Write Up:

Accurate program cost estimates help MoDOT deliver more timely improvements for taxpayers. As of March 31, 2024, 283 road and bridge projects were completed in fiscal year 2024 for $703.2 million. This represents a deviation of 2.7% ($18.2 million) more than the programmed cost of $685 million. Of the 283 road and bridge projects completed, 46% were finished within or below budget. In comparison, 57% were completed within or below budget as of the same date a year ago. Possible projects with adjustments pending could cause a slight change in the final values. The road and bridge report has been updated to exclude certain payment projects such as TMC operations, Motorist Assist funding and work zone enforcement.

In addition, 13 Multimodal projects were completed for $23.8 million, which is -14.3% or $3.9 million less than the planned cost of $27.8 million. A total of 68 projects by local public agencies were completed for $95.8 million, which is 3.5% or $3.5 million less than the projected cost of $99.3 million.

The target is a 0% difference, indicating MoDOT is making timely use of available funds. In FY 2024, road and bridge, multimodal and local public agency projects were within 1.3% of the target. The program estimate for FY 2024 was lower than the actual award amount by 1.3% or $8.9 million. MoDOT is monitoring the situation throughout the year.

Purpose of the Measure:

The measure determines how closely total project costs are compared to the programmed costs and final costs. The programmed cost is considered the project budget.

Measurement and Data Collection:

Completed project costs are reported during the fiscal year in which a project is completed. Road and bridge project costs include design, right-of-way purchases, utilities, construction, inspection and other miscellaneous costs. The programmed cost is based on the amount in the most recently approved Statewide Transportation Improvement Plan (STIP). Completed costs include actual expenditures. Multimodal and local public agency project costs usually reflect state and/or federal funds, but not the funds contributed locally for such projects.

The target for this measure is set by internal policy and will remain unchanged unless there is a policy change.