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Caltrans white paper: Payments to contractors at risk
Posted By Equipment World Staff On August 11, 2010 @ 3:28 pm In Construction News | No Comments
Caltrans on Aug. 11 released a white paper that highlights the negative economic impacts the budget delay is having on transportation projects statewide.
The effects of the delayed budget are being felt as the California Transportation Commission meets today and tomorrow.
Funding for transportation projects worth more than $2.1 billion that are contingent on the approval of the state budget may either be deferred or delayed. These include projects funded by Proposition 1B, the transportation bond approved by state voters in 2006.
In addition, the department cannot award more than $900 million in new contracts to construction firms, and payments to contractors on $9.5 billion of current construction may be delayed in the coming months due to the lack of available cash.
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