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Rail Financial Capacity Report

Rail Financial Capacity Report

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Published by Craig Gima
A consulting company’s review says Honolulu has the financial capacity to build and operate a rail line from Kapolei to Ala Moana Center.
A consulting company’s review says Honolulu has the financial capacity to build and operate a rail line from Kapolei to Ala Moana Center.

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Published by: Craig Gima on Oct 05, 2012
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03/24/2014

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QPSUFS!'!BTTPDJBUFT-!JOD/
Financial Capacity Assessment Updateof theCity & County of Honolulufor theHonolulu High Capacity Transit Corridor Project
PREPARED FOR THE FEDERAL TRANSIT ADMINISTRATION
by Porter & Associates, Inc.under subcontract to Milligan & Company, LLCContract No. DTFT60-08-D-00008September 25, 2012Based on June 2012 Financial Plan
 
page 2prepared for the Federal Transit AdministrationSeptember 25, 2012
 ,
PORTER & ASSOCIATES, INC.
Table of Contents
Contents
1. Summary ...............................................................42. Scope of the Financial Capacity Assessment ...................6
2.1 PROJECT DESCRIPTION..................................................................................................... 62.2 PROJECT SPONSOR ........................................................................................................... 62.3 LIMITATIONS OF DATA AND THE REPORT ......................................................................... 9
3. Project Financing Plan .............................................10
3.1 PROJECT BUDGET............................................................................................................. 113.2 PROJECT CASH FLOW ...................................................................................................... 163.3 CAPACITY TO ACCOMMODATE HIGHER PROJECT COSTS ............................................. 18
4. Financial Condition .................................................20
4.1 TRANSIT OPERATIONS ...................................................................................................... 204.2 TRANSIT CAPITAL.............................................................................................................. 28
5. Financial Capability ................................................35
5.1 OPERATING FINANCIAL PLAN ........................................................................................... 36
5.1.1 Impact of the Project .................................................................................................365.1.2 Financial plan ...........................................................................................................375.1.3 Critique.....................................................................................................................43
5.2 CAPITAL FINANCIAL PLAN ................................................................................................ 44
5.2.1 Impact of the Project .................................................................................................445.2.2 Financial plan ...........................................................................................................455.2.3 Critique.....................................................................................................................48
6. Stress Tests ..........................................................497. Conclusions ..........................................................52Appendices ...........................................................53
A. SOURCES OF PROJECT FUNDS .......................................................................................... 54B. PROJECT COST ESTIMATE AT JUNE 2012 .......................................................................... 55C. TRANSIT OPERATING TREND, 2006-2011 .......................................................................... 56D. BASELINE CASH FLOW ....................................................................................................... 57
 
page 3prepared for the Federal Transit AdministrationSeptember 25, 2012
 ,
PORTER & ASSOCIATES, INC.
Glossary
Glossary of Abbreviations, Acronyms and Terms
BAN Bond anticipation noteCAFR Comprehensive Annual Financial ReportCAGR Compound Annual Growth Rate: the constant rate of change per year that, when appliedto the first value in a time series and each succeeding year, would yield the actual final valuein that series. Also known as the average annual rate of change.CIP Capital Improvement ProgramCOR Council on RevenuesCMAQ Congestion Mitigation and Air Quality ProgramDBOM Design-Build-Operate-Maintain, a type of procurementDTS City of Honolulu Transportation Services DepartmentFFGA Full Funding Grant AgreementFMOC Financial Management Oversight ContractorFTA Federal Transit AdministrationFTE Full-time equivalent employeeGAAP Generally accepted accounting principlesGAN Grant anticipation noteGDP Gross domestic productGET General excise tax G.O. General obligationHART Honolulu Authority for Rapid TransitHHCTCP Honolulu High Capacity Transit Corridor ProjectHTAX Hawaii Department of TaxationNew Starts Part of the §5309 program relating to the funding of new fixed guideway projectsNTD National Transit DatabasePMOC Project Management Oversight ContractorSCC Standard Cost Category, used in breakdowns of project cost§5307 Urbanized Area Formula Grant Programs§5309 Includes (1) Discretionary program to supplement formula funding for buses and bus-related facilities in both urbanized and rural areas; (2) discretionary program for new startsprojects; and (3) a formula funding program for fixed guideway modernization (FGM).TECP Tax-exempt commercial paperVRM Vehicle revenue mile YOE Year-of-Expenditure (denominates dollars in the year they are expended; contrast with
con-stant dollars 
, wherein dollars in multiple years are expressed in terms of their buying powerin a single year, e.g., 2010 dollars).

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