Gov. Bob McDonnell announced today that the Virginia Department of Transportation has received an additional $52 million in federal funds that was originally allocated to other states.
Since they did not have projects ready to go to use the funding, the Federal Highway Administration reallocated the money to Virginia and other states that have projects in the pipeline ready for work to begin.
“Virginia employs sound financial management practices and improved project programming to use every available transportation dollar,” said McDonnell. “This award of ‘bonus obligation’ funds is validation of VDOT’s efforts to ensure transportation projects are programmed and delivered, with more projects ready for construction.”
VDOT plans to use the funding on interstate repaving and rehabilitation projects primarily on segments of I-95 and I-85 in the Richmond region and segments of I-264 in the Hampton Roads region. VDOT will make its recommendation to the Commonwealth Transportation Board this month, which has the final approval on how money is spent on transportation improvements.
Each September, the FHWA reviews all states’ ability to commit allocated highway dollars as the federal fiscal year ends. States that cannot obligate federal funding must return that spending authority to the FHWA. The funds are then redistributed to states that can obligate all of their federal allocations and have additional eligible projects ready to move forward.
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