Title
Review of 2013 Revenues
Body
Issue:
The Transportation Benefit District (TBD) revenues are reviewed annually by the Board.
Treasurer's Recommendation:
Discussion only.
Staff Contact:
Debbie Krumpols, TBD Administrator, 753.8282
Presenter(s):
Jane Kirkemo, TBD Treasurer, 753.8499
Background and Analysis:
The attached charts provide information about how much revenue the TBD collected in 2013, compared to prior years.
The TBD began collecting its first monthly revenues in September 2009, with total revenue collected in 2009 of $70,350. In 2010, the first full calendar year collecting monthly revenues, the TBD accumulated $607,450. 2011 and 2012 almost echo one another, with revenue receipts at $677,650 and $671,250, respectively.
For 2013, the TBD is easily on track to make budget with year-to-date revenue through the month of August at $464,030. As previously approved by the Board, the 2013 budget partially funds the City of Olympia Pavement Management Program.
During the 2013 legislative session, HB 1959 was introduced in reference to local transportation revenue. In summary, this bill would allow a TBD to impose a local annual vehicle fee of up to $40 upon a majority vote of the governing body. Currently, a TBD may impose a local annual vehicle fee of up to $100 on vehicle license renewals, subject to voter approval, $20 of which may be imposed without voter approval. HB 1959 did not pass out of Special Session in May, 2013.
Options:
Discussion only. No Board action requested.
Financial Impact:
No financial impact given.