The Transportation Trust Fund Authority (TTFA) raises cash to pay for
the New Jersey Department of Transportation (NJDOT) and NJ TRANSIT for 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, appropriations include all or portions of taxes applied on motor
product gross receipts and the sale of new motor vehicles, which are all constitutionally dedicated to transportation purposes.
The Legislature statutorily dedicates to the TTFA contributions from the highway toll
road authorities. The Legislature also statutorily dedicates the proceeds
of the "Good
Driver" motor vehicle registration surcharge, and heavy
truck registration fees; however, the TTFA has not received any proceeds from these surcharges and fees in recent years.
The Authority issues "state contract"
with maturities up to 31 years within the bonding cap established by the Legislature. See the "Frequently Asked Questions" section of this website for a full explanation of the types of bonds sold by the Authority.
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.