It’s no surprise the COVID-19 pandemic has disrupted the global economy, our transportation infrastructure systems, and changed life, as we know it. Similar to many other agencies around the country, the public health crisis has affected roadway funding. But the road ahead is not all that bumpy and it’s thanks to you, our community.
The projected fuel tax revenue loss is $41.4 million for fiscal year 2021. However, we do have a healthy cash balance due to Fuel Revenue Indexing, or FRI, which ties the fuel tax to the rate of inflation. This is all thanks to our elected leaders authorizing FRI for 2014 through 2016, and our community for voting to extend the program in 2016 for an additional 10 years.
So what does this mean for our current and future roadway projects? All those that are underway have not been affected. In fact, there are currently more than 240 active road maintenance and improvements happening across Southern Nevada.
Furthermore, amid a public health and economic crisis, a total of 30 new design projects have been released by the jurisdictions since July. This translates to a total of $133.8 million in contracts that are putting people to work.
Looking ahead at the next six months, $213.5 million in construction projects will be awarded. And over the next 10 years, we are working with local jurisdictions to program more than $2.1 billion in roadway projects to enhance and maintain our transportation network to meet current and future needs.
As you can see, while the pandemic has affected funding in the short term, there is still plenty of work happening that’s shaping the future of our infrastructure. This means a smoother and safer ride for our community and visitors.