Aggregate FY14-18 Capital Investment Plan

FY2014 - FY2018 Capital Investment Plan
Report - Aggregate FY14-18 Capital Investment Plan

The full five-year capital investment plan by major investment categories is presented below. All specific projects and programs expected to be funded in FY14 are identified in Appendix C, and descriptions of all of these projects and programs are included in Appendix D. It should be noted that many of the projects funded in FY14 are multi-year projects with costs that will be incurred in subsequent fiscal years; these projected future costs have been taken into account in making investment category reservations for future years. It is also important to note that projects will evolve and change, and A&F intends to adjust the capital investment plan during the fiscal year as circumstances dictate. Each new fiscal year, A&F will also undertake a formal reassessment of capital investment needs to develop an annual update to the five-year plan.

Total Bond Cap by Year and by Major Investment Category

The following chart and table show the allocation of bond cap spending by year and then by major investment category. Note that FY14 includes $198 M in unused capacity from the prior fiscal year. The Administration has conservatively constrained the bond cap in FY17 and FY18 at the FY16 level. Future debt affordability analysis may show sufficient revenue growth to allow increased bond cap in future plans.

FY14-18 Capital Investment Plan
Total Bond Cap
Vertical bar chart showing the total state bond cap for FY14 through FY18. All are between $2 billion and $2.5 billion. There is an unused capacity from prior year for FY14 of $198 million.

FY14-18 Capital Investment Plan
Total Bond Cap
(dollars in thousands)
	FY14	FY15	FY16	FY17	FY18	Five Year Total	% of 5-Year Total
Community Investments	$346,485	$324,053	$290,509	$295,305	$275,974	$1,532,326	14%
Corrections	$76,412	$21,225	$30,115	$30,500	$30,100	$188,352	2%
Courts	$27,681	$66,472	$120,559	$82,600	$48,200	$345,512	3%
Economic Development	$126,780	$143,500	$123,500	$123,500	$117,003	$634,283	6%
Energy And Environment	$191,362	$126,691	$127,061	$107,152	$124,463	$676,729	6%
Health And Human Services	$92,338	$63,287	$40,081	$38,114	$48,000	$281,820	3%
Higher Education	$226,813	$251,716	$330,573	$409,100	$324,103	$1,542,305	14%
Housing	$179,500	$168,850	$169,500	$169,500	$170,000	$857,350	8%
Public Safety	$73,351	$44,546	$44,630	$36,086	$27,080	$225,692	2%
State Government Infrastructure	$220,401	$195,486	$158,197	$140,943	$142,078	$857,104	8%
Transportation	$644,550	$719,175	$815,275	$817,200	$943,000	$3,939,200	36%
Total Bond Cap	$2,205,673	$2,125,000	$2,250,000	$2,250,000	$2,250,000	$11,080,673

Total Capital Spending by Year and by Major Investment Category

The following chart and table show the allocation of total capital spending from all sources by year and source and then by major investment category. A description of the sources of funding follows.

FY14-18 Capital Investment Plan
Total All Sources
Vertical bar chart showing the amounts from funding sources for FY14 through FY18. Sources include State Bond Cap, Federal Funds, Accelerated Bridge Program, Build Mass Bonds, Other Funds, Projected Financed, Pay-As-You-Go.

FY14-18 Capital Investment Plan
Total All Sources
(dollars in thousands)
	FY14	FY15	FY16	FY17	FY18	Five Year Total	% of 5-Year Total
Community Investments	$381,427	$354,953	$321,009	$326,205	$279,474	$1,663,068	9%
Corrections	$76,412	$21,225	$30,115	$30,500	$30,100	$188,352	1%
Courts	$27,681	$71,472	$135,559	$87,600	$48,200	$370,512	2%
Economic Development	$151,780	$168,500	$148,500	$148,500	$117,003	$734,283	4%
Energy And Environment	$243,038	$241,262	$237,531	$236,952	$182,392	$1,141,175	6%
Health And Human Services	$165,490	$125,706	$87,645	$63,066	$64,440	$506,347	3%
Higher Education	$266,611	$298,466	$386,773	$430,700	$325,603	$1,708,153	9%
Housing	$179,500	$168,850	$169,500	$169,500	$170,000	$857,350	5%
Public Safety	$83,001	$54,216	$47,830	$36,786	$27,080	$248,912	1%
State Government Infrastructure	$309,266	$290,223	$235,545	$193,862	$189,562	$1,218,458	6%
Transportation	$2,209,051	$2,372,916	$2,308,708	$1,848,490	$1,490,006	$10,229,171	54%
Total All Sources	$4,093,257	$4,167,789	$4,108,714	$3,572,161	$2,923,859	$18,865,781

Description of Sources of Funds

State Bond Cap – Commonwealth borrowing to support the regular capital program.
Federal Funds – Federal reimbursements for capital expenditures.
Other Funds – Contributions made by third-parties to capital projects being carried out by the Commonwealth.
Project Financed – Self-supporting bonds payable by the Commonwealth from a new stream of project revenue, including the CEIP program where Commonwealth bonds are payable with savings to be achieved as a result of energy efficiencies.
Pay-As-You-Go – Funding from current revenue for capital projects. In Appendix C, Pay-As-You-Go is shown in the other funds category.
Accelerated Bridge Program (ABP) – Commonwealth special obligation bonds secured by revenues credited to the Commonwealth Transportation Fund or federal grant anticipation notes issued to fund the Accelerated Bridge Program. In Appendix C, this ABP is shown in the other funds category.
Build Mass Bonds – In 2013, the Legislature enacted and the Governor signed a multiyear transportation finance bill that will provide over $805 M by FY18 to support an additional ten year, $8.5 B investment in transportation infrastructure. Of this amount, $2.1 B will be supported through additional bonding enabled by a 3-cent increase to the gas tax, indexing the gas tax to inflation, dedicating the sales tax on motor vehicles to transportation, and, transit fare and motor vehicle registry fee increases.

FY2014 - FY2018 Capital Investment PlanReport - Aggregate FY14-18 Capital Investment Plan

Total Bond Cap by Year and by Major Investment Category

Total Capital Spending by Year and by Major Investment Category

Description of Sources of Funds

FY2014 - FY2018 Capital Investment Plan
Report - Aggregate FY14-18 Capital Investment Plan