[Insert project logo or INDOT header banner]
[Project Name/Title]
[Project Initial Financial Plan or Fiscal Year Financial Plan Annual Update]
[Date: Month Year]
Submitted to: Federal Highway Administration	Submitted by: Indiana Department of Transportation

Table of Contents

Table of Contents

Chapter 1. Project Description	1

Figure 1-1. [Project name] Map	1

Chapter 2. Project Schedule	2

Table 2-1. Project Schedule Overview	2

Table 2-2. Procurement Schedule	2

Chapter 3. Project Costs	3

Table 3-1. Project Cost Estimate by Activity (YOE $ millions)	3

Figure 3-1. Project Cost Estimate by Activity (YOE $ millions)	3

Table 3-2. Cost Estimating Methodology	3

Table 3-3. Project Cost Estimate by Fiscal Year (YOE$ millions)	3

Table 3-4. Project Cost Estimate & Expenditures Summary Comparison by Fiscal Year (YOE $ millions)	3

Chapter 4. Project Funds	5

Table 4-1. Federal and State Funding (in $ millions)	5

Table 4-2. Public and Private Funding Summary (in $ millions)	5

Table 4-3. Public and Private Funding (in $ millions)	5

Table 4-4. Advanced Construction Funding Status (in $ millions)	5

Chapter 5. Financing Issues	6

Table 5-1 PABs Structure	6

Table 5-2 Availability Payment Growth Summary Schedule	6

Chapter 6. Cash Flow	7

Table 6-1. Estimated Project Sources and Uses of Funds (in $ millions)	7

Table 6-2. Projected Operations and Maintenance Costs (in $ millions)	7

Table 6-3. Project Cash Flows (in $ millions)	7

Chapter 7. Public-Private Partnership (P3) Assessment	8

Table 7-1. INDOT P3 Screening Criteria – Step One	8

Table 7-2. INDOT P3 Screening Criteria – Step Two	8

Table 7-3. Required Permits and Notifications	8

Chapter 8. Risk and Response Strategies	9

Table 8-1. Project Cost – Risks and Response Strategies	9

Table 8-2. Project Schedule – Risks and Response Strategies	9

Table 8-3 Financing and Revenue – Risks and Response Strategies	9

Table 8-4. Procurement – Risks and Response Strategies	9

Chapter 9. Annual Update Cycle	10

Chapter 10. Summary of Cost Changes Since Last Year’s Financial Plan	11

Chapter 11. Cost and Funding Trends Since Initial Financial Plan	12

Table 11-1. Summary of Cost Changes	12

Chapter 12. Summary of Schedule Changes Since Last Year’s Financial Plan	13

Chapter 13. Schedule Trends Since Initial Financial Plan	14

Chapter 1. Project Description

Introduction

This document presents the [Initial Financial Plan (IFP) or Financial Plan Annual Update (IFP/FPAU)] for [Project Name/Title] (the Project), including current cost estimates, expenditure data through the effective date of [Month, Year], the current schedule for delivering the Project, and the financial analyses developed for the Project. This [IFP or IFP/FPAU] has been prepared generally in accordance with FHWA’s Financial Plans Guidance.

Relevant to all project types; does not need updated with FPAU

Narrative description of project scope

Map

Date of NEPA decision documents (month/year)

Documentation of Operationally Independent Non-Concurrent Construction (OINCC) determinations, if applicable

If phasing, include detail description of the funded phase. Phasing refers to funded phases of the NEPA project.

Figure 1-1. [Project name] Map

[Insert picture/graph of project location]

Chapter 2. Project Schedule

Introduction

This chapter provides information on the planned implementation schedule for the Project. It also provides additional information regarding the allocation of implementation responsibilities and a summary of the necessary permits and approvals.

Relevant to all project types; retain original paragraphs and add new paragraphs for updates. Tables and graphs should build in this same manner.

Present current schedule including major milestones

Compare with IFP and prior FPAU schedule

Clearly identify estimated completion date (month/year)

If phasing, include anticipated schedule (month/year) for the funded phase

Table 2-1. Project Schedule Overview

[insert table/graph of project schedule]

Table 2-2. Procurement Schedule

[insert table with schedule dates]

Chapter 3. Project Costs

Introduction

This chapter provides a detailed description of Project cost elements and current cost estimates in year-of-expenditure dollars for each element. This chapter also summarizes the costs incurred to date since the original Notice of Intent was published in the Federal Register and provides detail on key cost-related assumptions.

Relevant to all project types; retain original paragraphs and add new paragraphs for updates. Tables and graphs should build in this same manner. For single contract projects and P3 – use Table 3-1 P3 tab in spreadsheet, for multiple contracts – use Table 3-1 Trad tab in spreadsheet.

