FY23 FULL BUDGET REPORT ADOPTED

TOWN OF MORRISVILLE * 100 TOWN HALL DRIVE * MORRISVILLE, NC 27560

Resolution 2022-181 - C THE MORRISVILLE TOWN COUNCIL AMENDING THE ROADWAY AND TRANSPORTATION CAPITAL RESERVE FUND Whereas, Town Council established the Roadway and Transportation Capital Reserve Fund to address growing roadway and transportation needs facing the community on June 14, 2016 designating the equivalent of 1 cent on the tax rate annually to build reserves; and Whereas, an incremental accumulation of reserve funds has and will be applied to invest public tax dollars toward the mitigation of traffic congestion and to afford other key transportation improvements to critical roadway infrastructure as outlined by the Comprehensive Transportation Plan (CTP); and Whereas , recognizing that the Town’s Unified Development Ordinance provides development with a provision for an alternative payment in lieu of construction for the required frontage improvements as a condition of site plan approval; and Whereas , Staff’s intent following an evaluation of peer community best practices and policies as it relates to Streets Payment in Lieu fees suggest the establishment of a structured framework leveraging the Town’s ERP system resource creating reconciliation and management efficiencies; and Whereas, transferring the restricted resource out of the operating fund, placing it in a capital reserve will more appropriately preserve and better support the utilization of that source for transportation improvements in the proximity of the developments that original elected to use the alternative fee option. Now, Therefore, Be It Resolved That The Morrisville Town Council hereby amends the existing Roadway and Transportation Capital Reserve Fund to add the accumulation of Streets Payment in Lieu of construction as a restricted source. Whereas, the current process to collect such payments in lieu once approved are currently co-mingled with the General Fund as a restricted component of fund balance; and

Adopted this 14 th day of June 2022.

______________________________ TJ Cawley, Mayor

ATTEST:

______________________________ Eric W. Smith II, Town Clerk

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