Issued To: New York State Chief Fiscal Officers of Counties, Cities, Towns and Villages
Multi-Modal Projects will be accounted for in a Capital Projects Fund or in an Enterprise Fund. Capital Projects fund revenues will be recorded in subsidiary revenue account code 3505 - Multi-Modal Program and expenditures will be classified by functional unit based on the type of project being undertaken. Enterprise funds should capitalize assets and recognize revenue using account 3505.
The following overview is based on information provided by the State Legislature and by the Department of Transportation:
Background - In Chapters 637 and 638 of the Laws of 1996, the Governor and the Legislature authorized a four-year $350 million Multi-Modal Program. The Multi-Modal Program provides reimbursements for authorized trial, port, airport and local highway and bridge projects. Funding for the Multi-Modal Program is obtained through the sale of New York State Thruway Authority's Local Highway and Bridge Service Contract Bonds.
Purpose - The purpose of the program is to finance project costs for the construction, reconstruction, improvement, reconditioning and preservation of:
Nomination Process - Multi-Modal projects are identified and negotiated between the Legislature, Governor and local sponsors and signed into law in a Memorandum of Understanding (MOU). All allocations or reallocation of Multi-Modal funding must be approved by he President Pro Tem and Majority Leader of the Senate and the Speaker of the Assembly.
Project Eligibility - All Mutli-Modal projects must meet the following general requirements;
Reimbursement Process - Mutli-Modal capital projects are "first instance" funded by individual project sponsors. Multi-Modal reimbursements are made on a quarterly basis (February, May, August, November) for all eligible costs of previously unreimbursed expenditures.
Reimbursement request packages are mailed to all sponsors of approved projects who subsequently submit a reimbursement request to the NYSDOT for their eligible expenditures. The project sponsor must certify on their reimbursement request form that the projects have a ten year service life and for the following project types, as follows: