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CVTA staff reports tax revenue milestone, previews bond‑issuance planning
Summary
CVTA staff told the finance committee the working capital reserve will be fully funded by next month and that regional tax receipts will top $1 billion by June. Staff also outlined responsibilities for TAC and a finance directors working group as the authority explores bond issuance and next regional funding rounds.
Central Virginia Transportation Authority staff reported May 14 that the working capital reserve is on track to be fully funded by the June meeting and that regionwide tax receipts will surpass $1 billion by that time.
Mister Parsons, CVTA staff, highlighted those milestones while presenting the tax collections and allocation report and said the finance team and fiscal agent are monitoring interest‑rate conditions for investment decisions. "By the time we get together in June, we will have surpassed a billion dollars in tax revenues for the region," Parsons said.
Staff also previewed ongoing work on potential bond issuance. Parsons described parallel responsibilities for the Technical Advisory Committee (TAC), finance directors' working group and the finance committee: TAC will identify project priorities and provide project estimates and schedules; finance directors will prepare regional budget snapshots and develop funding‑need projections by year; and the finance committee will review the combined products, consult bond counsel and financial advisers, and develop final bond package recommendations for the authority.
Parsons said the finance directors will meet imminently with bond counsel and financial advisers to align on guardrails, costs of issuance and how a bond issue would affect future bonding capacity. Staff emphasized that this is an informational update; no action was requested or taken on bond issuance at the finance committee meeting.
The committee scheduled its next meeting for June 11, 2025.
