Title
Consider a resolution approving the action of the board of directors of the Round Rock Transportation and Economic Development Corporation in amending the 2012-2013 operating budget
Body
The Round Rock Transportation and Economic Development Corporation (Type B) budget is funded from a 1/2% sales tax established for the purposes of providing transportation improvements. In August of 1997, voters authorized the adoption of an additional sales and use tax within the City at the rate of one-half of one percent, with the proceeds thereof to be used for streets, roads, drainage and other related transportation system improvements, including the payment of maintenance and operating expenses associated with such authorized projects. The additional sales and use tax became effective January 1, 1998. In November of 2011, voters approved Proposition No. 10 authorizing existing Type B sales and use tax to be used for promotion of economic development activities. Economic development seeks to improve the economic well-being and quality of life of a community by creating and/or retaining jobs that facilitate growth and provide a stable tax base.
The Type B budget provides funding for debt service and administrative, financial, legal and engineering services to the Transportation System Development Corporation. This amendment recognizes the revenues and expenses related to the management of the Commons Property, which was purchased as part of the right-of-way acquisition for the construction of a bridge over RM 620. The property is currently being managed by DT Land Group, which provides monthly financial information to the City.
The Round Rock Transportation and Economic Development Corporation will hold a meeting on this date regarding the proposed second amendment to the budget for the Round Rock Transportation System Development Corporation for FY 2012-2013. The Corporation oversees the allocation of funds with the further approval of the City Council...
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