Quote:
Originally Posted by Novacek
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TexRail is planning to receive 10% (around $96 Million) from the Texas Mobility Fund. I'm not sure those funds have been received yet. ???
The Texas Mobility Fund revenue sources is from TXDOT selling bonds. As of August 31, 2015, $9.1 Billion of bonds have been issued. The Mobility Fund program is currently established in the aggregate principal amount of $7.5 billion outstanding at any one time. As of Aug. 31, 2015, the principal amount of debt outstanding is $6.4 billion.
For the FY ending August 31, 2015, here's what the Texas Mobility Fund spent its money on:
Transportation $147,483,000
Capital Outlay $59,631,000
Principal on State Bonds $62,355,000
Interest on State Bonds $258,358,000
Other Financing Fees $8,199,000
Total Expenditures $536,026,000
More money in the FY ending on August 31, 2015 was spent paying off the bonds than actually being used for transportation projects, at a 3 to 2 ratio (60% to 40%)
Debt Service $320,713,000
Capital Projects $215,313,000
I suggest the only people getting rich from the Texas Mobility Fund are the bondholders.
I don't believe a $3 Billion plus in total Lone Star Rail and the Freight bypass projects can be financed by it without other sources of local revenues.
Let's take your TexRail example as an example.
(2012 data)
Federal: (58%)
Section 5309 New Starts $479.56 (50.0%)
Section 5309 Bus/Bus Facilities $4.00 (0.4%)
FHWA Flexible Funds (CMAQ) $70.30 (7.4%)
FHWA Flexible Funds (STP) $2.0 (0.2%)
State: (10%)
Texas Mobility Funds $96.31 (10.0%)
Local: (32%)
The T’s Dedicated Sales Tax $138.86 (14.5%)
City of Grapevine Sales Tax $77.26 (8.1%)
Tarrant County Bonds $20.00 (2.1%)
Vehicle Capital Lease Proceeds $70.84 (7.3%)
Total: $959.13 (100.0%)
Therefore, Lone Star Rail will have to find around 32%-33% of its capital costs as well, and at a $3 Billion project, they're going to have to find around $1 Billion in local funding.