December 2017 Cash Forecast

Transcription

1 December 2017 Cash

2 Table of Contents December 2017 Cash Executive Summary... Total Letting Amounts... Total... Bond Programs Debt Service... State Highway Fund Operating Balance... State Highway Fund Operating Account Cash... Texas Mobility Fund Bond Proceeds... Texas Mobility Fund Taxes and Fees... Proposition 14 State Highway Fund Bond Proceeds... Proposition 12 General Revenue Bond Proceeds... SH 121 Proceeds... SH 130 (Segments 5 & 6) Proceeds... SH 161 Proceeds... SH 288 Proceeds... Federal Economic Stimulus Funds (ARRA)... State Infrastructure Bank... Proposition 1 Oil and Gas Severance Taxes... Proposition 7 Sales and Use Taxes Supplemental Total Letting Amounts (UTP Planning Scenario)... S1 Page 2 of 20 March 14, 2018

3 Executive Summary ing of revenues, expenditures and resulting fund balances is a critical function of the Texas Department of Transportation (TxDOT). The cash balance of the State Highway Fund (SHF) changes daily. Likewise, the needs of the traveling public and subsequent responsibilities of TxDOT continue to change. TxDOT maintains a primary obligation to the citizens to efficiently construct and maintain the best possible highway system by optimizing the resources available. Therefore, it is important for TxDOT to maintain a method by which revenue sources and expenditure needs can be tied together in an effort to project the future cash flows so that adjustments to project schedules or other cash outlays may be made to maintain reasonable cash balances. TxDOT monitors cash flows through the cash management process, which is strategically connected with the administrative, accounting, payment management, revenue collection, budgeting, forecasting, letting and planning/programming activities of the department. The forecast is used by appropriate TxDOT decision makers within that process to plan and implement highway construction and maintenance projects and is submitted to the Legislative Budget Board and other state agencies for their use and reference. The TxDOT Financial Management team meets monthly to review TxDOT s financial status and provide for group discussion and action on issues affecting TxDOT s operations and finances, such as contract letting. The content of the cash forecast includes historical and projected revenues and expenditures and monthly ending and lowest daily balances for the various funding sources appropriated to TxDOT. The forecast also includes revenue and expenditure activity from other agencies operating in the SHF. A chart of the actual and projected SHF operating balance is included on page 7 to provide a picture of the cash position at a glance. Future revenues are projected based on financial analysis that includes historical trends, current statutes, the Comptroller s Biennial Revenue Estimate (BRE), current events and other sources as appropriate. Federal highway reimbursement projections also take into account the current highway bill, continuing resolutions, rescissions on obligation authority and apportionment, and other requirements made by the Federal Highway Administration (FHWA) and the Federal government for the use of those funds. Future expenditures are projected based on budgets established within the framework of the General Appropriations Act (GAA), contract letting amounts in TxDOT s ten year Unified Transportation Program (UTP), remaining obligations on previously let projects and other relevant data. To account for the effects of inflation, additional programs, legislative changes, etc., the forecast adds a percentage of total expenditures less contractor payments to a growth expenditure line item. Historical revenue and expenditure data is balanced monthly to the Comptroller s Uniform Statewide Accounting System (USAS) before inclusion in the cash forecast. The total USAS balance in the SHF includes dedicated and obligated funds; therefore ending balances in the cash forecast that take those into account may differ from the USAS total. For example, thesh121 Toll Project led to an initial deposit of $3.197 billion into a dedicated subaccount in the SHF for future use by that region. That balance is legally unavailable for general use and is subtracted from the SHF balance when determining the operating balance of the fund. TxDOT forecasts monthly Ending Balances and Lowest Daily Balances to manage SHF cash flow through the budget and letting process and through the use of shortterm borrowing. Historically, TxDOT could not borrow funds. The 78th Legislature provided that capability, and TxDOT now manages $14$20 billion in yearly SHF transactions with a goal of maintaining an average daily operating balance below $100 million. This permits TxDOT to maximize the use of available cash in the SHF while allowing for daily balance swings caused by the timing of revenue and expenditures. The cash forecast spans multiple funding sources, including the SHF, Texas Mobility Fund (TMF) Bond Proceeds, Proposition 14 Bond Proceeds, Proposition 12 Bond Proceeds, SH 121 Toll Project Revenue, SH 130 Concession Funds, SH 288 Concession Funds, SH 161, Proposition 1 Oil and Gas Severance Tax revenue, Proposition 7 Sales and Use Taxes, American Recovery and Reinvestment Act (ARRA), State Infrastructure Bank (SIB), and General Revenue. The cash forecast takes into account the restrictions on the use of those funds, timing issues related to cash flow from revenue and expenditures, Federal and state regulations, economic uncertainty, other agency operations in the SHF and many other variables. Texas Department of Transportation Executive Summary December 2017 Cash The cash forecast makes assumptions when projecting future revenue and expenditures. Notable assumptions and changes from previous forecasts are summarized below. Assumptions Revenue growth per year: Vehicle Registration Fees include the effects of the TxDMV Processing & Handling Fee effective January 1, 2017, 2.9% growth for FY2018FY2020 and are then blended with the TRENDS model in remaining years, State Motor Fuels Tax for FY2018 FY2020 is forecast based on 1.33% growth for gasoline with adjustments in future years for fuel efficiency and changing rates of population growth, while diesel grows at the projected gross state product of 3.03% with adjustments in future years to blend with the TRENDS model, Lubricants Sales Tax grows at 1%, miscellaneous revenue 1%. Some figures may not exactly match the percentages above due to rounding. Texas Emissions Reduction Plan (TERP) continues through FY2019. Other Expansion and Growth increases at 4% annually to account for future increases to TxDOT, inflation, new legislation, etc. The calculation does not include other agencies expenditures, TxDOT contractor payments, nor payments for debt service or passthrough finance agreements. The current federal highway bill, the Fixing America's Surface Transportation Act (FAST Act) applies to federal fiscal years This forecast uses estimated federal funding levels in applicable years. As actual obligation authority under FAST Act is released, the forecast will be updated. Changes from previous Cash Updated with actual revenue and expenditures through November Updated the projected expenditures for both active and future projects. Updated projections for PassThrough Finance, CDA, DesignBuild, and Toll Equity Projects. Significant variances from previous Cash There were no significant variances in this forecast. Impact of the projected letting schedule on cash balances The current letting schedule, when combined with previous obligations, lower than expected progress payments for construction projects, Proposition 14 debt service savings, operating costs, and other agency expenditures results in a projected SHF ending balance of approximately ($208) million in FY2018. See page 8. Page 3 of 20 March 14, 2018

