Legislation currently being considered by the
Missouri Legislature would generate millions of much-needed additional
funds for the Missouri Department of Transportation (MoDOT), without raising the taxes of the citizens of Missouri. Senate Joint Resolution 43 would annually allocate 10 percent of general revenue for the Missouri Department of Transportation (MoDOT).
Sen. John Loudon, R-Chesterfield, said that after extensively studying MoDOT’s funding situation, he decided to introduce SJR 43.
“This
is more than just a road initiative,” Loudon said. “This is about jobs
and economic growth. In a time when many workers are uncertain about
their job future it is important to invest in the state’s economy to
create jobs and attract business.”
Officials with the Missouri Department of Transportation warn that transportation funding is about to “fall off a cliff.”
In
2010, Amendment 3 bond money must go toward repaying bonds that were
sold to fund the statewide road improvements that have taken place over
the last four years.
That same year federal funding will drop, reducing MoDOT’s $1.2 billion construction program in 2005 to $569 million.
Finally, the cost of building and maintaining roads and bridges continues to rise.
The
Missouri Transportation Development Council (MTD), a division of
Associated Industries of Missouri (AIM), believes that passage of SJR
43 is an important beginning to adequately funding Missouri’s
transportation system and will give MoDOT immediate relief from the
pending drop in funding.
Using
2008 as the base year, Loudon said the plan will generate $36 million
for transportation in 2010, and would grow to more than $1.3 billion by
2030.
The investment in Missouri’s infrastructure would create jobs, raise revenues and save lives.
According to the Federal Highway Administration, every $1 billion invested into transportation creates about 42,100 jobs.
To view a video of Sen. Loudon discussing SJR 43, go to www.aimcapitolcast.com
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