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3 various forms of "joint development," "value capture," and "benefit assessment," as well as newly emerging "public-private partnerships" ("PPP" arrangements), all of which are described extensively in the literature and summarized in this report. · New "user" or "market-based" funding sources. Expanded tolling, congestion pricing, emis- sion fees, and vehicle miles of travel (VMT) fees applied at the local and/or regional level have become the subject of greatly expanded research and analysis; however, implementation has been limited and revenue flows to transit rare, with the possible exception of "toll credits" used as a local match based on state authority. · Financing mechanisms. These refer to the growing variety of long-term "debt" instruments that are being issued increasingly to support major local and regional transit projects and programs. Financing mechanisms most often commit future streams of revenue from many of the types of sources noted in the categories described above for current investment. Financing mechanisms may more accurately be described as "project delivery mechanisms" than as pure "sources" of funds. Nonetheless, financing mechanisms are included here because of their wide-ranging use and their dependence on more traditional sources to underwrite debt. TCRP Project H-34 is focused on the use of various forms of tax, fee, and related revenue raised broadly from local and regional residents and businesses. Therefore, the interview process used in the project and the report itself are focused on the first two categories described above: "traditional tax- and fee-based transit funding sources" and "common business, activity, and related funding sources." Each of the three other major categories of local and regional fund- ing: "revenue streams from projects," "new `user' or `market-based' sources," and "financing mechanisms" has been a long-standing major independent topic of TCRP and related research activity. Therefore, these categories have not been the direct subject of inquiry in the interviews for this project. Instead, the extensive literature on each has been used to briefly document the characteristics of these transit funding methods. Readers are encouraged to use the references noted throughout this report to explore these latter three funding categories in more detail. In addition, there are several local and regional funding sources that are used by some juris- dictions to support public transportation, but are not currently used widely. These are noted and described in Section 3.7, and their basic characteristics are noted in Tables 4.2 and 4.3. The database that accompanies this report (the Local and Regional Funding Database, available at http://trb.org/news/blurb_detail.asp?id=9599) provides additional detail about the use of local and regional funding mechanisms in the first two categories (Traditional Tax- and Fee-Based Transit Funding Sources and Common Business, Activity, and Related Funding Sources) by the transit agencies that were interviewed for the project. S.3 Overview of Current Local and Regional Public Transportation Funding The National Transit Database (NTD) provides a broad profile of what types of local and regional sources of funds are being used by systems of different sizes and by different types of agencies for both capital and operating expenditures. According to the NTD, nearly $26 bil- lion was made available for transit from local and regional sources in 2005, including nearly $6 billion for capital improvements and $20 billion for operations. With respect to individual local and regional sources, 2005 NTD data show the following: · Fares and other earned income accounted for about 51 percent of revenue, and virtually all of these funds are used for operations. · Local dedicated sources accounted for nearly 18 percent of revenue and came from the following: Sales taxes (57.5 percent), Property taxes (5.8 percent),