FasTracks is funded through a combination of funding sources, including the voter-approved sales tax increase of 0.4 percent (4 pennies on every $10), passed in 2004. One key to keeping FasTracks on track is making the most of the money available for the program.
Every year staff conducts a comprehensive evaluation of the entire program called the Annual Program Evaluations (APE). As part of the APE process, staff examines Potential Critical Adjustments to the FasTracks program - changes that can lower the cost of FasTracks, but which won't fundamentally change the FasTracks plan.
Additionally, several ongoing efforts help ensure that FasTracks maximizes the use of taxpayer dollars.
Partnering with private companies that invest money in public projects provides a major benefit to the entire FasTracks system. This concept allows a public agency to contract with a team of private partners to keep a project on schedule. In the case of the FasTracks, the team of partners that RTD selects and contracts with will provide the design, construction, financing, operation and maintenance of the project. Similar types of partnerships will be explored for other FasTracks projects and used when it can save time and money.
RTD constantly analyzes every opportunity to apply for federal money that can help off-set the cost to local taxpayers. While only certain projects can qualify to receive this money, it is a critical source of funding that will pay for approximately one-fifth of the overall FasTracks cost.
Value Engineering is good business. The goal is to review all technical aspects of a
project and find ways to provide equal or greater value for less cost. Every FasTracks project is thoroughly reviewed on an ongoing basis to find ways to improve efficiency and cost-effectiveness. This is a requirement on all FTA federally funded projects and has been used by RTD on many past projects.
FasTracks is funded from a variety of sources including:
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