Transportation Finance: Meeting the Funding Challenge Today, Shaping Policies for Tomorrow (2005) / Chapter Skim
Currently Skimming:
Pages 37-66
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 37... ...
Track Reports
|
From page 39... ...
According to Anderson, claims on the highway account of the Highway Trust Fund exceed its balances, with $39.8 billion in unpaid commitments from highway programs through the end of fiscal year 2001 and a current highway account balance of $20.4 billion. In addition, according to Congressional Budget Office projections, outlays and receipts will rise through 2012 (reaching between $30 billion and $40 billion by 2006)
|
From page 40... ...
reauthorization period. Major opportunities exist for increased fuel efficiency, including the possibility of higher corporate average fuel economy standards, voluntary increases in fuel efficiency, increased use of hybrid vehicles, higher diesel vehicle share, and improved emissions standards.
|
From page 41... ...
Scott Bernstein, Center for Neighborhood Technology (Discussant) Dennis Anosike, Chicago Transit Authority Karen Hedlund, Nossaman Guthner Knox & Elliott LLP James (Rocky)
|
From page 42... ...
She posited that this is really a historical accident rather than a deliberate effort. Hedlund described a limited number of private equity transportation projects, including the Dulles Greenway in Virginia, SR-91 express lanes in California (although they have now been sold to the Orange County Transportation Authority)
|
From page 43... ...
bonds is determined by the source of repayment for the principal component. Query described an existing tax credit bond program, qualified zone academy bonds, noting that this program was designed to encourage public–private partnerships.
|
From page 44... ...
Therese McMillan, Metropolitan Transportation Commission David Goss, Greater Cleveland Growth Association Overview of Innovative Transportation Revenue Sources: What's Been Tried with a View to What Could Be Tamar Henkin Tamar Henkin provided an overview of transportation revenues, including a review of relevant statistics. In 2000, 57 percent of state and local highway funding came from highway user fees; of this amount, 60 percent came from fuel taxes and only 8 percent from tolls.
|
From page 45... ...
Others noted the important role MPOs play in educating local legislators on transportation funding. SESSION 4: USER-PAY TECHNIQUES: TOLL ROADS AND BEYOND Michael A
|
From page 46... ...
the program are to reduce congestion, encourage use of electronic toll collection, and shift truck traffic from daytime to nighttime hours. Muriello suggested that value pricing objectives should not be limited to congestion mitigation but also viewed as a potential revenue generator.
|
From page 47... ...
Barbara Bych, Ambac Financial Group (Discussant) John Basilica, Louisiana Department of Transportation and Development Dane Ismart, Louis Berger & Associates Jonathan Davis, Massachusetts Bay Transportation Authority Integrating Innovate Financing into the Transportation Planning Process John Basilica John Basilica initiated this session with an overview of Louisiana's TIMED Program: Transportation Improvement Model for Economic Development.
|
From page 48... ...
John Horsley, American Association of State Highway and Transportation Officials (Discussant) Wendy Franklin, Goldman Sachs Thomas McPherson, Ohio Department of Transportation Denise Jackson, Michigan Department of Transportation 4 0 TRANSPORTATION FINANCE
|
From page 49... ...
Grant Anticipation Mechanisms Move into the Mainstream Wendy Franklin Speaking to the topic of grant-backed debt mechanisms, Wendy Franklin described grant anticipation revenue vehicles (GARVEEs) as having entered the mainstream.
|
From page 50... ...
Sale, Federal Highway Administration (Moderator) Ron Marino, Salomon Smith Barney (Discussant)
|
From page 51... ...
E Upjohn Institute for Employment Research Fred Jarrett, Washington State Representative Quantify and Qualify: Strategies for Assessing the Impacts of Innovative Finance Miriam Roskin As the first speaker on this panel, Miriam Roskin offered a reasoned approach for not only quantifying but also qualifying the benefits of innovative finance.
|
From page 52... ...
that the toll or fee must be structured in alignment with the project's value. Discussion Hank Dittmar During the discussion period, there was some focus on the fact that financing tools can be used to achieve policy objectives, such as shifting payment to future generations and value pricing.
|
From page 53... ...
