I nitial Financial Plan I-95 Betsy Ross Interchange (BRI) and Bridge Street Ramps (BSR) Project Philadelphia, Pennsylvania PA Department of Transportation District 6-0 July 2014 Table of Contents Executive Summary – Plan Overview ....................................................................................................................... 1 Initial Financial Plan Summary ...................................................................................................................................... 1 Conclusion ..................................................................................................................................................................... 8 Chapter 1 – Narrative Description ............................................................................................................................ 9 Project Description ........................................................................................................................................................ 9 Project History and Status ........................................................................................................................................... 11 Project Sponsor, Partners, and Management ............................................................................................................. 12 Project Management and Oversight ........................................................................................................................... 13 Chapter 2 – Schedule ............................................................................................................................................. 14 Overview of Activities and Project Schedule ............................................................................................................... 14 Presentation of Project by Major Segment ................................................................................................................. 15 Chapter 3 – Project Cost Estimate .......................................................................................................................... 20 Introduction ................................................................................................................................................................ 20 Cost Estimate Overview .............................................................................................................................................. 20 Cost Estimating Methodologies and Key Assumptions History ................................................................................... 20 Baseline Cost Estimating Methodology by Cost Element ....................................................................................... 20 Baseline Inflation Assumption ................................................................................................................................ 20 Cost Elements .............................................................................................................................................................. 21 Segment Costs ............................................................................................................................................................. 22 SR 0095 Section BRI – Betsy Ross Interchange and Mainline from Wheatsheaf Lane to Margaret/Lefevre Street in the City of Philadelphia ............................................................................................................................ 22 Segment BR0 ..................................................................................................................................................... 22 Segment BR2 ..................................................................................................................................................... 23 Segment BR3 ..................................................................................................................................................... 24 SR 0095 Section BSR – Bridge Street Ramps from Margaret/Lefevre Street to Levick Street ................................ 24 Segment BS1 ...................................................................................................................................................... 25 Segment BS2 ...................................................................................................................................................... 25 Segment BS3 ...................................................................................................................................................... 26 Comparison of Current Estimated Cost with the IFP and Previous Annual Update ............................................... 27 Costs-to-Date .......................................................................................................................................................... 27 Cost Management Responsibility ................................................................................................................................ 27 FHWA Major Projects CER ...................................................................................................................................... 27 Costs-to-Date .......................................................................................................................................................... 28 Future Expenditures ............................................................................................................................................... 28 Chapter 4 – Project Funding ................................................................................................................................... 29 Introduction ................................................................................................................................................................ 29 Project Plan of Finance ................................................................................................................................................ 29 Source of Funds ........................................................................................................................................................... 29 Project Funding ....................................................................................................................................................... 29 Federal Funding ...................................................................................................................................................... 30 State Funding .......................................................................................................................................................... 30 Planning for Unanticipated Changes in Expected Revenues ....................................................................................... 30 Use of Advance Construct Authorizations................................................................................................................... 30 Reconciliation of Programmed Funds to Cost Estimate Review ................................................................................. 31 Key Revenue-related Assumptions, Risks, and Mitigations ........................................................................................ 31 Chapter 5 – Financing Issues .................................................................................................................................. 32 Chapter 6 – Project Cash Flow................................................................................................................................ 33 Introduction ................................................................................................................................................................ 33 Sources and Uses of Funds .......................................................................................................................................... 33 Project Obligations and Cash Flow .............................................................................................................................. 33 Obligations versus Annual Cash Outlays ................................................................................................................. 33 Planning for Cash Flow ................................................................................................................................................ 34 Interactions with State Transportation Programs, Budgets, and Other Projects ........................................................ 37 Actual Cash Flow in Comparison to the Initial Financial Plan ...................................................................................... 38 Changes in Estimated Fund Availability and Expenditures ......................................................................................... 38 Chapter 7 – Public Private Partnership (P3) Assessment ........................................................................................ 39 Chapter 8 – Risk and Response Strategies .............................................................................................................. 40 Introduction ................................................................................................................................................................ 40 Mitigation of Risks 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