Printable Version2007 Program Evaluation Summary
NUMBER ONE GOALThe Regional Transportation District is committed to delivering the FasTracks program within the general scope, timeframe and financial capacity afforded by the voters of the District in 2004.
DEVELOPMENT OF FASTRACKS PLAN
- When the FasTracks plan was developed in 2002 and 2003, it was developed with the best information available at that time.
- Alignments and technology based on studies in each corridor - Major Impact Statements, Environmental Impact Statements and feasibility studies
- Unit rates based on previous RTD project costs and Colorado Department of Transportation cost indexes
- Quantity estimates based on ongoing studies, existing mapping and site observations
- Consumer Price Index forecast used for escalation
- Average annual inflation rate of 3.3% through FasTracks construction period
- Several independent reviews of original estimates
FasTracks has encountered significant financial challenges since the plan was developed and passed by metro area voters in 2004.
- Capital Cost Increases
- Construction materials, labor and right-of-way escalation
- Costs grew faster than 2003-2006 Consumer Price Index
- Third-party requests/betterments
- Stations, park-n-Rides, vehicle technology
- Scope clarifications/changes
- Railroad requirements, utility relocations, more advanced design
- Revenue Forecast Decreases
- Sales and use tax collections below original forecast
- Forecasts of future revenues down
- $1 billion shortfall from original projections by 2030
Considering this new information, the FasTracks Team began a comprehensive program evaluation in January 2007. This detailed process involved examining each FasTracks project individually and the FasTracks program as a whole in a number of areas:
- Scope
- Schedule
- Costs
- Material and labor price trends
- Revenue estimates
- Contingency levels
- Interest rate savings
- Financing options
- Construction delivery methods
Process for Updating Cost Estimates
- Used most current information on alignments, railroad issues, stations, facilities and planning/engineering progress
- Used new unit rates based on current bid prices (locally and nationally)
- Used updated right-of-way estimates
- Applied new transit technologies, where applicable (EMU/DMU)
- Performed cost containment simultaneously to reduce costs
2006 $ (in billions) | INFLATED $ (in billions) | |
Original FasTracks Budget | $4.01B | $4.72B |
Material, Labor, ROW Escalation | +$0.78B | +$1.03B |
Scope Changes & Cost Containment | +$0.32B | +$0.42B |
CURRENT WORKING ESTIMATE | $5.11B | $6.17B |
PROJECT COST SUMMARIES
| CORRIDOR | ORIGINAL FASTRACKS BUDGET (in millions) | Material, Labor, ROW Escalation | Scope Changes/Cost Containment | Current Working Estimate (in millions) |
| West Corridor | $511.8 | +$186.8 | -$64.4 | $634.3 |
| Northwest Rail Corridor | $565.1 | +$84.8 | +$35.1 | $685.0 |
| Gold Line | $463.5 | +$52.2 | +$37.5 | $553.2 |
| I-225 Corridor | $442.3 | +$147.3 | +$43.8 | $633.5 |
| East Corridor | $702.1 | +$278.8 | +$156.3 | $1,137.2 |
| North Metro Corridor | $420.0 | +$103.0 | +$113.7 | $636.7 |
| Central Corridor | $68.7 | +$8.3 | -$8.3 | $68.7 |
| Southeast Corridor | $136.8 | +$27.2 | +$15.0 | $179.0 |
| Southwest Corridor | $134.9 | +$62.9 | -$6.4 | $191.4 |
| US 36 BRT - Phase 1 | $22.2 | -$0.8 | +$0.0 | $21.4 |
| US 36 BRT - Phase 2 | $204.1 | +$19.7 | +$0.0 | $223.9 |
| Denver Union Station | $268.4 | +$0.0 | +$0.0 | $268.4 |
| Light Rail Maintenance Facility | $100.4 | +$26.1 | -$26.1 | $100.4 |
| Commuter Rail Maintenance Facility | $80.4 | +$12.9 | +$109.4 | $202.7 |
| Bus Maintenance Facility | $71.7 | -$0.4 | -$11.8 | $59.5 |
| Other FasTracks Project Costs | $524.7 | +18.3 | +31.1 | $574.2 |
STRATEGIES FOR MOVING FORWARD
Taking into account the cost factors associated with current trends, which are not within RTD's control, RTD has developed strategies for delivering FasTracks.
- Innovative financing and project delivery methods for some corridors
- Public-Private Partnerships (PPPs)
- Public-Private Partnerships in conjunction with stations and parking
- Additional cost containment and value engineering as the program progresses
- Sale of excess RTD property
- Parking revenues
- Consistent with 2007 legislation
- Additional local, state and/or federal funds and partnerships
The RTD Board of Directors and the RTD FasTracks Team is committed to delivering FasTracks within the general scope, timeframe and financial capacity afforded by the voters of the District in 2004.
ONGOING PARTNERSHIP
The RTD Board of Directors and the RTD FasTracks Team is committed to working with all of our community partners to deliver our collective vision of providing a region-wide, reliable, safe transit system that meets the growing transportation needs of the Denver metropolitan region.
COMPLETE 2007 PROGRAM EVALUATION PRESENTATION
COMMUTER RAIL VEHICLE TECHNOLOGY ANALYSIS, MAY 2007
