Green Pearl Events Multifamily Investment Summit Jason Bram PresentationRyan Slack
The document summarizes NYC's economy and past economic downturns. It finds that NYC typically rebounds 1-2 years after the US from local and financial downturns. NYC has grown highly dependent on the high-income securities sector. Past financial crises caused NYC job losses up to 17% and income declines over 30%, while the current downturn's impact has been less severe so far.
The median price for single-family detached homes in North San Diego County rose 1.74% from December 2010 to January 2011. While listings increased 8.08% from the prior month, home sales declined 32.87%. The monthly payment for the median-priced home increased slightly to $2,321. Housing affordability remained at 30% in North County and increased to 43% in other parts of San Diego County.
The document summarizes China's exchange rate policy for the Renminbi (RMB) against the US dollar since 2005. It finds that:
1) From 2005-2007, China nominally pegged the RMB to a basket of currencies but in practice maintained a tight peg to the US dollar.
2) From 2007-2008, the RMB effective basket weighted the US dollar and Euro nearly equally, with some flexibility around this anchor.
3) Since mid-2008, China has virtually re-pegged the RMB solely to the US dollar.
Ural sib russia emerging opportunities & outlook conferenceevraz_company
Evraz Group S.A. held a conference on September 2, 2007 to discuss opportunities and outlook in Russia. The document provides an overview of Evraz highlighting its vertically integrated steel and mining business, 2006 strategic deliverables including expanding international presence and completing vertical integration, leveraging sales growth and optimizing product mix. Segment performance and key acquisitions including Oregon Steel Mills and Highveld Steel and Vanadium Corporation are summarized. The document is intended for relevant parties and contains forward-looking statements and disclaimer.
Federal Reserve Economist John Walters presents The Federal Reserve's Response to the Financial Crisis in Richmond, VA November 10, 2009 to the CFA Virginia Society
The document provides a daily research report on commodity prices and analysis. It summarizes movements in gold, silver, crude oil, natural gas, and other commodity prices. It provides technical analysis on gold and pepper, noting levels of support and resistance. The report concludes with trading recommendations, including advising to buy gold and other commodities on dips in price.
Green Pearl Events Multifamily Investment Summit Jason Bram PresentationRyan Slack
The document summarizes NYC's economy and past economic downturns. It finds that NYC typically rebounds 1-2 years after the US from local and financial downturns. NYC has grown highly dependent on the high-income securities sector. Past financial crises caused NYC job losses up to 17% and income declines over 30%, while the current downturn's impact has been less severe so far.
The median price for single-family detached homes in North San Diego County rose 1.74% from December 2010 to January 2011. While listings increased 8.08% from the prior month, home sales declined 32.87%. The monthly payment for the median-priced home increased slightly to $2,321. Housing affordability remained at 30% in North County and increased to 43% in other parts of San Diego County.
The document summarizes China's exchange rate policy for the Renminbi (RMB) against the US dollar since 2005. It finds that:
1) From 2005-2007, China nominally pegged the RMB to a basket of currencies but in practice maintained a tight peg to the US dollar.
2) From 2007-2008, the RMB effective basket weighted the US dollar and Euro nearly equally, with some flexibility around this anchor.
3) Since mid-2008, China has virtually re-pegged the RMB solely to the US dollar.
Ural sib russia emerging opportunities & outlook conferenceevraz_company
Evraz Group S.A. held a conference on September 2, 2007 to discuss opportunities and outlook in Russia. The document provides an overview of Evraz highlighting its vertically integrated steel and mining business, 2006 strategic deliverables including expanding international presence and completing vertical integration, leveraging sales growth and optimizing product mix. Segment performance and key acquisitions including Oregon Steel Mills and Highveld Steel and Vanadium Corporation are summarized. The document is intended for relevant parties and contains forward-looking statements and disclaimer.
Federal Reserve Economist John Walters presents The Federal Reserve's Response to the Financial Crisis in Richmond, VA November 10, 2009 to the CFA Virginia Society
The document provides a daily research report on commodity prices and analysis. It summarizes movements in gold, silver, crude oil, natural gas, and other commodity prices. It provides technical analysis on gold and pepper, noting levels of support and resistance. The report concludes with trading recommendations, including advising to buy gold and other commodities on dips in price.
