Gov. Timothy M. Kaine’s proposal to steer $500 million in General Fund surplus revenues into transportation projects is too little and too late, charged the Republican leadership of the House of Delegates. (Read the House press release here.)
Too little: The Governor proposed dedicating only $161 million of the anticipated $475-$550 million surplus — about one third — as opposed to the House recommendation for at least one half, or $250 million. Added House Speaker William J. Howell, R-Stafford: “It is especially disappointing that the Governor attempted to characterize the $339 million already designated by the General Assembly for transportation as new funding.”
Too late: Said Del. Leo Wardrup, R-Virginia Beach, chairman of the House transportation committee: “We could already have started most of these projects if the Governor and his allies hadn’t obstructed our efforts to fund them earlier this year. Now, these projects are likely to cost more and won’t be finished as soon.”
Wardrup reiterated the House call for using the state’s ample bonding capacity to borrow funds to accelerate road construction. He offered a new justification for borrowing money, which Democrats had derided as putting state bills on a credit card. The bonding initiative, which would allow the state to build projects now, would provide a “hedge” against inflationary cost increases.