4 5 TRACK 3 Structures, Institutions, and Partnerships to Deliver More Projects Faster and Cheaper This section provides a synthesis of the presenta-tions and discussions that ensued in Track 3.This track comprised four individual panel sessions during each of which three or four presentations were made; in-depth discussion by the presenters and conference participants followed. The discussions were facilitated by a designated discussant.
|
From page 54... ...
Ron Marino, Salomon Smith Barney Susan Sanchez, Seattle Department of Transportation Monica Conyngham, Foley Hoag LLP Mario Marsano Mario Marsano introduced this case study session, noting that the projects presented may serve as potential models for future partnership projects. Las Vegas Monorail Ron Marino Ron Marino provided the participants with an overview of the Las Vegas monorail project, focusing on the public–private partnership elements.
|
From page 55... ...
Sanchez described the role of the public in initiating these projects, the impact of design–build on project costs, and various elements of project control that are based on the specific construct of the public–private partnership. Greenbush Commuter Rail and Environmental Issues Monica Conyngham Monica Conyngham offered insights into the environmental issues associated with delivery of the Greenbush Commuter Rail project, the Massachusetts Bay Transportation Authority's (MBTA's)
|
From page 56... ...
SESSION 4: INNOVATIVE CONTRACTING AND IMPLICATIONS FOR TRANSPORTATION FINANCE Max Inman, Federal Highway Administration (Moderator) Greg Henk, HBG Constructors, Inc.
|
From page 57... ...
Construction would be completed in 28 months, with an estimated $89 million in savings through the warranty arrangement. This was accomplished without adding staff or disrupting other projects already in the STIP.
|
From page 58... ...
5 0 TRACK 4 New Transportation Initiatives and Demands on Financing This section provides a synthesis of the presenta-tions and discussions that ensued in Track 4.This track comprised four individual panel sessions during each of which three or four presentations were made; in-depth discussion by the presenters and conference participants followed. The discussions were facilitated by a designated discussant.
|
From page 59... ...
• All of the modes ought to take a lesson from the Federal Highway Administration pyramid of project finance tools and look at their types of projects in that light; that is, don't waste grant resources on projects that may have potential financing. • Integrate the modal planning and project development process more effectively, including the use of all the policy tools -- operations, demand management, intermodal development -- not just project investment.
|
From page 60... ...
Discussion Robert James Robert James facilitated the discussion for this session. Key observations by some participants included the following: • As projects rely more on taxable and equity financing, there is a greater need for them to make economic sense.
|
From page 61... ...
Brown, Federal Highway Administration (Discussant) Pat Goff, Missouri Department of Transportation Richard Mudge, Delcan Inc.
|
From page 62... ...
uses for infrastructure to help justify the cost. Wrapped up in the question of appropriate cost-sharing are the questions of how much profit is acceptable for private-sector partners and when they should be able to take this profit out of the partnership vis-à-vis the public side of the partnership.
|
From page 63... ...
5 5 SYNTHESIS Conference Themes Conference participants recognized the uniqueopportunity -- and challenge -- presented by themultiple upcoming transportation program reauthorizations: for surface transportation, the successor to the Transportation Equity Act for the 21st Century (TEA-21) ; for aviation, the successor to the Wendell H
|
From page 64... ...
It was noted that when the gas tax was created, the nation was funding highways. With the focus now on building intermodal centers and a wide range of nonhighway or multimodal facilities, such investments may call for a new alignment of supporting funding structures and greater integration across modes.
|
From page 65... ...
programs but some concern that, in this integration, the core concepts could lose their push; • Recognition of the need for a strong federal role in setting standards for technology; • A concern that the challenge of increased throughput without system expansion is not tenable, for instance, in the areas of marine terminals and railways; and • A perceived need for better coordination in relation to the impacts of particular projects and funding solutions across modes.
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.