The Central Virginia Transportation Authority on Jan. 31 adopted an updated Regional Project Selection and Allocation Framework, approved a working capital reserve funding strategy and cleared a slate of administrative items that set the timetable and financing approach for the authority's next regional funding round.

The framework update — which the authority’s technical advisory committee drafted and staff presented — clarifies off‑cycle funding requests, adjusts scoring for transit projects, formalizes deallocation procedures and expands the application timeline for the next funding cycle. "The regional project selection allocation framework is something that we have had in place since the beginning of the organization," CBTA staff member Justin Parsons told the authority during his presentation, noting the changes respond to lessons learned across earlier rounds.

Why it matters: The framework governs how the authority evaluates and awards money from the Central Virginia Transportation Fund (CBTF), the account where the region's tax revenues are deposited. Staff told members the update aims to improve scoring fairness for transit projects, create a predictable method to consider off‑cycle funding requests, and give applicants more time to adjust applications before final recommendations.

Key details: The authority staff reported estimated CBTF revenues of about $247 million per year (a projection used in the packet) and that 35% of the fund — roughly $518 million under the December projections cited by staff — is set aside for the regionally significant project pot governed by the framework. Staff said transit scoring will use a modified criteria set that includes a transit‑specific safety goal and an activity‑center connectivity metric. Off‑cycle requests will be submitted to the executive director, validated by staff and reviewed by TAC on a case‑by‑case basis.

Staff also presented changes intended to create more time and a better feedback loop during application scoring: the Round 4 application window will open July 1 (earlier than prior cycles), add an extended review and revision period for applicants, include public review in January–February and culminate in authority action in February–March.

Other action items the authority approved at the meeting included:

Votes at a glance
- Remote participation authorization: The authority approved remote participation for Barbara Nelson (Virginia Port Authority) on grounds her primary residence is more than 60 miles from the meeting location. Motion carried.
- Meeting minutes: The authority approved meeting minutes for Nov. 15, 2024 and Dec. 5, 2024. Motions carried.
- Regional Project Selection and Allocation Framework: Motion to approve the redlined and final framework carried. The framework formalizes off‑cycle requests and deallocation references to the authority’s previously adopted deallocation policy.
- CBTA Round 4 application process: The authority approved the Round 4 application process (timeline and milestones) with the earlier July 1 application opening and expanded revision windows. Motion carried.
- GRTC annual certification: The authority accepted the GRTC certification package (signed certification, supporting documentation and audit) and approved the certification report. Motion carried.
- PFM task order (financial advisory services for bond‑validation): The authority approved Task Order 2 for PFM to support the bond validation proceeding and authorized a fee range of $30,000 to $60,000, with staff noting expectation that actual costs will likely be toward the lower end of the range. Motion carried.
- Working capital reserve strategy: The authority approved a strategy to formalize a working capital reserve (baseline equal to about three months of regional CDTF funds, approximately $18 million under the stated policy) and directed monthly and annual reporting to the finance committee and full authority. Motion carried.

Funding and finance notes: Staff recounted that the authority had roughly $11.6 million in investment interest earnings at the end of fiscal 2024 and described how those earnings were allocated after a September directive: $1.5 million to fund wayfinding implementation for the Fall Line Trail (signage and wayfinding for the 43‑mile corridor), $5.05 million to establish the working capital reserve and $5.85 million to regional projects to be determined. Staff said the existing standardized project agreement template will be used to reimburse localities for wayfinding costs tied to the Fall Line Trail and that each locality will receive a CBTA project ID and an assigned budget number for reimbursement.

SmartScale and regional results: Staff highlighted that SmartScale Round 6 recommendations favored projects from the Richmond region and that project applications from the region performed strongly; staff cited staff‑level comments that regional partnerships and the leverage provided by CBTA contributed to the success. Parsons and other speakers cited the region having roughly 65 applications included in the SmartScale cycle and roughly $338 million recommended in funding — figures presented by staff as results from the state cycle.

What the authority directed next: Finance committee will oversee implementation of the working capital reserve approach, with the executive director and the fiscal agent expected to provide monthly investment‑earnings tracking and an annual June 30 update. For off‑cycle requests, staff emphasized the process is intentionally flexible; the board discussed expectations around allowing at least several weeks' notice for requests but did not set a fixed statutory deadline.

Context and next steps: With the Round 4 schedule approved, staff and localities will begin work under the new timeline. Staff also said bond‑validation materials are being prepared by bond counsel and the financial advisory team (PFM) and will next be reviewed by the finance committee prior to court filing. The authority also welcomed Lauren Shepherd as a new chief finance administration contact for PlanRVA during the meeting and noted coordination with Commonwealth Transportation Board members on pending legislation that would add CBTA to statutory protections for members and staff.

Ending: The authority concluded the meeting after agency reports and member remarks at 10:16 a.m.