NYS Budget Approved: $32.8B For Transportation Infrastructure
Late last week, Governor Kathy Hochul announced that a deal had been reached with legislative leaders for the FY 2023 New York State budget. While details of the $220 billion package are still emerging, the new budget reportedly calls for a $32.8 billion investment in a 5-year transportation infrastructure plan which is critically important for long-term planning. This amount equates to a 40 percent increase across the five-year period. The $32.8 billion investment includes funding for some important upstate projects as well as these critical projects in the LI/NYC region:
- Oakdale Merge Reconfiguration: $30 million for an environmental review. LICA has been actively advocating for many years to get the funding needed to advance this project. We are grateful the Governor committed the necessary funds to begin this important and required first step to fixing this dangerous and congested intersection. LICA thanks the many elected officials, business and community leaders who supported our efforts and joined us in the fight to move this project forward.
- Covering a Portion of the Cross-Bronx Expressway: Funding has been allotted to begin a study to assess the feasibility of decking sections of the Cross Bronx Expressway to help reduce noise, air and heat pollution in surrounding communities.
- Reconstructing the Bruckner Sheridan Interchange at Hunts Point: The project is already underway, but the enacted budget commits an additional $550 million toward the final phase of construction which is due to be completed in the fall of 2025.
LICA will provide more insight on what this budget means for local infrastructure investment, as more specific information becomes available. Meanwhile, you can click to review the official FY 2023 Executive Budget Capital Program and Financing Plan. LICA released this initial statement upon the announcement of an agreement.
Another large ticket item that could represent additional work opportunities for our members is the proposed $4.2 billion Environmental Bond Act which will be on the ballot this November. The $4.2B reflects more than $1 billion over the $3 billion bond act proposal set forth by the previous administration.
In other related good news, ARTBA recently reported that $53.2 billion in FY 2022 highway formula funds were made available to states. This represents an increase of 42 percent more than the prior fiscal year (and includes new bridge and electric vehicle charging formula programs which were distributed earlier this year).
Also, on April 6, President Biden and U.S. DOT announced more than $20 billion in transit investment for communities of all sizes. Click here to read the official release.
