Thursday, June 20, 2024

State Senate approves redirecting $700M for roads and bridges

by BIZ. Staff

The state Senate on Monday unanimously approved redirecting about $700 million to roads and bridges.

A report from Center Square says the money will be redirected from the state’s Deepwater Horizon settlement.

Some of the state’s “shovel-ready” projects have been awaiting funding for decades, the report noted.

It goes on to explain that next fiscal year, a $53 million annual payment would still be dedicated to the Budget Stabilization Fund (the “rainy day” fund), the Trust Fund for the Elderly, and the Health Trust Fund. Thereafter, the state will be able to borrow against that funding stream and attain state matching revenue for infrastructure projects, and the bonds would not count against the state’s borrowing limit.

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