The Legislature appropriated $895 million to the TTFA and authorized a capital program of $1.6 billion. Is the difference between the two figures the amount of bonds to be sold?

A. No. The $1.6 billion appropriation is a spending authorization for capital project contracts.

It does not represent the actual cash outlays that will be generated from the $1.6 billion project list and any prior projects that are still under design or construction. The Authority only finances actual cash outlays to vendors, not contract authority. The amount of bonding required each year is calculated by subtracting available pay-as-you-go revenue (appropriation less debt service) from total estimated project cash outlays (all active capital projects).

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