4 Funding Source Texas Department of Transportation Total Project Awards December 2017 Cash Letting Program State Highway Fund (1) 3,258,022,273 3,674,744,360 4,085,493,001 4,677,761,697 3,120,569,607 3,423,309,731 2,839,082,428 2,790,950,956 3,011,139,033 3,066,936,287 3,121,326,149 3,174,041,252 3,187,836,804 3,233,314,771 Texas Mobility Fund 304,974, ,460,313 49,505,330 Texas Mobility Fund Taxes & Fees 1,611,273 18,388,727 Proposition 14 26,196,503 7,651,790 12,080, ,084 Proposition 12 6,702,900 36,494,481 1,703,312 9,000,000 SH ,634,425 38,907,589 7,714,537 93,919,600 32,000,000 9,400,000 SH 130 Seg 5 & 6 29,174,029 6,264, ,000 47,980,000 SH 161 3,641, ,479 7,980,000 Proposition 1 888,388,205 1,590,802, ,864, ,447, ,218, ,236,000 Proposition 7 1,396,638,473 1,798,977,818 2,045,219,764 2,110,482,192 2,177,885,175 2,247,498,303 2,319,409,166 2,394,049,389 2,471,114,604 2,550,355,354 2,632,233,795 Total Letting 4,675,734,258 5,556,074,819 4,980,371,469 6,577,774,797 5,510,765,425 6,196,765,495 4,949,564,620 4,968,836,131 5,290,637,336 5,395,745,453 5,515,375,538 5,645,155,856 5,738,192,158 5,865,548,566 Funding Source NonTraditional Project Awards Design Build Projects (2) 1,301,100, ,856,447 64,011,755 1,122,796,247 Pass Through Finance Projects (5) 11,208, ,468,391 4,540, ,732,601 Total NonTraditional Letting 1,312,308, ,324,838 68,552,648 1,287,528,848 Comprehensive Development Agreements(3) (CDAs) Concession Funding Source State Highway Fund 13,420,000 SH 288 3,680,000 Total CDA Letting (4) 17,100,000 Grand Total Project Awards 5,988,042,397 6,480,499,657 5,048,924,117 7,865,303,645 5,510,765,425 6,196,765,495 4,949,564,620 4,968,836,131 5,290,637,336 5,395,745,453 5,515,375,538 5,645,155,856 5,738,192,158 5,865,548,566 Letting is a contract award amount. The letting figures above will have cash expenditures during the year of letting and during future years until the projects are completed. Subsequent pages of this forecast depict the actual and projected cash expenditures resulting from these letting amounts. Future projects that may ultimately be delivered under the NonTraditional Project Award or CDA processes are included in the Letting Program totals until such time as enough information is available to move them to the appropriate line item. Examples of such projects currently under development at the time of the forecast include I45 Seg. 3 DB in Houston and I635 East DB in Dallas. (1) See footnote #3 below for more information on Comprehensive Development Agreements (CDAs). Does not include Passthrough Finance projects, Local Bond Sales, Ferry or RightofWay letting. (2) Includes designbuild projects that may be delivered under the Comprehensive Development Agreement (CDA) authority. Projects under this classification may be funded by a variety of fund sources. (3) Comprehensive Development Agreements do not go through the traditional statewide letting process and are therefore listed separately. The figures include rightofway and engineering costs in addition to the construction costs. The figures do not include ongoing Operations and Maintenance expenditures nor financing costs. (4) Total CDA letting amount does not include rightofway costs approved as part of the project cost. (5) Passthrough Finance projects in FY2018 include the SH 365 project, which was originally part of the PTF program but will ultimately be let as a Toll Equity project. Page 4 of 20 March 14, 2018

