Los Angeles C Los Angeles County Metropolitan unty Metropolitan Transportation Authority ansportation Authority Los Angeles Regional Investors Conference, February 26-27, 2014 Nalini Ahuja ‐ Executive Director, Finance and Budget Donna R. Mills – Treasurer
At a Glance Metro Operates the 3rd Metro Operates the 3rd Largest Transportation System in the U.S. Largest T ansportation System in the U.S. Completely clean-air fleet of over 2,200 Compressed Natural Gas buses • 87 miles of Metro Rail – 83 stations • Approximately 1.1 million bus and 360,000 rail passengers each weekday • Metro Rapid Bus • 535 HOV lane miles • Service area of 1,433 square miles • 1
At a Glance The Extensive Bus System The Extensive Bus System Service in L.A. County as well as portions of Orange and Ventura Counties • Second largest bus system in the U.S. • Nearly 360 million boardings in FY13 • Twenty-five Metro Rapid corridors • Over 400 miles of express routes throughout the County – Buses have traffic signal priority and fewer stops to speed transit – The Metro Orange Line • 18-mile Bus Rapid Transit service that operates along an exclusive right-of way – Transports thousands of commuters between Warner Center in the west San Fernando – Valley and the Chatsworth Amtrak/Metrolink Station to the North and the Metro Red Line subway station in North Hollywood The Metro Silver Line • Express Bus service stretching over 26 miles from El Monte Station to Harbor Gateway – Transit Center 2
At a Glance The Rail System Currently Consists of Six Rail Lines The Rail System Currently C nsists of Six Rail Lines Four light rail lines • Blue, Green, Gold, and Exposition serving 67 stations along 70.3 miles – of track. Two subway lines • Red and Purple, serving 16 stations along 17.4 miles of track. – Projects under construction • Expo 2 to Santa Monica – Gold Line Foothill Extension – Crenshaw/LAX Transit Corridor – Regional Connector – Westside Subway Extension Phase One – 3
At a Glance The Rail System Currently Consists of Six Rail Lines The Rail System Currently C nsists of Six Rail Lines 4
At a Glance Other Major Transportation Projects Across the C Other Major T ansportation Projects Across the County unty Highway System Improvements • Freeway construction improvements- interchanges, widening and sound walls. – High Occupancy Vehicle (HOV) lane program, in cooperation with Caltrans, funded through a – combination of federal, State and local resources. Metro ExpressLanes, a pilot program on I-10 and I-110 overseen by Metro, Caltrans and several other – mobility partners to convert HOV lanes to High Occupancy Toll (HOT) lanes. Accelerated Regional Transportation Improvements (ARTI) P3 Project. – Metrolink Commuter Rail Line Fund Assistance • Funding partner with four other participating counties – Seven lines, totaling 512 miles and 55 stations. – Service to Riverside, Ventura, Orange, San Bernardino and San Diego counties. – Other Metro Funded Projects • Freeway service patrols – Over 100 local return and non-profit agencies providing community based transportation . – 5
At a Glance Metro’s Public Support Metro’s Public Support Proposition A Proposition A • ½ cent sales tax approved by voters in November 1980 with no sunset • Since inception, Proposition A has provided more than $14.4 billion for transportation funding 1 Proposition C Proposition C • ½ cent sales tax approved by voters in November 1990 with no sunset • Since inception, Proposition C has provided more than $11.7 billion for transportation funding 1 Measure R Measure R • ½ cent sales tax approved by voters in November 2008 with 2/3 majority • 30-year sales tax expiring in 2039 • Commits a projected $34.5 billion to traffic relief and transportation upgrades 1 Through FY2013 – Sales tax revenues less administrative fees paid to the State Board of Equalization 6
At a Glance Proposition A Proposition A Sales T Sales Tax Revenues ax Revenues $800.0 $700.0 $600.0 $500.0 $400.0 $300.0 $200.0 $100.0 $ ‐ 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 *Proposition C and Measure R Revenues are historically similar to Proposition A Revenues 7
LOOKING FORWARD LOOKING FORWARD
