State Highway Fund Update TRANSPORTATION BOARD NOVEMBER 13, 2017

Transcription

1 State Highway Fund Update TRANSPORTATION BOARD NOVEMBER 13,

2 STATE HIGHWAY FUND ESTABLISHED BY NRS , THE STATE HIGHWAY FUND (SHF) IS A SPECIAL REVENUE FUND ESTABLISHED TO ACCOUNT FOR THE RECEIPT AND EXPENDITURE OF DEDICATED HIGHWAY USER REVENUES PER NEVADA STATE CONSTITUTION ARTICLE 9, SECTION 5, HIGHWAY USER REVENUE (LESS COST OF ADMINISTRATION/COLLECTION) IS TO BE USED FOR CONSTRUCTION, MAINTENANCE, AND REPAIR OF PUBLIC HIGHWAYS. THE DEPARTMENT OF TRANSPORTATION (NDOT), DEPARTMENT OF MOTOR VEHICLES (DMV) AND DEPARTMENT OF PUBLIC SAFETY (DPS) ARE THE PRIMARY USERS OF THIS FUND NDOT, DMV AND DPS SHARE IN THE RESPONSIBILITY TO MAINTAIN A HEALTHY HIGHWAY FUND BALANCE 2

3 HIGHWAY FUND REVENUE 3

4 HIGHWAY FUND STATE USER FEE OUTLOOK SHF USER FEES HAVE EXPERIENCED A STEADY, MODEST INCREASE $ in Millions Actual FY 2012 Actual FY 2013 Actual FY 2014 Actual FY 2015 Actual FY 2016 Actual FY 2017 Estimate FY 2018 Gasoline Taxes (1) $185 $186 $188 $193 $200 $207 $209 $212 Special Fuel Taxes (1) $79 $81 $79 $81 $85 $88 $89 $90 Motor Vehicle Fees & Taxes (1) $157 $158 $167 $177 $182 $183 $187 $188 Transportation Connection Tax (2) $5 $5 Fuel Revenue Indexing (3) $5 $9 Gov t Services Taxes - GST $39 $58 $58 Estimate FY 2019 Total State User Revenue $422 $424 $434 $451 $472 $517 $552 $558 % Increase from Prior Year 1% 2% 4% 5% 10% 7% 1% (1) Estimates are DMV April 2017 Projections (2) $5 million deposited to Highway Fund first year of biennium only (3) Clark County projects only 4

5 FUEL REVENUE INDEXING REVENUES (FRI2) UNDER FRI2, INDEXING IS APPLIED TO THE STATE PORTION OF MOTOR VEHICLE FUEL TAXES COLLECTED IN CLARK COUNTY EFFECTIVE SFY 2018 (BEGAN JULY 1, 2017) FRI2 REVENUE MUST BE SPENT IN CLARK COUNTY FRI2 REVENUE IS EXPECTED TO INCREASE ANNUALLY THROUGH THE 10-YEAR PERIOD IT HAS BEEN ENACTED Est. Fiscal Year Revenue, $ Million 2018 $ $ $ $ $ $ $ $ $ on $63.6 Projections are based on information from DMV and financial consultant PFM 5

6 MINIMUM FUND BALANCE VARIES WITH $ AMOUNT OF APPROVED BUDGETS 1.5 MONTHS OF CAPITAL EXPENDITURES 1 MONTH OF ALL OTHER EXPENDITURES FOR NDOT, DMV & DPS AND OTHER APPROPRIATIONS Expenditure Type 2017 Budgeted Expenditures 2017 Budget Monthly Average Expenditures Minimum Cash Balance Months 2018 Minimum Cash Balance Target Capital Program $585 $ $74 Non-Capital Program $548 $ $46 Total $1,143 $96 $120 6

7 HIGHWAY FUND BALANCE September 30, 2017 $396 M TOTAL IN SHF ON 9/30/17 $161 M BOND PROCEEDS $42 M TO CURRENT & UPCOMING PROJECTS $120 M MINIMUM FUND BALANCE $67 M RESTRICTED FUNDS (Funds that are restricted in their use per state law such as DMV license plate factory, DPS motorcycle safety program, NDOT Aviation Trust Fund or NDOT AB 595 Property Tax) $162 M HIGHWAY FUNDS 7