5 Total December 2017 Cash Research Engineering RightofWay Project Development Plan 14,876,939 30,894,621 27,614,053 24,252,984 24,265,864 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266, ,939, ,887,197 1,045,268,338 1,129,861,554 1,082,954, ,339, ,339, ,339, ,779, ,779, ,779, ,779, ,779, ,779, ,624, ,428, ,704, ,736, ,937, ,498, ,500, ,500, ,500, ,500, ,500, ,500, ,500, ,500,000 14,523, ,174, ,000,000 85,000,000 90,000, ,000, ,000, ,000, ,000, ,000, ,000,000 1,420,441,372 1,496,210,187 1,731,110,526 2,037,025,227 1,837,158,614 1,539,103,000 1,544,105,000 1,562,105,000 1,553,545,000 1,554,545,000 1,556,545,000 1,555,545,000 1,564,545,000 1,452,545,000 Build 3,132,000,317 2,961,130,551 2,971,482,407 3,154,413,614 2,583,573,214 1,755,052,762 1,464,126,760 1,196,962,067 1,042,842, ,102, ,683, ,331, ,122, ,971,792 Maintain 3,585,673,964 4,035,435,945 4,001,911,791 4,885,445,938 5,166,233,582 4,427,366,817 4,560,191,088 4,323,734,434 3,968,788,212 3,890,354,761 3,878,887,778 3,913,619,905 3,998,665,205 4,010,222,339 Use 166,038, ,958, ,344, ,705, ,176, ,247, ,247, ,247, ,052, ,052, ,052, ,052, ,052, ,052,000 Manage 220,341, ,278, ,268, ,684, ,992, ,557, ,132, ,632, ,682, ,682, ,682, ,682, ,682, ,682,150 Project Development & Delivery 9,057, ,505,422 1,130,786,748 1,327,689,251 1,819,934,114 2,330,882,056 2,807,427,779 2,955,282,651 2,962,086,825 2,912,548,292 2,920,327,216 3,005,936,450 3,096,336,621 3,189,096,600 ShortTerm Borrowing D/S 376,141, ,546,124 1,395,183 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Proposition 14 Debt Service 342,131, ,510, ,062, ,664, ,799, ,029, ,529, ,420, ,216, ,941, ,381, ,544, ,275, ,183,835 Texas Mobility Fund Debt Service 246,115, ,172, ,640, ,272, ,630, ,939, ,400, ,982, ,659, ,507, ,330, ,369, ,530, ,799,915 Proposition 12 Debt Service 193,889, ,596, ,933, ,439, ,299, ,851, ,377, ,879, ,363, ,816, ,242, ,640, ,017, ,328,857 Inflation/Additional Programs 165,335, ,869, ,986, ,362, ,063, ,764,903 1,104,465,869 1,260,166,835 1,415,867,801 Total 9,691,830,678 11,205,343,777 11,295,936,969 13,001,339,554 12,999,799,021 11,782,364,503 12,329,405,993 12,049,232,543 11,712,599,025 11,706,613,341 11,828,897,329 12,043,187,377 12,411,393,451 12,547,750,289 Funding Source State Highway Fund (1) 7,126,972,517 8,268,125,657 8,049,582,141 9,563,061,038 9,417,932,976 8,519,014,998 8,643,533,015 8,212,049,748 7,873,747,754 7,918,945,031 8,028,584,504 8,186,326,916 8,457,179,932 8,618,064,515 Texas Mobility Fund Bond Proceeds (2) 292,211, ,641, ,701, ,165, ,038,417 Texas Mobility Fund Taxes & Fees (3) 213,702, ,021, ,259, ,917, ,456, ,363, ,464, ,087, ,827, ,983, ,517, ,909, ,899, ,153,250 Proposition 14 (4) 211,784, ,628, ,221, ,712,826 Proposition 12 (5) 1,076,138, ,105, ,053, ,846, ,676,394 SH 121 (6) 446,587, ,795, ,394, ,753, ,620,059 83,722,370 36,119,717 28,854,884 42,493,146 40,456,031 41,025,758 10,006,149 6,101,274 1,124,871 SH 130 Seg 5 & 6 (7) 59,170 16,888,645 53,748,293 28,236,681 24,894,814 12,349,368 11,529,522 11,111,786 SH 161 (8) 33,085,564 30,857,785 7,450,847 9,656,640 12,421,727 12,042,578 7,823,830 1,848,104 SH 288 (9) 10,000,000 6,824,000 8,656,000 ARRA Funds (10) 14,516,674 10,418,995 Build America Bond Subsidy (11) 81,640,407 35,113,988 82,032,682 35,142,592 58,645,216 58,354,971 58,035,557 57,689,686 57,297,762 55,701,873 55,974,894 56,024,478 54,026,739 49,605,433 GR Debt Service (12) 182,255, ,937, ,249, ,761,527 (308,761,527) General Revenue 2,015,750 4,782,867 4,477,031 1,943,098 1,938,277 1,208,000 1,208,000 1,208,000 1,208,000 1,208,000 1,208,000 1,208,000 1,208,000 1,208,000 State Infrastructure Bank (SIB) (13) 1,802,500 41,521,001 29,979,000 40,630,000 6,000,000 Proposition 1 (14) 9,057, ,505,422 1,130,786,748 1,327,689, ,497, ,680, ,410, ,542, ,073,981 94,361,192 15,339,048 11,154,028 8,652,895 5,404,309 Proposition 7 (15) 1,883,782,211 1,969,628,757 2,531,281,785 2,854,839,831 3,011,951,225 3,101,957,290 3,184,247,323 3,269,558,190 3,358,324,906 3,450,189,911 Total Funds 9,691,830,678 11,205,343,777 11,295,936,969 13,001,339,554 12,999,799,021 11,782,364,503 12,329,405,993 12,049,232,543 11,712,599,025 11,706,613,341 11,828,897,329 12,043,187,377 12,411,393,451 12,547,750,289 (1) See page 8 of 20 of this forecast for details. (2) See page 9 of 20 of this forecast for details. (3) See page 10 of 20 of this forecast for details. (4) See page 11 of 20 of this forecast for details. (5) See page 12 of 20 of this forecast for details. (6) See page 13 of 20 of this forecast for details. (7) See page 14 of 20 of this forecast for details. (8) See page 15 of 20 of this forecast for details. (9) See page 16 of 20 of this forecast for details. (10) See page 17 of 20 of this forecast for details. (11) Build America Bond subsidies are tax credit bonds introduced as part of the February 2009 American Recovery and Reinvestment Act (ARRA) and are administered by the Treasury Department. BABs are in use for portions of the Proposition 14, TMF and Proposition 12 bond programs. (12) General Revenue (GR) for Proposition 12 debt service. (13) See page 18 of 20 of this forecast for details. (14) See page 19 of 20 of this forecast for details. (15) See page 20 of 20 of this forecast for details. * Shortterm borrowing includes approximately $1 million per year of line of credit fees. ** Inflation / Additional Programs refers to increased nonletting and other costs from inflationary factors and to any change in appropriation or statute requiring expenditures from the State Highway Fund in areas not previously receiving those funds. Figures do not include TxDOT employee benefits (insurance premiums, Social Security, etc.) paid by other agencies. Page 5 of 20 March 14, 2018

6 Bond Programs Debt Service December 2017 Cash Texas Mobility Fund 246,115, ,172, ,640, ,272, ,630, ,939, ,400, ,982, ,659, ,507, ,330, ,369, ,530,432 Proposition ,131, ,510, ,062, ,664, ,799, ,029, ,529, ,420, ,216, ,941, ,381, ,544, ,275,783 Proposition ,889, ,596, ,933, ,439, ,299, ,851, ,377, ,879, ,363, ,816, ,242, ,640, ,017,104 Total 782,136, ,278,659 1,052,636,758 1,101,375,812 1,115,729,994 1,118,820,564 1,121,307,178 1,088,283,235 1,121,239,158 1,146,265,085 1,127,954,463 1,110,554,884 1,132,823, ,799, ,183, ,328,857 1,135,312,607 Funding Source Texas Mobility Fund Taxes & Fees 213,702, ,312, ,069, ,389, ,864, ,173, ,642, ,237, ,950, ,860, ,000, ,392, ,700, ,153,250 Build America Bonds SubsidyTMF (3) 32,412,485 10,859,633 32,571,123 10,882,937 21,765,875 21,765,875 21,758,506 21,745,698 21,708,942 21,646,570 22,330,189 22,977,647 22,829,907 22,646,665 TMF Total 246,115, ,172, ,640, ,272, ,630, ,939, ,400, ,982, ,659, ,507, ,330, ,369, ,530, ,799,915 State Highway Fund (2) 304,537, ,914, ,284, ,082, ,635, ,864, ,365, ,256, ,052, ,932, ,720, ,362, ,454, ,056,304 General RevenueProp14 (3) Build America Bond SubsidyProp 14 37,594,224 12,595,572 37,777,690 12,582,057 25,164,114 25,164,114 25,164,114 25,164,114 25,164,114 24,009,142 23,660,978 23,181,937 21,820,908 18,127,531 Proposition 14 Total 342,131, ,510, ,062, ,664, ,799, ,029, ,529, ,420, ,216, ,941, ,381, ,544, ,275, ,183,835 General RevenueProp 12 (4) 182,255, ,937, ,249, ,761,527 (308,761,527) Proposition 7Prop 12 (5) 613,346, ,426, ,264, ,099, ,938, ,770, ,259, ,775, ,641, ,497,619 Build America Bond SubsidyProp 12 11,633,697 11,658,783 11,683,870 11,677,598 11,715,227 11,424,982 11,112,937 10,779,874 10,424,706 10,046,160 9,983,727 9,864,894 9,375,924 8,831,237 Proposition 12 Total 193,889, ,596, ,933, ,439, ,299, ,851, ,377, ,879, ,363, ,816, ,242, ,640, ,017, ,328,857 Total Funds 782,136, ,278,659 1,052,636,758 1,101,375,812 1,115,729,994 1,118,820,564 1,121,307,178 1,088,283,235 1,121,239,158 1,146,265,085 1,127,954,463 1,110,554,884 1,132,823,319 1,135,312,607 (1) The Texas Mobility Fund, made up of taxes and fees set aside by statute for that purpose, pays the principal and interest for the Texas Mobility Fund bond program. FY2014 includes approximately $168M for defeasance of existing TMF bonds. (2) The State Highway Fund pays the principal and interest for the Proposition 14 bond program. (3) Build America Bond subsidies are tax credit bonds introduced as part of the February 2009 American Recovery and Reinvestment Act (ARRA) and are administered by the Treasury Department. BABs are in use for portions of the Proposition 14, TMF and Proposition 12 bond programs. (4) General Revenue pays the principal and interest for the Proposition 12 bond program thru FY2018. (5) Proposition 7 will pay the principal and interest for the Proposition 12 bond program starting FY2018 as per the General Appropriations Act (GAA). FY2019 revenues will be used to reimburse GR for the FY2018 payment. The forecast assumes Proposition 7 will continue to pay all future principal and interest payments for the Proposition 12 bond program. Page 6 of 20 March 14, 2018

