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GOVERNOR WARNER PROPOSES $625 MILLION IN TRANSPORTATION FUNDING Major transportation projects would be advanced, including significant investment in public transportation
GOVERNOR WARNER PROPOSES $625 MILLION IN TRANSPORTATION FUNDING
Major transportation projects would be advanced, including significant investment in public transportation
RICHMOND - Governor Mark R. Warner today announced his budget will include $625 million in General Fund support for transportation projects and programs over the next two years. The Governor's proposal will substantially advance or complete major transportation projects, make a significant contribution to public transportation, and support previously approved transportation bonds, allowing more funds to be directed to new transportation improvements.
"Over the last four years, we have built a strong foundation based on responsible business practices and improved performance in project deadlines and budgets," said Governor Warner. "This plan continues our commitment to restore financial health and accountability to Virginia's transportation program, while adding key investments that will increase mobility and statewide economic development."
The following is a breakdown of how the $625 million will be invested:
***One-time funding for specific transportation projects and programs: $339 million***
More than half (54 percent) of the proposed budget amount is a one-time General Fund appropriation that will support the following:
Approximately $286 million - or 46 percent of the total new funding -- comes from the dedication of the insurance tax proceeds as called for by the 2000 General Assembly and as proposed in the Governor's 2004 budget. This funding will support the following:
The Governor will release full details of his biennial budget on Friday, December 16th.
Information in VDOT news releases was accurate at the time the release was published. For the most current information about projects or programs, please visit the project or program Web pages. You may find those by searching by keyword in the search Virginia DOT box above.
"Over the last four years, we have built a strong foundation based on responsible business practices and improved performance in project deadlines and budgets," said Governor Warner. "This plan continues our commitment to restore financial health and accountability to Virginia's transportation program, while adding key investments that will increase mobility and statewide economic development."
The following is a breakdown of how the $625 million will be invested:
***One-time funding for specific transportation projects and programs: $339 million***
More than half (54 percent) of the proposed budget amount is a one-time General Fund appropriation that will support the following:
- Complete funding on key federal earmarked projects and support for Telework initiatives.
$143 million will substantially advance or complete projects that were identified by Congress as national priorities. These include additional Metrorail railcar storage, Virginia Railway Express rolling stock, the I-66 westbound widening inside the Capital Beltway, the I-264/I-64 interchange in Hampton Roads, the Route 164 rail relocation in Portsmouth and the Route 460 Coalfields Connector in southwestern Virginia. Included in this amount is $1 million that will benefit Telework initiatives to help reduce congestion. - Match federal earmarked projects
$142 million will provide the 20 percent match for all earmarked projects in the recently passed federal transportation bill. Without this funding, federal earmarks could take funding away from current planned projects. (see attachment) - Extend the economic benefits of the Port of Virginia.
$54 million will go toward Route 460 corridor improvements near Prince George County and Petersburg and the Route 58 Hillsville Bypass in Southside Virginia. This is very significant to the economy of these regions because they will benefit from the port expansions in Hampton Roads.
***Ongoing and permanent funding for previously approved transportation bonds and public transportation: $286 million***
Approximately $286 million - or 46 percent of the total new funding -- comes from the dedication of the insurance tax proceeds as called for by the 2000 General Assembly and as proposed in the Governor's 2004 budget. This funding will support the following:
- Previously approved transportation bonds
Nearly $229 million will go to previously approved transportation bonds associated with highway, transit, rail and port improvements. This will free up more funds for new transportation projects across the state. - Public transportation
The remaining $57 million will support public transportation capital projects. This dedication is the most significant and long-term contribution to transit capital needs in two decades. This will allow the state to finance about 50 percent of all eligible mass transit capital costs for the foreseeable future.
The Governor will release full details of his biennial budget on Friday, December 16th.
Information in VDOT news releases was accurate at the time the release was published. For the most current information about projects or programs, please visit the project or program Web pages. You may find those by searching by keyword in the search Virginia DOT box above.
Page last modified: Dec. 16, 2005
