HomeMy WebLinkAbout062011_ra02
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Regular Agenda
10:00 a.m.
Commissioners Chambers
JEFFERSON COUNTY
BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
TO: Board of County Commissioners
Philip Morley, County Administrator
FROM: Leslie Locke, Deputy Clerk of the Board
DATE: June 20, 2011
SUBJECT: Update re: Washington State Ferry Update
STATEMENT OF ISSUE:
Tim Caldwell, Ferry Advisory Committee has requested an update be scheduled on the WSF. WSDOT
Ferries Division Assistant Secretary David Moseley will be attending from the State.
RECOMMENDATION:
No action is needed at this time.
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AGENDA
JUNE 2011 COMMUNITY MEETINGS
. Welcome, Review Agenda
. Progress at WSF
o Legislative session update
o New vessel construction
. Route specific topics
. Fare proposal issues and process
· Questions & Comments
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FARE REVIEW CYCLE 2011
Potential 2011 Fare Proposal Elements
June 2011
WSF Is currently In the process of developing Its 2011 fare proposal, which Includes the fare changes
that WSF Is considering for Implementation on Oct. 1 and some elements required by recently passed
legislation. WSF will present a proposal to the Washington State Transportation Commission on June 29
at a special public meeting In Seattle.
POTENTIAL FARE PROPOSAL ELEMENTS
General Fare Increase
1. General Fare Increase. The 2011-13 Washington state transportation budget assumes 2.5 percent
across-the-board fare Increases In October 2011 and October 2012 to reach a fare revenue target of
$310 million, which Is a 5.6 percent Increase In fare revenue as compared to the current biennium.
The revenue target Is the amount the legislature has required us to achieve through fares.
Budget-related Fare Surcharges
2. Capital Surcharge. The Legislature passed a bill that requires WSF to Impose a 2S-cent surcharge on
each ferry ticket system-wlde with revenues placed In a new account dedicated to building new
vessels. Multi-ride products will be adjusted to reflect the appropriate per-ticket surcharge amount.
Monthly passes will also be charged 25 cents per ticket based on the pass pricing rule of 16 tickets
per month
3. Fuel Surcharge. WSF Is considering a system-wide, formula-based fuel surcharge during times when
fuel costs are higher than those funded In the budget. This Is part of a fuel cost mitigation strategy
that Includes better budgeting, fuel conservation, and fuel price hedging.
Fare Structure Adjustments
4. Vehlcle-to-Passenger Fare Ratio. The 2009 Long-Range Plan Identified Increasing the vehlcle-to-
passenger fare ratio to encourage mode shift from drive-on to walk-on. The 25-cent capital
surcharge puts a greater burden on passengers, so a slightly higher vehicle Increase Is being
considered together with a slightly lower passenger Increase to achieve the revenue target.
5. International Route Fares. Since the Sidney route serves primarily tourists and faces direct
competition from BC Ferries and Black Ball Ferry Lines, fares on this route are set separately from
the general fare Increase. This year WSF Is considering:
a. Increasing Sidney fares by the general fare Increase, or
b. Increasing Sidney fares by a moderately higher amount (5-10 percent) to bring them
closer to BC Ferries fares.
Fare Review 2011
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Fare Review Cycle 2011
Potential 20U Fare Proposal Elements
6. Vehicle Categories Under 30 Feet. Encouraging customers to travel In smaller vehicles allows us to
fit more cars on the vessel and reduces or delays the need to build larger vessels. WSF Is considering
restructuring the current vehicle categories under 30 feet as follows:
. Standard Motorcycles. Same as current definition.
. Vehicles 14 Feet and Under. New category for all vehicles less than 14 feet, except standard
motorcycles.
. Vehicles 14-22 Feet. The adjusted standard vehicle category (currently 0-20 feet) would Include
most standard passenger vehicles and trucks used for personal travel.
