As the governor's "island of growth" talking points continue to be swallowed up by the quicksand of reality, it's worth noting that they aren't the only rhetorical flair falling by the wayside. May I introduce you to our next competitor, your friend and mine, Major Moves:In fiscal 2007, the administration estimated the Major Moves construction fund would generate $202 million in income, but figures from the state treasurer's annual report show the fund produced $127.4 million. In fiscal 2008, which ended June 30, that projection was $170.7 million, but the investments produced $106.7 million in income.
The combined shortfall over those two years: $138.6 million.
For 2009, the Daniels' administration has projected the fund will earn $160 million in income, but Indiana Department of Transportation Commissioner Karl Browning already is predicting revenue will fall more than $83 million short of that mark, thanks to the sour economy.
Combined, the state stands to bring in $222 million less than projected during the first three years of the fund's investment, which had a balance of more than $2.5 billion at the end of fiscal '08. Ouch. But the sun will come out tomorrow, right?Making matters worse, Browning is estimating another $196 million shortfall in proceeds from state and federal gas taxes. That estimate, for fiscal 2010 and 2011, assumes gas tax revenues will stay at current levels. Oh.
It's worth noting that various projects have already run into funding shortfalls, and this was well before the stock market tanked.
All of this on top of the fact that even under the best of scenarios, we're still out of cash a solid 65 years before we'll see a dime from one of the largest pieces of formerly-Hoosier-owned infrastructure. But don't worry, because Mitch Daniels and his lackeys say it is much too early to interpret a lack of money as a serious problem worthy of attention. All of this hand-wringing is probably coming from the same people who said the conflict in Iraq would cost more than $50-60 billion, you know? |
