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AI# 12882  Regular City Council Meeting 6.2. 09/24/2024:

Information

Agenda Item

Resolution - Finance: Consider a resolution amending the Gateway Street Projects Fund to define the scope of revenues from franchise fees to be included in the Fund.

Item Summary

On February 19, 2004, the City Council adopted Resolution No. 2004-R0099, establishing the Gateway Streets Projects Fund, in order to provide a source of construction funding for street projects designed to spur development, growth, and redevelopment in Lubbock.  The resolution set forth a dedicated revenue source of 40% of the franchise fees, or access line fees paid by the outside utilities and Lubbock Power and Light, beginning with the Fiscal Year 2004-05 Adopted Budget.  On February 14, 2021, the City Council adopted Resolution 2021-0345 amending the Gateway Streets Projects Fund to expand the qualifying roadway projects for Arterial Roadways, in order to enlarge existing roadways to increase capacity, rebuild existing roadways to improve safety, and/or construct new roadways. The City of Lubbock, starting in FY 2024-25, will begin receiving a new source of franchise fee revenue from Lubbock Power and Light for the Transmission Cost of Service (TCOS) lines.  This amendment defines the scope of the types of revenues from franchise fees to be included in the Fund.  Beginning with the FY 2024-25 City Budget, the revenue of forty percent (40%) of franchise fees and access line fees, not including the Transmission cost of service (TCOS) franchise fees, collected for each public utility that pays those fees, shall be deposited into the Fund.

Fiscal Impact

Gateway Fund will continue to receive the franchise fee revenue that it currently receives.  The amendment clarifies that the franchise fee revenue for the Transmission Cost of Service (TCOS) lines, is not included in the Gateway funding.

Staff/Board Recommending

Erik Rejino, Assistant City Manager

Attachments Gateway Streets Project Fund Resolution

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