A Virginia Senate panel has killed a bill that would have raised more money for transportation projects.

The bill was the last major road-funding proposal before the General Assembly this year to improve the state’s transportation system.

HB2750, approved by the House of Delegates, would have allowed the state to borrow up to $1 billion over four years for road and transit projects statewide, The Virginian-Pilot reported. The debt would have been repaid with revenue from a state tax on vehicle insurance premiums.

Senate Finance Committee members said it would have added to the state’s debt at a time when Virginia is trying to correct a $1.2 billion imbalance in its two-year, $50 billion budget.