HomeMy WebLinkAboutRES 091019-H - GTEC BudetRESOLUTION NO. (7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE 2020 PROPOSED PROJECT LIST OF THE GEORGETOWN
TRANSPORTATION ENHANCHMENT CORPORATION (GTEC), AND APPROVING
THE 2020 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 2020 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 2019 Georgetown Transportation Enhancement Corporation (GTEC) budget as approved
by the GTEC Board on June 19, 2019.
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 10 day of September 2019.
ATTEST:
Robyn ❑en more
City Secretary
APPROV TO FORM:
Charles Mc -Nab
City Attorney
Resolution No. Cft t0 I 9 — l v
Description: 2020 GTEC Budget Resolution
Date Approved: September 10, 2019
THE CI Y F MW:
By: oss
Mayor
Page 1 of 1
Beginning Fund Balance 18,241,681 18,539,789 18,539,789 17,130,653 17,130,653
Budget i
Sales Tax
6,813,699
7,073,100 7,437,500
7,937,500
7,937,500
Bond Proceeds
- -
4,700,000
4,700,000
Interest/Other
870,907
190,000 308,317
230,000
230,000
Grand Total
7,684,606
7,263,100 7,745,817
12,867,500
- 12,867,500
Capital Improvement
4,147,233
12,285,475
5,439,011
13,234,375
13,234,375
Debt Service
3,336,711
3,324,745
3,324,745
3,333,921
3,333,921
Allocation Expense
363,312
390,897
390,897
419,843
419,843
Other
750
800
300
800
800
Grand Total
7,848,006
16,001,917
9,154,953
16,988,939
16,988,939
Ending Fund Balance 18,078,281 9,800,972 17,130,653 13,009,214 13,009,214
CAFR Adjustment 461,508 - - - - -
Contingency 1,468,750 1,768,275 1,768,275 1,984,375 - 1,984,375
Bond Proceed Reserve - - 2,500,000 - - -
Debt Service Reserve - - 3,225,642 3,225,642
Available Fund Balance 16,148,023 8,032,697 12,862,378 7,799,197 - 7,799,197