7 Billions State Highway Fund Operating Balance as of November 30, 2017 Operating Balance of the State Highway Fund SHF Cash Balance 3,881,041,879 ACTUAL PROJECTED Less dedicated/obligated funds: $6.0 Prop 1 (1,814,205,382) $5.5 Unappropriated Prop 1* (171,417,909) $5.0 Prop 7 0 $4.5 Prop 14 / SHF Bonds (152,757,532) $4.0 PROP 7 State Infrastructure Bank (339,774,924) $3.5 SH 121 Concession (756,698,735) SH 130 (Seg. 5 & 6) Concession (52,776,070) $3.0 $2.5 PROP 1 (Includes Unappropriated)* SH 161 Concession (45,500,348) $2.0 Traditional SHF SH 288 Concession (15,838,987) $1.5 NTE Seg 1&2W Concession (8,887,397) $1.0 NTE Seg 3A & 3B Concession (5,832) $0.5 Central Texas Turnpike System Subaccounts 649,715 $0.0 I635 (LBJ) Concession (1,706,661) Traditional Operating SHF Cash Balance 522,121,816 Cash Reserved for Payroll (71,573,827) Remaining Balance for Operations 450,547,990 Shortterm borrowing outstanding 0 * Prop 1 amoount received in above legislative appropriation. Additional appropriation has been requested but not yet approved. Page 7 of 20 March 14, 2018

