City's rail rendering
City's rail rendering

BY BOBBIE SLATER – The Porter Report (link is below) is a realistic appraisal of the City’s financial plans, although somewhat excessively positive about the project. However, you will read some excerpts such as,

“At this time, there is no additional capacity in the Project financing plan to fund Project cost increases or to mitigate other adverse events.”

How many times has the City told us that we have a billion dollar contingency fund?
How many cost overruns have we already had?

“Cash balances are minimal and debt service coverage is low.”

Didn’t the mayor just tell us that the chances were next to zero that we would ever have to borrow additional money?

Or another,

“The City provides highly-utilized transit services, but experienced high growth in locally-funded subsidies (10.9 percent annually, 2005-2010), and has not kept up with fleet replacement needs, indicated by an average bus fleet age of 10.2 years.”

Yes, we have a highly utilized bus service, so why are we cutting service so we can build a train? There is only one explanation why the city is cutting bus service: to show FTA that we can afford a train.

We are the only ones that can stop this travesty!

Read:

The Porter Report: Financial Capacity Assessment of the City and County of Honolulu for the Honolulu High Capacity Transit Corridor Project PREPARED FOR THE FEDERAL TRANSIT ADMINISTRATION by Porter & Associates. Inc. under subcontract to Milligan & Company. LLC Contract No. DTFT60-08-D-D0008 January 25, 2012. Final Report (reissued) Based on September 2011 Financial Plan  

Comments

comments