State of the Agency
Mike Snyder, P.E., Executive Director
State of the Agency
• System Overview
• Construction Update
• 5-Year Work Plan
• Trends and Forecast
• Summary
Facts:
• 105 mile system
• Over 300,000 Customers
• 91% E-PASS Customer
Satisfaction Rating
Construction Program
Facts
• Work Progressing at a Monthly Rate of Between $14 to
$18 Million (down from $22 to $30 Million 1 year ago)
• Construction Contract Value of Over $530 Million (down
from $770 Million 1 year ago), 80% Completed
• All Major Projects are On Budget and On, or Ahead, of
Schedule
• Environmentally Responsible Manner
• Traffic Impacts Minimized, Communication with Customers
Maximized
Active
Construction
Project Locations
SR 429
Daniel Webster Western Beltway
SR 414
John Land Apopka Expressway
SR 408 Widening
SR 528
Narcoosee Road Interchange
SR 528 BeachLine Main Express Lanes
SR 417/Innovation Way Interchange
SR 417/Boggy Creek Road
/South Access Road Interchange
SR 417/Moss Park Interchange
5-Year Work Plan
Project
$
2007
Project Description
2008
2009
2010
2011
MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J
SR 408 Widening East of I-4
253A
$63M
SR 408 Widening from Rosalind Ave. to Crystal Lake Dr.
253B
$78M
SR 408 Widening from Crystal Lake Dr. to Conway Rd.
253C
$126M
SR 408 Widening from Conway Rd to Oxalis Ave
SR 414 Maitland Blvd Extension
414-210
$107M
SR 414 West of CR 435 to East of Hiawassee Road
414-211
$90.3M
SR 414 East of Hiawassee Road to East of SR 441
414-212
$10.9M
SR 414 Mainline Plaza
429-200C
$36M
SR 414 West of CR 535 to SR 429
Interchange Projects
528-300
$27.3M
Design / Build Services for SR 528 / SR 436 Interchange
907
$23.7M
SR 528/Narcoossee Rd Interchange Improvements
457A
$17M
SR 417/ Moss Park Rd Interchange
417-302
$15M
SR 417/Innovation Way Interchange
528-404
$12M
SR 528/ Innovation Way Interchange
417-301A
$6.8M
Boggy Creek Road/ South Access Road Interchange
Express Toll Plaza Projects
528-401
$26.8M
Beachline Mainline Conversion
528-403
$34.1M
SR 528 Beachline East Express Lanes
Renewal and Replacement Projects
429
$20.4M
SR 429 Resurfacing
7/8
7/1
5
7/2
2
7/2
9
8/5
8/1
2
8/1
9
8/2
6
9/2
9/9
9/1
6
9/2
3
9/3
0
10
/7
10
/14
10
/21
10
/28
11
/4
11
/11
11
/18
11
/25
12
/2
12
/9
12
/16
12
/23
12
/30
1/6
1/1
3
1/2
0
1/2
7
2/3
Revenue Tracking Summary
Chart 7/1 – 2/3
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
FY 2009
FY 2008
Revenue Chart 2009
$20,000
$18,000
Actuals
$17,000
Original Projection
$16,000
Revised Projection
as of 2/09
$15,000
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sept
Aug
$14,000
Jul
Revenues (thousands)
$19,000
Local Traffic Trends
Monthly Growth Compared to Previous Year
Change in Average Weekday Traffic
Roadway
SR 50 (West Colonial Drive)
SR 50 (East Colonial Drive)
I-4 (Attractions)
SR 527 (Orange Ave)
July
August
September
October
-7.25%
-8.88%
-3.51%
-7.20%
-5.55%
-9.61%
-0.29%
-6.45%
-5.14%
-10.98%
-5.19%
-5.65%
-5.07%
-8.03%
-2.87%
-6.79%
November December
-4.60%
-11.16%
-5.84%
-9.68%
-4.79%
-6.60%
0.29%
-4.15%
Change in Monthly Transactions
Roadway
SR 408 Pine Hills ML
SR 408 Conway ML
*Impacts from Tropical Storm Fay
July
August*
September
October
-4.45%
-3.27%
-14.59%
-14.78%
-3.29%
-0.84%
-6.07%
-1.42%
November December
-9.45%
-2.04%
-3.22%
2.87%
System Revenue vs.
Orlando Unemployment
System Revenue Growth versus Orlando MSA Unemployment
9.00%
8.00%
5.00%
7.00%
0.00%
6.00%
5.00%
-5.00%
4.00%
-10.00%
3.00%
Change in System Revenue
-15.00%
1.00%
Orlando MSA
Unemployment
0.00%
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-20.00%
*change over previous year
*Source
2.00%
Month
Unemployment Rate
*Revenue Percent Change
10.00%
System Revenue vs.
