Key West Transit Development Plan FY2025-2034

Ten-Year Plan

Ten-Year Plan A Ten-Year Finance Plan was developed to help facilitate the implementation of Key West on the Move improvements. Cost, revenue, and policy assumptions used to develop the financial plan are presented, followed by a summary of cost and revenue projections for Key West on the Move. The summary includes annual costs for the service and technology/capital improvements that are programmed for implementation within the next 10 years together with supporting revenues that are reasonably expected to be available. The ten-year cost affordable plan prepared for the Key West on the Move TDP is focused on maintaining the existing system. Whereas operating costs and revenues are balanced in the first year of the plan, over time, the anticipated increase in annual operating costs is projected to outpace available revenue, thus creating a deficit in funding the existing system. As shown in Table ES-7 , this deficit will accumulate over time and is projected to total nearly $126.5 million by the end of the ten-year period. Unless other Federal or State grant sources are identified, additional local funding in this amount will be needed to maintain existing services starting in FY 2029. For capital, the projected costs and revenues are projected to primarily balance, at $49.1 million over the 10 years based on the capital improvements identified. The balanced budget is a result of two revenue contingencies for new grant awards and the establishment of a dedicated local funding source such as tax dollars via the establishment of a municipal services taxing unit and/or public private partnerships. If any transit improvements identified in the TDP are to be implemented in the future, additional funding to expand beyond maintaining existing service levels will need to be identified.

Table ES-7: Ten-Year Financial Plan Total Costs and Revenues

Total Revenue

Surplus/ Shortfall

Year

Total Cost

2025

$13,045,595

$12,104,818

$940,777

2026

$10,663,188

$11,070,150

$533,815

2027

$10,935,143

$10,399,354

$1,069,605

2028

$10,416,772

$10,633,070

$853,307

2029

$10,623,945

$16,225,653

($4,748,401)

2030

$22,835,261

$29,829,588

($11,742,729)

2031

$23,550,803

$30,164,127

($18,356,053)

2032

$19,780,656

$26,368,909

($24,944,306)

2033

$12,015,106

$18,730,788

($31,659,988)

2034

$12,254,245

$19,099,903

($38,505,647)

10-Year Total

$146,120,712

$184,626,359 ($126,559,621)

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Transit Development Plan FY 2025–2034