Still Billions in Unmet Needs
Saturday, July 15, 2006 :::
Over at the Cost Cutting Blog, Chris asks VDOT for some answers on transportation. The bottom line answer?
In summary from the top:
$203 billion total need
- 95 billion in estimated revenues
= 108 billion in unfunded needs
- 21.7 billion from bonds, tolls, private sector
= $86.7 billion in unfunded needs that need public sector support
If you assume $1 billion a year in additional state revenue for transportation to address that need:
$ 86.7 billion
- 26.1 billion in new revenues over 20 years
= $60.6 billion remaining unmet need
So -- is the $1 billion tax hike proposal embraced in the Senate, the Governor's office and editorial boards across the state too timid? Is the list of needs actually more like a Christmas wish list? Or does there need to be a fundamental rethinking of VDOT and the way Virginia handles is local and state road network? Is it all three?
And let's not forget that with every mile of new blacktop comes an increase in maintenance costs. I don't know if those figure in to Chris's equations. But the cost is there, particularly over a span of 20 years.
Which means that long before then, barring a dramatic change in current policy, another legislature will be asked to hike taxes yet again to pay for even more new roads and maintenance on existing ones.
::: posted by Norman Leahy at 7/15/2006