Mayor Stoney elected chair of Central Virginia Transportation Authority Finance Committee
At the inaugural meeting of the Central Virginia Transportation Authority (CVTA) Mayor Stoney was elected as chair of the body’s finance committee.
The CVTA Finance Committee is charged with reviewing and recommending the annual budget and reviewing revenue estimates, among other financial management tasks.
“Richmond fought hard to ensure the CVTA would offer an unprecedented opportunity for regional collaboration,” said the mayor. “The authority is designed to ensure meaningful discourse and cooperation, resulting in a stronger transit network for all of the localities involved.”
The City of Richmond, as a central locality represented on the body, has veto power so all of the body’s actions achieve buy in from key players. The city utilized its veto once during this inaugural meeting.
During the meeting, the CVTA accepted the bylaws and guidance documents, established key priorities, approved of an ongoing board meeting schedule, accepted support from Plan RVA and confirmed Frank Thornton (Henrico) as chair and Kevin Carroll (Chesterfield) as vice chair.
Background on the CVTA
Established by the 2020 session of the General Assembly of Virginia, the newly created authority provides new funding opportunities for priority transportation investments across the Central Virginia region.
The General Assembly voted to impose an additional .7 percent sales and use tax and wholesale gas tax of 7.6 cents per gallon (or 7.7 cents per gallon of diesel fuel) to fund new investments in regional transportation. The body also set a minimum local maintenance standard, ensuring all participating localities continue to invest in their requisite transit infrastructure.
To view the meeting record, agenda and other materials, click here.