The proposed New Starts funding level of $1,514.92 million is based on the Administrationís proposed funding levels for FY 2004. After setting aside one percent of these funds ($15.15 million) for oversight activities as specified in the Administrationís FY 2002 budget proposal and approved by P.L. 107-87, $10.30 million for ferry capital projects in Alaska or Hawaii, and $121.19 million for projects currently in Final Design or Preliminary Engineering, $1,368.28 million is available for project grants. FTA recommends the following allocation of these project grant funds in FY 2004: