FUND 2040 Administration - Fund2040PROD
FUND 2040 will use best practices in administration and oversight of infrastructure projects.
FUND 2040 Administration
It is a high priority for every dollar in FUND 2040 to be spent effectively, so CMAP will monitor project status aggressively, and delays or cost overruns will be addressed swiftly. CMAP has excellent internal administrative procedures that will be used to manage FUND 2040, ensuring that the fund delivers maximum benefit to our region.
To prevent the program from creating unnecessary paperwork for project sponsors, CMAP will use existing procedures already used by state agencies to administer similar infrastructure grants. For example, the rules concerning Motor Fuel Tax (MFT) funds could be followed for transportation projects, those for State Revolving Fund (SRF) loans will be used for sewer and water improvements, and those for Open Space Lands Acquisition and Development (OSLAD) grants will be used for open space and park projects.
To use as much of the fund as possible for improvements that measurably benefit our region, CMAP will devote no more than 3 percent of the total revenue to administration and operations. The remaining 97 percent will be competitively awarded to project sponsors across the region. This low administrative rate is possible because of CMAP's existing administrative processes and experience managing grant programs.
This proposal should be part of broader policy efforts to address the state's infrastructure and fiscal climate. Revenue for FUND 2040 could be raised through a quarter-cent sales tax on purchases throughout the Chicago metropolitan area, as defined as the counties in the Regional Transportation Authority (RTA) service area — Cook, DuPage, Kane, Lake, McHenry, and Will. Other counties may be able to opt-in to FUND 2040 by contributing local revenues.