Adoption of the attached criteria for selection and funding of projects \n \n utilizing the Transportation Special Purpose Local Option Sales Tax (TSPLOST) - \n \n Discretionary Fund proceeds and approving the allocation of $750,000 of \n \n Discretionary Funds already collected for the purpose of performing critical \n \n bridge/culvert repairs.
Approval
Approved
Background
The Transportation Investment Act approved by the voters in 2012 provides for
the allocation of a portion of the sales tax proceeds to be distributed to
local jurisdictions for local transportation projects. The use of these funds
is restricted to those areas outlined in Georgia Code. The sales tax was
implemented in January 2013 and the City has received $1,002,025 in
discretionary funds from the State of Georgia for the period January to May.
Analysis
At the direction of Council, staff has developed criteria for the selection of
projects to be funded by the TSPLOST Discretionary Funds. Utilizing this
criteria staff will submit to Council in the first quarter of each calendar
year a list of projects to be funded with the sales tax proceeds. The funding
of projects utilizing TSPLOST Discretionary Funds will be on a Pay-As-You-Go
basis. The criteria is being submitted to Council for adoption by
resolution. The resolution includes an allocation request for $750,000 to
fund critical bridge/culvert repairs in Fiscal Year 2014 utilizing funds
already collected under the Discretionary Fund.
Financial Considerations
Proceeds from the TSPLOST Discretionary Fund will have a positive impact on
revenue. It is anticipated the sales tax will result in approximately
$2,500,000 in revenue for Fiscal Year 2014.
Projected Annual Fiscal Impact Statement
There is no project annual fiscal impact with the adoption of the criteria.
Legal Considerations
Expenditures of TSPLOST Discretionary Funds must be in compliance with Georgia
Code 48-8-249 (e) and 48-8-242 (10).
Recommendations/ Actions
Adopt the attached criteria for selection and funding of projects utilizing the
Transportation Special Purpose Local Option Sales Tax (TSPLOST) - Discretionary
Fund proceeds and approving the allocation of $750,000 of Discretionary Funds
already collected for the purpose of performing critical bridge/culvert