Ally es una estudiante de segundo año que aspira a una carrera en negocios. Su portafolio muestra evidencia de sus logros académicos, incluidas las calificaciones y cartas de recomendación de sus maestros. Ally busca desarrollar sus habilidades de liderazgo a través de oportunidades extracurriculares como tutoría y voluntariado comunitario.
Assan Port Iskenderun is a container terminal located in Iskenderun, Turkey that was established in 2010. It has the potential to serve a large hinterland in eastern Turkey and connect cities in northwest Iran and northern Iraq to European and North American ports via shorter routes. The terminal has over 2,000 meters of berthing space, a water depth of 16-19 meters, and is designed to handle up to 250,000 TEUs annually. Future expansion plans include increasing the total annual capacity to 300,000 TEUs through additional off-dock facilities.
Paryog Cranes is a family-owned business that has expanded its fleet of cranes to lift up to 200 tons since 2000. It provides site-specific safety plans, site inspections, quality products and services, and 24/7 emergency response. The company offers overhead cranes, gantry cranes, jib cranes, hoists, winches and other lifting equipment for various industries. It has locations in Faridabad and Hyderabad to serve customers across India.
The document summarizes the need to increase highway capacity in the United States over the next 40 years due to population and economic growth. It discusses three key points: 1) the need for increased highway capacity, 2) the ability of states to build large transportation projects, and 3) ways that Congress can provide long-term funding for highways and transit through programs like TRIP bonds and replacing the gas tax with a sales tax. The chairman calls on Congress to take action to ensure stable funding for transportation programs through 2018.
The Role of Highway Engineering Standards in the U.S.AASHTO
The document summarizes the role of the American Association of State Highway and Transportation Officials (AASHTO) in developing engineering standards for highways in the United States. AASHTO is a nonprofit organization made up of state departments of transportation that works with federal and local agencies. It develops over 200 technical guidelines and standards through volunteer committees to provide consistent standards across diverse state practices. Key areas covered include bridges, traffic control, geometric design, safety, pavements, construction materials, and software.
The document discusses the fragmentation of online advertising across many websites, formats and platforms. It notes that the number of registered websites has grown exponentially to over 160 million. Blogs are being created at a rate of 1.5 per second and social networks at Ning.com have proliferated from just a few to over 180,000. This fragmentation has made it challenging for marketers and agencies to buy media across the growing number of small sites, and challenging for publishers to maximize the value of their advertising inventory and audiences. The conference aims to explore how ad networks and exchanges can help address these challenges.
This document discusses strategies for improving care for people with long-term conditions in Scotland. It outlines 7 high-impact changes focused on self-management, partnership, mutuality, workforce development, integrated care, quality improvement and clinical information systems. The strategies aim to empower people to manage their own conditions, provide person-centered care and better access to integrated health and social services. It also discusses implementing changes through a collaborative approach, engaging local teams and measuring outcomes to continuously improve care.
This document discusses sustainable financing options for HIV/AIDS in Kenya. It notes that over 80% of current HIV funding comes from external sources, but those sources are declining. To plan for predictable domestic funding, it recommends establishing a Sustainable HIV and AIDS Care Trust Fund. The Trust Fund would pool diverse domestic financing sources like taxes on airline tickets, mobile phone calls, and remittances. It would be governed by inclusive trustees and finance gaps in prevention, care, and treatment according to projections showing growing needs through 2020.
Vietnam Macro And Equity Market 2011 Dec22Thanh Le
The document summarizes Vietnam's macroeconomic conditions and equity investment opportunities. It discusses how government actions have brought only marginal changes, and bets that surprises could occur. It also analyzes sectors' performance and identifies opportunities in top-performing and undervalued sectors. Key risks include challenges in reforming state-owned enterprises and the banking system.
Развитие финансового сектора Казахстана в посткризисный периодАО "Самрук-Казына"
Презентация к докладу заместителя председателя Национального банка Казахстана Данияра Акишева на казахстанско-американском инвестиционном форуме в Нью-Йорке 7 декаьря 2011 года.
- U.S. soybean prices have fallen 15% since early January due to a slowdown in demand as buyers focus on the upcoming large South American soybean crop.
