FY 2014 Budget / Actual Performancethrough November 2013

John W. LawsonChief Financial Officer

January 9, 2014

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November 2013 Overview

Overall, the CTF is reporting annual revenue growth of 13.7 percent, slightly below the forecasted annual growth rate target of 13.9 percent

Federal revenue collections remain strong

Fiscal year-to-date expenditures for most programs are slightly behind forecasted activity

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Commonwealth Transportation Fund State Revenue Collections

November 2013

The CTF revenues are experiencing average annual revenue growth

of 13.7 percent, slightly below the forecasted 13.9 percent annual

growth rate

Year-to-date, Motor Vehicle Sales and Use tax collections are 2.2

percent below the target growth rate of 33.9 percent. A 29.6 percent increase when compared to November 2013 over November

2012

The State Sales and Use Tax revenues dedicated to transportation

has grown by 55.5 percent year-to-date due to HB 2313, although

short of the forecasted annual growth rate of 66.3 percent

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Commonwealth Transportation Fund Highway Maintenance & Operating Fund and Transportation Trust Fund Revenues

Revenue

FY 2014

Estimate FY 2014 FY 2013 % Change

Motor Fuel Taxes 630,100$ 245,364$ 302,366$ (18.9) (25.1)

Priority Transportation Fund (PTF) 131,000 117,581 112,622 4.4 0.7

Motor Vehicle Sales and Use Tax 833,700 339,928 258,160 31.7 33.9

State Sales and Use Tax 866,900 318,379 204,696 55.5 66.3

Motor Vehicle License Fees 243,900 101,702 103,341 (1.6) (0.7)

International Registration Plan 65,300 17,343 18,768 (7.6) 5.7

Recordation Tax 40,500 17,408 18,411 (5.4) (12.6)

Interest Earnings 11,900 1,898 2,613 (27.4) 28.2

Misc. Taxes, Fees and Revenues 17,400 6,964 5,394 29.1 17.4

Total State Taxes and Fees 2,840,700$ 1,166,567$ 1,026,371$ 13.7 13.9

Year-to-Date - November % Annual

Growth

Required

by Estimate

Source: Commonwealth of Virginia/Department of Accounts, HMOF and TTF Revenues, Summary Statement of Selected Revenue Estimates & Collections, Fiscal Years 2014 and 2013.

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VDOT Federal Revenue

Fiscal year federal revenue collections of $776.9 million through November is slightly greater than FY 2013 through November.

The increase is driven by a 28 percent growth in the revenues generated by construction program activity, offset by reduced federal revenue in Maintenance and ARRA projects (as anticipated).

(Dollars in Thousands)

FY 2014 FY 2013

Program Revenue

% of Total

Revenue Revenue

% of Total

Revenue Difference

Construction 433,352.5$ 55.8% 337,535.1$ 43.8% 95,817.4$ Maintenance 284,698.7 36.6% 350,492.6 45.5% (65,793.9) ARRA 31,769.8 4.1% 52,547.9 6.8% (20,778.2) Planning & Research 5,667.2 0.7% 8,009.5 1.0% (2,342.3) Debt Service 18,979.9 2.4% 17,757.1 2.3% 1,222.7 Other Programs 2,399.9 0.3% 4,578.4 0.6% (2,178.5) Total VDOT Programs 776,868.0$ 100.0% 770,920.7$ 100.0% 5,947.3$

Expenditures by Programthrough November

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Expended $1.9 billion year-to-date, $86.6 million less than through the same period last year.

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Service Area Allocations

Expenditures

to Date % Expended Allocations

Expenditures

to Date % Expended Difference

Interstate Maintenance 412.6$ 192.5$ 47% 481.5$ 191.7$ 40% 0.8$ Primary Maintenance 454.8 197.4 43% 530.5 263.9 50% (66.5) Secondary Maintenance 474.3 202.6 43% 434.2 251.2 58% (48.6)

Transportation Operations Services 199.2 85.0 43% 180.8 77.6 43% 7.3 Program Management & Direction 81.8 46.4 57% 87.5 59.1 68% (12.7)

TOTAL 1,622.7$ 723.8$ 44.6% 1,714.4$ 843.4$ 49.2% (119.6)$

756.3$

(32.5)$

Anticipated Spending Year to Date

Variance

FY 2014 FY 2013 (Dollars in millions)

