AGENDA DATE: 4/5/2017
TITLE:
Title
Revenue Sharing Surplus Balance Reallocation to Active Revenue Sharing Projects
BODY
SUBJECT/PROPOSAL/REQUEST: Request Board concurrence to transfer the current balance of surplus Revenue Sharing funds from previous VDOT projects to active locality managed Revenue Sharing projects
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Walker, Letteri, Kamptner, Henry, Abplanalp and Kelsey
PRESENTER (S): Kelsey
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
BACKGROUND: On February 22, 2017, County staff met with Virginia Department of Transportation (VDOT) representatives to discuss the outstanding balance of surplus Transportation Revenue Sharing (TRS) funds that VDOT has identified from previous TRS VDOT projects in the County. Pursuant to VDOT's procedures for the TRS program, surplus TRS funds from one or more projects can be transferred to other active TRS projects within the locality if those projects are included in the State's Six year Improvement Plan.
The subject surplus funds are TRS fund allocations from previous years. VDOT has emphasized the importance of expending these funds expeditiously. Transfers should be requested before the Commonwealth Transportation Board adopts planned procedural changes that will complicate the transfer process. Accordingly, VDOT requested that County staff provide a list of active TRS projects and the corresponding surplus amounts.
STRATEGIC PLAN: Critical Infrastructure: Prioritize, plan and invest in critical infrastructure that responds to past and future changes and improves the capacity to serve community needs.
DISCUSSION: The current balance of surplus TRS funds ($2,333,897) consists of unused funds from the Meadow Creek/John Warner Parkway, Jarmans Gap Road, and US29-Signal/Traffic Services. The breakdown of these sources is provided in the Surplus Revenue Sharing Funds Table (Attachment A). At present, only the County (Locality Administered) TRS sidewa...
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