. Vehicles 22-30 Feet. The adjusted oversize vehicle category (currently 20-30 feet) would capture
smaller commercial vehicles, recreational vehicles, and cars with trailers.
Fares would be set In proportion to the deck space used by each vehicle.
7. Bicycle Surcharges and Passes. Bicyclists pay a per-trip surcharge In addition to the passenger fare.
The annual bicycle permit exempts bicyclists from the per-trip surcharge on all routes except those
serving the San Juan Islands. WSF Is considering the following changes to bicycle fares to coordinate
with the bicycle tollbooth changes at Colman Dock:
. Eliminate the annual bicycle permit and allow passengers paying with monthly passes, multi-ride
cards, or ORCA ePurse to bring bicycles without charge. (In the San Juan Islands, only multi-ride
card users could bring bicycles without charge).
. Eliminate the bicycle surcharge altogether to encourage bicycling.
If WSF retains a bicycle surcharge, It may be Increased to adjust for Inflation Increases and/or
revenue losses from eliminating the annual bicycle permit.
8. Out-of-state Resident Surcharge. Since out-of-state residents contribute less to ferry operations
through taxes, a surcharge would achieve a better balance between In-state and out-of-state
customers. WSF Is analyzing potential legal and operational Issues.
June 2011
2
FARE REVIEW CYCLE 2011
Fuel Cost Mitigation Strategy and the Fuel Surcharge
June 2011
INTEGRATED FUEL COST MITIGATION STRATEGY
In 2011, WSF released the Updated Fuel Cost Mitigation Plan, which presents an Integrated set of
strategies to Improve WSDOT's budgeting practices and reduce exposure to fuel price volatility. The
strategy consists of four tools designed to work together to achieve these goals:
(1) Improved fuel budgeting and forecasting techniques,
(2) Fixed price hedging.
(3) Fuel conservation techniques, and
(4) A fuel surcharge.
FUEL SURCHARGE IS LAST RESORT
. The fuel surcharge Is the strategy of last resort
. It will only be used to cover unexpected fuel costs that exceed budgeted fuel costs.
. Improved forecasting techniques and fixed price hedging will minimize the risk of WSF
exceeding Its fuel budget.
HOW WILL A FUEL SURCHARGE WORK?
. The fuel surcharge would be automatically triggered If actual costs exceed budgeted costs
. The need for a fuel surcharge will be reviewed quarterly and If triggered, customers would be
notified 30 days before any fare change
. The surcharge will need to be at least 2.5% to be Implemented (which would happen If actual
costs exceed budgeted costs by 6%)
. The surcharge would be applied as a flxed percent to all fares and rounded to nearest nickel
. There will be a hard cap In the rules. The cap has been suggested at 20"A In the Fuel Cost
Mitigation Report
. Actual costs (after accounting for hedging) must exceed budget costs - any under budget
savings will be put toward rises In costs before a surcharge Is triggered
. The surcharge mechanism would be reset to zero as part of the budgeting process
FOR MORE INFORMATION
For background Information on the fuel surcharge implementation process visit
www.wsdot.wa.llov/Ferrles/commuteruooates/Dubmeetinlls.htm
Fare Review 2011
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FUEL SURCHARGE PROCESS
Background Information
June 1, 2011
FARE REVIEW CYCLE 2011
Fuel Surcharge Process
June 2011
APPROACH TO FUEL SURCHARGE IMPLEMENTATION
The process outlined below reflects WSF's draft fuel surcharge process. WSF Is requesting the public's
Input to help develop the final rules for Implementing the surcharge.
The concept for the fuel surcharge mechanism Is that at the end of each quarter, WSF will compare Its
actual biennium to-date fuel costs to Its budgeted fuel costs for the same period and Implement a
surcharge only If there are excess costs that need to be recovered.
