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New Jersey Transportation Trust Fund Authority  
      
Overview

About TTFA
Members
Meetings
Legislation

Business Partners
Financial Advisors
Underwriters
Trustees
Bond Counsel
Printing Services
External Auditor

Frequently Asked
Questions


Financing Process
Flow of Funds
Appropriation Revenues
Bonds
Audited Financial Statements

Future Financing
Next Bond Sale
Annual Financial Plan
Long-Term Financing Capacity

GARVEE Bonds

NJDOT/NJ TRANSIT
Capital Program



The Transportation Trust Fund provides funding for New Jersey's transportation system

Future Financing

The Transportation Trust Fund Authority's (TTFA) financial planning includes short, medium, and long range elements. Planning for the Authority's next bond sale usually begins two to three months ahead of the planned bond sale date. The Authority works with the Office of Public Finance and the Office of the Attorney General to develop a detailed plan for sizing and structuring the pending bond sale. If it is determined it is in the best interest of the State to sell bonds on negotiated basis, the Authority also seeks sizing and structuring guidance from its assigned underwriter. On March 1 each year, the Authority must submit a Financial Plan to the Legislature that shows how the Authority intends to finance the NJDOT/NJ TRANSIT Capital Program for the upcoming FY. This annual financial plan includes estimated appropriation revenue, bond proceeds, investment earnings, and expenditures. The Authority also develops a multi-year projection model to determine the Trust Fund long-range financing capacity.
  


Annual Financial Plan

The Authority submitted a FY 2017 Financial Plan to the Legislature which outlines how it will finance NJDOT/NJ TRANSIT’s requested $2.0 billion capital improvement program.

FY17 TTFA Financial Plan

Long-Term Financing Capacity

The Authority's financing capacity is constrained by the relationship between its long-term revenue stream and its debt service schedule.

The Authority issues long term bonds with maturities up to 31 years and structures the debt service on its bonds to provide reasonable assurance that its long-term revenue stream will satisfy debt service payments over the life of its bonds.


The Authority must not only consider its own debt service schedule but also the debt service payments made by NJ TRANSIT from Transportation Capital Program appropriations. These payments must be financed with the TTFA's appropriation revenue. The Authority must compare the sum of its own debt service and NJ TRANSIT's Economic Development Authority (EDA) on NJ Transit's behalf with the dedicated appropriation stream in order to determine long-term financing capacity.


 
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