Innovative Capital Stacks: Ballot Measures for Local Infrastructure Investment

Ballot Measures: Overview

In many cases, federal funds, like those authorized by the infrastructure law, may not be enough to cover the costs of needed investments or are contingent on matching dollars from non-federal sources; to meet this need, many local leaders are exploring ways to tap into new and existing funding sources, including ballot authorized revenue streams.

Locally authorized funding and financing mechanisms, like those approved via ballot measures (also known as referenda or referendums), can form a critical part of the capital stacks for local infrastructure portfolios. Similar to other forms of locally sourced funding, funding authorized by these means can be leveraged with formula and discretionary grants to advance projects.

In 2024, the Eno Center for Transportation tracked 120 transportation ballot measures, of which 75% passed, consistent with the rate of support of previous years. Transportation funding measures on the ballot in 2024 included authorizations of bond financing and tax provisions, all of which would provide funding to go towards an array of infrastructure projects.

If a community is not in the habit of voting for a regular bond package or millage, then pursuing a ballot measure may seem like a daunting task given the political, economic, and legal considerations. This Local Infrastructure Hub resource is intended to provide local leaders with an introduction to ballot measures, specifically those geared towards financing capital, operating, and maintenance costs for infrastructure, and hopefully encourage more local leaders to consider this important tactic for accelerating local infrastructure investment.

This resource uses three successful ballot measure campaigns from 2024 to illustrate the process and identify keys to success:

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