Price of "Big Dig" holding at $14.625 billion

News Boston Globe October 01, 2003
Printer-friendly version

Over $14 billion and holding

Over $14 billion and holding. According to the Boston Globe, the cost of the "Big Dig"--$14.625 to be exact--is not expected to increase significantly. The news comes after the Massachusetts Turnpike Authority submitted its latest finance plan to federal officials.

The finance report is required following the major cost overruns on the project dating back to 2000, and rebuts a finding by outside auditors earlier this month that the project insurance accounts were short by $40 million.

Matthew Amorello, chairman of the MTA, believes the insurance report is based on flawed methodology. The issue surfaced from a reclassification of insurance coverage on the project. Big Dig Spokesman Sean O'Neill said the classification of the project moved from a "worst-case" to a "best case" scenario because it is now 90% complete.

Eric Fehmstrom, a spokesman for Massachusetts Gov. Mitt Romney, said the $40 million insurance issue was flagged at the time because of a legal obligation to keep close tab on the project's enormous cost as it relates to the issuance of state bonds.

Overlay Init
Price of "Big Dig" holding at $14.625 billion | Roads & Bridges


The website encountered an unexpected error. Please try again later.