Irving has officially launched its new program, "Road to the Future: $100 Million in 5 Years," supporting road reconstruction and rehabilitation across the city.
Resident surveys consistently have shown road maintenance and improvement is the highest ranked priority throughout the city. In response, the current Five-Year Capital Improvement Plan (CIP) incorporates the proposed Long-Term Financial Plan recommendation to dedicate revenues equivalent to one cent of the property tax rate to street projects.
In addition, the growth in taxable values has created additional capacity to issue bonds. With this in mind, city staff continues to develop plans to achieve the goal of investing $100 million in street improvements over five years. The Fiscal Year (FY) 2016-17 CIP plan includes $1.1 million in pay-as-you-go capital funding for street rehabilitation. This will increase to $2.2 million in FY 2017-18 and also will allow for the capacity to sell an additional $22.5 million in debt for street reconstruction and rehabilitation.
The City of Irving Capital Improvement Program Director Casey Tate and Traffic and Transportation Director Dan Vedral provided an update at the April 21, 2017. It includes an explanation of the process to evaluate all 1,400 lane miles of roadway in the city, as well as which roads will be prioritized for repair. For comparison, to maintain all the city's roadways continuously, staff estimate it would cost $800 million annually. The city's current budget provides $2 million for road maintenance. The Road to the Future program will provide $100 million dollars for road maintenance over a five-year period.
City of Irving staff presented the "Road to the Future" project to the City Council members Nov. 10, 2016. This project funds $100 million for road improvements and reconstruction over the next five years without raising the tax rate.