HomeMy WebLinkAboutRES 082724-5.Z -2025 GTEC Budget ResolutionRESOLUTION NO. 012.1,2y - 5•7-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS, ACCEPTING THE 2025 PROPOSED PROJECT LIST OF THE
GEORGETOWN TRANSPORTATION ENHANCHMENT CORPORATION
(GTEC); APPROVING THE 2025 GTEC BUDGET; REPEALING CONFLICTING
RESOLUTIONS; INCLUDING A SEVERABILITY CLAUSE; AND
ESTABLISHING AN EFFECTIVE DATE.
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 2025 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 meeting at which this resolution was approved was conducted in compliance with
the Texas Open Meetings Act, Texas Government Code, Chapter 551.
SECTION 2. 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 3. The City Council of the City of Georgetown hereby accepts the proposed project list
included in the 2024 Georgetown Transportation Enhancement Corporation (GTEC) budget as approved
by the GTEC Board on July 22, 2024.
SECTION 4. Budgetary expenses, such as administrative and non -project specific expenses may
be expended on or after the date of this resolution.
SECTION 5. All resolutions that conflict with the provisions of this resolution are hereby repealed,
and all other resolutions of the City not in conflict with the provisions of this resolution shall remain in full
force and effect.
SECTION 6. If any provision of this resolution, or application thereof, to any person or
circumstance, shall be held invalid, such invalidity shall not affect the other provisions, or application
thereof, of this resolution, which can be given effect without the invalid provision or application, and to this
Resolution No. 0112124 - 6. Z Page 1 of 2
Description: 2025 GTEC Budget Resolution
Date Approved: August 27, 2024
end the provisions of this resolution are hereby declared to be severable.
SECTION 7. The Mayor is hereby authorized to sign this resolution and the City Secretary to attest.
This resolution shall become effective and be in full force and effect immediately in accordance with the
provisions of the City Charter of the City of Georgetown.
RESOLVED this 27t" day of August, 2C
ATTEST:
Robyn D smore
City Secretary
APPROVED AS TO FORM:
Skye asso
City Attorney
Resolution No.gW-124 — S. Z Page 2 of 2
Description: 2025 GTEC Budget Resolution
Date Approved: August 27, 2024
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 1/2 cent of the
City's sales tax rate.
FISCAL YEAR 2024
Total revenues aare projected to be $20.9 million. Sales tax collections are projected to end the
year at $13.2 million, 2% more than budget.
Total expenses re projected to be $38.8 million. Projects in progress for this year include
the SH-29 widening.
Total fund balance is projected to be $31.6 million, which includes a debt service reserve of $4.1
million and a contingency reserve of $3.2 million.
FISCAL YEAR 2025
Budgeted revenues are expected to total $59.5 million which is a 184% increase over FY24
projection due to bond proceeds for several projects including SE Inner Loop, SH 29 Corridor
Study, San Gabriel Village Roundabout, and Wolf Ranch Parkway. Sales Tax is estimated to
increase 4% over FY2023. Bond proceeds are budgeted at $44.3 million.
Budgeted expenses total $55.4 million. This includes GTEC's total self-supporting debt service
payments of $841,095 in the fund, and $3.3 million of transfers out to the General Debt service
fund for previously issued debt for GTEC projects. $4.6 million is appropriated in Operations for
economic development projects that may come up during the fiscal year. $16.3 million of capital
expense is budgeted for SE Inner Loop, widening of Wolf Ranch Parkway, and a roundabout at
San Gabriel Village.
Total fund balance is projected to be $34.8 million by September 30th 2025. 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 $3.3 million.
FY2023
FY2024
FY2025
Actuals
Amended Budget Projected
Base Budget Changes Proposed Budget
Beginning Fund Balance
47,587,537
49.460,579 49,460.579
31,648,523 31,648,523
40002:Sales Taxes I 12,696,815 I 12,972,227 13,204,738 I 13,468,832 13,468,832
42001:interest Income 1,935 720 1,200,000 1 955 300 1,684,000 1,684,000
Operating Revenue Total 14,632,536 14,172,227 25,160,038 15,152,832 15,152,832
Operations
441,631
462,106
462:106
855,653
855,653
Transfers
3.278,609
3.154.223
3,154223
3,306,547
3,306,547
Operating Expense Total
3,720,240
3,616,329
3,616,329
4,162,200
4,162,200
Available Operating Fund Balance
58,499,833
60,016,477
61,004,288
42 639,155
42 639155
Non -Operating
45001:Misc Revenue
59,400
-
-
46001:Bond Proceeds
5,800,000
5,800,00OF
44,395,000
44,395,000
46002:Bond Premium
_
Non -Operating Revenue Total
59,400
5,800,000
5,800,000
44,395,000
44,395,000
Operations
CIP Expense
Debt Service
651,513
7,607,442
839,700
4,300,000
26,668,903
962,738
4,300,000
29,968,903
886,862
4,600,000
45,395,000
1,285,D45
4,600,000
45,395,000
1,285,045
Non -Operating Expense
9,098,654
31,931,641
35,155,765
51,280,045
51,280,045
Ending Fund Balance
49,460,579
33,884,836
31,648,523
35 754110
35 750110
AFR Adjustment
Contingency
Debt Service Reserve
3,512,176
3,994,673
3,243,057
3,724,080
-
3,243,057F3,367,208
4,146,7473,956,415
3,367,208
3,956,415
Reserves Total
7,506,849
6,967,137
7,389,804
7,323,623
7,323,623
Available Fund Balance
41,953,730
26,917,699
24,258,719
28430487
28430487