For 2017, the total Capital Program funding is $1.791 billion, while the five-year capital plan totals $5.085 billion.
Federal funds account for about half and CTA Transit Tax Increment Financing (TIF) funds account for about a third of the 2017 regional transit capital program. The remainder is mostly comprised of RTA bond proceeds and Service Board funds. For the third consecutive year, the capital program does not include any new source of state funds. This total capital amount is more than double the $823 million in available funding included in the final 2016 adopted capital program. The CTA is primarily responsible for this growth in funding which will support Phase I of the Red Purple Modernization project.
This level of funding leaves the region with significant unfunded capital needs. The value of the RTA region’s assets is estimated to be more than $158 billion, measured in terms of its replacement value. This estimation includes the value of 7,526 passenger vehicles, 7,200 transit route miles and subway tunnels that alone are assessed at $100 billion. The RTA estimates it would require an annual investment between $2 and $3 billion to bring the region’s system into a State of Good Repair (SGR) over a 20-year period. SGR means the system’s assets are replaced when they reach useful life, all necessary rehabilitation is performed and capital maintenance is up-to-date.
As of 2014, the region’s ten-year SGR funding needs total $36.1 billion. That number can be divided into two categories.
The first is the SGR backlog which totals $19.5 billion. This is what it would take to “catch-up” and fund the unmet needs that have accumulated over time. The backlog is made up of deferred investments in asset rehabilitation, replacement and annual capital maintenance.
The second category is the SGR anticipated capital needs over the next ten years, which total $16.6 billion. Ten-year SGR capital needs are made up of normal replacement, rehabilitation and capital maintenance.