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CTC staff preview revised fund estimate as legislature considers early loan repayment and CMA savings
Summary
Caltrans presented a proposed revision to the 2014 fund estimate to reflect an expected early repayment of a highway loan and reallocation of CMIA savings; commissioners were told both houses of the Legislature approved loan‑repayment language but differed on splits and additional appropriations.
Caltrans staff told the commission it has prepared a revised 2014 fund estimate to reflect legislative actions for early loan repayment and to reuse savings from the Corridor Mobility Improvement Account (CMIA).
"We need to do a revised fund estimate because the fund estimate is our proof, if you will, of fiscal constraint to the Federal Highways Administration," Caltrans staff told the commission. The department said the Senate and Assembly had each taken action on an early loan repayment but with different recommended allocations.
Caltrans staff described the two chamber actions as follows: the Senate approved a loan repayment of about $337 million with a 60% state / 40% local split; the Assembly similarly approved a loan repayment of about $337 million but recommended appropriating $500 million in total, allocating roughly $220 million (about 44%) to local agencies, $210 million to the SHOPP (State Highway Operation and Protection Program), and the remainder to maintenance. Staff emphasized those figures remain subject to final budget negotiations and said the commission will adopt a final revised fund estimate after the budget is enacted.
Commissioners noted prior spikes in the State Highway Account cash balance following temporary fuel‑tax changes and urged clearer public explanation of why cash balances can appear misleading while project obligations remain multiyear. The commission also discussed CMA savings and award‑to‑award adjustments that could increase near‑term capacity if program savings are available for reallocation.
Caltrans said it would return with a final revised fund estimate after the Legislature completes action on the budget, and staff signaled follow‑up analyses on award savings and program timing.