Orlando Gas Price
System Revenue Growth versus Gas Prices
10.00%
$4.50
$3.50
0.00%
$3.00
$2.50
-5.00%
$2.00
-10.00%
$1.50
$1.00
-15.00%
Change in System Revenue
Average Gas Price
$0.00
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-20.00%
*change over previous year
*Source
$0.50
Month
Average Gas Price
*Revenue Percent Change
$4.00
5.00%
SR 408 Revenue vs.
Orlando Unemployment
*Source
*Source
Month
December
November
October
September
August
July
June
May
April
March
February
January
Passengers (Millions)
OIA Passengers
OIA Passengers
4.00
3.50
3.00
2.50
2005
2006
2007
2008
2.00
1.50
*
*Source
-20.0%
*change over previous year
Month
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
-15.0%
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
Jan-06
Percent Change over Previous Year
SR 528 Airport Plaza Revenue
vs. OIA Passengers
SR 528 Airport Plaza Revenue vs. OIA Passengers
Monthly Growth over Previous Year
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
OIA Passengers
SR 528 Airport Plaza Revenue
*Source
n06
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Fe
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7
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-0
7
Ju
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Ju
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7
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Se
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-0
N 7
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-0
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-0
7
Ja
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Fe
b08
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-0
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M 8
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-0
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-0
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Percent Change over Previous Year
SR 417 Southern Connector
Revenue vs. OIA Passengers
SR 417 Southern Connector Revenue vs. OIA Passengers
Monthly Growth over Previous Year
15.0%
10.0%
5.0%
0.0%
-5.0%
OIA Passengers
-10.0%
SR 417 Southern Connector Revenue
-15.0%
-20.0%
Month
Budget Revisions
FY 2009 - Operations, Maintenance and
Administration (OM&A) budgets cut
by more than 10%
Budget Cuts
• Delayed certain capital projects
• Reduced toll collection staff
• Postponed hiring of administrative staff
• Fewer maintenance cycles for roadways –
i.e.: mowing, trash pick-up, etc.
• Preventative maintenance cycles for equipment
• Eliminated implementing budget for traffic
management center
Commitment to Quality &
Safety
• Road Rangers
• Florida Highway Patrol
• Renewal and Replacement Program
Summary
• Existing Construction Projects On Schedule and
On Budget
• Traffic Universally Down on All Transportation
Facilities
• Operation, Maintenance and Administration
(OM&A) Budgets Cut By More Than 10%
• OOCEA Continues Its Commitment to Safety and
Quality Transportation in Central Florida
Florida’s Toll Rates
3.2
Florida's Turnpike (FL) Alligator Alley
5.6
Florida's Turnpike (FL) Northern Coin System
6.4
Florida's Turnpike (FL) Southern Coin System
7.1
Suncoast Parkway (FL)
Florida's Turnpike (FL) Ticket System
7.5
OOCEA S.R. 528 (Beachline Expressway) (FL)
7.6
Florida's Turnpike (FL) Homestead Extension
8.5
Sawgrass Expressway (FL)
8.7
OOCEA S.R. 417 (Central Florida GreeneWay) (FL)
9.1
Beachline West, Florida's Turnpike (FL)
9.4
OOCEA S.R. 429 (Western Expressway) (FL)
9.5
10.6
Miami Dade Expressway, Dolphin, S.R. 836 (FL)
11.4
OOCEA S.R. 408 (East-West Expressway) (FL)
11.7
Veterans Expressway (FL)
12.0
Polk Parkway (FL)
17.4
Miami Dade Expressway, Don Shula, S.R. 874 (FL)
21.4
Tampa Crosstown Expressway (FL)
23.1
Miami Dade Expressway, Gratigny, S.R. 924 (FL)
30.5
Miami Dade Expressway, Airport, S.R. 112 (FL)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Toll Rate Per Mile (cents per mile, non-discounted)
40.0
45.0
50.0
OOCEA Toll Increases
•
•
•
May 1980
– SR 408 (increased $0.05 from $0.20 to $0.25)
– SR 528 East Mainline (increased $0.15 from $0.35 to $0.50)
January 1987
– SR 408 (increased $0.25 from $0.25 to $0.50)
– SR 528 East Mainline (increased $0.25 from $0.50 to $0.75)
– SR 528 Airport Mainline (increased $0.25 from $0.25 to $0.50)
July 1990
– SR 408 all Mainline plazas (increased $0.25 from $0.50 to $0.75)
– SR 417 Curry Ford and University Mainline (increased $0.25 from
$0.50 to $0.75)
– SR 528 East Mainline (increased $0.25 from $0.75 to $1.00)
– SR 528 Airport Mainline (increased $0.25 from $0.50 to $0.75)
Decreased Tolls
• July 1992
– SR 408 Hiawassee and Dean Mainline (decreased $0.25 from $0.75 to
$0.50)
– SR 417 Curry Ford and University Mainline (decreased $0.25 from
$0.75 to $0.50)
Florida Turnpike Enterprise
Toll Increases
• April 1989
40%
• July 1991
30%
• July 1993
30%
• March 2004
25% (cash only)
• 2011/2012*
Statutory CPI increase
*State Law requires the Florida Turnpike to index tolls to the CPI or a similar index a minimum
of every 5 years, which would indicate the index would be initiated no later than 2012.
