Governor Bob McDonnell today announced the findings of the independent VDOT audit he commissioned earlier this year. The audit has identified more than $1.4 billion that can be used to ease congestion and get projects built.
By David Schultz
McDonnell says his audit shows, at a time when the Department of Transportation - or VDOT - was slashing millions out of its budget and laying off thousands of employees, it was actually sitting on a windfall of cash.
"There's been money that's been sitting in accounts, that's been appropriated, that's been authorized and has not been not properly deployed," McDonnell says. "I'd say there's been money sitting in accounts while people have been sitting in traffic. And that's not acceptable."
McDonnell says VDOT's been maintaing a nearly six month reserve - $200 million in cash.
He says, in a strong buyer's market, that money should have been spent: "People were out of work, companies were extremely aggressive in their bids and we've got unrealistic reserves."
McDonnell says he'll reduce VDOT's cash reserves by more than half, and take several other measures to better utilize the state's transportation money.
He says, of the more than one billion dollars the audit found, $800 million can be spent before the end of the year.