What's Hot

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 2025

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025
    Facebook Twitter Instagram
    AZBEX
    NEWS TICKER
    • [May 30, 2025] - Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail
    • [May 30, 2025] - Senior/Assisted Living Center Proposed in Maricopa
    • [May 30, 2025] - Scottsdale Establishes Transportation & Infrastructure Department
    • [May 30, 2025] - Arizona Projects 05-30-25
    • [May 28, 2025] - Split Vote Complicates Plans for VAI Resort
    • [May 28, 2025] - Safford Approves 165-Unit Multifamily Development
    • [May 27, 2025] - JDM Proposal Reimagines Biltmore Infill Project
    • [May 27, 2025] - $500M Whiteriver Hospital Preparations Advancing
    Facebook Twitter YouTube LinkedIn
    • Home
    • News
      1. View Latest
      2. Planning & Development
      3. Local News
      4. Classifieds
      5. Editorial Analysis
      6. Budgets & Funding
      7. Commercial Real Estate
      8. People on the Move
      9. Arizona Projects
      10. Legislation & Regulations
      11. Trends

      Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

      May 30, 2025

      Senior/Assisted Living Center Proposed in Maricopa

      May 30, 2025

      Split Vote Complicates Plans for VAI Resort

      May 28, 2025

      Safford Approves 165-Unit Multifamily Development

      May 28, 2025

      Scottsdale Establishes Transportation & Infrastructure Department

      May 30, 2025

      EdgeCore 44-Acre Mesa Land Buy Sets Up Massive Expansion

      May 23, 2025

      Ariz. Construction Added 2,400 Jobs in April

      May 21, 2025

      Phoenix Considering Data Center Development Restrictions

      May 21, 2025

      Glendale Voters to Determine VAI Resort’s Fate

      May 16, 2025

      Legislation Would Effectively Strip NIMBYs of Referendum Tool

      February 11, 2025

      2025 Forecast Tries to Clarify an Uncertain Market

      February 7, 2025

      KOREPlex Buckeye Site Quietly Listed For Sale

      January 31, 2025

      Peoria Council Approves $1.9B 10-Year CIP

      May 27, 2025

      Scottsdale Water Needs $50M for ‘Toilet to Taps’

      May 9, 2025

      Phoenix Releases $11.5B, 5-Year CIP with Nearly 1,000 Projects

      April 1, 2025

      Buckeye Starts Planning Bond Funding Outlays

      February 26, 2025

      Commercial Real Estate 05-27-25

      May 27, 2025

      Commercial Real Estate 05-20-25

      May 21, 2025

      Commercial Real Estate 05-13-25

      May 13, 2025

      Commercial Real Estate 05-06-25

      May 6, 2025

      Industry Professionals 05-27-25

      May 27, 2025

      Industry Professionals 05-20-25

      May 21, 2025

      Industry Professionals 05-13-25

      May 13, 2025

      Industry Professionals 05-06-25

      May 6, 2025

      Arizona Projects 05-30-25

      May 30, 2025

      Arizona Projects 05-23-25

      May 23, 2025

      Arizona Projects 05-16-25

      May 16, 2025

      Arizona Projects 05-09-25

      May 9, 2025

      Phoenix Considering Data Center Development Restrictions

      May 21, 2025

      Glendale Voters to Determine VAI Resort’s Fate

      May 16, 2025

      Executive Order Will Streamline Federal Acquisition Regulations System

      April 26, 2025

      Legislation to Save Axon Plan Continues to Advance

      April 16, 2025

      Ariz. Construction Added 2,400 Jobs in April

      May 21, 2025

      Backlogs, Confidence Increase in April

      May 16, 2025

      Multifamily Developer Confidence Down in Q1

      May 13, 2025

      U.S. Construction Added 11,000 Jobs in April

      May 6, 2025

      Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

      May 30, 2025

      Senior/Assisted Living Center Proposed in Maricopa

      May 30, 2025

      Scottsdale Establishes Transportation & Infrastructure Department

      May 30, 2025

      Arizona Projects 05-30-25

      May 30, 2025
    • AZBEX
      • Subscribe
      • Classifieds
      • Advertising
    • DATABEX
      • Webinars
      • Monthly Snapshot
    • Events
      • 2025 Mid-Year Update
    • About Us
      • Meet the Company
      • Meet the Sales Team
      • Meet the Editorial Team
      • Meet the BEXperts
    AZBEX
    Home » Budgets & Funding » ADOT Predicts Drop in Hwy Project Revenue
    Budgets & Funding