The process for determining the fuel surcharge each quarter would be:
1. DetermIne excess fuel costs for the quarter. One week before the end of each quarter, WSF will
estimate Its actual fuel costs for the quarter and compare thIs to the budgeted fuel costs for that
quarter to determine Its Quarterly Excess Fuel Cost. this will occur one week before the end of the
quarter to minimize the time between the end of the quarter and surcharge Implementation. Any
deviation from actual fuel costs, once finalized, will be taken Into account In the next quarter's
calculation.
2. Adjust Quarterly Excess Fuel Cost for fuel surcharge revenues and reconciled fuel costs from the
previous quarter. WSF will adJust the balance from Step 1 for fuel surcharge revenues collected
during the previous quarter to reflect that customers may have already covered some of the excess
cost. The balance will also be adjusted to reflect finalized fuel cost reconciliations from the previous
quarter. this will result In the Net Quarterly Excess Fuel Cost.
3. Calculate the Cumulative Fuel Balance. WSF will add together the Net Quarterly Excess Fuel Cost for
the current quarter and all previous quarters In the biennium to arrive at the Cumulative Fuel
Balance. thIs Is the biennium to-date difference between budgeted fuel costs and actual fuel costs.
4. Calculate the fuel surcharge amount. If the Cumulative Fuel Balance Is negative (I.e. WSF's actual
fuel costs are less than Its budgeted fuel costs), a fuel surcharge would not be Implemented and any
existing surcharge would be removed. However, If there Is a resulting positive value, meaning fuel
costs are higher than budgeted, a fuel surcharge amount would be calculated using the method
shown In Exhibit 1. In this example, fuel costs have risen 10 percent over the budgeted amount.
Fare Review ZOU
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Fare _ Cycle 2011
Exhibit 1
Example Fuel Sun:harge Calculation
&:ceuMlOVet
Bud&et
.
Pul!I Share of
(lplIllItlna CAsu
IBudsell
+
Fanlbox
~Rate .
(BudaetJ
SUfcbarp
Amount
I
I
($ In millions)
Budget with
Expenses: Adopted Budget 10% Fuel higher fuel
Expenses Increase cost
BegInning budget 472.0 472
Extra fuel cost (10%)" 0.0 13.5 13.5
Total Expenses 472.0 13.5 485.5
Revenues:
Additional Fares
Adopted Budget needed due to
Revenues fuel
162.0
310.0
0.0
472.0
13.5
13.5
Revenues with
Surcharge
162.0
310.0
13.5
485.5
=4.4%
Increase
Taxes
Fares needed
Additional fares needed
Total Revenues
" Adopted fuel budget = $135 mlUion
The Updated Fuel Cost Mitigation Plan suggests that a fuel surcharge would not be Implemented or
adjusted unless tile resulting surcharge amount or change to the existing surcharge was at least 2.5
percent. This Increment was chosen because It represents tile minimum surcharge change that
would affect all fare categories, given WSF's nickel rounding polley.
The Plan also suggested a maximum surcharge amount of 20 percent. The Ferry Advisory Committee
on Tariff, which advises WSF during fare proposal development, has suggested that W5F adjust tile
limit to 10 percent.
June 2011
2
FARE REVIEW CYCLE 2011
Fuel Cost Mitigation Strategy
June 2011
SUMMARY OF FUEL COST MITIGATION STRATEGY
The 2011 Updated Fuel Cost Mitigation Plan presents an Integrated set of strategies to Improve WSDOT
budget protocols and reduce WSDOT's exposure to fuel price volatility. The following four tools are
designed to work together to create a comprehensive fuel cost mitigation strategy:
1. Improved Fuel Budgeting and Forecasting. The strategy recommends that WSDOT move to a
consensus average method, which takes Into account more major forecasting sources than WSF's
previous method. This new method was used to develop the proposed 2011-13 Budget.
While using a consensus of forecasts will not remove all risk from the fuel budget, It will reduce the
risk relative to relying on two forecasts as before, and will contribute to an overall reduction In fuel
price risk when combined with the strategies below.
