The Oregon Department of Transportation (ODOT) has released the 2023 Fund Exchange Program Update announcing implementation plans for the Fund Exchange (FEX) Program.
House Bill 2101 (2023) allocates $35 million of House Bill 2017 (2017) dollars annually to eligible cities and counties, as authorized.
The Fund Exchange Program Update includes the following key changes and deadlines to transition into a stable funding source for cities and counties in Oregon:
- No Exchange Rate: Starting in 2023, local governments will receive their dedicated allocation without any exchange rate applied, ensuring stable funding while avoiding federal grant requirements.
- Timely Funding Delivery: Payments will be delivered to local agencies by Sept. 30, 2023, eliminating the need for FEX master grant agreements or funding request letters.
- Two Year Reconciliation: ODOT will reconcile 2023 allocations, promptly sending payments to agencies owed money, while any overpayment will be adjusted from the 2024 allocations.
- Deadline for Exchanges: To utilize old STBG allocations, all 2022 and prior balances must be exchanged by Dec. 31, 2024; unexchanged balances will no longer be eligible for exchange to state funds.
Please review the full 2023 Fund Exchange Program Update and individual county 2023 allocation funding amounts.
For more information please contact ODOT Funding Programs Senior Analyst Hope Derrickson