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This
year, fiscal 2006, Virginia will likely see
another $2 billion surplus. The Rainy Day Fund is
fully funded, so these upcoming surplus dollars
will be allocated by our elected state officials
when the General Assembly convenes in January.
Here
are some ideas for spending this upcoming state
surplus that will not obligate Virginia to future
expenditures.
Some
of these projects can be combined to equal the $2
billion surplus we will enjoy this current fiscal
year. Some will consume the full surplus on
their own. The point is that we will have enough
“cash on hand” to do some of these things, any
of which would boost Virginia's economy.
The
state could set aside $100 million to assist local
schools, private homeowners and non-profit groups,
including churches, that are bringing some of
those devastated by Hurricane Katrina to Virginia
until their homes are rebuilt. These funds could
help the public schools that have opened their
doors to the students needing an education. Those
who have offered their homes could get a stipend
to help pay for the extra food that will be
needed. We are blessed in this state with a huge
surplus that is building every month. Let’s help
our fellow citizens with some of it.
A
tax rebate of $100 per person would take $750
million from the upcoming state surplus, or less
than 40 percent. Virginia’s families could use
this rebate. The state could institute a three
month “Gas Tax Holiday” reducing our gas
prices by 17 cents a gallon. This will cost
the state about $170 million, which could easily
be paid from the projected surplus so the
Transportation Trust Fund will not lose a penny.
A
$2 billion dollar “matching fund” for school
construction projects could be established. The
state could challenge local governments to pass
school construction bond issues by matching
chipping in one state dollar for every three
dollars in approved local bonds. We have the
resources to set up this matching fund and do a
tremendous amount of good for our state’s public
education infrastructure.
This
$2 billion surplus is two and a half times larger
than the total cost for the Springfield Mixing
Bowl and more than Virginia’s obligation for the
Wilson Bridge rebuilding project. This projected
surplus would allow the state to focus on at least
one, and maybe more, of the major transportation
projects planned in our state, and get that
project fully funded or at least the state’s
portion fully funded.
An
expansion of Route 64 between Richmond and
Virginia Beach is clearly needed. A huge amount of
traffic is expected to descend upon this part of
the state for the Jamestown 400th anniversary
celebration in 2007. The surplus could be used to
substantially improve this highway before the
tourist crowds show up in less than two years.
The
needed improvements on I-81 through the Shenandoah
Valley can be a joint federal/state/private
partnership. Two billion dollars from Virginia
could lock down the state’s share and get this
project up and running.
This
year’s surplus would fund a complete bus rapid
transit system in the Tysons-to-Dulles corridor
– a system some experts perceive as better than
the highly promoted Rail-to-Tysons-Corner-and-ultimately-
to-Dulles-Airport proposal. Everyone agrees that
more capacity is needed in this critical corridor.
If the final decision is to build the more
expensive Rail to Tysons and then to Dulles
project, the upcoming $2 billion surplus would pay
for the state’s share for the first leg to
Tysons Corner. There still would be money to bring
bus rapid transit to this corridor to more fully
relieve the incredible congestion.
The
needed third crossing in Hampton Roads is
something everyone knows is needed. With $2
billion on the table, the state could create a
public/private partnership for a toll tunnel or
toll bridge.
Expanding
the Virginia Beltway around Washington, D.C., is
clearly needed if we are to keep that region’s
economic engine moving forward. These new lanes
could easily be High Occupancy Toll lanes through
a public/private partnership and the $2 billion
upcoming surplus would take care of Virginia’s
piece of this puzzle with money left over.
With
the projected surplus, Virginia could negotiate
for any of these major transportation projects and
they would be completed, or almost completed, by
the end of the next governor’s term. Indeed, it
is likely that more than one of these projects
could be fully funded and completed with the
projected surplus.
Our
state has entered very good economic times. We
don’t know if it will continue. It would be
reckless to spend the anticipated $2 billion
surplus on programs that build future government
obligations. Let’s spend it smartly and
creatively for our long-term economic development
and in a way that our taxpayers will visually
appreciate.
--
September 5, 2005
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