20 FIxed Price Hedging Program. WSDOT can establish fixed price contracts with fuel distributors that
would allow for specified quantities of fuel to be purchased at a fixed price for up to 18 months. No
more than 90% of WSF's fuel consumption In any biennium would be purchased through fixed price
contracts. WSF would purchase any remaining fuel needs at market prices.
While hedging reduces the risk of dealing with fuel cost volatility, WSF acknowledges it would be
foregoing the opportunity to have lower fuel costs If market fuel prices were to drop below the
contract price.
3. Fuel Conservation Techniques. In addition to managing the price of Its fuel, WSF also plans to
mitigate fuel costs by managing Its fuel consumption. Strategies being pursued indude: (1) operating
on fewer engines; (2) slowing boat speeds while meeting schedules; (3) Implementing passive
restraint systems at the dock; (4) loading and unloading more quickly to enable slower boat speeds;
and (5) exploring use of Liquid Natural Gas (LNG).
Changes In operating practices could result In a 2% - 6% reduction In fuel use for the fleet. If LNG Is
determined to be a feasible fuel option, savings would be about 30% per equivalent diesel gallon.
4. Fuel Surcharge based on Total Budget Differential. The Legislature has given WSTC permission to
Implement a fuel surcharge any time after July 1, 2011. Prior to Implementing a fuel surcharge,
WSTC must adopt a fuel surcharge methodology and revise the WAC through the regular rulemaklng
process, Including gMng the public and Ferry Advisory Committees opportunities to review the
proposed methodology and offer comment prior to adoption.
Fare RevIew 2011
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FARE REVIEW CYCLE 2011
Fixed Price Hedging Process
June 2011
APPROACH TO FIXED PRICE HEDGING
As part of developing the 2010 WSF Fuel Cost Mitigation Plan, WSF evaluated multiple hedging
strategies and Identified the dlstributor-controlled hedging strategy (also referred to as fixed-price
hedging) as the preferred option given the ease of Implementation, zero start-up costs, and fit with
current budget policies and schedule.
legislative Status
The 2011-13 transportation budget that was adopted by the legislature Includes the following language:
For the 2011-2013 jfscal biennium, the department af transportation may enter Into a distributor
controlled fuel hedging program.
Fixed Price Hedging Process
WSF's plan to implement fixed price hedging consists of five main elements:
1. legislative Budget Authority. At the end of each legislative session, the legislature will adopt a WSF
service plan and provide WSF with the budget authority to purchase fuel and enter Into fixed price
fuel contracts.
2. Committee-established Guidelines. A Fuel Steering Committee will be established, consisting of
members from WSF, the state OffIce of Rnanclal Management, and the Department of General
Administration. This Committee will help establish fixed price contracting guidelines for WSF, and
will also be Involved in the regular review process.
3. Department ContractIng Decisions. WSF will have a Hedging Advisor that will help WSF's
Department of Finance and Administration administer fixed price hedging, and make decisions
within the Steering Committee's guidelines. While WSF while have authority on when to purchase
fuel and how much fuel to purchase, the budget authority given by the legislature places a celling
on how much fuel can be bought under fixed price contracts.
4. Quarterly Status Reviews. Each quarter, WSF and the Fuel Steering Committee will review the
current status of WSF's fixed price contractIng and review the established guidelines.
5. Annual Status Reports. Each year, WSF and the Fuel Steering Committee will prepare a report for
the Governor and Legislature summarizlng the fixed price hedging actIvity for the previous year.
Fare Review 2011
4
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FARE REVIEW CYCLE 2011
Fuel Surcharge Process Overview and Timeline
June 2011
LEGISLATIVE DIRECTION AND MILESTONES
December 2008 - The Draft Long Range Plan Introduced the notion of a fuel surcharge as one of the
prldng mechanisms WSF should pursue In the short term to help meet revenue requirements.
