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Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010

Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010. Financial Overview. The year in review. Where are we? What does the future hold?. Road Fund Estimated Reduction – FY 2009. Original. Revised. Change. $ 661.4. $ 640.5. (20.9).

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Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010

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  1. Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010

  2. Financial Overview • The year in review. • Where are we? • What does the future hold?

  3. Road Fund EstimatedReduction – FY 2009 Original Revised Change $ 661.4 $ 640.5 (20.9) Motor Fuels Motor VehicleUsage 411.9 340.2 (71.7) Other 251.5 239.4 (12.1) TOTAL $1,324.8 $1,220.1 (104.7) (In Millions) * Revised CFG Estimate equates to an 8% drop from original estimate *

  4. FY 2009-Road Fund Actual Revenues Original Actual Change $ 661.4 $ 622.5 $ (38.9) Motor Fuels Motor VehicleUsage 411.9 336.3 (75.6) Other 251.5 233.2 (18.3) TOTAL $1,324.8 $1,192.0 $(132.8) (In Millions) * 10% drop from original estimate *

  5. FY 2010- Road Fund Revenue Revision Original Revised Change* $ 724.4 $ 629.7 $ (94.7) Motor Fuels Motor VehicleUsage 425.3 288.3 (137.0) Other 255.4 223.1 (32.3) TOTAL $1,405.1 $ 1,141.1 $ (264.0) (In Millions) *18.8% drop from official estimate

  6. The Year In Review Cont’d • 2009 GA Authorization of $400M Economic Development bonds • AWP of Motor Fuels frozen at new floor of $1.786 • Received Federal Stimulus funding - $421.1M for Highway Infrastructure Investment and $51.5M for Capital Transit KYTC/obfm

  7. The Year In Review Cont’d • Road Fund cash position deteriorated • Unable to fund new State Construction project starts ($8.9M net authorizations calendar 2008 and 2009) KYTC/obfm

  8. Where Are We Now?

  9. KENTUCKY GASOLINE TAX Gasoline Tax RateMF User TaxUSTTOTAL KRS 138.220(1) KRS 138.220(2) KRS 224.60 (awp * 9%) FY07 $1.476 x 9% = 13.3¢ 5¢ 1.4¢19.7¢ FY08 $1.624 x 9% = 14.6¢ 5¢ 1.4¢ 21.0¢ FY09 $1.786 x 9% = 16.1¢ (new floor) 5¢ 1.4¢ 22.5¢ FY10 $1.786 x 9% = 16.1¢ 5¢ 1.4¢ 22.5¢ FY10 $1.864 x 9% = 16.8¢ 5¢ 1.4¢ 23.2¢ FY10* $1.965 x 9% = 17.7¢ 5¢ 1.4¢ 24.1¢ FY11 $2.162 x 9% = 19.4¢ 5¢ 1.4¢ 25.8¢ (July – Sept) (Oct - Dec) (Jan - June) FY11 Maximum Increase: *and 4th Qtr Estimate

  10. FY 2010 - Road Fund Revenue Revision Current Revised Change* $ 629.7 $ 655.6 $ 25.9 Motor Fuels Motor VehicleUsage 288.3 328.6 40.4 Other 223.1 214.9 (8.2) TOTAL $ 1,141.0 $ 1,199.1 $58.1 (In Millions)

  11. Where Are We Now? (Cont’d) • CFG December 2009 Estimates for FY11 and FY12 increased: • FY11 +$69.3M at $1,270.6M (6.0% growth over FY10) • FY12 +$87.3M at $1,340.9M (5.5% growth over FY11) • Preparing to sell $100M in GARVEE bonds for LSIORB Project

  12. Where Are We Now? (Cont’d) • Continue operating a Federal Highway Construction Program without a new authorization • SAFETEA-LU expired September 30, 2009 • Operating under second extension • Extension expires Feb 28, 2010 • Beginning to see increases in the net Road Fund cash projections for the coming 32 months • Anticipate an increase in Revenue Sharing Programs - shared with local governments • $12.1M in FY11 and $15.3M in FY12

  13. What Does the Future Hold? • New Biennial Budget • $300M Economic Development bond authorization • $112M BRAC bond authorization • Potential for NEW state funded highway construction projects in mid to late FY2012

  14. What Does the Future Hold? • Federal-Aid Highway Infrastructure Authorization (We hope!) • Second Federal Stimulus package? • House passed Jobs Bill that funds highway projects at approximately the same level as Stimulus 1. • Senate to take up the measure very soon. • Still many unknowns for us to deal with, but we find many positive possibilities on the horizon

  15. Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010

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