Long Range Planning 2009 2009 Long Range T Long Range Transportation ansportation Plan Plan May 2013 Update May 2013 Update Summary of Sources Summary of Sources Mea Measure R R $ 34.6 B $ 34. 14.3% 14.3% Feder Federal $ 34.5 B $ 34. 14.3% 14.3% Local Loca $ 135.1 B $ 135.1 55. 55.9% State State $ 37.3 B $ 37. 15.5% 15.5% $241.5 $241.5 Billion To Billion Total l FY 2013 2013 – FY Y 2040 2040 9
Measure R 2008 V 2008 Voters Approved ters Approved Allocation Allocation of Measure of Measure R Revenues R Revenues • Half-cent tax on all taxable sales throughout Los Angeles Rail Operations Metro Rail Capital County 5% 2% Local Return • Taxes are allocated to be spent on specific project needs 15% Rail and/or Bus and operational purposes as set forth on the right Capital Metrolink 35% 3% • Bondholders benefit from a pledge of 85% of all Sales Tax Collections Bus Operations 20% Highway Capital 20% 10
Measure R Ten Largest T en Largest Transit and Highway Projects ansit and Highway Projects Estimated Cost Opening Project (in $Millions) Year Exposition Blvd. LRT Phase II $1,511 FY 2017 Gold Line Foothill LRT Extension 786 FY 2017 Crenshaw/LAX Transit Corridor 2,058 FY 2020 Regional Connector 1,399 FY 2021 Westside Subway Extension – Segment 1 2,861 FY 2023 Largest Transit Projects Subtotal $8,615 I-405 North Carpool Lanes from I-10 to US-101 $1,149 FY 2014 I-5 North Carpool Lanes from State Route 170 to State Route 134 608 FY 2016 I-5 South from Orange County Line to I-605 (includes Carmenita Interchange) 1,894 FY 2017 I-10 Carpool Lanes from I-605 to State Route 57 578 FY 2018 Alameda Corridor East 1,446 FY 2012+ Largest Highway Projects Subtotal $5,675 GR GRAND TOTAL TOTAL $14,290 $14,29 (As of May 2013) 11
Measure R Transit Capital Plan 12
Measure R Highway Plans 13
Long Range Planning Metro C Metro Continues to Issue and Seek New F ntinues to Issue and Seek New Funding unding New capital projects will be funded through Measure R subject to the • Long Range Transportation Plan Metro continues to seek alternative funding sources for various projects • Secured a $545.9 million TIFIA loan for the Crenshaw/LAX transit corridor – In final negotiations for $160 million TIFIA loan for Regional Connector project plus – FFGA Application in progress for $856 million Phase One of Westside Subway Extension – Metro issued $320 million of Proposition C new money bonds in • calendar 2013, for two to three years of capital funding for highways. 14
CREDIT AND DEBT CREDIT AND DEBT CHARACTERISTICS CHARACTERISTICS
Metro Credit Debt Policy Guides Future Debt Issuance Debt Policy Guides F uture Debt Issuance Measure R Debt Affordability T Measure R Debt Affordability Targets and Policy Limits rgets and Policy Limits Category tegory Allowable Uses & Allowa ble Uses & Status Status Debt Policy Debt Policy Maximum Maximum 87% of MR Transit Capital – Transit Capital 35% – New Rail New Rail and/or Bus Rapid Transit. Initial issuance occurred in New Rail and/ or Bus Rapid and/or Bus Rapid Transit CY2010. Transit revenues. Transit Capital 3% – Metrolink Capital Operations, Maintenance and Expansion for system improvements, 87% of MR Transit Capital – Improvement Projects Within LA rail yards and rail cars. Currently no debt service. Issuance likely in Metrolink Capital County the future. Improvements in LA County. Transit Capital 2% – Metro Rail System improvements, rail yards and rail cars. Initial issuance 87% of MR Transit Capital – Capital 87% of MR Transit Capital occurred in CY2010. Metro Rail Capital Carpool lanes, highways, goods movement, grade separations and Highway Capital 20% – 60% of MR Highway Capital soundwalls. Currently no debt service. Issuance likely in the future. Rail operations for new transit project operations and maintenance. Operations 5% – Rail Operations No debt issuance. Currently no debt service. No debt issuance permitted. Bus operations for countywide bus service and maintenance. Operations 20% – Bus Operations No debt issuance. Currently no debt service. No debt issuance permitted. Major street resurfacing, rehabilitation and reconstruction; pothole repair; left turn signals; bikeways, pedestrian improvements; Local Return 15% – N/A streetscapes; signal synchronization; and transit. Distributed to localities based on population. 16
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