At the beginning of 2009, there were 27 major projects in progress (i.e., greater than $25 million), representing $5.9 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 10 projects representing $1.6 billion in approved capital funding were completed. The year ended with 20 open projects that amount to $4.5 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 $3.8 billion had been committed to these 20 open projects. Actual capital cash outlays will occur over several years. Through the end of 2009, approximately $2.8 billion has been paid for the 20 projects.
As of September 30, 2009, all capital commitments (including the 20 projects mentioned above), consisting of building improvements, equipment and vehicle projects, were $1.8 billion. These projects will be funded by borrowings from the Federal Financing Bank. See Note 8, Leases and Other Commitments, in the Notes to the Financial Statements, for additional information.
At the beginning of 2008, there were 30 projects in progress, representing $6.8 billion in approved capital funding. During the year, 11 new projects were approved, which totaled $0.9 billion in additional capital funding. A total of 14 projects representing $1.8 billion in approved capital funding were completed. The year ended with 27 open projects that amount to $5.9 billion in approved capital.
