This document discusses tax rate options for the Tysons Transportation Service District for Fiscal Year 2016. It summarizes the district's budget and projects from FY 2015, and presents a modified bell curve approach for funding transportation improvements over multiple decades. Staff recommends increasing the tax rate from $0.04 to $0.05 per $100 of assessed value to fund preliminary engineering and design work for several road widening projects while keeping future rate increases small. The advisory board will make a recommendation on the FY 2016 tax rate at their April 2 meeting.

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Tysons Transportation
Service District FY 2016 Tax Rate Discussion
Tysons Transportation Service District Advisory Board
March 19, 2015

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Today’s Presentation
• Review this year’s timeline for a FY 2016 tax rate recommendation
to the Board of Supervisors
• Summary of FY 2015 Adopted Budget “Modified Bell Curve” (MBC)
approach to address the service district’s obligation
• Service district overview using January 1, 2015 (FY 2016) assessed
values and 2014 assumptions for project costs and scheduling
• Service district taxes collected to date
• Tax rate options for FY 2016

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Spring 2015 Timeline/Recommendation
Date Item
February 17 County Executive’s FY 2016 proposed budget;
service district rate proposed at $0.05
March 3 Board approved advertising a service district tax rate at $0.05, as part of the
Tax Rate Resolution1
March 12 First meeting of the Tysons Transportation Service District Advisory Board
(TTSDAB)
March 19 Second meeting of the TTSDAB
April 2 Last meeting of the TTSDAB
Recommendation due for FY 2016 service district tax rate
April 7‐9 Public Hearings on FY 2016 Budget and Tax Rates
April 21 FY 2016 Budget Mark‐up
April 28 Board Adoption of FY 2016 Budget and Service district tax rate is included
as part of FY 2016 Budget Adoption
1. After advertisement, the Board can only adopt a rate equal to, or lower than the advertised rate.

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Recap of Last Year’s (FY 2015) Modified Bell Curve
(MBC) Approach Characteristics
Model Results
• Payoff period finishes in 2048
• Rate ramps up in early years
• 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
• FY 2015 Advertised Budget included an increase from $0.04 to $0.05
• Advisory board recommended a rate of $0.04 for FY 2015
• Service district rate remained at $0.04 as part of the Fairfax County Board’s
FY 2015 Adopted Budget Plan

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Recap of Tax Rates for MBC per FY 2015 Adopted Plan
$‐
$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

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Annual Revenue Allocation for MBC per FY 2015
Adopted Plan w/ FY 2016 AV
Bond Sale 1: FY 2024, $23.7M
Bond Sale 2: FY 2028, $76.4M
Bond Sale 3: FY 2031, $85.9M
Total Bond Sale = $186.1M
$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
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 Fix
Annual Residual
Aggregate Debt Service
Tax Revenue Provided for Pay‐Go
1
1
3
2
2
3

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$0.04
$0.04
$0.05
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.07
$0.07
$0.07
$0.07
$0.07
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.05
$0.05
$0.22
$0.21
$0.21
$0.19
$0.18
$0.18
$0.17
$0.16
$0.16
$0.14
$0.13
$0.12
$0.12
$0.11
$0.11
$0.10
$0.10
$‐
$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
Cumulative Dulles Rail Phase I* & FY 2015 MBC Tax Rates
Dulles Rail Phase I Tax
District
Tysons Transportation
Service District
*$0.19 rate for FY 2016 per Rail 1 Advisory Board & Commission, subject to final BOS approval; out year
tax rates assume 3% growth and subject to annual review.

