Title
Wake Transit Vision Plan Update (15 minutes)
Bret Martin, CAMPO Staff
Narrative
In August of 2019, the NC Capital Area Metropolitan Planning Organization (CAMPO) kicked off the development of the Wake Transit Vision Plan Update, which is a tune-up of certain assumptions made in the original Wake County Transit Plan and an extension of the planning horizon for the Wake County Transit Plan from 2027 to 2030. The primary steps taken to update the plan have included a reassessment of cost and schedule feasibility assumptions for major capital projects, producing an updated countywide transit market reassessment, reassessing our financial capacity for transit investments through 2030, soliciting public and stakeholder input on investment priorities, prioritizing investments, and reprogramming investments through the new 2030 horizon.
Due to the economic uncertainty surrounding the COVID-19 pandemic, our forecasting of revenues through 2030 changed significantly from pre-pandemic conditions. Our final financial outlook for the plan involves projected revenue reductions through 2030 when compared to more optimistic assumptions that preceded the onset of the pandemic. When combined with increased cost assumptions for many of the significant capital projects envisioned in the original Wake County Transit Plan (e.g., BRT and commuter rail), the refreshed financial outlook reveals that the revenues collected during the three (3) years to be added to the planning horizon will likely need to be used to rebalance expenditures previously programmed through 2027. The final financial outlook also reveals that some cuts to planned expenditures within the 2030 horizon are necessary such that some investments that were previously planned within the 2027 horizon will need to be deferred beyond 2030. The best way to characterize the overall financial impact is that some of the investments envisioned in the original Wake County Transit Plan to be delivered by 2027 will likel...
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