- U.S. soybean export bids reached their lowest level since 2009 as prospects of record South American crops and a seasonal shift in China's buying lowered export prices.
- Total U.S. soybean sales commitments to China were up significantly from the same period last year while commitments to the world were also higher year-over-year.
Fortuna Silver Mines Inc. is a silver mining company with operations in Peru and Mexico. The presentation provides an overview of Fortuna's two core operating assets: the San Jose Mine in Mexico and the Caylloma Mine in Peru. It also summarizes the company's financial performance, growth strategy, and extensive land holdings for exploration.
The document summarizes an economic outlook presentation given by Jed Smith from the National Association of REALTORS®. It discusses forecasting methodology, presents projections for the U.S. and Ohio economies from 2011-2013 including housing, jobs and GDP growth, and analyzes risks and uncertainties. Key challenges discussed are government spending/taxation issues, foreign policies, consumer confidence, and structural problems affecting long-term job growth. Charts show the impact of the recession on household wealth, unemployment levels, and GDP decline.
The Oak Harbor Facilities Plan presentation to City Council covered the following key points:
1) It outlined the schedule for council actions and deadlines to complete the facilities plan by the end of 2012.
2) It provided an overview of the 6th site under consideration, Crescent Harbor North, including a site map.
3) It summarized recent public comments received which supported the Crescent Harbor North and Windjammer sites.
4) It briefly reviewed the assumptions and projected rate increases outlined in the 2010 wastewater rate study.
Silicon Valley consumer confidence remains low according to a new survey. [1] Perceptions of current economic conditions rose slightly while expectations for the future dropped slightly. [2] The survey found mixed feelings about the economy, with residents feeling the worst is behind but not expecting good times again for some time. [3] Unemployment fears also lessened compared to prior surveys.
While mortgage delinquencies increased slightly in the first quarter of 2011, delinquency and foreclosure rates decreased on a non-seasonally adjusted basis. The number of seriously delinquent loans (90+ days past due or in foreclosure) fell to 8.14% from 9.65% a year prior. Foreclosure starts and inventory declined across all regions, with the largest decreases in the West and South. Overall delinquency and foreclosure trends continued to improve in the first quarter of 2011 compared to the prior year.
OHL Brasil reported strong financial results for 4Q07 and full year 2007. Traffic grew 8.8% in 4Q07 and 8.6% for the full year. Net revenue increased 16.1% in 4Q07 and 13.1% for 2007. Adjusted EBITDA rose 19.6% in 4Q07 and 15.7% for the full year. The company also reduced its debt and extended the maturity while maintaining low leverage. With the addition of over 2,000 km of highways from a recent auction, OHL Brasil has increased its market share to 26% of Brazil's toll roads and expanded its operations across key economic regions.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
This document summarizes a presentation by John O'Bryan and Asieh Mansour of CBRE on commercial real estate market conditions in Canada. Some key points:
1) Canada's commercial real estate markets, especially office and industrial, have been more stable than the US due to fewer job losses during the recession.
2) Canada's banking system is considered one of the soundest in the world, contributing to greater economic and real estate market stability compared to other nations.
3) Canadian office vacancy rates improved faster than in the US following the recession, and are forecast to remain lower through 2012.
The document summarizes recent political, economic, and industry developments in Indonesia based on a survey. It finds that while the economy grew around 7% annually, issues remain such as falling government approval ratings, concerns around corruption, and challenges managing urban growth. It also analyzes trends in exports, monetary policy, stock markets, budgets, and the impacts of natural disasters like Mount Merapi's eruption.
Ally es una estudiante de segundo año que aspira a una carrera en negocios. Su portafolio muestra evidencia de sus logros académicos, incluidas las calificaciones y cartas de recomendación de sus maestros. Ally busca desarrollar sus habilidades de liderazgo a través de oportunidades extracurriculares como tutoría y voluntariado comunitario.
Assan Port Iskenderun is a container terminal located in Iskenderun, Turkey that was established in 2010. It has the potential to serve a large hinterland in eastern Turkey and connect cities in northwest Iran and northern Iraq to European and North American ports via shorter routes. The terminal has over 2,000 meters of berthing space, a water depth of 16-19 meters, and is designed to handle up to 250,000 TEUs annually. Future expansion plans include increasing the total annual capacity to 300,000 TEUs through additional off-dock facilities.
