The in basket: With tolls on the Tacoma Narrows Bridge seemingly
fated to jump a dollar per crossing in about a month, Carol Johnson
asks “Where’s the money from all the Good-To-Go! accounts
kept? Who gets the interest generated from holding that
money? And does it go into the general fund and get spent for
who knows what or is it earmarked to pay down the debt for the
Narrows bridge?
“Inquiring minds want to know,” she said.
The out basket: Janet Matkin of the Good to Go! staff answers that
the narrows bridge tolls “are accounted for in a separate account
within the state treasury that is dedicated to the Tacoma Narrows
Bridge. All spending is appropriated by the Legislature and
allotted and monitored by the Office of Financial Management.”
Interest is accrued on toll revenue, including the prepaid Good to
Go! accounts, and has been dedicated to the Tacoma Narrows Bridge
account, she said. All toll revenue and interest earnings in the
account will go towards paying the debt on bonds used to finance
construction of the bridge and for paying ongoing operating and
maintenance costs. Retirement of the bonds will allow the tolls to
end, expected to happen in 2030.
The opening of tolled HOT lanes (on Highway 167 east of I-5))
earlier this month complicates the matter as far as crediting
interest earnings on the prepaid accounts to the correct facility,
she noted.
So the state is creating a Central Tolling Fund in which “all Good
To Go! prepaid deposits will go into a central deposit fund. Then,
when a customer uses one of the tolling facilities, the appropriate
toll is recorded and that amount is transferred to the correct
facility’s account.
“The interest from the prepaid accounts will be distributed on a
percentage basis determined by the revenue levels for each fund,”
she said.
Inquiring minds can learn more in RCWs 47.56.160 and 47.56.165, she
added.
Randy Boss, a critic of the bridge tolls, says he has submitted a
public records request for bank records to check on this answer,
and says he’ll let us know what he finds when he gets them.
Road Warrior Travis Baker blogs about the problems and idiosyncrasies of Kitsap highways and byways.
So when will the bonds reach retirement age and when can we look forward to the end of the toll? Just curious!!
Carol asked where the money from the “Good to Go” accounts is kept and who gets the interest. This is a serious question that was not answered here. There are now almost 100,000 Good to Go accounts and over 250,000 transponders in use. Each account is required to pre-pay a minimum of $30 for each account. If you only use the $30 minimum then there is a $3 million (yes $3 million) pool of money out there somewhere? That’s the question Carol asked! But, as is typical with the Department of Transportation they choose to answer a different question – one that was not even asked. Shame on you, Travis Baker, for allowing the DOT to side step this quetion. You’re usually better then that.
“Interest is accrued on toll revenue, including the prepaid Good to Go! accounts, and has been dedicated to the Tacoma Narrows Bridge account.” What part of that don’t you understand, Randy? The ‘pool of money’ is ‘toll revenue.’ ‘Toll revenue’ interest, including the interest on that pool of momey, goes to the bridge.