Thanks to higher than anticipated revenues in the last fiscal year, Prince William County will be able to add significantly to its Transportation Reserve Fund.
Overall, the county has received $16.1 million in revenue above what was adopted for fiscal 2011. Along with $196,869 in recordation tax revenue -- which isn’t split with Prince William County Public Schools –- the county netted roughly $7 million more than expected after the revenue sharing with the school system.
Consequently, the Prince William Board of County Supervisors is dedicating the bulk of that money to supporting the reserve fund, which has supported Transportation Roadway Improvement Program projects in individual magisterial districts and debt service costs.
The decision to do so was mainly due to the volatility of the commodities market. The cost of construction materials used for the remainder of the recently approved 2006 road bond projects could go up. By dedicating this new revenue to the reserve fund, the county won’t have to dip into its “rainy day” fund to cover these costs.
The scheduled allocation of $3 million to TRIP over the next two fiscal years would have left the reserve fund with just a little more than $200,000 of unallocated money.
And the county has no formal plans to replace TRIP funding in fiscal 2014, said county budget director Michelle Casciato.
In its heyday, TRIP funds were close to $3 million, which left each magisterial district with roughly $400,000 to spend on road projects.
Connecting sidewalks on Dale Boulevard is a good example of TRIP projects being used by an individual supervisor.
The additional revenue was attributable to greater than anticipated sales tax, Business, Professional and Occupational Licensing tax and property tax receipts. According to county finance director Steve Solomon, the county has experienced 16 straight months of sales tax growth.
During its carryover sessions, the board also approved, among other things, $2 million to the Park Authority for trail development, $5.5 for the Information Technology Improvement Plan and $8.6 million to support the fiscal 2012 budget.
Staff writer Kipp Hanley can be reached at 703-530-3904.
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