R-12-11-08-H5 - 11/8/2012RESOLUTION NO. R-12-11-08-115
WHEREAS, the City Council has previously adopted the 2012-2013 Round Rock
Transportation and Economic Development Corporation Operating Budget, and
WHEREAS, the City Council wishes to amend said budget in accordance with the
attached proposal, Now Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS,
That the 2012-2013 Round Rock Transportation and Economic Development
Corporation Operating Budget is amended as set forth in Exhibit "A" attached hereto and
incorporated herein.
The City Council 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 8th day of November, 2012.
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
0Awdox\SCC1nts\0112\ 1204\MLMCIPAL\00261294.DOC/rmc
City of Round Rock
Round Rock Transportation System
Operating, Construction and Debt Service Budget
October 1, 2012 - September 30, 2013
Budget Revision #1
Budget Summary
10/01 Beginning Fund Balance
Less Reserve for Working Capital
Estimated Operating Revenue -
Sales Tax
Interest and Other
Total Funds Available
Budgeted Expenditures -
Administration & Project Management
Capital Expenditures
Economic Development
Debt Service
Construction - TCIP (2)
Total Expenditures
09/30 Estimated Unreserved Fund Balance
(1) Working Capital established at $1,000,000
EXHIBIT
"^„
Original Budget Revised Budget Revision #1
FY 12-13 FY 12-13 Variance
$ 45,065,579 $
(1,000,000)
15,000,000
78,000
$ 59,143,579 $
45,065,579 $ 0
(1,000,000) 0
15,000,000 0
78,000 0
59,143,579 $ 0
$ (232,000) $
(232,000)
$ 0
(500,000)
(500,000)
0
(516,000)
(711,750)
(195,750)
(6,581,122)
(6,581,122)
0
(37,635,560)
(37,635,560)
0
$ (45,464,682) $
(45,660,432)
$ (195,750)
$ 13,678,897 $
13,483,147
$ (195,750)
(Z) The Transportation Capital Improvement Projects (TCIP) are project -oriented rather than
period -oriented and for this reason are not intended to be bound by annual budget control.
Expenditures shown include estimated FY 2012-2013 project costs.
ROUND ROCK, TEXAS City Council Agenda Summary Sheet
PURPOSE M10K PROSPERITY.
Agenda Item No. H5.
Consider a resolution amending the 2012-2013 Round Rock Transportation and Economic
Agenda Caption: Development Corporation Operating Budget.
Meeting Date: November 8. 2012
Finance
Staff Person making presentation: Cheryl Delaney
Finance Director
Item Summary:
The Round Rock Transportation and Economic Development Corporation budget is funded from a 1/2% sales tax
established for the purposes of providing transportation improvements. In August of 1997, voters authorized the
adoption of an additional sales and use tax within the City at the rate of one-half of one percent, with the proceeds
thereof to be used for streets, roads, drainage and other related transportation system improvements, including the
payment of maintenance and operating expenses associated with such authorized projects. The additional sales and
use tax became effective January 1, 1998. In November of 2011, voters approved Proposition No. 10 authorizing
existing Type B sales and use tax to be used for promotion of economic development activities. Economic
development seeks to improve the economic well-being and quality of life of a community by creating and/or
retaining jobs that facilitate growth and provide a stable tax base.
The Type B budget provides funding for debt service and administrative, financial, legal and engineering services to
the Transportation System Development Corporation. This amendment allows for funding of the economic
development agreement with SPG Round Rock NS, L.P. (Simon) to be included in this budget. Simon's development
will result in positive economic benefits to the City.
The Round Rock Transportation and Economic Development Corporation will hold a meeting on this date regarding
the proposed amendment budget for the Round Rock Transportation System Development Corporation for FY 2012-
2013. The Corporation oversees the allocation of funds with the further approval of the City Council.
Cost: N/A
Source of Funds: N/A
Recommended Action: Approval