Other Agencies
Toll Rate Increases Since January 2008
– Chicago Skyway
– New York State Thruway
– Dallas North Tollway
– Pennsylvania Turnpike
– Delaware Turnpike (I-95)
– Pocahontas 895 (VA)
– Dulles Greenway (VA)
– San Joaquin Hills Corridor
(CA)
– E-470 (CO)
– Garden State Parkway (NJ)
– Indiana Toll Road
– Massachusetts Turnpike,
Boston Ext.
– New Jersey Turnpike
– SR 241-Foothill/Eastern Toll
Road (CA)
– SR 91 (CA)
– Toronto 407
Other Agencies
Currently Planning Toll Rate Increases
– JFK Memorial Highway (MD)
– Maine Turnpike
– Massachusetts Turnpike
– Ohio Turnpike
CUTR* Findings: Value of Expressway
System to the Central Florida Region
Travel Time Savings
• Oviedo to Downtown
23.7 min.
• Ocoee to Downtown
10.8 min.
• Waterford Lakes to
Orlando Int’l Airport
13.6 min.
*Source: Center for Urban Transportation Research, 2006
Decision Drivers
• Credit rating
• Traffic and revenue projections
• Construction program (including shovel ready
projects)
• Wekiva Parkway
CURRENT
2009
• No Increase
• Revenue Impacts
– Projections down 8% since adoption of fiscal
year budget in June 08
• Coverage Ratio
– 2010 Projection 1.23x
– 2013 Projection 1.36x
– 2018 Projection 1.61x
Base Forecast
FY 2009
• 2009 – Raise toll by $.25 at mainline and ramps
• Revenue Impacts
– 2010: 19% increase over current projections
– 2013: 25% increase over current projections
– 2018: 30% increase over current projections
• Coverage Ratio
– Minimal coverage ratios from 2009-2012
– May raise credit concerns
Base 2009 + Option 1
• 2009 – Raise toll by $.25 at mainline and ramps
• 2012 – Introduce index to CPI consistent with FL
Turnpike (and every 5 years after)
– Index all tolls to the higher of CPI or 3% –
15% minimum increase every five years
– Toll for Electronic Customers will be actual
increase
– Toll for Cash Customers will be rounded in
$.25 increments
Base 2009 + Option 1
• Revenue Impacts
– 2010: 19% increase over current projections
– 2013: 47% increase over current projections
– 2018: 71% increase over current projections
• Coverage Ratio
– Coverage in the first 10 years will average
1.60x (assuming $4.9B of Capital Projects in
first 12 years)
Base 2009 + Option 2
• 2009 Raise toll by $.25 at mainline and ramps
• 2012 Raise toll by $.25 at mainline and ramps
• 2017 Introduce index to CPI (and every 5 years
after)
– Index all tolls to CPI – 12% increase (2.4%
annual estimate over 5 years)
– Toll for Electronic Customers will be actual
increase
– Toll for Cash Customers will be rounded in
$.25 increments
Base 2009 + Option 2
• Revenue Impacts
– 2010 19% increase over current projections
– 2013 56% increase over current projections
– 2018 83% increase over current projections
• Coverage Ratio
– Coverage in the first 10 years will average
1.60x (assuming $4.9B of Capital Projects in
first 12 years)
Base 2009 + Option 1 or Option 2
Impact to Capital Projects
4 Projects Accelerated for Construction
SR 408 Widening
1. SR 417 Interchange
2. Goldenrod to Chickasaw
SR 429
3. Boy Scout Road to US 441
4. SR 429 at SR 414 Interchange Phase II
$648 Million = 18,029 Jobs*
*Job multiplier source: Federal Highway Administration (FHWA)
Wekiva Parkway
OOCEA Funded Project
$1.8 B (2008 dollars)
• Open in its entirety (including NW spur to US
441) in FY 2019
• Timeline (under Option 1 or 2)
– From the time of approval by Federal Highway
Administration, the conventional schedule of Design,
Right of Way Acquisition, and Construction will take
approximately 8 years to complete. Construction is
the last 4 years of that timeline.
– There may be opportunities to accelerate the
schedule.
Economic Impact
• Capital Projects Total $3.54 Billion = *65,432 Jobs
• Base 2009 + Option 1 or Option 2
– Priority List $648 Million = *18,029 Jobs
– Accelerates 4 projects
*job multiplier source: Federal Highway Administration (FHWA)
Accelerated Projects
Summary
• Credit ratings are a very real concern
• Willingness to take decisive board action is key
to credibility with rating services
• Options 1 and 2 provide some economic
opportunities to the community