Accurate predictions of cash balances are essential to the month-to-month operations of transportation departments. The Virginia Department of Transportation (VDOT) relies on a general cash flow forecasting model to predict monthly outflows and inflows of cash to various activities. VDOT’s model was developed in the mid-1980s and reflects the realities of that time. Much has changed in the operational aspects of VDOT since then. The cash flow model was updated. The research focused on two components (or submodels) of the general cash flow model: the monthly factors submodel, which is used to forecast monthly expenditures on construction contracts, and the maintenance expenditures submodel, which is used to forecast monthly outlays on maintenance activities. The result was an update of the basic elements of the monthly factors submodel while, for the most part, retaining the original underlying methodology. The research yielded a new methodology for the prediction of monthly expenditures on maintenance. The new forecasting method is based on a regression equation.
Review and Update of Virginia Department of Transportation's Cash Flow Forecasting Model
Transportation Research Record
Transportation Research Record: Journal of the Transportation Research Board ; 1576 , 1 ; 10-19
1997-01-01
Article (Journal)
Electronic Resource
English
Review and Update of Virginia Department of Transportation's Cash Flow Forecasting Model
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