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Central Virginia Transportation Authority finance committee approves administrative accounting changes, recommends FY27 budget
Summary
At its April 8 finance committee meeting, the Central Virginia Transportation Authority approved administrative adjustments to FY26 to apply an indirect cost rate and a 10% managed services fee and recommended the FY27 operating budget to the full authority; the committee set a public hearing for April 24.
On April 8, the Central Virginia Transportation Authority finance committee voted to approve administrative adjustments to its FY2026 budget that apply an indirect cost rate to CVTA staff compensation and a 10% managed‑services fee to certain executive salaries, and recommended the FY2027 administrative and operating budget to the full authority.
Mister Parsons, a CVTA staff member leading the finance update, told the committee that the adjustments are intended to align the authority’s accounting with the agency memorandum of understanding (MOU) with PlanRVA and to correct items that were not previously assessed. "We are proposing the first piece, which is applying the PlanRVA indirect rate against the compensation costs of the staff exclusively supporting CVTA," Parsons said. "The…
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