AUSTIN, Texas, Feb. 23, 2012 /PRNewswire-USNewswire/ -- TxDOT said today that it is planning on leveraging as much as an additional $2 billion over the next two years to facilitate construction on some of the states' high priority projects. The additional funding comes from more efficient and effective ways of managing tax dollars and an anticipation of future federal funding.
After an intensive several month effort of scrubbing project budgets, analyzing federal funding opportunities, and embracing best practices in money management, the agency estimates it can bring online approximately $2 billion in additional projects.
"This additional one-time funding provides great opportunity to accelerate some of the state's most critical projects," said Phil Wilson, Executive Director of TxDOT. "We must ensure these dollars are put to the best use throughout Texas."
The TxDOT team has been directed to work directly with the state's Metropolitan Planning Organizations (MPO's), local communities, and the Texas Transportation Commission to see that priorities are met and determine how to pay for them.
A primarily formula based allocation process will be used to distribute these funds so that TxDOT and others can collectively determine what projects to advance. Additionally, there will be a clear and understandable process for using this funding where it is most needed to accelerate projects throughout the state. Funds to be spent will be measured against ways to address congestion, safety, maintenance, and connectivity.
"We take this responsibility very seriously and will continue to find creative and effective ways to fund projects around the state," said Wilson.
TxDOT, whose mission is about working with others to provide safe and reliable transportation solutions for Texas, continues to take a proactive approach to planning and implementing road construction and maintenance.
The Texas Department of Transportation
TxDOT is responsible for maintaining over 80,000 miles of road and for supporting aviation, rail and public transportation across the state. TxDOT and its more than 12,000 employees strive to empower local leaders to solve local transportation problems, and to use new financial tools, including tolling and public-private partnerships, to reduce congestion and pave the way for future economic growth while enhancing safety, improving air quality and increasing the value of the state's transportation assets. Find out more at www.txdot.gov. Follow us! www.facebook.com/txdot, www.twitter.com/txdot.
SOURCE Texas Department of Transportation