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Commonwealth Transportation Fund (CTF) Fiscal Years 2025 – 2030 Six-Year Financial Plan Overview

At the June 17 meeting of the Commonwealth Transportation Board (CTB) the board was given an update of the Commonwealth Transportation Fund (CTF) Six-Year Financial Plan (SYFP).  At the same meeting, the CTB was presented with the FY 2025 budgets for the CTF and various transportation agencies. On June 18, 2024, the Commonwealth Transportation Board (CTB) unanimously approved the FY 2025 budgets for the CTF, the Department of Rail and Public Transportation (DRPT) and the Virginia Department of Transportation (VDOT).

CTF Six Year Financial Plan Update FY 2025 – 2030:

The CTF serves as the fund to which all transportation revenues are deposited and then distributed to programs and funds.  The SYFP identifies the planned funding for allocation to Highways, Rail, Transit, Ports, Aviation, DMV, and Space Flight.  The Preliminary Fiscal Years 2025 – 2030 SYFP allocates $54.9 billion total.

  • This includes the use of $795 million of Route 58 Corridor Bonds and I-81 Financing
  • Transfers $5.8 billion to the three regions for transportation improvements
  • Transfers $838 million in dedicated revenue for WMATA Capital Fund
  • Includes $577 million of dedicated fuel tax revenue for the I-81 Corridor Improvements
  • Dedicates $16.5 billion for Maintenance and Operations
  • Provides $16.98 billion for Construction
    • Approximately $3.3 billion of Construction Funding represents Local and Regional Funding for Projects

After the conclusion of the 2024 General Assembly Session, the SYFP was updated to reflect legislative and other changes.  Revenue updates post-session show that $315.7 million total from the General Fund will be provided in FYs 2025 – 2026. Of this:

  • $60.2 million in FY 2025 and $84.5 million in FY 2026 for Washington Metropolitan Area Transit Authority (WMATA)
  • $70 million for advancement of I-81 Corridor Improvement Program
  • $77 million in FY 2025 and $24 million in FY 2026 for Toll Relief for eligible drivers on Elizabeth River Crossings

The addition of $83.7 million in federal earmarks was incorporated into the revenue updates as well.

VDOT staff presented allocation updates to reflect changes made post-session as well as administrative changes.  The CTF would be impacted through the off the top transfer to the Transportation Partnership Opportunity Fund as passed through the budget (Chapter 2, Item 438, K. 1.) This amounts to a transfer of $15 million per year for FY 2025 – 2029. There is a paving need to achieve performance targets which requires additional funding in FY 2025.  The SYFP allocation update shows a one-time additional allocation for VDOT Maintenance Program of $202.5 million and a corresponding share for localities that equates to $61.5 million.  The agency also has adjusted the SYFP to incorporate pay raises for administrative programs. Allocations were updated to include other previously mentioned items like the toll relief program and WMATA funding.

CTF 2025 Budget:

The approved CTF 2025 budget revenues total $10 billion, which represents an increase of 2.5% from the 2024 CTF budget. A funding breakdown can be found on slide 11 here.  To read the full CTF approved budget for FY 2025 click here, the document begins on page 5.

VDOT 2025 Budget:

The approved VDOT budget totals $8.9 billion.  The Highway Maintenance and Operating Fund (HMOF) has an expected deficit of $829 million which will be filled with $319 million of federal funds and the crossover of $510 million of state funds from the Construction Fund.  To find a breakdown of the allocations, please view slide 16 here. Click here and scroll to page 18 to view the detailed VDOT budget document.

DRPT Six-Year Improvement Program and FY 2025 Budget:

DRPT presented its Six-Year Improvement Plan (SYIP) and its 2025 budget. Both were approved by the CTB.

The total DRPT SYIP 2025-2030 shows an investment of $6.536 billion in the Commonwealth’s transit and rail programs over the coming years.  $5.250 billion of which is dedicated to transit, and $1.296 billion to rail.

In FY 2025, DRPT plans on investing $1.208 billion in state, federal, and local resources towards improving public transportation and rail capacity across the Commonwealth. This represents $167.8 million more in expenditures than FY 2024. Transit budget for FY 2025 is $983.2 million, which is $146.8 million more than FY 2024 budget.  This increase is driven by the General Fund appropriation for additional WMATA operating assistance and an increase in capital project costs.  The FY 2025 budget for Rail is $42.5 million which consists of funding for freight and rail planning projects, shortline preservation, and rail industrial access programs.  The Virginia Passenger Rail Authority (VPRA) receives 93% of revenue from the Commonwealth Rail Fund, estimated to be $162.9 million in FY 2025. A breakdown of specific rail and transit projects can be found starting on slide 5 here.  To view the DRPT budget in its entirety, click here and scroll to page 52.

VACo Contact: James Hutzler

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