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6 <br /> Section X Notes: <br /> (1)Sales tax revenue is higher than anticipated for 2016 budget. Projected growth from 2016 to 2021 is a <br /> conservative 3% per year. <br /> (2) Farebox actual revenues have continued to decrease over the past few years;therefore 2017 estimated <br /> projections have decreased and remain flat until 2021. <br /> (3)There is no anticipated growth in sales tax mitigation, Everett Station revenue and other miscellaneous <br /> revenues from 201-2021. <br /> (4)The application of FTA grant funds to vehicle preventive maintenance is included in the PSRC TIP for the <br /> years 2015-2017. <br /> (5)There is a significant growth in State operating grants for 2016-2019. <br /> (A) Costs are expected to grow at an average rate of 4% per year through 2020. <br /> (B) Everett Transit and Community Transit entered into an interlocal agreement from December 2007 <br /> through December 2022 to share sales and use tax at':0 005%of sales and use activity in the City of Everett. <br /> This tax share therefore fluctuates according to sale anduse activity as projected in sales tax(1). <br /> (C) Everett Station and Administrative expenses are expected to grow at an average annual rate of 1%. <br /> (D)Transfers are made from operating reserves to capital reserves as required for local match of anticipated <br /> federal grant funds. � <br /> • a;i <br /> * ET has adopted Resolution 5513 that requires aifund balance of 20%of operating revenues.This resolution <br /> applies specifically to general government but',governs ET budget projections. Section X keeps projections <br /> within that target. ' <br /> * ET projects expenditures in both o erations and ca ital/projects within tFie constraints of reasonably <br /> uil�,lp„pii l;�,,p � p <br /> identifiable funding sources'V�lithout'an identified source for the buses and final operations base costs,those <br /> projects are not included in Section <br /> *For year 2016 ET plans to purchase property in the amount of$4 million to relocate the Operations Base. It <br /> is expected to utilize grant funding to assist in building/remodeling an operations base and operations site for <br /> electric buses <br /> Everett Transit 2016 TDP 27 12 <br />