The Virginia Department of Transportation's (VDOT) annual budget for Fiscal Year 2014 is $4.7 billion, representing an 11.2 percent increase from the previous year. It is based on the most recent official state revenue forecast from April 2013 and estimated federal funding.
VDOT’s revenues are provided by dedicated state and federal revenue sources. Funding for transportation was addressed during the 2013 General Assembly Session by House Bill 2313 (Chapter 766). The revenues generated by HB 2313 will breathe new life into Virginia’s transportation program. It will provide substantial, sustainable revenues to eliminate the state maintenance crossover during the six-year financial plan will provide funding for construction formula distributions. Estimated revenues for 2014 reflect the first year of implementation of major changes to revenue dedicated to transportation.
Funds that will be provided for highway maintenance and operations represent 40 percent of the total budget, followed by 31 percent for highway construction.
Smaller portions of the budget are directed to address the needs and requirements of debt service, support to other agencies, tolls, administration, and other programs.
$320.6 million – Debt Service
$1.863 billion – Road maintenance (includes city and county street payments)
$577.2 million – Support to other agencies, tolls, administration and other programs
$451.8 million – Funding dedicated to Northern Virginia and Hampton Roads Regions for local and regional transportation projects
$1.440 billion – Construction
$4.65 billion – Total VDOT annual budget