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Transportation Research Board Special Report 303 Subscriber Categories Economics; ﬁnance; society Transportation Research Board publications are available by ordering individual publi- cations directly from the TRB Business Ofﬁce, through the Internet at www.TRB.org or national-academies.org/trb, or by annual subscription through organizational or indi- vidual afﬁliation with TRB. Afﬁliates and library subscribers are eligible for substantial discounts. For further information, contact the Transportation Research Board Business Ofﬁce, 500 Fifth Street, NW, Washington, DC 20001 (telephone 202-334-3213; fax 202- 334-2519; or e-mail TRBsales@nas.edu). Copyright 2011 by the National Academy of Sciences. All rights reserved. Printed in the United States of America. NOTICE: The project that is the subject of this report was approved by the Governing Board of the National Research Council, whose members are drawn from the councils of the National Academy of Sciences, the National Academy of Engineering, and the Institute of Medicine. The members of the committee responsible for the report were chosen for their special competencies and with regard for appropriate balance. This report has been reviewed by a group other than the authors according to the pro- cedures approved by a Report Review Committee consisting of members of the National Academy of Sciences, the National Academy of Engineering, and the Institute of Medi- cine. This study was sponsored by the Transportation Research Board of the National Academies. Cover design by Debra Naylor, Naylor Design, Inc. Typesetting by Circle Graphics, Inc. Photo credits (clockwise, from left): David Gonzalez, Minnesota Department of Transporta- tion; San Diego Association of Governments; Caltrans District 11; and Illinois Tollway. Library of Congress Cataloging-in-Publication Data Equity of evolving transportation ﬁnance mechanisms / Committee on Equity Implications of Evolving Transportation Finance Mechanisms, Transportation Research Board of the National Academies. p. cm. — (Transportation Research Board special report ; v 303) Includes bibliographical references. ISBN 978-0-309-16760-4 1. Transportation—United States—Finance. 2. Transportation—United States— Costs. I. National Research Council (U.S.). Transportation Research Board. Committee on Equity Implications of Evolving Transportation Finance Mechanisms. HE206.2.E68 2011 388'.049—dc23 2011035383
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The National Academy of Sciences is a private, nonproﬁt, self-perpetuating society of distinguished scholars engaged in scientiﬁc and engineering research, dedicated to the furtherance of science and technology and to their use for the general welfare. On the authority of the charter granted to it by the Congress in 1863, the Academy has a man- date that requires it to advise the federal government on scientiﬁc and technical matters. Dr. Ralph J. Cicerone is president of the National Academy of Sciences. The National Academy of Engineering was established in 1964, under the charter of the National Academy of Sciences, as a parallel organization of outstanding engineers. It is autonomous in its administration and in the selection of its members, sharing with the National Academy of Sciences the responsibility for advising the federal government. The National Academy of Engineering also sponsors engineering programs aimed at meet- ing national needs, encourages education and research, and recognizes the superior achievements of engineers. Dr. Charles M. Vest is president of the National Academy of Engineering. The Institute of Medicine was established in 1970 by the National Academy of Sciences to secure the services of eminent members of appropriate professions in the examination of policy matters pertaining to the health of the public. The Institute acts under the responsibility given to the National Academy of Sciences by its congressional charter to be an adviser to the federal government and, on its own initiative, to identify issues of medical care, research, and education. Dr. Harvey V. Fineberg is president of the Insti- tute of Medicine. The National Research Council was organized by the National Academy of Sciences in 1916 to associate the broad community of science and technology with the Academy’s purposes of furthering knowledge and advising the federal government. Functioning in accordance with general policies determined by the Academy, the Council has become the principal operating agency of both the National Academy of Sciences and the National Academy of Engineering in providing services to the government, the public, and the scientific and engineering communities. The Council is administered jointly by both Academies and the Institute of Medicine. Dr. Ralph J. Cicerone and Dr. Charles M. Vest are chair and vice chair, respectively, of the National Research Council. The Transportation Research Board is one of six major divisions of the National Research Council. The mission of the Transportation Research Board is to provide lead- ership in transportation innovation and progress through research and information exchange, conducted within a setting that is objective, interdisciplinary, and multimodal. The Board’s varied activities annually engage about 7,000 engineers, scientists, and other transportation researchers and practitioners from the public and private sectors and academia, all of whom contribute their expertise in the public interest. The program is supported by state transportation departments, federal agencies including the compo- nent administrations of the U.S. Department of Transportation, and other organizations and individuals interested in the development of transportation. www.TRB.org www.national-academies.org
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