UPDATE: The North Carolina Department of Transportation (NCDOT) has just launched a new initiative to enhance transparency with the introduction of weekly financial reports. Starting this Friday, the department will release its “NCDOT Cash Watch Numbers,” providing the public with immediate access to financial data.
This important move comes in accordance with Session Law 2019-251 passed by the N.C. General Assembly, aimed at increasing governmental financial clarity. The first report is now available on the NCDOT website, detailing the department’s current fiscal status and ensuring taxpayers are informed about state transportation finances.
The weekly report will kick off with the previous report’s combined cash balance, offering insight into the department’s financial movements. It will cover key figures such as receipts and disbursement categories, ultimately presenting the remaining combined cash balance. This proactive communication strategy is essential for maintaining public trust and accountability.
In a notable addition, the reports will include a “reserved cash” snapshot, highlighting funds earmarked for specific projects. These include initiatives funded by Build NC bonds, GARVEE bonds, and Energy Savings-Roadway lighting. Funds will be securely held in a “Trustee Account,” ensuring they are used appropriately for their intended purposes as work progresses.
However, it is crucial to recognize that the weekly cash balance is a dynamic figure, fluctuating daily as revenues and disbursements change. While these reports provide a timely look into the department’s financial health, they should not be mistaken for the more stable official monthly cash balance, which is reconciled after each month’s closure.
This initiative by the NCDOT underscores a significant step towards greater governmental transparency and public engagement. As the department commits to these weekly disclosures, residents can expect ongoing updates that reflect the shifting landscape of state transportation finances.
With the next report set to be published on the nearest business day during holiday periods, stakeholders and citizens alike are encouraged to stay informed. The NCDOT’s efforts to increase fiscal transparency could serve as a model for other departments aiming to build public trust in governmental financial operations.
This development marks a pivotal moment for North Carolina’s transportation sector, reinforcing the importance of accountability and responsiveness to the public’s need for financial clarity.
