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Home My WebLink AboutRES 083007-E - Approval GTEC BudgetRESOLUTION NO. 3007 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, ACCEPTING THE 2007/08 PROPOSED PROJECT LIST OF THE GEORGETOWN TRANSPORTATION ENHANCHMENT CORPORATION (GTEC), AND APPROVING THE 2007/08 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 2007/08 Project List are incorporated into the annual budget of GTEC, and WHEREAS, a public hearings on the projects proposed by GTEC were held in previous fiscal years, N OW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, THAT: S ECTION 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, The City Council hereby finds that this ordinance implements the following policy of the Century Plan - Policy Plan Element: 1. Finance Policy Statement 13.0, which states: "All municipal operations are conducted in an efficient business -like manner and sufficient financial resources for both current and future needs are provided", and further finds that the adoption of this resolution is not inconsistent or in conflict with any other Century Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan. S ECTION 2. The City Council of the City of Georgetown hereby accepts the proposed project list included in the 2007/08 Georgetown Transportation Enhancement Corporation (GTEC) budget as approved by the GTEC Board on July 18, 2007. S ECTION 3. Budgetary expenses such as administrative and non -project specific expenses may be expended on or after the date of this resolution. RESOLVED this 30th day of August, 2007. ATTEST, THE CITY OF GEORGETOWN: Sandra D. Lee City Secretary APPROVED AS TO FORM: f / sue_ : 7 7 ) Patricia Carls, Brown and Carls LLP City Attorney 'By: G Nelon Mayor Georgetown Transportation Enhancement Corporation 2007/08 Proposed Budget Beginning Fund Balance Revenue: Sales Tax Revenue Interest PID Assessments Total Revenue Expense: Administrative Expense & Supplies Legal Expense Inspection Services Transportation Plan Updates Subtotal - Operating Expense Debt Service Debt Service - New Issuance Cost & Reserve Funding Transporation Improvement Program 12 Arterial SE1: Inner Loop / SH 130 [a] 14b Southwest Bypass (29 to 2243) [a] 19a SE Inner Lp Widening (35 to SE1) [a] Subtotal - Transportation Improvement Program Economic Development Projects DT1 River Place [a] DT2 400 Main Street [a] DT3 500 South Austin Avenue [a] DT5 501 South Austin Avenue [a] Projects to be determined Subtotal - Transportation Improvement Program Total Expense Available Fund Balance $15,698,209 $3,500,000 $575,000 $765,178 $4, 840,178 $182,155 $40,000 $50,000 $20, 000 $292,155 $2,431,620 $0 $0 $11,138,064 $900,000 $125,000 $12,163,064 $78,500 $24,716 $506,000 $531,710 $875,000 $2,015,926 $16,902,765 $3,635,622 Reserves: Capital for Economic Development Contingency Available Working Capital $0 $1,085,000 $2,550,622 Note: [a] Projects rolled forward from prior fiscal year. ac ©23 070 M:\GTEC Budget\2007_08\Budget-2008v1.xls Item Page 1 Georgetown Transportation Enhancement Corporation Five Year Proforma Budget Projected 06/07 06/07 Proposed 07/08 08/09 Projected 09/10 10/11 11/12 Beginning Fund Balance Revenue: Sales Tax Revenue Interest Interest - Bond Proceeds PID Assessments Developer Contributions State and Federal Grants Williamson County Cost Sharing Debt Proceeds Total Revenue Expense: Administrative Expense & Supplies Legal Expense Inspection Services Transportation Plan Updates Subtotal Debt Service Debt Service - New Issuance Cost & Reserve Funding Transporation Improvements Program 1 Wolf Ranch Improvements 13 Wolf Ranch Parkway 12 Arterial SE1 Inner Loop / SH 130 QQ Northwest Blvd