February 2009 - Washington State Transportation Commission and WSF Issue Joint Recommendations
on Adaptive Management Strategies which Include a fuel surcharge In to mitigate operating cost risk.
Spring 2009 - 2009-11 Transportation Budget
if the commission considers Implementing a ferry fuel surcharge, It must first submit an analysis
and business plan to the office of financial management and either the Joint tronsportotlon
committee or the transportation committees of the legislature.
if, after the department's review of fares and pricing policies, the deportment proposes a fuel
surcharge, the department must evaluate other cost savings and fuel price stabilizatIon
strategies that would be Implemented before the ImposItion of a fuel surcharge.
Fall 2009 . Working with the Transportation Commission, WSF developed a Fuel Cost Mitigation Plan
Ihtto:/lwww.wstc. wa.Rov/CommlsslonLlbrarv /FerrvFueISurchameRenort.odfJ that:
. Described WSF's fuel conservation plan.
. Detailed a potential hedging plan that would be aligned with WSF's fuel purchasing and
budgeting processes.
. Provided a business plan for how a fuel surcharge might be applied to fares, If necessary.
December 2009 - Governor's Supplemental Budget proposal Included a recommendation to the
Commission to Implement a fuel surcharge by May 1, 2010.
Winter 2010 - WSF presented the Fuel Cost Mitigation Plan to the 2010 Legislature. The Legislature's
budget gave the Commission the flexibility to Implement a fuel surcharge by July 2011 but required the
department to provfde more Information on the Implications of pursuing the strategies outlined In the
Fuel Cost Mitigation Plan.
Spring 2010 - 2010 Supplemental Transportation Budget
The commission may impose a ferry fuel surcharge effective July 1, 2011. When Implementing a
ferry fuel surcharge, the commission must regard ferry fuel surcharges as fare policy changes
and thus, ferry fuel surcharges should be Included In all public procedures and processes
currently used for fare prIcing per RCW 4Z60.290. [Note: RCW reference Is to the following:
":.. the department shall develop fare and pricing policy proposals that must: ... (c) be developed
with Input from affected ferry users by public hearing and by review with the affected ferry
advisory committees... n
Fare Review 2011
5
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Fare Review Cycle 2011
The department shall report to the legIslature and transportatIon commIssIon on Its progress of
Implementing new fuel forecasting and budgeting practices, price hedging contracts for fuel
purchases, and fuel conservotion strategIes by November 30,2010.
Fall 2010 - WSF prepared an updated report on the Fuel Cost Mitigation Plan and presented It to the
Commission
rhttO:/lwww.wstc.wa.fJ.OvIMeetlnfJ.S/AfJ.endasMlnuteslafJ.endasI201oIDecember14IdocumentsI2010121
5 BP12B FueICostMitlfJ.atlon.odf) and the Legislature. this update:
. Described In detail how a hedging program could work given WSF's purchasing and
budgeting constraints.
. Documented new reporting that would be required.
. Presented several "what-If' scenarios that show what the Implications (fuel cost and ferry
fares) would have been over the past several years had the hedging and fuel surcharge
program been In place during this period of significant price volatility.
. Identified key dedslon points like how much of the total expected fuel purchases should
locked In at a fixed price and at what points In time should these decisions be made.
December 2010 - In transmitting the Transportation Budget for 2011-13, the Governor's budget
message Indudde a recommendation "that the Commission adopt a fuel surcharge to provlde additional
revenues should fuel costs rise above budgeted levels". (Proposed 2011-13 Budget and Policy Highlights,
Transportation, Capital and Economic Develoment)
Spring 2011 - 2011-13 Transportation Budget does not Include any explicit direction on a fuel
surcharge, though draft versions of the Senate Budget had Included revenue assumptions associated
with a potential surcharge mechanism. Further, Ferries has now completed all of the legislative proviso
requirements that were necessary prior to Implementing a fuel surcharge mechanism.
