that charge for parking; requires approval for parking lots and on street parking. Local income tax: income taxes are collected by the state. The power to enact a 1% local income tax via referendum was repealed by HB2313. An additional local income tax would require General Assembly authorization to enact. Vehicles Miles Traveled (VMT): Tax on miles traveled by vehicles registered in Fairfax County. The County currently does not have a fee on VMT. This would affect businesses and residents with vehicles registered in Fairfax County. Requires General Assembly authorization to enact. Department of Transportation 22 Potential Annual Revenue to County Meals Tax at 1% rate $22.5M* Meals Tax at 4% rate $90M* *Based on calendar year 2013 taxable sales at Food and Drink Places in Fairfax County
  23. 23. County of Fairfax, Virginia Public Sources of Revenue Estimated annual public funds to County for transportation, County-wide from sources discussed: However, public funding for Reston Funding Plan projects may not be readily available until FY2021: •Most of the public sources of revenue have already been committed to projects in the Board’s Six Year Transportation Project Priorities (TPP) for FY2015-FY2020, which includes about $12.5M for DTR overpasses (planning level funding only) that are included in the Reston Funding Plan. •Fairfax County bond packages are planned to fund specific projects. This means that all previous bond authorizations were planned for or are obligated to specific projects. •Even after FY2021, public funds for transportation must be programmed to projects throughout County. Example: Some of the public sources have been committed to the Tysons funding plan through 2050 or projects initiated during FY2015-2020 timeframe. Additional funding from private sources of revenue required to fully fund projects in Reston. Department of Transportation 23 Federal $32,000,000 State $10,000,000 Regional $90,000,000 Local $171,000,000 Total Estimated Annual Public Funds to County for Transportation $303,000,000
  24. 24. County of Fairfax, Virginia Private | Proffers/Contributions Proffers •Voluntary commitment by landowners/developers to perform an act or to donate money, land, services or products to address/offset impact(s) arising from their proposed rezoning. Proffers may be offered to offset public facility costs via two methods: 1.Cash Proffer: money voluntarily proffered in a writing signed by the owner of property subject to rezoning, submitted as part of a rezoning application. – Funding can be pooled from multiple rezonings to fund one or more projects e.g. Road Fund. 1.In-kind Contribution: projects completed by the developer seeking rezoning; – On-Site: Improvements directly connected and/or needed for redevelopment. – Off-Site: Improvements not directly connected and/or needed for redevelopment. Department of Transportation 24
  25. 25. County of Fairfax, Virginia Private | Road Fund/In-Kind Contributions Example: Developers provide in-kind contributions and contribute to two funds to pay for Tysons improvements over 40 years. Grid of Streets ($865M) – Will be paid entirely by developers through: •Tysons Grid of Streets Contributions Fund ($304M): per gross square foot (gsf) or per dwelling unit contribution •In-kind Contributions ($561): Developers may elect to construct transportation improvements outlined in Tysons guidelines in lieu of cash contributions, as negotiated in individual proffer agreements. Tysons-Wide Road Improvements – Developers pay for majority of projects inside Tysons and a portion of projects outside of Tysons ($506M): •Tysons-Wide Developer Contributions Fund ($253M): per gsf or per dwelling unit contribution •Tysons Service District ($253M) Department of Transportation 25
  26. 26. County of Fairfax, Virginia Private | Service District Service District: •Fund transportation improvements located within a defined geographic area. •Does not require landowner approval, approved and established by the Board of Supervisors. •Tysons Service District will fund approximately $253M worth of improvements or 50 percent of Tysons-Wide Road Improvements. Rate in FY2016 is $0.05 per $100 of assessed real estate value. Boundary is generally consistent with the Tysons Corner Urban Center. Attributes: •Reliable source of revenue •Bondable •Applies to both residential and commercial property •Imposed by the Board of Supervisors Department of Transportation 26 Source Potential Revenue FY17 Example Reston Service District @ $0.01 •Estimate using FY15 Assessed Values for properties in Reston TSAs •Assumes 3% annual growth in assessed value $0.8M For example purposes only.
  27. 27. County of Fairfax, Virginia Private | Tax District Tax District •Voluntary petition of landowners and approved by the Board of Supervisors. •Fund large projects in a defined geographic area. •Route 28 Transportation Tax District:1987 two-county district for specific purpose of widening the major arterial in a largely undeveloped area. Rate in FY2016 is $0.18 per $100 of assessed value of commercial and industrial property. Revenues estimated to be $11M in FY2016. •Dulles Rail Phase 1: $400M; Dulles Rail Phase II: $330M. Attributes: •Reliable source of revenue •Bondable •Self-imposed Department of Transportation 27 Source Potential Revenue FY17 Example Reston Tax District @ $0.01 •Estimate using FY15 Assessed Values for non-residential (including commercial residential(apartment))properties in Reston TSAs •Assumes 3% annual growth in assessed value $0.6M For example purposes only.
