House Budget Committee Chairman Cody Smith unveiled a spending plan this week that makes a significant investment in state transportation infrastructure without raising taxes or incurring new debt for the state. Smith rolled out the committee substitutes for the appropriations bills that make up the Fiscal Year 2020 state spending plan, which includes a $100 million appropriation to pay for road and bridge improvements.
Smith said the $100 million in general revenue will be dedicated to the State Road Fund for bridge projects in the Statewide Transportation Improvement Program, which sets the transportation projects the Missouri Department of Transportation will undertake. Smith emphasized the importance of crafting a plan that provides adequate funding for Missouri’s transportation needs without putting the state further into debt.
“Our state transportation department already has a heavy debt load and has paid more than $700 million in debt payments in just the last two years. The solution to fix our roads isn’t to go further into debt, but instead to invest wisely and responsibly in our transportation network with the funds we have available,” said Smith, who noted that the department’s 5-year average debt payment is $313 million per year.
Smith added, “Missourians need and deserve roads and bridges that are safe and reliable, and it’s our duty as the crafters of our state budget to provide a plan that doesn’t raise their taxes or force them to make payments on debt we didn’t need to incur. This $100 million investment is the most fiscally responsible solution for Missouri taxpayers.”
The funding allocation for transportation infrastructure is contained in House Bill 4, which is one of the 13 appropriations bills that make up the Fiscal Year 2020 state operating budget. The House Budget Committee will work through the bills next week and consider potential amendments. The House will then take up the bills on the floor during the week of March 25-29.
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