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2008 STIP and Aeronautics 2008 STIP and Aeronautics Account Fund EstimatesAccount Fund Estimates

Presented for adoption by the

California Transportation Commission

October 24, 2007

Tab 2 (4.1)

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2008 STIP FE Recap2008 STIP FE Recap

• STIP Fund Estimate adoption delayed until enactment of state Budget

• September 2007 Commission Meeting:– STIP FE Assumptions adopted by the Commission

– Draft STIP FE Results presented to the Commission

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Updates to Draft STIP FE Updates to Draft STIP FE

• Senate Bill (SB 717) – Signed by the Governor on October 14, 2007.

– STA receives 75% of PTA share of TIF revenues.

– PTA revenue will be reduced by $85 million annually over the FE period.

• Revised STIP Capacity– PTA STIP target capacity reduced by $224 million over

the FE period.

– Total STIP target capacity reduced from $6.5 billion to $6.27 billion.

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Target Program CapacityTarget Program Capacity($ millions)($ millions)

• Target Capacity includes Commitments + New Capacity.

• Total SHOPP Target Capacity is $10.5 billion over the FE period.

• Revised total STIP Target Capacity is $6.27 billion over the FE period.

2007-08 2008-09 2009-10 2010-11 2011-12 2012-135-Year Total

6-Year Total

2008 FE SHOPP Target Capacity (SHA) $2,431 $2,108 $2,107 $2,110 $2,104 $2,105 $10,535 $12,966

2006 SHOPP Program 1 $2,412 $2,419 $2,447 $0 $0 $0 $4,866 $7,278Net Difference $19 ($311) ($340) $2,110 $2,104 $2,105 $5,669 $5,688

2008 FE STIP Target Capacity (SHA, TIF, PTA, TFA)

SHA Program Capacity 2 $135 $136 $138 $139 $140 $141 $694 $829

PTA Program Capacity 3 $475 $50 $225 $225 $250 $250 $1,000 $1,475

TIF Program Capacity $776 $652 $652 $694 $650 $700 $3,348 $4,124

TFA Program Capacity 4 $727 $1,233 $0 $0 $0 $0 $1,233 $1,960Total 2008 FE STIP Target Capacity $2,113 $2,071 $1,015 $1,058 $1,040 $1,091 $6,274 $8,388

2006 STIP Program 5 $2,275 $2,515 $1,441 $847 $73 $73 $4,949 $7,224Net Difference ($162) ($444) ($426) $211 $967 $1,018 $1,326 $1,164

Notes:

General note: Program capacity above includes capital and capital outlay support (COS).1 2006 SHOPP Program totals from the approved 2006 SHOPP program.2 Includes Transportation Enhancements (TE) and GARVEE debt service for on-going 2004 bonded projects.3 Accounts for Enacted Budget and signing of SB 717.4 Assumes remaining bond capacity is applied to 2008-09 to minimize STIP adjustment in first year of FE period.5 Augmented 2006 STIP from August 2007 CTC "Orange Book" adjusted for extensions, advances, and September 2007 votes.

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Bottom LineBottom Line

• 2007-08 TIF and PTA capacities insufficient to fund current year STIP.

• 2008 FE adds $5.7B SHOPP and $1.3B STIP over the FE period.

• New STIP capacity dependent on future TIF transfers and PTA spillover revenues.

• SHA resources used to fund the SHOPP Program in 2008 STIP FE.

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Next StepsNext Steps

• Adopt Resolution, approving the 2008 STIP Fund Estimate

• Complete 2008 Fund Estimate Book

• Publish and distribute 2008 Fund Estimate Book

Questions?

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2008 Aeronautics Account 2008 Aeronautics Account Fund EstimateFund Estimate

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Aeronautics Account FEAeronautics Account FE

• Three-Year estimate prepared on a cash basis.

• Aviation gasoline and jet fuel excise taxes are primary sources of revenue.

• Expenditures comprised of State Operations, Annual Credit Grant Program, Airport Improvement Program (AIP) match, and Acquisition and Development (A&D)

• Presented to the Technical Advisory Committee for Aeronautics (TACA) on October 17, 2007.

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ResultsResults($ thousands)($ thousands)

3-Year2007-08 2008-09 2009-10 2010-11

3-Year Total

TOTAL RESOURCES 13,715$ $12,955 $8,381 $8,566 $29,902STATE OPERATIONS ($3,849) ($3,941) ($4,036) ($4,133) ($12,110)LOCAL ASSISTANCE

Grants to Local Agencies (Annual Credit Program) ($1,450) ($1,450) ($1,450) ($1,450) ($4,350)Airport Improvement Program (AIP) Match ($1,650) ($1,650) - - ($1,650)Acquistion and Development (A&D) ($2,129) ($445) - - ($445)

CASH AVAILABLE DURING FE PERIOD $5,468 $2,895 $2,983 $11,346

• Total resources includes beginning balance of $5.212 million in 2007-08.

• State Operations projections based on 2007-08 Governor’s Budget and escalated at 2.4%.

• AIP Match and A& D funding in the final two years of the FE period will be determined in the next adopted Aeronautics Program.

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Next StepsNext Steps

• Adopt Resolution, approving the 2008 Aeronautics Account Fund Estimate

• 2008 Aeronautics Program will be presented for adoption in April 2008