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CITY SUBMITS UPDATE TO RAIL TRANSIT FINANCIAL PLAN
(Wed., April 20, 2011)—Honolulu Mayor Peter Carlisle announced today that the Honolulu Rail Transit Project submitted its first draft of an updated financial plan to the Federal Transit Administration (FTA) for its review. The update, submitted in accordance with FTA requirements, places capital costs for the project at $5.3 billion, which includes finance charges, adjustments for inflation, and a 21 percent contingency of $865 million to cover unforeseen costs.
“As the project’s engineering advances and construction costs become more defined, the City and County of Honolulu is able to sharpen its financial plan to better reflect project needs and provide a more realistic financial roadmap,” said Mayor Carlisle. “So many people depend on transit now and will depend on it in the future. This plan helps those responsible to track the project and make sure every dollar is spent prudently.”
Revenue for the project continues to come from two primary sources: the general excise and use tax (GET) surcharge and federal funds. The updated plan sets revenue from the state’s GET surcharge applied to
The City submitted a prior financial plan in August 2009 as part of its request to enter the preliminary engineering phase of project development. After the FTA reviews and comments on the draft plan, a final version will be submitted prior to entry into the project’s final design phase, anticipated to occur later this year.
The draft version of the Financial Plan for Entry into Final Design is available on the Honolulu Rail Transit Project’s website at www.honolulutransit.org.
Media contact: Louise Kim McCoy, Mayor’s Office, 768-7798.