HomeMy WebLinkAbout05/06/2015 i
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1 BREMLRTON TRANSPORTATION BENEFIT DISTRICT (TBD) BOARD
�_"J 345 6th Street, Suite 600, Bremerton, WA 98337 0 Phone (360) 473-5280
MAY 6, 2015
SPECIAL MEETING OF THE
BREMERTON TRANSPORTATION BENEFIT DISTRICT 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 — February 4, 2015
C. BUSINESS ITEMS
1. Approve the 2014 Transportation Benefit District Annual Report
2. Resolution No. 017 amending the 2015 Transportation Benefit District Work Plan
3. Ordinance No. 007 amending Ordinance No. 006 relating to the Transportation Benefit
District FY-2015 Budget
D. ADJOURNMENT OF BREMERTON TBD BOARD 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.
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AGENDA BILL
BREMERTON TRANSPORTATION BENEFIT DISTRICT
BOARD OF DIRECTORS
SUBJECT: Approve Claims and Check BOARD MEETING Date: May 6, 2015
Registers City Department: Finance
Presenter: Shannon Corin
Phone: 360-473-5323
SUMMARY: Approve the following check and electronic fund transfers, and interfund transfers:
1) Check Ws 362323 in the amount of$20.00.
ATTACHMENTS:
FISCAL IMPACTS (Include Budgeted Amount):
RECOMMENDED MOTION:
Move to approve the consent agenda.
AGENDA: ® Consent Agenda ❑ General Business ❑ Public Hearing
BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 1/7/15
Bremerton Transportation Benefit District
Check Register for the period 2/5/15 to 5/6/15
I,the undersigned,do hereby certify under penalty of perjury that the claim is a just,due and
unpaid obligation against the Bremerton Transportation Benefit District and that I am
authorized to certify to said claim.
4,04A.'j2 J ILL.'Lz) q " 1-:F
AudhMg ce Date
Check Numbers as noted on attached check register $ 20.00
EFT Numbers as noted on attached check register $ -
Project expenditure reimbursements: $ -
Total $ -
TOTAL $ 20.00
Approved Date
Attest Date
SUNGARD PENTAMATION - FUND ACCOUNTING PAGE NUMBER: 1
DATE: 04/23/15 CITY OF BREMERTON ACCTPA21
TIME: 16:11:30 CHECK REGISTER - BY FUND
SELECTION CRITERIA: transact.yr=115' and transact.fund=1701'
ACCOUNTING PERIOD: 4/15
FUND - 701 - TRANS BENEFIT DISTRICT
CASH ACCT CHECK NO ISSUE DT -----------VENDOR----------- BUDGET CODE ACCNT ----DESCRIPTION---- SALES TAX AMOUNT
111.10 362323 02/11/15 28056 PAUL T GENAUX 190 317.6000 TBD REFUND 0.00 20.00
TOTAL CASH ACCOUNT 0.00 20.00
TOTAL FUND 0.00 20.00
TOTAL REPORT 0.00 20.00
L
RUN DATE 04/23/2015 TIME 16:11:30 SUNGARD PENTAMATION - FUND ACCOUNTING
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AGENDA BILL
BREMERTON TRANSPORTATION BENEFIT DISTRICT
BOARD OF DIRECTORS
SUBJECT: Minutes of Meeting - BOARD MEETING Date: May 6, 2015
February 4, 2015 City Department: Dino Davis,
TBD Board President
Phone: (360) 473-5280
SUMMARY: Attached are the Meeting Minutes of the Meeting held on February 4, 2015
ATTACHMENTS: Meeting Minutes
FISCAL IMPACTS (Include Budgeted Amount): N/A
RECOMMENDED MOTION:
Move to approve the TBD Meeting Minutes as presented.
AGENDA: ®Consent Agenda ❑Informational Briefing []Business []Public Hearing
BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 5/16/14
BREMERTON TRANSPORTATION BENEFIT DISTRICT
MEETING MINUTES
Wednesday, February 4, 2015
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 61h
Street, Bremerton, Washington, Wednesday, February 4, 2015 at 6:16 PM, with the Chair of the
TBD Board Dino Davis presiding. Board Members present were Eric Younger, Roy Runyon,
Greg Wheeler, Jerry McDonald, Leslie Daugs, and Mike Sullivan. Also present were Board
Attorney Roger Lubovich, Board Clerk Shannon Corin; Information Services Manager Kevin
Matthews; and Board Assistant Christine Grenier.
