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14MC - TranspoMion Benefit Districts <br />Material Change Policies <br />TBDs must adopt a material change policy that addresses significant changes to the <br />transportation improvement finance plan that affect project delivery or the ability to <br />finance the plan (RCW 36.73.160(1)). The policy must at least address material <br />changes to cost, scope, and schedule, the level of change that will require governing <br />body involvement, and how the governing body will address those changes. At a <br />minimum, the policy must require the governing body to hold a public hearing if the <br />revised cost exceeds the original estimate by more than 20%. <br />Budgeting <br />State law does not clearly require TBDs to adopt an appropriations budget. However, <br />adopting a budget would be considered a best practice, and a number of TBDs have <br />done so, setting up the budget process to coincide with the annuallbiennial process <br />used by the establishing jurisdiction. It is up to the TBD governing board to develop and <br />adopt a budget policy. <br />Under RCW 36.73.020(4), the treasurer of the establishing city or county must serve, in <br />an independent and ex officio capacity, as the TBD treasurer. <br />Required Annual Reporting <br />Transportation benefit districts must submit annual financial reports to the State <br />Auditor's Office using the BARS reporting templates (RCW 43.09.230). <br />For information on the specific TBD accounting requirements, see the BARS Manual, <br />Section 3.11.1 For assistance developing financial reports, see MRSC's Annual <br />Financial Reporting Checklists page. <br />In addition to the annual financial report, RCW 36.73.160(2) requires TBDs to issue a <br />separate annual transportation improvement report detailing the district revenues, <br />expenditures and the status of all projects, including cost and construction schedules. <br />The report must be distributed to the public and newspapers of record in the district. <br />Dissolution <br />A transportation benefit district must end its day -today operations within 30 days after <br />the specified transportation improvements are completed, although the district may <br />continue to collect revenue and service any remaining debt or financing. A TBD must <br />be completely dissolved within 30 days after the financing or debt service is paid off <br />htt:lhnrsaor&HomeftplowTopics}FiumwApeciai-Topic&Trensporiaiinn-Bejelit.Districts.aspx[51812018 1:54:58 PW <br />