Giving some heft to the word “trust” in Virginia’s “Transportation Trust Fund” is back on the front burner with Governor-elect Kaine’s transportation town meetings. Here is a column I wrote for Bacon’s Rebellion about a year ago on the topic for a bit of background.

It became a high priority for many in the business community after the 2002 failed referendum votes, and as the Virginia Chamber’s lobbyist I spent three sessions working with others to try to coax it out of Senate Finance. (We got it out of Senate Privileges and Elections once, for a couple of glorious hours, then it was re-referred to Finance to die.) I think I stood up once or twice in Finance to speak for Kaine’s amendment version (and if I didn’t, let’s tell him I did!) But there was never any support from the Warner Administration. Now there will be from the Kaine Administration (as there would have been from a Kilgore Administration, I’m sure.)

There are problems with this idea. The financial community hates to see states substantially earmark funds, reducing flexibility in hard times. And there can be too many earmarks — but Virginia is hardly there. We have constitutional directives that lottery profits go to education and that criminal fines go to the Literary Fund. The “Rainy-Day” Revenue Reserve is constitutional, meaning the General Assembly can’t override it. This would be the largest protected pot of money, but if you read the previous proposals, there are safety valves built in.