The Council of State approved the sale of $700 million for the Build NC bonds program on October 6. The current schedule is for pricing of the bonds to be received on October 29 with a closing date of November 12. The bond proceeds will be used to fund 45 active construction projects across the state. This will allow revenue being received to be used to fund projects on the 12-month let list.
The NC Board of Transportation met last week and approved NCDOT’s spend plan for fiscal years 2021 and 2022. NCDOT indicates that the spend plan is conservative regarding revenue projections. Revenues are currently exceeding projections and if that trend continues, they will be able to add projects. The spend plan will be adjusted monthly to take that into account.
In addition, NCDOT received $33.3 million in emergency relief funds from the Federal Highway Administration to cover expenses from 5 storm events from 2018 and 2019 with the largest amount of $21.5 million for Hurricane Dorian. This frees up $33.3 million to fund other purposes.
“This is certainly good news! NCDOT is in a better financial position than they have been in over a year with a cash balance of $646 million as of last Friday,” said CAGC’s Victor Barbour, PE, Director, NC Government Relations & Highway-Heavy Division.