Managing Risks Associated with Major Funding Uncertainty: Florida Department of Transportation (FDOT) Case Study
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2023-04-25
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Abstract:This case study details how the Florida Department of Transportation (FDOT) has formalized asset preservation as a guiding principle of its approach, while also exploring the agency’s commitment to maintaining preservation and safety before other transportation priorities. It demonstrates how the TAMP (FDOT 2015a, 2019) reinforces and activates Florida’s legislative requirement (Florida Senate 2000-2022b) to focus on preservation as an approach to mitigate uncertainty in funding. Additionally, it describes the role TAM Workshops play in shaping and validating FDOT’s progress toward its priorities and supporting its decision-making process. This case study also highlights FDOT's processes for projecting needed and available funding resources, beginning with the Revenue Estimating Conferences (REC), which meets three times a year to consider the forecast of revenues flowing into the State Transportation Trust Fund (STTF). It describes how FDOT monitors cost indicators, costs, and supplies along with Trust fund balances and anticipated Federal revenues as part of a comprehensive and sustained forecasting strategy.
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