B. ELECTION OF OFFICERS
Leslie Daugs nominated Dino Davis as TBD Board President.
06:19:25 M/S/C (Younger/Daugs) Move to cast the ballot for Dino Davis for the position of 2015
TBD President.
Voted in favor of Nomination: Sullivan, Daugs, McDonald, Wheeler, Davis, and Younger
Abstained: Runyon
Motion carried: 6-Yes; 1-Abstention
Dino Davis was seated as TBD Board President; then nominations were opened for TBD Board
Vice-President.
Greg Wheeler nominated Mike Sullivan as TBD Board Vice-President.
06:21:20 M/S/C/U (Daugs/Wheeler) Move to cast the ballot for Mike Sullivan for the position of
2015 TBD Vice-President.
Mike Sullivan was seated as TBD Board Vice-President.
C. CONSENT AGENDA
1. Claims and Check Register— Check Nos. 360901, 361328, 361700; and Interfund
Transfers 9570 and 1557 in the amount of $355,376.47
2. Minutes of Special Meeting—October 15, 2014
There were no questions or comments from the public...
Comments were provided by Runyon and Younger...
06:23:10 M/S/C/U (Daugs/Sullivan) Move to approve the Consent Agenda as presented.
D. INFORMATION BRIEFINGS
1. 2015 Work Plan Update was provided by Chal Martin, Public Works & Utilities Director
Comments from the public were provided by Robert Parker...
Questions and comments were provided by Daugs, Runyon, Younger, and Sullivan; with
responses provided by Mr. Martin and Director of Financial Services Cathy Johnson...
E. BUSINESS ITEMS
Other General Business was discussed.
President Davis adjourned the meeting at 6:45 PM.
Prepared and Submitted by:
A/-
CHRISTINE GRENIER
Board Assistant
Attest:
SHANNON CORK Board Clerk
DINO DAVIS, TBD Board President
DD:SC:ls:cg
AGENDA BILL
BREMERTON TRANSPORTATION BENEFIT DISTRICT
BOARD OF DIRECTORS
SUBJECT: Approval of the 2014 Bremerton BOARD MEETING Date: May 6, 2015
Transportation Benefit District Annual Report City Department: Financial Services
Presenter: Mike Riley
Phone: 360-473-5303
SUMMARY: Pursuant to RCW 36.73.160, a separate annual financial report for the Transportation
Improvement District is to be filed annually indicating the status of transportation improvement costs,
transportation improvement expenditures, revenues, and construction schedules. Section 6.05 of the
Charter of the Bremerton Transportation District requires Board approval of the report prior to
distribution to the public and newspapers of record. The 2014 Annual Report for the Bremerton
Transportation Benefit District has been prepared according to Governmental Accounting Standards
and will be made available upon the Board's approval.
ATTACHMENTS: Bremerton Transportation Benefit District 2014 Annual Report
FISCAL IMPACTS (Include Budgeted Amount): None
RECOMMENDED MOTION:
Move to approve the Bremerton Transportation Benefit District 2014 Annual Report as presented.
AGENDA: ❑Consent Agenda ❑Informational Briefing XBusiness ❑Public Hearing
BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 5/16/14
Bremerton Transportation
Benefit District
2014 Annual Report
345 6th Street Suite 600,
Bremerton, WA 98337
Telephone: 360-473-5296
Fax: 360-473-5200
Cathy.Johnson@ci.bremerton.wa.us
Cathy,Johnson, Director of Financial Services
April 29,2015
To the Members of the Bremerton Transportation Benefit,,District 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 District (TBD) for-the fiscal year ended December 31, 2014. 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 provideXsurances 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 District. The TBD is governed by the seven
member City of Bremerton Council, acting as the Board. Effective January 1, 2014, the number of Council
members was reduced to seven with initial terms of two and four years. The Board 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)
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 2014 population of 37,850 and serves as the urban center for the Bremerton-Silverdale
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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 prior to
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
2014 the TBD collected $444,012 in fees. The Board approved a fnal operating budget of$992,950 to maintain
selected roadways in the City of Bremerton.The TBD used$746,326 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 Gat I ohnson
Board President Treasurer
i
Bremerton Transportation Benefit District
Management Discussions and Analysis
Year Ended December 31,2014
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 31,2014.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. The MD&A
presents comparative financial information.
