The Minnesota Department of Transportation received a striking loss of $155 million in its highway returns due to the COVID-19 pandemic. | Image Source: pxhere.com
The Minnesota Department of Transportation received a striking loss of $155 million in its highway returns due to the COVID-19 pandemic. | Image Source: pxhere.com
The Minnesota Department of Transportation (DOT) received a striking loss of $155 million in its highway returns due to the COVID-19 pandemic, records reveal in a press release.
The losses due to the pandemic made the Minnesota Department of Transportation’s freeway assets drop. Reports prognosticate that the damages will increase by the end of the year.
However, the department previously concluded that the losses would be higher than they turned out to be. After the beginning of the coronavirus, the DOT renewed its assessment for the years 2020 and 2021 in May.
The new forecasts showed that the department would see a 20% reduction 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.
According to the press release, the department observed an estimated 10% hit from April to October of this year. That was significantly less than $155 million.
Alerts Sign-up