MEMORANDUM
TO:
MDTA Finance and Administration Committee Assistant Capital Program Manager Jennifer Stump
FROM:
SUBJECT:
Third Quarter Review of FY 2025 Capital Budget vs. Actual Spending
DATE:
May 8, 2025
PURPOSE OF MEMORANDUM The purpose of the memorandum is to update the MDTA Finance and Administration Committee on the status of actual FY 2025 capital spending against the FY 2025 capital budget in the FY 2025-2030 Draft Consolidated Transportation Program (CTP). This information will be presented to the MDTA Board on May 29, 2025. SUMMARY As of March 31, 2025, 36.5% of the FY 2025 budget was spent as compared to the targeted spending level of 75%. The total budget for FY 2025 is $809.8 million. The actual spending through the third quarter was $295.9 million. ANALYSIS Thirty-three of the 91 projects budgeted in FY 2025 were within the acceptable spending limits of 50% to 100% (plus or minus 25% of the 75% target). Due to normal lags in invoicing, generally two months, a plus or minus 25% threshold was determined to be reasonable. Actual spending through the third quarter for ten projects with the highest FY 2025 budgets was $215.1 million. The ten projects are detailed in Attachment A. RISKS & OPPORTUNITIES Overall spending in FY 2025 remained low through the third quarter due to project invoicing delays related to the Key Bridge Rebuild. Specifically, only Kiewit’s expenditures through January have been posted, the General Engineering Consultant (GEC) contract just started invoicing and therefore are not reflected in the third quarter year to date expenditures, and State Highway Administration (SHA) has yet to invoice MDTA for the interim GEC or other SHA
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