ODOT_December_2008_Forecast - Laserfiche WebLink

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large increase in FY13 is the result of the Figure 11: Vehicle Title Transfer Revenues legislation that affects the duration of the driver license renewal cycle. That transition 16°°'° to the longer cycle was completed in October 12°°'° of last year. ~ ~ 40% ~ $50 - 3 What remains to be seen is the long-term ~ - $40 - a~ ~ w effect that SB 1080 will have on driver ~ $30_ -4°°'° v licenses and ID Cards. With each additional ~ $20- forecast we will have more data and be able to ~ $10 - refine our forecast estimates. 2000 2005 2010 2015 Fiscal Year Figure 10: Non-Commercial Driver Vehicle Title Transfer Revenues Percentage Change License Renewal Revenues 60% 40% ~ ~N r v ~ 20% $12 - ~ - - 0% ~ $10 - ~ ~ r ~ ~ -20% ~ 4J N 3 C Q' N - ~ 3 -40% o o ~ z ~ $g $4 - 2000 2005 2010 2015 Fiscal Year Non-Commercial Dri~rLicense Renewal Revenues Percentage Change Vehicle titles include a variety of title transactions. These span new light and heavy vehicle purchases, vehicles that are new to Oregon due to in-migration, and used vehicle transactions, as well as salvage titles and all other DMV transactions not elsewhere included. The largest component of the titles section is title transfers, accounting for over 50 percent of revenues in this group. Vehicle title revenues, as shown in row 3 of Table 4, for FY08 are $69.1 million, a 7.1 percent decrease from FY07. FY09 revenues are expected to be $66.1 million, a 4.3 percent decrease over FY07. Revenue growth is expected to average 0.7 percent per year through the forecast period. The large declines in growth for the FY07-FY09 period are due to high fuel prices in FY07and FY08 and then the downturn in the economy, primarily effecting FY09. 15