Debt Service & Metro FY 2019 PROPOSED BUDGET HIGHLIGHTS Fund 101 County Board Work Session April 5, 2018
Metro Operating Budget Overview • Total WMATA FY 2019 operating budget of $1.8 billion (+3%) • $73 million Arlington County share of subsidy (+3%) • No fare increases or service reductions • $12 million of management actions to reduce costs and improve efficiency • General Fund increase of 12% due to reduction of “one-time” funds used in FY 2018 1
Summary of Metro Capital Budget With $ h $500 Mi Millio ion D Dedic dicated F d Funding unding Witho hout $ $500 Mi Millio ion D Dedic dicated F d Funding unding Arlington Arlington 1,600 1,800 Sha hare 82 82 79 79 32 32 32 32 32 32 34 34 Sha hare 34 34 75 75 33 33 1,600 1,400 6 61 61 18 47 68 36 18 6 36 34 57 57 59 59 1,400 317 1,200 68 317 317 317 317 325 317 317 47 311 34 1,200 317 1,000 $ Millions $ Millions 311 325 297 297 1,000 297 297 297 297 297 297 297 800 297 800 297 297 600 600 462 462 462 470 462 453 930 400 893 850 400 693 637 631 200 200 245 252 224 231 237 217 0 0 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 Jurisdictions Dedicated Funding PRIIA (Fed & State) Federal MWAA / Other Jurisdictions PRIIA (Fed & State) Federal MWAA / Other • Total Metro FY 2019 capital budget of $1.3 billion • Tentatively, $500 Million of dedicated funding may be approved by DC/MD/VA beginning in FY 2019 • With dedicated funding, FY 2019 Arlington Subsidy is $33 million • $20 million jurisdictional subsidy & $13 million local share of new dedicated funding source • If dedicated funding is not approved, FY 2019 Arlington subsidy is $59 million • County only has enough Bonds and State Aid to meet $28 million of this ask • County could consider “opting-in” to a Metro bond sale to meet the remaining $31 million need
Summary of Metro Capital Budget Arling lington's W WMA MATA S Subs bsidy idy With & h & Witho hout a a Dedic edicated ed F Fund nding ing S Sour urce 90 80 70 60 $ Millions 50 82 40 79 75 33.7 33.7 32.7 32.7 31.7 31.7 68 61 30 7.2 7.2 59 7.2 8.2 57 7.2 7.2 4.5 4.5 4.5 4.5 4.5 4.5 20 22 22 10 21 21 20 20 20 18 15 0 FY FY FY FY FY FY FY FY FY FY 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Base Subsidy w Dedicated Redirected 30% Revenues Additional Local Funds Base Subsidy w/o Dedicated Impact to Arlington of New Dedicated Funding Proposal • Redirected 30% Revenues are a reduction in future TCF annual revenues • Additional Local Funds can come from any local funding source. To be addressed in FY 2019 – FY 2028 Capital Improvement Plan
Summary of Metro Capital Budget Impact o on n TCF CF - NVTA L Local l 30% 30% R Revenues 16.00 14.00 12.00 Funding that will go 3.45 3.36 3.28 3.20 directly to Metro 3.12 3.06 $ Millions 10.00 1.40 1.40 8.2 1.40 1.40 1.40 7.2 1.40 7.2 7.2 8.00 Additional Local Funds 7.2 7.2 (required from any local 6.00 funding source) 8.72 8.46 8.22 4.00 7.98 7.78 7.59 2.00 - FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Sales Grantors (Dedicated) TOT (Dedicated) Additional Local Funds
Debt Service Overview F Y 17 F Y 18 F Y 19 Actual Adopted Proposed Principal 44,712,972 41,644,012 43,670,189 Interest 17,323,432 22,981,617 25,792,094 Other 26,953 125,000 125,000 Total Expenditures 62,063,358 64,750,629 69,587,282 Less: Debt Service Supported by AHIF (1,788,192) (1,786,284) (1,787,282) Total Non-AHIF Supported Debt Service 60,275,165 62,964,345 67,800,000 • FY 2019 debt service budget is $67.8 million • Includes debt service on a planned issuance of $80 million of general obligation bonds for County projects in June 2018. Request to come before the Board in May. • Projects include: Lubber Run Parks Maintenance Facilities Safe Routes to Paving Community Center Capital Maintenance Capital Schools Critical Systems Fleet Elementary BikeArlington Bridge Renovation WMATA Infrastructure Parking Deck Parks Land Other Approved WalkArlington Trail Maintenance Jennie Dean Park Acquisition County Projects 5
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