Trucking Toll Alternative Proposed for RI
Tuesday, June 16, 2015
An alternative to the Rhode Island trucking toll proposal introduced by Governor Gina Raimondo has been introduced as an amendment to the FY 2016 budget.
On Monday, members of the Rhode Island House Republican Caucus unveiled their proposal calling for $60 million dedicated to bridge restoration in the current budget -- which currently does not address Raimondo's toll plan.
The proposal rejects Raimondo's call for $900 million in borrowing as "too costly".
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"The interest on that large sum is between $35 million and $45 million annually," explained Representative Patricia Morgan. "Additionally, the fees for bond counsel and underwriters will consume more money that can be used to put people to work, buy construction materials, and fix our bridges. In total, we will spend more on interest to banks, lawyers and Wall Street than we will on actual bridge construction."
The House Republican Caucus contends that it can eliminate tolls and see that the bridges will be fixed and "not hurt the economy."
"We recognize that our bridges need immediate first aid," said Minority Leader Brian Newberry. "As a result, we have crafted a funding stream that begins the restoration of the most structurally deficient without delay and in a fiscally prudent manner."
Impact Outlined
"We are concerned about the impact taking $100 million a year from our trucking industry will have on consumer prices and on our economy as a whole," said Representative Robert Lancia. "No one can claim that it won't cause significant damage."
"Let's not forget the Quonset Point Business Park," said Representative Justin Price. "Quonset Point has been a strong contributor to our economy's well-being. Over 200 companies in diverse industries depend on reliable and low cost trucking. The automobile storage and transfer facilities, which taxpayers captured by supplying dredging of the Bay, may no longer find it profitable to remain in that location. We want to make sure that our policies are truly pro-business. It is foolhardy to ignore the very real potential for damage."
Morgan noted the Assembly would have to commit to an annual appropriation to make the proposal work.
"Our proposal allows us to begin the work immediately and get our construction trades back to work in a fiscally responsible way. Of course, the legislature will need to commit to continued funding at this or higher levels for the next 10-12 years, but the deficient state of our infrastructure demands that sustained commitment," said Morgan. "We hope our House colleagues will concur and vote to include this Article amendment in this budget. There is little time to lose."
Related Slideshow: FY 2016 House Budget Winners and Losers
The 2016 Fiscal Year House Budget has some significant winners and losers. The budget passed on Tuesday night by the House Finance Committee now goes to the full House.
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