Loading...
HomeMy WebLinkAbout10/15/2014 i ao4� op BREMERTON TRANSPORTATION BENEFIT DISTRICT (TBD) BOARD 345 6t`' Street, Suite 600, Bremerton, WA 98337 ❑ Phone (360) 473-5280 OCTOBER 15, 2014 SPECIAL MEETING OF THE BREMERTON TRANSPORTATION BENEFIT DISTRICT (TBD) BOARD IN THE FIRST FLOOR MEETING CHAMBERS Immediately following the 5:30 PM City Council Meeting A. CALL TO ORDER B. CONSENT AGENDA 1. Claims & Check Register 2. Minutes of Regular Meeting —August 6, 2014 C. INFORMATION BRIEFING 3. Update on 2014 Work Plan D. BUSINESS ITEMS 4. 2013 Bremerton Annual Report E. PUBLIC HEARINGS 5. Resolution No. 016 authorizing Street Maintenance, Repair, and Construction Projects for 2015 6. Ordinance No. 006 approving and adopting the Bremerton TBD FY2015 Budget F. ADJOURNMENT OF BREMERTON TBD BOARD SPECIAL MEETING ® Americans with Disabilities Act(ADA)accommodations provided upon request. Those requiring special accommodations please contact the City Clerk at(360)473-5323 at least 24-hours prior to the Meeting. TRANSPORTATION BENEFIT DISTRICT SPECIAL MEETING WEDNESDAY, OCTOBER 15, 2014 SPEAKERS LIST PLEASE PRINT YOUR NAME BELOW IF YOU WISH YOUR COMMENTS TO BE INCLUDED IN THE RECORD P -�s REQUESTS FOR INFORMATION MUST BE SUBMITTED IN WRITING TO THE CLERK THANK YOU AGENDA BILL BREMERTON TRANSPORTATION BENEFIT DISTRICT BOARD OF DIRECTORS SUBJECT: Claims and Check Register BOARD MEETING Date: October 15, 2014 City Department: Finance Presenter: Shannon Corin Phone: (360) 473-5323 SUMMARY: Approval of the following Checks and Interfund Transfers to the City of Bremerton: 1) Claims and Checks— None 2) Interfund Transfers to the City of Bremerton for the period August 7, 2014 to October 15, 2014 in the amount of$296,396.38. ATTACHMENTS: FISCAL IMPACTS (Include Budgeted Amount): RECOMMENDED MOTION: Move to approve the Claims and Check Register as presented. AGENDA: ZConsent Agenda ❑Informational Briefing ❑Business ❑Public Hearing BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action Form Updated 5/16/14 Bremerton Transportation Benefit District Check Register for the period 8/7/14 to 10/15/14 Check Numbers as noted on attached check register $ - EFT Numbers as noted on attached check register $ - Project expenditure reimbursements: IFT 14155 08/29/14 $ 46,396.38 IFT 14207 10/14/14 $ 250,000.00 Total $ 296,396.38 TOTAL $ 296,396.38 AGENDA BILL BREMERTON TRANSPORTATION BENEFIT DISTRICT BOARD OF DIRECTORS ■■eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeese■ SUBJECT: Minutes of Meeting — BOARD MEETING Date: October 15, 2014 August 6, 2014 Presenter: TBD Board President Dino Davis Phone: (360) 473-5280 SUMMARY: Attached are the Meeting Minutes of the Meeting held on August 6, 2014 ATTACHMENTS: Meeting Minutes FISCAL IMPACTS (Include Budgeted Amount): N/A RECOMMENDED MOTION: Move to approve the TBD Meeting Minutes as presented. AGENDA: 9 Consent Agenda ❑ Business ❑ Public Hearing BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action Form Created 8/15/12 DIGITAL RECORDING BREMERTON TRANSPORTATION BENEFIT DISTRICT MEETING MINUTES Wednesday, August 6, 2014 The Regular Meeting for the Bremerton Transportation Benefit District (TBD) was called to order in the First Floor Meeting Chambers of the NORM DICKS GOVERNMENT CENTER, 345 6`h Street, Bremerton, Washington, Wednesday, August 6, 2014, immediately following the Council Meeting at 8:05 PM, with Vice-President Mike Sullivan presiding. Board Members present were Roy Runyon, Greg Wheeler, Jerry McDonald, and Leslie Daugs. TBD Board President Dino Davis and TBD Board Member Eric Younger were absent. Also present were Board Attorney Roger Lubovich; Board Secretary Shannon Corin; and Board Assistant Lori Smith. CONSENT AGENDA 191 — Minutes of Special Meeting —July 16, 2014 There were no questions or comments from the public... 08:05:58 M/S/C/U (Daugs/Wheeler) Move to approve the Consent Agenda as presented. INFORMATION BRIEFING C2 — UPDATE ON 2014 WORK PLAN was provided by Chal Martin, Director of Public Works & Utilities, who also provided a handout titled "2014 TBD Construction — Budget 8/05/14". BUSINESS ITEMS D3 — RESOLUTION NO. 015 AMENDING THE 2014 TBD WORK PLAN: Chal Martin Director of Public Works & Utilities summarized that on July 16, 2014, the Transportation Benefit District Board held a Public Hearing on proposed changes to the 2014 adopted Work Plan. No public comment was received. Following the public hearing, the Board moved to direct that the 2014 Work Plan and Budget be revised with formal action to be taken at the August 6, 2014 TBD Meeting. Resolution No. 015 incorporates the Work Plan changes discussed at the Public Hearing. Vice-President Sullivan outlined the anticipated expenditures provided in the Work Plan. City Attorney Roger Lubovich provided clarification on the Overlay component of the Work Plan. There were no comments or questions from the public... 