May 14, 2014
The U.S. Department of Transportation maintains its projection that the Highway Trust Fund will shortfall in August, according to the latest update of the agency’s Highway Trust Fund Ticker.
Transportation Secretary Anthony Foxx introduced the Ticker in January. It is designed to provide a monthly update on the HTF’s remaining balance.
Last month, the DOT offered the same projection on when the HTF will run dry: late August.
The HTF provides funding to the majority of surface transportation projects in the U.S., and the DOT could slow reimbursements to state and local agencies to prevent the shortfall. Additionally, Transportation Secretary Anthony Foxx previously said that if the HTF, along with other problems with the nation’s transportation system, isn’t fixed, it could cost 700,000 jobs.
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 $3.2 billion to $8.7 billion, according to Federal Highway Administration (FHWA) data through April 25.
For more details, see the DOT’s Highway Trust Fund Ticker here.