Gov. Gina Raimondo's plan to impose highway tolls on trucks in Rhode Island is based on faulty revenue projections, according
The analysis, which analytics company IHS released Tuesday on behalf of the Rhode Island Trucking Association, said revenue from tolls would only generate $24 million to $37.5 million per year, well below the $60 million per year envisioned under Raimondo's RhodeWorks plan.
"This study proves what we have been saying all along. The revenue projections built into the RhodeWorks plan are not accurate and will never be realized," said associated president Chris Maxwell. "Once the bonds are floated and the gantries are built we will all be on the hook – including small truck operators."
RhodeWorks, which Raimondo unveiled in October, would impose interstate highway tolls on large commercial trucks to backstop a $700 million bond for transportation infrastructure. The measure passed Rhode Island's Senate but stalled in the House after trucking leaders complained that it unfairly targeted one industry.
Regional Economic Models Inc., or REMI, prepared a study last year for the state Department of Revenue's office of revenue analysis.
The HIS analysis also said highway truck volumes REMI used in its report appear questionable, and that the report inadequately accounted for truck-routing diversion statewide. It also accused REMI of giving short shrift to non-toll financing alternatives.
An association statement also said the REMI study "is sorely lacking in transparency."
According to Maxwell, the trucking association has briefed Raimondo's office and legislative leaders.
"At this point, we are encouraging all members of the General Assembly to seriously question the information they have been presented to support RhodeWorks – this is a 30-year decision they are making," said Maxwell. "RhodeWorks will saddle Rhode Island taxpayers with $1.1 billion in debt. For the past seven months we have been correcting misinformation and errors because the industry affected most by this proposal was never properly built into the process."
A message seeking comment was left with Raimondo's office.
In a Bond Buyer interview at the state capitol in Providence last September, Raimondo said the state must act quickly to fix bridges that one trade group called the worst in the United States.
"If a bridge collapses, how will that help the trucking industry?," she said. "If there are a lot of detours, how will that help the trucking industry? If drivers are blowing out tires, and we know they're expensive, how will that affect the trucking industry?"
