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<\/p>\r\nHow\u2019s this for a fun fact: since 2014, the RTC has awarded over $1 billion in roadway contracts\u2026 that\u2019s right, $1 billion.<\/p>\r\n
Before we move on to more fun numbers on how your fuel taxes are being invested, we need to go over some important background information first. As you may know, one of the RTC\u2019s main functions is to oversee roadway funding. We work closely with our local jurisdictions to administer the funds needed for new roadways and improvement of existing ones. So where does this money come from? Well, primarily three sources: Motor Vehicle Fuel Tax (MVFT), Fuel Revenue Indexing (FRI), and Question 10 (Q10).<\/p>\r\n
First, there is Clark County\u2019s MVFT, which is a flat 9-cents per gallon. Then, FRI was enacted in 2014 to tie MVFT to inflation through 2026. And finally, Q10 is a 25-year program enacted in 2003 with revenue from taxes on developers of new construction, aviation fuel, and retail sales.\u00a0<\/p>\r\n
Now, lets get back to the numbers.<\/p>\r\n
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In 2014 when the initial FRI program kicked off, there were 140 projects in various development phases across all three funding sources. Fast forward to 2019, there were 458 projects: 235 completed, 82 in construction, and 141 in design.<\/p>\r\n
Since 2014, our local community has invested over $1 billion on our roadways including the extension of I-11, the airport connector, segments of the 215-beltway, and the Starr Avenue interchange on I-15.<\/p>\r\n
Here\u2019s the funding breakdown:<\/p>\r\n