File #: ACT 21 -259    Version: 1 Name:
Type: Miscellaneous Item Status: Passed
File created: 3/21/2021 In control: Executive Board
On agenda: 4/21/2021 Final action: 4/21/2021
Title: Wake County Transit Plan Update - Consideration of Adoption Bret Martin, MPO Staff
Indexes: Transit, wake transit
Attachments: 1. Staff Report, 2. Attachment A - Wake Transit Plan Update Comment Period Engagement Report, 3. Wake County Transit Plan Update - Public Review Draft, 4. Appendix A - Major Capital Cost and Schedule Feasibility Memo, 5. Appendix B - Transit Market Reassessment Report, 6. Appendix C - Recommended Financial Assumptions for Wake Transit Plan Update, 7. Appendix D - Project Prioritization-Reprogramming Guidance Memo, 8. Appendix E - FYs 21-30 Programming of Wake Transit Plan Update Investments, 9. Appendix F - Wake Transit Plan Update Community Engagement Report, 10. Appendix G - Post-2030 Unconstrained High-Capacity Transit Corridors
Title
Wake County Transit Plan Update - Consideration of Adoption
Bret Martin, MPO Staff

Body
In August of 2019, CAMPO kicked off the development of the Wake Transit Vision Plan Update, which is a tune-up of certain assumptions made in the original Wake County Transit Plan and an extension of the planning horizon for the Wake County Transit Plan from 2027 to 2030. The primary steps taken to update the plan have included a reassessment of cost and schedule feasibility assumptions for major capital projects, producing an updated countywide transit market reassessment, reassessing our financial capacity for transit investments through 2030, soliciting public and stakeholder input on investment priorities, prioritizing investments, and reprogramming investments through the new 2030 horizon.

Due to the economic uncertainty surrounding the COVID-19 pandemic, our forecasting of revenues through 2030 changed significantly from pre-pandemic conditions. Our final financial outlook for the plan involves projected revenue reductions through 2030 when compared to more optimistic assumptions that preceded the onset of the pandemic. When combined with increased cost assumptions for many of the significant capital projects envisioned in the original Wake County Transit Plan (e.g., BRT and commuter rail), the refreshed financial outlook reveals that the revenues collected during the three (3) years to be added to the planning horizon will likely need to be used to rebalance expenditures previously programmed through 2027. The final financial outlook also reveals that some cuts to planned expenditures within the 2030 horizon are necessary such that some investments that were previously planned within the 2027 horizon will need to be deferred beyond 2030. The best way to characterize the overall financial impact is that some of the investments envisioned in the original Wake County Transit Plan to be delivered by 2027 will likely need to be delayed by up to a few years. Accord...

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