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Agenda Item # 12

  Date: February 23, 2005
  Committee Meeting Date: March 10, 2005
  Board Meeting Date: March 30, 2005
  ACTION    ___      DISCUSSION   ___ INFO   X

BOARD MEMORANDUM

TO: Policy Advisory Committee
 Santa Clara Valley Transportation Authority
 Board of Directors
  
THROUGH:Peter M. Cipolla
 General Manager
  
FROM:Carolyn M. Gonot
 Chief Development Officer
  
SUBJECT: Draft Long-Term Transit Capital Investment Program Public Review

FOR INFORMATION ONLY

VTA distributed the draft document describing VTA’s Long-Term Transit Capital Investment Program on February 16, 2005.    The Investment Program outlines VTA’s plan to fund transit services and various transit capital improvements over the next thirty years. The VTA Board of Directors is circulating the document for public comment and input.

VTA recognized with the approval of the 2000 Measure A sales tax in November 2000 that another revenue stream would be necessary to operate 2000 Measure A projects as well as maintain existing operating and capital needs.   A new revenue stream has become of most critical importance with the downturn of the economy in most recent years.   Even though VTA has achieved financial stability in the near term, estimates of future sales tax revenues to fund transit capital improvements and maintain transit services have been lowered significantly. 

Following discussions at two workshops on October 1 and November 5, 2004, the VTA Board of Directors approved a preliminary revenue and expenditure plan that included a potential additional ½-cent sales tax to begin in fiscal year 2007 for transportation purposes.  This approved funding scenario, which is outlined in the Long-Term Transit Capital Investment Program, enables VTA to (1) deliver all 2000 Measure A projects, (2) maintain transit service levels, and (3) fund necessary equipment upgrades and maintenance for VTA's transit-related assets.  The funding scenario assumes that the potential new ½ -cent sales tax would be divided with VTA receiving 75 percent for transit operations and improvements and the County of Santa Clara and the 15 cities receiving the remaining 25 percent for roadway maintenance and operations. 

The VTA Board of Directors will hold a workshop on April 22, 2005 to discuss comments on the draft investment plan.   VTA has requested that each city council and the County Board of Supervisors provide VTA staff an opportunity to receive feedback on the plan prior to the Board workshop in April. 

 

  
  

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