September 20, 2024 Starting the conversation on how to fund the regional transportation plan Federal law requires metropolitan planning organizations, like the Chicago Metropolitan Agency for Planning (CMAP), to demonstrate that they will have the financial resources available in the future to fund transportation projects outlined in their long-range plans. As such, CMAP has started to develop a financial plan which will inform the 2026 Regional Transportation Plan (RTP). The financial plan — which will ultimately be a standalone component of the RTP — will demonstrate fiscal constraint by determining that sufficient funding resources will be available to invest in the transportation system as recommended in the long-range plan. To meet these requirements, CMAP must assess the anticipated expenditures and revenue sources necessary to carry out the operation, maintenance, and expansion of the region’s transportation system over the planning period (2027-50). This process provides the opportunity to ensure the transportation-related goals, strategies, and projects identified in the RTP are financially feasible and sustainable; to explore present-day and anticipated trends and policies that might impact future financial conditions; and to identify any funding gaps that need to be addressed and/or funding strategies that should be leveraged to achieve desired transportation outcomes. The key components of the financial planning process will include: Forecast baseline revenues and expenditures: Long-range financial forecasting involves setting assumptions about revenue and spending trends, analyzing policy impacts, and creating a clear, accurate method for planning. Like past efforts, CMAP staff will conduct financial analysis and policy research to create forecasts. Develop expenditure allocations: The financial plan guides transportation investments by categorizing expenditures for administering, operating, maintaining, improving, and expanding northeastern Illinois’ system. These categories help assess funding priorities, investment strategies, and trade-offs. Explore financial scenarios: Scenario planning explores trends affecting current revenues, identifying potential new revenue sources, and outlining strategies to achieve expected investment levels. To support these activities — and ensure the financial plan is conducted in consultation with CMAP committees, regional stakeholders, and experts — CMAP will be standing up a resource group of key transportation implementers and finance experts. What’s next? Over the coming months, CMAP staff will begin to develop draft forecasts for the financial plan. This includes working with the RTP consultant team to identify data inputs and confirm the forecasting methodology, as well as setting up the resource group. Article by Mike Sobczak Stay connected with your community Newsletter sign-up Opens in a modal Related news Click to read Plan inventory for the 2026 Regional Transportation Plan Posted on Click to read Plan inventory for the 2026 Regional Transportation Plan Click to read CMAP developing new socioeconomic forecast to guide future planning efforts Posted on Click to read CMAP developing new socioeconomic forecast to guide future planning efforts Click to read I-290 Eisenhower Expressway/Blue Line Corridor project gets boost Posted on Click to read I-290 Eisenhower Expressway/Blue Line Corridor project gets boost Click to read My Daily Travel survey underway this fall Posted on Click to read My Daily Travel survey underway this fall