The Commonwealth Transportation Board (CTB) of Virginia recently approved its FY 2021-2026 Six-Year Improvement Program (SYIP) COVID-19 update.
Using the flexibility provided in a budget amendment submitted by Gov. Northam and approved during the 2020 Special Session, the CTB was able to manage the financial impact of COVID-19 on transportation revenues, estimated to be $850 million through FY 2022, while maintaining all projects in the SYIP on time and on schedule.
According to the Virginia DOT (VDOT), the CTB executed a targeted approach centered on updating specific funding programs for this SYIP update. The allocation restructuring strategy, which focused on the revenue sharing program, utilized previously allocated funds not needed to support current project delivery needs to mitigate impacts from the revenue reductions resulting from the COVID-19 pandemic and replace those allocations in FY 2021-2026 as necessary to support current project schedules.
No existing funding commitments will be reduced and no existing projects will be delayed due to the proposed restructuring strategy, according to VDOT. A full update to the SYIP will be conducted for the FY 2022-2027 SYIP, and that process will begin in January. The update will be based on a new December revenue forecast and will provide funding for round 4 of SMART SCALE.
“This SYIP update allows the Commonwealth to proceed with its transportation construction projects on time and on schedule,” Secretary of Transportation Shannon Valentine said in a statement. “With the General Assembly’s passage of the Governor’s budget amendment during the Special Session to provide the needed flexibility, we are now able to support critical infrastructure, secure our workforce, and serve as the platform for Virginia’s economic recovery and growth.”
During the meeting, the board also authorized VDOT to enter into an agreement to coordinate the design and construction of transportation improvements associated with the expansion of Arlington National Cemetery. In this month’s meeting, the CTB approved three construction contracts.
SOURCE: Virginia DOT