Translate[Archived] Question # 36: The proposed CIP proposes the use of TIP funds to finance Street Reconstruction & Resurfacing beginning in FY 2023. How does this proposed use align with the purpose of the TIP?
Question:
The proposed CIP proposes the use of TIP funds to finance Street Reconstruction & Resurfacing beginning in FY 2023. How does this this proposed use align with the purpose of the TIP funding? (Mayor Wilson)
Response:
In FY 2012, City Council approved funding equal to 2.2 cents on the base real estate tax rate and additional General Fund cash capital to create a Transportation Improvement Program (TIP) for the purpose of expanding transportation infrastructure and transit options throughout the City including new construction/implementation and the ongoing operating costs of those new or expanded services. As part of the FY 2015 budget process, new NVTA funding became available to the City for expanded transportation and transit infrastructure. Accordingly, City Council approved broadening eligible expenditures to be funded by the TIP. While the TIP was originally for expanded transportation and transit infrastructure, the broader definition allowed for TIP funding to be used for any transportation related capital expenditure or operating expenditure. Expanding this definition has allowed the City to direct TIP resources toward the maintenance of its existing transportation infrastructure while using the new NVTA funding, private development contributions, and the continued use of TIP proceeds to advance expanded transportation and transit infrastructure and services throughout the City. The TIP currently funds capital improvements, operating costs, and debt service on portions of General Obligation Bonds issued in FY 2013.