FY2024-2025 and FY2026-2027 Statewide Transportation Improvement Fund (STIF) program estimates (9/19/2022)
On September 6, 2022, the Public Transportation Division (PTD) communicated information regarding the FY2024-2025 and FY2026-2027 Statewide Transportation Improvement Fund (STIF) program estimates. However, these communicated estimates did not include the adjustment to the base distribution as required by the ORS 184.758 Distribution of moneys from Statewide Transportation Improvement Fund. Effective July 1, 2023, the base Formula distribution must be adjusted to the rate of growth of the consolidated fund’s revenues relative to the rate of growth of the fund as a whole. The STIF consolidated fund grew by 15.91% between the 2019-21 biennium and 2023-25 biennium estimate or $37 million. An estimated $2.6 million over the FY2023-2025 biennium will be redistributed to 24 base-only recipients. While the adjustment to the base allocation won’t become final until it is approved by the Oregon Transportation Commission at their November 2022 meeting, we wanted to get the updated information to you as soon as possible to help inform your budget planning and advisory committee processes.
In addition, we have noted that STIF revenues are coming in higher than forecast for the 2021-23 biennium. At the current rate of collection, many providers will hit their STIF Plan limits before the end of the biennium. Because ODOT is only allowed to distribute STIF Formula funds up to the approved STIF Plan limit, any excess revenues will be held by ODOT and rolled forward to the relevant Qualified Entity for distribution during the first quarter of the 2023-25 biennium. In order to ensure that ODOT is able to fully distribute all STIF Formula funds during the 2023-25 biennium, we recommend that all Qualified Entities and Public Transportation Service Providers add an additional 20% to the STIF Allocation Estimate, that’s been corrected and sent out, Sept. 16, 2022.
For questions please contact your regional transit coordinator.
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