Title
Forward a Request to Olympia City Council to increase the 2018 Transportation Benefit District Budget.
Recommended Action
Board Treasurer Recommendation:
Move to approve a motion to forward a request to the Olympia City Council to increase the 2018 Transportation Benefit District Capital Budget from $1,500,000 to $1,595,000.
Report
Issue:
Whether to forward a request to the Olympia City Council to increase the 2018 Transportation Benefit District Capital Budget from $1,500,000 to $1,595,000.
Staff Contact:
Debbie Sullivan, TBD Treasurer, 360.753.8499
Presenter(s):
No presentation
Background and Analysis:
The City of Olympia’s 2018-2023 Capital Facilities Plan approved $1,500,000 of revenue to be received from the TBD in 2018. 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.
Neighborhood/Community Interests (if known):
N/A
Options:
Option 1. Forward a request to the Olympia City Council to increase the 2018 Transportation Benefit District Capital Budget from $1,500,000 to $1,595,000. Public Works Transportation will have an additional $95,000 to fund needed transportation improvements on behalf of the TBD.
Option 2: Do not approve a motion to forward a request to the Olympia City Council to increase the 2018 Transportation Benefit District Capital Budget from $1,500,000 to $1,595,000. Staff will adjust the annual TBD work plan to reflect the reduction of $95,000 in anticipated funding. If the Board chooses to increase the budget at a future date in 2018, a special meeting of the TBD will be scheduled.
Financial Impact:
The additional $95,000 estimated to be collected in 2018 will remain in the TBD fund and can be appropriated at a later date.
Attachments:
None