Ballot question helps transit agency with funding
RFTA has received questions about the extent to which the passage of Proposition 110 could affect its need to pursue a 2.65-mill property tax within the boundaries of its regional members. RFTA’s Destination 2040 financing plan assumes, if Proposition 110 passes, that RFTA could receive $15 million in capital funding, which would cover 50 percent of the $30 million Glenwood Springs’ maintenance facility expansion project cost.
Aside from that amount, which RFTA already is assuming in its financing plan, there does not appear to be any dedicated revenue for RFTA. Proposition 110 would provide approximately $11 million per year for statewide discretionary multimodal projects, for which RFTA would need to compete. RFTA also understands that the Intermountain Transportation Planning region would receive approximately $2.5 million per year from Proposition 110 to divide up among eight transit systems (including RFTA), trails and other multimodal projects.
RFTA’s proposed 2.65-mill property tax will generate approximately $9 million. RFTA has 88 buses in its fleet that should be replaced every 14 years, costing between $500,000 and $750,000 each. RFTA’s Destination 2040 financing plan assumes that state and federal grants will offset approximately 25 percent of the cost of fleet replacement.
In order to replace its aging fleet, maintain its existing services and improve services and infrastructure in the future, RFTA will require significantly more revenue than it anticipates will be provided by Proposition 110 or other state and federal discretionary grants. That is why RFTA is proposing Ballot Question 7A.