Houston toll system an unaccountable slush fund
Toll roads are speculative debt bombs in the worst case scenario, and unaccountable slush funds, in the best case scenario (when they actually cash flow and have excess revenue, that is). Either way, people who care about responsible fiscal policy and freedom to travel should want none of them. This article ought to make every Texan hopping mad!
Toll road authority doubles as bank for county
By Mike Morris | December 1, 2012 | Updated: December 3, 2012 1:59pm
Houston Chronicle
The Harris County toll road system is many things: The route to work for thousands of area commuters; a 120-mile colossus of engineering and concrete; and the growing region's best hope, members of Commissioners Court say, to ease traffic congestion.
It also has become a cash cow, collecting nearly $520 million in tolls a year.
Arguably, the toll road authority's most crucial role is that of a bank.
Toll revenues have covered a $26.3 million debt for the Harris County-Houston Sports Authority, paid $33.5 million to clear debris and repair roads after Hurricane Ike, sped project approvals with $4.9 million for the county's Public Infrastructure Department and bridged temporary shortfalls in the county's general fund.