|I just received a call from a legislator, a critic of the Trans-Texas Corridor, who was ecstatic about the state auditor’s report on the corridor that was released this afternoon (Friday). I’m on a borrowed computer at a party, so I’ll give you a few highlights:|
* “Weaknesses in the Department’s accounting for project costs create risks that the public will not know how much the State pays for TTC-35 or whether those costs are appropriate.”
Comment — That’s not a “risk.” That’s Tx-DOT policy.
* “The Master Development Plan anticipates that TTC-35 could be developed through a series of 50-year contracts over a staggered timeframe and could cost more than $105.6 billion.”
Comment — And we will pay for every penny with exhorbitant tolls.
* “There is a lack of reliable information regarding projected toll road construction costs, operating expenses, revenue, and developer income. Auditors made an effort to sum the elements of costs, operating expenses, revenue, and developer income contained within the TTC-35 Master Development Plan. Upon its review of the sums, the Department stated that this financial information was not correct because it is not possible to accurately estimate profits due to many unforeseen variables.”
Comment — Just ask Cintra. I bet they know what the profits are.
More to come ….