8 HIGHWAY FUND EXPENDITURES 8

9 NDOT EXPENDITURES SFY 2017 TRAVEL, $2, 0% OPERATING, $71, 7% EQUIPMENT, $9, 1% PERSONNEL, $139, 15% OTHER PROGRAMS, $10, 1% CAPITAL IMPROVEMENTS, $721, 76% Expenditures by Activity: * Construction & Engineering: $757M 79% * Maintenance: $149M 16% * Administration & Support: $50M 5% Above figures exclude cost of fuel sold to other agencies ($2.1M) and bond principal and interest payments ($78.9M). 9

10 FY 2017 CAPITAL OUTLAY Used for capital projects including contractor payments, right of way acquisition, consultant support (such as crew augmentation, design, traffic control, maintenance of NDOT facilities) and pass through of federal funds to other agencies Contractor Payments - $505M (70%) Federal funds for local public agency projects - $79M (11%) Consultant Support - $59M (8%) Right of Way - $41M (6%) Other (Interlocal agreements, Intelligent transportation Systems (ITS), transfers to other agencies, NDOT facilities, Planning) - $37M (5%) 10

11 CAPITAL PROJECTS Ongoing Programs: Safety, Congestion Mitigation, Pavement Preservation, Asset Management, Stewardship, Environmental, 800 MHz Radio System, Planning, Transportation Alternatives, Freeway Service Patrol, Electric Highway Major Projects FY 2017 FY 2019: Southern Nevada Project NEON Design Build - $618M I15 N Craig to Speedway Blvd 2A - $37M Boulder City Bypass/I-11 - $112M I15/US93 Garnet Design Build - $66M US95 Durango to Kyle Canyon - $85M (Incl. local funds) Starr Avenue Int. - $47M (Inc l Local Funds) US95 NW Corridor Phase 3C - $61M Northern Nevada USA Parkway - $85M Carson Freeway - $51M Reno Spaghetti Bowl Environmental Impact Study - $12M US 50 Lyon Co. Roy s Rd to US 95A - $38M RENO SPAGHETTI BOWL 11

12 HIGHWAY FUND EXPENDITURE SUMMARY, SFY 2017 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 17 % NDOT $924 $661 $533 $629 $799 $955 76% DMV $90 $86 $90 $90 $119 $119 9% NDOT Bond Repayment $80 $80 $70 $68 $69 $79 6% DPS $76 $76 $79 $75 $78 $78 6% Other Appropriations $5 $4 $5 $8 $5 $22 2% Total $1,175 $907 $777 $870 $1,070 $1, % NDOT EXPENDITURES AND NDOT BOND REPAYMENT COMPRISED 83% OF SFY17 HIGHWAY FUND EXPENDITURES 12

13 SIGNIFICANT SPECIAL PROJECTS DMV (Computer) System Modernization FY 2016 FY 2022 Total Project $115M (Approx. $40M Tech Fees & $75M Highway Funds) Nevada Shared Radio System Replacement (State Portion) Estimated at $94M to $118M over six to ten years DMV Reno Building Approx. $42M to $48M (Project funded with 20-yr bonds) NDOT Fueling System Replacement $16.3M FY 2016 to FY 2019 DPS Vehicle & Equipment Replacement $10.1M total for FY

14 CONCLUSIONS THE STATE HIGHWAY FUND IS HEALTHY NDOT, DPS AND DMV ARE EACH DOING THEIR PART TO PROPERLY MANAGE THE STATE HIGHWAY FUND IN COORDINATION WITH THE GOVERNOR S FINANCE OFFICE THE FY 18 MINIMUM CASH BALANCE TARGET OF $120 MILLION WILL BE MET TRANSPORTATION PROJECTS THAT IMPROVE SAFETY, INCREASE MOBILITY AND SUPPORT ECONOMIC DEVELOPMENT ARE CURRENTLY UNDERWAY OR IN THE PROJECT DELIVERY PIPELINE IF ADDITIONAL TRANSPORTATION REVENUE BECOMES AVAILABLE, MORE PROJECTS CAN BE DELIVERED THE BOARD WILL RECEIVE A PRESENTATION IN DECEMBER 2017 ON FUNDING AND FINANCING OPTIONS FOR MAJOR PROJECTS COMING IN THE NEXT FEW YEARS 14

15 QUESTIONS? 15