HomeMy WebLinkAbout2022-004 Ordinance creating Street Overlay and Reconstruction Fund 346 (second reading)ORDINANCE NO. 2022-004
AN ORDINANCE establishing the Street Overlay and Reconstruction Fund 346.
WHEREAS, City of Yakima residents approved Proposition 1 to amend the Charter to provide
not Tess than $2 million per year and adjusted annually using Consumer Price Index (CPI-U) West Region
to fund the Street Overlay and Reconstruction Fund; and
WHEREAS the City desires to establish a Capital Fund entitled "Street Overlay and
Reconstruction Fund" for the purpose of segregating revenues received from the General Fund and
separate accounting of the expenditures reserved for the enhancement in quality and value of city street
infrastructure; and
WHEREAS City Staff has determined that the creation of the Street Overlay and Reconstruction
Fund is in the best interest of the City of Yakima to facilitate accounting and recording of eligible
transactions; now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The City Council does hereby incorporate the above "whereas" recitals as findings in
support of this ordinance to establish a Street Overlay and Reconstruction Fund as outlined in Title VI,
Section 8 of the City of Yakima Charter.
Section 2. There is hereby added a new City of Yakima Municipal Code Chapter 3.128, Street
Overlay and Reconstruction Fund for the purpose of segregating transactions for said funds.
3.128 Street Overlay and Reconstruction Fund.
A. There is hereby created the Street Overlay and Reconstruction Fund 346.
B. The Street Overlay and Reconstruction Fund shall consist of monies from the General
Fund budget of no less than $2 million dollars and adjusted by CPI-U annually.
Section 3. This ordinance is creating a new Fund 346 and adopting City of Yakima Municipal
Code Chapter 3.128, Street Overlay and Reconstruction Fund, and shall take effect immediately upon its
passage, approval and publication as provided by law and by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 15th day of March, 2022.
Cl��ti
Janice Deccio, Mayor
ATTEST:
So ya,Claar Tee, City Cler
First Reading: March 1, 2022
Publication Date: March 18, 2022
Effective Date: April 17, 2022
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.H.
For Meeting of: March 15, 2022
ITEM TITLE: Ordinance creating Street Overlay and Reconstruction Fund 346
(second reading)
SUBMITTED BY: Jennifer Ferrer -Santa Ines, Director of Finance and Budget
SUMMARY EXPLANATION:
In August 2013, members of the community approved Proposition 1 to establish a fund
dedicated to street overlay and reconstruction. The City's General Fund Budget provides
contributions towards this purpose totaling $2 million per year adjusted annually by consumer
price index(CPI).
To date, the funds have been used to pay annual debt service payment towards the 2014 Street
Improvement project and the 2018 Street Resurfacing project. These amounts total $1,650,250
and $399,664 respectively. The remainder is deposited in a Capital Projects Fund that includes
other revenue from vehicle license fees and property tax.
For the reasons stated above, Staff is recommending a formal adoption of the Street Overlay and
Reconstruction Fund 346 as indicated in the proposition approved by the community in 2013.
Having this separate fund and establishing a separate Transportation Benefit District fund will
ensure that the revenue for each will be utilized towards intended purposes for those funds.
ITEM BUDGETED: NA
STRATEGIC PRIORITY: Public Trust and Accountability
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Pass Ordinance
ATTACHMENTS:
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0 Ordinance 3/1/2022
0 M➢emo 2/ 16/2022
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