  28. 28. County of Fairfax, Virginia Tysons Model Major redevelopment over the next 40 years to capitalize on the four Metro stations in Tysons and transform Tysons into a transit-oriented mixed-use urban center. A funding plan was developed to pay for $3.1B transportation improvements in Tysons to support development with public and private sectors sharing responsibility for cost of improvements. Components of Tysons Infrastructure: 1.Grid of Streets 2.Tysons-wide Improvements 3.Neighborhood and Access Improvements 4.Transit Department of Transportation 28 Cr. Tysons Partnership
  29. 29. County of Fairfax, Virginia Tysons Cost Allocation Model Components of Tysons Infrastructure Relevant to the Reston Funding Plan: 1. Grid of Streets – private sources (landowners/developers) I. Grid of Streets Road Fund: Per square foot/per unit road fund II. In-kind contributions 2. Tysons-wide Road Improvements I. Outside of Tysons boundaries – primarily public sources II. Inside of Tysons boundaries – primarily private • Tysons-wide Road Fund: Per square foot/per unit road fund contributions • Tysons Service District Department of Transportation 29
  30. 30. County of Fairfax, Virginia Tysons Grid Cost Allocation Model Grid of Streets Projects: Improvements to transform superblock network to more urban model Total: $865,000,000 Funding: Paid for entirely by developers through In-kind contributions and a Grid “Road Fund” Department of Transportation 30 Grid of Streets Rate FY2016 Estimated Total Need, $865M In-kind Contributions N/A $561M Grid “Road Fund” $304M • Per Sq. Ft. Commercial Property $6.71 • Per Unit of Residential Property $1,042
  31. 31. County of Fairfax, Virginia Tysons-wide Cost Allocation Model In June 2010, staff recommended to the Tysons sub-committee a cost allocation based on local and through traffic as follows: Tysons-wide project costs should be a shared responsibility between the public and private sectors. The cost share should be allocated based upon the ratio of through (35%) and local (65%) traffic volumes of 2030 Tysons projects. Private responsibility: ½ of local traffic generated (32.5%) Public responsibility: All of through traffic (35%) and ½ of local traffic generated (32.5%) Cost Split for Tysons-wide Projects ($810M): Private Sector 32.5% ($263M) Public Sector 67.5% ($547M) Department of Transportation 31
  32. 32. County of Fairfax, Virginia Tysons-wide Cost Allocation Model In December 2010, the updated funding plan for 2050 included additional projects totaling $1.208B. •The Tysons sub-committee recommended a more equitable cost allocation model that also included 2050 projects. •Staff worked in cooperation with the Tysons Partnership over many meetings arrived at a cost allocation model based on a 90/10 split (discussed in the next slide). •In June 2012, staff returned to the sub-committee with the 90/10 split allocation (discussed in next slide), which the sub-committee determined to be a correct basis for an appropriate allocation. Department of Transportation 32
  33. 33. County of Fairfax, Virginia Tysons-wide Cost Allocation Model Tysons-wide Road Improvements Projects: These are larger projects, such as new ramps, new roads, and widening existing roads. Total: $1,208,000,000 Department of Transportation 33 ($mil) Public Private Total Public (%) Private (%) Outside Tysons $653 $73 $726 90% 10% Inside Tysons $48 $434 $482 10% 90% Total $701 $506 $1208 100% 100% Share 58% 42%
  34. 34. County of Fairfax, Virginia Tysons Cost Allocation Model Tysons-Wide Transportation Fund (Private – Landowner/Developer contributions) ($506M): •“Road Fund” ($253) - Developer contributions to a per sq. ft./per unit fund – Rates are subject to annual inflation adjustment based on CPI •Service district ($253) – “Modified Bell Curve” model to meet $253M need. – Rates: $0.04 in FY 2014, $0.04 in FY 2015, and $0.05 in FY 2016. – Increases to $0.07 later in Tysons funding plan. Department of Transportation 34 Tysons-Wide Transportation Fund Rate FY2016 Estimated Total Need, $506M Service District $0.05 $253M Road Fund $253M • Per Sq. Ft. Commercial Property $5.87 • Per Unit of Residential Property $1042
  35. 35. County of Fairfax, Virginia Tysons Transportation Funding Allocation
  36. 36. County of Fairfax, Virginia Reston Potential Cost Allocation • Reston-wide Improvements ($1.345B) – Outside/Inside – Outside to be primarily funded by public sector – Inside to be primarily funded by private sector contributions • Grid Network ($1.284B) – Primarily funded by private sector contributions • Total funding plan: $2.629 B Department of Transportation 36
  37. 37. County of Fairfax, Virginia Next Steps • Advisory group feedback on potential revenue sources, including others that should be evaluated • Development of proposed funding plan to include cost allocations between public and private sector • Outreach to stakeholders and public • Revise plan based on feedback received • Share proposed funding plan with Board Transportation Committee • Seek Board of Supervisors approval
  38. 38. County of Fairfax, Virginia Comments/Questions? Department of Transportation 38
  39. 39. County of Fairfax, Virginia Contact Information For questions and comments please contact: Janet Nguyen Janet.Nguyen@fairfaxcounty.gov Ray Johnson Carroll.Johnson@fairfaxcounty.gov

×