Transportation and Economic Development Corporation - Regular Meeting

Good evening. We'll call the Thursday, 04/24/2025 Transportation Economic Development Corporation meeting agenda meeting to order. And we go we call the roll, please. President Flores? Here. Vice President Thero?

Here.

Secretary Villarreal? Here. Board Member Basie?

Here.

Board Member Mossman? Here. Board Member Neely? Board Member Sherwood? Here. Thank you. Item C, citizen communication. Anybody here wishing to address the board? Seeing none. Item d, approval of minutes. Consider approval of the minutes from the 03/27/2025, Type b meeting. Any questions on the minutes? Entertain a motion to adopt the minutes. So moved. Second.

I have a motion by Vice President Theroux, second by Board Member Basie. Any other discussion? All right. All in favor, signal by raising your hand. Passed unanimously. Thank you. Takes us to ePresentations E1, consider presentation on the quarterly financial update. Kevin?

Good afternoon, President and Board members. As this is my first presentation to the Board, name is Kevin Klosterboer, started with the city as a chief financial officer in February. I have sat in your last few meetings. You probably saw me in the back, just wanted to introduce most of you I know, but for those of you that don't, nice to meet you. Glad to be here tonight.

So sales tax as a primary funding source of the Round Rock Transportation Development Corporation. This fiscal year to date through April, sales tax is looking pretty good. We, of course, have seen a flattening when we zoom out over a longer term. This fiscal year to date, we are trending about $300,000 or 1.7% above projections this year to date, so we're in good shape. The sales tax revenues coming in are coming in just slightly above where we hope to see them this time of the fiscal year.

On the expenditure side, on the transportation, we have year to date expenses of $25,110,000 That's made about the funding for the capital improvement projects through the TCPS program, also a little bit for traffic signals, the technical support services, and we see that debt service payment, $650,000 spent. That, as a reminder, is the debt service for the road g road COs that were issued last April that the type b board is paying on that debt service on this year. Then on the econ development, so far, fiscal year to date, we're at $3,260,000 We, of course, have the contract with the Chamber of Commerce. The downtown marketing and other, that is for the the large portion of that is for the Griffith And Paseo project right across the street here that's moving forward, and then a little bit in e comm incident payments. So overall, both for revenues and expenses, we're trending right on track where we would hope to see them fiscal year to date.

I want to talk through the proposed funding. This continues the shift from last year. We already talked about that debt service component we see hitting the expenses, but we are leveraging Type B to pay the debt service on road COs. Tonight, the city will issue $20,000,000 in road COs for 2025 series. And also tonight on your agenda, we have a similar, very similar to last year, an agreement that the Type B board agrees to pay the debt service on those.

Again, this is just to leverage the Type B's resources to issue debt to fund capital projects. We're issuing those as city bonds so we can capitalize on the city's AAA bond rating. But again, that agreement will just be for the Type B corporation to pay the annual debt service estimated at $1,350,000 It is just a way to strategically finance road projects going forward, again continuing that shift we started last year moving forward. So as we do our long range financial planning, we can balance strategically funding these with debt to continue on the work happening all across the city on the transportation infrastructure. With that, I'll be happy to answer any questions the Board may have.

Any questions? Kevin, welcome to this meeting.

Thank you.

We look forward to seeing you in the future. Alright. So we don't there's no action on that one. So thank you, sir. So we'll move on to resolutions. F one, consider resolution authorizing the present to execute an agreement between the city of Round Rock and the Round Rock Transportation and Economic Development Corporation to pay debt service on the 2025 Combination Tax and Limited Revenue Certificates of Obligation issued by the City of Round Rock. Your back.

Yes. I faked you up by sitting down. Yes. This is the agreement I just referenced in the financial update. This agreement just says that the type b board has agreed to pay the debt service on the $20,000,000 in CEOs for roads that the city intends to issue later tonight in the city council meeting.

Any questions on this item? Alright. So this is a resolution to entertain a motion to adopt the resolution.

So moved. Second.

Alright. I have a motion by board member Bazi, second by board member Sherwood. Mossman. Mossman. Any other comments, questions? All right. All in favor, signal by raising your hand. Passes unanimously. And with that, that is the scheduled agenda. So we are adjourned at 05:06. Thank you.