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State Infrastructure Bank reports $7.1 billion in projects, says it has no new budget request
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Summary
Charles Cannon, COO of the State Infrastructure Bank, told the House Ways and Means subcommittee the bank has supported more than $7.1 billion in infrastructure improvements and has 15 active projects; the bank said it has no new budget request this year and runs a lean operation.
Charles Cannon, chief operating officer of the South Carolina State Infrastructure Bank (SIB), told the House Ways and Means Transportation and Regulatory Budget Subcommittee that the SIB has helped finance more than $7.1 billion in infrastructure improvements since 1997 and currently oversees about 15 active projects across multiple counties.
Cannon described the bank as a ‘‘multipurpose tool in the toolbox’’ for counties and municipalities seeking funding assistance, citing past projects that include large bridge and highway work and ongoing active projects in Aiken, Charleston, Florence, Greenville, York, Greenwood and Pickens counties. He said the bank maintains close working relationships with the Department of Transportation and the Department of Motor Vehicles, which handles fee collections that support some SIB activity.
On the budget, Cannon told members the SIB does not have a specific budget request this year. He referenced prior legislative changes that shifted registration fees (House bill H 37) and said those changes influenced revenue; overall, he described the bank as running very lean operationally and noted that most expenditures are project costs rather than operating overhead.
Cannon also named recent board appointees and partners, including Representative Fawn Petalino, former mayor Marilyn Hatley and Max Metcalfe (noting Metcalfe’s DOT background), and said those additions bring rural and growth-oriented perspectives to the board.
Next steps: the subcommittee heard the briefing and had no additional budget requests from the SIB at this session. Committee members thanked the presenters and the meeting recessed.
