The South Carolina Department of Transportation (SCDOT) has begun publishing a weekly update for the media and the public concerning the agency’s financial situation and other important matters. This is an effort to clarify information that has been circulating in public venues that may have been distorted or confusing.
1) The beginning balance on September 15, 2011 stood at $21.8 million.
2) SCDOT is expecting to receive a deposit from the Federal Highway Administration (FHWA) on Friday 9/16 or Monday 9/19. In addition, the South Carolina Transportation Infrastructure Bank (SCTIB) is transferring $12 million to SCDOT in funds that were not used on completed SCTIB projects. Total revenue: $21.1 million.
3) SCDOT has processed payments this week to contractors and the mid-month agency payroll. The total of both expenses is $23 million.
4) SCDOT has no validated invoices that exceed 30 working days.
· USDOT has released its “After August” redistribution of highway funds. This is money that went unused by other state DOTs. SCDOT qualified to receive a $27 million share of those dollars that will be used to assist with existing federally-funded projects in South Carolina. SCDOT must obligate these funds this month.
· Both houses of Congress have reached an initial agreement to extend the current federal highway bill by six months. This is important to SCDOT because this bill is the instrument by which state DOTs apply for federal reimbursements for projects in their states.
SCDOT Funding Information