New accounting system doesn’t solve state’s long-term transportation woes
By Summit Voice
FRISCO — Colorado transportation officials say they will juggle their budgets to accelerate completion of transportation projects and create or sustain more than 10,500 jobs over five years.
Currently, CDOT does not advertise a project until all of the money is “in the bank,” which means the department is saving money for projects over multiple years before construction begins. In addition, some projects take several years to construct, so money often sits unspent when it could be used much sooner.
Under the new program, CDOT will fund multi-year projects based on year of expenditure, rather than saving for the full amount of a project before construction begins. This effort will match project expenditures with available revenues and allow CDOT to allocate an additional $300 million per year over five years to transportation projects over the next five years. (more…)