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CVTA staff proposes using interest earnings to supplement existing regional projects; members suggest waiting for SmartScale results
Summary
Staff proposed allocating $5.05 million set aside for regional projects to supplement existing approved projects (balance-to-complete) rather than fund entirely new candidates; members recommended waiting for SmartScale results in January before final allocation.
Staff presented options for allocating the CVTA’s recently reserved interest earnings and recommended prioritizing supplemental funding for existing approved regional projects rather than funding entirely new candidates.
Chet (staff) summarized the prior authority decision allocating interest earnings: “1 and a half million to the wayfinding implementation, $5,050,000.00 to initially fund the working capital reserve, and then our discussion point today is the other $5,050,000.00 was set aside to fund regional projects,” he said. Staff proposed the preferred approach would be to use the $5.05 million to supplement projects already through due diligence and approved in prior rounds, with a secondary option to consider previously unsuccessful candidate projects.
Members debated priorities. Some favored concentrating limited funds on projects closest to construction to help them reach completion; others suggested waiting for SmartScale results (expected in January) because scores and the subsequent consensus scenario could change where local leverage is most effective. Sarah (staff) said the committee could export SmartScale submission data and that the technical committee could provide prioritized guidance to CTB members when the consensus scenario is developed.
Members asked staff to provide an export of SmartScale submittals and to keep the working-capital allocation on the agenda so the committee can revisit after SmartScale results are released. No formal allocation decision was made at the meeting; staff will return with more analysis and updated options.
