Title
Approval of a Resolution to Adopt the 2018 Budget for the Transportation Benefit District (TBD)
Recommended Action
Board Treasurer Recommendation:
Move to approve the resolution to adopt the 2018 Budget and recommend that the Olympia City Council amend its 2018 Capital Budget by adding $95,000 to the transportation portion of the budget.
Report
Issue:
Whether to approve a resolution to adopt a 2018 budget in the amount of $1,600,000 for the Transportation Benefit District and request the Olympia City Council to amend its 2018 Capital Budget.
Staff Contact:
Debbie Sullivan, TBD Treasurer, 360.753.8499
Mark Russell, Deputy Public Works Director, 360.753.8762
Presenter(s):
Mark Russell, Deputy Public Works Director
Background and Analysis:
The City of Olympia’s 2018-2023 Capital Facilities Plan (CFP) approved $1,500,000 of revenue to be received from the Transportation Benefit District (TBD) in 2018. This is an increase of $800,000 from the 2017-2022 CFP as are result of the TBD increasing their fees from $20 per registered vehicle to $40 effective January 1, 2017.
The City of Olympia CFP outlines an annual financial need of $7.5 million for transportation pavement preservation projects. The Olympia City Council appropriated $1.5 million in their 2018 Capital Budget based on projected revenue to be collected. Revised revenue estimates indicate that the TBD will collect $1.6 million in 2018, $95,000 more than anticipated. Therefore, staff recommends that the TBD request the Olympia City Council amend their 2018 Capital Budget to appropriate an additional $95,000.
Staff will present and discuss the 2018 work plan.
Revenue
2018 Vehicle Tab Fees $1,600,000
Total Revenue $1,600,000
Expenses:
Capital Projects: $1,595,000
Administration - Insurance: $5,000
Total Expenses: $1,600,000
Neighborhood/Community Interests (if known):
N/A
Options:
Option 1: Adopt the resolution establishing the 2018 budget and request the Olympia City Council amend the 2018 Capital Budget.
Option 2: Direct staff to revise the resolution and adopt a 2018 budget in the amount of $1,505,000. If the Board chooses to increase the TBD budget at a future date in 2018, a special meeting of the TBD will be scheduled.
Financial Impact:
In 2018 revenue collected through registered vehicles in the City limits is estimated to be $1,600,000.
Attachments:
Resolution