In a single year, surplus gas-tax-hike revenues grew by more than a quarter of a billion dollars, or 50%, to $752 million.

We repeatedly have pointed out the growing reserve that the Department of Transportation has been sitting on since the gas-tax-hike took effect on July 1, 2017. Now, DOT contends that the surplus is committed to “pending vendor payments.”

In 32 of the state’s 46 counties, the completed projects is less than 50% of the estimated cost of all such projects. That included the larger counties of Horry (46.1%), Charleston (44.4%), Lexington (38.9%), Richland (37.8%) and Greenville (37.5%).

Our review of DOT and state comptroller general records found that from Jan. 31, 2019, to Jan. 31 last year, the cash balance of a special account created with the 2017 law, known as the “Infrastructure Maintenance Trust Fund” grew by $75.1 million, or 17.6%, to about $500.6 million.

In comparison, from Jan. 31, 2020, to Jan. 31 this year, the surplus jumped by another $251.6 million, or 50.2%, to about $752.2 million. The latest reserve represented 44.4% of total collected revenues.

As of the end of January, DOT had received $1.69 billion in total revenues under the 2017 law, which raised the state gasoline tax by 12 cents a gallon over 6 years, and increased other vehicle taxes and fees.

Those records show that of total collections Jan. 31, $808.5 million was paid to vendors, while about $70 million went to County Transportation Committees for local road projects and $62 million was transferred to the SC Department of Revenue to cover projected gas tax credits – which so far have been relatively unpopular.

That left a cash balance of about $752.2 million for unspecified “pending vendor payments” of $889.6 million. Previous agency financial statements indicated the cash balance was designated to fund “project commitments made.”

Lawmakers promised the gas-tax-hike would be used to fix the state’s crumbling roads and bridges. DOT has said 80% of about 42,000 miles of state roads need resurfacing or rebuilding and 465 of 750 “structurally deficient” bridges replaced.

In addition, DOT plans to spend about $258.6 million on interstate widening projects – not fixing bad roads and bridges.

That represented 15.2% of the $1.69 billion in project “commitments” as of Jan. 31.

Longtime state Sen. Hugh Leatherman, R-Florence, created a special Senate panel in 2019 to study accelerating interstate expansion. SC funneled several billion dollars to large projects in select counties.

Mr. Brundrett is the news editor of The Nerve. Contact him at 803-254-4411 or rick@thenerve.org. .