CVTA finance committee recommends Round Four allocations plan to full authority; approves project agreement and budget hearing advertisement

The Central Virginia Transportation Authority Finance Committee on March 11 recommended the Round Four allocations plan to the full authority and took several related actions, including approving a project agreement for a county turn‑lane project and authorizing the FY27 budget public comment period.

Mr. Carson, presenting the Round Four allocations plan, summarized a multi‑year table that "is a depiction of all of the regional funding that is being provided by the CBTA from 2020 through today," explaining the table shows each project sponsor, the administering party and the fiscal‑year phasing for design, right‑of‑way and construction. He said the plan will serve as a blueprint for roughly the next two years and noted that FY27 balance is “relatively small,” limiting short‑term flexibility.

Committee members asked how projects can be accelerated and staff answered that acceleration typically requires a locality to substitute funding from another project, or in rarer cases use balance entry or interest income to cover a near‑term need. Mr. Carson said interest income and schedule changes have been used previously to address timing shifts.

The committee voted to recommend the Round Four allocations plan to the full authority at its March 27 meeting. Roll‑call responses were recorded from the participating localities and the motion carried.

The committee also considered project agreements and programmatic actions. Mr. Padunisk described TAC recommendations including a SPA submitted by Palatan County for a Stave Mill Road project and explained Chesterfield County had asked to divide a Route 60 project into sections and carry forward the same $22.1 million in regional leveraging to improve benefit‑cost scoring. "We didn't feel like Chesterfield was trying to game the system or take advantage in any way," Padunisk said, adding TAC considered the request to be consistent with the spirit of the leveraging policy.

Staff presented a draft project agreement from Potan County for CBTA project 19 (a Stave Mill Road turn lane) and said the project had about $1.8 million in regional funding. The committee recommended approval of that project agreement to the full authority and the motion passed.

On the FY27 administrative and operating budget, staff asked the committee to authorize advertisement of a 15‑day public review period from April 9 through April 23 and a public hearing on April 24. The committee moved, seconded and approved initiating the advertisement.

Votes at a glance: - Recommendation to full authority: Round Four allocations plan — motion passed (Finance Committee); provenance: Round Four presentation and motion (Segs 364–476). - Project agreement: Potan County (CBTA project 19, Stave Mill Road turn lane) — recommended to full authority; regional funds cited at roughly $1.8 million (Segs 486–516). - FY27 budget: authorize advertisement of public comment period April 9–23 and hearing April 24 — approved (Segs 327–361). - Minutes: approval of Feb. 11 and Feb. 27 minutes — motions passed; one abstention recorded on Feb. 27 minutes (Segs 044–061).

Why it matters: The Round Four allocations plan organizes regional funding commitments and sequencing for projects across jurisdictions; committee endorsement sends the plan to the full authority for formal approval. Committee discussion reinforced that timing changes are possible but typically require local funding substitutions or use of contingency/interest income, and members urged better communications to show how allocations support pedestrian and multimodal investments.

The Finance Committee set its next meeting for April 8 at 9 a.m. in the boardroom.