HB 3202 Conference report

I have the report. Total funding in package is approximately $1.5 billion a year, from the following:

• Statewide revenue stream
  • $760.9 million in the first year:
    • General fund – $500 million
    • 1/3 insurance premiums – $109.8 million
    • Increase DMV registration fees by $10 -$62.4 million
    • Collect fees from abusive drivers – $57.5 mil
    • Heavy truch registration fees/liquidated damages – $31.2 million
  • Out year funding (FY09-FY13) $531 million – $622.5 million per year – includes the above (adjusted) except the one-time general fund allocation plus:
    • Recordation revenues
    • Allocation of 50% of the nonrecurring general fund surplus (estimated to be $64 million per year)
• $2.5 billion bond issue, with $300 million issuance a lear beginning in FY2008, all of it issued by FY2016
• NoVA Authority package generating $400-$420 million a year from:
  • 2% local rental car impact fee
  • 25 cents per hundred on commercial real estate taxes
  • Initial driver’s license fees of $100 (excluding teens)
  • Congestion relied fee of $.40/$100 – paid by real estate sellers
  • 2% transient occupancy tax
• Hampton Roads Authority package generating $200 millon a year from:
  • 2% local rental car impact fee
  • Ten cents per hundred on commercial real estate taxes
  • Initial vehicle registration fees of 1%
  • Congestion relief fee of $.40/$100 – paid by real estate sellers
  • $10 annual vehicle license fee
  • $10 motor vehicle inspection fee
  • Auto repair exemption removal – would charge 5% sales tax
  • Regional gas tax of 2%

The statewide portion of the plan puts $500 million into the transportation trust fund in the first year and between $208.1 million and $244 million per year into the fund after that. The debt service on the bonds eats up the remainder.

The Transportation Reform Act of 2007 also includes VDOT reform and land use reform.