What is Fuel Revenue Indexing?
As our Southern Nevada community continues to modernize, grow and diversify, the needs of our transportation infrastructure demand more attention. To cover a growing gap in funding, the RTC partnered in 2013 with local leaders, our business community, state legislature, Governor Sandoval and the Clark County Commission to support Fuel Revenue Indexing (FRI) to keep pace with material and labor costs, generate funds for critically needed transportation projects and create jobs.
Fuel Revenue Indexing (FRI) dollars are generated each time a motorist fills up their vehicle with gas. A dime per gallon is now funding more transportation projects and creating jobs in Southern Nevada. This investment over a three year period (2014-2016) means this for our community...
For motorists, this averages about a dime a day over a three-year period. This investment at the pump will generate approximately $700 million to fund 225 projects in Southern Nevada, ultimately creating more than 9,000 jobs. After 2016, in order for fuel revenue indexing to continue in Clark County, voters will decide at the ballot box whether to extend the funding and projects.
Without indexing, the RTC forecasted $22.4 million per year in available funds. This amount would have greatly limited transportation infrastructure investment.
What Will It Do?
Ensuring efficient interconnectivity and mobility for more than 2 million residents in the valley and 41 million annual visitors is paramount to our region’s continued economic prosperity and sustainability. While costs for transportation construction projects continue to increase with inflation, our budgets to complete road projects have not.
Fuel Revenue Indexing is fueling our region’s future, providing the necessary funds to move forward with transportation projects that will benefit thousands of residents and visitors everyday – as well as support increased trade and economic development. The RTC remains committed to working with local jurisdictions to advance projects that will improve commutes, enhance pedestrian safety and create jobs to make our communities better places to live, work and play – now and in the future.
What Has Been Done?