CTB updates Six-Year Plan: No impact on existing projects
The public health response to COVID-19 is expected to have an $850 million impact on Virginia transportation revenues through fiscal year 2022.
The Commonwealth Transportation Board on Thursday approved an update to its Six-Year Improvement Program to reflect this reality.
It’s good bit of moving things here, there and everywhere. A press release from VDOT spelled out that the strategy relies on using previously allocated funds not needed to support current project delivery needs to mitigate impacts from the revenue reductions resulting from the COVID-19 pandemic response and replace those allocations in fiscal years 2021-2026 as necessary to support current project schedules.
What that sounds like: we’re just going to expect things to get better.
No existing funding commitments will be reduced, according to the release, and no existing projects will be delayed due to the proposed restructuring strategy.
A full update to the SYIP will be conducted for the fiscal years 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,” said Secretary of Transportation Shannon Valentine. “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.”