Item O09
Board of County Commissioners
Agenda Item Summary
Meeting Date: December 17, 2003
Bulk Item: Yes C No ri
Division: Board of County Commissioners
Department: George R. Neugent
AGENDA ITEM WORDING:
A proposed toll reduction of the Card Sound Road Toll discount tickets from $.40 per axle
to $.20 per axle. Purchases cost for drive-up would remain $1.00 based on a two axle
vehicle.
ITEM BACKGROUND:
Card Sound Toll Authority 401 Fund.
PREVIOUS RELEVANT BOCC ACTION:
CONTRACT I AGREEMENT CHANGES:
STAFF RECOMMENDATIONS:
TOTAL COST:
tJ{\
BUDGETED: YES C NO C
COST TO COUNTY: $
Source of Funds:
REVENUE PRODUCING: YES C NO C AMT PER MONTH:
YEAR:
APPROVED BY: COUNTY ATTY C OMS/PURCHASING C RISK MANAGEMENT C
APPROVAL: J;~/? c(:L~
Commissioner GEO R. NEUGENT
DISTRICT II
DOCUMENTATION: INCLUDED m TO FOllOW C NOT REQUIRED C
DISPosmON:
AGENDA ITEM #
0-9
MEMORANDUM
RE:
September 26, 2003
Commissioner George Neugent Ii), /
Dent Pierce, Director IPZ,V
Public Works Division L
Card Sound Toll Authority
DATE:
TO:
FROM:
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In response to your recent agenda item and request to review the possibility
of reducing the Card Sound Toll Tickets, I am hereby enclosing a spreadsheet
and analysis of the Card Sound Toll Fund.
As shown in these reports, annual toll revenue is about $1.2 million and
yearly expenditures are approximately $800,000. Revenue from the discount
toll tickets averages $280,090 per year or about 23% ,of the total annual .
revenue. wi~ ~ l'"\.t..&u..J-~ 't~ -to\l. .w~~ ~J....Q P'"'o&.,^-'-"- lU.~
I Iv\.. \\,. \..)e. C4.o ~ y: lV\\\\\~ ......, FI,,).....~ \;)~....~ "<L - .
Three major projects totaling over $ 5 million will begin in FY04. Once these
large capital expenditures have been made, approximately $1.2 million will-..
remain in unrestricted fund equityJcash and cash equivalents). This amount
- may not be sufficient to cover future projects, unforeseen repairs or possible
storm or hurricane damage.
Accordingly, it is staff's recommendation that there be no further reduction of
the toll tickets at this time. Upon completion of the upcoming major projects,
the fund could be reanalyzed to determine if any further reduction of the toll
tickets is possible at that point in time.
Should you have any questions or require any additional information, please
feel free to contact me.
CDP Ibpl
enclosures
cc: BOCe
Dale Enwall
Dave Koppel
Joe Medallion
James L. Roberts
CARD SOUND TOLL AUTHORITY
FUND 401
1) Toll revenue from all sources averages about $1.2 Million per year. Annual expenditures
are about $800,000 per year.
2) Revenue from the discount toll tickets averages about $280,000 per year, or 23% of total
toll revenues.
3) Current toll tickets have a face value of 40lt per axle, which is a 10lt discount.
4) An average of 700,000 toll tickets are redeemed each year.
5) For every 10ft that the toll tickets are reduced, annual revenue will decrease by
approximately $70,000.
6) The following major projects are expected to begin in FY04:
a. Card Sound Bridges at an estimated cost of $3.5 Million; V
b. CR90S /SRS to Ocean Reef Roadway Improvement Project - $549.038 v
(county match amount); and
c. C90S to County Line Roadway Improvement Project - $1.135.826 v
(county match amount).
7) FY03 Estimated Budget reflects a fund balance forward of $6,118,985 (FY02 Unrestricted
Fund Equity of $8,741,407 at 70%), with thirty percent (30%), or $2,622,422, left in reserves.
8) After calculating FY04 and FYOS proposed revenues and appropriations, including cost of
major bridge and roadway improvement costs, unrestricted fund equity is estimated at
$1.216.143. This amount is not sufficient to cover any future projects, unforeseen repairs or
possible storm or hurricane damage. ?
9) Staff recommends that any further reduction of the toll tickets be put on hold until
completion of the upcoming Card Sound bridges and roadway improvement projects.
10) Should the BOCC decide to reduce the toll tickets, staff recommends that the remaining 40Cl:
tickets be accepted without refunds. Refunding could cause accounting issues, and would be a
burden on the toll collectors.
1 1) Any change to the current 40ft toll ticket amount will require a public hearing to adopted an
Ordinance amending See. 16-4(b)(2) of the Monroe County Code.
9/26/03
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