Conclusion

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The proposed New Starts funding level of $1,214.40 million is based on the guaranteed funding level authorized by TEA-21 for FY 2002. After setting aside one percent of these funds for oversight activities as specified in the Administration’s FY 2002 budget proposal and approved by P.L. 107-87, and funding for ferry capital projects in Alaska or Hawaii as required by §5309(m)(5)(A), $1,191.96 million is available for project grants.

Twenty-five projects have existing FFGAs that commit FTA to provide specified levels of major capital investment funding, requiring a total of $1,026.86 million in FY 2003. All of these projects have been authorized by TEA-21, and all were either under an FFGA prior to TEA-21 or were rated as “recommended” or higher at the time the FFGA was issued.

New funding commitments are pending for two additional New Starts projects. In anticipation of these commitments, FTA recommends that a total of $79.10 million be allocated to these projects in FY 2003. These projects have been rated as “recommended” or “highly recommended” under the criteria and processes specified by TEA-21. The funding recommendations are based on the anticipated funding needs of each project in FY 2003.

Two proposed projects are expected to be ready for commitments before the end of FY 2003 (i.e., September 30, 2003). In anticipation of these new commitments, FTA recommends that a total of $55 million be allocated to these projects in FY 2003. These projects have been rated as “recommended” or “highly recommended” under the criteria and processes specified by TEA-21. These projects have been authorized by TEA-21. The funding recommendations are based on the anticipated funding needs of each project in FY 2003.

In addition to the current, pending, and proposed projects, five other projects have been identified as worthy of inclusion in this report and have been recommended at total of $31 million in FY 2003 New Starts funding.

The amounts specified for each project in this report, plus $10.30 million for ferry capital projects as specified by §5309(m)(5)(A), and $12.14 million for FTA oversight activities as provided under §5327(c), equal the total FY 2003 funding request of $1,214.40 million for the §5309 New Starts program, which is the guaranteed amount of funding authorized by TEA-21.