8 State Highway Fund Operating Account Cash December 2017 Cash Beginning Balance 319,256, ,185, ,295, ,698,781 (208,164,857) (232,160,006) 59,910,658 46,294,178 85,182, ,367, ,946,559 23,829,609 (94,505,545) (294,665,407) State Gas Tax 2,521,935,284 2,580,768,844 2,630,107,964 2,675,852,000 2,722,530,000 2,770,166,000 2,815,249,000 2,859,607,000 2,901,273,000 2,940,792,000 2,977,060,000 3,015,798,000 3,056,900,000 3,100,715,000 Registration Fees 1,380,811,907 1,437,514,159 1,437,401,660 1,495,066,000 1,538,423,000 1,583,037,000 1,628,945,000 1,676,184,000 1,724,961,000 1,775,157,000 1,826,636,000 1,879,608,000 1,934,116,000 1,990,011,000 FHWA Reimbursements 2,869,919,353 3,709,987,606 3,738,995,407 4,301,655,862 4,706,824,929 4,133,901,198 4,054,384,722 3,581,426,832 3,159,649,687 3,027,743,465 2,998,375,173 3,022,274,430 3,110,047,289 3,112,123,652 Other Fed Reimbursements 146,247, ,414, ,910, ,442, ,537, ,006, ,006, ,006, ,006, ,006, ,006, ,006, ,006, ,006,000 ShortTerm Borrowing 575,000, ,000,000 Other 578,297, ,726, ,221, ,719, ,642, ,866, ,922, ,305, ,633, ,416, ,981, ,896, ,541, ,591,391 Total 8,072,211,306 8,926,411,231 8,697,637,408 9,240,736,214 9,882,958,059 9,164,976,329 8,971,507,534 8,592,529,270 8,266,523,260 8,228,115,383 8,290,058,555 8,409,582,762 8,598,611,070 8,705,447,043 Available 8,391,467,875 9,211,596,691 9,139,932,950 9,857,434,996 9,674,793,203 8,932,816,323 9,031,418,192 8,638,823,447 8,351,705,960 8,364,482,590 8,394,005,114 8,433,412,371 8,504,105,525 8,410,781,636 Research 14,876,939 30,894,621 27,614,053 24,252,984 24,265,864 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 24,266,000 Engineering 749,520, ,019, ,564,392 1,040,109,706 1,007,776, ,339, ,339, ,339, ,779, ,779, ,779, ,779, ,779, ,779,000 RightofWay 330,477, ,781, ,869, ,284, ,657, ,498, ,500, ,500, ,500, ,500, ,500, ,500, ,500, ,500,000 Plan 1,094,874,941 1,208,695,654 1,372,048,211 1,595,647,044 1,562,700,081 1,454,103,000 1,454,105,000 1,454,105,000 1,452,545,000 1,452,545,000 1,452,545,000 1,452,545,000 1,452,545,000 1,452,545,000 Build 1,618,893,867 1,779,225,795 2,050,564,251 2,276,701,016 1,835,112,531 1,627,748,912 1,398,831,429 1,149,296, ,472, ,522, ,140, ,807, ,821, ,846,921 Maintain 3,349,124,503 3,846,111,239 3,844,701,269 4,799,579,408 5,154,453,860 4,427,366,817 4,560,191,088 4,323,734,434 3,968,788,212 3,890,354,761 3,878,887,778 3,913,619,905 3,998,665,205 4,010,222,339 Use 165,068, ,749, ,176, ,367, ,038, ,039, ,039, ,039, ,844, ,844, ,844, ,844, ,844, ,844,000 Manage 218,330, ,882, ,412, ,684, ,992, ,557, ,132, ,632, ,682, ,682, ,682, ,682, ,682, ,682,150 Shortterm Borrowing D/S (1) 376,141, ,546,124 1,395,183 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Prop 14 Debt Service 304,537, ,914, ,284, ,082, ,635, ,864, ,365, ,256, ,052, ,932, ,720, ,362, ,454, ,056,304 Inflation/Additional Programs 165,335, ,869, ,986, ,362, ,063, ,764,903 1,104,465,869 1,260,166,835 1,415,867,801 TxDOT State Highway Fund Total (2) 7,126,972,517 8,268,125,657 8,049,582,141 9,563,061,038 9,417,932,976 8,519,014,998 8,643,533,015 8,212,049,748 7,873,747,754 7,918,945,031 8,028,584,504 8,186,326,916 8,457,179,932 8,618,064,515 Other Agencies (3) 711,918, ,457, ,673, ,931, ,429,676 12,299,667 Other Agencies for TxDOT Benefits 267,391, ,717, ,978, ,607, ,590, ,591, ,591, ,591, ,591, ,591, ,591, ,591, ,591, ,591,000 Total 8,106,282,415 8,769,301,148 8,523,234,169 10,065,599,852 9,906,953,208 8,872,905,665 8,985,124,015 8,553,640,748 8,215,338,754 8,260,536,031 8,370,175,504 8,527,917,916 8,798,770,932 8,959,655,515 Ending Balance 285,185, ,295, ,698,781 (208,164,857) (232,160,006) 59,910,658 46,294,178 85,182, ,367, ,946,559 23,829,609 (94,505,545) (294,665,407) (548,873,880) Lowest Daily Balance (45,868,893) (334,844,852) (51,040,104) (235,041,810) (340,521,766) (429,865,758) (147,323,055) (155,059,236) (114,831,745) (85,931,916) (127,443,158) (228,988,373) (408,658,453) (627,757,129) Highest Daily Balance 362,387, ,424, ,638, ,065, ,389, ,495, ,243, ,663, ,970, ,506, ,207, ,425, ,627,877 (27,760,455) Traditional Letting 3,258,022,273 3,674,744,360 4,085,493,001 4,677,761,697 3,120,569,607 3,423,309,731 2,839,082,428 2,790,950,956 3,011,139,033 3,066,936,287 3,121,326,149 3,174,041,252 3,187,836,804 3,233,314,771 CDA & DB Project Awards (4) 935,735, ,276,447 64,011, ,116,341 Total 4,193,757,273 4,495,020,807 4,149,504,756 5,464,878,038 3,120,569,607 3,423,309,731 2,839,082,428 2,790,950,956 3,011,139,033 3,066,936,287 3,121,326,149 3,174,041,252 3,187,836,804 3,233,314,771 (1) Maintaining the capacity for shortterm borrowing requires a line of credit fee of about $1 million per year. (2) TxDOT State Highway Fund total, less Build America Bond subsidy (BABS), is also reflected on page 5 of 20 under "Funding Source" (3) Other Agencies expenditures drop beginning in FY2016 due to changes in appropriations made during the 84th Legislative Session, and in FY2020 due to the expiration of the Texas Emissions Reduction Program (TERP) transfer from the State Highway Fund. (4) State assistance for Comprehensive Development Agreements to be paid from the State Highway Fund. The additional FAST funds in FY2019 & FY2020 would require match from Prop 7 in the amounts of $153 million and $159 million, respectively. Note: Projected revenue is based on current information available at the time of the forecast. Expenditures are based on historical information with adjustments for inflation or other known factors. Future fiscal year expenditures and letting amounts may be adjusted for forecast purposes only, based on available revenue projections. budgets and lettings in those years will depend upon current law and the direction of the Legislature, Transportation Commission and TxDOT Administration. Page 8 of 20 March 14, 2018

9 Texas Mobility Fund Bond Proceeds (1) December 2017 Cash Beginning Balance 272, ,251, ,524, ,539, ,447,640 Bond Proceeds 983,695, , ,059 Miscellaneous (2) 96,720,818 (97,015,010) Interest 1,494,765 4,466,052 5,043,461 4,073,504 1,590,777 Total 985,190, ,915,657 (91,283,491) 4,073,504 1,590,777 Available 985,462, ,166, ,241, ,612, ,038,417 Engineering 19,500,853 24,119,885 29,354,427 6,301,957 RightofWay 23,530,615 7,462,865 16,609,831 (4,188,119) Plan 43,031,468 31,582,749 45,964,258 2,113,838 Build 247,169, ,663, ,881, ,051, ,038,417 Maintain Use Manage 2,010,642 1,395, ,421 Total 292,211, ,641, ,701, ,165, ,038,417 Ending Balance 693,251, ,524, ,539, ,447,640 Letting 304,974, ,460,313 49,505,330 CDA & DB Project Awards 134,475,896 (1) Texas Mobility Fund (TMF) Bond Proceeds are forecast separately from TMF Taxes & Fees as the proceeds fund project expenditures, not debt service. See page 10 of 20. (2) The Miscellaneous revenue in FY2016 & FY2017 was due to a transfers between TMF subaccounts related to project expenditures, and was not an issuance of additional proceeds. The offset of the adjustment is shown in Miscellaneous revenue in TMF Taxes and Fees. See page 10 of 20. TxDOT staff is currently exploring opportunities to utilize available bond proceeds. This forecast has been adjusted to reflect complete utilization by the end of FY2019. Although there will be an offset to the State Highway Fund, that offset has not yet been reflected in the SHF forecast. Page 9 of 20 March 14, 2018

