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FY 2014 Budget / Actual Performance through November 2013

FY 2014 Budget / Actual Performance through November 2013. John W. Lawson Chief Financial Officer January 9, 2014. November 2013 Overview . Overall, the CTF is reporting annual revenue growth of 13.7 percent, slightly below the forecasted annual growth rate target of 13.9 percent

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FY 2014 Budget / Actual Performance through November 2013

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  1. FY 2014 Budget / Actual Performancethrough November 2013 John W. Lawson Chief Financial Officer January 9, 2014

  2. November 2013 Overview • Overall, the CTF is reporting annual revenue growth of 13.7 percent, slightly below the forecasted annual growth rate target of 13.9 percent • Federal revenue collections remain strong • Fiscal year-to-date expenditures for most programs are slightly behind forecasted activity

  3. Commonwealth Transportation Fund State Revenue CollectionsNovember 2013 • The CTF revenues are experiencing average annual revenue growth of 13.7 percent, slightly below the forecasted 13.9 percent annual growth rate • Year-to-date, Motor Vehicle Sales and Use tax collections are 2.2 percent below the target growth rate of 33.9 percent. • A 29.6 percent increase when compared to November 2013 over November 2012 • The State Sales and Use Tax revenues dedicated to transportation has grown by 55.5 percent year-to-date due to HB 2313, although short of the forecasted annual growth rate of 66.3 percent

  4. Commonwealth Transportation Fund Highway Maintenance & Operating Fund and Transportation Trust Fund Revenues Source: Commonwealth of Virginia/Department of Accounts, HMOF and TTF Revenues, Summary Statement of Selected Revenue Estimates & Collections, Fiscal Years 2014 and 2013.

  5. VDOT Federal Revenue • Fiscal year federal revenue collections of $776.9 million through November is slightly greater than FY 2013 through November. • The increase is driven by a 28 percent growth in the revenues generated by construction program activity, offset by reduced federal revenue in Maintenance and ARRA projects (as anticipated).

  6. Expenditures by Programthrough November Expended $1.9 billion year-to-date, $86.6 million less than through the same period last year.

  7. Maintenance Program • Expended $127.6 million in November, for a year-to-date total of $723.8 million • Year-to-date spending is $119.6 million less than the $843.4 million expended during the same period in FY 2013 • Allocations include carryover of the $97.5 million balance from FY 2013 • Anticipated spending for the fiscal year is $1.57 billion with a projected unspent allocation balance of less than $85 million at year end

  8. Construction Program Spending • Spent $762.9 million on construction year-to-date • An increase of 2 percent compared to the same period in FY 2013 • Actual spending$31.2 million less than forecast

  9. Anticipated Spending Dollars in millions • Current outstanding contract value for both Construction and Maintenance programs is $1.3 billion

  10. Major Fund Cash BalancesNovember 30, 2013

  11. Financial Assistance to Localities - Overview of Special Funds • Northern Virginia Transportation Authority Fund • Hampton Roads Transportation Fund Dollars in millions Dollars in millions

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