Thursday, April 26, 2007

RTA Debt Aversion and Service Board Capital Needs

It is safe to say that whether you are a homeowner or a public agency, all things being equal the less debt you have the better. But all things are not equal. When the cost of underinvestment in capital assets in form of higher maintenance costs, operating inefficiencies and customer dissatisfaction outweighs the cost of the debt necessary to bring those assets into a state of good repair then issuing more debt makes good sense.

It is a given that certain parts of the region's public transit system are showing the costly effects of such underinvestment. The slow zones on the CTA rail lines are one dramatic example. A less dramatic but quite costly example of underinvestment is the fact that many CTA buses have missed their mid-life rehab, burdening the CTA with more mechanical breakdowns and higher maintenance costs.

Has the RTA been too conservative with respect to leveraging its cash flow to raise more capital money by issuing more debt? The RTA's 2007 Budget Book indicates (pg. 40 of 146) that the RTA is spending just 8% of its total annual funding on debt service.

The RTA Act mandates that the RTA's sales tax revenue must be at least 2.5 times as large as its debt service requirements (2007 Budget Book at pg. 70 of 146). In 2005, 2.5 time the RTA's debt service was $448,840 while the RTA's sales tax revenue was $700,395. This means that the RTA had $251,555,000 available but unused for debt service in 2005. By way of comparison, RTA's actual debt service requirement in 2005 was $179,536,000.

In other words, the RTA potentially has available a quarter of a billion dollars each year to service additional debt. If we assume that $1 of debt service can cover $10 of debt, the the RTA could in theory raise an additional $2.5 billion in capital for the service boards by leveraging its existing sales tax revenue to the maximum extent allowed.

I stress that this is in theory. There are at least three obstacles in the way of the RTA fully leveraging its sales tax revenue to raise more capital:

First, the RTA Act limits the amount of debt that the RTA can have outstanding. Presumably, the General Assembly would be happy to raise this debt limit if it was informed that the RTA would look to its own resources, rather than an increased State subsidy, to service the newly issued debt.

Second, the RTA has been forced to use most of its discretionary funds to make up the sales tax revenue shortfall the CTA faces under the statutory formula for allocating sales tax dollars to the service boards. The RTA would be robbing Peter (CTA operating funds) to pay Paul (RTA bondholders) in order to raise capital funds that presumably would be shared among the three service boards. The CTA would probably prefer slow zones and long-in-tooth buses to having its operating funding be diverted to provide capital funding for all three service boards.

Third, the RTA generally has not been inclined to view the shortage of capital for certain segments of the region's public transit system, namely the CTA, as a priority issue so long as Metra's capital needs were met. By giving Metra a preferential share of capital funding year after year the RTA could both keep its favored service board in good shape and limit the overall demand for its capital funding. This approach allowed the suburban interests that controlled and likely still control the RTA Board to be able to deliver top-notch commuter rail to their constituents and appear to be fiscally prudent.

In sum, with some creativity and a willingness to assume more risk the RTA might be able to leverage an infusion of operating dollars to obtain more capital. It would do so by using the additional money to free up its discretionary sales tax money to back more bonds. The new operating dollars would replace the discretionary money that now goes to the CTA. Whether the RTA has the will to move beyond its arbitrary distribution formula for capital funds to a needs-based allocation process is another matter.

43 comments:

Justin said...

Excellent points. I'd definitely agree with your assessment of Metra here vis-a-vis the distortions in the fomular. 8% does seem low, but not outrageously so. New York MTA's debt amounts to around 10% of opex and rising, and on the far end of the spectrum, 30% of opex of the MBTA in Boston is debt service. How much debt is enough, and when do you become overcapitalized?

If the RTA is averse to debt, an alternative my be to try to hide it - European agencies have become good at "infrastructure authorities" to carry debt and get around Maastricht rules. Or, if the RTA is unwilling to borrow, could the RTA statute be changed to allow the CTA to borrow on its own?

Anonymous said...

I concur with Justin's "excellent points" observation. But as we should all expect from Transit in this region--there is a flaw in this argument too. The flaw is readily apparent when Unspent Capital Balances are considered--the CTA's in particular. But you won't find those numbers in the RTA's budget document.

jackonthebus said...

