Budgeting and Appropriations | Annual budget; fiscal year begins July 1. |
Bonding or Pay-as-You-Go | Puerto Rico primarily uses bonding authority. |
State-Level Funding Provided for DOT Budgets | FY 2011 (approved): $416.9 million* |
Allocation of Federal Transportation Funds to the DOT | Federal transportation funds flow directly to the DTOP from the U.S. DOT with no legislative involvement. |
Allocation of State Transportation Funds to the DOT | State transportation funds are allocated to the DTOP through a legislative appropriation at agency, program/category and project-specific levels. The Legislative Assembly approves the agency's operating budget; the budget capital improvements budget contains general obligations for specific projects. |
Traditional State Funding and Finance for Highways | Fuel taxes; additional sales taxes on gasoline or diesel; vehicle registration/license/title fees; tolls; interest income; excise taxes on petroleum products; revenue bonds. |
State Funding and Finance for Other Modes | Transit and rail: Funded by the same sources as highways, plus fares. Bridges: Funded by the same sources as highways. |
Innovative Transportation Funding and Finance | GARVEE bonds; federal credit assistance (TIFIA); state infrastructure bank (federally capitalized); PPPs (authorized in statute, with legislative approval required only to convert an existing facility to a privately operated toll road); design-build (authorized in statute). |
Dedicated/Restricted State Funds and Revenues | All money of the Highway and Transportation Authority must be deposited into a separate account or accounts in the name of the authority, and all disbursements must be made pursuant to regulations and budgets approved by the authority (9 L.P.RA. §2008). Toll revenues must be used to secure debt service; excess revenues can be used for operations. |
DOT Authorized to Retain Surplus Funds | A surplus of non-federal funds for the DTOP rarely occurs and would be a general fund surplus. Excess federal funds are returned to the U.S. DOT or might be reassigned if authorized by the federal government. |
Legislative Approval Required to Move Funds Between Projects | Legislative approval is required to move general obligation capital improvement funds to another projects, but not for DTOP operating funds. |
Transportation Funding Allocations through Local Aid | Non-federal and federal funds are allocated to local agencies through legislative appropriations and by DTOP allocations of funds within existing statutory requirements. |