The national recession may have bottomed out, but state transportation revenues continue to fall.
Virginia Transportation Secretary Pierce Homer announced recently that the latest projections show the FY 2010-2015 Six-Year Improvement Program (SYIP) having $883.2 million fewer state dollars than estimated in June.
This means transportation revenue projections have shrunk by $4.6 billion since June 2007.
Based on the latest numbers, Virginia’s transportation agencies will experience the following reductions:
- Virginia Department of Transportation–Down $757 million
- Virginia Department of Rail & Public Transportation–Down $97 million
- Virginia Port Authority–Down $22 million
- Virginia Department of Aviation–Down $13 million
The following revenue declines are projected over the next six fiscal years:
- Gas Tax Revenues–Down another $70.5 million
- Motor Vehicle Sales Tax–Down another $380.1 million
- Retail Sales Tax–Down another $379.1 million
- All Others–Down another $53.5 million
As a result, VDOT’s highway and construction funds will suffer as follows:
- Highway Maintenance and Operating Fund–Down another $258 million
- Transportation Construction Trust Fund–Down another $625.2 million
Note: Numbers do not include federal dollars for highway maintenance and construction that also could decline in the near future.
To review Secretary Homer’s entire presentation, click here.
In FY 2001 VDOT’s SYIP totaled $10.4 Billion. Today It’s Less than $5 billion.
Still Think It’s Just a Lack of Outside-the-Box Thinking?
From NVTA’s The Alliance Alert, a free online update on regional transportation issues and public involvement opportunities provided by the Northern Virginia Transportation Alliance. For more information on regional transportation issues and NVTA, visit www.nvta.org.