TXDOT is expected to announce later today that they have found an additional $2 Billion that can be used for new transportation projects in Texas. This new revenue stems from three sources:
1) Federal Funds – The Obama Administration has made it clear that they intend to spend more money on transportation than the Federal Government collects from Texas’ motor fuels tax.
2) Transportation Mobility Fund – The fund, established by the Texas Legislature, has exceeded expected revenue, creating additional funds that may be used for transportation projects in the State.
3) Proposition 12 and 14 Bonds – Because projected costs for projects created by Propositions 12 and 14 were higher than actual costs, excess funds are available for new projects in the State.
Cumulatively, these three sources are expected to create an additional $2 Billion more than TXODT had originally anticipated. I am cautious to become too excited about TXDOT’s announcement because of the agency’s history with bad math. However, if these estimates are correct, many of the critical projects that have been on hold in Central Texas and the rest of the state will finally be addressed.
Thanks to Phil Wilson, the new Executive Director of TXDOT, for his hard work and communication with me and other members of the Legislature.