Highlighting a lack of revenue and too much borrowing, the state transportation director gave Ohio lawmakers a blunt assessment Wednesday of Ohio’s road construction finances.
Without more money, Ohio is “looking over the edge of a fiscal cliff,” Jack Marchbanks, who heads the Ohio Department of Transportation, told the House Finance Committee.
Asked by Rep. Mark J. Romanchuk, R-Mansfield, how much he needs and where it should come from, Marchbanks said the department will fall an average of $1 billion a year short of revenue over the next decade.
A penny-per-gallon gasoline tax increase would raise about $67 million per year, of which the state would get $42 million, with the rest going to local governments. So raising $1 billion for the state would require a gas tax hike of about 24 cents a gallon.