Innovative finance is a broadly defined term that encompasses a combination of techniques and specially designed mechanisms to supplement traditional financing sources and methods. Innovative finance for transportation includes such measures as:
- New or non-traditional sources of revenue
- New financing mechanisms designed to leverage resources
- New fund management techniques
- New institutional arrangements
The FHWA Office of Innovative Program Delivery provides tools, expertise and financing to help the transportation community explore and implement innovative strategies to deliver costly and complex infrastructure projects. The FHWA Resource Center Innovative Finance Technical Service Team provides a complete range of services to financial officials at state, local, and Federal Highway Administration Division offices. The Caltrans Office of Innovative Finance – Division of Budgets maximizes available resources by exploring and utilizing traditional and innovative financing strategies.