The Virginia Department of Transportation's (VDOT) annual budget for Fiscal Year 2015 is $4.35 billion, representing a 6.6 percent decrease from the previous year. It is based on the most recent official state revenue forecast from December 2013 and estimated federal funding.
Funding for transportation was addressed during the 2013 General Assembly Session by House Bill 2313 (Chapter 766). The revenues generated by HB 2313 will breathe new life into Virginia’s transportation program. Estimated revenues for Fiscal Year 2015 reflect the second year of implementation of major changes to revenue dedicated to transportation.
Funds that will be provided for highway maintenance and operations represent 44 percent of the total budget, followed by 26 percent for highway construction.
Smaller portions of the budget are directed to address the needs and requirements of debt service, support to other agencies, tolls, administration, and other programs.
$328.9 million – Debt Service
$1.923 billion – Road maintenance (includes city and county street payments)
$495.4 million – Support to other agencies, tolls, administration and other programs
$455.2 million – Funding dedicated to Northern Virginia and Hampton Roads Regions for local and regional transportation projects
$1.146 billion – Construction
$4.35 billion – Total VDOT annual budget