Paryog Cranes is a family-owned business that has expanded its fleet of cranes to lift up to 200 tons since 2000. It provides site-specific safety plans, site inspections, quality products and services, and 24/7 emergency response. The company offers overhead cranes, gantry cranes, jib cranes, hoists, winches and other lifting equipment for various industries. It has locations in Faridabad and Hyderabad to serve customers across India.
The document summarizes the need to increase highway capacity in the United States over the next 40 years due to population and economic growth. It discusses three key points: 1) the need for increased highway capacity, 2) the ability of states to build large transportation projects, and 3) ways that Congress can provide long-term funding for highways and transit through programs like TRIP bonds and replacing the gas tax with a sales tax. The chairman calls on Congress to take action to ensure stable funding for transportation programs through 2018.
The Role of Highway Engineering Standards in the U.S.AASHTO
The document summarizes the role of the American Association of State Highway and Transportation Officials (AASHTO) in developing engineering standards for highways in the United States. AASHTO is a nonprofit organization made up of state departments of transportation that works with federal and local agencies. It develops over 200 technical guidelines and standards through volunteer committees to provide consistent standards across diverse state practices. Key areas covered include bridges, traffic control, geometric design, safety, pavements, construction materials, and software.
The document discusses the fragmentation of online advertising across many websites, formats and platforms. It notes that the number of registered websites has grown exponentially to over 160 million. Blogs are being created at a rate of 1.5 per second and social networks at Ning.com have proliferated from just a few to over 180,000. This fragmentation has made it challenging for marketers and agencies to buy media across the growing number of small sites, and challenging for publishers to maximize the value of their advertising inventory and audiences. The conference aims to explore how ad networks and exchanges can help address these challenges.
This document discusses strategies for improving care for people with long-term conditions in Scotland. It outlines 7 high-impact changes focused on self-management, partnership, mutuality, workforce development, integrated care, quality improvement and clinical information systems. The strategies aim to empower people to manage their own conditions, provide person-centered care and better access to integrated health and social services. It also discusses implementing changes through a collaborative approach, engaging local teams and measuring outcomes to continuously improve care.
This document discusses sustainable financing options for HIV/AIDS in Kenya. It notes that over 80% of current HIV funding comes from external sources, but those sources are declining. To plan for predictable domestic funding, it recommends establishing a Sustainable HIV and AIDS Care Trust Fund. The Trust Fund would pool diverse domestic financing sources like taxes on airline tickets, mobile phone calls, and remittances. It would be governed by inclusive trustees and finance gaps in prevention, care, and treatment according to projections showing growing needs through 2020.
Vietnam Macro And Equity Market 2011 Dec22Thanh Le
The document summarizes Vietnam's macroeconomic conditions and equity investment opportunities. It discusses how government actions have brought only marginal changes, and bets that surprises could occur. It also analyzes sectors' performance and identifies opportunities in top-performing and undervalued sectors. Key risks include challenges in reforming state-owned enterprises and the banking system.
Развитие финансового сектора Казахстана в посткризисный периодАО "Самрук-Казына"
Презентация к докладу заместителя председателя Национального банка Казахстана Данияра Акишева на казахстанско-американском инвестиционном форуме в Нью-Йорке 7 декаьря 2011 года.
- U.S. soybean prices have fallen 15% since early January due to a slowdown in demand as buyers focus on the upcoming large South American soybean crop.
- U.S. soybean export bids reached their lowest level since 2009 as prospects of record South American crops and a seasonal shift in China's buying lowered export prices.
- Total U.S. soybean sales commitments to China were up significantly from the same period last year while commitments to the world were also higher year-over-year.
Fortuna Silver Mines Inc. is a silver mining company with operations in Peru and Mexico. The presentation provides an overview of Fortuna's two core operating assets: the San Jose Mine in Mexico and the Caylloma Mine in Peru. It also summarizes the company's financial performance, growth strategy, and extensive land holdings for exploration.
