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TRACK 1 How to Finance the Next Transportation Program--Reauthorization and Beyond T his section provides a synthesis of the presenta- impact of federal taxing and spending decisions. tions and discussions from Track 1. This track Anderson noted that the fund is unlike a private trust in comprised four panel sessions, during each of which funds generally are saved for future use solely for which three or four presentations were made; in-depth the beneficiary and whose assets are owned and can be discussion by the presenters and conference partici- transferred. The Highway Trust Fund, rather, is a pub- pants followed. The discussions were facilitated by a lic trust fund that has no deferred consumption, has designated discussant. balances that are internal IOUs but not enforceable contractual agreements, is used on a pay-as-you-go basis for diverse goals, and has beneficiaries who do not SESSION 1: THE PRESENT AND FUTURE OF directly own the assets. CORE FEDERAL FUNDING: WILL TRUST FUND According to Anderson, claims on the highway REVENUES BE ENOUGH? account of the Highway Trust Fund exceed its balances, with $39.8 billion in unpaid commitments from high- Phyllis Scheinberg, U.S. Department of Transportation way programs through the end of fiscal year 2001 and (Moderator) a current highway account balance of $20.4 billion. In Michael Martin, American Road and Transportation addition, according to Congressional Budget Office Builders Association (Discussant) projections, outlays and receipts will rise through 2012 Barry Anderson, Congressional Budget Office (reaching between $30 billion and $40 billion by 2006). Arlee Reno, Cambridge Systematics. Inc. William D. Ankner, Rhode Island Department of Transportation What Could Be: Looking Ahead to Alternative Eva Molnar, World Bank Fuels, Taxes, and Other Revenue Sources The sufficiency of Highway Trust Fund revenues to Arlee Reno meet present and future transportation funding needs was the focus of this session's discussion. Arlee Reno first provided some information on various potential threats to Highway Trust Fund revenues and then presented some potential sources of revenues that What Is: Reviewing the Status, Trends, and might assist in mitigating those threats. The potential Projections of Current Trust Fund Revenues threats discussed by Reno include fuel efficiency, use of fuels outside current revenue collection processes, fuel Barry Anderson subsidies, diversion of transportation revenues for non- transportation purposes, and inflation. Barry Anderson pointed out that the existence of bal- According to Reno, fuel efficiency is a real and major ances in the Highway Trust Fund can obscure the real threat to Highway Trust Fund revenues over the next 31