Financial Plan


Federal law requires the TIP include a financial plan showing how the proposed projects can be reasonably implemented with public and private funds. The revenue projections and project costs in the TIP have been cooperatively developed with the Virginia Department of Transportation (VDOT), Virginia Department of Rail and Public Transportation (DRPT), and Greater Richmond Transit Company (GRTC). The following tables show expected revenues and planned expenditures for each of the four years covered by the TIP. In addition to construction projects, financial projections have also been made to show revenues for maintaining and operating the region’s highway and transit systems during the same 4-year period.

Some projects listed in the TIP may have no planned obligations. These projects are included informational purposes. There are several reasons this may occur and include:

  • The project is completed and awaiting closeout
  • The project is already underway but the next phase will not happen during the four-year window covered by the TIP
  • The project is still seeking funding

The TIP funding summary tables summarize by year and by funding source the revenue amounts estimated and committed for fiscal year 2024 - 2027. The tables include expenditures and estimated revenues expected for each funding source and show that the program is financially constrained by year. The financial summary tables are based on total funds available, which include annual allocations of funds including any state and local matching dollars. These revenue sources are all reasonably expected to be made available and committed to the project phase during the programmed year of the TIP.

Highway Tables

Federal

Fund Source 2024 Available 2024 Programmed 2025 Available 2025 Programmed 2026 Available 2026 Programmed 2027 Available 2027 Programmed
BR $12,343,723 $12,343,723 $5,250 $5,250 $6,512,969 $6,512,969 $18,086,017 $18,086,017
CMAQ $6,258,358 $6,258,358 $4,460,430 $4,460,430 $7,406,386 $7,406,386 $3,408,947 $3,408,947
CRP/F $0 $0 $3,119,527 $3,119,527 $3,543,449 $3,543,449 $0 $0
DEMO $215,038 $215,038 $0 $0 $0 $0 $331,314 $331,314
EB/MG ($1,032,889) ($1,032,889) $0 $0 $0 $0 $0 $0
HIP/F $2,474,335 $2,474,335 $1,691,917 $1,691,917 $0 $0 $4,000,000 $4,000,000
HSIP $20,307,711 $20,307,711 $4,726,541 $4,726,541 $2,928,420 $2,928,420 $3,558,600 $3,558,600
NHFP $301,599 $301,599 $0 $0 $0 $0 $0 $0
NHPP/E $835,240 $835,240 $400,000 $400,000 $3,042,471 $3,042,471 $5,235,970 $5,235,970
NHS/NHPP $8,359,436 $8,359,436 $16,631,187 $16,631,187 $9,481,099 $9,481,099 $28,096,404 $28,096,404
RSTP $28,744,544 $28,744,544 $17,034,682 $17,034,682 $8,868,360 $8,868,360 $23,190,461 $23,190,461
STP/STBG $13,992,042 $13,992,042 $3,787,304 $3,787,304 $4,368,144 $4,368,144 $3,876,524 $3,876,524
TAP $3,204,223 $3,204,223 $2,096,131 $2,096,131 $1,044,432 $1,044,432 $0 $0
Subtotal $96,003,360 $96,003,360 $53,952,969 $53,952,969 $47,195,730 $47,195,730 $89,784,237 $89,784,237

Other Funding (non-federal)

Fund Source 2024 Available 2024 Programmed 2025 Available 2025 Programmed 2026 Available 2026 Programmed 2027 Available 2027 Programmed
Non-Federal $54,175,283 $54,175,283 $236,769,088 $236,769,088 $30,897,597 $30,897,597 $32,945,107 $32,945,107
State Match $18,927,572 $18,927,572 $11,719,301 $11,719,301 $11,618,261 $11,618,261 $22,401,502 $22,401,502
Subtotal $73,102,855 $73,102,855 $248,488,389 $248,488,389 $42,515,858 $42,515,858 $55,346,609 $55,346,609

Federal - Advance Construction Conversion

Fund Source 2024 Available 2024 Programmed 2025 Available 2025 Programmed 2026 Available 2026 Programmed 2027 Available 2027 Programmed
CMAQ $0 $0 $80,000 $80,000 $84,801 $84,801 $2,594,881 $2,594,881
HSIP $1,200,586 $1,200,586 $2,114,596 $2,114,596 $0 $0 $1,357,060 $1,357,060
NHFP $0 $0 $120,066 $120,066 $0 $0 $0 $0
NHS/NHPP $0 $0 $11,404,096 $11,404,096 $11,421,946 $11,421,946 $6,604,430 $6,604,430
RSTP $652,088 $652,088 $321,338 $321,338 $475,245 $475,245 $1,219,840 $1,219,840
STP/STBG $211,757 $211,757 $0 $0 $6,034,402 $6,034,402 $0 $0
Subtotal $2,064,431 $2,064,431 $14,040,096 $14,040,096 $18,016,394 $18,016,394 $11,776,211 $11,776,211

Federal - Statewide or Multiple MPOs

Fund Source 2024 Available 2024 Programmed 2025 Available 2025 Programmed 2026 Available 2026 Programmed 2027 Available 2027 Programmed
CMAQ $7,924,978 $7,924,978 $2,806,852 $2,806,852 $2,951,060 $2,951,060 $3,073,864 $3,073,864
NHS/NHPP $9,444,326 $9,444,326 $0 $0 $0 $0 $0 $0
Subtotal $17,369,304 $17,369,304 $2,806,852 $2,806,852 $2,951,060 $2,951,060 $3,073,864 $3,073,864

