Colorado Transportation Finance and Implementation Panel Overview Fort
- Slides: 15
Colorado Transportation Finance and Implementation Panel Overview Fort Morgan, Colorado September 13, 2007
Transportation’s Quiet Crisis n $65 billion funding shortfall identified in 2030 Statewide Transportation Plan n $2. 6 billion annual shortfall for CDOT n $600 million annual shortfall for Locals and transit
Why a “Quiet Crisis”? n The nature of transportation finance is changing fundamentally and on a large scale ¨ State n n The change has occurred gradually and without much public notice Burden is shifting to state and local governments ¨ SB n gas tax last increased in 1991, Federal 1993 97 -1 and HB 02 -1310 Colorado is facing a crisis but not unlike other states and at Federal level
Panel Mission n To bring together a broad range of stakeholders to identify long term sustainable transportation programs and funding options for a 21 st Century multimodal transportation system to support a vibrant economy and quality of life
Purpose of Panel in Addressing the Colorado Promise n Evaluate current spending practices and identify costeffective investment strategies that support a statewide transportation vision; n Explore a variety of revenue streams that could support transportation and propose a strategy for increased investment and specific funding options; and n Examine a prioritized list of projects and recommend a process to implement infrastructure needs that enhance the economic vitality of the state, sustain our environment and maintain our quality of life.
Broad Perspectives Represented Panel - 32 members n Technical Advisory Committee – 20 members n 7 Regional Meetings n Major Organizations n Recommendations by November 2007 n
Funding Options: User Fees n n n n n Motor fuel tax Registration fees License fees Tolling New wheels on the road fee Weight distance tax Hazardous violations fines Ports-of-Entry fees Vehicle Miles Traveled (VMT) fee
Funding Options: General Tax n n n Income tax Severance tax Sales tax ¨ General ¨ Sales on fuel ¨ Sales on vehicle repairs n n Visitor tax Delivery tax
Evaluation Scenarios Annual Thresholds n $340 million - maintenance n $500 million n $1. 5 billion n $2. 6 billion n $3. 6 billion
Evaluation Scenarios Funding Strategies n Short and long term mechanisms n Legislative options n Voter Approval n Local options and distributions n Transit allocations
Policy Discussion: Focus on Outcomes. . . n Transportation’s Relationship to. . ¨ ¨ ¨ ¨ Economic Development New energy economy Land use Tourism Education Affordable Housing Other economic drivers n n n Prioritization of State roadway system Sustainable transportation funding mechanisms Defining high performance transportation
Policy Discussion: Not outputs n n n How to define Equity Ways to leverage investment Enhance state’s role in transit Environmental considerations Accountability and efficiency of the state
Timing n n n Half-way point Recommendations by November 2007 2008 ¨ Legislative Session ¨ ballot n 2009 ¨ Legislative ¨ ballot Session
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