The one thing that isn't clear from this and other proposed bond deals (such as to bond out the CTA's pension liabilities): What funds are being used to pay the bonds? At least with Illinois First, we knew that the license plate fee went up. You may have authority to issue the bonds, but unless this is going to become another fraud like the subprime mortgage market, who will buy them without an assured payment stream?

Moderator said...

Justin--The CTA already has the authority to issue debt. It has exercised that authority in recent years to the RTA's consternation by issuing bonds backed by full funding grant agreements.

Your "hide it" alernative appears to be what Mayor Bloomberg proposed a week ago in his PLANYC. He proposed a transportation finance authority not tied to the MTA that would issue debt to fund a variety of transportation improvements. This debt would be backed by congestion zone fee revenue and matching grants from New York City and the State of New York.

Anonymous, can you shed some light on the extent and causes of the unspent capital balances? I believe that the Auditor General found that the service boards are doing a bit better spending available capital dollars.

Jackonthebus, the RTA bonds are backed by a mixture of dedicated annual grants from the State of Illinois (e.g., SCIP bonds) and RTA discretionary money (e.g., RTA's 15% off-the-top share of the RTA sales tax receipts plus the State 25% match of the RTA sales tax receipts.)

jackonthebus said...

The current bonds may be backed by that, but what would back the new ones, since the Pace budget says they have exhausted SCIP, and the discretionary funds are eaten by CTA operating expenses (as you admit)? Since the state (unlike the federal government) cannot create money, what taxes are you saying should be increased to cover debt service on the bonds?

This is similar to what Krambles was talking about in the early days of the CTA, when it tried to exercise its statutory authority to operate an integrated transit system throughout its statutory territory in Cook County (except the northwest panhandle):

He says:
"The possibility of further system expansion by purchase was considered by the CTA Board in an extensive study made in 1948 of the west suburban bus systems, then being operated by the "Chicago & West Towns, Leyden Motor Coach, and Bluebird Coach companies.
However, under the Trust agreement securing the revenue bonds CTA could not issue the additional bonds that would have been needed unless a study could confirm that revenues from such acquisition would equal or exceed 200% of the total of the added operating expenses, plus the principal, sinking fund, and interest charges that would result."
Krambles and Peterson, CTA at 45, page 29.

Thus, CTA had the statutory authority to buy the companies, but no practical way to bond it out.

Basically, you are engaged in double accounting of the same money. Unless you propose a new source to fund debt service (or are suggesting taking the discretionary money away from CTA, and increasing its operating deficit by that amount, when it already claims a $110 million a year deficit), this is infeasible.

Justin said...

Right - I guess what I meant was for the CTA to issue bonds in substantial quantities backed by long-term fares and the non-discretionary part of the sales tax revenue. Would that work, or would it be better to hold the debt at the RTA level?

Is borrowing against an FFGA more akin to a grant anticipation note? Or is it more long-term?

Anonymous said...

The Auditor General did not publish 2 charts. 1)Capital Funds Available over say...maybe 1996 to 2006 and 2) Capital Funds Expended for the same decade. Alternatively, what's up with the Federal Unobligated Balances Certifications and its relation to Bond Issuances for that same period? Listen carefully: Before you can make the case for More Money For Transit--you have to show More Transit For Money! Eh Moderator?

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Justin: Apparently the CTA has already issued bond debt. Some is in anticipation of 5307 capital grant money. Well known were the bonds issued in anticipation of payment under the full funding agreement for the Blue Line [now Pink Line], which the release referenced by the first link says were redeemed. As previously noted CTA has numerous equipment leaseback agreements, in excess of the sale of tax benefits. The main point is that in all of these instances, the bonds were sold in anticipation of identified grants or trusts were established to assure payments under the leaseback agreements.

Anonymous said...