Expended $127.6 million in November, for a year-to-date total of $723.8 million

Year-to-date spending is $119.6 million less than the $843.4 million expended

during the same period in FY 2013

Allocations include carryover of the $97.5 million balance from FY 2013

Anticipated spending for the fiscal year is $1.57 billion with a projected

unspent allocation balance of less than $85 million at year end

Maintenance Program

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Construction Program Spending

Spent $762.9 million on construction year-to-date An increase of 2 percent compared to the same period in FY 2013 Actual spending $31.2 million less than forecast

(Dol lars in mi l l ions)

Expenditures

to Date

Expenditures

to Date Amount Percentage

ARRA 31.7$ 52.4$ (20.7)$ -39.5%

Dedicated & Statewide Construction 339.3 231.1 108.2 46.8%Interstate Construction 89.4 155.3 (65.9) -42.4%Primary Construction 133.8 142.4 (8.6) -6.0%Secondary Construction 79.9 66.5 13.4 20.2%Urban Construction 79.2 89.7 (10.5) -11.7%Total Systems Construction 753.2 737.3 15.9 2.2%

Program Management & Direction 9.7 8.6 1.1 13.4% Total 762.9$ 745.9$ 17.1$ 2.3%

Anticipated Spending Year to Date 794.2$ Variance (31.2)$

FY 2014 FY 2013 Difference

Anticipated Spending

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Current outstanding contract value for both Construction and Maintenance programs is $1.3 billion

Program

Current Operating

Budget

Original Forecasted

Annual Spending

Forecasted Annual

Spending

Forecasted Spending to

Date

FY 2014 Expenditures

to Date Variance Administrative and support services 251.8$ 246.1$ 246.1$ 93.4$ 96.7$ 3.3$ Planning and research 65.9 65.9 65.9 27.6 25.0 (2.6) Highway system acquisition and construction

Construction Funding 1,088.4 1,684.3 1,478.2 639.9 631.1 (8.8) Bond-financed projects 363.9 210.1 234.3 154.3 131.8 (22.5)

Highway system maintenance 1,622.7 1,565.3 1,622.7 756.3 723.8 (32.5) Financial assistance to localities 889.6 710.3 889.6 179.6 172.9 (6.7) Environmental monitoring and compliance 13.7 13.7 13.7 3.8 3.2 (0.6) Toll facility operations and construction 122.3 33.3 33.3 13.9 10.8 (3.0) Capital outlay 20.0 20.0 20.0 8.3 4.1 (4.3) Debt Service 311.9 311.9 311.9 102.2 102.2 - Total Expenditures 4,750.2$ 4,860.9$ 4,915.7$ 1,979.4$ 1,901.6$ (77.7)$

Dollars in millions

Major Fund Cash BalancesNovember 30, 2013

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FundHighway Maintenance and Operating 276.7$ 240.5$ 36.1$

Tran Partnership Opportunity Fund 40.6 43.0 (2.4)

Concession Fund 16.3 16.3 0.0

Transportation Trust FundsConstruction 352.9$ 277.6$ 75.3$ Priority Transportation 168.2 92.0 76.2 Federal Reimb. Anticipation Notes 0.1 0.1 0.0 Toll Facility Revolving 132.9 135.0 (2.1)

319.3 318.7 0.6 Total Transportation Trust Fund 973.5 823.4 150.1

ARRA 8.4 8.8 (0.4)

404.1 502.1 (97.9)

420.6 216.3 204.4

Grand Total 2,140.3$ 1,850.4$ 289.9$

GARVEE Bonds Fund

DifferenceFY 2014

CPR Bonds Fund

(Dollars in millions)

FY 2013Year End Balance

Virginia Transportation Infrastructure Bank (VTIB)

Financial Assistance to Localities - Overview of Special Funds

Northern Virginia Transportation Authority Fund

Hampton Roads Transportation Fund

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Activity Annual Forecas

t

Forecast YTD

Actual YTD

Revenue Collected $272.5 $93.4 $95.8

Expenditures (Transfers to NVTA) 246.8 70.1 70.4

Fund Balance $25.7 $23.3 $25.4

Activity Annual Forecast

Forecast YTD

Actual YTD

Revenue Collected $179.3 $44.5 $46.4

Project Expenditures - - -

Fund Balance $179.3 $44.5 $46.4

Dollars in millions

Dollars in millions