Provide a total cost estimate for the full project

Provide breakdown of cost by project component/segment (This is the total year-of-expenditure cost expressed by each contract or phase)

Provide breakdown of cost by activity (PE, RW, UT, CN, CE, Contingency, Admin/program)

All costs should be expressed on a year-of-expenditure basis and should include a narrative describing assumptions used to arrive at such estimates. It is important to state that all costs are in year of expenditure dollars.

IFP should equal at least the 70% percentile cost amount from the most recent Cost Estimate Review (CER)

Compare current estimated cost with IFP and prior FPAUs

If phasing, include the cost estimate breakdown of the cost of the funded phase

Table 3-1. Project Cost Estimate by Activity (YOE $ millions)

[insert table summarizing costs by activity; for non-P3 multiple contract projects, use Table 3-1 Trad tab]

Figure 3-1. Project Cost Estimate by Activity (YOE $ millions)

[insert figure showing cost by activity; for non-P3 multiple contract projects, use Table 3-1 Trad tab, figures 3-1a & 3-1b ]

Table 3-2. Cost Estimating Methodology

[insert table of cost estimate methodology]

Table 3-3. Project Cost Estimate by Fiscal Year (YOE$ millions)

[insert table of project budget by year and activities]

Table 3-4. Project Cost Estimate & Expenditures Summary Comparison by Fiscal Year (YOE $ millions)

[insert table of project budget by year and activities]

Chapter 4. Project Funds

Introduction

This chapter discusses the project funding sources that are dedicated to the Project. Specifically, it presents the available and committed funding required to complete the Project, including state transportation and federal-aid formula funds, and federal discretionary fund. A discussion of risks associated with funding availability also is included.

Relevant to all project types; retain original paragraphs and add new paragraphs for updates. Tables and graphs should build in this same manner.

Provide all funding sources

Show federal aid formula funds by fund category

For non-federal funds sources, state the source, amount, and stability of the fund

Show dedicated and anticipated funds separately

Identify project listing in TIP/STIP and fiscally constrained Metropolitan Long Range Transportation Plan

Show federal funds and state and/or local funds separately

Address potential unanticipated changes in expected funding

Include information for special funding techniques such as advance construction, if applicable. Note INDOT generally utilizes advance construction, so this verbiage is almost always necessary

Identify all funds raised from debt proceeds and include narrative on sponsor’s ability to borrow focusing on adequacy of revenue sources used for repayment of debt.

If phasing, funding should only be shown for the funded phase

Table 4-1. Federal and State Funding (in $ millions)

[insert table]

Table 4-2. Public and Private Funding Summary (in $ millions)

[insert table, Only use for P3 projects]

Table 4-3. Public and Private Funding (in $ millions)

[insert table, Only use for P3 projects]

Table 4-4. Advanced Construction Funding Status (in $ millions)

[insert table]

Chapter 5. Financing Issues

Introduction

This chapter discusses the specific costs associated with financing the Project, including the issuance costs, interest costs, and other aspects of borrowing funds for the Project.

Relevant to only P3 project types (excludes traditional: DBBV, DB, etc.). Does not need updates with FPAU unless there is an issue with the P3 financing structure.

Identify the type of financing proposed

Estimate interest rates and associated fees

Estimate the total financing costs associated with the project

If phasing, financing costs should only be show for the funded phase

Table 5-1 PABs Structure

[insert table]

Table 5-2 Availability Payment Growth Summary Schedule

[insert table]

Chapter 6. Cash Flow

Introduction

This chapter provides an estimated annual construction cash flow schedule for the Project and an overview of the planned sources of funds.

Relevant to all project types; retain original paragraphs and add new paragraphs for updates. Tables and graphs should build in this same manner. The purpose of this section is to demonstrate that sufficient cash will be available to fund expenditures.

Show fund availability versus expenditures by fiscal year (cash in versus cash out)

Compare cash flow displayed in IFP to updated cash flow

Discuss changes in estimated timing of fund availability (cash in) and/or expenditures (cash out) since IFP

If phasing, cash flow should only be shown for the funded phase

Table 6-1. Estimated Project Sources and Uses of Funds (in $ millions)

[insert table]

Table 6-2. Projected Operations and Maintenance Costs (in $ millions)

[insert table Only use with P3 projects involving ongoing O&M costs]

Table 6-3. Project Cash Flows (in $ millions)

[insert table]

Chapter 7. Public-Private Partnership (P3) Assessment

Introduction

This chapter provides information on the process used to assess the appropriateness of a P3 to deliver the project.

