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Infrastructure Bank highlights $7.1 billion in projects and says it has no new budget request
Summary
Charles Cannon, COO of the State Infrastructure Bank, told the subcommittee the bank has supported about $7.1 billion in infrastructure improvements since 1997, described ongoing projects across multiple counties and said the agency has no new budget request this year, noting lean operations.
Charles Cannon, chief operating officer of the State Infrastructure Bank, briefed the House Ways and Means Transportation and Regulatory Budget Subcommittee on the bank's role, active projects and board changes and said the agency is not seeking additional budget authority this year.
Cannon told the subcommittee the bank serves as a financing tool for counties, municipalities and other entities seeking support for infrastructure projects and said the program has been a national model in forums he attended. "Since 1997, we have been involved in over $7,100,000,000 worth of infrastructure improvements in this state," Cannon said.
He listed 15 current active projects across Aiken, Charleston, Florence, Greenville, York, Greenwood and Pickens counties and highlighted partnerships with DOT and the DMV for collections and program delivery. Cannon also described three recent board appointments: Representative Fawn Pedalino (bringing a rural perspective), Marilyn Hatley (appointed by the governor) and Max Metcalfe (a returning DOT liaison figure).
Cannon told members the bank does not have a specific budget request for the current cycle, noting prior shifts in fee timing that altered general fund flows and emphasizing the bank's low operating footprint: "Our expenditures are not operating. It's only at a 1.3%. That's our operating cost of the whole agency out of the 100%." He said most expenditures are project costs rather than agency overhead.
Committee members did not press the bank for additional funding in the hearing; Cannon said he would respond to any follow-up questions the subcommittee had. The subcommittee recessed and scheduled a reconvening the following morning.
