2017-4643 - 7/27/2017 RESOLUTION NO. 2017-4643
RESOLUTION ADOPTING THE 2017-2018
OPERATING BUDGET FOR THE ROUND ROCK
TRANSPORTATION AND ECONOMIC DEVELOPMENT CORPORATION
WHEREAS, the Board of Directors of the Round Rock Transportation and Economic
Development Corporation wishes to adopt an operating budget for fiscal year 2017-2018 in accordance
with the attached proposal,Now Therefore
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ROUND ROCK
TRANSPORTATION AND ECONOMIC DEVELOPMENT CORPORATION,
That the operating budget for fiscal year 2017-2018 be adopted as set forth in Exhibit "A"
attached hereto and incorporated herein for all purposes.
The Board of Directors hereby finds and declares that written notice of the date, hour, place and
subject of the meeting at which this Resolution was adopted was posted and that such meeting was
open to the public as required by law at all times during which this Resolution and the subject matter
hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
RESOLVED this 27th day of July, 2017.
By: G�
CAM SCOTT, Vice President
Round Rock Transportation and Economic
Development Corporation
ATTEST:
m�;6
JON . SLOAN, Secretary
0112.1704;00382162
EXHIBIT
«A»
{ Roun iock N
Available
16117 16117 17118- 18110- 19120 1 16116 Adopted Projected Proposed Estimated Estimated Estimated Estfmat
NIEL_-
i t ♦• f i• i 13#dqqtf f♦OB
Beginning Fund Balance 34,067,222 34,301,302 36,178,595 27,803,417 12,256,249 12,871,922 12,971,922 13,071,922
Revenue
Sales Tax and Estimated Sales Tax16,835,030 16,433,333 17,113,896 17,301,920 17,526,845 17,789,748 18,086,836 18,414,208
Interest 225,004 100,000 105,000 100,000 100,000 100,000 100,000 100,000
Grant Proceeds - - 208,000 1,669,809 - - - -
Donations/contributions 42,300 653,084 51,343 570,657 150,000 - - -
Kalahari Project Revenues to Offset Debt - - - - - 491,760 3,438,970 5,751,170
WilCo.Participation-Kenney Ft.Blvd.2-3 - - - 630,000 870,000 - - -
WilCo.Participation-RM620 - 2,000,000 250,000 1,000,000 2,000,000 - - -
WilCo.Participation-Roundville Ln - - 67,120 1,432,880 - -
WilCo.Participation-University Blvd - 1,500,000 - 2,500,000 - - - -
Transfers 30,000 - - - - - - -
Other 177,776 - 132,500 - - - - -
Total Revenue 17,310,110 20,686,417 17,927,859 25,205,266 20,646,845 18,381,508 21,625,806 24,265,378
Transportation Expenditures
TCIP Projects z 8,894,924 28,281,536 17,362,448 32,975,757 12,210,601 980,000 616,000 -
Projects to be determined - - - 1,000,000 1,000,000 9,958,051 10,575,110 14,022,086
Other Items:Commons,Street Sweeping,Paving
Contract&Traffic Signals 685,327 800,000 800,000 816,000 832,320 848,966 865,946 883,265
Debt Service 5,019,599 4,020,199 4,020,199 3,930,485 3,935,567 3,923,755 3,921,097 1,367,437
Debt Service for Kalahari Road Debt&Conf Center - - - - - 491,760 3,438,970 5,751,170
Due to General Fund - 309,000 309,000 300,000 300,000 300,000 300,000 300,000
Total Transportation 14,599,850 33,410,735 22,491,647 39,022,242 18,278,488 16,502,533 19,717,123 22,323,957
Economic Dev.Expenditures
Chamber Agreement 535,000 535,000 535,000 660,000 535,000 535,000 535,000 535,000
Downtown Improvements&Marketing - 90,200 90,200 150,200 150,200 150,200 150,200 150,200
Economic Devel Projects-Committed - 317,000 2,708,000 210,000 450,000 300,000 - -
Economic Devel Projects to be Determined 63,886 701,133 478,190 709,992 617,484 793,775 1,123,484 1,156,221
Total Economic Development" 598,886 1,643,333 3,811,390 1,730,192 1,752,684 1,778,975 1,808,684 1,841,421
Total Expenditures 15,198,736 35,054,068 26,303,037 40,752,434 20,031,172 18,281,508 21,525,806 24,165,378
Net Revenues 2,111,373 (14,367,651) (8,375,178) (15,547,168) 615,672 100,000 100,000 100,000
Fund Balance 36,178,595 19,933,651 27,803,417 12,256,249 12,871,922 12,971,922 13,071,922 13,171,922
Fund Reserve (7,027,439) (5,628,279) (5,628,279) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Economic Devel Projects to be determined (7,246,843) (5,254,833) (5,254,833) (5,254,833) (5,254,833) (5,254,833) (5,254,833)
Available Fund Balance 29,151,157 7,058,529 16,920,306 6,001,416 6,617,089 6,717,089 6,817,089 6,917,089
Notes:
1-Sales Tax growing at same rate as GF 5-Yr Model:FY 2018 based on detailed projections;FY19:+1.3%;FY20:+1.5%;FY21:+1.67%;FY22:+1.81%
2-TCIP does not go out to FY 2022.
3-Gypsum purchase from the City in FY 2017
4-No reserve required for bond rating purposes because Sales Tax debt is gross pledge debt(first call on revenues similar to property tax).Therefore,Type 8 reserve is set as follows:
Greater of$1 million or 120 days or 33%of annual recurring(operating type)costs.As of 2016/17 these costs include:Paving contract&traffic signals,GF transfer for Admin support,chamber
contract,and downtown
marketing.