IBTTA Commends New Life Cycle Costs Analysis Report by ENO and ASCE
IBTTA Executive Director and CEO Calls New Report, “Sound Economic Base for Decision-Making”
Patrick D. Jones, Executive Director and CEO of the International Bridge, Tunnel and Turnpike Association (IBTTA), released the following statement commending The Eno Center for Transportation and the American Society of Civil Engineers (ASCE) joint report highlighting the benefits of life cycle cost analysis in planning transportation infrastructure projects:
“We commend ENO and ASCE for issuing an important report, ‘Maximizing the Value of Investments Using Life Cycle Cost Analysis.’ This report is especially timely given the severe funding constraints that state and local governments face in trying to build and maintain aging infrastructure,” said Jones.
Of special significance is the passage from the report’s conclusion that reads:
“When making funding decisions under constrained budgets, it is tempting to place high importance on the up-front costs and pay little attention to costs in the future. This is shortsighted. The United States needs to begin thinking more strategically about how it maintains and operates its transportation network, and manages its assets in the future. With the focus of funding shifting toward system preservation, greater use of LCCA can ensure sustainability of future budgets and better management of our vital infrastructure.”
Jones continued, “Much of the transportation debate in Washington and around the country has focused on the huge unmet needs and large funding gaps, which has caused policy makers and planners to give a lot of attention to new revenues. While net new revenues are important, this report shines a bright light on the principle that making a larger upfront investment in building new or repairing old infrastructure can be the smartest move because the overall investment will be smaller over the life of the project. That principle deserves much greater attention than it is receiving today.”
“Life cycle cost analysis is a critical tool in the toolbox of transportation planners and policy makers,” Jones concluded. “By relying more and more on LCCA in the transportation planning process, states and localities can avoid the surprise of out-year cost balloons that result from less robust upfront analysis.”
Three of the six organizations cited in detailed case studies in the Eno-ASCE report – the North Carolina Department of Transportation, the Metropolitan Transportation Commission (San Francisco Bay Area), and The Port of New York and New Jersey – are members of IBTTA.
In 2013, IBTTA launched Moving America Forward, a public awareness campaign that highlights the benefits of tolling to policy-makers, the media, and other interested parties. For additional information on IBTTA’s Moving America Forward campaign, including fact-sheets, background documents and other materials, please click here.
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The International Bridge, Tunnel and Turnpike Association (IBTTA) is the worldwide association for the owners and operators of toll facilities and the businesses that serve them. Founded in 1932, IBTTA has members in more than 20 countries on six continents. Through advocacy, thought leadership and education, members are implementing state-of-the-art, innovative user-based transportation financing solutions to address the critical infrastructure challenges of the 21st century. For more information, visit www.ibtta.org or join us on Twitter @IBTTA or #TollRoads.
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