The Virginia Business Council (VBC), comprised of the senior executives of 30 major corporations providing significant tax revenue and employment for Virginia citizens, has long expressed concern about Virginia’s fiscal condition and the lack of adequate investment in education and transportation infrastructure.
Remarkably, transportation investment, a top core priority was left behind in the considerable efforts to address important priorities during the 2004 General Assembly session. The VBC believes that a functional transportation system is a critical component of continued economic growth and development in Virginia. The mobility and safety of Virginians and an efficient commercial transportation and distribution system impact the quality of life and economic competitiveness of Virginia. The statistics are staggering. Since the last significant investment in our transportation system in 1986, the following changes have occurred:
Yet, during this same period, state road mileage has increased only 7% while the buying power of each transportation dollar has eroded by 40 cents. These statistics indicate that tangible action must begin now.
The identified unfunded need for road and transit improvements through 2025 is an estimated $100 billion. It is essential that our public officials face this issue squarely and act to improve our transportation system for the benefit of Virginian’s.
The VBC believes the following fundamental principles must drive transportation investment legislation:
In concert with these principles and in recognition of the critical need, the VBC believes all options should remain on the table to address the transportation challenge.
The VBC believes it imperative that action is taken during the 2005 General Assembly session to promote efficiency, secure the Transportation Trust Fund, and provide substantial new investment in the Commonwealth’s transportation network. The VBC stands ready to provide input on comprehensive proposals and support public officials that adhere to our stated principles regarding transportation policy.