10 Texas Mobility Fund Taxes and Fees (1) December 2017 Cash Beginning Balance 363,917, ,690, ,427, ,659, ,368, ,110, ,212, ,446, ,334, ,809, ,633, ,548, ,811, ,882,508 (2) Drivers License Fees 135,901, ,148, ,279, ,374, ,524, ,706, ,921, ,169, ,451, ,767, ,118, ,504, ,926, ,384,000 Drivers Record Info Fees 65,668,475 68,483,999 67,506,733 68,521,000 69,548,000 70,590,000 71,648,000 72,722,000 73,812,000 74,918,000 76,041,000 77,181,000 78,338,000 79,512,000 Vehicle Inspection Fees 60,473,076 75,846,172 89,510, ,000, ,500, ,023, ,568, ,137, ,729, ,345, ,985, ,650, ,340, ,055,000 United We Stand 3,008 2,966 2,524 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 Certificate of Title (TERP Fees) 102,622, ,148, ,798, ,415, ,596, ,810, ,057, ,338, ,653, ,003, ,388, ,809, ,266, ,760,000 Motor Carrier Penalties 2,879,454 2,674,613 3,116,179 2,783,000 2,824,000 2,866,000 2,908,000 2,951,000 2,994,000 3,038,000 3,083,000 3,128,000 3,174,000 3,221,000 Interest 1,928,401 3,172,396 5,263,341 5,459,801 2,203,237 1,467,336 1,593,694 1,656,055 1,659,955 1,733,470 1,814,869 1,897,666 1,923,968 2,611,476 Build America Bonds (3) 32,412,485 10,859,633 32,571,123 10,882,937 21,765,875 21,765,875 21,758,506 21,745,698 21,708,942 21,646,570 22,330,189 22,977,647 22,829,907 22,646,665 Miscellaneous (4) 22 (96,719,704) 97,015,155 70,379 Total 401,888, ,617, ,063, ,509, ,964, ,231, ,457, ,721, ,010, ,454, ,763, ,150, ,800, ,193,140 Available 765,806, ,308,017 1,049,490,512 1,058,169, ,332, ,341, ,669, ,168, ,345, ,263, ,396, ,698, ,612, ,075,648 Plan 14,523, ,174, ,000,000 85,000,000 90,000, ,000, ,000, ,000, ,000, ,000, ,000,000 Build 44,708,691 98,666,524 83,353,688 38,591,527 19,189,534 9,822,261 5,850,872 3,876,965 1,123, , , ,180 Debt Service 330,693, ,000, ,626, ,272, ,630, ,939, ,400, ,982, ,659, ,507, ,330, ,369, ,530, ,799,915 Other (84,578,357) 171,700 14,097 Total 246,115, ,880, ,830, ,800, ,222, ,129, ,222, ,833, ,536, ,630, ,847, ,887, ,729, ,799,915 Ending Balance 519,690, ,427, ,659, ,368, ,110, ,212, ,446, ,334, ,809, ,633, ,548, ,811, ,882, ,275,733 Lowest Daily Balance (5) 320,671, ,082, ,790, ,196,459 91,941,650 32,327,605 36,162,603 41,309,312 35,426,772 35,817,026 37,504,694 38,779,882 38,628,650 49,360,066 Letting 1,611,273 18,388,727 CDA & DB Project Awards 294,000,000 (1) Texas Mobility Fund (TMF) Taxes & Fees are forecast separately from TMF Bond Proceeds as the primary use of taxes & fees is for the payment of debt services, however some funds may be used for transportation projects. (2) Future revenue projections are from the Comptroller's Certification Revenue Estimate, except for Inspection Fees which are projected based on actual collections and current trends. (3) BUILD AMERICA BONDS: Build America Bonds are tax credit bonds introduced as part of the February 2009 American Recovery and Reinvestment Act (ARRA) and are administered by the Treasury Department. A Build America Bond (BAB) is a bond issued prior to January 1, 2011 by a state or local entity for governmental purposes (nonprivate activity purposes) and for which the issuer elects to have the interest on the bond be taxable in return for a federal interest subsidy. Governmental purposes include financing surface transportation projects. Direct Payment BABs allow issuers to receive a subsidy from the federal government equal to 35% of the interest paid to investors for purchasing the bonds. TxDOT issued $1.2 billion of Direct Payment BABs in Taxable Series 2009A and estimates it will receive $648 million in interest subisidy. Those direct payments will be used to partially offset the cost of debt service. (4) The Miscellaneous revenue in FY2016 & FY2017 was due to transfers between TMF subaccounts related to project expenditures. The offset of the adjustment is shown in Miscellaneous revenue in TMF Bond Proceeds. See page 9 of 20. (5) TMF RESERVE REQUIRMENTS: Prior to the issuance of bonds by TxDOT, a certified revenue estimate must be received from the Comptroller that projects the revenue to be received and the balance in the Mobility Fund will be equal to at least 110% of the principal and interest requirements on the obligations, both proposed and outstanding, during each year the obligations will be outstanding. The forecasted additional 10% would be available for any purpose of the TMF. As authorized by law, the Commission has elected to pledge the state s full faith and credit as a backstop on the TMF bonds issued to date. With the full faith credit as a backstop, General Revenue would be used to pay debt service if the revenues of the TMF prove to be insufficient. Debt service payments on fixed rate bonds are made twice a year, April 1 and October 1. Variable rate bonds pay debt service monthly. While the forecast produces a projected lowest daily balance, that projected balance serves as an internal balance reserve: if the funds projected to be in the TMF for future debt service are not available, the TMF would have funds in a reserve to assist in the debt service payment before looking to GR to fund the shortfall; for cost escalations due to change orders on funded projects; and, to act as a hedge on interest rates for the variable rate bonds. While the interest paid on variable rate bonds has historically been less than that paid on fixed rate bonds, the variable rate bonds are subject to volatility in the rates as they are reset weekly. With balances available and invested the TMF is protected against a possible rise in variable interest rates because the rates earned on investments would also rise and the investment earning would offset any increase in debt service payments. Page 10 of 20 March 14, 2018

11 Proposition 14 State Highway Bonds Bond Proceeds December 2017 Cash Beginning Balance 389,572, ,027,096 (28,146,432) 180,178,574 Bond Proceeds 700,712,837 Interest 1,238, ,517 4,834,034 1,534,252 Total 1,238, , ,546,870 1,534,252 Available 390,811, ,481, ,400, ,712,826 Engineering 28,900,759 26,530,029 66,313,577 10,908,319 RightofWay 19,448,434 56,472, ,850,595 4,055,925 Plan 48,349,193 83,002, ,164,172 14,964,244 Build 107,325,863 98,328, ,002, ,782,404 Maintain 56,109,275 26,297,503 85,054,827 26,966,178 Use Manage 65 Total 211,784, ,628, ,221, ,712,826 Ending Balance 179,027,096 (28,146,432) 180,178,574 Letting 26,196,503 7,651,790 12,080, ,084 CDA & DB Project Awards 4,000,000 Prop 14 Debt Service (1) 342,131, ,510, ,062, ,664, ,799, ,029, ,529, ,420, ,216, ,941, ,381, ,544, ,275, ,183,835 (1) Proposition 14 debt service is paid primarily by the State Highway Fund. Debt service amounts shown above reflect BABs reimbursements and SHF transfers used to fund a Proposition 14 debt service reserve in the State Highway Fund, which is used to make the semiannual principal and interest payments. Regular monthly transfers from the State Highway Fund replenish the reserve between payments. For a detailed Method of Finance on Proposition 14 debt service, see page 6 of 20. TxDOT staff is currently exploring opportunities to utilize available bond proceeds. This forecast has been adjusted to reflect complete utilization by the end of FY2018. Although there will be an offset to the State Highway Fund, that offset has not yet been reflected in the SHF forecast. Page 11 of 20 March 14, 2018

