Detailed Financial Program
The Funding Strategy outlined in this report simply identifies available funding sources and demonstrates the financial ability of those sources to generate the local funding necessary to implement the Transformational Mobility Network .
The development of a more detailed Financial Program is necessary to consider other competing funding priorities , contemplate the influence of combined debt burdens on our bond ratings , refine project and program cost estimates , and calibrate a precise set of rates and amounts in order to request support from the legislature and the voting public .
CONSIDERATIONS
• Seek funding partnership and support from Mecklenburg County Commission .
• Define sales tax as a “ mobility tax ” ( One Cent for Mobility ) to increase community awareness and strengthen our legislative support .
• Use our existing resources first ! -Integrate the CIP funding as a committed portion of the local funding .
• Consider secondary funding sources but prioritize a single funding source – sales tax .
• Explore feasibility of a transit fare reduction program and / or other strategies to reduce the regressive nature of an increase in sales tax .
• Be mindful of other funding obligations of the city , we are in a unique time ( Covid-19 financial impacts ).
• State Transportation Funding – State is currently experiencing financial crisis and may not have funding designated .
HOW | The Funding Strategy 71