The document summarizes an economic outlook presentation given by Jed Smith from the National Association of REALTORS®. It discusses forecasting methodology, presents projections for the U.S. and Ohio economies from 2011-2013 including housing, jobs and GDP growth, and analyzes risks and uncertainties. Key challenges discussed are government spending/taxation issues, foreign policies, consumer confidence, and structural problems affecting long-term job growth. Charts show the impact of the recession on household wealth, unemployment levels, and GDP decline.
The Oak Harbor Facilities Plan presentation to City Council covered the following key points:
1) It outlined the schedule for council actions and deadlines to complete the facilities plan by the end of 2012.
2) It provided an overview of the 6th site under consideration, Crescent Harbor North, including a site map.
3) It summarized recent public comments received which supported the Crescent Harbor North and Windjammer sites.
4) It briefly reviewed the assumptions and projected rate increases outlined in the 2010 wastewater rate study.
Silicon Valley consumer confidence remains low according to a new survey. [1] Perceptions of current economic conditions rose slightly while expectations for the future dropped slightly. [2] The survey found mixed feelings about the economy, with residents feeling the worst is behind but not expecting good times again for some time. [3] Unemployment fears also lessened compared to prior surveys.
While mortgage delinquencies increased slightly in the first quarter of 2011, delinquency and foreclosure rates decreased on a non-seasonally adjusted basis. The number of seriously delinquent loans (90+ days past due or in foreclosure) fell to 8.14% from 9.65% a year prior. Foreclosure starts and inventory declined across all regions, with the largest decreases in the West and South. Overall delinquency and foreclosure trends continued to improve in the first quarter of 2011 compared to the prior year.
OHL Brasil reported strong financial results for 4Q07 and full year 2007. Traffic grew 8.8% in 4Q07 and 8.6% for the full year. Net revenue increased 16.1% in 4Q07 and 13.1% for 2007. Adjusted EBITDA rose 19.6% in 4Q07 and 15.7% for the full year. The company also reduced its debt and extended the maturity while maintaining low leverage. With the addition of over 2,000 km of highways from a recent auction, OHL Brasil has increased its market share to 26% of Brazil's toll roads and expanded its operations across key economic regions.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
1) The Norwegian economy has stabilized after experiencing a downturn due to the global financial crisis. Inflation remains low and within the central bank's target range.
2) The central bank implemented extraordinary monetary policy measures including low interest rates and liquidity measures to support the economy during the crisis. It is now unwinding these measures as conditions normalize.
3) Looking forward, the central bank projects continued moderate economic growth in Norway, supported by a recovery in trading partners and domestic demand. Inflation is expected to remain low and stable.
This document summarizes a presentation by John O'Bryan and Asieh Mansour of CBRE on commercial real estate market conditions in Canada. Some key points:
1) Canada's commercial real estate markets, especially office and industrial, have been more stable than the US due to fewer job losses during the recession.
2) Canada's banking system is considered one of the soundest in the world, contributing to greater economic and real estate market stability compared to other nations.
3) Canadian office vacancy rates improved faster than in the US following the recession, and are forecast to remain lower through 2012.
The document summarizes recent political, economic, and industry developments in Indonesia based on a survey. It finds that while the economy grew around 7% annually, issues remain such as falling government approval ratings, concerns around corruption, and challenges managing urban growth. It also analyzes trends in exports, monetary policy, stock markets, budgets, and the impacts of natural disasters like Mount Merapi's eruption.
Economic Trends, a copy of the presentation delivered by Andrew Johnson, Senior Economist at EEF from the CIM East of England Summer Marketing Conference held on 9 June 2011 at ARU, Chelmsford
This document provides an economic update for the 7 Rivers region. It includes statistics on unemployment claims, declines in employment during recessions, housing prices, consumer expectations, vehicle and home sales, gasoline prices, and comments from regional business leaders. Unemployment claims were higher in Wisconsin than Minnesota over the last 6 months. Housing prices increased more in Phoenix and Minneapolis than in the 7 Rivers region. Consumer expectations declined nationally and in the 7 Rivers region in 2008 and 2009. Vehicle sales declined for both imports and domestic vehicles in late 2008. Gasoline prices peaked in mid-2008 before declining. The document examines economic trends and opportunities in the region during the current recession.
