No preview available
HomeMy WebLinkAbout012208 Chesapeake Toll Study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±5HFHQWVWXGLHVKDYHVKRZQWKHEHQHILWVRIDQ2SHQ5RDG7ROOLQJ6\VWHP ?)DVWHUWUDYHOWLPH ?,QFUHDVHG6DIHW\ ?5HGXFHGFDSLWDOFRVW ?5HGXFHGRQJRLQJ2SHUDWLRQV 0DLQWHQDQFHDQG5HQHZDO 5HSODFHPHQWFRVWV ?/HVVYXOQHUDELOLW\WRXVHUHODVWLFLW\GXHWRWROOLQFUHDVHV ±'HVSLWHWKHVWXGLHVSHUIRUPHGWKHUHDUHREVWDFOHV ?8VHUVDFFHSWDELOLW\RIDFRPSOHWHO\FDVKOHVVIDFLOLW\LV\HWWREHIXOO\GHWHUPLQHG ?(QIRUFHPHQWDQG/HJDOVWUDWHJLHVVKRXOGEHFOHDUDQGGHFLVLYH ?7HFKQRORJ\PXVWEHHIILFLHQW ±0DUNHWSDUWLFLSDQWV¶KHVLWDQF\WRZDUGVFDVKOHVVIDFLOLWLHVVKRXOG LPSURYHDVPRUHSURMHFWVPRYHWRZDUGVWKLVWHFKQRORJ\ 2SHQ5RDG7ROOLQJ&DVKOHVV7ROO&ROOHFWLRQ6\VWHP ?0HWKRGRORJ\IRU2SHQ5RDG7ROOLQJDVVXPSWLRQVLQWKLVVWXG\ ±0HWKRGRORJ\IRU&DSLWDO&RVW ?5HGXFHG³IRRWSULQW´RIWROOFROOHFWLRQIDFLOLW\ ?(OLPLQDWHWROOERRWKVSHUVRQQHOVXSSRUWIDFLOLWLHVDQGURDGZD\WDSHUV ±0HWKRGRORJ\IRU7ROO5HYHQXH ?UHGXFWLRQLQWUDQVDFWLRQVUHIOHFWLQJDYHUVLRQRIVRPHWRFDVKOHVVV\VWHP ?UHGXFWLRQLQUHYHQXHWRDFFRXQWWRDFFRXQWIRUXQFROOHFWLEOHDFFRXQWV ±0HWKRGRORJ\IRU2SHUDWLRQVDQG0DLQWHQDQFH ?UHGXFWLRQLQWUDQVDFWLRQVUHIOHFWLQJDYHUVLRQRIVRPHWRFDVKOHVVV\VWHP ?$OOWUDQVDFWLRQVFKDUJHG(7&WROOFROOHFWLRQUDWH WUDQVDFWLRQ ±$VVXPHVDVHUYLFHIHHIRUQRWXVLQJDWUDQVSRQGHU ?&DSLWDOFRVWVDQGQHWUHYHQXHVRIHDFKRIWKHSURMHFWVZDVUHGXFHG DIWHUDSSO\LQJDFDVKOHVVIDFLOLW\ )$&,/,7<&$3,7$/&2675('8&7,211(75(9(18('(&5($6( PLOOLRQ<HDU 6XSSOHPHQWLQJ6WDUW8S7ROO5HYHQXHV±([DPSOHV $OPRVW$OO1HZ7ROO)DFLOLWLHV1HHG)LQDQFLDO+HOS ? ?6XERUGLQDWH/RDQVDWERWKWKH)HGHUDODQG6WDWH/HYHOVDUHFRPPRQ ±&KHVDSHDNH([SUHVVZD\6DQWD5RVD%D\%ULGJH$XWKRULW\6DQ-RDTXLQ 7UDQVSRUWDWLRQ&RUULGRU$JHQF\(DVWHUQ)RRWKLOOV7UDQVSRUWDWLRQ&RUULGRU$JHQF\ ?