Tysons Transportation Service District Rate Options
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Tysons Transportation Service District Rate Options

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Tysons Transportation Service District Rate Options

Tysons Transportation Service District Rate Options

Tysons Transportation Service District Advisory Board
April 3, 2013

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Tysons Transportation Service District Rate Options Tysons Transportation Service District Rate Options Presentation Transcript

  • Tysons Transportation Service District Rate Options Tysons Transportation Service District Advisory Board April 3, 2013 1
  • Recap March 18th Meeting • Stable rates - Proposed to remain unchanged for much of the life of the tax district • Modeled at $0.09 and $0.07 • Step rates - Proposed to start low and then increase annually to a longer term rate. Two models were provided: • Modeled by starting at $0.04 and increasing annually by $0.01 to $0.09 and • Modeled by starting at $0.04 and increasing annually by $0.01 to $0.07 • Both options included funding the $253 million requirements through Pay-Go and Bond Financing 2
  • Follow Up Request from March 18th Meeting – New Tax Rate Model • Created new model in response to Advisory Board requests to: • Model a closer relationship of revenue and expenditures • Evaluate reduction in tax rate in later years • Extend payoff period • Illustrate relationship with Dulles Rail Phase 1 Tax District • Conscious of 29 Cent Planning Cap 3
  • Modified Bell Curve Approach 4
  • Characteristics of Modified Bell Curve Approach Model Results • Payoff period finishes in 2048 • Reduces tax rates in last years • Most years at $0.06 tax rate • Increases gross tax revenue contributions • When combined with Dulles Rail Phase I, does not exceed $0.29 planning cap 5
  • Tax Rates for Bell Curve 6 $- $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 $0.08 $0.09 $0.10 $0.11 $0.12 $0.13 $0.14 $0.15 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 FY 34 FY 35 FY 36 FY 37 FY 38 FY 39 FY 40 FY 41 FY 42 FY 43 FY 44 FY 45 FY 46 FY 47 FY 48 FY 49 FY 50 FY 51 FY 52 FY 53
  • Annual Revenue Allocation for Bell Curve 7 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 $50,000,000 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 FY 34 FY 35 FY 36 FY 37 FY 38 FY 39 FY 40 FY 41 FY 42 FY 43 FY 44 FY 45 FY 46 FY 47 FY 48 FY 49 FY 50 FY 51 FY 52 FY 53 Net Bond Proceeds (Balanced) Annual Residual Aggregate Debt Service Tax Revenue Provided for Pay-Go
  • Cumulative Dulles Rail Phase I & Bell Curve Tax Rates 8 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 FY 34 FY 35 FY 36 FY 37 FY 38 FY 39 FY 40 FY 41 FY 42 FY 43 FY 44 FY 45 FY 46 FY 47 FY 48 FY 49 FY 50 FY 51 FY 52 FY 53
  • Summary of Tax Rate Models Criteria 9 Stable 7 Stable 4 to 9 Step 4 to 7 Step 4 to 7 Bell Curve Total Tax Revenue Needed* $323.3m $336.4m $328.0m $349.5m $412.5m Final Tax Year 2035 2040 2036 2041 2048 Maximum Cumulative Deficit $3.8m $8.8m $12.9m $12.9m $10.2m Number Years in Deficit 4 8 8 9 9 9 * Includes Pay-Go, Bond Debt Service, and use of reserves/early debt payments
  • Use of Tax Revenue (inmillions) 9 Stable 7 Stable 4 to 9 Step 4 to 7 Step 4 to 7 Bell Curve Pay-Go $88.5 $68.8 $76.7 $64.6 $68.6 Aggregate Debt Service $88.3 $163.6 $105.7 $180.6 $238.2 Use of Residual Fund Balance $146.5 $104 $145.6 $104.3 $105.7 Gross Tax Revenue $323.3 $336.4 $328 $349.5 $412.5 10
  • FY 2014 Budget Calendar • Public Hearings – FY 2014 Budget • Tuesday April 9th begins at 6pm • Wednesday April 10th begins at 3pm • Thursday April 11th begins at 3pm • Budget Markup - April 23, 2013 • Budget Adoption - April 30, 2013 • FY 2014 – July 1, 2013 • Adoption of a Service District Tax Rate for FY 2014 only has a ½ year rate collection impact • July 2013 collections excluded, December 2013 included 11
  • Questions? 12