(a) General Provisions. Appropriations made for transportation projects are subject to the provisionsin this section. If the provisions in this section conflict with the budgetacts, the budget acts prevail.
(b) Cash FlowManagement of Transportation Projects. Transportation Project funds shall bebudgeted, expended, and accounted for on a "cash flow" basis.Pursuant to this end, transportation project contracts shall be planned and limitedso payments due at any time will not exceed the cash available to pay them.
(c) Appropriations Arefor Payments and Contract Commitments to Be Made in the Appropriation FiscalYear. The appropriations for transportation projects are for maximum paymentsestimated to be made during the appropriation fiscal year and for maximumcontracting authority for future years. Transportation project contracts shallbe scheduled so that the total contract payments and other expenditures chargedto projects in the fiscal year for each transportation project appropriationitem will not exceed the current appropriations provided by the GeneralAssembly and unspent prior appropriations made by the General Assembly for theparticular appropriation item.
(d) Payments Subject toAvailability of Funds. The annual appropriations for transportation projectsshall be expended only to the extent that sufficient funds are available in theHighway Fund.
(e) Retainage FullyFunded. The Department of Transportation shall fully fund retainage fromtransportation project contracts in the year in which the work is performed.
(f) Five Percent (5%)of the Cash Balance Required. The Department of Transportation shall maintainan available cash balance at the end of each month equal to at least fivepercent (5%) of the unpaid balance of the total transportation project contractobligations. In the event this cash position is not maintained, no furthertransportation project contract commitments may be entered into until the cash balancehas been regained. For the purposes of awarding contracts involving federalaid, any amount due from the federal government and the Highway Bond Fund as aresult of unreimbursed expenditures may be considered as cash for the purposesof this provision.
(g) Anticipation ofRevenues. In awarding State transportation project contracts requiringpayments beyond a biennium, the Director may anticipate revenues as authorizedand certified by the General Assembly to continue contract payments for up toseventy‑five percent (75%) of the revenues which are estimated for thefirst fiscal year of the succeeding biennium and which are not required forother budget items. Up to fifty percent (50%) of the revenues not required forother budget items may be anticipated for the second and subsequent fiscalyears' contract payments. Up to forty percent (40%) of the revenues notrequired for other budget items may be anticipated for the first year of thesecond succeeding biennium and up to twenty percent (20%) of the revenues notrequired for other budget items may be anticipated for the second year of thesecond succeeding biennium.
(h) Amounts Encumbered. Transportation project appropriations may be encumbered in the amount ofallotments made to the Department of Transportation by the Director for theestimated payments for transportation project contract work to be performed inthe appropriation fiscal year. The allotments shall be multiyear allotments andshall be based on estimated revenues and shall be subject to the maximumcontract authority contained in subsection (c) above. Payment fortransportation project work performed pursuant to contract in any fiscal yearother than the current fiscal year is subject to appropriations by the GeneralAssembly. Transportation project contracts shall contain a schedule ofestimated completion progress, and any acceleration of this progress shall besubject to the approval of the Department of Transportation provided funds areavailable. The State reserves the right to terminate or suspend anytransportation project contract, and any transportation project contract shallbe so terminated or suspended if funds will not be available for payment of thework to be performed during that fiscal year pursuant to the contract. In theevent of termination of any contract, the contractor shall be given a writtennotice of termination at least 60 days before completion of scheduled work forwhich funds are available. In the event of termination, the contractor shall bepaid for the work already performed in accordance with the contractspecifications.
(i) ProvisionIncorporated in Contracts. The provisions of subsection (h) of this sectionshall be incorporated verbatim in all transportation project contracts.
(j) Existing ContractsAre Not Affected. The provisions of this section shall not apply totransportation project contracts awarded by the Department of Transportationprior to July 15, 1980.
(k) The Department ofTransportation shall do all of the following:
(1) Utilize cash flowfinancing to the extent possible to fund transportation projects with the goalof reducing the combined average daily cash balance of the Highway Fund and theHighway Trust Fund to an amount equal to the twelve percent (12%) of thecombined estimate of the yearly receipts of the Funds. The target amount shallinclude an amount necessary to make all municipal‑aid fundingrequirements of the Department.
(2) Establish necessarymanagement controls to facilitate use of cash flow financing, such asestablishment of a financial planning committee, development of a monthlyfinancing report, establishment of appropriate fund cash level targets, reviewof revenue forecasting procedures, and reduction of accrued unbilled costs.
(3) Report annually, onOctober 1 of each year, to the Joint Legislative Transportation OversightCommittee on its cash management policies and results. (2006‑203, s. 3.)
