Title
Consider a resolution adopting a Five-Year Funds Allocation Plan for FY 2020-2024.
Body
A five-year project spending plan will be presented and adopted at least annually to ensure adequate funds are available for transportation, economic development and other allowed uses of Type B funds. This five-year plan will be reviewed by staff at least quarterly and updates will be presented to the Type B board as needed for transportation capital improvements programs (TCIP), economic incentive programs (EIP) and other legally allowable projects approved by the Type B board and by Council. The first, and most recent, update was brought before the Type B Board on January 24, 2019.
This agenda item is for the Type B Board to adopt the Five-Year Funds Allocation Plan. The Type B Funds Allocation Plan is attached. The $304.4 million five-year plan allocates $252.3 million to committed and planned Transportation Projects and $52.1 million to Economic Development projects and incentives. This plan includes the costs of projects that will be funded by the Transportation Certificates of Obligation (C.O.) issued, beginning with the $30M issuance back in May 2019. The cost of these C.O. - eligible projects will be reimbursed from the proceeds from the C.O. issuance.
This plan will be reviewed and updated at least annually as part of the budget process; significant changes in project needs may require more frequent updates.