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Highway Funds—
(Continued from Page 1) road-building revenue, produced $129,469,000, topping the estimated $126.3 million by 2.5 per cent.
It was the second successive year in which highway income had fallen below estimates chiefly because the sales and use tax, with which the State had no prior
experience, didn’t yield as much! money as anticipated.
In 1966-67, the year-end deficit amounted to $7.9 million, half of which was covered by the State Highway Commission before it made allocations for 1968-69. Hie original $7.9 million deficit was further reduced by savings in the maintenance budget and unspent balances from other State agencies which rely partly or in full on road-use taxes for support.
Thus, the present deficit, including the $2.3 million resulting from the fiscal year just ended, amounts to $5.6 million.
The amount will have to be repaid by the Commission before it makes further allocations to the various highway systems, reducing the sum that will be available for construction projects.
In another step toward adjustment, the amount estimated to be available from the motor vehicle sales and use tax during 1968-69 has been reduced to $21 million.
Net revenue from all State sources for the highway program last year totaled $196.9 million. The principal sources, besides the gasoline and sales and use taxes, are the motor vehicle license, title registration and operators’ permit fees.
In addition, Virginia received $125.2 million in federal funds during the past year, the bulk of which was earmarked for interstate construction projects.
86.9%