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Finance - Carol Taylor -
Financial Manager The Federal-Aid Highway Program is a reimbursable program; that is, the Federal Government only reimburses States for costs actually incurred. The authorized amounts distributed to the States represent lines of credit upon which States may draw as they advance Federally-assisted projects. This is in contrast to a grant program where the Federal Government issues a check up front for the entire estimated amount of a project. Funding for highway projects are drawn from the Highway Trust Fund which was created in 1956. Revenue for the Trust Fund is derived from dedicated highway user fees such as taxes on fuel, tires, and truck sales. Trust fund monies are distributed or "apportioned" to the States according to formulas written into "authorizing" legislation by Congress. These formulas are based on various factors including cost to complete the Interstate System, lane miles, vehicle miles of travel, population, historic levels of funding, and the States' share of receipts into the Highway Trust Fund. |
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