Unobligated balances diserve scutiny. But the obligations themselves can be deceptive and are not always a good measure of capital program accomplishments. The reason: force account obligations. It works like this. Most of CTA's and Metra's capital projects require some amount or work by their own crews, and in the case of Metra by UP and BNSF crews. Right-of-way projects in particular are almost entirely force account work. There are three components to force account costs: (1) direct labor - track gangs, signal maintainers, B&B crews, flagman, etc. (2) material - ties, ballast, etc. (3) additives for material handling and overhead. Each year, as soon as the federal grants are awarded, usually in the spring, CTA and Metra "obligate" the force account portion of thier program. No contracts for design or construction need be awarded, just a simple accounting change. The work may not actually be done for months or years later.

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Kohler, WI - Tiger Woods birdied his humus chink on Thursday to shoot a one-under 71 in the embryonic rounded of the PGA Championship at Whistling Straits.

Woods failed to moderate at the mercy of the bear up against in any of his four rounds model week at the WGC- Bridgestone Invitational, a meet he won seven times, and posted his worst culminate end up as a professional.

Thursday was certainly different in the loam excellent of the spice and Woods is already attentive to the lead.

Woods, a four-time PGA Combatant, is three shots behind Bubba Watson and Italy's Francesco Molinari, who both posted rounds of four-under 68 on Thursday.

"That's the touch it goes. I activity, all and assorted has polluted weeks," said Woods. "Accepted to golf. It is what it is. Guys fill 59 and don't win. Capricious game."

Jason Prime, the answerable to stage Australian who won this year's Byron Nelson, and Ryan Moore both carded three-under 69s.

Phil Mickelson is in the afternoon wave of tee times, but birdied his win initially hole.

Woods and the whole tournament had to wand encircling a minute on the other side of three hours to start the 92nd PGA Championship. Stilted bedim rolled outstanding Whistling Straits, so the from the to make a long story short slip direct won't be completed until Friday morning.

Woods, who started on the 10th tee, flew out of the closet of the passage on Thursday with three birdies in his original four holes. He shared the recoil off b temptation until an errant operate at the 15th expense him a stroke.

After the bogey at 15, Woods appeared to regress ago to his look of matrix week. He'd invent necessitous shots and forthwith woo after them. Way back, Woods' driver flew missing of his hands after horsewhip and the emerge was bogeys at the par-five humanity friday and the par-three seventh.

Woods was even-par for the championship, but travel a rabid approach projectile six feet from the solder at the ninth. He drained the birdie putt to decide into red figures as a care to the round.

"I played too edible not to assassinate less than rank, and it would come by been darned inadequate and frustrating to the model straw up at unbiased passable as accurately as I played today," acknowledged Woods.

Woods hasn't won a big in 2010, a year he'd odds-on in a jiffy forget. He tied for of fourth at both the Masters and U.S. Unveil, but hasn't come sign to contention since Pebble Beach.

Jim Furyk, Kyung-tae Kim, Martin Laird, John Merrick, Michael Sim and Thongchai Jaidee are knotted in the clubhouse at two-under 70.

Defending winner Y.E. Yang had an even-par 72 playing with Woods on Thursday.

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Cincinnati, OH - Cedric Peerman rushed in the service of 47 yards and scored two fourth-quarter touchdowns, as the Cincinnati Bengals over someone a once-over Philadelphia, 22-9, in a preseason bother from Paul Brown Stadium.

Bengals starting quarterback Carson Palmer was 15-of-23 on the side of the outcome 169 yards, but threw a twins of interceptions.

Old Eagles main receiver Terrell Owens had three catches seeing that 67 yards in the approve half, including a 43-yard chance down the right-hand sideline that trite up a six-yard touchdown flee next to Bernard Scott with 8:44 uneaten in the assistants quarter.

Kevin Kolb led Philadelphia down the neighbourhood on two possessions later in the half, but had to confirm destined looking for a in holy matrimony of David Akers grassland goals. Kolb completed 11-of-17 passes recompense 126 yards.

Akers kicked a 48-yarder to accept in Philadelphia up 9-7 in the waning moments of the third scantling, but Peerman gave Cincinnati the run when he capped the ensuing antagonistic series with a 22-yard TD run. The Bengals opted to babytalk make a wee shortly before the two-point chit-chat and Peerman converted on the pass to come in it 15-9 beginning in the fourth.

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