08:19:23 Motion was made by Runyon and seconded by Daugs... Comments and questions were provided by Runyon; with responses provided by Mr. Martin... 08:21:40 M/S/C/U (Runyon/Daugs) Move to adopt Resolution No. 015 amending the 2014 Transportation Benefit District Work Plan. D4—ORDINANCE NO. 005 AMENDING ORDINANCE NOS. 003 AND 004 RELATING TO THE BUDGET FOR THE BREMERTON TBD FOR FY2014: Cathy Johnson, Board Treasurer, summarized that on July 16, 2014, the Transportation Benefit District Board held a Public Hearing on proposed changes to the 2014 adopted Work Plan. No public comment was received. Following the public hearing, the Board moved to direct that the 2014 Work Plan and Budget be revised with formal action to be taken at the August 6, 2014 TBD Meeting. Ordinance No. 005 incorporates .... There were no comments or questions from the public... Bremerton Transportation Benefit District Board Regular Meeting Minutes August 6, 2014 08:23:10 Motion was made by Runyon and seconded by Daugs... Questions and comments were provided by Runyon; with responses provided by Mr. Martin... 08:24:47 M/S/C/U (Runyon/Daugs) Move to approve Ordinance No. 005 of the Bremerton Transportation Benefit District Board amending Ordinance No. 004 relating to the budget for the Bremerton Transportation Benefit District for the Fiscal Year 2014. With no further business, Vice-President Sullivan adjourned the meeting at 8:25 PM. Prepared and Submitted by: i LORI SMITH, TBD Board Staff Attest: SHANNON CORIN, TBD Board Clerk DINO DAVIS, TBD Board President DD:SC:ls:cg 1Dq AGENDA BILL BREMERTON TRANSPORTATION BENEFIT DISTRICT BOARD OF DIRECTORS SUBJECT: Approval of the 2013 Bremerton BOARD MEETING Date: October 15, 2014 Transportation Benefit District Annual Report City Department: Financial Services Presenter: Mike Riley Phone: 360-473-5303 SUMMARY: In addition to the inclusion of the financial results of the Bremerton Transportation Benefit District in the City's Comprehensive Annual Report for 2013, a separate 2013 Annual Report for the Bremerton Transportation Benefit District (TBD) has been prepared according to Governmental Accounting Standards and submitted to the Washington State Treasurer as required by RCW. The TBD Charter requires Board approval of this separate report. In addition to annual financial results, this report also includes the status of work completed under the approved work plan for the year. This report has been posted to the City's web site and is available for public review. ATTACHMENTS: Bremerton Transportation Benefit District 2013 Annual Report FISCAL IMPACTS (Include Budgeted Amount): None RECOMMENDED MOTION: Move to approve the Bremerton Transportation Benefit District 2013 Annual Report as presented. AGENDA: El Consent Agenda ❑Informational Briefing ®Business ❑Public Hearing BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action Form Updated 5/16/14 re.M. ' 'Or-ton rmansportation Dan OfFt . 1113 Annual Repoit 345 6th Street Suite 600, Bremerton, WA 98337 Telephone: 360-473-5296 Fax: 360-473-5200 Callty.johnson@cLbremertoyi.wa.us August 5,2014 To the Members of the Transportation Benefit TBD Board and the Citizens of the City of Bremerton: The Department of Financial Services is pleased to provide you with the Annual Financial Report of the Bremerton Transportation Benefit TBD for the fiscal year ended December 31, 2013. State statute and financial best practices require the TBD issue annually a report on its financial position and activity. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with city management based upon a comprehensive framework of internal controls that have been established to provide assurances that the financial statements are free of any material misstatements. