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Summary

On Jul 27, 2007, we issued our baseline report resulting from our initial monitoring of the Dulles Corridor Metrorail Project. The objectives of the monitoring were to (1) assess the status of the project, including costs, funding, and schedule and (2) identify any potential risks that may adversely affect its completion. The report identified several potential risk areas where the Federal Transit Administration (FTA) needs to provide vigilant oversight.

We made recommendations for additional FTA reviews regarding the sufficiency of local funding sources, the contractual and associated arrangements that deal with the Washington Metropolitan Area Transit Administration, and the Washington Metropolitan Airports Administration's project management plan. We also recommended that FTA consider reevaluating the transportation user benefits for the Dulles Corridor Metrorail Project in accordance with current FTA policy and use the updated figure to make any decisions regarding federal funding for the project. Finally, we recommended that the DOT Transportation Infrastructure Finance and Innovation Act Credit Council conduct an independent rigorous review of the project's loan application, taking into account all of the unusual risks associated with the project, and that FTA coordinate closely with the DOT Transportation Infrastructure Finance and Innovation Act Credit Council to share information. The FTA has agreed with the information contained in our report and has committed to respond to our specific recommendations within next 30 days.