On July 19, the Commonwealth Transportation Board (CTB) approved revisions to the Revenue Sharing CTB Policy and Guidelines. A subcommittee appointed by CTB considered comments from various stakeholders, including VDOT District Staff and Local Governments.
The entire document, entitled “Revenue Sharing Program Guidelines,” may be found at this link: http://www.virginiadot.org/business/resources/local_assistance/Revenue_Sharing_Program_Guidelines.pdf.
Here are some of the highlights contained in the “Guidelines”:
- The total funds available each fiscal year for revenue sharing will be determined by the CTB. The maximum annual allocation will be $200 million, with the minimum allocation being $15 million.
- A locality may apply for a maximum of $5 million in matching allocations per fiscal year ($10 million on a biennial cycle) and the maximum lifetime matching allocation per project is limited to $10 million.
- Priority will be given to projects that meet a transportation need identified in the Statewide Transportation Plan (VTRANS) or to projects that can accelerate advertisement of a project in a locality’s capital improvement plan
- Construction and maintenance projects will be evaluated and prioritized for funding as follows:
– Priority 1 – construction projects that have previously received Revenue Sharing Funding as part of Program application process.
– Priority 2 – construction projects that meet a transportation need identified in the Statewide Transportation Plan (VTRANS) or when funding will accelerate advertisement of a project in a locality’s capital improvement plan.
– Priority 3 – projects that address deficient pavement resurfacing and bridge rehabilitation.
– Priority 4 – All other eligible projects.
- A locality must commit to its matching fund allocations at the time its application for funding is submitted. A resolution from the locality which includes its commitment to fully fund the project is also required.
- The local matching funds must be collected prior to the beginning of work.
The next application cycle for Revenue Sharing projects will begin August 1 and will be for a two-year cycle. Counties will receive an official invitation to apply for Revenue Sharing Program funding in the upcoming weeks. Contact Julie Brown (Julie.Brown@VDOT.Virginia.gov) or Debbi Webb-Howells (804.786.1519 or Debbi.Webb-Howells@vdot.virginia.gov) with questions about revisions in the Revenue Sharing Program.