(a) General Provisions. Appropriations made for transportation projects are subject to the provisionsin this section. If the provisions in this section conflict with the budgetacts, the budget acts prevail.
(b) Cash FlowManagement of Transportation Projects. Transportation Project funds shall bebudgeted, expended, and accounted for on a "cash flow" basis.Pursuant to this end, transportation project contracts shall be planned and limitedso payments due at any time will not exceed the cash available to pay them.
(c) Appropriations Arefor Payments and Contract Commitments to Be Made in the Appropriation FiscalYear. The appropriations for transportation projects are for maximum paymentsestimated to be made during the appropriation fiscal year and for maximumcontracting authority for future years. Transportation project contracts shallbe scheduled so that the total contract payments and other expenditures chargedto projects in the fiscal year for each transportation project appropriationitem will not exceed the current appropriations provided by the GeneralAssembly and unspent prior appropriations made by the General Assembly for theparticular appropriation item.
(d) Payments Subject toAvailability of Funds. The annual appropriations for transportation projectsshall be expended only to the extent that sufficient funds are available in theHighway Fund.
(e) Retainage FullyFunded. The Department of Transportation shall fully fund retainage fromtransportation project contracts in the year in which the work is performed.
(f) Five Percent (5%)of the Cash Balance Required. The Department of Transportation shall maintainan available cash balance at the end of each month equal to at least fivepercent (5%) of the unpaid balance of the total transportation project contractobligations. In the event this cash position is not maintained, no furthertransportation project contract commitments may be entered into until the cash balancehas been regained. For the purposes of awarding contracts involving federalaid, any amount due from the federal government and the Highway Bond Fund as aresult of unreimbursed expenditures may be considered as cash for the purposesof this provision.
(g) Anticipation ofRevenues. In awarding State transportation project contracts requiringpayments beyond a biennium, the Director may anticipate revenues as authorizedand certified by the General Assembly to continue contract payments for up toseventy‑five percent (75%) of the revenues which are estimated for thefirst fiscal year of the succeeding biennium and which are not required forother budget items. Up to fifty percent (50%) of the revenues not required forother budget items may be anticipated for the second and subsequent fiscalyears' contract payments. Up to forty percent (40%) of the revenues notrequired for other budget items may be anticipated for the first year of thesecond succeeding biennium and up to twenty percent (20%) of the revenues notrequired for other budget items may be anticipated for the second year of thesecond succeeding biennium.
(h) Amounts Encumbered. Transportation project appropriations may be encumbered in the amount ofallotments made to the Department of Transportation by the Director for theestimated payments for transportation project contract work to be performed inthe appropriation fiscal year. The allotments shall be multiyear allotments andshall be based on estimated revenues and shall be subject to the maximumcontract authority contained in subsection (c) above. Payment fortransportation project work performed pursuant to contract in any fiscal yearother than the current fiscal year is subject to appropriations by the GeneralAssembly. Transportation project contracts shall contain a schedule ofestimated completion progress, and any acceleration of this progress shall besubject to the approval of the Department of Transportation provided funds areavailable. The State reserves the right to terminate or suspend anytransportation project contract, and any transportation project contract shallbe so terminated or suspended if funds will not be available for payment of thework to be performed during that fiscal year pursuant to the contract. In theevent of termination of any contract, the contractor shall be given a writtennotice of termination at least 60 days before completion of scheduled work forwhich funds are available. In the event of termination, the contractor shall bepaid for the work already performed in accordance with the contractspecifications.
(i) ProvisionIncorporated in Contracts. The provisions of subsection (h) of this sectionshall be incorporated verbatim in all transportation project contracts.
(j) Existing ContractsAre Not Affected. The provisions of this section shall not apply totransportation project contracts awarded by the Department of Transportationprior to July 15, 1980.
(k) The Department ofTransportation shall do all of the following:
(1) Utilize cash flowfinancing to the extent possible to fund transportation projects with the goalof reducing the combined average daily cash balance of the Highway Fund and theHighway Trust Fund to an amount equal to the twelve percent (12%) of thecombined estimate of the yearly receipts of the Funds. The target amount shallinclude an amount necessary to make all municipal‑aid fundingrequirements of the Department.
(2) Establish necessarymanagement controls to facilitate use of cash flow financing, such asestablishment of a financial planning committee, development of a monthlyfinancing report, establishment of appropriate fund cash level targets, reviewof revenue forecasting procedures, and reduction of accrued unbilled costs.
(3) Report annually, onOctober 1 of each year, to the Joint Legislative Transportation OversightCommittee on its cash management policies and results. (2006‑203, s. 3.)
