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Caltrans Monthly Finance Report. Presented to the California Transportation Commission September 15, 2004. State Budget Update. The Budget for 2004-05 has been finalized.

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Caltrans Monthly Finance Report

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Tab 7 (3.1)

Caltrans Monthly Finance Report

Presented to the

California Transportation Commission

September 15, 2004


State Budget Update

  • The Budget for 2004-05 has been finalized.

  • The following 24-month cash forecasts are final forecasts, based on the signed Budget Act, enacted trailer bills, and all budget related legislation.

  • The following forecasts are the Department’s official update and will heretofore be referred to as the “September Forecast.”


State Highway Account September Forecast

  • Changes that affect the SHA cash forecast:

    • $184M TCRP loan repayment assumed in June Forecast was reduced to $20M in the final Budget.

    • Technical adjustments were made to the timing of certain revenue receipts.

    • Minor adjustments were made to expenditures to reflect revised expenditure ratios.

    • Removal of expenditures in FY 2005-06 of a one-time BCP that was inadvertently carried forward.

  • Does not assume revenues resulting from the renegotiation of tribal gaming compacts.

  • The SHA forecast does not assume that the ethanol impact is fully mitigated.


State Highway Account Cash Forecast


Public Transportation Account September Forecast

  • Changes that affect the PTA cash forecast:

    • The $36M TCRF loan repayment to the PTA that was forecast to occur in 2004-05 was eliminated from the final budget.

    • The transfer of $60.4M in 2003-04 miscellaneous revenues from the PTA to the SHA that was forecast to occur in 2003-04 will take place in 2004-05.

      • These revenues, along with $47.2M in 2004-05 miscellaneous revenues will be transferred from the SHA to the General Fund, in accordance with the enacted Budget.

    • Forecast 2004-05 expenditures are slightly lower than in previous forecasts, due to lower final budget authority.

    • Does not assume revenues resulting from the renegotiation of tribal gaming compacts.


Public Transportation Account Cash Forecast


Traffic Congestion Relief Fund September Forecast

  • Changes that affect the TCRF cash forecast:

    • The $243M General Fund loan repayment that was scheduled to occur in September was reduced to $43M.

    • The $140M in spillover revenue is forecast to occur in quarterly payments, based on prior spillover transfers.

    • The $184M loan repayment to SHA was reduced to $20M.

    • Expenditures updated to reflect the project review conducted in June 2004.

    • TIF transfer of $678M to occur quarterly in 2005-06, per existing law, unless deferred or cancelled by subsequent legislation.

    • Does not assume revenues resulting from the renegotiation of tribal gaming compacts.

    • Loan repayment from General Fund of $1.2 billion assumed to occur in June 2006, per existing law, unless deferred or cancelled by subsequent legislation.


Traffic Congestion Relief Fund Forecast

Outstanding loan payback of $1.2 billion is expected in June 2006, and would support new allocations


Federal Budget Update

Federal Budget Has Passed; Authorization Has Not

  • Consolidated Appropriation Act (CAA) signed January 23, 2004.

  • CAA includes 2004 Transportation appropriation.

  • Federal program authorization approved only through September 24, 2004.

    • Obligational Authority and Apportionment amounts are approved only to 49/52nds of the total year’s amount.

  • Level of future federal funds still being deliberated.

    • The issue of the impact of ethanol use in California is a part of these deliberations.


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