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 fnancial•health of the District. Other indicators include the
level of change.in local governmental support for transportation improvements that the District revenue provides,
as well as the•general economic•conditions within the City of Bremerton.
The statement of activities presents information showing how the District's net position changed for the year
ended December 31 2014. It separates program revenue generated by its functions and programs. All changes in
net position are reported.as'soon as the-underlying event occurs,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.
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,
3
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 infonnation related to the District's Net Position for the year
ended December 31, 2014.
Statement of Net Position
Governmental Activities: 2013 2014
Total Assets 568,010 313,750
Total Liabilities 60 47,455
-77
Total Net Position ,, ,,..567,950 \.. ,266,295
Statement of Activities
Governmental'Activities: 2013.... 2014
Reveriues �. \
Vehicle'F..ees Tax ; 431,866 444,012
Investment•.Interest _.. 486 659
Total.,Reven.ues,; 432,352 444,671
\ /\ Expenses'\,.
Transportation 53,629 746,326
\Total Expenses\ \,% 53,629 746,326
\, Change in Net Postion 378,723 (301,655)
Net Position:Beginning 189,227 567,950
Net'•P,osition Ending 567,950 266,295
4
Overall Analysis of Financial Position& Result of Operations
The District's net position as of December 31,2013 and 2014 was$567,950 and$266,295 respectively.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 three years,a positive net position in 2014 reflects the District's ability to meet current and
future obligations in the course of its activities.Over time,once the District has been in operation for multiple
years,changes in net position may be used to analyze financial operations. In addition, since the TBD is used as a
mechanism for financing street restoration, costs are controlled by the budget adoption and not adversely affected
by changes in the financial environment.
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 revenue is entirely generated from the collection of vehicle registration fees,recorded as taxes.The
General Fund expenditures exceeded General Fund revenues by $301,655 thus decreasing ending fund balance by
the same amount with an ending balance of$266,295 Average monthly.,-revenue from•these fees was$37,000.
Actual collections exceeded anticipated 2014 revenue by$19,012. 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,Januaryj ` , $ 567,950 ..,$ 567;950 $ -
Resources(inflows): $ '425,000 $ ...444,671 $ 19,671
Charges to appropriations.(outflows): $ 905,000 $ 746,326 $ (158,674)
Budgetary Fund Balance December 31 $ 87,950 $ 266,295 $ 178,345
5
Bremerton Transportation Benefit District
Statement of Net Position
December 31,2014
2014
Governmental
Activities
Assets
Current assets:
Cash & Cash Equivalents $;' ;' 279,456
Deposits with fiscal agent '
Receivables 34,294
Interest receivable
Total assets $ .313.,750
Deferred outflows of resources `.. $
Liabilities i
Accounts payable and other current liabilities `..,\ `,,$ i 47,455 \
Other non current liabilities`,,,
Total liabilities $ 47,455
Deferred inflows of resources $ -
Net Position
Restricted for\ : \\V' i
Transportation\Improvements: 266,295
Unrestricted
Total Net-Position, \ $ 266,295
See accompanying notes to the financial statements
6
Bremerton Transportation Benefit District
Statement of Activities
For the year ended December 31,2014
2014
Governmental
Activities
Governmental Activites
Expenses
Transportation $ 746,326
Total Program Expenses 746,326
Program Revenues
Charges for Services
Total Program Revenues
General Revenues
Taxes
Interest 659
Total General Revenues 444,671
Change"'in Net Position n (301,655)
Net Posit ion4eginninig' 567,950
Net Position Ending 266,295
See accompanying notes to the financial statements
7
Bremerton Transportation Benefit District
Balance Sheet
December 31,2014
2014
ASSETS
Cash and equivalents 279,456
Receivables, net 34,294
Due from other funds -
Due from other governments - e3l-3.1,7
InventoriesOther assetsTotal assets 50
Deferred outflows of resources -
Total assets and deferred outflows of resources $ 313,750
LIABILITIES, DEFERRED INFLOW of RESOURCES
