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CVTA finance committee reports stronger-than-expected interest earnings; working capital reserve nearing goal
Summary
Central Virginia Transportation Authority staff told the finance committee that investment interest has boosted the authority’s working capital reserve ahead of earlier projections and proposed adding a projection line to future reports.
Central Virginia Transportation Authority finance staff reported Feb. 12 that investment interest has accelerated the authority’s progress toward a previously set working capital reserve, and members discussed adding projected versus actual lines to future financial reports.
The finance committee heard from Executive Director Chet Parsons that the board in September adopted an initial set‑aside of $5,050,000 for a working capital reserve and that interest income over the first five months of the fiscal…
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