Federal - Maintenance

Fund Source 2024 Available 2024 Programmed 2025 Available 2025 Programmed 2026 Available 2026 Programmed 2027 Available 2027 Programmed
BR $354,545 $354,545 $50,000 $50,000 $1,237,719 $1,237,719 $0 $0
CMAQ $0 $0 $8,390,000 $8,390,000 $0 $0 $0 $0
HSIP $6,000,000 $6,000,000 $0 $0 $0 $0 $0 $0
NHFP $866,902 $866,902 $866,902 $866,902 $866,902 $866,902 $866,902 $866,902
NHPP/E $176,284 $176,284 $0 $0 $0 $0 $0 $0
NHS/NHPP $4,802,198 $4,802,198 $8,986,794 $8,986,794 $6,296,585 $6,296,585 $4,360,943 $4,360,943
STP/STBG $44,448,489 $44,448,489 $44,629,974 $44,629,974 $44,814,544 $44,814,544 $45,002,252 $45,002,252
Subtotal $56,648,418 $56,648,418 $62,923,670 $62,923,670 $53,215,750 $53,215,750 $50,230,097 $50,230,097

Funding Sources

The following provides a general overview of highway-oriented funding programs in the TIP.

BR: Provides funding for bridge improvements both on and off the National Highway System (NHS)

CMAQ: Provides flexible funding for congestion reduction and air quality improvement projects and programs; funding only available for areas not meeting federal air quality standards or maintenance areas

CRP/F: Funding for projects that reduce on-road emissions of climate change causing pollutants

DEMO: Provides specialized funding to demonstration, priority, pilot, or special interest projects

EB/MG: Historic program providing minimum guaranteed funding for localities

HIP/F: Provides funding for restoration, repair, and construction of federal aid eligible roads, bridges, and tunnels

HSIP: Funds projects to reduce traffic fatalities and serious injuries on public roads; set aside for Railway Highway Crossings Program

MATCH: State or local match funding

NHFP: Provides funding to improve the movement of freight on the National Highway Freight Network (NHFN)

NHPP/E: Funds dedicated to improving infrastructure condition, safety, congestion reduction, system reliability, or freight movement on the NHS

NHS/NHPP: Funds projects to construct new facilities on or improve the condition and performance of the National Highway System (NHS)

OTHER: Other state or local funding

RSTP: Provides funding for a broad range of capacity, operational, and congestion mitigation related improvements. Allocated directly to the regional MPO.

SS4A: The SS4A program supports the U.S. Department of Transportation's National Roadway Safety Strategy and our goal of zero roadway deaths using a Safe System Approach.

STP/STBG: Provides flexible funding for wide range of eligible projects and programs to address state and local transportation needs

TAP/F: Provided for bicycle and pedestrian facilities through the Surface Transportation Block Grant. A set aside from each state's allocation of STBG funds must be used for Transportation Alternatives activities.

VPRA: Funding dedicated to operating and improving Virginia's passenger rail network

Transit Table

Fund 2024 Available 2024 Programmed 2025 Available 2025 Programmed 2026 Available 2026 Programmed 2027 Available 2027 Programmed
FTA 5307 $12,223,289 $10,922,784 $12,345,522 $11,294,774 $12,468,977 $11,758,952 $12,593,667 $8,885,410
FTA 5310 $1,417,000 $1,252,800 $1,333,618 $0 $1,333,618 $0 $1,333,618 $0
FTA 5339 $1,766,984 $1,766,984 $1,424,009 $0 $1,438,249 $0 $1,452,632 $0
Local $2,773,700 $2,479,916 $2,829,156 $2,326,039 $2,699,247 $2,392,350 $2,721,140 $1,981,844
State $17,278,948 $14,814,435 $17,700,186 $11,280,165 $17,624,692 $12,407,455 $17,962,440 $5,428,853

FTA 5307 and 5339 projections developed by GRTC. Assumes 68% state match, 4% local match for most projects, 20% local match only for preventive maintenance

FTA 5310 (and match) developed by RRTPO. FY24 based on FY21 - FY24 TIP; FY25 - FY27 derive from FY22 apportionment without escalation, match split assumes mix of operating (50% federal, 10% local, 40% state), capital non-vehicle (80% federal, 4% local, 16% state), and capital vehicle (80% federal, 20% local) projects will continue from FY21 - FY24 TIP (Operating: 24%, Capital - Non-Vehicle: 63%, Capital - Vehicle: 13%).

Funding Sources

The following provides a general overview of transit-oriented funding programs in the TIP.

FTA 5307: Provides funding to public transit systems in large urban areas for capital, planning, job access projects, and some operating expenses such as ADA paratransit and preventive maintenance

FTA 5310: Program to assist local transit agencies, governments, and nonprofit groups in meeting needs of elderly and persons with disabilities

FTA 5339: Provides funding to transit agencies and states to replace, rehabilitate and purchase buses and related equipment and to construct bus-related facilities

LOCAL: Local transit agency funding

STATE: State match and capital grant funding