Every two years the California Statewide Local Street and Roads Needs Assessment is conducted to determine the condition of transportation infrastructure in the State. This joint effort between the California State Association of Counties, the League of California Cities and the state’s regional transportation planning agencies determined that proper maintenance of streets, bridges, sidewalks and traffic signals will require a $3.3 billion annual investment. To upgrade the infrastructure to “good” condition will require $7.3 billion annually. Current annual funding is $1.7 billion.
Faced with the grim outcome of 25% of California roads being in “failed” conditions in a decade, cities and counties need to get creative about their options for transportation funding.
Urban Futures, Inc. (UFI) serves as the financial advisor to the California Statewide Communities Development Authority, the administrator of the Total Road Improvement Programs (TRIP). TRIP allows local governments to bond against future State Motor Vehicle Fuel Tax funds to finance road improvement projects.
UFI CEO Michael Busch commented, “When faced with having your infrastructure crumble around you, cities need to get serious about making needed improvements. The State is not going to fix this for them. TRIP puts the power in the hands of local leaders to make the needed changes in their communities and we are proud to work with them.”
For more information on the TRIP program contact Michael Busch at firstname.lastname@example.org or visit the California Statewide Communities Development Authority website www.cacommunities.org.
Urban Futures, Inc. has been providing services to local governmental agencies for over 42 years. Recently restructured into three divisions – UFI Public Management Group, UFI Public Finance Group and Isom Advisors – UFI offers clients a growing portfolio of services and industry expertise that might otherwise be out of reach. Over 300 public agencies have benefited from partnering with UFI. UFI is based in Orange, CA with offices in Walnut Creek and Bakersfield. Visit their website at www.urbanfuturesinc.com or call us at (714) 283-9334.