12 Proposition 12 General Revenue Bonds December 2017 Cash Beginning Balance 123,031, ,077, ,762, ,401, ,593,067 Proceeds 1,460,121, ,515, ,536,998 Interest 3,062,613 2,274,208 8,155,500 8,037,640 3,083,326 Total 1,463,184, ,790, ,692,498 8,037,640 3,083,326 Available 1,586,216,194 1,257,867,498 1,092,454, ,439, ,676,394 Engineering 60,022,143 66,894,901 52,327,868 64,035,473 66,678,396 RightofWay 93,397, ,366,793 24,424,004 19,070,979 11,766,780 Plan 153,419, ,261,694 76,751,873 83,106,452 78,445,176 Build 752,708, ,969, ,145, ,839, ,451,496 Maintain 170,010, ,873,569 72,155,695 58,900,352 11,779,722 Use Manage Total 1,076,138, ,105, ,053, ,846, ,676,394 Ending Balance 510,077, ,762, ,401, ,593,067 Letting 6,702,900 36,494,481 1,703,312 9,000,000 CDA & DB Project Awards 20,000,000 14,340,145 Debt service on Proposition 12 bonds is paid from General Revenue (GR) and Build America Bond Subsidies. Proposition 7 will pay the principal and interest for the Proposition 12 bond program starting FY2018 as per the General Appropriations Act (GAA). FY2019 Proposition 7 revenues will be used to reimburse GR for the FY2018 payment. The forecast assumes Proposition 7 will continue to pay all future principal and interest payments for the Proposition 12 bond program. See page 6 of 20. TxDOT staff is currently exploring opportunities to utilize available bond proceeds. This forecast has been adjusted to reflect complete utilization by the end of FY2019. Although there will be an offset to the State Highway Fund, that offset has not yet been reflected in the SHF forecast. Page 12 of 20 March 14, 2018

13 SH 121 Proceeds December 2017 Cash Beginning Balance 1,611,186,109 1,189,512, ,126, ,257, ,139, ,411, ,745, ,676, ,916, ,880, ,141, ,596, ,587, ,269,002 Proceeds (1) 12,873,907 15,901,739 15,852,890 6,304,078 7,800,825 9,550,825 12,623,221 15,322,396 15,322,396 15,322,396 15,322,396 15,322,396 15,322,396 15,322,396 Interest 5,528,670 7,581,420 8,302,329 9,982,975 7,499,042 5,889,146 5,461,267 5,445,487 5,436,491 5,312,527 5,242,436 5,412,840 5,847,794 6,372,651 Toll Revenue Sharing 6,511,518 7,926,771 8,369,696 9,348,280 9,591,440 11,616,460 11,966,360 12,327,000 12,698,700 13,081,800 17,916,160 18,261,240 18,612,960 18,971,480 Total 24,914,095 31,409,929 32,524,915 25,635,333 24,891,306 27,056,431 30,050,848 33,094,884 33,457,588 33,716,724 38,480,992 38,996,476 39,783,151 40,666,527 Available 1,636,100,204 1,220,922, ,651, ,893, ,031, ,467, ,796, ,771, ,374, ,597, ,622, ,593, ,370, ,935,529 Engineering 7,213,291 3,090,232 2,807,042 8,500,000 8,500,000 RightofWay 71,585,048 (29,655,154) 5,950,519 12,513,357 12,513,357 Plan 78,798,339 (26,564,922) 8,757,561 21,013,357 21,013,357 Build 367,789, ,360, ,636, ,739, ,606,702 83,722,370 36,119,717 28,854,884 42,493,146 40,456,031 41,025,758 10,006,149 6,101,274 1,124,871 Maintain Use Manage Total 446,587, ,795, ,394, ,753, ,620,059 83,722,370 36,119,717 28,854,884 42,493,146 40,456,031 41,025,758 10,006,149 6,101,274 1,124,871 Ending Balance 1,189,512, ,126, ,257, ,139, ,411, ,745, ,676, ,916, ,880, ,141, ,596, ,587, ,269, ,810,658 Letting 158,634,425 38,907,589 7,714,537 93,919,600 CDA & DB Project Awards 31,890,400 32,000,000 9,400,000 The ongoing project selection and letting process in conjunction with the MPO will ensure that actual expenditures remain within, and fully utilize, the available funds. As the selections are refined, future forecasts will be adjusted. (1) Proceeds includes repayments from a loan made from SH 121 funds to NTTA for early retirement of a SIB loan. Page 13 of 20 March 14, 2018

14 SH 130 (Segments 5 & 6) Proceeds December 2017 Cash Beginning Balance 119,248, ,219, ,617,742 66,344,161 42,945,165 22,838,434 15,266,976 8,651,967 2,585,576 7,858,242 13,463,213 19,432,597 25,778,045 32,518,939 Proceeds 10,412, ,016 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 Interest 478, , , , , , ,364 87,116 75, , , , , ,941 Toll Revenue Sharing 1,139,670 1,403,346 1,655,559 1,926,267 2,105,182 2,299,199 2,534,150 2,758,278 2,997,293 3,251,650 3,533,112 3,820,930 4,122,607 4,448,103 Total 12,029,901 2,287,349 3,474,712 4,837,685 4,788,084 4,777,909 4,914,514 5,045,394 5,272,667 5,604,971 5,969,385 6,345,448 6,740,894 7,166,045 Available 131,278, ,506, ,092,454 71,181,846 47,733,249 27,616,344 20,181,490 13,697,362 7,858,242 13,463,213 19,432,597 25,778,045 32,518,939 39,684,984 Engineering RightofWay Plan Build 59,170 16,888,645 53,748,293 20,836,681 15,694,814 12,349,368 11,529,522 11,111,786 Maintain Use 7,400,000 9,200,000 Manage Total 59,170 16,888,645 53,748,293 28,236,681 24,894,814 12,349,368 11,529,522 11,111,786 Ending Balance 131,219, ,617,742 66,344,161 42,945,165 22,838,434 15,266,976 8,651,967 2,585,576 7,858,242 13,463,213 19,432,597 25,778,045 32,518,939 39,684,984 Letting 29,174,029 6,264, ,000 47,980,000 CDA & DB Project Awards 47,365,000 Specific projects that will fully utilize this funding have not been identified. As projects are identified, the timing of letting amounts and resulting expenditures may change. Page 14 of 20 March 14, 2018

