Title
Approval of a Resolution Accepting the Transportation Benefit District 2023 Annual Report
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Resolution accepting the Transportation Benefit District 2023 Annual Report
Report
Issue:
Whether to approve the 2023 TBD Annual Report, as required by Charter.
Staff Contact:
Sophie Stimson, Transportation Director, Public Works, 360.753.8497
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
A Transportation Benefit District (TBD) is a quasi-municipal corporation and independent taxing district. It was created for the sole purpose of acquiring, constructing, providing, and funding transportation improvements within the district.
The Olympia City Council established a TBD in 2008. The boundaries of the TBD are identical with the City limits. A $40 TBD fee is collected at the time of renewal for all registered vehicles within City limits.
Last year, Olympia City Council passed a TBD sales tax of 0.1% on December 19, 2023. The new revenue will be used for pedestrian, bicycle, and other active transportation projects. Approximately $3.1M is collected annually and collection began in April 2024. Projects will be funded by this revenue starting in 2025.
The City Council, or City Staff at the City Council's direction, shall issue an annual Transportation Benefit District report, pursuant to the requirements of RCW 36.73.160(2), as required by Olympia Municipal Code 12.14.020(D). The annual report indicates the status of transportation improvement costs, expenditures, revenues, and construction schedules to the public and the newspapers of record in the District. Each year, the annual report is posted on the City's website, on the page describing the TBD.
As of December 31, 2023, the financial status of the TBD was $5,630,502 of available resources. This reflects an ending balance of $5,922,627 minus the financial commit...
Click here for full text