HTF update: DOT holds firm on August shortfall projection
| June 17, 2014 |
The Highway Trust Fund (HTF) continues to head for a shortfall at the end of August, the U.S. Department of Transportation (DOT) projected Tuesday.
In the latest Highway Trust Fund Ticker update, the DOT noted that it anticipates a shortfall around Aug. 30. The Ticker, introduced in January, is updated every month with details about the HTF’s remaining balance. This is the third consecutive month that the DOT has projected a late August shortfall.
The majority of state and local transportation projects rely on the HTF, but the DOT has said it could have to delay reimbursement payments to prevent a shortfall. Additionally, Transportation Secretary Anthony Foxx said in April that an insolvent transportation system puts 700,000 jobs at risk.
In the ticker update, the DOT notes that the Highway Account started fiscal year 2014 with about $1.6 billion, and $9.7 billion was transferred from the General Fund.
Since then, the account’s cash balance has dropped by nearly $3.8 billion to $8.1 billion, according to Federal Highway Administration (FHWA) data through May 30.
To see the Highway Trust Fund Ticker, visit dot.gov/highway-trust-fund-ticker.