Highlights of state auditor's scathing report on TxDOT's toll road projects
Audit focuses on dollars and sense
March 12, 2007
Fort Worth Star-Telegram
Copyright 2007
Emotions tend to punctuate the Texas toll-road debate.
But put them aside momentarily, and focus instead on a rather scathing report issued late last month by the state auditor's office. The audit doesn't argue whether toll roads are a double taxation, land grab or corporate profit trough.
Instead, it examines the Texas Department of Transportation's own paperwork to focus on the dollars and sense of toll-road projects -- especially the plan to build the Trans-Texas Corridor.
So far, the department has only paid Cintra Zachry about $3.5 million to come up with a master development plan. But that document sets the foundation for future decisions involving billions of dollars -- so it's in auditors' crosshairs.
The audit carried a lot of weight last month during a Senate transportation committee hearing.
Highlights:
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March 12, 2007
Fort Worth Star-Telegram
Copyright 2007
Emotions tend to punctuate the Texas toll-road debate.
But put them aside momentarily, and focus instead on a rather scathing report issued late last month by the state auditor's office. The audit doesn't argue whether toll roads are a double taxation, land grab or corporate profit trough.
Instead, it examines the Texas Department of Transportation's own paperwork to focus on the dollars and sense of toll-road projects -- especially the plan to build the Trans-Texas Corridor.
So far, the department has only paid Cintra Zachry about $3.5 million to come up with a master development plan. But that document sets the foundation for future decisions involving billions of dollars -- so it's in auditors' crosshairs.
The audit carried a lot of weight last month during a Senate transportation committee hearing.
Highlights:
- Although the Transportation Department could receive $3 billion in concession payments from Cintra Zachry, the department could lose some or all of that money if factors such as inflation and interest rates increase the developers' costs.
- The public's share of the cost could be $13.6 billion. The auditor identified total costs of $105.6 billion.
- Because of a lack of reliable information, auditors can't determine toll-road construction costs, operating expenses, revenue and developer income.
- Although the department has said that little public money would be used to build Trans-Texas, Cintra Zachry proposes to apply for $3.9 billion in federal taxpayer-backed transportation infrastructure loan funds.
- The department kept financial information about its deal with Cintra Zachry secret for 18 months and filed a lawsuit protesting an attorney general's ruling that the records should be open.
Copyright © 2007 Fort Worth Star-Telegram, All Rights Reserved.
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posted by Porkus Maximus Tex: at Monday, March 12, 2007
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