Oklahoma

State

Senate

Legislative
Brief

September 2001


Capital Improvement Program (CIP) Status Report

Issue Background

In 1997 the legislature adopted HB 1629, a five-year, two phase plan to provide $1.01 billion in new revenues for highway construction. Using a combination of appropriated funds and bond sale proceeds, the ROADS plan nearly doubled the annual amount spent for highway construction. Phase I of the project provided $410 million in direct appropriations; $300 million was generated by the sale of bonds in May 1998. Phase II called for $150 million in future direct appropriations and a like amount from bond financing.

Capital Improvement Program Funding chart.

Summary of Actions

FY'02 marked the last year of Phase I project appropriations. Bond debt service is $39.4 million per year through FY'07; a $19 million payment in FY'08 retires the debt. Phase II roads funding began in FY'02, with $150 million raised from bond sales (August, '00). $19.9 million was appropriated by the legislature for bond debt service; the same amount is due yearly through FY'11.

Status --June 30, 2001

Phase I
Completed Projects:
$206.8 million
Projects Underway:
$261.7 million
FY'02 Upcoming Projects:
$17.2 million
Pre-Construction Costs:
$195.3 million
ODOT In-House Costs:
$35.2 million
Total
$716.2 million*
*All totals may be slightly off due to "rounding."

Phase II
Completed Projects:
$0
Projects Underway:
$58.7 million
FY'02 Upcoming Projects:
$44.0 million
Pre-Construction Costs:
$14.7 million
ODOT In-House Costs:
$7.5 million
Total
$124.9 million*

Funds Available FY'98-'02
$854 million
Total Costs Phases I & II
$841 million
Funds Not Yet Dedicated
$13 million
Outstanding Obligation
$150 million

 

Contact For More Information:

Terry McKenna, Fiscal Analyst
405.521.5766
mckenna@lsb.state.ok.us

Ron Henderson, Legislative Analyst
405.521.5775
henderson@lsb.state.ok.us

Prepared By:
The Oklahoma State Senate, Senate Staff
Senator Stratton Taylor, President Pro Tempore


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