Draft Comprehensive Transportation Plan Update_September 25

DRAFT

Table 5-6: Potential Transportation Funding Sources

FUNDING SOURCE

DEFINITION

The primary source of revenue for many municipalities and counties. Levied on private property, including land, buildings, and vehicles each year, and is based on the value of the private property. A fee charged each year when a resident registers a vehicle with the state. Funds, generated by the state gasoline tax, distributed by the state to municipalities to help fund transportation projects on municipally-maintained roads. Also known as State Aid to Municipalities funding. Requirements the Town places on new development to construct infrastructure to serve that development, including thoroughfare requirements from the adopted Transportation Plan. The traditional source of transportation funding in North Carolina for state roads – most of this funding comes from vehicle sales tax and state and federal gasoline tax revenues. These funds are generally distributed through competitive grant processes, and are generated from the federal budget. Provides some infrastructure to the Town for use in areas with low-to-moderate incomes. Levied by the county, and collected by the state, on purchases made within a county. Assessments levied on property to pay for public improvements benefitting that property with no related outside financing. Fees charged by some jurisdictions to fund certain public infrastructure and facilities. These fees are generally charged per unit. Miscellaneous funds distributed by the state to municipalities through a competitive grant process. Miscellaneous revenue generated by many different functions within the Town, such as facility rentals, recreation programs, development fees and privilege license taxes for businesses operation within the Town.

Property Tax

Motor Vehicle License Fee

Powell Bill

Development Requirements

NCDOT STIP Funding

CAMPO/Federal Funding

CDBG Infrastructure Grants

Local Sales Tax

Special Assessments – Private Property

Impact Fees

State Transportation Grants

Permits/Fees/Sales/Service

Source: Town of Morrisville Blue Ribbon Commission on Transportation Funding Report, page ii, December 2014.

Following the identification of these potential financing methodologies and funding sources, the Blue Ribbon Commission conducted an assessment of their viability within the Town of Morrisville. Financing methodologies and funding sources were assessed based on their performance against a series of evaluation criteria. These criteria included considerations such as sufficiency, timeliness, predictability, equity, suitability, and cost. Figure 5-2 is taken from the report and summarizes the findings of this assessment.

Figure 5-2: Summary Evaluation Matrix – Transportation Financing Methodologies and Funding Sources

Source: Town of Morrisville Blue Ribbon Commission on Transportation Funding, page iii, December 2014.

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September 25, 2017 Draft