The Minnesota Department of Transportation took a significant loss of $155 million in its highway revenue due to the COVID-19 pandemic. | Pixabay
The Minnesota Department of Transportation took a significant loss of $155 million in its highway revenue due to the COVID-19 pandemic. | Pixabay
The Minnesota Department of Transportation (DOT) took a significant loss of $155 million in its highway revenue due to the COVID-19 pandemic, according to Finance&Commerce.
The pandemic-related losses in the crucial revenue sources made the Minnesota Department of Transportation’s proposed highway income drop significantly. Reports predict that the losses will increase by the end of the year.
However, the department expected the losses to be more than they were. After the start of the COVID-19 crisis, the DOT updated its estimate for the years 2020 and 2021 in May.
The new estimates showed that the department would see a 20% decline which adds up to $300 million in the Highway User Tax Distribution Fund.
Meanwhile, it’s been “a little less bad than forecasted,” the DOT Budget Director Josh Knatterud-Hubinger said during the Transportation Alliance’s annual meeting on Nov. 12.
The department saw an approximately 10% hit from April to October of this year. That was a little less than $155 million.
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