Innovation Description and Benefit:

Projects that are over $100 Million in cost require an annual financial plan to be completed in accordance with federal regulations.  Historically, MoDOT has completed these Financial Plans on a per project basis.  This traditional way of preparing and updating financial plans on projects requires labor from many different staff including project staff, district staff, central office staff and executives.  This innovation took an idea to combine all of the required financial plans into one streamlined document.  This approach allows for a more organized approach to creating the document and delegating specific project information reporting to the project staff.  The combined financial plan creates efficiency and saves time and money by bringing together the information and staff required to complete the report on an annual basis less times per year with more clear guidance on what is needed to complete the report.   The Combined financial plan will be a living document that will add future projects over $100M included in the document and as projects get completed, projects removed from the report.  This was initially submitted in early 2023 and we’re currently working on the annual update now.  Collaboration into one document and using an organized approach has greatly reduced time and effort (by many MoDOT staff) required to put this report together.