Spring/Summer 2011- As It represents a fare policy change, a potential fuel surchargemechanlsm Is
discussed as part of the tariff 2011 revlew cycle. WSF Is seeking Input from FAC-T members, the FAC
Executive Council, and with ferry communities at the May/June round of public meetings as It develops
Its fare proposal to the Commission to be presented at the end of June.
June 2011
6
FARE REVIEW CYCLE 2011
2011-13 Budget and Fuel Surcharge Considerations
June 2011
The Transportation Budget has been passed by the legislature and signed by the Governor. Exhibit 1
shows a high level summary of the operating budget for Ferries and highlights the Impact of fuel costs
and shows how the legislature has funded the program.
exhibit 1
2011.13 Operating Budget HIghlights
Total expenditures
Fuel budget
Non-fuel expenditures
446,961
97,053
349,908
Total revenues
Fare revenues
Non-fare operating
Total taxes
Administrative transfers
Dedicated taxes and fees
Farebox recovery
Fuel percent of operating budget
449,323
293,923
6,551
148,849
91,000
57,849
65.8".4
21.7%
461,773
135,248
332,525
2D,812
38,195
(17,383)
4.7%
39.4%
-5.0%
3.7%
5.6%
8.3%
-0.1%
-1.6%
2.4%
. The revenues Included In the 2011-13 Transportation Budget ore based on March 2011 projections by the Transportation
Revenue Forecast Council (TRFC). A new revenue forecast will be ovoUoble In June, prior to the Deportment finollzlng Its fore
proposal
HIghlights
466,136
310,279
7,096
148,761
89,500
59,261
66.3%
28.9%
16,8l3
16,356
545
(88)
(1,500)
1,412
. Budget fully funds current service levels, plus a second boat at Port Townsend-Coupevllle for part of
the year.
. Fuel costs are expected to be 40% higher than the current biennium, an Increase of $38 million
. The operating program Is funded with the same level of state tax support as the current budget
($149 million), with almost $90 million In transfers from other transportation accounts
. The increase In fuel costs have been funded primarily by a combination of higher fare revenues
(Increase of $16.4M) and savlngs elsewhere In the operating budget ($17.4 M of mostly labor
savlngs)
. Fuel as percent of the operating budget increases to almost 29%
. The fare revenue target represents a 5.6% Increase which Is a combination of expected ridership
growth and Increased fares
Fare Revlew 2011
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FARE REVIEW CYCLE 2011
History of WSF Fuel COsts and Context for Fuel Surcharge
June 2011
Exhibit 1
WSF Fuel Costs as % ofTotal Operating Costs (FY 1991- FY 2013)
35%
30%
25%
20%
15%
10%
5%
lIII Al:tual fuel Expedendltum l1li Budgllted Fuel Expenditures
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28%
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~?;: 1;; ~ 1;;?;:?;: ~ ll: 1;; ll: 1l: ~ I;; it it?;: ll: it ?;:'I;; I;; Il:
. Fuel Costs, as a percentage of WSF's operating budget, are at an ail-time high.
Fare Review 2011
8
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~~
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, 60.0%
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After .substalltlal fare Increases In the early 20Q0's. farebox ~ ratenre bai:k to where they
wereprlorto thoSetnCteases, ThIs Is tll~y.d\.ij!tafulll ~'...
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,""ExhIbIU, ,
. "Hfstorltal and Plo.JeCtl!dFuell'uRcNell&!e,er~
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exhibit 4
Ending Balances - 2011.13 Governor's Proposed Budget (November 2010 Forecast)
Fare RevIew Cycle 2011
1 Os.-1f
ACi:OiiirtBiii8ri08'su";m-(in~mi.f---' - --- .----
..,fJ0E'n' ,.
1108 _VehlcJo .......mt
BegInning
~ifigi:?t}:iC;~~H;;,rp~\!i!Ji[Crj},CO: ,,,F'" ;.,tiW. . c '657' (bti) ..(lll).oa) e, 1~~7.$Ol!l.
