While the omnibus appropriations legislation fully funds the highway and transit programs at their MAP-21 authorized levels, congress is likely to need to take additional action to ensure that these funding levels are fulfilled. US DOT warns that its latest Highway Trust Fund estimates show that the Highway Account will encounter a shortfall before the end of FY 2014. DOT points out that the Highway Account began FY 2014 with approximately $1.6 billion in cash. While MAP-21 provided for a $10.4 billion transfer from the General Fund to the Highway Account to provide sufficient revenue through the end of the FY 14, the $10.4 billion authorized was reduced to $9.7 billion by sequestration. In addition, outlays for the highway program continue at a greater pace than in coming receipts.
DOT also projects that, based on current spending and revenue trends, the Mass Transit Account will have a balance of approximately $440 million at the end of FY 2014. The MAP-21 authorized transfer of $2.2 billion from the General Fund was reduced by $200 million as a result of the sequestration.
DOT has developed a new section of its website, available here, to track the ongoing plight of the Highway Trust Fund.
For more information, visit: http://news.agc.org/2014/01/17/highway-trust-fund-projected-to-come-up-short/