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The Commissioner's Report
(archived)
Governor launches Transportation
Trust Fund renewal
With over $2.5 billion a year at stake for New Jersey’s economy, authorization of the state's Transportation Trust Fund has been set in motion by Governor McGreevey.
A Blue Ribbon Transportation Commission created by the Governor in January has been examining the state's longterm transportation needs. By the end of the year, the Commission will recommend a strategy for reauthorizing the Trust Fund. Created in 1984, the Trust Fund's current authorizaation expires next summer. The Trust Fund has generated $3.75 billion in state transportation funds over the last four budgets.
Prominent New Jerseyans agreed to serve on the Commission, which is chaired by Transportation Commissioner Jack Lettiere. Members include:
- Al Koeppe, president & chief operating officer, PSE&G
- Louis J. Gambaccini, Distinguished Transportation Fellow, National Transit Institute, Rutgers University
- John P. Sheridan, Jr., partner & co-chairman, Riker, Danzig, Scherer, Hyland & Perretti
- Ray Pocino, vice president, Labors International Union of North America
- Barbara Lawrence, executive director, New Jersey Future
- Harry Larrison, Jr., director, Monmouth County Board of Chosen Freeholders
- Robert A. Altenkirch, president, New Jersey Institute of Technology
The need for more transportation funding is becoming increasingly critical. More than $750 million of worthwhile road projects had to be shelved this year because the funding simply was not there. Unless state and federal funding increases substantially, that gap will balloon to $1.337 billion next year.
Over the next three years, New Jersey will need $10.8 billion to maintain our roads and public transit systems. But at current funding levels, only $7.6 billion can be expected.
The Blue Ribbon Commission is expected to present its strategy for Trust Fund renewal before the end of the year.
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