Financing Process

The Transportation Trust Fund Authority (TTFA) raises cash to reimburse the New Jersey Department of Transportation (NJDOT) and NJ TRANSIT for Transportation Trust Fund capital project expenditures previously authorized by the Legislature in the annual Appropriations Act. As noted in the flow of funds section, the Authority receives appropriation revenues from the State, pays debt service obligations, and combines the remaining appropriation revenues with bond proceeds to meet the cash flow needs of the Transportation Trust Fund program.

Currently, appropriation revenues include all or portions of taxes applied on motor fuels, petroleum product gross receipts and vehicle sales, which are all constitutionally dedicated to the TTFA. The Legislature has also statutorily dedicated the proceeds of the "Good Driver" motor vehicle registration surcharge, heavy truck registration fees, and contributions from the two highway toll road authorities.

The Authority issues "state contract" bonds with maturities up to 31 years within the bonding cap established by the Legislature. See "Frequently Asked Questions" section of this website for a full explanation of the types of bonds sold by the Authority.

Audited financial statements are published each year by an external auditing firm which summarizes the Authority's revenue, bonding and expenditure results for the preceding 12 month period.