HomeMy WebLinkAbout03/01/2022 06.J. Ordinance Creating Street Overlay and Reconstruction Fund 346 (First Reading) 1
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.J.
For Meeting of: March 1, 2022
ITEM TITLE: Ordinance Creating Street Overlay and Reconstruction Fund 346
(First 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:
First reading of Ordinance.
ATTACHMENTS:
Description Upload Date Type
CI ordinance 2/25/2022 Corer Memo
0 Memo 2/16/2022 Corer Memo
2
ORDINANCE NO. 2022-
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 less 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 2. 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.
Janice Deccio, Mayor
3
ATTEST:
Sonya Claar Tee, City Clerk
First Reading: March 1, 2022
Publication Date:
Effective Date:
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FINANCE
TO: Mayor and City Council
FROM: Jennifer Ferrer-Santa Ines, Director of Finance and Budget
DATE: February 16, 2022
RE: Ordinance creating a Street Overlay and Reconstruction Fund 346
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.