More than $70 million in local transportation projects escaped Gov. Mitt Romney's veto pen Tuesday - but don't expect to see the money any time soon.

Romney struck nearly $50 million from the Legislature's $2.5 billion Transportation Bond Bill, but left intact all of its major North Shore projects -- including a new Route 128 overpass in Beverly and parking garages near commuter rail stations in Salem and Beverly.

Sen. Fred Berry, D-Peabody, who was instrumental in getting the garages and overpass into the bill, said the governor's signature was an important first step.

"Both of these things have been on the radar screen for a long time," Berry said. "I'm optimistic that we're looking to the next few years."

But just because the projects are on the list doesn't mean they will be funded. The bond bill is little more than a transportation wish list compiled by the Legislature.

Ultimately, Romney and future governors will determine whether each project is funded. By law, the state can spend just over $1 billion each year for capital projects. The wish list currently stands at $10 billion, meaning that few of the projects will receive the governor's approval in the near future.

Romney cautioned this week that the state cannot afford to fund anywhere close to all of the projects on the list and said he is committed to spending "well less than half" of the total amount authorized.

"This bond bill has serious flaws," he said in a letter to the Legislature, adding that the bill approved "over a billion dollars worth of projects that have not undergone adequate review and prioritization."

Still, Romney's approval is seen as a significant step forward for several local projects which could not have been funded had he cut them from the bill.

Material from the Associated Press and the State House News Service was used in this report.