Overview
The New Jersey Transportation Trust Fund Authority (TTFA) is an independent agency of New Jersey state government whose stated mission is to finance the cost of “planning, acquisition, engineering, construction, reconstruction, repair, resurfacing, and rehabilitation of the state’s transportation system.”
The Authority consists of seven members, two ex-officio and five public members appointed by the Governor. Board meetings are scheduled on an as needed basis and notices of the meetings are published in the newspapers and on this Web site. The meetings are conducted at New Jersey Department of Transportation (NJDOT) Headquarters in Ewing, NJ and are open to the public.
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Quick Facts
(Updated 6-30-12) |
| Current State Contract Outstanding Bonds |
$13.4 billion |
| Current State Contract Debt Service Outstanding |
$27.8 billion |
| Max. Bond Maturity |
31 years |
| Appropriated Revenue |
$956.7 million |
| Current State Contract Debt Service |
$896.7 million |
Current NJ Transit EDA Debt Service |
$94.4 million |
| Total TTFA/NJT Debt service |
$991.1 million |
| Current Statutory Bond Cap Available |
$326.3 million |
| Credit Ratings |
S&P |
A+ |
| Moody's |
A1 |
| Fitch |
A+ |
| State Gasoline Tax |
10.5 cents |
| State Diesel Tax |
13.5 cents |
| Motor Fuel Tax Dedicated for Transportation |
10.5 cents=$535M |
| Motor Fuel Tax Appropriated to TTFA |
$522.2 Million |
*FY 12 Appropriation Act appropriated $1,035.3 million. The lower amount shown on the chart reflects a mid-year lapse to the general fund.
The Authority’s financing process
is directed at issuing sufficient bonds
to reimburse NJDOT/NJ TRANSIT Capital
Program expenditures previously requested and authorized
by the Legislature.
The level of bonding needed is based on the Authority's appropriation
revenues and current
debt schedule. Audited
financial statements are prepared each year summarizing
the Authority’s financing activity and current financial
position.
The Authority was created in 1984 by legislation
that has been amended several times. The current Transportation
Trust Fund Statute (NJSA 27:1B-21.2) and dedication of revenues
found in the State
Constitution serve as the blueprint for all Authority
actions. |