15 SH 161 Proceeds December 2017 Cash Beginning Balance 112,217,887 80,009,399 52,778,350 46,399,388 37,340,435 25,373,649 13,617,156 5,920,413 4,145,219 4,204,826 4,265,291 4,326,625 4,388,840 4,451,951 Proceeds 457,618 3,145, ,095 Interest 419, , , , , , ,086 72,911 59,607 60,464 61,334 62,216 63,110 64,018 Total 877,076 3,626,736 1,071, , , , ,086 72,911 59,607 60,464 61,334 62,216 63,110 64,018 Available 113,094,962 83,636,135 53,850,235 46,997,075 37,795,376 25,659,734 13,744,242 5,993,324 4,204,826 4,265,291 4,326,625 4,388,840 4,451,951 4,515,969 Engineering 999, , ,170 1,279 RightofWay 185,528 Plan 1,185, , ,170 1,279 Build 31,900,480 30,278,383 6,916,678 9,655,361 12,421,727 12,042,578 7,823,830 1,848,104 Maintain Use Manage Total 33,085,564 30,857,785 7,450,847 9,656,640 12,421,727 12,042,578 7,823,830 1,848,104 Ending Balance 80,009,399 52,778,350 46,399,388 37,340,435 25,373,649 13,617,156 5,920,413 4,145,219 4,204,826 4,265,291 4,326,625 4,388,840 4,451,951 4,515,969 Letting 3,641, ,479 7,980,000 Specific projects that will fully utilize this funding have not been identified. As projects are identified, they will be added to estimated letting and expenditures. Page 15 of 20 March 14, 2018

16 SH 288 Proceeds December 2017 Cash Beginning Balance 25,526,174 15,787,106 9,182, , , , , , , , , ,481 Proceeds 25,479,076 Interest 47, , ,388 28,798 7,985 8,100 8,216 8,334 8,454 8,576 8,699 8,824 8,951 Total 25,526, , ,388 28,798 7,985 8,100 8,216 8,334 8,454 8,576 8,699 8,824 8,951 Available 25,526,174 25,787,106 16,006,494 9,211, , , , , , , , , ,432 Engineering RightofWay Plan Build 10,000,000 6,824,000 8,656,000 Maintain Use Manage Total 10,000,000 6,824,000 8,656,000 Ending Balance 25,526,174 15,787,106 9,182, , , , , , , , , , ,432 CDA & DB Project Awards 3,680,000 Specific projects that will fully utilize this funding have not been identified. As projects are identified, they will be added to estimated letting and expenditures. Page 16 of 20 March 14, 2018

17 Federal Economic Stimulus Funds American Recovery and Reinvestment Act (ARRA) (1) December 2017 Cash Beginning Balance Federal ARRA Funds 14,516,674 10,418,995 Build America Bonds (2) 81,640,407 35,113,988 82,032,682 35,142,592 58,645,216 58,354,971 58,035,557 57,689,686 57,297,762 55,701,873 55,974,894 56,024,478 54,026,739 49,605,433 Total 96,157,081 45,532,983 82,032,682 35,142,592 58,645,216 58,354,971 58,035,557 57,689,686 57,297,762 55,701,873 55,974,894 56,024,478 54,026,739 49,605,433 Available 96,157,081 45,532,983 82,032,682 35,142,592 58,645,216 58,354,971 58,035,557 57,689,686 57,297,762 55,701,873 55,974,894 56,024,478 54,026,739 49,605,433 Engineering RightofWay Plan Build 5,442,672 4,265,362 Maintain 9,074,002 6,153,633 Prop 14 Debt Service 37,594,224 12,595,572 37,777,690 12,582,057 25,164,114 25,164,114 25,164,114 25,164,114 25,164,114 24,009,142 23,660,978 23,181,937 21,820,908 18,127,531 Prop 12 Debt Service 11,633,697 11,658,783 11,683,870 11,677,598 11,715,227 11,424,982 11,112,937 10,779,874 10,424,706 10,046,160 9,983,727 9,864,894 9,375,924 8,831,237 TMF Debt Service 32,412,485 10,859,633 32,571,123 10,882,937 21,765,875 21,765,875 21,758,506 21,745,698 21,708,942 21,646,570 22,330,189 22,977,647 22,829,907 22,646,665 Total 96,157,081 45,532,983 82,032,682 35,142,592 58,645,216 58,354,971 58,035,557 57,689,686 57,297,762 55,701,873 55,974,894 56,024,478 54,026,739 49,605,433 Ending Balance ((1) The American Recovery and Reinvestment Act of 2009 (ARRA) provided federal funds for the purpose of economic stimulus. These funds were in addition to the typical Federal Highway Administration (FHWA) obligations and reimbursements. These funds were available for obligation until September 30, 2010 and were available for reimbursement on expenses incurred until September 30, (2) Build America Bond subsidies (BABs) are tax credit bonds introduced as part of the February 2009 American Recovery and Reinvestment Act (ARRA) and are administered by the Treasury Department. BABs are in use for portions of the Proposition 14, TMF and Proposition 12 bond programs. Page 17 of 20 March 14, 2018

18 State Infrastructure Bank December 2017 Cash Beginning Balance 327,203, ,995, ,471, ,048, ,379, ,014, ,338, ,360, ,429, ,756, ,816, ,233, ,887, ,607,822 Loan Reimbursement 9,292,562 57,591,448 19,963,841 7,333,885 8,065,618 8,579,741 9,081,860 9,921,361 9,962,688 9,476,835 9,616,483 9,631,596 10,470,174 10,500,952 Interest 1,302,056 2,406,093 3,591,364 4,627,603 4,569,566 4,744,288 4,940,187 5,147,103 5,364,360 5,583,326 5,800,457 6,022,657 6,249,989 6,490,847 Total 10,594,618 59,997,541 23,555,206 11,961,488 12,635,184 13,324,029 14,022,047 15,068,464 15,327,048 15,060,161 15,416,940 15,654,252 16,720,163 16,991,799 Available 337,797, ,992, ,027, ,009, ,014, ,338, ,360, ,429, ,756, ,816, ,233, ,887, ,607, ,599,621 Engineering RightofWay Plan Build (1) 1,802,500 41,521,001 29,979,000 40,630,000 6,000,000 Maintain Use Manage Total 1,802,500 41,521,001 29,979,000 40,630,000 6,000,000 Ending Balance 335,995, ,471, ,048, ,379, ,014, ,338, ,360, ,429, ,756, ,816, ,233, ,887, ,607, ,599,621 (1) Projected SIB loans include approved loans, loans with applications, and expected to be applied for in the near term. Page 18 of 20 March 14, 2018