1 north carolina department of transportation financial overview mark l. foster april 20, 2010
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North Carolina
Department of Transportation
Financial Overview
Mark L. FosterApril 20, 2010
2
OutlineNCDOT Funding Sources
•Overview•State – Historical, Current and Forecast•Federal – Current and Uncertainties
NCDOT Expenditures and Uses
Cash Management
How Does it All fit Together
NCDOT Relative to Other States
3
Revenues by Fund – $3.7 Billion
24%Highway Trust Fund
$881M
47% Highway Fund
$1,737M
28% Federal Funds
$1,011M
1% Other Federal Aid & Department Receipts
$ Figures are for SFY 2010
No GeneralFund Resources
4
Principle Fund Differences
Highway Fund Highway Trust Fund
Major Revenue SourceMotor Fuel Taxes
2005 - 69%2010 – 65%
Highway Use Tax 2005 - 58%2010 – 48%
Largest ProgramMaintenance - 44% Construction - 94%
Primary Method
of Allocation
Appropriation Statutory Formulas
5
State Transportation Revenues
Motor Fuel Tax55%
HighwayUse Tax
25%Fees20%--------
15%--------30%
6
State Transportation Revenue Sources2001 to 2009 - Actual
2010 to 2015 - ForecastedTransportation Revenue Sources
2001 to 2009 - Actual2010 to 2015 - Forecasted
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
State Fiscal Year
$ in
Mil
lio
ns
Fees + InvestmentsHighway UseMotor Fuel
Revenues Return to 2007 levelsRevenues $325M
less than in 2007
7
Federal Transportation Revenues
Motor Fuel Tax 92% Fees8%
Motor Fuel Tax 92% Fees8%
-
2
4
6
8
10
12
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
$ in
Bil
lio
ns
20062007200820092010
$7.0B Transfer from General Fund
$8.017B Transfer from General Fund
8
• Signed into law on February 17, 2009
• Provides $48.1B for transportation, including:– $27.5B for Highways – NC Share $735M– $8.4B for Transit – NC Share $103M– $8.0B for High Speed Rail – Discretionary Grant
National Response $102B, NCDOT request $5.376B, Received $545M
– $1.3B for Amtrak– $1.5B for Surface Transportation Discretionary Grants
National Response $57 billion, NCDOT request $300M, Received $10M
• Significant accountability, transparency and reporting requirements
The American Recovery and Reinvestment Act of 2009 (ARRA)
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37.1%TIP Construction
$1,359.9
3.3%
Other Construction $122.4Secondary Roads 92.4Discretionary Funds 12.0Spot Safety 9.1Public Service Roads 1.9Small Urban Construction 7.0
25.6%Highway Maintenance $937.4
3.5%Municipal Aid $129.2
0.4%GHSP & Other $13.1
8.1%
Administration $297.2DOT 86.5DMV 131.2DOH 37.3Trust Fund 42.2
10.7%
Agency Transfers $392.6General Fund 126.1 Highway Patrol 195.5Public Instruction 54.9Other Agencies 16.1
71.8%All Construction & Maintenance
Aviation 37.4Rail 19.6Public Transit 102.3Ferries 30.1Bike & Ped 13.6
Other Modes $189.4
5.5%
Debt Service $149.9GO Bonds 82.7GARVEE Bonds 67.2 4.1%
NCDOT Finance2009-10 Uses of Funds - $3.7 Billion
$ Figures are in Millions
1.7%NCTA $64.0
10
46.9% Highway Fund
$1,683.5
1.1% Other
$39.7
$ 424.1
$ 183.318.0 Planning & Research27.3 Public Transportation20.0 Airport11.2 Governors Highway Safety59.3 GARVEE - Debt Service48.1 GARVEE – Additional
179.9 Payment – New Lettings419.7 Payment – Prior Lettings
70.0 Statewide Projects50.0 Purchase Orders Contracts40.0 Agreements30.0 EEP80.0 CEI36.0 Cost Overruns
5.0 HTF – Rail200.0 Right of Way150.0 PE – DOT
30.0 PE – TA108.6 General Fund Transfer
64.0 TA Fund Transfer82.8 96 Bonds – Debt Service41.1 Administration – DOT/TA57.7 Secondary Roads39.9 Powell Bill
2009-10 Uses of Funds
1.1% $39.7 Receipt Supported Operations
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5 Year Forecast
Other Modes Expenditures
Construction ExpendituresMaintenance Expenditures
Other ExpendituresRevenues
Closing Cash BalanceCash Balance TargetCash Balance Floor
2010 2011 2012 2013 2014
12
How Does it All Fit Together
-------------------------------------------------------------------------------------------------------------NC
NCDOT
North Carolina Comprehensive Plan
N.C. Transportation Plan 20 yr
Program & Resource Plan 10 yr
Work Program 5 yr
“Policy To
Projects”
Includes Biennium Budget
13
Transportation Finance Pyramid
Traditional Non-Revenue
Revenue PotentialRequiring Grant Assistance
Revenue-Based RequiringPublic Credit Assistance
Marketable Revenue-Based•Tolling
•Market Pricing
•SIBs
•TIFIA
•Value Capture
•Federal Funds Management Techniques
•GARVEE Bonds
• Impact Fees
•Local Tax Sources
Project Type
14
System Responsibility
- 100,000 200,000
Florida
Georgia
South Carolina
Virginia
North Carolina
Texas
US Average
Lane-Miles
13
11
2
4
1
3
- 50 100 150 200
Florida
Georgia
South Carolina
Virginia
North Carolina
Texas
US Average
24
50
47
32
4848
State Lane-mile and Ranking Total Disbursements per Lane-mile and Ranking
3
15
Public Road Ownership
- 50 100 150 200 250 300 350
Florida
Georgia
South Carolina
Virginia
North Carolina
Texas
US Average
Miles in Thousands
State
County
Local
Federal
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