Joe Vagi (804) 371-8304
June 15, 2011
Governor Bob McDonnell Announces a Nearly $3 Billion Increase in Construction Funding As Commonwealth Transportation Board Adopts Fiscal Years 2012-2017 Six-Year Improvement Program
RICHMOND - The Commonwealth Transportation Board (CTB) adopted the Fiscal Years (FY) 2012-2017 Six-Year Improvement Program (SYIP) at its meeting today, allocating to projects almost $3 billion in additional construction funding created by Governor Bob McDonnell's transportation funding package passed by the General Assembly this year. The $10.6 billion construction program, which increased 36 percent from $7.8 billion in the FY 2011-2016 program, will enable important rail, transit, transportation management, bicycle, pedestrian and highway projects to move forward.
The FY 2012-2017 SYIP includes $8.3 billion for the Virginia Department of Transportation (VDOT) and $2.3 billion for the Department of Rail and Public Transportation (DRPT). The program is comprised of more than 900 projects recommended for funding through Governor Bob McDonnell's historic transportation legislation adopted by the 2011 General Assembly and signed into law in April.
"After years of budget cuts and delaying critical projects, it is time to begin repairing our transportation infrastructure and tackling the congestion problems that continue to worsen with time," said Governor McDonnell. "As outlined in the Six-Year Improvement Program, our transportation system has critical needs, which we are prepared to address thanks to the historic infusion of new funding-the largest investment in transportation in a generation- provided through the bipartisan support of our transportation funding package."
The FY 2012-2017 SYIP includes funding provided by the governor's transportation funding package. The package included $1.8 billion in Capital Project Revenue (CPR) Bonds, $1.1 billion of Grant Anticipation Revenue Vehicle (GARVEE) Bonds, and $283 million for the capitalization of the Virginia Transportation Infrastructure Bank funds (VTIB). The CPR Bonds will be issued over three years, with $600 million each year in FY 2011, FY 2012 and FY 2013. The GARVEEE Bonds will be issued over the next three years, including $623 million in FY 2012, $242 million in FY 2013 and $242 million in FY 2014.
The SYIP will reflect Revenue Sharing funding of $206.8 million over FY 2012 and FY 2013, and additional CPR bond premium proceeds of $48.6 million in FY 2012.
The SYIP also programs $1.4 billion for major public-private transportation projects, including the Downtown Tunnel/Midtown Tunnel/Martin Luther King Freeway Extension, I-95 HOT Lanes, the Route 460 Corridor Improvement Project and the Coalfields Expressway. This investment can potentially leverage an additional $4 billion in resources from the private sector.
Rail and transit projects throughout Virginia will benefit from the increased funding provided this year. Projects include support of improvements to Norfolk Southern infrastructure along the I-81 Crescent Corridor, construction of the Kilby Support Yard, completion and operation of the Tide light rail system, evaluation of bus rapid transit in Richmond, as well as bus replacements and new rail cars for transit operators throughout the Commonwealth.
FY 2012 Budgets
The CTB today also approved budgets for the Commonwealth Transportation Fund (CTF), DRPT and VDOT for FY 2012. The CTF budget identifies the estimated revenues and the distribution of the revenues related to the transportation agencies. The FY 2012 CTF budget totals $5.3 billion, a 41 percent increase over the FY 2011 CTF budget of $3.7 billion. The $1.6 billion increase is largely attributable to the bond funding provided by the governor's transportation funding package allocated in FY 2012 and improved revenue estimates.
VDOT's budget totals $4.8 billion for FY 2012, a 43 percent increase from the $3.3 billion FY 2011 budget. The budget provides $2.3 billion for highway construction, more than double the FY 2011 amount. It also includes $1.8 billion for VDOT highway maintenance and operations as well as locality street maintenance payments.
"This budget provides a significant infusion of construction funding supported by Governor McDonnell's transportation funding package," said Sean T. Connaughton, Virginia Secretary of Transportation. "This funding will help move transportation projects forward and create much needed jobs."
The DRPT FY 2012 budget adopted by the CTB today increased 3.3 percent from a year ago to $480.9 million. DRPT continues to manage its programs in a very cost-effective manner with the total cost of project development, project management and administration representing 2 percent of the total budget.
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Information in VDOT news releases was accurate at the time the release was published. For the most current information about projects or programs, please visit the project or program Web pages. You may find those by searching by keyword in the search Virginia DOT box above.