Funding Opportunities The construction of a comprehensive transportation network can occur through incremental adoption of local policies and initiatives supplemented by State and federal programs and assistance from the private sector. It will be important for the Town of Fuquay-Varina, in collaboration with Wake County and CAMPO, to continue pursuing funding resources to implement the recommendations of this plan. While some projects and programs may be funded locally, alternatives are available to provide a wider base of financial support for improving the local transportation network, as this goal will ultimately benefit the larger region. Local and Regional Programs Local funds should be used for strategic projects identified by the community as being necessary to improve the local transportation network. Usually these projects are most successful when additional funding can be secured to help lessen the burden to the Town. Local funding sources tend to be limited and include general revenue expenditures, as well as proceeds from bond programs which still require general fund support of debt service. The Town of Fuquay-Varina currently allocates $600,000 per year or more to resurfacing and sidewalk construction. State Street Aid (Powell Bill) Program Powell Bill funds are collected by the State in the form of a gasoline tax. The amount of these funds distributed to a municipality is based on the number of street miles to be maintained and the municipality’s population. These funds can then be used for maintenance, repairs, and improvements to the local transportation network, including existing roads, sidewalks, and greenways. In 2016, the Town of Fuquay-Varina had a total allocation of $630,847. Transportation Bonds Transportation bonds have been instrumental in the strategic implementation of local roadways, transit, and non-motorized travel throughout North Carolina. Voters in communities both large and small regularly approve the use of bonds to improve their transportation system. Many of the improvements identified in this plan could be financially supported using a transportation bond program. Where the improvement occurs on a State-owned street, approvals, permits, and partnership will be required from NCDOT. Transportation bonds position the Town to better leverage additional funding, by allowing the Town to provide necessary funding matches. The Town successfully passed a bond referendum in 2015 totaling $21- million, and has been successful in kick starting several projects since the referendum passed. These projects are detailed in Chapter 3. Capital Area Metropolitan Planning Organization As the Metropolitan Planning Organization, responsible for the Town of Fuquay- Varina, CAMPO plays an integral role in securing funding for recommended projects. Transportation recommendations formulated in the CTP will be passed along to CAMPO for consideration in the regional Metropolitan Transportation Plan (MTP). This plan will develop a set of financially constrained projects, implying that if a project is included within the planning horizon for the MTP, current and projected funding sources are anticipated to be available to fund the project. For a project to be eligible to compete for funding under the Strategic Transportation Investments (STI) law, it must be a part of a conforming MTP.
Chapter 6: Implementation |page 6 - 6
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