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CVTA finance committee discusses reporting gaps, statutory transit funding requirement; refers reserve-access policy to TAC
Summary
The finance committee reviewed CVTA project and locality reporting requirements, considered how to verify a statutory 50% local transit funding floor, and voted to send a study of rules for tapping reserve funds to the TAC for development.
Members of the Central Virginia Transportation Authority finance committee reviewed gaps in quarterly project reporting, discussed the authority’s statutory duty to monitor certain local transit funding levels and voted to refer a policy proposal on accessing the authority’s working capital reserve to the Technical Advisory Committee for study.
Staff explained that jurisdiction reimbursement requests currently include vendor and contractor invoices but do not consistently include the quarterly project reports (project schedule updates, a standardized…
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