2018-165 Transportation Plan - Laserfiche WebLink

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Fiscal Sustainability Strategy for Kittitas County Public Works 20-Year Transportation Improvement Program I Final Report: May 22, 2018 Executive Summary This letter report assesses Kittitas County's (the County's) historical transportation improvement program and its future operating and capital needs. We present the funding gap between expected revenues and future needs and provide strategies to balance future revenues; operating, maintenance, and preservation expenses; and capital projects. The County's goals are to fill the anticipated 20-year funding gap, provide safe roads and bridges, and better align beneficiaries and those who are paying. This report recognizes that any funding strategy must balance these goals against developing sustainable revenue sources that are feasible for the County to implement. Based on historical revenues, we project the following: • The County can expect approximately $207 million in transportation revenues over the 20-year planning period between 2018 and 2037 (in 2018 dollars), including $60 million in the 6-year period. • Out of the $207 million in projected revenues over 20 years, approximately $77 million comes from assumed awards from federal and state grants and Road Fund allocations to match those grants, which are capital-restricted funds. This leaves $130 million in available revenues for operating expenditures. This estimate assumes that the County can successfully secure grant awards. • The County faces approximately $171 million in total operating and maintenance and preservation costs, which include the costs of maintaining, preserving, and operating current roads, bridges, and facilities. • This means the County faces a $41 million deficit in operating revenues over 20 years. • On the capital side, the $77 million available for the prioritized capital projects over the life of this plan is not sufficient to complete the $127 million of projects on the County's prioritized project list. • The County faces an additional $50 million deficit in revenues for capital projects. Together, the County faces a $91 million deficit in operating and capital costs. Key figures to summarize the County's financial capacity are highlighted in Exhibit 1 below. ! ~II May 22, 2018 Kittitas County Public Works I 20-Year TIP Fiscal Sustainability Strategy : Final Report