David Nicklaus at the Post-Dispatch has a great find with the recent warning from Fitch about the Lake Ozark Community Bridge’s rating. Because I have probably written and spoken about this bridge as much as anyone in Missouri during the past two years, I’d like to share some thoughts. For one, the issue of increasing toll charges is similar to the issue of raising fares on mass transit, in that $3.50-a-gallon gas is changing the equation.
The first commenter over at Mound City Money stated that if the toll is raised, he will avoid the bridge. Really? So, if the toll is raised to, say, $3.50 from $2.50, that extra buck will cause you to add 45 minutes to your trip? Really? Even if we take out the value of your time, the added driving will at a minimum use up an extra gallon of gas, at an extra price equal to the toll. So you’d be at best dead even (and worse-off in many cars) without considering the value of the 45 minutes you previously saved. I have to think that it sounds perfectly reasonable to increase the toll to the level that the ratings agency is calling for.
The decrease in Lake Ozark bridge traffic can pretty clearly be attributed to the decrease in overall traffic at the lake, as the second Mound City Money commenter notes, and as we saw earlier this year in articles about sales tax collections in the Lake Ozark area (I remember reading them, but am unable to locate them online right now). To find someone who has chosen to reduce his time boating at the Lake this year because of high gas prices, I only have to walk down the hall to my boss’ office.
I say they should raise the bridge toll by $1 in season and 25 cents out of season. I doubt that would have any serious effect on traffic. Or, better yet, just lease the entire thing to a private company and make the bonds an entirely private matter …
