The Revenue Sharing Program leverages local funds with state funds to complete priority transportation projects that would otherwise be left undone. Local governments match state funds in the Revenue Sharing Program on at least a 1:1 basis, improving two times the level of transportation projects compared to traditional investment by the Commonwealth.
VACo members – please contact your Conferees to support Budget Item 453 #3s, which provides $189 million in each year of the biennium, maintaining level funding for Revenue Sharing Program.
This program is extremely important for many localities in the Commonwealth. In FY 2016, 82 localities received a total of $189.1 million for their projects. In FY 2017, 91 localities have submitted requests for over $218 million.
The Governor’s proposed budget decreases Revenue Sharing funds from $189 million in the current fiscal year to $150 million in FY 2017 and $100 million in FY 2018. This is consistent with the most recently approved Six Year Improvement Program, which contemplates declining Revenue Sharing funds over the course of the Plan.
It is important to support continuing the Revenue Sharing Program at its current level, and allow localities to continue to partner with the Commonwealth to achieve shared transportation goals.
VACo Contact: Beau Blevins