Basis for Transaction Fee Sample Clauses

Basis for Transaction Fee. (a) The transaction fee shall consist of the sum of the following two amounts as determined by VDOT (and shall be deemed correct absent manifest error): (i) An amount equal to: (1) the sum of the current budgeted cost to VDOT for operating the statewide ETC system, current amortized capital costs allocated to the statewide ETC system, and the annual E-ZPass membership dues (excluding the annual amount collected for E-ZPass account maintenance fees and other miscellaneous customer charges (e.g., lost transponder replacement fees)) less budgeted credit card processing fees associated with transaction revenue; plus/minus the amount in Section 4.2(b), if any divided by (2) the total number of ETC transactions in the immediately preceding calendar year; and (ii) An amount equal to the average credit card processing fees multiplied by total revenue processed for the Participant. For the purposes of this calculation, the “average credit card fee” shall equal the expected credit card fees divided by expected credit card revenue multiplied by the percentage of total CSC revenue processed by credit card. (b) In the event that the transaction fees collected are either less than or in excess of the actual budget for the year calculated, the deficiency or excess will then be applied to adjust the next year’s budget prior to the new calculation. (c) The total prior calendar year’s ETC transactions shall be based on the total number of ETC transactions recorded on all participating facilities. Annually, but not later than April 1st, VDOT shall provide to Participant a copy of the approved budget for ETC operations as well as written notice of the transaction fee to be charged in the next fiscal year.