HomeMy WebLinkAboutRES 082322-AI - CR245 Parkland ROWRESOLUTION NO. DdZ3 ZZ Al
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE 2023 PROPOSED PROJECT LIST OF THE GEORGETOWN
TRANSPORTATION ENHANCHMENT CORPORATION (GTEC), AND APPROVING
THE 2023 GTEC BUDGET.
WHEREAS, the City is required by State Law, the Amended Articles of Incorporation, and the
Bylaws of the Georgetown Transportation Enhancement Corporation (GTEC), previously established
pursuant to Vernon's Rev. Civ. Stat. Ann., Article 5190.6 Section 4(B) to approve GTEC's annual
operating budget: and
WHEREAS, projects identified in the 2023 Project List are incorporated into the annual budget of
GTEC,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are hereby
found and declared to be true and correct, and are incorporated by reference herein and expressly made
a part hereof, as if copied verbatim.
SECTION 2. The City Council of the City of Georgetown hereby accepts the proposed project list
included in the 2023 Georgetown Transportation Enhancement Corporation (GTEC) budget as approved
by the GTEC Board on July 20, 2022.
SECTION 3. Budgetary expenses, such as administrative and non -project specific expenses
may be expended on or after the date of this resolution.
RESOLVED this 23rd day of August, 2022.
ATTEST:
Rebymaengffiere f-y;�
City Secretaryzl c
APPROVED AS TO F
OORM:
Ji�L�
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City Attorney
Resolution No.a$ Z AZ Page 1 of 1
Description: 2022 GTEC Budget Resolution
Date Approved: August 23, 2022
GEORGETOWN TRANSPORTATION ENHANCEMENT CORP FUND
The purpose of the Georgetown Transportation Enhancement Corporation Fund (GTEC), a 4B Sales
Tax Corporation, is to promote economic and community development within the City and the
State of Texas through the payment of costs for streets, roads, drainage, and other related
transportation system improvements including the payment of maintenance and operating
expenses associated with such authorized projects. The funding source for GTEC is 1/2cent of the
City's sales tax rate.
FISCAL YEAR 2022
Total revenues are projected to be $16.6 million, which includes $3.8 million of bond proceeds
budgeted for the Witteria Way at Gateway 35 Industrial Park, and Jesse Cocke Drive at the new
Costco site. Sales tax collections are projected to end the year at $12.7 million, 14% more than
budget. Sales tax collections remained strong throughout the year due to strong economic growth.
Total expenses are projected to be $34 million. Projects in progress for this year include the
Gateway 35 Industrial Park and Costco road projects, as well as completing roll forward projects
from prior years. Incentive agreement payments have been made for meeting performance for the
Titan North Park 35 Industrial Park project and the Gateway 35 Industrial Park project.
Total fund balance is projected to be $24.4 million, which includes a debt service reserve of $3.9
million and a contingency reserve of $2.6 million.
FISCAL YEAR 2023
Budgeted revenues are expected to total $33.7 million. Sales Tax is estimated to increase 8% over
FY2022 projections. Bond proceeds are budgeted at $20 million to cost -share funding with TXDOT
for IH-35 to Wolf Ranch Parkway widening project.
Budgeted expenses total $29 million. This includes GTEC's total self-supporting debt service
payments of $921,000 in the fund, and $3.3 million of transfers out to the General Debt service fund
for previously issued debt for GTEC projects. The Joint Services Fund allocation increased
significantly due to an updated distribution methodologyfor Systems Engineering identified in the
FY2022 cost allocation study. The General Fund allocation decreased significantly due to several
changes in the allocation methodology made during the cost allocation study model update. A
reserve of 25% of sales tax revenues is appropriated in Operations for economic development
projects that may come up during the fiscal year. $20 million of capital expense is budgeted for the
IH-35 to Wolf Ranch Parkway widening improvements. Incentive agreement payments are
estimated for a road off of Lakeway Drive to improve access to the west side to of the Airport Costco,
and Loram.
Total fund balance is projected to be $29.2 million by September 30', 2023. This fund is budgeted
to meet the policy of allocating 25% of sales tax as a contingency reserve. This fund also meets a
debt service reserve of $4 million.
FUND SCHEDULE
FY2021
FY2022
FY2023
Actuals
Amended
Budget Projected
Proposed
Base Budget Changes Budget
Beginning Fund Balance
31,029 698
8 9D0 043 4179 893
24,410,556 - 106
40002:Sales Taxes
10,618,823
11,125,005
12,654,07 13,666,398
13,666,398
42001:Interest Income
25,704
24,000
50,000 31,500
31.5.O0
Operating Revenue Total
10,644,527
11,149,005
12,704,073 13,697,898
- 13,697,898
Operations
346,223
247,716
247,4161
441,581
441,581
Transfers
2,758,343
3,232,111
3,232,111 1
3,276,732
_ .3,276332
Operating Expense Total
3,104,567
3,479,827
3,479,527
3,718,313
- 3,718,313
Available Operating Fund Balance
�38,569,659
46,569,221
51,019,43
34,390,141
- 3 390,141
46001:Bond Proceeds
46002:Bond Premium
Non -Operating Revenue Total
7,405,000 3,700,000 3,775,0001 20,000,000
731.229 - 162,358
8,136,229 3,700,000 3,937,358 20,000,000
20,000,000
- 20,000,000
Operations
2,500,000
9,700,000
4,300,000
- 4,300,000
CIP Expense
4,027,459
19,901,742
19,901,7421
20,000,000
20,000,000
Debt Service
883,535 .
944,500
944,5001
921,109
921,109
Non -Operating Expense
4,910,994
23,346,242
30,546,242
25,221,109
- 25,221,109
Ending Fund Balance
1141,794,893
26,922,979
24,4109556_
29,169,032
- 29,169,D32
AFR Adjustment
-
-
Contingency
1,984,375
2,617,664
2,617,664
Debt Service Reserve
3,494 232
3,918 959
3,918,959
Reserves Total
5,478,607
6,536,623
6,536,623
Available Fund Balance
F36,316,286
r
20,386,356
17,873,933
3,512,176
3,99�r,673
- 3,512,176
- 3,994,673
7,506,849
- 7,506,849
21,662,183 - 21,662,183