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner that presents fairly the financial position and results of operations of the TBD. Generally Accepted Accounting Principles (GAAP) in the United States of America requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The TBD's MD&A can be found in the Financial Section of this report. Profile of the Government The Bremerton Transportation Benefit TBD was established on February 4, 2009, and operates under the laws of the State of Washington applicable to a Transportation Benefit TBD (TBD). The TBD is governed by the nine member City of Bremerton Council. Effective January 1, 2014, the number of Council TBI)s was reduced to seven with initial terms of two and four years. The City Council members are part-time elected officials who exercise the legislative powers of the TBD and determine matters of policy. Per the Charter of the TBD, the Board is comprised of two officers, the Board President and the Vice President. In addition, the City's Financial Services Director shall act as Treasurer of the TBD pursuant to RCW 36.73.020(4) Page 1 The TBD is coextensive.with the boundaries of the City of Bremerton which is located in Kitsap County and lies east of the Olympic Mountains directly across Puget Sound from Seattle. As the largest city in the County, Bremerton had a 2013 population of 39,650 and serves as the urban center for the Bremerton-Silverdale Metropolitan Statistical Area (MSA). For over a century, Bremerton has been home to Puget Sound Naval Shipyard which continues to service U.S. Naval vessels and its personnel. The TBD adopts an annual (calendar year)budget and the Board is required to adopt the final budget by no later than the close of the fiscal year. This annual budget serves as the foundation for the TBD's financial planning and control. Periodic amendments to the adopted budget are approved by the Board. Major Initiatives The TBD operates as an independent taxing District and was created to primarily benefit the City of Bremerton. On February 15, 2012 the TBD entered into an inter-local agreement with the City of Bremerton to preserve, maintain, construct and reconstruct City streets and other related public infrastructure either by contract or through the use of City forces. The TBD enacted a $20 per vehicle license fee to fund appropriate projects. In 2013 the TBD collected $431,866 in fees.The Board approved a final operating budget of$300,000 to maintain selected roadways in the City of Bremerton. The TBD used$53,629 of the proposed budget. Acknowledgments We would like to express our appreciation to all those who assisted and contributed to the preparation of this report. Respectfully submitted, Dino Davis Cathy Johnson Board President Treasurer Page 2 Bremerton Transportation Benefit District Management Discussions and Analysis Year Ended December 31,2013 This section of Bremerton Transportation Benefit District's(referred to as"District"throughout this report) Annual Financial Report presents management's overview and analysis of the District's financial performance for the fiscal year ended December 31, 2013.This section should be read in conjunction with the financial statements and notes to the financial statements that follow this section. The Bremerton Transportation Benefit District was established on February 4,2009 by the Bremerton City Council.The District operates within the boundaries of the City of Bremerton, and revenue generated by the District through an imposed$20 vehicle license supports local transportation improvement projects.Typically,this MD&A would present comparative financial information. However,because the District did not begin operations or begin to collect vehicle license fee revenue until July 2012 the city does not have financial results of a prior year with which to compare. For that reason,comparative analysis has not been made in this MD&A. Comparative analysis will be made in future MD&A's when two years of financial information is available for comparison. Discussion of the Basic Financial Statements This discussion and analysis is intended to serve as an introduction to the District's basic financial statements.The basic financial statements are comprised of the following components: 1. Government-wide Financial Statements 2. Fund Financial Statements 3. Notes to the Financial Statements Government-wide Financial Statements Government-wide financial statements are designed to provide the readers with a broad overview of the District's finances in a manner similar to a private-sector business.The statement of net position presents information on all of the District's assets and liabilities, with the difference between the two reported as net position.This statement serves the purpose similar to that of a balance sheet of a private-sector business. