The LRTP provides information on the region’s transportation goals and policies as well as socioeconomic, environmental, and other factors that may affect the operation of the transportation system over the next 20-25 years. The LRTP includes a list of planned major federally funded capital projects, their estimated costs, and the revenues reasonably expected to be available to fund the projects. The LRTP is updated every four years.
For a detailed list of the elements the LRTP is required to include, see:
Fiscal Constraint – Financial Plan
Plans and TIPs are not meant to be a wish list of projects that satisfy every request for an improvement. A financial plan (see below) for the LRTP is in place to show the amount of revenue the region reasonably anticipates will be available over the next 20-25 years. This is important because the LRTP must demonstrate fiscal constraint. That is, the total estimated cost of the projects and programs in the LRTP cannot exceed the amount of revenue expected to be available.