In addition to the estimated toll revenues tables 18 and 19 also show the combined debt service, maintenance, and operating costs for the system as a whole and separately for each of its 75 sections, for the year 1960 and for the period 1945-60, respectively. Relations of sectional and total revenues and costs are also indicated by solvency or operating ratios.
Table 18 shows for the year 1960 a deficit of $100,017,350, with a corresponding solvency or operating ratio of 45.7 percent.
Table 19 shows for the period 1945–60 a deficit of $1,790,625,411 with a corresponding solvency or operating ratio of 39.2 percent. In both tables 18 and 19, the 75 sections are arranged in the descending order of the solvency or operating ratios; and their order on the basis of traffic volume is indicated by the serial numbers in column 2.
It is to be noted that the indicated deficits, which are believed to be minimum values, occur for the system as a whole, notwithstanding the use of a liberal estimate of initial use of the toll roads in 1945 and a liberal rate of annual increase of the toll-paying traffic—a rate substantially greater than the estimated general rate of increase in all motor-vehicle traffic.
It may be argued that, since State gasoline taxes have been justified as charges for road use, such tax earnings should contribute to the support of the system of toll roads in proportion to the gasoline consumed on them. Assuming gasoline tax earnings at 0.28 cent per mile for passenger cars and 0.56 cent per mile for trucks and busses the average annual earnings in the period 1945-60 would amount to $15,270,000. Should it be found possible to credit this amount to the toll system it would make no important change in the conclusions reached since the average annual deficit for the entire system would be reduced by only about 14 percent.
From the fact that the system as a whole shows the above-noted deficits, it does not necessarily follow that all sections would show a deficit, since the various sections operate under different relative conditions of first cost, annual cost, and annual revenue. However, examination of the data presented in table 19, particularly the solvency or operating ratios in column 9 and the accumulated ratio in column 13, shows that there is no section or combination of sections that has a solvency or operating ratio above 93.8 percent for the period 1945–60. In the year 1960, table 18 indicates that four sections cumulatively might earn a slight excess of revenue over costs.
It is here to be observed, however, that, in general, unless the various sections and groups of sections form parts of a larger connected toll system the previously estimated toll-paying traffic may not be realized.
Finally, therefore, it is concluded:
That, since a liberal estimate of revenue for the period 1945–60 is less than 40 percent of a conservative estimate of debt service, maintenance, and operating costs for the same period, a toll system on the roads selected as directed in section 18 of the act of June 8, 1938, is not feasible.
