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TAC sets aside $5.05 million of FY24 interest earnings to balance entry after discussion on allocation
Summary
The TAC voted to place $5,050,000 of fiscal-year-2024 interest earnings into the regional project balance entry to provide a conservative contingency for rising project costs; members discussed alternatives including targeted allocations to Smart Scale candidates and rural localities.
The Technical Advisory Committee voted to set aside $5,050,000 from FY24 interest earnings into the regional project balance entry to help cover project cost increases and provide a contingency for projects that face higher-than-expected bids.
Staff reported the authority had previously placed $5,850,000 from FY24 interest earnings into a set-aside for regional project development; the current exercise was to recommend a specific allocation of available interest earnings. Chet presented three alternatives for the TAC: 1) move the funds into the regional project balance entry to cover cost overruns on projects already underway; 2) allocate the funds to supplement specific regional projects that are Smart Scale candidates but have remaining funding needs; or 3) allocate the funds to new, smaller regional projects or planning activities (projects typically under $5,000,000). Chet cautioned that option 3 likely would not deliver a full construction phase for larger projects and would be useful mainly for discrete phases or planning work.
Several members, including Amy and others, asked that TAC consider rural-jurisdiction needs and whether a portion should be earmarked for smaller counties. Discussion also covered whether Powhatan’s US‑60 intersection project and other Smart Scale candidates might be good uses of the funds. After debate, Sharon Smidler (Henrico) moved to set aside $5,050,000 to the balance entry and a second was recorded; the motion passed by voice vote with multiple ayes and one abstention (Amy). The motion instructs staff and the finance committee that the balance-entry approach is the recommendation to the authority, while still allowing future adjustments and targeted allocations as priorities are refined.
Clarifying details: staff noted the set-aside figure discussed earlier in the packet was $5,850,000 from FY24 interest earnings; the motion that passed specified $5,050,000 to be placed in the regional project balance entry. TAC members asked staff to consider rural allocations or a distribution approach, but no dollar-per-jurisdiction allocation was adopted at TAC; members suggested that the finance committee could revisit rural allocations and other targeted uses.