%\IDUWKHPRVWFRPPRQUHYHQXHDSSURDFKLVDV\VWHPFRQFHSWZKHUHH[FHVV FDVKIORZIURPH[LVWLQJWROOIDFLOLWLHVLVXVHGWRKHOSVXSSRUWH[SDQVLRQSURMHFWV ±)ORULGD¶V7XUQSLNH2UODQGR2UDQJH&RXQW\([SUHVVZD\$XWKRULW\2NODKRPD 7XUQSLNHDPRQJPDQ\RWKHUV ?6XSSOHPHQWDO5HYHQXHVDUHFRPPRQDWERWKWKH6WDWHDQG/RFDO/HYHOV ±2VFHROD3DUNZD\0LG%D\%ULGJH0LDPL'DGH([SUHVVZD\'HODZDUH7XUQSLNH ?2WKHUZD\VLQZKLFK6WDWH'HSDUWPHQWVRI7UDQVSRUWDWLRQKDYHFRQWULEXWHGDUH ±3D\IRUSUHOLPLQDU\GHVLJQHQJLQHHULQJDQGRUULJKWRIZD\ ±3D\IRURSHUDWLRQVDQGRUPDLQWHQDQFHVRPHWLPHVJHWWLQJUHSDLGDIWHUERQGV ?$PRQJVWDUWXSWROOURDGVWKDWKDYHQ¶WJRWWHQVLJQLILFDQWDVVLVWDQFHWKHUHDUH QRWDEOHH[DPSOHVRIGLVWUHVVHGFUHGLWV  )LQDQFLDO$QDO\VLV6FHQDULRV (VWLPDWHG 6FHQDULR3URMHFW V 7ROO2SWLRQ&DSLWDO&RVW ,GHQWLILFDWLRQ&RQVLGHUHG$SSOLHG  PLOOLRQV  1RWROOVRQ2DN *URYHQR VXSSOHPHQWDO 6RXWKHDVWHUQ UHYHQXHV3DUNZD\ *UHHQEHOW 2SWLRQRQH   )LQDQFLDO$QDO\VLV6FHQDULRV±6RXWKHDVWHUQ3DUNZD\  *UHHQEHOW ?7KH6RXWKHDVWHUQ3DUNZD\DQG*UHHQEHOW$QDO\VHVGHPRQVWUDWHGWKDWWKH SURMHFWLVDSSUR[LPDWHO\WRVHOIVXSSRUWLQJRQDVWDQGDORQHEDVLV ±$PLOOLRQDQQXDOUHYHQXHVXSSOHPHQWLVQHFHVVDU\WRPDNHWKHSURMHFWIHDVLEOH ±7ROO 6XSSOHPHQWDO5HYHQXHVVXSSRUWDSSUR[LPDWHO\ELOOLRQRIVHQLRUDQGVXERUGLQDWH GHEW ±2SHQ5RDG7ROOLQJVFHQDULRVOLJKWO\UHGXFHVWKHIXQGLQJGHILFLWDPRXQW 7RWDO&DSLWDO&RVW6XSSOHPHQWDO 6FHQDULR <HDURI)LQDQFLQJ)XQGLQJ5HYHQXH3HUFHQW6HOI   ,GHQWLILFDWLRQ([SHQGLWXUH &DSDFLW\'HILFLW DQQXDO 6XSSRUWHG 1R2DN*URYH RUVXSSOHPHQWDO )LQDQFLDO$QDO\VLV6FHQDULRV±'RPLQLRQ%RXOHYDUG ?7KH'RPLQLRQ%RXOHYDUG$QDO\VHVGHPRQVWUDWHGWKDWWKHSURMHFWLVDSSUR[LPDWHO\WR VHOIVXSSRUWLQJRQDVWDQGDORQHEDVLV ±$ )LQDQFLDO$QDO\VLV6FHQDULRV±&RPELQHG6RXWKHDVWHUQ 3DUNZD\*UHHQEHOWDQG'RPLQLRQ%RXOHYDUG ?7KHFRPELQHG6(3*'RPLQLRQ$QDO\VHVGHPRQVWUDWHGWKDWWKHFRPELQHG SURMHFWLVDSSUR[LPDWHO\VHOIVXSSRUWLQJRQDVWDQGDORQHEDVLV ±$PLOOLRQDQQXDOUHYHQXHVXSSOHPHQWLVQHFHVVDU\WRPDNHWKHSURMHFWIHDVLEOH ±7ROO 6XSSOHPHQWDO5HYHQXHVVXSSRUWDSSUR[LPDWHO\ELOOLRQRIVHQLRUDQGVXERUGLQDWH GHEW 7RWDO&DSLWDO&RVW6XSSOHPHQWDO 6FHQDULR <HDURI)LQDQFLQJ)XQGLQJ5HYHQXH3HUFHQW6HOI   ,GHQWLILFDWLRQ([SHQGLWXUH &DSDFLW\'HILFLW DQQXDO 6XSSRUWHG 7ROOVRQ2DN *URYH1R VXSSOHPHQWDO )LQDQFLDO$QDO\VLV6FHQDULRV±3XEOLF3ULYDWH3DUWQHUVKLS (YDOXDWLRQV ?7KH3HYDOXDWLRQVZHUHHVWLPDWHGEDVHGRQJHQHUDOILQDQFLQJDVVXPSWLRQVDQG WKHDYDLODEOHWUDIILFDQGUHYHQXHGDWD ±8WLOL]HGDJJUHVVLYHGHSUHFLDWLRQDQGWD[DVVXPSWLRQV ±7DUJHWUHWXUQVUDQJLQJIURPWRGHSHQGLQJRQW\SHRIIDFLOLW\ EURZQILHOGYVJUHHQILHOG ±7KH3HYDOXDWLRQVZKLOHUHGXFLQJWKHIXQGLQJGHILFLWVVWLOOUHTXLUHGDGGLWLRQDOUHYHQXHV 7RWDO&DSLWDO 6FHQDULR&RVW <HDURI)LQDQFLQJ(TXLW\)XQGLQJ5HWXUQRQ3HUFHQW6HOI   ,GHQWLILFDWLRQ([SHQGLWXUH &DSDFLW\,QYHVWPHQW'HILFLW,QYHVWPHQW6XSSRUWHG 6(3* WROOV RQ2DN *URYH  )LQDQFLDO$QDO\VLV6FHQDULRV±6XPPDU\RI3URMHFWV 1RQ7ROO (VWLPDWHG5HYHQXH$PRXQWRI 6FHQDULR3URMHFW V 7ROO2SWLRQ&DSLWDO&RVW,QFRUSRUDWHG)XQGLQJ*DS ,GHQWLILFDWLRQ&RQVLGHUHG$SSOLHG PLOOLRQV PLOOLRQV PLOOLRQV 1RWROOVRQ2DN *URYHQR VXSSOHPHQWDO6RXWKHDVWHUQ UHYHQXHV3DUNZD\ *UHHQEHOW2SWLRQRQH   &RQFOXVLRQ±7ROO5RDG)LQDQFLDO)HDVLELOLW\ ?7KHSURMHFWVFDQQRWEHIXQGHGZLWKWROOUHYHQXHRQO\ ±7KH'RPLQLRQ%RXOHYDUGSURMHFWKDVDVPDOOHUWROOUHYHQXHRQO\GHILFLWSULPDULO\GXHWRLWV VPDOOHUFDSLWDOFRVWV ±7KH'RPLQLRQ%RXOHYDUGSURMHFWFDQEHFRPSOHWHGZLWKDQDQQXDOLQIXVLRQRIDERXW