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1. Equalization and growth.
2. Board advertised at $0.05.
3. As recommended by the Phase 1 Tax District Advisory Board to reduce from $0.21 to $0.19 for FY 2016 on 3/11/15. Confirmed
by the Phase 1 Tax District Commission on 3/17/15. Subject to final approval by the Board of Supervisors via Budget Adoption.
Changes From FY 2015 to FY 2016
Fiscal Year 2015 2016
Assessed Value $12,371,383,710 $12,834,223,566
AV Growth over prior year 3.5% 3.74%1
Tysons District Tax Rate
Per $100 AV
$0.04 $0.052
Dulles Rail Phase I Tax Rate
Per $100 AV
$0.21 $0.193
Combined Tax Rate
Per $100 AV
$0.25 $0.24
Cumulative Tax Rate
Revenues Collected to Date
~$7.26M

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Key Statistics
FY 2015
Adopted MBC
Plan2
FY 2015 Adopted
MBC Plan w/
updated AV
(as of 1/1/15) 2
FY 2015 Adopted
MBC Plan w/
updated AV
(as of 1/1/15) 2
Total Tax Revenue
Needed1 $406.2m $403.2m $404.9m
Final Tax Year 2047 2047 2047
Maximum
Cumulative Deficit
$12.4m $12.1m $14.5m
Years in Deficit 9 9 9
1. Includes finance charges
2. FY 2015 Adopted MBC Plan has a rate of $0.04 in FY 2015; assumes $0.05 in FY 2016 and $0.06 in
FY 2017
5cents 4cents

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Tax Rate Model Options Annual Deficit / Surplus
($20,000,000)
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
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 2015 Adopted Plan
FY 2016 Adopted Plan with FY 2016 Updated AV; 4 Cents Tax Rate in FY 2015, 5 Cents Tax Rate in FY 2016 and 6 Cents Tax Rate in FY 2017

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Residential Homeowner Annual Bill ‐ Change
from FY 2015 to FY 2016
FY 2015
Assessed
Value
FY 2015 Tax
Bill1
FY 2016
Assessed
Value2
FY 2016 Tax
Bill1
Change from
FY 2015 to
FY 2016
$300,000 $120 $313,890 $157 $37
$400,000 $160 $418,852 $209 $49
$500,000 $200 $523,150 $262 $62
$600,000 $240 $627,780 $314 $74
$700,000 $280 $732,410 $366 $86
$800,000 $320 $837,040 $419 $99
$900,000 $360 $941,670 $471 $111
$1,000,000 $400 $1,046,300 $523 $123
1. FY 2015 Adopted MBC Plan has a rate of $0.04 in FY 2015, assumes $0.05 in FY 2016 and $0.06 in FY
2017
2. Residential AV equalization growth of 4.63% from FY 2015 to FY 2016

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TysonsTysons
• $2,362,312 – collected in FY 2014.
• $4,900,819 – collected to date in FY 2015.
• $7,263,131 – estimate of total cash collected through FY 2015.
($ 726,313) – less 10% for Debt Service Reserve1 (DSR).
$6,536,818 – estimated cash available for projects at the end of
FY 2015. No revenues expended to date.
Service District Collections to Date
[1] Cash funding DSR, instead of financing, provides for lower debt service payments.

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TysonsTysons
Near‐term Uses of Available Service District
Revenues
Phase I Tysons‐Wide Roadway Projects
*Staff proposes allocating available revenues to PE/Design for all
projects below.
Project
ID
Project Description Approx Cost of
PE/Design
Approx Cost of
ROW/Utilities
Approx Cost
of
Construction
#1 Route 7 Widening
(Route 123 to I‐495) $2,200,000 $7,700,000 $12,100,000
#11 Route 123 Widening
(Old Courthouse
Road to Route 7)
$2,250,000 $7,500,000 $13,000,000
#10 Route 123 Widening
(Route 7 to I‐495) $2,000,000 $32,500,000 $11,500,000

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Staff Recommendation and Notes on Service
District Projections
• Staff recommends a one cent increase from the FY 2015 tax rate of
$0.04 to $0.05 in FY 2016 which is in‐line with MBC Plan
• Although actual AV growth has been greater than projected,
continued growth at that magnitude is not guaranteed
• Two years of tax collections does not indicate a long‐term growth
trend
• Small increases to tax rate in early years protects against potential
larger increases in future years
• Rate increase in FY 2016 allows for projects to keep with schedule
shown in the cash flow.

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April 2 Meeting
• Address any requests for follow‐up information.
• Continued discussion of FY 2016 service district rate.
• Recommendation of FY 2016 service district rate, or decide tonight.

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Questions?