Massachusetts Department of Transportation
Statement of Sources and Uses
For the Fiscal Year 2013 Period Ending December 31, 2012
Report ID: BUD-001-Capital
Run Date: 01/23/2013
Capital Budget
(000's = Thousands)
Year to Date (YTD)
July - December
YTD Actual
YTD Budget
13 Accounting Periods
Budget Fiscal Year
Variance
YTD Actual +
Projected Amount
%
Annual Budget
Variance
%
SOURCES
Restricted Non-Toll Road Sources
Special Obligation Debt (Gas Tax, ABP)
Grant Anticipation Notes (GANS)
133,813
140,576
-
6,763
-
5%
0%
361,510
-
360,451
(1,059)
-
General Obligation Debt (GO Debt)
299,581
341,872
42,291
12%
802,010
823,809
21,799
3%
Federal Reimbursement - Highway 1
Federal Reimbursement - OPP
Federal Railroad Admin. Reimbursement
Transportation Infrastructure Fund
183,483
7,517
1,419
204,064
12,205
8,090
20,582
4,688
6,671
10%
38%
0%
82%
417,019
20,554
59,030
29,190
485,868
24,410
59,030
48,000
68,849
3,856
18,810
14%
16%
0%
39%
4,249
630,062
706,807
(4,249)
76,745
100%
11%
4,249
1,693,561
1,801,568
(4,249)
108,007
0%
6%
630,062
706,807
76,745
11%
1,693,561
1,801,568
108,007
6%
223
78
2
106
4,210
4,619
226
63
3
150
5,190
5,631
3
(16)
44
979
1,011
1%
-25%
7%
30%
19%
0%
18%
461
125
5
300
14,828
15,719
456
125
5
300
14,828
15,713
(5)
(5)
-1%
0%
0%
0%
0%
0%
0%
71,196
73,873
2,677
4%
147,598
148,882
1,284
1%
15,586
4,155
369,489
61,169
521,596
18,416
6,767
416,019
64,904
579,979
2,830
2,612
46,530
3,735
58,383
15%
39%
11%
6%
0%
10%
35,908
13,532
951,013
202,059
1,350,110
36,833
13,534
1,080,693
201,828
1,481,769
925
2
129,679
(231)
131,660
3%
0%
12%
0%
0%
9%
106
63
2
59,710
6,058
65,940
1,535
68,773
11,831
82,139
(106)
1,472
(2)
9,063
5,773
16,199
0%
96%
0%
13%
49%
0%
20%
301
3,070
2
204,592
32,539
240,504
3,070
196,495
26,291
225,856
(301)
(2)
(8,096)
(6,248)
(14,647)
0%
0%
0%
-4%
-24%
0%
-6%
-
-
-
0%
0%
0%
0%
0%
0%
0%
-
-
-
0%
0%
0%
0%
0%
0%
0%
12,199
849
11,307
8,774
4,779
37,907
7,367
2,213
14,706
4,675
10,097
39,058
(4,832)
1,364
3,399
(4,099)
5,318
1,150
-66%
62%
23%
-88%
53%
0%
3%
26,354
3,798
29,005
12,648
15,424
87,229
15,797
3,525
29,362
9,350
20,194
78,228
(10,557)
(273)
357
(3,298)
4,770
(9,000)
-67%
-8%
1%
-35%
24%
0%
-12%
630,062
706,807
76,745
11%
1,693,561
1,801,568
108,007
6%
Defeased Debt (Chapter 27 Non-budgetary)
Total Restricted Non-Toll Road Sources
TOTAL SOURCES
2
0%
0%
USES
AERONAUTICS
Employee Payroll and Benefits
Materials, Supplies, Services 3
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Snow & Ice
Total Aeronautics
HIGHWAY
Employee Payroll and Benefits
Materials, Supplies, Services 3
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Snow & Ice
Total Highway
RAIL AND TRANSIT
Employee Payroll and Benefits
Materials, Supplies, Services 3
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Snow & Ice
Total Rail and Transit
REGISTRY
Employee Payroll and Benefits
Materials, Supplies, Services 3
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Snow & Ice
Total Registry
OFFICE OF THE SECRETARY
Employee Payroll and Benefits
Materials, Supplies, Services 3
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Snow & Ice
Total Office of the Secretary
TOTAL USES
EXCESS (SOURCES - USES)
-
This report is presented on the cash basis of accounting. See accompanying notes for further information.
()
Massachusetts Department of Transportation
Statement of Sources and Uses
Report ID: BUD-001B-Capital
Run Date: 01/23/2013
For the Fiscal Year 2013 Period Ending December 31, 2012
Capital Budget
(000's = Thousands)
July - December
SOURCES
YTD Actual
SOURCES
Restricted Non-Toll Road Sources
Special Obligation Debt (Gas Tax, ABP)
Grant Anticipation Notes (GANS)
General Obligation Debt (GO Debt)
Federal Reimbursement - Highway
Federal Reimbursement - OPP
Federal Railroad Admin. Reimbursement
Transportation Infrastructure Fund
Defeased Debt (Chapter 27 Non-budgetary)
Total Restricted Non-Toll Road Sources
TOTAL SOURCES
YTD Budget
USES
Variance
%
YTD Actual
133,813
299,581
140,576
341,872
(6,763)
(42,291)
5%
0%
12%
183,483
7,517
1,419
4,249
630,062
204,064
12,205
8,090
706,807
(20,582)
(4,688)
(6,671)
4,249
76,745
10%
38%
0%
82%
100%
11%
630,062
706,807
76,745
11%
USES
AERONAUTICS
Employee Payroll and Benefits
Materials, Supplies, Services
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Total Aeronautics
HIGHWAY
Employee Payroll and Benefits
Materials, Supplies, Services
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Total Highway
RAIL AND TRANSIT
Employee Payroll and Benefits
Materials, Supplies, Services
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Total Rail and Transit
OFFICE OF THE SECRETARY
Employee Payroll and Benefits
Materials, Supplies, Services
Office and Administrative Expenses
Construction and Maintenance
Grants, Subsidies, Contract Assistance
Total Office of the Secretary
TOTAL USES
This report is presented on the cash basis of accounting. See accompanying notes for further information.
