Budgeting and Appropriations | The budget is adopted for a biennium, but is amended in the second year of the biennium; fiscal year begins July 1. |
Bonding or Pay-as-You-Go | Combination of bonding and pay-as-you-go financing. |
State-Level Funding Provided for DOT Budgets | VDOT: Virginia Department of Rail and Public Transportation (DRPT): |
Allocation of Federal Transportation Funds to the DOT | Federal transportation funds are allocated to VDOT through a state legislative appropriation at the program or category level. |
Allocation of State Transportation Funds to the DOT | State transportation funds are allocated to VDOT through a state legislative appropriation at the program or category level. |
Traditional State Funding and Finance for Highways | Fuel taxes; additional sales taxes on gasoline or diesel; motor vehicle/rental car sales taxes; vehicle registration/license/title fees; overweight permit fees; tolls; general funds; interest income; a portion of certain state sales taxes; revenue bonds. Overweight permit fees for tank wagon vehicles are deposited into the Highway Maintenance and Operating Fund for highway purposes; all other overweight vehicle fees remain with the Department of Motor Vehicles for operating expenses. |
State Funding and Finance for Other Modes | Transit, rail, aviation and ports: Funded by the same sources as highways through the Transportation Trust Fund. Transit and rail receive 14.7 percent of the fund, aviation 2.4 percent and ports 4.7 percent. Each mode has a dedicated account (Va. Code §33.1-23.03:2). |
Innovative Transportation Funding and Finance | GARVEE bonds; private activity bonds (PABs) (issued); Build America Bonds; federal credit assistance (TIFIA); state infrastructure bank (federally capitalized); congestion pricing (as part of the 1-395 HOT Lanes project now under construction); PPPs (authorized in statute, used for at least three projects); design-build (authorized in statute, used as a component of at least four projects); impact fees; creation of nonprofit, quasi-public entities. The current administration is proposing the use of advance construction and toll credits or "soft match." Traffic camera fees are used only at the local level and fee revenues are not dedicated to transportation uses. |
Dedicated/Restricted State Funds and Revenues | The Transportation Trust Fund is generally dedicated to transportation purposes, but state law allows diversion from the fund by the General Assembly or the governor in the budget bill if they include language setting out the plan for repayment of such funds within three years (Va. Code §2.2- 1509.2). State law specifically allows the use of highway funds for aid to mass transit facilities (Va. Code §33.1-46.1). |
DOT Authorized to Retain Surplus Funds | Yes. VDOT may retain excess funds with no restrictions. |
Legislative Approval Required to Move Funds Between Projects | No legislative approval is required. |
Transportation Funding Allocations through Local Aid | Local aid is distributed through state legislative appropriation, VDOT allocation of funds by formula and within existing statutory requirements, and VDOT discretionary allocation of funds. Construction funds are allocated for urban system highways by a statutory formula based on population (Va. Code §33.1-23.3). A revenue-sharing statute requires the Commonwealth Transportation Board to match any appropriation for state highways with an equivalent local aid allocation (Va. Code §33.1-23.05). |