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Highway Trust Fund: Overview of Highway Trust Fund Financing

GAO-02-435T Published: Feb 11, 2002. Publicly Released: Feb 11, 2002.
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Highlights

The Transportation Equity Act for the 21st Century changes the budgetary treatment of programs financed by the Highway Trust Fund. In particular, the act guaranteed annual funding levels for most highway and transit programs and linked highway user tax receipts, such as those from motor fuel and truck tire taxes, to the annual funding levels for highway programs. Revenue aligned budget authority adjustments are made to the annual guaranteed funding level provided in the act as highway account receipt levels change. For the first time, the adjustment for fiscal year 2003 is negative--decreasing the guaranteed level of highway funding by $4.369 billion. GAO found that the amounts distributed to the Highway Trust Fund for the first nine months of fiscal year 2001, as adjusted based on the Internal Revenue Service's certifications, were reasonable and adequately supported based on available information.

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Budget authorityExcise taxesFederal aid for highwaysFinancial statement auditsFunds managementInternal controlsReporting requirementsTrust fundsPublic roads or highwaysHighway trust fund