This document provides context for a presentation on stock flow consistent models and agent based models. It discusses the stock flow consistent methodology, which models the economy based on flows of funds between sectors using balance sheets and transaction matrices. The goal is to build macroeconomic models that are internally consistent and can be used to simulate policy experiments. Two applications are discussed: an Irish macroeconomic model that looks at the economy from a balance sheet perspective, and an earlier stock flow consistent agent based model. Further work plans to estimate these types of models.
Honda's business strategy focuses on growth in the US, Brazil, Asia, and Europe. In the US, Honda saw a decline in operating income due to currency exchange rates and model mix. However, Honda is well positioned with fuel efficient vehicles. In Brazil and Asia, Honda is expanding production capacity to capitalize on strong motorcycle and automobile growth. Honda aims to strengthen its motorcycle and hybrid vehicle businesses globally.
Similar to Examining the Blueprint for Surface Transportation Investment and Reform (20)
Examining the Blueprint for Surface Transportation Investment and Reform
1. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Examining the Blueprint for Surface
Transportation Investment and Reform
Joung H. Lee
Associate Director for Finance and Business Development
American Association of State Highway and Transportation Officials
Deputy Director
1 AASHTO Center for Excellence in Project Finance
1 7 N O V E M B E R 2 0 1 0
2. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
SESSION OBJECTIVES
• To provide an update on state spending levels
• To discuss the state of current surface
transportation funding, including Federal
Highway Trust Fund conditions
• To examine overall surface transportation
investment needs
• To provide AASHTO’s funding framework for the
future
• To give the latest update on current program
extension and surface transportation
reauthorization
2
1 7 N O V E M B E R 2 0 1 0
3. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
STATE SPENDING PICTURE
3
1 7 N O V E M B E R 2 0 1 0
4.
5. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
NCSL Projected State Budget Gaps
• As of July 2010:
o $83.9 billion in FY 2011
o $72.1 billion in FY 2012
o $64.3 billion in FY 2013
5
1 7 N O V E M B E R 2 0 1 0
6. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Transportation Spending Cuts
in 21 States in FY 2010
• Arizona • Mississippi
• California • Nevada
• Connecticut • North Carolina
• Florida • New Jersey
• Georgia • New York
• Kansas • Ohio
• Louisiana • Pennsylvania
• Massachusetts • South Carolina
• Maine • Virginia
• Michigan • Washington
• Wisconsin
6 Source: National Association of State Budget Officers
1 7 N O V E M B E R 2 0 1 0
7. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
CURRENT TRENDS
AND CHALLENGES
7
1 7 N O V E M B E R 2 0 1 0
8. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Vehicle Miles Traveled ‐ August 2004 to August 2010
(Moving 12 Month Total)
3,060
3,040
3,020
3,000
(Billions of Miles)
2,980
2,960
2,940
2,920
2,900
2,880
8 Fe 8
Fe 9
Fe 6
Fe 7
Fe 4
Fe 5
M 09
M 10
M 07
M 08
M 05
M 06
Au 09
Au 7
Au 8
Au 0
Au 5
Au 6
No 7
No 8
No 9
10
No 4
No 5
No 6
0
0
0
0
0
0
‐0
‐0
‐1
‐0
‐0
0
0
0
0
0
0
v‐
v‐
v‐
v‐
v‐
v‐
b‐
b‐
b‐
b‐
b‐
b‐
‐
g‐
g‐
g‐
g‐
g‐
g‐
g‐
ay
ay
ay
ay
ay
ay
Au
1 7 N O V E M B E R 2 0 1 0
9. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Truck, Buses, and Trailer Retail Tax Receipts
(1957‐2009)
9
1 7 N O V E M B E R 2 0 1 0
10. Highway Trust Fund: Receipts and Outlays Discrepancy
Total Outlays Total Receipts
53
48
$46.0
($ billions)
43
$37.1
38
PROJECTED
33
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Excludes $8.017 billion transfer from General Fund to Highway Account of HTF in September 2008; $7 billion transfer from General Fund to Highway Account of HTF in
August 2009; $19.5 billion transfer from General Fund to Highway and Mass Transit Accounts of HTF in March 2010.
18. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
NATIONAL SURFACE TRANSPORTATION
POLICY AND REVENUE STUDY
COMMISSION
18
1 7 N O V E M B E R 2 0 1 0
19. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Needs
• We need to spend $225 to $340 billion per year
on average through 2055
o Highway
o Bridge
o Public transit
o Freight rail
o Intercity passenger rail
• Currently spending is less than $90 billion per
year
19
1 7 N O V E M B E R 2 0 1 0
20. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
NATIONAL SURFACE TRANSPORTATION
INFRASTRUCTURE FINANCING
COMMISSION
20
1 7 N O V E M B E R 2 0 1 0
21. Needs
o Nationally, meeting only
about 1/3 of roughly $200
billion required each year
to maintain and improve
the system
o At federal level, also
meeting only about 1/3 of
needs – we face a $400
billion federal funding gap
over next 6 years under
current policies and
revenues
22. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
AASHTO’s Vastly Expanded
Funding Proposal
22
1 7 N O V E M B E R 2 0 1 0
23. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Legislative Recommendations
• Between 2010 and 2015, in order to invest in a
robust surface transportation program to
meet significant national needs, Congress
should fund a $565 billion multimodal
program comprised of:
o Highway program funded at $375 billion
(2015 level = $75 billion)
o Transit program funded at $100 billion
(2015 level = $20.8 billion)
o Freight program funded at $40 billion
(2015 level = $9.2 billion)
o Intercity passenger rail program funded at $50
billion
23 (2015 level = $11.7 billion)
1 7 N O V E M B E R 2 0 1 0
24. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Legislative Recommendations
• Federal government must continue to play a strong
role in investing and maintaining an integrated and
multimodal national surface transportation system
• States and local governments should be provided
with maximum flexibility to use federal revenues
from existing core sources to meet systemic
transportation needs
• Strong accountability measures must accompany
substantially increased funding to ensure resources
are spent as efficiently and effectively as possible
• We need to restore purchasing power by making
sure the impact of inflation on commodities and
construction costs must be addressed in setting
24 investment levels
1 7 N O V E M B E R 2 0 1 0
25. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Legislative Recommendations
• Adopt a long‐range approach to funding the surface
transportation system that gradually moves away
from dependence on the current motor fuels tax to
a distance‐based direct user fee such as a fee on
vehicle miles traveled
• Assure that any climate change legislation that
creates a new revenue source, either through a
carbon tax or cap‐and‐trade, provides substantial
funding for transportation
• Eliminate or drastically limit earmarking in federal
transportation programs
25
1 7 N O V E M B E R 2 0 1 0
26. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
AASHTO Recommendations on Bridges
• Incorporate as part of program reform all eligible
activities and transferability provisions that exist under:
o Interstate Maintenance (IM)
o National Highway System (NHS)
o Bridge Program
• Permit expanded transferability of federal funds when
tied to performance management and measures that
demonstrate where the greatest needs are
• Provide additional flexibility in the Highway Bridge
Program and remove unnecessary environmental
restrictions in bridge maintenance and replacement
activities
• Continue “off‐system bridge” 15% set aside
• Expand eligibility of preventive maintenance
26
1 7 N O V E M B E R 2 0 1 0
27. Proposed Program Funding Levels
to Restore Purchasing Power
Potential Program Name 2010 2011 2012 2013 2014 2015 TOTAL
Preservation and Renewal $28.00 $30.80 $33.60 $36.40 $39.20 $42.00 $210.00
Highway Freight (Based on Existing Revenues) $2.40 $2.64 $2.88 $3.12 $3.36 $3.60 $18.00
Highway Safety Improvement Program $2.60 $2.86 $3.12 $3.38 $3.64 $3.90 $19.50
Operations $2.40 $2.64 $2.88 $3.12 $3.36 $3.60 $18.00
Transportation System Improvement/Congestion Reduction $11.10 $12.21 $13.32 $14.43 $15.54 $16.65 $83.25
Environment Program $3.50 $3.85 $4.20 $4.55 $4.90 $5.25 $26.25
TOTAL - Highways $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 $375.00
TOTAL - Transit $12.5 $14.2 $15.8 $17.5 $19.2 $20.8 $100.00
