Overview of Funding Sources

Transcription

1

2 Overview of Funding Sources 0 Transportation 0 Transportation Sales Tax 0 License Tax 0 G.O. Bonds 0 CIP Sales Tax 0 General Fund 0 Public Safety, Facilities, Buildings 0 G.O. Bonds 0 General Fund 0 Stormwater 0 G.O. Bonds 0 General Fun 0 Water and Wastewater 0 Customer Rates 0 Connection Fees 0 Park & Recreation 0 Parks Sales Tax 0 Property Tax 0 User Fees

3 Transportation Funding Sources 0 1/2 Transportation Sales Tax 0 Permanent tax 0 $6.5-7 million per year 0 License (Excise) Tax 0 Permanent tax on new development 0 Revenue varies based on development 0 General Obligation Bonds 0 1/2 Capital Improvements Sales Tax 0 10-year sunset (March 31, 2018) 0 $6.5-7 million per year

4 Transportation Sales Tax 0 Allowable Uses 0 Transportation purposes including planning, design, (re)construction, repair, & maintenance of streets, roads, bridges, airports, transit, parking, sidewalks, etc. 0 Primary Current Uses 0 Annual pavement management program (overlay, curbs, crack seal, marking) 0 Transit matching funds (KCATA, OATS) 0 Neighborhood Traffic Safety Program 0 Planning Studies (Thoroughfare Master Plan update) 0 Small projects & equipment (Traffic signals, intersection improvements, bridge replacement, salt conveyor, brine system)

5 License (Excise) Tax 0 Allowable Uses 0 Design, (re)construction, repair and maintenance of streets, roads and bridges and related transportation improvements in the City 0 Recent Uses 0 Provided portion of funding for year Road Program 0 Funding depleted before last project completed (Chipman Road east of M291 indefinitely deferred)

6 G.O. Bonds Transportation - $27.4 million 0 Tudor Road - $10.87 million (Phase 1 complete, Phase ) 0 Strother Road - $3.675 million (Complete 2015) 0 View High-I470 $1.0 million (Development incentive) 0 Curb & Sidewalk Improvements $11.86 million (Complete) Transportation - $4.6 million 0 Orchard Street - $3.0 million (Complete 2015) 0 Pryor Road shoulders - $1.6 million (Complete) Transportation - $10.0 million 0 US50-M291 South Interchange - $8.0 million

7 Capital Improvements Sales Tax 0 Allowable Uses 0 Design, (re)construction, repair and maintenance of streets, roads and bridges in the City 0 Currently identified uses 0 Design and construction of six major roadway projects 0 Bailey Road 0 Lee s Summit Road 0 Jefferson Street 0 Hook Road 0 Chipman Road 0 Ward Road

8 Current Status and Looking Ahead

9 Transportation Sales Tax 0 Programs typically require approx. $5-6 million per year 0 Majority of currently planned and funded individual projects will be complete in In next 4-5 years revenue beyond program needs is adequate to fund match for federal and state grants for airport

10 License Tax 0 Projected FY15 balance = $1.44 million 0 Balance + projected revenue from next 2-3 years required to fund Chipman Rd. connection if desired 0 Other potential uses 0 Fund city projects associated with economic development 0 Reimbursements to new development for construction of required signals, turn lanes, medians, etc.

11 G.O. Bonds Transportation 0 Pryor Road paved shoulders completed for significantly less than anticipated cost; Orchard Street is slightly under budget 0 The remaining funds (~$740,000) could be used for a similar project on Todd George Road between Colbern and Woods Chapel (w/supplemental funds) Transportation 0 The City s bond funding for the interchange project was limited to $8 million 0 The remaining $2 million in available capacity might be available for other projects - under legal review

12 Capital Improvements Sales Tax 0 Project scopes and cost estimates for six identified projects based on 2006 Thoroughfare Master Plan 0 Plan assumed growth continuing at pre-recession level 0 As projects proceeded some were right sized to reflect current growth and land use projections as well as traffic capacity needs more accurately 0 Current Master Plan update also changes scope of Ward Rd. 0 Original plan did not anticipate events such as development building a portion of Ward Rd., or federal grants and shared funding on LS Road 0 There will be excess revenue available

13 Current CIP Sales Tax Projections Project Original/Current Description Original Estimate Current Estimate Jefferson St, Persels Rd to Stuart Rd Widen and reconstruct as a two-lane facility with turn lanes. 3-lane 2 thru lanes w/center turn lane, plus Scherer & Decker connections $9,598,192 $7,010,000 Hook Rd, Ward Rd to Route 291 Widen and reconstruct as a two-lane facility with turn lanes. 2 lane interim standard w/paved shoulders $7,907,962 $1,948,000 Ward Rd, Route 150 to Raintree Pkwy End at 159th St (city limits) Widen to provide a four-lane facility with turn lanes. 3 lanes planned 2 thru lanes w/center turn lane $15,907,539 $4,750,000 Bailey Road, Route 291 to Hamblen Road Construct a new two-lane facility with turn lanes and an overpass of the Union Pacific Railroad. Same $8,389,347 $8,279,000 Chipman Rd, View High Dr to Bent Tree Dr. Straighten and reconstruct roadway as a two-lane facility, acquire right-of-way for ultimate divided 4-lane facility. 3- lanes planned 2 thru lanes w/center turn lane $11,777,487 $9,641,000 Lee s Summit Rd, Colbern Rd to City Limits Construct a new four-lane facility with turn lanes. 3-lanes planned 2 thru lanes w/center turn lane and paved shoulders, streetlighting $8,657,046 $6,579,000 Original Estimate of 10-year Sales Tax Revenue $70,000,000 Estimated Total Costs $62,237,573 $38,207,000 Current Estimate of 10-year Sales Tax Revenue $65,000,000 Possible Remaining Balance $26,793,000

14 Possible Uses for Excess Revenue 0 Reserve adequate funds for Chipman/Rock Island RR bridge replacement in future (if agreement reached) 0 Curb Replacement primarily on arterial roadways such as Todd George and Langsford 0 New projects identified from Master Plan update 0 Complete interim roadways 0 Parking lots, sidewalks, trails 0 Economic development projects 0 Jefferson St north of Persels

15 Next Steps 0 Further discussions on potential projects and amounts 0 Review preliminary info from Thoroughfare Master Plan update, currently underway 0 Economic development potential 0 Maintenance needs for existing infrastructure 0 Limitations on some funding sources 0 Direction not needed immediately 0 Current CIP Sales Tax continues through March Bonds approved but not all sold

16 Questions?