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% Ja n '0 Fe 8 b M '08 ar ch '0 Ap 8 ril '0 M 8 ay '0 8 Ju ne '0 8 Ju ly '0 Au 8 g '0 Se 8 pt '0 8 O ct '0 8 N ov '0 8 D ec '0 8 Ja n '0 9 -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 Ja n '0 Fe 8 b M '08 ar ch '0 8 A pr il '0 M 8 ay ' Ju 08 ne '0 Ju 8 ly '0 A 8 ug '0 8 S ep t' 08 O ct '0 N 8 ov '0 D 8 ec '0 8 Ja n '0 Fe 9 b '0 9 -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 b06 M ar -0 6 Ap r-0 M 6 ay -0 6 Ju n06 Ju l-0 Au 6 g06 Se p06 O ct -0 N 6 ov -0 6 D ec -0 6 Ja n07 Fe b07 M ar -0 7 Ap r-0 7 M ay -0 7 Ju n07 Ju l-0 7 Au g07 Se p07 O ct -0 N 7 ov -0 7 D ec -0 7 Ja n08 Fe b08 M ar -0 8 Ap r-0 M 8 ay -0 8 Ju n08 Ju l-0 Au 8 g08 Se p08 O ct -0 N 8 ov -0 8 D ec -0 8 Fe Ja 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