TOTAL - Freight (Based on New Revenues
$4.2 $5.2 $6.2 $7.2 $8.2 $9.2 $40.00
Outside of Highway Trust Fund)
TOTAL - Intercity Passenger Rail $5.0 $6.3 $7.7 $9.0 $10.3 $11.7 $50.00
GRAND TOTAL $71.67 $80.67 $89.67 $98.67 $107.67 $116.67 $565.00
29. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
CURRENT STATE OF PLAY
29
1 7 N O V E M B E R 2 0 1 0
30. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Where We Are Now
• 15 September 2008: $8.017 billion General Fund transfer
to the Highway Trust Fund
• 7 August 2009: $7 billion General Fund transfer to the
Highway Trust Fund
• 30 September 2009: SAFETEA‐LU expired
• 1 March 2010: Highway Trust Fund shutdown for two
days
• 18 March 2010: $19.5 billion General Fund transfer to the
Highway Trust Fund
• 31 December 2010: Current SAFETEA‐LU extension
expires
• Fiscal Year 2012: Highway Trust Fund projected to
become insolvent
30
1 7 N O V E M B E R 2 0 1 0
31. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Hiring Incentives to Restore Employment
(HIRE) Act – HR 2847
• Signed into law on 18 March 2010
• Fifth Extension of SAFETEA‐LU
o Extends SAFETEA‐LU at pre‐rescission FY 2009 spending level
until 31 Dec 2010
o Credits Highway Trust Fund with $19.5 billion in foregone
interest payments
o Allows Highway Trust Fund to accrue interest
o Fuel tax credit for exempt fleet to be covered by the General
Fund
o Restores the $8.7 billion contract authority rescission contained
in SAFETEA‐LU
• Build America Bonds expansion to cover other qualified
tax credit bonds
31
1 7 N O V E M B E R 2 0 1 0
32. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Current State of Play
• President’s Announcement on Labor Day
o “Renewing and Expanding America’s Roads,
Railways, and Runways”
o Long‐term vision with $50 billion front‐loaded
in the first year
• Rebuild 150,000 miles of roads
• Construct and maintain 4,000 miles of rail
• Rehabilitate or reconstruct 150 miles of runway
32
1 7 N O V E M B E R 2 0 1 0
33. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Current State of Play
• President’s Announcement on Labor Day
o Infrastructure Bank to leverage federal dollars and
focus on investments of national and regional
significance
o Integration of high‐speed rail into the surface
transportation program
o Streamlining, modernizing, and prioritizing surface
transportation investments, consolidating more than
100 different programs and focusing on using
performance measurement and “race‐to‐the‐top”
style competitive pressures
o Expanding investments in areas like safety,
environmental sustainability, economic
33 competitiveness, and livability
1 7 N O V E M B E R 2 0 1 0
34. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Current State of Play
• Details on the Obama Administration plans
not yet available
o Legislative strategy
o Duration/timing
o Revenue source
o Funding split
o Policy details
• But the President is now fully engaged in
surface transportation reauthorization
34
1 7 N O V E M B E R 2 0 1 0
35. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Deficit Commission
• Gradually increase gas tax to fund transportation
spending
o Raise gas tax gradually by 15 cents beginning in 2013
o Dedicate funds toward fully funding the
transportation trust funds and therefore eliminating
the need for further general fund bailouts
• Move Transportation Trust Fund spending to
mandatory
• Limit transportation spending to existing revenue
collections
35
1 7 N O V E M B E R 2 0 1 0
36. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Current State of Play
• Broader variables: economic conditions including
unemployment levels, and deficit‐spending
appetite
• What to make of the composition of the 112th
Congress?
• Any action should not reverse the progress made
through the stimulus legislation
• It is important to pass the six‐year authorization
bill soon, as state DOTs and contractors depend
on long‐term investment time horizons
36
1 7 N O V E M B E R 2 0 1 0
37. B R I D G E S 2 0 1 0 S A N F R A N C I S C O , C A
Thank You
Joung H. Lee
Associate Director for Finance and Business Development
AASHTO ‐ American Association of State Highway and Transportation Officials
444 North Capitol Street NW, Suite 249
Washington, DC 20001
Phone: (202) 624‐5818
Fax: (202) 624‐5469
Email: jlee@aashto.org
Web: www.transportation.org
37
1 7 N O V E M B E R 2 0 1 0