As traffic volumes increase over the U.S. transit infrastructure, the condition of roads, bridges and public transportation systems continues to decline. State and local officials are well aware of these issues in their jurisdictions. Nearly half (49%) cite the need to modernize their transportation infrastructure, according to a new Governing Institute survey of 166 public sector leaders. These infrastructure areas require big-ticket — and potentially high-risk — projects undertaken by state and local authorities. Download this paper for an examination into the financial challenges of state and local infrastructure modernization projects and to learn strategies for maintaining financial integrity while capitalizing on the right mix of funding sources.