The Roads Bill – How We Will Pay For It

H1258 Funding Summary

The roads bill is still in conference committee with appointees from the House and Senate finalizing the details. The following items have been agreed to at this point:

  • Fee and Fine revenues collected by the DMV and used for agency operations are transferred to the SCDOT/State Highway Fund – $84.2 M
  • All Motor Vehicle Sales tax revenues (excluding the EIA portion) are transferred to the SCDOT/State Highway Fund – $131.3 M
  • SCDOT will use new recurring funds for resurfacing program, implemented with a needs-based distribution methodology, including consideration on a county-by-county basis, to ensure that each county in the state is guaranteed funding for resurfacing
  • SCDOT shall identify road and bridge projects to be financed through the State Infrastructure Bank (SIB), and transfer non-tax revenue in amounts equal to the finance requirements of the selected projects
  • SCDOT will maximize dollars for bridge and resurfacing needs, bonding only what is needed for the larger projects (for example, the intersection of I26 and I20 aka Malfunction Junction)
  • These funds may not be used for projects approved by the SIB prior to July 1, 2013
  • All projects must be approved by the Joint Bond Review Committee (JBRC)
  • SIB projects funded under this provision will not require local match
  • With the new recurring funds from DMV fees & fines and the Vehicle Sales tax, SIB bonds, and the utilization of existing SCDOT funds will result in a total of $4.2 B – $4.5 B over the next ten years
  • Bridges: $950 M to completely eliminate structurally-deficient bridges on interstates and national highway system routes
  • Interstates: $2 B in widenings and improvements to existing Interstates
  • Resurfacing: $1.4+ B in pavement resurfacing
Comment are closed.

Tommy Stringer