Resolution 4273 - Laserfiche WebLink

ti. 3 + f RESOLUTION NO. 4273 A RESOLUTION supporting Regional Transit Authority's(RTA's) Financial Policies protecting subarea equity. Whereas,the RTA Board adopted an initial framework for the financing of the Ten Year Regional Transit System Plan,by setting the local tax rates, focusing on minimal debt financing, requiring conservative projections for federal and state funding,and establishing a definition by which equity will be measured; and Whereas,the financial policies reflect the RTA Board's policy intent for implementing the financial framework, for ensuring that the ten year system plan is completed on time and within budget, and for providing the tools to the Board to appropriately manage toward and respond to future conditions; and Whereas,these financial policies reflect the RTA's commitment to subarea equity while maintaining the flexibility necessary to manage the financing of the system plan on a consolidated basis and within legal constraints; and Whereas,the Everett City Council supports the current RTA definition of equity as utilizing local tax revenues and related debt for projects and services which benefit the subareas generally in proportion to the level of revenues each subarea generates; and Whereas,the financing plan for the ten year system plan reflects this equity principle by providing a budget for each of the five RTA subareas, comprised of the subarea's share of local taxes, bonding capacity, farebox proceeds and an assumption for federal funding; NOW,THEREFORE,BE IT RESOLVED BY THE EVERETT CITY COUNCIL: 1) Support is reiterated for RTA financial policies protecting subarea equity, particularly the ones listed below: a)The RTA financing plan will provide a budget for each of the five RTA subareas, comprised of the subarea's projected share of local taxes, bonding capacity, farebox proceeds, and an assumption for federal funding, and related expenditures. b)Local taxes will be allocated to subarea budgets based on actual sales tax and motor vehicle excise tax receipts collected by subarea and within the RTA district. c)Government funding received that is general in scope for facilities and/or services that appear in several subareas will be allocated to subarea budgets proportional to the subareas' percentage share of total RTA local taxes collected and projected. Government funding that is received for a specifically determined facility and/or service will be allocated to the subareas which benefits from the facility and/or service. d) Bonding capacity will be allocated based on a subarea's ability to repay the debt service after covering operating and maintenance costs, and consistent with the RTA's debt service coverage ratio policy.