Title
Consider a resolution approving the action of the Round Rock Transportation and Economic Development Corporation to adopt a Five-Year Funds Allocation Plan for FY 2025-2029.
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.
This agenda item is to approve the adoption of this plan by the Type B Board at the July 25, 2024, meeting. The Type B Funds Allocation Plan is attached. The $486.4 million five-year plan allocates $427.4 million to committed and planned Transportation Projects and $59.0 million to Economic Development projects and incentives. The updated Transportation Master Plan was approved in October 2023 and those five-year needs are now included in this plan.
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.