Relevant to all project types. Does not need updated with FPAU. This section documents INDOT’s decision as to whether a P3 should or should not be used for this project.

Cite legislative authority. The P3 Program operates within the general legal framework set forth in the Indiana Code (IC). INDOT has been granted legislative authority to procure P3 projects in Indiana. The statutes providing authorization to procure P3 projects are IC 8-15.7 and IC 8-15.5. INDOT will lead the procurement and will be responsible for the technical aspects of P3 projects and will commit its appropriations towards a project where it is appropriate. The relevant statute allows for the development, financing, and operation of P3 projects.

Identify internal P3 structure

Comparison of benefits

Summarize risk allocation analysis

Identify market conditions and relative cost of capital

If phasing, when additional portions of the project are added to the financial plan, a P3 assessment should be provided

Table 7-1. INDOT P3 Screening Criteria – Step One

[insert table]

Table 7-2. INDOT P3 Screening Criteria – Step Two

[insert table]

Table 7-3. Required Permits and Notifications

[insert table]

Chapter 8. Risk and Response Strategies

Introduction

This chapter addresses a number of important factors that could affect the Project and, in particular, the financial plan for the Project. These risks fall under one or more of the following categories: Project Cost, Project Schedule, Financing, and Procurement. Significant consideration has been given to identifying risks and potential mitigation measures, and this chapter outlines these factors. Additionally, this chapter addresses the impact of the state’s financial contribution to the Project on its respective statewide transportation program.

Relevant to all project types; show risks identified in the CER and retain all risks in updates. Identify whether risks have been modified or retired as the project progresses by modifying response language in table to show current status. Add new risks as they are identified. Finance related risks should show contingency funding.

Summarize risks identified during the CER and update as appropriate

Add risks that were not included or known during the CER

Provide a response strategy(ies) for each risk

Provide likelihood of occurrence (high/medium/low)

Provide impact (high/medium/low)

Update (add, modify, or retire) risks in each annual update as project progresses

Table 8-1. Project Cost – Risks and Response Strategies

[insert table]

Table 8-2. Project Schedule – Risks and Response Strategies

[insert table]

Table 8-3 Financing and Revenue – Risks and Response Strategies

[insert table]

Table 8-4. Procurement – Risks and Response Strategies

[insert table]

Chapter 9. Annual Update Cycle

Introduction

This chapter addresses the annual reporting period for the data reported in the Annual Update to the Financial Plan.

Relevant to all project types; update with new dates only.

Define the annual reporting period for the data reported in the annual update to the financial plan

State the due date (90 days after the end of the annual reporting period) the next annual update to the project

Note: Once established, the annual update cycle cannot be changed. It is important to consult with INDOT finance to establish a cycle that fits into a manageable work-flow in consideration of existing staff resources.

Chapter 10. Summary of Cost Changes Since Last Year’s Financial Plan

Introduction

This chapter addresses the changes that have reduced or increased the cost of the Project since last year’s financial plan, the primary reason(s) for the changes, and actions taken to monitor and control cost growth.

Relevant to all project types; only applies to FPAU, IFP will not have this chapter.

Provide an explanation of the change in total cost from last year’s financial plan (amount and main contributing factor(s))

Document actions taken to monitor and control cost growth

Chapter 11. Cost and Funding Trends Since Initial Financial Plan

Introduction

This chapter addresses the trends that have impacted project costs and funding since the IFP, the probable reasons for these trends and the implications for the remainder of the Project.

Relevant to all project types; only applies to FPAU, IFP will not have this chapter.

Discuss trends impacting project costs and funding

Table 11-1. Summary of Cost Changes

[insert table]

Chapter 12. Summary of Schedule Changes Since Last Year’s Financial Plan

Introduction

This chapter addresses the changes that have caused the completion date for the Project to change since the last IFP/FPAU, the primary reason(s) for the change, actions taken to monitor and control schedule growth, and any scope changes that have contributed to this change.

Relevant to all project types; only applies to FPAU, IFP will not have this chapter.

Provide an explanation of the change in the estimated completion date from last year’s financial plan (number of months and main contributing factor(s))

Document actions taken to monitor and control schedule growth

Identify any scope changes that may have contributed to the schedule change

Example language:

The current project completion date is [month, year] which is [x] months [before/after] the prior financial plan annual update completion date of [month, year]

.

Chapter 13. Schedule Trends Since Initial Financial Plan

Introduction

This chapter addresses the trends that have impacted project schedule since the IFP, the probable reasons for these trends, and the implications for the remainder of the Project.

Relevant to all project types; only applies to FPAU, IFP will not have this chapter.

Discuss trends impacting project schedule (for example, material availability, or recurring issues delaying schedule)