Establish an internal policy/framework for spending external funds on implementation of the TIP.
There are several sources of funds that could be used to help implement the TIP. These include general funds, Regional STP funds, STF, CMAQ, Transportation Enhancement funds, local urban renewal funds, Jobs Access and Reverse Commute funds, New Freedom Initiative funds and other local/ state/ federal grants. Each funding source has eligibility and administrative requirements.
In requesting and allocating these funds, TriMet uses the following policy considerations:
Consistency with TIP- development of the total transit system focused on high-priority HCT corridors, Frequent Service lines and local areas. Note: In FY2005 high priorities are WCCR, Green Line, TV Highway, Tigard, and South Waterfront.
Leverage other funding- use these funds to leverage investments using other federal, local, state and private funds.
Ensure high return on investment in terms of transit ridership, number of passengers benefited or operational improvement.
Process/TIP Work Session
· Summarize the general criteria and conditions for spending respective funds.
· Establish which funds can be spent on implementation of the TIP. This should be done periodically given TIP projects and priorities vary from year to year.
· Match up specific priorities of the TIP with funding sources.
· Determine how much and when funds are available.
· Design a scope for the spending of funds on the TIP, including deliverables and evaluation of cost effectiveness. Essentially an internal but informal contract between the funds and the TIP. This would include term of project, scope of services, project manager, contract amount, etc.
· TIP committee should continually focus on priorities