and
FUND BALANCES
Liabilities:
Accounts/contracts payable47,455
Matured long-term obligations
Due to other funds -
Due to other governments -
Employee wages payable -
Other current liabilities -
Unearned revenue -
Total liabilities 47,455
Deferred inflows of resources -
Fund balances:
Nonspendable -
Restricted 266,295
Committed -
Assigned -
Unassigned -
Total fund balances 266,295
Total liabilities, deferred inflows of resources and fund balances $ 313,750
See accompanying notes to the financial statement
8
Bremerton Transportation Benefit District
^ Statement of Revenues, Expenditures and Change in Fund Balance
For the year ended December 31, 2014
2014
Revenues
Taxes 444,012
Investment Earnings 659
Total Revenues 444,671
Expenditures
Transportation 746,326
Total Expenditures 746,326
Excess of Revenues over Expenditures (301,655)
Net Change in Fund Balance (301,655)
Fund Balance - Beginning 567,950
Fund Balance - Ending $ 266,295
i
( Y r See accompanying notes to the financial statements
4 9
Bremerton Transportation Benefit District
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget to Actual
For the Year Ended December 31,2014
Variance with
Original Final Final Budget
Budget Budget Actual Positive
2014 2014 2014 (Negative)
REVENUES
Taxes 350,000 425,000 444,012 19,012
Transfers In _ _
Debt Proceeds - _
Other Revenue 659 659
Total revenues 350,000 425,000 444,671 19,671
EXPENDITURES
Supplies and Services 500,000 655,000 496,326 (158,674)
Debt service - _
Transfers - 250,000 250,000 -
Total expenditures 500,000 905,000 746,326 (158,674)
Excess (deficiency) of
revenues over
expenditures (150,000) (480,000) (301,655) 178,345
Fund balances-beginning 205,983 567,950 567,950 0
Prior period adjustments - - _ -
Fund balances-ending $ 55,983 $ 87,950 $266,295 $ 178,345--
10
Bremerton Transportation Benefit District
Notes to Financial Statements
Year Ended December 31,2014
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,.303. 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 infrastivcture. 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'2014, the TBD received total collections from
vehicle license fees of$444,012.There were capital assets to report in 2014:
B. Government-wide and fund financial statements
The government-wide financial'statements'Ji.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 are 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, sen%ices,or privileges provided by a given function. Grants and contributions
that are restricted to'meeting the operational or capital requirement of a particular 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'govemmental 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. Scone 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 Budeet
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 Material Change Policy to,address Board and potential
public involvement should significant changes to budgeted costs.aiid/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 two times duririg'the year.
E. Assets,Liabilities and Net Assets
1. Cash and Cash Equivalents
It is the District as well as the•City's,policy toinvest all temporary cash surpluses. At December 31,2014,the
District was holding $279,457 in cash and.cash, equivalents, of that amount, $279,301 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 fees earned by,the City but not yet received from the State.
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 31,2014,the entire fund balance of$266,295 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
12
NOTE 3-Cash and Equivalents
A. Cash and Equivalents
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).The City invests excess funds in the
Washington State Investment Pool. Due to the short term nature of the investments in the Pool,the funds are reported as cash and
equivalents.
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 Is insurance policies cover claims against the
District.
NOTE 5-Contingencies and Litigations
The District's financial statements include all material liabilities.Tihere are no material contingent liabilities to record.
NOTE 6-Restricted Component of Net Position
The government-wide statement of net position reports$266,950 of restricted component of net position which is restricted
by enabling legislation.
