Road Funds Quarterly Report
By ROLAND W. BURRIS Comptroller, State of Illinois
The available balance in the Road Funds (Road and State Construction Account Fund) was $309 million at the end of September 1987, $68 million more than the balance of $241 million at the end of September 1986, $19 million more than the balance of $290 million at the end of June 1987, and the highest end of September balance in the history of the Road Funds (the previous high was the $241 million at the end of September last year).
Total Road Funds revenues in the first quarter of fiscal 1988 were $436 million, $63 million or 12.6% less than comparable revenues received in three months of fiscal 1987. Revenues from state sources were up $7 million (2.3%) while revenues from federal sources were down $70 million or 35.7% (due in part to decreased spending for highway construction).
Total expenditures from the Road Funds in three
ROAD FUNDS TRANSACTIONS (millions)
|
|
|
|
Three Months
|
Change
|
|
FY 1987
|
FY 1988
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Amount
|
Percent
|
Available Balance
|
|
|
|
|
Beginning .......................................
|
$218
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$290
|
$+72
|
|
REVENUES:
|
|
|
|
|
State Sources:
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|
|
|
|
Cash Receipts:
|
|
|
|
|
Road Fund ....................................
|
$140
|
$152
|
$+12
|
|
State Construction
|
|
|
|
|
Account Fund ...............................
|
61
|
56
|
- 5
|
|
Total, Cash Receipts .......................
|
$201
|
$208
|
$ + 7
|
+ 3.5%
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Transfers In:
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|
|
|
|
From Motor Fuel Tax Fund:
|
|
|
|
|
Road Fund ....................................
|
$ 38
|
$ 37
|
$- 1
|
|
State Construction
|
|
|
|
|
Account Fund ...............................
|
64
|
65
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+ 1
|
|
Total, Transfers In .........................
|
$102
|
$102
|
$. . .
|
|
Total, State Sources ........................
|
$303
|
$310
|
$+ 7
|
+ 2.3%
|
Federal Aid ...............................
|
109
|
126
|
-70
|
-35.7%
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TOTAL, REVENUES .....................
|
$499
|
$436
|
$-63
|
-12.6%
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EXPENDITURES:
|
|
|
|
|
Warrants Issued:
|
|
|
|
|
Highway Construction:
|
|
|
|
|
Road Fund ....................................
|
$146
|
$ 73
|
$-73
|
|
State Construction
|
|
|
|
|
Account Fund ...............................
|
132
|
130
|
- 2
|
|
Total, Highway
|
|
|
|
|
Construction ............................
|
$278
|
$203
|
$-75
|
-27.0%
|
Road Fund:
|
|
|
|
|
Operations ..................................
|
149
|
166
|
+17
|
+11.4
|
Awards and Grants ..........................
|
12
|
10
|
-2
|
-16.7
|
Other ........................................
|
2
|
2
|
|
|
Total, Warrants Issued .....................
|
$441
|
$381
|
$-60
|
-13.6%
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Transfers Out:
|
|
|
|
|
Road Fund:
|
|
|
|
|
Debt Service Fund ...........................
|
35
|
36
|
+1
|
+2.9
|
TOTAL, EXPENDITURES ........................
|
$476
|
$417
|
$-59
|
-12.4%
|
Available Balance Ending ...........................
|
$241
|
$309
|
$+68
|
|
The month end available balance in the Road Funds has been at a record level for twelve consecutive months (establishing a new high for the end of each month).
November 1987 / Illinois Municipal Review / Page 25
months of fiscal 1988 were $417 million, $59 million or 12.4% less than comparable spending in the first quarter of fiscal 1987. Spending for highway construction decreased by $75 million ($73 million from the Road Fund and $2 million from the State Construction Account Fund), awards and grants spending down $2 million, while operations spending increased by $17 million (11.4%) and transfers out for debt service increased by $1 million.
At the end of September 1987, the Comptroller's records reflect total Road Funds appropriations of $2.313 billion for fiscal 1988 — $138 million less than total appropriations of $2.451 billion for fiscal 1987. In addition to these appropriations from the Road Funds, there are appropriations of $194 million ($196 million in fiscal 1987) from the Transportation Bond Series A Fund and $175 million ($114 million in fiscal 1987) from the Build Illinois Bond Fund for highway/waterway construction purposes.
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|
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ROAD FUNDS
|
|
|
|
|
|
|
|
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Available Balances — End of Month
|
|
|
|
|
|
|
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(millions)
|
|
|
|
|
|
|
Month
|
1978
|
1979
|
1980
|
1981
|
1982
|
1983
|
1984
|
1985
|
1986
|
1987
|
1988
|
July .................
|
$130
|
$125
|
$48
|
$81
|
$28
|
$109
|
$103
|
$208
|
$189
|
$310
|
$348
|
August ..............
|
120
|
119
|
46
|
63
|
31
|
72
|
144
|
170
|
176
|
269
|
326
|
September ...........
|
110
|
103
|
19
|
42
|
50
|
78
|
121
|
140
|
142
|
241
|
309
|
October .............
|
114
|
127
|
35
|
22
|
40
|
64
|
87
|
114
|
127
|
219
|
|
November ...........
|
102
|
81
|
28
|
29
|
24
|
38
|
86
|
106
|
97
|
198
|
|
December ...........
|
90
|
55
|
34
|
25
|
49
|
43
|
66
|
99
|
137
|
207
|
|
January ..............
|
110
|
76
|
47
|
7
|
60
|
51
|
81
|
117
|
141
|
226
|
|
February ............
|
139
|
71
|
36
|
4
|
44
|
55
|
85
|
118
|
167
|
234
|
|
March ...............
|
136
|
96
|
39
|
4
|
52
|
62
|
102
|
126
|
194
|
264
|
|
April ................
|
134
|
82
|
36
|
2
|
50
|
61
|
113
|
128
|
224
|
279
|
|
May .................
|
122
|
55
|
20
|
11
|
48
|
57
|
115
|
123
|
219
|
288
|
|
June .................
|
115
|
52
|
27
|
4
|
63
|
70
|
135
|
119
|
218
|
290
|
|
Page 26 / Illinois Municipal Review / November 1987
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