At the beginning of 2010, there were 20 major projects in progress (i.e., greater than $25 million), representing $4.5 billion in approved capital funding. During the year, three new projects were approved, which totaled $0.2 billion in additional capital funding. A total of 9 projects representing $1.0 billion in approved capital funding were completed. The year ended with 14 open projects that amount to $3.7 billion in approved capital.
While the funding for a project is authorized in one year, the commitment or contract to purchase or build may take place over several years. By year-end, approximately $3.1 billion had been committed to these 14 open projects. Actual capital cash outlays will occur over several years. Through the end of 2010, approximately $2.5 billion has been paid for the 14 projects.
As of September 30, 2010, all capital commitments (including the 14 projects mentioned above), consisting of building improvements, equipment and vehicle projects, were $1.3 billion. These projects will be funded by borrowings from the FFB. See Note 5, Leases and Other Commitments, in the Notes to the Financial Statements for additional information.
At the beginning of 2009, there were 27 projects in progress, representing $5.9 billion in approved capital funding. During the year, 3 new projects were approved, which totaled $0.2 billion in additional capital funding. A total of 10 projects representing $1.6 billion in approved capital funding were completed. The year ended with 20 major projects in progress representing $4.5 billion in approved capital.
