DOT Deficit Put At $1.2 Billion

Morris News Service

(6/18/08) The state Department of Transportation faces a $1.2 billion deficit by the time the current spending year ends June 30, officials say.

State auditors told the state DOT Board that they uncovered a deficit of nearly $839 million through March 31. DOT Commissioner Gena Abraham said the agency estimates that the year-end shortfall will be more than $1.2 billion.

Some board members said the deficit was largely an accounting problem. Officials say they believe a series of complex financial transactions approved by the board at Wednesday's meeting will solve the problem.

"Our intent is to get to zero," Abraham said. "Do I promise we'll get to zero? No, sir, I won't."