New Jersey's transportation infrastructure is in need of major improvements. 

The projected capital investments for New Jersey's fiscal year beginning July 1, 2023, are outlined in the Transportation Capital Program for FY 2024. The program is essential to the New Jersey Department of Transportation's (NJDOT) and NJ Transit's federal Statewide Transportation Improvement Program (STIP). 

The goal is to rebuild the State's bridges and roads, provide mass transit services, and reduce congestion by using Intelligent Transportation Systems (ITS) technology, with the focus on the NJDOT's and NJ Transit's core mission of maintaining safety, infrastructure preservation, mass transit, mobility, and congestion relief, and operations and maintenance.

Alongside this major upgrade that state continues to allocate resources to safety, fix it first, and state-of-good repair activities while carefully assessing the transportation demands. Toll roads and other sources have helped raise revenue across the “garden state”.

The State Transportation Trust Fund (TTF), the federal government, and third-party sources are providing the majority of $4.559 billion in funding for the FY 2024 Transportation Capital Program. NJDOT has been allocated $2.827 billion, and NJ Transit $1.732 billion. This program is expected to bring about significant improvements in transportation infrastructure, which will significantly benefit the people of New Jersey.

The allocated amount for State or TTF funds is $2.000 billion, and it is divided into different categories, with $810 million earmarked for NJDOT, $430 million for Local Aid, and a whopping $760 million for NJ Transit. These funds are expected to go a long way in supporting the development and maintenance of transportation infrastructure in New Jersey. 

The $2.827 billion Capital Program allocated to NJDOT addresses the transportation requirements of New Jersey:

1. $944 million is provided for state and local bridge improvement, from funding expensive bridges to implementing various repair schemes and local bridge rehabilitations.
2. $547 million is provided for road assets, including rehabilitating, rebuilding, and resurfacing the pavement.
3. $187 million is allocated for safety improvements. The Crash Reduction Program, Intersection Improvement Program, Pedestrian Safety Initiatives, Rail Highway Grade Crossings, and Safe Routes to School Program are significant initiatives that have received funding.
4. $177 million is allocated to reduce roadway congestion through infrastructure improvements, enhanced traffic management strategies, and incident response.
5. $131 million is allocated for multimodal investments that support rail, maritime, and freight projects, along with improvements for bicycles and pedestrians.

The $1.732 billion Capital Program for NJ Transit addresses the State's requirements for mass transit:

1. The Capital Program budget allocates funding for NJ Transit's state-of-good-repair work, local programs, debt service obligations, and preventive maintenance.
2. The program continues funding the ongoing track replacement, bridge and tunnel inspections, and improvements, security enhancements, signal system upgrades, overhead power line and electric substation upgrades, fleet bus replacement, and other rail station and bus terminal improvements across New Jersey.

A total of $744 million is allotted for Local System Support. The NJDOT receives $681 million in federal and State funds for Local System Support, including a significant sum of $430 million in State Local Aid. 

The State Local Aid funding is divided into parts where $322.5 million is allocated for municipalities and counties, $47.3 million for Local Bridge Future Needs, $30.1 million for the recently established Local Freight Impact Fund, $7.5 million for Local Aid Infrastructure, and $22.6 million for Local Aid Infrastructure Bank. The local support to NJ Transit accounts for $63 million. Additionally, funds for initiatives like Local Safety, Safe Routes to School, High-Risk Rural Roads, and Culvert Inspection are programmed on the local system. 

Overall, the State of New Jersey is investing significantly in ensuring the its transportation grid is well-maintained and functions smoothly.