Surface Transportation - Finance Context & Issues
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Ron Epstein Chief Financial Officer NYS Department of Transportation
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Surface Transportation - Finance Context & Issues
- 1. Surface Transportation - Finance Context & Issues New York Public Transit Association Spring Meeting Innovation, Sustainability, Public Transit Glens Falls, New York June 12, 2009
- 4. How are we doing? - ARRA Progress
- 6. What Does This Mean?
- 8. State Dedicated Highway and Bridge Trust Fund
- 9. NYSDOT’s Five-Year Capital Program - 2005-2010 $17.958 Billion from 4/1/05 to 3/31/10 Highways and Bridges $15.246 Billion Industrial Access $0.045 Billion CHIPS/Marchiselli $1.681 Billion Multi-Modal Program $0.350 Billion Rail/Ports $0.235 Billion Aviation $0.116 Billion Upstate Transit $0.235 Billion Canals $0.050 Billion Total $17.958 Billion
- 13. ) 20 Year Transportation Capital Needs (2007 $ in billions)
- 19. Source: Federal Highway Administration
- 22. Solvency of the Mass Transit Account
- 23. Source: The Fiscal Year 2010 Appendix of the Federal Budget
Notes de l'éditeur
- From 2005 to 2010, New York will deliver the most robust capital construction program in the history of our State. The capital program will repair and rehabilitate the State’s aging bridges, roadways, and public transit systems…..enhance safety and security…..and strategically invest in projects that will promote economic development and job creation. From the 15.246 billion that is allocated to highways and bridges – the 15.246 is broken-down as the following: 1.472 for Mobility 1.715 for Safety 0.472 for operations 4.933 for highway main/ 3.999 Br Main/ SOGR 0.209 RR/Transit 0.368 Bike/Ped 2.078 Program Admin (Other 05-10 broad Talking points include) $2.9 Billion from the Bond Act DOT/Thruway/MTA Five year programs total over $38 Billion Largest and most robust capital construction program in the history of NYS
- High levels of debt service payments have burdened the State’s Dedicated Highway and Bridge Trust Fund and consumed revenues that could otherwise be used for pay for capital projects and operations. It is estimated that by 2013, debt service payments will consume three quarters of the Dedicated Fund’s annual revenues. The Governor’s Executive Budget begins the process of addressing the capital program’s reliance on debt issuance by reducing $412 million from planned levels, lowering debt service payments from the Trust Fund for many years to come.
- Ensuring Highway Trust Fund Stability Let me take a moment to comment on the status of the Highway Trust Fund revenue. FHWA has begun posting the month to month data What’s clear from this data is that the cash balance trajectory for this year is much worse than in the prior years. In fact it is not a question of whether we will face a payment slowdown but at what point (Note: that could be late July or early August) We are discussing actions to address the issue.
- Ensuring Highway Trust Fund Stability The cash situation in the Highway Trust Fund remains grim. As you can see from the first chart, the receipts coming into the HTF so far this year is showing a dip compared to what the Congressional Budget Office is predicting just a few months ago. In fact, receipts are running at 90% of the amount coming in this time last year. On the other hand, outlays are running at 105% of the amount going out during this time last year. This imbalance will have significant cash flow implications most likely later this federal fiscal year.
- Status of the Highway Trust Fund May 2009 Based on current spending and revenue trends, the U.S. Department of Transportation (DOT) estimates that the Highway Account of the Highway Trust Fund (HTF) will encounter a shortfall by August 2009 . The Highway Account of the HTF began the year with approximately $10 billion in cash. The surface transportation program continues to outlay at a greater pace than receipts are coming in. As a result, the cash balance has dropped by several billion dollars in the past few months. As of April, the Highway Account cash balance was $5.8 billion . Based on the FY 2010 President’s Budget estimates released in May, and assuming the economic situation stays as projected, by August, FHWA is estimating that there will be insufficient funds in the Highway Account of the Highway Trust Fund to cover bills when they are presented for payment. DOT estimates that around $5-7 billion will ultimately be needed to address the shortfall for FY 2009. Based on financial history, a prudent balance of $4 billion in cash is needed in the Highway Account in order to pay all bills and manage the cash flow . Assuming baseline projections from the FY 2010 President’s Budget, in addition to the $5-7 billion in FY 2009, DOT is currently estimating that it will need an additional $8-10 billion to cover the shortfall in the Highway Account of the Highway Trust Fund in 2010. This assumes the current economic situation stays as projected. Note: the Mass Transit Account of the Highway Trust Fund will not encounter a shortfall until 2010.
- FHWA $5 billion for Federal-aid subject to limitation $739 million Federal-aid exempt from limitation $550 million FMCSA $762 million HTF-supported NHTSA -------------------------- $7.051 billion TOTAL
- While the gas tax is expected to remain the backbone of the highway trust fund, we must begin looking for new sources of revenue.
- Highlights from the Final Report of the National Surface Transportation Infrastructure Financing Commission Together these short-term measures to increase the Highway Trust Fund revenue will: Generate additional $20B annually Recapture purchasing power lost since last increases Close 30-40% of combined federal funding gap Enable continuation of current program spending levels Cost typical household $9 per month ($5 per vehicle, ½ ¢ per mile) for gas tax increase, additional increment for freight charges passed through
- Implications of the Final Report of the National Surface Transportation Infrastructure Financing Commission Furthermore, the VMT fee can charges at state and local level as well for: Congestion Emissions Axle weight Tolled facilities Transit fares
- Highlights continued: Tolling and Other Direct User Fee Initiatives Allow Interstate tolling for all new capacity and for existing capacity under certain circumstances Residual revenues for surface transportation Tolling standardization and pricing information for travelers Federal Assistance, Financing Incentives, Tax Policy Enhance federal credit (TIFIA) and State Infrastructure Banks Additional financial incentives for user-backed projects Targeted tax subsidies (private activity bonds, tax credit bonds) Private Sector Financial Participation (PPPs) Facilitate private investment where it adds value Ensure appropriate controls to protect public interest Support state oversight of PPP arrangements