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Governor Schwarzenegger proposes $222 billion Infrastructure Investment
Brad Barnum Chamber Transportation Committee In his January 5 State of the State address, Governor Arnold Schwarzenegger proposed a 20-year Strategic Growth Plan to invest in California's transportation, education, water, public safety, and public service infrastructure. The governor proposed investing more than $222 billion in the state's infrastructure without raising taxes, to be paid in part by $68 billion in new general obligation bonds. The plan would need to be approved by California voters over the next 10 years. The Governor said that over the next 20 years, California's population is expected to increase by as much as 30 percent, and it is estimated that the state faces more than $500 billion in infrastructure needs over that same period. California has not seen a major infrastructure investment during the past four decades, and, even though money is tight, it is important. An investment in the infrastructure is a fiscally responsible action that needs to be taken in order to start funding California's future. Adequate infrastructure is an important issue for the San Diego Regional Chamber of Commerce and the San Diego business community. To remain competitive we need to move our people and our goods in a seamless manner. The San Diego region is the seventh most congested region in the entire nation. The San Diego Association of Governments (SANDAG) estimates that San Diego needs at least $47 billion to improve its infrastructure in the next 25 years. While San Diego voters approved a half-cent sales tax extension in 2004 to fund $14 million in transportation projects over the next 40 years, additional funding is needed to fill the gap and ensure efficient mobility in the future. While the Governor's proposal is a statewide plan, it is important that San Diego starts working with the Governor's Office and the Legislature to ensure that the region is not left out when the funds are divided between the various jurisdictions. The transportation funding plan includes: · Permanent protection of Proposition 42 through a constitutional amendment to eliminate the option for future governors and legislatures to suspend funding. · Using design-built contracting and design-sequencing construction to deliver projects more quickly and efficiently. · Pursuing public-private partnerships to complete projects such as high occupancy toll lanes, regular toll lanes, truck lanes and freight movement facilities where a predictable revenue stream will be created to re-pay capital investments. · The plan also includes $1 billion in bonds to be matched by $1 billion in funding from other sources to reduce goods-movement related pollution. · $107 billion total investment in transportation infrastructure over the next decade. o $47 billion from existing funding sources, such as Proposition 42 (state sales tax on gasoline) and federal funds. o $48 billion in new funding from leveraging existing funds. o $12 billion in new bond funds to attract increased federal, local and private funding. These bonds would be approved by California voters in two $6 billion authorizations in 2006 and 2008. At first glance, the Chamber believes this "infrastructure investment" plan is an important tool that will ensure the region's competitiveness and quality of life way into the future. Several other pieces of legislation addressing infrastructure bonds have been introduced recently. Over the next few months, the Chamber's Transportation and Infrastructure Committees will analyze the various proposals and keep Chamber members updated. |
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This is one of San Diego's best opportunities to interact with the region's United States Congressional representatives. . Event Features... · Real Time Polling - Congressional leaders actually respond to audience input · Audience Q & A - Ask your questions directly When: Wednesday, February 22 11: 30 am - 1:30 pm Where: Holiday Inn On the Bay 1355 North Harbor Drive Cost: $50 Chamber Members $60 Prospective Members $475 Tables of Ten For more information call (619) 544 -1370. |
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