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New Jersey Transportation Trust Fund Authority  

About TTFA

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Financing Process
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Future Financing
Next Bond Sale
Annual Financial Plan
Long-Term Financing Capacity


Capital Program

The Transportation Trust Fund provides funding for New Jersey's transportation system


The New Jersey Transportation Trust Fund Authority (TTFA) is an independent agency of New Jersey state government whose stated mission is to finance the cost of "planning, acquisition, engineering, construction, reconstruction, repair, resurfacing, and rehabilitation of the state's transportation system."

The Authority consists of seven members, two ex-officio and five public members appointed by the Governor. Board meetings are scheduled on an as needed basis and notices of the meetings are published in the newspapers and on this Web site. The meetings are conducted at New Jersey Department of Transportation (NJDOT) Headquarters in Ewing, NJ and are open to the public.

Quick Facts (Update as of 12-31-16)
Current State Contract Outstanding Bonds * (a) $16.7 billion
Current State Contract Debt Service Outstanding * $29.9 billion
Max. Bond Maturity * 31 years
Appropriated Revenue * (b) $1,216.7 million
Current State Contract Debt Service * $1,176.9 million
Current NJ Transit EDA Debt Service* $75.9 million
  Total TTFA/NJT Debt service (net) * $1,252.8 million
Current Credit Ratings ** S&P BBB+
Moody's A3
Fitch A-
Motor Fuel Tax Appropriated to TTFA (c) $515.0 million
Petroleum Products Gross Receipts Tax Appropriated to TTFA (c) $218.1 million
State Sales Tax Appropriated to TTFA (c) $551.8 million
Toll Road Authority Revenue Appropriated to TTFA (c) $12.0 million

* Quick Facts financial data reflects most recent audited financial information as of 6/30/16

** TTFA bonds are State Appropriation Bonds as compared to State General Obligation Bonds.

(a) Amount reflected includes Garvee bonds and is net of non-amortized accretion balances on Capital Appreciation Bonds as of June 30, 2016.

(b) FY16 Appropriation Act appropriated $1,279.6 million. The lower amount reflects $62.9 million in resources held in the General Fund for FY16 debt service savings and Build America Bond Tax Credits. In addition to appropriated revenues of $1,216.7 million there was a carryforward of $36.1 million of Build America Bond tax credits held in reserve by the State General Fund to service FY16 debt service obligations.

(c) Amounts as of the FY 2017 Appropriation Act dedicated to TTFA for debt service.

The Authority’s financing process is directed at issuing sufficient bonds to reimburse NJDOT/NJ TRANSIT Capital Program expenditures previously requested and authorized by the Legislature.

The level of bonding needed is based on the Authority's appropriation revenues and current debt schedule. Audited financial statements are prepared each year summarizing the Authority's financing activity and current financial position.

The Authority was created in 1984 by legislation that has been amended several times. The current Transportation Trust Fund Statute (NJSA 27:1B-21.2) and dedication of revenues found in the State Constitution serve as the blueprint for all Authority actions.

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