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1 SUMMARY Local and Regional Funding Mechanisms for Public Transportation S.1 Purpose and Approach The purpose of TCRP Project H-34 was to compile a comprehensive list of funding sources that are in use or have the prospect of being used at the local and regional level to support public transportation. The results of the project are intended to serve as an updateable, interactive resource on local and regional funding sources for public transportation as well as a guide to the evalu- ation and enactment of new or expanded funding from local or regional sources. The project was carried out in two phases. The first phase focused on examining the litera- ture on local and regional transit funding sources and developing a typology to describe the fullest range of possible sources. To ensure as comprehensive a list of funding sources as pos- sible, the second phase of the project involved interviews with over 60 local and regional tran- sit agency managers and others with knowledge of local and regional transit funding sources and successful initiatives. Appendix A contains the interview guide and data elements that were sought in the interviews. S.2 A Typology of Local and Regional Funding Sources for Public Transportation Table S.1 presents five major categories of local and regional transit funding. Each category is described briefly in Section 3.0 of this report. The five categories are the following: · Traditional tax- and fee-based transit funding sources. These include all traditional forms of broad-based tax- and fee-based and related revenue-raising mechanisms that have been avail- able or used for transit capital investment or to support transit operations since transit began to be transformed from a private business into a public service in the 1960s. These "traditional" sources include those for which there is generally a direct and broadly accepted logic for mak- ing expenditures on transportation, including transit. · Common business, activity, and related funding sources. This category of funding sources includes broad-based but somewhat less widely employed taxing and revenue-raising mecha- nisms that are used to support transit in various settings. The use of these revenue-raising mechanisms represents, in part, a recognition that funding public transportation is a broad responsibility and that meeting this responsibility requires contributions of funds from sources whose yield is significant and whose participation is politically acceptable. · Revenue streams from projects. This category includes various arrangements that can be used to capture revenue primarily from the income streams of private business and related develop- ment activities benefiting from proximity to specific transit facilities and services. These include
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2 Table S.1. Local and regional public transportation funding framework. Traditional Tax- and Fee-Based Transit Funding Sources General Revenues Sales Taxes (variable base of goods and services, motor fuels) Property Taxes (real property, includes vehicles) Contract or Purchase-of-Service Revenues (by human service agencies, school/universities, private organizations, etc.) Lease Revenues Vehicle Fees (title, registration, tags, inspection) Advertising Revenues Concessions revenues Common Business, Activity, and Related Funding Sources Employer/Payroll Taxes Car Rental Fees Vehicle Lease Fees Parking Fees Realty Transfer Taxes/Mortgage Recording Fees Corporate Franchise Taxes Room/Occupancy Taxes Business License Fees Utility Fees/Taxes Income Taxes Donations Other Business Taxes Revenue Streams from Projects (Transportation and Others) Transit-Oriented Development/Joint Development Value Capture/Beneficiary Charges Special Assessment Districts Community Improvement Districts/Community Facilities Districts Impact Fees Tax-Increment Financing Districts Right-of-Way Leasing New "User" or "Market-Based" Funding Sources Tolling (fixed, variable, and dynamic; bridge and roadway) Congestion Pricing Emissions Fees VMT Fees Financing Mechanismsa General Obligation (GO) Bonds Private Activity Bonds (PABs) Tax Credit Bonds Grant Anticipation Notes (GANs) Grant Anticipation Revenue Vehicles (GARVEEs) Revenue Anticipation Notes (RANs) Certificates of Participation (COPs) State Infrastructure Bank (SIB) loans a While some financing mechanisms may be authorized and applied statewide, they typically require some commitment of future revenues by local borrowers as well as other local commitments to satisfy borrowing requirements and debt servicing.