HomeMy WebLinkAboutRES 082526-5.I - FY2027 GTEC Budget ResolutionRESOLUTION NO. Dlo'1526 'S 17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS, ACCEPTING THE 2027 PROPOSED PROJECT LIST OF THE
GEORGETOWN TRANSPORTATION ENHANCHMENT CORPORATION
(GTEC); APPROVING THE 2027 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), a Type B corporation,
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 2027 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 2027 GTEC budget as approved by the GTEC Board on July 20, 2026, in accordance with
State Law and the GTEC bylaws.
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 All resolutions that conflict with the provisions of this resolution are hereby repealed,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. 0$ 252 (o - rJ . T Page 1 of 2
Description: 2027 GTEC Budget Resolution
Date Approved: August 25, 2026
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 25th day of August, 2026.
ATTEST:
Robyn Den ore
City Secretary
APPROVED AS TO FORM:
kye sson
City Attorney
Resolution No. O$.�.lr';% - 5 • T Page 2 of 2
Description: 2027 GTEC Budget Resolution
Date Approved: August 25, 2026
GEOR_ GETOWN 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 2026
Total revenues are projected to be $20.5 million. Sales tax collections are projected to end
the year at $14.4 million,1% under budget. Interest Income is projected to come in over
budget due to more earnings from bond proceeds.
Total expenses are projected to be $69.2 million. Projects in progress for this year include
San Gabriel Roundabout, Wolf Ranch Parkway widening, and Austin Avenue
Enhancements.
Total fund balance is projected to be $53.2 million, which includes a debt service reserve of
$7.3 million and a contingency reserve of $3.6 million.
FISCAL YEAR 2027
Budgeted revenues are expected to total $26.5 million. Sales Tax is estimated to increase
2% over FY2026 projections. Bond proceeds are budgeted at $8.4 million.
Budgeted expenses total $50.9 million. This includes GTEC's total self-supporting debt
service payments of $921 thousand in the find, and $6.4 million of transfers out to the
General Debt service fund for previously issued debt for GTEC projects. Additionally, $5.4
million is appropriated in Operations for econcmic development projects that may come up
during the fiscal year and $37.5 million of capital expense is budgeted. The CIP projects
include Austin Ave Improvements, Southwestern Parking garage, TML parking garage, Spur
26, and Wolf Ranch Parkway.
Total fund balance is projected to be $28.8 million by September 30th, 2027. This fund is
budgeted to meet the policy of allocating 25% of sales tax as a contingency reserve at $3.7
million. This fund also meets a debt service reserve of $6.2 million.
FY2025 IFY2026 I FY2027
Actuals Amended Budget Projected Base Budget Changes Proposed Budget
Beginning Fund Balance 52,263,572 101,821.174 101,821,174 53,137,862 53,137,862
Operating
40002:SalesTaxes
42001:lnterest Income
14,075,281
2,842,115
14,566,542
1,684,000
14,420,876
3.104,439
14,726,139
2,783.090
14,726,139
2,783,080
Operating Revenue Total
Operating Expense
16,917,396
16,250,542
17,525,315
17,509,219
17,509,229
Operations
855,958
642,931
655,583
648,779
648,779
Operating Expense Total
855,959
642,931
655,593
648,779
648,779
Available Operating Fund Balance
68,225,010
217,428,785
118,690,907
69,998,302
69,998,302
Non -Operating
44001:Grant Revenue
45003:Mlsc Reimbursements
46001:Bond Proceeds
46002:13ond Premium
-
42,735,000
1.864,020
2,880,238
110,000
-
2,880,238
110,000
-
640,000
8,383,000
-
640,000
8,383,000
Non -Operating Revenue Total
Non -Operating
44,599,020
2,990,238
2,990,238
9,023,000
9,023,000
Operations
CIP Expense
Transfers
Debt Service
520,774
6,127,844
3,309,149
1,045.090
4,600,000
60,412,894
6,541,293
839,095
750,000
60,412,895
6,541,293
839,095
5,350,000
37,500,000
6,438,975
921,095
5,350,000
37,500,000
6,438,975
921,095
Non -Operating Expense
11,002,856
72,393,282
68,543,283
50,210,070
50,210,070
Ending Fund Balance
101,821,174
48,025,741
53,137,862
28,821,232
28,811,232
Reserves
Contingency
Debt Service Reserve
3:367,211
3956,415
3,641,635
7,276,535
3,641,635
7,276,535
3,681,535
6,200,225
3,681,535
6,200.225
Reserves Total
7,323,623
10,918,170
10,919,170
9,881,760
9,881,760
Available Fund Balance
94,497,551
37,107,571
42,219,692
18,929.472
18,929.472
7/13/20264:40 PM