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TASR 11. Analyze Financial Needs <br /> A financial analysis will be prepared for the service <br /> improvement alternatives developed earlier. This financial <br /> analysis will include both operating and capital cost <br /> requirements for the five-year planning period. <br /> The consultant will analyze the ability of existing local <br /> funding mechanisms to meet the budgetary requirements and will <br /> investigate all possible funding alternatives under federal and <br /> State law. In addition, the effect of various fare changes on <br /> ridership and system revenue will be discussed. <br /> TASK 12. Develop Transit Improvement Plan and Implementation <br /> � Plan <br /> The results of the service plan alternatives (including <br /> equipment and facility needs and financial planning) will be <br /> prepared in draft report form. After a period of review and <br /> reaction from city and transit staffs, an overall transit <br /> improvement plan covering a five-year period will be developed <br /> and documented. The action steps in the implementation plan will <br /> be developed so that changes can be monitored and adjustments can <br /> readily be made relevant to actual ridership levels experienced. <br /> The essence of any implementation plan should be flexibility, <br /> i.e. , if the high projections are realized, the plan may be <br /> implemented, financed, and the needs adequately met, but on the <br /> other hand, if the projections fall short, adjustments need to be <br /> made early enough so that resources are not wasted. <br /> The final product of the study will be a five-year transit <br /> development program which will include a yearly prograrn narrative <br /> for recommended service changes. Elements of the final report <br /> should include: <br /> A. Recommendations for new or restructured routes. <br /> B. Recommended levels of service. <br /> C. Range of special services (school, charter, elderly and <br /> handicapped) to be offered. � <br />