FY 2014 Budget / Actual Performance through November 2013 John W. Lawson Chief Financial Officer January 9, 2014

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 2

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 3

4 Commonwealth Transportation Fund Highway Maintenance & Operating Fund and Transportation Trust Fund Revenues Source: Commonwealth of Virginia/Department of Accounts, HMOF and TTF Revenues, Summary Statement of Selected Revenue Estimates & Collections, Fiscal Years 2014 and 2013.

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). 5

Expenditures by Program through November 6 Expended $1.9 billion year-to-date, $86.6 million less than through the same period last year.

 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 7

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 8

Anticipated Spending 9 Current outstanding contract value for both Construction and Maintenance programs is $1.3 billion Dollars in millions

Major Fund Cash Balances November 30,

Financial Assistance to Localities - Overview of Special Funds  Northern Virginia Transportation Authority Fund  Hampton Roads Transportation Fund 11 ActivityAnnual Forecast Forecast YTD Actual YTD Revenue Collected$272.5$93.4$95.8 Expenditures (Transfers to NVTA) Fund Balance$25.7$23.3$25.4 ActivityAnnual 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