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. However,this is just one indicator of financial health of the District. Other indicators include the level of change in federal, state and local governmental support for transportation improvements that the District revenue provides, as well as the general economic conditions within the City of Bremerton and surrounding areas. The statement of activities presents information showing how the District's net position changed for the year ended December 31, 2013. It separates program revenue generated by its functions and programs. All changes in net position are reported as soon as the underlying event gives rise to the change to occur, regardless of the timing of related cash flows. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives.The District uses a single fund accounting system to ensure and demonstrate compliance with finance-related requirements and to provide management with information for controlling spending activities. Page 3 The Governmental Funds Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balance present a single column of financial data for the General Fund. Governmental funds are used to account for essentially the same functions as governmental activities in the government-wide financial statements. However, unlike government-wide statements' use of accrual accounting,governmental fund financial statements focus on the near term inflows and outflows of spendable resources available at the end of the fiscal year.This information is useful in evaluating a government's near-term financial requirements in comparison to near-term resources available. Notes to Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.The notes to the financial statements can be found immediately following the basic financial statements in this report. Condensed Financial Data The following tables present condensed financial information related to the District's Net Position for the year ended December 31,2013. Statement of Net Position Governmental Activities: Total Assets 568,010 Total Liabilities 60 Total net position(Restricted) $567,950 Statement of Activities Governmental Activities: Revenues Vehicle Fees Tax 431,866 Investment Interest 486 Total Revenues $432,352 Expenses Transportation 53,629 Total Expenses 53,629 Change in Net Position 378,723 Net Position-Beginning 189,227 Net Position-Ending $567,950 Overall Analysis of Financial Position&Result of Operations The District's net position as of December 31,2013 was$567,950.This amount is restricted in full by RCW 36.73 for transportation improvements.The District's most significant asset is cash,as the District does not maintain ownership of any capital assets. While the District has only been in operation less than two years,a positive net position in 2013 reflects the District's ability to meet current and future Page 4 obligations in the course of its activities. Over time,one the District has been in operation for multiple years,changes in net position may be used to analyze financial operations. Fund Analysis The Bremerton Transportation Benefit District uses fund accounting to ensure and demonstrate compliance with finance related legal documents.The District has only one governmental type fund,the general fund. The District's program revenue is entirely generated for the collection of vehicle registration fees, recorded as taxes.The General Fund revenues exceeded General Fund expenditures by$378,723 thus increasing ending fund balance by the same amount with and ending balance of$567,950. Average monthly revenue from these fees was$35,000. Actual collections exceeded anticipated 2013 revenue by $86,559.The entire fund balance is restricted for transportation improvements by RCW 36.73. Budget Variances in the General Fund Final Budget Actual Variance Budgetary Fund Balance,January 1 $ 160,676 $ 189,227 $ 28,551 Resources(inflows): $ 345,307 $ 432,352 $ 87,045 Charges to appropriations(outflows): $ 300,000 $ 53,629 $ (246,371) Budgetary Fund Balance December 31 $ 205,983 $ 567,950 $ 361,967 Page 5 Bremerton Transportation Benefit District Statement of Net Position December 31,2013 Governmental Activities Assets CunTcnt asscts: Cash&Cash Equivalents $ 4,660 Investments 529,294 Deposits with fiscal agent - Receivables 34,056 Interest receivable - Total assets $ 568,010 Deferred outflows of resources $ - Liabilities Accounts payable and other current liabilities $ 60 Other