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Caltrans Monthly Finance Report

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

  2. 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.”

  3. 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.

  4. State Highway Account Cash Forecast

  5. 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.

  6. Public Transportation Account Cash Forecast

  7. 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.

  8. Traffic Congestion Relief Fund Forecast Outstanding loan payback of $1.2 billion is expected in June 2006, and would support new allocations

  9. 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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