Transportation Funding Challenge Facing Maryland: Prelude to the 2008 General Assembly Debate.

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Presentation transcript:

Transportation Funding Challenge Facing Maryland: Prelude to the 2008 General Assembly Debate

Sources and Uses SourcesUses

Effect of Inflation Operating costs are forecast to increase by 4.5% per year, while revenues are forecast to increase by 2.5% per year. Over time this will reduce the funding available for capital projects.

Capital Program Billions

Examples of Unfunded Projects I-695 widening I-95 north of White Marsh Red Line Green Line MARC capacity Port dredging Central MD bus facility MD 3 in Crofton MD 175 and Ft. Meade Waldorf Bypass I-70 thru Frederick Airport improvements Maglev BRAC projects

Revenue Options Measure… …Yields Annually Increase gas tax 5 cents/gallon $168 million Increase gas tax 5 cents/gallon and index to CPI $203 million Increase share of corporate tax to TTF from 24% to 48% $115 million Increase corporate tax 1% $116 million Measure… …Yields Annually Increase sales tax to 5 ¼ % in metro. counties $146 million Income tax surcharge of 1% $80 million State property tax increase from.112 per $100 to.117 $33 million Increase vehicle registration $20 $100 million