The Central Virginia Transportation Authority at its meeting approved the FY26 local allocation plan, certified last year’s local expenditures and ratified a Chesterfield County project agreement for the Busy Street Extension, board members said.

The authority’s executive director provided a brief update on the bond evaluation process and presented the FY26 local allocation plan — the planning document localities use to identify projects for the 50 percent local share of CBTA tax revenues — noting the packet reflected the finance committee recommendation. After a brief description from staff and an opportunity for localities to amend line items during the fiscal year, the board voted to adopt the plan.

The body also approved the FY25 annual certification of local expenditures, which staff described as the compilation of locality sign-offs that show funds distributed under the statute were used for authorized purposes between July 1 and June 30. The executive director summarized that the certification pages match the year-end table of actual expenditures included in the packet.

Board members next considered a Chesterfield County project agreement to formalize the reimbursement process for a regional award to the Busy Street Extension. Staff said Chesterfield would administer the project and that the agreement had been reviewed by the TAC and finance committee. Miss Curl moved to approve the agreement; the motion was seconded and the board approved it by voice vote.

“We are now over $1,000,000,000 in tax revenues,” the executive director said, noting the authority’s fiscal reports show the region has crossed the billion-dollar threshold in CBTA collections. He added that interest income of about $17,000,000 is currently available for consideration and that finance discussed developing formal guidelines for how to use that income.

Finance committee members emphasized the quality of the authority’s financial reporting and fiscal-agent work and discussed whether to allocate interest income directly to projects or to invest portions in longer-term instruments to match project timing. Staff said it will work with PFM on a task order to produce a tool showing point-in-time capital available for reinvestment, excluding committed regional project funds and working-capital reserves.

The board took the approvals by voice vote. No recorded roll-call tallies were provided in the meeting transcript; members indicated approval with vocal assent.