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Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010 Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010

Financial Overview I. The year in review. II. Where are we? III. What does Financial Overview I. The year in review. II. Where are we? III. What does the future hold?

Road Fund Estimated Reduction – FY 2009 Original Revised Change $ 661. 4 $ Road Fund Estimated Reduction – FY 2009 Original Revised Change $ 661. 4 $ 640. 5 (20. 9) Motor Vehicle Usage 411. 9 340. 2 (71. 7) Other 251. 5 239. 4 (12. 1) $1, 324. 8 $1, 220. 1 (104. 7) Motor Fuels TOTAL (In Millions) * Revised CFG Estimate equates to an 8% drop from original estimate *

FY 2009 - Road Fund Actual Revenues Original Actual Change $ 661. 4 $ FY 2009 - Road Fund Actual Revenues Original Actual Change $ 661. 4 $ 622. 5 $ (38. 9) Motor Vehicle Usage 411. 9 336. 3 (75. 6) Other 251. 5 233. 2 (18. 3) $1, 324. 8 $1, 192. 0 $(132. 8) Motor Fuels TOTAL (In Millions) * 10% drop from original estimate *

FY 2010 - Road Fund Revenue Revision Original Revised Change* $ 724. 4 $ FY 2010 - Road Fund Revenue Revision Original Revised Change* $ 724. 4 $ 629. 7 $ (94. 7) Motor Vehicle Usage 425. 3 288. 3 (137. 0) Other 255. 4 223. 1 (32. 3) Motor Fuels TOTAL $1, 405. 1 $ 1, 141. 1 (In Millions) *18. 8% drop from official estimate $ (264. 0)

The Year In Review Cont’d • 2009 GA Authorization of $400 M Economic Development The Year In Review Cont’d • 2009 GA Authorization of $400 M Economic Development bonds • AWP of Motor Fuels frozen at new floor of $1. 786 • Received Federal Stimulus funding - $421. 1 M for Highway Infrastructure Investment and $51. 5 M for Capital Transit KYTC/obfm

The Year In Review Cont’d • Road Fund cash position deteriorated • Unable to The Year In Review Cont’d • Road Fund cash position deteriorated • Unable to fund new State Construction project starts ($8. 9 M net authorizations calendar 2008 and 2009) KYTC/obfm

Where Are We Now? Where Are We Now?

KENTUCKY GASOLINE TAX Gasoline Tax Rate MF User Tax UST KRS 138. 220(1) KRS KENTUCKY GASOLINE TAX Gasoline Tax Rate MF User Tax UST KRS 138. 220(1) KRS 138. 220(2) TOTAL KRS 224. 60 (awp * 9%) FY 07 $1. 476 x 9% = 13. 3¢ 5¢ 1. 4¢ 19. 7¢ FY 08 $1. 624 x 9% = 14. 6¢ 5¢ 1. 4¢ 21. 0¢ FY 09 $1. 786 x 9% = 16. 1¢ (new floor) 5¢ 1. 4¢ 22. 5¢ FY 10 $1. 786 x 9% = 16. 1¢ (July – Sept) 5¢ 1. 4¢ 22. 5¢ FY 10 $1. 864 x 9% = 16. 8¢ (Oct - Dec) 5¢ 1. 4¢ 23. 2¢ FY 10* $1. 965 x 9% = 17. 7¢ (Jan - June) 5¢ 1. 4¢ 24. 1¢ 5¢ 1. 4¢ 25. 8¢ FY 11 Maximum Increase: FY 11 $2. 162 x 9% = 19. 4¢ *and 4 th Qtr Estimate

FY 2010 - Road Fund Revenue Revision Current Revised $ 629. 7 $ 655. FY 2010 - Road Fund Revenue Revision Current Revised $ 629. 7 $ 655. 6 Motor Vehicle Usage 288. 3 328. 6 40. 4 Other 223. 1 214. 9 (8. 2) Motor Fuels TOTAL $ 1, 141. 0 $ 1, 199. 1 (In Millions) Change* $ 25. 9 $ 58. 1

Where Are We Now? (Cont’d) • CFG December 2009 Estimates for FY 11 and Where Are We Now? (Cont’d) • CFG December 2009 Estimates for FY 11 and FY 12 increased: • • • FY 11 +$69. 3 M at $1, 270. 6 M (6. 0% growth over FY 10) FY 12 +$87. 3 M at $1, 340. 9 M (5. 5% growth over FY 11) Preparing to sell $100 M in GARVEE bonds for LSIORB Project

Where Are We Now? (Cont’d) • Continue operating a Federal Highway Construction Program without Where Are We Now? (Cont’d) • Continue operating a Federal Highway Construction Program without a new authorization • SAFETEA-LU expired September 30, 2009 • Operating under second extension • Extension expires Feb 28, 2010 • Beginning to see increases in the net Road Fund cash projections for the coming 32 months • Anticipate an increase in Revenue Sharing Programs shared with local governments • $12. 1 M in FY 11 and $15. 3 M in FY 12

What Does the Future Hold? • New Biennial Budget • • • $300 M What Does the Future Hold? • New Biennial Budget • • • $300 M Economic Development bond authorization $112 M BRAC bond authorization Potential for NEW state funded highway construction projects in mid to late FY 2012

What Does the Future Hold? • Federal-Aid Highway Infrastructure Authorization (We hope!) • Second What Does the Future Hold? • Federal-Aid Highway Infrastructure Authorization (We hope!) • Second Federal Stimulus package? • • • House passed Jobs Bill that funds highway projects at approximately the same level as Stimulus 1. Senate to take up the measure very soon. Still many unknowns for us to deal with, but we find many positive possibilities on the horizon

Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010 Kentuckians for Better Transportation Road Fund Update Tammy S. Branham January 21, 2010