13
Bremerton Transportation Benefit District 2014
Completed Work per Approved TBD Workplan
Category Budgeted Completed
Crack Seal Roads 75,000 $ 94,093
Hot Applied Street Markings 50,000 $ 50,000
Slurry Seal Pilot Program 174,500 $ 194,282
Grind& Patch 355,500 $ -153,627
Lower Wheaton Way 250,000 $ 250,000
Not to exceed $ 905,000 $ % 742,003
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2014 Operating Results
Variance with
Original Final Final Budget
Budget Budget Actual Positive
2014 2014 2014 (Negative)
REVENUES
Taxes 350,000 425,000 444,012 19,012
Transfers In - - - -
Debt Proceeds - - - -
Other Revenue 659 659
Total revenues 350,000 425,000 444,671 19,671
EXPENDITURES
Supplies and Services 500,000 655,000 496,326 (158,674)
Debt service - - - -
Transfers - 250,000 250,000 -
Total expenditures 500,000 905,000 746,326 (158,674)
Excess(deficiency)
of revenues over
expenditures (150,000) (480,000) (301,655) 178,345
Fund balances-beginni 205,983 567,950 567,950 0
Prior period adjustmen- - - - -
Fund balances-ending $ 55,983 $ 87,950 $266,295 $ 178,345
2014 Completed Work Per Approved TBD Workplan
Category Budgeted Completed
Crack Seal Roads 75,000 $ 94,093.
Hot Applied Street Markings 50,000 $ 50,000
Slurry Seal Pilot Program 174,500 $ 194,282
Grind & Patch 355,500 $ 153,627
Lower Wheaton Way 250,000 $ 250,000
Not to exceed $ 905,000 $ 742,003
BREMERTON
TRANSPORTATION BENEFIT
DI-STRICT
Proposed 2015 TBD Amended Work Plan
Catesory/Activity Adopted Amended
Street Maintenance:
Crack Sealing/ Raised Pavement Markings $115,000 $115,000
Large Area Grind and Patch
o Complete Marine Drive/Trenton (from 2014) $170,000 $200,000
o Traffic Loops/Other $25,000 $25,000
Consultant Services $25,000 $25,000
Contingency $25,000 $25,000
Category Total $360,000 $390,000
Hot-applied Street Markings $120,000 $120,000 °
Category Total $120,000 $120,000
Austin Drive Overlay(match for$692,000 fed funds) $108,000 $108,000
Category Total $108,000 $108,000
Total 2015 Amended Work Plan $588,000 $618,000
Proposed 2015 Amendment
Proposed Proposed
2014 Budget 2015
Actual 2015 Revised
Revenues
Fees $ 444,012 $ 430,000 $ 430,000
Interest 659 - -
Tota I Revenue 444,671 430,000 430,000
Expenditures-
Supplies and Services 492,003 480,000 510,000
Audit Costs 4,323 - -
Debt Service - - -
Transfers 250,000 108,000 108,000
Total Expenditures 746,326 588,000 618,000
Revenue over(under) expenditures (301,655) (158,000) (188,000)
Beginning Fund Balance 567,950 239,379 266,295
Ending Fund Balance $ 266,295 $ 81,379 $ 78,295
BICity of Bremerton
0
Transportation Benefit District
B What We've learned and What's Next
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Maintenance Improvements
2013
-2015
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Partnership Projed
2013-2014
Crack Seal
Chip Seal
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Raised Pavenwd M arking
Crack Seal
Raised Pavemerr!Marking
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City of Bremerton
BTransportation Benefit District
IN
BREMEOF RTON- ' What We've Learned
• Efficient Investments / Efficient Approach :
— In-house crack sealing
— In-house raised pavement markings
— Contracted hot-applied traffic markings
— Grant Match for partnership projects (Lower Wheaton Way and Austin
Drive overlay)
• Pilot Program - very promising but not yet quite dialed in :
— Slurry/Chip sealing
• Least Efficient but Important:
— Large area grind/patch
City of Bremerton
BITransportation Benefit District
I�MBE"* Possible Approach 2016/2017
2016
In-house and contract maintenance programs - $200k
• (Crack Sealing, RPMs and Hot-Applied markings)
Build back fund balance - $250k
2017
In-house and contract maintenance programs - $200k
— Possible partnership project*
— Possible slurry/chip seal project
— Seems less likely: large area grind/patch project
2018
In-house and contract maintenance programs - $200k
Build back fund balance
2019
In-house and contract maintenance programs - $200k
Possible partnership project
Possible slurry/chip seal project
Possible large area grind/patch project
* Decision by Board needed by late summer 2015
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AGENDA BILL
BREMERTON TRANSPORTATION BENEFIT DISTRICT
BOARD OF DIRECTORS
SUBJECT: Adoption of Resolution No 017 BOARD MEETING Date: May 6, 2015
amending the 2015 TBD Work Plan City Department: Public Works
Presenter: Chal Martin
Phone: 473-5758
SUMMARY: On October 15, 2014 the Transportation Benefit Board approved the 2015 Work Plan.