non current liabilities Total liabilities $ 60 Deferred inflows of resources $ Net Position Restricted for: Transportation Improvements - Unrestricted 567,950 Total Net Position $ 567,950 See accompanying notes to the financial statements Page 6 Bremerton Transportation Benefit District Statement of Activities December 31,2013 Governmental Activities Gowrnmental Activites Expenses Transportation $ 53,629 Total Program Expenses 53,629 Program Revenues Charges for Services - Total Program Revenues $ - Program Revenues Taxes $ 431,866 Interest $ 486 Total General Revenues $ 432,352 Change in Net Position $ 378,723 Net Position Beginning $ 189,227 Net Position Ending $ 567,950 See accompanying notes to the financial statements Page 7 Bremerton Transportation Benefit District Balance Sheet December 31,2013 General ASSETS Cash and equivalents 4,660 Investments 52.9,294 Receivables,net 34,056 Due from other funds - Due from other governments - Inventones Other assets - Total assets 568,010 Deferred outflows of resources - Total assets and deferred outflows of resources $ 568,010 LIABILITIES,DEFERRED INFLOW of RESOURCES and FUND BALANCES liabilities: Accounts/contracts payable 60 Matured long-term obligations - Due to other funds Duct o other governments - Employee wages payable - Other current liabilities - Unearned revenue - Total liabilities 60 Deferred inflows of resources - Fund balances: Nonspendable - Restricted 567,950 Committed - Assigned - Unassigned - Total fund balances 567,950 See accompanying notes to the financial statements Page 8 Bremerton Transportation Benefit District Statement of Revenues,Expenditures and Change in Fund Balance December 31,2013 General Revenues Taxes 431,866 Investment Earnings 486 Total Revenues 432,352 Expenditures Transportation 53,629 Total Expenditures 53,629 Excess of Revenues over Expenditures 378,723 Net Change in Fund Balance 378,723 Fund Balance-Beginning 189,227 Fund Balance-Ending 567,950 See accompanying notes to the financial statements Page 9 Bremerton Transportation Benefit District General Fund Schedule of Revenues,Expenditures and Changes in Fund Balance Budget to Actual For the Year Ended December 31,2013 Variance with Original Final Final Budget Budget Budget Actual PositiNe 2013 2013 2013 (Negative) REVENUES Taxes 345,307 345,307 431,866 86,559 Property $ - $ - $ - $ - Sales - - - - Business - - - - Utility - - - - Other - - - - Transfers In - - - - Debt Proceeds - - - - Other Revenue 486 Total revenues 345,307 345,307 432,352 86,559 EXPENDTI'URIES Supplies and Services 300,000 300.000 53,629 246,371 Debt service - - - - Tran s fers - - - - Total expenditures 300,000 300,000 53,629 246,371 Excess (deficiency)of revenues over expenditures 45,307 45,307 378,723 333,416 Fund balances-beginning 75,047 160,676 189,227 28,551 Prior period adjustments - - - - Fund balances-ending $ 120,354 $ 205,983 $ 567,950 S 361,967 See accompanying notes to the financial statements Page 10 Bremerton Transportation Benefit District Notes to Financial Statements Year Ended December 31,2013 1. Summary of significant accounting policies The financial statements of the City of Bremerton have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. A. Reporting Entity On February 4, 2009 the City authorized and approved the creation of a Transportation Benefit District(TBD)coextensive with the boundaries of the City in order to exercise the powers available under RCW 36.73. This blended component unit is governed by a board composed of the seven members of the Bremerton City Council, who serve in an ex-officio and independent capacity, with the City Director of Finance acting as District Treasurer. City employees perform all operational and administrative functions of the District. The primary purpose of the District is the acquisition, construction, improvement, provision and/or funding of the maintenance of City streets and related infrastructure. The TBD is an independent taxing district and was established primarily to benefit the City of Bremerton satisfying GASB Statement No. 14's criteria for the recognition of the TBD as a blended component unit of the City. Beginning fiscal year 2012, the TBD has enacted a$20 per vehicle license fee to fund appropriate projects. In 2013, the TBD received total collections from vehicle license fees of$431,866. $53,629 was spent on transportation related projects. B. Government-wide and fund financial statements The government-wide financial statements (i.e., the statement of net position and the statement of activities)report information on all of the non-fiduciary activities of the primary government. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Our policy is to not allocate indirect costs to a specific function. Program revenues are those items that are applicable to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function. Grants and contributions that are restricted to meeting the operational or capital requirement of a particular Page 11 function are also included. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District reports a single governmental fund (the general fund) and therefore no interfund activity or additional separate fund statements are presented. C. Measurement focus,basis of accounting,and financial statement presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the city considers revenues to be available if they are collected within 30 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. The District reports the following major governmental fund: The general fund is the District's operating fund. It accounts for all financial resources of the District. D. Budgetary Information 1. Scope of Budget Annual appropriated budgets are adopted for the District's general fund on the modified accrual basis of accounting. Expenditures may not exceed appropriations. Appropriations lapse at year- end 2. Amending the Budget Any revisions to the District's approved budget must be approved by the Board of Directors through ordinance. Additionally, pursuant to RCW 36.73.160, the Board has developed a Page 12 Material Change Policy to address Board and potential public involvement should significant changes to budgeted costs and/or scope occur. The financial statements contain the original and final budget information. The original budget is the first complete appropriated budget. The final budget is the original budget adjusted by all supplemental appropriations authorized for the fiscal year. The budget was amended one time during the year. E. Assets,Liabilities and Net Assets 1. Cash and Cash Equivalents It is the District as well as the City's policy to invest all temporary cash surpluses. At December 31, 2013, the District was holding $533,954 in cash and cash equivalents, of that amount, $529,294 was held in short-term residual investments of surplus cash. The interest on these investments is distributed back into the fund. 2. Receivables Taxes receivable consists of earned by the City from the State but not yet received. 3. Fund Balance Classification The District, in accordance with Governmental Accounting Standards Board Statement 54, Fund Balance Reporting and Governmental Fund Type Definitions, classifies governmental fund balances as Non-Spendable, Restricted, Committed, Assigned or Unassigned. For the year ended December 31, 2013, the entire fund balance of$567,950 in the District's General Fund is classified as restricted. It is only available for transportation improvement projects as prescribed by RCW 36.73. NOTE 2-Stewardship, Compliance and Accountability There have been no material violations of finance-related legal or contractual provisions Page 13 NOTE 3-Deposits and Investments A. Deposits The City's deposits are entirely covered by federal depository insurance (FDIC) or by collateral held in a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Commission (PDPC). B. Investments As required by state law, all investments of the District funds are obligations of the U.S. Government, U.S. agency issues, obligations of the State of Washington, general obligations of Washington State municipalities, or the State Treasurer's Investment Pool. All temporary investments are stated at market value, other property and investments are shown on the statement of net assets at cost. NOTE 4- Risk Management The District retains no rights to any real or personal property, maintains no employees, and its Board of Directors and Treasurer are also officers/employees of the City of Bremerton. The City's insurance policies cover claims against the District. NOTE 5- Contingencies and Litigations The District's financial statements include all material liabilities. There are no material contingent liabilities to record. NOTE 6- Restricted Component of Net Position The government-wide statement of net position reports $567,950 of restricted component of net position which is restricted by enabling legislation. Page 14 Bremerton Transportation