Henrico County requests fund shifts for Fall Line Trail project segments

The Central Virginia Transportation Authority (CVTA) Finance Committee convened on July 9, 2025, to discuss several key agenda items, including funding allocations and updates on local transportation projects.

The meeting began with a discussion on compliance with code and reporting requirements for transportation projects. Committee members emphasized the importance of ensuring that all projects meet these standards, as highlighted by previous discussions regarding certification processes.

A significant topic was the development of a deallocation policy for funds that are not utilized within the designated timeframe. This policy aims to address situations where allocated funds for projects do not receive necessary matching funds or cannot be fully funded by localities. The committee is currently reviewing this policy, which is expected to streamline the management of unspent funds.

Next, the committee reviewed a request from Henrico County to shift regional fund allocations among several projects related to the Fall Line Trail. The total funding amount of $35.8 million will remain unchanged, but the county seeks to redistribute these funds to ensure the timely progress of construction. The proposed shifts include reallocating funds among various phases of the Lakeside Community Trail and Longdale Trail. The committee unanimously supported the motion to recommend approval of these changes to the full CVTA.

The meeting also included a debrief on the Chesterfield Transportation bond process. Mr. Harris provided insights into the bonding experience, noting that the local market responded positively, with significant oversubscription of bond orders. The successful bond issuance will allow Chesterfield to allocate a substantial portion of its funds to pay-as-you-go projects, enhancing its financial flexibility for future capital needs.

In conclusion, the CVTA Finance Committee's meeting highlighted ongoing efforts to optimize funding allocations and improve project management within the region. The committee's recommendations and discussions will be forwarded to the full CVTA for further consideration, ensuring that local transportation initiatives continue to progress effectively.