Item:
Title
Approval of FY 2025 Durham Annual Transit Work Program Revenue Amendment
Body
Date of BOCC Meeting: September 9, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve the FY 2025 Durham Annual Transit Work Program Revenue Amendment.
The FY 2025 Durham Annual Transit Work Program “Work Program” is the annual budget for the Durham County Transit Plan and includes the projected revenues, expenditures, as well as a Multi-Year Capital Improvement Plan. It was approved by the Durham Board of County Commissioners (“BOCC”) on April 8, 2024, and by the GoTriangle Board of Trustees (“GoTriangle”) on June 17, 2024.
On April 21, 2023, GoTriangle notified the BOCC and other members of the Durham County leadership team of their decision to retain the Regional Transit Authority Vehicle Rental Tax (“Vehicle Rental Tax”), from the Durham, Orange, and Wake County Transit Work Programs effective July 21, 2023. This action reduced the Durham FY 2024 Annual Work Program Revenues by $1,427,947. Following this action, the Vehicle Rental Tax was excluded as a revenue source during the development of the FY 2025 Work Program. The Durham County Transit Governance Interlocal Agreement states that “future allocations of the Vehicle Rental Tax after FY23 shall be subject to the sole discretion of the GoTriangle Board of Trustees’ approval.”
On August 7, 2024, GoTriangle approved a partial return of the Vehicle Rental Tax to the Durham, Orange, and Wake County Transit Work Program for Fiscal Year 2025. Upon receipt of the Vehicle Rental Tax Revenues, the Durham County Work Program revenues will increase by $799,294. These revenues will be incorporated into the fund balance. To formally recognize receipt of these additional revenues, a Work Program revenue amendment must be submitted to the BOCC for approval.
Alignment with Strategic Plan: This item aligns with Durham County Strategic Goal: Regional Leadership
Resource Persons: Ellen Beckmann, AICP, Transportation Director; Brandi Minor, CLGFO, Senior Administrative Officer
County Manager’s Recommendation: The County Manager recommends that the Board approve the FY 2025 Durham Annual Transit Work Program Revenue Amendment.
Signature
County Manager: ____________________________