(a) General Provisions. Appropriations made for transportation projects are subject to the provisionsin this section. If the provisions in this section conflict with the budgetacts, the budget acts prevail.
(b) Cash FlowManagement of Transportation Projects. Transportation Project funds shall bebudgeted, expended, and accounted for on a "cash flow" basis.Pursuant to this end, transportation project contracts shall be planned and limitedso payments due at any time will not exceed the cash available to pay them.
(c) Appropriations Arefor Payments and Contract Commitments to Be Made in the Appropriation FiscalYear. The appropriations for transportation projects are for maximum paymentsestimated to be made during the appropriation fiscal year and for maximumcontracting authority for future years. Transportation project contracts shallbe scheduled so that the total contract payments and other expenditures chargedto projects in the fiscal year for each transportation project appropriationitem will not exceed the current appropriations provided by the GeneralAssembly and unspent prior appropriations made by the General Assembly for theparticular appropriation item.
(d) Payments Subject toAvailability of Funds. The annual appropriations for transportation projectsshall be expended only to the extent that sufficient funds are available in theHighway Fund.
(e) Retainage FullyFunded. The Department of Transportation shall fully fund retainage fromtransportation project contracts in the year in which the work is performed.
(f) Five Percent (5%)of the Cash Balance Required. The Department of Transportation shall maintainan available cash balance at the end of each month equal to at least fivepercent (5%) of the unpaid balance of the total transportation project contractobligations. In the event this cash position is not maintained, no furthertransportation project contract commitments may be entered into until the cash balancehas been regained. For the purposes of awarding contracts involving federalaid, any amount due from the federal government and the Highway Bond Fund as aresult of unreimbursed expenditures may be considered as cash for the purposesof this provision.
(g) Anticipation ofRevenues. In awarding State transportation project contracts requiringpayments beyond a biennium, the Director may anticipate revenues as authorizedand certified by the General Assembly to continue contract payments for up toseventy‑five percent (75%) of the revenues which are estimated for thefirst fiscal year of the succeeding biennium and which are not required forother budget items. Up to fifty percent (50%) of the revenues not required forother budget items may be anticipated for the second and subsequent fiscalyears' contract payments. Up to forty percent (40%) of the revenues notrequired for other budget items may be anticipated for the first year of thesecond succeeding biennium and up to twenty percent (20%) of the revenues notrequired for other budget items may be anticipated for the second year of thesecond succeeding biennium.
(h) Amounts Encumbered. Transportation project appropriations may be encumbered in the amount ofallotments made to the Department of Transportation by the Director for theestimated payments for transportation project contract work to be performed inthe appropriation fiscal year. The allotments shall be multiyear allotments andshall be based on estimated revenues and shall be subject to the maximumcontract authority contained in subsection (c) above. Payment fortransportation project work performed pursuant to contract in any fiscal yearother than the current fiscal year is subject to appropriations by the GeneralAssembly. Transportation project contracts shall contain a schedule ofestimated completion progress, and any acceleration of this progress shall besubject to the approval of the Department of Transportation provided funds areavailable. The State reserves the right to terminate or suspend anytransportation project contract, and any transportation project contract shallbe so terminated or suspended if funds will not be available for payment of thework to be performed during that fiscal year pursuant to the contract. In theevent of termination of any contract, the contractor shall be given a writtennotice of termination at least 60 days before completion of scheduled work forwhich funds are available. In the event of termination, the contractor shall bepaid for the work already performed in accordance with the contractspecifications.
(i) ProvisionIncorporated in Contracts. The provisions of subsection (h) of this sectionshall be incorporated verbatim in all transportation project contracts.
(j) Existing ContractsAre Not Affected. The provisions of this section shall not apply totransportation project contracts awarded by the Department of Transportationprior to July 15, 1980.
(k) The Department ofTransportation shall do all of the following:
(1) Utilize cash flowfinancing to the extent possible to fund transportation projects with the goalof reducing the combined average daily cash balance of the Highway Fund and theHighway Trust Fund to an amount equal to the twelve percent (12%) of thecombined estimate of the yearly receipts of the Funds. The target amount shallinclude an amount necessary to make all municipal‑aid fundingrequirements of the Department.
(2) Establish necessarymanagement controls to facilitate use of cash flow financing, such asestablishment of a financial planning committee, development of a monthlyfinancing report, establishment of appropriate fund cash level targets, reviewof revenue forecasting procedures, and reduction of accrued unbilled costs.
(3) Report annually, onOctober 1 of each year, to the Joint Legislative Transportation OversightCommittee on its cash management policies and results. (2006‑203, s. 3.)
