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92 Table 35. Cost and revenue for cordon and parking pricing systems ($ million)*. Cordon Pricing Parking Pricing London Oslo Stockholm Milan Westminster Average over Average over 2006 2008 Average over FY 20042007 20032008 FY 20042008 Operating $431.3 $202.5 $111.5 $17.0 $136.0 revenue Operating costs $238.5 $21.6 $32.2 $9.2 $76.7 Non-operating $31.9 $62.5 $7.3 costs Operating 55.4% 10.6% 39.9% 53.9% 56.6% costs/revenue Gross margin 44.6% 89.4% 60.7% 46.1% 43.4% * To convert from foreign currencies to the U.S. dollars, the exchange rates at the end of each year were used. pricing system in Westminster. Financial data for the other 5.3 Comparison Between cordon systems are based on a single year and on an analysis of Revenue Systems pilot programs. In the case of Stockholm, the financial data are only available for 2006, although the pilot program has been For the purpose of examining costs incurred across revenue extended, while the financial data presented for Milan are for systems, the analysis performed in this section focuses on cost 2008. Based on this sample of the cordon pricing systems, oper- comparisons between the three revenue systems. Considering ating revenues and operating costs averaged $191 million and the fact that only 1-year cost data exist for the VMT fees, the cost $75 million, respectively. Moreover, operating costs as a per- comparison primarily focuses on the last historical year (2007) centage of revenues averaged approximately 38.7%. for which data are available for all three systems. Using the aver- Although three parking pricing systems are presented in age costs calculated over states for fuel taxes, tolling agencies, this report, the financial data are only available for the West- and providers of VMT fees for 2007 in the cost comparison minster system. As shown in Table 35, operating revenues analysis avoids the potential pitfalls caused by missing cost data and operating costs for the Westminster parking pricing sys- and differing time series data, thereby enhancing accuracy and tem averaged $136 million and $77 million, respectively, over ensuring data comparability for revenue-generation systems. fiscal years 2004 to 2008. Thus, the average operating costs as Based on the results presented in Table 36, the following a percentage of revenues were 56.6% over fiscal years 2004 to observations can be made for costs of operating the five 2008. revenue-generating systems: Table 36. Cost comparison between revenue systems. Fuel Taxes1 Tolling1 VMT Fees2 Cordon Pricing Parking Pricing Average Cost Average Cost over Average Cost over Average Cost over Cost of Single over States Agencies Providers Providers Provider $ per lane mile $50 $150,595 $4,042 N/A N/A $ per centerline mile 108 829,991 8,245 N/A N/A $ per 1,000 VMT 0.10 38.58 6.26 N/A N/A $ per vehicle 1.22 N/A 75.16 N/A N/A $ per transaction N/A 0.54 6.95 N/A N/A % of total revenue3 0.92% 33.5% 6.6% 38.7% 56.6% Gross income over total revenues (gross margin 99.1% 66.5% 93.4% 61.3% 43.4% in %) (1) For the fuel tax, tolling, and cordon pricing systems, data were collected from 2003 to 2007. To make a consistent and accurate comparison between the alternative revenue systems, only 2007 data were used in developing these averages. (2) For the VMT fee systems, there is only one-year data available for comparison, and it is based on the revenue forecast to be collected in the Netherlands. (3) System-generated revenues only.