The Work Plan anticipated completion of the Marine Drive/Trenton Avenue grind and patch project
and included both the carryover of the remaining balance of the contracted work as well as an
estimate for additional repair work identified during the initial phase of the project. The proposed
amendment to the plan updates the 2015 expenditure amount for this work now that the 2014 books
have been closed and the contract change amount has been determined.
ATTACHMENTS: Resolution No 017
FISCAL IMPACTS (Include Budgeted Amount):
Work Plan expenditures increased $3,084.
RECOMMENDED MOTION:
Move to adopt Resolution No 017 amending the 2015 Transportation Benefit District Work Plan,
AGENDA: ❑Consent Agenda ❑Informational Briefing ®Business El Public Hearing
BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 5/16/14
RESOLUTION NO. 017
A RESOLUTION of the Board of the Bremerton
Transportation Benefit District, amending Resolution No. 016
relating to the 2015 Work Plan.
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, on October 15, 2014,the Bremerton Transportation Benefit District
passed Resolution No. 016 adopting the 2015 Work Plan as authorized by RCW 35.21.225 and
subject to the provisions of RCW 36.73; and
WHEREAS, estimated project carryover for street maintenance activities are
higher than anticipated in the original Work Plan; and
WHEREAS, additional unanticipated costs have been identified that are within
the limits of the material change policy; and
WHEREAS, the Bremerton Transportation Benefit District Board now desires to
adopt a resolution to amend the 2015 Work Plan;NOW THEREFORE,
THE BOARD OF THE BREMERTON TRANSPORTATION BENEFIT
DISTRICT DOES HEREBY RESOLVE AS FOLLOWS:
SECTION]. The 2015 Work Plan adopted by Resolution No. 016 is hereby
amended, approved and adopted as set forth in Exhibit A, attached hereto and incorporated for
reference.
SECTION 2. Severability. If anyone 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.
I
TBD-2015 Work Plan Amendment
SECTIDN3. 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 6th day of May,
2015
DINO DAVIS, President
ATTEST: APPROVED AS TO FORM:
SHANNON CORIN, Board Clerk ROGER A. LUBOVICH, Board Attorney
R\Legal\Legal\Files\Current Active FilesUransportation Benefit Distrnct\2015\1kesolution Amending 2015 Work Plan doc
2
TBD-2015 Work Plan Amendment
Exhibit A
to the
Bremerton Transportation Benefit District
2015 Work Plan Authorizing Resolution
Proposed 2015 TBD Amended Work Plan (5/6/2015):
Cateaory/Activity Adopted Amended
1. Street Maintenance:
Crack Sealing/Raised Pavement Markings $115,000 $115,000
Large Area Grind and Patch
o Complete Marine Drive/Trenton (from 2014) $170,000 $200,000
o Traffic Loops/other $25,000 $25,000
Consultant Services $25,000 $25,000
Contingency $25,000 $25,000
Category Total $360,000 $390,000
2. Hot-applied Street Markings $120,000 $120,000
Category Total $120,000 $120,000
3. Austin Drive Overlay(match for$692,000 fed Funds) $108,000 $108,000
Category Total $108,000 $108,000
Total 2015 Amended Work Plan $588,000 $618,000
3
TBD-2015 Work Plan Amendment
AGENDA BILL
BREMERTON TRANSPORTATION BENEFIT DISTRICT
BOARD OF DIRECTORS
SUBJECT: Approval of Ordinance No 007 BOARD MEETING Date: May 6, 2015
amending Ordinance No 006 relating to the City Department: PW/Financial Services
budget for the Bremerton TBD for fiscal year Presenter: Martin/Johnson
2015 Phone: 473-5758/5296
SUMMARY: On October 15, 201 H the Transportation Benefit Board passed Ordinance No. 006
adopting the 2015 TBD Budget. The original budget anticipated completion of the Marine
Drive/Trenton Avenue grind and patch project and included both carryover and a cost estimate for
additional repair work identified during the initial phase of the project. Now that the 2014 books have
been closed and the contract change amount determined, it is necessary to adjust the budget to
reflect an increased fund balance carryover from 2014 and the associated increase to budgeted
expenditures.
