DALLAS — Amid a continuing plunge in revenues, transportation planners in the Phoenix area are cutting nearly $7 billion from a $16 billion freeway program financed through revenue bonds.

At a meeting of the Regional Council of the Maricopa Association of Governments Wednesday, planners said they expected a $6.6 billion shortfall in revenues over the next 15 years. That led to a decision to cut the existing freeway improvement program from $16 billion to $9.4 billion, a 41% reduction.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.