URGENT UPDATE: The North Carolina Department of Transportation (NCDOT) has just launched a significant initiative aimed at enhancing governmental transparency. Starting this week, NCDOT will issue weekly financial reports every Friday, known as the “NCDOT Cash Watch Numbers,” revealing the department’s financial status to the public.
These reports offer real-time insight into North Carolina’s transportation finances, detailing cash inflows and outflows. The latest report is now available for public viewing on the NCDOT website. This move follows the mandate set by Session Law 2019-251, passed by the N.C. General Assembly, which aims to provide clarity on fiscal activities within the department.
Each report begins with the previous week’s combined cash balance, providing a snapshot of the ongoing financial health of the NCDOT. Current reports will include comprehensive data on revenue receipts, major disbursement categories, and the total remaining cash balance. Notably, these reports will be published on the nearest business day during holiday periods to ensure continuous public access to financial data.
The reports also highlight a “reserved cash” section, showcasing funds earmarked for specific projects. These include ongoing efforts funded by Build NC bonds, GARVEE bonds, and Energy Savings-Roadway lighting projects. This protective measure keeps funds in a designated “Trustee Account” until they are ready to be utilized, as stated in the NCDOT press release.
It’s crucial to note that the weekly cash balance is a dynamic figure, fluctuating daily due to the ebb and flow of revenues and disbursements. While these reports provide valuable insights into the department’s financial status, they do not reflect the more stable official monthly cash balance, which is reconciled at the end of each month.
The introduction of these weekly financial reports marks a pivotal step towards greater accountability and transparency within North Carolina’s transportation sector. As residents and stakeholders alike seek more information on how state funds are being managed, the NCDOT’s commitment to transparency could foster increased public trust and engagement.
Stay tuned for the next report, which will be issued next Friday, continuing to keep North Carolinians informed about their transportation finances. Share this news to help spread awareness about the NCDOT’s efforts to promote financial transparency!
