"In 2019, NCDOT spent nearly $7 billion against revenues of only $5 billion. In addition to the nearly $2 billion in overspending, NCDOT made $1.1 billion in 'short-term' loans from the Highway Trust Fund (HTF) for the Highway Fund (HF) between April 2018 and April 2019," stated a news release.
A Memorandum of Agreement (MOA) between the state treasurer's office, the Office of State Budget and Management and the Office of the State Controller was signed establishing formal oversight of and accountability for any short-term loans from the HTF to the HF during the life of the Build NC program, stated the release.
“I’m pleased to announce that the MOA has been signed so we’re able to move forward with the additional Build NC bond sale later this month,” Folwell said in the release. “We’re getting what we believe to be accurate information from DOT. I want to thank [NCDOT] Secretary [Eric] Boyette, his staff and industry leaders including the Carolina Asphalt Pavement Association for their diligence in getting the information we need to issue these bonds.
"The hardworking men and women at DOT and the hundreds of contractors across the state need sustainable and consistent funding to address current and future road-building and repair needs of North Carolinians."
City Club, Event Center On The Market For $7.5 Million
Emma Dill
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Apr 16, 2024
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Wilmington Tech Company Tapped For Federal Forestry Contract
Audrey Elsberry
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Apr 15, 2024
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Commercial Real Estate Firm Promotes Adams, Mitchell To Vice President Roles
Staff Reports
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Apr 16, 2024
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New Hanover Industrial Park To Get $3.3M In Incentives For Expansion, New Jobs
Emma Dill
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Apr 15, 2024
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Gravette Named Executive Director Of Nir Family YMCA
Staff Reports
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Apr 16, 2024
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