FOR IMMEDIATE RELEASE
November 4, 2014
(512) 463-0120 office
McALLEN, TX — Today, voters approved the statewide ballot proposition for a constitutional amendment to fund transportation infrastructure maintenance and improvements. Currently, the state’s Economic Stabilization Fund (ESF) receives 75 percent of the state’s annual oil and gas production tax collections that exceed the amount collected in fiscal year 1987, when it was created. The amendment would direct half of the money currently destined for the ESF to the State Highway Fund. The remaining half would continue to build the unspent balance of the ESF.
The Texas Department of Transportation has projected a transportation funding gap to just over $4 billion dollars annually. In order to accommodate the safety and maintenance demands brought about by the booming energy sector, the $4 billion need has increased to $5 billion annually.
Senator Hinojosa issued the following statement on the passage of the constitutional amendment:
"I am pleased to see Texan's approve the ballot proposition for transportation funding. The newly approved constitutional amendment will provide approximately $1.7 billion in the first year alone to go toward much needed transportation improvements and maintenance without any new taxes, fees, or debt.
"The approval of this ballot measure is an important step to filling our current $5 billion annual shortfall for transportation funding.
"The Texas Legislature must still come up with a viable "Texas solution" to fund our transportation shortfall. As a member of the Senate Select Committee on Transportation Funding, I looking forward to weighing all options and remain committed to delivering a sustainable funding solution to provide the transportation infrastructure our state needs and Texans deserve."