Virginia's Gov. Bob McDonnell announced new and sustainable funding from HB 2313 that boosts the state's transportation program to $17.6 billion for the next six years; a 54% increase in funding over last year's approved plan. The Commonwealth Transportation Board (CTB) approved the program, which allocates the funding for transportation improvements over the next six years beginning July 1. The Six-Year Improvement Program distributes funding for highway, road and bridge projects as well as rail, transit, bicycle, pedestrian and other transportation improvements across the state.
"For the first time in a generation, the commonwealth has new, sustainable funding that will be used to rebuild roads and bridges, ease congestion and provide more transportation options through rail, transit and other improvements," says Gov. McDonnell. "Each dollar invested in transportation yields significant benefits, sustaining thousands of jobs and producing a multi-billion dollar impact on Virginia's economy. Based on the bipartisan transportation plan we passed this year, the Commonwealth's new Six-Year Improvement Program is 54% larger than last year's approved plan. That significant and historic increase in funding will mean shorter commutes, new roads and more jobs all across Virginia. It is crucial to sustaining our economic recovery and to ensuring Virginians can continue to find the good jobs they need and deserve, in every region of our state."
"The commonwealth is taking care of business right away by planning the work and launching projects," says Transportation Secretary Sean T. Connaughton. "By the end of this year, the Virginia Department of Transportation (VDOT) will have advertised more than $2 billion worth of projects to rehabilitate roads and make other improvements. Work is also under way to invest nearly $44 million in intercity passenger rail. The new funding will greatly improve Virginia's transportation system and the quality of life for all of us."
Most of the new funding will rebuild aging pavements and bridges and advance high priority projects statewide. The final six-year program funding breakdown, including additional funding for Hampton Roads, is below:
- Highways and bridges - $11.5 billion ($2.5 billion increase)
- Rail and public transportation - $2.9 billion ($.5 billion increase)
- Hampton Roads transportation fund - $1.3 billion (new funding for transportation improvements in the Hampton Roads region)
Total for six-year program: $15.7 billion
HB 2313 also established a new transportation revenue source for Northern Virginia, which is $1.9 billion over six years. This amount is not reflected in the final six-year program because it will be allocated regionally through the Northern Virginia Transportation Authority Fund. Total for six-year program and the Northern Virginia Transportation Authority Fund: $17.6 billion ($6.2 billion increase)
FY 2014 budgets
The CTB approved the FY 2014 annual transportation budget, totaling $5.2 billion, up 11.1 percent from last year's budget. The increase is primarily due to revenues provided by HB 2313. Most of the funding will go toward road and bridge maintenance and highway construction.
FY 2014 transportation budget breakdown:
- VDOT (construction, maintenance, administration, debt service and other costs) - $4.6 billion
- DRPT (public transportation and commuter assistance programs, Dulles Corridor Metrorail Project, administration and other costs) - $504 million
- Airport and ports - $62.6 million
Total: $5.2 billion