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 growning 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 portion of what we pay at the pump from January 2014 to December 2016 is funding more transportation projects and creating jobs in Southern Nevada.
For motorists, this averages about a dime a day over the three-year period. This investment at the pump will generate approximately $700 million to fund 220 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 only $22.4 million a year over the next 10 years in available funds for street and highway projects, which equates to building one interchange per year, one mile of roadway per year in each jurisdiction, or one beltway segment without bridges per year.
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?