| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
September 10, 2019 |
| | | | | | | | SUBJECT:
Forwarded from the Georgetown Transportation Enhancement Corporation (GTEC):
Consideration and possible action to approve a Resolution to approve the proposed fiscal year 2020 Budget for the Georgetown Transportation Enhancement Corporation (GTEC) -- Leigh Wallace, Finance Director |
| | | | | | | | ITEM SUMMARY:
State law and the GTEC Bylaws require that GTEC adopt a budget annually, which in turn must be approved by the City Council. The attached budget was approved by the GTEC board at their June 19, 2019 meeting and includes the following:
• Sales Tax Revenues - $8M
• Debt service - $3.3M
• Administrative contract expense - $419K
• Appropriates an amount for previously approved transportation projects - $13.2M
• Contingency Reserves - $1.9M
The GTEC budget appropriation totals $16.9M and includes operating expenses from October 1, 2019 to September 30, 2020.
No public hearing was conducted yet since new projects are still pending approval.
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| | | | | | | | SUBMITTED BY:
Leigh Wallace, Finance Director |
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