4.5. SR 09-15-2003 - Laserfiche WebLink

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Memo Continued Page 2 Northsta. r Corridor Commuter Coach Update TOTAL FUNDING AVAILABLE FEDERAL FUNDS FOR MONTHLY BUS LEASE: FARE BOX RECOVERY: METR© TRANSIT FARE CARD (FARE BOX RECOVERY): TOTAL MONTHLY REVENUE: MONTHLY OPERATING SUBSIDY MONTHLY SUBSIDY ($100,226 LESS $63,185): THE CURRENT LEGISLATION INDICATES THAT THE LOCAL UNIT OF GOVERNMENT MUST PROVIDE THE MATCH FOR THE FEDERAL FUNDS, THAT AMOUNTS TO $8,634 PER MONTH. THE LEGISLATION PROVIDES FOR THE STATE TO PAY THE REMAINDER OF APPROXIMATELY $28,407. PER MONTH. ANNUAL OPERATING SUBSIDY_ ANN. UAL LOCAL COST TO PROVIDE SERVICE $8,634 TIMES 12 MONTHS: THESE COSTS HAVE BEEN PAID BY MNDOT FROM THE "ADVANTAGE FOR TRANSIT" FUNDS THAT WERE PUT IN PLACE DURING THE LAST ADMINISTRATION; THEY LAPSE ON 9-30-03. ANNUAL COST TO THE STATE TO PROVIDE THE SERVICE $28,407 TIMES 12 MONTHS: $34,535" $ 3,65O* $25,000* I Agreement with Met I Councilneeded $63,185' $37,041' $ 8,634 $28,407 $103,608 J Annual cost to LGU $340,884'** [ Annual cost to State * THESE COSTS VARY EACH MONTH DEPENDING ON THE NUMBER OF WEEK DAYS IN THE MONTH ** AS OF 9-30-03 THERE WILL BE APPROXIMATLY $700,000 OF FEDERAL FUNDS REMAINING AND $350,000 IN MATCHING FUNDS FROM THE STATE. '** AS OF 9-30-04, THE STATE MATCH WILL END WITHOUT ADDITIONAL LEGISLATION THE LOCAL COST TO CONTINUE THE SERVICE WOULD THEN INCREASE TO $37,041 PER MONTH OR $296,328 THROUGH MAY 30, 2005 *" AFTER 5-30-05, THE FEDERAL FUNDS WILL BE DEPLEATED, THE COST TO CONTINUE THE SERVICE WILL INCREASE TO $71,576 MONTHLY OR $858,912-PLUS ANNUALLY, UNLESS ADDITIONAL FEDERAL FUNDS BECOME AVAILABLE JO:kr Attachment tJorl, hstar c,ommu~.er coach update.doc