Thursday, September 23, 2010

VDOT audit finds nearly $1 billion stuck in the pipeline

Yes, that's billion . . . with a "b" (Richmond Times-Dispatch):

The Virginia Department of Transportation left more than $900 million in maintenance funds unspent over the last two fiscal years because of "burdensome internal processes and financial controls," an independent audit of the state highway department shows.

The audit by the Richmond-based accounting firm of Cherry Bekaert & Holland found that about $390 million went unspent in fiscal 2009 and $529 million in fiscal 2010.

Total unspent balance: $919 million - or nearly 30% of VDOT's entire annual budget (VA DOB).

This comes, of course, as Kaine was closing down rest stops and screaming for tax increases - ostensibly for roads.

Meanwhile, as the RTD story makes clear, most of the backlog was during the Kaine years.

According to Transportation Secretary Sean Connaughton, the Six-Year road plan could get a extra $1.5 billion (the above money included) as a result of what was found in the audit.

Cross-posted to VV and RWL

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