23 CFR 450.104 “Financial plan”: https://www.ecfr.gov/current/title-23/chapter-I/subchapter-E/part-450#p-450.104(Financial%20plan)
Financial plan means documentation required to be included with a metropolitan transportation plan and TIP (and optional for the long-range statewide transportation plan and STIP) that demonstrates the consistency between reasonably available and projected sources of Federal, State, local, and private revenues and the costs of implementing proposed transportation system improvements.
23 CFR 450.104 “Financially constrained or Fiscal constraint”: https://www.ecfr.gov/current/title-23/chapter-I/subchapter-E/part-450#p-450.104(Financially%20constrained%20or%20Fiscal%20constraint)
Financially constrained or Fiscal constraint means that the metropolitan transportation plan, TIP, and STIP includes sufficient financial information for demonstrating that projects in the metropolitan transportation plan, TIP, and STIP can be implemented using committed, available, or reasonably available revenue sources, with reasonable assurance that the federally supported transportation system is being adequately operated and maintained. For the TIP and the STIP, financial constraint/fiscal constraint applies to each program year. Additionally, projects in air quality nonattainment and maintenance areas can be included in the first 2 years of the TIP and STIP only if funds are “available” or “committed.”
§ 450.306 Scope of the metropolitan transportation planning process: https://www.ecfr.gov/current/title-23/chapter-I/subchapter-E/part-450#p-450.306(a)
a) To accomplish the objectives in § 450.300 and § 450.306(b), metropolitan planning organizations designated under § 450.310, in cooperation with the State and public transportation operators, shall develop long-range transportation plans and TIPs through a performance-driven, outcome-based approach to planning for metropolitan areas of the State.
§ 450.324 Development and content of the metropolitan transportation plan: https://www.ecfr.gov/current/title-23/chapter-I/subchapter-E/part-450#p-450.324(f)(11)
23 CFR 450.324(f)(11)
(11) A financial plan that demonstrates how the adopted transportation plan can be implemented.
(i) For purposes of transportation system operations and maintenance, the financial plan shall contain system-level estimates of costs and revenue sources that are reasonably expected to be available to adequately operate and maintain the Federal-aid highways (as defined by 23 U.S.C. 101(a)(5)) and public transportation (as defined by title 49 U.S.C. Chapter 53).
(ii) For the purpose of developing the metropolitan transportation plan, the MPO(s), public transportation operator(s), and State shall cooperatively develop estimates of funds that will be available to support metropolitan transportation plan implementation, as required under § 450.314(a). All necessary financial resources from public and private sources that are reasonably expected to be made available to carry out the transportation plan shall be identified.
(iii) The financial plan shall include recommendations on any additional financing strategies to fund projects and programs included in the metropolitan transportation plan. In the case of new funding sources, strategies for ensuring their availability shall be identified. The financial plan may include an assessment of the appropriateness of innovative finance techniques (for example, tolling, pricing, bonding, public private partnerships, or other strategies) as revenue sources for projects in the plan.
(iv) In developing the financial plan, the MPO shall take into account all projects and strategies proposed for funding under title 23 U.S.C., title 49 U.S.C. Chapter 53 or with other Federal funds; State assistance; local sources; and private participation. Revenue and cost estimates that support the metropolitan transportation plan must use an inflation rate(s) to reflect “year of expenditure dollars,” based on reasonable financial principles and information, developed cooperatively by the MPO, State(s), and public transportation operator(s).
(v) For the outer years of the metropolitan transportation plan (i.e., beyond the first 10 years), the financial plan may reflect aggregate cost ranges/cost bands, as long as the future funding source(s) is reasonably expected to be available to support the projected cost ranges/cost bands.
(vi) For nonattainment and maintenance areas, the financial plan shall address the specific financial strategies required to ensure the implementation of TCMs in the applicable SIP.
(vii) For illustrative purposes, the financial plan may include additional projects that would be included in the adopted transportation plan if additional resources beyond those identified in the financial plan were to become available.
(viii) In cases that the FHWA and the FTA find a metropolitan transportation plan to be fiscally constrained and a revenue source is subsequently removed or substantially reduced (i.e., by legislative or administrative actions), the FHWA and the FTA will not withdraw the original determination of fiscal constraint; however, in such cases, the FHWA and the FTA will not act on an updated or amended metropolitan transportation plan that does not reflect the changed revenue situation.
Colorado Department of the Treasury HUTF Distributions: https://treasury.colorado.gov/hutf-distributions
The Conference Board Economic Forecast for the US Economy: https://www.conference-board.org/research/us-forecast
FHWA Bipartisan Infrastructure Law: https://www.fhwa.dot.gov/bipartisan-infrastructure-law/
FHWA Bipartisan Infrastructure Law Fact Sheets: https://www.fhwa.dot.gov/bipartisan-infrastructure-law/fact_sheets.cfm
FRED Economic Data: https://fred.stlouisfed.org/series/FPCPITOTLZGUSA
Previous PPACG MTP – 2045 LRTP Chapter six: https://www.ppacg.org/wp-content/uploads/2020/03/2045-Moving-Forward_FINAL_spreads_chp6.pdf
U.S. Bureau of Labor Statistics, Consumer Price Index: https://www.bls.gov/regions/mountain-plains/news-release/consumerpriceindex_denver.htm
Wells Fargo Economic Outlook: https://wellsfargo.bluematrix.com/links2/html/1844f48b-fe1e-48a7-b841-9018cd2ff747),
https://ops.fhwa.dot.gov/program_areas/reduce-non-cong.htm#:~:text=Non%2Drecurring%20congestion%20includes%20the,events%2C%20and%20planned%20special%20events.