| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
August 23, 2022 |
| | | | | | | | SUBJECT:
Forwarded from the Georgetown Transportation Enhancement Corporation (GTEC):
Consideration and possible action to approve a Resolution for the proposed fiscal year 2023 Budget for the Georgetown Transportation Enhancement Corporation (GTEC) -- Nathan Parras, Assistant 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 July 20, 2022 meeting and includes the following:
• Sales Tax Revenues - $13.6M
• Debt service - $4.2M
• Administrative contract expense - $438.7K
• Appropriates an amount for potential transportation projects - $20M
• Contingency Reserves - $3.5M
The GTEC budget appropriation totals $32.2M and includes operating expenses from October 1, 2022 to September 30, 2023.
No public hearing was conducted yet since new projects are still pending approval.
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| | | | | | | | SUBMITTED BY:
Sharon Parker |
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