State budgets across the country are reflecting big commitments to infrastructure. Builds long in need of attention are kicking off—and so too are ambitious visions. Kentucky’s no exception: leadership has passed a 2022-2024 state budget that invests in infrastructure of all kinds—and a plan to attract more businesses for long term success.
Solutions that go beyond patching the cracks are high on everyone’s radar these days—and so is patching the cracks. Coming off “the greatest year for economic development in the state’s history,” Kentucky plans to keep builders busy. The Tribune Courier reports that the new budget is focused on “making game-changing investments in infrastructure — like high-speed internet, cleaner water, roads and bridges — while making it easier for emerging businesses to move to Kentucky.” Specific highlights of Kentucky’s budgetary commitments include:
Water and Sewer Improvements
Over the next biennium, $250 million will go to support the Better Kentucky Plan’s Cleaner Water Program and provide clean drinking water and new sewer systems to Kentuckians.
Advancing Major Transportation Projects
The budget makes a historic investment of $250 million from the General Fund for Major Transportation Infrastructure Projects. Specifically, this is targeting three projects: the Brent Spence companion bridge project, the I-69 Ohio River crossing in Henderson and the completion of the Mountain Parkway expansion project. The one-time funds are meant to give Kentucky the flexibility to meet state match requirements for expected federal grants.
With states across the country leveraging federal dollars, there are bound to be plenty og public builds taking off in your area too. Position your business to dig in on civic works by securing a surety line of credit—in writing. That’s what The Partnership Account for Contractors® from Colonial Surety provides. As a direct underwriter of bonds based on the strength of financial statements, we give builders power of attorney to issue their own bid bonds. Plus, our complimentary services give builders direct access to performance and payment bonds on a customized dashboard, real time tracking of bids and work on hand, and, immediate access to Colonial’s lead underwriter as new opportunities emerge. Let’s get you going today. Just complete the brief pre-qualification for your written surety-line of credit and The Partnership Account® services today—and receive, for free, Dun & Bradstreet scores.
Building for Broadband
Expanding access to high-speed internet is high on the priority list for states across the country—and federal funds are available through the Infrastructure Investment and Jobs Act too. Kentucky’s budget illustrates how dollars are coming together to make more happen:
The budget directs an additional $100 million from the federal infrastructure bill and more than $2.3 million in state funds over two years to support the expansion of high-speed internet and, for the first time, the creation of the Office for Broadband. Last session, through a bipartisan agreement, Kentucky’s Broadband Deployment Fund launched, which included $300 million in state funds to address the connectivity needs of unserved and underserved communities. Combined with at least 50% required matching federal investments, a minimum of $600 million will support broadband expansion in Kentucky, creating more than 10,000 direct and indirect jobs.
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