Yesterday evening the General Assembly adopted a new 2018-2020 biennial budget, which contains a Medicaid Expansion plan. The budget was approved 23-17 in the Senate and 67-31 in the House.
Of great importance to VMA, a coalition of legislators, led by Suffolk Delegate Chris Jones, Chairman of the House Appropriations Committee, included $330M of bonding authorization in the budget for the dredging project upon completion of the preliminary engineering ($20M). VMA applauds the General Assembly’s inclusion of the funds to widen and deepen Virginia’s channels.
We understand that the Governor will have a seven-day deadline to act. It is reasonable to expect Governor Northam to sign this bill into law. The new fiscal year begins on July 1.
Following is the language included in an overview of the budget agreement which can be accessed
Provides a total of $350.0 million in cash and bond authorization to advance the planning and preliminary engineering requirements for widening and dredging of the Norfolk Harbor Channel to 55 feet and dredging the Southern Branch of the Elizabeth River to 45 feet and fully funds the total state share of the projects
$20.0 million in bond proceeds are provided for transportation capital projects at VDOT in FY 2019 and a like amount of Commonwealth Transportation Funds are transferred to the Virginia Port Authority to immediately proceed with PE and design
Authorizes $330.0 million in debt for remaining phases of the project