WAKE FOREST PUBLIC TRANSIT PLAN
according to published criteria. For transit projects these include Safety & Security, Rider Experience, Connectivity, Improves Facilities, Reliability Improvements, Benefit/Cost, and Planning Consistency.
FEDERAL GRANTS FOR BUSES AND BUS FACILITIES FORMULA PROGRAM – 5339(A) AND URBANIZED AREA FORMULA GRANTS – 5307 The 5339 program provides funding to states and transit agencies through a statutory formula to replace, rehabilitate and purchases buses and equipment to construct bus-related facilities. The 5307 program provides funds for operating transit service, including bus purchases and stop improvements. These formula-based programs could be a source of funds to support eligible capital and operating expenses related to the Town of Wake Forest’s planned transit service, however, coordination with an eligible recipient (i.e. the transit agency) will be necessary. FAREBOX RECOVERY FEASIBLITY The project team recommends a free fare for riders on the circulator, however, for the planning study an estimate of potential revenue from adding a fare to the service was developed. The project team assumed a range of potential farebox recovery rates for the service. From a low rate of 10%, medium 15%, and high 35%. This range is based on average farebox recovery rates for transit systems across the county. The national average farebox recovery in 2021 was 12.8%, a recently low rate due to impacts of the COVID-19 pandemic. 6 In 2019, the national average farebox recovery was 32.3%. 7 Table 11 summarizes the potential net annual operating cost for each of the circulator routes at low, medium, and high farebox recovery rates. If a fare is implemented on the 60-minute circulator service, the operating cost could be reduced from $1,007,000 to between $654,500 to $906,300. Table 11: Potential Circulator Farebox Recovery 60-minute Frequency 30-minute Frequency East Loop West Loop 1 Total East Loop West Loop 1 Total Gross Annual Operating Cost $550,000 $457,000 $1,007,000 $1,100,000 $913,000 $2,013,000 Low Recovery Net Annual Operating Cost $495,000 $411,300 $906,300 $990,000 $821,700 $1,811,700
Medium Recovery Net Annual Operating Cost High Recovery Net Annual Operating Cost
$855,950
$1,711,050
$467,500
$388,450
$935,000
$776,050
$654,550
$1,308,450
$357,500
$297,050
$715,000
$593,450
1 Cost for West Loop to the Town of Wake Forest (minus the City of Raleigh’s portion – 17%)
6 2021 National Transit Summaries and Trends , https://www.transit.dot.gov/ntd/data-product/2021-national-transit-summaries-and-trends-ntst 7 2019 National Transit Summaries and Trends, https://www.transit.dot.gov/ntd/2019-national-transit-summaries-and-trends-ntst
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