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Conference committee debates DOT funding plan: legacy earnings, gas-tax increase and Highway 85 bonding
Summary
Members of the Legislature's conference committee met to reconcile House and Senate changes to Senate Bill 2012, discussing an 8% POMV base, legacy-earnings allocations to the highway fund, a proposed 5¢ gas-tax increase split among roads and transit, and bonding for Highway 85 match.
The conference committee on Senate Bill 2012 met to reconcile House and Senate versions of the Department of Transportation budget, focusing primarily on how to fund highway projects and local distributions. Representative Weiss, leading the House overview, told the committee the House kept the POMV (percent of market value) at 8% and adjusted legacy-earnings allocations so 25% of that stream would go directly to the DOT highway fund.
The change means an 8% POMV produces about $686 million in legacy earnings under current projections; after an interest-sinking fund deduction of about $102–$103 million, the committee estimated roughly $583 million would remain. Representative Weiss said, "What we did is took the whole thing as a block," and that 25% of the remaining legacy earnings—about $146 million—would be dedicated to the highway fund while the remaining roughly $437 million would be used for property tax relief.
The House plan also adds a…
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