ATTACHMENTS: Ordinance No 007
FISCAL IMPACTS (Include Budgeted Amount):
Ending fund balance for 2015 is decreased by $3,084.
RECOMMENDED MOTION:
Move to approve Ordinance No 007 of the Bremerton Transportation Benefit District Board amending
Ordinance No 006 relating to the budget for the Bremerton Transportation Benefit District for the
fiscal year 2015.
AGENDA: El Consent Agenda ❑Informational Briefing %Business ❑Public Hearing
BOARD ACTION: ❑ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 5/16/14
ORDINANCE NO. 007
AN ORDINANCE of the Bremerton Transportation
Benefit District Board amending Ordinance No. 006 relating to the
budget for the Bremerton Transportation Benefit District for 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, on October 15, 2014, the Bremerton Transportation Benefit
District Board passed Ordinance No. 006 adopting the fiscal year 2015 budget; and
WHEREAS, subsequent to the adoption of the 2015 budget, it was determined
that the fiscal year 2014 appropriations were not fully expended, creating a carryover into
fiscal year 2015; and
WHEREAS, 2015 estimated costs to implement the work plan exceed the
budgeted amount; and
WHEREAS,the Bremerton Transportation Benefit District Board now desires
to pass an ordinance to amend the 2015 budget;NOW THEREFORE,
THE BOARD OF THE BREMERTON TRANSPORTATION DISTRICT OF
BREMERTON, WASHINGTON, DOES HEREBY ORDAIN AS FOLLOWS:
SECTION 1. The recitals set forth above are incorporated herein by this
reference.
SECTION 2. That the 2015 Annual Budget for the Bremerton Transportation
District, on file in the office of the City Clerk, as adopted by Ordinance No. 006 covering the
period from January 1, 2015 through December 31, 2015, with regular revenues and
unencumbered fund balances of$696,295 and expenditures and ending fund balances of
$696,295, is hereby amended, approved and adopted as set forth in Exhibit A, attached
hereto and incorporated for reference.
SECTION3. Severability. If anyone 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.
1
Transportation Benefit
District-2015 Budget Amendment
SECTION 4. 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 6th day of May, 2015.
DINO DAVIS, President
ATTEST: APPROVED AS TO FORM:
SHANNON CORIN, Board Clerk ROGER A. LUBOVICH, Board Attorney
PUBLISHED the day of , 2015
EFFECTIVE the day of , 2015
ORDINANCE NO.
R\Finance\Treasurer\CATHY\Transportation Benefit District\Ordinances\Ordinance 007 Amending Budget-2015 1 doc
EXHIBIT A
2
Transportation Benefit
District-2015 Budget Amendment
Bremerton Transportation Benefit District
Proposed Proposed
2014 Budget 2015
Actual 2015 Revised
Revenues
Fees $444,012 $430,000 $430,000
Interest $659 $0 0
Transfer In 0 0 0
Debt Proceeds 0 0 0
Total Revenue 444,671 430,000 430,000
Expenditures
Supplies and Services 492,003 480,000 510,000
Audit Costs 4,323 0 0
Debt Service 0 0 0
Transfers 250,000 108,000 108,000
Total Expenditures 746,326 588,000 618,000
Revenue over(under) expenditures (301,655) (158,000) (188,000)
Beginning Fund Balance 567,950 239,379 266,295
Ending Fund Balance $266,295 $81,379 $78,295
3
Transportation Benefit
District-2015 Budget Amendment