IDOT wants to spend an additional $675 million in what it calls "found money." (Photo courtesy Charlie Bossingham)
By Jim Anderson
SPRINGFIELD - The Illinois Department of Transportation is seeking authorization to spend $675 million in “found money.”
The money comes from a variety of sources:
- $275 million by advancing projects planned for Fiscal Year 2014 into the current fiscal year
- $175 million more than expected from the federal government due to a funding formula being changed
- $110 million occasioned by reducing contributions from the Road Fund to other state agencies
- $65 million from money for local projects that went un-spent
- $50 million in unanticipated revenue
Transportation Secretary Ann Schneider says lawmakers should approve this. They were asked to do so in the Lame Duck session last week. Now, a vote is possible in February.
The projects that would be funded haven’t been determined. IDOT has a list of projects that need doing, and will determine which ones are most needed, most affordable and most ready to go.