Benefit District 2013 Completed Work per Approved TBD Workplan Approved Workplan Burwell(Naval-Chester) Burwell(Naval-Park) Marine Drive(Kitsap Way) Marine Drive(Adele) Kitsap Way(National-Hwy 3) 11th Street(Chester-Naval) 11th Street(Kitsap Way-Callow) 11th Street(Pacific-Manette Bridge) 6th Street(Washington-Pacific) 1st Street(Pacific-Washington) 2nd Street(Washington-dead end) Washington(2nd-Manette Bridge) Washington Ave Loxie Eagan E 11th(Perry-Trenton) Perry(E17th-Holman) Magnusen(Perry-Schley) Petersville(Sylvan-Riddell) Sylvan(Spruce-Sheridan) Pine Road(Sylvan-Sheridan) Warren Ave(16th-Sheridan) Pine Road(Sheridan-Sylvan) Sheridan(Pat Carey Park) Naval Avenue(11th-Gregory Way) Total 2013 Expenditures $53,629 Page 15 AGENDA BILL BREMERTON TRANSPORTATION BENEFIT DISTRICT BOARD OF DIRECTORS SUBJECT: Public Hearing and Adoption of BOARD MEETING Date: October 15, 2014 Resolution No 016 Authorizing Street City Department: Public Works & Utilities Maintenance, Repair and Construction Presenter: Chal Martin Projects for 2015 Phone: 5758 SUMMARY: The attached resolution adopts the proposed 2015 Work Plan for the Bremerton Transportation Benefit District (TBD). The work plan will expend $588,000 from revenue received from the vehicle license fee adopted by the TBD per Resolution 005 which was approved in December 2011. ATTACHMENTS: Resolution No 016 of the Bremerton Transportation Benefit District, authorizing street maintenance projects for 2015, summarized in Exhibit A of the resolution. FISCAL IMPACTS (Include Budgeted Amount): The proposed 2015 TBD work plan budget is $588,000. RECOMMENDED MOTION: Move to approve Resolution No 016 authorizing street maintenance, repair and construction projects for 2015. AGENDA: []Consent Agenda ❑Informational Briefing ❑Business ®Public Hearing BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action Form Updated 5/16/14 RESOLUTION NO. 016 A RESOLUTION of the Board of the Bremerton Transportation Benefit District, authorizing street maintenance projects for 2015. WHEREAS, in Ordinance No. 5076, the City Council of the City of Bremerton established the Bremerton Transportation Benefit District as authorized by RCW 35.21.225 and subject to the provisions of RCW 36.73; and WHEREAS, in Resolution No. 005,the Bremerton Transportation Benefit District established an annual vehicle license fee in the amount of twenty-dollars ($20.00), consistent with RCW 36.73.065, to be collected by the Washington Department of Licensing on qualifying vehicles as set forth in RCW 82.80.140 and Chapters 36.73 and 46.16 RCW; and WHEREAS, the funds collected from the vehicle license fee shall be used for transportation improvements that preserve and maintain the transportation infrastructure of the City consistent with the requirements of Chapter 36.73 RCW. The funds shall be used primarily for improvements to preserve and maintain the City's previous investments in the transportation infrastructure, reduce the risk of transportation facility failure, improve safety, continue the cost-effectiveness of the City's infrastructure investments, continue the optimal performance of the transportation system, and make other related improvements as authorized by Chapter 36.73 RCW; and WHEREAS,the Board of the Bremerton Transportation Benefit District desires to formalize a project list for 2015 funding; NOW THEREFORE, THE BOARD OF THE BREMERTON TRANSPORTATION BENEFIT DISTRICT DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That the Street Maintenance Project List as set forth in Exhibit A attached hereto and incorporated for reference is hereby approved and adopted. SECTION 2. Severability. If any one or more sections, subsections, or sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portion of this Resolution and the same shall remain in full force and effect. SECTION 3. Effective Date. This Resolution shall take effect and be in force immediately upon its passage. PASSED by the Board of the Bremerton Transportation Benefit District this day of 12014 By: Dino Davis, Board President 1 TBD-2014 Street Maintenance Projects ATTEST: Shannon Corin, Board Secretary R•.Legal`••Legal\FilesTurrent Active Files\Transportation Benefit DistrictQ015 Street Improvement Projects Resolution.doc 2 TBD-2014 Street Maintenance Projects Exhibit A to the Bremerton Transportation Benefit District 2015 Work Plan Authorizing; Resolution Proposed 2015 TBD Work Plan: Category/Activity Allocation Method 1. Street Maintenance: • Crack Sealing/Raised Pavement Markings $115,000 (in-house) • Large Area Grind/Patch o Complete Trenton/Marine Drive $170,000 (contract) o Traffic loops/other $25,000 (in-house) • Consultant Services $25,000 (contract) • Contingency $25,000 Category Total $360,000 2. Hot-applied street markings $120,000 (contract) Category Total $120,000 3. Austin Drive Overlay(match for$692,000 fed funds) $108,000 (contract) Category Total $108,000 -Total 2015 Work Plan $588,000 3 TBD-2014 Street Maintenance Projects AGENDA BILL BREMERTON TRANSPORTATION BENEFIT DISTRICT fo(p BOARD OF DIRECTORS SUBJECT: Public Hearing and Adoption of BOARD MEETING Date: October 15, 2014 Ordinance No. 006 approving the Bremerton City Department: Financial Services Transportation Benefit District fiscal year Presenter: Cathy Johnson 2015 budget Phone: 360-473-5296 SUMMARY: The attached ordinance represents the proposed fiscal year 2015 Budget for the Bremerton Transportation Benefit District. This budget reflects anticipated revenues expected during 2015 and corresponding expenditures. The budget is designed to use fund balance carried over from 2014, leaving a targeted ending fund balance of$81,379. A public hearing is scheduled for this evening to consider the proposed budget prior to adoption. ATTACHMENTS: • Ordinance No. 006 of the Bremerton TBD approving and adopting the budget for the Bremerton Transportation Benefit District for fiscal year 2015. Budget Summary FISCAL IMPACTS (Include Budgeted Amount): Total 2015 budget is $669,379, inclusive of ending fund balance. RECOMMENDED MOTION: Move to approve Ordinance No. 006 of the Bremerton Transportation Benefit District Board approving and adopting the budget for the Bremerton Transportation Benefit District for fiscal year 2015. AGENDA: El Consent Agenda ❑Informational Briefing ❑Business N Public Hearing BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action Form Updated 5/16/14 ORDINANCE NO. 006 AN ORDINANCE of the Bremerton Transportation Benefit District Board approving and adopting the budget for the Bremerton Transportation Benefit District for the fiscal year 2015. WHEREAS, Chapter 35.33 RCW and Chapter 36.73 RCW require the Bremerton Transportation Benefit District to adopt an annual budget; and WHEREAS, Chapter 35.33 RCW provides procedures for the filing of estimates, a preliminary budget, deliberations, public hearings, and final fixing of the budget; and WHEREAS, a preliminary budget for the fiscal year 2015 has been prepared and . filed in the Office of the City Clerk for the Bremerton Transportation District; a public hearing has been held for the purposes of fixing the final District Budget; and the District Board has deliberated and has made adjustments and changes deemed necessary and proper;NOW THEREFORE, THE BOARD OF THE BREMERTON TRANSPORTATION DISTRICT OF BREMERTON, WASHINGTON, DOES HEREBY ORDAIN AS FOLLOWS: SECTION 1. That the 2015 Annual Budget for the Bremerton Transportation District, on file in the office of the City Clerk, covering the period from January 1, 2015 through December 31, 2015, with regular revenues and unencumbered fund balances of $669,379 and expenditures and ending fund balances of $669,379 is hereby approved and adopted. SECTION 2. Severability. If any one or more sections, subsections, or sentences of this Ordinance are held to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portion of this Ordinance and the same shall remain in full force and effect. SECTION 3. Effective Date. This ordinance shall take effect and be in force ten (10) days from and after its passage, approval and publication as provided by law. PASSED by the District Board the 15th day of October, 2014. By: Dino Davis, Board President 1 Transportation Benefit District-2015 Budget ATTEST: APPROVED AS TO FORM: SHANNON CORK Board Secretary ROGER A. LUBOVICH, Board Attorney PUBLISHED the day of , 2014 EFFECTIVE the day of 12014 ORDINANCE NO. 006 2 Transportation Benefit District-2015 Budget Bremerton Transportation Benefit District Special Revenue Fund 2014 Proposed 2013 Amended Budget Actual Budget 2015 Revenues Fees $431,866 $425,000 $430,000 Investment Earnings 486 0 0 Total Revenue 432,352 425,000 430,000 Expenditures Supplies and Services 53,629 655,000 480,000 Transfers 0 250,000 108,000 Total Expenditures 53,629 905,000 588,000 Revenue over(under)expenditures 378,723 (480,000) (158,000) Beginning Fund Balance 189,227 567,950 239,379 Ending Fund Balance $567,950 $87,950 $81,379