Transportation Funding Bill Clears House Committee
Today, House Bill 967: DOT Fin. Preservation and Accountability Act was passed out of the House Committee on Appropriations, Transportation. After clearing the Committee, it was re-referred to the Committee on Appropriations.
This bill would make $660 million available to address NCDOT’s funding challenges. $360 million would be taken from the state’s general fund to help cover Map Act costs, while the remaining $300 million would come in the form of a loan from the state controller to kick start delayed projects. NCDOT would be required to repay this loan by 2025 using federal reimbursements paid for storm recovery. In addition, upwards of another $300 million could be made available to NCDOT in the future to cover storm costs, pending approval from the General Assembly.
We are pleased the General Assembly is taking steps to remedy our state’s infrastructure funding crisis. It is imperative that we find a fix to meet our state’s immediate needs, while also developing long-term, future-focused plan that will return stability and consistency to infrastructure investment. Our team looks forward to working with legislators to develop a solution that opens critical projects, gets people back to work and recognizes that we can’t afford to stop.