Gov. Chris Christie proposes allocating $140 million of funds in fiscal 2012 to support $1.18 billion of New Jersey Transportation Trust Fund Authority borrowing.

The Department of Transportation Thursday released its $3.5 billion capital plan for fiscal 2012.

The program, which the Legislature will weigh in on, includes $1.66 billion of federal funds, $1.6 billion of state funds, and $343 million of anticipated funding from the Port Authority of New York and New Jersey.

The Transportation Trust Fund helps finance road, bridge, and mass-transit infrastructure needs throughout the state. It will run out of bonding capacity on June 30, the end of fiscal 2011, as its entire $895 million annual allocation will pay down outstanding TTFA bonds.

To revive the trust, Christie proposes allocating another $140 million of dedicated revenues, which the authority will then leverage to generate $1.18 billion of borrowing in fiscal 2012, said DOT spokesman Joe Dee. The $140 million currently flows into New Jersey’s general fund.

 “There will be an increase of $140 million in the TTFA capital appropriation and that will be obtained by increasing the amount generated by the constitutional dedications,” Dee said.

The $140 million includes $65.8 million of sales tax receipts generated from new-vehicle sales, $52 million of motor fuel revenue, and $22.5 million of petroleum gross receipts, according to Dee.

On top of the $1.18 billion of borrowing, the state will use $76 million of pay-go funding by tapping into New Jersey Turnpike Authority toll revenue.

The $343 million of proposed Port Authority spending requires approval from that bi-state agency’s board and New York Gov. Andrew Cuomo.

The fiscal 2012 capital plan is part of Christie’s $8 billion five-year transportation financing proposal that he unveiled in early January.

The governor’s spending plan includes $4.4 billion of bonding from fiscal 2012 through fiscal 2016.

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