The Business Council’s board of directors will consider whether to take a position on the transportation bond act at its next meeting which will be held during the Annual Meeting Wednesday, September 21, 2005.
The transportation bond act, which will be on the ballot in this Novembers’ election, asks voters to approve $2.9 billion in mew debt to help finance a number of state transportation projects.
The Business Council’s transportation committee discussed the bond act at its August 17 meeting. Members of the committee were reminded that the Council had supported the transportation bond act when it was on the ballot in 2000 but that the Council had expressed caution about increasing the state’s per capita debt.
The 2000 transportation bond act asked voters to approve $3.8 billion in new debt for transportation projects. The 2005 act will ask voters for $2.9 billion, the committee was told.
“Our members expressed concern that the state’s level of debt has increased substantially since the issue was last bought to a vote,” said Tom Minnick, the Council’s liaison for transportation affairs. “In 2000 state debt was $36.4 billion and in 2005 it is $47.5 billion. Debt as a percentage of personal income rose 22 percent during the same time period and the overall state budget increased by more than $29 billion.”