Virginia Passenger Rail Authority adopts FY2026 budget and $461 million Q3 management reserve

The Passenger Rail Authority, Virginia, approved a fiscal 2026 budget and a $461,000,000 third‑quarter management reserve after staff presented updated revenue forecasts and budget rebaselining.

Authority staff presented the FY2026 financial plan and Q3 updates during the open session, saying total new revenue sources increased by $97,000,000 and that net positive adjustments left a $285,000,000 net spread that would be added to the management reserve. The board then voted to adopt the FY2026 budget and separately approved the Q3 management reserve balance of $461,000,000.

Why it matters: the budget and reserve decisions set funding priorities as the authority moves major corridors into construction and firmed up costs for projects that are moving from design to construction. Board approval authorizes the authority to spend against the adopted FY2026 plan and to carry the management reserve as its principal risk‑mitigation buffer.

Staff presentation and key changes Ms. Perry, the staff presenter, said the authority recorded increases across several revenue lines in the Q3 update, including a $22,000,000 upward revision tied to I‑66 toll financing, a $37,000,000 gain from Commonwealth tax‑based estimates, and roughly $26,000,000 in additional investment…