Title
Approval of a Resolution Establishing the 2020 Transportation Benefit District Budget
Recommended Action
Board Treasurer Recommendation:
Move to approve the resolution establishing the 2020 Transportation Benefit District (TBD) Budget.
Report
Issue:
Whether to approve a resolution establishing the 2020 TBD budget.
Staff Contact:
Mark Russell, P.E., Deputy Director, Public Works Department, 360.753.8762
Presenter:
Mark Russell, P.E., Deputy Director, Public Works Department
Background and Analysis:
The Transportation Benefit District (TBD) will continue to collect TBD fees in 2020, with estimated revenues of $1,500,000. The collected revenues will be placed in a separate account and will be held pending the outcome of litigation related to Initiative 976.
Administrative costs must still be paid for insurance and State audits. After capital commitments for transportation projects, there is an available fund balance of $292,771. $7,500 is proposed to be appropriated from available fund balance solely to cover administrative costs.
Neighborhood/Community Interests (if known):
N/A
Options:
1. Approve the resolution establishing the 2020 Transportation Benefit District (TBD) Budget. These funds will be used for administration of the TBD.
2. Do not approve the resolution establishing the 2020 Transportation Benefit District (TBD) Budget as proposed and direct staff to make Board recommended adjustments.
Financial Impact:
In 2020, revenue collected through TBD fees within the City limits is estimated to be $1,500,000 and will be held pending the outcome of litigation related to Initiative 976.
Attachments:
Resolution