    ADOT Predicts Drop in Hwy Project Revenue

    BEX StaffBy BEX StaffMay 8, 2020No Comments3 Mins Read
    Credit: Arizona Department of Transportation
    Share
    Facebook Twitter LinkedIn Pinterest Email

    By Tasha Anderson for AZBEX 
    The estimated financial impacts of COVID-19 on the State Transportation Improvement Program over the next five years may be as much as $540.4M, according to Kristine Ward, Chief Financial Officer for the Arizona Department of Transportation. 
    Ward presented the current revenue reports for the Highway User Revenue Fund (HURF) and Regional Area Road Fund (RARF), as well as the estimated impact to the Arizona State Transportation Board at its April 17th meeting. 
    So far, approximately $1.2B in revenue has been received for HURF, which was about 0.9 percent below forecast, and approximately $333M has been received for RARF, which was about 2.2 percent above forecast. “Gas tax is about 3.6 percent above last year and about 2.7 percent above what our forecast was,” according to Ward. 
    However, these numbers only report through March for HURF and February for RARF and does not capture the impacts of COVID-19 and the stay-at-home order Governor Doug Ducey announced back in March. 
    “The bottom line is we don’t know what the COVID revenue impacts will be,” Ward said as she discussed developing upcoming revenue estimates. She went on to note that the Great Recession cannot be a comparative model because, unlike the pandemic, the Recession was more gradual and not an, “immediate shock to the system.” 
    The estimated $540.4M came from the preliminary recasting of the State Transportation Improvement Program for fiscal years 2020 through 2022 due to impacts on the State Highway Fund and the municipal bond market. 
    By significantly reducing the forecast for gas tax/VLT revenues early on and then slowly raising them around October/November, a 9 percent decline in HURF revenue is estimated for FY ’20, with a 22 percent decline for FY ’21 and a 12 percent decline for FY ’22. This will drop the available revenue for the State Highway Fund by $385M. “When you are in a situation in which you have no way of forecasting what is to come, the approach is to preserve your most liquid and flexible fund source. So, we are looking to preserve cash so we can not only respond to the situations that are dealt to us but deal with matching our federal funds and so forth,” Ward said. 
    The municipal bond market is also volatile, with limited bond demand and investors looking to cash out. Ward noted there was $2.3B flowing out of the bond market and that, mixed with declining revenue and a higher cost of capital results in an estimated $155M in deferred planned bond issues. 
    The next steps, according to Ward, are to recast the tentative program with the new revenue figures given and rebalance it to bring it back into the “fiscal constraint” knowing that the forecasts are very speculative and are subject to change. 

    Arizona State Transportation Board bond COVID-19 Highway User Revenue Fund Regional Area Road Fund State Transportation Improvement Program
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email

    Related Posts

    Peoria Council Approves $1.9B 10-Year CIP

    May 27, 2025

    ADOT to Hold Hearing on Tentative 5-Year Construction Plan

    May 14, 2025

    Scottsdale Water Needs $50M for ‘Toilet to Taps’

    May 9, 2025

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Our Picks

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 2025

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025

    Arizona Projects 05-30-25

    May 30, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • LinkedIn
    • YouTube
    Don't Miss
    Planning & Development

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 20250

    By Roland Murphy for AZBEX The City of Phoenix wants to transform the 19th Avenue…

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025

    Arizona Projects 05-30-25

    May 30, 2025

    BEX serves architecture, engineering and construction firms as well as all the ancillary product and service categories that market to them. These include manufacturing representatives, public agencies and private real estate organizations, specialty subcontractors and services providers related to our industry.

    Our Picks

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 2025

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025
    Contact Us

    Phone: 480-709-4190
    Address: P.O. Box 12196 Tempe, AZ 85284
    Email: sales@azbex.com

    Type above and press Enter to search. Press Esc to cancel.