CVTA finance report: unmodified audit, $10M+ interest income and $1.2B collected to date

The CVTA’s finance committee reported an unmodified audit for the previous year and presented a quarterly financial update through June 30, 2026 that shows more than $10,000,000 in available interest income in the regional fund.

“Tyler Farnsworth emphasized the simplicity of the CBTA's finance activity and the oversight by Chesterfield, Plan RVA, and City of Richmond,” the finance committee chair said in reporting on the audit. A CBTA staff member described the investment report and said interest earnings are trailing the prior year but that a new spend-down planning tool from PFM will provide updated project spending information and improve reinvestment timing. A board member noted, “that we brought in $1,200,000,000 so far,” and added that “the project estimate cost is 3,200,000,000,” a comment used to illustrate leverage of collected revenues to deliver roughly $3.2 billion in projects.

Committee members said they will consider longer-term investment options to improve returns once project spend-down timing is clearer. The audit and finance reporting were informational items and did not require a board vote beyond acceptance as presented.