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HomeMy WebLinkAbout03/01/2022 06.K. Ordinance Creating Transportation Benefit District Fund 344 (First Reading) 1 _______;„:,_,,1„„„„„ 4.. 1\ igikiiiiii), !'',i'LL�q,,,:D 1 BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 6.K. For Meeting of: March 1, 2022 ITEM TITLE: Ordinance Creating Transportation Benefit District Fund 344 (First Reading) SUBMITTED BY: Jennifer Ferrer-Santa Ines, Director of Finance and Budget SUMMARY EXPLANATION: The City of Yakima re-established a Transportation Benefit District(TBD) in 2017 in accordance with RCW 36.73.050. RCW 35.21.225 authorizes the legislative authority of a city to establish a TBD for the purpose of acquiring, constructing, improving, providing, and funding transportation improvements within the Transportation Benefit District. Yakima City Council approved Ordinance 2017-033 to establish an annual vehicle license fee in the amount of twenty dollars per licensed vehicle in the City for the purpose of funding TBD eligible projects. Revenues generated from the annual vehicle license fee have been deposited into a Capital Fund comprising of revenues from other sources including property tax and general fund contribution per the City Charter amendment approved in August 2013. As a result of these other revenue sources, it is not easy to identify how much revenue is only attributable to Transportation Benefit District, which is restricted for the purpose of preserving maintaining, operating, construction or reconstructing the transportation infrastructure. For the reasons mentioned above, Staff recommends the creation of a separate Transportation Benefit District Fund, Fund 344. Having a dedicated fund will improve accountability of these funds and minimize reconciliation between revenue collections and expended amounts. 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 2 D ordinance 2/25/2022 Cotter Memo D Memo 2/16/2022 Cotter Memo 3 ORDINANCE NO. 2022- AN ORDINANCE establishing the Transportation Benefit District Fund 344. WHEREAS, City of Yakima re-established a Transportation Benefit District (TBD in 2017; and WHEREAS the City desires to establish a Capital Fund entitled "Transportation Benefit District Fund" for the purpose of segregating revenues received from vehicle license fees for the purpose of acquiring, constructing, improving, providing, and funding transportation improvements within the Transportation Benefit District; and WHEREAS City Staff has determined that the creation of the Transportation Benefit District Fund is in the best interest of the City of Yakima to facilitate accounting and recording of revenues and expenditures associated with the TBD; 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 Transportation Benefit District Fund. Section 2. There is hereby added a new City of Yakima Municipal Code Chapter 3.127, Transportation Benefit District Fund for the purpose of segregating transactions for said funds. 3.127 Transportation Benefit District Fund. A. There is hereby created the Transportation Benefit District Fund 344. B. The Transportation Benefit District Fund shall consist of monies collected from vehicle license registration fees for the purpose of funding TBD eligible projects. Section 3. This ordinance is creating a new Fund 344 and adopting City of Yakima Municipal Code Chapter 3.127, Transportation Benefit District 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 ATTEST: 4 Sonya Claar Tee, City Clerk First Reading: March 1, 2022 Publication Date: Effective Date: 5 F;I I i FINANCE TO: Mayor and City Council FROM: Jennifer Ferrer-Santa Ines, Director of Finance and Budget DATE: February 16, 2022 RE: Ordinance creating a Transportation Benefit District Fund 344 The City of Yakima re-established a Transportation Benefit District (TBD) in 2017 in accordance with RCW 36.73.050. RCW 35.21 .225 authorizes the legislative authority of a city to establish a TBD for the purpose of acquiring, constructing, improving, providing, and funding transportation improvements within the Transportation Benefit District. Yakima City Council approved Ordinance 2017-033 to establish an annual vehicle license fee in the amount of twenty dollars per licensed vehicle in the City for the purpose of funding TBD eligible projects. Revenues generated from the annual vehicle license fee have been deposited into a Capital Fund comprising of revenues from other sources including property tax and general fund contribution per the City Charter amendment approved in August 2013. As a result of these other revenue sources, it is not easy to identify how much revenue is only attributable to Transportation Benefit District, which is restricted for the purpose of preserving maintaining, operating, construction or reconstructing the transportation infrastructure. For the reasons mentioned above, Staff recommends the creation of a separate Transportation Benefit District Fund, Fund 344. Having a dedicated fund will improve accountability of these funds and minimize reconciliation between revenue collections and expended amounts.