Bridge 14c Southwest Bypass (1H35 to 2243) 14b Southwest Bypass (29 to 2243) 9 IH-35 / Williams Drive Intersection 10 NE Inner Loop / Lakeway Bridge 14a SW Inner Loop (29 to SW Bypass) 19a SE Inner Lp Widening (35 to SE1) AH NW Inner Loop Widening Economic Development Projects DT1 River Place DT2 400 Main Street DT3 500 South Austin Avenue DT5 501 South Austin Avenue Park Central Boulevard Projects to be determined Total Project Costs Total Expense Available Fund Balance CAFR Adjustment Reserves: Capital for Economic Development Contingency Available Working Capital Debt Service Coverage Notes: 6,026,095 6,353,047 3,237,900 230,000 0 0 0 125,000 0 111000,000 14,592,900 3,3251000 230,000 218,661 0 0 125,000 0 11,330,000 15,228,661 15,698,209 31500,000 75,000 500,000 765,178 0 0 0 0 4,840,178 3,635,622 1,055,221 1,102,713 1,162,554 3,625,000 75,000 150,000 494,932 0 0 0 1,645,000 51989, 932 3,806,250 75,000 75,000 515,997 0 3,200,000 0 5,540,000 13,212,247 3,996,570 75,000 75,000 573,731 0 0 0 1,490,000 6,2101301 4,196,400 75,000 75,000 592,467 0 0 0 275,000 5,213,867 155,200 40,000 50,000 20,000 265,200 711,352 577,500 330,000 100,000 259,000 11,638,064 0 0 930,000 0 2,500,000 0 125,000 0 78,500 24,716 506,000 531,710 475,000 694,946 155,200 40,000 50,000 20,000 265,200 711,353 0 330,000 100,000 259,000 500,000 18,000 0 30,000 0 2,500,000 0 0 0 0 0 0 0 475,000 694,946 182,155 40,000 50,000 20,000 292,155 2,431,620 0 0 0 0 11,138,064 0 0 900,000 0 0 0 125,000 0 78,500 24,716 506,000 531,710 0 875,000 185,436 40,000 50,000 20,000 295,436 2,167,847 86,400 49,400 0 0 0 65,000 0 5,000,000 0 0 0 0 0 0 0 0 0 0 906,250 191,000 41,200 51,500 20,600 304,300 2,188,995 425,700 166,200 0 0 0 128,000 0 9,000,000 0 0 0 0 0 0 0 0 0 0 951,560 196,700 42,400 53,000 21,200 313,300 2,256,575 667,000 44,700 0 0 0 1,539,745 0 0 0 0 330,000 0 0 0 0 0 0 0 999,140 202,600 43,700 54,600 21,800 322,700 2,291,585 725,300 8,300 0 0 0 0 0 0 763,321 0 0 0 0 0 0 0 0 0 1,049,100 17,862,936 4,576,946 14,178,990 5,971,250 10,079,560 2,868,885 1,812,421 19,746,988 5,883,499 16,902,765 8,570,333 13,164,755 6,150,460 5,160,306 872,007 15,698,209 31635,622 1,055,221 1,102,713 1,162,554 1,216,115 0 0 0 0 867,000 883,000 5,007 14,815,209 0 0 11085,000 2,5501622 0 0 0 0 0 0 0 0 1,048,700 1,0991300 1,161,300 1,216,000 6,521 3,413 1,254 115 hrnent +0 .", e5 083007- 4.93 1.87 1.80 1.59 1.51 1.53 M:\GTEC Budget\2007_08\Budget-2008v1.xls Item Page 1 Georgetown Transportation Enhancement Corporation Debt Analysis 06/07 07/08 Projected 08/09 09/10 10/11 11/12 Debt Capacity Operating Revenue (OR) Operating Expense (OE) Balance Debt Service Coverage (DSC) Policy Debt Service Capacity (OR - OE) / DSC Policy Current Debt Service New Debt Service Available Debt Service Capacity Bond Debt Capacity (20 Yr Bonds) Oustanding Debt (with new issues) $3,773,661 $265,200 $3, 508,461 $4,840,178 $292,155 $4,548,023 $4,344,932 $295,436 $4,049,496 $4,472,247 $4,720,301 $304,300 $313,300 $4,167,947 $4,407,001 $4,938,867 $322,700 $4,616,167 1.50 $2,338,970 $711,353 $0 1.50 $3,032,020 $2,431,620 $0 1.50 $2,699,660 $2,167,847 $86,400 1.50 1.50 1.50 $2,778,630 $2,938,000 $3,077,440 $2,188,995 $2,256,575 $2,291,585 $425,700 $667,000 $725,300 $1,627,617 $600,400 $445,413 $163,935 $14,425 $60,555 28,540,633 27,859,622 GTEC Funding and Costs „3 Debt Service Operating Expense —fl—Operating Revenue ent f© s. ©83©07- 6 36, 997, 383 27,296,522 32,941,852 27,956,411 33,905,462 32,402,906 35, 850,130 32,523,693 37,551,608 31,292,340 40.0 35.0 30.0 25.0 C O 20.0 15.0 10.0 5.0 .0 06/07 07/08 08/09 09/10 10/11 ---+--Current Outstanding Debt --le—Bonded Debt Limit 11/12 M:\GTEC Budget\2007_08\Budget-2008v1.xls Item Page 1