Title
Approval of a Resolution Adopting the 2019 Budget for the Transportation Benefit District (TBD)
Recommended Action
Board Treasurer Recommendation:
Move to approve the resolution adopting the 2019 Transportation Benefit District Budget.
Report
Issue:
Whether to approve a resolution adopting the 2019 budget in the amount of $1,690,000 for the Transportation Benefit District.
Staff Contact:
Debbie Sullivan, TBD Treasurer, 360.753.8499
Mark Russell, Deputy Public Works Director, 360.753.8762
Presenter:
Mark Russell, Deputy Public Works Director
Background and Analysis:
The City of Olympia’s 2019-2024 Capital Facilities Plan (CFP) approved $1,690,000 of revenue to be received from the Transportation Benefit District (TBD) in 2019. These funds are planned to be used in the City’s Street Repair and Reconstruction Program for pavement resurfacing and preservation.
Revenue
2019 Vehicle Tab Fees $1,690,000
Total Revenue $1,690,000
Expenses:
Capital Projects: $1,690,000
Total Expenses: $1,690,000
Neighborhood/Community Interests (if known):
N/A
Options:
1. Approve the resolution to adopt the 2019 Transportation Benefit District Budget. These funds will be used for the City’s pavement management program.
2. Do not approve the resolution to adopt the 2019 Transportation Benefit District Budget as proposed and direct staff to make Board-recommended adjustments. If the Board chooses to spend the TBD revenue for something other than pavement management, a public hearing is needed.
Financial Impact:
In 2019, revenue collected through registered vehicles in the City limits is estimated to be $1,690,000.
Attachments:
Resolution