YTD Budget
Variance
%
223
78
2
226
63
3
3
(16)
1%
-25%
7%
106
4,210
4,619
150
5,190
5,631
44
979
1,011
30%
19%
18%
71,196
15,586
4,155
369,489
61,169
521,596
73,873
18,416
6,767
416,019
64,904
579,979
2,677
2,830
2,612
46,530
3,735
58,383
4%
15%
39%
11%
6%
10%
106
63
2
59,710
6,058
65,940
1,535
68,773
11,831
82,139
(106)
1,472
(2)
9,063
5,773
16,199
0%
96%
0%
13%
49%
20%
12,199
849
11,307
8,774
4,779
37,907
7,367
2,213
14,706
4,675
10,097
39,058
(4,832)
1,364
3,399
(4,099)
5,318
1,150
-66%
62%
23%
-88%
53%
3%
630,062
706,807
76,745
11%
Massachusetts Department of Transportation
FY 2013 Second Quarter Report (July to December 2012)
Capital Budget
Statement of Capital Sources and Uses – Actual vs. Budget – for the Fiscal Year 2013 Through Q2
Period Ending December 31, 2012
The attached Statement of Capital Sources and Uses for the period ending December 31, 2012 details
line item variances which have resulted in a capital budget underspend of $76.7 million. It should be
noted that the Uses variances are what drive the Sources variances. As such, we direct your attention to
the Uses of capital for more fulsome explanations for the underspend.
It is considered within MassDOT’s capital budget that a variance is significant if it equals or exceeds 5%
budget AND is of a magnitude of $5,000,000 or more. Each such variance is explained below.
SOURCES:
Special Obligation Debt:
Special Obligation Debt funds the Accelerated Bridge Program (ABP) and is $6.7 million or 5% under
budget due to lower than expected spending in the ABP program.
GO Debt:
General Obligation (GO) Debt funds the 20% match for federally aided projects and all non federally
aided projects. Through the second quarter of the fiscal year, our GO debt funding requirements are
$42.3 million or 12% under budget, see notes below under Highway and Rail and Transit Divisions.
Federal Highway Reimbursement:
Federal Highway Reimbursement was $20.6 million or 10% under budget, due to lower than expected
spending in Federally Aided Construction projects. This trend will continue throughout the fiscal year.
Transportation Infrastructure Fund:
The Transportation Infrastructure Fund was $6.7 million or 82% under budget, due to the uncertainty of
claims and settlements related to the Central Artery Project. This trend will continue throughout the
fiscal year.
1
USES:
Highway Division
Construction and Maintenance:
Construction and Maintenance spending is a favorable variance of $46.5 million or 11% under budget,
due to the effect of a late start in advertising projects. This is due to the delay of the 2012
Transportation Bond bill, as contractors couldn’t bid on contractors without capital funding. Also, a
number of our larger construction projects are at the completion phase, thus not generating as much in
expenditures as in prior quarters. This trend will continue through the fiscal year leaving a budget
balance of $129.7 million.
The ABP program is spending lower than expected in the first two quarters for construction and
overhead. However, the ABP unit anticipates that spending will escalate over the course of the fiscal
year on ABP mega projects.
Rail and Transit Division
Construction and Maintenance
Construction and Maintenance spending is a favorable variance of $9.1 million or 13% under budget due
to timing delays for South Station expansion and renovation, Knowledge Corridor Rail project between
Hartford and Canada, Beverly and Salem Garages, and the Green Line to Medford Extension. The Rail
and Transit Division anticipates that spending will escalate throughout the fiscal year and the Green Line
to Medford Extension will come in over budget.
Grants, Subsidies, and Contract Assistance
Grants, Subsidies and Contract Assistance spending is a favorable variance of $5.8 million or 49% under
budget due timing delays for the Fairmont Commuter Rail project. The Rail and Transit Division
anticipates that spending will escalate throughout the fiscal year and the Fairmont Commuter Rail
project will come in over budget.
Office of the Secretary
Employee Payroll and Benefits
Employee Payroll and Benefits is projecting an unfavorable variance of $10.5 million or 67% over budget
for the entire fiscal year, due to a delay in the transfer of employees from capital and operating.
Grants, Subsidies, Contract Assistance
Grants, Subsidies, Contract Assistance has a favorable variance of $5.3 million or 53% at the close of the
second quarter. However, that surplus will be reduced as Transportation Planning ramps up spending in
the third and fourth quarters.
2
Footnotes:
1. Federal Highway Reimbursement includes ARRA funding.
2. Chapter 27 of the Acts of 2007, Section 12 provided for the defeasance of outstanding bonds of
the Commonwealth. The Debt service savings are used as a source of capital expenses.
Therefore, the sources are not budgeted because the expenses are not subject to the allocation
of bond proceeds.
3. The category "Materials, Supplies, and Services" includes Interdepartmental Service Agreement
(ISA) expenses. ISA’s are contracts that MassDOT enters into with other Commonwealth
departments to perform services.
3