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AASHTO SCOPT/MTAP 2009 Winter Meeting Legislative Update

AASHTO SCOPT/MTAP 2009 Winter Meeting Legislative Update. Ron Epstein Chief Financial Officer New York State Department of Transportation December 2, 2009. Authorization and Appropriations.

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AASHTO SCOPT/MTAP 2009 Winter Meeting Legislative Update

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  1. AASHTO SCOPT/MTAP2009 Winter Meeting Legislative Update Ron Epstein Chief Financial Officer New York State Department of Transportation December 2, 2009

  2. Authorization and Appropriations • On October 31 a second Appropriations Continuing Resolution was enacted which extended SAFETEA-LU through December 18. • Highway apportionments continue to be 30 percent below FFY 2009 apportionment - reflecting two rescissions that were imposed on the highway program in FFY 2009. • The Federal Transit Administration continues to withhold the distribution of aid under the extensions.

  3. Authorization and Appropriations • Increased unemployment is spurring discussion of a longer term (six-month to two-year) stop-gap surface transportation authorization as part of a larger jobs bill. • House Transportation and Infrastructure Chairman Oberstar has not yet fully embraced this idea. • Financing such a bill remains an impediment. • Potential financing ideas: • Uncommitted Taxpayer Relief (TARP) funds. • Transaction fee on Wall Street activities. • Front end with General Funds.

  4. Authorization and Appropriations • Jobs are expected to be a major theme of the President’s State of the Union address in late January. • Transportation continues to lag behind health care, climate change, other. • Treasury-bills may hold key to addressing debt/infrastructure.

  5. Transportation Update • What are the prospects of Public Transportation getting a larger share of federal funding?

  6. Transportation Act Funding

  7. SAFETEA-LU - Formula Program Share

  8. SAFETEA-LU - Capital Investment Program Share

  9. Public Transportation Funding - Historical/Estimated Trend

  10. Importance of Funding Guarantee…

  11. Gas Tax… ?

  12. Performance of Gas Tax

  13. Solvency – Mass Transit Account

  14. Same Pig; Different Look…

  15. What are the implications of reauthorization being put off for 18‐24 months? • ISTEA was enacted on December 18, 1991, 2 1/2 months after the previous law expired. • TEA-21 was enacted on June 9, 1998, 8 months after ISTEA expired. • SAFETEA-LU was signed into law on August 10, 2005, nearly two years after TEA-21 expired. Required 13 separate short-term extensions • Two-year bill - front-loaded with general funds to jump-start transportation spending??? • Next-Tea – at least not until after mid-term elections???

  16. What are the implications of reauthorization being put off for 18‐24 months? • Cash flow • Cash flow • Cash flow… “In the event of a short-term extension of SAFETEA-LU (six months or less) Congress should direct FTA to apportion available funds within 21-days of enactment”

  17. What are the implications of reauthorization being put off for 18‐24 months? • Short-term extensions contribute to a 30% decline in highway funding to states – limit new opportunity to flex funding to transit • Systems holding back on decisions and investments in longer-term projects • Uncertainty is making it more difficult for transportation companies to obtain financing credit • Jobs in the transportation sector will be lost next year without an infusion of funds and longer-term predictability.

  18. What happens if we don't get increased federal funding?

  19. Questions?? Ron Epstein Chief Financial Officer New York State Department of Transportation 50 Wolf Road, POD 5-4 Albany, New York 12232 (518) 457-8362 repstein@dot.state.ny.us

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