HomeMy WebLinkAboutAgenda - 04-04-2017 - 6-b - Davenport & Company Independent Financial Review of Go Triangle Durham-Orange Light Rail Transit Financial Plan 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: April 4, 2017
Action Agenda
Item No. 6-b
SUBJECT: Davenport & Company Independent Financial Review of GoTriangle Durham-
Orange Light Rail Transit Financial Plan
DEPARTMENT: County Manager's Office
ATTACHMENT(S): INFORMATION CONTACT:
Davenport Financial Model Review Travis Myren, 919-245-2300
Gary Donaldson, 919-245-2453
Ted Cole, Davenport, Senior VP
Mitch Brigulio, Davenport, VP
Chazzo Habliston, Davenport, Associate
VP
PURPOSE: To receive a presentation by Davenport & Company regarding the GoTriangle
Durham-Orange Light Rail Transit (D-O LRT) Financial Plan. The presentation will clarify the
total costs of the project, the financing mechanisms used to fund the project, and the financial
risks associated with the project including credit, cash flow, and any potential budget
implications. The cost share and transit tax assumptions used in the presentation are
presented for modeling purposes only. They have not been adopted for use in the final Transit
Plan. This information is intended to inform the Board's deliberations on the Orange County
Transit Plan (formerly the Bus and Rail Investment Plan) scheduled for consideration on April
27, 2017.
BACKGROUND: On December 5, 2016, the Board of County Commissioners directed the
County Manager to engage a consultant to conduct an independent financial review of the D-O
LRT Project and the financial plan used to demonstrate project's financial viability in the
context of the Orange County Transit Plan. The County executed an agreement with its
financial advisor, Davenport & Company, to review the financial model.
Since the initial request to independently review the financial plan, GoTriangle created a new
financial model that delineates revenue, expenditure, debt service coverage and cash flow by
county. The model also allows the counties to evaluate different cost share scenarios between
Durham and Orange County for the D-O LRT project. The cost share that was adopted as part
of the 2012 Bus and Rail Investment Plan allocated 77.05% of the capital cost of the project to
Durham County and 22.95% of the capital cost to Orange County. Operating costs were
allocated on a 76.05% share for Durham County and a 23.95% share for Orange County. The
Davenport analysis (attached) uses different cost share assumptions for capital and operating
costs in an effort to model the financial implications of using different cost allocations. Cost
share discussions between the two counties are ongoing and could produce a different
scenario than the one modeled in this analysis.
2
The presentation will clarify the total costs of the project, the financing mechanisms used to
fund the project, and the financial risks associated with the project including credit, cash flow,
and any potential budget implications.
FINANCIAL IMPACT: There is no financial impact associated with receiving this information.
The information is intended to inform the Board's consideration of the Orange County Transit
Plan which governs the use of transit taxes and fees generated in Orange County.
SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to
this item:
• GOAL: ENABLE FULL CIVIC PARTICIPATION
Ensure that Orange County residents are able to engage government through voting
and volunteering by eliminating disparities in participation and barriers to participation
Providing financial information to residents results in increased civic engagement.
RECOMMENDATION(S): The Manager recommends that the Board accept the Davenport
independent financial review as information.
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