transportation funding sources and alternatives

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  1. 1. Transportation Funding SourcesTransportation Funding Sources and Alternativesand Alternatives July 9, 2015July 9, 2015
  2. 2. OutlineOutline Current Funding Sources and UsesCurrent Funding Sources and Uses Maintenance of Existing InfrastructureMaintenance of Existing Infrastructure New ProjectsNew Projects Additional Potential Funding SourcesAdditional Potential Funding Sources
  3. 3. Current Funding - MaintenanceCurrent Funding - Maintenance of Existing Infrastructureof Existing Infrastructure SourcesSources General FundGeneral Fund UsesUses Street Maintenance BudgetStreet Maintenance Budget $4,069,696$4,069,696 Traffic Signal BudgetTraffic Signal Budget 896,042896,042 Traffic Signs and MarkingsTraffic Signs and Markings 367,175367,175 Total $5,332,913Total $5,332,913
  4. 4. Current Funding New ProjectsCurrent Funding New Projects General Obligation BondsGeneral Obligation Bonds Approved by votersApproved by voters 2008 GO Bonds authorized for transportation2008 GO Bonds authorized for transportation totaled $48,750,000.totaled $48,750,000. Traditional way transportation capital projectsTraditional way transportation capital projects have been funded.have been funded.
  5. 5. Current Funding New ProjectsCurrent Funding New Projects Certificates of ObligationCertificates of Obligation Similar to GO bonds, but does not requireSimilar to GO bonds, but does not require voter authorization.voter authorization. $6.94 million issued in 2014 for transportation$6.94 million issued in 2014 for transportation projects.projects. Can be issued when new or unanticipatedCan be issued when new or unanticipated projects are needed.projects are needed.
  6. 6. Current Funding New ProjectsCurrent Funding New Projects General FundGeneral Fund Existing resources may be available to pay forExisting resources may be available to pay for transportation projects.transportation projects. In current year approximately $900,000 usedIn current year approximately $900,000 used for Transportation projects.for Transportation projects. Funds may not always be available.Funds may not always be available.
  7. 7. Current Funding New ProjectsCurrent Funding New Projects TxDOTTxDOT Pays for transportation projects on StatePays for transportation projects on State roadwaysroadways City participates in land acquisitionCity participates in land acquisition City may pay for design costs for someCity may pay for design costs for some projectsprojects Barron Road overpassBarron Road overpass Rock Prairie Road BridgeRock Prairie Road Bridge
  8. 8. Current Funding New ProjectsCurrent Funding New Projects Sale of AssetsSale of Assets Funds may be utilized from 1 time sale ofFunds may be utilized from 1 time sale of assetsassets $1.1 million from sale of First Street property$1.1 million from sale of First Street property used for transportation projectsused for transportation projects Design of Francis and Graham rehabilitationDesign of Francis and Graham rehabilitation Additional rehabilitation and repairsAdditional rehabilitation and repairs
  9. 9. Current Funding New ProjectsCurrent Funding New Projects GrantsGrants CDBG funding has been used forCDBG funding has been used for transportation projectstransportation projects Cooner Street rehabilitationCooner Street rehabilitation
  10. 10. Current Funding New ProjectsCurrent Funding New Projects Street Oversized ParticipationStreet Oversized Participation This funding enables the City to share theThis funding enables the City to share the costs of roadway improvements beingcosts of roadway improvements being constructed with private developmentconstructed with private development projects.projects. City pays for cost of additional capacity toCity pays for cost of additional capacity to meet thoroughfare plan requirements.meet thoroughfare plan requirements.
  11. 11. Current Funding New ProjectsCurrent Funding New Projects DevelopmentDevelopment Developments are required to build andDevelopments are required to build and dedicate roads to serve their developmentdedicate roads to serve their development and to comply with thoroughfare dedications.and to comply with thoroughfare dedications.
  12. 12. Potential Funding SourcesPotential Funding Sources Transportation User FeeTransportation User Fee Fee used to pay for transportationFee used to pay for transportation improvements.improvements. Could be added to monthly utility billCould be added to monthly utility bill $2.50 per month generates approximately$2.50 per month generates approximately $1,000,000 per year.$1,000,000 per year.
  13. 13. Potential Funding SourcesPotential Funding Sources Street AssessmentsStreet Assessments Levied based on the City being able toLevied based on the City being able to demonstrate enhanced value to adjoiningdemonstrate enhanced value to adjoining property.property. LongmireLongmire HollemanHolleman
  14. 14. Potential Funding SourcesPotential Funding Sources Road Impact FeesRoad Impact Fees City is permitted to levy impact fees toCity is permitted to levy impact fees to partially reimburse the City for construction ofpartially reimburse the City for construction of roadways identified on the Thoroughfare Plan.roadways identified on the Thoroughfare Plan. Only viable for projects where there isOnly viable for projects where there is sufficient unplatted land in the impact fee areasufficient unplatted land in the impact fee area
  15. 15. Potential Funding SourcesPotential Funding Sources Tax Increment FinancingTax Increment Financing Cost of improvements is repaid by future taxCost of improvements is repaid by future tax revenues by each entity that levies taxesrevenues by each entity that levies taxes against the property.against the property. Wolf Pen CreekWolf Pen Creek Consideration for DartmouthConsideration for Dartmouth
  16. 16. Potential Funding SourcesPotential Funding Sources Hotel Tax FundsHotel Tax Funds CanCan onlyonly be used to transport tourists frombe used to transport tourists from hotels in and near the City to certainhotels in and near the City to certain destinations.destinations. Commercial center of the CityCommercial center of the City Convention centerConvention center Other hotelsOther hotels Tourist attractionsTourist attractions
  17. 17. Council DiscussionCouncil Discussion and Directionand Direction