=='&'i1!'!!J!. ... '-",'- - 49:mr- 27,389 1::-.. 6.765 F- 17;12J--..e;eoo -(13:fci4j" "(1S:782)
Endln~';" ,';"'i',."j)8.,',;--)"..,,",Wif,"i;:O,"\;:;;"', ':&....,,!.,";;';,.l!ilfh'];"''N~...,,;'..;''l!,$ff; . (13'''''') (16;ta:!1 . ,23.811')
b,' ; .J'.;h" "'!'I"""",c;';"';';~';'L+%:'~...r"'"'';''''' """'1"'''''''''''''''''('''' ,']' "" ~_~--+_
r~';~:=~;=,;",' '", ,..,'::;~,8S!.i5t:'.~j~2,418..J. -.-::-.rJ8il8.'+;{2~" ,', {9.925'I.' -ifil:i461r-ii07'90S)
"'...... ",,'..;; ,i'''',.i :;:: ;.'c'".' 3;'.; ..,. '!'""<I':f~+';d;"':~"1: ,;'12.l11la../.."1.$~,,..',',:!-1I!.T~l' (1OT.eoo)123~.aI!~)
t= j i ,', ....L.....
- - ~~..-..~-----~,,~-~~~- -~~
~~t~. _--m--_.....---30Jj66...22.2M ....OOiil(46.0i9)'-(i22:a58)..(63T<i3ir--'(54706)
r~;~~~:;:~;~T~~~~j::~~~::~ i~.'.~2r::~~::r':.t~j::r,~:=~.:.j~.;:~'_t_r~~~f~'~~:
~~;-!:.~fW/~:ji!~;::~'1t~m0\Nj;'i",:~~f'-~f,~~;;t~~~:~m~fH;:~ti: :?r:?r:':-::~;';'!>-~:';,)~-~::'t*t::~::--;\:~r):.'?84:-",~;::~!.?~ ,;1(t(it;itti:;:,,~:,:,~:,l;:,':'::;;~;,::::,~::li;::i,;:__A~~
1~~:~,con;iiU.iia;~"r'-:r:::===r.r'='=i~~i .....==~~~7t...~...==6~=I-.'i~;~6J-=(~~~il...(~~~~~f.=;~;;;O)
:~In.~:".'.'.g".,:im1.,ii"..J",,';';h&..t':~ii,1"- 'U'\[;r!t1>>J~jo'!iC)i;i;:;jj~~;;'\t~,d~~)..i@1"il#)'\(l!II(i,)f<<l>'1~,fI!l!j!
t~~;:;===~.~;;~~;~i~~i'~~i~~t,~~~-i~::;j[~iJ=~-:t~:~J,~~~~~i~ii
liii.iSi8i8R.iUi8iiiim---~-m-..'..-.. ...........----dm..m-m--t....------..L......;...Lm-..~- .._.._____...__m__
IF"!!! Account ............._ .____.......m m__..mml...__:ri..mm.. ---------f-...........
BegInning 0 1.032 332 ' 119 , 651 16,627 , 46,033
;~~r~=?i'.:::i;i,:==:,.=;i;i;,..:'~~:f:lli;~~f-~:::~r-":;:::;j-~(:=)J.:{;,::19~=:
;11i1iijl~..i..",):'Ii!'liib':!;i1jW~:p,:i",i'..iii':1&1i.I \:1!i~jLjj\~.,jj'J!'ill~i2~~~!f';ii~~.jll)....(66,<il\7F'E,,(i.~l}.'O~1:i...\i.~~i,::.~ii~j
1;~~:,=y~:::~!~~~.~~~iJ. ,~~-,~jt;.::,~t".-:;t;,-itir-~~"~~;-;liiiit:.1j~.
. The 2011-13 Transportation Budget shows future unfunded needs across all accounts. There Is no
longer any flexibility to move funds to cover unexpected fuel cost Increases.
June20U
10