2002 Funding Possibilities
The tables listed below represent various funding possibilities that could be pursued within the Hampton Roads region. Base data/information for these tables comes from the 1999 "Regional Priority Setting" study/report conducted by the Hampton Roads Planning District Commission. The tables below lists the funding mechanism, annual revenue for the first full year, and 10, 20, and 25 year total collections based on a conservative growth scenario. The amount of "up-front" bonding the funding mechanism could support is also listed.
This dollar amounts listed below are in millions of dollars.
| Funding Mechanism | 1st Year Revenue (2003) | 10 Year Total | 20 Year Total | 25 Year Total | "Up Front Bonding" |
| 1 cent gasoline tax increase | 10.1 | 105.6 | 222.3 | 285.1 | 157.1 |
| 3 cent gasoline tax increase | 30.3 | 317.0 | 667.1 | 855.6 | 471.4 |
| 5 cent gasoline tax increase | 50.6 | 529.3 | 1,114.0 | 1,428.9 | 787.2 |
| 10 cent gasoline tax increase | 101.3 | 1,059.8 | 2,230.4 | 2,860.8 | 1,576.1 |
| 0.5% sales tax increase | 66.1 | 757.7 | 1,776.0 | 2,409.7 | 1,257.7 |
| 1.0% sales tax increase | 132.3 | 1,516.6 | 3,554.8 | 4,823.4 | 2,517.5 |
| 1.5% sales tax increase | 198.5 | 2,275.5 | 5,333.6 | 7,236.9 | 3,777.3 |
| $5 vehicle registration fee increase | 5.59 | 61.1 | 135.7 | 178.8 | 95.9 |
| $10 vehicle registration fee increase | 11.19 | 122.5 | 271.7 | 358.2 | 192.1 |
| $20 vehicle registration fee increase | 22.38 | 245.0 | 543.6 | 716.6 | 384.2 |
| $30 vehicle registration fee increase | 33.57 | 367.5 | 815.5 | 1,075.0 | 576.4 |
This dollar amounts listed below are in millions of dollars.
| Route/Segment | Average Toll/1-way Total | 1st Year Revenue | 20 Year Total | "Up Front Bonding" |
| US 58 Midtown Tunnel - Light | $1 tunnel | 19.05 | 419.3 | 296.3 |
| US 58 Midtown Tunnel - Medium | $2 tunnel | 31.75 | 699.0 | 493.9 |
| US 58 Midtown Tunnel - Heavy | $3 tunnel | 38.1 | 838.8 | 592.7 |
| 3rd Crossing Tunnel - Light | $1.50 tunnel | 39.42 | 867.5 | 613.3 |
| 3rd Crossing Tunnel - Medium | $2.50 tunnel | 54.75 | 1,205.4 | 851.8 |
| 3rd Crossing Tunnel - Heavy | $3.50 tunnel | 61.32 | 1,350.1 | 954.0 |
| Craney Island - Light | $0.12/mile average, $0.50 one-way | 5.74 | 126.2 | 89.2 |
| Craney Island - Medium | $0.24/mile average, $1 one-way | 9.58 | 210.8 | 148.9 |
| Craney Island - Heavy | $0.36/mile average, $1.50 one-way | 11.49 | 252.9 | 178.7 |
| M.L.K. Freeway - Light | $0.25 one-way | 3.61 | 79.3 | 56.1 |
| M.L.K. Freeway - Medium | $0.50 one-way | 6.02 | 132.4 | 93.6 |
| M.L.K. Freeway - Heavy | $0.75 one-way | 7.22 | 158.8 | 112.2 |
| Southeast Parkway - Light | $0.10/mile average, $1.80 one-way | 34.66 | 763.0 | 539.2 |
| Southeast Parkway - Medium | $0.20/mile average, $3.60 one-way | 57.77 | 1,271.9 | 898.8 |
| Southeast Parkway - Heavy | $0.30/mile average, $5.35 one-way | 69.33 | 1,526.4 | 1,078.7 |
| US 460 - Light | $0.05/mile average, $2.70 one-way | 17.86 | 393.1 | 277.8 |
| US 460 - Medium | $0.10/mile average, $5.35 one-way | 29.78 | 655.5 | 463.2 |
| US 460 - Heavy | $0.15/mile average, $8 one-way | 35.73 | 786.6 | 555.8 |
- Annual collection increases are assumed at 1% for gasoline tax, 2% for
vehicle registration, and 3% for sales tax. These are slightly lower than
what current trends show.
- "Up Front Bonding" represents the amount of funding that can be
expected "up front" from the issuing of bonds, using the funding
mechanism as funding for repaying the bonds. Bonds are assumed for a
25-year period at 5.5% interest.
- For toll funding, traffic and toll revenue are assumed to increase at 1% per
year.
- Toll funding scenarios are split into three categories: Light, Medium,
and Heavy. Light scenarios represent a fairly low toll, and assumes an
average 10% drop in projected traffic levels due to the toll. Medium
scenarios represent a moderate toll, and assumes an average 25% drop in
projected traffic levels due to the toll. Heavy scenarios represent a high
toll, and assume an average 40% drop in projected traffic levels due to the
toll.
- Carpoolers on the Southeastern Parkway get a 50% discount.
*NOTE* The information on these tables is intended to be used for planning and comparison purposes only. This information is not endorsed by the Hampton Roads Planning District Commission or the Virginia Department of Transportation.
Comments on these calculations are welcomed.
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