Transportation Recommendation #2 Establish funding to speed up mega-projectsThe Transportation Mobility Fund (TMF) was created in 2006 to generate and collect funds to bridge the gap between projected toll revenue collections for a toll project and the estimated costs of such project. Since that time, very little money has been deposited into the TMF for the evaluation of possible mega-projects and public-private partnerships. This model has worked successfully in other states and represents an innovative financing approach to supplement traditional highway funding sources in the TTF.
Senate Bill 11 of the second special session of 2008 begins to dedicate transportation-related taxes and fees to transportation projects. Sales taxes on motor vehicles are now beginning to flow into the TTF and TMF. This will provide an immediate infusion of an additional $30 million in the current fiscal year and more than $250 million over the next five years. In
addition, the current phase-in for revenues from vehicle license fees for trucks and trailers is being accelerated. This will increase transportation revenues in the current fiscal year by an additional $11 million and fully dedicate these fees by Fiscal Year 2010.
SB 11 of the second extraordinary session of 2008 passed both houses
unanimously. Act No. 11 became effective when signed by the governor
on March 24, 2008. |
