Caltrans Monthly Finance Report

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Tab 7 (3.1) 1 Division of Budgets Caltrans Monthly Finance Report Caltrans Monthly Finance Report Presented to the Presented to the California Transportation California Transportation Commission Commission September 15, 2004 September 15, 2004

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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. - PowerPoint PPT Presentation

Transcript of Caltrans Monthly Finance Report

Page 1: Caltrans Monthly Finance Report

Tab 7 (3.1)

1Division of Budgets

Caltrans Monthly Finance ReportCaltrans Monthly Finance Report

Presented to thePresented to the

California Transportation California Transportation CommissionCommission

September 15, 2004September 15, 2004

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State Budget UpdateState 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.”

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State Highway Account September State Highway Account September ForecastForecast

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.

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State Highway Account Cash ForecastState Highway Account Cash Forecast

FY 2004-05 Forecast Assumptions Monthly cash balances for the Fund Estimate are averaged based on beginning and ending cash balances. Assumes support expenditures as approved in the FY 2004-05 Budget Act. $20 million payback from TCRF. Vote of $504 million in FY 2004-05 Assumes no votes beyond FY 2004-05. Assumes Federal collection numbers as presented to the CTC in the May forecast. Does not assume early loan payback resulting from the renegotiation of tribal gaming compacts.

Assumption Change from May Forecast Assumption Change from June Preliminary Forecast► The May Forecast did not include a TCRF loan payback. ► $184 million payback from TCRF reduced to $20 million. The May Forecast assumed $1.9 B in allocations Technical adjustments to timing of revenue receipts. The May Forecast did not include Finance Letters which were not publised until Minor adjustment to expenditures to reflect revised expenditure ratios.

after presentation of the May Forecast. Removal of expenditures in FY 2005-06 of one-time BCP that was inadvertently carried forward.

STATE HIGHWAY ACCOUNT CASH FORECAST($ in millions)

-$200

-$100

$0

$100

$200

$300

$400

$500

$600

$700

2004 SHA Fund Estimate 390 410 430 450 470 490 510 530 550 570 590 613 600 590 580 570 560 550 550 540 530 530 530 520

May Forecast 530 520 450 230 360 340 290 300 460 290 460 380

June Forecast 510 480 580 330 450 400 330 330 460 280 430 320 400 430 260 290 80 210 250 50 290 70 80 -90

September Forecast 510 480 410 190 310 280 190 190 320 140 290 190 60 290 240 0 170 90 250 110 170 30 250 110

Jul-04 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-05 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

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Public Transportation Account September Public Transportation Account September ForecastForecast

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.

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Public Transportation Account Cash ForecastPublic Transportation Account Cash Forecast

FY 2004-05 Forecast Assumptions:► Revenue estimates updated to reflect the 2004-05 Governor’s Budget. ► No transfer of Non-Article XIX funds from the SHA.► Suspension of TIF transfer in FY 2004-05.► Assumes TIF Transfer occurs in FY 2005-06

Assumption Change from June Preliminary Forecast:► Transfer of miscellaneous SHA revenues back to the SHA will occur in FY 2004-05 instead of FY 2003-04.► FY 2004-05 $36 million transfer from TCRF will not occur per enacted budget.► FY 2004-05 expenditures are lower based on enacted budget

24-MONTH PUBLIC TRANSPORTATION ACCOUNT CASH FORECAST($ in millions)

-$50

$0

$50

$100

$150

$200

$250

$300

$350

June Forecast 40 80 110 70 120 60 110 100 60 100 60 50 40 80 40 70 110 60 130 120 100 170 130 120

September Forecast 100 150 140 40 90 30 90 70 30 80 30 30 10 60 20 50 90 40 110 100 90 160 110 100

Jul-04 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-05 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

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Traffic Congestion Relief Fund September Traffic Congestion Relief Fund September ForecastForecast

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.

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Traffic Congestion Relief Fund ForecastTraffic Congestion Relief Fund Forecast

FY 2004-05 Forecast Assumptions:► No new allocations in FY 2004-05 or FY 2005-06.► Suspension of TIF transfer in FY 2004-05.

Assumption Change from June Preliminary Forecast:► General Fund transfer of $43 million in September 2004.► General Fund transfer of $140 million in spillover revenue to occur in FY 2004-05.► TIF transfer of $678 million to occur quarterly in 2006.► Loan repayment from General Fund of $1.2 billion to occur June 2006. ► Expenditures levels are based on latest information from the program and local agencies.

24-MONTH TRAFFIC CONGESTION RELIEF FUND FORECAST ($ in millions)

-$200-$100

$0$100$200$300

$400$500$600$700$800$900

$1,000$1,100$1,200$1,300$1,400

$1,500$1,600$1,700$1,800$1,900$2,000

May Forecast 90 70 220 90 120 100 90 70 50 40 20 0

September Forecast 140 120 80 140 90 70 70 80 80 70 40 50 60 50 40 210 190 180 190 340 340 510 500 1,860

September Revised 130 110 60 120 80 60 50 40 50 40 0 30 30 20 0 180 170 160 150 310 310 480 470 1,830

Jul-04

Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunJul-05

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

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

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Federal Budget UpdateFederal 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.