infrastructure in New Jersey is less than a year away from a complete financial
meltdown, an advocacy group announced on Monday, July 11.
The Regional Plan
Association – a consortium of representatives from New Jersey, New York and
Connecticut – has released a report that says New Jersey has until July 1,
2006, before the state’s transportation trust fund is empty.
According to the
report, “Putting the Trust Back in the New Jersey Transportation Trust Fund,” the New Jersey DOT and Transit departments will lose their main source of
funding for construction and maintenance projects when the trust fund bottoms
out. Without taking other action, $805 million from gas taxes, petroleum gross
receipts taxes and part of an auto sales tax will have to be diverted to cover
system’s borrow-and-spend era has reached its logical end point – all resources
consumed by debt,” said Jon Orcutt, executive director of the Tri-State
Transportation Campaign, a group affiliated with RPA.
The group said
lawmakers must come up with an additional $2 billion in revenue to make up for
the gap in funding.
“It is clear that we
are facing a major transportation funding crisis in New Jersey,” said Thomas G.
Dallessio, vice president and New Jersey director for the Regional Planning
Association. “Billions of dollars in new funding will be needed to avert a