County Transportation Trust Fund
The purpose of the County Transportation Trust Fund is to account for the maintenance of County Roads and traffic devices. The County Transportation Trust Fund budget is $51,089,687 in FY 2024. This represents an increase of $9,509,801 or 22% above the FY 2023 Adopted Budget.
Revenues
Major Revenues for the FY 2024 County Transportation Trust Fund include:
Fuel Taxes
The majority of revenues in the County Transportation Trust Fund are fuel taxes. The County receives first local option fuel tax, and ninth-cent fuel tax to repair and maintain the County roadways. These fuel tax revenues are anticipated to be $593,548 more than the FY 2023 Adopted Budget.
Miscellaneous Revenues
Miscellaneous revenue is expected to be the same as last fiscal year. This revenue includes sale of scrap material, chargebacks to other departments, investment income, and traffic signal/lighting inspections.
Transfers In
Transfers In includes the County Transportation Trust Fund Subsidy, as well as loan repayments from the Magnolia Valley Municipal Service Benefit Unit (MSBU). The budget increased by $625,865 from FY 2023 due to a realignment in TIF allocations.
Intergovernmental Revenues
Intergovernmental Revenue increased by $479,439 between FY 2023 and FY 2024. This includes multiple funding sources such as the Constitutional Fuel Tax, Special Fuel Tax, and County Fuel Tax.
Charges for Service
The Florida Department of Transportation reimburses the County for the repair and maintenance of traffic signals and streetlights on State roads. This revenue is expected to increase by $441,662 from FY 2023.
Fund Balance
Fund Balance is the difference between revenues and expenditures from previous years. For example, while personnel costs are budgeted under the assumption that positions will be filled the entire year, retirements and other personnel moves occur leaving unspent funds which then accrue to Fund Balance. This is a non-recurring revenue source. State statute requires expected fund balances be budgeted.
Expenditures
Major Expenditures in the FY 2024 County Transportation Trust Fund include:
Public Works
This main responsibility for this fund is for the maintenance and repair of County roadways, pavement marking, and traffic devices to include signals and street signs. This budget also includes all necessary expenditures for machinery and equipment for the Road & Bridge and Traffic Operations divisions.
Paving and re-paving of County roadways, as well as the repair and installation of new guardrails, are included in the Transfers Out to the Transportation Trust CIP, General, Paving Assessment, and Capital Funds.
Engineering Services
This includes Traffic Operations for Pasco County; where design, build, operation and maintenance of the County’s traffic systems.
Public Infrastructure Fiscal and Business Administration
Public Infrastructure Fiscal and Business Administration manages the reserve portion of Fund Balance that is legally segregated for specific purposes. The Board of County Commissioners has adopted a financial policy that the Road and Bridge Fund must sustain a reserve an amount equal to 16.7% of budgeted operating expenditures. This is known as the Restricted Reserves. These funds are set aside so that in case of an emergency, the County can continue to conduct operations.