Under the Virginia Code, the Hampton Roads Transportation Accountability Commission (“HRTAC” or the “Commission”) is required to develop a funding plan that provides for the expenditure of funds over a four- to six-year period and aligns with the Statewide Transportation Plan as much as possible. HRTAC adopted its initial funding plan (Initial Financial Plan) in 2014. Between July 2015 and February 2016, HRTAC’s Funding Strategies Advisory Committee developed a Plan of Finance Update – Draft HRTAC 2016-2022 Funding Plan.
At its February 16, 2016 meeting, the Funding Strategies Advisory Committee (FSAC) recommended for adoption a Draft HRTAC 2016-2022 Funding Plan for the Region’s High Priority Projects. The Commission authorized a public hearing on the draft plan, which was held on March 14, 2016. Following discussion on the Draft HRTAC 2016-2022 Funding Plan and the public comments received, the Commission approved and finalized the Draft HRTAC 2016-2022 Funding Plan at its March 17, 2016 Regular Meeting. The HRTAC 2016-2022 Funding Plan replaces the Initial Financial Plan and provides current direction on project financing and timing.