Study: OC Toll Roads Financially Shaky

Orange County toll road finances are too precarious to proceed with plans for an extension of the 241 from Oso Parkway to Cow Camp Road in San Juan Capistrano, a California think tank study asserts.

Citing looming debt payments and a risky refinancing plan, the Pacific Research Institute analysis warned that moving forward could indefinitely saddle Orange County drivers with some of the highest tolls in the nation.

The study, co-authored by Donna Arduin, who served as former Gov. Arnold Schwarzenegger's budget director, recommends the Transportation Corridor Agencies shelve the Tesoro extension until the state can audit the finances.

“Given the demonstrated inability of the [Transportation Corridor Agencies] boards to manage risk, the state or another third party should review the finances and operations of the toll roads and evaluate alternative governance structures and transportation plans,” Arduin said in a statement on the PRI website.

A Toll Roads spokeswoman disputed the findings in an interview with the Los Angeles Times:

Tollway officials said the issues raised by the new study are “old news regenerated by some of the same opposition groups” to TCA projects. They noted that the operation has a quarter million riders daily, earns about $200 million in annual revenue and has not missed a debt payment.

“We’ve had clean opinions on all our independent audits since the TCA was formed in 1986,” said Lori Olin, a spokesperson for the corridor agencies.

Toll roads have been controversial in Orange County of late.

Despite the lagging revenue for the toll roads in south Orange County, the Orange County Transportation Authority recently proposed adding a toll lane to the San Diego (405) Freeway from Seal Beach to Fountain Valley. Cited by the county as a method for relieving traffic on the 405 and encouraging ride sharing, the proposal was roundly opposed by city leaders in Seal Beach, Los Alamitos, Rossmoor and Fountain Valley.