BOARD ESTABLISHES SHORTLIST OF FOUR TOLL OPTIONS
FOR FURTHER STUDY AND PUBLIC REVIEW

INITIAL 5-YEAR FINANCIAL PLAN UNDER REVIEW

May 24, 2002

The Board of Directors of the Golden Gate Bridge, Highway and Transportation District (District) voted today to reduce the number of toll options under review from twelve to four.

Toll Option G: $5 Cash/$4 FasTrak;
Toll Option I: $5 Cash/$5 FasTrak;
Toll Option J: $5 Cash/$3 FasTrak increasing to $4 over five years
Toll Option G Alternate: $5 Cash/$4 FasTrak increasing to $5 over three years

The public is invited to drop by anytime between 4:30 pm and 7:30 pm to review and comment on the remaining 4 toll options and the initial 5-Year Financial Plan at three upcoming public meetings:

  1. Monday, June 3, San Rafael Community Center, 618 B Street, San Rafael
  2. Tuesday, June 4, Kenilworth Jr. High School Multipurpose Room, 998 E. Washington, Petaluma
  3. Wednesday, June 5, Fort Mason Center, San Francisco, 4:30 pm to 7:30 pm

The adoption of a shortlist of four toll options for further study and further public comment does not indicate a final decision on a toll increase by the Board of Directors. Today's action is the next step in a process initiated in February 2002.

After the Open House meetings noted above, the Board of Directors will conduct a formal Public Hearing on June 13 at 6 pm at the Marin City Manzanita Center, 630 Drake Avenue, Marin City to hear testimony on a potential toll increase. The earliest the Board could adopt a toll increase is June 28, if a recommendation is made by the Finance Committee on June 27. The earliest implementation date is September 1, 2002.

Preliminary Conclusions of Initial 5-Year Financial Plan Under Review

None of the twelve toll increase options are sufficient alone to fund a 5-year sustainable financial plan at current expense levels. Along with a toll increase, a package of numerous options that can either add or subtract revenues and expenses can be selected and then developed to create a viable 5-Year Initial Financial Plan. To achieve a balanced 5-year budget, a toll increase is necessary along with:

  1. Reducing expenses significantly by elimination of non-essential District programs as well as reduction in the amount of services provided and deferral of important capital projects.
  2. Aggressively pursuing new revenue sources that could include bridge sidewalk access tolls and increased parking fees.
  3. Growing existing revenue streams through actions that could include raising transit fares by 10% each year and pursuing additional grant funds.